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SECURITIES AND EXCHANGE COMMISSION
INVESTMENT COMPANIES
(Address of principal executive offices) (Zip code)
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
(Name and address of agent for service)
Item 1. Reports to Stockholders | ||||||||
EX-99.CERT | ||||||||
EX-99.906CERT |
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Top Ten Common Stock Holdings | ||||
Kinross Gold Corp. | 5.0 | % | ||
Goldcorp, Inc. | 4.7 | |||
Eldorado Gold Corp. | 3.9 | |||
Agnico-Eagle Mines Ltd. | 3.6 | |||
Barrick Gold Corp. | 3.2 | |||
Newcrest Mining Ltd. | 3.1 | |||
Randgold Resources Ltd., ADR | 2.9 | |||
New Gold, Inc. | 2.5 | |||
IAMGOLD Corp. | 2.5 | |||
Impala Platinum Holdings Ltd. | 2.4 |
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Beginning | Ending | Expenses | ||||||||||
Account | Account | Paid During | ||||||||||
Value | Value | 6 Months Ended | ||||||||||
July 1, 2010 | December 31, 2010 | December 31, 20101,2 | ||||||||||
Actual | ||||||||||||
Class A | $ | 1,000.00 | $ | 1,390.20 | $ | 6.40 | ||||||
Class B | 1,000.00 | 1,384.20 | 11.52 | |||||||||
Class C | 1,000.00 | 1,384.90 | 10.92 | |||||||||
Class N | 1,000.00 | 1,387.80 | 8.75 | |||||||||
Class Y | 1,000.00 | 1,220.30 | 2.26 | |||||||||
Hypothetical (5% return before expenses) | ||||||||||||
Class A | 1,000.00 | 1,019.86 | 5.41 | |||||||||
Class B | 1,000.00 | 1,015.58 | 9.75 | |||||||||
Class C | 1,000.00 | 1,016.08 | 9.24 | |||||||||
Class N | 1,000.00 | 1,017.90 | 7.40 | |||||||||
Class Y | 1,000.00 | 1,021.98 | 3.27 |
1. | Actual expenses paid for Classes A, B, C, and N are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Actual expenses paid for Class Y are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 116/365 (to reflect the period from September 7, 2010 to December 31, 2010). | |
2. | Hypothetical expenses paid are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
Class | Expense Ratios | |||
Class A | 1.06 | % | ||
Class B | 1.91 | |||
Class C | 1.81 | |||
Class N | 1.45 | |||
Class Y | 0.64 |
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Shares | Value | |||||||
Wholly-Owned Subsidiary—0.0% | ||||||||
Oppenheimer Gold & Special Minerals | ||||||||
Fund (Cayman) Ltd.1,2 (Cost $405,582) | 4,056 | $ | 414,110 | |||||
Common Stocks—99.3% | ||||||||
Energy—1.3% | ||||||||
Oil, Gas & Consumable Fuels—1.3% | ||||||||
Cameco Corp.3 | 450,000 | 18,171,000 | ||||||
Sino Prosper State Gold Resources Holdings Ltd.2 | 20,200,000 | 1,234,433 | ||||||
Uranium Energy Corp.1,2,3 | 4,115,824 | 24,859,577 | ||||||
Uranium One, Inc. | 4,045,817 | 19,368,489 | ||||||
63,633,499 | ||||||||
Information Technology—0.0% | ||||||||
Semiconductors & Semiconductor Equipment—0.0% | ||||||||
Yingli Green Energy Holding Co. Ltd., ADR2 | 200 | 1,976 | ||||||
Materials—98.0% | ||||||||
Chemicals—0.2% | ||||||||
Neo Materials Technologies, Inc.2 | 1,537,010 | 12,119,238 | ||||||
Metals & Mining—97.8% | ||||||||
Agnico-Eagle Mines Ltd.3,4 | 2,327,838 | 178,545,175 | ||||||
Agnico-Eagle Mines Ltd.4 | 55,585 | 4,282,220 | ||||||
Alamos Gold, Inc.3 | 3,890,000 | 74,020,718 | ||||||
Allied Nevada Gold Corp.1,2,3 | 2,435,600 | 64,545,972 | ||||||
Anatolia Minerals Development Ltd.2 | 3,420,300 | 26,521,687 | ||||||
Anatolia Minerals Development Ltd., Legend Shares2 | 3,000,000 | 23,262,597 | ||||||
Andina Minerals, Inc.2 | 2,825,000 | 4,659,559 | ||||||
AngloGold Ashanti Ltd., Sponsored ADR3 | 768,800 | 37,848,024 | ||||||
Aquarius Platinum Ltd. | 3,313,512 | 18,184,537 | ||||||
ATAC Resources Ltd.2 | 2,104,955 | 13,273,728 | ||||||
Aura Minerals, Inc.2 | 2,998,100 | 11,759,620 | ||||||
Aura Minerals, Inc., Legend Shares2,5 | 800,000 | 3,137,886 | ||||||
Aurizon Mines Ltd.2 | 4,542,757 | 33,260,858 | ||||||
Aurizon Mines Ltd., Legend Shares2,5 | 300,000 | 2,196,520 | ||||||
B2Gold Corp.2 | 8,323,908 | 22,519,675 | ||||||
Banro Corp.2,3,4 | 1,975,930 | 7,923,479 | ||||||
Banro Corp.2,4 | 3,701,900 | 14,892,487 | ||||||
Barrick Gold Corp.3 | 3,037,015 | 161,508,458 | ||||||
Bear Creek Mining Corp.2 | 3,206,033 | 30,631,915 | ||||||
Bear Creek Mining Corp., Legend Shares2 | 389,312 | 3,719,666 | ||||||
Brigus Gold Corp.2 | 900,000 | 1,900,835 | ||||||
Canaco Resources, Inc.2 | 3,812,200 | 23,042,665 | ||||||
Canaco Resources, Inc., Legend Shares2 | 3,770,000 | 22,787,589 | ||||||
Capital Gold Corp.2 | 601,391 | 3,072,580 | ||||||
Centamin Egypt Ltd.2 | 21,870,600 | 61,148,816 | ||||||
Centamin Egypt Ltd., Legend Shares2 | 6,000,000 | 16,775,621 | ||||||
Centerra Gold, Inc.3 | 2,439,600 | 48,679,135 | ||||||
CGA Mining Ltd.2 | 5,460,600 | 17,024,902 | ||||||
CGA Mining Ltd., Legend Shares2 | 500,000 | 1,558,886 | ||||||
Chesapeake Gold Corp.2 | 202,218 | 2,552,384 | ||||||
China Gold International2 | 4,375,300 | 23,894,075 | ||||||
China Gold International Resources Corp. Ltd.2 | 600,000 | 3,242,075 | ||||||
Claude Resources, Inc.2 | 3,485,335 | 7,711,694 |
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Shares | Value | |||||||
Metals & Mining Continued | ||||||||
Coeur d’Alene Mines Corp.2,3 | 1,350,400 | $ | 36,892,928 | |||||
Colossus Minerals, Inc.2 | 4,255,967 | 37,752,820 | ||||||
Companhia de Minas Buenaventura SA, Sponsored ADR3 | 1,257,773 | 61,580,566 | ||||||
Continental Gold Ltd.2 | 1,300,000 | 13,074,525 | ||||||
Corvus Gold, Inc.2 | 752,650 | 598,002 | ||||||
Detour Gold Corp.2,3 | 1,856,800 | 54,510,703 | ||||||
Detour Gold Corp., Legend Shares2,5 | 58,495 | 1,628,672 | ||||||
Detour Gold Corp., Legend Shares2,5 | 275,000 | 8,073,268 | ||||||
Duluth Metals Ltd.1,2 | 7,704,800 | 22,472,010 | ||||||
Dundee Precious Metals, Inc.2 | 416,806 | 3,932,053 | ||||||
East Asia Minerals Corp.1,2 | 5,288,500 | 43,614,302 | ||||||
Eastmain Resources, Inc.2 | 1,539,300 | 3,235,580 | ||||||
Eldorado Gold Corp.3,4 | 1,988,278 | 36,922,322 | ||||||
Eldorado Gold Corp.3,4 | 6,865,400 | 127,738,007 | ||||||
Eldorado Gold Corp., CDI | 1,760,000 | 32,636,262 | ||||||
Equinox Minerals Ltd.2 | 5,900,000 | 36,255,657 | ||||||
European Goldfields Ltd.2 | 3,277,114 | 45,911,896 | ||||||
Exeter Resource Corp.1,2,3,4 | 1,367,000 | 8,489,070 | ||||||
Exeter Resource Corp.1,2,4 | 200,000 | 1,247,109 | ||||||
Exeter Resource Corp., Legend Shares1,2,5 | 3,000,000 | 18,706,628 | ||||||
Extorre Gold Mines Ltd.1,2,3 | 3,486,400 | 23,597,980 | ||||||
Extorre Gold Mines Ltd., Legend Shares1,2 | 3,000,000 | 20,305,743 | ||||||
Extorre Gold Mines Ltd., Legend Shares1,2 | 1,942,922 | 12,474,720 | ||||||
First Quantum Minerals Ltd.3 | 100,000 | 10,861,913 | ||||||
Franco-Nevada Corp.3 | 2,815,400 | 94,177,013 | ||||||
Fronteer Gold, Inc.2,3 | 2,649,917 | 31,083,526 | ||||||
Gabriel Resources Ltd.2 | 100,000 | 799,557 | ||||||
Gammon Gold, Inc.2,3 | 5,309,100 | 43,481,529 | ||||||
Gold Canyon Resources, Inc.2 | 725,886 | 1,664,508 | ||||||
Gold Fields Ltd., Sponsored ADR3 | 296,373 | 5,373,242 | ||||||
Gold Resource Corp.3 | 980,015 | 28,812,441 | ||||||
Gold Wheaton Gold Corp.2 | 5,623,964 | 29,072,890 | ||||||
Goldcorp, Inc.4 | 1,908,704 | 88,073,358 | ||||||
Goldcorp, Inc.3,4 | 3,208,561 | 147,529,635 | ||||||
Goldcorp, Inc., Legend Shares2 | 91,000 | 4,199,014 | ||||||
Golden Minerals Co.2,4 | 390,000 | 10,413,000 | ||||||
Golden Minerals Co.2,4 | 259,652 | 6,920,223 | ||||||
Golden Star Resources Ltd.2 | 1,556,910 | 7,146,217 | ||||||
Great Basin Gold Ltd.2,4 | 67,100 | 199,080 | ||||||
Great Basin Gold Ltd.2,4 | 9,685,301 | 28,668,491 | ||||||
Greystar Resources Ltd.2 | 2,527,200 | 10,268,418 | ||||||
Guyana Goldfields, Inc.2 | 892,800 | 9,607,724 | ||||||
Guyana Goldfields, Inc., Legend Shares2,5 | 850,000 | 9,147,139 | ||||||
Hana Mining Ltd.2 | 1,299,300 | 6,220,123 | ||||||
Hana Mining Ltd., Legend Shares2 | 2,000,000 | 9,574,575 | ||||||
Hecla Mining Co.2,3 | 3,610,000 | 40,648,600 |
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Shares | Value | |||||||
Metals & Mining Continued | ||||||||
High River Gold Mines Ltd.2 | 8,100,000 | $ | 10,020,115 | |||||
IAMGOLD Corp.3 | 6,979,845 | 124,241,241 | ||||||
Impala Platinum Holdings Ltd. | 3,492,352 | 123,503,351 | ||||||
International Minerals Corp.2 | 2,083,030 | 16,068,430 | ||||||
International Tower Hill Mines Ltd.2 | 2,440,618 | 24,865,192 | ||||||
International Tower Hill Mines Ltd., Legend Shares2 | 972,325 | 9,906,117 | ||||||
Intrepid Mines Ltd.2 | 300,000 | 618,526 | ||||||
Ivanhoe Mines Ltd.2,3 | 2,027,667 | 46,474,128 | ||||||
Jaguar Mining, Inc.1,2,4 | 3,227,700 | 23,015,582 | ||||||
Jaguar Mining, Inc.1,2,3,4 | 2,130,900 | 15,193,317 | ||||||
Katanga Mining Ltd.2 | 1,070,000 | 1,538,872 | ||||||
Keegan Resources, Inc.2 | 741,900 | 6,566,147 | ||||||
Kinross Gold Corp.3,4 | 4,508,890 | 85,488,554 | ||||||
Kinross Gold Corp.3,4 | 8,766,771 | 166,730,001 | ||||||
Kirkland Lake Gold, Inc.2 | 1,800,300 | 28,915,610 | ||||||
Lake Shore Gold Corp.2 | 14,853,718 | 62,145,697 | ||||||
Lake Shore Gold Corp., Legend Shares2,5 | 2,906,171 | 12,158,978 | ||||||
Lydian International Ltd.1,2 | 4,046,237 | 9,196,918 | ||||||
Lydian International Ltd., Legend Shares1,2 | 1,313,454 | 2,985,423 | ||||||
MAG Silver Corp, Legend Shares2,5 | 875,000 | 10,903,399 | ||||||
MAG Silver Corp.2 | 1,522,100 | 18,966,931 | ||||||
Medusa Mining Ltd. | 2,908,032 | 19,350,505 | ||||||
Mercator Minerals Ltd.2 | 5,989,000 | 23,912,632 | ||||||
Minefinders Corp. Ltd.2 | 2,906,989 | 32,093,159 | ||||||
Minera Andes, Inc.2 | 6,100,000 | 17,791,411 | ||||||
Nevsun Resources Ltd.2 | 3,512,643 | 26,248,554 | ||||||
New Gold, Inc.2,3,4 | 3,562,190 | 34,766,974 | ||||||
New Gold, Inc.2,4 | 9,285,000 | 90,394,046 | ||||||
New Hana Copper Mining Ltd.2 | 250,000 | 304,234 | ||||||
New Hana Copper Mining Ltd., Legend Shares2 | 500,000 | 608,468 | ||||||
Newcrest Mining Ltd. | 3,739,013 | 154,652,899 | ||||||
Newmont Mining Corp.3 | 1,337,728 | 82,176,631 | ||||||
Noront Resources Ltd.2 | 4,721,400 | 4,653,497 | ||||||
Northern Dynasty Minerals Ltd.2,3 | 867,085 | 12,390,645 | ||||||
Northgate Minerals Corp.2 | 2,324,542 | 7,434,420 | ||||||
