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