SECURITIES AND EXCHANGE COMMISSION
MANAGEMENT INVESTMENT COMPANIES
Elmsford, NY 10523
(Address of principal executive offices) (Zip code)
615 E. Michigan Street
Milwaukee, WI 53202
(Name and address of agent for service)
Registrant’s telephone number, including area code
December 31, 2010 www.kineticsfunds.com | ||
Annual Report | ||
The Internet Fund The Global Fund The Paradigm Fund The Medical Fund The Small Cap Opportunities Fund The Market Opportunities Fund The Water Infrastructure Fund The Multi-Disciplinary Fund The Tactical Paradigm Fund | ||
Each a series of Kinetics Mutual Funds, Inc. |
Page | ||||
Shareholders’ Letter | 2 | |||
Year 2010 Annual Investment Commentary | 5 | |||
KINETICS MUTUAL FUNDS, INC. — FEEDER FUNDS | ||||
Growth of 10,000 Investment | 13 | |||
Expense Example | 24 | |||
Allocation of The Tactical Paradigm Fund Assets | 34 | |||
Schedule of Investments — The Tactical Paradigm Fund | 35 | |||
Schedule of Future Contracts — The Tactical Paradigm Fund | 36 | |||
Statements of Assets & Liabilities | 37 | |||
Statements of Operations | 42 | |||
Statements of Changes in Net Assets | 47 | |||
Notes to Financial Statements | 60 | |||
Financial Highlights | 78 | |||
Report of Independent Registered Public Accounting Firm | 104 | |||
KINETICS PORTFOLIOS TRUST — MASTER INVESTMENT PORTFOLIOS | ||||
Allocation of Portfolio Assets | 105 | |||
Portfolio of Investments — The Internet Portfolio | 109 | |||
Portfolio of Investments — The Global Portfolio | 116 | |||
Portfolio of Investments — The Paradigm Portfolio | 122 | |||
Portfolio of Investments — The Medical Portfolio | 129 | |||
Portfolio of Investments — The Small Cap Opportunities Portfolio | 133 | |||
Portfolio of Investments — The Market Opportunities Portfolio | 139 | |||
Portfolio of Investments — The Water Infrastructure Portfolio | 143 | |||
Portfolio of Investments — The Multi-Disciplinary Portfolio | 146 | |||
Portfolio of Options Written — The Water Infrastructure Portfolio | 150 | |||
Portfolio of Options Written — The Multi-Disciplinary Portfolio | 156 | |||
Statements of Assets & Liabilities | 175 | |||
Statements of Operations | 179 | |||
Statements of Changes in Net Assets | 183 | |||
Notes to Financial Statements | 187 | |||
Report of Independent Registered Public Accounting Firm | 209 | |||
Management of the Funds and the Portfolios | 211 | |||
Privacy Policy | 216 |
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(1) | The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. You cannot invest directly in an index. | |
(2) | The NASDAQ Composite Index is a market capitalization-weighted index that is designed to represent the performance of the National Market System which includes over 5,000 stocks traded only over-the-counter and not on an exchange. You cannot invest directly in an index. |
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Ended 12/31/2010 | ||||||||||||||||||||||||
Advisor | Advisor | |||||||||||||||||||||||
No Load | Class A | Class A | Advisor | NASDAQ | ||||||||||||||||||||
Class | (No Load) | (Load Adjusted)(1) | Class C | S&P 500 | Composite | |||||||||||||||||||
One Year | 21.18 | % | 20.89 | % | 13.94 | % | 20.26 | % | 15.06 | % | 16.91 | % | ||||||||||||
Five Years | 8.97 | % | 8.84 | % | 7.56 | % | N/A | 2.29 | % | 3.76 | % | |||||||||||||
Ten Years | 4.89 | % | N/A | N/A | N/A | 1.41 | % | 0.71 | % | |||||||||||||||
Since Inception No Load Class (10/21/96) | 15.55 | % | N/A | N/A | N/A | 5.96 | % | 5.53 | % | |||||||||||||||
Since Inception Advisor Class A (4/26/01) | N/A | 5.04 | % | 4.40 | % | N/A | 2.13 | % | 2.78 | % | ||||||||||||||
Since Inception Advisor Class C (2/16/07) | N/A | N/A | N/A | 6.23 | % | −1.58 | % | 1.58 | % | |||||||||||||||
(1) | Reflects front-end sales charge of 5.75%. |
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Ended 12/31/2010 | ||||||||||||||||||||||||
Advisor | Advisor | |||||||||||||||||||||||
No Load | Class A | Class A | Advisor | NASDAQ | ||||||||||||||||||||
Class | (No Load) | (Load Adjusted)(1) | Class C | S&P 500 | Composite | |||||||||||||||||||
One Year | 20.30 | % | 20.04 | % | 19.24 | % | 20.26 | % | 15.06 | % | 16.91 | % | ||||||||||||
Five Years | 3.81 | % | N/A | N/A | N/A | 2.29 | % | 3.76 | % | |||||||||||||||
Ten Years | 4.57 | % | N/A | N/A | N/A | 1.41 | % | 0.71 | % | |||||||||||||||
Since Inception No Load Class (12/31/99) | −4.88 | % | N/A | N/A | N/A | 0.41 | % | −3.81 | % | |||||||||||||||
Since Inception Advisor Class A (5/19/08) | N/A | 2.28 | % | −0.02 | % | N/A | −2.49 | % | 2.04 | % | ||||||||||||||
Since Inception Advisor Class C (5/19/08) | N/A | N/A | N/A | 1.52 | % | −2.49 | % | 2.04 | % | |||||||||||||||
(1) | Reflects front-end sales charge of 5.75%. |
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Ended 12/31/2010 | ||||||||||||||||||||||||||||
Advisor | Advisor | |||||||||||||||||||||||||||
No Load | Class A | Class A | Advisor | Institutional | NASDAQ | |||||||||||||||||||||||
Class | (No Load) | (Load Adjusted)(1) | Class C | Class | S&P 500 | Composite | ||||||||||||||||||||||
One Year | 17.37 | % | 17.11 | % | 10.39 | % | 16.45 | % | 17.62 | % | 15.06 | % | 16.91 | % | ||||||||||||||
Five Years | 3.71 | % | 3.44 | % | 2.22 | % | 2.91 | % | 3.89 | % | 2.29 | % | 3.76 | % | ||||||||||||||
Ten years | 9.25 | % | N/A | N/A | N/A | N/A | 1.41 | % | 0.71 | % | ||||||||||||||||||
Since Inception No Load Class (12/31/99) | 8.76 | % | N/A | N/A | N/A | N/A | 0.41 | % | −3.81 | % | ||||||||||||||||||
Since Inception Advisor Class A (4/26/01) | N/A | 9.24 | % | 8.57 | % | N/A | N/A | 2.13 | % | 2.78 | % | |||||||||||||||||
Since Inception Advisor Class C (6/28/02) | N/A | N/A | N/A | 9.75 | % | N/A | 4.91 | % | 7.24 | % | ||||||||||||||||||
Since Inception Institutional Class (5/27/05) | N/A | N/A | N/A | N/A | 5.65 | % | 2.99 | % | 4.48 | % | ||||||||||||||||||
(1) | Reflects front-end sales charge of 5.75%. |
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Ended 12/31/2010 | ||||||||||||||||||||||||
Advisor | Advisor | |||||||||||||||||||||||
No Load | Class A | Class A | Advisor | NASDAQ | ||||||||||||||||||||
Class | (No Load) | (Load Adjusted)(1) | Class C | S&P 500 | Composite | |||||||||||||||||||
One Year | 4.30 | % | 4.13 | % | −1.86 | % | 3.55 | % | 15.06 | % | 16.91 | % | ||||||||||||
Five Years | 6.49 | % | 6.27 | % | 5.01 | % | N/A | 2.29 | % | 3.76 | % | |||||||||||||
Ten Years | 0.91 | % | N/A | N/A | N/A | 1.41 | % | 0.71 | % | |||||||||||||||
Since Inception No Load Class (9/30/99) | 7.67 | % | N/A | N/A | N/A | 1.65 | % | −0.31 | % | |||||||||||||||
Since Inception Advisor Class A (4/26/01) | N/A | 2.11 | % | 1.49 | % | N/A | 2.13 | % | 2.78 | % | ||||||||||||||
Since Inception Advisor Class C (2/16/07) | N/A | N/A | N/A | 2.66 | % | −1.58 | % | 1.58 | % | |||||||||||||||
(1) | Reflects front-end sales charge of 5.75%. |
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Ended 12/31/2010 | ||||||||||||||||||||||||||||
Advisor | Advisor | |||||||||||||||||||||||||||
No Load | Class A | Class A | Advisor | Institutional | NASDAQ | |||||||||||||||||||||||
Class | (No Load) | (Load Adjusted)(1) | Class C | Class | S&P 500 | Composite | ||||||||||||||||||||||
One Year | 13.86 | % | 13.56 | % | 7.04 | % | 13.00 | % | 14.10 | % | 15.06 | % | 16.91 | % | ||||||||||||||
Five Years | 3.10 | % | 2.84 | % | 1.63 | % | N/A | 3.28 | % | 2.29 | % | 3.76 | % | |||||||||||||||
Ten Years | 8.81 | % | N/A | N/A | N/A | N/A | 1.41 | % | 0.71 | % | ||||||||||||||||||
Since Inception No Load Class (3/20/00) | 9.20 | % | N/A | N/A | N/A | N/A | 0.47 | % | −5.00 | % | ||||||||||||||||||
Since Inception Advisor Class A (12/31/01) | N/A | 6.37 | % | 5.67 | % | N/A | N/A | 3.01 | % | 3.48 | % | |||||||||||||||||
Since Inception Advisor Class C (2/16/07) | N/A | N/A | N/A | −4.93 | % | N/A | −1.58 | % | 1.58 | % | ||||||||||||||||||
Since Inception Institutional Class (8/12/05) | N/A | N/A | N/A | N/A | 3.65 | % | 2.54 | % | 3.92 | % | ||||||||||||||||||
(1) | Reflects front-end sales charge of 5.75%. |
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Advisor | Advisor | |||||||||||||||||||||||||||
No Load | Class A | Class A | Advisor | Institutional | NASDAQ | |||||||||||||||||||||||
Class | (No Load) | (Load Adjusted)(1) | Class C | Class | S&P 500 | Composite | ||||||||||||||||||||||
One Year | 11.31 | % | 11.11 | % | 4.71 | % | 10.54 | % | 11.54 | % | 15.06 | % | 16.91 | % | ||||||||||||||
Since Inception No Load Class (1/31/06) | 4.19 | % | N/A | N/A | N/A | N/A | 1.79 | % | 2.89 | % | ||||||||||||||||||
Since Inception Advisor Class A (1/31/06) | N/A | 3.92 | % | 2.68 | % | N/A | N/A | 1.79 | % | 2.89 | % | |||||||||||||||||
Since Inception Advisor Class C (2/16/07) | N/A | N/A | N/A | −2.36 | % | N/A | −1.58 | % | 1.58 | % | ||||||||||||||||||
Since Inception Institutional Class (5/19/08) | N/A | N/A | N/A | N/A | −4.16 | % | −2.49 | % | 2.04 | % | ||||||||||||||||||
(1) | Reflects front-end sales charge of 5.75%. |
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Advisor | Advisor | |||||||||||||||||||||||||||
No Load | Class A | Class A | Advisor | Institutional | S&P Global | |||||||||||||||||||||||
Class | (No Load) | (Load Adjusted)(1) | Class C | Class | S&P 500 | Water Index | ||||||||||||||||||||||
One Year | −4.60 | % | −4.80 | % | −10.29 | % | −5.15 | % | −4.38 | % | 15.05 | % | 15.95 | % | ||||||||||||||
Since Inception No Load Class (6/29/07) | −4.42 | % | N/A | N/A | N/A | N/A | −2.83 | % | −1.12 | % | ||||||||||||||||||
Since Inception Advisor Class A (6/29/07) | N/A | −4.64 | % | −6.23 | % | N/A | N/A | −2.83 | % | −1.12 | % | |||||||||||||||||
Since Inception Advisor Class C (6/29/07) | N/A | N/A | N/A | −5.11 | % | N/A | −2.83 | % | −1.12 | % | ||||||||||||||||||
Since Inception Institutional Class (6/29/07) | N/A | N/A | N/A | N/A | −4.17 | % | −2.83 | % | −1.12 | % | ||||||||||||||||||
(1) | Reflects front-end sales charge of 5.75%. |
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Ended 12/31/2010 | ||||||||||||||||||||||||||||||||||||
Advisor | Advisor | |||||||||||||||||||||||||||||||||||
No Load | Class A | Class A | Advisor | Institutional | NASDAQ | CBOE | CBOE | |||||||||||||||||||||||||||||
Class | (No Load) | (Load Adjusted)(1) | Class C | Class | S&P 500 | Composite | Buy | PUT | ||||||||||||||||||||||||||||
One Year | 13.04 | % | 12.64 | % | 6.17 | % | 12.13 | % | 13.19 | % | 15.06 | % | 16.91 | % | 5.86 | % | 9.02 | % | ||||||||||||||||||
Since Inception No Load Class (2/11/08) | 4.72 | % | N/A | N/A | N/A | N/A | 0.11 | % | 4.75 | % | 0.43 | % | 3.60 | % | ||||||||||||||||||||||
Since Inception Advisor Class A (2/11/08) | N/A | 4.45 | % | 2.33 | % | N/A | N/A | 0.11 | % | 4.75 | % | 0.43 | % | 3.60 | % | |||||||||||||||||||||
Since Inception Advisor Class C (2/11/08) | N/A | N/A | N/A | 3.94 | % | N/A | 0.11 | % | 4.75 | % | 0.43 | % | 3.60 | % | ||||||||||||||||||||||
Since Inception Institutional Class (2/11/08) | N/A | N/A | N/A | N/A | 4.92 | % | 0.11 | % | 4.75 | % | 0.43 | % | 3.60 | % | ||||||||||||||||||||||
(1) | Reflects front-end sales charge of 5.75%. |
* | Effective 12/31/2010, The Multi-Disciplinary Fund has replaced the CBOE S&P 500 Buy Write Index (BXM) with the CBOE S&P 500 PutWrite Index (PUT). The portfolio management team believes that CBOE S&P 500 PutWrite Index (PUT) is more representative of the Fund than the CBOE S&P 500 Buy Write Index (BXM). |
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Advisor | Advisor | |||||||||||||||||||||||||||
No Load | Class A | Class A | Advisor | Institutional | NASDAQ | |||||||||||||||||||||||
Class | (No Load) | (Load Adjusted)(1) | Class C | Class | S&P 500 | Composite | ||||||||||||||||||||||
One Year | 3.47 | % | 3.08 | % | −2.85 | % | 2.53 | % | 3.51 | % | 15.06 | % | 16.91 | % | ||||||||||||||
Since Inception No Load Class (12/31/09) | 3.47 | % | N/A | N/A | N/A | N/A | 15.06 | % | 16.91 | % | ||||||||||||||||||
Since Inception Advisor Class A (12/31/09) | N/A | 3.08 | % | −2.85 | % | N/A | N/A | 15.06 | % | 16.91 | % | |||||||||||||||||
Since Inception Advisor Class C (12/31/09) | N/A | N/A | N/A | 2.53 | % | N/A | 15.06 | % | 16.91 | % | ||||||||||||||||||
Since Inception Institutional Class (12/31/09) | N/A | N/A | N/A | N/A | 3.51 | % | 15.06 | % | 16.91 | % | ||||||||||||||||||
(1) | Reflects front-end sales charge of 5.75%. |
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Beginning | Ending | |||||||||||||||
Account | Account | Expenses Paid | ||||||||||||||
Value | Value | Annualized | During Period* | |||||||||||||
(7/1/10) | (12/31/10) | Expense Ratio | (7/1/10 to 12/31/10) | |||||||||||||
The Internet Fund | ||||||||||||||||
No Load Class Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,266.57 | 1.94 | % | $ | 11.08 | ||||||||
No Load Class Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,266.57 | 1.89 | % | $ | 10.80 | ||||||||
No Load Class Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 1,015.43 | 1.94 | % | $ | 9.86 | ||||||||
No Load Class Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,015.68 | 1.89 | % | $ | 9.60 | ||||||||
Advisor Class A Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,265.17 | 2.19 | % | $ | 12.50 | ||||||||
Advisor Class A Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,265.17 | 2.14 | % | $ | 12.22 | ||||||||
Advisor Class A Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 1,014.17 | 2.19 | % | $ | 11.12 | ||||||||
Advisor Class A Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,014.42 | 2.14 | % | $ | 10.87 | ||||||||
Advisor Class C Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,261.99 | 2.69 | % | $ | 15.34 | ||||||||
Advisor Class C Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,261.99 | 2.64 | % | $ | 15.05 | ||||||||
Advisor Class C Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 1,011.64 | 2.69 | % | $ | 13.64 | ||||||||
Advisor Class C Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,011.90 | 2.64 | % | $ | 13.39 | ||||||||
The Global Fund | ||||||||||||||||
No Load Class Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,295.51 | 3.90 | % | $ | 22.57 | ||||||||
No Load Class Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,295.51 | 1.39 | % | $ | 8.04 | ||||||||
No Load Class Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 1,005.55 | 3.90 | % | $ | 19.71 | ||||||||
No Load Class Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,018.20 | 1.39 | % | $ | 7.07 | ||||||||
Advisor Class A Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,292.50 | 4.15 | % | $ | 23.98 | ||||||||
Advisor Class A Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,292.50 | 1.64 | % | $ | 9.48 |
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Beginning | Ending | |||||||||||||||
Account | Account | Expenses Paid | ||||||||||||||
Value | Value | Annualized | During Period* | |||||||||||||
(7/1/10) | (12/31/10) | Expense Ratio | (7/1/10 to 12/31/10) | |||||||||||||
Advisor Class A Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 1,004.28 | 4.15 | % | $ | 20.97 | ||||||||
Advisor Class A Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,016.94 | 1.64 | % | $ | 8.34 | ||||||||
Advisor Class C Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,287.88 | 4.65 | % | $ | 26.82 | ||||||||
Advisor Class C Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,287.88 | 2.14 | % | $ | 12.34 | ||||||||
Advisor Class C Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 1,001.76 | 4.65 | % | $ | 23.46 | ||||||||
Advisor Class C Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,014.42 | 2.14 | % | $ | 10.87 | ||||||||
The Paradigm Fund | ||||||||||||||||
No Load Class Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,276.11 | 1.76 | % | $ | 10.10 | ||||||||
No Load Class Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,276.11 | 1.64 | % | $ | 9.41 | ||||||||
No Load Class Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 1,016.33 | 1.76 | % | $ | 8.94 | ||||||||
No Load Class Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,016.94 | 1.64 | % | $ | 8.34 | ||||||||
Advisor Class A Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,274.38 | 2.01 | % | $ | 11.52 | ||||||||
Advisor Class A Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,274.38 | 1.89 | % | $ | 10.83 | ||||||||
Advisor Class A Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 1,015.07 | 2.01 | % | $ | 10.21 | ||||||||
Advisor Class A Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,015.68 | 1.89 | % | $ | 9.60 | ||||||||
Advisor Class C Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,271.00 | 2.51 | % | $ | 14.37 | ||||||||
Advisor Class C Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,271.00 | 2.39 | % | $ | 13.68 | ||||||||
Advisor Class C Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 1,012.55 | 2.51 | % | $ | 12.73 | ||||||||
Advisor Class C Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,013.16 | 2.39 | % | $ | 12.13 |
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Account | Account | Expenses Paid | ||||||||||||||
Value | Value | Annualized | During Period* | |||||||||||||
(7/1/10) | (12/31/10) | Expense Ratio | (7/1/10 to 12/31/10) | |||||||||||||
Institutional Class Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,277.03 | 1.71 | % | $ | 9.81 | ||||||||
Institutional Class Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,277.03 | 1.44 | % | $ | 8.26 | ||||||||
Institutional Class Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 1,016.59 | 1.71 | % | $ | 8.69 | ||||||||
Institutional Class Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,017.95 | 1.44 | % | $ | 7.32 | ||||||||
The Medical Fund | ||||||||||||||||
No Load Class Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,118.64 | 1.99 | % | $ | 10.63 | ||||||||
No Load Class Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,118.64 | 1.39 | % | $ | 7.42 | ||||||||
No Load Class Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 1,015.17 | 1.99 | % | $ | 10.11 | ||||||||
No Load Class Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,018.20 | 1.39 | % | $ | 7.07 | ||||||||
Advisor Class A Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,117.34 | 2.24 | % | $ | 11.95 | ||||||||
Advisor Class A Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,117.34 | 1.64 | % | $ | 8.75 | ||||||||
Advisor Class A Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 1,013.91 | 2.24 | % | $ | 11.37 | ||||||||
Advisor Class A Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,016.94 | 1.64 | % | $ | 8.34 | ||||||||
Advisor Class C Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,114.18 | 2.74 | % | $ | 14.60 | ||||||||
Advisor Class C Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,114.18 | 2.14 | % | $ | 11.40 | ||||||||
Advisor Class C Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 1,011.39 | 2.74 | % | $ | 13.89 | ||||||||
Advisor Class C Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,014.42 | 2.14 | % | $ | 10.87 | ||||||||
The Small Cap Opportunities Fund | ||||||||||||||||
No Load Class Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,229.44 | 1.84 | % | $ | 10.34 | ||||||||
No Load Class Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,229.44 | 1.64 | % | $ | 9.22 |
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Beginning | Ending | |||||||||||||||
Account | Account | Expenses Paid | ||||||||||||||
Value | Value | Annualized | During Period* | |||||||||||||
(7/1/10) | (12/31/10) | Expense Ratio | (7/1/10 to 12/31/10) | |||||||||||||
No Load Class Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 1,015.93 | 1.84 | % | $ | 9.35 | ||||||||
No Load Class Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,016.94 | 1.64 | % | $ | 8.34 | ||||||||
Advisor Class A Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,227.68 | 2.09 | % | $ | 11.74 | ||||||||
Advisor Class A Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,227.68 | 1.89 | % | $ | 10.61 | ||||||||
Advisor Class A Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 1,014.67 | 2.09 | % | $ | 10.61 | ||||||||
Advisor Class A Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,015.68 | 1.89 | % | $ | 9.60 | ||||||||
Advisor Class C Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,224.81 | 2.59 | % | $ | 14.52 | ||||||||
Advisor Class C Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,224.81 | 2.39 | % | $ | 13.40 | ||||||||
Advisor Class C Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 1,012.15 | 2.59 | % | $ | 13.14 | ||||||||
Advisor Class C Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,013.16 | 2.39 | % | $ | 12.13 | ||||||||
Institutional Class Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,230.44 | 1.79 | % | $ | 10.06 | ||||||||
Institutional Class Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,230.44 | 1.44 | % | $ | 8.10 | ||||||||
Institutional Class Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 1,016.18 | 1.79 | % | $ | 9.10 | ||||||||
Institutional Class Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,017.95 | 1.44 | % | $ | 7.32 | ||||||||
The Market Opportunities Fund | ||||||||||||||||
No Load Class Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,219.99 | 1.93 | % | $ | 10.80 | ||||||||
No Load Class Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,219.99 | 1.64 | % | $ | 9.18 | ||||||||
No Load Class Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 1,015.48 | 1.93 | % | $ | 9.80 | ||||||||
No Load Class Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,016.94 | 1.64 | % | $ | 8.34 |
29
Beginning | Ending | |||||||||||||||
Account | Account | Expenses Paid | ||||||||||||||
Value | Value | Annualized | During Period* | |||||||||||||
(7/1/10) | (12/31/10) | Expense Ratio | (7/1/10 to 12/31/10) | |||||||||||||
Advisor Class A Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,216.98 | 2.18 | % | $ | 12.18 | ||||||||
Advisor Class A Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,216.98 | 1.89 | % | $ | 10.56 | ||||||||
Advisor Class A Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 1,014.22 | 2.18 | % | $ | 11.07 | ||||||||
Advisor Class A Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,015.68 | 1.89 | % | $ | 9.60 | ||||||||
Advisor Class C Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,214.46 | 2.68 | % | $ | 14.96 | ||||||||
Advisor Class C Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,214.46 | 2.39 | % | $ | 13.34 | ||||||||
Advisor Class C Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 1,011.70 | 2.68 | % | $ | 13.59 | ||||||||
Advisor Class C Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,013.16 | 2.39 | % | $ | 12.13 | ||||||||
Institutional Class Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,221.06 | 1.88 | % | $ | 10.52 | ||||||||
Institutional Class Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,221.06 | 1.44 | % | $ | 8.06 | ||||||||
Institutional Class Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 1,015.73 | 1.88 | % | $ | 9.55 | ||||||||
Institutional Class Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,017.95 | 1.44 | % | $ | 7.32 | ||||||||
The Water Infrastructure Fund | ||||||||||||||||
No Load Class Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,115.10 | 2.26 | % | $ | 12.05 | ||||||||
No Load Class Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,115.10 | 1.64 | % | $ | 8.74 | ||||||||
No Load Class Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 1,013.81 | 2.26 | % | $ | 11.47 | ||||||||
No Load Class Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,016.94 | 1.64 | % | $ | 8.34 | ||||||||
Advisor Class A Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,113.63 | 2.51 | % | $ | 13.37 | ||||||||
Advisor Class A Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,113.63 | 1.89 | % | $ | 10.07 |
30
Beginning | Ending | |||||||||||||||
Account | Account | Expenses Paid | ||||||||||||||
Value | Value | Annualized | During Period* | |||||||||||||
(7/1/10) | (12/31/10) | Expense Ratio | (7/1/10 to 12/31/10) | |||||||||||||
Advisor Class A Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 1,012.55 | 2.51 | % | $ | 12.73 | ||||||||
Advisor Class A Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,015.68 | 1.89 | % | $ | 9.60 | ||||||||
Advisor Class C Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,110.41 | 3.01 | % | $ | 16.01 | ||||||||
Advisor Class C Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,110.41 | 2.39 | % | $ | 12.71 | ||||||||
Advisor Class C Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 1,010.03 | 3.01 | % | $ | 15.25 | ||||||||
Advisor Class C Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,013.16 | 2.39 | % | $ | 12.13 | ||||||||
Institutional Class Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,115.34 | 2.21 | % | $ | 11.78 | ||||||||
Institutional Class Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,115.34 | 1.44 | % | $ | 7.68 | ||||||||
Institutional Class Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 1,014.06 | 2.21 | % | $ | 11.22 | ||||||||
Institutional Class Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,017.95 | 1.44 | % | $ | 7.32 | ||||||||
The Multi-Disciplinary Fund | ||||||||||||||||
No Load Class Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,129.40 | 5.19 | % | $ | 27.86 | ||||||||
No Load Class Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,129.40 | 1.49 | % | $ | 8.00 | ||||||||
No Load Class Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 999.04 | 5.19 | % | $ | 26.15 | ||||||||
No Load Class Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,017.69 | 1.49 | % | $ | 7.58 | ||||||||
Advisor Class A Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,126.51 | 5.44 | % | $ | 29.16 | ||||||||
Advisor Class A Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,126.51 | 1.74 | % | $ | 9.33 | ||||||||
Advisor Class A Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 997.78 | 5.44 | % | $ | 27.39 | ||||||||
Advisor Class A Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,016.43 | 1.74 | % | $ | 8.84 |
31
Beginning | Ending | |||||||||||||||
Account | Account | Expenses Paid | ||||||||||||||
Value | Value | Annualized | During Period* | |||||||||||||
(7/1/10) | (12/31/10) | Expense Ratio | (7/1/10 to 12/31/10) | |||||||||||||
Advisor Class C Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,124.64 | 5.94 | % | $ | 31.81 | ||||||||
Advisor Class C Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,124.64 | 2.24 | % | $ | 12.00 | ||||||||
Advisor Class C Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 995.26 | 5.94 | % | $ | 29.87 | ||||||||
Advisor Class C Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,013.91 | 2.24 | % | $ | 11.37 | ||||||||
Institutional Class Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,128.75 | 5.14 | % | $ | 27.58 | ||||||||
Institutional Class Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,128.75 | 1.29 | % | $ | 6.92 | ||||||||
Institutional Class Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 999.29 | 5.14 | % | $ | 25.90 | ||||||||
Institutional Class Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,018.70 | 1.29 | % | $ | 6.56 | ||||||||
The Tactical Paradigm Fund | ||||||||||||||||
No Load Class Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,122.24 | 6.20 | % | $ | 33.17 | ||||||||
No Load Class Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,122.24 | 2.29 | % | $ | 12.25 | ||||||||
No Load Class Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 993.95 | 6.20 | % | $ | 31.16 | ||||||||
No Load Class Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,013.66 | 2.29 | % | $ | 11.62 | ||||||||
Advisor Class A Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,120.43 | 6.45 | % | $ | 34.47 | ||||||||
Advisor Class A Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,120.43 | 2.54 | % | $ | 13.58 | ||||||||
Advisor Class A Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 992.69 | 6.45 | % | $ | 32.40 | ||||||||
Advisor Class A Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,012.40 | 2.54 | % | $ | 12.88 | ||||||||
Advisor Class C Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,116.93 | 6.95 | % | $ | 37.08 | ||||||||
Advisor Class C Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,116.93 | 3.04 | % | $ | 16.22 |
32
Beginning | Ending | |||||||||||||||
Account | Account | Expenses Paid | ||||||||||||||
Value | Value | Annualized | During Period* | |||||||||||||
(7/1/10) | (12/31/10) | Expense Ratio | (7/1/10 to 12/31/10) | |||||||||||||
Advisor Class C Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 990.17 | 6.95 | % | $ | 34.86 | ||||||||
Advisor Class C Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,009.88 | 3.04 | % | $ | 15.40 | ||||||||
Institutional Class Actual — before expense reimbursement | $ | 1,000.00 | $ | 1,122.63 | 6.15 | % | $ | 32.90 | ||||||||
Institutional Class Actual — after expense reimbursement | $ | 1,000.00 | $ | 1,122.63 | 2.09 | % | $ | 11.18 | ||||||||
Institutional Class Hypothetical (5% return before expenses) — before expense reimbursement | $ | 1,000.00 | $ | 994.20 | 6.15 | % | $ | 30.91 | ||||||||
Institutional Class Hypothetical (5% return before expenses) — after expense reimbursement | $ | 1,000.00 | $ | 1,014.67 | 2.09 | % | $ | 10.61 |
Note: | Each Fund records its proportionate share of the respective Master Portfolio’s expenses, including directed brokerage credits, on a daily basis. Any expense reductions includes Feeder Fund-specific expenses as well as the expenses allocated for the Master Portfolio. |
* | Expenses are equal to the Fund’s annualized expense ratio before expense reimbursement and after expense reimbursement multiplied by the average account value over the period, multiplied by 184/365. |
33
34
Identifier | OTHER INVESTMENTS — 95.91% | Value | ||||
Other Investments — 95.91% | ||||||
Kinetics Paradigm Portfoliom | 1,531,791 | |||||
TOTAL OTHER INVESTMENTS | 1,531,791 | |||||
TOTAL INVESTMENTS — 95.91% | $ | 1,531,791 | ||||
m — | Please see The Paradigm Portfolio’s Portfolio of Investments for a detailed schedule of investments. |
35
Unrealized | ||||||||||
Appreciation/ | ||||||||||
Identifier | SHORT FUTURES CONTRACTS | Contracts | (Depreciation) | |||||||
ESH1 | S&P 500 EMINI Futures Contract, Expiring March 2011 (Multiplier of 50, underlying Face Amount at Market Value $689,150) | 11 | $ | (12,387 | ) | |||||
TOTAL SHORT FUTURES CONTRACTS | $ | (12,387 | ) | |||||||
36
The Internet | The Global | |||||||
Fund | Fund | |||||||
ASSETS: | ||||||||
Investments in the Master Portfolios, at value* | $ | 115,255,930 | $ | 5,296,841 | ||||
Receivable from Adviser | 4,846 | 15,419 | ||||||
Receivable for Master Portfolio interest sold | 223,059 | — | ||||||
Receivable for Fund shares sold | 10,918 | 3,850 | ||||||
Prepaid expenses and other assets | 17,220 | 14,434 | ||||||
Total assets | 115,511,973 | 5,330,544 | ||||||
LIABILITIES: | ||||||||
Payable for Master Portfolio interest purchased | — | 3,850 | ||||||
Payable to Directors and Officers | 1,659 | 86 | ||||||
Payable for Fund shares repurchased | 233,977 | — | ||||||
Payable for service fees | 24,549 | 1,105 | ||||||
Payable for distribution fees | 702 | 179 | ||||||
Accrued expenses and other liabilities | 77,296 | 12,814 | ||||||
Total liabilities | 338,183 | 18,034 | ||||||
Net assets | $ | 115,173,790 | $ | 5,312,510 | ||||
NET ASSETS CONSIST OF: | ||||||||
Paid in capital | $ | 92,326,294 | $ | 6,069,102 | ||||
Accumulated net investment income (loss) | 54,100 | (23,401 | ) | |||||
Accumulated net realized loss on investments and foreign currency | (23,778,966 | ) | (1,300,750 | ) | ||||
Net unrealized appreciation on: | ||||||||
Investments and foreign currency | 46,572,362 | 567,559 | ||||||
Net Assets | $ | 115,173,790 | $ | 5,312,510 | ||||
CALCULATION OF NET ASSET VALUE PER SHARE — NO LOAD CLASS: | ||||||||
Net assets | $ | 113,085,292 | $ | 4,541,173 | ||||
Shares outstanding | 3,035,874 | 971,739 | ||||||
Net asset value per share (offering and redemption price) | $ | 37.25 | $ | 4.67 | ||||
CALCULATION OF NET ASSET VALUE PER SHARE — ADVISOR CLASS A: | ||||||||
Net assets | $ | 1,892,151 | $ | 707,176 | ||||
Shares outstanding | 51,571 | 151,095 | ||||||
Net asset value per share (redemption price) | $ | 36.69 | $ | 4.68 | ||||
Offering price per share ($36.69 divided by .9425 and $4.68 divided by .9425) | $ | 38.93 | $ | 4.97 | ||||
CALCULATION OF NET ASSET VALUE PER SHARE — ADVISOR CLASS C: | ||||||||
Net assets | $ | 196,347 | $ | 64,161 | ||||
Shares outstanding | 5,486 | 13,818 | ||||||
Net asset value per share (offering and redemption price) | $ | 35.79 | $ | 4.64 | ||||
* | Each Fund invests all or generally all its assets directly in the corresponding Master Portfolio. The financial statements for the Master Portfolios, along with the portfolio of investments in securities, are contained elsewhere in this report and should be read in conjunction with the Fund’s financial statements. |
37
The Paradigm | The Medical | |||||||
Fund | Fund | |||||||
ASSETS: | ||||||||
Investments in the Master Portfolios, at value* | $ | 1,208,791,332 | $ | 30,676,424 | ||||
Receivable from Adviser | 115,672 | 15,182 | ||||||
Receivable for Master Portfolio interest sold | 282,871 | 21,655 | ||||||
Receivable for Fund shares sold | 2,143,090 | 5,589 | ||||||
Prepaid expenses and other assets | 34,981 | 15,568 | ||||||
Total assets | 1,211,367,946 | 30,734,418 | ||||||
LIABILITIES: | ||||||||
Payable to Directors and Officers | 18,867 | 483 | ||||||
Payable for Fund shares repurchased | 2,425,961 | 27,244 | ||||||
Payable for service fees | 230,235 | 6,520 | ||||||
Payable for distribution fees | 189,310 | 1,384 | ||||||
Accrued expenses and other liabilities | 351,918 | 22,809 | ||||||
Total liabilities | 3,216,291 | 58,440 | ||||||
Net assets | $ | 1,208,151,655 | $ | 30,675,978 | ||||
NET ASSETS CONSIST OF: | ||||||||
Paid in capital | $ | 1,957,688,385 | $ | 30,643,234 | ||||
Accumulated net investment income (loss) | (9,775,040 | ) | 28,164 | |||||
Accumulated net realized loss on investments and foreign currency | (1,021,368,388 | ) | (677,876 | ) | ||||
Net unrealized appreciation on: | ||||||||
Investments and foreign currency | 281,606,698 | 682,456 | ||||||
Net Assets | $ | 1,208,151,655 | $ | 30,675,978 | ||||
CALCULATION OF NET ASSET VALUE PER SHARE — NO LOAD CLASS: | ||||||||
Net assets | $ | 687,056,274 | $ | 25,776,928 | ||||
Shares outstanding | 29,478,131 | 1,322,932 | ||||||
Net asset value per share (offering and redemption price) | $ | 23.31 | $ | 19.48 | ||||
CALCULATION OF NET ASSET VALUE PER SHARE — ADVISOR CLASS A: | ||||||||
Net assets | $ | 226,263,752 | $ | 4,207,003 | ||||
Shares outstanding | 9,860,177 | 220,773 | ||||||
Net asset value per share (redemption price) | $ | 22.95 | $ | 19.06 | ||||
Offering price per share ($22.95 divided by .9425 and $19.06 divided by .9425) | $ | 24.35 | $ | 20.22 | ||||
CALCULATION OF NET ASSET VALUE PER SHARE — ADVISOR CLASS C: | ||||||||
Net assets | $ | 152,570,975 | $ | 692,047 | ||||
Shares outstanding | 6,855,733 | 36,613 | ||||||
Net asset value per share (offering and redemption price) | $ | 22.25 | $ | 18.90 | ||||
CALCULATION OF NET ASSET VALUE PER SHARE — | ||||||||
