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
APPLE INC COM 037833100 5,499 59,150 SH   SOLE   5,499 0 0
CHESAPEAKE ENERGY COM 165167107 5,020 170,750 SH   SOLE   170,750 0 0
CISCO SYSTEMS INC COM 17275R102 4,448 179,000 SH   SOLE   179,000 0 0
CLIFFS NATURAL RES COM 18683K101 3,590 239,000 SH   SOLE   239,000 0 0
DAIMLER AG SPONSORED ADR 2307389 812 8,700 SH   SOLE   8,700 0 0
KNIGHTSBRIDGE TANKERS LTD COM 2509271 4,640 327,253 SH   SOLE   327,253 0 0
DEUTSCHE TELEKOM AG SPONSORED ADR 251566105 525 30,000 SH   SOLE   30,000 0 0
FREEPORT-MCMORAN C&G COM 35671D857 4,611 126,350 SH   SOLE   126,350 0 0
GANNETT INC COM 364730101 3,120 99,717 SH   SOLE   99,717 0 0
HEWLETT PACKARD CO COM 428236103 3,367 100,000 SH   SOLE   100,000 0 0
ISHARES INC ISHARES 464286251 124 2,383 SH   SOLE   2,383 0 0
ISHARES INC ISHARES 464286848 6,688 555,000 SH   SOLE   555,000 0 0
ISHARES INC ISHARES 464288778 5,267 151,400 SH   SOLE   151,400 0 0
ISHARES INC ISHARES 464289180 4,122 167,300 SH   SOLE   167,300 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 3,235 160,000 SH   SOLE   160,000 0 0
ISHARES INC ISHARES 46429B705 4,947 245,000 SH   SOLE   245,000 0 0
MARKET VECTORS ISHARES 57060U613 774 30,000 SH   SOLE   30,000 0 0
MARKET VECTORS ISHARES 57061R544 5,154 122,250 SH   SOLE   122,250 0 0
MICROSOFT CORP COM 594918104 622 14,920 SH   SOLE   14,920 0 0
MITSUBISHI UFJ FINL GRP - ADR SPONSORED ADR 606822104 2,425 395,000 SH   SOLE   395,000 0 0
MORGAN STAN EMER MKT ISHARES 61744H105 1,908 188,361 SH   SOLE   188,361 0 0
NATURAL RESOURCE PRT COM 63900P103 1,251 75,650 SH   SOLE   75,650 0 0
NEWMONT MINING CORP COM 651639106 5,225 205,400 SH   SOLE   205,400 0 0
ORANGE-SPON ADR SPONSORED ADR 684060106 2,172 131,600 SH   SOLE   131,600 0 0
OWENS ILL INC COM 690768403 3,642 105,200 SH   SOLE   105,200 0 0
ROYAL DUTCH SHELL COM 780259206 5,489 66,600 SH   SOLE   66,600 0 0
SPDR GOLD TR GOLD ISHARES 78463V107 576 4,500 SH   SOLE   4,500 0 0
SIEMENS A G SPONSORED ADR 826197501 1,875 14,186 SH   SOLE   14,186 0 0
SOUTHERN COPPER CORP COM 84265V105 960 31,598 SH   SOLE   31,598 0 0
STATOIL ASA SPONSORED ADR 85771P102 2,310 75,000 SH   SOLE   75,000 0 0
STEEL DYNAMICS INC COM 858119100 4,637 258,500 SH   SOLE   258,500 0 0
TELEFONICA S A SPONSORED ADR 879382208 5,548 323,500 SH   SOLE   323,500 0 0
TEMPLETON EMRGNG MKT ISHARES 880192109 1,262 91,587 SH   SOLE   91,587 0 0
VALE S.A SPONSORED ADR 91912E105 4,915 376,366 SH   SOLE   376,366 0 0
WAL MART STORES INC COM 931142103 2,574 34,300 SH   SOLE   34,300 0 0
WISDOMTREE TRUST ISHARES 97717X784 1,718 21,932 SH   SOLE   21,932 0 0
SHIP FINANCE INTERNATIONAL LTD SPONSORED ADR B019MJ8 2,059 110,800 SH   SOLE   110,800 0 0
NAVIOS MARITIME PARTNERS LP COM B296BP4 1,321 68,000 SH   SOLE   68,000 0 0
TEEKAY TANKERS LTD - CLASS A SPONSORED ADR B29VHY0 1,256 294,101 SH   SOLE   294,101 0 0
JPMORGAN CHASE & CO COM 48126E750 458 20,000 SH   SOLE   20,000 0 0