NovaGold Resources, Inc.2,3 | 3,443,456 | 49,138,117 | ||||||
Orezone Gold Corp., Legend Shares2 | 620,390 | 2,458,349 | ||||||
Osisko Mining Corp.2,3 | 6,764,258 | 98,780,073 | ||||||
Pan American Silver Corp.3 | 1,162,441 | 47,904,194 | ||||||
Paramount Gold & Silver Corp.2 | 3,250,000 | 12,967,500 | ||||||
Perseus Mining Ltd.2 | 627,300 | 2,183,029 | ||||||
Perseus Mining Ltd., Legend Shares2,5 | 1,900,000 | 6,612,075 | ||||||
Petra Diamonds Ltd.2 | 1,825,510 | 3,870,742 | ||||||
Petropavlovsk plc | 1,946,570 | 34,718,991 | ||||||
Premier Gold Mines Ltd.1,2 | 6,854,000 | 50,941,426 | ||||||
Premier Gold Mines Ltd., Legend Shares1,2,5 | 835,000 | 6,206,024 | ||||||
Primero Mining Corp.2 | 1,402,081 | 6,486,546 | ||||||
Quadra FNX Mining Ltd.2 | 787,000 | 13,257,820 |
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Shares | Value | |||||||
Metals & Mining Continued | ||||||||
Queenston Mining, Inc.2 | 1,662,600 | $ | 9,999,344 | |||||
Rainy River Resources Ltd.1,2 | 2,646,300 | 33,587,756 | ||||||
Rainy River Resources Ltd., Legend Shares1,2,4,6 | 286,514 | 3,440,701 | ||||||
Rainy River Resources Ltd., Legend Shares1,2,4 | 1,500,000 | 19,038,520 | ||||||
Randgold Resources Ltd., ADR3 | 1,770,134 | 145,735,132 | ||||||
Real Gold Mining Ltd.2 | 5,400,000 | 9,406,649 | ||||||
Rio Alto Mining Ltd.2 | 365,429 | 911,459 | ||||||
Romarco Minerals, Inc.1,2 | 28,927,000 | 67,204,435 | ||||||
Romarco Minerals, Inc., Legend Shares1,2,5 | 4,200,000 | 9,757,618 | ||||||
Royal Gold, Inc.3 | 1,285,809 | 70,243,746 | ||||||
Rubicon Minerals Corp.1,2,3 | 13,368,260 | 76,332,765 | ||||||
Rubicon Minerals Corp., Legend Shares1,2 | 1,099,000 | 6,278,105 | ||||||
Sabina Silver Corp.2 | 2,728,562 | 15,394,984 | ||||||
San Gold Corp.1,2 | 18,689,700 | 74,623,463 | ||||||
San Gold Corp., Legend Shares1,2 | 2,000,000 | 7,985,517 | ||||||
Seabridge Gold, Inc.2,3 | 40,000 | 1,227,200 | ||||||
SEMAFO, Inc.2,3 | 6,593,068 | 71,281,787 | ||||||
Sherritt International Corp. | 1,051,500 | 8,957,261 | ||||||
Silver Lake Resources Ltd.2 | 4,543,399 | 11,013,343 | ||||||
Silver Standard Resources, Inc.2,3 | 1,554,309 | 43,862,600 | ||||||
Silver Wheaton Corp.2,3 | 3,139,300 | 122,558,272 | ||||||
Tahoe Resources, Inc.2 | 1,420,969 | 21,007,990 | ||||||
Tahoe Resources, Inc., Legend Shares2,5 | 320,000 | 4,730,967 | ||||||
Timmins Gold Corp.2 | 2,638,405 | 7,111,461 | ||||||
Trelawney Mining & Exploration, Inc.2 | 1,200,000 | 3,499,950 | ||||||
Trelawney Mining & Exploration, Inc., Legend Shares2 | 1,462,169 | 3,675,806 | ||||||
US Gold Corp2 | 4,818,900 | 38,888,523 | ||||||
Ventana Gold Corp2 | 1,906,500 | 25,425,113 | ||||||
Victoria Gold Corp2 | 8,122,900 | 8,823,023 | ||||||
Victoria Gold Corp., Legend Shares2 | 4,400,000 | 4,779,242 | ||||||
Yamana Gold, Inc.3,4 | 5,091,400 | 65,389,900 | ||||||
Yamana Gold, Inc.3,4 | 2,116,829 | 27,095,411 | ||||||
Zhaojin Mining Industry Co. Ltd. | 10,097,000 | 41,308,740 | ||||||
4,948,061,350 | ||||||||
Total Common Stocks (Cost $2,816,095,904) | 5,023,816,063 | |||||||
Units | ||||||||
Rights, Warrants and Certificates—0.1% | ||||||||
Ivanhoe Mines Ltd. Rts., Strike Price $13.88, Exp.1/26/112 | 2,027,667 | 2,838,734 | ||||||
Kinross Gold Corp. Wts., Strike Price 21.939CAD, Exp. 9/17/142,3 | 560,450 | 2,643,579 | ||||||
Total Rights, Warrants and Certificates (Cost $0) | 5,482,313 | |||||||
Shares | ||||||||
Investment Company—1.4% | ||||||||
Oppenheimer Institutional Money Market Fund, Cl. E, 0.21%1,7 (Cost $71,340,252) | 71,340,252 | 71,340,252 | ||||||
Total Investments, at Value (Cost $2,887,841,738) | 100.8 | % | 5,101,052,738 | |||||
Liabilities in Excess of Other Assets | (0.8 | ) | (41,220,394 | ) | ||||
Net Assets | 100.0 | % | $ | 5,059,832,344 | ||||
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CAD | Canadian Dollar |
1. | Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended December 31, 2010, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows: |
Shares | Gross | Gross | Shares | |||||||||||||
June 30, 2010 | Additions | Reductions | December 31, 2010 | |||||||||||||
Allied Nevada Gold Corp.a | 2,915,600 | 220,000 | 700,000 | 2,435,600 | ||||||||||||
Duluth Metals Ltd. | 7,203,200 | 501,600 | — | 7,704,800 | ||||||||||||
East Asia Minerals Corp. | 4,345,700 | 942,800 | — | 5,288,500 | ||||||||||||
Exeter Resource Corp. | 200,000 | — | — | 200,000 | ||||||||||||
Exeter Resource Corp. | 1,367,000 | — | — | 1,367,000 | ||||||||||||
Exeter Resource Corp., Legend Shares | 3,000,000 | — | — | 3,000,000 | ||||||||||||
Extorre Gold Mines Ltd. | 2,733,400 | 753,000 | — | 3,486,400 | ||||||||||||
Extorre Gold Mines Ltd., Legend Shares | — | 1,942,922 | — | 1,942,922 | ||||||||||||
Extorre Gold Mines Ltd., Legend Shares | 3,000,000 | — | — | 3,000,000 | ||||||||||||
Jaguar Mining, Inc. | 2,627,700 | 600,000 | — | 3,227,700 | ||||||||||||
Jaguar Mining, Inc. | 1,666,200 | 464,700 | — | 2,130,900 | ||||||||||||
Lydian International Ltd. | — | 4,046,237 | — | 4,046,237 | ||||||||||||
Lydian International Ltd., Legend Shares | — | 1,313,454 | — | 1,313,454 | ||||||||||||
Oppenheimer Gold & Special Minerals Fund (Cayman) Ltd.b | — | 4,056 | — | 4,056 | ||||||||||||
Oppenheimer Institutional Money Market Fund, Cl. E | 31,150,933 | 604,391,115 | 564,201,796 | 71,340,252 | ||||||||||||
Premier Gold Mines Ltd. | 3,276,000 | 3,578,000 | — | 6,854,000 | ||||||||||||
Premier Gold Mines Ltd., Legend Shares | 835,000 | — | — | 835,000 | ||||||||||||
Rainy River Resources Ltd. | 2,106,300 | 540,000 | — | 2,646,300 | ||||||||||||
Rainy River Resources Ltd., Legend Shares | — | 286,514 | — | 286,514 | ||||||||||||
Rainy River Resources Ltd., Legend Shares | 1,000,000 | 500,000 | — | 1,500,000 | ||||||||||||
Romarco Minerals, Inc. | 24,606,100 | 4,320,900 | — | 28,927,000 | ||||||||||||
Romarco Minerals, Inc., Legend Shares | 4,200,000 | — | — | 4,200,000 | ||||||||||||
Rubicon Minerals Corp. | 9,730,212 | 3,638,048 | — | 13,368,260 | ||||||||||||
Rubicon Minerals Corp., Legend Shares | 1,099,000 | — | — | 1,099,000 | ||||||||||||
San Gold Corp. | 13,825,300 | 4,864,400 | — | 18,689,700 | ||||||||||||
San Gold Corp., Legend Shares | — | 2,000,000 | — | 2,000,000 | ||||||||||||
Uranium Energy Corp. | 2,583,605 | 1,532,219 | — | 4,115,824 |
Realized | ||||||||||||
Value | Income | Gain | ||||||||||
Allied Nevada Gold Corp.a | $ | — | c | $ | — | $ | 1,708,760 | |||||
Duluth Metals Ltd. | 22,472,010 | — | — | |||||||||
East Asia Minerals Corp. | 43,614,302 | — | — | |||||||||
Exeter Resource Corp. | 1,247,109 | — | — | |||||||||
Exeter Resource Corp. | 8,489,070 | — | — | |||||||||
Exeter Resource Corp., Legend Shares | 18,706,628 | — | — | |||||||||
Extorre Gold Mines Ltd. | 23,597,980 | — | — | |||||||||
Extorre Gold Mines Ltd., Legend Shares | 12,474,720 | — | — | |||||||||
Extorre Gold Mines Ltd., Legend Shares | 20,305,743 | — | — | |||||||||
Jaguar Mining, Inc. | 23,015,582 | — | — | |||||||||
Jaguar Mining, Inc. | 15,193,317 | — | — |
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Realized | ||||||||||||
Value | Income | Gain | ||||||||||
Lydian International Ltd. | $ | 9,196,918 | $ | — | $ | — | ||||||
Lydian International Ltd., Legend Shares | 2,985,423 | — | — | |||||||||
Oppenheimer Gold & Special Minerals Fund | ||||||||||||
(Cayman) Ltd.b | 414,110 | — | — | |||||||||
Oppenheimer Institutional Money Market Fund, Cl. E | 71,340,252 | 91,945 | — | |||||||||
Premier Gold Mines Ltd. | 50,941,426 | — | — | |||||||||
Premier Gold Mines Ltd., Legend Shares | 6,206,024 | — | — | |||||||||
Rainy River Resources Ltd. | 33,587,756 | — | — | |||||||||
Rainy River Resources Ltd., Legend Shares | 3,440,701 | — | — | |||||||||
Rainy River Resources Ltd., Legend Shares | 19,038,520 | — | — | |||||||||
Romarco Minerals, Inc. | 67,204,435 | — | — | |||||||||
Romarco Minerals, Inc., Legend Shares | 9,757,618 | — | — | |||||||||
Rubicon Minerals Corp. | 76,332,765 | — | — | |||||||||
Rubicon Minerals Corp., Legend Shares | 6,278,105 | — | — | |||||||||
San Gold Corp. | 74,623,463 | — | — | |||||||||
San Gold Corp., Legend Shares | 7,985,517 | — | — | |||||||||
Uranium Energy Corp. | 24,859,577 | — | — | |||||||||
$ | 653,309,071 | $ | 91,945 | $ | 1,708,760 | |||||||
a. | No longer an affiliate as of December 31, 2010. |
b. | Investment in a wholly-owned subsidiary. See Note 1 of accompanying Notes and individual financial statements of the entity included herein beginning on page 55. |
c. | The security is no longer an affiliate, therefore, the value has been excluded from this table. |
2. | Non-income producing security. | |
3. | All or a portion of the security position is held in collateralized accounts to cover potential obligations with respect to outstanding written options. See Note 5 of the accompanying Notes. | |
4. | The Fund holds securities which have been issued by the same entity and that trade on separate exchanges. | |
5. | Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $93,259,174 or 1.84% of the Fund’s net assets as of December 31, 2010. | |
6. | Restricted security. The aggregate value of restricted securities as of December 31, 2010 was $3,440,701, which represents 0.07% of the Fund’s net assets. See Note 6 of the accompanying Notes. Information concerning restricted securities is as follows: |
Acquisition | Unrealized | |||||||||||||||
Security | Date | Cost | Value | Depreciation | ||||||||||||
Rainy River Resources Ltd., Legend Shares | 12/22/10 | $ | 3,573,832 | $ | 3,440,701 | $ | 133,131 |
7. | Rate shown is the 7-day yield as of December 31, 2010. |
1) | Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) | ||
2) | Level 2—inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) | ||
3) | Level 3—significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability). |
Table of Contents
Level 3— | ||||||||||||||||
Level 1— | Level 2— | Significant | ||||||||||||||
Unadjusted | Other Significant | Unobservable | ||||||||||||||
Quoted Prices | Observable Inputs | Inputs | Value | |||||||||||||
Assets Table | ||||||||||||||||
