-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DrXgt8Z8bmt3eM3J6ZQi/6nOYoBX/De3J2zB7HTP5THaNEV+3gVzLIaa4DfyF/Z6 2dfyNIk2SZltnV3/fMivYA== 0000930413-05-007890.txt : 20051128 0000930413-05-007890.hdr.sgml : 20051128 20051128170350 ACCESSION NUMBER: 0000930413-05-007890 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050930 FILED AS OF DATE: 20051128 DATE AS OF CHANGE: 20051128 EFFECTIVENESS DATE: 20051128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VAN ECK FUNDS CENTRAL INDEX KEY: 0000768847 IRS NUMBER: 000000000 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04297 FILM NUMBER: 051228537 BUSINESS ADDRESS: STREET 1: 99 PARK AVE STREET 2: 8TH FL CITY: NEW YORK STATE: NY ZIP: 10016 BUSINESS PHONE: 2126875200 MAIL ADDRESS: STREET 1: 99 PARK AVE STREET 2: 8TH FL CITY: NEW YORK STATE: NY ZIP: 10016 N-Q 1 c39902_n-q.txt --------------------------- OMB APPROVAL --------------------------- OMB Number: 3235-0578 Expires: February 28, 2006 Estimated average burden hours per response: 20.0 --------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-04297 ----------- Van Eck Funds ------------------------------------------------------------- (Exact name of registrant as specified in charter) 99 Park Ave. New York, NY 10016 ------------------------------------------------------------- (Address of principal executive offices) (Zip code) ------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 212-687-5200 -------------- Date of fiscal year end: 12/31 ------ Date of reporting period: 9/30/05 ------- ITEM 1. Schedule of Investments. EMERGING MARKETS FUND SCHEDULE OF PORTFOLIO INVESTMENTS 9/30/2005 (UNAUDITED)
COUNTRY SHARES SECURITY VALUE - --------------------------------------------------------------------------------------------------------------------- Common Stocks: ARGENTINA: 5.2% 87,000 Inversiones y Representaciones S.A. (Sponsored GDR) + $ 1,048,350 7,800 Tenaris S.A. (ADR) 1,075,152 ------------------- 2,123,502 ------------------- BRAZIL: 6.5% 511,270 Investimentos Itau S.A. 1,471,775 17,000 Petroleo Brasileiro S.A. (Sponsored ADR) 1,215,330 ------------------- 2,687,105 ------------------- CHINA: 3.1% 2,150,000 Norstar Founders Group Ltd. # 625,259 500,000 Weiqiao Textile Co. # 658,886 ------------------- 1,284,145 ------------------- HONG KONG: 9.5% 600,000 Chen Hsong Holdings # 319,296 660,000 Kingboard Chemical Holdings Ltd. # 1,647,253 7,486,000 Media Partners International Holdings, Inc. + 1,051,872 3,900,000 SNP Leefung Holdings Ltd. 603,299 400,000 Texwinca Holdings Ltd. 273,289 ------------------- 3,895,009 ------------------- INDIA: 2.8% 37,000 Automotive Axles Ltd. # 442,439 67,000 Bharti Televentures + # 532,267 25,000 Eicher Motors Ltd. # 160,221 ------------------- 1,134,927 -------------------
COUNTRY SHARES SECURITY VALUE - --------------------------------------------------------------------------------------------------------------------- INDONESIA: 3.2% 200,000 PT Astra International Tbk # 189,895 13,000,000 PT Berlian Laju Tanker Tbk # 1,124,571 ------------------- 1,314,466 ------------------- ISRAEL: 1.7% 15,000 Nice Systems Ltd. (ADR) + 677,700 ------------------- MALAYSIA: 3.6% 650,000 Bandar Raya Developments BHD # 207,159 655,000 Dreamgate Corp. BHD # 222,913 54,660 Multi-Purpose Holdings BHD Rights (MYR 1.00, expiring 2/26/09) + 3,336 420,000 Top Glove Corp. BHD 554,948 175,000 Transmile Group BHD # 492,228 ------------------- 