UNITED STATES SECURITIES AND EXCHANGE COMMISSION "Washington, DC 20549" FORM 13F Cover Page "Report for the Quarter Ended: March 28, 2013" Institutional Investment Manager Filing this Report: SATURNA CAPITAL CORPORATION 1300 N. STATE ST. "BELLINGHAM, WA 98225" Form 13F File Number: 28-11042 The institutional investment manger filing this report and the person by whom it is signed hereby represent that the "person signing the report is authorized to submit it, that " "all information contained herein is true, correct and " "complete, and that it is understood that all required " "items, statements, schedules, lists, and tables, are " considered integral parts of this form. Person signing this report on behalf of Reporting Manager: JANE CARTEN PRESIDENT (360) 734-9900 "/s/ Jane Carten Bellingham, WA" 5/13/13 Report Type: 13F HOLDINGS REPORT <page> FORM 13F SUMMARY PAGE Report Summary Number of other included managers: 0 Form 13F information table entry total: 426 "Form 13F information table value total (thousands): $3,763" List of other included managers: None <page> <table> Name of Issuer Title of Class CUSIP Value*1000 Amount Type Discretion Other Man Voting Auth 21Vianet Group ADS ADR 90138A103 $34 "3,665" SH SOLE None 3665 3M Common Stock 88579Y101 "$27,898 " "262,417" SH SOLE None 262417 Abbott Laboratories Common Stock 2824100 "$13,982 " "395,862" SH SOLE None 395862 AbbVie Common Stock 00287Y109 "$16,062 " "393,863" SH SOLE None 393863 Aboitiz Power (Philippines) Common Stock SB1Z9Q99L $317 "350,000" SH SOLE None 350000 "Accenture PLC, Cla A" Common Stock G1151C101 $205 "2,700" SH SOLE None 2700 Actavis Inc. Common Stock 00507K103 $11 119 SH SOLE None 119 Adobe Systems Common Stock 00724F101 "$58,156 " "1,336,455" SH SOLE None 1336455 AFP Provida SA ADS ADR 00709P108 $53 500 SH SOLE None 500 Agilent Technologies Common Stock 00846U101 "$38,781 " "924,022" SH SOLE None 924022 Air Products & Chemicals Common Stock 9158106 "$21,780 " "250,000" SH SOLE None 250000 Akamai Technologies Common Stock 00971T101 "$35,585 " "1,007,514" SH SOLE None 1007514 Alamos Gold Common Stock 11527959 $309 "22,500" SH SOLE None 22500 Alaska Air Common Stock 11659109 $640 "10,000" SH SOLE None 10000 Alcoa Common Stock 13817101 $367 "43,055" SH SOLE None 43055 "Alere, perp pfd conv ser B" Convt Prefrd Stock 01449J204 $47 199 SH SOLE None 199 Amazon.com Common Stock 23135106 "$1,655 " "6,211" SH SOLE None 6211 Ameren Common Stock 23608102 $12 333 SH SOLE None 333 America Movil ADR ADR 02364W105 "$22,441 " "1,070,666" SH SOLE None 1070666 American Electric Power Common Stock 25537101 $6 120 SH SOLE None 120 AmerisourceBergen Corp Common Stock 3.07E+108 $6 110 SH SOLE None 110 Amgen Common Stock 31162100 "$67,241 " "655,944" SH SOLE None 655944 AmSurg Common Stock 03232P405 $505 "15,000" SH SOLE None 15000 Anadarko Petroleum Common Stock 32511107 $140 "1,600" SH SOLE None 1600 Analog Devices Common Stock 32654105 $23 500 SH SOLE None 500 Anglo American ADR ADR 03485P201 "$20,404 " "1,585,429" SH SOLE None 1585429 Aon Corp Common Stock G0408V102 $179 "2,912" SH SOLE None 2912 Apache Common Stock 37411105 $41 532 SH SOLE None 532 Apartment Investment & Management Common Stock 03748R101 $23 743 SH SOLE None 743 Apple Common Stock 37833100 "$101,088 " "228,366" SH SOLE None 228366 ARM Holdings plc ADS ADR 42068106 $61 "1,451" SH SOLE None 1451 ASML Holding NV Common Stock N07059210 "$35,338 " "519,750" SH SOLE None 519750 Aspen Pharmacare Holdings Ltd. Common Stock SB09C0Z1L $521 "25,000" SH SOLE None 25000 AstraZeneca ADS ADR 46353108 "$13,145 " "263,000" SH SOLE None 263000 AT&T Common Stock 00206R102 $641 "17,468" SH SOLE None 17468 Atlas Pipeline Partners Common Stock 49392103 $138 "4,000" SH SOLE None 4000 Australia & New Zealand Banking ADS ADR 52528304 "$2,532 " "84,500" SH SOLE None 84500 Autoliv Common Stock 52800109 $69 "1,000" SH SOLE None 1000 AutoNavi Holdings ADS ADR 05330F106 $289 "27,000" SH SOLE None 27000 Aviat Networks