INSTITUTIONAL CLASS: | ||||||||
Net assets | $ | 142,260,654 | ||||||
Shares outstanding | 6,119,270 | |||||||
Net asset value per share (offering and redemption price) | $ | 23.25 | ||||||
* | Each Fund invests all or generally all its assets directly in the corresponding Master Portfolio. The financial statements for the Master Portfolios, along with the portfolio of investments in securities, are contained elsewhere in this report and should be read in conjunction with the Fund’s financial statements. |
38
The Small Cap | The Market | |||||||
Opportunities | Opportunities | |||||||
Fund | Fund | |||||||
ASSETS: | ||||||||
Investments in the Master Portfolios, at value* | $ | 155,118,505 | $ | 58,518,497 | ||||
Receivable from Adviser | 16,799 | 14,631 | ||||||
Receivable for Master Portfolio interest sold | 340,854 | 78,889 | ||||||
Receivable for Fund shares sold | 44,761 | 13,110 | ||||||
Prepaid expenses and other assets | 22,233 | 24,724 | ||||||
Total assets | 155,543,152 | 58,649,851 | ||||||
LIABILITIES: | ||||||||
Payable to Directors and Officers | 2,562 | 903 | ||||||
Payable for Fund shares repurchased | 385,615 | 92,000 | ||||||
Payable for service fees | 31,518 | 12,429 | ||||||
Payable for distribution fees | 5,518 | 6,655 | ||||||
Accrued expenses and other liabilities | 71,877 | 27,134 | ||||||
Total liabilities | 497,090 | 139,121 | ||||||
Net assets | $ | 155,046,062 | $ | 58,510,730 | ||||
NET ASSETS CONSIST OF: | ||||||||
Paid in capital | $ | 314,478,990 | $ | 88,209,920 | ||||
Accumulated net investment loss | (1,089,215 | ) | (2,114,296 | ) | ||||
Accumulated net realized loss on investments and foreign currency | (188,919,026 | ) | (34,818,280 | ) | ||||
Net unrealized appreciation on: | ||||||||
Investments and foreign currency | 30,575,313 | 7,233,386 | ||||||
Net Assets | $ | 155,046,062 | $ | 58,510,730 | ||||
CALCULATION OF NET ASSET VALUE PER SHARE — NO LOAD CLASS: | ||||||||
Net assets | $ | 130,278,539 | $ | 38,562,142 | ||||
Shares outstanding | 5,587,064 | 3,366,208 | ||||||
Net asset value per share (offering and redemption price) | $ | 23.32 | $ | 11.46 | ||||
CALCULATION OF NET ASSET VALUE PER SHARE — ADVISOR CLASS A: | ||||||||
Net assets | $ | 11,509,161 | $ | 14,167,453 | ||||
Shares outstanding | 500,776 | 1,239,468 | ||||||
Net asset value per share (redemption price) | $ | 22.98 | $ | 11.43 | ||||
Offering price per share ($22.98 divided by .9425 and $11.43 divided by .9425) | $ | 24.38 | $ | 12.13 | ||||
CALCULATION OF NET ASSET VALUE PER SHARE — ADVISOR CLASS C: | ||||||||
Net assets | $ | 3,450,477 | $ | 5,569,269 | ||||
Shares outstanding | 152,152 | 492,787 | ||||||
Net asset value per share (offering and redemption price) | $ | 22.68 | $ | 11.30 | ||||
CALCULATION OF NET ASSET VALUE PER SHARE — INSTITUTIONAL CLASS: | ||||||||
Net assets | $ | 9,807,885 | $ | 211,866 | ||||
Shares outstanding | 418,279 | 18,459 | ||||||
Net asset value per share (offering and redemption price) | $ | 23.45 | $ | 11.48 | ||||
* | Each Fund invests all or generally all its assets directly in the corresponding Master Portfolio. The financial statements for the Master Portfolios, along with the portfolio of investments in securities, are contained elsewhere in this report and should be read in conjunction with the Fund’s financial statements. |
39
The Water | The Multi- | |||||||
Infrastructure | Disciplinary | |||||||
Fund | Fund | |||||||
ASSETS: | ||||||||
Investments in the Master Portfolios, at value* | $ | 24,122,101 | $ | 4,097,779 | ||||
Receivable from Adviser | 13,293 | 6,662 | ||||||
Receivable for Master Portfolio interest sold | 146,515 | — | ||||||
Receivable for Fund shares sold | 80,528 | 8,000 | ||||||
Prepaid expenses and other assets | 15,425 | 26,299 | ||||||
Total assets | 24,377,862 | 4,138,740 | ||||||
LIABILITIES: | ||||||||
Payable for Master Portfolio interest purchased | — | 8,000 | ||||||
Payable to Directors and Officers | 399 | 28 | ||||||
Payable for Fund shares repurchased | 227,043 | — | ||||||
Payable for service fees | 4,471 | 791 | ||||||
Payable for distribution fees | 3,938 | 145 | ||||||
Accrued expenses and other liabilities | 18,049 | 14,136 | ||||||
Total liabilities | 253,900 | 23,100 | ||||||
Net assets | $ | 24,123,962 | $ | 4,115,640 | ||||
NET ASSETS CONSIST OF: | ||||||||
Paid in capital | $ | 32,389,675 | $ | 3,890,144 | ||||
Accumulated net investment loss | (33,240 | ) | (12,853 | ) | ||||
Accumulated net realized gain (loss) on investments, foreign currency and written option contracts | (9,416,641 | ) | 2,997 | |||||
Net unrealized appreciation on: | ||||||||
Investments and foreign currency | 20,727 | 69,225 | ||||||
Written option contracts | 1,163,441 | 166,127 | ||||||
Net Assets | $ | 24,123,962 | $ | 4,115,640 | ||||
CALCULATION OF NET ASSET VALUE PER SHARE — NO LOAD CLASS: | ||||||||
Net assets | $ | 7,001,497 | $ | 3,489,290 | ||||
Shares outstanding | 835,279 | 333,411 | ||||||
Net asset value per share (offering and redemption price) | $ | 8.38 | $ | 10.47 | ||||
CALCULATION OF NET ASSET VALUE PER SHARE — ADVISOR CLASS A: | ||||||||
Net assets | $ | 10,100,308 | $ | 355,903 | ||||
Shares outstanding | 1,209,401 | 34,093 | ||||||
Net asset value per share (redemption price) | $ | 8.35 | $ | 10.44 | ||||
Offering price per share ($8.35 divided by .9425 and $10.44 divided by .9425) | $ | 8.86 | $ | 11.08 | ||||
CALCULATION OF NET ASSET VALUE PER SHARE — ADVISOR CLASS C: | ||||||||
Net assets | $ | 2,839,723 | $ | 128,001 | ||||
Shares outstanding | 344,069 | 12,309 | ||||||
Net asset value per share (offering and redemption price) | $ | 8.25 | $ | 10.40 | ||||
CALCULATION OF NET ASSET VALUE PER SHARE — INSTITUTIONAL CLASS: | ||||||||
Net assets | $ | 4,182,434 | $ | 142,446 | ||||
Shares outstanding | 496,582 | 13,564 | ||||||
Net asset value per share (offering and redemption price) | $ | 8.42 | $ | 10.50 | ||||
* | Each Fund invests all or generally all its assets directly in the corresponding Master Portfolio. The financial statements for the Master Portfolios, along with the portfolio of investments in securities, are contained elsewhere in this report and should be read in conjunction with the Fund’s financial statements. |
40
The Tactical | ||||
Paradigm | ||||
Fund | ||||
ASSETS: | ||||
Investments in the Master Portfolios, at value* | $ | 1,531,791 | ||
Deposit at brokers for futures | 56,046 | |||
Receivable from Adviser | 3,910 | |||
Due from broker-variation margin | 825 | |||
Prepaid expenses and other assets | 24,152 | |||
Total assets | 1,616,724 | |||
LIABILITIES: | ||||
Payable to Sub-Adviser | 885 | |||
Payable to Directors and Officers | 19 | |||
Payable for service fees | 337 | |||
Payable for distribution fees | 2,636 | |||
Accrued expenses and other liabilities | 15,670 | |||
Total liabilities | 19,547 | |||
Net assets | $ | 1,597,177 | ||
NET ASSETS CONSIST OF: | ||||
Paid in capital | $ | 1,542,457 | ||
Accumulated net investment loss | (10,975 | ) | ||
Accumulated net realized loss on investments, foreign currency, written option contracts and future contracts | (326,571 | ) | ||
Net unrealized appreciation (depreciation) on: | ||||
Investments and foreign currency | 404,653 | |||
Futures contracts | (12,387 | ) | ||
Net Assets | $ | 1,597,177 | ||
CALCULATION OF NET ASSET VALUE PER SHARE — NO LOAD CLASS: | ||||
Net assets | $ | 49,847 | ||
Shares outstanding | 4,850 | |||
Net asset value per share (offering and redemption price) | $ | 10.28 | ||
CALCULATION OF NET ASSET VALUE PER SHARE — ADVISOR CLASS A: | ||||
Net assets | $ | 502,267 | ||
Shares outstanding | 49,043 | |||
Net asset value per share (redemption price) | $ | 10.24 | ||
Offering price per share ($10.24 divided by .9425) | $ | 10.86 | ||
CALCULATION OF NET ASSET VALUE PER SHARE — ADVISOR CLASS C: | ||||
Net assets | $ | 1,024,355 | ||
Shares outstanding | 100,210 | |||
Net asset value per share (offering and redemption price) | $ | 10.22 | ||
CALCULATION OF NET ASSET VALUE PER SHARE — INSTITUTIONAL CLASS: | ||||
Net assets | $ | 20,708 | ||
Shares outstanding | 2,022 | |||
Net asset value per share (offering and redemption price) | $ | 10.24 | ||
* | Each Fund invests all or generally all its assets directly in the corresponding Master Portfolio. The financial statements for the Master Portfolios, along with the portfolio of investments in securities, are contained elsewhere in this report and should be read in conjunction with the Fund’s financial statements. |
41
The Internet | The Global | |||||||
Fund | Fund | |||||||
INVESTMENT LOSS ALLOCATED FROM MASTER | ||||||||
PORTFOLIOS: | ||||||||
Dividends† | $ | 850,831 | $ | 92,408 | ||||
Interest | 54,676 | 1 | ||||||
Income from securities lending | 106,235 | 2,043 | ||||||
Other income | 99,868 | — | ||||||
Expenses allocated from Master Portfolio | (1,461,843 | ) | (119,398 | ) | ||||
Net investment loss from Master Portfolio | (350,233 | ) | (24,946 | ) | ||||
EXPENSES: | ||||||||
Distribution fees — Advisor Class A | 2,841 | 1,204 | ||||||
Distribution fees — Advisor Class C | 1,093 | 322 | ||||||
Shareholder servicing fees — Advisor Class A | 2,841 | 1,204 | ||||||
Shareholder servicing fees — Advisor Class C | 365 | 107 | ||||||
Shareholder servicing fees — No Load Class | 264,081 | 11,061 | ||||||
Transfer Agent fees and expenses | 172,690 | 20,215 | ||||||
Reports to shareholders | 72,171 | 3,501 | ||||||
Administration fees | 36,254 | 1,669 | ||||||
Professional fees | 17,217 | 7,625 | ||||||
Directors’ and Officers’ fees and expenses | 7,293 | 355 | ||||||
Registration fees | 39,557 | 40,711 | ||||||
Fund accounting fees | 5,256 | 242 | ||||||
Other expenses | 5,327 | 236 | ||||||
Total expenses | 626,986 | 88,452 | ||||||
Less, expense reimbursement | (64,197 | ) | (137,533 | ) | ||||
Net expenses | 562,789 | (49,081 | ) | |||||
Net investment income (loss) | (913,022 | ) | 24,135 | |||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ALLOCATED FROM MASTER PORTFOLIOS: | ||||||||
Net realized gain on: | ||||||||
Investments and foreign currency | 3,608,256 | 621,170 | ||||||
Net change in unrealized appreciation (depreciation) of: | ||||||||
Investments and foreign currency | 18,108,751 | 246,651 | ||||||
Written option contracts | (5,403 | ) | — | |||||
Net gain on investments | 21,711,604 | 867,821 | ||||||
Net increase in net assets resulting from operations | $ | 20,798,582 | $ | 891,956 | ||||
† Net of Foreign Taxes Withheld of: | $ | 33,821 | $ | 10,402 | ||||
42
The Paradigm | The Medical | |||||||
Fund | Fund | |||||||
INVESTMENT INCOME ALLOCATED FROM MASTER PORTFOLIOS: | ||||||||
Dividends† | $ | 23,133,845 | $ | 581,765 | ||||
Interest | 1,681,570 | 58 | ||||||
Income from securities lending | 2,082,596 | 24,147 | ||||||
Expenses allocated from Master Portfolio | (16,706,025 | ) | (434,646 | ) | ||||
Net investment income from Master Portfolio | 10,191,986 | 171,324 | ||||||
EXPENSES: | ||||||||
Distribution fees — Advisor Class A | 563,355 | 10,946 | ||||||
Distribution fees — Advisor Class C | 1,153,688 | 5,099 | ||||||
Shareholder servicing fees — Advisor Class A | 563,355 | 10,946 | ||||||
Shareholder servicing fees — Advisor Class C | 384,562 | 1,703 | ||||||
Shareholder servicing fees — No Load Class | 1,794,385 | 65,568 | ||||||
Shareholder servicing fees — Institutional Class | 257,319 | — | ||||||
Transfer Agent fees and expenses | 696,038 | 32,486 | ||||||
Reports to shareholders | 347,584 | 11,576 | ||||||
Administration fees | 426,920 | 11,005 | ||||||
Professional fees | 74,582 | 11,363 | ||||||
Directors’ and Officers’ fees and expenses | 83,835 | 2,163 | ||||||
Registration fees | 93,940 | 39,882 | ||||||
Fund accounting fees | 59,730 | 1,552 | ||||||
Other expenses | 71,038 | 1,370 | ||||||
Total expenses | 6,570,331 | 205,659 | ||||||
Less, expense waiver for Institutional Class service fees | (192,989 | ) | — | |||||
Less, expense reimbursement | (1,524,125 | ) | (189,372 | ) | ||||
Net expenses | 4,853,217 | 16,287 | ||||||
Net investment income | 5,338,769 | 155,037 | ||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ALLOCATED FROM MASTER PORTFOLIOS: | ||||||||
Net realized loss on: | ||||||||
Investments and foreign currency | (106,442,949 | ) | (220,195 | ) | ||||
Net change in unrealized appreciation of: | ||||||||
Investments and foreign currency | 278,030,932 | 1,376,200 | ||||||
Net gain on investments | 171,587,983 | 1,156,005 | ||||||
Net increase in net assets resulting from operations | $ | 176,926,752 | $ | 1,311,042 | ||||
† Net of Foreign Taxes Withheld of: | $ | 1,193,928 | $ | 28,223 | ||||
43
The Small Cap | The Market | |||||||
Opportunities | Opportunities | |||||||
Fund | Fund | |||||||
INVESTMENT INCOME ALLOCATED FROM MASTER | ||||||||
PORTFOLIOS: | ||||||||
Dividends† | $ | 2,249,570 | $ | 1,090,688 | ||||
Interest | 20,973 | 36 | ||||||
Income from securities lending | 100,654 | 81,141 | ||||||
Expenses allocated from Master Portfolio | (2,336,881 | ) | (841,186 | ) | ||||
Net investment income from Master Portfolio | 34,316 | 330,679 | ||||||
EXPENSES: | ||||||||
Distribution fees — Advisor Class A | 31,127 | 39,161 | ||||||
Distribution fees — Advisor Class C | 28,274 | 41,919 | ||||||
Shareholder servicing fees — Advisor Class A | 31,127 | 39,161 | ||||||
Shareholder servicing fees — Advisor Class C | 9,425 | 13,973 | ||||||
Shareholder servicing fees — No Load Class | 337,810 | 94,441 | ||||||
Shareholder servicing fees — Institutional Class | 26,349 | 171 | ||||||
Transfer Agent fees and expenses | 104,089 | 41,861 | ||||||
Reports to shareholders | 41,150 | 13,810 | ||||||
Administration fees | 56,967 | 20,534 | ||||||
Professional fees | 21,999 | 13,639 | ||||||
Directors’ and Officers’ fees and expenses | 11,001 | 4,065 | ||||||
Registration fees | 52,988 | 48,179 | ||||||
Fund accounting fees | 8,024 | 2,884 | ||||||
Other expenses | 10,510 | 3,375 | ||||||
Total expenses | 770,840 | 377,173 | ||||||
Less, expense waiver for Institutional Class service fees | (19,761 | ) | (129 | ) | ||||
Less, expense reimbursement | (356,797 | ) | (167,828 | ) | ||||
Net expenses | 394,282 | 209,216 | ||||||
Net investment income (loss) | (359,966 | ) | 121,463 | |||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ALLOCATED FROM MASTER PORTFOLIOS: | ||||||||
Net realized loss on: | ||||||||
Investments and foreign currency | (588,589 | ) | (336,643 | ) | ||||
Net change in unrealized appreciation (depreciation) of: | ||||||||
Investments and foreign currency | 20,471,453 | 6,205,603 | ||||||
Written option contracts | — | (37,822 | ) | |||||
Net gain on investments | 19,882,864 | 5,831,138 | ||||||
Net increase in net assets resulting from operations | $ | 19,522,898 | $ | 5,952,601 | ||||
† Net of Foreign Taxes Withheld of: | $ | 66,129 | $ | 39,957 | ||||
44
The Water | The Multi- | |||||||
Infrastructure | Disciplinary | |||||||
Fund | Fund | |||||||
INVESTMENT INCOME ALLOCATED FROM MASTER | ||||||||
PORTFOLIOS: | ||||||||
Dividends† | $ | 423,323 | $ | 85 | ||||
Interest | 173,690 | 111,245 | ||||||
Income from securities lending | 52,546 | 54 | ||||||
Expenses allocated from Master Portfolio | (380,207 | ) | (53,600 | ) | ||||
Net investment income from Master Portfolio | 269,352 | 57,784 | ||||||
EXPENSES: | ||||||||
Distribution fees — Advisor Class A | 28,794 | 418 | ||||||
Distribution fees — Advisor Class C | 21,516 | 892 | ||||||
Shareholder servicing fees — Advisor Class A | 28,794 | 418 | ||||||
Shareholder servicing fees — Advisor Class C | 7,172 | 297 | ||||||
Shareholder servicing fees — No Load Class | 18,216 | 4,663 | ||||||
Shareholder servicing fees — Institutional Class | 8,643 | 227 | ||||||
Transfer Agent fees and expenses | 31,734 | 20,392 | ||||||
Reports to shareholders | 14,338 | 158 | ||||||
Administration fees | 9,190 | 2,192 | ||||||
Professional fees | 10,794 | 9,460 | ||||||
Directors’ and Officers’ fees and expenses | 1,816 | 100 | ||||||
Registration fees | 47,795 | 46,603 | ||||||
Fund accounting fees | 1,299 | 119 | ||||||
Other expenses | 1,175 | 40 | ||||||
Total expenses | 231,276 | 85,979 | ||||||
Less, expense waiver for Institutional Class service fees | (6,482 | ) | (170 | ) | ||||
Less, expense reimbursement | (137,029 | ) | (104,577 | ) | ||||
Net expenses | 87,765 | (18,768 | ) | |||||
Net investment income | 181,587 | 76,552 | ||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ALLOCATED FROM MASTER PORTFOLIOS: | ||||||||
Net realized gain (loss) on: | ||||||||
Investments and foreign currency | (2,178,542 | ) | 3,717 | |||||
Written option contracts expired or closed | (296,275 | ) | 98,444 | |||||
Net change in unrealized appreciation (depreciation) of: | ||||||||
Investments and foreign currency | (357,260 | ) | 35,546 | |||||
Written option contracts | 1,163,441 | 115,719 | ||||||
Net gain (loss) on investments | (1,668,636 | ) | 253,426 | |||||
Net increase (decrease) in net assets resulting from operations | $ | (1,487,049 | ) | $ | 329,978 | |||
† Net of Foreign Taxes Withheld of: | $ | 31,416 | $ | — | ||||
45
The Tactical | ||||
Paradigm | ||||
Fund | ||||
INVESTMENT INCOME ALLOCATED FROM MASTER PORTFOLIO: | ||||
Dividends† | $ | 26,366 | ||
Interest | 1,784 | |||
Income from securities lending | 1,717 | |||
Expenses allocated from Master Portfolio | (17,220 | ) | ||
Net investment income from Master Portfolio | 12,647 | |||
EXPENSES: | ||||
Distribution fees — Advisor Class A | 1,165 | |||
Distribution fees — Advisor Class C | 6,176 | |||
Shareholder servicing fees — Advisor Class A | 1,165 | |||
Shareholder servicing fees — Advisor Class C | 2,058 | |||
Shareholder servicing fees — No Load Class | 235 | |||
Shareholder servicing fees — Institutional Class | 42 | |||
Sub-Advisory fees | 9,119 | |||
Custodian fees and expenses | 3,276 | |||
Transfer Agent fees and expenses | 20,301 | |||
Reports to shareholders | 148 | |||
Administration fees | 2,412 | |||
Professional fees | 10,011 | |||
Directors’ and Officers’ fees and expenses | 90 | |||
Registration fees | 7,473 | |||
Fund accounting fees | 25,671 | |||
Interest expense | 54 | |||
Total expenses | 89,396 | |||
Less, expense waiver for Institutional Class service fees | (32 | ) | ||
Less, expense reimbursement | (67,156 | ) | ||
Net expenses | 22,208 | |||
Net investment loss | (9,561 | ) | ||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||
Net realized gain (loss) on: | ||||
Investments and foreign currency allocated from Master Portfolio | (260,660 | ) | ||
Written option contracts expired or closed | 30,716 | |||
Futures contracts | (97,336 | ) | ||
Net change in unrealized appreciation (depreciation) of: | ||||
Investments and foreign currency allocated from Master Portfolio | 404,653 | |||
Futures contracts | (12,387 | ) | ||
Net gain on investments | 64,986 | |||
Net increase in net assets resulting from operations | $ | 55,425 | ||
† Net of Foreign Taxes Withheld of: | $ | 1,299 | ||
46
The Internet Fund | The Global Fund | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (913,022 | ) | $ | (492,158 | ) | $ | 24,135 | $ | 21,456 | ||||||
Net realized gain (loss) on sale of investments and foreign currency | 3,608,256 | 3,597,660 | 621,170 | (418,155 | ) | |||||||||||
Net change in unrealized appreciation of investments, foreign currency and written options | 18,103,348 | 32,089,184 | 246,651 | 1,899,110 | ||||||||||||
Net increase in net assets resulting from operations | 20,798,582 | 35,194,686 | 891,956 | 1,502,411 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS — NO LOAD CLASS: | ||||||||||||||||
Net investment income | — | (127,292 | ) | (43,877 | ) | (19,692 | ) | |||||||||
Total distributions | — | (127,292 | ) | (43,877 | ) | (19,692 | ) | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS — ADVISOR CLASS A: | ||||||||||||||||
Net investment income | — | (930 | ) | (5,645 | ) | (1,275 | ) | |||||||||
Total distributions | — | (930 | ) | (5,645 | ) | (1,275 | ) | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS — ADVISOR CLASS C: | ||||||||||||||||
Net investment income | — | (145 | ) | (303 | ) | (22 | ) | |||||||||
Total distributions | — | (145 | ) | (303 | ) | (22 | ) | |||||||||
CAPITAL SHARE TRANSACTIONS — NO LOAD CLASS: | ||||||||||||||||
Proceeds from shares sold | 3,021,151 | 4,869,857 | 1,128,676 | 2,868,282 | ||||||||||||
Redemption fees | 170 | 1,370 | 102 | 6,702 | ||||||||||||
Proceeds from shares issued to holders in reinvestment of dividends | — | 123,697 | 43,193 | 19,427 | ||||||||||||
Cost of shares redeemed | (15,163,154 | ) | (10,313,179 | ) | (1,733,680 | ) | (1,808,229 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (12,141,833 | ) | (5,318,255 | ) | (561,709 | ) | 1,086,182 | |||||||||
CAPITAL SHARE TRANSACTIONS — ADVISOR CLASS A: | ||||||||||||||||
Proceeds from shares sold | 1,362,470 | 489,536 | 289,022 | 312,466 | ||||||||||||
Redemption fees | 16 | 201 | 14 | — | ||||||||||||
Proceeds from shares issued to holders in reinvestment of dividends | — | 825 | 1,741 | 417 | ||||||||||||
Cost of shares redeemed | (412,504 | ) | (225,140 | ) | (50,310 | ) | (101,796 | ) | ||||||||
Net increase in net assets resulting from capital share transactions | 949,982 | 265,422 | 240,467 | 211,087 | ||||||||||||
47
The Internet Fund | The Global Fund | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
CAPITAL SHARE TRANSACTIONS — ADVISOR CLASS C: | ||||||||||||||||
Proceeds from shares sold | 43,167 | 302 | 24,258 | 21,000 | ||||||||||||
Redemption fees | — | — | — | — | ||||||||||||
Proceeds from shares issued to holders in reinvestment of dividends | — | 43 | 303 | 22 | ||||||||||||
Cost of shares redeemed | — | (33,452 | ) | (6,489 | ) | — | ||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 43,167 | (33,107 | ) | 18,072 | 21,022 | |||||||||||
TOTAL INCREASE IN NET ASSETS: | 9,649,898 | 29,980,379 | 538,961 | 2,799,713 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 105,523,892 | 75,543,513 | 4,773,549 | 1,973,836 | ||||||||||||
End of year* | $ | 115,173,790 | $ | 105,523,892 | $ | 5,312,510 | $ | 4,773,549 | ||||||||
*Including undistributed net investment | ||||||||||||||||
income (loss) of: | $ | 54,100 | $ | (912,146 | ) | $ | (23,401 | ) | $ | (8,321 | ) | |||||
CHANGES IN SHARES OUTSTANDING — NO LOAD CLASS: | ||||||||||||||||
Shares sold | 92,334 | 175,734 | 281,577 | 878,509 | ||||||||||||
Shares issued in reinvestments of dividends and distributions | — | 4,000 | 9,289 | 4,994 | ||||||||||||
Shares redeemed | (461,380 | ) | (401,239 | ) | (433,433 | ) | (557,975 | ) | ||||||||
Net increase (decrease) in shares outstanding | (369,046 | ) | (221,505 | ) | (142,567 | ) | 325,528 | |||||||||
CHANGES IN SHARES OUTSTANDING — ADVISOR CLASS A: | ||||||||||||||||
Shares sold | 39,616 | 17,431 | 69,249 | 84,996 | ||||||||||||
Shares issued in reinvestments of dividends and distributions | — | 27 | 373 | 107 | ||||||||||||
Shares redeemed | (12,363 | ) | (8,671 | ) | (12,056 | ) | (36,346 | ) | ||||||||
Net increase in shares outstanding | 27,253 | 8,787 | 57,566 | 48,757 | ||||||||||||
CHANGES IN SHARES OUTSTANDING — ADVISOR CLASS C: | ||||||||||||||||
Shares sold | 1,472 | 12 | 6,225 | 6,943 | ||||||||||||
Shares issued in reinvestments of dividends and distributions | — | 2 | 65 | 6 | ||||||||||||
Shares redeemed | — | (1,599 | ) | (1,651 | ) | — | ||||||||||
Net increase (decrease) in shares outstanding | 1,472 | (1,585 | ) | 4,639 | 6,949 | |||||||||||
48
The Paradigm Fund | The Medical Fund | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 5,338,769 | $ | 9,664,271 | $ | 155,037 | $ | 234,571 | ||||||||
Net realized loss on sale of investments, foreign currency | (106,442,949 | ) | (281,292,053 | ) | (220,195 | ) | (152,213 | ) | ||||||||
Net change in unrealized appreciation of investments and foreign currency | 278,030,932 | 685,169,758 | 1,376,200 | 4,225,736 | ||||||||||||
Net increase in net assets resulting from operations | 176,926,752 | 413,541,976 | 1,311,042 | 4,308,094 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS — NO LOAD CLASS: | ||||||||||||||||
Net investment income | (10,863,592 | ) | (6,864,283 | ) | (141,862 | ) | (175,656 | ) | ||||||||
Net realized gains | — | — | — | (22,795 | ) | |||||||||||
Total distributions | (10,863,592 | ) | (6,864,283 | ) | (141,862 | ) | (198,451 | ) | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS — ADVISOR CLASS A: | ||||||||||||||||
Net investment income | (3,108,298 | ) | (741,228 | ) | (12,747 | ) | (28,347 | ) | ||||||||
Net realized gains | — | — | — | (4,778 | ) | |||||||||||
Total distributions | (3,108,298 | ) | (741,228 | ) | (12,747 | ) | (33,125 | ) | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS — ADVISOR CLASS C: | ||||||||||||||||
Net investment income | (1,760,303 | ) | — | (688 | ) | (618 | ) | |||||||||
Net realized gains | — | — | — | (507 | ) | |||||||||||
Total distributions | (1,760,303 | ) | — | (688 | ) | (1,125 | ) | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS — INSTITUTIONAL CLASS: | ||||||||||||||||
Net investment income | (2,558,528 | ) | (1,674,477 | ) | N/A | N/A | ||||||||||
Net realized gains | — | — | N/A | N/A | ||||||||||||
Total distributions | (2,558,528 | ) | (1,674,477 | ) | N/A | N/A | ||||||||||
CAPITAL SHARE TRANSACTIONS — NO LOAD CLASS: | ||||||||||||||||
Proceeds from shares sold | 102,887,659 | 228,538,793 | 10,282,693 | 8,877,756 | ||||||||||||
Redemption Fees | 13,160 | 96,505 | 132 | 5,196 | ||||||||||||
Proceeds from shares issued to holders in reinvestment of dividends | 10,197,239 | 6,669,240 | 140,271 | 196,171 | ||||||||||||
Cost of shares redeemed | (340,164,186 | ) | (392,483,046 | ) | (6,758,118 | ) | (6,974,443 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (227,066,128 | ) | (157,178,508 | ) | 3,664,978 | 2,104,680 | ||||||||||
CAPITAL SHARE TRANSACTIONS — ADVISOR CLASS A: | ||||||||||||||||
Proceeds from shares sold | 26,261,163 | 52,590,755 | 1,196,355 | 2,336,497 | ||||||||||||
Redemption Fees | 4,893 | — | 177 | 1,395 | ||||||||||||
Proceeds from shares issued to holders in reinvestment of dividends | 2,635,918 | 642,068 | 7,167 | 18,350 | ||||||||||||
Cost of shares redeemed | (85,179,916 | ) | (123,719,278 | ) | (1,492,863 | ) | (1,638,705 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (56,277,942 | ) | (70,486,455 | ) | (289,164 | ) | 717,537 | |||||||||
49
The Paradigm Fund | The Medical Fund | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
CAPITAL SHARE TRANSACTIONS — ADVISOR CLASS C: | ||||||||||||||||
Proceeds from shares sold | 8,298,564 | 15,759,105 | 356,622 | 354,523 | ||||||||||||
Redemption Fees | 712 | 532 | — | 4 | ||||||||||||
Proceeds from shares issued to holders in reinvestment of dividends | 1,536,819 | — | 441 | 689 | ||||||||||||
Cost of shares redeemed | (47,196,534 | ) | (44,568,229 | ) | (139,626 | ) | (307,788 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (37,360,439 | ) | (28,808,592 | ) | 217,437 | 47,428 | ||||||||||
CAPITAL SHARE TRANSACTIONS — INSTITUTIONAL CLASS : | ||||||||||||||||
Proceeds from shares sold | 49,106,216 | 52,022,093 | N/A | N/A | ||||||||||||
Redemption Fees | 541 | 2,858 | N/A | N/A | ||||||||||||
Proceeds from shares issued to holders in reinvestment of dividends | 2,167,870 | 1,564,877 | N/A | N/A | ||||||||||||
Cost of shares redeemed | (53,388,379 | ) | (95,494,884 | ) | N/A | N/A | ||||||||||
Net decrease in net assets resulting from capital share transactions | (2,113,752 | ) | (41,905,056 | ) | N/A | N/A | ||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS: | (164,182,230 | ) | 105,883,377 | 4,748,996 | 6,945,038 | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 1,372,333,885 | 1,266,450,508 | 25,926,982 | 18,981,944 | ||||||||||||
End of year* | $ | 1,208,151,655 | $ | 1,372,333,885 | $ | 30,675,978 | $ | 25,926,982 | ||||||||
*Including undistributed net investment | ||||||||||||||||
income (loss) of: | $ | (9,775,040 | ) | $ | 2,487,370 | $ | 28,164 | $ | 29,613 | |||||||
CHANGES IN SHARES OUTSTANDING — NO LOAD CLASS: | ||||||||||||||||
Shares sold | 4,985,324 | 13,500,735 | 545,733 | 503,291 | ||||||||||||
Shares issued in reinvestments of dividends and distributions | 439,158 | 331,473 | 7,182 | 10,374 | ||||||||||||
Shares redeemed | (16,845,311 | ) | (24,319,939 | ) | (355,336 | ) | (421,096 | ) | ||||||||
Net increase (decrease) in shares outstanding | (11,420,829 | ) | (10,487,731 | ) | 197,579 | 92,569 | ||||||||||
CHANGES IN SHARES OUTSTANDING — ADVISOR CLASS A: | ||||||||||||||||
Shares sold | 1,278,667 | 3,318,616 | 64,338 | 140,646 | ||||||||||||
Shares issued in reinvestments of dividends and distributions | 115,297 | 32,395 | 375 | 993 | ||||||||||||
Shares redeemed | (4,218,313 | ) | (8,280,037 | ) | (80,705 | ) | (102,207 | ) | ||||||||
Net increase (decrease) in shares outstanding | (2,824,349 | ) | (4,929,026 | ) | (15,992 | ) | 39,432 | |||||||||
50
The Paradigm Fund | The Medical Fund | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
CHANGES IN SHARES OUTSTANDING — ADVISOR CLASS C: | ||||||||||||||||
Shares sold | 417,554 | 1,011,821 | 19,193 | 22,768 | ||||||||||||
Shares issued in reinvestments of dividends and distributions | 69,320 | — | 23 | 37 | ||||||||||||
Shares redeemed | (2,404,604 | ) | (2,955,060 | ) | (7,443 | ) | (19,133 | ) | ||||||||
Net increase (decrease) in shares outstanding | (1,917,730 | ) | (1,943,239 | ) | 11,773 | 3,672 | ||||||||||
CHANGES IN SHARES OUTSTANDING — INSTITUTIONAL CLASS: | ||||||||||||||||
Shares sold | 2,381,963 | 3,148,491 | N/A | N/A | ||||||||||||
Shares issued in reinvestments of dividends and distributions | 93,604 | 77,932 | N/A | N/A | ||||||||||||
Shares redeemed | (2,583,750 | ) | (5,875,213 | ) | N/A | N/A | ||||||||||
Net decrease in shares outstanding | (108,183 | ) | (2,648,790 | ) | N/A | N/A | ||||||||||
51
The Small Cap Opportunities Fund | The Market Opportunities Fund | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (359,966 | ) | $ | (509,988 | ) | $ | 121,463 | $ | (62,027 | ) | |||||
Net realized loss on sale of investments and foreign currency | (588,589 | ) | (45,656,563 | ) | (336,643 | ) | (7,399,154 | ) | ||||||||
Net change in unrealized appreciation of investments, foreign currency and written options | 20,471,453 | 143,852,458 | 6,167,781 | 30,077,593 | ||||||||||||
Net increase in net assets resulting from operations | 19,522,898 | 97,685,907 | 5,952,601 | 22,616,412 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS — NO LOAD CLASS: | ||||||||||||||||
Net investment income | (2,187,430 | ) | — | (1,939,475 | ) | (20,768 | ) | |||||||||
Total distributions | (2,187,430 | ) | — | (1,939,457 | ) | (20,768 | ) | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS — ADVISOR CLASS A: | ||||||||||||||||
Net investment income | (165,531 | ) | — | (677,980 | ) | (9,381 | ) | |||||||||
Total distributions | (165,531 | ) | — | (677,980 | ) | (9,381 | ) | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS — ADVISOR CLASS C: | ||||||||||||||||
Net investment income | (35,675 | ) | — | (243,526 | ) | (2,890 | ) | |||||||||
Total distributions | (35,675 | ) | — | (243,526 | ) | (2,890 | ) | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS — INSTITUTIONAL CLASS: | ||||||||||||||||
Net investment income | (163,727 | ) | — | (11,629 | ) | (10 | ) | |||||||||
Total distributions | (163,727 | ) | — | (11,629 | ) | (10 | ) | |||||||||
CAPITAL SHARE TRANSACTIONS — NO LOAD CLASS: | ||||||||||||||||
Proceeds from shares sold | 14,985,968 | 36,310,875 | 2,555,924 | 7,876,163 | ||||||||||||
Redemption fees | 3,294 | 8,109 | 309 | 47,139 | ||||||||||||
Proceeds from shares issued to holders in reinvestment of dividends | 2,097,736 | — | 1,892,329 | 20,440 | ||||||||||||
Cost of shares redeemed | (62,304,199 | ) | (64,086,132 | ) | (9,242,637 | ) | (14,496,784 | ) | ||||||||
Net decrease in net assets resulting from capital share transactions | (45,217,201 | ) | (27,767,148 | ) | (4,794,075 | ) | (6,553,042 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS — ADVISOR CLASS A: | ||||||||||||||||
Proceeds from shares sold | 2,116,520 | 4,027,254 | 2,148,005 | 3,438,842 | ||||||||||||
Redemption fees | 717 | 472 | 4,256 | 8,744 | ||||||||||||
Proceeds from shares issued to holders in reinvestment of dividends | 132,990 | — | 533,060 | 7,753 | ||||||||||||
Cost of shares redeemed | (6,197,572 | ) | (7,399,034 | ) | (7,979,700 | ) | (10,299,115 | ) | ||||||||
Net decrease in net assets resulting from capital share transactions | (3,947,345 | ) | (3,371,308 | ) | (5,294,379 | ) | (6,843,776 | ) | ||||||||
52
The Small Cap Opportunities Fund | The Market Opportunities Fund | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
CAPITAL SHARE TRANSACTIONS — ADVISOR CLASS C: | ||||||||||||||||
Proceeds from shares sold | 411,674 | 1,109,508 | 594,179 | 1,574,137 | ||||||||||||
Redemption fees | — | 101 | 2,058 | 7 | ||||||||||||
Proceeds from shares issued to holders in reinvestment of dividends | 21,022 | — | 208,569 | 2,366 | ||||||||||||
Cost of shares redeemed | (1,792,550 | ) | (1,004,506 | ) | (1,567,544 | ) | (2,210,676 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (1,359,854 | ) | 105,103 | (762,738 | ) | (634,166 | ) | |||||||||
CAPITAL SHARE TRANSACTIONS — INSTITUTIONAL CLASS: | ||||||||||||||||
Proceeds from shares sold | 1,069,997 | 9,645,168 | 193,362 | 10,807 | ||||||||||||
Redemption fees | 14 | 269 | — | — | ||||||||||||
Proceeds from shares issued to holders in reinvestment of dividends | 111,423 | — | 603 | 10 | ||||||||||||
Cost of shares redeemed | (12,224,759 | ) | (86,994,949 | ) | (11,602 | ) | — | |||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (11,043,325 | ) | (77,349,512 | ) | 182,363 | 10,817 | ||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS: | (44,597,190 | ) | (10,696,958 | ) | (7,588,838 | ) | 8,563,196 | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 199,643,252 | 210,340,210 | 66,099,568 | 57,536,372 | ||||||||||||
End of year* | $ | 155,046,062 | $ | 199,643,252 | $ | 58,510,730 | $ | 66,099,568 | ||||||||
*Including undistributed net investment | ||||||||||||||||
income (loss) of: | $ | (1,089,215 | ) | $ | 870,062 | $ | (2,114,296 | ) | $ | 57,267 | ||||||
CHANGES IN SHARES OUTSTANDING — NO LOAD CLASS: | ||||||||||||||||
Shares sold | 663,539 | 2,125,038 | 234,324 | 840,758 | ||||||||||||
Shares issued in reinvestments of dividends and distributions | 90,071 | — | 165,414 | 1,569 | ||||||||||||
Shares redeemed | (2,905,365 | ) | (4,028,266 | ) | (841,037 | ) | (1,774,870 | ) | ||||||||
Net decrease in shares outstanding | (2,151,755 | ) | (1,903,228 | ) | (441,299 | ) | (932,543 | ) | ||||||||
CHANGES IN SHARES OUTSTANDING — ADVISOR CLASS A: | ||||||||||||||||
Shares sold | 103,386 | 229,236 | 192,473 | 407,710 | ||||||||||||
Shares issued in reinvestments of dividends and distributions | 5,792 | — | 46,719 | 657 | ||||||||||||
Shares redeemed | (302,155 | ) | (464,677 | ) | (736,967 | ) | (1,235,063 | ) | ||||||||
Net decrease in shares outstanding | (192,977 | ) | (235,441 | ) | (497,775 | ) | (826,696 | ) | ||||||||
CHANGES IN SHARES OUTSTANDING — ADVISOR CLASS C: | ||||||||||||||||
Shares sold | 19,435 | 60,451 | 54,608 | 177,257 | ||||||||||||
