The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGCO CORP COM 001084102 7,849 139,619 SH   SOLE   139,619 0 0
AGNICO EAGLE MINES LTD COM 008474108 1,248 32,589 SH   SOLE   32,589 0 0
AGRIUM INC COM 008916108 929 10,140 SH   SOLE   10,140 0 0
ALAMOS GOLD INC COM 011527108 562 55,623 SH   SOLE   55,623 0 0
ALCOA INC COM 013817101 297 19,964 SH   SOLE   19,964 0 0
ALLEGHENY TECHNOLOGIES INC COM 01741R102 500 11,080 SH   SOLE   11,080 0 0
ALLIED NEVADA GOLD CORP COM 019344100 587 156,153 SH   SOLE   156,153 0 0
AMERICAN STS WATER CO COM 029899101 209 6,285 SH   SOLE   6,285 0 0
AMERICAN VANGAURD COM 030371108 151 11,392 SH   SOLE   11,392 0 0
ANADARKO PETE CORP COM 032511107 1,443 13,182 SH   SOLE   13,182 0 0
ANDERSONS INC COM 034164103 640 12,400 SH   SOLE   12,400 0 0
ANGLOGOLD ASHANTI LTD. SPONS ADR 035128206 957 55,610 SH   SOLE   55,610 0 0
APACHE CORP COM 037411105 1,318 13,094 SH   SOLE   13,094 0 0
AQUA AMERICA INC COM 03836W103 755 28,808 SH   SOLE   28,808 0 0
ARCELORMITTAL SA LUXEMBOURG NY REG SH 03938L104 308 20,626 SH   SOLE   20,626 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 1,341 30,390 SH   SOLE   30,390 0 0
ATWOOD OCEANICS COM 050095108 406 7,743 SH   SOLE   7,743 0 0
AURICO GOLD INC COM 05155C105 726 170,499 SH   SOLE   170,499 0 0
B2GOLD CORP COM 11777Q209 442 151,852 SH   SOLE   151,852 0 0
BAKER HUGHES INC COM 057224107 1,030 13,836 SH   SOLE   13,836 0 0
BARRICK GOLD CORP COM 067901108 2,579 140,914 SH   SOLE   140,914 0 0
BASIC ENERGY SERVICES INC COM 06985P100 209 7,164 SH   SOLE   7,164 0 0
BELLATRIX EXPLORATION LTD COM 078314101 170 19,645 SH   SOLE   19,645 0 0
BHP BILLITON SPONS ADR 05545E209 334 5,115 SH   SOLE   5,115 0 0
BP PLC SPONS ADR 055622104 1,319 25,013 SH   SOLE   25,013 0 0
BREITBURN ENERGY PARTNERS LP COM UT LTD PTN 106776107 210 9,511 SH   SOLE   9,511 0 0
BRISTOW GROUP IN COM 110394103 224 2,774 SH   SOLE   2,774 0 0
BUNGE LTD COM G16962105 691 9,138 SH   SOLE   9,138 0 0
C&J ENERGY SERVICES INC COM 12467B304 285 8,444 SH   SOLE   8,444 0 0
CAMECO CORP COM 13321L108 307 15,671 SH   SOLE   15,671 0 0
CAMERON INTERNATIONAL CORP COM 13342B105 1,660 24,514 SH   SOLE   24,514 0 0
CANADIAN NAT RES LTD COM 136385101 419 9,135 SH   SOLE   9,135 0 0
CARPENTER TECHNOLOGY COM 144285103 625 9,882 SH   SOLE   9,882 0 0
CENOVUS ENERGY INC COM 15135U109 1,249 38,558 SH   SOLE   38,558 0 0
CENTURY ALUMINUM COM 156431108 515 32,820 SH   SOLE   32,820 0 0
CF INDS HLDGS INC COM 125269100 9,635 40,058 SH   SOLE   40,058 0 0
CHESAPEAKE ENERGY CORP COM 165167107 306 9,836 SH   SOLE   9,836 0 0
