| Security ID# (cusip/sedol) | Security Description | Ticker Symbol | Coupon Rate | Maturity Date | Shares | Market Value($) | % of TNA |
|---|---|---|---|---|---|---|---|
| 845467109 | Southwestern Energy Co. | SWN.N | 2,279,900 | 69,628,146 | 2.74 | ||
| 406216101 | Halliburton Co. | HAL.N | 1,788,400 | 57,926,276 | 2.28 | ||
| 637071101 | National-oilwell Varco Inc | NOV.N | 1,118,100 | 56,162,163 | 2.21 | ||
| 806857108 | Schlumberger Ltd. | SLB.N | 712,000 | 55,600,080 | 2.19 | ||
| 74499S9A1 | Dryden Core Investment Fund - Taxable Money Market | 2.45 | 12/31/2010 | 53,296,008 | 53,296,008 | 2.10 | |
| 13342B105 | Cameron International Corp | CAM N | 1,341,500 | 51,701,410 | 2.04 | ||
| 25179M103 | Devon Energy Corp. | DVN.N | 569,100 | 51,901,920 | 2.04 | ||
| 35671D857 | Freeport-mcmoran Copper & Gold, Inc. | FCX.N | 869,799 | 49,448,073 | 1.95 | ||
| 832110100 | Smith International, Inc. | SII.N | 830,500 | 48,700,520 | 1.92 | ||
| 803866300 | Sasol Ltd. Adr | SSL.N | 1,064,100 | 45,213,609 | 1.78 | ||
| 88031M109 | Tenaris Sa - Adr | TS.N | 1,173,400 | 43,756,086 | 1.72 | ||
| 674599105 | Occidental Petroleum Corp. | OXY.N | 597,400 | 42,086,830 | 1.66 | ||
| 75281A109 | Range Resources Corp. | RRC.N | 964,250 | 41,337,398 | 1.63 | ||
| 496902404 | Kinross Gold Corp | KGC.N | 2,565,200 | 41,351,024 | 1.63 | ||
| 71654V408 | Petroleo Brasileiro S.a. | PBR.N | 930,000 | 40,873,500 | 1.61 | ||
| 380956409 | Goldcorp, Inc. | GG.N | 1,279,336 | 40,465,398 | 1.59 | ||
| 867229106 | Suncor Energy, Inc. | SU.N | 954,900 | 40,239,486 | 1.58 | ||
| 6979728 | Woodside Petroleum Limited | WPL.AU | 958,697 | 38,684,354 | 1.52 | ||
| 903914109 | Ultra Petroleum Corp. | UPL.N | 669,700 | 37,061,198 | 1.46 | ||
| 185896107 | Cleveland-cliffs | CLF.N | 687,900 | 36,417,426 | 1.43 | ||
| 204448104 | Minas Buenaventura Spon Adr | BVN.N | 1,537,000 | 36,088,760 | 1.42 | ||
| 969457100 | Williams Cos, Inc. | WMB.N | 1,526,100 | 36,092,265 | 1.42 | ||
| 87425E103 | Talisman Energy Inc. | TLM.N | 2,535,000 | 36,047,700 | 1.42 | ||
| 723787107 | Pioneer Natural Resources Co. | PXD.N | 657,400 | 34,368,872 | 1.35 | ||
| 651639106 | Newmont Mining | NEM.N | 861,700 | 33,399,492 | 1.32 | ||
| 98385X106 | XTO Energy, Inc. | XTO.N | 698,050 | 32,473,286 | 1.28 | ||
| B1RZDL6 | Cairn Energy | CNE.LN | 854,200 | 31,882,435 | 1.26 | ||
| 067901108 | Barrick Gold Corp. | ABX.N | 867,746 | 31,880,988 | 1.26 | ||
| 247916208 | Denbury Resources, Inc. | DNR.N | 1,615,600 | 30,761,024 | 1.21 | ||
| G65422100 | Noble Corporation | NE.N | 693,600 | 30,449,040 | 1.20 | ||
| B00R3Q7 | OPTI Canada Inc | OPC.CT | 2,927,336 | 30,394,233 | 1.20 | ||
| 0876289 | BG Group Plc | BG/.LN | 1,668,300 | 30,256,223 | 1.19 | ||
| 127097103 | Cabot Oil & Gas Corp. | COG.N | 828,700 | 29,949,218 | 1.18 | ||
