Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CALM	CAL-MAINE FOODS INC	92,442	$3.563M	3.6%	$36.00	-8.9%	COM NEW	128030202
—	SANDERSON FARMS INC	36,223	$3.489M	3.6%	$84.19	—	COM	800013104
—	MONSANTO CO NEW	27,214	$2.781M	2.8%	$109.90	—	COM	61166W101
SBS	COMPANHIA DE SANEAMENTO BASI	250,477	$2.319M	2.4%	$5.24	—	COM	20441A102
HRL	HORMEL FOODS CORP	52,413	$1.988M	2.0%	$24.04	+22.4%	COM	440452100
SQM	SOCIEDAD QUIMICA MINERA DE C	71,416	$1.921M	2.0%	$19.20	—	SPON ADR SER B	833635105
PPC	PILGRIMS PRIDE CORP	88,888	$1.877M	1.9%	$27.10	-14.4%	COM	72147K108
ADM	ARCHER-DANIELS-MIDLAND CO	40,956	$1.727M	1.8%	$29.04	+12.8%	COM	039483102
—	DRIL-QUIP INC	29,578	$1.649M	1.7%	$73.49	—	COM	262037104
—	FMC TECHNOLOGIES	54,867	$1.628M	1.7%	$37.38	—	COM	30249U101
—	BRF SA	94,782	$1.617M	1.7%	$15.17	—	SPONSORED ADR	10552T107
MOS	MOSAIC CO/THE	63,661	$1.557M	1.6%	$26.27	-12.4%	COM	61945C103
CVE	CENOVUS ENERGY INC	100,958	$1.455M	1.5%	$17.66	-31.6%	COM	15135U109
MPC	MARATHON PETROLE	35,187	$1.428M	1.5%	$33.16	-8.5%	COM	56585A102
VET	VERMILION ENERGY INC	35,000	$1.356M	1.4%	$31.16	+12.9%	COM	923725105
XOM	EXXON MOBIL CORP	15,334	$1.338M	1.4%	$58.37	+0.3%	COM	30231G102
OII	OCEANEERING INTL	45,217	$1.244M	1.3%	$59.77	-53.7%	COM	675232102
CVX	CHEVRON CORP	11,934	$1.228M	1.3%	$70.51	-2.9%	COM	166764100
—	CORE LABS NV	10,818	$1.215M	1.2%	$129.74	—	COM	N22717107
VLO	VALERO ENERGY CORP NEW	22,823	$1.21M	1.2%	$33.39	+10.0%	COM	91913Y100
PCH	POTLATCH CORP	30,927	$1.203M	1.2%	$31.35	—	COM	737630103
HP	HELMERICH & PAYN	17,732	$1.193M	1.2%	$71.52	-12.3%	COM	423452101
SLB	SCHLUMBERGER LTD	14,819	$1.165M	1.2%	$69.81	-13.1%	COM	806857108
—	JOY GLOBAL INC	41,057	$1.139M	1.2%	$35.22	—	COM	481165108
SCCO	SOUTHERN COPPER CORP	42,166	$1.109M	1.1%	$17.54	-1.4%	COM	84265V105
—	FORUM ENERGY TECHNOLOGIES IN	53,142	$1.055M	1.1%	$12.67	—	COM	34984V100
INGR	INGREDION INC	7,793	$1.037M	1.1%	$72.94	+83.2%	COM	457187102
COP	CONOCOPHILLIPS	23,581	$1.025M	1.0%	$34.55	-9.9%	COM	20825C104
LNN	LINDSAY CORP	13,786	$1.02M	1.0%	$70.35	-10.0%	COM	535555106
OIS	OIL STATES INTL	31,733	$1.002M	1.0%	$39.72	-22.6%	COM	678026105
PSX	PHILLIPS 66	12,101	$975K	1.0%	$43.93	+23.9%	COM	718546104
