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
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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 2,884 26,150 SH   SOLE   26,150 0 0
BANK OF AMERICA CORP COM 060505104 5,991 20,000 SH   SOLE   20,000 0 0
CHESAPEAKE ENERGY COM 165167107 1,796 245,750 SH   SOLE   245,750 0 0
DEUTSCHE TELEKOM AG SPONSORED ADR 251566105 533 30,000 SH   SOLE   30,000 0 0
HEWLETT PACKARD CO COM 428236103 2,238 87,400 SH   SOLE   87,400 0 0
ISHARES INC ISHARES 464286251 111 2,383 SH   SOLE   2,383 0 0
ISHARES INC ISHARES 464286806 6,707 9,000 SH   SOLE   9,000 0 0
ISHARES INC ISHARES 464286848 5,716 501,000 SH   SOLE   501,000 0 0
ISHARES TR ISHARES 464287655 2,621 4,000 SH   SOLE   4,000 0 0
ISHARES INC ISHARES 464288778 4,935 146,400 SH   SOLE   146,400 0 0
ISHARES INC ISHARES 464289180 4,338 211,300 SH   SOLE   211,300 0 0
MITSUBISHI UFJ FINL GRP - ADR SPONSORED ADR 606822104 3,437 565,300 SH   SOLE   565,300 0 0
NEWMONT MINING CORP COM 651639106 3,299 205,400 SH   SOLE   205,400 0 0
ORANGE-SPON ADR SPONSORED ADR 684060106 1,379 91,600 SH   SOLE   91,600 0 0
OWENS ILL INC COM 690768403 479 23,100 SH   SOLE   23,100 0 0
ROYAL DUTCH SHELL SPONSORED ADR 780259206 6,047 2,950 SH   SOLE   2,950 0 0
SIEMENS A G SPONSORED ADR 826197501 1,713 19,186 SH   SOLE   19,186 0 0
STEEL DYNAMICS INC COM 858119100 3,408 198,500 SH   SOLE   198,500 0 0
SUNTRUST BANKS INC COM 867914103 619 16,200 SH   SOLE   16,200 0 0
TELEFONICA S A SPONSORED ADR 879382208 4,822 400,500 SH   SOLE   400,500 0 0
TEMPLETON EMRGNG MKT COM 880192109 918 95,616 SH   SOLE   95,616 0 0
VALE S.A SPONSORED ADR 91912E105 1,653 396,366 SH   SOLE   396,366 0 0
CISCO SYSTEMS INC COM 17275R102 5,482 209,000 SH   SOLE   209,000 0 0
CLIFFS NATURAL RES COM 18683K101 678 279,000 SH   SOLE   279,000 0 0
FREEPORT-MCMORAN C&G COM 35671D857 1,746 180,350 SH   SOLE   180,350 0 0
HESS CORP COM 42809H107 3,629 72,500 SH   SOLE   72,500 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 4,924 355,000 SH   SOLE   355,000 0 0
ISHARES INC ISHARES 46434G806 3,214 265,000 SH   SOLE   265,000 0 0
MARKET VECTORS ETF ISHARES 57060U100 118 8,600 SH   SOLE   8,600 0 0
MARKET VECTORS ISHARES 57060U613 1,235 115,000 SH   SOLE   115,000 0 0
MARKET VECTORS ISHARES 57061R544 3,175 162,250 SH   SOLE   162,250 0 0
METLIFE INC COM 59156R108 1,178 25,000 SH   SOLE   25,000 0 0
MORGAN STAN EMER MKT COM 61744H105 1,560 188,361 SH   SOLE   188,361 0 0
NATURAL RESOURCE PRT COM 63900P103 185 75,650 SH   SOLE   75,650 0 0
POWERSHS DB MULTI SE ISHARES 73936B408 94 4,500 SH   SOLE   4,500 0 0
SPDR GOLD TR GOLD ISHARES 78463V107 481 4,500 SH   SOLE   4,500 0 0
SPDR SERIES TRUST ISHARES 78464A417 503 14,100 SH   SOLE   14,100 0 0
SPDR S&P RETAIL ETF ISHARES 78464A714 2,412 54,400 SH   SOLE   54,400 0 0
SELECT SECTOR SPDR ISHARES 81369Y506 208 3,400 SH   SOLE   3,400 0 0
WISDOMTREE TRUST ISHARES 97717X784 1,453 21,932 SH   SOLE   21,932 0 0
SHIP FINANCE INTERNATIONAL LTD SPONSORED ADR B019MJ8 1,215 74,749 SH   SOLE   74,749 0 0
TEEKAY TANKERS LTD - CLASS A SPONSORED ADR B29VHY0 2,026 294,101 SH   SOLE   294,101 0 0
GOLDEN OCEAN GROUP LTD SPONSORED ADR BVXBS91 805 327,253 SH   SOLE   327,253 0 0