1,480,584 ------------------- MEXICO: 5.5% 700,000 Cintra, S.A. de C.V. + 520,591 245,000 Corporacion GEO, S.A. de C.V. (Series B) + 762,992 108,700 Grupo Industrial Saltillo, S.A. de C.V. 124,595 135,000 Grupo Modelo, S.A. de C.V. (Series C) 436,739 82,000 Wal-Mart de Mexico, S.A. de C.V. (Series V) 418,042 ------------------- 2,262,959 ------------------- RUSSIA: 3.8% 18,000 LUKOIL (Sponsored ADR) 1,039,500 3,000 Vismpo-Avisma Corp. (USD) # 522,011 ------------------- 1,561,511 ------------------- SINGAPORE: 6.2% 1,100,000 Citiraya Industries Ltd. + # -- 930,000 First Engineering Ltd. # 721,496 650,000 Goodpack Ltd. # 638,650 81,250 Goodpack Ltd. Warrants (SGD 1.00, expiring 4/13/07) + # 28,811 1,210,000 Noble Group Ltd. # 1,139,671 ------------------- 2,528,628 -------------------
COUNTRY SHARES SECURITY VALUE - --------------------------------------------------------------------------------------------------------------------- SOUTH AFRICA: 6.9% 54,000 Bidvest Group Ltd. # 783,373 6,997 City Lodge Hotels Ltd. # 42,236 529,600 FirstRand Ltd. # 1,412,710 46,310 Sun International Ltd. 571,369 ------------------- 2,809,688 ------------------- SOUTH KOREA: 18.9% 30,000 From30 Co. Ltd. + # 427,679 70,039 Insun ENT Co., Ltd. # 935,612 20,000 Kookmin Bank # 1,184,583 35,000 Paradise Industry Co., Ltd. # 153,932 2,076 Samsung Electronics Co., Ltd. # 1,175,809 55,000 SFA Engineering Corp. # 1,368,791 45,000 STX Shipbuilding Co., Ltd. # 1,016,793 11,254 STX Shipbuilding Co., Ltd. Rights (KRW 15,110, expiring 10/14/05) + # 91,329 101,669 Taewoong Co., Ltd. # 1,405,718 ------------------- 7,760,246 ------------------- TAIWAN: 8.2% 450,712 Advantech Co., Ltd. # 1,128,701 650,000 Asia Vital Components Co., Ltd. # 349,467 250,000 Awea Mechatronic Co., Ltd. # 352,169 170,248 Novatek Microelectronics Corp., Ltd. # 746,138 888,000 XAC Automation Corp. # 774,057 ------------------- 3,350,532 ------------------- THAILAND: 3.4% 175,000 Major Cineplex Group PCL (THB 13.00, expiring 2/02/07) + 6,864 3,635,850 Minor International PCL 500,489 480,000 Shin Corp. PCL 479,474 70,000 Siam Cement PCL (NVDR) + # 400,501 ------------------- 1,387,328 ------------------- TURKEY: 2.0% 75,000 Enka Insaat ve Sanayi A.S. # 819,026 ------------------- TOTAL COMMON STOCKS: 90.5% (Cost: $28,043,914) 37,077,356 ------------------- PREFERRED STOCK: BRAZIL 3.5% 650,000 Caemi Mineracao e Metalurgia S.A. 1,025,917 145,000 Randon Participacoes S.A. 422,608 ------------------- TOTAL PREFERRED STOCK: 3.5% (Cost: $1,289,409) 1,448,525 -------------------
PRINCIPAL DATE OF AMOUNT MATURITY COUPON VALUE - --------------------------------------------------------------------------------------------------------------------- SHORT-TERM OBLIGATIONS: 2.2% Repurchase Agreement: Purchased on 9/30/05; Maturity value $903,237 (with State Street Bank & Trust Co., collateralized by $955,000 Federal National Mortgage Association 3.25% due 2/15/09 with a value of $923,814) (Cost: $903,000) 10/03/05 3.15% 903,000 ------------------- TOTAL INVESTMENT 96.2%: (Cost: $30,236,323) 39,428,881 OTHER ASSETS LESS LIABILITIES 3.8%: 1,556,618 ------------------- NET ASSETS 100.0%: $ 40,985,499 ===================
