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 | 28 | 28,195 | SH | SOLE | 0 | 28,195 | 0 | 0 | |
| BARRICK GOLD CORP | COM | 067901108 | 57,460 | 5,242,718 | SH | SOLE | 0 | 3,449,707 | 0 | 1,793,011 | |
| BRASILAGRO CO BR DE AGRICOLAS | SPONSORED ADR | 10554B104 | 93 | 33,306 | SH | SOLE | 0 | 33,306 | 0 | 0 | |
| CAMECO CORP | COM | 13321L108 | 68,394 | 4,909,800 | SH | SOLE | 0 | 3,324,428 | 0 | 1,585,372 | |
| CENTRAIS ELETRICAS BRASILEIRAS SA | SPON ADR PFD B | 15234Q108 | 6,009 | 2,861,305 | SH | SOLE | 0 | 2,836,408 | 0 | 24,897 | |
| KBR INC | COM | 48242W106 | 14,670 | 1,013,110 | SH | SOLE | 0 | 676,544 | 0 | 336,566 | |
| KINROSS GOLD CORP | COM NO PAR | 496902404 | 37,103 | 16,563,636 | SH | SOLE | 0 | 10,825,195 | 0 | 5,738,441 | |
| KT CORP-SP ADR | SPONSORED ADR | 48268K101 | 11,650 | 890,679 | SH | SOLE | 0 | 614,391 | 0 | 276,288 | |
| LAYNE CHRISTENSON | COM | 521050104 | 7,573 | 1,511,514 | SH | SOLE | 0 | 1,247,206 | 0 | 264,308 | |
| MARKET VECTORS JR GOLD MINERS ETF | JR GOLD MINERS E | 57061R544 | 6,895 | 303,193 | SH | SOLE | 0 | 0 | 0 | 303,193 | |
| NAM TAI PROPERTY INC | SHS | G63907102 | 3,201 | 806,222 | SH | SOLE | 0 | 642,269 | 0 | 163,953 | |
| NEWMONT MINING CORP | COM | 651639106 | 8,668 | 399,260 | SH | SOLE | 0 | 172,843 | 0 | 226,417 | |
| NORTHERN DYN MNL | COM NEW | 66510M204 | 2,517 | 6,519,135 | SH | SOLE | 0 | 6,316,833 | 0 | 202,302 | |
| NOVAGOLD RESOURCES INC | COM NEW | 66987E206 | 14,297 | 4,830,231 | SH | SOLE | 0 | 3,230,008 | 0 | 1,600,223 | |
| PEABODY ENERGY CORP | COM | 704549104 | 45,673 | 9,283,141 | SH | SOLE | 0 | 5,676,469 | 0 | 3,606,672 | |
| SILVER STANDARD | COM | 82823L106 | 10,199 | 2,251,470 | SH | SOLE | 0 | 1,484,063 | 0 | 767,407 | |
| SKYWEST INC | COM | 830879102 | 44,728 | 3,061,485 | SH | SOLE | 0 | 2,075,804 | 0 | 985,681 | |
| SOCIEDAD QUIMICA Y MINERA DE CHILE SA ADR | SPON ADR SER B | 833635105 | 6,494 | 355,856 | SH | SOLE | 0 | 203,977 | 0 | 151,879 | |
| TSAKOS ENERGY NAVIGATION LTD | SHS | G9108L108 | 11,926 | 1,457,999 | SH | SOLE | 0 | 994,367 | 0 | 463,632 | |
| TURQUOISE HILL RESOURCES LTD | COM | 900435108 | 28,060 | 8,993,691 | SH | SOLE | 0 | 6,255,208 | 0 | 2,738,483 | |
| YANDEX NV-A | SHS CLASS A | N97284108 | 13,539 | 892,750 | SH | SOLE | 0 | 505,911 | 0 | 386,839 | |