The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALLIANZ AKTIENGESELLSCHAFT ADR ADR 018805101 5,901 404,438 SH   SOLE   150,850 0 253,588
ALLIANZ AKTIENGESELLSCHAFT ADR ADR 018805101 2,189 150,024 SH   OTR   15,662 0 134,362
AMERICA MOVIL ADR ADR 02364W105 133 6,100 SH   SOLE   6,100 0 0
ASAHI KASEI CORP ADR ADR 043400100 8,047 609,243 SH   SOLE   208,721 0 400,522
ASAHI KASEI CORP ADR ADR 043400100 2,739 207,364 SH   OTR   21,943 0 185,421
AVIVA PLC ADR ADR 05382A104 5,274 506,689 SH   SOLE   191,407 0 315,282
AVIVA PLC ADR ADR 05382A104 1,948 187,170 SH   OTR   20,597 0 166,573
AXA ADR SPONSORED ADR 054536107 2,917 148,620 SH   SOLE   55,907 0 92,713
AXA ADR SPONSORED ADR 054536107 1,061 54,030 SH   OTR   6,352 0 47,678
BASF AG ADR SPONSORED ADR 055262505 6,708 75,192 SH   SOLE   28,198 0 46,994
BASF AG ADR SPONSORED ADR 055262505 2,547 28,552 SH   OTR   3,081 0 25,471
BG PLC ADR FNL INSTLLM ADR 055434203 3,962 233,545 SH   SOLE   88,485 0 145,060
BG PLC ADR FNL INSTLLM ADR 055434203 2,030 119,642 SH   OTR   10,404 0 109,238
BP P L C ADR SPONSORED ADR 055622104 7,429 177,996 SH   SOLE   66,473 0 111,523
BP P L C ADR SPONSORED ADR 055622104 2,857 68,459 SH   OTR   6,846 0 61,613
BNP PARIBAS SPON ADR 1/4 SH ADR 05565A202 6,258 229,410 SH   SOLE   86,949 0 142,461
BNP PARIBAS SPON ADR 1/4 SH ADR 05565A202 2,431 89,122 SH   OTR   9,964 0 79,158
BANCO BRADESCO ADR ADR 059460303 420 32,300 SH   SOLE   32,300 0 0
BARCLAYS PLC ADR ADR 06738E204 6,338 370,207 SH   SOLE   139,575 0 230,632
BARCLAYS PLC ADR ADR 06738E204 2,296 134,119 SH   OTR   15,252 0 118,867
BAYER A G ADR SPONSORED ADR 072730302 4,623 43,408 SH   SOLE   17,068 0 26,340
BAYER A G ADR SPONSORED ADR 072730302 1,811 17,004 SH   OTR   1,697 0 15,307
BHP BILLITON LTD SPONSORED ADR ADR 088606108 5,428 94,142 SH   SOLE   37,142 0 57,000
BHP BILLITON LTD SPONSORED ADR ADR 088606108 1,967 34,105 SH   OTR   3,954 0 30,151
CNOOC LTD SPONSORED ADR ADR 126132109 2,944 17,575 SH   SOLE   6,717 0 10,858
CNOOC LTD SPONSORED ADR ADR 126132109 1,043 6,227 SH   OTR   526 0 5,701
CANON INC ADR ADR 138006309 5,620 170,995 SH   SOLE   64,551 0 106,444
CANON INC ADR ADR 138006309 2,013 61,231 SH   OTR   6,659 0 54,572
CENTRICA PLC SPON ADR NEW ADR 15639K300 4,859 222,339 SH   SOLE   83,525 0 138,814
CENTRICA PLC SPON ADR NEW ADR 15639K300 1,927 88,194 SH   OTR   9,710 0 78,484
CHINA PETROLEUM & CHEMICAL ADR ADR 16941R108 512 5,600 SH   SOLE   5,600 0 0
CEMIG ADR ADR 204409601 209 23,248 SH   SOLE   23,248 0 0
COMPANHIA DE SANEAMENTO BASISP ADR 20441A102 9,765 938,044 SH   SOLE   558,897 0 379,147
