Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BAP	Credicorp Limited	162,746	$23.85M	8.2%	$91.33	—	COM	G2519Y108
TS	Tenaris SA ADR	556,212	$23.32M	8.0%	$43.14	—	ADR	88031M109
—	Randgold Resources Limited ADR	220,161	$21.85M	7.5%	$83.00	—	ADR	752344309
—	Eldorado Gold Corporation	1,204,998	$15.54M	5.3%	$14.76	—	COM	284902103
FMX	Fomento Economico Mexicano SAB de CV ADR	146,982	$14.8M	5.1%	$56.56	—	ADR	344419106
BVN	Compania de Minas Buenaventura SA ADR	398,894	$14.34M	4.9%	$37.61	—	ADR	204448104
TEVA	Teva Pharmaceutical Industries Limited ADR	375,953	$14.04M	4.8%	$49.31	—	ADR	881624209
—	America Movil SAB de CV 'L' ADR	598,414	$13.85M	4.7%	$33.89	—	ADR	02364W105
—	Yamana Gold Inc.	693,375	$11.96M	4.1%	$11.67	—	COM	98462Y100
VALE	Vale SA ADR	447,796	$9.386M	3.2%	$31.74	—	ADR	91912E105
—	Pentair Ltd-Registered	155,200	$7.628M	2.6%	$49.15	—	COM	H6169Q108
—	Johnson Controls Inc.	232,300	$7.132M	2.4%	$28.10	—	COM	478366107
TRMB	Trimble Navigation Limited	112,300	$6.713M	2.3%	$46.51	—	COM	896239100
MTZ	MasTec Inc.	263,255	$6.563M	2.2%	$15.04	—	COM	576323109
CMI	Cummins Inc.	59,700	$6.468M	2.2%	$95.92	—	COM	231021106
—	Enersis SA ADR	352,490	$6.422M	2.2%	$22.75	—	ADR	29274F104
TMO	Thermo Fisher Scientific Inc.	98,500	$6.282M	2.2%	$52.75	—	COM	883556102
ENB	Enbridge Inc.	138,000	$5.983M	2.1%	$41.46	—	COM	29250N105
AYI	Acuity Brands Inc.	84,900	$5.75M	2.0%	$58.10	—	COM	00508Y102
ALB	Albemarle Corporation	91,200	$5.665M	1.9%	$60.07	—	COM	012653101
SU	Suncor Energy Inc.	154,600	$5.097M	1.7%	$30.29	—	COM	867224107
UNFI	United Natural Foods Inc.	77,900	$4.175M	1.4%	$54.86	—	COM	911163103
VMI	Valmont Industries Inc.	30,500	$4.165M	1.4%	$127.03	—	COM	920253101
PWR	Quanta Services Inc.	141,200	$3.853M	1.3%	$24.80	—	COM	74762E102
—	Potash Corporation of Saskatchewan Inc.	91,600	$3.737M	1.3%	$43.63	—	COM	73755L107
—	CLARCOR Inc.	74,300	$3.55M	1.2%	$48.16	—	COM	179895107
—	Agrium Inc.	35,400	$3.537M	1.2%	$88.76	—	COM	008916108
—	Praxair Inc.	26,300	$2.879M	1.0%	$108.72	—	COM	74005P104
—	Pall Corporation	44,100	$2.657M	0.9%	$54.81	—	COM	696429307
MGA	Magna International Inc.	50,200	$2.514M	0.9%	$39.56	—	COM	559222401
TSLA	Tesla Motors Inc	70,600	$2.391M	0.8%	$31.93	—	COM	88160R101
—	TransCanada Corporation	48,800	$2.313M	0.8%	$41.98	—	COM	89353D107
—	Cree Inc.	58,800	$1.998M	0.7%	$28.00	—	COM	225447101
—	Whole Foods Market Inc.	20,400	$1.863M	0.6%	$95.33	—	COM	966837106
HLF	Herbalife Limited	39,500	$1.301M	0.4%	$32.94	—	COM	G4412G101
