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 9,502 1,283,200 SH   SOLE NONE 0 0 1,283,200
CIA DE MINAS BUENA. ADR 204448104 6,050 1,413,600 SH   SOLE NONE 0 0 1,413,600
CITIGROUP INC STK 172967424 23,849 654,700 SH   SOLE NONE 0 0 654,700
EMBRAER SA ADR 29082A107 12,729 430,912 SH   SOLE NONE 0 0 430,912
GENERAL MOTORS CO STK 37045V100 18,050 753,700 SH   SOLE NONE 0 0 753,700
HEWLETT PACKARD STK 42824C109 10,511 985,200 SH   SOLE NONE 0 0 985,200
HP INC STK 40434L105 8,187 985,200 SH   SOLE NONE 0 0 985,200
INFOSYS LTD ADR 456788108 7,816 466,600 SH   SOLE NONE 0 0 466,600
MICROSOFT CORP STK 594918104 9,955 254,778 SH   SOLE NONE 0 0 254,778
PETROLEO BRASILEIRO SA ADR 71654V101 3,440 1,011,658 SH   SOLE NONE 0 0 1,011,658
SK TELECOM CO LTD ADR 78440P108 10,939 542,883 SH   SOLE NONE 0 0 542,883
STAPLES INC STK 855030102 12,423 1,861,800 SH   SOLE NONE 0 0 1,861,800
TELEKOMUNIKASI IND. ADR 715684106 11,106 250,137 SH   SOLE NONE 0 0 250,137
TERNIUM SA ADR 880890108 7,108 571,832 SH   SOLE NONE 0 0 571,832
TURKCELL ILET. HIZ. ADR 900111204 7,379 869,084 SH   SOLE NONE 0 0 869,084
BARRICK GOLD CORP STK 067901108 59,654 8,055,671 SH   SOLE NONE 8,055,671 0 0
BED BATH & BEYOND INC STK 075896100 39 800 SH   SOLE NONE 800 0 0
CATERPILLAR INC STK 149123101 34 500 SH   SOLE NONE 500 0 0
CHESAPEAKE ENERGY CORP STK 165167107 8 1,700 SH   SOLE NONE 1,700 0 0
CHEVRON CORP STK 166764100 42 470 SH   SOLE NONE 470 0 0
CIA DE MINAS BUENA. ADR 204448104 18,132 4,260,250 SH   SOLE NONE 4,260,250 0 0
CITIGROUP INC STK 172967424 206,386 4,022,484 SH   SOLE NONE 4,022,484 0 0
EMBRAER SA ADR 29082A107 38,132 1,298,101 SH   SOLE NONE 1,298,101 0 0
GENERAL MOTORS CO STK 37045V100 172,881 5,084,650 SH   SOLE NONE 5,084,650 0 0
GUESS? INC STK 401617105 861 45,624 SH   SOLE NONE 45,624 0 0
HALLADOR ENERGY CO STK 40609P105 760 166,700 SH   SOLE NONE 166,700 0 0
HEWLETT PACKARD STK 42824C109 96,245 6,264,709 SH   SOLE NONE 6,264,709 0 0
HP INC STK 40434L105 74,969 6,264,709 SH   SOLE NONE 6,264,709 0 0
INFOSYS LTD ADR 456788108 23,415 1,405,740 SH   SOLE NONE 1,405,740 0 0
IBM CORP STK 459200101 41 300 SH   SOLE NONE 300 0 0
JOHNSON & JOHNSON STK 478160104 1,018 14,603 SH   SOLE NONE 14,603 0 0
MICROSOFT CORP STK 594918104 85,009 1,544,735 SH   SOLE NONE 1,544,735 0 0
PETROLEO BRASILEIRO SA ADR 71654V101 10,337 3,057,388 SH   SOLE NONE 3,057,388 0 0
PFIZER INC STK 717081103 1,040 47,450 SH   SOLE NONE 47,450 0 0
SK TELECOM CO LTD ADR 78440P108 32,844 1,639,064 SH   SOLE NONE 1,639,064 0 0
STAPLES INC STK 855030102 117,812 12,371,800 SH   SOLE NONE 12,371,800 0 0
TELEKOMUNIKASI IND. ADR 715684106 33,181 751,516 SH   SOLE NONE 751,516 0 0
TEREX CORP STK 880779103 769 41,600 SH   SOLE NONE 41,600 0 0
TERNIUM SA ADR 880890108 21,373 1,729,117 SH   SOLE NONE 1,729,117 0 0
TURKCELL ILET. HIZ. ADR 900111204 22,143 2,622,788 SH   SOLE NONE 2,622,788 0 0