Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CALM	CAL-MAINE FOODS INC	100,716	$4.449M	3.9%	$35.54	-14.7%	COM NEW	128030202
—	SANDERSON FARMS INC	36,390	$3.429M	3.0%	$84.19	—	COM	800013104
—	MONSANTO CO	26,829	$2.823M	2.5%	$109.90	—	COM	61166W101
MOS	MOSAIC CO NEW	82,568	$2.422M	2.1%	$25.50	-10.2%	COM	61945C103
SBS	CIA SANEAMENTO BASICO DE	243,694	$2.115M	1.9%	$5.24	—	SPONS ADR	20441A102
SQM	SOCIEDAD QUIMICA MINERA DE C	68,901	$1.974M	1.7%	$19.20	—	SPON ADR SER B	833635105
HRL	HORMEL FOODS CORP	54,091	$1.883M	1.7%	$24.19	+18.7%	COM	440452100
ADM	ARCHER-DANIELS-MIDLAND CO	40,341	$1.842M	1.6%	$29.04	+16.3%	COM	039483102
PPC	PILGRIMS PRIDE CORP	95,659	$1.817M	1.6%	$26.56	-26.5%	COM	72147K108
MPC	MARATHON PETROLE	35,187	$1.772M	1.6%	$33.16	+3.2%	COM	56585A102
—	DRIL-QUIP INC	29,473	$1.77M	1.6%	$73.49	—	COM	262037104
—	FMC TECHNOLOGIES	49,542	$1.76M	1.5%	$37.38	—	COM	30249U101
XOM	EXXON MOBIL CORP	17,559	$1.585M	1.4%	$58.35	-0.3%	COM	30231G102
VLO	VALERO ENERGY CORP	22,823	$1.559M	1.4%	$33.39	+28.1%	COM	91913Y100
CVX	CHEVRON CORP	12,892	$1.517M	1.3%	$70.75	+4.3%	COM	166764100
CVE	CENOVUS ENERGY INC	99,358	$1.503M	1.3%	$17.66	-27.7%	COM	15135U109
—	BRF SA	98,292	$1.451M	1.3%	$15.15	—	SPONS ADR	10552T107
—	CNOOC LTD	11,053	$1.37M	1.2%	$129.04	—	SPONS ADR	126132109
HP	HELMERICH & PAYN	17,693	$1.369M	1.2%	$71.52	-0.7%	COM	423452101
—	CRESCENT POINT ENERGY CORP	100,578	$1.367M	1.2%	$14.58	—	COM	22576C101
—	CORE LABS NV	11,361	$1.364M	1.2%	$129.28	—	COM	N22717107
SCCO	SOUTHERN COPPER CORP	41,259	$1.318M	1.2%	$17.54	+15.3%	COM	84265V105
COP	CONOCOPHILLIPS	26,244	$1.316M	1.2%	$34.57	+0.6%	COM	20825C104
OIS	OIL STATES INTL	33,484	$1.306M	1.1%	$39.42	-13.8%	COM	678026105
PCH	POTLATCH CORP	30,646	$1.276M	1.1%	$31.35	—	COM	737630103
OII	OCEANEERING INTL	45,150	$1.274M	1.1%	$59.77	-54.9%	COM	675232102
SLB	SCHLUMBERGER LTD	14,727	$1.236M	1.1%	$69.81	-9.7%	COM	806857108
—	FORUM ENERGY TECHNOLOGIES IN	52,480	$1.155M	1.0%	$12.67	—	COM	34984V100
—	PDC ENERGY INC	15,917	$1.155M	1.0%	$65.19	—	COM	69327R101
—	JOY GLOBAL INC	39,872	$1.116M	1.0%	$35.22	—	COM	481165108
STLD	STEEL DYNAMICS INC	30,380	$1.081M	1.0%	$18.10	+44.2%	COM	858119100
SU	SUNCOR ENERGY INC	32,580	$1.066M	0.9%	$24.26	-9.2%	COM	867224107
PSX	PHILLIPS 66	12,101	$1.046M	0.9%	$43.93	+33.5%	COM	718546104
