Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	110,000	$21.53M	10.3%	—	—	Put	78462F103
CF	CF INDS HLDGS INC	40,058	$9.635M	4.6%	$31.53	+12.7%	COM	125269100
—	MONSANTO CO NEW	66,251	$8.264M	3.9%	$110.82	—	COM	61166W101
AGCO	AGCO CORP	139,619	$7.849M	3.7%	$43.46	+0.3%	COM	001084102
SQM	SOCIEDAD QUIMICA MINERA DE C	158,641	$4.65M	2.2%	$29.31	—	SPON ADR SER B	833635105
HRL	HORMEL FOODS CORP	86,412	$4.264M	2.0%	$18.20	+1.4%	COM	440452100
CVX	CHEVRON CORP	32,016	$4.18M	2.0%	$73.54	+3.2%	COM	166764100
—	MARATHON OIL CORP	94,544	$3.774M	1.8%	$36.58	—	COM	565849106
MOS	MOSAIC CO NEW	74,315	$3.675M	1.8%	$36.66	+6.4%	COM	61945C103
TSN	TYSON FOODS INC	90,494	$3.397M	1.6%	$30.96	0.0%	CL A	902494103
XOM	EXXON MOBIL CORP	32,940	$3.316M	1.6%	$60.53	+2.2%	COM	30231G102
COP	CONOCOPHILLIPS	36,578	$3.136M	1.5%	$46.15	+15.6%	COM	20825C104
OII	OCEANEERING INTL	36,982	$2.889M	1.4%	$72.93	+0.6%	COM	675232102
OIS	OIL STS INTL INC	44,800	$2.871M	1.4%	$58.19	+1.1%	COM	678026105
—	BARRICK GOLD CORP	140,914	$2.579M	1.2%	$18.26	—	COM	067901108
WY	WEYERHAEUSER CO	75,052	$2.483M	1.2%	$19.29	0.0%	COM	962166104
OXY	OCCIDENTAL PETE CORP DEL NEW	23,327	$2.394M	1.1%	$60.71	+9.0%	COM	674599105
HAL	HALLIBURTON CO	32,206	$2.287M	1.1%	$38.88	+32.4%	COM	406216101
—	SILVER WHEATON CORP	79,445	$2.087M	1.0%	$26.03	—	COM	828336107
DVN	DEVON ENERGY CORP NEW	25,265	$2.006M	1.0%	$42.08	+16.5%	COM	25179M103
SU	SUNCOR ENERGY INC NEW	46,772	$1.994M	1.0%	$26.00	0.0%	COM	867224107
VLO	VALERO ENERGY CORP	38,156	$1.912M	0.9%	$29.92	+18.6%	COM	91913Y100
—	HESS CORP	18,385	$1.818M	0.9%	$91.07	—	COM	42809H107
MUR	MURPHY OIL CORP	26,621	$1.77M	0.8%	$40.11	+1.7%	COM	626717102
VALE	VALE SA	129,801	$1.717M	0.8%	$13.23	—	ADR	91912E105
—	POTASH CORP OF SASK INC	44,234	$1.679M	0.8%	$31.28	—	COM	73755L107
—	CAMERON INTERNATIONAL CORP	24,514	$1.66M	0.8%	$62.62	—	COM	13342B105
MPC	MARATHON PETROLE	21,143	$1.651M	0.8%	$27.39	+13.8%	COM	56585A102
PSX	PHILLIPS 66	19,781	$1.591M	0.8%	$41.80	+29.7%	COM	718546104
SCCO	SOUTHERN COPPER CORP	51,692	$1.57M	0.7%	$19.24	0.0%	COM	84265V105
SLB	SCHLUMBERGER LTD	13,067	$1.541M	0.7%	$74.85	0.0%	COM	806857108
PAAS	PAN AMER SILVER	98,176	$1.507M	0.7%	$11.79	+12.4%	COM	697900108
—	JOY GLOBAL INC	24,474	$1.507M	0.7%	$60.59	—	COM	481165108
EOG	EOG RESOURCES	12,664	$1.48M	0.7%	$70.42	+8.9%	COM	26875P101
—	ENCANA CORP	61,378	$1.455M	0.7%	$21.01	—	COM	292505104
—	ANADARKO PETE CORP	13,182	$1.443M	0.7%	$97.82	—	COM	032511107
