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
ACCENTURE PLC-CL A COM G1151C101 955 11,900 SH   SOLE   11,900 0 0
AGRIUM INC COM 008916108 47,259 546,226 SH   SOLE   546,226 0 0
AMAZON.COM INC COM 023135106 2,109 7,600 SH   SOLE   7,600 0 0
AMERICAN EXPRESS CO COM 025816109 1,773 23,600 SH   SOLE   23,600 0 0
AMERICAN INTERNATIONAL GROUP COM 026874784 1,228 27,600 SH   SOLE   27,600 0 0
ANADARKO PETROLEUM CORP COM 032511107 60,654 705,036 SH   SOLE   705,036 0 0
ANGLOGOLD ASHANTI-SPON ADR COM 035128206 22,169 1,630,100 SH   SOLE   1,630,100 0 0
APACHE CORP COM 037411105 17,148 204,000 SH   SOLE   204,000 0 0
APPLE INC COM 037833100 3,229 8,200 SH   SOLE   8,200 0 0
ARCELORMITTAL-NY REGISTERED COM 03938L104 21,025 1,852,400 SH   SOLE   1,852,400 0 0
ARCHER-DANIELS-MIDLAND CO COM 039483102 33,612 997,100 SH   SOLE   997,100 0 0
AT&T INC COM 00206R102 2,490 69,900 SH   SOLE   69,900 0 0
BAKER HUGHES INC COM 057224107 32,531 709,200 SH   SOLE   709,200 0 0
BANK OF AMERICA CORP COM 060505104 1,518 116,700 SH   SOLE   116,700 0 0
BANK OF MONTREAL COM 063671101 43 700 SH   SOLE   700 0 0
BARRICK GOLD CORP COM 067901108 22,354 1,503,300 SH   SOLE   1,503,300 0 0
BCE INC COM 05534B760 755 18,000 SH   SOLE   18,000 0 0
BERKSHIRE HATHAWAY INC-CL B COM 084670702 1,797 15,900 SH   SOLE   15,900 0 0
BHP BILLITON PLC-ADR COM 05545E209 139,838 2,692,818 SH   SOLE   2,692,818 0 0
BP PLC-SPONS ADR COM 055622104 82,169 1,966,700 SH   SOLE   1,966,700 0 0
BUNGE LTD COM G16962105 28,129 395,900 SH   SOLE   395,900 0 0
CABOT OIL & GAS CORP COM 127097103 18,368 259,440 SH   SOLE   259,440 0 0
CAMERON INTERNATIONAL CORP COM 13342B105 39,039 632,300 SH   SOLE   632,300 0 0
CAMPBELL SOUP CO COM 134429109 130 2,900 SH   SOLE   2,900 0 0
CANADIAN NATURAL RESOURCES COM 136385101 44,394 1,556,030 SH   SOLE   1,556,030 0 0
CAPITAL ONE FINANCIAL CORP COM 14040H105 1,323 21,100 SH   SOLE   21,100 0 0
CELANESE CORP-SERIES A COM 150870103 28,122 618,200 SH   SOLE   618,200 0 0
CELGENE CORP COM 151020104 1,385 11,700 SH   SOLE   11,700 0 0
CF INDUSTRIES HOLDINGS INC COM 125269100 22,326 127,300 SH   SOLE   127,300 0 0
CHEVRON CORP COM 166764100 126,200 1,063,100 SH   SOLE   1,063,100 0 0
CHICAGO BRIDGE & IRON CO NV COM 167250109 788 13,200 SH   SOLE   13,200 0 0
CHINA PETROLEUM & CHEM-ADR COM 16941R108 16,797 185,393 SH   SOLE   185,393 0 0
CISCO SYSTEMS INC COM 17275R102 850 34,500 SH   SOLE   34,500 0 0
CITIGROUP INC COM 172967424 2,395 49,600 SH   SOLE   49,600 0 0
CLIFFS NATURAL RESOURCES INC COM 18683K101 14,567 896,459 SH   SOLE   896,459 0 0
CLOROX COMPANY COM 189054109 117 1,400 SH   SOLE   1,400 0 0
