Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	480,000	$88.65M	45.0%	—	—	Put	78462F103
—	MONSANTO CO NEW	54,086	$6.304M	3.2%	$104.37	—	COM	61166W101
XOM	EXXON MOBIL CORP	59,798	$6.052M	3.1%	$54.16	+3.3%	COM	30231G102
CF	CF INDUSTRIES HOLDINGS INC	19,883	$4.634M	2.4%	$27.56	+14.2%	COM	125269100
—	POTASH CORP SASK INC	133,674	$4.406M	2.2%	$31.28	—	COM	73755L107
CVX	CHEVRON CORP	30,102	$3.76M	1.9%	$73.10	-0.8%	COM	166764100
ADM	ARCHER DANIELS MIDLAND CO	76,870	$3.336M	1.7%	$25.63	+11.6%	COM	039483102
MOS	MOSAIC CO NEW	65,795	$3.11M	1.6%	$36.35	-0.0%	COM	61945C103
DE	DEERE & CO	33,387	$3.049M	1.5%	$65.96	+2.3%	COM	244199105
—	ROYAL DUTCH SHELL PLC	40,396	$2.879M	1.5%	$65.67	—	SPON ADR	780259206
—	ISHARES GOLD TRUST	218,898	$2.557M	1.3%	$12.89	—	ISHARES	464285105
BP	BP PLC	52,385	$2.546M	1.3%	$42.03	—	SPON ADR	055622104
—	MARKET VECTORS ETF TR	109,500	$2.314M	1.2%	—	—	Call	57060U100
COP	CONOCOPHILLIPS	31,940	$2.257M	1.1%	$45.08	+7.3%	COM	20825C104
GLD	SPDR GOLD TRUST	17,688	$2.054M	1.0%	$128.17	—	GOLD SHS	78463V107
RIO	RIO TINTO PLC	35,170	$1.985M	1.0%	$48.75	—	SPON ADR	767204100
OXY	OCCIDENTAL PETE CORP DEL	20,659	$1.965M	1.0%	$59.24	+7.0%	COM	674599105
E	ENI SPA	39,613	$1.921M	1.0%	$45.57	—	SPON ADR	26874R108
—	MARATHON OIL CORP	50,247	$1.774M	0.9%	$34.88	—	COM	565849106
—	AGRIUM INC	18,487	$1.691M	0.9%	$84.04	—	COM	008916108
HAL	HALLIBURTON CO	32,918	$1.671M	0.8%	$37.32	+10.6%	COM	406216101
AGCO	AGCO CORP	25,992	$1.538M	0.8%	$44.50	+5.3%	COM	001084102
VLO	VALERO ENERGY CORP NEW	28,486	$1.436M	0.7%	$22.41	+19.8%	COM	91913Y100
FCX	FREEPORT-MCMORAN COPPER	37,242	$1.406M	0.7%	$26.90	+11.8%	COM	35671D857
MPC	MARATHON PETE CORP	15,028	$1.379M	0.7%	$25.91	+3.6%	COM	56585A102
PSX	PHILLIPS 66	17,658	$1.362M	0.7%	$40.84	+6.3%	COM	718546104
—	BHP BILLITON PLC-ADR	20,990	$1.304M	0.7%	$58.84	—	SPON ADR	05545E209
SU	SUNCOR ENERGY INC NEW	36,444	$1.277M	0.6%	$21.82	+6.3%	COM	867224107
INGR	INGREDION INC	17,968	$1.23M	0.6%	$65.29	+3.6%	COM	457187102
SLB	SCHLUMBERGER LTD	13,452	$1.212M	0.6%	$58.98	+10.3%	COM	806857108
VALE	VALE SA	71,137	$1.085M	0.6%	$15.55	—	SPON ADR	91912E105
—	BARRICK GOLD CORP	54,836	$967K	0.5%	$18.17	—	COM	067901108
—	GOLDCORP INC NEW	43,445	$941K	0.5%	$24.21	—	COM	380956409
—	APACHE CORP	9,998	$859K	0.4%	$85.15	—	COM	037411105
MUR	MURPHY OIL CORP	13,201	$856K	0.4%	$40.36	0.0%	COM	626717102
