N-Q 1 c65591_nq.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: 811-04297

 

 

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: March 31, 2011

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.


 

CM COMMODITY INDEX FUND
 

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

 

 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 
           

SHORT-TERM INVESTMENTS: 14.1%

 

 

 

 

United States Treasury Obligations: 76.8%

 

 

 

 

$

1,750,000

 

United States Treasury Bill 0.02%, 04/27/11

 

$

1,749,938

 

 

900,000

 

United States Treasury Bill 0.05%, 07/07/11

 

 

899,769

 

 

 

 

 

 

      

 

 

 

 

 

 

2,649,707

 

Number
of Shares

 

 

 

 

 

 
 

 

 

 

 

 

 

Money Market Fund: 0.4%

 

 

 

 

 

78,554

 

AIM Treasury Portfolio - Institutional Class

 

 

78,554

 

 

 

 

 

 

      

Total Short-Term Investments: 14.5%
(Cost: $2,728,261)

 

 

2,728,261

 

Other assets less liabilities: 85.5%

 

 

16,028,254

 

 

 

      

NET ASSETS: 100.0%

 

$

18,756,515

 

 

 

      

Total Return Swap Contracts - As of March 31, 2011, the Cayman Commodity Index Fund had outstanding swap contracts with the following terms:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Counterparty

 

Referenced Obligation

 

Notional Amount

 

Rate Paid by
the Fund

 

Termination
Date

 

Unrealized
Appreciation

 
 

 

  

 

  

 

  

 

  

 

  

 

UBS AG

 

UBS Bloomberg Constant Maturity
Commodity Index Total Return

 

$

18,490,000

 

 

0.60

%

 

04/27/11

 

$

271,615

 

 

 

 

 

 

 

 

 

 

Summary of Investments
by Sector (unaudited)

 

 

% of
Investments

 

Value

 
 

 

 

  

 

  

 

 

 

 

 

 

 

 

 

Government

 

97.1

%

 

$

2,649,707

 

 

 

 

 

 

 

 

 

Money Market Fund

 

2.9

 

 

 

78,554

 

 

 

    

 

    

 

 

 

 

 

 

 

 

 

 

 

100.0

%

 

$

2,728,261

 

 

 

    

 

    

 

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1
Quoted
Prices

 

Level 2
Significant
Observable
Inputs

 

Level 3
Significant
Unobservable
Inputs

 

Value

 

 

 

  

 

  

 

  

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States Treasury Obligations

 

$

2,649,707

 

$

—

 

$

—

 

$

2,649,707

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Fund

 

 

78,554

 

 

—

 

 

—

 

 

78,554

 

 

 

    

 

    

 

    

 

    

 

Total

 

$

2,728,261

 

$

—

 

$

—

 

$

2,728,261

 

 

 

    

 

    

 

    

 

    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return Swap Contracts

 

$

—

 

$

271,615

 

$

—

 

$

271,615

 

 

 

    

 

    

 

    

 

    

 

See Notes to Schedules of Investments


 

EMERGING MARKETS FUND
 

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

 

 

 

 

 

 

 

 

Number
of Shares

 

 

 

Value

 
           

COMMON STOCKS: 91.5%

 

 

 

 

Brazil: 9.6%

 

 

 

 

 

259,000

 

BR Malls Participacoes S.A.

 

$

2,669,874

 

 

63,900

 

Cia Hering S.A.

 

 

1,166,728

 

 

140,000

 

Diagnosticos da America S.A.

 

 

1,792,178

 

 

49,000

 

Itau Unibanco Holding S.A. (ADR)

 

 

1,178,450

 

 

138,000

 

Localiza Rent a Car S.A.

 

 

2,199,345

 

 

33,000

 

Marisa Lojas S.A.

 

 

512,792

 

 

50,000

 

Petroleo Brasileiro S.A. (ADR)

 

 

2,021,500

 

 

126,000

 

Rossi Residencial S.A.

 

 

1,058,843

 

 

 

 

 

 

      

 

 

 

 

 

 

12,599,710

 

 

 

 

 

 

      

Canada: 1.4%

 

 

 

 

 

8,500

 

First Quantum Minerals Ltd.

 

 

1,099,608

 

 

25,000

 

Pacific Rubiales Energy Corp.

 

 

693,656

 

 

 

 

 

 

      

 

 

 

 

 

 

1,793,264

 

 

 

 

 

 

      

China / Hong Kong: 16.9%

 

 

 

 

 

3,550,000

 

Bank of China Ltd. #

 

 

1,974,109

 

 

520,000

 

Brilliance China Automotive Holdings Ltd. *

 

 

521,154

 

 

800,000

 

China Hongqiao Group Ltd. *

 

 

778,551

 

 

2,260,000

 

China Minsheng Banking Corp. Ltd. #

 

 

2,077,561

 

 

1,960,000

 

China Qinfa Group Ltd. * #

 

 

1,126,090

 

 

305,000

 

China Yurun Food Group Ltd. #

 

 

1,022,198

 

 

1,145,000

 

Dah Chong Hong Holdings Ltd. #

 

 

1,285,094

 

 

2,092,000

 

EVA Precision Industrial Holdings Ltd. #

 

 

1,527,305

 

 

38,900

 

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

 

 

1,539,273

 

 

510,000

 

Jiangxi Copper Co. Ltd. (Class H) #

 

 

1,698,776

 

 

1,167,727

 

Noble Group Ltd. (SGD) #

 

 

1,980,496

 

 

5,480,000

 

PCD Stores Ltd. #

 

 

1,498,498

 

 

540,000

 

Ports Design Ltd. #

 

 

1,244,691

 

 

1,679,831

 

Qin Jia Yuan Media Services Co. Ltd. #

 

 

276,195

 

 

3,420,000

 

Renhe Commercial Holdings Co. Ltd. #

 

 

637,473

 

 

6,192,000

 

REXLot Holdings Ltd. #

 

 

684,972

 

 

80,500

 

Tencent Holdings Ltd. #

 

 

1,960,418

 

 

420,000

 

Xinyi Glass Holdings Ltd. #

 

 

436,338

 

 

 

 

 

 

      

 

 

 

 

 

 

22,269,192

 

 

 

 

 

 

      

Georgia: 1.2%

 

 

 

 

 

79,483

 

Bank of Georgia (GDR) *

 

 

1,577,738

 

 

 

 

 

 

      

Guernsey: 0.8%

 

 

 

 

 

973,949

 

Raven Russia Ltd. (GBP)

 

 

1,011,659

 

 

 

 

 

 

      

India: 9.5%

 

 

 

 

 

167,000

 

Crompton Greaves Ltd. #

 

 

1,021,897

 

 

965,000

 

Gujarat NRE Coke Ltd. #

 

 

1,070,013

 

 

45,000

 

Gujarat NRE Coke Ltd.

 

 

30,356

 

 

607,900

 

Hirco Plc (GBP) *

 

 

396,172

 

 

527,000

 

IVRCL Infrastructures & Projects Ltd. #

 

 

965,144

 

 

119,000

 

Mahindra & Mahindra Ltd. #

 

 

1,871,009

 

 

410,000

 

Mundra Port & Special Economic Zone Ltd. #

 

 

1,256,060

 

 

115,000

 

Pantaloon Retail India Ltd. #

 

 

827,036

 

 

352,000

 

Rolta India Ltd. #

 

 

1,097,458

 

 

110,885

 

Shriram Transport Finance Co. Ltd. #

 

 

1,977,986

 

 

421,000

 

Sintex Industries Ltd. #

 

 

1,435,442

 

 

504,000

 

SREI Infrastructure Finance Ltd. #

 

 

500,923

 

 

 

 

 

 

      

 

 

 

 

 

 

12,449,496

 

 

 

 

 

 

      

Indonesia: 1.3%

 

 

 

 

 

3,620,000

 

Borneo Lumbung Energi & Metal Tbk PT *

 

 

685,960

 

 

2,600,000

 

Bumi Resources Tbk PT #

 

 

997,752

 

 

 

 

 

 

      

 

 

 

 

 

 

1,683,712

 

 

 

 

 

 

      

Israel: 0.2%

 

 

 

 

 

68,000

 

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

 

 

289,497

 

 

 

 

 

 

      

Kazakhstan: 1.9%

 

 

 

 

 

80,385

 

Chagala Group Ltd. (GDR) * §

 

 

289,386

 

 

108,000

 

Eurasian Natural Resources Corp. (GBP) #

 

 

1,620,954

 

 

165,000

 

Kazakhstan Kagazy Plc (GDR) * §

 

 

28,050

 


 

EMERGING MARKETS FUND
 

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

 

 

 

 

 

 

 

 

 

197,400

 