GLOSSARY: ADR - American Depositary Receipt GDR - Global Depository Receipt NVDR - Non-Voting Depository Receipt - ------------------------- + Non-income producing # Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $24,241,650, which represented 59.1% of net assets. % OF SUMMARY OF INVESTMENTS BY INDUSTRY NET ASSETS - ---------------------------------- ---------- Advertising 2.6% Apparel 5.7% Auto Parts & Equipment 4.5% Banks 9.9% Basic Materials 1.4% Chemicals 4.0% Commercial Services 0.3% Consumer, Cyclical 0.5% Consumer, Non-cyclical 1.5% Diversified 3.9% Electronics 2.9% Engineering & Construction 2.0% Enviornmental Control 2.3% Food & Beverages 1.1% Hand/Machine Tools 0.8% Home Builders 2.8% Hotels and Motels 2.7% Industrial 2.7% Iron/Steel 2.6% Machinery - Diversified 3.3% Metal Fabricate/Hardware 1.3% Minig 2.5% Miscellaneous Manufacturing 1.8% Oil & Gas 5.5% Other assets less liabilities 3.8% Real Estate 3.1% Retail 1.0% Ship Building 2.7% Short Term Investments 2.2% Technology 4.6% Telecommunications 4.4% Transportation 9.6% ----- Grand 100.0% ===== Security Valuation--Securities traded on national or foreign exchanges are valued at the last sales price as reported at the close of each business day. As of June 23, 2003, the Funds began pricing securities traded on the NASDAQ stock market using the NASDAQ official closing price. Over-the-counter securities and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. Securities in which the Funds invest are traded in markets that close before 4:00 p.m. Eastern Time. Normally, developments that occur between the close of the foreign markets and 4:00 p.m. Eastern Time will not be reflected in the Fund's daily net asset value. However, if the Funds determine that such developments are so significant that they will materially affect the value of the Fund's securities, the Funds may adjust the previous closing prices to reflect what the Board of Trustees believes to be the fair value of these securities as of 4:00 p.m. Eastern Time. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but the Fund is open. The price which the Funds may realize upon sale of an investment may differ materially from the value presented on the Schedule of Portfolio Investments. Short-term obligations purchased with more than sixty days remaining to maturity are valued at market value. Short-term obligations purchased with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates market value. Forward foreign currency contracts are valued at the spot currency rate plus an amount ("points"), which reflects the differences in interest rates between the U.S. and foreign markets. Securities for which quotations are not readily available are stated at fair value as determined by the Pricing Committee of the Adviser appointed by the Board of Trustees. Certain factors such as economic conditions, political events, market trends and security specific information are used to determine the fair value of these securities. GLOBAL HARD ASSETS FUND SCHEDULE OF PORTFOLIO INVESTMENTS SEPTEMBER 30, 2005 (UNAUDITED)
SHARES/ PRINCIPAL AMOUNT SECURITIES VALUE - --------------------------------------------------------------------------------------------------------------------- COMMON STOCKS: AUSTRALIA: 4.1% 26,846 BHP Billiton Ltd. # $ 457,860 730,358 Cooper Energy Ltd. + # 219,403 329,215 Newcrest Mining Ltd. # 5,273,061 542,500 Oil Search Ltd. # 1,595,999 41,000 Rio Tinto Ltd. # 1,850,845 160,500 Santos Ltd. # 1,526,573 ------------------- 10,923,741 ------------------- AUSTRIA: 1.1% 50,000 OMV AG # 2,969,063 ------------------- BRAZIL: 4.6% 202,700 Cia Vale do Rio Doce (ADR) 8,890,422 43,500 Petroleo