Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CF	CF INDUSTRIES HOLDINGS INC	38,496	$10.75M	5.6%	$31.53	+17.5%	COM	125269100
—	MONSANTO CO NEW	69,776	$7.85M	4.1%	$110.91	—	COM	61166W101
AGCO	AGCO CORP	150,044	$6.821M	3.5%	$43.16	-9.2%	COM	001084102
—	POWERSHARES QQQ TRUST	58,500	$5.779M	3.0%	—	—	Put	73935A104
SPY	SPDR S&P 500 ETF TR	25,000	$4.926M	2.6%	—	—	Put	78462F103
HRL	HORMEL FOODS CORP	84,639	$4.35M	2.3%	$18.20	+2.8%	COM	440452100
SQM	SOCIEDAD QUIMICA MINERA DE C	153,645	$4.016M	2.1%	$29.31	—	SPON ADR SER B	833635105
CVX	CHEVRON CORP	32,016	$3.82M	2.0%	$73.54	+6.8%	COM	166764100
—	MARATHON OIL CORP	91,465	$3.438M	1.8%	$36.58	—	COM	565849106
TSN	TYSON FOODS INC	82,205	$3.236M	1.7%	$30.96	-4.3%	CL A	902494103
XOM	EXXON MOBIL CORP	32,940	$3.098M	1.6%	$60.53	+1.6%	COM	30231G102
MOS	MOSAIC CO NEW	65,573	$2.912M	1.5%	$36.66	+2.0%	COM	61945C103
COP	CONOCOPHILLIPS	34,869	$2.668M	1.4%	$46.15	+22.8%	COM	20825C104
OIS	OIL STS INTL INC	42,592	$2.636M	1.4%	$58.19	+7.8%	COM	678026105
—	BARRICK GOLD CORP	176,963	$2.594M	1.3%	$17.53	—	COM	067901108
OII	OCEANEERING INTL	36,945	$2.408M	1.3%	$72.93	-5.3%	COM	675232102
OXY	OCCIDENTAL PETE CORP DEL	23,327	$2.243M	1.2%	$60.71	+12.1%	COM	674599105
INGR	INGREDION INC	28,053	$2.126M	1.1%	$72.37	+7.4%	COM	457187102
SCCO	SOUTHERN COPPER CORP	69,212	$2.052M	1.1%	$19.66	+6.3%	COM	84265V105
HAL	HALLIBURTON CO	30,596	$1.974M	1.0%	$38.88	+42.0%	COM	406216101
VLO	VALERO ENERGY CORP	42,372	$1.961M	1.0%	$30.19	+8.1%	COM	91913Y100
—	CAMERON INTERNATIONAL CORP	28,864	$1.916M	1.0%	$63.19	—	COM	13342B105
SU	SUNCOR ENERGY INC	52,572	$1.901M	1.0%	$26.11	+3.2%	COM	867224107
—	JOY GLOBAL INC	34,417	$1.877M	1.0%	$58.84	—	COM	481165108
—	ENCANA CORP	87,097	$1.847M	1.0%	$21.07	—	COM	292505104
RYN	RAYONIER INC	57,985	$1.806M	0.9%	$33.89	—	COM	754907103
MPC	MARATHON PETE CORP	21,143	$1.79M	0.9%	$27.39	+9.7%	COM	56585A102
VALE	VALE SA	160,457	$1.767M	0.9%	$12.80	—	SPONS ADR	91912E105
—	ANGLOGOLD ASHANTI	146,597	$1.759M	0.9%	$12.89	—	SPONS ADR	035128206
WY	WEYERHAEUSER CO	54,677	$1.742M	0.9%	$19.29	+9.1%	COM	962166104
—	HESS CORP	18,385	$1.734M	0.9%	$91.07	—	COM	42809H107
DVN	DEVON ENERGY CORP NEW	25,265	$1.723M	0.9%	$42.08	+19.5%	COM	25179M103
FMC	FMC CORP	30,027	$1.717M	0.9%	$48.23	-8.0%	COM NEW	302491303
—	SILVER WHEATON CORP	84,044	$1.675M	0.9%	$25.70	—	COM	828336107
PSX	PHILLIPS 66	19,781	$1.608M	0.8%	$41.80	+31.8%	COM	718546104
