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 5,220 115,481 SH   SOLE   115,481 0 0
AGNICO-EAGLE MINES LTD COM 008474108 204 8,198 SH   SOLE   8,198 0 0
AGRIUM INC COM 008916108 204 2,153 SH   SOLE   2,153 0 0
AK STL HLDG CORP COM 001547108 72 12,132 SH   SOLE   12,132 0 0
ALAMOS GOLD INC COM 011527108 404 56,423 SH   SOLE   56,423 0 0
ALLEGHENY TECHNOLOGIES INC COM 01741R102 327 9,407 SH   SOLE   9,407 0 0
ALLIED NEVADA GOLD CORP COM 019344100 78 89,939 SH   SOLE   89,939 0 0
AMERICAN STS WATER CO COM 029899101 314 8,325 SH   SOLE   8,325 0 0
AMERICAN VANGAURD COM 030371108 182 15,644 SH   SOLE   15,644 0 0
ANDERSONS INC COM 034164103 593 11,155 SH   SOLE   11,155 0 0
ANGLOGOLD ASHANTI SPONS ADR 035128206 1,178 135,373 SH   SOLE   135,373 0 0
APACHE CORP COM 037411105 459 7,317 SH   SOLE   7,317 0 0
AQUA AMERICA INC COM 03836W103 486 18,203 SH   SOLE   18,203 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 226 20,523 SH   SOLE   20,523 0 0
ARCH COAL INC COM 039380100 51 28,434 SH   SOLE   28,434 0 0
ARCHER-DANIELS-MIDLAND CO COM 039483102 907 17,451 SH   SOLE   17,451 0 0
ATWOOD OCEANICS COM 050095108 227 8,005 SH   SOLE   8,005 0 0
AURICO GOLD INC COM 05155C105 387 118,121 SH   SOLE   118,121 0 0
B2GOLD CORP COM 11777Q209 249 151,852 SH   SOLE   151,852 0 0
BAKER HUGHES INC COM 057224107 399 7,119 SH   SOLE   7,119 0 0
BARRICK GOLD CORP COM 067901108 1,266 117,731 SH   SOLE   117,731 0 0
BELLATRIX EXPLORATION LTD COM 078314101 156 42,845 SH   SOLE   42,845 0 0
BHP BILLITON LTD SPONS ADR 088606108 3,043 110,492 SH   SOLE   110,492 0 0
BP PLC SPONS ADR 055622104 819 21,477 SH   SOLE   21,477 0 0
C&J ENERGY SERVICES INC COM 12467B304 110 8,356 SH   SOLE   8,356 0 0
CALGON CARBON CORP COM 129603106 221 10,613 SH   SOLE   10,613 0 0
CAMECO CORP COM 13321L108 212 12,890 SH   SOLE   12,890 0 0
CAMERON INTERNATIONAL CORP COM 13342B105 858 17,173 SH   SOLE   17,173 0 0
CANADIAN NAT RES LTD COM 136385101 221 7,169 SH   SOLE   7,169 0 0
CARPENTER TECHNOLOGY CORP COM 144285103 487 9,882 SH   SOLE   9,882 0 0
CENOVUS ENERGY INC COM 15135U109 1,007 48,758 SH   SOLE   48,758 0 0
CENTURY ALUM CO COM 156431108 358 14,690 SH   SOLE   14,690 0 0
CF INDS HLDGS INC COM 125269100 8,076 29,634 SH   SOLE   29,634 0 0
CHESAPEAKE ENERGY CORP COM 165167107 371 18,970 SH   SOLE   18,970 0 0
CHEVRON CORP NEW COM 166764100 1,281 11,423 SH   SOLE   11,423 0 0
CHIQUITA BRANDS INTL COM 170032809 317 21,908 SH   SOLE   21,908 0 0
CIA DE MINAS BUENAVENTUR SPONS ADR 204448104 417 43,632 SH   SOLE   43,632 0 0
CIA SANEAMENTO BASICO SPONS ADR 20441A102 556 88,345 SH   SOLE   88,345 0 0
CIVEO CORP COM 178787107 59 14,255 SH   SOLE   14,255 0 0
CLIFFS NAT RES INC COM 18683K101 103 14,399 SH   SOLE   14,399 0 0
CLOUD PEAK ENERGY INC COM 18911Q102 144 15,658 SH   SOLE   15,658 0 0
CNH INDUSTRIAL NV SHS N20944109 463 57,480 SH   SOLE   57,480 0 0
CNOOC LTD SPONS ADR 126132109 1,711 12,631 SH   SOLE   12,631 0 0
