Notes to Financial Statements (Unaudited)
At March 31, 2006, four shareholders of record held approximately 88% of the total outstanding shares of the
Fund. Investment activities of these shareholders could have a material impact on the Fund. For the six months
ended March 31, 2006, the Fund did not collect any redemption fees.
The Fund imposes a redemption fee of 2% of the net asset value of the shares, with certain exceptions, which are
redeemed or exchanged less than 30 days from the day of their purchase. The redemption fee is paid directly to
the Fund, and is designed to offset brokerage commissions, market impact, and other costs associated with
short-term trading in the Fund. The fee does not apply to shares that were acquired through reinvestment of
distributions. For the six months ended March 31, 2006, the Fund did not collect any redemption fees.
(5) Federal Taxes:
The cost and unrealized appreciation (depreciation) in value of the investment securities owned at March 31,
2006, as computed on a federal income tax basis, were as follows:
(6) Financial Instruments:
In general, the following instruments are used for hedging purposes as described below. However, these
instruments may also be used to seek to enhance potential gain in circumstances where hedging is not involved.
The Fund may trade the following financial instruments with off-balance sheet risk:
Forward Currency Exchange Contracts
The Fund may enter into forward foreign currency and cross currency exchange contracts for the purchase or
sale of a specific foreign currency at a fixed price on a future date. Risks may arise upon entering these contracts
from the potential inability of counterparties to meet the terms of their contracts and from unanticipated
movements in the value of a foreign currency relative to the U.S. dollar and other foreign currencies. The forward
foreign currency and cross currency exchange contracts are marked to market using the forward foreign currency
rate of the underlying currency a