—	CNOOC LTD	7,500	$949K	1.0%	$131.45	—	SPONSORED ADR	126132109
IMO	IMPERIAL OIL LTD	29,423	$923K	0.9%	$35.31	-29.8%	COM NEW	453038408
—	PDC ENERGY INC	13,245	$888K	0.9%	$63.70	—	COM	69327R101
AGCO	AGCO CORP	17,500	$863K	0.9%	$43.16	-10.3%	COM	001084102
BP	BP PLC	24,105	$848K	0.9%	$30.20	—	SPONSORED ADR	055622104
CF	CF INDS HLDGS INC	33,945	$827K	0.8%	$29.62	-36.2%	COM	125269100
WY	WEYERHAEUSER CO	25,648	$819K	0.8%	$19.48	+12.5%	COM	962166104
—	BAKER HUGHES INC	15,951	$805K	0.8%	$50.74	—	COM	057224107
—	ROWAN COMPANIES PLC	51,921	$787K	0.8%	$15.16	—	SHS CL A	G7665A101
—	HOLLYFRONTIER CO	31,816	$779K	0.8%	$46.20	—	COM	436106108
EC	ECOPETROL SA	88,502	$775K	0.8%	$19.67	—	SPONS ADR	279158109
SU	SUNCOR ENERGY INC	27,480	$767K	0.8%	$24.67	-20.9%	COM	867224107
CTRA	CABOT OIL & GAS	29,481	$761K	0.8%	$17.45	+4.5%	COM	127097103
—	CRESCENT POINT ENERGY CORP	57,578	$760K	0.8%	$15.32	—	COM	22576C101
TSN	TYSON FOODS INC	10,044	$750K	0.8%	$39.85	+45.2%	CL A	902494103
RES	RPC INC	44,258	$744K	0.8%	$10.95	+20.3%	COM	749660106
—	AQUA AMERICA INC	22,794	$695K	0.7%	$27.14	—	COM	03836W103
AWR	AMERICAN STATES WATER CO	17,099	$685K	0.7%	$30.29	+14.1%	COM	029899101
PKX	POSCO	13,233	$676K	0.7%	$35.30	—	SPONS ADR	693483109
RYN	RAYONIER INC	24,862	$660K	0.7%	$28.70	—	COM	754907103
RRC	RANGE RESOURCES	16,671	$646K	0.7%	$40.48	-0.1%	COM	75281A109
OXY	OCCIDENTAL PETROLEUM CORP	8,686	$633K	0.6%	$58.08	-1.2%	COM	674599105
STLD	STEEL DYNAMICS INC	25,216	$630K	0.6%	$16.47	+27.9%	COM	858119100
EQT	EQT CORP	8,247	$599K	0.6%	$40.02	-9.0%	COM	26884L109
AR	ANTERO RESOURCES CORP	22,027	$594K	0.6%	$26.62	+0.1%	COM	03674X106
—	LAREDO PETROLEUM INC	44,746	$577K	0.6%	$9.43	—	COM	516806106
NUE	NUCOR CORP	11,614	$574K	0.6%	$39.21	+5.1%	COM	670346105
ANDE	ANDERSONS INC	15,805	$572K	0.6%	$22.96	+28.5%	COM	034164103
AGRO	ADECOAGRO SA	48,211	$550K	0.6%	$9.77	-3.8%	COM	L00849106
CRS	CARPENTER TECHNOLOGY	13,274	$548K	0.6%	$35.77	-10.6%	COM	144285103
—	CALGON CARBON CORP	35,993	$546K	0.6%	$14.88	—	COM	129603106
CWT	CALIFORNIA WATER SERVICE GRP	16,787	$539K	0.6%	$18.79	+42.4%	COM	130788102
—	FRANKS INTL N V	41,270	$537K	0.5%	$15.74	—	COM	N33462107
—	CALLON PETROLEUM CO	33,521	$526K	0.5%	$15.69	—	COM	13123X102
