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 811-1800
U.S. GLOBAL INVESTORS FUNDS
7900 CALLAGHAN ROAD
SAN ANTONIO, TX 78229
(Address of principal executive offices) (Zip code)
SUSAN B. MCGEE, ESQ.
7900 CALLAGHAN ROAD
SAN ANTONIO, TX 78229
(Name and address of agent for service)
Registrant’s telephone number, including area code: 210-308-1234
Date of fiscal year end: December 31
Date of reporting period: September 30, 2012
ITEM 1. SCHEDULE OF INVESTMENTS
|
U.S. Treasury Securities Cash Fund |
|
|
|
Portfolio of Investments (unaudited) |
|
September 30, 2012 |
|
Repurchase Agreements 99.49% |
|
Coupon
|
|
Maturity
|
|
Principal
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
Joint Tri-Party Repurchase Agreements, 09/28/12, collateralized by U.S. Treasury securities held in joint tri-party repurchase accounts: |
|
|
|
|
|
|
|
|
|
|
Banc of America Securities LLC Merrill Lynch, repurchase price $44,290,071 |
|
0.15% |
|
10/01/12 |
|
$ 44,289,518 |
|
$ 44,289,518 |
|
|
Barclays Capital, Inc., repurchase price $18,000,255 |
|
0.17% |
|
10/01/12 |
|
18,000,000 |
|
18,000,000 |
|
|
Morgan Stanley, repurchase price $20,000,250 |
|
0.15% |
|
10/01/12 |
|
20,000,000 |
|
20,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments 99.49% |
|
|
|
|
|
|
|
82,289,518 |
|
|
(cost $82,289,518) |
|
|
|
|
|
|
|
|
|
|
Other assets and liabilities, net 0.51% |
|
|
|
|
|
|
|
420,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets 100% |
|
|
|
|
|
|
|
$ |
82,709,675 |
See notes to portfolios of investments.
|
U.S. Government Securities Savings Fund |
|
|
|
Portfolio of Investments (unaudited) |
|
September 30, 2012 |
|
United States Government and
|
|
|
|
Coupon
|
|
Maturity
|
|
Principal
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Farm Credit Bank 16.79% |
|
|
|
|
|
|
|
|
|
|
|
Discount Note: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield |
|
0.01% |
|
10/01/12 |
|
$ 20,000,000 |
|
$ 20,000,000 |
|
Variable Rate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.22% |
|
02/21/13 |
|
5,000,000 |
|
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
25,000,000 |
|
Federal Home Loan Bank 25.42% |
|
|
|
|
|
|
|
|
|
|
|
Discount Notes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield |
|
0.12% |
|
10/03/12 |
|
5,000,000 |
|
4,999,968 |
|
|
|
Yield |
|
0.12% |
|
10/05/12 |
|
5,000,000 |
|
4,999,934 |
|
|
|
Yield |
|
0.12% |
|
10/10/12 |
|
1,000,000 |
|
999,971 |
|
|
|
Yield |
|
0.13% |
|
12/26/12 |
|
5,000,000 |
|
4,998,507 |
|
Fixed Rates: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.19% |
|
10/26/12 |
|
5,000,000 |
|
5,000,128 |
|
|
|
|
|
0.18% |
|
02/15/13 |
|
2,000,000 |
|
1,999,738 |
|
Variable Rates: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.28% |
|
05/17/13 |
|
5,000,000 |
|
5,004,401 |
|
|
|
|
|
0.27% |
|
07/22/13 |
|
4,850,000 |
|
4,851,566 |
|
|
|
|
|
0.16% |
|
07/25/13 |
|
5,000,000 |
|
4,998,763 |
|
|
|
|
|
|
|
|
|
|
|
37,852,976 |
|
|
|
|
|
|
|
|
|
|
|
|
|
United States Treasury Bill 3.36% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield |
|
0.12% |
|
10/18/12 |
|
5,000,000 |
|
4,999,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Securities |
|
|
|
|
|
|
|
|
|
67,852,699 |
|
(cost $67,852,699) |
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreements 54.81% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joint Tri-Party Repurchase Agreements, 09/28/12, collateralized by U.S. Treasury securities held in joint tri-party repurchase accounts: |
|
|
|
|
|
|
|
|
|
|
Banc of America Securities LLC Merrill Lynch, repurchase price $76,615,058 |
|
0.15% |
|
10/01/12 |
|
76,614,100 |
|
76,614,100 |
|
|
Credit Suisse Securities USA LLC, repurchase price $5,000,075 |
|
0.18% |
|
10/01/12 |
|
5,000,000 |
|
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Repurchase Agreements |
|
|
|
|
|
|
|
81,614,100 |
|
|
(cost $81,614,100) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments 100.38% |
|
|
|
|
|
|
|
149,466,799 |
|
|
(cost $149,466,799) |
|
|
|
|
|
|
|
|
|
|
Other assets and liabilities, net (0.38)% |
|
|
|
|
|
|
|
(559,252) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets 100% |
|
|
|
|
|
|
|
$ |
148,907,547 |
See notes to portfolios of investments.
|
Near-Term Tax Free Fund |
|
|
|
Portfolio of Investments (unaudited) |
|
September 30, 2012 |
|
Municipal Bonds 92.20% |
|
Coupon
|
|
Maturity
|
|
Principal
|
|
Value |
||
|
|
|
|
|
|
|
|
|
|
||
|
Alabama 3.42% |
|
|
|
|
|
|
|
|
||
|
Alabama State Public School & College Authority |
|
5.00 % |
|
12/01/16 |
|
$ |
290,000 |
|
$ |
341,965 |
|
Bessemer, Alabama Water Revenue |
|
4.00 % |
|
01/01/16 |
|
300,000 |
|
310,704 |
||
|
Jasper Alabama Water Works & Sewer Board, Inc., Utilities Revenue, Series A |
|
3.00 % |
|
06/01/15 |
|
90,000 |
|
93,916 |
||
|
Jasper Alabama Water Works & Sewer Board, Inc., Utilities Revenue, Series A |
|
3.00 % |
|
06/01/16 |
|
90,000 |
|
94,922 |
||
|
Mountain Brook City Board of Education Capital Outlay |
|
4.00 % |
|
02/15/15 |
|
200,000 |
|
215,562 |
||
|
University of Alabama at Birmingham, Hospital Revenue, Series A |
|
5.00 % |
|
09/01/15 |
|
300,000 |
|
331,878 |
||
|
|
|
|
|
|
|
|
|
1,388,947 |
||
|
|
|
|
|
|
|
|
|
|
||
|
Alaska 0.82% |
|
|
|
|
|
|
|
|
||
|
Alaska Municipal Bond Bank Authority, Prerefunded, Series A |
|
4.00 % |
|
02/01/16 |
|
105,000 |
|
117,002 |
||
|
Alaska Municipal Bond Bank Authority, Unrefunded, Series A |
|
4.00 % |
|
02/01/16 |
|
195,000 |
|
215,789 |
||
|
|
|
|
|
|
|
|
|
332,791 |
||
|
|
|
|
|
|
|
|
|
|
||
|
Arizona 3.52% |
|
|
|
|
|
|
|
|
||
|
Arizona Board Regents Certificates of Participation, Series B |
|
4.50 % |
|
06/01/16 |
|
200,000 |
|
224,946 |
||
|
Arizona Health Facilities Authority Revenues, Series D |
|
5.00 % |
|
01/01/14 |
|
250,000 |
|
264,227 |
||
|
Arizona School Facilities Board Certificates, Series A-1 |
|
5.00 % |
|
09/01/17 |
|
325,000 |
|
361,410 |
||
|
Arizona State Transportation Board Excise Tax Revenue |
|
5.00 % |
|
07/01/17 |
|
175,000 |
|
208,609 |
||
|
Page, Arizona, Pledged Revenue, Refunding |
|
3.00 % |
|
07/01/16 |
|
350,000 |
|
369,698 |
||
|
|
|
|
|
|
|
|
|
1,428,890 |
||
|
|
|
|
|
|
|
|
|
|
||
|
California 3.65% |
|
|
|
|
|
|
|
|
||
|
California State, Refunding, Recreational Facility, GO Unlimited |
|
5.00 % |
|
12/01/19 |
|
250,000 |
|
269,367 |
||
|
Delano, California Union High School District, GO Unlimited, Refunding, Series A |
|
4.75 % |
|
02/01/17 |
|
200,000 |
|
220,738 |
||
|
San Diego, California Community College District, Capital Appreciation, Election 2002, GO Unlimited (ZCB) |
|
4.34% (1) |
|
05/01/15 |
|
300,000 |
|
292,836 |
||
|
Santa Clara County, California Financing Authority Revenue, Obstetrics and Gynecology, El Camino Hospital |
|
5.00 % |
|
02/01/18 |
|
350,000 |
|
397,219 |
||
|
Vernon, California Electric Systems Revenue, Series A |
|
3.75 % |
|
08/01/13 |
|
300,000 |
|
304,182 |
||
|
|
|
|
|
|
|
|
|
1,484,342 |
||
|
|
|
|
|
|
|
|
|
|
||
|
Colorado 0.75% |
|
|
|
|
|
|
|
|
||
|
Denver, Colorado, Health & Hospital Authority, Healthcare Revenue, Series A |
|
5.00 % |
|
12/01/16 |
|
265,000 |
|
303,658 |
||
|
|
|
|
|
|
|
|
|
|
||
|
Connecticut 0.62% |
|
|
|
|
|
|
|
|
||
|
Connecticut State, Series D, GO Unlimited |
|
5.38 % |
|
11/15/18 |
|
250,000 |
|
251,518 |
||
|
District of Columbia 1.62% |
|
|
|
|
|
|
|
|
|
District of Columbia Certifications of Participation |
|
4.00 % |
|
01/01/14 |
|
250,000 |
|
260,458 |
|
Washington D.C. Convention Center Authority Dedicated Tax Revenue, Refunding, Series A |
|
5.00 % |
|
10/01/13 |
|
110,000 |
|
113,675 |
|
Washington D.C. Convention Center Authority Dedicated Tax Revenue, Refunding, Series A |
|
5.00 % |
|
10/01/16 |
|
250,000 |
|
282,350 |
|
|
|
|
|
|
|
|
|
656,483 |
|
|
|
|
|
|
|
|
|
|
|
Florida 11.83% |
|
|
|
|
|
|
|
|
|
Broward County, Florida School Board Certificates of Participation, Series A |
|
5.00 % |
|
07/01/15 |
|
325,000 |
|
357,773 |
|
Cape Coral, Florida Gas Tax Revenue, Series A |
|
4.00 % |
|
10/01/16 |
|
255,000 |
|
271,353 |
|
Escambia County, Florida, Health Facilities Authority Revenue, Baptist Hospital, Inc. Project, Series A |
|
5.00 % |
|
08/15/19 |
|
290,000 |
|
334,683 |
|
Florida Gulf Coast University Financing Corp., Florida Capital Improvement Revenue, Series B |
|
3.00 % |
|
02/01/16 |
|
365,000 |
|
382,097 |
|
Florida State Board of Education Lottery Revenue, Series A |
|
4.00 % |
|
07/01/14 |
|
300,000 |
|
318,699 |
|
Florida State Board of Governors Parking Facilities Revenue, Series A |
|
3.00 % |
|
07/01/17 |
|
300,000 |
|
328,608 |
|
Florida State Municipal Power Agency, Stanton Project Revenue, Refunding |
|
5.13 % |
|
10/01/17 |
|
300,000 |
|
350,409 |
|
Fort Pierce, Florida Stormwater Utilities Revenue |
|
4.50 % |
|
10/01/17 |
|
255,000 |
|
270,764 |
|
Hillsborough County Florida Community Investment Tax Revenue |
|
4.00 % |
|
05/01/16 |
|
300,000 |
|
315,159 |
|
Lake County, Florida School Board Certificates of Participation, Series A |
|
3.70 % |
|
06/01/15 |
|
400,000 |
|
425,568 |
|
Miami - Dade County, Florida Water & Sewer Revenue System, Series A |
|
4.00 % |
|
10/01/16 |
|
235,000 |
|
262,930 |
|
Orange County, Florida Tourist Development Tax Revenue, Refunding |
|
5.00 % |
|
10/01/14 |
|
260,000 |
|
282,212 |
|
Reedy Creek, Florida Improvement District Utilities Revenue, Refunding, Series 2 |
|
5.00 % |
|
10/01/16 |
|
300,000 |
|
330,726 |
|
Saint Johns County, Florida Transportation Revenue, Refunding |
|
5.00 % |
|
10/01/20 |
|
310,000 |
|
369,557 |
|
Volusia County, Florida School Board Sales Tax Revenue |
|
4.20 % |
|
10/01/16 |
|
200,000 |
|
202,938 |
|
|
|
|
|
|
|
|
|
4,803,476 |
|
|
|
|
|
|
|
|
|
|
|
Georgia 4.14% |
|
|
|
|
|
|
|
|
|
Atlanta Downtown Development Authority |
|
4.25 % |
|
12/01/16 |
|
250,000 |
|
274,867 |
|
Atlanta, Georgia Water & Wastewater Revenue, Series B |
|
3.50 % |
|
11/01/13 |
|
400,000 |
|
413,764 |
|
Emanuel County Georgia Hospital Authority Revenue Anticipation Certificates |
|
4.30 % |
|
07/01/17 |
|
250,000 |
|
261,180 |
|
Georgia State Municipal Electric Authority Revenue, Unrefunded |
|
5.50 % |
|
01/01/20 |
|
250,000 |
|
274,790 |
|
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System and Affiliates Revenue, Anticipation Certificates |
|
4.50 % |
|
08/01/17 |
|
150,000 |
|
168,348 |
|
Gwinnett County, Georgia, Hospital Authority, Gwinnett Hospital Systems Revenue, Series B |
|
5.00 % |
|
07/01/18 |
|
250,000 |
|
289,473 |
|
|
|
|
|
|
|
|
|
1,682,422 |
|
|
|
|
|
|
|
|
|
|
|
Illinois 12.60% |
|
|
|
|
|
|
|
|
|
Aurora, Illinois, Series B, GO Unlimited |
|
3.00 % |
|
12/30/15 |
|
200,000 |
|
214,850 |
|
Chicago Board of Education, Dedicated Revenues, Series F, GO Unlimited |
|
5.00 % |
|
12/01/16 |
|
300,000 |
|
347,721 |
|
Chicago Board of Education, Series A |
|
5.25 % |
|
12/01/13 |
|
250,000 |
|
257,792 |
|
Chicago, Illinois Sales Tax Revenue |
|
5.50 % |
|
01/01/15 |
|
350,000 |
|
385,522 |
|
Chicago, Illinois, Direct Access Bond, Series E-1 B, GO Unlimited |
|
4.00 % |
|
01/01/19 |
|
200,000 |
|
215,128 |
|
Chicago, Illinois, Prerefunded Balance, Series B, GO Unlimited |
|
5.13 % |
|
01/01/15 |
|
85,000 |
|
90,024 |
|
Chicago, Illinois, Unrefunded Balance, Series B, GO Unlimited |
|
5.13 % |
|
01/01/15 |
|
240,000 |
|
260,014 |
|
Dundee Township, GO Unlimited |
|
5.00 % |
|
12/01/13 |
|
240,000 |
|
250,253 |
|
Illinois Finance Authority Revenue, Refunding |
|
5.00 % |
|
07/01/16 |
|
390,000 |
|
419,457 |
|
Illinois State Sales Tax Revenue |
|
5.00 % |
|
06/15/14 |
|
200,000 |
|
215,356 |
|
Illinois State Toll Highway Authority, Toll Highway Revenue, Series A |
|
5.00 % |
|
01/01/16 |
|
200,000 |
|
223,800 |
|
Illinois State, Refunding, GO Unlimited |
|
5.00 % |
|
01/01/16 |
|
300,000 |
|
334,233 |
|
Kaskaskia Community College District No. 501, GO Unlimited |
|
5.75 % |
|
12/01/19 |
|
500,000 |
|
613,275 |
|
Metropolitan Pier & Exposition Authority |
|
5.38 % |
|
06/01/15 |
|
280,000 |
|
289,607 |
|
Springfield, Illinois Metropolitan Sanitation District, Sewer Revenue, Senior Lien, Series A |
|
4.00 % |
|
01/01/17 |
|
570,000 |
|
614,226 |
|
Winnebago County Public Safety Sales Tax, Series A, GO Unlimited |
|
5.00 % |
|
12/30/16 |
|
350,000 |
|
387,765 |
|
|
|
|
|
|
|
|
|
5,119,023 |
|
|
|
|
|
|
|
|
|
|
|
Indiana 0.79% |
|
|
|
|
|
|
|
|
|
Tippecanoe County, Indiana School Improvements |
|
4.00 % |
|
01/15/15 |
|
300,000 |
|
319,209 |
|
|
|
|
|
|
|
|
|
|
|
Iowa 2.35% |
|
|
|
|
|
|
|
|
|
Ames, Iowa Hospital Revenue, Refunding |
|
5.00 % |
|
06/15/15 |
|
300,000 |
|
304,761 |
|
Johnston Community School District, GO Unlimited |
|
4.00 % |
|
06/01/16 |
|
200,000 |
|
217,646 |
|
University of Iowa Hospitals and Clinics, Iowa State Board of Regents, Hospital Revenue, Refunding, Series A |
|
3.00 % |
|
09/01/19 |
|
400,000 |
|
430,788 |
|
|
|
|
|
|
|
|
|
953,195 |
|
|
|
|
|
|
|
|
|
|
|
Kansas 0.54% |
|
|
|
|
|
|
|
|
|
Kansas State Development Finance Authority Revenue |
|
4.00 % |
|
10/01/15 |
|
200,000 |
|
220,338 |
|
|
|
|
|
|
|
|
|
|
|
Kentucky 0.68% |
|
|
|
|
|
|
|
|
|
Kentucky Municipal Power Agency, Power System Revenue, Prairie State Project, Series A |
|
5.25 % |
|
09/01/22 |
|
240,000 |
|
274,375 |
|
|
|
|
|
|
|
|
|
|
|
Massachusetts 1.50% |
|
|
|
|
|
|
|
|
|
New Bedford, Massachusetts, State Qualified Municipal Loan, GO Limited |
|
3.00 % |
|
03/01/15 |
|
345,000 |
|
362,326 |
|
Stoughton, Massachusetts Public Improvement, GO Limited |
|
4.00 % |
|
05/01/17 |
|
225,000 |
|
248,746 |
|
|
|
|
|
|
|
|
|
611,072 |
|
|
|
|
|
|
|
|
|
|
|
Michigan 5.08% |
|
|
|
|
|
|
|
|
|
Detroit, Michigan Sewer Disposal Revenue, Refunding, Series C-1 |
|
5.25 % |
|
07/01/15 |
|
400,000 |
|
435,208 |
|
Michigan House of Representatives Facilities, Obligations Revenue, Series A |
|
5.00 % |
|
10/15/17 |
|
200,000 |
|
231,082 |
|
Michigan Public Power Agency AFEC Project Revenue, Series 2012-A |
|
4.50 % |
|
01/01/19 |
|
280,000 |
|
314,939 |
|
Michigan State Building Authority Revenue, Refunding, Series I |
|
5.25 % |
|
10/15/14 |
|
300,000 |
|
314,475 |
|
Michigan State Grant Anticipation Bonds |
|
5.00 % |
|
09/15/16 |
|
200,000 |
|
229,316 |
|
Michigan State Hospital Finance Authority Revenue, Trinity Health, Series A |
|
6.00 % |
|
12/01/18 |
|
200,000 |
|
254,528 |
|
Wayne County, Michigan Airport Authority Revenue, Detroit Metropolitan Airport, Refunding, Series C |
|
4.00 % |
|
12/01/19 |
|
255,000 |
|
283,820 |
|
|
|
|
|
|
|
|
|
2,063,368 |
|
|
|
|
|
|
|
|
|
|
|
Minnesota 1.39% |
|
|
|
|
|
|
|
|
|
Minneapolis & St Paul, Minnesota Housing & Redevelopment Authority Health Care Systems, Children’s Health Care, Series B |
|
4.00 % |
|
08/15/16 |
|
250,000 |
|
274,577 |
|
Minneapolis & St Paul, Minnesota Metropolitan Airports Commission, Airport Revenue, Refunding, Series B |
|
5.00 % |
|
01/01/19 |
|
255,000 |
|
288,640 |
|
|
|
|
|
|
|
|
|
563,217 |
|
|
|
|
|
|
|
|
|
|
|
Missouri 0.51% |
|
|
|
|
|
|
|
|
|
Missouri State Health & Educational Facilities Authority Revenue, Series A |
|
6.75 % |
|
05/15/13 |
|
200,000 |
|
207,992 |
|
|
|
|
|
|
|
|
|
|
|
Nevada 1.25% |
|
|
|
|
|
|
|
|
|
Clark County Nevada School District, Refunding, Series A |
|
5.50 % |
|
06/15/16 |
|
250,000 |
|
260,160 |
|
Nye County School District, GO Limited |
|
4.00 % |
|
05/01/15 |
|
230,000 |
|
248,616 |
|
|
|
|
|
|
|
|
|
508,776 |
|
|
|
|
|
|
|
|
|
|
|
New Hampshire 1.28% |
|
|
|
|
|
|
|
|
|
New Hampshire Health & Education Facilities Authority Revenue |
|
5.00 % |
|
07/01/14 |
|
65,000 |
|
65,989 |
|
New Hampshire Health & Education Facilities Authority Revenue |
|
5.00 % |
|
01/01/18 |
|
400,000 |
|
454,540 |
|
|
|
|
|
|
|
|
|
520,529 |
|
New Jersey 3.86% |
|
|
|
|
|
|
|
|
|
|
Atlantic City, New Jersey Municipal Utilities Authority Revenue, Refunding |
|
5.00 % |
|
06/01/17 |
|
150,000 |
|
173,255 |
|
|
Elizabeth, New Jersey Parking Authority Project Revenue, Elizabethtown Plaza Redevelopment, Series B |
|
4.00 % |
|
11/01/17 |
|
255,000 |
|
283,807 |
|
|
Hudson County, New Jersey Improvement Authority Lease Revenue, North Hudson Regional Fire, Refunding, Series A |
|
5.63 % |
|
09/01/18 |
|
400,000 |
|
478,236 |
|
|
New Jersey State Transportation Trust Fund Authority, Series D |
|
4.00 % |
|
06/15/14 |
|
250,000 |
|
265,760 |
|
|
Passaic Valley, New Jersey Sewage Commissioners Revenue, Series G |
|
5.75 % |
|
12/01/21 |
|
300,000 |
|
368,340 |
|
|
|
|
|
|
|
|
|
|
1,569,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
New Mexico 0.61% |
|
|
|
|
|
|
|
|
|
|
Clayton, New Mexico, Jail Project Revenue |
|
4.00 % |
|
11/01/17 |
|
235,000 |
|
249,145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
New York 2.87% |
|
|
|
|
|
|
|
|
|
|
Long Island Power Authority, New York Electric Systems, Revenue, Series E |
|
5.00 % |
|
12/01/17 |
|
330,000 |
|
383,958 |
|
|
New York State Dormitory Authority Revenues, Nonconstruction Supported Debt, Municipal Facilities Health Lease, Series 1 |
|
5.00 % |
|
01/15/17 |
|
300,000 |
|
342,324 |
|
|
New York, New York, Subseries L-1, GO Unlimited |
|
4.00 % |
|
04/01/15 |
|
300,000 |
|
326,388 |
|
|
Schenectady Metroplex Development Authority Revenue, Series A |
|
5.00 % |
|
12/15/12 |
|
110,000 |
|
110,870 |
|
|
|
|
|
|
|
|
|
|
1,163,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio 2.22% |
|
|
|
|
|
|
|
|
|
|
Canton, Ohio, City School District, Refunding, GO Unlimited |
|
5.00 % |
|
12/01/18 |
|
325,000 |
|
356,258 |
|
|
Lorain County, Ohio, Community College District, Revenue |
|
3.25 % |
|
12/01/17 |
|
350,000 |
|
383,590 |
|
|
Marion County, Ohio, Variable Refunding, GO Limited |
|
4.00 % |
|
12/01/20 |
|
150,000 |
|
163,422 |
|
|
|
|
|
|
|
|
|
|
903,270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania 1.98% |
|
|
|
|
|
|
|
|
|
|
Delaware Valley, Pennsylvania, Regional Financial Authority Revenue, Permanently Fixed Business Development Services |
|
5.50 % |
|
08/01/18 |
|
295,000 |
|
342,881 |
|
|
Reading, Pennsylvania School District, GO Unlimited, Series A |
|
5.00 % |
|
04/01/20 |
|
400,000 |
|
461,748 |
|
|
|
|
|
|
|
|
|
|
804,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico 2.45% |
|
|
|
|
|
|
|
|
|
|
Commonwealth of Puerto Rico, GO Unlimited |
|
6.00 % |
|
07/01/13 |
|
250,000 |
|
259,510 |
|
|
Commonwealth of Puerto Rico, Series A, GO Unlimited |
|
5.00 % |
|
07/01/15 |
|
225,000 |
|
240,442 |
|
|
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue, Refunding, Series C |
|
5.50 % |
|
07/01/17 |
|
445,000 |
|
494,252 |
|
|
|
|
|
|
|
|
|
|
994,204 |
|
|
Rhode Island 0.71% |
|
|
|
|
|
|
|
|
|
|
Rhode Island State Economic Development Corporation Revenue, Series A |
|
5.00 % |
|
06/15/17 |
|
250,000 |
|
286,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
South Carolina 2.99% |
|
|
|
|
|
|
|
|
|
|
Jasper County School District, GO Unlimited |
|
4.00 % |
|
03/01/15 |
|
195,000 |
|
211,386 |
|
|
Piedmont Municipal Power Agency |
|
5.00 % |
|
01/01/16 |
|
150,000 |
|
167,574 |
|
|
South Carolina Transportation Infrastructure Bank Revenue, Series A |
|
5.25 % |
|
10/01/17 |
|
125,000 |
|
137,321 |
|
|
Spartanburg County, South Carolina Regional Health Services District, Hospital Revenue, Refunding, Series A |
|
5.00 % |
|
04/15/19 |
|
600,000 |
|
699,330 |
|
|
|
|
|
|
|
|
|
|
1,215,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tennessee 0.70% |
|
|
|
|
|
|
|
|
|
|
Metropolitan Government of Nashville & Davidson County, Water & Sewer Revenue |
|
6.50 % |
|
12/01/14 |
|
250,000 |
|
282,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas 11.62% |
|
|
|
|
|
|
|
|
|
|
Addison, Texas Certificates of Obligation, GO Unlimited |
|
4.00 % |
|
02/15/20 |
|
250,000 |
|
280,735 |
|
|
Annetta, Texas Certificates of Obligation, GO Limited |
|
4.00 % |
|
08/01/16 |
|
200,000 |
|
211,256 |
|
|
Corpus Christi, Texas Business & Job Development Corporation, Seawall Project, Sales Tax Revenue, Refunding |
|
5.00 % |
|
03/01/20 |
|
350,000 |
|
414,571 |
|
|
Frisco, Texas Independent School District, School Building, GO Unlimited, Series A |
|
4.50 % |
|
08/15/25 |
|
180,000 |
|
201,476 |
|
|
Grand Prairie Independent School District, Refunding, GO Unlimited (ZCB) |
|
3.92% (1) |
|
08/15/16 |
|
400,000 |
|
370,800 |
|
|
Houston, Texas, Public Improvement, Refunding, GO Limited, Series A |
|
5.38 % |
|
03/01/16 |
|
180,000 |
|
192,827 |
|
|
Katy, Texas Independent School District, School Building, Series D, GO Unlimited |
|
4.50 % |
|
02/15/19 |
|
325,000 |
|
363,711 |
|
|
Lewisville, Texas Independent School District, GO Unlimited, Refunding (ZCB) |
|
4.04 (1) |
|
08/15/15 |
|
400,000 |
|
393,640 |
|
|
Lower Colorado River Authority Texas, Refunding |
|
5.25 % |
|
05/15/19 |
|
240,000 |
|
247,450 |
|
|
San Antonio, Texas Municipal Drain Utilities Systems Revenue |
|
4.00 % |
|
02/01/16 |
|
300,000 |
|
303,453 |
|
|
San Antonio, Texas, Water Revenue, Refunding |
|
4.50 % |
|
05/15/21 |
|
400,000 |
|
483,356 |
|
|
San Patricio, Texas Municipal Water District, Refunding |
|
4.00 % |
|
07/10/18 |
|
200,000 |
|
214,582 |
|
|
Texas Municipal Power Agency Revenue, Refunding |
|
5.00 % |
|
09/01/17 |
|
250,000 |
|
294,127 |
|
|
Texas State Public Finance Authority Revenue |
|
5.00 % |
|
10/15/21 |
|
300,000 |
|
305,976 |
|
|
University of Texas, Texas, Revenue Financing System, Refunding, Series A |
|
3.00 % |
|
08/15/23 |
|
400,000 |
|
440,532 |
|
|
|
|
|
|
|
|
|
|
4,718,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Utah 0.74% |
|
|
|
|
|
|
|
|
|
|
Tooele City, Utah Municipal Building Authority Lease Revenue, Refunding |
|
3.75 % |
|
12/01/17 |
|
285,000 |
|
299,931 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia 1.73% |
|
|
|
|
|
|
|
|
|
|
Spotsylvania County, Virginia Economic Development Authority Revenue, Refunding |
|
5.00 % |
|
06/01/23 |
|
300,000 |
|
364,323 |
|
|
Virginia College Building Authority Educational Facilities Revenue, Prerefunded, Series A |
|
5.00 % |
|
09/01/15 |
|
10,000 |
|
11,330 |
|
|
Virginia College Building Authority Educational Facilities Revenue, Unrefunded, Series A |
|
5.00 % |
|
09/01/15 |
|
290,000 |
|
327,306 |
|
|
|
|
|
|
|
|
|
|
702,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington 0.67% |
|
|
|
|
|
|
|
|
|
|
Energy Northwest, Washington Electric Revenue |
|
5.00 % |
|
07/01/14 |
|
250,000 |
|
270,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin 0.71% |
|
|
|
|
|
|
|
|
|
|
Chippewa Valley, Wisconsin, Technical College District Promissory Notes, Series A, GO Unlimited |
|
4.00 % |
|
04/01/14 |
|
250,000 |
|
263,472 |
|
|
Wisconsin State, Refunding, Series 2, GO Unlimited |
|
4.13 % |
|
11/01/16 |
|
25,000 |
|
26,317 |
|
|
|
|
|
|
|
|
|
|
289,789 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds |
|
|
|
|
|
|
|
37,444,265 |
|
|
(cost $35,966,805) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement 6.94% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joint Tri-Party Repurchase Agreement, Credit Suisse Securities USA LLC, 9/28/2012, repurchase price $2,816,836, collateralized by U.S. Treasury securities held in a joint tri-party account (cost $2,816,794) |
|
0.18 % |
|
10/01/12 |
|
2,816,794 |
|
2,816,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments 99.14% |
|
|
|
|
|
|
|
40,261,059 |
|
|
(cost $38,783,599) |
|
|
|
|
|
|
|
|
|
|
Other assets and liabilities, net 0.86% |
|
|
|
|
|
|
|
351,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets 100% |
|
|
|
|
|
|
|
$ |
40,612,330 |
(1) Represents Yield
See notes to portfolio of investments.
