N-Q 1 c63313_n-q.htm

 

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: 811-10325

 

 

VAN ECK FUNDS

(Exact name of registrant as specified in its charter)

(VAN ECK GLOBAL LOGO)

 

 

 

335 Madison Avenue - 19th Floor, New York, N.Y.

 

   10017

(Address of principal executive offices)

 

(Zip Code)


 

 

Bruce J. Smith

Chief Financial Officer

Van Eck Funds

335 Madison Avenue - 19th Floor

New York, N.Y. 10017

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: (212) 293-2000

 

 

 Date of fiscal year end:

  December 31

 Date of reporting period:

  September 30, 2010

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. Schedule of Investments.


 

EMERGING MARKETS FUND
 

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

 

 

 

 

 

 

 

 

Number
of Shares

 

 

 

Value

 
           

COMMON STOCKS: 90.7%

 

 

 

 

Brazil: 10.5%

 

 

 

 

 

234,000

 

BR Malls Participacoes S.A.

 

$

1,932,021

 

 

21,300

 

Cia Hering S.A.

 

 

926,273

 

 

116,000

 

Cielo S.A.

 

 

1,000,946

 

 

172,000

 

Diagnosticos da America S.A.

 

 

2,040,213

 

 

45,000

 

Drogasil S.A.

 

 

1,148,937

 

 

40,000

 

Hypermarcas S.A. *

 

 

613,711

 

 

49,000

 

Itau Unibanco Holding S.A. (ADR)

 

 

1,184,820

 

 

130,000

 

Localiza Rent a Car S.A.

 

 

2,166,667

 

 

33,000

 

Marisa Lojas S.A.

 

 

471,791

 

 

126,000

 

Rossi Residencial S.A.

 

 

1,184,787

 

 

 

 

 

 

      

 

 

 

 

 

 

12,670,166

 

 

 

 

 

 

      

China / Hong Kong: 24.3%

 

 

 

 

 

750,000

 

Angang New Steel Co. Ltd. #

 

 

1,196,293

 

 

44,000

 

AsiaInfo Holdings, Inc. (USD) *

 

 

868,120

 

 

1,270,000

 

China High Precision Automation Group Ltd. * #

 

 

821,166

 

 

1,550,000

 

China Minsheng Banking Corp. Ltd. #

 

 

1,384,910

 

 

2,200,000

 

China Qinfa Group Ltd. * #

 

 

876,191

 

 

2,202,000

 

EVA Precision Industrial Holdings Ltd. #

 

 

1,297,454

 

 

730,000

 

Fu Ji Food & Catering Services Holdings Ltd. * #

 

 

-

 

 

1,460,000

 

Fushan International Energy Group Ltd. #

 

 

986,699

 

 

1,000,000

 

GZI Transportation Ltd. #

 

 

536,020

 

 

42,000

 

Home Inns & Hotels Management, Inc. (ADR) *

 

 

2,076,480

 

 

45,000

 

Hong Kong Exchanges and Clearing Ltd. #

 

 

884,690

 

 

44,144

 

I.T Ltd. #

 

 

30,237

 

 

600,000

 

Jiangxi Copper Co. Ltd. (Class H) #

 

 

1,511,990

 

 

340,000

 

Lianhua Supermarket Holdings Co. Ltd. #

 

 

1,374,554

 

 

337,000

 

L’Occitane International S.A. *

 

 

938,180

 

 

1,480,000

 

Pacific Basin Shipping Ltd. #

 

 

1,065,340

 

 

3,300,000

 

PCD Stores Ltd. * #

 

 

1,038,084

 

 

1,400,000

 

Peace Mark Holdings Ltd. * #

 

 

-

 

 

365,000

 

Ports Design Ltd. #

 

 

1,005,579

 

 

4,758,831

 

Qin Jia Yuan Media Services Co. Ltd. #

 

 

820,642

 

 

6,360,000

 

Renhe Commercial Holdings Co. Ltd. #

 

 

1,188,077

 

 

9,620,000

 

REXLot Holdings Ltd. #

 

 

914,899

 

 

410,000

 

Shimao Property Holdings Ltd. #

 

 

678,966

 

 

2,095,000

 

SJM Holdings Ltd. #

 

 

2,394,775

 

 

2,090,000

 

Soho China Ltd. #

 

 

1,480,665

 

 

115,500

 

Tencent Holdings Ltd. #

 

 

2,515,676

 

 

140,300

 

Tian An China Investment Co. Ltd. #

 

 

95,084

 

 

101,000

 

Tsingtao Brewery Co. Ltd. #

 

 

582,008

 

 

370,000

 

Yanzhou Coal Mining Co. Ltd. #

 

 

902,301

 

 

 

 

 

 

      

 

 

 

 

 

 

29,465,080

 

 

 

 

 

 

      

Georgia: 0.7%

 

 

 

 

 

61,483

 

Bank of Georgia (GDR) * Reg S

 

 

857,688

 

 

 

 

 

 

      

India: 7.5%

 

 

 

 

 

182,000

 

Crompton Greaves Ltd. #

 

 

1,269,991

 

 

44,000

 

Financial Technologies India Ltd. #

 

 

1,127,499

 

 

45,000

 

Gujarat NRE Coke Ltd.

 

 

43,413

 

 

525,000

 

Gujarat NRE Coke Ltd. #

 

 

721,226

 

 

457,900

 

Hirco Plc (GBP) * #

 

 

605,244

 

 

52,000

 

Housing Development & Infrastructure Ltd. * #

 

 

299,853

 

 

170,000

 

Mundra Port & Special Economic Zone Ltd. #

 

 

633,945

 

 

297,000

 

Rolta India Ltd. #

 

 

1,070,741

 

 

99,885

 

Shriram Transport Finance Co. Ltd. #

 

 

1,724,487

 

 

75,000

 

Sintex Industries Ltd.

 

 

641,426

 

 

67,000

 

Tata Steel Ltd. #

 

 

974,137

 

 

 

 

 

 

      

 

 

 

 

 

 

9,111,962

 

 

 

 

 

 

      

Indonesia: 2.7%

 

 

 

 

 

4,930,000

 

Adaro Energy Tbk PT #

 

 

1,117,895

 

 

3,500,000

 

Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT *

 

 

611,765

 

 

3,104,500

 

Mitra Adiperkasa Tbk PT #

 

 

782,399

 

 

1,750,000

 

Perusahaan Gas Negara PT #

 

 

754,078

 

 

5,000

 

Sarana Menara Nusantara PT * #

 

 

4,143

 

 

 

 

 

 

      

 

 

 

 

 

 

3,270,280

 

 

 

 

 

 

      


 

EMERGING MARKETS FUND
 

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

 

 

 

 

 

 

 

 

Israel: 0.3%

 

 

 

 

 

68,000

 

Queenco Leisure International Ltd. (GDR) * § 144A

 

 

314,707

 

 

 

 

 

 

      

Kazakhstan: 2.6%

 

 

 

 

 

80,385

 

Chagala Group Ltd. (GDR) * §

 

 

289,386

 

 

45,000

 

Eurasian Natural Resources Corp. (GBP) #

 

 

650,170

 

 

88,000

 

Halyk Savings Bank of Kazakhstan (GDR) * # Reg S

 

 

755,192

 

 

197,400

 

Kazakhstan Kagazy Plc (GDR) * § 144A

 

 

29,610

 

 

165,000

 

Kazakhstan Kagazy Plc (GDR) * §

 

 

24,750

 

 

78,000

 

KazMunaiGas Exploration (GDR) # Reg S

 

 

1,382,310

 

 

 

 

 

 

      

 

 

 

 

 

 

3,131,418

 

 

 

 

 

 

      

Malaysia: 1.0%

 

 

 

 

 

860,000

 

AirAsia Bhd * #

 

 

626,498

 

 

526,700

 

CB Industrial Product Holding Bhd #

 

 

613,078

 

 

 

 

 

 

      

 

 

 

 

 

 

1,239,576

 

 

 

 

 

 

      

Mexico: 3.1%

 

 

 

 

 

144,000

 

Banco Compartamos, S.A. de C.V.

 

 

917,023

 

 

48,000

 

First Cash Financial Services, Inc. (USD) *

 

 

1,332,000

 

 

796,800

 

Genomma Lab Internacional, S.A. de C.V. *

 

 

1,530,161

 

 

 

 

 

 

      

 

 

 

 

 

 

3,779,184

 

 

 

 

 

 

      

Panama: 0.9%

 

 

 

 

 

21,200

 

Copa Holdings S.A. (Class A) (USD)

 

 

1,142,892

 

 

 

 

 

 

      

Philippines: 1.2%

 

 

 

 

 

3,700,000

 

Alliance Global Group, Inc. #

 

 

754,913

 

 

9,500,000

 

Megaworld Corp. #

 

 

479,223

 

 

5,720,000

 

Megaworld Corp. Warrants (PHP 1.00, expiring 12/14/14) *

 

 

164,229

 

 

 

 

 

 

      

 

 

 

 

 

 

1,398,365

 

 

 

 

 

 

      

Poland: 1.3%

 

 

 

 

 

375,000

 

International Personal Finance Plc (GBP) #

 

 

1,590,833

 

 

 

 

 

 

      

Russia: 6.0%

 

 

 

 

 

250,000

 

Aeroflot - Russian Airlines OJSC

 

 

542,511

 

 

104,000

 

Globaltrans Investment Plc (GDR) Reg S

 

 

1,578,378

 

 

27,000

 

Lukoil (ADR)

 

 

1,538,742

 

 

69,000

 

Novorossiysk Sea Trade Port (GDR) # Reg S

 

 

656,019

 

 

34,000

 

Pharmstandard (GDR) * # Reg S

 

 

751,720

 

 

304,600

 

Raven Russia Ltd. (GBP) #

 

 

241,704

 

 

410,000

 

Sberbank RF #

 

 

1,140,068

 

 

21,000

 

X5 Retail Group N.V. (GDR) * #

 

 

842,064

 

 

 

 

 

 

      

 

 

 

 

 

 

7,291,206

 

 

 

 

 

 

      

Singapore: 1.7%

 

 

 

 

 

1,090,000

 

CSE Global Ltd. #

 

 

887,051

 

 

782,727

 

Noble Group Ltd. #

 

 

1,124,904

 

 

 

 

 

 

      

 

 

 

 

 

 

2,011,955

 

 

 

 

 

 

      

South Africa: 3.7%

 

 

 

 

 

40,000

 

African Rainbow Minerals Ltd. #

 

 

961,632

 

 

27,000

 

Naspers Ltd. #

 

 

1,317,539

 

 

100,000

 

Spar Group Ltd. #

 

 

1,332,030

 

 

53,224

 

Standard Bank Group Ltd. #

 

 

844,836

 

 

 

 

 

 

      

 

 

 

 

 

 

4,456,037

 

 

 

 

 

 

      

South Korea: 10.9%

 

 

 

 

 

45,000

 

Celltrion, Inc. * #

 

 

882,942

 

 

98,250

 

Cheil Worldwide, Inc. #

 

 

1,169,730

 

 

10,500

 

Hyundai Department Store Co. Ltd. #

 

 

1,270,178

 

 

11,800

 

Hyundai Mobis Co. Ltd. #

 

 

2,659,698

 

 

4,910

 

Lotte Shopping Co. #

 

 

2,049,282

 

 

19,200

 

Samsung Card Co. #

 

 

966,615

 

 

2,100

 

Samsung Electronics Co. Ltd. #

 

 

1,430,120

 

 

3,300

 

Shinsegae Co. Ltd. #

 

 

1,741,932

 

 

44,500

 

Woongjin Thinkbig Co. Ltd. #

 

 

977,399

 

 

 

 

 

 

      


 

EMERGING MARKETS FUND
 

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,147,896

 

 

 

 

 

 

      

Taiwan: 5.6%

 

 

 

 

 

1,130,000

 

Alpha Networks, Inc. #

 