RIO	RIO TINTO PLC	25,251	$1.371M	0.7%	$48.75	—	SPONS ADR	767204100
ADM	ARCHER DANIELS MIDLAND CO	30,390	$1.341M	0.6%	$25.66	+23.2%	COM	039483102
—	TOTAL SA	18,364	$1.326M	0.6%	$65.56	—	SPON ADR	89151E109
BP	BP PLC	25,013	$1.319M	0.6%	$42.03	—	SPONS ADR	055622104
—	APACHE CORP	13,094	$1.318M	0.6%	$88.82	—	COM	037411105
RYN	RAYONIER INC	36,092	$1.283M	0.6%	$35.55	—	COM	754907103
FMC	FMC CORP	17,766	$1.265M	0.6%	$50.90	0.0%	COM NEW	302491303
EC	ECOPETROL SA	34,703	$1.251M	0.6%	$39.34	—	SPONS ADR	279158109
CVE	CENOVUS ENERGY INC	38,558	$1.249M	0.6%	$23.30	0.0%	COM	15135U109
AEM	AGNICO EAGLE MINES LTD	32,589	$1.248M	0.6%	$25.28	+3.6%	COM	008474108
—	CONTL RES INC/OK	7,838	$1.239M	0.6%	$149.14	—	COM	212015101
—	ELDORADO GOLD CORP NEW	158,355	$1.21M	0.6%	$7.41	—	COM	284902103
—	HOLLYFRONTIER CO	27,163	$1.187M	0.6%	$47.24	—	COM	436106108
HP	HELMERICH & PAYNE	9,627	$1.118M	0.5%	$91.04	+20.3%	COM	423452101
—	ROYAL DUTCH SHELL PLC	13,315	$1.097M	0.5%	$65.67	—	SPONS ADR	780259206
FCX	FREEPORT-MCMORAN COPPER	29,300	$1.069M	0.5%	$26.90	+9.9%	COM	35671D857
TECK	TECK RESOURCES LTD	46,847	$1.069M	0.5%	$22.42	0.0%	CLS B	878742204
—	INTREPID POTASH INC	62,811	$1.053M	0.5%	$16.04	—	COM	46121Y102
IMO	IMPERIAL OIL LTD	19,623	$1.034M	0.5%	$38.30	0.0%	COM NEW	453038408
—	BAKER HUGHES INC	13,836	$1.03M	0.5%	$49.83	—	COM	057224107
—	YAMANA GOLD INC	122,189	$1.005M	0.5%	$9.18	—	COM	98462Y100
—	ENSCO PLC	17,877	$993K	0.5%	$54.70	—	SH CLS A	G3157S106
YPF	YPF SOCIEDAD ANONIMA	29,573	$966K	0.5%	$32.66	—	SPONS ADR CL D	984245100
—	ANGLOGOLD ASHANTI LTD.	55,610	$957K	0.5%	$14.34	—	SPONS ADR	035128206
—	AGRIUM INC	10,140	$929K	0.4%	$84.04	—	COM	008916108
E	ENI SPA	16,770	$921K	0.4%	$45.57	—	SPONS ADR	26874R108
—	GOLDCORP INC	32,727	$913K	0.4%	$24.27	—	COM	380956409
KGC	KINROSS GOLD CORP	220,224	$912K	0.4%	$5.03	-19.2%	COM NO PAR	496902404
INGR	INGREDION INC	12,087	$907K	0.4%	$65.29	+11.4%	COM	457187102
PKX	POSCO	11,706	$871K	0.4%	$73.88	—	SPONS ADR	693483109
—	SUPERIOR ENERGY SVCS	22,485	$813K	0.4%	$36.16	—	COM	868157108
RGLD	ROYAL GOLD INC	10,609	$808K	0.4%	$48.21	+37.1%	COM	780287108
NGD	NEW GOLD INC CDA	123,543	$787K	0.4%	$5.70	-5.4%	COM	644535106
GFI	GOLD FIELDS LTD NEW	211,560	$787K	0.4%	$3.48	—	SPONS ADR	38059T106
—	SILVER STD RES INC	88,551	$767K	0.4%	$8.66	—	COM	82823L106
DE	DEERE & CO	8,346	$756K	0.4%	$65.96	+12.4%	COM	244199105
—	AQUA AMERICA INC	28,808	$755K	0.4%	$26.21	—	COM	03836W103
SBS	CIA SANEAMENTO BASICO DE	70,313	$754K	0.4%	$10.72	—	SPONS ADR	20441A102
