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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
AGNICO EAGLE MINES LTDCOM00847410819,575450,000SH SOLE 450,00000
ALAMOS GOLD INC NEWCOM CL A0115321084,441875,000SH SOLE 875,00000
BARRICK GOLD CORPORATIONCOM06790110831,2512,278,924SH SOLE 2,278,92400
B2GOLD CORPCOM11777Q2094,4631,594,338SH SOLE 1,594,33800
COMPANIA DE MINAS BUENAVENTUSPONSORED ADR20444810412,079699,000SH SOLE 699,00000
FRANCO NEVADA CORPCOM35185810512,008160,000SH SOLE 160,00000
GOLDCORP INC NEWCOM38095640910,667932,400SH SOLE 932,40000
GOLDEN STAR RES LTD CDACOM38119T8072,344580,000SH SOLE 580,00000
IAMGOLD CORPCOM4509131082,342675,000SH SOLE 675,00000
KINROSS GOLD CORPCOM4969024042,755800,000SH SOLE 800,00000
MAG SILVER CORPCOM55903Q1043,465325,000SH SOLE 325,00000
NEWMONT MNG CORPCOM65163910617,885570,368SH SOLE 570,36800
PRETIUM RES INCCOM74139C1026,206725,000SH SOLE 725,00000
ROYAL GOLD INCCOM78028710810,912150,000SH SOLE 150,00000
SSR MNG INCCOM7847301031,264100,000SH SOLE 100,00000