|
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
|
|
|
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)
|
|
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
|
|
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.
|
||||
|
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
|
|||||
|
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)
|
||
|
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
|
|||||||||
|
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
|
|
1.
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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.
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2.
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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.
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As Required by Rule 30a-2
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1.
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I have reviewed this report on Form N-Q of U.S. Global Investors Funds;
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2.
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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;
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3.
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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;
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4.
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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:
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(a)
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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;
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(b)
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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;
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|
(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
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(d)
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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
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5.
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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):
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(a)
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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
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(b)
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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.
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Date:
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May 25, 2011
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/s/ Frank E. Holmes
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Frank E. Holmes
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Chief Executive Officer
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Certification Of Principal Financial Officer
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As Required by Rule 30a-2
|
|
1.
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I have reviewed this report on Form N-Q of U.S. Global Investors Funds;
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|
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)
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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
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|
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.
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Date:
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May 25, 2011
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|
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/s/ Catherine A. Rademacher
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Catherine A. Rademacher
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Treasurer
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