Common Stock 05366Y102 $2 630 SH SOLE None 630 Avista Common Stock 05379B107 $266 "9,700" SH SOLE None 9700 Axiata Group Berhad Common Stock SB2QZGV5L $203 "95,000" SH SOLE None 95000 Baidu ADS ADR 56752108 $307 "3,500" SH SOLE None 3500 Banco Santander (Brasil) SA ADS ADR 05967A107 "$1,452 " "200,000" SH SOLE None 200000 Banco Santander ADS ADR 05964H105 "$1,362 " "200,000" SH SOLE None 200000 Bangkok Dusit Medical Services NVDR Common Stock SB013SV4L $700 "125,000" SH SOLE None 125000 Bank of America Common Stock 60505104 $97 "8,000" SH SOLE None 8000 Bank of New York Mellon Common Stock 64058100 $19 670 SH SOLE None 670 Barrick Gold Common Stock 67901108 "$15,288 " "520,000" SH SOLE None 520000 BASF ADR ADR 55262505 "$16,225 " "184,792" SH SOLE None 184792 BCE Common Stock 05534B760 "$3,290 " "70,469" SH SOLE None 70469 "Becton, Dickinson & Co." Common Stock 75887109 "$20,078 " "210,000" SH SOLE None 210000 Bed Bath & Beyond Common Stock 75896100 $653 "10,135" SH SOLE None 10135 BG Group ADR ADR 55434203 "$1,201 " "70,000" SH SOLE None 70000 BHP Billiton ADS ADR 88606108 "$2,938 " "42,928" SH SOLE None 42928 BlackRock Common Stock 09247X101 $26 100 SH SOLE None 100 Boardwalk Pipeline Partners LP Common Stock 96627104 $117 "4,000" SH SOLE None 4000 Boeing Common Stock 97023105 $531 "6,188" SH SOLE None 6188 BP plc ADS ADR 55622104 "$2,223 " "52,491" SH SOLE None 52491 Brandywine Realty Trust Common Stock 105368203 $6 397 SH SOLE None 397 Bristol-Myers Squibb Common Stock 110122108 "$33,532 " "814,075" SH SOLE None 814075 Canadian National Railway Common Stock 136375102 "$33,982 " "338,800" SH SOLE None 338800 Canadian Oil Sands Ltd. Common Stock 1.36E+109 $103 "5,000" SH SOLE None 5000 Canon ADS ADR 138006309 "$23,963 " "653,130" SH SOLE None 653130 Carlisle Common Stock 142339100 "$31,251 " "461,000" SH SOLE None 461000 Carmax Common Stock 143130102 $70 "1,680" SH SOLE None 1680 Carrefour S.A. ADS ADR 144430204 $921 "170,000" SH SOLE None 170000 Caterpillar Common Stock 149123101 $52 600 SH SOLE None 600 Celgene Common Stock 151020104 "$11,591 " "100,000" SH SOLE None 100000 Cenovus Common Stock 15135U109 "$33,865 " "1,092,773" SH SOLE None 1092773 Charles River Laboratories Common Stock 159864107 $66 "1,495" SH SOLE None 1495 Charles Schwab Common Stock 808513105 $442 "25,000" SH SOLE None 25000 Chemtura Corp Common Stock 163893209 $0 10 SH SOLE None 10 Cheung Kong HLDG UNSP/ADR ADR 166744201 $5 328 SH SOLE None 328 ChevronTexaco Common Stock 166764100 $559 "4,707" SH SOLE None 4707 China Mobile ADS ADR 16941M109 "$1,520 " "28,600" SH SOLE None 28600 China Petroleum & Chemical ADS ADR 16941R108 $94 800 SH SOLE None 800 Chorus Ltd ADS ADR 17040V107 $440 "37,568" SH SOLE None 37568 Chubb Common Stock 171232101 $781 "8,925" SH SOLE None 8925 Chunghwa Telecom ADS ADR 17133Q502 "$17,712 " "569,506" SH SOLE None 569506 Church & Dwight Common Stock 171340102 "$52,234 " "808,200" SH SOLE None 808200 Cisco Systems Common Stock 17275R102 "$42,468 " "2,032,448" SH SOLE None 2032448 City of London Investment Group Common Stock SB104RS5L $29 "7,500" SH SOLE None 7500 Clicks Group Ltd Common Stock S6105578L $380 "60,000" SH SOLE None 60000 Clorox Common Stock 189054109 "$42,105 " "475,605" SH SOLE None 475605 CNOOC Ltd ADS ADR 126132109 $287 "1,500" SH SOLE None 1500 Coach Common Stock 189754104 $440 "8,800" SH SOLE None 8800 Coca-Cola Co Common Stock 191216100 $54 "1,340" SH SOLE None 1340 Coca-Cola Femsa ADS ADR 191241108 "$5,020 " "30,654" SH SOLE None 30654 Coeur D'Alene Mines Common Stock 192108504 $321 "17,000" SH SOLE None 17000 Colgate-Palmolive Common Stock 194162103 "$35,935 " "304,454" SH SOLE None 304454 Companhia de Bebidas PR ADS ADR 20441W203 $85 "2,000" SH SOLE None 2000 Companhia de Concessoes Rodoviarias Common Stock S2840970L $327 "32,000" SH SOLE None 32000 Companhia Paranaense de Energia ADR 20441B407 $77 "5,000" SH SOLE None 5000 Comtech Communications Common Stock 205826209 $24 "1,000" SH SOLE