Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CF	CF INDS HLDGS INC	29,634	$8.076M	6.0%	$31.53	+22.8%	COM	125269100
—	MONSANTO CO NEW	50,637	$6.05M	4.5%	$110.91	—	COM	61166W101
AGCO	AGCO CORP	115,481	$5.22M	3.9%	$43.16	-18.7%	COM	001084102
—	SANDERSON FARMS INC	61,124	$5.136M	3.8%	$85.37	—	COM	800013104
MOS	MOSAIC CO NEW	94,830	$4.329M	3.2%	$36.29	-2.3%	COM	61945C103
HRL	HORMEL FOODS CORP	82,740	$4.311M	3.2%	$18.20	+11.5%	COM	440452100
BHP	BHP BILLITON LTD	110,492	$3.043M	2.3%	$30.71	—	SPONS ADR	088606108
SCCO	SOUTHERN COPPER CORP	74,641	$2.105M	1.6%	$19.61	-3.2%	COM	84265V105
RIO	RIO TINTO PLC	45,265	$2.085M	1.6%	$47.57	—	SPONS ADR	767204100
VALE	VALE SA	244,904	$2.003M	1.5%	$11.21	—	SPONS ADR	91912E105
FMC	FMC CORP	33,802	$1.928M	1.4%	$47.10	-19.0%	COM NEW	302491303
—	JOY GLOBAL INC	41,306	$1.922M	1.4%	$56.79	—	COM	481165108
HP	HELMERICH & PAYNE INC	25,837	$1.742M	1.3%	$87.07	-10.5%	COM	423452101
—	STATOIL ASA	98,757	$1.733M	1.3%	$17.55	—	SPONS ADR	85771P102
—	CNOOC LTD	12,631	$1.711M	1.3%	$135.46	—	SPONS ADR	126132109
RYN	RAYONIER INC	61,157	$1.709M	1.3%	$33.58	—	COM	754907103
—	MARATHON OIL CORP	59,515	$1.684M	1.3%	$36.58	—	COM	565849106
SU	SUNCOR ENERGY INC NEW	50,472	$1.605M	1.2%	$26.11	-14.4%	COM	867224107
OII	OCEANEERING INTL INC	26,046	$1.532M	1.1%	$72.93	-11.9%	COM	675232102
RS	RELIANCE STEEL & ALUM CO	24,597	$1.507M	1.1%	$68.67	-7.6%	COM	759509102
VLO	VALERO ENERGY CORP NEW	29,895	$1.48M	1.1%	$30.19	+4.3%	COM	91913Y100
OXY	OCCIDENTAL PETE CORP	16,942	$1.366M	1.0%	$60.71	-2.3%	COM	674599105
XOM	EXXON MOBIL CORP	14,626	$1.352M	1.0%	$60.53	-4.2%	COM	30231G102
MPC	MARATHON PETE CORP	14,563	$1.314M	1.0%	$27.39	+14.5%	COM	56585A102
CVX	CHEVRON CORP NEW	11,423	$1.281M	1.0%	$73.54	-4.1%	COM	166764100
—	BARRICK GOLD CORP	117,731	$1.266M	0.9%	$17.53	—	COM	067901108
—	CORE LABORATORIES NV	10,368	$1.248M	0.9%	$136.06	—	COM	N22717107
INGR	INGREDION INC	14,499	$1.23M	0.9%	$72.37	+9.9%	COM	457187102
HAL	HALLIBURTON CO	30,596	$1.203M	0.9%	$38.88	+1.1%	COM	406216101
—	ANGLOGOLD ASHANTI	135,373	$1.178M	0.9%	$12.89	—	SPONS ADR	035128206
SLB	SCHLUMBERGER LTD	13,796	$1.178M	0.9%	$74.46	-9.6%	COM	806857108
—	POTASH CORP OF SASK INC	32,759	$1.157M	0.9%	$31.28	—	COM	73755L107
SQM	SOCIEDAD QUIMICA MINERA DE C	47,203	$1.127M	0.8%	$29.31	—	SPONS ADR SER B	833635105