Brasileiro S.A. (ADR) 3,109,815 ------------------- 12,000,237 ------------------- CANADA: 15.7% 328,700 Bema Gold Corp. + 882,188 707,700 Brazilian Resources, Inc. + # 45,658 27,000 Brookfield Properties Corp. 790,839 15,900 Brookfield Properties Corp. (USD) 468,573 100,000 Cumberland Resources Ltd. + 147,097 24,450 Ensign Energy Services, Inc. 833,298 29,138 Falconbridge Ltd. 778,768 170,000 Find Energy Ltd. + 1,213,763 37,000 First Capital Realty, Inc. 677,299 30,000 FNX Mining Co., Inc. + 393,806 127,000 Gammon Lake Resources, Inc. + 1,038,942 467,000 Killam Properties + 1,084,645 278,000 LionOre Mining International Ltd. + 1,351,140 575,000 Miramar Mining Corp. + 900,215 28,800 Nexen Inc. 1,373,729 360,000 Northern Orion Resources, Inc. + 1,056,000 301,500 Northern Orion Resources, Inc. Warrants (CAD 2.00, expiring 5/29/08) + 420,155 7,800 NQL Energy Services, Inc. (Class A) + 32,609 72,500 Parkbridge Lifestyles Communities, Inc. + 324,301 58,800 Penn West Energy Trust 1,846,699 52,200 Petro-Canada (USD) 2,178,306 81,000 Petrolifera Petroleum Ltd. + # 91,974 40,500 Petrolifera Petroleum Ltd. Warrants (CAD 1.50, expiring 9/11/06) + # -- 600,000 Placer Dome, Inc. (USD) 10,290,000 11,400 Suncor Energy, Inc. 690,570 35,600 Suncor Energy, Inc. (USD) 2,154,868 111,000 Talisman Energy, Inc. 5,431,123 19,500 Talisman Energy, Inc. (USD) 952,380 29,500 Tenke Mining Corp. + 236,000 182,600 Timberwest Forest Corp. 2,373,407 34,600 Trican Well Service Ltd. + 1,259,291 ------------------- 41,317,643 ------------------- FINLAND: 0.4% 67,500 Stora Enso Oyj (R Shares) # 928,559 ------------------- FRANCE: 1.0% 20,200 Total S.A. (Sponsored ADR) 2,743,564 ------------------- HONG KONG: 0.2% 44,400 Sun Hung Kai Properties Ltd. # 461,292 ------------------- INDONESIA: 0.0% 2,000 PT Medco Energi Internasional Tbk (GDR) + 35,228 ------------------- NORWAY: 1.3% 327,000 Seadrill Ltd. + 2,745,152 63,300 Sinvest ASA + # 618,591 ------------------- 3,363,743 -------------------
SHARES/ PRINCIPAL AMOUNT SECURITIES VALUE - --------------------------------------------------------------------------------------------------------------------- SOUTH AFRICA: 1.1% 45,000 Gold Fields Ltd. # 666,648 61,100 Gold Fields Ltd. (Sponsored ADR) 887,783 125,100 Sappi Ltd. (Sponsored ADR) 1,474,929 ------------------- 3,029,360 ------------------- UNITED KINGDOM: 3.6% 217,462 BHP Billiton PLC # 3,514,086 281,000 Randgold Resources Ltd. (ADR) 4,417,320 154,668 Vedanta Resources PLC # 1,636,764 ------------------- 9,568,170 ------------------- UNITED STATES: 64.8% 20,000 Agnico-Eagle Mines Ltd. Warrants ($19.00, expiring 11/07/07) + 42,200 355,400 AK Steel Holding Corp. + 3,045,778 30,900 Alcoa, Inc. 754,578 77,100 American Commercial Lines, Inc. + 2,016,165 47,800 Apache Corp. 3,595,516 249,000 BJ Services Co. 8,961,510 418,900 Bois d' Arc Energy, Inc + 7,209,269 39,500 Bunge Ltd. 2,078,490 75,700 Century Aluminum Co. + 1,701,736 52,000 Chicago Bridge & Iron Co. N.V. 1,616,680 32,000 ConocoPhillips 2,237,120 44,900 Cooper Cameron Corp. + 3,319,457 362,500 Delta Petroleum Corp. + 7,540,000 84,400 ENSCO International, Inc. 3,932,196 71,000 EOG Resources, Inc. 5,317,900 58,100 Exxon Mobil Corp. 3,691,674 34,100 FirstEnergy Corp. 1,777,292 41,200 FMC Technologies Inc. + 1,734,932 38,500 Forest Oil Corp. + 2,005,850 48,200 Frontier Oil Corp. 2,137,670 82,900 Glamis Gold Ltd. + 1,832,090 178,300 GlobalSantaFe Corp. 8,134,046 