Letter to Shareholders (unaudited) | 1 |
Definitions for Management Teams’ Perspectives (unaudited) | 9 |
Management Team’s Perspective (unaudited) | 11 |
Portfolios of Investments | 45 |
Notes to Portfolios of Investments | 93 |
Statements of Assets and Liabilities | 110 |
Statements of Operations | 114 |
Statements of Changes in Net Assets | 118 |
Notes to Financial Statements | 124 |
Financial Highlights | 139 |
Report of Independent Registered Public Accounting Firm | 150 |
Trustees and Officers (unaudited) | 152 |
Approval of Investment Advisory Agreement (unaudited) | 154 |
Additional Information (unaudited) | 159 |
Expense Example (unaudited) | 161 |
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 |
Atlantic Fund Services 3 Canal Plaza, Suite 600 Portland, ME 04101 |
U.S. Global Investors Funds | (unaudited) |
U.S. Global Investors Funds | (unaudited) |
U.S. Global Investors Funds | (unaudited) |
Jeffrey Gundlach: Time to Add Commodities
U.S. Global Investors Funds | (unaudited) |
U.S. Global Investors Funds | (unaudited) |
U.S. Global Investors Funds | (unaudited) |
U.S. Global Investors Funds | (unaudited) |
U.S. Global Investors Funds | (unaudited) |
Definitions for Management Teams’ Perspectives | (unaudited) |
Definitions for Management Teams’ Perspectives | (unaudited) |
U.S. Government Securities Ultra-Short Bond Fund | (unaudited) |
U.S. Government Securities Ultra-Short Bond Fund | |||
Average Annual Performance | For the Periods Ended December 31, 2017 | ||
One Year | Five Year | Ten Year | |
U.S. Government Securities Ultra-Short Bond Fund | 0.69% | 0.38% | 0.39% |
Bloomberg Barclays U.S. Treasury Bills 6-9 Months | |||
Total Return Index | 0.72% | 0.32% | 0.40% |
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 and reimbursements to maintain a minimum yield, without which returns would have been lower. 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. Returns greater than one year are annualized. Gross expense ratio as stated in the most recent prospectus is 1.00%. 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 | (unaudited) |
The Year in Review – Economic and Political Issues that Affected the Fund
U.S. Government Securities Ultra-Short Bond Fund | (unaudited) |
Portfolio Allocation by Issuer Based on Total Investments | December 31, 2017 |
Portfolio Allocation by Maturity | December 31, 2017 | ||||||||
1-3 Months | $ | 3,750,857 | 7.7 | % | |||||
3-12 Months | 16,244,975 | 33.6 | % | ||||||
1-3 Years | 28,461,462 | 58.7 | % | ||||||
$ | 48,457,294 | 100.0 | % | ||||||
Near-Term Tax Free Fund | (unaudited) |
Management Team’s Perspective
Near-Term Tax Free Fund | |||
Average Annual Performance | For the Periods Ended December 31, 2017 | ||
One Year | Five Year | Ten Year | |
Near-Term Tax Free Fund | 1.20% | 1.11% | 2.36% |
Bloomberg Barclays 3 Year Municipal Bond Index | 1.56% | 1.07% | 2.36% |
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 greater than one year are annualized. Gross expense ratio as stated in the most recent prospectus is 0.97%. The Adviser has contractually agreed to limit total fund operating expenses (exclusive of any acquired fund fees and expenses, extraordinary expenses, taxes, brokerage commissions and interest) to not exceed 0.45% on an annualized basis through April 30, 2018. 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 | (unaudited) |
● | The fund’s overweight in highly rated bonds was a safeguard against market shocks. |
● | The fund benefited from its allocation to bonds from New Jersey and Illinois, which outperformed. |
● | The fund benefited from its allocation to school district bonds, which outperformed. |
● | The fund’s underweight allocation to industrial development bonds was a drag on performance, as those bonds outperformed. |
● | The fund’s exposure to high quality general obligation bonds underperformed. |
● | The fund was hurt by its exposure to the short end of the yield curve, which underperformed the long end. |
● | Tax reform could have the biggest impact on the muni bond market next year. The proposed legislation would make general obligation bonds more attractive for tax reduction purposes while limiting new issuances to borrowings from states and local governments. This could translate to less supply of higher-yield revenue bonds and more demand for specialty state general obligation bonds. |
Near-Term Tax Free Fund | (unaudited) |
● | President Donald Trump appointed Jerome H. Powell as the next Chairman of the Federal Reserve to replace Janet Yellen. Powell is largely considered a non-interventionist and favors traditional monetary policy measures and a free market approach. He has always voted alongside Janet Yellen on policy decisions in the past and his speeches suggest that he favors a cautious approach. Some experts, however, believe he could be less dovish than Yellen, so the market will closely be watching where he falls on the spectrum. |
Top 10 Area Concentrations | |||
(Based on Net Assets) | December 31, 2017 | ||
Texas | 28.06% | ||
New York | 9.54% | ||
Washington | 7.67% | ||
Florida | 5.44% | ||
Illinois | 5.16% | ||
Michigan | 4.86% | ||
Pennsylvania | 3.98% | ||
New Jersey | 3.75% | ||
Missouri | 3.61% | ||
North Carolina | 2.47% | ||
Total Top 10 Areas | 74.54% |
Municipal Bond Ratings* | December 31, 2017 |
Based on Total Municipal Bonds | |
* | 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 Global Ratings, and the higher rating for each issue is used. |
All American Equity Fund & Holmes Macro Trends Fund | (unaudited) |
Management Team’s Perspective
All American Equity Fund | |||
Average Annual Performance | For the Periods Ended December 31, 2017 | ||
One Year | Five Year | Ten Year | |
All American Equity Fund | 5.90% | 6.96% | 2.22% |
S&P 500 Index | 21.83% | 15.79% | 8.50% |
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 greater than one year are annualized. Gross expense ratio as stated in the most recent prospectus is 1.76%. 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 2.20%. The Adviser can modify or terminate this arrangement 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. |
All American Equity Fund & Holmes Macro Trends Fund | (unaudited) |
Holmes Macro Trends Fund | |||
Average Annual Performance | For the Periods Ended December 31, 2017 | ||
One Year | Five Year | Ten Year | |
Holmes Macro Trends Fund | 19.17% | 10.77% | 2.78% |
S&P Composite 1500 TR | 21.13% | 15.74% | 8.69% |
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 greater than one year are annualized. Gross expense ratio as stated in the most recent prospectus is 1.68%. 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 2.20%. The Adviser can modify or terminate this arrangement 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. |
All American Equity Fund & Holmes Macro Trends Fund | (unaudited) |
● | The fund’s allocation in financials and health care helped fund performance. |
● | Stock selection was better than the index in the energy and telecommunications sectors. |
● | Southwest Airlines, Ameriprise Financial and PulteGroup were the best contributors to fund performance. |
● | The fund’s allocation in energy and information technology just didn’t seem to add to the bottom line. |
● | Investments in Bed Bath & Beyond, Foot Locker and Signet Jewelers were the worst contributors to performance |
● | Stock selection was strong in select health care and consumer staples companies. |
● | The fund’s underweight position in health care was beneficial as the sector was leading its peers. |
● | S&P Global, LGI Homes and AbbVie were among the most positive contributors to fund performance. |
● | Sector allocations in information technology and industrials did not perform as well as anticipated. |
● | Stock selection was fair across the board as our growth-oriented investment style was out of favor and the primary driver of lagging performance. |
● | Tenpur Sealy International, PentaNova Energy and Eagle Pharmaceuticals failed to live up to expectations and were among the worst contributors to the fund’s performance. |
All American Equity Fund & Holmes Macro Trends Fund | (unaudited) |
Current Outlook
● | The economic outlook in the United States should improve due to the recently implemented tax bill. Companies are already starting to “pay if forward,” giving employees additional bonuses and 401(k) contributions. |
● | The majority of jobless rates across the world are in decline. Japan, Hong Kong, the U.S., Israel, the U.K. and Portugal, among other countries, registered 15-year lows. If this continues, investors can anticipate continued growth optimism. |
● | In November, Americans’ personal savings rate fell to 2.9 percent, its lowest reading since soon before the recession. This comes as Americans rely more and more on credit cards to make transactions. According to the just-released Federal Reserve Payments Study, credit card payments grew from 103.5 billion in 2015 to 111.1 billion in 2016, with the value surging from $5.65 trillion to almost $6 trillion. |
● | Will the North America Free Trade Agreement (NAFTA) get renegotiated or collapse altogether? The Trump administration is pushing to get talks wrapped up by the end of the first quarter of 2018, but there are still some major issues outstanding. |
● | If the Federal Reserve continues with its anticipated rate hikes and if the long end of the curve (30-year yields) fails to lift, we could see yield inversion, which would most likely become a drag on the economy. |
Top 10 Equity Holdings (Based on Net Assets) | December 31, 2017 | ||
The Boeing Co. | 4.26% | ||
Aerospace/Defense | |||
Direxion Daily S&P 500 Bull 3X ETF | 3.90% | ||
N.A. | |||
Visa, Inc., Class A | 3.72% | ||
Finance - Credit Card | |||
Discover Financial Services | 3.72% | ||
Finance - Credit Card | |||
DXC Technology Co. | 3.69% | ||
Computer Services | |||
Total System Services, Inc. | 3.67% | ||
Commercial Services - Finance | |||
Marathon Petroleum Corp. | 3.60% | ||
Oil Refining & Marketing | |||
The Home Depot, Inc. | 3.45% | ||
Retail - Building Products | |||
Constellation Brands, Inc., Class A | 3.44% | ||
Beverages - Wine/Spirits | |||
The Estee Lauder Cos., Inc. | 3.43% | ||
Cosmetics & Toiletries | |||
Total Top 10 Equity Holdings | 36.88% |
All American Equity Fund & Holmes Macro Trends Fund | (unaudited) |
All American Equity Fund
Portfolio Allocation by Industry Sector* | December 31, 2017 |
Based on Total Investments | |
* | 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. |
Top 10 Equity Holdings (Based on Net Assets) | December 31, 2017 | ||
HFF, Inc. | 6.38% | ||
Real Estate Management/Services | |||
Wynn Resorts, Ltd. | 5.92% | ||
Casino Hotels | |||
S&P Global, Inc. | 4.93% | ||
Commercial Services - Finance | |||
Medifast, Inc. | 4.78% | ||
Commercial Services | |||
PetMed Express, Inc. | 4.66% | ||
Retail - Pet Food & Supplies | |||
Pool Corp. | 4.46% | ||
Distribution/Wholesale | |||
Lennox International, Inc. | 4.46% | ||
Building Products - Air & Heating | |||
Trex Co., Inc. | 4.17% | ||
Building & Construction Products - Miscellaneous | |||
LGI Homes, Inc. | 4.17% | ||
Building - Residential/Commercial | |||
Valvoline, Inc. | 3.64% | ||
Chemicals - Specialty | |||
Total Top 10 Equity Holdings | 47.57% |
All American Equity Fund & Holmes Macro Trends Fund | (unaudited) |
Holmes Macro Trends Fund
Portfolio Allocation by Industry Sector* Based on Total Investments | December 31, 2017 |
* | 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 | (unaudited) |
Management Team’s Perspective
Global Resources Fund | ||||
Average Annual Performance | For the Periods Ended December 31, 2017 | |||
One Year | Five Year | Ten Year | Since Inception (Institutional Class) | |
Global Resources Fund - Investor Class | 19.57% | -6.99% | -6.11% | n/a |
Global Resources Fund - Institutional Class (Inception 3/1/10) | 20.95% | -6.29% | n/a | -1.63% |
S&P Global Natural Resources Index (Net Total Return) | 21.98% | 1.88% | -0.91% | 2.03% |
S&P 500 Index | 21.83% | 15.79% | 8.50% | 14.17% |
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 greater than one year are annualized. Gross expense ratio as stated in the most recent prospectus is 1.85% for the Investor Class and 5.41% for the Institutional Class. 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 | (unaudited) |
● | Commodities posted a third consecutive year of inflows in 2017 as global growth accelerated. Exchange-traded funds (ETFs) linked to raw materials attracted $9 billion dollars, capping a third straight annual inflow, the longest since 2010. Goldman Sachs analysts said the outlook is brighter over the next year, as they predict the sector will post a 7.5 percent return. |
Global Resources Fund | (unaudited) |
● | The fund’s overweight in renewable energy, paper and forest, as well as its underweight in oil services and agricultural products stocks, had a positive contribution to the fund in excess of its benchmark. |
● | The fund had superior stock selection in the renewable energy, paper and forest, agricultural products and chemicals sectors. The best performing stocks were SolarEdge Technologies, Daqo New Energy and CVR Refining. |
● | The Bloomberg Commodity Index, a measure of a basket of commodities, ended the year up a meager 0.75 percent, dragged lower by agricultural commodities, which lagged the spike in industrial and precious metals. Corn production hit all-time highs in numerous high-production countries, resulting in increased global inventories, and depressed crop values. |
● | The fund’s overweight in precious metals and consumer stocks, as well as its underweight in base and industrial metals stocks, had a negative contribution to the fund relative to its benchmark. |
● | The fund had inferior stock selection in the base and industrial metals sector and the oil and gas exploration and development sectors. The worst performing stocks were Pentanova Energy, Mandalay Resources and Siemens Gamesa Renewable Energy. |
● | A major and extended 10-year bull market run in commodity prices may be in the cards, beginning in 2018, says Shawn Hackett, president of Hackett Financial Advisors. The Standard & Poor’s GSCI Total Return Index, which tracks 24 raw materials, is hovering near a record low valuation relative to the S&P 500 Index. According to Hackett, stocks were a screaming buy at the end of 2008 based on the same metric. Tis time the inverse is true, and the same metric is flashing a screaming buy for raw materials. |
● | Oil prices rose to their highest since 2015 after OPEC extended its production curbs into 2018; U.S. crude inventories continued to drop, even after the seasonal destocking period ended; and Saudi fiscal authorities revealed they expect prices to rise to $75 per barrel over the next five years. |
● | Precious metals prices rallied as the U.S. dollar extended its loss. Gold posted its best rally since October as macro analysts suggest the U.S. may see higher-than-expected inflation in 2018 as a result of the enactment of the tax overhaul, and see the potential for a major infrastructure plan funded using fiscal stimulus. |
● | Hopes of a spring bounce in Chinese commodity demand are becoming less clear, reports Bloomberg. China growth and commodities bulls aren’t hearing what they want from some members of the macro elite in Beijing, with two People’s Bank of China (PBOC) members and a party official talking down expectations for gross domestic product (GDP) growth. Fears of overleveraging, municipal bankruptcies and advocating for slower growth to ease debt and environmental burdens, are the reasons cited by the aforementioned macro elite members. |
● | China’s commitment to renewable energy, pollution control and environmental policy has weakened the dependence of the world’s largest consumer of commodities from raw materials producers. At the forefront of China’s environmental push are electric vehicles. The Asian nation will extend a tax rebate on purchases of these vehicles until the end of 2020, away from the traditional internal combustion engine. Similarly, policy-makers have shunned polluting steel mills and forced early closures, while imports of lower quality raw copper have also been suspended. |
Global Resources Fund | (unaudited) |
● | The restoring of pipeline capacity, which caused supply disruptions into yearend, poses a challenge to the recent crude oil rally. The Forties pipeline in the U.K. is nearing full service following an unexpected shutdown. Similarly, the explosion at a Lybian pipeline, which affected nearly 1 million barrels a day of production, is expected to be restored to full capacity in the first weeks of 2018. |
Top 10 Equity Holdings (Based on Net Assets) | December 31, 2017 | ||
Pacific Infrastructure, Inc. | 7.15% | ||
Real Estate Operating/Development | |||
Daqo New Energy Corp., ADR | 2.36% | ||
Chemicals - Specialty | |||
St Barbara, Ltd. | 1.93% | ||
Gold Mining | |||
PentaNova Energy Corp. | 1.91% | ||
Oil Companies - Exploration & Production | |||
CVR Refining LP | 1.87% | ||
Oil Refining & Marketing | |||
Beach Energy, Ltd. | 1.79% | ||
Oil Companies - Exploration & Production | |||
Rayonier Advanced Materials, Inc. | 1.77% | ||
Chemicals - Fibers | |||
Northern Star Resources, Ltd. | 1.74% | ||
Gold Mining | |||
Sandfire Resources NL | 1.58% | ||
Metal - Diversified | |||
Teck Resources, Ltd. | 1.57% | ||
Diversified Minerals | |||
Total Top 10 Equity Holdings | 23.67% |
Global Resources Fund | (unaudited) |
Portfolio Allocation by Industry Sector* Based on Total Investments | December 31, 2017 |
* | 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 | (unaudited) |
World Precious Minerals Fund | |||||
Average Annual Performance | For the Periods Ended December 31, 2017 | ||||
One Year | Five Year | Ten Year | Since Inception (Institutional Class) | ||
World Precious Minerals Fund - Investor Class | -4.16% | -10.49% | -7.76% | n/a | |
World Precious Minerals Fund - Institutional Class (Inception 3/1/10) | -3.71% | -10.06% | n/a | -7.97% | |
NYSE Arca Gold Miners Index | 12.47% | -11.69% | -5.48% | -6.76% | |
S&P 500 Index | 21.83% | 15.79% | 8.50% | 14.17% | |
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 greater than one year are annualized. Gross expense ratio as stated in the most recent prospectus is 2.10% for the Investor Class and 2.71% for the Institutional Class. 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%. 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 | (unaudited) |
Gold and Precious Metals Fund | ||||
Average Annual Performance | For the Periods Ended December 31, 2017 | |||
One Year | Five Year | Ten Year | ||
Gold and Precious Metals Fund | 13.07% | -7.27% | -3.55% | |
FTSE Gold Mines Index | 10.23% | -10.40% | -5.34% | |
S&P 500 Index | 21.83% | 15.79% | 8.50% | |
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 greater than one year are annualized. Gross expense ratio as stated in the most recent prospectus is 1.86%. 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%. The Adviser can modify or terminate this arrangement 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 | (unaudited) |
Precious Metals and Minerals Funds | (unaudited) |
● | Kirkland Lake Gold became our largest position over the course of the year and was the best contributor to returns of our Gold and Precious Metals Fund (USERX), with a 195 percent return. Avoiding Barrick Gold in the World Precious Minerals Fund (UNWPX), relative to its large weighting in the fund’s benchmark, was the biggest positive contributor, as Barrick finished the year down 9 percent. |
● | St. Barbara was the second best dollar gainer for USERX, with a 107 percent gain. The second best contributor to UNWPX was Novo Resources, with a 579 percent gain for the year. The market took a serious interest in Novo’s large gold nugget conglomerate discovery in Northwestern Australia. |
● | The third best contributor to UNWPX was Cardinal Resources, which gained 141 percent in 2017. For USERX, our choice not to own Barrick Gold had the third highest attribution effect to fund performance relative to our benchmark. |
● | For both gold oriented funds, Klondex Mines was our worst dollar contributor, with shares falling 44 percent over the year. Klondex had purchased the True North Mine in Canada, out of receivership and the Hollister Mine from private holders in the past year. Essentially, guidance for the ramp up of the two operations, particularly True North, was too optimistic over the course of the year with poor communication from its public relations firm. After the end of the year, Klondex announced it would put True North on care and maintenance, and the PR firm was terminated. We expect to see the share price make up lost ground in 2018. |
● | Jaguar Mining was the second biggest dollar detractor for USERX with the share price down 36 percent for the year. Barsele Minerals, down 30 percent, was the second largest dollar detractor for UNWPX. |
● | Comstock Mining was the third largest detractor for USERX, sliding 70 percent over the course of the year, while UNWPX missed not owning Franco-Nevada, which gained 36 percent in 2017. |
● | China is preparing to launch a crude oil futures contract denominated in Chinese yuan and convertible into gold, the Nikkei Asian Review reports. This could potentially create the most important Asian oil benchmark and allow oil exporters to bypass the U.S.-dollar denominated benchmarks by trading in yuan. To make the yuan-denominated contract more attractive, China plans the yuan to be fully convertible in gold on the Shanghai and Hong Kong exchanges. |
● | Gold miners have cut costs but trade at a fraction of peak valuations, reports Bloomberg Intelligence. Since peak levels in 2008, gold-miner valuations have fallen over 50 percent based on enterprise value-to-reserves and resources. Miners have cut staff, focused on shrinking debt and are using new technology to garner cost efficiencies. Valuations don’t yet reflect these efforts. So do the miners see the value opportunity? Yes. In fact, the Canadian Imperial Bank of Commerce (CIBC) reports that gold miners invested around $290 million in exploration companies during the first six months of 2017, the highest level recorded in the past decade. In addition, nearly half of equity raised by junior gold stocks on the Toronto Stock Exchange (TSX) last year were through direct investments—no previous year had exceeded 20 percent, the CIBC continues. |
Precious Metals and Minerals Funds | (unaudited) |
● | INK Research on gold stock sentiment was approaching a two-year high of 361 percent despite the growing popularity of bitcoin and digital currencies. The research showed insiders of gold mining companies were buying the gold stock dip as the year closed out, betting that gold could compete with cryptocurrencies as a form of insurance against unforeseen, negative market-moving events. Insiders buying stock in their own company generally is seen as a good sign to investors. In addition, the ratio of the S&P 500 Index relative to gold shows that gold is trading at a ratio of 0.50. The implication is that stocks, with record valuation levels, are expensive relative to gold. |
● | The world’s 20 leading gold producers’ share of metal output is expected to fall to its lowest level in a decade in 2019, according to Bloomberg industry analyst Eily Ong. The mining group’s share of world output fell from 47 percent in 2010 to 39 percent in 2016, and it could fall even further by 2019. As gold producers’ focus shifts from volume to profitable ounces, their existing gold mines’ life expectancies have also declined. With few deals completed in 2017 and negative investor relations, the total value of mining deals involving North American companies is $3.7 billion, down 40 percent from the same time in 2016. Possible explanations for the lack of deals may center on displeasure with results of transactions in prior years. |
● | Gold consumption in the world’s second biggest importer, India, was on track to hit a seven-year low in 2017 after tax and regulatory changes dampened demand, according to the World Gold Council (WGC). Factors hampering demand included increased purity standard, a revised anti-money laundering act and an uneven monsoon season that hurt income. |
● | New tax reform will sharply reduce interest deductibility on tax returns, which will raise the effective cost of debt relative to cash flow and ultimately stifle companies to raise debt for buybacks. A sharp fall in buybacks will lower net U.S. stock purchases and lower bank lending and credit issuance, which will tighten liquidity. This comes at a time when U.S. corporate investment is at its lowest in history, according to a Macro Strategy Partnership. Goldman Sachs warns of an eventual bear market as the current prolonged bull market has left a measure of average valuation at the highest since 1900, reports Christopher Anstey of Bloomberg. Goldman Sachs strategists wrote “all good things must come to an end,” adding that the average valuation across equity, bonds and credit in the U.S. is currently at an all-time high of 90 percent. |
Precious Metals and Minerals Funds | (unaudited) |
Top 10 Equity Holdings (Based on Net Assets) | December 31, 2017 | ||
Klondex Mines, Ltd. | 13.65% | ||
Gold Mining | |||
Cardinal Resources, Ltd. | 4.30% | ||
Metal - Diversified | |||
TriStar Gold, Inc. | 4.21% | ||
Gold Mining | |||
Barsele Minerals Corp. | 3.67% | ||
Precious Metals | |||
Dolly Varden Silver Corp. | 3.36% | ||
Precious Metals | |||
Roxgold, Inc. | 2.84% | ||
Precious Metals | |||
Nano One Materials Corp. | 2.27% | ||
Advanced Materials/Production | |||
Mirasol Resources, Ltd. | 2.19% | ||
Gold Mining | |||
Auryn Resources, Inc. | 2.06% | ||
Diversified Minerals | |||
Pretium Resources, Inc. | 1.94% | ||
Gold Mining | |||
Total Top 10 Equity Holdings | 40.49% |
Portfolio Allocation by Industry* Based on Total Investments | December 31, 2017 |
* | 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 | (unaudited) |
Top 10 Equity Holdings (Based on Net Assets) | December 31, 2017 | ||
Klondex Mines, Ltd. | 13.07% | ||
Gold Mining | |||
Kirkland Lake Gold, Ltd. | 10.65% | ||
Gold Mining | |||
St Barbara, Ltd. | 8.87% | ||
Gold Mining | |||
AuRico Metals, Inc. | 4.52% | ||
Metal - Diversified | |||
Leagold Mining Corp. | 4.38% | ||
Gold Mining | |||
Wesdome Gold Mines, Ltd. | 3.92% | ||
Gold Mining | |||
Newmont Mining Corp. | 3.72% | ||
Gold Mining | |||
Westgold Resources, Ltd. | 3.42% | ||
Gold Mining | |||
Sandstorm Gold, Ltd. | 2.97% | ||
Gold Mining | |||
Rye Patch Gold Corp. | 2.87% | ||
Gold Mining | |||
Total Top 10 Equity Holdings | 58.39% |
Portfolio Allocation by Industry* Based on Total Investments | December 31, 2017 |
* | 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 | (unaudited) |
Emerging Europe Fund | ||||
Average Annual Performance | For the Periods Ended December 31, 2017 | |||
One Year | Five Year | Ten Year | ||
Emerging Europe Fund | 22.73% | -3.72% | -7.41% | |
MSCI Emerging Markets Europe 10/40 Index (Net Total Return) | 20.34% | -2.75% | -4.63% | |
S&P 500 Index | 21.83% | 15.79% | 8.50% | |
* 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 greater than one year are annualized. Gross expense ratio as stated in the most recent prospectus is 2.33%. 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 2.85%. The Adviser can modify or terminate this arrangement 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. |
(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. |
Emerging Europe Fund | (unaudited) |
Emerging Europe Fund | (unaudited) |
● | The fund’s underweight of Russia as well as overweight of Austria had the most positive impact on the fund’s performance relative to its benchmark. |
● | The fund’s overweight in industrials and underweight in energy had the most positive effect on the fund’s performance relative to its benchmark. |
● | Sberbank of Russia made the largest single contribution to the performance of the fund. |
● | The fund’s underweight of Poland had the most negative impact on the fund’s performance relative to its benchmark. |
● | The fund’s underweight in financials had the most negative effect on the fund’s performance relative to its benchmark. |
● | The Direxion Daily Russia Bull 3X ETF (RUSL) was the single worst contributor to the performance of the fund. |
