Fidelity Select Portfolios: Gold Portfolio and
Fidelity Select Portfolios: Precious Metals and Minerals Portfolio
Merger
Notes to Pro Forma Combining Financial Statements
(Unaudited)
The accompanying unaudited Pro Forma Combining Schedule of
Investments and Statement of Assets and Liabilities as of August 31,
1999 and the unaudited Pro Forma Combining Statement of Operations for
the year ended August 31, 1999 are intended to present the financial
condition and related results of operations of Gold Portfolio as if
the reorganization with Precious Metals and Minerals Portfolio had
been consummated on September 1, 1998. Had the pro forma adjustments
not included the effect of the FMR voluntary expense limitations, Pro
Forma Combined Expense reductions would have been $219,560, resulting
in Pro Forma Combined Net Investment Income and Pro Forma Combined Net
Increase in Net Assets resulting from operations of $2,040,715 and
$103,725,073, respectively.
The pro forma adjustments to these pro forma financial statements are
comprised of:
(a) Reflects the conversion of Precious Metals and Minerals Portfolio
shares as of August 31, 1999.
(b) Increase in fees reflects contractual rates charged against
combined average net assets.
(c) Decrease in fees reflects net decrease in costs incurred as a
result of the reorganization including savings from duplicate
charges.
(d) Reflects FMR's agreement to voluntarily limit the combined fund's
operating expenses to 1.54% of average net assets.
(e) Increase in credits based on rates in effect applied to combined
funds average net assets.
The unaudited pro forma combining statements should be read in
conjunction with the separate annual audited financial statements as
of February 28, 1999 for Fidelity Select Portfolios: Gold Portfolio,
and for Fidelity Select Portfolios: Precious Metals and Minerals
Portfolio, which are incorporated by reference in the Statement of
Additional Information to this Proxy Statement and Prospectus.
FIDELITY SELECT PORTFOLIOS: GOLD PORTFOLIO AND FIDELITY
SELECT PORTFOLIOS: PRECIOUS METALS AND MINERALS PORTFOLIO
PRO FORMA COMBINING STATEMENT OF ASSETS & LIABILITIES AS OF AUGUST 31, 1999
(UNAUDITED)
GOLD PORTFOLIO PRECIOUS METALS COMBINED
AND MINERALS
PORTFOLIO
ASSETS
Investment in securities, at
value
- See accompanying
schedule $ 174,541,005 130,823,568 $ 305,364,573
Foreign currency held at - 534,742 534,742
value
Receivable for investments 917,463 8,299 925,762
sold
Receivable for fund shares 2,123,552 1,074,223 3,197,775
sold
Dividends receivable 726,592 564,449 1,291,041
Interest receivable 13,561 12,101 25,662
Redemption fees receivable 1,403 1,743 3,146
Other receivables 6,280 2,148 8,428
TOTAL ASSETS 178,329,856 133,021,273 311,351,129
LIABILITIES
Payable to custodian bank 7,124 - 7,124
Payable for investments 276,737 106,750 383,487
purchased
Payable for fund shares 588,581 520,530 1,109,111
redeemed
Accrued management fee 86,690 64,178 150,868
Other payables and accrued 143,775 128,750 272,525
expenses
Collateral on securities - 1,188,200 1,188,200
loaned, at value
TOTAL LIABILITIES 1,102,907 2,008,408 3,111,315
NET ASSETS $ 177,226,949 $ 131,012,865 $ 308,239,814
Net Assets consist of:
Paid in capital $ 295,022,663 $ 244,657,417 $ 539,680,080
Undistributions net 909,084 1,550,567 2,459,651
investment income
Accumulated undistributed
net realized gain (loss)
on investments and (83,209,442) (97,130,941) (180,340,383)
foreign currency transactions
Net unrealized appreciation