—	POTASH CORP SASK INC	44,234	$1.529M	0.8%	$31.28	—	COM	73755L107
YPF	YPF S.A.	37,874	$1.401M	0.7%	$33.61	—	SPONS ADR	984245100
—	TOTAL SA-SPON ADR	21,707	$1.399M	0.7%	$65.39	—	COM	89151E109
GFI	GOLD FIELDS LTD NEW	356,464	$1.39M	0.7%	$3.65	—	SPONS ADR	38059T106
—	ELDORADO GOLD CORP	204,718	$1.38M	0.7%	$7.26	—	COM	284902103
PAAS	PAN AMER SILVER CORP	123,693	$1.358M	0.7%	$12.26	+14.7%	COM	697900108
SM	SM ENERGY CO	17,317	$1.351M	0.7%	$70.29	+3.2%	COM	78454L100
MUR	MURPHY OIL CORP	23,378	$1.33M	0.7%	$40.11	+0.9%	COM	626717102
SLB	SCHLUMBERGER LTD	13,067	$1.329M	0.7%	$74.85	+6.2%	COM	806857108
HP	HELMERICH & PAYN	13,519	$1.323M	0.7%	$95.42	+11.4%	COM	423452101
CVE	CENOVUS ENERGY INC	48,658	$1.308M	0.7%	$23.47	+2.7%	COM	15135U109
IMO	IMPERIAL OIL LTD	26,923	$1.271M	0.7%	$38.77	+3.3%	COM NEW	453038408
EOG	EOG RES INC	12,664	$1.254M	0.7%	$70.42	+12.7%	COM	26875P101
RIO	RIO TINTO	25,310	$1.245M	0.6%	$48.75	—	SPONS ADR	767204100
—	HOLLYFRONTIER CO	28,454	$1.243M	0.6%	$47.08	—	COM	436106108
FNV	FRANCO-NEVADA CORP	23,878	$1.168M	0.6%	$45.94	+6.4%	COM	351858105
BP	BP PLC	25,013	$1.099M	0.6%	$42.03	—	SPONS ADR	055622104
RS	RELIANCE STEEL & ALUMINUM CO	15,919	$1.089M	0.6%	$71.52	-0.6%	COM	759509102
EC	ECOPETROL SA	34,703	$1.085M	0.6%	$39.34	—	SPONS ADR	279158109
—	BAKER HUGHES INC	16,218	$1.055M	0.5%	$52.07	—	COM	057224107
RGLD	ROYAL GOLD INC	15,874	$1.031M	0.5%	$56.97	+31.0%	COM	780287108
ADM	ARCHER-DANIELS-MIDLAND CO	20,044	$1.024M	0.5%	$25.66	+37.4%	COM	039483102
—	INTREPID POTASH INC	66,267	$1.024M	0.5%	$16.01	—	COM	46121Y102
—	APACHE CORP	10,853	$1.019M	0.5%	$88.82	—	COM	037411105
TECK	TECK RESOURCES LTD	53,847	$1.019M	0.5%	$22.46	+1.1%	CL B	878742204
—	ROYAL DUTCH SHELL PLC	13,315	$1.014M	0.5%	$65.67	—	SPONS ADR	780259206
BVN	CIA DE MINAS BUENAVENTUR	86,055	$997K	0.5%	$11.69	—	SPONS ADR	204448104
FCX	FREEPORT-MCMORAN COPPER	29,300	$957K	0.5%	$26.90	+17.6%	CL B	35671D857
—	ANADARKO PETROLEUM CORP	9,343	$948K	0.5%	$97.82	—	COM	032511107
—	AGRIUM INC	10,140	$902K	0.5%	$84.04	—	COM	008916108
PKX	POSCO	11,706	$888K	0.5%	$73.88	—	SPONS ADR	693483109
KGC	KINROSS GOLD CORP	268,478	$886K	0.5%	$4.83	-18.8%	COM NO PAR	496902404
CENX	CENTURY ALUMINUM	32,820	$852K	0.4%	$14.18	+55.4%	COM	156431108
—	TESORO CORP	13,886	$847K	0.4%	$59.51	—	COM	881609101
NGD	NEW GOLD CDA	161,277	$814K	0.4%	$5.80	+5.9%	COM	644535106
—	SANDERSON FARMS INC	9,105	$801K	0.4%	$93.03	—	COM	800013104
