Fund Holdings as of 12/03/2010
Number Holding Ticker Shares Market Value % of net assets
1 Iluka Resources Ltd ILU AU 1,666,923 $13,489,723.38 9.85%
2 Lynas Corp Ltd LYC AU 7,327,146 $11,454,611.58 8.36%
3 Thompson Creek Metals Co Inc TCM CN 727,830 $9,527,824.43 6.95%
4 Neo Material Technologies Inc NEM CN 1,135,785 $8,153,192.42 5.95%
5 Titanium Metals Corp TIE US 424,524 $7,866,429.72 5.74%
6 China Molybdenum Co Ltd 3993 HK 8,435,000 $7,040,282.42 5.14%
7 RTI International Metals Inc RTI US 237,199 $7,004,486.47 5.11%
8 Kenmare Resources PLC KMR LN 17,172,486 $6,924,892.38 5.05%
9 OSAKA Titanium Technologies Co 5726 JP 142,300 $6,668,764.31 4.87%
10 Cia Minera Autlan SAB de CV AUTLANB MM 2,606,350 $6,091,533.98 4.45%
11 Hunan Non-Ferrous Metals - H 2626 HK 13,512,000 $5,582,853.02 4.08%
12 China Rare Earth Holdings Ltd 769 HK 12,646,000 $5,408,278.34 3.95%
13 Molycorp Inc MCP US 192,551 $5,352,917.80 3.91%
14 Toho Titanium Co Ltd 5727 JP 197,500 $5,082,564.87 3.71%
15 Avalon Rare Metals Inc AVL CN 1,115,104 $4,480,427.84 3.27%
16 General Moly Inc GMO US 791,930 $4,466,485.20 3.26%
17 Ferbasa-Ferro Ligas da Bahia FESA4 BZ 532,000 $4,331,086.97 3.16%
18 Rare Element Resources Ltd REE US 396,032 $3,889,034.24 2.84%
19 Arafura Resources Ltd. ARU AU 2,827,831 $3,512,432.36 2.56%
20 Quest Rare Minerals Ltd QRM CN 505,599 $2,550,678.90 1.86%
21 International Ferro Metals Ltd IFL LN 5,244,626 $2,261,220.60 1.65%
22 Galaxy Resources Ltd GXY AU 1,528,312 $2,160,159.36 1.58%
23 5N Plus Inc VNP CN 347,997 $2,102,554.16 1.53%
24 Daiichi Kigenso Kagaku-Kogyo 4082 JP 38,500 $1,502,372.84 1.10%
25 Net Other Assets / Cash 0 $91,794.82 0.07%
