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
3M CO COM 88579Y101 497 3,700 SH   SOLE   3,700 0 0
ABBOTT LABORATORIES COM 002824100 349 9,100 SH   SOLE   9,100 0 0
ABBVIE INC COM 00287Y109 959 18,800 SH   SOLE   18,800 0 0
ACCENTURE PLC-CL A COM G1151C101 1,868 23,700 SH   SOLE   23,700 0 0
AGRIUM INC COM 008916108 41,565 431,126 SH   SOLE   431,126 0 0
AMAZON.COM INC COM 023135106 778 2,300 SH   SOLE   2,300 0 0
AMERICAN EXPRESS CO COM 025816109 552 6,100 SH   SOLE   6,100 0 0
AMERICAN INTERNATIONAL GROUP COM 026874784 399 8,000 SH   SOLE   8,000 0 0
AMGEN INC COM 031162100 506 4,200 SH   SOLE   4,200 0 0
ANADARKO PETROLEUM CORP COM 032511107 33,232 391,236 SH   SOLE   391,236 0 0
ANGLOGOLD ASHANTI-SPON ADR COM 035128206 17,634 1,004,800 SH   SOLE   1,004,800 0 0
APPLE INC COM 037833100 2,684 5,000 SH   SOLE   5,000 0 0
ARCELORMITTAL-NY REGISTERED COM 03938L104 18,429 1,164,900 SH   SOLE   1,164,900 0 0
ARCHER-DANIELS-MIDLAND CO COM 039483102 35,505 821,687 SH   SOLE   821,687 0 0
AT&T INC COM 00206R102 1,333 38,000 SH   SOLE   38,000 0 0
AXIALL CORP COM 05463D100 10,655 240,042 SH   SOLE   240,042 0 0
BAKER HUGHES INC COM 057224107 32,061 491,200 SH   SOLE   491,200 0 0
BANK OF AMERICA CORP COM 060505104 1,083 63,800 SH   SOLE   63,800 0 0
BANK OF NOVA SCOTIA COM 064149107 426 6,700 SH   SOLE   6,700 0 0
BARRICK GOLD CORP COM 067901108 21,219 1,159,500 SH   SOLE   1,159,500 0 0
BERKSHIRE HATHAWAY INC-CL B COM 084670702 828 6,700 SH   SOLE   6,700 0 0
BHP BILLITON PLC-ADR COM 05545E209 117,317 1,901,418 SH   SOLE   1,901,418 0 0
BIOGEN IDEC INC COM 09062X103 382 1,300 SH   SOLE   1,300 0 0
BP PLC-SPONS ADR COM 055622104 68,961 1,425,700 SH   SOLE   1,425,700 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 995 19,200 SH   SOLE   19,200 0 0
BUNGE LTD COM G16962105 13,111 166,000 SH   SOLE   166,000 0 0
CABOT OIL & GAS CORP COM 127097103 20,858 616,380 SH   SOLE   616,380 0 0
CAMERON INTERNATIONAL CORP COM 13342B105 30,306 493,100 SH   SOLE   493,100 0 0
CANADIAN NATURAL RESOURCES COM 136385101 31,432 825,630 SH   SOLE   825,630 0 0
CAPITAL ONE FINANCIAL CORP COM 14040H105 2,260 29,700 SH   SOLE   29,700 0 0
CATERPILLAR INC COM 149123101 398 4,000 SH   SOLE   4,000 0 0
CELANESE CORP-SERIES A COM 150870103 9,698 179,800 SH   SOLE   179,800 0 0
CELGENE CORP COM 151020104 1,908 13,700 SH   SOLE   13,700 0 0
CF INDUSTRIES HOLDINGS INC COM 125269100 17,091 66,300 SH   SOLE   66,300 0 0
CHEVRON CORP COM 166764100 73,320 618,736 SH   SOLE   618,736 0 0
CHICAGO BRIDGE & IRON CO NV COM 167250109 1,922 22,600 SH   SOLE   22,600 0 0
CHINA PETROLEUM & CHEM-ADR COM 16941R108 10,171 113,390 SH   SOLE   113,390 0 0
CISCO SYSTEMS INC COM 17275R102 1,007 45,100 SH   SOLE   45,100 0 0
CITIGROUP INC COM 172967424 898 19,000 SH   SOLE   19,000 0 0
CLIFFS NATURAL RESOURCES INC COM 18683K101 14,653 732,659 SH   SOLE   732,659 0 0
CNOOC LTD-ADR COM 126132109 11,292 73,752 SH   SOLE   73,752 0 0
COBALT INTERNATIONAL ENERGY COM 19075F106 10,980 593,812 SH   SOLE   593,812 0 0
