UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



Form N-Q

Quarterly Schedule of Portfolio Holdings of Registered
Management Investment Company



Investment Company Act File Number 811-1800
U.S. Global Investors Funds

7900 Callaghan Road
San Antonio, TX 78229
(Address of principal executive offices) (Zip code)

Susan B. McGee, Esq.
7900 Callaghan Road
San Antonio, TX 78229
 (Name and address of agent for service)

Registrant’s telephone number, including area code: 210-308-1234

Date of fiscal year end: December 31

Date of reporting period: March 31, 2011


Item 1. Schedule of Investments
 
 
U.S. TREASURY SECURITIES CASH FUND
                   
Portfolio of Investments (unaudited)
         
March 31, 2011
 
                       
UNITED STATES GOVERNMENT OBLIGATIONS  40.10%
 
Coupon
Rate
 
Maturity
Date
 
Principal
Amount
   
Value
 
                       
United States Treasury Bills  40.10%
                   
 
Yield
    0.14 %
04/07/11
  $ 10,000,000     $ 9,999,775  
 
Yield
    0.14 %
04/14/11
    10,000,000       9,999,485  
 
Yield
    0.11 %
04/21/11
    20,000,000       19,998,764  
                                       
Total United States Government Obligations
                      39,998,024  
(cost $39,998,024)
                           
                             
REPURCHASE AGREEMENTS 59.62%
                         
                             
Joint Tri-Party Repurchase Agreements, 03/31/11, collateralized by U.S. Treasury securities held in joint tri-party repurchase accounts:
                         
                             
0.12% Barclays Capital, Inc., repurchase price $20,000,067
    0.12 %
04/01/11
    20,000,000       20,000,000  
                           
0.12% Credit Suisse Securities USA LLC, repurchase price $23,463,341
    0.12 %
04/01/11
    23,463,263       23,463,263  
                           
0.12% Morgan Stanley, repurchase price $16,000,053
    0.12 %
04/01/11
    16,000,000       16,000,000  
                             
Total Repurchase Agreements
                        59,463,263  
(cost $59,463,263)
                           
                             
                             
Total Investments 99.72%
                        99,461,287  
(cost $99,461,287)
                           
Other assets and liabilities, net 0.28%
                      280,485  
                             
NET ASSETS 100%
                      $ 99,741,772  
                             
                             
See notes to portfolios of investments.
                   
                             
                             
U.S. GOVERNMENT SECURITIES SAVINGS FUND
               
Portfolio of Investments (unaudited)
           
March 31, 2011
 
                             
UNITED STATES GOVERNMENT AND AGENCY OBLIGATIONS  99.93%
 
Coupon
Rate
 
Maturity
Date
 
Principal
Amount
   
Value
 
                             
Federal Farm Credit Bank  46.68%
                           
Discount Notes:
                           
 
Yield
    0.01 %
04/01/11
  $ 70,000,000     $ 70,000,000  
 
Yield
    0.22 %
07/13/11
    2,000,000       1,998,741  
Variable Rates:
                           
        0.33 %
07/01/11
    7,000,000       7,002,281  
        0.26 %
10/07/11
    3,200,000       3,200,679  
        0.21 %
10/26/11
    5,000,000       5,000,000  
        0.20 %
12/07/11
    1,100,000       1,099,627  
        0.27 %
02/13/12
    3,950,000       3,952,437  
                          92,253,765  
                             
Federal Home Loan Bank  43.13%
                           
Discount Notes:
                           
 
Yield
    0.09 %
04/01/11
    30,000,000       30,000,000  
 
Yield
    0.08 %
04/06/11
    15,000,000       14,999,844  
 
Yield
    0.06 %
04/11/11
    20,000,000       19,999,667  
 
Yield
    0.11 %
05/25/11
    2,126,000       2,125,665  
 
Yield
    0.19 %
05/27/11
    1,365,000       1,364,596  
 
Yield
    0.21 %
06/15/11
    2,233,000       2,232,046  
Fixed Rate:
                           
        0.40 %
12/20/11
    1,000,000       1,000,000  
Variable Rates:
                           
        0.18 %
05/06/11
    3,500,000       3,499,810  
        0.22 %
07/22/11
    5,000,000       5,000,000  
        0.18 %
09/09/11
    5,000,000       4,998,661  
                          85,220,289  
                             
                             
                             
United States Treasury Bills  10.12%
                           
 
Yield
    0.13 %
04/15/11
    10,000,000       9,999,514  
 
Yield
    0.07 %
04/21/11
    10,000,000       9,999,611  
                          19,999,125  
                             
Total Investments 99.93%
                        197,473,179  
(cost $197,473,179)
                           
Other assets and liabilities, net 0.07%
                      139,664  
                             
NET ASSETS 100%
                      $ 197,612,843  
                             
                             
See notes to portfolios of investments.
                   

 

NEAR-TERM TAX FREE FUND
                   
Portfolio of Investments (unaudited)
         
March 31, 2011
 
                     
MUNICIPAL BONDS 96.02%
 
Coupon
Rate
 
Maturity
Date
 
Principal
Amount
   
Value
 
                     
Alabama 4.85%
                   
Alabama State Public School & College Authority
    5.00 %
12/01/16
  $ 290,000     $ 329,646  
Bessemer, Alabama Water Revenue
    4.00 %
01/01/16
    300,000       297,177  
Jasper Alabama Water Works & Sewer Board, Inc., Utilities Revenue, Series A
    3.00 %
06/01/15
    90,000       91,693  
Jasper Alabama Water Works & Sewer Board, Inc., Utilities Revenue, Series A
    3.00 %
06/01/16
    90,000       90,512  
Mountain Brook City Board of Education Capital Outlay
    4.00 %
02/15/15
    200,000       215,328  
University of Alabama at Birmingham, Hospital Revenue, Series A
    5.00 %
09/01/15
    300,000       322,911  
                        1,347,267  
                           
Alaska 1.15%
                         
Alaska Municipal Bond Bank Authority, Series A
    4.00 %
02/01/16
    300,000       319,893  
                           
Arizona 4.80%
                         
Arizona Board Regents Certificates of Participation, Series B
    4.50 %
06/01/16
    200,000       217,412  
Arizona Health Facilities Authority Revenues,
Series D
    5.00 %
01/01/14
    250,000       268,360  
Arizona School Facilities Board Certificates,
Series A-1
    5.00 %
09/01/17
    325,000       340,538  
Arizona State Transportation Board Excise Tax Revenue
    5.00 %
07/01/17
    175,000       198,930  
Pima County Unified School District, GO Unlimited, Refunding
    3.70 %
07/01/12
    300,000       310,059  
                        1,335,299  
                           
California 3.01%
                         
California State, Refunding, Recreational Facility, GO Unlimited
    5.00 %
12/01/19
    250,000       263,395  
San Diego, California Community College District, Capital Appreciation, Election 2002, GO
Unlimited (ZCB)
    4.34 %(1)
05/01/15
    300,000       265,101  
Vernon, California Electric Systems Revenue,
Series A
    3.75 %
08/01/13
    300,000       309,294  
                        837,790  
                           
Connecticut 1.71%
                         
Connecticut State, Series D, GO Unlimited
    5.38 %
11/15/18
    250,000       269,825  
Connecticut State, Series E, GO Unlimited
    5.13 %
11/15/14
    200,000       205,112  
                        474,937  
                           
District of Columbia 2.35%
                         
District of Columbia Certifications of Participation
    4.00 %
01/01/14
    250,000       261,008  
Washington D.C. Convention Center Authority Dedicated Tax Revenue, Refunding, Series A
    5.00 %
10/01/13
    110,000       118,056  
Washington D.C. Convention Center Authority Dedicated Tax Revenue, Refunding, Series A
    5.00 %
10/01/16
    250,000       273,672  
                        652,736  
                           
Florida 9.68%
                         
Cape Coral, Florida Gas Tax Revenue, Series A
    4.00 %
10/01/16
    255,000       259,656  
Florida Gulf Coast University Financing Corp., Florida Capital Improvement Revenue, Series B
    3.00 %
02/01/16
    365,000       363,529  
Florida State Board of Education Lottery Revenue, Series A
    4.00 %
07/01/14
    300,000       320,277  
Florida State Board of Governors Parking Facilities Revenue, Series A
    3.00 %
07/01/17
    300,000       305,301  
Fort Pierce, Florida Stormwater Utilities Revenue
    4.50 %
10/01/17
    255,000       261,034  
Hillsborough Country Florida Community Investment Tax Revenue
    4.00 %
05/01/16
    300,000       315,414  
Miami - Dade County, Florida Water & Sewer Revenue System, Series A
    4.00 %
10/01/16
    235,000       253,600  
Orange County, Florida Tourist Development Tax Revenue, Refunding
    5.00 %
10/01/14
    260,000       282,859  
Reedy Creek, Florida Improvement District Utilities Revenue, Refunding, Series 2
    5.00 %
10/01/16
    300,000       328,719  
                        2,690,389  
                           
Georgia 3.43%
                         
Atlanta Downtown Development Authority
    4.25 %
12/01/16
    250,000       267,780  
Atlanta, Georgia Water & Wastewater Revenue, Series B
    3.50 %
11/01/13
    400,000       418,660  
Emanuel County Georgia Hospital Authority Revenue Anticipation Certificates
    4.30 %
07/01/17
    250,000       266,220  
                        952,660  
                           
Illinois 14.82%
                         
Aurora, Illinois, Series B, GO Unlimited
    3.00 %
12/30/15
    200,000       205,610  
Chicago Board of Education, Dedicated Revenues, Series F, GO Unlimited
    5.00 %
12/01/16
    300,000       324,816  
Chicago Board of Education, Series A
    5.25 %
12/01/13
    250,000       266,232  
Chicago, Illinois Sales Tax Revenue
    5.50 %
01/01/15
    350,000       389,361  
Chicago, Illinois, Direct Access Bond, Series E-1 B, GO Unlimited
    4.00 %
01/01/19
    200,000       199,726  
Chicago, Illinois, Unrefunded Balance, Series B
    5.13 %
01/01/15
    325,000       347,383  
Dundee Township, GO Unlimited
    5.00 %
12/01/13
    240,000       259,627  
Illinois Finance Authority Revenue, Refunding
    5.00 %
07/01/16
    390,000       417,600  
Illinois State Sales Tax Revenue
    5.00 %
06/15/14
    200,000       215,444  
Illinois State Toll Highway Authority, Toll Highway Revenue, Series A
    5.00 %
01/01/16
    200,000       212,360  
Illinois State, Refunding, GO Unlimited
    5.00 %
01/01/16
    300,000       314,004  
Metropolitan Pier & Exposition Authority
    5.38 %
06/01/15
    280,000       295,935  
State of Illinois, First Series, Refunding, GO Unlimited
    5.50 %
08/01/19
    300,000       302,982  
Winnebago County Public Safety Sales Tax, Series A, GO Unlimited
    5.00 %
12/30/16
    350,000       368,232  
                        4,119,312  
                           
Indiana 4.08%
                         
Hamilton Heights Independent School
    5.25 %
07/15/11
    195,000       197,611  
Indiana State Finance Authority Revenue, Refunding
    4.00 %
05/01/12
    350,000       362,009  
Noblesville Independent Redevelopment Authority Lease Rent Revenue
    5.00 %
01/15/24
    250,000       255,777  
Tippecanoe County, Indiana School Improvements
    4.00 %
01/15/15
    300,000       317,787  
                        1,133,184  
                           
Iowa 1.84%
                         
Ames, Iowa Hospital Revenue, Refunding
    5.00 %
06/15/15
    300,000       301,650  
Johnston Community School District, GO Unlimited
    4.00 %
06/01/16
    200,000       210,392  
                        512,042  
                           
Kansas 0.79%
                         
Kansas State Development Finance Authority Revenue
    4.00 %
10/01/15
    200,000       218,440  
                           
Kentucky 1.11%
                         
Louisville & Jefferson County Metropolitan Sewer District & Drain Systems, Series A
    5.50 %
05/15/15
    300,000       309,921  
                           
Massachusetts 1.29%
                         
New Bedford, Massachusetts, State Qualified Municipal Loan, GO Limited
    3.00 %
03/01/15
    345,000       358,555  
                           
Michigan 4.32%
                         
Detroit, Michigan Sewer Disposal Revenue, Refunding, Series C-1
    5.25 %
07/01/15
    400,000       428,472  
Michigan State Building Authority Revenue, Refunding, Series I
    5.25 %
10/15/14
    300,000       321,915  
Michigan State Grant Anticipation Bonds
    5.00 %
09/15/16
    200,000       223,036  
Michigan State Hospital Finance Authority Revenue, Trinity Health, Series A
    6.00 %
12/01/18
    200,000       228,266  
                        1,201,689  
                           
Missouri 0.81%
                         
Missouri State Health & Educational Facilities Authority Revenue, Series A
    6.75 %
05/15/13
    200,000       224,590  
                           
Nevada 1.88%
                         
Clark County Nevada School District, Refunding, Series A
    5.50 %
06/15/16
    250,000       271,395  
Nye County School District, GO Limited
    4.00 %
05/01/15
    230,000       250,063  
                        521,458  
                           
New Hampshire 0.44%
                         
New Hampshire Health & Education Facilities Authority Revenue
    5.00 %
07/01/14
    120,000       122,838  
                           
New Jersey 1.57%
                         
Atlantic City, New Jersey Municipal Utilities Authority Revenue, Refunding
    5.00 %
06/01/17
    150,000       163,657  
New Jersey State Transportation Trust Fund Authority, Series D
    4.00 %
06/15/14
    250,000       273,520  
                        437,177  
                           
New York 4.53%
                         
Long Island Power Authority, New York Electric Systems, Revenue, Series E
    5.00 %
12/01/17
    330,000       360,314  
New York State Dormitory Authority Revenues, Nonconstruction Supported Debt, Municipal Facilities Health Lease, Series 1
    5.00 %
01/15/17
    300,000       327,768  
New York, New York, Series G, GO Unlimited
    5.00 %
08/01/12
    125,000       132,180  
New York, New York, Subseries L-1, GO Unlimited
    4.00 %
04/01/15
    300,000       322,893  
Schenectady Metroplex Development Authority Revenue, Series A
    5.00 %
12/15/12
    110,000       116,282  
                        1,259,437  
                           
Pennsylvania 0.72%
                         
Philadelphia, Pennsylvania, GO Unlimited
    4.50 %
08/01/12
    195,000       200,807  
                           
Puerto Rico 1.87%
                         
Commonwealth of Puerto Rico, GO Unlimited
    6.00 %
07/01/13
    250,000       267,400  
Commonwealth of Puerto Rico, Refunding, GO Unlimited
    5.50 %
07/01/11
    250,000       252,622  
                        520,022  
                           
Rhode Island 0.98%
                         
Rhode Island State Economic Development Corporation Revenue, Series A
    5.00 %
06/15/17
    250,000       271,493  
                           
South Carolina 2.47%
                         
Jasper County School District, GO Unlimited
    4.00 %
03/01/15
    195,000       213,036  
Piedmont Municipal Power Agency
    5.00 %
01/01/16
    150,000       164,334  
Spartanburg County School District
    3.88 %
04/01/12
    300,000       309,279  
                        686,649  
                           
Tennessee 2.15%
                         
Metropolitan Government of Nashville & Davidson County, Water & Sewer Revenue
    6.50 %
12/01/14
    250,000       297,740  
Tennessee State, GO Unlimited, Refunding, Series A
    5.00 %
05/01/11
    300,000       301,035  
                        598,775  
                           
Texas 12.49%
                         
Addison, Texas Certificates of Obligation, GO Unlimited
    4.00 %
02/15/20
    250,000       256,943  
Annetta, Texas Certificates of Obligation, GO Limited
    4.00 %
08/01/16
    200,000       201,422  
Grand Prairie Independent School District, Refunding, GO Unlimited (ZCB)
    3.92 %(1)
08/15/16
    400,000       335,272  
Houston, Texas, Public Improvement, Refunding, GO Limited, Series A
    5.38 %
03/01/16
    180,000       199,485  
Katy, Texas Independent School District, School Building, Series D, GO Unlimited
    4.50 %
02/15/19
    325,000       350,090  
Lewisville, Texas Independent School District, GO Unlimited, Refunding (ZCB)
    4.04 %(1)
08/15/15
    400,000       365,012  
Lower Colorado River Authority Texas, Refunding
    5.25 %
05/15/19
    240,000       253,483  
North Texas Municipal Water District, Regional Solid Waste Disposal Systems Revenue
    3.00 %
09/01/12
    300,000       305,895  
San Antonio Water System Revenue
    5.00 %
05/15/13
    100,000       100,527  
San Antonio, Texas Municipal Drain Utilities Systems Revenue
    4.00 %
02/01/16
    300,000       309,696  
San Patricio, Texas Municipal Water District, Refunding
    4.00 %
07/10/18
    200,000       202,574  
Texas Municipal Power Agency Revenue, Refunding
    5.00 %
09/01/17
    250,000       280,327  
Texas State Public Finance Authority Revenue
    5.00 %
10/15/21
    300,000       309,390  
                        3,470,116  
                           
                           
Utah 1.15%
                         
Utah State, Refunding, Series B, GO Unlimited
    5.38 %
07/01/12
    300,000       318,387  
                           
Virginia 2.37%
                         
Virginia College Building Authority Educational Facilities Revenue, Prerefunded, Series A
    5.00 %
09/01/15
    10,000       11,500  
Virginia College Building Authority Educational Facilities Revenue, Unrefunded, Series A
    5.00 %
09/01/15
    290,000       328,472  
Virginia State Public Building Authority & Public Facilities Revenue, Refunding, Series A
    5.00 %
08/01/12
    300,000       317,889  
                        657,861  
                           
Washington 2.29%
                         
Clark County, Washington School District, GO Unlimited
    5.13 %
12/01/11
    100,000       103,130  
Energy Northwest, Washington Electric Revenue
    5.00 %
07/01/14
    250,000       278,817  
King County, Washington School District No. 401 Highline Public Schools, GO Unlimited
    5.50 %
12/01/13
    240,000       254,009  
                        635,956  
                           
Wisconsin 1.07%
                         
Chippewa Valley, Wisconsin, Technical College District Promissory Notes, Series A, GO Unlimited
    4.00 %
04/01/14
    250,000       270,798  
Wisconsin State, Refunding, Series 2, GO Unlimited
    4.13 %
11/01/16
    25,000       25,682  
                        296,480  
                           
Total Investments 96.02%
                      26,686,160  
(cost $26,168,506)
                         
Other assets and liabilities, net 3.98%
                      1,106,377  
                           
NET ASSETS 100%
                    $ 27,792,537  
                           
(1) Represents Yield
                         
                           
                           
See notes to portfolios of investments.
                         
                           
                           
TAX FREE FUND
                         
Portfolio of Investments (unaudited)
           
March 31, 2011
 
                           
MUNICIPAL BONDS 97.01%
 
Coupon
Rate
 
Maturity
Date
 
Principal
Amount
   
Value
 
                           
Alabama 7.41%
                         
Alabama 21st Century Authority, Tobacco Settlement Revenue
    5.75 %
12/01/19
  $ 275,000     $ 279,757  
Alabama State, GO Unlimited, Series A
    4.63 %
09/01/22
    375,000       387,608  
Bessemer, Alabama Water Revenue
    4.00 %
01/01/16
    200,000       198,118  
Mountain Brook City Board of Education Capital Outlay
    4.00 %
02/15/15
    195,000       209,945  
University of Alabama at Birmingham, Hospital Revenue, Series A
    5.00 %
09/01/15
    300,000       322,911  
                        1,398,339  
                           
Arizona 2.44%
                         
Scottsdale Arizona Municipal Property Corp., Excise Tax Revenue, Refunding
    5.00 %
07/01/26
    180,000       194,807  
University of Arizona Certificates of Participation, Series C
    5.00 %
06/01/22
    260,000       266,744  
                        461,551  
                           
California 14.01%
                         
Anaheim, California City School District, Capital Appreciation, Election 2002, GO Unlimited (ZCB)
    4.60 %(1)
08/01/28
    580,000       174,458  
California State, GO Unlimited
    5.00 %
03/01/32
    300,000       279,180  
California State, GO Unlimited
    4.75 %
03/01/34
    205,000       176,099  
California State, GO Unlimited
    5.00 %
06/01/37
    455,000       402,766  
Campbell, California Union High School District, GO Unlimited
    4.75 %
08/01/34
    300,000       255,207  
Chaffey Community College District, Series C, GO Unlimited
    5.00 %
06/01/32
    300,000       286,410  
Imperial Community College District, GO Unlimited
    5.00 %
08/01/29
    500,000       501,315  
Los Angeles Unified School District, Election 2004, Series H, GO Unlimited
    5.00 %
07/01/32
    200,000       190,918  
Santa Clara Valley Transportation Authority, Refunding, Series A
    5.00 %
04/01/27
    370,000       379,617  
                        2,645,970  
                           
Colorado 0.82%
                         
Colorado Health Facilities Authority Revenue
    5.00 %
09/01/16
    150,000       153,991  
                           
District of Columbia 1.69%
                         
District of Columbia Income Tax Revenue, Series A
    5.25 %
12/01/27
    300,000       319,506  
                           
Florida 1.60%
                         
Florida Board of Education, GO Unlimited, Refunding, Series C
    4.50 %
06/01/28
    300,000       301,080  
                           
Georgia 2.67%
                         
Atlanta Development Authority Revenue
    5.25 %
07/01/22
    500,000       504,255  
                           
Guam 1.22%
                         
Guam Education Financing Foundation Certificate of Participation, Series A
    4.25 %
10/01/18
    250,000       230,500  
                           
Illinois 9.27%
                         
Chicago Board of Education, GO Unlimited
    5.25 %
12/01/19
    300,000       314,649  
Chicago, Illinois Water Revenue, Refunding
    5.75 %
11/01/30
    225,000       236,612  
Du Page County, Refunding, GO Unlimited
    5.60 %
01/01/21
    490,000       558,110  
Illinois Finance Authority, Refunding, Series A
    5.00 %
10/01/14
    150,000       161,724  
Illinois Regional Transportation Authority Revenue, Series A
    7.20 %
11/01/20
    235,000       277,876  
State of Illinois, First Series, Refunding, GO Unlimited
    5.50 %
08/01/19
    200,000       201,988  
                        1,750,959  
                           
Indiana 1.59%
                         
Indianapolis Local Public Improvement Bond Bank, Waterworks Project, Series 2007 L
    5.25 %
01/01/33
    305,000       300,696  
                           
Kansas 7.34%
                         
Kansas State Development Finance Authority Revenue
    4.00 %
10/01/15
    250,000       273,050  
Kansas State Development Finance Authority, Hospital Revenue, Series Z
    5.00 %
12/15/12
    500,000       502,745  
University of Kansas Hospital Authority Health Facilities Revenue
    5.63 %
09/01/27
    570,000       609,775  
                        1,385,570  
                           
Kentucky 1.24%
                         
Bowling Green, Kentucky, GO Unlimited, Series B
    4.00 %
09/01/16
    215,000       234,849  
                           
Maryland 1.61%
                         
Maryland Health & Higher Educational Facilities Authority Revenue
    5.75 %
07/01/21
    300,000       303,921  
                           