COMPANHIA DE SANEAMENTO BASISP ADR 20441A102 842 80,920 SH   OTR   6,486 0 74,434
CREDIT SUISSE GROUP ADR SPONSO ADR 225401108 8,885 335,763 SH   SOLE   128,371 0 207,392
CREDIT SUISSE GROUP ADR SPONSO ADR 225401108 3,448 130,292 SH   OTR   13,162 0 117,130
DBS GROUP HLDGS LTD ADR SPONSO ADR 23304Y100 4,831 98,833 SH   SOLE   37,607 0 61,226
DBS GROUP HLDGS LTD ADR SPONSO ADR 23304Y100 1,744 35,687 SH   OTR   4,544 0 31,143
DEUTSCHE LUFTHANSA A G SPONSOR ADR 251561304 2,776 136,955 SH   SOLE   50,901 0 86,054
DEUTSCHE LUFTHANSA A G SPONSOR ADR 251561304 1,045 51,536 SH   OTR   5,444 0 46,092
ECOPETROL S.A. ADR ADR 279158109 8 200 SH   SOLE   200 0 0
ETABLISSEMENTS DELHAIZE FRERSP ADR 29759W101 5,125 82,874 SH   SOLE   31,399 0 51,475
ETABLISSEMENTS DELHAIZE FRERSP ADR 29759W101 1,896 30,664 SH   OTR   3,659 0 27,005
GOLD FIELDS ADR ADR 38059T106 2 300 SH   SOLE   300 0 0
HSBC HLDGS PLC ADR SPON NEW ADR 404280406 6,441 124,111 SH   SOLE   48,372 0 75,739
HSBC HLDGS PLC ADR SPON NEW ADR 404280406 2,575 49,606 SH   OTR   5,380 0 44,226
HANNOVER RUECKVERSICHERUNGS SP ADR 410693105 4,152 115,483 SH   SOLE   43,263 0 72,220
HANNOVER RUECKVERSICHERUNGS SP ADR 410693105 1,545 42,973 SH   OTR   4,285 0 38,688
HITACHI LTD ADR ADR 433578507 5,494 85,682 SH   SOLE   31,810 0 53,872
HITACHI LTD ADR ADR 433578507 2,018 31,468 SH   OTR   3,353 0 28,115
HONDA MTR LTD 10 ORD ADR 438128308 4,215 113,159 SH   SOLE   42,509 0 70,650
HONDA MTR LTD 10 ORD ADR 438128308 1,576 42,313 SH   OTR   4,569 0 37,744
HUANENG POWER ADR ADR 443304100 58 1,500 SH   SOLE   1,500 0 0
INDUSTRIAS BACHOCO S.A.B. DE C.V. ADS ADR 456463108 146 4,200 SH   SOLE   4,200 0 0
ING GROEP N V ADR SPONSORED ADR 456837103 5,564 612,079 SH   SOLE   223,146 0 388,933
ING GROEP N V ADR SPONSORED ADR 456837103 2,028 223,012 SH   OTR   23,218 0 199,794
ISHARES TR MSCI EMERG MKT COM 464287234 1,426 37,049 SH   SOLE   0 0 37,049
ITAU UNIBANCO HOLDING S/A ADS ADR 465562106 10 770 SH   SOLE   770 0 0
KT CORP ADR ADR 48268K101 191 12,300 SH   SOLE   12,300 0 0
KDDI CORP ADR ADR 48667L106 4,262 328,224 SH   SOLE   122,888 0 205,336
KDDI CORP ADR ADR 48667L106 1,537 118,294 SH   OTR   13,714 0 104,580
KONINKLIJKE AHOLD N V SPON ADR ADR 500467402 6,073 408,544 SH   SOLE   154,765 0 253,779
KONINKLIJKE AHOLD N V SPON ADR ADR 500467402 2,290 154,057 SH   OTR   18,326 0 135,731
KURARAY CO LTD ADR ADR 50127R103 4,681 111,355 SH   SOLE   42,491 0 68,864
KURARAY CO LTD ADR ADR 50127R103 1,733 41,244 SH   OTR   5,339 0 35,905
LONZA GROUP AG ADR ADR 54338V101 6,021 800,683 SH   SOLE   290,589 0 510,094