COCA-COLA CO/THE COM 191216100 900 23,100 SH   SOLE   23,100 0 0
COCA-COLA ENTERPRISES COM 19122T109 1,888 40,300 SH   SOLE   40,300 0 0
COLGATE-PALMOLIVE CO COM 194162103 333 5,200 SH   SOLE   5,200 0 0
COMCAST CORP-CLASS A COM 20030N101 600 12,100 SH   SOLE   12,100 0 0
CONCHO RESOURCES INC COM 20605P101 19,038 153,100 SH   SOLE   153,100 0 0
CONOCOPHILLIPS COM 20825C104 971 13,800 SH   SOLE   13,800 0 0
COSTCO WHOLESALE CORP COM 22160K105 301 2,700 SH   SOLE   2,700 0 0
CVS CAREMARK CORP COM 126650100 512 6,900 SH   SOLE   6,900 0 0
DANAHER CORP COM 235851102 266 3,600 SH   SOLE   3,600 0 0
DOMINION RESOURCES INC/VA COM 25746U109 249 3,500 SH   SOLE   3,500 0 0
DOW CHEMICAL CO/THE COM 260543103 20,234 419,800 SH   SOLE   419,800 0 0
DRIL-QUIP INC COM 262037104 10,931 97,836 SH   SOLE   97,836 0 0
DU PONT (E.I.) DE NEMOURS COM 263534109 713 10,700 SH   SOLE   10,700 0 0
DUKE ENERGY CORP COM 26441C204 349 4,949 SH   SOLE   4,949 0 0
EATON CORP PLC COM G29183103 1,960 26,400 SH   SOLE   26,400 0 0
EBAY INC COM 278642103 430 7,800 SH   SOLE   7,800 0 0
ELDORADO GOLD CORP COM 284902103 17,521 3,015,736 SH   SOLE   3,015,736 0 0
ELI LILLY & CO COM 532457108 340 5,900 SH   SOLE   5,900 0 0
EMC CORP/MA COM 268648102 2,075 75,500 SH   SOLE   75,500 0 0
EMERSON ELECTRIC CO COM 291011104 294 4,400 SH   SOLE   4,400 0 0
ENCANA CORP COM 292505104 18,246 851,800 SH   SOLE   851,800 0 0
EOG RESOURCES INC COM 26875P101 2,425 12,300 SH   SOLE   12,300 0 0
EQT CORP COM 26884L109 21,102 214,164 SH   SOLE   214,164 0 0
EXPRESS SCRIPTS HOLDING CO COM 30219G108 362 4,800 SH   SOLE   4,800 0 0
EXXON MOBIL CORP COM 30231G102 113,661 1,163,372 SH   SOLE   1,163,372 0 0
FACEBOOK INC-A COM 30303M102 594 9,900 SH   SOLE   9,900 0 0
FEDEX CORP COM 31428X106 238 1,800 SH   SOLE   1,800 0 0
FLUOR CORP COM 343412102 1,780 23,300 SH   SOLE   23,300 0 0
FMC TECHNOLOGIES INC COM 30249U101 20,426 389,732 SH   SOLE   389,732 0 0
FORD MOTOR CO COM 345370860 402 26,000 SH   SOLE   26,000 0 0
FREEPORT-MCMORAN COPPER COM 35671D857 80,900 2,464,700 SH   SOLE   2,464,700 0 0
GENERAL ELECTRIC CO COM 369604103 1,550 59,900 SH   SOLE   59,900 0 0
GENERAL MOTORS CO COM 37045V100 208 6,000 SH   SOLE   6,000 0 0
GENWORTH FINANCIAL INC-CL A COM 37247D106 1,944 112,900 SH   SOLE   112,900 0 0
GERDAU SA -SPON ADR COM 373737105 9,080 1,418,700 SH   SOLE   1,418,700 0 0
GILEAD SCIENCES INC COM 375558103 2,207 32,200 SH   SOLE   32,200 0 0
GOLDCORP INC COM 380956409 37,878 1,508,463 SH   SOLE   1,508,463 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 2,142 13,200 SH   SOLE   13,200 0 0
GOOGLE INC-CL A COM 38259P508 3,360 3,000 SH   SOLE   3,000 0 0
HALLIBURTON CO COM 406216101 34,070 573,000 SH   SOLE   573,000 0 0
HESS CORP COM 42809H107 14,744 177,170 SH   SOLE   177,170 0 0
HEWLETT-PACKARD CO COM 428236103 362 11,300 SH   SOLE   11,300 0 0
HOLLYFRONTIER CORP COM 436106108 8,959 188,800 SH   SOLE   188,800 0 0
HOME DEPOT INC COM 437076102 2,338 29,700 SH   SOLE   29,700 0 0
HUNTINGTON BANCSHARES INC COM 446150104 1,898 192,500 SH   SOLE   192,500 0 0
