Foundation Resource Management 13F-HR Quarterly holdings report by institutional manager

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
APACHE CORP	COM	037411105	617	23,499	SH		SOLE		23,499	0	0
BAKER HUGHES A GE CO CL A	COM	05722g100	1,290	59,999	SH		SOLE		59,799	0	200
BANCORPSOUTH BANK	COM	05971j102	721	27,586	SH		SOLE		27,586	0	0
BARRICK GOLD CORP	COM	067901108	5,980	441,682	SH		SOLE		439,182	0	2,500
BERKSHIRE HATHAWAY CL B	COM	084670702	35,638	174,540	SH		SOLE		174,090	0	450
BERKSHIRE HATHAWAY HLD A	COM	084670108	1,530	5	SH		SOLE		5	0	0
CAMECO CORP	COM	13321l108	6,760	595,609	SH		SOLE		593,199	0	2,410
CENOVUS ENERGY, INC.	COM	15135U109	3,724	529,750	SH		SOLE		529,220	0	530
CHEVRON	COM	166764100	20,846	191,620	SH		SOLE		191,320	0	300
CHUBB LTD INC	COM	H1467J104	254	1,967	SH		SOLE		1,967	0	0
CISCO SYSTEMS	COM	17275R102	13,691	315,964	SH		SOLE		315,311	0	653
CONOCOPHILLIPS	COM	20825c104	22,341	358,310	SH		SOLE		357,405	0	905
CORNING	COM	219350105	22,475	743,958	SH		SOLE		741,858	0	2,100
DEVON ENERGY	COM	25179m103	1,228	54,492	SH		SOLE		54,492	0	0
DIAMOND OFFSHORE DRILLING	COM	25271C102	2,013	213,293	SH		SOLE		212,993	0	300
DORIAN LPG LTD	COM	Y2106R110	267	45,785	SH		SOLE		45,730	0	55
EASTMAN CHEMICAL	COM	277432100	219	3,000	SH		SOLE		3,000	0	0
ENCANA	COM	292505104	4,841	837,607	SH		SOLE		833,577	0	4,030
EXXON MOBIL	COM	30231G102	32,601	478,096	SH		SOLE		476,676	0	1,420
FEDERATED INVS INC-CL B	COM	314211103	8,056	303,443	SH		SOLE		302,243	0	1,200
FORD MOTOR	COM	345370860	163	21,249	SH		SOLE		20,849	0	400
FRANKLIN RES INC	COM	354613101	15,261	514,536	SH		SOLE		512,736	0	1,800
FREEPORT-MCMORAN INC.	COM	35671d857	3,150	305,538	SH		SOLE		304,878	0	660
GILEAD SCIENCES INC	COM	375558103	14,791	236,466	SH		SOLE		235,866	0	600
GOLDCORP INC	COM	380956409	7,002	714,458	SH		SOLE		713,658	0	800
HP INC	COM	40434L105	12,775	624,391	SH		SOLE		622,691	0	1,700
IMPERIAL OIL LTD	COM	453038408	291	11,505	SH		SOLE		11,505	0	0
INTEL CORP.	COM	458140100	13,787	293,787	SH		SOLE		292,887	0	900
JEFFERIES FINANCIAL GROUP INC	COM	47233w109	15,825	911,593	SH		SOLE		908,193	0	3,400
LOEWS	COM	540424108	7,631	167,635	SH		SOLE		167,485	0	150
MARATHON PETROLEUM CORP	COM	56585a102	351	5,944	SH		SOLE		5,944	0	0
MERCK AND CO. INC.	COM	58933Y105	26,350	344,845	SH		SOLE		343,605	0	1,240
MOSAIC	COM	61945c103	25,354	867,992	SH		SOLE		865,292	0	2,700
NEWMONT MINING	COM	651639106	32,154	927,974	SH		SOLE		925,654	0	2,320
NOBLE ENERGY	COM	655044105	2,983	159,026	SH		SOLE		158,826	0	200
NOKIA	COM	654902204	3,257	559,610	SH		SOLE		558,510	0	1,100
PEMBINA PIPELINE CORP	COM	706327103	1,274	42,950	SH		SOLE		42,950	0	0
PERMIAN BASIN ROYALTY TRUST	COM	714236106	6,502	1,102,054	SH		SOLE		1,099,249	0	2,805
PFIZER	COM	717081103	23,510	538,598	SH		SOLE		536,498	0	2,100
PHILLIPS 66	COM	718546104	8,337	96,776	SH		SOLE		96,626	0	150
PILGRIM'S PRIDE	COM	72147k108	287	18,505	SH		SOLE		18,505	0	0
PRECISION DRILLING CORP	COM	74022d308	893	513,108	SH		SOLE		510,008	0	3,100
SAN JUAN BASIN ROYALTY TRUST	COM	798241105	596	124,165	SH		SOLE		124,165	0	0
SANOFI	COM	80105n105	15,348	353,558	SH		SOLE		352,358	0	1,200
SEACOR HOLDINGS INC	COM	811904101	5,689	153,744	SH		SOLE		153,194	0	550
SEACOR MARINE	COM	78413p101	1,117	95,007	SH		SOLE		94,455	0	552
SIMMONS FIRST NATIONAL	COM	828730200	266	11,014	SH		SOLE		11,014	0	0
TECK RESOURCES LIMITED FCLASS	COM	878742204	26,133	1,213,209	SH		SOLE		1,208,109	0	5,100
TEJON RANCH CO	COM	879080109	2,602	156,941	SH		SOLE		156,461	0	480
TEMPLETON DRAGON FUND	COM	88018T101	225	13,246	SH		SOLE		13,246	0	0
THE TRAVELERS COS., INC.	COM	89417e109	437	3,649	SH		SOLE		3,649	0	0
TRANSOCEAN, LTD	COM	H8817H100	1,181	170,161	SH		SOLE		169,161	0	1,000
TSAKOS ENERGY NAVIGATION LTD	COM	g9108l108	1,371	515,562	SH		SOLE		515,062	0	500
TYSON FOODS	COM	902494103	615	11,513	SH		SOLE		11,513	0	0
WAL-MART STORES	COM	931142103	422	4,529	SH		SOLE		4,529	0	0