PAAS	PAN AMERICAN SILVER CORP	72,782	$852K	0.4%	$11.28	-5.5%	COM	697900108
—	CAMERON INTERNATIONAL CORP	14,045	$836K	0.4%	$58.89	—	COM	13342B105
IAG	IAMGOLD CORP	240,353	$800K	0.4%	$4.60	-5.8%	COM	450913108
ATI	ALLEGHENY TECHNOLOGIES INC	22,324	$795K	0.4%	$26.04	+18.0%	COM	01741R102
—	BUNGE LTD	9,138	$750K	0.4%	$75.93	—	COM	G16962105
—	BAKER HUGHES INC	13,453	$743K	0.4%	$49.13	—	COM	057224107
—	ANADARKO PETROLEUM CORP	9,241	$733K	0.4%	$92.96	—	COM	032511107
NEM	NEWMONT MINING CORP	30,694	$707K	0.4%	$22.61	-12.7%	COM	651639106
—	NATIONAL OILWELL VARCO INC	8,790	$699K	0.4%	$78.12	—	COM	637071101
—	NOBLE ENERGY INC	10,040	$684K	0.3%	$67.03	—	COM	655044105
KMI	KINDER MORGAN INC DEL	18,771	$676K	0.3%	$20.18	-5.6%	COM	49456B101
DVN	DEVON ENERGY CORP NEW	10,900	$674K	0.3%	$38.16	+7.5%	COM	25179M103
EOG	EOG RESOURCES INC	3,937	$661K	0.3%	$56.38	+10.5%	COM	26875P101
—	INTREPID POTASH INC	41,612	$659K	0.3%	$15.67	—	COM	46121Y102
—	SILVER WHEATON CORP	32,217	$650K	0.3%	$24.78	—	COM	828336107
PKX	POSCO	8,079	$630K	0.3%	$73.65	—	SPON ADR	693483109
GFI	GOLD FIELDS LTD	196,916	$630K	0.3%	$3.46	—	SPON ADR	38059T106
SCCO	SOUTHERN COPPER CORP	21,761	$625K	0.3%	$17.67	-1.4%	COM	84265V105
KGC	KINROSS GOLD CORP	139,659	$612K	0.3%	$5.28	-9.6%	COM NO PAR	496902404
WMB	WILLIAMS COS INC DEL	15,553	$600K	0.3%	$17.72	+3.7%	COM	969457100
—	PIONEER NAT RES CO	3,064	$564K	0.3%	$188.73	—	COM	723787107
RIG	TRANSOCEAN LTD	11,328	$560K	0.3%	$47.28	+3.5%	REG SHS	H8817H100
PBR	PETROLEO BRASILEIRO SA PETRO	40,196	$554K	0.3%	$15.48	—	SPON ADR	71654V408
—	TRANSCANADA CORP	11,334	$516K	0.3%	$43.92	—	COM	89353D107
—	TESORO CORP	8,749	$512K	0.3%	$58.52	—	COM	881609101
EC	ECOPETROL SA	12,876	$495K	0.3%	$38.44	—	SPON ADR	279158109
—	SYNGENTA AG	6,159	$492K	0.2%	$81.28	—	SPON ADR	87160A100
—	SILVER STANDARD RES	69,358	$483K	0.2%	$6.96	—	COM	82823L106
—	ANGLOGOLD ASHANTI	40,532	$475K	0.2%	$13.27	—	SPON ADR	035128206
HP	HELMERICH & PAYNE	5,617	$472K	0.2%	$77.83	0.0%	COM	423452101
—	HOLLYFRONTIER CORP	9,394	$467K	0.2%	$49.71	—	COM	436106108
NGD	NEW GOLD INC CDA	88,091	$462K	0.2%	$5.82	-6.4%	COM	644535106
RGLD	ROYAL GOLD INC	9,999	$461K	0.2%	$47.17	0.0%	COM	780287108
—	JOY GLOBAL INC	7,867	$460K	0.2%	$58.47	—	COM	481165108
—	YAMANA GOLD INC	53,270	$459K	0.2%	$10.40	—	COM	98462Y100
—	AURICO GOLD INC	121,879	$446K	0.2%	$3.66	—	COM	05155C105