—	CARRIZO O&G.	12,669	$515K	0.5%	$38.99	—	COM	144577103
MTDR	MATADOR RESOURCES CO	20,597	$501K	0.5%	$22.11	-0.6%	COM	576485205
—	PARSLEY ENERGY INC	14,903	$499K	0.5%	$22.58	—	CL A	701877102
—	RICE ENERGY INC	18,878	$493K	0.5%	$26.07	—	COM	762760106
—	KOSMOS ENERGY LTD	76,533	$491K	0.5%	$7.49	—	SHS	G5315B107
—	NOBLE CORP PLC	76,869	$487K	0.5%	$7.10	—	SHS USD	G65431101
CNQ	CANADIAN NAT RES LTD	14,780	$473K	0.5%	$7.50	+34.0%	COM	136385101
ATI	ALLEGHENY TECHNOLOGIES INC	26,067	$471K	0.5%	$15.92	+3.9%	COM	01741R102
MUR	MURPHY OIL CORP	15,505	$471K	0.5%	$25.12	-19.2%	COM	626717102
YPF	YPF SOCIEDAD ANONIMA	25,455	$464K	0.5%	$25.28	—	SPON ADR CL D	984245100
TS	TENARIS SA	16,335	$464K	0.5%	$28.41	—	SPONS ADR	88031M109
CMC	COMMERCIAL METAL	28,528	$462K	0.5%	$13.65	-0.6%	COM	201723103
TX	TERNIUM SA	23,183	$455K	0.5%	$12.44	—	SPONS ADR	880890108
—	NATIONAL OILWELL VARCO INC	12,114	$445K	0.5%	$50.56	—	COM	637071101
PTEN	PATTERSON UTI ENERGY INC	19,784	$443K	0.5%	$17.15	+17.1%	COM	703481101
—	MCDERMOTT INTL	87,475	$438K	0.4%	$5.01	—	COM	580037109
—	INTEROIL CORP	8,404	$428K	0.4%	$50.93	—	COM	460951106
—	PRECISION DRILLING CORP	102,226	$427K	0.4%	$3.75	—	COM 2010	74022D308
—	QEP RESOURCES IN	21,342	$417K	0.4%	$14.51	—	COM	74733V100
EOG	EOG RESOURCES	4,293	$415K	0.4%	$64.20	+1.5%	COM	26875P101
—	ENERPLUS CORP	62,459	$402K	0.4%	$6.36	—	COM	292766102
KALU	KAISER ALUMINUM	4,643	$402K	0.4%	$61.73	+2.3%	COM PAR $0.01	483007704
NEM	NEWMONT MINING CORP	9,763	$384K	0.4%	$17.74	+83.7%	COM	651639106
—	PIONEER NAT RES CO	2,050	$381K	0.4%	$190.29	—	COM	723787107
DVN	DEVON ENERGY CORPORATION	8,562	$378K	0.4%	$38.78	-26.3%	COM	25179M103
—	TOTAL SA	7,854	$375K	0.4%	$65.39	—	SPONS ADR	89151E109
DE	DEERE & CO	4,366	$373K	0.4%	$72.34	-2.8%	COM	244199105
AWK	AMERICAN WATER WORKS CO INC	4,979	$373K	0.4%	$49.62	+31.7%	COM	030420103
FANG	DIAMONDBACK ENERGY INC	3,835	$370K	0.4%	$55.02	+29.4%	COM	25278X109
—	APACHE CORP	5,728	$366K	0.4%	$88.82	—	COM	037411105
ARLP	ALLIANCE RESOURCE PARTNERS	16,408	$364K	0.4%	$21.10	—	UT LTD PART	01877R108
BTE	BAYTEX ENERGY CORP	84,345	$359K	0.4%	$4.62	-0.3%	COM	07317Q105
WOR	WORTHINGTON INDUSTRIES	7,478	$359K	0.4%	$21.36	+25.0%	COM	981811102