E	ENI SPA	16,770	$792K	0.4%	$45.57	—	SPONS ADR	26874R108
—	AQUA AMERICA INC	33,491	$788K	0.4%	$25.83	—	COM	03836W103
ANDE	ANDERSONS INC/THE	12,400	$780K	0.4%	$43.45	+11.0%	COM	034164103
—	BUNGE LTD	9,138	$770K	0.4%	$75.93	—	COM	G16962105
—	GOLDCORP INC	32,727	$754K	0.4%	$24.27	—	COM	380956409
KMI	KINDER MORGAN INC DEL	18,771	$720K	0.4%	$20.18	+6.2%	COM	49456B101
SBS	CIA SANEAMENTO BASICO DE	88,345	$716K	0.4%	$10.19	—	SPONS ADR	20441A102
—	FMC TECHNOLOGIES	13,157	$715K	0.4%	$54.84	—	COM	30249U101
—	ISRAEL CHEMICALS LTD	98,061	$706K	0.4%	$7.20	—	SHS	M5920A109
—	NATIONAL OILWELL VARCO INC	9,026	$687K	0.4%	$78.23	—	COM	637071101
DE	DEERE & CO	8,346	$684K	0.4%	$65.96	+5.2%	COM	244199105
—	TURQUOISE HILL RESOURCES	181,884	$680K	0.4%	$3.34	—	COM	900435108
—	CON RESOURCES INC	10,131	$674K	0.4%	$130.44	—	COM	212015101
—	YAMANA GOLD INC	111,250	$667K	0.3%	$9.18	—	COM	98462Y100
BHP	BHP BILLITON LTD	11,197	$659K	0.3%	$58.86	—	SPONS ADR	088606108
GGB	GERDAU SA	136,977	$657K	0.3%	$5.72	—	SPON ADR REP PFD	373737105
—	MARINE HARVEST ASA	44,847	$627K	0.3%	$13.87	—	SPONS ADR	56824R205
—	ENSCO PLC-ADR	15,089	$623K	0.3%	$54.70	—	SH CL A	G3157S106
—	PIONEER NAT RES	3,128	$616K	0.3%	$190.29	—	COM	723787107
NEM	NEWMONT MINING CORP	26,595	$613K	0.3%	$22.61	-12.1%	COM	651639106
—	SUPERIOR ENERGY	18,559	$610K	0.3%	$36.16	—	COM	868157108
RIG	TRANSOCEAN LTD	18,843	$602K	0.3%	$44.50	-12.1%	COM	H8817H100
—	AURICO GOLD INC	170,499	$595K	0.3%	$3.83	—	COM	05155C105
CMC	COMMERCIAL METAL	34,544	$590K	0.3%	$14.46	-4.8%	COM	201723103
—	TRANSCANADA CORP	11,334	$583K	0.3%	$47.73	—	COM	89353D107
PBR	PETROLEO BRASILEIRO	41,076	$583K	0.3%	$15.45	—	SP ADR NON VTG	71654V408
—	STILLWATER MINING CO	38,315	$576K	0.3%	$16.39	—	COM	86074Q102
LNN	LINDSAY CORP	7,658	$572K	0.3%	$72.88	-6.0%	COM	535555106
WOR	WORTHINGTON INDUSTRIES	15,294	$569K	0.3%	$24.20	+2.7%	COM	981811102
—	SOUTHWESTERN ENERGY CO	16,234	$567K	0.3%	$45.46	—	COM	845467109
SXC	SUNCOKE ENERGY INC	25,073	$563K	0.3%	$21.01	+10.0%	COM	86722A103
—	DRIL-QUIP INC	6,158	$551K	0.3%	$109.29	—	COM	262037104
—	SILVER STD RESOURCES	88,968	$543K	0.3%	$8.66	—	COM	82823L106
—	ENERGEN CORP	7,409	$535K	0.3%	$72.21	—	COM	29265N108
—	PETROCHINA CO LTD	4,087	$525K	0.3%	$125.82	—	SPONS ADR	71646E100
—	ALLIED NEVADA GOLD CORP	156,153	$517K	0.3%	$4.02	—	COM	019344100
—	CORE LABS NV	3,475	$509K	0.3%	$167.19	—	COM	N22717107
EQT	EQT CORP	5,525	$506K	0.3%	$52.61	-7.6%	COM	26884L109