 

969,184

 

 

333,000

 

China Ecotek Corp. #

 

 

532,928

 

 

425,000

 

Chroma ATE, Inc. #

 

 

1,011,979

 

 

500,000

 

Faraday Technology Corp. #

 

 

964,703

 

 

38,400

 

Hon Hai Precision Industry Co. Ltd. #

 

 

144,015

 

 

340,000

 

President Chain Store Corp. #

 

 

1,465,053

 

 

306,000

 

Taiwan Hon Chuan Enterprise Co. Ltd. #

 

 

594,351

 

 

100,000

 

Young Fast Optoelectronics Co. Ltd. #

 

 

1,141,566

 

 

 

 

 

 

      

 

 

 

 

 

 

6,823,779

 

 

 

 

 

 

      

Thailand: 2.9%

 

 

 

 

 

175,000

 

Bangkok Bank PCL #

 

 

898,845

 

 

35,000

 

Banpu PCL #

 

 

825,778

 

 

1,370,000

 

Tisco Financial Group PCL #

 

 

1,750,445

 

 

 

 

 

 

      

 

 

 

 

 

 

3,475,068

 

 

 

 

 

 

      

Turkey: 2.2%

 

 

 

 

 

627,976

 

Sinpas Gayrimenkul Yatirim Ortakligi A.S. * #

 

 

853,785

 

 

220,000

 

Turk Hava Yollari * #

 

 

898,496

 

 

105,000

 

Turkiye Halk Bankasi A.S. #

 

 

968,915

 

 

 

 

 

 

      

 

 

 

 

 

 

2,721,196

 

 

 

 

 

 

      

United Arab Emirates: 0.5%

 

 

 

 

 

155,000

 

First Gulf Bank PJSC #

 

 

632,675

 

 

 

 

 

 

      

United Kingdom: 1.0%

 

 

 

 

 

40,000

 

Standard Chartered Plc #

 

 

1,148,580

 

 

 

 

 

 

      

Zimbabwe: 0.1%

 

 

 

 

 

750,000

 

Commercial Bank of Zimbabwe (USD) *

 

 

97,500

 

 

 

 

 

 

      

Total Common Stocks
(Cost: $88,837,349)

 

 

109,778,043

 

 

 

      

PREFERRED STOCKS: 4.9%

 

 

 

 

Brazil: 4.9%

 

 

 

 

 

97,000

 

Anhanguera Educacional Participacoes S.A.

 

 

1,719,858

 

 

134,000

 

Banco ABC Brasil S.A. *

 

 

1,275,059

 

 

108,988

 

Vale S.A. *

 

 

2,986,220

 

 

 

 

 

 

      

Total Preferred Stocks
(Cost: $3,441,525)

 

 

5,981,137

 

 

 

      

MONEY MARKET FUND: 2.5%

 

 

 

 

(Cost: $3,030,549)

 

 

 

 

 

3,030,549

 

AIM Treasury Portfolio - Institutional Class

 

 

3,030,549

 

 

 

 

 

 

      

 

 

 

 

 

Total Investments: 98.1%
(Cost: $95,309,423)

 

 

118,789,729

 

Other assets less liabilities: 1.9%

 

 

2,251,466

 

 

 

      

NET ASSETS: 100.0%

 

$

121,041,195

 

 

 

      

 

 

ADR

American Depositary Receipt

GBP

British Pound

GDR

Global Depositary Receipt

PHP

Philippine Peso

USD

United States Dollar

 

 

*

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 $81,568,916 which represents 67.4% of net assets.

§

Illiquid Security — the aggregate value of illiquid securities is $658,453 which represents 0.5% of net assets.

Reg S

Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

144A

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, unless otherwise noted, and the value amounted to $344,317, or 0.3% of net assets.

Restricted securities held by the Fund as of September 30, 2010 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Security

 

Acquisition
Date

 

Number of
Shares

 

Acquisition Cost

 

Value

 

% of
Net Assets

 

 

  

 

  

 

  

 

  

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

Kazakhstan Kagazy Plc (GDR) 144A §

 

 

07/19/2007

 

 

197,400

 

$

987,000

 

$

29,610

 

 

0.0

%

Queenco Leisure International Ltd. (GDR) 144A §

 

 

07/06/2007

 

 

68,000

 

 

1,297,605

 

 

314,707

 

 

0.3

 

 

 

 

 

 

 

 

 

    

 

    

 

    

 

 

 

 

 

 

 

 

 

$

2,284,605

 

$

344,317

 

 

0.3

%

 

 

 

 

 

 

 

 

    

 

    

 

    

 


 

EMERGING MARKETS FUND

 

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)


 

 

 

 

 

 

 

 

 

Summary of Investments
by Sector (unaudited)

 

 

% of
Investments

 

Value

 
 

 

 

  

 

  

 

 

 

 

 

 

 

 

 

Basic Materials

 

7.8

%

 

$

9,210,993

 

 

 

 

 

 

 

 

 

Communications

 

7.3

 

 

 

8,638,290

 

 

 

 

 

 

 

 

 

Consumer, Cyclical

 

21.1

 

 

 

25,122,087

 

 

 

 

 

 

 

 

 

Consumer, Non-cyclical

 

14.3

 

 

 

16,945,018

 

 

 

 

 

 

 

 

 

Diversified

 

2.1

 

 

 

2,521,244

 

 

 

 

 

 

 

 

 

Energy

 

6.3

 

 

 

7,518,364

 

 

 

 

 

 

 

 

 

Financial

 

24.3

 

 

 

28,838,584

 

 

 

 

 

 

 

 

 

Industrial

 

9.0

 

 

 

10,730,408

 

 

 

 

 

 

 

 

 

Technology

 

4.6

 

 

 

5,480,114

 

 

 

 

 

 

 

 

 

Utilities

 

0.6

 

 

 

754,078

 

 

 

 

 

 

 

 

 

Money Market Fund

 

2.6

 

 

 

3,030,549

 

 

 

    

 

    

 

 

 

 

 

 

 

 

 

 

 

100.0

%

 

$

118,789,729

 

 

 

    

 

    

 

The aggregate cost of investments owned for Federal income tax purposes is $96,429,374 and unrealized appreciation (depreciation) on such investments is:

 

 

 

 

 

Gross Unrealized Appreciation

 

$

32,394,168

 

 

 

 

 

 

Gross Unrealized Depreciation

 

 

(10,033,813

)

 

 

    

 

 

 

 

 

 

Net Unrealized Appreciation

 

$

22,360,355

 

 

 

    

 

The Fund had the following open forward foreign currency contracts as of September 30, 2010:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts
to Deliver

 

In Exchange for

 

Maturity
Dates

 

Unrealized
Appreciation /
(Depreciation)

 
 

 

  

 

  

 

  

 

    

  HKD

 

627,076  

 

  USD

 

80,811  

 

10/04/10  

 

$

(9

)

 

 

 

 

 

 

 

 

 

 

 

 

 

  HKD

 

659,743  

 

  USD

 

84,969  

 

10/05/10  

 

 

(62

)

 

 

 

 

 

 

 

 

 

 

      

Net unrealized depreciation on forward foreign currency contracts

 

 

 

$

(71

)

 

 

 

 

      

 

 

Currency type abbreviations:

HKD

Hong Kong Dollar

USD

United States Dollar



 

EMERGING MARKETS FUND
 

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

The summary of inputs used to value the Fund’s investments as of September 30, 2010 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1
Quoted
Prices

 

Level 2
Significant
Observable
Inputs

 

Level 3
Significant
Unobservable
Inputs

 

Value

 

 

 

  

 

  

 

  

 

  

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brazil

 

$

12,670,166

 

$

—

 

$

—

 

$

12,670,166

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

China / Hong Kong

 

 

3,882,780

 

 

25,582,300

 

 

—

 

 

29,465,080

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Georgia

 

 

857,688

 

 

—

 

 

—

 

 

857,688

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

India

 

 

684,839

 

 

8,427,123

 

 

—

 

 

9,111,962

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Indonesia

 

 

611,765

 

 

2,658,515

 

 

—

 

 

3,270,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Israel

 

 

314,707

 

 

—

 

 

—

 

 

314,707

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kazakhstan

 

 

343,746

 

 

2,787,672

 

 

—

 

 

3,131,418

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Malaysia

 

 

—

 

 

1,239,576

 

 

—

 

 

1,239,576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mexico

 

 

3,779,184

 

 

—

 

 

—

 

 

3,779,184

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Panama

 

 

1,142,892

 

 

—

 

 

—

 

 

1,142,892

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Philippines

 

 

164,229

 

 

1,234,136

 

 

—

 

 

1,398,365

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Poland

 

 

—

 

 

1,590,833

 

 

—

 

 

1,590,833

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Russia

 

 

3,659,631

 

 

3,631,575

 

 

—

 

 

7,291,206

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Singapore

 

 

—

 

 

2,011,955

 

 

—

 

 

2,011,955

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

South Africa

 

 

—

 

 

4,456,037

 

 

—

 

 

4,456,037

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

South Korea

 

 

—

 

 

13,147,896

 

 

—

 

 

13,147,896

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taiwan

 

 

—

 

 

6,823,779

 

 

—

 

 

6,823,779

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thailand

 

 

—

 

 

3,475,068

 

 

—

 

 

3,475,068

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Turkey

 

 

—

 

 

2,721,196

 

 

—

 

 

2,721,196

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Arab Emirates

 

 

—

 

 

632,675

 

 

—

 

 

632,675

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Kingdom

 

 

—

 

 

1,148,580

 

 

—

 

 

1,148,580

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Zimbabwe

 

 

97,500

 

 

—

 

 

—

 

 

97,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brazil

 

 

5,981,137

 

 

—

 

 

—

 

 

5,981,137

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Fund

 

 

3,030,549

 

 

—

 

 

—

 

 

3,030,549

 

 

 

    

 

    

 

    

 

    

 

Total

 

$

37,220,813

 

$

81,568,916

 

$

—

 

$

118,789,729

 

 

 

    

 

    

 

    

 

    

 

Other Financial Instruments *

 

$

—

 

$

(71

)

$

—

 

$

(71

)

 

 

    

 

    

 

    

 

    

 

* Other financial instruments include forward foreign currency contracts.

See Note to Schedules of Investments


 

GLOBAL HARD ASSETS FUND
 

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

 

 

 

 

 

 

 

 

Number
of Shares

 

 

 

Value

 
           

COMMON STOCKS: 94.0%

 

 

 

 

Brazil: 0.0%

 

 

 

 

 

707,700

 

Brazilian Resources, Inc. (CAD) * #

 

$

84,877

 

 

 

 

 

 

      

Canada: 13.7%

 

 

 

 

 

965,600

 

Agnico-Eagle Mines Ltd. (USD)

 

 

68,586,568

 

 

666,000

 

First Quantum Minerals Ltd.

 

 

50,650,695

 

 

1,457,100

 

Goldcorp, Inc. (USD)

 

 

63,412,992

 

 

4,387,200

 

IAMGOLD Corp. (USD)

 

 

77,697,312

 

 

2,952,725

 

Kinross Gold Corp.

