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 2,962 53,705 SH   SOLE   53,705 0 0
AGNICO-EAGLE MINES LTD COM 008474108 293 9,672 SH   SOLE   9,672 0 0
AGRIUM INC COM 008916108 1,451 14,875 SH   SOLE   14,875 0 0
ALCOA INC COM 013817101 206 15,984 SH   SOLE   15,984 0 0
ALLEGHENY TECHNOLOGIES INC COM 01741R102 835 22,160 SH   SOLE   22,160 0 0
ALLIED NEVADA GOLD CORP COM 019344100 426 98,898 SH   SOLE   98,898 0 0
AMERICAN VANGAURD COM 030371108 131 6,055 SH   SOLE   6,055 0 0
ANADARKO PETROLEUM CORP COM 032511107 788 9,301 SH   SOLE   9,301 0 0
ANGLOGOLD ASHANTI-SPON ADR SPON ADR 035128206 693 40,545 SH   SOLE   40,545 0 0
APACHE CORP COM 037411105 829 9,998 SH   SOLE   9,998 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 333 20,626 SH   SOLE   20,626 0 0
ARCHER-DANIELS-MIDLAND CO COM 039483102 3,370 77,675 SH   SOLE   77,675 0 0
AURICO GOLD INC COM 05155C105 530 121,879 SH   SOLE   121,879 0 0
BAKER HUGHES INC COM 057224107 875 13,453 SH   SOLE   13,453 0 0
BARRICK GOLD CORP COM 067901108 719 40,306 SH   SOLE   40,306 0 0
BHP BILLITON SPON ADR 05545E209 976 15,801 SH   SOLE   15,801 0 0
BP PLC SPON ADR 055622104 2,200 45,747 SH   SOLE   45,747 0 0
BUNGE LTD COM G16962105 727 9,138 SH   SOLE   9,138 0 0
CAMERON INTERNATIONAL CORP COM 13342B105 877 14,194 SH   SOLE   14,194 0 0
CANADIAN NATURAL RESOURCES COM 136385101 275 7,169 SH   SOLE   7,169 0 0
CF INDS HLDGS INC COM 125269100 6,640 25,477 SH   SOLE   25,477 0 0
CHESAPEAKE ENERGY CORP COM 165167107 243 9,468 SH   SOLE   9,468 0 0
CHEVRON CORP COM 166764100 3,209 26,991 SH   SOLE   26,991 0 0
COMPANIA DE MINAS BUENAVENTU SPON ADR 204448104 358 28,496 SH   SOLE   28,496 0 0
CNH INDUSTRIAL NV SHS N20944109 448 38,951 SH   SOLE   38,951 0 0
COEUR MINES NEW COM NEW 192108504 111 11,977 SH   SOLE   11,977 0 0
CONOCOPHILLIPS COM 20825C104 2,241 31,860 SH   SOLE   31,860 0 0
CONTINENTAL RESOURCES INC COM 212015101 257 2,069 SH   SOLE   2,069 0 0
DARLING INTERNATIONAL INC COM 237266101 231 11,542 SH   SOLE   11,542 0 0
DEERE & CO COM 244199105 2,274 25,040 SH   SOLE   25,040 0 0
DEVON ENERGY CORP NEW COM 25179M103 1,251 18,692 SH   SOLE   18,692 0 0
ECOPETROL SA SPON ADR 279158109 1,242 30,453 SH   SOLE   30,453 0 0
ELDORADO GOLD CORP NEW COM 284902103 210 37,687 SH   SOLE   37,687 0 0
SWEDISH EXPT CR CORP ROG TTL ETN 22 870297801 86 10,000 SH   SOLE   10,000 0 0
ENCANA CORP COM 292505104 697 32,593 SH   SOLE   32,593 0 0
ENI SPA SPON ADR 26874R108 1,629 32,465 SH   SOLE   32,465 0 0
ENSCO PLC-ADR SHS CLASS A G3157S106 391 7,406 SH   SOLE   7,406 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 202 2,914 SH   SOLE   2,914 0 0
EOG RESOURCES COM 26875P101 766 3,904 SH   SOLE   3,904 0 0
EXXON MOBIL CORP COM 30231G102 560 5,738 SH   SOLE   5,738 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103 395 40,958 SH   SOLE   40,958 0 0
FMC TECHNOLOGIES COM 30249U101 360 6,894 SH   SOLE   6,894 0 0
FREEPORT-MCMORAN COPPER COM 35671D857 1,227 37,089 SH   SOLE   37,089 0 0
GERDAU SA SPON ADR REP PFD 373737105 185 28,887 SH   SOLE   28,887 0 0
GOLD FIELDS SPON ADR 38059T106 710 192,280 SH   SOLE   192,280 0 0
GOLDCORP INC NEW COM 380956409 1,378 56,299 SH   SOLE   56,299 0 0