42,000 Golden Star Resources Ltd. + 140,280 146,500 Halliburton Co. 10,038,181 89,800 Inco Ltd. 4,252,030 254,500 La Quinta Corp. (Paired Certificates) + 2,211,605 46,100 Longview Fibre Co. 898,489 62,600 McDermott International, Inc. + 2,291,786 108,300 Mercer International, Inc. + 895,641 56,000 Murphy Oil Corp. 2,792,720 98,050 Nabors Industries Ltd. + 7,042,932 80,958 National-Oilwell Varco, Inc. + 5,327,036 118,400 Newfield Exploration Co. + 5,813,440 81,250 Nucor Corp. 4,792,938 17,700 Oil States International, Inc. + 642,687 144,700 Pride International, Inc. + 4,125,397 166,800 Southwestern Energy Corp. + 12,243,121 13,000 Starwood Hotels & Resorts Worldwide, Inc (Paired Certificates) 743,210 65,500 Temple-Inland, Inc. 2,675,675 140,900 Todco 5,876,939 157,900 United States Steel Corp. 6,687,065 47,800 Valero Energy Corp. 5,404,268 31,700 Weatherford International Ltd. + 2,176,522 50,800 Weyerhaeuser Co. 3,492,500 126,500 XTO Energy, Inc. 5,732,980 ------------------- 170,979,591 ------------------- TOTAL COMMON STOCKS: 97.9% (Cost: $171,414,148) 258,320,191 ------------------- PREFERRED STOCK: CANADA: 0.1% 3,571 Falconbridge Ltd (Junior Preferred Series 1) 91,239 3,571 Falconbridge Ltd (Junior Preferred Series 2) 91,775 1,737 Falconbridge Ltd (Junior Preferred Series 3) 44,120 ------------------- 227,134 ------------------- RUSSIA: 0.3% 7,800 Surgutneftegaz, Inc. (Sponsored ADR) 677,430 ------------------- TOTAL PREFERRED STOCKS: 0.4% (Cost: $229,011) 904,564 -------------------
PRINCIPAL DATE OF AMOUNT MATURITY COUPON VALUE - --------------------------------------------------------------------------------------------------------------------- Short-Term Obligations: 1.6% Repurchase Agreement (Note 9): Purchased on 9/30/05; Maturity value 4,215,106 (with State Street Bank & Trust Co., collateralized by $4,345,000 Federal Home Loan Mortgage Corp 3.875% due 1/12/09 with a value of $4,300,012) (Cost: $4,214,000) 10/03/05 3.15% 4,214,000 ------------------ TOTAL INVESTMENTS: 99.9% (Cost: $175,857,159) 263,438,755 OTHER ASSETS LESS LIABILITIES: 0.1% 395,310 ------------------- NET ASSETS: 100.0% $ 263,834,065 ===================
Glossary: ADR - American Depositary Receipt GDR - Global Depositary Receipt # Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $21,856,376, which represented 8.3% of net assets. % of Summary of Investments by Industry Net Assets - ---------------------------------- ---------- Agriculture 0.8% Engineering & Construction 1.5% Forest Products & Paper 4.8% Industrial 5.5% Mining 20.4% Oil & Gas 49.2% Oil & Gas Services 12.7% REITS 2.6% Short-Term Obligations 1.6% Transportation 0.8% Other assets less liabilities 0.1% ----- 100.0% ===== SECURITY VALUATION--Securities traded on national or foreign exchanges are valued at the last sales price as reported at the close of each business day. As of June 23, 2003, the Funds began pricing securities traded on the NASDAQ stock market using the NASDAQ official closing price. Over-the-counter securities and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. Securities in which the Funds invest are traded in markets that close before 4:00 p.m. Eastern Time. Normally, developments that occur between the close of the foreign markets and 4:00 p.m. Eastern Time will not be reflected in the Fund's daily net asset value. However, if the Funds determine that such developments are so significant that they will materially affect the value of the Fund's securities, the Funds may adjust the previous closing prices to reflect what the Board of Trustees believes to be the fair value of these securities as of 4:00 p.m. Eastern Time. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but the Fund is open. The price which the Funds may realize upon sale of an investment may differ materially from the value presented on the Schedule of Portfolio Investments. Short-term obligations purchased with more than sixty days remaining to maturity are valued at market value. Short-term obligations purchased with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates market value. Forward foreign currency contracts are valued at the spot currency rate plus an amount ("points"), which reflects the differences in interest rates between the U.S. and foreign markets. Securities for which quotations are not readily available are stated at fair value as determined by the Pricing Committee of the Adviser appointed by the Board of Trustees. Certain factors such as economic conditions, political events, market trends security specific information are used to determine the fair value of these securities. INTERNATIONAL INVESTORS GOLD FUND SCHEDULE OF PORTFOLIO INVESTMENTS SEPTEMBER 30, 2005 (UNAUDITED)
SHARES/ PRINCIPAL AMOUNT SECURITIES VALUE - --------------------------------------------------------------------------------------------------------------------- COMMON STOCKS: AUSTRALIA - 10.4% 2,865,000 Adamus Resources Ltd. + # $ 1,011,916 6,533,788 Lihir Gold Ltd. + # 9,563,692 984,685 Newcrest Mining Ltd. # 15,771,774 1,710,500 Oxiana Resources NL + # 1,747,588 422,000 Sino Gold Ltd. + # 732,447 8,175,000 Tanami Gold NL + # 871,757 49,503 Yilgarn Mining Ltd. + # 7,995 ------------------ 29,707,169 ------------------ CANADA - 57.6% 927,800 Agnico-Eagle Mines Ltd. (USD) 13,740,717 640,000 Aquiline Resources, Inc. + 968,946 195,000 Aquiline Resources, Inc. Warrants (CAD 2.00, expiring 10/12/06) + # -- 650,000 Aurelian Resources, Inc. + 391,398 3,250,000 Aurizon Mines Ltd. + 4,137,634 1,000,000 Axmin, Inc. + 490,323 632,000 Bear Creek Mining Corp. + 1,625,531 316,000 Bear Creek Mining Corp. Warrants (CAD 4.25, expiring 8/31/07) + # -- 1,000,000 Bema Gold Corp. (USD) + 2,690,000 500,000 Bema Gold Corp. Warrants (CAD 1.90, expiring 10/27/07) + 688,172 554,600 Brazauro Resources Corp. + 939,838 78,000 Centerra Gold + 1,604,955 203,100 Central Fund of Canada Ltd. (Class A) (USD) 1,147,515 1,750,000 Claude Resources, Inc. + 1,580,645 1,219,100 Cumberland Resources Ltd. + 1,793,257 1,800,000 Eldorado Gold Corp. + 6,363,871 800,000 Gabriel Resources Ltd. + 1,596,559 280,000 Gabriel Resources Ltd. Warrants (CAD 2.75, expiring 3/31/07) + 171,011 1,023,000 Gammon Lake Resources, Inc. + 8,368,800 479,500 Goldcorp, Inc. 9,610,624 55,800 Goldcorp, Inc. (Class A) (USD) 1,118,232 1,750,000 Goldcorp, Inc. Warrants (CAD 6.60, expiring 5/30/07) + 6,322,581 615,000 Golden Star Resources Ltd. + 2,036,774 167,500 Golden Star Resources Ltd. (USD) + 559,450 650,000 Great Basin Gold Ltd. + 631,828 6,310,810 Guinor Gold Corp. + 7,491,542 533,300 High River Gold Mines Ltd. + 674,366 1,488,200 Iamgold Corp. 10,919,867 1,150,000 Ivanhoe Mines Ltd. + 9,694,624 395,005 Kinross Gold Corp. + 3,034,318 1,124,490 Kinross Gold Corp. (USD) + 8,636,083 460,660 Meridian Gold, Inc. + 10,045,359 720,000 Mexgold Resources, Inc. + 2,198,710 360,000 Mexgold