Kazakhstan Kagazy Plc (GDR) * § 144A

 

 

33,558

 

 

41,300

 

Zhaikmunai LP (GDR) *

 

 

507,434

 

 

 

 

 

 

      

 

 

 

 

 

 

2,479,382

 

 

 

 

 

 

      

Luxembourg: 0.9%

 

 

 

 

 

500,000

 

L’Occitane International S.A. (HKD) * #

 

 

1,233,806

 

 

 

 

 

 

      

Malaysia: 1.1%

 

 

 

 

 

1,445,000

 

AirAsia Bhd * #

 

 

1,281,379

 

 

166,700

 

CB Industrial Product Holding Bhd #

 

 

226,638

 

 

 

 

 

 

      

 

 

 

 

 

 

1,508,017

 

 

 

 

 

 

      

Mexico: 1.3%

 

 

 

 

 

396,000

 

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

 

 

713,465

 

 

413,800

 

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

 

 

935,833

 

 

 

 

 

 

      

 

 

 

 

 

 

1,649,298

 

 

 

 

 

 

      

Mongolia: 0.6%

 

 

 

 

 

650,000

 

Mongolian Mining Corp. (HKD) * #

 

 

829,680

 

 

 

 

 

 

      

Panama: 0.6%

 

 

 

 

 

14,700

 

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

 

 

776,160

 

 

 

 

 

 

      

Philippines: 1.0%

 

 

 

 

 

1,800,000

 

Alliance Global Group, Inc. #

 

 

494,438

 

 

745,000

 

International Container Terminal Services, Inc. #

 

 

715,590

 

 

5,720,000

 

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

 

 

139,705

 

 

 

 

 

 

      

 

 

 

 

 

 

1,349,733

 

 

 

 

 

 

      

Russia: 9.0%

 

 

 

 

 

140,000

 

Bank St Petersburg OJSC (USD)

 

 

726,153

 

 

80,000

 

Gazprom OAO (ADR) #

 

 

2,589,663

 

 

114,000

 

Globaltrans Investment Plc (GDR)

 

 

2,093,820

 

 

36,000

 

Lukoil (ADR)

 

 

2,577,475

 

 

825,000

 

Sberbank RF (USD) #

 

 

3,094,654

 

 

17,000

 

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

 

 

726,957

 

 

 

 

 

 

      

 

 

 

 

 

 

11,808,722

 

 

 

 

 

 

      

Singapore: 1.3%

 

 

 

 

 

1,065,000

 

CSE Global Ltd. #

 

 

1,064,509

 

 

320,000

 

Olam International Ltd. #

 

 

710,520

 

 

 

 

 

 

      

 

 

 

 

 

 

1,775,029

 

 

 

 

 

 

      

South Africa: 4.0%

 

 

 

 

 

40,000

 

African Rainbow Minerals Ltd. #

 

 

1,317,414

 

 

30,000

 

Impala Platinum Holdings Ltd. #

 

 

866,793

 

 

107,000

 

Imperial Holdings Ltd. #

 

 

1,803,588

 

 

23,000

 

Naspers Ltd. #

 

 

1,237,209

 

 

 

 

 

 

      

 

 

 

 

 

 

5,225,004

 

 

 

 

 

 

      

South Korea: 12.1%

 

 

 

 

 

106,000

 

Daegu Bank Ltd. #

 

 

1,739,065

 

 

51,000

 

Hynix Semiconductor, Inc. #

 

 

1,450,762

 

 

14,250

 

Hyundai Department Store Co. Ltd. #

 

 

1,843,455

 

 

6,200

 

Hyundai Mobis Co. Ltd. #

 

 

1,848,527

 

 

23,000

 

Kia Motors Corp. #

 

 

1,445,387

 

 

4,610

 

Lotte Shopping Co. #

 

 

1,887,497

 

 

28,200

 

Samsung Card Co. #

 

 

1,425,617

 

 

4,700

 

Samsung Electronics Co. Ltd. #

 

 

3,985,438

 

 

1,400

 

Shinsegae Co. Ltd. #

 

 

333,091

 

 

 

 

 

 

      

 

 

 

 

 

 

15,958,839

 

 

 

 

 

 

      

Switzerland: 1.0%

 

 

 

 

 

11,000

 

Dufry Group * #

 

 

1,267,224

 

 

 

 

 

 

      

Taiwan: 7.3%

 

 

 

 

 

930,000

 

Advanced Semiconductor Engineering, Inc. #

 

 

1,006,537

 

 

333,000

 

China Ecotek Corp. #

 

 

615,053

 

 

370,000

 

Chroma ATE, Inc. #

 

 

1,194,888

 

 

40,000

 

HTC Corp. #

 

 

1,562,393

 

 

230,000

 

Lumax International Corp. Ltd. #

 

 

453,337

 

 

446,000

 

Taiwan Hon Chuan Enterprise Co. Ltd. #

 

 

1,119,338

 

 

705,000

 

Taiwan Semiconductor Manufacturing Co Ltd. #

 

 

1,689,367

 

 

1,420,000

 

Uni-President Enterprises Corp. #

 

 

1,944,707

 

 

 

 

 

 

      

 

 

 

 

 

 

9,585,620

 

 

 

 

 

 

      


 

EMERGING MARKETS FUND
 

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

 

 

 

 

 

 

 

 

Thailand: 4.4%

 

 

 

 

 

990,000

 

BEC World PCL #

 

 

1,103,165

 

 

360,000

 

Big C Supercenter PCL #

 

 

944,116

 

 

730,000

 

CP All PCL

 

 

965,449

 

 

2,400,000

 

LPN Development PCL #

 

 

842,652

 

 

1,465,000

 

Tisco Financial Group PCL #

 

 

1,888,858

 

 

 

 

 

 

      

 

 

 

 

 

 

5,744,240

 

 

 

 

 

 

      

Turkey: 1.0%

 

 

 

 

 

50,000

 

Koza Altin Isletmeleri A.S.

 

 

654,615

 

 

537,976

 

Sinpas Gayrimenkul Yatirim Ortakligi A.S. * #

 

 

718,096

 

 

 

 

 

 

      

 

 

 

 

 

 

1,372,711

 

 

 

 

 

 

      

United Arab Emirates: 0.7%

 

 

 

 

 

204,750

 

First Gulf Bank PJSC #

 

 

891,675

 

 

 

 

 

 

      

United Kingdom: 1.8%

 

 

 

 

 

48,000

 

African Minerals Ltd. *

 

 

385,393

 

 

1,075,000

 

Bellzone Mining Plc * #

 

 

1,116,390

 

 

168,900

 

International Personal Finance Plc #

 

 

871,236

 

 

 

 

 

 

      

 

 

 

 

 

 

2,373,019

 

 

 

 

 

 

      

United States: 0.5%

 

 

 

 

 

17,000

 

First Cash Financial Services, Inc. *

 

 

656,200

 

 

 

 

 

 

      

Zimbabwe: 0.1%

 

 

 

 

 

750,000

 

Commercial Bank of Zimbabwe (USD) *

 

 

135,000

 

 

 

 

 

 

      

Total Common Stocks
(Cost: $101,173,257)

 

 

120,293,627

 

 

 

      

 

 

 

 

 

PREFERRED STOCKS: 2.5%

 

 

 

 

Brazil: 2.5%

 

 

 

 

 

36,500

 

Anhanguera Educacional Participacoes S.A.

 

 

884,415

 

 

81,988

 

Vale S.A.

 

 

2,381,828

 

 

 

 

 

 

      

Total Preferred Stocks
(Cost: $857,715)

 

 

3,266,243

 

 

 

      

MONEY MARKET FUND: 5.2%
(Cost: $6,771,364)

 

 

 

 

 

6,771,364

 

AIM Treasury Portfolio - Institutional Class

 

 

6,771,364

 

 

 

 

 

 

      

Total Investments: 99.2%
(Cost: $108,802,336)

 

 

130,331,234

 

Other assets less liabilities: 0.8%

 

 

1,087,160

 

 

 

      

NET ASSETS: 100.0%

 

$

131,418,394

 

 

 

      

 

 

ADR

American Depositary Receipt

GBP

British Pound

GDR

Global Depositary Receipt

HKD

Hong Kong Dollar

PHP

Philippine Peso

SGD

Singapore Dollar

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 $87,592,302 which represents 66.7% of net assets.

§

Illiquid Security — the aggregate value of illiquid securities is $640,491 which represents 0.5% 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 $323,055, or 0.2% of net assets.