Massachusetts 1.63%
                         
Massachusetts Bay Transportation Authority, Massachusetts Sales Tax Revenue, Refunding, Series A-1
    5.25 %
07/01/30
    285,000       307,703  
                           
Michigan 4.77%
                         
Detroit, Michigan Local Development Financing Authority, Refunding, Series A
    5.38 %
05/01/18
    255,000       134,298  
Detroit, Michigan Water Supply System Revenue, Series B
    5.00 %
07/01/16
    430,000       463,381  
Macomb County Building Authority, GO Limited
    4.50 %
11/01/23
    300,000       303,441  
                        901,120  
                           
Missouri 3.54%
                         
Kansas City Water Revenue
    4.00 %
12/01/22
    250,000       265,070  
St. Louis Airport Development Program, Prerefunded, Series A
    5.00 %
07/01/11
    165,000       166,883  
St. Louis Airport Development Program, Unrefunded, Series A
    5.00 %
07/01/11
    235,000       236,490  
                        668,443  
                           
Nevada 1.35%
                         
Nye County School District, GO Limited
    4.00 %
05/01/15
    235,000       255,499  
                           
New Hampshire 2.49%
                         
Manchester, New Hampshire School Facilities Revenue, Refunding
    5.50 %
06/01/26
    300,000       341,568  
New Hampshire Health & Education Facilities Authority Revenue
    5.00 %
07/01/14
    125,000       127,956  
                        469,524  
                           
Ohio 2.10%
                         
Ohio State Mental Health Facilities Revenue
    5.50 %
06/01/15
    300,000       302,436  
South Euclid Special Assessment, GO Limited Tax
    6.70 %
12/01/14
    90,000       94,090  
                        396,526  
                           
Puerto Rico 1.42%
                         
Commonwealth of Puerto Rico, GO Unlimited
    6.00 %
07/01/13
    250,000       267,400  
                           
Rhode Island 2.86%
                         
Rhode Island State Health & Educational Building Corporation Revenue
    6.50 %
08/15/32
    500,000       539,355  
                           
South Carolina 1.25%
                         
South Carolina Jobs Economic Development Authority Revenue
    5.00 %
11/01/23
    250,000       235,933  
                           
Tennessee 1.17%
                         
Memphis, Tennessee Sanitary Sewage System Revenue, Refunding
    5.00 %
05/01/20
    200,000       221,176  
                           
Texas 17.10%
                         
Dallas, Texas Waterworks & Sewer Systems Revenue, Refunding
    4.50 %
10/01/19
    225,000       244,350  
Duncanville, Texas Independent School District, GO Unlimited, Prerefunded, Series B
    5.25 %
02/15/32
    495,000       515,438  
Duncanville, Texas Independent School District, GO Unlimited, Unrefunded, Series B
    5.25 %
02/15/32
    5,000       5,038  
Forney, Texas, GO Limited
    5.00 %
02/15/27
    500,000       512,725  
Goose Creek, Texas Independent School District Schoolhouse, Series A
    5.25 %
02/15/18
    370,000       424,057  
Greenville, Texas Independent School District, GO Unlimited, Refunding
    4.00 %
08/15/17
    120,000       128,914  
Laredo Independent School District Public Facility Corp., Lease Revenue, Series F
    5.50 %
08/01/24
    100,000       100,271  
North Texas Tollway Authority Revenue, Series F
    5.75 %
01/01/38
    250,000       234,137  
Prosper, Texas Independent School District, Capital Appreciation, School Building, GO Unlimited (ZCB)
    6.00 %(1)
08/15/33
    1,000,000       314,840  
San Marcos, Texas Tax & Toll Revenue, GO Limited
    5.10 %
08/15/27
    400,000       418,756  
White Settlement, Texas Independent School District, GO Unlimited
    4.13 %
08/15/15
    300,000       330,717  
                        3,229,243  
                           
Utah 3.00%
                         
Utah State Building Ownership Authority, Lease Revenue, Refunding, Series C
    5.50 %
05/15/19
    500,000       565,895  
                           
Washington 1.42%
                         
Spokane County, Washington School District, No. 81, GO Unlimited
    5.05 %
06/01/22
    255,000       268,336  
                           
                           
Total Investments 97.01%
                      18,317,340  
(cost $18,205,904)
                         
Other assets and liabilities, net 2.99%
                      563,612  
                           
NET ASSETS 100%
                    $ 18,880,952  
                           
(1) Represents Yield
                         
                           
                           
See notes to portfolios of investments.
                         

 
ALL AMERICAN EQUITY FUND
         
Portfolio of Investments (unaudited)
     
March 31, 2011
           
COMMON STOCKS  93.25%
 
Shares
 
Value
 
           
Advertising Agencies  1.04%
         
Omnicom Group, Inc.
 
4,000
 
 $                           196,240 
 
           
Aerospace/Defense  2.88%
         
Lockheed Martin Corp.
 
2,300
 
184,920 
 
Northrop Grumman Corp.
 
2,500
 
156,775 
 
Raytheon Co.
 
4,000
 
203,480 
 
       
545,175 
 
Agricultural Chemicals  1.45%
         
CF Industries Holdings, Inc.
 
2,000
 
273,580 
 
 
         
           
Applications Software  1.95%
         
Check Point Software Technologies Ltd.
 
4,000
 
204,200 
*
Microsoft Corp.
 
6,500
 
164,840 
 
       
369,040 
 
Beverages - Non-alcoholic  2.06%
         
Coca-Cola Enterprises, Inc.
 
7,500
 
204,750 
 
Dr Pepper Snapple Group, Inc.
 
5,000
 
185,800 
 
       
390,550 
 
Cable/Satellite TV  1.24%
         
DIRECTV, Class A
 
5,000
 
234,000 
*
           
Cellular Telecommunications  1.16%
         
MetroPCS Communications, Inc.
 
13,500
 
219,240 
*
           
Chemicals - Diversified  2.75%
         
EI du Pont de Nemours & Co.
 
6,000
 
329,820 
 
PPG Industries, Inc.
 
2,000
 
190,420 
 
       
520,240 
 
Chemicals - Specialty  1.08%
         
Ecolab, Inc.
 
4,000
 
204,080 
 
           
Coatings/Paint  0.89%
         
Sherwin-Williams Co.
 
2,000
 
167,980 
 
           
Commercial Banks - Western U.S.  1.20%
         
SVB Financial Group
 
4,000
 
227,720 
*
           
Commercial Services - Financial  2.07%
         
H&R Block, Inc.
 
11,500
 
192,510 
 
Visa, Inc., Class A
 
2,700
 
198,774 
 
       
391,284 
 
Computers  3.63%
         
Apple, Inc.
 
1,500
 
522,675 
*
Hewlett-Packard Co.
 
4,000
 
163,880 
 
       
686,555 
 
Containers - Metal/Glass  0.95%
         
Ball Corp.
 
5,000
 
179,250 
 
           
Containers - Paper/Plastic  1.04%
         
Bemis Co., Inc.
 
6,000
 
196,860 
 
           
Data Processing/Management  1.04%
         
Fidelity National Information Services, Inc.
 
6,000
 
196,140 
 
           
Disposable Medical Products  1.05%
         
CR Bard, Inc.
 
2,000
 
198,620 
 
           
Distribution/Wholesale  1.09%
         
WW Grainger, Inc.
 
1,500
 
206,520 
 
           
Diversified Banking Institutions  0.97%
         
JPMorgan Chase & Co.
 
4,000
 
184,400 
 
           
E-Commerce/Services  1.25%
         
Netflix, Inc.
 
1,000
 
237,330 
*
           
           
Electric - Integrated  3.49%
         
American Electric Power Co., Inc.
 
5,500
 
193,270 
 
Entergy Corp.
 
2,000
 
134,420 
 
Exelon Corp.
 
4,000
 
164,960 
 
FirstEnergy Corp.
 
4,500
 
166,905 
 
       
659,555 
 
Electronic Components - Semiconductors  5.13%
         
Altera Corp.
 
4,000
 
176,080 
 
Broadcom Corp., Class A
 
5,000
 
196,900 
 
Entropic Communications, Inc.
 
20,000
 
169,000 
*
NVIDIA Corp.
 
12,500
 
230,750 
*
Xilinx, Inc.
 
6,000
 
196,800 
 
       
969,530 
 
Engines - Internal Combustion  1.74%
         
Cummins, Inc.
 
3,000
 
328,860 
 
           
Enterprise Software/Services  3.42%
         
Informatica Corp.
 
6,000
 
313,380 
*
Oracle Corp.
 
10,000
 
333,700 
 
       
647,080 
 
Food - Retail  0.93%
         
Safeway, Inc.
 
7,500
 
176,550 
 
           
Gas - Distribution  0.85%
         
Sempra Energy
 
3,000
 
160,500 
 
           
Internet Security  1.24%
         
VeriSign, Inc.
 
6,500
 
235,365 
 
           
Investment Management/Advisory Services  2.75%
         
Federated Investors, Inc., Class B
 
7,000
 
187,250 
 
T. Rowe Price Group, Inc.
 
5,000
 
332,100 
 
       
519,350 
 
Machinery - Construction & Mining  1.47%
         
Caterpillar, Inc.
 
2,500
 
278,375 
 
           
Medical - Drugs  1.05%
         
Bristol-Myers Squibb Co.
 
7,500
 
198,225 
 
           
Medical - HMO  0.99%
         
Aetna, Inc.
 
5,000
 
187,150 
 
           
Medical - Wholesale Drug Distribution  1.04%
         
McKesson Corp.
 
2,500
 
197,625 
 
           
Medical Labs & Testing Services  0.92%
         
Quest Diagnostics, Inc.
 
3,000
 
173,160 
 
           
Metal - Aluminum  0.93%
         
Alcoa, Inc.
 
10,000
 
176,500 
 
           
Metal - Copper  1.47%
         
Freeport-McMoRan Copper & Gold, Inc.
 
5,000
 
277,750 
 
           
Multi-line Insurance  1.92%
         
Assurant, Inc.
 
4,000
 
154,040 
 
XL Group plc, Class A
 
8,500
 
209,100 
 
       
363,140 
 
Oil - Field Services  2.63%
         
Halliburton Co.
 
10,000
 
498,400 
 
           
Oil & Gas Drilling  2.23%
         
Diamond Offshore Drilling, Inc.
 
2,500
 
194,250 
 
Noble Corp.
 
5,000
 
228,100 
 
       
422,350 
 
Oil Companies - Exploration & Production  4.54%
         
Concho Resources, Inc.
 
1,600
 
171,680 
*
Devon Energy Corp.
 
4,000
 
367,080 
 
Northern Oil & Gas, Inc.
 
12,000
 
320,400 
*
       
859,160 
 
Oil Companies - Integrated  1.27%
         
ConocoPhillips
 
3,000
 
239,580 
 
           
Oil Field Machinery & Equipment  2.10%
         
National-Oilwell Varco, Inc.
 
5,000
 
396,350 
 
           
Pipelines  1.01%
         
Spectra Energy Corp.
 
7,000
 
190,260 
 
           
Property/Casualty Insurance  1.92%
         
Chubb Corp.
 
3,000
 
183,930 
 
The Travelers Cos., Inc.
 
3,000
 
178,440 
 
       
362,370 
 
Publishing - Newspapers  0.92%
         
The Washington Post Co., Class B
 
400
 
175,024 
 
           
Retail - Apparel/Shoe  2.96%
         
Lululemon Athletica, Inc.
 
4,000
 
356,200 
*
The Gap, Inc.
 
9,000
 
203,940 
 
       
560,140 
 
Retail - Consumer Electronics  1.07%
         
RadioShack Corp.
 
13,500
 
202,635 
 
           
Shipbuilding  0.09%
         
Huntington Ingalls Industries, Inc.
 
416
 
17,264 
*
           
Telecommunication Equipment - Fiber Optics  1.10%
         
JDS Uniphase Corp.
 
10,000
 
208,400 
*
           
Telephone - Integrated  3.98%
         
AT&T, Inc.
 
6,500
 
198,900 
 
Frontier Communications Corp.
 
21,320
 
175,250 
 
Verizon Communications, Inc.
 
5,500
 
211,970 
 
Windstream Corp.
 
13,000
 
167,310 
 
       
753,430 
 
Therapeutics  1.46%
         
Gilead Sciences, Inc.
 
6,500
 
275,860 
*
           
Tobacco  2.30%
         
Lorillard, Inc.
 
2,500
 
237,525 
 
Philip Morris International, Inc.
 
3,000
 
196,890 
 
       
434,415 
 
Transportation - Services  1.07%
         
Ryder System, Inc.
 
4,000
 
202,400 
 
           
           
Vitamins & Nutrition Products  1.08%
         
Herbalife Ltd.
 
2,500
 
203,400 
 
           
Wireless Equipment  1.39%
         
QUALCOMM, Inc.
 
4,800
 
263,184 
 
           
           
Total Common Stocks
     
17,638,141 
 
(cost $15,460,344)
         
           
           
WARRANTS 2.03%
         
           
Diversified Banking Institutions  2.03%
         
Bank of America Corp., Warrants (January 2019)
 
50,000
 
383,500 
*
(cost $371,938)          
           
           
PURCHASED OPTION  0.01%
 
Contracts
     
           
Diversified Banking Institutions  0.01%
         
Citigroup, Inc., Strike Price 7.50, Call, Expiration Jan. 2012 (premium $30,300)
 
800
 
1,600 
 
           
           
Total Investments 95.29%
     
18,023,241 
 
(cost $15,862,582)
         
Other assets and liabilities, net 4.71%
     
890,609  
 
           
NET ASSETS 100%
     
$18,913,850  
 
           
           
See notes to portfolios of investments
         
 
 
HOLMES GROWTH FUND
         
Portfolio of Investments (unaudited)
     
March 31, 2011
           
COMMON STOCKS  85.96%
 
Shares
 
Value
 
           
Agricultural Chemicals  1.70%
         
Potash Corporation of Saskatchewan, Inc.
 
                                      5,400  
 
 $                           318,222  
 
The Mosaic Co.
 
                                      5,500  
 
                              433,125  
 
       
                              751,347  
 
Agricultural Operations  0.05%
         
Agriterra Ltd.
 
                                 500,000  
 
                                24,066  
*
           
Applications Software  0.81%
         
Check Point Software Technologies Ltd.
 
                                      7,000  
 
                             357,350  
*
           
Automotive - Truck Parts & Equipment  1.39%
         
WABCO Holdings, Inc.
 
                                    10,000  
 
                              616,400  
*
           
Cable/Satellite TV  1.90%
         
DIRECTV, Class A
 
                                    18,000  
 
                             842,400  
*
           
Cellular Telecommunications  1.14%
         
Vivo Participacoes S.A., Sponsored ADR
 
                                    12,500  
 
                             504,750  
 
           
Chemicals - Specialty  3.96%
         
Albemarle Corp.
 
                                    12,500  
 
                              747,125  
 
Daqo New Energy Corp., Sponsored ADR
 
                                   25,000  
 
                             322,500  
*
International Flavors & Fragrances, Inc.
 
                                     11,000  
 
                             685,300  
 
       
                           1,754,925  
 
Computer Services  2.15%
         
Cognizant Technology Solutions Corp., Class A
 
                                     11,700  
 
                             952,380  
*
           
Computers  2.36%
         
Apple, Inc.
 
                                      3,000  
 
                           1,045,350  
*
           
Containers - Metal/Glass  0.81%
         
Ball Corp.
 
                                    10,000  
 
                             358,500  
 
           
Cosmetics & Toiletries  0.98%
         
The Estee Lauder Cos., Inc., Class A
 
                                      4,500  
 
                             433,620  
 
           
Diversified Banking Institutions  2.96%
         
Citigroup, Inc.
 
                                  130,000  
 
                             574,600  
*
JPMorgan Chase & Co.
 
                                    16,000  
 
                             737,600  
 
       
                            1,312,200  
 
E-Commerce/Products  1.84%
         
MercadoLibre, Inc.
 
                                    10,000  
 
                              816,300  
 
           
E-Commerce/Services  3.25%
         
Netflix, Inc.
 
                                       1,800  
 
                              427,194  
*
priceline.com, Inc.
 
                                      2,000  
 
                            1,012,880  
*
       
                           1,440,074  
 
Electronic Components - Semiconductors  4.21%
         
Altera Corp.
 
                                    15,000  
 
                             660,300  
 
Broadcom Corp., Class A
 
                                   20,000  
 
                             787,600  
 
Integrated Silicon Solution, Inc.
 
                                   45,000  
 
                               417,150  
*
       
                           1,865,050  
 
Engines - Internal Combustion  1.73%
         
Cummins, Inc.
 
                                      7,000  
 
                             767,340  
 
           
Finance - Commercial  1.40%
         
IOU Financial, Inc., 144A (RS)
 
                              1,500,000  
 
                               618,716  
*+@
           
Finance - Investment Banker/Broker  0.05%
         
Rodman & Renshaw Capital Group, Inc.
 
                                    10,000  
 
                                20,500  
*
           
Footwear & Related Apparel  0.84%
         
Wolverine World Wide, Inc.
 
                                    10,000  
 
                             372,800  
 
           
Gold Mining  0.42%
         
Endeavour Mining Corp.
 
                                   70,000  
 
                              187,677  
*
           
Industrial Audio & Video Products  1.81%
         
Imax Corp.
 
                                   25,000  
 
                             799,500  
*
           
Instruments - Controls  1.57%
         
Sensata Technologies Holding N.V.
 
                                   20,000  
 
                             694,600  
*
           
Investment Management/Advisory Services  2.84%
     
T Rowe Price Group, Inc.
 
                                     11,000  
 
                             730,620  
 
Waddell & Reed Financial, Inc., Class A
 
                                    13,000  
 
                             527,930  
 
       
                           1,258,550  
 
Machinery - Construction & Mining  1.26%
         
Caterpillar, Inc.
 
                                      5,000  
 
                             556,750  
 
           
Machinery - General Industrial  1.60%
         
Altra Holdings, Inc.
 
                                   30,000  
 
                             708,600  
*
           
Medical - Biomedical/Gene  1.78%
         
Alexion Pharmaceuticals, Inc.
 
                                      8,000  
 
                             789,440  
*
           
Medical - Drugs  2.44%
         
Endo Pharmaceuticals Holdings, Inc.
 
                                    10,000  
 
                              381,600  
*
Valeant Pharmaceuticals International, Inc.
 
                                    14,000  
 
                             697,340  
 
       
                           1,078,940  
 
Medical - Hospitals  0.87%
         
African Medical Investments plc
 
                              1,000,000  
 
                                 58,159  
*
Health Management Associates, Inc., Class A
 
                                   30,000  
 
                             327,000  
*
       
                              385,159  
 
Medical Instruments  2.35%
         
Bruker Corp.
 
                                   50,000  
 
                           1,042,500  
*
           
Metal - Copper  1.25%
         
Freeport-McMoRan Copper & Gold, Inc.
 
                                    10,000  
 
                             555,500  
 
           
Oil - Field Services  2.84%
         
Core Laboratories N.V.
 
                                      5,000  
 
                              510,850  
 
Halliburton Co.
 
                                    15,000  
 
                             747,600  
 
       
                           1,258,450  
 
Oil Companies - Exploration & Production  10.26%
     
Alange Energy Corp.
 
                                 785,200  
 
                               263,151  
*
Alange Energy Corp., 144A
 
                              1,350,000  
 
                             452,436  
*
Brigham Exploration Co.
 
                                   20,000  
 
                             743,600  
*
Concho Resources, Inc.
 
                                       6,100  
 
                             654,530  
*
Continental Resources, Inc.
 
                                    10,000  
 
                              714,700  
*
Pacific Rubiales Energy Corp.
 
                                   25,700  
 
                              712,895  
 
Pioneer Natural Resources Co.
 
                                      3,500  
 
                             356,720  
 
Southwestern Energy Co.
 
                                    15,000  
 
                             644,550  
*^
       
                          4,542,582  
 
Platinum  0.11%
         
Eastern Platinum Ltd.
 
                                   36,000  
 
                                48,260  
*
           
Radio  6.56%
         
Newfoundland Capital Corp., Ltd., Class A
 
                                  391,500  
 
                          2,906,729  
 
           
Real Estate Management/Services  1.81%
         
CB Richard Ellis Group, Inc., Class A
 
                                   30,000  
 
                              801,000  
*
           
Real Estate Operating/Development  0.23%
         
Pacific Infrastructure, Inc. (RS)
 
                                  100,000  
 
                              100,000  
*@
           
Retail - Automobile  1.34%
         
Rush Enterprises, Inc., Class A
 
                                   30,000  
 
                             594,000  
*
           
Retail - Vitamins/Nutritional Supplements  0.96%
     
Vitamin Shoppe, Inc.
 
                                    12,500  
 
                             422,875  
*
           
Schools  1.24%
         
DeVry, Inc.
 
                                    10,000  
 
                             550,700  
*
           
Therapeutics  1.44%
         
Gilead Sciences, Inc.
 
                                    15,000  
 
                             636,600  
*
           
Vitamins & Nutrition Products  2.20%
         
Herbalife Ltd.
 
                                    12,000  
 
                             976,320  
 
           
Web Hosting/Design  1.94%
         
Rackspace Hosting, Inc.
 
                                   20,000  
 
                             857,000  
*
           
Web Portals/Internet Service Providers  1.71%
         
Baidu, Inc., Sponsored ADR
 
                                      5,500  
 
                             757,955  
*
           
Wireless Equipment  1.60%
         
Aruba Networks, Inc.
 
                                    21,000  
 
                              710,640  
*
           
           
Total Common Stocks
     
                       38,074,395  
 
(cost $29,591,427)
         
           
           
EXCHANGE-TRADED FUND (ETF)  1.38%
         
           
iShares Dow Jones U.S. Oil Equipment & Services Index Fund
 
                                      9,000  
 
                              610,380  
 
(cost $492,930)
         
           
WARRANTS 2.73%
         
           
Diversified Banking Institutions  2.08%
         
Bank of America Corp., Warrants (January 2019)
 
                                  120,000  
 
                             920,400  
*
           
Finance - Commercial  0.00%
         
IOU Financial, Inc., 144A, Warrants (February 2012)  (RS)
 
                              1,250,000  
 
                                           0  
*@
           
Gold Mining  0.00%
         
Medoro Resources Ltd., Warrants (November 2011)
 
                                   33,333  
 
                                  3,437  
*
           
Medical - Hospitals  0.00%
         
African Medical Investments plc, Warrants (June 2011)
 
                                 500,000  
 
                                           0  
*@
           
Multi-line Insurance  0.43%
         
American International Group, Inc., Warrants (January 2021)
 
                                     17,135  
 
                               190,713  
*
           
Oil Companies - Exploration & Production  0.22%
     
Alange Energy Corp., 144A, Warrants (February 2016)
 
                                 675,000  
 
                                97,448  
*
           
Total Warrants
     
                             1,211,998  
 
(cost $1,193,046)
         
           
           
           
           
           
CONVERTIBLE DEBENTURE  0.86%
 
Principal
Amount
     
           
Metal & Mineral Mining  0.86%
         
Grupo Empresarial Ibiza S.A., 12.68%, maturity 05/03/11 (RS)
 
 $                              380,000
 
                             380,000  
@
(cost $380,000)
         
           
           
Total Securities
     
                       40,276,773  
 
(cost $31,657,403)
         
           
           
REPURCHASE AGREEMENT 9.11%
         
           
Joint Tri-Party Repurchase Agreement, Morgan Stanley, 03/31/2011, 0.12%, due 04/01/2011, repurchase price $4,033,283, collateralized by U.S. Treasury securities held in a joint tri-party account (cost $4,033,269)
 
                             4,033,269  
 
                          4,033,269  
 
           
Total Investments 100.04%
     
                        44,310,042  
 
(cost $35,690,672)
         
Other assets and liabilities, net (0.04%)
     
                                    (16,868) 
 
           
NET ASSETS 100%
     
$          44,293,174 
 
           
           
           
CALL OPTIONS WRITTEN
 
Shares Subject
     
   
To Call
 
Value
 
Southwestern Energy Co., Strike Price 44, Expiration Apr. 2011
(premiums received $15,300)
                                     15,000
 
 $                              10,050
 
           
           
           
See notes to portfolios of investments.
         