SM	SM ENERGY CO	8,860	$745K	0.4%	$68.14	0.0%	COM	78454L100
—	NATIONAL OILWELL VARCO INC	9,026	$743K	0.4%	$78.23	—	COM	637071101
—	SOUTHWESTERN ENERGY CO	16,234	$738K	0.4%	$45.46	—	COM	845467109
—	AURICO GOLD INC	170,499	$726K	0.3%	$3.83	—	COM	05155C105
—	PIONEER NAT RES CO NEW	3,128	$719K	0.3%	$190.29	—	COM	723787107
—	BUNGE LTD	9,138	$691K	0.3%	$75.93	—	COM	G16962105
PPC	PILGRIMS PRIDE CORP NEW	24,985	$684K	0.3%	$20.91	+13.6%	COM	72147K108
KMI	KINDER MORGAN IN	18,771	$681K	0.3%	$20.18	-6.8%	COM	49456B101
NEM	NEWMONT MINING CORP	26,595	$677K	0.3%	$22.61	-17.0%	COM	651639106
—	DRIL-QUIP INC	6,158	$673K	0.3%	$109.29	—	COM	262037104
—	WALTER ENERGY	122,177	$666K	0.3%	$5.45	—	COM	93317Q105
RS	RELIANCE STEEL	8,972	$661K	0.3%	$71.87	0.0%	COM	759509102
WOR	WORTHINGTON INDS INC	15,294	$658K	0.3%	$24.20	0.0%	COM	981811102
FNV	FRANCO-NEVADA CORP	11,334	$650K	0.3%	$42.70	0.0%	COM	351858105
ANDE	ANDERSONS INC	12,400	$640K	0.3%	$43.45	0.0%	COM	034164103
RIG	TRANSOCEAN LTD	13,923	$627K	0.3%	$46.40	-8.3%	REG SHS	H8817H100
CRS	CARPENTER TECHNOLOGY	9,882	$625K	0.3%	$51.76	0.0%	COM	144285103
AG	FIRST MAJESTIC SILVER CORP	57,705	$624K	0.3%	$10.01	-6.5%	COM	32076V103
—	FMC TECHNOLOGIES	10,057	$614K	0.3%	$55.00	—	COM	30249U101
—	TURQUOISE HILL RES LTD	181,884	$607K	0.3%	$3.34	—	COM	900435108
PBR	PETROLEO BRASILEIRO S.A.	41,242	$603K	0.3%	$15.45	—	SPONS ADR	71654V408
—	NEWFIELD EXPL CO	13,607	$601K	0.3%	$44.17	—	COM	651290108
CMC	COMMERCIAL METAL	34,703	$601K	0.3%	$14.46	0.0%	COM	201723103
NVRI	HARSCO CORP	22,365	$596K	0.3%	$25.57	0.0%	COM	415864107
EQT	EQT CORP	5,525	$591K	0.3%	$52.61	0.0%	COM	26884L109
HMY	HARMONY GOLD MNG LTD	198,288	$589K	0.3%	$3.07	—	SPONS ADR	413216300
—	ALLIED NEVADA GOLD CORP	156,153	$587K	0.3%	$4.02	—	COM	019344100
—	CORE LABS NV	3,475	$581K	0.3%	$167.19	—	COM	N22717107
BVN	CIA DE MINAS BUENAVENTUR	48,851	$577K	0.3%	$11.77	—	SPONS ADR	204448104
—	ALAMOS GOLD INC	55,623	$562K	0.3%	$10.10	—	COM	011527108
—	EP ENERGY CORP	24,149	$557K	0.3%	$23.07	—	CL A	268785102
—	RANDGOLD RES LTD	6,500	$550K	0.3%	$77.39	—	ADR	752344309
—	ROSETTA RESOURCES	9,999	$548K	0.3%	$54.81	—	COM	777779307
—	NOBLE CORP	16,338	$548K	0.3%	$33.54	—	SHS USD	G65431101
—	TRANSCANADA CORP	11,334	$541K	0.3%	$47.73	—	COM	89353D107
—	NABORS INDS LTD	18,409	$541K	0.3%	$29.39	—	SHS	G6359F103
SXC	SUNCOKE ENERGY INC	25,073	$539K	0.3%	$21.01	0.0%	COM	86722A103
EXK	ENDEAVOUR SILVER CORP	95,901	$524K	0.2%	$4.46	0.0%	COM	29258Y103
LNN	LINDSAY CORP	6,163	$521K	0.2%	$73.94	+1.1%	COM	535555106
