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
APPLE COMPUTER INC CS 037833100 261 465 SH   SOLE   0 0 465
BABCOCK & WILCOX CO NEW CS 05615F102 365 10,670 SH   SOLE   0 0 10,670
BAKER HUGHES INC CS 057224107 326 5,900 SH   SOLE   0 0 5,900
BARRICK GOLD CORP CS 067901108 4,180 237,050 SH   SOLE   63,425 0 173,625
BHP BILLITON LTD ADR 088606108 2,629 38,536 SH   SOLE   9,556 0 28,980
BP PLC ADR 055622104 729 14,999 SH   SOLE   14,999 0 0
CHINA MOBILE HONG KONG LTD ADR 16941M109 1,154 22,068 SH   SOLE   22,068 0 0
CISCO SYS INC CS 17275R102 281 12,530 SH   SOLE   0 0 12,530
CNH INDL N V CS N20944109 282 24,857 SH   SOLE   24,857 0 0
DEUTSCHE BANK AG NAMEN CS D18190898 482 9,992 SH   SOLE   9,992 0 0
ERICSSON LM TEL CO ADR 294821608 799 65,241 SH   SOLE   65,241 0 0
GOLD FIELDS LTD NEW ADR 38059T106 287 89,717 SH   SOLE   89,717 0 0
HELMERICH AND PAYNE INC CS 423452101 384 4,570 SH   SOLE   0 0 4,570
HUANENG POWER INTL INC ADR 443304100 321 8,861 SH   SOLE   8,861 0 0
ISHARES TR MSCI EAFE IDX ETF 464287465 297 4,431 SH   SOLE   4,431 0 0
KIMBERLY CLARK CORP CS 494368103 335 3,208 SH   SOLE   0 0 3,208
KINROSS GOLD CORP CS 496902404 703 160,469 SH   SOLE   56,719 0 103,750
KT CORP ADR 48268K101 3,517 236,442 SH   SOLE   56,642 0 179,800
LLOYDS TSB GROUP PLC ADR 539439109 627 117,795 SH   SOLE   117,795 0 0
MERCK & CO INC NEW CS 58933Y105 332 6,631 SH   SOLE   0 0 6,631
MICROSOFT CORP CS 594918104 371 9,927 SH   SOLE   0 0 9,927
NTT DOCOMO INC ADR 62942M201 776 46,984 SH   SOLE   46,984 0 0
NEWMONT MINING CORP CS 651639106 233 10,137 SH   SOLE   0 0 10,137
NOVARTIS AG ADR 66987V109 1,198 14,900 SH   SOLE   14,900 0 0
RAYTHEON CO CS 755111507 311 3,434 SH   SOLE   0 0 3,434
ROYAL DUTCH SHELL PLC ADR 780259107 1,411 18,784 SH   SOLE   13,687 0 5,097
SANOFI-SYNTHELABO ADR 80105N105 1,148 21,397 SH   SOLE   21,397 0 0
SIEMANS A G ADR 826197501 1,386 10,006 SH   SOLE   10,006 0 0
STANLEY BLACK & DECKER INC CS 854502101 368 4,560 SH   SOLE   0 0 4,560
SUNCOR ENERGY INC NEW CS 867224107 2,623 74,817 SH   SOLE   19,965 0 54,852
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 2,009 50,123 SH   SOLE   12,513 0 37,610
UNION PAC CORP CS 907818108 262 1,558 SH   SOLE   0 0 1,558