UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-Q

Quarterly Schedule of Portfolio Holdings of Registered

Management Investment Company

Investment Company Act File Number 811-1800

U.S. Global Investors Funds

7900 Callaghan Road

San Antonio, TX 78229

(Address of principal executive offices) (Zip code)

Susan B. McGee, Esq.

7900 Callaghan Road

San Antonio, TX 78229

(Name and address of agent for service)

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

Date of fiscal year end: June 30, 2007

Date of reporting period: March 31, 2007

Item 1. Schedule of Investments

U.S. TREASURY SECURITIES CASH FUND
Portfolio of Investments (unaudited)			March 31, 2007
UNITED STATES
GOVERNMENT		Coupon	Maturity		Principal
OBLIGATIONS 59.85%		Rate	Date		Amount		Value
United States Treasury Bills 51.29%
	Yield	5.03%	04/05/07	$	30,000,000	$	29,983,439
	Yield	5.15%	04/12/07		20,000,000		19,968,650
	Yield	5.01%	07/05/07		10,000,000		9,870,958
							59,823,047
United States Treasury Note 8.56%
		3.625%	04/30/07		10,000,000		9,987,450
Total United States Government Obligations							69,810,497
(cost $69,810,497)
REPURCHASE AGREEMENTS 39.88%
Joint Tri-Party Repurchase Agreements,
04/02/07, collateralized by U.S. Treasury
securities held in joint tri-party
repurchase accounts:
5.10% Morgan Stanley Dean Witter,
repurchase price $20,008,500		5.10%	04/02/07		20,000,000		20,000,000
5.15% Merrill Lynch,
repurchase price $26,526,822		5.15%	04/02/07		26,515,442		26,515,442
Total Repurchase Agreements							46,515,442
(cost $46,515,442)
Total Investments 99.73%							116,325,939
(cost $116,325,939)
Other assets and liabilities, net 0.27%							309,666
NET ASSETS 100%							$116,635,605
See notes to portfolios of investments.
U.S. GOVERNMENT SECURITIES SAVINGS FUND
Portfolio of Investments (unaudited)			March 31, 2007
UNITED STATES
GOVERNMENT AND		Coupon	Maturity		Principal
AGENCY OBLIGATIONS 100.72%		Rate	Date		Amount		Value
Federal Farm Credit Bank 36.15%
Discount Notes:
	Yield	5.17%	04/02/07	$	15,225,000	$	15,222,822
	Yield	5.14%	04/05/07		30,000,000		29,982,900
	Yield	5.18%	04/12/07		23,325,000		23,288,224
	Yield	5.19%	04/20/07		8,000,000		7,978,213
	Yield	5.23%	04/27/07		10,000,000		9,962,806
	Yield	5.20%	05/25/07		12,459,000		12,363,502
	Yield	5.20%	07/05/07		5,000,000		4,932,972
	Yield	5.20%	07/23/07		5,000,000		4,920,272
Fixed Rates:
		3.63%	04/19/07		2,000,000		1,998,246
		3.25%	06/15/07		7,000,000		6,970,089
		2.75%	06/18/07		4,170,000		4,147,880
		4.63%	07/03/07		3,000,000		2,994,679
		4.20%	07/30/07		3,000,000		2,990,907
		5.30%	08/16/07		3,000,000		3,000,595
		2.63%	09/17/07		3,453,000		3,412,520
		2.63%	09/24/07		2,000,000		1,975,685
		3.45%	09/24/07		2,000,000		1,983,244
		3.65%	12/03/07		2,500,000		2,473,700
		4.00%	12/10/07		1,100,000		1,090,712
Variable Rate:
		5.17%	10/26/07		20,000,000		19,997,169
							161,687,137
Federal Home Loan Bank 53.42%
Discount Notes:
	Yield	5.00%	04/02/07		50,000,000		49,993,056
	Yield	5.17%	04/04/07		40,000,000		39,982,817
	Yield	5.20%	04/05/07		3,000,000		2,998,270
	Yield	5.20%	04/09/07		17,947,000		17,926,366
	Yield	5.20%	04/11/07		20,000,000		19,971,222
	Yield	5.18%	04/18/07		20,000,000		19,951,248
	Yield	5.17%	04/20/07		25,000,000		24,932,049
	Yield	5.10%	04/23/07		18,407,000		18,349,856
	Yield	5.20%	05/11/07		2,388,000		2,374,335
Fixed Rates:
		4.00%	04/05/07		3,500,000		3,499,486
		4.00%	04/18/07		3,000,000		2,998,238
		3.17%	05/04/07		5,000,000		4,990,745
		3.28%	05/07/07		1,000,000		997,898
		2.63%	05/15/07		2,410,000		2,401,619
		3.50%	05/15/07		1,000,000		997,900
		3.03%	05/18/07		3,305,000		3,295,754
		3.25%	05/18/07		1,900,000		1,895,136
		2.75%	06/04/07		2,500,000		2,489,254
		2.63%	06/19/07		2,000,000		1,987,465
		4.00%	06/22/07		1,000,000		997,161
		2.50%	07/09/07		1,000,000		992,842
		4.30%	08/02/07		2,000,000		1,992,911
		3.00%	08/06/07		1,000,000		992,350
		3.40%	08/27/07		1,770,000		1,757,100
		3.38%	09/07/07		1,500,000		1,487,924
		3.60%	10/19/07		1,000,000		990,831
		3.40%	11/09/07		1,000,000		988,748
		5.25%	04/04/08		5,000,000		4,998,292
Step Coupon:
		4.00%	06/15/07		1,700,000		1,695,490
							238,926,363
United States Treasury Bill 11.15%
Discount Note:
	Yield	5.17%	04/16/07		50,000,000		49,892,604
Total Investments 100.72%							450,506,104
(cost $450,506,104)
Other assets and liabilities, net (0.72)%							(3,210,029)
NET ASSETS 100%							$447,296,075
See notes to portfolios of investments.
NEAR-TERM TAX FREE FUND
Portfolio of Investments (unaudited)			March 31, 2007
		Coupon	Maturity		Principal
MUNICIPAL BONDS 95.42%		Rate	Date		Amount		Value
Alabama 5.57%
DCH Health Care Authority Facilities Revenue		5.00%	06/01/09	$	250,000	$	256,095
Jefferson County, Alabama Limited Obligation, Series A		5.00%	01/01/08		300,000		302,853
Mountain Brook City Board of Education Capital Outlay		4.00%	02/15/15		200,000		202,690
							761,638
Alaska 2.22%
Alaska Municipal Bond Bank Authority, Series A		4.00%	02/01/16		300,000		302,880
Arizona 3.68%
Maricopa County, Arizona Unified School District, GO		4.85%	07/01/11		200,000		202,574
Pima County Unified School District, GO Unlimited,
Refunding		3.70%	07/01/12		300,000		300,555
							503,129
California 2.33%
Association of Bay Area Governments (ABAG)
Finance Authority, Series C		4.00%	03/01/08		100,000		100,006
San Diego, California Community College District,
GO Unlimited (ZCB)		4.34%(1)	05/01/15		300,000		218,403
							318,409
Connecticut 1.99%
Connecticut State, Series D, GO Unlimited		5.375%	11/15/18		250,000		271,437
Delaware 1.50%
Delaware Transportation Authority System Revenue		5.50%	07/01/08		200,000		204,586
District of Columbia 1.14%
District of Columbia, Unrefunded, Series B		5.50%	06/01/09		150,000		155,701
Florida 3.38%
Florida State Board of Education Capital Outlay,
Series B, GO		5.25%	06/01/11		175,000		179,877
Jacksonville Transportation Authority, GO		6.50%	07/01/07		280,000		281,884
							461,761
Illinois 7.28%
Chicago Water Revenue (ZCB)		5.05%(1)	11/01/08		275,000		259,570
Cook County, Illinois Capital Improvement, GO Unlimited,
Prerefunded, Series A		5.25%	11/15/14		300,000		314,733
Illinois Finance Authority Revenue, Refunding		5.00%	07/01/16		390,000		420,822
							995,125
Indiana 4.82%
Indiana State Finance Authority Revenue, Refunding		4.00%	05/01/12		350,000		354,487
Tippecanoe County, Indiana School Improvements		4.00%	01/15/15		300,000		303,591
							658,078
Iowa 3.81%
Ames, Iowa Hospital Revenue, Refunding		5.00%	06/15/15		300,000		318,165
Johnston Community School District, GO Unlimited		4.00%	06/01/16		200,000		202,076
							520,241
Kansas 3.33%
Kansas State Development Finance Authority Revenue		4.00%	10/01/15		200,000		203,462
Kansas State Development Finance Authority Revenue,
Scientific Research		5.00%	10/01/07		250,000		251,652
							455,114
Massachusetts 1.73%
Massachusetts State Health & Educational Facilities
Authority Revenue, Series D		5.00%	10/01/07		135,000		135,225
Massachusetts State, Series C, GO		4.625%	10/01/08		100,000		101,461
							236,686
Michigan 0.97%
Detroit, Michigan Local Development Financial Authority,
Series A		5.20%	05/01/10		130,000		132,012
Mississippi 2.19%
Mississippi Hospital Equipment & Facilities Authority
Revenue		3.45%	04/01/07		300,000		300,000
Missouri 1.71%
Missouri State Health & Educational Facilities Authority
Revenue, Series A		6.75%	05/15/13		200,000		233,094
Nevada 1.47%
North Las Vegas, GO Limited		4.00%	03/01/16		200,000		200,354
New Jersey 3.77%
New Jersey State		5.125%	05/01/10		250,000		260,552
New Jersey State Transportation Trust Fund Authority,
Series D		4.00%	06/15/14		250,000		254,533
							515,085
New York 11.95%
Hempstead Township, Series B, GO Unlimited Tax		5.375%	11/15/10		120,000		122,525
New York City Transitional Financial Authority Revenue,
Series A		5.25%	11/01/08		225,000		230,387
New York State, GO		5.00%	03/01/08		250,000		253,228
New York State, Local Highway & Bridge, Series A		5.375%	04/01/10		200,000		205,456
New York, New York, Series B		5.25%	08/01/09		200,000		206,880
New York, New York, Series C		3.50%	08/01/07		300,000		299,742
Schenectady Metroplex Development Authority Revenue,
Series A		5.00%	12/15/12		110,000		113,904
Tobacco Settlement Financing Corp., Series B		4.00%	06/01/07		200,000		200,062
							1,632,184
Ohio 1.47%
Ohio State Higher Education, Series B, GO		4.25%	11/01/07		200,000		200,718
Oregon 2.41%
Clackamas County Hospital Facilities Authority Revenue		5.00%	05/01/07		200,000		200,176
Oregon State Department Transportation Highway		5.00%	11/15/09		125,000		129,260
							329,436
South Carolina 7.02%
Horry County Hospitality Fee Special Obligation		5.00%	04/01/10		200,000		206,270
Jasper County School District, GO Unlimited		4.00%	03/01/15		195,000		197,771
South Carolina State Public Service Authority Revenue,
Refunding, Series B		5.00%	01/01/08		250,000		252,508
Spartanburg County School District		3.875%	04/01/12		300,000		302,781
							959,330
Tennessee 2.31%
Tennessee State, GO Unlimited, Refunding, Series A		5.00%	05/01/11		300,000		315,429
Texas 11.61%
Arlington Refunding, Series A		5.00%	08/15/08		200,000		203,632
Gulf Coast Industrial Development Authority
Pollution Control Revenue		4.95%	07/01/07		385,000		386,136
Killeen, Texas Independent School District,
GO Unlimited, Prerefunded		5.00%	02/15/09		310,000		313,646
Killeen, Texas Independent School District,
GO Unlimited, Unrefunded		5.00%	02/15/09		90,000		91,004
Lewisville, Texas Independent School District,
GO Unlimited, Refunding (ZCB)		4.04%(1)	08/15/15		400,000		284,364
San Antonio Water System Revenue		5.00%	05/15/13		100,000		104,720
Texas Turnpike Authority Revenue		5.00%	06/01/08		200,000		203,070
							1,586,572
Utah 1.49%
Utah Transit Authority Sales Tax & Transportation
Revenue		4.90%	12/15/09		200,000		203,784
Virginia 2.38%
Virginia College Building Authority, Series A		5.00%	09/01/15		300,000		325,917
Washington 0.78%
Clark County, Washington School District,
GO Unlimited		5.125%	12/01/11		100,000		106,041
Wisconsin 1.11%
Milwaukee, Wisconsin, Series L, GO		4.60%	12/15/13		150,000		152,391
Total Municipal Bonds							13,037,132
(cost $12,956,525)
REPURCHASE AGREEMENT 3.71%
Joint Tri-Party Repurchase Agreement, Merrill Lynch,
03/30/07, 5.15%, due 04/02/07, repurchase price
$507,331, collateralized by U.S. Treasury securities
held in a join tri-party account
(cost $507,113)		5.15%	04/02/07		507,113		507,113
Total Investments 99.13%							13,544,245
(cost $13,463,638)
Other assets and liabilities, net 0.87%							118,895
NET ASSETS 100%							$13,663,140
(1) Represents Yield
See notes to portfolios of investments.
TAX FREE FUND
Portfolio of Investments (unaudited)			March 31, 2007
		Coupon	Maturity		Principal
MUNICIPAL BONDS 97.19%		Rate	Date		Amount		Value
Alabama 5.91%
Alabama 21st Century Authority Tobacco Settlement
Revenue		5.75%	12/01/19	$	275,000	$	290,224
Alabama State, GO Unlimited, Series A		4.625%	09/01/22		375,000		389,336
Mountain Brook City Board of Education Capital Outlay		4.00%	02/15/15		195,000		197,623
							877,183
California 5.69%
California State, GO Unlimited		4.75%	03/01/34		205,000		209,020
Campbell, California Union High School District,
GO Unlimited		4.75%	08/01/34		300,000		308,010
San Diego, California Community College District,
GO Unlimited (ZCB)		4.34%(1)	05/01/15		450,000		327,604
							844,634
Colorado 1.05%
Colorado Health Facility Authority Revenue		5.00%	09/01/16		150,000		156,162
Florida 6.01%
Florida Board of Education Capital Outlay, GO Unlimited
Tax, Refunding, Series A		6.625%	06/01/07		90,000		90,425
Florida Board of Education, GO Unlimited, Refunding,
Series C		4.50%	06/01/28		300,000		301,326
St. Lucie County Florida Sales Tax Revenue		5.25%	10/01/23		465,000		500,145
							891,896
Georgia 6.39%
Atlanta Development Authority Revenue		5.25%	07/01/22		500,000		522,760
Chatham County Hospital Authority Revenue, Series A		5.50%	01/01/34		405,000		426,854
							949,614
Illinois 8.88%
Du Page County, Refunding		5.60%	01/01/21		490,000		551,701
Illinois Development Financing Authority Hospital Revenue,
Adventist Health Systems		5.65%	11/15/24		435,000		459,882
Illinois Regional Transportation Authority Revenue,
Series A		7.20%	11/01/20		250,000		307,815
							1,319,398
Kansas 9.45%
Kansas State Development Finance Authority Hospital
Revenue, Series Z		5.00%	12/15/12		500,000		524,910
Kansas State Development Finance Authority Revenue		4.00%	10/01/15		250,000		254,327
University of Kansas Hospital Authority Health Facilities
Revenue		5.625%	09/01/27		570,000		624,196
							1,403,433
Maryland 2.15%
Maryland State Health & Higher Educational Facilities
Authority Revenue		5.75%	07/01/21		300,000		318,591
Michigan 4.11%
Detroit, Michigan Local Development Financing Authority,
Refunding, Series A		5.375%	05/01/18		300,000		304,644
Macomb County Building Authority, GO Limited		4.50%	11/01/23		300,000		305,469
							610,113
Missouri 2.84%
St. Louis Airport Development Program, Prerefunded,
Series A		5.00%	07/01/11		165,000		173,803
St. Louis Airport Development Program, Unrefunded,
Series A		5.00%	07/01/11		235,000		247,349
							421,152
New Jersey 5.32%
New Jersey Health Care Facilities Financing Authority
Revenue		4.375%	07/01/10		460,000		465,870
New Jersey State Transportation Authority, Series A		5.00%	06/15/13		315,000		324,220
							790,090
New York 4.90%
New York, GO Unlimited, Prerefunded, Series H		5.25%	03/15/14		450,000		468,292
New York, GO Unlimited, Prerefunded, Series J		5.00%	05/15/12		200,000		207,622
New York, GO Unlimited, Unrefunded Balance, Series J		5.00%	05/15/12		50,000		51,719
							727,633
Ohio 3.39%
Ohio State Mental Health Facilities Revenue		5.50%	06/01/15		300,000		321,219
South Euclid Special Assessment, GO Limited Tax		6.70%	12/01/14		165,000		181,795
							503,014
Pennsylvania 1.71%
Chester County Health & Educational Facilities Authority
Revenue		5.00%	05/15/08		250,000		253,587
Puerto Rico 2.14%
Puerto Rico Electric Power Authority Revenue, Series II		5.125%	07/01/26		300,000		318,090
Rhode Island 3.82%
Rhode Island State Health & Educational Building
Corporation Revenue		6.50%	08/15/32		500,000		567,520
South Carolina 1.71%
South Carolina Jobs Economic Development Authority
Revenue		5.00%	11/01/23		250,000		254,570
Tennessee 1.48%
Memphis, Tennessee Sanitary Sewage System
Revenue, Refunding		5.00%	05/01/20		200,000		219,774
Texas 14.47%
Baytown, Texas GO Limited		4.50%	02/01/27		250,000		250,348
Duncanville, Texas Independent School District,
GO Unlimited, Prerefunded, Series B		5.25%	02/15/32		495,000		529,299
Duncanville, Texas Independent School District,
GO Unlimited, Unrefunded, Series B		5.25%	02/15/32		5,000		5,255
Greenville, Texas Independent School District,
GO Unlimited, Refunding		4.00%	08/15/17		120,000		119,592
Houston Community College System Revenue, Refunding		4.00%	04/15/17		300,000		299,259
North Texas Municipal Water District Regional Solid Waste Disposal System Revenue		4.25%	09/01/17		385,000		393,081
Travis County, Texas, GO Limited		4.40%	03/01/26		250,000		246,518
White Settlement, Texas Independent School District,		4.125%	08/15/15		300,000		305,841
GO Unlimited
							2,149,193
Utah 2.03%
Weber County School District, GO Unlimited, Prerefunded,
Series A		5.15%	06/15/08		110,000		110,333
Weber County School District, GO Unlimited, Unrefunded,
Series A		5.15%	06/15/08		190,000		190,576
							300,909
Vermont 2.08%
Vermont Educational & Health Buildings Financing Agency
Revenue, Vermont Law School Project, Series A		5.375%	01/01/23		300,000		308,421
Washington 1.66%
Spokane County Washington School District, GO Unlimited		5.05%	06/01/22		255,000		246,582
Total Municipal Bonds							14,431,559
(cost $13,864,325)
REPURCHASE AGREEMENT 1.79%
Joint Tri-Party Repurchase Agreement,
Merrill Lynch, 03/30/07, 5.15%, due 04/02/07,
repurchase price $266,716, collateralized by U.S.
Treasury securities held in a joint tri-party repurchase
account (cost $266,602)		5.15%	04/02/07		266,602		266,602
Total Investments 98.98%							14,698,161
(cost $14,130,927)
Other assets and liabilities, net 1.02%							150,944
NET ASSETS 100%							$14,849,105
(1) Represents Yield
See notes to portfolios of investments.

