0000930413-15-002607.txt : 20150526 0000930413-15-002607.hdr.sgml : 20150525 20150526110602 ACCESSION NUMBER: 0000930413-15-002607 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20150331 FILED AS OF DATE: 20150526 DATE AS OF CHANGE: 20150526 EFFECTIVENESS DATE: 20150526 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VAN ECK FUNDS CENTRAL INDEX KEY: 0000768847 IRS NUMBER: 000000000 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04297 FILM NUMBER: 15888417 BUSINESS ADDRESS: STREET 1: 335 MADISON AVENUE - 19TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 212-293-2000 MAIL ADDRESS: STREET 1: 335 MADISON AVENUE - 19TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 0000768847 S000009198 Emerging Markets Fund C000024992 Class A GBFAX C000024993 Class C EMRCX C000033045 Class I EMRIX C000088110 Class Y EMRYX 0000768847 S000009199 International Investors Gold Fund C000024994 Class A INIVX C000024995 Class C IIGCX C000033046 Class I INIIX C000088111 Class Y INIYX 0000768847 S000009200 Global Hard Assets Fund C000024996 Class A GHAAX C000024997 Class C GHACX C000033047 Class I GHAIX C000088112 Class Y GHAYX 0000768847 S000024722 Multi-Manager Alternatives Fund C000073442 Class A VMAAX C000073443 Class C VMSCX C000073444 Class I VMAIX C000088113 Class Y VMAYX 0000768847 S000029608 CM Commodity Index Fund C000090895 Class A CMCAX C000090897 Class I COMIX C000090898 Class Y CMCYX 0000768847 S000037153 Unconstrained Emerging Markets Bond Fund C000114413 Class A EMBAX C000117962 Class C EMBCX C000117963 Class I EMBUX C000117964 Class Y EMBYX 0000768847 S000043105 Long/Short Equity Index Fund C000133413 Class A LSNAX C000133414 Class I LSNIX C000133415 Class Y LSNYX N-Q 1 c81265_nq.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

 

MANAGEMENT INVESTMENT COMPANIES

 

INVESTMENT COMPANY ACT FILE NUMBER: 811-04297

 

 

 

Van Eck Funds

(Exact name of registrant as specified in its charter)

 

 

335 Madison Avenue - 19th Floor, New York, N.Y.   10017  
(Address of principal executive offices)   (Zip Code)  

 

 

John J. Crimmins

Treasurer & 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, 2015

 

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

SCHEDULE OF INVESTMENTS (a)

March 31, 2015 (unaudited)

 

Principal
 Amount		      Value 
SHORT-TERM INVESTMENTS: 103.2%
United States Treasury Obligations: 96.6%    
     United States Treasury Bills     
 $25,000,000   0.02%, 06/25/15 (b)  $24,999,400 
 30,000,000   0.03%, 05/28/15 (b)   29,998,765 
 25,000,000   0.03%, 06/04/15   24,999,550 
 12,000,000   0.03%, 05/07/15   11,999,652 
 30,000,000   0.03%, 04/02/15 (b)   29,999,975 
 19,000,000   0.03%, 06/11/15 (b)   18,999,525 
 25,000,000   0.03%, 07/23/15 (b)   24,997,250 
 65,000,000   0.05%, 06/18/15 (b)   64,998,570 
          230,992,687 
            
Number
of Shares		         
Money Market Fund: 6.6%    
 15,869,204   AIM Treasury Portfolio - Institutional Class   15,869,204 
Total Short-term Investments
(Cost: $246,856,342) 		 246,861,891 
Liabilities in excess of other assets: (3.2)%   (7,739,929)
NET ASSETS: 100.0%   $239,121,962 

 

Total Return Swap Contracts – As of March 31, 2015, the Fund had an outstanding swap contract with the following terms:

 

Long Exposure

 

Counterparty  Referenced Obligation  Notional
Amount		   Rate paid
by the Fund		    Termination
Date		   % of Net
Assets		  Unrealized
Depreciation
UBS AG  UBS Bloomberg Constant Maturity Commodity Index Total Return  $248,078,000    0.45%   04/01/15   (3.8)%  $(9,124,151)

 

(a) Represents Consolidated SOI.
(b) All or a portion of these securities are segregated for swap collateral. Total value of securities segregated in $50,997,982.

 

Summary of Investments
by Sector (unaudited)		   % of
Investments		   Value  
Government   93.6 %   $ 230,992,687  
Money Market Fund   6.4       15,869,204  
    100.0 %   $ 246,861,891  

 

The summary of inputs used to value the Fund’s investments as of March 31, 2015 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  $—   $230,992,687   $—   $230,992,687
Money Market Fund   15,869,204    —    —    15,869,204
Total  $15,869,204   $230,992,687   $—   $246,861,891
Other Financial Instruments:                    
Swap Contract  $—   $(9,124,151)   $—   $(9,124,151)

 

 

There were no transfers between levels during the period ended March 31, 2015.

 

See Notes to Schedules of Investments

 

EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

 

