Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CF	CF INDUSTRIES HOLDINGS INC	112,698	$7.244M	6.0%	$42.30	+6.8%	COM	125269100
—	SANDERSON FARMS INC	82,271	$6.183M	5.1%	$83.51	—	COM	800013104
MOS	MOSAIC CO NEW	127,872	$5.991M	4.9%	$36.81	-0.4%	COM	61945C103
PPC	PILGRIMS PRIDE CORP	253,367	$5.82M	4.8%	$27.49	-10.0%	COM	72147K108
—	MONSANTO CO NEW	53,038	$5.653M	4.6%	$110.78	—	COM	61166W101
FMC	FMC CORP	60,821	$3.196M	2.6%	$43.71	-10.7%	COM NEW	302491303
HRL	HORMEL FOODS CORP	47,693	$2.688M	2.2%	$18.20	+20.8%	COM	440452100
AGCO	AGCO CORP	39,850	$2.263M	1.9%	$43.16	-6.3%	COM	001084102
—	POTASH CORP SASK INC	67,939	$2.104M	1.7%	$31.10	—	COM	73755L107
—	CNOOC LTD	14,630	$2.076M	1.7%	$137.57	—	SPONS ADR	126132109
RES	RPC INC	147,488	$2.04M	1.7%	$11.03	+15.9%	COM	749660106
SASOF	SASOL LTD 803866300	50,949	$1.887M	1.6%	$33.64	0.0%	COM	803866102
—	DRIL-QUIP INC	24,974	$1.879M	1.5%	$78.19	—	COM	262037104
CVE	CENOVUS ENERGY INC	107,987	$1.729M	1.4%	$18.66	-23.8%	COM	15135U109
—	WESTERN REFINING INC	37,170	$1.621M	1.3%	$47.42	—	COM	959319104
RYN	RAYONIER INC	62,459	$1.596M	1.3%	$31.75	—	COM	754907103
OII	OCEANEERING INTL	33,348	$1.554M	1.3%	$68.60	-23.3%	COM	675232102
—	CAMERON INTERNATIONAL CORP	29,217	$1.53M	1.3%	$57.71	—	COM	13342B105
MPC	MARATHON PETE CORP	28,498	$1.491M	1.2%	$32.00	+14.4%	COM	56585A102
SCCO	SOUTHERN COPPER CORP	49,706	$1.462M	1.2%	$19.51	+3.8%	COM	84265V105
SU	SUNCOR ENERGY INC NEW	52,584	$1.449M	1.2%	$24.95	-16.9%	COM	867224107
—	ENCANA CORP	130,665	$1.44M	1.2%	$14.93	—	COM	292505104
—	CORE LABS NV	12,121	$1.382M	1.1%	$132.79	—	COM	N22717107
OXY	OCCIDENTAL PETROLEUM CORP	17,724	$1.378M	1.1%	$59.82	-4.9%	COM	674599105
—	MARATHON OIL CORP	51,331	$1.362M	1.1%	$35.69	—	COM	565849106
HP	HELMERICH & PAYNE INC	18,480	$1.301M	1.1%	$87.07	-15.1%	COM	423452101
XOM	EXXON MOBIL CORP	15,622	$1.3M	1.1%	$59.35	-8.5%	COM	30231G102
—	HOLLYFRONTIER CO	28,340	$1.21M	1.0%	$47.08	—	COM	436106108
RIO	RIO TINTO PLC	28,651	$1.181M	1.0%	$46.96	—	SPONS ADR	767204100
VLO	VALERO ENERGY CORP	18,408	$1.152M	0.9%	$30.19	+29.0%	COM	91913Y100
—	FMC TECHNOLOGIES	26,045	$1.081M	0.9%	$48.27	—	COM	30249U101
RS	RELIANCE STEEL	17,608	$1.065M	0.9%	$67.77	-6.6%	COM	759509102
IMO	IMPERIAL OIL LTD	26,532	$1.026M	0.8%	$37.01	-12.5%	COM NEW	453038408
—	NATIONAL OILWELL VARCO INC	21,105	$1.019M	0.8%	$58.56	—	COM	637071101
—	ENERGEN CORP	14,696	$1.004M	0.8%	$69.87	—	COM	29265N108
