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
Annuity &Life Re (hldgs) Ltd C Common ZZE6C3HI1 15,329 2,457,566 SH   SOLE   2,457,566 0 0
Chevrontexaco Corp Common 166764100 293 2,400 SH   SOLE   2,400 0 0
China Ritar Power Corp Common 169423100 12 16,037 SH   OTR 1 0 0 16,037
China Sky One Med Inc Com Common 16941P102 2,001 1,164,422 SH   SOLE   1,164,422 0 0
Conocophillips Nfs Llc Is Common 20825C104 6,043 78,078 SH   SOLE   78,078 0 0
Conocophillips Nfs Llc Is Common 20825C104 1,109 14,331 SH   OTR 1 0 0 14,331
DNB Nor Asa Ord Shs Common R1640U124 27,213 1,295,811 SH   SOLE   1,295,811 0 0
DNB Nor Asa Ord Shs Common R1640U124 4,825 229,750 SH   OTR 1 0 0 229,750
Exxon Mobil Corporation Common 30231G102 297 3,500 SH   SOLE   3,500 0 0
Full Apex Holdings Ltd Shs Common G3687W106 1,477 5,681,145 SH   SOLE   5,681,145 0 0
Full Apex Holdings Ltd Shs Common G3687W106 236 909,305 SH   OTR 1 0 0 909,305
Guangdong Nan Yue Logistics Co Common Y2930Z106 10,223 24,251,310 SH   SOLE   24,251,310 0 0
Guangdong Nan Yue Logistics Co Common Y2930Z106 1,153 2,737,334 SH   OTR 1 0 0 2,737,334
Helgeland Sparebank Nok50 Grun Common R3099U100 5,616 538,812 SH   SOLE   538,812 0 0
Helgeland Sparebank Nok50 Grun Common R3099U100 816 78,300 SH   OTR 1 0 0 78,300
Jiangbo Pharmaceuticals Inc Common 47737R101 0 744,696 SH   SOLE   744,696 0 0
Kingboard Copper Foil Hldgs Or Common G52567107 396 1,200,000 SH   SOLE   1,200,000 0 0
Liandi Clean Technology Inc Co Common 52989W105 438 2,742,093 SH   SOLE   2,742,093 0 0
Regal Petroleum Plc Shs Common G7476L106 11,209 20,288,339 SH   SOLE   20,288,339 0 0
Regal Petroleum Plc Shs Common G7476L106 983 1,780,000 SH   OTR 1 0 0 1,780,000
Sandnes Sparebank Primary Ca Common R74676108 93 12,749 SH   SOLE   12,749 0 0
Sparebank 1 Nord-Norge Grunnfo Common R8288N106 7,117 841,102 SH   SOLE   841,102 0 0
Sparebank 1 Nord-Norge Grunnfo Common R8288N106 1,047 123,779 SH   OTR 1 0 0 123,779
Sparebank 1 SR-Bank ASA Common R8170W115 6,538 538,518 SH   SOLE   538,518 0 0
Sparebank 1 SR-Bank ASA Common R8170W115 1,168 96,225 SH   OTR 1 0 0 96,225
Sparebanken Midt Norge Common R83262114 2,136 191,662 SH   SOLE   191,662 0 0
Sparebanken Midt Norge Common R83262114 318 28,540 SH   OTR 1 0 0 28,540
Sparebanken Vest N0k25 Grunnfo Common R8323C107 535 80,814 SH   SOLE   80,814 0 0
Sparebanken Vest N0k25 Grunnfo Common R8323C107 15 2,400 SH   OTR 1 0 0 2,400
Storebrand ASA Ser A Common R85746106 26,796 3,005,505 SH   SOLE   3,005,505 0 0
Storebrand ASA Ser A Common R85746106 4,463 500,600 SH   OTR 1 0 0 500,600
Tethys Petroleum Limited Com ( Common ZZC7XGGM1 5 380,000 SH   SOLE   380,000 0 0
Tianyin Pharmaceutical Co Inc Common 88630M104 0 745,175 SH   SOLE   745,175 0 0
Total Fina SA ADR Common 89151E113 18,044 280,235 SH   SOLE   280,235 0 0
Total Fina SA ADR Common 89151E109 3,180 49,394 SH   OTR 1 0 0 49,394
Totens Sparebank Nok60 Common R92151100 1,173 79,074 SH   SOLE   79,074 0 0
Totens Sparebank Nok60 Common R92151100 70 4,783 SH   OTR 1 0 0 4,783
Yuhe Intl Inc Com Common 988432100 0 593,345 SH   SOLE   593,345 0 0