Us Global Investors Funds NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-1800

U.S. GLOBAL INVESTORS FUNDS
(Exact name of registrant as specified in charter)

7900 CALLAGHAN ROAD SAN ANTONIO, TX					78229
(Address of principal executive offices)					(Zip code)

SUSAN B. MCGEE, ESQ. 7900 CALLAGHAN ROAD SAN ANTONIO, TX 78229
(Name and address of agent for service)

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

Date of fiscal year end:	DECEMBER 31, 2014

Date of reporting period:		JUNE 30, 2014

ITEM 1. REPORTS TO STOCKHOLDERS.

U.S. Global Investors Funds

Semi-Annual Report

June 30, 2014

U.S. Global Investors Funds

Semi-Annual Report

June 30, 2014
(unaudited)

Table of Contents

Letter to Shareholders					1
Definitions for Management Teams' Perspectives					13
Management Teams' Perspectives					15
Expense Example					57
Portfolios of Investments					59
Notes to Portfolios of Investments					114
Statements of Assets and Liabilities					124
Statements of Operations					128
Statements of Changes in Net Assets					132
Notes to Financial Statements					138
Financial Highlights					155
Additional Information					166
Privacy Policy

Nasdaq Symbols

U.S. Global Investors Funds

Investor Class

U.S. Government Securities Ultra-Short Bond Fund				UGSDX
Near-Term Tax Free Fund				NEARX
All American Equity Fund				GBTFX
Holmes Macro Trends Fund				MEGAX*
Global Resources Fund				PSPFX
World Precious Minerals Fund				UNWPX
Gold and Precious Metals Fund				USERX
Emerging Europe Fund				EUROX
China Region Fund				USCOX

Institutional Class

Global Resources Fund				PIPFX
World Precious Minerals Fund				UNWIX
Gold and Precious Metals Fund**				USEIX
Emerging Europe Fund**				EURIX

* The Nasdaq symbol for the Holmes Macro Trends Fund changed from ACBGX to MEGAX in March 2014.

** The Institutional Class shares of the Gold and Precious Metals and Emerging Europe Funds have not commenced operations and currently are closed to investors. A notice will be issued when each class commences operations and opens to investors.

Fund Services, LLC

PO Box 701

Milwaukee WI

53201-0701

Tel 1.800.US.FUNDS

www.usfunds.com

U.S. Global Investors Funds

Dear Fellow Shareholder,

Gold is back in style.

Not that it ever fell completely out of style, mind you. But if you recall, the bears back in January were predicting yet another sluggish year. Spot gold prices plunged 28 percent in 2013, hitting a two-year low, and many investors had little reason to believe that the yellow metal could find its stride again so quickly.

But find its stride it did, dashing many people's doubts and misgivings. Gold stocks and bullion have had a phenomenal six months, delivering just above a 10 percent return. The year began with a bang, set off by huge gold jewelry demand coming out of China – which has overtaken India as the world's strongest gold market – and leading to the largest first-quarter buying volume since 2005.

Gold jewelry demand in most markets, in fact, was above or at least in line with its five-year quarterly average, as you can see in the chart below.

As for India, the recent election of pro-business Narendra Modi has given investors confidence that the Indian government will roll back import restrictions on the precious metal. We're already seeing a hint of the change Modi's administration promises. In June, the country's gold imports surged a jaw-dropping 65 percent after the central bank permitted more investors to buy foreign bullion.

U.S. Global Investors Funds

"We've definitely seen the financial markets react very positively to [Modi's] election, and so we're just waiting to see if he can walk the walk as well as talk the talk," John Derrick, Director of Research at U.S. Global Investors, told NPR's Marketplace.

The World Gold Council reported in July that "the current environment of high bond issuance, tight credit spreads and record low volatility continues to offer a prime opportunity for investors to add gold" to their portfolios. The metal's volatility on a 30-day rolling basis is currently below 11 percent, very close to its all-time low.

This constructive activity has been a boon to our Gold and Precious Metals Fund (USERX) and World Precious Minerals Fund (UNWPX), both of which have seen recent increases in return. USERX, in fact, has been recognized for its track record with a four-star rating from Morningstar.*

Gold mining stocks have also seen a huge increase this year, outperforming the actual commodity after three consecutive years of losses. I anticipated that gold equities would finally get a boost and wrote about this in the Investor Alert, Frank Talk and Shareholder Report, not to mention the CEO letter in last year's annual report. If you look at the chart on the following page, you'll see that, in three decades, the Philadelphia Gold & Silver Index (XAU) has never had a losing streak longer than three years. Historical precedent suggested that stocks were due for a jump in 2014, and indeed, the NYSE Arca Gold BUGS Index has returned approximately 22 percent year-to-date (YTD).

U.S. Global Investors Funds

As always, we recommend a 10 percent weighting in gold investment: 5 percent in bullion, 5 percent in mining stocks, and rebalance every year.

The raw materials market in general exceeded expectations in the first half, powered not only by gold but also steel, nickel and the platinum group metals (PGMs).

In January, the S&P/TSX Venture Composite Index, which measures Canadian micro-cap venture securities, experienced what's known as a golden cross. A golden cross occurs when the shorter-term 50-day moving average crosses above the 200-day moving average. Historically, investors have interpreted a cross as a rare buying opportunity and, consequently, the index has the potential for a positive trend change. That the S&P/TSX is a resources-heavy index shows just how bullish the market has become on materials and commodities, especially considering that this is the first golden cross in three years.

U.S. Global Investors Funds

During the bear market from mid-2011 until February 2014, we saw prices and daily trading volume decline more than 60 percent. This widened the bid-ask spread and made stock price discovery more challenging. Nevertheless, we continued with our models to accumulate undervalued shares since we are long-term "growth at a reasonable price" (GARP) investors. We often nibble on companies that are less expensive than their peers and lagging in relative performance over one day, 20 days and 60 days. Conversely, when these companies show a surge in price and volume using our statistical models, we often trim. This is the definition of active portfolio management. We take advantage of the volatility and use fundamental screens to focus on undervalued companies and quantitative models to trade around our holdings.

We have experienced a three-year decline in real global GDP from 5.2 percent in 2010 to 3 percent in 2013. This decline appeared to have hurt global commodity demand, which led to the domino effect of depressing resource stocks. An expected reversal this year might raise it to 3.5 percent, according to International Strategy & Investment (ISI).

But now that the 50-day moving average has crossed above the 200-day moving average – coupled with a rising purchasing managers index (PMI), which I'll discuss later – it's a positive sign that liquidity might soon return. The wind is now at our backs rather than in our faces.

World politics were largely to thank for the strong performance of commodities, the demand for which rises when supplies fall. Indonesia, the world's second-largest producer of nickel, unexpectedly banned the export of all raw

U.S. Global Investors Funds

minerals in January, pushing the price of the silvery-white metal to three-year highs. PGMs were also strong performers as a result of a five-month miners' strike in South Africa, the world's leading producer of platinum, and international trade sanctions against Russia, the leading producer of palladium.

Crude oil has also commanded investors' attention this year. Oil futures look bright. In its July report, the U.S. Energy Information Administration (EIA) forecasted that global consumption of oil, driven largely by China, is expected to reach 94 million barrels a day (bbl/d) by the end of 2015.

Speaking with The Energy Report, Brian Hicks, co-portfolio manager of our Global Resources Fund (PSPFX), detailed our bullishness in the energy space:

"Within our portfolio, we are investing heavily in the shales through upstream oil and gas companies, oil services companies and equipment companies. Shale is transformational. It is really changing the energy landscape. Almost overnight, companies are developing resources that are long-lived and repeatable. Remember, only five years ago we were talking about peak oil. Now we're producing roughly 8.4 million bbl/d. That's the highest we've seen since the mid-80s. It is a trend that is going to continue."

Take a look at the following chart. In the next couple of years, cash flow is expected to surpass capital investment in oil exploration and production (E&P). Driven by prior investment in the shale plays, these securities are starting to pay off as a result of a surge in oil and condensate volumes.

U.S. Global Investors Funds

A Rise in Chinese and Global PMI

Just as we've seen with the rise in gold jewelry and crude oil demand, any positive news to come out of China, the world's second-largest economy, bodes very well for the rest of us. Savvy investors look to the Asian country to gauge the performance of the commodities market as a whole. They also know to pay special attention to its PMI, which measures viability in production, inventory levels, new orders and the employment environment. Any number over 50 represents healthy growth, and in June, China's PMI closed at 51, a six-month high.

We're proud to offer investors the chance to take advantage of this growth opportunity with our China Region Fund (USCOX).

Back in December of last year, I predicted that the global PMI would likely rise in the first half of 2014, and indeed it rose at its fastest rate in three years to close at 52.7, a four-month high. Because the math shows that the upward momentum of the PMI drives commodities and commodity stocks, our investment team actively uses this data to improve our chances of strong returns.

U.S. Global Investors Funds

David Hensley, a director at JP Morgan, explains how the constructive PMI news correlates to GDP growth in the second half of the year:

"Gains in the levels of the new orders and employment indices suggest that the underlying trend in global economic conditions remains solid moving forward, pointing to above trend growth of global GDP in the second half of the year."

Transitioning Out of Russia, Seeking Stronger European Opportunities

International trade sanctions against Russia following its invasion and annexation of the Crimean Peninsula have compelled us to significantly minimize our exposure to the country in our Emerging Europe Fund (EUROX). As a result, we've heavily increased our investments in other attractive European countries such as Turkey, Poland and Greece.

Although Turkey was hammered by the 2008 recession, it has recently emerged as the best-performing market in EUROX, followed by Poland, the only country in the European Union to have dodged the recession altogether. Both countries have outperformed the eurozone in recent years. Due largely to support from the European Central Bank (ECB), Greece's GDP has risen steadily since the first quarter of last year, narrowing the gap between it and the eurozone.

U.S. Global Investors Funds

"Greece is finally starting to see the light at the end of the tunnel," John Derrick told Gavin Graham of VoiceAmerica's Emerging and Frontier Markets Investing in June. "They've made some significant structural changes. Essentially the banking system has been consolidated down. There are now four major players there. All in the last month, they actually have recapitalized and raised money. That put some pressure on the Greek market and banks over the last month or so, and it puts them on a much firmer footing. The banking system can function more properly, and you can actually start seeing real growth."

Preparing for Changing Monetary Policy

Following former Federal Reserve Chairman Ben Bernanke's lead, Janet Yellen has suggested that the Fed's bond-buying program that was enacted soon after the 2008 recession will finally come to an end this October. It's unclear what the results might be, but the possibility of rising interest rates is not out of the question.

In such a changing climate, our Near-Term Tax Free Fund (NEARX) and U.S. Government Securities Ultra-Short Bond Fund (UGSDX) can be excellent income instruments, as short-term, investment grade municipal and federal bonds are less volatile than long-term, non-investment grade bonds when rates are fluctuating.

U.S. Global Investors Funds

For the last 14 years, NEARX has seen consistent growth, even during and immediately following the 2008 financial crisis. Compared to the S&P 500 Index, which has weathered periods of choppy waters, NEARX has sailed upward relatively smoothly. In fact, since June 2000, it's taken close to a decade and a half for the S&P 500 to outperform the fund.

There are three principal ways in which people get rich: 1) they inherit their wealth, 2) they innovate and produce patentable ideas and 3) they participate in what I call the omega trade.

In the omega trade, investors purchase assets at a discount following a crisis of some kind, when prices plummet below replacement cost. When prices rebound, investors make a profit. A classic practitioner of this strategy is multibillionaire investor Warren Buffett, who routinely snatches up assets such as struggling yet promising farms, retail property and railroads after their prices have collapsed. To make these sorts of purchases, of course, one needs capital.

NEARX and UGSDX have the potential to provide investors with steady income while waiting to participate in a more aggressive omega trade.

U.S. Global Investors Funds

Our Investment Strategy

Serial entrepreneur Elon Musk, whose Tesla Motors we own in both our Holmes Macro Trends Fund (MEGAX) and All American Equity Fund (GBTFX), delivered this spring's commencement speech at the University of Southern California's Marshall School of Business. Some of what he said sounded familiar, echoing our investment team's philosophy for managing our nine funds:

"Focus on signal over noise. A lot of companies get confused. They spend money on things that don't actually make the product better."

At U.S. Global, we are always seeking ways to better our products for our clients by identifying and acting on sector and country leadership as well as using a matrix of top-down models and bottom-up micro stock selection models. Judicious stock selection, not to mention record highs for the Dow Jones Industrial Average, has helped both MEGAX and GBTFX flourish, with signs pointing to continued growth.

In the case of MEGAX, the "signal," as Musk puts it, is the 10-20-20 model. That is to say, we focus on companies that are growing revenue at 10 percent and generating a 20 percent earnings growth and 20 percent return on equity.

Everything else is simply "noise."

To stay current on the most recent insights on gold, global resources and emerging markets, remember to subscribe to our award-winning Investor Alert and Frank Talk at usfunds.com/subscribe.

Thank you for your continued trust and confidence in U.S. Global. Happy investing!

Sincerely,

Frank Holmes
CEO and Chief Investment Officer
U.S. Global Investors, Inc.

Please consider carefully a fund's investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus

U.S. Global Investors Funds

by visiting www.usfunds.com or by calling 1-800-US-FUNDS (1-800-873-8637). Read it carefully before investing. Distributed by U.S. Global Brokerage, Inc.

*Morningstar Overall Rating^TM among 71 Equity Precious Metals funds as of 6/30/2014 based on risk-adjusted return.

All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.

Bond funds are subject to interest-rate risk; their value declines as interest rates rise.

By investing in a specific geographic region, a regional fund's returns and share price may be more volatile than those of a less concentrated portfolio.

Investments in natural resources and emerging markets are subject to distinct risks as described in the funds' prospectus. Because the Global Resources Fund concentrates its investments in specific industries, the fund may be subject to greater risks and fluctuations than a portfolio representing a broader range of industries.

Gold, precious metals, and precious minerals funds may be susceptible to adverse economic, political or regulatory developments due to concentrating in a single theme. The prices of gold, precious metals, and precious minerals are subject to substantial price fluctuations over short periods of time and may be affected by unpredicted international monetary and political policies. We suggest investing no more than 5% to 10% of your portfolio in these sectors.

Stock markets can be volatile and can fluctuate in response to sector-related or foreign-market developments. For details about these and other risks the Holmes Macro Trends Fund may face, please refer to the fund's prospectus.

The Emerging Europe Fund invests more than 25% of its investments in companies principally engaged in the oil & gas or banking industries. The risk of concentrating investments in this group of industries will make the fund more susceptible to risk in these industries than funds which do not concentrate their investments in an industry and may make the fund's performance more volatile.

Tax-exempt income is federal income tax free. A portion of this income may be subject to state and local income taxes, and if applicable, may subject certain investors to the Alternative Minimum Tax as well. The Near-Term Tax Free Fund may invest up to 20% of its assets in securities that pay taxable interest. Income or fund distributions attributable to capital gains are usually subject to both state and federal income taxes. The Near-Term Tax Free Fund may be exposed to risks related to a concentration of investments in a particular state or geographic area. These investments present risks resulting from changes in economic conditions of the region or issuer. Though the Near-Term Tax Free Fund seeks minimal fluctuations in share price, it is subject to the risk that a decline in the credit quality of a portfolio holding could cause a fund's share price to decline.

U.S. Global Investors Funds

Morningstar Ratings are based on risk-adjusted return.The Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Past performance does not guarantee future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating^TM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

The CRB Metals Index is a subset of the Reuters/Jeffries CRB Index comprised of 22 sensitive basic commodities whose markets are presumed to be among the first to be influenced by changes in economic conditions. The commodities used are in most cases either raw materials or products close to the initial production. The S&P 500 Stock Index is a widely recognized capitalization-weighted index of 500 common stock prices in U.S. companies. The Dow Jones Industrial Average is a price-weighted average of 30 blue chip stocks that are generally leaders in their industry.

The Philadelphia Gold and Silver Index (XAU) is a capitalization-weighted index that includes the leading companies involved in the mining of gold and silver.

The NYSE Arca Gold BUGS (Basket of Unhedged Gold Stocks) Index (HUI) is a modified equal dollar weighted index of companies involved in gold mining. The HUI Index was designed to provide significant exposure to near term movements in gold prices by including companies that do not hedge their gold production beyond 1.5 years.

The S&P/TSX Venture Composite Index is a broad market indicator for the Canadian venture capital market. The index is market capitalization weighted and, at its inception, included 531 companies. A quarterly revision process is used to remove companies that comprise less than 0.05% of the weight of the index, and add companies whose weight, when included, will be greater than 0.05% of the index.

Fund portfolios are actively managed, and holdings may change daily. Holdings are reported as of the most recent quarter-end. Holdings in the funds mentioned as a percentage of net assets as of 06/30/2014: Tesla Motors, Inc. (2.03% in All American Equity Fund, 2.77% in Holmes Macro Trends Fund).

Definitions for Management Teams' Perspectives

Benchmark Index Definitions

Returns for indices reflect no deduction for fees, expenses or taxes, unless noted.

The Barclays U.S. Treasury Bills 6-9 Months Total Return Index tracks the performance of U.S. Treasury Bills with a maturity of six to nine months.

The Barclays 3-Year Municipal Bond Index is a total return benchmark designed for municipal assets. The index includes bonds with a minimum credit rating of BAA3, are issued as part of a deal of at least $50 million, have an amount outstanding of at least $5 million and have a maturity of two to four years.

The FTSE Gold Mines Index encompasses all gold mining companies that have a sustainable and attributable gold production of at least 300,000 ounces a year and that derive 75% or more of their revenue from mined gold.

The Hang Seng Composite Index is a market-capitalization weighted index that covers about 95% of the total market capitalization of companies listed on the Main Board of the Hong Kong Stock Exchange.

The MSCI Emerging Markets Europe 10/40 Index (Net Total Return) is a free float-adjusted market capitalization index that is designed to measure equity performance in the emerging market countries of Europe (Czech Republic, Greece, Hungary, Poland, Russia and Turkey). The index is calculated on a net return basis (i.e., reflects the minimum possible dividend reinvestment after deduction of the maximum rate withholding tax). The index is periodically rebalanced relative to the constituents' weights in the parent index.

The Morgan Stanley Commodity Related Equity Index (CRX) is an equal-dollar weighted index of 20 stocks involved in commodity-related industries such as energy, non-ferrous metals, agriculture and forest products.

The NYSE Arca Gold Miners Index is a modified market capitalization-weighted index comprised of publicly-traded companies involved primarily in the mining for gold and silver.

The S&P 500 Index is a widely recognized capitalization-weighted index of 500 common stock prices in U.S. companies.

The S&P Composite 1500 Index is a broad-based capitalization-weighted index of 1500 U.S. companies and is comprised of the S&P 400, the S&P 500 and the S&P 600.

Definitions for Management Teams' Perspectives

Other Index Definitions

The Barclays Municipal Bond Index is an unmanaged index representative of the tax-exempt bond market.

The Consumer Price Index (CPI) is one of the most widely recognized price measures for tracking the price of a market basket of goods and services purchased by individuals. The weights of components are based on consumer spending patterns.

The MSCI All Country Far East Free ex Japan Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of the Far East, excluding Japan. The index consists of the following developed and emerging market country indices: China, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand.

The Producer Price Index (PPI) measures prices received by producers at the first commercial sale. The index measures goods at three stages of production: finished, intermediate and crude.

The Purchasing Manager's Index (PMI) is an indicator of the economic health of the manufacturing sector. The PMI index is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment.

The Russian Trading Systems Index is a capitalization-weighted index that is calculated in USD. The index is comprised of stocks traded on the Russian Trading System.

The S&P High Yield Dividend Aristocrats Index is designed to measure the performance of the 50 highest dividend yielding S&P Composite 1500 constituents which have followed a managed dividends policy of consistently increasing dividends every year for at least 25 years.

The S&P/Case-Shiller Index tracks changes in home prices throughout the United States by following price movements in the value of homes in 20 major metropolitan areas.

The U.S. Trade Weighted Dollar Index provides a general indication of the international value of the U.S. dollar.

U.S. Government Securities Ultra-Short Bond Fund

Management Team's Perspective

Introduction

The U.S. Government Securities Ultra-Short Bond Fund (UGSDX) is designed to be used as an investment that takes advantage of the security of U.S. Government bonds and obligations, while simultaneously pursuing a higher level of current income than money market funds offer. The fund's dollar-weighted average effective maturity is two years or less.

Performance Graph

U.S. Government Securities Ultra-Short Bond Fund

Average Annual Performance For the Periods Ended June 30, 2014

	Six Month			One Year			Five Year			Ten Year
U.S. Government Securities Ultra-Short Bond Fund		0.19	%		0.20	%		0.05	%		1.46	%
Barclays U.S. Treasury Bills 6-9 Months Total Return Index		0.06	%		0.11	%		0.25	%		0.47	%

Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. For all of a portion of the periods, the fund had expense limitations and reimbursements to maintain a minimum yield, without which returns would have been lower. Returns for periods less than one year are not annualized.

The above returns for the U.S. Government Securities Ultra-Short Bond Fund include the fund's results as a money market fund through the date of its conversion (December 20, 2013) to an ultra-short bond fund, and therefore are not representative of the fund's results had it operated as an ultra-short bond fund for the full term of the periods shown.

Pursuant to a voluntary arrangement, the Adviser has agreed to limit total fund operating expenses (exclusive of any acquired fund fees and expenses, performance fees, taxes, brokerage commissions and interest) to not exceed 0.45%. The Adviser can modify or terminate this arrangement at any time. In addition, returns may include the effects of additional voluntary waivers of fees and reimbursements of expenses by the Adviser, including waivers and reimbursements to maintain a minimum net yield for the fund.

See Definitions for Management Teams' Perspectives for index definitions.

Please visit our website at www.usfunds.com for updated performance information for different time periods.

U.S. Government Securities Ultra-Short Bond Fund

The Six-Month Period In Review - Economic And Political Issues That Affected The Fund

The U.S. economy experienced some economic volatility during the first six months of 2014. A cold, snowy winter, coupled with a late Easter, disrupted economic activity in the first quarter with an associated rebound in the second quarter as somewhat of an offset. First-quarter GDP contracted 2.1 percent, while the second quarter grew 4.0 percent with roughly 3 percent growth expected for the rest of the year. Manufacturing indicators took a dip early in the year, which was largely attributed to weather, and have since rebounded back into very healthy territory. The same general trend of improving manufacturing indicators could be seen on a global basis.

The employment situation is steadily improving with a very consistent nonfarm payroll growth of between 200,000 and 300,000 jobs per month virtually all year. After a lull in the second half of 2013, housing activity has begun to recover. Slowed by sharply higher mortgage rates and rising housing prices last year, the housing market has stabilized and even begun to improve in recent months. The S&P/Case-Shiller Home Price Index indicates housing prices were up 9.3 percent on a year-over-year basis through May. Higher housing prices, along with a strong stock market, have created a "wealth effect," improving consumers' attitudes toward their financial situations. Increasing consumer confidence has driven very strong auto sales, which has many positive effects in the manufacturing sector.

In May 2013, Federal Reserve Chairman Ben Bernanke indicated an inclination to begin reducing the quantitative easing (QE) stimulus program that has been widely described as "tapering." The Fed tapered by $10 billion in December 2013, and that process has since continued at each subsequent Federal Open Market Committee (FOMC) meeting. At the end of June, the Fed was purchasing $35 billion per month, down from an original $85 billion, in Treasuries and mortgage-backed securities each month in an effort to continue to stimulate the economy. It is widely expected the Fed will completely wind down the program at the FOMC meeting on October 29, 2014.

Inflation in the U.S. oscillated between 1 and 2 percent for the past two years, and while we are currently at the high end of that range, the Fed still has plenty of room to maneuver. Global inflation in general has remained low, which has allowed other global central bankers to comfortably maintain pro-growth policies. Key global economies participating in this trend include Japan, China and Europe. Europe in particular has taken new stimulative steps in recent months, taking the equivalent Fed funds' rate into negative territory.

Japan remains committed to an aggressive reflation policy, and China appears comfortable maintaining a stable growth policy. The current Chinese administration has focused on addressing domestic imbalances and, thus, has not been the global growth catalyst it was after the financial crisis. Europe has improved, emerging from a

U.S. Government Securities Ultra-Short Bond Fund

lingering shallow recession late last year. Optimism is picking up with regards to the global growth outlook as all major economic areas of the world are showing stable-to-improving economic growth for the remainder of 2014.

Yields on three-month Treasury bills fell 5 basis points to 0.02 percent, while yields on six-month bills fell 3 basis points to 0.06 percent. One-year agency discount note yields fell 2 basis points to 0.14 percent.

Investment Highlights

The U.S. Government Securities Ultra-Short Bond Fund returned 0.19 percent for the six months ending June 30, 2014, outperforming its benchmark, the Barclays U.S. Treasury Bills 6-9 Months Total Return Index, which returned 0.06 percent.

The fund extended its maturity profile at the end of 2013 and very early in 2014 as interest rates on short-term agency securities were relatively attractive, which proved to be very good timing as the market rallied, sending yields lower for essentially the next six months. Short-term Treasury yields have recently spiked, but short-term agency securities the fund primarily invests in have not quite moved back to the high yield levels experienced at the beginning of 2014.

Current Outlook

The Fed continues to remain accommodative in an attempt to offset fiscal tightening and spur employment growth. We believe the U.S. will maintain an accommodative monetary policy but will continue to taper the QE program as the year progresses. Short-term yields could be higher over the next six to twelve months, but it currently appears unlikely that the Fed will take aggressive action or raise the Fed funds rate in 2014.

U.S. Government Securities Ultra-Short Bond Fund

Portfolio Allocation by Issuer June 30, 2014

Portfolio Allocation by Maturity June 30, 2014

1 - 3 Months	$	33,199,955	49.1	%
3 - 12 Months		4,999,075	7.4	%
1 - 3 Years		5,511,400	8.1	%
3 - 5 Years		23,973,526	35.4	%
	$	67,683,956	100.0	%

Near-Term Tax Free Fund

Management Team's Perspective

Introduction

The Near-Term Tax Free Fund (NEARX) seeks to provide a high level of current income exempt from federal income taxation and to preserve capital. However, a portion of any distribution may be subject to federal and/or state income taxes. The Near-Term Tax Free Fund will maintain a weighted average maturity of less than five years.

Performance Graph

Near-Term Tax Free Fund

Average Annual Performance For the Periods Ended June 30, 2014

	Six Month			One Year			Five Year			Ten Year
Near-Term Tax Free Fund		2.52	%		3.68	%		3.07	%		3.16	%
Barclays 3-Year Municipal Bond Index		1.04	%		2.42	%		2.44	%		3.17	%

Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. For all or a portion of the periods, the fund had expense limitations, without which returns would have been lower. Returns for periods less than one year are not annualized.

The Adviser has contractually agreed to limit total fund operating expenses (exclusive of any acquired fund fees and expenses, performance fees, taxes, brokerage commissions and interest) to not exceed 0.45% on an annualized basis through December 31, 2014.

See Definitions for Management Teams' Perspectives for index definitions.

Please visit our website at www.usfunds.com for updated performance information for different time periods.

Near-Term Tax Free Fund

The Six-Month Period In Review - Economic And Political Issues That Affected The Fund

Defying the skeptics who anticipated higher yields and interest rates with corresponding lower bond values, the Barclays Municipal Bond Index, a measure of the general municipal bond markets, rallied 6 percent in the first half of 2014. This comes on the back of a difficult 2013 in which the municipal market experienced its worst performance since 2008. While we have seen good performance year-to-date, the dynamics in the market remains challenging. The yield curve has flattened with yields on the short end flat to higher while the long end of the curve has rallied by as much as 100 basis points.

Generally speaking, the further out the yield curve you move, the higher the returns. The very long end of the yield curve – bonds with maturities of 22 years or more – rose by more than 10 percent so far this year. The Near-Term Tax Free Fund invests in the short and intermediate part of the municipal market, and the Barclays 3-Year Municipal Bond Index rose 1.04 percent during the first half of 2014.

Back in May 2013, Federal Reserve Chairman Ben Bernanke introduced the idea of tapering the Fed's quantitative easing (QE) stimulus program. At the time, the Fed was spending $85 billion per month buying Treasuries and mortgage-backed securities in an attempt to stimulate the economy. This announcement roiled the market, sending yields higher through late December. The key inflection point for the market came right around the end of the year as fears regarding the Fed tapering subsided as the Fed introduced tapering at the December 2013 Federal Open Market Committee (FOMC) meeting. In a classic sense, the market had absorbed all the fears of tapering and what that could potentially mean for the market. By the time it actually occurred, the market had priced it in almost completely and was able to rally nearly uninterrupted for the past six months.

The economy generally cooperated with the Fed. It was weak in the first quarter, but most market observers were willing to look past it as much of the slowness was weather related. Activity in the second quarter bounced back, and prospects for the remainder of the year appear favorable, with roughly 3 percent GDP growth expected.

Revenue-backed municipals outperformed general obligation credits, with specific strength in hospital and industrial development issues. Credit factors also played a significant role as performance differences between low-quality and high-quality bonds were large. AAA-rated municipals rose 4.21 percent, while BBB-rated municipals surged 9.76 percent. There were specific credit events that exacerbated the volatility of BBB returns, such as Puerto Rico-backed debt, but the overall trend still holds. High-yield, or "junk bonds," also outperformed, rising 7.53 percent over the past six months.

In specialty state trading, Puerto Rico was a standout performer, while California and Illinois also outperformed. New York and New Jersey credits underperformed so far in 2014.

Near-Term Tax Free Fund

Investment Highlights

For the six months ended June 30, 2014, the Near-Term Tax Free Fund returned 2.52 percent, outperforming its benchmark, the Barclays 3-Year Municipal Bond Index, which gained 1.04 percent.

The Near-Term Tax Free Fund also outperformed the Short-Intermediate Lipper peer group for the past six months. With a low turnover approach, the fund remained true to form, investing in traditional high-quality municipals. It has been able to outperform due to a slightly longer maturity structure and advantageous yield curve positioning.

Strengths

• The fund's low turnover approach has proven to be an asset. Buying opportunistically and letting that yield advantage work has served the fund favorably over time.

• The fund's longer maturity structure compared to the benchmark was favorable. The market rewarded investors for stepping out on the yield curve.

• The fund benefited from significant exposure to Illinois and Texas, which both outperformed. It also had modest exposure to Puerto Rico, which outperformed by a wide margin.

Weaknesses

• The fund had less exposure to the lower-quality investment grade credits that outperformed by wide margins.

• The fund also has very little exposure to the industrial development and non-investment grade credits that outperformed.

• Bonds that are subject to the alternative minimum tax (AMT) also outperformed; however, the fund has no exposure to these bonds.

Current Outlook

Opportunities

• While the Federal Reserve tapering program that began in December is likely to wind down by the end of October, the rest of the world is beginning to pick up the monetary stimulus slack. The Bank of Japan continues with an aggressive quantitative easing (QE) program of its own, and the European Central Bank (ECB) took the Fed Fund's equivalent rate into negative territory in an attempt to stimulate the European economies. This implies that global inflation remains under control or even that deflation risks still abound. Interest rates may be lower for a longer period than many investors expect.

Near-Term Tax Free Fund

Threats

• Continued outperformance of low-quality bonds is the most significant threat on a relative basis.

• When the Fed reverses its monetary policy stance and begins to raise interest rates, the macro environment could become more difficult.

Near-Term Tax Free Fund

Top 10 Area Concentrations

(Based on Net Assets) June 30, 2014

Texas	14.66	%
Florida	12.18	%
Illinois	9.12	%
Michigan	5.24	%
California	5.02	%
New Jersey	3.65	%
Alabama	3.47	%
New York	3.10	%
Pennsylvania	2.64	%
Arizona	2.61	%
Total Top 10 Areas	61.69	%

Municipal Bond Ratings*
(Based on Total Municipal Bonds) June 30, 2014

* Credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). "Not Rated" is used to classify securities for which a rating is not available. Credit-quality ratings for each issue are obtained from Moody's and S&P, and the higher rating for each issue is used.

All American Equity Fund

Management Team's Perspective

Introduction

The principal objective of the All American Equity Fund (GBTFX) is to seek capital appreciation by investing primarily in a broadly diversified portfolio of domestic common stocks. The fund invests in large-capitalization stocks, while retaining the flexibility to seek out promising individual stock opportunities, including stocks with meaningful dividend yields.

Performance Graph

All American Equity Fund

Average Annual Performance For the Periods Ended June 30, 2014

	Six Month			One Year			Five Year			Ten Year
All American Equity Fund		2.30	%		21.75	%		16.03	%		7.51	%
S&P 500 Index		7.13	%		24.60	%		18.80	%		7.77	%

Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted.The principal value and investment return of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. For all or a portion of the periods, the fund had expense limitations, without which returns would have been lower. Returns for periods less than one year are not annualized.

See Definitions for Management Teams' Perspectives for index definitions.

Please visit our website at www.usfunds.com for updated performance information for different time periods.

All American Equity Fund

The Six-Month Period In Review - Economic And Political Issues That Affected The Fund

Because of an unusually severe winter and a late Easter, which pushed some consumer spending into April, first quarter GDP contracted 2.1 percent. The U.S. economy in the second quarter of 2014, however, showed a strong bounce back at 4.0 percent, with GDP growth estimated at 3 percent or better for the remainder of the year.

U.S. stocks have been solid performers so far in 2014, with the S&P 500 Index rising 7.13 percent. Dividend-paying stocks generally performed in-line with the broad market, as measured by the S&P 500 Index, with the S&P High Yield Dividend Aristocrats Index gaining 6.87 percent.

Global manufacturing indicators have shown progress in recent months following a weak March and April, suggesting a constructive economic environment, especially for cyclicals. The automotive sector in particular has performed very well, with annualized sales in June of almost 17 million vehicles, the best showing since 2006. The U.S. housing market has been steady but not quite the positive catalyst many were looking for coming into the year. Combined with a rising equity market, home price appreciation has been solid, boosting the wealth effect for consumers.

In December 2013, the Federal Reserve began tapering its quantitative easing (QE) program, reducing the original $85 billion a month in Treasuries and mortgage-backed securities purchases by $10 billion at each subsequent Federal Open Market Committee (FOMC) meeting. The Fed is on track to complete its tapering at the FOMC meeting on October 29, 2014. A mini-crisis would probably be necessary to disrupt that schedule.

Investment Highlights

Overview

The All American Equity Fund returned 2.30 percent for the six months ended June 30, 2014, underperforming the 7.13 percent return for the S&P 500 Index benchmark.

Because the fund is actively managed and the holding period is generally not a consideration in investment decisions, the portfolio turnover rate may fluctuate from year to year as the fund adjusts its portfolio composition. The fund's annual portfolio turnover was, and is expected to continue to be, more than 100 percent.

Strengths

• The fund's stock selections in consumer staples and materials sectors were particularly strong relative to the benchmark. The fund was modestly overweight

All American Equity Fund

in the utilities sector, which was by far the best performing sector in the S&P 500 Index, rising more than 18 percent.

• The fund's exposure to dividend-paying stocks over the past six months was beneficial to relative performance as this portion of the fund outperformed the more growth-oriented portion of the portfolio.

• Westlake Chemical Corp.,⁽¹⁾ Continental Resources, Inc.⁽²⁾ and United Rentals Inc.⁽³⁾ were among the best positive contributors to fund performance.

Weaknesses

• Overall, the fund's stock selection compared to the benchmark was detrimental to performance; this was particularly true in the technology sector.

• Cash and defensive option strategies did not aid fund performance over the first half of the year as the market rallied strongly.

• Chicago Bridge & Iron Co. N.V.,⁽²⁾ MasterCard, Inc.⁽²⁾ and Tableau Software, Inc.⁽²⁾ were among the worst individual contributors to performance.

Current Outlook

Opportunities

• The global economy remains in the midst of a synchronized recovery, which bodes particularly well for cyclical and growth sectors in the U.S. economy. We believe the global growth outlook remains strong as developed world monetary policy remains very supportive.

• Corporate cash levels continue to remain high, providing corporations the ability to pursue mergers and acquisitions (M&A). An increase in M&A activity holds promise for both portfolio gains and an increase in overall market valuations.

Threats

• With the S&P 500 trading at nearly 18x earnings, which is at the high end of the historical range, earnings growth will be especially critical to keep the bull market moving forward. Any disappointment during earnings season could mean trouble for the market.

• The market has been on an unusually long, almost uninterrupted winning streak for the past 18 months. A short-term correction would not be a surprise at this point.

• Global government policy delays or outright missteps are a threat to global equity markets, including the U.S.

⁽¹⁾This security comprised 1.24% of the fund's total net assets as of 06/30/14.

⁽²⁾The fund did not hold this security as of 06/30/14.

⁽³⁾This security comprised 1.77% of the fund's total net assets as of 06/30/14.

All American Equity Fund

Top 10 Equity Holdings Based on Net Assets June 30, 2014

Biogen Idec, Inc. Medical - Biomedical/Gene	3.33	%
Apple, Inc. Computers	2.75	%
The Priceline Group, Inc. E-Commerce/Services	2.54	%
Facebook, Inc. Internet Content - Entertainment	2.27	%
Tesla Motors, Inc. Automotive - Cars & Light Trucks	2.03	%
Schlumberger Ltd. Oil - Field Services	1.99	%
Google, Inc. Web Portals/Internet Service Providers	1.98	%
Western Refining, Inc. Oil Refining & Marketing	1.90	%
Halliburton Co. Oil - Field Services	1.80	%
United Rentals, Inc. Rental Auto/Equipment	1.77	%
Total Top 10 Equity Holdings	22.36	%

Portfolio Allocation by Industry Sector*

Based on Total Investments June 30, 2014

* Summary information above may differ from the portfolio schedule included in the financial statements due to the use of different classifications of securities for presentation purposes.