 

 

55,386,903

 

 

182,677

 

Kinross Gold Corp. Warrants (CAD 21.30, expiring 09/17/14) *

 

 

781,202

 

 

4,786,200

 

Osisko Mining Corp. *

 

 

68,148,343

 

 

1,383,100

 

Pacific Rubiales Energy Corp. *

 

 

38,889,186

 

 

585,700

 

Teck Cominco Ltd. (USD)

 

 

24,107,412

 

 

 

 

 

 

      

 

 

 

 

 

 

447,660,613

 

 

 

 

 

 

      

Chile: 0.3%

 

 

 

 

 

617,000

 

Antofagasta Plc (GBP)

 

 

11,979,867

 

 

 

 

 

 

      

Kazakhstan: 0.5%

 

 

 

 

 

927,000

 

KazMunaiGas Exploration (GDR) # Reg S

 

 

16,428,220

 

 

 

 

 

 

      

Kuwait: 0.4%

 

 

 

 

 

14,368,991

 

Kuwait Energy Co. K.S.C.C. * # § Ø

 

 

12,683,863

 

 

 

 

 

 

      

Norway: 1.8%

 

 

 

 

 

2,003,400

 

SeaDrill Ltd. #

 

 

58,217,252

 

 

 

 

 

 

      

United Kingdom: 8.7%

 

 

 

 

 

10,304,300

 

Afren Plc * #

 

 

17,931,097

 

 

435,000

 

African Minerals Ltd. * # Ø

 

 

2,701,775

 

 

1,893,800

 

African Minerals Ltd. * #

 

 

11,762,350

 

 

2,046,700

 

BHP Billiton Plc #

 

 

65,274,291

 

 

3,506,700

 

Heritage Oil Ltd. * #

 

 

16,371,267

 

 

582,026

 

Randgold Resources Ltd. (ADR)

 

 

59,052,358

 

 

873,528

 

Vedanta Resources Plc #

 

 

29,734,908

 

 

4,279,800

 

Xstrata Plc #

 

 

81,980,886

 

 

 

 

 

 

      

 

 

 

 

 

 

284,808,932

 

 

 

 

 

 

      

United States: 68.6%

 

 

 

 

 

1,961,900

 

Alpha Natural Resources, Inc. *

 

 

80,732,185

 

 

2,014,000

 

Anadarko Petroleum Corp.

 

 

114,898,700

 

 

482,500

 

Apache Corp.

 

 

47,169,200

 

 

1,957,800

 

Berry Petroleum Co.

 

 

62,120,994

 

 

3,925,400

 

Brigham Exploration Co. *

 

 

73,601,250

 

 

2,183,600

 

Cabot Oil & Gas Corp.

 

 

65,748,196

 

 

2,370,600

 

Cameron International Corp. *

 

 

101,840,976

 

 

884,800

 

Cimarex Energy Co.

 

 

58,556,064

 

 

778,150

 

Concho Resources, Inc. *

 

 

51,490,186

 

 

1,972,200

 

Consol Energy, Inc.

 

 

72,892,512

 

 

984,400

 

Dril-Quip, Inc. *

 

 

61,141,084

 

 

4,980,100

 

Far East Energy Corp. *

 

 

2,689,254

 

 

996,020

 

Far East Energy Corp. Warrants (USD 1.25, expiring 12/28/14) * # §

 

 

423,408

 

 

1,323,100

 

Freeport-McMoRan Copper & Gold, Inc.

 

 

112,979,509

 

 

2,075,600

 

General Maritime Corp.

 

 

10,191,196

 

 

397,600

 

Green Plains Renewable Energy, Inc. *

 

 

4,814,936

 

 

4,562,900

 

Halliburton Co.

 

 

150,895,103

 

 

1,157,300

 

Holly Corp.

 

 

33,272,375

 

 

3,443,800

 

Key Energy Services, Inc. *

 

 

32,750,538

 

 

3,847,400

 

Louisiana-Pacific Corp. *

 

 

29,124,818

 

 

2,169,800

 

Massey Energy Co.

 

 

67,307,196

 

 

563,800

 

Murphy Oil Corp.

 

 

34,910,496

 

 

385,998

 

MYR Group, Inc. *

 

 

6,326,507

 

 

1,620,500

 

Nabors Industries Ltd. *

 

 

29,266,230

 

 

2,082,075

 

Newfield Exploration Co. *

 

 

119,594,388

 

 

701,200

 

Noble Energy, Inc.

 

 

52,653,108

 

 

1,234,200

 

NRG Energy, Inc. *

 

 

25,696,044

 

 

797,000

 

Occidental Petroleum Corp.

 

 

62,405,100

 

 

754,600

 

Peabody Energy Corp.

 

 

36,982,946

 

 

4,118,000

 

Petrohawk Energy Corp. *

 

 

66,464,520

 


 

GLOBAL HARD ASSETS FUND

 

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)


 

 

 

 

 

 

 

 

 

1,362,600

 

Pioneer Natural Resources Co.

 

 

88,609,878

 

 

2,459,400

 

QEP Resources, Inc.

 

 

74,126,316

 

 

1,972,700

 

Quicksilver Resources, Inc. *

 

 

24,856,020

 

 

1,774,700

 

Schlumberger Ltd.

 

 

109,339,267

 

 

2,062,600

 

Steel Dynamics, Inc.

 

 

29,103,286

 

 

1,114,600

 

Terex Corp. *

 

 

25,546,632

 

 

415,700

 

Walter Energy, Inc.

 

 

33,792,253

 

 

5,819,000

 

Weatherford International Ltd. *

 

 

99,504,900

 

 

924,400

 

Whiting Petroleum Corp. *

 

 

88,289,444

 

 

 

 

 

 

      

 

 

 

 

 

 

2,242,107,015

 

 

 

 

 

 

      

Total Common Stocks
(Cost: $2,610,458,096)

 

 

3,073,970,639

 

 

 

 

 

 

      

EXCHANGE TRADED FUND: 2.0%

 

 

 

 

(Cost: $61,410,007)

 

 

 

 

 

509,200

 

SPDR Gold Trust *

 

 

65,131,772

 

 

 

 

 

 

      

MONEY MARKET FUND: 3.6%

 

 

 

 

(Cost: $116,278,723)

 

 

 

 

 

116,278,723

 

AIM Treasury Portfolio - Institutional Class

 

 

116,278,723

 

 

 

 

 

 

      

Total Investments: 99.6%
(Cost: $2,788,146,826)

 

 

3,255,381,134

 

Other assets less liabilities: 0.4%

 

 

14,282,138

 

 

 

 

 

 

      

NET ASSETS: 100.0%

 

$

3,269,663,272

 

 

 

      

 

 

ADR

American Depositary Receipt

CAD

Canadian Dollar

GBP

British Pound

GDR

Global Depositary Receipt

USD

United States Dollar

 

 

*

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 $313,594,194 which represents 9.6% of net assets.

§

Illiquid Security — the aggregate value of illiquid securities is $13,107,271 which represents 0.4% of net assets.

Reg S

Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Ø

Restricted Security – the aggregate value of restricted securities is $15,385,638, or 0.5% of net assets.

 

 

Restricted securities held by the Fund as of September 30, 2010 are as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Security

 

 

Acquisition
Date

 

Number of
Shares

 

Acquisition Cost

 

Value

 

% of
Net Assets

 
 

 

 

  

 

  

 

  

 

  

 

    

African Minerals Ltd.

 

01/21/2010

 

435,000

 

$

2,833,678

 

$

2,701,775

 

0.1

%

Kuwait Energy Co. K.S.C.C. §

 

08/06/2008

 

14,368,991

 

 

10,862,672

 

 

12,683,863

 

0.4

 

 

 

 

 

 

 

    

 

    

 

    

 

 

 

 

 

 

$

13,696,350

 

$

15,385,638

 

0.5

%

 

 

 

 

 

 

    

 

    

 

    

 

 

 

 

 

 

 

 

 

Summary of Investments
by Sector (unaudited)

 

 

% of
Investments

 

Value

 
 

 

 

  

 

  

 

 

 

 

 

 

 

 

Basic Industry

 

0.2

%

 

$

6,326,507

 

 

 

 

 

 

 

 

 

Capital Goods

 

0.8

 

 

 

25,546,632

 

 

 

 

 

 

 

 

 

Energy

 

67.5

 

 

 

2,199,632,025

 

 

 

 

 

 

 

 

 

Industrial Metals

 

12.9

 

 

 

420,274,979

 

 

 

 

 

 

 

 

 

Paper And Forest

 

0.9

 

 

 

29,124,818

 

 

 

 

 

 

 

 

 

Precious Metals

 

12.1

 

 

 

393,065,678

 

 

 

 

 

 

 

 

 

Exchange Traded Fund

 

2.0

 

 

 

65,131,772

 

 

 

 

 

 

 

 

 

Money Market Fund

 

3.6

 

 

 

116,278,723

 

 

 

    

 

    

 

 

 

 

 

 

 

 

 

 

 

100.0

%

 

$

3,255,381,134

 

 

 

    

 

    

 

The aggregate cost of investments owned for Federal income tax purposes is $2,805,051,175 and unrealized appreciation (depreciation) on such investments is:

 

 

 

 

 

Gross Unrealized Appreciation

 

$

563,617,534

 

 

 

 

 

 

Gross Unrealized Depreciation

 

 

(113,287,575

)

 

 

      

 

 

 

 

 

Net Unrealized Appreciation

 

$

450,329,959

 

 

 

      


 

GLOBAL HARD ASSETS FUND

 

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

The Fund had the following open forward foreign currency contracts as of September 30, 2010:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts
to Deliver

 

In Exchange for

 

Maturity
Dates

 

Unrealized
Appreciation /
(Depreciation)
 

 

  

 

  

 

    

  GBP

 

7,923,332  

 

  USD

 

12,495,095  

 

10/01/10

 

 

$

48,337

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  GBP

 

7,771,086  

 

  USD

 

12,248,786  

 

10/04/10

 

 

 

41,191

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  GBP

 

12,579,939  

 

  USD

 

19,735,408  

 

10/05/10

 

 

 

(26,410

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  USD

 

1,676,276  

 

  GBP

 

1,062,953  

 

10/01/10

 

 

 

(6,485

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  USD

 

12,131,654  

 

  GBP

 

7,733,079  

 

10/05/10

 

 

 

16,235

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  USD

 

1,397,911  

 

  NOK

 

8,174,703  

 

10/01/10

 

 

 

(7,927

)

 

 

 

 

 

 

 

 

 

 

 

      

Net unrealized appreciation on forward foreign currency contracts

 

 

 

 

$

64,941

 

 

 

 

 

 

      

 

 

Currency type abbreviations:

 

GBP

British Pound

 

 

NOK

Norwegian Kroner

 

 

USD

United States Dollar

The summary of inputs used to value the Fund’s investments as of September 30, 2010 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1
Quoted
Prices

 

Level 2
Significant
Observable
Inputs

 

Level 3
Significant
Unobservable
Inputs

 

Value

 

 

 

  

 

  

 

  

 

  

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brazil

 

$

—

 

$

—

 

$

84,877

 

$

84,877

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Canada

 

 

447,660,613

 

 

—

 

 

—

 

 

447,660,613

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chile

 

 

11,979,867

 

 

—

 

 

—

 

 

11,979,867

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kazakhstan

 

 

—

 

 

16,428,220

 

 

—

 

 

16,428,220

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kuwait

 

 

—

 

 

—

 

 

12,683,863

 

 

12,683,863

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Norway

 

 

—

 

 

58,217,252

 

 

—

 

 

58,217,252

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Kingdom

 

 

59,052,358

 

 

225,756,574

 

 

—

 

 

284,808,932

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

 

2,241,683,607

 

 

423,408

 

 

—

 

 

2,242,107,015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange Traded Fund

 

 

65,131,772

 

 

—

 

 

—

 

 

65,131,772

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Fund

 

 

116,278,723

 

 

—

 

 

—

 

 

116,278,723

 

 

 

    

 

    

 

    

 

    

 

Total

 

$

2,941,786,940

 

$

300,825,454

 

$

12,768,740

 

$

3,255,381,134

 

 

 

    

 

    

 

    

 

    

 

Other Financial Instruments *

 

$

—

 

$

64,941

 

$

—

 

$

64,941

 

 

 

    

 

    

 

    

 

    

 

* Other financial instruments include forward foreign currency contracts.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2010:

 

 

 

 

 

Balance as of 12/31/09

 

$

12,940,445

 

 

 

 

 

 

Realized gain (loss)

 

 

405,900

 

 

 

 

 

 

Change in unrealized appreciation (depreciation)

 

 

4,256,295

 

 

 

 

 

 

Net purchases (sales)

 

 

(4,833,900

)

 

 

 

 

 

Transfers in and/or out of level 3

 

 

-

 

 

 

      

Balance as of 9/30/10

 

$

12,768,740

 

 

 

      

See Note to Schedules of Investments


 

INTERNATIONAL INVESTORS GOLD FUND

 

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)


 

 

 

 

 

 

 

 

Number
of Shares

 

 

 

Value

 
           

COMMON STOCKS: 94.6%

 

 

 

 

Australia: 7.6%

 

 

 

 

 

3,412,100

 

Andean Resources Ltd. * #

 

$

20,844,667

 

 

5,084,210

 

Catalpa Resources Ltd. * #

 

 

9,906,221

 

 

1,320,146

 

Eldorado Gold Corp. #

 

 

24,552,118

 

 

3,361,118

 

Gryphon Minerals Ltd. * #

 

 

4,738,250

 

 

1,000,725

 

Newcrest Mining Ltd. #

 

 

38,299,745

 

 

5,721,260

 

Perseus Mining Ltd. * #

 

 

16,006,967

 

 

 

 

 

 

      

 

 

 

 

 

 

114,347,968

 

 

 

 

 

 

      

Canada: 66.4%

 

 

 

 

 

310,440

 

Agnico-Eagle Mines Ltd.

