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 8,131 1,283,200 SH   SOLE NONE 0 0 1,283,200
BARRICK GOLD CORP STK 204448104 7,520 1,261,700 SH   SOLE NONE 0 0 1,261,700
BED BATH & BEYOND INC STK 172967424 35,933 724,300 SH   SOLE NONE 0 0 724,300
CATERPILLAR INC STK 29082A107 11,938 466,712 SH   SOLE NONE 0 0 466,712
CHESAPEAKE ENERGY CORP STK 37045V100 31,614 1,053,100 SH   SOLE NONE 0 0 1,053,100
CIA DE MINAS BUENAVENTURA ADR 428236103 27,474 1,072,800 SH   SOLE NONE 0 0 1,072,800
CIA DE MINAS BUENAVENTURA ADR 456788108 10,664 558,600 SH   SOLE NONE 0 0 558,600
CITIGROUP INC STK 594918104 30,224 682,878 SH   SOLE NONE 0 0 682,878
CITIGROUP INC STK 71654V101 3,723 1,011,658 SH   SOLE NONE 0 0 1,011,658
EMBRAER SA ADR 78440P108 12,724 521,483 SH   SOLE NONE 0 0 521,483
EMBRAER SA ADR 855030102 24,009 2,046,800 SH   SOLE NONE 0 0 2,046,800
GENERAL MOTORS CO STK 715684106 8,917 250,137 SH   SOLE NONE 0 0 250,137
GENERAL MOTORS CO STK 880890108 6,717 546,532 SH   SOLE NONE 0 0 546,532
GUESS? INC STK 900111204 7,292 840,084 SH   SOLE NONE 0 0 840,084
HALLADOR ENERGY CO STK 067901108 51,031 8,053,171 SH   SOLE NONE 8,053,171 0 0
HEWLETT-PACKARD CO STK 075896100 46 800 SH   SOLE NONE 800 0 0
HEWLETT-PACKARD CO STK 149123101 33 500 SH   SOLE NONE 500 0 0
INFOSYS LTD ADR 165167107 12 1,700 SH   SOLE NONE 1,700 0 0
INFOSYS LTD ADR 204448104 24,880 4,174,450 SH   SOLE NONE 4,174,450 0 0
IBM STK 172967424 207,042 4,173,384 SH   SOLE NONE 4,173,384 0 0
JOHNSON & JOHNSON STK 29082A107 39,455 1,542,401 SH   SOLE NONE 1,542,401 0 0
MICROSOFT CORP STK 37045V100 196,172 6,534,700 SH   SOLE NONE 6,534,700 0 0
MICROSOFT CORP STK 401617105 951 44,524 SH   SOLE NONE 44,524 0 0
PETROLEO BRASILEIRO SA ADR 40609P105 1,084 156,000 SH   SOLE NONE 156,000 0 0
PETROLEO BRASILEIRO SA ADR 428236103 160,429 6,264,309 SH   SOLE NONE 6,264,309 0 0
PFIZER INC STK 456788108 35,579 1,863,740 SH   SOLE NONE 1,863,740 0 0
SK TELECOM CO LTD ADR 459200101 43 300 SH   SOLE NONE 300 0 0
SK TELECOM CO LTD ADR 478160104 1,363 14,603 SH   SOLE NONE 14,603 0 0
STAPLES INC STK 594918104 169,334 3,825,885 SH   SOLE NONE 3,825,885 0 0
STAPLES INC STK 71654V101 12,355 3,357,288 SH   SOLE NONE 3,357,288 0 0
TELEKOMUNIKASI INDONESIA ADR 717081103 1,490 47,450 SH   SOLE NONE 47,450 0 0
TELEKOMUNIKASI INDONESIA ADR 78440P108 42,118 1,726,164 SH   SOLE NONE 1,726,164 0 0
TEREX CORP STK 855030102 145,117 12,371,400 SH   SOLE NONE 12,371,400 0 0
TERNIUM SA ADR 715684106 29,415 825,116 SH   SOLE NONE 825,116 0 0
TERNIUM SA ADR 880779103 689 38,400 SH   SOLE NONE 38,400 0 0
TURKCELL ILETISIM HIZ. ADR 880890108 22,295 1,814,117 SH   SOLE NONE 1,814,117 0 0
TURKCELL ILETISIM HIZ. ADR 900111204 24,334 2,803,488 SH   SOLE NONE 2,803,488 0 0