Shares issued in reinvestments of dividends and distributions | 928 | — | 18,490 | 211 | ||||||||||||
Shares redeemed | (87,406 | ) | (63,523 | ) | (146,542 | ) | (276,951 | ) | ||||||||
Net decrease in shares outstanding | (67,043 | ) | (3,072 | ) | (73,444 | ) | (99,483 | ) | ||||||||
53
The Small Cap Opportunities Fund | The Market Opportunities Fund | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
CHANGES IN SHARES OUTSTANDING — INSTITUTIONAL CLASS: | ||||||||||||||||
Shares sold | 49,716 | 659,244 | 17,668 | 1,019 | ||||||||||||
Shares issued in reinvestments of dividends and distributions | 4,757 | — | 53 | 1 | ||||||||||||
Shares redeemed | (580,939 | ) | (4,901,031 | ) | (1,020 | ) | — | |||||||||
Net increase (decrease) in shares outstanding | (526,466 | ) | (4,241,787 | ) | 16,701 | 1,020 | ||||||||||
54
The Water Infrastructure Fund | The Multi-Disciplinary Fund | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 181,587 | $ | 46,129 | $ | 76,552 | $ | 7,052 | ||||||||
Net realized gain (loss) on sale of investments, foreign currency and written option contracts expired or closed | (2,474,817 | ) | (1,419,347 | ) | 102,161 | 99,097 | ||||||||||
Net change in unrealized appreciation of investments, foreign currency and written options | 806,181 | 3,683,013 | 151,265 | 99,028 | ||||||||||||
Net increase (decrease) in net assets resulting from operations | (1,487,049 | ) | 2,309,795 | 329,978 | 205,177 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS — NO LOAD CLASS: | ||||||||||||||||
Net investment income | (60,253 | ) | (1,817 | ) | (75,832 | ) | (7,818 | ) | ||||||||
Net realized gains | — | — | (97,584 | ) | (14,757 | ) | ||||||||||
Total distributions | (60,253 | ) | (1,817 | ) | (173,416 | ) | (22,575 | ) | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS — ADVISOR CLASS A: | ||||||||||||||||
Net investment income | (56,524 | ) | — | (7,026 | ) | (559 | ) | |||||||||
Net realized gains | — | — | (9,873 | ) | (1,623 | ) | ||||||||||
Total distributions | (56,524 | ) | — | (16,899 | ) | (2,182 | ) | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS — ADVISOR CLASS C: | ||||||||||||||||
Net investment income | (3,967 | ) | — | (3,169 | ) | (116 | ) | |||||||||
Net realized gains | — | — | (3,569 | ) | (1,672 | ) | ||||||||||
Total distributions | (3,967 | ) | — | (6,738 | ) | (1,788 | ) | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS — INSTITUTIONAL CLASS: | ||||||||||||||||
Net investment income | (44,989 | ) | (7,282 | ) | (4,248 | ) | (947 | ) | ||||||||
Net realized gains | — | — | (3,925 | ) | (1,587 | ) | ||||||||||
Total distributions | (44,989 | ) | (7,282 | ) | (8,173 | ) | (2,534 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS — NO LOAD CLASS: | ||||||||||||||||
Proceeds from shares sold | 3,810,415 | 3,525,885 | 2,878,206 | 695,920 | ||||||||||||
Redemption fees | 101 | 635 | 51 | — | ||||||||||||
Proceeds from shares issued to holders in reinvestment of dividends | 54,002 | 1,579 | 122,312 | 20,528 | ||||||||||||
Cost of shares redeemed | (3,555,293 | ) | (3,951,117 | ) | (554,675 | ) | (3,410 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 309,225 | (423,018 | ) | 2,445,894 | 713,038 | |||||||||||
CAPITAL SHARE TRANSACTIONS — ADVISOR CLASS A: | ||||||||||||||||
Proceeds from shares sold | 6,375,421 | 7,953,554 | 309,589 | — | ||||||||||||
Redemption fees | 1,662 | 997 | — | — | ||||||||||||
Proceeds from shares issued to holders in reinvestment of dividends | 50,605 | — | 16,899 | 2,182 | ||||||||||||
Cost of shares redeemed | (5,936,700 | ) | (6,109,558 | ) | (79,254 | ) | — | |||||||||
Net increase in net assets resulting from capital share transactions | 490,988 | 1,844,993 | 247,234 | 2,182 | ||||||||||||
55
The Water Infrastructure Fund | The Multi-Disciplinary Fund | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
CAPITAL SHARE TRANSACTIONS — ADVISOR CLASS C: | ||||||||||||||||
Proceeds from shares sold | 1,279,796 | 1,341,247 | 15,000 | 5,000 | ||||||||||||
Redemption fees | — | 101 | — | — | ||||||||||||
Proceeds from shares issued to holders in reinvestment of dividends | 2,625 | — | 6,667 | 1,696 | ||||||||||||
Cost of shares redeemed | (943,226 | ) | (542,169 | ) | (5,570 | ) | (7,169 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 339,195 | 799,179 | 16,097 | (473 | ) | |||||||||||
CAPITAL SHARE TRANSACTIONS — INSTITUTIONAL CLASS: | ||||||||||||||||
Proceeds from shares sold | 3,936,264 | 2,665,048 | 26,000 | — | ||||||||||||
Redemption fees | 278 | 500 | — | — | ||||||||||||
Proceeds from shares issued to holders in reinvestment of dividends | 1,972 | 4,823 | 8,173 | 2,534 | ||||||||||||
Cost of shares redeemed | (2,421,527 | ) | (153,009 | ) | — | — | ||||||||||
Net increase in net assets resulting from capital share transactions | 1,516,987 | 2,517,362 | 34,173 | 2,534 | ||||||||||||
TOTAL INCREASE IN NET ASSETS: | 1,003,613 | 7,039,212 | 2,868,150 | 893,379 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 23,120,349 | 16,081,137 | 1,247,490 | 354,111 | ||||||||||||
End of year* | $ | 24,123,962 | $ | 23,120,349 | $ | 4,115,640 | $ | 1,247,490 | ||||||||
*Including undistributed net investment | ||||||||||||||||
income (loss) of: | $ | (33,240 | ) | $ | 3,244 | $ | (12,853 | ) | $ | 705 | ||||||
CHANGES IN SHARES OUTSTANDING — NO LOAD CLASS: | ||||||||||||||||
Shares sold | 448,551 | 439,147 | 278,898 | 81,319 | ||||||||||||
Shares issued in reinvestments of dividends and distributions | 6,441 | 177 | 11,816 | 2,082 | ||||||||||||
Shares redeemed | (429,862 | ) | (495,881 | ) | (52,420 | ) | (380 | ) | ||||||||
Net increase (decrease) in shares outstanding | 25,130 | (56,557 | ) | 238,294 | 83,021 | |||||||||||
CHANGES IN SHARES OUTSTANDING — ADVISOR CLASS A: | ||||||||||||||||
Shares sold | 752,587 | 992,317 | 29,903 | — | ||||||||||||
Shares issued in reinvestments of dividends and distributions | 6,068 | — | 1,635 | 222 | ||||||||||||
Shares redeemed | (721,854 | ) | (828,509 | ) | (7,901 | ) | — | |||||||||
Net increase in shares outstanding | 36,801 | 163,808 | 23,637 | 222 | ||||||||||||
CHANGES IN SHARES OUTSTANDING — ADVISOR CLASS C: | ||||||||||||||||
Shares sold | 151,009 | 169,781 | 1,486 | 538 | ||||||||||||
Shares issued in reinvestments of dividends and distributions | 318 | — | 650 | 173 | ||||||||||||
Shares redeemed | (117,149 | ) | (68,264 | ) | (538 | ) | (829 | ) | ||||||||
Net increase (decrease) in shares outstanding | 34,178 | 101,517 | 1,598 | (118 | ) | |||||||||||
56
The Water Infrastructure Fund | The Multi-Disciplinary Fund | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
CHANGES IN SHARES OUTSTANDING — INSTITUTIONAL CLASS: | ||||||||||||||||
Shares sold | 470,451 | 311,808 | 2,512 | — | ||||||||||||
Shares issued in reinvestments of dividends and distributions | 234 | 540 | 790 | 256 | ||||||||||||
Shares redeemed | (300,650 | ) | (18,661 | ) | — | — | ||||||||||
Net increase in shares outstanding | 170,035 | 293,687 | 3,302 | 256 | ||||||||||||
57
The Tactical Paradigm Fund | ||||||||
For the | December 31, 2009ˆ | |||||||
Year Ended | through | |||||||
December 31, | December 31, | |||||||
2010 | 2009 | |||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (9,561 | ) | $ | — | |||
Net realized gain (loss) on sale of investments, futures contracts and written option contracts expired or closed | (327,280 | ) | — | |||||
Net change in unrealized appreciation (depreciation) of investments and futures contracts | 392,266 | — | ||||||
Net increase in net assets resulting from operations | 55,425 | — | ||||||
DISTRIBUTIONS TO SHAREHOLDERS — NO LOAD CLASS: | ||||||||
Net investment income | (322 | ) | — | |||||
Total distributions | (322 | ) | — | |||||
DISTRIBUTIONS TO SHAREHOLDERS — ADVISOR CLASS A: | ||||||||
Net investment income | (3,297 | ) | — | |||||
Total distributions | (3,297 | ) | — | |||||
DISTRIBUTIONS TO SHAREHOLDERS — ADVISOR CLASS C: | ||||||||
Net investment income | (3,330 | ) | — | |||||
Total distributions | (3,330 | ) | — | |||||
DISTRIBUTIONS TO SHAREHOLDERS — INSTITUTIONAL CLASS: | ||||||||
Net investment income | (220 | ) | — | |||||
Total distributions | (220 | ) | — | |||||
CAPITAL SHARE TRANSACTIONS — NO LOAD CLASS: | ||||||||
Proceeds from shares sold | 175,120 | 20,000 | ||||||
Redemption fees | — | — | ||||||
Proceeds from shares issued to holders in reinvestment of dividends | 322 | — | ||||||
Cost of shares redeemed | (140,689 | ) | — | |||||
Net increase in net assets resulting from capital share transactions | 34,753 | 20,000 | ||||||
CAPITAL SHARE TRANSACTIONS — ADVISOR CLASS A: | ||||||||
Proceeds from shares sold | 524,174 | 20,000 | ||||||
Redemption fees | — | — | ||||||
Proceeds from shares issued to holders in reinvestment of dividends | 3,297 | — | ||||||
Cost of shares redeemed | (69,714 | ) | — | |||||
Net increase in net assets resulting from capital share transactions | 457,757 | 20,000 | ||||||
CAPITAL SHARE TRANSACTIONS — ADVISOR CLASS C: | ||||||||
Proceeds from shares sold | 1,237,717 | 20,000 | ||||||
Redemption fees | — | — | ||||||
Proceeds from shares issued to holders in reinvestment of dividends | 783 | — | ||||||
Cost of shares redeemed | (262,309 | ) | — | |||||
Net increase in net assets resulting from capital share transactions | 976,191 | 20,000 | ||||||
CAPITAL SHARE TRANSACTIONS — INSTITUTIONAL CLASS: | ||||||||
Proceeds from shares sold | — | 20,000 | ||||||
Redemption fees | — | — | ||||||
Proceeds from shares issued to holders in reinvestment of dividends | 220 | — | ||||||
Cost of shares redeemed | — | — | ||||||
Net increase in net assets resulting from capital share transactions | 220 | 20,000 | ||||||
TOTAL INCREASE IN NET ASSETS: | 1,517,177 | 80,000 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 80,000 | — | ||||||
End of period* | $ | 1,597,177 | $ | 80,000 | ||||
*Including undistributed net investment | ||||||||
loss of: | $ | (10,975 | ) | $ | — | |||
58
The Tactical Paradigm Fund | ||||||||
For the | December 31, 2009ˆ | |||||||
Year Ended | through | |||||||
December 31, | December 31, | |||||||
2010 | 2009 | |||||||
CHANGES IN SHARES OUTSTANDING — NO LOAD CLASS: | ||||||||
Shares sold | 17,694 | 2,000 | ||||||
Shares issued in reinvestments of dividends and distributions | 31 | — | ||||||
Shares redeemed | (14,875 | ) | — | |||||
Net increase in shares outstanding | 2,850 | 2,000 | ||||||
CHANGES IN SHARES OUTSTANDING — ADVISOR CLASS A: | ||||||||
Shares sold | 53,568 | 2,000 | ||||||
Shares issued in reinvestments of dividends and distributions | 323 | — | ||||||
Shares redeemed | (6,848 | ) | — | |||||
Net increase in shares outstanding | 47,043 | 2,000 | ||||||
CHANGES IN SHARES OUTSTANDING — ADVISOR CLASS C: | ||||||||
Shares sold | 124,174 | 2,000 | ||||||
Shares issued in reinvestments of dividends and distributions | 77 | — | ||||||
Shares redeemed | (26,041 | ) | — | |||||
Net increase in shares outstanding | 98,210 | 2,000 | ||||||
CHANGES IN SHARES OUTSTANDING — INSTITUTIONAL CLASS: | ||||||||
Shares sold | — | 2,000 | ||||||
Shares issued in reinvestments of dividends and distributions | 22 | — | ||||||
Shares redeemed | — | — | ||||||
Net increase in shares outstanding | 22 | 2,000 | ||||||
ˆ | Commencement of operations. |
59
60
Interest in | ||||
Master Portfolio | ||||
Internet Fund | 99.990% | |||
Global Fund | 99.887% | |||
Paradigm Fund | 96.901% | |||
Medical Fund | 99.949% | |||
Small Cap Fund | 99.983% | |||
Market Opportunities Fund | 99.982% | |||
Water Infrastructure Fund | 99.583% | |||
Multi-Disciplinary Fund | 97.380% | |||
Tactical Paradigm Fund | 00.123% |
61
62
63
64
Percentage of | ||||||||
Restricted Securities | Market Value | Net Assets | ||||||
The Multi-Disciplinary Portfolio | $ | 106,750 | 2.54 | % |
Market | Percentage of | |||||||
Value | Net Assets | |||||||
The Internet Portfolio | $ | 502 | 0.00 | % | ||||
The Paradigm Portfolio | 0 | 0.00 | ||||||
The Medical Portfolio | 0 | 0.00 |
65
66
67
Internet | Global | |||||||
Annual Advisory Rate | 1.25% | 1.25% | ||||||
Expenses Reimbursed by Adviser through voluntary waiver | $ | 64,197 | $ | 137,533 | ||||
Expenses Reimbursed by Adviser through institutional class shareholder servicing fee waiver | $ | — | $ | — | ||||
Paradigm | Medical | |||||||
Annual Advisory Rate | 1.25% | 1.25% | ||||||
Expenses Reimbursed by Adviser through voluntary waiver | $ | 1,524,125 | $ | 189,372 | ||||
Expenses Reimbursed by Adviser through institutional class shareholder servicing fee waiver | $ | 192,989 | $ | — | ||||
Market | ||||||||
Small Cap | Opportunities | |||||||
Annual Advisory Rate | 1.25% | 1.25% | ||||||
Expenses Reimbursed by Adviser through voluntary waiver | $ | 356,797 | $ | 167,828 | ||||
Expenses Reimbursed by Adviser through institutional class shareholder servicing fee waiver | $ | 19,761 | $ | 129 | ||||
Multi- | ||||||||
Water Infrastructure | Disciplinary | |||||||
Annual Advisory Rate | 1.25% | 1.25% | ||||||
Expenses Reimbursed by Adviser through voluntary waiver | $ | 137,029 | $ | 104,577 | ||||
Expenses Reimbursed by Adviser through institutional class shareholder servicing fee waiver | $ | 6,482 | $ | 170 | ||||
Tactical | ||||||||
Paradigm | ||||||||
Annual Advisory Rate | 1.25% | |||||||
Annual Sub-Advisory Rate | 0.65% | |||||||
Expenses Reimbursed by Adviser through voluntary waiver | $ | 67,156 | ||||||
Expenses Reimbursed by Adviser through institutional class shareholder servicing fee waiver | $ | 32 |
68
69
INCREASE (DECREASE) | ||||||||||||
Accumulated | ||||||||||||
Net | Accumulated | |||||||||||
Investment | Net Realized | |||||||||||
Paid-in-Capital | Income (Loss) | Gain (Loss) | ||||||||||
The Internet Fund | $ | (138,451,652 | ) | $ | 1,879,268 | $ | 136,572,384 | |||||
The Global Fund | (2,025,608 | ) | 10,610 | 2,014,998 | ||||||||
The Paradigm Fund | (3,181 | ) | 689,542 | (686,361 | ) | |||||||
The Medical Fund | — | (1,189 | ) | 1,189 | ||||||||
The Small Cap Opportunities Fund | — | 953,052 | (953,052 | ) | ||||||||
The Market Opportunities Fund | (78,705 | ) | 579,584 | (500,879 | ) | |||||||
The Water Infrastructure Fund | (4,029 | ) | (52,338 | ) | 56,367 | |||||||
The Multi-Disciplinary Fund | (53 | ) | 165 | (112 | ) | |||||||
The Tactical Paradigm Fund | (6,464 | ) | 5,755 | 709 |
70
Fund | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2011 | |||||||||||||||||||||
Internet | $ | — | $ | — | $ | — | $ | — | $ | 16,077,777 | $ | 6,777,871 | $ | — | ||||||||||||||
Global | — | 408,711 | — | — | — | 4,885 | 887,154 | |||||||||||||||||||||
Paradigm | 115,811,157 | 445,505,345 | 417,659,386 | — | — | — | — | |||||||||||||||||||||
Medical | 406,228 | 116,113 | — | — | — | — | — | |||||||||||||||||||||
Small Cap | 8,371,154 | 96,486,615 | 78,193,634 | — | — | — | — | |||||||||||||||||||||
Market Opportunities | 2,108,533 | 6,623,055 | 25,221,869 | 40,803 | 21 | — | — | |||||||||||||||||||||
Water Infrastructure | 2,203,647 | 4,868,599 | 2,008,692 | — | — | — | — | |||||||||||||||||||||
Multi-Disciplinary | — | — | — | — | — | — | — | |||||||||||||||||||||
Tactical Paradigm | 317,091 | — | — | — | — | — | — |
Post-October | ||||||||
Fund | Post-October Losses | Currency Losses | ||||||
Internet | $ | — | $ | 5,825 | ||||
Global | — | 2,005 | ||||||
Paradigm | — | 40,806 | ||||||
Medical | — | — | ||||||
Small Cap | — | 810 | ||||||
Market Opportunities | 100,268 | — | ||||||
Water Infrastructure | 262,091 | 11,042 | ||||||
Multi-Disciplinary | 1,228 | 169 | ||||||
Tactical Paradigm | 20,870 | 60 |
Internet | Global | |||||||||||||||
Ordinary | Long-Term | Ordinary | Long-Term | |||||||||||||
Income | Capital Gains | Income | Capital Gains | |||||||||||||
Distribution | Distribution | Distribution | Distribution | |||||||||||||
2010 | $ | — | $ | — | $ | 49,825 | $ | — | ||||||||
2009 | $ | 128,367 | $ | — | $ | 20,989 | $ | — |
71
Paradigm | Medical | |||||||||||||||
Ordinary | Long-Term | Ordinary | Long-Term | |||||||||||||
Income | Capital Gains | Income | Capital Gains | |||||||||||||
Distribution | Distribution | Distribution | Distribution | |||||||||||||
2010 | $ | 18,290,721 | $ | — | $ | 155,297 | �� | $ | — | |||||||
2009 | $ | 9,279,988 | $ | — | $ | 232,701 | $ | — |
Small Cap | Market Opportunities | |||||||||||||||
Ordinary | Long-Term | Ordinary | Long-Term | |||||||||||||
Income | Capital Gains | Income | Capital Gains | |||||||||||||
Distribution | Distribution | Distribution | Distribution | |||||||||||||
2010 | $ | 2,552,363 | $ | — | $ | 2,872,610 | $ | — | ||||||||
2009 | $ | — | $ | — | $ | 33,049 | $ | — |
Water Infrastructure | Multi-Disciplinary | |||||||||||||||
Ordinary | Long-Term | Ordinary | Long-Term | |||||||||||||
Income | Capital Gains | Income | Capital Gains | |||||||||||||
Distribution | Distribution | Distribution | Distribution | |||||||||||||
2010 | $ | 165,733 | $ | — | $ | 196,148 | $ | 9,078 | ||||||||
2009 | $ | 9,099 | $ | — | $ | 29,079 | $ | — |
Tactical Paradigm | ||||||||
Ordinary | Long-Term | |||||||
Income | Capital Gains | |||||||
Distribution | Distribution | |||||||
2010 | $ | 7,169 | $ | — | ||||
2009 | $ | — | $ | — |
Purchases | Sales | |||||||||||||||
U.S. | U.S. | |||||||||||||||
Government | Other | Government | Other | |||||||||||||
Tactical Paradigm | $ | — | $ | — | $ | — | $ | — |
Number | Premium | |||||||
of Contracts | Amount | |||||||
Tactical Paradigm | ||||||||
Outstanding at the Beginning of Year | — | $ | — | |||||
Options Written | 464 | 96,399 | ||||||
Options Closed | (464 | ) | (96,399 | ) | ||||
Outstanding at December 31, 2010 | — | $ | — | |||||
72
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Other Investments | $ | 1,531,791 | $ | — | $ | — | $ | 1,531,791 | ||||||||
Total Investments in Securities | 1,531,791 | — | — | 1,531,791 | ||||||||||||
Short Futures Contracts* | $ | (12,387 | ) | $ | — | $ | — | $ | (12,387 | ) |
* | Short futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
73
Assets | Liabilities | |||||||||||||||
Equity Contracts | Description | Fair Value | Description | Fair Value | ||||||||||||
Futures Contractsˆ | Due from broker- variation margin(a | ) | $ | 825 | — | $ | — | |||||||||
$ | 825 | $ | — | |||||||||||||
(a) | Represents variation margin on the last day of the reporting period. |
Equity Contracts | ||||
Futures Contracts | $ | (97,336 | ) | |
Purchased Options | (37,789 | ) | ||
Written Options | 30,716 | |||
Total | $ | (104,409 | ) | |
74
Equity Contracts | ||||
Futures Contracts | $ | (12,387 | ) | |
Total | $ | (12,387 | ) | |
75
76
77
The Internet Fund | ||||||||||||||||||||
No Load Class | Advisor Class A | Advisor Class C | No Load Class | Advisor Class A | ||||||||||||||||
For the | For the | For the | For the | For the | ||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
2010 | 2010 | 2010 | 2009 | 2009 | ||||||||||||||||
PER SHARE DATA:(1) | ||||||||||||||||||||
Net Asset Value, | ||||||||||||||||||||
Beginning of Period | $ | 30.74 | $ | 30.35 | $ | 29.76 | $ | 20.71 | $ | 20.50 | ||||||||||
Income from Investment Operations: | ||||||||||||||||||||
Net investment income (loss)(2) | (0.28 | ) | (0.36 | ) | (0.51 | ) | (0.14 | ) | (0.21 | ) | ||||||||||
Net realized and unrealized gain (loss) on investments | 6.79 | 6.70 | 6.54 | 10.21 | 10.09 | |||||||||||||||
Total from investment operations | 6.51 | 6.34 | 6.03 | 10.07 | 9.88 | |||||||||||||||
Redemption Fees | 0.00 | (3) | 0.00 | (3) | — | 0.00 | (3) | 0.01 | ||||||||||||
Less Distributions: | ||||||||||||||||||||
From net investment income | — | — | — | (0.04 | ) | (0.04 | ) | |||||||||||||
From net realized gains | — | — | — | — | — | |||||||||||||||
Total distributions | — | — | — | (0.04 | ) | (0.04 | ) | |||||||||||||
Net Asset Value, End of Period | $ | 37.25 | $ | 36.69 | $ | 35.79 | $ | 30.74 | $ | 30.35 | ||||||||||
Total Return(4) | 21.18 | % | 20.89 | % | 20.26 | % | 48.61 | % | 48.23 | % | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 113,085 | $ | 1,892 | $ | 196 | $ | 104,666 | $ | 738 | ||||||||||
Ratio of operating expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursement | 1.95 | % | 2.20 | % | 2.70 | % | 1.98 | % | 2.23 | % | ||||||||||
After expense reimbursement(7) | 1.89 | % | 2.14 | % | 2.64 | % | 1.89 | % | 2.14 | % | ||||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||
Before expense reimbursement | (0.91 | )% | (1.16 | )% | (1.66 | )% | (0.64 | )% | (0.89 | )% | ||||||||||
After expense reimbursement(7) | (0.85 | )% | (1.10 | )% | (1.60 | )% | (0.55 | )% | (0.80 | )% | ||||||||||
Portfolio turnover rate | N/A | N/A | N/A | N/A | N/A |
(1) | Information presented relates to a share of capital stock outstanding for each period. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the period. |
(3) | Amount calculated is less than $0.005. |
(4) | The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares. |
(5) | Not annualized. |
(6) | Annualized. |
(7) | See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
78
The Internet Fund | ||||||||||||||||||||||||||||||||||||
Advisor Class C | No Load Class | Advisor Class A | Advisor Class C | No Load Class | Advisor Class A | Advisor Class C | No Load Class | Advisor Class A | ||||||||||||||||||||||||||||
For the | For the | For the | For the | For the | For the | February 16, 2007ˆ | For the | For the | ||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | through | Year Ended | Year Ended | ||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||
2009 | 2008 | 2008 | 2008 | 2007 | 2007 | 2007 | 2006 | 2006 | ||||||||||||||||||||||||||||
$ | 20.20 | $ | 35.94 | $ | 35.66 | $ | 35.31 | $ | 28.62 | $ | 28.24 | $ | 28.66 | $ | 24.66 | $ | 24.40 | |||||||||||||||||||
(0.31 | ) | 0.29 | 0.22 | 0.08 | 0.30 | 0.23 | 0.07 | (0.08 | ) | (0.14 | ) | |||||||||||||||||||||||||
9.91 | (15.47 | ) | (15.33 | ) | (15.15 | ) | 7.37 | 7.49 | 6.87 | 4.15 | 4.09 | |||||||||||||||||||||||||
9.60 | (15.18 | ) | (15.11 | ) | (15.07 | ) | 7.67 | 7.72 | 6.94 | 4.07 | 3.95 | |||||||||||||||||||||||||
— | 0.00 | (3) | 0.00 | (3) | — | 0.00 | (3) | — | 0.00 | (3) | 0.00 | (3) | — | |||||||||||||||||||||||
(0.04 | ) | (0.05 | ) | (0.05 | ) | (0.04 | ) | (0.35 | ) | (0.30 | ) | (0.29 | ) | (0.11 | ) | (0.11 | ) | |||||||||||||||||||
— | — | — | — | — | — | - | — | — | ||||||||||||||||||||||||||||
(0.04 | ) | (0.05 | ) | (0.05 | ) | (0.04 | ) | (0.35 | ) | (0.30 | ) | (0.29 | ) | (0.11 | ) | (0.11 | ) | |||||||||||||||||||
$ | 29.76 | $ | 20.71 | $ | 20.50 | $ | 20.20 | $ | 35.94 | $ | 35.66 | $ | 35.31 | $ | 28.62 | $ | 28.24 | |||||||||||||||||||
47.51 | % | (42.24 | )% | (42.37 | )% | (42.67 | )% | 26.81 | % | 27.35 | % | 24.22 | %(5) | 16.50 | % | 16.18 | % | |||||||||||||||||||
$ | 120 | $ | 75,112 | $ | 318 | $ | 113 | $ | 166,787 | $ | 637 | $ | 294 | $ | 137,012 | $ | 235 | |||||||||||||||||||
2.73 | % | 2.03 | % | 2.28 | % | 2.78 | % | 1.99 | % | 2.24 | % | 2.73 | %(6) | 1.98 | % | 2.23 | % | |||||||||||||||||||
2.64 | % | 1.90 | % | 2.15 | % | 2.65 | % | 1.98 | % | 2.23 | % | 2.72 | %(6) | 1.85 | % | 2.10 | % | |||||||||||||||||||
(1.39 | )% | 0.90 | % | 0.65 | % | 0.15 | % | 0.94 | % | 0.70 | % | 0.22 | %(6) | (0.42 | )% | (0.67 | )% | |||||||||||||||||||
(1.30 | )% | 1.03 | % | 0.78 | % | 0.28 | % | 0.95 | % | 0.71 | % | 0.23 | %(6) | (0.29 | )% | (0.54 | )% | |||||||||||||||||||
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
79
The Global Fund | ||||||||||||||||
No Load Class | Advisor Class A | Advisor Class C | No Load Class | |||||||||||||
For the | For the | For the | For the | |||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2010 | 2010 | 2010 | 2009 | |||||||||||||
PER SHARE DATA:(1) | ||||||||||||||||
Net Asset Value, | ||||||||||||||||
Beginning of Period | $ | 3.92 | $ | 3.93 | $ | 3.90 | $ | 2.36 | ||||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income (loss) | 0.02 | (2) | 0.01 | (2) | (0.01 | )(2) | 0.02(2 | ) | ||||||||
Net realized and unrealized gain (loss) on investments | 0.78 | 0.78 | 0.77 | 1.55 | ||||||||||||
Total from investment operations | 0.80 | 0.79 | 0.76 | 1.57 | ||||||||||||
Redemption Fees | 0.00 | (3) | 0.00 | (3) | — | 0.01 | ||||||||||
Less Distributions: | ||||||||||||||||
From net investment income | (0.05 | ) | (0.04 | ) | (0.02 | ) | (0.02 | ) | ||||||||
From net realized gains | — | — | — | — | ||||||||||||
Total distributions | (0.05 | ) | (0.04 | ) | (0.02 | ) | (0.02 | ) | ||||||||
Net Asset Value, End of Period | $ | 4.67 | $ | 4.68 | $ | 4.64 | $ | 3.92 | ||||||||
Total Return(4) | 20.30 | % | 20.04 | % | 19.24 | % | 66.86 | % | ||||||||
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||
Net assets, end of period (000’s) | $ | 4,541 | $ | 707 | $ | 64 | $ | 4,370 | ||||||||
Ratio of operating expenses to average net assets: | ||||||||||||||||
Before expense reimbursement | 4.17 | % | 4.42 | % | 4.92 | % | 5.32 | % | ||||||||
After expense reimbursement(7) | 1.39 | % | 1.64 | % | 2.14 | % | 1.39 | % | ||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||
Before expense reimbursement | (2.26 | )% | (2.51 | )% | (3.01 | )% | (3.27 | )% | ||||||||
After expense reimbursement(7) | 0.52 | % | 0.27 | % | (0.23 | )% | 0.66 | % | ||||||||
Portfolio turnover rate | N/A | N/A | N/A | N/A |
ˆ | Commencement of operations. |
(1) | Information presented relates to a share of capital stock outstanding for each period. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the period. |
(3) | Amount calculated is less than $0.005. |
(4) | The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares. |
(5) | Not annualized. |
(6) | Annualized. |
(7) | See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
80
The Global Fund | ||||||||||||||||||||||||||||
Advisor Class A | Advisor Class C | No Load Class | Advisor Class A | Advisor Class C | No Load Class | No Load Class | ||||||||||||||||||||||
For the | For the | For the | May 19, 2008ˆ | May 19, 2008ˆ | For the | For the | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | through | through | Year Ended | Year Ended | ||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||
2009 | 2009 | 2008 | 2008 | 2008 | 2007 | 2006 | ||||||||||||||||||||||
$ | 2.36 | $ | 2.37 | $ | 4.90 | $ | 4.56 | $ | 4.56 | $ | 5.00 | $ | 4.43 | |||||||||||||||
0.01 | (2) | (0.00 | )(2)(3) | 0.07 | (2) | 0.03 | (2) | 0.02 | (2) | 0.22 | 0.13 | |||||||||||||||||
1.57 | 1.53 | (2.56 | ) | (2.18 | ) | (2.17 | ) | (0.01 | ) | 0.62 | ||||||||||||||||||
1.58 | 1.53 | (2.49 | ) | (2.15 | ) | (2.15 | ) | 0.21 | 0.75 | |||||||||||||||||||
— | — | 0.00 | (3) | — | — | 0.00 | (3) | 0.00 | (3) | |||||||||||||||||||
(0.01 | ) | (0.00 | )(3) | (0.05 | ) | (0.05 | ) | (0.04 | ) | (0.31 | ) | (0.18 | ) | |||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||
(0.01 | ) | (0.00 | )(3) | (0.05 | ) | (0.05 | ) | (0.04 | ) | (0.31 | ) | (0.18 | ) | |||||||||||||||
$ | 3.93 | $ | 3.90 | $ | 2.36 | $ | 2.36 | $ | 2.37 | $ | 4.90 | $ | 5.00 | |||||||||||||||
67.11 | % | 65.08 | % | (50.72 | )% | (47.12 | )%(5) | (47.14 | )%(5) | 4.27 | % | 16.90 | % | |||||||||||||||
$ | 368 | $ | 36 | $ | 1,863 | $ | 106 | $ | 5 | $ | 3,138 | $ | 3,991 | |||||||||||||||
5.57 | % | 6.07 | % | 5.98 | % | 8.28 | %(6) | 8.78 | %(6) | 3.84 | % | 3.09 | % | |||||||||||||||
1.64 | % | 2.14 | % | 1.41 | % | 1.65 | %(6) | 2.15 | %(6) | 1.48 | % | 1.39 | % | |||||||||||||||
(3.52 | )% | (4.02 | )% | (2.72 | )% | (5.16 | )%(6) | (5.66 | )%(6) | 1.87 | % | 1.30 | % | |||||||||||||||
0.41 | % | (0.09 | )% | 1.85 | % | 1.47 | %(6) | 0.97 | %(6) | 4.23 | % | 3.00 | % | |||||||||||||||
N/A | N/A | N/A | N/A | N/A | N/A | N/A |
81
The Paradigm Fund | ||||||||||||||||
No Load Class | Advisor Class A | Advisor Class C | Institutional Class | |||||||||||||
For the | For the | For the | For the | |||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2010 | 2010 | 2010 | 2010 | |||||||||||||
PER SHARE DATA:(1) | ||||||||||||||||
Net Asset Value, | ||||||||||||||||
Beginning of Year | $ | 20.18 | $ | 19.88 | $ | 19.33 | $ | 20.13 | ||||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income (loss)(2) | 0.11 | 0.06 | (0.04 | ) | 0.16 | |||||||||||
Net realized and unrealized gain (loss) on investments | 3.39 | 3.33 | 3.22 | 3.38 | ||||||||||||
Total from investment operations | 3.50 | 3.39 | 3.18 | 3.54 | ||||||||||||
Redemption Fees | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | ||||||||
Less Distributions: | ||||||||||||||||
From net investment income | (0.37 | ) | (0.32 | ) | (0.26 | ) | (0.42 | ) | ||||||||
From net realized gains | — | — | — | — | ||||||||||||
Total distributions | (0.37 | ) | (0.32 | ) | (0.26 | ) | (0.42 | ) | ||||||||
Net Asset Value, End of Year | $ | 23.31 | $ | 22.95 | $ | 22.25 | $ | 23.25 | ||||||||
Total Return(4) | 17.37 | % | 17.11 | % | 16.45 | % | 17.62 | % | ||||||||
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||
Net assets, end of year (000’s) | $ | 687,056 | $ | 226,264 | $ | 152,571 | $ | 142,261 | ||||||||
Ratio of operating expenses to average net assets: | ||||||||||||||||
Before expense reimbursement | 1.76 | % | 2.01 | % | 2.51 | % | 1.71 | % | ||||||||
After expense reimbursement(5) | 1.64 | % | 1.89 | % | 2.39 | % | 1.44 | % | ||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||
Before expense reimbursement | 0.43 | % | 0.18 | % | (0.32 | )% | 0.48 | % | ||||||||
After expense reimbursement(5) | 0.55 | % | 0.30 | % | (0.20 | )% | 0.75 | % | ||||||||
Portfolio turnover rate | N/A | N/A | N/A | N/A |
(1) | Information presented relates to a share of capital stock outstanding for each period. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the period. |
(3) | Amount calculated is less than $0.005. |
(4) | The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares. |
(5) | See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(6) | Includes adviser reimbursement from net realized losses on the disposal of investments in violation of restrictions and trading errors. This reimbursement comprises less than $0.005 of the NAVs for each class at the time of the reimbursement and 0.03% of the total return for the Institutional Class for the fiscal year ended December 31, 2008. There was no impact on the other classes. |
82
The Paradigm Fund | ||||||||||||||||||||||||
No Load Class | Advisor Class A | Advisor Class C | Institutional Class | No Load Class | Advisor Class A | |||||||||||||||||||
For the | For the | For the | For the | For the | For the | |||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||
2009 | 2009 | 2009 | 2009 | 2008 | 2008 | |||||||||||||||||||
$ | 14.42 | $ | 14.16 | $ | 13.80 | $ | 14.44 | $ | 30.99 | $ | 30.52 | |||||||||||||
0.15 | 0.10 | 0.02 | 0.18 | 0.12 | 0.06 | |||||||||||||||||||
5.78 | 5.68 | 5.51 | 5.78 | (16.62 | )(6) | (16.34 | )(6) | |||||||||||||||||
5.93 | 5.78 | 5.53 | 5.96 | (16.50 | ) | (16.28 | ) | |||||||||||||||||
0.00 | (3) | — | 0.00 | (3) | 0.00 | (3) | 0.01 | 0.00 | (3) | |||||||||||||||
(0.17 | ) | (0.06 | ) | — | (0.27 | ) | — | — | ||||||||||||||||
— | — | — | — | (0.08 | ) | (0.08 | ) | |||||||||||||||||
(0.17 | ) | (0.06 | ) | — | (0.27 | ) | (0.08 | ) | (0.08 | ) | ||||||||||||||
$ | 20.18 | $ | 19.88 | $ | 19.33 | $ | 20.13 | $ | 14.42 | $ | 14.16 | |||||||||||||
41.02 | % | 40.64 | % | 39.97 | % | 41.31 | % | (53.17 | )%(6) | (53.30 | )%(6) | |||||||||||||
$ | 825,278 | $ | 252,106 | $ | 169,578 | $ | 125,372 | $ | 740,983 | $ | 249,424 | |||||||||||||
1.73 | % | 1.98 | % | 2.48 | % | 1.68 | % | 1.72 | % | 1.97 | % | |||||||||||||
1.64 | % | 1.89 | % | 2.39 | % | 1.44 | % | 1.66 | % | 1.91 | % | |||||||||||||
0.78 | % | 0.53 | % | 0.03 | % | 0.83 | % | 0.46 | % | 0.21 | % | |||||||||||||
0.87 | % | 0.62 | % | 0.12 | % | 1.07 | % | 0.52 | % | 0.27 | % | |||||||||||||
N/A | N/A | N/A | N/A | N/A | N/A |
83
The Paradigm Fund | ||||||||||||||||
Advisor Class C | Institutional Class | No Load Class | Advisor Class A | |||||||||||||
For the | For the | For the | For the | |||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2008 | 2008 | 2007 | 2007 | |||||||||||||
PER SHARE DATA:(1) | ||||||||||||||||
Net Asset Value, | ||||||||||||||||
Beginning of Year | $ | 29.90 | $ | 30.97 | $ | 25.79 | $ | 25.43 | ||||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income (loss)(2) | (0.05 | ) | 0.18 | 0.11 | 0.04 | |||||||||||
Net realized and unrealized gain (loss) on investments | (15.97 | )(6) | (16.63 | )(6) | 5.35 | 5.27 | ||||||||||
Total from investment operations | (16.02 | ) | (16.45 | ) | 5.46 | 5.31 | ||||||||||
Redemption Fees | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | ||||||||
Less Distributions: | ||||||||||||||||
From net investment income | — | — | (0.13 | ) | (0.09 | ) | ||||||||||
From net realized gains | (0.08 | ) | (0.08 | ) | (0.13 | ) | (0.13 | ) | ||||||||
Total distributions | (0.08 | ) | (0.08 | ) | (0.26 | ) | (0.22 | ) | ||||||||
Net Asset Value, End of Year | $ | 13.80 | $ | 14.44 | $ | 30.99 | $ | 30.52 | ||||||||
Total Return(4) | (53.54 | )%(6) | (53.11 | )%(6) | 21.15 | % | 20.87 | % | ||||||||
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||
Net assets, end of year (000’s) | $ | 147,915 | $ | 128,129 | $ | 2,910,518 | $ | 544,046 | ||||||||
Ratio of operating expenses to average net assets: | ||||||||||||||||
Before expense reimbursement | 2.47 | % | 1.67 | % | 1.68 | % | 1.93 | % | ||||||||
After expense reimbursement(5) | 2.41 | % | 1.46 | % | 1.68 | % | 1.93 | % | ||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||
Before expense reimbursement | (0.29 | )% | 0.51 | % | 0.39 | % | 0.14 | % | ||||||||
After expense reimbursement(5) | (0.23 | )% | 0.72 | % | 0.39 | % | 0.14 | % | ||||||||
Portfolio turnover rate | N/A | N/A | N/A | N/A |
(1) | Information presented relates to a share of capital stock outstanding for each period. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the period. |
(3) | Amount calculated is less than $0.005. |
(4) | The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares. |
(5) | See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(6) | Includes adviser reimbursement from net realized losses on the disposal of investments in violation of restrictions and trading errors. This reimbursement comprises less than $0.005 of the NAVs for each class at the time of the reimbursement and 0.03% of the total return for the Institutional Class for the fiscal year ended December 31, 2008. There was no impact on the other classes. |
84
The Paradigm Fund | ||||||||||||||||||||||||
Advisor Class C | Institutional Class | No Load Class | Advisor Class A | Advisor Class C | Institutional Class | |||||||||||||||||||
For the | For the | For the | For the | For the | For the | |||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||
2007 | 2007 | 2006 | 2006 | 2006 | 2006 | |||||||||||||||||||
$ | 24.98 | $ | 25.76 | $ | 20.33 | $ | 20.08 | $ | 19.76 | $ | 20.31 | |||||||||||||
(0.10 | ) | 0.17 | 0.14 | 0.08 | (0.03 | ) | 0.19 | |||||||||||||||||
5.15 | 5.34 | 5.52 | 5.43 | 5.33 | 5.49 | |||||||||||||||||||
5.05 | 5.51 | 5.66 | 5.51 | 5.30 | 5.68 | |||||||||||||||||||
0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | — | ||||||||||||||
(0.00 | ) | (0.17 | ) | (0.16 | ) | (0.12 | ) | (0.04 | ) | (0.19 | ) | |||||||||||||
(0.13 | ) | (0.13 | ) | (0.04 | ) | (0.04 | ) | (0.04 | ) | (0.04 | ) | |||||||||||||
(0.13 | ) | (0.30 | ) | (0.20 | ) | (0.16 | ) | (0.08 | ) | (0.23 | ) | |||||||||||||
