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 14,018 1,283,200 SH   SOLE   0 0 1,283,200
CIA DE MINAS BUENAV. ADR 204448104 10,922 1,078,200 SH   SOLE   0 0 1,078,200
CITIGROUP INC STK 172967424 37,316 724,300 SH   SOLE   0 0 724,300
EMBRAER SA ADR 29082A107 11,894 386,812 SH   SOLE   0 0 386,812
HEWLETT-PACKARD CO STK 428236103 25,258 810,600 SH   SOLE   0 0 810,600
INFOSYS LTD ADR 456788108 12,625 359,900 SH   SOLE   0 0 359,900
MICROSOFT CORP STK 594918104 29,108 715,978 SH   SOLE   0 0 715,978
PETROLEO BRASILEIRO SA ADR 71654V101 2,807 460,858 SH   SOLE   0 0 460,858
SK TELECOM CO LTD ADR 78440P108 14,301 525,583 SH   SOLE   0 0 525,583
STAPLES INC STK 855030102 33,332 2,046,800 SH   SOLE   0 0 2,046,800
TERNIUM SA ADR 880890108 8,846 489,532 SH   SOLE   0 0 489,532
TURKCELL IL. HIZ. AS ADR 900111204 10,514 806,884 SH   SOLE   0 0 806,884
BARRICK GOLD CORP STK 067901108 90,373 8,272,571 SH   SOLE   8,272,571 0 0
BED BATH & BEYOND INC STK 075896100 61 800 SH   SOLE   800 0 0
CATERPILLAR INC STK 149123101 40 500 SH   SOLE   500 0 0
CHESAPEAKE ENERGY CORP STK 165167107 24 1,700 SH   SOLE   1,700 0 0
CIA DE MINAS BUENAV. ADR 204448104 47,568 4,695,750 SH   SOLE   4,695,750 0 0
CITIGROUP INC STK 172967424 225,451 4,375,984 SH   SOLE   4,375,984 0 0
EMBRAER SA ADR 29082A107 51,794 1,684,368 SH   SOLE   1,684,368 0 0
GENERAL MOTORS CO STK 37045V100 256,125 6,830,000 SH   SOLE   6,830,000 0 0
GUESS? INC STK 401617105 413 22,224 SH   SOLE   22,224 0 0
HALLADOR ENERGY CO STK 40609P105 1,238 105,900 SH   SOLE   105,900 0 0
HEWLETT-PACKARD CO STK 428236103 158,402 5,083,509 SH   SOLE   5,083,509 0 0
INFOSYS LTD ADR 456788108 54,975 1,567,120 SH   SOLE   1,567,120 0 0
IBM CORP STK 459200101 48 300 SH   SOLE   300 0 0
JOHNSON & JOHNSON STK 478160104 1,469 14,603 SH   SOLE   14,603 0 0
MICROSOFT CORP STK 594918104 163,404 4,019,285 SH   SOLE   4,019,285 0 0
PETROLEO BRASILEIRO SA ADR 71654V101 12,129 1,991,688 SH   SOLE   1,991,688 0 0
PFIZER INC STK 717081103 1,651 47,450 SH   SOLE   47,450 0 0
SK TELECOM CO LTD ADR 78440P108 62,217 2,286,564 SH   SOLE   2,286,564 0 0
STAPLES INC STK 855030102 208,656 12,812,800 SH   SOLE   12,812,800 0 0
TEREX CORP STK 880779103 659 24,800 SH   SOLE   24,800 0 0
TERNIUM SA ADR 880890108 38,565 2,134,173 SH   SOLE   2,134,173 0 0
TURKCELL IL. HIZ. AS ADR 900111204 46,002 3,530,488 SH   SOLE   3,530,488 0 0
WESTERN UNION CO STK 959802109 58 2,800 SH   SOLE   2,800 0 0