| 6637101 | Newcrest Mining | NCM.AU | 1,440,517 | 29,931,004 | 1.18 | ||
| G90073100 | Transocean Inc | RIG N | 265,356 | 29,146,703 | 1.15 | ||
| 156431108 | Century Aluminum Co. | CENX.O | 1,023,100 | 28,329,639 | 1.12 | ||
| 26875P101 | EOG Resources, Inc. | EOG.N | 309,400 | 27,678,924 | 1.09 | ||
| 70336T104 | Patriot Coal Corp | PCX N | 943,400 | 27,405,770 | 1.08 | ||
| 2307873 | Eldorado Gold | ELD.CT | 4,306,800 | 26,870,709 | 1.06 | ||
| 008474108 | Agnico-eagle Mines Limited | AEM.N | 478,600 | 26,356,502 | 1.04 | ||
| B12CM37 | LINC Energy Ltd | LNC AU | 6,430,000 | 26,109,082 | 1.03 | ||
| 088606108 | BHP Billiton Ltd | BHP.N | 504,000 | 26,202,960 | 1.03 | ||
| 20605P101 | Concho Resources Inc | CXO.N | 939,800 | 25,947,878 | 1.02 | ||
| 868157108 | Superior Energy Services | SPN.N | 830,300 | 25,855,542 | 1.02 | ||
| 42809H107 | HESS Corp | HES.N | 316,200 | 25,953,696 | 1.02 | ||
| 629377508 | NRG Energy Inc | NRG.N | 1,031,600 | 25,532,100 | 1.01 | ||
| 759470107 | Reliance Industries Ltd Gdr 144a | RIGD | 304,100 | 25,244,223 | 0.99 | ||
| B19RPM5 | OGX Petroleo E Gas Participa | OGXP3 | 123,089 | 25,033,077 | 0.99 | ||
| 20453E109 | Complete Production Services | CPX.N | 1,219,000 | 24,538,470 | 0.97 | ||
| 716495106 | Petrohawk Energy Corp | HK.N | 1,140,400 | 24,666,852 | 0.97 | ||
| 6041122 | African Rainbow | ARI.SJ | 1,236,900 | 23,761,428 | 0.94 | ||
| 294549100 | Equitable Resources, Inc. | EQT.N | 645,500 | 23,676,940 | 0.93 | ||
| 2523635 | Pacific Rubiales Energy Corp | PEG CN | 3,735,700 | 23,623,454 | 0.93 | ||
| TRIDDEBT9 | Trident Note | 11.20 | 08/12/2012 | 29,642,228 | 23,608,206 | 0.93 | |
| 06846N104 | Barrett Bill Corp | BBG.N | 708,500 | 22,749,935 | 0.90 | ||
| 055482103 | BJ Services Co | BJS.N | 1,193,200 | 22,825,916 | 0.90 | ||
| G6359F103 | Nabors Industries Ltd. | NBR.N | 907,900 | 22,624,868 | 0.89 | ||
| 532349107 | Lihir Gold Ltd - Sponspored Adr | LIHR.O | 1,065,700 | 22,273,130 | 0.88 | ||
| 2347608 | First Quantum Minerals Ltd | FM.CT | 583,900 | 21,945,971 | 0.86 | ||
| 2166160 | Cameco Corp | CCO.CT | 998,300 | 21,631,006 | 0.85 | ||
| G25343107 | Cosan Ltd Class A Shares | CZZ.N | 2,719,400 | 21,700,812 | 0.85 | ||
| 697900108 | PAN American Silver Corp (usd) | PAAS.O | 953,800 | 21,202,974 | 0.83 | ||
| 80007P307 | Sandridge Energy Inc | SD.N | 1,043,700 | 20,456,520 | 0.81 | ||
| 651290108 | Newfield Exploration Co. | NFX.N | 645,100 | 20,636,749 | 0.81 | ||
| 74837R104 | Quicksilver Resources, Inc. | KWK.N | 1,016,900 | 19,961,747 | 0.79 | ||
| 452553308 | Impala Platinum Spon Adr | IMPUY.O | 950,400 | 19,198,080 | 0.76 | ||
| 30249U101 | FMC Technologies, Inc. | FTI.N | 406,700 | 18,931,885 | 0.75 | ||
| 859737207 | Sterlite Ind-adr | SLT.N | 2,053,900 | 18,505,639 | 0.73 | ||