$ | 29.90 | $ | 30.97 | $ | 25.79 | $ | 25.43 | $ | 24.98 | $ | 25.76 | |||||||||||||
20.20 | % | 21.37 | % | 27.81 | % | 27.42 | % | 26.82 | % | 27.96 | % | |||||||||||||
$ | 320,962 | $ | 804,755 | $ | 1,337,761 | $ | 183,031 | $ | 116,226 | $ | 507,314 | |||||||||||||
2.43 | % | 1.63 | % | 1.79 | % | 2.04 | % | 2.54 | % | 1.74 | % | |||||||||||||
2.43 | % | 1.48 | % | 1.63 | % | 1.88 | % | 2.38 | % | 1.43 | % | |||||||||||||
(0.36 | )% | 0.44 | % | 0.44 | % | 0.19 | % | (0.31 | )% | 0.48 | % | |||||||||||||
(0.36 | )% | 0.59 | % | 0.60 | % | 0.35 | % | (0.15 | )% | 0.79 | % | |||||||||||||
N/A | N/A | N/A | N/A | N/A | N/A |
85
The Medical Fund | ||||||||||||||||||||
No Load Class | Advisor Class A | Advisor Class C | No Load Class | Advisor Class A | ||||||||||||||||
For the | For the | For the | For the | For the | ||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
2010 | 2010 | 2010 | 2009 | 2009 | ||||||||||||||||
PER SHARE DATA:(1) | ||||||||||||||||||||
Net Asset Value, | ||||||||||||||||||||
Beginning of Period | $ | 18.77 | $ | 18.36 | $ | 18.27 | $ | 15.23 | $ | 14.90 | ||||||||||
Income from Investment Operations: | ||||||||||||||||||||
Net investment income (loss)(2) | 0.10 | 0.05 | (0.04 | ) | 0.20 | 0.15 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.72 | 0.71 | 0.69 | 3.51 | 3.44 | |||||||||||||||
Total from investment operations | 0.82 | 0.76 | 0.65 | 3.71 | 3.59 | |||||||||||||||
Redemption Fees | 0.00 | (3) | 0.00 | (3) | — | 0.01 | 0.01 | |||||||||||||
Less Distributions: | ||||||||||||||||||||
From net investment income | (0.11 | ) | (0.06 | ) | (0.02 | ) | (0.16 | ) | (0.12 | ) | ||||||||||
From net realized gains | — | — | — | (0.02 | ) | (0.02 | ) | |||||||||||||
Total distributions | (0.11 | ) | (0.06 | ) | (0.02 | ) | (0.18 | ) | (0.14 | ) | ||||||||||
Net Asset Value, End of Period | $ | 19.48 | $ | 19.06 | $ | 18.90 | $ | 18.77 | $ | 18.36 | ||||||||||
Total Return(4) | 4.30 | % | 4.13 | % | 3.55 | % | 24.47 | % | 24.17 | % | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 25,777 | $ | 4,207 | $ | 692 | $ | 21,126 | $ | 4,347 | ||||||||||
Ratio of operating expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursement | 2.00 | % | 2.25 | % | 2.75 | % | 2.15 | % | 2.40 | % | ||||||||||
After expense reimbursement(7) | 1.39 | % | 1.64 | % | 2.14 | % | 1.39 | % | 1.64 | % | ||||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||
Before expense reimbursement | (0.06 | )% | (0.31 | )% | (0.81 | )% | 0.42 | % | 0.17 | % | ||||||||||
After expense reimbursement(7) | 0.55 | % | 0.30 | % | (0.20 | )% | 1.17 | % | 0.92 | % | ||||||||||
Portfolio turnover rate | N/A | N/A | N/A | N/A | N/A |
ˆ | Commencement of operations. |
(1) | Information presented relates to a share of capital stock outstanding for each period. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the period. |
(3) | Amount calculated is less than $0.005. |
(4) | The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares. |
(5) | Not annualized. |
(6) | Annualized. |
(7) | See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
86
The Medical Fund | ||||||||||||||||||||||||||||||||||||
Advisor Class C | No Load Class | Advisor Class A | Advisor Class C | No Load Class | Advisor Class A | Advisor Class C | No Load Class | Advisor Class A | ||||||||||||||||||||||||||||
For the | For the | For the | For the | For the | For the | February 16, 2007ˆ | For the | For the | ||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | through | Year Ended | Year Ended | ||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||
2009 | 2008 | 2008 | 2008 | 2007 | 2007 | 2007 | 2006 | 2006 | ||||||||||||||||||||||||||||
$ | 14.83 | $ | 19.82 | $ | 19.39 | $ | 19.34 | $ | 17.83 | $ | 17.47 | $ | 18.29 | $ | 16.64 | $ | 16.34 | |||||||||||||||||||
0.07 | 0.19 | 0.13 | 0.05 | 0.10 | 0.05 | (0.04 | ) | 0.06 | 0.01 | |||||||||||||||||||||||||||
3.41 | (4.25 | ) | (4.15 | ) | (4.13 | ) | 2.67 | 2.62 | 1.79 | 2.40 | 2.35 | |||||||||||||||||||||||||
3.48 | (4.06 | ) | (4.02 | ) | (4.08 | ) | 2.77 | 2.67 | 1.75 | 2.46 | 2.36 | |||||||||||||||||||||||||
0.00 | (3) | 0.01 | 0.04 | 0.02 | 0.01 | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | — | ||||||||||||||||||||||||
(0.02 | ) | (0.16 | ) | (0.13 | ) | (0.07 | ) | (0.10 | ) | (0.06 | ) | (0.01 | ) | (0.04 | ) | — | ||||||||||||||||||||
(0.02 | ) | (0.38 | ) | (0.38 | ) | (0.38 | ) | (0.69 | ) | (0.69 | ) | (0.69 | ) | (1.23 | ) | (1.23 | ) | |||||||||||||||||||
(0.04 | ) | (0.54 | ) | (0.51 | ) | (0.45 | ) | (0.79 | ) | (0.75 | ) | (0.70 | ) | (1.27 | ) | (1.23 | ) | |||||||||||||||||||
$ | 18.27 | $ | 15.23 | $ | 14.90 | $ | 14.83 | $ | 19.82 | $ | 19.39 | $ | 19.34 | $ | 17.83 | $ | 17.47 | |||||||||||||||||||
23.50 | % | (20.42 | )% | (20.49 | )% | (20.97 | )% | 15.47 | % | 15.16 | % | 9.55 | %(5) | 14.81 | % | 14.49 | % | |||||||||||||||||||
$ | 454 | $ | 15,727 | $ | 2,941 | $ | 314 | $ | 13,917 | $ | 1,427 | $ | 148 | $ | 15,527 | $ | 711 | |||||||||||||||||||
2.90 | % | 2.26 | % | 2.51 | % | 3.01 | % | 2.41 | % | 2.66 | % | 3.19 | %(6) | 2.28 | % | 2.53 | % | |||||||||||||||||||
2.14 | % | 1.41 | % | 1.66 | % | 2.16 | % | 1.40 | % | 1.65 | % | 2.15 | %(6) | 1.44 | % | 1.69 | % | |||||||||||||||||||
(0.33 | )% | 0.18 | % | (0.07 | )% | (0.57 | )% | (0.51 | )% | (0.76 | )% | (1.30 | )%(6) | (0.51 | )% | (0.76 | )% | |||||||||||||||||||
0.42 | % | 1.03 | % | 0.78 | % | 0.28 | % | 0.50 | % | 0.25 | % | (0.26 | )%(6) | 0.33 | % | 0.08 | % | |||||||||||||||||||
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
87
The Small Cap Opportunities Fund | ||||||||||||||||||||||||
No Load Class | Advisor Class A | Advisor Class C | Institutional Class | No Load Class | Advisor Class A | |||||||||||||||||||
For the | For the | For the | For the | For the | For the | |||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||
2010 | 2010 | 2010 | 2010 | 2009 | 2009 | |||||||||||||||||||
PER SHARE DATA:(1) | ||||||||||||||||||||||||
Net Asset Value, | ||||||||||||||||||||||||
Beginning of Year | $ | 20.83 | $ | 20.53 | $ | 20.28 | $ | 20.90 | $ | 13.17 | $ | 13.01 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income (loss)(2) | (0.04 | ) | (0.09 | ) | (0.20 | ) | 0.00 | (3) | (0.04 | ) | (0.08 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 2.93 | 2.87 | 2.84 | 2.95 | 7.70 | 7.60 | ||||||||||||||||||
Total from investment operations | 2.89 | 2.78 | 2.64 | 2.95 | 7.66 | 7.52 | ||||||||||||||||||
Redemption Fees | 0.00 | (3) | 0.00 | (3) | — | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | |||||||||||||
Less Distributions: | ||||||||||||||||||||||||
From net investment income | (0.40 | ) | (0.33 | ) | (0.24 | ) | (0.40 | ) | — | — | ||||||||||||||
From net realized gains | — | — | — | — | — | — | ||||||||||||||||||
Total distributions | (0.40 | ) | (0.33 | ) | (0.24 | ) | (0.40 | ) | — | — | ||||||||||||||
Net Asset Value, End of Year | $ | 23.32 | $ | 22.98 | $ | 22.68 | $ | 23.45 | $ | 20.83 | $ | 20.53 | ||||||||||||
Total Return(4) | 13.86 | % | 13.56 | % | 13.00 | % | 14.10 | % | 58.16 | % | 57.80 | % | ||||||||||||
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 130,279 | $ | 11,509 | $ | 3,450 | $ | 9,808 | $ | 161,205 | $ | 14,244 | ||||||||||||
Ratio of operating expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursement | 1.86 | % | 2.11 | % | 2.61 | % | 1.81 | % | 1.86 | % | 2.11 | % | ||||||||||||
After expense reimbursement(5) | 1.64 | % | 1.89 | % | 2.39 | % | 1.44 | % | 1.64 | % | 1.89 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||||||
Before expense reimbursement | (0.42 | )% | (0.67 | )% | (1.17 | )% | (0.37 | )% | (0.48 | )% | (0.73 | )% | ||||||||||||
After expense reimbursement(5) | (0.20 | )% | (0.45 | )% | (0.95 | )% | 0.00 | % | (0.26 | )% | (0.51 | )% | ||||||||||||
Portfolio turnover rate | N/A | N/A | N/A | N/A | N/A | N/A |
(1) | Information presented relates to a share of capital stock outstanding for each period. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the period. |
(3) | Amount calculated is less than $0.005. |
(4) | The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares. |
(5) | See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(6) | Includes adviser reimbursement from the net realized loss on the disposal of investments in violation of restrictions. This reimbursement comprises less than $0.005 of the NAVs for each class at the time of the reimbursement and 0.03% of the total return for the Adviser Class C for the fiscal year ended December 31, 2008. There was no impact on the other classes. |
88
The Small Cap Opportunities Fund | ||||||||||||||||||||||||||||||||
Advisor Class C | Institutional Class | No Load Class | Advisor Class A | Advisor Class C | Institutional Class | No Load Class | Advisor Class A | |||||||||||||||||||||||||
For the | For the | For the | For the | For the | For the | For the | For the | |||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||||||||
2009 | 2009 | 2008 | 2008 | 2008 | 2008 | 2007 | 2007 | |||||||||||||||||||||||||
$ | 12.92 | $ | 13.19 | $ | 31.92 | $ | 31.63 | $ | 31.57 | $ | 31.92 | $ | 26.92 | $ | 26.71 | |||||||||||||||||
(0.16 | ) | (0.01 | ) | 0.05 | (0.01 | ) | (0.12 | ) | 0.10 | 0.01 | (0.07 | ) | ||||||||||||||||||||
7.52 | 7.72 | (18.53 | )(6) | (18.34 | )(6) | (18.26 | )(6) | (18.56 | )(6) | 5.29 | 5.25 | |||||||||||||||||||||
7.36 | 7.71 | (18.48 | ) | (18.35 | ) | (18.38 | ) | (18.46 | ) | 5.30 | 5.18 | |||||||||||||||||||||
0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | |||||||||||||||||
— | — | — | — | — | — | (0.23 | ) | (0.19 | ) | |||||||||||||||||||||||
— | — | (0.27 | ) | (0.27 | ) | (0.27 | ) | (0.27 | ) | (0.07 | ) | (0.07 | ) | |||||||||||||||||||
— | — | (0.27 | ) | (0.27 | ) | (0.27 | ) | (0.27 | ) | (0.30 | ) | (0.26 | ) | |||||||||||||||||||
$ | 20.28 | $ | 20.90 | $ | 13.17 | $ | 13.01 | $ | 12.92 | $ | 13.19 | $ | 31.92 | $ | 31.63 | |||||||||||||||||
56.97 | % | 58.45 | % | (57.88 | )%(6) | (58.00 | )%(6) | (58.20 | )%(6) | (57.82 | )%(6) | 19.65 | % | 19.36 | % | |||||||||||||||||
$ | 4,445 | $ | 19,749 | $ | 126,971 | $ | 12,090 | $ | 2,871 | $ | 68,408 | $ | 729,278 | $ | 36,390 | |||||||||||||||||
2.61 | % | 1.81 | % | 1.79 | % | 2.04 | % | 2.54 | % | 1.74 | % | 1.71 | % | 1.96 | % | |||||||||||||||||
2.39 | % | 1.44 | % | 1.67 | % | 1.92 | % | 2.42 | % | 1.47 | % | 1.69 | % | 1.94 | % | |||||||||||||||||
(1.23 | )% | (0.43 | )% | 0.09 | % | (0.16 | )% | (0.66 | )% | 0.14 | % | 0.00 | % | (0.25 | )% | |||||||||||||||||
(1.01 | )% | (0.06 | )% | 0.21 | % | (0.04 | )% | (0.54 | )% | 0.41 | % | 0.02 | % | (0.23 | )% | |||||||||||||||||
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
89
The Small Cap Opportunities Fund | ||||||||||||||||||||
Advisor Class C | Institutional Class | No Load Class | Advisor Class A | Institutional Class | ||||||||||||||||
February 16, 2007ˆ | For the | For the | For the | For the | ||||||||||||||||
through | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
2007 | 2007 | 2006 | 2006 | 2006 | ||||||||||||||||
PER SHARE DATA:(1) | ||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 28.70 | $ | 26.91 | $ | 21.02 | $ | 20.89 | $ | 21.00 | ||||||||||
Income from Investment Operations: | ||||||||||||||||||||
Net investment income (loss)(2) | (0.21 | ) | 0.07 | 0.03 | (0.03 | ) | 0.08 | |||||||||||||
Net realized and unrealized gain on investments | 3.33 | 5.29 | 5.92 | 5.88 | 5.91 | |||||||||||||||
Total from investment operations | 3.12 | 5.36 | 5.95 | 5.85 | 5.99 | |||||||||||||||
Redemption Fees | 0.02 | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | |||||||||||
Less Distributions: | ||||||||||||||||||||
From net investment income | (0.20 | ) | (0.28 | ) | (0.05 | ) | (0.03 | ) | (0.08 | ) | ||||||||||
From net realized gains | (0.07 | ) | (0.07 | ) | — | — | — | |||||||||||||
Total distributions | (0.27 | ) | (0.35 | ) | (0.05 | ) | (0.03 | ) | (0.08 | ) | ||||||||||
Net Asset Value, End of Period | $ | 31.57 | $ | 31.92 | $ | 26.92 | $ | 26.71 | $ | 26.91 | ||||||||||
Total Return(4) | 10.94 | %(5) | 19.91 | % | 28.37 | % | 28.03 | % | 28.52 | % | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 4,942 | $ | 316,709 | $ | 268,875 | $ | 12,144 | $ | 209,592 | ||||||||||
Ratio of operating expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursement | 2.47 | %(6) | 1.66 | % | 1.83 | % | 2.08 | % | 1.78 | % | ||||||||||
After expense reimbursement(7) | 2.45 | %(6) | 1.49 | % | 1.58 | % | 1.83 | % | 1.38 | % | ||||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||
Before expense reimbursement | (0.76 | )%(6) | 0.05 | % | (0.14 | )% | (0.39 | )% | (0.09 | )% | ||||||||||
After expense reimbursement(7) | (0.75 | )%(6) | 0.22 | % | 0.11 | % | (0.14 | )% | 0.31 | % | ||||||||||
Portfolio turnover rate | N/A | N/A | N/A | N/A | N/A |
ˆ | Commencement of operations. |
(1) | Information presented relates to a share of capital stock outstanding for each period. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the period. |
(3) | Amount calculated is less than $0.005. |
(4) | The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares. |
(5) | Not annualized. |
(6) | Annualized. |
(7) | See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
90
91
The Market Opportunities Fund | ||||||||||||||||||||
No Load Class | Advisor Class A | Advisor Class C | Institutional Class | No Load Class | ||||||||||||||||
For the | For the | For the | For the | For the | ||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
2010 | 2010 | 2010 | 2010 | 2009 | ||||||||||||||||
PER SHARE DATA:(1) | ||||||||||||||||||||
Net Asset Value, | ||||||||||||||||||||
Beginning of Period | $ | 10.84 | $ | 10.80 | $ | 10.69 | $ | 10.86 | $ | 7.22 | ||||||||||
Income from Investment Operations: | ||||||||||||||||||||
Net investment income (loss)(2) | 0.04 | 0.01 | (0.04 | ) | 0.06 | 0.00 | (3) | |||||||||||||
Net realized and unrealized gain (loss) on investments | 1.18 | 1.19 | 1.17 | 1.19 | 3.62 | |||||||||||||||
Payment by adviser(8) | — | — | — | — | — | |||||||||||||||
Total from investment operations | 1.22 | 1.20 | 1.13 | 1.25 | 3.62 | |||||||||||||||
Redemption Fees | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | — | 0.01 | ||||||||||||
Less Distributions: | ||||||||||||||||||||
From net investment income | (0.60 | ) | (0.57 | ) | (0.52 | ) | (0.63 | ) | (0.01 | ) | ||||||||||
From net realized gains | — | — | — | — | — | |||||||||||||||
Total distributions | (0.60 | ) | (0.57 | ) | (0.52 | ) | (0.63 | ) | (0.01 | ) | ||||||||||
Net Asset Value, End of Period | $ | 11.46 | $ | 11.43 | $ | 11.30 | $ | 11.48 | $ | 10.84 | ||||||||||
Total Return(4) | 11.31 | % | 11.11 | % | 10.54 | % | 11.54 | % | 50.21 | % | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 38,562 | $ | 14,167 | $ | 5,569 | $ | 212 | $ | 41,254 | ||||||||||
Ratio of operating expenses to average net assets: | �� | |||||||||||||||||||
Before expense reimbursement | 1.92 | % | 2.17 | % | 2.67 | % | 1.87 | % | 1.93 | % | ||||||||||
After expense reimbursement(7) | 1.64 | % | 1.89 | % | 2.39 | % | 1.44 | % | 1.64 | % | ||||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||
Before expense reimbursement | 0.06 | % | (0.19 | )% | (0.69 | )% | 0.11 | % | (0.25 | )% | ||||||||||
After expense reimbursement(7) | 0.34 | % | 0.09 | % | (0.41 | )% | 0.54 | % | 0.04 | % | ||||||||||
Portfolio turnover rate | N/A | N/A | N/A | N/A | N/A |
ˆ | Commencement of operations. |
(1) | Information presented relates to a share of capital stock outstanding for each period. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the period. |
(3) | Amount calculated is less than $0.005. |
(4) | The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares. |
(5) | Not annualized. |
(6) | Annualized. |
(7) | See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
(8) | Includes adviser reimbursement from the net realized loss on the disposal of investments in violation of restrictions. This reimbursement contributed 0.38%, 0.37%, 0.38% and 0.44% to the returns of the No Load Class, the Advisor Class A, the Advisor Class C, and the Institutional Class, respectively, for the year ended December 31, 2008. |
92
The Market Opportunities Fund | ||||||||||||||||||||||||||||||||
Advisor Class A | Advisor Class C | Institutional Class | No Load Class | Advisor Class A | Advisor Class C | Institutional Class | No Load Class | |||||||||||||||||||||||||
For the | For the | For the | For the | For the | For the | May 19, 2008ˆ | For the | |||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | through | Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||||||||
2009 | 2009 | 2009 | 2008 | 2008 | 2008 | 2008 | 2007 | |||||||||||||||||||||||||
$ | 7.22 | $ | 7.17 | $ | 7.21 | $ | 16.12 | $ | 16.07 | $ | 16.01 | $ | 13.71 | $ | 12.05 | |||||||||||||||||
(0.02 | ) | (0.06 | ) | 0.02 | 0.11 | 0.08 | 0.02 | 0.08 | 0.04 | |||||||||||||||||||||||
3.61 | 3.59 | 3.64 | (9.02 | ) | (8.97 | ) | (8.91 | ) | (6.55 | ) | 4.05 | |||||||||||||||||||||
— | — | — | 0.06 | 0.06 | 0.06 | 0.06 | — | |||||||||||||||||||||||||
3.59 | 3.53 | 3.66 | (8.85 | ) | (8.83 | ) | (8.83 | ) | (6.41 | ) | 4.09 | |||||||||||||||||||||
0.00 | (3) | 0.00 | (3) | — | 0.01 | 0.00 | (3) | 0.00 | (3) | — | 0.01 | |||||||||||||||||||||
(0.01 | ) | (0.01 | ) | (0.01 | ) | (0.06 | ) | (0.02 | ) | (0.01 | ) | (0.09 | ) | (0.03 | ) | |||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||||
(0.01 | ) | (0.01 | ) | (0.01 | ) | (0.06 | ) | (0.02 | ) | (0.01 | ) | (0.09 | ) | (0.03 | ) | |||||||||||||||||
$ | 10.80 | $ | 10.69 | $ | 10.86 | $ | 7.22 | $ | 7.22 | $ | 7.17 | $ | 7.21 | $ | 16.12 | |||||||||||||||||
49.66 | % | 49.17 | % | 50.70 | % | (54.82 | )%(8) | (54.91 | )%(8) | (55.13 | )%(8) | (46.77 | )%(5)(8) | 34.03 | % | |||||||||||||||||
$ | 18,770 | $ | 6,055 | $ | 19 | $ | 34,246 | $ | 18,514 | $ | 771 | $ | 5 | $ | 63,004 | |||||||||||||||||
2.18 | % | 2.68 | % | 1.88 | % | 1.82 | % | 2.07 | % | 2.57 | % | 1.82 | %(6) | 1.91 | % | |||||||||||||||||
1.89 | % | 2.39 | % | 1.44 | % | 1.66 | % | 1.91 | % | 2.41 | % | 1.44 | %(6) | 1.74 | % | |||||||||||||||||
(0.50 | )% | (1.00 | )% | (0.20 | )% | 0.78 | % | 0.53 | % | 0.03 | % | 0.94 | %(6) | 0.12 | % | |||||||||||||||||
(0.21 | )% | (0.71 | )% | 0.24 | % | 0.94 | % | 0.69 | % | 0.19 | % | 1.32 | %(6) | 0.29 | % | |||||||||||||||||
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
93
The Market Opportunities Fund | ||||||||||||||||
Advisor Class A | Advisor Class C | No Load Class | Advisor Class A | |||||||||||||
For the | February 16, 2007ˆ | January 31, 2006ˆ | January 31, 2006ˆ | |||||||||||||
Year Ended | through | through | through | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2007 | 2007 | 2006 | 2006 | |||||||||||||
PER SHARE DATA:(1) | ||||||||||||||||
Net Asset Value, | ||||||||||||||||
Beginning of Period | $ | 12.04 | $ | 12.99 | $ | 10.00 | $ | 10.00 | ||||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income (loss) | 0.00 | (2) | (0.05 | )(2) | 0.04 | 0.02 | ||||||||||
Net realized and unrealized gain on investments | 4.04 | 3.07 | 2.05 | 2.05 | ||||||||||||
Total from investment operations | 4.04 | 3.02 | 2.09 | 2.07 | ||||||||||||
Redemption Fees | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | — | |||||||||
Less Distributions: | ||||||||||||||||
From net investment income | (0.01 | ) | — | (0.04 | ) | (0.03 | ) | |||||||||
From net realized gains | — | — | — | — | ||||||||||||
Total distributions | (0.01 | ) | — | (0.04 | ) | (0.03 | ) | |||||||||
Net Asset Value, End of Period | $ | 16.07 | $ | 16.01 | $ | 12.05 | $ | 12.04 | ||||||||
Total Return(4) | 33.54 | % | 23.25 | %(5) | 20.85 | %(5) | 20.68 | %(5) | ||||||||
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||
Net assets, end of period (000’s) | $ | 43,907 | $ | 8,790 | $ | 7,994 | $ | 9,591 | ||||||||
Ratio of operating expenses to average net assets: | ||||||||||||||||
Before expense reimbursement | 2.16 | % | 2.66 | %(6) | 2.68 | %(6) | 2.93 | %(6) | ||||||||
After expense reimbursement(7) | 1.99 | % | 2.49 | %(6) | 1.46 | %(6) | 1.71 | %(6) | ||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||
Before expense reimbursement | (0.14 | )% | (0.60 | )%(6) | (0.76 | )%(6) | (1.01 | )%(6) | ||||||||
After expense reimbursement(7) | 0.03 | % | (0.43 | )%(6) | 0.46 | %(6) | (0.21 | )%(6) | ||||||||
Portfolio turnover rate | N/A | N/A | N/A | N/A |
ˆ | Commencement of operations. |
(1) | Information presented relates to a share of capital stock outstanding for each period. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the period. |
(3) | Amount calculated is less than $0.005. |
(4) | The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares. |
(5) | Not annualized. |
(6) | Annualized. |
(7) | See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
94
95
The Water Infrastructure Fund | ||||||||||||||||
No Load Class | Advisor Class A | Advisor Class C | Institutional Class | |||||||||||||
For the | For the | For the | For the | |||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2010 | 2010 | 2010 | 2010 | |||||||||||||
PER SHARE DATA:(1) | ||||||||||||||||
Net Asset Value, | ||||||||||||||||
Beginning of Year | $ | 8.86 | $ | 8.82 | $ | 8.71 | $ | 8.90 | ||||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income (loss)(2) | 0.07 | 0.05 | 0.01 | 0.09 | ||||||||||||
Net realized and unrealized gain (loss) on investments | (0.48 | ) | (0.47 | ) | (0.46 | ) | (0.48 | ) | ||||||||
Total from investment operations | (0.41 | ) | (0.42 | ) | (0.45 | ) | (0.39 | ) | ||||||||
Redemption Fees | 0.00 | (3) | 0.00 | (3) | — | 0.00 | (3) | |||||||||
Less Distributions: | ||||||||||||||||
From net investment income | (0.07 | ) | (0.05 | ) | (0.01 | ) | (0.09 | ) | ||||||||
From net realized gains | — | — | — | — | ||||||||||||
Total distributions | (0.07 | ) | (0.05 | ) | (0.01 | ) | (0.09 | ) | ||||||||
Net Asset Value, End of Year | $ | 8.38 | $ | 8.35 | $ | 8.25 | $ | 8.42 | ||||||||
Total Return(4) | (4.60 | )% | (4.80 | )% | (5.15 | )% | (4.38 | )% | ||||||||
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||
Net assets, end of year (000’s) | $ | 7,001 | $ | 10,100 | $ | 2,840 | $ | 4,182 | ||||||||
Ratio of operating expenses to average net assets: | ||||||||||||||||
Before expense reimbursement | 2.17 | % | 2.42 | % | 2.92 | % | 2.12 | % | ||||||||
After expense reimbursement(5) | 1.64 | % | 1.89 | % | 2.39 | % | 1.44 | % | ||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||
Before expense reimbursement | 0.33 | % | 0.08 | % | (0.42 | )% | 0.38 | % | ||||||||
After expense reimbursement(5) | 0.86 | % | 0.61 | % | 0.11 | % | 1.06 | % | ||||||||
Portfolio turnover rate | N/A | N/A | N/A | N/A |
(1) | Information presented relates to a share of capital stock outstanding for each period. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the period. |
(3) | Amount calculated is less than $0.005. |
(4) | The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares. |
(5) | See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
96
The Water Infrastructure Fund | ||||||||||||||||||||||||||||||||
No Load Class | Advisor Class A | Advisor Class C | Institutional Class | No Load Class | Advisor Class A | Advisor Class C | Institutional Class | |||||||||||||||||||||||||
For the | For the | For the | For the | For the | For the | For the | For the | |||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||||||||
2009 | 2009 | 2009 | 2009 | 2008 | 2008 | 2008 | 2008 | |||||||||||||||||||||||||
$ | 7.61 | $ | 7.59 | $ | 7.54 | $ | 7.63 | $ | 10.17 | $ | 10.17 | $ | 10.16 | $ | 10.18 | |||||||||||||||||
0.04 | 0.02 | (0.02 | ) | 0.05 | 0.10 | 0.07 | 0.03 | 0.12 | ||||||||||||||||||||||||
1.21 | 1.21 | 1.19 | 1.23 | (2.66 | ) | (2.65 | ) | (2.65 | ) | (2.67 | ) | |||||||||||||||||||||
1.25 | 1.23 | 1.17 | 1.28 | (2.56 | ) | (2.58 | ) | (2.62 | ) | (2.55 | ) | |||||||||||||||||||||
0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.01 | 0.00 | (3) | 0.00 | (3) | — | 0.00 | (3) | |||||||||||||||||||
(0.00 | )(3) | — | — | (0.02 | ) | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||||
(0.00 | )(3) | — | — | (0.02 | ) | — | — | — | — | |||||||||||||||||||||||
$ | 8.86 | $ | 8.82 | $ | 8.71 | $ | 8.90 | $ | 7.61 | $ | 7.59 | $ | 7.54 | $ | 7.63 | |||||||||||||||||
16.46 | % | 16.21 | % | 15.52 | % | 16.94 | % | (25.17 | )% | (25.37 | )% | (25.79 | )% | (25.05 | )% | |||||||||||||||||
$ | 7,176 | $ | 10,339 | $ | 2,700 | $ | 2,905 | $ | 6,598 | $ | 7,661 | $ | 1,571 | $ | 251 | |||||||||||||||||
2.36 | % | 2.61 | % | 3.11 | % | 2.31 | % | 2.20 | % | 2.45 | % | 2.95 | % | 2.15 | % | |||||||||||||||||
1.64 | % | 1.89 | % | 2.39 | % | 1.44 | % | 1.65 | % | 1.90 | % | 2.40 | % | 1.45 | % | |||||||||||||||||
(0.26 | )% | (0.51 | )% | (1.01 | )% | (0.21 | )% | 0.55 | % | 0.30 | % | (0.20 | )% | 0.60 | % | |||||||||||||||||
0.46 | % | 0.21 | % | (0.29 | )% | 0.66 | % | 1.10 | % | 0.85 | % | 0.35 | % | 1.30 | % | |||||||||||||||||
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
97
The Water Infrastructure Fund | ||||||||||||||||
No Load Class | Advisor Class A | Advisor Class C | Institutional Class | |||||||||||||
June 29, 2007ˆ | June 29, 2007ˆ | June 29, 2007ˆ | June 29, 2007ˆ | |||||||||||||
through | through | through | through | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2007 | 2007 | 2007 | 2007 | |||||||||||||
PER SHARE DATA:(1) | ||||||||||||||||
Net Asset Value, | ||||||||||||||||
Beginning of Period | $ | 10.00 | $ | 10.00 | $ | 10.00 | $ | 10.00 | ||||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income(2) | 0.06 | 0.05 | 0.02 | 0.06 | ||||||||||||
Net realized and unrealized gain on investments | 0.20 | 0.20 | 0.21 | 0.21 | ||||||||||||
Total from investment operations | 0.26 | 0.25 | 0.23 | 0.27 | ||||||||||||
Redemption Fees | — | 0.00 | (3) | 0.00 | (3) | — | ||||||||||
Less Distributions: | ||||||||||||||||
From net investment income | (0.04 | ) | (0.03 | ) | (0.02 | ) | (0.04 | ) | ||||||||
From net realized gains | (0.05 | ) | (0.05 | ) | (0.05 | ) | (0.05 | ) | ||||||||
Total distributions | (0.09 | ) | (0.08 | ) | (0.07 | ) | (0.09 | ) | ||||||||
Net Asset Value, End of Period | $ | 10.17 | $ | 10.17 | $ | 10.16 | $ | 10.18 | ||||||||
Total Return(4) | 2.64 | %(5) | 2.55 | %(5) | 2.33 | %(5) | 2.76 | %(5) | ||||||||
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||
Net assets, end of period (000’s) | $ | 2,385 | $ | 2,459 | $ | 1,201 | $ | 103 | ||||||||
Ratio of operating expenses to average net assets: | ||||||||||||||||
Before expense reimbursement | 3.62 | %(6) | 3.87 | %(6) | 4.37 | %(6) | 3.58 | %(6) | ||||||||
After expense reimbursement(7) | 1.74 | %(6) | 1.99 | %(6) | 2.49 | %(6) | 1.54 | %(6) | ||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||
Before expense reimbursement | (0.73 | )%(6) | (0.98 | )%(6) | (1.48 | )%(6) | (0.69 | )%(6) | ||||||||
After expense reimbursement(7) | 1.15 | %(6) | 0.90 | %(6) | 0.40 | %(6) | 1.35 | %(6) | ||||||||
Portfolio turnover rate | N/A | N/A | N/A | N/A |
ˆ | Commencement of operations. |
(1) | Information presented relates to a share of capital stock outstanding for each period. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the period. |
(3) | Amount calculated is less than $0.005. |
(4) | The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares. |
(5) | Not annualized. |
(6) | Annualized. |
(7) | See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
98
99
The Multi-Disciplinary Fund | ||||||||||||||||||||
No Load Class | Advisor Class A | Advisor Class C | Institutional Class | No Load Class | ||||||||||||||||
For the | For the | For the | For the | For the | ||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
2010 | 2010 | 2010 | 2010 | 2009 | ||||||||||||||||
PER SHARE DATA:(1) | ||||||||||||||||||||
Net Asset Value, | ||||||||||||||||||||
Beginning of Period | $ | 9.86 | $ | 9.85 | $ | 9.80 | $ | 9.89 | $ | 8.22 | ||||||||||
Income from Investment Operations: | ||||||||||||||||||||
Net investment income (loss)(2) | 0.35 | 0.33 | 0.27 | 0.37 | 0.09 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.91 | 0.89 | 0.90 | 0.91 | 1.79 | |||||||||||||||
Total from investment operations | 1.26 | 1.22 | 1.17 | 1.28 | 1.88 | |||||||||||||||
Redemption Fees | 0.00 | (3) | — | — | — | — | ||||||||||||||
Less Distributions: | ||||||||||||||||||||
From net investment income | (0.35 | ) | (0.33 | ) | (0.27 | ) | (0.37 | ) | (0.08 | ) | ||||||||||
From net realized gains | (0.30 | ) | (0.30 | ) | (0.30 | ) | (0.30 | ) | (0.16 | ) | ||||||||||
Total distributions | (0.65 | ) | (0.63 | ) | (0.57 | ) | (0.67 | ) | (0.24 | ) | ||||||||||
Net Asset Value, End of Period | $ | 10.47 | $ | 10.44 | $ | 10.40 | $ | 10.50 | $ | 9.86 | ||||||||||
Total Return(4) | 13.04 | % | 12.64 | % | 12.13 | % | 13.19 | % | 22.90 | % | ||||||||||
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 3,489 | $ | 356 | $ | 128 | $ | 142 | $ | 938 | ||||||||||
Ratio of operating expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursement | 6.11 | % | 6.36 | % | 6.86 | % | 6.06 | % | 13.11 | % | ||||||||||
After expense reimbursement(7) | 1.49 | % | 1.74 | % | 2.24 | % | 1.29 | % | 1.49 | % | ||||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||
Before expense reimbursement | (1.19 | )% | (1.44 | )% | (1.94 | )% | (1.14 | )% | (10.69 | )% | ||||||||||
After expense reimbursement(7) | 3.43 | % | 3.18 | % | 2.68 | % | 3.63 | % | 0.93 | % | ||||||||||
Portfolio turnover rate | N/A | N/A | N/A | N/A | N/A |
ˆ | Commencement of operations. |
(1) | Information presented relates to a share of capital stock outstanding for each period. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the period. |
(3) | Amount calculated is less than $0.005. |
(4) | The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares. |
(5) | Not annualized. |
(6) | Annualized. |
(7) | See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
100
The Multi-Disciplinary Fund | ||||||||||||||||||||||||||||||||
No Load Class | Advisor Class A | Advisor Class C | Institutional Class | |||||||||||||||||||||||||||||
Advisor Class A | Advisor Class C | Institutional Class | For The Period | For The Period | For The Period | For The Period | ||||||||||||||||||||||||||
For the | For the | For the | February 11, 2008ˆ | February 11, 2008ˆ | February 11, 2008ˆ | February 11, 2008ˆ | ||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | through | through | through | through | ||||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||
2009 | 2009 | 2009 | 2008 | 2008 | 2008 | 2008 | ||||||||||||||||||||||||||
$ | 8.20 | $ | 8.17 | $ | 8.23 | $ | 10.00 | $ | 10.00 | $ | 10.00 | $ | 10.00 | |||||||||||||||||||
0.06 | 0.02 | 0.10 | 0.01 | (0.01 | ) | (0.05 | ) | 0.02 | ||||||||||||||||||||||||
1.80 | 1.78 | 1.81 | (1.79 | ) | (1.79 | ) | (1.78 | ) | (1.79 | ) | ||||||||||||||||||||||
1.86 | 1.80 | 1.91 | (1.78 | ) | (1.80 | ) | (1.83 | ) | (1.77 | ) | ||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||||
(0.05 | ) | (0.01 | ) | (0.09 | ) | (0.00 | )(3) | (0.00 | )(3) | (0.00 | )(3) | (0.00 | )(3) | |||||||||||||||||||
(0.16 | ) | (0.16 | ) | (0.16 | ) | — | — | — | — | |||||||||||||||||||||||
(0.21 | ) | (0.17 | ) | (0.25 | ) | (0.00 | )(3) | (0.00 | )(3) | (0.00 | )(3) | (0.00 | )(3) | |||||||||||||||||||
$ | 9.85 | $ | 9.80 | $ | 9.89 | $ | 8.22 | $ | 8.20 | $ | 8.17 | $ | 8.23 | |||||||||||||||||||
22.73 | % | 22.03 | % | 23.25 | % | (17.76 | )%(5) | (17.97 | )%(5) | (18.30 | )%(5) | (17.65 | )%(5) | |||||||||||||||||||
$ | 103 | $ | 105 | $ | 101 | $ | 99 | $ | 84 | $ | 88 | $ | 82 | |||||||||||||||||||
13.36 | % | 13.86 | % | 13.06 | % | 17.58 | %(6) | 17.83 | %(6) | 18.33 | %(6) | 17.53 | %(6) | |||||||||||||||||||
1.74 | % | 2.24 | % | 1.29 | % | 1.49 | %(6) | 1.74 | %(6) | 2.24 | %(6) | 1.29 | %(6) | |||||||||||||||||||
(10.94 | )% | (11.44 | )% | (10.64 | )% | (15.99 | )%(6) | (16.24 | )%(6) | (16.74 | )%(6) | (15.94 | )%(6) | |||||||||||||||||||
0.68 | % | 0.18 | % | 1.13 | % | 0.10 | %(6) | (0.15 | )%(6) | (0.65 | )%(6) | 0.30 | %(6) | |||||||||||||||||||
N/A | N/A | N/A | N/A | N/A | N/A | N/A |
101
The Tactical Paradigm Fund | ||||||||||||||||
No Load Class | Advisor Class A | Advisor Class C | Institutional Class | |||||||||||||
For the | For the | For the | For the | |||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2010 | 2010 | 2010 | 2010 | |||||||||||||
PER SHARE DATA:(1) | ||||||||||||||||
Net Asset Value, | ||||||||||||||||
Beginning of Period | $ | 10.00 | $ | 10.00 | $ | 10.00 | $ | 10.00 | ||||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income (loss)(2) | (0.02 | ) | (0.04 | ) | (0.09 | ) | 0.00 | (3) | ||||||||
Net realized and unrealized gain on investments | 0.37 | 0.35 | 0.34 | 0.35 | ||||||||||||
Total from investment operations | 0.35 | 0.31 | 0.25 | 0.35 | ||||||||||||
Redemption Fees | — | — | — | — | ||||||||||||
Less Distributions: | ||||||||||||||||
From net investment income | (0.07 | ) | (0.07 | ) | (0.03 | ) | (0.11 | ) | ||||||||
From net realized gains | — | — | — | — | ||||||||||||
Total distributions | (0.07 | ) | (0.07 | ) | (0.03 | ) | $ | (0.11 | ) | |||||||
Net Asset Value, End of Period | $ | 10.28 | $ | 10.24 | $ | 10.22 | $ | 10.24 | ||||||||
Total Return(4) | 3.47 | % | 3.08 | % | 2.53 | % | 3.51 | % | ||||||||
SUPPLEMENTAL DATA AND RATIOS | ||||||||||||||||
Net assets, end of period (000’s) | $ | 50 | $ | 502 | $ | 1,024 | $ | 21 | ||||||||
Ratio of operating expenses to average net assets: | ||||||||||||||||
Before expense reimbursement | 7.08 | % | 7.33 | % | 7.83 | % | 7.03 | % | ||||||||
After expense reimbursement(7) | 2.29 | % | 2.54 | % | 3.04 | % | 2.09 | % | ||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||
Before expense reimbursement | (4.95 | )% | (5.20 | )% | (5.70 | )% | (4.90 | )% | ||||||||
After expense reimbursement(7) | (0.16 | )% | (0.41 | )% | (0.91 | )% | 0.04 | % | ||||||||
Portfolio turnover rate | N/A | N/A | N/A | N/A |
ˆ | Commencement of operations. |
(1) | Information presented relates to a share of capital stock outstanding for each period. |
(2) | Net investment income per share represents net investment income divided by the average shares outstanding throughout the period. |
(3) | Amount calculated is less than $0.005. |
(4) | The total return calculation does not reflect the 5.75% front end sales charge on Advisor Class A shares. |
(5) | Not annualized. |
(6) | Annualized. |
(7) | See Note #3, Investment Adviser, for the waiver and expense reimbursement discussion. |
102
The Tactical Paradigm Fund | ||||||||||||||||||||
No Load Class | Advisor Class A | Advisor Class C | Institutional Class | |||||||||||||||||
December 31, 2009ˆ | December 31, 2009ˆ | December 31, 2009ˆ | December 31, 2009ˆ | |||||||||||||||||
through | through | through | through | |||||||||||||||||
December 31, 2009 | December 31, 2009 | December 31, 2009 | December 31, 2009 | |||||||||||||||||
$ | 10.00 | $ | 10.00 | $ | 10.00 | $ | 10.00 | |||||||||||||
— | — | — | — | |||||||||||||||||
— | — | — | — | |||||||||||||||||
— | — | — | — | |||||||||||||||||
— | — | — | — | |||||||||||||||||
— | — | — | — | |||||||||||||||||
— | — | — | — | |||||||||||||||||
— | — | — | — | |||||||||||||||||
