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
ALLEGHENY TECHNOLOGIES INC COM COM 01741R102 5,037 133,690 SH   SOLE   114,170 0 19,520
ALLIED IRISH BK ADR ADR 019228808 50 26,100 SH   SOLE   26,100 0 0
AMERISERV FINANCIAL INC COM 03074A102 385 100,000 SH   SOLE   100,000 0 0
ANGLOGOLD ASHANTI ADR ADR 035128206 4,490 262,905 SH   SOLE   215,935 0 46,970
APPLE INC COM COM 037833100 5,858 10,914 SH   SOLE   9,074 0 1,840
BANK OF UTICA NY NON VTG COM 065437204 440 1,000 SH   SOLE   1,000 0 0
BP PLC ADS ADR 055622104 7,694 159,957 SH   SOLE   129,957 0 30,000
BRT REALTY TRUST COM 055645303 143 20,000 SH   SOLE   20,000 0 0
CHINA MOBILE LIMITED ADR ADR 16941M109 5,112 112,137 SH   SOLE   89,762 0 22,375
COMMERZBANK AG ADR ADR 202597308 183 10,000 SH   SOLE   10,000 0 0
ENCANA CORP COM 292505104 7,038 329,176 SH   SOLE   272,206 0 56,970
EXELON CORP COM 30161n101 6,871 204,727 SH   SOLE   157,147 0 47,580
EXXON MOBIL CORP COM 30231G102 349 3,569 SH   SOLE   3,569 0 0
FIRSTENERGY CORP COM 337932107 7,977 234,425 SH   SOLE   190,365 0 44,060
FLEXTRONICS INTERNATIONAL LTD COM Y2573F102 6,227 673,969 SH   SOLE   529,959 0 144,010
FORD MOTOR CO COM 345370860 8,423 539,935 SH   SOLE   451,565 0 88,370
GENERAL ELECTRIC CO COM 369604103 7,870 303,964 SH   SOLE   255,534 0 48,430
INTEL CORP COM 458140100 275 10,640 SH   SOLE   10,640 0 0
INTL BUSINESS MACHINES CORP COM 459200101 241 1,250 SH   SOLE   1,250 0 0
ISHARES GOLD TRUST ISHARES 464285105 125 10,050 SH   SOLE   10,050 0 0
L 3 COMMUNICATIONS INC COM 502424104 9,146 77,413 SH   SOLE   65,163 0 12,250
M & T BANK CORP COM 55261F104 3,348 27,603 SH   SOLE   27,603 0 0
MCDERMOTT INTERNATIONAL INC COM 580037109 7,241 925,897 SH   SOLE   752,247 0 173,650
MICROSOFT CORP COM 594918104 947 23,109 SH   SOLE   23,019 0 90
NEWMONT MINING CORP COM 651639106 3,406 145,310 SH   SOLE   108,670 0 36,640
NTT DOCOMO INC ADR ADR 62942m201 6,656 422,040 SH   SOLE   350,550 0 71,490
OMEROS CORPORATION COM 682143102 317 26,290 SH   SOLE   26,290 0 0
ORANGE SA SPON ADR ADR 684060106 7,961 541,910 SH   SOLE   446,910 0 95,000
PAN AMERN SILVER CORP COM 697900108 4,853 377,096 SH   SOLE   320,156 0 56,940
PFIZER INC COM 717081103 9,179 285,788 SH   SOLE   240,808 0 44,980
REDWOOD TRUST INC COM 758075402 5,862 289,030 SH   SOLE   227,030 0 62,000
ROYAL DUTCH SHELL PLC ADR ADR 780259206 6,480 88,696 SH   SOLE   73,446 0 15,250
SCHNITZER STEEL INDUSTRIES, IN COM 806882106 4,999 173,285 SH   SOLE   145,785 0 27,500
SEACO LTD ORD COM G79441104 0 20,000 SH   SOLE   20,000 0 0
SPDR GOLD TR GOLD SHS ISHARES 78463V107 271 2,195 SH   SOLE   2,095 0 100
ST JOE COMPANY COM 790148100 7,128 370,292 SH   SOLE   299,542 0 70,750
TEVA PHARMACEUTICAL INDUSTRIES ADR 881624209 8,576 162,296 SH   SOLE   130,526 0 31,770
TOTAL S A ADR ADR 89151E109 7,048 107,445 SH   SOLE   89,705 0 17,740
UCORE RARE MATERIALS INC COM 90348v103 4 10,000 SH   SOLE   0 0 10,000
WASHINGTON FEDERAL INC COM 938824109 8,734 374,831 SH   SOLE   315,281 0 59,550
WESTERN UNION COMPANY COM 959802109 7,230 441,933 SH   SOLE   351,823 0 90,110