 

 

Restricted securities held by the Fund as of March 31, 2011 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

 

$

33,558

 

 

0.0

%

Queenco Leisure International Ltd. (GDR) 144A

 

07/03/2007

 

 

68,000

 

 

1,297,605

 

 

289,497

 

 

0.2

 

 

 

 

 

 

 

 

    

 

    

 

    

 

 

 

 

 

 

 

 

$

2,284,605

 

$

323,055

 

 

0.2

%

 

 

 

 

 

 

 

    

 

    

 

    

 


 

EMERGING MARKETS FUND
 

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

 

 

 

 

 

 

 

 

 

Summary of Investments
by Sector (unaudited)

 

 

% of
Investments

 

Value

 
 

 

 

  

 

  

 

 

 

 

 

 

 

 

 

Basic Materials

 

10.6

%

 

$

13,793,980

 

 

 

 

 

 

 

 

 

Communications

 

4.7

 

 

 

6,139,380

 

 

 

 

 

 

 

 

 

Consumer, Cyclical

 

18.5

 

 

 

24,129,859

 

 

 

 

 

 

 

 

 

Consumer, Non-cyclical

 

10.3

 

 

 

13,421,609

 

 

 

 

 

 

 

 

 

Diversified

 

5.3

 

 

 

6,999,058

 

 

 

 

 

 

 

 

 

Energy

 

8.7

 

 

 

11,317,529

 

 

 

 

 

 

 

 

 

Financial

 

21.7

 

 

 

28,246,964

 

 

 

 

 

 

 

 

 

Industrial

 

7.1

 

 

 

9,217,420

 

 

 

 

 

 

 

 

 

Technology

 

7.9

 

 

 

10,294,071

 

 

 

 

 

 

 

 

 

Money Market Fund

 

5.2

 

 

 

6,771,364

 

 

 

    

 

    

 

 

 

 

 

 

 

 

 

 

 

100.0

%

 

$

130,331,234

 

 

 

    

 

    

 

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1
Quoted
Prices

 

Level 2
Significant
Observable
Inputs

 

Level 3
Significant
Unobservable
Inputs

 

Value

 

 

 

  

 

  

 

  

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brazil

 

$

12,599,710

 

$

—

 

$

—

 

$

12,599,710

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Canada

 

 

1,793,264

 

 

—

 

 

—

 

 

1,793,264

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

China / Hong Kong

 

 

2,838,978

 

 

19,430,214

 

 

—

 

 

22,269,192

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Georgia

 

 

1,577,738

 

 

—

 

 

—

 

 

1,577,738

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Guernsey

 

 

1,011,659

 

 

—

 

 

—

 

 

1,011,659

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

India

 

 

426,528

 

 

12,022,968

 

 

—

 

 

12,449,496

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Indonesia

 

 

685,960

 

 

997,752

 

 

—

 

 

1,683,712

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Israel

 

 

289,497

 

 

—

 

 

—

 

 

289,497

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kazakhstan

 

 

858,428

 

 

1,620,954

 

 

—

 

 

2,479,382

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Luxembourg

 

 

—

 

 

1,233,806

 

 

—

 

 

1,233,806

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Malaysia

 

 

—

 

 

1,508,017

 

 

—

 

 

1,508,017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mexico

 

 

1,649,298

 

 

—

 

 

—

 

 

1,649,298

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mongolia

 

 

—

 

 

829,680

 

 

—

 

 

829,680

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Panama

 

 

776,160

 

 

—

 

 

—

 

 

776,160

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Philippines

 

 

—

 

 

1,349,733

 

 

—

 

 

1,349,733

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Russia

 

 

5,397,448

 

 

6,411,274

 

 

—

 

 

11,808,722

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Singapore

 

 

—

 

 

1,775,029

 

 

—

 

 

1,775,029

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

South Africa

 

 

—

 

 

5,225,004

 

 

—

 

 

5,225,004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

South Korea

 

 

—

 

 

15,958,839

 

 

—

 

 

15,958,839

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Switzerland

 

 

—

 

 

1,267,224

 

 

—

 

 

1,267,224

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taiwan

 

 

—

 

 

9,585,620

 

 

—

 

 

9,585,620

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thailand

 

 

965,449

 

 

4,778,791

 

 

—

 

 

5,744,240

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Turkey

 

 

654,615

 

 

718,096

 

 

—

 

 

1,372,711

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Arab Emirates

 

 

—

 

 

891,675

 

 

—

 

 

891,675

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Kingdom

 

 

385,393

 

 

1,987,626

 

 

—

 

 

2,373,019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

 

656,200

 

 

—

 

 

—

 

 

656,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Zimbabwe

 

 

135,000

 

 

—

 

 

—

 

 

135,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brazil

 

 

3,266,243

 

 

—

 

 

—

 

 

3,266,243

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Fund

 

 

6,771,364

 

 

—

 

 

—

 

 

6,771,364

 

 

 

    

 

    

 

    

 

    

 

Total

 

$

42,738,932

 

$

87,592,302

 

$

—

 

$

130,331,234

 

 

 

    

 

    

 

    

 

    

 

See Notes to Schedules of Investments



 

GLOBAL HARD ASSETS FUND
 

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

 

 

 

 

 

 

 

 

Number
of Shares

 

 

 

Value

 
           

COMMON STOCKS: 93.2%

 

 

 

 

Brazil: 2.1%

 

 

 

 

 

707,700

 

Brazilian Resources, Inc. (CAD) * #

 

$

78,033

 

 

1,296,900

 

Petroleo Brasileiro S.A. (ADR)

 

 

52,433,667

 

 

1,897,300

 

Vale S.A. (ADR)

 

 

63,274,955

 

 

 

 

 

 

      

 

 

 

 

 

 

115,786,655

 

 

 

 

 

 

      

Canada: 14.2%

 

 

 

 

 

1,135,300

 

Agnico-Eagle Mines Ltd. (USD)

 

 

75,327,155

 

 

608,200

 

First Quantum Minerals Ltd.

 

 

78,680,190

 

 

1,726,400

 

Goldcorp, Inc. (USD)

 

 

85,974,720

 

 

5,229,200

 

IAMGOLD Corp. (USD)

 

 

115,146,984

 

 

2,952,724

 

Kinross Gold Corp.

 

 

46,537,001

 

 

2,853,800

 

Kinross Gold Corp. (USD)

 

 

44,947,350

 

 

182,677

 

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

 

 

508,745

 

 

5,887,300

 

Osisko Mining Corp. *

 

 

84,772,262

 

 

2,960,100

 

Pacific Rubiales Energy Corp.

 

 

82,131,707

 

 

1,639,900

 

Potash Corp. of Saskatchewan, Inc. (USD)

 

 

96,639,307

 

 

1,008,600

 

Teck Cominco Ltd. (USD)

 

 

53,475,972

 

 

 

 

 

 

      

 

 

 

 

 

 

764,141,393

 

 

 

 

 

 

      

China / Hong Kong: 1.1%

 

 

 

 

 

16,113,900

 

Yanzhou Coal Mining Co. Ltd. #

 

 

58,424,974

 

 

 

 

 

 

      

Kuwait: 0.2%

 

 

 

 

 

14,368,991

 

Kuwait Energy Co. K.S.C.C. * # § ø

 

 

8,471,831

 

 

 

 

 

 

      

Norway: 1.6%

 

 

 

 

 

2,378,600

 

SeaDrill Ltd. #

 

 

85,996,103

 

 

 

 

 

 

      

Switzerland: 2.9%

 

 

 

 

 

6,918,700

 

Weatherford International Ltd. (USD) *

 

 

156,362,620

 

 

 

 

 

 

      

United Kingdom: 8.1%

 

 

 

 

 

12,564,700

 

Afren Plc * #

 

 

32,844,567

 

 

435,000

 

African Minerals Ltd. * ø

 

 

3,492,622

 

 

2,264,300

 

African Minerals Ltd. *

 

 

18,180,103

 

 

1,015,800

 

Antofagasta Plc #

 

 

22,143,332

 

 

2,433,700

 

BHP Billiton Plc #

 

 

96,353,189

 

 

2,554,300

 

Heritage Oil Ltd. *

 

 

11,641,298

 

 

697,026

 

Randgold Resources Ltd. (ADR) *

 

 

56,835,500

 

 

1,080,028

 

Vedanta Resources Plc #

 

 

41,163,852

 

 

6,605,800

 

Xstrata Plc #

 

 

154,123,641

 

 

 

 

 

 

      

 

 

 

 

 

 

436,778,104

 

 

 

 

 

 

      

United States: 63.0%

 

 

 

 

 

2,671,000

 

Alpha Natural Resources, Inc. *

 

 

158,577,270

 

 

2,377,400

 

Anadarko Petroleum Corp.

 

 

194,756,608

 

 

573,700

 

Apache Corp.

 

 

75,108,804

 

 

1,021,200

 

Berry Petroleum Co.

