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 1,754 29,026 SH   SOLE   29,026 0 0
AGNICO EAGLE MINES LTD COM 008474108 260 9,812 SH   SOLE   9,812 0 0
AGRIUM INC COM 008916108 2,388 28,414 SH   SOLE   28,414 0 0
ALCOA INC COM 013817101 134 16,556 SH   SOLE   16,556 0 0
ALLEGHENY TECHNOLOGIES INC COM 01741R102 676 22,160 SH   SOLE   22,160 0 0
ALLIED NEVADA GOLD CORP COM 019344100 415 99,168 SH   SOLE   99,168 0 0
ALUMINUM CORP CHINA LTD SPON ADR H SHS 022276109 4 12,000 SH   SOLE   12,000 0 0
ANADARKO PETE CORP COM 032511107 859 9,241 SH   SOLE   9,241 0 0
ANGLOGOLD ASHANTI LTD SPON ADR 035128206 532 40,030 SH   SOLE   40,030 0 0
APACHE CORP COM 037411105 1,064 12,495 SH   SOLE   12,495 0 0
ARCELORMITTAL SA LUXEMBOURG NY REG SH 03938L104 282 20,626 SH   SOLE   20,626 0 0
ARCHER-DANIELS-MIDLAND CO COM 039483102 3,906 106,023 SH   SOLE   106,023 0 0
BAKER HUGHES INC COM 057224107 661 13,453 SH   SOLE   13,453 0 0
BARRICK GOLD CORP COM 067901108 554 29,760 SH   SOLE   29,760 0 0
BHP BILLITON PLC SPON ADR 05545E209 1,235 20,990 SH   SOLE   20,990 0 0
BP PLC SPON ADR 055622104 3,126 74,368 SH   SOLE   74,368 0 0
BUNGE LTD COM G16962105 1,621 21,350 SH   SOLE   21,350 0 0
CAMERON INTERNATIONAL CORP COM 13342B105 468 8,012 SH   SOLE   8,012 0 0
CANADIAN NAT RES LTD COM 136385101 227 7,235 SH   SOLE   7,235 0 0
CF INDS HLDGS INC COM 125269100 4,118 19,533 SH   SOLE   19,533 0 0
CHEVRON CORP NEW COM 166764100 5,275 43,414 SH   SOLE   43,414 0 0
COMPANIA DE MINAS BUENAVENTUR SPON ADR 204448104 322 27,512 SH   SOLE   27,512 0 0
CNH GLOBAL NV SHS NEW N20935206 690 55,224 SH   SOLE   55,224 0 0
COEUR MINING INC COM NEW 192108504 145 11,996 SH   SOLE   11,996 0 0
CONOCOPHILLIPS COM 20825C104 1,880 27,053 SH   SOLE   27,053 0 0
DEERE & CO COM 244199105 4,958 60,913 SH   SOLE   60,913 0 0
DEVON ENERGY CORP NEW COM 25179M103 617 10,688 SH   SOLE   10,688 0 0
ELDORADO GOLD CORP NEW COM 284902103 247 36,811 SH   SOLE   36,811 0 0
ENCANA CORP COM 292505104 373 21,540 SH   SOLE   21,540 0 0
ENI SPA SPON ADR 26874R108 1,825 40,044 SH   SOLE   40,044 0 0
ENSCO PLC SH CL A G3157S106 297 5,525 SH   SOLE   5,525 0 0
EOG RESOURCES INC COM 26875P101 661 3,904 SH   SOLE   3,904 0 0
EXXON MOBIL CORP COM 30231G102 9,263 107,661 SH   SOLE   107,661 0 0
FREEPORT-MCMORAN COPPER COM 35671D857 887 26,807 SH   SOLE   26,807 0 0
GERDAU SA SPON ADR REP PFD 373737105 92 12,278 SH   SOLE   12,278 0 0
GOLD FIELDS LTD SPON ADR 38059T106 170 37,237 SH   SOLE   37,237 0 0
GOLDCORP INC NEW COM 380956409 660 25,362 SH   SOLE   25,362 0 0
HALLIBURTON CO COM 406216101 1,594 33,095 SH   SOLE   33,095 0 0
HARMONY GOLD MNG SPON ADR 413216300 154 45,426 SH   SOLE   45,426 0 0
HECLA MINING CO COM 422704106 131 41,780 SH   SOLE   41,780 0 0
HESS CORP COM 42809H107 318 4,118 SH   SOLE   4,118 0 0
IAMGOLD CORP COM 450913108 333 70,121 SH   SOLE   70,121 0 0
INGREDION INC COM 457187102 1,418 21,427 SH   SOLE   21,427 0 0
INTREPID POTASH INC COM 46121Y102 648 41,356 SH   SOLE   41,356 0 0
ISHARES GOLD TRUST ISHARES 464285105 2,822 218,898 SH   SOLE   218,898 0 0
KINDER MORGAN INC COM 49456B101 668 18,771 SH   SOLE   18,771 0 0
KINROSS GOLD CORP COM NO PAR 496902404 687 135,961 SH   SOLE   135,961 0 0