CNQ	Canadian Natural Resources Limited	41,900	$1.209M	0.4%	$39.56	—	COM	136385101
TECK	Teck Resources Limited 'B'	28,200	$1.027M	0.4%	$35.65	—	COM	878742204
TSM	Taiwan Semiconductor Manufacturing Company Limited ADR	59,692	$1.024M	0.4%	$11.54	—	ADR	874039100
—	Progressive Waste Solutions Limited	46,200	$1M	0.3%	$18.97	—	COM	74339G101
HAL	Halliburton Company	28,000	$971K	0.3%	$32.99	—	COM	406216101
—	World Energy Solutions Inc.	222,210	$967K	0.3%	$3.11	—	COM	98145W208
SCCO	Southern Copper Corporation	24,890	$942K	0.3%	$35.13	—	COM	84265V105
FCX	Freeport-McMoRan Copper & Gold Inc.	25,876	$885K	0.3%	$43.72	—	COM	35671D857
—	Barrick Gold Corporation	21,300	$746K	0.3%	$44.39	—	COM	067901108
—	Talisman Energy Inc.	65,400	$742K	0.3%	$16.41	—	COM	87425E103
—	Peabody Energy Corporation	25,500	$679K	0.2%	$24.54	—	COM	704549104
CVE	Cenovus Energy Inc.	20,100	$674K	0.2%	$36.23	—	COM	15135U109
OXY	Occidental Petroleum Corporation	8,626	$661K	0.2%	$80.23	—	COM	674599105
—	Whiting Petroleum Corporation	15,100	$655K	0.2%	$58.65	—	COM	966387102
CCJ	Cameco Corporation	30,394	$600K	0.2%	$26.18	—	COM	13321L108
—	Continental Resources Inc.	7,300	$536K	0.2%	$68.65	—	COM	212015101
—	Silver Wheaton Corporation	14,800	$535K	0.2%	$33.95	—	COM	828336107
—	Apache Corporation	6,100	$479K	0.2%	$94.59	—	COM	037411105
IMO	Imperial Oil Limited	10,200	$439K	0.2%	$43.04	—	COM	453038408
—	Noble Corporation	10,800	$376K	0.1%	$34.81	—	COM	H5833N103
PBR	Petroleo Brasileiro SA - Petrobras ADR	17,600	$343K	0.1%	$33.59	—	ADR	71654V408
HBM	HudBay Minerals Inc.	32,100	$324K	0.1%	$12.86	—	COM	443628102
DVN	Devon Energy Corporation	6,200	$323K	0.1%	$67.85	—	COM	25179M103
—	Advantage Oil and Gas Limited	99,600	$321K	0.1%	$7.15	—	COM	00765F101
—	Goldcorp Inc.	8,500	$313K	0.1%	$44.95	—	COM	380956409
—	AngloGold Ashanti Limited ADR	9,300	$292K	0.1%	$42.57	—	ADR	035128206
—	Central Fund of Canada Limited - A	13,700	$288K	0.1%	$21.32	—	MFC	153501101
NEM	Newmont Mining Corporation	4,700	$218K	0.1%	$52.25	—	COM	651639106
XOM	Exxon Mobil Corporation	1,900	$164K	0.1%	$86.07	—	COM	30231G102
—	Allied Nevada Gold Corporation	4,100	$124K	0.0%	$33.70	—	COM	019344100
—	Royal Dutch Shell PLC 'A' ADR	1,100	$76,000	0.0%	$67.27	—	ADR	780259206
—	Anadarko Petroleum Corporation	1,000	$74,000	0.0%	$66.00	—	COM	032511107
AEM	Agnico-Eagle Mines Limited	1,300	$68,000	0.0%	$40.77	—	COM	008474108
FNV	Franco-Nevada Corporation	1,100	$63,000	0.0%	$45.45	—	COM	351858105
—	Forbes Energy Services Ltd.	12,245	$31,000	0.0%	$5.11	—	COM	345143101