Investments, at Value: | ||||||||||||||||
Wholly-Owned Subsidiary | $ | — | $ | 414,110 | $ | — | $ | 414,110 | ||||||||
Common Stocks | ||||||||||||||||
Energy | 63,633,499 | — | — | 63,633,499 | ||||||||||||
Information Technology | 1,976 | — | — | 1,976 | ||||||||||||
Materials | 4,690,090,757 | 270,089,831 | — | 4,960,180,588 | ||||||||||||
Rights, Warrants and Certificates | 5,482,313 | — | — | 5,482,313 | ||||||||||||
Investment Company | 71,340,252 | — | — | 71,340,252 | ||||||||||||
Total Investments, at Value | 4,830,548,797 | 270,503,941 | — | 5,101,052,738 | ||||||||||||
Other Financial Instruments: | ||||||||||||||||
Foreign currency exchange contracts | — | 45,546 | — | 45,546 | ||||||||||||
Total Assets | $ | 4,830,548,797 | $ | 270,549,487 | $ | — | $ | 5,101,098,284 | ||||||||
Liabilities Table | ||||||||||||||||
Other Financial Instruments: | ||||||||||||||||
Appreciated options written, at value | $ | (7,154,430 | ) | $ | — | $ | — | $ | (7,154,430 | ) | ||||||
Depreciated options written, at value | (13,935,388 | ) | — | — | (13,935,388 | ) | ||||||||||
Total Liabilities | $ | (21,089,818 | ) | $ | — | $ | — | $ | (21,089,818 | ) | ||||||
Transfers into Level 1* | Transfers out of Level 2* | |||||||
Assets Table | ||||||||
Investments, at Value: | ||||||||
Common Stocks | ||||||||
Materials | $ | 239,256,244 | $ | (239,256,244 | ) | |||
Total Assets | $ | 239,256,244 | $ | (239,256,244 | ) | |||
* | Transferred from Level 2 to Level 1 due to the presence of a readily available unadjusted quoted market price. As of the prior reporting period end, these securities were absent of a readily available unadjusted quoted market price due to a significant event occurring before the Fund’s assets were valued but after the close of the securities’ respective exchanges. |
Table of Contents
Geographic Holdings | Value | Percent | ||||||
Canada | $ | 3,623,916,197 | 71.0 | % | ||||
United States | 660,842,772 | 13.0 | ||||||
Australia | 290,938,602 | 5.7 | ||||||
South Africa | 195,592,188 | 3.8 | ||||||
Jersey, Channel Islands | 157,917,473 | 3.1 | ||||||
Peru | 61,580,566 | 1.2 | ||||||
China | 41,308,740 | 0.8 | ||||||
United Kingdom | 34,718,991 | 0.7 | ||||||
Bermuda | 23,594,151 | 0.5 | ||||||
Mongolia | 9,406,649 | 0.2 | ||||||
Hong Kong | 1,234,433 | — | ||||||
Cayman Islands | 1,976 | — | ||||||
Total | $ | 5,101,052,738 | 100.0 | % | ||||
Contract | ||||||||||||||||||||
Counterparty/ | Amount | Expiration | Unrealized | |||||||||||||||||
Contract Description | Buy/Sell | (000’s) | Date | Value | Appreciation | |||||||||||||||
Brown Brothers Harriman | ||||||||||||||||||||
Canadian Dollar (CAD) | Buy | 288 CAD | 1/4/11 | $ | 289,679 | $ | 1,583 | |||||||||||||
JP Morgan Chase | ||||||||||||||||||||
Canadian Dollar (CAD) | Buy | 3,624 CAD | 1/7/11 | 3,644,684 | 43,963 | |||||||||||||||
Total unrealized appreciation | $ | 45,546 | ||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||
Number of | Exercise | Expiration | Premiums | Appreciation/ | ||||||||||||||||||||||||
Description | Type | Contracts | Price | Date | Received | Value | (Depreciation) | |||||||||||||||||||||
Agnico-Eagle Mines Ltd. | Call | 2,000 | $ | 90.00 | 2/21/11 | $ | 302,968 | $ | (122,000 | ) | $ | 180,968 | ||||||||||||||||
Agnico-Eagle Mines Ltd. | Call | 1,000 | 100.00 | 1/24/11 | 124,998 | (9,000 | ) | 115,998 | ||||||||||||||||||||
Agnico-Eagle Mines Ltd. | Call | 1,000 | 90.00 | 1/24/11 | 107,704 | (14,000 | ) | 93,704 | ||||||||||||||||||||
Agnico-Eagle Mines Ltd. | Call | 1,000 | 85.00 | 2/21/11 | 109,685 | (117,000 | ) | (7,315 | ) | |||||||||||||||||||
Agnico-Eagle Mines Ltd. | Call | 1,000 | 95.00 | 2/21/11 | 149,554 | (37,000 | ) | 112,554 | ||||||||||||||||||||
Agnico-Eagle Mines Ltd. | Put | 1,000 | 50.00 | 2/21/11 | 172,764 | (7,000 | ) | 165,764 | ||||||||||||||||||||
Agnico-Eagle Mines Ltd. | Put | 1,000 | 55.00 | 2/21/11 | 99,485 | (15,000 | ) | 84,485 | ||||||||||||||||||||
Agnico-Eagle Mines Ltd. | Put | 1,000 | 70.00 | 2/21/11 | 178,503 | (128,000 | ) | 50,503 | ||||||||||||||||||||
Agnico-Eagle Mines Ltd. | Put | 1,000 | 60.00 | 5/23/11 | 162,064 | (125,000 | ) | 37,064 | ||||||||||||||||||||
Alamos Gold, Inc. | Call | 3,000 | 19.00 | 1/24/11 | 285,601 | (211,204 | ) | 74,397 | ||||||||||||||||||||
Alamos Gold, Inc. | Call | 2,000 | 20.00 | 4/18/11 | 189,198 | (261,491 | ) | (72,293 | ) | |||||||||||||||||||
Alamos Gold, Inc. | Call | 2,000 | 22.00 | 4/18/11 | 208,248 | (140,803 | ) | 67,445 | ||||||||||||||||||||
Alamos Gold, Inc. | Put | 2,000 | 14.00 | 1/24/11 | 207,003 | — | 207,003 | |||||||||||||||||||||
Alamos Gold, Inc. | Put | 1,000 | 16.00 | 4/18/11 | 116,648 | (55,315 | ) | 61,333 | ||||||||||||||||||||
Alamos Gold, Inc. | Put | 1,000 | 17.00 | 4/18/11 | 101,774 | (85,487 | ) | 16,287 |
Table of Contents
Unrealized | ||||||||||||||||||||||||||||
Number of | Exercise | Expiration | Premiums | Appreciation/ | ||||||||||||||||||||||||
Description | Type | Contracts | Price | Date | Received | Value | (Depreciation) | |||||||||||||||||||||
Alamos Gold, Inc. | Put | 1,000 | $ | 17.00 | 7/18/11 | $ | 126,024 | $ | (130,745 | ) | $ | (4,721 | ) | |||||||||||||||
Allied Nevada Gold Corp. | Call | 1,000 | 22.00 | 1/24/11 | 107,537 | (427,436 | ) | (319,899 | ) | |||||||||||||||||||
Allied Nevada Gold Corp. | Put | 3,000 | 16.00 | 1/24/11 | 325,384 | — | 325,384 | |||||||||||||||||||||
Allied Nevada Gold Corp. | Put | 3,000 | 21.00 | 4/18/11 | 412,306 | (150,860 | ) | 261,446 | ||||||||||||||||||||
Allied Nevada Gold Corp. | Put | 2,000 | 15.00 | 1/24/11 | 215,549 | — | 215,549 | |||||||||||||||||||||
Allied Nevada Gold Corp. | Put | 2,000 | 17.00 | 1/24/11 | 246,291 | — | 246,291 | |||||||||||||||||||||
Allied Nevada Gold Corp. | Put | 1,000 | 18.00 | 1/24/11 | 97,777 | — | 97,777 | |||||||||||||||||||||
Anatolia Minerals Development Ltd. | Put | 2,000 | 7.00 | 4/18/11 | 185,069 | (70,401 | ) | 114,668 | ||||||||||||||||||||
AngloGold Ashanti Ltd., Sponsored ADR | Put | 1,000 | 39.00 | 1/24/11 | 146,984 | — | 146,984 | |||||||||||||||||||||
AngloGold Ashanti Ltd., Sponsored ADR | Call | 1,000 | 55.00 | 1/24/11 | 156,983 | (10,000 | ) | 146,983 | ||||||||||||||||||||
AngloGold Ashanti Ltd., Sponsored ADR | Call | 1,000 | 55.00 | 4/18/11 | 176,983 | (140,000 | ) | 36,983 | ||||||||||||||||||||
Barrick Gold Corp. | Call | 2,000 | 60.00 | 1/24/11 | 237,968 | (14,000 | ) | 223,968 | ||||||||||||||||||||
Barrick Gold Corp. | Call | 2,000 | 60.00 | 4/18/11 | 232,061 | (280,000 | ) | (47,939 | ) | |||||||||||||||||||
Barrick Gold Corp. | Call | 1,000 | 55.00 | 4/18/11 | 174,184 | (280,999 | ) | (106,815 | ) | |||||||||||||||||||
Barrick Gold Corp. | Put | 1,000 | 30.00 | 1/24/11 | 147,127 | — | 147,127 | |||||||||||||||||||||
Barrick Gold Corp. | Put | 1,000 | 42.00 | 1/24/11 | 99,365 | (2,000 | ) | 97,365 | ||||||||||||||||||||
Barrick Gold Corp. | Put | 1,000 | 40.00 | 4/18/11 | 133,024 | (30,000 | ) | 103,024 | ||||||||||||||||||||
Centerra Gold, Inc. | Call | 2,000 | 14.00 | 1/24/11 | 187,766 | (1,176,707 | ) | (988,941 | ) | |||||||||||||||||||
Centerra Gold, Inc. | Call | 2,000 | 21.00 | 4/18/11 | 202,943 | (261,491 | ) | (58,548 | ) | |||||||||||||||||||
Centerra Gold, Inc. | Call | 2,000 | 25.00 | 7/18/11 | 231,277 | (170,975 | ) | 60,302 | ||||||||||||||||||||
Centerra Gold, Inc. | Put | 2,000 | 14.00 | 1/24/11 | 328,399 | — | 328,399 | |||||||||||||||||||||
Centerra Gold, Inc. | Put | 1,000 | 13.00 | 1/24/11 | 118,671 | — | 118,671 | |||||||||||||||||||||
Cliffs Natural Resources, Inc. | Put | 1,000 | 45.00 | 4/18/11 | 198,383 | (22,000 | ) | 176,383 | ||||||||||||||||||||
Coeur d’Alene Mines Corp. | Put | 2,000 | 17.00 | 3/21/11 | 193,190 | — | 193,190 | |||||||||||||||||||||
Coeur d’Alene Mines Corp. | Put | 2,000 | 20.00 | 6/20/11 | 226,809 | (180,000 | ) | 46,809 | ||||||||||||||||||||
Companhia de Minas Buenaventura SA, Sponsored ADR | Call | 1,000 | 50.00 | 3/21/11 | 141,794 | (290,000 | ) | (148,206 | ) | |||||||||||||||||||
Companhia de Minas Buenaventura SA, Sponsored ADR | Call | 1,000 | 60.00 | 3/21/11 | 146,984 | (30,000 | ) | 116,984 | ||||||||||||||||||||
Detour Gold Corp. | Call | 1,000 | 32.00 | 1/24/11 | 191,112 | (30,172 | ) | 160,940 | ||||||||||||||||||||
Detour Gold Corp. | Put | 3,000 | 20.00 | 1/24/11 | 349,293 | — | 349,293 | |||||||||||||||||||||
Detour Gold Corp. | Put | 2,000 | 25.00 | 1/24/11 | 204,233 | (10,057 | ) | 194,176 | ||||||||||||||||||||
Detour Gold Corp. | Put | 2,000 | 26.00 | 1/24/11 | 193,451 | (20,115 | ) | 173,336 | ||||||||||||||||||||
Detour Gold Corp. | Put | 2,000 | 27.00 | 1/24/11 | 188,856 | (50,287 | ) | 138,569 | ||||||||||||||||||||
Detour Gold Corp. | Put | 1,000 | 25.00 | 4/18/11 | 138,045 | (85,487 | ) | 52,558 | ||||||||||||||||||||
Detour Gold Corp. | Put | 1,000 | 26.00 | 4/18/11 | 124,846 | (130,745 | ) | (5,899 | ) | |||||||||||||||||||
Detour Gold Corp. | Put | 1,000 | 27.00 | 4/18/11 | 214,811 | (155,889 | ) | 58,922 | ||||||||||||||||||||
Eldorado Gold Corp. | Call | 2,000 | 22.50 | 1/24/11 | 223,968 | — | 223,968 | |||||||||||||||||||||
Eldorado Gold Corp. | Call | 2,000 | 20.00 | 2/21/11 | 226,663 | (88,504 | ) | 138,159 | ||||||||||||||||||||
Eldorado Gold Corp. | Call | 2,000 | 22.00 | 2/21/11 | 199,991 | (20,115 | ) | 179,876 | ||||||||||||||||||||
Eldorado Gold Corp. | Put | 2,000 | 16.00 | 4/18/11 | 231,549 | (110,000 | ) | 121,549 | ||||||||||||||||||||
Eldorado Gold Corp. | Put | 1,000 | 16.00 | 1/24/11 | 103,005 | (5,000 | ) | 98,005 | ||||||||||||||||||||
Eldorado Gold Corp. | Put | 1,000 | 15.00 | 4/18/11 | 109,295 | (30,000 | ) | 79,295 |
Table of Contents
Unrealized | ||||||||||||||||||||||||||||
Number of | Exercise | Expiration | Premiums | Appreciation/ | ||||||||||||||||||||||||
Description | Type | Contracts | Price | Date | Received | Value | (Depreciation) | |||||||||||||||||||||
European Goldfields Ltd. | Put | 1,000 | $ | 13.00 | 1/24/11 | $ | 134,562 | $ | (25,143 | ) | $ | 109,419 | ||||||||||||||||
European Goldfields Ltd. | Put | 1,000 | 12.00 | 4/18/11 | 129,572 | (65,373 | ) | 64,199 | ||||||||||||||||||||