 

 

22,070,839

 

 

1,278,333

 

Agnico-Eagle Mines Ltd. (USD)

 

 

90,799,993

 

 

800,000

 

Alamos Gold, Inc.

 

 

13,637,866

 

 

1,510,000

 

Amarillo Gold Corp. *

 

 

1,218,097

 

 

3,000,000

 

Andina Minerals, Inc. *

 

 

4,227,816

 

 

1,440,000

 

Argonaut Gold Ltd. * ø

 

 

5,038,390

 

 

720,000

 

Argonaut Gold Ltd. Warrants (CAD 4.50, expiring 12/29/12) ø

 

 

426,864

 

 

3,050,000

 

Aurizon Mines Ltd. *

 

 

21,046,749

 

 

390,000

 

Aurizon Mines Ltd. (USD) *

 

 

2,706,600

 

 

1,307,000

 

Barrick Gold Corp. (USD)

 

 

60,501,030

 

 

1,999,000

 

Bear Creek Mining Corp. *

 

 

11,793,109

 

 

948,000

 

Bear Creek Mining Corp. * ø

 

 

5,592,730

 

 

650,000

 

Canaco Resources, Inc. *

 

 

2,173,195

 

 

412,500

 

Corvus Gold, Inc. *

 

 

340,777

 

 

1,839,000

 

Eastmain Resources, Inc. * ø

 

 

3,002,741

 

 

560,000

 

Eastmain Resources, Inc. *

 

 

914,375

 

 

382,000

 

Eldorado Gold Corp. (USD)

 

 

7,063,180

 

 

10,000

 

Eldorado Gold Corp.

 

 

184,858

 

 

2,563,900

 

European Goldfields Ltd. *

 

 

27,161,541

 

 

1,625,000

 

Fortuna Silver Mines, Inc. *

 

 

5,053,941

 

 

15,000

 

Franco-Nevada Corp.

 

 

471,912

 

 

570,000

 

Franco-Nevada Corp. 144A

 

 

17,932,647

 

 

159,030

 

Gold Wheaton Corp. Warrants (CAD 10.00, expiring 07/08/13) * ø

 

 

42,505

 

 

437,500

 

Goldcorp, Inc.

 

 

19,006,949

 

 

1,510,897

 

Goldcorp, Inc. (USD)

 

 

65,754,237

 

 

17,500

 

Goldcorp, Inc. Warrants (CAD 45.75, expiring 06/09/11) *

 

 

88,444

 

 

2,845,000

 

Great Basin Gold Ltd. *

 

 

6,912,722

 

 

300,000

 

Great Basin Gold Ltd. * ø

 

 

728,934

 

 

850,000

 

Great Basin Gold Ltd. (USD) *

 

 

2,082,500

 

 

1,000,000

 

Great Basin Gold Ltd. Warrants (CAD 1.60, expiring 10/15/10) *

 

 

855,282

 

 

2,421,000

 

Guyana Goldfields, Inc. *

 

 

24,565,303

 

 

802,800

 

IAMGOLD Corp.

 

 

14,216,169

 

 

3,407,200

 

IAMGOLD Corp. (USD)

 

 

60,341,512

 

 

825,000

 

International Tower Hill Ltd. *

 

 

5,171,785

 

 

1,131,000

 

Keegan Resources, Inc. *

 

 

8,606,988

 

 

6,095,028

 

Kinross Gold Corp.

 

 

114,329,902

 

 

222,350

 

Kinross Gold Corp. ø

 

 

4,170,818

 

 

970,338

 

Kinross Gold Corp. (USD)

 

 

18,232,651

 

 

156,618

 

Kinross Gold Corp. Warrants (CAD 32.00, expiring 09/03/13) *

 

 

433,824

 

 

354,041

 

Kinross Gold Corp. Warrants (CAD 21.30, expiring 09/17/14) *

 

 

1,514,025

 

 

1,020,000

 

Mansfield Minerals, Inc. Warrants (CAD 1.80, expiring 05/18/12) * # ø

 

 

620,585

 

 

2,040,000

 

Mansfield Minerals, Inc. * ø

 

 

3,311,109

 

 

1,266,666

 

Medoro Resources Ltd. *

 

 

2,326,756

 

 

1,031,500

 

Minco Silver Corp. *

 

 

3,879,779

 

 

855,170

 

New Gold, Inc. *

 

 

5,734,933

 

 

3,382,630

 

New Gold, Inc. (USD) *

 

 

22,765,100

 

 

1,026,170

 

New Gold, Inc. (USD) * ø

 

 

6,906,124

 

 

1,130,850

 

New Gold, Inc. Warrants (CAD 15.00, expiring 04/03/12) * ø

 

 

49,459

 

 

770,000

 

Northgate Minerals Corp. *

 

 

2,327,437

 

 

666,666

 

Northgate Minerals Corp. * ø

 

 

2,015,095

 

 

4,785,000

 

Northgate Minerals Corp. (USD) *

 

 

14,498,550

 

 

3,356,875

 

Orezone Gold Corp. *

 

 

4,828,628

 

 

3,596,900

 

Osisko Mining Corp. *

 

 

51,214,491

 

 

1,093,333

 

Osisko Mining Corp. * 144A

 

 

15,567,430

 


 

INTERNATIONAL INVESTORS GOLD FUND

 

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)


 

 

 

 

 

 

 

 

 

602,124

 

Pan American Silver Corp.

 

 

17,749,461

 

 

747,000

 

Pan American Silver Corp. (USD)

 

 

22,103,730

 

 

103,000

 

Pan American Silver Corp. Warrants (CAD 35.00, expiring 12/31/14) * #

 

 

606,247

 

 

855,000

 

Pediment Gold Corp. * ø

 

 

1,346,195

 

 

640,000

 

Pediment Gold Corp. *

 

 

1,007,678

 

 

764,500

 

Premier Gold Mines Ltd. *

 

 

4,212,960

 

 

1,470,000

 

Rainy River Resources Ltd. *

 

 

12,215,473

 

 

2,400,000

 

Rubicon Minerals Corp. *

 

 

9,866,848

 

 

5,684,000

 

San Gold Corp. *

 

 

18,064,613

 

 

2,526,375

 

Silver Wheaton Corp. (USD) *

 

 

67,319,882

 

 

18,611

 

Silver Wheaton Corp. Warrants (CAD 20.00, expiring 09/05/13) *

 

 

236,732

 

 

3,035,000

 

Silvercorp Metals, Inc.

 

 

24,954,903

 

 

7,231,000

 

Torex Gold Resources, Inc. *

 

 

9,839,051

 

 

736,000

 

Ventana Gold Corp. *

 

 

7,475,168

 

 

3,635,000

 

Volta Resources, Inc. *

 

 

6,288,561

 

 

180,597

 

Yamana Gold, Inc. (USD)

 

 

2,058,806

 

 

1,188,981

 

Yamana Gold, Inc.

 

 

13,555,007

 

 

 

 

 

 

      

 

 

 

 

 

 

1,005,360,591

 

 

 

 

 

 

      

Mexico: 0.9%

 

 

 

 

 

724,000

 

Fresnillo Plc (GBP) #

 

 

14,119,035

 

 

 

 

 

 

      

South Africa: 3.1%

 

 

 

 

 

1,019,000

 

AngloGold Ashanti Ltd. (ADR)

 

 

47,118,560

 

 

 

 

 

 

      

United Kingdom: 8.2%

 

 

 

 

 

3,252,000

 

African Barrick Gold Ltd. #

 

 

30,213,575

 

 

930,000

 

Randgold Resources Ltd. (ADR)

 

 

94,357,800

 

 

 

 

 

 

      

 

 

 

 

 

 

124,571,375

 

 

 

 

 

 

      

United States: 8.4%

 

 

 

 

 

652,000

 

Allied Nevada Gold Corp. *

 

 

17,278,000

 

 

2,470,250

 

Capital Gold Corp. * Ώ

 

 

11,931,308

 

 

997,000

 

Newmont Mining Corp.

 

 

62,621,570

 

 

432,100

 

Royal Gold, Inc.

 

 

21,535,864

 

 

1,500,000

 

Tahoe Resources, Inc. (CAD) *

 

 

13,354,067

 

 

 

 

 

 

      

 

 

 

 

 

 

126,720,809

 

 

 

 

 

 

      

Total Common Stocks

 

 

 

 

(Cost: $698,104,360)

 

 

1,432,238,338

 

 

 

      

EXCHANGE TRADED FUND: 1.2%

 

 

 

 

(Cost: $11,738,895)

 

 

 

 

 

139,000

 

SPDR Gold Trust *

 

 

17,779,490

 

 

 

 

 

 

      

MONEY MARKET FUND: 4.1%

 

 

 

 

(Cost: $62,004,594)

 

 

 

 

 

62,004,594

 

AIM Treasury Portfolio - Institutional Class

 

 

62,004,594

 

 

 

 

 

 

      

Total Investments: 99.9%

 

 

 

 

(Cost: $771,847,849)

 

 

1,512,022,422

 

Other assets less liabilities: 0.1%

 

 

1,944,200

 

 

 

      

NET ASSETS: 100.0%

 

$

1,513,966,622

 

 

 

      

 

 

ADR

American Depositary Receipt

CAD

Canadian Dollar

GBP

British Pound

USD

United States Dollar

 

 

Ώ

Affiliated issuer – as defined under the Investment Company Act of 1940.

*

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 $159,907,410 which represents 10.6% of net assets.

144A

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, unless otherwise noted, and the value amounted to $33,500,077, or 2.2% of net assets.

Ø

Restricted Security – the aggregate value of restricted securities is $33,251,549 which represents 2.2% of net assets.



 

INTERNATIONAL INVESTORS GOLD FUND

 

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

Restricted securities held by the Fund as of September 30, 2010 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Security

 

Acquisition
Date

 

Number of
Shares

 

Acquisition Cost

 

Value

 

% of
Net Assets

 
 

 

  

 

  

 

  

 

  

 

  

 

Argonaut Gold Ltd.

 

 

11/13/2009

 

 

1,440,000

 

$

4,090,715

 

$

5,038,390

 

 

0.3

%

 

Argonaut Gold Ltd. Warrants

 

 

11/13/2009

 

 

720,000

 

 

-

 

 

426,864

 

 

0.0

 

 

Bear Creek Mining Corp.

 

 

08/15/2005

 

 

948,000

 

 

2,865,287

 

 

5,592,730

 

 

0.4

 

 

Eastmain Resources, Inc.

