nq.htm

Emerging Markets Fund
Schedule of Investments
September 30, 2007 (unaudited)

	Number
	of Shares			Value
COMMON STOCKS: 93.2%
Argentina: 1.5%
	158,000	Inversiones y Representaciones S.A. (GDR) *		$2,507,460

Brazil: 7.7%
	79,000	Anhanguera Educacional Participacoes SA *		1,437,343
	145,000	BR Malls Participacoes SA *		1,739,525
	179,400	Cremer S.A. *		2,088,596
	160,000	Localiza Rent A Car S.A.		1,627,932
	42,000	Petroleo Brasileiro S.A. (ADR)		3,171,000
	172,000	Ultrapetrol (Bahamas) Ltd. *		2,856,920
				12,921,316

China/Hong Kong: 14.3%
	4,590,000	Beijing Development (Hong Kong) Ltd. * #		2,470,898
	10,000,000	Century Sunshine Ecological * #		1,144,233
	4,422,000	China Green Holdings Ltd. #		4,768,432
	450,000	China Infrastructure Machinery Holdings Ltd. #		1,039,269
	3,740,000	China Lifestyle Food & Beverages #		1,182,972
	2,538,000	GST Holdings Ltd. #		816,001
	83,000	Home Inns & Hotels Management, Inc. *		2,888,400
	7,100,000	PYI Corp. Ltd. #		2,875,401
	7,280,000	Shanghai Real Estate Group Ltd. #		3,141,070
	1,717,000	Tian An China Investments Co. Ltd. #		2,105,193
	780,000	Yanzhou Coal Mining Co Ltd. #		1,595,087
				24,026,956

India: 10.4%
	230,000	Ansal Properties & Infrastructure Ltd. #		1,618,054
	110,000	Goetze India Ltd. * #		410,581
	31,900	Goetze India Ltd. Rights
		(INR 145, expiring 11/23/07) *		3,442
	149,000	GVK Power & Infrastructure Ltd. * #		2,446,221
	124,000	Hirco PLC (GBP) * #		937,874
	168,000	Panacea Biotec Ltd. * #		1,685,628
	25,515	Power Grid Corp. *		48,076
	112,000	Reliance Capital Ltd. #		4,436,138
	670,000	SREI Infrastructure Finance Ltd. #		1,940,768
	23,024	TRF Ltd. #		645,389
	440,000	Welspun-Gujarat Stahl Ltd. #		3,257,274
				17,429,445

Indonesia: 0.7%
	13,600,000	Mitra Adiperkasa Tbk PT #		1,175,485


Israel: 0.8%
	68,000	Queenco Leisure International Ltd. Reg S (GDR) *		1,273,139


Kazakhstan: 5.5%
	45,000	Chagala Group Ltd. (GDR) *		348,750
	173,000	Halyk Savings Bank (GDR) #		3,467,587
	197,400	Kazakhstan Kagazy PLC (GDR) REG S† * #		921,858
	187,000	KazMunaiGas Exploration (GDR) REG S† #		4,447,033
				9,185,228

Malaysia: 5.2%
	1,569,000	CB Industrial Product Holding #		2,151,323
	9,195,000	Dreamgate Corp. BHD #		1,590,534
	3,681,400	KNM Group BHD #		4,982,020
				8,723,877

Mexico: 1.7%
	18,000	America Movil S.A. de C.V. (ADR)		1,152,000
	440,000	Grupo FAMSA, S.A. de C.V. *		1,794,211
				2,946,211

Nigeria: 0.5%
	65,800	Guaranty Trust Bank PLC (GDR)		778,414

Panama: 0.8%
	33,800	Copa Holdings S.A. (ADR)		1,353,690

Peru: 0.8%
	21,000	Credicorp. (ADR)		1,421,700

Philippines: 1.3%
	29,600,000	Megaworld Corp. #		2,246,432

Poland: 0.4%
	173,000	Multimedia Polska S.A. * #		764,950


Russia: 5.5%
	163,750	C.A.T. Oil A.G. (EUR) * #		4,195,671
	40,000	LUKOIL ( ADR)		3,332,000
	4,000	Vismpo-Avisma Corp. (USD) #		1,164,496
	850,000	World Trade Center Moscow (USD) *		603,500
				9,295,667