| 6657604 | OIL Search Limited | OSH.AU | 4,067,412 | 18,202,844 | 0.72 | ||
| 716599105 | Petroleum Geo-services Adr | PGSVY US | 1,360,500 | 17,822,550 | 0.70 | ||
| 368287207 | OAO Gazprom - Spon Ads | OGZD LF | 569,500 | 17,626,025 | 0.69 | ||
| 30225X103 | Exterran Holdings Inc | EXH.N | 527,100 | 16,846,116 | 0.66 | ||
| 65334H102 | Nexen, Inc. | NXY.N | 649,900 | 15,097,177 | 0.59 | ||
| B18XCG7 | MMX Mineracao | MMXM3.B | 3,134,000 | 14,789,700 | 0.58 | ||
| 422704106 | Hecla Mining Co | HL.N | 3,092,700 | 14,473,836 | 0.57 | ||
| 2602073 | European Gold Lt | EGU.CT | 4,519,100 | 12,568,979 | 0.49 | ||
| 811904101 | Seacor Holdings, Inc. | CKH.N | 150,000 | 11,842,500 | 0.47 | ||
| 792228108 | ST Mary Land & Exploration Co. | SM.N | 329,600 | 11,750,240 | 0.46 | ||
| 828336107 | Silver Wheaton Corp | SLW.N | 1,445,300 | 11,779,195 | 0.46 | ||
| 45822B205 | Integra Group Hold-reg S Gdr | INTE.LI | 3,037,450 | 10,539,952 | 0.41 | ||
| 84265V105 | Southern Copper Corp | PCU.N | 525,500 | 10,026,540 | 0.39 | ||
| G93205113 | Vantage Drilling Co | VTG.AM | 3,222,300 | 9,634,677 | 0.38 | ||
| 91913Y100 | Valero Energy Corp. | VLO.N | 297,900 | 9,026,370 | 0.36 | ||
| 2795371 | Semafo Inc 144a (physical) | 8,096,000 | 8,672,248 | 0.34 | |||
| 6518596 | Lihir Gold Ltd | LGL.AU | 3,817,384 | 7,754,950 | 0.31 | ||
| 2346746 | FNX Mining Company | 713,100 | 7,544,755 | 0.30 | |||
| ZODIACEP | Zodiac Exploration Corp - Private | 13,500,000 | 6,342,495 | 0.25 | |||
| 66510M204 | Northern Dynasty Minerals | NAK.A | 1,398,700 | 6,014,410 | 0.24 | ||
| 35914P105 | Frontier Oil Corp. | FTO.N | 330,900 | 6,095,178 | 0.24 | ||
| 2916514 | UTS Energy Corp | 4,810,000 | 5,739,911 | 0.23 | |||
| 2842374 | Gabriel Res Ltd | GBU.CT | 2,837,400 | 5,465,511 | 0.22 | ||
| B39GNW2 | EDP Renovaveis Sa | EDPR.PL | 631,700 | 4,971,215 | 0.20 | ||
| 896999950 | Trident Resources Corp | 551,694 | 5,183,876 | 0.20 | |||
| 811916105 | Seabridge Gold Inc | SA.AM | 272,900 | 4,639,300 | 0.18 | ||
| 368287207 | OAO Gazprom Adr | 148,000 | 4,580,600 | 0.18 | |||
| 2631486 | Nevsun Resources Ltd | NSU.TR | 4,052,100 | 4,607,039 | 0.18 | ||
| B1FFT76 | Impala Platinum | IMP.SJ | 216,700 | 4,423,799 | 0.17 | ||
| 33744R102 | First Uranium Corp | FURAF.UV | 1,267,700 | 4,061,881 | 0.16 | ||
| 86764P109 | Sunoco, Inc. | SUN.N | 112,100 | 3,988,518 | 0.16 | ||
| B01NXQ4 | Centerra Gold Inc | CG.CT | 982,800 | 3,601,522 | 0.14 | ||
| 16411R208 | Cheniere Energy Inc | LNG.AM | 1,612,250 | 3,627,563 | 0.14 | ||
| 192108108 | Coeur D'alene Mn | CDE.N | 2,150,300 | 3,289,959 | 0.13 | ||
| 22942F101 | Crystallex International Corp | KRY.A | 3,653,600 | 2,959,416 | 0.12 | ||
| B3BXMS0 | LLX Logistica Sa | LLXL3.B | 3,134,000 | 2,964,528 | 0.12 | ||
| 204412209 | VALE R Doce-adr | RIO.N | 129,700 | 2,483,755 | 0.10 | ||