ALL AMERICAN EQUITY FUND
Portfolio of Investments (unaudited)					March 31, 2007
COMMON STOCKS 87.42%			Shares		Value
Aerospace/Defense 1.44%
BE Aerospace, Inc.			5,000	$	158,500	*
The Boeing Co.			1,800		160,038
					318,538
Apparel 1.60%
Guess, Inc.			4,500		182,205
Volcom, Inc.			5,000		171,800	*
					354,005
Applications Software 2.74%
Adobe Systems, Inc.			4,500		187,650	*
Microsoft Corp.			15,000		418,050
					605,700
Auto Manufacturers 1.00%
PACCAR, Inc.			3,000		220,200
Automobile 1.33%
CarMax, Inc.			12,000		294,480	*
Building Materials 0.30%
Eagle Materials, Inc.			1,500		66,945
Cable TV 0.16%
Stream Communications Network, Inc.			140,000		35,045	*
Chemicals - Agricultural 0.92%
The Mosaic Company			7,625		203,283	*
Chemicals & Allied Products 2.77%
Terra Industries, Inc.			35,000		612,500	*
Computers 2.52%
Apple Computer, Inc.			6,000		557,460	*
Construction 0.50%
D.R. Horton, Inc.			5,000		110,000
Data Processing & Software 1.16%
THQ, Inc.			7,500		256,425	*
Diversified Operations 1.68%
Walter Industries, Inc.			15,000		371,250
E-Commerce / Services 3.09%
Digital River, Inc.			3,000		165,750	*
eBay, Inc.			10,000		331,500	*
Priceline.com, Inc.			3,500		186,410	*
					683,660
Electric - Integrated 2.68%
Allegheny Energy, Inc.			6,000		294,840	*
FirstEnergy Corp.			4,500		298,080
					592,920
Financial Services 7.52%
Franklin Resources, Inc.			1,500		181,245
International Securities Exchange Holdings, Inc.			7,500		366,000
MasterCard, Inc., Class A			3,000		318,720
Morgan Stanley			6,000		472,560
State Street Corp.			5,000		323,750
					1,662,275
Hotels 1.47%
Hilton Hotels Corp.			9,000		323,640
Insurance 2.44%
Assurant, Inc.			3,500		187,705
Philadelphia Consolidated Holding Corp.			8,000		351,920	*
					539,625
Internet 3.59%
Akamai Technologies, Inc.			8,000		399,360	*
Google, Inc., Class A			400		183,264	*
Stockgroup Information Systems, Inc.			181,625		210,677	*
					793,301
Internet Security 0.41%
VASCO Data Security International, Inc.			5,000		89,350	*
Machinery 1.44%
Caterpillar, Inc.			2,500		167,575
Joy Global, Inc.			3,500		150,150
					317,725
Medical - Drugs 2.46%
Novo Nordisk AS, Sponsored ADR			6,000		543,180
Medical - HMO 3.75%
UnitedHealth Group, Inc.			6,000		317,820
WellCare Health Plans, Inc.			6,000		511,500	*
					829,320
Medical - Products 3.17%
DENTSPLY International, Inc.			5,000		163,750
Meridian Bioscience, Inc.			5,000		138,800
Stryker Corp.			6,000		397,920
					700,470
Metal & Mineral Mining 0.44%
Fronteer Development Group, Inc.			7,500		96,225	*
Multimedia 2.44%
News Corp., Class B			15,000		367,050
The Walt Disney Co.			5,000		172,150
					539,200
Networking Products 2.77%
Cisco Systems, Inc.			24,000		612,720	*
Non-Ferrous Metals 0.62%
SXR Uranium One, Inc.			10,000		137,895	*
Oil & Gas - Integrated 1.29%
Chevron Corp.			2,000		147,920
ConocoPhillips			2,000		136,700
					284,620
Oil & Gas Equipment & Services 3.39%
Energy Transfer Partners, L.P.			2,500		145,650
Grant Prideco, Inc.			4,000		199,360	*
GulfMark Offshore, Inc.			5,000		218,250	*
Tesco Corp.			7,000		185,850	*
					749,110
Oil & Gas Exploration & Production 0.81%
Noble Energy, Inc.			3,000		178,950
Oil & Gas Refining & Marketing 3.74%
Holly Corp.			10,000		593,000
Western Refining, Inc.			6,000		234,120
					827,120
Pipelines 1.00%
Mueller Water Products, Inc., Class B			16,524		221,256
Printing & Publishing 0.43%
VistaPrint Ltd.			2,500		95,750	*
Private Corrections 1.67%
Corrections Corporation of America			7,000		369,670	*
Restaurants 1.57%
Jack in the Box, Inc.			5,000		345,650	*
Retail 3.05%
Dick's Sporting Goods, Inc.			4,000		233,040	*
Gamestop Corp., Class A			10,000		325,700	*
Kohl's Corp.			1,500		114,915	*
					673,655
Semiconductors 3.19%
KLA-Tencor Corp.			3,000		159,960
MEMC Electronic Materials, Inc.			6,000		363,480	*
SiRF Technology Holdings, Inc.			6,500		180,440	*
					703,880
Telephone - Integrated 1.06%
AT&T, Inc.			5,962		235,082
Tobacco 2.30%
Altria Group, Inc.			4,000		351,240
Reynolds American, Inc.			2,500		156,025
					507,265
Toys 2.23%
Hasbro, Inc.			7,500		214,650
Marvel Entertainment, Inc.			10,000		277,500	*
					492,150
Transportation 3.83%
CSX Corp.			7,500		300,375
DryShips, Inc.			7,500		168,975
Eagle Bulk Shipping, Inc.			12,000		232,680
Hub Group, Inc., Class A			5,000		144,950	*
					846,980
Wire & Cable Products 1.45%
General Cable Corp.			6,000		320,580	*
Total Common Stocks					19,319,055
(cost $17,041,964)
WARRANTS 0.71%
Gold Mining 0.71%
Goldcorp, Inc., Warrants (June 2011)
(cost $135,200)			14,105		157,604	*
PURCHASED OPTIONS 1.42%			Contracts
Gold Mining 1.42%
Goldcorp, Inc., Strike Price 20, Call, Expiration Jan. 2008
(premium $42,602)			70		42,700
Goldcorp, Inc., Strike Price 20, Call, Expiration Jan. 2009
(premium $133,069)			162		126,360
Goldcorp, Inc., Strike Price 25, Call, Expiration Jan. 2008
(premium $28,759)			70		21,700
Goldcorp, Inc., Strike Price 25, Call, Expiration Jan. 2009
(premium $102,849)			162		85,860
Philadelphia Stock Exchange Gold & Silver Index, Strike
Price 120, Put, Expiration June 2007(premium $53,201)			150		24,000
Philadelphia Stock Exchange Gold & Silver Index, Strike
Price 125, Put, Expiration June 2007 (premium $34,150)			50		13,125
Total Purchased Options					313,745
(cost $394,630)
Total Securities					19,790,404
(cost $17,571,794)
			Principal
REPURCHASE AGREEMENT 10.65%			Amount
Joint Tri-Party Repurchase Agreement,
Merrill Lynch, 03/30/07, 5.15%, due 04/02/07,
repurchase price $2,353,938, collateralized by U.S.
Treasury securities held in a joint tri-party repurchase
account (cost $2,352,928)		$	2,352,928		2,352,928
Total Investments 100.20%					22,143,332
(cost $19,924,722)
Other assets and liabilities, net (0.20)%					(43,502)
NET ASSETS 100%					$22,099,830
See notes to portfolios of investments.
CHINA REGION OPPORTUNITY FUND
Portfolio of Investments (unaudited)					March 31, 2007
COMMON STOCKS 89.96%			Shares		Value
Advertising 1.46%
Focus Media Holding Ltd., ADR			15,000	$	1,176,900	*
Agriculture 1.19%
IOI Corp., Berhad			150,000		958,785
Airlines 0.75%
China Eastern Airlines Corp., Ltd., H shares			2,000,000		601,523	*
Airport Operations 0.62%
Beijing Capital International Airport Co., Ltd., H shares			500,000		496,576
Apparel 1.08%
Ports Design Ltd.			200,000		533,692
Yue Yuen Industrial Holdings Ltd.			100,000		338,517
					872,209
Auto Manufacturers 1.37%
Great Wall Motor Co., H shares			750,000		1,105,778
Auto Parts & Equipment 0.30%
Norstar Founders Group Ltd.			100,000		44,794
Xinyi Glass Holdings Co., Ltd.			400,000		197,095
					241,889
Banks 3.96%
China Merchants Bank Co., Ltd., H shares			400,000		807,833
Kookmin Bank			10,000		897,061
Malayan Banking, Berhad			400,000		1,480,839
					3,185,733
Cellular Telecommunications 3.96%
China Mobile Ltd.			350,000		3,184,872
Chemicals - Agricultural 2.37%
Sinofert Holdings Ltd.			3,000,000		1,658,668
Spur Ventures, Inc.			495,000		248,679	*
					1,907,347
Coal 1.42%
China Shenhua Energy Co., Ltd., H shares			400,000		967,556
Western Canadian Coal Corp.			110,000		173,408	*
					1,140,964
Commercial Services 2.31%
SIA Engineering Co.			600,000		1,858,810
Construction 2.40%
China National Building Material Co., Ltd., H shares			1,200,000		1,059,704
China State Construction International Holdings Ltd.			500,000		374,352
Daewoo Engineering & Construction Co., Ltd.			25,000		496,891
					1,930,947
Distribution / Wholesale 3.74%
Esprit Holdings Ltd.			150,000		1,752,736
Li & Fung Ltd.			400,000		1,256,799
					3,009,535
Diversified Minerals 0.26%
Caledon Resources plc			172,200		117,755	*
Erdene Gold, Inc.			100,000		94,413	*
					212,168
Diversified Operations 3.07%
First Pacific Co., Ltd.			1,000,000		611,762
Keppel Corp., Ltd.			60,000		751,434
Wharf Holdings Ltd.			300,000		1,107,698
					2,470,894
E-Commerce / Services 1.72%
CDC Corp., Class A			60,000		542,400	*
SINA Corp.			25,000		840,250	*
					1,382,650
Electronics & Components 4.22%
Asustek Computer, Inc.			320,000		754,306
Comtech Group, Inc.			30,000		524,400	*
Hon Hai Precision Industry Co., Ltd.			200,000		1,341,795
Kingboard Laminates Holding Ltd.			18,181		17,521	*
Neo-Neon Holdings Ltd.			400,000		757,663	*
Yageo Corp., Sponsored GDR			1		2	*
					3,395,687
Engineering Services 1.09%
Singapore Technologies Engineering Ltd.			400,000		875,354
Financial Services 4.74%
Cathay Financial Holding Co., Ltd.			14,915		30,966
DBS Group Holdings Ltd.			80,000		1,128,469
Hong Kong Exchanges & Clearing Ltd.			140,000		1,361,746
Singapore Exchange Ltd.			300,000		1,295,234
					3,816,415
Food & Beverages 3.51%
China Mengniu Dairy Co., Ltd.			400,000		1,144,174
Fraser & Neave Ltd.			500,000		1,680,838
					2,825,012
Gold Mining 1.88%
Kingsgate Consolidated Ltd.			19,980		76,792
Olympus Pacific Minerals, Inc.			440,500		225,114	*
Silk Road Resources Ltd.			235,000		227,978	*
Sino Gold Ltd.			50,000		253,264	*
Zijin Mining Group Co., Ltd., H shares			1,250,000		727,907
					1,511,055
Health & Personal Care 1.50%
Hengan International Group Co., Ltd.			200,000		586,165
LG Household & Health Care Ltd.			5,000		616,464
					1,202,629
Home Furnishings 0.29%
Samson Holding Ltd.			400,000		229,347
Internet 1.67%
Asia Broadband, Inc.			584,640		38,002	*
Tencent Holdings Ltd.			400,000		1,305,433
					1,343,435
Manufacturing 2.88%
China Infrastructure Machinery Holdings Ltd.			500,000		980,355
Peace Mark Holdings Ltd.			1,200,000		1,334,613
					2,314,968
Media 0.03%
Sun New Media, Inc.			50,000		24,500	*
Medical - Products 2.07%
Shandong Weigao Group Medical Polymer Co., Ltd.,
H shares			1,000,000		1,668,906
Metal - Aluminum 0.49%
Global Alumina Products Corp.			280,000		392,000	*
Metal - Copper 0.80%
Continental Minerals Corp.			246,915		408,586	*
Toledo Mining Corp. plc			41,740		150,723	*
Verona Development Corp.			441,600		84,151	*
