Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BAP	Credicorp Limited	234,234	$30.88M	13.6%	$131.82	$91.33	—	COM	G2519Y108
TS	Tenaris SA ADR	668,317	$25.55M	11.2%	$38.23	$43.17	—	ADR	88031M109
—	Randgold Resources Limited ADR	265,938	$23.4M	10.3%	$87.98	$82.58	—	ADR	752344309
TEVA	Teva Pharmaceutical Industries Limited ADR	450,743	$20.31M	8.9%	$45.06	$49.41	—	ADR	881624209
—	Eldorado Gold Corporation	1,448,333	$19.86M	8.7%	$13.71	$14.76	—	COM	284902103
BVN	Compania de Minas Buenaventura SA ADR	484,907	$19.55M	8.6%	$40.31	$37.61	—	ADR	204448104
—	America Movil SAB de CV 'L' ADR	720,530	$17.89M	7.9%	$24.83	$34.00	—	ADR	02364W105
FMX	Fomento Economico Mexicano SAB de CV ADR	178,578	$14.69M	6.5%	$82.27	$56.15	—	ADR	344419106
—	Yamana Gold Inc.	822,627	$12.81M	5.6%	$15.57	$11.37	—	COM	98462Y100
VALE	Vale SA ADR	526,473	$12.28M	5.4%	$23.33	$32.05	—	ADR	91912E105
INFY	Infosys Limited ADR	138,005	$7.87M	3.5%	$57.03	$62.15	—	ADR	456788108
—	Enersis SA ADR	341,451	$6.894M	3.0%	$20.19	$22.87	—	ADR	29274F104
SCCO	Southern Copper Corporation	136,286	$4.322M	1.9%	$31.71	$35.13	—	COM	84265V105
TSM	Taiwan Semiconductor Manufacturing Company Limited ADR	57,700	$882K	0.4%	$15.29	$11.46	—	ADR	874039100
CNQ	Canadian Natural Resources Limited	26,500	$877K	0.4%	$33.09	$46.85	—	COM	136385101
FCX	Freeport-McMoRan Copper & Gold Inc.	21,476	$817K	0.4%	$38.04	$51.13	—	COM	35671D857
TECK	Teck Resources Limited 'B'	18,400	$656K	0.3%	$35.65	$37.88	—	COM	878742204
—	Continental Resources Inc.	6,800	$584K	0.3%	$85.88	$69.51	—	COM	212015101
—	Whiting Petroleum Corporation	10,000	$543K	0.2%	$54.30	$67.52	—	COM	966387102
OXY	Occidental Petroleum Corporation	5,126	$488K	0.2%	$95.20	$77.89	—	COM	674599105
CVE	Cenovus Energy Inc.	12,700	$456K	0.2%	$35.91	$38.70	—	COM	15135U109
—	Barrick Gold Corporation	10,200	$443K	0.2%	$43.43	$49.85	—	COM	067901108
CCJ	Cameco Corporation	20,094	$431K	0.2%	$21.45	$28.42	—	COM	13321L108
SU	Suncor Energy Inc.	12,400	$404K	0.2%	$32.58	$42.53	—	COM	867224107
—	Talisman Energy Inc.	32,000	$402K	0.2%	$12.56	$23.02	—	COM	87425E103
—	Apache Corporation	3,600	$362K	0.2%	$100.56	$100.56	—	COM	037411105
PBR	Petroleo Brasileiro SA - Petrobras ADR	13,500	$359K	0.2%	$26.59	$38.06	—	ADR	71654V408
—	Cliffs Natural Resources Inc.	4,800	$332K	0.1%	$69.17	$95.07	—	COM	18683K101
—	Silver Wheaton Corporation	9,700	$321K	0.1%	$33.09	$36.80	—	COM	828336107
DVN	Devon Energy Corporation	4,200	$299K	0.1%	$71.19	$86.69	—	COM	25179M103
—	AngloGold Ashanti Limited ADR	7,200	$266K	0.1%	$36.94	$45.09	—	ADR	035128206
—	Advantage Oil and Gas Limited	76,000	$255K	0.1%	$3.36	$8.44	—	COM	00765F101
—	Goldcorp Inc.	5,400	$243K	0.1%	$45.00	$49.18	—	COM	380956409
PTEN	Patterson-UTI Energy Inc.	13,500	$233K	0.1%	$17.26	$25.51	—	COM	703481101
—	Central Fund of Canada Limited 'A'	10,500	$230K	0.1%	$21.90	$21.73	—	ETF	153501101
HBM	HudBay Minerals Inc.	20,700	$227K	0.1%	$10.97	$15.60	—	COM	443628102
—	Lone Pine Resources Inc.	26,063	$169K	0.1%	$6.48	$7.01	—	COM	54222A106
—	Allied Nevada Gold Corporation	4,700	$152K	0.1%	$32.34	$35.18	—	COM	019344100
NEM	Newmont Mining Corporation	2,900	$149K	0.1%	$51.38	$54.66	—	COM	651639106
RGLD	Royal Gold Inc.	2,100	$137K	0.1%	$65.24	$65.24	—	COM	780287108
—	EnCana Corporation	6,100	$120K	0.1%	$19.67	$19.67	—	COM	292505104
—	Forbes Energy Services Limited	18,505	$112K	0.0%	$6.05	$5.11	—	COM	345143101
KGC	Kinross Gold Corporation	7,900	$77,000	0.0%	$9.75	$15.75	—	COM	496902404
XOM	Exxon Mobil Corporation	600	$52,000	0.0%	$86.67	$86.67	—	COM	30231G102
—	Exeter Resource Corporation	18,400	$51,000	0.0%	$2.77	$4.90	—	COM	301835104