 
 
GLOBAL MEGATRENDS FUND
         
Portfolio of Investments (unaudited)
     
March 31, 2011
           
COMMON STOCKS  89.47%
 
Shares
 
Value
 
           
Agricultural Chemicals  1.04%
         
The Mosaic Co.
 
                                      2,750  
 
 $                           216,563  
 
           
Agricultural Operations  0.12%
         
Agriterra Ltd.
 
                                 500,000  
 
                                24,066  
*
           
Airport Development/Maintenance  3.20%
         
Grupo Aeroportuario del Sureste S.A.B. de C.V., Sponsored ADR
 
                                      4,000  
 
                             235,080  
 
TAV Havalimanlari Holding A.S.
 
                                   90,000  
 
                             428,946  
*
       
                             664,026  
 
Automotive - Cars & Light Trucks  2.94%
         
Tofas Turk Otomobil Fabrikasi A.S.
 
                                  108,000  
 
                             609,849  
 
           
Building - Heavy Construction  1.37%
         
Chicago Bridge & Iron Co. NV
 
                                      7,000  
 
                             284,620  
 
           
Building & Construction Products - Miscellaneous  0.97%
     
China Liansu Group Holdings Ltd.
 
                                 234,000  
 
                              201,252  
*
           
Building Products - Cement/Aggregates  2.23%
         
China Resources Cement Holdings Ltd.
 
                                 229,500  
 
                             228,066  
*
PT Holcim Indonesia Tbk
 
                                1,011,700  
 
                             235,279  
*
       
                             463,345  
 
Cellular Telecommunications  4.29%
         
America Movil SAB de C.V., Series L, Sponsored ADR
 
                                      7,000  
 
                             406,700  
 
Vivo Participacoes S.A., Sponsored ADR
 
                                    12,000  
 
                             484,560  
 
       
                              891,260  
 
Chemicals - Fibers  0.97%
         
Kolon Industries, Inc.
 
                                      3,000  
 
                              200,821  
*
           
Coal  3.75%
         
Pacific Coal Resources Ltd.
 
                                   20,000  
 
                                22,686  
*
Pacific Coal Resources Ltd., 144A
 
                                       111,111  
 
                              126,035  
*
Peabody Energy Corp.
 
                                      5,000  
 
                             359,800  
 
Walter Energy, Inc.
 
                                      2,000  
 
                             270,860  
 
       
                              779,381  
 
Diversified Minerals  2.14%
         
Teck Resources Ltd., Class B
 
                                      4,000  
 
                              212,080  
 
Vale S.A., Class B, Sponsored ADR
 
                                      7,000  
 
                             233,450  
 
       
                             445,530  
 
Diversified Operations  1.21%
         
Siam Cement PCL
 
                                   20,000  
 
                             250,537  
 
           
Electric - Generation  0.11%
         
Ronter, Inc. (RS)
 
                                 349,057  
 
                                23,358  
*@
           
Electric - Integrated  3.16%
         
CPFL Energia S.A., Sponsored ADR
 
                                      7,500  
 
                             655,575  
 
           
Electric Products - Miscellaneous  2.47%
         
Zhuzhou CSR Times Electric Co., Ltd., H shares
 
                                  135,000  
 
                               513,717  
 
           
Electric Utilities  1.11%
         
CEZ A.S.
 
                                      4,500  
 
                             229,977  
 
           
Energy - Alternate Sources 0.48%
         
Pacific Green Energy Corp. (RS)
 
                                  100,000  
 
                              100,000  
*@
           
Engineering/R&D Services  7.79%
         
Foster Wheeler AG
 
                                      6,600  
 
                             248,292  
*
Jacobs Engineering Group, Inc.
 
                                      9,000  
 
                             462,870  
*
McDermott International, Inc.
 
                                   20,000  
 
                             507,800  
*
SNC-Lavalin Group, Inc.
 
                                      7,000  
 
                             398,742  
 
       
                            1,617,704  
 
Engines - Internal Combustion  2.27%
         
Cummins, Inc.
 
                                      4,300  
 
                              471,366  
 
           
Machinery - Construction & Mining  5.31%
         
Caterpillar, Inc.
 
                                      5,000  
 
                             556,750  
 
Changsha Zoomlion Heavy Industry Science and Technology Development Co., Ltd., H shares
 
                                   50,000  
 
                               128,301  
*
Joy Global, Inc.
 
                                      2,500  
 
                             247,025  
 
Komatsu Ltd., Sponsored ADR
 
                                      5,000  
 
                              170,000  
*
       
                            1,102,076  
 
Machinery - Farm  1.63%
         
Deere & Co.
 
                                      3,500  
 
                               339,115  
 
           
Machinery - General Industrial  2.01%
         
Babcock & Wilcox Co.
 
                                    12,500  
 
                              417,250  
*
           
Marine Services  1.14%
         
COSCO Pacific Ltd.
 
                                  125,000  
 
                             235,904  
 
           
Metal - Copper  1.34%
         
Freeport-McMoRan Copper & Gold, Inc.
 
                                      5,000  
 
                             277,750  
 
           
Metal - Iron  1.06%
         
Magnitogorsk Iron & Steel Works, Sponsored GDR
 
                                    15,000  
 
                              219,450  
 
           
Non-Ferrous Metals  3.32%
         
Cameco Corp.
 
                                    15,000  
 
                             450,600  
 
Uranium Energy Corp.
 
                                   60,000  
 
                             239,400  
*
       
                             690,000  
 
Oil - Field Services  0.62%
         
Gasfrac Energy Services, Inc.
 
                                    10,000  
 
                              128,384  
*
           
Oil & Gas - Integrated  1.92%
         
Marathon Oil Corp.
 
                                      7,500  
 
                             399,825  
 
           
Oil & Gas Drilling  0.87%
         
Seadrill Ltd.
 
                                      5,000  
 
                              180,350  
 
           
Oil Companies - Exploration & Production  2.02%
     
Alange Energy Corp.
 
                                  120,000  
 
                                 40,217  
*
Alange Energy Corp., 144A
 
                                 700,000  
 
                             234,596  
*
Pacific Rubiales Energy Corp.
 
                                      5,233  
 
                               145,159  
 
       
                              419,972  
 
Oil Refining & Marketing  1.55%
         
Frontier Oil Corp.
 
                                     11,000  
 
                             322,520  
 
           
Platinum  0.07%
         
Eastern Platinum Ltd.
 
                                     11,000  
 
                                 14,746  
*
           
Power Converters/Power Supply Equipment  0.87%
     
Dongfang Electric Corp., Ltd., H shares
 
                                   53,000  
 
                              180,900  
 
           
Public Thoroughfares  3.81%
         
Compania de Concessoes Rodoviarias
 
                                   20,300  
 
                              589,361  
 
EcoRodovias Infraestrutura e Logistica S.A.
 
                                   25,000  
 
                             203,044  
 
       
                             792,405  
 
Real Estate Management/Services  1.29%
         
CB Richard Ellis Group, Inc., Class A
 
                                    10,000  
 
                             267,000  
*
           
Real Estate Operating/Development  3.86%
         
LSR Group OJSC, GDR
 
                                   28,600  
 
                             273,988  
 
Pacific Infrastructure, Inc. (RS)
 
                                 326,533  
 
                             326,533  
*@
PIK Group, Sponsored GDR
 
                                   45,000  
 
                             202,050  
*
       
                              802,571  
 
Reinsurance  2.01%
         
Berkshire Hathaway, Inc., Class B
 
                                      5,000  
 
                               418,150  
*
           
Retail - Automobile  0.95%
         
Rush Enterprises, Inc., Class A
 
                                    10,000  
 
                              198,000  
*
           
Steel - Producers  2.48%
         
Evraz Group S.A., Sponsored GDR
 
                                    13,000  
 
                               516,100  
*
           
Steel Manufacturing  1.10%
         
POSCO, Sponsored ADR
 
                                      2,000  
 
                             228,580  
 
           
Transportation - Rail  3.06%
         
CSX Corp.
 
                                       8,100  
 
                             636,660  
 
           
Transportation - Marine  1.26%
         
Costamare, Inc.
 
                                    15,000  
 
                             260,850  
*
           
Water Treatment Systems  2.24%
         
Beijing Enterprises Water Group Ltd.
 
                                   713,100  
 
                              250,271  
*
Hyflux Ltd.
 
                                  125,000  
 
                               214,167  
 
       
                             464,438  
 
Web Hosting/Design  2.06%
         
Rackspace Hosting, Inc.
 
                                    10,000  
 
                             428,500  
*
           
           
Total Common Stocks
     
                        18,584,443  
 
(cost $15,035,028)
         
           
           
WARRANTS 0.32%
         
           
Coal  0.07%
         
Pacific Coal Resources Ltd., 144A, Warrants (March 2016)
 
                                   55,555  
 
                                 14,895  
*
           
Oil Companies - Exploration & Production  0.25%
     
Alange Energy Corp., Warrants, 144A (February 2016)
 
                                 350,000  
 
                                50,528  
*
           
Total Warrants
     
                                65,423  
 
(cost $0)
         
           
           
MASTER LIMITED PARTNERSHIPS  3.18%
 
Units
     
           
Pipelines  3.18%
         
El Paso Pipeline Partners, L.P.
 
                                      7,000  
 
                              253,610  
 
NuStar Energy L.P.
 
                                      6,000  
 
                             407,340  
 
           
           
Total Master Limited Partnerships
     
                             660,950  
 
(cost $508,385)
         
           
           
           
           
           
           
           
CONVERTIBLE DEBENTURE  2.50%
 
Principal
Amount
     
           
Metal & Mineral Mining  2.50%
         
Grupo Empresarial Ibiza S.A., 12.68%, maturity 05/03/11 (RS)
 
 $                              520,000
 
                             520,000  
@
(cost $520,000)
         
           
           
           
Total Investments 95.47%
     
                         19,830,816  
 
(cost $16,063,413)
         
Other assets and liabilities, net 4.53%
     
                              940,750  
 
           
NET ASSETS 100%
     
$                  20,771,566  
 
           
           
See notes to portfolios of investments.
         

 
 
GLOBAL RESOURCES FUND
         
Portfolio of Investments (unaudited)
        March 31, 2011
           
COMMON STOCKS  92.59%
 
Shares
 
Value
 
           
Agricultural Chemicals  1.40%
         
Agrium, Inc.
 
                                  175,000  
 
 $                      16,145,500  
 
Spur Ventures, Inc.
 
                                 274,867  
 
                              155,893  
*
       
                         16,301,393  
 
Agricultural Operations  0.21%
         
Agriterra Ltd.
 
                           49,990,000  
 
                            2,406,119  
*+
           
Building - Heavy Construction  1.15%
         
Chicago Bridge & Iron Co. NV, Class NY
 
                                 330,000  
 
                         13,417,800  
 
           
Chemicals - Diversified  0.76%
         
LyondellBasell Industries NV, Class A
 
                                 225,000  
 
                          8,898,750  
*
           
Coal  6.31%
         
Alpha Natural Resources, Inc.
 
                                  170,000  
 
                        10,092,900  
*
Arch Coal, Inc.
 
                                 330,000  
 
                         11,893,200  
 
Coalcorp Mining, Inc.
 
                                  779,661  
 
                              136,677  
*
Coalcorp Mining, Inc., 144A
 
                             4,953,000  
 
                             868,275  
*
Eastcoal, Inc.
 
                                 475,000  
 
                              416,344  
*
Massey Energy Co.
 
                                 250,000  
 
                        17,090,000  
 
Pacific Coal Resources Ltd.
 
                                 325,000  
 
                             368,652  
*+
Pacific Coal Resources Ltd., 144A
 
                              15,814,815  
 
                        17,938,950  
*+
Pacific Coal Resources Ltd., 144A  (RS)
 
                             2,400,000  
 
                          2,654,292  
*+@
Sable Mining Africa Ltd.
 
                             31,910,000  
 
                          12,031,155  
*
       
                       73,490,445  
 
Diamonds/Precious Stones  0.19%
         
Diamond Fields International Ltd., 144A
 
                              1,800,000  
 
                              631,090  
*
Petra Diamonds Ltd.
 
                                 585,000  
 
                           1,492,333  
*
Rockwell Diamonds, Inc., 144A
 
                                 950,000  
 
                                44,084  
*
       
                           2,167,507  
 
Diversified Minerals  3.79%
         
Atacama Minerals Corp.
 
                              1,025,000  
 
                               761,021  
*
Calibre Mining Corp., 144A
 
                                 550,000  
 
                                99,252  
*
Canada Zinc Metals Corp.
 
                              1,000,000  
 
                              567,157  
*
Lithium Americas Corp.
 
                                 486,667  
 
                              843,104  
*
Teck Resources Ltd., Class B
 
                                 325,000  
 
                         17,231,500  
 
Vale S.A., Class B, Sponsored ADR
 
                                 680,000  
 
                       22,678,000  
 
Woulfe Mining Corp.
 
                              8,361,986  
 
                           1,983,250  
*
       
                        44,163,284  
 
Electric - Generation  0.03%
         
Ronter, Inc. (RS)
 
                             4,868,396  
 
                             325,778  
*@
           
Energy - Alternate Sources  0.43%
         
Infinity Bio-Energy Ltd.
 
                                 682,400  
 
                                           0  
*@
Magma Energy Corp.
 
                             2,250,000  
 
                           2,668,213  
*
Pacific Green Energy Corp.  (RS)
 
                             2,400,000  
 
                          2,400,000  
*@
       
                           5,068,213  
 
Engineering/R&D Services  2.50%
         
Foster Wheeler AG
 
                                 330,000  
 
                         12,414,600  
*
Jacobs Engineering Group, Inc.
 
                                 325,000  
 
                         16,714,750  
*
       
                        29,129,350  
 
Finance - Investment Banker/Broker  0.09%
         
Aberdeen International, Inc.
 
                                 274,750  
 
                             237,989  
*
Aberdeen International, Inc., 144A
 
                              1,000,000  
 
                             866,203  
*
       
                             1,104,192  
 
Forestry  1.30%
         
Prima Colombia Hardwood, Inc.
 
                            14,965,832  
 
                            4,321,148  
*+
Sino-Forest Corp.
 
                                  415,000  
 
                         10,827,017  
*
       
                          15,148,165  
 
Gold Mining  5.59%
         
Centamin Egypt Ltd.
 
                             2,957,846  
 
                          6,405,235  
*
Century Mining Corp.
 
                                   225,911  
 
                                114,149  
*
Chesapeake Gold Corp.
 
                                  201,582  
 
                           2,536,015  
*
Corona Gold Ltd.
 
                                   50,000  
 
                                           0  
*@
Dundee Precious Metals, Inc., 144A
 
                                  234,816  
 
                           2,109,046  
*
Endeavour Mining Corp.
 
                              1,255,000  
 
                          3,364,785  
*
Euromax Resources Ltd., 144A
 
                                 540,840  
 
                             200,776  
*
European Goldfields Ltd.
 
                                 750,000  
 
                          9,466,357  
*
Gran Colombia Gold Corp.
 
                             3,863,885  
 
                           7,012,568  
*
Kinross Gold Corp.
 
                                               1  
 
                                         16  
 
Medoro Resources Ltd.
 
                             2,578,966  
 
                          4,946,508  
*
Medoro Resources Ltd., 144A
 
                              1,938,333  
 
                           3,717,762  
*
NGEx Resources, Inc.
 
                              1,930,000  
 
                          3,860,995  
*
Olympus Pacific Minerals, Inc.
 
                                 265,000  
 
                               114,772  
*
Planet Exploration, Inc.
 
                                  160,000  
 
                                57,747  
*
Randgold Resources Ltd., Sponsored ADR
 
                                 238,000  
 
                        19,406,520  
*
Rusoro Mining Ltd., 144A
 
                               3,119,433  
 
                            1,109,775  
*
Sunridge Gold Corp.
 
                                  819,776  
 
                             743,906  
*
       
                        65,166,932  
 
Iron and Steel  1.06%
         
Mechel, Sponsored ADR
 
                                 400,000  
 
                         12,316,000  
 
           
Machinery - Construction & Mining  1.78%
         
Caterpillar, Inc.
 
                                   80,000  
 
                          8,908,000  
 
Joy Global, Inc.
 
                                  120,000  
 
                         11,857,200  
 
       
                       20,765,200  
 
Machinery - Farm  1.21%
         
Deere & Co.
 
                                  145,000  
 
                        14,049,050  
 
           
Machinery - General Industrial  1.23%
         
Robbins & Myers, Inc.
 
                                   311,800  
 
                        14,339,682  
 
           
Machinery - Pumps  0.99%
         
Flowserve Corp.
 
                                   90,000  
 
                         11,592,000  
 
           
Medical - Hospitals  0.01%
         
African Medical Investments plc
 
                             2,400,000  
 
                              139,583  
*
           
Metal - Copper  1.68%
         
Augusta Resource Corp.
 
                              1,000,400  
 
                           5,132,052  
*
Catalyst Copper Corp.
 
                              1,800,000  
 
                             324,826  
*
Freeport-McMoRan Copper & Gold, Inc.
 
                                  150,000  
 
                          8,332,500  
 
Los Andes Copper Ltd.
 
                                 754,000  
 
                               311,008  
*
Revett Minerals, Inc.
 
                                 945,000  
 
                          5,457,076  
*
Verona Development Corp.
 
                                 708,800  
 
                                           0  
*@
       
                        19,557,462  
 
Metal - Diversified  2.16%
         
Orsu Metals Corp., 144A
 
                                  147,605  
 
                                43,380  
*
Peregrine Metals Ltd.
 
                                 900,000  
 
                              965,197  
*
Rio Tinto plc, Sponsored ADR
 
                                 340,000  
 
                        24,180,800  
 
       
                        25,189,377  
 
Metal - Iron  1.17%
         
Cliffs Natural Resources, Inc.
 
                                  130,000  
 
                        12,776,400  
 
Westward Explorations Ltd., 144A  (RS)
 
                             2,925,000  
 
                             844,548  
*@
       
                        13,620,948  
 
Mining Services  0.11%
         
Bounty Mining Ltd.
 
                           22,000,000  
 
                             284,460  
*@
Natasa Mining Ltd.
 
                              1,038,350  
 
                           1,024,546  
*
       
                           1,309,006  
 
Natural Resource Technology  0.00%
         
I-Pulse, Inc. (RS)
 
                                     15,971  
 
                                  7,500  
*@
           
Non-Ferrous Metals  3.38%
         
Anfield Nickel Corp., 144A
 
                                 390,000  
 
                           1,668,987  
*
Cameco Corp.
 
                                 550,000  
 
                        16,522,000  
 
GoviEx Uranium, Inc. (RS)
 
                                 750,000  
 
                          2,250,000  
*@
Paladin Energy Ltd.
 
                             3,260,000  
 
                        12,202,939  
*
Sterling Group Ventures, Inc.
 
                                 500,000  
 
                              120,000  
*
Uranium Energy Corp.
 
                              1,395,000  
 
                          5,566,050  
*
Western Uranium Corp.
 
                              1,000,000  
 
                            1,062,129  
*
       
                        39,392,105  
 
Oil - Field Services  8.45%
         
CARBO Ceramics, Inc.
 
                                  140,000  
 
                        19,756,800  
 
Core Laboratories N.V.
 
                                  120,000  
 
                        12,260,400  
 
Gasfrac Energy Services, Inc.
 
                                 650,000  
 
                          8,344,934  
*
Halliburton Co.
 
                                 440,000  
 
                        21,929,600  
 
Oceaneering International, Inc.
 
                                  135,000  
 
                        12,075,750  
*
Oil States International, Inc.
 
                                  150,000  
 
                          11,421,000  
*
Subsea 7 S.A., Sponsored ADR
 
                                 500,000  
 
                        12,640,000  
*
       
                       98,428,484  
 
Oil & Gas - Integrated  2.29%
         
Marathon Oil Corp.
 
                                 500,000  
 
                       26,655,000  
 
           
Oil & Gas Drilling  1.69%
         
ENSCO International plc, Sponsored ADR
 
                                  185,000  
 
                        10,700,400  
 
Seadrill Ltd.
 
                                 250,000  
 
                           9,017,500  
 
       
                         19,717,900  
 
Oil & Gas Equipment & Services  2.20%
         
Baker Hughes, Inc.
 
                                 350,000  
 
                       25,700,500  
 
           
           
Oil Companies - Exploration & Production  23.69%
     
Africa Oil Corp.
 
                             3,767,430  
 
                          7,536,802  
*
Alange Energy Corp.
 
                            14,057,200  
 
                              4,711,101  
*+
Alange Energy Corp., 144A
 
                           46,033,000  
 
                        15,427,404  
*+
Anadarko Petroleum Corp.
 
                                 360,000  
 
                        29,491,200  
 
Apache Corp.
 
                                  165,000  
 
                         21,601,800  
 
Bankers Petroleum Ltd.
 
                              1,025,000  
 
                           9,195,669  
*
BNK Petroleum, Inc.
 
                              1,000,000  
 
                           4,846,610  
*
Cimarex Energy Co.
 
                                  140,000  
 
                         16,133,600  
 
Cobalt International Energy, Inc.
 
                                 750,000  
 
                        12,607,500  
*
Gran Tierra Energy, Inc.
 
                                 775,000  
 
                          6,254,250  
*
HRT Participacoes Em Petroleo (RS)
 
                                   70,830  
 
                       36,897,630  
*@
Ivanhoe Energy, Inc.
 
                              1,000,000  
 
                            2,815,158  
*
Niko Resources Ltd.
 
                                  140,000  
 
                          13,426,141  
 
NiMin Energy Corp.
 
                              1,800,000  
 
                          3,953,596  
*
Pacific Rubiales Energy Corp.
 
                                 900,000  
 
                        24,965,197  
 
Petroamerica Oil Corp.
 
                                  120,000  
 
                                 32,173  
*
Petroamerica Oil Corp., 144A
 
                             8,000,000  
 
                           2,144,883  
*
Petroleum Development Corp.
 
                                 250,000  
 
                        12,002,500  
*
Petromanas Energy, Inc.
 
                              2,100,000  
 
                             725,445  
*
Pioneer Natural Resources Co.
 