None 1000 ConocoPhillips Common Stock 20825C104 "$21,105 " "351,172" SH SOLE None 351172 Convergys Common Stock 212485106 "$12,444 " "730,700" SH SOLE None 730700 "Copa Holdings, Cl A" Common Stock P31076105 "$5,981 " "50,000" SH SOLE None 50000 Corning Common Stock 219350105 $4 300 SH SOLE None 300 Corp Office Props Trust CLASS H Preferred Stock 22002T603 $25 "1,000" SH SOLE None 1000 Corporate Office Properties Trust Preferred Stock 22002T702 $50 "2,000" SH SOLE None 2000 Costco Wholesale Common Stock 22160K105 $318 "3,000" SH SOLE None 3000 CPFL Energia ADS ADR 126153105 "$2,513 " "120,000" SH SOLE None 120000 Crane Common Stock 224399105 "$16,758 " "300,000" SH SOLE None 300000 CVS Caremark Common Stock 126650100 $550 "10,000" SH SOLE None 10000 Daimler AG Common Stock S5529027L "$1,158 " "21,200" SH SOLE None 21200 Daimler AG Common Stock D1668R123 $44 800 SH SOLE None 800 Danaher Common Stock 235851102 $25 400 SH SOLE None 400 DANONE ADS ADR 23636T100 "$6,145 " "437,974" SH SOLE None 437974 Dassault Systems ADR ADR 237545108 "$3,479 " "30,000" SH SOLE None 30000 DE Master Blenders Common Stock N2563N109 $7 444 SH SOLE None 444 DealerTrack Holdings Common Stock 242309102 $4 141 SH SOLE None 141 Delta Air Lines Common Stock 247361702 $660 "40,000" SH SOLE None 40000 Dentsply International Common Stock 249030107 "$29,765 " "701,340" SH SOLE None 701340 Devon Energy Common Stock 25179M103 $68 "1,200" SH SOLE None 1200 Diebold Common Stock 253651103 $24 800 SH SOLE None 800 Disney (Walt) Common Stock 254687106 $8 145 SH SOLE None 145 Dominion Resources Inc./VA Common Stock 25746U109 $7 120 SH SOLE None 120 Donnelley (RR) & Sons Common Stock 257867101 $102 "8,424" SH SOLE None 8424 Dow Chemical Common Stock 260543103 $59 "1,842" SH SOLE None 1842 Dr Pepper Snapple Common Stock 2.61E+113 $751 "16,000" SH SOLE None 16000 Dr. Reddy's Laboratories ADS ADR 256135203 $421 "13,000" SH SOLE None 13000 Dreamworks Animation Common Stock 26153C103 $6 330 SH SOLE None 330 Duke Energy Common Stock 26441C204 $496 "6,835" SH SOLE None 6835 Duke Realty Common Stock 264411505 $151 "8,900" SH SOLE None 8900 Dun & Bradstreet Common Stock 2.65E+104 "$12,548 " "150,000" SH SOLE None 150000 E.I. du Pont de Nemours Common Stock 263534109 "$19,760 " "401,950" SH SOLE None 401950 E.ON ADR ADR 268780103 $328 "18,700" SH SOLE None 18700 Edison International Common Stock 281020107 $54 "1,080" SH SOLE None 1080 Eli Lilly Common Stock 532457108 "$77,550 " "1,365,565" SH SOLE None 1365565 Embraer SA ADR ADR 29082A107 $209 "5,862" SH SOLE None 5862 EMCOR Common Stock 29084Q100 "$29,673 " "700,000" SH SOLE None 700000 Emerson Electric Common Stock 291011104 "$25,142 " "450,000" SH SOLE None 450000 Emulex Common Stock 292475209 $7 "1,000" SH SOLE None 1000 Enbridge Energy Partners LP Common Stock 29250R106 "$1,029 " "34,151" SH SOLE None 34151 EnCana Common Stock 292505104 "$19,556 " "1,004,958" SH SOLE None 1004958 Enersis ADS ADR 29274F104 "$4,810 " "250,000" SH SOLE None 250000 Eni SpA ADS ADR 26874R108 "$2,245 " "50,000" SH SOLE None 50000 Entergy MISS 1st MTG Preferred Stock 29364N876 $26 "1,000" SH SOLE None 1000 EOG Resources Common Stock 26875P101 $62 485 SH SOLE None 485 "Estee Lauder, Cl A" Common Stock 518439104 "$40,979 " "640,000" SH SOLE None 640000 Expedia Inc. - Cl A Common Stock 30212P303 $34 561 SH SOLE None 561 Express Scripts Holding Common Stock 30219G108 "$37,744 " "655,050" SH SOLE None 655050 Exxon Mobil Common Stock 30231G102 "$32,534 " "361,052" SH SOLE None 361052 F5 Networks Common Stock 315616102 "$9,132 " "102,510" SH SOLE None 102510 Facebook Common Stock 30303M102 $59 "2,321" SH SOLE None 2321 Fastenal Common Stock 311900104 "$41,282 " "804,240" SH SOLE None 804240 Fibria Celulose ADR ADR 31573A109 "$1,811 " "150,000" SH SOLE None 150000 First Solar Common Stock 336433107 $139 "5,161" SH SOLE None 5161 Firstgroup Common Stock S0345217L $92 "30,000" SH SOLE None 30000 Fiserv Common Stock 337738108 $40 450 SH