Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Randgold Resources Limited ADR	264,588	$22.24M	10.3%	$81.79	—	ADR	752344309
—	Eldorado Gold Corporation	1,424,689	$21.02M	9.8%	$14.90	—	common	284902103
TS	Tenaris SA ADR	430,779	$19.7M	9.1%	$48.52	—	ADR	88031M109
BVN	Compania de Minas Buenaventura SA ADR	431,725	$16.4M	7.6%	$37.35	—	ADR	204448104
BAP	Credicorp Limited	181,274	$15.61M	7.2%	$86.10	—	common	G2519Y108
—	America Movil SAB de CV 'L' ADR	272,525	$14.68M	6.8%	$53.02	—	SPON ADR L SHS	02364W105
VALE	Vale SA ADR	434,119	$13.87M	6.4%	$34.11	—	ADR	91912E105
TEVA	Teva Pharmaceutical Industries Limited ADR	285,179	$13.75M	6.4%	$55.34	—	ADR	881624209
SCCO	Southern Copper Corporation	329,319	$10.82M	5.0%	$36.53	—	common	84265V105
—	Yamana Gold Inc.	833,318	$9.73M	4.5%	$10.82	—	common	98462Y100
FMX	Fomento Economico Mexicano SAB de CV ADR	146,253	$9.724M	4.5%	$52.71	—	ADR	344419106
—	Enersis SA ADR	349,561	$8.075M	3.7%	$22.96	—	ADR	29274F104
INFY	Infosys Technologies Limited ADR	111,833	$7.295M	3.4%	$64.55	—	ADR	456788108
—	Cliffs Natural Resources Inc.	30,200	$2.792M	1.3%	$96.69	—	common	18683K101
FCX	Freeport-McMoRan Copper & Gold Inc.	41,061	$2.172M	1.0%	$55.50	—	common	35671D857
CNQ	Canadian Natural Resources Limited	48,200	$2.021M	0.9%	$47.30	—	common	136385101
—	Continental Resources Inc.	27,700	$1.798M	0.8%	$69.65	—	common	212015101
—	Talisman Energy Inc.	78,700	$1.617M	0.8%	$23.52	—	common	87425E103
DVN	Devon Energy Corporation	19,500	$1.537M	0.7%	$87.96	—	common	25179M103
TSM	Taiwan Semiconductor Manufacturing Company Limited ADR	117,800	$1.485M	0.7%	$11.46	—	ADR	874039100
—	Barrick Gold Corporation	30,300	$1.373M	0.6%	$50.12	—	common	067901108
SU	Suncor Energy Inc.	30,400	$1.192M	0.6%	$43.20	—	common	867224107
CVE	Cenovus Energy Inc.	31,300	$1.181M	0.5%	$38.96	—	common	15135U109
—	Advantage Oil and Gas Limited	143,900	$1.14M	0.5%	$8.66	—	common	00765F101
CCJ	Cameco Corporation	41,899	$1.105M	0.5%	$28.93	—	common	13321L108
PBR	Petroleo Brasileiro SA - Petrobras ADR	31,900	$1.08M	0.5%	$38.84	—	ADR	71654V408
PTEN	Patterson-UTI Energy Inc.	31,900	$1.008M	0.5%	$30.00	—	common	703481101
—	Walter Energy Inc.	6,900	$799K	0.4%	$129.45	—	common	93317Q105
—	EnCana Corporation	25,500	$787K	0.4%	$30.86	—	common	292505104
—	Forest Oil Corporation	28,500	$761K	0.4%	$34.73	—	common	346091705
HBM	HudBay Minerals Inc.	50,700	$757K	0.4%	$15.88	—	common	443628102
BP	BP PLC ADR	17,100	$757K	0.4%	$44.16	—	ADR	055622104
—	Whiting Petroleum Corporation	12,900	$734K	0.3%	$68.65	—	common	966387102
—	Goldcorp Inc.	13,200	$639K	0.3%	$49.43	—	common	380956409
KGC	Kinross Gold Corporation	39,100	$618K	0.3%	$15.75	—	common	496902404
—	AngloGold Ashanti Limited ADR	14,300	$602K	0.3%	$46.32	—	ADR	035128206
—	Central Fund of Canada Limited 'A'	27,500	$560K	0.3%	$21.81	—	Class A	153501101
TECK	Teck Resources Limited 'B'	10,400	$529K	0.2%	$52.36	—	Class B	878742204
—	Silver Wheaton Corporation	15,900	$525K	0.2%	$40.67	—	common	828336107
—	Precision Drilling Corporation	34,500	$495K	0.2%	$13.77	—	common	74022D308
—	Allied Nevada Gold Corporation	11,700	$413K	0.2%	$35.43	—	common	019344100
—	Teekay Corporation	12,300	$380K	0.2%	$36.96	—	common	Y8564W103
NEM	Newmont Mining Corporation	7,000	$378K	0.2%	$54.43	—	common	651639106
—	Thompson Creek Metals Company Inc.	34,400	$344K	0.2%	$11.80	—	common	884768102
—	Great Basin Gold Limited	166,200	$341K	0.2%	$2.47	—	common	390124105
GFI	Gold Fields Limited ADR	23,000	$336K	0.2%	$16.80	—	ADR	38059T106
—	Exeter Resource Corporation	47,200	$196K	0.1%	$4.99	—	common	301835104