 

 

51,519,540

 

 

3,625,200

 

Brigham Exploration Co. *

 

 

134,784,936

 

 

2,249,000

 

Cabot Oil & Gas Corp.

 

 

119,129,530

 

 

2,566,500

 

Cameron International Corp. *

 

 

146,547,150

 

 

1,081,600

 

Cimarex Energy Co.

 

 

124,643,584

 

 

952,350

 

Concho Resources, Inc. *

 

 

102,187,155

 

 

2,315,400

 

Consol Energy, Inc.

 

 

124,174,902

 

 

251,400

 

Cummins, Inc.

 

 

27,558,468

 

 

1,360,600

 

Diamond Offshore Drilling, Inc.

 

 

105,718,620

 

 

1,078,800

 

Dril-Quip, Inc. *

 

 

85,257,564

 

 

4,628,100

 

Far East Energy Corp. *

 

 

2,152,066

 

 

996,020

 

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

 

 

209,164

 

 

3,754,935

 

General Maritime Corp.

 

 

7,697,617

 

 

520,400

 

Green Plains Renewable Energy, Inc. *

 

 

6,255,208

 

 

3,689,300

 

Halliburton Co.

 

 

183,874,712

 

 

1,435,100

 

Holly Corp.

 

 

87,196,676

 

 

98,900

 

Jacobs Engineering Group, Inc. *

 

 

5,086,427

 

 

1,583,000

 

Key Energy Services, Inc. *

 

 

24,615,650

 

 

4,550,300

 

Louisiana-Pacific Corp. *

 

 

47,778,150

 

 

1,378,300

 

Massey Energy Co.

 

 

94,220,588

 

 

939,500

 

Murphy Oil Corp.

 

 

68,978,090

 

 

2,481,275

 

Newfield Exploration Co. *

 

 

188,601,713

 


 

GLOBAL HARD ASSETS FUND
 

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

 

 

 

 

 

 

 

 

 

1,977,600

 

Newmont Mining Corp.

 

 

107,937,408

 

 

814,600

 

Noble Energy, Inc.

 

 

78,731,090

 

 

1,215,700

 

Occidental Petroleum Corp.

 

 

127,028,493

 

 

5,469,200

 

Petrohawk Energy Corp. *

 

 

134,214,168

 

 

1,611,200

 

Pioneer Natural Resources Co.

 

 

164,213,504

 

 

2,624,800

 

QEP Resources, Inc.

 

 

106,409,392

 

 

2,103,800

 

Schlumberger Ltd.

 

 

196,200,388

 

 

2,489,400

 

Steel Dynamics, Inc.

 

 

46,726,038

 

 

1,356,100

 

Terex Corp. *

 

 

50,229,944

 

 

497,300

 

Walter Energy, Inc.

 

 

67,349,339

 

 

1,628,400

 

Western Refining, Inc. *

 

 

27,601,380

 

 

1,616,100

 

Whiting Petroleum Corp. *

 

 

118,702,545

 

 

 

 

 

 

      

 

 

 

 

 

3,391,973,881

 

 

 

 

 

 

      

Total Common Stocks
(Cost: $3,512,677,469)

 

 

5,017,935,561

 

 

 

      

EXCHANGE TRADED FUND: 1.5%
(Cost: $72,350,608)

 

 

 

 

 

589,800

 

SPDR Gold Trust *

 

 

82,489,428

 

 

 

 

 

 

      

MONEY MARKET FUND: 5.0%
 (Cost: $267,189,857)

 

 

 

 

 

267,189,857

 

AIM Treasury Portfolio - Institutional Class

 

 

267,189,857

 

 

 

 

 

 

      

Total Investments: 99.7%
(Cost: $3,852,217,934)

 

 

5,367,614,846

 

Other assets less liabilities: 0.3%

 

 

17,796,520

 

 

 

      

NET ASSETS: 100.0%

 

$

5,385,411,366

 

 

 

      

 

 

ADR

American Depositary Receipt

CAD

Canadian Dollar

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 $499,808,686 which represents 9.3% of net assets.

§

Illiquid Security — the aggregate value of illiquid securities is $8,680,995 which represents 0.2% of net assets.

ø

Restricted security - the aggregate value of restricted securities is $11,964,453, or 0.3% of net assets.

 

Restricted securities held by the Fund as of March 31, 2011 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

 

$

3,492,622

 

 

0.1

%

Kuwait Energy Co. K.S.C.C.

 

08/06/2008

 

 

14,368,991

 

 

10,862,672

 

 

8,471,831

 

 

0.2

 

 

 

 

 

 

 

 

    

 

    

 

    

 

 

 

 

 

 

 

 

 

$

13,696,350

 

$

11,964,453

 

 

0.3

%

 

 

 

 

 

 

 

 

    

 

    

 

    

 

 

 

 

 

 

 

 

 

 

Summary of Investments
by Sector (unaudited)

 

 

% of
Investments

 

Value

 
 

 

 

  

 

  

 

 

 

 

 

 

 

 

 

Basic Materials

 

5.8

%

 

$

312,799,020

 

 

 

 

 

 

 

 

 

Capital Goods

 

0.9

 

 

 

50,229,944

 

 

 

 

 

 

 

 

 

Energy

 

67.0

 

 

 

3,595,042,246

 

 

 

 

 

 

 

 

 

Industrial

 

0.6

 

 

 

32,644,895

 

 

 

 

 

 

 

 

 

Industrial Metals

 

9.6

 

 

 

514,338,939

 

 

 

 

 

 

 

 

 

Paper and Forest

 

0.9

 

 

 

47,778,150

 

 

 

 

 

 

 

 

 

Precious Metals

 

8.7

 

 

 

465,102,367

 

 

 

 

 

 

 

 

 

Money Market Fund

 

5.0

 

 

 

267,189,857

 

 

 

 

 

 

 

 

 

Exchange Traded Fund

 

1.5

 

 

 

82,489,428

 

 

 

    

 

    

 

 

 

 

 

 

 

 

 

 

 

100.0

%

 

$

5,367,614,846

 

 

 

    

 

    

 


The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

 

GLOBAL HARD ASSETS FUND

 

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1
Quoted
Prices

 

Level 2
Significant
Observable
Inputs

 

Level 3
Significant
Unobservable
Inputs

 

Value

 

 

 

  

 

  

 

  

 

  

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brazil

 

$

115,708,622

 

$

—

 

$

78,033

 

$

115,786,655

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Canada

 

 

764,141,393

 

 

—

 

 

—

 

 

764,141,393

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

China / Hong Kong

 

 

—

 

 

58,424,974

 

 

—

 

 

58,424,974

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kuwait

 

 

—

 

 

—

 

 

8,471,831

 

 

8,471,831

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Norway

 

 

—

 

 

85,996,103

 

 

—

 

 

85,996,103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Switzerland

 

 

156,362,620

 

 

—

 

 

—

 

 

156,362,620

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Kingdom

 

 

90,149,523

 

 

346,628,581

 

 

—

 

 

436,778,104

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

 

3,391,764,717

 

 

209,164

 

 

—

 

 

3,391,973,881

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange Traded Fund

 

 

82,489,428

 

 

—

 

 

—

 

 

82,489,428

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Fund

 

 

267,189,857

 

 

—

 

 

—

 

 

267,189,857

 

 

 

    

 

    

 

    

 

    

 

Total

 

$

4,867,806,160

 

$

491,258,822

 

$

8,549,864

 

$

5,367,614,846

 

 

 

    

 

    

 

    

 

    

 

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during March 31, 2011:

 

 

 

 

 

Balance as of 12/31/10

 

$

8,086,674

 

 

 

 

 

 

Realized gain (loss)

 

 

—

 

 

 

 

 

 

Change in unrealized appreciation (depreciation)

 

 

463,190

 

 

 

 

 

 

Net purchases (sales)

 

 

—

 

 

 

 

 

 

Transfers in and/or out of level 3

 

 

—

 

 

 

    

 

Balance as of 3/31/11

 

$

8,549,864

 

 

 

    

 

See Notes to Schedules of Investments


 

INTERNATIONAL INVESTORS GOLD FUND

 

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)


 

 

 

 

 

 

 

 

 

Number
of Shares

 

 

 

Value

 
             

COMMON STOCKS: 96.3%

 

 

 

 

Australia: 6.4%

 

 

 

 

 

5,084,210

 

Catalpa Resources Ltd. * #

 

$

9,295,283

 

 

6,361,118

 

Gryphon Minerals Ltd. * #

 

 

13,209,002

 

 

1,775,725

 

Newcrest Mining Ltd. #

 

 

73,149,882

 

 

5,721,260

 

Perseus Mining Ltd. * #

 

 

18,291,613

 

 

 

 

 

 

      

 

 

 

 

 

 

113,945,780

 

 

 

 

 

 

      

Canada: 71.4%

 

 

 

 

 

310,440

 

Agnico-Eagle Mines Ltd.