INTEL CORP COM 458140100 827 32,300 SH   SOLE   32,300 0 0
INTERNATIONAL PAPER CO COM 460146103 49,491 1,080,600 SH   SOLE   1,080,600 0 0
INTL BUSINESS MACHINES CORP COM 459200101 1,124 5,900 SH   SOLE   5,900 0 0
JOHNSON & JOHNSON COM 478160104 3,089 31,700 SH   SOLE   31,700 0 0
JPMORGAN CHASE & CO COM 46625H100 1,312 21,849 SH   SOLE   21,849 0 0
KEY ENERGY SERVICES INC COM 492914106 15,595 1,687,790 SH   SOLE   1,687,790 0 0
KIMBERLY-CLARK CORP COM 494368103 362 3,300 SH   SOLE   3,300 0 0
LOCKHEED MARTIN CORP COM 539830109 337 2,100 SH   SOLE   2,100 0 0
LORILLARD INC COM 544147101 299 5,600 SH   SOLE   5,600 0 0
LOWE'S COS INC COM 548661107 328 6,700 SH   SOLE   6,700 0 0
LYONDELLBASELL INDU-CL A COM N53745100 25,321 286,500 SH   SOLE   286,500 0 0
MARATHON OIL CORP COM 565849106 17,919 508,780 SH   SOLE   508,780 0 0
MASTERCARD INC-CLASS A COM 57636Q104 410 5,600 SH   SOLE   5,600 0 0
MCDONALD'S CORP COM 580135101 564 5,800 SH   SOLE   5,800 0 0
MEDTRONIC INC COM 585055106 356 5,900 SH   SOLE   5,900 0 0
MERCK & CO. INC. COM 58933Y105 1,612 28,800 SH   SOLE   28,800 0 0
METLIFE INC COM 59156R108 294 5,600 SH   SOLE   5,600 0 0
MICROSOFT CORP COM 594918104 2,112 52,400 SH   SOLE   52,400 0 0
MONDELEZ INTERNATIONAL INC-A COM 609207105 330 9,600 SH   SOLE   9,600 0 0
MONSANTO CO COM 61166W101 85,453 760,800 SH   SOLE   760,800 0 0
MORGAN STANLEY COM 617446448 287 9,300 SH   SOLE   9,300 0 0
MOSAIC CO/THE COM 61945C103 53,341 1,084,829 SH   SOLE   1,084,829 0 0
NATIONAL OILWELL VARCO INC COM 637071101 10,353 133,300 SH   SOLE   133,300 0 0
NIKE INC -CL B COM 654106103 294 4,000 SH   SOLE   4,000 0 0
NOBLE ENERGY INC COM 655044105 10,692 150,300 SH   SOLE   150,300 0 0
NUCOR CORP COM 670346105 32,204 643,300 SH   SOLE   643,300 0 0
OASIS PETROLEUM INC COM 674215108 20,299 482,850 SH   SOLE   482,850 0 0
OCCIDENTAL PETROLEUM CORP COM 674599105 28,655 299,900 SH   SOLE   299,900 0 0
OCEANEERING INTL INC COM 675232102 14,431 200,600 SH   SOLE   200,600 0 0
ORACLE CORP COM 68389X105 878 22,200 SH   SOLE   22,200 0 0
PEABODY ENERGY CORP COM 704549104 11,329 702,800 SH   SOLE   702,800 0 0
PEPSICO INC COM 713448108 738 8,900 SH   SOLE   8,900 0 0
PETROCHINA CO LTD -ADR COM 71646E100 14,375 130,436 SH   SOLE   130,436 0 0
PETROLEO BRASILEIRO S.A.-ADR COM 71654V408 19,125 1,451,100 SH   SOLE   1,451,100 0 0
PETROLEO BRASILEIRO-SPON ADR COM 71654V101 377 27,100 SH   SOLE   0 0 27,100
PFIZER INC COM 717081103 1,452 45,541 SH   SOLE   45,541 0 0
PHILLIPS 66 COM 718546104 9,727 126,000 SH   SOLE   126,900 0 0
POSCO-ADR COM 693483109 10,693 156,400 SH   SOLE   156,400 0 0
POTASH CORP OF SASKATCHEWAN COM 73755L107 85,803 2,412,915 SH   SOLE   2,412,915 0 0
PRICELINE.COM INC COM 741503403 358 300 SH   SOLE   300 0 0
PROCTER & GAMBLE CO/THE COM 742718109 1,251 15,688 SH   SOLE   15,688 0 0
QUALCOMM INC COM 747525103 833 10,500 SH   SOLE   10,500 0 0
RANDGOLD RESOURCES LTD-ADR COM 752344309 22,191 293,022 SH   SOLE   293,022 0 0
RAYTHEON COMPANY COM 755111507 326 3,300 SH   SOLE   3,300 0 0