 

 

06/13/2008

 

 

1,839,000

 

 

2,503,501

 

 

3,002,741

 

 

0.2

 

 

Gold Wheaton Corp. Warrants

 

 

06/19/2008

 

 

159,030

 

 

-

 

 

42,505

 

 

0.0

 

 

Great Basin Gold Ltd.

 

 

05/28/2002

 

 

300,000

 

 

293,351

 

 

728,934

 

 

0.1

 

 

Kinross Gold Corp.

 

 

10/22/2007

 

 

222,350

 

 

983,691

 

 

4,170,818

 

 

0.3

 

 

Mansfield Minerals, Inc.

 

 

05/04/2010

 

 

2,040,000

 

 

2,422,563

 

 

3,311,109

 

 

0.2

 

 

Mansfield Minerals, Inc. Warrants

 

 

05/04/2010

 

 

1,020,000

 

 

605,641

 

 

620,585

 

 

0.0

 

 

New Gold, Inc.

 

 

03/09/2007

 

 

1,026,170

 

 

2,350,456

 

 

6,906,124

 

 

0.5

 

 

New Gold, Inc. Warrants

 

 

09/09/2007

 

 

1,130,850

 

 

-

 

 

49,459

 

 

0.0

 

 

Northgate Minerals Corp.

 

 

10/16/2002

 

 

666,666

 

 

781,921

 

 

2,015,095

 

 

0.1

 

 

Pediment Gold Corp.

 

 

11/21/2007

 

 

855,000

 

 

2,648,021

 

 

1,346,195

 

 

0.1

 

 

 

 

 

 

 

 

 

    

 

    

 

      

 

 

 

 

 

 

 

 

 

$

19,545,147

 

$

33,251,549

 

 

2.2

%

 

 

 

 

 

 

 

 

    

 

    

 

      

A summary of the Fund’s transactions in securities of affiliates for the period ended September 30, 2010 is set forth below:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliates

 

Value
12/31/09

 

Purchases

 

Sales
Proceeds

 

Gain
(Loss)

 

Dividend
Income

 

Value
09/30/10

 
 

 

  

 

  

 

  

 

  

 

  

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Gold Corp.

 

$

8,803,971

 

$

-

 

$

-

 

$

-

 

$

-

 

$

11,931,308

 

 

 

    

 

    

 

    

 

    

 

    

 

    

 

 

 

 

 

 

 

 

 

 

Summary of Investments
by Sector (unaudited)

 

 

% of
Investments

 

Value

 
 

 

 

  

 

  

 

 

Diversified Minerals

 

1.2

%

 

$

18,536,792

 

 

Gold Mining

 

79.9

 

 

 

1,207,814,563

 

 

Metal - Diversified

 

0.4

 

 

 

6,288,560

 

 

Precious Metals

 

1.7

 

 

 

26,188,872

 

 

Silver Mining

 

11.5

 

 

 

173,409,551

 

 

Exchange Traded Fund

 

1.2

 

 

 

17,779,490

 

 

Money Market Fund

 

4.1

 

 

 

62,004,594

 

 

 

    

 

    

 

 

 

 

100.0

%

 

$

1,512,022,422

 

 

 

    

 

    

 

The aggregate cost of investments owned for Federal income tax purposes is $840,812,268 and unrealized appreciation (depreciation) on such investments is:

 

 

 

 

 

Gross Unrealized Appreciation

 

$

742,840,659

 

Gross Unrealized Depreciation

 

 

(71,630,506

)

 

 

      

 

 

 

 

 

Net Unrealized Appreciation

 

$

671,210,153

 

 

 

      

The Fund had the following open forward foreign currency contracts as of September 30, 2010:

 

 

 

 

 

 

 

 

 

 

 

 

Contracts
to Deliver

 

In Exchange for

 

Maturity
Dates

 

Net
Unrealized
Appreciation

 
 

 

  

 

  

 

    

USD

3,000,000

 

AUD

2,865,600

 

 

10/01/10

 

$

34,048

 

 

 

 

 

 

 

 

 

 

      

Currency type abbreviations:

 

 

AUD

Australian Dollar

USD

United States Dollar



 

INTERNATIONAL INVESTORS GOLD FUND

 

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

The summary of inputs used to value the Fund’s investments as of September 30, 2010 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1
Quoted
Prices

 

Level 2
Significant
Observable
Inputs

 

Level 3
Significant
Unobservable
Inputs

 

Value

 

 

 

  

 

  

 

  

 

  

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Australia

 

$

—

 

$

114,347,968

 

$

—

 

$

114,347,968

 

 

Canada

 

 

1,004,133,759

 

 

1,226,832

 

 

—

 

 

1,005,360,591

 

 

Mexico

 

 

—

 

 

14,119,035

 

 

—

 

 

14,119,035

 

 

South Africa

 

 

47,118,560

 

 

—

 

 

—

 

 

47,118,560

 

 

United Kingdom

 

 

94,357,800

 

 

30,213,575

 

 

—

 

 

124,571,375

 

 

United States

 

 

126,720,809

 

 

—

 

 

—

 

 

126,720,809

 

 

Exchange Traded Fund

 

 

17,779,490

 

 

—

 

 

—

 

 

17,779,490

 

 

Money Market Fund

 

 

62,004,594

 

 

—

 

 

—

 

 

62,004,594

 

 

 

    

 

    

 

    

 

    

 

Total

 

$

1,352,115,012

 

$

159,907,410

 

$

—

 

$

1,512,022,422

 

 

 

    

 

    

 

    

 

    

 

Other Financial Instruments *

 

$

—

 

$

34,048

 

$

—

 

$

34,048

 

 

 

    

 

    

 

    

 

    

 

* Other financial instruments include forward foreign currency contracts.

See Note to Schedules of Investments


 

MULTI-MANAGER ALTERNATIVES FUND
 

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

 

 

 

 

 

 

 

 

Number
of Shares

 

 

 

Value

 
           

COMMON STOCKS: 28.5%

 

 

 

 

Basic Materials: 1.0%

 

 

 

 

 

3,300

 

A Schulman, Inc.

 

$

66,495

 

 

8,389

 

AK Steel Holding Corp.

 

 

115,852

 

 

500

 

Ashland, Inc.

 

 

24,385

 

 

4,900

 

Buckeye Technologies, Inc.

 

 

72,079

 

 

6,600

 

Jaguar Mining, Inc. *

 

 

42,900

 

 

900

 

Methanex Corp.

 

 

22,041

 

 

470

 

Monsanto Co.

 

 

22,527

 

 

520

 

Verso Paper Corp. *

 

 

1,498

 

 

 

 

 

 

      

 

 

 

 

 

 

367,777

 

 

 

 

 

 

      

Communications: 2.8%

 

 

 

 

 

76,914

 

Alcatel-Lucent (ADR) *

 

 

259,969

 

 

3,100

 

Arris Group, Inc. *

 

 

30,287

 

 

2,144

 

AT&T, Inc.

 

 

61,318

 

 

3,932

 

Cisco Systems, Inc. *

 

 

86,111

 

 

1,900

 

Comcast Corp.

 

 

34,352

 

 

1,506

 

Corning, Inc.

 

 

27,530

 

 

2,000

 

Courier Corp.

 

 

28,440

 

 

7,771

 

Finisar Corp. *

 

 

146,017

 

 

2,400

 

Fisher Communications, Inc. *

 

 

41,832

 

 

2

 

Frontier Communications Corp.

 

 

16

 

 

3,250

 

Oclaro, Inc. *

 

 

52,032

 

 

3,205

 

Symantec Corp. *

 

 

48,620

 

 

7,605

 

Tencent Holdings Ltd. (HKD) #

 

 

165,643

 

 

1

 

VeriSign, Inc. *

 

 

32

 

 

1,928

 

Verizon Communications, Inc.

 

 

62,834

 

 

 

 

 

 

      

 

 

 

 

 

 

1,045,033

 

 

 

 

 

 

      

Consumer, Cyclical: 3.1%

 

 

 

 

 

252

 

Abercrombie & Fitch Co.

 

 

9,909

 

 

7,200

 

American Eagle Outfitters, Inc.

 

 

107,712

 

 

90

 

Citi Trends, Inc. *

 

 

2,179

 

 

611

 

Coach, Inc.

 

 

26,249

 

 

9,848

 

CVS Caremark Corp.

 

 

309,916

 

 

1,480

 

Douglas Dynamics, Inc.

 

 

18,278

 

 

5,804

 

First Cash Financial Services, Inc. *

 

 

161,061

 

 

3,163

 

Ford Motor Co. Warrants (USD 9.20, expiring 01/01/13) *

 

 

13,569

 

 

29,421

 

Furniture Brands International, Inc. *

 

 

158,285

 

 

3,638

 

Motorcar Parts of America, Inc. *

 

 

31,578

 

 

156,250

 

SJM Holdings Ltd. (HKD) #

 

 

178,608

 

 

5,276

 

Starbucks Corp.

 

 

134,960

 

 

464

 

The Men’s Wearhouse, Inc.

 

 

11,038

 

 

 

 

 

 

      

 

 

 

 

 

 

1,163,342

 

 

 

 

 

 

      

Consumer, Non-cyclical: 6.5%

 

 

 

 

 

3,320

 

Baxter International, Inc.

 

 

158,397

 

 

373

 

Beckman Coulter, Inc.

 

 

18,199

 

 

5,409

 

Boston Scientific Corp. *

 

 

33,157

 

 

6,000

 

Cambrex Corp. *

 

 

25,500

 

 

1,954

 

CardioNet, Inc. *

 

 

8,812

 

 

577

 

Cephalon, Inc. *

 

 

36,028

 

 

4,516

 

Covidien Plc

 

 

181,498

 

 

1,430

 

Exact Sciences Corp. *

 

 

10,353

 

 

771

 

Express Scripts, Inc. *

 

 

37,548

 

 

2,770

 

Gilead Sciences, Inc. *

 

 

98,640

 

 

6,300

 

Great Lakes Dredge & Dock Corp.

 

 

36,603

 

 

16,721

 

Hologic, Inc. *

 

 

267,703

 

 

2,073

 

Kinetic Concepts, Inc. *

 

 

75,830

 

 

2,948

 

Lender Processing Services, Inc.

 

 

97,962

 

 

872

 

Life Technologies Corp. *

 

 

40,714

 

 

216

 

Mastercard, Inc.

 

 

48,384

 

 

711

 

McKesson Corp.

 

 

43,926

 

 

1,649

 

Medco Health Solutions, Inc. *

 

 

85,847

 

 

1,881

 

Merck & Co., Inc.

 

 

69,240

 

 

5,175

 

Myriad Genetics, Inc. *

 

 

84,922

 


 

MULTI-MANAGER ALTERNATIVES FUND
 

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

 

 

 

 

 

 

 

 

 

2,267

 

Omnicare, Inc.

 

 

54,136

 

 

8,623

 

Pfizer, Inc.

 

 

148,057

 

 

2,500

 

Pharmaceutical Product Development, Inc.

 

 

61,975

 

 

1,139

 

Philip Morris International, Inc.

 

 

63,807

 

 

9,227

 

Quanta Services, Inc. *

 

 

176,051

 

 

1,388

 

Quest Diagnostics, Inc.

 

 

70,052

 

 

1,800

 

Sara Lee Corp.

 

 

24,174

 

 

8,339

 

The Western Union Co.

 

 

147,350

 

 

3,826

 

UnitedHealth Group, Inc.

 

 

134,331

 

 

496

 

Visa, Inc.

 

 

36,833

 

 

1,374

 

WellPoint, Inc. *

 

 

77,823

 

 

 

 

 

 

      

 

 

 

 

 

 

2,453,852

 

 

 

 

 

 

      

Diversified: 0.8%

 

 

 

 

 

117,420

 

Noble Group Ltd. (SGD) #

 

 

168,751

 

 

10,800

 

Swire Pacific Ltd. (HKD) #

 

 

148,482

 

 

 

 

 

 

      

 

 

 

 

 

 

317,233

 

 

 

 

 

 

      

Energy: 3.8%

 

 

 

 

 

1,418

 

Anadarko Petroleum Corp.

