Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	BILL BARRETT	280,851	$6.19M	2.7%	$21.25	—	COM	06846N104
CTRA	CABOT OIL & GAS	189,042	$6.18M	2.7%	$25.96	-6.7%	COM	127097103
—	NOBLE ENERGY	88,843	$6.073M	2.6%	$61.43	—	COM	655044105
—	ENCANA	283,816	$6.019M	2.6%	$17.25	—	COM	292505104
COP	CONOCOPHILLIPS	78,404	$6M	2.6%	$40.52	+39.9%	COM	20825C104
VET	VERMILION ENERGY	98,142	$5.987M	2.6%	$50.72	+26.1%	COM	923725105
EQT	EQT	65,413	$5.987M	2.6%	$39.67	+22.5%	COM	26884L109
—	PIONEER NATURAL RESOURCES COMPANY	30,361	$5.98M	2.6%	$149.11	—	COM	723787107
OXY	OCCIDENTAL PETROLEUM	61,339	$5.898M	2.5%	$58.63	+16.0%	COM	674599105
—	WPX ENERGY 'A'	244,929	$5.893M	2.5%	$18.89	—	COM	98212B103
—	PENN WEST PETROLEUM	867,258	$5.89M	2.5%	$9.23	—	COM	707887105
—	MARATHON OIL	155,810	$5.857M	2.5%	$34.77	—	COM	565849106
—	GULFPORT ENERGY	109,330	$5.838M	2.5%	$49.86	—	COM	402635304
—	APACHE CORP	62,157	$5.834M	2.5%	$82.98	—	COM	037411105
SM	SM ENERGY	74,425	$5.806M	2.5%	$57.65	+25.8%	COM	78454L100
CNQ	CANADIAN NATURAL RESOURCES	148,334	$5.775M	2.5%	$8.77	+47.5%	COM	136385101
EOG	EOG RESOURCES	58,263	$5.77M	2.5%	$61.51	+29.0%	COM	26875P101
DVN	DEVON ENERGY	84,445	$5.757M	2.5%	$37.02	+35.9%	COM	25179M103
—	CONCHO RESOURCES	45,724	$5.734M	2.5%	$84.34	—	COM	20605P101
—	ROSETTA RESOURCES	128,619	$5.732M	2.5%	$43.26	—	COM	777779307
—	ANADARKO PETROLEUM	56,486	$5.73M	2.5%	$84.81	—	COM	032511107
—	ULTRA PETROLEUM	246,261	$5.728M	2.5%	$20.32	—	COM	903914109
—	CIMAREX ENERGY	45,179	$5.716M	2.5%	$64.99	—	COM	171798101
—	CARRIZO OIL & GAS	105,503	$5.678M	2.5%	$28.60	—	COM	144577103
—	STONE ENERGY	180,593	$5.664M	2.4%	$23.84	—	COM	861642106
—	CRESCENT POINT ENERGY	154,772	$5.598M	2.4%	$36.56	—	COM	22576C101
—	DENBURY RESOURCES	370,466	$5.568M	2.4%	$17.47	—	COM	247916208
—	SOUTHWESTERN ENERGY	157,003	$5.487M	2.4%	$36.50	—	COM	845467109
RRC	RANGE RESOURCES CORP	80,331	$5.447M	2.4%	$76.80	-0.7%	COM	75281A109
—	WHITING PETROLEUM HOLDINGS	69,471	$5.387M	2.3%	$47.58	—	COM	966387102
—	OASIS PETROLEUM	128,749	$5.383M	2.3%	$39.53	—	COM	674215108
—	KODIAK OIL & GAS	396,384	$5.379M	2.3%	$8.99	—	COM	50015Q100
—	CONTINENTAL RESOURCES	80,500	$5.351M	2.3%	$77.19	—	COM	212015101
—	NEWFIELD EXPLORATION	142,931	$5.299M	2.3%	$23.89	—	COM	651290108
—	SANDRIDGE ENERGY	1,208,780	$5.186M	2.2%	$4.83	—	COM	80007P307
—	TALISMAN ENERGY	584,490	$5.068M	2.2%	$11.08	—	COM	87425E103
WTI	W&T OFFSHORE	434,070	$4.775M	2.1%	$14.48	-3.2%	COM	92922P106
—	EXCO RESOURCES	1,373,613	$4.588M	2.0%	$6.41	—	COM	269279402
BAP	CREDICORP LTD	17,024	$2.611M	1.1%	$105.28	+10.7%	COM	G2519Y108
—	CTRIP COM INTL LTD	40,106	$2.276M	1.0%	$52.58	—	ADR	22943F100
—	MOBILE TELESYSTEMS OJSC SPONSORED	140,289	$2.096M	0.9%	$20.30	—	ADR	607409109
MLCO	MELCO CROWN ENTERTAINMENT LTD	76,836	$2.02M	0.9%	$38.65	—	ADR	585464100
SCCO	SOUTHERN COPPER	41,860	$1.241M	0.5%	$20.26	+3.2%	COM	84265V105
—	NEW ORIENTAL ED & TECHNOLOGY GROUP	36,203	$840K	0.4%	$29.34	—	ADR	647581107
—	YOUKU TUDOU INC	36,330	$651K	0.3%	$28.04	—	ADR	98742U100
NEM	NEWMONT MINING	25,676	$592K	0.3%	$23.90	-16.8%	COM	651639106
FCX	FREEPORT MCMORAN	17,779	$580K	0.3%	$24.56	+28.8%	COM	35671D857
—	HOME INNS & HOTELS MGMT INC	19,355	$561K	0.2%	$32.51	—	ADR	43713W107
BVN	COMPANIA DE MINAS BUENAVENTURA S A	47,835	$554K	0.2%	$13.96	—	ADR	204448104
—	E-COMMERCE CHINA DANGDANG INC	44,814	$547K	0.2%	$14.32	—	ADR	26833A105
TECK	TECK RESSOURCES 'B'	28,391	$539K	0.2%	$25.44	-10.7%	CL B	878742204
VALE	VALE	48,856	$538K	0.2%	$15.35	—	ADR	91912E105
—	BARRICK GOLD	35,705	$523K	0.2%	$16.08	—	COM	067901108