$ | 10.00 | $ | 10.00 | $ | 10.00 | $ | 10.00 | |||||||||||||
0.00 | %(5) | 0.00 | %(5) | 0.00 | %(5) | 0.00 | %(5) | |||||||||||||
$ | 20 | $ | 20 | $ | 20 | $ | 20 | |||||||||||||
0.00 | %(6) | 0.00 | %(6) | 0.00 | %(6) | 0.00 | %(6) | |||||||||||||
0.00 | %(6) | 0.00 | %(6) | 0.00 | %(6) | 0.00 | %(6) | |||||||||||||
0.00 | %(6) | 0.00 | %(6) | 0.00 | %(6) | 0.00 | %(6) | |||||||||||||
0.00 | %(6) | 0.00 | %(6) | 0.00 | %(6) | 0.00 | %(6) | |||||||||||||
N/A | N/A | N/A | N/A |
103
Public Accounting Firm
104
105
106
107
108
Identifier | COMMON STOCKS — 99.09% | Shares | Value | |||||||
Administrative and Support Services — 0.42% | ||||||||||
CTRP | Ctrip.com International Ltd. — ADR* | 6,000 | $ | 242,700 | ||||||
IILG | Interval Leisure Group, Inc.* | 200 | 3,228 | |||||||
ID | L-1 Identity Solutions, Inc.* | 20,000 | 238,200 | |||||||
484,128 | ||||||||||
Amusement, Gambling, and Recreation Industries — 0.97% | ||||||||||
DIS | The Walt Disney Co.ˆ | 29,691 | 1,113,709 | |||||||
Asset Management — 0.26% | ||||||||||
URB/A CN | Urbana Corp. — Class A* | 240,000 | 296,892 | |||||||
Broadcasting (except Internet) — 11.09% | ||||||||||
LBTYK | Liberty Global, Inc. — Series C*ˆ | 100,707 | 3,412,960 | |||||||
LCAPA | Liberty Media Corp. — Capital Series A* | 23,580 | 1,475,165 | |||||||
LINTA | Liberty Media Corp. — Interactive — Class A* | 174,500 | 2,751,865 | |||||||
2008 HK | Phoenix Satellite Television Holdings Limited | 5,006,000 | 1,700,267 | |||||||
SNI | Scripps Networks Interactive — Class A | 65,000 | 3,363,750 | |||||||
SIRI | Sirius XM Radio, Inc.*ˆ | 46,000 | 75,440 | |||||||
12,779,447 | ||||||||||
Computer and Electronic Product Manufacturing — 6.59% | ||||||||||
AAPL | Apple, Inc.* | 5,000 | 1,612,800 | |||||||
EMC | EMC Corporation*ˆ | 95,530 | 2,187,637 | |||||||
JDSU | JDS Uniphase Corporation* | 40,260 | 582,965 | |||||||
NTAP | NetApp, Inc.*ˆ | 45,000 | 2,473,200 | |||||||
QCOM | QUALCOMM Inc. | 15,000 | 742,350 | |||||||
7,598,952 | ||||||||||
Credit Intermediation and Related Activities — 2.48% | ||||||||||
BR | Broadridge Financial Solutions, Inc. | 100,000 | 2,193,000 | |||||||
NTRS | Northern Trust Corp. | 2,000 | 110,820 | |||||||
TREE | Tree.com, Inc.* | 10,033 | 94,712 | |||||||
WU | The Western Union Company | 25,000 | 464,250 | |||||||
2,862,782 | ||||||||||
109
Identifier | Shares | Value | ||||||||
Data Processing, Hosting and Related Services — 0.55% | ||||||||||
ACXM | Acxiom Corporation* | 30,150 | $ | 517,073 | ||||||
CSGP | CoStar Group, Inc.*ˆ | 2,000 | 115,120 | |||||||
632,193 | ||||||||||
Data Processor — 2.68% | ||||||||||
MA | Mastercard, Inc. — Class A | 6,000 | 1,344,660 | |||||||
VRSK | Verisk Analytics, Inc. — Class A*ˆ | 10,000 | 340,800 | |||||||
V | Visa, Inc. — Class Aˆ | 20,000 | 1,407,600 | |||||||
3,093,060 | ||||||||||
Defense — 5.42% | ||||||||||
CACI | CACI International, Inc. — Class A* | 55,000 | 2,937,000 | |||||||
MANT | ManTech International Corporation — Class A* | 80,000 | 3,306,400 | |||||||
6,243,400 | ||||||||||
Educational Services — 0.32% | ||||||||||
EDU | New Oriental Education & Technology Group, Inc. — ADR*ˆ | 3,550 | 373,566 | |||||||
European Exchanges — 1.37% | ||||||||||
NAT BB | Compagnie Nationale a Portefeuille | 26,685 | 1,305,134 | |||||||
DB1 GR | Deutsche Boerse AG | 4,000 | 276,883 | |||||||
1,582,017 | ||||||||||
Gaming — 0.74% | ||||||||||
200 HK | Melco International Development Limited | 1,500,000 | 856,834 | |||||||
Global Exchanges — 4.96% | ||||||||||
388 HK | Hong Kong Exchanges & Clearing Limited | 68,800 | 1,560,498 | |||||||
JSE SJ | JSE Limited | 51,000 | 611,613 | |||||||
8697 JP | Osaka Securities Exchange Co., Ltd. | 94 | 474,110 | |||||||
SGX SP | Singapore Exchange Limited | 468,200 | 3,071,839 | |||||||
5,718,060 | ||||||||||
110
Identifier | Shares | Value | ||||||||
Holding Company — 0.54% | ||||||||||
GBLS BB | Groupe Bruxelles Lambert S.A. Strip VVPR* | 2,000 | $ | 21 | ||||||
IEP | Icahn Enterprises LP | 17,900 | 627,574 | |||||||
627,595 | ||||||||||
Management of Companies and Enterprises — 0.22% | ||||||||||
SATS | EchoStar Corporation — Class A* | 10,000 | 249,700 | |||||||
Motion Picture and Sound Recording Industries — 9.05% | ||||||||||
DWA | DreamWorks Animation SKG, Inc. — Class A* | 130,000 | 3,831,100 | |||||||
SINA | SINA Corporation*ˆ | 30,000 | 2,064,600 | |||||||
TWX | Time Warner, Inc. | 86,666 | 2,788,045 | |||||||
WMG | Warner Music Group Corp.*ˆ | 310,000 | 1,745,300 | |||||||
10,429,045 | ||||||||||
Non-Store Retailers — 8.90% | ||||||||||
EBAY | eBay, Inc.* | 81,290 | 2,262,301 | |||||||
HSNI | HSN, Inc.*ˆ | 200 | 6,128 | |||||||
IACI | IAC/InterActiveCorp* | 60,740 | 1,743,238 | |||||||
OSTK | Overstock.com, Inc.*ˆ | 1,000 | 16,480 | |||||||
RBA | Ritchie Bros. Auctioneers, Incorporatedˆ | 162,000 | 3,734,100 | |||||||
SOHU | Sohu.com Inc.*ˆ | 18,000 | 1,142,820 | |||||||
BID | Sotheby’sˆ | 30,000 | 1,350,000 | |||||||
10,255,067 | ||||||||||
Other Exchanges — 0.79% | ||||||||||
ASX AU | ASX Ltd. | 12,600 | 485,592 | |||||||
FTIS LI | Financial Technologies (India) Ltd. — GDR | 144,000 | 421,920 | |||||||
907,512 | ||||||||||
Other Information Services — 10.64% | ||||||||||
BIDU | Baidu.com, Inc. — ADR* | 90,930 | 8,777,473 | |||||||
EXPE | Expedia, Inc.ˆ | 4,000 | 100,360 | |||||||
GOOG | Google Inc. — Class A* | 3,200 | 1,900,704 | |||||||
NTES | NetEase.com Inc. — ADR* | 11,320 | 409,218 |
111
Identifier | Shares | Value | ||||||||
Other Information Services (Continued) | ||||||||||
YHOO | Yahoo! Inc.*ˆ | 60,000 | $ | 997,800 | ||||||
YOKU | Youku.com, Inc. — ADR*ˆ | 2,160 | 75,621 | |||||||
12,261,176 | ||||||||||
Performing Arts, Spectator Sports, and Related Industries — 0.10% | ||||||||||
LYV | Live Nation Entertainment, Inc.*ˆ | 10,294 | 117,558 | |||||||
Prepackaged Software — 0.84% | ||||||||||
CHKP | Check Point Software Technologies Ltd.* | 21,000 | 971,460 | |||||||
Professional, Scientific, and Technical Services — 5.23% | ||||||||||
JRJC | China Finance Online Company — ADR*ˆ | 10,000 | 65,300 | |||||||
CTSH | Cognizant Technology Solutions Corporation — Class A* | 39,000 | 2,858,310 | |||||||
INFY | Infosys Technologies Limited — ADRˆ | 30,000 | 2,282,400 | |||||||
ICGE | Internet Capital Group, Inc.* | 15,000 | 213,300 | |||||||
MWW | Monster Worldwide, Inc.*ˆ | 2,000 | 47,260 | |||||||
PCLN | Priceline.com Incorporated* | 500 | 199,775 | |||||||
SAPE | Sapient Corporation | 20,000 | 242,000 | |||||||
UNTD | United Online, Inc.ˆ | 10,000 | 66,000 | |||||||
WYY | WidePoint Corp.* | 39,062 | 51,562 | |||||||
6,025,907 | ||||||||||
Publishing Industries (except Internet) — 14.30% | ||||||||||
MFE | McAfee, Inc.* | 15,000 | 694,650 | |||||||
ROVI | Rovi Corporation*ˆ | 109,350 | 6,780,794 | |||||||
SYMC | Symantec Corporation* | 30,000 | 502,200 | |||||||
SSP | The E.W. Scripps Company — Class A* | 752,000 | 7,632,800 | |||||||
WPO | The Washington Post Company — Class Bˆ | 2,000 | 879,000 | |||||||
16,489,444 | ||||||||||
Rental and Leasing Services — 1.48% | ||||||||||
CDCO | Comdisco Holding Company, Inc.* | 194,400 | 1,701,000 | |||||||
112
Identifier | Shares | Value | ||||||||
Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 3.66% | ||||||||||
CME | CME Group, Inc.ˆ | 6,230 | $ | 2,004,503 | ||||||
ICE | IntercontinentalExchange Inc.*ˆ | 11,670 | 1,390,481 | |||||||
LAB | LaBranche & Co. Inc.* | 193,490 | 696,564 | |||||||
MKTX | MarketAxess Holdings, Inc. | 6,000 | 124,860 | |||||||
4,216,408 | ||||||||||
Special Purpose Entity — 0.00% | ||||||||||
ADPAO | Adelphia Contingent Value Vehicle CVV Services ACC-4 Int*+ | 250,827 | 502 | |||||||
ADPAL | Adelphia Recovery Trust Ser ACC-6 E/F Int*+ | 4,878,645 | 0 | |||||||
502 | ||||||||||
Telecommunications — 3.56% | ||||||||||
CHU | China Unicom (Hong Kong) Limited — ADRˆ | 156,460 | 2,229,555 | |||||||
215 HK | Hutchison Telecommunications Hong Kong Holdings Limited | 2,300,000 | 704,251 | |||||||
HTHKY | Hutchison Telecommunications Hong Kong Holdings Limited — ADRˆ | 45,000 | 200,250 | |||||||
SNSH | Sunshine PCS Corporation — Class A* | 149 | 4,798 | |||||||
VOD | Vodafone Group Plc — ADRˆ | 36,570 | 966,545 | |||||||
4,105,399 | ||||||||||
U.S. Equity Exchanges — 1.12% | ||||||||||
NDAQ | The NASDAQ OMX Group, Inc.*ˆ | 29,440 | 698,022 | |||||||
NYX | NYSE Euronext | 19,830 | 594,503 | |||||||
1,292,525 | ||||||||||
Warehousing and Storage — 0.81% | ||||||||||
IRM | Iron Mountain Incorporated | 37,147 | 929,046 | |||||||
TOTAL COMMON STOCKS (cost $65,916,697) | 114,214,384 | |||||||||
113
Principal | ||||||||||
Identifier | ESCROW NOTES — 0.00% | Amount | Value | |||||||
Special Purpose Entity — 0.00% | ||||||||||
006ESCBG1 | Adelphia Communications Corp.*+ | $ | 200,000 | $ | 0 | |||||
006ESC958 | Adelphia Communications Corp. Preferred*+ | 190,000 | 0 | |||||||
TOTAL ESCROW NOTES (cost $0) | 0 | |||||||||
RIGHTS — 1.33% | Shares | |||||||||
Rental and Leasing Services — 1.33% | ||||||||||
CDCOR | Comdisco Holding Company, Inc. | |||||||||
Expiration Date: 12/31/2050 | ||||||||||
Strike Price: $1.00#*ˆ | 12,240,699 | 1,530,087 | ||||||||
TOTAL RIGHTS (cost $3,253,775) | 1,530,087 | |||||||||
SHORT-TERM INVESTMENTS — 0.52% | ||||||||||
Money Market Funds — 0.52% | ||||||||||
FIUXX | First American Prime Obligations Fund — Class I, 0.00%b | 600,620 | 600,620 | |||||||
TOTAL SHORT-TERM INVESTMENTS (cost $600,620) | 600,620 | |||||||||
INVESTMENTS PURCHASED WITH | ||||||||||
THE CASH PROCEEDS FROM SECURITIES LENDING — 32.46% | ||||||||||
Investment Companies — 32.46% | ||||||||||
Mount Vernon Securities Lending Trust — Prime Portfolio, 0.29%b | 37,416,974 | 37,416,974 | ||||||||
TOTAL INVESTMENTS PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING (cost $37,416,974) | 37,416,974 | |||||||||
TOTAL INVESTMENTS — 133.40% (cost $107,188,066) | $ | 153,762,065 | ||||||||
114
* — | Non-income producing security. |
ˆ — | This security or a portion of this security was out on loan at December 31, 2010. Total loaned securities had a market value of $35,839,537 at December 31, 2010. |
# — | Contingent value right (contingent upon profitability of company). |
+ — | Security is considered illiquid and was fair valued. The aggregate value of such securities is $502 or 0.00% of net assets. |
ADR — | American Depository Receipt. |
GDR — | Global Depository Receipt. |
115
Identifier | COMMON STOCKS — 99.75% | Shares | Value | |||||||
Asset Management — 1.70% | ||||||||||
8739 JP | SPARX Group Co., Ltd.* | 800 | $ | 90,159 | ||||||
Banks — 1.57% | ||||||||||
8053 JP | Sumitomo Corp. | 5,900 | 83,497 | |||||||
Beverage and Tobacco Product Manufacturing — 1.19% | ||||||||||
ZWC PW | Grupa Zywiec S.A. | 200 | 38,238 | |||||||
ZWACK HB | Zwack Unicum Nyrt. | 400 | 24,609 | |||||||
62,847 | ||||||||||
Chemical Manufacturing — 11.28% | ||||||||||
GSK | GlaxoSmithKline plc — ADRˆ | 3,000 | 117,660 | |||||||
LYB | LyondellBasell Industries NV — Class A* | 2,500 | 86,000 | |||||||
MRK GR | Merck KGaA | 500 | 39,989 | |||||||
SNY | Sanofi-Aventis — ADRˆ | 4,000 | 128,920 | |||||||
SHPGY | Shire PLC — ADRˆ | 1,500 | 108,570 | |||||||
SQM | Sociedad Quimica y Minera de Chile SA — ADRˆ | 2,000 | 116,840 | |||||||
�� | ||||||||||
597,979 | ||||||||||
Commercial Banking — 0.53% | ||||||||||
MFG | Mizuho Financial Group, Inc. — ADRˆ | 7,500 | 28,125 | |||||||
Computer and Electronic Product Manufacturing — 3.67% | ||||||||||
6954 JP | Fanuc Ltd. | 400 | 61,436 | |||||||
6592 JP | Mabuchi Motor Co., Ltd. | 500 | 25,773 | |||||||
6594 JP | Nidec Corporation | 500 | 50,561 | |||||||
6506 JP | YASKAWA Electric Corporation | 6,000 | 56,756 | |||||||
194,526 | ||||||||||
Consumer Retailing — 2.34% | ||||||||||
BRK-U CN | The Brick Group Income Fund — Class A* | 45,000 | 124,007 | |||||||
Credit Intermediation and Related Activities — 7.41% | ||||||||||
8309 JP | Chuo Mitsui Trust Holdings, Inc. | 15,000 | 62,261 | |||||||
8511 JP | Japan Securities Finance Co., Ltd. | 12,000 | 88,090 | |||||||
MTU | Mitsubishi UFJ Financial Group, Inc. — ADRˆ | 6,000 | 32,460 | |||||||
8512 JP | Osaka Securities Finance Co. Ltd. | 11,800 | 24,562 | |||||||
OTP HB | OTP Bank Nyrt.* | 1,000 | 24,128 |
116
Identifier | Shares | Value | ||||||||
Credit Intermediation and Related Activities (Continued) | ||||||||||
SMFG | Sumitomo Mitsui Financial Group, Inc. — ADRˆ | 5,000 | $ | 35,550 | ||||||
8403 JP | The Sumitomo Trust and Banking Co., Ltd. | 20,000 | 126,124 | |||||||
393,175 | ||||||||||
Crop Production — 1.10% | ||||||||||
KWS GR | KWS Saat AG | 300 | 58,270 | |||||||
Data Processing, Hosting and Related Services — 0.72% | ||||||||||
SUM CN | Solium Capital Inc.* | 25,000 | 38,343 | |||||||
Food and Beverage Stores — 1.25% | ||||||||||
TSCO LN | Tesco plc | 10,000 | 66,261 | |||||||
Food Manufacturing — 2.55% | ||||||||||
BARN SW | Barry Callebaut AG | 100 | 82,834 | |||||||
1334 JP | Maruha Nichiro Holdings, Inc. | 10,000 | 16,628 | |||||||
2897 JP | Nissin Foods Holdings Co., Ltd. | 1,000 | 35,842 | |||||||
135,304 | ||||||||||
Food Services and Drinking Places — 0.43% | ||||||||||
LIQ-U CN | Liquor Stores Income Fund* | 1,500 | 22,900 | |||||||
Funds, Trusts, and Other Financial Vehicles — 4.97% | ||||||||||
AER CN | Groupe Aeroplan, Inc. | 8,000 | 109,987 | |||||||
2337 JP | Ichigo Group Holdings Co., Ltd.* | 200 | 28,009 | |||||||
JAZ-U CN | Jazz Air Income Fund* | 11,775 | 61,581 | |||||||
1615 JP | TOPIX Banks ETF | 40,000 | 64,047 | |||||||
263,624 | ||||||||||
Global Exchanges — 0.95% | ||||||||||
8697 JP | Osaka Securities Exchange Co., Ltd. | 10 | 50,437 | |||||||
Insurance Carriers and Related Activities — 2.00% | ||||||||||
MUV2 GR | Muenchener Rueckversicherungs-Gesellschaft AG | 700 | 106,123 | |||||||
Machinery Manufacturing — 0.70% | ||||||||||
KWG GR | KHD Humboldt Wedag International AG | 3,978 | 36,929 | |||||||
117
Identifier | Shares | Value | ||||||||
Medical Equipment and Supplies Manufacturing — 1.68% | ||||||||||
NOBN VX | Nobel Biocare Holding AG | 3,500 | $ | 65,995 | ||||||
STMN SW | Straumann Holding AG | 100 | 22,888 | |||||||
88,883 | ||||||||||
Merchant Wholesalers, Durable Goods — 2.32% | ||||||||||
CFAO FP | CFAO | 1,000 | 43,524 | |||||||
1911 JP | Sumitomo Forestry Co., Ltd. | 5,000 | 43,909 | |||||||
8113 JP | Unicharm Corporation | 900 | 35,805 | |||||||
123,238 | ||||||||||
Merchant Wholesalers, Nondurable Goods — 3.82% | ||||||||||
EDEN FP | Edenred* | 5,000 | 118,364 | |||||||
5002 JP | Showa Shell Sekiyu K.K. | 4,000 | 36,655 | |||||||
3402 JP | Toray Industries, Inc. | 8,000 | 47,789 | |||||||
202,808 | ||||||||||
Mining (except Oil and Gas) — 2.99% | ||||||||||
ELT AU | Elementos Limited* | 7,424 | 2,696 | |||||||
ORE AU | Orocobre Ltd.* | 30,000 | 100,950 | |||||||
TTT | Terra Nova Realty Corp.* | 7,000 | 54,670 | |||||||
158,316 | ||||||||||
Oil and Gas Extraction — 0.27% | ||||||||||
MAU FP | Establissements Maurel et Prom | 1,000 | 14,098 | |||||||
Other Information Services — 2.08% | ||||||||||
CPU AU | Computershare Limited | 10,000 | 110,257 | |||||||
Pharmaceutical and Biotechnology — 5.53% | ||||||||||
AZN | AstraZeneca PLC — ADRˆ | 1,000 | 46,190 | |||||||
CSL AU | CSL Limited | 3,100 | 115,064 | |||||||
NVS | Novartis AG — ADRˆ | 1,000 | 58,950 | |||||||
ROG VX | Roche Holding AG | 500 | 73,262 | |||||||
293,466 | ||||||||||
Professional, Scientific, and Technical Services — 4.13% | ||||||||||
ALKB DC | Alk-Abello A/S | 800 | 46,109 | |||||||
BSLN SW | Basilea Pharmaceutica AG* | 750 | 52,139 | |||||||
8601 JP | Daiwa Securities Group Inc. | 10,000 | 51,484 |
118
Identifier | Shares | Value | ||||||||
Professional, Scientific, and Technical Services (Continued) | ||||||||||
ICLL AV | Intercell AG* | 2,000 | $ | 31,002 | ||||||
PTS CN | Points International Ltd.* | 55,000 | 38,168 | |||||||
218,902 | ||||||||||
Rail Transportation — 2.17% | ||||||||||
CNI | Canadian National Railway Company | 1,000 | 66,470 | |||||||
CP | Canadian Pacific Railway Limited | 750 | 48,607 | |||||||
115,077 | ||||||||||
Real Estate — 3.48% | ||||||||||
4321 JP | Kenedix, Inc.* | 100 | 30,447 | |||||||
8802 JP | Mitsubishi Estate Company Ltd. | 4,000 | 74,196 | |||||||
8801 JP | Mitsui Fudosan Co., Ltd. | 4,000 | 79,764 | |||||||
184,407 | ||||||||||
Retail Trade — 3.81% | ||||||||||
CA FP | Carrefour SA | 1,200 | 49,470 | |||||||
CO FP | Casino Guichard-Perrachon SA | 500 | 48,742 | |||||||
MEO GR | Metro AG | 700 | 50,400 | |||||||
3382 JP | Seven & I Holdings Co., Ltd. | 2,000 | 53,455 | |||||||
202,067 | ||||||||||
Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 1.02% | ||||||||||
NMR | Nomura Holdings, Inc. — ADRˆ | 8,500 | 54,230 | |||||||
Space Research and Technology — 0.97% | ||||||||||
BA/ LN | BAE Systems plc | 10,000 | 51,450 | |||||||
Support Activities for Transportation — 5.00% | ||||||||||
AIO AU | Asciano Group* | 45,000 | 73,411 | |||||||
BXB AU | Brambles Limited | 12,000 | 87,388 | |||||||
9706 JP | Japan Airport Terminal Co., Ltd. | 4,500 | 69,448 | |||||||
WTE-U CN | Westshore Terminals Income Fund | 1,500 | 34,668 | |||||||
264,915 | ||||||||||
119
Identifier | Shares | Value | ||||||||
Telecommunications — 3.57% | ||||||||||
NTT | Nippon Telegraph & Telephone Corporation — ADRˆ | 2,500 | $ | 57,350 | ||||||
VOD | Vodafone Group Plc — ADR | 5,000 | 132,150 | |||||||
189,500 | ||||||||||
Transportation Equipment — 0.78% | ||||||||||
BRE IM | Brembo S.p.A. | 4,000 | 41,292 | |||||||
Transportation Equipment Manufacturing — 1.19% | ||||||||||
1211 HK | BYD Company Limited — Class H | 12,000 | 63,066 | |||||||
Utilities — 4.15% | ||||||||||
EGPW IM | Enel Green Power SpA* | 50,000 | 105,635 | |||||||
SSE LN | Scottish and Southern Energy plc | 6,000 | 114,593 | |||||||
220,228 | ||||||||||
Wholesale Trade — 6.43% | ||||||||||
8001 JP | ITOCHU Corporation | 7,100 | 71,883 | |||||||
8002 JP | Marubeni Corporation | 10,500 | 73,845 | |||||||
8058 JP | Mitsubishi Corporation | 3,050 | 82,571 | |||||||
8031 JP | Mitsui & Co., Ltd. | 4,700 | 77,629 | |||||||
2768 JP | Sojitz Corporation | 16,000 | 35,078 | |||||||
341,006 | ||||||||||
TOTAL COMMON STOCKS (cost $4,721,765) | 5,289,712 | |||||||||
WARRANTS — 0.00% | ||||||||||
Oil and Gas and Consumable Fuels — 0.00% | ||||||||||
B4PM666 | Maurel Et Prom Cw14 | |||||||||
Expiration Date: 6/30/2014 Strike Price: $14.20* | 1,000 | 231 | ||||||||
TOTAL WARRANTS (cost $0) | 231 | |||||||||
120
INVESTMENTS PURCHASED WITH | ||||||||||
Identifier | THE CASH PROCEEDS FROM SECURITIES LENDING — 10.40% | Shares | Value | |||||||
Investment Companies — 10.40% | ||||||||||
Mount Vernon Securities Lending Trust — | ||||||||||
Prime Portfolio, 0.29%b | 551,370 | $ | 551,370 | |||||||
TOTAL INVESTMENTS PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING (cost $551,370) | 551,370 | |||||||||
TOTAL INVESTMENTS — 110.15% (cost $5,273,135) | $ | 5,841,313 | ||||||||
* — | Non-income producing security. |
ˆ — | This security or a portion of this security was out on loan at December 31, 2010. Total loaned securities had a market value of $533,095 at December 31, 2010. |
ADR — | American Depository Receipt. |
ETF — | Exchange Traded Fund. |
121
Identifier | COMMON STOCKS — 96.40% | Shares | Value | |||||||
Air Transportation — 0.86% | ||||||||||
670 HK | China Eastern Airlines Corporation Limited — Class H* | 6,982,000 | $ | 3,539,147 | ||||||
1055 HK | China Southern Airlines Company Limited — Class H* | 11,685,000 | 7,155,800 | |||||||
10,694,947 | ||||||||||
Asset Management — 5.14% | ||||||||||
BX | The Blackstone Group LP | 173,576 | 2,456,100 | |||||||
BAM | Brookfield Asset Management Inc. — Class Aˆ | 1,487,009 | 49,502,530 | |||||||
CNS | Cohen & Steers, Inc.ˆ | 148,608 | 3,878,669 | |||||||
EV | Eaton Vance Corp.ˆ | 176,518 | 5,336,139 | |||||||
PZN | Pzena Investment Management, Inc. — Class A | 166,825 | 1,226,164 | |||||||
URB/A CN | Urbana Corp. — Class A* | 398,178 | 492,567 | |||||||
806 HK | Value Partners Group Limited | 1,194,000 | 1,198,178 | |||||||
64,090,347 | ||||||||||
Beverage and Tobacco Product Manufacturing — 1.89% | ||||||||||
168 HK | Tsingtao Brewery Co. Limited — Class H | 4,498,000 | 23,552,465 | |||||||
Broadcasting (except Internet) — 0.32% | ||||||||||
SNI | Scripps Networks Interactive — Class A | 75,973 | 3,931,602 | |||||||
Chemical Manufacturing — 2.45% | ||||||||||
NVO | Novo-Nordisk A/S — ADRˆ | 52,983 | 5,964,296 | |||||||
SIAL | Sigma-Aldrich Corp.ˆ | 369,705 | 24,607,565 | |||||||
30,571,861 | ||||||||||
Credit Intermediation and Related Activities — 2.10% | ||||||||||
BK | The Bank of New York Mellon Corp. | 399,325 | 12,059,615 | |||||||
FMCC | Federal Home Loan Mortgage Corporation*ˆ | 5,499,770 | 1,676,330 | |||||||
FNMA | Federal National Mortgage Association*ˆ | 4,942,512 | 1,482,754 | |||||||
NTRS | Northern Trust Corp. | 18,118 | 1,003,918 | |||||||
SBKFF | State Bank of India — GDRˆ | 54,125 | 6,807,296 | |||||||
STT | State Street Corporation | 69,072 | 3,200,796 | |||||||
UCBH | UCBH Holdings, Inc.*ˆ | 112,751 | 474 | |||||||
26,231,183 | ||||||||||
122
Identifier | Shares | Value | ||||||||
Data Processor — 0.90% | ||||||||||
MA | Mastercard, Inc. — Class A | 49,000 | $ | 10,981,390 | ||||||
V | Visa, Inc. — Class Aˆ | 4,363 | 307,068 | |||||||
11,288,458 | ||||||||||
Defense — 0.48% | ||||||||||
CACI | CACI International, Inc. — Class A*ˆ | 111,136 | 5,934,662 | |||||||
European Exchanges — 0.53% | ||||||||||
BME SM | Bolsas y Mercados Espanoles | 31,300 | 745,766 | |||||||
DB1 GR | Deutsche Boerse AG | 85,062 | 5,888,059 | |||||||
6,633,825 | ||||||||||
Funds, Trusts, and Other Financial Vehicles — 0.54% | ||||||||||
GDX | Market Vectors Gold Miners ETFˆ | 109,201 | 6,712,585 | |||||||
Gaming — 7.93% | ||||||||||
LVS | Las Vegas Sands Corp.*ˆ | 1,015,241 | 46,650,324 | |||||||
200 HK | Melco International Development Limited | 1,863,000 | 1,064,188 | |||||||
MGM | MGM Mirage*ˆ | 759,661 | 11,280,966 | |||||||
WYNN | Wynn Resorts Limited | 384,385 | 39,914,539 | |||||||
98,910,017 | ||||||||||
General Merchandise Stores — 0.73% | ||||||||||
SHLD | Sears Holdings Corporation*ˆ | 124,047 | 9,148,466 | |||||||
Global Exchanges — 11.34% | ||||||||||
388 HK | Hong Kong Exchanges & Clearing Limited | 3,748,190 | 85,015,168 | |||||||
JSE SJ | JSE Limited | 470,543 | 5,642,944 | |||||||
8697 JP | Osaka Securities Exchange Co., Ltd. | 3,889 | 19,615,045 | |||||||
SGX SP | Singapore Exchange Limited | 4,758,003 | 31,217,038 | |||||||
141,490,195 | ||||||||||
Holding Company — 8.77% | ||||||||||
BRK/A | Berkshire Hathaway Inc. — Class A* | 228 | 27,462,600 | |||||||
BRK/B | Berkshire Hathaway Inc. — Class B*ˆ | 191,111 | 15,309,902 | |||||||
GBLS BB | Groupe Bruxelles Lambert S.A. Strip VVPR* | 23,520 | 251 | |||||||
IEP | Icahn Enterprises LPˆ | 368,735 | 12,927,849 | |||||||
LUK | Leucadia National Corporation | 1,827,372 | 53,322,715 | |||||||
WSC | Wesco Financial Corporation | 1,191 | 438,776 | |||||||
109,462,093 | ||||||||||
123
Identifier | Shares | Value | ||||||||
Insurance Carriers and Related Activities — 3.97% | ||||||||||
LFC | China Life Insurance Co., Limited — ADRˆ | 136,494 | $ | 8,349,338 | ||||||
MKL | Markel Corporation* | 32,732 | 12,376,951 | |||||||
MBI | MBIA Inc.*ˆ | 475,800 | 5,704,842 | |||||||
2328 HK | PICC Property & Casualty Co. Ltd. — Class H* | 2,538,000 | 3,676,652 | |||||||
2318 HK | Ping An Insurance Group Company of China Limited — Class H | 1,084,745 | 12,127,463 | |||||||
PWF CN | Power Financial Corporation | 234,000 | 7,232,043 | |||||||
49,467,289 | ||||||||||
Mining (except Oil and Gas) — 6.73% | ||||||||||
AAUKY | Anglo American PLC — ADRˆ | 1,298,013 | 33,891,119 | |||||||
CCJ | Cameco Corporationˆ | 110,146 | 4,447,696 | |||||||
FNV CN | Franco-Nevada Corporation | 922,362 | 30,853,626 | |||||||
RIO | Rio Tinto Plc — ADRˆ | 181,190 | 12,984,075 | |||||||
1171 HK | Yanzhou Coal Mining Company Limited — Class H | 570,000 | 1,741,650 | |||||||
83,918,166 | ||||||||||
Motion Picture and Sound Recording Industries — 1.59% | ||||||||||
DWA | DreamWorks Animation SKG, Inc. — Class A*ˆ | 272,086 | 8,018,375 | |||||||
TWX | Time Warner, Inc. | 151,702 | 4,880,253 | |||||||
WMG | Warner Music Group Corp.*ˆ | 1,232,967 | 6,941,604 | |||||||
19,840,232 | ||||||||||
Non-Store Retailers — 0.77% | ||||||||||
BID | Sotheby’s | 214,505 | 9,652,725 | |||||||
Oil and Gas Extraction — 10.30% | ||||||||||
CNQ | Canadian Natural Resources Ltd.ˆ | 756,560 | 33,606,395 | |||||||
COS-U CN | Canadian Oil Sands Trust*ˆ | 1,186,924 | 31,536,571 | |||||||
CVE | Cenovus Energy Inc. | 209,469 | 6,962,750 | |||||||
ECA | EnCana Corporationˆ | 223,523 | 6,508,990 | |||||||
IMO | Imperial Oil Ltd.ˆ | 192,905 | 7,816,511 | |||||||
NXY | Nexen Inc. | 349,272 | 7,998,329 | |||||||
SD | SandRidge Energy, Inc.*ˆ | 102,397 | 749,546 | |||||||
SU | Suncor Energy, Inc. | 870,926 | 33,347,756 | |||||||
128,526,848 | ||||||||||
124
Identifier | Shares | Value | ||||||||
Other Exchanges — 1.81% | ||||||||||
ASX AU | ASX Ltd. | 488,800 | $ | 18,837,880 | ||||||
X CN | TMX Group Inc. | 100,355 | 3,730,384 | |||||||
22,568,264 | ||||||||||
Pharmaceutical and Biotechnology — 0.11% | ||||||||||
SNY | Sanofi-Aventis — ADRˆ | 41,199 | 1,327,844 | |||||||
Pipeline Transportation — 0.10% | ||||||||||
135 HK | Kunlun Energy Co., Ltd. | 800,200 | 1,241,562 | |||||||
Plastics and Rubber Products Manufacturing — 0.67% | ||||||||||
JAH | Jarden Corporation | 271,913 | 8,393,954 | |||||||
Port and Harbor Operations — 0.03% | ||||||||||
3382 HK | Tianjin Port Development Holdings Ltd. | 1,512,000 | 357,925 | |||||||
Rail Transportation — 3.33% | ||||||||||
CSX | CSX Corp. | 235,029 | 15,185,224 | |||||||
NSC | Norfolk Southern Corp. | 191,030 | 12,000,504 | |||||||
UNP | Union Pacific Corp. | 155,277 | 14,387,967 | |||||||
41,573,695 | ||||||||||
Real Estate — 10.98% | ||||||||||
ALX | Alexander’s, Inc. — REITˆ | 5,091 | 2,098,918 | |||||||
1 HK | Cheung Kong (Holdings) Limited | 1,063,240 | 16,401,101 | |||||||
FCE/A | Forest City Enterprises, Inc. — Class A*ˆ | 829,561 | 13,845,373 | |||||||
GGP | General Growth Properties, Inc. — REITˆ | 2,676,870 | 41,437,947 | |||||||
10 HK | Hang Lung Group Limited | 202,500 | 1,331,277 | |||||||
12 HK | Henderson Land Development Company Limited | 2,700,000 | 18,410,354 | |||||||
HHC | The Howard Hughes Corporation*ˆ | 309,272 | 16,830,582 | |||||||
823 HK | The Link — REIT | 4,453,000 | 13,835,420 | |||||||
TPL | Texas Pacific Land Trustˆ | 147,325 | 5,374,416 | |||||||
VNO | Vornado Realty Trust — REIT | 26,154 | 2,179,413 | |||||||
4 HK | Wharf Holdings Ltd. | 673,000 | 5,177,722 | |||||||
136,922,523 | ||||||||||
125
Identifier | Shares | Value | ||||||||
Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 5.70% | ||||||||||
CBOE | CBOE Holdings Inc.ˆ | 363,965 | $ | 8,320,240 | ||||||
CME | CME Group, Inc. | 87,709 | 28,220,371 | |||||||
ICE | IntercontinentalExchange Inc.*ˆ | 286,211 | 34,102,041 | |||||||
LAB | LaBranche & Co. Inc.* | 140,000 | 504,000 | |||||||
71,146,652 | ||||||||||
Support Activities for Transportation — 3.42% | ||||||||||
995 HK | Anhui Expressway Co. Ltd. — Class H | 3,235,000 | 2,838,450 | |||||||
694 HK | Beijing Capital International Airport Company Limited — Class H | 27,464,000 | 14,663,390 | |||||||
357 HK | Hainan Meilan International Airport Company Limited — Class H | 2,587,720 | 3,295,907 | |||||||
177 HK | Jiangsu Expressway Company Ltd. — Class H | 3,748,500 | 4,292,102 | |||||||
548 HK | Shenzhen Expressway Company Limited — Class H | 5,602,000 | 3,322,512 | |||||||
107 HK | Sichuan Expressway Co. Limited — Class H | 15,126,000 | 9,730,084 | |||||||
576 HK | Zhejiang Expressway Co., Limited — Class H | 4,579,000 | 4,512,549 | |||||||
42,654,994 | ||||||||||
Telecommunications — 0.53% | ||||||||||
CHU | China Unicom (Hong Kong) Limited — ADRˆ | 461,835 | 6,581,149 | |||||||
U.S. Equity Exchanges — 1.61% | ||||||||||
NYX | NYSE Euronextˆ | 668,732 | 20,048,585 | |||||||
Utilities — 0.77% | ||||||||||
BIP | Brookfield Infrastructure Partners LPˆ | 65,930 | 1,387,826 | |||||||
CPN | Calpine Corporation*ˆ | 349,889 | 4,667,519 | |||||||
GEN | GenOn Energy, Inc.*ˆ | 937,997 | 3,573,769 | |||||||
9,629,114 | ||||||||||
TOTAL COMMON STOCKS (cost $906,900,057) | 1,202,504,227 | |||||||||
126
Principal | ||||||||||
Identifier | ESCROW NOTES — 0.00% | Amount | Value | |||||||
Special Purpose Entity — 0.00% | ||||||||||
13199ACT6 | Calpine Corporation (converted from Capline Corp., 8.750%, 07/15/2008)*+ | $ | 200,000 | $ | 0 | |||||
13199ACU3 | Calpine Corporation (converted from Capline Corp., 7.875%, 04/01/2008)*+ | 200,000 | 0 | |||||||
13199ACV1 | Calpine Corporation (converted from Capline Corp., 7.625%, 04/15/2050)*+ | 100,000 | 0 | |||||||
TOTAL ESCROW NOTES (cost $0) | 0 | |||||||||
CONVERTIBLE BONDS — 0.41% | ||||||||||
Real Estate — 0.41% | ||||||||||
345550AK3 | Forest City Enterprises, Inc. 3.625%, 10/15/2014 | 4,000,000 | 5,065,000 | |||||||
TOTAL CONVERTIBLE BONDS (cost $3,110,104) | 5,065,000 | |||||||||
CORPORATE BONDS — 0.00% | ||||||||||
Credit Intermediation and Related Activities — 0.00% | ||||||||||
317928AA7 | FINOVA Group, Inc. | |||||||||
7.500%, 11/15/2009, Acquired 10/19/2006-3/29/2007 at $7,902,157 (Default Effective 4/29/2005)* | 9,503,880 | 428 | ||||||||
TOTAL CORPORATE BONDS (cost $7,356,219) | 428 | |||||||||
WARRANTS — 0.01% | Shares | |||||||||
Real Estate — 0.01% | ||||||||||
879 HK | Henderson Land Development Company Limited | |||||||||
Expiration Date: 6/01/2011 Strike Price: $58.00* | 569,400 | 131,860 | ||||||||
TOTAL WARRANTS (cost $0) | 131,860 | |||||||||
127
Identifier | SHORT-TERM INVESTMENTS — 3.08% | Shares | Value | |||||||
Money Market Funds — 3.08% | ||||||||||
FIUXX | First American Prime Obligations Fund — Class I, 0.00%b | 38,460,062 | $ | 38,460,062 | ||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||||
(cost $38,460,062) | 38,460,062 | |||||||||
INVESTMENTS PURCHASED WITH | ||||||||||
THE CASH PROCEEDS FROM SECURITIES LENDING — 19.55% | ||||||||||
Investment Companies — 19.55% | ||||||||||
Mount Vernon Securities Lending Trust — Prime Portfolio, 0.29%b | 243,932,317 | 243,932,317 | ||||||||
TOTAL INVESTMENTS PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING (cost $243,932,317) | 243,932,317 | |||||||||
TOTAL INVESTMENTS — 119.45% (cost $1,199,758,759) | $ | 1,490,093,894 | ||||||||
* — | Non-income producing security. |
ˆ — | This security or a portion of this security was out on loan at December 31, 2010. Total loaned securities had a market value of $230,416,063 at December 31, 2010. |
+ — | Security is considered illiquid and was fair valued. The aggregate value of such securities is $0 or 0.00% of net assets. |
ADR — | American Depository Receipt. |
ETF — | Exchange Traded Fund. |
GDR — | Global Depository Receipt. |
REIT — | Real Estate Investment Trust. |
128
Identifier | COMMON STOCKS — 98.43% | Shares | Value | |||||||
Ambulatory Health Care Services — 0.01% | ||||||||||
AVXT | AVAX Technologies, Inc.* | 50,000 | $ | 2,200 | ||||||
Chemical Manufacturing — 3.93% | ||||||||||
LONN VX | Lonza Group AG | 15,000 | 1,202,406 | |||||||
MMRF | MMRGlobal Inc.* | 43,000 | 3,913 | |||||||
1,206,319 | ||||||||||
Computer and Electronic Product Manufacturing — 0.01% | ||||||||||
TGX | Theragenics Corporation* | 2,000 | 3,020 | |||||||
Funds, Trusts, and Other Financial Vehicles — 0.00% | ||||||||||
IBLTZ | IMPATH Bankruptcy Liquidating Trust — Class A | 26,000 | 1,445 | |||||||
Pharmaceutical and Biotechnology — 89.36% | ||||||||||
ABT | Abbott Laboratories | 28,000 | 1,341,480 | |||||||
ATLN VX | Actelion Ltd.* | 10,000 | 547,594 | |||||||
AEZS | AEterna Zentaris Inc.*ˆ | 102,500 | 176,300 | |||||||
ALKS | Alkermes, Inc.*ˆ | 31,000 | 380,680 | |||||||
AGEN | Antigenics, Inc.* | 892 | 892 | |||||||
ARNA | Arena Pharmaceuticals, Inc.*ˆ | 45,000 | 77,400 | |||||||
AZN | AstraZeneca PLC — ADRˆ | 17,000 | 785,230 | |||||||
ATB CN | Atrium Innovations Inc.*ˆ | 4,884 | 74,761 | |||||||
BIIB | Biogen Idec, Inc.* | 37,250 | 2,497,613 | |||||||
BPAX | BioSante Pharmaceuticals, Inc.*ˆ | 13,476 | 22,101 | |||||||
BMY | Bristol-Myers Squibb Company | 48,000 | 1,271,040 | |||||||
CLDX | Celldex Therapeutics Inc.*ˆ | 26,294 | 108,331 | |||||||
CEPH | Cephalon, Inc.*ˆ | 21,000 | 1,296,120 | |||||||
1093 HK | China Pharmaceutical Group Limited | 1,640,000 | 915,706 | |||||||
CBST | Cubist Pharmaceuticals, Inc.*ˆ | 38,000 | 813,200 | |||||||
DNDN | Dendreon Corporation*ˆ | 29,000 | 1,012,680 | |||||||
LLY | Eli Lilly & Company | 36,000 | 1,261,440 | |||||||
EPCT | EpiCept Corporation*ˆ | 680 | 564 | |||||||
GENZ | Genzyme Corporation* | 28,538 | 2,031,906 | |||||||
GSK | GlaxoSmithKline plc — ADRˆ | 37,673 | 1,477,535 | |||||||
HGSI | Human Genome Sciences, Inc.*ˆ | 21,000 | 501,690 | |||||||
IMGN | ImmunoGen, Inc.*ˆ | 14,000 | 129,640 | |||||||
ISIS | Isis Pharmaceuticals, Inc.*ˆ | 27,000 | 273,240 |
129
Identifier | Shares | Value | ||||||||
Pharmaceutical and Biotechnology (Continued) | ||||||||||
ISA CN | Isotechnika Pharma Inc.* | 40,000 | $ | 10,057 | ||||||
JNJ | Johnson & Johnson | 30,000 | 1,855,500 | |||||||
LIFE | Life Technologies Corporation* | 36,000 | 1,998,000 | |||||||
MAXY | Maxygen, Inc. | 30,000 | 117,900 | |||||||
MYRX | Myrexis Inc.* | 63,000 | 262,080 | |||||||
COX FP | NicOx SA* | 41,535 | 122,108 | |||||||
NVS | Novartis AG — ADRˆ | 35,000 | 2,063,250 | |||||||
ONTY | Oncothyreon, Inc.*ˆ | 28,333 | 92,082 | |||||||
PTIE | Pain Therapeutics, Inc.ˆ | 38,000 | 256,500 | |||||||
PFE | Pfizer, Inc. | 56,000 | 980,560 | |||||||
PGNX | Progenics Pharmaceuticals, Inc.*ˆ | 65,200 | 355,992 | |||||||
SNY | Sanofi-Aventis — ADRˆ | 38,000 | 1,224,740 | |||||||
SCR | Simcere Pharmaceutical Group — ADR*ˆ | 58,000 | 661,780 | |||||||
TGEN | Targeted Genetics Corp.* | 1,000 | 360 | |||||||
TELK | Telik, Inc.*ˆ | 116,000 | 88,160 | |||||||
VICL | Vical Incorporated* | 82,500 | 166,650 | |||||||
VPHM | ViroPharma Incorporated* | 10,000 | 173,200 | |||||||
27,426,062 | ||||||||||
Pharmaceutical and Medicine Manufacturing — 1.76% | ||||||||||
4508 JP | Mitsubishi Tanabe Pharma Corporation | 32,000 | 540,362 | |||||||
Professional, Scientific, and Technical Services — 3.36% | ||||||||||
AFFX | Affymetrix, Inc.*ˆ | 134,000 | 674,020 | |||||||
AMRI | Albany Molecular Research, Inc.* | 53,000 | 297,860 | |||||||
CDXS | Codexis, Inc.* | 5,611 | 59,477 | |||||||
1,031,357 | ||||||||||
TOTAL COMMON STOCKS (cost $29,531,253) | 30,210,765 | |||||||||
130
Principal | ||||||||||
Identifier | ESCROW NOTES — 0.00% | Amount | Value | |||||||
Special Purpose Entity — 0.00% | ||||||||||
053ESC992 | Avigen Inc. Escrow*+ | $ | 51,000 | $ | 0 | |||||
TOTAL ESCROW NOTES (cost $0) | 0 | |||||||||
Identifier | RIGHTS — 0.01% | Shares | Value | |||||||
Funds, Trusts, and Other Financial Vehicles — 0.01% | ||||||||||
LGNYZ | Ligand Pharmaceuticals Incorporated General Contingent Value Right* | 44,000 | 924 | |||||||
LGNXZ | Ligand Pharmaceuticals Incorporated Glucagon Contingent Value Right* | 44,000 | 836 | |||||||
LGNDZ | Ligand Pharmaceuticals Incorporated Roche Contingent Value Right | 44,000 | 1,056 | |||||||
LGNZZ | Ligand Pharmaceuticals Incorporated TR Beta Contingent Value Right* | 44,000 | 946 | |||||||
TOTAL RIGHTS (cost $0) | 3,762 | |||||||||
SHORT-TERM INVESTMENTS — 1.58% | ||||||||||