					643,460
Non-Ferrous Metals 0.06%
Sterling Group Ventures, Inc.			510,000		51,000	*
Oil & Gas - Integrated 3.14%
China Petroleum & Chemical Corp., H shares			1,600,000		1,353,555
PetroChina Co., Ltd., ADR			10,000		1,170,900
					2,524,455
Oil & Gas Exploration & Production 0.88%
Big Sky Energy Corp.			941,250		338,850	*
Big Sky Energy Corp. (RS)			100,000		34,214	*
Green Dragon Gas Ltd.			62,949		335,518	*
					708,582
Paper Products 3.07%
Lee & Man Paper Manufacturing Ltd.			600,000		1,423,690
Nine Dragons Paper Holdings Ltd.			500,000		1,046,906	*
					2,470,596
Precious Metals 0.44%
Golden China Resources Corp.			53,400		30,990	*
TVI Pacific, Inc.			2,265,714		323,814	*
					354,804
Publishing 0.10%
Lingo Media, Inc.			750,000		81,204	*
Real Estate Companies 7.09%
Cheung Kong Holdings Ltd.			100,000		1,265,758
City Developments Ltd.			80,000		769,890
Daying Modern Agricultural Co., Ltd., B shares			1		0	*
IGB Corp., Berhad			1,500,000		1,088,937
Shimao Property Holdings Ltd.			600,000		1,190,248	*
Sun Hung Kai Properties Ltd.			120,000		1,386,831
UOL Group Ltd.			1,500		5,043
					5,706,707
Retail 0.71%
China First Pencil Co., Ltd., B shares			1		1	*
Shanghai Friendship Group, Inc., Co., B shares			2		2
Shinsegae Co., Ltd.			1,000		573,949
					573,952
Schools 2.55%
Capital Alliance Group, Inc.			1,149,932		1,015,964	*
MegaStudy Co., Ltd.			5,000		876,867	*
New Oriental Education &Technology Group, Inc.,
Sponsored ADR			4,000		162,120	*
					2,054,951
Semiconductors 2.93%
Samsung Techwin Co., Ltd.			15,000		571,558
Silicon Motion Technology Corp., ADR			30,000		675,600	* ^
Taiwan Semiconductor Manufacturing Co., Ltd.,
Sponsored ADR			102,999		1,107,239
					2,354,397
Silver Mining 2.49%
Silvercorp Metals, Inc.			125,200		2,006,237	*
Steel 2.98%
Angang Steel Co., Ltd., H shares			900,000		1,561,912
POSCO			2,000		839,666
					2,401,578
Telecommunications 1.48%
Foxconn International Holdings Ltd.			200,000		614,321	*
VTech Holdings Ltd.			80,000		576,950
					1,191,271
Transportation 3.18%
China COSCO Holdings Co., Ltd., H shares			1,000,000		979,075
Cosco Corp. (Singapore) Ltd.			600,000		1,135,060
Guangshen Railway Co., Ltd., H shares			700,000		444,359
					2,558,494
Water Treatment Systems 1.71%
Sino-Environment Technology Group Ltd.			600,000		1,376,310	*
Total Common Stocks					72,394,886
(cost $60,667,438)
EXCHANGE-TRADED FUNDS 0.90%
iShares MSCI Taiwan Index Fund			45,000		627,300
streetTRACKS Gold Trust			1,500		98,610	*
Total Exchange-Traded Funds					725,910
(cost $691,221)
WARRANTS 0.00%
Metal - Copper 0.00%
Verona Development Corp., Warrants (April 2008)
(cost $0)			400,000		0	*
Total Securities					73,120,796
(cost $61,358,659)
			Principal
REPURCHASE AGREEMENT 6.77%			Amount
Joint Tri-Party Repurchase Agreement, Merrill Lynch,
03/30/07, 5.15%, due 04/02/07, repurchase price
$5,452,598, collateralized by U.S. Treasury securities
held in a joint tri-party account
(cost $5,450,259)		$	5,450,259		5,450,259
Total Investments 97.63%					78,571,055
(cost $66,808,918)
Other assets and liabilities, net 2.37%					1,908,896
NET ASSETS 100%					$80,479,951
			Shares Subject
CALL OPTIONS WRITTEN			To Call		Value
Silicon Motion Technology Corp., Strike Price 25,
Expiration June 2007 (premiums received $36,674)			15,000	$	17,250
See notes to portfolios of investments.
GLOBAL RESOURCES FUND
Portfolio of Investments (unaudited)					March 31, 2007
COMMON STOCKS 77.56%			Shares		Value
Agriculture 0.13%
IOI Corp., Berhad			230,000	$	1,470,137
Aluminum 0.26%
Global Alumina Products Corp.			2,200,000		3,080,000	*
Building Materials 0.55%
Polaris Minerals Corp.			604,100		4,965,707	*
Ta Ann Holdings Berhad			480,000		1,457,701
					6,423,408
Coal 0.61%
Bounty Industries Ltd.			22,000,000		2,047,149	* +
Coalcorp Mining, Inc.			2,419,625		1,299,409	*
NEMI Northern Energy & Mining, Inc.			1,514,460		616,541	*
Western Canadian Coal Corp.			2,055,000		3,239,584	*
					7,202,683
Data Processing & Software 0.02%
Stockgroup Information Systems, Inc.			174,000		201,840	*
Diamond Mining & Exploration 0.15%
Diagem, Inc.			3,004,000		273,209	*
Diamond Fields International Ltd.			112,000		17,462	*
Diamonds North Resources Ltd.			178,000		134,136	*
Rockwell Ventures, Inc., 144A			950,000		460,806	*
Vaaldiam Resources Ltd.			1,002,001		729,044	*
Verena Minerals Corp.			459,000		198,787	*
					1,813,444
Financial Services 1.48%
CI Financial Income Fund			315,000		7,530,533
GMP Capital Trust			480,000		8,947,250
Jovian Capital Corp.			1,038,100		809,259	*
					17,287,042
General Metal & Mineral Mining 9.42%
African Copper plc			1,530,000		2,092,513	*
Altius Minerals Corp.			100,000		1,151,148	*
Amerigo Resources Ltd.			685,600		1,454,933
Baja Mining Corp.			2,267,350		2,670,936	*
Blue Pearl Mining Ltd.			334,000		3,523,708	*
Breakwater Resources Ltd.			3,000,000		4,859,246	*
Central African Mining & Exploration Co., plc			9,981,667		12,080,090	*
Consolidated Minerals Ltd.			1,500,000		3,034,312
Consolidated Thompson Iron Mines Ltd.			2,000,000		4,781,291	* +
Dia Bras Exploration, Inc.			1,244,300		1,185,561	*
Dumont Nickel, Inc.			292,500		26,602	*
European Nickel plc			753,000		829,803	*
Farallon Resources Ltd.			3,098,700		1,583,571	*
Gabriel Resources Ltd.			227,600		847,709	*
HudBay Minerals, Inc.			400,000		7,047,207	*
International Molybdenum plc			1,819,670		510,269	*
Investika Ltd.			741,000		2,651,143	* +
JNR Resources, Inc.			1,225,300		4,404,500	*
Lundin Mining Corp.			264,375		2,942,589	*
Minefinders Corp., Ltd.			414,500		4,904,348	*
North American Tungsten Corp., Ltd.			205,000		227,285	*
Northern Peru Copper Corp.			466,000		3,269,467	*
Pacifica Resources Ltd.			500,000		294,500	*
Red Dragon Resources Corp.			3,895,000		2,496,579	* +
Revett Minerals, Inc.			4,705,200		4,605,349	* +
Sterling Group Ventures, Inc.			524,700		52,470	*
Teck Cominco Ltd., Class B			205,000		14,292,291	^
Tenke Mining Corp.			572,000		8,819,056	*
Terrane Metals Corp., 144A			1,212,000		734,864	*
Titanium Resources Group Ltd.			1,000,000		1,210,228	*
Toledo Mining Corp. plc			362,000		1,307,184	*
Zimasco Consolidated Enterprises Ltd. (RS)			22,000		4,840	*
Zinifex Ltd.			825,000		10,533,918
					110,429,510
Gold & Copper Mining 3.78%
Continental Minerals Corp.			682,962		1,130,008	*
Continental Minerals Corp. (RS)			356,060		559,611	*
Crowflight Minerals, Inc.			1,139,000		927,380	*
European Minerals Corp.			1,503,250		1,523,432	*
Fortress Minerals Corp.			700,000		576,007	*
Ivanhoe Mines Ltd.			770,000		9,003,898	*
Los Andes Copper Ltd. (RS)			1,750,000		986,412	*
Northern Dynasty Minerals Ltd.			1,260,000		14,187,960	* ^
Northern Dynasty Minerals Ltd., 144A			250,000		2,815,071	*
Northern Orion Resources, Inc.			2,191,145		8,768,376	*
Northgate Minerals Corp.			604,225		2,126,222	*
Taseko Mines Ltd.			665,000		1,739,541	*
					44,343,918
Gold Mining 3.87%
Acadian Gold Corp.			608,000		605,630	*
Alamos Gold, Inc.			711,250		4,528,097	*
Aurelian Resources, Inc.			50,250		1,326,652	*
Caledon Resources plc			3,776,800		2,582,681	*
Century Mining Corp.			300,161		246,993	*
Chesapeake Gold Corp.			197,357		1,165,851	*
Corona Gold Ltd.			50,000		405	*
Crystallex International Corp.			156,500		579,050	*
Gammon Lake Resources, Inc.			263,820		4,638,845	* ^
GBS Gold International, Inc.			643,700		1,734,003	*
Glencairn Gold Corp.			700,000		363,794	*
Gold Fields Ltd.			265,000		4,913,157
Gold Fields Ltd., Sponsored ADR			60,000		1,108,800
Medoro Resources Ltd.			837,714		420,852	*
Metallica Resources, Inc.			250,000		1,281,940	*
Moto Goldmines Ltd.			1,624,160		6,907,428	*
Olympus Pacific Minerals, Inc.			375,000		191,642	*
Pacific Ridge Exploration Ltd.			125,000		27,609	*
Planet Exploration, Inc.			160,000		55,435	*
Polyus Gold Co., ADR			77,662		3,735,542	*
QGX Ltd.			382,300		927,189	*
Randgold Resources Ltd., ADR			65,000		1,554,150
Red Back Mining, Inc.			363,480		1,435,659	*
Reunion Gold Corp.			245,000		386,228	*
Rusoro Mining Ltd.			52,000		151,338	*
Rusoro Mining Ltd., 144A			433,333		1,261,151	*
Silk Road Resources Ltd.			265,000		257,081	*
Stingray Resources, Inc.			125,000		132,092	*
TLC Ventures Corp.			807,600		559,619	*
TVI Pacific, Inc.			5,867,428		838,567	*
U.S. Gold Corp.			85,479		356,132	*
Virginia Gold Mines, Inc.			213,100		987,514	*
X-Cal Resources Ltd.			412,500		116,122	*
					45,377,248
Gold/Mineral Royalty Companies 0.63%
Aberdeen International, Inc.			256,250		194,213	*
International Royalty Corp.			1,234,350		7,216,858
					7,411,071
Independent Power Producers 1.82%
Dynegy, Inc., Class A			250,000		2,315,000	*
Mirant Corp.			225,000		9,103,500	*
Reliant Energy, Inc.			485,000		9,855,200	*
					21,273,700
Mining Machinery 0.79%
Joy Global, Inc.			215,000		9,223,500
Oil & Gas - Integrated 9.99%
ConocoPhillips			100,000		6,835,000
Marathon Oil Corp.			275,000		27,178,250
Oao Gazprom, Sponsored ADR			150,000		6,285,000
Occidental Petroleum Corp.			275,000		13,560,250
PetroChina Co., Ltd., ADR			180,000		21,076,200
Petroleo Brasileiro S.A., ADR			300,000		26,805,000
Suncor Energy, Inc.			200,000		15,270,000
					117,009,700
Oil & Gas Drilling 3.57%
AJ Lucas Group Ltd.			82,957		76,858	*
Noble Corp.			389,500		30,645,860
Rowan Companies, Inc.			220,000		7,143,400
Xtreme Coil Drilling Corp.			450,000		3,971,849	*
					41,837,967
Oil & Gas Equipment & Services 9.74%
Blackwatch Energy Services Trust			285,000		506,063
Cameron International Corp.			220,000		13,813,800	*
Dril-Quip, Inc.			75,000		3,246,000	*
Grant Prideco, Inc.			265,000		13,207,600	*
McDermott International, Inc.			587,500		28,775,750	*
Petroleum Geo-Services ASA			450,000		11,751,908	*
Petrowest Energy Services Trust			125,000		767,648
Pure Energy Services Ltd.			39,900		359,428	*
Schlumberger Ltd.			475,000		32,822,500	^
Trican Well Service Ltd.			450,000		8,906,453