INGR	INGREDION INC	12,108	$966K	0.8%	$72.37	+11.0%	COM	457187102
HLX	HELIX ENERGY SOLUTIONS GRP I	74,723	$944K	0.8%	$16.56	-4.7%	COM	42330P107
SLB	SCHLUMBERGER LTD	10,488	$904K	0.7%	$74.46	-10.3%	COM	806857108
OIS	OIL STATES INTL	23,814	$887K	0.7%	$51.61	-18.5%	COM	678026105
PSX	PHILLIPS 66	10,779	$868K	0.7%	$41.80	+28.4%	COM	718546104
BP	BP PLC	21,315	$852K	0.7%	$42.03	—	SPONS ADR	055622104
CVX	CHEVRON CORP	8,542	$824K	0.7%	$73.54	-9.6%	COM	166764100
—	DELEK US HOLDINGS INC	21,815	$803K	0.7%	$37.25	—	COM	246647101
—	JOY GLOBAL INC	22,176	$803K	0.7%	$55.50	—	COM	481165108
BVN	COMPANIA DE MINAS BUENAVENTUR	76,237	$791K	0.6%	$10.76	—	ADR	204448104
—	HESS CORP	11,398	$762K	0.6%	$83.89	—	COM	42809H107
—	NEWFIELD EXPL CO	20,807	$752K	0.6%	$41.39	—	COM	651290108
WY	WEYERHAEUSER CO	22,782	$718K	0.6%	$19.32	+9.5%	COM	962166104
CALM	CAL-MAINE FOODS INC	13,447	$702K	0.6%	$26.57	+34.2%	COM NEW	128030202
—	SILVER WHEATON CORP	40,052	$695K	0.6%	$23.37	—	COM	828336107
ADM	ARCHER-DANIELS-MIDLAND CO	14,277	$688K	0.6%	$26.39	+39.6%	COM	039483102
EC	ECOPETROL SA	51,601	$684K	0.6%	$28.07	—	SPONS ADR	279158109
EOG	EOG RESOURCES	7,415	$649K	0.5%	$70.42	-3.7%	COM	26875P101
FNV	FRANCO-NEVADA CORP	13,267	$632K	0.5%	$46.00	-2.0%	COM	351858105
PBF	PBF ENERGY INC	20,977	$596K	0.5%	$29.01	-3.0%	CL A	69318G106
YPF	YPF SA	21,738	$596K	0.5%	$27.42	—	SPONS ADR CL D	984245100
E	ENI SPA	16,393	$583K	0.5%	$45.57	—	SPONS ADR	26874R108
—	DRESSER-RAND GROUP INC	6,769	$577K	0.5%	$74.35	—	COM	261608103
BHP	BHP BILLITON LTD	13,695	$558K	0.5%	$30.71	—	SPONS ADR	088606108
—	RANDGOLD RESOURCES LTD	8,135	$545K	0.4%	$72.21	—	ADR	752344309
—	TESORO CORP	6,441	$544K	0.4%	$59.51	—	COM	881609101
—	GOLDCORP INC	32,929	$533K	0.4%	$21.73	—	COM	380956409
HAL	HALLIBURTON CO	11,969	$516K	0.4%	$38.88	-3.5%	COM	406216101
SQM	SOCIEDAD QUIMICA MINERA DE C	30,991	$496K	0.4%	$29.31	—	SPON ADR SER B	833635105
VALE	VALE SA	82,934	$488K	0.4%	$11.00	—	SPONS ADR	91912E105
WOR	WORTHINGTON INDS INC	16,047	$482K	0.4%	$21.72	-21.4%	COM	981811102
DVN	DEVON ENERGY CORPORATION	7,954	$473K	0.4%	$42.08	+5.1%	COM	25179M103
GGB	GERDAU SA	195,555	$471K	0.4%	$4.52	—	SPON ADR REP PFD	373737105
CVI	CVR ENERGY INC	12,494	$470K	0.4%	$16.38	+1.3%	COM	12662P108
SBS	COMPANHIA DE SANEAMENTO BASI	89,579	$464K	0.4%	$7.99	—	SPONS ADR	20441A102
—	INTREPID POTASH INC	38,142	$455K	0.4%	$16.01	—	COM	46121Y102