SOLE None 450 Flextronics International Common Stock Y2573F102 $7 "1,000" SH SOLE None 1000 FLIR Systems Common Stock 302445101 $52 "2,000" SH SOLE None 2000 Fomento Economico Mex ADS ADR 344419106 "$3,405 " "30,000" SH SOLE None 30000 Ford Motor Common Stock 345370860 $460 "35,000" SH SOLE None 35000 Ford Otomotiv Sanayi Common Stock SB03MSR5L $575 "40,000" SH SOLE None 40000 FPL Group Capital Trust I Preferred Stock 30257v207 $28 "1,100" SH SOLE None 1100 France Telecom ADS ADR 35177Q105 $60 "5,900" SH SOLE None 5900 Freeport-McMoRan Copper & Gold Common Stock 35671D857 "$15,741 " "475,544" SH SOLE None 475544 Frontier Communictions Common Stock 35906A108 $0 70 SH SOLE None 70 Furiex Pharmaceuticals Common Stock 36106P101 $16 433 SH SOLE None 433 Gartner Common Stock 366651107 "$16,401 " "301,441" SH SOLE None 301441 GDF Suez ADS ADR 36160B105 $52 "2,725" SH SOLE None 2725 General Electric Common Stock 369604103 $388 "16,800" SH SOLE None 16800 General Mills Common Stock 370334104 "$29,972 " "607,838" SH SOLE None 607838 Genomma Lab Internacional S.A.B. de Common Stock SB3B1C73L $244 "100,000" SH SOLE None 100000 Gentex Common Stock 371901109 "$14,047 " "702,000" SH SOLE None 702000 Genuine Parts Common Stock 372460105 "$41,009 " "525,750" SH SOLE None 525750 Georgia Power CO Cl A PFD 6.125% Preferred Stock 373334473 $111 "4,000" SH SOLE None 4000 Gilead Sciences Common Stock 375558103 $157 "3,200" SH SOLE None 3200 GlaxoSmithKline ADS ADR 37733W105 "$31,334 " "667,950" SH SOLE None 667950 Global Payments Inc Common Stock 37940X102 $19 382 SH SOLE None 382 Gold Fields Ltd ADS ADR 38059T106 $256 "33,000" SH SOLE None 33000 Google Common Stock 38259P508 "$68,741 " "86,555" SH SOLE None 86555 Great Plains Energy Inc. Common Stock 391164100 $5 197 SH SOLE None 197 H.J. Heinz Common Stock 423074103 $419 "5,800" SH SOLE None 5800 Hain Celestial Group Common Stock 405217100 $287 "4,700" SH SOLE None 4700 Hanesbrands Common Stock 410345102 $3 55 SH SOLE None 55 Harman International Industries Common Stock 413086109 $98 "2,200" SH SOLE None 2200 Harris Common Stock 413875105 "$32,654 " "704,660" SH SOLE None 704660 HCP Common Stock 40414L109 $19 381 SH SOLE None 381 Health Care Property Common Stock 42217K106 $21 302 SH SOLE None 302 Hewlett-Packard Common Stock 428236103 "$18,732 " "785,745" SH SOLE None 785745 Hillshire Brands Common Stock 432589109 $3 88 SH SOLE None 88 Home Depot Common Stock 437076102 $19 275 SH SOLE None 275 Honeywell International Common Stock 438516106 "$32,611 " "432,795" SH SOLE None 432795 Hong Kong & China Gas ADS ADR 438550303 $296 "100,000" SH SOLE None 100000 Hopewell Highway Infrastructure Common Stock S6665016L $112 "225,000" SH SOLE None 225000 Hospira Common Stock 441060100 $22 670 SH SOLE None 670 HSN Common Stock 404303109 $12 224 SH SOLE None 224 Hudson Technologies Common Stock 444144109 $33 "8,046" SH SOLE None 8046 Humana Common Stock 444859102 "$45,440 " "657,503" SH SOLE None 657503 Hutchison Whampoa ADR ADR 448415208 $4 192 SH SOLE None 192 IAC/InterActiveCorp Common Stock 44919P508 $25 561 SH SOLE None 561 Idacorp Common Stock 451107106 $958 "19,850" SH SOLE None 19850 Illinois Tool Works Common Stock 452308109 "$31,319 " "513,925" SH SOLE None 513925 Impala Platinum ADR ADR 452553308 $233 "16,000" SH SOLE None 16000 Infosys ADS ADR 456788108 "$40,864 " "758,000" SH SOLE None 758000 "ING Groep, 8.5% Preferred" Preferred Stock 456837806 $130 "5,000" SH SOLE None 5000 Integrated Device Technology Common Stock 458118106 $30 "4,030" SH SOLE None 4030 Intel Common Stock 458140100 "$63,713 " "2,917,930" SH SOLE None 2917930 International Business Machines Common Stock 459200101 "$55,283 " "259,180" SH SOLE None 259180 Interval Leisure Group Common Stock 46113M108 $5 224 SH SOLE None 224 Intuit Common Stock 461202103 "$61,246 " "932,774" SH SOLE None 932774 Invesco Common Stock G491BT108 $290 "10,000" SH SOLE None 10000 IOI Common Stock SB1Y3WG1L $248 "165,000" SH SOLE None 165000 