 

 

20,637,295

 

 

1,278,333

 

Agnico-Eagle Mines Ltd. (USD)

 

 

84,817,395

 

 

800,000

 

Alamos Gold, Inc.

 

 

12,658,071

 

 

1,510,000

 

Amarillo Gold Corp. *

 

 

2,336,256

 

 

3,000,000

 

Andina Minerals, Inc. *

 

 

4,455,905

 

 

1,440,000

 

Argonaut Gold, Inc. * ø

 

 

7,025,477

 

 

2,531,875

 

Argonaut Gold, Inc. *

 

 

12,352,521

 

 

720,000

 

Argonaut Gold, Inc. Warrants (CAD 4.50, expiring 12/29/12) * § ø

 

 

1,121,403

 

 

3,050,000

 

Aurizon Mines Ltd. *

 

 

21,455,389

 

 

390,000

 

Aurizon Mines Ltd. (USD) *

 

 

2,741,700

 

 

1,122,000

 

Barrick Gold Corp. (USD)

 

 

58,243,020

 

 

948,000

 

Bear Creek Mining Corp. * ø

 

 

9,924,910

 

 

1,999,000

 

Bear Creek Mining Corp. *

 

 

20,928,159

 

 

650,000

 

Canaco Resources, Inc. *

 

 

3,439,402

 

 

412,500

 

Corvus Gold, Inc. *

 

 

323,363

 

 

560,000

 

Eastmain Resources, Inc. *

 

 

906,859

 

 

1,839,000

 

Eastmain Resources, Inc. * ø

 

 

2,978,061

 

 

1,330,146

 

Eldorado Gold Corp.

 

 

21,691,194

 

 

382,000

 

Eldorado Gold Corp. (USD)

 

 

6,211,320

 

 

2,563,900

 

European Goldfields Ltd. *

 

 

32,369,403

 

 

1,625,000

 

Fortuna Silver Mines, Inc. *

 

 

8,883,445

 

 

6,700,000

 

Gold Bullion Development Corp. *

 

 

3,006,189

 

 

159,030

 

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

 

 

32,807

 

 

915,194

 

Goldcorp, Inc.

 

 

45,632,262

 

 

1,857,897

 

Goldcorp, Inc. (USD)

 

 

92,523,271

 

 

17,500

 

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

 

 

67,690

 

 

300,000

 

Great Basin Gold Ltd. * ø

 

 

792,000

 

 

4,145,000

 

Great Basin Gold Ltd. *

 

 

10,902,269

 

 

1,950,000

 

Great Basin Gold Ltd. (USD) *

 

 

5,148,000

 

 

2,421,000

 

Guyana Goldfields, Inc. *

 

 

23,523,280

 

 

802,800

 

IAMGOLD Corp.

 

 

17,695,550

 

 

3,407,200

 

IAMGOLD Corp. (USD)

 

 

75,026,544

 

 

1,650,000

 

International Tower Hill Mines Ltd. *

 

 

16,559,567

 

 

2,131,000

 

Keegan Resources, Inc. *

 

 

18,573,440

 

 

6,095,027

 

Kinross Gold Corp.

 

 

96,061,900

 

 

222,350

 

Kinross Gold Corp. ø

 

 

3,504,392

 

 

973,338

 

Kinross Gold Corp. (USD)

 

 

15,330,073

 

 

156,618

 

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

 

 

231,010

 

 

354,041

 

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

 

 

985,983

 

 

2,040,000

 

Mansfield Minerals, Inc. * ø

 

 

5,470,861

 

 

1,020,000

 

Mansfield Minerals, Inc. Warrants (CAD 1.80, expiring 05/08/12) * # § ø

 

 

946,880

 

 

1,031,500

 

Minco Silver Corp. *

 

 

6,117,715

 

 

855,170

 

New Gold, Inc. *

 

 

10,064,456

 

 

1,026,170

 

New Gold, Inc. (USD) * ø

 

 

12,016,451

 

 

4,312,630

 

New Gold, Inc. (USD) *

 

 

50,500,897

 

 

1,130,850

 

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

 

 

87,482

 

 

770,000

 

Northgate Minerals Corp. *

 

 

2,096,751

 

 

666,666

 

Northgate Minerals Corp. * ø

 

 

1,815,367

 

 

7,585,000

 

Northgate Minerals Corp. (USD) *

 

 

20,479,500

 

 

3,356,875

 

Orezone Gold Corp. *

 

 

16,446,783

 

 

3,596,900

 

Osisko Mining Corp. *

 

 

51,792,392

 

 

1,093,333

 

Osisko Mining Corp. * 144A

 

 

15,743,098

 

 

602,124

 

Pan American Silver Corp.

 

 

22,364,606

 

 

747,000

 

Pan American Silver Corp. (USD)

 

 

27,736,110

 

 

103,000

 

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

 

 

1,082,058

 

 

764,500

 

Premier Gold Mines Ltd. *

 

 

5,669,680

 

 

675,700

 

Queenston Mining, Inc. *

 

 

4,460,526

 

 

1,470,000

 

Rainy River Resources Ltd. *

 

 

16,072,202

 


 

INTERNATIONAL INVESTORS GOLD FUND

 

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)


 

 

 

 

 

 

 

 

 

149,000

 

Richfield Ventures Corp. *

 

 

1,152,656

 

 

3,600,000

 

Romarco Minerals, Inc. *

 

 

8,243,424

 

 

2,400,000

 

Rubicon Minerals Corp. *

 

 

12,427,024

 

 

1,500,000

 

Sabina Gold & Silver Corp. *

 

 

9,035,585

 

 

5,684,000

 

San Gold Corp. *

 

 

15,008,809

 

 

2,251,375

 

Silver Wheaton Corp. (USD)

 

 

97,654,362

 

 

18,611

 

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

 

 

460,622

 

 

3,035,000

 

Silvercorp Metals, Inc.

 

 

44,171,068

 

 

7,231,000

 

Torex Gold Resources, Inc. *

 

 

13,574,440

 

 

1,274,500

 

Trelawney Mining and Exploration, Inc. *

 

 

6,310,057

 

 

3,635,000

 

Volta Resources, Inc. *

 

 

7,348,736

 

 

1,188,981

 

Yamana Gold, Inc.

 

 

14,692,101

 

 

180,597

 

Yamana Gold, Inc. (USD)

 

 

2,223,149

 

 

 

 

 

 

      

 

 

 

 

 

 

1,264,362,623

 

 

 

 

 

 

      

Mexico: 1.0%

 

 

 

 

 

724,000

 

Fresnillo Plc (GBP) #

 

 

17,896,533

 

 

 

 

 

 

      

South Africa: 3.0%

 

 

 

 

 

1,122,000

 

AngloGold Ashanti Ltd. (ADR)

 

 

53,799,900

 

 

 

 

 

 

      

United Kingdom: 6.5%

 

 

 

 

 

3,252,000

 

African Barrick Gold Ltd. #

 

 

28,242,920

 

 

1,600,000

 

Lydian International Ltd. (CAD) *

 

 

3,597,731

 

 

1,015,000

 

Randgold Resources Ltd. (ADR) *

 

 

82,763,100

 

 

 

 

 

 

      

 

 

 

 

 

 

114,603,751

 

 

 

 

 

 

      

United States: 8.0%

 

 

 

 

 

652,000

 

Allied Nevada Gold Corp. *

 

 

23,132,960

 

 

2,470,250

 

Capital Gold Corp. *

 

 

15,883,707

 

 

912,000

 

Newmont Mining Corp.

 

 

49,776,960

 

 

432,100

 

Royal Gold, Inc.

 

 

22,642,040

 

 

1,500,000

 

Tahoe Resources, Inc. (CAD) *

 

 

30,324,910

 

 

 

 

 

 

      

 

 

 

 

 

 

141,760,577

 

 

 

 

 

 

      

Total Common Stocks
(Cost: $802,457,157)

 

 

1,706,369,164

 

 

 

 

 

 

      

MONEY MARKET FUND: 3.7%

 

 

 

 

(Cost: $65,180,540)

 

 

 

 

 

65,180,540

 

AIM Treasury Portfolio - Institutional Class

 

 

65,180,540

 

 

 

 

 

 

      

Total Investments: 100.0%
(Cost: $867,637,697)

 

 

1,771,549,704

 

Other assets less liabilities: 0.0%

 

 

275,235

 

 

 

 

 

 

      

NET ASSETS: 100.0%

 

$

1,771,824,939

 

 

 

      

 

 

ADR

American Depositary Receipt

CAD

Canadian Dollar

GBP

British Pound

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 $162,114,171 which represents 9.1% of net assets.