Holmes Macro Trends Fund

Management Team's Perspective

Introduction

The Holmes Macro Trends Fund (MEGAX) invests in companies with good growth prospects and strong positive earnings momentum. The fund's primary objective is to seek long-term capital appreciation.

Performance Graph

Holmes Macro Trends Fund

Average Annual Performance For the Periods Ended June 30, 2014

	Six Month			One Year			Five Year			Ten Year
Holmes Macro Trends Fund		(0.78	)%		22.41	%		13.61	%		6.23	%
S&P Composite 1500 Index		7.02	%		24.69	%		19.14	%		8.07	%

Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. For all or a portion of the periods, the fund had expense limitations, without which returns would have been lower. Returns for periods less than one year are not annualized.

See Definitions for Management Teams' Perspectives for index definitions.

Please visit our website at www.usfunds.com for updated performance information for different time periods.

Holmes Macro Trends Fund

The Six-Month Period In Review - Economic And Political Issues That Affected The Fund

In the first half of 2014, the U.S. economy sent confusing, mixed signals. First quarter GDP contracted 2.1 percent, but this was almost entirely due to an unusually severe winter, which disrupted a considerable amount of activity. Another factor that also negatively influenced the first quarter was a late Easter, which pushed some consumer spending into April. However, there was a solid bounce back in the second quarter at 4.0 percent, and GDP growth is estimated at 3 percent or better for the remainder of the year.

After a weak March and April, global manufacturing indicators bounced back in recent months, suggesting a positive economic environment and tailwind for cyclical sectors of the economy. The automotive sector has been a bright spot, with annualized sales in June of almost 17 million vehicles, the best showing since 2006.

The Federal Reserve began tapering its quantitative easing (QE) program in December 2013, reducing the original $85 billion a month in Treasuries and mortgage-backed securities purchases by $10 billion at each subsequent Federal Open Market Committee (FOMC) meeting. The Fed is on track to complete its tapering at the FOMC meeting on October 29, 2014. A mini-crisis would probably be necessary to disrupt that schedule.

Central banks around the world are likewise back in easing mode. The Bank of Japan has been particularly aggressive. Its QE program is almost as large as the Fed's but in a much smaller economy. In a historic move, the European Central Bank (ECB) recently moved interest rates into negative territory in an attempt to stimulate eurozone lending.

Inflation in developed economies and the U.S. is not really a concern in the short term, as it has consistently stayed below 2 percent. The global trend for inflation also remains low, which allows global central bankers to comfortably maintain pro-growth policies.

Investment Highlights

Overview

The Holmes Macro Trends Fund fell 0.78 percent over the past six months, underperforming its benchmark, the S&P Composite 1500 Index, which returned 7.02 percent. Overall, smaller companies and growth-oriented stocks underperformed during the first half of 2014, reversing the trend from the second half of 2013. The fund's greater exposure to smaller and more growth-oriented companies than the benchmark has been the primary driver of underperformance.

Holmes Macro Trends Fund

Because the fund is actively managed and holding period is generally not a consideration in investment decisions, the portfolio turnover rate may fluctuate from year to year as the fund adjusts its portfolio composition. The fund's annual portfolio turnover was, and is expected to continue to be, more than 100 percent.

Strengths

• Stock selection was strong in materials, energy and consumer discretionary sectors.

• The fund's underweight positions in consumer staples and telecommunications were beneficial as those sectors of the market underperformed.

• Continental Resources, Inc.,⁽¹⁾ Westlake Chemical Corp.⁽²⁾ and Skyworks Solutions, Inc.⁽³⁾ were among the best positive contributors to fund performance.

Weaknesses

• Stock selection within the technology sector was the primary driver of underperformance.

• Cash and defensive option strategies were a drag on performance as the market rallied strongly.

• Investments in Chicago Bridge & Iron Co. N.V.,⁽¹⁾ Pacific Stone Tech., Inc.⁽⁴⁾ and Tableau Software, Inc.⁽¹⁾ failed to live up to expectations and were among the worst contributors to the fund's performance.

Current Outlook

Opportunities

• The global economy remains in the midst of a synchronized recovery, which bodes particularly well for cyclical and growth sectors. We believe the global growth outlook remains strong as developed world monetary policy remains very supportive.

Threats

• We believe Europe remains the largest wildcard. Without coordinated policy actions, there could be risk of falling back into recession. China's leaders appear comfortable with slower growth. The Asian country has been a significant driver of global growth over the past decade, and if this is an era for new government policy, it puts global growth at risk.

Holmes Macro Trends Fund

• The market has been on an unusually long, almost uninterrupted winning streak for the past 18 months. A short-term correction would not be a surprise at this point.

• Deep value and price reversals led the market in 2012 and early 2013. If this trend were to reemerge, as it did during this past March through May, it would be a threat to relative performance.

⁽¹⁾The fund did not hold this security as of 06/30/14.

⁽²⁾This security comprised 2.26% of the fund's total net assets as of 06/30/14.

⁽³⁾This security comprised 1.81% of the fund's total net assets as of 06/30/14.

⁽⁴⁾This security comprised 1.75% of the fund's total net assets as of 06/30/14.

Holmes Macro Trends Fund

Top 10 Equity Holdings Based on Net Assets June 30, 2014

Biogen Idec, Inc. Medical - Biomedical/Gene	3.34	%
Tesla Motors, Inc. Automotive - Cars & Light Trucks	2.77	%
Eagle Materials, Inc. Building Products - Cement/Aggregates	2.72	%
Apple, Inc. Computers	2.68	%
Facebook, Inc. Internet Content - Entertainment	2.59	%
Old Dominion Freight Line, Inc. Transportation - Truck	2.45	%
The Priceline Group, Inc. E-Commerce/Services	2.31	%
Westlake Chemical Corp. Chemicals - Diversified	2.26	%
Google, Inc. Web Portals/Internet Service Providers	2.25	%
Western Refining, Inc. Oil Refining & Marketing	2.17	%
Total Top 10 Equity Holdings	25.54	%

Portfolio Allocation by Industry Sector*

Based on Total Investments June 30, 2014

* Summary information above may differ from the portfolio schedule included in the financial statements due to the use of different classifications of securities for presentation purposes.

Global Resources Fund

Management Team's Perspective

Introduction

The Global Resources Fund (PSPFX and PIPFX) is a non-diversified natural resources fund with the principal objective of achieving long-term growth of capital while providing protection against inflation and monetary instability. The fund invests in companies involved in the exploration, production and processing of petroleum, natural gas, coal, alternative energies, chemicals, mining, iron and steel, and paper and forest products around the globe.

Performance Graph

Global Resources Fund

Average Annual Performance For the Periods Ended June 30, 2014

	Six Month			One Year			Five Year			Ten Year			Since Inception (Institutional Class)
Global Resources Fund - Investor Class		10.68	%		19.80	%		12.06	%		11.01	%		n/a
Global Resources Fund - Institutional Class (Inception 3/1/10)		11.08	%		20.56	%		n/a			n/a			7.17	%
S&P 500 Index		7.13	%		24.60	%		18.80	%		7.77	%		16.35	%
Morgan Stanley Commodity Related Equity Index		15.15	%		32.36	%		13.94	%		13.04	%		9.12	%

Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. For all or a portion of the periods, the fund had expense limitations, without which returns would have been lower. Returns for periods less than one year are not annualized.

Pursuant to a voluntary arrangement, the Adviser has agreed to limit total fund operating expenses (exclusive of any acquired fund fees and expenses, performance fees, taxes, brokerage commissions and interest) to not exceed 1.90% for the Investor Class. Also pursuant to a voluntary agreement, the Adviser has agreed to waive all class specific expenses of the Institutional Class. The Adviser can modify or terminate these arrangements at any time.

See Definitions for Management Teams' Perspectives for index definitions.

Please visit our website at www.usfunds.com for updated performance information for different time periods.

Global Resources Fund

The Six-Month Period In Review - Economic And Political Issues That Affected The Fund

Energy and materials stocks outpaced the broader market in the first half of 2014, reversing underperformance in the prior year. Generous liquidity, benign market volatility and stubbornly low U.S. government interest rates fueled the S&P 500 Index to an all-time high of 1,962 in June, nearing the key 2,000 level. Moreover, the Morgan Stanley Commodity Related Equity Index finished the period at the highest level since April 2011, gaining 15 percent in the first half of the year despite slower growth in China, the main source of commodity demand.

Increasingly, global commodity prices have been influenced by supply disruptions rather than the dramatic demand pull from emerging markets that we witnessed in the previous decade. Global oil prices were buoyed by unrest in Iraq that threatened supply. Accordingly, the price of West Texas Intermediate (WTI) crude oil climbed 7 percent to above $100 per barrel from the beginning of the year. Indonesian government policy influenced the price of nickel, which reached two-year highs, as exports of the metal were banned until further investment in the country is made for smelting and downstream value-added products. Conversely, Japan's decision to delay the startup of its nuclear reactors negatively affected uranium prices, which fell 18 percent to $28 per pound in the period, their lowest level since 2005.

Investment Highlights

Overview

For the six months ended June 30, 2014, the Investor Class of the Global Resources Fund gained 10.68 percent and the Institutional Class gained 11.08 percent, underperforming the fund's benchmark, the Morgan Stanley Commodity Related Equity Index (CRX), which returned 15.15 percent.

Because the fund is actively managed and the holding period is generally not a consideration in investment decisions, the portfolio turnover rate may fluctuate from year-to-year as the fund adjusts its portfolio composition. The fund's annual portfolio turnover was, and is expected to continue to be, more than 100 percent.

Strengths

• Natural gas and WTI crude oil prices increased in the period. Moreover, the oil- and gas-related equities held by the fund outperformed the benchmark due in part to robust oil shale exposure. Goodrich Petroleum Corp.,⁽¹⁾ Sanchez Energy Corp.⁽²⁾ and Anadarko Petroleum Corp.⁽³⁾ were key contributors.

Global Resources Fund

• An underweight allocation to food stocks proved accretive to fund performance in the first half of 2014 compared to the benchmark, as this sub-sector in the benchmark was down.

• Prices for industrial metals rallied on the London Metals Exchange in the six-month period. Additionally, the fund's holdings in base metals outperformed the benchmark. Alcoa, Inc.⁽⁴⁾ and Sherritt International Corp.⁽⁵⁾ contributed positively to fund performance.

• The fund's precious metals portfolio, including Mandalay Resources Corp.⁽⁶⁾ and Gran Colombia Gold Corp.,⁽⁷⁾ outperformed as the price of gold gained 10 percent in the January to June period.

Weaknesses

• The market's preference for large-capitalization resource stocks weighed on returns in the period, particularly for equities listed on the London AIM Exchange. Africa Oilfield Logistics Ltd.,⁽⁸⁾ Sable Mining Africa Ltd.⁽⁹⁾ and Agriterra Ltd.⁽¹⁰⁾ negatively impacted performance relative to the benchmark.

• Clean renewable energy equities underperformed the benchmark during the January to June period, partially due to volatile performance for growth and technology stocks. JinkoSolar Holding Co., Ltd.,⁽¹¹⁾ Canadian Solar, Inc.⁽¹¹⁾ and Trina Solar Ltd.⁽¹¹⁾ negatively affected performance.

• An allocation to transportation equities related to the shipping of iron ore and crude oil negatively influenced fund performance. Star Bulk Carriers Corp.⁽¹¹⁾ and Tsakos Energy Navigation Ltd.⁽¹¹⁾ were notable laggards.

Current Outlook

Opportunities

• The International Energy Agency has reported that global oil demand will rise at the fastest pace in five years, climbing 1.5 percent to a record 94.1 million barrels per day in 2015. The dramatic increase is primarily the result of China and other emerging market growth.

• Through recent press releases, Indonesian Economic Minister Chairul Tanjung has implied that an agreement has been reached between the government and Freeport-McMoRan Copper & Gold, Inc.⁽¹²⁾ The ongoing export disputes over copper concentrates at Grasberg, which have dropped Freeport's main asset production to roughly 40 percent of its nominal capacity over the last two quarters, may soon be at an end.

• Corporación Nacional del Cobre de Chile,⁽¹¹⁾ also known as Codelco, a Chilean mining company, is likely to cancel shipments of around 10,000 tonnes of refined copper due to problems in its new Ministro Hales mine. Totaling roughly 3 percent of its 2014 contracted term shipments to China, the cancelled orders will likely lead

Global Resources Fund

Chinese importers to purchase spot refined copper on international markets. The result would be supportive for copper prices, which have already risen more than 10 percent since March.

• Heading into the second half of the year, domestic economic growth appears to be accelerating from a weather-induced first quarter slowdown. Job growth continues to advance, which should be supportive for demand and money flows into the commodity complex, particularly given this environment of ample global liquidity. Additionally, we believe the secular long-term trend of urbanization in China and other emerging market countries remains intact and should continue to support per-capita commodity consumption well into the next decade.

• We have enhanced our proprietary quantitative factor model to quickly and dynamically adapt to market forces and changes in a company's financial value drivers. The model focuses on three key factors of growth in revenue, cash flow and dividend income per share, in addition to other bottom-up statistics and top-down analysis.

Threats

• Noncommercial speculative positions in the oil futures market now stand near the highest level on record. If this unwinds abruptly, it could materially weaken near-term oil prices.

• News of increased supply coming out of Libya and new pipelines in the U.S. has created a negative forecast on oil prices through the rest of the year. Futures weakened as a result of the news of increased supply.

• Old and decrepit highways in southern Texas and North Dakota are hindering thousands of 18-wheel trucks. The crumbling roads threaten billions of dollars of investments in oil production in the U.S.

⁽¹⁾This security comprised 1.46% of the fund's total net assets as of 06/30/14.

⁽²⁾This security comprised 1.93% of the fund's total net assets as of 06/30/14.

⁽³⁾This security comprised 2.66% of the fund's total net assets as of 06/30/14.

⁽⁴⁾This security comprised 2.45% of the fund's total net assets as of 06/30/14.

⁽⁵⁾This security comprised 1.50% of the fund's total net assets as of 06/30/14.

⁽⁶⁾This security comprised 0.99% of the fund's total net assets as of 06/30/14.

⁽⁷⁾This security comprised 3.20% of the fund's total net assets as of 06/30/14.

⁽⁸⁾This security comprised 2.27% of the fund's total net assets as of 06/30/14.

⁽⁹⁾This security comprised 0.84% of the fund's total net assets as of 06/30/14.

⁽¹⁰⁾This security comprised 0.52% of the fund's total net assets as of 06/30/14.

⁽¹¹⁾The fund did not hold this security as of 06/30/14.

⁽¹²⁾This security comprised 0.13% of the fund's total net assets as of 06/30/14.

Global Resources Fund

Top 10 Equity Holdings Based on Net Assets June 30, 2014

Pacific Infrastructure Ventures, Inc. Real Estate Operating/Development	2.93	%
Devon Energy Corp. Oil Companies - Exploration & Production	2.72	%
Anadarko Petroleum Corp. Oil Companies - Exploration & Production	2.66	%
Bellatrix Exploration Ltd. Oil Companies - Exploration & Production	2.49	%
Alcoa, Inc. Metal - Aluminum	2.45	%
Schlumberger Ltd. Oil - Field Services	2.36	%
Africa Oilfield Logistics Ltd. Oil Companies - Exploration & Production	2.27	%
Baker Hughes, Inc. Oil - Field Services	2.27	%
Franco-Nevada Corp. Gold/Mineral Royalty Companies	2.21	%
Royal Gold, Inc. Gold Mining	2.18	%
Total Top 10 Equity Holdings	24.54	%

Portfolio Allocation by Industry Sector*

Based on Total Investments June 30, 2014

* Summary information above may differ from the portfolio schedule included in the financial statements due to the use of different classifications of securities for presentation purposes.

Precious Metals and Minerals Funds

Management Team's Perspective

Introduction

The World Precious Minerals Fund (UNWPX and UNWIX) and the Gold and Precious Metals Fund (USERX) pursue an objective of long-term capital growth through investments in gold, precious metals and mining companies. The Gold and Precious Metals Fund focuses on the equity securities of established gold and precious metals companies and pursues current income as a secondary objective. The World Precious Minerals Fund focuses on equity securities of companies principally engaged in the exploration, mining and processing of precious minerals such as gold, silver, platinum and diamonds. Although this fund has the latitude to invest in a broad range of precious minerals, it currently remains focused on the gold sector.

Performance Graphs

World Precious Minerals Fund

Average Annual Performance For the Periods Ended June 30, 2014

	Six Month			One Year			Five Year			Ten Year			Since Inception (Institutional Class)
World Precious Minerals Fund - Investor Class		29.88	%		23.17	%		(5.09	)%		3.98	%		n/a
World Precious Minerals Fund - Institutional Class (Inception 3/1/10)		29.55	%		23.29	%		n/a			n/a			(12.45	)%
S&P 500 Index		7.13	%		24.60	%		18.80	%		7.77	%		16.35	%
NYSE Arca Gold Miners Index*		24.50	%		8.09	%		(6.82	)%		1.84	%		(11.36	)%

* These are not total returns. These returns reflect simple appreciation only and do not reflect dividend reinvestment.

Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. For all or a portion of the periods, the fund had expense limitations, without which returns would have been lower. Returns for periods less than one year are not annualized.

Pursuant to a voluntary arrangement, the Adviser has agreed to limit total fund operating expenses (exclusive of any acquired fund fees and expenses, performance fees, taxes, brokerage commissions and interest) to not exceed 1.90% for the Investor Class. Also pursuant to a voluntary agreement, the Adviser has agreed to waive all class specific expenses of the Institutional Class. The Adviser can modify or terminate these arrangements at any time.

See Definitions for Management Teams' Perspectives for index definitions.

Please visit our website at www.usfunds.com for updated performance information for different time periods.

Precious Metals and Minerals Funds

Gold and Precious Metals Fund

Average Annual Performance For the Periods Ended June 30, 2014

	Six Month			One Year			Five Year			Ten Year
Gold and Precious Metals Fund		27.83	%		15.69	%		(4.59	)%		6.09	%
S&P 500 Index		7.13	%		24.60	%		18.80	%		7.77	%
FTSE Gold Mines Index*		20.63	%		10.20	%		(9.33	)%		0.89	%

* These are not total returns. These returns reflect simple appreciation only and do not reflect dividend reinvestment.

Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. For all or a portion of the periods, the fund had expense limitations, without which returns would have been lower. Returns for periods less than one year are not annualized.

See Definitions for Management Teams' Perspectives for index definitions.

Please visit our website at www.usfunds.com for updated performance information for different time periods.

The Six-Month Period In Review - Economic And Political Issues That Affected The Funds

Gold posted back-to-back gains over the last two quarters, a rally not witnessed since 2011. In addition, gold prices climbed 10 percent year-to-date, topping most asset classes and leaving behind their worst yearly decline since 1981, in what marked a very turbulent 2013. The outlook remains positive as China's Purchasing Managers Index expanded in June for the first time in six months, posting its highest reading since November 2013 after policymakers continued to implement targeted accommodative policies.

Precious Metals and Minerals Funds

Total assets of the Federal Reserve's balance sheet have surpassed $4 trillion, a previously inconceivable size. Not surprisingly, Fed Chairwoman Janet Yellen announced that interest rates will remain low for an extended period of time, disregarding obvious signs of rising inflation as noise.

In "Chindia," domestic demand for gold has exceeded global production, according to Bloomberg's Ken Hoffman. His research indicates that China is consuming gold at a rate of 5.15 million ounces per month, while India is consuming 2.85 million ounces per month at the current import-tariff reduced rate. Thus, Chindia's total consumption is 8 million ounces per month, or 560,000 ounces higher than the estimated 7.44 million ounces per month global mine output.

On a not-so-positive note, a new report by SNL Metals & Mining, coming in at a modest 538 pages, concluded that the cost of building a new mine has increased significantly over the last decade, from $560 per ounce of production capacity in 2004 to more than $2,300 per ounce last year. To make matters worse, SNL analysts argue that curtailment in capital spending since 2013 will take at least until 2015 to reverse the rising trend as current forecasts show costs will balloon to $2,400 per ounce this year. Recent estimates also show that current replacement cost in the industry is $1,500 per ounce.

Investment Highlights

For the six months ended June 30, 2014, the World Precious Minerals Fund Investor Class rose 29.88 percent and the Institutional Class gained 29.55 percent. The fund's benchmark, the NYSE Arca Gold Miners Index, rose 25.28 percent on a total return basis. The strategy of the World Precious Minerals Fund favors junior (exploration and development) stocks and mid-tiered producing stocks. These lower-capitalization stocks have historically outperformed senior gold mining companies over longer time periods, as senior gold miners have typically acquired proven assets of junior gold companies rather than exploring for new mining projects with capital-constrained budgets. Small capitalization stocks, having less access to capital in turbulent markets when investor confidence is lower, underperformed in the prior year. This trend reversed in 2014, however, perhaps signaling a shift in the hierarchy back to more normal markets where small capitalization stocks tend to outperform the biggest companies in the industry.

The Gold and Precious Metals Fund gained 27.83 percent for the six-month period, outperforming its benchmark, the FTSE Gold Mines Index, which rose 21.38 percent on a total return basis. While focusing on established, gold-producing companies, the Gold and Precious Metals Fund holds a higher weighting of mid-tier stocks compared to its benchmark. The fund strongly outperformed its benchmark in the first half of the year as the senior gold mining companies focused on mergers and acquisitions

Precious Metals and Minerals Funds

(M&As) and divestitures, while a large number of mid-tier stocks focused on operational efficiency to increase margins.

Both funds maintained a defensive investment position throughout much of the past year with higher-than-average cash balances on hand to protect the liquidity of the funds. However, to maintain varying degrees of investment exposure to the gold market, the funds employed a number of rolling call option positions that helped hedge the funds' benchmark risks and provide optionality to upswings in gold stocks.

Spot gold finished the period at $1,327.32 per ounce, up $121.67, or 10.09 percent, for the six-month period. The S&P 500 Index posted a positive return of 7.13 percent, the U.S. Trade Weighted Dollar Index declined 0.32 percent and the yield on a 90-day Treasury bill finished the period at 0.02 percent.

Strengths

• MAG Silver Corp.⁽¹⁾ was the largest contributor to performance for the World Precious Minerals Fund. The company rose approximately 83 percent for the six-month period after it announced an upward revision to its resource at its Juanicipio property. Most importantly, the company introduced a new "deep zone" underlying its existing resource, which bolstered tonnages significantly. The incorporation of the new resource could add five years of high-margin production without additional upfront capital.

• Detour Gold Corp.,⁽²⁾ the best performer in the Gold and Precious Metals Fund, posted significant gains for the period following a succession of positive news. The biggest factor supporting the stock price appreciation was the release of a new life of mine plan emphasizing the large scale and competitive cost structure that the asset should ultimately deliver. The company also benefited from a series of takeover offers by major mining companies for Osisko Mining Corp.,⁽³⁾ a company with similar characteristics, which highlighted Detour's cheap valuation and potential as the next takeover target.

• Underweighting Barrick Gold Corp.⁽³⁾ relative to the respective benchmarks contributed to outperformance for both of the funds. Barrick Gold was a laggard in the sector, weighing heavily in the performance of the benchmarks, as it failed to convince investors that its portfolio optimization strategy would be sufficient to turn around the struggling miner. The company was also tied to a failed merger attempt with Newmont Mining Corp.,⁽⁴⁾ which investors did not perceive positively.

Weaknesses

• Sable Mining Africa Ltd.⁽⁵⁾ was the worst performer in the World Precious Minerals Fund. The development company published a positive upgrade to its Nimba Iron Ore Project resource in the Republic of Guinea, which was tarnished by news that the company has not yet been successful in negotiating an agreement with the

Precious Metals and Minerals Funds

neighboring Republic of Liberia to develop an end-to-end logistics solution that will allow the company to export its ore via a Liberian port. The company continues to work closely with the governments of the two countries to find an export logistics solution.

• Alamos Gold, Inc.⁽⁶⁾ was the worst performer for the Gold and Precious Minerals Fund. The company reported disappointing 2013 fourth-quarter production and issued production guidance for 2014 at the lower end of analysts' estimates. The disappointing forecast is a result of the company's Mulatos Mine transitioning away from its high-grade zones earlier than anticipated. Furthermore, the company's development project at Kirazli has faced permitting and construction decision delays that also contribute to production uncertainty.

• Underweighting Goldcorp, Inc.⁽⁷⁾ relative to the respective benchmarks was a drag on performance for both of the funds. Goldcorp was among the top senior performers for the six-month period after posting very strong year-on-year production growth and impressive cost reduction success. Goldcorp also ultimately walked away from an acquisition of Osisko Mining Corp.⁽³⁾ that could have been potentially destructive to its corporate value.

Current Outlook

Opportunities

• On March 20, 2014, spot gold recorded a golden cross when the 50-day moving average crossed above the 200-day moving average. A golden cross is traditionally associated with the breaking of a bear market trend and the beginning of a bull market, where the 200-day moving average becomes a support level in the rising market. Our analysis shows that, going back to 2000, a golden cross in gold has been historically followed by a 50 percent rally lasting 15 months on average.

• Jefferies Chief Strategist David Zervos is of the opinion that the Fed's focus on driving real interest rates negative will continue simply because high real rates deter investments. "Just ask Japan," Zervos argues, "which lost two decades while experimenting with high interest rates." The Fed will instead raise nominal interest rates, but only when existing inflation can justify them. Keeping real interest rates flat or negative provides a strong footing for gold.

• It is "time to nibble on gold stocks" according to Barrons Technical Analyst Michael Kahn. Numerous signs suggest that a decent rally is in the cards for gold, says Kahn, who argues that the extreme bearishness of this cycle will leave no sellers left. For the remainder of the year, Bank of America recommends that investors buy gold as the seasonality trade kicks in with Ramadan and the Indian wedding season. Historically, the period from July through August sees a demand boost stemming from religious festivities, which Bank of America believes could push gold past $1,400 this year.

Precious Metals and Minerals Funds

Threats

• The gold surge can't sustain itself according to Donald Selkin, Chief Market Strategist at National Securities Corp. in New York. According to Selkin, the spike was caused by the Iraqi conflict and Fed Chairwoman Yellen's comments, which will fade as investors seek excitement in other areas of the market. As a matter of fact, hedge funds may hesitate from buying more gold, having raised their weighting on the metal earlier this year to their highest level since 2012.

• In China, the nation's chief auditor discovered $15.2 billion in loans backed by falsified gold transactions, thus adding to the signs that the yellow metal may be used with other commodities in fraudulent financing deals. The revelation may spur a wave of gold sales as lenders seek to unwind gold-backed transactions to ensure their counterparties are not fraudulent.

• Goldman Sachs' Head of Commodities Research Jeffrey Currie has reiterated his view that gold will fall to $1,050 by the end of the year, leading numerous analysts and investors to question his conclusions. According to Currie, gold's rally this year has been driven by unsustainable factors such as a weather-induced slowdown in the U.S., increased geopolitical tensions and Chinese credit concerns. According to Lawrence Williams, a Mineweb contributor, Currie has avoided making comments about the continued strength of Asian physical buying and the decided reversal of ETF redemptions, the two most important gold drivers of 2013.

⁽¹⁾This security comprised 2.69% of the total net assets of the World Precious Minerals Fund and 0.00% of the Gold and Precious Metals Fund as of 06/30/14.

⁽²⁾This security comprised 1.84% of the total net assets of the World Precious Minerals Fund and 4.92% of the Gold and Precious Metals Fund as of 06/30/14.

⁽³⁾Neither fund held this security as of 06/30/14.

⁽⁴⁾This security comprised 0.11% of the total net assets of the World Precious Minerals Fund and 0.12% of the Gold and Precious Metals Fund as of 06/30/14.

⁽⁵⁾This security comprised 1.07% of the total net assets of the World Precious Minerals Fund and 0.00% of the Gold and Precious Metals Fund as of 06/30/14.

⁽⁶⁾This security comprised 0.06% of the total net assets of the World Precious Minerals Fund and 0.00% of the Gold and Precious Metals Fund as of 06/30/14.

⁽⁷⁾This security comprised 0.07% of the total net assets of the World Precious Minerals Fund and 0.07% of the Gold and Precious Metals Fund as of 06/30/14.

Precious Metals and Minerals Funds

World Precious Minerals Fund

Top 10 Equity Holdings Based on Net Assets June 30, 2014

Klondex Mines Ltd. Gold Mining	6.59	%
Virginia Mines, Inc. Gold Mining	5.48	%
Dundee Precious Metals, Inc. Gold Mining	3.15	%
Pretium Resources, Inc. Gold Mining	3.06	%
NGEx Resources, Inc. Gold Mining	2.94	%
MAG Silver Corp. Silver Mining	2.69	%
Comstock Mining, Inc. Gold Mining	2.11	%
Detour Gold Corp. Gold Mining	1.84	%
Lucara Diamond Corp. Diamonds/Precious Stones	1.67	%
Platinum Group Metals Ltd. Platinum	1.60	%
Total Top 10 Equity Holdings	31.13	%

Portfolio Allocation by Industry*

Based on Total Investments June 30, 2014

* Summary information above may differ from the portfolio schedule included in the financial statements due to the use of different classifications of securities for presentation purposes.

Precious Metals and Minerals Funds

Gold and Precious Metals Fund

Top 10 Equity Holdings Based on Net Assets June 30, 2014

Klondex Mines Ltd. Gold Mining	6.56	%
Dundee Precious Metals, Inc. Gold Mining	5.13	%
Detour Gold Corp. Gold Mining	4.92	%
ETFS Palladium Trust Exchange-Traded Fund	3.59	%
Comstock Mining, Inc. Gold Mining	3.56	%
Newcrest Mining Ltd. Gold Mining	3.47	%
SEMAFO, Inc. Gold Mining	3.26	%
Royal Gold, Inc. Gold Mining	3.13	%
ETFS Platinum Trust Exchange-Traded Fund	2.97	%
Northern Star Resources Ltd. Gold Mining	2.49	%
Total Top 10 Equity Holdings	39.08	%

Portfolio Allocation by Industry*

Based on Total Investments June 30, 2014

* Summary information above may differ from the portfolio schedule included in the financial statements due to the use of different classifications of securities for presentation purposes.

Emerging Europe Fund

Management Team's Perspective

Introduction

The investment objective of the Emerging Europe Fund (EUROX) is to achieve long-term capital growth by investing in a non-diversified portfolio of equity securities of companies located in the emerging markets of Europe.⁽¹⁾

Performance Graph

Emerging Europe Fund

Average Annual Performance For the Periods Ended June 30, 2014

	Six Month			One Year			Five Year			Ten Year
Emerging Europe Fund		(4.54	)%		3.55	%		5.24	%		5.50	%
S&P 500 Index		7.13	%		24.60	%		18.80	%		7.77	%
MSCI Emerging Markets Europe 10/40 Index (Net Total Return)		0.36	%		7.68	%		9.55	%		9.59	%

Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. For all or a portion of the periods, the fund had expense limitations, without which returns would have been lower. Returns for periods less than one year are not annualized.

See Definitions for Management Teams' Perspectives for index definitions.

Please visit our website at www.usfunds.com for updated performance information for different time periods.

Emerging Europe Fund

The Six-Month Period In Review - Economic And Political Issues That Affected The Fund

Russian intervention in Ukraine and the official annexation of Crimea have hijacked the region's headlines for the six-month period. Domestic issues such as high inflation and stagnant economic growth have been dismissed as President Vladimir Putin appeals to the Russian nationalistic spirit to rally support for further intervention in Ukraine. As a result of Western nations' threat to impose sanctions on the Russian economy, the local market sold off heavily into mid-March. It rallied back close to the year's highs, however, as Putin approached China to sign major gas supply contracts and Western nations failed to impose sanctions. Russian coffers were given a strong boost toward the end of the second quarter because of violent disputes in Iraqi territory, which caused oil prices to appreciate.

In the Czech Republic, the political news was rather quiet, leading to an uneventful period in which the local stock market traded within 5 percent of its starting value. Economically, the threat of disinflation closed in as Consumer Price Index (CPI) numbers fell from 1.4 percent at the end of last year to a low of 0.1 percent in May. This negative news contrasted with a very strong series of economic releases that allowed the country's central bank to maintain rates at 0.05 percent. Over the six-month period, industrial output, retail sales, trade balance and GDP readings handsomely beat expectations, thus proving that the currency devaluation implemented last year has had the expected positive impact on the economy.

In Poland, the local stock market also traded within a tight, narrow band as slightly weaker than expected economic data was balanced by improving numbers out of the eurozone, the country's main trading partner. The country is also facing threats of disinflation as the Producer Price Index and the CPI decreased to zero at the end of the period. On a positive note, the country will once again be the biggest recipient of structural funds in the next multiyear European Union (EU) budget from 2014 to 2020. Poland has kept pushing ahead with reforms in a way that Germany and France have not, and it appears as if it can continue to outperform its peers in terms of economic growth.

In Hungary, the aggressive monetary easing program continued, bringing benchmark rates down to 2.30 percent from 5.75 percent at the beginning of 2013. The lowering of rates has spurred a strong economic recovery, resulting in industrial production growth in excess of 10 percent and GDP growth of 3.50 percent. The local market, however, has underperformed the region as the courts approach the deadline to rule over the losses resulting from foreign exchange mortgages on thousands of borrowers. Local banks, which make up the largest weighting in the index, have underperformed as it is expected the courts' ruling would impose a heavy portion of the losses on their balance sheets.

Emerging Europe Fund

Turkey is the greatest outperformer in the region over the period. Although inflation continues to rise beyond the Central Bank of Turkey's target, the local market appreciated 17 percent as GDP and economic data measuring industrial production encouraged investors. More importantly, the country has profited from the increase in oil production from Kurdistan, which travels through Turkish pipelines for export to avoid confiscation by the Iraqi government.

The Greek market also outperformed for the period in review as borrowing rates decreased dramatically, following the European Central Bank's announcements reiterating its commitment to Greece. Domestically, manufacturing data showed an expansionary trend for the first time since 2011, while retail sales and GDP data showed a positive trend. Toward the end of the period, the country's stock market gave back some of its outperformance as the most recent EU economic data weakened, thus triggering a flight to safety that left Greece exposed to undue selling pressure.

Investment Highlights

Overview

For the six months ended June 30, 2014, the fund declined 4.54 percent, while the benchmark MSCI Emerging Markets Europe 10/40 Index (Net Total Return) rose 0.36 percent.

Greece, the Czech Republic, Poland and Turkey outperformed the benchmark index, while Hungary and Russia underperformed. On a sector basis, industrials, materials, utilities and consumer discretion were the best-performing sectors, while health care, consumer staples, financials, telecommunications and energy underperformed.

Strengths

• Stock selection within the health care sector had the largest positive effect on the performance of the fund relative to the benchmark. The fund's holdings of Shire plc,⁽²⁾ which has turned down numerous takeover bids, contributed significantly to the performance of the fund in this sector.

• The fund's holdings of Canadian-listed companies with operations in emerging Europe, such as Dundee Precious Metals, Inc.⁽³⁾ in the materials space and Bankers Petroleum Ltd.⁽⁴⁾ in the energy sector, outperformed the benchmark and its respective sectors.

• The fund's overweight position in MMC Norilsk Nickel OJSC,⁽⁵⁾ the fund's top contributing stock, added positively to performance relative to the benchmark.

Emerging Europe Fund

Weaknesses

• Russian stocks had the largest negative impact on the fund's performance. Following the Russian annexation of Crimea and the threat of Western sanctions against the federation, the Russian stock market sold off dramatically. The fund reduced its exposure to the country, thus selling a number of holdings at a loss.

• The fund's underweight position in the energy sector had a negative effect on the fund's performance. The energy weighting in the benchmark index is mostly represented by Russian companies, which the fund actively sought to avoid. The companies in this sector rallied toward the end of the six-month period as oil prices rose due to speculation that increasing violence in Iraq could result in a supply disruption from the Middle East.

• One of the fund's worst performers for the period was Sberbank of Russia.⁽⁶⁾ Sberbank is one of the benchmark's top holdings.

Current Outlook

Opportunities

• In a recently published outlook, Morgan Stanley economists downgraded their prospects for emerging markets growth. However, 2014 growth prospects for Poland, Hungary and the Czech Republic were revised up. The bank's economists argue that these countries are experiencing more broad-based growth across domestic and external demand, with external demand in these countries continuing to benefit from an upgraded growth outlook for the eurozone, their main trading partner.

• Since the collapse of communism, Poland has seen its economy grow more rapidly than any other country in the European Union (EU), as shown in a special report by The Economist. Solid economic performance has given Poland extra weight in the EU, both economically and politically. In reality, Poland fought harder than its Eastern peers against corruption, especially in public procurement, as a means to attain EU's Structural Funds, which the country has used admirably to benefit the economy. As a result, the EU rewarded Poland by making it the biggest recipient of its funds – a whopping $139 billion – between 2007 and 2013. The country will once again get the biggest chunk in the next multiyear budget from 2014 to 2020. Poland has kept pushing ahead with reforms in a way that Germany and France have not, and by the looks of it, it can continue to outperform its peers when it comes to economic growth.

• Mergers and acquisitions (M&As) of European companies by U.S. counterparts have exceeded $100 billion year-to-date, surpassing 2013. According to JP Morgan analysts, the wave of transactions is driven by four key points: (1) accelerating economic growth in Europe; (2) unprecedented levels of U.S. corporate cash kept overseas; (3) lower corporate tax rates, inviting companies to relocate; and (4) cheap European valuations. Case in point: Alcoa, Inc.,⁽⁶⁾ the largest U.S. aluminum

Emerging Europe Fund

producer, agreed to buy U.K. aerospace-components maker Firth Rixson⁽⁶⁾ for about $2.85 billion, seeking to profit from Rixson's growth opportunities over the next three years.

