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“some dis- concluded ectors also was not an warrants of staff of the he Fund as 3. However, archases of ents and in ctors acted d that such yereunder. rest in ORS inies in the 1 respect to arket and a at for Silver onduct with ent Adviser urse either ctively, the it and thus e Board of dependent ct to Nigel then on the Invesiment ors. r, the Board Investment ites. Ba&L rast several rvices. The he staff has ively on the Number of Shares 110,000 160,466 495,000 1,159,200 160,000 493,000 167,300 973,000 375,100 17,000 1,417,000 386,600 400,000 136,300 197,306 600,000 603,700 149,200 281,100 2,060,000 Repurchase Agreement cree’ a 1 qa. *. ae a STRATEGIC INVESTMENTS FUND, INC. Portfolio of Investments in Securities June 30,.1989 _ (See the Report of Independent Public Accountants and Notes to the Financial Statements in the - Statement of Additional Information) Common Stock - id Producing Gold Mines. Akiko-Lori Gold Resources, Ltd. Corona Corporation | Deelkraal Goid Mining,Co., Ltd. Doornfontein Gold Mining Co., Ltd. Driefontein Gold Mining Co., Ltd. East Daggafontein Gold Mining Co., Ltd. Free State Gold Mining Co.,.Ltd. Hartebeestfontein Gold Mining Co., Lid. Kinross Gold Mining Co., Ltd. Kloof Goid Mining Co.,-Ltd. Libanon Gold Mining Co., Lid. MSV Resources 2 Randfontein Estates Gold Mining Co., Ltd. Southvaal Holdings, Ltd. Sub Nigel Gold Mining Co., Lid. Vaal Reefs Exploration: & Mining Co., Lid. Venterspost Gold Mining Ltd. Wesiern Deep Levels Ltd. Winkelhaak Mines, Lid. Witwatersrand Nigel Ltd. Total Investments i in - Common Stocks * (Cost $82,817,838) State Street Bank and Trust Company 8. “60506. Note Receivable, due 7/3/89, collateralized by $1,455,000 ~ 8.875% > U. S. Treasury Note, due 11/30/90. “(Cost - $1,475,000) Total Investments * The aggregate cost for Federal income tax purposes is $82,817,838.» ** The market value of the collateral at June 30, 1989 was $1,458,783. The Aggregate cost for Federal income tax purposes is $1,475,000 The Fund may purchase American Depository Receipts (“ADR's”) which are certificates of foreign securities issued by United States Banks, traded on domestic securities markets and denominated in U. S. Dollars. As defined in the Investment Company Act of 1940, an affiliated company represents ownership of at least 5% of the voting securities of the issuer, a controfled company represents ownership of more than 25% of the voting securities of the issuer and a majority owned subsidiary represents at feast 50% of the vating | ‘securities of the issuer. The next page contains a summary of transactions for companies that were affiliates as of June 30, 1989 or for a period of time duzing the year then ended, Market Value (Note TA) $ 11,440 1,423,262 1,546,875 1,072,260 1,580,000 2,156,875 1,255,116 6,932,625 4,313,650 141,312 2,469,250 155,027 1,975,000 4,634,200 44,392 4,687,500 724,440 4,354,775 4,286,775 267,800 $43,742,574 1,475,000 $45,217,574