AEM	AGNICO-EAGLE MINES LTD	6,474	$351K	0.4%	$20.94	+120.7%	COM	008474108
—	AGRIUM INC	3,758	$341K	0.3%	$90.33	—	COM	008916108
EPD	ENTERPRISE PRODUCTS PARTNERS	11,985	$331K	0.3%	$52.99	—	COM	293792107
—	STATOIL ASA	19,620	$330K	0.3%	$16.03	—	SPONS ADR	85771P102
—	SYNERGY RESOURCES CORP	47,417	$329K	0.3%	$9.62	—	COM	87164P103
—	TURQUOISE HILL RESOURCES	104,233	$310K	0.3%	$2.89	—	COM	900435108
RIO	RIO TINTO	9,241	$309K	0.3%	$46.96	—	SPONS ADR	767204100
—	ROYAL DUTCH SHELL PLC	6,126	$307K	0.3%	$57.71	—	SPON ADR B	780259206
—	PETROCHINA CO LTD	4,588	$306K	0.3%	$118.40	—	SPONS ADR	71646E100
—	SYNGENTA AG	3,490	$306K	0.3%	$72.53	—	SPONS ADR	87160A100
—	RANDGOLD RESOURCES LTD	3,005	$301K	0.3%	$62.43	—	ADR	752344309
DAR	DARLING INTERNATIONAL INC	21,906	$296K	0.3%	$16.57	-13.0%	COM	237266101
—	MARATHON OIL CORP	18,704	$296K	0.3%	$28.77	—	COM	565849106
—	ADVANTAGE OIL & GAS LTD	41,200	$290K	0.3%	$7.04	—	COM	00765F101
—	SUPERIOR ENERGY SVCS INC	15,408	$276K	0.3%	$31.32	—	COM	868157108
—	BUNGE LTD	4,620	$274K	0.3%	$70.42	—	COM	G16962105
VALE	VALE SA	48,250	$265K	0.3%	$10.05	—	SPONS ADR	91912E105
BHP	BHP BILLITON LTD	7,471	$259K	0.3%	$24.61	—	SPONSORED ADR	088606108
—	ALCOA INC	24,587	$249K	0.3%	$9.59	—	COM	013817101
—	ROYAL DUTCH SHELL PLC	8,933	$232K	0.2%	$24.46	—	SPON ADR B	780259107
NVRI	HARSCO CORP	23,270	$231K	0.2%	$9.53	0.0%	COM	415864107
—	SILVER WHEATON CORP	8,437	$228K	0.2%	$16.18	—	COM	828336107
CCJ	CAMECO CORP	26,231	$225K	0.2%	$14.36	-38.0%	COM	13321L108
—	SOUTHWESTERN ENERGY CO	16,122	$223K	0.2%	$29.89	—	COM	845467109
—	POTASH CORP OF SASK	12,800	$209K	0.2%	$19.69	—	COM	73755L107
RGLD	ROYAL GOLD INC	2,587	$200K	0.2%	$43.18	+86.0%	COM	780287108
—	NOBLE ENERGY INC	5,394	$193K	0.2%	$63.33	—	COM	655044105
HBM	HUDBAY MINERALS INC	43,712	$175K	0.2%	$4.52	-0.0%	COM	443628102
—	MAGELLAN MIDSTREAM PARTNERS	2,306	$163K	0.2%	$60.87	—	COM UNIT RP LP	559080106
—	NABORS INDS LTD	13,380	$163K	0.2%	$26.82	—	SHS	G6359F103
HAL	HALLIBURTON CO	3,543	$159K	0.2%	$35.57	+2.2%	COM	406216101
FNV	FRANCO-NEVADA CORP	2,261	$158K	0.2%	$44.49	+52.7%	COM	351858105
BVN	COMPANIA DE MINAS BUENAVENTU	10,983	$152K	0.2%	$8.08	—	SPONSORED ADR	204448104