COEUR MNG INC COM NEW 192108504 286 55,871 SH   SOLE   55,871 0 0
COMMERCIAL METAL COM 201723103 490 30,074 SH   SOLE   30,074 0 0
COMPANHIA SIDERURGICA NACION SPONS ADR 20440W105 227 109,086 SH   SOLE   109,086 0 0
CONOCOPHILLIPS COM 20825C104 350 5,070 SH   SOLE   5,070 0 0
CONTINENTAL RESOURCES COM 212015101 585 15,256 SH   SOLE   15,256 0 0
CORE LABORATORIES NV COM N22717107 1,248 10,368 SH   SOLE   10,368 0 0
CRESCENT PT ENERGY CORP COM 22576C101 390 16,832 SH   SOLE   16,832 0 0
DARLING INGREDIENTS INC COM 237266101 267 14,713 SH   SOLE   14,713 0 0
DEERE & CO COM 244199105 649 7,333 SH   SOLE   7,333 0 0
DEVON ENERGY CORP NEW COM 25179M103 773 12,624 SH   SOLE   12,624 0 0
DRESSER-RAND GROUP INC COM 261608103 793 9,700 SH   SOLE   9,700 0 0
DRIL-QUIP INC COM 262037104 395 5,146 SH   SOLE   5,146 0 0
ECOPETROL SA SPONS ADR 279158109 777 45,380 SH   SOLE   45,380 0 0
ELDORADO GOLD CORP NEW COM 284902103 169 27,769 SH   SOLE   27,769 0 0
ENCANA CORP COM 292505104 696 50,207 SH   SOLE   50,207 0 0
ENDEAVOUR SILVER CORP COM 29258Y103 113 52,391 SH   SOLE   52,391 0 0
ENERGEN CORP COM 29265N108 475 7,443 SH   SOLE   7,443 0 0
ENERPLUS CORP COM 292766102 111 11,544 SH   SOLE   11,544 0 0
ENI SPA SPONS ADR 26874R108 585 16,770 SH   SOLE   16,770 0 0
ENSCO PLC SHS CL A G3157S106 346 11,553 SH   SOLE   11,553 0 0
ENTERPRISE PRODS PARTNERS COM 293792107 386 10,676 SH   SOLE   10,676 0 0
EOG RES INC COM 26875P101 779 8,465 SH   SOLE   8,465 0 0
EP ENERGY CORP CL A 268785102 259 24,800 SH   SOLE   24,800 0 0
EQT CORP COM 26884L109 264 3,493 SH   SOLE   3,493 0 0
EXXON MOBIL CORP COM 30231G102 1,352 14,626 SH   SOLE   14,626 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103 290 57,705 SH   SOLE   57,705 0 0
FMC CORP COM NEW 302491303 1,928 33,802 SH   SOLE   33,802 0 0
FMC TECHNOLOGIES COM 30249U101 619 13,209 SH   SOLE   13,209 0 0
FORUM ENERGY TECHNOLOGIES IN COM 34984V100 322 15,556 SH   SOLE   15,556 0 0
FRANCO-NEVADA CORP COM 351858105 507 10,314 SH   SOLE   10,314 0 0
FREEPORT-MCMORAN inc CL B 35671D857 275 11,786 SH   SOLE   11,786 0 0
GERDAU SA SPONS ADR REP PFD 373737105 759 213,943 SH   SOLE   213,943 0 0
GOLD FIELDS LTD NEW SPONS ADR 38059T106 525 115,946 SH   SOLE   115,946 0 0
GOLDCORP INC NEW COM 380956409 1,050 56,719 SH   SOLE   56,719 0 0
GRAN TIERRA ENERGY INC COM 38500T101 230 59,672 SH   SOLE   59,672 0 0
HALLIBURTON CO COM 406216101 1,203 30,596 SH   SOLE   30,596 0 0
HARMONY GOLD MNG LTD SPONS ADR 413216300 217 114,596 SH   SOLE   114,596 0 0
HARSCO CORP COM 415864107 424 22,467 SH   SOLE   22,467 0 0
HECLA MINING CO COM 422704106 404 144,795 SH   SOLE   144,795 0 0
HELMERICH & PAYNE INC COM 423452101 1,742 25,837 SH   SOLE   25,837 0 0
HESS CORP COM 42809H107 727 9,847 SH   SOLE   9,847 0 0
HOLLYFRONTIER CORP COM 436106108 1,066 28,454 SH   SOLE   28,454 0 0
HORMEL FOODS CORP COM 440452100 4,311 82,740 SH   SOLE   82,740 0 0