Singapore: 3.7%
	2,500,000	Best World International Ltd. #		1,714,814
	2,155,000	Sino-Environment Technology Group Ltd. * #		4,539,158
				6,253,972

South Africa: 6.9%
	258,000	Aspen Pharmacare Holdings Ltd. *		1,254,929
	133,000	Bidvest Group Ltd. #		2,612,919
	329,600	FirstRand Ltd. * #		1,057,346
	63,000	Naspers Ltd. * #		1,743,852
	100,000	Spar Group Ltd. * #		800,314
	169,000	Standard Bank Group Ltd. #		2,440,190
	630,000	Woolworths Holdings Ltd.		1,653,398
				11,562,948

South Korea: 10.9%
	35,000	Ecopro Co. Ltd. *		447,443
	175,300	Finetec Corp. #		3,703,922
	13,000	Hyundai Mobis #		1,375,944
	28,960	Hyunjin Materials Co. Ltd. #		1,425,625
	127,000	Inzi Controls Co. Ltd. #		1,037,016
	52,085	SFA Engineering Corp. #		3,084,149
	106,488	Solmics Co. Ltd. #		1,621,051
	54,000	SSCP Co. Ltd. * #		1,764,286
	19,597	Taewoong Co. Ltd. #		2,316,625
	196,000	Won Ik Quartz Corp. #		1,505,596
				18,281,657
Taiwan: 7.7%
	421,837	Advantech Co. Ltd. #		1,254,134
	1,044,500	Awea Mechantronic Co. Ltd. #		2,388,126
	1,520,000	China Ecotek Corp. #		2,090,496
	1,000,000	Chrome ATE, Inc. * #		2,454,069
	695,387	Gemtek Technology Corp. #		1,743,637
	575,000	Lumax International Corp. #		1,524,510
	229,939	MJC Probe, Inc. #		874,700
	39,733	Novatek Microelectronics Corp. Ltd. #		172,954
	115,000	Powertech Technology #		463,875
				12,966,501

Thailand: 1.8%
	556,066	Airports of Thailand Public Co. Ltd. #		1,004,799
	84,300	Banpu PCL		855,912
	387,824	Minor International PCL Warrants
		(THB 6.00, expiring 3/29/08) *		106,362
	1,796,000	Ticon Industrial Connection PCL (NVDR) #		1,037,514
				3,004,587

Turkey: 3.9%
	245,000	Asya Katilim Bankasi AS * #		1,997,211
	260,000	Sinpas Gayrimenkul Yatirim Ortakligi A.S. *		1,658,658
	315,000	Tav Havalimanlari Holding A.S. * #		2,896,078
				6,551,947

Ukraine: 1.2%
	68,000	XXI Century Investments Public Ltd (GBP) * #		2,004,394


Total Common Stocks
(Cost: $128,039,957)				156,675,976

PREFERRED STOCK: 4.3%
(Cost: $3,223,921)
Brazil: 4.3%
	254,988	Cia Vale do Rio Doce		7,282,391

			Principal
			Amount
REPURCHASE AGREEMENT: 7.4%
State Street Bank & Trust Co.
3.80% (dated 9/28/07, due 10/1/07,
repurchase price $12,389,922,
collateralized by $12,690,000
Federal Home Loan Bank, 3.75%,
due 08/15/08 with a value of
$12,635,801)
(Cost: $12,386,000)			$12,386,000	12,386,000

Total Investments: 104.9%
(Cost: $143,649,878)				176,344,367
Liabilities in excess of other assets: (4.9)%				(8,291,087)
NET ASSETS: 100.0%				$168,053,280


ADR American Depositary Receipt
BHD Malaysian Public Limited Company
EUR Euro
GBP British Pound
GDR Global Depositary Receipt
INR Indian Rupees
NVDR Non-Voting Depository Receipt
THB Thai Baht
USD United States Dollar

*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has
	been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of
	fair valued securities is $120,273,176, which represented 71.6% of net assets.
†	REG S security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from
	registration, securities offered and sold outside of the United States. Such a security cannot be sold in the United
	States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to
	an exemption from registration.