—	HOLLYFRONTIER CO	31,816	$1.042M	0.9%	$46.20	—	COM	436106108
—	BAKER HUGHES INC	15,548	$1.01M	0.9%	$50.74	—	COM	057224107
LNN	LINDSAY CORP	13,378	$998K	0.9%	$70.35	+1.0%	COM	535555106
—	ROWAN COMPANIES	52,198	$986K	0.9%	$15.16	—	SHS CL A	G7665A101
CF	CF INDUSTRIES HOLDINGS INC	31,249	$984K	0.9%	$29.62	-28.8%	COM	125269100
INGR	INGREDION INC	7,745	$968K	0.9%	$72.94	+73.2%	COM	457187102
RYN	RAYONIER INC	36,332	$966K	0.8%	$28.03	—	COM	754907103
AGCO	AGCO CORP	16,161	$935K	0.8%	$43.16	+1.2%	COM	001084102
BP	BP PLC	23,967	$896K	0.8%	$30.20	—	SPONS ADR	055622104
RES	RPC INC	44,003	$872K	0.8%	$10.95	+48.6%	COM	749660106
AWR	AMERICAN STATES WATER CO	18,877	$860K	0.8%	$30.74	+14.0%	COM	029899101
CMC	COMMERCIAL METAL	38,476	$838K	0.7%	$14.37	+14.5%	COM	201723103
EQT	EQT CORP	12,337	$807K	0.7%	$38.10	-10.2%	COM	26884L109
EC	ECOPETROL SA	86,600	$784K	0.7%	$19.67	—	SPONS ADR	279158109
WY	WEYERHAEUSER CO	25,413	$765K	0.7%	$19.48	+11.3%	COM	962166104
TS	TENARIS SA	20,838	$744K	0.7%	$29.98	—	SPONS ADR	88031M109
CNQ	CANADIAN NATURAL RESOURCES	23,291	$743K	0.7%	$8.61	+22.4%	COM	136385101
—	NOBLE CORP	124,000	$734K	0.6%	$6.65	—	SHS USD	G65431101
CTRA	CABOT OIL & GAS	30,613	$715K	0.6%	$17.41	-5.8%	COM	127097103
ANDE	ANDERSONS INC	15,500	$693K	0.6%	$22.96	+39.4%	COM	034164103
NUE	NUCOR CORP	11,614	$691K	0.6%	$39.21	+16.4%	COM	670346105
PKX	POSCO	13,051	$686K	0.6%	$35.30	—	SPONS ADR	693483109
—	AQUA AMERICA INC	22,410	$673K	0.6%	$27.14	—	COM	03836W103
CWT	CALIFORNIA WATER SERVICE GRP	19,459	$660K	0.6%	$20.01	+38.1%	COM	130788102
—	TOTAL SA	12,886	$657K	0.6%	$59.77	—	SPONS ADR	89151E109
—	MCDERMOTT INTL	87,475	$646K	0.6%	$5.01	—	COM	580037109
—	POTASH CORP OF SASK	35,087	$635K	0.6%	$18.68	—	COM	73755L107
—	NOBLE ENERGY INC	16,541	$630K	0.6%	$46.32	—	COM	655044105
—	LAREDO PETROLEUM HOLDINGS IN	44,337	$627K	0.6%	$9.43	—	COM	516806106
RIG	TRANSOCEAN LTD	42,308	$624K	0.5%	$20.51	-42.2%	REG SHS	H8817H100
RRC	RANGE RESOURCES	18,008	$619K	0.5%	$40.13	-10.9%	COM	75281A109
—	CALLON PETROLEUM CO	40,108	$616K	0.5%	$15.63	—	COM	13123X102
NEM	NEWMONT MINING CORP	18,028	$614K	0.5%	$21.93	+22.6%	COM	651639106
—	CALGON CARBON CORP	35,664	$606K	0.5%	$14.88	—	COM	129603106
OXY	OCCIDENTAL PETROLEUM CORP	8,276	$589K	0.5%	$58.08	-5.3%	COM	674599105
