Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	MONSANTO CO NEW	94,851	$9.9M	8.6%	$104.37	—	COM	61166W101
XOM	EXXON MOBIL CORP	107,661	$9.263M	8.0%	$54.16	0.0%	COM	30231G102
—	POTASH CORP OF SASK INC	198,398	$6.206M	5.4%	$31.28	—	COM	73755L107
CVX	CHEVRON CORP NEW	43,414	$5.275M	4.6%	$73.10	0.0%	COM	166764100
DE	DEERE & CO	60,913	$4.958M	4.3%	$65.96	0.0%	COM	244199105
CF	CF INDS HLDGS INC	19,533	$4.118M	3.6%	$27.49	0.0%	COM	125269100
ADM	ARCHER-DANIELS-MIDLAND CO	106,023	$3.906M	3.4%	$25.63	0.0%	COM	039483102
BP	BP PLC	74,368	$3.126M	2.7%	$42.03	—	SPON ADR	055622104
—	ROYAL DUTCH SHELL PLC	44,907	$2.949M	2.5%	$65.67	—	SPON ADR	780259206
—	ISHARES GOLD TRUST	218,898	$2.822M	2.4%	$12.89	—	ISHARES	464285105
MOS	MOSAIC CO NEW	64,837	$2.789M	2.4%	$36.35	0.0%	COM	61945C103
—	MARKET VECTORS ETF TR	109,500	$2.74M	2.4%	—	—	Call	57060U100
—	AGRIUM INC	28,414	$2.388M	2.1%	$84.04	—	COM	008916108
SLB	SCHLUMBERGER LTD	26,134	$2.309M	2.0%	$58.98	0.0%	COM	806857108
GLD	SPDR GOLD TRUST	17,688	$2.267M	2.0%	$128.17	—	GOLD SHS	78463V107
OXY	OCCIDENTAL PETR CORP DEL	23,432	$2.192M	1.9%	$59.24	0.0%	COM	674599105
COP	CONOCOPHILLIPS	27,053	$1.88M	1.6%	$44.49	0.0%	COM	20825C104
E	ENI SPA	40,044	$1.825M	1.6%	$45.57	—	SPON ADR	26874R108
AGCO	AGCO CORP	29,026	$1.754M	1.5%	$44.50	0.0%	COM	001084102
—	MARATHON OIL CORP	49,611	$1.73M	1.5%	$34.87	—	COM	565849106
RIO	RIO TINTO PLC	34,889	$1.701M	1.5%	$48.75	—	SPON ADR	767204100
—	BUNGE LTD	21,350	$1.621M	1.4%	$75.93	—	COM	G16962105
HAL	HALLIBURTON CO	33,095	$1.594M	1.4%	$37.32	0.0%	COM	406216101
—	SYNGENTA AG	18,774	$1.526M	1.3%	$81.28	—	SPONSORED ADR	87160A100
INGR	INGREDION INC	21,427	$1.418M	1.2%	$65.29	0.0%	COM	457187102
—	POTASH CORP OF SASK INC	45,000	$1.408M	1.2%	$31.28	—	Put	73755L107
SU	SUNCOR ENERGY INC	36,769	$1.316M	1.1%	$21.82	0.0%	COM	867224107
—	BHP BILLITON PLC	20,990	$1.235M	1.1%	$58.84	—	SPON ADR	05545E209
—	APACHE CORP	12,495	$1.064M	0.9%	$85.15	—	COM	037411105
VLO	VALERO ENERGY CORP	29,395	$1.004M	0.9%	$22.41	0.0%	COM	91913Y100
—	NATIONAL OILWELL VARCO INC	12,404	$969K	0.8%	$78.12	—	COM	637071101
VALE	VALE SA	59,002	$921K	0.8%	$15.61	—	SPON ADR	91912E105
FCX	FREEPORT-MCMORAN COPPER	26,807	$887K	0.8%	$25.67	0.0%	COM	35671D857
NEM	NEWMONT MINING CORP	30,879	$868K	0.8%	$22.61	0.0%	COM	651639106
—	SILVER WHEATON CORP	34,749	$861K	0.7%	$24.78	—	COM	828336107
—	ANADARKO PETE CORP	9,241	$859K	0.7%	$92.96	—	COM	032511107
—	CNH GLOBAL NV	55,224	$690K	0.6%	$12.49	—	SHS NEW	N20935206
KGC	KINROSS GOLD CORP	135,961	$687K	0.6%	$5.29	0.0%	COM NO PAR	496902404
ATI	ALLEGHENY TECHNOLOGIES INC	22,160	$676K	0.6%	$26.04	0.0%	COM	01741R102
—	NOBLE ENERGY INC	10,040	$673K	0.6%	$67.03	—	COM	655044105
KMI	KINDER MORGAN INC	18,771	$668K	0.6%	$20.18	0.0%	COM	49456B101
—	BAKER HUGHES INC	13,453	$661K	0.6%	$49.13	—	COM	057224107
EOG	EOG RESOURCES INC	3,904	$661K	0.6%	$56.38	0.0%	COM	26875P101
—	GOLDCORP INC NEW	25,362	$660K	0.6%	$26.02	—	COM	380956409
—	INTREPID POTASH INC	41,356	$648K	0.6%	$15.67	—	COM	46121Y102
—	TRANSCANADA CORP	14,323	$629K	0.5%	$43.92	—	COM	89353D107
PBR	PETROLEO BRASILEIRO SA	39,912	$618K	0.5%	$15.48	—	SP ADR NON-VTG	71654V408
