The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 |
| ARCH COAL INC | COM | 039380100 | 9 | 28,195 | SH | SOLE | 28,195 | 0 | 0 | ||
| BARRICK GOLD CORP | COM | 067901108 | 65,864 | 6,178,750 | SH | SOLE | 3,648,441 | 0 | 2,530,309 | ||
| CAMECO CORP | COM | 13321L108 | 86,993 | 6,091,943 | SH | SOLE | 3,732,648 | 0 | 2,359,295 | ||
| CENTRAIS ELETRICAS BRASILEIR | SPON ADR PFD B | 15234Q108 | 7,337 | 2,727,497 | SH | SOLE | 2,702,600 | 0 | 24,897 | ||
| DIANA SHIPPING INC | COM | Y2066G104 | 9,937 | 1,409,479 | SH | SOLE | 805,017 | 0 | 604,462 | ||
| GOLDCORP INC NEW | COM | 380956409 | 9,646 | 595,395 | SH | SOLE | 289,414 | 0 | 305,981 | ||
| KBR INC | COM | 48242W106 | 16,480 | 846,097 | SH | SOLE | 507,232 | 0 | 338,865 | ||
| KINROSS GOLD CORP | COM NO PAR | 496902404 | 63,781 | 27,491,627 | SH | SOLE | 16,998,788 | 0 | 10,492,839 | ||
| KT CORP | SPONSORED ADR | 48268K101 | 11,448 | 903,567 | SH | SOLE | 619,676 | 0 | 283,891 | ||
| LAYNE CHRISTENSEN CO | COM | 521050104 | 9,579 | 1,070,381 | SH | SOLE | 766,392 | 0 | 303,989 | ||
| MARKET VECTORS ETF TR | JR GOLD MINERS E | 57061R544 | 6,268 | 259,546 | SH | SOLE | 0 | 0 | 259,546 | ||
| NAM TAI PPTY INC | SHS | G63907102 | 3,365 | 698,484 | SH | SOLE | 480,587 | 0 | 217,897 | ||
| NEW GOLD INC CDA | COM | 644535106 | 11,507 | 4,278,080 | SH | SOLE | 2,662,786 | 0 | 1,615,294 | ||
| NEWMONT MINING CORP | COM | 651639106 | 380 | 16,260 | SH | SOLE | 16,260 | 0 | 0 | ||
| NORTHERN DYNASTY MINERALS LT | COM NEW | 66510M204 | 2,242 | 6,591,473 | SH | SOLE | 6,316,833 | 0 | 274,640 | ||
| NOVAGOLD RES INC | COM NEW | 66987E206 | 13,678 | 3,999,304 | SH | SOLE | 2,385,832 | 0 | 1,613,472 | ||
| PEABODY ENERGY CORP | COM | 704549104 | 30,989 | 14,149,906 | SH | SOLE | 7,457,915 | 0 | 6,691,991 | ||
| SILVER STD RES INC | COM | 82823L106 | 18,463 | 2,939,821 | SH | SOLE | 1,751,292 | 0 | 1,188,529 | ||
| SKYWEST INC | COM | 830879102 | 60,605 | 4,029,626 | SH | SOLE | 2,445,061 | 0 | 1,584,565 | ||
| SOCIEDAD QUIMICA MINERA DE C | SPON ADR SER B | 833635105 | 14,375 | 897,251 | SH | SOLE | 423,778 | 0 | 473,473 | ||
| TSAKOS ENERGY NAVIGATION LTD | SHS | G9108L108 | 9,857 | 1,034,411 | SH | SOLE | 618,250 | 0 | 416,161 | ||
| TURQUOISE HILL RES LTD | COM | 900435108 | 34,728 | 9,162,783 | SH | SOLE | 5,450,887 | 0 | 3,711,896 | ||
| YANDEX N V | SHS CLASS A | N97284108 | 16,674 | 1,095,454 | SH | SOLE | 617,125 | 0 | 478,329 | ||