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 1,526 20,600 SH   SOLE   20,600 0 0
AGRIUM INC COM 008916108 43,065 507,126 SH   SOLE   507,126 0 0
AMAZON.COM INC COM 023135106 1,864 5,900 SH   SOLE   5,900 0 0
AMERICAN EXPRESS CO COM 025816109 1,685 22,200 SH   SOLE   22,200 0 0
AMERICAN INTERNATIONAL GROUP COM 026874784 1,224 24,900 SH   SOLE   24,900 0 0
ANADARKO PETROLEUM CORP COM 032511107 51,910 549,136 SH   SOLE   549,136 0 0
ANGLOGOLD ASHANTI-SPON ADR COM 035128206 20,040 1,513,600 SH   SOLE   1,513,600 0 0
APACHE CORP COM 037411105 14,154 164,100 SH   SOLE   164,100 0 0
APPLE INC COM 037833100 3,669 7,600 SH   SOLE   7,600 0 0
ARCELORMITTAL-NY REGISTERED COM 03938L104 24,051 1,740,300 SH   SOLE   1,740,300 0 0
ARCHER-DANIELS-MIDLAND CO COM 039483102 34,392 926,500 SH   SOLE   926,500 0 0
AT&T INC COM 00206R102 2,847 83,800 SH   SOLE   83,800 0 0
BAKER HUGHES INC COM 057224107 39,158 790,600 SH   SOLE   790,600 0 0
BANK OF AMERICA CORP COM 060505104 1,386 99,700 SH   SOLE   99,700 0 0
BARRICK GOLD CORP COM 067901108 28,936 1,561,600 SH   SOLE   1,561,600 0 0
BCE INC COM 05534B760 672 15,200 SH   SOLE   15,200 0 0
BERKSHIRE HATHAWAY INC-CL B COM 084670702 2,205 19,200 SH   SOLE   19,200 0 0
BHP BILLITON PLC-ADR COM 05545E209 152,438 2,555,118 SH   SOLE   2,555,118 0 0
BP PLC-SPONS ADR COM 055622104 76,672 1,791,400 SH   SOLE   1,791,400 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 273 5,900 SH   SOLE   5,900 0 0
BUNGE LTD COM G16962105 24,639 323,300 SH   SOLE   323,300 0 0
CABOT OIL & GAS CORP COM 127097103 15,693 422,880 SH   SOLE   422,880 0 0
CAMERON INTERNATIONAL CORP COM 13342B105 39,301 666,000 SH   SOLE   666,000 0 0
CANADIAN NATURAL RESOURCES COM 136385101 44,624 1,417,530 SH   SOLE   1,417,530 0 0
CAPITAL ONE FINANCIAL CORP COM 14040H105 1,365 19,800 SH   SOLE   19,800 0 0
CELANESE CORP-SERIES A COM 150870103 30,109 573,500 SH   SOLE   573,500 0 0
CELGENE CORP COM 151020104 1,701 11,000 SH   SOLE   11,000 0 0
CF INDUSTRIES HOLDINGS INC COM 125269100 20,501 97,400 SH   SOLE   97,400 0 0
CHEVRON CORP COM 166764100 93,579 763,036 SH   SOLE   763,036 0 0
CHICAGO BRIDGE & IRON CO NV COM 167250109 888 13,200 SH   SOLE   13,200 0 0
CHINA PETROLEUM & CHEM-ADR COM 16941R108 13,590 171,390 SH   SOLE   171,390 0 0
CISCO SYSTEMS INC COM 17275R102 1,125 48,200 SH   SOLE   48,200 0 0
CITIGROUP INC COM 172967424 2,000 40,900 SH   SOLE   40,900 0 0
CLIFFS NATURAL RESOURCES INC COM 18683K101 22,286 1,061,259 SH   SOLE   1,061,259 0 0
CNOOC LTD-ADR COM 126132109 22,284 109,252 SH   SOLE   109,252 0 0
COBALT INTERNATIONAL ENERGY COM 19075F106 16,418 651,512 SH   SOLE   651,512 0 0
COCA-COLA CO/THE COM 191216100 2,108 54,900 SH   SOLE   54,900 0 0
CONSOLIDATED EDISON INC COM 209115104 1,103 20,000 SH   SOLE   20,000 0 0
DEVON ENERGY CORPORATION COM 25179M103 15,974 272,076 SH   SOLE   272,076 0 0
DR HORTON INC COM 23331A109 663 33,800 SH   SOLE   33,800 0 0
DRIL-QUIP INC COM 262037104 20,203 176,936 SH   SOLE   176,936 0 0
DU PONT (E.I.) DE NEMOURS COM 263534109 1,168 19,800 SH   SOLE   19,800 0 0
DUKE ENERGY CORP COM 26441C204 204 3,049 SH   SOLE   3,049 0 0
EAGLE MATERIALS INC COM 26969P108 871 11,900 SH   SOLE   11,900 0 0