● | Economic growth in central emerging Europe could remain strong next year. Analysts at Wood & Company have a positive stance toward emerging market equites. However, given the strong performance of the stock market in 2017, the group prefers to be selective. Poland, Hungary and Romania are the preferred markets aimed at the strong expansion momentum and moderate valuations. Wood & Company also takes a more positive stance on Greece given the ongoing economic recovery, while also warning that volatility will persist. They are cautiously positive on Russia, expecting continued monetary easing via further rate cuts. |
● | Goldman Sachs expects the Russian oil sector’s dividends to rise 20 percent in 2018, while the other large global oil companies are expected to maintain flat dividends. Higher oil prices and lower capital spending should boost Russian oil’s free cash flow by 50 percent in 2018, allowing companies to increase their dividend payouts. |
● | Central emerging Europe may benefit from Brexit as companies are expected to relocate their businesses ahead of the U.K.’s departure from the EU. Some companies already announced plans to relocate their businesses to Poland and Hungary as central emerging Europe has a highly educated workforce with growing wages, though they still remain well below Western labor costs. |
Emerging Europe Fund | (unaudited) |
● | Following 2017 elections in Germany, France and the U.K., Italy will hold general elections on March 4, 2018. The parliament’s current five-year term runs out in May. Recent polls and local election results suggest that Italy’s Northern League, an anti-EU and anti-immigration party, has a chance at governing in a coalition with the center-right Forza Italia party. Italy is the fourth-largest economy in Europe, and its next government will have to work on reducing debt, improving its banking system and breaking out of stagnation. |
● | Russia was the worst performing market this year, and next year could be volatile for Russian equities. Broader sanctions might be introduced on Russia in 2018 as part of the U.S. bill signed into law in August of 2017. The new sanctions could include restrictions on investment in Russia’s sovereign debt and an extension of the sanctioned individual’s list. In March, Russia will hold presidential elections. It is widely expected that Vladimir Putin, who has been actively serving the country since the end of 1999, will win again. However, investors need to wait and see what new social-economic program will be implemented for the next six-year presidential term. |
● | In 2017, the Czech Republic hiked its main rate twice. The first rate increase of 20 basis points took place in August and another 25 basis points hike followed in November. This year, more central emerging Europe countries may start hiking rates as inflation recovers and economic growth strengthens. |
Top 10 Equity Holdings (Based on Net Assets) | December 31, 2017 | ||
Sberbank of Russia PJSC, ADR | 10.66% | ||
Commercial Banks Non-US | |||
LUKOIL PJSC, ADR | 6.82% | ||
Oil Companies - Integrated | |||
Tatneft PJSC, ADR | 2.24% | ||
Oil Companies - Integrated | |||
Evraz PLC | 1.79% | ||
Steel - Producers | |||
Aegean Airlines SA | 1.59% | ||
Airlines | |||
Tofas Turk Otomobil Fabrikasi AS | 1.56% | ||
Automotive - Cars & Light Trucks | |||
Tekfen Holding AS | 1.51% | ||
Diversified Operations | |||
MOL Hungarian Oil & Gas PLC | 1.51% | ||
Oil Companies - Integrated | |||
Allianz SE | 1.46% | ||
Multi-line Insurance | |||
Severstal PAO PJSC, GDR | 1.42% | ||
Steel - Producers | |||
Total Top 10 Equity Holdings | 30.56% |
Emerging Europe Fund | (unaudited) |
Country Distribution* Based on Total Investments | December 31, 2017 |
* | Country distribution shown is based on domicile. The locale of company operations may be different. |
China Region Fund | (unaudited) |
China Region Fund | ||||
Average Annual Performance | For the Periods Ended December 31, 2017 | |||
One Year | Five Year | Ten Year | ||
China Region Fund | 57.67% | 9.03% | -0.81% | |
Hang Seng Composite Index | 37.23% | 5.70% | 0.49% | |
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 greater than one year are annualized. Gross expense ratio as stated in the most recent prospectus is 2.76%. 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 2.55%. The Adviser can modify or terminate this arrangement 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 |
(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. |
China Region Fund | (unaudited) |
China Region Fund | (unaudited) |
● | Within the broader China region, Malaysia and Singapore proved most helpful with respect to positive contributions from country allocation to fund performance for the year. Notably, of course, with a strong bull market in the fund’s benchmark domicile of Hong Kong, a significant majority of the fund’s allocations were correspondingly focused upon Hong Kong, where the fund achieved significant outperformance primarily through stock selection. |
● | Stock selection within the financials, consumer goods and industrials sectors constituted the largest sector alpha generators for the fund. Sector allocations within information technology proved most successful. |
● | Geely Automobile Holdings, Sunny Optical Technology Group and BYD Electronic International finished the year as the top three positive single stock contributors to fund performance. The stocks climbed 268.62 percent, 195.86 percent and 180.26 percent, respectively, over the course of 2017. |
● | Outside of Hong Kong, diversifying country allocations—although relatively minor—to Indonesia, the Philippines, South Korea and Thailand underperformed very mildly. South Korea’s spat with China over the Terminal High Altitude Area Defense (THAAD) missile system briefly impacted some of the fund’s South Korean holdings. |
● | The largest net detraction for the fund with respect to sector allocation actually came from cash. |
● | China Railway Group, Texhong Textile Group and China Communications Services detracted the most from fund performance for the year in terms of absolute performance. Notably, however, the largest stock detractor for the Fund over the course of 2017 was the fund’s relative underweighting of tech giant (and index heavyweight) Tencent Holdings. |
China Region Fund | (unaudited) |
● | China’s growing middle class—like other middle classes in the region—continues its ascent, perpetuating existing thematic trends in areas like tourism, automobiles and health care. This middle class story remains unchanged from the end of 2016, was aptly demonstrated throughout 2017 and is unlikely to change in 2018. |
● | The market seems to view the admittedly horrifying prospects of another war on the Korean peninsula—or within the broader region—as a relatively minor possibility. This is encouraging. That the North and South have returned to formal discussions is similarly encouraging (as is the fact that the U.S. is not seeking to prevent such dialogue). |
● | Chinese authorities recently telegraphed an intention to delay the implementation of a property tax, perhaps to 2020, affording property names a bit of respite and an improved 2018 outlook as the year kicks off. |
● | In 2017, Xi Jinping called for his comrades’ patriotism over profits, and for the building up of national champions. This provides for what may amount to rousing speech material, but it raises some questions as to how such a philosophy might play out in time. The government already discouraged companies from making overseas deals amid the crackdown on capital outflows early in 2017. Now there loom additional questions as to whether, or perhaps which, companies might receive the favor of the state in becoming national champions. |
● | Clearly, a nuclear North Korea must also be given serious consideration as a threat. Increased distances in intercontinental ballistic missile (ICBM) potential strike capabilities are concerning, as is the prospect of conventional or regional engagements. Once again, this prospect seems remote, but not irrelevant. |
● | It is conceivable that the pace of growth in China may slow, perhaps even beyond what analysts anticipate. |
China Region Fund | (unaudited) |
Top 10 Equity Holdings (Based on Net Assets) | December 31, 2017 | ||
Geely Automobile Holdings, Ltd. | 10.02% | ||
Automotive - Cars & Light Trucks | |||
Tencent Holdings, Ltd. | 8.69% | ||
Internet Application Software | |||
Sunny Optical Technology Group Co., Ltd. | 6.69% | ||
Photo Equipment & Supplies | |||
Ping An Insurance Group Co. of China, Ltd., Class H | 5.16% | ||
Multi-line Insurance | |||
Country Garden Holdings Co., Ltd. | 4.50% | ||
Real Estate Operating/Development | |||
Guangzhou Automobile Group Co., Ltd., Class H | 4.36% | ||
Automotive - Cars & Light Trucks | |||
AAC Technologies Holdings, Inc. | 3.86% | ||
Electronic Components - Miscellaneous | |||
ASM Pacific Technology, Ltd. | 3.59% | ||
Semiconductor Equipment | |||
Nexteer Automotive Group, Ltd. | 3.36% | ||
Automotive/Truck Parts & Equipment - Original | |||
Man Wah Holdings, Ltd. | 3.28% | ||
Retail - Home Furnishings | |||
Total Top 10 Equity Holdings | 53.51% |
Country Distribution* Based on Total Investments | December 31, 2017 |
* | 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. |
U.S. Government Securities Ultra-Short Bond | |
Portfolio of Investments | December 31, 2017 |
United States Government and Agency Obligations 98.04% | Coupon Rate % | Maturity Date | Principal Amount | Value | |||||||||
Federal Farm Credit Bank 43.76% | |||||||||||||
Fixed Rates: | |||||||||||||
5.05 | 06/22/18 | $ | 500,000 | $ | 508,275 | ||||||||
1.95 | 08/28/18 | 100,000 | 100,181 | ||||||||||
Floating Rates: | |||||||||||||
(Federal Reserve Bank Prime Loan + (3.08)%) | 1.42 | 03/11/19 | 7,000,000 | 7,001,548 | |||||||||
(U.S. Treasury 3 Month Bill Money Market Yield + 0.15%) | 1.60 | 04/12/19 | 3,000,000 | 3,004,776 | |||||||||
(U.S. Treasury 3 Month Bill Money Market Yield + 0.09%) | 1.54 | 06/19/19 | 8,000,000 | 8,011,619 | |||||||||
(USD 1 Month LIBOR + 0.03%) | 1.56 | 03/22/18 | 3,000,000 | 3,001,328 | |||||||||
21,627,727 | |||||||||||||
Federal Home Loan Bank 49.88% | |||||||||||||
Fixed Rates: | |||||||||||||
1.13 | 03/29/18 | 750,000 | 749,529 | ||||||||||
1.13 | 04/25/18 | 5,000,000 | 4,994,820 | ||||||||||
1.00 | 06/12/18 | 1,000,000 | 997,436 | ||||||||||
5.38 | 08/15/18 | 480,000 | 490,919 | ||||||||||
1.00 | 08/28/18 | 4,000,000 | 3,981,552 | ||||||||||
1.75 | 12/14/18 | 3,000,000 | 2,997,363 | ||||||||||
1.50 | 03/08/19 | 4,000,000 | 3,979,924 | ||||||||||
1.50 | 04/26/19 | 5,500,000 | 5,473,375 | ||||||||||
1.20 | 05/23/19 | 1,000,000 | 990,220 | ||||||||||
24,655,138 | |||||||||||||
Tennessee Valley Authority 4.40% | |||||||||||||
Fixed Rates: | |||||||||||||
1.75 | 10/15/18 | 2,174,000 | 2,174,429 | ||||||||||
Investments, at value 98.04% | 48,457,294 | ||||||||||||
(cost $48,519,073) | |||||||||||||
Other assets and liabilities, net 1.96% | 969,447 | ||||||||||||
Net Assets 100.00% | $ | 49,426,741 |
Near-Term Tax Free Fund | |
Portfolio of Investments | December 31, 2017 |
Municipal Bonds 99.23% | Coupon Rate % | Maturity Date | Principal Amount | Value | |||||||||
Alabama 1.61% | |||||||||||||
City of Bessemer Electric Revenue, Alabama, Refunding, RB AGM | 3.10 | 12/01/21 | $ | 100,000 | $ | 103,209 | |||||||
City of Pelham, Alabama, GO Unlimited | 2.00 | 02/01/18 | 130,000 | 130,060 | |||||||||
Limestone County Water & Sewer Authority, Alabama, Refunding, RB | 2.25 | 12/01/21 | 365,000 | 366,847 | |||||||||
University of South Alabama, Alabama, Refunding, RB | 5.00 | 11/01/18 | 500,000 | 514,040 | |||||||||
1,114,156 | |||||||||||||
Alaska 0.87% | |||||||||||||
Municipality of Anchorage, Alaska, GO Unlimited, Series A | 5.00 | 09/01/26 | 500,000 | 598,960 | |||||||||
Arizona 0.62% | |||||||||||||
City of Tempe, Arizona, GO Unlimited, Series A | 2.00 | 07/01/19 | 220,000 | 221,555 | |||||||||
McAllister Academic Village, LLC, Arizona State University Hassayampa, Arizona, Refunding, RB | 5.75 | 07/01/18 | 200,000 | 204,252 | |||||||||
425,807 | |||||||||||||
Arkansas 1.96% | |||||||||||||
Atkins School District No. 18, Arkansas, Refunding, GO Limited | 1.00 | 02/01/19 | 420,000 | 415,510 | |||||||||
Cave City School District No. 2-A, Arkansas, Refunding, GO Limited | 1.00 | 02/01/19 | 260,000 | 256,802 | |||||||||
City of Hot Springs Wastewater Revenue, Arkansas, RB | 4.00 | 12/01/19 | 510,000 | 530,783 | |||||||||
Paris School District No. 7, Arkansas, Refunding, GO Limited | 1.00 | 06/01/18 | 150,000 | 149,407 | |||||||||
1,352,502 | |||||||||||||
California 0.99% | |||||||||||||
California Statewide Communities Development Authority, Enloe Medical Center, California, RB, Series A | 5.25 | 08/15/18 | 340,000 | 348,109 | |||||||||
Newman-Crows Landing Unified School District, California, Refunding, GO Unlimited AGM | 4.00 | 08/01/19 | 115,000 | 119,283 | |||||||||
Riverside County Redevelopment Successor Agency, California, Refunding, Tax Allocation Bond | 5.00 | 10/01/19 | 200,000 | 211,576 | |||||||||
State of California, California, GO Unlimited | 5.00 | 12/01/19 | 5,000 | 5,013 | |||||||||
683,981 |
Near-Term Tax Free Fund | |
Portfolio of Investments | December 31, 2017 |
Municipal Bonds (cont’d) | Coupon Rate % | Maturity Date | Principal Amount | Value | |||||||||
Colorado 1.78% | |||||||||||||
City & County of Denver Airport System Revenue, Colorado, RB, Series B | 5.00 | 11/15/27 | $ | 300,000 | $ | 346,656 | |||||||
City of Glendale, Colorado, Refunding, COP AGM | 5.00 | 12/01/25 | 750,000 | 885,075 | |||||||||
1,231,731 | |||||||||||||
District of Columbia 0.46% | |||||||||||||
District of Columbia, District of Columbia, RB, Series A | 5.25 | 12/01/27 | 300,000 | 320,232 | |||||||||
Florida 5.44% | |||||||||||||
Citizens Property Insurance Corp., Senior Secured, Coastal Account, Florida, RB, Series A-1 | 4.00 | 06/01/18 | 100,000 | 101,023 | |||||||||
City of Jacksonville, Florida, Refunding, RB, Series C | 5.00 | 10/01/20 | 270,000 | 294,241 | |||||||||
City of Leesburg, Florida, Refunding, RB | 5.00 | 10/01/21 | 405,000 | 449,230 | |||||||||
City of Margate Water & Sewer Revenue, Florida, Refunding, RB AGM | 4.00 | 10/01/19 | 250,000 | 259,662 | |||||||||
City of Miramar, Florida, Refunding, RB | 5.00 | 10/01/22 | 305,000 | 348,289 | |||||||||
County of St. Johns, Florida, Refunding, RB AGM | 5.00 | 10/01/20 | 310,000 | 335,832 | |||||||||
Escambia County Health Facilities Authority, Baptist Hospital, Inc. Project, Florida, RB, Series A | 5.00 | 08/15/19 | 290,000 | 304,477 | |||||||||
Florida Department of Management Services, Florida, Refunding, COP, Series A | 5.00 | 08/01/19 | 500,000 | 527,020 | |||||||||
Florida Department of Management Services, Florida, COP, Series A | 5.00 | 08/01/24 | 340,000 | 350,288 | |||||||||
Hillsborough County School Board, Florida, Refunding, COP, Series A | 4.25 | 07/01/25 | 300,000 | 315,969 | |||||||||
Miami-Dade County Expressway Authority, Florida, RB, Series A | 5.00 | 07/01/21 | 430,000 | 476,707 | |||||||||
3,762,738 | |||||||||||||
Georgia 2.20% | |||||||||||||
Carroll City-County Hospital Authority, Tanner Medical Center, Inc. Project, Georgia, RB | 5.00 | 07/01/18 | 600,000 | 610,308 | |||||||||
Gwinnett County Hospital Authority, Georgia, RB, Series B AGM | 5.00 | 07/01/18 | 250,000 | 254,208 | |||||||||
Municipal Gas Authority of Georgia, Toccoa Project, Georgia, Refunding, RB AGM | 5.00 | 06/01/22 | 600,000 | 656,976 | |||||||||
1,521,492 |
Near-Term Tax Free Fund | |
Portfolio of Investments | December 31, 2017 |
Municipal Bonds (cont’d) | Coupon Rate % | Maturity Date | Principal Amount | Value | |||||||||
Idaho 0.36% | |||||||||||||
Idaho Housing & Finance Association, Grant & Revenue Anticipation, Federal Highway Trust Fund, Idaho, RB, Series A | 5.00 | 07/15/21 | $ | 225,000 | $ | 249,377 | |||||||
Illinois 5.16% | |||||||||||||
Chicago Board of Education, Illinois, GO Unlimited, Series A NATL | 5.25 | 12/01/19 | 300,000 | 314,493 | |||||||||
Chicago O'Hare International Airport, Gen-Third Lien, Illinois, RB, Series C AGC | 5.25 | 01/01/23 | 250,000 | 266,265 | |||||||||
Clinton Bond Fayette Etc Counties Community College District No. 501 Kaskaskia, Illinois, Refunding, GO Unlimited | 5.75 | 12/01/19 | 500,000 | 534,390 | |||||||||
County of Du Page, Jail Project, Illinois, Refunding, GO Unlimited | 5.60 | 01/01/21 | 270,000 | 286,179 | |||||||||
Du Page County School District No. 33 West Chicago, Illinois, Refunding, GO Unlimited, Series B | 4.00 | 12/01/21 | 1,000,000 | 1,075,260 | |||||||||
Metropolitan Pier & Exposition Authority, Illinois, Refunding, RB NATL ◊ | 1.70 | 06/15/18 | 400,000 | 397,300 | |||||||||
Metropolitan Pier & Exposition Authority, Illinois, Refunding, RB NATL ◊ | 1.70 | 06/15/18 | 15,000 | 14,816 | |||||||||
Regional Transportation Authority, Illinois, RB, Series A, AMBAC | 7.20 | 11/01/20 | 95,000 | 104,191 | |||||||||
Village of Fox Lake, Debt Certificates, Illinois, RB, Series B | 3.00 | 11/01/19 | 265,000 | 270,448 | |||||||||
Will Grundy Etc Counties Community College District No. 525, Joliet Junior College, Illinois, GO Unlimited | 6.25 | 06/01/22 | 300,000 | 305,838 | |||||||||
3,569,180 | |||||||||||||
Indiana 1.40% | |||||||||||||
Clark-Pleasant School Building Corp., Indiana, Refunding, RB | 5.00 | 01/15/19 | 275,000 | 284,716 | |||||||||
Indianapolis Local Public Improvement Bond Bank, Waterworks Project, Indiana, Prefunding, RB, Series 2007-L NATL | 5.25 | 01/01/33 | 305,000 | 305,000 | |||||||||
Merrillville Redevelopment Authority, Indiana, Tax Allocation Bond | 5.00 | 08/15/20 | 350,000 | 377,653 | |||||||||
967,369 |
Near-Term Tax Free Fund | |
Portfolio of Investments | December 31, 2017 |
Municipal Bonds (cont’d) | Coupon Rate % | Maturity Date | Principal Amount | Value | |||||||||
Iowa 0.93% | |||||||||||||
City of Clive, Iowa, Refunding, GO Unlimited, Series A | 2.00 | 06/01/19 | $ | 235,000 | $ | 236,469 | |||||||
Iowa State Board of Regents, University of Iowa Hospitals and Clinics, Iowa, Refunding, RB, Series A | 3.00 | 09/01/19 | 400,000 | 408,608 | |||||||||
645,077 | |||||||||||||
Kentucky 0.81% | |||||||||||||
Louisville & Jefferson County Metropolitan Sewer District, Kentucky, RB, Series A | 5.00 | 05/15/23 | 500,000 | 560,690 | |||||||||
Louisiana 1.32% | |||||||||||||
State of Louisiana, Louisiana, Prefunding, GO Unlimited, Series A | 5.00 | 08/01/26 | 800,000 | 911,624 | |||||||||
Michigan 4.86% | |||||||||||||
City of Wyoming, Water Supply System, Michigan, Refunding, RB | 4.00 | 06/01/20 | 215,000 | 225,537 | |||||||||
Detroit Local Development Finance Authority, Michigan, Refunding, Tax Allocation Bond, Series A | 5.38 | 05/01/18 | 35,000 | 34,999 | |||||||||
Gibraltar School District, Michigan, Refunding, GO Unlimited AGM | 5.00 | 05/01/21 | 475,000 | 509,376 | |||||||||
Michigan Public Power Agency, AFEC Project, Michigan, RB, Series A | 4.50 | 01/01/19 | 280,000 | 287,109 | |||||||||
Michigan State Hospital Finance Authority, Trinity Health, Michigan, RB, Series A | 6.00 | 12/01/18 | 200,000 | 207,924 | |||||||||
Oxford Area Community School District, Michigan, Refunding, GO Unlimited, Series A Q-SBLF | 5.00 | 05/01/22 | 365,000 | 413,574 | |||||||||
Portage Public Schools, School Building & Site, Michigan, Prefunding, GO Unlimited AGM | 5.00 | 05/01/20 | 300,000 | 303,561 | |||||||||
Romeo Community School District, Michigan, Refunding, GO Unlimited Q-SBLF | 3.00 | 05/01/18 | 500,000 | 502,270 | |||||||||
State of Michigan Trunk Line Revenue, Michigan, Refunding, RB | 4.50 | 11/01/26 | 105,000 | 110,073 | |||||||||
Wayne County Airport Authority, Detroit Metropolitan Airport, Michigan, Refunding, RB, Series C | 4.00 | 12/01/19 | 255,000 | 266,029 | |||||||||
Zeeland Public Schools, Michigan, Refunding, GO Unlimited | 5.00 | 05/01/18 | 490,000 | 495,738 | |||||||||
3,356,190 |
Near-Term Tax Free Fund | |
Portfolio of Investments | December 31, 2017 |
Municipal Bonds (cont’d) | Coupon Rate % | Maturity Date | Principal Amount | Value | |||||||||
Minnesota 0.30% | |||||||||||||
Lake Washington Sanitary District, Minnesota, GO Unlimited, Series A AGM | 2.00 | 02/01/18 | $ | 205,000 | $ | 205,102 | |||||||
Mississippi 0.58% | |||||||||||||
Rankin County School District, Mississippi, Refunding, GO Limited | 2.00 | 08/01/19 | 400,000 | 402,668 | |||||||||
Missouri 3.61% | |||||||||||||
City of Kansas City, Missouri, Refunding, RB, Series B | 5.00 | 08/01/19 | 650,000 | 683,039 | |||||||||
City of Kansas City Water Revenue, Missouri, RB, Series F AGM | 4.00 | 12/01/22 | 250,000 | 275,490 | |||||||||
County of Jackson, Truman Sports Complex Project, Special Obligation, Missouri, Refunding, RB | 5.00 | 12/01/18 | 215,000 | 221,504 | |||||||||
Missouri State Board of Public Buildings, Missouri, RB, Series A | 3.00 | 04/01/26 | 750,000 | 786,878 | |||||||||
Missouri State Regional Convention & Sports Complex Authority, Missouri, Refunding, RB, Series A | 5.00 | 08/15/19 | 500,000 | 527,100 | |||||||||
2,494,011 | |||||||||||||
Nevada 0.48% | |||||||||||||
Las Vegas Valley Water District, Nevada, Refunding, GO Limited, Series D | 5.00 | 06/01/27 | 315,000 | 329,881 | |||||||||
New Hampshire 0.58% | |||||||||||||
New Hampshire Health and Education Facilities Authority Act, Southern New Hampshire University, New Hampshire, RB | 5.00 | 01/01/18 | 400,000 | 400,000 | |||||||||
New Jersey 3.75% | |||||||||||||
Camden County Improvement Authority, New Jersey, Refunding, RB | 4.00 | 01/15/18 | 600,000 | 600,516 | |||||||||
City of Atlantic City, Tax Appeal, New Jersey, Refunding, GO Unlimited | 4.00 | 11/01/18 | 500,000 | 496,870 | |||||||||
Hudson County Improvement Authority, North Hudson Regional Fire, New Jersey, Refunding, RB, Series A AGM | 5.63 | 09/01/18 | 400,000 | 410,564 |
Near-Term Tax Free Fund | |
Portfolio of Investments | December 31, 2017 |
Municipal Bonds (cont’d) | Coupon Rate % | Maturity Date | Principal Amount | Value | |||||||||
New Jersey (cont’d) | |||||||||||||
Middlesex County Improvement Authority, New Jersey, RB | 5.00 | 07/01/25 | $ | 425,000 | $ | 514,645 | |||||||
Passaic Valley Sewerage Commission, New Jersey, RB, Series G | 5.75 | 12/01/21 | 500,000 | 568,375 | |||||||||
2,590,970 | |||||||||||||
New York 9.54% | |||||||||||||
City of New York, New York, GO Unlimited, Series B | 5.00 | 08/01/19 | 400,000 | 420,972 | |||||||||
City of New York, New York, GO Unlimited, Series E | 5.25 | 08/01/22 | 875,000 | 1,007,484 | |||||||||
City of New York, New York, GO Unlimited, Series I | 5.00 | 08/01/22 | 1,000,000 | 1,140,470 | |||||||||
Greece Central School District, New York, GO Unlimited | 2.00 | 06/15/19 | 455,000 | 458,381 | |||||||||
Long Island Power Authority, New York, RB, Series B | 5.00 | 09/01/21 | 465,000 | 516,782 | |||||||||
Nassau County Industrial Development Agency, New York Institute of Technology Project, New York, Refunding, RB, Series A | 5.00 | 03/01/21 | 350,000 | 374,629 | |||||||||
New York State Dormitory Authority, New York, Refunding, RB, Series B | 5.00 | 02/15/26 | 750,000 | 916,530 | |||||||||
New York State Urban Development Corp., New York, RB, Series A-2 NATL | 5.50 | 03/15/19 | 615,000 | 644,206 | |||||||||
New York State Urban Development Corp., New York, Refunding, RB, Series D | 5.50 | 01/01/19 | 250,000 | 259,783 | |||||||||
Sodus Central School District, New York, Refunding, GO Unlimited | 3.00 | 06/15/18 | 640,000 | 644,256 | |||||||||
Town of North Castle, Public Improvement, New York, GO Unlimited | 3.88 | 12/01/22 | 210,000 | 210,477 | |||||||||
6,593,970 | |||||||||||||
North Carolina 2.47% | |||||||||||||
City of Charlotte, Equipment Acquisition & Public Facilities, North Carolina, COP, Series A | 5.00 | 10/01/21 | 1,000,000 | 1,090,350 | |||||||||
County of Beaufort, North Carolina, RB | 5.00 | 06/01/21 | 200,000 | 220,102 | |||||||||
North Carolina Municipal Power Agency No. 1, North Carolina, Refunding, RB | 5.25 | 01/01/20 | 400,000 | 400,000 | |||||||||
1,710,452 | |||||||||||||
Ohio 2.13% | |||||||||||||
City of Cleveland Parking Facility Revenue, Ohio, Refunding, RB AGM | 5.25 | 09/15/22 | 130,000 | 149,678 | |||||||||
City of Columbus, Ohio, GO Limited, Series B | 4.00 | 04/01/26 | 325,000 | 372,574 | |||||||||
County of Erie, Ohio, Refunding, GO Limited | 4.25 | 10/01/25 | 305,000 | 349,539 |
Near-Term Tax Free Fund | |
Portfolio of Investments | December 31, 2017 |
Municipal Bonds (cont’d) | Coupon Rate % | Maturity Date | Principal Amount | Value | |||||||||
Ohio (cont’d) | |||||||||||||
County of Hamilton, Ohio, Refunding, GO Limited, Series A | 5.00 | 12/01/24 | $ | 500,000 | $ | 599,575 | |||||||
1,471,366 | |||||||||||||
Oklahoma 0.47% | |||||||||||||
Oklahoma Agricultural & Mechanical Colleges, Oklahoma State University, Oklahoma, RB, Series A | 5.00 | 08/01/21 | 300,000 | 323,676 | |||||||||
Oregon 0.31% | |||||||||||||
Oregon State Facilities Authority, Legacy Health Project, Oregon, Refunding, RB, Series A | 4.50 | 05/01/20 | 200,000 | 212,960 | |||||||||
Pennsylvania 3.98% | |||||||||||||
Allegheny County Sanitary Authority, Pennsylvania, Refunding, RB AGM | 5.00 | 06/01/19 | 700,000 | 731,962 | |||||||||
Delaware Valley Regional Finance Authority, Permanently Fixed Business Development Services, Pennsylvania, RB, AMBAC | 5.50 | 08/01/18 | 295,000 | 301,741 | |||||||||
Pocono Mountain School District, Pennsylvania, Refunding, GO Limited AGM | 4.00 | 09/01/25 | 300,000 | 337,422 | |||||||||
Reading School District, Pennsylvania, GO Unlimited, Series A | 5.00 | 04/01/20 | 400,000 | 425,016 | |||||||||
The School District of Philadelphia, Pennsylvania, Refunding, GO Unlimited, Series E | 5.25 | 09/01/24 | 625,000 | 665,468 | |||||||||
Wilkes-Barre Finance Authority, University of Scranton, Pennsylvania, Refunding, RB, Series A | 5.00 | 11/01/19 | 275,000 | 290,084 | |||||||||
2,751,693 | |||||||||||||
South Carolina 1.35% | |||||||||||||
Spartanburg Regional Health Services District, South Carolina, Refunding, RB, Series A | 5.00 | 04/15/19 | 600,000 | 624,312 | |||||||||
Spartanburg Sanitation Sewer District, South Carolina, RB, Series A AGC | 3.50 | 03/01/19 | 300,000 | 306,561 | |||||||||
930,873 |
Near-Term Tax Free Fund | |
Portfolio of Investments | December 31, 2017 |
Municipal Bonds (cont’d) | Coupon Rate % | Maturity Date | Principal Amount | Value | |||||||||
Tennessee 0.31% | |||||||||||||
City of Memphis Sanitary Sewerage System Revenue, Tennessee, Refunding, RB AGM | 5.00 | 05/01/20 | $ | 200,000 | $ | 215,138 | |||||||
Texas 28.06% | |||||||||||||
Aldine Independent School District, Texas, Refunding, GO Unlimited PSF-GTD | 5.00 | 02/15/26 | 750,000 | 915,270 | |||||||||
Bryan Independent School District, Texas, GO Unlimited, Series A PSF-GTD | 5.00 | 02/15/22 | 410,000 | 462,349 | |||||||||
City of Arlington, Certificates of Obligation, Texas, GO Limited, Series B | 2.00 | 08/15/19 | 500,000 | 503,335 | |||||||||
City of Baytown, Certificates of Obligation, Texas, GO Limited | 4.00 | 02/01/26 | 750,000 | 851,775 | |||||||||
City of Cedar Hill, Texas, Refunding, GO Limited | 5.00 | 02/15/22 | 800,000 | 899,088 | |||||||||
City of Center, Certificates of Obligation, Texas, GO Limited AGM ◊ | 3.07 | 02/15/20 | 150,000 | 144,387 | |||||||||
City of Denton, Texas, Refunding, GO Limited | 5.00 | 02/15/19 | 500,000 | 519,300 | |||||||||
City of Fort Worth Water & Sewer System Revenue, Texas, Refunding, RB | 5.00 | 02/15/19 | 800,000 | 831,424 | |||||||||
City of Garland, Texas, Refunding, GO Limited | 5.00 | 02/15/25 | 650,000 | 693,699 | |||||||||
City of Longview Waterworks & Sewer System Revenue, Texas, Refunding, RB | 3.00 | 03/01/22 | 610,000 | 634,229 | |||||||||
City of Pharr, Texas, Refunding, GO Limited, Series A | 5.00 | 08/15/20 | 285,000 | 307,518 | |||||||||
City of Plano, Texas, Refunding, GO Limited | 5.00 | 09/01/19 | 1,000,000 | 1,056,510 | |||||||||
City of Round Rock, Texas, Refunding, GO Limited | 2.00 | 08/15/19 | 465,000 | 468,399 | |||||||||
City of Texarkana, Texas, Refunding, GO Limited | 5.00 | 02/15/21 | 320,000 | 351,302 | |||||||||
City of Texarkana Waterworks & Sanitary Sewer System Revenue, Texas, RB | 3.00 | 08/01/19 | 90,000 | 91,983 | |||||||||
City of Texarkana Waterworks & Sanitary Sewer System Revenue, Texas, RB | 3.00 | 08/01/20 | 95,000 | 97,616 | |||||||||
Clear Lake City Water Authority, Waterworks & Sewer System, Texas, GO Unlimited | 3.00 | 03/01/19 | 125,000 | 127,149 | |||||||||