§

Illiquid Security — the aggregate value of illiquid securities is $2,188,572 which represents 0.1% 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 $15,743,098, or 0.9% of net assets.

ø

Restricted security - the aggregate value of restricted securities is $45,716,091, or 2.7% of net assets.

 

 

Restricted securities held by the Fund as of March 31, 2011 are as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Security

 

 

Acquisition
Date

 

Number of
Shares

 

Acquisition Cost

 

Value

 

% of
Net Assets

 
 

 

 

  

 

  

 

  

 

  

 

    

Argonaut Gold, Inc.

 

11/13/2009

 

1,440,000

 

$

4,090,715

 

$

7,025,477

 

0.4

%

Argonaut Gold, Inc. Warrants

 

11/13/2009

 

720,000

 

 

—

 

 

1,121,403

 

0.1

 

Bear Creek Mining Corp.

 

08/15/2005

 

948,000

 

 

2,865,287

 

 

9,924,910

 

0.6

 

Eastmain Resources, Inc.

 

06/13/2008

 

1,839,000

 

 

2,503,501

 

 

2,978,061

 

0.2

 

Gold Wheaton Corp. Warrants

 

06/19/2008

 

159,030

 

 

—

 

 

32,807

 

0.0

 

Great Basin Gold Ltd.

 

05/28/2002

 

300,000

 

 

293,351

 

 

792,000

 

0.0

 

Kinross Gold Corp.

 

10/22/2007

 

222,350

 

 

983,691

 

 

3,504,392

 

0.2

 

Mansfield Minerals, Inc.

 

05/04/2010

 

2,040,000

 

 

2,422,563

 

 

5,470,861

 

0.3

 

Mansfield Minerals, Inc. Warrants

 

05/28/2010

 

1,020,000

 

 

605,641

 

 

946,880

 

0.1

 

New Gold, Inc.

 

06/28/2007

 

1,026,170

 

 

2,350,456

 

 

12,016,451

 

0.7

 

New Gold, Inc. Warrants

 

03/09/2007

 

1,130,850

 

 

—

 

 

87,482

 

0.0

 

Northgate Minerals Corp.

 

08/15/2005

 

666,666

 

 

781,921

 

 

1,815,367

 

0.1

 

 

 

 

 

 

 

    

 

    

 

    

 

 

 

 

 

 

 

$

16,897,126

 

$

45,716,091

 

2.7

%

 

 

 

 

 

 

    

 

    

 

    


 

INTERNATIONAL INVESTORS GOLD FUND
 

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)


 

 

 

 

 

 

 

 

 

Summary of Investments
by Sector (unaudited)

 

 

% of
Investments

 

Value

 
 

 

 

  

 

  

 

 

 

 

 

 

 

 

 

Diversified Minerals

 

1.8

%

 

$

32,053,767

 

 

 

 

 

 

 

 

 

Gold Mining

 

75.8

 

 

 

1,343,198,388

 

 

 

 

 

 

 

 

 

Metal - Diversified

 

0.7

 

 

 

11,507,581

 

 

 

 

 

 

 

 

 

Precious Metals

 

3.5

 

 

 

62,389,840

 

 

 

 

 

 

 

 

 

Silver Mining

 

14.5

 

 

 

257,219,588

 

 

 

 

 

 

 

 

 

Money Market Fund

 

3.7

 

 

 

65,180,540

 

 

 

    

 

    

 

 

 

 

 

 

 

 

 

 

 

100.0

%

 

$

1,771,549,704

 

 

 

    

 

    

 

 

 

 

 

 

 

 

 

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1
Quoted
Prices

 

Level 2
Significant
Observable
Inputs

 

Level 3
Significant
Unobservable
Inputs

 

Value

 

 

 

  

 

  

 

  

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Australia

 

$

—

 

$

113,945,780

 

$

—

 

$

113,945,780

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Canada

 

 

1,262,333,685

 

 

2,028,938

 

 

—

 

 

1,264,362,623

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mexico

 

 

—

 

 

17,896,533

 

 

—

 

 

17,896,533

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

South Africa

 

 

53,799,900

 

 

—

 

 

—

 

 

53,799,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Kingdom

 

 

86,360,831

 

 

28,242,920

 

 

—

 

 

114,603,751

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

 

141,760,577

 

 

—

 

 

—

 

 

141,760,577

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Fund

 

 

65,180,540

 

 

—

 

 

—

 

 

65,180,540

 

 

 

    

 

    

 

    

 

    

 

Total

 

$

1,609,435,533

 

$

162,114,171

 

$

—

 

$

1,771,549,704

 

 

 

    

 

    

 

    

 

    

 

See Notes to Schedules of Investments


 

MULTI-MANAGER ALTERNATIVES FUND

 

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)


 

 

 

 

 

 

 

 

 

Number

 

 

 

 

 

 

 

of Shares

 

 

 

Value

 
             

COMMON STOCKS: 19.6%

 

 

 

 

Basic Materials: 1.9%

 

 

 

 

 

12,240

 

Eurasian Natural Resources Corp. (GBP) #

 

$

183,708

 

 

8,173

 

Nucor Corp.

 

 

376,121

 

 

23,109

 

Steel Dynamics, Inc.

 

 

433,756

 

 

 

 

 

 

      

 

 

 

 

 

 

993,585

 

 

 

 

 

 

      

Communications: 3.0%

 

 

 

 

 

107,068

 

Alcatel-Lucent (ADR) *

 

 

622,065

 

 

5,553

 

Equinix, Inc. *

 

 

505,878

 

 

6,154

 

Finisar Corp. *

 

 

151,388

 

 

519

 

Google, Inc. *

 

 

304,243

 

 

 

 

 

 

      

 

 

 

 

 

 

1,583,574

 

 

 

 

 

 

      

Consumer, Cyclical: 0.7%

 

 

 

 

 

5,804

 

First Cash Financial Services, Inc. *

 

 

224,034

 

 

4,146

 

Starbucks Corp.

 

 

153,195

 

 

 

 

 

 

      

 

 

 

 

 

 

377,229

 

 

 

 

 

 

      

Consumer, Non-cyclical: 0.6%

 

 

 

 

 

2,413

 

Express Scripts, Inc. *

 

 

134,187

 

 

7,322

 

Quanta Services, Inc. *

 

 

164,232

 

 

 

 

 

 

      

 

 

 

 

 

 

298,419

 

 

 

 

 

 

      

Diversified: 1.2%

 

 

 

 

 

 

 

13,110

 

Imperial Holdings Ltd. #

 

 

220,982

 

 

119,420

 

Noble Group Ltd. (SGD) #

 

 

202,540

 

 

15,000

 

Swire Pacific Ltd. (HKD) #

 

 

219,694

 

 

 

 

 

 

      

 

 

 

 

 

 

643,216

 

 

 

 

 

 

      

Energy: 3.9%

 

 

 

 

 

2,716

 

Lukoil (ADR)

 

 

194,456

 

 

7,354

 

National Oilwell Varco, Inc.

 

 

582,952

 

 

5,747

 

Schlumberger Ltd.

 

 

535,965

 

 

17,602

 

Superior Energy Services, Inc. *

 

 

721,682

 

 

 

 

 

 

      

 

 

 

 

 

 

2,035,055

 

 

 

 

 

 

      

Financial: 1.6%

 

 

 

 

 

411,750

 

Bank of China Ltd. (HKD) #

 

 

228,969

 

 

20,800

 

BR Malls Participacoes S.A.

 

 

214,415

 

 

186,734

 

Raven Russia Ltd. (GBP)

 

 

193,964

 

 

150,083

 

Tisco Financial Group PCL (THB) #

 

 

193,505

 

 

 

 

 

 

      

 

 

 

 

 

 

830,853

 

 

 

 

 

 

      

Industrial: 4.9%

 

 

 

 

 

2,648

 

Atlas Air Worldwide Holdings, Inc. *

 

 

184,619

 

 

5,725

 

Danaher Corp.

 

 

297,128

 

 

9,415

 

EMCOR Group, Inc. *

 

 

291,583

 

 

16,788

 

FEI Co. *

 

 

566,091

 

 

11,736

 

Globaltrans Investment Plc (GDR)

 

 

215,553

 

 

5,465

 

JB Hunt Transport Services, Inc.

 

 

248,220

 

 

2,652

 

Martin Marietta Materials, Inc.

 

 

237,805

 

 

9,426

 

Roadrunner Transportation Systems Inc. *

 

 

141,390

 

 

4,374

 

Roper Industries, Inc.