EATON CORP PLC COM G29183103 1,303 18,700 SH   SOLE   18,700 0 0
EBAY INC COM 278642103 1,467 26,300 SH   SOLE   26,300 0 0
ELDORADO GOLD CORP COM 284902103 14,975 2,251,950 SH   SOLE   2,251,950 0 0
ELI LILLY & CO COM 532457108 1,116 22,100 SH   SOLE   22,100 0 0
ENCANA CORP COM 292505104 28,479 1,642,400 SH   SOLE   1,642,400 0 0
ENSCO PLC-CL A COM G3157S106 14,012 257,109 SH   SOLE   257,109 0 0
EOG RESOURCES INC COM 26875P101 1,571 9,200 SH   SOLE   9,200 0 0
EXXON MOBIL CORP COM 30231G102 144,946 1,667,972 SH   SOLE   1,667,972 0 0
FACEBOOK INC-A COM 30303M102 543 10,600 SH   SOLE   10,600 0 0
FLUOR CORP COM 343412102 938 13,200 SH   SOLE   13,200 0 0
FMC TECHNOLOGIES INC COM 30249U101 34,212 618,332 SH   SOLE   618,332 0 0
FORD MOTOR CO COM 345370860 1,301 76,300 SH   SOLE   76,300 0 0
FRANKLIN RESOURCES INC COM 354613101 1,276 25,100 SH   SOLE   25,100 0 0
FREEPORT-MCMORAN COPPER COM 35671D857 118,801 3,554,800 SH   SOLE   3,554,800 0 0
GENERAL ELECTRIC CO COM 369604103 3,081 128,100 SH   SOLE   128,100 0 0
GERDAU SA -SPON ADR COM 373737105 15,456 2,049,900 SH   SOLE   2,049,900 0 0
GILEAD SCIENCES INC COM 375558103 1,951 30,700 SH   SOLE   30,700 0 0
GOLDCORP INC COM 380956409 54,672 2,122,363 SH   SOLE   2,122,363 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 1,327 8,300 SH   SOLE   8,300 0 0
GOOGLE INC-CL A COM 38259P508 2,892 3,300 SH   SOLE   3,300 0 0
HALLIBURTON CO COM 406216101 38,233 790,100 SH   SOLE   790,100 0 0
HELMERICH & PAYNE COM 423452101 663 9,600 SH   SOLE   9,600 0 0
HESS CORP COM 42809H107 20,935 267,270 SH   SOLE   267,270 0 0
HOLLYFRONTIER CORP COM 436106108 896 21,000 SH   SOLE   21,000 0 0
HOME DEPOT INC COM 437076102 2,416 31,800 SH   SOLE   31,800 0 0
INTEL CORP COM 458140100 391 17,000 SH   SOLE   17,000 0 0
INTERNATIONAL PAPER CO COM 460146103 72,995 1,606,400 SH   SOLE   1,606,400 0 0
INTL BUSINESS MACHINES CORP COM 459200101 1,589 8,500 SH   SOLE   8,500 0 0
JOHNSON & JOHNSON COM 478160104 2,949 34,000 SH   SOLE   34,000 0 0
JPMORGAN CHASE & CO COM 46625H100 2,108 40,349 SH   SOLE   40,349 0 0
KEY ENERGY SERVICES INC COM 492914106 21,079 2,856,257 SH   SOLE   2,856,257 0 0
KINROSS GOLD CORP COM 496902404 21,226 4,253,700 SH   SOLE   4,253,700 0 0
LYONDELLBASELL INDU-CL A COM N53745100 33,363 454,600 SH   SOLE   454,600 0 0
MARATHON OIL CORP COM 565849106 23,581 675,680 SH   SOLE   675,680 0 0
MCDONALD'S CORP COM 580135101 1,447 14,900 SH   SOLE   14,900 0 0
MERCK & CO. INC. COM 58933Y105 927 19,400 SH   SOLE   19,400 0 0
MICHAEL KORS HOLDINGS LTD COM G60754101 1,407 18,900 SH   SOLE   18,900 0 0
MICRON TECHNOLOGY INC COM 595112103 920 52,200 SH   SOLE   52,200 0 0
MICROSOFT CORP COM 594918104 2,831 85,000 SH   SOLE   85,000 0 0
MONSANTO CO COM 61166W101 114,354 1,082,800 SH   SOLE   1,082,800 0 0
MOSAIC CO/THE COM 61945C103 67,144 1,546,029 SH   SOLE   1,546,029 0 0
MYLAN INC COM 628530107 1,456 38,000 SH   SOLE   38,000 0 0
NATIONAL OILWELL VARCO INC COM 637071101 41,470 531,600 SH   SOLE   531,600 0 0
NOBLE ENERGY INC COM 655044105 26,362 393,400 SH   SOLE   393,400 0 0
NUCOR CORP COM 670346105 45,662 935,700 SH   SOLE   935,700 0 0
OCCIDENTAL PETROLEUM CORP COM 674599105 40,722 431,100 SH   SOLE   431,100 0 0