Threats

• Russia's significant dependence on Ukraine for gas exports has long been a source of friction between the two countries. As a result, Russia has been diversifying its supply options through the South Stream pipeline. With recent developments, the annexation of Crimea may prove to be crucial for lowering the astronomical costs of the project as both depths and distances could be reduced substantially. Annexing Crimea may also offer Russia access to the major part of the explored offshore gas deposits and prospective hydrocarbon resources in the Black Sea.

• Foreign direct investment flows to Russia will fall to half of last year's level in 2014 as the conflict with Ukraine prompts companies to delay expansion, according to the Vienna Institute for International Economic Studies. Russian foreign direct investment is expected to fall to $41 billion, the steepest decline in all of Eastern Europe. On a good note, the 11 Eastern EU members will attract €21.6 billion this year, nearly doubling the inflows recorded in 2013.

• BTIG Technical Strategy is recommending taking profits in Russia. In their recent Global Technical Strategy, they argue for the Russian Trading Systems Index to roll over after another week or two of positive follow-through. According to the report, resistance is now in-line and remains in a long-term downtrend despite a 40 percent gain from its March low. BTIG believes overbought conditions may finally catch up with Russian equities, leading them into a correction phase.

• Subsequent to June 30, 2014, and following fresh economic sanctions against Russia by the United States and other countries, the Emerging Europe Fund no longer has exposure to the country. Also, MSCI Inc. has announced that it will introduce indices that exclude Russia. These include the MSCI ACWI ex-Russia and the MSCI Emerging Markets ex-Russia. With sources of debt financing all but eliminated, and with active managers rushing through the exits, the news by MSCI Inc. is the latest blow to the Russian market. MSCI Inc. gauges are tracked by passive investors managing about $9 trillion, thus leading to drastic reallocation of passive funds out of Russia, and completing the triage for fund outflows.

⁽¹⁾The following countries are considered to be in the emerging Europe region: Albania, Armenia, Azerbaijan, Belarus, Bulgaria, Croatia, the Czech Republic, Estonia, FYR Macedonia, Georgia, Greece, Hungary, Latvia, Lithuania, Moldova, Poland, Romania, Russia, Slovakia, Slovenia, Turkey and Ukraine.

⁽²⁾This security comprised 1.92% of the fund's total net assets as of 06/30/14.

⁽³⁾This security comprised 1.42% of the fund's total net assets as of 06/30/14.

⁽⁴⁾This security comprised 1.25% of the fund's total net assets as of 06/30/14.

⁽⁵⁾This security comprised 3.21% of the fund's total net assets as of 06/30/14.

⁽⁶⁾The fund did not hold this security as of 06/30/14.

Emerging Europe Fund

Top 10 Equity Holdings Based on Net Assets June 30, 2014

Erste Group Bank AG Commercial Banks - Non US	5.64	%
Powszechna Kasa Oszczednosci Bank Polski S.A. Commercial Banks - Non US	4.56	%
Komercni Banka A.S. Commercial Banks - Non US	3.83	%
Tofas Turk Otomobil Fabrikasi A.S. Automotive - Cars & Light Trucks	3.41	%
Turkcell Iletisim Hizmetleri A.S. Cellular Telecommunication	3.29	%
MMC Norilsk Nickel OJSC Metal - Diversified	3.21	%
Turkiye Garanti Bankasi A.S. Commercial Banks - Non US	3.07	%
Powszechny Zaklad Ubezpieczen S.A. Property/Casualty Insurance	2.86	%
Turkiye Sinai Kalkinma Bankasi A.S. Finance - Investment Banker/Broker	2.74	%
Energa S.A. Electric - Distribution	2.74	%
Total Top 10 Equity Holdings	35.35	%

Country Distribution*

Based on Total Investments June 30, 2014

* Country distribution shown is based on domicile. The locale of company operations may be different.

China Region Fund

Management Team's Perspective

Introduction

The China Region Fund (USCOX) seeks long-term growth of capital. The fund invests in both established and emerging companies registered and operating in the China region.⁽¹⁾

Performance Graph

China Region Fund

Average Annual Performance For the Periods Ended June 30, 2014

	Six Month			One Year			Five Year			Ten Year
China Region Fund		(1.93	)%		10.60	%		2.88	%		6.47	%
Hang Seng Composite Index		(0.01	)%		15.13	%		7.43	%		10.83	%
MSCI All Country Far East Free ex Japan Index*		3.73	%		12.77	%		8.75	%		8.59	%

* These are not total returns. These returns reflect simple appreciation only and do not reflect dividend reinvestment.

Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. For all or a portion of the periods, the fund had expense limitations, without which returns would have been lower. Returns for periods less than one year are not annualized.

See Definitions for Management Teams' Perspectives for index definitions.

Please visit our website at www.usfunds.com for updated performance information for different time periods.

China Region Fund

The Six-Month Period In Review - Economic And Political Issues That Affected The Fund

Six months into 2014, China's economic policymakers have apparently progressed along the path set forth at the Third Plenary of the 18th Party Congress in November 2013, allowing the market to play a more decisive role in allocating resources. Since inauguration of the new administration in March 2013, the central government has either eliminated or delegated over 400 items which previously required administrative approval. The government is also expected to unfurl roadmaps to reform state-owned enterprises in terms of ownership and management incentives. A pilot program was announced to allow mutual access for investors participating in both Shanghai and Hong Kong exchanges, effective in October 2014.

Seemingly comfortable with gradualist measures and targeted approaches in addressing growth challenges year-to-date, Premier Li Keqiang emphasized repeatedly on various occasions that China will not resort to 2009-style stimulus policy again. Selective easing was implemented in the form of sector-specific cuts in the bank reserve ratio and definition relaxation of the loan-deposit ratio. As a result, the HSBC China Manufacturing PMI staged a cyclical improvement to 50.7, its highest since November 2013. However, GDP growth slowed from 7.7 percent year-over-year in 2013 to 7.5 percent in the second quarter.

China's national anti-corruption campaign intensified, with 16 party officials of at least provincial or ministerial level disciplined in the first half of 2014. The roster size was equivalent to all of 2013, culminating in the expulsion of a retired vice chairman on the central military commission. Investor sentiment towards luxury goods makers and even Macau-based casino operators deteriorated as a result.

On the anti-pollution front, China passed new environmental laws in late April, the first such revision of environmental legislation since 1989, pressing more severe punishments such as unlimited fines and actual jail time for polluters. Environmental protection is set to become a government policy priority in the 13th Five-Year Plan to be drafted later this year. The fund is overweight in clean energy companies.

The U.S. Federal Reserve officially started tapering its quantitative easing (QE) program in December 2013, removing market uncertainty. With the stabilization of the Indonesian current account deficit in the first quarter, both equity markets and local currencies in Southeast Asia overall recovered, despite interim volatilities driven by a military coup in Thailand and parliamentary and presidential elections in Indonesia.

China Region Fund

Investment Highlights

Overview

For the six months ended June 30, 2014, the China Region Fund declined 1.93 percent, underperforming the benchmark Hang Seng Composite Index (HSCI), which declined 0.01 percent in total return.

Strengths

• The fund benefited from country diversification. Investment allocation to South Korea made the most positive contribution to performance against the benchmark for the period.

• Industry allocation to technology was the largest alpha generator for the fund, given its top performance within the benchmark and the fund's overweight position throughout the period.

• E-Commerce China Dangdang, Inc.,⁽²⁾ Paradise Co. Ltd.⁽³⁾ and Tencent Holdings Ltd.⁽⁴⁾ finished the period as the top three positive contributors to fund performance.

Weaknesses

• Country allocation to China and Hong Kong overall was less than satisfactory, as stock winners failed to offset losers for the period.

• Industry allocation to energy and industrials proved most unsuccessful for the fund, as stock selections therein underperformed.

• Investments in Biostime International Holdings Ltd.,⁽⁵⁾ Great Wall Motor Co., Ltd.⁽⁵⁾ and Sa Sa International Holdings Ltd.⁽⁵⁾ were among the most significant detractors from fund performance.

• Bullish option strategies detracted from fund performance in a volatile and declining market for the first half.

Current Outlook

Opportunities

• August marks the height of earnings report season for Chinese technology companies. Solid growth and robust fundamentals of mobile Internet bellwethers

China Region Fund

might attract more investors. The imminent initial public offering (IPO) of Alibaba Group Holding Ltd.⁽⁵⁾ should keep investor sentiment buoyant toward the Internet space.

• Now that two former national leaders have been disciplined on corruption charges, Chinese policymakers can finally refocus their efforts on economic growth. Distressed and neglected commodity sectors such as industrial and precious metals should benefit from a potential reflation cycle.

• Easier mortgage lending and looser home purchase restrictions should help Chinese property developers rebound from depressed levels.

Threats

• Government policy uncertainty continues to rise in post-election Indonesia, junta-controlled Thailand and inflation-encumbered Philippines. This has strengthened global investing in China and Hong Kong, which threatens regional liquidity rotation out of Southeast Asian markets.

• A growing preference of e-commerce over more conventional methods of shopping has cut into name brands' business, significantly diminishing mass consumer sector growth in areas such as infant foods and diapers.

• Investor expectations for Macau casino operators could be dampened due to unexpected declines in mass market segment growth in July.

⁽¹⁾The China region is defined as any country that either shares a border with China or is located in the South China Sea or the East China Sea and includes: the People's Republic of China (PRC or China), Bangladesh, Cambodia, Hong Kong, India, Indonesia, Kazakhstan, Korea, Kyrgyzstan, Laos, Malaysia, Mongolia, Myanmar, Nepal, Pakistan, Philippines, Singapore, Taiwan, Tajikistan, Thailand and Vietnam.

⁽²⁾This security comprised 0.72% of the fund's total net assets as of 06/30/14.

⁽³⁾This security comprised 1.62% of the fund's total net assets as of 06/30/14.

⁽⁴⁾This security comprised 4.56% of the fund's total net assets as of 06/30/14.

⁽⁵⁾The fund did not hold this security as of 06/30/14.

China Region Fund

Top 10 Equity Holdings Based on Net Assets June 30, 2014

Hutchison Whampoa Ltd. Diversified Operations	4.68	%
Tencent Holdings Ltd. Internet Application Software	4.56	%
China Everbright International Ltd. Alternative Waste Technology	2.80	%
Huadian Fuxin Energy Corp., Ltd. Electric - Generation	2.71	%
China Construction Bank Corp. Commercial Banks - Non US	2.50	%
YY, Inc. Internet Content - Information/Network	2.45	%
Bank of China Ltd. Commercial Banks - Non US	2.41	%
Qihoo 360 Technology Co., Ltd. Internet Security	2.36	%
PetroChina Co., Ltd. Oil Companies - Integrated	2.24	%
Techtronic Industries Co., Ltd. Machine Tools & Related Products	2.17	%
Total Top 10 Equity Holdings	28.88	%

Country Distribution*

Based on Total Investments June 30, 2014

* Country distribution shown is based on domicile and not intended to conform to the China region definition in the prospectus. The locale of company operations may be different.

Expense Example (unaudited) June 30, 2014

As a shareholder of the funds, you incur two types of costs: (1) direct or transactional costs, including small balance and short-term trading (redemption) fees; and (2) indirect or ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

• Actual Expenses. The first line of the following table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

• Hypothetical Example for Comparison Purposes. The second line of the following table for each fund provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5 percent per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in these funds and other funds. To do so, compare this 5 percent hypothetical example with the 5 percent hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any direct or transactional costs, such as small balance or short-term trading fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these direct or transactional costs were included, your costs would have been higher.

Expense Example (unaudited) June 30, 2014

Six Months Ended June 30, 2014	Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period*
U.S. Government Securities Ultra-Short Bond Fund
Based on Actual Fund Return	$	1,000.00	$	1,001.90	$	1.29
Based on Hypothetical 5% Yearly Return	$	1,000.00	$	1,023.51	$	1.30
Near-Term Tax Free Fund
Based on Actual Fund Return	$	1,000.00	$	1,025.20	$	2.26
Based on Hypothetical 5% Yearly Return	$	1,000.00	$	1,022.56	$	2.26
All American Equity Fund
Based on Actual Fund Return	$	1,000.00	$	1,023.00	$	11.19
Based on Hypothetical 5% Yearly Return	$	1,000.00	$	1,013.74	$	11.13
Holmes Macro Trends Fund
Based on Actual Fund Return	$	1,000.00	$	992.20	$	10.13
Based on Hypothetical 5% Yearly Return	$	1,000.00	$	1,014.63	$	10.24
Global Resources Fund Investor Class
Based on Actual Fund Return	$	1,000.00	$	1,106.80	$	7.47
Based on Hypothetical 5% Yearly Return	$	1,000.00	$	1,017.70	$	7.15
Global Resources Fund Institutional Class
Based on Actual Fund Return	$	1,000.00	$	1,110.80	$	4.66
Based on Hypothetical 5% Yearly Return	$	1,000.00	$	1,020.38	$	4.46
World Precious Minerals Fund Investor Class
Based on Actual Fund Return	$	1,000.00	$	1,298.80	$	11.17
Based on Hypothetical 5% Yearly Return	$	1,000.00	$	1,015.08	$	9.79
World Precious Minerals Fund Institutional Class
Based on Actual Fund Return	$	1,000.00	$	1,295.50	$	8.82
Based on Hypothetical 5% Yearly Return	$	1,000.00	$	1,017.11	$	7.75
Gold and Precious Metals Fund
Based on Actual Fund Return	$	1,000.00	$	1,278.30	$	10.79
Based on Hypothetical 5% Yearly Return	$	1,000.00	$	1,015.32	$	9.54
Emerging Europe Fund
Based on Actual Fund Return	$	1,000.00	$	954.60	$	10.95
Based on Hypothetical 5% Yearly Return	$	1,000.00	$	1,013.59	$	11.28
China Region Fund
Based on Actual Fund Return	$	1,000.00	$	980.70	$	12.33
Based on Hypothetical 5% Yearly Return	$	1,000.00	$	1,012.35	$	12.52

* These calculations are based on expenses incurred in the most recent fiscal half-year. The funds' Investor Class' annualized expense ratios (after reimbursements and offsets) for the six-month period ended June 30, 2014, were 0.26%, 0.45%, 2.23%, 2.05%, 1.43%, 1.96%, 1.91%, 2.26% and 2.51%, respectively, for the U.S. Government Securities Ultra-Short Bond, Near-Term Tax Free, All American Equity, Holmes Macro Trends, Global Resources, World Precious Minerals, Gold and Precious Metals, Emerging Europe and China Region Funds. The funds' Institutional Class' annualized expense ratios (after reimbursements and offsets) for the six-month period ended June 30, 2014, were 0.89% and 1.55%, respectively, for the Global Resources and World Precious Minerals Funds. The dollar amounts shown as "Expenses Paid" are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 181, the number of days in the period, then divided by 365 days in the current fiscal year.

U.S. Government Securities Ultra-Short Bond Fund

Portfolio of Investments (unaudited) June 30, 2014

United States Government and Agency Obligations 98.70%		Coupon Rate			Maturity Date	Principal Amount		Value
Federal Farm Credit Bank 41.66%
Discount Note:
	Yield		0.01	%	07/01/14	$	10,000,000	$	10,000,000
Fixed Rates:
			1.27	%	12/18/17		1,310,000		1,305,748
			1.87	%	12/26/18		5,000,000		5,031,445
			1.92	%	01/14/19		5,000,000		5,030,925
Variable Rates:
			0.21	%	07/16/14		2,200,000		2,200,080
			0.10	%	03/30/15		5,000,000		4,999,075
									28,567,273
Federal Home Loan Bank 48.85%
Discount Notes:
	Yield		0.04	%	07/01/14		5,000,000		5,000,000
	Yield		0.04	%	07/02/14		5,000,000		4,999,994
	Yield		0.06	%	07/09/14		10,000,000		9,999,872
Fixed Rates:
			0.40	%	07/02/14		1,000,000		1,000,009
			0.70	%	07/22/16		4,400,000		4,401,404
			5.13	%	03/10/17		1,000,000		1,109,996
			1.70	%	07/26/18		3,000,000		3,013,218
			1.50	%	03/08/19		4,000,000		3,978,768
									33,503,261
Tennessee Valley Authority 8.19%
Fixed Rates:
			6.25	%	12/15/17		2,930,000		3,421,897
			1.75	%	10/15/18		2,174,000		2,191,525
									5,613,422
Total Investments 98.70%									67,683,956
(cost $67,523,175)
Other assets and liabilities, net 1.30%									892,420
Net Assets 100%								$	68,576,376

See notes to portfolios of investments and notes to financial statements.
59

Near-Term Tax Free Fund

Portfolio of Investments (unaudited) June 30, 2014

Municipal Bonds 89.85%	Coupon Rate			Maturity Date	Principal Amount		Value
Alabama 3.47%
Alabama State Public School & College Authority		5.00	%	12/01/16	$	290,000	$	321,532
Bessemer, Alabama Electric Revenue, Refunding		3.10	%	12/01/21		100,000		102,695
Bessemer, Alabama Water Revenue		4.00	%	01/01/16		500,000		506,010
Jasper Alabama Water Works & Sewer Board, Inc., Utilities Revenue, Series A		3.00	%	06/01/15		90,000		91,521
Jasper Alabama Water Works & Sewer Board, Inc., Utilities Revenue, Series A		3.00	%	06/01/16		90,000		92,671
Mountain Brook City Board of Education Capital Outlay		4.00	%	02/15/15		395,000		404,346
University of Alabama at Birmingham, Hospital Revenue, Series A		5.00	%	09/01/15		600,000		632,370
								2,151,145
Alaska 0.51%
Alaska Municipal Bond Bank Authority, Prerefunded, Series A		4.00	%	02/01/16		105,000		111,196
Alaska Municipal Bond Bank Authority, Unrefunded, Series A		4.00	%	02/01/16		195,000		206,476
								317,672
Arizona 2.61%
Arizona Board of Regents Certificates of Participation, Series B		4.50	%	06/01/16		200,000		215,476
Arizona State School Facilities Board Certificates of Participation, Series A-1		5.00	%	09/01/17		325,000		343,200
Arizona State Transportation Board Excise Tax Revenue		5.00	%	07/01/17		175,000		197,873
McAllister Academic Village LLC, Arizona State University Hassayampa Revenue, Refunding		5.75	%	07/01/18		200,000		231,320
Page, Arizona, Pledged Revenue, Refunding		3.00	%	07/01/16		350,000		361,186
University of Arizona Certificates of Participation, Series C		5.00	%	06/01/22		260,000		270,475
								1,619,530
California 5.02%
California State, GO Unlimited		5.00	%	03/01/32		300,000		319,608
California State, GO Unlimited		4.75	%	03/01/34		205,000		213,827
California State, Refunding, Recreational Facility, GO Unlimited		5.00	%	12/01/19		5,000		5,020
California State, Statewide Communities Development Authority, Enloe Medical Center Revenue, Series A		5.25	%	08/15/18		340,000		394,696

See notes to portfolios of investments and notes to financial statements.
60

Near-Term Tax Free Fund

Portfolio of Investments (unaudited) June 30, 2014

Municipal Bonds (cont'd)	Coupon Rate			Maturity Date	Principal Amount		Value
California (cont'd)
Chaffey Community College District, GO Unlimited, Series C		5.00	%	06/01/32	$	300,000	$	329,166
Delano, California Union High School District, GO Unlimited, Refunding, Series A		4.75	%	02/01/17		200,000		218,448
Los Angeles Unified School District, Election 2004, Series H, GO Unlimited		5.00	%	07/01/32		200,000		220,422
San Diego, California Community College District, Capital Appreciation, Election 2002, GO Unlimited (ZCB)		4.34	%⁽¹⁾	05/01/15		300,000		298,959
Santa Clara County, California Financing Authority Revenue, Obstetrics and Gynecology, El Camino Hospital		5.00	%	02/01/18		350,000		390,516
Santa Clara Valley Transportation Authority, Refunding, Series A		5.00	%	04/01/27		370,000		406,889
Santa Paula Schools Financing Authority, Santa Paula Elementary School District Revenue		4.25	%	11/01/22		300,000		314,598
								3,112,149
Colorado 0.71%
Colorado Health Facilities Authority Revenue		5.00	%	09/01/16		150,000		150,507
Denver, Colorado, Health & Hospital Authority, Healthcare Revenue, Series A		5.00	%	12/01/16		265,000		287,933
								438,440
Connecticut 0.73%
Connecticut State Health & Educational Facilities Authority Revenue, Bridgeport Hospital, Series D		5.00	%	07/01/19		395,000		453,488
District of Columbia 1.00%
District of Columbia Income Tax Revenue, Series A		5.25	%	12/01/27		300,000		350,769
Washington D.C. Convention Center Authority Dedicated Tax Revenue, Refunding, Series A		5.00	%	10/01/16		250,000		271,845
								622,614
Florida 12.18%
Broward County, Florida School Board Certificates of Participation, Series A		5.00	%	07/01/15		325,000		340,522
Cape Coral, Florida Gas Tax Revenue, Series A		4.00	%	10/01/16		255,000		273,467

See notes to portfolios of investments and notes to financial statements.
61

Near-Term Tax Free Fund

Portfolio of Investments (unaudited) June 30, 2014

Municipal Bonds (cont'd)	Coupon Rate			Maturity Date	Principal Amount		Value
Florida (cont'd)
Citizens Property Insurance Corp., Senior Secured, Coastal Account, Revenue, Series A-1		4.00	%	06/01/18	$	100,000	$	110,222
Escambia County, Florida, Health Facilities Authority Revenue, Baptist Hospital, Inc. Project, Series A		5.00	%	08/15/19		290,000		325,945
Florida Board of Education, GO Unlimited, Refunding, Series C		4.50	%	06/01/28		300,000		312,639
Florida Gulf Coast University Financing Corp., Florida Capital Improvement Revenue, Series B		3.00	%	02/01/16		365,000		379,206
Florida State Board of Education Lottery Revenue, Series A		4.00	%	07/01/14		300,000		300,000
Florida State Board of Education Lottery Revenue, Series B		5.00	%	07/01/26		100,000		112,583
Florida State Board of Governors Parking Facilities Revenue, Series A		3.00	%	07/01/17		300,000		320,043
Florida State Department of Management Services Certificates of Participation		5.00	%	08/01/24		340,000		389,803
Florida State Municipal Power Agency, Stanton Project Revenue, Refunding		5.13	%	10/01/17		300,000		339,816
Fort Pierce, Florida Stormwater Utilities Revenue		4.50	%	10/01/17		255,000		264,455
Hillsborough County, Florida School Board, Refunding, Certificates of Participation		4.00	%	07/01/19		100,000		106,717
Jacksonville Florida Special Revenue, Series C		5.00	%	10/01/20		270,000		320,806
Lake County, Florida School Board Certificates of Participation, Series A		3.70	%	06/01/15		400,000		412,440
Leesburg, Florida Capital Improvement Revenue Bonds, Refunding		5.00	%	10/01/21		405,000		462,753
Margate, Florida Water & Sewer Revenue, Refunding		4.00	%	10/01/19		250,000		265,785
Miami - Dade County, Florida Expressway Authority Toll System Revenue, Series A		5.00	%	07/01/21		430,000		499,789
Miami - Dade County, Florida Water & Sewer Revenue System, Series A		4.00	%	10/01/16		235,000		253,168
Orange County, Florida Tourist Development Tax Revenue, Refunding		5.00	%	10/01/14		260,000		263,029
Orlando, Florida Community Redevelopment Agency Tax Increment Revenue, Downtown District, Series A		4.00	%	09/01/17		325,000		348,423
Polk County, Florida School District Revenue		5.00	%	10/01/17		215,000		236,440
Port St. Lucie, Florida, Southwest Annexation Special Assessment District No 1, Revenue, Series B		4.13	%	07/01/17		25,000		26,380

See notes to portfolios of investments and notes to financial statements.
62

Near-Term Tax Free Fund

Portfolio of Investments (unaudited) June 30, 2014

Municipal Bonds (cont'd)	Coupon Rate			Maturity Date	Principal Amount		Value
Florida (cont'd)
Reedy Creek, Florida Improvement District Utilities Revenue, Refunding, Series 2		5.00	%	10/01/16	$	300,000	$	315,297
Saint Johns County, Florida Transportation Revenue, Refunding		5.00	%	10/01/20		310,000		357,052
Volusia County, Florida School Board Sales Tax Revenue		4.20	%	10/01/16		200,000		212,190
								7,548,970
Georgia 2.19%
Atlanta Development Authority Revenue		5.25	%	07/01/22		500,000		500,285
Atlanta Downtown Development Authority		4.25	%	12/01/16		250,000		267,412
Georgia State Municipal Electric Authority Revenue, Unrefunded		5.50	%	01/01/20		135,000		146,679
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System and Affiliates Revenue, Anticipation Certificates		4.50	%	08/01/17		150,000		166,113
Gwinnett County, Georgia, Hospital Authority, Gwinnett Hospital Systems Revenue, Series B		5.00	%	07/01/18		250,000		274,118
								1,354,607
Guam 0.41%
Guam Education Financing Foundation Certificate of Participation, Series A		4.25	%	10/01/18		250,000		255,412
Idaho 0.41%
Idaho Housing & Finance Association, Grant & Revenue Anticipation, Federal Highway Trust Fund, Series A		5.00	%	07/15/21		225,000		256,093
Illinois 9.12%
Aurora, Illinois, Series B, GO Unlimited		3.00	%	12/30/15		200,000		207,330
Chicago Board of Education, Dedicated Revenues, Series F, GO Unlimited		5.00	%	12/01/16		300,000		326,409
Chicago Board of Education, GO Unlimited		5.25	%	12/01/19		300,000		343,959
Chicago, Illinois Sales Tax Revenue		5.50	%	01/01/15		350,000		358,984
Chicago, Illinois, Direct Access Bond, Series E-1 B, GO Unlimited		4.00	%	01/01/19		200,000		203,938
Chicago, Illinois, O'Hare International Airport Revenue, Gen - Third Lien, Series C		5.25	%	01/01/23		250,000		289,260
Chicago, Illinois, Unrefunded Balance, Series B, GO Unlimited		5.13	%	01/01/15		165,000		169,056
City Colleges of Chicago, GO Unlimited		5.00	%	01/01/17		115,000		124,966
Du Page County, Refunding, GO Unlimited		5.60	%	01/01/21		440,000		506,277
Illinois Finance Authority, Refunding, Series A		5.00	%	10/01/14		150,000		151,710

See notes to portfolios of investments and notes to financial statements.
63

Near-Term Tax Free Fund

Portfolio of Investments (unaudited) June 30, 2014

Municipal Bonds (cont'd)	Coupon Rate			Maturity Date	Principal Amount		Value
Illinois (cont'd)
Illinois Finance Authority, Revenue, Refunding		5.00	%	07/01/16	$	390,000	$	406,867
Illinois Regional Transportation Authority Revenue, Series A		7.20	%	11/01/20		185,000		219,170
Illinois State Toll Highway Authority, Toll Highway Revenue, Series A		5.00	%	01/01/16		200,000		209,388
Illinois State, Refunding, GO Unlimited		5.00	%	01/01/16		300,000		319,470
Kaskaskia Community College District No. 501, GO Unlimited		5.75	%	12/01/19		500,000		573,570
Lake & McHenry County, Fox Lake, Illinois, Debt Certificates, Series B		3.00	%	11/01/19		265,000		273,305
Springfield, Illinois Metropolitan Sanitation District, Sewer Revenue, Senior Lien, Series A		4.00	%	01/01/17		570,000		605,483
Winnebago County Public Safety Sales Tax, Series A, GO Unlimited		5.00	%	12/30/16		350,000		366,744
								5,655,886
Indiana 1.02%
Indianapolis Local Public Improvement Bond Bank, Waterworks Project, Series 2007 L		5.25	%	01/01/33		305,000		324,062
Tippecanoe County, Indiana School Improvements		4.00	%	01/15/15		300,000		306,138
								630,200
Iowa 1.00%
Johnston Community School District, GO Unlimited		4.00	%	06/01/16		200,000		206,448
University of Iowa Hospitals and Clinics, Iowa State Board of Regents, Hospital Revenue, Refunding, Series A		3.00	%	09/01/19		400,000		415,328
								621,776
Kansas 0.76%
Kansas State Development Finance Authority Revenue		4.00	%	10/01/15		450,000		471,532
Kentucky 1.17%
Bowling Green, Kentucky, GO Unlimited, Series B		4.00	%	09/01/16		215,000		229,661
Kentucky Municipal Power Agency, Power System Revenue, Prairie State Project, Series A		5.25	%	09/01/22		440,000		494,375
								724,036

See notes to portfolios of investments and notes to financial statements.
64

Near-Term Tax Free Fund

Portfolio of Investments (unaudited) June 30, 2014

Municipal Bonds (cont'd)	Coupon Rate			Maturity Date	Principal Amount		Value
Louisiana 0.42%
Louisiana State, Citizens Property Insurance Corp., Revenue Bonds, Series B		5.00	%	06/01/21	$	245,000	$	262,728
Massachusetts 0.95%
New Bedford, Massachusetts, State Qualified Municipal Loan, GO Limited		3.00	%	03/01/15		345,000		351,448
Stoughton, Massachusetts Public Improvement, GO Limited		4.00	%	05/01/17		225,000		237,530
								588,978
Michigan 5.24%
Detroit, Michigan Local Development Financing Authority, Refunding, Series A		5.38	%	05/01/18		140,000		133,059
Detroit, Michigan Sewer Disposal Revenue, Refunding, Series C-1		5.25	%	07/01/15		400,000		406,664
Detroit, Michigan Water Supply System Revenue, Series B		5.00	%	07/01/16		430,000		433,569
Gibraltar, Michigan School District, Refunding, GO Unlimited		5.00	%	05/01/21		475,000		551,024
Michigan House of Representatives Facilities, Obligations Revenue, Series A		5.00	%	10/15/17		200,000		225,428
Michigan Public Power Agency AFEC Project Revenue, Series 2012-A		4.50	%	01/01/19		280,000		304,038
Michigan State Grant Anticipation Bonds		5.00	%	09/15/16		200,000		218,972
Michigan State Hospital Finance Authority Revenue, Trinity Health, Series A		6.00	%	12/01/18		200,000		236,864
Portage Public Schools, School Building & Site, GO Unlimited		5.00	%	05/01/20		300,000		339,870
State of Michigan, Trunk Line Revenue, Refunding		4.50	%	11/01/26		105,000		116,018
Wayne County, Michigan Airport Authority Revenue, Detroit Metropolitan Airport, Refunding, Series C		4.00	%	12/01/19		255,000		280,204
								3,245,710
Minnesota 0.88%
Minneapolis & St Paul, Minnesota Housing & Redevelopment Authority Health Care Systems, Children's Health Care, Series B		4.00	%	08/15/16		250,000		267,413
Minneapolis & St Paul, Minnesota Metropolitan Airports Commission, Airport Revenue, Refunding, Series B		5.00	%	01/01/19		255,000		280,732
								548,145

See notes to portfolios of investments and notes to financial statements.
65

Near-Term Tax Free Fund

Portfolio of Investments (unaudited) June 30, 2014

Municipal Bonds (cont'd)	Coupon Rate			Maturity Date	Principal Amount		Value
Missouri 1.33%
Kansas City Water Revenue		4.00	%	12/01/22	$	250,000	$	285,822
Missouri Development Finance Board, Eastland Center Project, Tax Allocation, Series A		5.00	%	04/01/17		250,000		271,533
Missouri State Health & Educational Facilities Authority, Southwestern Baptist University Revenue		3.00	%	10/01/17		265,000		267,613
								824,968
Nevada 0.77%
Nye County School District, GO Limited		4.00	%	05/01/15		465,000		478,857
New Hampshire 0.81%
New Hampshire Health & Education Facilities Authority Revenue		5.00	%	07/01/14		65,000		65,000
New Hampshire Health & Education Facilities Authority Revenue		5.00	%	01/01/18		400,000		437,612
								502,612
New Jersey 3.65%
Atlantic City, New Jersey Municipal Utilities Authority Revenue, Refunding		5.00	%	06/01/17		150,000		164,178
Atlantic City, New Jersey, Refunding Tax Appeal, GO Unlimited		4.00	%	11/01/18		500,000		544,065
Elizabeth, New Jersey Parking Authority Project Revenue, Elizabethtown Plaza Redevelopment, Series B		4.00	%	11/01/17		255,000		272,013
Hudson County, New Jersey Improvement Authority Lease Revenue, North Hudson Regional Fire, Refunding, Series A		5.63	%	09/01/18		400,000		449,600
New Jersey Health Care Facilities Financing Authority Revenue, Holy Name Medical Center, Refunding		5.00	%	07/01/19		215,000		242,243
Passaic Valley, New Jersey, Sewage Commissioners Revenue, Series G		5.75	%	12/01/21		500,000		590,385
								2,262,484
New Mexico 0.39%
Clayton, New Mexico, Jail Project Revenue		4.00	%	11/01/17		235,000		240,936
New York 3.10%
Long Island Power Authority Revenue, Series B		5.00	%	09/01/21		465,000		541,436
Long Island Power Authority, New York Electric Systems, Revenue, Series E		5.00	%	12/01/17		330,000		362,865

See notes to portfolios of investments and notes to financial statements.
66

Near-Term Tax Free Fund

Portfolio of Investments (unaudited) June 30, 2014

Municipal Bonds (cont'd)	Coupon Rate			Maturity Date	Principal Amount		Value
New York (cont'd)
Nassau County Industrial Development Agency, New York Institute of Technology Project Revenue, Refunding, Remarketing, Series A		5.00	%	03/01/21	$	350,000	$	375,991
New York State Dormitory Authority Revenue, Nonconstruction Supported Debt, Municipal Facilities Health Lease, Series 1		5.00	%	01/15/17		300,000		330,180
New York, New York, Subseries L-1, GO Unlimited		4.00	%	04/01/15		300,000		308,658
								1,919,130
North Carolina 1.11%
Beaufort County, North Carolina, GO Limited		5.00	%	06/01/21		200,000		232,376
North Carolina State Municipal Power Agency #1, Catawba Electric Revenue, Refunding, Series A		5.25	%	01/01/20		400,000		453,220
								685,596
Ohio 2.19%
Canton City School District, Refunding, GO Unlimited		5.00	%	12/01/18		325,000		339,284
Cleveland, Ohio, Parking Facility Revenue, Prerefunding, Refunding		5.25	%	09/15/22		130,000		161,248
Lorain County, Ohio, Community College District, Revenue		3.25	%	12/01/17		650,000		695,305
Marion County, Ohio, Variable Refunding, GO Limited		4.00	%	12/01/20		150,000		159,030
								1,354,867
Oklahoma 0.56%
Oklahoma State Agricultural & Mechanical Colleges, Oklahoma State University, Revenue, Series A		5.00	%	08/01/21		300,000		345,144
Oregon 0.37%
Oregon State Facilities Authority, Legacy Health Project Revenue, Refunding, Series A		4.50	%	05/01/20		200,000		226,664
Pennsylvania 2.64%
Delaware Valley, Pennsylvania, Regional Financial Authority Revenue, Permanently Fixed Business Development Services		5.50	%	08/01/18		295,000		335,854
Lycoming County, Pennsylvania Authority Health System, Susquehanna Health Systems Project Revenue, Series A		5.10	%	07/01/20		140,000		155,670

See notes to portfolios of investments and notes to financial statements.
67

Near-Term Tax Free Fund

Portfolio of Investments (unaudited) June 30, 2014

Municipal Bonds (cont'd)	Coupon Rate			Maturity Date	Principal Amount		Value
Pennsylvania (cont'd)
Philadelphia School District, Pennsylvania, Refunding, GO Unlimited, Series E		5.25	%	09/01/24	$	625,000	$	705,794
Reading, Pennsylvania School District, GO Unlimited, Series A		5.00	%	04/01/20		400,000		441,908
								1,639,226
Puerto Rico 1.12%
Commonwealth of Puerto Rico, Series A, GO Unlimited		5.00	%	07/01/15		225,000		225,425
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue, Refunding, Series C		5.50	%	07/01/17		445,000		468,154
								693,579
Rhode Island 0.44%
Rhode Island State Economic Development Corporation Revenue, Series A		5.00	%	06/15/17		250,000		270,835
South Carolina 2.41%
Jasper County School District, GO Unlimited		4.00	%	03/01/15		195,000		200,011
Piedmont Municipal Power Agency		5.00	%	01/01/16		150,000		159,921
South Carolina Transportation Infrastructure Bank Revenue, Series A		5.25	%	10/01/17		125,000		126,558
Spartanburg County, South Carolina Regional Health Services District, Hospital Revenue, Refunding, Series A		5.00	%	04/15/19		600,000		687,900
Spartanburg County, South Carolina Sanitation Sewer District Revenue, Series A		3.50	%	03/01/19		300,000		317,727
								1,492,117
Tennessee 0.80%
Memphis, Tennessee Sanitary Sewage System Revenue, Refunding		5.00	%	05/01/20		200,000		237,078
Metropolitan Government of Nashville & Davidson County, Water & Sewer Revenue		6.50	%	12/01/14		250,000		256,522
								493,600
Texas 14.66%
Addison, Texas Certificates of Obligation, GO Limited		4.50	%	02/15/28		140,000		152,457
Addison, Texas Certificates of Obligation, GO Unlimited		4.00	%	02/15/20		250,000		271,735
Annetta, Texas Certificates of Obligation, GO Limited		4.00	%	08/01/16		200,000		206,568
Center, Texas, GO Limited (ZCB)		3.10	%⁽¹⁾	02/15/20		150,000		132,066

