The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||||||
| 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 |
| BARRICK GOLD CORP | COM | 067901108 | 54,638 | 2,559,161 | SH | SOLE | 1,546,519 | 0 | 1,012,642 | ||
| CAMECO CORP | COM | 13321L108 | 79,476 | 7,244,713 | SH | SOLE | 4,449,926 | 0 | 2,794,787 | ||
| CLOUD PEAK ENERGY INC | COM | 18911Q102 | 7,038 | 3,417,231 | SH | SOLE | 2,462,008 | 0 | 955,223 | ||
| CONSOL ENERGY INC | COM | 20854P109 | 30,535 | 1,897,732 | SH | SOLE | 1,213,227 | 0 | 684,505 | ||
| DIANA SHIPPING INC | COM | Y2066G104 | 10,357 | 4,261,540 | SH | SOLE | 2,190,019 | 0 | 2,071,521 | ||
| GOLDCORP INC NEW | COM | 380956409 | 25,400 | 1,327,771 | SH | SOLE | 730,750 | 0 | 597,021 | ||
| KBR INC | COM | 48242W106 | 7,111 | 537,006 | SH | SOLE | 309,328 | 0 | 227,678 | ||
| KINROSS GOLD CORP | COM NO PAR | 496902404 | 57,895 | 11,839,628 | SH | SOLE | 7,138,226 | 0 | 4,701,402 | ||
| KT CORP | SPONSORED ADR | 48268K101 | 15,608 | 1,094,481 | SH | SOLE | 787,393 | 0 | 307,088 | ||
| NAM TAI PPTY INC | SHS | G63907102 | 4,436 | 825,841 | SH | SOLE | 549,162 | 0 | 276,679 | ||
| NEW GOLD INC CDA | COM | 644535106 | 9,740 | 2,223,258 | SH | SOLE | 1,328,943 | 0 | 894,315 | ||
| NORTHERN DYNASTY MINERALS LT | COM NEW | 66510M204 | 2,005 | 6,465,563 | SH | SOLE | 6,190,923 | 0 | 274,640 | ||
| NOVAGOLD RES INC | COM NEW | 66987E206 | 10,867 | 1,775,539 | SH | SOLE | 1,059,391 | 0 | 716,148 | ||
| PANDORA MEDIA INC | COM | 698354107 | 43,531 | 3,496,386 | SH | SOLE | 2,104,645 | 0 | 1,391,741 | ||
| ROYAL GOLD INC | COM | 780287108 | 53,030 | 736,308 | SH | SOLE | 419,495 | 0 | 316,813 | ||
| SAFE BULKERS INC | COM | Y7388L103 | 4,548 | 4,331,124 | SH | SOLE | 2,635,032 | 0 | 1,696,092 | ||
| SILVER STD RES INC | COM | 82823L106 | 17,194 | 1,323,801 | SH | SOLE | 803,572 | 0 | 520,229 | ||
| SILVER WHEATON CORP | COM | 828336107 | 37,793 | 1,606,092 | SH | SOLE | 889,579 | 0 | 716,513 | ||
| SKYWEST INC | COM | 830879102 | 16,540 | 625,118 | SH | SOLE | 379,500 | 0 | 245,618 | ||
| SOCIEDAD QUIMICA MINERA DE C | SPON ADR SER B | 833635105 | 5,632 | 227,891 | SH | SOLE | 142,373 | 0 | 85,518 | ||
| TSAKOS ENERGY NAVIGATION LTD | SHS | G9108L108 | 12,061 | 2,571,145 | SH | SOLE | 1,549,218 | 0 | 1,021,927 | ||
| TURQUOISE HILL RES LTD | COM | 900435108 | 33,084 | 9,788,703 | SH | SOLE | 5,604,926 | 0 | 4,183,777 | ||
| VANECK VECTORS ETF TR | JR GOLD MINERS E | 92189F791 | 2,609 | 61,214 | SH | SOLE | 0 | 0 | 61,214 | ||
| YANDEX N V | SHS CLASS A | N97284108 | 23,998 | 1,098,321 | SH | SOLE | 608,756 | 0 | 489,565 | ||