| Stock | 97.81% |
| Cash | 0.02% |
| Other* | 2.18% |
*May include dividends booked but not yet received.
Holdings Detail as of 5/15/2012 (Holdings subject to change)
| Symbol | Name |
% Net Assets |
Market Value ($) |
ISIN | Market | Sector |
Exchange Rate |
|---|---|---|---|---|---|---|---|
| GAZP | GAZPROM OAO | 18.75 | $4,469,176 | RU0007661625 | XMIC | Energy | 30.62 |
| LKOHM | LUKOIL OAO | 10.21 | $2,433,397 | RU0009024277 | RTSX | Energy | 30.62 |
| SBER | SBERBANK | 9.01 | $2,148,208 | RU0009029540 | XMIC | Banks | 30.62 |
| ROSN | ROSNEFT OIL COMPANY | 3.76 | $896,819 | RU000A0J2Q06 | XMIC | Energy | 30.62 |
| URKA | URALKALI | 3.64 | $866,713 | RU0007661302 | XMIC | Materials | 30.62 |
| NVTK | NOVATEK OAO-SPONS GDR REG S | 3.63 | $864,675 | US6698881090 | XLON-IOE | Energy | 1.00 |
| MBT | MOBILE TELESYSTEMS-SP ADR | 3.07 | $731,659 | US6074091090 | XNYS | Telecom Services | 1.00 |
| GMKN | MMC NORILSK NICKEL | 2.78 | $661,835 | RU0007288411 | XMIC | Materials | 30.62 |
| TATN | TATNEFT-3 SERIES | 2.74 | $653,986 | RU0009033591 | XMIC | Energy | 30.62 |
| MGNT | MAGNIT OJSC-SPON GDR REGS | 2.52 | $600,445 | US55953Q2021 | XLON-IOE | Food & Staples Retailing | 1.00 |
| SNGS | SURGUTNEFTEGAZ | 2.18 | $520,668 | RU0008926258 | XMIC | Energy | 30.62 |
| PKO | PKO BANK POLSKI SA | 2.08 | $496,830 | PLPKO0000016 | XWAR | Banks | 3.40 |
| CEZ | CEZ AS | 2.05 | $489,489 | CZ0005112300 | XPRA | Utilities | 20.04 |
| RTKM | ROSTELECOM | 1.96 | $467,138 | RU0008943394 | XMIC | Telecom Services | 30.62 |
| KGH | KGHM POLSKA MIEDZ SA | 1.86 | $443,374 | PLKGHM000017 | XWAR | Materials | 3.40 |
| PZU | POWSZECHNY ZAKLAD UBEZPIECZE | 1.81 | $430,898 | PLPZU0000011 | XWAR | Insurance | 3.40 |
| PEO | BANK PEKAO SA | 1.76 | $419,551 | PLPEKAO00016 | XWAR | Banks | 3.40 |
| VTBR | VTB BANK OJSC | 1.74 | $415,119 | RU000A0JP5V6 | XMIC | Banks | 30.62 |
| PGE | PGE SA | 1.48 | $351,774 | PLPGER000010 | XWAR | Utilities | 3.40 |
| OTP | OTP BANK PLC | 1.34 | $318,924 | HU0000061726 | XBUD | Banks | 229.49 |
| TPS | TELEKOMUNIKACJA POLSKA SA | 1.30 | $309,724 | PLTLKPL00017 | XWAR | Telecom Services | 3.40 |
| SNGSP | SURGUTNEFTEGAS-PFD | 1.26 | $299,202 | RU0009029524 | XMIC | Energy | 30.62 |
| HYDR | FEDERAL HYDROGENERATING CO | 1.25 | $297,744 | RU000A0JPKH7 | XMIC | Utilities | 30.62 |
| PKN | POLSKI KONCERN NAFTOWY ORLEN | 1.16 | $275,769 | PLPKN0000018 | XWAR | Energy | 3.40 |
| MOL | MOL HUNGARIAN OIL AND GAS PL | 1.08 | $256,249 | HU0000068952 | XBUD | Energy | 229.49 |
| KOMB | KOMERCNI BANKA AS | 0.91 | $217,024 | CZ0008019106 | XPRA | Banks | 20.04 |