Money Market Funds — 1.58% | ||||||||||
FIUXX | First American Prime Obligations Fund — Class I, 0.00%b | 483,789 | 483,789 | |||||||
TOTAL SHORT-TERM INVESTMENTS (cost $483,789) | 483,789 | |||||||||
131
INVESTMENTS PURCHASED WITH THE | ||||||||||
CASH PROCEEDS FROM SECURITIES | ||||||||||
Identifier | LENDING — 35.17% | Shares | Value | |||||||
Investment Companies — 35.17% | ||||||||||
Mount Vernon Securities Lending Trust — | ||||||||||
Prime Portfolio, 0.29%b | 10,793,305 | $ | 10,793,305 | |||||||
TOTAL INVESTMENTS PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING (cost $10,793,305) | 10,793,305 | |||||||||
TOTAL INVESTMENTS — 135.19% (cost $40,808,347) | $ | 41,491,621 | ||||||||
* — | Non-income producing security. |
ˆ — | This security or a portion of this security was out on loan at December 31, 2010. Total loaned securities had a market value of $10,283,709 at December 31, 2010. |
+ — | Security is considered illiquid and was fair valued. The aggregate value of such securities is $0 or 0.00% of net assets. |
ADR — | American Depository Receipt. |
132
Identifier | COMMON STOCKS — 98.68% | Shares | Value | |||||||
Air Transportation — 6.76% | ||||||||||
CEA | China Eastern Airlines Corporation Limited — ADR*ˆ | 59,028 | $ | 1,500,492 | ||||||
670 HK | China Eastern Airlines Corporation Limited — Class H* | 3,051,000 | 1,546,539 | |||||||
ZNH | China Southern Airlines Company Limited — ADR*ˆ | 68,060 | 2,076,510 | |||||||
1055 HK | China Southern Airlines Company Limited — Class H* | 8,750,000 | 5,358,430 | |||||||
10,481,971 | ||||||||||
Asset Management — 6.77% | ||||||||||
BNBMF | BAM Investments Ltd.* | 125,540 | 2,051,720 | |||||||
CNS | Cohen & Steers, Inc.ˆ | 83,623 | 2,182,560 | |||||||
EV | Eaton Vance Corp.ˆ | 16,000 | 483,680 | |||||||
PZN | Pzena Investment Management, Inc. — Class A | 103,410 | 760,064 | |||||||
SII CN | Sprott, Inc. | 1,680 | 13,619 | |||||||
URB/A CN | Urbana Corp. — Class A* | 481,071 | 595,109 | |||||||
GROW | US Global Investors, Inc. — Class Aˆ | 73,940 | 601,132 | |||||||
806 HK | Value Partners Group Limited | 608,000 | 610,127 | |||||||
WSDT | WisdomTree Investments, Inc.*ˆ | 771,080 | 3,199,982 | |||||||
10,497,993 | ||||||||||
Beverage and Tobacco Product Manufacturing — 4.62% | ||||||||||
168 HK | Tsingtao Brewery Co. Limited — Class H | 1,370,000 | 7,173,605 | |||||||
Commercial Banking — 1.34% | ||||||||||
BLBD LI | BLOM Bank s.a.l. — GDR | 199,240 | 2,072,096 | |||||||
Credit Intermediation and Related Activities — 3.39% | ||||||||||
BR | Broadridge Financial Solutions, Inc. | 73,300 | 1,607,469 | |||||||
CATY | Cathay General Bancorpˆ | 45,037 | 752,118 | |||||||
CLFC | Center Financial Corporation*ˆ | 85,100 | 645,058 | |||||||
EWBC | East West Bancorp, Inc.ˆ | 31,794 | 621,573 | |||||||
FBOD | First Bank of Delaware | 80,025 | 134,442 | |||||||
NARA | Nara Bancorp, Inc.* | 85,910 | 843,636 | |||||||
PFBC | Preferred Bank Los Angeles* | 46,803 | 82,373 |
133
Identifier | Shares | Value | ||||||||
Credit Intermediation and Related Activities (Continued) | ||||||||||
UCBH | UCBH Holdings, Inc.* | 182,396 | $ | 766 | ||||||
WIBC | Wilshire Bancorp, Inc.ˆ | 75,810 | 577,672 | |||||||
5,265,107 | ||||||||||
Defense — 1.13% | ||||||||||
CACI | CACI International, Inc. — Class A*ˆ | 17,988 | 960,559 | |||||||
MANT | ManTech International Corporation — Class A* | 19,275 | 796,636 | |||||||
1,757,195 | ||||||||||
Food Services and Drinking Places — 0.49% | ||||||||||
OCX CN | Onex Corporation | 24,860 | 755,826 | |||||||
Gaming — 0.74% | ||||||||||
200 HK | Melco International Development Limited | 1,999,000 | 1,141,874 | |||||||
Global Exchanges — 10.31% | ||||||||||
JSE SJ | JSE Limited | 385,739 | 4,625,940 | |||||||
8697 JP | Osaka Securities Exchange Co., Ltd. | 810 | 4,085,417 | |||||||
SGX SP | Singapore Exchange Limited | 1,111,180 | 7,290,401 | |||||||
16,001,758 | ||||||||||
Holding Company — 5.82% | ||||||||||
IEP | Icahn Enterprises LP | 249,700 | 8,754,482 | |||||||
WSC | Wesco Financial Corporation | 746 | 274,834 | |||||||
9,029,316 | ||||||||||
Insurance Carriers and Related Activities — 2.56% | ||||||||||
GLRE | Greenlight Capital Re, Ltd. — Class A* | 51,000 | 1,367,310 | |||||||
MBI | MBIA Inc.*ˆ | 217,800 | 2,611,422 | |||||||
3,978,732 | ||||||||||
Mining (except Oil and Gas) — 7.65% | ||||||||||
FNV CN | Franco-Nevada Corporation | 183,416 | 6,135,388 | |||||||
GLW CN | Gold Wheaton Gold Corporation* | 40,450 | 209,105 | |||||||
IMN CN | Inmet Mining Corporation | 71,140 | 5,527,785 | |||||||
11,872,278 | ||||||||||
134
Identifier | Shares | Value | ||||||||
Motion Picture and Sound Recording Industries — 5.25% | ||||||||||
DWA | DreamWorks Animation SKG, Inc. — Class A* | 114,144 | $ | 3,363,824 | ||||||
WMG | Warner Music Group Corp.*ˆ | 847,890 | 4,773,621 | |||||||
8,137,445 | ||||||||||
Non-Store Retailers — 2.84% | ||||||||||
RBA | Ritchie Bros. Auctioneers, Incorporatedˆ | 15,077 | 347,525 | |||||||
BID | Sotheby’sˆ | 90,299 | 4,063,455 | |||||||
4,410,980 | ||||||||||
Oil and Gas Extraction — 1.13% | ||||||||||
SEMUF | Siem Industries Inc.* | 29,342 | 1,760,520 | |||||||
Other Exchanges — 0.75% | ||||||||||
FTIS LI | Financial Technologies (India) Ltd. — GDR | 208,390 | 610,583 | |||||||
NZX NZ | NZX Ltd. | 462,420 | 551,285 | |||||||
1,161,868 | ||||||||||
Pharmaceutical and Biotechnology — 0.40% | ||||||||||
1093 HK | China Pharmaceutical Group Limited | 1,105,000 | 616,985 | |||||||
Pipeline Transportation — 2.16% | ||||||||||
135 HK | Kunlun Energy Co., Ltd. | 911,000 | 1,413,475 | |||||||
NEGI | National Energy Group, Inc.* | 207,595 | 871,899 | |||||||
PVG | Penn Virginia GP Holdings LP | 40,634 | 1,069,487 | |||||||
SUG | Southern Union Company | 1 | 12 | |||||||
3,354,873 | ||||||||||
Plastics and Rubber Products Manufacturing — 2.83% | ||||||||||
JAH | Jarden Corporation | 142,210 | 4,390,023 | |||||||
Port and Harbor Operations — 0.07% | ||||||||||
3382 HK | Tianjin Port Development Holdings Ltd. | 460,000 | 108,892 | |||||||
Publishing Industries (except Internet) — 1.26% | ||||||||||
ROVI | Rovi Corporation*ˆ | 29,770 | 1,846,038 | |||||||
VALU | Value Line, Inc.ˆ | 7,615 | 110,037 | |||||||
1,956,075 | ||||||||||
135
Identifier | Shares | Value | ||||||||
Rail Transportation — 0.01% | ||||||||||
525 HK | Guangshen Railway Company Limited — Class H | 58,000 | $ | 22,834 | ||||||
Real Estate — 7.46% | ||||||||||
ALX | Alexander’s, Inc.ˆ | 6,369 | 2,625,811 | |||||||
BLMC | Biloxi Marsh Lands Corporation | 100 | 1,310 | |||||||
KEWL | Keweenaw Land Association Ltd.* | 190 | 35,245 | |||||||
823 HK | The Link REIT | 626,000 | 1,944,975 | |||||||
TPL | Texas Pacific Land Trustˆ | 190,800 | 6,960,384 | |||||||
11,567,725 | ||||||||||
Rental and Leasing Services — 0.04% | ||||||||||
CDCO | Comdisco Holding Company, Inc.* | 7,560 | 66,150 | |||||||
Restaurants — 0.53% | ||||||||||
WEN | Wendy’s/Arby’s Group, Inc. — Class A | 177,496 | 820,031 | |||||||
Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 5.22% | ||||||||||
CBOE | CBOE Holdings Inc.ˆ | 38,770 | 886,282 | |||||||
ICE | IntercontinentalExchange Inc.*ˆ | 13,010 | 1,550,142 | |||||||
JEF | Jefferies Group, Inc.ˆ | 202,940 | 5,404,292 | |||||||
LAB | LaBranche & Co. Inc.* | 67,582 | 243,295 | |||||||
RHJI BB | RHJ International* | 800 | 6,628 | |||||||
SWS | SWS Group, Inc. | 1,000 | 5,050 | |||||||
8,095,689 | ||||||||||
Support Activities for Transportation — 11.98% | ||||||||||
694 HK | Beijing Capital International Airport Company Limited — Class H | 9,014,000 | 4,812,693 | |||||||
357 HK | Hainan Meilan International Airport Company Limited — Class H | 3,265,000 | 4,158,540 | |||||||
548 HK | Shenzhen Expressway Company Limited — Class H | 539,000 | 319,678 | |||||||
107 HK | Sichuan Expressway Co. Limited — Class H | 13,766,100 | 8,855,303 | |||||||
576 HK | Zhejiang Expressway Co., Limited — Class H | 451,000 | 444,455 | |||||||
18,590,669 | ||||||||||
136
Identifier | Shares | Value | ||||||||
Telecommunications — 0.04% | ||||||||||
CIBY | CIBL, Inc. | 18 | $ | 9,180 | ||||||
LICT | Lynch Interactive Corporation* | 16 | 42,400 | |||||||
SNSH | Sunshine PCS Corporation — Class A* | 208 | 6,697 | |||||||
58,277 | ||||||||||
Utilities — 2.57% | ||||||||||
CPN | Calpine Corporation* | 70,320 | 938,069 | |||||||
GEN | GenOn Energy, Inc.*ˆ | 516,630 | 1,968,360 | |||||||
1071 HK | Huadian Power International Corporation — Class H | 800,000 | 156,443 | |||||||
PICO | PICO Holdings, Inc.* | 28,851 | 917,462 | |||||||
3,980,334 | ||||||||||
Waste Management and Remediation Services — 2.56% | ||||||||||
CVA | Covanta Holding Corporationˆ | 230,839 | 3,968,122 | |||||||
TOTAL COMMON STOCKS (cost $120,406,175) | 153,095,243 | |||||||||
Principal | ||||||||||
CORPORATE BONDS — 0.00% | Amount | |||||||||
Credit Intermediation and Related Activities — 0.00% | ||||||||||
317928AA7 | FINOVA Group, Inc. | |||||||||
7.500%, 11/15/2009, Acquired 10/19/2006-5/17/2007 at $741,082 (Default Effective 4/29/2005)* | $ | 2,783,965 | 125 | |||||||
TOTAL CORPORATE BONDS | ||||||||||
(cost $1,236,720) | 125 | |||||||||
RIGHTS — 0.46% | Shares | |||||||||
Rental and Leasing Services — 0.46% | ||||||||||
CDCOR | Comdisco Holding Company, Inc. | |||||||||
Expiration Date: 12/31/2050 | ||||||||||
Strike Price: $1.00*# | 5,634,807 | 704,351 | ||||||||
TOTAL RIGHTS (cost $1,577,064) | 704,351 | |||||||||
137
Identifier | SHORT-TERM INVESTMENTS — 1.15% | Shares | Value | |||||||
Money Market Funds — 1.15% | ||||||||||
FIUXX | First American Prime Obligations Fund — Class I, 0.00%b | 1,786,829 | $ | 1,786,829 | ||||||
TOTAL SHORT-TERM INVESTMENTS (cost $1,786,829) | 1,786,829 | |||||||||
INVESTMENTS PURCHASED WITH | ||||||||||
THE CASH PROCEEDS FROM | ||||||||||
SECURITIES LENDING — 25.82% | ||||||||||
Investment Companies — 25.82% | ||||||||||
Mount Vernon Securities Lending Trust — Prime Portfolio, 0.29%b | 40,060,947 | 40,060,947 | ||||||||
TOTAL INVESTMENTS PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING (cost $40,060,947) | 40,060,947 | |||||||||
TOTAL INVESTMENTS — 126.11% (cost $165,067,735) | $ | 195,647,495 | ||||||||
* — | Non-income producing security. |
ˆ — | This security or a portion of this security was out on loan at December 31, 2010. Total loaned securities had a market value of $38,006,161 at December 31, 2010. |
# — | Contingent value right (contingent upon profitability of company). |
ADR — | American Depository Receipt. |
GDR — | Global Depository Receipt. |
138
Identifier | COMMON STOCKS — 100.52% | Shares | Value | |||||||
Asset Management — 20.84% | ||||||||||
AB | AllianceBernstein Holding LPˆ | 7,172 | $ | 167,323 | ||||||
BNBMF | BAM Investments Ltd.* | 31,090 | 508,109 | |||||||
BX | The Blackstone Group LPˆ | 68,399 | 967,846 | |||||||
BAM | Brookfield Asset Management Inc. — Class A | 41,875 | 1,394,019 | |||||||
CNS | Cohen & Steers, Inc.ˆ | 47,577 | 1,241,759 | |||||||
EV | Eaton Vance Corp. | 19,120 | 577,998 | |||||||
BEN | Franklin Resources, Inc. | 1,591 | 176,935 | |||||||
LM | Legg Mason, Inc. | 27,870 | 1,010,845 | |||||||
PZN | Pzena Investment Management, Inc. — Class A | 59,820 | 439,677 | |||||||
SII CN | Sprott, Inc. | 43,155 | 349,823 | |||||||
TROW | T. Rowe Price Group, Inc. | 5,979 | 385,885 | |||||||
URB/A CN | Urbana Corp. — Class A* | 356,004 | 440,395 | |||||||
806 HK | Value Partners Group Limited | 1,712,000 | 1,717,991 | |||||||
WSDT | WisdomTree Investments, Inc.*ˆ | 679,007 | 2,817,879 | |||||||
12,196,484 | ||||||||||
Commercial Banking — 1.12% | ||||||||||
3988 HK | Bank of China Ltd. — Class H | 394,000 | 207,827 | |||||||
939 HK | China Construction Bank Corp. — Class H | 232,000 | 208,038 | |||||||
1398 HK | Industrial & Commercial Bank of China — Class H | 322,000 | 239,860 | |||||||
655,725 | ||||||||||
Credit Intermediation and Related Activities — 7.20% | ||||||||||
BK | The Bank of New York Mellon Corp. | 28,310 | 854,962 | |||||||
BR | Broadridge Financial Solutions, Inc. | 61,501 | 1,348,717 | |||||||
CATY | Cathay General Bancorpˆ | 3,237 | 54,058 | |||||||
CLFC | Center Financial Corporation*ˆ | 5,454 | 41,341 | |||||||
EWBC | East West Bancorp, Inc. | 3,204 | 62,638 | |||||||
FMCC | Federal Home Loan Mortgage Corporation*ˆ | 399,985 | 121,915 | |||||||
FNMA | Federal National Mortgage Association*ˆ | 379,150 | 113,745 | |||||||
HAFC | Hanmi Financial Corporation* | 6,157 | 7,081 | |||||||
NARA | Nara Bancorp, Inc.* | 6,164 | 60,530 | |||||||
NTRS | Northern Trust Corp. | 15,354 | 850,765 | |||||||
PFBC | Preferred Bank Los Angeles* | 2,605 | 4,585 | |||||||
STT | State Street Corporation | 13,865 | 642,504 |
139
Identifier | Shares | Value | ||||||||
Credit Intermediation and Related Activities (Continued) | ||||||||||
UCBH | UCBH Holdings, Inc.* | 6,803 | $ | 29 | ||||||
WIBC | Wilshire Bancorp, Inc.ˆ | 6,341 | 48,318 | |||||||
4,211,188 | ||||||||||
Data Processor — 6.05% | ||||||||||
DST | DST Systems, Inc. | 5,020 | 222,637 | |||||||
FISV | Fiserv, Inc.* | 3,606 | 211,167 | |||||||
MA | Mastercard, Inc. — Class A | 5,870 | 1,315,526 | |||||||
MSCI | MSCI Inc. — Class A* | 19,731 | 768,720 | |||||||
VRSK | Verisk Analytics, Inc. — Class A*ˆ | 5,117 | 174,387 | |||||||
V | Visa, Inc. — Class Aˆ | 12,020 | 845,968 | |||||||
3,538,405 | ||||||||||
European Exchanges — 1.24% | ||||||||||
DB1 GR | Deutsche Boerse AG | 10,508 | 727,372 | |||||||
Food Services and Drinking Places — 1.40% | ||||||||||
OCX CN | Onex Corporation | 26,930 | 818,761 | |||||||
Global Exchanges — 14.23% | ||||||||||
388 HK | Hong Kong Exchanges & Clearing Limited | 160,850 | 3,648,345 | |||||||
JSE SJ | JSE Limited | 145,400 | 1,743,696 | |||||||
8697 JP | Osaka Securities Exchange Co., Ltd. | 150 | 756,559 | |||||||
SGX SP | Singapore Exchange Limited | 332,727 | 2,183,007 | |||||||
8,331,607 | ||||||||||
Holding Company — 3.30% | ||||||||||
BRK/A | Berkshire Hathaway Inc. — Class A* | 10 | 1,204,500 | |||||||
IEP | Icahn Enterprises LP | 20,728 | 726,724 | |||||||
1,931,224 | ||||||||||
Insurance Carriers and Related Activities — 7.80% | ||||||||||
LFC | China Life Insurance Co., Limited — ADRˆ | 7,460 | 456,328 | |||||||
2628 HK | China Life Insurance Co., Limited — Class H | 114,000 | 465,662 | |||||||
MKL | Markel Corporation* | 523 | 197,762 | |||||||
MBI | MBIA Inc.*ˆ | 54,600 | 654,654 | |||||||
2318 HK | Ping An Insurance Group Company of China Limited — Class H | 152,000 | 1,699,362 | |||||||
PWF CN | Power Financial Corporation | 35,240 | 1,089,133 | |||||||
4,562,901 | ||||||||||
140
Identifier | Shares | Value | ||||||||
Mining (except Oil and Gas) — 6.89% | ||||||||||
FNV CN | Franco-Nevada Corporation | 120,630 | $ | 4,035,154 | ||||||
Non-Store Retailers — 3.25% | ||||||||||
BID | Sotheby’sˆ | 42,278 | 1,902,510 | |||||||
Other Exchanges — 3.40% | ||||||||||
ASX AU | ASX Ltd. | 38,080 | 1,467,566 | |||||||
FTIS LI | Financial Technologies (India) Ltd. — GDR | 102,980 | 301,731 | |||||||
IMAREX NO | IMAREX ASA* | 1,850 | 18,072 | |||||||
NZX NZ | NZX Ltd. | 170,954 | 203,807 | |||||||
1,991,176 | ||||||||||
Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 18.69% | ||||||||||
CBOE | CBOE Holdings Inc.ˆ | 106,208 | 2,427,915 | |||||||
CME | CME Group, Inc.ˆ | 10,121 | 3,256,432 | |||||||
GFIG | GFI Group, Inc. | 1,737 | 8,146 | |||||||
ICE | IntercontinentalExchange Inc.* | 26,747 | 3,186,905 | |||||||
JEF | Jefferies Group, Inc.ˆ | 68,020 | 1,811,373 | |||||||
LSE LN | London Stock Exchange Group plc | 16,538 | 216,072 | |||||||
TLPR LN | Tullett Prebon plc | 5,570 | 33,243 | |||||||
10,940,086 | ||||||||||
Support Activities for Transportation — 0.34% | ||||||||||
995 HK | Anhui Expressway Co. Ltd. — Class H | 54,000 | 47,381 | |||||||
177 HK | Jiangsu Expressway Company Ltd. — Class H | 27,000 | 30,915 | |||||||
548 HK | Shenzhen Expressway Company Limited — Class H | 24,000 | 14,234 | |||||||
107 HK | Sichuan Expressway Co. Limited — Class H | 114,000 | 73,333 | |||||||
576 HK | Zhejiang Expressway Co., Limited — Class H | 32,000 | 31,536 | |||||||
197,399 | ||||||||||
Telecommunications — 0.02% | ||||||||||
IRDM | Iridium Communications, Inc.*ˆ | 1,672 | 13,794 | |||||||
U.S. Equity Exchanges — 4.65% | ||||||||||
NDAQ | The NASDAQ OMX Group, Inc.* | 20,300 | 481,313 | |||||||
NYX | NYSE Euronext | 74,740 | 2,240,705 | |||||||
2,722,018 | ||||||||||
141
Identifier | Shares | Value | ||||||||
Utilities — 0.10% | ||||||||||
BIP | Brookfield Infrastructure Partners LPˆ | 2,816 | $ | 59,277 | ||||||
TOTAL COMMON STOCKS (cost $51,600,258) | 58,835,081 | |||||||||
SHORT-TERM INVESTMENTS — 0.04% | ||||||||||
Money Market Funds — 0.04% | ||||||||||
FIUXX | First American Prime Obligations Fund — Class I, 0.00%b | 20,282 | 20,282 | |||||||
TOTAL SHORT-TERM INVESTMENTS (cost $20,282) | 20,282 | |||||||||
INVESTMENTS PURCHASED WITH | ||||||||||
THE CASH PROCEEDS FROM | ||||||||||
SECURITIES LENDING — 25.31% | ||||||||||
Investment Companies — 25.31% | ||||||||||
Mount Vernon Securities Lending Trust — | ||||||||||
Prime Portfolio, 0.29%b | 14,816,293 | 14,816,293 | ||||||||
TOTAL INVESTMENTS PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING (cost $14,816,293) | 14,816,293 | |||||||||
TOTAL INVESTMENTS — 125.87% (cost $66,436,833) | $ | 73,671,656 | ||||||||
* — | Non-income producing security. |
ˆ — | This security or a portion of this security was out on loan at December 31, 2010. Total loaned securities had a market value of $13,653,346 at December 31, 2010. |
ADR — | American Depository Receipt. |
GDR — | Global Depository Receipt. |
142
Identifier | COMMON STOCKS — 10.36% | Shares | Value | |||||||
Administrative and Support Services — 0.27% | ||||||||||
TRIT | Tri-Tech Holding Inc.*ˆ | 6,000 | $ | 64,560 | ||||||
Machinery Manufacturing — 3.26% | ||||||||||
AMN | Ameron International Corporation | 5,246 | 400,637 | |||||||
ARF-U CN | Armtec Infrastructure Income Fund* | 12,650 | 202,288 | |||||||
ERII | Energy Recovery Inc.*ˆ | 51,108 | 187,055 | |||||||
789,980 | ||||||||||
Professional, Scientific, and Technical Services — 1.98% | ||||||||||
TTEK | Tetra Tech, Inc.* | 19,194 | 481,002 | |||||||
Utilities — 4.85% | ||||||||||
BRC-U CN | Brookfield Renewable Power Fund | 11,250 | 233,418 | |||||||
CDZI | Cadiz Inc.*ˆ | 40,000 | 497,599 | |||||||
CWCO | Consolidated Water Co., Ltd.ˆ | 27,875 | 255,614 | |||||||
PNH MK | Puncak Niaga Holdings Berhad — EIS | 18,972 | 3,255 | |||||||
UU/ LN | United Utilities Group PLC | 20,000 | 184,596 | |||||||
1,174,482 | ||||||||||
TOTAL COMMON STOCKS (cost $2,466,384) | 2,510,024 | |||||||||
Principal | ||||||||||
CONVERTIBLE BONDS — 11.82% | Amount | |||||||||
Holding Company — 5.35% | ||||||||||
451102AB3 | Icahn Enterprises LP 4.000%, 08/15/2013 | $ | 1,370,000 | 1,296,363 | ||||||
Oil and Gas Extraction — 6.47% | ||||||||||
165167CB1 | Chesapeake Energy Corp. 2.250%, 12/15/2038# | 2,000,000 | 1,567,500 | |||||||
TOTAL CONVERTIBLE BONDS (cost $2,846,704) | 2,863,863 | |||||||||
CORPORATE BONDS — 20.76% | ||||||||||
Fabricated Metal Product Manufacturing — 9.01% | ||||||||||
624758AB4 | Mueller Water Products, Inc. 7.375%, 06/01/2017# | 2,250,000 | 2,182,500 | |||||||
143
Principal | ||||||||||
Identifier | Amount | Value | ||||||||
Utilities — 11.75% | ||||||||||
7595554 | Veolia Environnement SA 4.875%, 05/28/2013# | $ | 2,000,000 | $ | 2,845,547 | |||||
TOTAL CORPORATE BONDS (cost $5,028,486) | 5,028,047 | |||||||||
WARRANTS — 0.05% | Shares | |||||||||
Utilities — 0.05% | ||||||||||
CHC/WS | China Hydroelectric Corporation | |||||||||
Expiration Date: 1/25/2014 | ||||||||||
Strike Price: $15.00* | 40,000 | 12,000 | ||||||||
TOTAL WARRANTS (cost $48,000) | 12,000 | |||||||||
SHORT-TERM INVESTMENTS — 34.72% | ||||||||||
Money Market Funds — 12.43% | ||||||||||
FGVXX | First American Government Obligations Fund — Class Y, 0.00%#b | 726,356 | 726,356 | |||||||
FIUXX | First American Prime Obligations Fund — Class I, 0.00%#b | 726,395 | 726,395 | |||||||
FAIXX | First American Prime Obligations Fund — Class Y, 0.00%#b | 728,383 | 728,383 | |||||||
FFCXX | First American Tax Free Obligations Fund — Class Y, 0.00%#b | 102,625 | 102,625 | |||||||
FOCXX | First American Treasury Obligations Fund — Class Y, 0.00%#b | 726,317 | 726,317 | |||||||
3,010,076 | ||||||||||
U.S. Treasury Obligations — 22.29% | ||||||||||
912795X89 | United States Treasury Bills 0.095%, 01/20/2011#c | 5,400,000 | 5,399,997 | |||||||
TOTAL SHORT-TERM INVESTMENTS (cost $8,410,073) | 8,410,073 | |||||||||
144
INVESTMENTS PURCHASED WITH | ||||||||||
THE CASH PROCEEDS FROM | ||||||||||
Identifier | SECURITIES LENDING — 2.41% | Shares | Value | |||||||
Investment Companies — 2.41% | ||||||||||
Mount Vernon Securities Lending Trust — Prime Portfolio, 0.29%b | 582,692 | $ | 582,692 | |||||||
TOTAL INVESTMENTS PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING (cost $582,692) | 582,692 | |||||||||
TOTAL INVESTMENTS — 80.12% (cost $19,382,339) | $ | 19,406,699 | ||||||||
EIS — | Enhanced Income Security. This exchange-traded security is composed of both an issuer’s common shares and its subordinated notes. |
ˆ — | This security or a portion of this security was out on loan at December 31, 2010. Total loaned securities had a market value of $544,028 at December 31, 2010. |
# — | All or a portion of the shares have been committed as collateral for written option contracts. |
145
Identifier | COMMON STOCKS — 0.33% | Shares | Value | |||||||
Data Processor — 0.33% | ||||||||||
V | Visa, Inc. — Class A | 200 | $ | 14,076 | ||||||
TOTAL COMMON STOCKS (cost $16,915 ) | 14,076 | |||||||||
Principal | ||||||||||
CONVERTIBLE BONDS — 33.08% | Amount | |||||||||
Computer and Electronic Product Manufacturing — 2.39% | ||||||||||
502413AW7 | L-3 Communications Holdings, Inc. | |||||||||
3.000%, 08/01/2035 | $ | 100,000 | $ | 100,750 | ||||||
Holding Company — 9.22% | ||||||||||
451102AB3 | Icahn Enterprises LP | |||||||||
4.000%, 08/15/2013# | 410,000 | 387,962 | ||||||||
Oil and Gas Extraction — 10.19% | ||||||||||
165167BW6 | Chesapeake Energy Corp. | |||||||||
2.750%, 11/15/2035 | 100,000 | 99,750 | ||||||||
165167CB1 | Chesapeake Energy Corp. | |||||||||
2.250%, 12/15/2038 | 420,000 | 329,175 | ||||||||
428,925 | ||||||||||
Professional, Scientific, and Technical Services — 2.39% | ||||||||||
159864AB3 | Charles River Laboratories International, Inc. | |||||||||
2.250%, 06/15/2013 | 100,000 | 100,500 | ||||||||
Real Estate — 6.52% | ||||||||||
10112RAK0 | Boston Properties LP | |||||||||
2.875%, 02/15/2037 | 100,000 | 102,000 | ||||||||
345550AH0 | Forest City Enterprises, Inc. | |||||||||
3.625%, 10/15/2011ˆ | 175,000 | 172,550 | ||||||||
274,550 | ||||||||||
U.S. Equity Exchanges — 2.37% | ||||||||||
631103AA6 | The NASDAQ OMX Group, Inc. | |||||||||
2.500%, 08/15/2013 | 100,000 | 99,500 | ||||||||
TOTAL CONVERTIBLE BONDS (cost $1,350,079 ) | 1,392,187 | |||||||||
146
Principal | ||||||||||
Identifier | CORPORATE BONDS — 54.62% | Amount | Value | |||||||
Administrative and Support Services — 2.43% | ||||||||||
22025YAJ9 | Corrections Corp. of America | |||||||||
6.750%, 01/31/2014# | $ | 100,000 | $ | 102,125 | ||||||
Amusement, Gambling, and Recreation Industries — 4.85% | ||||||||||
707569AL3 | Penn National Gaming, Inc. | |||||||||
6.750%, 03/01/2015# | 200,000 | 204,000 | ||||||||
Chemical Manufacturing — 2.32% | ||||||||||
785583AC9 | Sabine Pass LNG LP | |||||||||
7.250%, 11/30/2013# | 100,000 | 97,750 | ||||||||
Funds, Trusts, and Other Financial Vehicles — 9.59% | ||||||||||
779273AG6 | The Rouse Company LP | |||||||||
5.375%, 11/26/2013# | 400,000 | 403,500 | ||||||||
Mining (except Oil and Gas) — 6.14% | ||||||||||
20854PAB5 | CONSOL Energy, Inc. | |||||||||
7.875%, 03/01/2012# | 100,000 | 106,875 | ||||||||
704549AD6 | Peabody Energy Corp. | |||||||||
5.875%, 04/15/2016# | 150,000 | 151,500 | ||||||||
258,375 | ||||||||||
Non-Metallic Mineral Product Manufacturing — 3.40% | ||||||||||
69073TAL7 | Owens-Brockway Glass Container | |||||||||
6.750%, 12/01/2014# | 140,000 | 143,150 | ||||||||
Oil and Gas Extraction — 10.68% | ||||||||||
41754WAE1 | Harvest Operations Corp. | |||||||||
7.250%, 09/30/2013# | 200,000 | 206,376 | ||||||||
41754WAJ0 | Harvest Operations Corp. | |||||||||
7.500%, 05/31/2015# | 230,000 | 242,885 | ||||||||
449,261 | ||||||||||
Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 1.72% | ||||||||||
52107QAC9 | Lazard Group LLC | |||||||||
7.125%, 05/15/2015# | 67,000 | 72,213 | ||||||||
147
Principal | ||||||||||
Identifier | Amount | Value | ||||||||
Telecommunications — 2.45% | ||||||||||
27876GAQ1 | Echostar DBS Corp. | |||||||||
6.375%, 10/01/2011# | $ | 100,000 | $ | 103,250 | ||||||
Utilities — 11.04% | ||||||||||
13134YAD9 | Calpine Construction Finance Company LP | |||||||||
8.000%, 06/01/2016, Acquired | ||||||||||
10/25/2010 at $108,220#* | 100,000 | 106,750 | ||||||||
629377AT9 | NRG Energy, Inc. | |||||||||
7.250%, 02/01/2014# | 350,000 | 357,875 | ||||||||
464,625 | ||||||||||
TOTAL CORPORATE BONDS (cost $2,260,793 ) | 2,298,249 | |||||||||
PUT OPTIONS PURCHASED — 0.00% | Contracts | |||||||||
Computer and Electronic Product Manufacturing — 0.00% | ||||||||||
OOY 110122P00025000 | L-3 Communications Holdings, Inc. | |||||||||
Expiration Date: 1/22/2011, | ||||||||||
Exercise Price: $25.00 | 18 | 45 | ||||||||
TOTAL PURCHASED OPTIONS (cost $1,224 ) | 45 | |||||||||
SHORT-TERM INVESTMENTS — 1.42% | Shares | |||||||||
Money Market Funds — 1.42% | ||||||||||
FIUXX | First American Prime Obligations Fund — Class I, 0.00%#b | 59,799 | 59,799 | |||||||
TOTAL SHORT-TERM INVESTMENTS (cost $59,799 ) | 59,799 | |||||||||
148
INVESTMENTS PURCHASED | ||||||||||
WITH THE CASH PROCEEDS | ||||||||||
FROM SECURITIES | ||||||||||
Identifier | LENDING — 1.82% | Shares | Value | |||||||
Investment Companies — 1.82% | ||||||||||
Mount Vernon Securities Lending Trust — Prime Portfolio, 0.29%b | 76,500 | $ | 76,500 | |||||||
TOTAL INVESTMENTS PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING (cost $76,500) | 76,500 | |||||||||
TOTAL INVESTMENTS — 91.27% (cost $3,765,310) | $ | 3,840,856 | ||||||||
ˆ — | This security or a portion of this security was out on loan at December 31, 2010. Total loaned securities had a market value of $74,539 at December 31, 2010. |
# — | All or a portion of the shares have been committed as collateral for written option contracts. |
149
Identifier | PUT OPTIONS WRITTEN | Contracts | Value | |||||||
Administrative and Support Services | ||||||||||
ACM 110319P00022500 | Aecom Technology Corp. | |||||||||
Expiration: March 2011, Exercise Price: $22.50 | 115 | $ | 1,725 | |||||||
ACM 110319P00025000 | Aecom Technology Corp. | |||||||||
Expiration: March 2011, Exercise Price: $25.00 | 170 | 6,800 | ||||||||
8,525 | ||||||||||
Beverage and Tobacco Products | ||||||||||
HEK 110319P00005000 | Heckmann Corporation | |||||||||
Expiration: March 2011, Exercise Price: $5.00 | 300 | 9,000 | ||||||||
HHO 110319P00070000 | Puro Water Group, Inc. | |||||||||
Expiration: March 2011, Exercise Price: $70.00 | 1 | 38 | ||||||||
9,038 | ||||||||||
Chemical Manufacturing | ||||||||||
CCC 110122P00012500 | Calgon Carbon Corporation | |||||||||
Expiration: January 2011, Exercise Price: $12.50 | 500 | 2,500 | ||||||||
CCC 110416P00012500 | Calgon Carbon Corporation | |||||||||
Expiration: April 2011, Exercise Price: $12.50 | 100 | 3,000 | ||||||||
NLC 110319P00022500 | Nalco Holding Co. | |||||||||
Expiration: March 2011, Exercise Price: $22.50 | 200 | 2,500 | ||||||||
8,000 | ||||||||||
Computer and Electronic Product Manufacturing | ||||||||||
DHR 110319P00037000 | Danaher Corporation | |||||||||
Expiration: March 2011, Exercise Price: $37.00 | 145 | 2,538 | ||||||||
DHR 120121P00035000 | Danaher Corporation | |||||||||
Expiration: January 2012, Exercise Price: $35.00 | 40 | 4,600 | ||||||||
7,138 | ||||||||||
150
Identifier | Contracts | Value | ||||||||
Electrical Equipment, Appliance, and Component Manufacturing | ||||||||||
FELE 110319P00030000 | Franklin Electric Co., Inc. | |||||||||
Expiration: March 2011, Exercise Price: $30.00 | 190 | $ | 5,225 | |||||||
Fabricated Metal Product Manufacturing | ||||||||||
CVVT 110319P00010000 | China Valves Technology, Inc. | |||||||||
Expiration: March 2011, Exercise Price: $10.00 | 200 | 21,000 | ||||||||
INSU 110319P00020000 | Insituform Technologies, Inc. — Class A | |||||||||
Expiration: March 2011, Exercise Price: $20.00 | 100 | 1,000 | ||||||||
NWPX 110319P00015000 | Northwest Pipe Company | |||||||||
Expiration: March 2011, Exercise Price: $15.00 | 60 | 450 | ||||||||
NWPX 110319P00017500 | Northwest Pipe Company | |||||||||
Expiration: March 2011, Exercise Price: $17.50 | 250 | 5,625 | ||||||||
PNR 110219P00030000 | Pentair, Inc. | |||||||||
Expiration: February 2011, Exercise Price: $30.00 | 244 | 3,050 | ||||||||
31,125 | ||||||||||
Funds, Trusts, and Other Financial Vehicles | ||||||||||
PHO 110319P00015000 | PowerShares Water Resources ETF | |||||||||
Expiration: March 2011, Exercise Price: $15.00 | 580 | 4,350 | ||||||||
Heavy and Civil Engineering Construction | ||||||||||
STRL 110319P00010000 | Sterling Construction Company, Inc. | |||||||||
Expiration: March 2011, Exercise Price: $10.00 | 165 | 5,775 | ||||||||
STRL 110319P00012500 | Sterling Construction Company, Inc. | |||||||||
Expiration: March 2011, Exercise Price: $12.50 | 235 | 16,450 | ||||||||
22,225 | ||||||||||
151
Identifier | Contracts | Value | ||||||||
Machinery Manufacturing | ||||||||||
AMN 110319P00052000 | Ameron International Corporation | |||||||||
Expiration: March 2011, Exercise Price: $52.00 | 60 | $ | 1,650 | |||||||
AMN 110319P00057000 | Ameron International Corporation | |||||||||
Expiration: March 2011, Exercise Price: $57.00 | 70 | 3,150 | ||||||||
DCI 110219P00030000 | Donaldson Company, Inc. | |||||||||
Expiration: February 2011, Exercise Price: $30.00 | 30 | 150 | ||||||||
DCI 110219P00040000 | Donaldson Company, Inc. | |||||||||
Expiration: February 2011, Exercise Price: $40.00 | 65 | 325 | ||||||||
DCI 110219P00045000 | Donaldson Company, Inc. | |||||||||
Expiration: February 2011, Exercise Price: $45.00 | 65 | 488 | ||||||||
DGW 110319P00020000 | Duoyuan Global Water Inc. — ADR | |||||||||
Expiration: March 2011, Exercise Price: $20.00 | 240 | 175,199 | ||||||||
ERII 110219P00005000 | Energy Recovery Inc. | |||||||||
Expiration: February 2011, Exercise Price: $5.00 | 110 | 15,125 | ||||||||
ESE 110319P00030000 | ESCO Technologies, Inc. | |||||||||
Expiration: March 2011, Exercise Price: $30.00 | 290 | 11,600 | ||||||||
ITT 110122P00045000 | ITT Corporation | |||||||||
Expiration: January 2011, Exercise Price: $45.00 | 135 | 945 | ||||||||
LNN 110319P00030000 | Lindsay Corporation | |||||||||
Expiration: March 2011, Exercise Price: $30.00 | 200 | 1,500 | ||||||||
PLL 110319P00035000 | Pall Corporation | |||||||||
Expiration: March 2011, Exercise Price: $35.00 | 220 | 2,200 | ||||||||
ROP 110219P00060000 | Roper Industries, Inc. | |||||||||
Expiration: February 2011, Exercise Price: $60.00 | 100 | 1,250 |
152
Identifier | Contracts | Value | ||||||||
Machinery Manufacturing (Continued) | ||||||||||
HEAT 110319P00006000 | SmartHeat, Inc. | |||||||||
Expiration: March 2011, Exercise Price: $6.00 | 500 | $ | 56,249 | |||||||
VMI 110319P00065000 | Valmont Industries, Inc. | |||||||||
Expiration: March 2011, Exercise Price: $65.00 | 20 | 800 | ||||||||
VMI 110319P00070000 | Valmont Industries, Inc. | |||||||||
Expiration: March 2011, Exercise Price: $70.00 | 80 | 5,000 | ||||||||
275,631 | ||||||||||
Professional, Scientific, and Technical Services | ||||||||||
TTEK 110319P00017500 | Tetra Tech, Inc. | |||||||||
Expiration: March 2011, Exercise Price: $17.50 | 100 | 750 | ||||||||
TTEK 110319P00020000 | Tetra Tech, Inc. | |||||||||
Expiration: March 2011, Exercise Price: $20.00 | 100 | 2,000 | ||||||||
URS 110122P00040000 | URS Corporation | |||||||||
Expiration: January 2011, Exercise Price: $40.00 | 100 | 4,250 | ||||||||
URS 110416P00035000 | URS Corporation | |||||||||
Expiration: April 2011, Exercise Price: $35.00 | 90 | 4,950 | ||||||||
11,950 | ||||||||||
Utilities | ||||||||||
AWK 110319P00020000 | American Water Works Co., Inc. | |||||||||
Expiration: March 2011, Exercise Price: $20.00 | 355 | 3,550 | ||||||||
WTR 110319P00017500 | Aqua America, Inc. | |||||||||
Expiration: March 2011, Exercise Price: $17.50 | 170 | 1,275 | ||||||||
WTR 110319P00020000 | Aqua America, Inc. | |||||||||
Expiration: March 2011, Exercise Price: $20.00 | 150 | 2,625 |
153
Identifier | Contracts | Value | ||||||||
Utilities (Continued) | ||||||||||
SBS 110122P00035000 | Cia de Saneamento Basico do Estado de Sao Paulo — ADR | |||||||||
Expiration: January 2011, Exercise Price: $35.00 | 145 | $ | 725 | |||||||
CIG 110319P00015000 | Companhia Energetica de Minas Gerais — ADR | |||||||||
Expiration: March 2011, Exercise Price: $15.00 | 375 | 93,749 | ||||||||
EDE 110319P00020000 | The Empire District Electric Company | |||||||||
Expiration: March 2011, Exercise Price: $20.00 | 250 | 5,250 | ||||||||
PICO 110122P00025000 | PICO Holdings, Inc. | |||||||||
Expiration: January 2011, Exercise Price: $25.00 | 75 | 375 | ||||||||
PICO 110122P00030000 | PICO Holdings, Inc. | |||||||||
Expiration: January 2011, Exercise Price: $30.00 | 150 | 3,000 | ||||||||
PICO 110416P00025000 | PICO Holdings, Inc. | |||||||||
Expiration: April 2011, Exercise Price: $25.00 | 30 | 1,350 | ||||||||
VE 110122P00025000 | Veolia Environnement — ADR | |||||||||
Expiration: January 2011, Exercise Price: $25.00 | 200 | 500 | ||||||||
VE 110122P00030000 | Veolia Environnement — ADR | |||||||||
Expiration: January 2011, Exercise Price: $30.00 | 100 | 10,500 | ||||||||
VE 110416P00022500 | Veolia Environnement — ADR | |||||||||
Expiration: April 2011, Exercise Price: $22.50 | 25 | 563 | ||||||||
123,462 | ||||||||||
Waste Management and Remediation Services | ||||||||||
CLH 110122P00055000 | Clean Harbors, Inc. | |||||||||
Expiration: January 2011, Exercise Price: $55.00 | 85 | 213 | ||||||||
CLH 110416P00055000 | Clean Harbors, Inc. | |||||||||
Expiration: April 2011, Exercise Price: $55.00 | 25 | 438 |
154
Identifier | Contracts | Value | ||||||||
Waste Management and Remediation Services (Continued) | ||||||||||
WCN 110319P00023330 | Waste Connections, Inc. | |||||||||
Expiration: March 2011, Exercise Price: $23.33 | 175 | $ | 3,938 | |||||||
WM 110122P00032500 | Waste Management, Inc. | |||||||||
Expiration: January 2011, Exercise Price: $32.50 | 160 | 480 | ||||||||
WM 120121P00032500 | Waste Management, Inc. | |||||||||
Expiration: January 2012, Exercise Price: $32.50 | 40 | 7,600 | ||||||||
12,669 | ||||||||||
TOTAL PUT OPTIONS WRITTEN (premiums received ($1,687,618)) | $ | 519,338 | ||||||||
ADR — | American Depository Receipt. |
ETF — | Exchange Traded Fund. |
155
Identifier | PUT OPTIONS WRITTEN | Contracts | Value | |||||||
Amusement, Gambling, and Recreation Industries | ||||||||||
DIS 110122P00030000 | The Walt Disney Company | |||||||||
Expiration: January 2011, Exercise Price: $30.00 | 7 | $ | 35 | |||||||
Asset Management | ||||||||||
BLK 110416P00155000 | BlackRock, Inc. | |||||||||
Expiration: April 2011, Exercise Price: $155.00 | 2 | 425 | ||||||||
BEN 110122P00107000 | Franklin Resources, Inc. | |||||||||