See notes to portfolios of investments and notes to financial statements.
68

Near-Term Tax Free Fund

Portfolio of Investments (unaudited) June 30, 2014

Municipal Bonds (cont'd)	Coupon Rate			Maturity Date	Principal Amount		Value
Texas (cont'd)
City of Texarkana, Texas, Refunding, GO Limited		5.00	%	02/15/21	$	320,000	$	371,677
City of Texarkana, Texas, Waterworks & Sanitary Sewer System Revenue		3.00	%	08/01/19		90,000		93,837
City of Texarkana, Texas, Waterworks & Sanitary Sewer System Revenue		3.00	%	08/01/20		95,000		98,204
Clear Lake, Texas, Waterworks & Sewer System, GO Unlimited		3.00	%	03/01/19		125,000		130,308
Corpus Christi, Texas Business & Job Development Corporation, Seawall Project, Sales Tax Revenue, Refunding		5.00	%	03/01/20		350,000		403,295
Dallas, Texas Waterworks & Sewer Systems Revenue, Refunding		4.50	%	10/01/19		225,000		250,076
Forney, Texas, GO Limited		5.00	%	02/15/27		500,000		545,810
Frisco, Texas Independent School District, School Building, GO Unlimited, Series A		4.50	%	08/15/25		180,000		194,434
Goose Creek, Texas Independent School District Schoolhouse, Series A		5.25	%	02/15/18		370,000		413,471
Grand Prairie Independent School District, Refunding, GO Unlimited (ZCB)		3.92	%⁽¹⁾	08/15/16		400,000		383,660
Greenville, Texas Independent School District, GO Unlimited, Refunding		4.00	%	08/15/17		120,000		128,385
Houston, Texas, Hotel Occupancy Tax & Special Revenue, Refunding, Series B		5.00	%	09/01/19		295,000		318,641
Katy, Texas Independent School District, School Building, Series D, GO Unlimited		4.50	%	02/15/19		325,000		343,840
Laredo, Texas, Waterworks & Sewer System Revenue		4.25	%	03/01/18		100,000		108,018
Lewisville, Texas Independent School District, GO Unlimited, Refunding (ZCB)		4.04	%⁽¹⁾	08/15/15		400,000		399,152
Lower Colorado River Authority, Transmission Contract Revenue, Refunding, Series A		5.00	%	05/15/21		500,000		584,245
North Texas Tollway Authority Revenue, Series F		5.75	%	01/01/38		300,000		330,948
Prosper, Texas Independent School District, Capital Appreciation, School Building, GO Unlimited (ZCB)		6.00	%⁽¹⁾	08/15/33		1,000,000		378,090
San Antonio, Texas, Water Revenue, Refunding		4.50	%	05/15/21		400,000		464,688
San Marcos, Texas Tax & Toll Revenue, GO Limited		5.10	%	08/15/27		400,000		446,272
San Patricio, Texas Municipal Water District, Refunding		4.00	%	07/10/18		200,000		205,718
Texas Department of Housing & Community Affairs		4.15	%	09/01/14		1,130,000		1,136,667
Texas Municipal Power Agency Revenue, Refunding		5.00	%	09/01/17		250,000		281,538

See notes to portfolios of investments and notes to financial statements.
69

Near-Term Tax Free Fund

Portfolio of Investments (unaudited) June 30, 2014

Municipal Bonds (cont'd)	Coupon Rate			Maturity Date	Principal Amount		Value
Texas (cont'd)
White Settlement, Texas Independent School District, Prerefunded, GO Unlimited		4.13	%	08/15/15	$	240,000	$	250,447
White Settlement, Texas Independent School District, Unrefunded, GO Unlimited		4.13	%	08/15/15		60,000		62,653
								9,086,900
Utah 2.32%
Salt Lake County, Utah, Westminster College Project Revenue		5.00	%	10/01/24		235,000		251,970
Tooele City, Utah Municipal Building Authority Lease Revenue, Refunding		3.75	%	12/01/17		285,000		292,062
Utah State Building Ownership Authority, Lease Revenue, Refunding, Series C		5.50	%	05/15/19		500,000		568,370
Washington County-St George Interlocal Agency Lease Revenue, Refunding, Series A		4.00	%	12/01/19		300,000		322,953
								1,435,355
Virginia 0.51%
Virginia College Building Authority Educational Facilities Revenue, Prerefunded, Series A		5.00	%	09/01/15		10,000		10,560
Virginia College Building Authority Educational Facilities Revenue, Unrefunded, Series A		5.00	%	09/01/15		290,000		306,310
								316,870
Washington 0.83%
Energy Northwest, Washington Electric Revenue		5.00	%	07/01/14		250,000		250,000
Spokane County, Washington School District, No. 81, GO Unlimited		5.05	%	06/01/22		255,000		266,325
								516,325
Wisconsin 0.04%
Wisconsin State, Refunding, Series 2, GO Unlimited		4.13	%	11/01/16		25,000		25,890
Total Investments 89.85%								55,691,066
(cost $54,009,406)
Other assets and liabilities, net 10.15%								6,293,596
Net Assets 100%							$	61,984,662

⁽¹⁾Represents Yield

See notes to portfolios of investments and notes to financial statements.
70

All American Equity Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks 93.39%	Shares		Value
Aerospace/Defense 1.01%
Northrop Grumman Corp.		2,000	$	239,260
Agricultural Chemicals 1.98%
CF Industries Holdings, Inc.		1,000		240,530
Mosaic Co.		4,600		227,470
				468,000
Automotive - Cars & Light Trucks 2.03%
Tesla Motors, Inc.		2,000		480,120	*
Beverages - Non-alcoholic 1.01%
Coca-Cola Enterprises, Inc.		5,000		238,900
Cable/Satellite TV 1.12%
Time Warner Cable, Inc.		1,800		265,140
Casino Hotels 1.58%
Wynn Resorts Ltd.		1,800		373,608
Casino Services 1.21%
International Game Technology		18,000		286,380
Chemicals - Diversified 3.30%
LyondellBasell Industries N.V., Class A		2,200		214,830
PPG Industries, Inc.		1,300		273,195
Westlake Chemical Corp.		3,500		293,160
				781,185
Chemicals - Specialty 1.57%
Methanex Corp.		6,000		370,680
Computers 2.75%
Apple, Inc.		7,000		650,510
Computers - Memory Devices 2.14%
NetApp, Inc.		6,100		222,772
Seagate Technology plc		5,000		284,100
				506,872
Containers - Metal/Glass 1.09%
Ball Corp.		4,100		256,988

See notes to portfolios of investments and notes to financial statements.
71

All American Equity Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks (cont'd)	Shares		Value
Data Processing/Management 0.93%
The Dun & Bradstreet Corp.		2,000	$	220,400
Diversified Manufacturing Operations 1.95%
General Electric Co.		8,500		223,380
Ingersoll-Rand plc		3,800		237,538
				460,918
E-Commerce/Services 2.54%
The Priceline Group, Inc.		500		601,500	*
Electric - Integrated 4.61%
Consolidated Edison, Inc.		4,300		248,282
Duke Energy Corp.		3,200		237,408
FirstEnergy Corp.		5,100		177,072
TECO Energy, Inc.		10,000		184,800
Wisconsin Energy Corp.		5,200		243,984
				1,091,546
Electronic Components - Semiconductors 2.72%
Microchip Technology, Inc.		7,500		366,075
NVIDIA Corp.		15,000		278,100
				644,175
Food - Miscellaneous/Diversified 1.00%
General Mills, Inc.		4,500		236,430
Gold Mining 0.58%
Royal Gold, Inc.		1,800		137,016
Gold/Mineral Royalty Companies 0.53%
Franco-Nevada Corp.		2,200		126,148
Internet Content - Entertainment 2.27%
Facebook, Inc., Class A		8,000		538,320	*
Internet Security 0.83%
VeriSign, Inc.		4,000		195,240	*
Investment Management/Advisory Services 1.01%
Ameriprise Financial, Inc.		2,000		240,000
Machinery - General Industrial 1.75%
Wabtec Corp.		5,000		412,950

See notes to portfolios of investments and notes to financial statements.
72

All American Equity Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks (cont'd)	Shares		Value
Medical - Biomedical/Gene 5.47%
Biogen Idec, Inc.		2,500	$	788,275	*
Celgene Corp.		3,000		257,640	*
Gilead Sciences, Inc.		3,000		248,730	*
				1,294,645
Medical - Drugs 1.86%
Pfizer, Inc.		6,500		192,920
Salix Pharmaceuticals Ltd.		2,000		246,700	*
				439,620
Medical - Generic Drugs 2.39%
Actavis plc		1,500		334,575	*
Mylan, Inc.		4,500		232,020	*
				566,595
Medical - HMO 0.96%
WellPoint, Inc.		2,100		225,981
Medical - Hospitals 0.99%
Tenet Healthcare Corp.		5,000		234,700	*
Medical Labs & Testing Services 1.84%
Laboratory Corp. of America Holdings		2,200		225,280	*
Quest Diagnostics, Inc.		3,600		211,284
				436,564
Multi-line Insurance 2.78%
The Allstate Corp.		3,900		229,008
Assurant, Inc.		4,000		262,200
MetLife, Inc.		3,000		166,680
				657,888
Multimedia 1.03%
Viacom, Inc., Class B		2,800		242,844
Office Supplies & Forms 0.97%
Avery Dennison Corp.		4,500		230,625
Oil - Field Services 3.79%
Halliburton Co.		6,000		426,060
Schlumberger Ltd.		4,000		471,800
				897,860

See notes to portfolios of investments and notes to financial statements.
73

All American Equity Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks (cont'd)	Shares		Value
Oil & Gas Drilling 1.05%
Diamond Offshore Drilling, Inc.		5,000	$	248,150
Oil Companies - Exploration & Production 1.73%
Southwestern Energy Co.		9,000		409,410	*
Oil Companies - Integrated 1.05%
Phillips 66		3,100		249,333
Oil Field Machinery & Equipment 2.03%
Cameron International Corp.		3,500		236,985	*
FMC Technologies, Inc.		4,000		244,280	*
				481,265
Oil Refining & Marketing 3.03%
Marathon Petroleum Corp.		3,400		265,438
Western Refining, Inc.		12,000		450,600
				716,038
Property/Casualty Insurance 1.11%
The Travelers Companies, Inc.		2,800		263,396
Real Estate Management/Services 1.35%
CBRE Group, Inc., Class A		10,000		320,400	*
Rental Auto/Equipment 1.77%
United Rentals, Inc.		4,000		418,920	*
Retail - Automobile 1.46%
Penske Automotive Group, Inc.		7,000		346,500
Retail - Building Products 0.96%
The Home Depot, Inc.		2,800		226,688
Retail - Regional Department Stores 0.94%
Kohl's Corp.		4,200		221,256
Saving & Loan/Thrifts - Eastern US 0.99%
People's United Financial, Inc.		15,500		235,135
Security Services 0.83%
The ADT Corp.		5,600		195,664

See notes to portfolios of investments and notes to financial statements.
74

All American Equity Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks (cont'd)	Shares		Value
Super-Regional Banks - US 1.97%
Comerica, Inc.		2,000	$	100,320
KeyCorp		8,000		114,640
SunTrust Banks, Inc.		3,000		120,180
U.S. Bancorp		3,000		129,960
				465,100
Telecom - Equipment Fiber Optics 1.02%
Corning, Inc.		11,000		241,450
Telephone - Integrated 2.01%
AT&T, Inc.		7,200		254,592
Verizon Communications, Inc.		4,500		220,185
				474,777
Tobacco 3.31%
Lorillard, Inc.		5,100		310,947
Philip Morris International, Inc.		2,600		219,206
Reynolds American, Inc.		4,200		253,470
				783,623
Transportation - Services 1.21%
C.H. Robinson Worldwide, Inc.		4,500		287,055
Web Portals/Internet Service Providers 1.98%
Google, Inc., Class A		800		467,736	*
Total Investments 93.39%				22,101,504
(cost $18,984,976)
Other assets and liabilities, net 6.61%				1,564,875
Net Assets 100%			$	23,666,379

See notes to portfolios of investments and notes to financial statements.
75

Holmes Macro Trends Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks 90.17%	Shares		Value
Applications Software 0.94%
Verint Systems, Inc.		10,000	$	490,500	*
Automotive - Cars & Light Trucks 2.77%
Tesla Motors, Inc.		6,000		1,440,360	*
Automotive - Truck Trailers 0.82%
Wabash National Corp.		30,000		427,500	*
Building - Residential/Commercial 0.88%
LGI Homes, Inc.		25,000		456,250	*
Building Products - Cement/Aggregates 2.72%
Eagle Materials, Inc.		15,000		1,414,200
Chemicals - Diversified 3.47%
PPG Industries, Inc.		3,000		630,450
Westlake Chemical Corp.		14,000		1,172,640
				1,803,090
Chemicals - Specialty 1.93%
Eastman Chemical Co.		1,600		139,760
Methanex Corp.		14,000		864,920
				1,004,680
Coal 0.03%
Pacific Coal Resources Ltd.		39,830		13,445	*
Computers 2.68%
Apple, Inc.		15,000		1,393,950
Containers - Paper/Plastic 0.28%
Packaging Corporation of America		2,000		142,980
E-Commerce/Services 2.31%
The Priceline Group, Inc.		1,000		1,203,000	*
Electric - Generation 0.54%
Pacific Power Generation Corp. (RS)		349,057		280,223	*@#
Electric - Integrated 1.47%
Westar Energy, Inc., Class A		20,000		763,800

See notes to portfolios of investments and notes to financial statements.
76

Holmes Macro Trends Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks (cont'd)	Shares		Value
Electronic Components - Semiconductors 6.25%
Cavium, Inc.		20,000	$	993,200	*
Microchip Technology, Inc.		20,000		976,200
Skyworks Solutions, Inc.		20,000		939,200
SunEdison, Inc.		15,000		339,000	*
				3,247,600
Energy - Alternate Sources 0.14%
Pacific Green Energy Corp. (RS)		100,000		74,820	*@#
Finance - Commercial 2.10%
IOU Financial, Inc.		1,943,000		1,093,160	*
Finance - Investment Banker/Broker 1.75%
Canaccord Financial, Inc.		10,000		115,242
Difference Capital Financial, Inc.		12,000		19,579	*
Lazard Ltd., Class A		15,000		773,400
				908,221
Gas - Distribution 1.55%
Atmos Energy Corp.		15,000		801,000
Gold Mining 0.60%
Gran Colombia Gold Corp.		2,232		3,684	*
Royal Gold, Inc.		4,000		304,480
				308,164
Gold/Mineral Royalty Companies 0.55%
Franco-Nevada Corp.		5,000		286,700
Hazardous Waste Disposal 1.41%
U.S. Ecology, Inc.		15,000		734,250
Human Resources 1.25%
Team Health Holdings, Inc.		13,000		649,220	*
Internet Content - Entertainment 2.59%
Facebook, Inc., Class A		20,000		1,345,800	*
Machinery - General Industrial 2.63%
DXP Enterprises, Inc.		5,000		377,700	*
Wabtec Corp.		12,000		991,080
				1,368,780

See notes to portfolios of investments and notes to financial statements.
77

Holmes Macro Trends Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks (cont'd)	Shares		Value
Medical - Biomedical/Gene 6.65%
Alexion Pharmaceuticals, Inc.		4,000	$	625,000	*
Biogen Idec, Inc.		5,500		1,734,205	*
Celgene Corp.		6,000		515,280	*
Gilead Sciences, Inc.		7,000		580,370	*
				3,454,855
Medical - Drugs 2.93%
Grifols S.A., Sponsored ADR		22,000		969,100
Salix Pharmaceuticals Ltd.		4,500		555,075	*
				1,524,175
Medical - Generic Drugs 2.49%
Actavis plc		3,500		780,675	*
Mylan, Inc.		10,000		515,600	*
				1,296,275
Medical - Hospitals 0.00%
African Medical Investments plc		1,000,000		0	*@#
Medical - Wholesale Drug Distribution 1.43%
McKesson Corp.		4,000		744,840
Multi-line Insurance 0.75%
MetLife, Inc.		7,000		388,920
Oil - Field Services 4.09%
Halliburton Co.		15,000		1,065,150
Schlumberger Ltd.		9,000		1,061,550
				2,126,700
Oil - US Royalty Trusts 0.51%
BP Prudhoe Bay Royalty Trust		2,000		197,880
San Juan Basin Royalty Trust		3,600		69,444
				267,324
Oil & Gas Drilling 0.70%
Parsley Energy, Inc., Class A		15,000		361,050	*
Oil Companies - Exploration & Production 6.02%
Concho Resources, Inc.		6,000		867,000	*
Kodiak Oil & Gas Corp.		35,000		509,250	*
Sanchez Energy Corp.		20,000		751,800	*
Southwestern Energy Co.		22,000		1,000,780	*
				3,128,830

See notes to portfolios of investments and notes to financial statements.
78

Holmes Macro Trends Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks (cont'd)	Shares		Value
Oil Field Machinery & Equipment 1.06%
FMC Technologies, Inc.		9,000	$	549,630	*
Oil Refining & Marketing 2.17%
Western Refining, Inc.		30,000		1,126,500
Paper & Related Products 1.59%
KapStone Paper & Packaging Corp.		25,000		828,250	*
Quarrying 2.06%
Compass Minerals International, Inc.		1,700		162,758
Pacific Stone Tech, Inc. (RS)		4,162		908,440	*@#
				1,071,198
Real Estate Management/Services 1.54%
CBRE Group, Inc., Class A		25,000		801,000	*
Real Estate Operating/Development 1.13%
Pacific Infrastructure Ventures, Inc. (RS)		426,533		588,530	*@#
Reinsurance 0.49%
Argo Group International Holdings Ltd.		5,000		255,550
Rental Auto/Equipment 2.02%
United Rentals, Inc.		10,000		1,047,300	*
Retail - Automobile 3.24%
Lithia Motors, Inc., Class A		10,000		940,700
Penske Automotive Group, Inc.		15,000		742,500
				1,683,200
Super-Regional Banks - US 2.07%
Comerica, Inc.		5,000		250,800
KeyCorp		20,000		286,600
SunTrust Banks, Inc.		7,000		280,420
U.S. Bancorp		6,000		259,920
				1,077,740
Transportation - Truck 2.45%
Old Dominion Freight Line, Inc.		20,000		1,273,600	*
Web Portals/Internet Service Providers 2.25%
Google, Inc., Class A		2,000		1,169,340	*

See notes to portfolios of investments and notes to financial statements.
79

Holmes Macro Trends Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks (cont'd)	Shares		Value
Wireless Equipment 0.87%
Ubiquiti Networks, Inc.		10,000	$	451,900	*
Total Common Stocks				46,868,400
(cost $39,667,248)
Exchange-Traded Fund (ETF) 1.02%
Utilities Select Sector SPDR Fund		12,000		531,120
(cost $529,123)
Warrants 0.00%
Gold Mining 0.00%
Gran Colombia Gold Corp., 144A, Warrants (October 2017)		3,700		0	*@#
Gran Colombia Gold Corp., 144A, Warrants (March 2019)		250		70	*
Total Warrants				70
(cost $0)
Master Limited Partnership 1.02%	Units
Commercial Services 1.02%
Emerge Energy Services L.P.		5,000		529,000
(cost $512,184)
Gold-Linked Notes 0.55%	Principal Amount
Gold Mining 0.55%
Gran Colombia Gold Corp., 10.00%, maturity 10/31/17	$	15,000		11,250
Gran Colombia Gold Corp., 144A, 10.00%, maturity 10/31/17		370,000		277,500
Total Gold-Linked Notes				288,750
(cost $379,500)

See notes to portfolios of investments and notes to financial statements.
80

Holmes Macro Trends Fund

Portfolio of Investments (unaudited) June 30, 2014

Silver-Linked Note 0.41%	Principal Amount		Value
Gold Mining 0.41%
Gran Colombia Gold Corp., 5.00%, maturity 08/11/18	$	424,000	$	212,000
(cost $340,261)
Corporate Notes 0.59%
Coal 0.11%
Pacific Coal Resources Ltd., 12.00%, maturity 07/17/14 (RS)		55,823	$	55,823	@#
Electric - Generation 0.48%
Pacific Power Generation Corp., 15.00%, maturity 04/03/17 (RS)		250,000		250,000	@#
Total Corporate Notes				305,823
(cost $305,823)
Total Investments 93.76%				48,735,163
(cost $41,734,139)
Other assets and liabilities, net 6.24%				3,244,611
Net Assets 100%			$	51,979,774

See notes to portfolios of investments and notes to financial statements.
81

Global Resources Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks 90.52%	Shares		Value
Agricultural Chemicals 0.02%
Spur Ventures, Inc.		274,867	$	83,121	*
Agricultural Operations 1.53%
Agriterra Ltd.		68,849,776		1,806,680	*+
Archer-Daniels-Midland Co.		80,000		3,528,800
				5,335,480
Buildings Products - Wood 0.98%
Conifex Timber, Inc.		455,000		3,413,193	*
Coal 1.26%
Pacific Coal Resources Ltd.		4,345,414		1,466,875	*+
Sable Mining Africa Ltd.		27,861,000		2,925,678	*
Walter Energy, Inc., 144A		4,293		21,939	*
				4,414,492
Diamonds/Precious Stones 0.01%
Diamond Fields International Ltd.		1,800,000		25,318	*
Rockwell Diamonds, Inc., 144A		63,333		19,597	*
				44,915
Diversified Minerals 2.26%
African Potash Ltd.		14,425,000		836,764	*+
Calibre Mining Corp.		592,000		33,307	*
Canada Zinc Metals Corp.		1,000,000		346,946	*
Dundee Sustainable Technologies, Inc.		3,587,500		941,910	*
Encanto Potash Corp., 144A (RS)		3,000,000		347,414	*@#
Lithium Americas Corp.		953,334		205,605	*
Lundin Mining Corp.		800,000		4,403,394	*
Meryllion Resources Corp.		200,000		20,160	*
Niocan, Inc., 144A		362,069		78,936	*
RB Energy, Inc.		168,734		107,590	*
Woulfe Mining Corp.		5,585,100		576,081	*
				7,898,107
Diversified Operations 1.50%
Sherritt International Corp.		1,300,000		5,266,070
Electric - Generation 1.12%
Pacific Power Generation Corp. (RS)		4,868,396		3,908,348	*@#
Electronic Components - Semiconductors 0.97%
SunEdison, Inc.		150,000		3,390,000	*

See notes to portfolios of investments and notes to financial statements.
82

Global Resources Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks (cont'd)	Shares		Value
Energy - Alternate Sources 0.51%
Pacific Green Energy Corp. (RS)		2,400,000	$	1,795,680	*+@#
Finance - Investment Banker/Broker 0.05%
Aberdeen International, Inc.		1,274,750		185,275	*
Food - Flour & Grain 1.33%
Amira Nature Foods Ltd.		340,000		4,654,600	*
Forestry 0.02%
Prima Colombia Hardwood, Inc.		15,265,832		71,573	*
Gold Mining 5.45%
Besra Gold, Inc.		295,000		11,065	*
Chesapeake Gold Corp., 144A		52,400		159,689	*
Corona Minerals Ltd.		100,000		943	*@#
Gran Colombia Gold Corp.		686,790		1,133,434	*
Kinross Gold Corp., 144A		1		4	*
Klondex Mines Ltd.		2,510,000		4,707,206	*
NGEx Resources, Inc.		1,315,000		2,774,391	*
Royal Gold, Inc.		100,000		7,612,000
Rusoro Mining Ltd.		3,119,433		87,752	*
Sunridge Gold Corp.		4,600,000		1,078,344	*+
Sunridge Gold Corp., 144A		6,333,788		1,484,783	*+
				19,049,611
Gold/Mineral Royalty Companies 2.21%
Franco-Nevada Corp.		135,000		7,740,900
Independent Power Producer 1.06%
NRG Energy, Inc.		100,000		3,720,000
Medical - Hospitals 0.00%
African Medical Investments plc		2,507,500		0	*@#
Metal - Aluminum 2.34%
Alcoa, Inc.		550,000		8,189,500
Metal - Copper 0.05%
Catalyst Copper Corp.		60,000		7,033	*
Catalyst Copper Corp., 144A		166,666		19,535	*
Los Andes Copper Ltd.		754,000		160,847	*
Verona Development Corp.		708,800		0	*@#
				187,415

See notes to portfolios of investments and notes to financial statements.
83

Global Resources Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks (cont'd)	Shares		Value
Metal - Diversified 2.51%
Bell Copper Corp.		500,000	$	7,033	*
Constellium N.V., Class A		110,000		3,526,600	*
GoviEx Uranium, Inc., Class A		183,750		258,451	*
GoviEx Uranium, Inc., 144A, Class A (RS)		58,000		77,500	*@#
GoviEx Uranium, Inc., 144A, Class B (RS)		566,250		700,877	*@#
Ivanhoe Mines Ltd., Class A		500,000		637,630	*
Kaizen Discovery, Inc.		200,000		99,395	*
Mandalay Resources Corp.		3,422,100		3,465,580
Orsu Metals Corp., 144A		147,605		6,228	*
				8,779,294
Metal - Iron 0.04%
Oceanic Iron Ore Corp.		2,000,000		84,392	*
West African Iron Ore Corp., 144A		2,925,000		47,998	*
				132,390
Mining Services 0.32%
Bounty Mining Ltd.		22,000,000		539,453	*@#
Natasa Mining Ltd.		1,036,350		558,687	*
				1,098,140
Natural Resource Technology 0.01%
I-Pulse, Inc., 144A (RS)		15,971		50,947	*@#
Non - Ferrous Metals 0.18%
Denison Mines Corp.		500,000		615,000	*
Sterling Group Ventures, Inc., 144A		500,000		22,150	*
				637,150
Oil - Field Services 6.51%
Baker Hughes, Inc.		100,000		7,445,000
Canadian Energy Services & Technology Corp.		100,000		3,133,761
Raise Production, Inc.		125,000		339,913	*
Schlumberger Ltd.		70,000		8,256,500
Superior Energy Services, Inc.		100,000		3,614,000
				22,789,174
Oil - US Royalty Trusts 0.17%
BP Prudhoe Bay Royalty Trust		2,812		278,219
Hugoton Royalty Trust		1,300		14,274
MV Oil Trust		700		20,167
Permian Basin Royalty Trust		1,000		14,250
San Juan Basin Royalty Trust		14,400		277,776
				604,686

See notes to portfolios of investments and notes to financial statements.
84

Global Resources Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks (cont'd)	Shares		Value
Oil & Gas Drilling 2.24%
CanElson Drilling, Inc.		500,000	$	3,830,466
Patterson-UTI Energy, Inc.		115,000		4,018,100
				7,848,566
Oil Companies - Exploration & Production 28.49%
Africa Oilfield Logistics Ltd.		54,674,983		7,953,515	*+
Anadarko Petroleum Corp.		85,000		9,304,950
ARC Resources Ltd.		800		24,372
Bankers Petroleum Ltd.		735,000		4,700,361	*
Bellatrix Exploration Ltd.		1,000,000		8,710,000	*
BNK Petroleum, Inc.		1,050,000		1,614,703	*
Bonanza Creek Energy, Inc.		65,000		3,717,350	*
Bonterra Energy Corp.		300		18,218
Canadian Oil Sands Ltd.		1,900		43,079
Carrizo Oil & Gas, Inc.		53,000		3,670,780	*
Cimarex Energy Co.		30,000		4,303,800
Concho Resources, Inc.		20,000		2,890,000	*
ConocoPhillips		1,000		85,730
Crescent Point Energy Corp.		1,300		57,603
Denbury Resources, Inc.		225,000		4,153,500
Devon Energy Corp.		120,000		9,528,000
DNO ASA		750,000		2,886,034	*
Encana Corp.		1,000		23,710
Enerplus Corp.		900		22,662
Equal Energy Ltd.		600		3,252
EXCO Resources, Inc.		1,900		11,191
Freehold Royalties Ltd.		700		17,578
Goodrich Petroleum Corp.		185,000		5,106,000	*
Horn Petroleum Corp., 144A		2,110,889		484,943	*
Ivanhoe Energy, Inc.		138,033		52,420	*
Kodiak Oil & Gas Corp.		375,000		5,456,250	*
Lightstream Resources Ltd.		4,000		30,606
LinnCo LLC		1,600		50,064
Pengrowth Energy Corp.		4,400		31,592
Penn Virginia Corp.		300,000		5,085,000	*
Petroamerica Oil Corp.		6,768,000		2,316,396	*
Petromanas Energy, Inc.		1,000,000		318,815	*
Peyto Exploration & Development Corp.		330		12,473
Range Energy Resources, Inc.		100,000		5,392	*
Range Energy Resources, Inc., 144A		15,000,000		808,758	*
Royalite Petroleum Co., Inc.		2,266,333		3,740	*
Sanchez Energy Corp.		180,000		6,766,200	*
ShaMaran Petroleum Corp.		750,000		291,856	*
Surge Energy, Inc.		1,600		11,732
Talisman Energy, Inc.		1,800		19,039
TORC Oil & Gas Ltd.		400		5,506

See notes to portfolios of investments and notes to financial statements.
85

Global Resources Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks (cont'd)	Shares		Value
Oil Companies - Exploration & Production (cont'd)
Triangle Petroleum Corp.		300,000	$	3,525,000	*
Twin Butte Energy Ltd.		9,000		15,191
U.S. Oil Sands, Inc.		7,777,777		838,712	*
U.S. Oil Sands, Inc., 144A		9,900,000		1,067,561	*
Vermilion Energy, Inc.		300		20,910
W&T Offshore, Inc.		400		6,548
Whitecap Resources, Inc.		1,100		16,988
Whiting Petroleum Corp.		45,000		3,611,250	*
				99,699,330
Oil Companies - Integrated 3.12%
Pacific Rubiales Energy Corp.		190,000		3,862,535
Suncor Energy, Inc.		165,000		7,033,950
				10,896,485
Oil Field Machinery & Equipment 1.25%
Xtreme Drilling and Coil Services Corp.		900,000		4,388,391	*
Oil Refining & Marketing 1.43%
Cheniere Energy, Inc.		70,000		5,019,000	*
Paper & Related Products 1.23%
KapStone Paper & Packaging Corp.		130,000		4,306,900	*
Pipelines 2.00%
The Williams Companies, Inc.		120,000		6,985,200
Platinum 2.69%
Platinum Group Metals Ltd.		2,000,000		2,380,000	*
Stillwater Mining Co.		400,000		7,020,000	*
				9,400,000
Power Converters/Supply Equipment 1.08%
Gamesa Corporacion Tecnologica S.A.		300,000		3,764,286	*
Precious Metals 0.21%
Fortress Minerals Corp.		172,158		726,439	*
Quarrying 1.41%
Pacific Stone Tech, Inc. (RS)		22,659		4,945,780	*+@#
Real Estate Operating/Development 2.93%
Pacific Infrastructure Ventures, Inc. (RS)		7,443,544		10,270,602	*@#

See notes to portfolios of investments and notes to financial statements.
86

Global Resources Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks (cont'd)	Shares		Value
Silver Mining 1.69%
Silver Wheaton Corp.		225,000	$	5,910,750
Transportation - Marine 3.20%
GasLog Ltd.		115,000		3,667,350
Golar LNG Ltd.		60,000		3,606,000
Knightsbridge Tankers Ltd.		275,000		3,902,250
				11,175,600
Transportation - Rail 3.76%
Norfolk Southern Corp.		60,000		6,181,800
Union Pacific Corp.		70,000		6,982,500
				13,164,300
Transportation - Services 1.38%
CHC Group Ltd.		570,000		4,810,800	*
Total Common Stocks				316,752,490
(cost $360,444,655)

Exchange-Traded Funds (ETF) 1.20%

ETFS Nickel		85,000	1,725,878	*
ETFS Palladium Trust		30,000	2,465,700	*
Voc Energy Trust		1,000	17,070
Total Exchange-Traded Funds			4,208,648
(cost $4,181,120)
Trusts 0.03%	Units
Oil - US Royalty Trusts 0.01%
Pacific Coast Oil Trust		1,800	23,508
Oil Companies - Exploration & Production 0.02%
SandRidge Mississippian Trust II		6,100	48,983
SandRidge Permian Trust		2,700	34,263
			83,246
Total Trusts			106,754
(cost $104,830)

See notes to portfolios of investments and notes to financial statements.
87

Global Resources Fund

Portfolio of Investments (unaudited) June 30, 2014

Warrants 0.93%	Shares			Value
Diversified Minerals 0.00%
Encanto Potash Corp., 144A, Warrants (October 2015) (RS)		1,500,000		$	0	*@#
Niocan, Inc., 144A, Warrants (August 2014)		260,000			0	*@#
					0
Gold Mining 0.91%
Dundee Precious Metals, Inc., Warrants (November 2015)		741,195			1,723,628	*
Gran Colombia Gold Corp., 144A, Warrants (October 2017)		86,150			0	*@#
Gran Colombia Gold Corp., 144A, Warrants (March 2019)		59,500	��		16,738	*
New Gold, Inc., 144A, Warrants (June 2017)		822,570			956,432	*
Sunridge Gold Corp., 144A, Warrants (October 2017)		6,333,788			475,131	*
					3,171,929
Metal - Copper 0.00%
Catalyst Copper Corp., 144A, Warrants (February 2017)		83,333			0	*@#
Metal - Iron 0.00%
West African Iron Ore Corp., 144A, Warrants (March 2016)		2,925,000			13,714	*
Oil Companies - Exploration & Production 0.02%
Petroamerica Oil Corp., 144A, Warrants (October 2014)		8,000,000			56,261	*
Total Warrants					3,241,904
(cost $943,172)
Purchased Call Options 0.46%	Contracts
Diversified Minerals 0.08%
BHP Billiton Ltd., Strike Price 70, Expiration Jan. 2015		1,000			289,500
Metal - Aluminum 0.11%
Alcoa, Inc., Strike Price 16, Expiration Jan. 2015		5,000			392,500
Metal - Copper 0.13%
Freeport-McMoRan Copper & Gold, Inc., Strike Price 35, Expiration Jan. 2015		1,500			443,250
Oil - Field Services 0.14%
Baker Hughes, Inc., Strike Price 75, Expiration Jan. 2015		1,000			495,000
Total Purchased Call Options					1,620,250
(cost $1,500,213)

See notes to portfolios of investments and notes to financial statements.
88

Global Resources Fund

Portfolio of Investments (unaudited) June 30, 2014

Purchased Put Option 0.03%	Contracts		Value
Energy 0.03%
Energy Select Sector SPDR Fund, Strike Price 89, Expiration Sep. 2014		2,507	$	114,069
(cost $381,699)
Master Limited Partnerships 2.30%	Units
Coal 0.01%
Alliance Holdings G.P. L.P.		200		12,958
Alliance Resource Partners L.P.		400		18,660
				31,618
Commercial Services 1.21%
Emerge Energy Services L.P.		40,000		4,232,000
Oil Companies - Exploration & Production 0.05%
Atlas Resource Partners L.P.		900		18,252
BreitBurn Energy Partners L.P.		1,000		22,120
Dorchester Minerals L.P.		300		9,162
EV Energy Partners L.P.		400		15,848
Legacy Reserves L.P.		500		15,620
Linn Energy LLC		1,400		45,290
LRR Energy L.P.		600		10,710
Memorial Production Partners L.P.		700		16,968
Mid-Con Energy Partners L.P.		400		9,284
QR Energy L.P.		900		17,091
				180,345
Quarrying 1.03%
Hi-Crush Partners L.P.		55,000		3,605,800
Total Master Limited Partnerships				8,049,763
(cost $7,365,287)
Convertible Bond 0.09%	Principal Amount
Diversified Minerals 0.09%
Great Western Minerals Group Ltd., 144A, 8.00%, maturity 04/06/17	$	1,000,000		300,000
(cost $1,000,000)

See notes to portfolios of investments and notes to financial statements.
89

Global Resources Fund

Portfolio of Investments (unaudited) June 30, 2014

Gold-Linked Notes 1.92%	Principal Amount		Value
Gold Mining 1.92%
Gran Colombia Gold Corp., 10.00%, maturity 10/31/17	$	332,000	$	249,000
Gran Colombia Gold Corp., 144A, 10.00%, maturity 10/31/17		8,615,000		6,461,250
Total Gold-Linked Notes				6,710,250
(cost $8,822,210)
Silver-Linked Notes 0.96%
Gold Mining 0.96%
Gran Colombia Gold Corp., 5.00%, maturity 08/11/18		4,705,000		2,352,500
Gran Colombia Gold Corp., 144A, 5.00%, maturity 08/11/18		2,000,000		1,000,000
Total Silver-Linked Notes				3,352,500
(cost $5,786,165)
Corporate Notes 1.10%
Coal 0.24%
Pacific Coal Resources Ltd., 12.00%, maturity 09/17/14 (RS)		249,141		249,141	@#
Pacific Coal Resources Ltd., 12.00%, maturity 11/06/14 (RS)		616,967		616,967	@#
				866,108
Electric - Generation 0.86%
Pacific Power Generation Corp., 15.00%, maturity 04/03/17 (RS)		3,000,000		3,000,000	@#
Total Corporate Notes				3,866,108
(cost $3,866,108)
Total Investments 99.54%				348,322,736
(cost $ 394,395,459)
Other assets and liabilities, net 0.46%				1,622,400
Net Assets 100%			$	349,945,136
Written Call Option	Shares Subject To Call
Concho Resources, Inc., Strike Price 145, Expiration Aug. 2014		20,000	$	112,000
(premiums received $103,040) (Note 2A)

