-----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, FAhw4C44J/PvKkhLG7ljJsUz8FdMLfWcjA87wQhTZS0Et3fTVQcKYJxrMXei3ogP 5X8R0xF8Pvl8J5GjmLAqNQ== 0000930413-06-004292.txt : 20060530 0000930413-06-004292.hdr.sgml : 20060529 20060530144714 ACCESSION NUMBER: 0000930413-06-004292 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060331 FILED AS OF DATE: 20060530 DATE AS OF CHANGE: 20060530 EFFECTIVENESS DATE: 20060530 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: 06873519 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 0000768847 S000009198 Emerging Markets Fund C000024992 Class A C000024993 Class C C000033045 Class I 0000768847 S000009199 International Investors Gold Fund C000024994 Class A C000024995 Class C C000033046 Class I 0000768847 S000009200 Global Hard Assets Fund C000024996 Class A C000024997 Class C C000033047 Class I N-Q 1 c42738.txt 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: 3/31/06 ------- ITEM 1. Schedule of Investments. EMERGING MARKETS FUND SCHEDULE OF PORTFOLIO INVESTMENTS MARCH 31, 2006 (UNAUDITED)
COUNTRY NO. OF SHARES SECURITIES VALUE - ---------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS: ARGENTINA 1.4% 62,000 Inversiones y Representaciones S.A. (Sponsored GDR) + $ 734,700 ---------- BRAZIL 5.7% 211,270 Investimentos Itau S.A. 917,716 25,000 Petroleo Brasileiro S.A. (Sponsored ADR) 2,166,750 ---------- 3,084,466 ---------- CHINA 1.9% 2,150,000 Norstar Founders Group Ltd. # 1,024,963 ---------- HONG KONG 7.1% 600,000 Chen Hsong Holdings # 370,901 600,000 CNOOC Ltd. # 467,317 455,000 Kingboard Chemical Holdings Ltd. # 1,371,975 221,000 Lifestyle International Holdings Ltd. # 378,642 3,900,000 SNP Leefung Holdings Ltd. # 627,619 350,000 Techtronic Industries Co. # 628,852 ---------- 3,845,306 ---------- INDIA 2.5% 37,000 Automotive Axles Ltd. # 580,557 67,000 Bharti Televentures Ltd. + # 626,247 25,000 Eicher Motors Ltd. 169,860 ---------- 1,376,664 ---------- INDONESIA 2.5% 8,800,000 PT Berlian Laju Tanker TBK # 1,372,687 ---------- MALAYSIA 3.2% 655,000 Dreamgate Corp. BHD 280,986 54,660 MultiPurpose Holdings BHD Rights (MYR 1.00, expiring 2/26/09) + 2,375 420,000 Top Glove Corp. BHD 878,065 175,000 Transmile Group BHD 603,432 ---------- 1,764,858 ---------- MEXICO 5.6% 175,000 Alsea, S.A. de C.V. 604,682 601,800 Cintra, S.A. de C.V. + 193,563 150,000 Corporacion GEO S.A. de C.V. (Series B) + 572,059 65,000 Gruma, S.A. de C.V. (Series B) 189,354 1,400 Grupo Aeroportuario del Pacifico + 44,730 240,000 Grupo Financiero Banorte, S.A. de C.V. 571,232 135,000 Grupo Modelo, S.A. de C.V. (Series C) 496,244 295,000 Promotora Ambiental S.A. de CV + 393,360 ---------- 3,065,224 ---------- RUSSIA 4.5% 18,000 LUKOIL (Sponsored ADR) 1,497,600 74,000 TNKBP Holding OJSC (USD) + 229,400 3,000 VismpoAvisma Corp. (USD) # 692,410 ---------- 2,419,410 ---------- SINGAPORE 3.3% 1,100,000 Citiraya Industries Ltd. + # -- 930,000 First Engineering Ltd. # 654,599 950,000 Goodpack Ltd. # 1,098,293 81,250 Goodpack Ltd. Warrants (SGD 1.00, expiring 4/13/07) + 44,501 ---------- 1,797,393 ---------- SOUTH AFRICA 10.2% 54,000 Bidvest Group Ltd. # 995,407 56,997 City Lodge Hotels Ltd. # 498,597 429,600 FirstRand Ltd. # 1,389,115 40,000 Naspers Ltd. # 813,872 180,000 Spar Group Ltd. # 1,114,678 46,310 Sun International Ltd. # 739,074 ---------- 5,550,743 ---------- SOUTH KOREA 23.4% 23,500 From30 Co. Ltd. + # 484,332 29,000 Hynix Semiconductor