MARATHON OIL CORP COM 565849106 1,730 49,611 SH   SOLE   49,611 0 0
MARATHON PETROLEUM CORP COM 56585A102 367 5,700 SH   SOLE   5,700 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 2,740 109,500 SH Call SOLE   109,500 0 0
MECHEL OAO SPON ADR 583840103 63 19,590 SH   SOLE   19,590 0 0
MONSANTO CO NEW COM 61166W101 9,900 94,851 SH   SOLE   94,851 0 0
MOSAIC CO NEW COM 61945C103 2,789 64,837 SH   SOLE   64,837 0 0
NATIONAL OILWELL VARCO INC COM 637071101 969 12,404 SH   SOLE   12,404 0 0
NEW GOLD INC CDA COM 644535106 144 24,131 SH   SOLE   24,131 0 0
NEWMONT MINING CORP COM 651639106 868 30,879 SH   SOLE   30,879 0 0
NOBLE ENERGY INC COM 655044105 673 10,040 SH   SOLE   10,040 0 0
NUCOR CORP COM 670346105 229 4,675 SH   SOLE   4,675 0 0
OCCIDENTAL PETR CORP DEL COM 674599105 2,192 23,432 SH   SOLE   23,432 0 0
PAN AMERICAN SILVER CORP COM 697900108 315 29,893 SH   SOLE   29,893 0 0
PETROLEO BRASILEIRO SA SP ADR NON-VTG 71654V408 618 39,912 SH   SOLE   39,912 0 0
PHILLIPS 66 COM 718546104 445 7,700 SH   SOLE   7,700 0 0
PIONEER NAT RES CO COM 723787107 570 3,019 SH   SOLE   3,019 0 0
PLUM CREEK TIMBER CO COM 729251108 307 6,562 SH   SOLE   6,562 0 0
POSCO SPON ADR 693483109 595 8,079 SH   SOLE   8,079 0 0
POTASH CORP OF SASK INC COM 73755L107 6,206 198,398 SH   SOLE   198,398 0 0
POTASH CORP OF SASK INC COM 73755L107 1,408 45,000 SH Put SOLE   45,000 0 0
POTLATCH CORP NEW COM 737630103 291 7,344 SH   SOLE   7,344 0 0
SOCIEDAD QUIMICA Y MINERA DE C SPON ADR SER B 833635105 481 15,740 SH   SOLE   15,740 0 0
RANDGOLD RES LTD ADR 752344309 250 3,490 SH   SOLE   3,490 0 0
RAYONIER INC COM 754907103 313 5,618 SH   SOLE   5,618 0 0
RIO TINTO PLC SPON ADR 767204100 1,701 34,889 SH   SOLE   34,889 0 0
ROYAL DUTCH SHELL PLC SPON ADR 780259206 2,949 44,907 SH   SOLE   44,907 0 0
SASOL LTD SPON ADR 803866102 492 10,287 SH   SOLE   10,287 0 0
SCHLUMBERGER LTD COM 806857108 2,309 26,134 SH   SOLE   26,134 0 0
SESA GOA LTD. SPON ADR 78413F103 202 17,920 SH   SOLE   17,920 0 0
SILVER WHEATON CORP COM 828336107 861 34,749 SH   SOLE   34,749 0 0
SOUTHERN COPPER CORP COM 84265V105 328 12,038 SH   SOLE   12,038 0 0
SOUTHWESTERN ENERGY CO COM 845467109 390 10,719 SH   SOLE   10,719 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 2,267 17,688 SH   SOLE   17,688 0 0
SPECTRA ENERGY CORP COM 847560109 201 5,869 SH   SOLE   5,869 0 0
SUNCOR ENERGY INC COM 867224107 1,316 36,769 SH   SOLE   36,769 0 0
SYNGENTA AG SPONSORED ADR 87160A100 1,526 18,774 SH   SOLE   18,774 0 0
TECK RESOURCES LTD CL B 878742204 408 15,202 SH   SOLE   15,202 0 0
TRANSCANADA CORP COM 89353D107 629 14,323 SH   SOLE   14,323 0 0
TRANSOCEAN LTD REG SHS H8817H100 504 11,328 SH   SOLE   11,328 0 0
TURQUOISE HILL RESOURCES LTD COM 900435108 98 22,155 SH   SOLE   22,155 0 0
VALE SA SPON ADR 91912E105 921 59,002 SH   SOLE   59,002 0 0
VALERO ENERGY CORP COM 91913Y100 1,004 29,395 SH   SOLE   29,395 0 0
WEATHERFORD INTL LTD REG SHS H27013103 315 20,540 SH   SOLE   20,540 0 0
WEYERHAEUSER CO COM 962166104 292 10,200 SH   SOLE   10,200 0 0
WILLIAMS COS INC COM 969457100 566 15,553 SH   SOLE   15,553 0 0
YAMANA GOLD INC COM 98462Y100 559 53,736 SH   SOLE   53,736 0 0
YANZHOU COAL MINING CO SPON ADR H SHS 984846105 10 10,000 SH   SOLE   10,000 0 0