 

 

80,897

 

 

2,300

 

Berry Petroleum Co.

 

 

72,979

 

 

1,200

 

Cabot Oil & Gas Corp.

 

 

36,132

 

 

2,367

 

Chesapeake Energy Corp.

 

 

53,613

 

 

4,100

 

Compton Petroleum Corp. *

 

 

2,136

 

 

3,000

 

Comstock Resources, Inc. *

 

 

67,470

 

 

1,393

 

ConocoPhillips

 

 

80,000

 

 

650

 

Covanta Holding Corp.

 

 

10,238

 

 

1,129

 

Exxon Mobil Corp.

 

 

69,761

 

 

117

 

LDK Solar Co. Ltd. (ADR) *

 

 

1,203

 

 

2,716

 

Lukoil (ADR)

 

 

154,786

 

 

5,490

 

National Oilwell Varco, Inc.

 

 

244,140

 

 

1,100

 

PetroBakken Energy Ltd.

 

 

24,684

 

 

700

 

Petrominerales Ltd.

 

 

16,977

 

 

3,387

 

Schlumberger Ltd.

 

 

208,673

 

 

6,916

 

Superior Energy Services, Inc. *

 

 

184,588

 

 

1,800

 

Tesco Corp. *

 

 

21,654

 

 

1,488

 

Transocean, Inc. *

 

 

95,664

 

 

4,300

 

Trinidad Drilling Ltd. (CAD)

 

 

21,648

 

 

 

 

 

 

      

 

 

 

 

 

 

1,447,243

 

 

 

 

 

 

      

Financial: 1.9%

 

 

 

 

 

1,200

 

Dime Community Bancshares

 

 

16,620

 

 

1,300

 

First Chester County Corp.

 

 

6,487

 

 

2,200

 

First Niagara Financial Group, Inc.

 

 

25,630

 

 

2,300

 

Flushing Financial Corp.

 

 

26,588

 

 

3,000

 

Hanover Insurance Group, Inc.

 

 

141,000

 

 

2,200

 

Henderson Land Development Co. Ltd. (HKD) #

 

 

15,632

 

 

600

 

NewAlliance Bancshares, Inc.

 

 

7,572

 

 

3,800

 

Old National Bancorp

 

 

39,900

 

 

193,500

 

Raven Russia Ltd. (GBP) #

 

 

153,544

 

 

687,850

 

Renhe Commercial Holdings Co. Ltd. (HKD) #

 

 

128,494

 

 

133,083

 

Tisco Financial Group PCL (THB) #

 

 

170,040

 

 

 

 

 

 

      

 

 

 

 

 

 

731,507

 

 

 

 

 

 

      

Industrial: 5.0%

 

 

 

 

 

2,624

 

Atlas Air Worldwide Holdings, Inc. *

 

 

131,987

 

 

1,600

 

Clean Harbors, Inc. *

 

 

108,400

 

 

5,355

 

Danaher Corp.

 

 

217,467

 

 

9,788

 

FEI Co. *

 

 

191,551

 

 

10,536

 

Globaltrans Investment Plc (GDR) Reg S

 

 

159,902

 

 

5,295

 

JB Hunt Transport Services, Inc.

 

 

183,737

 

 

2,236

 

Landstar System, Inc.

 

 

86,354

 

 

2,700

 

Marten Transport Ltd.

 

 

62,586

 

 

4,900

 

MasTec, Inc. *

 

 

50,568

 

 

31,088

 

Microvision, Inc. *

 

 

68,083

 

 

1,300

 

Overseas Shipholding Group, Inc.

 

 

44,616

 

 

193,470

 

Pacific Basin Shipping Ltd. (HKD) #

 

 

139,264

 

 

3,000

 

PowerSecure International, Inc. *

 

 

27,780

 

 

500

 

Raytheon Co.

 

 

22,855

 

 

2,490

 

Roper Industries, Inc.

 

 

162,298

 


 

MULTI-MANAGER ALTERNATIVES FUND
 

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

 

 

 

 

 

 

 

 

 

3,766

 

Thermo Fisher Scientific, Inc. *

 

 

180,316

 

 

3,800

 

TTM Technologies, Inc. *

 

 

37,202

 

 

 

 

 

 

      

 

 

 

 

 

 

1,874,966

 

 

 

 

 

 

      

Technology: 3.6%

 

 

 

 

 

9,000

 

Actel Corp. *

 

 

143,550

 

 

4,101

 

Activision Blizzard, Inc.

 

 

44,373

 

 

18,546

 

Atmel Corp. *

 

 

147,626

 

 

1,800

 

ATMI, Inc. *

 

 

26,748

 

 

6,800

 

Ciber, Inc. *

 

 

20,468

 

 

805

 

DST Systems, Inc.

 

 

36,096

 

 

10,900

 

Fairchild Semiconductor International, Inc. *

 

 

102,460

 

 

2,720

 

Fiserv, Inc. *

 

 

146,391

 

 

2,400

 

IXYS Corp. *

 

 

22,920

 

 

6,680

 

Microsoft Corp.

 

 

163,593

 

 

12,673

 

O2Micro International Ltd. (ADR) *

 

 

77,432

 

 

4,273

 

Quest Software, Inc. *

 

 

105,073

 

 

586

 

Research In Motion Ltd. *

 

 

28,532

 

 

13,800

 

Seachange International, Inc. *

 

 

102,258

 

 

4,300

 

Seagate Technology Plc *

 

 

50,654

 

 

3,400

 

Standard Microsystems Corp. *

 

 

77,554

 

 

4,157

 

Xerox Corp.

 

 

43,025

 

 

 

 

 

 

      

 

 

 

 

 

 

1,338,753

 

 

 

 

 

 

      

Total Common Stocks
(Cost: $9,839,894)

 

 

10,739,706

 

 

 

 

 

 

      

 

 

 

 

 

 

 

 

Principal
Amount

 

 

 

 

 

 
 

 

 

 

 

 

 

CORPORATE BONDS: 5.1%

 

 

 

 

$

36,000

 

Actuant Corp. 2.00%, 11/15/23

 

 

42,660

 

 

168,000

 

Broadview Networks Holdings, Inc. 11.38%, 09/01/12

 

 

165,480

 

 

135,000

 

Circus & Eldorado Joint Venture 10.13%, 03/01/12

 

 

126,225

 

 

87,000

 

Essex Portfolio LP 3.63%, 11/01/25

 

 

95,591

 

 

183,000

 

Global Crossing UK Finance Plc 10.75%, 12/15/14

 

 

189,405

 

 

235,000

 

GMAC, Inc. 1.67%, 03/15/11

 

 

232,591

 

 

51,000

 

Great Atlantic & Pacific Tea Co. 5.13%, 06/15/11

 

 

37,166

 

 

110,000

 

Harvest Operations Corp. 7.50%, 05/31/15 (CAD)

 

 

111,855

 

 

226,000

 

LDK Solar Co. Ltd. 4.75%, 04/15/13

 

 

220,632

 

 

125,000

 

LeCroy Corp. 4.00%, 10/15/26

 

 

123,594

 

 

130,000

 

MGM Mirage 8.38%, 02/01/11

 

 

131,950

 

 

26,000

 

Newmont Mining Corp. 3.00%, 02/15/12

 

 

37,148

 

 

36,000

 

Newpark Resources, Inc. 4.00%, 10/01/17

 

 

38,205

 

 

85,000

 

Primus Telecommunications Group, Inc. 14.25%, 05/20/13

 

 

84,575

 

 

30,000

 

Trico Shipping A.S. 13.88%, 11/01/14 144A

 

 

26,925

 

 

130,000

 

Verso Paper Holdings LLC 11.50%, 07/01/14 144A

 

 

143,000

 

 

53,000

 

Vornado Realty LP 3.88%, 04/15/25

 

 

60,818

 

 

 

 

 

 

      

 

29,000

 

Wyndham Worldwide Corp. 3.50%, 05/01/12

 

 

64,706

 

 

 

 

 

 

      

Total Corporate Bonds
(Cost: $1,878,837)

 

 

1,932,526

 

 

 

 

 

 

      

GOVERNMENT BOND: 0.3%
(Cost: $132,089)

 

 

 

 

 

133,000

 

Satelites Mexicanos, S.A. de C.V. 9.28%, 11/30/11

 

 

126,017

 

 

 

 

 

 

      

STRUCTURED NOTE: 5.1%
(Cost: $1,900,000)

 

 

 

 

 

1,900,000

 

Deutsche Bank A.G., London Branch, Alpha Overlay Securities, 09/24/12(a)

 

 

1,913,000

 

 

 

 

 

 

      

 

 

 

 

 

 

 

 

Number
of Shares

 

 

 

 

 

 
 

 

 

 

 

 

 

CLOSED-END FUND: 0.5%
(Cost: $168,834)

 

 

 

 

 

11,830

 

NFJ Dividend Interest & Premium Strategy Fund

 

 

186,441

 

 

 

 

 

 

      

EXCHANGE TRADED FUNDS: 9.4%

 

 

 

 

 

19,689

 

Claymore/AlphaShares China Small Cap Index ETF

 

 

595,198

 

 

180

 

Direxion Daily Financial Bear 3X Shares *

 

 

2,412

 

 

900

 

iPATH S&P 500 VIX Short-Term Futures ETN *

 

 

15,588

 

 

4,012

 

iShares iBoxx $ High Yield Corporate Bond Fund

 

 

359,836

 

 

9,646

 

iShares MSCI EAFE Small Cap Index Fund

 

 

370,214

 

 

3,242

 

iShares MSCI Thailand Index Fund

 

 

201,199

 

 

1,714

 

Market Vectors - Gold Miners ETF Ώ

 

 

95,864

 

 

2,928

 

Market Vectors - Junior Gold Miners ETF Ώ *

 

 

97,795

 

 

6,095

 

Market Vectors - Russia ETF Ώ

 

 

198,270

 


 

MULTI-MANAGER ALTERNATIVES FUND
 

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

 

 

 

 

 

 

 

 

 

1,570

 

Oil Services Holders Trust

 

 

177,646

 

 

683

 

SPDR Gold Trust *

 

 

87,363

 

 

9,054

 

United States 12 Month Oil Fund LP *

 

 

348,488

 

 

19,386

 

WisdomTree Emerging Markets SmallCap Dividend Fund

 

 

975,697

 

 

 

 

 

 

      

Total Exchange Traded Funds
(Cost: $3,304,629)

 

 

3,525,570

 

 

 

 

 

 

      

OPEN-END FUNDS: 39.2%

 

 

 

 

 

21,821

 

AC Statistical Value Market Neutral 12 Vol Fund * #

 

 

3,015,727

 

 

2,594

 

AC Statistical Value Market Neutral 7 Vol Fund * #

 

 

308,146

 

 

171,162

 

Forward Long/Short Credit Analysis Fund

 

 

1,475,414

 

 

98,807

 

Loomis Sayles Bond Fund

 

 

1,403,064

 

 

3,119

 

Luxcellence - Virtuoso Fund * #

 

 

2,909,154

 

 

220,641

 

TFS Market Neutral Fund *

 

 

3,453,032

 

 

168,271

 

The Arbitrage Fund

 

 

2,204,353

 

 

 

 

 

 

      

Total Open-End Funds
(Cost: $14,175,474)

 

 

14,768,890

 

 

 

      

OPTIONS PURCHASED: 0.1%

 

 

 

 

 

900

 

CurrencyShares Euro Trust Puts ($133, expiring 10/16/10) *

 

 

387

 

 

900

 

CurrencyShares Japanese Yen Trust Puts ($114, expiring 10/16/10) *

 

 

180

 

 

6,300

 

Direxion Daily Financial Bear 3X Shares Calls ($14, expiring 01/22/11) *

 

 

14,805

 