KMI	KINDER MORGAN IN	6,470	$150K	0.2%	$19.64	-33.5%	COM	49456B101
RIG	TRANSOCEAN LTD	12,995	$139K	0.1%	$40.03	-73.6%	COM	H8817H100
GFI	GOLD FIELDS LTD NEW	27,982	$136K	0.1%	$2.81	—	SPONS ADR	38059T106
—	WEATHERFORD INTL LTD	23,054	$130K	0.1%	$19.28	—	ORD SHS	G48833100
—	ELDORADO GOLD CORP	31,544	$124K	0.1%	$5.03	—	COM	284902103
FMC	FMC CORP	2,533	$122K	0.1%	$41.54	-20.5%	COM NEW	302491303
—	ENCANA CORP	11,556	$121K	0.1%	$13.55	—	COM	292505104
—	BARRICK GOLD CORP	6,641	$118K	0.1%	$13.64	—	COM	067901108
PAA	PLAINS ALL AMER PIPELINE LP	3,469	$109K	0.1%	$29.50	—	UNIT LTD PARTN	726503105
—	SILVER STANDARD RESOURCES	9,014	$109K	0.1%	$12.97	—	COM	82823L106
—	ENERGY TRANSFER PARTNERS LP	2,909	$108K	0.1%	$40.04	—	UNIT LTD PARTN	29273R109
—	ENSCO PLC	12,440	$106K	0.1%	$49.14	—	SHS CL A	G3157S106
AG	FIRST MAJESTIC SILVER CORP	9,890	$102K	0.1%	$10.41	+38.8%	COM	32076V103
HMY	HARMONY GOLD MNG LTD	28,200	$98,000	0.1%	$3.45	—	SPONS ADR	413216300
—	TAHOE RESOURCES INC	7,600	$98,000	0.1%	$10.04	—	COM	873868103
—	YAMANA GOLD INC	22,738	$98,000	0.1%	$5.06	—	COM	98462Y100
—	PRETIUM RES INC	8,099	$83,000	0.1%	$11.07	—	COM	74139C102
—	BUCKEYE PARTNERS	1,114	$80,000	0.1%	$60.12	—	UNIT LTD PARTN	118230101
—	NEWFIELD EXPLORA	1,641	$71,000	0.1%	$43.83	—	COM	651290108
—	CST BRANDS INC	1,458	$70,000	0.1%	$34.32	—	COM	12646R105
—	DIAMOND OFFSHORE DRILLING	3,669	$65,000	0.1%	$17.83	—	COM	25271C102
MPLX	MPLX LP	1,774	$60,000	0.1%	$39.46	—	COM UNIT REP LTD	55336V100
—	STILLWATER MINING CO	4,369	$58,000	0.1%	$8.58	—	COM	86074Q102
TECK	TECK RESOURCES LTD	2,643	$48,000	0.0%	$7.10	+124.7%	CL B	878742204
—	GULFPORT ENERG CORP	1,540	$44,000	0.0%	$31.17	—	COM NEW	402635304
—	ARCELORMITTAL SA LUXEMBOURG	6,888	$42,000	0.0%	$12.87	—	NY REGISTRY SH	03938L104
—	CIMAREX ENERGY C	295	$40,000	0.0%	$111.12	—	COM	171798101
PBR	PETROLEO BRASILEIRO SA PETRO	4,093	$38,000	0.0%	$12.64	—	SPONS ADR	71654V408
RS	RELIANCE STEEL & ALUMINUM CO	502	$36,000	0.0%	$67.77	+10.7%	COM	759509102
—	UNITED STATES STEEL CORP	1,847	$35,000	0.0%	$10.19	—	COM	912909108
KGC	KINROSS GOLD CORP	8,069	$34,000	0.0%	$4.36	+10.5%	COM NO PAR	496902404
PAAS	PAN AMER SILVER	1,840	$32,000	0.0%	$11.35	+64.7%	COM	697900108
—	HESS CORP	590	$32,000	0.0%	$54.24	—	COM	42809H107