—	HOLLYFRONTIER CORP	28,454	$1.066M	0.8%	$47.08	—	COM	436106108
PPC	PILGRIMS PRIDE CORP NEW	32,135	$1.054M	0.8%	$26.34	+20.1%	COM	72147K108
—	GOLDCORP INC NEW	56,719	$1.05M	0.8%	$21.83	—	COM	380956409
IMO	IMPERIAL OIL LTD	23,523	$1.015M	0.8%	$38.77	-8.2%	COM NEW	453038408
TSN	TYSON FOODS INC	25,174	$1.009M	0.8%	$30.96	+1.6%	CL A	902494103
CVE	CENOVUS ENERGY INC	48,758	$1.007M	0.8%	$23.47	-21.8%	COM	15135U109
KGC	KINROSS GOLD CORP	349,199	$985K	0.7%	$4.36	-35.7%	COM NO PAR	496902404
—	SILVER WHEATON CORP	47,247	$961K	0.7%	$25.70	—	COM	828336107
SM	SM ENERGY CO	24,055	$928K	0.7%	$63.08	-29.4%	COM	78454L100
ADM	ARCHER-DANIELS-MIDLAND CO	17,451	$907K	0.7%	$25.66	+40.3%	COM	039483102
YPF	YPF SA	33,178	$878K	0.7%	$33.61	—	SPONS ADR CL D	984245100
—	CAMERON INTERNATIONAL CORP	17,173	$858K	0.6%	$63.19	—	COM	13342B105
BP	BP PLC	21,477	$819K	0.6%	$42.03	—	SPONS ADR	055622104
WY	WEYERHAEUSER CO	22,454	$806K	0.6%	$19.29	+15.6%	COM	962166104
—	DRESSER-RAND GROUP INC	9,700	$793K	0.6%	$74.35	—	COM	261608103
EOG	EOG RES INC	8,465	$779K	0.6%	$70.42	-3.4%	COM	26875P101
EC	ECOPETROL SA	45,380	$777K	0.6%	$34.11	—	SPONS ADR	279158109
DVN	DEVON ENERGY CORP NEW	12,624	$773K	0.6%	$42.08	-2.2%	COM	25179M103
PSX	PHILLIPS 66	10,779	$773K	0.6%	$41.80	+17.6%	COM	718546104
GGB	GERDAU SA	213,943	$759K	0.6%	$4.94	—	SPONS ADR REP PFD	373737105
—	INTREPID POTASH INC	53,461	$742K	0.6%	$16.01	—	COM	46121Y102
—	HESS CORP	9,847	$727K	0.5%	$91.07	—	COM	42809H107
—	ISRAEL CHEMICALS LTD	98,061	$709K	0.5%	$7.20	—	SHS	M5920A109
—	ENCANA CORP	50,207	$696K	0.5%	$21.07	—	COM	292505104
OIS	OIL STS INTL	14,027	$686K	0.5%	$58.19	-7.1%	COM	678026105
LNN	LINDSAY CORP	7,658	$657K	0.5%	$72.88	+1.4%	COM	535555106
DE	DEERE & CO	7,333	$649K	0.5%	$65.96	+7.1%	COM	244199105
—	ROYAL DUTCH SHELL PLC	9,424	$631K	0.5%	$65.67	—	SPONS ADR	780259206
—	MARINE HARVEST ASA	45,219	$622K	0.5%	$13.87	—	SPONS ADR	56824R205
—	FMC TECHNOLOGIES	13,209	$619K	0.5%	$54.84	—	COM	30249U101
—	RANDGOLD RES LTD	8,959	$604K	0.5%	$74.60	—	ADR	752344309
STLD	STEEL DYNAMICS INC	30,075	$594K	0.4%	$16.97	0.0%	COM	858119100
ANDE	ANDERSONS INC	11,155	$593K	0.4%	$43.45	+3.2%	COM	034164103
—	CONTINENTAL RESOURCES	15,256	$585K	0.4%	$99.50	—	COM	212015101
E	ENI SPA	16,770	$585K	0.4%	$45.57	—	SPONS ADR	26874R108