—	PARSLEY ENERGY INC	16,727	$589K	0.5%	$23.95	—	CL A	701877102
—	ENERPLUS CORP	61,756	$586K	0.5%	$6.36	—	COM	292766102
—	PRECISION DRILLING CORP	102,226	$557K	0.5%	$3.75	—	COM 2010	74022D308
TX	TERNIUM SA	22,822	$551K	0.5%	$12.44	—	SPON ADR	880890108
TSN	TYSON FOODS INC	8,702	$537K	0.5%	$39.85	+30.5%	CL A	902494103
—	KOSMOS ENERGY LTD	76,533	$536K	0.5%	$7.49	—	SHS	G5315B107
PTEN	PATTERSON-UTI	19,784	$533K	0.5%	$17.15	+44.0%	COM	703481101
MTDR	MATADOR RESOURCES CO	20,597	$531K	0.5%	$22.11	+9.5%	COM	576485205
AR	ANTERO RESOURCES CORP	21,623	$511K	0.4%	$26.62	-3.6%	COM	03674X106
—	FRANK'S INTERNATIONAL NV	40,899	$503K	0.4%	$15.74	—	COM	N33462107
EOG	EOG RESOURCES	4,960	$501K	0.4%	$65.30	+10.8%	COM	26875P101
AGRO	ADECOAGRO SA	47,772	$496K	0.4%	$9.77	-2.0%	COM	L00849106
MUR	MURPHY OIL CORP	15,841	$493K	0.4%	$25.04	-13.1%	COM	626717102
AEM	AGNICO-EAGLE MINES LTD	11,560	$486K	0.4%	$28.07	+32.3%	COM	008474108
FMC	FMC CORP	8,478	$480K	0.4%	$38.18	-3.7%	COM NEW	302491303
CRS	CARPENTER TECHNOLOGY	13,080	$473K	0.4%	$35.77	-11.4%	COM	144285103
—	CARRIZO O&G.	12,305	$460K	0.4%	$38.99	—	COM	144577103
—	QEP RESOURCES IN	24,541	$452K	0.4%	$15.02	—	COM	74733V100
DE	DEERE & CO	4,366	$450K	0.4%	$72.34	+12.6%	COM	244199105
—	NATIONAL OILWELL VARCO INC	11,629	$435K	0.4%	$50.56	—	COM	637071101
—	PIONEER NATURAL	2,384	$429K	0.4%	$188.84	—	COM	723787107
YPF	YPF SOCIEDAD ANONIMA	25,455	$420K	0.4%	$25.28	—	SPON ADR CL D	984245100
—	SYNERGY RESOURCES CORP	46,901	$418K	0.4%	$9.62	—	COM	87164P103
BTE	BAYTEX ENERGY CORP	84,345	$412K	0.4%	$4.62	-10.5%	COM	07317Q105
ATI	ALLEGHENY TECHNOLOGIES INC	25,577	$407K	0.4%	$15.92	+4.4%	COM	01741R102
AWK	AMERICAN WATER WORKS CO INC	5,563	$403K	0.4%	$50.79	+19.6%	COM	030420103
—	RICE ENERGY INC	18,878	$403K	0.4%	$26.07	—	COM	762760106
—	INTEROIL CORP	8,404	$400K	0.4%	$50.93	—	COM	460951106
—	MARATHON OIL CORP	22,505	$390K	0.3%	$26.84	—	COM	565849106
FANG	DIAMONDBACK ENERGY INC	3,818	$386K	0.3%	$55.02	+40.3%	COM	25278X109
—	GOLDCORP INC	28,065	$382K	0.3%	$14.05	—	COM	380956409
—	STILLWATER MINING CO	23,249	$375K	0.3%	$14.71	—	COM	86074Q102
VALE	VALE SA	49,062	$374K	0.3%	$10.00	—	ADR	91912E105
DVN	DEVON ENERGY CORPORATION	8,077	$369K	0.3%	$38.78	-19.7%	COM	25179M103
ARLP	ALLIANCE RESOURCE PARTNERS	16,408	$368K	0.3%	$21.10	—	UT LTD PART	01877R108