LONZA GROUP AG ADR ADR 54338V101 2,191 291,298 SH   OTR   29,010 0 262,288
MECHEL OAO ADS ADR 583840103 26 9,000 SH   SOLE   9,000 0 0
MEDA ADR 58403D102 5,948 528,765 SH   SOLE   197,365 0 331,400
MEDA ADR 58403D102 2,145 190,641 SH   OTR   19,086 0 171,555
MICHELIN COMPAGNIE GENERALE AD ADR 59410T106 5,566 311,685 SH   SOLE   118,631 0 193,054
MICHELIN COMPAGNIE GENERALE AD ADR 59410T106 2,081 116,488 SH   OTR   12,676 0 103,812
MITSUBISHI CORP ADR SPONSRD ADR 606769305 4,551 133,068 SH   SOLE   48,107 0 84,961
MITSUBISHI CORP ADR SPONSRD ADR 606769305 1,686 49,300 SH   OTR   5,227 0 44,073
MITSUBISHI UFJ FINANCIAL GROUP ADR 606822104 7,184 1,156,777 SH   SOLE   433,750 0 723,027
MITSUBISHI UFJ FINANCIAL GROUP ADR 606822104 2,522 406,139 SH   OTR   45,240 0 360,899
MTN GROUP LTD SPONSORED ADR ADR 62474M108 4,263 230,001 SH   SOLE   87,758 0 142,243
MTN GROUP LTD SPONSORED ADR ADR 62474M108 1,604 86,569 SH   OTR   7,086 0 79,483
NATIONAL AUSTRALIA BK LTD ADR ADR 632525408 6,728 247,652 SH   SOLE   92,256 0 155,396
NATIONAL AUSTRALIA BK LTD ADR ADR 632525408 2,491 91,682 SH   OTR   10,009 0 81,673
NISSAN MTRS SPONSORED ADR ADR 654744408 6,504 321,422 SH   SOLE   119,482 0 201,940
NISSAN MTRS SPONSORED ADR ADR 654744408 2,520 124,546 SH   OTR   11,421 0 113,125
NOVARTIS AG SPONSORED ADR ADR 66987V109 6,354 89,854 SH   SOLE   33,981 0 55,873
NOVARTIS AG SPONSORED ADR ADR 66987V109 1,967 27,814 SH   OTR   3,337 0 24,477
OI S.A. ADR ADR 670851203 75 41,900 SH   SOLE   41,900 0 0
POSCO SPONSORED ADR ADR 693483109 9,365 143,907 SH   SOLE   89,277 0 54,630
POSCO SPONSORED ADR ADR 693483109 1,658 25,475 SH   OTR   2,003 0 23,472
PETROBRAS PETROLEO BRASILEIRO ADR 71654V101 528 36,000 SH   SOLE   36,000 0 0
PETROBRAS BRASILEIRO ADR SPONS ADR 71654V408 16,547 1,233,959 SH   SOLE   885,701 0 348,258
PETROBRAS BRASILEIRO ADR SPONS ADR 71654V408 1,296 96,704 SH   OTR   9,977 0 86,727
PRUDENTIAL PLC ADR ADR 74435K204 5,023 153,500 SH   SOLE   58,396 0 95,104
PRUDENTIAL PLC ADR ADR 74435K204 2,061 62,966 SH   OTR   5,702 0 57,264
REED ELSEVIER N V SPONS ADR NE ADR 758204200 5,990 180,849 SH   SOLE   67,618 0 113,231
REED ELSEVIER N V SPONS ADR NE ADR 758204200 2,354 71,058 SH   OTR   8,091 0 62,967
RIO TINTO PLC ADR SPONSORED ADR 767204100 4,355 106,008 SH   SOLE   39,958 0 66,050
RIO TINTO PLC ADR SPONSORED ADR 767204100 1,616 39,343 SH   OTR   4,646 0 34,697
ROCHE HLDG LTD SPONSORED ADR ADR 771195104 7,607 122,506 SH   SOLE   45,767 0 76,739
ROCHE HLDG LTD SPONSORED ADR ADR 771195104 2,865 46,150 SH   OTR   4,447 0 41,703