Corpus Christi Business & Job Development Corp., Seawall Project, Texas, Refunding, RB | 5.00 | 03/01/20 | 350,000 | 373,012 | |||||||||
County of Hays, Texas, Prefunding, GO Limited | 5.00 | 02/15/23 | 500,000 | 502,070 | |||||||||
Culberson County-Allamoore Independent School District, Texas, GO Unlimited PSF-GTD | 3.00 | 02/15/19 | 860,000 | 874,319 | |||||||||
Dimmitt Independent School District, Texas, GO Unlimited PSF-GTD | 3.00 | 02/15/22 | 305,000 | 317,728 |
Near-Term Tax Free Fund | |
Portfolio of Investments | December 31, 2017 |
Municipal Bonds (cont’d) | Coupon Rate % | Maturity Date | Principal Amount | Value | |||||||||
Texas (cont’d) | |||||||||||||
Harris County Municipal Utility District No. 382, Texas, Refunding, GO Unlimited BAM | 3.00 | 04/01/22 | $ | 305,000 | $ | 312,113 | |||||||
Houston Community College System, Texas, GO Limited | 5.00 | 02/15/19 | 755,000 | 784,656 | |||||||||
Lower Colorado River Authority, LCRA Transmission Services Corp., Texas, Refunding, RB, Series A | 5.00 | 05/15/21 | 500,000 | 552,200 | |||||||||
Lubbock-Cooper Independent School District, Texas, GO Unlimited PSF-GTD | 3.00 | 02/15/22 | 755,000 | 791,399 | |||||||||
Montgomery County Municipal Utility District No. 119, Texas, GO Unlimited, Series A AGM | 4.00 | 04/01/18 | 315,000 | 316,742 | |||||||||
North Texas Tollway Authority, Texas, Refunding, RB, Series F | 5.75 | 01/01/38 | 300,000 | 300,000 | |||||||||
Olmos Park Higher Education Facilities Corp., University of the Incarnate Word, Texas, Refunding, RB | 5.00 | 12/01/21 | 500,000 | 552,975 | |||||||||
San Antonio Water System, Texas, Refunding, RB | 4.50 | 05/15/21 | 400,000 | 435,668 | |||||||||
State of Texas, Texas, Refunding, GO Unlimited | 5.00 | 10/01/20 | 1,150,000 | 1,253,247 | |||||||||
Texas State Public Finance Authority Charter School Finance Corp., Texas, Prefunding, RB, Series A | 6.20 | 02/15/40 | 2,000,000 | 2,180,160 | |||||||||
Town of Addison, Certificates of Obligation, Texas, Prefunding, GO Limited | 4.00 | 02/15/20 | 250,000 | 250,775 | |||||||||
Town of Addison, Certificates of Obligation, Texas, Prefunding, GO Limited | 4.50 | 02/15/28 | 140,000 | 140,515 | |||||||||
Travis County Water Control & Improvement District No. 10, Texas, GO Unlimited | 2.00 | 08/15/19 | 500,000 | 503,575 | |||||||||
19,396,487 | |||||||||||||
Utah 1.70% | |||||||||||||
County of Davis, Utah, Refunding, GO Unlimited | 5.00 | 02/01/19 | 200,000 | 207,564 | |||||||||
County of Weber, Utah, GO Unlimited | 4.00 | 01/15/22 | 430,000 | 467,866 | |||||||||
Utah State Building Ownership Authority, State Facilities Master Lease Program, Utah, Refunding, RB, Series C AGM | 5.50 | 05/15/19 | 180,000 | 183,557 | |||||||||
Washington County-St George Interlocal Agency, Utah, Refunding, RB, Series A | 4.00 | 12/01/19 | 300,000 | 312,801 | |||||||||
1,171,788 |
Near-Term Tax Free Fund | |
Portfolio of Investments | December 31, 2017 |
Municipal Bonds (cont’d) | Coupon Rate % | Maturity Date | Principal Amount | Value | |||||||||
Virginia 0.81% | |||||||||||||
City of Lynchburg, Virginia, Refunding, GO Unlimited | 5.00 | 02/01/19 | $ | 540,000 | $ | 560,423 | |||||||
Washington 7.67% | |||||||||||||
County of Cowlitz, Washington, Refunding, GO Limited, Series A | 3.00 | 04/01/18 | 195,000 | 195,760 | |||||||||
County of Thurston, Washington, Refunding, GO Limited | 5.00 | 12/01/20 | 1,625,000 | 1,780,058 | |||||||||
Spokane Public Facilities District, Washington, Refunding, RB, Series B | 5.00 | 12/01/21 | 950,000 | 1,060,865 | |||||||||
State of Washington, Washington, Refunding, GO Unlimited, Series A | 5.00 | 01/01/19 | 1,000,000 | 1,035,230 | |||||||||
State of Washington, Motor Vehicle Fuel Tax, Washington, GO Unlimited, Series C | 5.00 | 02/01/19 | 830,000 | 861,482 | |||||||||
Tacoma Metropolitan Park District, Washington, Refunding, GO Unlimited, Series B | 4.00 | 12/01/19 | 355,000 | 371,106 | |||||||||
5,304,501 | |||||||||||||
Wisconsin 0.36% | |||||||||||||
Waunakee Community School District, Wisconsin, GO Unlimited, Series A | 5.00 | 04/01/18 | 250,000 | 252,157 | |||||||||
Investments, at value 99.23% | 68,589,222 | ||||||||||||
(cost $68,769,816) | |||||||||||||
Other assets and liabilities, net 0.77% | 530,515 | ||||||||||||
Net Assets 100.00% | $ | 69,119,737 |
All American Equity Fund | |
Portfolio of Investments | December 31, 2017 |
Common Stocks 91.84% | Shares | Value | ||||||
Aerospace/Defense 4.26% | ||||||||
The Boeing Co. | 2,300 | $ | 678,293 | |||||
Airlines 3.41% | ||||||||
Southwest Airlines Co. | 8,300 | 543,235 | ||||||
Apparel Manufacturers 2.18% | ||||||||
Hanesbrands, Inc. | 16,600 | 347,106 | ||||||
Beverages - Wine/Spirits 3.44% | ||||||||
Constellation Brands, Inc., Class A | 2,400 | 548,568 | ||||||
Commercial Services - Finance 3.67% | ||||||||
Total System Services, Inc. | 7,400 | 585,266 | ||||||
Computer Services 3.69% | ||||||||
DXC Technology Co. | 6,200 | 588,380 | ||||||
Cosmetics & Toiletries 3.43% | ||||||||
The Estee Lauder Cos., Inc. | 4,300 | 547,132 | ||||||
Dental Supplies & Equipment 3.14% | ||||||||
DENTSPLY SIRONA, Inc. | 7,600 | 500,308 | ||||||
Diversified Banking Institution 6.36% | ||||||||
Citigroup, Inc. | 7,000 | 520,870 | ||||||
Morgan Stanley | 9,400 | 493,218 | ||||||
1,014,088 | ||||||||
Electronic Components - Semiconductors 5.83% | ||||||||
Broadcom, Ltd. | 1,500 | 385,350 | ||||||
Texas Instruments, Inc. | 5,200 | 543,088 | ||||||
928,438 | ||||||||
Electronic Secure Devices 2.85% | ||||||||
Allegion PLC | 5,700 | 453,492 | ||||||
Finance - Credit Card 7.44% | ||||||||
Discover Financial Services | 7,700 | 592,284 | ||||||
Visa, Inc., Class A | 5,200 | 592,904 | ||||||
1,185,188 |
All American Equity Fund | |
Portfolio of Investments | December 31, 2017 |
Common Stocks (cont'd) | Shares | Value | ||||||
Gold Mining 2.31% | ||||||||
Newmont Mining Corp. | 9,800 | $ | 367,696 | |||||
Medical - Biomedical/Genetics 2.51% | ||||||||
Amgen, Inc. | 2,300 | 399,970 | ||||||
Medical - HMO 2.65% | ||||||||
Humana, Inc. | 1,700 | 421,719 | ||||||
Medical Labs & Testing Services 2.41% | ||||||||
Quest Diagnostics, Inc. | 3,900 | 384,111 | ||||||
Oil Companies - Exploration & Production 2.64% | ||||||||
Cabot Oil & Gas Corp. | 14,700 | 420,420 | ||||||
Oil Refining & Marketing 6.78% | ||||||||
Marathon Petroleum Corp. | 8,700 | 574,026 | ||||||
Phillips 66 | 5,000 | 505,750 | ||||||
1,079,776 | ||||||||
REITS - Diversified 2.86% | ||||||||
American Tower Corp. REIT | 3,200 | 456,544 | ||||||
Retail - Building Products 3.45% | ||||||||
The Home Depot, Inc. | 2,900 | 549,637 | ||||||
Retail - Drug Store 1.73% | ||||||||
CVS Health Corp. | 3,800 | 275,500 | ||||||
Retail - Jewelry 1.99% | ||||||||
Signet Jewelers, Ltd. | 5,600 | 316,680 | ||||||
Retail - Major Dept Store 3.26% | ||||||||
The TJX Cos., Inc. | 6,800 | 519,928 | ||||||
Semiconductor Equipment 3.12% | ||||||||
Lam Research Corp. | 2,700 | 496,989 | ||||||
Supranational Bank 3.27% | ||||||||
Comerica, Inc. | 6,000 | 520,860 |
All American Equity Fund | |
Portfolio of Investments | December 31, 2017 |
Common Stocks (cont'd) | Shares | Value | ||||||
Water 3.16% | ||||||||
American Water Works Co., Inc. | 5,500 | $ | 503,195 | |||||
Total Common Stocks | 14,632,519 | |||||||
(cost $14,033,750) | ||||||||
Rights 0.00% | ||||||||
Food - Retail 0.00% | ||||||||
Casa Ley, S.A. de C.V., Contingent Value Right #*@ | 7,200 | 0 | ||||||
Property Development Centers, LLC, Contingent Value Right #*@ | 7,200 | 0 | ||||||
0 | ||||||||
Total Rights | 0 | |||||||
(cost $0) | �� | |||||||
Exchange Traded Funds 6.89% | ||||||||
Consumer Discretionary Select Sector SPDR Fund ETF | 1,100 | 108,559 | ||||||
Direxion Daily S&P 500 Bull 3X ETF | 14,000 | 620,620 | ||||||
Energy Select Sector SPDR Fund ETF | 600 | 43,356 | ||||||
Financial Select Sector SPDR Fund ETF | 5,300 | 147,923 | ||||||
Technology Select Sector SPDR Fund ETF | 1,700 | 108,715 | ||||||
Utilities Select Sector SPDR Fund ETF | 1,300 | 68,484 | ||||||
Total Exchange Traded Funds | 1,097,657 | |||||||
(cost $1,056,538) | ||||||||
Investments, at value 98.73% | 15,730,176 | |||||||
(cost $15,090,288) | ||||||||
Other assets and liabilities, net 1.27% | 201,737 | |||||||
Net Assets 100.00% | $ | 15,931,913 |
Holmes Macro Trends Fund | |
Portfolio of Investments | December 31, 2017 |
Common Stocks 88.54% | Shares | Value | ||||||
Applications Software 2.48% | ||||||||
CDK Global, Inc. | 14,500 | $ | 1,033,560 | |||||
Bicycle Manufacturing 2.14% | ||||||||
Fox Factory Holding Corp. * | 22,900 | 889,665 | ||||||
Brewery 3.25% | ||||||||
The Boston Beer Co., Inc., Class A * | 7,067 | 1,350,504 | ||||||
Building - Residential/Commercial 4.17% | ||||||||
LGI Homes, Inc. * | 23,100 | 1,733,193 | ||||||
Building & Construction Products - Miscellaneous 4.17% | ||||||||
Trex Co., Inc. * | 16,000 | 1,734,240 | ||||||
Building Products - Air & Heating 4.46% | ||||||||
Lennox International, Inc. | 8,900 | 1,853,514 | ||||||
Casino Hotels 5.92% | ||||||||
Wynn Resorts, Ltd. | 14,600 | 2,461,414 | ||||||
Chemicals - Specialty 3.64% | ||||||||
Valvoline, Inc. | 60,500 | 1,516,130 | ||||||
Commercial Services 4.78% | ||||||||
Medifast, Inc. | 28,500 | 1,989,585 | ||||||
Commercial Services - Finance 4.93% | ||||||||
S&P Global, Inc. | 12,100 | 2,049,740 | ||||||
Consumer Products - Miscellaneous 3.78% | ||||||||
Kimberly-Clark Corp. | 5,900 | 711,894 | ||||||
WD-40 Co. | 7,300 | 861,400 | ||||||
1,573,294 | ||||||||
Distribution/Wholesale 4.46% | ||||||||
Pool Corp. | 14,300 | 1,853,995 | ||||||
Electronic Secure Devices 2.39% | ||||||||
Allegion PLC | 12,500 | 994,500 | ||||||
Energy - Alternate Sources 0.00% | ||||||||
Pacific Green Energy Corp. #*@ | 100,000 | 0 |
Holmes Macro Trends Fund | |
Portfolio of Investments | December 31, 2017 |
Common Stocks (cont'd) | Shares | Value | ||||||
Food - Miscellaneous/Diversified 3.31% | ||||||||
Lamb Weston Holdings, Inc. | 24,400 | $ | 1,377,380 | |||||
Golf 2.68% | ||||||||
Callaway Golf Co. | 79,900 | 1,113,007 | ||||||
Medical - Drugs 3.01% | ||||||||
Supernus Pharmaceuticals, Inc. * | 31,400 | 1,251,290 | ||||||
Medical - Hospitals 0.00% | ||||||||
African Medical Investments PLC #*@ | 1,000,000 | 0 | ||||||
Oil Companies - Exploration & Production 1.10% | ||||||||
PentaNova Energy Corp. * | 1,000,000 | 306,285 | ||||||
PentaNova Energy Corp., 144A #*∆ | 500,000 | 153,142 | ||||||
459,427 | ||||||||
Real Estate Management/Services 6.38% | ||||||||
HFF, Inc. | 54,600 | 2,655,744 | ||||||
Real Estate Operating/Development 0.95% | ||||||||
Pacific Infrastructure, Inc. #*@+ | 426,533 | 394,500 | ||||||
REITS - Diversified 2.00% | ||||||||
Potlatch Corp. REIT | 16,700 | 833,330 | ||||||
Retail - Pet Food & Supplies 4.66% | ||||||||
PetMed Express, Inc. | 42,600 | 1,938,300 | ||||||
Retail - Restaurants 2.95% | ||||||||
DineEquity, Inc. | 24,152 | 1,225,231 | ||||||
Television 3.30% | ||||||||
AMC Networks, Inc., Class A * | 25,400 | 1,373,632 | ||||||
Tobacco 3.54% | ||||||||
Altria Group, Inc. | 20,600 | 1,471,046 | ||||||
Veterinary Diagnostics 1.92% | ||||||||
Phibro Animal Health Corp. | 23,900 | 800,650 |
Holmes Macro Trends Fund | |
Portfolio of Investments | December 31, 2017 |
Common Stocks (cont'd) | Shares | Value | ||||||
Web Hosting/Design 2.17% | ||||||||
NIC, Inc. | 54,411 | $ | 903,223 | |||||
Total Common Stocks | 36,830,094 | |||||||
(cost $32,919,457) |
Corporate Convertible Bond 0.79% | Coupon Rate % | Maturity Date | Principal Amount | ||||||||||
Gold Mining 0.79% | |||||||||||||
Gran Colombia Gold Corp. (cost $175,840) | 8.00 | 01/02/24 | $ | 332,971 | 327,993 |
Electric - Generation 0.56% | |||||||||||||
Interamerican Energy Corp. #@+ | 15.00 | 11/08/21 | 233,829 | 233,829 | |||||||||
(cost $233,829) |
Exchange Traded Funds 3.91% | Shares | |||||||
Consumer Discretionary Select Sector SPDR Fund ETF | 5,100 | 503,319 | ||||||
Direxion Daily S&P 500 Bull 3X ETF | 4,800 | 212,784 | ||||||
Energy Select Sector SPDR Fund ETF | 1,300 | 93,938 | ||||||
Financial Select Sector SPDR Fund ETF | 14,400 | 401,904 | ||||||
Technology Select Sector SPDR Fund ETF | 4,600 | 294,170 | ||||||
Utilities Select Sector SPDR Fund ETF | 2,300 | 121,164 | ||||||
Total Exchange Traded Funds | 1,627,279 | |||||||
(cost $1,608,315) |
Warrants 0.00% | Exercise Price | Exp. Date | |||||||||||
Gold Mining 0.00% | |||||||||||||
Gran Colombia Gold Corp. * | $ | 48.75 | 03/18/19 | 250 | 12 |
Holmes Macro Trends Fund | |
Portfolio of Investments | December 31, 2017 |
Warrants (cont'd) | Exercise Price | Exp. Date | Shares | Value | |||||||||
Oil Companies - Exploration & Production 0.00% | |||||||||||||
PentaNova Energy Corp., 144A #*@∆ | $ | 1.05 | 07/31/22 | 500,000 | $ | 0 | |||||||
Total Warrants | 12 | ||||||||||||
(cost $0) | |||||||||||||
Investments, at value 93.80% | 39,019,207 | ||||||||||||
(cost $34,937,441) | |||||||||||||
Other assets and liabilities, net 6.20% | 2,578,054 | ||||||||||||
Net Assets 100.00% | $ | 41,597,261 |
Global Resources Fund | |
Portfolio of Investments | December 31, 2017 |
Common Stocks 82.31% | Shares | Value | ||||||
Agricultural Chemicals 1.14% | ||||||||
Terra Nitrogen Co. LP | 13,800 | $ | 1,101,378 | |||||
Agricultural Operations 0.12% | ||||||||
Agriterra, Ltd. * | 698,497 | 116,161 | ||||||
Automotive/Truck Parts & Equipment - Original 1.26% | ||||||||
Magna International, Inc. | 21,400 | 1,212,738 | ||||||
Chemicals - Diversified 5.36% | ||||||||
Braskem SA, ADR | 43,500 | 1,142,310 | ||||||
LyondellBasell Industries NV, Class A | 12,800 | 1,412,096 | ||||||
Sumitomo Seika Chemicals Co., Ltd. | 24,500 | 1,358,827 | ||||||
Tosoh Corp. | 55,350 | 1,248,707 | ||||||
5,161,940 | ||||||||
Chemicals - Fibers 1.77% | ||||||||
Rayonier Advanced Materials, Inc. | 83,200 | 1,701,440 | ||||||
Chemicals - Specialty 3.41% | ||||||||
Daqo New Energy Corp., ADR * | 38,200 | 2,270,608 | ||||||
Kingboard Laminates Holdings, Ltd. | 653,600 | 1,016,748 | ||||||
3,287,356 | ||||||||
Coal 4.96% | ||||||||
Alliance Holdings GP LP | 38,900 | 1,042,131 | ||||||
Alliance Resource Partners LP | 60,600 | 1,193,820 | ||||||
Caribbean Resources Corp. #*@~ | 17 | 0 | ||||||
China Shenhua Energy Co., Ltd., Class H | 483,400 | 1,248,837 | ||||||
Jastrzebska Spolka Weglowa SA * | 46,800 | 1,290,652 | ||||||
Walter Energy, Inc., 144A #*@D | 4,293 | 47 | ||||||
4,775,487 | ||||||||
Coatings/Paint 1.23% | ||||||||
DAI Nippon Toryo Co., Ltd. | 74,200 | 1,184,220 | ||||||
Diamonds/Precious Stones 0.03% | ||||||||
Diamond Fields Resources, Inc. * | 360,000 | 32,935 | ||||||
Rockwell Diamonds, Inc., 144A #*@D | 63,333 | 756 | ||||||
33,691 |
Global Resources Fund | |
Portfolio of Investments | December 31, 2017 |
Common Stocks (cont'd) | Shares | Value | ||||||
Diversified Minerals 5.24% | ||||||||
Anglo American PLC | 67,300 | $ | 1,399,772 | |||||
Caledonia Mining Corp. PLC | 16,028 | 118,447 | ||||||
Dundee Sustainable Technologies, Inc. * | 3,587,500 | 114,161 | ||||||
Encanto Potash Corp., 144A #*D | 3,000,000 | 107,398 | ||||||
Lumina Gold Corp. * | 500,000 | 298,329 | ||||||
Lundin Mining Corp. | 176,900 | 1,176,519 | ||||||
Niocan, Inc., 144A #*D | 362,069 | 31,685 | ||||||
Teck Resources, Ltd. | 57,700 | 1,508,993 | ||||||
VR Resources, Ltd. * | 1,125,000 | 286,396 | ||||||
5,041,700 | ||||||||
Energy - Alternate Sources 3.93% | ||||||||
Pacific Green Energy Corp. #*@~ | 2,400,000 | 0 | ||||||
SolarEdge Technologies, Inc. * | 39,900 | 1,498,245 | ||||||
TPI Composites, Inc. * | 58,300 | 1,192,818 | ||||||
VERBIO Vereinigte BioEnergie AG | 111,700 | 1,089,788 | ||||||
3,780,851 | ||||||||
Forestry 3.44% | ||||||||
Bravern Ventures, Ltd. *~ | 254,431 | 32,386 | ||||||
Canfor Corp. * | 56,300 | 1,109,876 | ||||||
West Fraser Timber Co., Ltd. | 19,300 | 1,191,011 | ||||||
Western Forest Products, Inc. | 500,000 | 974,542 | ||||||
3,307,815 | ||||||||
Gold Mining 13.54% | ||||||||
Centerra Gold, Inc. * | 197,100 | 1,009,804 | ||||||
Chesapeake Gold Corp., 144A #*D | 52,400 | 136,315 | ||||||
Continental Gold, Inc. * | 180,000 | 484,010 | ||||||
CopperBank Resources Corp. * | 1,000,000 | 83,532 | ||||||
Corona Minerals, Ltd. #*@ | 5,000 | 0 | ||||||
Evolution Mining, Ltd. | 79,666 | 164,973 | ||||||
Highland Gold Mining, Ltd. | 643,700 | 1,483,311 | ||||||
Kinross Gold Corp. * | 1 | 4 | ||||||
Leagold Mining Corp. * | 442,000 | 1,026,762 | ||||||
NGEx Resources, Inc. * | 461,000 | 393,801 | ||||||
NGEx Resources, Inc. * | 259,500 | 216,766 | ||||||
Northern Star Resources, Ltd. | 351,700 | 1,674,468 |
See notes to portfolios of investments and notes to financial statements. |
Global Resources Fund | |
Portfolio of Investments | December 31, 2017 |
Common Stocks (cont'd) | Shares | Value | ||||||
Gold Mining (cont'd) | ||||||||
Premier Gold Mines, Ltd. * | 391,700 | $ | 1,121,814 | |||||
Radisson Mining Resources, Inc. * | 2,100,000 | 342,482 | ||||||
Ramelius Resources, Ltd. * | 3,174,800 | 954,144 | ||||||
Red Pine Exploration, Inc. * | 1,500,000 | 119,332 | ||||||
Resolute Mining, Ltd. | 1,325,800 | 1,179,415 | ||||||
Revival Gold, Inc. * | 434,000 | 241,687 | ||||||
Royal Road Minerals, Ltd. * | 2,500,000 | 238,663 | ||||||
Rye Patch Gold Corp. * | 1,334,000 | 302,458 | ||||||
St Barbara, Ltd. | 623,600 | 1,857,106 | ||||||
13,030,847 | ||||||||
Medical - Drugs 0.05% | ||||||||
Delta 9 Cannabis, Inc. * | 23,626 | 52,252 | ||||||
Medical - Hospitals 0.00% | ||||||||
African Medical Investments PLC #*@ | 2,507,500 | 0 | ||||||
Metal - Copper 1.63% | ||||||||
Highland Copper Co., Inc. * | 1,000,000 | 115,354 | ||||||
Taseko Mines, Ltd. * | 621,400 | 1,453,394 | ||||||
1,568,748 | ||||||||
Metal - Diversified 4.08% | ||||||||
Aguia Minerals Corp., 144A *@D | 1,450,000 | 0 | ||||||
Aguia Resources, Ltd. * | 3,400,000 | 949,662 | ||||||
Filo Mining Corp. * | 230,000 | 463,611 | ||||||
Glencore PLC | 54,300 | 284,204 | ||||||
GoviEx Uranium, Inc. * | 2,100,000 | 451,074 | ||||||
GoviEx Uranium, Inc., 144A #D | 58,000 | 12,458 | ||||||
Ivanhoe Mines, Ltd. * | 28,700 | 96,808 | ||||||
Novo Resources Corp. * | 50,000 | 146,778 | ||||||
Orsu Metals Corp., 144A#*D | 14,761 | 2,349 | ||||||
Sandfire Resources NL | 283,400 | 1,519,269 | ||||||
3,926,213 | ||||||||
Metal - Iron 2.56% | ||||||||
Consolidated Growth Holdings, Ltd. *@ | 19,859,173 | 0 | ||||||
Ferrexpo PLC | 313,500 | 1,237,933 | ||||||
Fortescue Metals Group, Ltd. | 323,200 | 1,223,108 |
Global Resources Fund | |
Portfolio of Investments | December 31, 2017 |
Common Stocks (cont'd) | Shares | Value | ||||||
Metal - Iron (cont'd) | ||||||||
WAI Capital Investment Corp., 144A#*@D | 292,500 | $ | 0 | |||||
2,461,041 | ||||||||
Mining Services 0.00% | ||||||||
Bounty Mining, Ltd. *@ | 1,692,307 | 0 | ||||||
Natural Resource Technology 0.02% | ||||||||
I-Pulse, Inc.,144A #*@+D | 15,971 | 15,225 | ||||||
Non - Ferrous Metals 0.41% | ||||||||
Group Eleven Resources Corp. * | 650,000 | 157,717 | ||||||
InZinc Mining, Ltd. * | 2,000,000 | 214,797 | ||||||
Sterling Group Ventures, Inc., 144A *D | 500,000 | 19,600 | ||||||
392,114 | ||||||||
Oil - Field Services 1.25% | ||||||||
Atlas African Industries, Ltd. *@~ | 255,854,621 | 0 | ||||||
TGS NOPEC Geophysical Co. ASA | 51,000 | 1,207,534 | ||||||
1,207,534 | ||||||||
Oil Companies - Exploration & Production 7.89% | ||||||||
Africa Energy Corp., 144A #*D | 2,110,889 | 285,482 | ||||||
Aker BP ASA | 60,600 | 1,492,785 | ||||||
Beach Energy, Ltd. | 1,784,000 | 1,722,938 | ||||||
CNOOC, Ltd., ADR | 8,800 | 1,263,328 | ||||||
Ivanhoe Energy, Inc. * | 18,719 | 9 | ||||||
PentaNova Energy Corp. * | 6,000,000 | 1,837,709 | ||||||
PentaNova Energy Corp., 144A #*D | 2,000,000 | 612,570 | ||||||
PentaNova Energy Corp. #*@+ | 1,000,000 | 257,279 | ||||||
Range Energy Resources, Inc., 144A #*D | 15,000,000 | 119,332 | ||||||
U.S. Oil Sands, Inc., 144A #*@D | 198,000 | 0 | ||||||
7,591,432 | ||||||||
Oil Companies - US Royalty Trusts 0.08% | ||||||||
BP Prudhoe Bay Royalty Trust | 4,000 | 80,400 | ||||||
Oil Refining & Marketing 3.12% | ||||||||
CVR Refining LP | 108,800 | 1,800,640 | ||||||
Polski Koncern Naftowy ORLEN SA | 39,500 | 1,200,594 | ||||||
3,001,234 |
Global Resources Fund | |
Portfolio of Investments | December 31, 2017 |
Common Stocks (cont'd) | Shares | Value | ||||||
Petrochemicals 2.27% | ||||||||
Lotte Chemical Corp. | 3,100 | $ | 1,064,450 | |||||
Sinopec Shanghai Petrochemical Co., Ltd. | 1,980,700 | 1,125,984 | ||||||
2,190,434 | ||||||||
Poultry 1.21% | ||||||||
Pilgrim's Pride Corp. * | 37,600 | 1,167,856 | ||||||
Precious Metals 1.00% | ||||||||
SSR Mining, Inc. * | 109,200 | 959,868 | ||||||
Real Estate Operating/Development 7.15% | ||||||||
Pacific Infrastructure, Inc.#*@+ | 7,443,544 | 6,884,534 | ||||||
Steel - Producers 3.00% | ||||||||
BlueScope Steel, Ltd. | 125,800 | 1,498,348 | ||||||
Evraz PLC | 303,200 | 1,385,781 | ||||||
2,884,129 | ||||||||
Transportation - Marine 1.16% | ||||||||
Golar LNG Partners LP | 49,000 | 1,117,200 | ||||||
Total Common Stocks | 79,235,838 | |||||||
(cost $139,204,632) |
Corporate Convertible Bond 8.14% | Coupon Rate % | Maturity Date | Principal Amount | ||||||||||
Gold Mining 8.14% | |||||||||||||
Gran Colombia Gold Corp. | 8.00 | 01/02/24 | $ | 7,951,710 | 7,832,832 | ||||||||
(cost $4,222,421) | |||||||||||||
Corporate Non-Convertible Bond 2.92% | |||||||||||||
Electric - Generation 2.92% | |||||||||||||
Interamerican Energy Corp. #@+ | 15.00 | 11/08/21 | 2,805,938 | 2,805,938 | |||||||||
(cost $2,805,938) |
Global Resources Fund | |
Portfolio of Investments | December 31, 2017 |
Exchange Traded Funds 0.49% | Shares | Value | ||||||
Guggenheim Shipping ETF | 16,300 | $ | 189,080 | |||||
iShares S&P/TSX Capped Materials Index ETF | 16,800 | 181,365 | ||||||
VanEck Vectors Coal ETF | 6,100 | 97,783 | ||||||
Total Exchange Traded Funds | 468,228 | |||||||
(cost $444,439) | ||||||||
Subscription Receipts 0.50% | ||||||||
Gold Mining 0.38% | ||||||||
Troilus Gold, Inc. *@+ | 294,000 | 364,401 | ||||||
Metal - Copper 0.12% | ||||||||
Chakana Copper Corp., 144A #*@+D | 320,000 | 120,923 | ||||||
Total Subscription Receipts | 485,324 | |||||||
(cost $503,347) |
Warrants 0.00% | Exercise Price | Exp. Date | |||||||||||
Diversified Minerals 0.00% | |||||||||||||
VR Resources, Ltd. #*@ | $ | 0.60 | 03/21/19 | 562,500 | 0 | ||||||||
Gold Mining 0.00% | |||||||||||||
Gran Colombia Gold Corp. * | 48.75 | 03/18/19 | 59,500 | 2,840 | |||||||||
Non - Ferrous Metals 0.00% | |||||||||||||
Group Eleven Resources Corp. *@ | 0.60 | 12/15/18 | 650,000 | 0 | |||||||||
Oil Companies - Exploration & Production 0.00% | |||||||||||||
PentaNova Energy Corp., 144A#*@D | 1.05 | 07/31/22 | 2,000,000 | 0 | |||||||||
Total Warrants | 2,840 | ||||||||||||
(cost $0) |
Call Options Purchased 3.50% | Strike Price | Exp. Date | Notional Contract Value | Contracts | Value | |||||||||||||||
Agricultural Chemicals 0.14% | ||||||||||||||||||||
Potash Corp. of Saskatchewan, Inc. | $ | 19.00 | 03/18 | $ | 1,140,000 | 600 | 135,000 |
Global Resources Fund | |
Portfolio of Investments | December 31, 2017 |
Call Options Purchased (cont'd) | Strike Price | Exp. Date | Notional Contract Value | Contracts | Value | |||||||||||||||
Exchange Traded Fund 0.80% | ||||||||||||||||||||
SPDR S&P Global Natural Resources ETF | $ | 49.00 | 06/18 | $ | 7,350,000 | 1,500 | $ | 277,500 | ||||||||||||
SPDR S&P Global Natural Resources ETF | 48.00 | 06/18 | 4,800,000 | 1,000 | 245,000 | |||||||||||||||
SPDR S&P Oil & Gas Exploration & Production ETF | 44.00 | 01/18 | 8,316,000 | 1,890 | 3,780 | |||||||||||||||
SPDR S&P Oil & Gas Exploration & Production ETF | 40.00 | 01/18 | 3,120,000 | 780 | 12,480 | |||||||||||||||
SPDR S&P Oil & Gas Exploration & Production ETF | 36.00 | 01/18 | 1,440,000 | 400 | 66,800 | |||||||||||||||
SPDR S&P Oil & Gas Exploration & Production ETF | 40.00 | 06/18 | 1,440,000 | 360 | 61,740 | |||||||||||||||
SPDR S&P Oil & Gas Exploration & Production ETF | 38.00 | 06/18 | 1,520,000 | 400 | 101,600 | |||||||||||||||
768,900 | ||||||||||||||||||||
Gold Mining 0.61% | ||||||||||||||||||||
Franco-Nevada Corp. | 80.00 | 01/18 | 800,000 | 100 | 15,100 | |||||||||||||||
Franco-Nevada Corp. | 65.00 | 01/18 | 390,000 | 60 | 90,300 | |||||||||||||||
Sandstorm Gold, Ltd. | 4.00 | 01/18 | 1,880,000 | 4,700 | 479,400 | |||||||||||||||
584,800 | ||||||||||||||||||||
Metal - Copper 0.64% | ||||||||||||||||||||
Freeport-McMoRan, Inc. | 13.00 | 01/18 | 910,000 | 700 | 420,000 | |||||||||||||||
Turquoise Hill Resources, Ltd. | 2.00 | 01/18 | 280,000 | 1,400 | 203,000 | |||||||||||||||
623,000 | ||||||||||||||||||||
Metal - Diversified 0.30% | ||||||||||||||||||||
BHP Billiton, Ltd. | 45.00 | 01/18 | 1,845,000 | 410 | 67,650 | |||||||||||||||
BHP Billiton, Ltd. | 37.50 | 01/18 | 937,500 | 250 | 223,750 | |||||||||||||||
291,400 | ||||||||||||||||||||
Oil Companies -Integrated 1.01% | ||||||||||||||||||||
Chevron Corp. | 110.00 | 01/18 | 1,650,000 | 150 | 230,250 | |||||||||||||||
Exxon Mobil Corp. | 90.00 | 01/18 | 18,090,000 | 2,010 | 4,020 | |||||||||||||||
Exxon Mobil Corp. | 90.00 | 06/18 | 3,600,000 | 400 | 29,600 | |||||||||||||||
Exxon Mobil Corp. | 85.00 | 06/18 | 4,250,000 | 500 | 116,500 | |||||||||||||||
Royal Dutch Shell PLC, ADR | 55.00 | 01/18 | 2,200,000 | 400 | 474,400 |
Global Resources Fund | |
Portfolio of Investments | December 31, 2017 |
Call Options Purchased (cont'd) | Strike Price | Exp. Date | Notional Contract Value | Contracts | Value | |||||||||||||||
Oil Companies - Integrated (cont'd) | ||||||||||||||||||||
TOTAL SA, ADR | $ | 52.50 | 01/18 | $ | 2,100,000 | 400 | $ | 116,000 | ||||||||||||
970,770 | ||||||||||||||||||||
Total Purchased Call Options | 3,373,870 | |||||||||||||||||||
(premiums paid $2,502,749) | ||||||||||||||||||||
Investments, at value 97.86% | 94,204,870 | |||||||||||||||||||
(cost $149,683,526) | ||||||||||||||||||||
Other assets and liabilities, net 2.14% | 2,059,845 | |||||||||||||||||||
Net Assets 100.00% | $ | 96,264,715 |
Portfolio of Investments | December 31, 2017 |
Common Stocks 92.77% | Shares | Value | ||||||
Advanced Materials/Production 2.27% | ||||||||
Nano One Materials Corp. * | 3,000,000 | $ | 2,673,031 | |||||
Capital Pools 0.09% | ||||||||
Pinecrest Resources, Ltd. * | 400,000 | 105,012 | ||||||
Coal 0.00% | ||||||||
Caribbean Resources Corp. #*@ | 4 | 0 | ||||||
Diamonds/Precious Stones 1.06% | ||||||||
Barksdale Capital Corp. * | 1,510,000 | 1,249,324 | ||||||
Rockwell Diamonds, Inc., 144A #*@r | 171,667 | 2,048 | ||||||
1,251,372 | ||||||||
Diversified Minerals 8.07% | ||||||||
Adamera Minerals Corp., 144A #*r | 119,543 | 9,035 | ||||||
Argo Gold, Inc. *~ | 1,825,000 | 257,707 | ||||||
Auryn Resources, Inc. * | 1,475,000 | 2,428,998 | ||||||
Bacanora Minerals, Ltd. * | 250,000 | 377,884 | ||||||
Bacanora Minerals, Ltd. * | 179,923 | 258,664 | ||||||
Calibre Mining Corp. * | 4,500,000 | 465,394 | ||||||
Erdene Resource Development Corp. * | 300,000 | 143,198 | ||||||
Golden Peak Minerals, Inc. *~ | 2,299,998 | 329,355 | ||||||
Golden Predator Mining Corp. * | 1,250,000 | 805,489 | ||||||
Golden Reign Resources, Ltd. * | 1,500,000 | 280,430 | ||||||
Indochine Mining, Ltd. #*@ | 10,000 | 0 | ||||||
Lithium Power International, Ltd. * | 500,000 | 221,877 | ||||||
Lithium X Energy Corp. * | 1,194,300 | 2,280,286 | ||||||
Lumina Gold Corp. * | 1,100,000 | 656,324 | ||||||
Rubicon Minerals Corp. * | 475,000 | 544,153 | ||||||
VR Resources, Ltd. * | 1,750,000 | 445,505 | ||||||
9,504,299 | ||||||||
Gold Mining 53.53% | ||||||||
Alexandria Minerals Corp. * | 6,500,000 | 413,683 | ||||||
Algold Resources, Ltd. * | 5,400,000 | 536,993 | ||||||
Aurelius Minerals, Inc. * | 1,250,000 | 64,638 | ||||||
Barkerville Gold Mines, Ltd. * | 500,000 | 298,329 | ||||||
Black Dragon Gold Corp. * | 4,910,000 | 214,837 | ||||||
Bonterra Resources, Inc. * | 4,625,000 | 2,134,049 |
Portfolio of Investments | December 31, 2017 |
Common Stocks (cont’d) | Shares | Value | ||||||
Gold Mining (cont’d) | ||||||||
Canyon Resources, Ltd. * | 15,000,000 | $ | 1,519,030 | |||||
Chesapeake Gold Corp., 144A #*r | 192,199 | 499,993 | ||||||
Comstock Mining, Inc. * | 533,000 | 207,870 | ||||||
CopperBank Resources Corp. *~ | 15,805,418 | 1,320,262 | ||||||
CopperBank Resources Corp., 144A #*@~r | 174,000 | 14,535 | ||||||
Corona Minerals, Ltd. #*@ | 81,250 | 0 | ||||||
Eastmain Resources, Inc. * | 1,500,000 | 411,695 | ||||||
Enforcer Gold Corp. * | 3,000,000 | 202,864 | ||||||
Fiore Gold, Ltd. #* | 2,400,000 | 1,680,191 | ||||||
Gascoyne Resources, Ltd. * | 1,600,000 | 534,038 | ||||||
Gold Standard Ventures Corp. * | 1,000,000 | 1,750,000 | ||||||