First Quantum Minerals Ltd. | Call | 1,000 | 135.00 | 4/18/11 | 264,694 | (231,319 | ) | 33,375 | ||||||||||||||||||||
First Quantum Minerals Ltd. | Put | 1,000 | 74.00 | 1/24/11 | 166,992 | (5,029 | ) | 161,963 | ||||||||||||||||||||
FMC Corp. | Put | 1,000 | 55.00 | 4/18/11 | 167,624 | (5,000 | ) | 162,624 | ||||||||||||||||||||
Franco-Nevada Corp. | Call | 4,000 | 36.00 | 1/24/11 | 419,885 | (20,115 | ) | 399,770 | ||||||||||||||||||||
Franco-Nevada Corp. | Call | 2,000 | 34.00 | 4/18/11 | 272,994 | (281,605 | ) | (8,611 | ) | |||||||||||||||||||
Franco-Nevada Corp. | Call | 2,000 | 36.00 | 7/18/11 | 249,663 | (291,662 | ) | (41,999 | ) | |||||||||||||||||||
Franco-Nevada Corp. | Call | 1,000 | 38.00 | 1/24/11 | 132,521 | — | 132,521 | |||||||||||||||||||||
Franco-Nevada Corp. | Call | 1,000 | 38.00 | 4/18/11 | 124,571 | (35,201 | ) | 89,370 | ||||||||||||||||||||
Franco-Nevada Corp. | Call | 1,000 | 38.00 | 7/18/11 | 92,625 | (90,516 | ) | 2,109 | ||||||||||||||||||||
Freeport-McMoRan Copper & Gold, Inc., Cl. B | Put | 1,000 | 66.50 | 1/24/11 | 114,985 | — | 114,985 | |||||||||||||||||||||
Fronteer Gold, Inc. | Put | 3,000 | 7.50 | 3/21/11 | 362,953 | (30,000 | ) | 332,953 | ||||||||||||||||||||
Gold Fields Ltd., Sponsored ADR | Call | 1,000 | 16.00 | 4/18/11 | 106,365 | (254,000 | ) | (147,635 | ) | |||||||||||||||||||
Gold Fields Ltd., Sponsored ADR | Put | 2,000 | 12.50 | 1/24/11 | 200,169 | — | 200,169 | |||||||||||||||||||||
Gold Fields Ltd., Sponsored ADR | Put | 1,000 | 11.00 | 1/24/11 | 96,498 | — | 96,498 | |||||||||||||||||||||
Goldcorp, Inc. | Call | 2,000 | 55.00 | 4/18/11 | 256,529 | (124,000 | ) | 132,529 | ||||||||||||||||||||
Goldcorp, Inc. | Call | 2,000 | 55.00 | 7/18/11 | 241,269 | (288,000 | ) | (46,731 | ) | |||||||||||||||||||
Goldcorp, Inc. | Call | 1,000 | 60.00 | 1/24/11 | 138,024 | (2,000 | ) | 136,024 | ||||||||||||||||||||
Goldcorp, Inc. | Call | 1,000 | 60.00 | 4/18/11 | 109,247 | (24,000 | ) | 85,247 | ||||||||||||||||||||
Goldcorp, Inc. | Put | 1,000 | 34.00 | 1/24/11 | 104,995 | (3,000 | ) | 101,995 | ||||||||||||||||||||
Golden Star Resources Ltd. | Put | 5,000 | 4.00 | 2/21/11 | 319,925 | (50,000 | ) | 269,925 | ||||||||||||||||||||
Harmony Gold Mining Co. Ltd., Sponsored ADR | Put | 1,000 | 12.00 | 5/23/11 | 99,545 | (80,000 | ) | 19,545 | ||||||||||||||||||||
Hecla Mining Co. | Call | 2,000 | 12.00 | 3/21/11 | 199,930 | (192,000 | ) | 7,930 | ||||||||||||||||||||
IAMGOLD Corp. | Call | 2,000 | 17.50 | 1/24/11 | 245,236 | (160,000 | ) | 85,236 | ||||||||||||||||||||
IAMGOLD Corp. | Call | 1,000 | 22.50 | 1/24/11 | 96,984 | — | 96,984 | |||||||||||||||||||||
IAMGOLD Corp. | Call | 1,000 | 25.00 | 1/24/11 | 97,898 | — | 97,898 | |||||||||||||||||||||
IAMGOLD Corp. | Put | 3,000 | 15.00 | 1/24/11 | 517,489 | — | 517,489 | |||||||||||||||||||||
IAMGOLD Corp. | Put | 2,000 | 13.00 | 3/21/11 | 223,968 | (10,000 | ) | 213,968 | ||||||||||||||||||||
IAMGOLD Corp. | Put | 2,000 | 14.00 | 3/21/11 | 263,967 | (30,000 | ) | 233,967 | ||||||||||||||||||||
IAMGOLD Corp. | Put | 2,000 | 15.00 | 3/21/11 | 194,930 | (50,000 | ) | 144,930 | ||||||||||||||||||||
IAMGOLD Corp. | Put | 1,000 | 12.50 | 1/24/11 | 159,498 | — | 159,498 | |||||||||||||||||||||
Ivanhoe Mines Ltd. | Call | 2,000 | 21.00 | 1/24/11 | 249,068 | (640,000 | ) | (390,932 | ) | |||||||||||||||||||
Ivanhoe Mines Ltd. | Call | 2,000 | 23.00 | 3/21/11 | 213,969 | (440,000 | ) | (226,031 | ) | |||||||||||||||||||
Ivanhoe Mines Ltd. | Call | 1,000 | 20.00 | 1/24/11 | 141,984 | (410,000 | ) | (268,016 | ) | |||||||||||||||||||
Ivanhoe Mines Ltd. | Put | 2,000 | 20.00 | 1/24/11 | 196,470 | — | 196,470 | |||||||||||||||||||||
Ivanhoe Mines Ltd. | Put | 2,000 | 21.00 | 1/24/11 | 213,969 | (30,000 | ) | 183,969 | ||||||||||||||||||||
Ivanhoe Mines Ltd. | Put | 2,000 | 20.00 | 3/21/11 | 213,969 | (140,000 | ) | 73,969 | ||||||||||||||||||||
Ivanhoe Mines Ltd. | Put | 2,000 | 22.00 | 3/21/11 | 228,509 | (290,000 | ) | (61,491 | ) | |||||||||||||||||||
Ivanhoe Mines Ltd. | Put | 2,000 | 19.00 | 6/20/11 | 283,968 | (240,000 | ) | 43,968 | ||||||||||||||||||||
Jaguar Mining, Inc. | Put | 3,000 | 5.00 | 3/21/11 | 131,956 | (45,000 | ) | 86,956 | ||||||||||||||||||||
Jaguar Mining, Inc. | Put | 2,000 | 7.00 | 1/24/11 | 187,948 | (48,275 | ) | 139,673 |
Table of Contents
Unrealized | ||||||||||||||||||||||||||||
Number of | Exercise | Expiration | Premiums | Appreciation/ | ||||||||||||||||||||||||
Description | Type | Contracts | Price | Date | Received | Value | (Depreciation) | |||||||||||||||||||||
Jaguar Mining, Inc. | Put | 1,000 | $ | 7.50 | 3/21/11 | $ | 141,984 | $ | (95,000 | ) | $ | 46,984 | ||||||||||||||||
Kinross Gold Corp. | Call | 1,000 | 25.00 | 1/24/11 | 105,998 | (1,000 | ) | 104,998 | ||||||||||||||||||||
Kinross Gold Corp. | Put | 3,000 | 14.00 | 2/21/11 | 306,124 | (9,000 | ) | 297,124 | ||||||||||||||||||||
Kinross Gold Corp. | Put | 2,000 | 17.50 | 1/24/11 | 240,609 | (24,000 | ) | 216,609 | ||||||||||||||||||||
Kinross Gold Corp. | Put | 2,000 | 17.00 | 2/21/11 | 233,969 | (58,000 | ) | 175,969 | ||||||||||||||||||||
Kinross Gold Corp. | Put | 2,000 | 17.00 | 5/23/11 | 246,249 | (180,000 | ) | 66,249 | ||||||||||||||||||||
New Gold, Inc. | Put | 2,000 | 7.50 | 2/21/11 | 363,966 | (20,000 | ) | 343,966 | ||||||||||||||||||||
New Gold, Inc. | Put | 2,000 | 6.00 | 2/21/11 | 208,969 | — | 208,969 | |||||||||||||||||||||
Newmont Mining Corp. | Call | 3,000 | 75.00 | 1/24/11 | 340,539 | (15,000 | ) | 325,539 | ||||||||||||||||||||
Newmont Mining Corp. | Call | 1,000 | 67.50 | 1/24/11 | 135,694 | (21,000 | ) | 114,694 | ||||||||||||||||||||
Newmont Mining Corp. | Call | 1,000 | 70.00 | 1/24/11 | �� | 99,054 | (10,000 | ) | 89,054 | |||||||||||||||||||
Newmont Mining Corp. | Call | 1,000 | 80.00 | 1/24/11 | 126,984 | (3,000 | ) | 123,984 | ||||||||||||||||||||
Newmont Mining Corp. | Call | 1,000 | 85.00 | 1/24/11 | 114,984 | (2,000 | ) | 112,984 | ||||||||||||||||||||
Newmont Mining Corp. | Call | 1,000 | 75.00 | 3/21/11 | 109,444 | (40,000 | ) | 69,444 | ||||||||||||||||||||
Newmont Mining Corp. | Call | 1,000 | 80.00 | 3/21/11 | 114,987 | (20,000 | ) | 94,987 | ||||||||||||||||||||
Newmont Mining Corp. | Put | 1,000 | 42.50 | 1/24/11 | 100,764 | — | 100,764 | |||||||||||||||||||||
Newmont Mining Corp. | Put | 1,000 | 40.00 | 1/24/11 | 107,984 | (1,000 | ) | 106,984 | ||||||||||||||||||||
Newmont Mining Corp. | Put | 1,000 | 45.00 | 1/24/11 | 131,984 | (2,000 | ) | 129,984 | ||||||||||||||||||||
Newmont Mining Corp. | Put | 1,000 | 49.00 | 1/24/11 | 202,983 | (4,000 | ) | 198,983 | ||||||||||||||||||||
Newmont Mining Corp. | Put | 1,000 | 40.00 | 3/21/11 | 111,984 | (7,000 | ) | 104,984 | ||||||||||||||||||||
Newmont Mining Corp. | Put | 1,000 | 45.00 | 3/21/11 | 158,283 | (16,000 | ) | 142,283 | ||||||||||||||||||||
Newmont Mining Corp. | Put | 1,000 | 50.00 | 3/21/11 | 142,984 | (43,000 | ) | 99,984 | ||||||||||||||||||||
NovaGold Resources, Inc. | Call | 2,000 | 16.00 | 3/21/11 | 204,029 | (200,000 | ) | 4,029 | ||||||||||||||||||||
NovaGold Resources, Inc. | Put | 3,000 | 9.00 | 3/21/11 | 325,814 | (15,000 | ) | 310,814 | ||||||||||||||||||||
NovaGold Resources, Inc. | Put | 2,000 | 7.50 | 1/24/11 | 328,994 | — | 328,994 | |||||||||||||||||||||
Osisko Mining Corp. | Call | 5,000 | 15.00 | 1/24/11 | 495,391 | (201,147 | ) | 294,244 | ||||||||||||||||||||
Osisko Mining Corp. | Call | 2,000 | 14.00 | 1/24/11 | 181,275 | (150,860 | ) | 30,415 | ||||||||||||||||||||
Osisko Mining Corp. | Call | 2,000 | 16.00 | 4/18/11 | 202,688 | (150,860 | ) | 51,828 | ||||||||||||||||||||
Osisko Mining Corp. | Put | 2,000 | 11.00 | 1/24/11 | 265,440 | — | 265,440 | |||||||||||||||||||||
Osisko Mining Corp. | Put | 2,000 | 13.00 | 1/24/11 | 256,972 | (16,092 | ) | 240,880 | ||||||||||||||||||||
Osisko Mining Corp. | Put | 2,000 | 13.00 | 4/18/11 | 221,560 | (120,688 | ) | 100,872 | ||||||||||||||||||||
Osisko Mining Corp. | Put | 2,000 | 13.00 | 7/18/11 | 191,529 | (221,261 | ) | (29,732 | ) | |||||||||||||||||||
Osisko Mining Corp. | Put | 1,000 | 12.00 | 4/18/11 | 113,234 | (40,229 | ) | 73,005 | ||||||||||||||||||||
Pan American Silver Corp. | Call | 2,000 | 55.00 | 7/18/11 | 214,069 | (270,000 | ) | (55,931 | ) | |||||||||||||||||||
Pan American Silver Corp. | Call | 1,000 | 45.00 | 4/18/11 | 162,984 | (235,000 | ) | (72,016 | ) | |||||||||||||||||||
Pan American Silver Corp. | Put | 1,000 | 32.00 | 4/18/11 | 116,984 | (65,000 | ) | 51,984 | ||||||||||||||||||||
Quadra FNX Mining Ltd. | Put | 1,000 | 14.00 | 4/18/11 | 121,994 | (45,258 | ) | 76,736 | ||||||||||||||||||||
Randgold Resources Ltd.,ADR | Call | 1,000 | 135.00 | 1/24/11 | 146,983 | — | 146,983 | |||||||||||||||||||||
Randgold Resources Ltd.,ADR | Call | 1,000 | 125.00 | 3/21/11 | 128,384 | — | 128,384 | |||||||||||||||||||||
Randgold Resources Ltd.,ADR | Put | 1,000 | 75.00 | 3/21/11 | 170,894 | (210,000 | ) | (39,106 | ) | |||||||||||||||||||
Red Back Mining, Inc. | Call | 7,000 | 30.00 | 1/24/11 | 957,820 | (2,745,650 | ) | (1,787,830 | ) | |||||||||||||||||||
Red Back Mining, Inc. | Call | 1,000 | 32.00 | 1/24/11 | 178,493 | (211,204 | ) | (32,711 | ) | |||||||||||||||||||
Red Back Mining, Inc. | Put | 2,000 | 20.00 | 1/24/11 | 183,569 | — | 183,569 | |||||||||||||||||||||
Red Back Mining, Inc. | Put | 2,000 | 21.00 | 1/24/11 | 200,933 | — | 200,933 | |||||||||||||||||||||
Red Back Mining, Inc. | Put | 1,000 | 22.00 | 1/24/11 | 117,834 | — | 117,834 | |||||||||||||||||||||
Royal Gold, Inc. | Call | 2,000 | 65.00 | 1/24/11 | 288,967 | — | 288,967 | |||||||||||||||||||||
Royal Gold, Inc. | Call | 1,000 | 70.00 | 1/24/11 | 96,984 | — | 96,984 | |||||||||||||||||||||
Royal Gold, Inc. | Call | 1,000 | 60.00 | 4/18/11 | 142,224 | (160,000 | ) | (17,776 | ) | |||||||||||||||||||
Royal Gold, Inc. | Put | 2,000 | 40.00 | 4/18/11 | 264,968 | (30,000 | ) | 234,968 |
Table of Contents
Unrealized | ||||||||||||||||||||||||||||
Number of | Exercise | Expiration | Premiums | Appreciation/ | ||||||||||||||||||||||||