See notes to portfolios of investments and notes to financial statements.
90

World Precious Minerals Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks 77.66%	Shares		Value
Agricultural Operations 0.61%
Agriterra Ltd.		38,536,200	$	1,011,224	*
Coal 1.30%
Pacific Coal Resources Ltd.		1,158,164		390,960	*
Sable Mining Africa Ltd.		17,014,032		1,786,640	*
				2,177,600
Diamonds/Precious Stones 2.10%
Lucapa Diamond Co., Ltd.		1,000,000		468,291
Lucara Diamond Corp.		1,150,000		2,792,911
Northern Superior Resources, Inc., Class A		1,510,900		49,586	*
Olivut Resources Ltd.		645,000		151,203	*
Rockwell Diamonds, Inc., 144A		171,667		53,120	*
				3,515,111
Diversified Minerals 1.95%
Adamera Minerals Corp.		119,543		8,407	*
African Potash Ltd.		2,450,000		142,119	*
Aldridge Minerals, Inc.		1,500,000		457,124	*
Amarc Resources Ltd.		695,545		39,132	*
Calibre Mining Corp.		4,250,000		239,111	*
Elissa Resources Ltd., 144A		36,250		680	*
Indochine Mining Ltd.		4,000,000		101,983	*
Lundin Mining Corp.		135,000		743,073	*
Northern Dynasty Minerals Ltd.		450,000		376,650	*
RB Energy, Inc.		273,310		174,271	*
Riverside Resources, Inc.		948,500		373,548	*
Rubicon Minerals Corp.		400,000		592,620	*
				3,248,718
Finance - Investment Banker/Broker 0.31%
Aberdeen International, Inc.		2,425,000		352,455	*
Difference Capital Financial, Inc.		96,900		158,100	*
				510,555
Gold Mining 47.88%
Agnico-Eagle Mines Ltd.		23,608		904,186
Almaden Minerals Ltd.		600,000		832,669	*
AuRico Gold, Inc.		150,000		639,000
Besra Gold, Inc.		605,390		22,707	*
Canyon Resources Ltd.		10,506,593		693,614	*+
Caza Gold Corp.		513,500		55,373	*
CB Gold, Inc.		1,135,000		106,428	*
Chalice Gold Mines Ltd.		4,814,836		658,567	*

See notes to portfolios of investments and notes to financial statements.
91

World Precious Minerals Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks (cont'd)	Shares		Value
Gold Mining (cont'd)
Chesapeake Gold Corp., 144A		192,199	$	585,725	*
Choice Gold Corp.		975,000		20,571	*
Choice Gold Corp., 144A		870,000		18,355	*
Comstock Mining, Inc.		2,113,996		3,530,373	*
Corona Minerals Ltd.		1,625,000		15,325	*@#
Coventry Resources, Inc.		1,810,000		16,972	*
Detour Gold Corp.		225,000		3,080,313	*
Doray Minerals Ltd.		1,200,000		995,958	*
Dundee Precious Metals, Inc.		375,134		1,797,491	*
Eastmain Resources, Inc.		1,631,000		649,984	*
Edgewater Exploration Ltd.		500,000		30,475	*
Giyani Gold Corp.		500,000		152,375	*
Gold Standard Ventures Corp.		2,338,425		1,847,356	*
Golden Star Resources Ltd.		331,600		195,644	*
Gran Colombia Gold Corp.		1,195,262		1,972,583	*+
Harmony Gold Mining Co., Ltd., Sponsored ADR		450,000		1,336,500	*
IDM Mining Ltd.		95,000		20,266	*
Integra Gold Corp.		1,334,500		294,067	*
Kilo Goldmines Ltd.		251,000		40,011	*
Kirkland Lake Gold, Inc.		125,000		416,100	*
Klondex Mines Ltd.		5,868,208		11,005,125	*+
Lexam VG Gold, Inc.		2,380,000		256,646	*
Lexam VG Gold, Inc., 144A		2,406,501		259,504	*
Malbex Resources, Inc.		450,000		13,714	*
Malbex Resources, Inc., 144A		1,333,333		40,633	*
Mammoth Resources Corp.		1,850,000		56,379	*+
Midway Gold Corp.		1,626,966		1,464,269	*
Mirasol Resources Ltd.		2,305,000		2,593,652	*+
NGEx Resources, Inc.		2,330,500		4,916,897	*
Northern Star Resources Ltd.		325,000		393,281
OceanaGold Corp.		505,348		1,568,477	*
Panoro Minerals Ltd.		401,800		158,241	*
Petaquilla Minerals Ltd., 144A		2,660,000		299,311	*
Pilot Gold, Inc.		1,050,000		1,437,479	*
Pretium Resources, Inc.		617,500		5,112,781	*
Radius Gold, Inc.		3,922,000		441,315
Radius Gold, Inc., 144A		125,000		14,065	*
Randgold Resources Ltd., Sponsored ADR		20,000		1,692,000
Renaissance Gold, Inc.		625,000		263,725	*
Rio Alto Mining Ltd.		250,000		581,368	*
Romarco Minerals, Inc.		2,000,000		1,669,089	*
Royal Gold, Inc.		20,000		1,522,400
Rusoro Mining Ltd.		6,325,900		177,952	*
Rye Patch Gold Corp.		4,479,500		861,079	*
Rye Patch Gold Corp., 144A		1,800,000		346,008	*
Sandstorm Gold Ltd.		50,000		346,000	*

See notes to portfolios of investments and notes to financial statements.
92

World Precious Minerals Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks (cont'd)	Shares		Value
Gold Mining (cont'd)
Seafield Resources Ltd., 144A		1,300,000	$	18,285	*
SEMAFO, Inc.		400,000		1,879,132	*
Solvista Gold Corp.		50,000		7,267	*
Solvista Gold Corp., 144A		2,620,000		380,796	*
Sunridge Gold Corp.		2,400,921		562,830	*
Sunridge Gold Corp., 144A		1,900,000		445,403	*
Taurus Gold Ltd., 144A (RS)		2,448,381		2,102,425	*@#
Teranga Gold Corp.		2,000,000		1,406,536	*
Timmins Gold Corp.		190,000		340,288	*
Tolima Gold, Inc., 144A		4,100,000		124,948	*
Torex Gold Resources, Inc.		1,250,000		1,910,544	*
TriStar Gold, Inc.		8,220,500		1,233,326	*+
Virginia Mines, Inc.		801,800		9,149,895	*
Wesdome Gold Mines Ltd.		850,000		677,481	*
West Kirkland Mining, Inc.		4,350,000		591,448	*
Yamana Gold, Inc.		86,030		707,167
				79,958,149
Gold/Mineral Royalty Companies 0.52%
Franco-Nevada Corp.		15,000		860,100
Investment Companies 0.00%
Invictus Financial, Inc.		49,800		3,736	*@#
Medical - Hospitals 0.00%
African Medical Investments plc		4,637,500		0	*@#
Metal - Copper 0.66%
Catalyst Copper Corp.		52,133		6,110	*
Catalyst Copper Corp., 144A		66,666		7,814	*
Nevada Copper Corp.		450,000		1,088,659	*
Verona Development Corp.		48,500		0	*@#
				1,102,583
Metal - Diversified 10.32%
Atico Mining Corp.		1,158,600		858,263	*
Balmoral Resources Ltd.		206,800		318,019	*
Balmoral Resources Ltd. (RS)		1,000,000		1,460,922	*@#
Bell Copper Corp.		400,000		5,626	*
Cardinal Resources Ltd.		1,866,308		36,962	*
Dalradian Resources, Inc.		1,800,000		1,704,721	*
First Point Minerals Corp.		2,000,000		290,684	*
Foran Mining Corp.		1,050,000		177,224	*
HudBay Minerals, Inc.		31,500		291,533
Imperial Metals Corp.		156,300		2,287,818	*

See notes to portfolios of investments and notes to financial statements.
93

World Precious Minerals Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks (cont'd)	Shares		Value
Metal - Diversified (cont'd)
Ivanhoe Mines Ltd., Class A		100,000	$	127,526	*
Mandalay Resources Corp.		2,411,500		2,442,140
Mariana Resources Ltd.		4,300,000		253,886	*
Nevada Sunrise Gold Corp.		250,000		262,553	*
Novo Resources Corp.		1,120,800		1,460,839	*
Orex Minerals, Inc.		6,118,500		2,094,100	*+
Orsu Metals Corp.		289,800		12,228	*
Orsu Metals Corp., 144A		1,800,000		75,953	*
Reservoir Minerals, Inc.		162,800		929,675	*
Silver Bull Resources, Inc.		2,350,000		716,750	*
Temex Resources Corp.		5,000,000		375,076	*
Trevali Mining Corp.		1,033,600		1,056,425	*
				17,238,923
Mining Services 0.72%
Argent Minerals Ltd.		5,625,000		153,843	*
Energold Drilling Corp.		200,000		345,070	*
Natasa Mining Ltd.		1,300,849		701,276	*
				1,200,189
Oil Companies - Exploration & Production 0.00%
Big Sky Energy Corp.		2,000,000		0	*@#
Platinum 1.62%
Pacific North West Capital Corp.		430,555		24,224	*
Platinum Group Metals Ltd.		2,250,000		2,679,450	*
				2,703,674
Precious Metals 4.32%
Candente Gold Corp.		765,000		28,693	*+
Candente Gold Corp., 144A		4,875,000		182,850	*+
Fortress Minerals Corp.		206,242		870,260	*
Fortress Minerals Corp., 144A		70,000		295,373	*
Pan African Resources plc		6,500,000		1,626,173
Primero Mining Corp.		60,000		480,600	*
Roxgold, Inc.		2,500,000		1,992,592	*
Santana Minerals Ltd.		1,600,000		60,358	*
Solitario Exploration & Royalty Corp.		1,018,500		1,344,420	*
U.S. Silver & Gold, Inc.		650,000		329,129	*
				7,210,448
Reinsurance 0.15%
Till Capital Ltd.		29,702		251,776	*

See notes to portfolios of investments and notes to financial statements.
94

World Precious Minerals Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks (cont'd)	Shares		Value
Silver Mining 5.20%
First Majestic Silver Corp.		200,000	$	2,162,000	*
Fortuna Silver Mines, Inc.		110,000		606,100	*
MAG Silver Corp.		475,000		4,493,824	*
Santacruz Silver Mining Ltd.		1,025,000		903,465	*
Silver Wheaton Corp.		20,000		525,400
				8,690,789
Total Common Stocks				129,683,575
(cost $217,018,425)
Exchange-Traded Funds (ETF) 0.71%
ETFS Palladium Trust		7,500		616,425	*
ETFS Platinum Trust		4,000		578,520	*
Market Vectors Gold Miners ETF		20		529
Market Vectors Junior Gold Miners ETF		8		338	*
Total Exchange-Traded Funds				1,195,812
(cost $1,190,136)
Warrants 3.67%
Finance - Investment Banker/Broker 0.00%
Difference Capital Financial, Inc., 144A, Warrants (October 2014)		50,000		0	*@#
Gold Mining 2.92%
Alamos Gold, Inc., Warrants (August 2018)		110,000		108,303	*
Canyon Resources Ltd., Warrants (January 2017)		6,168,864		116,358	*
Crystallex International Corp., 144A, Warrants (December 2049)		162,500		0	*@#
Dundee Precious Metals, Inc., Warrants (November 2015)		1,492,039		3,469,695	*
Gran Colombia Gold Corp., 144A, Warrants (October 2017)		58,450		0	*@#
Gran Colombia Gold Corp., 144A, Warrants (March 2019)		96,250		27,076	*
Kinross Gold Corp., Warrants (September 2014)		250,000		5,861	*
New Gold, Inc., Warrants (June 2017)		500,000		581,368	*
New Gold, Inc., 144A, Warrants (June 2017)		352,530		409,899	*
Sunridge Gold Corp., 144A, Warrants (October 2017)		1,900,000		142,529	*
Tolima Gold, Inc., 144A, Warrants (March 2016)		1,625,000		0	*@#
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	*@#
				4,861,089

See notes to portfolios of investments and notes to financial statements.
95

World Precious Minerals Fund

Portfolio of Investments (unaudited) June 30, 2014

Warrants (cont'd)	Shares		Value
Gold/Mineral Royalty Companies 0.64%
Franco-Nevada Corp., Warrants (June 2017)		130,000	$	1,066,623	*
Metal - Copper 0.00%
Catalyst Copper Corp., 144A, Warrants (February 2017)		33,333		0	*@#
Metal - Diversified 0.06%
Orex Minerals, Inc., 144A, Warrants (November 2015)		1,250,000		76,187	*@#
Orex Minerals, Inc., 144A, Warrants (March 2016) (RS)		600,000		34,741	*@#
Silver Bull Resources, Inc., Warrants (August 2014)		500,000		0	*@#
				110,928
Precious Metals 0.05%
Primero Mining Corp., Warrants (July 2015)		60,000		83,267	*
Total Warrants				6,121,907
(cost $4,576,198)

Special Warrants 0.00%

Gold/Mineral Exploration & Development 0.00%
Western Exploration & Development Ltd., 144A, Special Warrants (December 2049) (RS)		600,000	0	*@#
(cost $300,000)
Purchased Call Options 3.19%	Contracts
Exchange-Traded Funds 0.99%
Global X Silver Miners ETF, Strike Price 13, Expiration July 2014		2,025	237,938
Market Vectors Gold Miners ETF, Strike Price 38, Expiration Aug. 2014		757	393,640
Market Vectors Gold Miners ETF, Strike Price 21, Expiration Jan. 2015		850	493,000
Market Vectors Gold Miners ETF, Strike Price 30, Expiration Jan. 2015		404	531,260
			1,655,838
Gold Mining 1.37%
Agnico-Eagle Mines Ltd., Strike Price 40, Expiration Aug. 2014		450	61,425
AngloGold Ashanti Ltd., Strike Price 13, Expiration Jan. 2015		250	113,750
Eldorado Gold Corp., Strike Price 6, Expiration Oct. 2014		2,254	394,450
Eldorado Gold Corp., Strike Price 8, Expiration Jan. 2015		975	68,250
Eldorado Gold Corp., Strike Price 5, Expiration Jan. 2016		846	262,260
Gold Fields Ltd., Strike Price 5, Expiration Jan. 2015		500	84,000
Goldcorp, Inc., Strike Price 26, Expiration July 2014		600	123,900

See notes to portfolios of investments and notes to financial statements.
96

World Precious Minerals Fund

Portfolio of Investments (unaudited) June 30, 2014

Purchased Call Options (cont'd)	Contracts		Value
Gold Mining (cont'd)
IAMGOLD Corp., Strike Price 4, Expiration Jan. 2015		1,617	$	113,190
IAMGOLD Corp., Strike Price 4, Expiration Jan. 2016		270		30,375
Kinross Gold Corp., Strike Price 3, Expiration Jan. 2015		650		78,000
Newmont Mining Corp., Strike Price 25, Expiration Jan. 2015		825		185,212
Randgold Resources Ltd., Strike Price 67.50, Expiration Jan. 2015		223		406,975
Randgold Resources Ltd., Strike Price 65, Expiration Jan. 2016		58		140,650
Yamana Gold, Inc., Strike Price 7, Expiration July 2014		1,000		118,000
Yamana Gold, Inc., Strike Price 10, Expiration July 2014		1,380		2,760
Yamana Gold, Inc., Strike Price 10, Expiration Jan. 2015		1,509		51,306
Yamana Gold, Inc., Strike Price 8, Expiration Jan. 2016		314		52,438
				2,286,941
Precious Metals 0.24%
Coeur Mining, Inc., Strike Price 7, Expiration Jan. 2015		1,597		403,243
Silver Mining 0.59%
First Majestic Silver Corp., Strike Price 12.50, Expiration Jan. 2015		600		43,500
First Majestic Silver Corp., Strike Price 10, Expiration Jan. 2016		328		91,840
Pan American Silver Corp., Strike Price 13, Expiration Jan. 2015		402		116,580
Pan American Silver Corp., Strike Price 10, Expiration Jan. 2016		263		155,170
Silver Standard Resources, Inc., Strike Price 8, Expiration Jan. 2015		1,175		193,875
Silver Standard Resources, Inc., Strike Price 5, Expiration Jan. 2016		598		257,140
Silver Wheaton Corp., Strike Price 20, Expiration Jan. 2016		154		117,810
				975,915
Total Purchased Call Options				5,321,937
(cost $6,093,090)
Gold-Linked Notes 2.72%	Principal Amount
Gold Mining 2.72%
Gran Colombia Gold Corp., 10.00%, maturity 10/31/17	$	215,000		161,250
Gran Colombia Gold Corp., 144A, 10.00%, maturity 10/31/17		5,845,000		4,383,750
Total Gold-Linked Notes				4,545,000
(cost $5,977,400)

See notes to portfolios of investments and notes to financial statements.
97

World Precious Minerals Fund

Portfolio of Investments (unaudited) June 30, 2014

Silver-Linked Notes 2.63%	Principal Amount		Value
Gold Mining 2.63%
Gran Colombia Gold Corp., 5.00%, maturity 08/11/18	$	625,000	$	312,500
Gran Colombia Gold Corp., 144A, 5.00%, maturity 08/11/18		8,150,000		4,075,000
Total Silver-Linked Notes				4,387,500
(cost $8,608,786)
Corporate Notes 0.82%
Coal 0.34%
Pacific Coal Resources Ltd., 12.00%, maturity 11/02/14 (RS)		577,273		577,273	@#
Electric - Generation 0.48%
Pacific Power Generation Corp., 15.00%, maturity 04/03/17 (RS)		800,000		800,000	@#
Total Corporate Notes				1,377,273
(cost $1,377,273)
Total Investments 91.40%				152,633,004
(cost $245,141,308)
Other assets and liabilities, net 8.60%				14,360,324
Net Assets 100%			$	166,993,328

See notes to portfolios of investments and notes to financial statements.
98

Gold and Precious Metals Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks 63.52%	Shares		Value
Diamonds/Precious Stones 0.30%
Lucara Diamond Corp.		120,000	$	291,434
Diversified Minerals 0.88%
Lundin Mining Corp.		155,000		853,158	*
Gold Mining 50.86%
Agnico-Eagle Mines Ltd.		39,952		1,530,161
Alacer Gold Corp.		900,000		2,388,298
AuRico Gold, Inc.		400,000		1,704,000
Comstock Mining, Inc.		2,076,292		3,467,408	*
Detour Gold Corp.		350,000		4,791,598	*
DRDGOLD Ltd., Sponsored ADR		150,000		445,500
Dundee Precious Metals, Inc.		252,166		1,208,278	*
Eldorado Gold Corp.		175,000		1,337,000
Golden Star Resources Ltd.		397,900		234,761	*
Gran Colombia Gold Corp.		464,717		766,939	*
Harmony Gold Mining Co., Ltd., Sponsored ADR		300,000		891,000
Kirkland Lake Gold, Inc.		150,000		499,320
Klondex Mines Ltd.		3,405,192		6,386,032	*
Lake Shore Gold Corp.		700,000		636,692	*
Marlin Gold Mining Ltd.		4,311,500		424,499	*
Newcrest Mining Ltd.		200,000		2,023,246
Newcrest Mining Ltd., Sponsored ADR		135,000		1,351,350
Northern Star Resources Ltd.		2,000,000		2,420,193
OceanaGold Corp.		500,000		1,551,878	*
Petaquilla Minerals Ltd.		100,000		11,252	*
Randgold Resources Ltd., Sponsored ADR		20,000		1,692,000
Richmont Mines, Inc.		300,000		411,000	*
Rio Alto Mining Ltd.		300,000		697,642	*
Royal Gold, Inc.		40,000		3,044,800
Sandstorm Gold Ltd.		100,000		692,000	*
Saracen Mineral Holdings Ltd.		1,713,636		673,383	*
SEMAFO, Inc.		675,000		3,171,035
Silver Lake Resources Ltd.		2,225,000		1,095,510	*
Teranga Gold Corp.		2,834,600		1,993,483	*
Timmins Gold Corp.		428,700		767,797	*
Yamana Gold, Inc.		145,590		1,196,750
				49,504,805
Gold/Mineral Royalty Companies 1.77%
Franco-Nevada Corp.		30,000		1,720,200
Medical - Hospitals 0.00%
African Medical Investments plc		2,000,000		0	*@#

See notes to portfolios of investments and notes to financial statements.
99

Gold and Precious Metals Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks (cont'd)	Shares		Value
Metal - Diversified 4.27%
Atico Mining Corp.		1,342,300	$	994,343	*
Imperial Metals Corp.		88,700		1,298,333	*
Mandalay Resources Corp.		1,844,600		1,868,037
				4,160,713
Precious Metals 1.46%
Pan African Resources plc		3,300,000		825,595
U.S. Silver & Gold, Inc.		1,180,000		597,497	*
				1,423,092
Retail - Jewelry 0.35%
Tiffany & Co.		3,441	��	344,960
Silver Mining 3.63%
First Majestic Silver Corp.		127,500		1,378,275	*
Fortuna Silver Mines, Inc.		200,000		1,102,000	*
Silver Wheaton Corp.		40,000		1,050,800
				3,531,075
Total Common Stocks				61,829,437
(cost $71,669,562)
Exchange-Traded Funds (ETF) 6.83%
ETFS Palladium Trust		42,500		3,493,075	*
ETFS Platinum Trust		20,000		2,892,600	*
Market Vectors Gold Miners ETF		20		529
Market Vectors Junior Gold Miners ETF		8		338	*
SPDR Gold Trust		2,049		262,354	*
Total Exchange-Traded Funds				6,648,896
(cost $6,357,959)
Warrants 4.96%
Gold Mining 4.15%
Crystallex International Corp., 144A, Warrants (December 2049)		62,500		0	*@#
Dundee Precious Metals, Inc., Warrants (November 2015)		1,626,547		3,782,490	*
Gran Colombia Gold Corp., 144A, Warrants (October 2017)		29,400		0	*@#
Gran Colombia Gold Corp., 144A, Warrants (March 2019)		37,500		10,549	*

See notes to portfolios of investments and notes to financial statements.
100

Gold and Precious Metals Fund

Portfolio of Investments (unaudited) June 30, 2014

Warrants (cont'd)	Shares		Value
Gold Mining (cont'd)
Kinross Gold Corp., Warrants (September 2014)		130,000	$	3,048	*
New Gold, Inc., Warrants (June 2017)		200,000		232,547	*
Veris Gold Corp., Warrants (August 2016)		250,000		0	*@#
Veris Gold Corp., Warrants (December 2016)		195,300		0	*@#
				4,028,634
Gold/Mineral Royalty Companies 0.67%
Franco-Nevada Corp., Warrants (June 2017)		80,000		656,383	*
Precious Metals 0.14%
Primero Mining Corp., Warrants (July 2015)		100,000		138,778	*
Total Warrants				4,823,795
(cost $4,315,686)
Purchased Call Options 3.63%	Contracts
Exchange-Traded Funds 0.96%
Global X Silver Miners ETF, Strike Price 13, Expiration July 2014		1,150		135,125
Market Vectors Gold Miners ETF, Strike Price 38, Expiration Aug. 2014		453		235,560
Market Vectors Gold Miners ETF, Strike Price 21, Expiration Jan. 2015		450		261,000
Market Vectors Gold Miners ETF, Strike Price 30, Expiration Jan. 2015		227		298,505
				930,190
Gold Mining 1.57%
Agnico-Eagle Mines Ltd., Strike Price 40, Expiration Aug. 2014		300		40,950
AngloGold Ashanti Ltd., Strike Price 13, Expiration Jan. 2015		150		68,250
Cia de Minas Buenaventura S.A., Strike Price 11, Expiration Aug. 2014		200		21,000
Eldorado Gold Corp., Strike Price 6, Expiration Oct. 2014		1,271		222,425
Eldorado Gold Corp., Strike Price 8, Expiration Jan. 2015		595		41,650
Eldorado Gold Corp., Strike Price 5, Expiration Jan. 2016		493		152,830
Gold Fields Ltd., Strike Price 5, Expiration Jan. 2015		300		50,400
Goldcorp, Inc., Strike Price 26, Expiration July 2014		335		69,177
IAMGOLD Corp., Strike Price 4, Expiration Jan. 2015		1,031		72,170
IAMGOLD Corp., Strike Price 4, Expiration Jan. 2016		180		20,250
Kinross Gold Corp., Strike Price 3, Expiration Jan. 2015		1,075		129,000
New Gold, Inc., Strike Price 8, Expiration Jan. 2015		700		21,000
Newmont Mining Corp., Strike Price 25, Expiration Jan. 2015		500		112,250
Randgold Resources Ltd., Strike Price 67.50, Expiration Jan. 2015		132		240,900
Randgold Resources Ltd., Strike Price 65, Expiration Jan. 2016		39		94,575
Yamana Gold, Inc., Strike Price 7, Expiration July 2014		600		70,800
Yamana Gold, Inc., Strike Price 10, Expiration July 2014		920		1,840

See notes to portfolios of investments and notes to financial statements.
101

Gold and Precious Metals Fund

Portfolio of Investments (unaudited) June 30, 2014

Purchased Call Options (cont'd)	Contracts		Value
Gold Mining (cont'd)
Yamana Gold, Inc., Strike Price 10, Expiration Jan. 2015		1,509	$	51,306
Yamana Gold, Inc., Strike Price 8, Expiration Jan. 2016		314		52,438
				1,533,211
Precious Metals 0.24%
Coeur Mining, Inc., Strike Price 7, Expiration Jan. 2015		913		230,533
Silver Mining 0.86%
First Majestic Silver Corp., Strike Price 12.50, Expiration Jan. 2015		450		32,625
First Majestic Silver Corp., Strike Price 10, Expiration Jan. 2016		249		69,720
Pan American Silver Corp., Strike Price 13, Expiration Jan. 2015		567		164,430
Pan American Silver Corp., Strike Price 10, Expiration Jan. 2016		365		215,350
Silver Standard Resources, Inc., Strike Price 8, Expiration Jan. 2015		700		115,500
Silver Standard Resources, Inc., Strike Price 5, Expiration Jan. 2016		352		151,360
Silver Wheaton Corp., Strike Price 20, Expiration Jan. 2016		116		88,740
				837,725
Total Purchased Call Options				3,531,659
(cost $4,338,958)
Gold-Linked Notes 2.36%	Principal Amount
Gold Mining 2.36%
Gran Colombia Gold Corp., 10.00%, maturity 10/31/17	$	125,000		93,750
Gran Colombia Gold Corp., 144A, 10.00%, maturity 10/31/17		2,940,000		2,205,000
Total Gold-Linked Notes				2,298,750
(cost $3,019,060)
Silver-Linked Notes 2.36%
Gold Mining 2.36%
Gran Colombia Gold Corp., 5.00%, maturity 08/11/18		354,000		177,000
Gran Colombia Gold Corp., 144A, 5.00%, maturity 08/11/18		4,250,000		2,125,000
Total Silver-Linked Notes				2,302,000
(cost $4,515,536)

See notes to portfolios of investments and notes to financial statements.
102

Gold and Precious Metals Fund

Portfolio of Investments (unaudited) June 30, 2014

Corporate Notes 0.77%	Principal Amount		Value
Coal 0.46%
Pacific Coal Resources Ltd., 12.00%, maturity 07/17/14 (RS)	$	119,564	$	119,564	@#
Pacific Coal Resources Ltd., 12.00%, maturity 11/02/14 (RS)		326,285		326,285	@#
				445,849
Electric - Generation 0.31%
Pacific Power Generation Corp., 15.00%, maturity 04/03/17 (RS)		300,000		300,000	@#
Total Corporate Notes				745,849
(cost $745,849)
Total Investments 84.43%				82,180,386
(cost $94,962,610)
Other assets and liabilities, net 15.57%				15,158,608
Net Assets 100%			$	97,338,994

See notes to portfolios of investments and notes to financial statements.
103

Emerging Europe Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks 90.73%	Shares		Value
Airport Development/Maintenance 1.17%
TAV Havalimanlari Holding A.S.		150,000	$	1,193,026
Automotive - Cars & Light Trucks 7.09%
Bayerische Motoren Werke AG		19,800		2,511,493
Ford Otomotiv Sanayi A.S.		100,000		1,246,107	*
Tofas Turk Otomobil Fabrikasi A.S.		560,200		3,477,239
				7,234,839
Building & Construction - Miscellaneous 0.45%
Enka Insaat ve Sanayi A.S.		168,750		458,004
Cellular Telecommunication 5.06%
KCell JSC, 144A, GDR		120,000		1,806,000
Turkcell Iletisim Hizmetleri A.S.		363,094		2,270,837	*
Turkcell Iletisim Hizmetleri A.S., Sponsored ADR		70,000		1,092,000	*
				5,168,837
Chemicals - Diversified 2.06%
Synthos S.A.		1,441,417		2,098,339
Coal 0.23%
Lubelski Wegiel Bogdanka S.A.		6,000		236,140
Commercial Banks - Non US 29.32%
Alpha Bank A.E.		500,000		465,942	*
Bank Zachodni WBK S.A.		10,000		1,215,265
Erste Group Bank AG		178,094		5,761,320
Komercni Banka A.S.		17,000		3,910,433
OTP Bank plc		93,474		1,797,506
Piraeus Bank S.A.		900,000		1,999,148	*
Powszechna Kasa Oszczednosci Bank Polski S.A.		375,000		4,654,323
Raiffeisen Bank International AG		30,000		955,043
TBC Bank JSC, 144A, GDR		120,000		1,698,000	*
Turkiye Garanti Bankasi A.S.		800,000		3,130,553
Turkiye Halk Bankasi A.S.		235,000		1,763,774
Turkiye Is Bankasi, Class C		708,600		1,916,642
Yapi ve Kredi Bankasi A.S.		300,000		654,260
				29,922,209
Diversified Banking Institutions 2.50%
UniCredit SpA		305,000		2,554,580
Diversified Operations 1.83%
Haci Omer Sabanci Holding A.S.		400,000		1,867,343

See notes to portfolios of investments and notes to financial statements.
104

Emerging Europe Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks (cont'd)	Shares		Value
Electric - Distribution 3.24%
Enea S.A.		100,000	$	520,286
Energa S.A.		410,000		2,791,627
				3,311,913
Electric - Generation 1.48%
CEZ A.S.		50,000		1,509,234
Electric - Integrated 1.52%
Public Power Corporation S.A.		100,000		1,546,516
Finance - Investment Banker/Broker 2.74%
Turkiye Sinai Kalkinma Bankasi A.S.		3,420,425		2,792,905
Food - Confectionery 0.82%
Ulker Biskuvi Sanayi A.S.		100,000		837,835
Machinery - Farm 0.99%
Turk Traktor ve Ziraat Makineleri A.S.		30,900		1,006,378
Medical - Drugs 5.12%
KRKA, d.d., Novo mesto		20,000		1,942,483
Richter Gedeon Nyrt.		69,000		1,324,322
Shire plc		25,000		1,960,274
				5,227,079
Medical Products 1.13%
Straumann Holding AG		5,000		1,157,188
Metal - Diversified 3.40%
MMC Norilsk Nickel OJSC, Sponsored ADR		165,000		3,275,923
Orsu Metals Corp.		664,240		28,028	*
Orsu Metals Corp., 144A		4,025,000		169,839	*
				3,473,790
Metal - Iron 0.48%
Ferrexpo plc		220,000		494,829
Oil Companies - Exploration & Production 3.99%
Bankers Petroleum Ltd.		200,000		1,279,010	*
BNK Petroleum, Inc.		232,800		358,002	*
DNO ASA		550,000		2,116,425	*
Petromanas Energy, Inc.		1,000,000		318,815	*
				4,072,252

See notes to portfolios of investments and notes to financial statements.
105

Emerging Europe Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks (cont'd)	Shares		Value
Oil Companies - Integrated 1.02%
Polskie Gornictwo Naftowe i Gazownictwo S.A.		600,000	$	1,037,469
Property/Casualty Insurance 2.86%
Powszechny Zaklad Ubezpieczen S.A.		20,000		2,923,004
Retail - Automobile 1.16%
Dogus Otomotiv Servis ve Ticaret A.S.		300,000		1,185,226
Retail - Computer Equipment 0.54%
Teknosa Ic Ve Dis Ticaret A.S.		100,000		546,371
Retail - Miscellaneous/Diversified 2.34%
Folli Follie S.A.		60,000		2,390,784	*
Retail - Toy Store 1.93%
JUMBO S.A.		120,363		1,972,130	*
Telecom Services 1.78%
Telekomunikacja Polska S.A.		570,000		1,820,315
Telephone - Integrated 1.67%
Hellenic Telecommunications Organization S.A.		115,000		1,699,427	*
Textile - Products 0.93%
Pegas Nonwovens S.A.		31,622		945,564
Tobacco 1.38%
Philip Morris CR A.S.		2,710		1,409,432
Transportation - Marine 0.26%
Tsakos Energy Navigation Ltd.		40,400		270,276
Transportation - Services 0.24%
Integer.pl S.A.		3,272		239,972	*
Total Common Stocks				92,603,206
(cost $87,979,783)

Closed-End Investment Company 1.73%

Fondul Proprietatea S.A.					6,614,796				1,763,159	*
(cost $1,542,782)

See notes to portfolios of investments and notes to financial statements.
106

Emerging Europe Fund

Portfolio of Investments (unaudited) June 30, 2014

Warrants 3.65%	Shares		Value
Commercial Banks - Non US 2.23%
Alpha Bank S.A., Warrants (December 2017)		900,000	$	2,279,885	*
Gold Mining 1.42%
Dundee Precious Metals, Inc., Warrants (November 2015)		621,959		1,446,348	*
Total Warrants				3,726,233
(cost $2,443,678)
Corporate Note 0.75%	Principal Amount
Transportation - Services 0.75%
Baghlan Group FZCO, 14.75%, maturity 06/27/15	$	800,000		766,800
(cost $806,000)
Total Investments 96.86%				98,859,398
(cost $92,772,243)
Other assets and liabilities, net 3.14%				3,205,550
Net Assets 100%			$	102,064,948

See notes to portfolios of investments and notes to financial statements.
107

China Region Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks 90.72%	Shares		Value
Aerospace/Defense - Equipment 1.16%
AviChina Industry & Technology Co., Ltd., H shares		480,000	$	270,234
Alternative Waste Technology 2.80%
China Everbright International Ltd.		458,000		654,417
Applications Software 0.00%
Cheetah Mobile, Inc., Sponsored ADR		29		616	*
Building - Heavy Construction 0.61%
China Railway Construction Corp., Ltd., H shares		160,600		141,863
Building & Construction - Miscellaneous 1.08%
China State Construction International Holdings Ltd.		143,000		251,349
Business-to-Business/E-Commerce 0.59%
ChinaCache International Holdings Ltd., Sponsored ADR		8,800		137,632	*
Casino Hotels 2.10%
Galaxy Entertainment Group Ltd.		15,000		119,598	*
NagaCorp Ltd.		286,000		252,066
Sands China Ltd.		15,800		119,454
				491,118
Casino Services 1.62%
Paradise Co., Ltd.		10,226		377,799
Commercial Banks - Non US 11.72%
Agricultural Bank of China Ltd., H shares		939,600		414,708
Bangkok Bank PCL		9,800		58,311
Bank of China Ltd., H shares		1,255,800		562,657
Bank of Communications Co., Ltd., H shares		271,700		188,281
BOC Hong Kong (Holdings) Ltd.		79,000		228,978
China Construction Bank Corp., H shares		773,400		585,172
China Merchants Bank Co., Ltd., H shares		119,500		235,965
Industrial and Commercial Bank of China Ltd., H shares		646,000		408,682
TMB Bank PCL		774,000		57,753
				2,740,507
Computers - Other 1.67%
Ju Teng International Holdings Ltd.		542,000		389,804
Diversified Banking Institutions 1.04%
HSBC Holdings plc		24,034		243,876

See notes to portfolios of investments and notes to financial statements.
108

China Region Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks (cont'd)	Shares		Value
Diversified Manufacturing Operations 1.09%
Fosun International Ltd.		192,500	$	254,909
Diversified Minerals 0.13%
Woulfe Mining Corp.		300,000		30,944	*
Diversified Operations 5.74%
Hutchison Whampoa Ltd.		80,000		1,093,330
NWS Holdings Ltd.		134,000		248,617
				1,341,947
E-Commerce/Products 2.01%
E-Commerce China Dangdang, Inc., Class A, Sponsored ADR		12,656		169,337	*
Vipshop Holdings Ltd., Sponsored ADR		1,600		300,384	*
				469,721
Electric - Distribution 1.13%
Tianjin Development Holdings Ltd.		350,000		263,296	*
Electric - Generation 5.93%
China Power International Development Ltd.		653,000		257,088
China Resources Power Holdings Co., Ltd.		88,000		249,927
Huadian Fuxin Energy Corp., Ltd., H shares		1,214,000		634,603
Huaneng Renewables Corp., Ltd., H shares		740,000		244,406
				1,386,024
Electric Products - Miscellaneous 0.68%
Hermes Microvision, Inc.		4,000		158,580
Energy - Alternate Sources 0.24%
Xinyi Solar Holdings Ltd.		222,000		56,996
Entertainment Software 2.01%
Kingsoft Corp., Ltd.		156,000		469,937
Finance - Investment Banker/Broker 0.96%
CITIC Securities Co., Ltd., H shares		101,500		224,499
Finance - Other Services 0.51%
Hong Kong Exchanges & Clearing Ltd.		6,400		119,385
Food - Miscellaneous/Diversified 1.04%
Universal Robina Corp.		69,000		244,080

