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 4,534 8,450 SH   SOLE   8,450 0 0
CHESAPEAKE ENERGY COM 165167107 4,373 170,750 SH   SOLE   170,750 0 0
CISCO SYSTEMS INC COM 17275R102 3,787 169,000 SH   SOLE   169,000 0 0
CLIFFS NATURAL RES COM 18683K101 3,996 195,100 SH   SOLE   195,100 0 0
DAIMLER AG SPONSORED ADR 2307389 1,440 15,200 SH   SOLE   15,200 0 0
KNIGHTSBRIDGE TANKERS LTD COM 2509271 4,428 327,253 SH   SOLE   327,253 0 0
DEUTSCHE TELEKOM AG SPONSORED ADR 251566105 1,616 100,000 SH   SOLE   100,000 0 0
FRANCE TELECOM SA SPONSORED ADR 35177Q105 2,517 171,600 SH   SOLE   171,600 0 0
FREEPORT-MCMORAN C&G COM 35671D857 4,142 125,300 SH   SOLE   125,300 0 0
GANNETT INC COM 364730101 2,750 99,717 SH   SOLE   99,717 0 0
HESS CORP COM 42809H107 4,844 58,440 SH   SOLE   58,440 0 0
HEWLETT PACKARD CO COM 428236103 5,338 165,000 SH   SOLE   165,000 0 0
ISHARES INC ISHARES 464286251 120 2,383 SH   SOLE   2,383 0 0
ISHARES INC ISHARES 464286848 4,807 425,000 SH   SOLE   425,000 0 0
ISHARES INC ISHARES 464288778 5,192 151,400 SH   SOLE   151,400 0 0
ISHARES INC ISHARES 464289180 4,243 167,300 SH   SOLE   167,300 0 0
ISHARES INC ISHARES 46429B705 4,335 255,000 SH   SOLE   255,000 0 0
JPMORGAN CHASE & CO COM 48126E750 438 20,000 SH   SOLE   20,000 0 0
LEAR CORP COM 521865204 695 8,300 SH   SOLE   8,300 0 0
MARKET VECTORS ISHARES 57060U613 552 20,000 SH   SOLE   20,000 0 0
MARKET VECTORS ISHARES 57061R544 4,066 112,250 SH   SOLE   112,250 0 0
MICROSOFT CORP COM 594918104 3,895 95,000 SH   SOLE   95,000 0 0
MITSUBISHI UFJ FINL GRP - ADR SPONSORED ADR 606822104 2,180 395,000 SH   SOLE   395,000 0 0
MORGAN STAN EMER MKT ISHARES 61744H105 1,297 130,870 SH   SOLE   130,870 0 0
NATURAL RESOURCE PRT COM 63900P103 964 60,650 SH   SOLE   60,650 0 0
NEWMONT MINING CORP COM 651639106 4,815 205,400 SH   SOLE   205,400 0 0
OWENS ILL INC COM 690768403 3,557 105,200 SH   SOLE   105,200 0 0
ROYAL DUTCH SHELL COM 780259206 4,867 66,600 SH   SOLE   66,600 0 0
SPDR GOLD TR GOLD ISHARES 78463V107 557 4,500 SH   SOLE   4,500 0 0
SAFEWAY INC COM 786514208 2,660 72,000 SH   SOLE   72,000 0 0
SIEMENS A G SPONSORED ADR 826197501 2,730 20,200 SH   SOLE   20,200 0 0
SOUTHERN COPPER CORP COM 84265V105 920 31,598 SH   SOLE   31,598 0 0
STATOIL ASA SPONSORED ADR 85771P102 2,116 75,000 SH   SOLE   75,000 0 0
STEEL DYNAMICS INC COM 858119100 4,596 258,500 SH   SOLE   258,500 0 0
TRW AUTOMOTIVE HOLDINGS CORP COM 87264S106 967 11,853 SH   SOLE   11,853 0 0
TELEFONICA S A SPONSORED ADR 879382208 5,108 323,500 SH   SOLE   323,500 0 0
TEMPLETON EMRGNG MKT ISHARES 880192109 1,808 128,791 SH   SOLE   128,791 0 0
VALE S.A SPONSORED ADR 91912E105 4,406 321,366 SH   SOLE   321,366 0 0
WAL MART STORES INC COM 931142103 2,622 34,300 SH   SOLE   34,300 0 0
WISDOMTREE TRUST ISHARES 97717X784 1,634 21,932 SH   SOLE   21,932 0 0
SHIP FINANCE INTERNATIONAL LTD SPONSORED ADR B019MJ8 1,992 110,800 SH   SOLE   110,800 0 0
NAVIOS MARITIME PARTNERS LP COM B296BP4 1,325 68,000 SH   SOLE   68,000 0 0
TEEKAY TANKERS LTD - CLASS A SPONSORED ADR B29VHY0 1,041 294,101 SH   SOLE   294,101 0 0
POWERSHS DB ISHARES C00022000 34 3,746 SH   SOLE   3,746 0 0
POWERSHARES QQQ ISHARES P00084000 25 300 SH   SOLE   300 0 0