Description | Type | Contracts | Price | Date | Received | Value | (Depreciation) | |||||||||||||||||||||
RTI International Metals, Inc. | Put | 1,000 | $ | 22.50 | 6/20/11 | $ | 183,813 | $ | (155,000 | ) | $ | 28,813 | ||||||||||||||||
Seabridge Gold, Inc. | Call | 400 | 37.50 | 1/24/11 | 45,494 | — | 45,494 | |||||||||||||||||||||
Seabridge Gold, Inc. | Put | 2,000 | 22.50 | 1/24/11 | 261,308 | — | 261,308 | |||||||||||||||||||||
Seabridge Gold, Inc. | Put | 2,000 | 20.00 | 1/24/11 | 316,457 | — | 316,457 | |||||||||||||||||||||
Seabridge Gold, Inc. | Put | 1,000 | 22.50 | 5/23/11 | 136,314 | (57,000 | ) | 79,314 | ||||||||||||||||||||
Seabridge Gold, Inc. | Put | 1,000 | 24.00 | 5/23/11 | 156,984 | (90,000 | ) | 66,984 | ||||||||||||||||||||
SEMAFO, Inc. | Call | 4,000 | 9.00 | 1/24/11 | 388,673 | (804,586 | ) | (415,913 | ) | |||||||||||||||||||
SEMAFO, Inc. | Put | 5,000 | 7.00 | 1/24/11 | 464,426 | (10,057 | ) | 454,369 | ||||||||||||||||||||
SEMAFO, Inc. | Put | 2,000 | 8.00 | 1/24/11 | 164,210 | (2,011 | ) | 162,199 | ||||||||||||||||||||
Silver Standard Resources, Inc. | Call | 2,000 | 31.00 | 3/21/11 | 197,970 | (290,000 | ) | (92,030 | ) | |||||||||||||||||||
Silver Standard Resources, Inc. | Call | 1,000 | 33.00 | 3/21/11 | 103,765 | (100,000 | ) | 3,765 | ||||||||||||||||||||
Silver Standard Resources, Inc. | Put | 2,000 | 21.00 | 1/24/11 | 195,970 | — | 195,970 | |||||||||||||||||||||
Silver Standard Resources, Inc. | Put | 2,000 | 19.00 | 3/21/11 | 203,969 | (20,000 | ) | 183,969 | ||||||||||||||||||||
Silver Wheaton Corp. | Call | 2,000 | 31.00 | 1/24/11 | 211,969 | (1,620,000 | ) | (1,408,031 | ) | |||||||||||||||||||
Silver Wheaton Corp. | Call | 2,000 | 50.00 | 3/21/11 | 342,547 | (184,000 | ) | 158,547 | ||||||||||||||||||||
Silver Wheaton Corp. | Call | 1,500 | 45.00 | 3/21/11 | 292,685 | (262,500 | ) | 30,185 | ||||||||||||||||||||
Silver Wheaton Corp. | Put | 2,000 | 22.00 | 3/21/11 | 235,969 | (10,000 | ) | 225,969 | ||||||||||||||||||||
Silver Wheaton Corp. | Put | 1,000 | 31.00 | 3/21/11 | 107,995 | (73,000 | ) | 34,995 | ||||||||||||||||||||
Stillwater Mining Co. | Put | 2,000 | 15.00 | 4/18/11 | 230,749 | (80,000 | ) | 150,749 | ||||||||||||||||||||
Stillwater Mining Co. | Put | 2,000 | 15.00 | 7/18/11 | 216,569 | (190,000 | ) | 26,569 | ||||||||||||||||||||
US Gold Corp. | Put | 5,000 | 5.00 | 2/21/11 | 339,927 | (25,000 | ) | 314,927 | ||||||||||||||||||||
US Gold Corp. | Put | 3,000 | 5.00 | 5/23/11 | 221,956 | (45,000 | ) | 176,956 | ||||||||||||||||||||
Ventana Gold Corp. | Put | 1,000 | 8.00 | 1/24/11 | 84,235 | (1,006 | ) | 83,229 | ||||||||||||||||||||
Yamana Gold, Inc. | Call | 2,000 | 12.50 | 1/24/11 | 199,197 | (116,000 | ) | 83,197 | ||||||||||||||||||||
Yamana Gold, Inc. | Call | 2,000 | 11.00 | 3/21/11 | 180,688 | (406,316 | ) | (225,628 | ) | |||||||||||||||||||
Yamana Gold, Inc. | Put | 2,000 | 10.00 | 1/24/11 | 279,207 | (2,000 | ) | 277,207 | ||||||||||||||||||||
Yamana Gold, Inc. | Put | 2,000 | 10.00 | 3/21/11 | 144,459 | (14,080 | ) | 130,379 | ||||||||||||||||||||
Yamana Gold, Inc. | Put | 1,000 | 9.00 | 1/24/11 | 100,308 | — | 100,308 | |||||||||||||||||||||
Yingli Green Energy Holding Co. Ltd., ADR | Put | 1,998 | 12.50 | 1/24/11 | 188,761 | (509,490 | ) | (320,729 | ) | |||||||||||||||||||
$ | 35,104,168 | $ | (21,089,818 | ) | $ | 14,014,350 | ||||||||||||||||||||||
Table of Contents
Assets | ||||
Investments, at value—see accompanying statement of investments: | ||||
Unaffiliated companies (cost $2,424,572,858) | $ | 4,447,743,667 | ||
Affiliated companies (cost $462,863,298) | 652,894,961 | |||
Wholly-owned subsidiary (cost $405,582) | 414,110 | |||
5,101,052,738 | ||||
Cash | 936,708 | |||
Cash—foreign currencies (cost $744,316) | 744,316 | |||
Unrealized appreciation on foreign currency exchange contracts | 45,546 | |||
Receivables and other assets: | ||||
Shares of beneficial interest sold | 14,329,283 | |||
Dividends | 737,859 | |||
Other | 89,330 | |||
Total assets | 5,117,935,780 | |||
Liabilities | ||||
Appreciated options written, at value (premiums received $28,618,235) | 7,154,430 | |||
Depreciated options written, at value (premiums received $6,485,933) | 13,935,388 | |||
Payables and other liabilities: | ||||
Foreign capital gains tax | 14,675,874 | |||
Investments purchased | 9,304,272 | |||
Shares of beneficial interest redeemed | 8,981,427 | |||
Distribution and service plan fees | 2,862,630 | |||
Transfer and shareholder servicing agent fees | 673,218 | |||
Shareholder communications | 210,197 | |||
Trustees’ compensation | 194,904 | |||
Other | 111,096 | |||
Total liabilities | 58,103,436 | |||
Net Assets | $ | 5,059,832,344 | ||
Composition of Net Assets | ||||
Paid-in capital | $ | 3,289,621,665 | ||
Accumulated net investment loss | (476,532,165 | ) | ||
Accumulated net realized gain on investments and foreign currency transactions | 34,229,321 | |||
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies | 2,212,513,523 | |||
Net Assets | $ | 5,059,832,344 | ||
Table of Contents
Net Asset Value Per Share | ||||
Class A Shares: | ||||
Net asset value and redemption price per share (based on net assets of $3,824,655,900 and 76,741,839 shares of beneficial interest outstanding) | $ | 49.84 | ||
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) | $ | 52.88 | ||
Class B Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $204,319,460 and 4,286,701 shares of beneficial interest outstanding) | $ | 47.66 | ||
Class C Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $705,423,725 and 14,912,252 shares of beneficial interest outstanding) | $ | 47.30 | ||
Class N Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $269,363,705 and 5,564,740 shares of beneficial interest outstanding) | $ | 48.41 | ||
Class Y Shares: | ||||
Net asset value, redemption price and offering price per share (based on net assets of $56,069,554 and 1,127,258 shares of beneficial interest outstanding) | $ | 49.74 |
Table of Contents
Investment Income | ||||
Dividends: | ||||
Unaffiliated companies (net of foreign withholding taxes of $1,167,904) | $ | 10,569,127 | ||
Affiliated companies | 91,945 | |||
Interest | 5,454 | |||
Other income | 15,453 | |||
Total investment income | 10,681,979 | |||
Expenses | ||||
Management fees | 12,688,129 | |||
Distribution and service plan fees: | ||||
Class A | 3,837,018 | |||
Class B | 870,605 | |||
Class C | 2,903,052 | |||
Class N | 523,610 | |||
Transfer and shareholder servicing agent fees: | ||||
Class A | 2,721,042 | |||
Class B | 232,966 | |||
Class C | 502,388 | |||
Class N | 345,091 | |||
Class Y | 3,339 | |||
Shareholder communications: | ||||
Class A | 213,574 | |||
Class B | 19,094 | |||
Class C | 33,023 | |||
Class N | 5,988 | |||
Class Y | 23 | |||
Custodian fees and expenses | 77,804 | |||
Trustees’ compensation | 27,674 | |||
Administration service fees | 750 | |||
Other | 106,421 | |||
Total expenses | 25,111,591 | |||
Less waivers and reimbursements of expenses | (49,073 | ) | ||
Net expenses | 25,062,518 | |||
Net Investment Loss | (14,380,539 | ) |
Table of Contents
Realized and Unrealized Gain | ||||
Net realized gain on: | ||||
Investments from: | ||||
Unaffiliated companies (including premiums on options exercised) | $ | 283,069,860 | ||
Affiliated companies | 1,708,760 | |||
Closing and expiration of option contracts written | 48,791,023 | |||
Foreign currency transactions | 9,659,949 | |||
Net realized gain | 343,229,592 | |||
Net change in unrealized appreciation/depreciation on: | ||||
Investments (net of foreign capital gains tax of $12,641,344) | 894,824,092 | |||
Translation of assets and liabilities denominated in foreign currencies | 111,259,127 | |||
Option contracts written | 13,675,172 | |||
Net change in unrealized appreciation/depreciation | 1,019,758,391 | |||
Net Increase in Net Assets Resulting from Operations | $ | 1,348,607,444 | ||
Table of Contents
Six Months | Year | |||||||
Ended | Ended | |||||||
December 31, 2010 | June 30, | |||||||
(Unaudited) | 2010 | |||||||
Operations | ||||||||
Net investment loss | $ | (14,380,539 | ) | $ | (24,251,300 | ) | ||
Net realized gain | 343,229,592 | 183,866,600 | ||||||
Net change in unrealized appreciation/depreciation | 1,019,758,391 | 889,162,245 | ||||||
Net increase in net assets resulting from operations | 1,348,607,444 | 1,048,777,545 | ||||||
Dividends and/or Distributions to Shareholders | ||||||||
Dividends from net investment income: | ||||||||
Class A | (314,113,984 | ) | (36,702,302 | ) | ||||
Class B | (16,108,455 | ) | (1,742,266 | ) | ||||
Class C | (56,761,076 | ) | (5,719,690 | ) | ||||
Class N | (21,907,932 | ) | (1,969,041 | ) | ||||
Class Y | (4,636,534 | ) | — | |||||
(413,527,981 | ) | (46,133,299 | ) | |||||
Distributions from net realized gain: | ||||||||
Class A | (69,443,338 | ) | — | |||||
Class B | (3,870,360 | ) | — | |||||
Class C | (13,386,970 | ) | — | |||||
Class N | (4,974,624 | ) | — | |||||
Class Y | (988,470 | ) | — | |||||
(92,663,762 | ) | — | ||||||
Beneficial Interest Transactions | ||||||||
Net increase (decrease) in net assets resulting from beneficial interest transactions: | ||||||||
Class A | 682,389,751 | 303,117,520 | ||||||
Class B | 18,666,837 | (16,653,434 | ) | |||||
Class C | 109,965,648 | 39,091,497 | ||||||
Class N | 69,951,510 | 43,300,687 | ||||||
Class Y | 52,713,681 | — | ||||||
933,687,427 | 368,856,270 | |||||||
Net Assets | ||||||||
Total increase | 1,776,103,128 | 1,371,500,516 | ||||||
Beginning of period | 3,283,729,216 | 1,912,228,700 | ||||||
End of period (including accumulated net investment loss of $476,532,165 and $48,623,645, respectively) | $ | 5,059,832,344 | $ | 3,283,729,216 | ||||
Table of Contents
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
December 31, 2010 | Year Ended June 30, | |||||||||||||||||||||||
Class A | (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 39.93 | $ | 26.21 | $ | 38.79 | $ | 31.81 | $ | 29.15 | $ | 18.27 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)1 | (.13 | )2 | (.26 | ) | .78 | 3 | (.09 | ) | (.08 | ) | (.06 | ) | ||||||||||||