CNOOC LTD-ADR COM 126132109 19,547 118,352 SH   SOLE   118,352 0 0
COBALT INTERNATIONAL ENERGY COM 19075F106 18,775 702,912 SH   SOLE   702,912 0 0
COCA-COLA CO/THE COM 191216100 2,379 59,100 SH   SOLE   59,100 0 0
CONAGRA FOODS INC COM 205887102 137 3,900 SH   SOLE   3,900 0 0
CONOCOPHILLIPS COM 20825C104 97 1,600 SH   SOLE   1,600 0 0
CONSOLIDATED EDISON INC COM 209115104 946 16,300 SH   SOLE   16,300 0 0
CVS CAREMARK CORP COM 126650100 1,557 27,200 SH   SOLE   27,200 0 0
DEVON ENERGY CORPORATION COM 25179M103 32,368 618,176 SH   SOLE   618,176 0 0
DICK'S SPORTING GOODS INC COM 253393102 858 16,800 SH   SOLE   16,800 0 0
DR HORTON INC COM 23331A109 1,489 68,600 SH   SOLE   68,600 0 0
DRIL-QUIP INC COM 262037104 22,181 248,336 SH   SOLE   248,336 0 0
DU PONT (E.I.) DE NEMOURS COM 263534109 1,762 32,900 SH   SOLE   32,900 0 0
DUKE ENERGY CORP COM 26441C204 179 2,649 SH   SOLE   2,649 0 0
EAGLE MATERIALS INC COM 26969P108 814 11,900 SH   SOLE   11,900 0 0
EBAY INC COM 278642103 1,283 24,600 SH   SOLE   24,600 0 0
ELI LILLY & CO COM 532457108 1,318 26,500 SH   SOLE   26,500 0 0
ENCANA CORP COM 292505104 30,016 1,767,700 SH   SOLE   1,767,700 0 0
ENSCO PLC-CL A COM G3157S106 32,959 565,238 SH   SOLE   565,238 0 0
EOG RESOURCES INC COM 26875P101 1,494 11,400 SH   SOLE   11,400 0 0
EXXON MOBIL CORP COM 30231G102 180,330 2,002,772 SH   SOLE   2,002,772 0 0
FLUOR CORP COM 343412102 950 15,900 SH   SOLE   15,900 0 0
FMC TECHNOLOGIES INC COM 30249U101 37,418 664,732 SH   SOLE   664,732 0 0
FORD MOTOR CO COM 345370860 1,274 81,400 SH   SOLE   81,400 0 0
FRANKLIN RESOURCES INC COM 354613101 597 4,300 SH   SOLE   4,300 0 0
FREEPORT-MCMORAN COPPER COM 35671D857 98,791 3,617,600 SH   SOLE   3,617,600 0 0
GENERAL ELECTRIC CO COM 369604103 2,955 126,700 SH   SOLE   126,700 0 0
GENERAL MILLS INC COM 370334104 160 3,300 SH   SOLE   3,300 0 0
GERDAU SA -SPON ADR COM 373737105 12,828 2,208,000 SH   SOLE   2,208,000 0 0
GILEAD SCIENCES INC COM 375558103 1,041 20,400 SH   SOLE   20,400 0 0
GOLDCORP INC COM 380956409 53,070 2,328,663 SH   SOLE   2,328,663 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 906 5,900 SH   SOLE   5,900 0 0
GOOGLE INC-CL A COM 38259P508 2,193 2,500 SH   SOLE   2,500 0 0
H&R BLOCK INC COM 093671105 116 4,100 SH   SOLE   4,100 0 0
HALLIBURTON CO COM 406216101 49,070 1,172,800 SH   SOLE   1,172,800 0 0
HELMERICH & PAYNE COM 423452101 884 14,100 SH   SOLE   14,100 0 0
HESS CORP COM 42809H107 19,308 287,970 SH   SOLE   287,970 0 0
HEWLETT-PACKARD CO COM 428236103 1,234 49,800 SH   SOLE   49,800 0 0
HOLLYFRONTIER CORP COM 436106108 457 10,700 SH   SOLE   10,700 0 0
HOME DEPOT INC COM 437076102 2,197 28,800 SH   SOLE   28,800 0 0