—	AGRIUM INC	3,655	$368K	0.3%	$90.33	—	COM	008916108
KALU	KAISER ALUMINUM	4,643	$361K	0.3%	$61.73	-4.1%	COM PAR $0.01	483007704
—	APACHE CORP	5,604	$356K	0.3%	$88.82	—	COM	037411105
WOR	WORTHINGTON INDUSTRIES	7,403	$351K	0.3%	$21.36	+50.7%	COM	981811102
—	PETROCHINA CO LTD	4,588	$338K	0.3%	$118.40	—	SPONS ADR	71646E100
—	TURQUOISE HILL RESOURCES	104,233	$337K	0.3%	$2.89	—	COM	900435108
IAG	IAMGOLD CORP	86,814	$334K	0.3%	$3.74	+0.0%	COM	450913108
—	ADVANTAGE OIL & GAS LTD	49,200	$334K	0.3%	$7.00	—	COM	00765F101
—	ROYAL DUTCH SHELL PLC	6,126	$333K	0.3%	$57.71	—	SPONS ADR B	780259206
CCJ	CAMECO CORP	31,829	$333K	0.3%	$13.32	-36.7%	COM	13321L108
EPD	ENTERPRISE PRODUCTS PARTNERS	11,985	$324K	0.3%	$52.99	—	COM	293792107
RIO	RIO TINTO	8,378	$322K	0.3%	$46.96	—	SPONS ADR	767204100
—	RSP PERMIAN INC	7,154	$319K	0.3%	$43.57	—	COM	74978Q105
NVRI	HARSCO CORP	22,977	$312K	0.3%	$9.53	+25.9%	COM	415864107
—	RANDGOLD RESOURCES LTD	3,931	$300K	0.3%	$65.70	—	COM	752344309
—	BUNGE LTD	4,008	$290K	0.3%	$70.42	—	COM	G16962105
—	WPX ENERGY INC	18,989	$277K	0.2%	$14.53	—	COM	98212B103
DAR	DARLING INGREDIENTS INC	21,140	$273K	0.2%	$16.57	-18.3%	COM	237266101
—	PRETIUM RESOURCES INC	32,507	$268K	0.2%	$8.95	—	COM	74139C102
—	ENERGEN CORP	4,580	$264K	0.2%	$58.03	—	COM	29265N108
—	SUPERIOR ENERGY	15,408	$260K	0.2%	$31.32	—	COM	868157108
ERII	ENERGY RECOVERY INC	25,012	$259K	0.2%	$12.01	0.0%	COM	29270J100
HBM	HUDBAY MINERALS INC	43,712	$250K	0.2%	$4.52	+18.4%	COM	443628102
—	HESS CORP	4,009	$250K	0.2%	$61.16	—	COM	42809H107
—	DOMINION DIAMOND	24,000	$232K	0.2%	$9.67	—	COM	257287102
—	SIBANYE GOLD	32,293	$228K	0.2%	$7.13	—	SPONS ADR	825724206
—	NABORS INDS LTD	13,609	$223K	0.2%	$26.64	—	SHS	G6359F103
FSLR	FIRST SOLAR INC	6,806	$218K	0.2%	$35.23	-0.4%	COM	336433107
—	SILVER WHEATON CORP	11,220	$217K	0.2%	$16.97	—	COM	828336107
E	ENI SPA	6,695	$216K	0.2%	$32.26	—	SPONS ADR	26874R108
HMY	HARMONY GOLD MNG LTD	97,440	$215K	0.2%	$2.57	—	SPONS ADR	413216300
TECK	TECK RESOURCES	10,502	$210K	0.2%	$17.98	+20.4%	CL B	878742204
—	SYNGENTA AG	2,528	$200K	0.2%	$72.53	—	SPONS ADR	87160A100
AGI	ALAMOS GOLD INC	28,832	$197K	0.2%	$6.60	0.0%	COM CL A	011532108
—	YAMANA GOLD INC	68,671	$193K	0.2%	$3.55	—	COM	98462Y100
HLX	HELIX ENERGY SOLUTIONS GRP I	21,871	$193K	0.2%	$9.63	+0.2%	COM	42330P107