HUDBAY MINERALS INC COM 443628102 189 21,712 SH   SOLE   21,712 0 0
IMPERIAL OIL LTD COM NEW 453038408 1,015 23,523 SH   SOLE   23,523 0 0
INGREDION INC COM 457187102 1,230 14,499 SH   SOLE   14,499 0 0
INTREPID POTASH INC COM 46121Y102 742 53,461 SH   SOLE   53,461 0 0
ISRAEL CHEMICALS LTD SHS M5920A109 709 98,061 SH   SOLE   98,061 0 0
JOY GLOBAL INC COM 481165108 1,922 41,306 SH   SOLE   41,306 0 0
KINDER MORGAN INC DEL COM 49456B101 396 9,354 SH   SOLE   9,354 0 0
KINROSS GOLD CORP COM NO PAR 496902404 985 349,199 SH   SOLE   349,199 0 0
KOSMOS ENERGY LTD SHS G5315B107 254 30,247 SH   SOLE   30,247 0 0
LINDSAY CORP COM 535555106 657 7,658 SH   SOLE   7,658 0 0
MARATHON OIL CORP COM 565849106 1,684 59,515 SH   SOLE   59,515 0 0
MARATHON PETE CORP COM 56585A102 1,314 14,563 SH   SOLE   14,563 0 0
MARINE HARVEST ASA SPONS ADR 56824R205 622 45,219 SH   SOLE   45,219 0 0
MCEWEN MINING INC COM 58039P107 90 80,814 SH   SOLE   80,814 0 0
MONSANTO CO NEW COM 61166W101 6,050 50,637 SH   SOLE   50,637 0 0
MOSAIC CO NEW COM 61945C103 4,329 94,830 SH   SOLE   94,830 0 0
MURPHY OIL CORP COM 626717102 414 8,189 SH   SOLE   8,189 0 0
NABORS INDS LTD SHS G6359F103 201 15,495 SH   SOLE   15,495 0 0
NATIONAL OILWELL VARCO INC COM 637071101 475 7,241 SH   SOLE   7,241 0 0
NEW GOLD INC CDA COM 644535106 521 121,184 SH   SOLE   121,184 0 0
NEWFIELD EXPL CO COM 651290108 369 13,607 SH   SOLE   13,607 0 0
NEWPARK RES INC COM PAR $.01 NEW 651718504 272 28,502 SH   SOLE   28,502 0 0
NOBLE CORP SHS USD G65431101 180 10,838 SH   SOLE   10,838 0 0
NOBLE ENERGY INC COM 655044105 241 5,082 SH   SOLE   5,082 0 0
NORTHERN OIL & GAS NEV COM 665531109 140 24,824 SH   SOLE   24,824 0 0
NUCOR CORP COM 670346105 327 6,671 SH   SOLE   6,671 0 0
OASIS PETE INC NEW COM 674215108 336 20,312 SH   SOLE   20,312 0 0
OCCIDENTAL PETE CORP COM 674599105 1,366 16,942 SH   SOLE   16,942 0 0
OCEANEERING INTL INC COM 675232102 1,532 26,046 SH   SOLE   26,046 0 0
OIL STS INTL COM 678026105 686 14,027 SH   SOLE   14,027 0 0
PAN AMER SILVER CORP COM 697900108 507 55,093 SH   SOLE   55,093 0 0
PEABODY ENERGY CORP COM 704549104 79 10,180 SH   SOLE   10,180 0 0
PENGROWTH ENERGY CORP COM 70706P104 108 34,692 SH   SOLE   34,692 0 0
PENN WEST PETE LTD NEW COM 707887105 61 29,294 SH   SOLE   29,294 0 0
PETROCHINA CO LTD SPONS ADR 71646E100 453 4,087 SH   SOLE   4,087 0 0
PETROLEO BRASILEIRO S.A PETRO SPONS ADR 71654V408 300 41,126 SH   SOLE   41,126 0 0
PHILLIPS 66 COM 718546104 773 10,779 SH   SOLE   10,779 0 0
PILGRIMS PRIDE CORP NEW COM 72147K108 1,054 32,135 SH   SOLE   32,135 0 0
PIONEER NAT RES CO. COM 723787107 364 2,444 SH   SOLE   2,444 0 0
PLUM CREEK TIMBER CO COM 729251108 248 5,797 SH   SOLE   5,797 0 0
POSCO SPONS ADR 693483109 417 6,534 SH   SOLE   6,534 0 0
POTASH CORP OF SASK INC COM 73755L107 1,157 32,759 SH   SOLE   32,759 0 0
POTLATCH CORP NEW COM 737630103 485 11,590 SH   SOLE   11,590 0 0
