| Stock | 99.82% |
| Cash | 0.10% |
| Other* | 0.08% |
*May include dividends booked but not yet received.
Holdings Detail as of 5/31/2013 (Holdings subject to change)
| Symbol | Name |
% Net Assets |
Market Value ($) |
ISIN | Market | Sector |
Exchange Rate |
|---|---|---|---|---|---|---|---|
| SLW | SILVER WHEATON CORP | 21.58 | $888,623 | CA8283361076 | XTSE | Materials | 1.03 |
| PE&OLES* | INDUSTRIAS PENOLES SAB DE CV | 11.50 | $473,720 | MXP554091415 | XMEX | Materials | 12.83 |
| BVN | CIA DE MINAS BUENAVENTUR-ADR | 6.83 | $281,205 | US2044481040 | XNYS | Materials | 1.00 |
| FRES | FRESNILLO PLC | 5.58 | $229,748 | GB00B2QPKJ12 | XLON | Materials | 0.66 |
| THO | TAHOE RESOURCES INC | 5.13 | $211,425 | CA8738681037 | XTSE | Materials | 1.03 |
| PAA | PAN AMERICAN SILVER CORP | 4.62 | $190,408 | CA6979001089 | XTSE | Materials | 1.03 |
| AUQ | AURICO GOLD INC | 4.40 | $181,160 | CA05155C1059 | XTSE | Materials | 1.03 |
| CDE | COEUR MINING INC | 4.28 | $176,112 | US1921085049 | XNYS | Materials | 1.00 |
| HL | HECLA MINING CO | 4.10 | $168,914 | US4227041062 | XNYS | Materials | 1.00 |
| FR | FIRST MAJESTIC SILVER CORP | 4.01 | $165,230 | CA32076V1031 | XTSE | Materials | 1.03 |
| 1051 | G-RESOURCES GROUP LTD | 2.84 | $116,865 | BMG4111M1029 | XHKG | Materials | 7.76 |
| HOC | HOCHSCHILD MINING PLC | 2.66 | $109,647 | GB00B1FW5029 | XLON | Materials | 0.66 |
| MUX | MCEWEN MINING INC | 2.65 | $108,982 | US58039P1075 | XNYS | Materials | 1.00 |
| SSO | SILVER STANDARD RESOURCES | 2.57 | $105,848 | CA82823L1067 | XTSE | Materials | 1.03 |
| SVM | SILVERCORP METALS INC | 2.22 | $91,524 | CA82835P1036 | XTSE | Materials | 1.03 |
| MAG | MAG SILVER CORP | 2.01 | $82,825 | CA55903Q1046 | XTSE | Materials | 1.03 |
| EDR | ENDEAVOUR SILVER CORP | 1.93 | $79,323 | CA29258Y1034 | XTSE | Materials | 1.03 |
| FVI | FORTUNA SILVER MINES INC | 1.92 | $78,937 | CA3499151080 | XTSE | Materials | 1.03 |
| MND | MANDALAY RESOURCES CORP | 1.26 | $51,942 | CA5625682045 | XTSE | Materials | 1.03 |
| PZG | PARAMOUNT GOLD AND SILVER | 1.18 | $48,704 | US69924P1021 | XASE | Materials | 1.00 |
| GPR | GREAT PANTHER SILVER LTD | 0.96 | $39,697 | CA39115V1013 | XTSE | Materials | 1.03 |
| EXN | EXCELLON RESOURCES INC | 0.90 | $37,112 | CA30069C2076 | XTSE | Materials | 1.03 |
| SPM | SCORPIO MINING CORP | 0.79 | $32,430 | CA80917V1058 | XTSE | Materials | 1.03 |
| PGD | PATAGONIA GOLD PLC | 0.69 | $28,505 | GB0003049409 | XLON | Materials | 0.66 |
| AXR | ALEXCO RESOURCE CORP | 0.65 | $26,832 | CA01535P1062 | XTSE | Materials | 1.03 |
| AUMN | GOLDEN MINERALS CO | 0.65 | $26,775 | US3811191069 | XASE | Materials | 1.00 |
| MSV | MINCO SILVER CORP | 0.64 | $26,462 | CA60254C1005 | XTSE | Materials | 1.03 |
| USA | US SILVER & GOLD INC | 0.57 | $23,545 | CA90346L1076 | XTSE | Materials | 1.03 |
| AGQ | ARIAN SILVER CORP | 0.40 | $16,322 | VGG0472G1063 | XLON | Materials | 0.66 |
| AYN | ALCYONE RESOURCES LTD | 0.30 | $12,407 | AU000000AYN6 | XASX | Materials | 1.04 |
| -- | BLACKROCK FDS III | 0.10 | $4,237 | -- | S-T Securities | 1.00 |