IAMGOLD CORP COM 450913108 4,223 1,032,555 SH   SOLE   1,032,555 0 0
INTEL CORP COM 458140100 859 35,700 SH   SOLE   35,700 0 0
INTERNATIONAL PAPER CO COM 460146103 77,325 1,761,400 SH   SOLE   1,761,400 0 0
INTL BUSINESS MACHINES CORP COM 459200101 1,839 9,400 SH   SOLE   9,400 0 0
JOHNSON & JOHNSON COM 478160104 2,618 30,200 SH   SOLE   30,200 0 0
JPMORGAN CHASE & CO COM 46625H100 2,644 49,749 SH   SOLE   49,749 0 0
KELLOGG CO COM 487836108 142 2,200 SH   SOLE   2,200 0 0
KEY ENERGY SERVICES INC COM 492914106 18,549 3,055,857 SH   SOLE   3,055,857 0 0
KIMBERLY-CLARK CORP COM 494368103 165 1,700 SH   SOLE   1,700 0 0
KINROSS GOLD CORP COM 496902404 21,129 4,553,600 SH   SOLE   4,553,600 0 0
LEGGETT & PLATT INC COM 524660107 112 3,600 SH   SOLE   3,600 0 0
LYONDELLBASELL INDU-CL A COM N53745100 35,499 525,900 SH   SOLE   525,900 0 0
MARATHON OIL CORP COM 565849106 19,628 558,880 SH   SOLE   558,880 0 0
MATTEL INC COM 577081102 130 2,900 SH   SOLE   2,900 0 0
MCDONALD'S CORP COM 580135101 1,664 16,700 SH   SOLE   16,700 0 0
MEADWESTVACO CORP COM 583334107 106 3,100 SH   SOLE   3,100 0 0
MERCK & CO. INC. COM 58933Y105 1,650 34,900 SH   SOLE   34,900 0 0
MICHAEL KORS HOLDINGS LTD COM G60754101 1,281 20,900 SH   SOLE   20,900 0 0
MICRON TECHNOLOGY INC COM 595112103 985 68,700 SH   SOLE   68,700 0 0
MICROSOFT CORP COM 594918104 1,677 48,500 SH   SOLE   48,500 0 0
MONSANTO CO COM 61166W101 116,782 1,182,600 SH   SOLE   1,182,600 0 0
MOSAIC CO/THE COM 61945C103 62,303 1,158,048 SH   SOLE   1,158,048 0 0
MYLAN INC COM 628530107 1,063 34,400 SH   SOLE   34,400 0 0
NATIONAL OILWELL VARCO INC COM 637071101 40,001 584,300 SH   SOLE   584,300 0 0
NEWS CORP-CL A COM 65248E104 667 20,400 SH   SOLE   20,400 0 0
NOBLE ENERGY INC COM 655044105 32,479 533,500 SH   SOLE   533,500 0 0
NORTHEAST UTILITIES COM 664397106 129 3,100 SH   SOLE   3,100 0 0
NUCOR CORP COM 670346105 41,246 935,700 SH   SOLE   935,700 0 0
OCCIDENTAL PETROLEUM CORP COM 674599105 46,275 512,400 SH   SOLE   512,400 0 0
OCEANEERING INTL INC COM 675232102 835 11,600 SH   SOLE   11,600 0 0
ORACLE CORP COM 68389X105 831 27,300 SH   SOLE   27,300 0 0
PEABODY ENERGY CORP COM 704549104 16,023 1,094,500 SH   SOLE   1,094,500 0 0
PETROCHINA CO LTD -ADR COM 71646E100 21,714 209,636 SH   SOLE   209,636 0 0
PETROLEO BRASILEIRO S.A.-ADR COM 71654V408 31,676 2,305,400 SH   SOLE   2,305,400 0 0
PETROLEO BRASILEIRO-SPON ADR COM 71654V101 488 32,500 SH   SOLE   0 0 32,500
PFIZER INC COM 717081103 2,588 91,841 SH   SOLE   91,841 0 0
PHILLIPS 66 COM 718546104 14,284 241,200 SH   SOLE   241,200 0 0
POSCO-ADR COM 693483109 16,012 249,800 SH   SOLE   249,800 0 0