OCEANEERING INTL INC COM 675232102 747 9,300 SH   SOLE   9,300 0 0
ORACLE CORP COM 68389X105 922 27,300 SH   SOLE   27,300 0 0
PEABODY ENERGY CORP COM 704549104 17,971 1,027,500 SH   SOLE   1,027,500 0 0
PETROCHINA CO LTD -ADR COM 71646E100 21,408 190,836 SH   SOLE   190,836 0 0
PETROLEO BRASILEIRO S.A.-ADR COM 71654V408 32,951 2,139,700 SH   SOLE   2,139,700 0 0
PETROLEO BRASILEIRO-SPON ADR COM 71654V101 535 32,500 SH   SOLE   0 0 32,500
PFIZER INC COM 717081103 2,595 89,841 SH   SOLE   89,841 0 0
PHILLIPS 66 COM 718546104 13,245 226,300 SH   SOLE   226,300 0 0
POSCO-ADR COM 693483109 17,291 232,100 SH   SOLE   232,100 0 0
POTASH CORP OF SASKATCHEWAN COM 73755L107 113,926 3,604,115 SH   SOLE   3,604,115 0 0
PROCTER & GAMBLE CO/THE COM 742718109 2,439 31,588 SH   SOLE   31,588 0 0
PVH CORP COM 693656100 1,398 11,800 SH   SOLE   11,800 0 0
QUALCOMM INC COM 747525103 1,449 21,500 SH   SOLE   21,500 0 0
RANDGOLD RESOURCES LTD-ADR COM 752344309 28,830 401,922 SH   SOLE   401,922 0 0
RIO TINTO PLC-SPON ADR COM 767204100 106,078 2,143,847 SH   SOLE   2,143,847 0 0
ROWAN COMPANIES PLC-A COM G7665A101 7,502 203,800 SH   SOLE   203,800 0 0
ROYAL BANK OF CANADA COM 780087102 612 9,200 SH   SOLE   9,200 0 0
ROYAL DUTCH SHELL PLC-ADR COM 780259206 136,358 2,069,791 SH   SOLE   2,069,791 0 0
SAFEWAY INC COM 786514208 248 7,700 SH   SOLE   7,700 0 0
SANDISK CORP COM 80004C101 557 9,300 SH   SOLE   9,300 0 0
SCHLUMBERGER LTD COM 806857108 68,567 771,984 SH   SOLE   771,984 0 0
SM ENERGY CO COM 78454L100 19,926 257,207 SH   SOLE   257,207 0 0
SOUTHWESTERN ENERGY CO COM 845467109 34,257 940,100 SH   SOLE   940,100 0 0
SUPERIOR ENERGY SERVICES INC COM 868157108 22,792 897,661 SH   SOLE   897,661 0 0
SYNGENTA AG-ADR COM 87160A100 65,117 788,622 SH   SOLE   788,622 0 0
TECK RESOURCES LTD-CLS B COM 878742204 46,641 1,709,724 SH   SOLE   1,709,724 0 0
TIDEWATER INC COM 886423102 28,935 491,508 SH   SOLE   491,508 0 0
TORONTO-DOMINION BANK COM 891160509 844 9,100 SH   SOLE   9,100 0 0
TOTAL SA-SPON ADR COM 89151E109 108,875 1,848,158 SH   SOLE   1,848,158 0 0
TWENTY-FIRST CENTURY FOX INC COM 90130A101 1,191 35,800 SH   SOLE   35,800 0 0
UNION PACIFIC CORP COM 907818108 1,863 11,900 SH   SOLE   11,900 0 0
UNITED PARCEL SERVICE-CL B COM 911312106 1,779 19,500 SH   SOLE   19,500 0 0
UNITEDHEALTH GROUP INC COM 91324P102 943 13,100 SH   SOLE   13,100 0 0
VALE SA-SP ADR COM 91912E105 35,570 2,280,100 SH   SOLE   2,280,100 0 0
VALE SA-SP PREF ADR COM 91912E204 454 32,100 SH   SOLE   0 0 32,100
VALERO ENERGY CORP COM 91913Y100 13,121 382,549 SH   SOLE   382,549 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 1,368 29,100 SH   SOLE   29,100 0 0
VISA INC-CLASS A SHARES COM 92826C839 1,429 7,400 SH   SOLE   7,400 0 0
WAL-MART STORES INC COM 931142103 1,669 22,449 SH   SOLE   22,449 0 0
WALT DISNEY CO/THE COM 254687106 2,053 31,500 SH   SOLE   31,500 0 0
WEATHERFORD INTL LTD COM H27013103 23,217 1,521,400 SH   SOLE   1,521,400 0 0
WELLS FARGO & CO COM 949746101 2,441 58,700 SH   SOLE   58,700 0 0
WEYERHAEUSER CO COM 962166104 45,742 1,581,143 SH   SOLE   1,581,143 0 0
WHITING PETROLEUM CORP COM 966387102 15,674 261,324 SH   SOLE   261,324 0 0