Net realized and unrealized gain (loss) | 15.56 | 14.65 | (12.42 | ) | 9.31 | 7.22 | 12.12 | |||||||||||||||||
Total from investment operations | 15.43 | 14.39 | (11.64 | ) | 9.22 | 7.14 | 12.06 | |||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | (4.52 | ) | (.67 | ) | (.49 | ) | (.76 | ) | (.16 | ) | — | |||||||||||||
Distributions from net realized gain | (1.00 | ) | — | (.45 | ) | (1.48 | ) | (4.32 | ) | (1.18 | ) | |||||||||||||
Total dividends and/or distributions to shareholders | (5.52 | ) | (.67 | ) | (.94 | ) | (2.24 | ) | (4.48 | ) | (1.18 | ) | ||||||||||||
Net asset value, end of period | $ | 49.84 | $ | 39.93 | $ | 26.21 | $ | 38.79 | $ | 31.81 | $ | 29.15 | ||||||||||||
Total Return, at Net Asset Value4 | 39.02 | % | 55.18 | % | (28.29 | )% | 29.43 | % | 25.97 | % | 68.01 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 3,824,656 | $ | 2,500,205 | $ | 1,439,082 | $ | 1,919,047 | $ | 1,003,705 | $ | 582,745 | ||||||||||||
Average net assets (in thousands) | $ | 3,099,930 | $ | 1,983,223 | $ | 1,184,093 | $ | 1,518,510 | $ | 752,592 | $ | 390,347 | ||||||||||||
Ratios to average net assets:5 | ||||||||||||||||||||||||
Net investment income (loss) | (0.54 | )%2 | (0.74 | )% | 3.35 | %3 | (0.24 | )% | (0.26 | )% | (0.26 | )% | ||||||||||||
Total expenses | 1.06 | %6,7 | 1.12 | %7 | 1.20 | %7 | 1.06 | %7 | 1.10 | %7 | 1.18 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.06 | % | 1.12 | % | 1.19 | % | 1.06 | % | 1.10 | % | 1.18 | % | ||||||||||||
Portfolio turnover rate | 16 | % | 20 | % | 81 | % | 45 | % | 46 | % | 152 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Net investment income per share and the net investment income ratio include $0.04 and 0.18%, respectively, resulting from a special dividend from Uranium One, Inc. in December 2010. | |
3. | Net investment income per share and the net investment income ratio include $0.67 and 2.89%, respectively, resulting from a special dividend from Anglo Ferrous Brazil SA in July 2008. | |
4. | Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
5. | Annualized for periods less than one full year. | |
6. | Total expenses including all expenses of the wholly-owned subsidiary were as follows: |
Six Months Ended December 31, 2010 | 1.06 | % |
7. | Total expenses including indirect expenses from affiliated fund were as follows: |
Six Months Ended December 31, 2010 | 1.06 | % | ||
Year Ended June 30, 2010 | 1.12 | % | ||
Year Ended June 30, 2009 | 1.20 | % | ||
Year Ended June 30, 2008 | 1.06 | % | ||
Year Ended June 30, 2007 | 1.10 | % |
Table of Contents
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
December 31, 2010 | Year Ended June 30, | |||||||||||||||||||||||
Class B | (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 38.26 | $ | 25.17 | $ | 37.00 | $ | 30.44 | $ | 28.13 | $ | 17.80 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)1 | (.31 | )2 | (.54 | ) | .62 | 3 | (.36 | ) | (.30 | ) | (.25 | ) | ||||||||||||
Net realized and unrealized gain (loss) | 14.87 | 14.06 | (11.78 | ) | 8.90 | 6.93 | 11.76 | |||||||||||||||||
Total from investment operations | 14.56 | 13.52 | (11.16 | ) | 8.54 | 6.63 | 11.51 | |||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | (4.16 | ) | (.43 | ) | (.22 | ) | (.50 | ) | — | — | ||||||||||||||
Distributions from net realized gain | (1.00 | ) | — | (.45 | ) | (1.48 | ) | (4.32 | ) | (1.18 | ) | |||||||||||||
Total dividends and/or distributions to shareholders | (5.16 | ) | (.43 | ) | (.67 | ) | (1.98 | ) | (4.32 | ) | (1.18 | ) | ||||||||||||
Net asset value, end of period | $ | 47.66 | $ | 38.26 | $ | 25.17 | $ | 37.00 | $ | 30.44 | $ | 28.13 | ||||||||||||
Total Return, at Net Asset Value4 | 38.42 | % | 53.86 | % | (28.91 | )% | 28.44 | % | 24.97 | % | 66.67 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 204,319 | $ | 149,228 | $ | 111,935 | $ | 176,880 | $ | 138,568 | $ | 104,543 | ||||||||||||
Average net assets (in thousands) | $ | 173,048 | $ | 137,358 | $ | 101,129 | $ | 167,286 | $ | 121,560 | $ | 81,043 | ||||||||||||
Ratios to average net assets:5 | ||||||||||||||||||||||||
Net investment income (loss) | (1.40 | )%2 | (1.61 | )% | 2.79 | %3 | (1.03 | )% | (1.05 | )% | (1.06 | )% | ||||||||||||
Total expenses | 1.91 | %6,7 | 1.98 | %7 | 2.09 | %7 | 1.86 | %7 | 1.90 | %7 | 2.00 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.91 | % | 1.98 | % | 2.03 | % | 1.86 | % | 1.90 | % | 1.99 | % | ||||||||||||
Portfolio turnover rate | 16 | % | 20 | % | 81 | % | 45 | % | 46 | % | 152 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Net investment income per share and the net investment income ratio include $0.04 and 0.18%, respectively, resulting from a special dividend from Uranium One, Inc. in December 2010. | |
3. | Net investment income per share and the net investment income ratio include $0.65 and 2.89%, respectively, resulting from a special dividend from Anglo Ferrous Brazil SA in July 2008. | |
4. | Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
5. | Annualized for periods less than one full year. | |
6. | Total expenses including all expenses of the wholly-owned subsidiary were as follows: |
Six Months Ended December 31, 2010 | 1.91 | % |
7. | Total expenses including indirect expenses from affiliated fund were as follows: |
Six Months Ended December 31, 2010 | 1.91 | % | ||
Year Ended June 30, 2010 | 1.98 | % | ||
Year Ended June 30, 2009 | 2.09 | % | ||
Year Ended June 30, 2008 | 1.86 | % | ||
Year Ended June 30, 2007 | 1.90 | % |
Table of Contents
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
December 31, 2010 | Year Ended June 30, | |||||||||||||||||||||||
Class C | (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 38.04 | $ | 25.05 | $ | 36.89 | $ | 30.41 | $ | 28.10 | $ | 17.77 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)1 | (.29 | )2 | (.50 | ) | .61 | 3 | (.35 | ) | (.30 | ) | (.24 | ) | ||||||||||||
Net realized and unrealized gain (loss) | 14.79 | 13.98 | (11.74 | ) | 8.88 | 6.93 | 11.75 | |||||||||||||||||
Total from investment operations | 14.50 | 13.48 | (11.13 | ) | 8.53 | 6.63 | 11.51 | |||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | (4.24 | ) | (.49 | ) | (.26 | ) | (.57 | ) | — | — | ||||||||||||||
Distributions from net realized gain | (1.00 | ) | — | (.45 | ) | (1.48 | ) | (4.32 | ) | (1.18 | ) | |||||||||||||
Total dividends and/or distributions to shareholders | (5.24 | ) | (.49 | ) | (.71 | ) | (2.05 | ) | (4.32 | ) | (1.18 | ) | ||||||||||||
Net asset value, end of period | $ | 47.30 | $ | 38.04 | $ | 25.05 | $ | 36.89 | $ | 30.41 | $ | 28.10 | ||||||||||||
Total Return, at Net Asset Value4 | 38.49 | % | 53.98 | % | (28.84 | )% | 28.45 | % | 25.00 | % | 66.79 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 705,424 | $ | 476,835 | $ | 288,407 | $ | 422,169 | $ | 228,513 | $ | 138,279 | ||||||||||||
Average net assets (in thousands) | $ | 577,189 | $ | 396,328 | $ | 252,930 | $ | 343,807 | $ | 174,909 | $ | 92,491 | ||||||||||||
Ratios to average net assets:5 | ||||||||||||||||||||||||
Net investment income (loss) | (1.29 | )%2 | (1.51 | )% | 2.76 | %3 | (1.00 | )% | (1.03 | )% | (1.00 | )% | ||||||||||||
Total expenses | 1.81 | %6,7 | 1.88 | %7 | 1.98 | %7 | 1.82 | %7 | 1.87 | %7 | 1.92 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.81 | % | 1.88 | % | 1.96 | % | 1.82 | % | 1.87 | % | 1.91 | % | ||||||||||||
Portfolio turnover rate | 16 | % | 20 | % | 81 | % | 45 | % | 46 | % | 152 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Net investment income per share and the net investment income ratio include $0.04 and 0.18%, respectively, resulting from a special dividend from Uranium One, Inc. in December 2010. | |
3. | Net investment income per share and the net investment income ratio include $0.64 and 2.89%, respectively, resulting from a special dividend from Anglo Ferrous Brazil SA in July 2008. | |
4. | Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
5. | Annualized for periods less than one full year. | |
6. | Total expenses including all expenses of the wholly-owned subsidiary were as follows: |
�� | ||||
Six Months Ended December 31, 2010 | 1.81 | % |
7. | Total expenses including indirect expenses from affiliated fund were as follows: |
Six Months Ended December 31, 2010 | 1.81 | % | ||
Year Ended June 30, 2010 | 1.88 | % | ||
Year Ended June 30, 2009 | 1.98 | % | ||
Year Ended June 30, 2008 | 1.82 | % | ||
Year Ended June 30, 2007 | 1.87 | % |
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Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
December 31, 2010 | Year Ended June 30, | |||||||||||||||||||||||
Class N | (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 38.88 | $ | 25.58 | $ | 37.94 | $ | 31.18 | $ | 28.68 | $ | 18.03 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)1 | (.21 | )2 | (.39 | ) | .57 | 3 | (.21 | ) | (.17 | ) | (.13 | ) | ||||||||||||
Net realized and unrealized gain (loss) | 15.14 | 14.30 | (12.04 | ) | 9.13 | 7.08 | 11.96 | |||||||||||||||||
Total from investment operations | 14.93 | 13.91 | (11.47 | ) | 8.92 | 6.91 | 11.83 | |||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | (4.40 | ) | (.61 | ) | (.44 | ) | (.68 | ) | (.09 | ) | — | |||||||||||||
Distributions from net realized gain | (1.00 | ) | — | (.45 | ) | (1.48 | ) | (4.32 | ) | (1.18 | ) | |||||||||||||
Total dividends and/or distributions to shareholders | (5.40 | ) | (.61 | ) | (.89 | ) | (2.16 | ) | (4.41 | ) | (1.18 | ) | ||||||||||||
Net asset value, end of period | $ | 48.41 | $ | 38.88 | $ | 25.58 | $ | 37.94 | $ | 31.18 | $ | 28.68 | ||||||||||||
Total Return, at Net Asset Value4 | 38.78 | % | 54.60 | % | (28.55 | )% | 29.04 | % | 25.52 | % | 67.62 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 269,364 | $ | 157,461 | $ | 72,805 | $ | 71,049 | $ | 29,063 | $ | 18,112 | ||||||||||||
Average net assets (in thousands) | $ | 208,899 | $ | 115,927 | $ | 54,016 | $ | 49,137 | $ | 22,412 | $ | 10,956 | ||||||||||||