|
Tax Free Fund |
|
|
|
Portfolio of Investments (unaudited) |
|
September 30, 2012 |
|
Municipal Bonds 96.37% |
|
Coupon
|
|
Maturity
|
|
Principal
|
|
Value |
||
|
|
|
|
|
|
|
|
|
|
||
|
Alabama 5.10% |
|
|
|
|
|
|
|
|
||
|
Alabama State, GO Unlimited, Series A |
|
4.63 % |
|
09/01/22 |
|
$ |
375,000 |
|
$ |
383,242 |
|
Bessemer, Alabama Water Revenue |
|
4.00 % |
|
01/01/16 |
|
200,000 |
|
207,136 |
||
|
Mountain Brook City Board of Education Capital Outlay |
|
4.00 % |
|
02/15/15 |
|
195,000 |
|
210,173 |
||
|
University of Alabama at Birmingham, Hospital Revenue, Series A |
|
5.00 % |
|
09/01/15 |
|
300,000 |
|
331,878 |
||
|
|
|
|
|
|
|
|
|
1,132,429 |
||
|
Arizona 2.32% |
|
|
|
|
|
|
|
|
|
Scottsdale Arizona Municipal Property Corp., Excise Tax Revenue, Refunding |
|
5.00 % |
|
07/01/26 |
|
180,000 |
|
233,282 |
|
University of Arizona Certificates of Participation, Series C |
|
5.00 % |
|
06/01/22 |
|
260,000 |
|
281,801 |
|
|
|
|
|
|
|
|
|
515,083 |
|
|
|
|
|
|
|
|
|
|
|
California 11.71% |
|
|
|
|
|
|
|
|
|
Anaheim, California City School District, Capital Appreciation, Election 2002, GO Unlimited (ZCB) |
|
4.60% (1) |
|
08/01/28 |
|
580,000 |
|
277,600 |
|
California State, GO Unlimited |
|
5.00 % |
|
03/01/32 |
|
300,000 |
|
326,112 |
|
California State, GO Unlimited |
|
4.75 % |
|
03/01/34 |
|
205,000 |
|
217,708 |
|
Chaffey Community College District, Series C, GO Unlimited |
|
5.00 % |
|
06/01/32 |
|
300,000 |
|
332,655 |
|
Imperial Community College District, GO Unlimited |
|
5.00 % |
|
08/01/29 |
|
500,000 |
|
527,735 |
|
Lindsay Unified School District, Election 2002, Series C, GO Unlimited (ZCB) |
|
5.25% (1) |
|
08/01/35 |
|
420,000 |
|
133,631 |
|
Los Angeles Unified School District, Election 2004, Series H, GO Unlimited |
|
5.00 % |
|
07/01/32 |
|
200,000 |
|
223,084 |
|
Santa Clara Valley Transportation Authority, Refunding, Series A |
|
5.00 % |
|
04/01/27 |
|
370,000 |
|
426,776 |
|
Santee School District, Series D, GO Unlimited (ZCB) |
|
5.47% (1) |
|
08/01/43 |
|
745,000 |
|
136,559 |
|
|
|
|
|
|
|
|
|
2,601,860 |
|
|
|
|
|
|
|
|
|
|
|
Colorado 3.37% |
|
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority Revenue |
|
5.00 % |
|
09/01/16 |
|
150,000 |
|
154,095 |
|
Platte River, Colorado, Power Authority Power Revenue, Series II |
|
5.00 % |
|
06/01/30 |
|
495,000 |
|
594,030 |
|
|
|
|
|
|
|
|
|
748,125 |
|
|
|
|
|
|
|
|
|
|
|
Connecticut 2.55% |
|
|
|
|
|
|
|
|
|
Connecticut State, Health & Educational Facility Authority, Sacred Heart University Revenue, Refunding, Series H |
|
5.00 % |
|
07/01/27 |
|
500,000 |
|
566,305 |
|
|
|
|
|
|
|
|
|
|
|
Delaware 2.14% |
|
|
|
|
|
|
|
|
|
Delaware State Health Facilities Authority, Bayhealth Medical Center Projects, Revenue, Series A |
|
5.00 % |
|
07/01/39 |
|
445,000 |
|
474,303 |
|
|
|
|
|
|
|
|
|
|
|
District of Columbia 2.83% |
|
|
|
|
|
|
|
|
|
District of Columbia Income Tax Revenue, Series A |
|
5.25 % |
|
12/01/27 |
|
300,000 |
|
367,209 |
|
District of Columbia Water & Sewer Authority Public Utility Revenue, Subordinate Lien |
|
5.00 % |
|
10/01/28 |
|
250,000 |
|
261,837 |
|
|
|
|
|
|
|
|
|
629,046 |
|
|
|
|
|
|
|
|
|
|
|
Florida 3.33% |
|
|
|
|
|
|
|
|
|
Florida Board of Education, GO Unlimited, Refunding, Series C |
|
4.50 % |
|
06/01/28 |
|
300,000 |
|
322,992 |
|
Florida State Board of Education Lottery Revenue, Series B |
|
5.00 % |
|
07/01/26 |
|
100,000 |
|
113,350 |
|
Seven Oaks, Florida, Community Development District, Special Assessment Revenue, Refunding, Series A1 |
|
5.50 % |
|
05/01/33 |
|
285,000 |
|
302,636 |
|
|
|
|
|
|
|
|
|
738,978 |
|
|
|
|
|
|
|
|
|
|
|
Georgia 3.67% |
|
|
|
|
|
|
|
|
|
Atlanta & Fulton County, Georgia Recreation Authority, Park Implementation Revenue, Series A |
|
4.75 % |
|
12/01/35 |
|
300,000 |
|
313,494 |
|
Atlanta Development Authority Revenue |
|
5.25 % |
|
07/01/22 |
|
500,000 |
|
501,625 |
|
|
|
|
|
|
|
|
|
815,119 |
|
|
|
|
|
|
|
|
|
|
|
Guam 1.14% |
|
|
|
|
|
|
|
|
|
Guam Education Financing Foundation Certificate of Participation, Series A |
|
4.25 % |
|
10/01/18 |
|
250,000 |
|
254,225 |
|
|
|
|
|
|
|
|
|
|
|
Illinois 8.07% |
|
|
|
|
|
|
|
|
|
Chicago Board of Education, GO Unlimited |
|
5.25 % |
|
12/01/19 |
|
300,000 |
|
367,434 |
|
Chicago, Illinois Water Revenue, Refunding |
|
5.75 % |
|
11/01/30 |
|
225,000 |
|
296,811 |
|
City Colleges of Chicago, GO Unlimited |
|
5.00 % |
|
01/01/17 |
|
115,000 |
|
131,184 |
|
Du Page County, Refunding, GO Unlimited |
|
5.60 % |
|
01/01/21 |
|
490,000 |
|
591,430 |
|
Illinois Finance Authority, Refunding, Series A |
|
5.00 % |
|
10/01/14 |
|
150,000 |
|
162,627 |
|
Illinois Regional Transportation Authority Revenue, Series A |
|
7.20 % |
|
11/01/20 |
|
205,000 |
|
243,319 |
|
|
|
|
|
|
|
|
|
1,792,805 |
|
Indiana 1.52% |
|
|
|
|
|
|
|
|
|
Indianapolis Local Public Improvement Bond Bank, Waterworks Project, Series 2007 L |
|
5.25 % |
|
01/01/33 |
|
305,000 |
|
336,656 |
|
|
|
|
|
|
|
|
|
|
|
Kansas 1.24% |
|
|
|
|
|
|
|
|
|
Kansas State Development Finance Authority Revenue |
|
4.00 % |
|
10/01/15 |
|
250,000 |
|
275,423 |
|
|
|
|
|
|
|
|
|
|
|
Kentucky 2.11% |
|
|
|
|
|
|
|
|
|
Bowling Green, Kentucky, GO Unlimited, Series B |
|
4.00 % |
|
09/01/16 |
|
215,000 |
|
239,239 |
|
Kentucky Municipal Power Agency, Power System Revenue, Prairie State Project, Series A |
|
5.25 % |
|
09/01/22 |
|
200,000 |
|
228,646 |
|
|
|
|
|
|
|
|
|
467,885 |
|
|
|
|
|
|
|
|
|
|
|
Massachusetts 4.16% |
|
|
|
|
|
|
|
|
|
Massachusetts Bay Transportation Authority, Massachusetts Sales Tax Revenue, Refunding, Series A-1 |
|
5.25 % |
|
07/01/30 |
|
285,000 |
|
387,882 |
|
Massachusetts Bay Transportation Authority, Massachusetts Sales Tax Revenue, Series A |
|
5.00 % |
|
07/01/31 |
|
405,000 |
|
537,050 |
|
|
|
|
|
|
|
|
|
924,932 |
|
|
|
|
|
|
|
|
|
|
|
Michigan 4.88% |
|
|
|
|
|
|
|
|
|
Detroit, Michigan Local Development Financing Authority, Refunding, Series A |
|
5.38 % |
|
05/01/18 |
|
215,000 |
|
195,179 |
|
Detroit, Michigan Water Supply System Revenue, Series B |
|
5.00 % |
|
07/01/16 |
|
430,000 |
|
469,956 |
|
Macomb County Building Authority, GO Limited |
|
4.50 % |
|
11/01/23 |
|
300,000 |
|
301,020 |
|
State of Michigan, Trunk Line Revenue, Refunding |
|
4.50 % |
|
11/01/26 |
|
105,000 |
|
117,747 |
|
|
|
|
|
|
|
|
|
1,083,902 |
|
|
|
|
|
|
|
|
|
|
|
Missouri 1.36% |
|
|
|
|
|
|
|
|
|
Kansas City Water Revenue |
|
4.00 % |
|
12/01/22 |
|
250,000 |
|
303,188 |
|
|
|
|
|
|
|
|
|
|
|
Nevada 1.14% |
|
|
|
|
|
|
|
|
|
Nye County School District, GO Limited |
|
4.00 % |
|
05/01/15 |
|
235,000 |
|
254,021 |
|
|
|
|
|
|
|
|
|
|
|
New Hampshire 2.12% |
|
|
|
|
|
|
|
|
|
Manchester, New Hampshire School Facilities Revenue, Refunding |
|
5.50 % |
|
06/01/26 |
|
300,000 |
|
404,844 |
|
New Hampshire Health & Education Facilities Authority Revenue |
|
5.00 % |
|
07/01/14 |
|
65,000 |
|
65,989 |
|
|
|
|
|
|
|
|
|
470,833 |
|
|
|
|
|
|
|
|
|
|
|
New Jersey 1.11% |
|
|
|
|
|
|
|
|
|
Passaic Valley, New Jersey, Sewage Commissioners Revenue, Series G |
|
5.75 % |
|
12/01/21 |
|
200,000 |
|
245,560 |
|
|
|
|
|
|
|
|
|
|
|
New York 2.00% |
|
|
|
|
|
|
|
|
|
Metropolitan Transportation Authority, New York, Revenue, Series A |
|
5.00 % |
|
11/15/41 |
|
400,000 |
|
444,820 |
|
|
|
|
|
|
|
|
|
|
|
North Carolina 1.36% |
|
|
|
|
|
|
|
|
|
North Carolina State Medical Care Commission, Health Care Facilities Revenue, Refunding, Series A |
|
4.00 % |
|
10/01/34 |
|
300,000 |
|
302,433 |
|
|
|
|
|
|
|
|
|
|
|
Ohio 4.59% |
|
|
|
|
|
|
|
|
|
Cleveland, Ohio, Parking Facility Revenue, Prerefunding, Refunding |
|
5.25 % |
|
09/15/22 |
|
130,000 |
|
171,940 |
|
Lorain County, Ohio, Community College District, Revenue |
|
3.25 % |
|
12/01/17 |
|
300,000 |
|
328,791 |
|
South Euclid Special Assessment, GO Limited Tax |
|
6.70 % |
|
12/01/14 |
|
70,000 |
|
74,343 |
|
Summit County, Ohio, Port Authority Revenue Development, Bioinnovation Institution |
|
5.38 % |
|
12/01/30 |
|
390,000 |
|
445,669 |
|
|
|
|
|
|
|
|
|
1,020,743 |
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico 1.17% |
|
|
|
|
|
|
|
|
|
Commonwealth of Puerto Rico, GO Unlimited |
|
6.00 % |
|
07/01/13 |
|
250,000 |
|
259,510 |
|
|
|
|
|
|
|
|
|
|
|
Tennessee 1.13% |
|
|
|
|
|
|
|
|
|
Memphis, Tennessee Sanitary Sewage System Revenue, Refunding |
|
5.00 % |
|
05/01/20 |
|
200,000 |
|
250,124 |
|
Texas 16.29% |
|
|
|
|
|
|
|
|
|
|
Addison, Texas, Certificates of Obligation, GO Unlimited |
|
4.50 % |
|
02/15/28 |
|
140,000 |
|
155,463 |
|
|
Center, Texas, GO Limited (ZCB) |
|
3.10% (1) |
|
02/15/20 |
|
150,000 |
|
128,698 |
|
|
Dallas, Texas Waterworks & Sewer Systems Revenue, Refunding |
|
4.50 % |
|
10/01/19 |
|
225,000 |
|
262,674 |
|
|
Forney, Texas, GO Limited |
|
5.00 % |
|
02/15/27 |
|
500,000 |
|
548,570 |
|
|
Goose Creek, Texas Independent School District Schoolhouse, Series A |
|
5.25 % |
|
02/15/18 |
|
370,000 |
|
441,921 |
|
|
Greenville, Texas Independent School District, GO Unlimited, Refunding |
|
4.00 % |
|
08/15/17 |
|
120,000 |
|
134,396 |
|
|
Laredo Independent School District Public Facility Corp., Lease Revenue, Series F |
|
5.50 % |
|
08/01/24 |
|
100,000 |
|
100,634 |
|
|
North Texas Tollway Authority Revenue, Series F |
|
5.75 % |
|
01/01/38 |
|
250,000 |
|
272,595 |
|
|
Prosper, Texas Independent School District, Capital Appreciation, School Building, GO Unlimited (ZCB) |
|
6.00% (1) |
|
08/15/33 |
|
1,000,000 |
|
361,250 |
|
|
San Marcos, Texas Tax & Toll Revenue, GO Limited |
|
5.10 % |
|
08/15/27 |
|
400,000 |
|
450,884 |
|
|
Tarrant County, Texas Cultural Education Facilities Finance Corp., Health Resources Revenue, Refunding, Series A |
|
5.00 % |
|
02/15/36 |
|
400,000 |
|
429,956 |
|
|
White Settlement, Texas Independent School District, GO Unlimited |
|
4.13 % |
|
08/15/15 |
|
300,000 |
|
330,912 |
|
|
|
|
|
|
|
|
|
|
3,617,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Utah 2.67% |
|
|
|
|
|
|
|
|
|
|
Utah State Building Ownership Authority, Lease Revenue, Refunding, Series C |
|
5.50 % |
|
05/15/19 |
|
500,000 |
|
594,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington 1.29% |
|
|
|
|
|
|
|
|
|
|
Spokane County, Washington School District, No. 81, GO Unlimited |
|
5.05 % |
|
06/01/22 |
|
255,000 |
|
286,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments 96.37% |
|
|
|
|
|
|
|
21,406,826 |
|
|
(cost $19,743,690) |
|
|
|
|
|
|
|
|
|
|
Other assets and liabilities, net 3.63% |
|
|
|
|
|
|
|
806,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets 100% |
|
|
|
|
|
|
|
$ |
22,213,277 |
(1) Represents Yield
See notes to portfolios of investments.
|
All American Equity Fund |
|
|
|
|
|
|
|
Portfolio of Investments (unaudited) |
|
|
|
September 30, 2012 |
||
|
|
|
|
|
|
|
|
|
Common Stocks 91.64% |
|
Shares |
|
Value |
|
|
|
|
|
|
|
|
|
|
|
Aerospace/Defense 1.14% |
|
|
|
|
|
|
|
Northrop Grumman Corp. |
|
3,000 |
|
$ |
199,290 |
|
|
|
|
|
|
|
|
|
|
Beverages - Non-alcoholic 1.07% |
|
|
|
|
|
|
|
Coca-Cola Enterprises, Inc. |
|
6,000 |
|
187,620 |
* |
|
|
|
|
|
|
|
|
|
|
Beverages - Wine/Spirits 1.06% |
|
|
|
|
|
|
|
Constellation Brands, Inc., Class A |
|
5,700 |
|
184,395 |
* |
|
|
|
|
|
|
|
|
|
|
Building - Residential/Commercial 2.36% |
|
|
|
|
|
|
|
D.R. Horton, Inc. |
|
20,000 |
|
412,800 |
|
|
|
|
|
|
|
|
|
|
|
Casino Hotels 3.84% |
|
|
|
|
|
|
|
Las Vegas Sands Corp. |
|
10,000 |
|
463,700 |
|
|
|
Wynn Resorts Ltd. |
|
1,800 |
|
207,792 |
|
|
|
|
|
|
|
671,492 |
|
|
|
Chemicals - Diversified 1.31% |
|
|
|
|
|
|
|
PPG Industries, Inc. |
|
2,000 |
|
229,680 |
|
|
|
|
|
|
|
|
|
|
|
Commercial Services 1.17% |
|
|
|
|
|
|
|
Iron Mountain, Inc. |
|
6,000 |
|
204,660 |
|
|
|
|
|
|
|
|
|
|
|
Commercial Services - Financial 3.87% |
|
|
|
|
|
|
|
MasterCard, Inc., Class A |
|
1,500 |
|
677,220 |
|
|
|
|
|
|
|
|
|
|
|
Computer Services 1.07% |
|
|
|
|
|
|
|
International Business Machines Corp. (IBM) |
|
900 |
|
186,705 |
|
|
|
|
|
|
|
|
|
|
|
Computers 5.73% |
|
|
|
|
|
|
|
Apple, Inc. |
|
1,500 |
|
1,000,890 |
|
|
|
|
|
|
|
|
|
|
|
Computers - Integrated Systems 1.29% |
|
|
|
|
|
|
|
Teradata Corp. |
|
3,000 |
|
226,230 |
* |
|
|
|
|
|
|
|
|
|
|
Computers - Peripheral Equipment 0.76% |
|
|
|
|
|
|
|
Lexmark International, Inc., Class A |
|
6,000 |
|
133,500 |
|
|
|
|
|
|
|
|
|
|
|
Consulting Services 1.85% |
|
|
|
|
|
|
|
Gartner, Inc. |
|
7,000 |
|
322,630 |
* |
|
|
|
|
|
|
|
|
|
|
Containers - Metal/Glass 0.99% |
|
|
|
|
|
|
|
Ball Corp. |
|
4,100 |
|
173,471 |
|
|
|
|
|
|
|
|
|
|
|
Containers - Paper/Plastic 1.03% |
|
|
|
|
|
|
|
Bemis Co., Inc. |
|
5,700 |
|
179,379 |
|
|
|
|
|
|
|
|
|
|
|
Dental Supplies & Equipment 0.98% |
|
|
|
|
|
|
|
Patterson Companies, Inc. |
|
5,000 |
|
171,200 |
|
|
|
|
|
|
|
|
|
|
|
Dialysis Centers 1.19% |
|
|
|
|
|
|
|
DaVita, Inc. |
|
2,000 |
|
207,220 |
* |
|
|
|
|
|
|
|
|
|
|
E-Commerce/Products 1.38% |
|
|
|
|
|
|
|
eBay, Inc. |
|
5,000 |
|
242,050 |
* |
|
|
|
|
|
|
|
|
|
|
Electric - Integrated 4.04% |
|
|
|
|
|
|
|
Entergy Corp. |
|
2,700 |
|
187,110 |
|
|
|
FirstEnergy Corp. |
|
4,000 |
|
176,400 |
* |
|
|
Integrys Energy Group, Inc. |
|
3,100 |
|
161,820 |
* |
|
|
TECO Energy, Inc. |
|
10,200 |
|
180,948 |
|
|
|
|
|
|
|
706,278 |
|
|
|
Electric Products - Miscellaneous 0.97% |
|
|
|
|
|
|
Emerson Electric Co. |
|
3,500 |
|
168,945 |
|
|
|
|
|
|
|
|
|
Electronics - Military 1.03% |
|
|
|
|
|
|
L-3 Communications Holdings, Inc. |
|
2,500 |
|
179,275 |
|
|
|
|
|
|
|
|
|
Finance - Consumer Loans 0.99% |
|
|
|
|
|
|
SLM Corp. |
|
11,000 |
|
172,920 |
* |
|
|
|
|
|
|
|
|
Food - Retail 3.35% |
|
|
|
|
|
|
The Fresh Market, Inc. |
|
4,000 |
|
239,920 |
* |
|
Kroger Co. |
|
6,500 |
|
153,010 |
|
|
Safeway, Inc. |
|
12,000 |
|
193,080 |
|
|
|
|
|
|
586,010 |
|
|
|
|
|
|
|
|
|
Gold Mining 1.48% |
|
|
|
|
|
|
Agnico-Eagle Mines Ltd. |
|
5,000 |
|
259,400 |
|
|
|
|
|
|
|
|
|
Independent Power Producer 0.99% |
|
|
|
|
|
|
NRG Energy, Inc. |
|
8,100 |
|
173,259 |
|
|
|
|
|
|
|
|
|
Internet Security 1.31% |
|
|
|
|
|
|
VeriSign, Inc. |
|
4,700 |
|
228,843 |
* |
|
|
|
|
|
|
|
|
Investment Management/Advisory Services 1.10% |
|
|
|
|
|
|
Ameriprise Financial, Inc. |
|
3,400 |
|
192,746 |
|
|
|
|
|
|
|
|
|
Life/Health Insurance 2.02% |
|
|
|
|
|
|
Lincoln National Corp. |
|
8,200 |
|
198,358 |
|
|
Torchmark Corp. |
|
3,000 |
|
154,050 |
|
|
|
|
|
|
352,408 |
|
|
|
|
|
|
|
|
|
Machinery - General Industrial 2.30% |
|
|
|
|
|
|
Wabtec Corp. |
|
5,000 |
|
401,450 |
|
|
|
|
|
|
|
|
|
Medical - Biomedical/Gene 4.37% |
|
|
|
|
|
|
Alexion Pharmaceuticals, Inc. |
|
1,500 |
|
171,600 |
* |
|
Amgen, Inc. |
|
2,500 |
|
210,800 |
|
|
Celgene Corp. |
|
5,000 |
|
382,000 |
* |
|
|
|
|
|
764,400 |
|
|
|
|
|
|
|
|
|
Medical - Generic Drugs 3.43% |
|
|
|
|
|
|
Perrigo Co. |
|
1,500 |
|
174,255 |
|
|
Watson Pharmaceuticals, Inc. |
|
5,000 |
|
425,800 |
* |
|
|
|
|
|
600,055 |
|
|
|
|
|
|
|
|
|
Medical - HMO 1.70% |
|
|
|
|
|
|
Aetna, Inc. |
|
4,000 |
|
158,400 |
|
|
WellPoint, Inc. |
|
2,400 |
|
139,224 |
|
|
|
|
|
|
297,624 |
|
|
|
|
|
|
|
|
|
Medical - Hospitals 1.02% |
|
|
|
|
|
|
Tenet Healthcare Corp. |
|
28,500 |
|
178,695 |
* |
|
|
|
|
|
|
|
|
Medical Labs & Testing Services 1.09% |
|
|
|
|
|
|
Quest Diagnostics, Inc. |
|
3,000 |
|
190,290 |
|
|
|
|
|
|
|
|
|
Multi-line Insurance 1.07% |
|
|
|
|
|
|
Assurant, Inc. |
|
5,000 |
|
186,500 |
|
|
|
|
|
|
|
|
|
Non - Ferrous Metals 1.04% |
|
|
|
|
|
|
Titanium Metals Corp. |
|
14,200 |
|
182,186 |
* |
|
|
|
|
|
|
|
|
Oil - Field Services 1.05% |
|
|
|
|
|
|
Hornbeck Offshore Services, Inc. |
|
5,000 |
|
183,250 |
* |
|
|
|
|
|
|
|
|
Oil Companies - Exploration & Production 0.76% |
|
|
|
|
|
|
Devon Energy Corp. |
|
2,200 |
|
133,100 |
|
|
Oil Companies - Integrated 2.93% |
|
|
|
|
|
|
ConocoPhillips |
|
2,500 |
|
142,950 |
|
|
Exxon Mobil Corp. |
|
2,000 |
|
182,900 |
|
|
Marathon Petroleum Corp. |
|
3,400 |
|
185,606 |
|
|
|
|
|
|
511,456 |
|
|
|
|
|
|
|
|
|
Oil Refining & Marketing 2.12% |
|
|
|
|
|
|
Sunoco, Inc. |
|
4,200 |
|
196,686 |
|
|
Valero Energy Corp. |
|
5,500 |
|
174,240 |
|
|
|
|
|
|
370,926 |
|
|
|
|
|
|
|
|
|
Pharmacy Services 1.43% |
|
|
|
|
|
|
Express Scripts Holding Co. |
|
4,000 |
|
250,680 |
* |
|
|
|
|
|
|
|
|
Printing - Commercial 0.85% |
|
|
|
|
|
|
RR Donnelley & Sons Co. |
|
14,000 |
|
148,400 |
|
|
|
|
|
|
|
|
|
Retail - Automobile 1.12% |
|
|
|
|
|
|
AutoNation, Inc. |
|
4,500 |
|
196,515 |
* |
|
|
|
|
|
|
|
|
Retail - Consumer Electronics 0.70% |
|
|
|
|
|
|
Best Buy Co., Inc. |
|
7,100 |
|
122,049 |
|
|
|
|
|
|
|
|
|
Retail - Perfume & Cosmetics 1.65% |
|
|
|
|
|
|
Ulta Salon Cosmetics & Fragrance, Inc. |
|
3,000 |
|
288,915 |
|
|
|
|
|
|
|
|
|
Retail - Regional Department Stores 0.97% |
|
|
|
|
|
|
Kohl’s Corp. |
|
3,300 |
|
169,026 |
|
|
|
|
|
|
|
|
|
Schools 1.06% |
|
|
|
|
|
|
Apollo Group, Inc., Class A |
|
6,400 |
|
185,920 |
* |
|
|
|
|
|
|
|
|
Silver Mining 1.59% |
|
|
|
|
|
|
First Majestic Silver Corp. |
|
12,000 |
|
278,040 |
* |
|
|
|
|
|
|
|
|
Telecommunication Equipment 1.17% |
|
|
|
|
|
|
Harris Corp. |
|
4,000 |
|
204,880 |
|
|
|
|
|
|
|
|
|
Telephone - Integrated 2.94% |
|
|
|
|
|
|
CenturyLink, Inc. |
|
4,000 |
|
161,600 |
|
|
Frontier Communications Corp. |
|
30,000 |
|
147,000 |
|
|
Verizon Communications, Inc. |
|
4,500 |
|
205,065 |
|
|
|
|
|
|
513,665 |
|
|
|
|
|
|
|
|
|
Tobacco 1.13% |
|
|
|
|
|
|
Lorillard, Inc. |
|
1,700 |
|
197,965 |
|
|
|
|
|
|
|
|
|
Transportation - Rail 2.04% |
|
|
|
|
|
|
Union Pacific Corp. |
|
3,000 |
|
356,100 |
|
|
|
|
|
|
|
|
|
Web Portals/Internet Service Providers 1.73% |
|
|
|
|
|
|
Google, Inc., Class A |
|
400 |
|
301,800 |
* |
|
|
|
|
|
|
|
|
Wireless Equipment 1.01% |
|
|
|
|
|
|
Motorola Solutions, Inc. |
|
3,500 |
|
176,925 |
|
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
16,021,328 |
|
|
(cost $14,925,673) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trust (REIT) 1.23% |
|
|
|
|
|
|
|
|
|
|
|
|
|
American Tower Corp., Class A |
|
3,000 |
|
214,170 |
|
|
(cost $159,047) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange-Traded Funds (ETF) 3.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares Silver Trust |
|
500 |
|
16,740 |
* |
|
SPDR Gold Trust |
|
200 |
|
34,404 |
* |
|
SPDR S&P Bank ETF |
|
8,000 |
|
187,840 |
* |
|
SPDR S&P Regional Banking ETF |
|
10,000 |
|
286,400 |
|
|
|
|
|
|
|
|
|
Total Exchange-Traded Funds |
|
|
|
525,384 |
|
|
(cost $503,576) |
|
|
|
|
|
|
Purchased Call Options 0.28% |
|
Contracts |
|
|
|
||
|
|
|
|
|
|
|
||
|
Exchange-Traded Funds 0.28% |
|
|
|
|
|
||
|
KBW Regional Banking Index, Strike Price 28, Expiration Oct. 2012 |
|
150 |
|
13,575 |
|
||
|
PowerShares QQQ, Strike Price 67, Expiration Oct. 2012 |
|
175 |
|
36,225 |
|
||
|
|
|
|
|
|
|
||
|
Total Purchased Call Options |
|
|
|
49,800 |
|
||
|
(cost $74,309) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Total Securities |
|
|
|
16,810,682 |
|
||
|
(cost $15,662,605) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Repurchase Agreement 4.95% |
|
Principal
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Joint Tri-Party Repurchase Agreement, Credit Suisse Securities USA LLC, 9/28/2012, 0.18%, due 10/1/2012, repurchase price $865,483, collateralized by U.S. Treasury securities held in a joint tri-party account (cost $865,470) |
|
$ |
865,470 |
|
865,470 |
|
|
|
|
|
|
|
|
|
||
|
Total Investments 101.11% |
|
|
|
17,676,152 |
|
||
|
(cost $16,528,075) |
|
|
|
|
|
||
|
Other assets and liabilities, net (1.11%) |
|
|
|
(194,203) |
|
||
|
|
|
|
|
|
|
||
|
Net Assets 100% |
|
|
|
$ |
17,481,949 |
|
|
See notes to portfolios of investments.