The aggregate cost of investments owned for Federal income tax purposes is $143,649,878, and unrealized appreciation
(depreciation) on such investments is:
Gross Unrealized Appreciation		$36,610,929
Gross Unrealized Depreciation		(3,916,440)
Net Unrealized Appreciation		$32,694,489

	% of
Summary of Investments by Sector	Investments	Value
Industrial	27.2%	$47,905,245
Financial	20.2	35,627,336
Consumer, Cyclical	11.5	20,326,054
Energy	10.0	17,596,703
Consumer, Non-cyclical	7.0	12,318,622
Basic Materials	6.5	11,560,211
Diversified	3.6	6,338,746
Communications	3.1	5,404,439
Technology	2.5	4,386,714
Utilities	1.4	2,494,297
Repurchase Agreement	7.0	12,386,000
	100.0%	$176,344,367

Global Hard Assets Fund
Schedule of Investments
September 30, 2007 (unaudited)

	Number
	of Shares		Value
COMMON STOCKS: 92.1%
Argentina: 0.1%
	83,200	Trefoil Ltd. (NOK) * #	$539,819

Australia: 5.1%
	1,664,100	Iluka Resources Ltd. † #	8,135,797
	5,376,000	Lihir Gold Ltd. * † #	19,112,999
	97,000	Rio Tinto Ltd. #	9,269,774
	113,000	Rio Tinto PLC #	9,725,553
			46,244,123

Brazil: 3.5%
	673,600	Cia Vale do Rio Doce (ADR)	22,855,248
	116,000	Petroleo Brasileiro S.A. (ADR)	8,758,000
			31,613,248

Canada: 14.6%
	457,000	Agnico-Eagle Mines Ltd. (USD) †	22,758,600
	20,000	Agnico-Eagle Mines Ltd. (USD) Warrants *
		($19.00, expiring 11/07/07)	612,400
	107,500	Addax Petroluem Corp.	4,239,909
	707,700	Brazilian Resources, Inc. * #	0
	72,800	CIC Energy Corp. * R	1,152,767
	30,000	FNX Mining Co., Inc. *	995,627
	393,811	Goldcorp, Inc. (USD)	12,034,864
	116,750	Killam Properties, Inc.	1,056,402
	977,700	Kinross Gold Corp. (USD) *	14,645,946
	146,172	Kinross Gold Corp. *	2,183,799
	575,000	Miramar Mining Corp. *	2,717,036
	369,000	Nexen, Inc.	11,274,227
	360,000	Northern Orion Resources, Inc. * R	2,262,102
	301,500	Northern Orion Resources, Inc. Warrants * R
		(CAD 2.00, expiring 5/29/08)	1,318,579
	658,000	OPTI Canada, Inc. *	12,317,861
	58,800	Penn West Energy Trust †	1,826,693
	184,100	Petrolifera Petroleum Ltd. *	3,320,896
	571,050	Petrolifera Petroleum Ltd. * R	8,219,123
	222,000	Silver Wheaton Corp. * †	3,095,702
	11,400	Suncor Energy, Inc.	1,082,636
	112,600	Suncor Energy, Inc. (USD)	10,675,606
	10,900	Timberwest Forest Corp.	289,002
	59,000	Timberwest Forest Corp. R	831,900
	701,900	Uranium One, Inc. *	9,888,917
	259,300	Uranium One, Inc. * R	2,818,850
			131,619,444