GoldQuest Mining Corp. * | 1,500,000 | 435,561 | ||||||
IDM Mining, Ltd. * | 5,000,000 | 417,661 | ||||||
IDM Mining, Ltd., 144A #r | 95,000 | 7,936 | ||||||
K92 Mining, Inc. * | 1,000,000 | 429,594 | ||||||
Kirkland Lake Gold, Ltd. | 100,000 | 1,533,015 | ||||||
Klondex Mines, Ltd. * | 6,200,000 | 16,079,554 | ||||||
Klondike Gold Corp. * | 2,250,000 | 626,492 | ||||||
Leagold Mining Corp. * | 400,000 | 929,196 | ||||||
Leagold Mining Corp., 144A #r | 333,000 | 773,556 | ||||||
Lundin Gold, Inc. * | 500,000 | 1,801,909 | ||||||
Lundin Gold, Inc., 144A #*r | 70,000 | 252,267 | ||||||
Malbex Resources, Inc., 144A #*r | 133,333 | 39,247 | ||||||
Mammoth Resources Corp. *~ | 2,171,200 | 215,911 | ||||||
McEwen Mining, Inc. | 134,764 | 306,623 | ||||||
Mirasol Resources, Ltd. * | 2,000,000 | 2,577,566 | ||||||
NGEx Resources, Inc. * | 1,500,000 | 1,252,983 | ||||||
Nighthawk Gold Corp. * | 1,855,000 | 1,092,045 | ||||||
NV Gold Corp. * | 1,700,000 | 429,395 | ||||||
OceanaGold Corp., 144A #r | 5,348 | 1 3,742 | ||||||
Oklo Resources, Ltd. * | 2,000,000 | 637,734 | ||||||
Orca Gold, Inc. * | 3,950,000 | 2,105,410 | ||||||
Osisko Mining, Inc. * | 375,000 | 1,011,337 | ||||||
Otis Gold Corp. * | 1,500,000 | 262,530 | ||||||
Petaquilla Minerals, Ltd., 144A #*@r | 2,660,000 | 0 | ||||||
Pretium Resources, Inc. * | 200,000 | 2,281,811 |
Portfolio of Investments | December 31, 2017 |
Common Stocks (cont’d) | Shares | Value | ||||||
Gold Mining (cont’d) | ||||||||
Pure Gold Mining, Inc. * | 3,000,000 | $ | 1,336,516 | |||||
Radisson Mining Resources, Inc. * | 5,200,000 | 848,051 | ||||||
Radius Gold, Inc., 144A #*r | 125,000 | 10,939 | ||||||
Red Pine Exploration, Inc. * | 8,282,000 | 658,870 | ||||||
Redstar Gold Corp. * | 15,000,000 | 775,656 | ||||||
Revival Gold, Inc. * | 1,029,000 | 573,031 | ||||||
Rise Gold Corp. * | 2,500,000 | 298,329 | ||||||
Rye Patch Gold Corp. * | 8,316,873 | 1,885,687 | ||||||
Rye Patch Gold Corp., 144A #r | 1,800,000 | 408,115 | ||||||
Seabridge Gold, Inc. * | 45,000 | 510,859 | ||||||
Seafield Resources, Ltd., 144A #*@r | 1,300,000 | 0 | ||||||
Strikepoint Gold, Inc. * | 1,100,000 | 192,522 | ||||||
Taurus Gold, Ltd., 144A #*@r | 2,448,381 | 0 | ||||||
TMAC Resources, Inc. * | 125,000 | 960,621 | ||||||
Tolima Gold, Inc., 144A #*r | 4,100,000 | 114,161 | ||||||
TriStar Gold, Inc. *~ | 27,110,500 | 4,960,553 | ||||||
Victoria Gold Corp. * | 1,500,000 | 519,093 | ||||||
Wesdome Gold Mines, Ltd. * | 1,000,000 | 1,678,600 | ||||||
63,047,685 | ||||||||
Medical - Drugs 0.00% | ||||||||
Delta 9 Cannabis, Inc. * | 1,616 | 3,574 | ||||||
Medical - Hospitals 0.00% | ||||||||
African Medical Investments PLC #*@ | 4,637,500 | 0 | ||||||
Metal - Copper 0.58% | ||||||||
Aston Bay Holdings, Ltd. #* | 825,000 | 105,012 | ||||||
Highland Copper Co., Inc. * | 5,000,000 | 576,770 | ||||||
681,782 | ||||||||
Metal - Diversified 9.01% | ||||||||
Cardinal Resources, Ltd. * | 12,000,000 | 5,066,944 | ||||||
Cartier Resources, Inc. * | 1,000,000 | 167,064 | ||||||
Columbus Gold Corp. * | 1,750,000 | 1,085,919 | ||||||
Dalradian Resources, Inc. * | 750,000 | 790,573 | ||||||
Filo Mining Corp. * | 400,000 | 766,905 | ||||||
Genesis Metals Corp., 144A #D | 2,917,000 | 266,870 |
Portfolio of Investments | December 31, 2017 |
Common Stocks (cont’d) | Shares | Value | ||||||
Metal - Diversified (cont’d) | ||||||||
Genesis Metals Corp. * | 583,000 | $ | 53,337 | |||||
Ivanhoe Mines, Ltd. * | 200,000 | 674,622 | ||||||
New Age Metals, Inc., 144A #*r | 143,518 | 13,130 | ||||||
Novo Resources Corp. * | 50,000 | 146,778 | ||||||
Orex Minerals, Inc. * | 5,000,000 | 536,993 | ||||||
Orsu Metals Corp., 144A #*r | 186,922 | 29,741 | ||||||
Rockcliff Metals Corp., 144A #*r | 2,620,000 | 135,481 | ||||||
Sirios Resources, Inc. #* | 1,600,000 | 400,955 | ||||||
Torq Resources, Inc. * | 1,000,000 | 477,327 | ||||||
10,612,639 | ||||||||
Mining Services 0.45% | ||||||||
Argent Minerals, Ltd. * | 21,100,000 | 525,788 | ||||||
Non-Ferrous Metals 0.80% | ||||||||
InZinc Mining, Ltd. * | 3,000,000 | 322,196 | ||||||
NextSource Materials, Inc. * | 12,000,000 | 620,525 | ||||||
942,721 | ||||||||
Oil Companies - Exploration & Production 0.00% | ||||||||
Big Sky Energy Corp. #*@ | 2,000,000 | 0 | ||||||
Optical Recognition Equipment 0.01% | ||||||||
Nexoptic Technology Corp., 144A *r | 12,083 | 10,862 | ||||||
Precious Metals 16.82% |
Amani Gold, Ltd. * | 54,500,000 | 934,159 | ||||||
Barsele Minerals Corp. *~ | 7,871,299 | 4,320,761 | ||||||
Brixton Metals Corp. * | 2,500,000 | 596,659 | ||||||
Candente Gold Corp., 144A #*r | 4,875,000 | 116,348 | ||||||
Dolly Varden Silver Corp. *~ | 7,000,000 | 3,953,858 | ||||||
Dolly Varden Silver Corp. #*@~+ | 1,000,000 | 544,153 | ||||||
Equinox Gold Corp. #* | 203,500 | 181,321 | ||||||
GFG Resources, Inc. * | 2,000,000 | 843,278 | ||||||
Kootenay Silver, Inc. * | 1,000,000 | 163,087 | ||||||
Liberty Gold Corp. * | 500,000 | 175,020 | ||||||
Metalla Royalty & Streaming, Ltd. * | 1,000,000 | 525,060 | ||||||
New Pacific Metals Corp. * | 625,000 | 730,907 | ||||||
Probe Metals, Inc. * | 1,000,000 | 1,193,317 |
Portfolio of Investments | December 31, 2017 |
Common Stocks (cont’d) | Shares | Value | ||||||
Precious Metals (cont’d) | ||||||||
Roxgold, Inc. * | 3,000,000 | $ | 3,341,289 | |||||
Silver Viper Minerals Corp. * | 1,300,000 | 175,815 | ||||||
SilverCrest Metals, Inc. * | 250,000 | 356,006 | ||||||
Terrax Minerals, Inc. * | 1,000,000 | 421,639 | ||||||
Toachi Mining, Inc. *~ | 4,000,000 | 827,367 | ||||||
Toachi Mining, Inc., 144A #~r | 2,000,000 | 413,683 | ||||||
19,813,727 |
Silver Mining 0.08% | ||||||||
Santacruz Silver Mining, Ltd. * | 1,000,000 | 87,510 | ||||||
Total Common Stocks | 109,260,002 | |||||||
(cost $134,498,655) |
Corporate Convertible Bond 2.31% | Coupon Rate % | Maturity Date | Principal Amount | ||||||||||
Gold Mining 2.31% | |||||||||||||
Gran Colombia Gold Corp. | |||||||||||||
(cost $1,460,498) | 8.00 | 01/02/24 | $ | 2,765,613 | 2,724,267 |
Corporate Non-Convertible Bond 0.64% | ||||||||||
Electric - Generation 0.64% | ||||||||||
Interamerican Energy Corp. #@+ | ||||||||||
(cost $748,250) | 15.00 | 11/08/21 | 748,250 | 748,250 |
Right 0.38% | Shares | |||||||
Metal - Diversified 0.38% | ||||||||
Cardinal Resources, Ltd. * | ||||||||
(cost $13,109) | 1,500,000 | 450,594 |
Exchange Traded Funds 1.35% | ||||||||
Direxion Daily Gold Miners Index Bull 3X Shares ETF * | 25,000 | 792,500 | ||||||
Direxion Daily Junior Gold Miners Index Bull 3x Shares ETF | 45,000 | 799,200 | ||||||
Total Exchange Traded Funds | 1,591,700 | |||||||
(cost $1,309,735) |
Portfolio of Investments | December 31, 2017 |
Subscription Receipt 0.39% | Shares | Value | ||||||
Metal - Copper 0.39% | ||||||||
Chakana Copper Corp., 144A #*@+r | 1,200,000 | $ | 453,461 | |||||
(cost $473,317) |
Warrants 0.69% | Exercise Price | Exp. Date | |||||||||||
Diversified Minerals 0.00% | |||||||||||||
VR Resources, Ltd. #*@ | $ | 0.60 | 03/21/19 | 862,500 | 0 | ||||||||
Gold Mineral Exploration & Development 0.00% | |||||||||||||
Western Exploration & Development, Ltd., 144A #*@r | 0.43 | 10/01/20 | 600,000 | 0 | |||||||||
Gold Mining 0.49% | |||||||||||||
Alexandria Minerals Corp., 144A #*@r | 0.10 | 06/20/19 | 1,256,195 | 0 | |||||||||
Algold Resources, Ltd. #*@ | 0.15 | 04/01/18 | 1,250,000 | 0 | |||||||||
Bonterra Resources, Inc. #*@ | 0.30 | 07/06/18 | 625,000 | 134,248 | |||||||||
Fiore Gold, Ltd. #*@ | 0.45 | 09/26/20 | 1,300,000 | 0 | |||||||||
Gran Colombia Gold Corp. * | 48.75 | 03/18/19 | 96,250 | 4,594 | |||||||||
Osisko Gold Royalties, Ltd. * | 2.75 | 02/18/22 | 200,000 | 381,862 | |||||||||
Osisko Mining, Inc. * | 0.08 | 08/25/18 | 1,000,000 | 39,777 | |||||||||
Redstar Gold Corp. #*@ | 0.14 | 05/03/19 | 2,500,000 | 0 | |||||||||
Revival Gold, Inc., 144A #*@r | 0.90 | 10/19/19 | 482,500 | 0 | |||||||||
TriStar Gold, Inc., 144A #*@~r | 0.45 | 04/28/19 | 1,000,000 | 0 | |||||||||
Westgold Resources, Ltd. * | 0.00 | 06/30/19 | 100,000 | 17,556 | |||||||||
578,037 | |||||||||||||
Metal - Diversified 0.04% | |||||||||||||
Genesis Metals Corp., 144A #*@r | 0.23 | 06/05/19 | 1,458,500 | 0 | |||||||||
Minera Alamos, Inc. #*@ | 0.15 | 05/13/19 | 2,225,000 | 53,103 | |||||||||
Murchison Minerals, Ltd., 144A #*@r | 0.30 | 08/31/18 | 1,500,000 | 0 | |||||||||
53,103 |
Portfolio of Investments | December 31, 2017 |
Warrants (cont’d) | Exercise Price | Exp. Date | Shares | Value | |||||||||
Precious Metals 0.16% | |||||||||||||
Barsele Minerals Corp., 144A #*@~r | $ | 0.30 | 03/24/18 | 600,000 | $ | 186,157 | |||||||
Probe Metals, Inc. #*@ | 1.75 | 02/17/18 | 625,000 | 0 | |||||||||
186,157 |
Total Warrants | 817,297 | |||
(cost $592,237) | ||||
Investments, at value 98.53% | 116,045,571 | |||
(cost $139,095,801) | ||||
Other assets and liabilities, net 1.47% | 1,727,331 | |||
Net Assets 100.00% | $ | 117,772,902 |
Portfolio of Investments | December 31, 2017 |
Common Stocks 93.87% | Shares | Value | ||||||
Capital Pools 0.47% | ||||||||
Hut-8 Mining Corp., 144A #*@+r | 240,000 | $ | 477,327 | |||||
Diamonds/Precious Stones 0.89% | ||||||||
Lucara Diamond Corp. | 400,000 | 894,193 | ||||||
Gold Mining 75.04% | ||||||||
Alio Gold, Inc. * | 200,000 | 735,084 | ||||||
Argonaut Gold, Inc. * | 500,000 | 954,654 | ||||||
Beadell Resources, Ltd. * | 3,000,000 | 422,178 | ||||||
Comstock Mining, Inc. * | 924,329 | 360,488 | ||||||
Detour Gold Corp. * | 50,000 | 587,908 | ||||||
Dundee Precious Metals, Inc. * | 550,000 | 1,312,649 | ||||||
Evolution Mining, Ltd. | 32,000 | 66,266 | ||||||
Golden Star Resources, Ltd. * | 2,500,000 | 2,225,000 | ||||||
Guyana Goldfields, Inc. * | 300,000 | 1,212,410 | ||||||
Harmony Gold Mining Co., Ltd., ADR | 375,000 | 701,250 | ||||||
Highland Gold Mining, Ltd. | 28,000 | 64,522 | ||||||
Jaguar Mining, Inc. * | 7,196,500 | 1,975,173 | ||||||
K92 Mining, Inc. * | 1,750,000 | 751,790 | ||||||
Kirkland Lake Gold, Ltd. | 700,000 | 10,731,109 | ||||||
Klondex Mines, Ltd. * | 5,075,000 | 13,161,893 | ||||||
Leagold Mining Corp. * | 1,900,000 | 4,413,683 | ||||||
Marlin Gold Mining, Ltd. * | 1,400,000 | 1,136,038 | ||||||
Newmont Mining Corp. | 100,000 | 3,752,000 | ||||||
Northern Empire Resources Corp. * | 500,000 | 373,906 | ||||||
Northern Star Resources, Ltd. | 600,000 | 2,856,641 | ||||||
Pantoro, Ltd. * | 2,000,000 | 336,723 | ||||||
Premier Gold Mines, Ltd. * | 500,000 | 1,431,981 | ||||||
Pretium Resources, Inc. * | 200,000 | 2,282,000 | ||||||
Rye Patch Gold Corp. * | 12,765,794 | 2,894,392 | ||||||
Sandstorm Gold, Ltd. * | 600,000 | 2,994,000 | ||||||
Sibanye Gold, Ltd., ADR | 116,570 | 588,679 | ||||||
Silver Lake Resources, Ltd. * | 3,000,000 | 891,269 | ||||||
St Barbara, Ltd. | 3,000,000 | 8,934,122 | ||||||
Wesdome Gold Mines, Ltd. * | 2,350,000 | 3,944,710 | ||||||
Westgold Resources, Ltd. * | 2,500,000 | 3,450,064 |
Portfolio of Investments | December 31, 2017 |
Common Stocks (cont’d) | Shares | Value | ||||||
Gold Mining (cont’d) | ||||||||
Zijin Mining Group Co., Ltd., Class H | 147,000 | $ | 55,493 | |||||
75,598,075 | ||||||||
Medical - Hospitals 0.00% | ||||||||
African Medical Investments PLC #*@ | 2,000,000 | 0 | ||||||
Metal - Diversified 4.52% | ||||||||
AuRico Metals, Inc. * | 3,200,000 | 4,556,881 | ||||||
Precious Metals 7.99% | ||||||||
Maverix Metals, Inc. * | 1,150,000 | 1,692,522 | ||||||
Roxgold, Inc. * | 1,750,000 | 1,949,085 | ||||||
Sailfish Royalty Corp. #*@ | 275,040 | 0 | ||||||
SSR Mining, Inc. * | 250,000 | 2,197,500 | ||||||
Wheaton Precious Metals Corp. | 100,000 | 2,213,000 | ||||||
8,052,107 | ||||||||
Recycling 0.80% | ||||||||
Tomra Systems ASA | 50,000 | 800,898 | ||||||
Silver Mining 4.16% | ||||||||
Americas Silver Corp. * | 250,000 | 910,899 | ||||||
Excellon Resources, Inc. * | 850,700 | 1,245,257 | ||||||
Great Panther Silver, Ltd. * | 200,000 | 258,000 | ||||||
Pan American Silver Corp. | 100,000 | 1,556,000 | ||||||
Santacruz Silver Mining, Ltd. * | 2,500,000 | 218,775 | ||||||
4,188,931 | ||||||||
Total Common Stocks | 94,568,412 | |||||||
(cost $74,410,670) |
Corporate Convertible Bonds 1.74% | Coupon Rate % | Maturity Date | Principal Amount | ||||||||||
Gold Mining 1.67% | |||||||||||||
Gran Colombia Gold Corp. | 8.00 | 01/02/24 | $ | 1,702,944 | 1,677,485 |
Portfolio of Investments | December 31, 2017 |
Corporate Convertible Bonds (cont’d) | Coupon Rate % | Maturity Date | Principal Amount | Value | |||||||||
Precious Metals 0.07% | |||||||||||||
Primero Mining Corp., 144A #r | 5.75 | 02/28/20 | $ | 1 10,000 | $ | 69,850 | |||||||
Total Corporate Convertible Bonds | 1,747,335 | ||||||||||||
(cost $963,812) |
Corporate Non-Convertible Bonds 0.28% | |||||||||||||
Coal 0.00% | |||||||||||||
Caribbean Resources Corp. @^ | 19.25 | 06/15/15 | 485,766 | 0 |
Electric - Generation 0.28% | |||||||||||||
Interamerican Energy Corp. #@+ | 15.00 | 11/08/21 | 280,594 | 280,594 | |||||||||
Total Corporate Non-Convertible Bonds | 280,594 | ||||||||||||
(cost $766,360) |
Exchange Traded Funds 1.58% | Shares | |||||||
Direxion Daily Gold Miners Index Bull 3X Shares ETF * | 25,000 | 792,500 | ||||||
Direxion Daily Junior Gold Miners Index Bull 3x Shares ETF | 45,000 | 799,200 | ||||||
Total Exchange Traded Funds | 1,591,700 | |||||||
(cost $1,361,624) |
Units 1.99% | ||||||||
Retail - Apparel/Shoe 1.99% | ||||||||
Mene, Inc., 144A *@~+r | 5,714,285 | 2,000,000 | ||||||
(cost $2,000,000) |
Warrants 0.43% | Exercise Price | Exp. Date | |||||||||||
Gold Mining 0.37% | |||||||||||||
Gran Colombia Gold Corp. * | $ | 48.75 | 03/18/19 | 37,500 | 1,790 | ||||||||
Osisko Gold Royalties, Ltd. * | 2.75 | 02/18/22 | 150,000 | 286,396 | |||||||||
Westgold Resources, Ltd. * | 0.43 | 06/30/19 | 500,000 | 87,778 | |||||||||
375,964 |
Portfolio of Investments | December 31, 2017 |
Warrants (cont’d) | Exercise Price | Exp. Date | Shares | Value | |||||||||
Silver Mining 0.06% | |||||||||||||
Excellon Resources, Inc. * | $ | 2.80 | 12/31/18 | 325,000 | $ | 60,760 | |||||||
Total Warrants | 436,724 | ||||||||||||
(cost $219,158) | |||||||||||||
Investments, at value 99.89% | 100,624,765 | ||||||||||||
(cost $79,721,624) | |||||||||||||
Other assets and liabilities, net 0.11% | 115,044 | ||||||||||||
Net Assets 100.00% | $ | 100,739,809 |
Portfolio of Investments | December 31, 2017 |
Common Stocks 97.24% | Shares | Value | ||||||
Agricultural Chemicals 1.04% | ||||||||
Gubre Fabrikalari TAS * | 423,000 | $ | 471,557 | |||||
Airlines 6.90% | ||||||||
Aegean Airlines SA | 72,700 | 717,126 | ||||||
Aeroflot PJSC | 224,000 | 538,344 | ||||||
Deutsche Lufthansa AG | 14,950 | 549,019 | ||||||
Pegasus Hava Tasimaciligi AS * | 59,000 | 526,044 | ||||||
Turk Hava Yollari AO * | 113,000 | 467,782 | ||||||
Wizz Air Holdings PLC * | 6,600 | 326,798 | ||||||
3,125,113 | ||||||||
Airport Development/Maintenance 0.66% | ||||||||
TAV Havalimanlari Holding AS | 50,700 | 300,083 | ||||||
Audio/Video Products 1.14% | ||||||||
Vestel Elektronik Sanayi ve Ticaret AS * | 258,000 | 514,942 | ||||||
Automotive - Cars & Light Trucks 2.86% | ||||||||
Ford Otomotiv Sanayi AS | 37,200 | 591,046 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 81,000 | 704,923 | ||||||
1,295,969 | ||||||||
Automotive/Truck Parts & Equipment - Original 0.41% | ||||||||
Brembo SpA | 12,150 | 184,584 | ||||||
Beverages - Non-alcoholic 0.40% | ||||||||
Coca-Cola Icecek AS | 20,000 | 180,371 | ||||||
Cellular Telecommunication 2.00% | ||||||||
MegaFon PJSC | 70,000 | 622,039 | ||||||
Mobile TeleSystems PJSC, ADR | 27,700 | 282,263 | ||||||
904,302 | ||||||||
Chemicals - Diversified 1.69% | ||||||||
Ciech SA * | 28,600 | 472,167 | ||||||
Petkim Petrokimya Holding AS | 144,000 | 295,043 | ||||||
767,210 |
Portfolio of Investments | December 31, 2017 |
Common Stocks (cont’d) | Shares | Value | ||||||
Chemicals - Fibers 0.99% | ||||||||
Aksa Akrilik Kimya Sanayii AS | 81,149 | $ | 274,964 | |||||
Lenzing AG | 1,379 | 174,986 | ||||||
449,950 | ||||||||
Chemicals - Specialty 0.40% | ||||||||
Soda Sanayii AS | 137,000 | 182,044 | ||||||
Coal 2.35% | ||||||||
Jastrzebska Spolka Weglowa SA * | 23,000 | 634,295 | ||||||
Lubelski Wegiel Bogdanka SA | 22,300 | 429,284 | ||||||
1,063,579 | ||||||||
Commercial Banks Non-US 21.01% | ||||||||
Akbank Turk AS, ADR | 7,500 | 38,700 | ||||||
Akbank Turk AS | 200,000 | 519,040 | ||||||
Alpha Bank AE * | 215,700 | 462,464 | ||||||
Banca Transilvania SA | 357,218 | 195,752 | ||||||
Bank Millennium SA * | 61,000 | 156,428 | ||||||
Bank Zachodni WBK SA | 2,500 | 284,109 | ||||||
BRD-Groupe Societe Generale SA | 148,000 | 490,795 | ||||||
Eurobank Ergasias SA * | 215,000 | 219,066 | ||||||
National Bank of Greece SA * | 775,000 | 296,289 | ||||||
OTP Bank PLC | 10,400 | 429,531 | ||||||
Piraeus Bank SA * | 44,000 | 161,687 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA * | 50,500 | 641,110 | ||||||
Raiffeisen Bank International AG * | 6,200 | 224,353 | ||||||
Sberbank of Russia PJSC, ADR | 283,500 | 4,828,005 | ||||||
Turkiye Garanti Bankasi AS | 202,000 | 570,820 | ||||||
9,518,149 | ||||||||
Communications Software 0.40% | ||||||||
LiveChat Software SA | 16,000 | 183,163 | ||||||
Computer Services 1.64% | ||||||||
Asseco Poland SA | 39,000 | 491,947 | ||||||
Luxoft Holding, Inc. * | 4,500 | 250,650 | ||||||
742,597 |
Portfolio of Investments | December 31, 2017 |
Common Stocks (cont’d) | Shares | Value | ||||||
Cosmetics & Toiletries 0.59% | ||||||||
Unilever PLC | 4,800 | $ | 266,238 | |||||
Diamonds/Precious Stones 0.38% | ||||||||
Alrosa PJSC | 133,000 | 172,972 | ||||||
Diversified Operations 2.53% | ||||||||
KOC Holding AS | 95,456 | 465,081 | ||||||
Tekfen Holding AS | 152,500 | 682,863 | ||||||
1,147,944 | ||||||||
Electric - Distribution 1.22% | ||||||||
Enea SA | 37,000 | 122,127 | ||||||
Energa SA | 118,000 | 430,922 | ||||||
553,049 | ||||||||
Electric - Generation 1.37% | ||||||||
CEZ AS | 9,800 | 228,442 | ||||||
Inter RAO UES PJSC | 6,660,000 | 392,049 | ||||||
620,491 | ||||||||
Electric - Integrated 0.85% | ||||||||
OGK-2 PJSC, Class 2 | 50,100,000 | 387,333 | ||||||
Entertainment Software 0.71% | ||||||||
CD Projekt SA | 11,500 | 320,310 | ||||||
Finance - Other Services 0.33% | ||||||||
Alior Bank SA * | 6,500 | 148,101 | ||||||
Food - Retail 2.21% | ||||||||
BIM Birlesik Magazalar AS | 11,000 | 226,212 | ||||||
Dino Polska SA * | 9,500 | 214,604 | ||||||
DIXY Group PJSC * | 9,000 | 50,808 | ||||||
Magnit PJSC, GDR | 10,000 | 272,164 | ||||||
Migros Ticaret AS * | 32,500 | 236,214 | ||||||
1,000,002 | ||||||||
Food - Wholesale/Distribution 0.40% | ||||||||
Eurocash SA | 24,000 | 182,341 |
Portfolio of Investments | December 31, 2017 |
Common Stocks (cont’d) | Shares | Value | ||||||
Gold Mining 1.74% | ||||||||
Dundee Precious Metals, Inc. * | 240,000 | $ | 572,792 | |||||
Petropavlovsk PLC * | 2,074,000 | 215,793 | ||||||
788,585 | ||||||||
Human Resources 0.60% | ||||||||
Benefit Systems SA * | 812 | 272,322 | ||||||
Machinery - Farm 0.49% | ||||||||
Turk Traktor ve Ziraat Makineleri AS | 11,000 | 220,621 | ||||||
Metal - Diversified 1.70% | ||||||||
KGHM Polska Miedz SA | 8,100 | 257,925 | ||||||
MMC Norilsk Nickel PJSC, ADR | 23,700 | 448,167 | ||||||
Orsu Metals Corp., 144A #*r | 402,500 | 64,042 | ||||||
770,134 | ||||||||
Metal - Iron 0.93% | ||||||||
Novolipetsk Steel PJSC, GDR | 16,700 | 423,720 | ||||||
Miscellaneous Manufacturing 0.68% | ||||||||
Trakya Cam Sanayii AS | 253,763 | 309,308 | ||||||
Multi-line Insurance 3.48% | ||||||||
Allianz SE | 2,900 | 663,658 | ||||||
UNIQA Insurance Group AG | 42,700 | 451,380 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 15,000 | 462,730 | ||||||
1,577,768 | ||||||||
Oil Companies - Exploration & Production 0.57% | ||||||||
Novatek PJSC, GDR | 2,200 | 258,973 | ||||||
Oil Companies - Integrated 13.27% | ||||||||
LUKOIL PJSC, ADR | 53,600 | 3,090,040 | ||||||
MOL Hungarian Oil & Gas PLC | 58,860 | 682,443 | ||||||
OMV Petrom SA, GDR | 28,000 | 306,209 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 247,500 | 446,990 | ||||||
Surgutneftegas OJSC, ADR | 100,000 | 471,010 | ||||||
Tatneft PJSC, ADR | 20,200 | 1,015,656 | ||||||
6,012,348 |
Portfolio of Investments | December 31, 2017 |
Common Stocks (cont’d) | Shares | Value | ||||||
Oil Refining & Marketing 3.44% | ||||||||
Grupa Lotos SA | 18,000 | $ | 297,813 | |||||
Motor Oil Hellas Corinth Refineries SA | 18,900 | 425,967 | ||||||
Polski Koncern Naftowy ORLEN SA | 18,350 | 557,744 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 8,600 | 275,599 | ||||||
1,557,123 | ||||||||
Property/Casualty Insurance 1.01% | ||||||||
Powszechny Zaklad Ubezpieczen SA | 38,000 | 459,636 | ||||||
Real Estate Operating/Development 0.94% | ||||||||
GEK Terna Holding Real Estate Construction SA * | 80,000 | 424,962 | ||||||
Regional Banks - Non US 0.98% | ||||||||
TCS Group Holding PLC, GDR | 23,500 | 443,122 | ||||||
Retail - Automobile 0.46% | ||||||||
Dogus Otomotiv Servis ve Ticaret AS * | 95,000 | 206,302 | ||||||
Retail - Jewelry 0.44% | ||||||||
Pandora A/S | 1,815 | 197,288 | ||||||
Retail - Major Dept Store 0.29% | ||||||||
Detsky Mir PJSC | 80,000 | 133,188 | ||||||
Steel - Producers 5.52% | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 186,500 | 492,077 | ||||||
Evraz PLC | 177,500 | 811,267 | ||||||
Magnitogorsk Iron & Steel Works PJSC, GDR | 32,100 | 310,893 | ||||||
Mechel PJSC, ADR * | 46,000 | 241,960 | ||||||
Severstal PAO PJSC, GDR | 41,700 | 642,759 | ||||||
2,498,956 | ||||||||
Telecom Services 1.21% | ||||||||
O2 Czech Republic AS | 16,100 | 209,364 | ||||||
Sistema PJSC FC, GDR | 49,000 | 204,685 | ||||||
Turk Telekomunikasyon AS * | 78,200 | 132,667 | ||||||
546,716 |
Portfolio of Investments | December 31, 2017 |
Common Stocks (cont’d) | Shares | Value | ||||||
Telephone - Integrated 1.42% | ||||||||
Hellenic Telecommunications Organization SA | 17,100 | $ | 235,644 | |||||
Magyar Telekom Telecommunications PLC | 230,500 | 407,410 | ||||||
643,054 |
Textile - Apparel 0.51% | ||||||||
LPP SA | 91 | 232,540 | ||||||
Tobacco 0.45% | ||||||||
Philip Morris CR AS | 260 | 202,418 | ||||||
Transportation - Rail 1.10% | ||||||||
Globaltrans Investment PLC, GDR | 52,899 | 496,643 | ||||||
Transportation - Services 0.55% | ||||||||
Oesterreichische Post AG | 5,550 | 249,298 | ||||||
Travel Services 0.53% | ||||||||
TUI AG | 11,600 | 240,321 | ||||||
Web Portals/ISP 0.45% | ||||||||
Yandex NV, Class A * | 6,250 | 204,687 | ||||||
Total Common Stocks | 44,052,427 | |||||||
(cost $37,761,565) |
Exchange Traded Funds 0.97% | ||||||||
Direxion Daily Russia Bull 3x Shares ETF | 2,500 | 126,200 | ||||||
iShares MSCI Poland Capped ETF | 11,450 | 310,181 | ||||||
Total Exchange Traded Funds | 436,381 | |||||||
(cost $444,131) | ||||||||
Investments, at value 98.21% | 44,488,808 | |||||||
(cost $38,205,696) | ||||||||
Other assets and liabilities, net 1.79% | 813,061 | |||||||
Net Assets 100.00% | $ | 45,301,869 |
Portfolio of Investments | December 31, 2017 |
Common Stocks 91.32% | Shares | Value | ||||||
Agricultural Operations 0.17% | ||||||||
First Resources, Ltd. | 18,000 | $ | 25,113 | |||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk | ||||||||
PT | 240,000 | 25,121 | ||||||
50,234 | ||||||||
Airlines 0.92% | ||||||||
AirAsia Bhd | 250,000 | 206,951 | ||||||
Asia Aviation PCL, NVDR | 350,000 | 65,976 | ||||||
272,927 | ||||||||
Automotive - Cars & Light Trucks 15.03% | ||||||||
Geely Automobile Holdings, Ltd. | 866,000 | 2,982,852 | ||||||
Great Wall Motor Co., Ltd., Class H | 170,500 | 194,611 | ||||||
Guangzhou Automobile Group Co., Ltd., Class H | 550,000 | 1,299,117 | ||||||
4,476,580 | ||||||||
Automotive - Medium & Heavy Duty Trucks 0.94% | ||||||||
Sinotruk Hong Kong, Ltd. | 250,000 | 281,359 | ||||||
Automotive/Truck Parts & Equipment - Original 3.36% | ||||||||
Nexteer Automotive Group, Ltd. | 421,000 | 1,000,475 | ||||||
Batteries/Battery Systems 0.29% | ||||||||
Tianneng Power International, Ltd. | 82,000 | 85,077 | ||||||
Beverages - Non-alcoholic 0.19% | ||||||||
Vitasoy International Holdings, Ltd. | 22,000 | 56,253 | ||||||
Building & Construction Products - Miscellaneous 0.23% | ||||||||
China Lesso Group Holdings, Ltd. | 35,000 | 22,626 | ||||||
Hyundai Development Co.-Engineering & Construction | 650 | 23,386 | ||||||
IS Dongseo Co., Ltd. * | 675 | 21,925 | ||||||
67,937 | ||||||||
Building Products - Doors & Windows 1.92% | ||||||||
Xinyi Glass Holdings, Ltd. | 440,000 | 571,939 |
Portfolio of Investments | December 31, 2017 |
Common Stocks (cont’d) | Shares | Value | ||||||
Casino Hotels 3.69% | ||||||||
Galaxy Entertainment Group, Ltd. | 40,000 | $ | 319,352 | |||||
Sands China, Ltd. | 90,000 | 463,252 | ||||||
Wynn Macau, Ltd. | 100,000 | 316,147 | ||||||
1,098,751 | ||||||||
Chemicals - Diversified 0.08% | ||||||||
Huchems Fine Chemical Corp. | 1,100 | 25,196 | ||||||
Chemicals - Other 1.00% | ||||||||
Kingboard Chemical Holdings, Ltd. | 55,000 | 296,677 | ||||||
Chemicals - Specialty 1.50% | ||||||||
Fufeng Group, Ltd. | 40,000 | 26,088 | ||||||
Kingboard Laminates Holdings, Ltd. | 270,000 | 420,015 | ||||||
446,103 | ||||||||
Coal 2.04% | ||||||||
Adaro Energy Tbk PT | 184,000 | 25,155 | ||||||
China Shenhua Energy Co., Ltd., Class H | 105,000 | 271,262 | ||||||
Indo Tambangraya Megah Tbk PT | 80,000 | 121,814 | ||||||
Semirara Mining & Power Corp., Class A | 256,000 | 188,681 | ||||||
606,912 | ||||||||
Commercial Banks Non-US 0.55% | ||||||||
Bank Negara Indonesia Persero Tbk PT | 225,000 | 164,144 | ||||||
Commercial Service - Finance 0.92% | ||||||||
Hi Sun Technology China, Ltd. * | 1,401,000 | 273,460 | ||||||
Computers - Integrated System 0.26% | ||||||||
Posiflex Technology, Inc. | 16,724 | 76,588 | ||||||
Computers - Memory Devices 0.57% | ||||||||
ASPEED Technology, Inc. | 7,000 | 168,454 | ||||||
Computers - Peripher Equipment 0.07% | ||||||||
Innolux Corp. | 50,000 | 20,756 | ||||||
Cosmetics & Toiletries 0.09% | ||||||||
Vinda International Holdings, Ltd. | 13,000 | 26,080 |
Portfolio of Investments | December 31, 2017 |
Common Stocks (cont’d) | Shares | Value | ||||||
Diversified Operations 1.18% | ||||||||
Melco International Development, Ltd. | 120,000 | $ | 351,899 | |||||
Electric - Distribution 0.10% | ||||||||
Manila Electric Co. | 4,500 | 29,622 | ||||||
Electronic Components - Miscellaneous 4.40% | ||||||||
AAC Technologies Holdings, Inc. | 65,000 | 1,150,400 | ||||||
HannStar Display Corp. | 420,000 | 140,156 | ||||||
Tongda Group Holdings, Ltd. | 80,000 | 20,390 | ||||||
1,310,946 | ||||||||
Electronic Components - Semiconductors 0.09% | ||||||||
SK Hynix, Inc. | 400 | 28,411 | ||||||
Entertainment Software 1.39% | ||||||||
IGG, Inc. | 225,000 | 241,756 | ||||||
NetEase, Inc., ADR | 500 | 172,535 | ||||||
414,291 | ||||||||
Food - Miscellaneous/Diversified 0.06% | ||||||||
Green Seal Holding, Ltd. | 8,000 | 17,339 | ||||||
Internet Application Software 8.69% | ||||||||
Tencent Holdings, Ltd. | 50,000 | 2,587,898 | ||||||
Life/Health Insurance 0.33% | ||||||||
China Life Insurance Co., Ltd. | 98,972 | 99,289 | ||||||
Machinery - Construction & Mining 1.73% | ||||||||
Lonking Holdings, Ltd. | 1,175,000 | 513,963 | ||||||
Medical - Drugs 1.32% | ||||||||
China Pioneer Pharma Holdings, Ltd. | 380,000 | 117,131 | ||||||
Consun Pharmaceutical Group, Ltd. | 305,000 | 276,511 | ||||||
393,642 | ||||||||
Medical Products 0.98% | ||||||||
China Medical System Holdings, Ltd. | 125,000 | 290,974 | ||||||
Metal - Copper 0.58% | ||||||||
Jiangxi Copper Co., Ltd. | 110,000 | 174,052 |
Portfolio of Investments | December 31, 2017 |
Common Stocks (cont’d) | Shares | Value | ||||||
Multi-line Insurance 5.16% | ||||||||
Ping An Insurance Group Co. of China, Ltd., Class H | 148,000 | $ | 1,535,066 | |||||
Non-Ferrous Metals 0.07% | ||||||||
Sterling Group Ventures, Inc., 144A *r | 500,000 | 19,600 | ||||||
Non-hazardous Waste Disposal 0.39% | ||||||||
China Water Affairs Group, Ltd. | 130,000 | 117,556 | ||||||
Oil Companies - Integrated 0.77% | ||||||||
China Petroleum & Chemical Corp., ADR | 2,756 | 202,208 | ||||||
PTT PCL, NVDR | 2,000 | 26,952 | ||||||
229,160 | ||||||||
Oil Refining & Marketing 1.59% | ||||||||
Formosa Petrochemical Corp. | 35,000 | 135,378 | ||||||
SK Innovation Co., Ltd. | 800 | 152,617 | ||||||
S-Oil Corp. | 250 | 27,306 | ||||||
Thai Oil PCL, NVDR | 50,000 | 158,663 | ||||||
473,964 | ||||||||
Paper & Related Products 0.54% | ||||||||
Nine Dragons Paper Holdings, Ltd. | 100,000 | 159,786 | ||||||
Pastoral & Agricultural 0.63% | ||||||||
COFCO Meat Holdings, Ltd. * | 925,000 | 186,769 | ||||||
