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 | 1,353 | 759,898 | SH | SOLE | 0 | 759,898 | 0 | 0 | |
| BARRICK GOLD CORP | COM | 067901108 | 21,362 | 1,987,196 | SH | SOLE | 0 | 1,987,196 | 0 | 0 | |
| BRASILAGRO CO BR DE AGRICOLAS | SPONSORED ADR | 10554B104 | 173 | 58,406 | SH | SOLE | 0 | 58,406 | 0 | 0 | |
| CAMECO CORP | COM | 13321L108 | 51,148 | 3,116,898 | SH | SOLE | 0 | 3,116,898 | 0 | 0 | |
| CENTRAIS ELETRICAS BRASILEIRAS SA | SPON ADR PFD B | 15234Q108 | 8,212 | 2,861,305 | SH | SOLE | 0 | 2,861,305 | 0 | 0 | |
| CRESUD SA-ADR | SPONSORED ADR | 226406106 | 2,011 | 199,345 | SH | SOLE | 0 | 199,345 | 0 | 0 | |
| GLOBAL X SILVER MINERS ETF | SILVER MNR ETF | 37950E853 | 1,068 | 115,353 | SH | SOLE | 0 | 115,353 | 0 | 0 | |
| KINROSS GOLD CORP | COM NO PAR | 496902404 | 26,641 | 9,446,986 | SH | SOLE | 0 | 9,446,986 | 0 | 0 | |
| KT CORP-SP ADR | SPONSORED ADR | 48268K101 | 11,514 | 815,464 | SH | SOLE | 0 | 815,464 | 0 | 0 | |
| LAYNE CHRISTENSON | COM | 521050104 | 9,686 | 1,015,329 | SH | SOLE | 0 | 1,015,329 | 0 | 0 | |
| MARKET VECTORS JR GOLD MINERS ETF | JR GOLD MINERS E | 57061R544 | 4,334 | 181,100 | SH | SOLE | 0 | 181,100 | 0 | 0 | |
| MARKET VECTORS-COAL ETF | COAL ETF | 57060U837 | 1,433 | 97,683 | SH | SOLE | 0 | 97,683 | 0 | 0 | |
| NAM TAI PROPERTY INC | SHS | G63907102 | 2,802 | 589,814 | SH | SOLE | 0 | 589,814 | 0 | 0 | |
| NEWMONT MINING CORP | COM | 651639106 | 15,831 | 837,634 | SH | SOLE | 0 | 837,634 | 0 | 0 | |
| NORTHERN DYN MNL | COM NEW | 66510M204 | 2,600 | 6,411,620 | SH | SOLE | 0 | 6,411,620 | 0 | 0 | |
| NOVAGOLD RESOURCES INC | COM NEW | 66987E206 | 17,197 | 5,829,344 | SH | SOLE | 0 | 5,829,344 | 0 | 0 | |
| PEABODY ENERGY CORP | COM | 704549104 | 35,745 | 4,618,201 | SH | SOLE | 0 | 4,618,201 | 0 | 0 | |
| SILVER STANDARD | COM | 82823L106 | 10,868 | 2,171,425 | SH | SOLE | 0 | 2,171,425 | 0 | 0 | |
| SKYWEST INC | COM | 830879102 | 29,663 | 2,233,641 | SH | SOLE | 0 | 2,233,641 | 0 | 0 | |
| SOCIEDAD QUIMICA Y MINERA DE CHILE SA ADR | PON ADR SER B | 833635105 | 5,642 | 236,270 | SH | SOLE | 0 | 236,270 | 0 | 0 | |
| TSAKOS ENERGY NAVIGATION LTD | SHS | G9108L108 | 8,202 | 1,175,109 | SH | SOLE | 0 | 1,175,109 | 0 | 0 | |
| TURQUOISE HILL RESOURCES LTD | COM | 900435108 | 14,478 | 4,670,304 | SH | SOLE | 0 | 4,670,304 | 0 | 0 | |
| YANDEX NV-A | SHS CLASS A | N97284108 | 12,726 | 708,588 | SH | SOLE | 0 | 708,588 | 0 | 0 | |