Indonesia: 0.0%
	100,000	Medco Energi Internasional Tbk PT #	45,359

Netherlands: 1.6%
	183,500	Arcelor Mittal (USD) †	14,379,060

Norway: 1.8%
	735,500	SeaDrill Ltd. * #	16,516,528

South Africa: 2.7%
	626,700	Exxaro Resources Ltd. #	7,929,512
	465,500	Impala Platinum Holdings Ltd. #	16,223,769
			24,153,281

United Kingdom: 1.9%
	530,000	Randgold Resources Ltd. (ADR)	17,617,200

United States: 60.8%
	836,300	Alpha Natural Resources, Inc. * †	19,427,249
	457,000	American Commercial Lines, Inc. *	10,844,610
	105,367	Bois d’ Arc Energy, Inc. * †	2,019,885
	543,800	Celanese Corp.	21,197,324
	67,100	ConAgra Foods Inc.	1,753,323
	553,600	Darling International, Inc. * †	5,475,104
	301,000	Devon Energy Corp.	25,043,200
	168,000	Diamond Offshore Drilling, Inc. †	19,032,720
	369,000	Ellora Oil & Gas, Inc. * # R	4,597,998
	61,100	Exterran Holding, Inc. *	4,908,774
	346,200	FMC Technologies, Inc. *	19,961,892
	202,000	Frontier Oil Corp.	8,411,280
	241,300	Georgia Gulf Corp.	3,354,070
	355,500	Hess Corp.	23,651,415
	89,700	Kaiser Aluminum Corp. †	6,330,129
	154,750	KGEN Power Corp. * # R	2,932,853
	643,000	Marathon Oil Corp.	36,663,860
	415,800	McDermott International, Inc. *	22,486,464
	194,300	Mercer International, Inc. * †	1,836,135
	647,800	Mirant Corp. *	26,352,504
	243,000	Monsanto Co.	20,834,820
	120,958	National Oilwell Varco, Inc. *	17,478,431
	421,475	Newfield Exploration Co. *	20,298,236
	388,000	Noble Corporation	19,031,400
	602,000	NRG Energy, Inc. *	25,458,580
	403,100	Nucor Corp.	23,972,357
	417,400	Occidental Petroleum Corp.	26,746,992
	28,600	Oil States International, Inc. * †	1,381,380
	109,000	Quicksilver Resources, Inc. * †	5,128,450
	560,400	Range Resources Corp.	22,785,864
	186,800	Schlumberger Ltd.	19,614,000
	104,900	Teton Energy Corp. *	488,834
	125,000	Transocean, Inc. *	14,131,250
	41,600	Trinity Industries, Inc. †	1,561,664
	267,400	Valero Energy Corp.	17,963,932
	328,300	Weatherford International Ltd. *	22,055,194
	85,800	Weyerhauser Co.	6,203,340
	289,200	XTO Energy, Inc.	17,884,128
			549,299,641

Total Common Stocks
(Cost: $608,065,060)			832,027,703



EXCHANGE TRADED FUNDS: 2.7%
United States: 2.7%
	304,000	PowerShares Global Water	6,490,400
	246,000	StreetTRACKS Gold Trust	18,083,460
(Cost: $23,612,956)			24,573,860

Principal

Amount

REPURCHASE AGREEMENT: 9.4%

State Street Bank & Trust Co.,

3.8% (dated 9/28/07, due

10/1/07, repurchase price

$84,516,755, collateralized

by $86,920,000 Federal National

Mortgage Association, 3.25%,

due 8/15/08 with a value of

$86,184,483)

(Cost: $84,490,000)

84,490,000

Total Investments Before Collateral

for Securities Loaned: 104.2%

(Cost: $716,168,016)

941,091,563

Number

of Shares

SHORT-TERM INVESTMENT

HELD AS COLLATERAL FOR

SECURITIES LOANED: 8.7%

State Street Navigator Securities

Lending Prime Portfolio

(Cost: $78,287,225)

78,287,225

Total Investments: 112.9%

(Cost: $794,455,241)

1,019,378,788

Liabilities in excess of other assets: (12.9)%

(116,472,885)

