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 811-01800

U.S. GLOBAL INVESTORS FUNDS

Three Canal Plaza, Suite 600

Portland, Maine 04101

Jessica Chase, Principal Executive Officer

Three Canal Plaza, Suite 600

Portland, Maine 04101

207-347-2000

Date of fiscal year end: December 31

Date of reporting period: January 1, 2016 – March 31, 2016

Item 1. Schedule of Investments.

U.S. Government Securities Ultra-Short Bond Fund
Portfolio of Investments (unaudited)	March 31, 2016

United States Government and Agency Obligations 90.01%	Coupon Rate %		Maturity Date	Principal Amount		Value
Federal Farm Credit Bank 27.00%
Fixed Rates:
		1.13	09/22/17	$	2,000,000	$	2,011,134
		1.16	10/23/17		1,000,000		1,005,783
Variable Rates:
		0.42	07/08/16		2,000,000		2,000,306
		0.44	01/30/17		1,650,000		1,648,216
		0.46	04/27/17		10,000,000		9,990,070
							16,655,509
Federal Home Loan Bank 54.24%
Fixed Rates:
		1.10	12/22/16		10,000,000		10,035,220
		5.13	03/10/17		1,000,000		1,041,623
		0.88	09/22/17		1,500,000		1,505,469
		0.88	09/27/17		3,000,000		3,008,421
		1.00	12/19/17		8,000,000		8,030,680
		1.13	03/29/18		750,000		755,081
		1.70	07/26/18		3,000,000		3,010,236
		1.50	03/08/19		4,000,000		4,068,000
		1.22	04/11/19		2,000,000		1,999,040
							33,453,770
Tennessee Valley Authority 8.77%
Fixed Rates:
		6.25	12/15/17		2,930,000		3,193,624
		1.75	10/15/18		2,174,000		2,216,630
							5,410,254
Total Investments 90.01%							55,519,533
(cost $55,256,234)
Other assets and liabilities, net 9.99%							6,158,920
Net Assets 100.0%						$	61,678,453

See notes to portfolios of investments.

Near-Term Tax Free Fund
Portfolio of Investments (unaudited)	March 31, 2016

Municipal Bonds 80.48%	Coupon Rate %		Maturity Date	Principal Amount		Value
Alabama 0.98%
Alabama Public School & College Authority		5.00	12/01/16	$	290,000	$	298,471
Bessemer, Alabama Electric Revenue, Refunding, AGM		3.10	12/01/21		100,000		105,917
Huntsville City, Alabama Electric System Revenue, AGM		4.00	12/01/16		60,000		61,360
Jasper Alabama Water Works & Sewer Board, Inc., Utilities Revenue, Series A		3.00	06/01/16		90,000		90,343
Limestone County, Water & Sewer Authority		2.25	12/01/21		365,000		368,223
Mobile Alabama, Refunding, GO Unlimited, Series B		5.00	02/15/17		45,000		46,710
Pelham, Alabama, GO Unlimited		2.00	02/01/18		130,000		132,673
							1,103,697
Alaska 0.04%
Valdez Alaska, School District, GO Unlimited		4.00	06/30/17		40,000		41,586
Arizona 0.85%
Arizona Board of Regents Certificates of Participation, Series B, AMBAC		4.50	06/01/16		200,000		201,270
Arizona State Transportation Board Excise Tax Revenue		5.00	07/01/17		175,000		184,354
McAllister Academic Village LLC, Arizona State University Hassayampa Revenue, Refunding		5.75	07/01/18		200,000		220,930
Page, Arizona, Pledged Revenue, Refunding		3.00	07/01/16		350,000		351,967
							958,521
Arkansas 0.50%
Hot Springs, Arizona Wastewater Revenue		4.00	12/01/19		510,000		557,466
California 3.75%
California State, Prerefunded, GO Unlimited		5.00	09/01/35		130,000		132,356
California State, GO Unlimited		5.00	12/01/26		150,000		154,351
California State, Recreational Facility, Refunding, GO Unlimited		5.00	12/01/19		5,000		5,017
California State, Statewide Communities Development Authority, Enloe Medical Center Revenue, Series A		5.25	08/15/18		340,000		375,652
Chaffey Community College District, GO Unlimited, Series C, NATL		5.00	06/01/32		300,000		315,354
Delano, California Union High School District, Refunding, GO Unlimited, Series A, NATL		4.75	02/01/17		200,000		206,442

See notes to portfolios of investments.

Near-Term Tax Free Fund
Portfolio of Investments (unaudited)	March 31, 2016

Municipal Bonds (cont’d)	Coupon Rate %		Maturity Date	Principal Amount		Value
California (cont'd)
Elk Grove Unified School District, Community Facilities District #1, Refunding, Special Tax Revenue		2.00	12/01/16	$	310,000	$	312,080
Los Angeles Unified School District, Election 2004, GO Unlimited, Series H, AGM		5.00	07/01/32		200,000		209,746
Riverside County, California Redevelopment Successor Agency, Refunding, Tax Allocation		5.00	10/01/19		200,000		225,672
San Francisco Municipal Transportation Agency		5.00	03/01/27		1,000,000		1,214,869
Santa Clara County, California Financing Authority Revenue, Obstetrics and Gynecology, El Camino Hospital, AMBAC		5.00	02/01/18		350,000		370,153
Santa Clara Valley Transportation Authority, Series A, AMBAC		5.00	04/01/27		370,000		386,065
Santa Paula Schools Financing Authority, Santa Paula Elementary School District Revenue, AGM		4.25	11/01/22		300,000		315,219
							4,222,976
Colorado 1.24%
Denver, Colorado, Health & Hospital Authority, Healthcare Revenue, Series A		5.00	12/01/16		265,000		272,330
Pueblo County, School District No. 70, GO Unlimited		4.00	12/01/24		990,000		1,121,362
							1,393,692
Connecticut 0.67%
Bristol, Connecticut, Refunding, GO Unlimited		3.00	10/15/16		180,000		182,349
Connecticut State Health & Educational Facilities Authority Revenue, Bridgeport Hospital, Series D		5.00	07/01/19		395,000		442,534
Connecticut State, Refunding, GO Unlimited, Series E		5.00	12/15/18		125,000		129,019
							753,902
District of Columbia 0.53%
District of Columbia Income Tax Revenue, Series A		5.25	12/01/27		300,000		344,949
Washington D.C. Convention Center Authority Dedicated Tax Revenue, Refunding, Series A, AMBAC		5.00	10/01/16		250,000		255,288
							600,237

See notes to portfolios of investments.

Near-Term Tax Free Fund
Portfolio of Investments (unaudited)	March 31, 2016

Municipal Bonds (cont’d)	Coupon Rate %		Maturity Date	Principal Amount		Value
Florida 6.42%
Broward County, Florida, Civic Arena Project, Refunding, Series A, AMBAC		5.00	09/01/20	$	500,000	$	508,895
Cape Coral, Florida Gas Tax Revenue, Series A		4.00	10/01/16		255,000		259,088
Citizens Property Insurance Co., Senior Secured, Coastal Account, Revenue, Series A-1		4.00	06/01/18		100,000		106,359
Delray Beach Florida, Utilities Tax Revenue, Refunding		5.00	06/01/23		505,000		611,146
Escambia County, Florida, Health Facilities Authority Revenue, Baptist Hospital, Inc. Project, Series A		5.00	08/15/19		290,000		320,728
Florida State Board of Education Lottery Revenue, Series B, BHAC		5.00	07/01/26		100,000		106,195
Florida State Board of Governors Parking Facility Revenue, Series A		3.00	07/01/17		300,000		308,796
Florida State Department of Management Services Certificates of Participation, Refunding, Series A		5.00	08/01/19		500,000		565,535
Florida State Department of Management Services Certificates of Participation, Series A		5.00	08/01/24		340,000		374,707
Florida State Municipal Power Agency, Stanton Project Revenue, Refunding		5.13	10/01/17		300,000		319,257
Hillsborough County, Florida School Board, Refunding, Series A		4.25	07/01/25		300,000		330,636
Hillsborough County, Florida School Board, Certificates of Participation, Refunding, NATL		4.00	07/01/19		100,000		103,658
Jacksonville Florida Special Revenue, Series C		5.00	10/01/20		270,000		314,064
Leesburg, Florida Capital Improvement Revenue Bonds, Refunding		5.00	10/01/21		405,000		467,180
Margate, Florida Water & Sewer Revenue, Refunding, AGM		4.00	10/01/19		250,000		269,928
Miami - Dade County, Florida Expressway Authority Toll System Revenue, Series A		5.00	07/01/21		430,000		507,684
Miami - Dade County, Florida School Board Foundation, Series B, AGC		5.00	11/01/31		200,000		204,960
Miami - Dade County, Florida Water & Sewer Revenue System, Series A, AGM		4.00	10/01/16		235,000		238,941
Orange County School Board, Certificate of Participation, Certificates of Participation, Series A, NATL		5.00	08/01/32		275,000		290,683

See notes to portfolios of investments.

Near-Term Tax Free Fund
Portfolio of Investments (unaudited)	March 31, 2016

Municipal Bonds (cont’d)	Coupon Rate %		Maturity Date	Principal Amount		Value
Florida (cont'd)
Orlando, Florida Community Redevelopment Agency Tax Increment Revenue, Downtown District, Series A		4.00	09/01/17	$	225,000	$	231,057
Polk County, Florida School District Revenue, AGM		5.00	10/01/17		215,000		228,240
Saint Johns County, Florida Transportation Revenue, Refunding, AGM		5.00	10/01/20		310,000		360,446
Volusia County, Florida School Board Sales Tax Revenue, NATL		4.20	10/01/16		200,000		203,350
							7,231,533
Georgia 1.85%
Atlanta Downtown Development Authority, Series A, NATL		4.25	12/01/16		250,000		251,333
Carroll City-County, Georgia Hospital Authority, Tanner Medical Center, Inc. Project		5.00	07/01/18		600,000		654,534
Georgia State Municipal Electric Authority Revenue, Unrefunded, NATL		5.50	01/01/20		40,000		42,566
Georgia State Municipal Gas Authority, Toccoa Project, Refunding, AGM		5.00	06/01/22		600,000		702,174
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System and Affiliates Revenue, Anticipation Certificates, Series A		4.50	08/01/17		150,000		156,797
Gwinnett County, Georgia, Hospital Authority, Gwinnett Hospital Systems Revenue, Series B, AGM		5.00	07/01/18		250,000		271,790
							2,079,194
Guam 0.22%
Guam Education Financing Foundation Certificate of Participation, Series A		4.25	10/01/18		250,000		253,323
Idaho 0.23%
Idaho Housing & Finance Association, Grant & Revenue Anticipation, Federal Highway Trust Fund, Series A		5.00	07/15/21		225,000		263,192
Illinois 5.43%
Chicago Board of Education, GO Unlimited, NATL		5.25	12/01/19		300,000		327,105
Chicago Board of Education, Dedicated Revenues, GO Unlimited, Series F		5.00	12/01/16		300,000		308,640
Chicago, Illinois, City Colleges, GO Unlimited, AMBAC		5.00	01/01/17		115,000		117,087
Chicago, Illinois, Direct Access Bond, GO Unlimited, Series E-1 B, AMBAC		4.00	01/01/19		200,000		200,502

See notes to portfolios of investments.

Near-Term Tax Free Fund
Portfolio of Investments (unaudited)	March 31, 2016

Municipal Bonds (cont’d)	Coupon Rate %		Maturity Date	Principal Amount		Value
Illinois (cont'd)
Chicago, Illinois, O’Hare International Airport Revenue, Gen - Third Lien, Series C, AGC		5.25	01/01/23	$	250,000	$	284,643
Clinton Bond Fayette Etc Counties Community College District No. 501 Kaskaskia, GO Unlimited		5.75	12/01/19		500,000		570,700
Du Page County, Refunding, GO Unlimited		5.60	01/01/21		330,000		371,804
Du Page County School District No. 33 West Chicago, Redunding, Series B		4.00	12/01/21		1,000,000		1,110,949
Illinois Metropolitan Pier & Exposition Authority, Unrefunded, NATL (ZCB)		1.74(1)	06/15/18		415,000		399,521
Illinois Regional Transportation Authority, Series A, AMBAC		7.20	11/01/20		145,000		167,797
Illinois State, GO Unlimited		5.00	05/01/18		1,000,000		1,067,109
Lake & McHenry County, Fox Lake, Illinois, Debt Certificates, Series B		3.00	11/01/19		265,000		274,834
Springfield, Illinois Metropolitan Sanitation District, Sewer Revenue, Senior Lien, Series A		4.00	01/01/17		570,000		582,848
Will Grundy Etc Counties Community College District No. 525, Joliet Junior College Project, GO Unlimited		6.25	06/01/22		300,000		333,567
							6,117,106
Indiana 2.08%
Fort Wayne, Indiana Waterworks Utility Revenue		2.00	12/01/16		585,000		590,271
Indiana State Finance Authority, Refunding		5.00	07/01/16		200,000		202,168
Indianapolis Local Public Improvement Bond Bank, Waterworks Project, Series 2007 L, NATL		5.25	01/01/33		305,000		325,478
Merrillville Redevelopment Authority		5.00	08/15/20		350,000		401,041
Tri-Creek 2002 High School Building, AGM		5.00	07/15/19		800,000		825,864
							2,344,822
Iowa 0.38%
University of Iowa Hospitals and Clinics, Iowa State Board of Regents, Hospital Revenue, Series A		3.00	09/01/19		400,000		425,472
Kansas 0.28%
Sedgwick County, Kansas, Unified School District No. 266 Maize, GO Unlimited, NATL		5.00	09/01/17		50,000		52,958
Wichita, Kansas, Refunding, GO Unlimited, Series A		5.00	12/01/17		250,000		267,663
							320,621

See notes to portfolios of investments.

