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
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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
Barrick Gold STK 67901108 33,849 2,361,300 SH   SOLE   0 0 2,361,300
CHESAPEAKE ENERGY STK 165167107 57,730 2,832,700 SH   SOLE   0 0 2,832,700
CITIGROUP INC STK 172967424 73,936 1,541,300 SH   SOLE   0 0 1,541,300
EMBRAER SA ADR 29082A107 11,213 303,946 SH   SOLE   0 0 303,946
GENERAL MOTORS STK 37045V100 35,079 1,053,100 SH   SOLE   0 0 1,053,100
HEWLETT-PACKARD STK 428236103 64,034 2,582,000 SH   SOLE   0 0 2,582,000
INFOSYS LTD ADR 456788108 12,110 294,000 SH   SOLE   0 0 294,000
LUKOIL OAO ADR 677862104 8,410 146,522 SH   SOLE   0 0 146,522
MICROSOFT CORP STK 594918104 67,144 1,943,678 SH   SOLE   0 0 1,943,678
PETROBRAS ADR 71654V101 8,834 602,558 SH   SOLE   0 0 602,558
SK TELECOM ADR 78440P108 5,855 287,983 SH   SOLE   0 0 287,983
TELEKOMUNIKA ADR 715684106 4,630 108,337 SH   SOLE   0 0 108,337
TERNIUM SA ADR 880890108 9,182 405,732 SH   SOLE   0 0 405,732
TURKCELL ILE ADR 900111204 4,025 280,084 SH   SOLE   0 0 280,084
Barrick Gold STK 67901108 87,418 6,061,054 SH   SOLE   6,061,054 0 0
CHESAPEAKE ENERGY STK 165167107 159,631 7,832,711 SH   SOLE   7,832,711 0 0
CITIGROUP INC STK 172967424 204,737 4,268,024 SH   SOLE   4,268,024 0 0
EMBRAER SA ADR 29082A107 41,168 1,115,957 SH   SOLE   1,115,957 0 0
GENERAL MOTORS STK 37045V100 84,184 2,527,300 SH   SOLE   2,527,300 0 0
GUESS? INC STK 401617105 3,629 11,674 SH   SOLE   11,674 0 0
HEWLETT-PACKARD STK 428236103 171,035 6,896,580 SH   SOLE   6,896,580 0 0
INFOSYS LTD ADR 456788108 38,216 927,800 SH   SOLE   927,800 0 0
JOHNSON & JOHNSON STK 478160104 2,559 29,803 SH   SOLE   29,803 0 0
LEXMARK INTL STK 529771107 287 9,400 SH   SOLE   9,400 0 0
LUKOIL OAO ADR 677862104 28,193 491,168 SH   SOLE   491,168 0 0
MICROSOFT CORP STK 594918104 176,302 5,103,560 SH   SOLE   5,103,560 0 0
NEWFIELD EXPL. STK 651290108 407 17,050 SH   SOLE   17,050 0 0
PEPSICO INC STK 713448108 2,190 26,773 SH   SOLE   26,773 0 0
PETROBRAS ADR 71654V101 31,679 2,160,897 SH   SOLE   2,160,897 0 0
PFIZER INC STK 717081103 2,449 87,450 SH   SOLE   87,450 0 0
SAMSUNG GDR 796050888 5,936 10,181 SH   SOLE   10,181 0 0
SK TELECOM ADR 78440P108 22,637 1,113,471 SH   SOLE   1,113,471 0 0
SONIC CORP STK 835451105 304 20,900 SH   SOLE   20,900 0 0
TELEKOMUNIKA ADR 715684106 30,842 721,617 SH   SOLE   721,617 0 0
TERNIUM SA ADR 880890108 33,725 1,490,288 SH   SOLE   1,490,288 0 0
TURKCELL ILE ADR 900111204 23,034 1,602,992 SH   SOLE   1,602,992 0 0