|
Holmes Growth Fund |
|
|
|
|
|
|
|
Portfolio of Investments (unaudited) |
|
|
|
September 30, 2012 |
||
|
|
|
|
|
|
|
|
|
Common Stocks 88.61% |
|
Shares |
|
Value |
|
|
|
|
|
|
|
|
|
|
|
Aerospace/Defense 2.63% |
|
|
|
|
|
|
|
TransDigm Group, Inc. |
|
7,000 |
|
$ |
993,090 |
* |
|
|
|
|
|
|
|
|
|
Agricultural Chemicals 1.77% |
|
|
|
|
|
|
|
CF Industries Holdings, Inc. |
|
3,000 |
|
666,720 |
|
|
|
|
|
|
|
|
|
|
|
Agricultural Operations 0.12% |
|
|
|
|
|
|
|
Agriterra Ltd. |
|
547,600 |
|
45,096 |
* |
|
|
|
|
|
|
|
|
|
|
Apparel Manufacturers 2.11% |
|
|
|
|
|
|
|
Michael Kors Holdings Ltd. |
|
15,000 |
|
797,700 |
* |
|
|
|
|
|
|
|
|
|
|
Building - Residential/Commercial 2.24% |
|
|
|
|
|
|
|
D.R. Horton, Inc. |
|
41,000 |
|
846,240 |
|
|
|
|
|
|
|
|
|
|
|
Casino Hotels 2.70% |
|
|
|
|
|
|
|
Las Vegas Sands Corp. |
|
22,000 |
|
1,020,140 |
|
|
|
|
|
|
|
|
|
|
|
Commercial Services - Financial 5.60% |
|
|
|
|
|
|
|
Cardtronics, Inc. |
|
30,000 |
|
893,400 |
* |
|
|
MasterCard, Inc., Class A |
|
2,700 |
|
1,218,996 |
|
|
|
|
|
|
|
2,112,396 |
|
|
|
|
|
|
|
|
|
|
|
Computers 6.19% |
|
|
|
|
|
|
|
Apple, Inc. |
|
3,500 |
|
2,335,410 |
|
|
|
|
|
|
|
|
|
|
|
Computers - Integrated Systems 2.00% |
|
|
|
|
|
|
|
Teradata Corp. |
|
10,000 |
|
754,100 |
* |
|
|
|
|
|
|
|
|
|
|
Consulting Services 1.71% |
|
|
|
|
|
|
|
Gartner, Inc. |
|
14,000 |
|
645,260 |
* |
|
|
|
|
|
|
|
|
|
|
Data Processing/Management 2.18% |
|
|
|
|
|
|
|
CommVault Systems, Inc. |
|
14,000 |
|
821,800 |
* |
|
|
|
|
|
|
|
|
|
|
Dialysis Centers 2.20% |
|
|
|
|
|
|
|
DaVita, Inc. |
|
8,000 |
|
828,880 |
* |
|
|
|
|
|
|
|
|
|
|
E-Commerce/Products 1.93% |
|
|
|
|
|
|
|
eBay, Inc. |
|
15,000 |
|
726,150 |
* |
|
|
|
|
|
|
|
|
|
|
Electronic Components - Semiconductors 1.12% |
|
|
|
|
|
|
|
Peregrine Semiconductor Corp. |
|
25,000 |
|
423,500 |
* |
|
|
|
|
|
|
|
|
|
|
Finance - Commercial 1.47% |
|
|
|
|
|
|
|
IOU Financial, Inc. |
|
38,000 |
|
13,724 |
*+ |
|
|
IOU Financial, Inc., 144A |
|
1,500,000 |
|
541,737 |
*+ |
|
|
|
|
|
|
555,461 |
|
|
|
|
|
|
|
|
|
|
|
Food - Miscellaneous/Diversified 0.95% |
|
|
|
|
|
|
|
Annie’s, Inc. |
|
8,000 |
|
358,720 |
* |
|
|
|
|
|
|
|
|
|
|
Food - Retail 2.07% |
|
|
|
|
|
|
|
The Fresh Market, Inc. |
|
13,000 |
|
779,740 |
* |
|
|
|
|
|
|
|
|
|
|
Gold Mining 1.38% |
|
|
|
|
|
|
|
Agnico-Eagle Mines Ltd. |
|
10,000 |
|
518,800 |
|
|
|
|
|
|
|
|
|
|
|
Internet Content - Information/Network 2.23% |
|
|
|
|
|
|
|
LinkedIn Corp., Class A |
|
7,000 |
|
842,800 |
* |
|
|
|
|
|
|
|
|
|
|
Internet Financial Services 0.00% |
|
|
|
|
|
|
|
Direct Markets Holdings Corp. |
|
10,000 |
|
210 |
* |
|
|
Machinery - General Industrial 6.90% |
|
|
|
|
|
|
Chart Industries, Inc. |
|
12,500 |
|
923,125 |
* |
|
DXP Enterprises, Inc. |
|
15,000 |
|
716,550 |
* |
|
Wabtec Corp. |
|
12,000 |
|
963,480 |
|
|
|
|
|
|
2,603,155 |
|
|
|
|
|
|
|
|
|
Medical - Biomedical/Gene 5.26% |
|
|
|
|
|
|
Alexion Pharmaceuticals, Inc. |
|
10,000 |
|
1,144,000 |
* |
|
Celgene Corp. |
|
11,000 |
|
840,400 |
* |
|
|
|
|
|
1,984,400 |
|
|
|
|
|
|
|
|
|
Medical - Generic Drugs 5.02% |
|
|
|
|
|
|
Perrigo Co. |
|
7,500 |
|
871,275 |
|
|
Watson Pharmaceuticals, Inc. |
|
12,000 |
|
1,021,920 |
* |
|
|
|
|
|
1,893,195 |
|
|
|
|
|
|
|
|
|
Medical - Hospitals 0.04% |
|
|
|
|
|
|
African Medical Investments plc |
|
1,000,000 |
|
14,129 |
* |
|
|
|
|
|
|
|
|
Medical Products 2.78% |
|
|
|
|
|
|
Cyberonics, Inc. |
|
20,000 |
|
1,048,400 |
* |
|
|
|
|
|
|
|
|
Metal - Iron 0.27% |
|
|
|
|
|
|
Andean Pacific Iron Corp., 144A (RS) |
|
100,000 |
|
100,000 |
*@ |
|
|
|
|
|
|
|
|
Oil - Field Services 2.78% |
|
|
|
|
|
|
Core Laboratories N.V. |
|
5,000 |
|
607,400 |
|
|
Hornbeck Offshore Services, Inc. |
|
12,000 |
|
439,800 |
* |
|
|
|
|
|
1,047,200 |
|
|
|
|
|
|
|
|
|
Oil Companies - Exploration & Production 2.49% |
|
|
|
|
|
|
Gulfport Energy Corp. |
|
30,000 |
|
937,800 |
* |
|
|
|
|
|
|
|
|
Oil Refining & Marketing 3.01% |
|
|
|
|
|
|
Valero Energy Corp. |
|
11,000 |
|
348,480 |
|
|
Western Refining, Inc. |
|
30,000 |
|
785,400 |
|
|
|
|
|
|
1,133,880 |
|
|
|
|
|
|
|
|
|
Pharmacy Services 1.99% |
|
|
|
|
|
|
Express Scripts Holding Co. |
|
12,000 |
|
752,040 |
* |
|
|
|
|
|
|
|
|
Quarrying 1.01% |
|
|
|
|
|
|
Pacific Stone Tech, Inc. (RS) |
|
1,757 |
|
379,951 |
*@ |
|
|
|
|
|
|
|
|
Real Estate Operating/Development 0.27% |
|
|
|
|
|
|
Pacific Infrastructure, Inc. (RS) |
|
100,000 |
|
100,000 |
*@ |
|
|
|
|
|
|
|
|
Recreational Vehicles 2.14% |
|
|
|
|
|
|
Polaris Industries, Inc. |
|
10,000 |
|
808,700 |
|
|
|
|
|
|
|
|
|
Retail - Perfume & Cosmetics 2.55% |
|
|
|
|
|
|
Ulta Salon Cosmetics & Fragrance, Inc. |
|
10,000 |
|
963,050 |
|
|
|
|
|
|
|
|
|
Retail - Restaurants 0.97% |
|
|
|
|
|
|
Chuy’s Holdings, Inc. |
|
15,000 |
|
367,800 |
* |
|
|
|
|
|
|
|
|
Semiconductor Components - Integrated Circuits 2.04% |
|
|
|
|
|
|
Cirrus Logic, Inc. |
|
20,000 |
|
767,800 |
* |
|
|
|
|
|
|
|
|
Silver Mining 1.54% |
|
|
|
|
|
|
First Majestic Silver Corp. |
|
25,000 |
|
579,250 |
* |
|
|
|
|
|
|
|
|
Transactional Software 0.92% |
|
|
|
|
|
|
VeriFone Systems, Inc. |
|
12,500 |
|
348,125 |
* |
|
|
|
|
|
|
|
|
Transportation - Rail 1.89% |
|
|
|
|
|
|
Union Pacific Corp. |
|
6,000 |
|
712,200 |
|
|
Web Hosting/Design 2.14% |
|
|
|
|
|
||
|
Web.com Group, Inc. |
|
45,000 |
|
807,750 |
* |
||
|
|
|
|
|
|
|
||
|
Total Common Stocks |
|
|
|
33,421,038 |
|
||
|
(cost $29,530,481) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Exchange-Traded Funds (ETF) 2.68% |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
iShares Silver Trust |
|
1,000 |
|
33,480 |
* |
||
|
SPDR Gold Trust |
|
300 |
|
51,606 |
* |
||
|
SPDR S&P Bank ETF |
|
15,000 |
|
352,200 |
* |
||
|
SPDR S&P Regional Banking ETF |
|
20,000 |
|
572,800 |
|
||
|
|
|
|
|
|
|
||
|
Total Exchange-Traded Funds |
|
|
|
1,010,086 |
|
||
|
(cost $971,265) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Warrants 0.00% |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Medical - Hospitals 0.00% |
|
|
|
|
|
||
|
African Medical Investments plc, Warrants (June 2014) |
|
500,000 |
|
0 |
*@ |
||
|
(cost $0) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Purchased Call Options 0.26% |
|
Contracts |
|
|
|
||
|
|
|
|
|
|
|
||
|
Exchange-Traded Funds 0.26% |
|
|
|
|
|
||
|
KBW Regional Banking Index, Strike Price 28, Expiration Oct. 2012 |
|
300 |
|
27,150 |
|
||
|
PowerShares QQQ, Strike Price 67, Expiration Oct. 2012 |
|
350 |
|
72,450 |
|
||
|
|
|
|
|
|
|
||
|
Total Purchased Call Options |
|
|
|
99,600 |
|
||
|
(cost $148,618) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Convertible Debenture 0.27% |
|
Principal
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Metal - Iron 0.27% |
|
|
|
|
|
||
|
Andean Pacific Iron Corp., 1.00%, maturity 06/07/13 (RS) |
|
$ |
100,000 |
|
100,000 |
@ |
|
|
(cost $100,000) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Silver-Linked Note 0.71% |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Gold Mining 0.71% |
|
|
|
|
|
||
|
Gran Colombia Gold Corp., 5.00%, maturity 08/11/18 |
|
316,000 |
|
268,600 |
|
||
|
(cost $253,275) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Corporate Notes 0.72% |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Building - Heavy Construction 0.32% |
|
|
|
|
|
||
|
Arendal, S. de R.L. de C.V., 12.50%, maturity 10/30/12 |
|
123,200 |
|
123,200 |
|
||
|
|
|
|
|
|
|
||
|
Electric - Generation 0.40% |
|
|
|
|
|
||
|
Pacific Power Generation Corp., 15.00%, maturity 04/03/17 (RS) |
|
150,000 |
|
150,000 |
@ |
||
|
|
|
|
|
|
|
||
|
Total Corporate Notes |
|
|
|
273,200 |
|
||
|
(cost $270,736) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Total Securities |
|
|
|
35,172,524 |
|
||
|
(cost $31,274,375) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Repurchase Agreement 8.21% |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Joint Tri-Party Repurchase Agreement, Credit Suisse Securities USA LLC, 9/28/2012, 0.18%, due 10/1/2012, repurchase price $3,098,537, collateralized by U.S. Treasury securities held in a joint tri-party account (cost $3,098,490) |
|
3,098,490 |
|
3,098,490 |
|
||
|
|
|
|
|
|
|
||
|
Total Investments 101.46% |
|
|
|
38,271,014 |
|
||
|
(cost $34,372,865) |
|
|
|
|
|
||
|
Other assets and liabilities, net (1.46%) |
|
|
|
(551,723) |
|
||
|
|
|
|
|
|
|
||
|
Net Assets 100% |
|
|
|
$ |
37,719,291 |
|
|
See notes to portfolio of investments.
|
Global MegaTrends Fund |
|
|
|
|
|
|
|
Portfolio of Investments (unaudited) |
|
|
|
September 30, 2012 |
||
|
|
|
|
|
|
|
|
|
Common Stocks 93.02% |
|
Shares |
|
Value |
|
|
|
|
|
|
|
|
|
|
|
Agricultural Operations 0.42% |
|
|
|
|
|
|
|
Agriterra Ltd. |
|
627,600 |
|
$ |
51,684 |
* |
|
|
|
|
|
|
|
|
|
Apparel Manufacturers 2.71% |
|
|
|
|
|
|
|
VF Corp. |
|
2,100 |
|
334,656 |
|
|
|
|
|
|
|
|
|
|
|
Applications Software 2.46% |
|
|
|
|
|
|
|
Red Hat, Inc. |
|
5,350 |
|
304,629 |
* |
|
|
|
|
|
|
|
|
|
|
Broadcast Service/Program 5.27% |
|
|
|
|
|
|
|
Discovery Communications, Inc., Class A |
|
5,600 |
|
333,928 |
* |
|
|
Scripps Networks Interactive, Inc., Class A |
|
5,200 |
|
318,396 |
|
|
|
|
|
|
|
652,324 |
|
|
|
|
|
|
|
|
|
|
|
Building - Residential/Commercial 8.22% |
|
|
|
|
|
|
|
D.R. Horton, Inc. |
|
16,000 |
|
330,240 |
|
|
|
Lennar Corp., Class A |
|
9,500 |
|
330,315 |
|
|
|
PulteGroup, Inc. |
|
23,000 |
|
356,500 |
* |
|
|
|
|
|
|
1,017,055 |
|
|
|
|
|
|
|
|
|
|
|
Cellular Telecommunication 2.67% |
|
|
|
|
|
|
|
Vodafone Group plc, Sponsored ADR |
|
11,610 |
|
330,827 |
|
|
|
|
|
|
|
|
|
|
|
Coal 0.24% |
|
|
|
|
|
|
|
Pacific Coal Resources Ltd. |
|
147,111 |
|
29,184 |
* |
|
|
|
|
|
|
|
|
|
|
Commercial Banks - Southern US 2.23% |
|
|
|
|
|
|
|
BB&T Corp. |
|
4,200 |
|
139,272 |
|
|
|
Regions Financial Corp. |
|
19,000 |
|
136,990 |
|
|
|
|
|
|
|
276,262 |
|
|
|
|
|
|
|
|
|
|
|
Computer Software 2.54% |
|
|
|
|
|
|
|
Akamai Technologies, Inc. |
|
8,210 |
|
314,115 |
* |
|
|
|
|
|
|
|
|
|
|
Computers 2.62% |
|
|
|
|
|
|
|
Apple, Inc. |
|
485 |
|
323,621 |
|
|
|
|
|
|
|
|
|
|
|
Computers - Integrated Systems 2.48% |
|
|
|
|
|
|
|
Teradata Corp. |
|
4,070 |
|
306,919 |
* |
|
|
|
|
|
|
|
|
|
|
Computers - Memory Devices 2.51% |
|
|
|
|
|
|
|
Seagate Technology plc |
|
10,000 |
|
310,000 |
|
|
|
|
|
|
|
|
|
|
|
Diversified Banking Institutions 1.11% |
|
|
|
|
|
|
|
Lloyds Banking Group plc, Sponsored ADR |
|
55,000 |
|
136,950 |
* |
|
|
|
|
|
|
|
|
|
|
E-Commerce/Products 2.63% |
|
|
|
|
|
|
|
eBay, Inc. |
|
6,725 |
|
325,557 |
* |
|
|
|
|
|
|
|
|
|
|
Electric - Generation 0.19% |
|
|
|
|
|
|
|
Pacific Power Generation Corp. (RS) |
|
349,057 |
|
23,358 |
*@ |
|
|
|
|
|
|
|
|
|
|
Electronic Connectors 2.37% |
|
|
|
|
|
|
|
Amphenol Corp., Class A |
|
4,975 |
|
292,928 |
|
|
|
|
|
|
|
|
|
|
|
Energy - Alternate Sources 0.81% |
|
|
|
|
|
|
|
Pacific Green Energy Corp. (RS) |
|
100,000 |
|
100,000 |
*@ |
|
|
Finance - Credit Card 2.58% |
|
|
|
|
|
|
Visa, Inc., Class A |
|
2,375 |
|
318,915 |
|
|
|
|
|
|
|
|
|
Gold Mining 0.23% |
|
|
|
|
|
|
Gran Colombia Gold Corp. |
|
76,000 |
|
28,221 |
* |
|
|
|
|
|
|
|
|
Hotels & Motels 5.13% |
|
|
|
|
|
|
InterContinental Hotels Group plc, Sponsored ADR |
|
12,200 |
|
320,250 |
|
|
Wyndham Worldwide Corp. |
|
6,000 |
|
314,880 |
|
|
|
|
|
|
635,130 |
|
|
|
|
|
|
|
|
|
Internet Application Software 2.66% |
|
|
|
|
|
|
Tencent Holdings Ltd., ADR |
|
9,700 |
|
328,636 |
* |
|
|
|
|
|
|
|
|
Life/Health Insurance 1.05% |
|
|
|
|
|
|
Prudential plc, Sponsored ADR |
|
5,000 |
|
130,000 |
* |
|
|
|
|
|
|
|
|
Metal - Iron 0.81% |
|
|
|
|
|
|
Andean Pacific Iron Corp., 144A (RS) |
|
100,000 |
|
100,000 |
*@ |
|
|
|
|
|
|
|
|
Quarrying 4.20% |
|
|
|
|
|
|
Pacific Stone Tech, Inc. (RS) |
|
2,405 |
|
520,081 |
*@ |
|
|
|
|
|
|
|
|
Real Estate Operating/Development 2.64% |
|
|
|
|
|
|
Pacific Infrastructure, Inc. (RS) |
|
326,533 |
|
326,533 |
*@ |
|
|
|
|
|
|
|
|
Retail - Apparel/Shoe 2.35% |
|
|
|
|
|
|
Ross Stores, Inc. |
|
4,500 |
|
290,700 |
* |
|
|
|
|
|
|
|
|
Retail - Major Department Store 2.41% |
|
|
|
|
|
|
Nordstrom, Inc. |
|
5,400 |
|
297,972 |
|
|
|
|
|
|
|
|
|
Semiconductor Equipment 2.32% |
|
|
|
|
|
|
ASML Holding N.V. |
|
5,350 |
|
287,188 |
* |
|
|
|
|
|
|
|
|
Super-Regional Banks - US 3.48% |
|
|
|
|
|
|
Fifth Third Bancorp |
|
10,000 |
|
155,100 |
|
|
U.S. Bancorp |
|
4,000 |
|
137,200 |
|
|
Wells Fargo & Co. |
|
4,000 |
|
138,120 |
|
|
|
|
|
|
430,420 |
|
|
|
|
|
|
|
|
|
Telecom Services 5.33% |
|
|
|
|
|
|
PT Telekomunikasi Indonesia Persero Tbk, Sponsored ADR |
|
8,500 |
|
330,905 |
|
|
Telecom Corp. of New Zealand Ltd., Sponsored ADR |
|
33,810 |
|
328,633 |
|
|
|
|
|
|
659,538 |
|
|
|
|
|
|
|
|
|
Telephone - Integrated 13.47% |
|
|
|
|
|
|
AT&T, Inc. |
|
9,075 |
|
342,128 |
|
|
CenturyLink, Inc. |
|
8,276 |
|
334,350 |
|
|
Frontier Communications Corp. |
|
65,000 |
|
318,500 |
|
|
Philippine Long Distance Telephone Co., Sponsored ADR |
|
5,090 |
|
335,991 |
|
|
Verizon Communications, Inc. |
|
7,341 |
|
334,529 |
|
|
|
|
|
|
1,665,498 |
|
|
|
|
|
|
|
|
|
Wireless Equipment 2.88% |
|
|
|
|
|
|
Crown Castle International Corp. |
|
5,548 |
|
355,627 |
* |
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
11,504,528 |
|
|
(cost $11,304,638) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trusts (REIT) 2.47% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allied Properties Real Estate Investment Trust |
|
4,700 |
|
152,865 |
|
|
Boardwalk Real Estate Investment Trust |
|
2,300 |
|
152,070 |
|
|
Total Real Estate Investment Trusts |
|
|
|
304,935 |
|
||
|
(cost $257,130) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Warrants 0.00% |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Coal 0.00% |
|
|
|
|
|
||
|
Pacific Coal Resources Ltd., Warrants (March 2016) |
|
55,555 |
|
283* |
|
||
|
(cost $0) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Purchased Put Option 0.16% |
|
Contracts |
|
|
|
||
|
|
|
|
|
|
|
||
|
Exchange-Traded Funds 0.16% |
|
|
|
|
|
||
|
SPDR Gold Trust, Strike Price 134.00, Expiration Dec. 2012 |
|
125 |
|
20,125 |
|
||
|
(cost $49,351) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Master Limited Partnership 1.15% |
|
Units |
|
|
|
||
|
|
|
|
|
|
|
||
|
Pipelines 1.15% |
|
|
|
|
|
||
|
Plains All American Pipeline L.P. |
|
1,615 |
|
142,443* |
|
||
|
(cost $125,592) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Convertible Debenture 0.81% |
|
Principal
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Metal - Iron 0.81% |
|
|
|
|
|
||
|
Andean Pacific Iron Corp., 1.00%, maturity 06/07/13 (RS) |
|
$ |
100,000 |
|
100,000 |
@ |
|
|
(cost $100,000) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Silver-Linked Note 0.75% |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Gold Mining 0.75% |
|
|
|
|
|
||
|
Gran Colombia Gold Corp., 5.00%, maturity 08/11/18 |
|
109,000 |
|
92,650 |
|
||
|
(cost $87,884) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Corporate Notes 1.21% |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Building - Heavy Construction 0.40% |
|
|
|
|
|
||
|
Arendal, S. de R.L. de C.V., 12.50%, maturity 10/30/12 |
|
49,600 |
|
49,600 |
|
||
|
|
|
|
|
|
|
||
|
Electric - Generation 0.81% |
|
|
|
|
|
||
|
Pacific Power Generation Corp., 15.00%, maturity 04/03/17 (RS) |
|
100,000 |
|
100,000 |
@ |
||
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Total Corporate Notes |
|
|
|
149,600 |
|
||
|
(cost $148,608) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Total Investments 99.57% |
|
|
|
12,314,564 |
|
||
|
(cost $12,073,203) |
|
|
|
|
|
||
|
Other assets and liabilities, net 0.43% |
|
|
|
53,010 |
|
||
|
|
|
|
|
|
|
||
|
Net Assets 100% |
|
|
|
$ |
12,367,574 |
|
|
See notes to portfolios of investments.
