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
FREEPORT-MCMORAN COMM CALL 0083KR1X6 8 900 SH   SOLE   900 0 0
APPLE INC ISHARES 037833100 5,395 43,350 SH   SOLE   43,350 0 0
BANK OF AMERICA CORP COM 060505104 5,617 365,000 SH   SOLE   365,000 0 0
CHESAPEAKE ENERGY COM 165167107 3,943 275,750 SH   SOLE   275,750 0 0
CISCO SYSTEMS INC COM 17275R102 5,752 209,000 SH   SOLE   209,000 0 0
CLIFFS NATURAL RES COM 18683K101 1,339 279,000 SH   SOLE   279,000 0 0
DAIMLER AG COM 2307389 2,141 22,200 SH   SOLE   22,200 0 0
KNIGHTSBRIDGE TANKERS LTD SPONSORED ADR 2509271 1,640 327,253 SH   SOLE   327,253 0 0
DEUTSCHE TELEKOM AG COM 251566105 546 30,000 SH   SOLE   30,000 0 0
FREEPORT-MCMORAN C&G SPONSORED ADR 35671D857 1,921 101,350 SH   SOLE   101,350 0 0
GANNETT INC COM 364730101 3,697 99,717 SH   SOLE   99,717 0 0
HESS CORP COM 42809H107 4,737 69,800 SH   SOLE   69,800 0 0
HEWLETT PACKARD CO COM 428236103 2,723 87,400 SH   SOLE   87,400 0 0
ISHARES INC COM 464286251 118 2,383 SH   SOLE   2,383 0 0
ISHARES INC ISHARES 464286806 5,360 180,000 SH   SOLE   180,000 0 0
ISHARES INC ISHARES 464286848 5,767 461,000 SH   SOLE   461,000 0 0
ISHARES INC ISHARES 464288778 5,019 146,400 SH   SOLE   146,400 0 0
ISHARES INC ISHARES 464289180 4,532 197,300 SH   SOLE   197,300 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 4,699 295,000 SH   SOLE   295,000 0 0
ISHARES INC ISHARES 46434G806 3,284 255,000 SH   SOLE   255,000 0 0
JPMORGAN CHASE & CO ISHARES 48126E750 496 20,000 SH   SOLE   20,000 0 0
MARKET VECTORS ISHARES 57060U613 1,817 115,000 SH   SOLE   115,000 0 0
MARKET VECTORS COM 57061R544 3,688 162,250 SH   SOLE   162,250 0 0
MITSUBISHI UFJ FINL GRP - ADR SPONSORED ADR 606822104 3,516 565,300 SH   SOLE   565,300 0 0
MORGAN STAN EMER MKT ISHARES 61744H105 1,746 188,361 SH   SOLE   188,361 0 0
NATURAL RESOURCE PRT COM 63900P103 511 75,650 SH   SOLE   75,650 0 0
NEWMONT MINING CORP COM 651639106 4,459 205,400 SH   SOLE   205,400 0 0
ORANGE-SPON ADR SPONSORED ADR 684060106 1,464 91,600 SH   SOLE   91,600 0 0
OWENS ILL INC COM 690768403 1,005 43,100 SH   SOLE   43,100 0 0
ROYAL DUTCH SHELL SPONSORED ADR 780259206 4,868 81,600 SH   SOLE   81,600 0 0
SPDR GOLD TR GOLD ISHARES 78463V107 727 6,400 SH   SOLE   6,400 0 0
SPDR S&P RETAIL ETF COM 78464A714 3,761 37,200 SH   SOLE   37,200 0 0
SIEMENS A G SPONSORED ADR 826197501 2,075 19,186 SH   SOLE   19,186 0 0
STATOIL ASA COM 85771P102 88 5,000 SH   SOLE   5,000 0 0
STEEL DYNAMICS INC SPONSORED ADR 858119100 3,588 178,500 SH   SOLE   178,500 0 0
TELEFONICA S A ISHARES 879382208 5,743 400,500 SH   SOLE   400,500 0 0
TEMPLETON EMRGNG MKT SPONSORED ADR 880192109 1,009 93,907 SH   SOLE   93,907 0 0
VALE S.A COM 91912E105 2,236 396,366 SH   SOLE   396,366 0 0
WAL MART STORES INC ISHARES 931142103 3,093 37,600 SH   SOLE   37,600 0 0
WISDOMTREE TRUST SPONSORED ADR 97717X784 1,561 21,932 SH   SOLE   21,932 0 0
SHIP FINANCE INTERNATIONAL LTD COM B019MJ8 1,106 74,749 SH   SOLE   74,749 0 0
NAVIOS MARITIME PARTNERS LP SPONSORED ADR B296BP4 33 3,000 SH   SOLE   3,000 0 0
TEEKAY TANKERS LTD - CLASS A ISHARES B29VHY0 1,685 294,101 SH   SOLE   294,101 0 0