(depreciation) on investments
and assets and (35,495,356) (18,064,178) (53,559,534)
liabilities in foreign
currencies
NET ASSETS $ 177,226,949 $ 131,012,865 $ 308,239,814
NET ASSETS $ 177,226,949 $ 131,012,865 $ 308,239,814
Net Asset Value, offering
price and
redemption price per
share $ 12.89 $ 9.26
Shares outstanding 13,752,983 14,141,664 27,894,647
Maximum offering price per $ 12.89 $ 9.26
share
(100/97.00) $ 13.29 $ 9.55
FIDELITY SELECT PORTFOLIOS: GOLD PORTFOLIO AND FIDELITY
SELECT PORTFOLIOS: PRECIOUS METALS AND MINERALS PORTFOLIO
PRO FORMA COMBINING STATEMENT OF ASSETS & LIABILITIES AS OF AUGUST 31, 1999
(UNAUDITED)
PRO FORMA PRO FORMA
ADJUSTMENTS COMBINED
ASSETS
Investment in securities, at
value
- See accompanying schedule $ - $ 305,364,573
Foreign currency held at - 534,742
value
Receivable for investments - 925,762
sold
Receivable for fund shares - 3,197,775
sold
Dividends receivable - 1,291,041
Interest receivable - 25,662
Redemption fees receivable - 3,146
Other receivables - 8,428
TOTAL ASSETS - 311,351,129
LIABILITIES
Payable to custodian bank - 7,124
Payable for investments - 383,487
purchased
Payable for fund shares - 1,109,111
redeemed
Accrued management fee - 150,868
Other payables and accrued - 272,525
expenses
Collateral on securities - 1,188,200
loaned, at value
TOTAL LIABILITIES - 3,111,315
NET ASSETS $ - $ 308,239,814
Net Assets consist of:
Paid in capital - $ 539,680,080
Undistributions net - 2,459,651
investment income
Accumulated undistributed
net realized gain (loss)
on investments and - (180,340,383)
foreign currency transactions
Net unrealized appreciation
(depreciation) on investments
and assets and - (53,559,534)
liabilities in foreign
currencies
NET ASSETS $ - $ 308,239,814
NET ASSETS $ 308,239,814
Net Asset Value, offering
price and
redemption price per share $ 12.89
Shares outstanding (3,977,749) (a) 23,916,898
Maximum offering price per $ 12.89
share
(100/97.00) $ 13.29
See accompanying notes which are an integral part of the financial
statements
FIDELITY SELECT PORTFOLIOS: GOLD PORTFOLIO AND FIDELITY
SELECT PORTFOLIOS: PRECIOUS METALS AND MINERALS PORTFOLIO
PRO FORMA COMBINING STATEMENT OF ASSETS & LIABILITIES AS OF AUGUST 31, 1999
(UNAUDITED)
GOLD PORTFOLIO PRECIOUS METALS AND COMBINED PRO FORMA
MINERALS PORTFOLIO ADJUSTMENTS
INVESTMENT INCOME
Dividends $ 3,035,651 $ 3,729,178 $ 6,764,829 $ -
Interest 212,061 142,993 355,054 -
Security lending 4,260 2,148 6,408 -
Total Income 3,251,972 3,874,319 7,126,291 -
EXPENSES
Management fee 1,134,049 794,577 1,928,626
Transfer agent fees 1,489,866 1,312,631 2,802,497
Accounting and security 163,925 114,787 278,712
lending fees
Non-interested trustees' 137 87 224
compensation
Custodian fees and expenses 96,510 63,095 159,605 4,538 (b)
Registration fees 64,711 67,168 131,879 (36,098) (c)
Audit 16,042 14,444 30,486 (6,486) (c)
Legal 660 446 1,106
Interest 6,342 3,630 9,972
Miscellaneous (113) 188 75
Total expenses before 2,972,129 2,371,053 5,343,182 (38,046)
reductions
Expense reductions (133,494) (74,066) (207,560) (247,207) (d)(e)
Total expenses 2,838,635 2,296,987 5,135,622 (285,253)
NET INVESTMENT INCOME 413,337 1,577,332 1,990,669 285,253
REALIZED AND UNREALIZED GAIN
(LOSS)
Net realized gain (loss) on:
Investment securities (39,467,662) (27,312,547) (66,780,209) -
Foreign curreny (28,303) (6,424) (34,727) -
transactions
(39,495,965) (27,318,971) (66,814,936) -
Change in net unrealized
appreciation
(depreciation) on:
Investment securities 95,728,861 72,756,990 168,485,851 -
Assets and liabilities in 13,209 234 13,443 -
foreign currencies
95,742,070 72,757,224 168,499,294 -
NET GAIN (LOSS) 56,246,105 45,438,253 101,684,358 -
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM $ 56,659,442 $ 47,015,585 $ 103,675,027 $ 285,253
OPERATIONS
FIDELITY SELECT PORTFOLIOS: GOLD PORTFOLIO AND FIDELITY
SELECT PORTFOLIOS: PRECIOUS METALS AND MINERALS PORTFOLIO
PRO FORMA COMBINING STATEMENT OF ASSETS & LIABILITIES AS OF AUGUST 31, 1999
(UNAUDITED)
PRO FORMA
COMBINED
INVESTMENT INCOME
Dividends $ 6,764,829
Interest 355,054
Security lending 6,408
Total Income 7,126,291
EXPENSES
Management fee 1,928,626
Transfer agent fees 2,802,497
Accounting and security 278,712
lending fees
Non-interested trustees' 224
compensation
Custodian fees and expenses 164,143
Registration fees 95,781
Audit 24,000
Legal 1,106
Interest 9,972
Miscellaneous 75
Total expenses before 5,305,136
reductions
Expense reductions (454,767)
Total expenses 4,850,369
NET INVESTMENT INCOME 2,275,922
REALIZED AND UNREALIZED GAIN
(LOSS)
Net realized gain (loss) on:
Investment securities (66,780,209)
Foreign curreny (34,727)
transactions
(66,814,936)
Change in net unrealized
appreciation
(depreciation) on:
Investment securities 168,485,851
Assets and liabilities in 13,443
foreign currencies
168,499,294
NET GAIN (LOSS) 101,684,358
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM $ 103,960,280
OPERATIONS
See accompanying notes which are an integral part of the financial
statements
GOLD PORTFOLIO PRECIOUS METALS PORTFOLIO
SHARES MARKET VALUE SHARES MARKET VALUE
COMMON STOCKS - 98.2%
AUSTRALIA - 19.9%
METALS & MINING - 3.2%
METAL MINING SERVICES - 3.2%
Acacia Resources Ltd. 3,060,755 $ 3,642,100 5,139,253 $ 6,115,377
PRECIOUS METALS - 16.7%
GOLD & SILVER ORES - 7.5%
Normandy Mining Ltd. 14,355,416 10,285,943 13,289,419 9,522,135
Sons of Gwalia NL 635,235 1,584,927 675,211 1,684,668
11,870,870 11,206,803
GOLD ORES - 9.2%
Delta Gold NL 5,320,509 7,515,581 4,645,819 6,562,535
Newcrest Mining Ltd. (a) 3,335,062 7,894,342 2,668,000 6,315,356
Ross Mining NL - 452,197 138,861
15,409,923 13,016,752
TOTAL PRECIOUS METALS 27,280,793 24,223,555
TOTAL AUSTRALIA 30,922,893 30,338,932
CANADA - 44.2%
METALS & MINING - 1.4%
METAL MINING -0.03%
Ivanhoe Mines Ltd. - - 100,000 105,193
METALS & MINING SERVICES - 0.1%
Minefinders Corp. Ltd. (a) 297,600 129,608 200,200 87,189
Minefinders Corp. Ltd. (a)(d) 200,000 87,102
216,710 87,189
MISCELLANEOUS NONMETALLIC
MINERALS - 1.3%
Camphor Ventures, Inc. (a) 14,100 6,235 -
DIA Metropolitan Minerals Ltd.:
Class A (sub-vtg.) (a) 50,650 755,084 -
Class B (multi-vtg.) (a) 177,900 2,801,106 22,500 354,271
3,562,425 354,271
TOTAL METALS & MINING 3,779,135 546,653
OIL & GAS - 0.4%
OIL & GAS FIELD EXPLORATION
SERVICES - 0.4%
Southwestern Gold Corp. (a) 227,500 670,687 135,000 397,990
PRECIOUS METALS - 42.4%
GOLD & SILVER ORES - 2.6%
Goldcorp, Inc. Class A (a) 1,056,200 5,236,771 515,900 2,557,896
Richmont Mines, Inc. (a) 198,600 294,074 7,700 11,402
5,530,845 2,569,298
GOLD ORES - 39.8%
Agnico-Eagle Mines Ltd. 1,427,500 8,608,040 348,800 2,103,317
Barrick Gold Corp. 485,500 9,368,442 205,000 3,955,779
Claude Resources, Inc. (a) - 500,500 486,248
Euro-Nevada Mining Corp. Ltd. 721,400 8,676,134 545,800 6,564,228
Francisco Gold Corp. (a) 191,200 980,020 53,500 274,221
Francisco Gold Corp. (d) 144,500 740,653 54,500 279,347
Franco Nevada Mining Corp. 369,600 5,819,497 281,400 4,430,754
Ltd.