CHEVRON CORP COM 166764100 4,180 32,016 SH   SOLE   32,016 0 0
CHIQUITA BRANDS INTL COM 170032809 149 13,695 SH   SOLE   13,695 0 0
CIA DE MINAS BUENAVENTUR SPONS ADR 204448104 577 48,851 SH   SOLE   48,851 0 0
CIA SANEAMENTO BASICO DE SPONS ADR 20441A102 754 70,313 SH   SOLE   70,313 0 0
CIVEO CORP COM 178787107 357 14,255 SH   SOLE   14,255 0 0
CNH INDUSTRIAL NV SHS N20944109 398 38,951 SH   SOLE   38,951 0 0
COEUR MNG INC COM NEW 192108504 215 23,417 SH   SOLE   23,417 0 0
COMMERCIAL METAL COM 201723103 601 34,703 SH   SOLE   34,703 0 0
CONOCOPHILLIPS COM 20825C104 3,136 36,578 SH   SOLE   36,578 0 0
CONTL RES INC/OK COM 212015101 1,239 7,838 SH   SOLE   7,838 0 0
CORE LABS NV COM N22717107 581 3,475 SH   SOLE   3,475 0 0
CRESCENT POINT ENERGY CORP COM 22576C101 444 10,032 SH   SOLE   10,032 0 0
DARLING INGREDIENTS INC COM 237266101 462 22,121 SH   SOLE   22,121 0 0
DEERE & CO COM 244199105 756 8,346 SH   SOLE   8,346 0 0
DEVON ENERGY CORP NEW COM 25179M103 2,006 25,265 SH   SOLE   25,265 0 0
DIAMOND OFFSHORE DRILLING COM 25271C102 343 6,909 SH   SOLE   6,909 0 0
DRESSER RAND GROUP COM 261608103 371 5,823 SH   SOLE   5,823 0 0
DRIL-QUIP INC COM 262037104 673 6,158 SH   SOLE   6,158 0 0
ECOPETROL SA SPONS ADR 279158109 1,251 34,703 SH   SOLE   34,703 0 0
ELDORADO GOLD CORP NEW COM 284902103 1,210 158,355 SH   SOLE   158,355 0 0
SWEDISH EXPT CR CORP ROG TTL ETN 22 870297801 86 10,000 SH   SOLE   10,000 0 0
ENCANA CORP COM 292505104 1,455 61,378 SH   SOLE   61,378 0 0
ENDEAVOUR SILVER CORP COM 29258Y103 524 95,901 SH   SOLE   95,901 0 0
ENERGY XXI BERMUDA USD UNRS SHS G10082900 401 16,980 SH   SOLE   16,980 0 0
ENERPLUS CORP COM 292766102 291 11,554 SH   SOLE   11,554 0 0
ENI SPA SPONS ADR 26874R108 921 16,770 SH   SOLE   16,770 0 0
ENSCO PLC SH CLS A G3157S106 993 17,877 SH   SOLE   17,877 0 0
ENTERPRISE PRODUCTS PARTNERS COM 293792107 418 5,338 SH   SOLE   5,338 0 0
EOG RESOURCES COM 26875P101 1,480 12,664 SH   SOLE   12,664 0 0
EP ENERGY CORP CL A 268785102 557 24,149 SH   SOLE   24,149 0 0
EQT CORP COM 26884L109 591 5,525 SH   SOLE   5,525 0 0
EXTERRAN HOLDING COM 30225X103 250 5,548 SH   SOLE   5,548 0 0
EXXON MOBIL CORP COM 30231G102 3,316 32,940 SH   SOLE   32,940 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103 624 57,705 SH   SOLE   57,705 0 0
FMC CORP COM NEW 302491303 1,265 17,766 SH   SOLE   17,766 0 0
FMC TECHNOLOGIES COM 30249U101 614 10,057 SH   SOLE   10,057 0 0
FRANCO-NEVADA CORP COM 351858105 650 11,334 SH   SOLE   11,334 0 0
FREEPORT-MCMORAN COPPER COM 35671D857 1,069 29,300 SH   SOLE   29,300 0 0