|
Global Resources Fund |
|
|
|
|
|
|
|
Portfolio of Investments (unaudited) |
|
|
|
September 30, 2012 |
||
|
|
|
|
|
|
|
|
|
Common Stocks 83.18% |
|
Shares |
|
Value |
|
|
|
|
|
|
|
|
|
|
|
Agricultural Chemicals 2.90% |
|
|
|
|
|
|
|
CF Industries Holdings, Inc. |
|
3,500 |
|
$ |
777,840 |
|
|
Monsanto Co. |
|
61,500 |
|
5,597,730 |
|
|
|
Potash Corporation of Saskatchewan, Inc. |
|
226,100 |
|
9,817,262 |
|
|
|
Spur Ventures, Inc. |
|
274,867 |
|
99,270 |
* |
|
|
|
|
|
|
16,292,102 |
|
|
|
|
|
|
|
|
|
|
|
Agricultural Operations 2.89% |
|
|
|
|
|
|
|
Agriterra Ltd. |
|
67,238,600 |
|
5,537,250 |
*+ |
|
|
Bunge Ltd. |
|
159,400 |
|
10,687,770 |
|
|
|
|
|
|
|
16,225,020 |
|
|
|
|
|
|
|
|
|
|
|
Chemicals - Diversified 1.95% |
|
|
|
|
|
|
|
Sociedad Quimica y Minera de Chile S.A., Sponsored ADR |
|
177,900 |
|
10,965,756 |
|
|
|
|
|
|
|
|
|
|
|
Coal 4.16% |
|
|
|
|
|
|
|
Consol Energy, Inc. |
|
255,000 |
|
7,662,750 |
* |
|
|
Exxaro Resources Ltd. |
|
365,000 |
|
7,057,924 |
|
|
|
Pacific Coal Resources Ltd. |
|
19,699,315 |
|
3,907,998 |
*+ |
|
|
Sable Mining Africa Ltd. |
|
31,764,371 |
|
4,616,236 |
* |
|
|
Walter Energy, Inc., 144A |
|
4,293 |
|
139,191 |
* |
|
|
|
|
|
|
23,384,099 |
|
|
|
|
|
|
|
|
|
|
|
Diamonds/Precious Stones 0.02% |
|
|
|
|
|
|
|
Diamond Fields International Ltd. |
|
1,800,000 |
|
91,561 |
* |
|
|
Rockwell Diamonds, Inc., 144A |
|
63,333 |
|
17,397 |
* |
|
|
|
|
|
|
108,958 |
|
|
|
|
|
|
|
|
|
|
|
Diversified Minerals 4.01% |
|
|
|
|
|
|
|
African Potash Ltd. |
|
15,800,000 |
|
1,945,370 |
*+ |
|
|
BHP Billiton Ltd., Sponsored ADR |
|
150,000 |
|
10,291,500 |
|
|
|
Calibre Mining Corp. |
|
600,000 |
|
100,717 |
* |
|
|
Canada Zinc Metals Corp. |
|
1,000,000 |
|
384,048 |
* |
|
|
Lithium Americas Corp. |
|
476,667 |
|
504,332 |
* |
|
|
Lundin Mining Corp. |
|
1,050,000 |
|
5,362,429 |
* |
|
|
Melior Resources, Inc. |
|
779,661 |
|
87,250 |
* |
|
|
Melior Resources, Inc., 144A |
|
4,953,000 |
|
554,281 |
* |
|
|
Sirocco Mining, Inc. |
|
1,035,000 |
|
789,715 |
* |
|
|
Woulfe Mining Corp. |
|
8,038,600 |
|
2,494,301 |
* |
|
|
|
|
|
|
22,513,943 |
|
|
|
|
|
|
|
|
|
|
|
Electric - Generation 0.06% |
|
|
|
|
|
|
|
Pacific Power Generation Corp. (RS) |
|
4,868,396 |
|
325,779 |
*+@ |
|
|
|
|
|
|
|
|
|
|
Energy - Alternate Sources 0.43% |
|
|
|
|
|
|
|
Pacific Green Energy Corp. (RS) |
|
2,400,000 |
|
2,400,000 |
*+@ |
|
|
|
|
|
|
|
|
|
|
Finance - Investment Banker/Broker 0.09% |
|
|
|
|
|
|
|
Aberdeen International, Inc. |
|
1,274,750 |
|
518,745 |
* |
|
|
|
|
|
|
|
|
|
|
Food - Meat Products 5.45% |
|
|
|
|
|
|
|
BRF-Brasil Foods S.A., Sponsored ADR |
|
585,000 |
|
10,120,500 |
* |
|
|
Smithfield Foods, Inc. |
|
528,000 |
|
10,375,200 |
* |
|
|
Tyson Foods, Inc., Class A |
|
630,200 |
|
10,095,804 |
|
|
|
|
|
|
|
30,591,504 |
|
|
|
|
|
|
|
|
|
|
|
Forestry 1.97% |
|
|
|
|
|
|
|
Prima Colombia Hardwood, Inc. |
|
15,265,832 |
|
77,653 |
* |
|
|
West Fraser Timber Co., Ltd. |
|
193,000 |
|
10,983,692 |
* |
|
|
|
|
|
|
11,061,345 |
|
|
|
Gold Mining 8.87% |
|
|
|
|
|
|
AuRico Gold, Inc. |
|
850,000 |
|
5,975,380 |
* |
|
Centerra Gold, Inc. |
|
533,333 |
|
6,679,210 |
* |
|
Chesapeake Gold Corp. |
|
100,875 |
|
972,883 |
* |
|
Chesapeake Gold Corp., 144A |
|
52,400 |
|
505,368 |
* |
|
Corona Minerals Ltd. |
|
50,000 |
|
5,187 |
*@ |
|
Eldorado Gold Corp. |
|
796,000 |
|
12,131,040 |
* |
|
Gran Colombia Gold Corp. |
|
11,327,654 |
|
4,206,311 |
* |
|
Gran Colombia Gold Corp., 144A |
|
5,450,999 |
|
2,024,126 |
* |
|
Kinross Gold Corp., 144A |
|
1 |
|
10 |
|
|
NGEx Resources, Inc. |
|
1,000,000 |
|
2,594,232 |
* |
|
Olympus Pacific Minerals, Inc. |
|
283,400 |
|
61,988 |
* |
|
Planet Mining Exploration, Inc. |
|
160,000 |
|
25,637 |
* |
|
Pretium Resources, Inc. |
|
100,000 |
|
1,310,341 |
* |
|
Rusoro Mining Ltd. |
|
3,119,433 |
|
111,074 |
* |
|
Sunridge Gold Corp. |
|
3,295,227 |
|
737,937 |
* |
|
Yamana Gold, Inc. |
|
653,000 |
|
12,478,830 |
|
|
|
|
|
|
49,819,554 |
|
|
|
|
|
|
|
|
|
Medical - Hospitals 0.01% |
|
|
|
|
|
|
African Medical Investments plc |
|
2,507,500 |
|
35,429 |
* |
|
|
|
|
|
|
|
|
Metal - Copper 6.07% |
|
|
|
|
|
|
Catalyst Copper Corp. |
|
1,800,000 |
|
128,185 |
* |
|
Catalyst Copper Corp., 144A |
|
5,000,000 |
|
356,071 |
* |
|
First Quantum Minerals Ltd. |
|
505,000 |
|
10,763,264 |
|
|
Freeport-McMoRan Copper & Gold, Inc. |
|
296,890 |
|
11,750,906 |
|
|
Los Andes Copper Ltd. |
|
754,000 |
|
210,947 |
* |
|
Southern Copper Corp. |
|
317,012 |
|
10,892,532 |
|
|
Verona Development Corp. |
|
708,800 |
|
0 |
*@ |
|
|
|
|
|
34,101,905 |
|
|
|
|
|
|
|
|
|
Metal - Diversified 0.46% |
|
|
|
|
|
|
Bell Copper Corp. |
|
2,500,000 |
|
31,792 |
* |
|
Concordia Resource Corp. |
|
1,000,000 |
|
274,683 |
* |
|
GoviEx Uranium, Inc. (RS) |
|
750,000 |
|
2,250,000 |
*@ |
|
Orsu Metals Corp., 144A |
|
147,605 |
|
19,522 |
* |
|
|
|
|
|
2,575,997 |
|
|
|
|
|
|
|
|
|
Metal - Iron 0.49% |
|
|
|
|
|
|
Andean Pacific Iron Corp., 144A (RS) |
|
2,600,000 |
|
2,600,000 |
*@ |
|
West African Iron Ore Corp., 144A |
|
2,925,000 |
|
133,908 |
* |
|
|
|
|
|
2,733,908 |
|
|
|
|
|
|
|
|
|
Mining Services 0.31% |
|
|
|
|
|
|
Bounty Mining Ltd. |
|
22,000,000 |
|
285,258 |
*@ |
|
Natasa Mining Ltd. |
|
1,035,250 |
|
1,471,069 |
* |
|
|
|
|
|
1,756,327 |
|
|
|
|
|
|
|
|
|
Natural Resource Technology 0.01% |
|
|
|
|
|
|
I-Pulse, Inc. (RS) |
|
15,971 |
|
50,947 |
*@ |
|
|
|
|
|
|
|
|
Non - Ferrous Metals 0.25% |
|
|
|
|
|
|
Anfield Nickel Corp., 144A |
|
390,000 |
|
1,372,806 |
* |
|
Sterling Group Ventures, Inc., 144A |
|
500,000 |
|
48,750 |
* |
|
|
|
|
|
1,421,556 |
|
|
|
|
|
|
|
|
|
Oil - Field Services 4.42% |
|
|
|
|
|
|
Hornbeck Offshore Services, Inc. |
|
200,000 |
|
7,330,000 |
* |
|
Oil States International, Inc. |
|
151,800 |
|
12,062,028 |
* |
|
Pioneer Energy Services Corp. |
|
700,000 |
|
5,453,000 |
* |
|
|
|
|
|
24,845,028 |
|
|
|
|
|
|
|
|
|
Oil & Gas Drilling 2.07% |
|
|
|
|
|
|
Ensco plc, Class A |
|
213,200 |
|
11,632,192 |
|
|
Total Common Stocks |
|
|
|
467,127,521 |
|
|
(cost $503,746,732) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trusts (REIT) 3.90% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Plum Creek Timber Co., Inc. |
|
250,000 |
|
10,960,000 |
* |
|
Weyerhaeuser Co. |
|
418,600 |
|
10,942,204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Real Estate Investment Trusts |
|
|
|
21,902,204 |
|
|
(cost $16,495,023) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange - Traded Fund (ETF) 0.11% |
|
|
|
|
|
|
|
|
|
|
|
|
|
ETFS Palladium Trust |
|
10,000 |
|
628,500 |
* |
|
(cost $686,699) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants 1.67% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal 0.01% |
|
|
|
|
|
|
Pacific Coal Resources Ltd., Warrants (March 2016) |
|
7,907,407 |
|
40,223 |
* |
|
|
|
|
|
|
|
|
Diversified Minerals 0.00% |
|
|
|
|
|
|
Melior Resources, Inc., Warrants (June 2013) |
|
3,803,000 |
|
19,345 |
* |
|
Niocan, Inc., 144A, Warrants (August 2014) |
|
260,000 |
|
0 |
*@ |
|
|
|
|
|
19,345 |
|
|
|
|
|
|
|
|
|
Gold Mining 1.39% |
|
|
|
|
|
|
Dundee Precious Metals, Inc., Warrants (November 2015) |
|
587,500 |
|
4,452,795 |
* |
|
Gran Colombia Gold Corp., Warrants (August 2015) |
|
172,561 |
|
30,722 |
* |
|
Gran Colombia Gold Corp., 144A, Warrants (August 2015) |
|
1,594,166 |
|
283,818 |
* |
|
New Gold, Inc., 144A, Warrants (June 2017) |
|
822,570 |
|
3,012,617 |
* |
|
Rusoro Mining Ltd., 144A, Warrants (November 2012) |
|
3,150,000 |
|
16,024 |
* |
|
|
|
|
|
7,795,976 |
|
|
|
|
|
|
|
|
|
Gold/Mineral Royalty Companies 0.08% |
|
|
|
|
|
|
Franco-Nevada Corp., Warrants (June 2017) |
|
50,380 |
|
451,034 |
* |
|
|
|
|
|
|
|
|
Medical - Hospitals 0.00% |
|
|
|
|
|
|
African Medical Investments plc, Warrants (June 2014) |
|
1,162,500 |
|
0 |
*@ |
|
|
|
|
|
|
|
|
Metal - Copper 0.00% |
|
|
|
|
|
|
Catalyst Copper Corp., 144A, Warrants (February 2017) |
|
2,500,000 |
|
0 |
*@ |
|
|
|
|
|
|
|
|
Metal - Iron 0.03% |
|
|
|
|
|
|
West African Iron Ore Corp., 144A, Warrants (March 2016) |
|
2,925,000 |
|
148,787 |
* |
|
|
|
|
|
|
|
|
Oil Companies - Exploration & Production 0.16% |
|
|
|
|
|
|
Horn Petroleum Corp., 144A, Warrants (September 2013) |
|
2,110,889 |
|
214,750 |
* |
|
Petroamerica Oil Corp., 144A, Warrants (October 2014) |
|
8,000,000 |
|
691,795 |
* |
|
U.S. Oil Sands, Inc., 144A, Warrants (May 2014) |
|
7,777,777 |
|
0 |
*@ |
|
|
|
|
|
906,545 |
|
|
|
|
|
|
|
|
|
Total Warrants |
|
|
|
9,361,910 |
|
|
(cost $2,335,957) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased Put Options 0.05% |
|
Contracts |
|
|
|
|
|
|
|
|
|
|
|
Exchange-Traded Funds 0.05% |
|
|
|
|
|
|
iShares Dow Jones U.S. Oil Equipment & Services Index Fund, Strike Price 59, Expiration Oct. 2012 |
|
2,000 |
|
65,000 |
|
|
Market Vectors Agribusiness ETF, Strike Price 34, Expiration Oct. 2012 |
|
1,000 |
|
15,000 |
|
|
Materials Select Sector SPDR Trust, Strike Price 34, Expiration Dec. 2012 |
|
2,000 |
|
120,000 |
|
|
SPDR S&P Oil & Gas Exploration & Production ETF, Strike Price 46, Expiration Dec. 2012 |
|
1,000 |
|
77,000 |
|
|
|
|
|
|
|
|
|
Total Purchased Put Options |
|
|
|
277,000 |
|
|
(cost $1,677,040) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
||||
|
Master Limited Partnerships 4.88% |
|
Units |
|
|
|
||||
|
|
|
|
|
|
|
||||
|
Oil Companies - Exploration & Production 0.97% |
|
|
|
|
|
||||
|
SandRidge Mississippian Trust II |
|
268,000 |
|
5,451,120 |
|
||||
|
|
|
|
|
|
|
||||
|
Pipelines 3.91% |
|
|
|
|
|
||||
|
Enterprise Products Partners L.P. |
|
194,000 |
|
10,398,400 |
* |
||||
|
Western Gas Partners L.P. |
|
229,000 |
|
11,543,890 |
* |
||||
|
|
|
|
|
21,942,290 |
|
||||
|
|
|
|
|
|
|
||||
|
Total Master Limited Partnerships |
|
|
|
27,393,410 |
|
||||
|
(cost $24,681,069) |
|
|
|
|
|
||||
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||
|
Convertible Debenture 0.09% |
|
|
|
Principal
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
|
Diversified Minerals 0.09% |
|
|
|
|
|
|
|
||
|
Niocan, Inc., 144A, 12.00%, maturity 08/29/13 |
|
CAD |
|
500,000 |
|
508,673 |
@ |
||
|
(cost $510,621) |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
|
Silver-Linked Note 1.01% |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
|
Gold Mining 1.01% |
|
|
|
|
|
|
|
||
|
Gran Colombia Gold Corp., 5.00%, maturity 08/11/18 |
|
|
|
$ |
6,703,000 |
|
5,697,550 |
|
|
|
(cost $5,784,557) |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
|
Corporate Notes 0.93% |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
|
Building - Heavy Construction 0.25% |
|
|
|
|
|
|
|
||
|
Arendal, S. de R.L. de C.V., 12.50%, maturity 10/30/12 |
|
|
|
1,412,800 |
|
1,412,800 |
|
||
|
|
|
|
|
|
|
|
|
||
|
Electric - Generation 0.53% |
|
|
|
|
|
|
|
||
|
Pacific Power Generation Corp., 15.00%, maturity 04/03/17 (RS) |
|
|
|
3,000,000 |
|
3,000,000 |
@ |
||
|
|
|
|
|
|
|
|
|
||
|
Mining Services 0.15% |
|
|
|
|
|
|
|
||
|
Great Western Minerals Group Ltd., 8.00%, maturity 04/06/17 |
|
|
|
1,000,000 |
|
820,000 |
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
|
Total Corporate Notes |
|
|
|
|
|
5,232,800 |
|
||
|
(cost $5,384,547) |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
|
Total Securities |
|
|
|
|
|
538,129,568 |
|
||
|
(cost $561,302,245) |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
|
Repurchase Agreement 4.59% |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
|
Joint Tri-Party Repurchase Agreement, Credit Suisse Securities USA LLC, 9/28/2012, 0.18%, due 10/1/2012, repurchase price $25,762,308, collateralized by U.S. Treasury securities held in a joint tri-party account (cost $25,761,922) |
|
|
|
25,761,922 |
|
25,761,922 |
|
||
|
|
|
|
|
|
|
|
|
||
|
Total Investments 100.41% |
|
|
|
|
|
563,891,490 |
|
||
|
(cost $587,064,167) |
|
|
|
|
|
|
|
||
|
Other assets and liabilities, net (0.41%) |
|
|
|
|
|
(2,284,305) |
|
||
|
|
|
|
|
|
|
|
|
||
|
Net Assets 100% |
|
|
|
|
|
$ |
561,607,185 |
|
|
See notes to portfolios of investments.
|
World Precious Minerals Fund |
|
|
|
|
|
|
Portfolio of Investments (unaudited) |
|
|
|
September 30, 2012 |
|
|
Common Stocks 80.00% |
|
Shares |
|
Value |
|
|
|
|
|
|
|
|
|
Agricultural Operations 0.80% |
|
|
|
|
|
|
Agriterra Ltd. |
|
38,176,200 |
$ |
3,143,896 |
* |
|
|
|
|
|
|
|
|
Coal 0.81% |
|
|
|
|
|
|
Pacific Coal Resources Ltd. |
|
2,657,222 |
|
527,146 |
* |
|
Prophecy Coal Corp., 144A |
|
133,400 |
|
20,357 |
* |
|
Sable Mining Africa Ltd. |
|
18,251,500 |
|
2,652,445 |
* |
|
|
|
|
|
3,199,948 |
|
|
|
|
|
|
|
|
|
Diamonds/Precious Stones 0.87% |
|
|
|
|
|
|
Diamonds North Resources Ltd. |
|
1,757,400 |
|
71,515 |
* |
|
Diamonds North Resources Ltd., 144A |
|
1,046,800 |
|
42,598 |
* |
|
Gold Standard Ventures Corp. |
|
860,000 |
|
1,661,456 |
* |
|
Lucara Diamond Corp. |
|
1,275,000 |
|
804,212 |
* |
|
Northern Superior Resources, Inc., Class A |
|
1,510,900 |
|
192,139 |
* |
|
Olivut Resources Ltd. |
|
645,000 |
|
570,884 |
* |
|
Rockwell Diamonds, Inc. |
|
66,666 |
|
18,312 |
* |
|
Rockwell Diamonds, Inc., 144A |
|
171,667 |
|
47,154 |
* |
|
|
|
|
|
3,408,270 |
|
|
|
|
|
|
|
|
|
Diversified Minerals 3.67% |
|
|
|
|
|
|
African Potash Ltd. |
|
3,000,000 |
|
369,374 |
* |
|
Aldridge Minerals, Inc. |
|
2,026,000 |
|
1,174,851 |
* |
|
Amarc Resources Ltd. |
|
695,545 |
|
91,989 |
* |
|
Calibre Mining Corp. |
|
1,800,000 |
|
302,152 |
* |
|
Elissa Resources Ltd., 144A |
|
36,250 |
|
3,135 |
* |
|
Erdene Resource Development Corp. |
|
396,000 |
|
104,746 |
* |
|
Global Minerals Ltd. |
|
450,000 |
|
206,012 |
* |
|
Golden Alliance Resources Corp. |
|
235,000 |
|
9,563 |
* |
|
Helio Resource Corp. |
|
500,000 |
|
43,237 |
* |
|
Indochine Mining Ltd. |
|
7,785,500 |
|
1,211,385 |
* |
|
Mindoro Resources Ltd. |
|
2,829,000 |
|
143,904 |
* |
|
Mines Management, Inc. |
|
350,000 |
|
539,000 |
* |
|
Miocene Metals Ltd. |
|
256,833 |
|
15,677 |
* |
|
Moss Lake Gold Mines Ltd. |
|
3,345,000 |
|
672,097 |
*+ |
|
New Pacific Metals Corp. |
|
45,380 |
|
29,547 |
* |
|
North American Tungsten Corp. |
|
950,000 |
|
173,966 |
* |
|
Prodigy Gold, Inc. |
|
1,000,000 |
|
701,969 |
* |
|
Rochester Resources Ltd. |
|
7,755,000 |
|
670,609 |
*+ |
|
Rubicon Minerals Corp. |
|
1,500,000 |
|
5,631,009 |
* |
|
Sirocco Mining, Inc. |
|
2,725,000 |
|
2,079,200 |
* |
|
Strongbow Exploration, Inc. |
|
825,000 |
|
67,145 |
* |
|
Wallbridge Mining Co., Ltd. |
|
1,541,000 |
|
211,643 |
* |
|
|
|
|
|
14,452,210 |
|
|
|
|
|
|
|
|
|
Finance - Investment Banker/Broker 0.25% |
|
|
|
|
|
|
Aberdeen International, Inc. |
|
2,396,000 |
|
975,024 |
* |
|
|
|
|
|
|
|
|
Gold Mining 54.52% |
|
|
|
|
|
|
Agnico-Eagle Mines Ltd. |
|
350,000 |
|
18,158,000 |
|
|
Alamos Gold, Inc. |
|
445,000 |
|
8,651,457 |
* |
|
Almaden Minerals Ltd. |
|
580,000 |
|
1,581,362 |
* |
|
Atna Resources Ltd. |
|
3,005,000 |
|
3,974,261 |
* |
|
AuRico Gold, Inc. |
|
338,300 |
|
2,361,334 |
* |
|
B2Gold Corp. |
|
600,000 |
|
2,405,005 |
* |
|
Barrick Gold Corp. |
|
125,000 |
|
5,220,000 |
|
|
Belo Sun Mining Corp. |
|
500,000 |
|
681,622 |
* |
|
Brazilian Gold Corp. |
|
500,000 |
|
116,995 |
* |
|
Canaco Resources, Inc. |
|
800,000 |
|
313,342 |
* |
|
Canyon Resources Ltd. |
|
826,316 |
|
212,141 |
* |
|
Caza Gold Corp. |
|
1,200,000 |
|
164,810 |
* |
|
CB Gold, Inc. |
|
1,115,000 |
|
941,503 |
* |
|
Centerra Gold, Inc. |
|
315,000 |
|
3,944,911 |
* |
|
Chalice Gold Mines Ltd. |
|
3,900,000 |
|
1,031,595 |
* |
|
Chesapeake Gold Corp. |
|
401,000 |
|
3,867,420 |
* |
|
Chesapeake Gold Corp., 144A |
|
192,199 |
|
1,853,651 |
* |
|
Choice Gold Corp. |
|
975,000 |
|
34,717 |
* |
|
Choice Gold Corp., 144A |
|
870,000 |
|
30,978 |
* |
|
Claude Resources, Inc. |
|
1,515,000 |
|
1,294,674 |
* |
|
Colossus Minerals, Inc. |
|
525,000 |
|
2,996,337 |
* |
|
Comstock Mining, Inc. |
|
1,000,000 |
|
3,270,000 |
* |
|
Continental Gold Ltd. |
|
630,000 |
|
5,646,574 |
* |
|
Corona Minerals Ltd. |
|
812,500 |
|
84,281 |
*@ |
|
Coventry Resources Ltd. |
|
6,000,000 |
|
840,213 |
* |
|
Crystallex International Corp. |
|
2,150,000 |
|
268,750 |
* |
|
Doray Minerals Ltd. |
|
1,000,000 |
|
855,772 |
* |
|
Dundee Precious Metals, Inc. |
|
855,000 |
|
8,002,442 |
* |
|
Eastmain Resources, Inc. |
|
800,000 |
|
830,154 |
* |
|
Eldorado Gold Corp. |
|
330,000 |
|
5,029,200 |
* |
|
Entree Gold, Inc. |
|
2,740,000 |
|
1,588,891 |
* |
|
Goldcorp, Inc. |
|
166,000 |
|
7,611,100 |
|
|
Golden Arrow Resources Corp. |
|
2,155,000 |
|
624,828 |
* |
|
Golden Predator Corp. |
|
2,985,700 |
|
1,214,996 |
* |
|
Golden Star Resources Ltd. |
|
550,000 |
|
1,083,500 |
* |
|
Goldquest Mining Corp. |
|
1,100,000 |
|
1,499,568 |
* |
|
Gran Colombia Gold Corp. |
|
7,698,178 |
|
2,858,574 |
*+ |
|
Gran Colombia Gold Corp., 144A |
|
17,175,360 |
|
6,377,747 |
*+ |
|
Grandview Gold, Inc. |
|
1,100,000 |
|
27,977 |
* |
|
Guyana Goldfields, Inc. |
|
284,000 |
|
959,235 |
* |
|
Harmony Gold Mining Co., Ltd., Sponsored ADR |
|
600,000 |
|
5,046,000 |
* |
|
IAMGOLD Corp. |
|
180,000 |
|
2,845,800 |
|
|
Kaminak Gold Corp., Class A |
|
100,000 |
|
237,041 |
* |
|
Kilo Goldmines Ltd. |
|
2,510,000 |
|
319,192 |
* |
|
Kimber Resources, Inc. |
|
1,500,000 |
|
1,042,500 |
* |
|
Kinross Gold Corp. |
|
100,000 |
|
1,021,000 |
|
|
Kirkland Lake Gold, Inc. |
|
24,900 |
|
301,956 |
* |
|
Klondex Mines Ltd. |
|
3,380,000 |
|
4,710,921 |
*+ |
|
Lexam VG Gold, Inc. |
|
2,370,000 |
|
506,333 |
* |
|
Lexam VG Gold, Inc., 144A |
|
2,406,501 |
|
514,131 |
* |
|
Lion One Metals Ltd. |
|
300,000 |
|
201,434 |
* |
|
Malbex Resources, Inc. |
|
470,500 |
|
45,473 |
* |
|
Malbex Resources, Inc., 144A |
|
1,333,333 |
|
128,864 |
* |
|
Midway Gold Corp. |
|
265,800 |
|
435,912 |
* |
|
Mirasol Resources Ltd. |
|
2,180,000 |
|
5,655,425 |
*+ |
|
Newmont Mining Corp. |
|
100,000 |
|
5,601,000 |
|
|
NGEx Resources, Inc. |
|
2,410,000 |
|
6,252,098 |
* |
|
Olympus Pacific Minerals, Inc. |
|
582,190 |
|
127,342 |
* |
|
Pacific Rim Mining Corp., 144A |
|
133,500 |
|
14,940 |
* |
|
Papillon Resources Ltd. |
|
750,000 |
|
1,361,456 |
* |
|
Petaquilla Minerals Ltd., 144A |
|
2,660,000 |
|
1,677,807 |
* |
|
Pilot Gold, Inc. |
|
100,000 |
|
172,949 |
* |
|
Planet Mining Exploration, Inc. |
|
1,030,500 |
|
165,119 |
* |
|
PMI Gold Corp. |
|
7,026,500 |
|
6,719,477 |
* |
|
Polyus Gold International Ltd. |
|
373,500 |
|
1,307,239 |
* |
|
Premier Gold Mines Ltd. |
|
690,000 |
|
4,471,540 |
* |
|
Pretium Resources, Inc. |
|
220,000 |
|
2,882,751 |
* |
|
Queenston Mining, Inc. |
|
352,500 |
|
1,441,630 |
* |
|
Radius Gold, Inc. |
|
2,040,000 |
|
498,093 |
* |
|
Radius Gold, Inc., 144A |
|
125,000 |
|
30,520 |
* |
|
Renaissance Gold, Inc. |
|
550,000 |
|
442,037 |
* |
|
Reunion Gold Corp. |
|
1,953,000 |
|
834,488 |
* |
|
Revolution Resources Corp., 144A |
|
570,000 |
|
113,078 |
* |
|
Richmont Mines, Inc. |
|
210,000 |
|
999,600 |
* |
|
Rio Alto Mining Ltd. |
|
600,000 |
|
3,186,327 |
* |
|
Riverstone Resources, Inc. |
|
300,000 |
|
213,643 |
* |
|
Romarco Minerals, Inc. |
|
1,000,000 |
|
1,088,560 |
* |
|
Rusoro Mining Ltd. |
|
6,325,900 |
|
225,247 |
* |
|
Rye Patch Gold Corp. |
|
4,045,000 |
|
2,345,643 |
* |
|
Rye Patch Gold Corp., 144A |
|
1,800,000 |
|
1,043,797 |
* |
|
Seafield Resources Ltd., 144A |
|
1,300,000 |
|
204,995 |
* |
|
SEMAFO, Inc. |
|
150,000 |
|
685,182 |
* |
|
Silver Lake Resources Ltd. |
|
500,000 |
|
1,887,886 |
* |
|
Solvista Gold Corp. |
|
60,000 |
|
57,989 |
* |
|
Solvista Gold Corp., 144A |
|
2,620,000 |
|
2,532,173 |
* |
|
St Barbara Ltd. |
|
1,500,000 |
|
3,360,852 |
* |
|
Sunridge Gold Corp. |
|
3,300,227 |
|
739,056 |
* |
|
Taurus Gold Ltd., 144A (RS) |
|
2,319,573 |
|
2,667,509 |
*@ |
|
Timmins Gold Corp. |
|
294,000 |
|
828,506 |
* |
|
Tolima Gold, Inc. |
|
225,000 |
|
65,237 |
* |
|
Tolima Gold, Inc., 144A |
|
4,100,000 |
|
1,188,768 |
* |
|
Torex Gold Resources, Inc. |
|
1,200,000 |
|
2,588,128 |
* |
|
TriStar Gold, Inc. |
|
1,385,000 |
|
577,700 |
* |
|
Virginia Mines, Inc. |
|
797,000 |
|
8,554,199 |
* |
|
West Kirkland Mining, Inc. |
|
1,500,000 |
|
473,066 |
* |
|
Yamana Gold, Inc. |
|
700,000 |
|
13,377,000 |
|
|
Yukon-Nevada Gold Corp. |
|
897,900 |
|
278,610 |
* |
|
|
|
|
|
214,805,136 |
|
|
|
|
|
|
|
|
|
Gold/Mineral Royalty Companies 0.80% |
|
|
|
|
|
|
Franco-Nevada Corp. |
|
53,300 |
|
3,140,969 |
* |
|
|
|
|
|
|
|
|
Investment Companies 0.00% |
|
|
|
|
|
|
Invictus Financial, Inc. |
|
49,800 |
|
5,066 |
* |
|
|
|
|
|
|
|
|
Medical - Hospitals 0.02% |
|
|
|
|
|
|
African Medical Investments plc |
|
4,637,500 |
|
65,524 |
* |
|
|
|
|
|
|
|
|
Metal - Copper 0.55% |
|
|
|
|
|
|
Catalyst Copper Corp. |
|
1,564,000 |
|
111,379 |
* |
|
Catalyst Copper Corp., 144A |
|
2,000,000 |
|
142,428 |
* |
|
Lumina Copper Corp. |
|
30,000 |
|
308,256 |
* |
|
Revett Minerals, Inc. |
|
450,000 |
|
1,611,476 |
* |
|
Verona Development Corp. |
|
48,500 |
|
0 |
*@ |
|
|
|
|
|
2,173,539 |
|
|
|
|
|
|
|
|
|
Metal - Diversified 3.41% |
|
|
|
|
|
|
Balmoral Resources Ltd. |