CENX	CENTURY ALUMINUM	32,820	$515K	0.2%	$14.18	0.0%	COM	156431108
—	TESORO CORP	8,749	$513K	0.2%	$58.64	—	COM	881609101
—	WEATHERFORD INTL LTD	21,778	$501K	0.2%	$23.00	—	REG SHS	H27013103
ATI	ALLEGHENY TECHNOLOGIES INC	11,080	$500K	0.2%	$26.04	+48.5%	COM	01741R102
—	SANDERSON FARMS INC	5,012	$487K	0.2%	$97.17	—	COM	800013104
PCH	POTLATCH CORP	11,590	$480K	0.2%	$40.28	—	COM	737630103
DAR	DARLING INGREDIENTS INC	22,121	$462K	0.2%	$20.10	+0.3%	COM	237266101
WMB	WILLIAMS COS INC DEL	7,776	$453K	0.2%	$24.17	0.0%	COM	969457100
—	PETROCHINA CO LTD	3,548	$445K	0.2%	$125.42	—	SPONS ADR	71646E100
—	CRESCENT POINT ENERGY CORP	10,032	$444K	0.2%	$44.26	—	COM	22576C101
BTG	B2GOLD CORP	151,852	$442K	0.2%	$2.17	0.0%	COM	11777Q209
IAG	IAMGOLD CORP	106,416	$438K	0.2%	$4.60	-22.7%	COM	450913108
—	MCEWEN MINING INC	149,243	$430K	0.2%	$2.88	—	COM	58039P107
CNQ	CANADIAN NAT RES LTD	9,135	$419K	0.2%	$9.91	+25.8%	COM	136385101
EPD	ENTERPRISE PRODUCTS PARTNERS	5,338	$418K	0.2%	$73.40	—	COM	293792107
PTEN	PATTERSON UTI ENERGY	11,706	$409K	0.2%	$32.83	0.0%	COM	703481101
—	ATWOOD OCEANICS	7,743	$406K	0.2%	$52.43	—	COM	050095108
—	ENERGY XXI BERMUDA	16,980	$401K	0.2%	$23.62	—	USD UNRS SHS	G10082900
CNH	CNH INDUSTRIAL NV	38,951	$398K	0.2%	$7.98	-3.1%	SHS	N20944109
GGB	GERDAU SA	67,490	$398K	0.2%	$6.67	—	SPONS ADR REP PFD	373737105
—	NOBLE ENERGY INC	5,082	$394K	0.2%	$67.03	—	COM	655044105
—	DRESSER RAND GROUP	5,823	$371K	0.2%	$63.71	—	COM	261608103
—	STILLWATER MINING CO	20,812	$365K	0.2%	$17.54	—	COM	86074Q102
—	CIVEO CORP	14,255	$357K	0.2%	$25.04	—	COM	178787107
SID	COMPANHIA SIDERURGICA NACION	82,004	$349K	0.2%	$4.26	—	SPONS ADR	20440W105
—	SESA STERLITE LTD	17,920	$347K	0.2%	$19.36	—	SPONS ADR	78413F103
HL	HECLA MINING CO	99,637	$344K	0.2%	$2.98	-2.4%	COM	422704106
—	DIAMOND OFFSHORE DRILLING	6,909	$343K	0.2%	$49.65	—	COM	25271C102
—	BHP BILLITON	5,115	$334K	0.2%	$58.84	—	SPONS ADR	05545E209
—	PLUM CREEK TIMBER CO	7,383	$333K	0.2%	$46.52	—	COM	729251108
—	SYNGENTA AG	4,328	$324K	0.2%	$80.15	—	SPONS ADR	87160A100
—	PRECISION DRILLING CORP	21,888	$310K	0.1%	$14.16	—	COM 2010	74022D308
—	ARCELORMITTAL SA LUXEMBOURG	20,626	$308K	0.1%	$13.67	—	NY REG SH	03938L104
CCJ	CAMECO CORP	15,671	$307K	0.1%	$18.35	0.0%	COM	13321L108
—	CHESAPEAKE ENERGY CORP	9,836	$306K	0.1%	$25.87	—	COM	165167107
—	LAREDO PETROLEUM INC	9,711	$301K	0.1%	$31.00	—	COM	516806106
—	ALCOA INC	19,964	$297K	0.1%	$9.45	—	COM	013817101
—	ENERPLUS CORP	11,554	$291K	0.1%	$25.19	—	COM	292766102