ve

Number
 of Shares		      Value 
COMMON STOCKS: 89.2%
Brazil: 6.1%    
 815,000   BB Seguridade Participacoes SA  $8,375,868 
 560,000   Estacio Participacoes SA   3,253,090 
 63,400   Guararapes Confeccoes SA   1,549,467 
 335,000   Localiza Rent a Car SA   3,810,218 
 387,000   Valid Solucoes SA   5,377,779 
          22,366,422 
China / Hong Kong: 27.4%      
 16,250   Baidu, Inc. (ADR) *   3,386,500 
 3,823,392   Beijing Capital International Airport Co. Ltd. #   3,753,454 
 5,450,000   Beijing Urban Construction Design & Development Group Co. Ltd. * # Reg S 144A   3,237,209 
 3,797,000   Boer Power Holdings Ltd. #   5,688,513 
 2,544,600   Brilliance China Automotive Holdings Ltd. #   4,878,936 
 2,048,000   CAR, Inc. * #   3,885,001 
 8,365,994   China Animal Healthcare Ltd. # §   5,611,393 
 5,379,000   China Hongqiao Group Ltd. #   3,222,164 
 3,407,000   China Medical System Holdings Ltd. #   5,256,156 
 3,439,000   China Singyes Solar Technologies Holdings Ltd. #   4,686,826 
 5,665,000   China South City Holdings Ltd. #   1,855,163 
 2,252,000   China Vanke Co. Ltd. * #   5,302,331 
 14,930,000   Chongqing Rural Commercial Bank Co. Ltd. #   9,640,214 
 8,000   EVA Precision Industrial Holdings Ltd. #   2,415 
 649,000   Great Wall Motor Co. Ltd. #   4,575,218 
 115,000   Hollysys Automation Technologies Ltd. (USD)   2,285,050 
 229,000   JD.com, Inc. (ADR) *   6,728,020 
 2,660,000   PICC Property & Casualty Co. Ltd. #   5,244,893 
 340,000   Ping An Insurance Group Co. of China Ltd. #   4,089,796 
 811,000   Techtronic Industries Co. #   2,744,638 
 317,500   Tencent Holdings Ltd. #   6,033,391 
 5,407,000   Wasion Group Holdings Ltd. #   6,530,278 
 316,000   Zhuzhou CSR Times Electric Co. Ltd. #   2,066,373 
          100,703,932 
India: 13.0%      
 611,000   Axis Bank Ltd. #   5,458,380 
 352,700   Glenmark Pharmaceuticals Ltd. #   4,413,321 
 202,600   HCL Technologies Ltd. #   3,172,704 
 606,700   LIC Housing Finance Ltd. #   4,238,123 
 730,000   Mundra Port & Special Economic Zone Ltd. #   3,592,101 
 221,800   Persistent Systems Ltd.   2,545,439 
 381,500   Phoenix Mills Ltd.   2,147,342 
 342,990   Strides Arcolab Ltd. #   6,452,301 
 818,400   Tech Mahindra Ltd.   8,259,685 
 262,160   VA Tech Wabag Ltd. #   3,421,494 
 309,000   Yes Bank Ltd. #   4,014,417 
          47,715,307 
Indonesia: 2.8%
 7,503,000   Link Net Tbk PT *   3,428,713 
 4,550,200   Matahari Department Store Tbk PT #   6,842,656 
          10,271,369 
Kazakhstan: 0.8%     
 406,000   Halyk Savings Bank of Kazakhstan JSC (USD) Reg S   3,000,340 
Malaysia: 0.4%     
 2,578,000   SapuraKencana Petroleum Bhd #   1,639,475 
Mexico: 0.4%      
 720,000   Qualitas Controladora SAB de CV *   1,302,783 
Nigeria: 1.2%      
 33,497,000   Guaranty Trust Bank Plc #   4,419,889 
Panama: 1.3%      
 47,500   Copa Holdings SA (Class A) (USD)   4,796,075 
Peru: 1.7%      
 45,200   Credicorp Ltd. (USD)   6,356,476 
Philippines: 2.1%      
 4,074,000   Robinsons Retail Holdings, Inc.   7,655,839 
Russia: 1.3%      
 24,740   Magnit PJSC #   4,834,034 
Singapore: 1.0%     
 4,810,120   Ezion Holdings Ltd. #   3,754,855 
South Africa: 5.3%     
 79,600   Aspen Pharmacare Holdings Ltd. * #   2,515,079 
 843,000   Life Healthcare Group Holdings Ltd. #   2,936,075 
 67,330   Naspers Ltd. #   10,327,808 
 238,000   Spar Group Ltd. #   3,695,877 
          19,474,839 
South Korea: 1.7%      
 13,488   CJ O Shopping Co. Ltd. #   2,781,748 
 15,365   Hyundai Mobis Co. Ltd. #   3,403,430 
          6,185,178 
Switzerland: 2.2%      
 400,000   Glencore Xstrata Plc (GBP) * #   1,688,695 
 124,400   Luxoft Holding, Inc. (USD) *   6,436,456 
          8,125,151 
Taiwan: 12.0%      
 1,000,000   Adlink Technology, Inc. #   2,557,939 
 6,572,000   Advanced Semiconductor Engineering, Inc. #   8,899,365 
 389,000   Catcher Technology Co. Ltd. #   4,068,244 
 1,307,000   CHC Healthcare Group #   2,616,367 
 118,000   Largan Precision Co. Ltd. #   10,144,214 
 384,000   Poya Co. Ltd. #   3,650,970 
 417,860   Sinmag Equipment Corp. #   2,463,983 
 2,069,000   Taiwan Semiconductor Manufacturing Co. Ltd. #   9,615,802 
          44,016,884 
Thailand: 1.3%      
 111,000   Kasikornbank PCL #   780,489 
 579,000   Kasikornbank PCL (NVDR) #   4,071,200 
          4,851,689 
Turkey: 1.6%      
 180,000   BIM Birlesik Magazalar AS #   3,188,988 
 3,427,000   Turkiye Sinai Kalkinma Bankasi AS #   2,617,699 
          5,806,687 
United Arab Emirates: 1.2%      
 283,000   Al Noor Hospitals Group Plc (GBP)   4,265,190 
United Kingdom: 3.3%      
 106,983   Bank of Georgia Holdings Plc #   2,744,254 
 113,000   Hikma Pharmaceuticals Plc #   3,556,535 
 812,346   Hirco Plc * # §   — 
 394,000   International Personal Finance Plc #   2,793,650 
 3,978,165   Raven Russia Ltd. * #   2,910,335 
          12,004,774 
United States: 1.1%      
 86,000   First Cash Financial Services, Inc. *   4,000,720 
Total Common Stocks
(Cost: $300,131,097)		    327,547,908 
PREFERRED STOCKS: 2.5%      
Brazil: 1.8%      
 602,000   Itau Unibanco Holding SA   6,660,281 
Colombia: 0.7%      
 260,000   Banco Davivienda SA   2,530,000 
Total Preferred Stocks
(Cost: $11,191,812)		    9,190,281 
REAL ESTATE INVESTMENT TRUST: 1.0%
(Cost: $3,849,632)		      
Mexico: 1.0%      
 1,798,000   TF Administradora Industrial, S de RL de CV *   3,642,325 
WARRANTS: 1.7%      
Luxembourg: 1.7%      
 416,666   Deutsche Bank AG, London Branch, aXess Warrants (USD 0.0, expiring 09/27/16) * # (a)   2,851,383 
 420,000   Deutsche Bank AG, London Branch, aXess Warrants (USD 0.0, expiring 09/27/16) * # (b)   3,598,623 
Total Warrants
(Cost: $6,148,788)		   6,450,006 
MONEY MARKET FUND: 7.2%
(Cost: $26,321,979)		     
 26,321,979   AIM Treasury Portfolio - Institutional Class   26,321,979 
Total Investments: 101.6%
(Cost: $347,643,308)		    373,152,499 
Liabilities in excess of other assets: (1.6)%    (5,961,163)
NET ASSETS: 100.0%   $367,191,336 

 

 

ADRAmerican Depositary Receipt
GBPBritish Pound
NVDRNon-Voting Depositary Receipt
USDUnited States Dollar
  
(a) Issue price $12.75. The security is linked to the performance of Samba Financial Group.
(b) Issue price $8.53. The security is linked to the performance of The Saudi British Bank.
* 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 $245,036,864 which represents 66.7% of net assets.
§ Illiquid Security — the aggregate value of illiquid securities is $5,611,393 which represents 1.5% 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 $3,237,209, or 0.9% of net assets.

 

Summary of Investments
by Sector (unaudited)		  % of
Investments		  Value
Consumer Discretionary   13.6%  $50,735,981
Consumer Staples   5.2    19,374,738
Energy   1.5    5,394,330
Financials   28.0    104,646,974
Health Care   10.1    37,622,417
Industrials   11.6    43,359,947
Information Technology   19.8    73,935,067
Materials   1.3    4,910,859
Telecommunication Services   0.9    3,428,713
Utilities   0.9    3,421,494
Money Market Fund   7.1    26,321,979
    100.0%  $373,152,499

 

The summary of inputs used to value the Fund’s investments as of March 31, 2015 is as follows:

 

      Level 1
Quoted
Prices		     Level 2
Significant
Observable
Inputs		     Level 3
Significant
Unobservable
Inputs		     Value
Common Stocks                        
Brazil   $ 22,366,422   $ —   $ —   $ 22,366,422
China / Hong Kong     12,399,570     88,304,362     —     100,703,932
India     12,952,466     34,762,841     —     47,715,307
Indonesia     3,428,713     6,842,656     —     10,271,369
Kazakhstan     3,000,340     —     —     3,000,340
Malaysia     —     1,639,475     —     1,639,475
Mexico     1,302,783     —     —     1,302,783
Nigeria     —     4,419,889     —     4,419,889
Panama     4,796,075     —     —     4,796,075
Peru     6,356,476     —     —     6,356,476
Philippines     7,655,839     —     —     7,655,839
Russia     —     4,834,034     —     4,834,034
Singapore     —     3,754,855     —     3,754,855
South Africa     —     19,474,839     —     19,474,839
South Korea     —     6,185,178     —     6,185,178
Switzerland     6,436,456     1,688,695     —     8,125,151
Taiwan     —     44,016,884     —     44,016,884
Thailand     —     4,851,689     —     4,851,689
Turkey     —     5,806,687     —     5,806,687
United Arab Emirates     4,265,190     —     —     4,265,190
United Kingdom     —     12,004,774     0     12,004,774
United States     4,000,720     —     —     4,000,720
Preferred Stocks*     9,190,281     —     —     9,190,281
Real Estate Investment Trust*     3,642,325     —     —     3,642,325
Warrants*     —     6,450,006     —     6,450,006
Money Market Fund     26,321,979     —     —     26,321,979
Total   $ 128,115,635   $ 245,036,864   $ 0   $ 373,152,499

 

* See Schedule of Investments for security type and geographic sector breakouts.