 

 

378,176

 

 

 

 

 

 

      

 

 

 

 

 

 

2,560,565

 

 

 

 

 

 

      

Technology: 1.8%

 

 

 

 

 

28,329

 

Atmel Corp. *

 

 

386,124

 

 

3,812

 

NXP Semiconductor NV *

 

 

114,227

 

 

14,268

 

O2Micro International Ltd. (ADR) *

 

 

108,437

 

 

16,680

 

Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)

 

 

203,162

 

 

2,064

 

Veeco Instruments, Inc. *

 

 

104,934

 

 

 

 

 

 

      

 

 

 

 

 

 

916,884

 

 

 

 

 

 

      

Total Common Stocks
(Cost: $8,255,682) (a)

 

 

10,239,380

 

 

 

 

 

 

      

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

Amount

 

 

 

 

 

 
 

 

 

 

 

 

 

CORPORATE BONDS: 4.2%

 

 

 

 

$

250,000

 

First Data Corp. 10.55%, 09/24/15

 

 

260,313

 

 

200,000

 

Grohe Holding GmbH 5.17%, 09/15/17

 

 

285,211

 

 

350,000

 

Intelsat Jackson Holdings SA 11.25%, 06/15/16

 

 

374,938

 


 

MULTI-MANAGER ALTERNATIVES FUND

 

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)


 

 

 

 

 

 

 

 

 

100,000

 

Ltd Brands, Inc. 6.63%, 04/01/11

 

 

102,750

 

 

125,000

 

Musketeer GmbH 9.50%, 03/15/21

 

 

184,679

 

 

250,000

 

Ono Finance II PLC 11.13%, 07/15/19

 

 

378,215

 

 

225,000

 

Seagate HDD Cayman 7.75%, 12/15/18

 

 

234,000

 

 

400,000

 

UPCB Finance III Ltd. 6.63%, 07/01/20

 

 

394,000

 

 

 

 

 

 

      

Total Corporate Bonds
(Cost: $2,073,835)

 

 

2,214,106

 

 

 

      

GOVERNMENT BOND: 0.4%
(Cost: $228,373)

 

 

 

 

 

225,000

 

U.S. Treasury Note 3.63%, 02/15/21

 

 

228,234

 

 

 

 

 

 

      

STRUCTURED NOTES: 5.3%

 

 

 

 

 

2,138,000

 

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

 

 

2,239,769

 

 

500,000

 

Deutsche Bank A.G. London Branch, Alpha Overlay Securities, 02/08/13 (b)

 

 

505,000

 

 

 

 

 

 

      

Total Structured Notes
(Cost: $2,640,124) (a)

 

 

2,744,769

 

 

 

 

 

 

      

 

 

 

 

 

 

 

 

Number

 

 

 

 

 

 

of Shares

 

 

 

 

 

 
 

 

 

 

 

 

 

CLOSED-END FUND: 0.5%
(Cost: $246,422) (a)

 

 

 

 

 

18,350

 

Cohen & Steers Closed-End Opportunity Fund, Inc.

 

 

247,725

 

 

 

 

 

 

      

EXCHANGE TRADED FUNDS: 3.8%

 

 

 

 

 

9,700

 

iShares MSCI EAFE Small Cap Index Fund

 

 

420,398

 

 

25,940

 

iShares MSCI Japan Index Fund

 

 

267,441

 

 

14,330

 

Market Vectors India Small-Cap Index ETF ‡ *

 

 

240,887

 

 

19,670

 

WisdomTree Emerging Markets SmallCap Dividend Fund

 

 

1,052,935

 

 

 

 

 

 

      

Total Exchange Traded Funds
(Cost: $1,784,919) (a)

 

 

1,981,661

 

 

 

 

 

 

      

OPEN-END FUNDS: 54.3%

 

 

 

 

 

46,741

 

AC Statistical Value Market Neutral 12 Vol Fund * #

 

 

6,495,655

 

 

283,437

 

AQR Diversified Arbitrage Fund

 

 

3,194,331

 

 

506,729

 

Highland Long/Short Equity Fund

 

 

5,710,831

 

 

1,504

 

Luxcellence - Virtuoso Fund * #

 

 

1,426,813

 

 

192,450

 

Marketfield Fund

 

 

2,634,641

 

 

569,565

 

TFS Market Neutral Fund

 

 

8,828,257

 

 

 

 

 

 

      

Total Open-End Funds
(Cost: $27,746,140)

 

 

28,290,528

 

 

 

 

 

 

      

MONEY MARKET FUND: 16.6%
(Cost: $8,627,653)

 

 

 

 

 

8,627,653

 

AIM Treasury Portfolio - Institutional Class

 

 

8,627,653

 

 

 

 

 

 

      

Total Investments: 104.7%
(Cost: $51,603,148)

 

 

54,574,056

 

Liabilities in excess of other assets: (4.7)%

 

 

(2,468,849

)

 

 

      

NET ASSETS: 100.0%

 

$

52,105,207

 

 

 

      

SECURITIES SOLD SHORT: (15.2)%

 

 

 

 

COMMON STOCKS: (11.5)%

 

 

 

 

Basic Materials: (0.2)%

 

 

 

 

 

(5,230

)

RPM International, Inc.

 

 

(124,108

)

 

 

 

 

 

      

Communications: (0.3)%

 

 

 

 

 

(6,821

)

Ciena Corp. *

 

 

(177,073

)

 

 

 

 

 

      

Consumer, Cyclical: (3.9)%

 

 

 

 

 

(6,921

)

BJ’s Restaurants, Inc. *

 

 

(272,203

)

 

(4,159

)

Bob Evans Farms, Inc.

 

 

(135,583

)

 

(617

)

Chipotle Mexican Grill, Inc. *

 

 

(168,052

)

 

(8,603

)

Cintas Corp.

 

 

(260,413

)

 

(6,838

)

Fastenal Co.

 

 

(443,308

)

 

(4,777

)

O’Reilly Automotive, Inc. *

 

 

(274,486

)

 

(4,982

)

PACCAR, Inc.

 

 

(260,808

)

 

(5,732

)

Thor Industries, Inc.

 

 

(191,277

)

 

 

 

 

 

      

 

 

 

 

 

 

(2,006,130

)

 

 

 

 

 

      

Consumer, Non-cyclical: (1.8)%

 

 

 

 

 

(8,150

)

DENTSPLY International, Inc.

 

 

(301,469

)

 

(5,671

)

Laboratory Corp. of America Holdings *

 

 

(522,469

)

 

(5,237

)

Safeway, Inc.

 

 

(123,279

)

 

 

 

 

 

      

 

 

 

 

 

 

(947,217

)

 

 

 

 

 

      

Financial: (1.6)%

 

 

 

 

 

 

(24,884

)

Allied Irish Banks PLC (ADR) *

 

 

(59,722

)


 

MULTI-MANAGER ALTERNATIVES FUND

 

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)


 

 

 

 

 

 

 

 

 

(18,940

)

Banco Bilbao Vizcaya Argentaria S.A. (ADR)

 

 

(227,280

)

 

(19,100

)

Banco Santander S.A. (ADR)

 

 

(223,852

)

 

(3,700

)

Deutsche Bank AG

 

 

(218,559

)

 

(42,560

)

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

 

 

(74,480

)

 

 

 

 

 

      

 

 

 

 

 

 

(803,893

)

 

 

 

 

 

      

Industrial: (2.9)%

 

 

 

 

 

(2,470

)

Caterpillar, Inc.

 

 

(275,035

)

 

(2,763

)

Precision Castparts Corp.

 

 

(406,658

)

 

(6,480

)

The Boeing Co.

 

 

(479,066

)

 

(6,335

)

Thermo Fisher Scientific, Inc. *

 

 

(351,909

)

 

 

 

 

 

      

 

 

 

 

 

 

(1,512,668

)

 

 

 

 

 

      

Technology: (0.8)%

 

 

 

 

 

(5,122

)

ASML Holding N.V. *

 

 

(227,929

)

 

(4,101

)

Cavium Networks, Inc. *

 

 

(184,258

)

 

 

      

 

 

 

 

 

 

(412,187

)

 

 

      

Total Common Stocks
(Proceeds: $(5,656,494))

 

 

(5,983,276

)

 

 

 

 

 

      

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

Amount

 

 

 

 

 

 
 

 

 

 

 

 

 

CORPORATE BONDS: (0.9)%

 

 

 

 

$

(250,000

)

Best Buy Co., Inc. 5.50%, 03/15/21

 

 

(245,766

)

 

(200,000

)

Cirsa Funding Luxembourg SA 8.75%, 05/15/18

 

 

(290,171

)

 

(250,000

)

Realogy Corp. 7.88%, 02/15/19

 

 

(249,375

)

 

 

 

 

 

      

Total Corporate Bonds
(Proceeds: $(788,313))

 

 

(785,312

)

 

 

 

 

 

      

 

 

 

 

 

 

 

 

Number

 

 

 

 

 

 

of Shares

 

 

 

 

 

 
 

 

 

 

 

 

 

EXCHANGE TRADED FUNDS: (2.8)%

 

 

 

 

(9,702

)

Direxion Daily Emerging Markets Bull 3X Shares

 

 

(401,081

)

 

(8,000

)

SPDR Trust, Series 1

 

 

(1,060,720

)

 

 

 

 

 

      

Total Exchange Traded Funds
(Proceeds: $(1,272,178))

 

 

(1,461,801

)

 

 

 

 

 

      

Total Securities Sold Short
(Proceeds: $(7,716,985))

 

$

(8,230,389

)

 

 

      

 

 

ADR

American Depositary Receipt

GBP

British Pound

GDR

Global Depositary Receipt

HKD

Hong Kong Dollar

SGD

Singapore Dollar

THB

Thai Baht


 

 

(a)

All or a portion of these securities are segregated for securities sold short and written options. Total value of the securities segregated, including cash on deposit with broker, is $12,996,959.