 

9,900

 

Direxion Daily Financial Bear 3X Shares Calls ($15, expiring 01/22/11) *

 

 

20,295

 

 

700

 

Fortune Brands, Inc. Puts($45, expiring 11/20/10) *

 

 

525

 

 

300

 

iShares Dow Jones Transportation Average Index Fund Puts ($78, expiring 11/20/10) *

 

 

600

 

 

300

 

iShares Dow Jones Transportation Average Index Fund Puts ($80, expiring 11/20/10) *

 

 

322

 

 

600

 

iShares Russell 2000 Index Fund Puts ($64, expiring 10/16/10) *

 

 

294

 

 

26,400

 

LDK Solar Co. Ltd. Puts ($4, expiring 01/22/11) *

 

 

2,772

 

 

1,100

 

Powershares QQQ Puts ($48, expiring 10/16/10) *

 

 

528

 

 

1,000

 

Powershares QQQ Puts ($45, expiring 10/16/10) *

 

 

110

 

 

1,000

 

Powershares QQQ Puts ($47, expiring 10/16/10) *

 

 

300

 

 

700

 

PPG Industries, Inc. Puts ($65, expiring 10/16/10) *

 

 

105

 

 

500

 

Raytheon Co. Calls ($40, expiring 01/22/11) *

 

 

3,025

 

 

500

 

Raytheon Co. Calls ($41, expiring 11/20/10) *

 

 

2,450

 

 

1,100

 

SPDR Barclays Capital High Yield Bond ETF Puts ($39, expiring 10/16/10) *

 

 

110

 

 

200

 

SPDR Gold Shares Puts ($124, expiring 10/16/10) *

 

 

88

 

 

200

 

SPDR Gold Shares Puts ($123, expiring 11/20/10) *

 

 

274

 

 

400

 

SPDR S&P 500 ETF Trust Puts ($110, expiring 10/16/10) *

 

 

272

 

 

1,000

 

SPDR S&P 500 ETF Trust Puts ($112, expiring 10/16/10) *

 

 

1,100

 

 

2,200

 

SPDR S&P 500 ETF Trust Puts ($114, expiring 10/16/10) *

 

 

3,982

 

 

400

 

SPDR S&P 500 ETF Trust Puts ($108, expiring 10/16/10) *

 

 

164

 

 

400

 

SPDR S&P 500 ETF Trust Puts ($102, expiring 10/16/10) *

 

 

52

 

 

400

 

SPDR S&P 500 ETF Trust Puts ($103, expiring 10/16/10) *

 

 

60

 

 

500

 

SPDR S&P Retail ETF Puts ($37, expiring 10/16/10) *

 

 

40

 

 

900

 

SPDR S&P Retail ETF Puts ($40, expiring 10/16/10) *

 

 

306

 

 

1,100

 

Standard Microsystems Corp. Puts ($20, expiring 10/16/10) *

 

 

165

 

 

1,100

 

Thor Industries, Inc. Puts ($30, expiring 10/16/10) *

 

 

220

 

 

1,100

 

VistaPrint N.V. Puts ($35, expiring 10/16/10) *

 

 

165

 

 

1,100

 

Volterra Semiconductor Corp. Puts ($20, expiring 10/16/10) *

 

 

495

 

 

 

 

 

 

      

Total Options Purchased
(Cost: $80,619)

 

 

54,191

 

 

 

 

 

 

      

MONEY MARKET FUND: 13.8%
(Cost: $5,182,380)

 

 

 

 

 

5,182,380

 

AIM Treasury Portfolio - Institutional Class

 

 

5,182,380

 

 

 

 

 

 

      

Total Investments: 102.0%
(Cost: $36,662,756)

 

 

38,429,021

 

Liabilities in excess of other assets: (2.0)%

 

 

(771,720

)

 

 

      

NET ASSETS: 100.0%

 

$

37,657,301

 

 

 

      


 

MULTI-MANAGER ALTERNATIVES FUND
 

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

 

 

 

 

 

 

 

 

SECURITIES SOLD SHORT: (21.5)%

 

 

 

 

COMMON STOCKS: (13.4)%

 

 

 

 

Basic Materials: (0.1)%

 

 

 

 

 

(1,100

)

Valspar Corp.

 

 

(35,035

)

 

(145

)

Vulcan Materials Co.

 

 

(5,353

)

 

 

 

 

 

      

 

 

 

 

 

 

(40,388

)

 

 

 

 

 

      

Consumer, Cyclical: (4.2)%

 

 

 

 

 

(800

)

ArvinMeritor, Inc. *

 

 

(12,432

)

 

(1,772

)

Bob Evans Farms, Inc.

 

 

(49,740

)

 

(1,149

)

California Pizza Kitchen, Inc. *

 

 

(19,602

)

 

(770

)

CarMax, Inc. *

 

 

(21,452

)

 

(6,346

)

Cintas Corp.

 

 

(174,832

)

 

(600

)

Cracker Barrel Old Country Store, Inc.

 

 

(30,456

)

 

(700

)

Darden Restaurants, Inc.

 

 

(29,946

)

 

(1,052

)

DineEquity, Inc. *

 

 

(47,319

)

 

(1,187

)

Ethan Allen Interiors, Inc.

 

 

(20,725

)

 

(2,703

)

Fastenal Co.

 

 

(143,773

)

 

(1,353

)

Foot Locker, Inc.

 

 

(19,659

)

 

(2,229

)

Ford Motor Co. *

 

 

(27,283

)

 

(500

)

Harley-Davidson, Inc.

 

 

(14,220

)

 

(797

)

Haverty Furniture Cos, Inc.

 

 

(8,695

)

 

(2,045

)

Isle of Capri Casinos, Inc. *

 

 

(14,642

)

 

(270

)

J Crew Group, Inc. *

 

 

(9,077

)

 

(860

)

JOS A Bank Clothiers, Inc. *

 

 

(36,645

)

 

(503

)

Marriott International, Inc.

 

 

(18,022

)

 

(2,233

)

O’Reilly Automotive, Inc. *

 

 

(118,796

)

 

(2,798

)

PACCAR, Inc.

 

 

(134,724

)

 

(460

)

Panera Bread Co. *

 

 

(40,761

)

 

(1,025

)

Penske Automotive Group, Inc. *

 

 

(13,530

)

 

(300

)

Polo Ralph Lauren Corp.

 

 

(26,958

)

 

(1,600

)

Royal Caribbean Cruises Ltd. *

 

 

(50,448

)

 

(90

)

Rue21, Inc. *

 

 

(2,323

)

 

(1,100

)

Tenneco, Inc. *

 

 

(31,867

)

 

(1,600

)

Texas Roadhouse, Inc. *

 

 

(22,496

)

 

(1,400

)

The Cheesecake Factory, Inc. *

 

 

(37,058

)

 

(216

)

The Gap, Inc.

 

 

(4,026

)

 

(1,000

)

Thor Industries, Inc.

 

 

(33,400

)

 

(510

)

Tiffany & Co.

 

 

(22,701

)

 

(468

)

TJX Cos, Inc.

 

 

(20,887

)

 

(600

)

Toro Co.

 

 

(33,738

)

 

(500

)

TRW Automotive Holdings Corp. *

 

 

(20,780

)

 

(234

)

Urban Outfitters, Inc. *

 

 

(7,357

)

 

(2,116

)

Walgreen Co.

 

 

(70,886

)

 

(1,100

)

Williams-Sonoma, Inc.

 

 

(34,870

)

 

(500

)

WW Grainger, Inc.

 

 

(59,555

)

 

(2,400

)

Wyndham Worldwide Corp.

 

 

(65,928

)

 

(700

)

Yum! Brands, Inc.

 

 

(32,242

)

 

 

 

 

 

      

 

 

 

 

 

 

(1,583,851

)

 

 

 

 

 

      

Consumer, Non-cyclical: (2.0)%

 

 

 

 

 

(1,495

)

Bristol-Myers Squibb Co.

 

 

(40,530

)

 

(500

)

Fortune Brands, Inc.

 

 

(24,615

)

 

(143

)

Genzyme Corp. *

 

 

(10,123

)

 

(258

)

Green Mountain Coffee Roasters, Inc. *

 

 

(8,047

)

 

(2,461

)

Henry Schein, Inc. *

 

 

(144,165

)

 

(1,244

)

Hertz Global Holdings, Inc. *

 

 

(13,174

)

 

(47

)

Intuitive Surgical, Inc. *

 

 

(13,336

)

 

(3,889

)

Laboratory Corp. of America Holdings *

 

 

(305,014

)

 

(703

)

Neogen Corp. *

 

 

(23,797

)

 

(857

)

Peet’s Coffee & Tea, Inc. *

 

 

(29,335

)

 

(400

)

Perrigo Co.

 

 

(25,688

)

 

(927

)

Pharmaceutical Product Development, Inc.

 

 

(22,980

)

 

(890

)

Robert Half International, Inc.

 

 

(23,140

)

 

(126

)

Strayer Education, Inc.

 

 

(21,987

)

 

(1,688

)

Zoll Medical Corp. *

 

 

(54,472

)

 

 

 

 

 

      

 

 

 

 

 

 

(760,403

)

 

 

 

 

 

      

Financial: (1.6)%

 

 

 

 

 

(33,750

)

Allied Irish Banks Plc (ADR) *

 

 

(47,925

)

 

(13,315

)

Banco Bilbao Vizcaya Argentaria S.A. (ADR)

 

 

(179,486

)

 

(6,640

)

Banco Santander S.A. (ADR)

 

 

(84,062

)

 

(900

)

Legg Mason, Inc.

 

 

(27,279

)

 

(1,000

)

Regency Centers Corp.

 

 

(39,470

)

 

(4,207

)

SunTrust Banks, Inc.

 

 

(108,667

)

 

(20,930

)

The Governor & Co. of the Bank of Ireland (ADR)

 

 

(71,162

)

 

(590

)

Vornado Realty Trust

 

 

(50,463

)

 

 

 

 

 

      

 

 

 

 

 

 

(608,514

)

 

 

 

 

 

      


 

MULTI-MANAGER ALTERNATIVES FUND
 

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

 

 

 

 

 

 

 

 

Industrial: (4.2)%

 

 

 

 

 

(1,900

)

Actuant Corp.

 

 

(43,624

)

 

(800

)

Acuity Brands, Inc.

 

 

(35,392

)

 

(700

)

Armstrong World Industries, Inc. *

 

 

(29,057

)

 

(700

)

Astec Industries, Inc. *

 

 

(19,971

)

 

(2,311

)

AZZ, Inc.

 

 

(99,003

)

 

(900

)

Baldor Electric Co.

 

 

(36,360

)

 

(681

)

Caterpillar, Inc.

 

 

(53,581

)

 

(800

)

Cooper Industries Plc

 

 

(39,144

)

 

(400

)

Cummins, Inc.

 

 

(36,232

)

 

(7,011

)

Cymer, Inc. *

 

 

(259,968

)

 

(1,000

)

EnerSys, Inc. *

 

 

(24,970

)

 

(576

)

Garmin Ltd.

 

 

(17,482

)

 

(1,100

)

Ingersoll-Rand Plc

 

 

(39,281

)

 

(900

)

Kennametal, Inc.

 

 

(27,837

)

 

(500

)

Lennox International, Inc.

 

 

(20,845

)

 

(400

)

Lincoln Electric Holdings, Inc.

 

 

(23,128

)

 

(400

)

Middleby Corp. *

 

 

(25,356

)

 

(400

)

Nordson Corp.

 

 

(29,476

)

 

(1,000

)

Owens Corning *

 

 

(25,630

)

 

(700

)

Powell Industries, Inc. *

 

 

(21,784

)

 

(448

)

Precision Castparts Corp.

 

 

(57,053

)

 

(1,400

)

Quanex Building Products Corp.

 

 

(24,178

)

 

(400

)

Regal-Beloit Corp.

