Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Randgold Resources Limited ADR	244,816	$23.68M	12.2%	$81.79	—	ADR	752344309
—	Eldorado Gold Corporation	1,266,221	$21.81M	11.2%	$14.90	—	common	284902103
BAP	Credicorp Limited	200,089	$18.45M	9.5%	$86.68	—	common	G2519Y108
BVN	Compania de Minas Buenaventura SA ADR	414,990	$15.66M	8.1%	$37.35	—	ADR	204448104
TEVA	Teva Pharmaceutical Industries Limited ADR	385,713	$14.36M	7.4%	$50.62	—	ADR	881624209
—	America Movil SAB de CV 'L' ADR	599,055	$13.23M	6.8%	$36.15	—	SPON ADR L SHS	02364W105
TS	Tenaris SA ADR	509,305	$12.96M	6.7%	$44.97	—	ADR	88031M109
VALE	Vale SA ADR	463,285	$10.56M	5.4%	$33.39	—	ADR	91912E105
FMX	Fomento Economico Mexicano SAB de CV ADR	159,256	$10.32M	5.3%	$53.70	—	ADR	344419106
—	Yamana Gold Inc.	717,032	$9.841M	5.1%	$10.82	—	common	98462Y100
SCCO	Southern Copper Corporation	358,936	$8.97M	4.6%	$35.57	—	common	84265V105
—	Enersis SA ADR	354,761	$5.999M	3.1%	$22.87	—	ADR	29274F104
INFY	Infosys Limited ADR	110,658	$5.651M	2.9%	$64.55	—	ADR	456788108
—	Cliffs Natural Resources Inc.	30,200	$1.545M	0.8%	$96.69	—	common	18683K101
FCX	Freeport-McMoRan Copper & Gold Inc.	48,161	$1.467M	0.8%	$51.81	—	common	35671D857
CNQ	Canadian Natural Resources Limited	48,200	$1.415M	0.7%	$47.30	—	common	136385101
—	Continental Resources Inc.	27,700	$1.34M	0.7%	$69.65	—	common	212015101
—	Barrick Gold Corporation	24,400	$1.14M	0.6%	$50.12	—	common	067901108
DVN	Devon Energy Corporation	19,500	$1.081M	0.6%	$87.96	—	common	25179M103
—	Weatherford International Limited	81,710	$998K	0.5%	$12.21	—	Reg Shs	H27013103
—	Talisman Energy Inc.	78,700	$967K	0.5%	$23.52	—	common	87425E103
CVE	Cenovus Energy Inc.	31,300	$964K	0.5%	$38.96	—	common	15135U109
PTEN	Patterson-UTI Energy Inc.	47,900	$831K	0.4%	$25.78	—	common	703481101
SU	Suncor Energy Inc.	30,400	$776K	0.4%	$43.20	—	common	867224107
CCJ	Cameco Corporation	41,899	$769K	0.4%	$28.93	—	common	13321L108
—	AngloGold Ashanti Limited ADR	18,500	$765K	0.4%	$45.19	—	ADR	035128206
PBR	Petroleo Brasileiro SA - Petrobras ADR	31,900	$716K	0.4%	$38.84	—	ADR	71654V408
—	Silver Wheaton Corporation	23,200	$685K	0.4%	$37.16	—	common	828336107
OXY	Occidental Petroleum Corporation	9,335	$667K	0.3%	$71.45	—	common	674599105
TSM	Taiwan Semiconductor Manufacturing Company Limited ADR	57,700	$660K	0.3%	$11.46	—	ADR	874039100
—	Goldcorp Inc.	13,200	$606K	0.3%	$49.43	—	common	380956409
TECK	Teck Resources Limited 'B'	20,100	$593K	0.3%	$41.33	—	Class B	878742204
KGC	Kinross Gold Corporation	39,100	$581K	0.3%	$15.75	—	common	496902404
—	Central Fund of Canada Limited 'A'	27,500	$569K	0.3%	$21.81	—	Class A	153501101
—	Advantage Oil and Gas Limited	143,900	$542K	0.3%	$8.66	—	common	00765F101
HBM	HudBay Minerals Inc.	50,700	$473K	0.2%	$15.88	—	common	443628102
—	Whiting Petroleum Corporation	12,900	$453K	0.2%	$68.65	—	common	966387102
NEM	Newmont Mining Corporation	7,000	$440K	0.2%	$54.43	—	common	651639106
—	Allied Nevada Gold Corporation	11,700	$422K	0.2%	$35.43	—	common	019344100
—	Forest Oil Corporation	28,500	$410K	0.2%	$34.73	—	COM PAR $0.01	346091705
GFI	Gold Fields Limited ADR	23,000	$352K	0.2%	$16.80	—	ADR	38059T106
—	Precision Drilling Corporation	34,500	$287K	0.1%	$13.77	—	common	74022D308
—	Forbes Energy Services Limited	54,550	$279K	0.1%	$5.11	—	common	345143101
—	Exeter Resource Corporation	47,200	$173K	0.1%	$4.99	—	common	301835104
—	Great Basin Gold Limited	21,400	$36,000	0.0%	$2.47	—	common	390124105