Near-Term Tax Free Fund
Portfolio of Investments (unaudited)	March 31, 2016

Municipal Bonds (cont’d)	Coupon Rate %		Maturity Date	Principal Amount		Value
Kentucky 2.49%
Bowling Green, Kentucky, GO Unlimited, Series B		4.00	09/01/16	$	215,000	$	217,956
Fort Thomas Independent School District Finance Corp., Series C		2.00	11/01/17		465,000		473,184
Jefferson County School District Finance, Refunding, Series B		4.00	12/01/22		500,000		572,410
Kentucky Asset Liability Commission, Federal Highway Trust Fund		5.00	09/01/17		450,000		475,187
Kentucky Municipal Power Agency, Power System Revenue, Prairie State Project, Series A, NATL		5.25	09/01/22		440,000		467,179
Louisville & Jefferson County Metropolitan Sewer District, Series A		5.00	05/15/23		500,000		597,100
							2,803,016
Louisiana 4.26%
Lafayette Consolidated Government, GO Unlimited		5.00	03/01/23		200,000		236,408
Louisiana Office Facilities Corp, Refunding		5.00	11/01/17		700,000		744,359
Louisiana State, GO Unlimited, Series A		5.00	08/01/26		800,000		934,080
Louisiana State, Citizens Property Insurance Corp., Revenue Bonds, Series B, AMBAC		5.00	06/01/21		245,000		246,730
Shreveport, Louisiana, Refunding		5.00	05/01/16		2,620,000		2,629,457
							4,791,034
Massachusetts 0.20%
Stoughton, Massachusetts Public Improvement, GO Limited, NATL		4.00	05/01/17		225,000		225,572
Michigan 2.98%
Detroit, Michigan Local Development Financing Authority, Refunding, Series A		5.38	05/01/18		105,000		105,119
Gibraltar, Michigan School District, Refunding, AGM		5.00	05/01/21		475,000		544,483
Michigan Public Power Agency AFEC Project Revenue, Series A		4.50	01/01/19		280,000		300,966
Michigan State, Trunk Line Revenue, Refunding		4.50	11/01/26		105,000		115,992
Michigan State Grant Anticipation Bonds, AGM		5.00	09/15/16		200,000		203,764
Michigan State Hospital Finance Authority, Trinity Health, Series A		6.00	12/01/18		200,000		225,912
Michigan Strategic Fund, Series A, AGC		5.00	10/15/17		200,000		212,256
Portage Public Schools, School Building & Site, GO Unlimited, AGM		5.00	05/01/20		300,000		324,291
Romeo Community School District, Refunding, GO Unlimited		3.00	05/01/18		500,000		520,455

See notes to portfolios of investments.

Near-Term Tax Free Fund
Portfolio of Investments (unaudited)	March 31, 2016

Municipal Bonds (cont’d)	Coupon Rate %		Maturity Date	Principal Amount		Value
Michigan (cont'd)
Wayne County, Michigan Airport Authority Revenue, Detroit Metropolitan Airport, Refunding, Series C		4.00	12/01/19	$	255,000	$	277,590
Zeeland Public Schools, Refunding, GO Unlimited		5.00	05/01/18		490,000		527,152
							3,357,980
Minnesota 1.24%
Chaska, Minnesota Electric Revenue, Refunding, Series A		3.00	10/01/17		535,000		551,740
Lake Washington Sanitary District, GO Unlimited, Series A, AGM		2.00	02/01/18		205,000		209,629
Minneapolis & St Paul, Minnesota Housing & Redevelopment Authority Health Care Systems, Children’s Health Care, Series B, AGM		4.00	08/15/16		250,000		252,740
Minneapolis & St Paul, Minnesota Metropolitan Airports Commission, Airport Revenue, Airport Revenue, Refunding, Series B, NATL		5.00	01/01/19		255,000		263,160
Royalton Independent School District No. 485, GO Unlimited, Series A		5.00	02/01/17		110,000		114,000
							1,391,269
Missouri 1.59%
Jackson County, Missouri, Special Obligation Refunding, Truman Sports Complex Project		5.00	12/01/18		215,000		237,240
Kansas City, Missouri, Refunding, Series B		5.00	08/01/19		650,000		731,107
Kansas City, Missouri Water Revenue, Series F, AGM		4.00	12/01/22		250,000		291,513
Missouri Development Finance Board, Eastland Center Project, Tax Allocation, Series A		5.00	04/01/17		250,000		260,145
Missouri State Health & Educational Facilities Authority, Southwestern Baptist University Revenue		3.00	10/01/17		265,000		272,216
							1,792,221
Nevada 0.09%
Clark County, Nevada, Prerefunded, GO Limited, AMBAC		5.00	11/01/18		65,000		66,688
Clark County, Nevada, Unrefunded, GO Limited, AMBAC		5.00	11/01/18		35,000		35,888
							102,576
New Hampshire 0.57%
New Hampshire, Federal Highway Grant Anticipation Bonds		5.00	09/01/17		200,000		211,658

See notes to portfolios of investments.

Near-Term Tax Free Fund
Portfolio of Investments (unaudited)	March 31, 2016

Municipal Bonds (cont’d)	Coupon Rate %		Maturity Date	Principal Amount		Value
New Hampshire (cont'd)
New Hampshire Health & Education Facilities Authority Revenue, Southern New Hampshire University Project		5.00	01/01/18	$	400,000	$	427,220
							638,878
New Jersey 5.06%
Atlantic City, New Jersey, Refunding Tax Appeal, GO Limited		4.00	11/01/18		500,000		408,785
Atlantic City, New Jersey Municipal Utilities Authority Revenue, Refunding, AMBAC		5.00	06/01/17		150,000		152,742
Camden County, New Jersey Improvement Authority, Refunding		4.00	01/15/18		600,000		635,028
Cumberland County, New Jersey Improvement Authority, Technical High School Project, AGM		3.00	09/01/17		550,000		566,330
Dennis Township, New Jersey, GO Unlimited		2.00	10/01/16		160,000		161,005
Elizabeth, New Jersey Parking Authority Project Revenue, Elizabethtown Plaza Redevelopment, Series B		4.00	11/01/17		255,000		267,681
Hudson County, New Jersey Improvement Authority Lease Revenue, North Hudson Regional Fire, Refunding, Series A, AGM		5.63	09/01/18		400,000		443,556
New Jersey Economic Development Authority Revenue, School Facilities Construction, Refunding		5.00	12/15/18		710,000		762,292
New Jersey Educational Facilities Authority, Montclair State University, Series A, AMBAC		5.00	07/01/31		175,000		176,897
New Jersey Health Care Facilities Financing Authority Revenue, Holy Name Medical Center, Refunding		5.00	07/01/19		215,000		239,493
New Jersey Transportation Trust Fund Authority, Series A, NATL		5.00	06/15/16		440,000		443,423
Passaic County Improvement Authority		5.00	05/01/24		700,000		835,401
Passaic Valley, New Jersey, Sewage Commissioners Revenue, Series G		5.75	12/01/21		500,000		600,075
							5,692,708
New Mexico 0.63%
Clayton, New Mexico, Jail Project Revenue, CIFG		4.00	11/01/17		235,000		239,693
Los Alamos County, New Mexico, Sales Tax Revenue		5.75	06/01/16		470,000		473,840
							713,533

See notes to portfolios of investments.

Near-Term Tax Free Fund
Portfolio of Investments (unaudited)	March 31, 2016

Municipal Bonds (cont’d)	Coupon Rate %		Maturity Date	Principal Amount		Value
New York 3.71%
Arlington Central School District, GO Unlimited		5.00	12/15/25	$	1,000,000	$	1,216,419
Long Island Power Authority Revenue, New York Electric Systems, Series E		5.00	12/01/17		330,000		338,821
Long Island Power Authority Revenue, Series B		5.00	09/01/21		465,000		547,872
Nassau County Industrial Development Agency, New York Institute of Technology Project Revenue, Refunding, Remarketing, Series A		5.00	03/01/21		350,000		384,412
New York State Dormitory Authority, Nonconstruction Supported Debt, Municipal Facilities Health Lease, Series 1		5.00	01/15/17		300,000		310,416
North Castle, New York, Public Improvement, GO Unlimited		3.88	12/01/22		210,000		221,384
Patchogue-Medford Union Free School District, GO Unlimited		5.00	10/01/17		465,000		493,635
Sodus, New York Central School District, Refunding, GO Unlimited		3.00	06/15/18		640,000		666,003
							4,178,962
North Carolina 2.28%
Beaufort County, North Carolina, GO Limited		5.00	06/01/21		200,000		232,334
Charlotte, North Carolina Certificates of Participation, Series A		5.00	10/01/21		1,000,000		1,166,059
North Carolina Medical Care Commission, Firsthealth Carolina Project, Refunding, Series C		4.00	10/01/17		420,000		440,299
North Carolina State Capital Improvement Limited Obligation, Series 2011A		5.00	05/01/16		300,000		301,131
North Carolina State Municipal Power Agency #1, Catawba Electric Revenue, Refunding, Series A		5.25	01/01/20		400,000		431,180
							2,571,003
North Dakota 0.23%
North Dakota Public Finance Authority, State Revolving Fund Program, Series A		4.00	10/01/16		250,000		254,130
Ohio 0.88%
Cleveland, Ohio, Parking Facility Revenue, Prefunding, Refunding, AGM		5.25	09/15/22		130,000		161,009
Lorain County, Ohio, Community College District, Revenue		3.25	12/01/17		650,000		677,229

See notes to portfolios of investments.

Near-Term Tax Free Fund
Portfolio of Investments (unaudited)	March 31, 2016

Municipal Bonds (cont’d)	Coupon Rate %		Maturity Date	Principal Amount		Value
Ohio (cont'd)
Marion County, Ohio, Variable Refunding, GO Limited, CIFG		4.00	12/01/20	$	150,000	$	153,582
							991,820
Oklahoma 1.03%
Edmond Public Works Authority, Revenue, Refunding		5.00	07/01/23		300,000		358,359
Oklahoma County, Oklahoma Finance Authority, Jones Public School Project		4.00	09/01/16		200,000		202,584
Oklahoma Department of Transportation, Grant Anticipation Notes, NATL		5.00	09/01/16		250,000		254,293
Oklahoma State Agricultural & Mechanical Colleges, Oklahoma State University, Series A		5.00	08/01/21		300,000		346,638
							1,161,874
Oregon 0.20%
Oregon State Facilities Authority, Legacy Health Project Revenue, Refunding, Series A		4.50	05/01/20		200,000		225,728
Pennsylvania 2.91%
Allegheny County, Pennsylvania Sanitary Authority, AGM		5.00	06/01/19		700,000		783,272
Delaware Valley, Pennsylvania, Regional Financial Authority Revenue, Permanently Fixed Business Development Services, AMBAC		5.50	08/01/18		295,000		322,819
Lycoming County, Pennsylvania Authority Health System, Susquehanna Health Systems Project, Series A		5.10	07/01/20		140,000		155,732
Muhlenberg Township, Pennsylvania, GO Unlimited, AGM		3.00	11/01/17		280,000		286,258
Pennsylvania Higher Educational Facilities Authority, State System, Higher Education Project, Refunding, Series AQ		5.00	06/15/17		275,000		289,072
Philadelphia School District, Pennsylvania, Refunding, GO Unlimited, Series E		5.25	09/01/24		625,000		686,675
Reading, Pennsylvania School District, GO Unlimited, Series A		5.00	04/01/20		400,000		440,776
Wilkes-Barre Finance Authority, University of Scranton, Refunding, Series A		5.00	11/01/19		275,000		307,131
							3,271,735

See notes to portfolios of investments.

Near-Term Tax Free Fund
Portfolio of Investments (unaudited)	March 31, 2016

Municipal Bonds (cont’d)	Coupon Rate %		Maturity Date	Principal Amount		Value
Rhode Island 0.22%
Rhode Island State Economic Development Corporation Revenue, Series A, NATL		5.00	06/15/17	$	250,000	$	252,123
South Carolina 0.88%
Spartanburg County, South Carolina Regional Health Services District, Hospital Revenue, Refunding, Series A		5.00	04/15/19		600,000		667,404
Spartanburg County, South Carolina Sanitation Sewer District, Series A, AGC		3.50	03/01/19		300,000		320,352
							987,756
Tennessee 0.63%
Haywood County, Tennessee, GO Unlimited, NATL		4.05	06/01/27		475,000		477,655
Memphis, Tennessee Sanitary Sewage System Revenue, Refunding, AGM		5.00	05/01/20		200,000		230,632
							708,287
Texas 15.92%
Addison, Texas Certificates of Obligation, GO Limited		4.50	02/15/28		140,000		149,078
Addison, Texas Certificates of Obligation, GO Unlimited		4.00	02/15/20		250,000		264,472
Annetta, Texas Certificates of Obligation, GO Limited		4.00	08/01/16		200,000		202,126
Beaumont Independent School District, GO Unlimited, PSF-GTD		5.00	02/15/23		1,000,000		1,036,759
Bexar, Texas, Venue Project, Refunding, AGM		4.00	08/15/16		1,615,000		1,633,943
Brownwood Independent School District, GO Unlimited, BAM		4.00	02/15/24		730,000		832,280
Center, Texas Certificates of Obligation, GO Limited, AGM (ZCB)		3.49(1)	02/15/20		150,000		139,758
Clear Lake, Texas, Waterworks & Sewer System, GO Unlimited		3.00	03/01/19		125,000		132,474
Conroe Independent School District, GO Unlimited, PSF-GTD		4.00	02/15/17		55,000		56,584
Corpus Christi, Texas Business & Job Development Corporation, Seawall Project, Sales Tax Revenue, Refunding		5.00	03/01/20		350,000		397,866
Dallas Area Rapid Transit, Senior Lien, AMBAC		5.00	12/01/16		585,000		601,848
Dallas, Texas Waterworks & Sewer System Revenue, Unrefunded, AMBAC		4.50	10/01/19		165,000		174,044

See notes to portfolios of investments.

Near-Term Tax Free Fund
Portfolio of Investments (unaudited)	March 31, 2016

Municipal Bonds (cont’d)	Coupon Rate %		Maturity Date	Principal Amount		Value
Texas (cont'd)
Dallas, Texas Waterworks & Sewer System Revenue, Prerefunded, AMBAC		4.50	10/01/19	$	60,000	$	63,389
Forney, Texas, GO Limited, AGM		5.00	02/15/27		500,000		518,865
Fort Bend Grand Parkway Toll Road Authority		5.00	03/01/25		1,000,000		1,191,279
Frisco, Texas Independent School District, School Building, GO Unlimited, Series A, PSF-GTD		4.50	08/15/25		180,000		188,921
Garland, Texas, GO Limited		5.00	02/15/25		650,000		741,117
Goose Creek, Texas Independent School District, GO Unlimited, Series A, PSF-GTD		5.25	02/15/18		370,000		384,915
Grand Prairie, Texas Independent School District, Refunding, GO Unlimited (ZCB)		5.02(1)	08/15/16		400,000		399,208
Greenville, Texas Independent School District, Refunding, GO Unlimited, PSF-GTD		4.00	08/15/17		120,000		121,517
Harris County, Texas, Refunding, GO Unlimited, Series B		4.50	10/01/31		220,000		224,237
Harris County, Texas Municipal Utility District No 290, GO Unlimited, Series A, BAM		1.50	09/01/17		200,000		201,756
Harris County, Texas Municipal Utility District No. 382, GO Unlimited, BAM		3.00	04/01/22		305,000		319,411
Houston Texas, Hotel Occupancy Tax, Unrefunded, Series B		5.00	09/01/19		45,000		45,784
Houston Texas, Hotel Occupancy Tax, Prerefunded, Series B		5.00	09/01/19		250,000		254,500
Houston Texas Combined Utility System Revenue, Prerefunded, AGM		5.00	11/15/27		150,000		160,089
Laredo, Texas, Waterworks & Sewer System Revenue, AGM		4.25	03/01/18		100,000		103,272
Lavaca-Navidad River Authority, Series A		4.00	08/01/22		270,000		304,136
Lavaca-Navidad River Authority, Series B		4.00	08/01/22		420,000		473,101
Lockhart, Texas Certificates of Obligation, BAM		4.00	08/01/23		830,000		949,213
Lower Colorado River Authority, Transmission Contract Revenue, Refunding, Series A		5.00	05/15/21		500,000		587,400
Montgomery County, Texas Municipal Utility District No 113, GO Unlimited, BAM		2.00	09/01/17		260,000		263,910
Montgomery County, Texas Municipal Utility District No 113, GO Unlimited, BAM		2.00	09/01/16		735,000		738,557

See notes to portfolios of investments.