Inc. + # 856,316 142,750 Kenertec Co. Ltd. # 1,123,878 20,000 Kookmin Bank # 1,714,247 20,000 LS Industrial Systems Co. Ltd. # 685,458 4,076 Samsung Electronics Co. Ltd. # 2,631,713 66,000 SFA Engineering Corp. # 2,174,328 56,254 STX Shipbuilding Co. Ltd. + # 1,097,922 114,945 Taewoong Co. Ltd. # 1,922,637 ---------- 12,690,831 ---------- TAIWAN 12.4% 450,712 Advantech Co. Ltd. # 1,245,971 250,000 Awea Mechantronic Co. Ltd. # 468,567 96,000 Catcher Technology Co. Ltd. # 860,874 487,000 Formosa Taffeta Co. # 253,672 480,000 Gemtek Technology Corp. # 813,652 160,000 Hola Home Furnishings Co., Ltd. # 214,710 170,248 Novatek Microelectronics Corp. Ltd. # 1,208,084 1,323,000 XAC Automation Corp. # 1,127,166 320,000 Zyxel Communications Corp. # 534,812 ---------- 6,727,508 ---------- THAILAND 1.5% 3,878,240 Minor International PCL 813,059 387,824 Minor International PCL Warrants (THB 6.00, expiring 3/29/08) + # 12,688 ---------- 825,747 ---------- TURKEY 1.9% 75,000 Enka Insaat ve Sanayi A.S. # 1,024,998 ---------- TOTAL COMMON STOCKS 87.1% (Cost: $32,421,717) 47,305,498 ---------- PREFERRED STOCKS: BRAZIL 3.3% 650,000 Caemi Mineracao e Metalurgia S.A. 1,150,416 145,000 Randon Participacoes S.A. 628,512 ---------- TOTAL PREFERRED STOCKS 3.3 % (Cost: $727,220) 1,778,928 ---------- DATE OF SHORT TERM OBLIGATIONS 7.4% MATURITY COUPON - -------------------------------------------------------------------------------- Repurchase Agreement: Purchased on 3/31/06; Maturity value $4,019,272 (with State Street Bank & Trust Co., collateralized by $4,210,000 Federal Home Loan Mortgage Corp 3.75% due 08/15/08 with a value of $4,098,611.82 (Cost: $4,018,000) 04/03/06 3.75% 4,018,000 ---------- TOTAL INVESTMENTS 97.8% (Cost: $37,166,937) 53,102,426 OTHER ASSETS LESS LIABILITIES 2.2% 1,206,258 ---------- NET ASSETS 100.0% 54,308,684 ==========
GLOSSARY: ADR - American Depositary Receipt GDR - Global Depositary 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 $35,901,830 which represented 66.1% of net assets. Summary of Investments by Sector % of Net Assets - -------------------------------------------- --------------- Basic Materials 6.4% Communications 5.1% Consumer, Cyclical 11.7% Consumer, Non-cyclical 5.6% Diversified 3.5% Energy 8.0% Financial 8.1% Industrial 21.4% Industrial - Machinery & Equipment 8.8% Technology 11.8% Short-Term Obligations 7.4% Other Assets & Liabilities: 2.2% --------- 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. Securities traded on the NASDAQ Stock Market are valued at 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 Fund invests 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 Fund determines that such developments are so significant that they will materially affect the value of the Fund's securities, the Fund 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 Fund 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 Fund 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. 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 MARCH 31, 2006 (UNAUDITED)