RIO TINTO PLC-SPON ADR COM 767204100 81,571 1,490,147 SH   SOLE   1,490,147 0 0
ROWAN COMPANIES PLC-A COM G7665A101 13,105 392,600 SH   SOLE   392,600 0 0
ROYAL BANK OF CANADA COM 780087102 904 12,500 SH   SOLE   12,500 0 0
ROYAL DUTCH SHELL PLC-ADR COM 780259206 63,990 873,105 SH   SOLE   873,105 0 0
SCHLUMBERGER LTD COM 806857108 43,593 446,784 SH   SOLE   446,784 0 0
SEADRILL LTD COM G7945E105 1,246 6,000 SH   SOLE   6,000 0 0
SEAGATE TECHNOLOGY COM G7945M107 302 5,500 SH   SOLE   5,500 0 0
SM ENERGY CO COM 78454L100 13,921 194,107 SH   SOLE   194,107 0 0
SOUTHERN COPPER CORP COM 84265V105 14,705 506,543 SH   SOLE   506,543 0 0
SOUTHWESTERN ENERGY CO COM 845467109 17,348 378,700 SH   SOLE   378,700 0 0
SPECTRA ENERGY CORP COM 847560109 479 13,000 SH   SOLE   13,000 0 0
STARBUCKS CORP COM 855244109 317 4,300 SH   SOLE   4,300 0 0
SUNCOR ENERGY INC COM 867224107 359 9,400 SH   SOLE   9,400 0 0
SUPERIOR ENERGY SERVICES INC COM 868157108 21,124 698,792 SH   SOLE   698,792 0 0
SYNGENTA AG-ADR COM 87160A100 40,777 538,023 SH   SOLE   538,023 0 0
TECK RESOURCES LTD-CLS B COM 878742204 33,722 1,561,211 SH   SOLE   1,561,211 0 0
TEXAS INSTRUMENTS INC COM 882508104 317 6,800 SH   SOLE   6,800 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 261 2,200 SH   SOLE   2,200 0 0
THOMSON REUTERS CORP COM 884903105 319 8,500 SH   SOLE   8,500 0 0
TIME WARNER INC COM 887317303 349 5,400 SH   SOLE   5,400 0 0
TJX COMPANIES INC COM 872540109 264 4,400 SH   SOLE   4,400 0 0
TORONTO-DOMINION BANK COM 891160509 1,142 22,200 SH   SOLE   22,200 0 0
TOTAL SA-SPON ADR COM 89151E109 82,912 1,256,617 SH   SOLE   1,256,617 0 0
TWENTY-FIRST CENTURY FOX-A COM 90130A101 2,061 65,200 SH   SOLE   65,200 0 0
UNION PACIFIC CORP COM 907818108 2,088 11,300 SH   SOLE   11,300 0 0
UNITED PARCEL SERVICE-CL B COM 911312106 2,180 22,400 SH   SOLE   22,400 0 0
UNITED RENTALS INC COM 911363109 767 8,300 SH   SOLE   8,300 0 0
UNITEDHEALTH GROUP INC COM 91324P102 612 7,500 SH   SOLE   7,500 0 0
URBAN OUTFITTERS INC COM 917047102 1,793 49,300 SH   SOLE   49,300 0 0
US BANCORP COM 902973304 448 10,600 SH   SOLE   10,600 0 0
VALE SA-SP ADR COM 91912E105 28,320 2,070,200 SH   SOLE   2,070,200 0 0
VALE SA-SP PREF ADR COM 91912E204 288 23,500 SH   SOLE   0 0 23,500
VERIZON COMMUNICATIONS INC COM 92343V104 1,072 22,600 SH   SOLE   22,600 0 0
VISA INC-CLASS A SHARES COM 92826C839 615 2,900 SH   SOLE   2,900 0 0
WALGREEN CO COM 931422109 353 5,400 SH   SOLE   5,400 0 0
WAL-MART STORES INC COM 931142103 726 9,549 SH   SOLE   9,549 0 0
WALT DISNEY CO/THE COM 254687106 821 10,400 SH   SOLE   10,400 0 0
WEATHERFORD INTL LTD COM H27013103 17,714 1,020,400 SH   SOLE   1,020,400 0 0
WELLS FARGO & CO COM 949746101 1,479 30,000 SH   SOLE   30,000 0 0
WESTERN DIGITAL CORP COM 958102105 1,940 21,700 SH   SOLE   21,700 0 0
WEYERHAEUSER CO COM 962166104 31,449 1,077,743 SH   SOLE   1,077,743 0 0
WISCONSIN ENERGY CORP COM 976657106 285 6,200 SH   SOLE   6,200 0 0
WYNDHAM WORLDWIDE CORP COM 98310W108 778 10,700 SH   SOLE   10,700 0 0
YAHOO! INC COM 984332106 219 6,100 SH   SOLE   6,100 0 0