                                 200,000  
 
                       20,384,000  
 
Range Energy Resources, Inc.
 
                            15,000,000  
 
                           1,237,432  
*+
Royalite Petroleum Co., Inc.
 
                             2,266,333  
 
                                  7,026  
*
Shamaran Petroleum Corp.
 
                             11,893,000  
 
                         11,773,426  
*
Tourmaline Oil Corp.
 
                                 400,000  
 
                        10,736,788  
*
TransAtlantic Petroleum Ltd.
 
                             2,300,000  
 
                           7,130,000  
*
       
                      276,037,331  
 
Oil Field Machinery & Equipment  1.09%
         
National-Oilwell Varco, Inc.
 
                                  160,000  
 
                        12,683,200  
 
           
Oil Refining & Marketing  4.65%
         
Frontier Oil Corp.
 
                                 425,000  
 
                         12,461,000  
 
Holly Corp.
 
                                 240,000  
 
                        14,582,400  
 
Tesoro Corp.
 
                                 550,000  
 
                        14,756,500  
*
Valero Energy Corp.
 
                                 400,000  
 
                         11,928,000  
 
Value Creation, Inc. (RS)
 
                                 336,880  
 
                             436,459  
*@
       
                        54,164,359  
 
Platinum  1.21%
         
Anooraq Resources Corp., 144A
 
                                  331,625  
 
                             379,586  
*
Eastern Platinum Ltd.
 
                              1,660,000  
 
                           2,225,316  
*
Osmium Holdings S.A. (RS)
 
                                          104  
 
                                           0  
*@
Stillwater Mining Co.
 
                                 500,000  
 
                         11,465,000  
*
       
                        14,069,902  
 
Precious Metals  0.10%
         
Fortress Minerals Corp.
 
                                   170,071  
 
                              876,881  
*
TVI Pacific, Inc.
 
                             3,350,000  
 
                              328,177  
*
       
                           1,205,058  
 
Real Estate Operating/Development  0.64%
         
Pacific Infrastructure, Inc. (RS)
 
                             7,443,544  
 
                          7,443,544  
*@
           
Sector Fund - Energy  1.16%
         
Uranium Participation Corp.
 
                             2,000,000  
 
                        13,529,260  
*
           
Silver Mining  3.87%
         
First Majestic Silver Corp.
 
                                 550,000  
 
                         11,682,000  
*
Pan American Silver Corp.
 
                                 350,000  
 
                        12,995,500  
*
Silver Standard Resources, Inc.
 
                                 350,000  
 
                        10,983,000  
*
Silvercorp Metals, Inc.
 
                                  646,313  
 
                          9,403,946  
 
       
                       45,064,446  
 
Steel Manufacturing  0.98%
         
POSCO, Sponsored ADR
 
                                  100,000  
 
                         11,429,000  
 
           
Transportation - Marine  2.04%
         
Tidewater, Inc.
 
                                 396,500  
 
                       23,730,525  
 
           
           
Total Common Stocks
     
                  1,078,924,350  
 
(cost $887,431,671)
         
           
           
WARRANTS 3.75%
         
           
Coal  0.48%
         
Coalcorp Mining, Inc., 144A, Warrants (August 2011)
 
                                 885,500  
 
                                  4,566  
*
Coalcorp Mining, Inc., 144A, Warrants (June 2013)
 
                             3,803,000  
 
                                 39,216  
*
Pacific Coal Resources Ltd., 144A, Warrants (March 2016)
 
                             7,907,407  
 
                           2,120,057  
*
Western Coal Corp., Warrants (June 2012)
 
                                 375,000  
 
                          3,399,072  
*
       
                            5,562,911  
 
           
Diversified Minerals  0.00%
         
Lithium Americas Corp., 144A, Warrants (May 2012)
 
                                 283,333  
 
                                           0  
*@
           
Finance - Investment Banker/Broker  0.01%
         
Aberdeen International, Inc., 144A, Warrants (July 2012)
 
                                 500,000  
 
                              108,275  
*
           
Gold Mining  0.82%
         
Chesapeake Gold Corp., Warrants (February 2012)
 
                                   53,800  
 
                               291,261  
*
Dundee Precious Metals, Inc., 144A, Warrants (November 2015)
 
                                 625,000  
 
                          3,802,526  
*
Goldcorp, Inc., Warrants (June 2011)
 
                                 484,248  
 
                           1,872,575  
*
Gran Colombia Gold Corp., Warrants (August 2015)
 
                                 625,000  
 
                             528,487  
*
Medoro Resources Ltd., Warrants (November 2011)
 
                                  416,666  
 
                                42,966  
*
New Gold, Inc., Warrants (November 2012)
 
                                 269,000  
 
                               116,504  
*
New Gold, Inc., Warrants (June 2017)
 
                                  122,570  
 
                             428,474  
*
New Gold, Inc., 144A, Warrants (June 2017)
 
                                 700,000  
 
                          2,447,023  
*
Rusoro Mining Ltd., 144A, Warrants (November 2011)
 
                                  216,667  
 
                                           0  
*@
Rusoro Mining Ltd., 144A, Warrants (November 2012)
 
                              3,150,000  
 
                                48,724  
*
       
                          9,578,540  
 
           
Gold/Mineral Royalty Companies  0.02%
         
Franco-Nevada Corp., 144A, Warrants (June 2017)
 
                                   44,000  
 
                               281,310  
*
           
Medical - Hospitals  0.00%
         
African Medical Investments plc, Warrants (June 2011)
 
                               1,162,500  
 
                                           0  
*@
           
Metal - Diversified  0.00%
         
Baja Mining Corp., 144A, Warrants (April 2011)
 
                              1,055,500  
 
                                           0  
*@
Peregrine Metals Ltd., 144A, Warrants (September 2011)
 
                                 450,000  
 
                                25,522  
*
       
                                25,522  
 
           
Metal - Iron  0.00%
         
Westward Exploration Ltd., 144A, Warrants (February 2016)  (RS)
 
                             2,925,000  
 
                                           0  
*@
           
Mining Services  0.00%
         
Bounty Mining Ltd., Warrants (December 2011)
 
                             5,500,000  
 
                                           0  
*@
           
Oil & Gas Drilling  0.00%
         
Vantage Drilling Co., Warrants (May 2011)
 
                              2,461,400  
 
                                  4,554  
*
           
Oil Companies - Exploration & Production  2.13%
     
Alange Energy Corp., 144A, Warrants (February 2016)
 
                             16,123,500  
 
                          2,327,703  
*
Gran Tierra Energy, Inc., Warrants (June 2012)
 
                              1,550,000  
 
                         10,881,000  
*@
HRT Participacoes Em Petroleo, Warrants (November 2013)  (RS)
 
                                   35,430  
 
                         10,521,255  
*@
Petroamerica Oil Corp., 144A, Warrants (October 2014)
 
                             8,000,000  
 
                             1,031,194  
*
Range Energy Resources, Inc., 144A, Warrants (October 2011)
 
                            15,000,000  
 
                                           0  
*@
       
                         24,761,152  
 
           
Silver Mining  0.29%
         
Silver Wheaton Corp., Warrants (September 2013)
 
                                  138,759  
 
                          3,434,285  
*
           
Total Warrants
     
                       43,756,549  
 
(cost $12,474,206)
         
           
           
PURCHASED OPTIONS  0.60%
         
           
Exchange-Traded Fund  0.60%
         
Market Vector Gold Miners ETF, Strike Price 50, Call, Expiration Jan. 2012 (premium $5,204,100)
 
                                      5,500  
 
                          6,930,000  
 
           
Oil & Gas - Integrated  0.00%
         
Marathon Oil Corp., Strike Price 50, Put, Expiration Apr. 2011 (premium $123,500)
 
                                         500  
 
                                 15,000  
 
           
Total Purchased Options
     
                          6,945,000  
 
(cost $5,327,600)
         
           
           
CONVERTIBLE DEBENTURE  0.42%
 
Principal
Amount
     
           
Metal & Mineral Mining  0.42%
         
Grupo Empresarial Ibiza S.A., 12.68%, maturity 05/03/11 (RS)
 
 $                          4,900,000
 
                          4,900,000  
@
(cost $4,900,000)
         
           
           
Total Securities
     
                   1,134,525,899  
 
(cost $910,133,477)
         
           
           
REPURCHASE AGREEMENT 3.61%
         
           
Joint Tri-Party Repurchase Agreement, Credit Suisse Securities USA LLC, 03/31/2011, 0.12%, due 04/01/2011, repurchase price $42,015,436, collateralized by U.S. Treasury securities held in a joint tri-party account (cost $42,015,296)
 
                            42,015,296  
 
                        42,015,296  
 
           
Total Investments 100.97%
     
                     1,176,541,195  
 
(cost $952,148,773)
         
Other assets and liabilities, net (0.97%)
     
                         (11,236,741)  
 
           
NET ASSETS 100%
     
$     1,165,304,454  
 
           
           
See notes to portfolios of investments.
         
 

WORLD PRECIOUS MINERALS FUND
         
Portfolio of Investments (unaudited)
        March 31, 2011
           
COMMON STOCKS  85.96%
 
Shares
 
Value
 
           
Agricultural Operations  0.18%
         
Agriterra Ltd.
 
                           29,300,000  
 
 $                   1,410,268.00
*
           
Coal  1.22%
         
Pacific Coal Resources Ltd.
 
                                   50,000  
 
                                 56,716  
*
Pacific Coal Resources Ltd., 144A
 
                             2,222,222  
 
                          2,520,695  
*
Sable Mining Africa Ltd.
 
                             18,215,000  
 
                          6,867,674  
*
       
                          9,445,085  
 
Diamonds/Precious Stones  2.13%
         
Diagem, Inc.
 
                                 406,350  
 
                                           0  
*@
Diamonds North Resources Ltd.
 
                              1,757,400  
 
                             289,955  
*
Diamonds North Resources Ltd., 144A
 
                              1,046,800  
 
                               172,712  
*
Lucara Diamond Corp.
 
                              1,250,000  
 
                           1,533,900  
*
Northern Superior Resources, Inc., Class A
 
                              1,467,900  
 
                             1,195,814  
*
Olivut Resources Ltd.
 
                                 640,000  
 
                             1,121,939  
*
Petra Diamonds Ltd.
 
                             4,705,000  
 
                        12,002,436  
*
Rockwell Diamonds, Inc.
 
                              1,000,000  
 
                                46,404  
*
Rockwell Diamonds, Inc., 144A
 
                             2,575,000  
 
                               119,490  
*
       
                        16,482,650  
 
Diversified Minerals  4.13%
         
Aldridge Minerals, Inc.
 
                               1,315,000  
 
                             1,911,988  
*
Amarc Resources Ltd.
 
                                 695,545  
 
                             265,379  
*
Azumah Resources Ltd.
 
                              5,150,000  
 
                           3,143,024  
*
Calibre Mining Corp., 144A
 
                                 900,000  
 
                               162,413  
*
Dorato Resources, Inc.
 
                                 955,206  
 
                              640,251  
*
Erdene Resource Development Corp.
 
                                 406,000  
 
                               611,250  
*
Fronteer Gold, Inc.
 
                                 275,000  
 
                           4,157,257  
*
Golden Alliance Resources Corp.
 
                                  210,000  
 
                                97,448  
*
Grayd Resource Corp.
 
                             2,370,000  
 
                            4,301,315  
*
Helio Resource Corp.
 
                                 503,500  
 
                             233,643  
*
Indochine Mining Ltd.
 
                              1,720,500  
 
                              596,194  
*
Mindoro Resources Ltd., 144A
 
                             2,984,000  
 
                              661,573  
*
Mines Management, Inc.
 
                                 807,500  
 
                          2,325,069  
*
Moss Lake Gold Mines Ltd.
 
                             3,300,000  
 
                             1,131,477  
*+
New Pacific Metals Corp.
 
                                 670,000  
 
                           1,402,526  
*
North American Tungsten Corp.
 
                                 950,000  
 
                              421,243  
*
Pelangio Exploration, Inc.
 
                                   173,315  
 
                              126,892  
*
Roca Mines, Inc.
 
                              1,025,000  
 
                              237,819  
*
Rochester Resources Ltd.
 
                               1,125,000  
 
                                69,606  
*+
Rochester Resources Ltd., 144A
 
                             6,630,000  
 
                              410,209  
*+
Rubicon Minerals Corp.
 
                              1,550,000  
 
                           8,023,717  
*
Strongbow Exploration, Inc.
 
                                 880,500  
 
                             544,780  
*
Wallbridge Mining Co., Ltd.
 
                               1,541,000  
 
                             429,049  
*
       
                         31,904,122  
 
Finance - Investment Banker/Broker  0.27%
     
Aberdeen International, Inc.
 
                              1,386,000  
 
                           1,200,557  
*
Aberdeen International, Inc., 144A
 
                              1,000,000  
 
                             866,202  
*
       
                          2,066,759  
 
Financial Services  0.00%
         
Invictus Financial, Inc.
 
                                 996,000  
 
                                   5,135  
*
           
Gold Mining  52.84%
         
Almaden Minerals Ltd.
 
                                 500,000  
 
                           2,010,828  
*
AngloGold Ashanti Ltd., Sponsored ADR
 
                                   80,000  
 
                          3,836,000  
 
Barrick Gold Corp.
 
                                  418,900  
 
                        21,745,099  
 
Belo Sun Mining Corp., 144A
 
                                 930,500  
 
                            1,199,407  
*
Canaco Resources, Inc.
 
                              1,375,000  
 
                          7,273,782  
*
Candente Gold Corp.
 
                                  610,000  
 
                             496,932  
*+
Candente Gold Corp., 144A
 
                             4,875,000  
 
                           3,971,384  
*+
Canyon Resources Ltd.
 
                                  826,316  
 
                              427,371  
*
CB Gold, Inc.
 
                              1,000,000  
 
                              959,010  
*
Centamin Egypt Ltd.
 
                              1,570,484  
 
                          3,400,893  
*
Centerra Gold, Inc.
 
                                   110,500  
 
                           1,982,676  
 
Century Mining Corp.
 
                             2,634,809  
 
                            1,331,329  
*
Chalice Gold Mines Ltd.
 
                             4,000,000  
 
                          2,068,800  
*
Chesapeake Gold Corp.
 
                                 792,304  
 
                          9,967,630  
*
Claude Resources, Inc.
 
                               1,580,714  
 
                           3,912,053  
*
Continental Gold Ltd.
 
                              1,500,000  
 
                        13,503,480  
*
Corona Gold Ltd.
 
                                  812,500  
 
                                           0  
*@
Crystallex International Corp.
 
                              2,150,000  
 
                             322,500  
*
Dundee Precious Metals, Inc.
 
                                   256,181  
 
                          2,300,940  
*
Dundee Precious Metals, Inc., 144A
 
                                 777,630  
 
                          6,984,436  
*
Eastmain Resources, Inc.
 
                                 700,000  
 
                            1,133,282  
*
Elissa Resources Ltd. (RS)
 
                                   36,250  
 
                                           0  
*@
Endeavour Mining Corp.
 
                             2,060,000  
 
                          5,523,073  
*
Entree Gold, Inc.
 
                             3,000,000  
 
                          9,373,550  
*
European Goldfields Ltd.
 
                              1,325,000  
 
                        16,723,898  
*
Extorre Gold Mines Ltd.
 
                              1,255,000  
 
                          7,487,265  
*
Goldcorp, Inc.
 
                                 650,000  
 
                       32,370,000  
 
Golden Arrow Resources Corp.
 
                              1,050,000  
 
                              541,377  
*
Golden Arrow Resources Corp., 144A
 
                              1,000,000  
 
                              515,597  
*
Golden Predator Corp.
 
                             2,300,000  
 
                           2,182,006  
*
Gran Colombia Gold Corp.
 
                             10,709,140  
 
                        19,436,026  
*
Grandview Gold, Inc.
 
                               1,100,000  
 
                                73,730  
*
Great Basin Gold Ltd.
 
                              1,250,000  
 
                          3,286,930  
*
Guyana Goldfields, Inc.
 
                                 390,000  
 
                          3,788,399  
*
Harmony Gold Mining Co., Ltd., Sponsored ADR
 
                                 865,848  
 
                         12,875,160  
 
IAMGOLD Corp.
 
                                 780,000  
 
                         17,175,600  
 
Kaminak Gold Corp., Class A
 
                                  100,000  
 
                             337,200  
*
Kilo Goldmines Ltd.
 
                                 792,453  
 
                             232,894  
*
Kimber Resources, Inc.
 
                              1,022,727  
 
                              1,718,181  
*
Kingsgate Consolidated Ltd.
 
                                 200,000  
 
                           1,797,787  
 
Klondex Mines Ltd.
 
                             2,775,000  
 
                           9,901,005  
*+
Lake Shore Gold Corp.
 
                             2,345,000  
 
                          9,890,229  
*
Levon Resources Ltd.
 
                                 650,000  
 
                           1,206,497  
*
Lexam VG Gold, Inc.
 
                              4,656,501  
 
                           4,129,508  
*
Malbex Resources, Inc.
 
                                 465,000  
 
                               278,113  
*
Malbex Resources, Inc., 144A
 
                              1,333,333  
 
                             797,456  
*
Medoro Resources Ltd.
 
                             2,575,707  
 
                          4,940,258  
*+
Medoro Resources Ltd., 144A
 
                              6,541,967  
 
                        12,547,624  
*+
Mirasol Resources Ltd.
 
                             2,005,000  
 
                        13,335,653  
*+
NGEx Resources, Inc.
 
                             3,000,000  
 
                           6,001,547  
*
Olympus Pacific Minerals, Inc.
 
                               3,511,700  
 
                           1,520,922  
*
Pacific Rim Mining Corp.
 
                                  133,500  
 
                                 31,663  
*
Pan African Resources plc
 
                            12,000,000  
 
                          2,040,364  
 
Petaquilla Minerals Ltd. (RS)
 
                             2,660,000  
 
                           2,423,418  
*@
Planet Exploration, Inc.
 
                              1,020,500  
 
                              368,317  
*
PMI Gold Corp.
 
                             5,625,000  
 
                            4,118,329  
*+
PMI Gold Corp., CHESS Depository Instrument
 
                             5,400,000  
 
                           3,910,032  
*+
Premier Gold Mines Ltd.
 
                                 830,200  
 
                           6,155,337  
*
Queenston Mining, Inc.
 
                                 285,000  
 
                           1,880,897  
*
Radius Gold, Inc.
 
                              2,145,000  
 
                           1,349,265  
*
Renaissance Gold, Inc.
 
                                  501,300  
 
                              961,503  
*
Reunion Gold Corp.
 
                              1,820,000  
 
                            4,410,415  
*
Revolution Resources Corp., 144A  (RS)
 
                                 570,000  
 
                             407,626  
*@
Richmont Mines, Inc.
 
                                 455,592  
 
                          3,034,243  
*
Rio Alto Mining Ltd.
 
                              1,000,000  
 
                          2,289,250  
*
Romarco Minerals, Inc.
 
                             4,980,000  
 
                         11,400,464  
*
Romarco Minerals, Inc., 144A
 
                             11,395,706  
 
                        26,087,618  
*
Rusoro Mining Ltd., 144A
 
                             6,325,900  
 
                           2,250,514  
*
Rye Patch Gold Corp.
 
                                 206,000  
 
                                83,908  
*
Rye Patch Gold Corp., 144A
 
                             3,600,000  
 
                           1,466,357  
*
San Gold Corp.
 
                              1,500,000  
 
                          3,959,783  
*
St Barbara Ltd.
 
                              2,125,000  
 
                           4,791,858  
*
Sunridge Gold Corp.
 
                                  819,775  
 
                             743,905  
*
Tolima Gold Corp., 144A  (RS)
 
                             3,250,000  
 
                           1,340,552  
*+@
Torex Gold Resources, Inc.
 
                              1,975,000  
 
                          3,706,625  
*
TriStar Gold, Inc.
 
                               1,164,958  
 
                              961,038  
*
Virginia Mines, Inc.
 
                                 650,000  
 
                           6,367,621  
*
Yamana Gold, Inc.
 
                               1,837,100  
 
                         22,614,701  
 
       
                     407,970,920  
 
Medical - Hospitals  0.03%
         
African Medical Investments plc
 
                              4,510,000  
 
                             262,299  
*
           
Metal - Copper  1.06%
         
Augusta Resource Corp.
 
                                 552,500  
 
                          2,834,325  
*
Catalyst Copper Corp.
 
                              1,564,000  
 
                             282,238  
*
Continental Minerals Corp.
 
                                 543,600  
 
                           1,463,053  
*
Revett Minerals, Inc.
 
                                 620,000  
 
                          3,580,304  
*
Verona Development Corp.
 
                                   48,500  
 
                                           0  
*@
       
                           8,159,920  
 
Metal - Diversified  5.16%
         
Avion Gold Corp.
 
                                   25,000  
 
                                 43,310  
*
Avion Gold Corp., 144A
 
                             3,900,000  
 
                           6,756,381  
*
Bearing Resources Ltd. (RS)
 
                                    81,250  
 
                                           0  
*@
Carnavale Resources Ltd.
 
                             3,590,000  
 
                             482,754  
*
Cerro Resources NL
 
                            21,258,000  
 
                             5,401,611  
*
Dalradian Resources, Inc.
 
                              1,550,000  
 
                          3,660,222  
*
Dia Bras Exploration, Inc.
 
                                    83,571  
 
                               267,151  
*
First Point Minerals Corp.
 
                             2,400,000  
 
                           1,979,892  
*
HudBay Minerals, Inc.
 
                                 700,000  
 
                         11,397,783  
 
Imperial Metals Corp.
 
                                 200,000  
 
                          4,578,500  
*
Mariana Resources Ltd.
 
                             4,500,000  
 
                          2,454,732  
*
Orsu Metals Corp.
 
                                 289,800  
 
                                 85,169  
*
Orsu Metals Corp., 144A
 
                              1,800,000  
 
                             529,002  
*
Prophecy Resources Corp., 144A
 
                                  133,400  
 
                               134,810  
*
Robust Resources Ltd.
 
                                 600,000  
 
                            1,166,803  
*
Temex Resources Corp.
 
                                 950,000  
 
                              328,177  
*
US Nickel Ltd.
 
                             2,928,250  
 
                             575,507  
*
       
                        39,841,804  
 
Mining Services  0.71%
         
Argent Minerals Ltd.
 
                             5,625,000  
 
                             930,960  
*+
Energold Drilling Corp.
 
                                 500,000  
 
                          2,273,782  
*
Geodrill Ltd.
 
                                 300,000  
 
                            1,005,414  
*
Natasa Mining Ltd.
 
                              1,306,449  
 
                            1,289,081  
*
       
                          5,499,237  
 
Oil Companies - Exploration & Production  2.47%
     
Alange Energy Corp.
 
                              4,605,100  
 
                           1,543,344  
*
Alange Energy Corp., 144A
 
                            25,150,000  
 
                           8,428,719  
*
Big Sky Energy Corp.
 
                             2,000,000  
 
                                           0  
*@
Pacific Rubiales Energy Corp.
 
                                 328,200  
 
                           9,103,975  
 
       
                        19,076,038  
 
Platinum  1.13%
         
Anooraq Resources Corp., 144A
 
                                  615,875  
 
                             704,946  
*
Eastern Platinum Ltd.
 