 

During the period ended March 31, 2015, transfers of securities from Level 1 to Level 2 were $4,137,573 and transfers from Level 2 to Level 1 were $14,490,061. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by the pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

 

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2015:

 

 Common Stocks
   United Kingdom 
Balance as of December 31, 2014  $0 
Realized gain (loss)   — 
Net change in unrealized appreciation (depreciation)   — 
Purchases   — 
Sales   — 
Transfers in and/or out of level 3   — 
Balance as of March 31, 2015  $0 

 

 

See Notes to Schedules of Investments

 

GLOBAL HARD ASSETS FUND

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

 

Number
 of Shares		       Value 
COMMON STOCKS: 96.8%     
Bermuda: 2.6%     
 969,200   Golar LNG Ltd. (USD)  $32,254,976 
 4,114,600   Nabors Industries Ltd. (USD)   56,164,290 
 9,800   SeaDrill Ltd. (USD)   91,630 
         88,510,896 
Brazil: 0.0%         
 707,700   Brazilian Resources, Inc. (CAD) * # §   — 
Canada: 11.8%     
 231,906   Agnico-Eagle Mines Ltd.   6,443,308 
 716,100   Agnico-Eagle Mines Ltd. (USD)   20,007,834 
 602,200   Agrium, Inc. (USD)   62,791,394 
 2,465,900   Barrick Gold Corp. (USD)   27,026,264 
 7,010,600   Eldorado Gold Corp. (USD)   32,178,654 
 8,487,200   First Quantum Minerals Ltd.   102,860,937 
 5,349,900   Goldcorp, Inc. (USD)   96,940,188 
 7,139,600   New Gold, Inc. (USD) *   24,203,244 
 322,530   Osisko Gold Royalties Ltd.   4,262,881 
 5,555,987   Yamana Gold, Inc. (USD)   19,945,993 
         396,660,697 
Israel: 0.1%     
 144,900   SolarEdge Technologies, Inc. (USD) *   3,177,657 
Kuwait: 0.1%     
 3,592,247   Kuwait Energy Plc * # § ø   3,896,854 
Monaco: 0.4%     
 1,562,700   Scorpio Tankers, Inc. (USD)   14,720,634 
Norway: 0.3%     
 879,000   SeaDrill Ltd. #   8,230,597 
Switzerland: 4.9%       
 39,238,225   Glencore Xstrata Plc (GBP) * #   165,653,530 
United Kingdom: 2.5%     
 1,276,000   Genel Energy Plc * #   8,886,198 
 7,735,920   Ophir Energy Plc * #   15,444,987 
 860,126   Randgold Resources Ltd. (ADR)   59,580,928 
         83,912,113 
United States: 74.1%     
 788,500   Advanced Drainage Systems, Inc.   23,607,690 
 1,519,700   Anadarko Petroleum Corp.   125,846,357 
 922,400   Antero Resources Corp. *   32,579,168 
 587,800   Baker Hughes, Inc.   37,372,324 
 344,000   Cameron International Corp. *   15,521,280 
 157,300   CF Industries Holdings, Inc.   44,622,864 
 1,290,300   Cimarex Energy Co.   148,500,627 
 2,465,900   Commercial Metals Co.   39,922,921 
 1,275,950   Concho Resources, Inc. *   147,908,124 
 3,913,800   Consol Energy, Inc.   109,155,882 
 487,400   CSX Corp.   16,142,688 
 458,800   Cummins, Inc.   63,608,032 
 1,376,300   Diamondback Energy, Inc. *   105,754,892 
 444,300   Dril-Quip, Inc. *   30,385,677 
 1,376,300   EOG Resources, Inc.   126,192,947 
 2,680,900   Freeport-McMoRan Copper & Gold, Inc.   50,803,055 
 845,900   Gulfport Energy Corp. *   38,835,269 
 2,623,600   Halliburton Co.   115,123,568 
 290,800   Helmerich & Payne, Inc.   19,794,756 
 1,648,700   Kinder Morgan, Inc.   69,344,322 
 2,948,600   Laredo Petroleum, Inc. *   38,449,744 
 3,741,900   Louisiana-Pacific Corp. *   61,778,769 
 2,236,500   Marathon Oil Corp.   58,395,015 
 358,400   Marathon Petroleum Corp.   36,696,576 
 1,089,475   Newfield Exploration Co. *   38,229,678 
 1,017,900   Parsley Energy, Inc. *   16,266,042 
 2,523,200   Peabody Energy Corp.   12,414,144 
 458,800   Phillips 66   36,061,680 
 845,900   Pioneer Natural Resources Co.   138,313,109 
 659,500   Royal Gold, Inc.   41,621,045 
 1,677,400   Schlumberger Ltd.   139,962,256 
 953,500   SemGroup Corp.   77,557,690 
 1,677,400   SM Energy Co.   86,688,032 
 1,798,200   Steel Dynamics, Inc.   36,143,820 
 3,449,400   SunEdison, Inc. *   82,785,600 
 2,365,600   Superior Energy Services, Inc.   52,847,504 
 143,400   Union Pacific Corp.   15,531,654 
 1,447,900   United States Steel Corp.   35,328,760 
 1,359,800   Valero Energy Corp.   86,510,476 
 258,000   Westmoreland Coal Co. *   6,904,080 
 1,189,900   Whiting Petroleum Corp. *   36,767,910 
         2,496,276,027 

Total Common Stocks

(Cost: $3,177,849,269)

   3,261,039,005 
MONEY MARKET FUND: 3.5%
(Cost: $117,349,346)		     
 117,349,346   AIM Treasury Portfolio - Institutional Class   117,349,346 
Total Investments: 100.3%
(Cost: $3,295,198,615) 		   3,378,388,351 
Liabilities in excess of other assets: (0.3)%   (9,509,429)
NET ASSETS: 100.0%  $3,368,878,922 

 

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 $202,112,166 which represents 6.0% of net assets.
§ Illiquid Security — the aggregate value of illiquid securities is $3,896,854 which represents 0.1% of net assets.
ø Restricted Security - the aggregate value of restricted securities is $3,896,854, or 0.1% of net assets.

 

Restricted securities held by the Fund as of March 31, 2015 are as follows:

 

Security           Acquisition
Date		   Number of
Shares		   Acquisition Cost   Value   % of
Net Assets		 
Kuwait Energy Plc   12/19/2011   3,592,247   $10,862,672   $3,896,854    0.1%

 

Summary of Investments
by Sector (unaudited)		  % of
Investments		  Value
Energy   62.9%  $2,124,069,295
Industrials   3.5    118,890,064
Information Technology   2.5    85,963,257
Materials   27.6    932,116,389
Money Market Fund   3.5    117,349,346
    100.0%  $3,378,388,351

 

The summary of inputs used to value the Fund’s investments as of March 31, 2015 is as follows:

 

  Level 1
Quoted
Prices		   Level 2
Significant
Observable
Inputs		   Level 3
Significant
Unobservable
Inputs		   Value
Common Stocks                   
Bermuda  $88,510,896   $—   $—   $88,510,896
Brazil   —    —    0    0
Canada   396,660,697    —    —    396,660,697
Israel   3,177,657    —    —    3,177,657
Kuwait   —    —    3,896,854    3,896,854
Monaco   14,720,634    —    —    14,720,634
Norway   —    8,230,597    —    8,230,597
Switzerland   —    165,653,530    —    165,653,530
United Kingdom   59,580,928    24,331,185    —    83,912,113
United States   2,496,276,027    —    —    2,496,276,027
Money Market Fund   117,349,346    —    —    117,349,346
Total  $3,176,276,185   $198,215,312   $3,896,854   $3,378,388,351

 

There were no transfers between levels during the period ended March 31, 2015.