Near-Term Tax Free Fund
Portfolio of Investments (unaudited)	March 31, 2016

Municipal Bonds (cont’d)	Coupon Rate %		Maturity Date	Principal Amount		Value
Texas (cont'd)
Montgomery County, Texas Municipal Utility District No 119, GO Unlimited, Series A, AGM		4.00	04/01/18	$	315,000	$	331,837
North Texas Tollway Authority Revenue, Series F		5.75	01/01/38		300,000		325,698
Olmos Park Higher Education Facilities Corp, University of the Incarnate Word, Refunding		5.00	12/01/21		500,000		587,715
Pharr, Texas, Refunding, GO Limited, Series A		5.00	08/15/20		285,000		327,995
San Antonio, Texas, Water Revenue, Refunding		4.50	05/15/21		400,000		464,812
San Marcos, Texas Tax & Toll Revenue, GO Limited, AGM		5.10	08/15/27		400,000		423,740
Texarkana, Texas Waterworks & Sanitary Sewer System Revenue		3.00	08/01/19		90,000		94,090
Texarkana, Texas Waterworks & Sanitary Sewer System Revenue		3.00	08/01/20		95,000		99,557
Texarkana, Texas, Refunding, GO Limited		5.00	02/15/21		320,000		375,760
Texas Municipal Power Agency Revenue, Refunding, AGC		5.00	09/01/17		250,000		264,390
Victoria County, Texas Junior College District, GO Limited		3.00	08/15/16		250,000		252,170
Waxahachie, Texas, Refunding, GO Limited, AMBAC		4.20	08/01/22		500,000		523,505
							17,927,078
Utah 0.98%
Salt Lake County, Utah, Westminster College Project Revenue		5.00	10/01/24		235,000		243,493
Utah State Building Ownership Authority, Lease Revenue, Refunding, Series C, AGM		5.50	05/15/19		500,000		527,885
Washington County-St George Interlocal Agency, Lease Revenue, Refunding, Series A		4.00	12/01/19		300,000		326,241
							1,097,619
Washington 3.10%
Cowlitz County, Washington, Refunding, GO Limited, Series A		3.00	04/01/18		195,000		202,348
Cowlitz County, Washington, Refunding, GO Limited, Series B		3.00	04/01/17		175,000		178,750
Energy Northwest, Columbia Station, Unrefunded		5.00	07/01/24		755,000		763,094
Kennewick, Washington, Refunding, GO Limited		4.00	12/01/16		470,000		480,312
Snohomish County, Washington Public Utility District No 1, Refunding		5.00	12/01/17		550,000		588,478

See notes to portfolios of investments.

Near-Term Tax Free Fund
Portfolio of Investments (unaudited)	March 31, 2016

 

Municipal Bonds (cont’d)	Coupon Rate %		Maturity Date	Principal Amount		Value
Washington (cont'd)
Spokane County, Washington Public Facilities District, Refunding, Series B		5.00	12/01/21	$	950,000	$	1,118,900
Washington State Health Care Facilities Authority, Seattle Children's Hospital Project		5.00	10/01/17		150,000		159,468
							3,491,350
Wisconsin 2.95%
Johnson Creek School District, Bond Anticipation Note		3.00	03/01/20		1,000,000		1,021,640
Milwaukee, Wisconsin Sewerage System Revenue, Series S5		5.00	06/01/23		500,000		614,115
New Holstein, Wisconsin Electric System Revenue		4.25	05/01/18		270,000		270,748
Waunakee Community School District, Series A		5.00	04/01/18		250,000		270,055
Wisconsin State Health & Educational Facilities Authority, Luther Hospital Project		5.00	11/15/21		1,000,000		1,124,509
Wisconsin State, Refunding, GO Unlimited, Series 2, AMBAC		4.13	11/01/16		25,000		25,225
							3,326,292
Total Investments 80.48%							90,621,884
(cost $89,152,967)
Other assets and liabilities, net 19.52%							21,973,024
Net Assets 100.0%						$	112,594,908

⁽¹⁾ Represents Yield on zero coupon bond.

See notes to portfolios of investments.

All American Equity Fund
Portfolio of Investments (unaudited)	March 31, 2016

Common Stocks 97.35%	Shares		Value
Advertising Agencies 4.01%
Omnicom Group		9,089	$	756,477
Aerospace/Defense 9.98%
Lockheed Martin Corp.		3,396		752,214
Northrop Grumman Corp.		3,810		753,999
Raytheon Co.		3,059		375,125
				1,881,338
Airlines 4.00%
Southwest Airlines Co.		16,837		754,298
Automotive - Cars & Light Trucks 2.03%
Ford Motor Co.		28,365		382,928
Cable/Satellite TV 4.04%
Comcast Corp., Class A		12,456		760,812
Coatings/Paint 2.01%
Sherwin-Williams Co.		1,331		378,896
Dental Supplies & Equipment 4.04%
Patterson Companies, Inc.		16,353		760,905
Distribution/Wholesale 4.02%
WW Grainger, Inc.		3,243		757,013
Food - Retail 2.02%
Kroger Co.		9,942		380,281
Food-Wholesale/Distribution 3.02%
Sysco Corp.		12,181		569,218
Hotels & Motels 3.02%
Wyndham Worldwide Corp.		7,433		568,104
Life/Health Insurance 3.98%
Aflac, Inc.		11,883		750,293
Medical - Hospitals 4.00%
Universal Health Services, Class B		6,042		753,558
Medical - Wholesale Drug Distribution 2.01%
Cardinal Health, Inc.		4,630		379,429
Multi-line Insurance 7.01%
Hartford Financial Services Group, Inc.		16,353		753,546
XL Group plc, Class A		15,397		566,610
				1,320,156
Retail - Apparel/Shoe 2.99%
Ross Stores, Inc.		9,737		563,772

See notes to portfolios of investments.

All American Equity Fund
Portfolio of Investments (unaudited)	March 31, 2016

Common Stocks (cont'd)	Shares		Value
Retail - Building Products 6.02%
Home Depot, Inc.		4,257	$	568,012
Lowe's Companies, Inc.		7,471		565,928
				1,133,940
Retail - Computer Equipment 3.01%
GameStop Corp., Class A		17,885		567,491
Retail - Drug Store 7.04%
CVS Health Corp.		7,278		754,947
Walgreens Boots Alliance, Inc.		6,791		572,074
				1,327,021
Retail - Gardening Products 4.01%
Tractor Supply Co.		8,350		755,341
Retail - Major Department Store 4.00%
TJX Companies, Inc.		9,625		754,119
Transport - Services 3.01%
United Parcel Service, Class B		5,372		566,585
Transport - Truck 4.02%
JB Hunt Transport Services, Inc.		9,001		758,244
Wireless Equipment 4.06%
Motorola Solutions, Inc.		10,112		765,478
Total Common Stocks				18,345,697
(cost $18,094,464)
Rights 0.04%
Food - Retail 0.04%
Casa Ley, S.A. de C.V., Contingent Value Right		7,200	7,307*@
Property Development Centers, LLC, Contingent Value Right		7,200	352*@
Total Rights				7,659
(cost $0)
Total Investments 97.39%				18,353,356
(cost $18,094,464)
Other assets and liabilities, net 2.61%				491,768
Net Assets 100.0%			$	18,845,124

See notes to portfolios of investments.

Holmes Macro Trends Fund
Portfolio of Investments (unaudited)	March 31, 2016

Common Stocks 77.34%	Shares		Value
Aerospace/Defense 3.04%
Lockheed Martin Corp.		5,316	$	1,177,494
Airlines 12.22%
Alaska Air Group, Inc.		14,291		1,172,148
Allegiant Travel Co., Class A		6,609		1,176,798
Hawaiian Holdings, Inc.		25,410		1,199,098*
Southwest Airlines Co.		26,581		1,190,829
				4,738,873
Building & Construction Products - Miscellaneous 3.11%
Trex Company, Inc.		25,157		1,205,775*
Coatings/Paint 3.01%
Sherwin-Williams Co.		4,102		1,167,716
Computer Services 2.16%
Manhattan Associates, Inc.		14,708		836,444*
Computers 2.07%
Apple, Inc.		7,381		804,455
Consulting Services 2.06%
Gartner		8,929		797,806*
Data Processing/Management 3.06%
Jack Henry & Associates		14,027		1,186,263
Diagnostic Kits 2.07%
IDEXX Laboratories		10,234		801,527*
Energy - Alternate Sources 0.09%
Pacific Green Energy Corp. (RS)		100,000	34,190*#@
Finance - Commercial 0.73%
IOU Financial, Inc.		818,300		283,530*
Finance - Credit Card 2.07%
MasterCard, Inc., Class A		8,509		804,101
Finance - Other Services 3.10%
MarketAxess Holdings, Inc.		9,623		1,201,239
Food - Miscellaneous/Diversified 1.91%
Cal-Maine Foods, Inc.		14,243		739,354
Gold Mining 0.00%
Gran Colombia Gold Corp.		500		37*
Human Resources 2.10%
Robert Half International		17,490		814,684

See notes to portfolios of investments.

Holmes Macro Trends Fund
Portfolio of Investments (unaudited)	March 31, 2016

Common Stocks (cont'd)	Shares		Value
Internet Infrastructure Software 3.07%
F5 Networks, Inc.		11,263	$	1,192,189*
Medical - Biomedical/Gene 3.97%
Gilead Sciences, Inc.		8,397		771,348
Regeneron Pharmaceuticals, Inc.		2,133		768,819*
				1,540,167
Medical - Hospitals 0.00%
African Medical Investments plc		1,000,000	0*#@
Multimedia 2.01%
FactSet Research Systems		5,148		780,076
Networking Products 2.05%
LogMeIn, Inc.		15,729		793,685*
Property/Casualty Insurance 2.02%
Universal Insurance Holdings, Inc.		43,960		782,488
Real Estate Operating/Development 0.84%
Pacific Infrastructure Ventures, Inc. (RS)		426,533	327,791*#@
Retail - Auto Parts 3.01%
O'Reilly Automotive, Inc.		4,260		1,165,792*
Retail - Building Products 3.06%
Home Depot, Inc.		8,884		1,185,392
Retail - Mail Order 2.02%
Williams-Sonoma		14,313		783,494
Retail - Restaurants 9.48%
Papa John's International		14,276		773,617
Popeyes Louisiana Kitchen		15,240		793,394*
Ruth's Hospitality Group		64,912		1,195,030
Texas Roadhouse, Class A		21,000		915,180
				3,677,221
Transport - Services 3.01%
United Parcel Service, Class B		11,085		1,169,135
Total Common Stocks				29,990,918
(cost $30,246,662)
Exchange-Traded Funds 1.67%
Direxion Daily S&P 500 Bull 3X		7,500		627,525
SPDR S&P500 ETF Trust		100		20,556
Total Exchange-Traded Funds				648,081
(cost $484,190)

See notes to portfolios of investments.

Holmes Macro Trends Fund
Portfolio of Investments (unaudited)	March 31, 2016

Warrants 0.00%	Shares		Value
Gold Mining 0.00%
Gran Colombia Gold Corp., 144A, Warrants (October 2017)		3,700	$	0*#@
Gran Colombia Gold Corp., 144A, Warrants (March 2019)		250		8*
Total Warrants				8
(cost $0)
Convertible Debentures 1.33%	Principal Amount
Gold Mining 1.33%
Gran Colombia Gold Corp., 1.00%, maturity 08/11/18	$	445,290		242,683
Gran Colombia Gold Corp., 6.00%, maturity 01/02/20		400,971		272,660
Total Convertible Debentures				515,343
(cost $402,287)
Corporate Notes 0.55%
Electric - Generation 0.55%
Pacific Power Generation Corp., 15.00%, maturity 04/03/17 (RS)		212,500	212,500#@
(cost $212,500)
Total Investments 80.89%				31,366,850
(cost $31,345,639)
Other assets and liabilities, net 19.11%				7,410,258
Net Assets 100.0%			$	38,777,108

See notes to portfolios of investments.

Global Resources Fund
Portfolio of Investments (unaudited)	March 31, 2016

Common Stocks 77.55%	Shares		Value
Agricultural Chemicals 5.16%
PhosAgro OAO, GDR		63,500	$	894,137
Syngenta, AG, Sponsored ADR		37,700		3,122,314
Yara International ASA		33,500		1,257,583
				5,274,034
Agricultural Operations 1.61%
Agriterra Ltd.		69,849,776		325,744*+
Kernel Holding S.A.		92,300		1,318,329
				1,644,073
Automotive Truck Parts & Equipment - Original 1.32%
Lear Corp.		12,100		1,345,157
Building Products - Cement/Aggregates 1.50%
Martin Marietta Materials, Inc.		3,400		542,334
Polaris Materials Corp.		81,500		97,267*
U.S. Concrete, Inc.		15,000		893,700*
				1,533,301
Building Products - Wood 1.95%
Masco Corp.		33,500		1,053,575
Universal Forest Products, Inc.		11,000		944,020
				1,997,595
Chemicals - Diversified 2.26%
Dow Chemical Co.		23,900		1,215,554
LyondellBasell Industries N.V., Class A		2,100		179,718
Westlake Chemical Corp.		19,800		916,740
				2,312,012
Chemicals - Specialty 0.98%
Balchem Corp.		16,200		1,004,724
Coal 0.15%
Caribbean Resources Corp.		4,362,314		25,191*+
Sable Mining Africa Ltd.		20,000,000		129,319*
Walter Energy, Inc., 144A		4,293		134*
				154,644
Coatings/Paint 1.39%
Sherwin-Williams Co.		5,000		1,423,350
Containers - Paper/Plastic 3.49%
Amcor Ltd.		38,000		417,279
Berry Plastics Group, Inc.		30,300		1,095,345	*
Packaging Corporation of America		16,200		978,480
Winpak Ltd.		27,900		1,074,540
				3,565,644

See notes to portfolios of investments.