NET ASSETS: 100.0%

$902,905,903

ADR

American Depositary Receipt

CAD

Canadian Dollar

NOK

Norwegian Krone

USD

United States Dollar

The aggregate cost of investments owned for Federal income tax purposes is $794,522,152, and unrealized appreciation

(depreciation) on such investments is:

Gross Unrealized Appreciation

$230,269,759

Gross Unrealized Depreciation

(5,413,123)

Net Unrealized Appreciation

$224,856,636

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $75,874,249.
#	Indicates a fair valued security which has not been valued utilizing an independent quote,
	but has been valued pursuant to guidelines established by the Board of Trustees. The
	aggregate value of fair valued securities is $95,029,961, which represented 10.5% of net assets.
R	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2007, these securities are considered liquid, unless otherwise noted, and the market value amounted to $24,134,172 or 2.7% of net assets.


	Acquisition	Number	Acquisition		% of
Security	Date	of Shares	Cost	Value	Net Assets
CIC Energy Corp.	2/8/07	72,800	$922,687	$1,152,767	0.1%
Ellora Oil & Gas, Inc.	6/30/06	369,000	4,428,000	4,597,998	0.5
KGEN Power Corp.	12/19/06	154,750	2,166,500	2,932,853	0.3
Northern Orion Resources, Inc.	5/16/03	360,000	343,486	2,262,102	0.3
Northern Orion Resources, Inc. Warrants	5/16/03	301,500	-	1,318,579	0.2
Petrolifera Petroleum Ltd.	3/7/05 - 5/2/07	571,050	507,487	8,219,123	0.9
Timberwest Forest Corp.	3/5/04	59,000	554,606	831,900	0.1
Uranium One, Inc.	10/12/06	259,300	1,891,619	2,818,850	0.3
			$10,814,385	$24,134,172	2.7%


Summary of Investments by Industry	% of
Excluding Collateral for Securities Loaned	Investments	Value
Energy	55.8%	$525,906,189
Industrial Metals	12.1	113,709,836
Precious Metals	10.9	102,914,343
Chemicals	5.5	51,716,343
Transportation	1.2	10,844,610
Paper And Forest Products	1.0	9,160,377
Consumer Durables	0.8	7,929,512
Consumer Goods	0.8	7,228,427
Capital Goods	0.2	1,561,664
Real Estate	0.1	1,056,402
Total Common Stocks	88.4	832,027,703
Exchange Traded Funds	2.6	24,573,860
Repurchase Agreement	9.0	84,490,000
	100.0%	$941,091,563

International Investors Gold Fund
Schedule of Investments
September 30, 2007 (unaudited)

	Number
	of Shares				Value
COMMON STOCKS: 96.4%
Australia 12.3%
	2,865,000	Adamus Resources Ltd. * #			$1,527,527
	4,206,000	Andean Resources Ltd. * #			3,984,736
	2,103,000	Andean Resources Ltd. Warrants
		(AUD 0.45, expiring 2/20/09) *			1,156,980
	11,898,384	Lihir Gold Ltd. * † #			42,301,673
	1,064,725	Newcrest Mining Ltd.* #			26,479,928
	422,000	Sino Gold Ltd. * † #			2,815,689
	14,175,000	Tanami Gold NL * #			1,640,269
					79,906,802