                              2,418,000  
 
                           3,241,454  
*
Osmium Holdings S.A. (RS)
 
                                          891  
 
                                           0  
*@
Pacific North West Capital Corp.
 
                               1,291,666  
 
                             406,247  
*
Platinum Group Metals Ltd.
 
                             2,000,000  
 
                           3,918,536  
*
Seafield Resources Ltd. (RS)
 
                              1,300,000  
 
                              413,895  
*@
       
                          8,685,078  
 
Precious Metals  1.79%
         
Atikwa Resources, Inc., 144A
 
                              1,333,333  
 
                              109,994  
*
Fortress Minerals Corp.
 
                                 267,500  
 
                            1,379,221  
*
Mindfinders Corp. Ltd.
 
                                 400,000  
 
                          5,268,000  
*
Sabina Gold & Silver Corp.
 
                                 500,000  
 
                            3,011,085  
*
Solitario Exploration & Royalty Corp.
 
                                 925,000  
 
                           3,271,720  
*
TVI Pacific, Inc.
 
                             7,686,428  
 
                             752,989  
*
       
                        13,793,009  
 
Silver Mining  12.84%
         
First Majestic Silver Corp.
 
                                 850,000  
 
                        18,064,965  
*
Fortuna Silver Mines, Inc.
 
                                 745,000  
 
                           4,071,668  
*
Hecla Mining Co.
 
                                 325,000  
 
                           2,951,000  
*
MAG Silver Corp.
 
                                 780,000  
 
                            9,306,110  
*
Pan American Silver Corp.
 
                                 435,000  
 
                          16,151,550  
*
Polymetal, Sponsored GDR
 
                                 224,000  
 
                          4,233,600  
*
Silver Standard Resources, Inc.
 
                                 480,000  
 
                        15,062,400  
*
Silvercorp Metals, Inc.
 
                              2,013,642  
 
                       29,298,777  
 
       
                        99,140,070  
 
           
Total Common Stocks
     
                     663,742,394  
 
(cost $520,900,520)
         
           
           
EXCHANGE-TRADED FUNDS (ETF)  2.90%
         
           
SPDR Gold Trust
 
                                    17,033  
 
                           2,381,554  
*
Sprott Physical Gold Trust
 
                                 870,509  
 
                         11,003,234  
*
Sprott Physical Silver Trust
 
                                 509,200  
 
                          8,956,828  
*
           
Total Exchange-Traded Funds
     
                         22,341,616  
 
(cost $17,756,430)
         
           
           
WARRANTS 5.21%
         
           
Coal  0.04%
         
Pacific Coal Resources Ltd., 144A, Warrants (March 2016)
 
                                    1,111,111  
 
                             297,900  
*
           
Diversified Minerals  0.09%
         
Mines Management, Inc., Warrants (April 2012)
 
                                 926,800  
 
                              695,100  
*
Rochester Resources Ltd., 144A, Warrants (November 2011)
 
                             6,630,000  
 
                                           0  
*@
       
                              695,100  
 
           
Gold Mining  3.51%
         
Agnico-Eagle Mines Ltd., Warrants (December 2013)
 
                                    32,100  
 
                             749,535  
*
Agnico-Eagle Mines Ltd., Warrants (December 2013)
 
                                   110,000  
 
                          2,568,500  
*
Argonaut Gold, Inc., Warrants (December 2012)
 
                                 250,000  
 
                             375,097  
*
Candente Gold Corp., 144A, Warrants (December 2011)
 
                             2,437,500  
 
                              477,571  
*@
Chesapeake Gold Corp., Warrants (February 2012)
 
                                  194,699  
 
                           1,054,055  
*
Crystallex International Corp., 144A, Warrants (December 2049)
 
                                  162,500  
 
                                           0  
*@
Dundee Precious Metals, Inc., 144A, Warrants (November 2015)
 
                               1,125,000  
 
                          6,844,548  
*
Endeavour Mining Corp., Warrants (February 2014)
 
                               1,100,500  
 
                            1,021,346  
*
Franco-Nevada Corp., Warrants (July 2013)
 
                                    41,200  
 
                                  8,497  
*
Goldcorp, Inc., Warrants (June 2011)
 
                                1,414,521  
 
                           5,469,919  
*
Gran Colombia Gold Corp., Warrants (August 2015)
 
                              1,250,000  
 
                           1,056,973  
*
Kinross Gold Corp., Warrants (September 2011)
 
                                  835,318  
 
                              215,344  
*
Kinross Gold Corp., Warrants (September 2013)
 
                                  785,591  
 
                            1,158,438  
*
Kinross Gold Corp., Warrants (September 2014)
 
                                  124,955  
 
                             347,903  
*
Malbex Resources, Inc., 144A, Warrants (April 2011)
 
                                 666,666  
 
                                           0  
*@
Medoro Resources Ltd., Warrants (November 2011)
 
                              1,728,999  
 
                              178,293  
*
New Gold, Inc., Warrants (April 2012)
 
                              2,525,100  
 
                              195,290  
*
New Gold, Inc., Warrants (November 2012)
 
                                 326,000  
 
                                 141,191  
*
New Gold, Inc., Warrants (June 2017)
 
                               1,142,430  
 
                          3,993,645  
*
New Gold, Inc., 144A, Warrants (June 2017)
 
                                 300,000  
 
                           1,048,724  
*
Petaquilla Minerals Ltd., Warrants (January 2014)  (RS)
 
                             2,660,000  
 
                                           0  
*@
Rusoro Mining Ltd., Warrants (November 2012)
 
                                 225,750  
 
                                  3,492  
*
Rusoro Mining Ltd., 144A, Warrants (November 2011)
 
                                 600,000  
 
                                           0  
*@
Rusoro Mining Ltd., 144A, Warrants (November 2012)
 
                              6,105,000  
 
                                 94,431  
*
Rye Patch Gold Corp., 144A, Warrants (December 2049)
 
                              1,800,000  
 
                                83,527  
*@
Timberline Resources Corp., 144A, Warrants (August 2011)
 
                                  428,571  
 
                                           0  
*@
Tolima Gold Corp., 144A, Warrants (March 2013)  (RS)
 
                              1,625,000  
 
                                           0  
*@
       
                        27,086,319  
 
           
Gold/Mineral Royalty Companies  0.14%
         
Franco-Nevada Corp., Warrants (March 2012)
 
                                  134,300  
 
                             829,597  
*
Franco-Nevada Corp., Warrants (July 2013)
 
                                  125,000  
 
                                25,780  
*
Franco-Nevada Corp., 144A, Warrants (June 2017)
 
                                   37,000  
 
                             236,556  
*
       
                            1,091,933  
 
           
Medical - Hospitals  0.00%
         
African Medical Investments plc, Warrants (June 2011)
 
                              2,125,000  
 
                                           0  
*@
           
Metal - Diversified  0.28%
         
Avion Gold Corp., 144A, Warrants (May 2011)
 
                              1,950,000  
 
                            2,071,153  
*@
Baja Mining Corp., 144A, Warrants (April 2011)
 
                                 527,750  
 
                                           0  
*@
Carnavale Resources Ltd., Warrants (February 2013)
 
                             3,500,000  
 
                                101,371  
*
Orsu Metals Corp., 144A, Warrants (April 2012)
 
                                 900,000  
 
                                           0  
*@
       
                           2,172,524  
 
           
Oil Companies - Exploration & Production  0.23%
     
Alange Energy Corp., 144A, Warrants (February 2016)
 
                            12,575,000  
 
                             1,815,416  
*
           
Platinum  0.00%
         
Seafield Resources Ltd., Warrants (December 2012)  (RS)
 
                              1,300,000  
 
                                           0  
*@
           
Silver Mining  0.92%
         
Silver Wheaton Corp., Warrants (September 2013)
 
                                 286,470  
 
                           7,090,132  
*
           
           
Total Warrants
     
                       40,249,324  
 
(cost $29,492,770)
         
           
           
SPECIAL WARRANTS 0.00%
         
           
Gold/Mineral Exploration & Development  0.00%
     
Miocene Metals Ltd., Special Warrants (October 2011)  (RS)
 
                                 256,833  
 
                                           0  
*@
Western Exploration & Development Ltd., 144A,  Special Warrants (December 2049)  (RS)
 
                                 600,000  
 
                                           0  
*@
           
Total Special Warrants
     
                                           0  
 
(cost $300,000)
         
           
           
PURCHASED OPTION  0.61%
 
Contracts
     
           
Exchange-Traded Fund  0.61%
         
Market Vector Gold Miners ETF, Strike Price 50, Call, Expiration Jan. 2012 (premium $3,548,250)
 
                                      3,750  
 
                          4,725,000  
 
           
           
SUBSCRIPTION RECEIPTS 0.26%
         
           
Gold Mining  0.26%
         
Solvista Gold Corp., 144A  (RS)
 
                             2,620,000  
 
                          2,026,295  
*@+
(cost $1,973,981)
         
           
Total Securities
     
                     733,084,629  
 
(cost $573,971,951)
         
           
           
REPURCHASE AGREEMENT 5.77%
Principal
Amount
     
           
Joint Tri-Party Repurchase Agreement, Credit Suisse Securities USA LLC, 03/31/2011, 0.12%, due 04/01/2011, repurchase price $44,519,448, collateralized by U.S. Treasury securities held in a joint tri-party account (cost $44,519,299)
 
 $                         44,519,299
 
                        44,519,299  
 
           
Total Investments 100.71%
     
                     777,603,928  
 
(cost $618,491,250)
         
Other assets and liabilities, net (0.71%)
     
                           (5,451,281)
 
           
NET ASSETS 100%
     
$        772,152,648
 
           
           
See notes to portfolios of investments.
         
 
           
           
           
           
           
           
GOLD & PRECIOUS METALS FUND
         
Portfolio of Investments (unaudited)
        March 31, 2011
           
COMMON STOCKS  78.89%
 
Shares
 
Value
 
           
Diamonds/Precious Stones  1.57%
         
Petra Diamonds Ltd.
 
                              1,742,370  
 
 $                       4,444,779  
*
           
Gold Mining  46.27%
         
Alamos Gold, Inc.
 
                                  160,000  
 
                          2,530,962  
 
AngloGold Ashanti Ltd., Sponsored ADR
 
                                   30,000  
 
                           1,438,500  
 
Barrick Gold Corp.
 
                                   351,100  
 
                         18,225,601  
 
Centamin Egypt Ltd.
 
                                 700,670  
 
                            1,517,305  
*
Centerra Gold, Inc.
 
                                   58,500  
 
                           1,049,652  
 
Century Mining Corp.
 
                                  509,512  
 
                             257,449  
*
Claude Resources, Inc.
 
                             2,489,286  
 
                           6,160,646  
*
DRDGOLD Ltd., Sponsored ADR
 
                                 300,000  
 
                           1,590,000  
 
Dundee Precious Metals, Inc.
 
                                 742,280  
 
                          6,666,933  
*
Dundee Precious Metals, Inc., 144A
 
                                 520,387  
 
                          4,673,958  
*
Endeavour Mining Corp.
 
                               1,170,000  
 
                            3,136,891  
*
European Goldfields Ltd.
 
                                 475,000  
 
                          5,995,360  
*
Gold Fields Ltd., Sponsored ADR
 
                                  104,200  
 
                            1,819,332  
*
Goldcorp, Inc.
 
                                 395,000  
 
                         19,671,000  
 
Gran Colombia Gold Corp.
 
                              5,165,000  
 
                          9,373,962  
*
Great Basin Gold Ltd.
 
                                 365,000  
 
                             959,783  
*
Harmony Gold Mining Co., Ltd., Sponsored ADR
 
                                   514,152  
 
                          7,645,440  
 
IAMGOLD Corp.
 
                                 420,000  
 
                          9,248,400  
 
Kingsgate Consolidated Ltd.
 
                                  150,000  
 
                           1,348,340  
 
Lake Shore Gold Corp.
 
                                 340,000  
 
                           1,433,978  
*
Medoro Resources Ltd.
 
                              1,738,049  
 
                           3,333,613  
*
Nevsun Resources Ltd.
 
                                 200,000  
 
                            1,130,000  
*
New Gold, Inc.
 
                                  125,000  
 
                           1,463,750  
*
Northgate Minerals Corp.
 
                              1,000,000  
 
                          2,700,000  
*
Pan African Resources plc
 
                             8,275,000  
 
                            1,407,001  
 
Richmont Mines, Inc.
 
                                  208,801  
 
                            1,390,615  
*
Rusoro Mining Ltd., 144A
 
                                 793,000  
 
                               282,119  
*
San Gold Corp.
 
                                 750,000  
 
                           1,979,892  
*
St Barbara Ltd.
 
                                 775,000  
 
                            1,747,619  
*
Yamana Gold, Inc.
 
                                 862,900  
 
                        10,622,299  
 
       
                      130,800,400  
 
Gold/Mineral Royalty Companies  1.31%
         
Franco-Nevada Corp.
 
                                   101,000  
 
                           3,706,718  
 
           
Medical - Hospitals  0.04%
         
African Medical Investments plc
 
                              1,925,000  
 
                                111,957  
*
           
Metal - Diversified  2.36%
         
Avion Gold Corp.
 
                              1,025,000  
 
                            1,775,715  
*
HudBay Minerals, Inc.
 
                                 300,000  
 
                          4,884,764  
 
       
                          6,660,479  
 
Oil Companies - Exploration & Production  0.86%
         
Canadian Natural Resources Ltd.
 
                                   49,500  
 
                          2,446,785  
 
           
Platinum  0.65%
         
Eastern Platinum Ltd.
 
                              1,377,000  
 
                           1,845,940  
*
           
Precious Metals  0.61%
         
Mindfinders Corp. Ltd.
 
                                  130,000  
 
                             1,712,100  
*
           
Silver Mining  25.22%
         
First Majestic Silver Corp.
 
                                  615,000  
 
                        13,070,533  
*
Fortuna Silver Mines, Inc.
 
                                 530,000  
 
                          2,896,623  
*
Hecla Mining Co.
 
                                 300,000  
 
                          2,724,000  
*
Pan American Silver Corp.
 
                                 470,000  
 
                          17,451,100  
*
Polymetal, Sponsored GDR
 
                                  144,000  
 
                           2,721,600  
*
Silver Standard Resources, Inc.
 
                                 500,000  
 
                        15,690,000  
*
Silvercorp Metals, Inc.
 
                               1,150,045  
 
                         16,733,318  
 
       
                         71,287,174  
 
           
Total Common Stocks
     
                      223,016,332  
 
(cost $183,997,546)
         
           
           
EXCHANGE-TRADED FUNDS (ETF)  4.65%
         
           
ETFS Palladium Trust
 
                                   35,000  
 
                           2,661,050  
*
SPDR Gold Trust
 
                                      7,867  
 
                           1,099,964  
*
Sprott Physical Gold Trust
 
                                 482,083  
 
                          6,093,529  
*
Sprott Physical Silver Trust
 
                                  186,800  
 
                           3,285,812  
*
           
Total Exchange-Traded Funds
     
                         13,140,355  
 
(cost $11,496,682)
         
           
           
WARRANTS 7.93%
         
           
Diversified Minerals  0.01%
         
Mines Management, Inc., Warrants (April 2012)
 
                                   40,000  
 
                                30,000  
*
           
Gold Mining  5.55%
         
Agnico-Eagle Mines Ltd., Warrants (December 2013)
 
                                   28,200  
 
                             658,470  
*
Agnico-Eagle Mines Ltd., 144A, Warrants (December 2013)
 
                                   70,000  
 
                           1,634,500  
*
Crystallex International Corp., 144A, Warrants (December 2049)
 
                                   62,500  
 
                                           0  
*@
Dundee Precious Metals, Inc., Warrants (June 2012)
 
                                     31,100  
 
                                24,373  
*
Dundee Precious Metals, Inc., Warrants (November 2015)
 
                                 528,000  
 
                           3,212,374  
*
Dundee Precious Metals, Inc., 144A, Warrants (November 2015)
 
                                 750,000  
 
                          4,563,032  
*
Endeavour Mining Corp., Warrants (February 2014)
 
                                 407,000  
 
                             377,726  
*
Goldcorp, Inc., Warrants (June 2011)
 
                                 385,958  
 
                           1,492,490  
*
Gran Colombia Gold Corp., Warrants (August 2015)
 
                                 845,249  
 
                              714,725  
*
Kinross Gold Corp., Warrants (September 2011)
 
                                 605,582  
 
                                156,118  
*
Kinross Gold Corp., Warrants (September 2013)
 
                                  648,414  
 
                              956,156  
*
Kinross Gold Corp., Warrants (September 2014)
 
                                    61,435  
 
                               171,049  
*
Medoro Resources Ltd., Warrants (November 2011)
 
                                  159,332  
 
                                 16,430  
*
New Gold, Inc., Warrants (April 2012)
 
                             3,078,400  
 
                             238,082  
*
New Gold, Inc., Warrants (November 2012)
 
                              1,072,500  
 
                              464,501  
*
New Gold, Inc., Warrants (June 2017)
 
                                 278,800  
 
                              974,614  
*
Rusoro Mining Ltd., Warrants (November 2012)
 
                                 688,750  
 
                                 10,654  
*
Rusoro Mining Ltd., 144A, Warrants (November 2012)
 
                                 930,000  
 
                                 14,385  
*
       
                        15,679,679  
 
           
Gold/Mineral Royalty Companies  0.33%
         
Franco-Nevada Corp., Warrants (March 2012)
 
                                   131,700  
 
                             804,589  
*
Franco-Nevada Corp., Warrants (July 2013)
 
                                  125,000  
 
                                25,780  
*
Franco-Nevada Corp., 144A, Warrants (June 2017)
 
                                    17,000  
 
                              108,688  
*
       
                             939,057  
 
           
Medical - Hospitals  0.00%
         
African Medical Investments plc, Warrants (June 2011)
 
                                  912,500  
 
                                           0  
*@
           
Silver Mining  2.04%
         
Silver Wheaton Corp., Warrants (September 2013)
 
                                 233,587  
 
                           5,781,278  
*
           
Total Warrants
     
                        22,430,014  
 
(cost $13,315,404)
         
           
           
PURCHASED OPTION  0.60%
 
Contracts
     
           
Exchange-Traded Fund  0.60%
         
Market Vector Gold Miners ETF, Strike Price 50, Call, Expiration Jan. 2012 (premium $1,277,370)
 
                                       1,350  
 
                            1,701,000  
 
           
           
NOTES  1.47%
 
Principal Amount
     
           
Gold Mining  1.47%
         
Barrick Gold Corp., 6.95%, maturity 04/01/19
 
$                           1,700,000  
 
                           2,036,318  
 
Newmont Mining Corp., 6.25%, maturity 10/01/39
 
                             2,000,000  
 
                           2,127,588  
 
           
           
Total Notes
     
                           4,163,906  
 
(cost $4,466,528)
         
           
           
Total Securities
     
                      264,451,607  
 
(cost $214,553,531)
         
           
           
REPURCHASE AGREEMENT 6.43%
         
           
Joint Tri-Party Repurchase Agreement, Credit Suisse Securities USA LLC, 03/31/2011, 0.12%, due 04/01/2011, repurchase price $18,168,835, collateralized by U.S. Treasury securities held in a joint tri-party account (cost $18,168,774)
 
                             18,168,774  
 
                         18,168,774  
 
           
Total Investments 99.97%
     
                      282,620,381  
 
(cost $232,722,305)
         
Other assets and liabilities, net 0.03%
     
                                 88,529  
 
           
NET ASSETS 100%
     
$        282,708,910  
 
           
           
See notes to portfolios of investments.
         

 

EASTERN EUROPEAN FUND
         
Portfolio of Investments (unaudited)
        March 31, 2011
           
COMMON STOCKS  94.97%
 
Shares
 
Value
 
           
Agricultural Chemicals  1.17%
         
Uralkali, Sponsored GDR
 
                                  120,000  
 
 $                       4,976,400
 
           
Agricultural Operations  0.50%
         
Kernel Holding S.A.
 
                                   85,000  
 
                           2,125,000  
*
           
Airport Development/Maintenance  1.51%
         
TAV Havalimanlari Holding A.S.
 
                              1,350,000  
 
                            6,434,191  
*
           
Appliances  1.63%
         
Arcelik
 
                              1,500,000  
 
                          6,935,406  
 
           
Automotive - Cars & Light Trucks  2.66%
         
Tofas Turk Otomobil Fabrikasi A.S.
 
                             2,000,000  
 
                         11,293,508  
 
           
Cellular Telecommunications  0.70%
         
Mobile TeleSystems, Sponsored ADR
 
                                  140,000  
 
                          2,972,200  
 
           
Coal  0.10%
         
Eastcoal, Inc.
 
                                 475,000  
 
                              416,344  
*
           
Commercial Banks - Non US  20.72%
         
Powszechna Kasa Oszczednosci Bank Polski S.A.
 
                                 250,000  
 
                           3,846,831  
 
Sberbank RF
 
                             9,962,095  
 
                         37,361,143  
@
Turkiye Garanti Bankasi A.S.
 
                             3,365,082  
 
                         15,733,134  
 
Turkiye Halk Bankasi A.S.
 
                                 900,000  
 
                          6,964,546  
 
Turkiye Is Bankasi, Class C
 
                             2,848,020  
 
                             9,110,713  
 
Turkiye Vakiflar Bankasi T.A.O., Class D
 
                               1,100,000  
 
                          2,749,555  
 
VTB Bank OJSC, Sponsored GDR
 
                              1,750,000  
 
                        12,250,000  
 
       
                        88,015,922  
 
Diversified Metals & Mining  0.62%
         
JSC MMC Norilsk Nickel, Sponsored ADR
 
                                  100,000  
 
                          2,644,000  
 
           
Diversified Operations  1.59%
         
Haci Omer Sabanci Holding A.S.
 
                               1,451,729  
 
                          6,749,823  
 
           
Electric Utility  1.02%
         
CEZ A.S.
 
                                   85,000  
 
                           4,344,019  
 
           
Finance - Investment Banker/Broker  1.45%
         
Turkiye Sinai Kalkinma Bankasi A.S.
 
                             3,526,822  
 
                           6,166,372  
 
           
Food - Meat Products  0.69%
         
Cherkizovo Group, Sponsored GDR
 
                                  150,000  
 
                          2,925,000  
*
           
Food - Retail  3.18%
         
X5 Retail Group N.V., Sponsored GDR
 
                                 320,000  
 
                        13,488,000  
*
           
Food - Wholesale/Distribution  1.16%
         
Eurocash S.A.
 
                                 450,000  
 
                          4,942,077  
 
           
Gold Mining  0.95%
         
Dundee Precious Metals, Inc., 144A
 
                                 236,767  
 
                           2,126,569  
*
European Goldfields Ltd.
 
                                  150,000  
 
                           1,893,272  
*
       
                            4,019,841  
 
Housewares  1.59%
         
Turkiye Sise ve Cam Fabrikalari AS
 
                             3,000,000  
 
                          6,760,563  
*
           
Investment Companies  0.10%
         
Vostok Nafta Investment Ltd.
 