Global Resources Fund
Portfolio of Investments (unaudited)	March 31, 2016

Common Stocks (cont'd)	Shares		Value
Diamonds/Precious Stones 0.03%
Diamond Fields International Ltd.		1,800,000	$	27,719*
Rockwell Diamonds, Inc., 144A		63,333		3,901*
				31,620
Diversified Minerals 2.09%
BHP Billiton Ltd., Sponsored ADR		31,900		826,210
Canada Zinc Metals Corp.		1,000,000		84,697*
Dundee Sustainable Technologies, Inc.		3,587,500		151,925*
Encanto Potash Corp., 144A		3,000,000		173,243*
Niocan, Inc., 144A		362,069		32,757*
Sumitomo Metal Mining Co., Ltd.		87,700		867,699
				2,136,531
Electric - Integrated 1.47%
NextEra Energy, Inc.		12,700		1,502,918
Energy - Alternate Sources 2.39%
First Solar, Inc.		10,400		712,088*
Pacific Green Energy Corp. (RS)		2,400,000	820,560*+#@
Vestas Wind Systems A.S.		12,900		908,931
				2,441,579
Food - Meat Products 1.77%
Hormel Foods Corp.		19,600		847,504
Tyson Foods, Inc., Class A		14,500		966,570
				1,814,074
Food - Miscellaneous/Diversified 3.09%
Cal-Maine Foods, Inc.		20,200		1,048,582
General Mills, Inc.		16,100		1,019,935
Ingredion, Inc.		10,200		1,089,258
				3,157,775
Forestry 0.71%
Bravern Ventures Ltd.		254,431		20,570*
Fibria Celulose S.A., Sponsored ADR		82,800		702,144
				722,714
Gas - Distribution 0.62%
Chesapeake Utilities Corp.		10,100		635,997
Gold Mining 9.50%
Chesapeake Gold Corp., 144A		52,400		89,973*
Corona Minerals Ltd.		100,000	230*#@
Franco-Nevada Corp.		4,700		288,486
Gran Colombia Gold Corp.		119,000		8,704*
Kinross Gold Corp.		1		3*
Klondex Mines Ltd.		1,767,800		4,723,208*
Newcrest Mining Ltd., Sponsored ADR		34,600		448,416*
NGEx Resources, Inc.		510,000		274,880*

See notes to portfolios of investments.

Global Resources Fund
Portfolio of Investments (unaudited)	March 31, 2016

Common Stocks (cont'd)	Shares		Value
Gold Mining (cont'd)
NGEx Resources, Inc.		461,000	$	251,713*
Richmont Mines, Inc.		148,300		836,412*
Rusoro Mining Ltd.		3,000,000		219,442*
Sunridge Gold Corp.		4,600,000		1,080,269*+
Sunridge Gold Corp., 144A		6,333,788		1,487,434*+
				9,709,170
Independent Power Producer 0.33%
NRG Energy, Inc.		26,200		340,862
Investment Companies 1.25%
Atlas African Industries Ltd.		255,854,621		1,277,325*+
Medical - Hospitals 0.00%
African Medical Investments plc		2,507,500	0*#@
Metal - Aluminum 1.97%
Kaiser Aluminum Corp.		10,500		887,670
Norsk Hydro ASA, Sponsored ADR		14,000		56,840
Norsk Hydro ASA		260,500		1,070,269
				2,014,779
Metal - Copper 0.05%
Catalyst Copper Corp., 144A		166,666		48,765*
Verona Development Corp.		708,800	0*#@
				48,765
Metal - Diversified 1.83%
GoviEx Uranium, Inc., Class A		755,000		43,600*
GoviEx Uranium, Inc., 144A, Class A		58,000		3,349*
Mandalay Resources Corp.		1,506,200		1,032,160
MMC Norilsk Nickel PJSC, Sponsored ADR		61,200		793,152
Orsu Metals Corp., 144A		147,605		1,989*
				1,874,250
Metal - Iron 0.02%
Oceanic Iron Ore Corp.		200,000		13,089	*
WAI Capital Investment Corp., 144A		292,500		7,883	*
				20,972
Mining Services 0.00%
Bounty Mining Ltd.		22,000,000	0*#@
Miscellaneous Manufacturing 0.96%
AptarGroup, Inc.		12,500		980,125
Natural Resource Technology 0.13%
I-Pulse, Inc., 144A (RS)		15,971	137,351*#@

See notes to portfolios of investments.

Global Resources Fund
Portfolio of Investments (unaudited)	March 31, 2016

Common Stocks (cont'd)
	Shares		Value
Non - Ferrous Metals 0.50%
Almonty Industries, Inc.		159,309	$	37,719	*
Korea Zinc Co., Ltd.		1,100		463,577
Sterling Group Ventures, Inc., 144A		500,000		7,000	*
				508,296
Office Supplies & Forms 1.18%
Avery Dennison Corp.		16,700		1,204,237
Oil & Gas Drilling 0.21%
Atwood Oceanics, Inc.		23,200		212,744
Oil Companies - Exploration & Production 2.19%
Africa Energy Corp.		2,110,889		260,052	*
BNK Petroleum, Inc.		2,600,000		710,683	*
Ivanhoe Energy, Inc.		18,719		876	*
Range Energy Resources, Inc.		15,000,000		288,739	*
Seven Generations Energy Ltd.		30,100		453,093	*
U.S. Oil Sands, Inc.		7,000,000		215,592	*
U.S. Oil Sands, Inc., 144A		9,900,000		304,909	*
				2,233,944
Oil Companies - Integrated 1.72%
BP plc, Sponsored ADR		16,900		510,042
Exxon Mobil Corp.		5,800		484,822
TOTAL S.A., Sponsored ADR		16,700		758,514
				1,753,378
Oil Refining & Marketing 5.02%
Marathon Petroleum Corp.		54,700		2,033,746
Tesoro Corp.		19,800		1,702,998
Valero Energy Corp.		21,800		1,398,252
				5,134,996
Paper & Related Products 4.57%
International Paper Co.		22,700		931,608
Mondi plc		66,300		1,267,867
Stora Enso, Class R		89,100		796,077
UPM-Kymmene		92,800		1,677,790
				4,673,342
Pipelines 0.71%
EQT Midstream Partners LP		9,800		729,414
Poultry 0.94%
Pilgrim's Pride Corp.		38,000		965,200	*
Power Converters/Supply Equipment 1.38%
Gamesa Tecnologica S.A.		71,800		1,412,978

See notes to portfolios of investments.

Global Resources Fund
Portfolio of Investments (unaudited)	March 31, 2016

Common Stocks (cont'd)	Shares		Value
Real Estate Operating/Development 5.60%
Pacific Infrastructure Ventures, Inc. (RS)		7,443,544	$	5,720,364*#@
Retail - Gardening Products 1.30%
Tractor Supply Co.		14,700		1,329,762
Steel - Producers 2.58%
JFE Holdings, Inc.		38,400		515,720
Nippon Steel & Sumitomo Metal		41,000		786,038
Severstal PAO PJSC, GDR		92,300		975,137
ThyssenKrupp AG		17,400		360,395
				2,637,290
Transportation – Marine 1.29%
DHT Holdings, Inc.		228,200		1,314,432
Water 0.34%
American States Water Co.		8,800		346,368
Total Common Stocks				79,278,086
(cost $152,980,791)
Exchange-Traded Fund 0.23%
Direxion Daily S&P Oil & Gas Exploration & Production Bull 3X Shares		4,420		234,083
(cost $216,262)
Warrants 0.12%
Gold Mining 0.12%
Gran Colombia Gold Corp., 144A, Warrants (October 2017)		86,150	0*#@
Gran Colombia Gold Corp., 144A, Warrants (March 2019)		59,500		1,833	*
New Gold, Inc., 144A, Warrants (June 2017)		822,570		45,918	*
Sunridge Gold Corp., 144A, Warrants (October 2017)		6,333,788		73,152	*+
				120,903
Metal - Copper 0.00%
Catalyst Copper Corp., 144A, Warrants (February 2017)		83,333	0*#@
Total Warrants				120,903
(cost $239,066)
Purchased Call Option 0.29%	Contracts
Oil Refining & Marketing 0.29%
Phillips 66, Strike Price 82.50, Expiration Jan. 2017		300		297,000	*
(cost $239,853)

See notes to portfolios of investments.

Global Resources Fund
Portfolio of Investments (unaudited)	March 31, 2016

Convertible Debentures 9.97%	Principal Amount		Value
Gold Mining 9.97%
Gran Colombia Gold Corp., 1.00%, maturity 08/11/18	$	7,033,624	$	3,833,325
Gran Colombia Gold Corp., 6.00%, maturity 01/02/20		9,353,172		6,360,157
Total Convertible Debentures				10,193,482
(cost $7,951,407)
Corporate Notes 2.49%
Electric - Generation 2.49%
Pacific Power Generation Corp., 15.00%, maturity 04/03/17 (RS)		2,550,000	2,550,000#@
(cost $2,549,999)
Total Investments 90.65%				92,673,554
(cost $164,177,378)
Other assets and liabilities, net 9.35%				9,560,452
Net Assets 100.0%			$	102,234,006

See notes to portfolios of investments.

World Precious Minerals Fund
Portfolio of Investments (unaudited)	March 31, 2016

Common Stocks 82.21%	Shares		Value
Advanced Materials/Products 0.40%
Nano One Materials Corp.		1,500,000	$	433,109	*
Agricultural Operations 0.15%
Agriterra Ltd.		34,045,300		158,770	*
Capital Pools 0.01%
Pinecrest Resources Ltd.		100,000		7,700	*
Coal 0.05%
Caribbean Resources Corp.		1,182,764		6,830	*
Sable Mining Africa Ltd.		7,900,000		51,081	*
				57,911
Diamonds/Precious Stones 2.12%
Lucapa Diamond Co., Ltd.		1,000,000		290,616	*
Lucara Diamond Corp.		900,000		1,912,608
Olivut Resources Ltd.		645,000		94,360	*
Rockwell Diamonds, Inc., 144A		171,667		10,574	*
				2,308,158
Diversified Minerals 2.92%
Adamera Minerals Corp.		119,543		1,841	*
Amarc Resources Ltd.		695,545		36,150	*
Burey Gold Ltd.		34,500,000		661,147	*
Calibre Mining Corp.		4,650,000		501,251	*
Duketon Mining Ltd.		1,625,134		150,105	*
Golden Reign Resources Ltd.		3,000,000		323,388	*
Indochine Mining Ltd.		4,000,000	18,397*#@
Lithium X Energy Corp.		953,350		976,289	*
Pure Energy Minerals Ltd.		1,000,000		515,881	*
				3,184,449
Gold Mining 54.86%
Algold Resources Ltd.		3,500,000		323,388	*
Almaden Minerals Ltd.		189,200		134,024	*
Atlantic Gold Corp.		1,000,000		446,583	*
Bonterra Resources, Inc.		2,500,000		904,716	*
Canyon Resources Ltd.		10,006,593		483,244	*+
Chesapeake Gold Corp., 144A		192,199		330,012	*
Comstock Mining, Inc.		2,665,000		986,050	*
Continental Gold, Inc.		225,000		297,979	*
CopperBank Resources Corp.		195,000		4,504	*
CopperBank Resources Corp., 144A		174,000		4,019	*
Corona Minerals Ltd.		1,625,000	3,737*#@
Dacian Gold, Inc.		200,000		257,593	*
Detour Gold Corp.		95,000		1,495,861	*
Doray Minerals Ltd.		1,500,000		891,780	*
Dundee Precious Metals, Inc.		525,000		848,893	*
Eastmain Resources, Inc.		1,844,000		560,832	*
Endeavour Mining Corp.		44,857		380,961	*

See notes to portfolios of investments.

World Precious Minerals Fund
Portfolio of Investments (unaudited)	March 31, 2016

Common Stocks (cont'd)	Shares		Value
Gold Mining (cont'd)
Franco-Nevada Corp.		20,000	$	1,227,600
Gold Fields Ltd., Sponsored ADR		175,000		689,500
Gold Standard Ventures Corp.		1,500,000		1,560,000	*
Goldcorp, Inc.		83,333		1,352,495
Gran Colombia Gold Corp.		192,500		14,081	*
Guyana Goldfields, Inc.		225,000		784,793	*
IDM Mining Ltd.		3,880,000		298,749	*
IDM Mining Ltd., 144A		95,000		7,315	*
Integra Gold Corp.		4,350,000		1,708,181	*
Kirkland Lake Gold, Inc.		150,000		966,699	*
Klondex Mines Ltd.		6,045,000		16,151,030	*
Lake Shore Gold Corp.		1,000,000		1,455,245	*
Lexam VG Gold, Inc., 144A		2,406,501		314,999	*
Malbex Resources, Inc., 144A		133,333		31,825	*
Mammoth Resources Corp.		2,818,000		10,849	*+
Mirasol Resources Ltd.		1,900,000		1,740,905	*
Newmarket Gold, Inc.		1,000,000		1,663,138	*
NGEx Resources, Inc.		2,000,000		1,077,960	*
Northern Star Resources Ltd.		270,000		704,283
Oban Mining Corp.		200,000		157,074	*
OceanaGold Corp.		205,348		564,460
Petaquilla Minerals Ltd., 144A		2,660,000		18,433	*
Pretium Resources, Inc.		875,000		4,686,260	*
Pure Gold Mining, Inc.		2,500,000		481,232	*
Radius Gold, Inc., 144A		2,786,000		150,160	*
Redstar Gold Corp.		10,000,000		346,487	*
Richmont Mines, Inc.		200,000		1,128,000	*
Rusoro Mining Ltd.		6,000,000		438,883	*
Rye Patch Gold Corp.		4,750,000		621,752	*
Rye Patch Gold Corp., 144A		1,800,000		235,611	*
Seafield Resources Ltd., 144A		1,300,000	0*#@
St Barbara Ltd.		2,300,000		3,505,032	*
Sunridge Gold Corp.		2,250,000		528,393	*
Sunridge Gold Corp., 144A		1,900,000		446,198	*
Taurus Gold Ltd., 144A (RS)		2,448,381	64,882*#@
Tolima Gold, Inc., 144A		4,100,000		15,784	*
TriStar Gold, Inc.		20,500,000		5,682,387	*+
Victoria Gold Corp.		1,500,000		254,090	*
Wesdome Gold Mines Ltd.		300,000		390,375	*
				59,829,316
Medical - Hospitals 0.00%
African Medical Investments plc		4,637,500	0*#@
Metal - Copper 0.11%
Catalyst Copper Corp.		52,133		15,254	*
Catalyst Copper Corp., 144A		66,667		19,506	*

See notes to portfolios of investments.