Ratios to average net assets:5 | ||||||||||||||||||||||||
Net investment income (loss) | (0.92 | )%2 | (1.12 | )% | 2.55 | %3 | (0.59 | )% | (0.57 | )% | (0.53 | )% | ||||||||||||
Total expenses | 1.46 | %6,7 | 1.55 | %7 | 1.63 | %7 | 1.39 | %7 | 1.41 | %7 | 1.44 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.45 | % | 1.49 | % | 1.52 | % | 1.39 | % | 1.41 | % | 1.44 | % | ||||||||||||
Portfolio turnover rate | 16 | % | 20 | % | 81 | % | 45 | % | 46 | % | 152 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Net investment income per share and the net investment income ratio include $0.04 and 0.18%, respectively, resulting from a special dividend from Uranium One, Inc. in December 2010. | |
3. | Net investment income per share and the net investment income ratio include $0.65 and 2.89%, respectively, resulting from a special dividend from Anglo Ferrous Brazil SA in July 2008. | |
4. | Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
5. | Annualized for periods less than one full year. | |
6. | Total expenses including all expenses of the wholly-owned subsidiary were as follows: |
Six Months Ended December 31, 2010 | 1.46 | % |
7. | Total expenses including indirect expenses from affiliated fund were as follows: |
Six Months Ended December 31, 2010 | 1.46 | % | ||
Year Ended June 30, 2010 | 1.55 | % | ||
Year Ended June 30, 2009 | 1.63 | % | ||
Year Ended June 30, 2008 | 1.39 | % | ||
Year Ended June 30, 2007 | 1.41 | % |
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Period Ended | ||||
December 31, 20101 | ||||
Class Y | (Unaudited) | |||
Per Share Operating Data | ||||
Net asset value, beginning of period | $ | 45.55 | ||
Income (loss) from investment operations: | ||||
Net investment income2 | — | 3,4 | ||
Net realized and unrealized gain | 9.88 | |||
Total from investment operations | 9.88 | |||
Dividends and/or distributions to shareholders: | ||||
Dividends from net investment income | (4.69 | ) | ||
Dividends from net realized gain | (1.00 | ) | ||
Total dividends and/or distributions to shareholders | (5.69 | ) | ||
Net asset value, end of period | $ | 49.74 | ||
Total Return, at Net Asset Value5 | 22.03 | % | ||
Ratios/Supplemental Data | ||||
Net assets, end of period (in thousands) | $ | 56,069 | ||
Average net assets (in thousands) | $ | 45,464 | ||
Ratios to average net assets:6 | ||||
Net investment income | 0.02 | %3 | ||
Total expenses7,8 | 0.64 | % | ||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.64 | % | ||
Portfolio turnover rate | 16 | % |
1. | For the period from September 7, 2010 (inception of offering) to December 31, 2010. | |
2. | Per share amounts calculated based on the average shares outstanding during the period. | |
3. | Net investment income per share and the net investment income ratio include $0.04 and 0.28%, respectively, resulting from a special dividend from Uranium One, Inc. in December 2010. | |
4. | Less than $0.005 per share. | |
5. | Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
6. | Annualized for periods less than one full year. | |
7. | Total expenses including all expenses of the wholly-owned subsidiary were as follows: |
Period Ended December 31, 2010 | 0.64 | % |
8. | Total expenses including indirect expenses from affiliated fund were as follows: |
Period Ended December 31, 2010 | 0.64 | % |
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Expiring | ||||
2017 | $ | 78,169,438 | ||
2018 | 134,766,238 | |||
Total | $ | 212,935,676 | ||
Federal tax cost of securities | $ | 2,894,170,789 | ||
Federal tax cost of other investments | (35,104,168 | ) | ||
Total federal tax cost | $ | 2,859,066,621 | ||
Gross unrealized appreciation | $ | 2,267,820,257 | ||
Gross unrealized depreciation | (61,599,832 | ) | ||
Net unrealized appreciation | $ | 2,206,220,425 | ||
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Projected Benefit Obligations Increased (Decreased) | $ | — | ||
Payments Made to Retired Trustees | — | |||
Accumulated Liability as of December 31, 2010 | 96,383 |
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Six Months Ended December 31, 20101 | Year Ended June 30, 2010 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class A | ||||||||||||||||
Sold | 20,175,686 | $ | 948,801,171 | 27,467,689 | $ | 989,353,603 | ||||||||||
Dividends and/or distributions reinvested | 5,521,103 | 268,490,836 | 757,136 | 27,431,017 | ||||||||||||
Redeemed | (11,575,627 | ) | (534,902,256 | ) | (20,507,097 | ) | (713,667,100 | ) | ||||||||
Net increase | 14,121,162 | $ | 682,389,751 | 7,717,728 | $ | 303,117,520 | ||||||||||
Class B | ||||||||||||||||
Sold | 645,383 | $ | 29,159,848 | 1,211,107 | $ | 41,115,347 | ||||||||||
Dividends and/or distributions reinvested | 369,034 | 17,115,813 | 43,785 | 1,527,229 | ||||||||||||
Redeemed | (628,297 | ) | (27,608,824 | ) | (1,800,604 | ) | (59,296,010 | ) | ||||||||
Net increase (decrease) | 386,120 | $ | 18,666,837 | (545,712 | ) | $ | (16,653,434 | ) | ||||||||
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Six Months Ended December 31, 20101 | Year Ended June 30, 2010 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class C | ||||||||||||||||
Sold | 2,803,483 | $ | 127,334,156 | 4,561,750 | $ | 155,798,017 | ||||||||||
Dividends and/or distributions reinvested | 1,154,758 | 53,153,540 | 130,651 | 4,528,353 | ||||||||||||
Redeemed | (1,582,103 | ) | (70,522,048 | ) | (3,670,109 | ) | (121,234,873 | ) | ||||||||
Net increase | 2,376,138 | $ | 109,965,648 | 1,022,292 | $ | 39,091,497 | ||||||||||
Class N | ||||||||||||||||
Sold | 1,930,826 | $ | 88,429,475 | 2,652,297 | $ | 92,701,070 | ||||||||||
Dividends and/or distributions reinvested | 517,588 | 24,378,384 | 49,388 | 1,746,345 | ||||||||||||
Redeemed | (933,301 | ) | (42,856,349 | ) | (1,497,608 | ) | (51,146,728 | ) | ||||||||
Net increase | 1,515,113 | $ | 69,951,510 | 1,204,077 | $ | 43,300,687 | ||||||||||
Class Y | ||||||||||||||||
Sold | 1,046,649 | $ | 48,861,912 | — | $ | — | ||||||||||
Dividends and/or distributions reinvested | 115,881 | 5,606,301 | — | — | ||||||||||||
Redeemed | (35,272 | ) | (1,754,532 | ) | — | — | ||||||||||
Net increase | 1,127,258 | $ | 52,713,681 | — | $ | — | ||||||||||
1. | For the six months ended December 31, 2010, for Class A, Class B, Class C and Class N shares, and for the period from September 7, 2010 (inception of offering) to December 31, 2010, for Class Y shares. |
Purchases | Sales | |||||||
Investment securities | $ | 1,046,492,784 | $ | 637,932,312 |
Fee Schedule | ||||
Up to $200 million | 0.75 | % | ||
Next $200 million | 0.72 | |||
Next $200 million | 0.69 | |||
Next $200 million | 0.66 | |||
Next $2.2 billion | 0.60 | |||
Next $1 billion | 0.59 | |||
Over $4 billion | 0.58 |
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Class B | $ | 1,345,511 | ||
Class C | 5,931,250 | |||
Class N | 2,008,912 |
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Class A | Class B | Class C | Class N | |||||||||||||||||
Class A | Contingent | Contingent | Contingent | Contingent | ||||||||||||||||
Front-End | Deferred | Deferred | Deferred | Deferred | ||||||||||||||||
Sales Charges | Sales Charges | Sales Charges | Sales Charges | Sales Charges | ||||||||||||||||
Six Months | Retained by | Retained by | Retained by | Retained by | Retained by | |||||||||||||||
Ended | Distributor | Distributor | Distributor | Distributor | Distributor | |||||||||||||||
December 31, 2010 | $ | 783,356 | $ | 28,661 | $ | 170,422 | $ | 53,340 | $ | 5,890 |
Class N | $ | 10,982 |
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Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products. |
Credit Risk. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds. |
Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market. |
Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency. |
Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities. |
Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk. |
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Counterparty Credit Risk. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the Manager believes to be credit-worthy at the time of the transaction. As of December 31, 2010, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $45,546, which represents gross payments to be received by the Fund on these derivative contracts were they to be unwound as of period end. |
Credit Related Contingent Features. The Fund’s agreements with derivative counterparties have several credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund’s net assets and or a percentage decrease in the Fund’s Net Asset Value or NAV. The contingent features are established within the Fund’s International Swap and Derivatives Association, Inc. master agreements which govern certain positions in swaps, over-the-counter options and swaptions, and forward currency exchange contracts for each individual counterparty. |
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Asset Derivatives | Liability Derivatives | |||||||||||||||
Derivatives Not | Statement of Assets | Statement of Assets | ||||||||||||||
Accounted for as | and Liabilities | and Liabilities | ||||||||||||||
Hedging Instruments | Location | Value | Location | Value | ||||||||||||
Foreign exchange contracts | Unrealized appreciation on foreign currency exchange contracts | $ | 45,546 | |||||||||||||
Equity contracts | Appreciated options written, at value | $ | 7,154,430 | |||||||||||||
Equity contracts | Depreciated options written, at value | 13,935,388 | ||||||||||||||
Total | $ | 45,546 | $ | 21,089,818 | ||||||||||||
Amount of Realized Gain or (Loss) Recognized on Derivatives | ||||||||||||||||
Investments from | Closing and | |||||||||||||||
Derivatives Not | unaffiliated companies | expiration of | Foreign | |||||||||||||
Accounted for as | (including premiums | option contracts | currency | |||||||||||||
Hedging Instruments | on options exercised)* | written | transactions | Total | ||||||||||||
Equity contracts | $ | 14,819,139 | $ | 48,791,023 | $ | — | $ | 63,610,162 | ||||||||