SBS	CIA SANEAMENTO BASICO	88,345	$556K	0.4%	$10.19	—	SPONS ADR	20441A102
GFI	GOLD FIELDS LTD NEW	115,946	$525K	0.4%	$3.65	—	SPONS ADR	38059T106
NGD	NEW GOLD INC CDA	121,184	$521K	0.4%	$5.80	-26.2%	COM	644535106
FNV	FRANCO-NEVADA CORP	10,314	$507K	0.4%	$45.94	-2.5%	COM	351858105
PAAS	PAN AMER SILVER CORP	55,093	$507K	0.4%	$12.26	-18.7%	COM	697900108
CMC	COMMERCIAL METAL	30,074	$490K	0.4%	$14.46	-11.9%	COM	201723103
CRS	CARPENTER TECHNOLOGY CORP	9,882	$487K	0.4%	$51.76	-23.5%	COM	144285103
—	AQUA AMERICA INC	18,203	$486K	0.4%	$25.83	—	COM	03836W103
PCH	POTLATCH CORP NEW	11,590	$485K	0.4%	$40.28	—	COM	737630103
SXC	SUNCOKE ENERGY INC	25,073	$485K	0.4%	$21.01	-0.1%	COM	86722A103
—	TESORO CORP	6,441	$479K	0.4%	$59.51	—	COM	881609101
—	NATIONAL OILWELL VARCO INC	7,241	$475K	0.4%	$78.23	—	COM	637071101
—	ENERGEN CORP	7,443	$475K	0.4%	$72.21	—	COM	29265N108
—	TOTAL SA	9,057	$464K	0.3%	$65.39	—	SPONS ADR	89151E109
CNH	CNH INDUSTRIAL NV	57,480	$463K	0.3%	$7.42	-23.7%	SHS	N20944109
—	APACHE CORP	7,317	$459K	0.3%	$88.82	—	COM	037411105
—	TURQUOISE HILL RES LTD	146,987	$456K	0.3%	$3.34	—	COM	900435108
—	PETROCHINA CO LTD	4,087	$453K	0.3%	$125.82	—	SPONS ADR	71646E100
—	TRANSCANADA CORP	8,734	$430K	0.3%	$47.73	—	COM	89353D107
NVRI	HARSCO CORP	22,467	$424K	0.3%	$25.57	-23.9%	COM	415864107
WOR	WORTHINGTON INDUSTRIES INC	13,898	$418K	0.3%	$24.20	-8.5%	COM	981811102
PKX	POSCO	6,534	$417K	0.3%	$73.88	—	SPONS ADR	693483109
BVN	CIA DE MINAS BUENAVENTUR	43,632	$417K	0.3%	$11.69	—	SPONS ADR	204448104
MUR	MURPHY OIL CORP	8,189	$414K	0.3%	$40.11	-16.0%	COM	626717102
HL	HECLA MINING CO	144,795	$404K	0.3%	$2.98	-21.1%	COM	422704106
—	ALAMOS GOLD INC	56,423	$404K	0.3%	$10.06	—	COM	011527108
—	BAKER HUGHES INC	7,119	$399K	0.3%	$52.07	—	COM	057224107
KMI	KINDER MORGAN INC DEL	9,354	$396K	0.3%	$20.18	+11.3%	COM	49456B101
—	DRIL-QUIP INC	5,146	$395K	0.3%	$109.29	—	COM	262037104
—	CRESCENT PT ENERGY CORP	16,832	$390K	0.3%	$35.74	—	COM	22576C101
—	AURICO GOLD INC	118,121	$387K	0.3%	$3.83	—	COM	05155C105
EPD	ENTERPRISE PRODS PARTNERS	10,676	$386K	0.3%	$56.84	—	COM	293792107
—	SUPERIOR ENERGY SVCS INC	18,559	$374K	0.3%	$36.16	—	COM	868157108
—	CHESAPEAKE ENERGY CORP	18,970	$371K	0.3%	$24.48	—	COM	165167107
—	NEWFIELD EXPL CO	13,607	$369K	0.3%	$44.17	—	COM	651290108