—	ANADARKO PETROLEUM CORP	494	$31,000	0.0%	$60.73	—	COM	032511107
—	GOLDCORP INC	1,712	$28,000	0.0%	$20.80	—	COM	380956409
—	ANGLOGOLD ASHANTI LTD	1,464	$23,000	0.0%	$11.97	—	SPONSORED ADR	035128206
CDE	COEUR MNG INC	1,937	$23,000	0.0%	$8.55	+59.9%	COM NEW	192108504
NGD	NEW GOLD INC CDA	4,868	$21,000	0.0%	$4.23	+17.8%	COM	644535106
FCX	FREEPORT-MCMORAN INC	1,622	$18,000	0.0%	$10.60	-1.6%	CL B	35671D857
—	RSP PERMIAN INC	306	$12,000	0.0%	$20.74	—	COM	74978Q105
—	WHITING PETE CORP NEW	1,224	$11,000	0.0%	$8.99	—	COM	966387102
—	WPX ENERGY INC	677	$9,000	0.0%	$12.91	—	COM	98212B103
—	CONTINENTAL RESOURCES INC	163	$8,000	0.0%	$27.55	—	COM	212015101
—	ENERGEN CORP	145	$8,000	0.0%	$69.87	—	COM	29265N108
—	CLIFFS NAT RES INC	1,212	$7,000	0.0%	$5.78	—	COM	18683K101
—	BHP BILLITON	234	$7,000	0.0%	$30.63	—	SPONSORED ADR	05545E209
—	CHESAPEAKE ENERGY CORP	983	$6,000	0.0%	$13.93	—	COM	165167107
SEDG	SOLAREDGE TECHNOLOGIES INC	340	$6,000	0.0%	$17.63	0.0%	COM	83417M104
FSLR	FIRST SOLAR INC	144	$6,000	0.0%	$41.41	0.0%	COM	336433107
—	EP ENERGY CORP	1,301	$6,000	0.0%	$4.69	—	CL A	268785102
HLX	HELIX ENERGY SOLUTIONS GRP I	656	$5,000	0.0%	$9.12	-17.0%	COM	42330P107
—	SEADRILL LTD	2,212	$5,000	0.0%	$4.35	—	SHS	G7945E105
—	SIBANYE GOLD	389	$5,000	0.0%	$12.85	—	SPONS ADR	825724206
—	ISRAEL CHEMICALS LTD	1,389	$5,000	0.0%	$5.04	—	SHS	M5920A109
—	TRINA SOLAR	399	$4,000	0.0%	$10.03	—	SPONS ADR	89628E104
NPKI	NEWPARK RESOURCES INC	512	$4,000	0.0%	$6.61	0.0%	COM PAR $.01NEW	651718504
—	AK STEEL HOLDING CORP	849	$4,000	0.0%	$4.71	—	COM	001547108
—	ATWOOD OCEANICS	413	$4,000	0.0%	$13.00	—	COM	050095108
—	DENBURY RESOURCE	950	$3,000	0.0%	$3.16	—	COM NEW	247916208
HL	HECLA MINING CO	279	$2,000	0.0%	$5.85	0.0%	COM	422704106
—	BRISTOW GROUP IN	163	$2,000	0.0%	$26.14	—	COM	110394103
—	WALTER ENERGY	68,768	$2,000	0.0%	$0.03	—	COM	93317Q105
CENX	CENTURY ALUMINUM	200	$1,000	0.0%	$12.35	-44.7%	COM	156431108
—	SOLARCITY CORP	43	$1,000	0.0%	$23.26	—	COM	83416T100
—	CALIFORNIA RES CORP	1	$0	0.0%	—	—	COM NEW	13057Q206
IAG	IAMGOLD CORP	49	$0	0.0%	$1.63	+180.4%	COM	450913108
—	OASIS PETROLEUM INC	2	$0	0.0%	—	—	COM	674215108
—	CONCHO RESOURCES	1	$0	0.0%	—	—	COM	20605P101