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
EMBRAER SA ADR 29082A107 12,375 381,112 SH   SOLE   0 0 381,112
INFOSYS LTD ADR 456788108 11,421 237,400 SH   SOLE   0 0 237,400
LUKOIL OAO ADR 677862104 10,792 170,227 SH   SOLE   0 0 170,227
PETROBRAS ADR 71654V101 12,697 758,958 SH   SOLE   0 0 758,958
SK TELECOM ADR 78440P108 7,093 312,483 SH   SOLE   0 0 312,483
TELEKOMUNIKA ADR 715684106 8,393 231,137 SH   SOLE   0 0 231,137
TERNIUM SA ADR 880890108 9,976 415,332 SH   SOLE   0 0 415,332
TURKCELL IL HIZ ADR 900111204 7,962 539,784 SH   SOLE   0 0 539,784
EMBRAER SA ADR 29082A107 42,652 1,313,568 SH   SOLE   1,313,568 0 0
INFOSYS LTD ADR 456788108 40,336 838,410 SH   SOLE   838,410 0 0
LUKOIL OAO ADR 677862104 39,855 628,622 SH   SOLE   628,622 0 0
PETROBRAS ADR 71654V101 44,630 2,667,688 SH   SOLE   2,667,688 0 0
SK TELECOM ADR 78440P108 28,749 1,266,464 SH   SOLE   1,266,464 0 0
TELEKOMUNIKA ADR 715684106 31,585 869,881 SH   SOLE   869,881 0 0
TERNIUM SA ADR 880890108 35,444 1,475,622 SH   SOLE   1,475,622 0 0
TURKCELL IL HIZ ADR 900111204 28,036 1,900,722 SH   SOLE   1,900,722 0 0
BARRICK GOLD STK 67901108 44,171 2,361,300 SH   SOLE   0 0 2,361,300
CHESAPEAKE ENERGY STK 165167107 73,310 2,832,700 SH   SOLE   0 0 2,832,700
CITIGROUP STK 172967424 74,768 1,541,300 SH   SOLE   0 0 1,541,300
GENERAL MOTORS STK 37045V100 84,663 2,353,700 SH   SOLE   0 0 2,353,700
HEWLETT-PACKARD STK 428236103 67,665 3,223,700 SH   SOLE   0 0 3,223,700
MICROSOFT CORP STK 594918104 64,686 1,943,678 SH   SOLE   0 0 1,943,678
BARRICK GOLD STK 67901108 133,288 7,270,976 SH   SOLE   7,270,976 0 0
CHESAPEAKE ENERGY STK 165167107 238,403 9,501,911 SH   SOLE   9,501,911 0 0
CITIGROUP STK 172967424 239,461 4,945,190 SH   SOLE   4,945,190 0 0
GENERAL MOTORS STK 37045V100 144,146 4,038,900 SH   SOLE   4,038,900 0 0
GUESS? INC STK 401617105 398 13,324 SH   SOLE   13,324 0 0
HEWLETT PACKARD STK 428236103 210,621 9,809,369 SH   SOLE   9,809,369 0 0
JOHNSON&JOHNSON STK 478160104 1,578 18,203 SH   SOLE   18,203 0 0
LEXMARK INTL STK 529771107 356 10,800 SH   SOLE   10,800 0 0
MICROSOFT CORP STK 594918104 198,109 5,918,017 SH   SOLE   5,918,017 0 0
NEWFIELD EXPLORA STK 651290108 554 20,250 SH   SOLE   20,250 0 0
PFIZER INC STK 717081103 2,512 87,450 SH   SOLE   87,450 0 0