 

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2015:

 

  Common Stocks
  Brazil   Kuwait
Balance as of December 31, 2014  $0   $5,855,953
Realized gain (loss)   —    —
Net change in unrealized appreciation (depreciation)   —    (1,959,099)
Purchases   —    —
Sales   —    —
Transfers in and/or out of level 3   —    —
Balance as of March 31, 2015  $0   $3,896,854

 

The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2015:

 

  Value as of
March 31,
2015		   Valuation Technique    Unobservable Input
Description (1)		   Unobservable
Input		   Impact to
Valuation
from an
Increase in
Input (2)		 
Common Stocks                         
Kuwait  $3,896,854    Market comparable companies    Production Multiple    43.4x   Increase 
          Reserve multiple    6.2x    Increase 

 

(1) In determining certain of these inputs, management evaluates a variety of factors including economic condition, industry and market developments, market valuations of comparable companies and company specific developments.

(2) This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases or decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

 

See Notes to Schedules of Investments

 

INTERNATIONAL INVESTORS GOLD FUND

SCHEDULE OF INVESTMENTS (a)

March 31, 2015 (unaudited)

 

Number
 of Shares		     Value 
COMMON STOCKS: 95.1%     
Australia: 5.8%     
 9,139,424   Evolution Mining Ltd. #  $5,874,862 
 29,307,420   Gold Road Resources Ltd. * #   7,798,457 
 12,095,118   Gryphon Minerals Ltd. * #   594,475 
 1,566,725   Newcrest Mining Ltd. * #   15,801,207 
         30,069,001 
Canada: 71.3%     
 460,300   Agnico-Eagle Mines Ltd.   12,789,039 
 784,000   Agnico-Eagle Mines Ltd. (USD)   21,904,960 
 994,000   Alamos Gold, Inc. (USD)   5,824,840 
 883,544   Alamos Gold, Inc. (USD) ø   5,177,568 
 1,760,000   Amarillo Gold Corp. (USD) *   55,584 
 2,516,875   Argonaut Gold, Inc. *   3,497,454 
 2,160,000   Argonaut Gold, Inc. ø   3,001,540 
 3,499,000   Asanko Gold, Inc. *   4,972,721 
 149,000   Asanko Gold, Inc. (USD) *   216,050 
 6,184,753   AuRico Gold, Inc. (USD)   17,131,766 
 9,939,701   B2Gold Corp. *   14,832,446 
 8,868,000   B2Gold Corp. (USD) *   13,479,360 
 782,000   Bear Creek Mining Corp. *   722,388 
 667,000   Bear Creek Mining Corp. (USD) *   640,320 
 948,000   Bear Creek Mining Corp. (USD) ø   910,080 
 4,483,000   Belo Sun Mining Corp. *   707,907 
 2,473,000   Castle Mountain Mining Co. Ltd. *   693,155 
 3,534,000   Continental Gold Ltd. *   5,385,196 
 726,000   Corvus Gold, Inc. *   401,247 
 1,825,000   Corvus Gold, Inc. (USD) *   1,042,075 
 129,000   Eastmain Resources, Inc. *   53,981 
 1,191,000   Eastmain Resources, Inc. (USD) *   475,924 
 1,839,000   Eastmain Resources, Inc. (USD) ø   734,864 
 2,634,461   Eldorado Gold Corp.   12,084,970 
 4,267,000   Eldorado Gold Corp. (USD)   19,585,530 
 791,000   Fortuna Silver Mines, Inc. *   2,985,259 
 34,000   Fortuna Silver Mines, Inc. (USD) *   130,560 
 546,000   Franco-Nevada Corp. (USD)   26,502,840 
 128,000   Gold Canyon Resources, Inc. *   21,728 
 3,000,000   Gold Canyon Resources, Inc. (USD) *   495,000 
 186,386   Goldcorp, Inc.   3,372,916 
 1,205,897   Goldcorp, Inc. (USD)   21,850,854 
 2,197,000   Guyana Goldfields, Inc. *   5,117,169 
 1,055,000   Guyana Goldfields, Inc. (USD) *   2,398,015 
 4,997,500   Integra Gold Corp. *   1,262,643 
 4,081,000   Klondex Mines Ltd. *   8,442,004 
 681,000   Lundin Gold, Inc. *   2,037,811 
 390,000   MAG Silver Corp. (USD) *   2,398,500 
 1,313,852   New Gold, Inc. *   4,408,726 
 3,068,630   New Gold, Inc. (USD) *   10,402,656 
 1,026,170   New Gold, Inc. (USD) ø   3,478,716 
 1,273,000   NovaGold Resources, Inc. (USD) *   3,768,080 
 9,816,375   Orezone Gold Corp. ‡ *   3,371,460 
 874,615   Osisko Gold Royalties Ltd.   11,559,792 
 2,080,500   Premier Gold Mines Ltd. *   4,024,496 
 633,000   Pretium Resources, Inc. *   3,188,615 
 616,000   Pretium Resources, Inc. (USD) *   3,104,640 
 1,686,000   Primero Mining Corp. (USD) *   5,782,980 
 7,145,000   Rio Alto Mining Ltd. *   17,600,884 
 8,874,000   Romarco Minerals, Inc. *   3,012,767 
 7,501,300   Roxgold, Inc. *   3,316,670 
 3,268,000   Rubicon Minerals Corp. *   2,967,273 
 163,000   Rubicon Minerals Corp. (USD) *   154,834 
 5,048,000   Sabina Gold & Silver Corp. *   1,375,042 
 4,594,000   Semafo, Inc. *   13,855,813 
 18,611   Silver Wheaton Corp.   353,544 
 1,294,375   Silver Wheaton Corp. (USD)   24,619,013 
 480,000   Sulliden Mining Capital, Inc. *   94,746 
 5,910,171   Timmins Gold Corp. *   4,059,728 
 10,819,000   Torex Gold Resources, Inc. *   8,969,208 
 1,945,430   Yamana Gold, Inc.   6,973,473 
 1,954,578   Yamana Gold, Inc. (USD)   7,016,935 
         370,796,355 
Mexico: 1.9%     
 970,000   Fresnillo Plc (GBP) #   9,795,888 
South Africa: 0.5%     
 627,000   Gold Fields Ltd. (USD)   2,514,270 
United Kingdom: 6.3%     
 11,150,600   Amara Mining Plc * #   2,309,013 
 6,213,500   Lydian International Ltd. (CAD) *   2,403,865 
 409,000   Randgold Resources Ltd. (ADR)   28,331,430 
         33,044,308 
United States: 9.3%     
 479,100   Royal Gold, Inc.   30,236,001 
 1,407,000   Tahoe Resources, Inc. (CAD) ø   15,419,178 
 232,000   Tahoe Resources, Inc. (CAD)   2,542,466 
         48,197,645 

Total Common Stocks

(Cost: $595,270,214)

   494,417,467 
      
Fine Troy Ounces        
COMMODITY: 3.3%
(Cost: $18,213,923)		     
 14,447   Gold Bullion *   17,109,747 
          
Number
of Shares		         
MONEY MARKET FUND: 2.3%
(Cost: $11,739,569)		     
 11,739,569   AIM Treasury Portfolio - Institutional Class   11,739,569 
Total Investments: 100.7%
(Cost: $625,223,706) 		   523,266,783 
Liabilities in excess of other assets: (0.7)%    (3,485,593)
NET ASSETS: 100.0%   $519,781,190 

 

ADRAmerican Depositary Receipt
CADCanadian Dollar
GBPBritish Pound
USDUnited States Dollar

 

(a)Represents Consolidated Schedule of Investments.
‡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 $42,173,902 which represents 8.1% of net assets.
øRestricted Security - the aggregate value of restricted securities is $28,721,946, or 5.5% of net assets.