Franco Nevada Mining Corp. 106,900 1,683,183 80,200 1,262,781
Ltd. (d)
Franco Nevada Mining Corp. 33,334 167,508 25,000 125,628
Ltd. Class B warrants
9/15/98 (a)(d)
Geomaque Explorations Ltd. (a) 678,100 227,169 537,100 179,933
Glamis Gold Ltd. (a) 897,600 1,683,940 240,000 450,251
High River Gold Mines Ltd. (a) 60,000 17,688 60,000 17,688
IAMGOLD, International 195,200 438,137 139,800 313,789
African Mining Gold Corp. (a)
IAMGOLD, International 60,000 134,673
African Mining Gold Corp. (d)
Meridian Gold, Inc. (a) 3,569,700 18,775,304 2,853,100 15,006,251
Metallica Resources, Inc. 1,042,100 363,077 448,700 156,331
(a)(c)
Metallica Resources, Inc. 100,000 34,841 100,000 34,841
(a)(c)(d)
Mountain Province Mining, 427,400 773,186 291,500 527,337
Inc. (a)
Placer Dome, Inc. 1,584,787 16,458,424 762,665 7,920,474
Repadre Capital Corp. (a) 301,200 435,908 274,800 397,701
Repadre Capital Corp. (a)(d) 155,000 224,322
Teck Corp. Class B (sub-vtg.) 300,300 2,605,618
Vengold, Inc. (a) 315,000 15,829 410,600 20,633
78,231,593 44,507,532
TOTAL PRECIOUS METALS 83,762,438 47,076,830
TOTAL CANADA 88,212,260 48,021,473
GHANA - 1.2%
PRECIOUS METALS - 1.2%
GOLD ORES - 1.2%
Ashanti Goldfields Co. Ltd. GDR 319,902 2,319,290 218,146 1,581,559
GRAND CAYMAN ISLANDS - 0.0%
PRECIOUS METALS - 0.0%
SILVER ORES - 0.0%
Apex Silver Mines Ltd. (a) 14,800 190,550 - -
PERU - 4.8%
PRECIOUS METALS - 4.8%
SILVER ORES - 4.8%
Compania de Minas
Buenaventura SA:
Class B 939,419 7,184,690 102,000 780,097
sponsored ADR Class B - - 327,600 5,036,850
Series A sponsored ADR 224,445 1,722,523 - -
8,907,213 5,816,947
SOUTH AFRICA - 12.7%
HOLDING COMPANIES - 0.4%
OFFICES OF HOLDING COMPANIES,
NEC - 0.4%
Gencor Ltd. (Reg.) - 352,000 1,139,308
METALS & MINING - 2.8%
MISCELLANEOUS METAL ORES, NEC
- - 0.6%
Anglo American Platinum Corp. 80,800 1,837,299
Ltd.
Impala Platinum Holdings Ltd. - - 4,000 128,152
- 1,965,451
NON-METALIC MINERALS, EXCEPT
FUELS - 2.2
De Beers Consolidated Mines 25,000 679,688 222,500 6,049,219
Ltd. ADR
TOTAL METALS & MINING 679,688 8,014,670
PRECIOUS METALS - 9.5%
GOLD & SILVER ORES - 9.0%
Anglogold Ltd. 236,500 11,851,228 64,586 3,236,463
Anglogold Ltd. sponsored ADR - 224,690 5,813,854
Gold Fields Ltd. 919,135 3,171,254 1,101,270 3,799,667
15,022,482 12,849,984
GOLD ORES - 0.5%
Avgold Ltd. (a) - 45,000 23,659
Gold Fields of South Africa - 85,600 164,548
Ltd.