See notes to portfolios of investments and notes to financial statements.
109

China Region Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks (cont'd)	Shares		Value
Gas - Distribution 2.45%
Beijing Enterprises Holdings Ltd.		30,000	$	283,666
China Gas Holdings Ltd.		140,000		289,086
				572,752
Gold Mining 1.65%
Besra Gold, Inc.		354,110		13,282	*
Zhaojin Mining Industry Co., Ltd., H shares		645,000		372,761
				386,043
Internet Application Software 4.56%
Tencent Holdings Ltd.		69,500		1,065,471
Internet Connectivity Services 0.56%
21Vianet Group, Inc., Sponsored ADR		4,400		131,868	*
Internet Content - Entertainment 2.05%
NetEase, Inc., Sponsored ADR		5,352		419,383
Youku Tudou, Inc., Sponsored ADR		2,500		59,650	*
				479,033
Internet Content - Information/Network 2.45%
YY, Inc., Sponsored ADR		7,600		573,800	*
Internet Security 2.36%
Qihoo 360 Technology Co., Ltd., Sponsored ADR		6,000		552,240	*
Investment Management/Advisory Services 0.48%
China Cinda Asset Management Co., Ltd., H shares		224,000		111,372	*
Life/Health Insurance 1.81%
AIA Group Ltd.		40,500		204,068
China Life Insurance Co., Ltd., Sponsored ADR		5,600		219,576
				423,644
Machine Tools & Related Products 2.17%
Techtronic Industries Co., Ltd.		158,500		508,472
Medical - Biomedical/Gene 1.90%
Bloomage Biotechnology Corp., Ltd.		172,500		444,073
Medical - Drugs 3.58%
CSPC Pharmaceutical Group Ltd.		190,500		151,956
Lijun International Pharmaceutical Holding Co., Ltd.		646,500		247,736

See notes to portfolios of investments and notes to financial statements.
110

China Region Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks (cont'd)	Shares		Value
Medical - Drugs (cont'd)
PT Kalbe Farma Tbk		970,500	$	135,996
Shanghai Fosun Pharmaceutical Group Co., Ltd., H shares		17,500		65,365
Sino Biopharmaceutical Ltd.		288,000		235,773
				836,826
Medical - Wholesale Drug Distribution 0.57%
Sinopharm Group Co., Ltd., H shares		48,000		133,211
Medical Products 1.51%
China Medical System Holdings Ltd.		288,750		353,582
Multi-line Insurance 1.44%
Ping An Insurance (Group) Company of China Ltd., H shares		43,500		336,591
Non - Ferrous Metals 0.10%
Sterling Group Ventures, Inc., 144A		500,000		22,150	*
Oil - Field Services 1.00%
Sinopec Engineering Group Co., Ltd., H shares		208,200		234,853
Oil Companies - Exploration & Production 1.22%
CNOOC Ltd., Sponsored ADR		1,590		285,071
Oil Companies - Integrated 3.30%
China Petroleum & Chemical Corp., Sponsored ADR		2,600		247,078
PetroChina Co., Ltd., H shares		416,500		523,878
				770,956
Oil Field Machinery & Equipment 0.89%
CIMC Enric Holdings Ltd.		158,000		208,416
Oil Refining & Marketing 0.25%
Thai Oil PCL		36,000		57,784
Petrochemicals 0.00%
Danhua Chemical Technology Co., Ltd., B shares		2		1	*
Power Converters/Supply Equipment 1.66%
Delta Electronics, Inc.		53,400		389,108
Retail - Home Furnishings 0.49%
Man Wah Holdings Ltd.		72,000		115,052

See notes to portfolios of investments and notes to financial statements.
111

China Region Fund

Portfolio of Investments (unaudited) June 30, 2014

Common Stocks (cont'd)	Shares		Value
Retail - Jewelry 0.00%
Lao Feng Xiang Co., Ltd., B shares		1	$	3
Retail - Petroleum Products 0.48%
NewOcean Energy Holdings Ltd.		150,000		112,286
Semiconductor Components - Integrated Circuits 1.10%
Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR		12,000		256,680
Telecom Services 0.98%
China Telecom Corp., Ltd., H shares		468,000		229,531
Therapeutics 0.26%
Tong Ren Tang Technologies Co., Ltd., H shares		42,000		60,910
Water Treatment Systems 2.85%
Beijing Enterprises Water Group Ltd.		700,000		468,400
Sound Global Ltd.		210,000		196,415
				664,815
Web Portals/Internet Service Providers 0.74%
Baidu, Inc., Sponsored ADR		630		117,690	*
Xunlei Ltd., Sponsored ADR		3,700		55,389	*
				173,079
Total Common Stocks				21,209,206
(cost $19,063,826)
Exchange-Traded Funds (ETF) 2.50%
iShares China Large-Capital ETF		400		14,816
iShares FTSE A50 China Index ETF		110,300		120,032
iShares MSCI Malaysia ETF		7,200		114,336
iShares MSCI Philippines ETF		2,600		95,758
iShares MSCI South Korea Capped ETF		1,800		117,036
iShares MSCI Thailand Capped ETF		1,600		123,536
Total Exchange-Traded Funds				585,514
(cost $587,414)

See notes to portfolios of investments and notes to financial statements.
112

China Region Fund

Portfolio of Investments (unaudited) June 30, 2014

Purchased Call Option 0.07%	Contracts		Value
Diversified Banking Institutions 0.07%
HSBC Holdings plc, Strike Price 55, Expiration Jan. 2015		300	$	16,350
(cost $76,697)
Total Investments 93.29%				21,811,070
(cost $19,727,937)
Other assets and liabilities, net 6.71%				1,568,650
Net Assets 100%			$	23,379,720

See notes to portfolios of investments and notes to financial statements.
113

Notes to Portfolios of Investments (unaudited) June 30, 2014

Legend

* Non-income producing security

+ Affiliated company (see following)

ADR American Depositary Receipt

GDR Global Depositary Receipt

GO General Obligation Bond

RS Restricted Security (see following)

ZCB Zero Coupon Bond

# Illiquid security

@ Security was fair valued at June 30, 2014, 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. These securities, as a percentage of net assets at June 30, 2014, were 4.15% of Holmes Macro Trends Fund, 7.57% of Global Resources Fund, 3.04% of World Precious Minerals Fund and 0.77% of Gold and Precious Metals Fund, respectively. 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.

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 June 30, 2014.

Fair Valuation of Securities

For the Funds' policies regarding the valuation of investments and other significant accounting policies, please refer to the Notes to Financial Statements.

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

114

Notes to Portfolios of Investments (unaudited) June 30, 2014

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 and foreign market holidays.

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 June 30, 2014, 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* U.S. Government and Agency Obligations	$	—	$	67,683,956	$	—	$	67,683,956
Total	$	—	$	67,683,956	$	—	$	67,683,956
Near-Term Tax Free Fund
Investments in Securities* Municipal Bonds	$	—	$	55,691,066	$	—	$	55,691,066
Total	$	—	$	55,691,066	$	—	$	55,691,066

115

Notes to Portfolios of Investments (unaudited) June 30, 2014

	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	$	22,101,504	$	—	$	—	$	22,101,504
Total	$	22,101,504	$	—	$	—	$	22,101,504
Holmes Macro Trends Fund
Investments in Securities* Common Stocks:
Electric - Generation	$	—	$	—	$	280,223	$	280,223
Energy - Alternate Sources		—		—		74,820		74,820
Medical - Hospitals		—		—		—		—
Quarrying		162,758		—		908,440		1,071,198
Real Estate Operating/Development		—		—		588,530		588,530
All Other Common Stocks		44,853,629		—		—		44,853,629
Exchange-Traded Fund		531,120		—		—		531,120
Warrants:
Gold Mining		70		—		—		70
Master Limited Partnership		529,000		—		—		529,000
Gold-Linked Notes		—		288,750		—		288,750
Silver-Linked Note		212,000		—		—		212,000
Corporate Notes		—		—		305,823		305,823
Total	$	46,288,577	$	288,750	$	2,157,836	$	48,735,163
Global Resources Fund
Investments in Securities* Common Stocks:
Agricultural Chemicals	$	—	$	83,121	$	—	$	83,121
Agricultural Operations		3,528,800		1,806,680		—		5,335,480
Coal		1,488,814		2,925,678		—		4,414,492
Diversified Minerals		6,614,833		1,283,274		—		7,898,107
Electric - Generation		—		—		3,908,348		3,908,348
Energy - Alternate Sources		—		—		1,795,680		1,795,680
Gold Mining		18,960,916		87,752		943		19,049,611
Medical - Hospitals		—		—		—		—
Metal - Copper		—		187,415		—		187,415
Metal - Diversified		7,636,843		1,142,451		—		8,779,294
Metal - Iron		84,392		47,998		—		132,390
Mining Services		—		558,687		539,453		1,098,140
Natural Resource Technology		—		—		50,947		50,947
Oil Companies - Exploration & Production		88,041,891		11,657,439		—		99,699,330
Power Converters/Supply Equipment		—		3,764,286		—		3,764,286
Precious Metals		—		726,439		—		726,439
Quarrying		—		—		4,945,780		4,945,780
Real Estate Operating/Development		—		—		10,270,602		10,270,602
All Other Common Stocks		144,613,028		—		—		144,613,028
Exchange-Traded Funds		2,482,770		1,725,878		—		4,208,648
Trusts		106,754		—		—		106,754
Warrants:
Diversified Minerals		—		—		—		—
Gold Mining		3,171,929		—		—		3,171,929
Metal - Copper		—		—		—		—
Oil Companies - Exploration & Production		—		56,261		—		56,261
All Other Warrants		13,714		—		—		13,714

116

Notes to Portfolios of Investments (unaudited) June 30, 2014

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Global Resources Fund (cont'd)
Investments in Securities* (cont'd)
Purchased Call Options	$	—	$	1,620,250	$	—	$	1,620,250
Purchased Put Option		—		114,069		—		114,069
Master Limited Partnerships		8,049,763		—		—		8,049,763
Convertible Bond		—		300,000		—		300,000
Gold-Linked Notes		—		6,710,250		—		6,710,250
Silver-Linked Notes		3,352,500		—		—		3,352,500
Corporate Notes		—		—		3,866,108		3,866,108
Total	$	288,146,947	$	34,797,928	$	25,377,861	$	348,322,736
Other Financial Instruments** Written Call Option	$	112,000	$	—	$	—	$	112,000
World Precious Minerals Fund
Investments in Securities* Common Stocks:
Agricultural Operations	$	—	$	1,011,224	$	—	$	1,011,224
Coal		390,960		1,786,640		—		2,177,600
Diamonds/Precious Stones		3,046,820		468,291		—		3,515,111
Diversified Minerals		3,003,936		244,782		—		3,248,718
Gold Mining		74,609,189		3,231,210		2,117,750		79,958,149
Investment Companies		—		—		3,736		3,736
Medical - Hospitals		—		—		—		—
Metal - Copper		1,088,659		13,924		—		1,102,583
Metal - Diversified		15,398,972		1,839,951		—		17,238,923
Mining Services		345,070		855,119		—		1,200,189
Oil Companies - Exploration & Production		—		—		—		—
Precious Metals		4,358,284		2,852,164		—		7,210,448
All Other Common Stocks		13,016,894		—		—		13,016,894
Exchange-Traded Funds		1,195,812		—		—		1,195,812
Warrants:
Finance - Investment Banker/Broker		—		—		—		—
Gold Mining		4,861,089		—		—		4,861,089
Metal - Copper		—		—		—		—
Metal - Diversified		—		110,928		—		110,928
All Other Warrants		1,149,890		—		—		1,149,890
Special Warrants:
Gold/Mineral Exploration & Development		—		—		—		—
Purchased Call Options		—		5,321,937		—		5,321,937
Gold-Linked Notes		—		4,545,000		—		4,545,000
Silver-Linked Notes		4,387,500		—		—		4,387,500
Corporate Notes		—		—		1,377,273		1,377,273
Total	$	126,853,075	$	22,281,170	$	3,498,759	$	152,633,004
Gold and Precious Metals Fund
Investments in Securities* Common Stocks:
Gold Mining	$	43,292,473	$	6,212,332	$	—	$	49,504,805
Medical - Hospitals		—		—		—		—
Precious Metals		597,497		825,595		—		1,423,092
All Other Common Stocks		10,901,540		—		—		10,901,540
Exchange-Traded Funds		6,648,896		—		—		6,648,896
Warrants:
Gold Mining		4,028,634		—		—		4,028,634
All Other Warrants		795,161		—		—		795,161

117

Notes to Portfolios of Investments (unaudited) June 30, 2014

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Gold and Precious Metals Fund (cont'd)
Investments in Securities* (cont'd)
Purchased Call Options	$	—	$	3,531,659	$	—	$	3,531,659
Gold-Linked Notes		—		2,298,750		—		2,298,750
Silver-Linked Notes		2,302,000		—		—		2,302,000
Corporate Notes		—		—		745,849		745,849
Total	$	68,566,201	$	12,868,336	$	745,849	$	82,180,386
Emerging Europe Fund
Investments in Securities* Common Stocks:
Cellular Telecommunication	$	2,898,000	$	2,270,837	$	—	$	5,168,837
Oil Companies - Exploration & Production		1,955,827		2,116,425		—		4,072,252
Transportation - Marine		270,276		—		—		270,276
All Other Common Stocks		—		83,091,841		—		83,091,841
Closed-End Investment Company		—		1,763,159		—		1,763,159
Warrants		3,726,233		—		—		3,726,233
Corporate Note		—		766,800		—		766,800
Total	$	8,850,336	$	90,009,062	$	—	$	98,859,398
China Region Fund
Investments in Securities* Common Stocks:
Applications Software	$	616	$	—	$	—	$	616
Business-to-Business/E-Commerce		137,632		—		—		137,632
Diversified Minerals		30,944		—		—		30,944
E-Commerce/Products		469,721		—		—		469,721
Gold Mining		13,282		372,761		—		386,043
Internet Connectivity Services		131,868		—		—		131,868
Internet Content - Entertainment		479,033		—		—		479,033
Internet Content - Information/Network		573,800		—		—		573,800
Internet Security		552,240		—		—		552,240
Life/Health Insurance		219,576		204,068		—		423,644
Non - Ferrous Metals		22,150		—		—		22,150
Oil Companies - Exploration & Production		285,071		—		—		285,071
Oil Companies - Integrated		247,078		523,878		—		770,956
Semiconductor Components - Integrated Circuits		256,680		—		—		256,680
Web Portals/Internet Service Providers		173,079		—		—		173,079
All Other Common Stocks		—		16,515,729		—		16,515,729
Exchange-Traded Funds		465,482		120,032		—		585,514
Purchased Call Option		—		16,350		—		16,350
Total	$	4,058,252	$	17,752,818	$	—	$	21,811,070

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

** Other financial instruments include currency contracts and written options. Currency contracts are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date.

118

Notes to Portfolios of Investments (unaudited) June 30, 2014

Fund	Transfers From Level 1 to Level 2*			Transfers From Level 2 to Level 1*
Global Resources	$	1,180,296	⁽¹⁾	$	494,728	⁽²⁾
					1,067,561	⁽³⁾
World Precious Minerals		813,372	⁽¹⁾		290,359	⁽²⁾
					648,874	⁽³⁾
Emerging Europe		197,868	⁽¹⁾		—

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

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

⁽²⁾ 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.

⁽³⁾ Transfer resulted from the expiration of a regulatory hold.

The following is a reconciliation of assets for which unobservable inputs (Level 3) were used in determining fair value during the period January 1, 2014, through June 30, 2014:

	Common Stocks			Warrants		Corporate Notes		Total
Holmes Macro Trends Fund
Beginning Balance 12/31/13	$	2,451,810		$	—	$	250,000	$	2,701,810
Purchases		—			—		55,823		55,823
Sales		(572,000	)		—		—		(572,000	)
Total realized gain (loss)		172,000			—		—		172,000
Net change in unrealized appreciation (depreciation)		(199,797	)		—		—		(199,797	)
Ending Balance 06/30/14	$	1,852,013		$	—	$	305,823	$	2,157,836
Net change in unrealized appreciation (depreciation) from Investments held as of 06/30/14⁽¹⁾	$	(214,533	)	$	—	$	—	$	(214,533	)
	Common Stocks			Warrants		Corporate Notes		Total
Global Resources Fund
Beginning Balance 12/31/13	$	24,073,774		$	—	$	3,000,000	$	27,073,774
Purchases		448			—		866,108		866,556
Sales		(1,949,707	)		—		—		(1,949,707	)
Total realized gain (loss)		(4,221,805	)		—		—		(4,221,805	)
Net change in unrealized appreciation (depreciation)		4,309,920			—		—		4,309,920
Transfers out of Level 3*		(700,877	)		—		—		(700,877	)
Ending Balance 06/30/14	$	21,511,753		$	—	$	3,866,108	$	25,377,861
Net change in unrealized appreciation (depreciation) from Investments held as of 06/30/14⁽¹⁾	$	(110,959	)	$	—	$	—	$	(110,959	)

119

Notes to Portfolios of Investments (unaudited) June 30, 2014

	Common Stocks			Warrants		Special Warrants		Corporate Notes		Total
World Precious Minerals Fund
Beginning Balance 12/31/13	$	2,364,876		$	—	$	—	$	800,000	$	3,164,876
Purchases		7,287			—		—		577,273		584,560
Sales		(2,574,000	)		—		—		—		(2,574,000	)
Total realized gain (loss)		1,374,000			—		—		—		1,374,000
Net change in unrealized appreciation (depreciation)		949,323			—		—		—		949,323
Transfers into Level 3*		—			—		—		—		—
Ending Balance 06/30/14	$	2,121,486		$	—	$	—	$	1,377,273	$	3,498,759
Net change in unrealized appreciation (depreciation) from Investments held as of 06/30/14⁽¹⁾	$	1,483,011		$	—	$	—	$	—	$	1,483,011

	Common Stocks			Warrants		Corporate Notes		Total
Gold and Precious Metals Fund
Beginning Balance 12/31/13	$	7,453		$	—	$	300,000	$	307,453
Purchases		—			—		445,849		445,849
Net change in unrealized appreciation (depreciation)		(7,453	)		—		—		(7,453	)
Transfers into Level 3*		—			—		—		—
Ending Balance 06/30/14	$	—		$	—	$	745,849	$	745,849
Net change in unrealized appreciation (depreciation) from Investments held as of 06/30/14⁽¹⁾	$	(7,453	)	$	—	$	—	$	(7,453	)

* 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) included in the Statement of Operations attributable to only those investments still held and classified as Level 3 at June 30, 2014.

Significant unobservable inputs developed by the Valuation Committee for Level 3 investments held at June 30, 2014, are as follows:

Fair Value at
06/30/14

Valuation
Technique(s)

Unobservable
Input

Range
(Weighted
Average)

Holmes Macro Trends Fund

Investments in Securities
Common Stocks

1,571,790

Market Transaction⁽¹⁾

Discount/
Premium

100% discount-
10% premium
(4% discount)

Common Stocks

280,223

Method of Comparables Pricing⁽²⁾

Multiples

3.2-25.5 (4.6)

Corporate Notes

305,823

Market Transaction⁽¹⁾

Discount

Global Resources Fund

Investments in Securities
Common Stocks

17,603,405

Market Transaction⁽¹⁾

Discount/
Premium

100% discount-
10% premium
(4% discount)

Common Stocks

3,908,348

Method of Comparables Pricing⁽²⁾

Multiples

3.2-25.5 (4.6)

Corporate Notes

3,866,108

Market Transaction⁽¹⁾

Discount

120

Notes to Portfolios of Investments (unaudited) June 30, 2014

Fair Value at
06/30/14

Valuation
Technique(s)

Unobservable
Input

Range
(Weighted
Average)

World Precious Minerals Fund

Investments in Securities
Common Stocks

2,121,486

Market Transaction⁽¹⁾

Discount

0%-100%
discount
(47% discount)

Warrants

—

Market Transaction⁽¹⁾

Discount

0%-100%
discount
(100% discount)

Special Warrants

—

Market Transaction⁽¹⁾

Discount

100%

Corporate Notes

1,377,273

Market Transaction⁽¹⁾

Discount

Gold and Precious Metals Fund

Investments in Securities
Common Stocks

—

Market Transaction⁽¹⁾

Discount

100%

Warrants

—

Market Transaction⁽¹⁾

Discount

0%-100%
discount
(100% discount)

Corporate Notes

745,849

Market Transaction⁽¹⁾

Discount

⁽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.

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 June 30, 2014.

	Shares of Affiliated Companies
Global Resources Fund	December 31, 2013		Additions		Reductions			June 30, 2014
Africa Oilfield Logistics Ltd.		54,624,983		50,000		—			54,674,983
African Potash Ltd.		14,967,500		—		(542,500	)		14,425,000
Agriterra Ltd.		68,588,600		261,176		—			68,849,776
Pacific Coal Resources Ltd.		3,522,061		823,353		—			4,345,414
Pacific Green Energy Corp.		2,400,000		—		—			2,400,000
Pacific Stone Tech, Inc.		22,659		—		—			22,659
Sunridge Gold Corp.		10,833,788		100,000		—			10,933,788

121

Notes to Portfolios of Investments (unaudited) June 30, 2014

At June 30, 2014, the value of investments in affiliated companies was $21,368,421, representing 6.11% of net assets, and the total cost was $46,404,761. Net realized losses on transactions were $12,157, and there was no income earned for the period.

	Shares of Affiliated Companies
World Precious Minerals Fund	December 31, 2013		Additions		Reductions			June 30, 2014
Candente Gold Corp.		5,640,000		—		—			5,640,000
Canyon Resources Ltd.		4,337,729		6,168,864		—			10,506,593
Gran Colombia Gold Corp.		1,182,849		285,606		(273,193	)		1,195,262
Klondex Mines Ltd.		5,868,208		—		—			5,868,208
Mammoth Resources Corp.		1,600,000		250,000		—			1,850,000
Mirasol Resources Ltd.		2,274,900		30,100		—			2,305,000
Moss Lake Gold Mines Ltd.		3,354,500		50,000		(3,404,500	)		—	(a)(b)
Orex Minerals, Inc.		2,584,000		3,534,500		—			6,118,500
TriStar Gold, Inc.		1,392,000		6,828,500		—			8,220,500
West Kirkland Mining, Inc.		1,550,000		3,100,000		(300,000	)		4,350,000	(a)

At June 30, 2014, the value of investments in affiliated companies was $19,860,322, representing 11.89% of net assets, and the total cost was $44,828,281. Net realized losses on transactions were $5,084,613, and there was no income earned for the period.

(a) At June 30, 2014, the company is no longer defined as an affiliate, although it was an affiliated company during the period.

(b) Company was acquired by Wesdome Gold Mines Ltd. during the period. The acquiring company is not defined as an affiliate.

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.

Holmes Macro Trends Fund	Acquisition Date	Cost per Share/Unit
Pacific Coal Resources Ltd., Corporate Note (July 2014)	02/10/14	$	100.00
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.	08/06/10	$	0.07
Pacific Power Generation Corp., Corporate Note (April 2017)	05/25/12	$	100.00
Pacific Stone Tech, Inc.	04/19/10	$	216.24

As of June 30, 2014, the total cost of restricted securities was $1,755,823, and the total value was $2,157,836, representing 4.15% of net assets.

122

Notes to Portfolios of Investments (unaudited) June 30, 2014

Global Resources Fund	Acquisition Date	Cost per Share/Unit
Encanto Potash Corp., 144A	04/14/14	$	0.16
Encanto Potash Corp., 144A, Warrants (October 2015)	04/14/14	$	0.00
GoviEx Uranium, Inc., 144A, Class A	06/16/14	$	2.15
GoviEx Uranium, Inc., 144A, Class B	10/04/07	$	1.96
I-Pulse, Inc., 144A	10/04/07	$	1.88
Pacific Coal Resources Ltd., Corporate Note (September 2014)	04/21/14	$	100.00
Pacific Coal Resources Ltd., Corporate Note (November 2014)	05/09/14	$	100.00
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.	08/06/10	$	0.07
Pacific Power Generation Corp., Corporate Note (April 2017)	05/25/12	$	100.00
Pacific Stone Tech, Inc.	04/19/10	$	216.22

As of June 30, 2014, the total cost of restricted securities was $20,665,342, and the total value was $25,963,256, representing 7.42% of net assets.

World Precious Minerals Fund	Acquisition Date	Cost per Share/Unit
Balmoral Resources Ltd.	06/24/14	$	0.84
Orex Minerals, Inc., 144A, Warrants (March 2016)	03/24/14	$	0.00
Pacific Coal Resources Ltd., Corporate Note (November 2014)	06/10/14	$	100.00
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
Western Exploration & Development Ltd., 144A, Special Warrants (December 2049)	08/14/97	$	0.50

As of June 30, 2014, the total cost of restricted securities was $5,387,628, and the total value was $4,975,361, representing 2.98% of net assets.

Gold and Precious Metals Fund	Acquisition Date	Cost per Share/Unit
Pacific Coal Resources Ltd., Corporate Note (July 2014)	02/10/14	$	100.00
Pacific Coal Resources Ltd., Corporate Note (November 2014)	06/10/14	$	100.00
Pacific Power Generation Corp., Corporate Note (April 2017)	05/25/12	$	100.00

As of June 30, 2014, the total cost of restricted securities was $745,849, and the total value was $745,849, representing 0.77% of net assets.

123

Statements of Assets and Liabilities (unaudited)

	U.S. Government Securities Ultra-Short Bond Fund		Near-Term Tax Free Fund
Investments, at identified cost	$	67,523,175	$	54,009,406
Assets
Investments, at value:
Securities	$	67,683,956	$	55,691,066
Cash		886,872		5,820,105
Receivables:
Investments sold		—		—
Dividends and interest		128,014		710,318
Capital shares sold		9,768		22,231
From adviser		157		—
Other assets		22,323		10,170
Total Assets		68,731,090		62,253,890
Liabilities
Payables:
Investments purchased		—		—
Capital shares redeemed		104,022		210,941
Adviser and affiliates		—		910
Dividends and distributions		3,300		17,822
Accounts payable and accrued expenses		47,392		39,555
Total Liabilities		154,714		269,228
Net Assets	$	68,576,376	$	61,984,662
Net Assets Consist of:
Paid-in capital	$	68,412,990	$	60,856,049
Accumulated undistributed net investment income (distributions in excess of net investment income)		2,605		27,361
Accumulated net realized gain (loss) on investments and foreign currencies		—		(580,408	)
Net unrealized appreciation of investments and other assets and liabilities denominated in foreign currencies		160,781		1,681,660
Net assets applicable to capital shares outstanding	$	68,576,376	$	61,984,662
By share class
Net Assets
Investor class	$	68,576,376	$	61,984,662
Capital shares outstanding, an unlimited number of no par shares authorized
Investor class		34,212,569		27,462,150
Net Asset Value, Public Offering Price, Redemption Price, per share
Investor class	$	2.00	$	2.26

See accompanying notes to financial statements.
124

June 30, 2014

	All American Equity Fund			Holmes Macro Trends Fund
Investments, at identified cost	$	18,984,976		$	41,734,139
Assets
Investments, at value:
Securities	$	22,101,504		$	48,735,163
Cash		1,452,359			3,129,328
Receivables:
Investments sold		147,202			441,605
Dividends and interest		13,267			29,642
Capital shares sold		2,979			2,008
From adviser		—			—
Other assets		10,729			15,518
Total Assets		23,728,040			52,353,264
Liabilities
Payables:
Investments purchased		—			253,460
Capital shares redeemed		7,759			16,517
Adviser and affiliates		22,718			58,121
Dividends and distributions		—			—
Accounts payable and accrued expenses		31,184			45,392
Total Liabilities		61,661			373,490
Net Assets	$	23,666,379		$	51,979,774
Net Assets Consist of:
Paid-in capital	$	17,803,378		$	39,427,357
Accumulated undistributed net investment income (distributions in excess of net investment income)		(66,525	)		(440,840	)
Accumulated net realized gain (loss) on investments and foreign currencies		2,812,998			5,992,234
Net unrealized appreciation of investments and other assets and liabilities denominated in foreign currencies		3,116,528			7,001,023
Net assets applicable to capital shares outstanding	$	23,666,379		$	51,979,774
By share class
Net Assets
Investor class	$	23,666,379		$	51,979,774
Capital shares outstanding, an unlimited number of no par shares authorized
Investor class		719,000			2,161,523
Net Asset Value, Public Offering Price, Redemption Price, per share
Investor class	$	32.92		$	24.05

125

Statements of Assets and Liabilities (unaudited)

	Global Resources Fund			World Precious Minerals Fund			Gold and Precious Metals Fund
Investments, at identified cost	$	394,395,459		$	245,141,308		$	94,962,610
Assets
Investments, at value:
Securities of unaffiliated issuers	$	326,954,315		$	132,772,682		$	82,180,386
Securities of affiliated issuers		21,368,421			19,860,322			—
Cash		5,306,329			12,958,694			13,491,916
Foreign currencies (Cost $18,460, $114,095, $56,270, $2 and $61,757)		18,475			114,232			56,334
Receivables:
Investments sold		7,233,784			5,669,722			3,348,208
Dividends and interest		170,129			40,807			23,798
Capital shares sold		169,491			269,959			405,073
Other assets		76,798			49,475			36,985
Total Assets		361,297,742			171,735,893			99,542,700
Liabilities
Payables:
Investments purchased		10,683,645			4,273,647			1,988,983
Capital shares redeemed		141,809			152,082			42,304
Adviser and affiliates		273,515			198,695			89,668
Accounts payable and accrued expenses		141,637			118,141			82,751
Written options at value (Premiums $103,040, $0, $0, $0 and $0)		112,000			—			—
Total Liabilities		11,352,606			4,742,565			2,203,706
Net Assets	$	349,945,136		$	166,993,328		$	97,338,994
Net Assets Consist of:
Paid-in capital	$	731,420,851		$	509,207,056		$	184,346,370
Accumulated undistributed net investment income (distributions in excess of net investment income)		(2,846,770	)		(8,127,236	)		(2,069,340	)
Accumulated net realized loss on investments and foreign currencies		(332,544,410	)		(241,581,545	)		(72,156,979	)
Net unrealized appreciation (depreciation) of investments and other assets and liabilities denominated in foreign currencies		(46,084,535	)		(92,504,947	)		(12,781,057	)
Net assets applicable to capital shares outstanding	$	349,945,136		$	166,993,328		$	97,338,994
By share class
Net Assets
Investor class	$	318,925,660		$	166,519,027		$	97,338,994
Institutional class		31,019,476			474,301			N/A
Capital shares outstanding, an unlimited number of no par shares authorized
Investor class		30,789,719			22,546,208			12,695,010
Institutional class		3,003,853			63,999			N/A
Net Asset Value, Public Offering Price, Redemption Price, per share
Investor class	$	10.36		$	7.39		$	7.67
Institutional class		10.33			7.41			N/A

See accompanying notes to financial statements.
126

June 30, 2014

	Emerging Europe Fund			China Region Fund
Investments, at identified cost	$	92,772,243		$	19,727,937
Assets
Investments, at value:
Securities of unaffiliated issuers	$	98,859,398		$	21,811,070
Securities of affiliated issuers		—			—
Cash		1,919,724			1,991,004
Foreign currencies (Cost $18,460, $114,095, $56,270, $2 and $61,757)		2			61,755
Receivables:
Investments sold		1,006,191			368,356
Dividends and interest		659,240			140,604
Capital shares sold		1,926			1,231
Other assets		36,610			16,802
Total Assets		102,483,091			24,390,822
Liabilities
Payables:
Investments purchased		—			906,823
Capital shares redeemed		188,474			28,597
Adviser and affiliates		137,091			18,390
Accounts payable and accrued expenses		92,578			57,292
Written options at value (Premiums $103,040, $0, $0, $0 and $0)		—			—
Total Liabilities		418,143			1,011,102
Net Assets	$	102,064,948		$	23,379,720
Net Assets Consist of:
Paid-in capital	$	402,708,412		$	40,741,283
Accumulated undistributed net investment income (distributions in excess of net investment income)		2,492,266			63,466
Accumulated net realized loss on investments and foreign currencies		(309,224,218	)		(19,509,019	)
Net unrealized appreciation (depreciation) of investments and other assets and liabilities denominated in foreign currencies		6,088,488			2,083,990
Net assets applicable to capital shares outstanding	$	102,064,948		$	23,379,720
By share class
Net Assets
Investor class	$	102,064,948		$	23,379,720
Institutional class		N/A			N/A
Capital shares outstanding, an unlimited number of no par shares authorized
Investor class		12,118,691			2,880,539
Institutional class		N/A			N/A
Net Asset Value, Public Offering Price, Redemption Price, per share
Investor class	$	8.42		$	8.12
Institutional class		N/A			N/A

127

Statements of Operations (unaudited)

Net Investment Income	U.S. Government Securities Ultra-Short Bond Fund			Near-Term Tax Free Fund
Income:
Dividends from unaffiliated issuers	$	—		$	—
Foreign tax withheld on dividends		—			—
Net dividends		—			—
Interest and other		227,237			865,467
Total income		227,237			865,467
Expenses:
Management fee		178,178			153,203
Administrative services fee		40,595			35,600
Transfer agent fees and expenses		38,047			27,780
Accounting service fees and expenses		28,625			47,758
Professional fees		25,128			25,559
Distribution plan fee		—			—
Custodian fees		11,907			8,420
Shareholder reporting expenses		6,144			4,616
Registration fees		10,428			12,841
Trustee fees and expenses		15,512			15,478
Miscellaneous expenses		27,234			13,271
Total expenses before reductions		381,798			344,526
Expenses offset - Note 1 H		—			(727	)
Expenses reimbursed - Note 3		(288,898	)		(205,916	)
Net expenses		92,900			137,883
Net Investment Income (Loss)		134,337			727,584
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) from:
Securities from unaffiliated issuers		—			(15,057	)
Written options		—			—
Foreign currency transactions		—			—
Net realized gain (loss)		—			(15,057	)
Net change in unrealized appreciation (depreciation) of:
Investments		240,272			855,943
Other assets and liabilities denominated in foreign currencies		—			—
Net unrealized appreciation (depreciation)		240,272			855,943
Net Realized and Unrealized Gain (Loss) on Investments		240,272			840,886
Net Increase (Decrease) In Net Assets Resulting From Operations	$	374,609		$	1,568,470

See accompanying notes to financial statements.
128

For the Six Months Ended June 30, 2014

Net Investment Income	All American Equity Fund			Holmes Macro Trends Fund
Income:
Dividends from unaffiliated issuers	$	191,983		$	149,190
Foreign tax withheld on dividends		(467	)		(2,307	)
Net dividends		191,516			146,883
Interest and other		—			50,914
Total income		191,516			197,797
Expenses:
Management fee		96,965			288,974
Administrative services fee		16,529			31,421
Transfer agent fees and expenses		22,291			34,440
Accounting service fees and expenses		27,572			27,720
Professional fees		20,532			26,046
Distribution plan fee		28,923			66,155
Custodian fees		6,839			17,303
Shareholder reporting expenses		3,735			6,789
Registration fees		8,126			10,055
Trustee fees and expenses		15,512			15,478
Miscellaneous expenses		13,914			19,173
Total expenses before reductions		260,938			543,554
Expenses offset - Note 1 H		(151	)		(584	)
Expenses reimbursed - Note 3		(2,746	)		—
Net expenses		258,041			542,970
Net Investment Income (Loss)		(66,525	)		(345,173	)
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) from:
Securities from unaffiliated issuers		2,049,444			4,605,620
Written options		—			13,146
Foreign currency transactions		—			(34	)
Net realized gain (loss)		2,049,444			4,618,732
Net change in unrealized appreciation (depreciation) of:
Investments		(1,458,177	)		(4,755,868	)
Other assets and liabilities denominated in foreign currencies		—			3
Net unrealized appreciation (depreciation)		(1,458,177	)		(4,755,865	)
Net Realized and Unrealized Gain (Loss) on Investments		591,267			(137,133	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	524,742		$	(482,306	)

129

Statements of Operations (unaudited)

Net Investment Income	Global Resources Fund			World Precious Minerals Fund			Gold and Precious Metals Fund
Income:
Dividends from unaffiliated issuers	$	1,415,491		$	114,590		$	150,437
Foreign tax withheld on dividends		(75,361	)		(15,393	)		(18,456	)
Net dividends		1,340,130			99,197			131,981
Interest and other		906,763			581,117			296,254
Total income		2,246,893			680,314			428,235
Expenses:
Management fee		1,175,370			827,785			409,727
Administrative services fee		91,219			42,950			48,149
Administrative services fee - Investor class		76,947			37,725			—
Administrative services fee - Institutional class		9,312			266			—
Transfer agent fees and expenses		—			—			70,603
Transfer agent fees and expenses - Investor class		292,283			134,315			—
Transfer agent fees and expenses - Institutional class		30,067			7,717			—
Accounting service fees and expenses		67,667			35,679			33,176
Professional fees		63,447			46,559			34,711
Distribution plan fee		384,737			188,623			107,975
Custodian fees		88,152			74,052			45,335
Shareholder reporting expenses		—			—			18,448
Shareholder reporting expenses - Investor class		48,560			26,708			—
Shareholder reporting expenses - Institutional class		4,863			1,102			—
Registration fees		7,293			4,755			9,941
Registration fees - Investor class		7,712			6,534			—
Registration fees - Institutional class		7,363			5,264			—
Trustee fees and expenses		15,512			15,512			15,512
Miscellaneous expenses		91,372			59,323			43,667
Total expenses before reductions		2,461,876			1,514,869			837,244
Expenses offset - Note 1 H		(1,549	)		(880	)		(1,060	)
Expenses reimbursed - Note 3		(51,604	)		(26,745	)		(11,364	)
Net expenses		2,408,723			1,487,244			824,820
Net Investment Income (Loss)		(161,830	)		(806,930	)		(396,585	)
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) from:
Securities from unaffiliated issuers		23,549,988			(21,103,881	)		(13,932,099	)
Securities from affiliated issuers		(12,157	)		(5,084,613	)		—
Written options		(44,104	)		—			—
Foreign currency transactions		(6,256	)		(15,927	)		(4,144	)
Net realized gain (loss)		23,487,471			(26,204,421	)		(13,936,243	)
Net change in unrealized appreciation (depreciation) of:
Investments		11,915,292			66,616,646			35,111,242
Written options		(8,960	)		—			—
Other assets and liabilities denominated in foreign currencies		(2,743	)		4,282			1,596
Net unrealized appreciation (depreciation)		11,903,589			66,620,928			35,112,838
Net Realized and Unrealized Gain (Loss) on Investments		35,391,060			40,416,507			21,176,595
Net Increase (Decrease) In Net Assets Resulting From Operations	$	35,229,230		$	39,609,577		$	20,780,010

