Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	Randgold Resources Limited ADR	223,377	$18.21M	11.7%	$81.54	$81.37	—	ADR	752344309
TS	Tenaris SA ADR	363,802	$17.99M	11.6%	$49.46	$49.04	—	ADR	88031M109
—	America Movil SAB de CV 'L' ADR	229,592	$13.34M	8.6%	$58.10	$52.86	—	ADR	02364W105
BVN	Compania de Minas Buenaventura SA ADR	310,348	$13.34M	8.6%	$42.97	$37.11	—	ADR	204448104
VALE	Vale SA ADR	377,519	$12.59M	8.1%	$33.35	$34.43	—	ADR	91912E105
TEVA	Teva Pharmaceutical Industries Limited ADR	240,956	$12.09M	7.8%	$50.17	$56.65	—	ADR	881624209
SCCO	Southern Copper Corporation	249,142	$10.03M	6.5%	$40.27	$37.70	—	Common	84265V105
—	Yamana Gold Inc.	702,687	$8.667M	5.6%	$12.33	$10.66	—	Common	98462Y100
FMX	Fomento Economico Mexicano SAB de CV ADR	123,952	$7.276M	4.7%	$58.70	$50.24	—	ADR	344419106
INFY	Infosys Technologies Limited ADR	98,602	$7.07M	4.6%	$71.70	$64.46	—	ADR	456788108
—	Enersis SA ADR	266,261	$5.543M	3.6%	$20.82	$22.92	—	ADR	29274F104
—	Eldorado Gold Corporation	138,927	$2.261M	1.5%	$16.27	$16.27	—	Common	284902103
FCX	Freeport-McMoRan Copper & Gold Inc.	40,361	$2.242M	1.4%	$55.55	$55.55	—	Common	35671D857
—	Cliffs Natural Resources Inc.	22,000	$2.162M	1.4%	$98.27	$98.27	—	Common	18683K101
CNQ	Canadian Natural Resources Limited	34,800	$1.718M	1.1%	$49.37	$49.37	—	Common	136385101
—	Continental Resources Inc.	20,100	$1.436M	0.9%	$71.44	$71.44	—	Common	212015101
TSM	Taiwan Semiconductor Manufacturing Company Limited ADR	117,800	$1.435M	0.9%	$12.18	$11.46	—	ADR	874039100
—	Talisman Energy Inc.	56,700	$1.399M	0.9%	$24.67	$24.67	—	Common	87425E103
DVN	Devon Energy Corporation	13,700	$1.258M	0.8%	$91.82	$91.82	—	Common	25179M103
—	Barrick Gold Corporation	22,100	$1.147M	0.7%	$51.90	$51.90	—	Common	067901108
SU	Suncor Energy Inc.	21,900	$980K	0.6%	$44.75	$44.75	—	Common	867224107
PBR	Petroleo Brasileiro SA - Petrobras ADR	24,100	$975K	0.6%	$40.46	$40.46	—	ADR	71654V408
—	Advantage Oil and Gas Limited	101,800	$912K	0.6%	$8.96	$8.96	—	Common	00765F101
CVE	Cenovus Energy Inc.	22,700	$895K	0.6%	$39.43	$39.43	—	Common	15135U109
CCJ	Cameco Corporation	29,299	$880K	0.6%	$30.04	$30.04	—	Common	13321L108
—	Forest Oil Corporation	20,600	$779K	0.5%	$37.82	$37.82	—	Common	346091705
PTEN	Patterson-UTI Energy Inc.	23,100	$679K	0.4%	$29.39	$29.39	—	Common	703481101
—	Whiting Petroleum Corporation	9,200	$675K	0.4%	$73.37	$73.37	—	Common	966387102
—	Walter Energy Inc.	4,800	$650K	0.4%	$135.42	$135.42	—	Common	93317Q105
HBM	HudBay Minerals Inc.	36,700	$596K	0.4%	$16.24	$16.24	—	Common	443628102
BP	BP PLC ADR	12,600	$556K	0.4%	$44.13	$44.13	—	ADR	055622104
—	Teekay Corporation	14,800	$547K	0.4%	$36.96	$36.96	—	Common	Y8564W103
—	Silver Wheaton Corporation	11,700	$508K	0.3%	$43.42	$43.42	—	Common	828336107
—	AngloGold Ashanti Limited ADR	10,300	$494K	0.3%	$47.96	$47.96	—	ADR	035128206
—	Goldcorp Inc.	9,700	$483K	0.3%	$49.79	$49.79	—	Common	380956409
—	Central Fund of Canada Limited 'A'	19,900	$445K	0.3%	$22.36	$22.36	—	Class A	153501101
KGC	Kinross Gold Corporation	28,100	$442K	0.3%	$15.73	$15.73	—	Common	496902404
TECK	Teck Resources Limited 'B'	7,500	$397K	0.3%	$52.93	$52.93	—	Class B	878742204
—	Precision Drilling Corporation	24,400	$330K	0.2%	$13.52	$13.52	—	Common	74022D308
—	Great Basin Gold Limited	120,100	$316K	0.2%	$2.63	$2.63	—	Common	390124105
—	Thompson Creek Metals Company Inc.	24,800	$310K	0.2%	$12.50	$12.50	—	Common	884768102
GFI	Gold Fields Limited ADR	17,700	$309K	0.2%	$17.46	$17.46	—	ADR	38059T106
—	Allied Nevada Gold Corporation	8,400	$298K	0.2%	$35.48	$35.48	—	Common	019344100
NEM	Newmont Mining Corporation	5,000	$273K	0.2%	$54.60	$54.60	—	Common	651639106
—	Exeter Resource Corporation	34,100	$181K	0.1%	$5.31	$5.31	—	Common	301835104