—	AK STEEL HOLDING CORP	18,401	$188K	0.2%	$9.96	—	COM	001547108
NGD	NEW GOLD INC CDA	52,854	$185K	0.2%	$3.84	-1.0%	COM	644535106
FNV	FRANCO-NEVADA CORP	3,069	$183K	0.2%	$47.41	+17.2%	COM	351858105
—	SEADRILL LTD	53,706	$183K	0.2%	$3.45	—	SHS	G7945E105
—	SOUTHWESTERN ENERGY CO	16,122	$174K	0.2%	$29.89	—	COM	845467109
—	MAGELLAN MIDSTREAM PARTNERS	2,306	$174K	0.2%	$60.87	—	COM UNIT RP LP	559080106
—	ARCONIC INC	8,195	$152K	0.1%	$18.55	—	COM	03965L100
—	EP ENERGY CORP	22,289	$146K	0.1%	$6.44	—	CL A	268785102
—	UNITED STATES STEEL CORP	4,283	$141K	0.1%	$23.12	—	COM	912909108
AA	ALCOA INC	4,907	$138K	0.1%	$25.90	0.0%	COM	013872106
—	ENCANA CORP	11,556	$136K	0.1%	$13.55	—	COM	292505104
KMI	KINDER MORGAN IN	6,470	$134K	0.1%	$19.64	-33.3%	COM	49456B101
KGC	KINROSS GOLD CORP	38,860	$121K	0.1%	$3.69	-4.8%	COM NO PAR	496902404
—	TAHOE RESOURCES INC	12,700	$120K	0.1%	$9.80	—	COM	873868103
—	ENSCO PLC	12,079	$117K	0.1%	$49.14	—	SHS CL A	G3157S106
—	CLIFFS NATURAL RESOURCES INC	13,840	$116K	0.1%	$8.15	—	COM	18683K101
RGLD	ROYAL GOLD INC	1,832	$116K	0.1%	$43.18	+57.7%	COM	780287108
—	WEATHERFORD INTL LTD	23,054	$115K	0.1%	$19.28	—	ORD SHS	G48833100
—	DENBURY RESOURCE	30,667	$113K	0.1%	$3.67	—	COM NEW	247916208
PAA	PLAINS ALL AMER PIPELINE LP	3,469	$112K	0.1%	$29.50	—	UNIT LTD PARTN	726503105
—	ATWOOD OCEANICS	8,550	$112K	0.1%	$13.09	—	COM	050095108
—	BARRICK GOLD CORP	6,641	$106K	0.1%	$13.64	—	COM	067901108
—	ENERGY TRANSFER PARTNERS LP	2,909	$104K	0.1%	$40.04	—	UNIT LTD PARTN	29273R109
—	ELDORADO GOLD CORP	30,567	$98,000	0.1%	$5.03	—	COM	284902103
—	FORTUNA SILVER MINES INC	17,132	$97,000	0.1%	$5.66	—	COM	349915108
—	WHITING PETROLEU	7,358	$88,000	0.1%	$11.47	—	COM	966387102
—	CHESAPEAKE ENERGY CORP	12,472	$88,000	0.1%	$7.60	—	COM	165167107
BVN	CIA DE MINAS BUENAVENTUR	7,573	$85,000	0.1%	$8.08	—	SPONS ADR	204448104
GGB	GERDAU SA	27,098	$85,000	0.1%	$3.14	—	SPON ADR REP PFD	373737105
FCX	FREEPORT-MCMORAN COPPER	6,439	$85,000	0.1%	$11.35	+2.2%	CL B	35671D857
—	SILVER STANDARD RESOURCES	9,014	$80,000	0.1%	$12.97	—	COM	82823L106
CSIQ	CANADIAN SOLAR INC	6,507	$79,000	0.1%	$13.06	0.0%	COM	136635109
—	TRINA SOLAR LIMITED	8,434	$78,000	0.1%	$9.29	—	SPONS ADR	89628E104
AG	FIRST MAJESTIC SILVER CORP	9,890	$75,000	0.1%	$10.41	-20.9%	COM	32076V103