See accompanying notes to financial statements.
130

For the Six Months Ended June 30, 2014

Net Investment Income	Emerging Europe Fund			China Region Fund
Income:
Dividends from unaffiliated issuers	$	2,055,575		$	431,850
Foreign tax withheld on dividends		(264,879	)		(19,629	)
Net dividends		1,790,696			412,221
Interest and other		27,505			—
Total income		1,818,201			412,221
Expenses:
Management fee		658,856			145,645
Administrative services fee		57,668			17,025
Administrative services fee - Investor class		—			—
Administrative services fee - Institutional class		—			—
Transfer agent fees and expenses		126,675			29,972
Transfer agent fees and expenses - Investor class		—			—
Transfer agent fees and expenses - Institutional class		—			—
Accounting service fees and expenses		33,240			33,125
Professional fees		32,671			26,803
Distribution plan fee		131,771			30,164
Custodian fees		58,910			18,377
Shareholder reporting expenses		22,479			6,398
Shareholder reporting expenses - Investor class		—			—
Shareholder reporting expenses - Institutional class		—			—
Registration fees		10,362			8,430
Registration fees - Investor class		—			—
Registration fees - Institutional class		—			—
Trustee fees and expenses		15,512			15,512
Miscellaneous expenses		43,771			20,717
Total expenses before reductions		1,191,915			352,168
Expenses offset - Note 1 H		(570	)		(261	)
Expenses reimbursed - Note 3		—			(49,411	)
Net expenses		1,191,345			302,496
Net Investment Income (Loss)		626,856			109,725
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) from:
Securities from unaffiliated issuers		3,630,146			2,179,304
Securities from affiliated issuers		—			—
Written options		—			—
Foreign currency transactions		(90,113	)		(7,397	)
Net realized gain (loss)		3,540,033			2,171,907
Net change in unrealized appreciation (depreciation) of:
Investments		(9,939,412	)		(2,813,762	)
Written options		—			—
Other assets and liabilities denominated in foreign currencies		1,787			857
Net unrealized appreciation (depreciation)		(9,937,625	)		(2,812,905	)
Net Realized and Unrealized Gain (Loss) on Investments		(6,397,592	)		(640,998	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(5,770,736	)	$	(531,273	)

131

Statements of Changes in Net Assets

	U.S. Government Securities Ultra-Short Bond Fund						Near-Term Tax Free Fund
	Six Months Ended June 30, 2014 (unaudited)			Year Ended December 31, 2013			Six Months Ended June 30, 2014 (unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets
From operations:
Net investment income (loss)	$	134,337		$	16,652		$	727,584		$	1,031,696
Net realized gain (loss)		—			—			(15,057	)		(5,442	)
Net unrealized appreciation (depreciation)		240,272			(79,491	)		855,943			(474,896	)
Net increase (decrease) in net assets from operations		374,609			(62,839	)		1,568,470			551,358
Distributions to shareholders:
From net investment income
Investor class		(133,764	)		(17,151	)		(714,748	)		(1,035,065	)
From net capital gains
Investor class		—			—			—			—
Total distributions to shareholders		(133,764	)		(17,151	)		(714,748	)		(1,035,065	)
From capital share transactions:
Proceeds from shares sold Investor class		2,124,661			74,906,024			10,148,603			24,389,380
Issued from fund acquisition Investor class		—			—			—			16,401,859
Distributions reinvested Investor class		105,170			16,345			600,011			913,653
Proceeds from short-term trading fees Investor class		—			—			—			—
		2,229,831			74,922,369			10,748,614			41,704,892
Cost of shares redeemed Investor class		(9,121,386	)		(140,040,374	)		(11,501,190	)		(23,846,979	)
Net increase (decrease) in net assets from capital share transactions		(6,891,555	)		(65,118,005	)		(752,576	)		17,857,913
Net Increase (Decrease) in Net Assets		(6,650,710	)		(65,197,995	)		101,146			17,374,206
Net Assets
Beginning of year		75,227,086			140,425,081			61,883,516			44,509,310
End of period	$	68,576,376		$	75,227,086		$	61,984,662		$	61,883,516
Accumulated undistributed net investment income (distributions in excess of net investment income), end of period	$	2,605		$	2,032		$	27,361		$	14,525
Capital Share Activity
Investor class:
Shares sold		1,061,548			37,369,392			4,511,439			11,061,407
Shares issued on fund acquisiton		—			—			—			7,361,792
Shares reinvested		52,553			8,170			266,765			406,819
Shares redeemed		(4,555,070	)		(70,020,187	)		(5,118,383	)		(10,634,299	)
Net share activity		(3,440,969	)		(32,642,625	)		(340,179	)		8,195,719

See accompanying notes to financial statements.
132

	All American Equity Fund
	Six Months Ended June 30, 2014 (unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets
From operations:
Net investment income (loss)	$	(66,525	)	$	(89,116	)
Net realized gain (loss)		2,049,444			2,351,158
Net unrealized appreciation (depreciation)		(1,458,177	)		3,753,621
Net increase (decrease) in net assets from operations		524,742			6,015,663
Distributions to shareholders:
From net investment income
Investor class		—			(45,897	)
From net capital gains
Investor class		—			(1,422,808	)
Total distributions to shareholders		—			(1,468,705	)
From capital share transactions:
Proceeds from shares sold Investor class		2,029,396			3,898,820
Issued from fund acquisition Investor class		—			—
Distributions reinvested Investor class		—			1,435,360
Proceeds from short-term trading fees Investor class		24			171
		2,029,420			5,334,351
Cost of shares redeemed Investor class		(2,275,806	)		(3,339,354	)
Net increase (decrease) in net assets from capital share transactions		(246,386	)		1,994,997
Net Increase (Decrease) in Net Assets		278,356			6,541,955
Net Assets
Beginning of year		23,388,023			16,846,068
End of period	$	23,666,379		$	23,388,023
Accumulated undistributed net investment income (distributions in excess of net investment income), end of period	$	(66,525	)	$	—
Capital Share Activity
Investor class:
Shares sold		62,919			130,283
Shares issued on fund acquisiton		—			—
Shares reinvested		—			46,108
Shares redeemed		(70,776	)		(112,837	)
Net share activity		(7,857	)		63,554

133

Statements of Changes in Net Assets

	Holmes Macro Trends Fund						Global Resources Fund
	Six Months Ended June 30, 2014 (unaudited)			Year Ended December 31, 2013			Six Months Ended June 30, 2014 (unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets
From operations:
Net investment income (loss)	$	(345,173	)	$	(421,055	)	$	(161,830	)	$	1,025,692
Net realized gain (loss)		4,618,732			4,713,504			23,487,471			31,142,352
Net unrealized appreciation (depreciation)		(4,755,865	)		9,777,265			11,903,589			(36,630,705	)
Net increase (decrease) in net assets from operations		(482,306	)		14,069,714			35,229,230			(4,462,661	)
Distributions to shareholders:
From net investment income
Investor class		—			—			—			(11,927,336	)
Institutional class		—			—			—			(2,316,939	)
From net capital gains
Investor class		—			(2,495,923	)		—			—
Total distributions to shareholders		—			(2,495,923	)		—			(14,244,275	)
From capital share transactions:
Proceeds from shares sold Investor class		2,102,692			2,119,439			8,826,383			41,069,671
Institutional class		—			—			10,475,249			21,314,286
Issued from fund acquisition Investor class		—			13,184,651			—			—
Distributions reinvested Investor class		—			2,401,379			—			11,426,683
Institutional class		—			—			—			2,302,573
Proceeds from short-term trading fees Investor class		70			37			2			733
Institutional class		—			—			—			45
		2,102,762			17,705,506			19,301,634			76,113,991
Cost of shares redeemed Investor class		(5,566,702	)		(7,992,655	)		(47,335,138	)		(148,576,808	)
Institutional class		—			—			(34,692,924	)		(63,835,335	)
Net increase (decrease) in net assets from capital share transactions		(3,463,940	)		9,712,851			(62,726,428	)		(136,298,152	)
Net Increase (Decrease) in Net Assets		(3,946,246	)		21,286,642			(27,497,198	)		(155,005,088	)
Net Assets
Beginning of year		55,926,020			34,639,378			377,442,334			532,447,422
End of period	$	51,979,774		$	55,926,020		$	349,945,136		$	377,442,334
Distributions in excess of net investment income, end of period	$	(440,840	)	$	(95,667	)	$	(2,846,770	)	$	(2,684,940	)
Capital Share Activity
Investor class:
Shares sold		88,581			155,136			935,160			4,231,140
Shares issued on fund acquisiton		—			550,754			—			—
Shares reinvested		—			102,404			—			1,264,014
Shares redeemed		(233,871	)		(372,964	)		(5,007,205	)		(15,413,782	)
Net share activity		(145,290	)		435,330			(4,072,045	)		(9,918,628	)
Institutional class:
Shares sold		—			—			1,152,050			2,205,943
Shares reinvested		—			—			—			256,126
Shares redeemed		—			—			(3,642,414	)		(6,624,446	)
Net share activity		—			—			(2,490,364	)		(4,162,377	)

See accompanying notes to financial statements.
134

	World Precious Minerals Fund
	Six Months Ended June 30, 2014 (unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets
From operations:
Net investment income (loss)	$	(806,930	)	$	(1,736,491	)
Net realized gain (loss)		(26,204,421	)		(87,323,508	)
Net unrealized appreciation (depreciation)		66,620,928			(66,538,071	)
Net increase (decrease) in net assets from operations		39,609,577			(155,598,070	)
Distributions to shareholders:
From net investment income
Investor class		—			—
Institutional class		—			—
From net capital gains
Investor class		—			—
Total distributions to shareholders		—			—
From capital share transactions:
Proceeds from shares sold Investor class		16,371,507			36,481,853
Institutional class		287,158			6,096,172
Issued from fund acquisition Investor class		—			—
Distributions reinvested Investor class		—			—
Institutional class		—			—
Proceeds from short-term trading fees Investor class		617			2,431
Institutional class		—			—
		16,659,282			42,580,456
Cost of shares redeemed Investor class		(23,076,981	)		(67,001,940	)
Institutional class		(3,923,311	)		(2,076,310	)
Net increase (decrease) in net assets from capital share transactions		(10,341,010	)		(26,497,794	)
Net Increase (Decrease) in Net Assets		29,268,567			(182,095,864	)
Net Assets
Beginning of year		137,724,761			319,820,625
End of period	$	166,993,328		$	137,724,761
Distributions in excess of net investment income, end of period	$	(8,127,236	)	$	(7,320,306	)
Capital Share Activity
Investor class:
Shares sold		2,440,699			5,307,378
Shares issued on fund acquisiton		—			—
Shares reinvested		—			—
Shares redeemed		(3,453,790	)		(9,022,153	)
Net share activity		(1,013,091	)		(3,714,775	)
Institutional class:
Shares sold		41,947			898,155
Shares reinvested		—			—
Shares redeemed		(617,827	)		(324,020	)
Net share activity		(575,880	)		574,135

135

Statements of Changes in Net Assets

	Gold and Precious Metals Fund						Emerging Europe Fund
	Six Months Ended June 30, 2014 (unaudited)			Year Ended December 31, 2013			Six Months Ended June 30, 2014 (unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets
From operations:
Net investment income (loss)	$	(396,585	)	$	(538,618	)	$	626,856		$	2,300,503
Net realized gain (loss)		(13,936,243	)		(43,947,415	)		3,540,033			2,411,741
Net unrealized appreciation (depreciation)		35,112,838			(36,513,770	)		(9,937,625	)		(9,574,694	)
Net increase (decrease) in net assets from operations		20,780,010			(80,999,803	)		(5,770,736	)		(4,862,450	)
Distributions to shareholders:
From net investment income
Investor class		—			—			—			(1,969,263	)
Total distributions to shareholders		—			—			—			(1,969,263	)
From capital share transactions:
Proceeds from shares sold Investor class		17,989,358			35,768,131			5,057,927			9,625,381
Distributions reinvested Investor class		—			—			—			1,853,073
Proceeds from short-term trading fees Investor class		391			5,074			3			8,743
		17,989,749			35,773,205			5,057,930			11,487,197
Cost of shares redeemed Investor class		(16,057,621	)		(46,670,561	)		(19,792,374	)		(55,772,036	)
Net increase (decrease) in net assets from capital share transactions		1,932,128			(10,897,356	)		(14,734,444	)		(44,284,839	)
Net Increase (Decrease) in Net Assets		22,712,138			(91,897,159	)		(20,505,180	)		(51,116,552	)
Net Assets
Beginning of year		74,626,856			166,524,015			122,570,128			173,686,680
End of period	$	97,338,994		$	74,626,856		$	102,064,948		$	122,570,128
Accumulated undistributed net investment income (distributions in excess of net investment income), end of period	$	(2,069,340	)	$	(1,672,755	)	$	2,492,266		$	1,865,410
Capital Share Activity
Investor class:
Shares sold		2,555,690			4,308,473			642,132			1,053,243
Shares reinvested		—			—			—			211,056
Shares redeemed		(2,298,737	)		(6,004,151	)		(2,425,507	)		(6,170,181	)
Net share activity		256,953			(1,695,678	)		(1,783,375	)		(4,905,882	)

See accompanying notes to financial statements.
136

	China Region Fund
	Six Months Ended June 30, 2014 (unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets
From operations:
Net investment income (loss)	$	109,725		$	(33,801	)
Net realized gain (loss)		2,171,907			43,701
Net unrealized appreciation (depreciation)		(2,812,905	)		2,218,151
Net increase (decrease) in net assets from operations		(531,273	)		2,228,051
Distributions to shareholders:
From net investment income
Investor class		—			(64,297	)
Total distributions to shareholders		—			(64,297	)
From capital share transactions:
Proceeds from shares sold Investor class		708,818			4,399,601
Distributions reinvested Investor class		—			59,607
Proceeds from short-term trading fees Investor class		1			5,270
		708,819			4,464,478
Cost of shares redeemed Investor class		(3,184,242	)		(9,401,623	)
Net increase (decrease) in net assets from capital share transactions		(2,475,423	)		(4,937,145	)
Net Increase (Decrease) in Net Assets		(3,006,696	)		(2,773,391	)
Net Assets
Beginning of year		26,386,416			29,159,807
End of period	$	23,379,720		$	26,386,416
Accumulated undistributed net investment income (distributions in excess of net investment income), end of period	$	63,466		$	(46,259	)
Capital Share Activity
Investor class:
Shares sold		88,609			573,138
Shares reinvested		—			7,414
Shares redeemed		(395,774	)		(1,222,797	)
Net share activity		(307,165	)		(642,245	)

137

Notes to Financial Statements (unaudited) June 30, 2014

Note 1: Organization and Significant Accounting Policies

U.S. Global Investors Funds (Trust), consisting of nine separate funds (Funds), is organized as a Delaware statutory trust. Each Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. All funds are diversified with the exception of Global Resources, World Precious Minerals, Gold and Precious Metals, Emerging Europe and China Region. A nondiversified fund may invest a greater percentage of its assets in a particular issuer in comparison to a diversified fund.

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The policies are in conformity with U.S. generally accepted accounting principles.

A. 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.

B. Fair Valued 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.

138

Notes to Financial Statements (unaudited) June 30, 2014

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.

C. Security Transactions and Investment Income

Security transactions are accounted for on trade date. Realized gains and losses from security transactions are determined on an identified-cost basis. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund has confirmed the ex-dividend date. Interest income, which may include original issue discount, is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted and amortized, respectively, on a yield-to-maturity basis as adjustments to interest income. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Investment income and realized and unrealized gains (losses) are allocated to each Fund's share class based on their respective net assets.

The Funds may purchase securities on a when-issued or delayed-delivery basis and segregate on their books collateral with a value at least equal to the amount of the commitment. Losses may arise due to the changes in the value of the underlying securities or if the counterparty does not perform under the contract.

D. Repurchase Agreements

The Funds may enter into repurchase agreements with recognized financial institutions or registered broker-dealers and, in all instances, hold as collateral, underlying securities with a value exceeding the principal amount of the repurchase obligation. The Funds use joint tri-party repurchase agreement accounts with other funds under common management where uninvested cash is collectively invested in repurchase agreements, and each participating fund owns an undivided interest in the account. There were no repurchase agreements held at June 30, 2014.

E. Foreign Currency Transactions

Some Funds may invest in securities of foreign issuers. The accounting records of these Funds are maintained in U.S. dollars. At each net asset value determination date, the value of assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current prevailing exchange rate. Security transactions, income and expenses are converted at the prevailing rate of exchange on the respective dates of the transactions. The effect of changes in foreign exchange rates on foreign denominated securities is included with the net realized and unrealized gain or loss on securities. Other foreign currency gains or losses are reported separately.

139

Notes to Financial Statements (unaudited) June 30, 2014

F. Federal Income Taxes

The Funds intend to continue to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of their taxable income to shareholders. Accordingly, no provision for federal income taxes is required. Each Fund may be subject to foreign taxes on income and gains on investments, which are accrued based on the Fund's understanding of the tax rules and regulations in the foreign markets.

The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years or expected to be taken in 2013 tax returns. The Funds' 2010, 2011, 2012 and 2013 tax returns are open to examination by the federal and applicable state tax authorities. The Funds have no examinations in progress.

G. Dividends and Distributions to Shareholders

The Funds record dividends and distributions to shareholders on the ex-dividend date. Distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States. Accordingly, periodic reclassifications related to permanent book and tax basis differences are made within the Funds' capital accounts to reflect income and gains available for distribution under income tax regulations.

The Funds generally pay income dividends and distribute capital gains, if any, annually. The U.S. Government Securities Ultra-Short Bond and Near-Term Tax Free Funds accrue and pay dividends monthly. A Fund may elect to designate a portion of the earnings and profits distributed to shareholders on the redemption of fund shares during the year as distributions for federal income tax purposes. Differences in per share dividend rates for multiclass funds generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses.

H. Expenses

Fund specific expenses are allocated to that Fund and pro rata across share classes. Expenses that are not fund specific are allocated among Funds and pro rata across share classes. Class specific expenses (including, but not limited to, distribution plan fees, if any, a portion of the administrative services fees, transfer agency fees and expenses, shareholder reporting expenses and certain legal and registration fees) are allocated to the class that incurs such expense. Except for the U.S. Government Securities Ultra-Short Bond Fund, expense offset arrangements have been made with the Funds' custodian so the custodian fees may be paid indirectly by credits earned on the Funds' cash balances. Such deposit arrangements are an alternative to overnight investments. Custodian fees are presented in the Statements of Operations gross of such credits, and the credits are presented as offsets to expenses.

140

Notes to Financial Statements (unaudited) June 30, 2014

For the U.S. Government Securities Ultra-Short Bond Fund, credits earned on the Funds' cash balances are included in interest and other income.

I. Short-Term Trading (Redemption) Fees

Short-term trading (redemption) fees are assessed on the equity Funds equal to 0.05% of the amount redeemed on shares held seven days or less. These fees, which are retained by the Funds, are accounted for as an addition to paid-in capital.

J. Use of Estimates in Financial Statement Preparation

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

K. Subsequent Events Evaluation

Management has evaluated subsequent events after the balance sheet date of June 30, 2014, through the date that the financial statements were issued and determined that there were no events or transactions that would require recognition or disclosure in the financial statements, except as discussed in Note 10.

Note 2: Financial Derivative Instruments

A. Options Contracts

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

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

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

141

Notes to Financial Statements (unaudited) June 30, 2014

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 June 30, 2014, there were no securities held in escrow by the custodian as cover for call options written.

Transactions in written call options during the six-month period ended June 30, 2014, were as follows:

	Holmes Macro Trends Fund Call Options						Global Resources Fund Call Options
	Number of Contracts			Premiums Received			Number of Contracts			Premiums Received
Options outstanding at December 31, 2013		—		$	—			—		$	—
Options written		100			13,146			1,200			784,235
Options closed		—			—			(1,000	)		(681,195	)
Options expired		(100	)		(13,146	)		—			—
Options exercised		—			—			—			—
Options outstanding at June 30, 2014		—		$	—			200		$	103,040

B. Forward Foreign Currency Contracts

The Funds enter into forward foreign currency contracts to lock in the U.S. dollar cost of purchase and sale transactions or to defend the portfolio against currency fluctuations. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. These contracts are valued daily, and the Fund's net equity therein, representing unrealized gain or loss on

142

Notes to Financial Statements (unaudited) June 30, 2014

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.

There were no open forward foreign currency contracts at June 30, 2014.

C. Summary of Derivative Instruments

The following is a summary of the valuations of derivative instruments categorized by location in the Statements of Assets and Liabilities as of June 30, 2014:

Location	Global Resources Fund		World Precious Minerals Fund		Gold and Precious Metals Fund		China Region Fund
Asset derivatives
Investments, at value Purchased options	$	1,734,319	$	5,321,937	$	3,531,659	$	16,350
Total	$	1,734,319	$	5,321,937	$	3,531,659	$	16,350
Liability derivatives
Written options, at value	$	112,000	$	—	$	—	$	—
Total	$	112,000	$	—	$	—	$	—

The following is a summary of the effect of derivative instruments on the Statements of Operations for the six-month period ended June 30, 2014:

Location	All American Equity Fund			Holmes Macro Trends Fund			Global Resources Fund
Realized gain (loss) on derivatives recognized in income
Realized gain (loss) from securities Purchased options	$	(99,563	)	$	(269,842	)	$	820,168
Realized gain (loss) from written options		—			13,146			(44,104	)
		(99,563	)		(256,696	)		776,064
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) of investments Purchased options		—			—			(190,670	)
Net change in unrealized appreciation (depreciation) of written options		—			—			(8,960	)
		—			—			(199,630	)
Total	$	(99,563	)	$	(256,696	)	$	576,434

143

Notes to Financial Statements (unaudited) June 30, 2014

Location	World Precious Minerals Fund			Gold and Precious Metals Fund			Emerging Europe Fund			China Region Fund
Realized gain (loss) on derivatives recognized in income
Realized gain (loss) from securities Purchased options	$	(6,924,691	)	$	(4,404,075	)	$	—		$	(109,468	)
Net realized gain (loss) from foreign currency transactions
Foreign exchange contracts		—			—			(2,828	)		—
		(6,924,691	)		(4,404,075	)		(2,828	)		(109,468	)
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) of investments Purchased options		8,952,053			5,668,634			—			(95,224	)
		8,952,053			5,668,634			—			(95,224	)
Total	$	2,027,362		$	1,264,559		$	(2,828	)	$	(204,692	)

The average notional amounts of written options, purchased options and forward currency contracts outstanding during the six-month period ended June 30, 2014, were approximately as follows:

Fund	Written Options		Purchased Options		Forward Currency Contracts
Holmes Macro Trends	$	—	$	8,571	$	—
Global Resources		66,233		8,397,428		—
World Precious Minerals		—		6,232,249		—
Gold and Precious Metals		—		4,146,370		—
Emerging Europe		—		—		64,090
China Region		—		107,437		—

Note 3: Investment Advisory and Other Agreements

U.S. Global Investors, Inc. (Adviser), under an investment advisory agreement with the Trust in effect through October 1, 2014, furnishes management and investment advisory services and, subject to the supervision of the trustees, directs the investments of each Fund according to each Fund's investment objectives, policies and limitations. The Adviser also furnishes all necessary office facilities, business equipment and personnel for administering the affairs of the Trust. Frank E. Holmes, a trustee of the Funds, is the controlling owner of the Adviser.

144

Notes to Financial Statements (unaudited) June 30, 2014

For the services of the Adviser, each Fund pays a base management or advisory fee based upon its net assets. Fees are accrued daily and paid monthly. The contractual management fee for each fund is:

Fund				Annual Percentage of Average Daily Net Assets
U.S. Government Securities Ultra-Short Bond				.50% of the first $250,000,000 and .375% of the excess
Near-Term Tax Free				.50%
All American Equity				.80% of the first $500,000,000 and .75% of the excess
Holmes Macro Trends				1.00%
Global Resources				.95% of the first $500,000,000; .90% of $500,000,001 to $1,000,000,000 and .85% of the excess
World Precious Minerals				1.00% of the first $500,000,000; .95% of $500,000,001 to $1,000,000,000 and .90% of the excess
Gold and Precious Metals				.90% of the first $500,000,000 and .85% of the excess
Emerging Europe				1.25%
China Region				1.25%

The advisory agreement also provides that the base advisory fee of the Equity Funds will be adjusted upwards or downwards by 0.25 percent if there is a performance difference of 5 percent or more between a Fund's performance and that of its designated benchmark index over the prior 12 months. The performance adjustment is calculated separately for each share class. The benchmarks are as follows:

Fund				Benchmark Index
All American Equity				S&P 500 Index
Holmes Macro Trends				S&P Composite 1500 Index
Global Resources				Morgan Stanley Commodity Related Equity Index⁽¹⁾
World Precious Minerals				NYSE Arca Gold Miners Index
Gold and Precious Metals				FTSE Gold Mines Index
Emerging Europe				MSCI Emerging Markets Europe 10/40 Index (Net Total Return)
China Region				Hang Seng Composite Index

(1) Effective July 2014, the benchmark index for the Global Resources Fund changed as discussed in Note 10.

145

Notes to Financial Statements (unaudited) June 30, 2014

No performance adjustment is applied unless the difference between the class's investment performance and the benchmark is 5 percent or greater (positive or negative) during the applicable performance measurement period. The performance fee adjustment is calculated monthly in arrears and is accrued ratably during the month. The management fee, net of any performance fee adjustment, is paid monthly in arrears.

The Funds' prospectus and statement of additional information contain additional information about the performance adjustment. The amounts shown as management fees on the Statements of Operations reflects the base fee plus/minus any performance adjustment. During the six months ended June 30, 2014, the Funds recorded performance adjustments as follows:

Fund	Investor Class Performance Fee Adjustment			Institutional Class Performance Fee Adjustment
All American Equity	$	4,412			N/A
Holmes Macro Trends		24,356			N/A
Global Resources		(439,841	)	$	(67,961	)
World Precious Minerals		65,395			1,252
Gold and Precious Metals		21,016			N/A
Emerging Europe		—			N/A
China Region		(5,172	)		N/A

Under an administrative services agreement, the U.S. Government Securities Ultra-Short Bond, Near-Term Tax Free, All American Equity, Holmes Macro Trends, Gold and Precious Metals, Emerging Europe and China Region Funds compensate the Adviser at an annual rate of 0.10% of the average daily net assets of each Fund for administrative services provided, of which half is a fund-level fee and half is a class-level fee. The Global Resources and World Precious Minerals Funds compensate the Adviser at an annual rate of 0.10% of the average daily net assets for the Investor Class and 0.08% of the average daily net assets for the Institutional Class for administrative services provided, of which half is a fund-level fee and half is a class-level fee.

In addition, a $10,000 annual base administrative services fee is paid by each Fund. This is a fund-level fee.

The Investor Class shares for the equity Funds in the Trust have adopted a distribution plan pursuant to Rule 12b-1 of the Investment Company Act of 1940 in which a subsidiary of the Adviser is paid a fee at an annual rate of 0.25% of the average daily net assets of the Investor Class for sales and promotional services related to the distribution of Investor Class shares. The Institutional Class does not incur distribution plan fees.

The Adviser has voluntarily agreed to reimburse specific funds so that their total operating expenses will not exceed certain annual percentages of average net assets.

146

Notes to Financial Statements (unaudited) June 30, 2014

The expenses for the period ended June 30, 2014, were limited as follows for the Investor Class: U.S. Government Securities Ultra-Short Bond Fund at 0.45%, All American Equity Fund at 2.20%, Holmes Macro Trends Fund at 2.20%, Global Resources, World Precious Minerals, and Gold and Precious Metals Funds at 1.90%, Emerging Europe Fund at 2.85% and China Region Fund at 2.55%. These expense limitations are exclusive of any performance fee adjustments and will continue on a voluntary basis at the Adviser's discretion. The Adviser may temporarily agree to additional reimbursements or limitations.

The Adviser has contractually limited the total operating expenses of Near-Term Tax Free at 0.45% on an annualized basis through December 31, 2014.

The Adviser has voluntarily agreed to waive all class specific expenses for the Institutional Class of the Global Resources Fund and the World Precious Minerals Fund. These expense waivers are exclusive of any performance fee adjustments, and the Adviser can modify or terminate this arrangement at any time.

Under an agreement entered into while the U.S. Government Securities Ultra-Short Bond Fund was a money market fund, the Adviser had voluntarily agreed to waive fees and/or reimburse the Fund to the extent necessary to maintain the yield at a certain level as determined by the Adviser (Minimum Yield). The Adviser may recapture any fees waived and/or expenses reimbursed within three years after the end of the fiscal year of such waiver and/or reimbursement to the extent that such recapture would not cause the Fund's yield to fall below the Minimum Yield. At June 30, 2014, the Adviser may seek reimbursement of previously waived and reimbursed fees as follows: $736,531 (expires 12/31/2014), $509,874 (expires 12/31/2015) and $498,342 (expires 12/31/2016).

U.S. Bancorp Fund Services, LLC is the transfer agent for the Funds. Each Fund's share class pays an annual fee based on the number of shareholder accounts, certain base fees and transaction- and activity-based fees for transfer agency services. Certain account fees are paid directly by shareholders to the transfer agent, which, in turn, reduces its charge to the Funds.

The Adviser was reimbursed for services of the Funds' Chief Compliance Officer during the six months ended June 30, 2014, in the amount of $75,801.

Brown Brothers Harriman & Co. (BBH) serves as the custodian, fund accounting and administration service agent with a fee structure based on average net assets of the Funds, certain base fees and transaction-based fees.

The independent Trustees receive compensation for serving on the Board. Trustees serving as Chairman of the Board or a special committee or as a member of a committee receive additional compensation. Trustees are also reimbursed for out-of-pocket expenses incurred while attending meetings. Frank E. Holmes receives no compensation from the Funds for serving on the Board.

147

Notes to Financial Statements (unaudited) June 30, 2014

Note 4: Investments

Cost of purchases and proceeds from sales of long-term securities for the six months ended June 30, 2014, are summarized as follows:

Fund	Purchases		Sales
U.S. Government Securities Ultra-Short Bond	$	25,373,304	$	7,030,000
Near-Term Tax Free		2,231,539		3,354,217
All American Equity		22,075,839		23,235,890
Holmes Macro Trends		54,601,248		59,313,954
Global Resources		855,982,302		913,822,361
World Precious Minerals		41,110,836		60,517,307
Gold and Precious Metals		40,163,602		44,301,344
Emerging Europe		66,008,712		83,900,917
China Region		20,891,045		24,788,256

Note 5: Tax Information

The following table presents the income tax basis of securities owned at June 30, 2014, 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	$	67,523,175	$	164,565	$	(3,784	)	$	160,781
Near-Term Tax Free		54,009,406		1,784,835		(103,175	)		1,681,660
All American Equity		18,984,976		3,379,249		(262,721	)		3,116,528
Holmes Macro Trends		41,734,139		7,929,651		(928,627	)		7,001,024
Global Resources		394,395,459		43,995,252		(90,067,975	)		(46,072,723	)
World Precious Minerals		245,141,308		27,486,625		(119,994,929	)		(92,508,304	)
Gold and Precious Metals		94,962,610		12,263,343		(25,045,567	)		(12,782,224	)
Emerging Europe		92,772,243		14,687,783		(8,600,628	)		6,087,155
China Region		19,727,937		2,628,432		(545,299	)		2,083,133

As of December 31, 2013, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Tax-Exempt Income		Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Net Unrealized Appreciation (Depreciation)
U.S. Government Securities Ultra-Short Bond	$	—	$	2,032	$	—	$	(79,491	)
Near-Term Tax Free		—		11,666		—		825,717
All American Equity		—		444,619		318,935		4,574,705
Holmes Macro Trends		—		750,789		2,027,287		11,641,036
Global Resources		—		—		—		(63,561,543	)
World Precious Minerals		—		—		—		(168,871,909	)
Gold and Precious Metals		—		—		—		(50,112,835	)
Emerging Europe		—		2,066,927		—		6,643,818
China Region		—		—		—		4,801,477

148

Notes to Financial Statements (unaudited) June 30, 2014

The differences between book-basis and tax-basis unrealized appreciation (depreciation) for All American Equity, Holmes Macro Trends, Global Resources, World Precious Minerals, Gold and Precious Metals, Emerging Europe and China Region Funds are attributable primarily to the tax deferral of losses on wash sales, investment in passive foreign investment companies (PFIC), forwards marked to markets, adjustments for partnerships, tax straddle loss deferrals on written options, and adjustments for grantor trusts.

The tax character of distributions paid during the six months ended June 30, 2014, were as follows (only funds that paid distributions are shown):

Fund	Tax Exempt Income		Ordinary Income		Long-Term Capital Gains		Total
U.S. Government Securities Ultra-Short Bond	$	—	$	133,764	$	—	$	133,764
Near-Term Tax Free		683,223		31,525		—		714,748

The tax character of distributions paid during the fiscal year ended December 31, 2013, were as follows (only funds that paid distributions are shown):

Fund	Tax Exempt Income		Ordinary Income		Long-Term Capital Gains		Total
U.S. Government Securities Ultra-Short Bond	$	—	$	17,151	$	—	$	17,151
Near-Term Tax Free		997,227		37,838		—		1,035,065
All American Equity		—		641,884		826,821		1,468,705
Holmes Macro Trends		—		859,008		1,636,915		2,495,923
Global Resources - Investor Class		—		11,927,336		—		11,927,336
Global Resources - Institutional Class		—		2,316,939		—		2,316,939
Emerging Europe		—		1,969,263		—		1,969,263
China Region		—		64,297		—		64,297

Capital loss carryforwards may be used to offset current or future taxable capital gains until expiration. The Fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010, for an unlimited period. Losses incurred during these years are required to be utilized prior to the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. In addition, post-enactment capital losses that are carried forward retain their character as either short-term or long-term capital losses rather than being considered

149

Notes to Financial Statements (unaudited) June 30, 2014

all short-term as under previous law. The loss carryforwards and related expiration dates for each fund, as of December 31, 2013, are as follows:

	No Expiration				Expiration Date
Fund	Short-Term		Long-Term		2014		2015
U.S. Government Securities Ultra-Short Bond	$	—	$	—	$	—	$	—
Near-Term Tax Free (a)		147,588		198,493		202,719		2,488
All American Equity		—		—		—		—
Holmes Macro Trends (a)		—		—		—		388,714
Global Resources		89,307,979		1,579,936		—		—
World Precious Minerals		54,870,262		87,692,407		—		—
Gold and Precious Metals		30,005,639		22,755,227		—		—
Emerging Europe		642,919		1,336,381		—		—
China Region		6,611,500		—		—		—
	Expiration Date
Fund	2016		2017		2018		Total
U.S. Government Securities Ultra-Short Bond	$	—	$	—	$	—	$	—
Near-Term Tax Free (a)		10,809		722		2,532		565,351
All American Equity		—		—		—		—
Holmes Macro Trends (a)		995,675		—		—		1,384,389
Global Resources		—		259,212,512		—		350,100,427
World Precious Minerals		—		63,779,512		—		206,342,181
Gold and Precious Metals		—		—		—		52,760,866
Emerging Europe		28,524,678		257,523,539		15,445,946		303,473,463
China Region		15,020,267		—		—		21,631,767

(a) Utilization of capital loss carryovers is subject to annual limitations.

In accordance with tax rules, the following net capital losses and ordinary losses (currency and late year losses) incurred after October 31, within each Fund's tax year, are deemed to arise on the first day of the Fund's next tax year if the Fund elects to defer such losses.

The Funds elected to defer losses incurred after October 31, 2013, as follows:

Fund	Post October 31, 2013 Capital Loss Deferral		Post October 31, 2013 Ordinary Loss Deferral
Global Resources	$	1,864,394	$	1,178,581
World Precious Minerals		6,150,444		458,771
Gold and Precious Metals		4,913,685		—
Emerging Europe		110,010		—

Note 6: Risks of Concentrations

The Near-Term Tax Free Fund may be exposed to risks related to concentration of investments in a particular state or geographic area. These investments present risks resulting from changes in economic conditions of the region or the issuer.

150

Notes to Financial Statements (unaudited) June 30, 2014

Because the Global Resources Fund concentrates its investments in a specific industry, the fund may be subject to greater risks and fluctuations than a portfolio representing a broader range of industries.

The World Precious Minerals and Gold and Precious Metals Funds concentrate their investments in gold and other precious metals and minerals and, therefore, may be subject to greater risks and market fluctuations than a portfolio representing a broader range of industries. The funds invest in securities that typically respond to changes in the price of gold and other precious metals and minerals, which can be influenced by a variety of global economic, financial and political factors; increased environmental labor costs in mining; and changes in laws relating to mining or gold production or sales. Fluctuations in the prices of gold and other precious metals and minerals will affect the market values of the securities held by these funds.

