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
ALCOA INC COM COM 13817101 3,810 397,690 SH   SOLE   0 0 1
APACHE CORP COM 37411105 2,449 50,179 SH   SOLE   0 0 1
ARCHER DANIEL MIDLAND COM 039483102 2,222 61,189 SH   SOLE   0 0 1
CALIFORNIA RESOURCES CORP COM 13057Q107 4 4,170 SH   SOLE   0 0 1
CAMECO CORP COM 13321L108 2,190 170,539 SH   SOLE   0 0 1
CF INDS HLDGS INC COM 125269100 1,551 49,493 SH   SOLE   0 0 1
CHEVRON CORP COM 166764100 3,260 34,172 SH   SOLE   0 0 1
CNOOC LTD SPONSORED ADR COM 126132109 2,336 19,953 SH   SOLE   0 0 1
COSAN LTD CLASS A SHARES COM G25343107 2,108 428,430 SH   SOLE   0 0 1
EOG RESOURCES INC COM 26875P101 3,395 46,780 SH   SOLE   0 0 1
EXXON MOBIL CORP COM 30231G102 3,944 47,178 SH   SOLE   0 0 1
FREEPORT-MCMORAN COPPER & GO COM 35671D857 2,555 247,130 SH   SOLE   0 0 1
IMPERIAL OIL LTD COM 453038960 3,353 99,691 SH   SOLE   0 0 1
INGREDION INC COM 457187102 3,979 37,261 SH   SOLE   0 0 1
MONSANTO CO NEW COM COM 61166W101 3,108 35,426 SH   SOLE   0 0 1
OCCIDENTAL PETROLEUM COM 674599105 3,048 44,539 SH   SOLE   0 0 1
POTASH CORP SASK INC COM 73755L107 2,134 125,398 SH   SOLE   0 0 1
SOCIEDAD QUIMICA MINERA DE CHI COM 833635105 2,530 123,122 SH   SOLE   0 0 1
SOUTHERN COPPER CORP DEL COM 84265V105 2,986 107,757 SH   SOLE   0 0 1
SOUTHWESTERN ENERGY CO COM STK COM 845467109 1,262 156,379 SH   SOLE   0 0 1
SUNCOR ENERGY INC (NEW) NPV COM 867224107 3,579 128,686 SH   SOLE   0 0 1
TECK RESOURCES LTD CLASS B COM 878742204 3,106 408,091 SH   SOLE   0 0 1
THE MOSAIC CO USD0.01 NEW COM 61945C103 2,114 78,288 SH   SOLE   0 0 1
VALE SA ADR REPR 1 PREF SHS NP COM 91912E204 2,143 686,859 SH   SOLE   0 0 1
VENDANTA LTD COM 92242Y100 1,650 299,965 SH   SOLE   0 0 1
YAMANA GOLD INC COM NPV COM 98462Y100 4,782 1,573,128 SH   SOLE   0 0 1