Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BAP	Credicorp Limited	191,805	$24.15M	8.8%	$91.33	—	COM	G2519Y108
—	Randgold Resources Limited ADR	217,440	$19.57M	7.1%	$82.58	—	ADR	752344309
TS	Tenaris SA ADR	547,815	$19.16M	7.0%	$43.17	—	ADR	88031M109
—	America Movil SAB de CV 'L' ADR	589,842	$15.37M	5.6%	$34.00	—	ADR	02364W105
BVN	Compania de Minas Buenaventura SA ADR	396,348	$15.05M	5.5%	$37.61	—	ADR	204448104
—	Eldorado Gold Corporation	1,210,730	$14.94M	5.4%	$14.76	—	COM	284902103
TEVA	Teva Pharmaceutical Industries Limited ADR	370,564	$14.62M	5.3%	$49.41	—	ADR	881624209
FMX	Fomento Economico Mexicano SAB de CV ADR	144,994	$12.94M	4.7%	$56.15	—	ADR	344419106
—	Yamana Gold Inc.	663,820	$10.26M	3.7%	$11.37	—	COM	98462Y100
VALE	Vale SA ADR	436,853	$8.672M	3.2%	$32.05	—	ADR	91912E105
—	Praxair Inc.	60,300	$6.556M	2.4%	$108.72	—	COM	74005P104
—	Enersis SA ADR	345,296	$6.457M	2.4%	$22.83	—	ADR	29274F104
UNFI	United Natural Foods Inc.	105,600	$5.793M	2.1%	$54.86	—	COM	911163103
—	Pentair Inc.	146,900	$5.623M	2.1%	$38.28	—	COM	709631105
ALB	Albemarle Corporation	91,800	$5.475M	2.0%	$59.64	—	COM	012653101
INFY	Infosys Limited ADR	118,286	$5.33M	1.9%	$62.15	—	ADR	456788108
TMO	Thermo Fisher Scientific Inc.	95,600	$4.963M	1.8%	$51.91	—	COM	883556102
—	Agrium Inc.	54,700	$4.855M	1.8%	$88.76	—	COM	008916108
ENB	Enbridge Inc.	111,300	$4.452M	1.6%	$40.00	—	COM	29250N105
SU	Suncor Energy Inc.	145,400	$4.211M	1.5%	$30.12	—	COM	867224107
MTZ	MasTec Inc.	273,155	$4.108M	1.5%	$15.04	—	COM	576323109
TRMB	Trimble Navigation Limited	80,700	$3.713M	1.4%	$46.01	—	COM	896239100
—	CLARCOR Inc.	74,300	$3.578M	1.3%	$48.16	—	COM	179895107
CMI	Cummins Inc.	35,400	$3.431M	1.3%	$96.92	—	COM	231021106
—	Johnson Controls Inc.	123,300	$3.417M	1.2%	$27.71	—	COM	478366107
—	Whole Foods Market Inc.	35,100	$3.346M	1.2%	$95.33	—	COM	966837106
—	Potash Corporation of Saskatchewan Inc.	72,800	$3.187M	1.2%	$43.78	—	COM	73755L107
—	Pall Corporation	54,700	$2.998M	1.1%	$54.81	—	COM	696429307
—	TransCanada Corporation	68,700	$2.884M	1.1%	$41.98	—	COM	89353D107
PWR	Quanta Services Inc.	109,200	$2.628M	1.0%	$24.07	—	COM	74762E102
AYI	Acuity Brands Inc.	43,400	$2.209M	0.8%	$50.90	—	COM	00508Y102
TSLA	Tesla Motors Inc	67,900	$2.125M	0.8%	$31.30	—	COM	88160R101
MGA	Magna International Inc.	50,200	$1.986M	0.7%	$39.56	—	COM	559222401
VMI	Valmont Industries Inc.	15,100	$1.827M	0.7%	$120.99	—	COM	920253101
—	Progressive Waste Solutions Limited	90,600	$1.719M	0.6%	$18.97	—	COM	74339G101
TAC	TransAlta Corporation	84,000	$1.425M	0.5%	$16.96	—	COM	89346D107
FCX	Freeport-McMoRan Copper & Gold Inc.	37,376	$1.273M	0.5%	$43.87	—	COM	35671D857
—	GT Advanced Technologies Inc	218,200	$1.152M	0.4%	$5.28	—	COM	36191U106
CNQ	Canadian Natural Resources Limited	40,700	$1.093M	0.4%	$39.88	—	COM	136385101
—	Cree Inc.	42,300	$1.086M	0.4%	$25.67	—	COM	225447101
