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 679011084 13,723 1,283,200 SH   SOLE NONE 0 0 1,283,200
BARRICK GOLD CORP STK 67901108 87,038 8,138,571 SH   SOLE NONE 8,138,571 0 0
BED BATH & BEYOND INC STK 75896100 55 800 SH   SOLE NONE 800 0 0
CATERPILLAR INC STK 149123101 42 500 SH   SOLE NONE 500 0 0
CHESAPEAKE ENERGY CORP STK 165167107 19 1,700 SH   SOLE NONE 1,700 0 0
CIA DE MINAS BUENA. ADR 204448104 10,806 1,041,000 SH   SOLE NONE 0 0 1,041,000
CIA DE MINAS BUENA. ADR 204448104 41,217 3,970,850 SH   SOLE NONE 3,970,850 0 0
CITIGROUP INC STK 172967424 40,010 724,300 SH   SOLE NONE 0 0 724,300
CITIGROUP INC STK 172967424 235,504 4,263,284 SH   SOLE NONE 4,263,284 0 0
EMBRAER SA ADR 29082A107 13,473 444,812 SH   SOLE NONE 0 0 444,812
EMBRAER SA ADR 29082A107 51,498 1,700,168 SH   SOLE NONE 1,700,168 0 0
GENERAL MOTORS CO STK 37045V100 35,100 1,053,100 SH   SOLE NONE 0 0 1,053,100
GENERAL MOTORS CO STK 37045V100 218,125 6,544,400 SH   SOLE NONE 6,544,400 0 0
GUESS? INC STK 401617105 854 44,524 SH   SOLE NONE 44,524 0 0
HALLADOR ENERGY CO STK 40609P105 1,301 156,000 SH   SOLE NONE 156,000 0 0
HEWLETT-PACKARD CO STK 428236103 28,086 935,900 SH   SOLE NONE 0 0 935,900
HEWLETT-PACKARD CO STK 428236103 175,211 5,838,409 SH   SOLE NONE 5,838,409 0 0
IBM CORP STK 459200101 49 300 SH   SOLE NONE 300 0 0
INFOSYS LTD ADR 456788108 49,519 3,124,240 SH   SOLE NONE 0 0 3,124,240
JOHNSON & JOHNSON STK 478160104 1,423 14,603 SH   SOLE NONE 14,603 0 0
MICROSOFT CORP STK 594918104 30,149 682,878 SH   SOLE NONE 0 0 682,878
MICROSOFT CORP STK 594918104 172,551 3,908,285 SH   SOLE NONE 3,908,285 0 0
PETROLEO BRASILEIRO SA ADR 71654V101 8,255 1,011,658 SH   SOLE NONE 0 0 1,011,658
PETROLEO BRASILEIRO SA ADR 71654V101 31,643 3,877,788 SH   SOLE NONE 3,877,788 0 0
PFIZER INC STK 717081103 1,591 47,450 SH   SOLE NONE 47,450 0 0
SK TELECOM CO LTD ADR 78440P108 12,928 521,483 SH   SOLE NONE 0 0 521,483
SK TELECOM CO LTD ADR 78440P108 49,376 1,991,764 SH   SOLE NONE 1,991,764 0 0
STAPLES INC STK 855030102 56,785 3,709,000 SH   SOLE NONE 0 0 3,709,000
STAPLES INC STK 855030102 191,335 12,497,400 SH   SOLE NONE 12,497,400 0 0
TELEKOMUNIKASI IND. ADR 715684106 10,853 250,137 SH   SOLE NONE 0 0 250,137
TELEKOMUNIKASI IND. ADR 715684106 41,399 954,116 SH   SOLE NONE 954,116 0 0
TEREX CORP STK 880779103 577 24,800 SH   SOLE NONE 24,800 0 0
TERNIUM SA ADR 880890108 8,685 501,732 SH   SOLE NONE 0 0 501,732
TERNIUM SA ADR 880890108 33,413 1,930,273 SH   SOLE NONE 1,930,273 0 0
TURKCELL ILET. HIZ. ADR 900111204 9,653 840,084 SH   SOLE NONE 0 0 840,084
TURKCELL ILET. HIZ. ADR 900111204 37,005 3,220,588 SH   SOLE NONE 3,220,588 0 0