					114,157,150
Oil & Gas Exploration & Production - Junior 6.93%
Bankers Petroleum Ltd.			2,600,000		1,283,673	*
Big Sky Energy Corp.			4,072,350		1,466,046	*
Big Sky Energy Corp. (RS)			1,400,000		478,995	*
Choice Resources Corp.			1,461,500		784,868	*
Coastal Energy Co.			3,100,000		1,799,048	*
Coastal Energy Co., 144A			4,800,000		2,785,621	*
Energy XXI Acquisition Corp.			419,000		2,002,820	*
Exile Resources, Inc.			2,126,500		391,409	* +
Foothills Resources, Inc.			12,000		18,480	*
Foothills Resources, Inc. (RS)			1,266,667		1,658,067	*
Geopark Holdings Ltd., 144A			780,000		4,428,253	*
Gran Tierra Energy, Inc.			783,675		1,018,777	*
Gran Tierra Energy, Inc. (RS)			3,100,000		3,425,500	*
Green Dragon Gas Ltd.			828,831		4,417,669	*
Ivory Energy, Inc.			3,453,166		2,392,839	* +
Ivory Energy, Inc. (RS)			1,300,000		855,782	* +
Legacy Energy LLC, 144A (RS)			263,158		5,000,000	*
Pacific Stratus Energy Ltd.			493,650		4,147,601	*
Pearl Exploration and Production Ltd.			876,900		3,152,131	*
Petrobank Energy & Resources Ltd.			316,500		6,579,472	*
Salinas Energy Ltd.			1,075,000		273,998	*
Silverwing Energy, Inc.			1,149,400		637,173	*
Sound Oil plc			14,005,500		1,136,880	*
Tyner Resources Ltd.			890,000		362,321	*
Verona Development Corp.			658,800		125,540	*
White Nile Ltd.			12,319,500		30,606,697	*
					81,229,660
Oil & Gas Exploration & Production - Senior 8.55%
Addax Petroleum Corp.			100,000		3,161,542
CNOOC Ltd., ADR			200,000		17,526,000
Exploration Company of Delaware			505,000		5,479,250	*
Goodrich Petroleum Corp.			314,600		10,579,998	*
Newfield Exploration Co.			100,000		4,171,000	*
Nexen, Inc.			320,000		19,601,906
Noble Energy, Inc.			180,000		10,737,000
Talisman Energy, Inc.			670,000		11,757,644
Unit Corp.			70,000		3,541,300	*
Western Oil Sands, Inc., Class A			460,000		13,586,834	*
					100,142,474
Oil & Gas Refining & Marketing 5.22%
BA Energy, Inc. (RS)			421,100		3,465,093	*
Frontier Oil Corp.			356,250		11,628,000
Holly Corp.			232,000		13,757,600
Sunoco, Inc.			190,000		13,383,600
Tesoro Corp.			66,500		6,678,595	^
Valero Energy Corp.			190,000		12,253,100
					61,165,988
Oil & Gas Royalty Trust 2.09%
Canadian Oil Sands Trust			500,000		12,239,065
Harvest Energy Trust			230,000		5,691,728
Penn West Energy Trust			10,000		293,800
San Juan Basin Royalty Trust			200,000		6,248,000
					24,472,593
Paper Products 0.13%
Lee & Man Paper Manufacturing Ltd.			622,000		1,475,892
Platinum Group Metals 1.28%
Anooraq Resources Corp.			747,000		1,132,309	*
Aquarius Platinum Ltd.			6,862		227,093
Beartooth Platinum Corp.			2,645,000		240,559	*
Eastern Platinum Ltd.			7,139,200		12,738,633	*
Osmium Holdings S.A. (RS)			104		10,400	*
Platinum Group Metals Ltd.			242,700		636,969	*
					14,985,963
Potash & Agricultural Fertilizers 0.58%
Agrium, Inc.			75,000		2,874,750
Potash Corporation of Saskatchewan, Inc.			15,000		2,398,950
Spur Ventures, Inc.			435,000		218,536	*
Terra Industries, Inc.			75,000		1,312,500	*
					6,804,736
Power Technology 0.01%
Dynex Power, Inc.			672,000		107,683	*
Silver Mining 0.91%
Silvercorp Metals, Inc.			666,060		10,673,114	*
Sugar/Ethanol 0.85%
Cosan S.A. Industria e Comercio			345,000		6,245,935	*
Infinity Bio-Energy Ltd.			687,400		3,663,842	*
					9,909,777
Transportation 1.42%
DryShips, Inc.			740,000		16,672,200
Uranium 2.78%
Energy Metals Corp.			720,000		8,625,032	*
Fronteer Development Group, Inc.			425,000		5,451,927	*
Paladin Resources Ltd.			1,000,000		7,899,524	*
UMC Energy plc			1,000,000		718,265	*
Uranium North Resources Corp.			29,667		30,579	*
UrAsia Energy Ltd.			900,000		5,480,294	*
Ur-Energy, Inc.			890,000		3,623,213	*
Western Prospector Group Ltd.			188,100		773,906	*
					32,602,740
Total Common Stocks					908,785,138
(cost $766,012,723)
PREFERRED STOCK 0.43%
Oil & Gas Exploration & Production - Junior 0.43%
Trident Resources Corp., Series B, Preferred Stock (RS)
(cost $5,000,000)			80,000		5,000,000	*
WARRANTS 6.67%
Coal 0.14%
Bounty Industries Ltd., Warrants (December 2011)			5,500,000		0	*
Coalcorp Mining, Inc., Warrants (September 2007)			500,000		8,662	*
Coalcorp Mining, Inc., Warrants (February 2011)			8,035,500		1,392,031	*
Coalcorp Mining, Inc., Warrants (August 2011)			2,173,500		225,916	*
					1,626,609
Diamond Mining & Exploration 0.00%
Rockwell Ventures, Inc., Warrants (November 2008)			950,000		0	*
SouthernEra Diamonds, Inc., Warrants (November 2008)			100,000		3,898	*
					3,898
General Metal & Mineral Mining 0.34%
Baja Mining Corp., Warrants (April 2008)			1,055,500		100,567	*
Baja Mining Corp., Warrants (April 2009)			62,770		52,739	*
Blue Pearl Mining Ltd., Warrants (October 2011)			181,500		1,084,755	*
Breakwater Resources Ltd., Warrants (January 2009)			3,035,350		2,602,855	*
Farallon Resources Ltd., Warrants (December 2049)			3,000,000		0	*
International Molybdenum plc, Warrants (July 2010)			1,283,335		69,449	*
Pacifica Resources Ltd., Warrants (March 2008)			125,000		0	*
Red Dragon Resources Corp., Warrants (December 2007)			1,860,000		0	*
Terrane Metals Corp., Warrants (November 2008)			606,000		0	*
					3,910,365
Gold & Copper Mining 0.43%
Continental Minerals Corp., Warrants ( February 2008) (RS)			356,060		32,383	*
European Minerals Corp., Warrants (December 2008)			219,125		92,054	*
European Minerals Corp., Warrants (April 2010)			1,001,000		433,521	*
European Minerals Corp., Warrants (March 2011)			665,000		236,163	*
Los Andes Copper Ltd., Warrants (February 2008) (RS)			1,750,000		0	*
Northern Orion Resources, Inc., Warrants (May 2008)			1,521,900		3,717,417	*
Northern Orion Resources, Inc., Warrants (February 2010)			571,550		569,322	*
					5,080,860
Gold Mining 3.43%
Agnico-Eagle Mines Ltd., Warrants (November 2007)			178,600		3,241,590	*
Chesapeake Gold Corp., Warrants (February 2012)			96,178		183,275	*
Glencairn Gold Corp., Warrants (November 2008)			337,700		38,026	*
Goldcorp, Inc., Warrants (June 2011)			1,464,566		16,364,276	*
IAMGOLD Corp., Warrants (August 2008)			354,540		386,938	*
Kinross Gold Corp., Warrants (October 2007)			129,590		592,668	*
Kinross Gold Corp., Warrants (December 2007)			2,461,877		1,748,583	*
Kinross Gold Corp., Warrants (September 2011)			114,400		271,508	*
Metallica Resources, Inc., Warrants (December 2008)			260,000		659,853	*
Red Back Mining, Inc., Warrants (July 2007)			150,000		332,611	*
Rusoro Mining Ltd., Warrants (November 2011)			216,667		0	*
TLC Ventures Corp., Warrants (January 2008)			187,500		0	*
Yamana Gold, Inc., Warrants (November 2008)			2,464,150		16,370,750	*
					40,190,078
Oil & Gas Equipment & Services 0.00%
Hyduke Energy Services, Inc., Warrants (June 2007)			262,500		0	*
Oil & Gas Exploration & Production - Junior 0.50%
Bankers Petroleum Ltd., Warrants (November 2009)			3,037,600		539,375	*
Coastal Energy Co., Warrants (July 2010)			1,000,000		0	*
Energy XXI Acquisition Corp., Warrants (October 2009)			790,000		560,900	*
Exile Resources, Inc., Warrants (May 2008)			1,050,000		0	*
Foothills Resources, Inc., Warrants (September 2011) (RS)			633,334		0	*
Gran Tierra Energy, Inc., Warrants (June 2011) (RS)			1,550,000		0	*
Ivory Energy, Inc., Warrants (February 2008)			2,499,916		0	*
Ivory Energy, Inc., Warrants (December 2008) (RS)			650,000		0	*
Pacific Stratus Energy Ltd., Warrants (July 2007)			160,000		928,540	*
Pacific Stratus Energy Ltd., Warrants (July 2008)			748,000		3,693,027	*
Silverwing Energy, Inc., Warrants (February 2008)			1,075,000		148,982	*
Trident Resources Corp., Warrants (March 2013) (RS)			80,000		0	*
Tyner Resources Ltd., Warrants (May 2007)			425,000		0	*
					5,870,824
Platinum Group Metals 0.06%
Eastern Platinum Ltd., Warrants (April 2008)			200,500		133,725	*
Eastern Platinum Ltd., Warrants (March 2009)			900,000		584,669	*
					718,394
Silver Mining 1.69%
Silver Wheaton Corp., Warrants (August 2009)			6,820,920		8,862,174	*
Silver Wheaton Corp., Warrants (November 2009)			4,275,720		4,962,724	*
Silver Wheaton Corp., Warrants (December 2010)			1,348,440		6,015,129	*
					19,840,027
Sugar/Ethanol 0.08%
Infinity Bio-Energy Ltd., Warrants (May 2010)			1,374,800		934,864	*
Total Warrants					78,175,919
(cost $55,678,437)
SPECIAL WARRANTS 0.00%
Platinum Group Metals 0.00%
African Minerals, Special Warrants (RS)
(cost $75,000)			12,500		42,000	*
UNITS 1.34%
Coal 0.41%
Coalcorp Mining, Inc., Units (RS)			8,050,000		4,741,447	*
Gold Mining 0.16%
Peak Gold Ltd., Units			2,779,000		1,910,594	*
Oil & Gas Exploration & Production - Junior 0.77%
Royalite Petroleum Co., Inc., Units (RS)			2,233,333		9,033,232	* +
Total Units					15,685,273
(cost $9,048,862)
PURCHASED OPTIONS 2.11%			Contracts
Exchange-Traded Fund 0.22%
Energy Select, Strike Price 57, Call, Expiration Jan. 2009
(premium $2,219,525)			2,500		2,600,000
Gold Mining 0.41%
Crystallex International Corp., Strike Price 2.50, Call,
Expiration Jan. 2008 (premium $507,172)			3,375		590,625
Crystallex International Corp., Strike Price 2.50, Call,
Expiration Jan. 2009 (premium $441,900)			2,500		550,000
Gold Fields Ltd., Strike Price 12.50, Call, Expiration
Jan. 2008 (premium $273,200)			400		264,000
Goldcorp, Inc., Strike Price 20, Call, Expiration Jan. 2008
(premium $763,587)			1,175		716,750
Goldcorp, Inc., Strike Price 20, Call, Expiration Jan. 2009
(premium $1,433,728)			1,732		1,350,960
Goldcorp, Inc., Strike Price 25, Call, Expiration Jan. 2008
(premium $480,275)			1,175		364,250
Goldcorp, Inc., Strike Price 25, Call, Expiration Jan. 2009
(premium $1,090,071)			1,707		904,710
					4,741,295
Oil & Gas - Integrated 0.30%
Suncor Energy, Inc., Strike Price 75, Call, Expiration
Jan. 2008 (premium $4,029,585)			2,435		2,459,350
Suncor Energy, Inc., Strike Price 80, Call, Expiration
Jan. 2008 (premium $2,176,285)			1,445		1,083,750
					3,543,100
Oil & Gas Drilling 0.26%