 

Restricted securities held by the Fund as of March 31, 2015 are as follows:

 

Security           Acquisition
Date		   Number of
Shares		   Acquisition Cost   Value   % of
Net Assets
Alamos Gold, Inc.   01/14/2013   883,544   $2,675,230   $5,177,568    1.0%
Argonaut Gold, Inc.   11/13/2009   2,160,000    10,383,442    3,001,540    0.6 
Bear Creek Mining Corp.   08/15/2005   948,000    2,865,287    910,080    0.2 
Eastmain Resources, Inc.   06/13/2008   1,839,000    2,503,501    734,864    0.1 
New Gold, Inc.   06/28/2007   1,026,170    1,298,775    3,478,716    0.7 
Tahoe Resources, Inc.   05/28/2010   1,407,000    8,539,348    15,419,178    2.9 
             $28,265,583   $28,721,946    5.5%

 

Summary of Investments
by Sector (unaudited)		  % of
Investments		  Value 
Commodity - Gold   3.3%  $17,109,747 
Diversified Metals & Mining   0.5    2,639,811 
Gold   80.8    422,723,710 
Precious Metals & Minerals   3.9    20,605,426 
Silver   9.3    48,448,520 
Money Market Fund   2.2    11,739,569 
    100.0%  $523,266,783 

 

A summary of the Fund’s transactions in securities of affiliates for the period ended March 31, 2015 is set forth below:

 

Affiliates  Value as of December 31, 2014   Purchases   Sales Proceeds   Realized Gain (Loss)   Dividend
Income		   Value as of March 31, 2015 
Gold Road Resources Ltd.  $6,385,449   $—   $588,111   $(90,490)   $—   $ —(a) 
Orezone Gold Corp.   4,786,269    —    499,318    (696,803)    —    3,371,460 
   $11,171,718   $—   $1,087,429   $(787,293)   $—   $3,371,460 

 

(a)Not an affiliate at the end of the reporting period.

 

The summary of inputs used to value the Fund’s investments as of March 31, 2015 is as follows:

 

   Level 1
Quoted
Prices		   Level 2
Significant
Observable
Inputs		   Level 3
Significant
Unobservable
Inputs		   Value
Common Stocks                   
Australia  $—   $30,069,001   $—   $30,069,001
Canada   370,796,355    —    —    370,796,355
Mexico   —    9,795,888    —    9,795,888
South Africa   2,514,270    —    —    2,514,270
United Kingdom   30,735,295    2,309,013    —    33,044,308
United States   48,197,645    —    —    48,197,645
Commodity - Gold   17,109,747    —    —    17,109,747
Money Market Fund   11,739,569    —    —    11,739,569
Total  $481,092,881   $42,173,902   $—   $523,266,783

 

There were no transfers between levels during the period ended March 31, 2015.

 

See Notes to Schedules of Investments

 

LONG/SHORT EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

 

Number
of Shares		      Value 
EXCHANGE TRADED FUNDS: 64.7%     
 13,798   Industrial Select Sector SPDR Fund  $769,514 
 5,098   iShares Core S&P Mid-Cap ETF   774,794 
 1,414   iShares S&P Mid-Cap 400 Value ETF   185,163 
 10,128   Materials Select Sector SPDR Fund   494,044 
 6,342   Vanguard Small-Cap ETF   777,276 
Total Exchange Traded Funds
(Cost: $2,984,616) (a)		   3,000,791 

 

Principal
Amount		       
SHORT-TERM INVESTMENTS: 29.2%     
Government Obligation: 21.6%
(Cost: $999,997)		     
   United States Treasury Bill     
$1,000,000  0.02%,04/09/15   999,997 

 

Number
of Shares		       
Money Market Fund: 7.6%
(Cost: $351,029)		     
351,029  AIM Treasury Portfolio - Institutional Class   351,029 
Total Short-term Investments: 29.2%
(Cost: $4,335,642)		   1,351,026 
Total Investments: 93.9%
(Cost: $4,335,642)		   4,351,817 
Other assets less liabilities: 6.1%   284,953 
NET ASSETS: 100.0%  $4,636,770 
SECURITIES SOLD SHORT: (16.8)%     
EXCHANGE TRADED FUND: (16.8)%
(Proceeds: $(777,163))		     
(7,371)  iShares 1-3 Year Credit Bond ETF   (777,862)
Total Securities Sold Short
(Proceeds: $(777,163))		  $(777,862)

 

(a)All or a portion of these securities are segregated for securities sold short. Total value of the securities segregated, including cash on deposit with broker, is $2,329,022.

 

Summary of Investments
by Sector (unaudited)       		  % of
Investments		  Value
Exchange Traded Funds   68.9%  $3,000,791
Government   23.0    999,997
Money Market Fund   8.1    351,029
    100.0%  $4,351,817

 

The summary of inputs used to value the Fund’s investments as of March 31, 2015 is as follows:

 

Long positions  Level 1
Quoted
Prices		   Level 2
Significant
Observable
Inputs		   Level 3
Significant
Unobservable
Inputs		   Value
Exchange Traded Funds  $3,000,791   $—   $—   $3,000,791
Short-term Investments                             
Government Obligations     —       999,997       —       999,997
Money Market Fund     351,029       —       —       351,029
Total  $3,351,820   $999,997   $—   $4,351,817

 

Short positions  Level 1
Quoted
Prices		   Level 2
Significant
Observable
Inputs		   Level 3
Significant
Unobservable
Inputs		   Value
Exchange Traded Fund  $(777,862)   $—   $—   $(777,862)

 

There were no transfers between levels during the period ended March 31, 2015.

 

See Notes to Schedules of Investments

 

MULTI-MANAGER ALTERNATIVES FUND

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

 