                                   65,000  
 
                              404,741  
*
           
           
           
Medical - Drugs  3.80%
         
Egis Gyogyszergyar Nyrt.
 
                                   22,000  
 
                           2,339,153  
 
Pharmstandard, Sponsored GDR
 
                                 420,000  
 
                         11,739,000  
*
Richter Gedeon Nyrt.
 
                                    10,000  
 
                           2,078,791  
 
       
                         16,156,944  
 
Metal - Aluminum  3.26%
         
United Co. RUSAL plc
 
                             8,000,000  
 
                        13,863,677  
*
           
Metal - Diversified  2.12%
         
KGHM Polska Miedz S.A.
 
                                  120,000  
 
                           7,614,084  
 
Orsu Metals Corp.
 
                                 664,240  
 
                               195,214  
*
Orsu Metals Corp., 144A
 
                             4,025,000  
 
                            1,182,908  
*
       
                          8,992,206  
 
Non-Ferrous Metals  1.11%
         
Uranium One, Inc.
 
                              1,200,000  
 
                          4,702,243  
*
           
Oil - Field Services  0.28%
         
Eurasia Drilling Co., Ltd., Sponsored GDR
 
                                   35,000  
 
                            1,190,000  
 
           
Oil Companies - Exploration & Production  9.58%
     
BNK Petroleum, Inc.
 
                                 500,000  
 
                          2,423,305  
*
Gazprom OAO, Sponsored ADR
 
                                  508,901  
 
                         16,473,126  
 
NovaTek OAO, Sponsored GDR
 
                                  155,477  
 
                          21,611,303  
 
Tethys Petroleum Ltd.
 
                                  132,400  
 
                             200,699  
*
       
                       40,708,433  
 
Oil Companies - Integrated  13.60%
         
Lukoil OAO, Sponsored ADR
 
                                    121,810  
 
                          8,727,686  
 
MOL Hungarian Oil & Gas Nyrt.
 
                                  100,000  
 
                        12,783,538  
*
Rosneft Oil Co. OJSC, Sponsored GDR
 
                              2,417,309  
 
                         22,082,118  
 
TNK-BP Holding
 
                             4,789,900  
 
                         14,157,048  
@
       
                       57,750,390  
 
Oil Refining & Marketing  0.97%
         
Tupras Turkiye Petrol Rafine
 
                                  140,000  
 
                             4,115,914  
 
           
Real Estate Operating/Development  1.61%
         
LSR Group OJSC, GDR
 
                                  527,100  
 
                           5,049,618  
 
PIK Group, Sponsored GDR
 
                                 400,000  
 
                           1,796,000  
*
       
                           6,845,618  
 
Retail - Appliances  0.68%
         
M Video OJSC
 
                                 300,000  
 
                           2,869,451  
@
           
Retail - Food  1.86%
         
Magnit OJSC, Sponsored GDR
 
                                 260,000  
 
                          7,880,600  
 
           
Silver Mining  1.79%
         
Polymetal, Sponsored GDR
 
                                 402,000  
 
                          7,597,800  
*
           
Steel - Producers  9.63%
         
Evraz Group S.A., Sponsored GDR
 
                                 250,000  
 
                          9,925,000  
*
Magnitogorsk Iron & Steel Works, Sponsored GDR
 
                                 520,000  
 
                          7,607,600  
 
Mechel, Sponsored ADR
 
                                 380,000  
 
                         11,700,200  
 
Novolipetsk Steel, Sponsored GDR
 
                                 265,000  
 
                         11,660,000  
 
       
                       40,892,800  
 
Steel Pipe & Tube  0.99%
         
OAO TMK, Sponsored GDR
 
                                 200,000  
 
                           4,218,000  
*
           
           
Telecommunication Services  1.41%
         
Sistema JSFC
 
                             5,000,000  
 
                          5,978,020  
*@
           
Television  0.94%
         
CTC Media, Inc.
 
                                  170,000  
 
                          4,006,900  
 
           
           
Total Common Stocks
     
                     403,382,403  
 
(cost $262,441,717)
         
           
           
REAL ESTATE INVESTMENT TRUST (REIT)  0.81%
         
           
Emlak Konut Gayrimenkul Yatirim Ortakligi A.S.
 
                             2,000,000  
 
                          3,445,038  
*
(cost $2,653,275)
         
           
           
WARRANTS 0.72%
         
           
Gold Mining  0.72%
         
Dundee Precious Metals, Inc.,  144A, Warrants (November 2015)
 
                                 500,000  
 
                           3,042,021  
*
           
Metal - Diversified  0.00%
         
Orsu Metals Corp., 144A, Warrants (April 2012)
 
                              2,012,500  
 
                                           0  
*@
           
Total Warrants
     
                           3,042,021  
 
(cost $0)
         
           
           
Total Securities
     
                     409,869,462  
 
(cost $265,094,992)
         
           
           
REPURCHASE AGREEMENT 3.59%
 
Principal
Amount
     
           
Joint Tri-Party Repurchase Agreement, Credit Suisse Securities USA LLC, 03/31/2011, 0.12%, due 04/01/2011, repurchase price $15,267,799, collateralized by U.S. Treasury securities held in a joint tri-party account (cost $15,267,748)
 
 $                         15,267,748
 
                        15,267,748  
 
           
Total Investments 100.09%
     
                       425,137,210  
 
(cost $280,362,740)
         
Other assets and liabilities, net (0.09%)
     
                             (384,102) 
 
           
NET ASSETS 100%
     
$        424,753,108  
 
           
           
See notes to portfolios of investments.
         
 
 
           
           
           
           
           
           
GLOBAL EMERGING MARKETS FUND
         
Portfolio of Investments (unaudited)
        March 31, 2011
           
COMMON STOCKS  97.39%
 
Shares
 
Value
 
           
Agricultural Chemicals  1.77%
         
China BlueChemical Ltd., H shares
 
                                  155,900  
 
 $                           127,468  
 
Sinofert Holdings Ltd.
 
                                 227,600  
 
                                 98,313  
*
       
                              225,781  
 
Appliances  0.91%
         
Arcelik
 
                                   25,000  
 
                               115,590  
 
           
Automotive - Cars & Light Trucks  5.09%
         
Brilliance China Automotive Holdings Ltd.
 
                                 264,500  
 
                             265,228  
*
Hyundai Motor Co.
 
                                         800  
 
                               148,108  
 
Tata Motors Ltd., Sponsored ADR
 
                                      3,000  
 
                                83,370  
 
Tofas Turk Otomobil Fabrikasi A.S.
 
                                   27,000  
 
                              152,462  
 
       
                              649,168  
 
Building - Heavy Construction  0.52%
         
Grana y Montero S.A.
 
                                   30,000  
 
                                66,405  
 
           
Building & Construction Products - Miscellaneous  1.46%
     
Taiwan Glass Industrial Corp.
 
                                  146,800  
 
                               185,715  
 
           
Building Products - Cement/Aggregates  1.17%
         
PT Holcim Indonesia Tbk
 
                                  641,200  
 
                                149,116  
*
           
Casino Hotels  0.89%
         
Genting Singapore plc
 
                                   70,000  
 
                               113,826  
*
           
Cellular Telecommunications  5.62%
         
America Movil SAB de C.V., Series L, Sponsored ADR
 
                                      4,000  
 
                             232,400  
 
MTN Group Ltd.
 
                                      7,954  
 
                              160,609  
 
Vivo Participacoes S.A., Sponsored ADR
 
                                      8,000  
 
                             323,040  
 
       
                              716,049  
 
Commercial Banks - Non US  12.91%
         
Axis Bank Ltd.
 
                                      4,000  
 
                              126,254  
 
Banco do Brasil S.A.
 
                                      6,334  
 
                               114,642  
 
Bank of China Ltd., H shares
 
                                 262,600  
 
                               146,178  
 
Bank of Georgia, Class A, Sponsored GDR
 
                                    10,000  
 
                              198,500  
*
China Construction Bank Corp., H shares
 
                                  100,000  
 
                                 93,718  
 
Credicorp Ltd.
 
                                      2,000  
 
                             209,860  
 
Itau Unibanco Banco Multiplo S.A.
 
                                      8,837  
 
                              210,553  
 
Sberbank RF
 
                                   75,000  
 
                              281,275  
@
State Bank of India Ltd., Sponsored GDR
 
                                       1,500  
 
                              193,500  
 
Turkiye Garanti Bankasi A.S.
 
                                    15,000  
 
                                  70,131  
 
       
                             1,644,611  
 
Diversified Minerals  1.05%
         
Vale S.A., Class B, Sponsored ADR
 
                                      4,000  
 
                              133,400  
 
           
E-Commerce/Products  3.33%
         
MercadoLibre, Inc.
 
                                      5,200  
 
                             424,476  
 
           
Electric - Generation  1.00%
         
CEZ A.S.
 
                                      2,500  
 
                              127,765  
 
           
           
Electric Products - Miscellaneous  0.69%
         
Johnson Electric Holdings Ltd.
 
                                  150,000  
 
                                 88,512  
 
           
Electronic Components - Miscellaneous  0.82%
         
TPK Holding Co., Ltd.
 
                                      3,800  
 
                              104,547  
*
           
Electronic Components - Semiconductors  2.39%
         
Samsung Electronics Co., Ltd.
 
                                         358  
 
                             304,292  
 
           
Finance - Mortgage Loan/Banker  1.19%
         
LIC Housing Finance Ltd.
 
                                   30,000  
 
                                151,701  
 
           
Finance - Other Services  0.78%
         
BM&F BOVESPA S.A.
 
                                      4,600  
 
                                33,388  
 
Bolsa de Valores de Colombia
 
                             3,000,000  
 
                                65,562  
 
       
                                98,950  
 
           
Food - Retail  3.44%
         
Cencosud S.A.
 
                                   20,000  
 
                              143,787  
 
Compania Brasileira de Distribuicao Grupo Pao de Acucar, Class A, Sponsored ADR
 
                                      4,000  
 
                              167,720  
 
X5 Retail Group N.V., Sponsored GDR
 
                                      3,000  
 
                              126,450  
*
       
                             437,957  
 
Gold Mining  2.28%
         
Centamin Egypt Ltd.
 
                                    51,400  
 
                                111,307  
*
Zhaojin Mining Industry Co., Ltd., H shares
 
                                   40,000  
 
                               179,210  
 
       
                              290,517  
 
Insurance  1.02%
         
China Life Insurance Co., Ltd., H shares
 
                                   34,700  
 
                              130,483  
 
           
Internet  1.05%
         
Netease.com, Sponsored ADR
 
                                       2,710  
 
                               134,172  
*
           
Investment Companies  0.49%
         
Vostok Nafta Investment Ltd.
 
                                    10,000  
 
                                62,268  
*
           
Medical - Drugs  1.88%
         
Pharmstandard, Sponsored GDR
 
                                      5,000  
 
                              139,750  
*
Ranbaxy Laboratories Ltd.
 
                                    10,000  
 
                               100,123  
*
       
                             239,873  
 
Medical Labs & Testing Services  1.77%
         
Diagnosticos da America
 
                                    17,500  
 
                             225,094  
 
           
Metal - Aluminum  0.55%
         
United Co. RUSAL plc
 
                                   40,500  
 
                                 70,185  
*
           
Metal - Copper  1.31%
         
Freeport-McMoRan Copper & Gold, Inc.
 
                                      3,000  
 
                              166,650  
 
           
Metal - Diversified  3.05%
         
KGHM Polska Miedz S.A.
 
                                      5,000  
 
                              317,253  
 
Orsu Metals Corp.
 
                                    41,083  
 
                                 12,074  
*
Orsu Metals Corp., 144A
 
                                 200,000  
 
                                58,778  
*
       
                              388,105  
 
Miscellaneous Manufacturers  1.49%
         
China International Marine Containers Co., Ltd., Class B
 
                                   84,800  
 
                              190,453  
 
           
Multimedia  2.32%
         
Naspers Ltd., Class N
 
                                      5,500  
 
                              296,001  
 
           
Oil Companies - Exploration & Production  8.32%
     
Alange Energy Corp.
 
                                  184,500  
 
                                 61,833  
*
Alange Energy Corp., 144A
 
                                 450,000  
 
                               150,812  
*
CNOOC Ltd., Sponsored ADR
 
                                         500  
 
                              126,520  
 
FX Energy, Inc.
 
                                   20,000  
 
                              167,200  
*
Gran Tierra Energy, Inc.
 
                                    15,000  
 
                               121,050  
*
Niko Resources Ltd.
 
                                      2,000  
 
                               191,802  
 
OGX Petroleo e Gas Participacoes S.A.
 
                                   20,000  
 
                              240,713  
*
       
                           1,059,930  
 
Oil Companies - Integrated  4.91%
         
China Petroleum & Chemical Corp., Sponsored ADR
 
                                       1,000  
 
                              100,580  
*
Ecopetrol S.A., Sponsored ADR
 
                                      2,500  
 
                               104,175  
 
PetroChina Co., Ltd., Sponsored ADR
 
                                       1,500  
 
                             228,375  
 
TNK-BP Holding
 
                                   65,000  
 
                                192,114  
@
       
                             625,244  
 
Patient Monitoring Equipment  1.52%
         
Opto Circuits India Ltd.
 
                                    31,048  
 
                              193,837  
 
           
Platinum  0.50%
         
Eastern Platinum Ltd.
 
                                   48,000  
 
                                64,346  
*
           
Power Converters/Power Supply Equipment  0.85%
     
Dongfang Electric Corp., Ltd., H shares
 
                                    31,600  
 
                              107,857  
 
           
Real Estate Operating/Development  2.09%
         
Kerry Properties Ltd.
 
                                    10,000  
 
                                 50,137  
 
LSR Group OJSC, GDR
 
                                    14,300  
 
                              136,994  
 
Sun Hung Kai Properties Ltd.
 
                                      5,000  
 
                                 79,192  
 
       
                             266,323  
 
Retail - Apparel/Shoe  1.70%
         
Lojas Renner S.A.
 
                                      6,669  
 
                              216,043  
 
           
Retail - Hypermarkets  1.50%
         
Wal-Mart de Mexico SAB de CV, Series V
 
                                   63,800  
 
                               191,442  
 
           
Retail - Major Department Store  2.00%
         
SACI Falabella
 
                                   25,000  
 
                             254,632  
 
           
Semiconductor Components - Integrated Circuits  2.87%
     
Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR
 
                                   30,000  
 
                             365,400  
 
           
Shipbuilding  1.85%
         
Hyundai Heavy Industries Co., Ltd.
 
                                         500  
 
                             236,206  
 
           
Steel Manufacturing  0.90%
         
POSCO, Sponsored ADR
 
                                       1,000  
 
                               114,290  
 
           
Sugar  1.27%
         
Cosan Ltd., Class A
 
                                    12,500  
 
                               161,250  
 
           
Therapeutics  1.31%
         
China Shineway Pharmaceutical Group Ltd.
 
                                   69,600  
 
                              166,963  
 
           
Transportation - Marine  0.91%
         
Evergreen Marine Corp.
 
                                  140,000  
 
                               116,409  
*
           
Water Treatment Systems  1.03%
         
Beijing Enterprises Water Group Ltd.
 
                                 375,500  
 
                               131,787  
*
           
Web Portals/Internet Service Providers  1.62%
         
Baidu, Inc., Sponsored ADR
 
                                       1,500  
 
                              206,715  
*
           
           
Total Common Stocks
     
                         12,410,336  
 
(cost $11,092,137)
         
           
           
EXCHANGE-TRADED FUNDS (ETF)  1.49%
         
           
iShares FTSE A50 China Index ETF
 
                                    19,000  
 
                                32,584  
*
iShares MSCI Malaysia Index Fund
 
                                      2,000  
 
                                29,540  
 
iShares MSCI South Korea Index Fund
 
                                         500  
 
                                 32,175  
 
iShares MSCI Thailand Index Fund
 
                                         500  
 
                                33,405  
 
iShares MSCI Turkey Index Fund
 
                                         500  
 
                                 31,920  
 
Market Vectors Indonesia Index ETF
 
                                       1,000  
 
                                29,940  
*
           
Total Exchange-Traded Funds
     
                              189,564  
 
(cost $182,089)
         
           
           
WARRANTS 0.26%
         
           
Metal - Diversified  0.00%
         
Orsu Metals Corp., 144A, Warrants (April 2012)
 
                                  100,000  
 
                                           0  
*@
           
Oil Companies - Exploration & Production  0.26%
     
Alange Energy Corp., 144A, Warrants (February 2016)
 
                                 225,000  
 
                                32,483  
*
           
Total Warrants
     
                                32,483  
 
(cost $0)
         
           
           
           
Total Investments 99.14%
     
                        12,632,383  
 
(cost $11,274,226)
         
Other assets and liabilities, net 0.86%
     
                                110,203  
 
           
NET ASSETS 100%
     
$          12,742,586  
 
           
           
See notes to portfolios of investments.
         
 
 
CHINA REGION FUND
         
Portfolio of Investments (unaudited)
        March 31, 2011
           
COMMON STOCKS  96.42%
 
Shares
 
Value
 
           
Agricultural Chemicals  2.35%
         
China BlueChemical Ltd., H shares
 
                                 934,600  
 
 $                           764,155  
 
Sinofert Holdings Ltd.
 
                                 857,700  
 
                             370,487  
*
       
                            1,134,642  
 
Automotive - Cars & Light Trucks  5.52%
         
Brilliance China Automotive Holdings Ltd.
 
                                  871,400  
 
                             873,798  
*
Great Wall Motor Co., Ltd., H shares
 
                                 494,000  
 
                              914,509  
 
Hyundai Motor Co.
 
                                      4,700  
 
                              870,132  
 
       
                          2,658,439  
 
Automotive/Truck Parts & Equipment - Replacement  1.34%
     
Xinyi Glass Holdings Ltd.
 
                                 620,000  
 
                              645,617  
 
           
Building & Construction  1.69%
         
China State Construction International Holdings Ltd.
 
                                 892,900  
 
                              815,004  
 
           
Building & Construction Products - Miscellaneous  3.14%
     
China Liansu Group Holdings Ltd.
 
                              1,757,400  
 
                             1,511,455  
*
           
Building Products - Cement/Aggregates  3.41%
         
China Resources Cement Holdings Ltd.
 
                                 558,700  
 
                             555,209  
*
PT Holcim Indonesia Tbk
 
                             2,466,700  
 
                              573,651  
*
West China Cement Ltd.
 
                                1,148,100  
 
                               512,163  
*
       
                            1,641,023  
 
Casino Hotels  3.00%
         
SJM Holdings Ltd.
 
                                 400,000  
 
                             705,526  
 
Wynn Macau Ltd.
 
                                 264,700  
 
                              740,136  
 
       
                           1,445,662  
 
Chemicals - Specialty  1.11%
         
Daqo New Energy Corp., Sponsored ADR
 
                                    17,389  
 
                              224,318  
*
Huabao International Holdings Ltd.
 
                                 200,000  
 
                             308,539  
 
       
                             532,857  
 
Coal  5.18%
         
China Shenhua Energy Co., Ltd., H shares
 
                                  122,900  
 
                              579,851  
 
Fushan International Energy Group Ltd.
 
                              1,200,000  
 
                             862,366  
 
Indo Tambangraya Megah PT
 
                                   85,689  
 
                             454,646  
 
Yanzhou Coal Mining Co., H shares
 
                                  164,000  
 
                              597,717  
 
       
                          2,494,580  
 
Commercial Banks - Non US  9.62%
         
Bank Mandiri Tbk PT
 
                                 840,000  
 
                             655,986  
 
Bank of China Ltd., H shares
 
                              1,979,600  
 
                             1,101,955  
 
BOC Hong Kong Holdings Ltd.
 
                                    311,100  
 
                            1,013,857  
 
China Construction Bank Corp., H shares
 
                              1,657,600  
 
                            1,553,481  
 
TMB Bank Public Company Ltd.
 
                             4,000,000  
 
                               312,014  
*
       
                          4,637,293  
 
Disposable Medical Products  0.59%
         
Shandong Weigao Group Medical Polymer Co., Ltd., H shares
 
                                  100,000  
 
                             284,756  
 
           
Diversified Banking Institutions  1.47%
         
HSBC Holdings plc
 
                                   67,400  
 
                              709,214  
 
           
Diversified Minerals  0.71%
         
Erdene Resource Development Corp.
 
                                   99,000  
 
                              149,049  
*
Woulfe Mining Corp.
 
                                  814,800  
 
                              193,250  
*
       
                             342,299  
 
Diversified Operations  3.32%
         
Hutchison Whampoa Ltd.
 
                                   82,400  
 
                             975,630  
 
Siam Cement PCL
 
                                   50,000  
 
                             626,343  
 
       
                            1,601,973  
 
Electric Generation  0.80%
         
China Resources Power Holdings Co., Ltd.
 
                                 200,000  
 
                             385,673  
 
           
Electric Products - Miscellaneous  3.46%
         
Johnson Electric Holdings Ltd.
 
                                 999,000  
 
                              589,491  
 
Zhuzhou CSR Times Electric Co., Ltd., H shares
 
                                 283,200  
 
                           1,077,664  
 
       
                            1,667,155  
 
Electronic Components - Miscellaneous  1.10%
         
TPK Holding Co., Ltd.
 
                                    19,200  
 
                             528,237  
*
Yageo Corp., Sponsored GDR
 
                                               1  
 
                                           0  
*@
       
                             528,237  
 
Electronic Components - Semiconductors  0.96%
         
Spreadtrum Communications, Inc., Sponsored ADR
 
                                   25,000  
 
                             463,750  
*
           
Finance - Other Services  0.25%
         
Bursa Malaysia Bhd
 
                                   44,200  
 
                               121,654  
 
           
Food - Retail  0.90%
         
Lianhua Supermarket Holdings Co., Ltd., H shares
 
                                  108,200  
 
                              433,991  
 
           
Gold Mining  2.62%
         
Euromax Resources Ltd., 144A
 
                                 473,235  
 
                              175,679  
*
Olympus Pacific Minerals, Inc.
 
                                 479,500  
 
                             207,672  
*
Zhaojin Mining Industry Co., Ltd., H shares
 
                                  196,300  
 
                              879,471  
 
       
                           1,262,822  
 
Hotels & Motels  1.44%
         
Shangri-La Asia Ltd.
 
                                 270,833  
 
                              692,176  
 
           
Human Resources  1.33%
         
51job, Inc., Sponsored ADR
 
                                    10,000  
 
                             639,300  
*
           
Insurance  1.02%
         
China Life Insurance Co., Ltd., H shares
 
                                  130,700  
 
                              491,473  
 
           
Internet Application Software  1.77%
         
Tencent Holdings Ltd.
 
                                   35,000  
 
                               853,110  
 
           
Internet Security  0.06%
         
Qihoo 360 Technology Co., Ltd., ADR
 
                                       1,000  
 
                                29,590  
*
           
Internet Telephony  0.00%
         
Asia Broadband, Inc.
 
                                 500,000  
 
                                           0  
*@
           
Investment Companies  0.02%
         
Hutchison Port Holdings Trust, Class U
 
                                      8,200  
 
                                    8,118  
*
           
Machinery  1.11%
         
Lonking Holdings Ltd.
 
                                 756,000  
 
                             533,572  
*
           
Marine Services  1.17%
         
COSCO Pacific Ltd.
 
