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
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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 13,828 1,017,200 SH   SOLE NONE 0 0 1,017,200
CIA DE MINAS BUENAVENTURA SAA ADR 204448104 14,057 1,909,867 SH   SOLE NONE 0 0 1,909,867
CITIGROUP INC STK 172967424 24,482 586,400 SH   SOLE NONE 0 0 586,400
EMBRAER SA ADR 29082A107 14,301 542,512 SH   SOLE NONE 0 0 542,512
GENERAL MOTORS CO STK 37045V100 21,193 674,300 SH   SOLE NONE 0 0 674,300
HEWLETT PACKARD ENTERPRISE STK 42824C109 15,792 890,700 SH   SOLE NONE 0 0 890,700
HP INC STK 40434L105 17,514 1,421,600 SH   SOLE NONE 0 0 1,421,600
INFOSYS LTD ADR 456788108 10,857 570,800 SH   SOLE NONE 0 0 570,800
PETROLEO BRASILEIRO SA ADR 71654V101 5,607 1,237,836 SH   SOLE NONE 0 0 1,237,836
SK TELECOM CO LTD ADR 78440P108 15,125 749,883 SH   SOLE NONE 0 0 749,883
STAPLES INC STK 855030102 18,334 1,662,200 SH   SOLE NONE 0 0 1,662,200
TELEKOMUNIKASI INDONESIA PERSERO TBK PT ADR 715684106 12,275 241,403 SH   SOLE NONE 0 0 241,403
TERNIUM SA ADR 880890108 13,038 725,132 SH   SOLE NONE 0 0 725,132
TURKCELL ILETISIM HIZMETLERI AS ADR 900111204 10,342 983,984 SH   SOLE NONE 0 0 983,984
BARRICK GOLD CORP STK 067901108 96,636 7,108,571 SH   SOLE NONE 7,108,571 0 0
BED BATH & BEYOND INC STK 075896100 40 800 SH   SOLE NONE 800 0 0
CATERPILLAR INC STK 149123101 38 500 SH   SOLE NONE 500 0 0
CHEVRON CORP STK 166764100 35 370 SH   SOLE NONE 370 0 0
CIA DE MINAS BUENAVENTURA SAA ADR 204448104 30,647 4,164,010 SH   SOLE NONE 4,164,010 0 0
CITIGROUP INC STK 172967424 149,565 3,582,384 SH   SOLE NONE 3,582,384 0 0
EMBRAER SA ADR 29082A107 31,345 1,189,101 SH   SOLE NONE 1,189,101 0 0
GENERAL MOTORS CO STK 37045V100 142,713 4,540,650 SH   SOLE NONE 4,540,650 0 0
GUESS INC STK 401617105 584 31,124 SH   SOLE NONE 31,124 0 0
HALLADOR ENERGY CO STK 40609P105 762 166,700 SH   SOLE NONE 166,700 0 0
HEWLETT PACKARD ENTERPRISE STK 42824C109 100,187 5,650,709 SH   SOLE NONE 5,650,709 0 0
HP INC STK 40434L105 87,159 7,074,609 SH   SOLE NONE 7,074,609 0 0
INFOSYS LTD ADR 456788108 23,466 1,233,740 SH   SOLE NONE 1,233,740 0 0
INTERNATIONAL BUSINESS MACHINES CORP STK 459200101 45 300 SH   SOLE NONE 300 0 0
JOHNSON & JOHNSON STK 478160104 1,580 14,603 SH   SOLE NONE 14,603 0 0
PETROLEO BRASILEIRO SA ADR 71654V101 12,187 2,690,388 SH   SOLE NONE 2,690,388 0 0
PFIZER INC STK 717081103 1,406 47,450 SH   SOLE NONE 47,450 0 0
SK TELECOM CO LTD ADR 78440P108 33,153 1,643,664 SH   SOLE NONE 1,643,664 0 0
STAPLES INC STK 855030102 106,319 9,639,100 SH   SOLE NONE 9,639,100 0 0
TELEKOMUNIKASI INDONESIA PERSERO TBK PT ADR 715684106 26,102 513,316 SH   SOLE NONE 513,316 0 0
TEREX CORP STK 880779103 1,493 60,000 SH   SOLE NONE 60,000 0 0
TERNIUM SA ADR 880890108 28,576 1,589,307 SH   SOLE NONE 1,589,307 0 0
TURKCELL ILETISIM HIZMETLERI AS ADR 900111204 22,667 2,156,688 SH   SOLE NONE 2,156,688 0 0