—	PIONEER NAT RES CO.	2,444	$364K	0.3%	$190.29	—	COM	723787107
CENX	CENTURY ALUM CO	14,690	$358K	0.3%	$14.18	+82.1%	COM	156431108
RIG	TRANSOCEAN LTD	19,130	$351K	0.3%	$44.21	-43.5%	REG SHS	H8817H100
COP	CONOCOPHILLIPS	5,070	$350K	0.3%	$46.15	+5.9%	COM	20825C104
WMB	WILLIAMS COS INC DEL	7,776	$349K	0.3%	$24.17	+12.4%	COM	969457100
—	ENSCO PLC	11,553	$346K	0.3%	$54.70	—	SHS CL A	G3157S106
—	OASIS PETE INC NEW	20,312	$336K	0.3%	$16.54	—	COM	674215108
—	SILVER STD RES INC	65,832	$329K	0.2%	$8.66	—	COM	82823L106
ATI	ALLEGHENY TECHNOLOGIES INC	9,407	$327K	0.2%	$26.04	+20.9%	COM	01741R102
NUE	NUCOR CORP	6,671	$327K	0.2%	$36.67	+8.4%	COM	670346105
—	FORUM ENERGY TECHNOLOGIES IN	15,556	$322K	0.2%	$20.70	—	COM	34984V100
—	CHIQUITA BRANDS INTL	21,908	$317K	0.2%	$12.22	—	COM	170032809
—	SOUTHWESTERN ENERGY CO	11,548	$315K	0.2%	$45.46	—	COM	845467109
AWR	AMERICAN STS WATER CO	8,325	$314K	0.2%	$24.50	+12.9%	COM	029899101
PBR	PETROLEO BRASILEIRO S.A PETRO	41,126	$300K	0.2%	$15.45	—	SPONS ADR	71654V408
AG	FIRST MAJESTIC SILVER CORP	57,705	$290K	0.2%	$10.01	-45.0%	COM	32076V103
CDE	COEUR MNG INC	55,871	$286K	0.2%	$8.84	-49.6%	COM NEW	192108504
FCX	FREEPORT-MCMORAN inc	11,786	$275K	0.2%	$26.90	-9.8%	CL B	35671D857
SVJTY	SEVERSTAL-GDR	30,132	$274K	0.2%	$9.09	—	COM	818150302
NPKI	NEWPARK RES INC	28,502	$272K	0.2%	$11.07	-4.0%	COM PAR $.01 NEW	651718504
DAR	DARLING INGREDIENTS INC	14,713	$267K	0.2%	$20.10	-10.1%	COM	237266101
EQT	EQT CORP	3,493	$264K	0.2%	$52.61	-17.5%	COM	26884L109
—	EP ENERGY CORP	24,800	$259K	0.2%	$22.73	—	CL A	268785102
—	KOSMOS ENERGY LTD	30,247	$254K	0.2%	$9.58	—	SHS	G5315B107
BTG	B2GOLD CORP	151,852	$249K	0.2%	$2.17	-33.1%	COM	11777Q209
—	WEATHERFORD INTL LTD	21,778	$249K	0.2%	$20.80	—	ORD SHS	G48833100
—	PLUM CREEK TIMBER CO	5,797	$248K	0.2%	$46.52	—	COM	729251108
—	NOBLE ENERGY INC	5,082	$241K	0.2%	$67.03	—	COM	655044105
—	GRAN TIERRA ENERGY INC	59,672	$230K	0.2%	$5.41	—	COM	38500T101
SID	COMPANHIA SIDERURGICA NACION	109,086	$227K	0.2%	$2.83	—	SPONS ADR	20440W105
—	ATWOOD OCEANICS	8,005	$227K	0.2%	$51.65	—	COM	050095108
—	ARCELORMITTAL SA LUXEMBOURG	20,523	$226K	0.2%	$13.68	—	NY REGISTRY SH	03938L104
—	CALGON CARBON CORP	10,613	$221K	0.2%	$19.41	—	COM	129603106
CNQ	CANADIAN NAT RES LTD	7,169	$221K	0.2%	$9.91	+3.7%	COM	136385101
