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
AUTOZONE INC COM 053332102 33 1,000 SH Put SOLE 1,000 0 0
BARRICK GOLD CORP COM 067901108 42,118 2,635,567 SH   SOLE 1,591,284 0 1,044,283
CAMECO CORP COM 13321L108 79,443 7,587,574 SH   SOLE 4,711,087 0 2,876,487
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 400 57,568 SH   SOLE 57,568 0 0
CLOUD PEAK ENERGY INC COM 18911Q102 10,096 1,799,904 SH   SOLE 1,410,977 0 388,927
DIANA SHIPPING INC COM Y2066G104 16,985 5,624,361 SH   SOLE 3,579,668 0 2,044,693
EMBRAER S A SP ADR REP 4 COM 29082A107 5,656 293,837 SH   SOLE 200,775 0 93,062
GLOBAL X FDS GLOBAL X URANIUM 37954Y871 2,968 230,560 SH   SOLE 230,560 0 0
GOLDCORP INC NEW COM 380956409 10,793 793,518 SH   SOLE 411,695 0 381,823
HOME DEPOT INC COM 437076102 41 3,600 SH Put SOLE 3,600 0 0
KBR INC COM 48242W106 11,475 687,497 SH   SOLE 434,151 0 253,346
KINROSS GOLD CORP COM NO PAR 496902404 51,540 16,572,539 SH   SOLE 9,946,318 0 6,626,221
KT CORP SPONSORED ADR 48268K101 16,068 1,140,477 SH   SOLE 861,837 0 278,640
NAM TAI PPTY INC SHS G63907102 1,082 146,321 SH   SOLE 108,412 0 37,909
NEW GOLD INC CDA COM 644535106 8,058 2,301,948 SH   SOLE 1,352,150 0 949,798
NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 13,489 6,516,239 SH   SOLE 6,313,937 0 202,302
NOVAGOLD RES INC COM NEW 66987E206 9,160 2,008,863 SH   SOLE 1,128,571 0 880,292
PANDORA MEDIA INC COM 698354107 33,822 2,593,718 SH   SOLE 1,618,842 0 974,876
ROYAL GOLD INC COM 780287108 42,602 672,489 SH   SOLE 411,900 0 260,589
SAFE BULKERS INC COM Y7388L103 4,272 3,713,027 SH   SOLE 2,339,424 0 1,373,603
SILVER WHEATON CORP COM 828336107 51,834 2,682,940 SH   SOLE 1,689,707 0 993,233
STARBUCKS CORP COM 855244109 6 8,600 SH Put SOLE 8,600 0 0
TSAKOS ENERGY NAVIGATION LTD SHS G9108L108 16,113 3,435,283 SH   SOLE 2,130,308 0 1,304,975
TURQUOISE HILL RES LTD COM 900435108 37,430 11,588,576 SH   SOLE 7,179,209 0 4,409,367
YANDEX N V SHS CLASS A N97284108 23,938 1,189,195 SH   SOLE 710,204 0 478,991