Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Randgold Resources Limited ADR	250,376	$25.56M	11.2%	$82.24	—	ADR	752344309
BAP	Credicorp Limited	220,299	$24.12M	10.5%	$88.77	—	common	G2519Y108
TS	Tenaris SA ADR	629,537	$23.41M	10.2%	$43.48	—	ADR	88031M109
—	Eldorado Gold Corporation	1,408,528	$19.42M	8.5%	$14.79	—	common	284902103
BVN	Compania de Minas Buenaventura SA ADR	455,661	$17.47M	7.6%	$37.44	—	ADR	204448104
TEVA	Teva Pharmaceutical Industries Limited ADR	424,955	$17.15M	7.5%	$49.67	—	ADR	881624209
—	America Movil SAB de CV 'L' ADR	678,966	$15.35M	6.7%	$34.56	—	SPON ADR L SHS	02364W105
SCCO	Southern Copper Corporation	390,825	$11.79M	5.2%	$35.13	—	common	84265V105
FMX	Fomento Economico Mexicano SAB de CV ADR	168,452	$11.74M	5.1%	$54.58	—	ADR	344419106
—	Yamana Gold Inc.	773,717	$11.43M	5.0%	$11.11	—	common	98462Y100
VALE	Vale SA ADR	502,773	$10.78M	4.7%	$32.46	—	ADR	91912E105
INFY	Infosys Limited ADR	132,877	$6.827M	3.0%	$62.35	—	ADR	456788108
—	Enersis SA ADR	341,451	$6.02M	2.6%	$22.87	—	ADR	29274F104
—	Cliffs Natural Resources Inc.	31,700	$1.976M	0.9%	$95.07	—	common	18683K101
—	Continental Resources Inc.	29,100	$1.941M	0.8%	$69.51	—	common	212015101
CNQ	Canadian Natural Resources Limited	50,500	$1.894M	0.8%	$46.85	—	common	136385101
FCX	Freeport-McMoRan Copper & Gold Inc.	50,461	$1.856M	0.8%	$51.13	—	common	35671D857
TECK	Teck Resources Limited 'B'	47,200	$1.667M	0.7%	$37.88	—	Class B	878742204
DVN	Devon Energy Corporation	20,500	$1.271M	0.6%	$86.69	—	common	25179M103
—	Weatherford International Limited	85,710	$1.255M	0.5%	$12.33	—	Reg Shs	H27013103
OXY	Occidental Petroleum Corporation	13,135	$1.231M	0.5%	$77.89	—	common	674599105
—	Barrick Gold Corporation	25,800	$1.168M	0.5%	$49.85	—	common	067901108
CVE	Cenovus Energy Inc.	32,800	$1.091M	0.5%	$38.70	—	common	15135U109
—	Talisman Energy Inc.	82,500	$1.053M	0.5%	$23.02	—	common	87425E103
PTEN	Patterson-UTI Energy Inc.	50,200	$1.003M	0.4%	$25.51	—	common	703481101
SU	Suncor Energy Inc.	31,900	$922K	0.4%	$42.53	—	common	867224107
PBR	Petroleo Brasileiro SA - Petrobras ADR	33,800	$840K	0.4%	$38.06	—	ADR	71654V408
—	AngloGold Ashanti Limited ADR	19,200	$815K	0.4%	$45.09	—	ADR	035128206
CCJ	Cameco Corporation	43,999	$797K	0.3%	$28.42	—	common	13321L108
TSM	Taiwan Semiconductor Manufacturing Company Limited ADR	57,700	$745K	0.3%	$11.46	—	ADR	874039100
—	Lone Pine Resources Inc.	104,854	$735K	0.3%	$7.01	—	common	54222A106
—	Silver Wheaton Corporation	24,300	$705K	0.3%	$36.80	—	common	828336107
—	Whiting Petroleum Corporation	13,600	$635K	0.3%	$67.52	—	common	966387102
—	Advantage Oil and Gas Limited	151,100	$630K	0.3%	$8.44	—	common	00765F101
—	Goldcorp Inc.	13,900	$618K	0.3%	$49.18	—	common	380956409
—	Central Fund of Canada Limited 'A'	28,500	$559K	0.2%	$21.73	—	Class A	153501101
HBM	HudBay Minerals Inc.	53,200	$530K	0.2%	$15.60	—	common	443628102
NEM	Newmont Mining Corporation	7,300	$438K	0.2%	$54.66	—	common	651639106
—	Forest Oil Corporation	29,900	$405K	0.2%	$33.74	—	COM PAR $0.01	346091705
—	Allied Nevada Gold Corporation	12,300	$374K	0.2%	$35.18	—	common	019344100
—	Forbes Energy Services Limited	54,550	$328K	0.1%	$5.11	—	common	345143101
KGC	Kinross Gold Corporation	20,500	$234K	0.1%	$15.75	—	common	496902404
—	Exeter Resource Corporation	48,900	$128K	0.1%	$4.90	—	common	301835104