GERDAU SA SPONS ADR REP PFD 373737105 398 67,490 SH   SOLE   67,490 0 0
GOLD FIELDS LTD NEW SPONS ADR 38059T106 787 211,560 SH   SOLE   211,560 0 0
GOLDCORP INC COM 380956409 913 32,727 SH   SOLE   32,727 0 0
GRAN TIERRA ENERGY INC COM 38500T101 177 21,858 SH   SOLE   21,858 0 0
HALLIBURTON CO COM 406216101 2,287 32,206 SH   SOLE   32,206 0 0
HARMONY GOLD MNG LTD SPONS ADR 413216300 589 198,288 SH   SOLE   198,288 0 0
HARSCO CORP COM 415864107 596 22,365 SH   SOLE   22,365 0 0
HECLA MINING CO COM 422704106 344 99,637 SH   SOLE   99,637 0 0
HELIX ENERGY SOLUTIONS GRP I COM 42330P107 210 7,987 SH   SOLE   7,987 0 0
HELMERICH & PAYNE COM 423452101 1,118 9,627 SH   SOLE   9,627 0 0
HERCULES OFFSHORE INC COM 427093109 127 31,491 SH   SOLE   31,491 0 0
HESS CORP COM 42809H107 1,818 18,385 SH   SOLE   18,385 0 0
HOLLYFRONTIER CO COM 436106108 1,187 27,163 SH   SOLE   27,163 0 0
HORMEL FOODS CORP COM 440452100 4,264 86,412 SH   SOLE   86,412 0 0
HUDBAY MINERALS INC COM 443628102 201 21,712 SH   SOLE   21,712 0 0
IAMGOLD CORP COM 450913108 438 106,416 SH   SOLE   106,416 0 0
IMPERIAL OIL LTD COM NEW 453038408 1,034 19,623 SH   SOLE   19,623 0 0
INGREDION INC COM 457187102 907 12,087 SH   SOLE   12,087 0 0
INTREPID POTASH INC COM 46121Y102 1,053 62,811 SH   SOLE   62,811 0 0
JOY GLOBAL INC COM 481165108 1,507 24,474 SH   SOLE   24,474 0 0
KEY ENERGY SERVS INC COM 492914106 169 18,474 SH   SOLE   18,474 0 0
KINDER MORGAN ENERGY PRTNRS UT LTD PTNR 494550106 216 2,628 SH   SOLE   2,628 0 0
KINDER MORGAN IN COM 49456B101 681 18,771 SH   SOLE   18,771 0 0
KINROSS GOLD CORP COM NO PAR 496902404 912 220,224 SH   SOLE   220,224 0 0
KOSMOS ENERGY LTD SHS G5315B107 141 12,529 SH   SOLE   12,529 0 0
LAREDO PETROLEUM INC COM 516806106 301 9,711 SH   SOLE   9,711 0 0
LINDSAY CORP COM 535555106 521 6,163 SH   SOLE   6,163 0 0
MARATHON OIL CORP COM 565849106 3,774 94,544 SH   SOLE   94,544 0 0
MARATHON PETROLE COM 56585A102 1,651 21,143 SH   SOLE   21,143 0 0
MARINE HARVEST ASA SPONS ADR 56824R205 221 16,166 SH   SOLE   16,166 0 0
MATADOR RES CO COM 576485205 219 7,469 SH   SOLE   7,469 0 0
MCEWEN MINING INC COM 58039P107 430 149,243 SH   SOLE   149,243 0 0
MONSANTO CO NEW COM 61166W101 8,264 66,251 SH   SOLE   66,251 0 0
MOSAIC CO NEW COM 61945C103 3,675 74,315 SH   SOLE   74,315 0 0
MURPHY OIL CORP COM 626717102 1,770 26,621 SH   SOLE   26,621 0 0
NABORS INDS LTD SHS G6359F103 541 18,409 SH   SOLE   18,409 0 0
NATIONAL OILWELL VARCO INC COM 637071101 743 9,026 SH   SOLE   9,026 0 0
NEW GOLD INC CDA COM 644535106 787 123,543 SH   SOLE   123,543 0 0