Petrochemicals 1.83% | ||||||||
AK Holdings, Inc. | 2,000 | 127,934 | ||||||
Lotte Chemical Corp. | 518 | 177,866 | ||||||
Sinopec Shanghai Petrochemical Co., Ltd., ADR | 4,200 | 239,400 | ||||||
545,200 | ||||||||
Photo Equipment & Supplies 6.69% | ||||||||
Sunny Optical Technology Group Co., Ltd. | 157,000 | 1,993,470 | ||||||
Property/Casualty Insurance 2.38% | ||||||||
Hyundai Marine & Fire Insurance Co., Ltd. | 2,581 | 113,196 | ||||||
Meritz Fire & Marine Insurance Co., Ltd. | 2,727 | 59,767 | ||||||
PICC Property & Casualty Co., Ltd., H shares | 279,000 | 534,501 | ||||||
707,464 |
Portfolio of Investments | December 31, 2017 |
Common Stocks (cont’d) | Shares | Value | ||||||
Real Estate Operating/Development 8.51% | ||||||||
China Vanke Co., Ltd., Class H | 35,000 | $ | 139,282 | |||||
Country Garden Holdings Co., Ltd. | 705,000 | 1,339,356 | ||||||
Jiayuan International Group, Ltd. * | 400,000 | 371,568 | ||||||
Sino-Ocean Group Holding, Ltd. | 670,000 | 461,369 | ||||||
Yuzhou Properties Co., Ltd. | 420,000 | 223,876 | ||||||
2,535,451 | ||||||||
Retail - Automobile 0.84% | ||||||||
Zhongsheng Group Holdings, Ltd. | 110,000 | 249,973 | ||||||
Retail - Home Furnishings 3.28% | ||||||||
Man Wah Holdings, Ltd. | 1,030,000 | 976,631 | ||||||
Semiconductor Equipment 3.59% | ||||||||
ASM Pacific Technology, Ltd. | 77,000 | 1,068,224 | ||||||
Telecom Services 0.38% | ||||||||
Telekomunikasi Indonesia Persero Tbk PT | 350,000 | 114,553 | ||||||
Total Common Stocks | 27,191,095 | |||||||
(cost $18,187,447) |
Call Option Purchased 1.66% | Strike Price | Exp. Date | Notional Contract Value | Contracts | ||||||||||||||||
Diversified Banking - Institutional 1.66% | ||||||||||||||||||||
HSBC Holdings PLC (premiums paid $332,451) | $ | 47.00 | 03/18 | $ | 4,700,000 | 1,000 | 492,500 | |||||||||||||
Investments, at value 92.98% | 27,683,595 | |||||||||||||||||||
(cost $18,519,898) | ||||||||||||||||||||
Other assets and liabilities, net 7.02% | 2,091,638 | |||||||||||||||||||
Net Assets 100.00% | $ | 29,775,233 |
Notes to Portfolios of Investments | December 31, 2017 |
Legend | |
◊ | Zero coupon bond. Interest rate presented is yield to maturity. |
~ | Affiliated company (see following) |
@ | Security fair valued at December 31, 2017, by U.S. Global Investors, Inc. (Adviser) (other than international securities fair valued pursuant to systematic fair value models) in accordance with procedures approved by the Board of Trustees. These securities, as a percentage of net assets at December 31, 2017, were 0.00% of All American Equity Fund, 1.51% of Holmes Macro Trends Fund, 10.85% of Global Resources Fund, 1.81% of World Precious Minerals Fund and 2.74% 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. |
r | Pursuant to Rule 144A of the Securities Act of 1933, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The market value of these securities and percentage of net assets as of December 31, 2017, amounted to $153,142, 0.37%, of Holmes Macro Trends Fund, $1,464,140, 1.52%, of Global Resources Fund, $3,771,307, 3.20%, of World Precious Minerals Fund, $2,547,177, 2.53% of Gold and Precious Metals Fund, $64,042, 0.14% of Emerging Europe Fund and $19,600, 0.07% of China Region Fund. |
* | Non-income producing security. |
# | Illiquid Security. |
^ | Security is currently in default and is on scheduled interest or principal payment. |
+ | See "Restricted Securities" in Notes to Portfolios of Investments. |
ADR | American Depositary Receipt |
AGC | Assured Guaranty Corporation |
AGM | Assured Guaranty Municipal |
AMBAC | American Municipal Bond Assurance Corporation |
BAM | Build American Mutual Assurance Company |
COP | Certificate of Participation |
ETF | Exchange Traded Fund |
GDR | Global Depositary Receipt |
GO | General Obligation |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
NATL | National Public Finance Guarantee Corporation |
NVDR | Non-Voting Depositary Receipt |
OJSC | Open Joint Stock Company |
PCL | Public Company Limited |
PJSC | Public Joint Stock Company |
PLC | Public Limited Company |
PSF-GTD | Public School Fund Guarantee |
Q-SBLF | Qualified School Bond Loan Fund |
RB | Revenue Bond |
REIT | Real Estate Investment Trust |
S&P | Standard & Poor's |
SPDR | Standard & Poor's Depositary Receipt |
Notes to Portfolios of Investments | December 31, 2017 |
Notes to Portfolios of Investments | December 31, 2017 |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||
U.S. Government Securities Ultra-Short Bond Fund | ||||||||||||||||
Investments in Securities* | ||||||||||||||||
United States Government and Agency Obligations | $ | – | $ | 48,457,294 | $ | – | $ | 48,457,294 | ||||||||
Investments, at Value | $ | – | $ | 48,457,294 | $ | – | $ | 48,457,294 |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||
Near-Term Tax Free Fund | ||||||||||||||||
Investments in Securities* | ||||||||||||||||
Municipal Bonds | $ | – | $ | 68,589,222 | $ | – | $ | 68,589,222 | ||||||||
Investments, at Value | $ | – | $ | 68,589,222 | $ | – | $ | 68,589,222 |
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 | ||||||||||||||||
Aerospace/Defense | $ | 678,293 | $ | – | $ | – | $ | 678,293 | ||||||||
Airlines | 543,235 | – | – | 543,235 | ||||||||||||
Apparel Manufacturers | 347,106 | – | – | 347,106 | ||||||||||||
Beverages - Wine/Spirits | 548,568 | – | – | 548,568 | ||||||||||||
Commercial Services - Finance | 585,266 | – | – | 585,266 | ||||||||||||
Computer Services | 588,380 | – | – | 588,380 | ||||||||||||
Cosmetics & Toiletries | 547,132 | – | – | 547,132 | ||||||||||||
Dental Supplies & Equipment | 500,308 | – | – | 500,308 | ||||||||||||
Diversified Banking Institution | 1,014,088 | – | – | 1,014,088 | ||||||||||||
Electronic Components - Semiconductors | 928,438 | – | – | 928,438 | ||||||||||||
Electronic Secure Devices | 453,492 | – | – | 453,492 | ||||||||||||
Finance - Credit Card | 1,185,188 | – | – | 1,185,188 |
Notes to Portfolios of Investments | December 31, 2017 |
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 (continued) | ||||||||||||||||
Investments in Securities* | ||||||||||||||||
(continued) | ||||||||||||||||
Gold Mining | $ | 367,696 | $ | – | $ | – | $ | 367,696 | ||||||||
Medical - Biomedical/Genetics | 399,970 | – | – | 399,970 | ||||||||||||
Medical - HMO | 421,719 | – | – | 421,719 | ||||||||||||
Medical Labs & Testing Services | 384,111 | – | – | 384,111 | ||||||||||||
Oil Companies - Exploration & Production | 420,420 | – | – | 420,420 | ||||||||||||
Oil Refining & Marketing | 1,079,776 | – | – | 1,079,776 | ||||||||||||
REITS - Diversified | 456,544 | – | – | 456,544 | ||||||||||||
Retail - Building Products | 549,637 | – | – | 549,637 | ||||||||||||
Retail - Drug Store | 275,500 | – | – | 275,500 | ||||||||||||
Retail - Jewelry | 316,680 | – | – | 316,680 | ||||||||||||
Retail - Major Dept Store | 519,928 | – | – | 519,928 | ||||||||||||
Semiconductor Equipment | 496,989 | – | – | 496,989 | ||||||||||||
Supranational Bank | 520,860 | – | – | 520,860 | ||||||||||||
Water | 503,195 | – | – | 503,195 | ||||||||||||
Rights | ||||||||||||||||
Food - Retail | – | – | 0 | 0 | ||||||||||||
Exchange Traded Funds | 1,097,657 | – | – | 1,097,657 | ||||||||||||
Investments, at Value | $ | 15,730,176 | $ | – | $ | 0 | $ | 15,730,176 |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||
Holmes Macro Trends Fund | ||||||||||||||||
Investments in Securities* | ||||||||||||||||
Common Stocks | ||||||||||||||||
Applications Software | $ | 1,033,560 | $ | – | $ | – | $ | 1,033,560 | ||||||||
Bicycle Manufacturing | 889,665 | – | – | 889,665 | ||||||||||||
Brewery | 1,350,504 | – | – | 1,350,504 | ||||||||||||
Building - Residential/Commercial | 1,733,193 | – | – | 1,733,193 | ||||||||||||
Building & Construction Products - Miscellaneous | 1,734,240 | – | – | 1,734,240 | ||||||||||||
Building Products - Air & Heating | 1,853,514 | – | – | 1,853,514 | ||||||||||||
Casino Hotels | 2,461,414 | – | – | 2,461,414 | ||||||||||||
Chemicals - Specialty | 1,516,130 | – | – | 1,516,130 | ||||||||||||
Commercial Services | 1,989,585 | – | – | 1,989,585 |
Notes to Portfolios of Investments | December 31, 2017 |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||
Holmes Macro Trends Fund (continued) | ||||||||||||||||
Investments in Securities* | ||||||||||||||||
(continued) | ||||||||||||||||
Commercial Services - Finance | $ | 2,049,740 | $ | – | $ | – | $ | 2,049,740 | ||||||||
Consumer Products - Miscellaneous | 1,573,294 | – | – | 1,573,294 | ||||||||||||
Distribution/Wholesale | 1,853,995 | – | – | 1,853,995 | ||||||||||||
Electronic Secure Devices | 994,500 | – | – | 994,500 | ||||||||||||
Energy - Alternate Sources | – | – | 0 | 0 | ||||||||||||
Food - Miscellaneous/Diversified | 1,377,380 | – | – | 1,377,380 | ||||||||||||
Golf | 1,113,007 | – | – | 1,113,007 | ||||||||||||
Medical - Drugs | 1,251,290 | – | – | 1,251,290 | ||||||||||||
Medical - Hospitals | – | – | 0 | 0 | ||||||||||||
Oil Companies - Exploration & Production | 459,427 | – | – | 459,427 | ||||||||||||
Real Estate Management/Services | 2,655,744 | – | – | 2,655,744 | ||||||||||||
Real Estate Operating/Development | – | – | 394,500 | 394,500 | ||||||||||||
REITS - Diversified | 833,330 | – | – | 833,330 | ||||||||||||
Retail - Pet Food & Supplies | 1,938,300 | – | – | 1,938,300 | ||||||||||||
Retail - Restaurants | 1,225,231 | – | – | 1,225,231 | ||||||||||||
Television | 1,373,632 | – | – | 1,373,632 | ||||||||||||
Tobacco | 1,471,046 | – | – | 1,471,046 | ||||||||||||
Veterinary Diagnostics | 800,650 | – | – | 800,650 | ||||||||||||
Web Hosting/Design | 903,223 | – | – | 903,223 | ||||||||||||
Corporate Convertible Bond | – | 327,993 | – | 327,993 | ||||||||||||
Corporate Non-Convertible Bond | – | – | 233,829 | 233,829 | ||||||||||||
Exchange Traded Funds | 1,627,279 | – | – | 1,627,279 | ||||||||||||
Warrants | ||||||||||||||||
Gold Mining | 12 | – | – | 12 | ||||||||||||
Oil Companies - Exploration & Production | – | 0 | – | 0 | ||||||||||||
Investments, at Value | $ | 38,062,885 | $ | 327,993 | $ | 628,329 | $ | 39,019,207 |
Notes to Portfolios of Investments | December 31, 2017 |
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 | ||||||||||||||||
Investments in Securities* | ||||||||||||||||
Common Stocks | ||||||||||||||||
Agricultural Chemicals | $ | 1,101,378 | $ | – | $ | – | $ | 1,101,378 | ||||||||
Agricultural Operations | – | 116,161 | – | 116,161 | ||||||||||||
Automotive/Truck Parts & Equipment - Original | 1,212,738 | – | – | 1,212,738 | ||||||||||||
Chemicals - Diversified | 2,554,406 | 2,607,534 | – | 5,161,940 | ||||||||||||
Chemicals - Fibers | 1,701,440 | – | – | 1,701,440 | ||||||||||||
Chemicals - Specialty | 2,270,608 | 1,016,748 | – | 3,287,356 | ||||||||||||
Coal | 2,235,998 | 2,539,489 | 0 | 4,775,487 | ||||||||||||
Coatings/Paint | – | 1,184,220 | – | 1,184,220 | ||||||||||||
Diamonds/Precious Stones | 32,935 | – | 756 | 33,691 | ||||||||||||
Diversified Minerals | 3,641,928 | 1,399,772 | – | 5,041,700 | ||||||||||||
Energy - Alternate Sources | 2,691,063 | 1,089,788 | 0 | 3,780,851 | ||||||||||||
Forestry | 3,275,429 | 32,386 | – | 3,307,815 | ||||||||||||
Gold Mining | 5,323,629 | 7,707,218 | 0 | 13,030,847 | ||||||||||||
Medical - Drugs | 52,252 | – | – | 52,252 | ||||||||||||
Medical - Hospitals | – | – | 0 | 0 | ||||||||||||
Metal - Copper | 1,568,748 | – | – | 1,568,748 | ||||||||||||
Metal - Diversified | 707,118 | 3,219,095 | – | 3,926,213 | ||||||||||||
Metal - Iron | – | 2,461,041 | 0 | 2,461,041 | ||||||||||||
Mining Services | – | – | 0 | 0 | ||||||||||||
Natural Resource Technology | – | – | 15,225 | 15,225 | ||||||||||||
Non-Ferrous Metals | 372,514 | 19,600 | – | 392,114 | ||||||||||||
Oil - Field Services | – | 1,207,534 | 0 | 1,207,534 | ||||||||||||
Oil Companies - Exploration & Production | 3,999,098 | 3,592,334 | 0 | 7,591,432 | ||||||||||||
Oil Companies - US Royalty Trusts | 80,400 | – | – | 80,400 | ||||||||||||
Oil Refining & Marketing | 1,800,640 | 1,200,594 | – | 3,001,234 | ||||||||||||
Petrochemicals | – | 2,190,434 | – | 2,190,434 | ||||||||||||
Poultry | 1,167,856 | – | �� | – | 1,167,856 | |||||||||||
Precious Metals | 959,868 | – | – | 959,868 | ||||||||||||
Real Estate Operating/ Development | – | – | 6,884,534 | 6,884,534 | ||||||||||||
Steel - Producers | – | 2,884,129 | – | 2,884,129 | ||||||||||||
Transportation - Marine | 1,117,200 | – | – | 1,117,200 | ||||||||||||
Corporate Convertible Bond | – | 7,832,832 | – | 7,832,832 | ||||||||||||
Corporate Non-Convertible Bond | – | – | 2,805,938 | 2,805,938 | ||||||||||||
Exchange Traded Funds | 468,228 | – | – | 468,228 | ||||||||||||
Subscription Receipts | – | – | 485,324 | 485,324 | ||||||||||||
Warrants | ||||||||||||||||
Diversified Minerals | – | 0 | – | 0 | ||||||||||||
Gold Mining | 2,840 | – | – | 2,840 |
Notes to Portfolios of Investments | December 31, 2017 |
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 (continued) | ||||||||||||||||
Investments in Securities* (continued) | ||||||||||||||||
Non-Ferrous Metals | $ | – | $ | 0 | $ | – | $ | 0 | ||||||||
Oil Companies - Exploration & Production | – | 0 | – | 0 | ||||||||||||
Purchased Call Options | 1,631,200 | 1,742,670 | – | 3,373,870 | ||||||||||||
Investments, at Value | $ | 39,969,514 | $ | 44,043,579 | $ | 10,191,777 | $ | 94,204,870 |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||
World Precious Minerals Fund | ||||||||||||||||
Investments in Securities* | ||||||||||||||||
Common Stocks | ||||||||||||||||
Advanced Materials/ Production | $ | 2,673,031 | $ | – | $ | – | $ | 2,673,031 | ||||||||
Capital Pools | – | 105,012 | – | 105,012 | ||||||||||||
Coal | – | – | 0 | 0 | ||||||||||||
Diamonds/Precious Stones | 1,249,324 | – | 2,048 | 1,251,372 | ||||||||||||
Diversified Minerals | 8,436,696 | 1,067,603 | 0 | 9,504,299 | ||||||||||||
Gold Mining | 59,888,241 | 3,159,444 | 0 | 63,047,685 | ||||||||||||
Medical - Drugs | 3,574 | – | – | 3,574 | ||||||||||||
Medical - Hospitals | – | – | 0 | 0 | ||||||||||||
Metal - Copper | 681,782 | – | – | 681,782 | ||||||||||||
Metal - Diversified | 5,545,695 | 5,066,944 | – | 10,612,639 | ||||||||||||
Mining Services | – | 525,788 | – | 525,788 | ||||||||||||
Non-Ferrous Metals | 942,721 | – | – | 942,721 | ||||||||||||
Oil Companies - Exploration & Production | – | – | 0 | 0 | ||||||||||||
Optical Recognition | ||||||||||||||||
Equipment | 10,862 | – | – | 10,862 | ||||||||||||
Precious Metals | 18,335,415 | 1,478,312 | – | 19,813,727 | ||||||||||||
Silver Mining | 87,510 | – | – | 87,510 | ||||||||||||
Corporate Convertible Bond | – | 2,724,267 | – | 2,724,267 | ||||||||||||
Corporate Non-Convertible Bond | – | – | 748,250 | 748,250 | ||||||||||||
Right | 450,594 | – | – | 450,594 | ||||||||||||
Exchange Traded Funds | 1,591,700 | – | – | 1,591,700 | ||||||||||||
Subscription Receipt | – | – | 453,461 | 453,461 | ||||||||||||
Warrants | ||||||||||||||||
Diversified Minerals | – | 0 | – | 0 | ||||||||||||
Gold Mineral Exploration & Development | – | – | 0 | 0 |
Notes to Portfolios of Investments | December 31, 2017 |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||
World Precious Minerals Fund (continued) | ||||||||||||||||
Investments in Securities* (continued) | ||||||||||||||||
Gold Mining | $ | 443,789 | $ | 134,248 | $ | 0 | $ | 578,037 | ||||||||
Metal - Diversified | – | 53,103 | – | 53,103 | ||||||||||||
Precious Metals | – | 186,157 | – | 186,157 | ||||||||||||
Investments, at Value | $ | 100,340,934 | $ | 14,500,878 | $ | 1,203,759 | $ | 116,045,571 |
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 | ||||||||||||||||
Investments in Securities* | ||||||||||||||||
Common Stocks | ||||||||||||||||
Capital Pools | $ | – | $ | – | $ | 477,327 | $ | 477,327 | ||||||||
Diamonds/Precious Stones | 894,193 | – | – | 894,193 | ||||||||||||
Gold Mining | 58,520,797 | 17,077,278 | – | 75,598,075 | ||||||||||||
Medical - Hospitals | – | – | 0 | 0 | ||||||||||||
Metal - Diversified | 4,556,881 | – | – | 4,556,881 | ||||||||||||
Precious Metals | 8,052,107 | – | 0 | 8,052,107 | ||||||||||||
Recycling | – | 800,898 | – | 800,898 | ||||||||||||
Silver Mining | 4,188,931 | – | – | 4,188,931 | ||||||||||||
Corporate Convertible Bonds | – | 1,747,335 | – | 1,747,335 | ||||||||||||
Corporate Non-Convertible Bonds | – | – | 280,594 | 280,594 | ||||||||||||
Exchange Traded Funds | 1,591,700 | – | – | 1,591,700 | ||||||||||||
Units | – | – | 2,000,000 | 2,000,000 | ||||||||||||
Warrants | ||||||||||||||||
Gold Mining | 375,964 | – | – | 375,964 | ||||||||||||
Silver Mining | – | 60,760 | – | 60,760 | ||||||||||||
Investments, at Value | $ | 78,180,573 | $ | 19,686,271 | $ | 2,757,921 | $ | 100,624,765 |
Notes to Portfolios of Investments | December 31, 2017 |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||
Emerging Europe Fund | ||||||||||||||||
Assets | ||||||||||||||||
Investments in Securities* | ||||||||||||||||
Common Stocks | ||||||||||||||||
Agricultural Chemicals | $ | – | $ | 471,557 | $ | – | $ | 471,557 | ||||||||
Airlines | – | 3,125,113 | – | 3,125,113 | ||||||||||||
Airport Development/ Maintenance | – | 300,083 | – | 300,083 | ||||||||||||
Audio/Video Products | – | 514,942 | – | 514,942 | ||||||||||||
Automotive - Cars & Light Trucks | – | 1,295,969 | – | 1,295,969 | ||||||||||||
Automotive/Truck Parts & Equipment - Original | – | 184,584 | – | 184,584 | ||||||||||||
Beverages - Non-alcoholic | – | 180,371 | – | 180,371 | ||||||||||||
Cellular Telecommunication | 282,263 | 622,039 | – | 904,302 | ||||||||||||
Chemicals - Diversified | – | 767,210 | – | 767,210 | ||||||||||||
Chemicals - Fibers | – | 449,950 | – | 449,950 | ||||||||||||
Chemicals - Specialty | – | 182,044 | – | 182,044 | ||||||||||||
Coal | – | 1,063,579 | – | 1,063,579 | ||||||||||||
Commercial Banks Non-US | 4,866,705 | 4,651,444 | – | 9,518,149 | ||||||||||||
Communications Software | – | 183,163 | – | 183,163 | ||||||||||||
Computer Services | 250,650 | 491,947 | – | 742,597 | ||||||||||||
Cosmetics & Toiletries | – | 266,238 | – | 266,238 | ||||||||||||
Diamonds/Precious Stones | – | 172,972 | – | 172,972 | ||||||||||||
Diversified Operations | – | 1,147,944 | – | 1,147,944 | ||||||||||||
Electric - Distribution | – | 553,049 | – | 553,049 | ||||||||||||
Electric - Generation | – | 620,491 | – | 620,491 | ||||||||||||
Electric - Integrated | – | 387,333 | – | 387,333 | ||||||||||||
Entertainment Software | – | 320,310 | – | 320,310 | ||||||||||||
Finance - Other Services | – | 148,101 | – | 148,101 | ||||||||||||
Food - Retail | – | 1,000,002 | – | 1,000,002 | ||||||||||||
Food - Wholesale/ Distribution | – | 182,341 | – | 182,341 | ||||||||||||
Gold Mining | 572,792 | 215,793 | – | 788,585 | ||||||||||||
Human Resources | – | 272,322 | – | 272,322 | ||||||||||||
Machinery - Farm | – | 220,621 | – | 220,621 | ||||||||||||
Metal - Diversified | 512,209 | 257,925 | – | 770,134 | ||||||||||||
Metal - Iron | – | 423,720 | – | 423,720 | ||||||||||||
Miscellaneous | ||||||||||||||||
Manufacturing | – | 309,308 | – | 309,308 | ||||||||||||
Multi-line Insurance | – | 1,577,768 | – | 1,577,768 | ||||||||||||
Oil Companies - Exploration & Production | 258,973 | – | – | 258,973 | ||||||||||||
Oil Companies - Integrated | 4,576,706 | 1,435,642 | – | 6,012,348 | ||||||||||||
Oil Refining & Marketing | – | 1,557,123 | – | 1,557,123 | ||||||||||||
Property/Casualty Insurance | – | 459,636 | – | 459,636 |
Notes to Portfolios of Investments | December 31, 2017 |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||
Emerging Europe Fund (continued) | ||||||||||||||||
Assets (continued) | ||||||||||||||||
Investments in Securities* | ||||||||||||||||
(continued) | ||||||||||||||||
Real Estate Operating/ Development | $ | – | $ | 424,962 | $ | – | $ | 424,962 | ||||||||
Regional Banks - Non US | – | 443,122 | – | 443,122 | ||||||||||||
Retail - Automobile | – | 206,302 | – | 206,302 | ||||||||||||
Retail - Jewelry | – | 197,288 | – | 197,288 | ||||||||||||
Retail - Major Dept Store | – | 133,188 | – | 133,188 | ||||||||||||
Steel - Producers | 884,719 | 1,614,237 | – | 2,498,956 | ||||||||||||
Telecom Services | – | 546,716 | – | 546,716 | ||||||||||||
Telephone - Integrated | – | 643,054 | – | 643,054 | ||||||||||||
Textile - Apparel | – | 232,540 | – | 232,540 | ||||||||||||
Tobacco | – | 202,418 | – | 202,418 | ||||||||||||
Transportation - Rail | – | 496,643 | – | 496,643 | ||||||||||||
Transportation - Services | – | 249,298 | – | 249,298 | ||||||||||||
Travel Services | – | 240,321 | – | 240,321 | ||||||||||||
Web Portals/ISP | 204,687 | – | – | 204,687 | ||||||||||||
Exchange Traded Funds | 436,381 | – | – | 436,381 | ||||||||||||
Investments, at Value | $ | 12,846,085 | $ | 31,642,723 | $ | – | $ | 44,488,808 | ||||||||
Other Financial Instruments† | ||||||||||||||||
Currency Contracts | – | 26,243 | – | 26,243 | ||||||||||||
Total Assets | $ | 12,846,085 | $ | 31,668,966 | $ | – | $ | 44,515,051 | ||||||||
Liabilities | ||||||||||||||||
Other Financial Instruments† | ||||||||||||||||
Currency Contracts | – | (148,063 | ) | – | (148,063 | ) | ||||||||||
Total Liabilities | $ | – | $ | (148,063 | ) | $ | – | $ | (148,063 | ) |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||
China Region Fund | ||||||||||||||||
Investments in Securities* | ||||||||||||||||
Common Stocks | ||||||||||||||||
Agricultural Operations | $ | – | $ | 50,234 | $ | – | $ | 50,234 | ||||||||
Airlines | – | 272,927 | – | 272,927 | ||||||||||||
Automotive - Cars & Light | ||||||||||||||||
Trucks | – | 4,476,580 | – | 4,476,580 | ||||||||||||
Automotive - Medium & Heavy Duty Trucks | – | 281,359 | – | 281,359 |
Notes to Portfolios of Investments | December 31, 2017 |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||
China Region Fund (continued) | ||||||||||||||||
Investments in Securities* (continued) | ||||||||||||||||
Automotive/Truck Parts & Equipment - Original | $ | – | $ | 1,000,475 | $ | – | $ | 1,000,475 | ||||||||
Batteries/Battery Systems | – | 85,077 | – | 85,077 | ||||||||||||
Beverages - Non-alcoholic | – | 56,253 | – | 56,253 | ||||||||||||
Building & Construction Products - Miscellaneous | – | 67,937 | – | 67,937 | ||||||||||||
Building Products - Doors & Windows | – | 571,939 | – | 571,939 | ||||||||||||
Casino Hotels | – | 1,098,751 | – | 1,098,751 | ||||||||||||
Chemicals - Diversified | – | 25,196 | – | 25,196 | ||||||||||||
Chemicals - Other | – | 296,677 | – | 296,677 | ||||||||||||
Chemicals - Specialty | – | 446,103 | – | 446,103 | ||||||||||||
Coal | – | 606,912 | – | 606,912 | ||||||||||||
Commercial Banks Non-US | – | 164,144 | – | 164,144 | ||||||||||||
Commercial Service - Finance | – | 273,460 | – | 273,460 | ||||||||||||
Computers - Integrated System | – | 76,588 | – | 76,588 | ||||||||||||
Computers - Memory Devices | – | 168,454 | – | 168,454 | ||||||||||||
Computers - Peripher Equipment | – | 20,756 | – | 20,756 | ||||||||||||
Cosmetics & Toiletries | – | 26,080 | – | 26,080 | ||||||||||||
Diversified Operations | – | 351,899 | – | 351,899 | ||||||||||||
Electric - Distribution | – | 29,622 | – | 29,622 | ||||||||||||
Electronic Components - Miscellaneous | – | 1,310,946 | – | 1,310,946 | ||||||||||||
Electronic Components - Semiconductors | – | 28,411 | – | 28,411 | ||||||||||||
Entertainment Software | 172,535 | 241,756 | – | 414,291 | ||||||||||||
Food - Miscellaneous/Diversified | – | 17,339 | – | 17,339 | ||||||||||||
Internet Application Software | – | 2,587,898 | – | 2,587,898 | ||||||||||||
Life/Health Insurance | – | 99,289 | – | 99,289 | ||||||||||||
Machinery - Construction & Mining | – | 513,963 | – | 513,963 | ||||||||||||
Medical - Drugs | – | 393,642 | – | 393,642 | ||||||||||||
Medical Products | – | 290,974 | – | 290,974 | ||||||||||||
Metal - Copper | – | 174,052 | – | 174,052 | ||||||||||||
Multi-line Insurance | – | 1,535,066 | – | 1,535,066 | ||||||||||||
Non-Ferrous Metals | – | 19,600 | – | 19,600 | ||||||||||||
Non-hazardous Waste Disposal | – | 117,556 | – | 117,556 | ||||||||||||
Oil Companies - Integrated | 202,208 | 26,952 | – | 229,160 |
Notes to Portfolios of Investments | December 31, 2017 |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||
China Region Fund (continued) | ||||||||||||||||
Investments in Securities* (continued) | ||||||||||||||||
Oil Refining & Marketing | $ | – | $ | 473,964 | $ | – | $ | 473,964 | ||||||||
Paper & Related Products | – | 159,786 | – | 159,786 | ||||||||||||
Pastoral & Agricultural | – | 186,769 | – | 186,769 | ||||||||||||
Petrochemicals | 239,400 | 305,800 | – | 545,200 | ||||||||||||
Photo Equipment & Supplies | – | 1,993,470 | – | 1,993,470 | ||||||||||||
Property/Casualty Insurance | – | 707,464 | – | 707,464 | ||||||||||||
Real Estate Operating/Development | – | 2,535,451 | – | 2,535,451 | ||||||||||||
Retail - Automobile | – | 249,973 | – | 249,973 | ||||||||||||
Retail - Home Furnishings | – | 976,631 | – | 976,631 | ||||||||||||
Semiconductor Equipment | – | 1,068,224 | – | 1,068,224 | ||||||||||||
Telecom Services | – | 114,553 | – | 114,553 | ||||||||||||
Call Option | – | 492,500 | – | 492,500 | ||||||||||||
Investments, at Value | $ | 614,143 | $ | 27,069,452 | $ | – | $ | 27,683,595 |
* | Refer to the Portfolio of Investments for a detailed list of the Fund’s investments. |
† | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments, such as Currency Contracts, which are valued at the unrealized appreciation (depreciation) at year end. |
Fund | Transfers From Level 1 to Level 2* | Transfers from Level 2 to Level 1* | ||||||
Holmes Macro Trends Fund | $ | — | $ | 12 | (1) | |||
Global Resources Fund | 19,600 | (2) | 122,172 | (1) | ||||
World Precious Minerals Fund | — | 4,380,091 | (1) | |||||
Gold and Precious Metals Fund | — | 288,186 | (1) | |||||
China Region Fund | 19,600 | (2) | — |
* | The Funds’ policy is to recognize transfers in and transfers out as of the end of the reporting period. |
(1) | Securities were valued at a quoted price at the end of the current fiscal year, but at the mean between bid and ask quotations at the end of the prior fiscal year. |
(2) | Securities were valued at a IDC fair value price at the end of the current fiscal year, but at a quoted price at the end of the prior fiscal year. |
Notes to Portfolios of Investments | December 31, 2017 |
Rights | Total | |||||||
All American Equity Fund | ||||||||
Beginning Balance 12/31/16 | $ | 0 | $ | 0 | ||||
Ending Balance 12/31/17 | $ | 0 | $ | 0 | ||||
Net change in unrealized appreciation (depreciation) from Investments held as of 12/31/17(1) | $ | — | $ | — |
Common Stocks | Corporate Non-Convertible Bond | Total | ||||||||||
Holmes Macro Trends Fund | ||||||||||||
Beginning Balance 12/31/16 | $ | 293,796 | $ | 233,829 | $ | 527,625 | ||||||
Net change in unrealized appreciation (depreciation) | 100,704 | — | 100,704 | |||||||||
Ending Balance 12/31/17 | $ | 394,500 | $ | 233,829 | $ | 628,329 | ||||||
Net change in unrealized appreciation (depreciation) from Investments held as of 12/31/17(1) | $ | 100,704 | $ | — | $ | 100,704 |
Common Stocks | Corporate Non-Convertible Bond | Subscription Receipt | Total | |||||||||||||
Global Resources Fund | ||||||||||||||||
Beginning Balance 12/31/16 | $ | 5,264,464 | $ | 2,805,938 | $ | — | $ | 8,070,402 | ||||||||
Purchases | — | — | 503,347 | 503,347 | ||||||||||||
Net change in unrealized appreciation (depreciation) | 1,635,295 | — | (18,023 | ) | 1,617,272 | |||||||||||
Transfers into Level 3* | 756 | — | — | 756 | ||||||||||||
Ending Balance 12/31/17 | $ | 6,900,515 | $ | 2,805,938 | $ | 485,324 | $ | 10,191,777 | ||||||||
Net change in unrealized appreciation (depreciation) from Investments held as of 12/31/17(1) | $ | 1,635,295 | $ | — | (18,023 | ) | 1,617,272 |
Common Stock | Corporate Non-Convertible Bond | Subscription Receipt | Total | |||||||||||||
World Precious Minerals Fund | ||||||||||||||||
Beginning Balance 12/31/2016 | $ | — | $ | 748,250 | $ | — | $ | 748,250 | ||||||||
Purchases | — | — | 473,317 | 473,317 | ||||||||||||
Net change in unrealized appreciation (depreciation) | — | — | (19,856 | ) | (19,856 | ) | ||||||||||
Transfers into Level 3* | 2,048 | — | — | 2,048 | ||||||||||||
Ending Balance 12/31/2017 | $ | 2,048 | $ | 748,250 | $ | 453,461 | $ | 1,203,759 | ||||||||
Net change in unrealized appreciation (depreciation) from Investments held as of 12/31/17(1) | $ | — | $ | — | $ | (19,856 | ) | $ | (19,856 | ) |
Notes to Portfolios of Investments | December 31, 2017 |