—	PETROCHINA CO LTD	4,087	$453K	0.4%	$125.82	—	SPONS ADR	71646E100
—	CVR REFINING LP	24,412	$447K	0.4%	$20.73	—	COMUNIT REP LT	12663P107
WMB	WILLIAMS COS INC	7,776	$446K	0.4%	$24.17	+16.1%	COM	969457100
—	TOTAL SA	9,057	$445K	0.4%	$65.39	—	SPONS ADR	89151E109
—	KOSMOS ENERGY LTD	51,775	$436K	0.4%	$8.53	—	SHS	G5315B107
—	CIMAREX ENERGY CO	3,913	$432K	0.4%	$115.13	—	COM	171798101
PTEN	PATTERSON UTI ENERGY INC	22,816	$429K	0.4%	$17.15	+21.0%	COM	703481101
—	APACHE CORP	7,243	$417K	0.3%	$88.82	—	COM	037411105
CMC	COMMERCIAL METALS CO	25,070	$403K	0.3%	$13.87	-5.5%	COM	201723103
—	SOUTHWESTERN ENERGY CO	17,493	$398K	0.3%	$35.46	—	COM	845467109
WKC	WORLD FUEL SERVICES CORP	8,104	$389K	0.3%	$51.93	+0.8%	COM	981475106
LNN	LINDSAY CORP	4,385	$385K	0.3%	$72.88	-4.6%	COM	535555106
—	TURQUOISE HILL RESOURCES LTD	101,444	$384K	0.3%	$3.34	—	COM	900435108
PBR	PETROLEO BRASILEIRO SA PETRO	42,343	$383K	0.3%	$13.62	—	SPONS ADR	71654V408
STLD	STEEL DYNAMICS INC	18,002	$373K	0.3%	$16.97	+1.2%	COM	858119100
—	EXTERRAN HOLDING	11,320	$370K	0.3%	$32.88	—	COM	30225X103
COP	CONOCOPHILLIPS	6,007	$369K	0.3%	$46.02	+0.8%	COM	20825C104
NVRI	HARSCO CORP	22,362	$369K	0.3%	$22.28	-25.9%	COM	415864107
—	BAKER HUGHES INC	5,982	$369K	0.3%	$52.07	—	COM	057224107
CNH	CNH INDUSTRIAL NV	38,966	$362K	0.3%	$7.42	-14.0%	SHS	N20944109
—	ALAMOS GOLD INC	63,123	$359K	0.3%	$8.36	—	COM	011527108
—	AQUA AMERICA INC	14,604	$358K	0.3%	$25.83	—	COM	03836W103
—	TRANSCANADA CORP	8,734	$355K	0.3%	$47.73	—	COM	89353D107
—	EP ENERGY CORP	26,367	$336K	0.3%	$17.01	—	CL A	268785102
—	PIONEER NAT RES	2,326	$323K	0.3%	$190.29	—	COM	723787107
EPD	ENTERPRISE PRODUCTS PARTNERS	10,676	$319K	0.3%	$56.84	—	COM	293792107
—	STATOIL ASA	17,393	$311K	0.3%	$17.55	—	SPONS ADR	85771P102
KMI	KINDER MORGAN IN	8,101	$311K	0.3%	$20.18	+20.6%	COM	49456B101
—	YAMANA GOLD INC	100,431	$301K	0.2%	$4.84	—	COM	98462Y100
MUR	MURPHY OIL CORP	7,207	$300K	0.2%	$38.04	-20.1%	COM	626717102
CENX	CENTURY ALUMINUM	28,270	$295K	0.2%	$13.48	-5.5%	COM	156431108
—	SUPERIOR ENERGY SVCS INC	13,688	$288K	0.2%	$34.44	—	COM	868157108
—	SILVER STD RES INC	45,433	$285K	0.2%	$8.66	—	COM	82823L106
—	ELDORADO GOLD CORP	68,779	$285K	0.2%	$5.16	—	COM	284902103
EQT	EQT CORP	3,493	$284K	0.2%	$52.61	-18.1%	COM	26884L109
HL	HECLA MINING CO	107,237	$282K	0.2%	$2.98	-1.6%	COM	422704106
