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 6,059 134,353 SH   SOLE   114,833 0 19,520
ALLIED IRISH BK ADR ADR 019228808 33 26,100 SH   SOLE   26,100 0 0
AMERISERV FINANCIAL INC COM 03074A102 348 100,000 SH   SOLE   100,000 0 0
ANGLOGOLD ASHANTI ADR ADR 035128206 4,543 263,999 SH   SOLE   217,029 0 46,970
APPLE INC COM COM 037833100 266 2,863 SH   SOLE   2,513 0 350
BANK OF UTICA NY NON VTG COM 065437204 477 1,000 SH   SOLE   1,000 0 0
BP PLC ADS ADR 055622104 8,524 161,587 SH   SOLE   131,587 0 30,000
BRT REALTY TRUST COM 055645303 148 20,000 SH   SOLE   20,000 0 0
CHEVRON CORP COM 166764100 217 1,662 SH   SOLE   1,662 0 0
CHINA MOBILE LIMITED ADR ADR 16941M109 5,752 118,339 SH   SOLE   95,964 0 22,375
COMMERZBANK AG ADR ADR 202597308 158 10,000 SH   SOLE   10,000 0 0
DEUTSCHE BANK AG ADR ADR D18190898 6,592 187,375 SH   SOLE   155,775 0 31,600
ENCANA CORP COM 292505104 7,855 331,308 SH   SOLE   274,338 0 56,970
EXELON CORP COM 30161n101 7,542 206,736 SH   SOLE   159,156 0 47,580
EXXON MOBIL CORP COM 30231G102 359 3,569 SH   SOLE   3,569 0 0
FIRSTENERGY CORP COM 337932107 8,235 237,186 SH   SOLE   193,126 0 44,060
FLEXTRONICS INTERNATIONAL LTD COM Y2573F102 7,502 677,704 SH   SOLE   533,694 0 144,010
FORD MOTOR CO COM 345370860 9,493 550,631 SH   SOLE   462,261 0 88,370
GENERAL ELECTRIC CO COM 369604103 8,052 306,399 SH   SOLE   257,969 0 48,430
INTEL CORP COM 458140100 329 10,640 SH   SOLE   10,640 0 0
INTL BUSINESS MACHINES CORP COM 459200101 227 1,250 SH   SOLE   1,250 0 0
ISHARES GOLD TRUST ISHARES 464285105 129 10,050 SH   SOLE   10,050 0 0
M & T BANK CORP COM 55261F104 3,337 26,903 SH   SOLE   26,903 0 0
MCDERMOTT INTERNATIONAL INC COM 580037109 7,708 952,812 SH   SOLE   779,162 0 173,650
MICROSOFT CORP COM 594918104 968 23,211 SH   SOLE   23,121 0 90
NEWMONT MINING CORP COM 651639106 3,797 149,268 SH   SOLE   112,628 0 36,640
NTT DOCOMO INC ADR ADR 62942m201 7,326 428,660 SH   SOLE   357,170 0 71,490
OMEROS CORPORATION COM 682143102 457 26,290 SH   SOLE   26,290 0 0
ORANGE SA SPON ADR ADR 684060106 8,597 544,130 SH   SOLE   449,130 0 95,000
PAN AMERN SILVER CORP COM 697900108 5,811 378,555 SH   SOLE   321,615 0 56,940
PFIZER INC COM 717081103 8,598 289,690 SH   SOLE   244,710 0 44,980
REDWOOD TRUST INC COM 758075402 5,809 298,376 SH   SOLE   236,376 0 62,000
ROYAL DUTCH SHELL PLC ADR ADR 780259206 7,382 89,616 SH   SOLE   74,366 0 15,250
SCHNITZER STEEL INDUSTRIES, IN COM 806882106 4,702 180,366 SH   SOLE   152,866 0 27,500
SEACO LTD ORD COM G79441104 0 20,000 SH   SOLE   20,000 0 0
SPDR GOLD TR GOLD SHS ISHARES 78463V107 295 2,305 SH   SOLE   2,205 0 100
ST JOE COMPANY COM 790148100 9,525 374,547 SH   SOLE   303,797 0 70,750
TEVA PHARMACEUTICAL INDUSTRIES ADR 881624209 8,556 163,218 SH   SOLE   131,448 0 31,770
TOTAL S A ADR ADR 89151E109 7,820 108,315 SH   SOLE   90,575 0 17,740
TRANSALTA CORP COM 89346d107 7,396 602,775 SH   SOLE   500,715 0 102,060
UCORE RARE MATERIALS INC COM 90348v103 3 10,000 SH   SOLE   0 0 10,000
WASHINGTON FEDERAL INC COM 938824109 8,484 378,247 SH   SOLE   318,697 0 59,550
WESTERN UNION COMPANY COM 959802109 7,772 448,196 SH   SOLE   358,086 0 90,110