Ensco International, Inc., Strike Price 55, Call, Jan. 2008
(premium $1,486,000)			2,000		1,440,000
GlobalSantaFe Corp., Strike Price 65, Call, Expiration
Jan. 2008 (premium $1,956,760)			3,000		1,590,000
					3,030,000
Oil & Gas Equipment & Services 0.12%
Weatherford International Ltd., Strike Price 40, Call,
Expiration Jan. 2008 (premium $1,390,700)			1,500		1,335,000
Oil & Gas Exploration & Production - Junior 0.28%
Delta Petroleum Corp., Strike Price 25, Call, Expiration
Jan. 2009 (premium $2,399,180)			4,000		2,320,000
Newfield Exploration Co., Strike Price 40, Call, Expiration
Jan. 2009 (premium $993,000)			1,000		1,000,000
					3,320,000
Oil & Gas Refining & Marketing 0.22%
Valero Energy, Strike Price 60, Call, Expiration Jan. 2009
(premium $2,093,385)			1,815		2,613,600
Uranium 0.30%
Cameco Corp., Strike Price 35, Call, Expiration Jan. 2008
(premium $1,402,920)			1,800		1,638,000
Cameco Corp., Strike Price 40, Call, Expiration Jan. 2009
(premium $1,692,700)			2,000		1,890,000
					3,528,000
Total Purchased Options					24,710,995
(cost $26,829,973)
			Principal
NOTE 0.55%			Amount
Oil & Gas Exploration & Production - Junior 0.55%
Pacific Stratus Energy Ltd., 13.00%, maturity 6/14/11
(cost $6,785,196)	CAD	$	7,480,000		6,478,995
NOTE UNIT 0.26%
Coal 0.26%
Coalcorp Mining, Inc., 12.00%, maturity 8/31/11
(cost $2,999,000)			2,999,000		3,073,825
RIGHT 0.01%			Shares
Gold Mining 0.01%
Chesapeake Gold Corp., Series 1, Class A (RS)
(cost $303,553)			19,235		173,273	*
Total Securities					1,042,125,418
(cost $872,732,744)
			Principal
REPURCHASE AGREEMENT 9.95%			Amount
Joint Tri-Party Repurchase Agreement, Merrill Lynch,
03/30/07, 5.15%, due 04/02/07, repurchase price
$116,647,500, collateralized by U.S. Treasury securities
held in a joint tri-party account
(cost $116,597,460)		$	116,597,460		116,597,460
Total Investments 98.88%					1,158,722,878
(cost $989,330,204)
Other assets and liabilities, net 1.12%					13,060,630
NET ASSETS 100%					$1,171,783,508
			Shares Subject
CALL OPTIONS WRITTEN			To Call		Value
Gammon Lake Resources, Inc., Strike Price 15, Expiration
June 2007			2,500	$	8,250
Northern Dynasty Minerals Ltd., Strike Price 10, Expiration
May 2007			50,000		92,500
Northern Dynasty Minerals Ltd., Strike Price 12.50,
Expiration Aug. 2007			50,000		75,000
Schlumberger Ltd., Strike Price 75, Expiration Aug. 2007			10,000		28,000
Teck Cominco Ltd., Strike Price 70, Expiration May 2007			50,000		175,000
Tesoro Corp., Strike Price 90, Expiration May 2007			40,000		508,800
Total Call Options Written				$	887,550
(premiums received $415,382)
See notes to portfolios of investments.
WORLD PRECIOUS MINERALS FUND
Portfolio of Investments (unaudited)					March 31, 2007
COMMON STOCKS 58.09%			Shares		Value
Data Processing & Software 0.13%
Stockgroup Information Systems, Inc.			1,096,000	$	1,271,360	*
Diamond Mining & Exploration 1.07%
Aber Diamond Corp.			87,000		3,244,132
Diagem, Inc.			3,194,500		290,535	*
Diamond Fields International Ltd.			1,812,000		282,512	*
Diamonds North Resources Ltd.			2,884,400		2,173,606	* +
Metalex Ventures Ltd.			116,000		46,219	*
Rockwell Ventures, Inc.			95,500		46,323	*
Rockwell Ventures, Inc., 144A			2,575,000		1,249,026	*
Shore Gold, Inc.			340,000		2,229,363	*
Tahera Diamond Corp.			160,000		145,518	*
Vaaldiam Resources Ltd.			1,080,999		786,522	*
					10,493,756
Financial Services 0.88%
CI Financial Income Fund			70,000		1,673,452
GMP Capital Trust			292,800		5,457,822
Jovian Capital Corp.			1,936,100		1,509,303	*
					8,640,577
Gold/Mineral Exploration & Development 17.42%
African Gold Group, Inc.			500,000		645,301	*
Africo Resources Ltd.			22,227		71,234	*
Alexis Minerals Corp.			85,000		69,207	*
Amarc Resources Ltd.			630,045		311,066	*
Amerix Precious Metals Corp.			615,275		146,557	*
Andina Minerals, Inc.			427,600		1,196,317	*
Arizona Star Resources Corp.			672,900		7,985,041	*
Atikwa Minerals Corp.			2,774,333		180,230	* +
AuEx Ventures, Inc.			90,000		149,675	*
Aurelian Resources, Inc.			76,550		2,021,000	*
Bendigo Mining NL			1,800,000		582,588	*
Bolnisi Gold NL			1,250,000		2,993,855	*
Candente Resource Corp.			260,000		297,272	*
Carnavale Resources Ltd.			458,000		122,295	*
Carpathian Gold, Inc.			880,300		838,744	*
Central African Gold plc			8,150,000		1,683,988	*
Central African Mining & Exploration Co., plc			2,500,000		3,025,569	*
Chesapeake Gold Corp.			646,949		3,821,734	*
Continental Minerals Corp.			760,053		1,257,431	*
Continental Precious Minerals, Inc.			165,000		346,028	*
Coral Gold Resources Ltd.			67,100		168,549	*
Corona Gold Ltd.			812,500		6,574	*
DRDGOLD Ltd., Sponsored ADR			25,000		16,750	*
Dumont Nickel, Inc.			2,170,000		197,358	*
Eastmain Resources, Inc.			493,000		328,809	*
ECU Silver Mining, Inc.			1,061,300		2,298,181	*
Erdene Gold, Inc.			664,300		627,187	*
European Minerals Corp.			2,271,800		2,302,301	*
EXMIN Resources, Inc.			1,020,000		565,440	*
EXMIN Resources, Inc., 144A			1,000,000		554,353	*
Farallon Resources Ltd.			2,306,500		1,178,722	*
First Point Minerals Corp.			1,919,000		241,018	*
Fortress Minerals Corp.			494,400		406,825	*
Frontier Pacific Mining Corp.			1,417,500		1,006,799	*
Gabriel Resources Ltd.			1,223,800		4,558,112	*
GBS Gold International, Inc.			1,698,450		4,575,296	*
Gold Summit Corp.			333,000		41,824	*
Golden China Resources Corp.			434,000		251,867	*
Golden China Resources Corp., 144A (RS)			900,000		496,189	*
Golden Odyssey Mining, Inc.			1,600,000		388,047	* +
Grandview Gold, Inc.			1,382,000		562,616	* +
Great Basin Gold Ltd.			1,561,000		3,136,873	*
Greystar Resources Ltd.			348,200		2,714,422	*
Guyana Goldfields, Inc.			122,000		1,028,203	*
Inca Pacific Resources, Inc.			206,700		182,619	*
Ivanhoe Mines Ltd.			1,612,500		18,855,537	* ^
Kings Minerals NL			11,900,000		5,632,897	*
Lake Shore Gold Corp.			609,000		1,070,827	*
Latitude Resources plc			2,970,000		226,475	*
Laurion Mineral Exploration, Inc.			189,000		21,691	*
Leyshon Resources Ltd.			2,321,000		1,187,519	*
Linear Gold Corp.			1,165,300		4,390,693	*
Medoro Resources Ltd.			580,142		291,453	*
Metallic Ventures Gold, Inc.			1,312,800		2,513,026	*
Metallica Resources, Inc.			480,900		2,465,940	*
Mindoro Resources Ltd			59,500		36,592	*
Minefinders Corp., Ltd.			872,500		10,323,387	*
Mirasol Resources Ltd.			120,000		115,375	*
Moss Lake Gold Mines Ltd.			2,985,500		749,931	* +
Moto Goldmines Ltd.			1,788,140		7,604,822	*
Moydow Mines International, Inc.			344,000		74,491	*
Northern Dynasty Minerals Ltd.			889,150		10,012,083	*
Northern Dynasty Minerals Ltd., 144A			250,000		2,815,071	*
Oceana Gold Ltd.			1,500,000		904,225	*
Odyssey Resources Ltd.			2,332,000		282,789	*
Olympus Pacific Minerals, Inc.			1,467,000		749,701	*
Orezone Resources, Inc.			4,100		8,417	*
Oxus Gold plc			242,500		221,900	*
Pacific North West Capital Corp.			1,714,466		527,185	*
Pacific Rim Mining Corp.			5,127,600		5,538,388	*
Palmarejo Silver and Gold Corp.			15,000		114,985	*
Paragon Minerals Corp.			34,649		24,310	*
Perseverance Corp., Ltd.			528,887		158,341	*
Planet Exploration, Inc.			846,000		293,114	*
Platte River Gold U.S., Inc. (RS)			773,500		2,320,500	*
Premier Gold Mines Ltd.			390,500		727,220	*
QGX Ltd.			999,000		2,422,867	*
Radius Gold, Inc.			1,549,700		751,695	*
Reunion Gold Corp.			1,849,400		2,915,468	*
Romarco Minerals, Inc.			7,866,853		1,567,238	* +
Rubicon Minerals Corp.			169,600		223,293	*
Rusoro Mining Ltd.			146,000		424,911	*
Rusoro Mining Ltd., 144A			1,120,000		3,259,593	*
San Anton Resource Corp.			1,103,500		1,816,067	*
Simberi Mining Corp.			100,000		7,362	*
Solitario Resources Corp.			853,300		3,459,025	*
Southwestern Resources Corp.			27,000		185,456	*
St. Andrew Goldfields Ltd.			807,549		951,292	*
Stratagold Corp.			2,518,900		1,658,176	*
Strongbow Exploration, Inc.			826,500		558,398	*
Tenke Mining Corp.			261,000		4,024,080	*
Terrane Metals Corp.			2,236,000		1,355,738	*
Terrane Metals Corp., 144A			951,000		576,613	*
TLC Ventures Corp.			2,321,700		1,608,800	*
Vedron Gold, Inc.			5,310,010		2,621,659	* +
Verena Minerals Corp.			1,699,000		735,816	*
Victoria Resources Corp.			150,000		113,036	*
Virginia Gold Mines, Inc.			484,800		2,246,583	*
Wesdome Gold Mines Ltd.			384,000		582,070	*
West Timmins Mining, Inc.			690,000		376,527	*
X-Cal Resources Ltd.			4,151,500		1,168,677	*
					171,449,391
Gold/Mineral Royalty Companies 0.56%
Aberdeen International, Inc.			2,254,000		1,708,315	* +
International Royalty Corp.			610,750		3,570,864
Royal Gold, Inc.			7,500		225,750
					5,504,929
Intermediate & Junior Gold Producers 23.01%
Agnico-Eagle Mines Ltd.			30,000		1,062,600
Alamos Gold, Inc.			1,727,790		10,999,789	*
Aurizon Mines Ltd.			402,100		1,410,572	*
Avnel Gold Mining Ltd.			1,900		922	*
Century Mining Corp.			2,810,059		2,312,305	*
Crystallex International Corp.			865,435		3,199,107	*
Eldorado Gold Corp.			470,000		2,747,943	*
Emperor Mines Ltd.			1,030,000		100,011	*
Gammon Lake Resources, Inc.			1,338,923		23,542,778	* ^
Glencairn Gold Corp.			3,223,000		1,675,011	*
Golden Star Resources Ltd.			535,000		2,353,873	*
High River Gold Mines Ltd.			2,266,400		4,220,667	*
Jaguar Mining, Inc.			920,878		4,921,452	*
Kingsgate Consolidated Ltd.			750,020		2,882,673
Meridian Gold, Inc.			1,285,180		32,811,083	* ^
Nevada Pacific Gold Ltd.			5,000		4,764	*
Nevsun Resources Ltd.			119,000		250,472	*
Northern Orion Resources, Inc.			7,122,460		28,502,239	*
Northgate Minerals Corp.			2,716,039		9,571,906	*
Randgold Resources Ltd., ADR			1,924,334		46,010,826
Red Back Mining, Inc.			1,413,700		5,583,778	*
Resolute Mining Ltd.			1,500,000		1,674,940	*
Revett Minerals, Inc.			2,573,900		2,519,278	*
Silvercorp Metals, Inc.			1,345,940		21,567,683	*
Sino Gold Ltd.			1,000,000		5,065,279	*
TVI Pacific, Inc.			11,830,856		1,690,854	*