Expiration: January 2011, Exercise Price: $107.00 | 2 | 250 | ||||||||
IVZ 110122P00020000 | Invesco Limited | |||||||||
Expiration: January 2011, Exercise Price: $20.00 | 14 | 70 | ||||||||
GROW 110618P00007500 | US Global Investors, Inc. — Class A | |||||||||
Expiration: June 2011, Exercise Price: $7.50 | 10 | 1,025 | ||||||||
1,770 | ||||||||||
Beverage and Tobacco Product Manufacturing | ||||||||||
VPM 110122P00020000 | Altria Group, Inc. | |||||||||
Expiration: January 2011, Exercise Price: $20.00 | 4 | 8 | ||||||||
DEO 110122P00065000 | Diageo plc — ADR | |||||||||
Expiration: January 2011, Exercise Price: $65.00 | 5 | 25 | ||||||||
DEO 110716P00065000 | Diageo plc — ADR | |||||||||
Expiration: July 2011, Exercise Price: $65.00 | 4 | 720 | ||||||||
753 | ||||||||||
156
Identifier | Contracts | Value | ||||||||
Building Material and Garden Equipment and Supplies Dealers | ||||||||||
ZCR 110122P00075000 | The Sherwin-Williams Company | |||||||||
Expiration: January 2011, Exercise Price: $75.00 | 2 | $ | 15 | |||||||
SHW 120121P00070000 | The Sherwin-Williams Company | |||||||||
Expiration: January 2012, Exercise Price: $70.00 | 2 | 720 | ||||||||
735 | ||||||||||
Chemical Manufacturing | ||||||||||
ZBK 110122P00030000 | Cameco Corporation | |||||||||
Expiration: January 2011, Exercise Price: $30.00 | 2 | 5 | ||||||||
CCJ 120121P00025000 | Cameco Corporation | |||||||||
Expiration: January 2012, Exercise Price: $25.00 | 15 | 1,612 | ||||||||
NVS 120121P00050000 | Novartis AG — ADR | |||||||||
Expiration: January 2012, Exercise Price: $50.00 | 15 | 4,050 | ||||||||
SIAL 110122P00050000 | Sigma-Aldrich Corp. | |||||||||
Expiration: January 2011, Exercise Price: $50.00 | 3 | 8 | ||||||||
SIAL 110416P00055000 | Sigma-Aldrich Corp. | |||||||||
Expiration: April 2011, Exercise Price: $55.00 | 3 | 188 | ||||||||
5,863 | ||||||||||
Clothing and Clothing Accessories Stores | ||||||||||
VFF 110122P00030000 | Tiffany & Co. | |||||||||
Expiration: January 2011, Exercise Price: $30.00 | 2 | 3 | ||||||||
VFF 110122P00040000 | Tiffany & Co. | |||||||||
Expiration: January 2011, Exercise Price: $40.00 | 2 | 4 | ||||||||
7 | ||||||||||
157
Identifier | Contracts | Value | ||||||||
Computer and Electronic Product Manufacturing | ||||||||||
COL 110416P00055000 | Rockwell Collins, Inc. | |||||||||
Expiration: April 2011, Exercise Price: $55.00 | 3 | $ | 540 | |||||||
Couriers and Messengers | ||||||||||
FDX 110122P00070000 | FedEx Corp. | |||||||||
Expiration: January 2011, Exercise Price: $70.00 | 4 | 20 | ||||||||
FDX 120121P00075000 | FedEx Corp. | |||||||||
Expiration: January 2012, Exercise Price: $75.00 | 2 | 945 | ||||||||
FDX 12012P00080000 | FedEx Corp. | |||||||||
Expiration: January 2012, Exercise Price: $80.00 | 4 | 2,420 | ||||||||
OPS 110122P00055000 | United Parcel Service — Class B | |||||||||
Expiration: January 2011, Exercise Price: $55.00 | 2 | 10 | ||||||||
OPS 110122P00065000 | United Parcel Service — Class B | |||||||||
Expiration: January 2011, Exercise Price: $65.00 | 2 | 18 | ||||||||
3,413 | ||||||||||
Credit Intermediation and Related Activities | ||||||||||
VAX 110122P00040000 | American Express Company | |||||||||
Expiration: January 2011, Exercise Price: $40.00 | 2 | 50 | ||||||||
AXP 120121P00030000 | American Express Company | |||||||||
Expiration: January 2012, Exercise Price: $30.00 | 10 | 1,430 | ||||||||
BAC 110219P00013000 | Bank of America Corporation | |||||||||
Expiration: February 2011, Exercise Price: $13.00 | 12 | 660 | ||||||||
BAC 120121P00012500 | Bank of America Corporation | |||||||||
Expiration: January 2012, Exercise Price: $12.50 | 15 | 2,535 |
158
Identifier | Contracts | Value | ||||||||
Credit Intermediation and Related Activities (Continued) | ||||||||||
BK 110122P00024000 | The Bank of New York Mellon Corp. | |||||||||
Expiration: January 2011, Exercise Price: $24.00 | 4 | $ | 12 | |||||||
OUY 110122P00025000 | The Bank of New York Mellon Corp. | |||||||||
Expiration: January 2011, Exercise Price: $25.00 | 4 | 16 | ||||||||
BK 120121P00025000 | The Bank of New York Mellon Corp. | |||||||||
Expiration: January 2012, Exercise Price: $25.00 | 6 | 1,086 | ||||||||
BOKF 110319P00045000 | BOK Financial Corporation | |||||||||
Expiration: March 2011, Exercise Price: $45.00 | 6 | 1,470 | ||||||||
XRF 110122P00012500 | Discover Financial Services | |||||||||
Expiration: January 2011, Exercise Price: $12.50 | 2 | 5 | ||||||||
EWBC 110122P00015000 | East West Bancorp, Inc. | |||||||||
Expiration: January 2011, Exercise Price: $15.00 | 10 | 50 | ||||||||
EWBC 110416P00015000 | East West Bancorp, Inc. | |||||||||
Expiration: April 2011, Exercise Price: $15.00 | 7 | 175 | ||||||||
FIS 110122P00025000 | Fidelity National Information Services, Inc. | |||||||||
Expiration: January 2011, Exercise Price: $25.00 | 6 | 33 | ||||||||
FIS 120121P00025000 | Fidelity National Information Services, Inc. | |||||||||
Expiration: January 2012, Exercise Price: $25.00 | 6 | 984 | ||||||||
MTB 120121P00065000 | M&T Bank Corporation | |||||||||
Expiration: January 2012, Exercise Price: $65.00 | 6 | 2,550 | ||||||||
MTB 120121P00075000 | M&T Bank Corporation | |||||||||
Expiration: January 2012, Exercise Price: $75.00 | 3 | 2,175 | ||||||||
NARA 110618P00007500 | Nara Bancorp, Inc. | |||||||||
Expiration: June 2011, Exercise Price: $7.50 | 8 | 360 |
159
Identifier | Contracts | Value | ||||||||
Credit Intermediation and Related Activities (Continued) | ||||||||||
XGP 110122P00050000 | Northern Trust Corp. | |||||||||
Expiration: January 2011, Exercise Price: $50.00 | 2 | $ | 50 | |||||||
XGP 110122P00055000 | Northern Trust Corp. | |||||||||
Expiration: January 2011, Exercise Price: $55.00 | 4 | 520 | ||||||||
STT 110122P00035000 | State Street Corporation | |||||||||
Expiration: January 2011, Exercise Price: $35.00 | 2 | 12 | ||||||||
OLD 110122P00045000 | State Street Corporation | |||||||||
Expiration: January 2011, Exercise Price: $45.00 | 3 | 264 | ||||||||
USB 120121P00022500 | U.S. Bancorp | |||||||||
Expiration: January 2012, Exercise Price: $22.50 | 20 | 3,480 | ||||||||
WFC 110122P00025000 | Wells Fargo & Company | |||||||||
Expiration: January 2011, Exercise Price: $25.00 | 3 | 15 | ||||||||
ZZH 110122P00017500 | The Western Union Company | |||||||||
Expiration: January 2011, Exercise Price: $17.50 | 4 | 40 | ||||||||
17,972 | ||||||||||
Data Processor | ||||||||||
ZXV 110122P00240000 | Mastercard Inc. — Class A | |||||||||
Expiration: January 2011, Exercise Price: $240.00 | 1 | 1,690 | ||||||||
Defense | ||||||||||
CACI 110319P00040000 | CACI International Inc. — Class A | |||||||||
Expiration: March 2011, Exercise Price: $40.00 | 8 | 80 | ||||||||
160
Identifier | Contracts | Value | ||||||||
Depository Credit Intermediation | ||||||||||
HDB 110416P00175000 | HDFC Bank Ltd. — ADR | |||||||||
Expiration: April 2011, Exercise Price: $175.00 | 1 | $ | 1,650 | |||||||
VCD 110122P00030000 | ICIC Bank Ltd. — ADR | |||||||||
Expiration: January 2011, Exercise Price: $30.00 | 2 | 3 | ||||||||
VCD 110122P00035000 | ICIC Bank Ltd. — ADR | |||||||||
Expiration: January 2011, Exercise Price: $35.00 | 2 | 3 | ||||||||
1,656 | ||||||||||
Equity Fund | ||||||||||
UTH 110219P00090000 | Utilities HOLDRs Trust | |||||||||
Expiration: February 2011, Exercise Price: $90.00 | 10 | 300 | ||||||||
UTH 110521P00095000 | Utilities HOLDRs Trust | |||||||||
Expiration: May 2011, Exercise Price: $95.00 | 5 | 1,375 | ||||||||
1,675 | ||||||||||
Fabricated Metal Product Manufacturing | ||||||||||
CMC 110122P00015000 | Commercial Metals Company | |||||||||
Expiration: January 2011, Exercise Price: $15.00 | 12 | 150 | ||||||||
FO 110319P00040000 | Fortune Brands, Inc. | |||||||||
Expiration: March 2011, Exercise Price: $40.00 | 4 | 40 | ||||||||
FO 110319P00045000 | Fortune Brands, Inc. | |||||||||
Expiration: March 2011, Exercise Price: $45.00 | 6 | 75 | ||||||||
265 | ||||||||||
Food Manufacturing | ||||||||||
ADM 110122P00025000 | Archer-Daniels-Midland Company | |||||||||
Expiration: January 2011, Exercise Price: $25.00 | 10 | 25 | ||||||||
ADM 120121P00025000 | Archer-Daniels-Midland Company | |||||||||
Expiration: January 2012, Exercise Price: $25.00 | 4 | 724 |
161
Identifier | Contracts | Value | ||||||||
Food Manufacturing (Continued) | ||||||||||
BG 110122P00050000 | Bunge Limited | |||||||||
Expiration: January 2011, Exercise Price: $50.00 | 3 | $ | 15 | |||||||
BG 120121P00050000 | Bunge Limited | |||||||||
Expiration: January 2012, Exercise Price: $50.00 | 3 | 1,020 | ||||||||
UN 110219P00025000 | Unilever NV | |||||||||
Expiration: February 2011, Exercise Price: $25.00 | 14 | 182 | ||||||||
1,966 | ||||||||||
Gaming | ||||||||||
VEG 110122P00060000 | Wynn Resorts Limited | |||||||||
Expiration: January 2011, Exercise Price: $52.00 | 1 | 1 | ||||||||
Holding Company | ||||||||||
BRKB 120121P00070000 | Berkshire Hathaway, Inc. — Class B | |||||||||
Expiration: January 2012, Exercise Price: $70.00 | 5 | 2,075 | ||||||||
OYD 110122P00020000 | Leucadia National Corporation | |||||||||
Expiration: January 2011, Exercise Price: $20.00 | 2 | 10 | ||||||||
2,085 | ||||||||||
Insurance Carriers and Related Activities | ||||||||||
OOE 110122P00070000 | China Life Insurance Co., Limited — ADR | |||||||||
Expiration: January 2011, Exercise Price: $70.00 | 1 | 900 | ||||||||
LFC 120121P00062500 | China Life Insurance Co., Limited — ADR | |||||||||
Expiration: January 2012, Exercise Price: $62.50 | 6 | 5,070 |
162
Identifier | Contracts | Value | ||||||||
Insurance Carriers and Related Activities (Continued) | ||||||||||
FNF 110618P00012500 | Fidelity National Financial, Inc. — Class A | |||||||||
Expiration: June 2011, Exercise Price: $12.50 | 12 | $ | 780 | |||||||
PGR 110219P00019000 | The Progressive Corporation | |||||||||
Expiration: February 2011, Exercise Price: $19.00 | 5 | 100 | ||||||||
PGR 110521P00020000 | The Progressive Corporation | |||||||||
Expiration: May 2011, Exercise Price: $20.00 | 9 | 787 | ||||||||
7,637 | ||||||||||
Leather and Allied Product Manufacturing | ||||||||||
VZF 110122P00025000 | Coach, Inc. | |||||||||
Expiration: January 2011, Exercise Price: $25.00 | 1 | 2 | ||||||||
Management of Companies and Enterprises | ||||||||||
GS 110122P00140000 | The Goldman Sachs Group, Inc. | |||||||||
Expiration: January 2011, Exercise Price: $140.00 | 1 | 21 | ||||||||
GS 120121P00140000 | The Goldman Sachs Group, Inc. | |||||||||
Expiration: January 2012, Exercise Price: $140.00 | 1 | 913 | ||||||||
GS 120121P00150000 | The Goldman Sachs Group, Inc. | |||||||||
Expiration: January 2012, Exercise Price: $150.00 | 1 | 1,230 | ||||||||
2,164 | ||||||||||
Medical Laboratories | ||||||||||
LH 110219P00075000 | Laboratory Corporation of America Holdings | |||||||||
Expiration: February 2011, Exercise Price: $75.00 | 4 | 90 | ||||||||
Merchant Wholesalers, Durable Goods | ||||||||||
TTT 110122P000058600 | Terra Nova Royalty Corp. | |||||||||
Expiration: January 2011, Exercise Price: $5.86 | 11 | 55 | ||||||||
163
Identifier | Contracts | Value | ||||||||
Mining (except Oil and Gas) | ||||||||||
FCX 110122P00055000 | Freeport-McMoRan Copper & Gold Inc. | |||||||||
Expiration: January 2011, Exercise Price: $55.00 | 1 | $ | 1 | |||||||
OBQ 110122P00080000 | Freeport-McMoRan Copper & Gold Inc. | |||||||||
Expiration: January 2011, Exercise Price: $80.00 | 3 | 15 | ||||||||
GGP1 120121P00015000 | Greatland Gold Plc | |||||||||
Expiration: January 2012, Exercise Price: $15.00 | 24 | 2,892 | ||||||||
HWD 110521P00012500 | Harry Winston Diamond Corporation | |||||||||
Expiration: May 2011, Exercise Price: $12.50 | 25 | 4,375 | ||||||||
VIE 110122P00042500 | Newmont Mining Corporation | |||||||||
Expiration: January 2011, Exercise Price: $42.50 | 2 | 2 | ||||||||
VIE 110122P00045000 | Newmont Mining Corporation | |||||||||
Expiration: January 2011, Exercise Price: $45.00 | 2 | 4 | ||||||||
NEM 110122P00047500 | Newmont Mining Corporation | |||||||||
Expiration: January 2011, Exercise Price: $47.50 | 2 | 7 | ||||||||
VIE 110122P00050000 | Newmont Mining Corporation | |||||||||
Expiration: January 2011, Exercise Price: $50.00 | 2 | 12 | ||||||||
7,308 | ||||||||||
Miscellaneous Manufacturing | ||||||||||
BDX 110319P00070000 | Becton, Dickinson and Company | |||||||||
Expiration: March 2011, Exercise Price: $70.00 | 5 | 150 | ||||||||
IGT 110122P00014000 | International Game Technology | |||||||||
Expiration: January 2011, Exercise Price: $14.00 | 13 | 65 |
164
Identifier | Contracts | Value | ||||||||
Miscellaneous Manufacturing (Continued) | ||||||||||
VGG 110122P00015000 | International Game Technology | |||||||||
Expiration: January 2011, Exercise Price: $15.00 | 3 | $ | 15 | |||||||
IGT 130119P00012500 | International Game Technology | |||||||||
Expiration: January 2013, Exercise Price: $12.50 | 12 | 1,890 | ||||||||
2,120 | ||||||||||
Motion Picture and Sound Recording Industries | ||||||||||
DWA 110618P00030000 | DreamWorks Animation SKG, Inc. — Class A | |||||||||
Expiration: June 2011, Exercise Price: $30.00 | 14 | 4,025 | ||||||||
Non-Store Retailers | ||||||||||
AMZN 110122P00095000 | Amazon.com, Inc. | |||||||||
Expiration: January 2011, Exercise Price: $95.00 | 2 | 6 | ||||||||
EBAY 110122P00017500 | eBay, Inc. | |||||||||
Expiration: January 2011, Exercise Price: $17.50 | 12 | 6 | ||||||||
EBAY 120121P00020000 | eBay, Inc. | |||||||||
Expiration: January 2012, Exercise Price: $20.00 | 5 | 555 | ||||||||
BID 110122P00017500 | Sotheby’s | |||||||||
Expiration: January 2011, Exercise Price: $17.50 | 9 | 45 | ||||||||
BID 110122P00025000 | Sotheby’s | |||||||||
Expiration: January 2011, Exercise Price: $25.00 | 5 | 13 | ||||||||
625 | ||||||||||
165
Identifier | Contracts | Value | ||||||||
Oil and Gas and Consumable Fuels | ||||||||||
ZPJ 110122P00075000 | China Petroleum & Chemical Corp. — ADR | |||||||||
Expiration: January 2011, Exercise Price: $75.00 | 3 | $ | 15 | |||||||
ZPJ 110122P00080000 | China Petroleum & Chemical Corp. — ADR | |||||||||
Expiration: January 2011, Exercise Price: $80.00 | 1 | 5 | ||||||||
PTR 110122P00100000 | PetroChina Company Limited — ADR | |||||||||
Expiration: January 2011, Exercise Price: $100.00 | 2 | 10 | ||||||||
PTR 120121P00105000 | PetroChina Company Limited — ADR | |||||||||
Expiration: January 2012, Exercise Price: $105.00 | 2 | 1,000 | ||||||||
1,030 | ||||||||||
Oil and Gas Extraction | ||||||||||
CNQ 110122P00032500 | Canadian Natural Resources Ltd. | |||||||||
Expiration: January 2011, Exercise Price: $32.50 | 14 | 105 | ||||||||
CEO 110319P00160000 | CNOOC Limited — ADR | |||||||||
Expiration: March 2011, Exercise Price: $160.00 | 2 | 40 | ||||||||
ZBM 110122P00030000 | EnCana Corporation | |||||||||
Expiration: January 2011, Exercise Price: $30.00 | 2 | 240 | ||||||||
ECA 110122P00031000 | EnCana Corporation | |||||||||
Expiration: January 2011, Exercise Price: $31.00 | 4 | 820 | ||||||||
ECA 120121P00030000 | EnCana Corporation | |||||||||
Expiration: January 2012, Exercise Price: $30.00 | 10 | 4,300 | ||||||||
NXY 110319P00017500 | Nexen Inc. | |||||||||
Expiration: March 2011, Exercise Price: $17.50 | 7 | 105 |
166
Identifier | Contracts | Value | ||||||||
Oil and Gas Extraction (Continued) | ||||||||||
NXY 110319P00020000 | Nexen Inc. | |||||||||
Expiration: March 2011, Exercise Price: $20.00 | 10 | $ | 500 | |||||||
VDW 110122P00040000 | Petroleo Brasileiro S.A. | |||||||||
Expiration: January 2011, Exercise Price: $40.00 | 3 | 744 | ||||||||
PBR 110416P00034000 | Petroleo Brasileiro S.A. | |||||||||
Expiration: April 2011, Exercise Price: $34.00 | 6 | 654 | ||||||||
PBR 120121P00030000 | Petroleo Brasileiro S.A. | |||||||||
Expiration: January 2012, Exercise Price: $30.00 | 6 | 1,224 | ||||||||
STO 110416P00020000 | StatoilHydro ASA — ADR | |||||||||
Expiration: April 2011, Exercise Price: $20.00 | 15 | 337 | ||||||||
OYX 110122P00035000 | Suncor Energy, Inc. | |||||||||
Expiration: January 2011, Exercise Price: $35.00 | 6 | 96 | ||||||||
ZDT 110122P00055000 | Total SA — ADR | |||||||||
Expiration: January 2011, Exercise Price: $55.00 | 2 | 400 | ||||||||
TOT 120121P00045000 | Total SA — ADR | |||||||||
Expiration: January 2012, Exercise Price: $45.00 | 5 | 1,550 | ||||||||
TOT 120121P00050000 | Total SA — ADR | |||||||||
Expiration: January 2012, Exercise Price: $50.00 | 3 | 1,470 | ||||||||
XOM1 110122P00045000 | XTO Energy, Inc. | |||||||||
Expiration: January 2011, Exercise Price: $45.00 | 4 | 12 | ||||||||
12,597 | ||||||||||
Other Investment Pools and Funds | ||||||||||
ABX 110122P00041000 | Barrick Gold Corporation | |||||||||
Expiration: January 2011, Exercise Price: $41.00 | 5 | 13 | ||||||||
ABX 120121P00045000 | Barrick Gold Corporation | |||||||||
Expiration: January 2012, Exercise Price: $45.00 | 3 | 1,068 |
167
Identifier | Contracts | Value | ||||||||
Other Investment Pools and Funds (Continued) | ||||||||||
SKF 110122P00020000 | UltraShort Financials ProShares ETF | |||||||||
Expiration: January 2011, Exercise Price: $20.00 | 11 | $ | 4,758 | |||||||
SRS 110122P00025000 | UltraShort Real Estate ProShares ETF | |||||||||
Expiration: January 2011, Exercise Price: $25.00 | 2 | 1,375 | ||||||||
SDS 110122P00029000 | UltraShort S&P 500 ProShares ETF | |||||||||
Expiration: January 2011, Exercise Price: $29.00 | 7 | 3,675 | ||||||||
SDS 110319P00026000 | UltraShort S&P 500 ProShares ETF | |||||||||
Expiration: March 2011, Exercise Price: $26.00 | 7 | 2,205 | ||||||||
13,094 | ||||||||||
Pharmaceutical & Biotechnology | ||||||||||
BIIB 120121P00055000 | Biogen Idec Inc. | |||||||||
Expiration: January 2012, Exercise Price: $55.00 | 5 | 1,538 | ||||||||
Pharmaceutical and Medicine Manufacturing | ||||||||||
GENZ 110122P00047500 | Genzyme Corporation | |||||||||
Expiration: January 2011, Exercise Price: $47.50 | 3 | 29 | ||||||||
GENZ 110122P00052500 | Genzyme Corporation | |||||||||
Expiration: January 2011, Exercise Price: $52.50 | 2 | 31 | ||||||||
MJN 110122P00045000 | Mead Johnson Nutrition Company | |||||||||
Expiration: January 2011, Exercise Price: $45.00 | 4 | 10 | ||||||||
70 | ||||||||||
168
Identifier | Contracts | Value | ||||||||
Professional, Scientific, and Technical Services | ||||||||||
OLJ 110122P00037500 | Automatic Data Processing, Inc. | |||||||||
Expiration: January 2011, Exercise Price: $37.50 | 1 | $ | 3 | |||||||
OLJ 110122P00040000 | Automatic Data Processing, Inc. | |||||||||
Expiration: January 2011, Exercise Price: $40.00 | 2 | 5 | ||||||||
CRL 110219P00030000 | Charles River Laboratories International, Inc. | |||||||||
Expiration: February 2011, Exercise Price: $30.00 | 5 | 150 | ||||||||
FCN 120121P00030000 | FTI Consulting, Inc. | |||||||||
Expiration: January 2012, Exercise Price: $30.00 | 12 | 2,070 | ||||||||
OWC 110122P00025000 | Moody’s Corporation | |||||||||
Expiration: January 2011, Exercise Price: $25.00 | 1 | 25 | ||||||||
2,253 | ||||||||||
Publishing Industries (except Internet) | ||||||||||
MHP 110122P00025000 | The McGraw-Hill Companies, Inc. | |||||||||
Expiration: January 2011, Exercise Price: $25.00 | 4 | 20 | ||||||||
Rail Transportation | ||||||||||
CP 110319P00055000 | Canadian Pacific Railway Limited | |||||||||
Expiration: March 2011, Exercise Price: $55.00 | 7 | 297 | ||||||||
OBC 110122P00045000 | CSX Corp. | |||||||||
Expiration: January 2011, Exercise Price: $45.00 | 3 | 6 | ||||||||
CSX 110219P00045000 | CSX Corp. | |||||||||
Expiration: February 2011, Exercise Price: $45.00 | 2 | 19 | ||||||||
OGO 110122P00045000 | Norfolk Southern Corporation | |||||||||
Expiration: January 2011, Exercise Price: $45.00 | 3 | 8 | ||||||||
NSC 110122P00049000 | Norfolk Southern Corporation | |||||||||
Expiration: January 2011, Exercise Price: $49.00 | 2 | 5 |
169
Identifier | Contracts | Value | ||||||||
Rail Transportation (Continued) | ||||||||||
NSC 120121P00050000 | Norfolk Southern Corporation | |||||||||
Expiration: January 2012, Exercise Price: $50.00 | 3 | $ | 885 | |||||||
NSC 120121P00055000 | Norfolk Southern Corporation | |||||||||
Expiration: January 2012, Exercise Price: $55.00 | 4 | 1,760 | ||||||||
UNP 110122P00065000 | Union Pacific Corporation | |||||||||
Expiration: January 2011, Exercise Price: $65.00 | 3 | 18 | ||||||||
UNP 120121P00072500 | Union Pacific Corporation | |||||||||
Expiration: January 2012, Exercise Price: $72.50 | 2 | 855 | ||||||||
3,853 | ||||||||||
Real Estate | ||||||||||
PSA 110319P00085000 | Public Storage | |||||||||
Expiration: March 2011, Exercise Price: $85.00 | 2 | 170 | ||||||||
PSA 110319P00090000 | Public Storage | |||||||||
Expiration: March 2011, Exercise Price: $90.00 | 2 | 285 | ||||||||
FVJ 110122P00025000 | The St. Joe Company | |||||||||
Expiration: January 2011, Exercise Price: $25.00 | 2 | 690 | ||||||||
JOE 120121P00022500 | The St. Joe Company | |||||||||
Expiration: January 2012, Exercise Price: $22.50 | 10 | 4,200 | ||||||||
5,345 | ||||||||||
170
Identifier | Contracts | Value | ||||||||
Securities, Commodity Contracts, and Other Financial Investments and Related Activities | ||||||||||
VNB 110122P00070000 | Affiliated Managers Group | |||||||||
Expiration: January 2011, Exercise Price: $70.00 | 2 | $ | 10 | |||||||
CBOE 110319P00020000 | CBOE Holdings Inc. | |||||||||
Expiration: March 2011, Exercise Price: $20.00 | 16 | 1,000 | ||||||||
FII 110416P00022500 | Federated Investors, Inc. — Class B | |||||||||
Expiration: April 2011, Exercise Price: $22.50 | 8 | 360 | ||||||||
FII 110716P00025000 | Federated Investors, Inc. — Class B | |||||||||
Expiration: July 2011, Exercise Price: $25.00 | 8 | 1,320 | ||||||||
GHL 110319P00060000 | Greenhill & Co., Inc. | |||||||||
Expiration: March 2011, Exercise Price: $60.00 | 4 | 120 | ||||||||
GHL 110319P00070000 | Greenhill & Co., Inc. | |||||||||
Expiration: March 2011, Exercise Price: $70.00 | 5 | 488 | ||||||||
3,298 | ||||||||||
Telecommunications | ||||||||||
CHU 110122P00012500 | China Unicom (Hong Kong) Limited — ADR | |||||||||
Expiration: January 2011, Exercise Price: $12.50 | 7 | 35 | ||||||||
CHU 110416P00013000 | China Unicom (Hong Kong) Limited — ADR | |||||||||
Expiration: April 2011, Exercise Price: $13.00 | 3 | 127 | ||||||||
162 | ||||||||||
171
Identifier | Contracts | Value | ||||||||
Transportation Equipment Manufacturing | ||||||||||
VBO 110122P00045000 | Boeing Co. | |||||||||
Expiration: January 2011, Exercise Price: $45.00 | 1 | $ | 1 | |||||||
VBO 110122P00050000 | Boeing Co. | |||||||||
Expiration: January 2011, Exercise Price: $50.00 | 1 | 3 | ||||||||
GD 110122P00070000 | General Dynamics Corporation | |||||||||
Expiration: January 2011, Exercise Price: $70.00 | 3 | 300 | ||||||||
VOJ 110122P00045000 | Northrop Grumman Corporation | |||||||||
Expiration: January 2011, Exercise Price: $45.00 | 1 | 2 | ||||||||
TM 120121P00070000 | Toyota Motor Corporation — ADR | |||||||||
Expiration: January 2012, Exercise Price: $70.00 | 5 | 2,025 | ||||||||
2,331 | ||||||||||
U.S. Equity Exchanges | ||||||||||
NYX 120121P00025000 | NYSE Euronext | |||||||||
Expiration: January 2012, Exercise Price: $25.00 | 12 | 2,388 | ||||||||
XGV 110122P00020000 | The NASDAQ OMX Group | |||||||||
Expiration: January 2011, Exercise Price: $20.00 | 5 | 25 | ||||||||
NDAQ 120121P00017500 | The NASDAQ OMX Group | |||||||||
Expiration: January 2012, Exercise Price: $17.50 | 10 | 875 | ||||||||
3,288 | ||||||||||
172
Identifier | Contracts | Value | ||||||||
Utilities | ||||||||||
AYE 110416P00022500 | Allegheny Energy, Inc. | |||||||||
Expiration: April 2011, Exercise Price: $22.50 | 15 | $ | 563 | |||||||
AWK 110319P00020000 | American Water Works Co., Inc. | |||||||||
Expiration: March 2011, Exercise Price: $20.00 | 6 | 60 | ||||||||
CPN 110122P00012500 | Calpine Corp. | |||||||||
Expiration: January 2011, Exercise Price: $12.50 | 20 | 200 | ||||||||
GXP 110319P00017500 | Great Plains Energy Incorporated | |||||||||
Expiration: March 2011, Exercise Price: $17.50 | 10 | 200 | ||||||||
HNP 110219P00022500 | Huaneng Power International, Inc. — ADR | |||||||||
Expiration: February 2011, Exercise Price: $22.50 | 8 | 1,220 | ||||||||
HNP 110521P00020000 | Huaneng Power International, Inc. — ADR | |||||||||
Expiration: May 2011, Exercise Price: $20.00 | 9 | 990 | ||||||||
HNP 110521P00022500 | Huaneng Power International, Inc. — ADR | |||||||||
Expiration: May 2011, Exercise Price: $22.50 | 7 | 1,890 | ||||||||
KEP 110319P00012500 | Korea Electric Power Corporation — ADR | |||||||||
Expiration: March 2011, Exercise Price: $12.50 | 12 | 480 | ||||||||
KEP 110319P00015000 | Korea Electric Power Corporation — ADR | |||||||||
Expiration: March 2011, Exercise Price: $15.00 | 10 | 1,800 | ||||||||
KEP 110618P00012500 | Korea Electric Power Corporation — ADR | |||||||||
Expiration: June 2011, Exercise Price: $12.50 | 9 | 652 | ||||||||
GEN1 110122P00012500 | Mirant Corporation | |||||||||
Expiration: January 2011, Exercise Price: $12.50 | 8 | 1,380 |
173
Identifier | Contracts | Value | ||||||||
Utilities (Continued) | ||||||||||
OBD 110122P00025000 | NRG Energy, Inc. | |||||||||
Expiration: January 2011, Exercise Price: $25.00 | 6 | $ | 3,300 | |||||||
PICO 110122P00030000 | PICO Holdings, Inc. | |||||||||
Expiration: January 2011, Exercise Price: $30.00 | 10 | 200 | ||||||||
PICO 110716P00030000 | PICO Holdings, Inc. | |||||||||
Expiration: July 2011, Exercise Price: $30.00 | 3 | 585 | ||||||||
UNS 110319P00030000 | Unisource Energy Corporation | |||||||||
Expiration: March 2011, Exercise Price: $30.00 | 10 | 2,500 | ||||||||
VE 110416P00022500 | Veolia Environnement — ADR | |||||||||
Expiration: April 2011, Exercise Price: $22.50 | 10 | 225 | ||||||||
VE 110416P00025000 | Veolia Environnement — ADR | |||||||||
Expiration: April 2011, Exercise Price: $25.00 | 4 | 180 | ||||||||
16,425 | ||||||||||
Wireless Telecommunications Carriers (except Satellite) | ||||||||||
VUX 110122P00020000 | Vodafone Group PLC — ADR | |||||||||
Expiration: January 2011, Exercise Price: $20.00 | 11 | 27 | ||||||||
TOTAL PUT OPTIONS WRITTEN (premiums received ($300,469)) | $ | 129,863 | ||||||||
ADR — | American Depository Receipt. |
ETF — | Exchange Traded Fund. |
174
The Internet | The Global | |||||||
Portfolio | Portfolio | |||||||
ASSETS: | ||||||||
Investments, at value(1)(2) | $ | 153,762,065 | $ | 5,841,313 | ||||
Foreign currencies, at value(3) | — | 1,332 | ||||||
Receivable for contributed capital | 10,918 | 3,850 | ||||||
Receivable for investments sold | — | 80,500 | ||||||
Dividends and interest receivable | 57,814 | 5,757 | ||||||
Other accounts receivable | 99,877 | — | ||||||
Other assets | 9,290 | 107 | ||||||
Total assets | 153,939,964 | 5,932,859 | ||||||
LIABILITIES: | ||||||||
Payable to Adviser | 122,827 | 5,523 | ||||||
Payable to Broker | 870,731 | — | ||||||
Payable to Custodian | — | 16,678 | ||||||
Payable to Trustees and Officers | 1,273 | 52 | ||||||
Payable for securities purchased | — | 43,561 | ||||||
Payable for collateral received for securities loaned | 37,416,974 | 551,370 | ||||||
Payable for withdrawn capital | 233,977 | — | ||||||
Accrued expenses and other liabilities | 27,229 | 12,841 | ||||||
Total liabilities | 38,673,011 | 630,025 | ||||||
Net assets | $ | 115,266,953 | $ | 5,302,834 | ||||
(1)Cost of investments | $ | 107,188,066 | $ | 5,273,135 | ||||
(2)Includes loaned securities with a market value of | $ | 35,839,537 | $ | 533,095 | ||||
(3)Cost of foreign currencies | $ | — | $ | 1,321 | ||||
175
The | The | |||||||
Paradigm | Medical | |||||||
Portfolio | Portfolio | |||||||
ASSETS: | ||||||||
Investments, at value(1)(2) | $ | 1,490,093,894 | $ | 41,491,621 | ||||
Foreign currencies, at value(3) | 36,545 | — | ||||||
Deposit at brokers for written options | 79,730 | 40,986 | ||||||
Cash | 42,640 | — | ||||||
Receivable for contributed capital | 2,143,090 | 5,589 | ||||||
Receivable for investments sold | 1,165,367 | — | ||||||
Dividends and interest receivable | 1,618,743 | 19,114 | ||||||
Other assets | 129,303 | 2,587 | ||||||
Total assets | 1,495,309,312 | 41,559,897 | ||||||
LIABILITIES: | ||||||||
Payable to Adviser | 1,311,050 | 32,617 | ||||||
Payable to Trustees and Officers | 14,579 | 355 | ||||||
Payable for collateral received for securities loaned | 243,932,317 | 10,793,305 | ||||||
Payable for withdrawn capital | 2,425,961 | 27,244 | ||||||
Accrued expenses and other liabilities | 174,623 | 14,196 | ||||||
Total liabilities | 247,858,530 | 10,867,717 | ||||||
Net assets | $ | 1,247,450,782 | $ | 30,692,180 | ||||
(1)Cost of investments | $ | 1,199,758,759 | $ | 40,808,347 | ||||
(2)Includes loaned securities with a market value of | $ | 230,416,063 | $ | 10,283,709 | ||||
(3)Cost of foreign currencies | $ | 36,339 | $ | — | ||||
176
The Small Cap | The Market | |||||||
Opportunities | Opportunities | |||||||
Portfolio | Portfolio | |||||||
ASSETS: | ||||||||
Investments, at value(1)(2) | $ | 195,647,495 | $ | 73,671,656 | ||||
Receivable for contributed capital | 44,761 | 13,110 | ||||||
Receivable for investments sold | 12,705 | — | ||||||
Dividends and interest receivable | 69,167 | 28,626 | ||||||
Other assets | 35,745 | 11,359 | ||||||
Total assets | 195,809,873 | 73,724,751 | ||||||
LIABILITIES: | ||||||||
Payable to Adviser | 166,205 | 62,497 | ||||||
Payable to Broker | 12,258 | — | ||||||
Payable to Custodian | — | 203,534 | ||||||
Payable to Trustees and Officers | 1,894 | 685 | ||||||
Payable for collateral received for securities loaned | 40,060,947 | 14,816,293 | ||||||
Payable for withdrawn capital | 385,616 | 92,000 | ||||||
Accrued expenses and other liabilities | 38,801 | 20,490 | ||||||
Total liabilities | 40,665,721 | 15,195,499 | ||||||
Net assets | $ | 155,144,152 | $ | 58,529,252 | ||||
(1)Cost of investments | $ | 165,067,735 | $ | 66,436,833 | ||||
(2)Includes loaned securities with a market value of | $ | 38,006,161 | $ | 13,653,346 | ||||
177
The Water | The Multi- | |||||||
Infrastructure | Disciplinary | |||||||
Portfolio | Portfolio | |||||||
ASSETS: | ||||||||
Investments, at value(1)(2) | $ | 19,406,699 | $ | 3,840,856 | ||||
Foreign currencies, at value(3) | 16 | — | ||||||
Deposit at brokers for written options | 5,980,900 | 549,032 | ||||||
Receivable for contributed capital | 80,528 | 8,000 | ||||||
Receivable for investments sold | 1,169 | 9,398 | ||||||
Dividends and interest receivable | 124,121 | 42,952 | ||||||
Other assets | 1,004 | 33 | ||||||
Total assets | 25,594,437 | 4,450,271 | ||||||
LIABILITIES: | ||||||||
Written options, at value(4) | 519,338 | 129,863 | ||||||
Payable to Adviser | 26,057 | 4,142 | ||||||
Payable to Trustees and Officers | 292 | 18 | ||||||
Payable for securities purchased | — | 18,025 | ||||||
Payable for collateral received for securities loaned | 582,692 | 76,500 | ||||||
Payable for withdrawn capital | 227,043 | — | ||||||
Accrued expenses and other liabilities | 15,928 | 13,674 | ||||||
Total liabilities | 1,371,350 | 242,222 | ||||||
Net assets | $ | 24,223,087 | $ | 4,208,049 | ||||
(1)Cost of investments | $ | 19,382,339 | $ | 3,765,310 | ||||
(2)Includes loaned securities with a market value of | $ | 544,028 | $ | 74,539 | ||||
(3)Cost of foreign currencies | $ | 15 | $ | — | ||||
(4)Premiums received | $ | 1,687,618 | $ | 300,469 | ||||
178
The Internet | The Global | |||||||
Portfolio | Portfolio | |||||||
INVESTMENT INCOME: | ||||||||
Dividends† | $ | 850,909 | $ | 92,506 | ||||
Interest | 54,680 | 1 | ||||||
Income from securities lending | 106,245 | 2,045 | ||||||
Other income | 99,877 | — | ||||||
Total investment income | 1,111,711 | 94,552 | ||||||
EXPENSES: | ||||||||
Investment advisory fees | 1,337,259 | 61,608 | ||||||
Administration fees | 46,329 | 2,083 | ||||||
Professional fees | 16,393 | 7,588 | ||||||
Fund accounting fees | 24,701 | 11,495 | ||||||
Trustee and Officers’ fees and expenses | 7,957 | 355 | ||||||
Custodian fees and expenses | 24,115 | 36,159 | ||||||
Other expenses | 5,220 | 235 | ||||||
Total expenses | 1,461,974 | 119,523 | ||||||
Net investment loss | (350,263 | ) | (24,971 | ) | ||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||
Net realized gain on: | ||||||||
Investments and foreign currency | 3,608,489 | 621,908 | ||||||
Net change in unrealized appreciation (depreciation) of: | ||||||||
Investments and foreign currency | 18,110,430 | 246,931 | ||||||
Written option contracts | (5,404 | ) | — | |||||
Net gain on investments | 21,713,515 | 868,839 | ||||||
Net increase in net assets resulting from operations | $ | 21,363,252 | $ | 843,868 | ||||
† Net of Foreign Taxes Withheld of: | $ | 33,824 | $ | 10,413 | ||||
179
The | The | |||||||
Paradigm | Medical | |||||||
Portfolio | Portfolio | |||||||
INVESTMENT INCOME: | ||||||||
Dividends† | $ | 23,793,585 | $ | 582,043 | ||||
Interest | 1,728,632 | 58 | ||||||
Income from securities lending | 2,138,549 | 24,159 | ||||||
Total investment income | 27,660,766 | 606,260 | ||||||
EXPENSES: | ||||||||
Investment advisory fees | 15,754,346 | 390,729 | ||||||
Administration fees | 545,236 | 13,644 | ||||||
Professional fees | 65,981 | 11,098 | ||||||
Fund accounting fees | 223,168 | 8,922 | ||||||
Trustee and Officers’ fees and expenses | 94,234 | 2,357 | ||||||
Custodian fees and expenses | 413,729 | 6,766 | ||||||
Other expenses | 73,834 | 1,340 | ||||||
Total expenses | 17,170,528 | 434,856 | ||||||
Net investment income | 10,490,238 | 171,404 | ||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||
Net realized loss on: | ||||||||
Investments and foreign currency | (109,064,403 | ) | (219,849 | ) | ||||
Net change in unrealized appreciation of: | ||||||||
Investments and foreign currency | 286,372,800 | 1,376,880 | ||||||
Net gain on investments | 177,308,397 | 1,157,031 | ||||||
Net increase in net assets resulting from operations | $ | 187,798,635 | $ | 1,328,435 | ||||
† Net of Foreign Taxes Withheld of: | $ | 1,227,003 | $ | 28,236 | ||||
180
The Small Cap | The Market | |||||||
Opportunities | Opportunities | |||||||
Portfolio | Portfolio | |||||||
INVESTMENT INCOME: | ||||||||
Dividends† | $ | 2,249,899 | $ | 1,090,864 | ||||
Interest | — | 36 | ||||||
Income from securities lending | 100,669 | 81,154 | ||||||
Other income | 20,977 | — | ||||||
Total investment income | 2,371,545 | 1,172,054 | ||||||
EXPENSES: | ||||||||
Investment advisory fees | 2,057,923 | 739,565 | ||||||
Administration fees | 71,053 | 25,496 | ||||||
Professional fees | 20,704 | 13,155 | ||||||
Fund accounting fees | 35,098 | 16,763 | ||||||
Trustee and Officers’ fees and expenses | 12,092 | 4,434 | ||||||
Custodian fees and expenses | 129,972 | 38,551 | ||||||
Other expenses | 10,370 | 3,355 | ||||||
Total expenses | 2,337,212 | 841,319 | ||||||
Net investment income | 34,333 | 330,735 | ||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||
Net realized loss on: | ||||||||
Investments and foreign currency | (589,161 | ) | (336,199 | ) | ||||
Net change in unrealized appreciation (depreciation) of: | ||||||||
Investments and foreign currency | 20,474,498 | 6,206,744 | ||||||
Written option contracts | — | (37,827 | ) | |||||
Net gain on investments | 19,885,337 | 5,832,718 | ||||||
Net increase in net assets resulting from operations | $ | 19,919,670 | $ | 6,163,453 | ||||
† Net of Foreign Taxes Withheld of: | $ | 66,139 | $ | 39,963 | ||||
181
The Water | The Multi- | |||||||