Foreign exchange contracts | — | — | (408,596 | ) | (408,596 | ) | ||||||||||
Total | $ | 14,819,139 | $ | 48,791,023 | $ | (408,596 | ) | $ | 63,201,566 | |||||||
* | Includes purchased option contracts, purchased swaption contracts and written option contracts exercised, if any. |
Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives | ||||||||||||
Derivatives Not Accounted | Option contracts | Translation of assets and liabilites | ||||||||||
for as Hedging Instruments | written | denominated in foreign currencies | Total | |||||||||
Equity contracts | $ | 13,675,172 | $ | — | $ | 13,675,172 | ||||||
Foreign exchange contracts | — | 47,914 | 47,914 | |||||||||
Total | $ | 13,675,172 | $ | 47,914 | $ | 13,723,086 | ||||||
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46 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
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Call Options | Put Options | |||||||||||||||
Number of | Amount of | Number of | Amount of | |||||||||||||
Contracts | Premiums | Contracts | Premiums | |||||||||||||
Options outstanding as of June 30, 2010 | 183,400 | $ | 22,572,353 | 322,600 | $ | 43,196,954 | ||||||||||
Options written | 98,900 | 12,062,480 | 271,200 | 32,937,544 | ||||||||||||
Options closed or expired | (70,181 | ) | (8,672,024 | ) | (387,970 | ) | (51,991,973 | ) | ||||||||
Options exercised | (91,219 | ) | (11,482,220 | ) | (26,832 | ) | (3,518,946 | ) | ||||||||
Options outstanding as of December 31, 2010 | 120,900 | $ | 14,480,589 | 178,998 | $ | 20,623,579 | ||||||||||
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53 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
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Trustees and Officers | Brian F. Wruble, Chairman of the Board of Trustees and Trustee | |
David K. Downes, Trustee | ||
Matthew P. Fink, Trustee | ||
Phillip A. Griffiths, Trustee | ||
Mary F. Miller, Trustee | ||
Joel W. Motley, Trustee | ||
Mary Ann Tynan, Trustee | ||
Joseph M. Wikler, Trustee | ||
Peter I. Wold, Trustee | ||
William F. Glavin, Jr., President and Principal Executive Officer | ||
Shanquan Li, Vice President and Portfolio Manager | ||
Thomas W. Keffer, Vice President and Chief Business Officer | ||
Mark S. Vandehey, Vice President and Chief Compliance Officer | ||
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer | ||
Robert G. Zack, Secretary | ||
Manager | OppenheimerFunds, Inc. | |
Distributor | OppenheimerFunds Distributor, Inc. | |
Transfer and Shareholder Servicing Agent | OppenheimerFunds Services | |
Independent Registered Public Accounting Firm | KPMG llp | |
Legal Counsel | Kramer Levin Naftalis & Frankel LLP | |
The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm. | ||
©2011 OppenheimerFunds, Inc. All rights reserved. |
54 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
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56 | Statement of Investments | |
57 | Statement of Assets and Liabilities | |
58 | Statement of Operations | |
59 | Statements of Changes in Net Assets | |
60 | Notes to Financial Statements |
55 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
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(CAYMAN) LTD. (the “SUBSIDIARY”)
STATEMENT OF INVESTMENTS December 31, 2010 / Unaudited
Shares | Value | |||||||
Investment Company—100.7% | ||||||||
iShares Gold Trust1 (Cost $405,582) | 30,000 | $ | 417,000 | |||||
Total Investments, at Value (Cost $405,582) | 100.7 | % | 417,000 | |||||
Liabilities in Excess of Other Assets | (0.7 | ) | (2,890 | ) | ||||
Net Assets | 100.0 | % | $ | 414,110 | ||||
Footnotes to Statement of Investments |
1) | Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) | ||
2) | Level 2—inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) | ||
3) | Level 3—significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability). |
Level 3— | ||||||||||||||||
Level 1— | Level 2— | Significant | ||||||||||||||
Unadjusted | Other Significant | Unobservable | ||||||||||||||
Quoted Prices | Observable Inputs | Inputs | Value | |||||||||||||
Assets Table | ||||||||||||||||
Investments, at Value: | ||||||||||||||||
Investment Company | $ | 417,000 | $ | — | $ | — | $ | 417,000 | ||||||||
Total Assets | $ | 417,000 | $ | — | $ | — | $ | 417,000 | ||||||||
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(CAYMAN) LTD. (the “SUBSIDIARY”)
STATEMENT OF ASSETS AND LIABILITIES Unaudited
December 31, 2010 | ||||
Assets | ||||
Investments, at value (cost $405,582)—see accompanying statement of investments | $ | 417,000 | ||
Liabilities | ||||
Payables and other liabilities: | ||||
Legal, auditing and other professional fees | 1,926 | |||
Directors’ compensation | 781 | |||
Management and administrative fees | 183 | |||
Total liabilities | 2,890 | |||
Net Assets | $ | 414,110 | ||
Composition of Net Assets | ||||
Par value of shares of beneficial interest | $ | 41 | ||
Additional paid-in capital | 405,541 | |||
Accumulated net investment loss | (2,890 | ) | ||
Net unrealized appreciation on investments | 11,418 | |||
Net Assets—applicable to 4,056 shares of beneficial interest outstanding | $ | 414,110 | ||
Net Asset Value, Redemption Price Per Share and Offering Price Per Share | $ | 102.10 |
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(CAYMAN) LTD. (the “SUBSIDIARY”)
STATEMENT OF OPERATIONS Unaudited
For the Period Ended December 31, 20101 | ||||
Expenses | ||||
Legal, auditing and other professional fees | $ | 1,926 | ||
Directors’ compensation | 781 | |||
Management fees | 183 | |||
Total expenses | 2,890 | |||
Net Investment Loss | (2,890 | ) | ||
Unrealized Gain | ||||
Net change in unrealized appreciation/depreciation on investments | 11,418 | |||
Net Increase in Net Assets Resulting from Operations | $ | 8,528 | ||
1. | For the period from December 8, 2010 (commencement of operations) to December 31, 2010. |
58 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
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(CAYMAN) LTD. (the “SUBSIDIARY”)
STATEMENT OF CHANGES IN NET ASSETS
Period Ended | ||||
December 31, 2010 | 1 | |||
(Unaudited) | ||||
Operations | ||||
Net investment loss | $ | (2,890 | ) | |
Net change in unrealized appreciation/depreciation | 11,418 | |||
Net increase in net assets resulting from operations | 8,528 | |||
Capital Transactions | ||||
Net increase in net assets resulting from capital transactions | 405,582 | |||
Net Assets | ||||
Total increase | 414,110 | |||
Beginning of period | — | |||
End of period (including accumulated net investment loss of $2,890 for the period ended December 31, 2010) | $ | 414,110 | ||
1. | For the period from December 8, 2010 (commencement of operations) to December 31, 2010. |
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(CAYMAN) LTD. (the “SUBSIDIARY”)
NOTES TO FINANCIAL STATEMENTS Unaudited
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(CAYMAN) LTD. (the “SUBSIDIARY”)
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
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Period Ended December 31, 20101 | ||||||||
Shares | Amount | |||||||
Contributions | 4,056 | $ | 405,582 | |||||
Withdrawals | — | — | ||||||
Net increase | 4,056 | $ | 405,582 | |||||
1. | For the period from December 8, 2010 (commencement of operations) to December 31, 2010. |
Fee Schedule | ||||
Up to $200 million | 0.75 | % | ||
Next $200 million | 0.72 | |||
Next $200 million | 0.69 | |||
Next $200 million | 0.66 | |||
Next $2.2 billion | 0.60 | |||
Next $1 billion | 0.59 | |||
Over $4 billion | 0.58 |
Fee Schedule | ||||
Up to $200 million | 0.375 | % | ||
Next $200 million | 0.360 | |||
Next $200 million | 0.345 | |||
Next $200 million | 0.330 | |||
Next $2.2 billion | 0.300 | |||
Next $1 billion | 0.295 | |||
Over $4 billion | 0.290 |
Period Ended December 31, 20101 | 2.10 | % |
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(CAYMAN) LTD. (the “SUBSIDIARY”)
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
Period Ended | ||||
Dec. 31, 2010 | ||||
(Unaudited | )1 | |||
Ratios to average net assets: | ||||
Net investment loss | (11.30 | )% | ||
Total expenses | 11.30 | % |
1. | For the period from December 8, 2010 (commencement of operations) to December 31, 2010. |
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1. | The Fund’s Governance Committee (the “Committee”) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds’ investment manager and its affiliates in making the selection. | |
2. | The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder. | |
3. | The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following: |
• | the name, address, and business, educational, and/or other pertinent background of the person being recommended; | ||
• | a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940; | ||
• | any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and | ||
• | the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares. |
The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation. | ||
4. | Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds’ investment adviser) would be deemed an “interested person” under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life |
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Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds’ outside legal counsel may cause a person to be deemed an “interested person.” | ||
5. | Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company. |
(a) | (1) Not applicable to semiannual reports. | |
(2) Exhibits attached hereto. | ||
(3) Not applicable. | ||
(b) | Exhibit attached hereto. |
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By: | /s/ William F. Glavin, Jr. | |||
William F. Glavin, Jr. | ||||
Principal Executive Officer | ||||
Date: | 02/08/2011 |
By: | /s/ William F. Glavin, Jr. | |||
William F. Glavin, Jr. | ||||
Principal Executive Officer | ||||
Date: | 02/08/2011 |
By: | /s/ Brian W. Wixted | |||
Brian W. Wixted | ||||
Principal Financial Officer | ||||
Date: | 02/08/2011 |