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 561 5,150 SH   SOLE   5,150 0 0
BANK OF AMERICA CORP COM 060505104 1,555 115,100 SH   SOLE   115,100 0 0
ISHARES INC ETF 464286251 117 2,383 SH   SOLE   2,383 0 0
ISHARES INC ETF 464286806 1,600 62,200 SH   SOLE   62,200 0 0
ISHARES INC ETF 464286848 2,044 179,000 SH   SOLE   179,000 0 0
ISHARES IBOXX $ INVESTMT ETF 464287242 5,940 50,000 SH   SOLE   50,000 0 0
ISHARES TR ETF 464287655 111 1,000 SH   SOLE   1,000 0 0
ISHARES INC ETF 464288778 4,650 146,400 SH   SOLE   146,400 0 0
ISHARES INC ETF 464289180 5 300 SH   SOLE   300 0 0
MITSUBISHI UFJ FINL GRP - ADR SPONSORED ADR 606822104 300 65,300 SH   SOLE   65,300 0 0
NEWMONT MINING CORP COM 651639106 5,455 205,400 SH   SOLE   205,400 0 0
OWENS ILL INC COM 690768403 368 23,100 SH   SOLE   23,100 0 0
ROYAL DUTCH SHELL SPONSORED ADR 780259206 6,230 128,550 SH   SOLE   128,550 0 0
SIEMENS A G SPONSORED ADR 826197501 2,027 19,186 SH   SOLE   19,186 0 0
STEEL DYNAMICS INC COM 858119100 416 18,500 SH   SOLE   18,500 0 0
TELEFONICA S A SPONSORED ADR 879382208 4,454 400,500 SH   SOLE   400,500 0 0
TEMPLETON EMRGNG MKT ETF 880192109 1,045 101,616 SH   SOLE   101,616 0 0
VALE S.A SPONSORED ADR 91912E105 1,665 396,366 SH   SOLE   396,366 0 0
BARCLAYS BANK PLC SPONSORED ADR 06742E711 881 50,000 SH   SOLE   50,000 0 0
CISCO SYSTEMS INC COM 17275R102 188 6,600 SH   SOLE   6,600 0 0
CLIFFS NATURAL RES COM 18683K101 27 9,000 SH   SOLE   9,000 0 0
FREEPORT-MCMORAN C&G COM 35671D857 55 5,350 SH   SOLE   5,350 0 0
HEWLETT PACKARD CO COM 40434L105 2,152 174,800 SH   SOLE   174,800 0 0
HESS CORP COM 42809H107 1,974 37,500 SH   SOLE   37,500 0 0
ISHARES SILVER TRUST ETF 46428Q109 5,208 355,000 SH   SOLE   355,000 0 0
ISHARES INC ETF 46434G806 3,392 265,000 SH   SOLE   265,000 0 0
MARKET VECTORS ETF ETF 57060U100 511 25,600 SH   SOLE   25,600 0 0
MARKET VECTORS ETF 57060U613 1,417 115,000 SH   SOLE   115,000 0 0
MARKET VECTORS ETF 57061R544 4,520 162,250 SH   SOLE   162,250 0 0
METLIFE INC COM 59156R108 220 5,000 SH   SOLE   5,000 0 0
MORGAN STAN EMER MKT ETF 61744H105 1,656 188,361 SH   SOLE   188,361 0 0
NATURAL RESOURCE PRT SPONSORED ADR 63900P608 55 7,565 SH   SOLE   7,565 0 0
POWERSHS DB MULTI SE ETF 73936B408 93 4,500 SH   SOLE   4,500 0 0
POWERSHS DB MULTI SE ETF 73936B705 74 6,000 SH   SOLE   6,000 0 0
SPDR GOLD TR GOLD ETF 78463V107 5,705 48,500 SH   SOLE   48,500 0 0
SPDR SERIES TRUST ETF 78464A417 1,674 48,900 SH   SOLE   48,900 0 0
SPDR S&P MTLS&MNG ETF 78464A755 4,487 219,400 SH   SOLE   219,400 0 0
SELECT SECTOR SPDR ETF 81369Y506 997 16,100 SH   SOLE   16,100 0 0
WISDOMTREE TRUST ETF 97717X784 1,467 21,932 SH   SOLE   21,932 0 0
SHIP FINANCE INTERNATIONAL LTD SPONSORED ADR B019MJ8 1,037 74,749 SH   SOLE   74,749 0 0
TEEKAY TANKERS LTD - CLASS A SPONSORED ADR B29VHY0 1,079 294,101 SH   SOLE   294,101 0 0
GOLDEN OCEAN GROUP LTD SPONSORED ADR BVXBS91 226 327,253 SH   SOLE   327,253 0 0