COUNTRY NO. OF SHARES SECURITIES VALUE - --------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS: ARGENTINA 0.3% 193,000 Trefoil Ltd. + $ 1,369,400 ------------- AUSTRALIA 5.7% 26,846 BHP Billiton Ltd. # 534,222 587,462 BHP Billiton Plc # 10,771,968 744,000 Bluescope Steel Ltd. # 3,823,645 329,215 Newcrest Mining Ltd. # 5,519,755 542,500 Oil Search Ltd. # 1,531,104 41,000 Rio Tinto Ltd. # 2,313,086 ------------- 24,493,780 ------------- AUSTRIA 0.8% 50,000 OMV AG # 3,343,687 ------------- BERMUDA 1.0% 235,000 Ship Finance International Ltd. (USD) 4,032,600 ------------- BRAZIL 3.0% 180,200 Cia Vale do Rio Doce (ADR) 8,745,106 43,500 Petroleo Brasileiro S.A. (ADR) 3,770,145 ------------- 12,515,251 ------------- CANADA 17.6% 191,000 Agnico-Eagle Mines Ltd. (USD) 5,815,950 20,000 Agnico-Eagle Mines Ltd. (USD) Warrants ($19.00, expiring 11/07/07) + 271,600 167,500 Alcan, Inc. 7,659,775 178,296 Barrick Gold Corp. 4,856,783 205,000 Bema Gold Corporation + 905,767 123,700 Bema Gold Corporation + R 546,553 707,700 Brazilian Resources, Inc. + # 62,477 27,000 Brookfield Properties Corp. 915,991 100,000 Cumberland Resources Ltd. + 402,449 29,138 Falconbridge Ltd. 1,019,711 170,000 Find Energy Ltd. + 1,478,957 37,000 First Capital Realty, Inc. 807,895 103,000 First Quantum Minerals Ltd. 4,233,420 30,000 FNX Mining Co. Inc. + R 333,947 71,000 Gammon Lake Resources, Inc. + 1,271,841 467,000 Killam Properties, Inc. + R 1,187,644 378,700 Kinross Gold Corp. (USD) + 4,139,191 218,000 LionOre Mining International Ltd. + 970,673 575,000 Miramar Mining Corp. + 1,944,813 360,000 Northern Orion Resources, Inc. + R 1,621,441 301,500 Northern Orion Resources, Inc. Warrants (CAD 2.00, expiring 5/29/08) + R 890,675 7,800 NQL Energy Services, Inc. (Class A) + R 49,758 72,500 Parkbridge Lifestyles Communities, Inc. + 341,439 58,800 Penn West Energy Trust 2,149,396 52,200 Petro-Canada (USD) 2,484,198 378,000 Petrolifera Petroleum Ltd. + R 3,964,973 8,100 Petrolifera Petroleum Ltd. + 84,969 44,550 Petrolifera Petroleum Ltd. Warrants (CAD 1.50, expiring 9/11/06) + R # 411,084 148,500 Petrolifera Petroleum Ltd. Warrants (CAD 3.00, expiring 5/8/07) + R 1,188,916 11,400 Suncor Energy Inc. 874,926 42,600 Suncor Energy, Inc. (USD) 3,281,052 172,000 Talisman Energy, Inc. 9,134,255 19,500 Talisman Energy, Inc. (USD) 1,037,010 60,000 Teck Cominco Ltd. 3,860,427 29,500 Tenke Mining Corp + 345,811 182,600 Timberwest Forest Corp. 2,206,179 34,600 Trican Well Service Ltd. + 1,577,643 ------------- 74,329,589 ------------- FINLAND 0.2% 67,500 Stora Enso Oyj (R Shares) # 1,035,573 ------------- HONG KONG 0.1% 44,400 Sun Hung Kai Properties Ltd. # 450,322 ------------- INDONESIA 0.0% 100,000 PT Medco Energi Internasional Tbk # 45,612 ------------- NORWAY 2.0% 485,000 SeaDrill Ltd + # 6,627,515 106,500 Sinvest ASA + # 1,946,671 ------------- 8,574,186 ------------- SOUTH AFRICA 1.5% 45,000 Gold Fields Ltd. # 982,521 238,600 Gold Fields Ltd. (Sponsored ADR) 5,244,428 ------------- 6,226,949 ------------- UNITED KINGDOM 3.7% 508,000 Randgold Resources Ltd. (ADR) + 9,230,360 193,000 Xstrata PLC # 6,248,739 ------------- 15,479,099 -------------
COUNTRY NO. OF SHARES SECURITIES VALUE - --------------------------------------------------------------------------------------------------------------------------------- UNITED STATES 57.1% 676,500 AK Steel Holding Corp. + 10,147,500 91,600 Alcoa, Inc. 2,799,296 359,300 Alpha Natural Resources, Inc. + 8,314,202 97,700 American Commercial Lines, Inc. + 4,611,440 47,800 Apache Corp. 3,131,378 96,000 Archer-Daniels-Midland Co. 3,230,400 50,000 Ashland, Inc. 3,554,000 108,700 Aventine Renewable Energy Holdings, Inc + # R 2,337,050 374,500 BJ Services Co. 12,957,700 438,300 Bois d' Arc Energy, Inc + 7,297,695 56,600 Bowater Inc. 1,674,228 55,000 Bunge