—	BUCKEYE PARTNERS	1,114	$74,000	0.1%	$60.12	—	UNIT LTD PARTN	118230101
CENX	CENTURY ALUMINUM	8,212	$70,000	0.1%	$8.64	-1.1%	COM	156431108
—	CST BRANDS INC	1,458	$70,000	0.1%	$34.32	—	COM	12646R105
—	SCHNITZER STEEL INDS INC	2,689	$69,000	0.1%	$25.66	—	CL A	806882106
—	DIAMOND OFFSHORE DRILLING	3,669	$65,000	0.1%	$17.83	—	COM	25271C102
SID	SID NACIONAL	19,173	$62,000	0.1%	$3.23	—	SPONS ADR	20440W105
MPLX	MPLX LP	1,774	$61,000	0.1%	$39.46	—	COM UNIT REP LTD	55336V100
—	NEWFIELD EXPLORA	1,325	$54,000	0.0%	$43.83	—	COM	651290108
—	WILLIAMS PARTNERS L P NEW	1,417	$54,000	0.0%	$38.11	—	COM UNIT LTD PAR	96949L105
AROC	ARCHROCK INC	3,876	$51,000	0.0%	$7.80	0.0%	COM	03957W106
—	ARCELORMITTAL SA LUXEMBOURG	6,888	$50,000	0.0%	$12.87	—	NY REGISTRY SH	03938L104
HAL	HALLIBURTON CO	854	$46,000	0.0%	$35.57	+17.2%	COM	406216101
GFI	GOLD FIELDS	14,762	$44,000	0.0%	$2.81	—	SPONS ADR	38059T106
—	SANCHEZ ENERGY CORP	4,749	$43,000	0.0%	$9.05	—	COM	79970Y105
SEDG	SOLAREDGE TECHNO	3,355	$42,000	0.0%	$14.26	-2.7%	COM	83417M104
RS	RELIANCE STEEL & ALUMINUM CO	502	$40,000	0.0%	$67.77	+12.4%	COM	759509102
—	BRISTOW GROUP IN	1,968	$40,000	0.0%	$20.81	—	COM	110394103
BHP	BHP BILLITON LTD	1,039	$37,000	0.0%	$24.61	—	SPONS ADR	088606108
—	ANADARKO PETROLEUM CORP	494	$34,000	0.0%	$60.73	—	COM	032511107
—	CIMAREX ENERGY C	242	$33,000	0.0%	$111.12	—	COM	171798101
PBR	PETROLEO BRASILEIRO S.A	3,198	$32,000	0.0%	$12.64	—	SPONS ADR	71654V408
—	GULFPORT ENERGY CORP	1,291	$28,000	0.0%	$31.17	—	COM NEW	402635304
CDE	COEUR DALENE MINES CORP	1,937	$18,000	0.0%	$8.55	+20.2%	COM NEW	192108504
—	ANGLOGOLD ASHANTI	1,464	$15,000	0.0%	$11.97	—	SPONS ADR	035128206
—	CONTL RES INC	242	$12,000	0.0%	$34.74	—	COM	212015101
—	CONSOL ENERGY	444	$8,000	0.0%	$18.02	—	COM	20854P109
—	BHP BILLITON	234	$7,000	0.0%	$30.63	—	SPONS ADR	05545E209
PAAS	PAN AMER SILVER	408	$6,000	0.0%	$11.35	+42.0%	COM	697900108
—	WILLIAMS CLAYTON ENERGY INC	32	$4,000	0.0%	$125.00	—	COM	969490101
—	STATOIL ASA	107	$2,000	0.0%	$16.03	—	SPONS ADR	85771P102
—	SUNPOWER CORP-A	370	$2,000	0.0%	$5.41	—	COM	867652406
HL	HECLA MINING CO	279	$1,000	0.0%	$5.85	-4.1%	COM	422704106
—	CONCHO RESOURCES	1	$0	0.0%	—	—	COM	20605P101
—	OASIS PETROLEUM INC	2	$0	0.0%	—	—	COM	674215108
—	CALIFORNIA RESOU	1	$0	0.0%	—	—	COM NEW	13057Q206