Common Stocks | Corporate Non-Convertible Bond | Units | Total | |||||||||||||
Gold and Precious Metals Fund | ||||||||||||||||
Beginning Balance 12/31/16 | $ | — | $ | 280,594 | $ | — | $ | 280,594 | ||||||||
Purchases | 730,204 | — | 2,000,000 | 2,730,204 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (252,877 | ) | — | — | (252,877 | ) | ||||||||||
Ending Balance 12/31/17 | $ | 477,327 | $ | 280,594 | $ | 2,000,000 | $ | 2,757,921 | ||||||||
Net change in unrealized appreciation (depreciation) from Investments held as of 12/31/17(1) | $ | (252,877 | ) | $ | — | $ | — | $ | (252,877 | ) |
* | The Funds’ policy is to recognize transfers in and transfers out as of the end of the reporting period. |
(1) | The amounts shown represent the net change in unrealized appreciation (depreciation) attributable to only those investments still held and classified as Level 3 at December 31, 2017. |
Fair Value at 12/31/2017 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | |||||||
All American Equity Fund | ||||||||||
Investments in Securities Rights | $ | — | Market Transaction(1) | Discount | 100% | |||||
Holmes Macro Trends Fund | ||||||||||
Investments in Securities | 100% discount-12% | |||||||||
Common Stocks | 394,500 | Market Transaction(1) | Discount | premium (36%discount) | ||||||
Corporate Non-Convertible Bonds | 233,829 | Market Transaction(1) | Discount | 0% | ||||||
Global Resources Fund | ||||||||||
Investments in Securities | 100% discount-12% | |||||||||
Common Stocks | 6,900,515 | Market Transaction(1) | Discount | premium (86% discount) | ||||||
Corporate Non-Convertible Bonds | 2,805,938 | Market Transaction(1) | Discount | 0% | ||||||
Subscription Receipts | 485,324 | Market Transaction(1) | Discount | 3% - 4% discount (4% discount) | ||||||
World Precious Minerals Fund | ||||||||||
Investments in Securities | 0%-100% discount | |||||||||
Common Stocks | 2,048 | Market Transaction(1) | Discount | (100% discount) | ||||||
Corporate Non-Convertible Bonds | 748,250 | Market Transaction(1) | Discount | 100% | ||||||
Subscription Receipts | 453,461 | Market Transaction(1) | Discount | 4% | ||||||
Warrants | - | Market Transaction(1) | Discount | 100% | ||||||
Gold and Precious Metals Fund | ||||||||||
Investments in Securities | 100%-2% premium | |||||||||
Common Stocks | 477,327 | Market Transaction(1) | Discount | (41% discount) |
Notes to Portfolios of Investments | December 31, 2017 |
Fair Value at 12/31/2017 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | |||||||
Corporate Non-Convertible | 0% - 100% discount | |||||||||
Bonds | 280,594 | Market Transaction(1) | Discount | (63% discount) | ||||||
Units | 2,000,000 | Market Transaction(1) | Discount | 0% |
(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. |
Shares of Affiliated Companies | ||||||||||||||||
Global Resources Fund | December 31, 2016 | Additions | Reductions | December 31, 2017 | ||||||||||||
Agriterra, Ltd. | 69,849,776 | — | — | 698,497 | (a) | |||||||||||
Atlas African Industries, Ltd. | 255,854,621 | — | — | 255,854,621 | ||||||||||||
Bravern Ventures, Ltd. | 254,431 | — | — | 254,431 | ||||||||||||
Caribbean Resources Corp. | 17 | — | — | 17 | ||||||||||||
Pacific Green Energy Corp. | 2,400,000 | — | — | 2,400,000 |
Shares of Affiliated Companies | ||||||||||||||||
World Precious Minerals Fund | December 31, 2016 | Additions | Reductions | December 31, 2017 | ||||||||||||
Argent Minerals, Ltd. | 17,100,000 | 4,000,000 | — | 21,100,000 | (a) | |||||||||||
Argo Gold, Inc. | — | 1,825,000 | — | 1,825,000 | ||||||||||||
Barsele Minerals Corp. | 10,169,000 | 1,353,000 | (3,650,701 | ) | 7,871,299 | |||||||||||
Barsele Minerals Corp., Warrants | 1,850,000 | — | (1,250,000 | ) | 600,000 | |||||||||||
Bonterra Resources, Inc. | 6,500,000 | 625,000 | (2,500,000 | ) | 4,625,000 | (a) | ||||||||||
Bonterra Resources, Inc., Warrants | 1,250,000 | — | (625,000 | ) | 625,000 | (a) | ||||||||||
Brixton Metals Corp. | 2,500,000 | — | — | 2,500,000 | (a) | |||||||||||
Canyon Resources, Ltd. | 10,006,593 | 6,168,864 | (1,175,457 | ) | 15,000,000 | (a) | ||||||||||
Canyon Resources, Ltd., Warrants | 6,168,864 | — | — | — | (a) | |||||||||||
CopperBank Resources Corp. | 6,979,418 | 9,000,000 | — | 15,979,418 | ||||||||||||
Dolly Varden Silver Corp. | 5,628,500 | 2,686,500 | (315,000 | ) | 8,000,000 | |||||||||||
Enforcer Gold Corp. | — | 3,000,000 | — | 3,000,000 | (a) | |||||||||||
Fiore Exploration, Ltd. | 7,746,800 | — | — | — | (a) |
Notes to Portfolios of Investments | December 31, 2017 |
World Precious Minerals Fund (cont'd) | December 31, 2016 | Additions | Reductions | December 31, 2017 | ||||||||||||
Golden Peak Minerals, Inc. | 1,999,998 | 300,000 | — | 2,299,998 | ||||||||||||
Mammoth Resources Corp. | 4,818,000 | 1,025,000 | (3,671,800 | ) | 2,171,200 | |||||||||||
Minera Alamos, Inc., Warrants | 2,225,000 | — | — | 2,225,000 | (a) | |||||||||||
Minera Alamos, Inc. | 4,450,000 | — | — | — | (a) | |||||||||||
Murchison Minerals, Ltd. | 3,000,000 | — | — | — | (a) | |||||||||||
Murchison Minerals, Ltd., Warrants | 1,500,000 | — | — | 1,500,000 | (a) | |||||||||||
Nano One Materials Corp. | 3,100,000 | 500,000 | (600,000 | ) | 3,000,000 | (a) | ||||||||||
NV Gold Corp. | 1,800,000 | — | (100,000 | ) | 1,700,000 | (a) | ||||||||||
Orex Minerals, Inc. | 8,173,000 | — | (3,173,000 | ) | 5,000,000 | (a) | ||||||||||
Orex Minerals, Inc., Warrants | 1,250,000 | — | — | — | (a) | |||||||||||
Red Pine Exploration, Inc. | 10,000,000 | — | (1,718,000 | ) | 8,282,000 | (a) | ||||||||||
Redstar Gold Corp. | 15,000,000 | — | — | 15,000,000 | (a) | |||||||||||
Redstar Gold Corp., Warrants | 2,500,000 | — | — | 2,500,000 | (a) | |||||||||||
Toachi Mining, Inc. | 6,350,000 | 4,000,000 | (4,350,000 | ) | 6,000,000 | |||||||||||
TriStar Gold, Inc. | 25,308,000 | 2,000,000 | (197,500 | ) | 27,110,500 | |||||||||||
TriStar Gold, Inc., Warrants | — | 1,000,000 | — | 1,000,000 |
Shares of Affiliated Companies | ||||||||||||||||
Gold And Precious Metals Fund | December 31, 2016 | Additions | Reductions | December 31, 2017 | ||||||||||||
Mene, Inc. | — | 5,714,285 | — | 5,714,285 |
(a) | At December 31, 2017, the company was no longer defined as an affiliate, although it was an affiliate company during the year. |
Holmes Macro Trends Fund | Acquisition Date | Cost per Share/Unit | ||
Interamerican Energy Corp., Corporate Note (November 2021) | 05/25/12 | $ | 100.00 | |
Pacific Infrastructure, Inc. | 08/06/10-11/22/10 | $ | 1.00 |
Notes to Portfolios of Investments | December 31, 2017 |
Global Resources Fund | Acquisition Date | Cost per Share/Unit | ||
Chakana Copper Corp., 144A, Subscription Receipts | 11/09/17 | $ | 0.39 | |
Interamerican Energy Corp., Corporate Note (November 2021) | 05/25/12 | $ | 100.00 | |
I-Pulse, Inc., 144A | 10/04/07 | $ | 1.88 | |
Pacific Infrastructure, Inc. | 08/06/10-11/22/10 | $ | 1.00 | |
PentaNova Energy Corp. | 08/30/17 | $ | 0.08 | |
Troilus Gold, Inc., Subscription Receipts | 11/21/17 | $ | 1.28 |
World Precious Minerals Fund | Acquisition Date | Cost per Share/Unit | ||
Chakana Copper Corp., 144A, Subscription Receipts | 11/09/17 | $ | 0.39 | |
Dolly Varden Silver Corp. | 09/13/17 | $ | 0.50 | |
Interamerican Energy Corp., Corporate Note (November 2021) | 05/25/12 | $ | 100.00 |
Gold and Precious Metals Fund | Acquisition Date | Cost per Share/Unit | ||
Hut-8 Mining Corp. | 12/20/17 | $ | 1.95 | |
Interamerican Energy Corp., Corporate Note (November 2021) | 05/25/12 | $ | 100.00 | |
Mene, Inc., Units | 12/29/17 | $ | 0.35 |
U.S. Government Securities Ultra-Short Bond Fund | ||||
Investments, at identified cost | $ | 48,519,073 | ||
Assets | ||||
Investments, at value: | ||||
Securities of unaffiliated issuers | $ | 48,457,294 | ||
Cash | 912,255 | |||
Receivables: | ||||
Dividends and interest | 103,781 | |||
Capital shares sold | 31,483 | |||
Prepaid expenses | 12,583 | |||
Total Assets | 49,517,396 | |||
Liabilities | ||||
Payables: | ||||
Capital shares redeemed | 33,918 | |||
Distributions payable | 5,826 | |||
Accrued expenses and other payables: | ||||
Adviser | 10,923 | |||
Administration and Transfer Agent fees | 11,407 | |||
Trustees | 80 | |||
Other expenses | 28,501 | |||
Total Liabilities | 90,655 | |||
Net Assets | $ | 49,426,741 | ||
Net Assets Consist of: | ||||
Paid-in capital | $ | 49,490,291 | ||
Accumulated undistributed (distributions in excess of) net investment income | (1,113 | ) | ||
Accumulated net realized loss from investment transactions and other assets and liabilities denominated in foreign currencies | (658 | ) | ||
Net unrealized appreciation (depreciation) of investments and other assets and liabilities denominated in foreign currencies | (61,779 | ) | ||
Net assets applicable to capital shares outstanding | $ | 49,426,741 | ||
By share class | ||||
Net Assets | ||||
Investor Class | $ | 49,426,741 | ||
Capital shares outstanding, an unlimited number of no par shares authorized | ||||
Investor Class | 24,775,173 | |||
Net Asset Value, Public Offering Price and Redemption Price per share* | ||||
Investor Class | $ | 2.00 |
* | Redemption price per share may vary depending on length of time shares are held. See Note 1 I.. |
Near-Term Tax Free Fund | All American Equity Fund | Holmes Macro Trends Fund | ||||||||||
$ | 68,769,816 | $ | 15,090,288 | $ | 34,937,441 | |||||||
$ | 68,589,222 | $ | 15,730,176 | $ | 39,019,207 | |||||||
472,060 | 210,263 | 2,584,043 | ||||||||||
838,403 | 9,975 | 66,507 | ||||||||||
36,024 | 19,485 | 113,927 | ||||||||||
12,887 | 11,003 | 12,466 | ||||||||||
69,948,596 | 15,980,902 | 41,796,150 | ||||||||||
762,860 | 9,302 | 114,720 | ||||||||||
7,061 | – | – | ||||||||||
13,422 | 3,661 | 35,079 | ||||||||||
12,477 | 6,514 | 10,373 | ||||||||||
115 | 25 | 65 | ||||||||||
32,924 | 29,487 | 38,652 | ||||||||||
828,859 | 48,989 | 198,889 | ||||||||||
$ | 69,119,737 | $ | 15,931,913 | $ | 41,597,261 | |||||||
$ | 70,183,807 | $ | 15,828,404 | $ | 37,822,655 | |||||||
(3,429 | ) | 76,995 | – | |||||||||
(880,047 | ) | (613,374 | ) | (307,160 | ) | |||||||
(180,594 | ) | 639,888 | 4,081,766 | |||||||||
$ | 69,119,737 | $ | 15,931,913 | $ | 41,597,261 | |||||||
$ | 69,119,737 | $ | 15,931,913 | $ | 41,597,261 | |||||||
31,328,194 | 639,726 | 2,130,944 | ||||||||||
$ | 2.21 | $ | 24.90 | $ | 19.52 |
Global Resources Fund | ||||
Investments, at identified cost | $ | 149,683,526 | ||
Assets | ||||
Investments, at value: | ||||
Securities of unaffiliated issuers | $ | 94,172,484 | ||
Securities of affiliated issuers | 32,386 | |||
Cash | 1,267,248 | |||
Unrealized gain on forward foreign currency contracts | – | |||
Foreign currencies (Cost $1,153,989, $180,248, $6,722, $229,100 and $112,525) | 1,149,947 | |||
Receivables: | ||||
Dividends and interest | 149,513 | |||
Capital shares sold | 122,680 | |||
Investments sold | – | |||
Prepaid expenses | 24,970 | |||
Total Assets | 96,919,228 | |||
Liabilities | ||||
Unrealized loss on forward foreign currency contracts | – | |||
Payables: | ||||
Capital shares redeemed | 203,474 | |||
Investments purchased | 282,798 | |||
Foreign capital gains tax payable | – | |||
Accrued expenses and other payables: | ||||
Adviser | 81,194 | |||
Administration and Transfer Agent fees | 21,114 | |||
Trustees | 145 | |||
Other expenses | 65,788 | |||
Total Liabilities | 654,513 | |||
Net Assets | $ | 96,264,715 | ||
Net Assets Consist of: | ||||
Paid-in capital | $ | 356,523,580 | ||
Accumulated undistributed (distributions in excess of) net investment income | 1,183,598 | |||
Accumulated net realized loss from investment transactions and other assets and liabilities denominated in foreign currencies | (205,976,993 | ) | ||
Net unrealized appreciation (depreciation) of investments and other assets and liabilities denominated in foreign currencies | (55,465,470 | ) | ||
Net assets applicable to capital shares outstanding | $ | 96,264,715 | ||
By share class | ||||
Net Assets | ||||
Investor Class | $ | 95,746,907 | ||
Institutional Class | $ | 517,808 | ||
Capital shares outstanding, an unlimited number of no par shares authorized | ||||
Investor Class | 15,725,984 | |||
Institutional Class | 84,538 | |||
Net Asset Value, Public Offering Price and Redemption Price per share* | ||||
Investor Class | $ | 6.09 | ||
Institutional Class | $ | 6.13 |
* | Redemption price per share may vary depending on length of time shares are held. See Note 1 I.. |
World Precious Minerals Fund | Gold and Precious Metals Fund | Emerging Europe Fund | China Region Fund | |||||||||||||
$ | 139,095,801 | $ | 79,721,624 | $ | 38,205,696 | $ | 18,519,898 | |||||||||
$ | 98,701,269 | $ | 98,624,765 | $ | 44,488,808 | $ | 27,683,595 | |||||||||
17,344,302 | 2,000,000 | – | – | |||||||||||||
1,346,416 | 346,160 | 672,185 | 2,113,016 | |||||||||||||
– | – | 26,243 | – | |||||||||||||
180,255 | 6,795 | 231,870 | 114,047 | |||||||||||||
31,023 | 32,352 | 210,918 | 20,924 | |||||||||||||
289,521 | 1,037,094 | 30,043 | 79,968 | |||||||||||||
225,191 | – | – | – | |||||||||||||
24,512 | 13,137 | 11,894 | 13,135 | |||||||||||||
118,142,489 | 102,060,303 | 45,671,961 | 30,024,685 | |||||||||||||
– | – | 148,063 | – | |||||||||||||
216,230 | 712,565 | 1 03,840 | 150,734 | |||||||||||||
7,948 | 473,638 | – | – | |||||||||||||
– | – | 4,880 | 4,591 | |||||||||||||
42,777 | 50,461 | 47,394 | 42,163 | |||||||||||||
29,495 | 21,192 | 10,339 | 8,550 | |||||||||||||
175 | 145 | 70 | 45 | |||||||||||||
72,962 | 62,493 | 55,506 | 43,369 | |||||||||||||
369,587 | 1,320,494 | 370,092 | 249,452 | |||||||||||||
$ | 117,772,902 | $ | 100,739,809 | $ | 45,301,869 | $ | 29,775,233 | |||||||||
$ | 454,955,596 | $ | 184,722,152 | $ | 77,441,811 | $ | 23,950,141 | |||||||||
(11,339,495 | ) | (4,212,058 | ) | (184,330 | ) | – | ||||||||||
(302,793,102 | ) | (100,673,586 | ) | (38,107,862 | ) | (3,335,567 | ) | |||||||||
(23,050,097 | ) | 20,903,301 | 6,152,250 | 9,160,659 | ||||||||||||
$ | 117,772,902 | $ | 100,739,809 | $ | 45,301,869 | $ | 29,775,233 | |||||||||
$ | 114,765,794 | $ | 100,739,809 | $ | 45,301,869 | $ | 29,775,233 | |||||||||
$ | 3,007,108 | $ | – | $ | – | $ | – | |||||||||
24,471,655 | 12,656,624 | 6,214,380 | 2,582,962 | |||||||||||||
638,486 | – | – | – | |||||||||||||
$ | 4.69 | $ | 7.96 | $ | 7.29 | $ | 11.53 | |||||||||
$ | 4.71 | $ | – | $ | – | $ | – |
U.S. Government Securities Ultra-Short Bond Fund | ||||
Net Investment Income | ||||
Income | ||||
Dividends from unaffiliated issuers | $ | – | ||
Net dividends | – | |||
Interest and other | 600,502 | |||
Total income | 600,502 | |||
Expenses: | ||||
Management fee | 264,594 | |||
Administrative services fee | 47,937 | |||
Accounting service fees and expenses | 59,594 | |||
Distribution plan fee | – | |||
Transfer agent fees and expenses | 35,028 | |||
Professional fees | 32,323 | |||
Custodian fees | 5,738 | |||
Shareholder reporting expenses | 14,913 | |||
Registration fees | 15,167 | |||
Trustee fees and expenses | 6,473 | |||
Chief compliance officer fees | 11,816 | |||
Miscellaneous expenses | 53,084 | |||
Total expenses before reductions | 546,667 | |||
Expenses offset - Note 1 H | – | |||
Expenses reimbursed - Note 3 | (307,528 | ) | ||
Net expenses | 239,139 | |||
Net Investment Income (Loss) | 361,363 | |||
Net Realized and Unrealized Gain (Loss) on Investments | ||||
Realized gain (loss) from: | ||||
Securities from unaffiliated issuers | (614 | ) | ||
Foreign currency transactions | – | |||
Written options | – | |||
Net realized gain (loss) | (614 | ) | ||
Net change in unrealized appreciation (depreciation) of: | ||||
Investments in unaffiliated issuers | (139,355 | ) | ||
Net change in unrealized appreciation (depreciation) | (139,355 | ) | ||
Net Realized and Unrealized Gain (Loss) on Investments | (139,969 | ) | ||
Net Increase (Decrease) In Net Assets Resulting From Operations | $ | 221,394 |
Near-Term Tax Free Fund | All American Equity Fund | Holmes Macro Trends Fund | ||||||||||
$ | – | $ | 356,603 | $ | 500,371 | |||||||
– | 356,603 | 500,371 | ||||||||||
1,350,218 | – | 65,022 | ||||||||||
1,350,218 | 356,603 | 565,393 | ||||||||||
417,596 | 86,325 | 391,315 | ||||||||||
85,818 | 30,539 | 43,472 | ||||||||||
95,347 | 18,845 | 44,497 | ||||||||||
– | 41,728 | 99,879 | ||||||||||
23,313 | 21,585 | 28,120 | ||||||||||
34,860 | 28,092 | 30,187 | ||||||||||
14,391 | 8,235 | 11,757 | ||||||||||
19,641 | 9,323 | 13,731 | ||||||||||
23,563 | 15,484 | 14,919 | ||||||||||
7,870 | 4,876 | 5,873 | ||||||||||
18,724 | 3,742 | 8,833 | ||||||||||
118,790 | 29,721 | 51,054 | ||||||||||
859,913 | 298,495 | 743,637 | ||||||||||
(35,044 | ) | (6,149 | ) | (15,454 | ) | |||||||
(447,532 | ) | – | – | |||||||||
377,337 | 292,346 | 728,183 | ||||||||||
972,881 | 64,257 | (162,790 | ) | |||||||||
(235,301 | ) | 385,174 | 4,045,224 | |||||||||
– | – | 439 | ||||||||||
– | 9,470 | 48,193 | ||||||||||
(235,301 | ) | 394,644 | 4,093,856 | |||||||||
414,855 | 477,781 | 3,047,423 | ||||||||||
414,855 | 477,781 | 3,047,423 | ||||||||||
179,554 | 872,425 | 7,141,279 | ||||||||||
$ | 1,152,435 | $ | 936,682 | $ | 6,978,489 |
Global Resources Fund | ||||
Net Investment Income | ||||
Income | ||||
Dividends from unaffiliated issuers | $ | 2,405,906 | ||
Foreign tax withheld on dividends | (134,679 | ) | ||
Net dividends | 2,271,227 | |||
Interest and other | 1,093,994 | |||
Total income | 3,365,221 | |||
Expenses: | ||||
Management fee | 653,242 | |||
Administrative services fee | 53,433 | |||
Administrative services fee - Investor Class | 47,269 | |||
Administrative services fee - Institutional Class | 325 | |||
Accounting service fees and expenses | 106,831 | |||
Distribution plan fee | 236,319 | |||
Transfer agent fees and expenses | – | |||
Transfer agent fees and expenses - Investor Class | 81,419 | |||
Transfer agent fees and expenses - Institutional Class | 8,655 | |||
Professional fees | 39,274 | |||
Custodian fees | 46,796 | |||
Shareholder reporting expenses | – | |||
Shareholder reporting expenses - Investor Class | 40,724 | |||
Shareholder reporting expenses - Institutional Class | 2,379 | |||
Registration fees | – | |||
Registration fees - Investor | 8,351 | |||
Registration fees - Institutional | 9,691 | |||
Trustee fees and expenses | 8,490 | |||
Chief compliance officer fees | 21,298 | |||
Miscellaneous expenses | 184,793 | |||
Total expenses before reductions | 1,549,289 | |||
Expenses offset - Note 1 H | (20,759 | ) | ||
Expenses reimbursed - Note 3 | (17,331 | ) | ||
Net expenses | 1,511,199 | |||
Net Investment Income (Loss) | 1,854,022 | |||
Net Realized and Unrealized Gain (Loss) on Investments | ||||
Realized gain (loss) from: | ||||
Securities from unaffiliated issuers | 3,876,583 | |||
Securities from affiliated issuers | – | |||
Foreign currency transactions | (88,661 | ) | ||
Net realized gain | 3,787,922 | |||
Net change in unrealized appreciation (depreciation) of: | ||||
Investments in unaffiliated issuers | 45,982,506 | |||
Investments in affiliated issuers | (34,801,137 | ) | ||
Other assets and liabilities denominated in foreign currencies | 3,006 | |||
Deferred foreign capital gains taxes | – | |||
Net change in unrealized appreciation (depreciation) | 11,184,375 | |||
Net Realized and Unrealized Gain (Loss) on Investments | 14,972,297 | |||
Net Increase (Decrease) In Net Assets Resulting From Operations | $ | 16,826,319 |
World Precious Minerals Fund | Gold and Precious Metals Fund | Emerging Europe Fund | China Region Fund | |||||||||||||
$ | 44,408 | $ | 670,332 | $ | 1,838,688 | $ | 497,710 | |||||||||
(2,721 | ) | (26,610 | ) | (217,864 | ) | (36,030 | ) | |||||||||
41,687 | 643,722 | 1,620,824 | 461,680 | |||||||||||||
386,745 | 178,909 | – | – | |||||||||||||
428,432 | 822,631 | 1,620,824 | 461,680 | |||||||||||||
1,359,934 | 828,811 | 542,244 | 321,596 | |||||||||||||
72,940 | 105,869 | 46,835 | 35,850 | |||||||||||||
67,196 | – | – | – | |||||||||||||
1,302 | – | – | – | |||||||||||||
158,405 | 115,027 | 51,043 | 25,043 | |||||||||||||
335,932 | 254,361 | 113,800 | 60,213 | |||||||||||||
– | 89,204 | 37,567 | 26,001 | |||||||||||||
94,495 | – | – | – | |||||||||||||
14,682 | – | – | – | |||||||||||||
40,161 | 37,992 | 39,730 | 34,896 | |||||||||||||
58,249 | 33,164 | 63,815 | 18,442 | |||||||||||||
– | 26,198 | 20,652 | 19,908 | |||||||||||||
37,131 | – | – | – | |||||||||||||
1,270 | – | – | – | |||||||||||||
– | 30,159 | 13,450 | 17,060 | |||||||||||||
17,551 | – | – | – | |||||||||||||
4,818 | – | – | – | |||||||||||||
16,912 | 8,883 | 6,137 | 5,176 | |||||||||||||
31,221 | 22,883 | 10,062 | 5,107 | |||||||||||||
226,285 | 155,072 | 109,021 | 57,164 | |||||||||||||
2,538,484 | 1,707,623 | 1,054,356 | 626,456 | |||||||||||||
(22,410 | ) | (28,966 | ) | (8,000 | ) | (11,965 | ) | |||||||||
(29,301 | ) | – | – | (8,997 | ) | |||||||||||
2,486,773 | 1,678,657 | 1,046,356 | 605,494 | |||||||||||||
(2,058,341 | ) | (856,026 | ) | 574,468 | (143,814 | ) | ||||||||||
9,227,071 | 5,712,281 | 4,410,422 | 1,580,658 | |||||||||||||
3,344,211 | – | – | – | |||||||||||||
(857,830 | ) | (585,524 | ) | (1,075,996 | ) | 5,153 | ||||||||||
11,713,452 | 5,126,757 | 3,334,426 | 1,585,811 | |||||||||||||
(9,769,272 | ) | 6,800,280 | 5,626,436 | 8,259,256 | ||||||||||||
(5,607,761 | ) | – | – | – | ||||||||||||
(459 | ) | 193 | (113,591 | ) | 3,060 | |||||||||||
– | – | (4,880 | ) | (4,591 | ) | |||||||||||
(15,377,492 | ) | 6,800,473 | 5,507,965 | 8,257,725 | ||||||||||||
(3,664,040 | ) | 11,927,230 | 8,842,391 | 9,843,536 | ||||||||||||
$ | (5,722,381 | ) | $ | 11,071,204 | $ | 9,416,859 | $ | 9,699,722 |
U.S. Government Securities Ultra-Short Bond Fund | ||||||||
Year Ended December 31, 2017 | Year Ended December 31, 2016 | |||||||
Increase (Decrease) in Net Assets | ||||||||
From operations: | ||||||||
Net investment income | $ | 361,363 | $ | 259,443 | ||||
Net realized gain (loss) | (614 | ) | 16,447 | |||||
Net change in unrealized appreciation (depreciation) | (139,355 | ) | 50,035 | |||||
Net increase (decrease) in net assets from operations | 221,394 | 325,925 | ||||||
Distributions to shareholders | ||||||||
From net investment income | ||||||||
Investor Class | (362,476 | ) | (259,648 | ) | ||||
From return of capital | ||||||||
Investor Class | – | (2,047 | ) | |||||
From net realized gains | ||||||||
Investor Class | – | (17,626 | ) | |||||
Total distributions to shareholders | (362,476 | ) | (279,321 | ) | ||||
From capital share transactions: | ||||||||
Proceeds from shares sold | ||||||||
Investor Class | 12,743,407 | 12,372,975 | ||||||
Distributions reinvested | ||||||||
Investor Class | 313,298 | 238,566 | ||||||
Proceeds from short-term trading fees | ||||||||
Investor Class | – | – | ||||||
13,056,705 | 12,611,541 | |||||||
Cost of shares redeemed | ||||||||
Investor Class | (20,282,493 | ) | (18,426,069 | ) | ||||
Net decrease in net assets from capital share transactions | (7,225,788 | ) | (5,814,528 | ) | ||||
Net Decrease in Net Assets | (7,366,870 | ) | (5,767,924 | ) | ||||
Net Assets | ||||||||
Beginning of year | 56,793,611 | 62,561,535 | ||||||
End of year | $ | 49,426,741 | $ | 56,793,611 | ||||
Accumulated undistributed net investment income (distributions in excess of net investment income), end of year | $ | (1,113 | ) | $ | 11 | |||
Capital Share Activity | ||||||||
Investor Class | ||||||||
Shares sold | 6,371,703 | 6,168,822 | ||||||
Shares reinvested | 156,649 | 118,920 | ||||||
Shares redeemed | (10,141,246 | ) | (9,183,862 | ) | ||||
Net capital share activity | (3,612,894 | ) | (2,896,120 | ) |
Near-Term Tax Free Fund | All American Equity Fund | |||||||||||||||
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | |||||||||||||
$ | 972,881 | $ | 1,431,075 | $ | 64,257 | $ | 10,546 | |||||||||
(235,301 | ) | (258,979 | ) | 394,644 | 364,020 | |||||||||||
414,855 | (1,746,522 | ) | 477,781 | (418,440 | ) | |||||||||||
1,152,435 | (574,426 | ) | 936,682 | (43,874 | ) | |||||||||||
(977,375 | ) | (1,496,282 | ) | (11,077 | ) | (27,184 | ) | |||||||||
– | (13,758 | ) | – | – | ||||||||||||
– | – | – | – | |||||||||||||
(977,375 | ) | (1,510,040 | ) | (11,077 | ) | (27,184 | ) | |||||||||
21,459,051 | 55,084,675 | 2,362,418 | 1,190,494 | |||||||||||||
895,633 | 1,318,777 | 10,314 | 25,370 | |||||||||||||
– | – | – | 53 | |||||||||||||
22,354,684 | 56,403,452 | 2,372,732 | 1,215,917 | |||||||||||||
(48,710,575 | ) | (65,787,063 | ) | (4,716,185 | ) | (2,912,402 | ) | |||||||||
(26,355,891 | ) | (9,383,611 | ) | (2,343,453 | ) | (1,696,485 | ) | |||||||||
(26,180,831 | ) | (11,468,077 | ) | (1,417,848 | ) | (1,767,543 | ) | |||||||||
95,300,568 | 106,768,645 | 17,349,761 | 19,117,304 | |||||||||||||
$ | 69,119,737 | $ | 95,300,568 | $ | 15,931,913 | $ | 17,349,761 | |||||||||
$ | (3,429 | ) | $ | 1,073 | $ | 76,995 | $ | 11,078 | ||||||||
9,658,012 | 24,456,367 | 97,117 | 51,424 | |||||||||||||
403,359 | 587,206 | 415 | 1,071 | |||||||||||||
(21,934,446 | ) | (29,364,676 | ) | (195,073 | ) | (125,203 | ) | |||||||||
(11,873,075 | ) | (4,321,103 | ) | (97,541 | ) | (72,708 | ) |
Holmes Macro Trends Fund | ||||||||
Year Ended December 31, 2017 | Year Ended December 31, 2016 | |||||||
Increase (Decrease) in Net Assets | ||||||||
From operations: | ||||||||
Net investment income (loss) | $ | (162,790 | ) | $ | (131,503 | ) | ||
Net realized gain (loss) | 4,093,856 | 1,479,047 | ||||||
Net change in unrealized appreciation (depreciation) | 3,047,423 | 1,713,973 | ||||||
Net increase (decrease) in net assets from operations | 6,978,489 | 3,061,517 | ||||||
Distributions to shareholders | ||||||||
From net investment income | ||||||||
Investor Class | – | – | ||||||
Institutional Class | – | – | ||||||
From net realized gains | ||||||||
Investor Class | (5,106,810 | ) | (3,169,616 | ) | ||||
Total distributions to shareholders | (5,106,810 | ) | (3,169,616 | ) | ||||
From capital share transactions: | ||||||||
Proceeds from shares sold | ||||||||
Investor Class | 4,012,800 | 2,661,174 | ||||||
Institutional Class | – | – | ||||||
Distributions reinvested | ||||||||
Investor Class | 4,818,939 | 2,976,381 | ||||||
Institutional Class | – | – | ||||||
Proceeds from short-term trading fees | ||||||||
Investor Class | 3 | 28 | ||||||
Institutional Class | – | – | ||||||
8,831,742 | 5,637,583 | |||||||
Cost of shares redeemed | ||||||||
Investor Class | (9,812,182 | ) | (5,958,154 | ) | ||||
Institutional Class | – | – | ||||||
Net increase (decrease) in net assets from capital share transactions | (980,440 | ) | (320,571 | ) | ||||
Net Increase (Decrease) in Net Assets | 891,239 | (428,670 | ) | |||||
Net Assets | ||||||||
Beginning of year | 40,706,022 | 41,134,692 | ||||||
End of year | $ | 41,597,261 | $ | 40,706,022 | ||||
Accumulated undistributed net investment income (distributions in excess of net investment income), end of year | $ | – | $ | – | ||||
Capital Share Activity | ||||||||
Investor Class | ||||||||
Shares sold | 201,917 | 136,703 | ||||||
Shares reinvested | 246,745 | 158,825 | ||||||
Shares redeemed | (499,768 | ) | (325,941 | ) | ||||
Net capital share activity | (51,106 | ) | (30,413 | ) | ||||
Institutional Class | ||||||||
Shares sold | – | – | ||||||
Shares reinvested | – | – | ||||||
Shares redeemed | – | – | ||||||
Net capital share activity | – | – |
Global Resources Fund | World Precious Minerals Fund | |||||||||||||||
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | |||||||||||||
$ | 1,854,022 | $ | 1,162,442 | $ | (2,058,341 | ) | $ | (1,950,968 | ) | |||||||
3,787,922 | (9,927,687 | ) | 11,713,452 | (31,496,878 | ) | |||||||||||
11,184,375 | 22,989,329 | (15,377,492 | ) | 89,140,280 | ||||||||||||
16,826,319 | 14,224,084 | (5,722,381 | ) | 55,692,434 | ||||||||||||
(2,820,970 | ) | (3,178,190 | ) | (25,786,058 | ) | (454,372 | ) | |||||||||
(17,624 | ) | (43,050 | ) | (706,446 | ) | (22,591 | ) | |||||||||
– | – | – | – | |||||||||||||
(2,838,594 | ) | (3,221,240 | ) | (26,492,504 | ) | (476,963 | ) | |||||||||
3,820,335 | 6,726,486 | 43,215,850 | 82,725,215 | |||||||||||||
1,393,643 | 876,722 | 1,164,153 | 5,416,648 | |||||||||||||
2,710,005 | 3,039,897 | 24,321,600 | 430,049 | |||||||||||||
16,716 | 42,805 | 685,819 | 22,459 | |||||||||||||
54 | 28 | 482 | 688 | |||||||||||||
– | – | 3 | – | |||||||||||||
7,940,753 | 10,685,938 | 69,387,907 | 88,595,059 | |||||||||||||
(21,753,696 | ) | (21,821,448 | ) | (58,534,541 | ) | (79,820,997 | ) | |||||||||
(1,935,931 | ) | (1,849,143 | ) | (2,024,363 | ) | (1,056,603 | ) | |||||||||
(15,748,874 | ) | (12,984,653 | ) | 8,829,003 | 7,717,459 | |||||||||||
