| OVERALL PORTFOLIO COMPOSITION (%) | |
| TOP 10 HOLDINGS ( 55.74% OF TOTAL ASSETS) | |
| Company | Symbol | % Assets | | CEZ | N/A | 2.37 | | Gazprom OAO (EDR) | N/A | 18.06 | | Lukoil Company ADR | N/A | 8.78 | | MMC Norilsk Nickel ADR | N/A | 3.81 | | MOBILE TELSYS OJSC | MBT | 3.52 | | ROSNEFTEGAZ OJSC 144A | N/A | 5.2 | | Sberbank Cls Common Stock | N/A | 5.52 | | Surgutneftegaz OAO (GDR) | N/A | 2.97 | | Turkiye Garanti Bankasi | N/A | 2.8 | | Vtb Bk Jsc, Kiev | N/A | 2.71 |
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| Ratio | GUR | | Average Price/Earnings | 9.85 | | Average Price/Book | 1.70 | | Average Price/Sales | 0.49 | | Average Price/Cashflow | 4.66 |
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| Sector | | GUR | | Software | | 0.34 | | Industrial Materials | | 13.52 | | Energy | | 41.41 | | Utilities | | 2.61 | | Hardware | | 0.18 | | Media | | 1.62 | | Telecommunication | | 8.46 | | Healthcare | | 1.2 | | Consumer Services | | 0.58 | | Business Services | | 1.11 | | Financial Services | | 16.3 | | Consumer Goods | | 2.35 |
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