Canada: 66.4%
	380,974	Agnico-Eagle Mines Ltd. †			18,894,508
	851,800	Agnico-Eagle Mines Ltd. (USD)			42,419,640
	1,510,000	Amarillo Gold Corp. *			1,366,310
	445,000	Aquiline Resources, Inc. *			4,563,414
	390,000	Aquiline Resources, Inc. * R			3,999,397
	195,000	Aquiline Resources, Inc. Warrants
		(CAD 3.00, expiring 10/11/07) *			1,411,552
	546,000	Aurelian Resources, Inc.*			4,073,111
	3,150,000	Aurizon Mines Ltd. *			12,857,789
	1,000,000	AXMIN, Inc. * R			914,895
	786,638	Barrick Gold Corp. (USD)			31,685,779
	948,000	Bear Creek Mining Corp. * R			6,862,313
	1,043,800	Brazauro Resources Corp. *			745,084
	1,200,000	Claude Resources, Inc. *			1,749,359
	800,000	Crystallex International Corp. (USD) *			2,536,000
	1,800,000	Eldorado Gold Corp. *			11,111,446
	1,198,900	European Goldfields Ltd. *			7,063,343
	740,000	Full Metal Minerals Ltd. * R			2,120,344
	370,000	Full Metal Minerals Ltd. Warrants
		(CAD 3.00, expiring 11/10/08) * R			226,244
	740,000	Gabriel Resources Ltd. *			1,976,173
	840,000	Gabriel Resources Ltd. * R			2,026,844
	1,397,600	Gammon Gold, Inc. *			16,678,743
	320,000	Gold Eagle Mines Ltd. *			2,052,581
	489,000	Goldcorp, Inc.			14,945,559
	938,207	Goldcorp, Inc. (USD)			28,671,606
	17,500	Goldcorp, Inc. Warrants
		(CAD 45.75, expiring 6/9/11) *			216,408
	24,000	Golden Star Resources Ltd. * R			98,929
	1,195,000	Great Basin Gold Ltd. * †			3,616,297
	300,000	Great Basin Gold Ltd. * R			907,857
	422,500	Great Basin Gold Ltd. Warrants *
		(CAD 3.50, expiring 4/17/09)			327,075
	180,000	Greystar Resources Ltd. *			1,248,680
	219,000	Guyana Goldfields, Inc. *			2,179,762
	533,300	High River Gold Mines Ltd. *			1,619,229
	1,388,200	Iamgold Corp.			12,072,518
	1,870,000	Jinshan Gold Mines, Inc. *			4,230,131
	935,000	Jinshan Gold Mines, Inc. Warrants
		(CAD 1.45, expiring 3/1/08) * R			752,023
	1,364,129	Kinross Gold Corp. *			20,379,990
	1,193,614	Kinross Gold Corp. (USD) *			17,880,338
	500,000	Kinross Gold Corp. Warrants
		(CAD 1.90, expiring 10/22/07) *			2,463,178
	1640000	Lake Shore Gold Corp.			3,132,760
	565,660	Meridian Gold, Inc. *			18,806,994
	271,000	Meridian Gold, Inc. (USD) *			8,970,100
	50,000	Minefinders Corp. * †			535,867
	450,000	Minefinders Corp. * R			4,822,802
	1,917,300	Miramar Mining Corp. * †			9,059,780
	445,000	New Gold, Inc. * †			2,751,470
	800,000	New Gold, Inc. * † R			4,946,464
	572,000	Northern Orion Resources, Inc. * R			3,594,229
	536,000	Northern Orion Resources, Inc. Warrants
		(CAD 2.00, expiring 5/29/08) * R			2,344,141
	770,000	Northgate Minerals Corp. * †			2,167,597
	666,666	Northgate Minerals Corp. * R			1,876,705
	2,585,000	Orezone Resources, Inc. *			4,807,973
	1,373,200	Osisko Exploration Ltd. *			7,524,194
	1,452,600	Pacific Rim Mining Corp. * †			1,670,490
	226,759	PAN American Silver Corp. * †			6,590,864
	96,000	PAN American Silver Corp. (USD) *			2,774,400
	95,150	PAN American Silver Corp. Warrants
		(CAD 12.00, expiring 2/20/08) *			1,626,250
	23,230	PAN American Silver Corp. Warrants
		(CAD 12.00, expiring 2/20/08) * R			397,034
	2,261,700	Peak Gold Ltd. * R			1,591,706
	1,130,850	Peak Gold Ltd. Warrants * R			329,710
	265,000	Platinum Group Metals Ltd. *			1,065,702
	530,000	Platinum Group Metals Ltd. * R			2,131,403
	514,500	Premier Gold Mines Ltd. *			1,210,406
	1,055,555	Red Back Mining, Inc. *			7,004,135
	793,000	Silver Wheaton Corp. * †			11,058,071
	808,000	Silver Wheaton Corp. (USD) *			11,328,160
	1,257,500	Silver Wheaton Corp. Warrants
		(CAD 4.00, expiring 8/05/09) *			2,528,528
	620,000	Silvercorp Metals, Inc. *			12,921,731
	839,800	Western Goldfields, Inc. *			2,863,718
					431,377,834