HMY	HARMONY GOLD MNG LTD	114,596	$217K	0.2%	$3.07	—	SPONS ADR	413216300
—	TIDEWATER INC	6,631	$215K	0.2%	$32.42	—	COM	886423102
—	SPECTRA ENERGY CORP	5,869	$213K	0.2%	$42.43	—	COM	847560109
CCJ	CAMECO CORP	12,890	$212K	0.2%	$18.35	-16.9%	COM	13321L108
AEM	AGNICO-EAGLE MINES LTD	8,198	$204K	0.2%	$25.28	-15.1%	COM	008474108
—	AGRIUM INC	2,153	$204K	0.2%	$84.04	—	COM	008916108
—	NABORS INDS LTD	15,495	$201K	0.2%	$29.39	—	SHS	G6359F103
HBM	HUDBAY MINERALS INC	21,712	$189K	0.1%	$8.76	-11.1%	COM	443628102
AVD	AMERICAN VANGAURD	15,644	$182K	0.1%	$17.01	-37.8%	COM	030371108
—	NOBLE CORP	10,838	$180K	0.1%	$33.54	—	SHS USD	G65431101
—	ELDORADO GOLD CORP NEW	27,769	$169K	0.1%	$7.26	—	COM	284902103
—	WALTER ENERGY INC	122,177	$169K	0.1%	$5.45	—	COM	93317Q105
—	BELLATRIX EXPLORATION LTD	42,845	$156K	0.1%	$3.64	—	COM	078314101
—	CLOUD PEAK ENERGY INC	15,658	$144K	0.1%	$9.20	—	COM	18911Q102
—	NORTHERN OIL & GAS NEV	24,824	$140K	0.1%	$5.64	—	COM	665531109
—	SESA STERLITE LTD	10,001	$136K	0.1%	$19.36	—	SPONS ADR	78413F103
—	PRECISION DRILLING CORP	21,793	$132K	0.1%	$14.16	—	COM 2010	74022D308
—	TALISMAN ENERGY INC	16,794	$131K	0.1%	$7.80	—	COM	87425E103
EXK	ENDEAVOUR SILVER CORP	52,391	$113K	0.1%	$4.46	-31.0%	COM	29258Y103
—	ENERPLUS CORP	11,544	$111K	0.1%	$25.03	—	COM	292766102
—	C&J ENERGY SERVICES INC	8,356	$110K	0.1%	$33.75	—	COM	12467B304
—	PENGROWTH ENERGY CORP	34,692	$108K	0.1%	$7.18	—	COM	70706P104
—	CLIFFS NAT RES INC	14,399	$103K	0.1%	$7.15	—	COM	18683K101
WTI	W&T OFFSHORE INC	13,451	$99,000	0.1%	$16.05	-46.8%	COM	92922P106
—	PRIMERO MINING CORP	25,400	$98,000	0.1%	$4.88	—	COM	74164W106
—	YAMANA GOLD INC	23,523	$95,000	0.1%	$9.18	—	COM	98462Y100
—	MCEWEN MINING INC	80,814	$90,000	0.1%	$2.88	—	COM	58039P107
—	TRIANGLE PETE CORP	18,535	$89,000	0.1%	$11.76	—	COM NEW	89600B201
—	PEABODY ENERGY CORP	10,180	$79,000	0.1%	$16.31	—	COM	704549104
—	ALLIED NEVADA GOLD CORP	89,939	$78,000	0.1%	$4.02	—	COM	019344100
—	AK STL HLDG CORP	12,132	$72,000	0.1%	$5.93	—	COM	001547108
—	SWEDISH EXPT CR CORP	10,000	$63,000	0.0%	$8.20	—	REG TTL ETN 22	870297801
—	PENN WEST PETE LTD NEW	29,294	$61,000	0.0%	$2.08	—	COM	707887105
—	CIVEO CORP	14,255	$59,000	0.0%	$25.04	—	COM	178787107
—	ARCH COAL INC	28,434	$51,000	0.0%	$1.79	—	COM	039380100