                                 300,000  
 
                              566,169  
 
           
Metal - Aluminum  1.54%
         
United Co. RUSAL plc
 
                                 427,000  
 
                             739,974  
*
           
Metal - Copper  1.57%
         
Freeport-McMoRan Copper & Gold, Inc.
 
                                    13,583  
 
                             754,536  
 
           
Miscellaneous Manufacturers  1.49%
         
China International Marine Containers Co., Ltd., B shares
 
                                  319,500  
 
                              717,567  
 
           
Non-Ferrous Metals  0.25%
         
Sterling Group Ventures, Inc.
 
                                 500,000  
 
                              120,000  
*
           
Oil - Field Services  3.28%
         
Anton Oilfield Services Group
 
                             2,990,000  
 
                             507,392  
*
China Oilfield Services Ltd., H shares
 
                                 360,400  
 
                               814,521  
 
SinoTech Energy Ltd., Sponsored ADR
 
                                   32,200  
 
                             256,956  
*
       
                           1,578,869  
 
Oil Companies - Exploration & Production  2.24%
     
CNOOC Ltd., Sponsored ADR
 
                                      4,259  
 
                           1,077,697  
 
           
Oil Companies - Integrated  1.04%
         
China Petroleum & Chemical Corp., Sponsored ADR
 
                                      5,000  
 
                             502,900  
*
           
Petrochemicals  0.00%
         
Danhua Chemical Technology Co., Ltd., B shares
 
                                              2  
 
                                           2  
*
           
Power Converters/Power Supply Equipment  2.14%
     
Dongfang Electric Corp., Ltd., H shares
 
                                 302,800  
 
                           1,033,520  
 
           
Precious Metals  0.20%
         
TVI Pacific, Inc.
 
                              1,000,000  
 
                                97,963  
*
           
Real Estate Operating/Development  3.43%
         
China Overseas Land & Investment Ltd.
 
                                 563,700  
 
                            1,152,242  
 
Sun Hung Kai Properties Ltd.
 
                                    31,700  
 
                             502,075  
 
       
                            1,654,317  
 
Retail - Apparel/Shoe  1.20%
         
Belle International Holdings Ltd.
 
                                  314,600  
 
                             580,780  
 
           
Retail - Automobile  1.02%
         
PT Astra International Tbk
 
                                   75,000  
 
                             490,956  
 
           
Retail - Consumer Electronics  1.04%
         
GOME Electrical Appliances Holdings Ltd.
 
                              1,425,900  
 
                             500,438  
*
           
Retail - Jewelry  0.98%
         
Hengdeli Holdings Ltd.
 
                                 900,000  
 
                             474,378  
 
Lao Feng Xiang Co., Ltd., B shares
 
                                               1  
 
                                           3  
 
       
                              474,381  
 
Schools  0.29%
         
CIBT Education Group, Inc.
 
                                 436,666  
 
                              139,589  
*
           
Semiconductor Components - Integrated Circuits  1.01%
     
Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR
 
                                   40,000  
 
                             487,200  
 
           
Shipbuilding  1.37%
         
Hyundai Heavy Industries Co., Ltd.
 
                                       1,400  
 
                              661,377  
 
           
Steel - Producers  2.57%
         
Maanshan Iron and Steel Co., Ltd., H shares
 
                                 929,800  
 
                             503,234  
*
POSCO
 
                                       1,600  
 
                             736,890  
 
       
                            1,240,124  
 
Telecommunication Services  0.13%
         
Trunkbow International Holdings Ltd.
 
                                    15,900  
 
                                 64,713  
*
           
Telecommunications Equipment  1.45%
         
ZTE Corp., H shares
 
                                  150,000  
 
                             699,033  
 
           
Therapeutics  1.47%
         
China Shineway Pharmaceutical Group Ltd.
 
                                 295,200  
 
                              708,152  
 
           
Transportation - Marine  1.95%
         
Evergreen Marine Corp.
 
                               1,128,600  
 
                              938,421  
*
           
Water Treatment Systems  1.13%
         
Beijing Enterprises Water Group Ltd.
 
                               1,551,500  
 
                              544,519  
*
           
Web Portals/Internet Service Providers  3.17%
         
Baidu, Inc., Sponsored ADR
 
                                       5,173  
 
                               712,891  
*
Netease.com, Sponsored ADR
 
                                     11,000  
 
                              544,610  
*
Sina Corp.
 
                                      2,500  
 
                             267,600  
*^
       
                             1,525,101  
 
           
Total Common Stocks
     
                       46,463,733  
 
(cost $43,297,945)
         
           
           
EXCHANGE-TRADED FUNDS (ETF)  2.04%
         
           
iShares FTSE A50 China Index ETF
 
                                   73,000  
 
                               125,192  
*
Market Vectors Rare Earth/Strategic Metals ETF
 
                                   25,000  
 
                             657,500  
*
Sprott Physical Gold Trust
 
                                    15,698  
 
                              198,423  
*
           
Total Exchange-Traded Funds
     
                                981,115  
 
(cost $911,182)
         
           
           
Total Securities
     
                       47,444,848  
 
(cost $44,209,127)
         
           
           
Total Investments 98.46%
     
                       47,444,848  
 
(cost $44,209,127)
         
Other assets and liabilities, net 1.54%
     
                              744,427  
 
           
NET ASSETS 100%
     
$          48,189,275  
 
           
           
See notes to portfolios of investments.
         
           
           
CALL OPTIONS WRITTEN
 
Shares Subject
To Call
 
Value
 
Sina Corp., Strike Price 110, Expiration Apr. 2011 (premiums received $8,675)
 
                                      2,500  
 
$                                8,700
 
 
 
 Notes to Portfolios of Investments (unaudited)          March 31, 2011
 
Legend
 
 
*         Non-income producing security
GO       General Obligation Bond
+        Affiliated company (see following)
RS        Restricted Security (see following)
ADR  American Depositary Receipt
ZCB      Zero Coupon Bond
GDR  Global Depositary Receipt
^           Security or portion of security segregated as
 
             collateral for written options
   
@           Security was fair valued at March 31, 2011, by U.S. Global Investors, Inc. (Adviser) in accordance with valuation procedures approved by the Board of Trustees. Fair valued securities, which were primarily composed of restricted securities, as a percentage of net assets at March 31, 2011, were 2.48% of Holmes Growth, 4.67% of Global MegaTrends, 6.85% of Global Resources, 1.20% of World Precious Minerals, 14.21% of Eastern European and 3.72% of Global Emerging Markets. See the Fair Valuation of Securities section of these Notes to Portfolios of Investments for further discussion of fair valued securities. See further information and detail on restricted securities in the Restricted Securities section of these Notes to Portfolios of Investments.

General

The yields reflect the effective yield from the date of purchase.

Variable Rate Notes have periodic reset features, which effectively shorten the maturity dates and reset the interest rates as tied to various interest-bearing instruments. Rates shown are current rates at March 31, 2011.

Securities with a 144A designation are exempt from registration under Rule 144A of the Securities Act of 1933.

U.S. Global Investors Funds, a Delaware statutory trust, consists of thirteen separate funds (Funds). For more comprehensive information on the Funds' organization and significant accounting policies, please refer to the most recent semi-annual or annual report.

Security Valuations

The Funds value investments traded on national or international securities exchanges or over-the-counter at the last sales price reported by the security’s primary exchange of its market at the time of daily valuation. Securities for which no sale was reported are valued at the mean between the last reported bid and asked quotation. Short-term investments with effective maturities of sixty days or less at the date of purchase may be valued at amortized cost, which approximates market value. An independent pricing service values municipal securities, long-term U.S. Government obligations and corporate debt securities using a system based on such factors as credit rating, maturity, coupon and type of security to determine fair value.

Fair Valuation of Securities

Securities for which market quotations are not readily available or which are subject to legal restrictions are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. The following factors are generally considered in determining fair value: nature and duration of any trading restrictions, trading volume, market values of unrestricted shares of the same or similar class, investment management’s judgment regarding the market experience of the issuer, financial status and other operational and market factors affecting the issuer, issuer’s management, quality of the underlying property based on review of independent geological studies, the extent of a Fund’s investment in the trading securities of the issuer; and other relevant matters. The fair values may differ from what would have been used had a broader market for these securities existed.

For securities traded on international exchanges, if events which may materially affect the value of a Fund's securities occur after the close of the primary exchange and before a Fund’s net asset value is next determined, then those securities will be valued at their fair value as determined in good faith under the supervision of the Board of Trustees. The Funds may use a systematic fair value model provided by an independent third party to value international securities.

The Funds are required to disclose information regarding the fair value measurements of a Fund’s assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure requirement established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with the Investment Company Act of 1940. Generally, amortized cost reflects the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. Fair value determinations are required for securities whose value is affected by a significant event that will materially affect the value of a domestic or foreign security and which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades but prior to the calculation of the Fund’s NAV.

The three levels defined by the fair value hierarchy are as follows:

Level 1– quoted prices in active markets for identical securities.

Level 2 – significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest input level that is significant to the fair value measurement in its entirety. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

In January 2010, the Financial Accounting Standards Board released ASU 2010-06, “Improving Disclosures about Fair Value Measurements.” This ASU added new requirements for disclosures into and out of Levels 1 and 2 fair-value measurements and information on purchases, sales, issuances and settlements on a gross basis in the reconciliation of Level 3 fair-value measurements. It also clarified existing fair value disclosures about the level of disaggregation, inputs and valuation techniques. Except for the detailed Level 3 reconciliation disclosures, the guidance in the ASU was effective for annual and interim reporting periods in fiscal years beginning after December 15, 2009. The new disclosures for Level 3 activity are effective for annual and interim reporting periods in fiscal years beginning after December 15, 2010, and have been adopted for this filing.

The following table summarizes the valuation of each fund’s securities as of March 31, 2011, using the fair value hierarchy:

   
Quoted Prices in Active Markets for Identical Investments
(Level 1)*
 
Significant Other Observable Inputs
(Level 2)*
 
Significant Unobservable Inputs
(Level 3)
 
Total
                 
U.S. Treasury Securities Cash Fund
             
   Investments in securities**
     U.S. Government Obligations
 
$                       -
 
$      39,998,024
 
$                   -
 
$    39,998,024
     Repurchase Agreements
 
59,463,263
 
-
 
-
 
59,463,263
     Total
 
$      59,463,263
 
$      39,998,024
 
$                   -
 
$    99,461,287
                 
 
                 
U.S. Government Securities Savings Fund
             
Investments in securities**
               
     U.S. Government and Agency
       Obligations
 
$                       -
 
$    197,473,179
 
$                      -
 
$    197,473,179
     Total
 
$                       -
 
$    197,473,179
 
$                      -
 
$    197,473,179
                 
                 
Near-Term Tax Free Fund
             
Investments in securities**
               
     Municipal Bonds
 
$                        -
 
$      26,686,160
 
$                      -
 
$      26,686,160
     Total
 
$                        -
 
$      26,686,160
 
$                      -
 
$      26,686,160
 
Tax Free Fund
             
Investments in securities**
               
     Municipal Bonds
 
$                        -
 
$      18,317,340
 
$                      -
 
$      18,317,340
     Total
 
$                        -
 
$      18,317,340
 
$                      -
 
$      18,317,340

All American Equity Fund
             
Investments in securities**
               
     Common Stocks
 
$        17,638,141
 
$                       -
 
$                       -
 
$        17,638,141
     Warrants
 
383,500
 
-
 
-
 
383,500
     Purchased Option
 
1,600
 
-
 
-
 
1,600
     Total
 
$        18,023,241
 
$                       -
 
$                       -
 
$        18,023,241
               
Holmes Growth Fund
             
Investments in securities**
               
     Common Stocks:
               
       Finance – Commercial
 
$                         -
 
$                       -
 
$           618,716
 
$             618,716
       Real Estate Operating/Development
 
-
 
-
 
100,000
 
100,000
       All Other Common Stocks
 
37,355,679
 
-
 
-
 
37,355,679
     Exchange-Traded Fund
 
610,380
         
610,380
     Warrants:
               
       Finance – Commercial
 
-
 
-
 
-
 
-
       Medical – Hospitals
 
-
 
-
 
-
 
-
       All Other Warrants
 
1,211,998
 
-
 
-
 
1,211,998
     Convertible Debenture:
               
       Metal & Mineral Mining
 
-
 
-
 
380,000
 
380,000
     Repurchase Agreement
 
4,033,269
 
-
 
-
 
4,033,269
     Total
 
$       43,211,326
 
$                       -
 
$       1,098,716
 
$       44,310,042
                 
     Other Financial Instruments***
               
        Written Options
 
$                5,250
 
$                       -
 
$                      -
 
$                5,250

Global MegaTrends Fund
             
Investments in securities**
               
     Common Stocks:
               
       Electric – Generation
 
$                       -
 
$                       -
 
$           23,358
 
$              23,358
       Energy – Alternate Sources
 
-
 
-
 
100,000
 
100,000
       Real Estate Operating/Development
 
476,038
 
-
 
326,533
 
802,571
       All Other Common Stocks
 
17,658,514
 
-
 
-
 
17,658,514
     Warrants
 
65,423
 
-
 
-
 
65,423
     Master Limited Partnerships
 
660,950
 
-
 
-
 
660,950
     Convertible Debenture:
               
       Metal & Mineral Mining
 
-
 
-
 
520,000
 
520,000
     Total
 
$      18,860,925
 
$                       -
 
$          969,891
 
$       19,830,816

Global Resources Fund
             
Investments in securities**
               
     Common Stocks:
               
       Coal
 
$       70,836,153
 
$        2,654,292
 
$                     -
 
$       73,490,445
       Electric – Generation
 
-
 
-
 
325,778
 
325,778
       Energy – Alternate Resources
 
2,668,213
 
-
 
2,400,000
 
5,068,213
       Gold Mining
 
65,166,932
 
-
 
-
 
65,166,932
       Metal – Copper
 
19,557,462
 
-
 
-
 
19,557,462
       Metal – Iron
 
12,776,400
 
844,548
 
-
 
13,620,948
       Mining Services
 
1,024,546
 
-
 
284,460
 
1,309,006
       Natural Resource Technology
 
-
 
-
 
7,500
 
7,500
       Non–Ferrous Metals
 
37,142,105
 
-
 
2,250,000
 
39,392,105
       Oil Companies – Exploration &
          Production
 
239,139,701
 
-
 
36,897,630
 
276,037,331
       Oil Refining & Marketing
 
53,727,900
 
-
 
436,459
 
54,164,359
       Platinum
 
14,069,902
 
-
 
-
 
14,069,902
       Real Estate Operating/Development
 
-
 
-
 
7,443,544
 
7,443,544
       All Other Common Stocks
 
509,270,825
 
-
 
-
 
509,270,825
     Warrants:
               
       Diversified Minerals
 
-
 
-
 
-
 
-
       Gold Mining
 
9,578,540
 
-
 
-
 
9,578,540
       Medical – Hospitals
 
-
 
-
 
-
 
-
       Metal – Diversified
 
25,522
 
-
 
-
 
25,522
       Metal – Iron
 
-
 
-
 
-
 
-
       Mining Services
 
-
 
-
 
-
 
-
       Oil Companies – Exploration &
         Production
 
3,358,897
 
10,881,000
 
10,521,255
 
24,761,152
       All Other Warrants
 
9,391,335
 
-
 
-
 
9,391,335
     Purchased Options
 
6,945,000
 
-
 
-
 
6,945,000
     Convertible Debenture:
               
       Metal & Mineral Mining
 
-
 
-
 
4,900,000
 
4,900,000
     Repurchase Agreement
 
42,015,296
 
-
 
-
 
42,015,296
     Total
 
$  1,096,694,729
 
$      14,379,840
 
$     65,466,626
 
$    1,176,541,195

World Precious Minerals Fund
             
Investments in securities**
               
     Common Stocks:
               
       Diamond/Precious Stones
 
$      16,482,650
 
$                      -
 
$                      -
 
$        16,482,650
       Gold Mining
 
403,799,324
 
2,831,044
 
1,340,552
 
407,970,920
       Metal – Copper
 
8,159,920
 
-
 
-
 
8,159,920
       Metal – Diversified
 
39,841,804
 
-
 
-
 
39,841,804
       Oil Companies – Exploration &
         Production
 
19,076,038
 
-
 
-
 
19,076,038
       Platinum
 
8,271,183
 
413,895
 
-
 
8,685,078
       All Other Common Stocks
 
163,525,984
 
-
 
-
 
163,525,984
     Exchange-Traded Fund
 
22,341,616
 
-
 
-
 
22,341,616
     Warrants:
               
       Diversified Minerals
 
695,100
 
-
 
-
 
695,100
       Gold Mining
 
26,525,220
 
561,099
 
-
 
27,086,319
       Medical – Hospitals
 
-
 
-
 
-
 
-
       Metal – Diversified
 
101,371
 
2,071,153
 
-
 
2,172,524
       Platinum
 
-
 
-
 
-
 
-
       All Other Warrants
 
10,295,381
 
-
 
-
 
10,295,381
     Special Warrants:
               
       Gold/Mineral Exploration &
         Development
 
-
 
-
 
-
 
-
     Purchased Option
 
4,725,000
 
-
 
-
 
4,725,000
     Subscription Receipts:
               
       Gold Mining
 
-
 
-
 
2,026,295
 
2,026,295
     Repurchase Agreement
 
44,519,299
 
-
 
-
 
44,519,299
     Total
 
$    768,359,890
 
$      5,877,191
 
$      3,366,847
 
$      777,603,928

Gold and Precious Metals Fund
             
Investments in securities**
               
     Common Stocks
 
$    223,016,332
 
$                     -
 
$                    -
 
$      223,016,332
     Exchange-Traded Fund
 
13,140,355
 
-
 
-
 
13,140,355
     Warrants:
               
       Gold Mining
 
-
 
-
 
-
 
-
       Medical – Hospitals
 
-
 
-
 
-
 
-
       All Other Warrants
 
22,430,014
 
-
 
-
 
22,430,014
     Purchased Option
 
1,701,000
 
-
 
-
 
1,701,000
     Notes:
               
       Gold Mining
 
-
 
4,163,906
 
-
 
4,163,906
     Repurchase Agreement
 
18,168,774
 
-
 
-
 
18,168,774
     Total
 
$    278,456,475
 
$     4,163,906
 
$                   -
 
$       282,620,381
 
Eastern European Fund
             
Investments in securities**
               
     Common Stocks:
               
       Commercial Banks – Non US
 
$     50,654,779
 
$  37,361,143
 
$                   -
 
$         88,015,922
       Oil Companies – Integrated
 
43,593,342
 
14,157,048
 
-
 
57,750,390
       Retail – Appliances
 
-
 
2,869,451
 
-
 
2,869,451
       Telecommunication Services
 
-
 
5,978,020
 
-
 
5,978,020
       All Other Common Stocks
 
248,768,620
 
-
 
-
 
248,768,620
     Real Estate Investment Trust
 
3,445,038
 
-
 
-
 
3,445,038
     Warrants:
               
       Metal – Diversified
 
-
 
-
 
-
 
-
       All Other Warrants
 
3,042,021
 
-
 
-
 
3,042,021
     Repurchase Agreement
 
15,267,748
 
-
 
-
 
15,267,748
     Total
 
$    364,771,548
 
$   60,365,662
 
$                   -
 
$      425,137,210

Global Emerging Markets Fund
             
Investments in securities**
               
     Common Stocks:
               
       Commercial Banks – Non US
 
$     1,363,336
 
$      281,275
 
$                     -
 
$           1,644,611
       Oil Companies – Integrated
 
433,130
 
192,114
 
-
 
625,244
       All Other Common Stocks
 
10,140,481
 
-
 
-
 
10,140,481
     Exchange-Traded Funds
 
189,564
 
-
 
-
 
189,564
     Warrants:
               
       Metal – Diversified
 
-
 
-
 
-
 
-
     All Other Warrants
 
32,483
 
-
 
-
 
32,483
     Total
 
$     12,158,994
 
$      473,389
 
$                     -
 
$         12,632,383

China Region Fund
             
Investments in securities**
               
     Common Stocks:
               
       Electronic Components –
         Miscellaneous
 
$                    -
 
$                 -
 
$                    -
 
$                       -
       Internet Telephony
 
-
 
-
 
-
 
-
       All Other Common Stocks
 
46,463,733
 
-
 
-
 
46,463,733
     Exchange-Traded Funds
 
981,115
 
-
 
-
 
981,115
     Total
 
$    47,444,848
 
$                 -
 
$                    -
 
$      47,444,848

     Other Financial Instruments***
               
        Written Options
 
$               (25)
 
$                -
 
$                     -
 
$                  (25)

* Significant transfers between Levels 1 and 2 included securities valued at $1,243,763, $1,757,919 and $2,469,867 at March 31, 2011, in the Global MegaTrends, Global Emerging Markets and China Region Funds, respectively, included in Level 1 that had previously been included in Level 2 at December 31, 2010. These changes were primarily the result of certain foreign securities using a systematic fair value model at the prior period end but not at March 31, 2011.

** Refer to the portfolio of investments for a detailed list of the Fund’s investments.

*** Other financial instruments include currency contracts and written options. Currency contracts and written options are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date.
 