PRECISION DRILLING CORP COM 2010 74022D308 132 21,793 SH   SOLE   21,793 0 0
PRIMERO MINING CORP COM 74164W106 98 25,400 SH   SOLE   25,400 0 0
RANDGOLD RES LTD ADR 752344309 604 8,959 SH   SOLE   8,959 0 0
RAYONIER INC COM 754907103 1,709 61,157 SH   SOLE   61,157 0 0
RELIANCE STEEL & ALUM CO COM 759509102 1,507 24,597 SH   SOLE   24,597 0 0
RIO TINTO PLC SPONS ADR 767204100 2,085 45,265 SH   SOLE   45,265 0 0
ROYAL DUTCH SHELL PLC SPONS ADR 780259206 631 9,424 SH   SOLE   9,424 0 0
SANDERSON FARMS INC COM 800013104 5,136 61,124 SH   SOLE   61,124 0 0
SCHLUMBERGER LTD COM 806857108 1,178 13,796 SH   SOLE   13,796 0 0
SESA STERLITE LTD SPONS ADR 78413F103 136 10,001 SH   SOLE   10,001 0 0
SEVERSTAL-GDR COM 818150302 274 30,132 SH   SOLE   30,132 0 0
SILVER STD RES INC COM 82823L106 329 65,832 SH   SOLE   65,832 0 0
SILVER WHEATON CORP COM 828336107 961 47,247 SH   SOLE   47,247 0 0
SM ENERGY CO COM 78454L100 928 24,055 SH   SOLE   24,055 0 0
SOCIEDAD QUIMICA MINERA DE C SPONS ADR SER B 833635105 1,127 47,203 SH   SOLE   47,203 0 0
SOUTHERN COPPER CORP COM 84265V105 2,105 74,641 SH   SOLE   74,641 0 0
SOUTHWESTERN ENERGY CO COM 845467109 315 11,548 SH   SOLE   11,548 0 0
SPECTRA ENERGY CORP COM 847560109 213 5,869 SH   SOLE   5,869 0 0
STATOIL ASA SPONS ADR 85771P102 1,733 98,757 SH   SOLE   98,757 0 0
STEEL DYNAMICS INC COM 858119100 594 30,075 SH   SOLE   30,075 0 0
SUNCOKE ENERGY INC COM 86722A103 485 25,073 SH   SOLE   25,073 0 0
SUNCOR ENERGY INC NEW COM 867224107 1,605 50,472 SH   SOLE   50,472 0 0
SUPERIOR ENERGY SVCS INC COM 868157108 374 18,559 SH   SOLE   18,559 0 0
SWEDISH EXPT CR CORP REG TTL ETN 22 870297801 63 10,000 SH   SOLE   10,000 0 0
TALISMAN ENERGY INC COM 87425E103 131 16,794 SH   SOLE   16,794 0 0
TESORO CORP COM 881609101 479 6,441 SH   SOLE   6,441 0 0
TIDEWATER INC COM 886423102 215 6,631 SH   SOLE   6,631 0 0
TOTAL SA SPONS ADR 89151E109 464 9,057 SH   SOLE   9,057 0 0
TRANSCANADA CORP COM 89353D107 430 8,734 SH   SOLE   8,734 0 0
TRANSOCEAN LTD REG SHS H8817H100 351 19,130 SH   SOLE   19,130 0 0
TRIANGLE PETE CORP COM NEW 89600B201 89 18,535 SH   SOLE   18,535 0 0
TURQUOISE HILL RES LTD COM 900435108 456 146,987 SH   SOLE   146,987 0 0
TYSON FOODS INC CL A 902494103 1,009 25,174 SH   SOLE   25,174 0 0
VALE SA SPONS ADR 91912E105 2,003 244,904 SH   SOLE   244,904 0 0
VALERO ENERGY CORP NEW COM 91913Y100 1,480 29,895 SH   SOLE   29,895 0 0
W&T OFFSHORE INC COM 92922P106 99 13,451 SH   SOLE   13,451 0 0
WALTER ENERGY INC COM 93317Q105 169 122,177 SH   SOLE   122,177 0 0
WEATHERFORD INTL LTD ORD SHS G48833100 249 21,778 SH   SOLE   21,778 0 0
WEYERHAEUSER CO COM 962166104 806 22,454 SH   SOLE   22,454 0 0
WILLIAMS COS INC DEL COM 969457100 349 7,776 SH   SOLE   7,776 0 0
WORTHINGTON INDUSTRIES INC COM 981811102 418 13,898 SH   SOLE   13,898 0 0
YAMANA GOLD INC COM 98462Y100 95 23,523 SH   SOLE   23,523 0 0
YPF SA SPONS ADR CL D 984245100 878 33,178 SH   SOLE   33,178 0 0