World Precious Minerals Fund
Portfolio of Investments (unaudited)	March 31, 2016

Common Stocks (cont'd)	Shares		Value
Metal - Copper (cont'd)
Rockcliff Copper Corp.		2,620,000	$	85,736	*
Verona Development Corp.		48,500	0*#@
				120,496
Metal - Diversified 10.99%
Balmoral Resources Ltd.		656,000		250,025	*
Calico Resources Corp.		4,178,500		321,732	*
Cardinal Resources Ltd.		11,109,165		1,276,632	*+
Dalradian Resources, Inc.		1,800,000		1,261,213	*
Falco Resources Ltd.		1,953,700		661,889	*
First Point Minerals Corp.		2,000,000		76,997	*
Ivanhoe Mines Ltd., Class A		100,000		64,678	*
Mandalay Resources Corp.		2,500,000		1,713,186
Mineral Mountain Resources Ltd.		10,000,000		250,241	*
Nemaska Lithium, Inc.		1,100,000		575,938	*
Nevada Sunrise Gold Corp.		325,000		47,546	*
Novo Resources Corp.		1,100,000		626,756	*
Orex Minerals, Inc.		10,177,000		3,447,838	*+
Orsu Metals Corp.		69,220		933	*
Orsu Metals Corp., 144A		1,800,000		24,254	*
Reservoir Minerals, Inc.		236,200		1,254,884	*
Silver Bull Resources, Inc.		2,350,000		129,015	*
				11,983,757
Mining Services 0.33%
Argent Minerals Ltd.		17,100,000		364,991	*+
Non-Ferrous Metals 0.03%
Energizer Resources, Inc.		517,000		31,846	*
Oil Companies - Exploration & Production 0.00%
Big Sky Energy Corp.		2,000,000	0*#@
Optical Recognition Equipment 0.00%
Nexoptic Technology Corp., 144A		12,083		3,256	*
Platinum 1.31%
Pacific North West Capital Corp.		430,555		11,603	*
Platinum Group Metals Ltd.		375,000		1,420,597	*
				1,432,200
Precious Metals 7.16%
Barsele Minerals Corp.		9,468,500		1,239,380	*+
Candente Gold Corp.		4,875,000		112,608	*+
Kootenay Silver, Inc.		1,000,000		223,292	*
Lundin Gold, Inc.		621,052		2,199,684	*
Lundin Gold, Inc., 144A		70,000		247,931	*
Roxgold, Inc.		3,272,500		2,192,165	*
Santana Minerals Ltd.		2,400,000		69,690	*
Solitario Exploration & Royalty Corp.		913,430		429,312	*

See notes to portfolios of investments.

World Precious Minerals Fund
Portfolio of Investments (unaudited)	March 31, 2016

Common Stocks (cont'd)	Shares		Value
Precious Metals (cont’d)
TMAC Resources, Inc. (RS)		167,000	$	1,099,403*#@
				7,813,465
Silver Mining 1.77%
Fortuna Silver Mines, Inc.		400,000		1,560,000	*
Santacruz Silver Mining Ltd.		1,600,000		271,030	*
Source Exploration Corp.		4,975,000		95,765	*+
				1,926,795
Total Common Stocks				89,656,219
(cost $143,537,468)
Warrants 1.13%
Diamonds/Precious Stones 0.02%
Lucapa Diamond Co., Ltd., Warrants (April 2016)		250,000		15,331	*
Diversified Minerals 0.01%
Burey Gold Ltd., Warrants (August 2017)		3,500,000		8,049	*
Gold Mining 0.82%
Alamos Gold, Inc., Warrants (August 2018)		110,000		17,786	*
Algold Resources Ltd., Warrants (December 2016)		500,000	0*#@
Algold Resources Ltd., Warrants (April 2018) (RS)		1,250,000	0*#@
Bonterra Resources, Inc., Warrants (December 2017) (RS)		625,000	77,719*#@
Bonterra Resources, Inc., Warrants (July 2018)		625,000	77,719*#@
Canyon Resources Ltd., Warrants (January 2017)		6,168,864		104,032	*+
Gran Colombia Gold Corp., 144A, Warrants (October 2017)		58,450	0*#@
Gran Colombia Gold Corp., 144A, Warrants (March 2019)		96,250		2,965	*
New Gold, Inc., 144A, Warrants (June 2017)		352,530		19,679	*
Oban Mining Corp., Warrants (August 2018)		1,000,000		23,099	*
Osisko Gold Royalties Ltd., Warrants (February 2022)		377,500		552,262	*
Skeena Resources Ltd., Warrants (October 2016)		10,000,000	0*#@
Sunridge Gold Corp., 144A, Warrants (October 2017)		1,900,000		21,944	*
Tolima Gold, Inc., 144A, Warrants (December 2016)		425,000	0*#@
Veris Gold Corp., Warrants (August 2016)		250,000	0*#@
Veris Gold Corp., Warrants (December 2016)		282,200	0*#@
				897,205
Metal - Copper 0.00%
Catalyst Copper Corp., 144A, Warrants (February 2017)		33,333	0*#@
Metal - Diversified 0.28%
Dalradian Resources, Inc., Warrants (July 2017)		1,500,000		170,356	*
HudBay Minerals, Inc., Warrants (July 2018)		17,000		3,927	*
Mineral Mountain Resources Ltd., Warrants (October 2016)		3,500,000	0*#@
Orex Minerals, Inc., 144A, Warrants (November 2017)		1,250,000	134,745*+#@
				309,028

See notes to portfolios of investments.

World Precious Minerals Fund
Portfolio of Investments (unaudited)	March 31, 2016

Warrants (cont'd)	Shares		Value
Precious Metals 0.00%
Barsele Minerals Corp., Warrants (November 2017)		1,250,000	$	0*+#@
Barsele Minerals Corp., Warrants (March 2018)		600,000	0*+#@
				0
Silver Mining 0.00%
Source Exploration Corp, Warrants (February 2017)		2,500,000	0*+#@
Total Warrants				1,229,613
(cost $1,152,361)
Special Warrant 0.00%
Gold/Mineral Exploration & Development 0.00%
Western Exploration & Development Ltd., 144A, Warrants (RS)		600,000	0*#@
(cost $300,000)
Rights 0.07%
Metal - Diversified 0.07%
Cardinal Resources Ltd.		1,500,000		74,738	*+
(cost $13,109)
Purchased Call Options 0.08%	Contracts
Gold Mining 0.08%
Goldcorp, Inc., Strike Price 17.00, Expiration Apr. 2016		1,000		31,000	*
Yamana Gold, Inc., Strike Price 3.00, Expiration Apr. 2016		3,350		58,625	*
Total Purchased Call Options				89,625
(cost $200,793)
Convertible Debentures 8.55%	Principal Amount
Gold Mining 8.55%
Gran Colombia Gold Corp., 1.00%, maturity 08/11/18	$	9,236,043		5,033,644
Gran Colombia Gold Corp., 6.00%, maturity 01/02/20		6,311,403		4,291,754
Total Convertible Debentures				9,325,398
(cost $7,285,043)
Corporate Notes 0.62%
Electric - Generation 0.62%
Pacific Power Generation Corp., 15.00%, maturity 04/03/17 (RS)		680,000	680,000#@
(cost $680,000)
Total Investments 92.66%				101,055,593
(cost $153,168,774)
Other assets and liabilities, net 7.34%				8,000,026
Net Assets 100.0%			$	109,055,619

See notes to portfolios of investments.

Gold and Precious Metals Fund
Portfolio of Investments (unaudited)	March 31, 2016

Common Stocks 74.36%	Shares		Value
Diamonds/Precious Stones 2.27%
Dominion Diamond Corp.		60,000	$	665,400
Lucara Diamond Corp.		400,000		850,048
Petra Diamonds Ltd.		275,000		416,015
				1,931,463
Gold Mining 67.05%
Agnico Eagle Mines Ltd.		50,000		1,808,000
Barrick Gold Corp.		100,000		1,358,000
Centerra Gold, Inc.		200,000		928,585
Comstock Mining, Inc.		4,621,648		1,710,010	*
Detour Gold Corp.		120,000		1,889,509	*
Doray Minerals Ltd.		1,000,000		594,520	*
Dundee Precious Metals, Inc.		700,000		1,131,858	*
Endeavour Mining Corp.		60,143		510,781	*
Franco-Nevada Corp.		35,000		2,148,300
Gold Fields Ltd., Sponsored ADR		500,000		1,970,000
Goldcorp, Inc.		266,667		4,328,005
Golden Star Resources Ltd.		1,050,000		478,800	*
Gran Colombia Gold Corp.		75,000		5,486	*
Guyana Goldfields, Inc.		225,000		784,793	*
Jaguar Mining, Inc.		5,000,000		1,174,206	*
Kirkland Lake Gold, Inc.		400,000		2,577,863	*
Klondex Mines Ltd.		4,130,000		11,034,533	*
Lake Shore Gold Corp.		1,400,000		2,037,344	*
Marlin Gold Mining Ltd.		1,000,000		338,787	*
Newmarket Gold, Inc.		1,500,000		2,494,706	*
Northern Star Resources Ltd.		1,485,000		3,873,555
OceanaGold Corp.		450,000		1,236,959
Randgold Resources Ltd., Sponsored ADR		10,000		908,100
Richmont Mines, Inc.		300,000		1,692,000	*
Royal Gold, Inc.		20,000		1,025,800
SEMAFO, Inc.		200,000		712,993	*
Silver Lake Resources Ltd.		3,000,000		707,803	*
St Barbara Ltd.		3,600,000		5,486,137	*
Torex Gold Resources, Inc.		350,000		490,472	*
Wesdome Gold Mines Ltd.		509,500		662,988	*
Yamana Gold, Inc.		300,000		912,000
				57,012,893
Medical - Hospitals 0.00%
African Medical Investments plc		2,000,000	0*#@
Metal - Diversified 1.81%
Mandalay Resources Corp.		2,250,000		1,541,867
Silver Mining 3.22%
First Majestic Silver Corp.		130,000		842,400	*
Fortuna Silver Mines, Inc.		400,000		1,560,000	*

See notes to portfolios of investments.

Gold and Precious Metals Fund
Portfolio of Investments (unaudited)	March 31, 2016

Common Stocks (cont'd)	Shares		Value
Silver Mining (cont'd)
Santacruz Silver Mining Ltd.		2,000,000	$	338,787	*
				2,741,187
Total Common Stocks				63,227,410
(cost $53,762,380)
Warrants 0.32%
Gold Mining 0.32%
Gran Colombia Gold Corp., 144A, Warrants (October 2017)		29,400	0*#@
Gran Colombia Gold Corp., 144A, Warrants (March 2019)		37,500		1,155	*
Osisko Gold Royalties Ltd., Warrants (February 2022)		183,900		269,036	*
Veris Gold Corp., Warrants (August 2016)		250,000	0*#@
Veris Gold Corp., Warrants (December 2016)		195,300	0*#@
Total Warrants				270,191
(cost $295,705)
Purchased Call Options 0.09%	Contracts
Gold Mining 0.09%
Goldcorp, Inc., Strike Price 17.00, Expiration Apr. 2016		825		25,575	*
Yamana Gold, Inc., Strike Price 3.00, Expiration Apr. 2016		2,750		48,125	*
Total Purchased Call Options				73,700
(cost $165,255)
Convertible Debentures 5.66%	Principal Amount
Gold Mining 5.66%
Gran Colombia Gold Corp., 1.00%, maturity 08/11/18	$	4,849,090		2,642,754
Gran Colombia Gold Corp., 6.00%, maturity 01/02/20		3,192,154		2,170,665
Total Convertible Debentures				4,813,419
(cost $3,760,644)

See notes to portfolios of investments.

Gold and Precious Metals Fund
Portfolio of Investments (unaudited)	March 31, 2016

Corporate Notes 0.80%	Principal Amount		Value
Coal 0.50%
Caribbean Resources Corp., 19.25%, maturity 06/15/15 (RS)	$	485,766	$	420,712#^@
Electric - Generation 0.30%
Pacific Power Generation Corp., 15.00%, maturity 04/03/17 (RS)		255,000	255,000#@
Total Corporate Notes				675,712
(cost $740,766)
Total Investments 81.22%				69,060,432
(cost $58,724,750)
Other assets and liabilities, net 18.78%				15,971,091
Net Assets 100.0%			$	85,031,523

See notes to portfolios of investments.

Emerging Europe Fund
Portfolio of Investments (unaudited)	March 31, 2016

Common Stocks 89.11%	Shares		Value
Agricultural Chemicals 1.23%
PhosAgro OAO, GDR		20,800	$	292,883
Uralkali PJSC		113,800		287,998
				580,881
Agricultural Operations 1.45%
Kernel Holding S.A.		48,005		685,660
Airlines 4.43%
Aegean Airlines S.A.		68,200		658,577
Deutsche Lufthansa		19,400		313,105
easyJet plc		5,200		113,177
Pegasus Hava Tasimaciligi A.S.		36,200		220,881	*
Ryanair Holdings plc, Sponsored ADR		2,302		197,558
Turk Hava Yollari AO		163,000		450,953	*
Wizz Air Holdings plc, 144A		5,500		145,380	*
				2,099,631
Airport Development/Maintenance 0.49%
TAV Havalimanlari Holding A.S.		38,700		230,962
Appliances 1.57%
Arcelik A.S.		40,000		271,967
Vestel Beyaz Esya Sanayi ve Ticaret A.S.		115,500		473,681
				745,648
Automotive - Cars & Light Trucks 1.73%
Ford Otomotiv Sanayi A.S.		46,800		617,000
Tofas Turk Otomobil Fabrikasi A.S.		25,000		202,791
				819,791
Automotive Truck Parts & Equipment 0.64%
Brembo S.p.A		5,900		305,035
Automotive/Truck Parts & Equipment - Replacement 0.72%
Ege Endustri ve Ticaret A.S.		3,000		339,453
Building & Construction - Miscellaneous 1.24%
Budimex S.A.		11,300		587,309
Building Products - Cement/Aggregates 0.11%
Cimsa Cimento Sanayi VE Ticaret		9,000		50,268
Cellular Telecommunication 3.73%
MegaFon PJSC, GDR		16,100		226,164
Mobile TeleSystems OJSC, Sponsored ADR		102,200		826,798
Turkcell Iletisim Hizmetleri A.S.		100,000		420,184
Turkcell Iletisim Hizmetleri A.S., Sponsored ADR		27,897		293,198
				1,766,344

See notes to portfolios of investments.