South Africa: 5.5%
	100,000	AngloGold Ashanti Ltd. (ADR) †			4,689,000
	168,000	First Uranium Corp. (CAD) * R			1,599,517
	971,162	Gold Fields Ltd. (ADR)			17,568,321
	280,000	Impala Platinum Holdings Ltd.			9,758,658
	202,500	Platmin Ltd. (CAD) * R			1,755,957
					35,371,453

United Kingdom: 7.6%
	850,000	Cluff Gold Ltd. *			1,365,192
	142,000	Lonmin Plc #			10,640,335
	1,125,000	Randgold Resources Ltd. (ADR)			37,395,000
					49,400,527

United States: 4.6%
	8,300,000	Capital Gold Corp. *			3,984,000
	30,000	Metallica Resources, Inc. *			133,200
	1,610,000	Metallica Resources, Inc. (CAD) *			7,122,103
	255,000	Metallica Resources, Inc. Warrants
		(CAD 3.10, expiring 12/11/08) * R			456,341
	330,000	Newmont Mining Corp.			14,760,900
	109,100	Royal Gold, Inc. †			3,573,025
					30,029,569

Total Common Stocks
(Cost: $255,863,794)					626,086,184
				Principal
				Amount
CORPORATE NOTE: 0.9%
Canada: 0.9%
Eurasia Holdings AG Convertible
Note, 7.00%, 9/14/09 * R
(Cost: $2,959,754)			CAD	3,280,000	5,718,953

REPURCHASE AGREEMENT: 3.6%
State Street Bank & Trust Co.,
3.80% (dated 8/28/07, due 10/1/07,
repurchase price $23,542,453
collateralized by $12,690,000
Federal Home Loan Bank, 3.75%, due 8/15/08
with a value of $12,635,801)
(Cost $23,535,000)				$23,535,000	23,535,000

Total Investments Before Collateral
for Securities Loaned: 100.9%
(Cost: $282,358,544)					655,340,137

				Number
				of Shares
SHORT-TERM INVESTMENT
HELD AS COLLATERAL FOR
SECURITIES LOANED: 15.1%
State Street Navigator Securities
Lending Prime Portfolio
(Cost: $98,075,559)				98,075,559	98,075,559

Total Investments: 116.0%
(Cost: $380,434,103)					753,415,696

Liabilities in excess of other assets: (16.0%)					(103,755,451)
NET ASSETS: 100.0%					$649,660,245

ADR American Depositary Receipt
AUD Australian Dollar
CAD Canadian Dollar
USD United States Dollar


Gross Unrealized Appreciation								$ 353,657,499
Gross Unrealized Depreciation								(54,412,906)
Net Unrealized Appreciation								$299,244,593

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $94,926,581.
#	Indicates a fair valued security which has not been valued using an independent quote, but has
	been valued pursuant to guidelines established by the Board of Trustees. The aggregate value
	for fair valued securities is $89,390,157 which represented 13.8% of net assets.
R	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended,
	or otherwise restricted. These securities may be resold in transactions exempt from registration,
	normally to qualified institutional buyers. At September 30, 2007, these securities are considered
	liquid, unless otherwise noted, and the market value amounted to $49,473,807, or 7.1% of net
	assets.