|
1,090,000 |
|
1,108,907 |
* |
|
Bearing Resources Ltd. |
|
81,250 |
|
17,152 |
* |
|
Bell Copper Corp. |
|
2,000,000 |
|
25,434 |
* |
|
Cerro Resources NL |
|
17,658,000 |
|
1,921,869 |
* |
|
Cerro Resources NL, 144A |
|
2,600,000 |
|
284,348 |
* |
|
Dalradian Resources, Inc. |
|
1,678,000 |
|
2,202,167 |
* |
|
First Point Minerals Corp. |
|
2,400,000 |
|
952,236 |
* |
|
Imperial Metals Corp. |
|
252,500 |
|
3,208,429 |
* |
|
Mandalay Resources Corp. |
|
1,640,900 |
|
1,552,507 |
* |
|
Mariana Resources Ltd. |
|
4,225,000 |
|
409,339 |
* |
|
Orsu Metals Corp. |
|
289,800 |
|
38,327 |
* |
|
Orsu Metals Corp., 144A |
|
1,800,000 |
|
238,059 |
* |
|
Prophecy Platinum Corp. |
|
1 |
|
1 |
* |
|
Rackla Metals, Inc. |
|
714,999 |
|
70,922 |
* |
|
Robust Resources Ltd. |
|
600,000 |
|
429,442 |
* |
|
Temex Resources Corp. |
|
950,000 |
|
289,943 |
* |
|
Tigray Resources, Inc. |
|
275,000 |
|
67,145 |
* |
|
Trevali Mining Corp. |
|
500,000 |
|
630,754 |
* |
|
|
|
|
|
13,446,981 |
|
|
|
|
|
|
|
|
|
Mining Services 1.12% |
|
|
|
|
|
|
Argent Minerals Ltd. |
|
5,625,000 |
|
443,446 |
* |
|
Energold Drilling Corp. |
|
400,000 |
|
1,595,198 |
* |
|
Geodrill Ltd. |
|
330,000 |
|
530,444 |
* |
|
Natasa Mining Ltd. |
|
1,299,349 |
|
1,846,349 |
* |
|
|
|
|
|
4,415,437 |
|
|
|
|
|
|
|
|
|
Oil Companies - Exploration & Production 0.00% |
|
|
|
|
|
|
Big Sky Energy Corp. |
|
2,000,000 |
|
0 |
*@ |
|
|
|
|
|
|
|
|
Platinum 0.62% |
|
|
|
|
|
|
Osmium Holdings S.A. (RS) |
|
891 |
|
0 |
*@ |
|
Pacific North West Capital Corp., 144A |
|
1,291,666 |
|
98,555 |
* |
|
Platinum Group Metals Ltd. |
|
2,265,000 |
|
2,350,374 |
* |
|
|
|
|
|
2,448,929 |
|
|
|
|
|
|
|
|
|
Precious Metals 6.54% |
|
|
|
|
|
|
Alexco Resource Corp. |
|
325,000 |
|
1,410,500 |
* |
|
Atikwa Resources, Inc. |
|
1,333,333 |
|
47,476 |
* |
|
Candente Gold Corp. |
|
765,000 |
|
140,089 |
*+ |
|
Candente Gold Corp., 144A |
|
4,875,000 |
|
892,721 |
*+ |
|
Coeur d’Alene Mines Corp. |
|
405,000 |
|
11,676,150 |
* |
|
Eco Oro Minerals Corp. |
|
400,000 |
|
374,383 |
* |
|
Fortress Minerals Corp. |
|
202,000 |
|
852,841 |
* |
|
Fortress Minerals Corp., 144A |
|
70,000 |
|
295,539 |
* |
|
Newstrike Capital, Inc. |
|
20,000 |
|
46,798 |
* |
|
Pan African Resources plc |
|
10,000,000 |
|
2,919,620 |
* |
|
Polymetal International plc |
|
85,100 |
|
1,490,955 |
|
|
Roxgold, Inc. |
|
1,105,000 |
|
910,575 |
* |
|
Sabina Gold & Silver Corp. |
|
899,400 |
|
3,001,203 |
* |
|
Solitario Exploration & Royalty Corp. |
|
955,000 |
|
1,719,670 |
* |
|
|
|
|
|
25,778,520 |
|
|
|
|
|
|
|
|
|
Silver Mining 6.02% |
|
|
|
|
|
|
First Majestic Silver Corp. |
|
160,000 |
|
3,707,200 |
* |
|
MAG Silver Corp. |
|
741,000 |
|
9,076,393 |
* |
|
Silver Wheaton Corp. |
|
275,000 |
|
10,920,250 |
|
|
|
|
|
|
23,703,843 |
|
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
315,163,292 |
|
|
(cost $389,231,248) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange-Traded Funds (ETF) 1.31% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Vectors Gold Miners ETF |
|
20 |
|
1,074 |
* |
|
Market Vectors Junior Gold Miners ETF |
|
35 |
|
865 |
* |
|
SPDR Gold Trust |
|
30,000 |
|
5,160,600 |
* |
|
|
|
|
|
|
|
|
Total Exchange-Traded Funds |
|
|
|
5,162,539 |
|
|
(cost $4,840,031) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants 4.38% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal 0.00% |
|
|
|
|
|
|
Pacific Coal Resources Ltd., Warrants (March 2016) |
|
1,111,111 |
|
5,652 |
* |
|
|
|
|
|
|
|
|
Gold Mining 4.08% |
|
|
|
|
|
|
Choice Gold Corp., Warrants (December 2012) |
|
870,000 |
|
0 |
*@ |
|
Crystallex International Corp., 144A, Warrants (December 2049) |
|
162,500 |
|
0 |
*@ |
|
Dundee Precious Metals, Inc., Warrants (November 2015) |
|
1,212,500 |
|
9,189,811 |
* |
|
Endeavour Mining Corp., Warrants (February 2014) |
|
1,030,000 |
|
523,933 |
* |
|
Gran Colombia Gold Corp., Warrants (August 2015) |
|
112,904 |
|
20,101 |
* |
|
Gran Colombia Gold Corp., 144A, Warrants (August 2015) |
|
4,520,983 |
|
804,896 |
* |
|
Kinross Gold Corp., Warrants (September 2013) |
|
788,411 |
|
272,709 |
* |
|
Kinross Gold Corp., Warrants (September 2014) |
|
250,000 |
|
178,036 |
* |
|
New Gold, Inc., Warrants (June 2017) |
|
1,025,000 |
|
3,754,006 |
* |
|
New Gold, Inc., 144A, Warrants (June 2017) |
|
352,530 |
|
1,291,122 |
* |
|
Petaquilla Minerals Ltd., 144A, Warrants (January 2014) |
|
2,660,000 |
|
0 |
*@ |
|
Rusoro Mining Ltd., Warrants (November 2012) |
|
225,750 |
|
1,148 |
* |
|
Rusoro Mining Ltd., 144A, Warrants (November 2012) |
|
6,105,000 |
|
31,054 |
* |
|
Seafield Resources Ltd., 144A, Warrants (December 2012) |
|
1,300,000 |
|
9,919 |
* |
|
Solvista Gold Corp., 144A, Warrants (April 2013) |
|
1,310,000 |
|
0 |
*@ |
|
Tolima Gold, Inc., 144A, Warrants (December 2013) |
|
2,050,000 |
|
0 |
*@ |
|
|
|
|
|
16,076,735 |
|
|
|
|
|
|
|
|
|
Gold/Mineral Royalty Companies 0.30% |
|
|
|
|
|
|
Franco-Nevada Corp., Warrants (July 2013) |
|
42,200 |
|
20,822 |
* |
|
Franco-Nevada Corp., 144A, Warrants (July 2013) |
|
125,000 |
|
61,677 |
* |
|
Franco-Nevada Corp., Warrants (June 2017) |
|
120,950 |
|
1,082,822 |
* |
|
|
|
|
|
1,165,321 |
|
|
|
|
|
|
|
|
|
Medical - Hospitals 0.00% |
|
|
|
|
|
|
African Medical Investments plc, Warrants (June 2014) |
|
2,125,000 |
|
0 |
*@ |
|
|
|
|
|
|
|
|
Metal - Copper 0.00% |
|
|
|
|
|
|
Catalyst Copper Corp., 144A, Warrants (February 2017) |
|
1,000,000 |
|
0 |
*@ |
|
|
|
|
|
|
|
|
Metal - Diversified 0.00% |
|
|
|
|
|
|
Rackla Metals, Inc., Warrants (June 2013) |
|
673,333 |
|
11,987 |
* |
|
Rackla Metals, Inc., 144A, Warrants (June 2013) |
|
41,666 |
|
742 |
* |
|
|
|
|
|
12,729 |
|
|
|
|
|
|
|
|
|
Total Warrants |
|
|
|
17,260,437 |
|
|
(cost $9,707,370) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Warrants 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold/Mineral Exploration & Development 0.00% |
|
|
|
|
|
|
Western Exploration & Development Ltd., 144A, Special Warrants (December 2049) (RS) |
|
600,000 |
|
0 |
*@ |
|
(cost $300,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased Call Options 2.68% |
|
Contracts |
|
|
|
||
|
|
|
|
|
|
|
||
|
Gold Mining 2.20% |
|
|
|
|
|
||
|
Agnico-Eagle Mines Ltd., Strike Price 47.50, Expiration Jan. 2013 |
|
3,008 |
|
1,970,240 |
|
||
|
Agnico-Eagle Mines Ltd., Strike Price 55, Expiration Jan. 2013 |
|
1,118 |
|
307,450 |
|
||
|
AuRico Gold, Inc., Strike Price 8, Expiration Dec. 2012 |
|
2,313 |
|
92,520 |
|
||
|
Barrick Gold Corp., Strike Price 50, Expiration Jan. 2013 |
|
3,789 |
|
227,340 |
|
||
|
Eldorado Gold Corp., Strike Price 12.50, Expiration Jan. 2013 |
|
1,600 |
|
512,000 |
|
||
|
Gold Fields Ltd., Strike Price 20, Expiration Jan. 2013 |
|
78 |
|
117 |
|
||
|
Goldcorp, Inc., Strike Price 65, Expiration Jan. 2013 |
|
4,003 |
|
64,048 |
|
||
|
Goldcorp, Inc., Strike Price 65, Expiration Jan. 2014 |
|
1,435 |
|
389,603 |
|
||
|
Harmony Gold Mining Co., Ltd., Strike Price 9, Expiration Jan. 2013 |
|
2,535 |
|
177,450 |
|
||
|
IAMGOLD Corp., Strike Price 15, Expiration Jan. 2013 |
|
225 |
|
43,875 |
|
||
|
IAMGOLD Corp., Strike Price 17.50, Expiration Jan. 2013 |
|
2,662 |
|
239,580 |
|
||
|
Kinross Gold Corp., Strike Price 10, Expiration Jan. 2013 |
|
4,000 |
|
448,000 |
|
||
|
Kinross Gold Corp., Strike Price 12, Expiration Jan. 2014 |
|
1,803 |
|
254,223 |
|
||
|
Newmont Mining Corp., Strike Price 60, Expiration Jan. 2013 |
|
3,910 |
|
731,170 |
|
||
|
Randgold Resources Ltd., Strike Price 77.50, Expiration Jan. 2013 |
|
700 |
|
3,209,500 |
|
||
|
|
|
|
|
8,667,116 |
|
||
|
|
|
|
|
|
|
||
|
Silver Mining 0.48% |
|
|
|
|
|
||
|
Golden Minerals Co., Strike Price 5, Expiration Jan. 2013 |
|
3,140 |
|
266,900 |
|
||
|
Hecla Mining Co., Strike Price 5, Expiration Jan. 2013 |
|
1,400 |
|
256,200 |
|
||
|
Pan American Silver Corp., Strike Price 30, Expiration Jan. 2013 |
|
229 |
|
11,450 |
|
||
|
Silver Standard Resources, Inc., Strike Price 15, Expiration Jan. 2013 |
|
3,823 |
|
1,051,325 |
|
||
|
Silver Wheaton Corp., Strike Price 32, Expiration Dec. 2012 |
|
400 |
|
320,800 |
|
||
|
|
|
|
|
1,906,675 |
|
||
|
|
|
|
|
|
|
||
|
Total Purchased Call Options |
|
|
|
10,573,791 |
|
||
|
(cost $8,324,421) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Purchased Put Options 0.13% |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Exchange-Traded Funds 0.13% |
|
|
|
|
|
||
|
Market Vectors Gold Miners ETF, Strike Price 53, Expiration Oct. 2012 |
|
642 |
|
83,460 |
|
||
|
Market Vectors Gold Miners ETF, Strike Price 45, Expiration Jan. 2013 |
|
475 |
|
48,925 |
|
||
|
Market Vectors Junior Gold Miners ETF, Strike Price 24, Expiration Oct. 2012 |
|
5,500 |
|
363,000 |
|
||
|
|
|
|
|
|
|
||
|
Total Purchased Put Options |
|
|
|
495,385 |
|
||
|
(cost $784,684) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Convertible Debenture 0.30% |
|
Principal Amount |
|
|
|
||
|
|
|
|
|
|
|
||
|
Metal - Iron 0.30% |
|
|
|
|
|
||
|
Andean Pacific Iron Corp., 1.00%, maturity 06/07/13 (RS) |
|
$ |
1,200,000 |
|
1,200,000 |
@ |
|
|
(cost $1,200,000) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Silver-Linked Note 1.83% |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Gold Mining 1.83% |
|
|
|
|
|
||
|
Gran Colombia Gold Corp., 5.00%, maturity 08/11/18 |
|
8,448,000 |
|
7,180,800 |
|
||
|
(cost $8,407,186) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Corporate Note 0.20% |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Electric - Generation 0.20% |
|
|
|
|
|
||
|
Pacific Power Generation Corp., 15.00%, maturity 04/03/17 (RS) |
|
800,000 |
|
800,000 |
@ |
||
|
(cost $800,000) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Total Securities |
|
|
|
357,836,244 |
|
||
|
(cost $423,594,940) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Repurchase Agreement 8.21% |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Joint Tri-Party Repurchase Agreement, Credit Suisse Securities USA LLC, 9/28/2012, 0.18%, due 10/1/2012, repurchase price $32,362,224, collateralized by U.S. Treasury securities held in a joint tri-party account (cost $32,361,738) |
|
32,361,738 |
|
32,361,738 |
|
||
|
|
|
|
|
|
|
||
|
Total Investments 99.04% |
|
|
|
390,197,982 |
|
||
|
(cost $455,956,678) |
|
|
|
|
|
||
|
Other assets and liabilities, net 0.96% |
|
|
|
3,766,823 |
|
||
|
|
|
|
|
|
|
||
|
Net Assets 100% |
|
|
|
$ |
393,964,805 |
|
|
See notes to portfolios of investments.
|
Gold and Precious Metals Fund |
|
|
|
|
|
|
|
Portfolio of Investments (unaudited) |
|
|
|
September 30, 2012 |
||
|
|
|
|
|
|
|
|
|
Common Stocks 70.46% |
|
Shares |
|
Value |
|
|
|
|
|
|
|
|
|
|
|
Gold Mining 53.24% |
|
|
|
|
|
|
|
Agnico-Eagle Mines Ltd. |
|
150,000 |
|
$ |
7,782,000 |
|
|
Alacer Gold Corp. |
|
250,000 |
|
1,846,483 |
* |
|
|
Alamos Gold, Inc. |
|
260,000 |
|
5,054,784 |
* |
|
|
Allied Nevada Gold Corp. |
|
75,000 |
|
2,929,500 |
* |
|
|
Atna Resources Ltd. |
|
1,255,000 |
|
1,659,800 |
* |
|
|
AuRico Gold, Inc. |
|
616,700 |
|
4,304,566 |
* |
|
|
B2Gold Corp. |
|
525,000 |
|
2,104,380 |
* |
|
|
Barrick Gold Corp. |
|
150,000 |
|
6,264,000 |
|
|
|
Centerra Gold, Inc. |
|
365,000 |
|
4,571,087 |
* |
|
|
Claude Resources, Inc. |
|
1,010,000 |
|
863,116 |
* |
|
|
DRDGOLD Ltd., Sponsored ADR |
|
100,000 |
|
635,000 |
|
|
|
Dundee Precious Metals, Inc. |
|
420,000 |
|
3,931,024 |
* |
|
|
Eldorado Gold Corp. |
|
200,000 |
|
3,048,000 |
* |
|
|
Goldcorp, Inc. |
|
109,000 |
|
4,997,650 |
|
|
|
Golden Star Resources Ltd. |
|
275,000 |
|
541,750 |
* |
|
|
Gran Colombia Gold Corp. |
|
5,401,158 |
|
2,005,618 |
* |
|
|
Gran Colombia Gold Corp., 144A |
|
4,150,000 |
|
1,541,025 |
* |
|
|
Harmony Gold Mining Co., Ltd., Sponsored ADR |
|
450,000 |
|
3,784,500 |
* |
|
|
IAMGOLD Corp. |
|
155,000 |
|
2,450,550 |
|
|
|
Kinross Gold Corp. |
|
200,000 |
|
2,042,000 |
|
|
|
Kirkland Lake Gold, Inc. |
|
24,900 |
|
301,956 |
* |
|
|
Lake Shore Gold Corp. |
|
500,000 |
|
503,586 |
* |
|
|
Nevsun Resources Ltd. |
|
375,000 |
|
1,762,500 |
|
|
|
New Gold, Inc. |
|
175,000 |
|
2,138,500 |
* |
|
|
Newcrest Mining Ltd. |
|
45,000 |
|
1,360,212 |
|
|
|
Newcrest Mining Ltd., Sponsored ADR |
|
50,000 |
|
1,485,000 |
|
|
|
Newmont Mining Corp. |
|
150,000 |
|
8,401,500 |
|
|
|
Polyus Gold International Ltd. |
|
270,000 |
|
944,992 |
* |
|
|
Randgold Resources Ltd., Sponsored ADR |
|
20,000 |
|
2,460,000 |
* |
|
|
Richmont Mines, Inc. |
|
50,000 |
|
238,000 |
* |
|
|
Rio Alto Mining Ltd. |
|
300,000 |
|
1,593,163 |
* |
|
|
Royal Gold, Inc. |
|
40,000 |
|
3,994,400 |
|
|
|
Sandstorm Gold Ltd. |
|
275,000 |
|
3,533,496 |
* |
|
|
SEMAFO, Inc. |
|
100,000 |
|
456,788 |
* |
|
|
Silver Lake Resources Ltd. |
|
1,000,000 |
|
3,775,772 |
* |
|
|
St Barbara Ltd. |
|
500,000 |
|
1,120,284 |
* |
|
|
Timmins Gold Corp. |
|
196,000 |
|
552,337 |
* |
|
|
Yamana Gold, Inc. |
|
350,000 |
|
6,688,500 |
|
|
|
|
|
|
|
103,667,819 |
|
|
|
|
|
|
|
|
|
|
|
Gold/Mineral Royalty Companies 1.82% |
|
|
|
|
|
|
|
Franco-Nevada Corp. |
|
60,000 |
|
3,535,800 |
* |
|
|
|
|
|
|
|
|
|
|
Medical - Hospitals 0.01% |
|
|
|
|
|
|
|
African Medical Investments plc |
|
2,000,000 |
|
28,258 |
* |
|
|
|
|
|
|
|
|
|
|
Metal - Diversified 0.40% |
|
|
|
|
|
|
|
Mandalay Resources Corp. |
|
820,700 |
|
776,490 |
* |
|
|
|
|
|
|
|
|
|
|
Mining Services 0.26% |
|
|
|
|
|
|
|
Major Drilling Group International, Inc. |
|
50,000 |
|
510,708 |
* |
|
|
|
|
|
|
|
|
|
|
Oil Companies - Exploration & Production 1.85% |
|
|
|
|
|
|
|
Anadarko Petroleum Corp. |
|
10,000 |
|
699,200 |
|
|
|
Devon Energy Corp. |
|
12,500 |
|
756,250 |
|
|
|
QEP Resources, Inc. |
|
25,000 |
|
791,500 |
|
|
|
SM Energy Co. |
|
25,000 |
|
1,352,750 |
|
|
|
|
|
|
|
3,599,700 |
|
|
|
|
|
|
|
|
|
|
|
Precious Metals 5.45% |
|
|
|
|
|
|
|
Alexco Resource Corp. |
|
200,000 |
|
868,000 |
* |
|
|
Coeur d’Alene Mines Corp. |
|
190,000 |
|
5,477,700 |
* |
|
|
McEwen Mining, Inc. |
|
300,000 |
|
1,377,000 |
* |
|
|
Pan African Resources plc |
|
5,000,000 |
|
1,459,810 |
* |
|
|
Polymetal International plc |
|
81,400 |
|
1,426,131 |
|
|
|
|
|
|
|
10,608,641 |
|
|
|
Silver Mining 7.43% |
|
|
|
|
|
|
First Majestic Silver Corp. |
|
130,000 |
|
3,012,100 |
* |
|
Pan American Silver Corp. |
|
225,000 |
|
4,826,250 |
* |
|
Silver Wheaton Corp. |
|
150,000 |
|
5,956,500 |
|
|
Silvercorp Metals, Inc. |
|
103,000 |
|
667,440 |
* |
|
|
|
|
|
14,462,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
137,189,706 |
|
|
(cost $137,649,370) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange-Traded Funds (ETF) 1.20% |
|
|
|
|
|
|
|
|
|
|
|
|
|
ETFS Palladium Trust |
|
3,000 |
|
188,550 |
* |
|
Market Vectors Gold Miners ETF |
|
20 |
|
1,074 |
* |
|
Market Vectors Junior Gold Miners ETF |
|
35 |
|
865 |
* |
|
SPDR Gold Trust |
|
12,500 |
|
2,150,250 |
* |
|
|
|
|
|
|
|
|
Total Exchange-Traded Funds |
|
|
|
2,340,739 |
|
|
(cost $2,296,031) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants 6.49% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold Mining 6.15% |
|
|
|
|
|
|
Crystallex International Corp., 144A, Warrants (December 2049) |
|
62,500 |
|
0 |
*@ |
|
Dundee Precious Metals, Inc., Warrants (November 2015) |
|
1,346,000 |
|
10,201,638 |
* |
|
Endeavour Mining Corp., Warrants (February 2014) |
|
396,000 |
|
201,434 |
* |
|
Gran Colombia Gold Corp., Warrants (August 2015) |
|
68,473 |
|
12,191 |
* |
|
Gran Colombia Gold Corp., 144A, Warrants (August 2015) |
|
625,000 |
|
111,272 |
* |
|
Kinross Gold Corp., Warrants (September 2013) |
|
662,394 |
|
229,120 |
* |
|
Kinross Gold Corp., Warrants (September 2014) |
|
130,000 |
|
92,578 |
* |
|
New Gold, Inc., Warrants (June 2017) |
|
305,000 |
|
1,117,046 |
* |
|
Rusoro Mining Ltd., Warrants (November 2012) |
|
688,750 |
|
3,504 |
* |
|
Rusoro Mining Ltd., 144A, Warrants (November 2012) |
|
930,000 |
|
4,731 |
* |
|
|
|
|
|
11,973,514 |
|
|
|
|
|
|
|
|
|
Gold/Mineral Royalty Companies 0.34% |
|
|
|
|
|
|
Franco-Nevada Corp., 144A, Warrants (July 2013) |
|
125,000 |
|
61,676 |
* |
|
Franco-Nevada Corp., Warrants (June 2017) |
|
66,522 |
|
595,548 |
* |
|
|
|
|
|
657,224 |
|
|
|
|
|
|
|
|
|
Medical - Hospitals 0.00% |
|
|
|
|
|
|
African Medical Investments plc, Warrants (June 2014) |
|
912,500 |
|
0 |
*@ |
|
|
|
|
|
|
|
|
Total Warrants |
|
|
|
12,630,738 |
|
|
(cost $5,840,031) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased Call Options 2.49% |
|
Contracts |
|
|
|
|
|
|
|
|
|
|
|
Gold Mining 2.04% |
|
|
|
|
|
|
Agnico-Eagle Mines Ltd., Strike Price 47.50, Expiration Jan. 2013 |
|
1,002 |
|
656,310 |
|
|
Agnico-Eagle Mines Ltd., Strike Price 55, Expiration Jan. 2013 |
|
557 |
|
153,175 |
|
|
AngloGold Ashanti Ltd., Strike Price 50, Expiration Jan. 2013. |
|
2,044 |
|
15,330 |
|
|
AuRico Gold, Inc., Strike Price 8, Expiration Dec. 2012 |
|
842 |
|
33,680 |
|
|
Barrick Gold Corp., Strike Price 50, Expiration Jan. 2013 |
|
621 |
|
37,260 |
|
|
Eldorado Gold Corp., Strike Price 12.50, Expiration Jan. 2013 |
|
900 |
|
288,000 |
|
|
Gold Fields Ltd., Strike Price 20, Expiration Jan. 2013 |
|
2,862 |
|
4,293 |
|
|
Goldcorp, Inc., Strike Price 65, Expiration Jan. 2013 |
|
1,727 |
|
27,632 |
|
|
Goldcorp, Inc., Strike Price 65, Expiration Jan. 2014 |
|
695 |
|
188,693 |
|
|
Harmony Gold Mining Co., Ltd., Strike Price 9, Expiration Jan. 2013 |
|
2,025 |
|
141,750 |
|
|
IAMGOLD Corp., Strike Price 15, Expiration Jan. 2013 |
|
225 |
|
43,875 |
|
|
IAMGOLD Corp., Strike Price 17.50, Expiration Jan. 2013 |
|
2,488 |
|
223,920 |
|
|
Kinross Gold Corp., Strike Price 10, Expiration Jan. 2013 |
|
2,000 |
|
224,000 |
|
|
Kinross Gold Corp., Strike Price 12, Expiration Jan. 2014 |
|
1,322 |
|
186,402 |
|
|
Newmont Mining Corp., Strike Price 60, Expiration Jan. 2013 |
|
1,950 |
|
364,650 |
|
|
Randgold Resources Ltd., Strike Price 77.50, Expiration Jan. 2013 |
|
300 |
|
1,375,500 |
|
|
|
|
|
|
3,964,470 |
|
|
|
|
|
|
|
|
|
Silver Mining 0.45% |
|
|
|
|
|
|
Hecla Mining Co., Strike Price 5, Expiration Jan. 2013 |
|
600 |
|
109,800 |
|
|
Pan American Silver Corp., Strike Price 30, Expiration Jan. 2013 |
|
2,851 |
|
142,550 |
|
|
Silver Standard Resources, Inc., Strike Price 15, Expiration Jan. 2013 |
|
1,722 |
|
473,550 |
|
|
|
Silver Wheaton Corp., Strike Price 32, Expiration Dec. 2012 |
|
200 |
|
160,400 |
|
|
|
|
|
|
|
886,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Purchased Call Options |
|
|
|
4,850,770 |
|
|
|
(cost $5,378,739) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased Put Options 0.12% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange-Traded Funds 0.12% |
|
|
|
|
|
|
|
Market Vectors Gold Miners ETF, Strike Price 53, Expiration Oct. 2012 |
|
308 |
|
40,040 |
|
|
|
Market Vectors Gold Miners ETF, Strike Price 45, Expiration Jan. 2013 |
|
208 |
|
21,424 |
|
|
|
Market Vectors Junior Gold Miners ETF, Strike Price 24, Expiration Oct. 2012 |
|
2,500 |
|
165,000 |
|
|
|
|
|
|
|
|
|
|
|
Total Purchased Put Options |
|
|
|
226,464 |
|
|
|
(cost $353,235) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Master Limited Partnership 0.98% |
|
Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pipelines 0.98% |
|
|
|
|
|
|
|
Atlas Energy L.P. |
|
55,000 |
|
1,899,700 |
* |
|
|
(cost $1,726,513) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Silver-Linked Note 1.96% |
|
Principal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold Mining 1.96% |
|
|
|
|
|
|
|
Gran Colombia Gold Corp., 5.00%, maturity 08/11/18 |
|
$ 4,500,000 |
|
3,825,000 |
|
|
|
(cost $4,465,286) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Notes 3.27% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold Mining 3.12% |
|
|
|
|
|
|
|
Allied Nevada Gold Corp., 144A, 8.75%, maturity 06/01/19 |
|
CAD 1,500,000 |
|
1,594,690 |
|
|
|
Barrick Gold Corp., 6.95%, maturity 04/01/19 |
|
1,700,000 |
|
2,109,212 |
|
|
|
Newmont Mining Corp., 6.25%, maturity 10/01/39 |
|
2,000,000 |
|
2,371,170 |
|
|
|
|
|
|
|
6,075,072 |
|
|
|
|
|
|
|
|
|
|
|
Electric - Generation 0.15% |
|
|
|
|
|
|
|
Pacific Power Generation Corp., 15.00%, maturity 04/03/17 (RS) |
|
300,000 |
|
300,000 |
@ |
|
|
|
|
|
|
|
|
|
|
Total Corporate Notes |
|
|
|
6,375,072 |
|
|
|
(cost $6,216,656) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Securities |
|
|
|
169,338,189 |
|
|
|
(cost $163,925,861) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement 10.39% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joint Tri-Party Repurchase Agreement, Credit Suisse Securities USA LLC, 9/28/2012, 0.18%, due 10/1/2012, repurchase price $20,224,508, collateralized by U.S. Treasury securities held in a joint tri-party account (cost $20,224,205) |
|
20,224,205 |
|
20,224,205 |
|
|
|
|
|
|
|
|
|
|
|
Total Investments 97.36% |
|
|
|
189,562,394 |
|
|
|
(cost $184,150,066) |
|
|
|
|
|
|
|
Other assets and liabilities, net 2.64% |
|
|
|
5,154,160 |
|
|
|
|
|
|
|
|
|
|
|
Net Assets 100% |
|
|
|
$ |
194,716,554 |
|
See notes to portfolios of investments.
