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 39,303 1,849,600 SH   SOLE   0 0 1,849,600
CIA DE MINAS BUENAVENTURA ADR 204448104 17,601 1,472,867 SH   SOLE   0 0 1,472,867
CITIGROUP INC STK 172967424 45,213 1,066,600 SH   SOLE   0 0 1,066,600
EMBRAER SA ADR 29082A107 14,640 674,012 SH   SOLE   0 0 674,012
GENERAL MOTORS CO STK 37045V100 37,848 1,337,400 SH   SOLE   0 0 1,337,400
HEWLETT PACKARD ENTERPRISE STK 42824C109 27,211 1,489,400 SH   SOLE   0 0 1,489,400
HP INC STK 40434L105 31,064 2,475,200 SH   SOLE   0 0 2,475,200
INFOSYS LTD ADR 456788108 10,915 611,500 SH   SOLE   0 0 611,500
PETROLEO BRASILEIRO SA ADR 71654V101 7,192 1,237,836 SH   SOLE   0 0 1,237,836
SK TELECOM CO LTD ADR 78440P108 16,311 779,683 SH   SOLE   0 0 779,683
TELEKOM. INDONESIA ADR 715684106 13,902 226,203 SH   SOLE   0 0 226,203
TERNIUM SA ADR 880890108 14,067 738,032 SH   SOLE   0 0 738,032
TURKCELL ILETISIM HIZ. ADR 900111204 9,003 983,984 SH   SOLE   0 0 983,984
BARRICK GOLD CORP STK 067901108 150,622 7,088,171 SH   SOLE   7,088,171 0 0
BED BATH & BEYOND INC STK 075896100 43 1,000 SH   SOLE   1,000 0 0
CATERPILLAR INC STK 149123101 38 500 SH   SOLE   500 0 0
CIA DE MINAS BUENAVENTURA ADR 204448104 39,949 3,342,984 SH   SOLE   3,342,984 0 0
CITIGROUP INC STK 172967424 185,786 4,382,784 SH   SOLE   4,382,784 0 0
EMBRAER SA ADR 29082A107 33,003 1,519,489 SH   SOLE   1,519,489 0 0
GENERAL MOTORS CO STK 37045V100 156,033 5,513,550 SH   SOLE   5,513,550 0 0
GUESS? INC STK 401617105 449 29,824 SH   SOLE   29,824 0 0
HALLADOR ENERGY CO STK 40609P105 799 172,900 SH   SOLE   172,900 0 0
HEWLETT PACKARD ENTERPRISE STK 42824C109 112,205 6,141,509 SH   SOLE   6,141,509 0 0
HP INC STK 40434L105 118,163 9,415,409 SH   SOLE   9,415,409 0 0
INFOSYS LTD ADR 456788108 24,483 1,371,587 SH   SOLE   1,371,587 0 0
IBM CORP. STK 459200101 46 300 SH   SOLE   300 0 0
PETROLEO BRASILEIRO SA ADR 71654V101 15,725 2,706,588 SH   SOLE   2,706,588 0 0
PFIZER INC STK 717081103 1,671 47,450 SH   SOLE   47,450 0 0
SK TELECOM CO LTD ADR 78440P108 36,714 1,754,964 SH   SOLE   1,754,964 0 0
TELEKOM. INDONESIA ADR 715684106 31,548 513,316 SH   SOLE   513,316 0 0
TEREX CORP STK 880779103 1,042 51,300 SH   SOLE   51,300 0 0
TERNIUM SA ADR 880890108 31,982 1,677,944 SH   SOLE   1,677,944 0 0
TURKCELL ILETISIM HIZ. ADR 900111204 20,358 2,224,888 SH   SOLE   2,224,888 0 0