CNH	CNH INDL N V	38,951	$442K	0.2%	$7.98	0.0%	SHS	N20944109
SQM	SOCIEDAD QUIMICA MINERA DE C	16,780	$434K	0.2%	$30.27	—	SPON ADR SER B	833635105
—	SOUTHWESTERN ENERGY CO	10,887	$428K	0.2%	$36.43	—	COM	845467109
AG	FIRST MAJESTIC SILVER CORP	40,958	$401K	0.2%	$10.28	0.0%	COM	32076V103
—	ENCANA CORP	22,182	$400K	0.2%	$17.34	—	COM	292505104
—	ARCELORMITTAL SA LUXEMBOURG	20,626	$368K	0.2%	$13.67	—	NY REG SH	03938L104
—	TURQUOISE HILL RES LTD	110,902	$366K	0.2%	$3.52	—	COM	900435108
TECK	TECK RESOURCES LTD	14,026	$365K	0.2%	$25.15	+2.7%	CL B	878742204
—	FMC TECHNOLOGIES INC	6,894	$360K	0.2%	$52.22	—	COM	30249U101
—	ALLIED NEVADA GOLD CORP	100,366	$356K	0.2%	$4.18	—	COM	019344100
—	HESS CORP	4,147	$344K	0.2%	$77.22	—	COM	42809H107
WY	WEYERHAEUSER CO	10,200	$322K	0.2%	$17.63	+6.7%	COM	962166104
—	WEATHERFORD INTL LTD	20,540	$318K	0.2%	$15.34	—	REG SHS	H27013103
—	ENSCO PLC	5,525	$316K	0.2%	$53.76	—	SH CL A	G3157S106
BVN	COMPANIA DE MINAS BUENAVENTU	27,512	$309K	0.2%	$11.70	—	SPON ADR	204448104
PCH	POTLATCH CORP	7,344	$307K	0.2%	$39.62	—	COM	737630103
RS	RELIANCE STEEL & ALUMINUM	3,891	$295K	0.1%	$73.89	0.0%	COM	759509102
—	PLUM CREEK TIMBER CO	6,200	$288K	0.1%	$46.78	—	COM	729251108
NUE	NUCOR CORP	4,796	$256K	0.1%	$34.63	+10.6%	COM	670346105
AEM	AGNICO EAGLE MINES LTD	9,541	$252K	0.1%	$23.06	-5.2%	COM	008474108
CNQ	CANADIAN NATURAL RESOURCES	7,169	$243K	0.1%	$9.21	+4.0%	COM	136385101
GGB	GERDAU SA	30,066	$236K	0.1%	$7.70	—	SPON ADR REP PFD	373737105
—	SESA STERLITE LTD	17,920	$236K	0.1%	$11.27	—	SPON ADR	78413F103
RYN	RAYONIER INC	5,521	$232K	0.1%	$55.71	—	COM	754907103
—	RANDGOLD RES LTD	3,612	$227K	0.1%	$71.34	—	ADR	752344309
—	CLIFFS NATURAL RESOURCES INC	8,032	$211K	0.1%	$26.27	—	COM	18683K101
—	ELDORADO GOLD CORP	36,924	$210K	0.1%	$6.71	—	COM	284902103
—	SPECTRA ENERGY CORP	5,869	$209K	0.1%	$34.25	—	COM	847560109
—	ALCOA INC	15,984	$170K	0.1%	$8.09	—	COM	013817101
CDE	COEUR MINING INC	11,589	$126K	0.1%	$13.66	-17.5%	COM NEW	192108504
HL	HECLA MINING CO	40,881	$126K	0.1%	$3.08	-7.3%	COM	422704106
HMY	HARMONY GOLD MNG	45,426	$115K	0.1%	$3.39	—	SPON ADR	413216300
—	SWEDISH EXPT CR CORP	10,000	$82,000	0.0%	$8.20	—	ROG TTL ETN 22	870297801
—	MECHEL OAO	19,590	$50,000	0.0%	$3.22	—	SPON ADR	583840103
—	COMSTOCK RESOURCES INC	338	$6,000	0.0%	$17.75	—	COM NEW	205768203