Emerging Europe Fund
Portfolio of Investments (unaudited)	March 31, 2016

Common Stocks (cont'd)	Shares		Value
Chemicals - Diversified 0.50%
Ciech S.A.		8,800	$	165,053	*
Petkim Petrokimya Holding A.S.		50,000		70,818
				235,871
Chemicals - Fibers 0.81%
Lenzing AG		4,850		383,543
Chemicals - Specialty 1.05%
Grupa Azoty S.A.		8,300		214,019
Soda Sanayii A.S.		157,000		283,522
				497,541
Commercial Banks - Non US 16.41%
Akbank T.A.S.		164,000		467,136
Akbank T.A.S., Sponsored ADR		17,500		99,400	*
Banca Transilvania S.A.		898,000		615,007	*
BRD-Groupe Societe Generale S.A.		106,000		282,625
Komercni Banka A.S.		2,850		629,027
OTP Bank plc		26,350		661,058
Sberbank of Russia, Sponsored ADR		403,000		2,796,820
Turkiye Garanti Bankasi A.S.		178,000		520,776
Turkiye Halk Bankasi A.S.		99,700		370,759
Turkiye Is Bankasi, Class C		28,959		47,930
Turkiye Vakiflar Bankasi TAO, Class D		321,000		536,936
VTB Bank PJSC, GDR		211,867		468,943
Yapi ve Kredi Bankasi A.S.		193,000		284,551
				7,780,968
Computer Services 1.56%
Asseco Poland S.A.		31,700		514,009
Luxoft Holding, Inc., Class A		4,100		225,623	*
				739,632
Distribution/Wholesale 0.63%
Neuca S.A.		3,570		298,681
Diversified Operations 0.96%
Dogan Sirketler Grubu Holding A.S.		1,880,194		359,988	*
KOC Holding A.S.		18,456		93,746
				453,734
Electric - Distribution 0.37%
Electrica S.A.		42,700		133,616
Energa S.A.		12,200		42,794
				176,410
Electric - Generation 0.31%
CEZ A.S.		4,868		85,739
Inter RAO UES PJSC		2,300,000		62,928
				148,667

See notes to portfolios of investments.

Emerging Europe Fund
Portfolio of Investments (unaudited)	March 31, 2016

Common Stocks (cont'd)	Shares		Value
Electric - Integrated 0.14%
RusHydro PJSC, Sponsored ADR		66,942	$	67,219
Electric - Transmission 0.84%
Transelectrica S.A.		53,400		399,666
Electronics - Military 1.26%
Aselsan Elektronik Sanayi Ve Ticaret		50,000		324,936
Safran S.A.		3,900		272,221
				597,157
Enterprise Software/Services 0.52%
Logo Yazilim Sanayi Ve Ticaret		12,700		246,897
Entertainment Software 0.12%
CD Projekt S.A.		8,000		55,067	*
Finance - Other Services 0.25%
Moscow Exchange MICEX-RTS PJSC		77,000		120,297
Food - Confectionery 0.50%
Ulker Biskuvi Sanayi A.S.		32,000		237,297
Food - Miscellaneous/Diversified 0.27%
Ros Agro plc, GDR		7,700		129,483
Food - Retail 5.15%
BIM Birlesik Magazalar A.S.		13,700		297,056
Magnit PJSC, Sponsored GDR		42,000		1,675,578
Migros Ticaret A.S.		74,300		470,900	*
				2,443,534
Food - Wholesale/Distribution 1.23%
Eurocash S.A.		40,700		581,289
Gambling (Non-Hotel) 0.72%
OPAP S.A.		48,700		340,960
Gold Mining 0.25%
Dundee Precious Metals, Inc.		42,000		67,911	*
Eldorado Gold Corp.		16,000		50,560
				118,471
Machinery - Farm 1.47%
Turk Traktor ve Ziraat Makineleri A.S.		23,331		695,474
Medical - Drugs 0.50%
Richter Gedeon Nyrt		11,900		237,062
Metal - Aluminum 0.11%
United Company RUSAL plc		145,000		50,227

See notes to portfolios of investments.

Emerging Europe Fund
Portfolio of Investments (unaudited)	March 31, 2016

Common Stocks (cont'd)	Shares		Value
Metal - Diversified 3.22%
KGHM Polska Miedz S.A.		29,000	$	590,282
MMC Norilsk Nickel PJSC, Sponsored ADR		68,100		882,576
Orsu Metals Corp., 144A		4,025,000		54,235	*
				1,527,093
Metal - Iron 0.67%
Magnitogorsk Iron & Steel Works OJSC, GDR		73,700		319,397
Multi-line Insurance 0.82%
Vienna Insurance Group Wiener Versicherung Gruppe AG		18,300		386,558
Oil Companies - Exploration & Production 0.11%
Novatek OAO, GDR		599		53,701
Oil Companies - Integrated 15.50%
Gazprom OAO, Sponsored ADR		519,000		2,232,872
Lukoil PJSC, Sponsored ADR		48,600		1,878,390
MOL Hungarian Oil & Gas plc		5,800		348,636
OMV AG		8,700		244,281
Polskie Gornictwo Naftowe i Gazownictwo S.A.		349,000		496,819
Rosneft OAO, GDR		248,000		1,122,794
Surgutneftegas OAO, Sponsored ADR		44,160		258,778
Tatneft PAO, Sponsored ADR		23,600		766,056
				7,348,626
Oil Refining & Marketing 2.33%
Grupa Lotos S.A.		16,000		119,342	*
Motor Oil Hellas Corinth Refineries S.A.		45,500		488,801
Polski Koncern Naftowy Orlen S.A.		1,700		33,628
Tupras Turkiye Petrol Rafinerileri A.S.		16,400		461,917
				1,103,688
Precious Metals 0.10%
Polymetal International PLC		5,000		48,591
Property/Casualty Insurance 0.44%
Powszechny Zaklad Ubezpieczen S.A.		22,000		209,369
Retail - Computer Equip 0.22%
Teknosa Ic Ve Dis Ticaret A.S.		47,000		105,552
Retail - Jewelry 0.53%
Pandora A/S		1,915		250,363
Retail - Miscellaneous/Diversified 0.12%
FF Group		3,000		58,831
Retail - Restaurants 0.47%
AmRest Holdings S.E.		4,000		223,813	*

See notes to portfolios of investments.

Emerging Europe Fund
Portfolio of Investments (unaudited)	March 31, 2016

Common Stocks (cont'd)	Shares		Value
Retail - Toy Store 0.39%
JUMBO S.A.		13,563	$	183,230
Rubber - Tires 0.83%
Goodyear Lastikleri A.S.		8,200		394,814
Steel - Producers 2.55%
Eregli Demir ve Celik Fabrikalari T.A.S.		385,000		579,588
Severstal PAO PJSC, GDR		59,700		630,723
				1,210,311
Telecom Services 3.62%
Netia S.A.		437,000		581,847
O2 Czech Republic a.s.		21,500		226,653
Orange Polska S.A.		227,800		410,963
Sistema, GDR		32,800		211,566
Turk Telekomunikasyon A.S.		121,000		286,846
				1,717,875
Telephone - Integrated 2.34%
Hellenic Telecommunications Organization S.A.		50,600		455,430
Rostelecom PJSC		446,000		654,047
				1,109,477
Tobacco 0.52%
Philip Morris CR A.S.		440		244,484
Transportation - Services 1.07%
Celebi Hava Servisi A.S.		18,976		229,675
Oesterreichische Post AG		6,850		278,167
				507,842
Total Common Stocks				42,249,744
(cost $43,342,572)
Exchange-Traded Funds 1.91%
Direxion Daily Russia Bear 3x Shares		22,500		437,850
Global X MSCI Greece ETF		62,000		466,860
Total Exchange-Traded Funds				904,710
(cost $921,656)
Purchased Call Options 0.42%	Contracts
Exchange-Traded Fund 0.42%
Market Vectors Russia ETF, Strike Price 18.00, Expiration Jan. 2017		1,500		199,500	*
(cost $266,687)

See notes to portfolios of investments.

Emerging Europe Fund
Portfolio of Investments (unaudited)	March 31, 2016

Corporate Note 0.12%	Principal Amount		Value
Transportation - Services 0.12%
Baghlan Group FZCO, 14.75%, maturity 06/27/15	$	1,345,845	$	57,754*^#@
(cost $1,350,345)
Total Investments 91.56%				43,411,708
(cost $45,881,260)
Other assets and liabilities, net 8.44%				4,000,204
Net Assets 100.0%			$	47,411,912

See notes to portfolios of investments.

China Region Fund
Portfolio of Investments (unaudited)	March 31, 2016

Common Stocks 87.98%	Shares		Value
Airlines 0.98%
China Southern Airlines Co., Ltd., Sponsored ADR		4,700	$	146,828
Automotive - Cars & Light Trucks 3.55%
Great Wall Motor Co., Ltd., H shares		34,500		28,016
Guangzhou Automobile Group Co., Ltd., H shares		485,000		504,432
				532,448
Automotive/Truck Parts & Equipment - Original 0.11%
Nexteer Automotive Group Ltd.		16,000		16,466
Building & Construction Products - Miscellaneous 1.75%
China Lesso Group Holdings Ltd.		487,000		261,796
Casino Hotels 0.11%
NagaCorp Ltd.		26,000		16,661
Cellular Telecommunication 4.08%
Hutchison Telecommunications Hong Kong Holdings Ltd.		790,000		278,296
SmarTone Telecommunications Holdings Ltd.		200,000		333,383
				611,679
Circuit Boards 0.19%
Zhen Ding Technology Holding Ltd.		13,000		29,083
Commercial Banks - Non US 7.28%
Bank Rakyat Indonesia Persero Tbk PT		165,000		141,990
Hang Seng Bank Ltd.		35,000		619,290
Huishang Bank Corp., Ltd., H shares		685,000		331,190
				1,092,470
Computers-Memory Devices 0.96%
ASPEED Technology Ltd.		13,500		143,493
Diversified Financial Services 0.29%
Haitong International Securities Group Ltd.		76,000		43,961
Electric - Distribution 0.72%
Manila Electric Co.		15,400		108,034
Electronic Components - Miscellaneous 5.70%
AAC Technologies Holdings, Inc.		65,000		496,990
Cowell e Holdings, Inc.		260,000		106,468	*
Hon Hai Precision Industry Co., Ltd.		60,000		157,935
Pegatron Corp.		40,000		93,120
				854,513
Electronic Components - Semiconductors 0.51%
SK Hynix, Inc.		3,100		76,315
Energy - Alternate Sources 2.39%
Beijing Jingneng Clean Energy Co., Ltd., H shares		905,000		289,570

See notes to portfolios of investments.

China Region Fund
Portfolio of Investments (unaudited)	March 31, 2016

Common Stocks (cont'd)	Shares		Value
Energy - Alternate Sources (cont'd)
Gigasolar Materials Corp.		4,000	$	69,220
				358,790
Enterprise Software/Services 0.34%
Sinosoft Technology Group Ltd.		100,000		50,812
Entertainment Software 0.48%
NetEase, Inc., Sponsored ADR		500		71,790
Finance - Investment Banker/Broker 4.55%
CITIC Securities Co., Ltd., H shares		225,000		527,860
Haitong Securities Co., Ltd., H shares		90,000		153,863
				681,723
Finance - Other Services 1.44%
Hong Kong Exchanges and Clearing Ltd.		7,000		168,673
Singapore Exchange Ltd.		7,900		46,553
				215,226
Food - Meat Products 0.40%
WH Group Ltd., 144A		83,000		60,027	*
Gas - Distribution 3.34%
China Resources Gas Group Ltd.		60,000		171,362
ENN Energy Holdings Ltd.		60,000		329,770
				501,132
Industrial Automation/Robots 0.51%
Hollysys Automation Technologies Ltd.		3,600		75,780	*
Internet Application Software 7.09%
Tencent Holdings Ltd.		52,000		1,063,107
Internet Content - Entertainment 0.90%
Com2uS Corp.		1,242		134,720	*
Investment Management/Advisory Services 3.22%
Value Partners Group Ltd.		460,000		483,024
Life/Health Insurance 3.83%
Cathay Financial Holding Co., Ltd.		28,000		33,500
China Life Insurance Co., Ltd.		20,000		15,394
China Life Insurance Co., Ltd., H shares		55,000		135,149
China Pacific Insurance Group Co., Ltd., H shares		85,000		319,214
New China Life Insurance Co., Ltd., H shares		20,000		70,689
				573,946
Machine Tools & Related Products 2.19%
Techtronic Industries Co., Ltd.		83,000		328,804

See notes to portfolios of investments.

China Region Fund
Portfolio of Investments (unaudited)	March 31, 2016

Common Stocks (cont'd)	Shares		Value
Medical - Biomedical/Gene 1.02%
Bloomage BioTechnology Corp., Ltd.		70,000	$	153,307
Medical - Drugs 0.31%
Daewon Pharmaceutical Co., Ltd.		2,698		46,897
Medical Products 0.68%
China Medical System Holdings Ltd.		73,000		101,324
Metal Processors & Fabricators 0.55%
Catcher Technology Co., Ltd.		10,000		81,958
Multi-line Insurance 0.44%
China Taiping Insurance Holdings Co., Ltd.		30,000		66,073	*
Non - Ferrous Metals 0.05%
Sterling Group Ventures, Inc.		500,000		7,000	*
Petrochemicals 1.66%
Danhua Chemical Technology Co., Ltd., B shares		2		1	*
Sinopec Shanghai Petrochemical Co., Ltd., Sponsored ADR		4,933		248,722
				248,723
Photo Equipment & Supplies 2.39%
Largan Precision Co., Ltd.		1,000		77,509
Sunny Optical Technology Group Co., Ltd.		100,000		281,371
				358,880
Physicians Practice Management 0.47%
Town Health International Medical Group Ltd.		375,000		70,635
Power Converters/Supply Equipment 2.67%
Boer Power Holdings Ltd.		48,000		37,899
China High Speed Transmission Equipment Group Co., Ltd.		100,000		83,307
Xinjiang Goldwind Science & Technology Co., Ltd., H shares		195,000		279,699
				400,905
Property/Casualty Insurance 4.52%
Dongbu Insurance Co., Ltd.		1,700		113,064
People's Insurance Group of China Ltd., H shares		180,000		76,433
PICC Property & Casualty Co., Ltd., H shares		265,000		487,936
				677,433
Public Thoroughfares 2.18%
Zhejiang Expressway Co., Ltd., H shares		304,000		326,222
Real Estate Operating/Development 4.53%
China Vanke Co., Ltd., H shares		35,000		85,888
Future Land Development Holdings Ltd.		1,060,000		144,838
Pakuwon Jati Tbk PT		12,285,000		447,899
				678,625

See notes to portfolios of investments.

