Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Randgold Resources Limited ADR	219,761	$27.03M	9.5%	$83.00	—	ADR	752344309
TS	Tenaris SA ADR	554,912	$22.62M	8.0%	$43.14	—	ADR	88031M109
BAP	Credicorp Limited	162,546	$20.36M	7.2%	$91.33	—	COM	G2519Y108
—	Eldorado Gold Corporation	1,201,198	$18.3M	6.4%	$14.76	—	COM	284902103
TEVA	Teva Pharmaceutical Industries Limited ADR	375,153	$15.54M	5.5%	$49.31	—	ADR	881624209
BVN	Compania de Minas Buenaventura SA ADR	397,894	$15.5M	5.5%	$37.61	—	ADR	204448104
—	America Movil SAB de CV 'L' ADR	597,014	$15.19M	5.3%	$33.89	—	ADR	02364W105
FMX	Fomento Economico Mexicano SAB de CV ADR	146,682	$13.49M	4.7%	$56.56	—	ADR	344419106
—	Yamana Gold Inc.	683,175	$13.04M	4.6%	$11.59	—	COM	98462Y100
VALE	Vale SA ADR	446,596	$7.994M	2.8%	$31.74	—	ADR	91912E105
TMO	Thermo Fisher Scientific Inc.	108,800	$6.401M	2.3%	$52.75	—	COM	883556102
UNFI	United Natural Foods Inc.	105,600	$6.172M	2.2%	$54.86	—	COM	911163103
—	Enersis SA ADR	349,390	$5.727M	2.0%	$22.75	—	ADR	29274F104
—	Agrium Inc.	54,700	$5.672M	2.0%	$88.76	—	COM	008916108
—	Potash Corporation of Saskatchewan Inc.	128,500	$5.582M	2.0%	$43.63	—	COM	73755L107
TRMB	Trimble Navigation Limited	115,700	$5.514M	1.9%	$46.51	—	COM	896239100
MTZ	MasTec Inc.	273,155	$5.381M	1.9%	$15.04	—	COM	576323109
—	Johnson Controls Inc.	194,900	$5.34M	1.9%	$27.60	—	COM	478366107
CMI	Cummins Inc.	56,300	$5.191M	1.8%	$95.17	—	COM	231021106
SU	Suncor Energy Inc.	145,400	$4.78M	1.7%	$30.12	—	COM	867224107
—	Praxair Inc.	40,400	$4.197M	1.5%	$108.72	—	COM	74005P104
AYI	Acuity Brands Inc.	63,000	$3.987M	1.4%	$54.75	—	COM	00508Y102
ALB	Albemarle Corporation	75,200	$3.962M	1.4%	$59.64	—	COM	012653101
—	Pall Corporation	54,700	$3.473M	1.2%	$54.81	—	COM	696429307
VMI	Valmont Industries Inc.	26,100	$3.432M	1.2%	$125.42	—	COM	920253101
—	CLARCOR Inc.	74,300	$3.316M	1.2%	$48.16	—	COM	179895107
ENB	Enbridge Inc.	78,100	$3.049M	1.1%	$40.00	—	COM	29250N105
PWR	Quanta Services Inc.	109,200	$2.697M	0.9%	$24.07	—	COM	74762E102
—	TransCanada Corporation	48,800	$2.219M	0.8%	$41.98	—	COM	89353D107
MGA	Magna International Inc.	50,200	$2.169M	0.8%	$39.56	—	COM	559222401
—	Whole Foods Market Inc.	20,400	$1.987M	0.7%	$95.33	—	COM	966837106
—	Progressive Waste Solutions Limited	90,600	$1.865M	0.7%	$18.97	—	COM	74339G101
TSLA	Tesla Motors Inc	53,100	$1.555M	0.5%	$31.30	—	COM	88160R101
FCX	Freeport-McMoRan Copper & Gold Inc.	38,676	$1.531M	0.5%	$43.72	—	COM	35671D857
CNQ	Canadian Natural Resources Limited	40,700	$1.255M	0.4%	$39.88	—	COM	136385101
—	Cree Inc.	42,300	$1.08M	0.4%	$25.67	—	COM	225447101