Iron Mountain Common Stock 462846106 $18 496 SH SOLE None 496 ishares Russell 2000 Common Stock 464287655 $22 238 SH SOLE None 238 Itau Unibanco Holding ADS ADR 465562106 $107 "6,000" SH SOLE None 6000 JAKKS Pacific Common Stock 4.70E+110 "$1,374 " "130,978" SH SOLE None 130978 Jasa Marga (Persero) TBK PT Common Stock SB28T1S7L $307 "500,000" SH SOLE None 500000 JM Smucker Common Stock 832696405 "$24,824 " "250,340" SH SOLE None 250340 John Wiley & Sons Common Stock 968223206 "$4,286 " "110,000" SH SOLE None 110000 Johnson & Johnson Common Stock 478160104 "$69,340 " "850,486" SH SOLE None 850486 Johnson Controls Common Stock 478366107 "$21,042 " "600,000" SH SOLE None 600000 JP Morgan Chase Common Stock 46625H100 $125 "2,640" SH SOLE None 2640 "JPM Chase Capital, Pfd C 6.70%" Preferred Stock 4.81E+211 $129 "5,000" SH SOLE None 5000 Kalbe Farma PT Common Stock S6728102L $447 "3,500,000" SH SOLE None 3500000 Kellogg Common Stock 487836108 "$30,050 " "466,400" SH SOLE None 466400 Key Common Stock 493267108 $13 "1,272" SH SOLE None 1272 Kimberly-Clark Common Stock 494368103 "$29,697 " "303,095" SH SOLE None 303095 Kinder Morgan Energy Partners Common Stock 494550106 $413 "4,600" SH SOLE None 4600 Knight Transportation Common Stock 499064103 $20 "1,237" SH SOLE None 1237 Kohl's Common Stock 500255104 $18 400 SH SOLE None 400 Korea Electric Power ADS ADR 500631106 $272 "20,000" SH SOLE None 20000 KPJ Healthcare Common Stock S64935850 $421 "220,000" SH SOLE None 220000 LATAM Airlines ADS ADR 51817R106 "$19,393 " "892,529" SH SOLE None 892529 Li & Fung Ltd. Common Stock S6286257L $184 "133,000" SH SOLE None 133000 Life Technologies Common Stock 53217V109 $23 363 SH SOLE None 363 Lifepoint Hospitals Common Stock 53219L109 $28 581 SH SOLE None 581 Lincoln Electric Holdings Common Stock 533900106 "$27,805 " "513,200" SH SOLE None 513200 Lincoln National Common Stock 534187109 $6 177 SH SOLE None 177 Lowe's Common Stock 548661107 "$34,937 " "921,340" SH SOLE None 921340 M. Dias Branco SA Common Stock SB1FRH89L $518 "13,000" SH SOLE None 13000 Malayan Banking Bhd Common Stock S6556325L $97 "32,000" SH SOLE None 32000 Mattel Common Stock 577081102 "$9,163 " "209,350" SH SOLE None 209350 McCormick & Co Common Stock 579780206 "$22,249 " "302,500" SH SOLE None 302500 McGraw-Hill Common Stock 580645109 $32 606 SH SOLE None 606 Mead Johnson Nutrition Common Stock 582839106 "$1,150 " "14,848" SH SOLE None 14848 Memorial Production Partners Common Stock 586048100 $396 "20,000" SH SOLE None 20000 MercadoLibre Common Stock 58733R102 "$1,642 " "17,000" SH SOLE None 17000 Merck & Co Common Stock 58933Y105 $196 "4,445" SH SOLE None 4445 Methanex Common Stock 59151K108 "$13,067 " "321,600" SH SOLE None 321600 Metso ADS ADR 592671101 $723 "17,100" SH SOLE None 17100 Microchip Technology Common Stock 595017104 "$22,856 " "621,600" SH SOLE None 621600 Microsoft Common Stock 594918104 "$28,976 " "1,012,979" SH SOLE None 1012979 MicroSoft Jan 18 2014 CALL 27 "Option, equity" 99qabf3x6 $7 "2,700" CALL SOLE None 2700 Middleby Common Stock 596278101 $304 "2,000" SH SOLE None 2000 Millicom Intl Cellular SA Common Stock L6388F110 $8 103 SH SOLE None 103 Millicom Intl Cellular SDR Common Stock SB002LM8L "$1,001 " "12,500" SH SOLE None 12500 Mindray Medical International ADS ADR 602675100 $399 "10,000" SH SOLE None 10000 Mitsubishi UFJ Financial ADS ADR 606822104 "$3,000 " "500,000" SH SOLE None 500000 Monster Beverage Common Stock 611740101 "$36,862 " "772,150" SH SOLE None 772150 Moody's Common Stock 615369105 $408 "7,655" SH SOLE None 7655 "Morgan Stanley Cap Tr, Cum Pfd" Preferred Stock 61750K208 $114 "4,500" SH SOLE None 4500 Morningstar Common Stock 617700109 $70 "1,000" SH SOLE None 1000 Motorola Solutions Common Stock 620076307 $6 95 SH SOLE None 95 MTN Group LTD Common Stock S6563206L $370 "21,000" SH SOLE None 21000 MTN Group LTD - Spons ADR ADR 62474M108 $213 "12,100" SH SOLE None 12100 National Fuel Gas Common Stock 636180101 "$10,430 " "170,000" SH SOLE None 170000 National Grid PLC ADS ADR 636274300 $449 "7,735" SH SOLE None 7735 Nestle's S.A. Common Stock 641069406 $62 852 SH SOLE None 852 Newcrest Mining ADS ADR 651191108 "$1,875 " "89,301" SH SOLE None 89301 Newmont Mining Common Stock 651639106 $14 325 SH SOLE None 325 News Corporation Common Stock 6.52E+108 $10 330 SH SOLE None 330 NextEra Energy Common Stock 65339F101 $97 "1,250" SH SOLE None 1250 Nextera Energy Capital Preferred Stock 65339K506 $53 "2,000" SH SOLE None 2000 Nice Systems ADS ADR 653656108 "$2,946 " "80,000" SH SOLE None 80000 Nidec ADS ADR 654090109 $401 "26,703" SH SOLE None 26703 "Nike, Cl B" Common Stock 654106103 "$36,720 " "622,270" SH SOLE None 622270 Nintendo ADR 654445303 $1 86 SH SOLE None 86 NiSource Common Stock 65473P105 $11 387 SH SOLE None 387 Nissan Motor ADS ADR 654744408 "$2,333 " "121,500" SH SOLE None 121500 Noble Common Stock H5833N103 $735 "19,262" SH SOLE None 19262 Noble Energy Common Stock 655044105 $25 218 SH SOLE None 218 Nomura Holdings ADS ADR 65535h208 $185 "30,000" SH SOLE None 30000 Nordstrom Common Stock 655664100 $287 "5,200" SH SOLE None 5200 Norfolk Southern Common Stock 655844108 "$39,604 " "513,800" SH SOLE None 513800 Northern Trust Common Stock 665859104 $55 "1,000" SH SOLE None 1000 Novartis ADS ADR 66987V109 "$84,195 " "1,181,853" SH SOLE None 1181853 Novo Nordisk ADS ADR 670100205 "$39,674 " "245,660" SH SOLE None 245660 Novozymes A/S ADR ADR 670108109 $68 "2,000" SH SOLE None 2000 NRG Energy Common Stock 629377508 $79 "3,000" SH SOLE None 3000 Nucor Common Stock 670346105 "$9,620 " "208,450" SH SOLE None 208450 NY Community Bancorp Common Stock 649445103 $86 "6,000" SH SOLE None 6000 Oracle Common Stock 68389X105 "$46,691 " "1,444,188" SH SOLE None 1444188 "Orient-Express Hotels, A" Common Stock G67743107 "$3,057 " "310,000" SH SOLE None 310000 PAREXEL International Common Stock 699462107 $158 "4,000" SH SOLE None 4000 Parker Hannifin Common Stock 701094104 "$25,230 " "275,500" SH SOLE None 275500 Patterson - UTI Energy Common Stock 703481101 $172 "7,200" SH SOLE None 7200 Patterson Companies Common Stock 703395103 $6 150 SH SOLE None 150 Peabody Energy Common Stock 704549104 $1 57 SH SOLE None 57 Pearson ADS ADR 705015105 "$7,176 " "398,890" SH SOLE None 398890 Pennsylvania REIT Common Stock 709102107 $7 350 SH SOLE None 350 PepsiCo Common Stock 713448108 "$80,727 " "1,020,438" SH SOLE None 1020438 Petroleo Brasileiro ADS ADR 71654V408 "$1,321 " "79,700" SH SOLE None 79700 PetSmart Common Stock 716768106 "$44,188 " "711,560" SH SOLE None 711560 Pfizer Common Stock 717081103 "$35,822 " "1,241,217" SH SOLE None 1241217 Philippine Long Distance ADS ADR 718252604 $262 "3,700" SH SOLE None 3700 Phillips 66 Common Stock 718546104 "$12,072 " "172,534" SH SOLE None 172534 Piedmont Natural Gas Common Stock 720186105 $263 "8,000" SH SOLE None 8000 PIMCO Commercial Mortgage Secs Common Stock 69323T101 $13 "1,000" SH SOLE None 1000 Pitney Bowes Common Stock 724479100 $5 350 SH SOLE None 350 Plum Creek Timber Common Stock 729251108 $597 "11,443" SH SOLE None 11443 PNC Bank Common Stock 693475105 $90 "1,355" SH SOLE None 1355 Polycom Common Stock 73172K104 $36 "3,260" SH SOLE None 3260 Portugal Telecom SGPS ADS ADR 737273102 $84 "17,000" SH SOLE None 17000 Potash Corp of Saskatchewan Common Stock 73755L107 "$39,410 " "1,004,071" SH SOLE None 1004071 Power Solutions International Inc. Common Stock 73933G202 $86 "3,302" SH SOLE None 3302 PPG Industries Common Stock 693506107 "$26,788 " "200,000" SH SOLE None 200000 Praxair Common Stock 74005P104 "$24,720 " "221,625" SH SOLE None 221625 Precision Drilling Common Stock 74022D308 $27 "2,970" SH SOLE None 2970 Procter & Gamble Common Stock 742718109 "$31,497 " "408,732" SH SOLE None 408732 PT Indosat ADS ADR 744383100 $765 "23,000" SH SOLE None 23000 PT Semen Indonesia (Persero) Common Stock S67952360 $365 "200,000" SH SOLE None 200000 Public Storage International Common Stock 74460D109 $108 