U.S. Gold Corp.			1,424,706		5,919,877	*
Yamana Gold, Inc.			264,000		3,816,509	^
					226,419,191
Metal & Mineral Mining & Exploration 3.74%
Amerigo Resources Ltd.			1,960,200		4,159,801
AMT International Mining Corp.			1,000,000		14,725	*
Baja Mining Corp.			1,172,400		1,381,086	*
Blue Pearl Mining Ltd.			200,000		2,110,004	*
Breakwater Resources Ltd.			450,000		728,887	*
Caledon Resources plc			4,075,500		2,786,940	*
Coalcorp Mining, Inc.			406,500		218,302	*
Corriente Resources, Inc.			614,000		1,781,637	*
Dia Bras Exploration, Inc.			1,236,300		1,177,939	*
European Nickel plc			388,000		427,574	*
Herald Resources Ltd.			1,000,000		865,790	*
HudBay Minerals, Inc.			47,000		828,047	*
Impact Silver Corp.			15,000		23,647	*
International Molybdenum plc			957,000		268,361	*
Investika Ltd.			231,000		834,142	*
JNR Resources, Inc.			470,000		1,689,476	*
Linear Metals Corp.			778,010		943,451	*
Lundin Mining Corp.			534,135		5,945,115	*
North American Tungsten Corp., Ltd.			1,155,000		1,280,554	*
Paladin Resources Ltd.			54,539		429,387	*
Peru Copper Corp.			346,975		1,427,571	*
Red Hill Energy, Inc.			165,000		135,773	*
Stingray Resources, Inc.			477,200		504,273	*
Taseko Mines Ltd.			410,000		1,072,499	*
Toledo Mining Corp. plc			337,200		1,217,631	*
Uranium North Resources Corp.			447,201		460,952	*
Wallbridge Mining Co., Ltd.			1,275,500		491,639	*
Western Copper Corp.			30,000		61,585	*
Western Prospector Group Ltd.			850,000		3,497,185	*
Zimasco Consolidated Enterprises Ltd. (RS)			192,500		42,350	*
					36,806,323
Oil & Gas Exploration & Production - Junior 0.11%
Big Sky Energy Corp.			2,528,750		910,350	*
Big Sky Energy Corp. (RS)			500,000		171,070	*
					1,081,420
Oil & Gas Extraction 0.28%
Choice Resources Corp.			620,500		333,227	*
Pacific Stratus Energy Ltd.			291,800		2,451,676	*
					2,784,903
Platinum Group Metals 4.54%
Anooraq Resources Corp.			3,420,400		5,191,794	*
Aquarius Platinum Ltd.			110,045		3,641,855
Beartooth Platinum Corp.			4,299,500		391,033	*
Eastern Platinum Ltd.			17,523,925		31,268,329	*
Osmium Holdings S.A. (RS)			891		89,100	*
Platinum Group Metals Ltd.			479,400		1,258,191	*
Ridge Mining plc			1,625,000		2,893,969	*
					44,734,271
Senior Gold Producers 6.35%
Barrick Gold Corp.			94,574		2,700,088
Freeport-McMoRan Copper & Gold, Inc., Class B			283,300		18,751,627	^
Gold Fields Ltd.			240,000		4,449,652
Gold Fields Ltd., Sponsored ADR			1,128,980		20,863,550
Goldcorp, Inc.			2,475		59,459
Harmony Gold Mining Co., Ltd., Sponsored ADR			162,900		2,264,310	* ^
Kinross Gold Corp.			7,115		98,116	*
Lihir Gold Ltd.			850,000		2,242,154	*
Newmont Mining Corp.			108,280		4,546,677
Polyus Gold Co., ADR			135,162		6,501,292	*
					62,476,925
Total Common Stocks					571,663,046
(cost $421,370,253)
EXCHANGE-TRADED FUNDS 2.97%
iShares Silver Trust			25,000		3,338,000	*
Market Vectors Gold Miners ETF			54,000		2,136,780
streetTRACKS Gold Trust			362,060		23,801,824	*
Total Exchange-Traded Funds					29,276,604
(cost $27,958,232)
WARRANTS 21.11%
Diamond Mining & Exploration 0.00%
Rockwell Ventures, Inc., Warrants (November 2008)			2,575,000		0	*
SouthernEra Diamonds, Inc., Warrants (November 2008)			100,000		3,898	*
					3,898
Gold/Mineral Exploration & Development 1.31%
Chesapeake Gold Corp., Warrants (February 2012)			273,774		521,700	*
European Minerals Corp., Warrants (December 2008)			2,445,200		1,027,217	*
European Minerals Corp., Warrants (April 2010)			2,589,000		1,121,265	*
European Minerals Corp., Warrants (March 2011)			3,606,000		1,280,606	*
Golden China Resources Corp., 144A, Warrants
(December 2007) (RS)			900,000		0	*
Grandview Gold, Inc., Warrants (July 2009)			350,000		0	*
Metallic Ventures Gold, Inc., Warrants (March 2009)			679,500		264,855	*
Metallica Resources, Inc., Warrants (December 2008)			1,909,600		4,846,364	*
Moto Goldmines Ltd., Warrants (August 2007)			137,500		197,705	*
NovaGold Resources, Inc., Warrants (January 2008)			85,800		587,111	*
NovaGold Resources, Inc., Warrants (October 2008)			215,700		2,411,094	*
Platte River Gold U.S., Inc., Warrants (March 2009) (RS)			195,000		195,000	*
Romarco Minerals, Inc., Warrants (September 2007)			5,682,353		98,438	*
Rusoro Mining Ltd., Warrants (November 2011)			600,000		0	*
San Anton Resource Corp., Warrants (December 2007)			520,000		315,288	*
Terrane Metals Corp., Warrants (July 2008)			200,000		0	*
Terrane Metals Corp., Warrants (November 2008)			475,500		0	*
TLC Ventures Corp., Warrants (January 2008)			200,000		0	*
Vedron Gold, Inc., Warrants (June 2007)			425,000		0	*
					12,866,643
Gold/Mineral Royalty Companies 0.00%
Aberdeen International, Inc., Warrants (December 2007)			1,000,000		0	*
Intermediate & Junior Gold Producers 7.98%
Agnico Eagle Mines Ltd., Warrants (November 2007)			1,166,720		21,170,094	*
Avnel Gold Mining Ltd., Warrants (June 2010)			14,000		7,276	*
Glencairn Gold Corp., Warrants (November 2008)			1,486,800		167,418	*
IAMGOLD Corp., Warrants (August 2008)			3,519,765		3,841,407	*
Nevsun Resources Ltd., Warrants (June 2008)			312,880		184,286	*
Nevsun Resources Ltd., Warrants (October 2008)			39,600		24,010	*
Northern Orion Resources, Inc., Warrants (May 2008)			5,594,890		13,666,167	*
Northern Orion Resources, Inc., Warrants (February 2010)			3,291,848		3,279,017	*
Red Back Mining, Inc., Warrants (July 2007)			150,000		332,612	*
Rio Narcea Gold Mines Ltd., Warrants (September 2008)			1,216,850		1,054,006	*
Yamana Gold, Inc., Warrants (November 2008)			5,236,920		34,791,838	*
					78,518,131
Metal & Mineral Mining 4.01%
Baja Mining Corp., Warrants (April 2008)			527,750		50,284	*
Baja Mining Corp., Warrants (April 2009)			1,060,690		891,182	*
Blue Pearl Mining Ltd., Warrants (October 2011)			141,100		843,300	*
Breakwater Resources Ltd., Warrants (January 2009)			1,108,450		950,512	*
Coalcorp Mining, Inc., Warrants (February 2011)			353,000		61,152	*
Denison Mines Corp., Warrants (March 2011)			1,000		17,540	*
International Molybdenum plc, Warrants (July 2010)			175,000		9,470	*
Katanga Mining Ltd., Warrants (November 2011)			2,000		12,126	*
Minco Silver Corp., Warrants (May 2008)			1,500		1,039	*
Silver Wheaton Corp., Warrants (August 2009)			12,480,140		16,214,994	*
Silver Wheaton Corp., Warrants (November 2009)			6,769,200		7,856,845	*
Silver Wheaton Corp., Warrants (December 2010)			2,821,820		12,587,590	*
					39,496,034
Oil & Gas Exploration & Production - Junior 0.00%
Bankers Petroleum Ltd., Warrants (November 2009)			33,000		5,860	*
Oil & Gas Extraction 0.05%
Pacific Stratus Energy Ltd., Warrants (July 2007)			85,000		493,287	*
Platinum Group Metals 0.12%
Eastern Platinum Ltd., Warrants (April 2008)			1,249,200		833,161	*
Eastern Platinum Ltd., Warrants (March 2009)			588,000		381,984	*
					1,215,145
Senior Gold Producers 7.64%
Goldcorp, Inc., Warrants (June 2011)			4,297,208		48,000,964	*
Kinross Gold Corp., Warrants (October 2007)			4,519,620		20,670,068	*
Kinross Gold Corp., Warrants (December 2007)			4,486,000		3,186,245	*
Kinross Gold Corp., Warrants (September 2011)			1,392,120		3,303,949	*
					75,161,226
Total Warrants					207,760,224
(cost $168,775,650)
SPECIAL WARRANTS 0.04%
Gold/Mineral Exploration & Development 0.04%
African Minerals, Special Warrants (RS)			112,500		378,000	*
Western Exploration & Development Ltd., 144A,
Special Warrants (RS)			600,000		0	*
Total Special Warrants					378,000
(cost $975,000)
UNITS 0.85%
Gold/Mineral Exploration & Development 0.85%
Hainan Mining Corp., Units (RS)			1,705,000		1,342,074	*
Mindoro Resources Ltd., 144A, Units (RS)			1,500,000		877,003	*
Peak Gold Ltd., Units			8,147,000		5,601,960	*
Platte River Gold U.S., Inc., Units (RS)			175,000		525,000	*
Total Units					8,346,037
(cost $8,311,756)
PURCHASED OPTIONS 1.83%			Contracts
Intermediate & Junior Gold Producers 0.25%
Agnico-Eagle Mines Ltd., Strike 30, Put, Expiration
Jan. 2008 (premium $156,880)			640		140,800
Agnico-Eagle Mines Ltd., Strike 35, Put, Expiration
Jan. 2008 (premium $222,880)			560		235,200
Crystallex International Corp., Strike Price 2.50, Call,
Expiration Jan. 2008 (premium $541,405)			3,605		630,875
Crystallex International Corp., Strike Price 2.50, Call,
Expiration Jan. 2009 (premium $493,750)			2,775		610,500
Crystallex International Corp., Strike Price 5, Call,
Expiration Jan. 2008 (premium $27,250)			350		28,000
Gammon Lake Resources, Inc., Strike Price 12.50, Call,
Expiration June 2007 (premium $492,310)			1,500		810,000
					2,455,375
Senior Gold Producers 1.58%
Barrick Gold Corp., Strike Price 20, Call, Expiration
Jan. 2008 (premium $1,572,352)			1,294		1,216,360
Barrick Gold Corp., Strike Price 20, Call, Expiration
Jan. 2009 (premium $1,569,037)			1,234		1,301,870
Barrick Gold Corp., Strike Price 25, Call, Expiration
Jan. 2008 (premium $881,401)			1,089		609,840
Barrick Gold Corp., Strike Price 25, Call, Expiration
Jan. 2009 (premium $1,072,594)			1,159		836,798
Gold Fields Ltd., Strike Price 12.50, Call, Expiration
Jan. 2008 (premium $1,320,086)			1,881		1,241,460
Goldcorp, Inc., Strike Price 20, Call, Expiration Jan. 2008
(premium $2,195,327)			2,987		1,822,070
Goldcorp, Inc., Strike Price 20, Call, Expiration Jan. 2009
(premium $2,110,835)			2,109		1,645,020
Goldcorp, Inc., Strike Price 25, Call, Expiration Jan. 2008
(premium $1,949,821)			3,931		1,218,610
Goldcorp, Inc., Strike Price 25, Call, Expiration Jan. 2009
(premium $1,598,736)			2,118		1,122,540
Goldcorp, Inc., Strike Price 30, Call, Expiration Jan. 2009
(premium $1,620,777)			2,325		813,750
Harmony Gold Mining Co., Ltd., Strike Price 12.50, Call,
Expiration Jan. 2008 (premium $368,934)			960		280,800
Harmony Gold Mining Co., Ltd., Strike Price 17.50, Call,
Expiration Jan. 2008 (premium $191,287)			1,252		125,200
Newmont Mining Corp., Strike Price 40, Call, Expiration
Jan. 2008 (premium $530,314)			609		365,400