Number
of Shares		      Value 
COMMON STOCKS: 41.2%     
Banks: 2.2%     
 1,771   Bank of Georgia Holdings Plc (GBP) #  $45,428 
 618   Credicorp Ltd.   86,909 
 8,226   ICICI Bank Ltd.   85,221 
         217,558 
Capital Goods: 1.3%     
 73,000   Boer Power Holdings Ltd. (HKD) #   109,366 
 22,340   Shenji Group Kunming Machine Tool Co. Ltd. (HKD) * #   12,627 
         121,993 
Diversified Financials: 1.1%     
 15,163   International Personal Finance Plc (GBP) #   107,513 
Energy: 14.5%       
 1,655   Anadarko Petroleum Corp.   137,051 
 1,269   Cimarex Energy Co.   146,049 
 1,341   Concho Resources, Inc. *   155,449 
 1,940   Consol Energy, Inc.   54,107 
 2,357   Diamondback Energy, Inc. *   181,112 
 1,457   EOG Resources, Inc.   133,592 
 3,422   Halliburton Co.   150,157 
 1,047   Helmerich & Payne, Inc.   67,039 
 3,225   Kinder Morgan, Inc.   135,644 
 906   Pioneer Natural Resources Co.   148,140 
 1,571   Schlumberger Ltd.   131,084 
         1,439,424 
Food & Staples Retailing: 0.6%     
 1,046   Magnit OAO (GDR) Reg S   53,232 
Food, Beverage & Tobacco: 0.0%     
 12   Tootsie Roll Industries, Inc.   406 
Health Care Equipment & Services: 1.0%     
 6,653   Al Noor Hospitals Group Plc (GBP)   100,270 
Insurance: 0.9%     
 8,700   BB Seguridade Participacoes SA   89,411 
Materials: 13.3%     
 20,546   Alamos Gold, Inc.   120,400 
 36,348   AuRico Gold, Inc.   100,684 
 75,197   B2Gold Corp. *   114,299 
 72,533   Continental Gold Ltd. (CAD) *   110,528 
 23,330   Eldorado Gold Corp.   107,085 
 29,105   Fortuna Silver Mines, Inc. (CAD) *   109,843 
 5,911   Goldcorp, Inc.   107,107 
 48,467   Guyana Goldfields, Inc. (CAD) *   112,888 
 1,609   Randgold Resources Ltd. (ADR)   111,455 
 9,237   Tahoe Resources, Inc.   101,238 
 145,010   Torex Gold Resources, Inc. (CAD) *   120,217 
 29,203   Yamana Gold, Inc. (CAD)   104,679 
         1,320,423 
Pharmaceuticals, Biotechnology: 0.7%     
 698   BioMarin Pharmaceutical, Inc. *   69,214 
Real Estate: 1.0%     
 42,100   China Vanke Co. Ltd. (HKD) * #   99,124 
Retailing: 0.3%     
 4,300   JC Penney Co., Inc. *   31,433 
Semiconductor: 0.8%     
 3,428   Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)   80,489 
Software & Services: 1.9%     
 448   Baidu, Inc. (ADR) *   93,363 
 16   Equinix, Inc.   3,726 
 4,800   Tencent Holdings Ltd. (HKD) #   91,213 
         188,302 
Technology Hardware & Equipment: 0.9%     
 8,082   CDC Corp. Escrow Receipt * # §   2,586 
 1,000   Largan Precision Co. Ltd. #   85,968 
 153,480   Trident Microsystems, Inc. Escrow Receipt * # §   2,302 
         90,856 
Transportation: 0.7%     
 700   Copa Holdings SA (Class A)   70,679 
Total Common Stocks
(Cost: $4,352,794) (a)		   4,080,327 

 

Principal
Amount		        
CORPORATE BONDS: 2.5%     
Basic Materials: 0.0%     
     Momentive Performance Materials, Inc.     
 $168,000   11.50%,12/01/16 (c) (d) *   2,520 
Consumer, Cyclical: 0.0%     
     Chukchansi Economic Development Authority     
 4,970   10.25%,05/30/16 (c) 144A   3,231 
Financial: 2.5%     
     Banco Cruzeiro do Sul SA     
 280,000   7.00%,07/08/13 (d) * # §   59,220 
 125,000   8.00%,09/17/12 (d) * # §   26,438 
 315,000   8.25%,01/20/16 (d) * # § Reg S   66,623 
 450,000   8.50%,02/20/15 (d) * # § Reg S   95,175 
         247,456 
Total Corporate Bonds
(Cost: $414,424) (a)		   253,207 

 

Number
of Shares		       
EXCHANGE TRADED FUNDS: 0.4%     
293  Global X MSCI Nigeria ETF   2,452 
732  Market Vectors ChinaAMC A-Share ETF ‡ *   38,569 
Total Exchange Traded Funds
(Cost: $28,604)		   41,021 
OPTIONS PURCHASED: 0.0%
(Premiums Received: $667)		     
1,300  Mylan NV Put ($55, expiring 04/17/15)   728 
MONEY MARKET FUND: 42.7%
(Cost: $4,227,810)		     
4,227,810  AIM Treasury Portfolio - Institutional Class   4,227,810 
Total Investments: 86.8%
(Cost: $9,024,299)		   8,603,093 
Other assets less liabilities: 13.2%   1,305,062 
NET ASSETS: 100.0%  $9,908,155 
SECURITIES SOLD SHORT: (43.8)%     
COMMON STOCKS: (1.7)%     
Energy: (0.7)%     
(1,047)  Helmerich & Payne, Inc.   (67,039)
Pharmaceuticals, Biotechnology: (0.7)%     
(698)  BioMarin Pharmaceutical, Inc. *   (69,214)
Retailing: (0.3)%     
(4,300)  JC Penney Co., Inc. *   (31,433)
Total Common Stocks
(Proceeds: $(166,507))		   (167,686)

 

Principal
Amount		       
CORPORATE BONDS: (0.4)%
(Proceeds: $(40,372))		     
Telecommunication Services: (0.4)%     
   Alaska Communications Systems Group, Inc.     
$(42,000)  6.25%,05/01/18   (41,396)

 

Number
of Shares		        
EXCHANGE TRADED FUNDS: (41.7)%     
 (21,221)  Energy Select Sector SPDR Fund   (1,646,325)
 (293)  Global X MSCI Nigeria ETF   (2,452)
 (28,262)  iShares MSCI Emerging Markets ETF   (1,134,154)
 (1,372)  Market Vectors ChinaAMC A-Share ETF ‡ *   (72,291)
 (45,999)  Market Vectors Gold Miners ETF ‡   (839,022)
 (19,262)  Market Vectors Junior Gold Miners ETF ‡   (438,018)
Total Exchange Traded Funds
(Proceeds: $(5,286,895))		   (4,132,262)
Total Securities Sold Short
(Proceeds: $(5,493,774))		  $(4,341,344)

 

ADR American Depositary Receipt
CAD Canadian Dollar
GBP British Pound
GDR Global Depositary Receipt
HKD Hong Kong Dollar

 

(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 $7,288,293.
(c) Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(d) Security in default
‡ 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 $803,583 which represents 8.1% of net assets.
§ Illiquid Security — the aggregate value of illiquid securities is $252,344 which represents 2.5% 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 $3,231, or 0.0% of net assets.

 

A summary of the Fund’s transactions in securities of affiliates for the period ended March 31, 2015 is set forth below:

 

Affiliates         Value as of
December 31, 2014		  Purchases  Sales
Proceeds		  Realized Gain
(Loss)		  Dividend
Income		 

Value as of
March 31, 2015

Market Vectors ChinaAMC A-Share ETF(1)  $(32,713)  $87,597  $118,116  $(7,819)  $—  $(72,291)
Market Vectors ChinaAMC A-Share ETF   32,713   —   —   —   —   38,569
Market Vectors ChinaAMC China Bond ETF   —   170,227   171,802   1,575   —   —
Market Vectors Gold Miners ETF(1)   (974,655)   186,391   26,797   27,356   —   (839,022)
Market Vectors Junior Gold Miners ETF(1)   (521,459)   82,117   8,578   (14,399)   —   (438,018)
Market Vectors Semiconductor ETF(1)   (235,084)   236,436   1,010   1,471   —   —
Market Vectors Vietnam ETF   —   77,040   76,228   (812)   —   —
   $(1,731,198)  $839,808  $402,531  $7,372  $—  $(1,310,762)
(1)Represents short position.

