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
BARRICK GOLD CORP STK 067901108 86,186 7,990,633 SH   SOLE NONE 7,990,633 0 0
BARRICK GOLD CORP STK 067901108 12,849 1,191,277 SH   SOLE NONE 0 0 1,191,277
BED BATH & BEYOND INC STK 075896100 76 1,000 SH   SOLE NONE 1,000 0 0
CATERPILLAR INC STK 149123101 46 500 SH   SOLE NONE 500 0 0
CHESAPEAKE ENERGY CORP STK 165167107 33 1,700 SH   SOLE NONE 1,700 0 0
CIA DE MINAS BUENAVENTURA SAA ADR 204448104 47,370 4,955,000 SH   SOLE NONE 4,955,000 0 0
CIA DE MINAS BUENAVENTURA SAA ADR 204448104 10,680 1,117,200 SH   SOLE NONE 0 0 1,117,200
CITIGROUP INC STK 172967424 235,962 4,360,784 SH   SOLE NONE 4,360,784 0 0
CITIGROUP INC STK 172967424 36,037 666,000 SH   SOLE NONE 0 0 666,000
EMBRAER SA ADR 29082A107 75,373 2,044,829 SH   SOLE NONE 2,044,829 0 0
GENERAL MOTORS CO STK 37045V100 198,355 5,681,900 SH   SOLE NONE 5,681,900 0 0
GENERAL MOTORS CO STK 37045V100 32,550 932,400 SH   SOLE NONE 0 0 932,400
GUESS? INC STK 401617105 310 14,724 SH   SOLE NONE 14,724 0 0
HALLADOR ENERGY CO STK 40609P105 1,078 97,900 SH   SOLE NONE 97,900 0 0
HEWLETT-PACKARD CO STK 428236103 112,556 2,804,809 SH   SOLE NONE 2,804,809 0 0
HEWLETT-PACKARD CO STK 428236103 17,882 445,600 SH   SOLE NONE 0 0 445,600
INFOSYS LTD ADR 456788108 53,212 1,691,420 SH   SOLE NONE 1,691,420 0 0
INFOSYS LTD ADR 456788108 11,980 380,800 SH   SOLE NONE 0 0 380,800
INTERNATIONAL BUSINESS MACHINES CORP STK 459200101 48 300 SH   SOLE NONE 300 0 0
JOHNSON & JOHNSON STK 478160104 1,684 16,103 SH   SOLE NONE 16,103 0 0
MICROSOFT CORP STK 594918104 190,336 4,097,685 SH   SOLE NONE 4,097,685 0 0
MICROSOFT CORP STK 594918104 33,257 715,978 SH   SOLE NONE 0 0 715,978
PETROLEO BRASILEIRO SA ADR 71654V101 18,949 2,499,906 SH   SOLE NONE 2,499,906 0 0
PFIZER INC STK 717081103 1,877 60,250 SH   SOLE NONE 60,250 0 0
SK TELECOM CO LTD ADR 78440P108 62,544 2,315,557 SH   SOLE NONE 2,315,557 0 0
SK TELECOM CO LTD ADR 78440P108 13,980 517,583 SH   SOLE NONE 0 0 517,583
STAPLES INC STK 855030102 235,407 12,991,600 SH   SOLE NONE 12,991,600 0 0
STAPLES INC STK 855030102 37,088 2,046,800 SH   SOLE NONE 0 0 2,046,800
TELEKOMUNIKASI INDONESIA PERSERO TBK PT ADR 715684106 48,370 1,069,416 SH   SOLE NONE 1,069,416 0 0
TELEKOMUNIKASI INDONESIA PERSERO TBK PT ADR 715684106 10,925 241,537 SH   SOLE NONE 0 0 241,537
TERNIUM SA ADR 880890108 35,266 1,999,173 SH   SOLE NONE 1,999,173 0 0
TERNIUM SA ADR 880890108 7,937 449,932 SH   SOLE NONE 0 0 449,932
TURKCELL ILETISIM HIZMETLERI AS ADR 900111204 54,348 3,594,488 SH   SOLE NONE 3,594,488 0 0
TURKCELL ILETISIM HIZMETLERI AS ADR 900111204 12,200 806,884 SH   SOLE NONE 0 0 806,884
WESTERN UNION CO/THE STK 959802109 50 2,800 SH   SOLE NONE 2,800 0 0