Newmont Mining Corp., Strike Price 50, Call, Expiration
Jan. 2008 (premium $1,999,343)			2,624		472,320
Newmont Mining Corp., Strike Price 60, Call, Expiration
Jan. 2008 (premium $1,273,394)			2,754		123,930
Philadelphia Stock Exchange Gold & Silver Index, Strike
Price 120, Put, Expiration June 2007 (premium $1,495,597)			4,848		775,680
Philadelphia Stock Exchange Gold & Silver Index, Strike
Price 120, Put, Expiration Sept. 2007 (premium $668,825)			1,275		459,000
Philadelphia Stock Exchange Gold & Silver Index, Strike
Price 125, Put, Expiration June 2007 (premium $522,370)			890		233,625
Philadelphia Stock Exchange Gold & Silver Index, Strike
Price 130, Put, Expiration Sept. 2007 (premium $941,765)			1,375		921,250
					15,585,523
Total Purchased Options					18,040,898
(cost $25,817,270)
RIGHT 0.05%			Shares
Gold/Mineral Exploration & Development 0.05%
Chesapeake Gold Corp., Series 1, Class A (RS)
(cost $821,856)			54,754		493,236
Total Securities					835,958,045
(cost $654,030,017)
			Principal
REPURCHASE AGREEMENT 15.91%			Amount
Joint Tri-Party Repurchase Agreement, Merrill Lynch,
03/30/07, 5.15%, due 04/02/07, repurchase price
$156,634,954, collateralized by U.S. Treasury securities
held in a joint tri-party account
(cost $156,567,760)		$	156,567,760		156,567,760
Total Investments 100.85%					992,525,805
(cost $810,597,777)
Other assets and liabilities, net (0.85)%					(8,390,816)
NET ASSETS 100%					$984,134,989
			Shares Subject
CALL OPTIONS WRITTEN			To Call		Value
Freeport-McMoRan Copper & Gold, Inc., Strike Price 50,
Expiration May 2007			83,000	$	1,369,500
Gammon Lake Resources, Inc., Strike Price 15, Expiration
June 2007			17,500		57,750
Harmony Gold Mining Co., Ltd., Strike Price 15, Expiration
Aug. 2007			24,000		25,200
Ivanhoe Mines Ltd., Strike Price 7.50, Expiration June 2007			86,000		352,600
Meridian Gold, Inc., Strike Price 22.50, Expiration July 2007			140,000		588,000
Yamana Gold, Inc., Strike Price 10, Expiration July 2007			264,000		1,214,400
Total Call Options Written				$	3,607,450
(premiums received $2,435,432)
See notes to portfolios of investments.
GOLD SHARES FUND
Portfolio of Investments (unaudited)					March 31, 2007
COMMON STOCKS 47.22%			Shares		Value
Diamond Mining & Exploration 0.38%
Aber Diamond Corp.			22,000	$	820,355
Diamond Fields International Ltd.			108,000		16,838	*
					837,193
Financial Services 0.41%
GMP Capital Trust			49,200		917,093
Gold Mining 44.15%
Agnico-Eagle Mines Ltd.			50,000		1,771,000
Alamos Gold, Inc.			1,058,960		6,741,755	*
Barrick Gold Corp.			27,429		783,098
Centerra Gold, Inc.			113,700		1,041,963	*
Century Mining Corp.			529,512		435,718	*
Crystallex International Corp.			73,065		269,375	*
DRDGOLD Ltd., Sponsored ADR			100,000		67,000	*
Eldorado Gold Corp.			224,100		1,310,243	*
Freeport-McMoRan Copper & Gold, Inc., Class B			162,700		10,769,113	^
Gammon Lake Resources, Inc.			355,050		6,243,408	* ^
GBS Gold International, Inc.			131,600		354,505	*
Glencairn Gold Corp.			177,000		91,988	*
Gold Fields Ltd.			95,000		1,761,321
Gold Fields Ltd., Sponsored ADR			439,620		8,124,178
Goldcorp, Inc.			65		1,552
Golden Star Resources Ltd.			130,000		572,000	*
Harmony Gold Mining Co., Ltd., Sponsored ADR			255,100		3,545,890	* ^
High River Gold Mines Ltd.			1,139,400		2,121,880	*
Ivanhoe Mines Ltd.			431,600		5,046,860	* ^
Jaguar Mining, Inc.			171,759		917,933	*
Kingsgate Consolidated Ltd.			380,000		1,460,516
Kinross Gold Corp.			1,778		24,519	*
Lihir Gold Ltd.			500,000		1,318,914	*
Meridian Gold, Inc.			567,020		14,476,201	* ^
Nevsun Resources Ltd.			2,000		4,210	*
Newmont Mining Corp.			57,070		2,396,369
Northern Orion Resources, Inc.			1,845,895		7,386,808	*
Northgate Minerals Corp.			866,925		3,054,990	*
Polyus Gold Co., ADR			62,500		3,006,250	*
Randgold Resources Ltd., ADR			444,600		10,630,386
Red Back Mining, Inc.			60,000		236,986	*
Sino Gold Ltd.			300,000		1,519,584	*
Yamana Gold, Inc.			66,000		954,127	* ^
					98,440,640
Gold Royalty Companies 0.88%
Aberdeen International, Inc.			2,250		1,705	*
Royal Gold, Inc.			65,500		1,971,550
					1,973,255
Metal & Mineral Mining 1.40%
Eastern Platinum Ltd.			1,460,000		2,605,110	*
Lundin Mining Corp.			46,290		515,224	*
					3,120,334
Total Common Stocks					105,288,515
(cost $90,426,725)
EXCHANGE-TRADED FUNDS 5.04%
Market Vectors Gold Miners ETF			12,000		474,840
streetTRACKS Gold Trust			163,640		10,757,694	*
Total Exchange-Traded Funds					11,232,534
(cost $10,655,840)
WARRANTS 21.23%
Gold Mining 19.34%
Agnico-Eagle Mines Ltd., Warrants (November 2007)			353,880		6,422,922	*
Glencairn Gold Corp., Warrants (November 2008)			88,500		9,965	*
Goldcorp, Inc., Warrants (June 2011)			1,070,094		11,956,875	*
IAMGOLD Corp., Warrants (August 2008)			709,195		774,002	*
Kinross Gold Corp., Warrants (October 2007)			2,147,290		9,820,434	*
Kinross Gold Corp., Warrants (December 2007)			2,115,000		1,502,209	*
Kinross Gold Corp., Warrants (September 2011)			548,280		1,301,245	*
Nevsun Resources Ltd., Warrants (June 2008)			64,120		37,767	*
Nevsun Resources Ltd., Warrants (October 2008)			4,600		2,789	*
Northern Orion Resources, Inc., Warrants (May 2008)			1,283,960		3,136,221	*
Northern Orion Resources, Inc., Warrants (February 2010)			461,712		459,912	*
Rio Narcea Gold Mines, Warrants (September 2008)			245,450		212,603	*
Yamana Gold, Inc., Warrants (November 2008)			1,127,850		7,492,949	*
					43,129,893
Metal & Mineral Mining 1.89%
Silver Wheaton Corp., Warrants (August 2009)			1,621,240		2,106,418	*
Silver Wheaton Corp., Warrants (November 2009)			717,980		833,342	*
Silver Wheaton Corp., Warrants (December 2010)			285,640		1,274,185	*
					4,213,945
Total Warrants					47,343,838
(cost $33,715,599)
UNITS 0.63%
Gold Mining 0.63%
Peak Gold Ltd., Units
(cost $1,388,749)			2,026,000		1,393,140	*
PURCHASED OPTIONS 3.72%			Contracts
Gold Mining 3.72%
Agnico-Eagle Mines Ltd., Strike 30, Put, Expiration Jan. 2008
(premium $39,280)			160		35,200
Agnico-Eagle Mines Ltd., Strike 35, Put, Expiration Jan. 2008
(premium $55,720)			140		58,800
Barrick Gold Corp., Strike Price 20, Call, Expiration Jan. 2008
(premium $852,727)			721		677,740
Barrick Gold Corp., Strike Price 20, Call, Expiration Jan. 2009
(premium $1,116,226)			886		934,730
Barrick Gold Corp., Strike Price 25, Call, Expiration Jan. 2008
(premium $512,800)			661		370,160
Barrick Gold Corp., Strike Price 25, Call, Expiration Jan. 2009
(premium $950,632)			1,056		762,432
Crystallex International Corp., Strike Price 2.50, Call,
Expiration Jan. 2008 (premium $117,560)			785		137,375
Crystallex International Corp., Strike Price 2.50, Call,
Expiration Jan. 2009 (premium $9,750)			55		12,100
Crystallex International Corp., Strike Price 5, Call,
Expiration Jan. 2008 (premium $2,355)			35		2,800
Gammon Lake Resources, Inc., Strike Price 12.50, Call,
Expiration June 2007 (premium $169,807)			500		270,000
Gold Fields Ltd., Strike Price 12.50, Call, Expiration Jan. 2008
(premium $393,707)			614		405,240
Goldcorp, Inc., Strike Price 20, Call, Expiration Jan. 2008
(premium $847,524)			1,042		635,620
Goldcorp, Inc., Strike Price 20, Call, Expiration Jan. 2009
(premium $1,058,498)			1,005		783,900
Goldcorp, Inc., Strike Price 25, Call, Expiration Apr. 2007
(premium $29,865)			55		2,475
Goldcorp, Inc., Strike Price 25, Call, Expiration Jan. 2008
(premium $726,483)			1,342		416,020
Goldcorp, Inc., Strike Price 25, Call, Expiration Jan. 2009
(premium $703,360)			886		469,580
Goldcorp, Inc., Strike Price 30, Call, Expiration Jan. 2009
(premium $494,620)			700		245,000
Harmony Gold Mining Co., Ltd., Strike Price 12.50, Call,
Expiration Jan. 2008 (premium $720,839)			1,616		472,680
Harmony Gold Mining Co., Ltd., Strike Price 17.50, Call,
Expiration Jan. 2008 (premium $501,822)			2,228		222,800
Newmont Mining Corp., Strike Price 40, Call, Expiration
Jan. 2008 (premium $795,115)			776		465,600
Newmont Mining Corp., Strike Price 50, Call, Expiration
Jan. 2008 (premium $781,393)			1,226		220,680
Newmont Mining Corp., Strike Price 60, Call, Expiration
Jan. 2008 (premium $460,624)			1,376		61,920
Philadelphia Stock Exchange Gold & Silver Index, Strike
Price 120, Put, Expiration June 2007 (premium $503,578)			1,575		252,000
Philadelphia Stock Exchange Gold & Silver Index, Strike
Price 120, Put, Expiratino Sept. 2007 (premium $151,270)			290		104,400
Philadelphia Stock Exchange Gold & Silver Index, Strike
Price 125, Put, Expiration June 2007 (premium $194,655)			285		74,813
Philadelphia Stock Exchange Gold & Silver Index, Strike
Price 130, Put, Expiration Sept. 2007 (premium $185,045)			290		194,300
Total Purchased Options					8,288,365
(cost $12,375,255)
Total Securities					173,546,392
(cost $148,562,168)
			Principal
REPURCHASE AGREEMENT 22.88%			Amount
Joint Tri-Party Repurchase Agreement, Merrill Lynch,
03/30/07, 5.15%, due 04/02/07, repurchase price
$51,045,091, collateralized by U.S. Treasury securities
held in a joint tri-party account
(cost $51,023,194)		$	51,023,194		51,023,194
Total Investments 100.72%					224,569,586
(cost $199,585,362)
Other assets and liabilities, net (0.72)%					(1,592,566)
NET ASSETS 100%					$222,977,020
			Shares Subject
CALL OPTIONS WRITTEN			To Call		Value
Freeport-McMoRan Copper & Gold, Inc., Strike Price 50,			47,000	$	775,500
Expiration May 2007
Gammon Lake Resources, Inc., Strike Price 15, Expiration
June 2007			5,000		16,500
Harmony Gold Mining Co., Ltd., Strike Price 15, Expiration
Aug. 2007			16,000		16,800
Ivanhoe Mines Ltd., Strike Price 7.50, Expiration June 2007			44,000		180,400
Meridian Gold, Inc., Strike Price 22.50, Expiration July 2007			60,000		252,000
Yamana Gold, Inc., Strike Price 10, Expiration July 2007			66,000		303,600
Total Call Options Written				$	1,544,800
(premiums received $1,001,537)
See notes to portfolios of investments.