 

Summary of Investments
by Sector (unaudited)       		  % of
Investments		  Value
Consumer Discretionary   0.4%  $31,433
Consumer Staples   0.6    53,638
Energy   16.7    1,439,424
Financials   6.0    513,606
Health Care   2.0    169,484
Industrials   2.2    192,672
Information Technology   4.2    359,647
Materials   15.4    1,320,423
Corporate Bonds   2.9    253,207
Exchange Traded Funds   0.5    41,021
Options Purchased   0.0    728
Money Market Fund   49.1    4,227,810
    100.0%  $8,603,093

 

The summary of inputs used to value the Fund’s investments as of March 31, 2015 is as follows:

 

Long positions  Level 1
Quoted
Prices		   Level 2
Significant
Observable
Inputs		   Level 3
Significant
Unobservable
Inputs		   Value
Common Stocks                   
Banks  $172,130   $45,428   $—   $217,558
Capital Goods   —    121,993    —    121,993
Diversified Financials   —    107,513    —    107,513
Energy   1,439,424    —    —    1,439,424
Food & Staples Retailing   53,232    —    —    53,232
Food, Beverage & Tobacco   406    —    —    406
Health Care Equipment & Services   100,270    —    —    100,270
Insurance   89,411    —    —    89,411
Materials   1,320,423    —    —    1,320,423
Pharmaceuticals, Biotechnology   69,214    —    —    69,214
Real Estate   —    99,124    —    99,124
Retailing   31,433    —    —    31,433
Semiconductor   80,489    —    —    80,489
Software & Services   97,089    91,213    —    188,302
Technology Hardware & Equipment   —    85,968    4,888    90,856
Transportation   70,679    —    —    70,679
Corporate Bonds*   —    253,207    —    253,207
Exchange Traded Funds   41,021    —    —    41,021
Options Purchased   728    —    —    728
Money Market Fund   4,227,810    —    —    4,227,810
Total  $7,793,759   $804,446   $4,888   $8,603,093

 

Short positions  Level 1
Quoted
Prices		   Level 2
Significant
Observable
Inputs		   Level 3
Significant
Unobservable
Inputs		   Value
Common Stocks*  $(167,686)  $—   $—   $(167,686)
Corporate Bonds*   —    (41,396)   —    (41,396)
Exchange Traded Funds   (4,132,262)   —    —    (4,132,262)
Total  $(4,299,948)  $(41,396)  $—   $(4,341,344)

 

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

 

During the period ended March 31, 2015, transfers of securities from Level 1 to Level 2 were $4,442 and transfers from Level 2 to Level 1 were $154,458. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities primary market (Level 1) and valuation by the pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.

 

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2015:

 

   Common Stocks  
      
   Long Positions  
   Energy   Technology Hardware &
Equipment		  
Balance as of December 31, 2014  $1,073   $7,090  
Realized gain (loss)   (1,073)   —  
Net change in unrealized appreciation (depreciation)   —    (2,202 )
Purchases   —    —  
Sales   —    —  
Transfers in and/or out of level 3   —    —  
Balance as of March 31, 2015  $—   $4,888  

 

See Notes to Schedules of Investments

 

UNCONSTRAINED EMERGING MARKETS BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2015 (unaudited)

 

   Principal
Amount		      Value 
CORPORATE BONDS: 24.6%       
Argentina: 2.8%       
        YPF SA     
USD   2,058,820   7.76%, 08/15/18 (f) Reg S  $2,089,702 
    5,764,696   7.76%, 08/15/18 (f) Reg S   5,851,166 
            7,940,868 
British Virgin Islands: 0.6%       
EUR   1,610,000   C10-EUR Capital SPV Ltd.     
        6.28%, 06/30/17 (c)   1,634,520 
Cayman Islands: 1.3%       
USD   4,346,000   Odebrecht Finance Ltd.     
        7.13%, 12/26/41 (c) Reg S   3,634,342 
Colombia: 1.7%       
    4,421,000   Bancolombia SA     
        5.95%, 06/03/21   4,905,984 
Mexico: 6.6%       
    4,367,000   Alfa SAB de CV     
        6.88%, 09/25/43 (c) Reg S   4,816,801 
EUR   2,689,000   Cemex SAB de CV     
        4.38%, 03/05/19 (c) 144A   2,902,191 
USD   380,000   Corp. GEO, SAB de CV     
        9.25%, 06/30/15 (c) (d) * Reg S   11,438 
    6,512,000   Grupo Bimbo SAB de CV     
        4.88%, 06/27/44 Reg S   6,658,064 
    780,000   Kimberly-Clark de Mexico SAB de CV     
        3.25%, 03/12/25 144A   785,749 
    3,895,000   Mexichem SAB de CV     
        5.88%, 09/17/44 Reg S   3,856,050 
            19,030,293 
Netherlands: 4.6%       
        Petrobras Global Finance BV     
EUR   500,000   3.25%, 04/01/19 Reg S   479,848 
    2,899,000   3.75%, 01/14/21   2,758,678 
    5,844,000   4.25%, 10/02/23   5,549,568 
    1,750,000   4.75%, 01/14/25   1,695,617 
    2,600,000   5.88%, 03/07/22   2,732,682 
            13,216,393 
Peru: 2.7%       
        Banco de Credito del Peru     
USD   4,316,000   4.25%, 04/01/23 Reg S   4,431,885 
    2,188,000   9.75%, 11/06/19 (c) Reg S   2,670,454 
    807,000   Consorcio Transmantaro SA     
        4.38%, 05/07/23 Reg S   814,061 
            7,916,400 
United Kingdom: 0.7%       
    2,066,000   Fresnillo Plc     
        5.50%, 11/13/23 Reg S   2,169,300 
              
Vietnam: 3.6%       
    18,700,000   Debt and Asset Trading Corp.     
        1.00%, 04/20/15 (c) Reg S   10,401,875 
Total Corporate Bonds
(Cost: $70,730,223)		   70,849,975 
FOREIGN GOVERNMENT OBLIGATIONS: 61.4%     
Argentina: 8.0%       
        Argentine Republic Government International Bond     
EUR   3,245,000   2.26%, 12/31/38 (d)*   1,840,895 
    2,331,120   7.82%, 12/31/33 (d)*   2,374,944 
USD   7,269,000   City of Buenos Aires Argentina     
        8.95%, 02/19/21 144A   7,596,105 
        Provincia de Buenos Aires     
EUR   725,000   3.00%, 05/01/20 (s) Reg S   606,105 
USD   9,379,499   4.00%, 05/15/35 (s) Reg S   6,096,674 
EUR   6,362,787   4.00%, 05/15/35 (s) Reg S   4,481,241 
            22,995,964 
Brazil: 8.0%       
        Brazilian Government International Bond     
USD   11,971,000   5.00%, 01/27/45   11,133,030 
    9,113,000   8.25%, 01/20/34   11,846,900 
            22,979,930 
Chile: 2.1%       
    6,216,000   Chile Government International Bond     
        3.63%, 10/30/42   6,138,300 
              
Hungary: 9.9%       
        Hungary Government International Bond     
EUR   8,056,000   3.88%, 02/24/20 Reg S   9,797,833 
USD   3,700,000   5.38%, 03/25/24   4,157,875 
EUR   1,208,000   6.00%, 01/11/19 Reg S   1,544,070 
USD   8,972,000   7.63%, 03/29/41   13,018,354 
            28,518,132 
Israel: 2.4%       
    6,348,000   Israel Government International Bond     
        4.50%, 01/30/43   6,785,695 
              
Mexico: 3.7%       
EUR   5,558,000   Mexican Government International Bond     
        3.00%, 03/06/45   6,236,208 
USD   3,946,000   Mexico Government International Bond     
        5.75%, 10/12/10   4,320,870 
            10,557,078 
Peru: 1.9%       
    711,000   Peru Government International Bond     
        5.63%, 11/18/50   872,753 
    3,301,000   Peruvian Government International Bond     
        7.35%, 07/21/25   4,505,865 
            5,378,618 
Philippines: 3.0%       
    8,184,000   Philippine Government International Bond     
        3.95%, 01/20/40   8,726,190 
              
Poland: 5.7%       
        Poland Government International Bond     
EUR   3,826,000   3.00%, 01/15/24 Reg S   4,958,028 
USD   4,613,000   4.00%, 01/22/24   5,088,139 
EUR   4,229,000   5.25%, 01/20/25   6,479,808 
            16,525,975 
South Africa: 1.8%       
    4,417,000   South Africa Government International Bond     
        3.75%, 07/24/26   5,194,635 
              