| TRNFP | AK TRANSNEFT OAO-PFD | 0.89 | $211,374 | RU0009091573 | XMIC | Energy | 30.62 |
| CHMF | SEVERSTAL | 0.87 | $208,345 | RU0009046510 | XMIC | Materials | 30.62 |
| FEES | FEDERAL GRID CO UNIFIED | 0.81 | $192,915 | RU000A0JPNN9 | XMIC | Utilities | 30.62 |
| SBERP | SBERBANK-PREFERENCE | 0.79 | $188,398 | RU0009029557 | XMIC | Banks | 30.62 |
| RICHT | RICHTER GEDEON NYRT | 0.79 | $188,190 | HU0000067624 | XBUD | Pharmaceuticals Biotechnology & Life Sciences | 229.49 |
| SPTT | TELEFONICA CZECH REPUBLIC AS | 0.77 | $183,289 | CZ0009093209 | XPRA | Telecom Services | 20.04 |
| PGN | POLSKIE GORNICTWO NAFTOWE I | 0.74 | $176,910 | PLPGNIG00014 | XWAR | Energy | 3.40 |
| SSA | SISTEMA JSFC-REG S SPONS GDR | 0.71 | $168,342 | US48122U2042 | XLON | Telecom Services | 1.00 |
| TPE | TAURON POLSKA ENERGIA SA | 0.49 | $116,545 | PLTAURN00011 | XWAR | Utilities | 3.40 |
| BRE | BRE BANK SA | 0.44 | $104,440 | PLBRE0000012 | XWAR | Banks | 3.40 |
| MRKH | IDGC HOLDING JSC-BRD | 0.42 | $99,823 | RU000A0JPVJ0 | XMIC | Utilities | 30.62 |
| NLMK | NOVOLIPET STEEL-GDR REG S | 0.41 | $96,998 | US67011E2046 | XLON-IOE | Materials | 1.00 |
| IRAO | INTER RAO UES | 0.41 | $96,647 | RU000A0JPNM1 | XMIC | Utilities | 30.62 |
| JSW | JASTRZEBSKA SPOLKA WEGLOWA S | 0.40 | $94,556 | PLJSW0000015 | XWAR | Materials | 3.40 |
| SNS | SYNTHOS SA | 0.39 | $92,006 | PLDWORY00019 | XWAR | Materials | 3.40 |
| MTL | MECHEL-SPONSORED ADR | 0.34 | $81,790 | US5838401033 | XNYS | Materials | 1.00 |
| MTELEKOM | MAGYAR TELEKOM TELECOMMUNICA | 0.34 | $80,753 | HU0000073507 | XBUD | Telecom Services | 229.49 |
| KER | KERNEL HOLDING SA | 0.31 | $74,201 | LU0327357389 | XWAR | Food Beverage & Tobacco | 3.40 |
| CPS | CYFROWY POLSAT SA | 0.30 | $72,140 | PLCFRPT00013 | XWAR | Media | 3.40 |
| ACP | ASSECO POLAND SA | 0.30 | $72,006 | PLSOFTB00016 | XWAR | Software & Services | 3.40 |
| LSRG | LSR GROUP OJSC-GDR REGS | 0.28 | $66,566 | US50218G2066 | XLON-IOE | Real Estate | 1.00 |
| BHW | BANK HANDLOWY w WARSZAWIE | 0.25 | $60,080 | PLBH00000012 | XWAR | Banks | 3.40 |
| TMKS | TMK-GDR REG S | 0.24 | $56,906 | US87260R2013 | XLON | Energy | 1.00 |
| ENA | ENEA SA | 0.20 | $47,290 | PLENEA000013 | XWAR | Utilities | 3.40 |
| LTS | GRUPA LOTOS SA | 0.18 | $42,117 | PLLOTOS00025 | XWAR | Energy | 3.40 |
| MIL | BANK MILLENNIUM SA | 0.18 | $42,018 | PLBIG0000016 | XWAR | Banks | 3.40 |
| TVN | TVN SA | 0.13 | $31,197 | PLTVN0000017 | XWAR | Media | 3.40 |
| GTC | GLOBE TRADE CENTRE SA | 0.11 | $25,767 | PLGTC0000037 | XWAR | Real Estate | 3.40 |
| -- | BLACKROCK FDS III | 0.02 | $3,641 | -- | S-T Securities | 1.00 |