China Region Fund
Portfolio of Investments (unaudited)	March 31, 2016

Common Stocks (cont'd)	Shares		Value
Retail - Apparel/Shoe 1.84%
ANTA Sports Products Ltd.		125,000	$	275,180
Retail - Jewelry 0.00%
Lao Feng Xiang Co., Ltd., B shares		1		4
Semiconductor Equipment 0.59%
Wonik IPS Co., Ltd.		9,000		87,814	*
Shipbuilding 0.10%
Yangzijiang Shipbuilding Holdings Ltd.		21,000		15,252
Telecom Services 3.99%
Globe Telecom, Inc.		990		47,721
PCCW Ltd.		850,000		550,556
				598,277
Therapeutics 1.01%
Dawnrays Pharmaceutical (Holdings) Ltd.		190,000		151,797
Water Treatment Systems 2.10%
CT Environmental Group Ltd.		1,072,000		315,138
Total Common Stocks				13,194,072
(cost $12,912,374)
Exchange-Traded Fund 1.63%
Direxion Daily FTSE China Bull 3X Shares		17,000		243,950
(cost $174,827)
Total Investments 89.60%				13,438,022
(cost $13,087,201)
Other assets and liabilities, net 10.40%				1,559,200
Net Assets 100.0%			$	14,997,222

See notes to portfolios of investments.

Notes to Portfolios of Investments (unaudited) March 31, 2016

Legend

* Non-income producing security.

+ Affiliated company (see following)

# Illiquid Security

^ In default on interest payments. Rate shown represents the last coupon rate prior to default.

@ Security was fair valued at March 31, 2016, by U.S. Global Investors, Inc. (Adviser) (other than international securities fair valued pursuant to systematic fair value models) in accordance with valuation procedures approved by the Board of Trustees. See the Fair Valuation of Securities section of these Notes to Portfolios of Investments for further discussion of fair valued securities. See further information and detail on restricted securities in the Restricted Securities section of these Notes to Portfolios of Investments.

144A Pursuant to Rule 144A of the Securities Act of 1933, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The market value of these securities and percentage of net assets as of March 31, 2016 amounted to $8, 0.00%, of Holmes Macro Trends Fund, $2,419,591, 2.37%, of Global Resources Fund, $2,104,092, 1.93%, of World Precious Minerals Fund, $1,155, 0.00%, of Gold and Precious Metals Fund, $199,615, 0.42%, of Emerging Europe Fund and $60,027, 0.40%, of China Region Fund.

ADR American Depositary Receipt

AGC Assured Guaranty Corporation

AGM Assured Guaranty Municipal

AMBAC American Municipal Bond Assurance Corporation

BAM Build America Mutual Assurance Company

BHAC Berkshire Hathaway Insurance Corporation

CIFG CIFG Assurance North America Incorporated

GDR Global Depositary Receipt

GO General Obligation Bond

NATL National Public Finance Guarantee Corporation

PSF-GTD Texas Public School Fund Guarantee

RS Restricted Security (see following)

ZCB Zero Coupon Bond

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, 2016.

Principal amounts are in U.S. dollars unless otherwise noted.

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

Notes to Portfolios of Investments (unaudited) March 31, 2016

Security Valuations

The Funds value investments traded on national or international securities exchanges or over the counter at the last sales price reported by the security’s primary exchange of its market at the time of daily valuation. Options and securities for which no sale was reported are valued at the mean between the last reported bid and asked quotation. Short-term investments with effective maturities of sixty days or less at the date of purchase are valued at amortized cost, which approximates market value. Municipal securities, long-term U.S. government obligations and corporate debt securities are valued by an independent pricing service using an evaluated quote based on such factors as institutional size trading in similar groups of securities, yield, quality, maturity, coupon rate, type of issue, individual trading characteristics and other market data.

Fair Valuation of Securities

Securities for which market quotations are not readily available or which are subject to legal restrictions are valued at their fair value as determined in good faith by the Adviser’s Valuation Committee, under policies and procedures established by the Funds’ Board of Trustees. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Valuation Committee meets on a regular basis to review securities which may not have readily available market prices and considers a number of factors in determining fair value, including nature and duration of any trading restrictions, trading volume, market values of unrestricted shares of the same or similar class, investment management’s judgment regarding the market experience of the issuer, financial status and other operational and market factors affecting the issuer, issuer’s management, quality of the underlying property based on review of independent geological studies and other relevant matters. The fair values may differ from what would have been used had a broader market for these securities existed. The Valuation Committee regularly reviews inputs and assumptions and performs transactional back-testing and disposition analysis. The Valuation Committee reports quarterly to the Funds’ Board of Trustees.

For securities traded on international exchanges, if events which may materially affect the value of a Fund's securities occur after the close of the primary exchange and before a Fund’s net asset value is next determined, then those securities will be valued at their fair value as determined in good faith under the supervision of the Board of Trustees. The Funds use a systematic fair value model provided by an independent third party to value international securities primarily traded on an exchange or market outside the Western Hemisphere in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the New York Stock Exchange.

The Funds use a three-tier hierarchy based on the inputs used in valuation to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs are inputs from independent sources, while unobservable inputs are inputs that reflect the Funds’ own assumptions.

Notes to Portfolios of Investments (unaudited) March 31, 2016

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term U.S. government obligations maturing in sixty days or less are valued using amortized cost. Generally, amortized cost reflects the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. Because of the inherent uncertainties of valuation, the values reflected in the portfolios may materially differ from the values received upon actual sale of those investments.

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

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

Level 2 – Prices determined using significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Short-term securities with maturities of sixty days or less are valued at amortized cost, which approximates market value, and are categorized as Level 2 in the hierarchy. Municipal securities, long-term U.S. government obligations and corporate debt securities are valued in accordance with the evaluated price supplied by the pricing service and generally categorized as Level 2 in the hierarchy. Other securities that are categorized as Level 2 in the hierarchy include, but are not limited to, warrants that do not trade on an exchange, securities valued at the mean between the last reported bid and ask quotation and international equity securities valued by an independent third party in order to adjust for stale pricing.

Level 3 – Prices determined using significant unobservable inputs (including the Fund’s own assumptions). For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used in determining fair value.

The following table summarizes the valuation of each Fund’s securities as of March 31, 2016, using the fair value hierarchy:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
U.S. Government Securities Ultra-Short Bond Fund
Investments in Securities*
United States Government and Agency Obligation	$	—	$	55,519,533	$	—	$	55,519,533
Total	$	—	$	55,519,533	$	—	$	55,519,533

Near-Term Tax Free Fund
Investments in Securities*
Municipal Bonds	$	—	$	90,621,884	$	—	$	90,621,884
Total	$	—	$	90,621,884	$	—	$	90,621,884

Notes to Portfolios of Investments (unaudited) March 31, 2016

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
All American Equity Fund
Investments in Securities*
Common Stocks	$	18,345,697	$	—	$	—	$	18,345,697
Rights		—		—		7,659		7,659
Total	$	18,345,697	$	—	$	7,659	$	18,353,356

Holmes Macro Trends Fund
Investments in Securities*
Common Stocks:
Energy - Alternate Sources	$	—	$	—	$	34,190	$	34,190
Medical - Hospitals		—		—		—		—
Real Estate Operating/Development		—		—		327,791		327,791
All Other Common Stocks		29,628,937		—		—		29,628,937
Convertible Debentures		—		515,343		—		515,343
Corporate Notes		—		—		212,500		212,500
Exchange-Traded Funds		648,081		—		—		648,081
Warrants		—		8		—		8
Total	$	30,277,018	$	515,351	$	574,481	$	31,366,850

Global Resources Fund
Investments in Securities*
Common Stocks:
Agricultural Chemicals	$	3,122,314	$	2,151,720	$	—	$	5,274,034
Agricultural Operations		—		1,644,073		—		1,644,073
Coal		25,325		129,319		—		154,644
Containers - Paper/Plastic		3,148,365		417,279		—		3,565,644
Diamonds/Precious Stones		27,719		3,901		—		31,620
Diversified Minerals		1,236,075		900,456		—		2,136,531
Energy - Alternate Sources		712,088		908,931		820,560		2,441,579
Gold Mining		9,457,227		251,713		230		9,709,170
Investment Companies		—		1,277,325		—		1,277,325
Medical - Hospitals		—		—		—		—
Metal - Aluminum		944,510		1,070,269		—		2,014,779
Metal - Diversified		1,827,301		46,949		—		1,874,250
Mining Services		—		—		—		—
Natural Resource Technology		—		—		137,351		137,351
Non - Ferrous Metals		37,719		470,577		—		508,296
Paper & Related Products		931,608		3,741,734		—		4,673,342
Power Converters/Supply Equipment		—		1,412,978		—		1,412,978
Real Estate Operating/Development		—		—		5,720,364		5,720,364
Steel - Producers		—		2,637,290		—		2,637,290
All Other Common Stocks		34,064,816		—		—		34,064,816
Exchange-Traded Fund		234,083		—		—		234,083
Warrants:
Gold Mining		73,152		47,751		—		120,903
Metal - Copper		—		—		—		—
Purchased Call Option		—		297,000		—		297,000
Convertible Debentures		—		10,193,482		—		10,193,482
Corporate Notes		—		—		2,550,000		2,550,000
Total	$	55,842,302	$	27,602,747	$	9,228,505	$	92,673,554

Notes to Portfolios of Investments (unaudited) March 31, 2016

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
World Precious Minerals Fund
Investments in Securities*
Common Stocks:
Agricultural Operations	$	—	$	158,770	$	—	$	158,770
Coal		6,830		51,081		—		57,911
Diamonds/Precious Stones		2,006,968		301,190		—		2,308,158
Diversified Minerals		3,015,947		150,105		18,397		3,184,449
Gold Mining		53,997,064		5,763,633		68,619		59,829,316
Medical - Hospitals		—		—		—		—
Metal - Diversified		10,581,366		1,405,647		—		11,987,013
Mining Services		—		364,991		—		364,991
Oil Companies - Exploration & Production		—		—		—		—
Precious Metals		7,743,775		69,690		—		7,813,465
All Other Common Stocks		3,952,146		—		—		3,952,146
Warrants:
Diamonds/Precious Stones		—		15,331		—		15,331
Diversified Minerals		—		8,049		—		8,049
Gold Mining		39,730		857,475		—		897,205
Metal - Copper		—		—		—		—
Metal - Diversified		—		309,028		—		309,028
Silver Mining		—		—		—		—
Special Warrant		—		—		—		—
Rights		74,738		—		—		74,738
Purchased Call Options		—		89,625		—		89,625
Convertible Debentures		—		9,325,398		—		9,325,398
Corporate Notes		—		—		680,000		680,000
Total	$	81,418,564	$	18,870,013	$	767,016	$	101,055,593

Gold and Precious Metals Fund
Investments in Securities*
Common Stocks:
Gold Mining	$	46,350,878	$	10,662,015	$	—	$	57,012,893
Medical - Hospitals		—		—		—		—
All Other Common Stocks		6,214,517		—		—		6,214,517
Warrants		—		270,191		—		270,191
Purchased Call Options		—		73,700		—		73,700
Convertible Debentures		—		4,813,419		—		4,813,419
Corporate Notes		—		—		675,712		675,712
Total	$	52,565,395	$	15,819,325	$	675,712	$	69,060,432

Emerging Europe Fund
Investments in Securities*
Common Stocks:
Airlines	$	197,558	$	1,902,073	$	—	$	2,099,631
Cellular Telecommunication		1,119,996		646,348		—		1,766,344
Commercial Banks - Non US		2,896,220		4,884,748		—		7,780,968
Computer Services		225,623		514,009		—		739,632
Gold Mining		118,471		—		—		118,471
Metal - Diversified		936,811		590,282		—		1,527,093
Oil Companies - Integrated		3,123,034		4,225,592		—		7,348,626
All Other Common Stocks		—		20,868,979		—		20,868,979
Exchange-Traded Funds		904,710		—		—		904,710

Notes to Portfolios of Investments (unaudited) March 31, 2016

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Emerging Europe Fund (cont’d)
Purchased Call Options		—		199,500		—		199,500
Corporate Note		—		—		57,754		57,754
Total	$	9,522,423	$	33,831,531	$	57,754	$	43,411,708

China Region Fund
Investments in Securities*
Common Stocks:
Airlines	$	146,828	$	—	$	—	$	146,828
Entertainment Software		71,790		—		—		71,790
Industrial Automation/Robots		75,780		—		—		75,780
Petrochemicals		248,722		1		—		248,723
Semiconductor Equipment		—		87,814		—		87,814
All Other Common Stocks		—		12,563,137		—		12,563,137
Exchange-Traded Fund		243,950		—		—		243,950
Total	$	787,070	$	12,650,952	$	—	$	13,438,022

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

The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy during the period December 31, 2015, through March 31, 2016:

Fund	Transfers From Level 1 to Level 2*	Transfers From Level 2 to Level 1*
Global Resources Fund	-	321,430(1)
World Precious Minerals Fund	-	717,491(1)
	-	1,455,245(2)
Gold and Precious Metals Fund	-	416,015(1)
	-	2,037,344(2)

* The Funds’ policy is to recognize transfers in and transfers out as of the end of the reporting period.

⁽¹⁾ Securities were valued at a quoted price at the end of the current period, but at the mean between bid and ask quotations at the end of the prior fiscal year.

⁽²⁾ Transfers resulted from the expiration of a regulatory hold.