Resources, Inc. Warrants (CAD 2.50, expiring 2/26/06) + # 325,161 500,000 Minefinders Corp. + 2,430,108 1,997,300 Miramar Mining Corp. + 3,126,956 245,000 New Gold Inc + 1,243,441 572,000 Northern Orion Resources, Inc. + 1,677,867 536,000 Northern Orion Resources, Inc. Warrants (CAD 2.00, expiring 5/29/08) + 746,942 1,270,000 Northgate Exploration Ltd. + 1,715,183 166,666 Northgate Exploration Ltd. Warrants (CAD 3.00, expiring 12/28/06) + 24,373 2,700,000 Orezone Resources, Inc. + 5,086,452 236,759 PAN American Silver Corp. + 4,158,812 118,380 PAN American Silver Corp. Warrants (CAD 12.00, expiring 2/20/08) + 1,000,502 809,875 Placer Dome, Inc. (USD) 13,889,356 555,555 Red Back Mining, Inc. + 1,003,583 400,000 River Gold Mines Ltd. + 378,495 620,000 Silvercorp Metals, Inc. + 2,096,000 503,000 Silver Wheaton Corp. + 2,193,729 1,257,500 Silver Wheaton Corp. Warrants (CAD 4.00, expiring 8/05/09) + 475,957 66,600 Tenke Mining Corp + 532,800 735,000 Wolfden Resources, Inc. + 1,422,581 ------------------ 164,801,828 ------------------
SHARES/ PRINCIPAL AMOUNT SECURITIES VALUE - --------------------------------------------------------------------------------------------------------------------- PERU - 2.4% 222,000 Cia de Minas Buenaventura S.A. (Series B) (ADR) 6,893,100 ------------------ SOUTH AFRICA - 10.2% 33,620 African Rainbow Minerals Ltd + # 206,068 90,000 Anglo Platinum Ltd. # 5,309,559 184,249 AngloGold Ashanti Ltd. (Sponsored ADR) 7,819,528 680,162 Gold Fields Ltd. (Sponsored ADR) 9,882,754 540,000 Harmony Gold Mining Co. Ltd. (Sponsored ADR) + 5,907,600 ------------------ 29,125,509 ------------------ SWEDEN - 0.4% 700,000 Riddarhyttan Resources AB + # 1,181,488 ------------------ UNITED KINGDOM - 6.7% 1,220,000 Randgold Resources Ltd. (ADR) + 19,178,400 ------------------ UNITED STATES - 9.8% 1,150,000 Crystallex International Corp. + 1,805,500 848,300 Glamis Gold Ltd. + 18,747,430 337,400 Hecla Mining Co. + 1,477,812 1,610,000 Metallica Resources, Inc. (CAD) + 2,492,903 100,000 Metallica Resources, Inc. + 155,000 255,000 Metallica Resources, Inc. Warrants (CAD 3.10, expiring 12/11/08) + 96,516 119,100 Royal Gold, Inc. 3,200,217 ------------------ 27,975,378 ------------------ TOTAL COMMON STOCKS: 97.5% (Cost: $128,242,974) 278,862,872 ------------------ CORPORATE NOTES: SOUTH AFRICA - 0.9% 3,000,000 Durban Roodeport Deep Ltd. (USD) 6.00% 11/12/06 Senior Convertible Note (144A) (Cost: $3,000,000) 2,580,000 ------------------
DATE OF INTEREST SHORT-TERM OBLIGATIONS: 1.0% MATURITY RATE VALUE - --------------------------------------------------------------------------------------------------------------------- Repurchase Agreement: Purchased on 9/30/05; Maturity value 2,955,776 (with State Street Bank & Trust Co., collateralized by $3,050,000 Federal Home Loan Bank 3.875% due 1/12/09 with a value of $3,018,420) (Cost $2,955,000) 10/3/2005 3.15% 2,955,000 ------------------ TOTAL INVESTMENTS: 99.8% (Cost: $134,193,974) 284,397,872 Other assets less liabilities: 0.6% 1,661,273 ------------------ NET ASSETS: 100.0% $ 286,059,145 ==================
