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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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 45,013 2,556,900 SH   SOLE   0 0 2,556,900
Chesapeake Energy Corp STK 165167107 54,857 2,315,200 SH   SOLE   0 0 2,315,200
Cia De Minas Buenaventura Saa ADR 204448104 4,425 394,400 SH   SOLE   0 0 394,400
Citigroup Inc STK 172967424 74,807 1,647,400 SH   SOLE   0 0 1,647,400
Embraer Sa ADR 29082A107 13,024 404,712 SH   SOLE   0 0 404,712
General Motors Co STK 37045V100 52,570 1,474,600 SH   SOLE   0 0 1,474,600
Hewlett-packard Co STK 428236103 83,697 3,427,400 SH   SOLE   0 0 3,427,400
Infosys Ltd ADR 456788108 12,231 216,100 SH   SOLE   0 0 216,100
Lukoil Oao ADR 677862104 54,910 981,765 SH   SOLE   0 0 981,765
Microsoft Corp STK 594918104 67,853 2,080,878 SH   SOLE   0 0 2,080,878
Petroleo Brasileiro Sa ADR 71654V101 9,655 657,258 SH   SOLE   0 0 657,258
Sk Telecom Co Ltd ADR 78440P108 10,037 407,683 SH   SOLE   0 0 407,683
Telekomunikasi Indonesia ADR 715684106 8,921 248,837 SH   SOLE   0 0 248,837
Ternium Sa ADR 880890108 12,386 395,732 SH   SOLE   0 0 395,732
Turkcell Iletisim Hizmetleri As ADR 900111204 7,942 594,884 SH   SOLE   0 0 594,884
Barrick Gold Corp STK 067901108 116,423 6,613,254 SH   SOLE   6,613,254 0 0
Chesapeake Energy Corp STK 165167107 135,281 5,564,111 SH   SOLE   5,564,111 0 0
Cia De Minas Buenaventura Saa ADR 204448104 15,653 1,437,400 SH   SOLE   1,437,400 0 0
Citigroup Inc STK 172967424 184,696 3,989,624 SH   SOLE   3,989,624 0 0
Embraer Sa ADR 29082A107 44,968 1,440,968 SH   SOLE   1,440,968 0 0
General Motors Co STK 37045V100 133,080 3,616,500 SH   SOLE   3,616,500 0 0
Guess? Inc STK 401617105 283 9,124 SH   SOLE   9,124 0 0
Hewlett-packard Co STK 428236103 193,620 7,805,780 SH   SOLE   7,805,780 0 0
Infosys Ltd ADR 456788108 42,651 776,910 SH   SOLE   776,910 0 0
Johnson & Johnson STK 478160104 1,006 18,203 SH   SOLE   18,203 0 0
Lexmark International Inc STK 529771107 384 10,800 SH   SOLE   10,800 0 0
Lukoil Oao ADR 677862104 148,759 2,611,596 SH   SOLE   2,611,596 0 0
Microsoft Corp STK 594918104 160,114 6,911,438 SH   SOLE   6,911,438 0 0
Newfield Exploration Co STK 651290108 499 20,250 SH   SOLE   20,250 0 0
Petroleo Brasileiro Sa ADR 71654V101 33,380 2,343,088 SH   SOLE   2,343,088 0 0
Pfizer Inc STK 717081103 1,262 68,250 SH   SOLE   68,250 0 0
Sk Telecom Co Ltd ADR 78440P108 34,993 1,465,264 SH   SOLE   1,465,264 0 0
Staples Inc STK 855030102 97 6,100 SH   SOLE   6,100 0 0
Telekomunikasi Indonesia ADR 715684106 57,548 1,660,262 SH   SOLE   1,660,262 0 0
Ternium Sa ADR 880890108 42,987 1,416,340 SH   SOLE   1,416,340 0 0
Teva Pharmaceutical Ind. Ltd ADR 881624209 36 900 SH   SOLE   900 0 0
Turkcell Iletisim Hizmetleri As ADR 900111204 27,570 2,129,176 SH   SOLE   2,129,176 0 0