|
Eastern European Fund |
|
|
Portfolio of Investments (unaudited) |
September 30, 2012 |
|
Common Stocks 94.13% |
|
Shares |
|
Value |
|
|
|
|
|
|
|
|
|
|
|
Agricultural Chemicals 4.41% |
|
|
|
|
|
|
|
Uralkali OJSC, Sponsored GDR |
|
194,500 |
|
$ |
8,046,465 |
|
|
|
|
|
|
|
|
|
|
Agricultural Operations 3.33% |
|
|
|
|
|
|
|
Kernel Holding S.A. |
|
300,000 |
|
6,087,282 |
* |
|
|
|
|
|
|
|
|
|
|
Airlines 0.63% |
|
|
|
|
|
|
|
Turk Hava Yollari A.O. |
|
550,000 |
|
1,150,647 |
* |
|
|
|
|
|
|
|
|
|
|
Appliances 0.22% |
|
|
|
|
|
|
|
Arcelik A.S. |
|
76,500 |
|
406,922 |
|
|
|
|
|
|
|
|
|
|
|
Automotive - Cars & Light Trucks 2.62% |
|
|
|
|
|
|
|
Ford Otomotiv Sanayi A.S. |
|
155,500 |
|
1,609,292 |
|
|
|
Tofas Turk Otomobil Fabrikasi A.S. |
|
626,600 |
|
3,165,685 |
* |
|
|
|
|
|
|
4,774,977 |
|
|
|
|
|
|
|
|
|
|
|
Cellular Telecommunication 4.81% |
|
|
|
|
|
|
|
Mobile TeleSystems OJSC |
|
800,000 |
|
5,894,615 |
|
|
|
Turkcell Iletisim Hizmetleri A.S. |
|
100,000 |
|
609,264 |
* |
|
|
Turkcell Iletisim Hizmetleri A.S., Sponsored ADR |
|
150,000 |
|
2,271,000 |
* |
|
|
|
|
|
|
8,774,879 |
|
|
|
|
|
|
|
|
|
|
|
Chemicals - Diversified 2.92% |
|
|
|
|
|
|
|
Synthos S.A. |
|
3,000,000 |
|
5,338,078 |
* |
|
|
|
|
|
|
|
|
|
|
Coal 0.01% |
|
|
|
|
|
|
|
Eastcoal, Inc. |
|
52,100 |
|
15,371 |
* |
|
|
|
|
|
|
|
|
|
|
Commercial Banks - Non US 16.05% |
|
|
|
|
|
|
|
Bank of Georgia Holdings plc |
|
163,478 |
|
3,357,776 |
* |
|
|
Erste Group Bank AG |
|
150,000 |
|
3,347,494 |
* |
|
|
Sberbank of Russia, Sponsored ADR |
|
1,127,000 |
|
13,219,710 |
* |
|
|
Sberbank of Russia, 144A, GDR |
|
375,000 |
|
4,398,750 |
* |
|
|
Turkiye Garanti Bankasi A.S. |
|
900,000 |
|
3,755,738 |
|
|
|
VTB Bank OJSC, Sponsored GDR |
|
364,800 |
|
1,214,784 |
|
|
|
|
|
|
|
29,294,252 |
|
|
|
|
|
|
|
|
|
|
|
Distribution/Wholesale 0.14% |
|
|
|
|
|
|
|
Bizim Toptan Satis Magazalari A.S. |
|
20,000 |
|
254,277 |
|
|
|
|
|
|
|
|
|
|
|
Electric - Generation 1.06% |
|
|
|
|
|
|
|
CEZ A.S. |
|
52,000 |
|
1,940,628 |
|
|
|
|
|
|
|
|
|
|
|
Finance - Investment Banker/Broker 1.22% |
|
|
|
|
|
|
|
Turkiye Sinai Kalkinma Bankasi A.S. |
|
2,008,313 |
|
2,234,873 |
* |
|
|
|
|
|
|
|
|
|
|
Food - Retail 2.93% |
|
|
|
|
|
|
|
Magnit OJSC |
|
40,000 |
|
5,339,616 |
|
|
|
|
|
|
|
|
|
|
|
Food - Wholesale/Distribution 2.49% |
|
|
|
|
|
|
|
Eurocash S.A. |
|
370,000 |
|
4,550,790 |
* |
|
|
|
|
|
|
|
|
|
|
Gold Mining 5.04% |
|
|
|
|
|
|
|
Centerra Gold, Inc. |
|
83,809 |
|
1,049,584 |
* |
|
|
Dundee Precious Metals, Inc. |
|
165,000 |
|
1,544,331 |
* |
|
|
Koza Altin Isletmeleri A.S. |
|
234,300 |
|
5,032,121 |
|
|
|
Polyus Gold International Ltd. |
|
450,000 |
|
1,574,987 |
* |
|
|
|
|
|
|
9,201,023 |
|
|
|
|
|
|
|
|
|
|
|
Machinery - Farm 1.63% |
|
|
|
|
|
|
|
Turk Traktor ve Ziraat Makineleri A.S. |
|
138,700 |
|
2,971,178 |
|
|
|
|
|
|
|
|
|
|
|
Metal - Diversified 2.09% |
|
|
|
|
|
|
|
MMC Norilsk Nickel OJSC, Sponsored ADR |
|
200,000 |
|
3,190,000 |
|
|
|
Orsu Metals Corp. |
|
664,240 |
|
87,849 |
* |
|
|
Orsu Metals Corp., 144A |
|
4,025,000 |
|
532,326 |
* |
|
|
|
|
|
|
3,810,175 |
|
|
|
Miscellaneous Manufacturers 0.90% |
|
|
|
|
|
|
|
Trakya Cam Sanayii A.S. |
|
1,453,465 |
|
1,641,694 |
* |
|
|
|
|
|
|
|
|
|
|
Oil Companies - Exploration & Production 12.67% |
|
|
|
|
|
|
|
BNK Petroleum, Inc. |
|
465,600 |
|
341,047 |
* |
|
|
Gazprom OAO, Sponsored ADR |
|
1,304,302 |
|
13,082,149 |
|
|
|
NovaTek OAO, Sponsored GDR |
|
82,000 |
|
9,700,600 |
|
|
|
|
|
|
|
23,123,796 |
|
|
|
|
|
|
|
|
|
|
|
Oil Companies - Integrated 20.51% |
|
|
|
|
|
|
|
Lukoil OAO, Sponsored ADR |
|
300,000 |
|
18,480,000 |
|
|
|
MOL Hungarian Oil & Gas Nyrt. |
|
42,200 |
|
3,494,237 |
* |
|
|
Surgutneftegas OJSC, Sponsored ADR |
|
442,200 |
|
3,988,644 |
* |
|
|
TNK-BP Holding |
|
4,214,800 |
|
11,469,120 |
|
|
|
|
|
|
|
37,432,001 |
|
|
|
|
|
|
|
|
|
|
|
Oil Refining & Marketing 1.63% |
|
|
|
|
|
|
|
Tupras Turkiye Petrol Rafinerileri A.S. |
|
130,500 |
|
2,977,048 |
|
|
|
|
|
|
|
|
|
|
|
Precious Metals 1.14% |
|
|
|
|
|
|
|
Polymetal International plc |
|
118,500 |
|
2,076,125 |
|
|
|
|
|
|
|
|
|
|
|
Retail - Automobile 0.55% |
|
|
|
|
|
|
|
Dogus Otomotiv Servis ve Ticaret A.S. |
|
300,000 |
|
1,011,546 |
* |
|
|
|
|
|
|
|
|
|
|
Telecom Services 0.89% |
|
|
|
|
|
|
|
Telefonica Czech Republic A.S. |
|
80,000 |
|
1,617,752 |
|
|
|
|
|
|
|
|
|
|
|
Telephone - Integrated 1.36% |
|
|
|
|
|
|
|
Rostelecom OJSC |
|
810,000 |
|
2,488,932 |
|
|
|
|
|
|
|
|
|
|
|
Tobacco 1.02% |
|
|
|
|
|
|
|
Philip Morris CR A.S. |
|
3,200 |
|
1,854,914 |
* |
|
|
|
|
|
|
|
|
|
|
Web Portals/Internet Service Providers 1.86% |
|
|
|
|
|
|
|
Yandex N.V., Class A |
|
140,700 |
|
3,392,277 |
*^ |
|
|
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
171,807,518 |
|
|
|
(cost $155,031,480) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock 1.10% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pipelines 1.10% |
|
|
|
|
|
|
|
AK Transneft OAO |
|
1,100 |
|
2,009,615 |
|
|
|
(cost $2,114,120) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trust (REIT) 0.78% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sinpas Gayrimenkul Yatirim Ortakligi A.S. |
|
2,000,000 |
|
1,424,399 |
* |
|
|
(cost $1,269,166) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange-Traded Fund (ETF) 0.21% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPDR Gold Trust |
|
2,200 |
|
378,444 |
* |
|
|
(cost $347,137) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants 1.93% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold Mining 1.93% |
|
|
|
|
|
|
|
Dundee Precious Metals, Inc., Warrants (November 2015) |
|
465,000 |
|
3,524,340 |
* |
|
|
(cost $1,523) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Securities |
|
|
|
179,144,316 |
|
|
|
(cost $158,763,426) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement 2.82% |
|
Principal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joint Tri-Party Repurchase Agreement,Credit Suisse Securities USA LLC, 09/28/2012, 0.18% due 10/1/2012, repurchase price $5,154,296, collateralized by U.S. Treasury securities held in a joint tri-party account (cost $5,154,219) |
|
$ |
5,154,219 |
|
5,154,219 |
|
|
Total Investments 100.97% |
|
|
|
184,298,535 |
|
|
|
(cost $163,917,645) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets and liabilities, net (0.97%) |
|
|
|
(1,767,386) |
|
|
|
|
|
|
|
|
|
|
|
Net Assets 100% |
|
|
|
$ |
182,531,149 |
|
|
|
|
|
|
|
|
|
|
Call Options Written |
|
Shares Subject
|
|
|
|
|
|
Lukoil OAO, Strike Price 58, Expiration Oct. 2012 |
|
100,000 |
|
$ |
420,000 |
|
|
Lukoil OAO, Strike Price 60, Expiration Oct. 2012 |
|
100,000 |
|
275,000 |
|
|
|
MMC Norilsk Nickel OJSC, Strike Price 17, Expiration Nov. 2012 |
|
200,000 |
|
60,000 |
|
|
|
NovaTek OAO, Strike Price 125, Expiration Oct. 2012 |
|
38,000 |
|
62,810 |
@ |
|
|
Sberbank of Russia, Strike Price 11, Expiration Oct. 2012 |
|
400,000 |
|
334,000 |
|
|
|
Sberbank of Russia, Strike Price 12, Expiration Oct. 2012 |
|
300,000 |
|
75,000 |
|
|
|
Yandex N.V., Strike Price 23, Expiration Nov. 2012 |
|
100,000 |
|
225,000 |
|
|
|
|
|
|
|
|
|
|
|
Total Call Options Written |
|
|
|
$ |
1,451,810 |
|
|
(premiums received $1,702,215) |
|
|
|
|
|
|
See notes to portfolios of investments.
|
Global Emerging Markets Fund |
|
|
Portfolio of Investments (unaudited) |
September 30, 2012 |
|
Common Stocks 83.34% |
|
Shares |
|
Value |
|
|
|
|
|
|
|
|
|
|
|
Advanced Materials/Products 0.98% |
|
|
|
|
|
|
|
OCI Materials Co., Ltd. |
|
2,000 |
|
$ |
78,928 |
* |
|
|
|
|
|
|
|
|
|
Agricultural Chemicals 4.21% |
|
|
|
|
|
|
|
Acron JSC |
|
2,000 |
|
88,910 |
* |
|
|
Bagfas Bandirma Gubre Fabrik |
|
800 |
|
78,342 |
* |
|
|
Gujarat State Fertilisers & Chemicals Ltd. |
|
59,500 |
|
90,021 |
* |
|
|
Zaklady Azotowe Pulawy S.A. |
|
2,100 |
|
80,633 |
* |
|
|
|
|
|
|
337,906 |
|
|
|
|
|
|
|
|
|
|
|
Agricultural Operations 1.76% |
|
|
|
|
|
|
|
Kim Loong Resources Bhd |
|
99,100 |
|
77,166 |
* |
|
|
Tradewinds Malaysia Bhd |
|
27,100 |
|
63,926 |
* |
|
|
|
|
|
|
141,092 |
|
|
|
|
|
|
|
|
|
|
|
Appliances 1.10% |
|
|
|
|
|
|
|
Kang Yong Electric PCL |
|
7,400 |
|
88,570 |
* |
|
|
|
|
|
|
|
|
|
|
Applications Software 1.98% |
|
|
|
|
|
|
|
Polaris Financial Technology Ltd. |
|
30,600 |
|
75,213 |
* |
|
|
Zensar Technologies Ltd. |
|
16,000 |
|
84,067 |
* |
|
|
|
|
|
|
159,280 |
|
|
|
|
|
|
|
|
|
|
|
Audio/Video Products 1.01% |
|
|
|
|
|
|
|
TCL Multimedia Technology Holdings Ltd. |
|
150,000 |
|
81,247 |
* |
|
|
|
|
|
|
|
|
|
|
Automotive - Cars & Light Trucks 0.98% |
|
|
|
|
|
|
|
DRB-Hicom Bhd |
|
102,900 |
|
78,442 |
|
|
|
|
|
|
|
|
|
|
|
Automotive/Truck Parts & Equipment - Original 0.98% |
|
|
|
|
|
|
|
Ways Technical Corp., Ltd. |
|
29,700 |
|
78,571 |
* |
|
|
|
|
|
|
|
|
|
|
Beverages - Wine/Spirits 1.11% |
|
|
|
|
|
|
|
Muhak Co., Ltd. |
|
7,800 |
|
89,299 |
* |
|
|
|
|
|
|
|
|
|
|
Building - Residential/Commercial 0.92% |
|
|
|
|
|
|
|
Xinyuan Real Estate Co., Ltd., Sponsored ADR |
|
26,000 |
|
74,100 |
* |
|
|
|
|
|
|
|
|
|
|
Chemicals - Diversified 1.23% |
|
|
|
|
|
|
|
Rain Commodities Ltd. |
|
127,600 |
|
98,998 |
* |
|
|
|
|
|
|
|
|
|
|
Chemicals - Specialty 0.92% |
|
|
|
|
|
|
|
Soda Sanayii A.S. |
|
46,000 |
|
73,969 |
* |
|
|
|
|
|
|
|
|
|
|
Coal 1.89% |
|
|
|
|
|
|
|
PT Indika Energy Tbk |
|
412,300 |
|
69,794 |
* |
|
|
PT Resource Alam Indonesia Tbk |
|
263,400 |
|
81,882 |
* |
|
|
|
|
|
|
151,676 |
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks - Non US 12.38% |
|
|
|
|
|
|
|
City Union Bank Ltd. |
|
94,000 |
|
93,893 |
* |
|
|
Dena Bank |
|
41,900 |
|
83,982 |
* |
|
|
Indian Overseas Bank |
|
51,100 |
|
75,766 |
* |
|
|
Karnataka Bank Ltd. |
|
48,400 |
|
100,304 |
* |
|
|
Karur Vysya Bank Ltd. |
|
10,900 |
|
84,670 |
* |
|
|
Oriental Bank of Commerce |
|
16,100 |
|
91,896 |
* |
|
|
PT Bank Bukopin Tbk |
|
1,350,000 |
|
90,282 |
* |
|
|
UCO Bank |
|
63,900 |
|
92,933 |
* |
|
|
United Bank of India |
|
80,400 |
|
97,480 |
* |
|
|
Vijaya Bank |
|
81,700 |
|
86,626 |
* |
|
|
Vozrozhdenie Bank |
|
5,000 |
|
96,715 |
* |
|
|
|
|
|
|
994,547 |
|
|
|
|
|
|
|
|
|
|
|
Distribution/Wholesale 0.87% |
|
|
|
|
|
|
|
Aygaz A.S. |
|
16,400 |
|
69,898 |
* |
|
|
Diversified Financial Services 2.19% |
|
|
|
|
|
|
Bajaj Finserv Ltd. |
|
5,800 |
|
95,699 |
* |
|
Indiabulls Financial Services Ltd. |
|
19,800 |
|
80,083 |
* |
|
|
|
|
|
175,782 |
|
|
|
|
|
|
|
|
|
Diversified Minerals 1.28% |
|
|
|
|
|
|
African Potash Ltd. |
|
200,000 |
|
24,625 |
* |
|
Lanna Resources PCL |
|
93,700 |
|
78,261 |
* |
|
|
|
|
|
102,886 |
|
|
|
|
|
|
|
|
|
Diversified Operations 1.13% |
|
|
|
|
|
|
Yazicilar Holding A.S., Class A |
|
11,700 |
|
91,139 |
* |
|
|
|
|
|
|
|
|
Electric - Generation 1.11% |
|
|
|
|
|
|
Torrent Power Ltd. |
|
26,700 |
|
88,840 |
* |
|
|
|
|
|
|
|
|
Electric - Integrated 1.11% |
|
|
|
|
|
|
First Philippine Holdings Corp. |
|
47,000 |
|
89,094 |
|
|
|
|
|
|
|
|
|
Electronic Components - Semiconductors 2.10% |
|
|
|
|
|
|
Eugene Technology Co., Ltd. |
|
5,400 |
|
66,187 |
* |
|
Spreadtrum Communications, Inc., Sponsored ADR |
|
4,976 |
|
102,306 |
* |
|
|
|
|
|
168,493 |
|
|
|
|
|
|
|
|
|
Engineering/R&D Services 1.09% |
|
|
|
|
|
|
Mudajaya Group Bhd |
|
98,000 |
|
87,211 |
* |
|
|
|
|
|
|
|
|
Entertainment Software 0.83% |
|
|
|
|
|
|
Shanda Games Ltd., Sponsored ADR |
|
17,500 |
|
66,325 |
* |
|
|
|
|
|
|
|
|
Finance - Investment Banker/Broker 1.97% |
|
|
|
|
|
|
China Bills Finance Corp. |
|
208,200 |
|
78,076 |
* |
|
NH Investment & Securities Co., Ltd. |
|
16,700 |
|
80,526 |
* |
|
|
|
|
|
158,602 |
|
|
|
|
|
|
|
|
|
Finance - Leasing Company 2.25% |
|
|
|
|
|
|
Manappuram Finance Ltd. |
|
115,300 |
|
86,840 |
* |
|
Woori Financial Co., Ltd. |
|
6,329 |
|
94,054 |
* |
|
|
|
|
|
180,894 |
|
|
|
|
|
|
|
|
|
Finance - Other Services 1.00% |
|
|
|
|
|
|
Bolsa de Valores de Colombia |
|
2,479,000 |
|
40,632 |
* |
|
Singapore Exchange Ltd. |
|
7,000 |
|
39,930 |
* |
|
|
|
|
|
80,562 |
|
|
|
|
|
|
|
|
|
Fisheries 0.75% |
|
|
|
|
|
|
China Fishery Group Ltd. |
|
103,000 |
|
60,433 |
* |
|
|
|
|
|
|
|
|
Food - Confectionery 1.45% |
|
|
|
|
|
|
Guan Chong Bhd |
|
173,400 |
|
116,867 |
* |
|
|
|
|
|
|
|
|
Food - Flour & Grain 1.06% |
|
|
|
|
|
|
Tiga Pilar Sejahtera Food Tbk |
|
1,114,100 |
|
84,984 |
* |
|
|
|
|
|
|
|
|
Food - Miscellaneous/Diversified 0.93% |
|
|
|
|
|
|
Empresas Iansa S.A. |
|
1,000,000 |
|
74,839 |
* |
|
|
|
|
|
|
|
|
Food - Retail 1.03% |
|
|
|
|
|
|
Kulim Malaysia Bhd |
|
51,200 |
|
82,583 |
* |
|
|
|
|
|
|
|
|
Gambling (Non-Hotel) 0.60% |
|
|
|
|
|
|
Asia Entertainment & Resources Ltd. |
|
16,000 |
|
48,000 |
* |
|
|
|
|
|
|
|
|
Gas - Distribution 1.11% |
|
|
|
|
|
|
Samchully Co., Ltd. |
|
1,000 |
|
88,895 |
* |
|
|
|
|
|
|
|
|
Gold Mining 0.36% |
|
|
|
|
|
|
Gran Colombia Gold Corp. |
|
78,100 |
|
29,001 |
* |
|
|
|
|
|
|
|
|
Housewares 0.98% |
|
|
|
|
|
|
Anadolu Cam Sanayii A.S. |
|
59,799 |
|
78,523 |
* |
|
Internet Content - Entertainment 1.10% |
|
|
|
|
|
|
Giant Interactive Group, Inc., Sponsored ADR |
|
17,100 |
|
88,749 |
* |
|
|
|
|
|
|
|
|
Machinery - Construction & Mining 1.10% |
|
|
|
|
|
|
Ferreycorp S.A.A. |
|
98,000 |
|
88,662 |
* |
|
|
|
|
|
|
|
|
Machinery - Farm 1.18% |
|
|
|
|
|
|
Turk Traktor ve Ziraat Makineleri A.S. |
|
4,426 |
|
94,812 |
|
|
|
|
|
|
|
|
|
Machinery - General Industrial 0.92% |
|
|
|
|
|
|
Alarko Carrier Sanayi ve Ticaret A.S. |
|
3,700 |
|
74,113 |
* |
|
|
|
|
|
|
|
|
Medical - Drugs 1.11% |
|
|
|
|
|
|
Strides Arcolab Ltd. |
|
5,254 |
|
88,775 |
* |
|
|
|
|
|
|
|
|
Metal - Diversified 1.40% |
|
|
|
|
|
|
Orsu Metals Corp. |
|
41,083 |
|
5,433 |
* |
|
Orsu Metals Corp., 144A |
|
200,000 |
|
26,451 |
* |
|
PT Aneka Tambang Persero Tbk |
|
568,600 |
|
80,210 |
* |
|
|
|
|
|
112,094 |
|
|
|
|
|
|
|
|
|
Miscellaneous Manufacturers 2.02% |
|
|
|
|
|
|
Trakya Cam Sanayii A.S. |
|
67,850 |
|
76,637 |
* |
|
Yem Chio Co., Ltd. |
|
106,553 |
|
85,728 |
* |
|
|
|
|
|
162,365 |
|
|
|
|
|
|
|
|
|
Multi-line Insurance 0.98% |
|
|
|
|
|
|
Allianz Malaysia Bhd |
|
38,700 |
|
78,502 |
* |
|
|
|
|
|
|
|
|
Oil Companies - Exploration & Production 1.82% |
|
|
|
|
|
|
Petrominerales Ltd. |
|
8,500 |
|
68,833 |
* |
|
PT Medco Energi internasional Tbk |
|
433,800 |
|
77,513 |
* |
|
|
|
|
|
146,346 |
|
|
|
|
|
|
|
|
|
Pastoral & Agricultural 1.07% |
|
|
|
|
|
|
PT Malindo Feedmill Tbk |
|
533,500 |
|
85,851 |
* |
|
|
|
|
|
|
|
|
Petrochemicals 0.90% |
|
|
|
|
|
|
Alexandria Mineral Oils Co. |
|
5,600 |
|
72,600 |
* |
|
|
|
|
|
|
|
|
Public Thoroughfares 1.23% |
|
|
|
|
|
|
Jaypee Infratech Ltd. |
|
100,700 |
|
98,968 |
* |
|
|
|
|
|
|
|
|
Real Estate Operating/Development 5.89% |
|
|
|
|
|
|
Cathay Real Estate Development Co., Ltd. |
|
185,000 |
|
88,927 |
* |
|
Jiangsu Future Land Co., Ltd., Class B |
|
128,800 |
|
77,538 |
* |
|
KrisAssets Holdings Bhd |
|
40,000 |
|
124,325 |
* |
|
Sansiri PCL |
|
1,200,000 |
|
111,320 |
|
|
Yungshin Construction & Development Co. |
|
42,500 |
|
71,285 |
* |
|
|
|
|
|
473,395 |
|
|
|
|
|
|
|
|
|
Retail - Jewelry 1.14% |
|
|
|
|
|
|
Gitanjali Gems Ltd. |
|
14,000 |
|
91,565 |
* |
|
|
|
|
|
|
|
|
Retail - Regional Department Store 0.96% |
|
|
|
|
|
|
Empresas Hites S.A. |
|
126,000 |
|
76,965 |
* |
|
|
|
|
|
|
|
|
Steel - Producers 1.19% |
|
|
|
|
|
|
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S., Class D |
|
147,100 |
|
95,761 |
|
|
|
|
|
|
|
|
|
Telecommunication Equipment 0.82% |
|
|
|
|
|
|
TCL Communication Technology Holdings Ltd. |
|
180,500 |
|
65,644 |
|
|
|
|
|
|
|
|
|
Tobacco 0.92% |
|
|
|
|
|
|
Eastern Tobacco |
|
5,000 |
|
73,728 |
|
|
|
|
|
|
|
|
|
Transportation - Marine 0.94% |
|
|
|
|
|
|
Wisdom Marine Lines Co., Ltd. |
|
55,700 |
|
75,766 |
* |
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
6,695,137 |
|
|
(cost $7,112,869) |
|
|
|
|
|
|
Preferred Stocks 2.15% |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Commercial Banks - Non US 2.15% |
|
|
|
|
|
||
|
Banco ABC Brasil S.A. |
|
14,011 |
|
83,627 |
* |
||
|
Banco Daycoval S.A. |
|
16,600 |
|
89,254 |
* |
||
|
|
|
|
|
|
|
||
|
Total Preferred Stocks |
|
|
|
172,881 |
|
||
|
(cost $182,947) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Exchange-Traded Funds (ETF) 3.58% |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
iShares FTSE China 25 Index Fund |
|
1,110 |
|
38,417 |
* |
||
|
iShares MSCI All Peru Capped Index Fund |
|
960 |
|
42,537 |
* |
||
|
iShares MSCI Hong Kong Index Fund |
|
2,280 |
|
41,496 |
|
||
|
iShares MSCI South Korea Index Fund |
|
680 |
|
40,208 |
* |
||
|
iShares MSCI Taiwan Index Fund |
|
3,100 |
|
41,416 |
* |
||
|
iShares MSCI Thailand Investable Market Index Fund |
|
530 |
|
40,190 |
* |
||
|
PowerShares India Portfolio |
|
2,280 |
|
42,796 |
* |
||
|
|
|
|
|
|
|
||
|
Total Exchange-Traded Funds |
|
|
|
287,060 |
|
||
|
(cost $275,326) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Convertible Debenture 1.24% |
|
Principal
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Metal - Iron 1.24% |
|
|
|
|
|
||
|
Andean Pacific Iron Corp., 1.00%, maturity 06/07/13 (RS) |
|
$ |
100,000 |
|
100,000 |
@ |
|
|
(cost $100,000) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Corporate Notes 0.98% |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Building - Heavy Construction 0.36% |
|
|
|
|
|
||
|
Arendal, S. de R.L. de C.V., 12.50%, maturity 10/30/12 |
|
28,800 |
|
28,800 |
|
||
|
|
|
|
|
|
|
||
|
Electric - Generation 0.62% |
|
|
|
|
|
||
|
Pacific Power Generation Corp., 15.00%, maturity 04/03/17 (RS) |
|
50,000 |
|
50,000 |
@ |
||
|
|
|
|
|
|
|
||
|
Total Corporate Notes |
|
|
|
78,800 |
|
||
|
(cost $78,224) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Total Investments 91.29% |
|
|
|
7,333,878 |
|
||
|
(cost $7,749,366) |
|
|
|
|
|
||
|
Other assets and liabilities, net 8.71% |
|
|
|
700,049 |
|
||
|
|
|
|
|
|
|
||
|
Net Assets 100% |
|
|
|
$ |
8,033,927 |
|
|
See notes to portfolios of investments.