NEWFIELD EXPL CO COM 651290108 601 13,607 SH   SOLE   13,607 0 0
NEWMONT MINING CORP COM 651639106 677 26,595 SH   SOLE   26,595 0 0
NEWPARK RES INC COM PAR $.01NEW 651718504 153 12,316 SH   SOLE   12,316 0 0
NOBLE CORP SHS USD G65431101 548 16,338 SH   SOLE   16,338 0 0
NOBLE ENERGY INC COM 655044105 394 5,082 SH   SOLE   5,082 0 0
NORTHERN OIL & GAS INC NEV COM 665531109 208 12,743 SH   SOLE   12,743 0 0
NUCOR CORP COM 670346105 230 4,675 SH   SOLE   4,675 0 0
OCCIDENTAL PETE CORP DEL NEW COM 674599105 2,394 23,327 SH   SOLE   23,327 0 0
OCEANEERING INTL COM 675232102 2,889 36,982 SH   SOLE   36,982 0 0
OIL STS INTL INC COM 678026105 2,871 44,800 SH   SOLE   44,800 0 0
PAN AMER SILVER COM 697900108 1,507 98,176 SH   SOLE   98,176 0 0
PATTERSON UTI ENERGY COM 703481101 409 11,706 SH   SOLE   11,706 0 0
PEABODY ENERGY CORP COM 704549104 166 10,180 SH   SOLE   10,180 0 0
PENGROWTH ENERGY CORP COM 70706P104 249 34,692 SH   SOLE   34,692 0 0
PETROCHINA CO LTD SPONS ADR 71646E100 445 3,548 SH   SOLE   3,548 0 0
PETROLEO BRASILEIRO S.A. SPONS ADR 71654V408 603 41,242 SH   SOLE   41,242 0 0
PHILLIPS 66 COM 718546104 1,591 19,781 SH   SOLE   19,781 0 0
PILGRIMS PRIDE CORP NEW COM 72147K108 684 24,985 SH   SOLE   24,985 0 0
PIONEER NAT RES CO NEW COM 723787107 719 3,128 SH   SOLE   3,128 0 0
PLUM CREEK TIMBER CO COM 729251108 333 7,383 SH   SOLE   7,383 0 0
POSCO SPONS ADR 693483109 871 11,706 SH   SOLE   11,706 0 0
POTASH CORP OF SASK INC COM 73755L107 1,679 44,234 SH   SOLE   44,234 0 0
POTLATCH CORP COM 737630103 480 11,590 SH   SOLE   11,590 0 0
PRECISION DRILLING CORP COM 2010 74022D308 310 21,888 SH   SOLE   21,888 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 4,650 158,641 SH   SOLE   158,641 0 0
RANDGOLD RES LTD ADR 752344309 550 6,500 SH   SOLE   6,500 0 0
RAYONIER INC COM 754907103 1,283 36,092 SH   SOLE   36,092 0 0
RELIANCE STEEL COM 759509102 661 8,972 SH   SOLE   8,972 0 0
RIO TINTO PLC SPONS ADR 767204100 1,371 25,251 SH   SOLE   25,251 0 0
ROSETTA RESOURCES COM 777779307 548 9,999 SH   SOLE   9,999 0 0
ROYAL DUTCH SHELL PLC SPONS ADR 780259206 1,097 13,315 SH   SOLE   13,315 0 0
ROYAL GOLD INC COM 780287108 808 10,609 SH   SOLE   10,609 0 0
RPC INC COM 749660106 217 9,237 SH   SOLE   9,237 0 0
SANCHEZ ENERGY CORP COM 79970Y105 227 6,036 SH   SOLE   6,036 0 0
SANDERSON FARMS INC COM 800013104 487 5,012 SH   SOLE   5,012 0 0
SANDRIDGE ENERGY COM 80007P307 239 33,381 SH   SOLE   33,381 0 0
SCHLUMBERGER LTD COM 806857108 1,541 13,067 SH   SOLE   13,067 0 0
SEADRILL LTD SHS G7945E105 239 5,978 SH   SOLE   5,978 0 0