South Korea: 11.8%       
        Republic of Korea     
    3,566,000   2.13%, 06/10/24 Reg S   4,180,507 
USD   9,404,000   3.88%, 09/11/23   10,460,539 
    9,707,000   4.13%, 06/10/44   11,765,855 
    5,847,000   5.63%, 11/03/25    7,457,848  
             33,864,749  
Vietnam: 3.1%          
        Vietnam Government International Bond        
    935,000   4.00%, 05/06/15 (c) (s)    943,181  
    2,870,000   4.80%, 11/19/24 144A    3,002,738  
    1,774,000   4.80%, 11/19/24 Reg S    1,856,048  
    2,766,000   6.75%, 01/29/20 Reg S    3,146,325  
             8,948,292  
Total Foreign Government Obligations
(Cost: $174,042,267)		    176,613,558  

 

   Number
of Shares		            
MONEY MARKET FUND: 8.7%
(Cost: $25,067,028)		        
    25,067,028   AIM Treasury Portfolio - Institutional Class    25,067,028  
Total Investments: 94.7%
(Cost: $269,839,518)		    272,530,561  
Other assets less liabilities: 5.3%    15,206,272  
NET ASSETS: 100.0%  $ 287,736,833  
   
EUR Euro
USD United States Dollar
(c) Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(d) Security in default
(f) Floating Rate Bond - coupon reflects the rate in effect at the end of the reporting period
(s) Step Bond - coupon increases periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at the end of the reporting period
* Non-income producing
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 $14,286,783, or 5.0% of net assets.

 

As of March 31, 2015, the fund had the following open forward foreign currency contracts:

 

Counterparty     Contracts to
deliver		  In Exchange for  Settlement Date  Unrealized
Depreciation		 
State Street Bank And Trust Company  EUR 62,551,131  USD 67,267,881  4/13/2015  $(488,458)

 

EUR - Euro

 

Summary of Investments
by Sector (unaudited)          		   % of
Investments		   Value
Basic Materials   2.2 %   $ 6,025,350
Consumer, Non-cyclical   2.7       7,443,813
Diversified   1.8       4,816,801
Energy   7.8       21,157,261
Financial   8.2       22,410,198
Government   64.8       176,613,558
Industrial   3.0       8,182,491
Utilities   0.3       814,061
Money Market Fund   9.2       25,067,028
    100.0 %   $ 272,530,561

 

The summary of inputs used to value the Fund’s investments as of March 31, 2015 is as follows:

 

   Level 1
Quoted
Prices		   Level 2
Significant
Observable
Inputs		   Level 3
Significant
Unobservable
Inputs		   Value 
Corporate Bonds*  $—   $70,849,975   $—   $70,849,975 
Foreign Government Obligations*   —    176,613,558    —    176,613,558 
Money Market Fund   25,067,028    —    —    25,067,028 
Total  $25,067,028   $247,463,533   $—   $272,530,561 
                     
Other Financial Instruments:                    
Forward Foreign Currency Contracts  $—   $(488,458)   $—   $(488,458) 

 

* See Schedule of Investments for security type and geographic country breakouts.

 

There were no transfers between levels during the period ended March 31, 2015.

 

See Notes to Schedules of Investments

 

VAN ECK FUNDS

NOTES TO SCHEDULES OF INVESTMENTS

March 31, 2015 (unaudited)

 

Security Valuation—The Funds value their investments in securities and other assets and liabilities carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. 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 Standard 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 with more than sixty days remaining to maturity are valued at market value. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Closed-end publicly listed fund investments are valued at the official market closing price. Open-end mutual fund investments (including money market funds) are valued at their closing net asset value each business day and are categorized as Level 1 in the fair value hierarchy. Swap contracts are marked to market daily using either pricing vendor quotations, counterparty prices or model prices and the net change in value, if any, is regarded as an unrealized gain or loss and is categorized as Level 2 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 and are categorized as Level 2 in the fair value hierarchy. Securities for which quotations are not available are stated at fair value as determined by the Pricing Committee of Van Eck Associates Corporation (the “Adviser”) appointed by the Board of Trustees. The Pricing Committee provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees.  Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value.  The Pricing Committee convenes regularly to review the fair value of financial instruments for which market prices are not readily available. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, transactional back-testing and disposition analysis.

 

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 security specific information are used to determine the fair value of 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 in the Schedules of Investments.

 

The Funds utilize various methods to measure the fair value of its investments on a recurring basis which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value 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 transfers between levels of the fair value hierarchy assume the financial instruments were transferred at the beginning of the reporting period. 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 each Fund’s own assumptions in determining the fair value of investments).

 

A summary of the inputs, the levels used to value each Fund’s investments, and transfers between levels are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of each Fund’s Level 3 investments, and that present additional information about the valuation methodologies and unobservable inputs into those Level 3 investments, if applicable, are located in the Schedules of Investments.

 

Basis for Consolidation—The Commodities Series Fund I Subsidiary and the Gold Series Fund I Subsidiary (the “Subsidiaries”), both Cayman Islands exempted companies, were incorporated on June 26, 2009 and November 7, 2011, respectively. Commodity Series Fund I Subsidiary and the Gold Series Fund I Subsidiary are currently wholly-owned subsidiaries of the CM Commodity Index Fund and International Investors Gold Fund, respectively. The Subsidiaries act as investment vehicles for the CM Commodity Index Fund and International Investors Gold Fund in order to effect certain investments on behalf of the Funds.

 

Other—The Board of Trustees has approved a Plan of Liquidation and Dissolution with respect to the Multi-Manager Alternatives Fund, pursuant to which the Fund is expected to be liquidated and dissolved on or about June 3, 2015.

 

As a result of recent events involving Ukraine and the Russian Federation, the United States and the European Union have imposed sanctions on certain Russian individuals and companies. These sanctions do not currently impact the Funds. Additional economic sanctions may be imposed or other actions may be taken that may adversely affect the value and liquidity of the Russian-related issuers’ held by the Funds.

 

Income Taxes—As of March 31, 2015, 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  $313,750,521   $5,788   $(66,894,418)  $(66,888,630)
Emerging Markets Fund   348,226,702    46,063,553    (21,137,756)   24,925,797 
Global Hard Assets Fund   3,332,591,298    687,743,074    (641,946,021)   45,797,053 
International Investors Gold Fund   688,121,411    108,945,782    (273,800,410)   (164,854,628)
Long/Short Equity Index Fund   4,338,264    16,660    (3,107)   13,553 
Multi-Manager Alternatives Fund   9,306,774    236,010    (939,691)   (703,681)
Unconstrained Emerging Markets Bond Fund   270,205,850    4,695,526    (2,370,815)   2,324,711 

 

ITEM 2. Controls and Procedures.
 
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3 (c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)).
 
(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

ITEM 3. Exhibits.

 

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant) Van Eck Funds

 

By John J. Crimmins, Treasurer & Chief Financial Officer, Van Eck Funds

 

Date: May 26, 2015

 

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

 

Date: May 26, 2015

 

By John J. Crimmins, Treasurer & Chief Financial Officer, Van Eck Funds

 

Date: May 26, 2015

 
 EX-99.CERT 2 c81265_ex99cert.htm

Exhibit 99.cert

 

Rule 30a-2 CERTIFICATIONS

 

I, Jan F. van Eck, certify that:

 

1. I have reviewed this report on Form N-Q of Van Eck Funds;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3 (c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3 (d) under the Investment Company Act of 1940) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
   
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
   
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and
   
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
   
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

 

Date: May 26, 2015  

 

/s/ Jan F. van Eck, Chief Executive Officer  
   
 

 

Rule 30a-2 CERTIFICATIONS

 

I, John J. Crimmins, certify that:

 

1. I have reviewed this report on Form N-Q of Van Eck Funds;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3 (c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3 (d) under the Investment Company Act of 1940) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
   
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
   
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and
   
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
   
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

 

Date: May 26, 2015  

 

/s/ John J. Crimmins, Treasurer & Chief Financial Officer  
   
 
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