HALLIBURTON CO COM 406216101 1,688 28,666 SH   SOLE   28,666 0 0
HARMONY GOLD MNG LTD SPON ADR 413216300 139 45,426 SH   SOLE   45,426 0 0
HECLA MINING CO COM 422704106 125 40,856 SH   SOLE   40,856 0 0
HELMERICH & PAYN COM 423452101 604 5,617 SH   SOLE   5,617 0 0
HESS CORP COM 42809H107 622 7,506 SH   SOLE   7,506 0 0
HOLLYFRONTIER CO COM 436106108 933 19,604 SH   SOLE   19,604 0 0
HORMEL FOODS CORP COM 440452100 1,135 23,039 SH   SOLE   23,039 0 0
IAMGOLD CORP COM 450913108 835 237,180 SH   SOLE   237,180 0 0
INGREDION INC COM 457187102 1,222 17,947 SH   SOLE   17,947 0 0
INTREPID POTASH INC COM 46121Y102 643 41,612 SH   SOLE   41,612 0 0
JOY GLOBAL INC COM 481165108 450 7,759 SH   SOLE   7,759 0 0
KINDER MORGAN IN COM 49456B101 610 18,771 SH   SOLE   18,771 0 0
KINROSS GOLD CORP COM NO PAR 496902404 826 199,437 SH   SOLE   199,437 0 0
LINDSAY CORP COM 535555106 255 2,890 SH   SOLE   2,890 0 0
MARATHON OIL CORP COM 565849106 2,289 64,456 SH   SOLE   64,456 0 0
MARATHON PETROLE COM 56585A102 1,481 17,016 SH   SOLE   17,016 0 0
MONSANTO CO COM 61166W101 5,151 45,273 SH   SOLE   45,273 0 0
MOSAIC CO NEW COM 61945C103 3,272 65,440 SH   SOLE   65,440 0 0
MURPHY OIL CORP COM 626717102 1,245 19,810 SH   SOLE   19,810 0 0
NATIONAL OILWELL VARCO INC COM 637071101 684 8,790 SH   SOLE   8,790 0 0
NEW GOLD INC CDA COM 644535106 432 88,504 SH   SOLE   88,504 0 0
NEWMONT MINING CORP COM 651639106 724 30,868 SH   SOLE   30,868 0 0
NOBLE ENERGY INC COM 655044105 715 10,071 SH   SOLE   10,071 0 0
NUCOR CORP COM 670346105 236 4,675 SH   SOLE   4,675 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 1,752 18,382 SH   SOLE   18,382 0 0
OCEANEERING INTL COM 675232102 654 9,103 SH   SOLE   9,103 0 0
OIL STATES INTL COM 678026105 828 8,401 SH   SOLE   8,401 0 0
PAN AMER SILVER COM 697900108 951 73,891 SH   SOLE   73,891 0 0
PETROLEO BRASILEIRO SA PETRO SPON ADR 71654V408 524 39,827 SH   SOLE   39,827 0 0
PHILLIPS 66 COM 718546104 1,524 19,781 SH   SOLE   19,781 0 0
PILGRIMS PRIDE CORP COM 72147K108 227 10,862 SH   SOLE   10,862 0 0
PIONEER NAT RES CO COM 723787107 563 3,010 SH   SOLE   3,010 0 0
PLUM CREEK TIMBER CO COM 729251108 261 6,200 SH   SOLE   6,200 0 0
POSCO SPON ADR 693483109 561 8,079 SH   SOLE   8,079 0 0
POTASH CORP SASK INC COM 73755L107 4,425 122,169 SH   SOLE   122,169 0 0
POTLATCH CORP COM 737630103 284 7,344 SH   SOLE   7,344 0 0
RANDGOLD RES LTD ADR 752344309 265 3,537 SH   SOLE   3,537 0 0
RIO TINTO PLC SPON ADR 767204100 1,945 34,846 SH   SOLE   34,846 0 0
ROYAL DUTCH SHELL PLC SPON ADR A 780259206 2,684 36,740 SH   SOLE   36,740 0 0
ROYAL GOLD INC COM 780287108 633 10,109 SH   SOLE   10,109 0 0
SILVER WHEATON CORP COM 828336107 284 12,530 SH   SOLE   12,530 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 20,571 480,000 SH Put SOLE   480,000 0 0
SYNGENTA AG SPON ADR 87160A100 589 7,768 SH   SOLE   7,768 0 0
TOTAL SA SPON ADR 89151E109 3,066 46,763 SH   SOLE   46,763 0 0
TRANSOCEAN LTD REG SHS H8817H100 468 11,328 SH   SOLE   11,328 0 0
VALERO ENERGY CORP NEW COM 91913Y100 861 16,224 SH   SOLE   16,224 0 0
YAMANA GOLD INC COM 98462Y100 468 53,359 SH   SOLE   53,359 0 0