 
The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the period January 1, 2011, through March 31, 2011:
 
 
 
 
 

 
Beginning Balance 12/31/10
Net Purchases
Net Sales
Total realized gain (loss)
Net change in unrealized appreciation (depreciation)
Transfers out of Level 3*
Ending Balance 03/31/11
Net change in unrealized appreciation (depreciation) from Investments held as of 3/31/11(1)
Holmes Growth Fund
             
Investment in Securities
             
 Common Stocks:
               
  Finance - Commercial
$      82,723
 $   508,130
 $             -
 $             -
 $             27,863
 $                     -
 $    618,716
 $       27,863
  Real Estate
   Operating/Development
 100,000
                  -
                 -
                -
                          -
                     -
        100,000
                  -
 Convertible Debenture:
             
   Metal & Mineral Mining
 380,000
                  -
                 -
                -
                          -
                     -
        380,000
                  -
Total Investments in
   Securities
$    562,723
$    508,130
$              -
$             -
$             27,863
$                      -
$  1,098,716
$       27,863
                 
Global MegaTrends Fund
             
Investments in Securities
             
 Common Stock:
               
  Electric - Generation
$      23,358
 $                -
 $              -
 $            -
 $                      -
 $                     -
$       23,358
 $                -
  Energy - Alternate
   Sources
                     -
       100,000
                 -
                -
                            -
                        -
        100,000
               -
  Real Estate
   Operating/Development
 326,533
                   -
                -
                -
                            -
                        -
        326,533
               -
 Convertible Debenture:
             
  Metal & Mineral Mining
         520,000
                    -
                 -
                -
                            -
                        -
        520,000
               -
Total Investments in
   Securities
$     869,891
$     100,000
$              -
$             -
$                      -
$                      -
$     969,891
$                 -
                 
Global Resources Fund
             
Investments in Securities
             
 Common Stocks:
               
  Coal
$  2,400,000
 $                -
$               -
 $             -
 $                      -
 $    (2,400,000)
$                  -
 $                 -
  Electric - Generation
 506,454
                 -
  (180,676)
              -
                            -
                        -
        325,778
                  -
  Energy - Alternate
   Sources
             -
    2,400,000
                 -
                -
                            -
                        -
     2,400,000
               -
  Gold Mining
              -
                  -
                -
               -
                            -
                        -
                    -
               -
  Metal - Copper
              -
                  -
                -
               -
                            -
                        -
                    -
               -
  Mining Services
  280,995
                   -
                -
               -
                   3,465
                        -
        284,460
        3,465
  Natural Resource
   Technology
      7,500
                  -
                -
               -
                            -
                        -
            7,500
               -
  Non-Ferrous Metals
2,062,500
                  -
                -
               -
              187,500
                        -
    2,250,000
    187,500
  Oil Companies –
   Exploration &
   Production
33,930,794
                  -
                -
               -
           2,966,836
                        -
   36,897,630
 2,966,836
  Oil Refining & Marketing
    424,402
                  -
                -
               -
                 12,057
                        -
       436,459
      12,057
  Platinum
                 -
                  -
                -
               -
                  -
               -
                    -
               -
  Real Estate
   Operating/Development
  7,443,544
                  -
                -
               -
                            -
                        -
     7,443,544
               -
 Warrants:
               
  Mining Services
                 -
                 -
                 -
               -
                  -
               -
                    -
               -
  Oil Companies –
   Exploration &
   Production
  9,165,835
                  -
                -
               -
           1,355,420
                        -
   10,521,255
 1,355,420
 Convertible Debenture:
             
  Metal & Mineral Mining
  4,900,000
                 -
                 -
               -
                  -
               -
     4,900,000
               -
Total Investments in
   Securities
$61,122,024
$2,400,000
$(180,676)
$            -
$        4,525,278
$  (2,400,000)
$65,466,626
$    4,525,278
                 
World Precious Minerals Fund
           
Investments in Securities
             
 Common Stocks:
               
  Diamonds/Precious
   Stones
 $                  -
 $               -
 $              -
 $             -
 $                      -
 $                  -
$                  -
 $                    -
  Gold Mining
                     -
    1,320,333
                 -
                -
                 20,219
                        -
     1,340,552
               20,219
  Metal - Copper
                    -
                   -
                -
               -
                           -
                        -
                    -
               -
  Metal - Diversified
                    -
                   -
                -
               -
                           -
                        -
                    -
               -
  Oil Companies –
   Exploration &
   Production
                    -
                   -
                -
               -
                           -
                        -
                    -
               -
  Platinum
                    -
                   -
                -
               -
                           -
                        -
                    -
               -
 Warrants:
                    -
                   -
                -
               -
                           -
                        -
                    -
               -
  Gold Mining
                    -
                   -
                -
               -
                           -
                        -
                    -
               -
  Gold/Mineral Exploration
   & Development
                    -
                   -
                -
               -
                           -
                        -
                    -
               -
 Special Warrants:
                    -
                   -
                -
               -
                           -
                        -
                    -
               -
  Gold/Mineral Exploration
   & Development
                    -
                   -
                -
               -
                           -
                        -
                    -
               -
 Subscription Receipts:
             
  Gold Mining
                     -
    1,973,981
   
                 52,314
 
     2,026,295
               52,314
Total Investments in
   Securities
$                   -
$3,294,314
$               -
$              -
$             72,533
$                    -
$   3,366,847
$          72,533
*The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period.
 
(1)Any difference between net change in unrealized appreciaton (depreciation) and net change in unrealized appreciation (depreciation) on Investments held as of March 31, 2011, may be due to an investment no longer held or categorized as as level 3 at period end.
 
(1) Any
Joint Tri-Party Repurchase Agreements

The Funds may enter into repurchase agreements with recognized financial institutions or registered broker-dealers and, in all instances, hold, as collateral, underlying securities with a value exceeding the principal amount of the repurchase obligation. The Funds use joint tri-party repurchase agreement accounts with other funds under common management where uninvested cash is collectively invested in repurchase agreements, and each participating fund owns an undivided interest in the account.

The terms of the joint tri-party repurchase agreements and the securities held as collateral at March 31, 2011, were:
Barclays Capital, Inc. repurchase agreement, 03/31/11, 0.12%, due 04/01/11:
Total principal amount: $20,000,000; Total repurchase price: $20,000,067
Collateral:
$20,421,500 U.S. Treasury Note, 0.625%, 01/31/13
(total collateral market value, including accrued interest, of $20,400,030)

Credit Suisse Securities USA LLC repurchase agreement, 03/31/11, 0.12%, due 04/01/11:
Total principal amount: $143,434,379; Total repurchase price: $143,434,858
Collateral:
$102,165,000 U.S. Treasury Bond, 8.125%, 05/15/21
(total collateral market value, including accrued interest, of $146,308,956)

Morgan Stanley repurchase agreement, 03/31/11, 0.12%, due 04/01/11:
Total principal amount: $20,033,269; Total repurchase price: $20,033,336
Collateral:
$19,346,100 U.S. Treasury Inflation Indexed Note, 0.500%, 04/15/15
(total collateral market value, including accrued interest, of $20,434,028)

 
Affiliated Companies - Indicated in Portfolio of Investments as "+"
   
             
The Investment Company Act of 1940 defines affiliates as companies in which the Fund owns at least 5% of the outstanding voting securities. The following is a summary of transactions with each affiliated company during the
period ended March 31, 2011.
             
   
Shares of Affiliated Companies
   
December 31, 2010
Additions
Reductions
March 31, 2011
 
Holmes Growth Fund
           
IOU Financial, Inc., 144A (formerly MCO Capital, Inc.)
                        1,000,000
                500,000
                           -
                          1,500,000
 
             
At March 31, 2011, the value of investments in affiliated companies was $618,716 representing 1.40% of net assets, and the total cost was $586,571.  There were no realized gains or losses on transactions. There was no income earned for the period.
             
      Shares of Affiliated Companies
   
December 31, 2010
Additions
Reductions
March 31, 2011
 
Global Resources Fund
           
Agriterra Ltd.
 
                      46,500,000
             3,490,000
                           -
                        49,990,000
 
Alange Energy Corp.
 
                      26,528,500
           35,669,900
          (2,108,200)
                        60,090,200
 
Pacific Coal Resources Ltd. (formerly Pacific Coal, S.A.)
                        2,400,000
           16,139,815
                           -
                        18,539,815
 
Prima Colombia Hardwood, Inc.
                      14,965,832
                           -
                           -
                        14,965,832
 
Range Energy Resources, Inc.
                      15,000,000
                           -
                           -
                        15,000,000
 
Ronter, Inc.
 
                        7,568,396
                           -
          (2,700,000)
                          4,868,396
 (a)
             
             
At March 31, 2011, the value of investments in affiliated companies was $49,065,098 representing 4.21% of net assets, and the total cost was $56,889,288. Net realized gains on transactions were $26,865, and there was no income earned for the period.
             
   
Shares of Affiliated Companies
   
December 31, 2010
Additions
Reductions
March 31, 2011
 
World Precious Minerals Fund
       
Argent Minerals Ltd.
 
                        4,500,000
             1,125,000
                           -
                          5,625,000
 
Candente Gold Corp.
 
                        5,400,000
                  85,000
                           -
                          5,485,000
 
Golden Predator Corp.
 
                        3,849,000
                  93,113
          (1,642,113)
                          2,300,000
 (a)
Gran Colombia Gold Corp.
                      10,813,700
                240,440
             (345,000)
                        10,709,140
 (a)
Klondex Mines Ltd.
 
                        2,620,000
                155,000
                           -
                          2,775,000
 
Medoro Resources Ltd.
 
                        9,064,174
                133,500
               (80,000)
                          9,117,674
 
Mirasol Resources Ltd.
 
                        1,339,100
                665,900
                           -
                          2,005,000
 
Moss Lake Gold Mines Ltd.
                        3,300,000
                           -
                           -
                          3,300,000
 
PMI Gold Corp.
 
                        9,950,000
             1,125,000
               (50,000)
                        11,025,000
 
Rochester Resources Ltd.
                        7,755,000
                           -
                           -
                          7,755,000
 
Solvista Gold Corp.
 
                                       -
             2,620,000
                           -
                          2,620,000
 
Tolima Gold Corp.
 
                                       -
             3,250,000
                           -
                          3,250,000
 
             
At March 31, 2011, the value of investments in affiliated companies was $59,130,316 representing 7.66% of net assets, and the total cost was $39,493,997.  Net realized gains on transactions were $1,037,001, and there was no income earned for the period.
             
(a) At March 31, 2011, the company is no longer defined as an affiliate, although it was an affiliated company during the period.
             

Restricted Securities - Indicated in Portfolio of Investments as "RS"
 
The following securities are subject to contractual and regulatory restrictions on resale or transfer. These investments may involve a high degree of business and financial risk. Because of the thinly traded markets for these investments, a fund may be unable to liquidate its securities in a timely manner, especially if there is negative news regarding the specific securities or the markets overall. These securities could decline significantly in value before the fund could liquidate these securities. The issuer bears the cost of registration, if any, involved in the disposition of these securities.
 
 
 
 
 

 
   
Acquisition
Cost per
 
Holmes Growth Fund
 
Date
Share/Unit
 
     Grupo Empresarial Ibiza S.A., Convertible Debenture
 
04/19/10
$100.00
 
     IOU Financial, Inc., 144A (formerly MCO Capital, Inc.)
 
12/04/09-02/17/11
$0.39
 
     IOU Financial, Inc., 144A, Warrants (February 2012)
 
02/17/11
$0.00
 
     Pacific Infrastructure, Inc.
 
11/22/10
$1.00
 
         
As of March 31, 2011, the total cost of restricted securities was $1,066,571 and the total value was $1,098,716, representing 2.48% of net assets.
 
 
   
Acquisition
Cost per
 
Global MegaTrends Fund
 
Date
Share/Unit
 
     Grupo Empresarial Ibiza S.A., Convertible Debenture
 
04/19/10
$100.00
 
     Pacific Green Energy Corp.
 
03/24/11
$1.00
 
     Pacific Infrastructure, Inc.
 
08/06/11-11/22/10
$1.00
 
     Ronter, Inc.
 
08/06/10
$0.07
 
         
As of March 31, 2011, the total cost of restricted securities was $970,000 and the total value was $969,891, representing 4.67% of net assets.
 
 
   
Acquisition
Cost per
 
Global Resources Fund
 
Date
Share/Unit
 
     GoviEx Uranium, Inc.
 
10/04/07
$1.96
 
     Grupo Empresarial Ibiza S.A., Convertible Debenture
 
04/19/10
$100.00
 
     HRT Participacoes Em Petroleo
 
10/28/09
$141.20
 
     HRT Participacoes Em Petroleo, Warrants (November 2013)
 
10/28/09
$0.00
 
     I-Pulse, Inc.
 
10/04/07
$1.88
 
     Osmium Holdings S.A.
 
10/22/96-01/29/98
$987.07
 
     Pacific Coal Resources Ltd., 144A (formerly Pacific Coal, S.A.)
 
09/10/10
$1.00
 
     Pacific Green Energy Corp.
 
03/24/11
$1.00
 
     Pacific Infrastructure, Inc.
 
08/06/10-11/22/10
$1.00
 
     Ronter, Inc.
 
08/06/10
$0.07
 
     Value Creation, Inc.
 
08/11/06
$10.60
 
     Westward Exploration Ltd., 144A
 
01/28/11
$0.28
 
     Westward Exploration Ltd., 144A, Warrants (February 2016)
 
01/28/11
$0.00
 
         
As of March 31, 2011, the total cost of restricted securities was $33,464,547 and the total value was $68,681,006, representing 5.89% of net assets.
 
 
         
   
Acquisition
Cost per
 
World Precious Minerals Fund
 
Date
Share/Unit
 
     Bearing Resources Ltd.
 
03/25/11
$0.00
 
     Elissa Resources Ltd.
 
04/19/10
$0.00
 
     Miocene Metals Ltd., Special Warrants (October 2011)
 
04/28/10
$0.00
 
     Osmium Holdings S.A.
 
10/22/96-01/29/98
$1,280.75
 
     Petaquilla Minerals Ltd.
 
12/21/10
$0.98
 
     Petaquilla Minerals Ltd., Warrants (January 2014)
 
12/21/10
$0.00
 
     Revolution Resources Corp., 144A
 
01/28/11
$0.60
 
     Seafield Resources Ltd.
 
12/20/10
$0.49
 
     Seafield Resources Ltd., Warrants (December 2012)
 
12/20/10
$0.00
 
     Solvista Gold Corp., 144A, Subscription Receipts
 
01/06/11
$0.75
 
     Tolima Gold Corp., 144A
 
03/18/11
$0.41
 
     Tolima Gold Corp., 144A, Warrants (March 2013)
 
03/18/11
$0.00
 
     Western Exploration & Development Ltd., 144A, Special      Warrants (December 2049)
 
08/14/97
$0.50
 
         
As of March 31, 2011, the total cost of restricted securities was $8,331,182 and the total value was $6,611,786, representing 0.86% of net assets.
 
 
         
 
Financial Derivative Instruments

Options Contracts

Equity Funds may purchase or write (sell) options on securities to manage their exposure to stock or commodity markets as well as fluctuations in interest and currency conversion rates. The use of options carries the risks of a change in value of the underlying instruments, an illiquid secondary market, or failure of the counterparty to perform its obligations.

A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the issuer of the option the obligation to buy, the underlying security, commodity, index, currency or other instrument at the exercise price. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the issuer the obligation to sell, the underlying instrument at the exercise price.

Purchasing a put option tends to decrease a Fund’s exposure to the underlying instrument, whereas purchasing a call option tends to increase a Fund’s exposure to the underlying instrument. A Fund pays a premium which is included in the Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid to purchase options which expire are treated as realized losses. Premiums paid to purchase options which are exercised or closed are added to the cost of securities acquired or the proceeds from securities sold. The risk associated with purchasing put and call options is limited to the premium paid.

The Funds will realize a loss equal to all or a part of the premium paid for an option if the price of the underlying security or other instrument decreases or does not increase by more than the premium (in the case of a call option), or if the price of the underlying security or other instrument increases or does not decrease by more than the premium (in the case of a put option).

Writing a put option tends to increase a Fund’s exposure to the underlying instrument, whereas writing a call option tends to decrease a Fund’s exposure to the underlying instrument. The premium received is recorded as liability in the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying transaction to determine the realized gain or loss. Written options include a risk of loss in excess of the option premium. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and thus bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

A Fund’s ability to close out its position as a purchaser or seller of a put or call option is dependent, in part, upon the liquidity of the market for that particular option. There can be no guarantee that a fund will be able to close out an option position when desired. An inability to close out its options positions may reduce a Fund’s anticipated profits or increase its losses.

As of March 31, 2011, portfolio securities valued at $644,550 and $267,600 were held in escrow by the custodian as cover for call options written for the Holmes Growth Fund and the China Region Fund, respectively.

Transactions in written call options during the period ended March 31, 2011, were as follows:

 
Holmes Growth
Fund
 
Global
Resources Fund
 
Number of
 
Premiums
 
Number of
 
Premiums
 
Contracts
 
Received
 
Contracts
 
Received
               
Options outstanding at December 31, 2010
-
 
$               -
 
-
 
$                  -
Options written
150
 
15,300
 
500
 
82,498
Options closed
-
 
-
 
(500)
 
(82,498)
Options expired
-
 
-
 
-
 
-
Options exercised
-
 
-
 
-
 
-
Options outstanding at March 31, 2011
150
 
$     15,300
 
-
 
$                  -
 
 
 
World Precious
Minerals Fund
 
Gold and Precious
Metals Fund
 
Number of
 
Premiums
 
Number of
 
Premiums
 
Contracts
 
Received
 
Contracts
 
Received
               
Options outstanding at December 31, 2010
-
 
$                 -
 
-
 
$                  -
Options written
4,000
 
935,061
 
5,200
 
759,582
Options closed
(4,000)
 
(935,061)
 
(5,200)
 
(759,582)
Options expired
-
 
-
 
-
 
-
Options exercised
-
 
-
 
-
 
-
Options outstanding at March 31, 2011
-
 
$                 -
 
-
 
$                  -
 
 
China Region Fund
       
 
Number of
 
Premiums
       
 
Contracts
 
Received
       
               
Options outstanding at December 31, 2010
-
 
$                  -
       
Options written
25
 
8,675
       
Options closed
-
 
-
       
Options expired
-
 
-
       
Options exercised
-
 
-
       
Options outstanding at March 31, 2011
25
 
$          8,675
       

Forward Foreign Currency Contracts

The Funds enter into forward foreign currency contracts to lock in the U.S. dollar cost of purchase and sale transactions or to defend the portfolio against currency fluctuations. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. These contracts are valued daily, and the Fund’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting, is included in the statement of assets and liabilities. Realized and unrealized gains and losses are included in the statement of operations. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of the contract and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

Open forward foreign currency contracts at March 31, 2011, were:

 
Foreign
In Exchange
Settlement
   
Unrealized
 
Unrealized
Fund Contract
Currency
for USD
Date
Value
 
Appreciation
 
(Depreciation)
                 
Global Resources Fund
               
   Sales:
                 
   Canadian Dollars
19,545
$      19,995
04/18/11
$     20,149
 
$          -
 
$       (154)
 

World Precious Minerals Fund
             
   Sales:
               
   Canadian Dollars
36,298
$      37,133
04/18/11
$   37,419
 
$          -
 
$       (286)

 
Market Values of Derivative Instruments

The following is a summary of the valuations of derivative instruments not accounted for as hedging instruments as of March 31, 2011:

   
All American Equity Fund
 
Holmes Growth Fund
 
Global MegaTrends Fund
 
Global Resources Fund
 
World Precious Minerals Fund
Asset derivatives
                   
Equity contracts
 
$       1,600
 
$             -
 
$             -
 
$  6,945,000
 
$4,725,000
Foreign exchange contracts
 
-
 
-
 
-
 
-
 
-
Total
 
$       1,600
 
$             -
 
$             -
 
$  6,945,000
 
$4,725,000
                     
Liability derivatives
                   
Equity contracts
 
$               -
 
$    10,050
 
$             -
 
$                 -
 
$               -
Foreign exchange contracts
 
-
 
-
 
-
 
154
 
286
Total
 
$               -
 
$    10,050
 
$             -
 
$            154
 
$          286
                     

   
Gold and Precious Metals Fund
 
Eastern European Fund
 
Global Emerging Markets Fund
 
China Region Fund
     
Asset derivatives
                   
Equity contracts
 
$  1,701,000
 
$                -
 
$               -
 
$                    -
   
Foreign exchange contracts
 
-
 
-
 
-
 
-
   
Total
 
$  1,701,000
 
$                -
 
$               -
 
$                    -
   
                     
Liability derivatives
                   
Equity contracts
 
$                 -
 
$                -
 
$               -
 
$            8,700
   
Foreign exchange contracts
 
-
 
-
 
-
 
-
   
Total
 
$                 -
 
$                -
 
$               -
 
$            8,700
   
                     

Tax Information

The following table presents the income tax basis of the securities owned at March 31, 2011, and the tax basis components of net unrealized appreciation or depreciation:

Fund
Aggregate
Tax Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net Unrealized
Appreciation/ (Depreciation)
U.S. Treasury Securities Cash
$ 99,461,287
$                 -
$                   -
$                -
U.S. Government Securities Savings
197,473,179
-
-
-
Near-Term Tax Free
26,168,506
612,949
(95,295)
517,654
Tax Free
18,205,904
576,545
(465,109)
111,436
All American Equity
15,862,582
2,297,603
(136,944)
2,160,659
Holmes Growth
35,690,672
9,032,202
(412,832)
8,619,370
Global MegaTrends
16,063,413
3,926,674
(159,271)
3,767,403
Global Resources
952,148,773
292,334,480
(67,942,058)
224,392,422
World Precious Minerals
618,491,250
232,497,167
(73,384,489)
159,112,678
Gold and Precious Metals
232,722,305
64,362,537
(14,464,461)
49,898,076
Eastern European
280,362,740
151,008,237
(6,233,767)
144,774,470
Global Emerging Markets
11,274,226
2,090,002
(731,845)
1,358,157
China Region
44,209,127
4,661,436
(1,425,715)
3,235,721

Minimum Yield Agreement and Agreements to Limit Expenses

The Adviser has voluntarily agreed to waive fees and/or reimburse U.S. Treasury Securities Cash Fund and U.S. Government Securities Savings Fund to the extent necessary to maintain the respective fund’s yield at a certain level as determined by the Adviser (Minimum Yield). The Adviser may recapture any fees waived and/or expenses reimbursed within three years after the end of the fiscal year of such waiver and/or reimbursement to the extent that such recapture would not cause the fund’s yield to fall below the Minimum Yield. For the three months ended March 31, 2011, fees waived and/or expenses reimbursed as a result of this agreement were $216,438 and $168,516 for the U.S. Treasury Securities Cash Fund and the U.S. Government Securities Savings Fund, respectively. These amounts are recoverable by the Adviser through December 31, 2014. In addition, $170,642 is recoverable by the Adviser from the U.S. Treasury Securities Cash Fund through December 31, 2011, $789,420 and $258,561 is recoverable by the Adviser from the U.S. Treasury Securities Cash Fund and the U.S. Government Securities Savings Fund through December 31, 2012 and $884,850 and $678,107 is recoverable by the Adviser from the U.S. Treasury Securities Cash Fund and the U.S. Government Securities Savings Fund, respectively, through December 31, 2013, for fees waived and/or expenses reimbursed in previous fiscal years.
 
Item 2. Controls and Procedures

1.  
The registrant’s president and treasurer have determined that the registrant's disclosure controls and procedures are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing date of this report.

2.  
There was no change in the registrant's internal control over financial reporting that occurred in 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.


Item 3. Exhibits

Certifications of principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Investment Company Act of 1940.


Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

U.S. Global Investors Funds
 
By:           /s/ Frank E. Holmes
Frank E. Holmes
President, Chief Executive Officer
 
Date:           May 25, 2011
 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:           /s/ Frank E. Holmes
Frank E. Holmes
President, Chief Executive Officer

Date:           May 25, 2011

By:           /s/ Catherine A. Rademacher
Catherine A. Rademacher
Treasurer

Date:           May 25, 2011



Certification Of Principal Executive Officer
 
As Required by Rule 30a-2

I, Frank E. Holmes, certify that:

1.  
I have reviewed this report on Form N-Q of U.S. Global Investors Funds;

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstance under which such statements were made, not misleading with respect to the period covered by this report;

3.  
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.  
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)  
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)  
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


5.  
The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 
 
Date:
May 25, 2011
 
 
 
/s/ Frank E. Holmes
 
Frank E. Holmes
 
Chief Executive Officer

 
 

 
 
Certification Of Principal Financial Officer
 
As Required by Rule 30a-2

I, Catherine A. Rademacher, certify that:

1.  
I have reviewed this report on Form N-Q of U.S. Global Investors Funds;

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstance under which such statements were made, not misleading with respect to the period covered by this report;

3.  
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.  
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)  
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)  
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


5.  
The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:
May 25, 2011
 

 
/s/ Catherine A. Rademacher
 
Catherine A. Rademacher
 
Treasurer