SESA STERLITE LTD SPONS ADR 78413F103 347 17,920 SH   SOLE   17,920 0 0
COMPANHIA SIDERURGICA NACION SPONS ADR 20440W105 349 82,004 SH   SOLE   82,004 0 0
SILVER STD RES INC COM 82823L106 767 88,551 SH   SOLE   88,551 0 0
SILVER WHEATON CORP COM 828336107 2,087 79,445 SH   SOLE   79,445 0 0
SM ENERGY CO COM 78454L100 745 8,860 SH   SOLE   8,860 0 0
SOUTHERN COPPER CORP COM 84265V105 1,570 51,692 SH   SOLE   51,692 0 0
SOUTHWESTERN ENERGY CO COM 845467109 738 16,234 SH   SOLE   16,234 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 21,529 110,000 SH Put SOLE   110,000 0 0
SPECTRA ENERGY CORP COM 847560109 249 5,869 SH   SOLE   5,869 0 0
STILLWATER MINING CO COM 86074Q102 365 20,812 SH   SOLE   20,812 0 0
STONE ENERGY CORP COM 861642106 267 5,701 SH   SOLE   5,701 0 0
SUNCOKE ENERGY INC COM 86722A103 539 25,073 SH   SOLE   25,073 0 0
SUNCOR ENERGY INC NEW COM 867224107 1,994 46,772 SH   SOLE   46,772 0 0
SUPERIOR ENERGY SVCS COM 868157108 813 22,485 SH   SOLE   22,485 0 0
SWIFT ENERGY COM 870738101 176 13,566 SH   SOLE   13,566 0 0
SYNGENTA AG SPONS ADR 87160A100 324 4,328 SH   SOLE   4,328 0 0
TECK RESOURCES LTD CLS B 878742204 1,069 46,847 SH   SOLE   46,847 0 0
TESORO CORP COM 881609101 513 8,749 SH   SOLE   8,749 0 0
TETRA TECH INC DEL COM 88162F105 148 12,529 SH   SOLE   12,529 0 0
TOTAL SA SPON ADR 89151E109 1,326 18,364 SH   SOLE   18,364 0 0
TRANSCANADA CORP COM 89353D107 541 11,334 SH   SOLE   11,334 0 0
TRANSOCEAN LTD REG SHS H8817H100 627 13,923 SH   SOLE   13,923 0 0
TRIANGLE PETE CORP NEW COM NEW 89600B201 218 18,535 SH   SOLE   18,535 0 0
TURQUOISE HILL RES LTD COM 900435108 607 181,884 SH   SOLE   181,884 0 0
TYSON FOODS INC CL A 902494103 3,397 90,494 SH   SOLE   90,494 0 0
VALE SA ADR 91912E105 1,717 129,801 SH   SOLE   129,801 0 0
VALERO ENERGY CORP COM 91913Y100 1,912 38,156 SH   SOLE   38,156 0 0
W&T OFFSHORE COM 92922P106 208 12,682 SH   SOLE   12,682 0 0
WALTER ENERGY COM 93317Q105 666 122,177 SH   SOLE   122,177 0 0
WEATHERFORD INTL LTD REG SHS H27013103 501 21,778 SH   SOLE   21,778 0 0
WEYERHAEUSER CO COM 962166104 2,483 75,052 SH   SOLE   75,052 0 0
WHITING PETE CORP NEW COM 966387102 274 3,418 SH   SOLE   3,418 0 0
WILLIAMS COS INC DEL COM 969457100 453 7,776 SH   SOLE   7,776 0 0
WORTHINGTON INDS INC COM 981811102 658 15,294 SH   SOLE   15,294 0 0
YAMANA GOLD INC COM 98462Y100 1,005 122,189 SH   SOLE   122,189 0 0
YANZHOU COAL MINING CO SPONS ADR H SHS 984846105 92 122,000 SH   SOLE   122,000 0 0
YPF SOCIEDAD ANONIMA SPONS ADR CL D 984245100 966 29,573 SH   SOLE   29,573 0 0