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
UTILITIES SELECT SECTOR SPDR COMM CALL 003MGZTT0 23 4,500 SH   SOLE   23 0 0
UTILITIES SELECT SECTOR SPDR COMM CALL 006VQPSN0 8 250 SH   SOLE   8 0 0
APPLE INC COM 037833100 4,542 41,150 SH   SOLE   4,542 0 0
BANK OF AMERICA CORP COM 060505104 5,642 315,000 SH   SOLE   5,642 0 0
CHESAPEAKE ENERGY COM 165167107 4,709 240,750 SH   SOLE   4,709 0 0
CISCO SYSTEMS INC COM 17275R102 5,812 209,000 SH   SOLE   5,812 0 0
CLIFFS NATURAL RES COM 18683K101 1,989 279,000 SH   SOLE   1,989 0 0
DAIMLER AG COM 2307389 714 8,700 SH   SOLE   714 0 0
KNIGHTSBRIDGE TANKERS LTD COM 2509271 1,482 327,253 SH   SOLE   1,482 0 0
DEUTSCHE TELEKOM AG SPONSORED ADR 251566105 476 30,000 SH   SOLE   476 0 0
FREEPORT-MCMORAN C&G COM 35671D857 4,468 191,350 SH   SOLE   4,468 0 0
GANNETT INC COM 364730101 3,183 99,717 SH   SOLE   3,183 0 0
HESS CORP COM 42809H107 4,613 62,500 SH   SOLE   4,613 0 0
HEWLETT PACKARD CO COM 428236103 3,813 95,000 SH   SOLE   3,813 0 0
ISHARES INC ISHARES 464286251 116 2,383 SH   SOLE   116 0 0
ISHARES INC ISHARES 464286848 6,238 555,000 SH   SOLE   6,238 0 0
ISHARES INC ISHARES 464288778 5,124 146,400 SH   SOLE   5,124 0 0
ISHARES INC ISHARES 464289180 3,894 177,300 SH   SOLE   3,894 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 3,908 260,000 SH   SOLE   3,908 0 0
ISHARES INC ISHARES 46429B705 2,843 255,000 SH   SOLE   2,843 0 0
MARKET VECTORS ISHARES 57060U613 1,260 70,000 SH   SOLE   1,260 0 0
MARKET VECTORS ISHARES 57061R544 3,875 162,250 SH   SOLE   3,875 0 0
MICROSOFT CORP COM 594918104 693 14,920 SH   SOLE   693 0 0
MITSUBISHI UFJ FINL GRP - ADR SPONSORED ADR 606822104 2,291 415,000 SH   SOLE   2,291 0 0
MORGAN STAN EMER MKT ISHARES 61744H105 1,708 188,361 SH   SOLE   1,708 0 0
NATURAL RESOURCE PRT COM 63900P103 698 75,650 SH   SOLE   698 0 0
NEWMONT MINING CORP COM 651639106 3,878 205,400 SH   SOLE   3,878 0 0
ORANGE-SPON ADR SPONSORED ADR 684060106 1,547 91,600 SH   SOLE   1,547 0 0
OWENS ILL INC COM 690768403 3,109 115,200 SH   SOLE   3,109 0 0
ROYAL DUTCH SHELL SPONSORED ADR 780259206 4,789 71,600 SH   SOLE   4,789 0 0
SPDR GOLD TR GOLD ISHARES 78463V107 511 4,500 SH   SOLE   511 0 0
SIEMENS A G SPONSORED ADR 826197501 1,589 14,186 SH   SOLE   1,589 0 0
STAPLES INC COM 855030102 3,713 205,000 SH   SOLE   3,713 0 0
STATOIL ASA SPONSORED ADR 85771P102 1,849 105,000 SH   SOLE   1,849 0 0
STEEL DYNAMICS INC COM 858119100 3,522 178,500 SH   SOLE   3,522 0 0
TELEFONICA S A SPONSORED ADR 879382208 4,739 333,500 SH   SOLE   4,739 0 0
TEMPLETON EMRGNG MKT ISHARES 880192109 1,062 93,907 SH   SOLE   1,062 0 0
VALE S.A SPONSORED ADR 91912E105 3,242 396,366 SH   SOLE   3,242 0 0
WAL MART STORES INC COM 931142103 5,523 64,300 SH   SOLE   5,523 0 0
WISDOMTREE TRUST ISHARES 97717X784 1,563 21,932 SH   SOLE   1,563 0 0
SHIP FINANCE INTERNATIONAL LTD COM B019MJ8 1,564 110,800 SH   SOLE   1,564 0 0
NAVIOS MARITIME PARTNERS LP COM B296BP4 690 68,000 SH   SOLE   690 0 0
TEEKAY TANKERS LTD - CLASS A SPONSORED ADR B29VHY0 1,485 294,101 SH   SOLE   1,485 0 0
SPDR GOLD TR GOLD ISHARES 78463V107 113 1,000 SH   SOLE   113 0 0
JPMORGAN CHASE & CO COM 48126E750 480 20,000 SH   SOLE   480 0 0