| 2669272 | PAN Amer Silver | PAA.CT | 95,067 | 2,068,829 | 0.08 | ||
| 33744R201 | First Uranium Corp | 600,000 | 1,922,481 | 0.08 | |||
| 670346105 | Nucor Corp. | NUE.N | 45,500 | 1,797,250 | 0.07 | ||
| 2962294 | Greystar Resources Ltd | GSL.TR | 1,356,000 | 1,822,016 | 0.07 | ||
| 2225511 | Crystallex International Corp | 1,807,300 | 1,443,463 | 0.06 | |||
| 2016599 | Axmin Inc | AXM.CN | 6,303,400 | 1,480,714 | 0.06 | ||
| 30231G102 | Exxon Mobil Corp | XOM.N | 17,700 | 1,374,582 | 0.05 | ||
| B09CBL4 | Royal Dutch Shell Plc-a Shs | RDSD.LI | 40,400 | 1,190,270 | 0.05 | ||
| B1B5GC4 | Platmin Ltd | PPN TR | 523,100 | 1,159,987 | 0.05 | ||
| 055622104 | BP Plc Spon Adr | BP.N | 24,200 | 1,214,114 | 0.05 | ||
| 0718875 | RIO Tinto Plc | RIO.LN | 14,700 | 922,557 | 0.04 | ||
| TRIDENTBX | Trident Series B Preferred | 432.00 | 07/10/2009 | 80,000 | 1,000,000 | 0.04 | |
| B1XZS82 | Anglo American Plc | AAL.LN | 27,100 | 915,424 | 0.04 | ||
| 2656241 | Orezone Resources Inc | OZN.TR | 2,250,600 | 1,057,364 | 0.04 | ||
| 655044105 | Noble Energy, Inc. | NBL.N | 18,800 | 1,045,092 | 0.04 | ||
| 3355172 | Archipelago Resources Plc | AR/.LO | 4,800,000 | 1,130,707 | 0.04 | ||
| 3236017 | Highland Gold Mining Ltd | HGM.LO | 792,400 | 970,827 | 0.04 | ||
| 38068N108 | GOLD Reserve Inc | GRZ.A | 993,800 | 1,093,180 | 0.04 | ||
| 704549104 | Peabody Energy | BTU.N | 22,200 | 999,000 | 0.04 | ||
| 4215394 | CIE Generale De Geophysique | GA.FP | 20,100 | 637,754 | 0.03 | ||
| 3327706 | Vedanta Resources Ltd | VED.LN | 42,300 | 886,619 | 0.03 | ||
| 3119248 | Lonmin Plc | 19,900 | 813,885 | 0.03 | |||
| 3141100 | Xstrata Plc | XTA LN | 24,900 | 775,995 | 0.03 | ||
| 3355172 | Archipelago Resources Plc | 3,200,000 | 753,805 | 0.03 | |||
| 136385101 | Canadian Natural Resources Ltd | CNQ.N | 9,400 | 643,524 | 0.03 | ||
| G04074103 | APEX Silver Mines Ltd | SIL-AM | 500,400 | 860,688 | 0.03 | ||
| 055934103 | BPI Energy Holdings Inc | BPG.A | 3,600,000 | 684,000 | 0.03 | ||
| 039380100 | ARCH Coal Inc | ACI.N | 25,900 | 851,851 | 0.03 | ||
| 037411105 | Apache Corp. | APA.N | 4,200 | 437,976 | 0.02 | ||
| 01741R102 | Allegheny Tech | ATI.N | 8,400 | 248,220 | 0.01 | ||
| 0045614 | Antofagasta Plc | ANTO.LN | 21,300 | 154,726 | 0.01 | ||
| B28XYV3 | Agrenco Ltd - Bdr | AGEN11SO | 2,183,300 | 298,312 | 0.01 | ||
| 2391445 | GOLD Reserve Inc | GRZ.TR | 216,800 | 217,971 | 0.01 | ||
| 878742204 | TECK Cominco Ltd-cl B | TCK.N | 5,000 | 145,600 | 0.01 | ||
| CRYSTAWRT | Crystallex Warrant - Private Placement | 08/11/2009 | 903,650 | 17,434 | 0.00 | ||
| ZODIACWRT | Zodiac Exploration Corp -private Placement | 02/10/2012 | 13,500,000 | 0 | 0.00 | ||
| 001547108 | AK Steel Hldg | AKS.N | 3,100 | 80,352 | 0.00 | ||
| TRIDENTWT | Trident Warrant | 11/28/2009 | 2,591,932 | 244 | 0.00 |