Infrastructure | Disciplinary | |||||||
Portfolio | Portfolio | |||||||
INVESTMENT INCOME: | ||||||||
Dividends† | $ | 424,723 | $ | 90 | ||||
Interest | 174,364 | 116,202 | ||||||
Income from securities lending | 52,714 | 56 | ||||||
Total investment income | 651,801 | 116,348 | ||||||
EXPENSES: | ||||||||
Investment advisory fees | 325,221 | 29,141 | ||||||
Administration fees | 11,403 | 3,963 | ||||||
Professional fees | 10,535 | 9,460 | ||||||
Fund accounting fees | 9,788 | 9,087 | ||||||
Trustee and Officers’ fees and expenses | 1,972 | 150 | ||||||
Custodian fees and expenses | 21,477 | 4,207 | ||||||
Other expenses | 1,155 | 80 | ||||||
Total expenses | 381,551 | 56,088 | ||||||
Net investment income | 270,250 | 60,260 | ||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||
Net realized gain (loss) on: | ||||||||
Investments and foreign currency | (2,165,582 | ) | 9,909 | |||||
Written option contracts expired or closed | (297,569 | ) | 101,093 | |||||
Net change in unrealized appreciation (depreciation) of: | ||||||||
Investments and foreign currency | (362,117 | ) | 39,125 | |||||
Written option contracts | 1,168,280 | 115,518 | ||||||
Net gain (loss) on investments | (1,656,988 | ) | 265,645 | |||||
Net increase (decrease) in net assets resulting from operations | $ | (1,386,738 | ) | $ | 325,905 | |||
† Net of Foreign Taxes Withheld of: | $ | 31,520 | $ | — | ||||
182
The Internet Portfolio | The Global Portfolio | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment loss | $ | (350,263 | ) | $ | (33,060 | ) | $ | (24,971 | ) | $ | (24,484 | ) | ||||
Net realized gain (loss) on sale of investments, foreign currency and written options | 3,608,489 | 3,597,819 | 621,908 | (420,269 | ) | |||||||||||
Net change in unrealized appreciation of investments, foreign currency and written options | 18,105,026 | 32,092,041 | 246,931 | 1,903,249 | ||||||||||||
Net increase in net assets resulting from operations | 21,363,252 | 35,656,800 | 843,868 | 1,458,496 | ||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||||||
Contributions | 1,346,460 | 2,234,532 | 1,327,460 | 3,020,852 | ||||||||||||
Withdrawals | (13,061,708 | ) | (7,912,207 | ) | (1,636,790 | ) | (1,672,795 | ) | ||||||||
Net increase (decrease) in net assets resulting from beneficial interest transactions | (11,715,248 | ) | (5,677,675 | ) | (309,330 | ) | 1,348,057 | |||||||||
Total increase in net assets | 9,648,004 | 29,979,125 | 534,538 | 2,806,553 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 105,618,949 | 75,639,824 | 4,768,296 | 1,961,743 | ||||||||||||
End of year | $ | 115,266,953 | $ | 105,618,949 | $ | 5,302,834 | $ | 4,768,296 | ||||||||
183
The Paradigm Portfolio | The Medical Portfolio | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 10,490,238 | $ | 14,996,508 | $ | 171,404 | $ | 239,675 | ||||||||
Net realized loss on sale of investments, foreign currency and written options | (109,064,403 | ) | (282,409,570 | ) | (219,849 | ) | (152,408 | ) | ||||||||
Net change in unrealized appreciation of investments, foreign currency and written options | 286,372,800 | 696,152,858 | 1,376,880 | 4,228,652 | ||||||||||||
Net increase in net assets resulting from operations | 187,798,635 | 428,739,796 | 1,328,435 | 4,315,919 | ||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||||||
Contributions | 12,611,540 | 78,038,515 | 8,554,289 | 7,401,998 | ||||||||||||
Withdrawals | (358,281,150 | ) | (393,931,544 | ) | (5,133,179 | ) | (4,767,975 | ) | ||||||||
Net increase (decrease) in net assets resulting from beneficial interest transactions | (345,669,610 | ) | (315,893,029 | ) | 3,421,110 | 2,634,023 | ||||||||||
Total increase (decrease) in net assets | (157,870,975 | ) | 112,846,767 | 4,749,545 | 6,949,942 | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 1,405,321,757 | 1,292,474,990 | 25,942,635 | 18,992,693 | ||||||||||||
End of year | $ | 1,247,450,782 | $ | 1,405,321,757 | $ | 30,692,180 | $ | 25,942,635 | ||||||||
184
The Small Cap Opportunities Portfolio | The Market Opportunities Portfolio | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 34,333 | $ | (97,708 | ) | $ | 330,735 | $ | 153,008 | |||||||
Net realized loss on sale of investments, foreign currency and written options | (589,161 | ) | (45,656,070 | ) | (336,199 | ) | (7,399,123 | ) | ||||||||
Net change in unrealized appreciation of investments, foreign currency and written options | 20,474,498 | 143,860,495 | 6,168,917 | 30,080,757 | ||||||||||||
Net increase in net assets resulting from operations | 19,919,670 | 98,106,717 | 6,163,453 | 22,834,642 | ||||||||||||
NET DECREASE IN NET ASSETS RESULTING FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||||||
Contributions | 8,900,395 | 19,485,826 | 1,707,965 | 7,456,809 | ||||||||||||
Withdrawals | (73,460,711 | ) | (128,333,657 | ) | (15,461,186 | ) | (21,721,577 | ) | ||||||||
Net decrease in net assets resulting from beneficial interest transactions | (64,560,316 | ) | (108,847,831 | ) | (13,753,221 | ) | (14,264,768 | ) | ||||||||
Total increase (decrease) in net assets | (44,640,646 | ) | (10,741,114 | ) | (7,589,768 | ) | 8,569,874 | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 199,784,798 | 210,525,912 | 66,119,020 | 57,549,146 | ||||||||||||
End of year | $ | 155,144,152 | $ | 199,784,798 | $ | 58,529,252 | $ | 66,119,020 | ||||||||
185
The Multi-Disciplinary | ||||||||||||||||
The Water Infrastructure Portfolio | Portfolio | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 270,250 | $ | 107,684 | $ | 60,260 | $ | (10,867 | ) | |||||||
Net realized gain (loss) on sale of investments, foreign currency and written options | (2,463,151 | ) | (1,421,220 | ) | 111,002 | 105,539 | ||||||||||
Net change in unrealized appreciation of investments, foreign currency and written options | 806,163 | 3,696,782 | 154,643 | 109,924 | ||||||||||||
Net increase (decrease) in net assets resulting from operations | (1,386,738 | ) | 2,383,246 | 325,905 | 204,596 | |||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||||||
Contributions | 10,339,696 | 11,818,237 | 3,080,316 | 788,927 | ||||||||||||
Withdrawals | (7,936,060 | ) | (7,147,014 | ) | (520,802 | ) | (89,179 | ) | ||||||||
Net increase in net assets resulting from beneficial interest transactions | 2,403,636 | 4,671,223 | 2,559,514 | 699,748 | ||||||||||||
Total increase in net assets | 1,016,898 | 7,054,469 | 2,885,419 | 904,344 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 23,206,189 | 16,151,720 | 1,322,630 | 418,286 | ||||||||||||
End of year | $ | 24,223,087 | $ | 23,206,189 | $ | 4,208,049 | $ | 1,322,630 | ||||||||
186
187
188
189
Percentage | ||||||||
Restricted Securities | Market Value | of Net Assets | ||||||
The Multi-Disciplinary Portfolio | $ | 106,750 | 2.54 | % |
Percentage | ||||||||
Illiquid Securities | Market Value | of Net Assets | ||||||
The Internet Portfolio | $ | 502 | 0.00 | % | ||||
The Paradigm Portfolio | 0 | 0.00 | ||||||
The Medical Portfolio | 0 | 0.00 |
190
191
Purchases | Sales | |||||||||||||||
U.S. | U.S. | |||||||||||||||
Government | Other | Government | Other | |||||||||||||
The Internet Portfolio | $ | — | $ | 12,467,411 | $ | — | $ | 23,317,997 | ||||||||
The Global Portfolio | — | 5,870,035 | — | 6,126,927 | ||||||||||||
The Paradigm Portfolio | — | 90,826,091 | — | 463,111,095 | ||||||||||||
The Medical Portfolio | — | 5,461,875 | — | 753,454 | ||||||||||||
The Small Cap Opportunities Portfolio | — | 5,743,539 | — | 71,270,403 | ||||||||||||
The Market Opportunities Portfolio | — | 7,178,580 | — | 19,299,186 | ||||||||||||
The Water Infrastructure Portfolio | — | 20,157,995 | — | 28,093,151 | ||||||||||||
The Multi-Disciplinary Portfolio | — | 3,503,330 | — | 739,999 |
192
Net | ||||||||||||||||
Unrealized | ||||||||||||||||
Appreciation | Unrealized | Unrealized | Tax Cost of | |||||||||||||
(Depreciation) | Appreciation | Depreciation | Investments | |||||||||||||
The Internet Portfolio | $ | 45,780,455 | $ | 55,045,628 | $ | (9,265,173 | ) | $ | 107,981,610 | |||||||
The Global Portfolio | 514,949 | 626,963 | (112,014 | ) | 5,326,364 | |||||||||||
The Paradigm Portfolio | 228,453,024 | 360,791,025 | (132,338,001 | ) | 1,261,640,870 | |||||||||||
The Medical Portfolio | 527,740 | 5,989,204 | (5,461,464 | ) | 40,963,881 | |||||||||||
The Small Cap Opportunities Portfolio | 22,538,214 | 48,513,109 | (25,974,895 | ) | 173,109,281 | |||||||||||
The Market Opportunities Portfolio | 4,483,119 | 12,417,832 | (7,934,713 | ) | 69,188,537 | |||||||||||
The Water Infrastructure Portfolio | 2,163 | 551,721 | (549,558 | ) | 19,404,536 | |||||||||||
The Multi-Disciplinary Portfolio | 62,862 | 104,758 | (41,896 | ) | 3,777,994 |
Number | Premium | |||||||
of Contracts | Amount | |||||||
The Internet Portfolio | ||||||||
Outstanding at the Beginning of Year | 2 | $ | 18,054 | |||||
Options Exercised | (2 | ) | (18,054 | ) | ||||
Outstanding at December 31, 2010 | — | $ | — | |||||
The Market Opportunities Portfolio | ||||||||
Outstanding at the Beginning of Year | 14 | $ | 126,377 | |||||
Options Exercised | (14 | ) | (126,377 | ) | ||||
Outstanding at December 31, 2010 | — | $ | — | |||||
The Water Infrastructure Portfolio | ||||||||
Outstanding at the Beginning of Year | — | $ | — | |||||
Options Written | 9,230 | 1,837,464 | ||||||
Options Expired | (150 | ) | (29,603 | ) | ||||
Options Closed | (400 | ) | (120,243 | ) | ||||
Outstanding at December 31, 2010 | 8,680 | $ | 1,687,618 | |||||
193
Number | Premium | |||||||
of Contracts | Amount | |||||||
The Multi-Disciplinary Portfolio | ||||||||
Outstanding at the Beginning of Year | 327 | $ | 114,271 | |||||
Options Written | 1,211 | 320,281 | ||||||
Options Split | 7 | — | ||||||
Options Exercised | (147 | ) | (32,055 | ) | ||||
Options Expired | (368 | ) | (97,859 | ) | ||||
Options Closed | (3 | ) | (4,169 | ) | ||||
Outstanding at December 31, 2010 | 1,027 | $ | 300,469 | |||||
Securities | Collateral | |||||||
The Internet Portfolio | $ | 35,839,537 | $ | 37,416,974 | ||||
The Global Portfolio | 533,095 | 551,370 | ||||||
The Paradigm Portfolio | 230,416,063 | 243,932,317 | ||||||
The Medical Portfolio | 10,283,709 | 10,793,305 | ||||||
The Small Cap Opportunities Portfolio | 38,006,161 | 40,060,947 | ||||||
The Market Opportunities Portfolio | 13,653,346 | 14,816,293 | ||||||
The Water Infrastructure Portfolio | 544,028 | 582,692 | ||||||
The Multi-Disciplinary Portfolio | 74,539 | 76,500 |
The Internet Portfolio | ||||||||||||||||||||
For the | For the | For the | For the | For the | ||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reduction | 1.37 | % | 1.37 | % | 1.34 | % | 1.34 | % | 1.39 | % | ||||||||||
After expense reduction | 1.37 | % | 1.37 | % | 1.34 | % | 1.33 | % | 1.33 | % |
194
The Internet Portfolio | ||||||||||||||||||||
For the | For the | For the | For the | For the | ||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||
Before expense reduction | (0.33 | )% | (0.04 | )% | 1.59 | % | 1.58 | % | 0.17 | % | ||||||||||
After expense reduction | (0.33 | )% | (0.04 | )% | 1.59 | % | 1.59 | % | 0.23 | % | ||||||||||
Portfolio turnover rate | 12 | % | 14 | % | 19 | % | 15 | % | 11 | % |
The Global Portfolio | ||||||||||||||||||||
For the | For the | For the | For the | For the | ||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reduction | 2.43 | % | 2.81 | % | 2.46 | % | 1.99 | % | 1.62 | % | ||||||||||
After expense reduction | 2.43 | % | 2.81 | % | 2.46 | % | 1.98 | % | 1.46 | % | ||||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||
Before expense reduction | (0.51 | )% | (0.74 | )% | 0.83 | % | 3.73 | % | 2.78 | % | ||||||||||
After expense reduction | (0.51 | )% | (0.74 | )% | 0.83 | % | 3.74 | % | 2.94 | % | ||||||||||
Portfolio turnover rate | 122 | % | 53 | % | 98 | % | 22 | % | 10 | % |
The Paradigm Portfolio | ||||||||||||||||||||
For the | For the | For the | For the | For the | ||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reduction | 1.36 | % | 1.36 | % | 1.33 | % | 1.33 | % | 1.40 | % | ||||||||||
After expense reduction | 1.36 | % | 1.36 | % | 1.33 | % | 1.33 | % | 1.32 | % | ||||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||
Before expense reduction | 0.83 | % | 1.15 | % | 0.86 | % | 0.75 | % | 0.85 | % | ||||||||||
After expense reduction | 0.83 | % | 1.15 | % | 0.86 | % | 0.75 | % | 0.93 | % | ||||||||||
Portfolio turnover rate | 7 | % | 15 | % | 34 | % | 8 | % | 3 | % |
The Medical Portfolio | ||||||||||||||||||||
For the | For the | For the | For the | For the | ||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reduction | 1.39 | % | 1.43 | % | 1.42 | % | 1.49 | % | 1.44 | % | ||||||||||
After expense reduction | 1.39 | % | 1.43 | % | 1.42 | % | 1.40 | % | 1.34 | % | ||||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||
Before expense reduction | 0.55 | % | 1.14 | % | 1.02 | % | 0.42 | % | 0.33 | % | ||||||||||
After expense reduction | 0.55 | % | 1.14 | % | 1.02 | % | 0.51 | % | 0.43 | % | ||||||||||
Portfolio turnover rate | 3 | % | 13 | % | 28 | % | 38 | % | 20 | % |
195
The Small Cap Opportunities Portfolio | ||||||||||||||||||||
For the | For the | For the | For the | For the | ||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reduction | 1.42 | % | 1.42 | % | 1.36 | % | 1.34 | % | 1.40 | % | ||||||||||
After expense reduction | 1.42 | % | 1.42 | % | 1.36 | % | 1.31 | % | 1.27 | % | ||||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||
Before expense reduction | 0.02 | % | (0.05 | )% | 0.51 | % | 0.38 | % | 0.30 | % | ||||||||||
After expense reduction | 0.02 | % | (0.05 | )% | 0.51 | % | 0.41 | % | 0.43 | % | ||||||||||
Portfolio turnover rate | 4 | % | 4 | % | 16 | % | 17 | % | 6 | % |
The Market Opportunities Portfolio | ||||||||||||||||||||
For the | For the | For the | For the | January 31, | ||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | 2006ˆ through | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reduction | 1.42 | % | 1.42 | % | 1.36 | % | 1.44 | % | 1.81 | %(1) | ||||||||||
After expense reduction | 1.42 | % | 1.42 | % | 1.36 | % | 1.44 | % | 1.61 | %(1) | ||||||||||
Ratio of net investment income to average net assets: | ||||||||||||||||||||
Before expense reduction | 0.56 | % | 0.26 | % | 1.25 | % | 0.61 | % | 0.16 | %(1) | ||||||||||
After expense reduction | 0.56 | % | 0.26 | % | 1.25 | % | 0.61 | % | 0.36 | %(1) | ||||||||||
Portfolio turnover rate | 12 | % | 14 | % | 77 | % | 14 | % | 0 | % |
ˆ | Commencement of operations. |
(1) | Annualized. |
The Water Infrastructure Portfolio | ||||||||||||||||
For the | For the | For the | June 29, | |||||||||||||
Year Ended | Year Ended | Year Ended | 2007ˆ through | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2010 | 2009 | 2008 | 2007 | |||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||
Before expense reduction | 1.47 | % | 1.49 | % | 1.49 | % | 2.01 | %(1) | ||||||||
After expense reduction | 1.47 | % | 1.49 | % | 1.49 | % | 2.01 | %(1) | ||||||||
Ratio of net investment income to average net assets: | ||||||||||||||||
Before expense reduction | 1.04 | % | 0.63 | % | 1.27 | % | 0.96 | %(1) | ||||||||
After expense reduction | 1.04 | % | 0.63 | % | 1.27 | % | 0.96 | %(1) | ||||||||
Portfolio turnover rate | 111 | % | 45 | % | 66 | % | 7 | % |
ˆ | Commencement of operations. |
(1) | Annualized. |
196
The Multi-Disciplinary Portfolio | ||||||||||||
February 11, | ||||||||||||
For the | For the | 2008ˆ | ||||||||||
Year Ended | Year Ended | through | ||||||||||
December 31, | December 31, | December 31, | ||||||||||
2010 | 2009 | 2008 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||
Before expense reduction | 2.41% | 3.66 | % | 5.09 | %(1) | |||||||
After expense reduction | 2.41% | 3.66 | % | 5.09 | %(1) | |||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||
Before expense reduction | 2.58% | (1.20 | )% | (3.49 | )%(1) | |||||||
After expense reduction | 2.58% | (1.20 | )% | (3.49 | )%(1) | |||||||
Portfolio turnover rate | 38% | 77 | % | N/A(2 | ) |
ˆ | Commencement of operations. |
(1) | Annualized. |
(2) | The Portfolio did not hold any long-term securities during the period, therefore the portfolio turnover is not applicable. |
197
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 112,508,084 | $ | 1,705,798 | (1) | $ | 502 | (2) | $ | 114,214,384 | ||||||
Escrow Notes | — | — | — | * | — | * | ||||||||||
Rights | 1,530,087 | — | — | 1,530,087 | ||||||||||||
Short-Term Investments | 600,620 | — | — | 600,620 | ||||||||||||
Investments Purchased with the Cash | ||||||||||||||||
Proceeds from Securities Lending | 37,416,974 | — | — | 37,416,974 | ||||||||||||
Total Investments in Securities | $ | 152,055,765 | $ | 1,705,798 | $ | 502 | $ | 153,762,065 | ||||||||
* | The amount is less than $0.50 |
See portfolio of Investments for breakout of common stocks by industry classification. |
(1) | The Common Stocks Level 2 balance consists of the market value of the associated Level 2 investments in the following industry: |
Rental and Leasing Services | $ | 1,701,000 | ||
Telecommunications | 4,798 | |||
$ | 1,705,798 |
(2) | The Common Stocks Level 3 balance consists of the market values of the associated Level 3 investments in the following industry: |
Special Purpose Entity | $ | 502 | ||
Transfers into Level 2 | 1,705,798 | |||
Transfers out of Level 2 | — | |||
Net transfers in and/or out of Level 2 | $ | 1,705,798 | ||
Investments in | ||||
Description | Securities | |||
Balance as of December 31, 2009 | $ | — | * | |
Accrued discounts/premiums | — | |||
Realized gain (loss) | — | |||
Change in unrealized appreciation (depreciation) | 502 | |||
Net purchases (sales) | — | |||
Transfer in and/or out of Level 3 | — | |||
Balance as of December 31, 2010 | $ | 502 | ||
* | The amount is less than $0.50. |
198
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 5,251,369 | $ | 38,343 | (1) | $ | — | $ | 5,289,712 | |||||||
Warrants | 231 | — | — | 231 | ||||||||||||
Investments Purchased with the Cash Proceeds from Securities Lending | 551,370 | — | — | 551,370 | ||||||||||||
Total Investments in Securities | $ | 5,802,970 | $ | 38,343 | $ | — | $ | 5,841,313 | ||||||||
See Portfolio of Investments for breakout of common stocks by industry classification. |
(1) | The Common Stocks Level 2 balance consists of the market value of the associated Level 2 investments in the following industry: |
Data Processing, Hosting and Related Services | $ | 38,343 |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 1,195,696,931 | $ | 6,807,296 | (1) | $ | — | $ | 1,202,504,227 | |||||||
Escrow Notes | — | — | — | * | — | * | ||||||||||
Convertible Bonds | — | 5,065,000 | — | 5,065,000 | ||||||||||||
Corporate Bonds | — | 428 | — | 428 | ||||||||||||
Warrants | 131,860 | — | — | 131,860 | ||||||||||||
Short-Term Investments | 38,460,062 | — | — | 38,460,062 | ||||||||||||
Proceeds from Securities Lending | 243,932,317 | — | — | 243,932,317 | ||||||||||||
Total Investments in Securities | $ | 1,478,221,170 | $ | 11,872,724 | — | * | $ | 1,490,093,894 | ||||||||
* | Amount is less than $0.50. |
See Portfolio of Investments for breakout of common stocks by industry classification. |
(1) | The Common Stocks Level 2 balance consists of the market value of the associated Level 2 investments in the following industry: |
Credit Intermediation and Related Activities | $ | 6,807,296 | ||
Transfers into Level 2 | $ | 6,807,296 | ||
Transfers out of Level 2 | — | |||
Net transfers in and/or out of Level 2 | 6,807,296 |
199
Investments in | ||||
Description | Securities | |||
Balance as of December 31, 2009 | $ | 2,620,751 | ||
Accrued discounts/premiums | — | |||
Realized gain (loss) | — | |||
Change in unrealized appreciation (depreciation) | — | |||
Net purchases (sales) | (2,620,751 | ) | ||
Transfer in and/or out of Level 3 | — | |||
Balance as of December 31, 2010 | $ | — | * | |
* | Amount is less than $0.50. |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 30,210,765 | $ | — | $ | — | $ | 30,210,765 | ||||||||
Escrow Notes | — | — | — | * | — | * | ||||||||||
Rights | 3,762 | — | — | 3,762 | ||||||||||||
Short-Term Investments | 483,789 | — | — | 483,789 | ||||||||||||
Investments Purchased with the Cash | ||||||||||||||||
Proceeds from Securities Lending | 10,793,305 | — | — | 10,793,305 | ||||||||||||
Total Investment in Securities | $ | 41,491,621 | $ | — | $ | — | * | $ | 41,491,621 | |||||||
* | Amount is less than $0.50. |
See Portfolio of Investments for breakout of common stocks by industry classification. |
Investments in | ||||
Description | Securities | |||
Balance as of December 31, 2009 | $ | — | ||
Accrued discounts/premiums | — | |||
Realized gain (loss) | — | |||
Change in unrealized appreciation (depreciation) | — | * | ||
Net purchases (sales) | — | * | ||
Transfer in and/or out of Level 3 | — | |||
Balance as of December 31, 2010 | $ | — | * | |
* | Amount is less than $0.50. |
200
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 150,960,186ˆ | $ | 2,135,057 | (1) | $ | — | $ | 153,095,243 | |||||||
Corporate Bonds | — | — | 125 | 125 | ||||||||||||
Rights | 704,351 | — | — | 704,351 | ||||||||||||
Short-Term Investments | 1,786,829 | — | — | 1,786,829 | ||||||||||||
Investments Purchased with the Cash | ||||||||||||||||
Proceeds from Securities Lending | 40,060,947 | — | — | 40,060,947 | ||||||||||||
Total Investments in Securities | $ | 193,512,313 | $ | 2,135,057 | $ | 125 | $ | 195,647,495 | ||||||||
ˆ | See Portfolio of Investments for breakout of common stocks by industry classification. |
(1) | The Common Stocks Level 2 balance consists of the market value of the associated Level 2 investments in the following industry: |
Asset Management | $ | 2,051,720 | ||
Real Estate | 1,310 | |||
Rental and Leasing Services | 66,150 | |||
Telecommunications | 15,877 | |||
$ | 2,135,057 | |||
Transfers into Level 2 | $ | 2,135,057 | ||
Transfers out of Level 2 | (170,518 | ) | ||
Net transfers in and/or out of Level 2 | $ | 1,964,539 | ||
Investments in | ||||
Description | Securities | |||
Balance as of December 31, 2009 | $ | — | * | |
Accrued discounts/premiums | — | |||
Realized gain (loss) | 1,213,355 | |||
Change in unrealized appreciation (depreciation) | — | |||
Net purchases (sales) | (1,213,355 | ) | ||
Transfer in and/or out of Level 3 | — | |||
Balance as of December 31, 2010 | $ | — | ||
* | Amount is less than $0.50. |
201
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 58,326,972 | ˆ | $ | 508,109 | (1) | $ | — | $ | 58,835,081 | ||||||
Short-Term Investments | 20,282 | — | — | 20,282 | ||||||||||||
Investments Purchased with the Cash | ||||||||||||||||
Proceeds from Securities Lending | 14,816,293 | — | — | 14,816,293 | ||||||||||||
Total Investment in Securities | $ | 73,163,547 | $ | 508,109 | $ | — | $ | 73,671,656 | ||||||||
ˆ | See Portfolio of Investments for breakout of common stocks by industry classification. |
(1) | The Common Stocks Level 2 balance consists of the market value of the associated Level 2 investments in the following industry: |
Asset Management | $ | 508,109 | ||
Transfers into Level 2 | $ | 508,109 | ||
Transfers out of Level 2 | — | |||
Net transfers in and/or out of Level 2 | $ | 508,109 | ||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 2,510,024 | ˆ | $ | — | $ | — | $ | 2,510,024 | |||||||
Convertible Bonds | — | 2,863,863 | — | 2,863,863 | ||||||||||||
Corporate Bonds | — | 5,028,047 | — | 5,028,047 | ||||||||||||
Warrants | — | 12,000 | — | 12,000 | ||||||||||||
Short-Term Investments | 3,010,076 | 5,399,997 | — | 8,410,073 | ||||||||||||
Investments Purchased with the Cash | ||||||||||||||||
Proceeds from Securities Lending | 582,692 | — | — | 582,692 | ||||||||||||
Total Investments in Securities | $ | 6,102,792 | $ | 13,303,907 | $ | — | $ | 19,406,699 | ||||||||
Put Options Written | $ | — | $ | (519,338 | ) | $ | — | $ | (519,338 | ) | ||||||
ˆ | See Portfolio of Investments for breakout of common stocks by industry classification. |
202
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 14,076 | ˆ | $ | — | $ | — | $ | 14,076 | |||||||
Convertible Bonds | — | 1,392,187 | — | 1,392,187 | ||||||||||||
Corporate Bonds | — | 2,298,249 | — | 2,298,249 | ||||||||||||
Put Options Purchased | — | 45 | — | 45 | ||||||||||||
Short-Term Investments | 59,799 | — | — | 59,799 | ||||||||||||
Investments Purchased with the Cash | ||||||||||||||||
Proceeds from Securities Lending | 76,500 | — | — | 76,500 | ||||||||||||
Total Investments in Securities | $ | 150,375 | $ | 3,690,481 | $ | — | $ | 3,840,856 | ||||||||
Put Options Written | $ | — | $ | (129,863 | ) | $ | — | $ | (129,863 | ) | ||||||
ˆ | See Portfolio of Investments for breakout of common stocks by industry classification. |
Assets | Liabilities | |||||||||||||
Equity Contracts | Description | Fair Value | Description | Fair Value | ||||||||||
Purchased Options | Investments* | $ | — | |||||||||||
Written Options | ||||||||||||||
Written option | contracts, at value | $ | — | |||||||||||
Total | $ | — | $ | — | ||||||||||
* | Purchased options are included in investments with other long positions. |
203
Equity Contracts | ||||
Purchased Options | $ | — | ** | |
Written Options | — | |||
Total | $ | — | ||
** | Purchased options are included with investments. |
Equity Contracts | ||||
Purchased Options | $ | — | *** | |
Written Options | (5,404 | )+ | ||
Total | $ | (5,404 | ) | |
*** | Purchased options are included with investments. |
+ | This change is a result of options being opened in a previous period and then held during the current period. |
Assets | Liabilities | |||||||||||||
Equity Contracts | Description | Fair Value | Description | Fair Value | ||||||||||
Purchased Options | Investments* | $ | — | |||||||||||
Written option | ||||||||||||||
Written Options | contracts, at value | $ | — | |||||||||||
Total | $ | — | $ | — | ||||||||||
* | Purchased options are included in investments with other long positions. |
204
Equity Contracts | ||||
Purchased Options | $ | — | ** | |
Written Options | — | |||
Total | $ | — | ||
** | Purchased options are included with investments. |
Equity Contracts | ||||
Purchased Options | $ | — | *** | |
Written Options | (37,827 | )+ | ||
Total | $ | (37,827 | ) | |
*** | Purchased options are included with investments. |
+ | This change is a result of options being opened in a previous period and then held through the current period. |
Assets | Liabilities | |||||||||||||
Equity Contracts | Description | Fair Value | Description | Fair Value | ||||||||||
Written option | ||||||||||||||
Written Options | contracts, at value | $ | 519,338 | |||||||||||
Total | $ | — | $ | 519,338 | ||||||||||
* | Purchased options are included in investments with other long positions. |
205
Equity Contracts | ||||
Written Options | $ | (297,569 | ) | |
Total | $ | (297,569 | ) | |
Equity Contracts | ||||
Written Options | $ | 1,168,280 | ||
Total | $ | 1,168,280 | ||
Assets | Liabilities | |||||||||||||
Equity Contracts | Description | Fair Value | Description | Fair Value | ||||||||||
Purchased Options | Investments* | $ | 45 | |||||||||||
Written option | ||||||||||||||
Written Options | contracts, at value | $ | 129,863 | |||||||||||
Total | $ | 45 | $ | 129,863 | ||||||||||
* | Purchased options are included in investments with other long positions. |
Equity Contracts | ||||
Purchased Options | $ | — | ** | |
Written Options | 101,093 | |||
Total | $ | 101,093 | ||
** | Purchased options are included with investments. |
206
Equity Contracts | ||||
Purchased Options | $ | (90 | )*** | |
Written Options | 115,518 | |||
Total | $ | 115,428 | ||
*** | Purchased options are included with investments. |
207
208
Public Accounting Firm
209
210
211
Number of | ||||||||
Portfolios/Funds in | ||||||||
Term of Office/ | Fund Complex** | |||||||
Position(s) with the | Length of | Overseen by | ||||||
Name, Address and Year of Birth | Company and Trust | Time Served | Trustee/Director | |||||
Steven T. Russell Year Born: 1963 c/o Kinetics Asset Management, Inc. 555 Taxter Road Suite 175 Elmsford, New York, 10523 | Independent Director/Trustee | Indefinite/ Since 2000 | 17 | |||||
Douglas Cohen, C.P.A Year Born: 1961 c/o Kinetics Asset Management, Inc. 555 Taxter Road Suite 175 Elmsford, New York, 10523 | Independent Director/Trustee | Indefinite/ Since 2000 | 17 | |||||
William J. Graham Year Born: 1962 c/o Kinetics Asset Management, Inc. 555 Taxter Road Suite 175 Elmsford, New York, 10523 | Independent Director/Trustee | Indefinite/ Since 2000 | 17 | |||||
Joseph E. Breslin Year Born: 1953 c/o Kinetics Asset Management, Inc. 555 Taxter Road Suite 175 Elmsford, New York, 10523 | Independent Director/Trustee | Indefinite/ Since 2000 | 17 | |||||
James M. Breen Year Born: 1959 c/o Kinetics Asset Management, Inc. 555 Taxter Road Suite 175 Elmsford, New York, 10523 | Independent Director/Trustee | Indefinite/ Since 2008 | 17 |
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Principal Occupation During the Past Five Years | Other Directorships Held by Trustee/Director | |
Attorney and Counselor at Law, Partner, Law Firm of Russell and Fig (2002-2010); Steven Russell Law Firm (1994 to 2002); Professor of Business Law, Suffolk County Community College (1997 to Present). | N/A | |
Sunrise Credit Services, Inc. (2005 to Present); Wagner & Zwerman, LLP Certified Public Accountant (1997 to 2005). | Director, The Kinetics Fund (a private investment company). | |
Attorney, William J. Graham, PC (2001 to Present); Bracken & Margolin, LLP (1997 to 2001). | N/A | |
Chief Operating Officer, Central Park Credit Holdings, (2007-2009) Chief Operating Officer, Aladdin Capital Management (2005-2007); Independent Consultant, Independence Community Bank (2003-2004); Senior Managing Director of Whitehall Asset Management (1999-2003). | Trustee, Hatteras Alternative Mutual Funds Trust (2 portfolios); Trustee, Underlying Funds Trust (4 portfolios). | |
Assistant Attaché Immigration & Customs Enforcement, Pretoria, South Africa (2008 to Present); Immigration & Customs Enforcement Representative, Athens, Greece (2006 to 2008); U.S. Homeland Security Office of Investigations, Senior Special Agent, Miami, FL (2000 to 2008). | N/A |
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Number of | ||||||||
Portfolios/Funds in | ||||||||
Term of Office/ | Fund Complex** | |||||||
Position(s) with the | Length of | Overseen by | ||||||
Name, Address and Year of Birth | Company and Trust | Time Served | Trustee/Director | |||||
Murray Stahl* Year Born: 1953 c/o Kinetics Asset Management, Inc. 555 Taxter Road Suite 175 Elmsford, New York, 10523 | Director/Trustee and Secretary | Indefinite/ Since 2000 | 17 | |||||
Peter B. Doyle* Year Born: 1962 c/o Kinetics Asset Management, Inc. 555 Taxter Road Suite 175 Elmsford, New York, 10523 | Director/Trustee, President and Chairman of the Board | Indefinite/ Since 2002 | 17 | |||||
Leonid Polyakov* Year Born: 1959 c/o Kinetics Asset Management, Inc. 555 Taxter Road Suite 175 Elmsford, New York, 10523 | Director/Trustee and Treasurer | Indefinite/ Since 2002 | 17 |
* | Directors/Trustees who are considered “interested persons” as defined in Section 2(a)(19) of the 1940 Act because of their association with the Adviser. |
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Principal Occupation During the Past Five Years | Other Directorships Held by Trustee/Director | |||
Chairman, The FRMO Corp. (2001 to Present) (provides consulting services to private investment funds and research services with respect to marketable securities); Chairman, Horizon Asset Management, an investment adviser (1994 to Present); Director of Research, Kinetics Asset Management and Kinetics Mutual Funds, Inc. (2002 to Present). | Chairman of Horizon Asset Management; Chairman of FRMO Corporation. | |||
President, Kinetics Asset Management, Inc. (2002 to Present); Director, Kinetics Advisers, LLC (2000 to Present); Director and Officer, Horizon Asset Management, Inc. (1994 to Present); Chief Investment Strategist, Kinetics Asset Management and Kinetics Mutual Funds, Inc. (1998 to Present). | Director, The Kinetics Fund (a private investment company); Director and Officer of FRMO Corporation. | |||
CFO, Kinetics Asset Management, Inc. (2000 to Present); President, Kinetics Funds Distributor, Inc. (2002 to Present); Director, Kinetics Advisers, LLC (2000 to Present); formerly CFO, KBD Securities, LLC (2000 to 2010). | Director, The Kinetics Fund (a private investment company). |
** | The term “fund complex” refers to the Company and the Trust, which hold themselves out as related for investment purposes. |
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• | Information we receive from you on or in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets, income and date of birth; and | |
• | Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payments history, parties to transactions, cost basis information, and other financial information. |
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FYE 12/31/2010 | FYE 12/31/2010 | FYE 12/31/2009 | FYE 12/31/2009 | |||||||||||||
Kinetics Portfolios | Kinetics Mutual | Kinetics Portfolios | Kinetics Mutual | |||||||||||||
Trust | Funds | Trust | Funds | |||||||||||||
Audit Fees | 78,250 | 78,250 | 76,000 | 76,000 | ||||||||||||
Audit-Related Fees | 0 | 0 | 0 | 0 | ||||||||||||
Tax Fees | 20,941 | 23,559 | 21,500 | 21,500 | ||||||||||||
All Other Fees | 0 | 0 | 0 | 0 |
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FYE 12/31/2010 | FYE 12/31/2009 | |||||||
Audit-Related Fees | 0 | % | 0 | % | ||||
Tax Fees | 0 | % | 0 | % | ||||
All Other Fees | 0 | % | 0 | % |
Non-Audit Related Fees | FYE 12/31/2010 | FYE 12/31/2009 | ||||||
Registrant | 0 | 0 | ||||||
Registrant’s Investment Adviser | 0 | 0 |
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1. | To approve the liquidation and termination of the Kinetics Government Money Market Fund as set forth in a Plan of Liquidation and Termination adopted by the Board of Directors of the Company. |
No. of Shares | % of Outstanding Shares | % of Shares voted | ||||||||||
Affirmative | 1,391,666.290 | 55.477 | % | 99.918 | % | |||||||
Against | 1,142.770 | 0.045 | % | 0.082 | % | |||||||
Abstain | .000 | 0.000 | % | 0.000 | % | |||||||
TOTAL | 1,392,809.060 | 55.522 | % | 100.000 | % |
(a) | The Registrant’s President and Treasurer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. | |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
(a) | (1) Code of Ethics is filed herewith. |
(2) | A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith. | ||
(3) | Not applicable to open-end investment companies. |
(b) | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith. |
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(Registrant) | Kinetics Mutual Funds, Inc. & Kinetics Portfolios Trust |
By (Signature and Title)* | /s/ Peter B. Doyle | |||
Date March 10, 2011 |
By (Signature and Title)* | /s/ Peter B. Doyle | |||
Date March 10, 2011 | ||||
By (Signature and Title)* | /s/ Leonid Polyakov | |||
Date March 9, 2011 |
* | Print the name and title of each signing officer under his or her signature. |
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