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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
CHIPMOS TECHNOLOGIES BERMUDAshsG2110R1146,148254,790SH SOLE0254,79000
RUBICON MINERALS CORPcom780911103220150,000SH SOLE0150,00000
ARCH COAL INCcom039380100516141,380SH SOLE0141,38000
ALPHA NATURAL RESOURCES INCcom02076X10232286,850SH SOLE086,85000
ALLIED NEVADA GOLD CORPcom01934410030180,000SH SOLE080,00000
KINROSS GOLD CORPcom no par49690240425661,943SH SOLE061,94300
HIMAX TECHNOLOGIES INC-ADRspons adr43289P10635852,138SH SOLE052,13800
WARREN RESOURCES INCcom93564A10030048,340SH SOLE048,34000
YAMANA GOLD INCcom98462Y10034441,865SH SOLE041,86500
ABRAXAS PETROLEUM CORPcom00383010623838,050SH SOLE038,05000
STAPLES INCcom85503010238935,887SH SOLE035,88700
INTL GAME TECHNOLOGYcom45990210252733,140SH SOLE033,14000
HEWLETT-PACKARD COcom42823610396128,525SH SOLE028,52500
MICRON TECHNOLOGY INCcom59511210383925,470SH SOLE025,47000
FLEXTRONICS INTL LTDord99990000224221,860SH SOLE021,86000
UNISYS CORPcom new90921430652421,180SH SOLE021,18000
TECK RESOURCES LTD-CLS Bcl b87874220442718,700SH SOLE018,70000
BP PLC-SPONS ADRspons adr05562210481615,470SH SOLE015,47000
FREEPORT-MCMORAN COPPERcom35671D85754715,000SH SOLE015,00000
CORNING INCcom21935010532915,000SH SOLE015,00000
GENERAL MOTORS COcom37045V10048413,345SH SOLE013,34500
Barclays Bk PLCIpath S&P 500 Vix06742E71128610,000SH SOLE010,00000
RIO TINTO PLC-SPON ADRspons adr7672041003266,000SH SOLE06,00000