—	C&J ENERGY SERVICES INC	8,444	$285K	0.1%	$33.75	—	COM	12467B304
—	WHITING PETE CORP NEW	3,418	$274K	0.1%	$80.16	—	COM	966387102
—	STONE ENERGY CORP	5,701	$267K	0.1%	$46.83	—	COM	861642106
—	EXTERRAN HOLDING	5,548	$250K	0.1%	$45.06	—	COM	30225X103
—	SPECTRA ENERGY CORP	5,869	$249K	0.1%	$42.43	—	COM	847560109
—	PENGROWTH ENERGY CORP	34,692	$249K	0.1%	$7.18	—	COM	70706P104
—	SEADRILL LTD	5,978	$239K	0.1%	$39.98	—	SHS	G7945E105
—	SANDRIDGE ENERGY	33,381	$239K	0.1%	$7.16	—	COM	80007P307
NUE	NUCOR CORP	4,675	$230K	0.1%	$34.63	+11.6%	COM	670346105
—	SANCHEZ ENERGY CORP	6,036	$227K	0.1%	$37.61	—	COM	79970Y105
—	BRISTOW GROUP IN	2,774	$224K	0.1%	$80.75	—	COM	110394103
—	MARINE HARVEST ASA	16,166	$221K	0.1%	$13.67	—	SPONS ADR	56824R205
MTDR	MATADOR RES CO	7,469	$219K	0.1%	$26.41	0.0%	COM	576485205
—	TRIANGLE PETE CORP NEW	18,535	$218K	0.1%	$11.76	—	COM NEW	89600B201
RES	RPC INC	9,237	$217K	0.1%	$18.59	0.0%	COM	749660106
—	KINDER MORGAN ENERGY PRTNRS	2,628	$216K	0.1%	$82.19	—	UT LTD PTNR	494550106
CDE	COEUR MNG INC	23,417	$215K	0.1%	$10.95	-25.0%	COM NEW	192108504
HLX	HELIX ENERGY SOLUTIONS GRP I	7,987	$210K	0.1%	$23.79	0.0%	COM	42330P107
—	BREITBURN ENERGY PARTNERS LP	9,511	$210K	0.1%	$22.08	—	COM UT LTD PTN	106776107
—	BASIC ENERGY SERVICES INC	7,164	$209K	0.1%	$29.17	—	COM	06985P100
AWR	AMERICAN STS WATER CO	6,285	$209K	0.1%	$24.30	0.0%	COM	029899101
WTI	W&T OFFSHORE	12,682	$208K	0.1%	$16.50	0.0%	COM	92922P106
—	NORTHERN OIL & GAS INC NEV	12,743	$208K	0.1%	$16.32	—	COM	665531109
HBM	HUDBAY MINERALS INC	21,712	$201K	0.1%	$8.76	0.0%	COM	443628102
—	GRAN TIERRA ENERGY INC	21,858	$177K	0.1%	$8.10	—	COM	38500T101
—	SWIFT ENERGY	13,566	$176K	0.1%	$12.97	—	COM	870738101
—	BELLATRIX EXPLORATION LTD	19,645	$170K	0.1%	$8.65	—	COM	078314101
—	KEY ENERGY SERVS INC	18,474	$169K	0.1%	$9.15	—	COM	492914106
—	PEABODY ENERGY CORP	10,180	$166K	0.1%	$16.31	—	COM	704549104
NPKI	NEWPARK RES INC	12,316	$153K	0.1%	$11.66	0.0%	COM PAR $.01NEW	651718504
AVD	AMERICAN VANGAURD	11,392	$151K	0.1%	$18.79	-17.4%	COM	030371108
—	CHIQUITA BRANDS INTL	13,695	$149K	0.1%	$10.88	—	COM	170032809
TTI	TETRA TECH INC DEL	12,529	$148K	0.1%	$12.02	0.0%	COM	88162F105
—	KOSMOS ENERGY LTD	12,529	$141K	0.1%	$11.25	—	SHS	G5315B107
—	HERCULES OFFSHORE INC	31,491	$127K	0.1%	$4.03	—	COM	427093109
YZCAY	YANZHOU COAL MINING CO	122,000	$92,000	0.0%	$0.75	—	SPONS ADR H SHS	984846105
—	SWEDISH EXPT CR CORP	10,000	$86,000	0.0%	$8.20	—	ROG TTL ETN 22	870297801