(1,761,149 | ) | (1,981,809 | ) | (23,385,882 | ) | 62,932,930 | ||||||||||
98,025,864 | 100,007,673 | 141,158,784 | 78,225,854 | |||||||||||||
$ | 96,264,715 | $ | 98,025,864 | $ | 117,772,902 | $ | 141,158,784 | |||||||||
$ | 1,183,598 | $ | 1,594,626 | $ | (11,339,495 | ) | $ | 4,847,267 | ||||||||
670,921 | 1,271,267 | 6,640,756 | 11,000,585 | |||||||||||||
454,695 | 589,127 | 5,404,357 | 73,765 | |||||||||||||
(3,870,155 | ) | (4,174,210 | ) | (9,187,898 | ) | (10,933,443 | ) | |||||||||
(2,744,539 | ) | (2,313,816 | ) | 2,857,215 | 140,907 | |||||||||||
249,133 | 158,239 | 174,505 | 724,341 | |||||||||||||
2,786 | 8,312 | 151,730 | 3,833 | |||||||||||||
(361,840 | ) | (368,941 | ) | (286,385 | ) | (150,268 | ) | |||||||||
(109,921 | ) | (202,390 | ) | 39,850 | 577,906 |
Gold and Precious Metals Fund | ||||||||
Year Ended December 31, 2017 | Year Ended December 31, 2016 | |||||||
Increase (Decrease) in Net Assets | ||||||||
From operations: | ||||||||
Net investment income (loss) | $ | (856,026 | ) | $ | (1,103,338 | ) | ||
Net realized gain (loss) | 5,126,757 | (1,192,256 | ) | |||||
Net change in unrealized appreciation | 6,800,473 | 28,430,181 | ||||||
Net increase (decrease) in net assets from operations | 11,071,204 | 26,134,587 | ||||||
Distributions to shareholders | ||||||||
From net investment income | ||||||||
Investor Class | – | (799,465 | ) | |||||
Total distributions to shareholders | – | (799,465 | ) | |||||
From capital share transactions: | ||||||||
Proceeds from shares sold | ||||||||
Investor Class | 49,647,272 | 82,773,853 | ||||||
Distributions reinvested | ||||||||
Investor Class | – | 743,031 | ||||||
Proceeds from short-term trading fees | ||||||||
Investor Class | 465 | 2,692 | ||||||
49,647,737 | 83,519,576 | |||||||
Cost of shares redeemed | ||||||||
Investor Class | (53,967,222 | ) | (73,164,260 | ) | ||||
Net increase (decrease) in net assets from capital share transactions | (4,319,485 | ) | 10,355,316 | |||||
Net Increase (Decrease) in Net Assets | 6,751,719 | 35,690,438 | ||||||
Net Assets | ||||||||
Beginning of year | 93,988,090 | 58,297,652 | ||||||
End of year | $ | 100,739,809 | $ | 93,988,090 | ||||
Accumulated undistributed net investment income (distributions in excess of net investment income), end of year | $ | (4,212,058 | ) | $ | (2,777,434 | ) | ||
Capital Share Activity | ||||||||
Investor Class | ||||||||
Shares sold | 6,404,488 | 10,461,783 | ||||||
Shares reinvested | – | 115,737 | ||||||
Shares redeemed | (7,105,060 | ) | (9,147,567 | ) | ||||
Net capital share activity | (700,572 | ) | 1,429,953 |
Emerging Europe Fund | China Region Fund | |||||||||||||||
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | |||||||||||||
$ | 574,468 | $ | 513,486 | $ | (143,814 | ) | $ | 19,302 | ||||||||
3,334,426 | (2,602,615 | ) | 1,585,811 | (1,505,243 | ) | |||||||||||
5,507,965 | 7,728,407 | 8,257,725 | 1,381,038 | |||||||||||||
9,416,859 | 5,639,278 | 9,699,722 | (104,903 | ) | ||||||||||||
– | – | (29,602 | ) | (27,847 | ) | |||||||||||
– | – | (29,602 | ) | (27,847 | ) | |||||||||||
7,150,395 | 1,519,657 | 18,143,688 | 3,784,734 | |||||||||||||
– | – | 27,491 | 25,858 | |||||||||||||
19 | 4 | – | 16 | |||||||||||||
7,150,414 | 1,519,661 | 18,171,179 | 3,810,608 | |||||||||||||
(13,538,508 | ) | (9,551,413 | ) | (14,575,981 | ) | (3,351,272 | ) | |||||||||
(6,388,094 | ) | (8,031,752 | ) | 3,595,198 | 459,336 | |||||||||||
3,028,765 | (2,392,474 | ) | 13,265,318 | 326,586 | ||||||||||||
42,273,104 | 44,665,578 | 16,509,915 | 16,183,329 | |||||||||||||
$ | 45,301,869 | $ | 42,273,104 | $ | 29,775,233 | $ | 16,509,915 | |||||||||
$ | (184,330 | ) | $ | – | $ | – | $ | 16,259 | ||||||||
1,125,093 | 272,190 | 1,683,280 | 528,806 | |||||||||||||
– | – | 2,429 | 3,572 | |||||||||||||
(2,033,015 | ) | (1,736,202 | ) | (1,358,352 | ) | (459,520 | ) | |||||||||
(907,922 | ) | (1,464,012 | ) | 327,357 | 72,858 |
Notes to Financial Statements | December 31, 2017 |
Notes to Financial Statements | December 31, 2017 |
Notes to Financial Statements | December 31, 2017 |
Notes to Financial Statements | December 31, 2017 |
Notes to Financial Statements | December 31, 2017 |
Fund | Counterparty | Currency to Deliver | Currency to Receive | Settlement Date | Settlement Value at December 31, 2017 | Net Unrealized Appreciation (Depreciation) | |||||||||
Emerging Europe Fund | Brown Brothers Harriman & Co. | PLN 8,000,000 | USD 2,256,108 | 1/8/2018 | $ | 2,298,243 | $ | (42,135 | ) | ||||||
Brown Brothers Harriman & Co. | USD 2,286,237 | PLN 8,000,000 | 1/8/2018 | 2,298,243 | 12,006 | ||||||||||
Brown Brothers Harriman & Co. | EUR 1,500,000 | USD 1,763,625 | 1/16/2018 | 1,801,598 | (37,973 | ) | |||||||||
Brown Brothers Harriman & Co. | PLN 8,000,000 | USD 2,230,307 | 1/16/2018 | 2,298,262 | (67,955 | ) | |||||||||
Brown Brothers Harriman & Co. | USD 1,793,700 | EUR 1,500,000 | 1/16/2018 | 1,801,598 | 7,898 | ||||||||||
Brown Brothers Harriman & Co. | USD 1,142,792 | PLN 4,000,000 | 1/16/2018 | 1,149,131 | 6,339 |
Notes to Financial Statements | December 31, 2017 |
Location | Global Resources Fund | Emerging Europe Fund | China Region Fund | ||||||||||
Asset derivatives | |||||||||||||
Investments, at value | |||||||||||||
Purchased options | $ | 3,373,870 | $ | – | $ | 492,500 | |||||||
Unrealized gain on forward foreign currency contracts | – | 26,243 | – | ||||||||||
Liability derivatives | |||||||||||||
Unrealized loss on forward foreign currency contracts | $ | – | $ | (148,063 | ) | $ | – | ||||||
Total | $ | 3,373,870 | $ | (121,820 | ) | $ | 492,500 |
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 | $ | – | $ | 20,965 | $ | (232,770 | ) | ||||||
Net realized gain (loss) from foreign currency transactions Foreign exchange contracts | – | – | (52,370 | ) | |||||||||
Realized gain (loss) from written options | 9,470 | 48,193 | – | ||||||||||
9,470 | 69,158 | (285,140 | ) | ||||||||||
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |||||||||||||
Net change in unrealized appreciation (depreciation) of investments Purchased options | – | – | 886,631 | ||||||||||
Net change in unrealized gain (loss) from foreign currency transactions Foreign exchange contracts | – | – | – | ||||||||||
– | – | 886,631 | |||||||||||
Total | $ | 9,470 | $ | 69,158 | $ | 601,491 |
Notes to Financial Statements | December 31, 2017 |
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 | $ | – | $ | – | $ | – | $ | 110,061 | |||||||||
Net realized gain (loss) from foreign currency transactions Foreign exchange contracts | (715,777 | ) | (458,661 | ) | (1,085,477 | ) | – | ||||||||||
(715,777 | ) | (458,661 | ) | (1,085,477 | ) | 110,061 | |||||||||||
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |||||||||||||||||
Net change in unrealized appreciation (depreciation) of investments Purchased options | – | – | – | 66,265 | |||||||||||||
Net change in unrealized gain (loss) from foreign currency transactions Foreign exchange contracts | – | – | (121,820 | ) | – | ||||||||||||
– | – | (121,820 | ) | 66,265 | |||||||||||||
Total | $ | (715,777 | ) | $ | (458,661 | ) | $ | (1,207,297 | ) | $ | 176,326 |
Fund | Purchased Options | Written Options | Forward Currency Contracts | ||||||||||
All American Equity Fund | $ | – | $ | (12,821 | ) | $ | – | ||||||
Holmes Macro Trends Fund | 29,329 | (94,335 | ) | – | |||||||||
Global Resources Fund | 6,077,764 | – | 22,160,022 | ||||||||||
World Precious Minerals Fund | – | – | 140,102,982 | ||||||||||
Gold and Precious Metals Fund | – | – | 61,575,207 | ||||||||||
Emerging Europe Fund | – | – | 74,862,186 | ||||||||||
China Region Fund | 332,451 | – | – |
Notes to Financial Statements | December 31, 2017 |
Gross Asset (Liability) as Presented in the Statement of Assets and Liabilities | Financial Instruments (Received) Pledged* | Cash Collateral (Received)Pledged* | Net Amount | ||||||||||||||
Global Resources | |||||||||||||||||
Assets: | |||||||||||||||||
Over-the-counter derivatives | $ | 3,373,870 | $ | – | $ | – | $ | 3,373,870 | |||||||||
Emerging Europe | |||||||||||||||||
Assets: | |||||||||||||||||
Over-the-counter derivatives | 26,243 | – | – | 26,243 | |||||||||||||
Liabilities: | |||||||||||||||||
Over-the-counter derivatives | (148,063 | ) | – | 148,063 | – | ||||||||||||
China Region | |||||||||||||||||
Assets: | |||||||||||||||||
Over-the-counter derivatives | 492,500 | – | – | 492,500 |
* | The actual financial instruments and cash collateral (received) pledged may be in excess of the amounts shown in the table. The table only reflects collateral amounts up to the amount of the financial instrument disclosed on the Statement of Assets and Liabilities. |
Fund | Average 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% |
Notes to Financial Statements | December 31, 2017 |
Fund | Average Percentage of Average Daily Net Assets | |
China Region | 1.25% |
Fund | Benchmark Index | |
All American Equity | S&P 500 Index | |
Holmes Macro Trends | S&P Composite 1500 Index | |
Global Resources | S&P Global Natural Resources Index (Net Total Return) | |
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 |
Fund | Investor Class Performance Fee Adjustment | Institutional Class Performance Fee Adjustment | |||||||
All American Equity | $ | (47,209 | ) | N/A | |||||
Holmes Macro Trends | (8,225 | ) | N/A | ||||||
Global Resources | (250,592 | ) | $ | (1,986 | ) | ||||
World Precious Minerals | (15,680 | ) | (1,158 | ) | |||||
Gold and Precious Metals | (87,024 | ) | N/A | ||||||
Emerging Europe | (26,770 | ) | N/A | ||||||
China Region | 20,521 | N/A |
Notes to Financial Statements | December 31, 2017 |
Notes to Financial Statements | December 31, 2017 |
Fund | Purchases | Sales | |||||||
U.S. Government Securities Ultra-Short Bond | $ | 21,638,587 | $ | 30,580,263 | |||||
Near-Term Tax Free | 10,535,248 | 28,293,583 | |||||||
All American Equity | 53,043,290 | 53,372,969 | |||||||
Holmes Macro Trends | 96,680,730 | 101,006,137 | |||||||
Global Resources | 116,464,077 | 133,106,860 | |||||||
World Precious Minerals | 47,572,357 | 64,521,457 | |||||||
Gold and Precious Metals | 65,067,234 | 63,236,736 | |||||||
Emerging Europe | 42,228,700 | 48,681,753 | |||||||
China Region | 24,697,389 | 21,361,646 |
Fund | Aggregate Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
U.S. Government Securities Ultra-Short Bond | $ | 48,519,073 | $ | 10,820 | $ | (72,599 | ) | $ | (61,779 | ) | |||||||
Near-Term Tax Free | 68,769,816 | 331,313 | (511,907 | ) | (180,594 | ) | |||||||||||
All American Equity | 15,115,028 | 781,645 | (166,497 | ) | 615,148 | ||||||||||||
Holmes Macro Trends | 35,039,705 | 4,984,399 | (1,004,897 | ) | 3,979,502 | ||||||||||||
Global Resources | 151,385,823 | 16,715,513 | (73,896,466 | ) | (57,180,953 | ) | |||||||||||
World Precious Minerals | 162,086,435 | 30,998,900 | (77,039,764 | ) | (46,040,864 | ) | |||||||||||
Gold and Precious Metals | 85,456,203 | 28,293,818 | (13,125,256 | ) | 15,168,562 | ||||||||||||
Emerging Europe | 38,403,707 | 8,271,422 | (2,186,321 | ) | 6,085,101 | ||||||||||||
China Region | 18,524,847 | 9,698,335 | (539,587 | ) | 9,158,748 |
Fund | Undistributed Tax-Exempt Income | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Capital and Other Losses | |||||||||||||
U.S. Government Securities Ultra-Short Bond | $ | – | $ | 4,713 | $ | – | $ | (658 | ) | ||||||||
Near-Term Tax Free | 2,541 | 1,091 | – | (880,047 | ) | ||||||||||||
All American Equity | – | 76,995 | – | (588,634 | ) | ||||||||||||
Holmes Macro Trends | – | – | – | (204,896 | ) | ||||||||||||
Global Resources | – | 2,616,198 | – | (205,707,296 | ) | ||||||||||||
World Precious Minerals | – | 10,699,245 | – | (301,841,208 | ) | ||||||||||||
Gold and Precious Metals | – | 1,486,189 | – | (100,637,254 | ) | ||||||||||||
Emerging Europe | – | – | – | (38,216,001 | ) | ||||||||||||
China Region | – | – | – | (3,330,618 | ) |
Notes to Financial Statements | December 31, 2017 |
Fund (continued) | Net Unrealized Appreciation (Depreciation) | Other Temporary Differences | Total | ||||||||||
U.S. Government Securities Ultra-Short Bond | $ | (61,779 | ) | $ | (5,826 | ) | $ | (63,550 | ) | ||||
Near-Term Tax Free | (180,594 | ) | (7,061 | ) | (1,064,070 | ) | |||||||
All American Equity | 615,148 | – | 103,509 | ||||||||||
Holmes Macro Trends | 3,979,502 | – | 3,774,606 | ||||||||||
Global Resources | (57,167,767 | ) | – | (260,258,865 | ) | ||||||||
World Precious Minerals | (46,040,731 | ) | – | (337,182,694 | ) | ||||||||
Gold and Precious Metals | 15,168,722 | – | (83,982,343 | ) | |||||||||
Emerging Europe | 6,076,059 | – | (32,139,942 | ) | |||||||||
China Region | 9,155,710 | – | 5,825,092 |
Fund | Accumulated Net Investment Income | Accumulated Net Realized Gain | Paid in Capital | ||||||||||
U.S. Government Securities Ultra-Short Bond | $ | (11 | ) | $ | – | $ | 11 | ||||||
Near-Term Tax Free | (8 | ) | 722 | (714 | ) | ||||||||
All American Equity | 12,737 | (12,737 | ) | – | |||||||||
Holmes Macro Trends | 162,790 | (115,548 | ) | (47,242 | ) | ||||||||
Global Resources | 573,544 | 258,639,062 | (259,212,606 | ) | |||||||||
World Precious Minerals | 12,364,083 | 51,415,417 | (63,779,500 | ) | |||||||||
Gold and Precious Metals | (578,598 | ) | 571,312 | 7,286 | |||||||||
Emerging Europe | (758,798 | ) | 258,599,537 | (257,840,739 | ) | ||||||||
China Region | 157,157 | (28,017 | ) | (129,140 | ) |
Notes to Financial Statements | December 31, 2017 |
Fund | Tax-Exempt Income | Ordinary Income | Long-Term Capital Gains | Return of Capital | Total | ||||||||||||||||
U.S. Government Securities Ultra-Short Bond | $ | – | $ | 356,650 | $ | – | $ | – | $ | 356,650 | |||||||||||
Near-Term Tax Free | 960,480 | 9,834 | – | – | 970,314 | ||||||||||||||||
All American Equity | – | 11,077 | – | – | 11,077 | ||||||||||||||||
Holmes Macro Trends | – | 4,147,876 | 958,934 | – | 5,106,810 | ||||||||||||||||
Global Resources | – | 2,838,594 | – | – | 2,838,594 | ||||||||||||||||
World Precious Minerals | – | 26,492,504 | – | – | 26,492,504 | ||||||||||||||||
Gold and Precious Metals | – | – | – | – | – | ||||||||||||||||
Emerging Europe | – | – | – | – | – | ||||||||||||||||
China Region | – | 29,602 | – | – | 29,602 |
Fund | Tax-Exempt Income | Ordinary Income | Long-Term Capital Gains | Return of Capital | Total | ||||||||||||||||
U.S. Government Securities Ultra-Short Bond | $ | – | $ | 261,314 | $ | 15,960 | $ | 2,047 | $ | 279,321 | |||||||||||
Near-Term Tax Free | 1,476,349 | 19,933 | – | 13,758 | 1,510,040 | ||||||||||||||||
All American Equity | – | 27,184 | – | – | 27,184 | ||||||||||||||||
Holmes Macro Trends | – | – | 3,169,616 | – | 3,169,616 | ||||||||||||||||
Global Resources | – | 3,221,240 | – | – | 3,221,240 | ||||||||||||||||
World Precious Minerals | – | 476,963 | – | – | 476,963 | ||||||||||||||||
Gold and Precious Metals | – | 799,465 | – | – | 799,465 | ||||||||||||||||
Emerging Europe | – | – | – | – | – | ||||||||||||||||
China Region | – | 27,847 | – | – | 27,847 |
No Expiration | Expiration Date | ||||||||||||||||
Fund | Short-Term | Long-Term | 2018 | Total | |||||||||||||
U.S. Government Securities Ultra-Short Bond | $ | 658 | $ | – | $ | – | $ | 658 | |||||||||
Near-Term Tax Free (a) | 531,173 | 346,342 | 2,532 | 880,047 | |||||||||||||
All American Equity | 331,815 | 256,819 | – | 588,634 | |||||||||||||
Holmes Macro Trends (a) | – | – | – | – |
Notes to Financial Statements | December 31, 2017 |
No Expiration | Expiration Date | ||||||||||||||||
Fund | Short-Term | Long-Term | 2018 | Total | |||||||||||||
Global Resources | $ | 155,607,152 | $ | 50,100,144 | $ | – | $ | 205,707,296 | |||||||||
World Precious Minerals | 82,982,057 | 218,859,151 | – | 301,841,208 | |||||||||||||
Gold and Precious Metals | 38,864,443 | 61,772,811 | – | 100,637,254 | |||||||||||||
Emerging Europe | 11,501,846 | 10,962,059 | 15,445,946 | 37,909,851 | |||||||||||||
China Region | 3,330,618 | – | – | 3,330,618 |
(a) | Utilization of capital loss carryforwards is subject to annual limitations. |
Fund | |||||
All American Equity | $ | 349,769 | |||
Global Resources | 131,454 | ||||
Gold and Precious Metals | 2,682,333 | ||||
Emerging Europe | 4,258,272 | ||||
China Region | 1,491,681 |
Fund | Post October 31, 2017 Capital Loss Deferral | Post October 31, 2017 Ordinary Loss Deferral | |||||||
Holmes Macro Trends | $ | 204,896 | $ | – | |||||
Emerging Europe | – | 306,150 |
Notes to Financial Statements | December 31, 2017 |
Investor Class | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013+ | ||||||||||||||||
Net asset value, beginning of year | $ | 2.00 | $ | 2.00 | $ | 2.00 | $ | 2.00 | $ | 2.00 | ||||||||||
Investment Activities | ||||||||||||||||||||
Net investment income | 0.01 | * | 0.01 | 0.01 | 0.01 | 0.00 | (a) | |||||||||||||
Net realized and unrealized gain (loss) (a) | (0.00 | ) | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||
Total from investment activities | 0.01 | 0.01 | 0.01 | 0.01 | – | |||||||||||||||
Distributions | ||||||||||||||||||||
From net investment income | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | 0.00 | (a) | ||||||||||
From return of capital | – | (0.00 | )(a) | – | – | – | ||||||||||||||
From net realized gains | – | (0.00 | )(a) | (0.00 | )(a) | – | – | |||||||||||||
Net asset value, end of year | $ | 2.00 | $ | 2.00 | $ | 2.00 | $ | 2.00 | $ | 2.00 | ||||||||||
Total Return (b) | 0.69 | % | 0.47 | % | 0.34 | % | 0.36 | % | 0.02 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Net investment income | 0.68 | % | 0.43 | % | 0.33 | % | 0.35 | % | 0.01 | % | ||||||||||
Total expenses | 1.03 | % | 1.00 | % | 1.13 | % | 1.07 | % | 0.97 | % | ||||||||||
Expenses waived or reimbursed (c) | (0.58 | )% | (0.55 | )% | (0.68 | )% | (0.74 | )% | (0.91 | )% | ||||||||||
Net expenses (d) | 0.45 | % | 0.45 | % | 0.45 | % | 0.33 | % | 0.06 | % | ||||||||||
Portfolio turnover rate (e) | 52 | % | 18 | % | 60 | % | 33 | % | ||||||||||||
Net assets, end of year (in thousands) | $ | 49,427 | $ | 56,794 | $ | 62,562 | $ | 64,020 | $ | 75,227 |
+ | The per share amounts for the period 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) with an objective of total return with current income. |
* | Based on average shares outstanding. |
(a) | The per share amount does not round to a full penny. |
(b) | 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. |
(c) | 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 the total returns had such reductions not occurred. |
(d) | The net expense ratios shown above reflect expenses after waivers and reimbursements and include 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 (loss) ratio had such reductions not occurred. The effect of expenses offset are as follows: |
Investor Class | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Expense offset (f) | – | – | – | – | – |
(e) | Portfolio turnover is not shown for periods that the Fund was a money market fund. |
(f) | Effect on the expense ratio was not greater than 0.005%. |
Investor Class | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Net asset value, beginning of year | $ | 2.21 | $ | 2.25 | $ | 2.25 | $ | 2.23 | $ | 2.27 | ||||||||||
Investment Activities | ||||||||||||||||||||
Net investment income | 0.03 | * | 0.03 | 0.03 | 0.05 | 0.05 | ||||||||||||||
Net realized and unrealized gain (loss) | – | (0.04 | ) | 0.00 | (a) | 0.02 | (0.04 | ) | ||||||||||||
Total from investment activities | 0.03 | (0.01 | ) | 0.03 | 0.07 | 0.01 | ||||||||||||||
Distributions | ||||||||||||||||||||
From net investment income | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.05 | ) | (0.05 | ) | ||||||||||
From return of capital | – | (0.00 | )(a) | – | – | – | ||||||||||||||
Net asset value, end of year | $ | 2.21 | $ | 2.21 | $ | 2.25 | $ | 2.25 | $ | 2.23 | ||||||||||
Total Return (b) | 1.20 | % | (0.45 | )% | 1.45 | % | 3.07 | % | 0.31 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Net investment income | 1.16 | % | 1.25 | % | 1.52 | % | 2.13 | % | 2.08 | % | ||||||||||
Total expenses | 1.03 | % | 0.97 | % | 1.09 | % | 1.08 | % | 1.21 | % | ||||||||||
Expenses waived or reimbursed (c) | (0.58 | )% | (0.52 | )% | (0.64 | )% | (0.63 | )% | (0.76 | )% | ||||||||||
Net expenses (d) | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||
Portfolio turnover rate | 14 | % | 33 | % | 15 | % | 12 | % | 6 | % | ||||||||||
Net assets, end of year (in thousands) | $ | 69,120 | $ | 95,301 | $ | 106,769 | $ | 89,595 | $ | 61,884 |
(a) | The per share amount does not round to a full penny. |
* | Based on average shares outstanding. |
(b) | 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. |
(c) | 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 the total returns had such reductions not occurred. |
(d) | The net expense ratios shown above reflect expenses after waivers and reimbursements and include 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 (loss) ratio had such reductions not occurred. The effect of expenses offset are as follows: |
Investor Class | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Expense offset | (0.04 | )% | (0.02 | )% | – | (e) | – | (e) | – | (e) |
(e) | Effect on the expense ratio was not greater than 0.005%. |
Investor Class | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Net asset value, beginning of year | $ | 23.53 | $ | 23.60 | $ | 27.84 | $ | 32.18 | $ | 25.40 | ||||||||||
Investment Activities | ||||||||||||||||||||
Net investment income (loss) | 0.09 | * | 0.02 | 0.09 | (0.16 | ) | (0.12 | ) | ||||||||||||
Net realized and unrealized gain (loss) | 1.30 | (0.05 | ) | (1.23 | ) | 0.84 | 9.08 | |||||||||||||
Total from investment activities | 1.39 | (0.03 | ) | (1.14 | ) | 0.68 | 8.96 | |||||||||||||
Distributions | ||||||||||||||||||||
From net investment income | (0.02 | ) | (0.04 | ) | (0.06 | ) | – | (0.07 | ) | |||||||||||
From net realized gains | – | – | (3.04 | ) | (5.02 | ) | (2.11 | ) | ||||||||||||
Short-Term Trading Fees* | – | 0.00 | (a) | 0.00 | (a) | 0.00 | (a) | 0.00 | (a) | |||||||||||
Net asset value, end of year | $ | 24.90 | $ | 23.53 | $ | 23.60 | $ | 27.84 | $ | 32.18 | ||||||||||
Total Return (b) | 5.90 | % | (0.14 | )% | (4.20 | )% | 1.94 | % | 35.55 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Net investment income (loss) | 0.38 | % | 0.06 | % | 0.31 | % | (0.54 | )% | (0.45 | )% | ||||||||||
Total expenses | 1.79 | % | 1.75 | % | 1.94 | % | 2.16 | % | 2.44 | % | ||||||||||
Expenses waived or reimbursed (c) | (0.04 | )% | (0.02 | )% | (0.02 | )% | (0.03 | )% | (0.28 | )% | ||||||||||
Net expenses (d) | 1.75 | % | 1.73 | % | 1.92 | % | 2.13 | % | 2.16 | % | ||||||||||
Portfolio turnover rate | 346 | % | 303 | % | 109 | %(e) | 253 | % | 150 | % | ||||||||||
Net assets, end of year (in thousands) | $ | 15,932 | $ | 17,350 | $ | 19,117 | $ | 21,936 | $ | 23,388 |
* | Based on average shares outstanding. |
(a) | The per share amount does not round to a full penny. |
(b) | 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. |
(c) | 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 the total returns had such reductions not occurred. |
(d) | The net expense ratios shown above reflect expenses after waivers and reimbursements and include 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 (loss) ratio had such reductions not occurred. The effect of expenses offset are as follows: |
Investor Class | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Expense offset | (0.04 | )% | (0.02 | )% | – | (f) | – | (f) | – | (f) |
(e) | Excludes option transactions. |
(f) | Effect on the expense ratio was not greater than 0.005%. |
Investor Class | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Net asset value, beginning of year | $ | 18.65 | $ | 18.59 | $ | 20.25 | $ | 24.24 | $ | 18.51 | ||||||||||
Investment Activities | ||||||||||||||||||||
Net investment loss | (0.08 | )* | (0.06 | ) | (0.11 | ) | (0.26 | ) | (0.18 | ) | ||||||||||
Net realized and unrealized gain (loss) | 3.66 | 1.68 | (0.06 | ) | (1.36 | ) | 7.42 | |||||||||||||
Total from investment activities | 3.58 | 1.62 | (0.17 | ) | (1.62 | ) | 7.24 | |||||||||||||
Distributions From net realized gains | (2.71 | ) | (1.56 | ) | (1.49 | ) | (2.37 | ) | (1.51 | ) | ||||||||||
Short-Term Trading Fees*(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
Net asset value, end of year | $ | 19.52 | $ | 18.65 | $ | 18.59 | $ | 20.25 | $ | 24.24 | ||||||||||
Total Return (b) | 19.17 | % | 8.66 | % | (0.94 | )% | (6.74 | )% | 39.38 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Net investment loss | (0.41 | )% | (0.34 | )% | (0.55 | )% | (1.17 | )% | (1.11 | )% | ||||||||||
Total expenses | 1.86 | % | 1.67 | % | 1.81 | % | 1.94 | % | 2.00 | % | ||||||||||
Expenses waived or reimbursed (c) | (0.04 | )% | – | – | – | (0.04 | )% | |||||||||||||
Net expenses (d) | 1.82 | % | 1.67 | % | 1.81 | % | 1.94 | % | 1.96 | % | ||||||||||
Portfolio turnover rate | 264 | %(e) | 275 | %(e) | 320 | %(e) | 183 | %(e) | 109 | % | ||||||||||
Net assets, end of year (in thousands) | $ | 41,597 | $ | 40,706 | $ | 41,135 | $ | 46,250 | $ | 55,926 |
* | Based on average shares outstanding. |
(a) | The per share amount does not round to a full penny. |
(b) | 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. |
(c) | 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 the total returns had such reductions not occurred. |
(d) | The net expense ratios shown above reflect expenses after waivers and reimbursements and include 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 (loss) ratio had such reductions not occurred. The effect of expenses offset are as follows: |
Investor Class | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Expense offset | (0.04 | )% | (0.02 | )% | –(f | ) | –(f | ) | –(f | ) |
(e) | Excludes option transactions. |
(f) | Effect on the expense ratio was not greater than 0.005%. |
Investor Class | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Net asset value, beginning of year | $ | 5.25 | $ | 4.72 | $ | 6.67 | $ | 9.36 | $ | 9.79 | ||||||||||
Investment Activities | ||||||||||||||||||||
Net investment income* | 0.11 | 0.06 | 0.10 | 0.04 | 0.02 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.91 | 0.64 | * | (2.00 | )* | (2.73 | )* | (0.10 | )* | |||||||||||
Total from investment activities | 1.02 | 0.70 | (1.90 | ) | (2.69 | ) | (0.08 | ) | ||||||||||||
Distributions From net investment income | (0.18 | ) | (0.17 | ) | (0.05 | ) | – | (0.35 | ) | |||||||||||
Short-Term Trading Fees*(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
Net asset value, end of year | $ | 6.09 | $ | 5.25 | $ | 4.72 | $ | 6.67 | $ | 9.36 | ||||||||||
Total Return (b) | 19.57 | % | 14.99 | % | (28.43 | )% | (28.74 | )% | (0.72 | )% | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Net investment income | 1.94 | % | 1.13 | % | 1.72 | % | 0.44 | % | 0.16 | % | ||||||||||
Total expenses | 1.61 | % | 1.85 | % | 1.58 | % | 1.45 | % | 1.59 | % | ||||||||||
Expenses waived or reimbursed (c) | (0.02 | )% | (0.01 | )% | (0.06 | )% | –(d | ) | – | |||||||||||
Net expenses (e) | 1.59 | % | 1.84 | % | 1.52 | % | 1.45 | % | 1.59 | % | ||||||||||
Portfolio turnover rate (f) | 131 | %(g) | 255 | %(g) | 445 | %(g) | 444 | %(g) | 138 | % | ||||||||||
Net assets, end of year (in thousands) | $ | 95,747 | $ | 97,005 | $ | 98,126 | $ | 171,673 | $ | 326,320 |
* | Based on average shares outstanding. |
(a) | The per share amount does not round to a full penny. |
(b) | 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. |
(c) | 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 the total returns had such reductions not occurred. |
(d) | Effect on the expense ratio was not greater than 0.005%. |
(e) | The net expense ratios shown above reflect expenses after waivers and reimbursements and include 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 (loss) ratio had such reductions not occurred. The effect of expenses offset are as follows: |
Investor Class | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Expense offset | (0.02 | )% | (0.01 | )% | – | (d) | – | (d) | – | (d) |
(f) | Portfolio turnover is calculated at the fund level. |
(g) | Excludes option transactions. |
Institutional Class | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Net asset value, beginning of year | $ | 5.25 | $ | 4.74 | $ | 6.67 | $ | 9.30 | $ | 9.74 | ||||||||||
Investment Activities | ||||||||||||||||||||
