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
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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 ARCH COAL INC COM 039380100 123 25,694 SH   SOLE 0 25,694 0 0
BARRICK GOLD CORP BARRICK GOLD CORP COM 067901108 15,274 856,662 SH   SOLE 0 856,662 0 0
BRASILAGRO CO BR DE AGRICOLAS SPONSORED ADR 10554B104 220 58,406 SH   SOLE 0 58,406 0 0
CAMECO CORP COM 13321L108 16,064 701,515 SH   SOLE 0 701,515 0 0
CENTRAIS ELETRICAS BRASILEIRAS SA CENTRAIS ELETRICAS BRASILEIR SPON ADR PFD B 15234Q108 18,046 3,839,641 SH   SOLE 0 3,839,641 0 0
CRESUD SA-ADR SPONSORED ADR 226406106 2,438 262,508 SH   SOLE 0 262,508 0 0
KINROSS GOLD CORP COM NO PAR 496902404 9,702 2,343,655 SH   SOLE 0 2,343,655 0 0
KT CORP-SP ADR KT CORP SPONSORED ADR 48268K101 11,456 824,773 SH   SOLE 0 824,773 0 0
LAYNE CHRISTENSON LAYNE CHRISTENSEN CO COM 521050104 5,590 307,358 SH   SOLE 0 307,358 0 0
NEWMONT MINING CORP NEWMONT MINING CORP COM 651639106 21,836 931,583 SH   SOLE 0 931,583 0 0
NORTHERN DYN MNL NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 3,919 3,999,325 SH   SOLE 0 3,999,325 0 0
NOVAGOLD RESOURCES INC COM NEW 66987E206 10,276 2,846,777 SH   SOLE 0 2,846,777 0 0
PEABODY ENERGY CORP PEABODY ENERGY CORP COM 704549104 22,958 1,405,057 SH   SOLE 0 1,405,057 0 0
SILVER STANDARD SILVER STD RES INC COM 82823L106 6,600 664,747 SH   SOLE 0 664,747 0 0
SKYWEST INC COM 830879102 12,678 993,597 SH   SOLE 0 993,597 0 0
TSAKOS ENERGY NAVIGATION LTD SHS G9108L108 8,779 1,131,424 SH   SOLE 0 1,131,424 0 0
TURKCELL ILETISIM HIZMET AS ADR TURKCELL ILETISIM HIZMETLERI SPON ADR NEW 900111204 2,876 208,861 SH   SOLE 0 208,861 0 0
TURQUOISE HILL RESOURCES LTD TURQUOISE HILL RES LTD COM 900435108 13,152 3,949,734 SH   SOLE 0 3,949,734 0 0