The Emerging Europe Fund may be exposed to risks not typically associated with investment in the United States due to their concentration of investments in emerging markets. These risks include possible revaluation of currencies, less public information about companies, disruptive political or economic conditions and the possible imposition of adverse governmental laws or currency exchange restrictions. Moreover, securities of many foreign issuers, including sovereign nations, and their markets may be less liquid and their prices more volatile than those securities of comparable U.S. issuers.

The China Region Fund may be exposed to risks not typically associated with investments in the United States, due to concentration of investments in foreign issuers in the region. These investments present risks resulting from disruptive political or economic conditions and the potential imposition of adverse governmental laws or currency exchange restrictions affecting the area.

Note 7: Credit Arrangements

Each of the Funds has a revolving credit facility with BBH. Borrowings of each Fund are collateralized by any or all of the securities held by BBH as the Fund's custodian up to the amount of the borrowing. Interest on borrowings is charged at the current overnight Federal Funds Rate plus 2%. Each Fund has a maximum borrowing limit of 10% of qualified assets. The aggregate of borrowings by all Funds under the agreement cannot exceed $20,000,000 at any one time. There were no borrowings under the revolving credit facility during the period ended June 30, 2014. The U.S. Global Investors Funds paid BBH a total of $18,750 in commitment fees for the period ended June 30, 2014, under this arrangement.

151

Notes to Financial Statements (unaudited) June 30, 2014

Note 8: Shares of Beneficial Interest

At June 30, 2014, the Adviser held 19.18% and 6.81% of the U.S. Government Securities Ultra-Short Bond Fund and the Near-Term Tax Free Fund, respectively. Control is defined by the 1940 Act as the beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a company. Investment activities of these shareholders could have a material impact on the Funds.

Note 9: 2013 Reorganizations

On December 20, 2013, the Near-Term Tax Free Fund acquired all of the net assets of the Tax Free Fund, a separate series of the Trust, pursuant to an Agreement and Plan of Reorganization. The Near-Term Tax Free Fund is the legal and accounting survivor. The purpose of the transaction was to combine two funds with the same investment objective and similar strategies and policies, as well as to seek anticipated economies of scale due to the larger asset size of the combined fund after the reorganization.

On December 20, 2013, the Holmes Growth Fund acquired all of the net assets of the MegaTrends Fund, a separate series of the Trust, pursuant to a plan of reorganization approved by the MegaTrends Fund shareholders on December 20, 2013. In connection with the reorganization, the name of the Holmes Growth Fund changed to Holmes Macro Trends Fund. The Holmes Macro Trends Fund is the legal and accounting survivor. The purpose of the transaction was to combine two funds with the same primary investment objective and similar strategies and policies, as well as to seek anticipated economies of scale due to the larger asset size of the combined fund after the reorganization.

The acquisitions were accomplished by a tax-free exchange of the following shares:

Merged Fund	Shares		Exchange Ratio		Acquiring Fund	Shares		Value
Tax Free Fund		1,356,152		5.428444	Near-Term Tax Free Fund		7,361,792	$	16,401,859
MegaTrends Fund		1,279,187		0.430550	Holmes Growth Fund		550,754	$	13,184,651

The net assets and unrealized appreciation immediately before the acquisitions were as follows:

Merged Fund	Net Assets		Unrealized Appreciation		Acquiring Fund	Net Assets
Tax Free Fund	$	16,401,859	$	562,300	Near-Term Tax Free Fund	$	46,718,724
MegaTrends Fund	$	13,184,651	$	1,391,640	Holmes Growth Fund	$	42,046,948

For financial reporting purposes, assets received and shares issued by each of the acquiring funds were recorded at fair value; however, the cost basis of the investments acquired from each of the merged funds was carried forward to align ongoing

152

Notes to Financial Statements (unaudited) June 30, 2014

reporting of the acquiring funds' realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the reorganization had been completed on January 1, 2013, the beginning of the annual reporting period, the acquiring funds' results of operations for the year ended December 31, 2013, would have been as follows:

	Near-Term Tax Free Fund			Holmes Macro Trends Fund
Net investment income (loss)	$	1,709,109	(a)	$	(492,008	)(c)
Net realized and unrealized gain (loss) on investments	$	(1,851,554	)(b)	$	17,471,507	(d)
Net increase (decrease) in net assets resulting from operations	$	(142,445	)	$	16,979,499

(a) $1,031,696 as reported, plus $628,796 from pre-merger Tax Free Fund and $48,617 net benefit from aligning fees, elimination of duplicative expenses and applying the contractual expense limitation of the acquiring fund.

(b) $(480,338) as reported, plus $(1,371,216) from pre-merger Tax Free Fund.

(c) $(421,055) as reported, plus $(105,790) from pre-merger MegaTrends Fund and $34,837 net benefit from aligning fees, elimination of duplicative expenses and applying the voluntary expense limitation of the acquiring fund.

(d) $14,490,769 as reported, plus $2,980,738 from pre-merger MegaTrends Fund.

In the acquisitions, the Near-Term Tax Free Fund acquired $347,713 in capital loss carryforwards from the Tax Free Fund and the Holmes Macro Trends Fund acquired $11,284,894 in capital loss carryforwards from the MegaTrends Fund. The Near-Term Tax Free and Holmes Macro Trends Funds' use of acquired capital loss carryforwards may be limited under certain tax provisions.

For both transactions, because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of the merged fund that have been included in the acquiring fund's Statement of Operations since December 20, 2013. In addition, because the merged fund and the acquiring fund sold and redeemed shares throughout the period, it is not practical to provide pro forma information on a per share basis.

Note 10: Subsequent Event

On July 4, Morgan Stanley discontinued its Morgan Stanley Commodity Related Index ("CRX"), which is the benchmark used by the Global Resources Fund to calculate its performance fee adjustment. The Fund has replaced the CRX with the S&P Global Natural Resources Index (Net Total Return), which includes 90 of the largest publicly traded companies in natural resources and commodities businesses across three primary commodity-related sectors: agribusiness, energy, and metals and mining.

Because the Fund's monthly performance fee adjustment is based on a rolling 12-month period, the Fund's performance will be compared for a period of time to

153

Notes to Financial Statements (unaudited) June 30, 2014

a blend of the CRX and the S&P Global Natural Resources Index (Net Total Return), using the performance of the CRX through June 30, 2014, and the performance of the S&P Global Natural Resources Index (Net Total Return) after June 30, 2014. As each month passes, a month of the CRX performance will roll off and a month of the S&P Global Natural Resources Index (Net Total Return) will be added until the Fund's performance eventually will be compared exclusively to the S&P Global Natural Resources Index (Net Total Return) for determining the Fund's monthly performance fee adjustment.

154

Financial Highlights

U.S. Government Securities Ultra-Short Bond Fund*
For a capital share outstanding during the

	Investor Class
	Six Months Ended June 30, 2014			Year Ended December 31,
	(unaudited)			2013			2012*			2011*			2010*			2009*
Net asset value, beginning of period	$	2.00		$	2.00		$	2.00		$	2.00		$	2.00		$	2.00
Investment Activities
Net investment income (a)		—			—			—			—			—			—
Net realized and unrealized gain		—	(a)		—	(a)		—			—			—	(a)		—
Total from investment activities (a)		—			—			—			—			—			—
Distributions from net investment income (a)		—			—			—			—			—			—
Net asset value, end of period	$	2.00		$	2.00		$	2.00		$	2.00		$	2.00		$	2.00
Total Return (excluding account fees) (b)		.19	%		.02	%		.01	%		.01	%		.01	%		.10	%
Ratios to Average Net Assets: (c)
Net investment income		.38	%		.01	%		.01	%		.01	%		.01	%		.11	%
Total expenses		1.07	%		.97	%		.87	%		.81	%		.82	%		.78	%
Expenses waived or reimbursed (d)		(.81	)%		(.91	)%		(.74	)%		(.74	)%		(.67	)%		(.42	)%
Net expenses (e)		.26	%		.06	%		.13	%		.07	%		.15	%		.36	%
Portfolio turnover rate (g)		23	%
Net assets, end of period (in thousands)	$	68,576		$	75,227		$	140,425		$	171,664		$	203,835		$	263,232

* The per share amounts for the periods have been adjusted to reflect a 1-for-2 reverse stock split, which was effective December 20, 2013. In addition, on December 20, 2013, the Fund changed from a constant $1.00 net asset value per share money market fund to a U.S. Government ultra-short bond fund (that is not a money market fund).

(a) The per share amount does not round to a full penny.

(b) Total returns for periods less than one year are not annualized. Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period.

(d) Expenses waived or reimbursed reflect reductions to total expenses, as discussed in the notes to the financial statements. These amounts would decrease the net investment income ratio and total returns had such reductions not occurred. During 2009, 2010, 2011, 2012 and 2013, the Adviser waived fees and/or reimbursed expenses under the Minimum Yield Agreement in the amount of $258,561, $678,107, $736,531, $509,874 and $498,342, respectively. The waivers/reimbursements from 2011-2013 are subject to recapture in future periods.

(e) The net expense ratios shown above reflect expenses after waivers and reimbursements but exclude the effect of reductions to total expenses for any expenses offset. Expense offset arrangements reduce total expenses, as discussed in the notes to the financial statements. These amounts would decrease the net investment income ratio had such reductions not occurred. The effect of expenses offset are as follows:

Investor Class

Six Months
Ended
June 30, 2014

Year Ended December 31,

(unaudited)

2013

2012*

2011*

2010*

2009*

Ratios to Average Net Assets: (c)

Expenses offset

—

(f)

—

(f)

—

(f)

—

(f)

—

(f)

(f) Effect on the expense ratio was not greater than 0.005%.

(g) Portfolio turnover is not shown for periods that the Fund was a money market fund.

See accompanying notes to financial statements.
155

Financial Highlights

Near-Term Tax Free Fund
For a capital share outstanding during the

	Investor Class
	Six Months Ended June 30, 2014			Year Ended December 31,
	(unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	2.23		$	2.27		$	2.26		$	2.22		$	2.21		$	2.16
Investment Activities
Net investment income		.03			.05			.05			.05			.06			.06
Net realized and unrealized gain (loss)		.03			(.04	)		.01			.04			.01			.05
Total from investment activities		.06			.01			.06			.09			.07			.11
Distributions from net investment income		(.03	)		(.05	)		(.05	)		(.05	)		(.06	)		(.06	)
Net asset value, end of period	$	2.26		$	2.23		$	2.27		$	2.26		$	2.22		$	2.21
Total Return (excluding account fees) (a)		2.52	%		.31	%		2.67	%		4.24	%		2.95	%		5.00	%
Ratios to Average Net Assets: (b)
Net investment income		2.37	%		2.08	%		2.21	%		2.39	%		2.46	%		2.63	%
Total expenses		1.12	%		1.21	%		1.25	%		1.26	%		1.30	%		1.53	%
Expenses waived or reimbursed (c)		(.67	)%		(.76	)%		(.80	)%		(.81	)%		(.85	)%		(1.08	)%
Net expenses (d)		.45	%		.45	%		.45	%		.45	%		.45	%		.45	%
Portfolio turnover rate		4	%		6	%		7	%		—	(f)		1	%		—	(f)
Net assets, end of period (in thousands)	$	61,985		$	61,884		$	44,509		$	35,014		$	29,138		$	23,337

(a) Total returns for periods less than one year are not annualized. Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period.

(b) Ratios are annualized for periods of less than one year.

(c) Expenses waived or reimbursed reflect reductions to total expenses, as discussed in the notes to the financial statements. These amounts would decrease the net investment income ratio and total returns had such reductions not occurred.

(d) The net expense ratios shown above reflect expenses after waivers and reimbursements but exclude the effect of reductions to total expenses for any expenses offset. Expense offset arrangements reduce total expenses, as discussed in the notes to the financial statements. These amounts would decrease the net investment income ratio had such reductions not occurred. The effect of expenses offset are as follows:

Investor Class

Six Months
Ended
June 30, 2014

Year Ended December 31,

(unaudited)

2013

2012

2011

2010

2009

Ratios to Average Net Assets: (b)

Expenses offset (e)

—

(e) Effect on the expense ratio was not greater than 0.005%.

(f) Portfolio turnover rate was not greater than 0.5%.

See accompanying notes to financial statements.
156

Financial Highlights

All American Equity Fund
For a capital share outstanding during the

	Investor Class
	Six Months Ended June 30, 2014			Year Ended December 31,
	(unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	32.18		$	25.40		$	22.72		$	22.72		$	19.60		$	17.33
Investment Activities
Net investment income (loss)		(.09	)		(.12	)		.07			(.07	)		.02			(.13	)
Net realized and unrealized gain		.83			9.08			2.61			.10			3.10			2.51
Total from investment activities		.74			8.96			2.68			.03			3.12			2.38
Distributions
From net investment income		—			(.07	)		—			(.03	)		—			(.11	)
From net realized gains		—			(2.11	)		—			—			—			—
Total distributions		—			(2.18	)		—			(.03	)		—			(.11	)
Short-Term Trading Fees *(a)		—			—			—			—			—			—
Net asset value, end of period	$	32.92		$	32.18		$	25.40		$	22.72		$	22.72		$	19.60
Total Return (excluding account fees) (b)		2.30	%		35.55	%		11.80	%		.14	%		15.92	%		13.75	%
Ratios to Average Net Assets: (c)
Net investment income (loss)		(.58	)%		(.45	)%		.28	%		(.32	)%		.10	%		(.74	)%
Total expenses		2.26	%		2.44	%		2.72	%		2.42	%		2.56	%		2.79	%
Expenses waived or reimbursed (d)		(.03	)%		(.28	)%		(.52	)%		(.24	)%		(.48	)%		(.96	)%
Net expenses (e)		2.23	%		2.16	%		2.20	%		2.18	%		2.08	%		1.83	%
Portfolio turnover rate		99	%		150	%		221	%		223	%		299	%		343	%
Net assets, end of period (in thousands)	$	23,666		$	23,388		$	16,846		$	16,399		$	17,760		$	16,436

* Based on average monthly shares outstanding.

(a) The per share amount does not round to a full penny.

(d) Expenses waived or reimbursed reflect reductions to total expenses, as discussed in the notes to the financial statements. These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, and decrease total returns had such reductions not occurred.

(e) The net expense ratios shown above reflect expenses after waivers and reimbursements but exclude the effect of reductions to total expenses for any expenses offset. Expense offset arrangements reduce total expenses, as discussed in the notes to the financial statements. These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred. The effect of expenses offset are as follows:

Investor Class

Six Months
Ended
June 30, 2014

Year Ended December 31,

(unaudited)

2013

2012

2011

2010

2009

Ratios to Average Net Assets: (c)

Expenses offset (f)

—

(f) Effect on the expense ratio was not greater than 0.005%.

See accompanying notes to financial statements.
157

Financial Highlights

Holmes Macro Trends Fund
For a capital share outstanding during the

	Investor Class
	Six Months Ended June 30, 2014			Year Ended December 31,
	(unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	24.24		$	18.51		$	17.62		$	18.65		$	15.54		$	12.79
Investment Activities
Net investment loss		(.16	)		(.18	)		(.10	)		(.26	)		(.22	)		(.13	)
Net realized and unrealized gain (loss)		(.03	)		7.42			1.29			(.77	)		3.54			2.88
Total from investment activities		(.19	)		7.24			1.19			(1.03	)		3.32			2.75
Distributions
From net investment income		—			—			—			—			(.21	)		—
From net realized gains		—			(1.51	)		(.30	)		—			—			—
Total distributions		—			(1.51	)		(.30	)		—			(.21	)		—
Short-Term Trading Fees *(a)		—			—			—			—			—			—
Net asset value, end of period	$	24.05		$	24.24		$	18.51		$	17.62		$	18.65		$	15.54
Total Return (excluding account fees) (b)		(.78	)%		39.38	%		6.77	%		(5.52	)%		21.35	%		21.50	%
Ratios to Average Net Assets: (c)
Net investment loss		(1.30	)%		(1.11	)%		(.51	)%		(1.25	)%		(1.29	)%		(.93	)%
Total expenses		2.05	%		2.00	%		1.85	%		2.00	%		1.93	%		2.10	%
Expenses waived or reimbursed (d)		—			(.04	)%		—	(f)		—			—	(f)		(.33	)%
Net expenses (e)		2.05	%		1.96	%		1.85	%		2.00	%		1.93	%		1.77	%
Portfolio turnover rate		110	%		109	%		214	%		210	%		160	%		219	%
Net assets, end of period (in thousands)	$	51,980		$	55,926		$	34,639		$	35,316		$	40,604		$	37,149

* Based on average monthly shares outstanding.

(a) The per share amount does not round to a full penny.

(e) The net expense ratios shown above reflect expenses after waivers and reimbursements but exclude the effect of reductions to total expenses for any expenses offset. Expense offset arrangements reduce total expenses, as discussed in the notes to the financial statements. These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred. The effect of expenses offset are as follows:

Investor Class

Six Months
Ended
June 30, 2014

Year Ended December 31,

(unaudited)

2013

2012

2011

2010

2009

Ratios to Average Net Assets: (c)

Expenses offset (f)

—

(f) Effect on the expense ratio was not greater than 0.005%.

See accompanying notes to financial statements.
158

Financial Highlights

Global Resources Fund
For a capital share outstanding during the

	Investor Class
	Six Months Ended June 30, 2014			Year Ended December 31,
	(unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	9.36		$	9.79		$	9.36		$	11.91		$	8.85		$	5.26
Investment Activities
Net investment income (loss)		(.01	)		.02	*		.04	*		(.19	)		(.09	)		(.01	)
Net realized and unrealized gain (loss)		1.01			(.10	)*		.61	*		(2.02	)		3.44			3.60
Total from investment activities		1.00			(.08	)		.65			(2.21	)		3.35			3.59
Distributions from net investment income		—			(.35	)		(.22	)		(.34	)		(.29	)		—
Short-Term Trading Fees *(a)		—			—			—			—			—			—
Net asset value, end of period	$	10.36		$	9.36		$	9.79		$	9.36		$	11.91		$	8.85
Total Return (excluding account fees) (b)		10.68	%		(.72	)%		6.93	%		(18.69	)%		38.00	%		68.25	%
Ratios to Average Net Assets: (c)
Net investment income (loss)		(.16	)%		.16	%		.44	%		(.79	)%		(1.04	)%		(.08	)%
Total expenses		1.43	%		1.59	%		1.57	%		1.72	%		1.73	%		1.64	%
Expenses waived or reimbursed (d)		—			—			—			—			—			(.17	)%
Net expenses (e)		1.43	%		1.59	%		1.57	%		1.72	%		1.73	%		1.47	%
Portfolio turnover rate (g)		248	%		138	%		117	%		232	%		145	%		189	%
Net assets, end of period (in thousands)	$	318,926		$	326,320		$	438,372		$	551,793		$	911,559		$	740,072

* Based on average monthly shares outstanding.

(a) The per share amount does not round to a full penny.

(e) The net expense ratios shown above reflect expenses after waivers and reimbursements but exclude the effect of reductions to total expenses for any expenses offset. Expense offset arrangements reduce total expenses, as discussed in the notes to the financial statements. These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred. The effect of expenses offset are as follows:

Investor Class

Six Months
Ended
June 30, 2014

Year Ended December 31,

(unaudited)

2013

2012

2011

2010

2009

Ratios to Average Net Assets: (c)

Expenses offset (f)

—

(f) Effect on the expense ratio was not greater than 0.005%.

(g) Portfolio turnover rate is calculated at the fund level.

See accompanying notes to financial statements.
159

Financial Highlights

Global Resources Fund
For a capital share outstanding during the

	Institutional Class
	Six Months Ended June 30, 2014			Year Ended December 31,									Period Ended December 31,
	(unaudited)			2013			2012			2011			2010 (a)
Net asset value, beginning of period	$	9.30		$	9.74		$	9.39		$	11.98		$	8.87
Investment Activities
Net investment income (loss)		.02	*		.07	*		.10	*		—	*(b)		(.01	)
Net realized and unrealized gain (loss)		1.01	*		(.10	)*		.60	*		(2.17	)*		3.41
Total from investment activities		1.03			(.03	)		.70			(2.17	)		3.40
Distributions from net investment income		—			(.41	)		(.35	)		(.42	)		(.29	)
Short-Term Trading Fees *		—			—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	10.33		$	9.30		$	9.74		$	9.39		$	11.98
Total Return (excluding account fees) (c)		11.08	%		(.15	)%		7.44	%		(18.23	)%		38.53	%
Ratios to Average Net Assets: (d)
Net investment income (loss)		.38	%		.68	%		1.02	%		(.02	)%		(.35	)%
Total expenses		1.11	%		1.25	%		1.21	%		1.29	%		1.74	%
Expenses waived or reimbursed (e)		(.22	)%		(.22	)%		(.14	)%		(.20	)%		(.66	)%
Net expenses (f)		.89	%		1.03	%		1.07	%		1.09	%		1.08	%
Portfolio turnover rate (h)		248	%		138	%		117	%		232	%		145	%
Net assets, end of period (in thousands)	$	31,019		$	51,122		$	94,076		$	55,985		$	17,923

* Based on average monthly shares outstanding.

(a) From March 1, 2010, commencement of operations.

(b) The per share amount does not round to a full penny.

(c) Total returns for periods less than one year are not annualized. Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period.

(d) Ratios are annualized for periods of less than one year.

(e) Expenses waived or reimbursed reflect reductions to total expenses, as discussed in the notes to the financial statements. These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, and decrease total returns had such reductions not occurred.

(f) The net expense ratios shown above reflect expenses after waivers and reimbursements but exclude the effect of reductions to total expenses for any expenses offset. Expense offset arrangements reduce total expenses, as discussed in the notes to the financial statements. These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred. The effect of expenses offset are as follows:

Institutional Class

Six Months
Ended
June 30, 2014

Year Ended December 31,

Period
Ended
December 31,

(unaudited)

2013

2012

2011

2010 (a)

Ratios to Average Net Assets: (d)

Expenses offset (g)

—

(g) Effect on the expense ratio was not greater than 0.005%.

(h) Portfolio turnover rate is calculated at the fund level.

See accompanying notes to financial statements.
160

Financial Highlights

World Precious Minerals Fund
For a capital share outstanding during the

	Investor Class
	Six Months Ended June 30, 2014			Year Ended December 31,
	(unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	5.69		$	11.70		$	13.18		$	22.28		$	17.42		$	9.56
Investment Activities
Net investment loss		(.03	)*		(.07	)*		(.11	)*		(.32	)		(.32	)*		(.18	)
Net realized and unrealized gain (loss)		1.73	*		(5.94	)*		(1.37	)*		(6.76	)		8.16	*		8.71
Total from investment activities		1.70			(6.01	)		(1.48	)		(7.08	)		7.84			8.53
Distributions from net investment income		—			—			—			(2.02	)		(2.98	)		(.67	)
Short-Term Trading Fees *(a)		—			—			—			—			—			—
Net asset value, end of period	$	7.39		$	5.69		$	11.70		$	13.18		$	22.28		$	17.42
Total Return (excluding account fees) (b)		29.88	%		(51.37	)%		(11.23	)%		(32.58	)%		45.38	%		89.50	%
Ratios to Average Net Assets: (c)
Net investment loss		(1.06	)%		(.90	)%		(.85	)%		(1.43	)%		(1.68	)%		(1.32	)%
Total expenses		1.98	%		1.85	%		1.45	%		1.67	%		1.84	%		1.75	%
Expenses waived or reimbursed (d)		(.02	)%		(.02	)%		—			—			—			(.17	)%
Net expenses (e)		1.96	%		1.83	%		1.45	%		1.67	%		1.84	%		1.58	%
Portfolio turnover rate (g)		29	%		34	%		44	%		96	%		68	%		72	%
Net assets, end of period (in thousands)	$	166,519		$	134,065		$	319,052		$	436,504		$	826,598		$	639,035

* Based on average monthly shares outstanding.

(a) The per share amount does not round to a full penny.

(e) The net expense ratios shown above reflect expenses after waivers and reimbursements but exclude the effect of reductions to total expenses for any expenses offset. Expense offset arrangements reduce total expenses, as discussed in the notes to the financial statements. These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred. The effect of expenses offset are as follows:

Investor Class

Six Months
Ended
June 30, 2014

Year Ended December 31,

(unaudited)

2013

2012

2011

2010

2009

Ratios to Average Net Assets: (c)

Expenses offset (f)

—

(f) Effect on the expense ratio was not greater than 0.005%.

(g) Portfolio turnover rate is calculated at the fund level.

See accompanying notes to financial statements.
161

Financial Highlights

World Precious Minerals Fund
For a capital share outstanding during the

	Institutional Class
	Six Months Ended June 30, 2014			Year Ended December 31,									Period Ended December 31,
	(unaudited)			2013			2012			2011			2010 (a)
Net asset value, beginning of period	$	5.72		$	11.69		$	13.10		$	22.29		$	17.36
Investment Activities
Net investment loss		(.03	)*		(.01	)*		(.04	)*		(.16	)*		(.10	)*
Net realized and unrealized gain (loss)		1.72	*		(5.96	)*		(1.37	)*		(6.84	)*		8.14	*
Total from investment activities		1.69			(5.97	)		(1.41	)		(7.00	)		8.04
Distributions from net investment income		—			—			—			(2.19	)		(3.11	)
Short-Term Trading Fees		—			—			—			—			—
Net asset value, end of period	$	7.41		$	5.72		$	11.69		$	13.10		$	22.29
Total Return (excluding account fees) (b)		29.55	%		(51.07	)%		(10.76	)%		(32.28	)%		46.72	%
Ratios to Average Net Assets: (c)
Net investment loss		(.68	)%		(.15	)%		(.32	)%		(.87	)%		(.86	)%
Total expenses		3.71	%		3.30	%		3.56	%		2.38	%		15.19	%
Expenses waived or reimbursed (d)		(2.16	)%		(1.97	)%		(2.69	)%		(1.27	)%		(14.06	)%
Net expenses (e)		1.55	%		1.33	%		.87	%		1.11	%		1.13	%
Portfolio turnover rate (g)		29	%		34	%		44	%		96	%		68	%
Net assets, end of period (in thousands)	$	474		$	3,660		$	769		$	1,683		$	2,233

* Based on average monthly shares outstanding.

(a) From March 1, 2010, commencement of operations.

(e) The net expense ratios shown above reflect expenses after waivers and reimbursements but exclude the effect of reductions to total expenses for any expenses offset. Expense offset arrangements reduce total expenses, as discussed in the notes to the financial statements. These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred. The effect of expenses offset are as follows:

Institutional Class

Six Months
Ended
June 30, 2014

Year Ended December 31,

Period
Ended
December 31,

(unaudited)

2013

2012

2011

2010 (a)

Ratios to Average Net Assets: (c)

Expenses offset (f)

—

(f) Effect on the expense ratio was not greater than 0.005%.

(g) Portfolio turnover rate is calculated at the fund level.

See accompanying notes to financial statements.
162

Financial Highlights

Gold and Precious Metals Fund
For a capital share outstanding during the

	Investor Class
	Six Months Ended June 30, 2014			Year Ended December 31,
	(unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	6.00		$	11.78		$	12.61		$	19.60		$	15.46		$	10.83
Investment Activities
Net investment loss		(.03	)		(.06	)		(.09	)		(.17	)		(.21	)		(.17	)
Net realized and unrealized gain (loss)		1.70			(5.72	)		(.72	)		(4.28	)		5.91			4.84
Total from investment activities		1.67			(5.78	)		(.81	)		(4.45	)		5.70			4.67
Distributions
From net investment income		—			—			(.02	)		—			(.26	)		(.04	)
From net realized gains		—			—			—			(2.54	)		(1.31	)		—
Total distributions		—			—			(.02	)		(2.54	)		(1.57	)		(.04	)
Short-Term Trading Fees *		—	(a)		—	(a)		—	(a)		—	(a)		.01			—	(a)
Net asset value, end of period	$	7.67		$	6.00		$	11.78		$	12.61		$	19.60		$	15.46
Total Return (excluding account fees) (b)		27.83	%		(49.07	)%		(6.44	)%		(23.97	)%		36.88	%		43.11	%
Ratios to Average Net Assets: (c)
Net investment loss		(.92	)%		(.48	)%		(.60	)%		(1.06	)%		(1.46	)%		(1.16	)%
Total expenses		1.94	%		2.12	%		1.61	%		1.56	%		1.80	%		1.69	%
Expenses waived or reimbursed (d)		(.03	)%		(.06	)%		—			—			—			(.15	)%
Net expenses (e)		1.91	%		2.06	%		1.61	%		1.56	%		1.80	%		1.54	%
Portfolio turnover rate		52	%		64	%		95	%		155	%		103	%		135	%
Net assets, end of period (in thousands)	$	97,339		$	74,627		$	166,524		$	195,087		$	300,949		$	234,393

* Based on average monthly shares outstanding.

(a) The per share amount does not round to a full penny.

(e) The net expense ratios shown above reflect expenses after waivers and reimbursements but exclude the effect of reductions to total expenses for any expenses offset. Expense offset arrangements reduce total expenses, as discussed in the notes to the financial statements. These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred. The effect of expenses offset are as follows:

Investor Class

Six Months
Ended
June 30, 2014

Year Ended December 31,

(unaudited)

2013

2012

2011

2010

2009

Ratios to Average Net Assets: (c)

Expenses offset (f)

—

(f) Effect on the expense ratio was not greater than 0.005%.

See accompanying notes to financial statements.
163

Financial Highlights

Emerging Europe Fund
For a capital share outstanding during the

	Investor Class
	Six Months Ended June 30, 2014			Year Ended December 31,
	(unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	8.82		$	9.23		$	7.79		$	10.81		$	9.11		$	5.12
Investment Activities
Net investment income (loss)		.05			.19			.15			.03			(.04	)		—	(a)
Net realized and unrealized gain (loss)		(.45	)		(.46	)		1.35			(3.05	)		1.74			3.99
Total from investment activities		(.40	)		(.27	)		1.50			(3.02	)		1.70			3.99
Distributions from net investment income		—			(.14	)		(.06	)		—			—			—
Short-Term Trading Fees *(a)		—			—			—			—			—			—
Net asset value, end of period	$	8.42		$	8.82		$	9.23		$	7.79		$	10.81		$	9.11
Total Return (excluding account fees) (b)		(4.54	)%		(2.93	)%		19.27	%		(27.94	)%		18.66	%		77.93	%
Ratios to Average Net Assets: (c)
Net investment income (loss)		1.19	%		1.59	%		1.39	%		.25	%		(.36	)%		—	(f)
Total expenses		2.26	%		2.13	%		2.15	%		1.98	%		1.91	%		2.04	%
Expenses waived or reimbursed (d)		—			—			—			—			—			(.08	)%
Net expenses (e)		2.26	%		2.13	%		2.15	%		1.98	%		1.91	%		1.96	%
Portfolio turnover rate		64	%		74	%		85	%		85	%		69	%		80	%
Net assets, end of period (in thousands)	$	102,065		$	122,570		$	173,687		$	193,599		$	440,037		$	464,409

* Based on average monthly shares outstanding.

(a) The per share amount does not round to a full penny.

(e) The net expense ratios shown above reflect expenses after waivers and reimbursements but exclude the effect of reductions to total expenses for any expenses offset. Expense offset arrangements reduce total expenses, as discussed in the notes to the financial statements. These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred. The effect of expenses offset are as follows:

Investor Class

Six Months
Ended
June 30, 2014

Year Ended December 31,

(unaudited)

2013

2012

2011

2010

2009

Ratios to Average Net Assets: (c)

Expenses offset (f)

—

(f) Effect on the ratio was not greater than 0.005%.

See accompanying notes to financial statements.
164

Financial Highlights

China Region Fund
For a capital share outstanding during the

	Investor Class
	Six Months Ended June 30, 2014			Year Ended December 31,
	(unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	8.28		$	7.61		$	6.81		$	9.47		$	8.36		$	5.59
Investment Activities
Net investment income (loss)		.04			(.01	)		.04			(.08	)		(.12	)		(.05	)
Net realized and unrealized gain (loss)		(.20	)		.70			.78			(2.59	)		1.22			2.81
Total from investment activities		(.16	)		.69			.82			(2.67	)		1.10			2.76
Distributions from net investment income		—			(.02	)		(.02	)		—			—			—
Short-Term Trading Fees *		—	(a)		—	(a)		—	(a)		.01			.01			.01
Net asset value, end of period	$	8.12		$	8.28		$	7.61		$	6.81		$	9.47		$	8.36
Total Return (excluding account fees) (b)		(1.93	)%		9.07	%		12.00	%		(28.09	)%		13.28	%		49.55	%
Ratios to Average Net Assets: (c)
Net investment income (loss)		.91	%		(.12	)%		.60	%		(.64	)%		(1.02	)%		(.79	)%
Total expenses		2.92	%		2.75	%		2.64	%		2.49	%		2.39	%		2.47	%
Expenses waived or reimbursed (d)		(.41	)%		(.37	)%		(.39	)%		(.08	)%		—			(.45	)%
Net expenses (e)		2.51	%		2.38	%		2.25	%		2.41	%		2.39	%		2.02	%
Portfolio turnover rate		92	%		201	%		374	%		426	%		242	%		327	%
Net assets, end of period (in thousands)	$	23,380		$	26,386		$	29,160		$	30,635		$	51,843		$	56,323

* Based on average monthly shares outstanding.

(a) The per share amount does not round to a full penny.

(e) The net expense ratios shown above reflect expenses after waivers and reimbursements but exclude the effect of reductions to total expenses for any expenses offset. Expense offset arrangements reduce total expenses, as discussed in the notes to financial statements. These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred. The effect of expenses offset are as follows:

Investor Class

Six Months
Ended
June 30, 2014

Year Ended December 31,

(unaudited)

2013

2012

2011

2010

2009

Ratios to Average Net Assets: (c)

Expenses offset (f)

—

(f) Effect on the expense ratio was not greater than 0.005%.

See accompanying notes to financial statements.
165

Additional Information (unaudited)

Proxy Voting

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-US-FUNDS (1-800-873-8637). It also appears in the Funds' statement of additional information (Form 485B), which can be found on the SEC's website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-800-US-FUNDS (1-800-873-8637) or accessing the Funds' Form N-PX on the SEC's website at http://www.sec.gov.

Availability of Quarterly Portfolio Schedules

The Funds provide complete lists of holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the lists appear in the Funds' semi-annual and annual reports to shareholders. For the first and third quarters, the Funds file the lists with the SEC on Form N-Q. The Funds' Forms N-Q are available on the SEC's website at http://www.sec.gov. The Funds' Forms N-Q may also be reviewed and copied at the SEC's Public Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

166

Rev. 06/2014

FACTS				WHAT DOES U.S. GLOBAL INVESTORS DO WITH YOUR PERSONAL INFORMATION?
Why?				Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?				The types of personal information we collect and share depend on the product or service you have with us. This information can include: • Social Security number and account balances • transaction history and checking account information • account transactions and wire transfer instructions When you are no longer our customer, we continue to share your information as described in this notice.
How?				All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons U.S. Global Investors chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does U.S.Global Investors share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don't share
For our affiliates' everyday business purposes — information about your transactions and experiences	No	We don't share
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For nonaffiliates to market to you	No	We don't share
Questions?	Call 1-800-US-FUNDS (1-800-873-8637) or go to www.usfunds.com

Page 2
Who we are
Who is providing this notice?				U.S. Global Investors, Inc., U.S. Global Investors Funds, and U.S. Global Brokerage, Inc. (collectively known as U.S. Global Investors)
What we do
How does U.S. Global Investors protect my personal information?				To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does U.S. Global Investors collect my personal information?				We collect your personal information, for example, when you • open an account or buy securities from us • direct us to sell your securities or give us your contact information • tell us where to send the money
Why can't I limit all sharing?				Federal law gives you the right to limit only • sharing for affiliates' everyday business purposes — information about your creditworthiness • affiliates from using your information to market to you • sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates				Companies related by common ownership or control. They can be financial and nonfinancial companies. • Our affiliates include U.S. Global Investors, Inc., U.S. Global Investors Funds, and U.S. Global Brokerage, Inc.
Nonaffiliates				Companies not related by common ownership or control. They can be financial and nonfinancial companies. • Nonaffiliates we share personal information with include companies that perform marketing on our behalf, printing and mailing companies, and companies that service your account(s).
Joint marketing				A formal agreement between nonaffiliated financial companies that together market financial products or services to you. • U.S. Global Investors doesn't jointly market.

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Fund Services, LLC

PO Box 701

Milwaukee WI
53201-0701

Want to reduce paper waste? You can receive this report and other important documents electronically. Please visit www.usfunds.com and sign up at Access My Account. If you need further assistance, please call us at 800-873-8637.

ITEM 2. CODE OF ETHICS.

Required only in annual report on Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Required only in annual report on Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Required only in annual report on Form N-CSR.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Required only in annual report on Form N-CSR.

ITEM 6. SCHEDULE OF INVESTMENTS.

Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 11. CONTROLS AND PROCEDURES.

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

(b)	There was no change in the registrant’s internal control over financial reporting that occurred in the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1)	Required only in annual report on Form N-CSR.

(a)(2)	Certifications of principal executive officer and principal financial officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17CFR 270.30a-2(a)) and Section 302 of the Sarbanes-Oxley Act of 2002 are filed as exhibits to this report.

(b)	Certifications of principal executive officer and principal financial officer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17CFR 270.30a-2(b)) and Section 906 of the Sarbanes-Oxley Act of 2002 are filed as exhibits to this report.

SIGNATURES

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

U.S. GLOBAL INVESTORS FUNDS

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

Date:	August 28, 2014

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

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

Date:	August 28, 2014


By:	/s/ Lisa C. Callicotte
	Lisa C. Callicotte
	Treasurer

Date:	August 28, 2014

Us Global Investors Funds N-CSRSCertified semi-annual shareholder report (management investment company)