Restricted securities held by the Fund are as follows:
		Acquisition	Number	Acquisition		% of
Security		Date	of Shares	Cost	Value	Net Assets
Aquiline Resources, Inc.		9/27/05	390,000	$529,932	$3,999,397	0.5%
AXMIN, Inc.		11/16/01	1,000,000	157,230	914,894	0.1
Bear Creek Mining Corp.		8/15/05	948,000	2,865,287	6,862,313	1.1
Eurasia Holdings		8/29/06	**	2,959,754	5,718,953	0.9
First Uranium Corp		12/13/06	168,000	1,016,518	1,599,517	0.2
Full Metal Minerals Ltd		10/24/06	740,000	1,511,524	2,120,344	0.3
Full Metal Minerals Ltd Warrants (a)		10/24/06	370,000	—	226,244	0.0
Gabriel Resources Ltd.		3/17/05	840,000	930,608	2,026,844	0.3
Golden Star Resources Ltd.		7/18/02	24,000	29,780	98,929	0.0
Great Basin Gold Ltd.		5/28/02	300,000	293,351	907,857	0.1
Jinshan Gold Mines, Inc. Warrants (a)		8/25/06	935,000	—	752,023	0.1
Metallica Resources, Inc. Warrants (a)		11/26/03	255,000	—	456,341	0.1
Minefinders Corp.		3/20/02	450,000	652,586	4,822,802	0.7
New Gold, Inc.		10/21/03	800,000	5,580,320	4,946,464	0.8
Northern Orion Resources, Inc.		5/16/03	572,000	545,761	3,594,229	0.6
Northern Orion Resources, Inc. Warrants (a)		5/16/03	536,000	—	2,344,141	0.4
Northgate Minerals Corp.		10/16/02	666,666	781,921	1,876,705	0.3
PAN American Silver Corp. Warrants (a)		2/7/02	22,230	32,187	397,034	0.1
Peak Gold Ltd.		3/9/07	2,261,700	1,448,845	1,591,706	0.2
Peak Gold Ltd. WTS		3/9/07	1,130,850	—	329,710	0.1
Platinum Group Metals Ltd.		6/30/06	530,000	857,169	2,131,403	0.3
Platmin Ltd.		7/28/06	202,500	715,676	1,755,957	0.3
					$49,473,807	7.6%
** Principal amount CAD 3,280,000.
(a)	Illiquid Securities


Summary of Investments by Industry					% of
Excluding Collateral for Securities Loaned					Investments	Value
Gold					83.1%	$544,322,040
Silver					7.5	$49,225,039
Platinum					4.1	$26,600,735
Copper					0.9	$5,938,370
Total Common Stocks					95.6	$626,086,184
Corporate Note					0.9	$5,718,953
Repurchase Agreement					3.6	$23,535,000
					100.1%	$655,340,137

Note To Schedules of Investments

September 30, 2007 (unaudited)

Security Valuation—Securities traded on national or foreign exchanges are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. Securities for which market values are not readily available, or whose values have been affected by events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the close of the securities’ primary market, are valued using methods approved by the Board of Trustees. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but the Fund is open. The price which the Funds may realize upon sale of an investment may differ materially from the value presented on the Schedule of Investments. Short-term obligations purchased with more than sixty days remaining to maturity are valued at market value. Short-term obligations purchased with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates market value. Futures are valued using the closing price reported at the close of the respective exchange. Forward foreign currency contracts are valued at the spot currency rate plus an amount (“points”), which reflects the differences in interest rates between the U.S. and foreign markets. Securities for which quotations are not readily available are stated at fair value as determined by the Pricing Committee of the Adviser appointed by the Board of Trustees. Certain factors such as economic conditions, political events, market trends and security specific information are used to determine the fair value of these securities. Short-term investments held as collateral for securities loaned are valued at net asset value.

ITEM 2. Controls and Procedures.

(a)	The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3 (c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)).

(b)	There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

99 Park Avenue - 8^th Floor, New York, N.Y.		10016
(Address of principal executive offices)		(Zip Code)

Date of fiscal year end:	December 31
Date of reporting period:	September 30, 2007