TSM	Taiwan Semiconductor Manufacturing Company Limited ADR	59,192	$936K	0.3%	$11.54	—	ADR	874039100
—	World Energy Solutions Inc.	222,210	$931K	0.3%	$3.11	—	COM	98145W208
HAL	Halliburton Company	27,200	$916K	0.3%	$32.94	—	COM	406216101
—	GT Advanced Technologies Inc	164,400	$896K	0.3%	$5.28	—	COM	36191U106
—	Barrick Gold Corporation	20,800	$869K	0.3%	$44.61	—	COM	067901108
SCCO	Southern Copper Corporation	24,790	$852K	0.3%	$35.13	—	COM	84265V105
TECK	Teck Resources Limited 'B'	27,400	$808K	0.3%	$35.63	—	COM	878742204
NUS	Nu Skin Enterprises Inc. 'A'	20,400	$792K	0.3%	$38.82	—	COM	67018T105
DVN	Devon Energy Corporation	12,800	$774K	0.3%	$67.85	—	COM	25179M103
—	Whiting Petroleum Corporation	14,700	$696K	0.2%	$59.07	—	COM	966387102
CVE	Cenovus Energy Inc.	19,500	$680K	0.2%	$36.31	—	COM	15135U109
OXY	Occidental Petroleum Corporation	7,826	$674K	0.2%	$80.60	—	COM	674599105
—	Talisman Energy Inc.	49,000	$655K	0.2%	$18.10	—	COM	87425E103
—	Peabody Energy Corporation	28,000	$624K	0.2%	$24.54	—	COM	704549104
CCJ	Cameco Corporation	29,594	$576K	0.2%	$26.36	—	COM	13321L108
—	Silver Wheaton Corporation	13,900	$552K	0.2%	$33.81	—	COM	828336107
—	Continental Resources Inc.	7,100	$546K	0.2%	$68.51	—	COM	212015101
—	Apache Corporation	5,600	$484K	0.2%	$96.02	—	COM	037411105
—	Molycorp Inc.	40,684	$468K	0.2%	$21.56	—	COM	608753109
PBR	Petroleo Brasileiro SA - Petrobras ADR	17,000	$390K	0.1%	$34.08	—	ADR	71654V408
—	Goldcorp Inc.	8,200	$376K	0.1%	$45.25	—	COM	380956409
—	Advantage Oil and Gas Limited	96,300	$360K	0.1%	$7.28	—	COM	00765F101
—	AngloGold Ashanti Limited ADR	9,000	$315K	0.1%	$42.94	—	ADR	035128206
—	Central Fund of Canada Limited 'A'	13,200	$314K	0.1%	$21.33	—	ETF	153501101
—	Encana Corporation	14,200	$311K	0.1%	$20.54	—	COM	292505104
HBM	HudBay Minerals Inc.	31,300	$308K	0.1%	$12.94	—	COM	443628102
NEM	Newmont Mining Corporation	4,600	$258K	0.1%	$52.37	—	COM	651639106
—	Allied Nevada Gold Corporation	6,000	$235K	0.1%	$33.70	—	COM	019344100
PTEN	Patterson-UTI Energy Inc.	11,400	$181K	0.1%	$23.26	—	COM	703481101
XOM	Exxon Mobil Corporation	1,900	$174K	0.1%	$86.07	—	COM	30231G102
—	Pioneer Natural Resources Company	1,000	$104K	0.0%	$88.00	—	COM	723787107
—	Nexen Inc.	3,900	$99,000	0.0%	$16.92	—	COM	65334H102
—	Royal Dutch Shell PLC 'A' ADR	1,100	$76,000	0.0%	$67.27	—	ADR	780259206
—	Anadarko Petroleum Corporation	1,000	$70,000	0.0%	$66.00	—	COM	032511107
AEM	Agnico-Eagle Mines Limited	1,300	$67,000	0.0%	$40.77	—	COM	008474108
FNV	Franco-Nevada Corporation	1,100	$65,000	0.0%	$45.45	—	COM	351858105
—	Forbes Energy Services Limited	12,245	$42,000	0.0%	$5.11	—	COM	345143101