Ltd. 3,064,050 13,100 Celanese Corp. 274,707 75,800 Century Aluminum Co. + 3,217,710 157,100 CF Industries Holdings Inc 2,669,129 52,000 Chicago Bridge & Iron Co. N.V. 1,248,000 78,000 ConocoPhillips 4,925,700 439,300 Delta Petroleum Corp + 9,234,086 77,000 Dow Chemical Co. 3,126,200 218,000 E.I. Du Pont de Nemours & Co. 9,201,780 84,400 ENSCO International, Inc. 4,342,380 98,400 EOG Resources, Inc. 7,084,800 58,100 Exxon Mobil Corp. 3,535,966 155,100 FMC Technologies Inc. + 7,944,222 66,200 Frontier Oil Corp 3,928,970 82,900 Glamis Gold Ltd. + 2,709,172 186,900 GlobalSantaFe Corp. 11,354,175 42,000 Golden Star Resources Ltd. + 133,980 153,200 Halliburton Co. 11,186,664 89,800 Inco Ltd. 4,480,122 95,200 International Coal Group Inc. + 927,248 59,100 Longview Fibre Co. 1,527,144 73,600 McDermott International, Inc. + 4,007,520 169,400 Mercer International, Inc. + 1,577,114 102,750 Nabors Industries Ltd + 7,354,845 80,958 National Oilwell Varco, Inc. + 5,191,027 76,500 Norfolk Southern Corp. 4,136,355 28,600 Oil States International, Inc. + 1,053,910 222,000 Powershares Global Water Portfolio 4,013,760 346,600 Southwestern Energy Co. + 11,157,054 65,500 Temple-Inland, Inc. 2,918,025 160,900 Todco (Class A) 6,341,069 90,000 Transocean, Inc. + 7,227,000 135,900 United States Steel Corp. 8,246,412 111,600 Valero Energy Corp. 6,671,448 50,800 Weyerhaeuser Co. 3,679,444 262,200 XTO Energy, Inc. 11,424,054 ------------- 241,170,131 ------------- TOTAL COMMON STOCKS 93.0% (Cost: $271,451,107) 393,066,179 ------------- PREFERRED STOCK: CANADA 0.1% 3,571 Falconbridge Ltd (Junior Preferred Series 1) (USD) 90,882 3,571 Falconbridge Ltd (Junior Preferred Series 2) (USD) 90,364 1,737 Falconbridge Ltd (Junior Preferred Series 3) (USD) 44,207 ------------- 225,453 ------------- RUSSIA 0.2% 7,800 Surgutneftegaz, Inc. (Sponsored ADR) 912,600 ------------- TOTAL PREFERRED STOCKS 0.3% (Cost: $229,011) 1,138,053 ------------- DATE OF SHORT TERM OBLIGATIONS 8.1% MATURITY COUPON - -------------------------------------------------------------------------------- Repurchase Agreement: Purchased on 03/31/2006; Maturity value $34,144,667 (with State Street Bank & Trust Co., collateralized by $35,765,000 Federal Home Loan Mortgage Corp 3.75% due 8/15/08 with a value of $34,818,730) (Cost: $34,134,000) 04/03/06 3.75% 34,134,000 TOTAL INVESTMENTS 101.4% (Cost: $305,814,118) 428,338,232 OTHER ASSETS LESS LIABILITIES (1.4)% (6,052,777) ------------- NET ASSETS 100.0% $ 422,285,455 =============
GLOSSARY: ADR - American Depositary Receipt GDR - Global Depositary 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 $47,985,031 which represented 11.4% of net assets. R Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2006, these securities are considered liquid, unless otherwise noted, and the market value amounted to $12,532,041 or 3.0% of total net assets. Restricted securities held by the Fund are as follows:
VALUE AS % OF SECURITY ACQUISITION DATE ACQUISITION COST VALUE NET ASSETS - --------------------------------------------------------------------------------------------------------------------------------- Aventine Renewable Energy Holdings, Inc. 12/12/2005 $ 1,413,100 $2,337,050 0.6% Bema Gold Corporation 12/6/2002 151,624 546,553 0.1 FNX Mining Co., Inc. 6/27/2002 98,671 333,947 0.1 Killam Properties, Inc. 11/11/2003 599,288 1,187,644 0.3 Northern Orion Resources, Inc. 5/16/2003 343,486 1,621,441 0.4 Northern Orion Resources, Inc. Warrants (a) 5/16/2003 -- 890,675 0.2 NQL Drilling Tools, Inc. 8/31/1999 43,973 49,758 0.0 Petrolifera Petroleum Limited 3/7/2005 50,787 3,964,973 0.9 Petrolifera Petroleum Limited Warrants (a) 11/2/2005 -- 1,188,916 0.3 Petrolifera Petroleum Limited Warrants (a) 3/7/2005 -- 411,084 0.1 ---------- ---- 12,532,041 3.0% ========== ====