(b)

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.

‡

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 $9,171,866 which represents 17.6% of net assets.

§

Illiquid Security — the aggregate value of illiquid securities is $2,239,769 which represents 4.3% of net assets.

A summary of the Fund’s transactions in securities of affiliates for the period ended March 31, 2011 is set forth below:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliates

 

 

Value 12/31/10

 

Purchases

 

Sales
Proceeds

 

Gain (Loss)

 

Dividend
Income

 

Value 03/31/11

 
 

 

 

  

 

  

 

  

 

  

 

  

 

  

 

Market Vectors Gold Miners ETF

 

$

106,589

 

$

—

 

$

97,834

 

$

1,928

 

$

—

 

$

—

 

Market Vectors India Small-Cap Index ETF

 

 

—

 

 

239,437

 

 

—

 

 

—

 

 

—

 

 

240,887

 

Market Vectors Junior Gold Miners ETF

 

 

112,809

 

 

—

 

 

103,506

 

 

15,780

 

 

—

 

 

—

 

Market Vectors Russia ETF

 

 

462,312

 

 

—

 

 

474,369

 

 

73,652

 

 

—

 

 

—

 

 

 

    

 

    

 

    

 

    

 

    

 

    

 

 

 

$

681,710

 

$

239,437

 

$

675,709

 

$

91,360

 

$

—

 

$

240,887

 

 

 

    

 

    

 

    

 

    

 

    

 

    

 


 

MULTI-MANAGER ALTERNATIVES FUND

 

SCHEDULES OF INVESTMENTS

March 31, 2011 (unaudited)

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long Positions

 

Level 1
Quoted
Prices

 

Level 2
Significant
Observable
Inputs

 

Level 3
Significant
Unobservable
Inputs

 

Value

 

 

 

  

 

  

 

  

 

  

 

Common Stocks

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Materials

 

$

809,877

 

$

183,708

 

$

—

 

$

993,585

 

Communications

 

 

1,583,574

 

 

—

 

 

—

 

 

1,583,574

 

Consumer, Cyclical

 

 

377,229

 

 

—

 

 

—

 

 

377,229

 

Consumer, Non-cyclical

 

 

298,419

 

 

—

 

 

—

 

 

298,419

 

Diversified

 

 

—

 

 

643,216

 

 

—

 

 

643,216

 

Energy

 

 

2,035,055

 

 

—

 

 

—

 

 

2,035,055

 

Financial

 

 

408,379

 

 

422,474

 

 

—

 

 

830,853

 

Industrial

 

 

2,560,565

 

 

—

 

 

—

 

 

2,560,565

 

Technology

 

 

916,884

 

 

—

 

 

—

 

 

916,884

 

Corporate Bonds

 

 

—

 

 

2,214,106

 

 

—

 

 

2,214,106

 

Government Bond

 

 

—

 

 

228,234

 

 

—

 

 

228,234

 

Structured Notes

 

 

—

 

 

2,744,769

 

 

—

 

 

2,744,769

 

Closed-End Fund

 

 

247,725

 

 

—

 

 

—

 

 

247,725

 

Exchange Traded Funds

 

 

1,981,661

 

 

—

 

 

—

 

 

1,981,661

 

Open-End Funds

 

 

20,368,060

 

 

7,922,468

 

 

—

 

 

28,290,528

 

Money Market Fund

 

 

8,627,653

 

 

—

 

 

—

 

 

8,627,653

 

 

 

    

 

    

 

    

 

    

 

Total

 

$

40,215,081

 

$

14,358,975

 

$

—

 

$

54,574,056

 

 

 

    

 

    

 

    

 

    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1
Quoted
Prices

 

Level 2
Significant
Observable
Inputs

 

Level 3
Significant
Unobservable
Inputs

 

Value

 

 

 

  

 

  

 

  

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short Positions

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks *

 

$

(5,983,276

)

$

—

 

$

—

 

$

(5,983,276

)

Corporate Bonds

 

 

—

 

 

(785,312

)

 

—

 

 

(785,312

)

Exchange Traded Funds

 

 

(1,461,801

)

 

—

 

 

—

 

 

(1,461,801

)

 

 

    

 

    

 

    

 

    

 

Total

 

$

(7,445,077

)

$

(785,312

)

$

—

 

$

(8,230,389

)

 

 

    

 

    

 

    

 

    

 

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

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2011:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of 12/31/10

 

 

 

 

 

 

 

 

 

 

$

2,160

 

Realized gain (loss)

 

 

 

 

 

 

 

 

 

 

 

9,990

 

Change in unrealized appreciation (depreciation)

 

 

 

 

 

 

 

 

 

 

 

(2,160

)

Net purchases (sales)

 

 

 

 

 

 

 

 

 

 

 

(9,990

)

Transfers in and/or out of level 3

 

 

 

 

 

 

 

 

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

    

 

Balance as of 3/31/11

 

 

 

 

 

 

 

 

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

    

 

See Notes to Schedules of Investments

Van Eck Funds
Notes to Schedules of Investments
March 31, 2011 (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. To the extent these securities are actively traded they are categorized as level 1 in the fair value hierarchy (as described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Bonds and notes are fair valued by a pricing service which utilizes models that incorporate observable data such as sales of similar securities, broker quotes, yields, bids, offers and reference data and are categorized as level 2 in the fair value hierarchy. 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 fair value. Open-end mutual fund investments (including money market funds) investments are valued at their closing net asset value each business day and are categorized as level 1 in the fair value hierarchy. Swaps are marked to market daily using either pricing vendor quotations, counterparty prices or model prices and the change in value, if any, is recorded as an unrealized gain or loss and are categorized as level 2 in the fair value hierarchy (as described below). Futures are valued using the closing price reported at the close of the respective exchange and are categorized as level 1 in the fair value hierarchy. Forward foreign currency contracts are valued at the spot currency rate plus an amount (“points”), which reflects the differences in interest rates between the U.S. and foreign markets. Securities for which quotations are not available are stated at fair value as determined by a Pricing Committee of Van Eck Associates Corporation (the “Adviser”) appointed by the Board of Trustees. Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value for these securities. Depending on the relative significance of valuation inputs, these securities may be classified either as level 2 or level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented on the Schedules of Investments.

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. GAAP establishes a fair value hierarchy that prioritizes inputs to valuation techniques 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).

Income Taxes – As of March 31, 2011, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:

 

 

 

 

 

 

 

 

 

 

Fund

 

Cost of
Investments

 

Gross
Unrealized
Appreciation

 

Gross
Unrealized
Depreciation

 

Net Unrealized
Appreciation
(Depreciation)

 

 

 

                

 

 

 

 

 

 

 

 

 

 

CM Commodity Index Fund

 

$

2,728,261

 

$

—

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

Emerging Markets Fund

 

110,734,709

 

27,827,802

 

(8,231,277)

 

19,596,525

 

 

 

 

 

 

 

 

 

 

 

Global Hard Assets Fund

 

3,913,268,717

 

1,541,868,961

 

(87,522,832)

 

1,454,346,129

 

 

 

 

 

 

 

 

 

 

 

International Investors Gold Fund

 

1,060,353,970

 

911,650,219

 

(200,454,486)

 

711,195,733

 

 

 

 

 

 

 

 

 

 

 

Multi-Manager Alternatives Fund

 

52,826,375

 

3,117,049

 

(1,369,368)

 

1,747,681

 

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: 

May 26, 2011

 

 

  

 

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: 

May 26, 2011

 

 

  

 

 

 

 

By 

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

 

 

  

 

 

 

 

Date: 

May 26, 2011