709 SH SOLE None 709 Qualcomm Common Stock 747525103 "$55,553 " "829,898" SH SOLE None 829898 Quimica y Minera Chile ADS ADR 833635105 "$2,551 " "46,000" SH SOLE None 46000 Raymond James Financial Common Stock 754730109 $329 "7,138" SH SOLE None 7138 Raytheon Common Stock 755111507 $26 444 SH SOLE None 444 Red Lion Hotels Common Stock 756764106 $292 "41,000" SH SOLE None 41000 Regal-Beloit Common Stock 758750103 "$33,366 " "409,100" SH SOLE None 409100 Regions Financial Common Stock 7591EP100 $11 "1,329" SH SOLE None 1329 Repsol ADS ADR 76026T205 $54 "2,638" SH SOLE None 2638 Richter Gedeon Common Stock S4042387L $140 "1,000" SH SOLE None 1000 Rio Tinto PLC ADS ADR 767204100 $359 "7,628" SH SOLE None 7628 Rockwell Automation Common Stock 773903109 "$28,064 " "325,000" SH SOLE None 325000 "Rogers Communications, Cl B" Common Stock 775109200 "$2,042 " "40,000" SH SOLE None 40000 Royal Dutch Shell ADS ADR 780259206 $169 "2,600" SH SOLE None 2600 RPM International Common Stock 749685103 "$5,763 " "182,500" SH SOLE None 182500 Ryanair Holdings ADS ADR 783513104 $836 "20,000" SH SOLE None 20000 Sabana Shariah Comp Indl REIT Common Stock SB61ZCY3L $337 "330,000" SH SOLE None 330000 SanDisk Common Stock 80004C101 "$20,352 " "370,300" SH SOLE None 370300 Sanmina Common Stock 801056102 $5 405 SH SOLE None 405 Sanofi ADS ADR 80105N105 "$1,556 " "30,462" SH SOLE None 30462 Santander 10.5% Pfd Series 10 Preferred Stock E8683R144 $109 "4,000" SH SOLE None 4000 SAP ADS ADR 803054204 "$52,496 " "651,800" SH SOLE None 651800 Sasol ADS ADR 803866300 $466 "10,500" SH SOLE None 10500 Schlumberger Ltd Common Stock 806857108 $228 "3,045" SH SOLE None 3045 Sempra Energy Common Stock 816851109 $651 "8,140" SH SOLE None 8140 Semtech Common Stock 816850101 $47 "1,330" SH SOLE None 1330 Senior Housing PPTYS Trust Common Stock 81721M109 $290 "10,800" SH SOLE None 10800 Shire ADS ADR 82481r106 "$2,924 " "32,000" SH SOLE None 32000 Sibanye Gold Ltd ADS ADR 825724206 $47 "8,250" SH SOLE None 8250 Simon Property Group Common Stock 828806109 $166 "1,047" SH SOLE None 1047 Singapore Telecom ADR ADR 82929R304 $307 "10,600" SH SOLE None 10600 Sinopharm Group - H Common Stock SB3ZVDV0L $323 "100,000" SH SOLE None 100000 SK Telecom ADS ADR 78440P108 $647 "36,200" SH SOLE None 36200 South African Rand Common Stock ZAR999996 $0 11 SH SOLE None 11.44 Southern Copper Common Stock 84265V105 $564 "15,000" SH SOLE None 15000 Southwest Airlines Common Stock 844741108 $13 "1,000" SH SOLE None 1000 SPDR Gold Trust GS Common Stock 78463V107 $52 337 SH SOLE None 337 SPDR S&P Midcap 400 ETF Common Stock 78467Y107 $21 99 SH SOLE None 99 Spectra Energy Common Stock 847560109 $592 "19,258" SH SOLE None 19258 Stage Stores Common Stock 85254C305 $90 "3,487" SH SOLE None 3487 Standard Chartered plc Common Stock S0408284L $519 "20,000" SH SOLE None 20000 Stanley Black & Decker Common Stock 854502101 "$8,376 " "103,446" SH SOLE None 103446 Staples Common Stock 855030102 "$1,044 " "77,783" SH SOLE None 77783 State Street Common Stock 857477103 $31 528 SH SOLE None 528 Statoil ADS ADR 85771P102 "$1,544 " "62,703" SH SOLE None 62703 Stericycle Common Stock 858912108 $28 260 SH SOLE None 260 Stryker Common Stock 863667101 "$19,590 " "300,270" SH SOLE None 300270 Suburban Propane Partners LP Common Stock 864482104 $334 "7,500" SH SOLE None 7500 Suncor Energy Common Stock 867224107 "$21,007 " "700,000" SH SOLE None 700000 Swire Pac LTD ADR 870794302 $2 169 SH SOLE None 169 Synchronoss Technologies Common Stock 87157B103 $465 "15,000" SH SOLE None 15000 T. Rowe Price Group Inc. Common Stock 74144T108 $79 "1,050" SH SOLE None 1050 Taiwan Semiconductor ADS ADR 874039100 "$47,868 " "2,784,628" SH SOLE None 2784628 Target Common Stock 8.76E+110 $21 300 SH SOLE None 300 Tata Motors ADS ADR 876568502 "$1,368 " "56,042" SH SOLE None 56042 TCW Convertible Securities Fund Common Stock 872340104 $2 375 SH SOLE None 375 Teck Resources LTD Common Stock 878742204 "$3,135 " "111,338" SH