China Region Fund
|
Portfolio of Investments (unaudited) |
|
September 30, 2012 |
|
Common Stocks 90.53% |
|
Shares |
|
Value |
|
|
|
|
|
|
|
|
|
|
|
Alternative Waste Technology 0.79% |
|
|
|
|
|
|
|
China Everbright International Ltd. |
|
422,000 |
|
$ |
223,134 |
* |
|
|
|
|
|
|
|
|
|
Building - Heavy Construction 0.90% |
|
|
|
|
|
|
|
China Railway Construction Corp., Ltd., H shares |
|
282,500 |
|
255,026 |
|
|
|
|
|
|
|
|
|
|
|
Building - Residential/Commercial 0.75% |
|
|
|
|
|
|
|
Land & Houses PCL |
|
713,600 |
|
210,631 |
* |
|
|
|
|
|
|
|
|
|
|
Building & Construction - Miscellaneous 2.83% |
|
|
|
|
|
|
|
China State Construction International Holdings Ltd. |
|
448,000 |
|
528,650 |
* |
|
|
PT Wijaya Karya Persero Tbk |
|
2,150,500 |
|
271,902 |
* |
|
|
|
|
|
|
800,552 |
|
|
|
|
|
|
|
|
|
|
|
Casino Hotels 4.00% |
|
|
|
|
|
|
|
Galaxy Entertainment Group Ltd. |
|
178,000 |
|
599,141 |
* |
|
|
NagaCorp Ltd. |
|
952,000 |
|
532,838 |
|
|
|
|
|
|
|
1,131,979 |
|
|
|
|
|
|
|
|
|
|
|
Cellular Telecommunication 11.38% |
|
|
|
|
|
|
|
Advanced Info Service PCL |
|
103,200 |
|
716,341 |
|
|
|
China Mobile Ltd., Sponsored ADR |
|
10,551 |
|
584,103 |
|
|
|
Far EasTone Telecommunications Co., Ltd. |
|
268,000 |
|
662,394 |
* |
|
|
Maxis Bhd |
|
232,900 |
|
527,292 |
|
|
|
Total Access Communication PCL |
|
242,500 |
|
727,579 |
* |
|
|
|
|
|
|
3,217,709 |
|
|
|
|
|
|
|
|
|
|
|
Computers 0.70% |
|
|
|
|
|
|
|
Quanta Computer, Inc. |
|
74,000 |
|
196,523 |
|
|
|
|
|
|
|
|
|
|
|
Computers - Other 2.22% |
|
|
|
|
|
|
|
Ju Teng International Holdings Ltd. |
|
1,500,000 |
|
626,765 |
* |
|
|
|
|
|
|
|
|
|
|
Computers - Peripheral Equipment 1.77% |
|
|
|
|
|
|
|
Chicony Electronics Co., Ltd. |
|
213,000 |
|
501,040 |
* |
|
|
|
|
|
|
|
|
|
|
Diversified Minerals 0.76% |
|
|
|
|
|
|
|
Woulfe Mining Corp. |
|
689,800 |
|
214,038 |
* |
|
|
|
|
|
|
|
|
|
|
Electric - Generation 2.19% |
|
|
|
|
|
|
|
Electricity Generating PCL |
|
147,000 |
|
619,851 |
* |
|
|
|
|
|
|
|
|
|
|
Electronic Components - Miscellaneous 6.59% |
|
|
|
|
|
|
|
AAC Technologies Holdings, Inc. |
|
164,000 |
|
591,145 |
|
|
|
Hon Hai Precision Industry Co., Ltd. |
|
128,000 |
|
401,459 |
|
|
|
LG Display Co., Ltd. |
|
17,000 |
|
432,758 |
* |
|
|
Phison Electronics Corp. |
|
23,000 |
|
185,440 |
* |
|
|
Radiant Opto-Electronics Corp. |
|
58,000 |
|
251,117 |
* |
|
|
Yageo Corp. |
|
1 |
|
0 |
*@ |
|
|
|
|
|
|
1,861,919 |
|
|
|
|
|
|
|
|
|
|
|
Electronic Components - Semiconductors 2.18% |
|
|
|
|
|
|
|
Samsung Electronics Co., Ltd. |
|
510 |
|
616,394 |
|
|
|
|
|
|
|
|
|
|
|
Finance - Other Services 0.46% |
|
|
|
|
|
|
|
Singapore Exchange Ltd. |
|
23,000 |
|
131,198 |
* |
|
|
|
|
|
|
|
|
|
|
Gas - Distribution 5.65% |
|
|
|
|
|
|
|
China Resources Gas Group Ltd. |
|
340,000 |
|
694,548 |
* |
|
|
Petronas Gas Bhd |
|
49,000 |
|
304,597 |
|
|
|
Towngas China Co., Ltd. |
|
803,000 |
|
596,495 |
* |
|
|
|
|
|
|
1,595,640 |
|
|
|
Gold Mining 0.25% |
|
|
|
|
|
|
Olympus Pacific Minerals, Inc. |
|
319,410 |
|
69,864 |
* |
|
|
|
|
|
|
|
|
Internet Application Software 4.26% |
|
|
|
|
|
|
Tencent Holdings Ltd. |
|
35,200 |
|
1,202,977 |
|
|
|
|
|
|
|
|
|
Non - Ferrous Metals 0.17% |
|
|
|
|
|
|
Sterling Group Ventures, Inc., 144A |
|
500,000 |
|
48,750 |
* |
|
|
|
|
|
|
|
|
Petrochemicals 0.00% |
|
|
|
|
|
|
Danhua Chemical Technology Co., Ltd., B shares |
|
2 |
|
2 |
* |
|
|
|
|
|
|
|
|
Photo Equipment & Supplies 2.72% |
|
|
|
|
|
|
Sunny Optical Technology Group Co., Ltd. |
|
1,390,000 |
|
769,025 |
* |
|
|
|
|
|
|
|
|
Public Thoroughfares 1.00% |
|
|
|
|
|
|
PT Jasa Marga Persero Tbk |
|
464,000 |
|
283,636 |
|
|
|
|
|
|
|
|
|
Real Estate Management & Services 1.87% |
|
|
|
|
|
|
SM Prime Holdings, Inc. |
|
1,553,500 |
|
529,327 |
|
|
|
|
|
|
|
|
|
Real Estate Operating/Development 17.04% |
|
|
|
|
|
|
China Overseas Grand Oceans Group Ltd. |
|
318,000 |
|
314,551 |
* |
|
China Overseas Land & Investment Ltd. |
|
90,000 |
|
229,582 |
|
|
China Vanke Co., Ltd., B shares |
|
229,700 |
|
288,825 |
|
|
Franshion Properties China Ltd. |
|
1,290,000 |
|
394,282 |
* |
|
LPN Development PCL |
|
490,000 |
|
298,800 |
|
|
Mongolia Growth Group Ltd. |
|
30,000 |
|
119,030 |
* |
|
New World China Land Ltd. |
|
478,000 |
|
184,318 |
* |
|
Robinsons Land Corp. |
|
764,800 |
|
349,413 |
|
|
Shimao Property Holdings Ltd. |
|
130,000 |
|
223,314 |
|
|
Sunac China Holdings Ltd. |
|
2,142,000 |
|
1,041,428 |
* |
|
Supalai PCL |
|
535,900 |
|
340,695 |
|
|
Vista Land & Lifescapes, Inc. |
|
5,070,000 |
|
581,514 |
|
|
Yuexiu Property Co., Ltd. |
|
1,788,000 |
|
451,952 |
|
|
|
|
|
|
4,817,704 |
|
|
|
|
|
|
|
|
|
Retail - Jewelry 0.00% |
|
|
|
|
|
|
Lao Feng Xiang Co., Ltd., B shares |
|
1 |
|
2 |
* |
|
|
|
|
|
|
|
|
Telecom Services 8.33% |
|
|
|
|
|
|
DiGi.Com Bhd |
|
200,000 |
|
345,493 |
|
|
PT Telekomunikasi Indonesia Persero Tbk, Sponsored ADR |
|
9,000 |
|
350,370 |
|
|
PT Tower Bersama Infrastructure Tbk |
|
696,000 |
|
323,636 |
* |
|
Shin Corp. PCL |
|
344,200 |
|
764,765 |
* |
|
Telecom Corp. of New Zealand Ltd., Sponsored ADR |
|
31,493 |
|
306,112 |
|
|
Telekom Malaysia Bhd |
|
130,000 |
|
263,275 |
|
|
|
|
|
|
2,353,651 |
|
|
|
|
|
|
|
|
|
Telephone - Integrated 0.94% |
|
|
|
|
|
|
Philippine Long Distance Telephone Co., Sponsored ADR |
|
4,020 |
|
265,360 |
|
|
|
|
|
|
|
|
|
Water 6.92% |
|
|
|
|
|
|
Eastern Water Resources Development & Management PCL |
|
808,100 |
|
351,234 |
* |
|
Guangdong Investment Ltd. |
|
677,200 |
|
532,740 |
|
|
Manila Water Co., Inc. |
|
490,000 |
|
317,457 |
|
|
Thai Tap Water Supply PCL |
|
3,060,000 |
|
754,330 |
|
|
|
|
|
|
1,955,761 |
|
|
|
|
|
|
|
|
|
Web Portals/Internet Service Providers 1.71% |
|
|
|
|
|
|
Baidu, Inc., Sponsored ADR |
|
1,400 |
|
163,548 |
* |
|
NHN Corp. |
|
1,228 |
|
320,323 |
|
|
|
|
|
|
483,871 |
|
|
|
|
|
|
|
|
|
Wireless Equipment 2.15% |
|
|
|
|
|
|
China Wireless Technologies Ltd. |
|
2,496,000 |
|
608,380 |
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
25,590,709 |
|
|
(cost $22,846,046) |
|
|
|
|
|
|
Exchange-Traded Funds (ETF) 2.51% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares FTSE China 25 Index Fund |
|
4,000 |
|
138,440 |
* |
|
|
iShares MSCI Hong Kong Index Fund |
|
7,960 |
|
144,872 |
|
|
|
iShares MSCI South Korea Index Fund |
|
2,400 |
|
141,912 |
* |
|
|
iShares MSCI Taiwan Index Fund |
|
10,830 |
|
144,689 |
* |
|
|
iShares MSCI Thailand Investable Market Index Fund |
|
1,830 |
|
138,769 |
* |
|
|
|
|
|
|
|
|
|
|
Total Exchange-Traded Funds |
|
|
|
708,682 |
|
|
|
(cost $690,628) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased Call Options 0.63% |
|
Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
Electronic Components - Semiconductors 0.01% |
|
|
|
|
|
|
|
Spreadtrum Communications, Inc., Strike Price 22, Expiration Oct. 2012 |
|
100 |
|
4,000 |
|
|
|
|
|
|
|
|
|
|
|
Exchange-Traded Funds 0.16% |
|
|
|
|
|
|
|
SPDR Gold Trust, Strike Price 160, Expiration Dec. 2012 |
|
34 |
|
45,560 |
|
|
|
|
|
|
|
|
|
|
|
Internet Content - Entertainment 0.19% |
|
|
|
|
|
|
|
NetEase, Inc., Strike Price 52.50, Expiration Oct. 2012 |
|
60 |
|
27,000 |
|
|
|
NetEase, Inc., Strike Price 52.50, Expiration Dec. 2012 |
|
40 |
|
26,800 |
|
|
|
|
|
|
|
53,800 |
|
|
|
|
|
|
|
|
|
|
|
Web Portals/Internet Service Providers 0.27% |
|
|
|
|
|
|
|
Baidu, Inc., Strike Price 115, Expiration Oct. 2012 |
|
150 |
|
74,850 |
|
|
|
|
|
|
|
|
|
|
|
Total Purchased Call Options |
|
|
|
178,210 |
|
|
|
(cost $110,176) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments 93.67% |
|
|
|
26,477,601 |
|
|
|
(cost $23,646,850) |
|
|
|
|
|
|
|
Other assets and liabilities, net 6.33% |
|
|
|
1,790,589 |
|
|
|
|
|
|
|
|
|
|
|
Net Assets 100% |
|
|
|
$ |
28,268,190 |
|
|
|
|
|
|
|
|
|
|
Put Options Written |
|
Shares Subject
|
|
|
|
|
|
Baidu, Inc., Strike Price 105, Expiration Oct. 2012 |
|
2,500 |
|
$ |
1,875 |
|
|
NetEase, Inc., Strike Price 50, Expiration Dec. 2012 |
|
4,000 |
|
8,600 |
|
|
|
Spreadtrum Communications, Inc., Strike Price 19, Expiration Oct. 2012 |
|
10,000 |
|
4,000 |
|
|
|
|
|
|
|
|
|
|
|
Total Put Options Written |
|
|
|
$ |
14,475 |
|
|
(premiums received $25,380) |
|
|
|
|
|
|
See notes to portfolios of investments.
|
Notes to Portfolios of Investments (unaudited) |
September 30, 2012 |
|
Legend
|
|
|
* Non-income producing security |
RS Restricted Security (see following) |
|
+ Affiliated company (see following) |
ZCB Zero Coupon Bond |
|
ADR American Depositary Receipt |
^ Security or portion of security segregated as |
|
GDR Global Depositary Receipt |
collateral for written options |
|
GO General Obligation Bond |
CAD Principal shown in Canadian dollars |
@ Security was fair valued at September 30, 2012, by U.S. Global Investors, Inc. (Adviser) in accordance with valuation procedures approved by the Board of Trustees. See the Fair Valuation of Securities section of these Notes to Portfolios of Investments for further discussion of fair valued securities. See further information and detail on restricted securities in the Restricted Securities section of these Notes to Portfolios of Investments.
General
The yields reflect the effective yield from the date of purchase.
Variable Rate Notes have periodic reset features, which effectively shorten the maturity dates and reset the interest rates as tied to various interest-bearing instruments. Rates shown are current rates at September 30, 2012.
Principal amounts are in U.S. dollars unless otherwise noted.
Securities with a 144A designation are exempt from registration under Rule 144A of the Securities Act of 1933.
U.S. Global Investors Funds, a Delaware statutory trust, consists of thirteen separate funds (Funds). For more comprehensive information on the Funds’ organization and significant accounting policies, please refer to the most recent semi-annual or annual report.
Security Valuations
The Funds value investments traded on national or international securities exchanges or over-the-counter at the last sales price reported by the security’s primary exchange of its market at the time of daily valuation. Securities for which no sale was reported are valued at the mean between the last reported bid and asked quotation. Short-term investments with effective maturities of sixty days or less at the date of purchase are valued at amortized cost, which approximates market value. Municipal securities, long-term U.S. government obligations and corporate debt securities are valued by an independent pricing service using an evaluated quote based on such factors as institutional-size trading in similar groups of securities, yield, quality, maturity, coupon rate, type of issue, individual trading characteristics and other market data.
Fair Valuation of Securities
Securities for which market quotations are not readily available or which are subject to legal restrictions are valued at their fair value as determined in good faith by the Adviser’s Valuation Committee, under policies and procedures established by the Funds’ Board of Trustees. 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 at the measurement date. The Valuation Committee meets on a regular basis to review securities which may not have readily available market prices and considers a number of factors in determining fair value, including nature and duration of any trading restrictions, trading volume, market values of unrestricted shares of the same or similar class, investment management’s judgment regarding the market experience of the issuer, financial status and other operational and market factors affecting the issuer, issuer’s management, quality of the underlying property based on review of independent geological studies and other relevant matters. The fair values may differ from what would have been used had a broader market for these securities existed. The Valuation Committee regularly reviews inputs and assumptions and performs transactional back-testing and disposition analysis. The Valuation Committee reports quarterly to the Funds’ Board of Trustees.
For securities traded on international exchanges, if events which may materially affect the value of a Fund’s securities occur after the close of the primary exchange and before a Fund’s net asset value is next determined, then those securities will be valued at their fair value as determined in good faith under the supervision of the Board of Trustees. The Funds may use a systematic fair value model provided by an independent third party to value international securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the New York Stock Exchange, or foreign market holidays.
The Funds use a three-tier hierarchy based on the inputs used in valuation to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs are inputs from independent sources, while unobservable inputs are inputs that reflect the Funds’ own assumptions.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term U.S. government obligations are valued using amortized cost, in accordance with the Investment Company Act of 1940. Generally, amortized cost reflects the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. Because of the inherent uncertainties of valuation, the values reflected in the portfolios may materially differ from the values received upon actual sale of those investments.
The three levels defined by the fair value hierarchy are as follows:
Level 1– Quoted prices in active markets for identical securities.
Level 2 – Prices determined using significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Short-term securities with maturities of 60 days or less are valued at amortized cost, which approximates market value, and are categorized as Level 2 in the hierarchy. Municipal securities, long-term U.S. government obligations and corporate debt securities are valued in accordance with the evaluated price supplied by the pricing service and generally categorized as Level 2 in the hierarchy. Other securities that are categorized as Level 2 in the hierarchy include, but are not limited to, warrants that do not trade on an exchange, securities for which no sale was reported (valued at the mean between the last reported bid and ask quotation) and international equity securities valued by an independent third party in order to adjust for stale pricing and foreign market holidays.
Level 3 – Prices determined using significant unobservable inputs (including the Fund’s own assumptions). For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used in determining fair value.
In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. The ASU requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The ASU is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. At this time, the Funds do not have netting agreements that will fall under the provisions of this pronouncement and do not intend to enter into such agreements in the future. Therefore, management does not anticipate that this pronouncement will have a material impact on the financial statements.
The following table summarizes the valuation of each Fund’s securities as of September 30, 2012, using the fair value hierarchy:
|
|
|
Quoted Prices in
|
|
Significant Other
|
|
Significant
|
|
Total |
||||
|
U.S. Treasury Securities Cash Fund |
|
|
|
|
|
|
|
|
||||
|
Investments in Securities* |
|
|
|
|
|
|
|
|
||||
|
Repurchase Agreements |
|
$ |
82,289,518 |
|
$ |
– |
|
$ |
– |
|
$ |
82,289,518 |
|
Total |
|
$ |
82,289,518 |
|
$ |
– |
|
$ |
– |
|
$ |
82,289,518 |
|
|
|
|
|
|
|
|
|
|
||||
|
U.S. Government Securities Savings Fund |
|
|
|
|
|
|
|
|
||||
|
Investments in Securities* |
|
|
|
|
|
|
|
|
||||
|
U.S. Government and Agency Obligations |
|
$ |
– |
|
$ |
67,852,699 |
|
$ |
– |
|
$ |
67,852,699 |
|
Repurchase Agreements |
|
81,614,100 |
|
– |
|
– |
|
81,614,100 |
||||
|
Total |
|
$ |
81,614,100 |
|
$ |
67,852,699 |
|
$ |
– |
|
$ |
149,466,799 |
|
|
|
|
|
|
|
|
|
|
||||
|
Near-Term Tax Free Fund |
|
|
|
|
|
|
|
|
||||
|
Investments in Securities* |
|
|
|
|
|
|
|
|
||||
|
Municipal Bonds |
|
$ |
– |
|
$ |
37,444,265 |
|
$ |
– |
|
$ |
37,444,265 |
|
Repurchase Agreement |
|
2,816,794 |
|
– |
|
– |
|
2,816,794 |
||||
|
Total |
|
$ |
2,816,794 |
|
$ |
37,444,265 |
|
$ |
– |
|
$ |
40,261,059 |
|
|
|
|
|
|
|
|
|
|
||||
|
Tax Free Fund |
|
|
|
|
|
|
|
|
||||
|
Investments in Securities* |
|
|
|
|
|
|
|
|
||||
|
Municipal Bonds |
|
$ |
– |
|
$ |
21,406,826 |
|
$ |
– |
|
$ |
21,406,826 |
|
Total |
|
$ |
– |
|
$ |
21,406,826 |
|
$ |
– |
|
$ |
21,406,826 |
|
|
|
|
|
|
|
|
|
|
||||
|
All American Equity Fund |
|
|
|
|
|
|
|
|
||||
|
Investments in Securities* |
|
|
|
|
|
|
|
|
||||
|
Common Stocks |
|
$ |
16,021,328 |
|
$ |
– |
|
$ |
– |
|
$ |
16,021,328 |
|
Real Estate Investment Trust |
|
214,170 |
|
– |
|
– |
|
214,170 |
||||
|
Exchange-Traded Funds |
|
525,384 |
|
– |
|
– |
|
525,384 |
||||
|
Purchased Call Options |
|
36,225 |
|
13,575 |
|
– |
|
49,800 |
||||
|
Repurchase Agreement |
|
865,470 |
|
– |
|
– |
|
865,470 |
||||
|
Total |
|
$ |
17,662,577 |
|
$ |
13,575 |
|
$ |
– |
|
$ |
17,676,152 |
|
Holmes Growth Fund |
|
|
|
|
|
|
|
|
||||
|
Investments in Securities* |
|
|
|
|
|
|
|
|
||||
|
Common Stocks: |
|
|
|
|
|
|
|
|
||||
|
Metal - Iron |
|
$ |
– |
|
$ |
– |
|
$ |
100,000 |
|
$ |
100,000 |
|
Quarrying |
|
– |
|
– |
|
379,951 |
|
379,951 |
||||
|
Real Estate Operating/Development |
|
– |
|
– |
|
100,000 |
|
100,000 |
||||
|
All Other Common Stocks |
|
32,841,087 |
|
– |
|
– |
|
32,841,087 |
||||
|
Exchange-Traded Funds |
|
1,010,086 |
|
– |
|
– |
|
1,010,086 |
||||
|
Warrants: |
|
|
|
|
|
|
|
|
||||
|
Medical - Hospitals |
|
– |
|
– |
|
– |
|
– |
||||
|
Purchased Call Options: |
|
|
|
|
|
|
|
|
||||
|
Exchange-Traded Funds |
|
72,450 |
|
27,150 |
|
– |
|
99,600 |
||||
|
Convertible Debenture: |
|
|
|
|
|
|
|
|
||||
|
Metal - Iron |
|
– |
|
– |
|
100,000 |
|
100,000 |
||||
|
Silver-Linked Note |
|
268,600 |
|
– |
|
– |
|
268,600 |
||||
|
Corporate Notes: |
|
|
|
|
|
|
|
|
||||
|
Building - Heavy Construction |
|
– |
|
123,200 |
|
– |
|
123,200 |
||||
|
Electric - Generation |
|
– |
|
– |
|
150,000 |
|
150,000 |
||||
|
Repurchase Agreement |
|
3,098,490 |
|
– |
|
– |
|
3,098,490 |
||||
|
Total |
|
$ |
37,290,713 |
|
$ |
150,350 |
|
$ |
829,951 |
|
$ |
38,271,014 |
|
|
|
|
|
|
|
|
|
|
||||
|
Global MegaTrends Fund |
|
|
|
|
|
|
|
|
||||
|
Investments in Securities* |
|
|
|
|
|
|
|
|
||||
|
Common Stocks: |
|
|
|
|
|
|
|
|
||||
|
Electric - Generation |
|
$ |
– |
|
$ |
– |
|
$ |
23,358 |
|
$ |
23,358 |
|
Energy - Alternate Sources |
|
– |
|
– |
|
100,000 |
|
100,000 |
||||
|
Metal - Iron |
|
– |
|
– |
|
100,000 |
|
100,000 |
||||
|
Quarrying |
|
– |
|
– |
|
520,081 |
|
520,081 |
||||
|
Real Estate Operating/Development |
|
– |
|
– |
|
326,533 |
|
326,533 |
||||
|
All Other Common Stocks |
|
10,434,556 |
|
– |
|
– |
|
10,434,556 |
||||
|
Real Estate Investment Trusts |
|
304,935 |
|
– |
|
– |
|
304,935 |
||||
|
Warrants |
|
283 |
|
– |
|
– |
|
283 |
||||
|
Purchased Put Option |
|
20,125 |
|
– |
|
– |
|
20,125 |
||||
|
Master Limited Partnership |
|
142,443 |
|
– |
|
– |
|
142,443 |
||||
|
Convertible Debenture: |
|
|
|
|
|
|
|
|
||||
|
Metal - Iron |
|
– |
|
– |
|
100,000 |
|
100,000 |
||||
|
Silver-Linked Note |
|
92,650 |
|
– |
|
– |
|
92,650 |
||||
|
Corporate Notes: |
|
|
|
|
|
|
|
|
||||
|
Building - Heavy Construction |
|
– |
|
49,600 |
|
– |
|
49,600 |
||||
|
Electric - Generation |
|
– |
|
– |
|
100,000 |
|
100,000 |
||||
|
Total |
|
$ |
10,994,992 |
|
$ |
49,600 |
|
$ |
1,269,972 |
|
$ |
12,314,564 |
|
|
|
|
|
|
|
|
|
|
||||
|
Global Resources Fund |
|
|
|
|
|
|
|
|
||||
|
Investments in Securities* |
|
|
|
|
|
|
|
|
||||
|
Common Stocks: |
|
|
|
|
|
|
|
|
||||
|
Diversified Minerals |
|
$ |
22,129,895 |
|
$ |
384,048 |
|
$ |
– |
|
$ |
22,513,943 |
|
Electric - Generation |
|
– |
|
– |
|
325,779 |
|
325,779 |
||||
|
Energy - Alternate Sources |
|
– |
|
– |
|
2,400,000 |
|
2,400,000 |
||||
|
Gold Mining |
|
49,788,730 |
|
25,637 |
|
5,187 |
|
49,819,554 |
||||
|
Metal - Copper |
|
33,890,958 |
|
210,947 |
|
– |
|
34,101,905 |
||||
|
Metal - Diversified |
|
294,205 |
|
31,792 |
|
2,250,000 |
|
2,575,997 |
||||
|
Metal - Iron |
|
133,908 |
|
– |
|
2,600,000 |
|
2,733,908 |
||||
|
Mining Services |
|
1,471,069 |
|
– |
|
285,258 |
|
1,756,327 |
||||
|
Natural Resource Technology |
|
– |
|
– |
|
50,947 |
|
50,947 |
||||
|
Non - Ferrous Metals |
|
1,372,806 |
|
48,750 |
|
– |
|
1,421,556 |
||||
|
Oil Companies - Exploration & Production |
|
55,943,710 |
|
884,783 |
|
– |
|
56,828,493 |
||||
|
Oil Refining & Marketing |
|
10,400,040 |
|
– |
|
430,598 |
|
10,830,638 |
||||
|
Platinum |
|
– |
|
– |
|
– |
|
– |
||||
|
Quarrying |
|
9,025,390 |
|
– |
|
4,900,009 |
|
13,925,399 |
||||
|
Real Estate Operating/Development |
|
1,130,780 |
|
– |
|
7,443,544 |
|
8,574,324 |
||||
|
All Other Common Stocks |
|
259,268,751 |
|
– |
|
– |
|
259,268,751 |
||||
|
Real Estate Investment Trusts |
|
21,902,204 |
|
– |
|
– |
|
21,902,204 |
||||
|
Exchange-Traded Fund |
|
628,500 |
|
– |
|
– |
|
628,500 |
||||
|
Warrants: |
|
|
|
|
|
|
|
|
||||
|
Diversified Minerals |
|
19,345 |
|
– |
|
– |
|
19,345 |
||||
|
Medical - Hospitals |
|
– |
|
– |
|
– |
|
– |
||||
|
Metal - Copper |
|
– |
|
– |
|
– |
|
– |
||||
|
Oil Companies - Exploration & Production |
|
906,545 |
|
– |
|
– |
|
906,545 |
||||
|
All Other Warrants |
|
8,436,020 |
|
– |
|
– |
|
8,436,020 |
||||
|
Purchased Put Options: |
|
|
|
|
|
|
|
|
||||
|
Exchange-Traded Funds |
|
135,000 |
|
142,000 |
|
– |
|
277,000 |
||||
|
Master Limited Partnerships |
|
27,393,410 |
|
– |
|
– |
|
27,393,410 |
||||
|
Convertible Debenture: |
|
|
|
|
|
|
|
|
||||
|
Diversified Minerals |
|
– |
|
– |
|
508,673 |
|
508,673 |
||||
|
Silver-Linked Note |
|
5,697,550 |
|
– |
|
– |
|
5,697,550 |
||||
|
Corporate Notes: |
|
|
|
|
|
|
|
|
||||
|
Building - Heavy Construction |
|
– |
|
1,412,800 |
|
– |
|
1,412,800 |
||||
|
Electric - Generation |
|
– |
|
– |
|
3,000,000 |
|
3,000,000 |
||||
|
Mining Services |
|
– |
|
820,000 |
|
– |
|
820,000 |
||||
|
Repurchase Agreement |
|
25,761,922 |
|
– |
|
– |
|
25,761,922 |
||||
|
Total |
|
$ |
535,730,738 |
|
$ |
3,960,757 |
|
$ |
24,199,995 |
|
$ |
563,891,490 |
|
|
|
|
|
|
|
|
|
|
||||
|
World Precious Minerals Fund |
|
|
|
|
|
|
|
|
||||
|
Investments in Securities* |
|
|
|
|
|
|
|
|
||||
|
Common Stocks: |
|
|
|
|
|
|
|
|
||||
|
Diversified Minerals |
|
$ |
13,626,646 |
|
$ |
825,564 |
|
$ |
– |
|
$ |
14,452,210 |
|
Gold Mining |
|
209,703,581 |
|
2,349,765 |
|
2,751,790 |
|
214,805,136 |
||||
|
Metal - Copper |
|
2,173,539 |
|
– |
|
– |
|
2,173,539 |
||||
|
Metal - Diversified |
|
12,978,837 |
|
468,144 |
|
– |
|
13,446,981 |
||||
|
Oil Companies - Exploration & Production |
|
– |
|
– |
|
– |
|
– |
||||
|
Platinum |
|
2,350,374 |
|
98,555 |
|
– |
|
2,448,929 |
||||
|
All Other Common Stocks |
|
67,836,497 |
|
– |
|
– |
|
67,836,497 |
||||
|
Exchange-Traded Funds |
|
5,162,539 |
|
– |
|
– |
|
5,162,539 |
||||
|
Warrants: |
|
|
|
|
|
|
|
|
||||
|
Gold Mining |
|
16,066,816 |
|
9,919 |
|
– |
|
16,076,735 |
||||
|
Medical - Hospitals |
|
– |
|
– |
|
– |
|
– |
||||
|
Metal - Copper |
|
– |
|
– |
|
– |
|
– |
||||
|
Metal - Diversified |
|
– |
|
12,729 |
|
– |
|
12,729 |
||||
|
All Other Warrants |
|
1,170,973 |
|
– |
|
– |
|
1,170,973 |
||||
|
Special Warrants: |
|
|
|
|
|
|
|
|
||||
|
Gold/Mineral Exploration & Development |
|
– |
|
– |
|
– |
|
– |
||||
|
Purchased Call Options: |
|
|
|
|
|
|
|
|
||||
|
Gold Mining |
|
4,555,896 |
|
4,111,220 |
|
– |
|
8,667,116 |
||||
|
All Other Purchased Call Options |
|
1,906,675 |
|
– |
|
– |
|
1,906,675 |
||||
|
Purchased Put Options |
|
495,385 |
|
– |
|
– |
|
495,385 |
||||
|
Convertible Debenture: |
|
|
|
|
|
|
|
|
||||
|
Metal - Iron |
|
– |
|
– |
|
1,200,000 |
|
1,200,000 |
||||
|
Silver-Linked Note |
|
7,180,800 |
|
– |
|
– |
|
7,180,800 |
||||
|
Corporate Note: |
|
|
|
|
|
|
|
|
||||
|
Electric - Generation |
|
– |
|
– |
|
800,000 |
|
800,000 |
||||
|
Repurchase Agreement |
|
32,361,738 |
|
– |
|
– |
|
32,361,738 |
||||
|
Total |
|
$ |
377,570,296 |
|
$ |
7,875,896 |
|
$ |
4,751,790 |
|
$ |
390,197,982 |
|
|
|
|
|
|
|
|
|
|
||||
|
Gold and Precious Metals Fund |
|
|
|
|
|
|
|
|
||||
|
Investments in Securities* |
|
|
|
|
|
|
|
|
||||
|
Common Stocks |
|
$ |
137,189,706 |
|
$ |
– |
|
$ |
– |
|
$ |
137,189,706 |
|
Exchange-Traded Funds |
|
2,340,739 |
|
– |
|
– |
|
2,340,739 |
||||
|
Warrants: |
|
|
|
|
|
|
|
|
||||
|
Gold Mining |
|
11,973,514 |
|
– |
|
– |
|
11,973,514 |
||||
|
Medical - Hospitals |
|
– |
|
– |
|
– |
|
– |
||||
|
All Other Warrants |
|
657,224 |
|
– |
|
– |
|
657,224 |
||||
|
Purchased Call Options: |
|
|
|
|
|
|
|
|
||||
|
Gold Mining |
|
2,092,654 |
|
1,871,816 |
|
– |
|
3,964,470 |
||||
|
All Other Purchased Call Options |
|
886,300 |
|
– |
|
– |
|
886,300 |
||||
|
Purchased Put Options |
|
226,464 |
|
– |
|
– |
|
226,464 |
||||
|
Master Limited Partnership |
|
1,899,700 |
|
– |
|
– |
|
1,899,700 |
||||
|
Silver-Linked Note |
|
3,825,000 |
|
– |
|
– |
|
3,825,000 |
||||
|
Corporate Notes: |
|
|
|
|
|
|
|
|
||||
|
Gold Mining |
|
– |
|
6,075,072 |
|
– |
|
6,075,072 |
||||
|
Electric - Generation |
|
– |
|
– |
|
300,000 |
|
300,000 |
||||
|
Repurchase Agreement |
|
20,224,205 |
|
– |
|
– |
|
20,224,205 |
||||
|
Total |
|
$ |
181,315,506 |
|
$ |
7,946,888 |
|
$ |
300,000 |
|
$ |
189,562,394 |
|
Eastern European Fund |
|
|
|
|
|
|
|
|
||||
|
Investments in Securities* |
|
|
|
|
|
|
|
|
||||
|
Common Stocks |
|
$ |
171,807,518 |
|
$ |
– |
|
$ |
– |
|
$ |
171,807,518 |
|
Preferred Stock |
|
2,009,615 |
|
– |
|
– |
|
2,009,615 |
||||
|
Real Estate Investment Trust |
|
1,424,399 |
|
– |
|
– |
|
1,424,399 |
||||
|
Exchange-Traded Fund |
|
378,444 |
|
– |
|
– |
|
378,444 |
||||
|
Warrants |
|
3,524,340 |
|
– |
|
– |
|
3,524,340 |
||||
|
Repurchase Agreement |
|
5,154,219 |
|
– |
|
– |
|
5,154,219 |
||||
|
Total |
|
$ |
184,298,535 |
|
$ |
– |
|
$ |
– |
|
$ |
184,298,535 |
|
Other Financial Instruments** |
|
|
|
|
|
|
|
|
||||
|
Written Options |
|
$ |
(16,285 |
) |
$ |
170,000 |
|
$ |
96,690 |
|
$ |
250,405 |
|
|
|
|
|
|
|
|
|
|
||||
|
Global Emerging Markets Fund |
|
|
|
|
|
|
|
|
||||
|
Investments in Securities* |
|
|
|
|
|
|
|
|
||||
|
Common Stocks |
|
$ |
6,695,137 |
|
$ |
– |
|
$ |
– |
|
$ |
6,695,137 |
|
Preferred Stocks |
|
172,881 |
|
– |
|
– |
|
172,881 |
||||
|
Exchange-Traded Funds |
|
287,060 |
|
– |
|
– |
|
287,060 |
||||
|
Convertible Debenture: |
|
|
|
|
|
|
|
|
||||
|
Metal - Iron |
|
– |
|
– |
|
100,000 |
|
100,000 |
||||
|
Corporate Notes: |
|
|
|
|
|
|
|
|
||||
|
Building - Heavy Construction |
|
– |
|
28,800 |
|
– |
|
28,800 |
||||
|
Electric - Generation |
|
– |
|
– |
|
50,000 |
|
50,000 |
||||
|
Total |
|
$ |
7,155,078 |
|
$ |
28,800 |
|
$ |
150,000 |
|
$ |
7,333,878 |
|
|
|
|
|
|
|
|
|
|
||||
|
China Region Fund |
|
|
|
|
|
|
|
|
||||
|
Investments in Securities* |
|
|
|
|
|
|
|
|
||||
|
Common Stocks: |
|
|
|
|
|
|
|
|
||||
|
Electronic Components - Miscellaneous |
|
$ |
1,861,919 |
|
$ |
– |
|
$ |
– |
|
$ |
1,861,919 |
|
Non - Ferrous Metals |
|
– |
|
48,750 |
|
– |
|
48,750 |
||||
|
All Other Common Stocks |
|
23,680,040 |
|
– |
|
– |
|
23,680,040 |
||||
|
Exchange-Traded Funds |
|
708,682 |
|
– |
|
– |
|
708,682 |
||||
|
Purchased Call Options |
|
178,210 |
|
– |
|
– |
|
178,210 |
||||
|
Total |
|
$ |
26,428,851 |
|
$ |
48,750 |
|
$ |
– |
|
$ |
26,477,601 |
|
Other Financial Instruments** |
|
|
|
|
|
|
|
|
||||
|
Written Put Options |
|
$ |
10,905 |
|
$ |
– |
|
$ |
– |
|
$ |
10,905 |
*Refer to the Portfolio of Investments for a detailed list of the Fund’s investments.