—	NEWFIELD EXPL CO	13,607	$504K	0.3%	$44.17	—	COM	651290108
PPC	PILGRIMS PRIDE CORP NEW	15,869	$485K	0.3%	$20.91	+44.4%	COM	72147K108
NVRI	HARSCO CORP	22,365	$479K	0.2%	$25.57	-3.1%	COM	415864107
PCH	POTLATCH CORP	11,590	$466K	0.2%	$40.28	—	COM	737630103
CNH	CNH INDUSTRIAL NV	57,480	$456K	0.2%	$7.42	-16.0%	COM	N20944109
—	WEATHERFORD INTL LTD	21,778	$453K	0.2%	$20.80	—	ORD SHS	G48833100
AG	FIRST MAJESTIC SILVER CORP	57,705	$450K	0.2%	$10.01	-2.5%	COM	32076V103
CRS	CARPENTER TECHNOLOGY	9,882	$446K	0.2%	$51.76	-12.9%	COM	144285103
—	ALAMOS GOLD INC	55,623	$443K	0.2%	$10.10	—	COM	011527108
—	ROSETTA RESOURCES	9,950	$443K	0.2%	$54.81	—	COM	777779307
—	RANDGOLD RES LTD	6,453	$436K	0.2%	$77.39	—	ADR	752344309
—	CHESAPEAKE ENERGY CORP	18,970	$436K	0.2%	$24.48	—	COM	165167107
WMB	WILLIAMS COS INC	7,776	$430K	0.2%	$24.17	+25.1%	COM	969457100
EPD	ENTERPRISE PRODUCTS PARTNERS	10,676	$430K	0.2%	$56.84	—	COM	293792107
HMY	HARMONY GOLD	198,288	$428K	0.2%	$3.07	—	SPONS ADR	413216300
AEM	AGNICO-EAGLE MINES LTD	14,712	$427K	0.2%	$25.28	+21.1%	COM	008474108
—	EP ENERGY CORP	24,149	$422K	0.2%	$23.07	—	CL A	268785102
EXK	ENDEAVOUR SILVER CORP	95,901	$419K	0.2%	$4.46	+23.0%	COM	29258Y103
—	NABORS INDS LTD	18,409	$419K	0.2%	$29.39	—	SHS	G6359F103
ATI	ALLEGHENY TECHNOLOGIES INC	11,080	$411K	0.2%	$26.04	+53.3%	COM	01741R102
NUE	NUCOR CORP	7,510	$408K	0.2%	$36.67	+9.1%	COM	670346105
—	ARCELORMITTAL SA LUXEMBOURG	27,514	$377K	0.2%	$13.68	—	NY REGISTRY SH	03938L104
—	CRESCENT POINT ENERGY CORP	10,032	$362K	0.2%	$44.26	—	COM	22576C101
HL	HECLA MINING CO	144,795	$359K	0.2%	$2.98	-0.3%	COM	422704106
—	NOBLE ENERGY INC	5,082	$347K	0.2%	$67.03	—	COM	655044105
—	ATWOOD OCEANICS	7,743	$338K	0.2%	$52.43	—	COM	050095108
—	BONANZA CREEK ENERGY INC	5,932	$338K	0.2%	$56.98	—	SPONS ADR	097793103
CDE	COEUR MNG INC	66,441	$330K	0.2%	$8.84	-13.0%	COM NEW	192108504
—	DRESSER-RAND GROUP	3,982	$328K	0.2%	$63.71	—	COM	261608103
—	ALCOA INC	19,964	$321K	0.2%	$9.45	—	COM	013817101
—	SESA STERLITE	17,920	$309K	0.2%	$19.36	—	SPONS ADR	78413F103
BTG	B2GOLD CORP	151,852	$309K	0.2%	$2.17	-7.3%	COM	11777Q209
—	MCEWEN MINING INC	149,243	$293K	0.2%	$2.88	—	COM	58039P107
—	PLUM CREEK TIMBER CO	7,383	$288K	0.1%	$46.52	—	COM	729251108
—	WALTER ENERGY	122,177	$286K	0.1%	$5.45	—	COM	93317Q105
IAG	IAMGOLD CORP	103,360	$285K	0.1%	$4.60	-19.8%	COM	450913108
—	BHP BILLITON	5,115	$284K	0.1%	$58.84	—	SPONS ADR	05545E209