% of Summary of Investments by Industry Net Assets - ---------------------------------- ---------- Gold Mining 91.8% Gold and Other Metals 3.1% Silver Mining 3.5% Short-Term Obligations 1.0% Other assets less liabilities 0.6% ----- 100.0% ===== Glossary: ADR-American Depositary Receipt + Non-Income Producing # Indicates a fair valued security which has not been valued using an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value for fair valued securities is $36,729,445, which represented 12.8% of net assets. Security Valuation--Securities traded on national or foreign exchanges are valued at the last sales price as reported at the close of each business day. As of June 23, 2003, the Funds began pricing securities traded on the NASDAQ stock market using the NASDAQ official closing price. Over-the-counter securities and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. Securities in which the Funds invest are traded in markets that close before 4:00 p.m. Eastern Time. Normally, developments that occur between the close of the foreign markets and 4:00 p.m. Eastern Time will not be reflected in the Fund's daily net asset value. However, if the Funds determine that such developments are so significant that they will materially affect the value of the Fund's securities, the Funds may adjust the previous closing prices to reflect what the Board of Trustees believes to be the fair value of these securities as of 4:00 p.m. Eastern Time. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but the Fund is open. The price which the Funds may realize upon sale of an investment may differ materially from the value presented on the Schedule of Portfolio Investments. Short-term obligations purchased with more than sixty days remaining to maturity are valued at market value. Short-term obligations purchased with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates market value. Forward foreign currency contracts are valued at the spot currency rate plus an amount ("points"), which reflects the differences in interest rates between the U.S. and foreign markets. Securities for which quotations are not readily available are stated at fair value as determined by the Pricing Committee of the Adviser appointed by the Board of Trustees. Certain factors such as economic conditions, political events, market trends and security specific information are used to determine the fair value of these securities. ITEM 2. Controls and Procedures. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3 (c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. Exhibits. Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Van Eck Funds By Bruce J. Smith, Chief Financial Officer, Van Eck Funds /s/ Bruce J. Smith ---------------------- Date: November 28, 2005 ------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By /s/ Keith J. Carlson, Chief Executive Officer, Van Eck Funds ------------------------------------------------------------ Date: November 28, 2005 ------------------- By /s/ Bruce J. Smith, Chief Financial Officer, Van Eck Funds ---------------------------------------------------------- Date: November 28, 2005 ------------------ EX-99.CERT 2 c39902_ex99-cert.txt EX-99.CERT Rule 30a-2(a) CERTIFICATIONS I, Keith J. Carlson, certify that: 1. I have reviewed this report on Form N-Q of Van Eck Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 28, 2005 ----------------- /s/ Keith J. Carlson, Chief Executive Officer, Van Eck Funds Rule 30a-2(a) CERTIFICATIONS I, Bruce J. Smith, certify that: 1. I have reviewed this report on Form N-Q of Van Eck Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 28, 2005 ----------------- /s/ Bruce J. Smith, Chief Financial Officer, Van Eck Funds -----END PRIVACY-ENHANCED MESSAGE-----