(a) Illiquid security Summary of Investments by Sector % of Net Assets - ---------------------------------------------------------------- Basic Materials 37.5% Consumer, Cyclical 0.0% Consumer, Non-Cyclical 1.6% Energy 48.8% Financial 1.2% Industrial 4.2% Short-Term Obligations 8.1% Other Assets Less Liabilities -1.4% ----- 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. Securities traded on the NASDAQ Stock Market are valued at 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 Fund invests 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 Fund determines that such developments are so significant that they will materially affect the value of the Fund's securities, the Fund 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 Fund 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 Fund 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. Futures are valued using the closing price reported at the close of the respective exchange. 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. INTERNATIONAL INVESTORS GOLD FUND SCHEDULE OF PORTFOLIO INVESTMENTS MARCH 31, 2006 (UNAUDITED)
COUNTRY NO. OF SHARES SECURITIES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COMMON STOCKS: AUSTRALIA 8.2% 2,865,000 Adamus Resources Ltd. + # $ 1,459,022 6,273,788 Lihir Gold Ltd. + # 11,855,234 909,685 Newcrest Mining Ltd. # 15,252,157 422,000 Sino Gold Ltd. + # 1,289,568 14,175,000 Tanami Gold NL + # 2,391,124 49,503 Yilgarn Mining Ltd. + # 7,644 ----------- 32,254,749 ----------- CANADA 56.5% 847,800 AgnicoEagle Mines Ltd. (USD) 25,815,510 79,590 AgnicoEagle Mines Ltd. 2,421,401 195,000 Aquiline Resources, Inc. Warrants (CAD 2.00, expiring 10/12/06) + # R 124,996 640,000 Aquiline Resources, Inc. + R 1,534,444 650,000 Aurelian Resources, Inc. + 400,736 100,000 Aurizon Mines Ltd. + 232,050 3,050,000 Aurizon Mines Ltd. + R 7,077,536 1,000,000 Axmin Inc. + R 616,518 289,638 Barrick Gold Corp. 7,889,739 632,000 Bear Creek Mining Corp + R 3,073,819 316,000 Bear Creek Mining Corp. Warrants (CAD 4.25, expiring 8/30/07) + # R 524,010 920,000 Bema Gold Corp. (USD) + 4,075,600 500,000 Bema Gold Corp. Warrants (CAD 1.90, expiring 10/27/07) + 1,489,917 618,800 Brazauro Resources Corp. + 720,613 78,000 Centerra Gold Inc. + 2,576,735 1,200,000 Claude Resources, Inc. + R 1,222,760 219,100 Cumberland Resources Ltd. + 881,766 1,000,000 Cumberland Resources Ltd. + R 4,024,489 1,800,000 Eldorado Gold Corp. + R 8,692,897 240,000 Gabriel Resources Ltd. + 513,765 560,000 Gabriel Resources Ltd. + R 1,198,784 280,000 Gabriel Resources Ltd. Warrants (CAD 2.75, expiring 3/31/07) + R 215,781 735,000 Gammon Lake Resources, Inc. + 13,166,246 2,271,000 Glencairn Gold Corp. + 1,186,205 51,500 Goldcorp, Inc. 1,506,833 15,800 Goldcorp, Inc. (Class A) (USD) 462,150 1,750,000 Goldcorp, Inc. Warrants (CAD 6.60, expiring 5/30/07) + 10,294,558 24,000 Golden Star Resources Ltd. + R 75,832 350,000 Great Basin Gold Ltd. + 779,210 300,000 Great Basin Gold Ltd. + R 667,894 533,300 High River Gold Mines Ltd. + 1,073,130 1,388,200 Iamgold Corp. 