CNQ	CANADIAN NATURAL RESOURCES	7,169	$278K	0.1%	$9.91	+30.4%	COM	136385101
CCJ	CAMECO CORP	15,671	$277K	0.1%	$18.35	-5.6%	COM	13321L108
—	SYNGENTA AG	4,328	$274K	0.1%	$80.15	—	COM	87160A100
DAR	DARLING INTERNATIONAL INC	14,713	$270K	0.1%	$20.10	-3.8%	COM	237266101
—	WHITING PETROLEU	3,381	$262K	0.1%	$80.16	—	COM	966387102
PTEN	PATTERSON UTI ENERGY INC	7,896	$257K	0.1%	$32.83	+3.4%	COM	703481101
—	C&J ENERGY SERVICES INC	8,356	$255K	0.1%	$33.75	—	COM	12467B304
AWR	AMERICAN STS WATER CO	8,325	$253K	0.1%	$24.50	+2.5%	COM	029899101
RYAM	RAYONIER ADVANCED MATLS INC	7,451	$245K	0.1%	$35.09	0.0%	COM	75508B104
—	KINDER MORGAN ENERGY PARTNER	2,628	$245K	0.1%	$82.19	—	UT LTD PARTNER	494550106
—	NOBLE CORP PLC	10,838	$241K	0.1%	$33.54	—	SHS USD	G65431101
—	PRECISION DRILLING CORP	21,613	$233K	0.1%	$14.16	—	COM 2010	74022D308
—	SPECTRA ENERG	5,869	$230K	0.1%	$42.43	—	COM	847560109
—	LAREDO PETROLEUM INC	9,711	$218K	0.1%	$31.00	—	COM	516806106
—	ENERPLUS CORP	11,427	$217K	0.1%	$25.19	—	COM	292766102
—	CALGON CARBON CORP	10,613	$206K	0.1%	$19.41	—	COM	129603106
—	TRIANGLE PETROLEUM CORP	18,535	$204K	0.1%	$11.76	—	COM	89600B201
RES	RPC INC	9,237	$203K	0.1%	$18.59	+2.6%	COM	749660106
—	CHIQUITA BRANDS INTL	14,050	$200K	0.1%	$10.96	—	COM	170032809
HBM	HUDBAY MINERALS INC	21,712	$185K	0.1%	$8.76	+14.1%	COM	443628102
—	PENGROWTH ENERGY CORP	34,692	$180K	0.1%	$7.18	—	COM	70706P104
AVD	AMERICAN VANGAURD	15,644	$175K	0.1%	$17.01	-28.0%	COM	030371108
—	SURGUTNEFTEGAS	25,516	$170K	0.1%	$6.66	—	SPONS ADR	868861204
—	CIVEO CORP	14,255	$166K	0.1%	$25.04	—	COM	178787107
NPKI	NEWPARK RESOURCES INC	12,316	$153K	0.1%	$11.66	+5.7%	COM PAR $.01NEW	651718504
—	SANDRIDGE ENERGY	33,381	$143K	0.1%	$7.16	—	COM	80007P307
WTI	W&T OFFSHORE	12,682	$140K	0.1%	$16.50	-15.0%	COM	92922P106
SID	COMPANHIA SIDERURGICA NACION	37,339	$133K	0.1%	$4.26	—	SPONS ADR	20440W105
—	PEABODY ENERGY CORP	10,180	$126K	0.1%	$16.31	—	COM	704549104
—	KOSMOS ENERGY LTD	12,529	$125K	0.1%	$11.25	—	SHS	G5315B107
—	PRIMERO MINING CORP	25,400	$124K	0.1%	$4.88	—	COM	74164W106
—	GRAN TIERRA ENERGY INC	21,858	$121K	0.1%	$8.10	—	COM	38500T101
YZCAY	YANZHOU COAL MINING CO	122,000	$100K	0.1%	$0.75	—	COM	984846105
—	KEY ENERGY SERV	18,474	$89,000	0.0%	$9.15	—	COM	492914106
—	SWEDISH EXPT CR CORP	10,000	$75,000	0.0%	$8.20	—	ROG TTL ETN 22	870297801
—	HERCULES OFFSHORE INC	31,491	$69,000	0.0%	$4.03	—	COM	427093109