—	Tahoe Resources Inc.	71,200	$985K	0.4%	$13.83	—	COM	873868103
—	Molycorp Inc.	40,684	$877K	0.3%	$21.56	—	COM	608753109
TECK	Teck Resources Limited 'B'	27,400	$850K	0.3%	$35.63	—	COM	878742204
—	Valeant Pharmaceuticals International Inc	18,400	$827K	0.3%	$44.95	—	COM	91911K102
TSM	Taiwan Semiconductor Manufacturing Company Limited ADR	58,500	$817K	0.3%	$11.49	—	ADR	874039100
SCCO	Southern Copper Corporation	24,981	$787K	0.3%	$35.13	—	COM	84265V105
—	Continental Resources Inc.	10,400	$693K	0.3%	$68.51	—	COM	212015101
—	World Energy Solutions Inc.	222,210	$691K	0.3%	$3.11	—	COM	98145W208
—	Peabody Energy Corporation	28,000	$687K	0.3%	$24.54	—	COM	704549104
OXY	Occidental Petroleum Corporation	7,826	$671K	0.2%	$80.60	—	COM	674599105
CCJ	Cameco Corporation	29,594	$651K	0.2%	$26.36	—	COM	13321L108
—	Talisman Energy Inc.	55,800	$641K	0.2%	$18.10	—	COM	87425E103
CVE	Cenovus Energy Inc.	19,500	$621K	0.2%	$36.31	—	COM	15135U109
DVN	Devon Energy Corporation	10,600	$615K	0.2%	$69.38	—	COM	25179M103
—	Whiting Petroleum Corporation	14,700	$604K	0.2%	$59.07	—	COM	966387102
—	Barrick Gold Corporation	15,800	$594K	0.2%	$45.51	—	COM	067901108
—	Apache Corporation	5,600	$492K	0.2%	$96.02	—	COM	037411105
—	EnCana Corporation	23,600	$492K	0.2%	$20.54	—	COM	292505104
—	Silver Wheaton Corporation	13,900	$374K	0.1%	$33.81	—	COM	828336107
—	Cliffs Natural Resources Inc.	6,800	$335K	0.1%	$81.60	—	COM	18683K101
PBR	Petroleo Brasileiro SA - Petrobras ADR	17,000	$319K	0.1%	$34.08	—	ADR	71654V408
—	Goldcorp Inc.	8,200	$309K	0.1%	$45.25	—	COM	380956409
—	AngloGold Ashanti Limited ADR	9,000	$309K	0.1%	$42.94	—	ADR	035128206
—	Advantage Oil and Gas Limited	96,300	$284K	0.1%	$7.28	—	COM	00765F101
—	Central Fund of Canada Limited 'A'	13,200	$261K	0.1%	$21.33	—	ETF	153501101
PTEN	Patterson-UTI Energy Inc.	17,000	$248K	0.1%	$23.26	—	COM	703481101
HBM	HudBay Minerals Inc.	31,300	$242K	0.1%	$12.94	—	COM	443628102
NEM	Newmont Mining Corporation	4,600	$223K	0.1%	$52.37	—	COM	651639106
RGLD	Royal Gold Inc.	2,200	$172K	0.1%	$65.83	—	COM	780287108
—	Allied Nevada Gold Corporation	6,000	$170K	0.1%	$33.70	—	COM	019344100
XOM	Exxon Mobil Corporation	1,900	$163K	0.1%	$86.07	—	COM	30231G102
HAL	Halliburton Company	3,800	$108K	0.0%	$28.42	—	COM	406216101
—	Pioneer Natural Resources Company	1,000	$88,000	0.0%	$88.00	—	COM	723787107
—	Royal Dutch Shell PLC 'A' ADR	1,100	$74,000	0.0%	$67.27	—	ADR	780259206
—	Nexen Inc.	3,900	$66,000	0.0%	$16.92	—	COM	65334H102
—	Anadarko Petroleum Corporation	1,000	$66,000	0.0%	$66.00	—	COM	032511107
MEOH	Methanex Corporation	2,100	$59,000	0.0%	$28.10	—	COM	59151K108
—	Forbes Energy Services Limited	12,245	$57,000	0.0%	$5.11	—	COM	345143101
AEM	Agnico-Eagle Mines Limited	1,300	$53,000	0.0%	$40.77	—	COM	008474108
FNV	Franco-Nevada Corporation	1,100	$50,000	0.0%	$45.45	—	COM	351858105
—	Exeter Resource Corporation	22,400	$37,000	0.0%	$4.32	—	COM	301835104