DVN	DEVON ENERGY CORP NEW	10,688	$617K	0.5%	$38.10	0.0%	COM	25179M103
PKX	POSCO	8,079	$595K	0.5%	$73.65	—	SPON ADR	693483109
—	PIONEER NAT RES CO	3,019	$570K	0.5%	$188.80	—	COM	723787107
WMB	WILLIAMS COS INC	15,553	$566K	0.5%	$17.72	0.0%	COM	969457100
—	YAMANA GOLD INC	53,736	$559K	0.5%	$10.40	—	COM	98462Y100
—	BARRICK GOLD CORP	29,760	$554K	0.5%	$18.62	—	COM	067901108
—	ANGLOGOLD ASHANTI LTD	40,030	$532K	0.5%	$13.29	—	SPON ADR	035128206
RIG	TRANSOCEAN LTD	11,328	$504K	0.4%	$47.28	0.0%	REG SHS	H8817H100
SASOF	SASOL LTD	10,287	$492K	0.4%	$44.79	0.0%	SPON ADR	803866102
SQM	SOCIEDAD QUIMICA Y MINERA DE C	15,740	$481K	0.4%	$30.56	—	SPON ADR SER B	833635105
—	CAMERON INTERNATIONAL CORP	8,012	$468K	0.4%	$58.41	—	COM	13342B105
PSX	PHILLIPS 66	7,700	$445K	0.4%	$37.50	0.0%	COM	718546104
—	ALLIED NEVADA GOLD CORP	99,168	$415K	0.4%	$4.18	—	COM	019344100
TECK	TECK RESOURCES LTD	15,202	$408K	0.4%	$25.15	0.0%	CL B	878742204
—	SOUTHWESTERN ENERGY CO	10,719	$390K	0.3%	$36.38	—	COM	845467109
—	ENCANA CORP	21,540	$373K	0.3%	$17.32	—	COM	292505104
MPC	MARATHON PETROLEUM CORP	5,700	$367K	0.3%	$24.39	0.0%	COM	56585A102
IAG	IAMGOLD CORP	70,121	$333K	0.3%	$5.24	0.0%	COM	450913108
SCCO	SOUTHERN COPPER CORP	12,038	$328K	0.3%	$17.87	0.0%	COM	84265V105
BVN	COMPANIA DE MINAS BUENAVENTUR	27,512	$322K	0.3%	$11.70	—	SPON ADR	204448104
—	HESS CORP	4,118	$318K	0.3%	$77.22	—	COM	42809H107
PAAS	PAN AMERICAN SILVER CORP	29,893	$315K	0.3%	$12.17	0.0%	COM	697900108
—	WEATHERFORD INTL LTD	20,540	$315K	0.3%	$15.34	—	REG SHS	H27013103
RYN	RAYONIER INC	5,618	$313K	0.3%	$55.71	—	COM	754907103
—	PLUM CREEK TIMBER CO	6,562	$307K	0.3%	$46.78	—	COM	729251108
—	ENSCO PLC	5,525	$297K	0.3%	$53.76	—	SH CL A	G3157S106
WY	WEYERHAEUSER CO	10,200	$292K	0.3%	$17.63	0.0%	COM	962166104
PCH	POTLATCH CORP NEW	7,344	$291K	0.3%	$39.62	—	COM	737630103
—	ARCELORMITTAL SA LUXEMBOURG	20,626	$282K	0.2%	$13.67	—	NY REG SH	03938L104
AEM	AGNICO EAGLE MINES LTD	9,812	$260K	0.2%	$23.06	0.0%	COM	008474108
—	RANDGOLD RES LTD	3,490	$250K	0.2%	$71.63	—	ADR	752344309
—	ELDORADO GOLD CORP NEW	36,811	$247K	0.2%	$6.71	—	COM	284902103
NUE	NUCOR CORP	4,675	$229K	0.2%	$34.54	0.0%	COM	670346105
CNQ	CANADIAN NAT RES LTD	7,235	$227K	0.2%	$9.21	0.0%	COM	136385101
—	SESA GOA LTD.	17,920	$202K	0.2%	$11.27	—	SPON ADR	78413F103
—	SPECTRA ENERGY CORP	5,869	$201K	0.2%	$34.25	—	COM	847560109
GFI	GOLD FIELDS LTD	37,237	$170K	0.1%	$4.57	—	SPON ADR	38059T106
HMY	HARMONY GOLD MNG	45,426	$154K	0.1%	$3.39	—	SPON ADR	413216300
CDE	COEUR MINING INC	11,996	$145K	0.1%	$13.66	0.0%	COM NEW	192108504
NGD	NEW GOLD INC CDA	24,131	$144K	0.1%	$6.81	0.0%	COM	644535106
—	ALCOA INC	16,556	$134K	0.1%	$8.09	—	COM	013817101
HL	HECLA MINING CO	41,780	$131K	0.1%	$3.08	0.0%	COM	422704106
—	TURQUOISE HILL RESOURCES LTD	22,155	$98,000	0.1%	$4.42	—	COM	900435108
GGB	GERDAU SA	12,278	$92,000	0.1%	$7.49	—	SPON ADR REP PFD	373737105
—	MECHEL OAO	19,590	$63,000	0.1%	$3.22	—	SPON ADR	583840103
YZCAY	YANZHOU COAL MINING CO	10,000	$10,000	0.0%	$1.00	—	SPON ADR H SHS	984846105
—	ALUMINUM CORP CHINA LTD	12,000	$4,000	0.0%	$0.33	—	SPON ADR H SHS	022276109