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
ABB LTD SPONSORED ADR 000375204 929 44,500 SH   SOLE   44,500 0 0
APPLE INC COM 037833100 702 5,600 SH   SOLE   5,600 0 0
ASHLAND INC NEW COM 044209104 98,800 810,500 SH   SOLE   810,500 0 0
BAKER HUGHES INC COM 057224107 29,925 485,000 SH   SOLE   485,000 0 0
BANK AMER CORP COM 060505104 38,465 2,260,000 SH   SOLE   2,260,000 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 1,138 17,750 SH   SOLE   17,750 0 0
COCA COLA ENTERPRISES INC NE COM 19122T109 56,268 1,295,300 SH   SOLE   1,295,300 0 0
CORNING INC COM 219350105 789 40,000 SH   SOLE   40,000 0 0
DEVON ENERGY CORP NEW COM 25179M103 93,935 1,579,002 SH   SOLE   1,579,002 0 0
DIANA SHIPPING INC COM Y2066G104 13,177 1,869,105 SH   SOLE   1,869,105 0 0
E M C CORP MASS COM 268648102 75,969 2,878,690 SH   SOLE   2,878,690 0 0
EXXON MOBIL CORP COM 30231G102 84,906 1,020,500 SH   SOLE   1,020,500 0 0
HESS CORP COM 42809H107 57,517 860,000 SH   SOLE   860,000 0 0
INTL PAPER CO COM 460146103 73,374 1,541,800 SH   SOLE   1,541,800 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 39,955 320,000 SH Put SOLE   320,000 0 0
JOHNSON & JOHNSON COM 478160104 116,601 1,196,400 SH   SOLE   1,196,400 0 0
MEAD JOHNSON NUTRITION CO COM 582839106 103,261 1,144,543 SH   SOLE   1,144,543 0 0
MICROSOFT CORP COM 594918104 74,459 1,686,500 SH   SOLE   1,686,500 0 0
MINDRAY MEDICAL INTL LTD SPON ADR 602675100 35,405 1,242,266 SH   SOLE   1,242,266 0 0
PFIZER INC COM 717081103 38,637 1,152,300 SH   SOLE   1,152,300 0 0
PLUM CREEK TIMBER CO INC COM 729251108 60,620 1,494,200 SH   SOLE   1,494,200 0 0
PROCTER & GAMBLE CO COM 742718109 42,328 541,000 SH   SOLE   541,000 0 0
QUALCOMM INC COM 747525103 72,400 1,156,000 SH   SOLE   1,156,000 0 0
RAYONIER INC COM 754907103 33,633 1,316,360 SH   SOLE   1,316,360 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 20,439 900,000 SH   SOLE   900,000 0 0
TEMPLETON DRAGON FD INC COM 88018T101 744 30,000 SH   SOLE   30,000 0 0
TIMKEN CO COM 887389104 38,066 1,040,900 SH   SOLE   1,040,900 0 0
VALE S A ADR REPSTG PFD 91912E204 18,180 3,600,000 SH   SOLE   3,600,000 0 0
VISTEON CORP COM NEW 92839U206 93,907 894,522 SH   SOLE   894,522 0 0
WASTE MGMT INC DEL COM 94106L109 834 18,000 SH   SOLE   18,000 0 0
WELLS FARGO & CO NEW COM 949746101 45,503 809,081 SH   SOLE   809,081 0 0
WEYERHAEUSER CO COM 962166104 41,580 1,320,000 SH   SOLE   1,320,000 0 0
WHIRLPOOL CORP COM 963320106 36,687 212,000 SH   SOLE   212,000 0 0
YAHOO INC COM 984332106 72,529 1,846,000 SH   SOLE   1,846,000 0 0