—	ROYAL DUTCH SHELL PLC	4,606	$263K	0.2%	$65.67	—	SPONS ADR	780259206
PCH	POTLATCH CORP	7,344	$259K	0.2%	$40.28	—	COM	737630103
BTG	B2GOLD CORP	168,652	$258K	0.2%	$1.93	-32.9%	COM	11777Q209
GFI	GOLD FIELDS LTD NEW	80,000	$258K	0.2%	$3.76	—	SPONS ADR	38059T106
ANDE	ANDERSONS INC	6,585	$257K	0.2%	$43.45	-21.9%	COM	034164103
—	WEATHERFORD INTL PLC	20,540	$252K	0.2%	$20.80	—	ORD SHS	G48833100
—	ENSCO PLC	10,744	$239K	0.2%	$54.70	—	SHS CLASS A	G3157S106
—	CRESCENT POINT ENERGY CORP	10,981	$226K	0.2%	$35.74	—	COM	22576C101
CNQ	CANADIAN NATURAL RESOURCES	8,016	$218K	0.2%	$9.87	-2.7%	COM	136385101
CRS	CARPENTER TECHNOLOGY	5,455	$211K	0.2%	$51.76	-33.2%	COM	144285103
ATI	ALLEGHENY TECHNOLOGIES INC	6,950	$210K	0.2%	$26.04	+22.5%	COM	01741R102
SXC	SUNCOKE ENERGY INC	16,183	$210K	0.2%	$21.01	-25.1%	COM	86722A103
—	NOBLE ENERGY INC	4,876	$208K	0.2%	$67.03	—	COM	655044105
—	CHESAPEAKE ENERGY CORP	18,662	$208K	0.2%	$24.48	—	COM	165167107
NGD	NEW GOLD INC	76,607	$206K	0.2%	$5.80	-43.6%	COM	644535106
AWR	AMERICAN STATES WATER CO	5,415	$202K	0.2%	$25.71	+21.9%	COM	029899101
AG	FIRST MAJESTIC SILVER CORP	41,512	$201K	0.2%	$9.11	-45.1%	COM	32076V103
—	PLUM CREEK TIMBER CO	4,937	$200K	0.2%	$46.52	—	COM	729251108
—	ARCELORMITTAL SA LUXEMBOURG	20,523	$199K	0.2%	$13.68	—	NY REGISTRY SH	03938L104
HBM	HUDBAY MINERALS INC	23,712	$198K	0.2%	$8.46	+8.6%	COM	443628102
—	AURICO GOLD INC	69,501	$197K	0.2%	$3.83	—	COM	05155C105
—	ANGLOGOLD ASHANTI	21,817	$195K	0.2%	$12.89	—	SPONS ADR	035128206
CCJ	CAMECO CORP	12,836	$183K	0.2%	$16.73	-15.2%	COM	13321L108
DAR	DARLING INGREDIENTS INC	12,409	$182K	0.1%	$20.10	-26.6%	COM	237266101
RIG	TRANSOCEAN LTD	11,240	$181K	0.1%	$44.21	-59.3%	COM	H8817H100
—	NABORS INDS LTD	11,919	$172K	0.1%	$29.39	—	SHS	G6359F103
—	PRIMERO MINING CORP	38,700	$151K	0.1%	$3.97	—	COM	74164W106
CDE	COEUR MNG INC	24,672	$141K	0.1%	$8.84	-38.0%	COM NEW	192108504
AVD	AMERICAN VANGAURD	10,126	$140K	0.1%	$17.01	-26.2%	COM	030371108
—	SANDSTORM GOLD LTD	40,746	$120K	0.1%	$3.26	—	COM NEW	80013R206
—	VEDANTA LTD	10,001	$108K	0.1%	$10.80	—	SPONS ADR	92242Y100
PAAS	PAN AMER SILVER	11,610	$100K	0.1%	$11.47	-17.9%	COM	697900108
HMY	HARMONY GOLD MNG LTD	48,893	$66,000	0.1%	$3.05	—	SPONS ADR	413216300
KGC	KINROSS GOLD CORP	24,294	$56,000	0.0%	$4.36	-45.4%	COM NO PAR	496902404
—	CIVEO CORP	14,255	$44,000	0.0%	$25.04	—	COM	178787107
—	WALTER ENERGY	68,768	$15,000	0.0%	$5.45	—	COM	93317Q105