Gold Fields of South Africa - 73,700 138,188
Ltd. ADR
Harmony Gold Mining Co. Ltd. - 165,700 680,605
Western Areas Gold Mining 169,500 473,425
Ltd. (a)
- 1,480,425
TOTAL PRECIOUS METALS 15,022,482 14,330,409
TOTAL SOUTH AFRICA 15,702,170 23,484,387
UNITED KINGDOM - 1.8%
METALS & MINING - 1.8%
MISCELLANEOUS METAL ORES, NEC
- - 1.8%
Anglo American PLC (a) 10,000 550,070 89,400 4,917,624
UNITED STATES OF AMERICA -
13.6%
METALS & MINING - 5.3%
COPPER ORES - 5.3%
Freeport-McMoRan Copper & 655,000 10,520,938 364,000 5,846,750
Gold, Inc. Class B
PRECIOUS METALS - 8.0%
GOLD ORES - 8.0%
Homestake Mining Co. 340,006 2,890,051 70,000 595,000
Newmont Mining Corp. 420,565 8,595,297 315,000 6,437,813
Stillwater Mining Co. (a) 136,000 3,000,500 44,150 974,059
Stillwater Mining Co. (d) 59,400 1,310,513 34,500 761,156
15,796,361 8,768,028
SERVICES - 0.3%
JEWELRY, PRECIOUS METAL - 0.3%
Lazare Kaplan International, 85,300 703,725 25,000 206,250
Inc. (a)
TOTAL UNITED STATES OF AMERICA 27,021,024 14,821,028
TOTAL COMMON STOCKS 173,825,470 128,981,950
CASH EQUIVALENTS - 0.8%
Central Cash Collateral Fund, - - 1,188,200 1,188,200
5.26% (b)
Taxable Central Cash Fund, 715,535 715,535 653,418 653,418
5.20% (b)
TOTAL CASH EQUIVALENTS 715,535 1,841,618
TOTAL INVESTMENT PORTFOLIO - (COST $210,046,827) 174,541,005 (COST $148,882,013) 130,823,568
99.0%
NET OTHER ASSETS - 1.0% 2,685,944 189,297
NET ASSETS - 100% 177,226,949 131,012,865
COMBINED PORTFOLIOS
SHARES MARKET VALUE
COMMON STOCKS - 98.2%
AUSTRALIA - 19.9%
METALS & MINING - 3.2%
METAL MINING SERVICES - 3.2%
Acacia Resources Ltd. 8,200,008 $ 9,757,477
PRECIOUS METALS - 16.7%
GOLD & SILVER ORES - 7.5%
Normandy Mining Ltd. 27,644,835 19,808,078
Sons of Gwalia NL 1,310,446 3,269,595
23,077,673
GOLD ORES - 9.2%
Delta Gold NL 9,966,328 14,078,116
Newcrest Mining Ltd. (a) 6,003,062 14,209,698
Ross Mining NL 452,197 138,861
28,426,675
TOTAL PRECIOUS METALS 51,504,348
TOTAL AUSTRALIA 61,261,825
CANADA - 44.2%
METALS & MINING - 1.4%
METAL MINING -0.03%
Ivanhoe Mines Ltd. 100,000 105,193
METALS & MINING SERVICES - 0.1%
Minefinders Corp. Ltd. (a) 497,800 216,797
Minefinders Corp. Ltd. (a)(d) 200,000 87,102
303,899
MISCELLANEOUS NONMETALLIC
MINERALS - 1.3%
Camphor Ventures, Inc. (a) 14,100 6,235
DIA Metropolitan Minerals Ltd.:
Class A (sub-vtg.) (a) 50,650 755,084
Class B (multi-vtg.) (a) 200,400 3,155,377
3,916,696
TOTAL METALS & MINING 4,325,788
OIL & GAS - 0.4%
OIL & GAS FIELD EXPLORATION
SERVICES - 0.4%
Southwestern Gold Corp. (a) 362,500 1,068,677
PRECIOUS METALS - 42.4%
GOLD & SILVER ORES - 2.6%
Goldcorp, Inc. Class A (a) 1,572,100 7,794,667
Richmont Mines, Inc. (a) 206,300 305,476
8,100,143
GOLD ORES - 39.8%
Agnico-Eagle Mines Ltd. 1,776,300 10,711,357
Barrick Gold Corp. 690,500 13,324,221
Claude Resources, Inc. (a) 500,500 486,248
Euro-Nevada Mining Corp. Ltd. 1,267,200 15,240,362
Francisco Gold Corp. (a) 244,700 1,254,241
Francisco Gold Corp. (d) 199,000 1,020,000
Franco Nevada Mining Corp. 651,000 10,250,251
Ltd.