11,946,235 550,000 Ivanhoe Mines Ltd. + 5,227,555 1,004,490 Kinross Gold Corp. + (USD) 10,979,076 955,005 Kinross Gold Corp. + 10,409,910 565,660 Meridian Gold, Inc. + 16,710,425 1,080,000 Mexgold Resources, Inc. + 6,815,601 50,000 Minefinders Corp. + 385,324 450,000 Minefinders Corp. + R 3,467,911 1,917,300 Miramar Mining Corp. + 6,484,853 245,000 New Gold Inc. + R 2,276,191 572,000 Northern Orion Resources, Inc. + R 2,576,290 536,000 Northern Orion Resources, Inc. Warrants (CAD 2.00, expiring 5/29/08) + R 1,583,423 770,000 Northgate Minerals Corp. + 1,852,721 500,000 Northgate Minerals Corp. + R 1,203,065 166,666 Northgate Minerals Corp. Warrants (CAD 3.00, expiring 12/28/06) + R 59,225 2,585,000 Orezone Resources, Inc. + 5,755,020 226,759 Pan American Silver Corp. + 5,729,895 118,380 Pan American Silver Corp. Warrants (CAD 12.00, expiring 2/20/08) + 1,888,444 555,555 Red Back Mining, Inc. + 1,493,722 503,000 Silver Wheaton Corp. + 5,375,211 1,257,500 Silver Wheaton Corp. Warrants (CAD 4.00, expiring 8/05/09) + 1,905,874 620,000 Silvercorp Metals, Inc. + 10,511,624 66,600 Tenke Mining Corp. + 780,712 260,000 Wesdome Gold Mines Ltd. + 487,563 260,000 Wolfden Resources, Inc. + 834,867 475,000 Wolfden Resources, Inc. + R 1,525,239 ----------- 222,801,900 ----------- PERU 1.3% 202,000 Cia de Minas Buenaventura S.A. (Series B) (ADR) 4,987,380 ----------- SOUTH AFRICA 7.9% 40,000 Anglo Platinum Ltd. # 3,616,906 785,162 Gold Fields Ltd. (Sponsored ADR) 17,257,861 650,000 Harmony Gold Mining Co. Ltd. (Sponsored ADR) + 10,322,000 ----------- 31,196,767 ----------- UNITED KINGDOM 6.1% 850,000 Cluff Gold Ltd. + 1,078,056 57,000 Lonmin Plc # 2,635,899 1,125,000 Randgold Resources Ltd. (ADR) + 20,441,250 ----------- 24,155,205 ----------- UNITED STATES 13.0% 6,640,000 Capital Gold Corp. + 2,456,800 1,660,000 Capital Gold Corp. Warrants (USD 0.30, expiring 8/31/07) + # 197,872 1,100,000 Crystallex International Corp. + 4,521,000 710,300 Glamis Gold Ltd. + 23,212,604 287,400 Hecla Mining Co. + 1,899,714 150,000 Metallica Resources, Inc. (CAD) + 491,930 1,460,000 Metallica Resources, Inc. (CAD) + R 4,788,115 30,000 Metallica Resources, Inc. + 98,700 255,000 Metallica Resources, Inc. (CAD) Warrants (CAD 3.10, expiring 12/11/08) + R 314,424 180,000 Newmont Mining Corp. 9,340,200 109,100 Royal Gold, Inc. 3,948,329 ----------- 51,269,688 ----------- TOTAL COMMON STOCKS 93.0% (Cost: $126,514,942) 366,665,689 ----------- CORPORATE NOTES: (Cost: $3,000,000) SOUTH AFRICA 0.7% 3,000,000 Durban Roodeport Deep Ltd. (USD) 6.00% 11/12/06 Senior Convertible Note (144A) R 2,801,250 ----------- DATE OF INTEREST SHORT TERM OBLIGATIONS 6.1% MATURITY RATE - -------------------------------------------------------------------------------- Repurchase Agreement: Purchased on 3/31/06; maturity value 24,272,684 (with State Street Bank & Trust Co., collateralized by $25,425,000 Federal Home Loan Bank 3.75% due 8/15/08 with a value of $24,752,305) (Cost $24,265,000) 4/3/2006 3.75% 24,265,000 ----------- TOTAL INVESTMENTS 99.8% (Cost: $153,779,942) 393,731,939 Other assets less liabilities 0.2% 620,203 ----------- NET ASSETS 100.0% 394,352,142 ===========
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 $39,354,432, which represented 10.0% of net assets. R Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2006, these securities are considered liquid, unless otherwise noted, and the market value amounted to $49,644,893 or 12.6% of total net assets. Restricted securities held by the Fund are as follows:
ACQUISITION VALUE AS % OF SECURITY DATE ACQUISITION COST VALUE NET ASSETS - ------------------------------------------------------------------------------------------------------------------------------------ Aquiline Resources, Inc. 9/27/05 791,710 1,534,444 0.4% Aquiline Resources Inc. Warrants (a) 9/27/05 -- 124,996 0.0% Aurizon Mines Ltd. 3/27/02 1,529,444 7,077,536 1.8% Axmin Inc. 11/16/01 157,230 616,518 0.2% Bear Creek Mining Corp. 8/15/05 1,716,196 3,073,819 0.8% Bear Creek Mining Corp. Warrants (a) 8/15/05 -- 524,010 0.1% Claude Resources, Inc. 3/28/05 760,456 1,222,760 0.3% Cumberland Resources Ltd. 7/28/00 1,349,412 4,024,489 1.0% Durban Roodeport Deep Ltd. (USD) Note (a) 11/4/02 3,000,000 2,801,250 0.7% Eldorado Gold Corp. 2/5/02 475,113 8,692,897 2.2% Gabriel Resources Ltd. 3/17/05 930,608 1,198,784 0.3% Gabriel Resources Ltd. Warrants (a) 3/17/05 -- 215,781 0.1% Golden Star Resources Ltd. 7/18/02 29,780 75,832 0.0% Great Basin Gold Ltd. 5/28/02 293,351 667,894 0.2% Metallica Resources, Inc. 2/25/03 1,814,032 4,788,115 1.2% Metallica Resources, Inc. Warrants (a) 2/13/04 -- 314,424 0.1% Minefinders Corp. 3/20/02 652,585 3,467,911 0.9% New Gold Inc 10/21/03 1,316,193 2,276,191 0.6% Northern Orion Resources, Inc. 5/16/03 545,761 2,576,290 0.6% Northern Orion Resources, Inc. Warrants (a) 5/16/03 -- 1,583,423 0.4% Northgate Minerals Corp. 10/16/02 349,920 1,203,065 0.3% Northgate Minerals Corp. Warrants (a) 6/7/02 -- 59,225 0.0% Wolfden Resources, Inc. 9/18/03 1,308,684 1,525,239 0.4% -------------------------- $ 49,644,893 12.6% ==========================
(a) Illiquid security % of Net Summary of Investments by Industry Assets - ------------------------------------------------------------ Gold 85.3% Silver 6.4% Copper 1.2% Platinum 0.8% Short Term Investments 6.1% Other assets less liabilities 0.2% ----- 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. Securities traded on the NASDAQ Stock Market are valued at 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 Fund invests 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 Fund determines that such developments are so significant that they will materially affect the value of the Fund's securities, the Fund 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 Fund 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 Fund 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. Futures are valued using the closing price reported at the close of the respective exchange. 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: May 30, 2006 ------------------- 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: May 30, 2006 ------------------- By /s/ Bruce J. Smith, Chief Financial Officer, Van Eck Funds ---------------------------------------------------------- Date: May 30, 2006 ------------------ EX-99.CERT 2 c42738_ex99cert.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 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 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: May 30, 2006 ----------------- /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 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 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: May 30, 2006 ----------------- /s/ Bruce J. Smith, Chief Financial Officer, Van Eck Funds -----END PRIVACY-ENHANCED MESSAGE-----