POTASH CORP OF SASKATCHEWAN COM 73755L107 127,432 3,287,712 SH   SOLE   3,287,712 0 0
PROCTER & GAMBLE CO/THE COM 742718109 2,430 31,288 SH   SOLE   31,288 0 0
PVH CORP COM 693656100 1,175 9,400 SH   SOLE   9,400 0 0
QUALCOMM INC COM 747525103 1,875 30,700 SH   SOLE   30,700 0 0
RANDGOLD RESOURCES LTD-ADR COM 752344309 26,796 431,922 SH   SOLE   431,922 0 0
RIO TINTO PLC-SPON ADR COM 767204100 94,371 2,277,847 SH   SOLE   2,277,847 0 0
ROGERS COMMUNICATIONS INC-B COM 775109200 121 3,000 SH   SOLE   3,000 0 0
ROYAL DUTCH SHELL PLC-ADR COM 780259206 146,125 2,271,491 SH   SOLE   2,271,491 0 0
SANDISK CORP COM 80004C101 472 7,800 SH   SOLE   7,800 0 0
SCHLUMBERGER LTD COM 806857108 60,902 846,684 SH   SOLE   846,684 0 0
SEAGATE TECHNOLOGY COM G7945M107 130 2,900 SH   SOLE   2,900 0 0
SM ENERGY CO COM 78454L100 27,396 457,280 SH   SOLE   457,280 0 0
SOUTHERN CO/THE COM 842587107 31 700 SH   SOLE   700 0 0
SOUTHWESTERN ENERGY CO COM 845467109 39,785 1,094,500 SH   SOLE   1,094,500 0 0
SUPERIOR ENERGY SERVICES INC COM 868157108 21,814 825,661 SH   SOLE   825,661 0 0
SYNGENTA AG-ADR COM 87160A100 67,811 865,927 SH   SOLE   865,927 0 0
SYSCO CORP COM 871829107 62 1,800 SH   SOLE   1,800 0 0
TECK RESOURCES LTD-CLS B COM 878742204 38,965 1,831,924 SH   SOLE   1,831,924 0 0
TIDEWATER INC COM 886423102 33,363 584,290 SH   SOLE   584,290 0 0
TORONTO-DOMINION BANK COM 891160509 227 2,700 SH   SOLE   2,700 0 0
TOTAL SA-SPON ADR COM 89151E109 104,375 2,152,958 SH   SOLE   2,152,958 0 0
TRANSCANADA CORP COM 89353D107 149 3,300 SH   SOLE   3,300 0 0
UNION PACIFIC CORP COM 907818108 1,864 12,000 SH   SOLE   12,000 0 0
UNITED PARCEL SERVICE-CL B COM 911312106 1,820 20,900 SH   SOLE   20,900 0 0
UNITEDHEALTH GROUP INC COM 91324P102 1,057 16,000 SH   SOLE   16,000 0 0
VALE SA-SP ADR COM 91912E105 32,243 2,455,700 SH   SOLE   2,455,700 0 0
VALE SA-SP PREF ADR COM 91912E204 391 32,100 SH   SOLE   0 0 32,100
VALERO ENERGY CORP COM 91913Y100 14,211 406,149 SH   SOLE   406,149 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 979 19,200 SH   SOLE   19,200 0 0
VISA INC-CLASS A SHARES COM 92826C839 2,045 11,100 SH   SOLE   11,100 0 0
WAL-MART STORES INC COM 931142103 2,051 27,249 SH   SOLE   27,249 0 0
WALT DISNEY CO/THE COM 254687106 1,969 30,900 SH   SOLE   30,900 0 0
WEATHERFORD INTL LTD COM H27013103 22,334 1,638,600 SH   SOLE   1,638,600 0 0
WELLS FARGO & CO COM 949746101 2,531 60,900 SH   SOLE   60,900 0 0
WEYERHAEUSER CO COM 962166104 50,355 1,785,643 SH   SOLE   1,785,643 0 0
WHITING PETROLEUM CORP COM 966387102 14,856 332,424 SH   SOLE   332,424 0 0
WILLIAMS COS INC COM 969457100 36 1,100 SH   SOLE   1,100 0 0