 

 

(23,476

)

 

(1,200

)

Textron, Inc.

 

 

(24,672

)

 

(1,849

)

The Boeing Co.

 

 

(123,032

)

 

(5,548

)

Thermo Fisher Scientific, Inc. *

 

 

(265,638

)

 

(1,100

)

Thomas & Betts Corp. *

 

 

(45,122

)

 

(600

)

Timken Co.

 

 

(23,016

)

 

(300

)

Valmont Industries, Inc.

 

 

(21,720

)

 

(900

)

Wabtec Corp.

 

 

(43,011

)

 

(700

)

Watts Water Technologies, Inc.

 

 

(23,835

)

 

 

 

 

 

      

 

 

 

 

 

 

(1,582,874

)

 

 

      

Technology: (1.3)%

 

 

 

 

 

(4,448

)

ASML Holding N.V.

 

 

(132,506

)

 

(741

)

Autodesk, Inc. *

 

 

(23,690

)

 

(5,587

)

Cavium Networks, Inc. *

 

 

(160,682

)

 

(315

)

Cerner Corp. *

 

 

(26,457

)

 

(1,101

)

Logitech International S.A. *

 

 

(19,157

)

 

(500

)

MTS Systems Corp.

 

 

(15,500

)

 

(1,000

)

Parametric Technology Corp. *

 

 

(19,540

)

 

(2,725

)

Synaptics, Inc. *

 

 

(76,682

)

 

 

 

 

 

      

 

 

 

 

 

 

(474,214

)

 

 

      

Total Common Stocks
(Proceeds: $(4,812,607))

 

 

(5,050,244

)

 

 

 

 

 

      

 

 

 

 

 

 

 

Principal
Amount

 

 

 

 

 

 
 

 

 

 

 

 

 

CORPORATE BONDS: (0.9)%

 

 

 

 

$

(72,000

)

C&S Group Enterprises LLC 8.38%, 05/01/17 144A

 

 

(70,650

)

 

(43,000

)

Great Atlantic & Pacific Tea Co. 5.13%, 06/15/11

 

 

(24,080

)

 

(30,000

)

Trico Marine Services, Inc. 8.13%, 02/01/13

 

 

(4,650

)

 

(78,000

)

Verso Paper Holdings LLC 4.22%, 08/01/14

 

 

(69,810

)

 

(26,000

)

Verso Paper Holdings LLC 11.38%, 08/01/16

 

 

(23,498

)

 

(129,000

)

Vulcan Materials Co. 7.00%, 06/15/18

 

 

(145,858

)

 

 

 

 

 

      

Total Corporate Bonds
(Proceeds: $(331,025))

 

 

(338,546

)

 

 

      

 

 

 

 

 

 

 

 

Number
of Shares

 

 

 

 

 

 
 

 

 

 

 

 

 

EXCHANGE TRADED FUNDS: (7.2)%

 

 

 

 

 

(497

)

iShares Dow Jones US Real Estate Index Fund

 

 

(26,281

)

 

(1,397

)

iShares MSCI Emerging Markets Index Fund

 

 

(62,544

)

 

(17,943

)

iShares Russell 2000 Index Fund

 

 

(1,210,614

)

 

(2,335

)

Semiconductor HOLDRs Trust

 

 

(64,656

)

 

(2,604

)

SPDR S&P Homebuilders ETF

 

 

(41,169

)

 

(3,071

)

SPDR S&P Retail ETF

 

 

(128,337

)

 

(10,138

)

SPDR Trust, Series 1

 

 

(1,157,050

)

 

 

 

 

 

      


 

MULTI-MANAGER ALTERNATIVES FUND
 

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

 

 

 

 

 

 

 

 

Total Exchange Traded Funds
(Proceeds: $(2,619,653))

 

 

(2,690,651

)

 

 

      

Total Securities Sold Short
(Proceeds: $(7,763,285))

 

$

(8,079,442

)

 

 

      

COVERED OPTIONS WRITTEN: (0.9)%

 

 

 

 

 

(900

)

CBOE Index Calls($25, expiring 12/22/10) *

 

$

(5,130

)

 

(7,200

)

Direxion Daily Financial Bear 3X Shares Calls($17, expiring 01/22/11) *

 

 

(11,664

)

 

(11,700

)

Direxion Daily Financial Bear 3X Shares Calls($16, expiring 01/22/11) *

 

 

(20,358

)

 

(1,100

)

Essex Property Trust Inc Calls($115, expiring 10/16/10) *

 

 

(495

)

 

(600

)

Essex Property Trust, Inc. Calls($105, expiring 10/16/10) *

 

 

(3,180

)

 

(400

)

Newmont Mining Corp. Calls($63, expiring 10/16/10) *

 

 

(692

)

 

(2,000

)

SPDR S&P 500 ETF Trust Puts($113, expiring 10/16/10) *

 

 

(2,840

)

 

 

 

 

 

      

Total Covered Options Written
(Premiums received: $(49,269))

 

$

(44,359

)

 

 

      

 

 

ADR

American Depositary Receipt

CAD

Canadian Dollar

GBP

British Pound

GDR

Global Depositary Receipt

HKD

Hong Kong Dollar

SGD

Singapore Dollar

THB

Thai Baht

USD

United States Dollar

 

 

(a)

Issued with zero coupon at par. The security is linked to the performance of the Deutsche Bank Fed Funds Total Return Index and the Deutsche Bank Equity Mean Reversion Alpha Index.

Ώ

Affiliated issuer – as defined under the Investment Company Act of 1940 (Van Eck Associates Corp. is the distributor and investment manager of the Market Vectors ETF Trust).

*

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 $7,501,485 which represents 19.9% of net assets.

§

Illiquid Security — the aggregate value of illiquid securities is $1,913,300 which represents 5.0% of net assets.

Reg S

Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

144A

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, unless otherwise noted, and the value amounted to $99,275, or 0.3% of net assets.

Futures contracts held by the Fund are as follows:

 

 

 

 

 

 

 

 

 

 

 

Number
of Contracts

 

 

 

Aggregate Value of
Contracts

 

Unrealized
Depreciation

 
 

 

 

 

  

 

  

 

 

(35)

 

10 Year U.S. Treasury Notes December 2010

 

$

(4,411,641

)

$

(72,492

)

 

 

 

 

 

    

 

    

 

A summary of the Fund’s transactions in securities of affiliates for the period ended September 30, 2010 is set forth below:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliates

 

 

Value 12/31/09

 

Purchases

 

Sales
Proceeds

 

Gain (Loss)

 

Dividend
Income

 

Value 09/30/10

 
 

 

 

  

 

  

 

  

 

  

 

  

 

  

 

Market Vectors - Agribusiness ETF

 

$

57,584

 

$

—

 

$

58,060

 

$

6,641

 

$

—

 

$

—

 

Market Vectors - Gold Miners ETF

 

 

—

 

 

354,757

 

 

270,268

 

 

11,110

 

 

—

 

 

95,864

 

Market Vectors - Junior Gold Miners ETF

 

 

—

 

 

90,828

 

 

—

 

 

—

 

 

—

 

 

97,795

 

Market Vectors - Nuclear Energy ETF

 

 

23,566

 

 

—

 

 

21,903

 

 

(2,534

)

 

—

 

 

—

 

Market Vectors - Russia ETF

 

 

—

 

 

191,781

 

 

—

 

 

—

 

 

—

 

 

198,270

 

 

 

    

 

    

 

    

 

                

 

 

 

 

$

81,150

 

$

637,366

 

$

350,231

 

$

15,217

 

$

—

 

$

1,175,789

 

 

 

    

 

    

 

    

 

    

 

    

 

    

 

The aggregate cost of investments owned for Federal income tax purposes is $36,674,051 and unrealized appreciation (depreciation) on such investments is:

 

 

 

 

 

Gross Unrealized Appreciation

 

$

2,102,791

 

 

 

 

Gross Unrealized Depreciation

 

 

(347,821

)

 

 

      

 

 

 

Net Unrealized Appreciation

 

 

1,754,970

 

 

 

      


 

MULTI-MANAGER ALTERNATIVES FUND
 

SCHEDULE OF INVESTMENTS

September 30, 2010 (unaudited)

The Fund had the following open forward foreign currency contracts as of September 30, 2010:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts
to Deliver

 

In Exchange for

 

Maturity
Dates

 

Net Unrealized
Depreciation
 

 

  

 

  

 

    

USD

 

 

101,799

 

 

GBP

 

 

64,552

 

 

10/01/10

 

$

(394

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      

 

 

Currency type abbreviations:

 

 

GBP

British Pound

 

 

USD

United States Dollar

The summary of inputs used to value the Fund’s investments as of September 30, 2010 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long Positions

 

Level 1
Quoted
Prices

 

Level 2
Significant
Observable
Inputs

 

Level 3
Significant
Unobservable
Inputs

 

Value

 

 

 

  

 

  

 

  

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Materials

 

$

367,777

 

$

—

 

$

—

 

$

367,777

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Communications

 

 

879,390

 

 

165,643

 

 

—

 

 

1,045,033

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer, Cyclical

 

 

984,734

 

 

178,608

 

 

—

 

 

1,163,342

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer, Non-cyclical

 

 

2,453,852

 

 

—

 

 

—

 

 

2,453,852

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified

 

 

—

 

 

317,233

 

 

—

 

 

317,233

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy

 

 

1,447,243

 

 

—

 

 

—

 

 

1,447,243

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial

 

 

263,797

 

 

467,710

 

 

—

 

 

731,507

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

 

1,735,702

 

 

139,264

 

 

—

 

 

1,874,966

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Technology

 

 

1,338,753

 

 

—

 

 

—

 

 

1,338,753

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

 

3,845,826

 

 

—

 

 

—

 

 

3,845,826

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government Bond

 

 

126,017

 

 

—

 

 

—

 

 

126,017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Closed-End Fund

 

 

186,441

 

 

—

 

 

—

 

 

186,441

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Open-End Funds

 

 

8,535,862

 

 

6,233,027

 

 

—

 

 

14,768,890

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange Traded Funds

 

 

3,525,570

 

 

—

 

 

—

 

 

3,525,570

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options Purchased

 

 

54,191

 

 

—

 

 

—

 

 

54,191

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Fund

 

 

5,182,380

 

 

—

 

 

—

 

 

5,182,380

 

 

 

    

 

    

 

    

 

    

 

Total

 

$

30,927,536

 

$

7,501,485

 

$

—

 

$

38,429,021

 

 

 

    

 

    

 

    

 

    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1
Quoted
Prices

 

Level 2
Significant
Observable
Inputs

 

Level 3
Significant
Unobservable
Inputs

 

Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short Positions *

 

$

8,079,442

 

$

—

 

$

—

 

$

8,079,442

 

 

 

    

 

    

 

    

 

    

 

Other Financial Instruments, net **

 

$

(72,492

)

$

(44,753

)

$

—

 

$

(117,245

)

 

 

    

 

    

 

    

 

    

 

 

 

*

See Schedule of Investments for security type and industry sector breakouts.

**

Other financial instruments include futures contracts, forward foreign currency contracts and written options.

See Note to Schedules of Investments

Van Eck Funds
Note To Schedules of Investments
September 30, 2010 (unaudited)

Security Valuation - Securities traded on national exchanges or traded on the NASDAQ National Market System 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 not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. Securities for which market values are not readily available, or whose values have been affected by events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the close of the securities’ primary market, are valued using methods approved by the Board of Trustees. 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 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 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 for these securities.

The Funds utilize various methods to measure the fair value of most of its investments on a recurring basis which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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 30a2(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 /s/ Bruce J. Smith, Chief Financial Officer, Van Eck Funds

Date: November 29, 2010

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/ Jan F. van Eck, Chief Executive Officer, Van Eck Funds

Date: November 29, 2010

By /s/ Bruce J. Smith, Chief Financial Officer, Van Eck Funds

Date: November 29, 2010