Franco Nevada Mining Corp. 187,100 2,945,964
Ltd. (d)
Franco Nevada Mining Corp. 58,334 293,136
Ltd. Class B warrants
9/15/98 (a)(d)
Geomaque Explorations Ltd. (a) 1,215,200 407,102
Glamis Gold Ltd. (a) 1,137,600 2,134,191
High River Gold Mines Ltd. (a) 120,000 35,376
IAMGOLD, International 335,000 751,926
African Mining Gold Corp. (a)
IAMGOLD, International 60,000 134,673
African Mining Gold Corp. (d)
Meridian Gold, Inc. (a) 6,422,800 33,781,555
Metallica Resources, Inc. 1,490,800 519,408
(a)(c)
Metallica Resources, Inc. 200,000 69,682
(a)(c)(d)
Mountain Province Mining, 718,900 1,300,523
Inc. (a)
Placer Dome, Inc. 2,347,452 24,378,898
Repadre Capital Corp. (a) 576,000 833,609
Repadre Capital Corp. (a)(d) 155,000 224,322
Teck Corp. Class B (sub-vtg.) 300,300 2,605,618
Vengold, Inc. (a) 725,600 36,462
122,739,125
TOTAL PRECIOUS METALS 130,839,268
TOTAL CANADA 136,233,733
GHANA - 1.2%
PRECIOUS METALS - 1.2%
GOLD ORES - 1.2%
Ashanti Goldfields Co. Ltd. GDR 538,048 3,900,849
GRAND CAYMAN ISLANDS - 0.0%
PRECIOUS METALS - 0.0%
SILVER ORES - 0.0%
Apex Silver Mines Ltd. (a) 14,800 190,550
PERU - 4.8%
PRECIOUS METALS - 4.8%
SILVER ORES - 4.8%
Compania de Minas
Buenaventura SA:
Class B 1,041,419 7,964,787
sponsored ADR Class B 327,600 5,036,850
Series A sponsored ADR 224,445 1,722,523
14,724,160
SOUTH AFRICA - 12.7%
HOLDING COMPANIES - 0.4%
OFFICES OF HOLDING COMPANIES,
NEC - 0.4%
Gencor Ltd. (Reg.) 352,000 1,139,308
METALS & MINING - 2.8%
MISCELLANEOUS METAL ORES, NEC
- - 0.6%
Anglo American Platinum Corp. 80,800 1,837,299
Ltd.
Impala Platinum Holdings Ltd. 4,000 128,152
1,965,451
NON-METALIC MINERALS, EXCEPT
FUELS - 2.2
De Beers Consolidated Mines 247,500 6,728,907
Ltd. ADR
TOTAL METALS & MINING 8,694,358
PRECIOUS METALS - 9.5%
GOLD & SILVER ORES - 9.0%
Anglogold Ltd. 301,086 15,087,691
Anglogold Ltd. sponsored ADR 224,690 5,813,854
Gold Fields Ltd. 2,020,405 6,970,921
27,872,466
GOLD ORES - 0.5%
Avgold Ltd. (a) 45,000 23,659
Gold Fields of South Africa 85,600 164,548
Ltd.
Gold Fields of South Africa 73,700 138,188
Ltd. ADR
Harmony Gold Mining Co. Ltd. 165,700 680,605
Western Areas Gold Mining 169,500 473,425
Ltd. (a)
1,480,425
TOTAL PRECIOUS METALS 29,352,891
TOTAL SOUTH AFRICA 39,186,557
UNITED KINGDOM - 1.8%
METALS & MINING - 1.8%
MISCELLANEOUS METAL ORES, NEC
- - 1.8%
Anglo American PLC (a) 99,400 5,467,694
UNITED STATES OF AMERICA -
13.6%
METALS & MINING - 5.3%
COPPER ORES - 5.3%
Freeport-McMoRan Copper & 1,019,000 16,367,688
Gold, Inc. Class B
PRECIOUS METALS - 8.0%
GOLD ORES - 8.0%
Homestake Mining Co. 410,006 3,485,051
Newmont Mining Corp. 735,565 15,033,110
Stillwater Mining Co. (a) 180,150 3,974,559
Stillwater Mining Co. (d) 93,900 2,071,669
24,564,389
SERVICES - 0.3%
JEWELRY, PRECIOUS METAL - 0.3%
Lazare Kaplan International, 110,300 909,975
Inc. (a)
TOTAL UNITED STATES OF AMERICA 41,842,052
TOTAL COMMON STOCKS 302,807,420
CASH EQUIVALENTS - 0.8%
Central Cash Collateral Fund, 1,188,200 1,188,200
5.26% (b)
Taxable Central Cash Fund, 1,368,953 1,368,953
5.20% (b)
TOTAL CASH EQUIVALENTS 2,557,153
TOTAL INVESTMENT PORTFOLIO - (COST $358,928,840) 305,364,573
99.0%
NET OTHER ASSETS - 1.0% 2,875,241
NET ASSETS - 100% 308,239,814
LEGEND
(a) Non-income producing
(b) The rate quoted is the annualized seven-day yield of the fund at
period end.
(c) Affiliated company: An affiliated company is a company which the
fund has ownership of at least 5% of the voting securities.
(d) Security exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers.
At the period end, the value of these securities amounted to
$6,846,548 or 2.2% of net assets.