Notes to Portfolios of Investments (unaudited) March 31, 2016

The following is a reconciliation of assets for which unobservable inputs (Level 3) were used in determining fair value during the period December 31, 2015 through March 31, 2016:

	Rights		Total
All American Equity Fund
Beginning Balance 12/31/15	$	7,659	$	7,659
Ending Balance 03/31/16	$	7,659	$	7,659
Net change in unrealized appreciation (depreciation) from Investments held as of 03/31/16(1)
	$	-	$	-

	Common Stocks		Convertible Debentures			Corporate Notes		Total
Holmes Macro Trends Fund
Beginning Balance 12/31/15	$	349,510	$	190,575		$	212,500	$	752,585
Purchases		-		211,750			-		211,750
Sales		-		(211,750	)		-		(211,750	)
Total realized gain (loss)		-		(167,750	)		-		(167,750	)
Net change in unrealized appreciation
(depreciation)		12,471		249,835			-		262,306
Transfers out of Level 3*		-		(272,660	)		-		(272,660	)
Ending Balance 03/31/16	$	361,981	$	-		$	212,500	$	574,481
Net change in unrealized appreciation (depreciation) from Investments held as of 03/31/16(1)
	$	12,471	$	-		$	-	$	12,471

	Common Stocks			Convertible Debentures			Corporate Notes		Total
Global Resources Fund
Beginning Balance 12/31/15	$	6,751,495		$	4,428,765		$	2,550,000	$	13,730,260
Purchases		-			4,941,764			-		4,941,764
Sales		-			(4,920,850	)		-		(4,920,850	)
Total realized gain (loss)		-			(3,901,360	)		-		(3,901,360	)
Net change in unrealized appreciation
(depreciation)		(72,973	)		5,811,838			-		5,738,865
Transfers out of Level 3*		-			(6,360,157	)		-		(6,360,157	)
Ending Balance 03/31/16	$	6,678,522		$	-		$	2,550,000	$	9,228,522
Net change in unrealized appreciation (depreciation) from Investments held as of 03/31/16(1)
	$	(72,973	)	$	-		$	-	$	(72,973	)

	Common Stocks		Warrants		Special Warrants		Convertible Debentures			Corporate Notes		Total
World Precious Minerals Fund
Beginning Balance 12/31/15	$	72,013	$	-	$	-	$	2,999,700		$	680,000	$	3,751,713
Purchases		-		-		-		3,333,000			-		3,333,000
Sales		-		-		-		(3,333,000	)		-		(3,333,000	)
Total realized gain (loss)		-		-		-		(2,644,400	)		-		(2,644,400	)
Net change in unrealized appreciation
(depreciation)		15,003		-		-		3,936,454			-		3,951,457
Transfers out of Level 3*		-		-		-		(4,291,754	)		-		(4,291,754	)
Ending Balance 03/31/16	$	87,016	$	-	$	-	$	-		$	680,000	$	767,016
Net change in unrealized appreciation (depreciation) from Investments held as of 03/31/16(1)
	$	15,003	$	-	$	-	$	-		$	-	$	15,003

Notes to Portfolios of Investments (unaudited) March 31, 2016

	Common Stocks		Warrants		Convertible Debentures			Corporate Notes			Total
Gold and Precious Metals Fund
Beginning Balance 12/31/15	$	-	$	-	$	1,517,175		$	740,766		$	2,257,941
Purchases		-		-		1,685,750			-			1,685,750
Sales		-		-		(1,685,750	)		-			(1,685,750	)
Total realized gain (loss)		-		-		(1,333,310	)		-			(1,333,310	)
Net change in unrealized appreciation
(depreciation)		-		-		1,986,800			(65,054	)		1,921,746
Transfers out of Level 3*						(2,170,665	)					(2,170,665	)
Ending Balance 03/31/16	$	-	$	-	$	-		$	675,712		$	675,712
Net change in unrealized appreciation (depreciation) from Investments held as of 03/31/16(1)
	$	-	$	-	$	-		$	(65,054	)	$	-

	Corporate Note			Total
Emerging Europe Fund
Beginning Balance 12/31/15	$	60,525		$	60,525
Net change in unrealized appreciation
(depreciation)		(2,771	)		(2,771	)
Ending Balance 03/31/16	$	57,754		$	57,754
Net change in unrealized appreciation (depreciation) from Investments held as of 03/31/16(1)
	$	(2,771	)	$	(2,771	)

	Common Stocks			Total
China Region Fund
Beginning Balance 12/31/15	$	233,670		$	233,670
Sales		(91,764	)		(91,764	)
Total realized gain (loss)		(4,549	)		(4,549	)
Net change in unrealized appreciation
(depreciation)		(51,469	)		(51,469	)
Transfers out of Level 3*		(85,888	)		(85,888	)
Ending Balance 03/31/16	$	-		$	-
Net change in unrealized appreciation (depreciation) from Investments held as of 03/31/16(1)
	$	-		$	-

* The Funds' policy is to recognize transfers in and transfers out as of the end of the reporting period.

⁽¹⁾ The amounts shown represent the net change in unrealized appreciation (depreciation) attributable to only those investments still held and classified as Level 3 at March 31, 2016.

Notes to Portfolios of Investments (unaudited) March 31, 2016

Significant unobservable inputs developed by the Valuation Committee for Level 3 investments held at March 31, 2016 are as follows:

		Fair Value at	Valuation	Unobservable
		03/31/16	Technique(s)	Input	Range (Weighted Average)
All American Equity Fund
Investments in Securities
	Rights	$7,659	Market Transaction (1)	Discount	0%
Holmes Macro Trends Fund
Investments in Securities
	Common Stocks	34,190	Market Transaction (1)	Discount	66% - 100% discount (67% discount)
	Common Stocks	327,791	Method of Comparables Pricing (2)	Multiples	4.1 - 12.3 (6.3)
	Corporate Note	212,500	Market Transaction (1)	Discount	0%
Global Resources Fund
Investments in Securities
	Common Stocks	958,141	Market Transaction (1)	Discount	0% - 100% discount (73% discount)
	Common Stocks	5,720,364	Method of Comparables Pricing (2)	Multiples	4.1 - 12.3 (6.3)
	Corporate Note	2,550,000	Market Transaction (1)	Discount	0%
World Precious Minerals Fund
Investments in Securities
	Common Stocks	87,016	Market Transaction (1)	Discount	100% discount - 32% premium (95% discount)
	Warrants	-	Market Transaction (1)	Discount	100%
	Special Warrants	-	Market Transaction (1)	Discount	100%
	Corporate Note	680,000	Market Transaction (1)	Discount	0%
Gold and Precious Metals Fund
Investments in Securities
	Common Stocks	-	Market Transaction (1)	Discount	100%
	Warrants	-	Market Transaction (1)	Discount	100%
	Corporate Notes	675,712	Market Transaction (1)	Discount	0%
Emerging Europe Fund
Investments in Securities
	Corporate Note	57,754	Market Transaction (1)	Discount	96%

⁽¹⁾ Market Transaction refers to most recent known market transaction, including transactions in which the fund participated, as adjusted for any discount or premium as discussed below.

⁽²⁾ The Method of Comparables Pricing valuation technique involves determining a comparable group of companies that exhibit similar characteristics to that of the Level 3 security (the Comparables), gathering information about the Comparables to determine their range of valuation multiples and selecting the appropriate multiple within the determined range of the Comparables to apply in valuing the Level 3 security.

The majority of securities classified as Level 3 are private companies. The initial valuation is usually cost, which is then adjusted as determined by the Valuation Committee for subsequent known market transactions and evaluated for progress against anticipated milestones and current operations. An evaluation that the holding no longer meets expectations could result in the application of discounts and a significantly lower fair valuation. For certain securities, the last known market transaction is increased or decreased by changes in a market index or industry peers as approved by the Valuation Committee.

Notes to Portfolios of Investments (unaudited) March 31, 2016

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, 2016.

		Shares of Affiliated Companies
Global Resources Fund	December 31, 2015	Additions	Reductions	March 31, 2016
Agriterra Ltd.	69,849,776	–	–	69,849,776
Atlas African Industries Ltd.(a)	42,993,083	212,861,538	–	255,854,621
Caribbean Resources Corp.(b)	4,362,314	–	–	4,362,314
Pacific Green Energy Corp.	2,400,000	–	–	2,400,000
Sunridge Gold Corp.	10,933,788	–	–	10,933,788
Sunridge Gold Corp., Warrants	6,333,788	–	–	6,333,788

At March 31, 2016, the value of investments in affiliated companies was $5,089,675, representing 4.98% of net assets, and the total cost was $41,693,376. There was no realized gain (loss) on transactions and no income earned for the period.

		Shares of Affiliated Companies
World Precious Minerals Fund	December 31, 2015	Additions	Reductions	March 31, 2016
Argent Minerals Ltd.	17,100,000	–	–	17,100,000
Barsele Minerals Corp.	9,411,500	57,000	–	9,468,500
Barsele Minerals Corp., Warrants	1,850,000	–	–	1,850,000
Candente Gold Corp.	4,875,000	–	–	4,875,000
Canyon Resources Ltd.	10,006,593	–	–	10,006,593
Canyon Resources Ltd., Warrants	6,168,864	–	–	6,168,864
Cardinal Resources Ltd.	9,000,000	2,109,165	–	11,109,165
Cardinal Resources Ltd., Rights	1,500,000	–	–	1,500,000
Mammoth Resources Corp.	2,818,000	–	–	2,818,000
Mineral Mountain Resources Ltd.	10,000,000	–	–	10,000,000(c)
Mineral Mountain Resources Ltd., Warrants	3,500,000	–	–	3,500,000(c)
Orex Minerals, Inc.	9,510,000	1,277,000	(610,000)	10,177,000
Orex Minerals, Inc., Warrants	1,850,000	–	(600,000)	1,250,000
Source Exploration Corp.	4,975,000	–	–	4,975,000
Source Exploration Corp., Warrants	2,500,000	–	–	2,500,000
TriStar Gold, Inc.	17,994,000	2,740,500	(234,500)	20,500,000

At March 31, 2016, the value of investments in affiliated companies was $13,027,209, representing 11.95% of net assets, and the total cost was $10,070,580. Net realized gains on transactions were $137,811, and there was no interest income of earned for the period.

(a) Effective March 17, 2016, Atlas Development & Support Services Ltd.’s name was changed to Atlas African Industries Ltd.

(b) Effective February 10, 2016, Pacific Coal Resources Ltd.’s name was changed to Caribbean Resources Corp.

(c) At March 31, 2016, 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.

Notes to Portfolios of Investments (unaudited) March 31, 2016

Holmes Macro Trends Fund	Acquisition Date	Cost per Share/Unit
Pacific Green Energy Corp.	03/24/11	$	1.00
Pacific Infrastructure Ventures, Inc.	08/06/10-11/22/10	$	1.00
Pacific Power Generation Corp., Corporate Note (April 2017)	05/25/12	$	100.00

As of March 31, 2016, the total cost of restricted securities was $739,125 and the total value was $574,481, representing 1.48% of net assets.

Global Resources Fund	Acquisition Date	Cost per Share/Unit
I-Pulse, Inc., 144A	10/04/07	$	1.88
Pacific Green Energy Corp.	03/24/11	$	1.00
Pacific Infrastructure Ventures, Inc.	08/06/10-11/22/10	$	1.00
Pacific Power Generation Corp., Corporate Note (April 2017)	05/25/12	$	100.00

As of March 31, 2016, the total cost of restricted securities was $12,423,544 and the total value was $9,228,275, representing 9.03% of net assets.

World Precious Minerals Fund	Acquisition Date	Cost per Share/Unit
Algold Resources Ltd., Warrants (April 2018)	03/29/16	$	0.00
Bonterra Resources, Inc., Warrants (December 2017)	02/16/16	$	0.00
Pacific Power Generation Corp., Corporate Note (April 2017)	05/25/12	$	100.00
Taurus Gold Ltd., 144A	05/31/11-05/29/13	$	1.17
TMAC Resources, Inc.	03/18/16	$	6.14
Western Exploration & Development Ltd., 144A, Special Warrants	08/04/97	$	0.50

As of March 31, 2016, the total cost of restricted securities was $4,872,236, and the total value was $1,922,004, representing 1.76% of net assets.

Gold and Precious Metals Fund	Acquisition Date	Cost per Share/Unit
Caribbean Resources Corp. (formerly Pacific Coal S.A.), Corporate Note (June 2015)	12/15/14	$	100.00
Pacific Power Generation Corp., Corporate Note (April 2017)	05/25/12	$	100.00

As of March 31, 2016, the total cost of restricted securities was $740,766, and the total value was $675,712, representing 0.79% of net assets.

Financial Derivative Instruments

Options Contracts

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

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

Notes to Portfolios of Investments (unaudited) March 31, 2016

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

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

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

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

As of March 31, 2016, there were no securities held in escrow by the custodian as cover for call options written.

There were no transactions in written call options during the period ended March 31, 2016.

Forward Foreign Currency Contracts

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

Notes to Portfolios of Investments (unaudited) March 31, 2016

Open forward foreign currency contracts as of March 31, 2016, were as follows:

Fund Contract	Counterparty	Currency to Deliver		Currency to Receive		Settlement Date	Value	Unrealized Appreciation (Depreciation)
World Precious Minerals Fund	Brown Brothers Harriman	CAD	49,000,000	USD	37,007,870	4/18/16-4/29/16	$36,285,911	$(721,959)
	Brown Brothers Harriman	USD	37,796,604	CAD	49,000,000	4/18/16-4/29/16	48,933,225	(66,775)
Gold and Precious Metals Fund	Brown Brothers Harriman	CAD	26,000,000	USD	19,642,006	4/18/16-4/29/16	19,264,096	(377,910)
	Brown Brothers Harriman	USD	20,055,790	CAD	26,000,000	4/18/16-4/29/16	25,964,126	(35,874)
Emerging Europe Fund	Brown Brothers Harriman	PLN	14,000,000	USD	3,507,032	4/1/2016	3,261,920	(245,112)
	Brown Brothers Harriman	USD	2,533,004	PLN	10,000,000	4/1/2016	10,147,099	147,099
	Brown Brothers Harriman	TRY	7,500,000	USD	2,541,339	4/18/2016	2,431,877	(109,462)
	Brown Brothers Harriman	USD	2,630,564	TRY	7,500,000	4/18/2016	7,520,238	20,238

Summary of Derivative Instruments

The following is a summary of the valuations of derivative instruments not accounted for as hedging instruments as of March 31, 2016:

Location	Global Resources Fund		World Precious Minerals Fund			Gold and Precious Metals Fund			Emerging Europe Fund
Asset derivatives
Investments, at value
Purchased options	$	297,000	$	89,625		$	73,700		$	199,500
Unrealized gain on
forward foreign
currency contracts		-		-			-			167,337
Liability derivatives
Unrealized loss on
forward foreign
currency contracts		-		(788,734	)		(413,784	)		(354,574	)
Total	$	297,000	$	(699,109	)	$	(340,084	)	$	12,263

Notes to Portfolios of Investments (unaudited) March 31, 2016

Tax Information

The following table presents the income tax basis of the securities owned as of March 31, 2016, and the tax basis components of net unrealized appreciation (depreciation):

Fund	Aggregate Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
U.S. Government Securities Ultra-Short Bond Fund	$	55,256,234	$	272,137	$	(8,838	)	$	263,299
Near-Term Tax Free Fund		89,152,967		1,623,775		(154,858	)		1,468,917
All American Equity Fund		18,094,464		331,749		(72,857	)		258,892
Holmes Macro Trends Fund		31,345,639		1,066,413		(1,045,202	)		21,211
Global Resources Fund		164,177,378		10,103,212		(81,607,036	)		(71,503,824	)
World Precious Minerals Fund		153,168,774		25,973,278		(78,086,459	)		(52,113,181	)
Gold and Precious Metals Fund		58,724,750		19,118,271		(8,782,589	)		10,335,682
Emerging Europe Fund		45,881,260		3,390,013		(5,859,565	)		(2,469,552	)
China Region Fund		13,087,201		1,159,823		(809,002	)		350,821

Item 2. Controls and Procedures.

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) are effective, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b)under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of the filing date of this report

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits

Certifications as required by Rule 30a-2(a) under the Act.

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/ Jessica Chase
	Jessica Chase, Principal Executive Officer
Date	05/26/2016

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/ Jessica Chase
	Jessica Chase, Principal Executive Officer
Date	05/26/2016

By	/s/ Karen Shaw
	Karen Shaw, Principal Financial Officer
Date	05/26/2016