SOLE None 111338 Teekay LNG Partners LP Common Stock Y8564M105 $545 "13,150" SH SOLE None 13150 Telecom New Zealand ADS ADR 879278208 $520 "54,266" SH SOLE None 54266 Telefonica ADS ADR 879382208 "$3,032 " "224,393" SH SOLE None 224393 Telefonica Brasil S.A. ADS ADR 87936R106 "$1,754 " "65,750" SH SOLE None 65750 Telekom Austria AG ADR ADR 87943Q109 $2 148 SH SOLE None 148 Telekomunikasi Indonesia ADS ADR 715684106 "$1,222 " "27,100" SH SOLE None 27100 Telenor ASA Common Stock S4732495L "$2,525 " "114,500" SH SOLE None 114500 Telenor ASA ADR ADR 87944W105 $67 "1,026" SH SOLE None 1026 Telephone & Data Sys 6.625% Pfd Preferred Stock 879433852 $53 "2,100" SH SOLE None 2100 Telstra ADR ADR 87969N204 "$3,724 " "158,000" SH SOLE None 158000 Telus Common Stock 87971M103 "$9,537 " "138,000" SH SOLE None 138000 Tenaris ADS ADR 88031M109 "$5,383 " "132,000" SH SOLE None 132000 Teva Pharmaceutical Industries ADS ADR 881624209 "$2,032 " "51,216" SH SOLE None 51216 Tiger Brands Ltd Common Stock SB0J4PP2L $192 "6,000" SH SOLE None 6000 TJX Companies Common Stock 872540109 "$42,075 " "900,000" SH SOLE None 900000 Toronto-Dominion Bank Common Stock 891160509 "$3,861 " "46,372" SH SOLE None 46372 Total ADS ADR 8.92E+113 "$20,473 " "426,700" SH SOLE None 426700 Toyota Motor ADS ADR 892331307 "$4,384 " "42,715" SH SOLE None 42715 Transocean Common Stock H8817H100 $4 78 SH SOLE None 78 Trimble Navigation Common Stock 896239100 "$52,901 " "1,764,552" SH SOLE None 1764552 TripAdvisor Common Stock 896945201 $29 561 SH SOLE None 561 Turk Telekomunikasyon AS Common Stock SB2RCGV5L $266 "60,000" SH SOLE None 60000 Turkcell Iletisim Hizmetleri ADS ADR 900111204 "$1,498 " "90,000" SH SOLE None 90000 Ultralife Batteries Common Stock 903899102 $45 "10,000" SH SOLE None 10000 Unilever ADS ADR 904767704 "$17,544 " "415,350" SH SOLE None 415350 Unilever N.V. Common Stock 904784709 $467 "11,384" SH SOLE None 11384 Union Pacific Common Stock 907818108 "$40,903 " "287,222" SH SOLE None 287222 United Parcel Service Common Stock 911312106 "$70,508 " "820,812" SH SOLE None 820812 United Technologies Common Stock 913017109 "$23,525 " "251,797" SH SOLE None 251797 UnitedHealth Group Common Stock 91324P102 $271 "4,730" SH SOLE None 4730 Urban Outfitters Common Stock 917047102 "$19,370 " "500,000" SH SOLE None 500000 US Bancorp Common Stock 902973304 $49 "1,430" SH SOLE None 1430 Vale ADS ADR 9.19E+109 "$2,118 " "122,500" SH SOLE None 122500 VCA Antech Common Stock 918194101 "$16,842 " "717,000" SH SOLE None 717000 Verizon Communications Common Stock 92343V104 $14 295 SH SOLE None 295 VF Corp Common Stock 918204108 $503 "3,000" SH SOLE None 3000 Vodafone Group ADS ADR 92857W209 "$10,957 " "385,794" SH SOLE None 385794 W.W. Grainger Common Stock 384802104 "$34,143 " "151,760" SH SOLE None 151760 Walgreen Common Stock 931422109 $86 "1,794" SH SOLE None 1794 Waste Connections Common Stock 941053100 $18 496 SH SOLE None 496 Weatherford International Common Stock H27013103 $31 "2,580" SH SOLE None 2580 Wells Fargo & Co Common Stock 949746101 $86 "2,315" SH SOLE None 2315 Western Digital Common Stock 958102105 $956 "19,000" SH SOLE None 19000 Whistler Blackcomb Holdings Common Stock 96336D955 $159 "12,000" SH SOLE None 12000 Whiting Petroleum Common Stock 966387102 $447 "8,800" SH SOLE None 8800 Williams Companies Common Stock 969457100 $131 "3,500" SH SOLE None 3500 Wolters Kluwer NV Common Stock S5671519L "$3,940 " "180,000" SH SOLE None 180000 Wolverine World Wide Common Stock 978097103 $23 517 SH SOLE None 517 Worthington Industries Common Stock 981811102 $46 "1,500" SH SOLE None 1500 Wright Express Corp Common Stock 96208T104 $25 322 SH SOLE None 322 Xcel Energy Common Stock 98389B100 $5 172 SH SOLE None 172 Xilinx Common Stock 983919101 "$22,902 " "600,000" SH SOLE None 600000 "Zebra Technologies, Cl A" Common Stock 989207105 $39 817 SH SOLE None 817 Zimmer Common Stock 98956P102 "$17,001 " "226,020" SH SOLE None 226020 TOTAL "$3,763,997 " </table>