**Other financial instruments include written options. Written options are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date.
During the period, Global Resources Fund, World Precious Minerals Fund and China Region Fund had transfers from Level 1 to Level 2 in the amount of $1,560,320, $2,345,095 and $48,750, respectively, due to the absence of a quoted trade at the September 30, 2012 period end, which resulted in the securities being valued at the mean between bid and asked quotations. The Funds’ policy is to recognize transfers in and transfers out as of the end of the reporting period.
The following is a reconciliation of assets for which unobservable inputs (Level 3) were used in determining fair value during the period January 1, 2012, through September 30, 2012:
|
|
|
Beginning
|
|
Purchases |
|
Sales |
|
Total
|
|
Net change in
|
|
Paydowns |
|
Transfers out
|
|
Balance as of
|
|
Net change in
|
|||||||||
|
Holmes Growth Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Investments in Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Metal - Iron |
|
$ |
100,000 |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
100,000 |
|
$ |
– |
|
Quarrying |
|
380,000 |
|
– |
|
– |
|
– |
|
(49) |
|
– |
|
– |
|
379,951 |
|
(49) |
|||||||||
|
Real Estate Operating/Development |
|
100,000 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
100,000 |
|
– |
|||||||||
|
Convertible Debenture: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Metal - Iron |
|
100,000 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
100,000 |
|
– |
|||||||||
|
Corporate Notes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Building - Heavy Construction |
|
– |
|
377,301 |
|
– |
|
5,235 |
|
2,464 |
|
(261,800) |
|
(123,200) |
|
– |
|
– |
|||||||||
|
Electric - Generation |
|
– |
|
150,000 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
150,000 |
|
– |
|||||||||
|
Total Investments in Securities |
|
$ |
680,000 |
|
$ |
527,301 |
|
$ |
– |
|
$ |
5,235 |
|
$ |
2,415 |
|
$ |
(261,800) |
|
$ |
(123,200) |
|
$ |
829,951 |
|
$ |
(49) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Global MegaTrends Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Investments in Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Electric - Generation |
|
$ |
23,358 |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
23,358 |
|
$ |
– |
|
Energy - Alternate Sources |
|
100,000 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
100,000 |
|
– |
|||||||||
|
Metal - Iron |
|
100,000 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
100,000 |
|
– |
|||||||||
|
Quarrying |
|
520,000 |
|
– |
|
– |
|
– |
|
81 |
|
– |
|
– |
|
520,081 |
|
81 |
|||||||||
|
Real Estate Operating/Development |
|
326,533 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
326,533 |
|
– |
|||||||||
|
Convertible Debenture: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Metal - Iron |
|
100,000 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
100,000 |
|
– |
|||||||||
|
Corporate Notes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Building - Heavy Construction |
|
– |
|
151,900 |
|
– |
|
2,108 |
|
992 |
|
(105,400) |
|
(49,600) |
|
– |
|
– |
|||||||||
|
Electric - Generation |
|
– |
|
100,000 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
100,000 |
|
– |
|||||||||
|
Total Investments in Securities |
|
$ |
1,169,891 |
|
$ |
251,900 |
|
$ |
– |
|
$ |
2,108 |
|
$ |
1,073 |
|
$ |
(105,400) |
|
$ |
(49,600) |
|
$ |
1,269,972 |
|
$ |
81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Global Resources Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Investments in Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Electric - Generation |
|
$ |
325,779 |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
325,779 |
|
$ |
– |
|
Energy - Alternate Sources |
|
2,400,000 |
|
– |
|
(11,378) |
|
(3,511,710) |
|
3,523,088 |
|
– |
|
– |
|
2,400,000 |
|
– |
|||||||||
|
Gold Mining |
|
5,114 |
|
– |
|
– |
|
– |
|
73 |
|
– |
|
– |
|
5,187 |
|
73 |
|||||||||
|
Metal - Copper |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|||||||||
|
Metal - Diversified |
|
2,250,000 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
2,250,000 |
|
– |
|||||||||
|
Metal - Iron |
|
2,600,000 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
2,600,000 |
|
– |
|||||||||
|
Mining Services |
|
281,270 |
|
– |
|
– |
|
– |
|
3,988 |
|
– |
|
– |
|
285,258 |
|
3,988 |
|||||||||
|
Natural Resource Technology |
|
7,500 |
|
– |
|
– |
|
– |
|
43,447 |
|
– |
|
– |
|
50,947 |
|
43,447 |
|||||||||
|
Oil Refining & Marketing |
|
415,466 |
|
– |
|
– |
|
– |
|
15,132 |
|
– |
|
– |
|
430,598 |
|
15,132 |
|||||||||
|
Platinum |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|||||||||
|
Quarrying |
|
4,900,000 |
|
– |
|
– |
|
– |
|
9 |
|
– |
|
– |
|
4,900,009 |
|
9 |
|||||||||
|
Real Estate Operating/Development |
|
7,443,544 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
7,443,544 |
|
– |
|||||||||
|
Convertible Debenture: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Diversified Minerals |
|
490,798 |
|
– |
|
– |
|
– |
|
17,875 |
|
– |
|
– |
|
508,673 |
|
17,875 |
|||||||||
|
Corporate Notes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Building - Heavy Construction |
|
– |
|
4,326,709 |
|
– |
|
60,038 |
|
37,253 |
|
(3,002,200) |
|
(1,421,800) |
|
– |
|
– |
|||||||||
|
Electric - Generation |
|
– |
|
3,000,000 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
3,000,000 |
|
– |
|||||||||
|
Total Investments in Securities |
|
$ |
21,119,471 |
|
$ |
7,326,709 |
|
$ |
(11,378) |
|
$ |
(3,451,672) |
|
$ |
3,640,865 |
|
$ |
(3,002,200) |
|
$ |
(1,421,800) |
|
$ |
24,199,995 |
|
$ |
80,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
World Precious Minerals Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Investments in Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Diamonds/Precious Stones |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
(404,836) |
|
$ |
404,836 |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
Gold Mining |
|
3,465,857 |
|
– |
|
– |
|
– |
|
(714,067) |
|
– |
|
– |
|
2,751,790 |
|
(714,067) |
|||||||||
|
Metal - Copper |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|||||||||
|
Oil Companies - Exploration & Production |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|||||||||
|
Platinum |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|||||||||
|
Special Warrants: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Gold/Mineral Exploration & Development |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|||||||||
|
Convertible Debenture: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Metal - Iron |
|
1,200,000 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
1,200,000 |
|
– |
|||||||||
|
Corporate Note: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Electric - Generation |
|
– |
|
800,000 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
800,000 |
|
– |
|||||||||
|
Total Investments in Securities |
|
$ |
4,665,857 |
|
$ |
800,000 |
|
$ |
– |
|
$ |
(404,836) |
|
$ |
(309,231) |
|
$ |
– |
|
$ |
– |
|
$ |
4,751,790 |
|
$ |
(714,067) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Gold and Precious Metals Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Investments in Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Corporate Notes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Electric - Generation |
|
$ |
– |
|
$ |
300,000 |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
300,000 |
|
$ |
– |
|
Total Investments in Securities |
|
$ |
– |
|
$ |
300,000 |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
300,000 |
|
$ |
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Eastern European Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Financial Derivatives Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Written Options |
|
$ |
– |
|
$ |
(228,850) |
|
$ |
– |
|
$ |
– |
|
$ |
126,416 |
|
$ |
– |
|
$ |
39,624 |
|
$ |
(62,810) |
|
$ |
96,690 |
|
Total Investments in Securities |
|
$ |
– |
|
$ |
(228,850) |
|
$ |
– |
|
$ |
– |
|
$ |
126,416 |
|
$ |
– |
|
$ |
39,624 |
|
$ |
(62,810) |
|
$ |
96,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Global Emerging Markets Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Investments in Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Convertible Debenture: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Metal - Iron |
|
$ |
100,000 |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
100,000 |
|
$ |
– |
|
Corporate Notes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Building - Heavy Construction |
|
– |
|
88,200 |
|
– |
|
1,008 |
|
(10,008) |
|
(50,400) |
|
(28,800) |
|
– |
|
– |
|||||||||
|
Electric - Generation |
|
– |
|
50,000 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
50,000 |
|
– |
|||||||||
|
Total Investments in Securities |
|
$ |
100,000 |
|
$ |
138,200 |
|
$ |
– |
|
$ |
1,008 |
|
$ |
(10,008) |
|
$ |
(50,400) |
|
$ |
(28,800) |
|
$ |
150,000 |
|
$ |
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
China Region Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Investments in Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Common Stocks: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Electronic Components - Miscellaneous |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
Total Investments in Securities |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
*The Funds’ policy is to recognize transfers in and transfers out as of the end of the reporting period.
(1) Any difference between Net change in unrealized appreciation (depreciation) from Investments held as of September 30, 2012 may be due to an investment no longer held or categorized as Level 3 at period end.
Significant unobservable inputs developed by the Valuation Committee for material Level 3 investments are as follows:
|
|
|
Fair Value at |
|
Valuation |
|
Unobservable |
|
Range (Weighted |
|
|
|
|
9/30/2012 |
|
Technique(s) |
|
Input |
|
Average) |
|
|
Holmes Growth Fund |
|
|
|
|
|
|
|
|
|
|
Investments in Securities |
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
$ 579,951 |
|
Market transaction (1) |
|
Discount |
|
0% |
|
|
Convertible Debenture |
|
100,000 |
|
Market transaction (1) |
|
Discount |
|
0% |
|
|
Corporate Notes |
|
150,000 |
|
Market transaction (1) |
|
Discount |
|
0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Global MegaTrends Fund |
|
|
|
|
|
|
|
|
|
|
Investments in Securities |
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
1,069,972 |
|
Market transaction (1) |
|
Discount |
|
0% |
|
|
Convertible Debenture |
|
100,000 |
|
Market transaction (1) |
|
Discount |
|
0% |
|
|
Corporate Notes |
|
100,000 |
|
Market transaction (1) |
|
Discount |
|
0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Resources Fund |
|
|
|
|
|
|
|
|
|
|
Investments in Securities |
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
20,691,322 |
|
Market transaction (1) |
|
Discount |
|
0%-100% (16%) |
|
|
Convertible Debenture |
|
508,673 |
|
Market transaction (1) |
|
Discount |
|
0% |
|
|
Corporate Notes |
|
3,000,000 |
|
Market transaction (1) |
|
Discount |
|
0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
World Precious Minerals Fund |
|
|
|
|
|
|
|
|
|
|
Investments in Securities |
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
2,751,790 |
|
Market transaction (1) |
|
Discount |
|
0%-100% (53%) |
|
|
Special Warrants |
|
– |
|
Market transaction (1) |
|
Discount |
|
100% |
|
|
Convertible Debenture |
|
1,200,000 |
|
Market transaction (1) |
|
Discount |
|
0% |
|
|
Corporate Note |
|
800,000 |
|
Market transaction (1) |
|
Discount |
|
0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Emerging Markets Fund |
|
|
|
|
|
|
|
|
|
|
Investments in Securities |
|
|
|
|
|
|
|
|
|
|
Convertible Debenture |
|
100,000 |
|
Market transaction (1) |
|
Discount |
|
0% |
|
|
Corporate Notes |
|
50,000 |
|
Market transaction (1) |
|
Discount |
|
0% |
|
(1) Market transaction refers to most recent known market transaction, including transactions in which the fund participated, as adjusted for any discount as discussed below.
The majority of securities classified as Level 3 are private companies. The initial valuation is usually cost, which is then adjusted as determined by the Valuation Committee for subsequent known market transactions and evaluated for progress against anticipated milestones and current operations. An evaluation that the holding no longer meets expectations could result in the application of discounts and a significantly lower fair valuation.
Joint Tri-Party Repurchase Agreements
The Funds may enter into repurchase agreements with recognized financial institutions or registered broker-dealers and, in all instances, hold as collateral, underlying securities with a value exceeding the principal amount of the repurchase obligation. The Funds use joint tri-party repurchase agreement accounts with other funds under common management where uninvested cash is collectively invested in repurchase agreements, and each participating fund owns an undivided interest in the account.
The terms of the joint tri-party repurchase agreements and the securities held as collateral at September 30, 2012, were:
Banc of America LLC Merrill Lynch repurchase agreement, 09/28/12, 0.15%, due 10/01/12:
Total principal amount: $120,903,618; Total repurchase price: $120,905,130
Collateral:
$122,958,900 U.S. Treasury Note, 0.375%, 06/15/15
$37,700 U.S. Treasury Inflation Index Bill, 1.875%, 07/15/13
(total collateral market value, including accrued interest, of $123,321,760)
Barclays Capital, Inc. repurchase agreement, 09/28/12, 0.17%, due 10/01/12:
Total principal amount: $18,000,000; Total repurchase price: $18,000,255
Collateral:
$17,309,300 U.S. Treasury Note, 2.125%, 02/29/16
(total collateral market value, including accrued interest, of $18,360,038)
Credit Suisse Securities USA LLC repurchase agreement, 09/28/12, 0.18%, due 10/01/12:
Total principal amount: $95,282,838; Total repurchase price: $95,284,267
Collateral:
$96,435,000 U.S. Treasury Note, 0.625%, 07/15/14
(total collateral market value, including accrued interest, of $97,190,456)
Morgan Stanley repurchase agreement, 09/28/12, 0.15%, due 10/01/12:
Total principal amount: $20,000,000; Total repurchase price: $20,000,250
Collateral:
$20,429,900 U.S. Treasury Bill, 0.000%, 08/22/13
(total collateral market value, including accrued interest, of $20,400,072)
|
At September 30, 2012, the value of investments in affiliated companies was $21,978,183, representing 5.58% of net assets, and the total cost was $43,779,453. Net realized gains on transactions were $3,878,793, and there was no income earned for the period. |
|
|||||
|
|
|
|
|
|
|
|
|
(a) At September 30, 2012, the company is no longer defined as an affiliate, although it was an affiliated company during the period. |
|
|||||
Financial Derivative Instruments
Options Contracts
Equity Funds may purchase or write (sell) options on securities to manage their exposure to stock or commodity markets as well as fluctuations in interest and currency conversion rates. The use of options carries the risks of a change in value of the underlying instruments, an illiquid secondary market, or failure of the counterparty to perform its obligations.
A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the issuer of the option the obligation to buy, the underlying security, commodity, index, currency or other instrument at the exercise price. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the issuer the obligation to sell, the underlying instrument at the exercise price.
Purchasing a put option tends to decrease a Fund’s exposure to the underlying instrument, whereas purchasing a call option tends to increase a Fund’s exposure to the underlying instrument. A Fund pays a premium which is included in the Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid to purchase options which expire are treated as realized losses. Premiums paid to purchase options which are exercised or closed are added to the cost of securities acquired or the proceeds from securities sold. The risk associated with purchasing put and call options is limited to the premium paid.
The Funds will realize a loss equal to all or a part of the premium paid for an option if the price of the underlying security or other instrument decreases or does not increase by more than the premium (in the case of a call option), or if the price of the underlying security or other instrument increases or does not decrease by more than the premium (in the case of a put option).
Writing a put option tends to increase a Fund’s exposure to the underlying instrument, whereas writing a call option tends to decrease a Fund’s exposure to the underlying instrument. The premium received is recorded as a liability in the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying transaction to determine the realized gain or loss. Written options include a risk of loss in excess of the option premium. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and thus bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is also the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.
A Fund’s ability to close out its position as a purchaser or seller of a put or call option is dependent, in part, upon the liquidity of the market for that particular option. There can be no guarantee that a Fund will be able to close out an option position when desired. An inability to close out its options positions may reduce a Fund’s anticipated profits or increase its losses.
As of September 30, 2012, portfolio securities valued at $2,411,000 were held in escrow by the custodian as collateral for call options written for the Eastern European Fund.
Transactions in written call and put options during the period ended September 30, 2012, were as follows:
|
|
|
All American Equity Fund
|
|
Holmes Growth Fund
|
||||||
|
|
|
Number of |
|
Premiums |
|
Number of |
|
Premiums |
||
|
|
|
Contracts |
|
Received |
|
Contracts |
|
Received |
||
|
|
|
|
|
|
|
|
|
|
||
|
Options outstanding at December 31, 2011 |
|
64 |
|
$ |
20,369 |
|
160 |
|
$ |
67,931 |
|
Options written |
|
521 |
|
115,895 |
|
1,985 |
|
386,243 |
||
|
Options closed |
|
(99) |
|
(18,779) |
|
(960) |
|
(154,230) |
||
|
Options expired |
|
(245) |
|
(50,302) |
|
(670) |
|
(129,457) |
||
|
Options exercised |
|
(241) |
|
(67,183) |
|
(515) |
|
(170,487) |
||
|
Options outstanding at September 30, 2012 |
|
- |
|
$ |
- |
|
- |
|
$ |
- |
|
|
|
Global MegaTrends Fund
|
|
Global Resources Fund
|
||||||
|
|
|
Number of |
|
Premiums |
|
Number of |
|
Premiums |
||
|
|
|
Contracts |
|
Received |
|
Contracts |
|
Received |
||
|
|
|
|
|
|
|
|
|
|
||
|
Options outstanding at December 31, 2011 |
|
40 |
|
$ |
4,615 |
|
1,000 |
|
$ |
179,662 |
|
Options written |
|
381 |
|
48,888 |
|
42,960 |
|
5,532,623 |
||
|
Options closed |
|
(103) |
|
(16,907) |
|
(15,697) |
|
(2,787,025) |
||
|
Options expired |
|
(62) |
|
(8,647) |
|
(21,132) |
|
(1,948,346) |
||
|
Options exercised |
|
(256) |
|
(27,949) |
|
(7,131) |
|
(976,914) |
||
|
Options outstanding at September 30, 2012 |
|
- |
|
$ |
- |
|
- |
|
$ |
- |
|
|
|
World Precious Minerals Fund
|
|
Gold and Precious Metals Fund
|
||||||
|
|
|
Number of |
|
Premiums |
|
Number of |
|
Premiums |
||
|
|
|
Contracts |
|
Received |
|
Contracts |
|
Received |
||
|
|
|
|
|
|
|
|
|
|
||
|
Options outstanding at December 31, 2011 |
|
- |
|
$ |
- |
|
- |
|
$ |
- |
|
Options written |
|
27,230 |
|
2,920,258 |
|
25,265 |
|
2,698,998 |
||
|
Options closed |
|
(15,750) |
|
(1,648,293) |
|
(14,500) |
|
(1,496,493) |
||
|
Options expired |
|
(3,000) |
|
(109,961) |
|
(2,597) |
|
(150,173) |
||
|
Options exercised |
|
(8,480) |
|
(1,162,004) |
|
(8,168) |
|
(1,052,332) |
||
|
Options outstanding at September 30, 2012 |
|
- |
|
$ |
- |
|
- |
|
$ |
- |
|
|
|
Eastern European Fund
|
|
Eastern European Fund
|
||||||
|
|
|
Number of |
|
Premiums |
|
Number of |
|
Premiums |
||
|
|
|
Contracts |
|
Received |
|
Contracts |
|
Received |
||
|
|
|
|
|
|
|
|
|
|
||
|
Options outstanding at December 31, 2011 |
|
32,300 |
|
$ |
1,010,400 |
|
5,000 |
|
$ |
395,485 |
|
Options written |
|
112,950 |
|
7,814,545 |
|
- |
|
- |
||
|
Options closed |
|
(74,120) |
|
(5,238,780) |
|
- |
|
- |
||
|
Options expired |
|
(39,000) |
|
(1,081,420) |
|
(5,000) |
|
(395,485) |
||
|
Options exercised |
|
(19,750) |
|
(802,530) |
|
- |
|
- |
||
|
Options outstanding at September 30, 2012 |
|
12,380 |
|
$ |
1,702,215 |
|
- |
|
$ |
- |
|
|
|
China Region Fund
|
|
China Region Fund
|
||||||
|
|
|
Number of |
|
Premiums |
|
Number of |
|
Premiums |
||
|
|
|
Contracts |
|
Received |
|
Contracts |
|
Received |
||
|
|
|
|
|
|
|
|
|
|
||
|
Options outstanding at December 31, 2011 |
|
- |
|
$ |
- |
|
- |
|
$ |
- |
|
Options written |
|
48 |
|
9,713 |
|
368 |
|
69,954 |
||
|
Options closed |
|
- |
|
- |
|
(145) |
|
(29,118) |
||
|
Options expired |
|
(48) |
|
(9,713) |
|
- |
|
- |
||
|
Options exercised |
|
- |
|
- |
|
(58) |
|
(15,456) |
||
|
Options outstanding at September 30, 2012 |
|
- |
|
$ |
- |
|
165 |
|
$ |
25,380 |
Forward Foreign Currency Contracts
The Funds enter into forward foreign currency contracts to lock in the U.S. dollar cost of purchase and sale transactions or to defend the portfolio against currency fluctuations. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. These contracts are valued daily, and the Fund’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statement of Operations. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of the contract and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.
There were no open forward foreign currency contracts at September 30, 2012.
Summary of Derivative Instruments
The following is a summary of the valuations of derivative instruments not accounted for as hedging instruments as of September 30, 2012:
|
|
|
All American
|
|
Holmes Growth
|
|
Global
|
|
Global
|
|
|
||||
|
Asset derivatives |
|
|
|
|
|
|
|
|
|
|
||||
|
Investments, at value |
|
|
|
|
|
|
|
|
|
|
||||
|
Equity contracts |
|
$ |
49,800 |
|
$ |
99,600 |
|
$ |
20,125 |
|
$ |
277,000 |
|
|
|
Total |
|
$ |
49,800 |
|
$ |
99,600 |
|
$ |
20,125 |
|
$ |
277,000 |
|
|
Liability derivatives - none
|
|
|
World Precious
|
|
Gold and
|
|
Eastern
|
|
Global
|
|
China Region
|
|||||
|
Asset derivatives |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments, at value |
|
|
|
|
|
|
|
|
|
|
|||||
|
Equity contracts |
|
$ |
11,069,176 |
|
$ |
5,077,234 |
|
$ |
- |
|
$ |
- |
|
$ |
178,210 |
|
Total |
|
$ |
11,069,176 |
|
$ |
5,077,234 |
|
$ |
- |
|
$ |
- |
|
$ |
178,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Liability derivatives |
|
|
|
|
|
|
|
|
|
|
|||||
|
Written options, at value |
|
$ |
- |
|
$ |
- |
|
$ |
1,451,810 |
|
$ |
- |
|
$ |
14,475 |
|
Total |
|
$ |
- |
|
$ |
- |
|
$ |
1,451,810 |
|
$ |
- |
|
$ |
14,475 |
Tax Information
The following table presents the income tax basis of the securities owned at September 30, 2012, and the tax basis components of net unrealized appreciation (depreciation):
|
Fund |
|
Aggregate
|
|
Gross
|
|
Gross
|
|
Net Unrealized
|
||||
|
U.S. Treasury Securities Cash |
|
$ |
82,289,518 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
U.S. Government Securities Savings |
|
149,466,799 |
|
- |
|
- |
|
- |
||||
|
Near-Term Tax Free |
|
38,783,599 |
|
1,485,824 |
|
(8,364) |
|
1,477,460 |
||||
|
Tax Free |
|
19,743,690 |
|
1,692,117 |
|
(28,981) |
|
1,663,136 |
||||
|
All American Equity |
|
16,528,075 |
|
1,571,682 |
|
(423,605) |
|
1,148,077 |
||||
|
Holmes Growth |
|
34,372,865 |
|
4,428,218 |
|
(530,069) |
|
3,898,149 |
||||
|
Global MegaTrends |
|
12,073,203 |
|
530,428 |
|
(289,067) |
|
241,361 |
||||
|
Global Resources |
|
587,064,167 |
|
78,341,561 |
|
(101,514,238) |
|
(23,172,677) |
||||
|
World Precious Minerals |
|
455,956,678 |
|
75,742,671 |
|
(141,501,367) |
|
(65,758,696) |
||||
|
Gold and Precious Metals |
|
184,150,066 |
|
30,239,044 |
|
(24,826,716) |
|
5,412,328 |
||||
|
Eastern European |
|
163,917,645 |
|
30,547,168 |
|
(10,166,278) |
|
20,380,890 |
||||
|
Global Emerging Markets |
|
7,749,366 |
|
492,417 |
|
(907,905) |
|
(415,488) |
||||
|
China Region |
|
23,646,850 |
|
3,085,008 |
|
(254,257) |
|
2,830,751 |
||||
Minimum Yield Agreement and Agreements to Limit Expenses
The Adviser has voluntarily agreed to waive fees and/or reimburse U.S. Treasury Securities Cash Fund and U.S. Government Securities Savings Fund to the extent necessary to maintain the respective Fund’s yield at a certain level as determined by the Adviser (Minimum Yield). The Adviser may recapture any fees waived and/or expenses reimbursed within three years after the end of the fiscal year of such waiver and/or reimbursement to the extent that such recapture would not cause the Fund’s yield to fall below the Minimum Yield. For the nine months ended September 30, 2012, fees waived and/or expenses reimbursed as a result of this agreement were $560,849 and $398,008 for the U.S. Treasury Securities Cash Fund and the U.S. Government Securities Savings Fund, respectively. At September 30, 2012, the Adviser may seek reimbursement of the previously waived and reimbursed fees as follows:
|
Fund |
|
Expires
|
|
Expires
|
|
Expires
|
|
Expires
|
|
Total |
|
U.S. Treasury Securities Cash |
|
$789,420 |
|
$884,850 |
|
$867,545 |
|
$560,849 |
|
$3,102,664 |
|
U.S. Government Securities Savings |
|
258,561 |
|
678,107 |
|
736,531 |
|
398,008 |
|
2,071,207 |
ITEM 2. CONTROLS AND PROCEDURES
1. The registrant’s president and treasurer have determined that the registrant’s disclosure controls and procedures are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing date of this report.
2. There was no change in the registrant’s internal control over financial reporting that occurred in 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 the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Investment Company Act of 1940 are filed as exhibits to this report.
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.
U.S. GLOBAL INVESTORS FUNDS
|
By: |
/s/ Frank E. Holmes |
|
|
|
Frank E. Holmes |
|
|
|
President, Chief Executive Officer |
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Date: |
November 20, 2012 |
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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.
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By: |
/s/ Frank E. Holmes |
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Frank E. Holmes |
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President, Chief Executive Officer |
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Date: |
November 20, 2012 |
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By: |
/s/ Catherine A. Rademacher |
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Catherine A. Rademacher |
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Treasurer |
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Date: |
November 20, 2012 |
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