ROYAL DUTCH SHELL PLC SPON ADR ADR 780259107 6,207 93,670 SH   SOLE   33,364 0 60,306
ROYAL DUTCH SHELL PLC SPON ADR ADR 780259107 2,349 35,445 SH   OTR   3,740 0 31,705
SK TELECOM ADR ADR 78440P108 167 8,200 SH   SOLE   8,200 0 0
SAMSUNG ELECTRONICS GDR ADR 796050888 2,938 5,000 SH   SOLE   800 0 4,200
SASOL ADR ADR 803866300 611 14,100 SH   SOLE   14,100 0 0
SIBANYE GOLD LTD ADR 825724206 0 75 SH   SOLE   75 0 0
SIEMENS A G SPONSORED ADR ADR 826197501 6,491 64,074 SH   SOLE   25,283 0 38,791
SIEMENS A G SPONSORED ADR ADR 826197501 2,553 25,201 SH   OTR   2,657 0 22,544
SMITH & NEPHEW P L C ADR SPONS ADR 83175M205 5,906 105,305 SH   SOLE   39,523 0 65,782
SMITH & NEPHEW P L C ADR SPONS ADR 83175M205 2,220 39,565 SH   OTR   3,798 0 35,767
SOCIETE GENERALE FRANCE ADR SP ADR 83364L109 7,246 1,055,787 SH   SOLE   381,730 0 674,057
SOCIETE GENERALE FRANCE ADR SP ADR 83364L109 2,733 398,263 SH   OTR   39,002 0 359,261
STERLITE INDUSTRIES (INDIA) LTD. ADS ADR 859737207 507 86,800 SH   SOLE   86,800 0 0
SUMITOMO MITSUI FINL GRP INCSP ADR 86562M209 2,876 311,893 SH   SOLE   117,597 0 194,296
SUMITOMO MITSUI FINL GRP INCSP ADR 86562M209 1,077 116,865 SH   OTR   12,107 0 104,758
TAIWAN SEMICONDUCTOR ADR ADR 874039100 696 38,000 SH   SOLE   38,000 0 0
TATA MOTORS LTD. ADS ADR 876568502 485 20,700 SH   SOLE   20,700 0 0
TELEFONICA BRASIL SA ADR 87936R106 365 16,000 SH   SOLE   16,000 0 0
TENAGA NASIONAL BERHAD SPONSOR ADR 880277108 6,675 636,025 SH   SOLE   237,123 0 398,902
TENAGA NASIONAL BERHAD SPONSOR ADR 880277108 2,415 230,003 SH   OTR   17,770 0 212,233
TEVA PHARMACEUTICAL INDS LTDAD ADR 881624209 30,763 784,751 SH   SOLE   614,504 0 170,247
TEVA PHARMACEUTICAL INDS LTDAD ADR 881624209 2,260 57,645 SH   OTR   5,732 0 51,913
UPM-KYMMENE CORP ADR SPONSORED ADR 915436109 4,313 440,646 SH   SOLE   165,925 0 274,721
UPM-KYMMENE CORP ADR SPONSORED ADR 915436109 1,704 174,098 SH   OTR   19,091 0 155,007
VALE PREF ADR ADR 91912E204 491 40,400 SH   SOLE   40,400 0 0
VOLKSWAGEN A G ADR SPONSORED ADR 928662303 4,523 116,200 SH   SOLE   43,582 0 72,618
VOLKSWAGEN A G ADR SPONSORED ADR 928662303 1,679 43,115 SH   OTR   4,770 0 38,345
ZURICH INSURANCE GROUP LTD SPO ADR 989825104 3,858 148,992 SH   SOLE   55,745 0 93,247
ZURICH INSURANCE GROUP LTD SPO ADR 989825104 1,446 55,874 SH   OTR   5,800 0 50,074
CHINA YUCHAI INTERNATIONAL LTD. ADR G21082105 100 5,700 SH   SOLE   5,700 0 0
CHIPMOS TECHNOLOGIES BERMUDA LTD. ADR G2110R114 25 1,300 SH   SOLE   1,300 0 0
COSAN LTD. CL A ADR G25343107 202 12,500 SH   SOLE   12,500 0 0