Notes to Portfolios of Investments (unaudited)    March 31, 2007

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
S/R Subscription Receipt	^ Security or portion of security segregated as
GDR Global Depositary Receipt	collateral for written options

General

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

Variable Rate Notes have periodic reset features, which effectively shorten the maturity dates and reset the interest rates as tied to various interest-bearing instruments. Rates shown are current rates at March 31, 2007.

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

Fair valued securities, which were primarily composed of restricted securities (see following), as a percentage of net assets at March 31, 2007, were 0.04% of China Region Opportunity, 4.19% of Global Resources, 1.48% of World Precious Minerals and 0.62% of Gold Shares.

For information on the funds' policies regarding the valuation of investments and other significant accounting policies, please refer to the most recent semi-annual or annual report.

Joint Tri-Party Repurchase Agreements

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

The terms of the joint tri-party repurchase agreements and the securities held as collateral at March 31, 2007 were:

Merrill Lynch repurchase agreement, 03/30/07, 5.15%, due 04/02/07:

Total principal amount: $474,670,638; Total repurchase price: $474,874,351

Collateral:

$485,885,000 U.S. Treasury Note, 4.125%, 08/15/08

(total collateral market value, including accrued interest, of $484,164,861)

Morgan Stanley Dean Witter repurchase agreement, 03/30/07, 5.10%, due 04/02/07:

Total principal amount: $20,000,000; Total repurchase price: $20,008,500

Collateral:

$20,593,000 U.S. Treasury Note, 3.375%, 02/15/08

(total collateral market value, including accrued interest, of $20,400,434)

Other mutual funds managed by U.S. Global Investors, Inc. participate in the joint tri-party repurchase agreements. Each owns an undivided interest in the accounts.

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, 2007.
	Shares of Affiliated Companies
	June 30, 2006	Additions	Reductions	March 31, 2007
Global Resources Fund
Bounty Industries Ltd.	9,500,000	12,500,000	-	22,000,000
Coastal Energy Co. (formerly PetroWorld Corp.)	2,000,000	5,900,000	-	7,900,000	(a)
Consolidated Thompson Iron Mines Ltd. (formerly Consolidated Thompson-Lundmark Gold Mines Ltd.)	900,000	1,253,500	(153,500)	2,000,000
Exile Resources, Inc.	2,178,675	51,325	(103,500)	2,126,500
Investika Ltd.	-	741,000	-	741,000
Ivory Energy, Inc.	1,666,500	3,086,666	-	4,753,166
Pacific Stratus Energy Ltd.	747,000	127,000	(380,350)	493,650	(a)
Red Dragon Resources Corp.	3,796,000	99,000	-	3,895,000
Revett Minerals, Inc.	4,645,300	238,800	(178,900)	4,705,200
Royalite Petroleum Co., Inc.	-	2,253,333	(20,000)	2,233,333
UMC Energy plc	1,000,000	-	-	1,000,000	(a)
At March 31, 2007, the value of investments in affiliated companies was $29,254,773, representing 2.50% of net assets, and the total cost was $22,160,588. Net realized gains on transactions were $560,895, and there was no income earned for the period.
	Shares of Affiliated Companies
	June 30, 2006	Additions	Reductions	March 31, 2007
World Precious Minerals Fund
Aberdeen International, Inc.	2,207,500	46,500	-	2,254,000
Atikwa Minerals Corp.	2,288,333	486,000	-	2,774,333
Caledon Resources plc	20,290,000	200,000	(16,414,500)	4,075,500	(a) (b)
Chesapeake Gold Corp. (Formerly American Gold Capital Corp.)	1,641,900	915,949	(1,910,900)	646,949	(a)
Diamonds North Resources Ltd.	2,650,400	280,500	(46,500)	2,884,400
Golden China Resources Corp.	1,793,000	4,693,000	(5,152,000)	1,334,000	(a) (b)
Golden Odyssey Mining, Inc.	1,473,500	172,000	(45,500)	1,600,000
Grandview Gold, Inc.	1,284,000	100,500	(2,500)	1,382,000
Linear Gold Corp.	1,033,600	151,700	(20,000)	1,165,300	(a)
Moss Lake Gold Mines Ltd.	2,698,500	287,000	-	2,985,500
Romarco Minerals, Inc.	7,980,853	6,000	(120,000)	7,866,853
Vedron Gold, Inc.	5,829,501	127,500	(646,991)	5,310,010
At March 31, 2007, the value of investments in affiliated companies was $9,951,642 representing 1.01% of net assets, and the total cost was $8,895,133. Net realized gains on transactions were $346,959, and there was no income earned for the period.
(a) At March 31, 2007, the company is no longer defined as an affiliate, although it was an affiliated company
during the period.
(b) During the period, security was subjectto a 1-for-5 reverse stock split.

Restricted Securities - Indicated in Portfolio of Investments as "RS"
The following securities are subject to legal restrictions on their resale. The issuer bears the cost of registration, if any, involved in the disposition of these securities.
SECURITY
	Acquisition	Cost per
China Region Opportunity Fund	Date	Share
Big Sky Energy Corp.	03/01/05	$0.50
At March 31, 2007, the total cost of restricted securities was $50,000, and the total value was $34,214, representing 0.04% of net assets.
	Acquisition	Cost per
Global Resources Fund	Date	Share
African Minerals, Special Warrants	07/09/03	$6.00
BA Energy, Inc.	08/11/06	$8.48
Big Sky Energy Corp.	03/01/05-08/15/05	$0.64
Chesapeake Gold Corp., Series 1, Class A, Rights	02/26/07	$15.78
Coalcorp Mining, Inc., Units	03/09/07	$0.60
Continental Minerals Corp.	02/26/07	$1.42
Continental Minerals Corp., Warrants (February 2008)	02/26/07	$0.00
Foothills Resources, Inc.	09/07/06	$1.50
Foothills Resources, Inc., Warrants (September 2011)	09/07/06	$1.50
Gran Tierra Energy, Inc.	05/31/06	$1.50
Gran Tierra Energy, Inc., Warrants (June 2011)	05/31/06	$0.00
Ivory Energy, Inc.	11/29/06	$0.66
Ivory Energy, Inc., Warrants (December 2008)	11/29/06	$0.00
Legacy Energy LLC, 144A	02/27/06	$19.00
Los Andes Copper, Ltd.	01/30/07	$0.51
Los Andes Copper, Ltd., Warrants (February 2008)	01/30/07	$0.00
Osmium Holdings S.A.	10/22/96-01/29/98	$987.07
Royalite Petroleum Co., Inc., Units	8/10/06 - 09/28/06	$1.05
Trident Resources Corp., Series B, Preferred Stock	06/08/06	$62.50
Trident Resources Corp., Warrants (March 2013)	06/08/06	$0.00
Zimasco Consolidated Enterprises Ltd.	06/15/95-09/30/99	$3.73
At March 31, 2007, the total cost of restricted securities was $31,932,546 and the total value was $35,467,035, representing 3.03% of net assets.
	Acquisition	Cost per
World Precious Minerals Fund	Date	Share
African Minerals, Special Warrants	07/09/03	$6.00
Big Sky Energy Corp.	03/01/05	$0.50
Chesapeake Gold Corp., Series 1, Class A, Rights	02/26/07	$15.01
Golden China Resources Corp., 144A	12/07/06	$0.17
Golden China Resources Corp.,144A, Warrants (December 2007)	12/07/06	$0.70
Hainan Mining Corp., Units	08/31/06	$0.76
Mindoro Resources Ltd., 144A, Units	12/28/06	$0.60
Osmium Holdings S.A.	10/22/96-01/29/98	$1,280.75
Platte River Gold U.S., Inc.	03/01/04-06/07/04	$1.15
Platte River Gold U.S, Inc., Warrants (March 2009)	03/01/04	$0.00
Platte River Gold U.S., Inc., Units	11/17/06	$3.00
Western Exploration & Development Ltd., 144A, Special Warrants	08/14/97	$0.50
Zimasco Consolidated Enterprises Ltd.	06/15/95-09/30/99	$3.73
At March 31, 2007, the total cost of restricted securities was $8,306,160, and the total value was $6,929,522, representing 0.70% of net assets.

 Call Options Written

As of March 31, 2007, portfolio securities valued at $337,800, $9,360,375, $31,319,330, and $6,406,360 were held in escrow by the custodian as cover for call options written for the China Region Opportunity Fund, the Global Resources Fund, the World Precious Minerals Fund and the Gold Shares Fund, respectively.

Transactions in written call options during the period ended March 31, 2007, were as follows:

	China Region Opportunity Fund
	Number of	Premiums
	Contracts	Received
Optinos outstanding at June 30, 2006	-	$ -
Options written	150	36,674
Options terminated in closing purchase options	-	-
Options expired	-	-
Options exercised	-	-
Options outstanding at March 31, 2007	150	$36,674

	Global Resources Fund
	Number of	Premiums
	Contracts	Received
Options outstanding at June 30, 2006	-	$-
Options written	6,375	1,879,451
Options terminated in closing purchase options	(4,350)	(1,464,069)
Options expired	-	-
Options exercised	-	-
Options outstanding at March 31, 2007	2,025	$415,382

	World Precious Minerals Fund
	Number of	Premiums
	Contracts	Received
Options outstanding at June 30, 2006	-	$-
Options written	13,845	4,738,521
Options terminated in closing purchase options	(7,700)	(2,303,089)
Options expired
Options exercised	-	-
Options outstanding at March 31, 2007	6,145	$2,435,432

	Gold Shares Fund
	Number of	Premiums
	Contracts	Received
Options outstanding at June 30, 2006	-	$-
Options written	5,480	2,010,725
Options terminated in closing purchase options	(3,100)	(1,009,188)
Options expired	-	-
Options exercised	-	-
Options outstanding at March 31, 2007	2,380	$1,001,537

TAX INFORMATION

The following table presents the income tax basis of the securities owned at March 31, 2007, and the tax basis components of net unrealized appreciation or depreciation:

	Aggregate	Gross	Gross	Net Unrealized
	Tax	Unrealized	Unrealized	Appreciation
Fund	Cost	Appreciation	Depreciation	(Depreciation)
U.S. Treasury Securities Cash	$116,325,939	$ -	$ -	$ -
U.S. Government Securities Savings	450,506,104	-	-	-
Near-Term Tax Free	13,463,638	94,519	(13,912)	80,607
Tax Free	14,130,927	570,146	(2,912)	567,234
All American Equity	19,924,722	2,636,685	(418,075)	2,218,610
China Region Opportunity	66,808,918	13,533,993	(1,771,856)	11,762,137
Global Resources	989,330,204	219,368,921	(49,976,247)	169,392,674
World Precious Minerals	810,597,777	223,365,417	(41,437,389)	181,928,028
Gold Shares	199,585,362	34,800,179	(9,815,955)	24,984,224

Item 2. Controls and Procedures

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

2.   There was no change in the registrant's internal control over financial reporting that occurred in the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits

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

Signatures

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

U.S. Global Investors Funds

By:/s/ Frank E. Holmes

Frank E. Holmes

President, Chief Executive Officer

Date:May 24 ,2007

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

By:/s/ Frank E. Holmes

Frank E. Holmes

President, Chief Executive Officer

Date:May 24, 2007

By:/s/Catherine A. Rademacher

Catherine A. Rademacher

Treasurer

Date:May 24, 2007