Net investment income* | 0.14 | 0.08 | 0.17 | 0.08 | 0.07 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.96 | 0.65 | * | (2.02 | )* | (2.71 | )* | (0.10 | )* | |||||||||||
Total from investment activities | 1.10 | 0.73 | (1.85 | ) | (2.63 | ) | (0.03 | ) | ||||||||||||
Distributions | ||||||||||||||||||||
From net investment income | (0.22 | ) | (0.22 | ) | (0.08 | ) | – | (0.41 | ) | |||||||||||
Short-Term Trading Fees* | – | – | – | – | 0.00(a | ) | ||||||||||||||
Net asset value, end of year | $ | 6.13 | $ | 5.25 | $ | 4.74 | $ | 6.67 | $ | 9.30 | ||||||||||
Total Return (b) | 20.95 | % | 15.43 | % | (27.73 | )% | (28.28 | )% | (0.15 | )% | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Net investment income | 2.43 | % | 1.61 | % | 2.92 | % | 0.85 | % | 0.68 | % | ||||||||||
Total expenses | 3.56 | % | 5.41 | % | 1.35 | % | 1.13 | % | 1.25 | % | ||||||||||
Expenses waived or reimbursed (c) | (2.46 | )% | (4.05 | )% | (0.61 | )% | (0.27 | )% | (0.22 | )% | ||||||||||
Net expenses (d) | 1.10 | % | 1.36 | % | 0.74 | % | 0.86 | % | 1.03 | % | ||||||||||
Portfolio turnover rate (e) | 131 | %(f) | 255 | %(f) | 445 | %(f) | 444 | %(f) | 138 | % | ||||||||||
Net assets, end of year (in thousands) | $ | 518 | $ | 1,021 | $ | 1,882 | $ | 9,733 | $ | 51,122 |
* | Based on average shares outstanding. |
(a) | The per share amount does not round to a full penny. |
(b) | 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. |
(c) | 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 the total returns had such reductions not occurred. |
(d) | The net expense ratios shown above reflect expenses after waivers and reimbursements and include 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 (loss) ratio had such reductions not occurred. The effect of expenses offset are as follows: |
Institutional Class | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Expense offset | (0.02 | )% | (0.01 | )% | –(g | ) | –(g | ) | –(g | ) |
(e) | Portfolio turnover is calculated at the fund level. |
(f) | Excludes option transactions. |
(g) | Effect on the expense ratio was not greater than 0.005%. |
Investor Class | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Net asset value, beginning of year | $ | 6.35 | $ | 3.64 | $ | 4.75 | $ | 5.69 | $ | 11.70 | ||||||||||
Investment Activities | ||||||||||||||||||||
Net investment loss* | (0.10 | ) | (0.09 | ) | (0.03 | ) | (0.06 | ) | (0.07 | ) | ||||||||||
Net realized and unrealized gain (loss) | (0.22 | ) | 2.82 | * | (0.72 | )* | (0.88 | )* | (5.94 | )* | ||||||||||
Total from investment activities | (0.32 | ) | 2.73 | (0.75 | ) | (0.94 | ) | (6.01 | ) | |||||||||||
Distributions | ||||||||||||||||||||
From net investment income | (1.34 | ) | (0.02 | ) | (0.36 | ) | – | – | ||||||||||||
Short-Term Trading Fees*(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
Net asset value, end of year | $ | 4.69 | $ | 6.35 | $ | 3.64 | $ | 4.75 | $ | 5.69 | ||||||||||
Total Return (b) | (4.16 | )% | 75.08 | % | (15.64 | )% | (16.52 | )% | (51.37 | )% | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Net investment loss | (1.51 | )% | (1.28 | )% | (0.71 | )% | (0.91 | )% | (0.90 | )% | ||||||||||
Total expenses | 1.84 | % | 1.99 | % | 1.96 | % | 1.99 | % | 1.85 | % | ||||||||||
Expenses waived or reimbursed (c) | (0.02 | )% | (0.04 | )% | (0.15 | )% | (0.03 | )% | (0.02 | )% | ||||||||||
Net expenses (d) | 1.82 | % | 1.95 | % | 1.81 | % | 1.96 | % | 1.83 | % | ||||||||||
Portfolio turnover rate (e) | 36 | %(f) | 136 | %(f) | 71 | %(f) | 61 | %(f) | 34 | % | ||||||||||
Net assets, end of year (in thousands) | $ | 114,766 | $ | 137,338 | $ | 78,150 | $ | 103,413 | $ | 134,065 |
* | Based on average shares outstanding. |
(a) | The per share amount does not round to a full penny. |
(b) | 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. |
(c) | 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 the total returns had such reductions not occurred. |
(d) | The net expense ratios shown above reflect expenses after waivers and reimbursements and include 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 (loss) ratio had such reductions not occurred. The effect of expenses offset are as follows: |
Investor Class | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Expense offset | (0.02 | )% | (0.01 | )% | –(g | ) | –(g | ) | –(g | ) |
(e) | Portfolio turnover is calculated at the fund level. |
(f) | Excludes option transactions. |
(g) | Effect on the expense ratio was not greater than 0.005%. |
Institutional Class | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Net asset value, beginning of year | $ | 6.38 | $ | 3.65 | $ | 4.78 | $ | 5.72 | $ | 11.69 | ||||||||||
Investment Activities | ||||||||||||||||||||
Net investment loss* | (0.06 | ) | (0.05 | ) | (0.01 | ) | (0.05 | ) | (0.01 | ) | ||||||||||
Net realized and unrealized gain (loss) | (0.23 | ) | 2.82 | * | (0.72 | )* | (0.89 | )* | (5.96 | )* | ||||||||||
Total from investment activities | (0.29 | ) | 2.77 | (0.73 | ) | (0.94 | ) | (5.97 | ) | |||||||||||
Distributions | ||||||||||||||||||||
From net investment income | (1.38 | ) | (0.04 | ) | (0.40 | ) | – | – | ||||||||||||
Short-Term Trading Fees* | 0.00(a | ) | – | – | – | – | ||||||||||||||
Net asset value, end of year | $ | 4.71 | $ | 6.38 | $ | 3.65 | $ | 4.78 | $ | 5.72 | ||||||||||
Total Return (b) | (3.71 | )% | 75.97 | % | (15.07 | )% | (16.43 | )% | (51.07 | )% | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Net investment loss | (0.99 | )% | (0.69 | )% | (0.15 | )% | (0.71 | )% | (0.15 | )% | ||||||||||
Total expenses | 2.21 | % | 2.60 | % | 20.51 | % | 4.86 | % | 3.30 | % | ||||||||||
Expenses waived or reimbursed (c) | (0.91 | )% | (1.33 | )% | (19.31 | )% | (3.23 | )% | (1.97 | )% | ||||||||||
Net expenses (d) | 1.30 | % | 1.27 | % | 1.20 | % | 1.63 | % | 1.33 | % | ||||||||||
Portfolio turnover rate (e) | 36 | %(f) | 136 | %(f) | 71 | %(f) | 61 | %(f) | 34 | % | ||||||||||
Net assets, end of year (in thousands) | $ | 3,007 | $ | 3,821 | $ | 76 | $ | 154 | $ | 3,660 |
* | Based on average shares outstanding. |
(a) | The per share amount does not round to a full penny. |
(b) | 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. |
(c) | 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 the total returns had such reductions not occurred. |
(d) | The net expense ratios shown above reflect expenses after waivers and reimbursements and include 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 (loss) ratio had such reductions not occurred. The effect of expenses offset are as follows: |
Institutional Class | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Expense offset | (0.02 | )% | (0.01 | )% | –(g | ) | –(g | ) | –(g | ) |
(e) | Portfolio turnover is calculated at the fund level. |
(f) | Excludes option transactions. |
(g) | Effect on the expense ratio was not greater than 0.005%. |
Investor Class | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Net asset value, beginning of year | $ | 7.04 | $ | 4.89 | $ | 5.16 | $ | 6.00 | $ | 11.78 | ||||||||||
Investment Activities | ||||||||||||||||||||
Net investment loss | (0.06 | )* | (0.07 | ) | (0.04 | ) | (0.05 | ) | (0.06 | ) | ||||||||||
Net realized and unrealized gain (loss) | 0.98 | 2.28 | (0.21 | ) | (0.79 | ) | (5.72 | ) | ||||||||||||
Total from investment activities | 0.92 | 2.21 | (0.25 | ) | (0.84 | ) | (5.78 | ) | ||||||||||||
Distributions | ||||||||||||||||||||
From net investment income | – | (0.06 | ) | (0.02 | ) | – | – | |||||||||||||
Short-Term Trading Fees*(a) | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | |||||||||||
Net asset value, end of year | $ | 7.96 | $ | 7.04 | $ | 4.89 | $ | 5.16 | $ | 6.00 | ||||||||||
Total Return (b) | 13.07 | % | 45.36 | % | (4.78 | )% | (14.00 | )% | (49.07 | )% | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Net investment loss | (0.84 | )% | (1.02 | )% | (0.83 | )% | (0.67 | )% | (0.48 | )% | ||||||||||
Total expenses | 1.68 | % | 1.73 | % | 2.13 | % | 1.93 | % | 2.12 | % | ||||||||||
Expenses waived or reimbursed (c) | (0.03 | )% | (0.02 | )% | (0.08 | )% | (0.05 | )% | (0.06 | )% | ||||||||||
Net expenses (d) | 1.65 | % | 1.71 | % | 2.05 | % | 1.88 | % | 2.06 | % | ||||||||||
Portfolio turnover rate | 67 | %(e) | 181 | %(e) | 106 | %(e) | 99 | %(e) | 64 | % | ||||||||||
Net assets, end of year (in thousands) | $ | 100,740 | $ | 93,988 | $ | 58,298 | $ | 62,777 | $ | 74,627 |
* | Based on average shares outstanding. |
(a) | The per share amount does not round to a full penny. |
(b) | 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. |
(c) | 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 the total returns had such reductions not occurred. |
(d) | The net expense ratios shown above reflect expenses after waivers and reimbursements and include 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 (loss) ratio had such reductions not occurred. The effect of expenses offset are as follows: |
Investor Class | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Expense offset | (0.03 | )% | (0.01 | )% | –(f | ) | –(f | ) | –(f | ) |
(e) | Excludes option transactions. |
(f) | Effect on the expense ratio was not greater than 0.005%. |
Investor Class | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Net asset value, beginning of year | $ | 5.94 | $ | 5.20 | $ | 6.56 | $ | 8.82 | $ | 9.23 | ||||||||||
Investment Activities | ||||||||||||||||||||
Net investment income | 0.08 | * | 0.07 | 0.04 | 0.06 | 0.19 | ||||||||||||||
Net realized and unrealized gain (loss) | 1.27 | 0.67 | (1.40 | ) | (2.11 | ) | (0.46 | ) | ||||||||||||
Total from investment activities | 1.35 | 0.74 | (1.36 | ) | (2.05 | ) | (0.27 | ) | ||||||||||||
Distributions | ||||||||||||||||||||
From net investment income | – | – | – | (0.21 | ) | (0.14 | ) | |||||||||||||
Short-Term Trading Fees*(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
Net asset value, end of year | $ | 7.29 | $ | 5.94 | $ | 5.20 | $ | 6.56 | $ | 8.82 | ||||||||||
Total Return (b) | 22.73 | % | 14.23 | % | (20.73 | )% | (23.22 | )% | (2.93 | )% | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Net investment income | 1.26 | % | 1.19 | % | 0.63 | % | 0.23 | % | 1.59 | % | ||||||||||
Total expenses | 2.32 | % | 2.31 | % | 2.60 | % | 2.28 | % | 2.13 | % | ||||||||||
Expenses waived or reimbursed (c) | (0.02 | )% | –(d | ) | – | – | – | |||||||||||||
Net expenses (e) | 2.30 | % | 2.31 | % | 2.60 | % | 2.28 | % | 2.13 | % | ||||||||||
Portfolio turnover rate | 97 | %(f) | 164 | %(f) | 137 | %(f) | 93 | %(f) | 74 | % | ||||||||||
Net assets, end of year (in thousands) | $ | 45,302 | $ | 42,273 | $ | 44,666 | $ | 69,066 | $ | 122,570 |
* | Based on average shares outstanding. |
(a) | The per share amount does not round to a full penny. |
(b) | 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. |
(c) | 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 the total returns had such reductions not occurred. |
(d) | Effect on the expense ratio was not greater than 0.005%. |
(e) | The net expense ratios shown above reflect expenses after waivers and reimbursements and include 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 (loss) ratio had such reductions not occurred. The effect of expenses offset are as follows: |
Investor Class | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Expense offset | (0.02 | )% | –(d | ) | –(d | ) | –(d | ) | –(d | ) |
(f) | Excludes option transactions. |
Investor Class | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Net asset value, beginning of year | $ | 7.32 | $ | 7.41 | $ | 8.20 | $ | 8.28 | $ | 7.61 | ||||||||||
Investment Activities | ||||||||||||||||||||
Net investment income (loss) | (0.06 | )* | 0.01 | 0.02 | 0.00(a | ) | (0.01 | ) | ||||||||||||
Net realized and unrealized gain (loss) | 4.28 | (0.09 | ) | (0.72 | ) | (0.08 | ) | 0.70 | ||||||||||||
Total from investment activities | 4.22 | (0.08 | ) | (0.70 | ) | (0.08 | ) | 0.69 | ||||||||||||
Distributions | ||||||||||||||||||||
From net investment income | (0.01 | ) | (0.01 | ) | (0.09 | ) | – | (0.02 | ) | |||||||||||
Short-Term Trading Fees* | – | 0.00(a | ) | 0.00(a | ) | 0.00(a | ) | 0.00(a | ) | |||||||||||
Net asset value, end of year | $ | 11.53 | $ | 7.32 | $ | 7.41 | $ | 8.20 | $ | 8.28 | ||||||||||
Total Return (b) | 57.67 | % | (1.05 | )% | (8.60 | )% | (0.97 | )% | 9.07 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Net investment income (loss) | (0.60 | )% | 0.12 | % | 0.24 | % | 0.08 | % | (0.12 | )% | ||||||||||
Total expenses | 2.60 | % | 2.74 | % | 3.03 | % | 2.94 | % | 2.75 | % | ||||||||||
Expenses waived or reimbursed (c) | (0.09 | )% | (0.38 | )% | (0.51 | )% | (0.43 | )% | (0.37 | )% | ||||||||||
Net expenses (d) | 2.51 | % | 2.36 | % | 2.52 | % | 2.51 | % | 2.38 | % | ||||||||||
Portfolio turnover rate | 102 | %(e) | 165 | %(e) | 210 | %(e) | 235 | %(e) | 201 | % | ||||||||||
Net assets, end of year (in thousands) | $ | 29,775 | $ | 16,510 | $ | 16,183 | $ | 21,008 | $ | 26,386 |
* | Based on average shares outstanding. |
(a) | The per share amount does not round to a full penny. |
(b) | 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. |
(c) | 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 the total returns had such reductions not occurred. |
(d) | The net expense ratios shown above reflect expenses after waivers and reimbursements and include 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 (loss) ratio had such reductions not occurred. The effect of expenses offset are as follows: |
Investor Class | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Expense offset | (0.05 | )% | (0.01 | )% | –(f | ) | –(f | ) | –(f | ) |
(e) | Excludes option transactions. |
(f) | Effect on the expense ratio was not greater than 0.005%. |
Trustees and Officers (unaudited) | December 31, 2017 |
Name and Year of Birth | Position with the Trust | Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Series in Fund Complex Overseen By Trustee | Other Directorships Held By Trustee During Past Five Years |
Independent Trustees | |||||
David Tucker Born: 1958 | Chairman of the Board; Trustee; Chairman, Nominating Committee and Qualified Legal Compliance Committee | Since 2015 | Director, Blue Sky Experience (a charitable endeavor), since 2008; Senior Vice President & General Counsel, American Century Companies 1998-2008. | 9 | Trustee, Forum Funds; Trustee, Forum ETF Trust; Trustee, Forum Funds II |
Mark D. Moyer Born: 1959 | Trustee; Chairman Audit Committee | Since 2015 | Chief Financial Officer, Institute of International Education 2008-2011; Chief Financial Officer and Chief Restructuring Officer, Ziff Davis Media Inc. 2005-2008; Adjunct Professor of Accounting, Fairfield University from 2009-2012. | 9 | Trustee, Forum ETF Trust; Trustee, Forum Funds II |
Jennifer Brown-Strabley Born: 1964 | Trustee | Since 2015 | Principal, Portland Global Advisors 1996-2010. | 9 | Trustee, Forum ETF Trust; Trustee, Forum Funds II |
Interested Trustees | |||||
Stacey E. Hong Born: 1966 | Trustee | Since 2015 | President, Atlantic since 2008 | 9 | Trustee, Forum Funds II |
John Y. Keffer(1) Born: 1942 | Trustee | Since 2015 | Chairman, Atlantic since 2008; President, Forum Investment Advisors, LLC since 2011; President, Forum Foundation (a charitable organization) since 2005; President, Forum Trust, LLC (a non-depository trust company chartered in the State of Maine) since 1997. | 9 | Trustee, Forum Funds; Trustee Forum ETF Trust; Trustee, Forum Funds II; Director, Wintergreen Fund, Inc. |
(1) | Atlantic and Forum Investment Advisors, LLC are subsidiaries of Forum Holdings Corp. I, a Delaware corporation that is wholly owned by Mr. Keffer. |
Trustees and Officers (unaudited) | December 31, 2017 |
Name and Year of Birth | Position with the Trust | Length of Time Served | Principal Occupation(s) During Past Five Years |
Jessica Chase Born: 1970 | President; Chief Executive Officer | Since 2015 | Senior Vice President, Atlantic since 2008. |
Karen Shaw Born: 1972 | Treasurer; Chief Financial Officer | Since 2015 | Senior Vice President, Atlantic since 2008. |
Zachary Tackett Born: 1988 | Vice President; Secretary and Anti- Money Laundering Compliance Officer, and Identity Theft Prevention Officer | Since 2015 | Counsel, Atlantic since 2014; Intern Associate, Coakley & Hyde, PLLC, 2010-2013. |
Carlyn Edgar Born: 1963 | Chief Compliance Officer, Code of Ethics Review Officer | Since 2015 | Senior Vice President, Atlantic since 2008. |
Approval of Investment Advisory Agreement (unaudited) | December 31, 2017 |
On September 14, 2017, the Board of Trustees (the “Board”) of U.S. Global Investors Funds (the “Trust”), including all the trustees who are not “interested persons” of the Trust (the “Independent Trustees”), approved the continuation of the advisory agreement with U.S. Global Investors, Inc. (the “Adviser”) for each Fund for an additional one-year term ended October 1, 2018.
In considering approval of the agreement, the Board reviewed a variety of materials relating to each Fund and the Adviser, including (i) the nature, extent and quality of services provided; (ii) a comparison of services rendered and amounts paid to other registered investment companies; (iii) the investment performance of the Funds measured against appropriate benchmarks and peer groups; (iv) the costs of services provided and estimated profits realized by the Adviser (and its affiliates); (v) the extent to which economies of scale are realized as the Funds grow; (vi) whether fee levels reflect any economies of scale for the benefit of Fund shareholders; and (vii) fall-out benefits realized by the Adviser (and its affiliates) from its relationship with the Funds, if any.
In preparation for its September meeting of the Board of Trustees of the Trust (“September Meeting”), the Trustees were presented with a range of information to assist in their deliberations. Those materials included information from Broadridge Financial Solutions, Inc. (“Broadridge”), an independent source of data about the mutual fund industry, which compared each Fund’s total contractual and actual investment advisory fees, total expenses, and performance with a group of peer funds that were selected by Broadridge. The Trustees also received a memorandum from Independent Legal Counsel concerning their responsibilities with respect to the approval of the investment advisory agreement. The Independent Trustees met in executive session with Independent Legal Counsel while deliberating.
The Board reviewed the functions performed by the Adviser, the portfolio management team and support staff of the Adviser, the Adviser’s investment strategy and process for each Fund, and the Adviser’s financial condition, and considered the quality of services provided.
For the All American Equity Fund, the information showed that the Fund underperformed the median of its Broadridge peer group for the one-, three- and five-year periods ended June 30, 2017. The Board also observed that the Fund underperformed the S&P 500 Index, the Fund’s primary benchmark index, for the same periods under review. The Board noted the Adviser’s representation that the Fund’s underperformance could be attributed, at least in part, to the Fund’s lack of weighting to securities that were drivers of outperformance for the primary benchmark index and Broadridge peers, as determined by the Fund’s investment focus and Adviser’s investment model. The Board also noted the Adviser’s representation that the Adviser continues to evaluate opportunities to improve its investment model and reduce expenses that negatively affect the Fund’s investment results. The Board further noted the Adviser’s representation that a change in the Fund’s portfolio manager during the period negatively affected the consistency of the Fund’s performance but that the Adviser believed more recent modifications to the investment model would improve performance.
For the Holmes Macro Trends Fund, the information showed that the Fund performed in-line with its Broadridge peer group for the one-year period ended June 30, 2017 and underperformed the median of its Broadridge peer group for the three- and five-year periods ended June 30, 2017. The Board also observed that the Fund outperformed the S&P Composite 1500 Index, the Fund’s primary benchmark index, for the one-year period ended June 30, 2017, and underperformed the primary benchmark index for the three- and five-year periods ended June 30, 2017. The Board noted the improved relative performance for the Fund. The Board further noted the Adviser’s representation that the Fund’s underperformance relative to its benchmark and Broadridge peers over the three- and five-year periods could be attributed, in part, to the results of the investment model, which excluded exposure to certain securities in the index that contributed disproportionately to the performance of the index during those periods. The Board also noted the Adviser’s representation that the Adviser continued to evaluate opportunities to reduce expenses that negatively affect the Fund’s investment results..
Approval of Investment Advisory Agreement (unaudited) | December 31, 2017 |
For the Global Resources Fund, the information showed that the Fund outperformed the median of its Broadridge peer group for the one-year period ended June 30, 2017, and underperformed the median of its Broadridge peers for the three- and five-year periods ended June 30, 2017. The Board also observed that the Fund underperformed the S&P Global Natural Resources Index (Net Total Return), its primary benchmark index, for the one-, three-, and five-year periods ended June 30, 2017. The Board noted the Adviser’s representations regarding the factors that contributed to or detracted from the Fund’s performance over these periods and that, since the end of 2015, the implementation of a quantitative-driven strategy had improved the Fund’s relative performance.
For the World Precious Minerals Fund, the information showed that the Fund underperformed the median of its Broadridge peers for the one-year period ended June 30, 2017, outperformed the median of its Broadridge peers for the three-year period ended June 30, 2017, and performed at the median for the five-year period ended June 30, 2017. The Board also observed that the Fund outperformed the NYSE Arca Gold Miners Index, its primary benchmark index, for the one-, three-, and five-year periods ended June 30, 2017. The Board also noted the Adviser’s representation that the Fund had low volatility compared to the Broadridge peer group.
For the Gold and Precious Metals Fund, the information showed that the Fund underperformed the median of its Broadridge peers for the one-year period ended June 30, 2017, and outperformed the median of its Broadridge peers for the three- and five-year periods ended June 30, 2017. The Board also observed that the Fund outperformed the FTSE Gold Mines Index, its primary benchmark index, for the one-, three-, and five-year periods ended June 30, 2017. The Board also noted the Adviser’s representation that the Fund had low volatility compared to the Broadridge peer group.
For the Emerging Europe Fund, the information showed that the Fund underperformed the median of the Broadridge peer group for the one-, three- and five-year periods ended June 30, 2017. The Board observed that the Fund outperformed the MSCI Emerging Markets Europe 10/40 Index (Net Total Return), the Fund’s primary benchmark index, for the one-year period ended June 30, 2017, and underperformed its primary benchmark index for the three- and five-year periods ended June 30, 2017. The Board noted that although certain positions in emerging market countries in Eastern Europe generally underperformed, the Adviser indicated that performance against the benchmark has improved over time due to improvements in the Fund’s model-based stock selection methodology.
For the China Region Fund, the information showed that the Fund outperformed the median Broadridge peer group for the one-year period ended June 30, 2017, and underperformed the median of its Broadridge peer group for the three- and five-year periods ended June 30, 2017. The Board observed that the Fund outperformed the Hang Seng Composite Index, its primary benchmark index, for the one-year period ended June 30, 2017, but underperformed its primary benchmark index for the three- and five-year periods ended June 30, 2017. The Board noted the Adviser’s representation that the Fund’s outperformance over the short term could be attributed, in part, to stock selection resulting from adjustments to the Fund’s investment model that were implemented in 2016. The Board noted the Adviser’s representation that the Fund continues to evaluate opportunities to reduce expenses that negatively affect the Fund’s performance.
Approval of Investment Advisory Agreement (unaudited) | December 31, 2017 |
For the Near-Term Tax Free Fund, the information showed that the Fund underperformed the median of its Broadridge peer group for the one-, three- and five-year periods ended June 30, 2017. The Board also noted that the Fund underperformed the Bloomberg Barclays 3-Year Municipal Bond Index, the Fund’s primary benchmark index, for the one- and three-year periods ended June 30, 2017, but outperformed the primary benchmark index for the five-year period ended June 30, 2017. The Board noted the Adviser’s representation that the Fund’s underperformance relative to its peer group over the one-year period could be attributed to the Fund having a longer weighted duration than the peer group. The Board noted the Adviser’s representation that the Fund’s relative underperformance versus the peer group over the three-and five-year periods was a result of the Fund tending to hold a greater proportion of general obligation bonds (as opposed to revenue bonds) than the peer group and, during the period, revenue bonds outperformed general obligation bonds, which the Adviser believed to carry less risk.
For the U.S. Government Securities Ultra-Short Bond Fund, the information showed that the Fund underperformed the Bloomberg Barclays U.S. Treasury Bills 6-9 Month Total Return Index, the Fund’s primary benchmark index, for the one-year period ended June 30, 2017, but outperformed the primary benchmark index for the three- and five-year periods ended June 30, 2017. The Board also noted the Adviser’s representation that the Fund underperformed the average of the selected short U.S. Treasury Funds for the one-, three-, and five-year periods ended June 30, 2017. The Board noted the Adviser’s representation that challenges resulted from a surge in bond yields after the national election. The Board also noted the Adviser’s representation that the Federal Reserve had increased interest rates in December 2016 and March 2017, putting additional pressure on bonds. The Board further noted the Adviser’s representation that the Fund’s relative performance had rebounded over the last quarter, as the Fund’s positions in floating rate bonds outperformed as short yields rose.
The Board also reviewed information on each Fund’s advisory fee and expense ratios compared to the advisory fees and expense ratios of a peer group of funds based upon information prepared by Broadridge. The Board also compared the expense ratios of the Funds to industry data provided by the Adviser and compiled by the Investment Company Institute (“ICI”), which reflected the expense ratios for funds of small fund complexes, categorized into relevant fund types (e.g., sector funds, international funds, and growth funds).
For the All American Equity Fund, the information showed that, as of June 30, 2017, the Fund’s actual advisory fee and the actual total expenses were each greater than the median of its Broadridge peer group..
For the Holmes Macro Trends Fund, the information showed that, as of June 30, 2017, the Fund’s actual advisory fee and actual total expenses were each greater than the median of its Broadridge peer group.
Approval of Investment Advisory Agreement (unaudited) | December 31, 2017 |
For the Global Resources Fund, the information showed that, as of June 30, 2017, the Fund’s actual advisory fee and actual total expenses were each greater than the median of its Broadridge peer group.
For the World Precious Minerals Fund, the information showed that, as of June 30, 2017, the Fund’s actual advisory fee and actual total expenses were each greater than the median of its Broadridge peer group.
For the Gold and Precious Metals Fund, the information showed that, as of June 30, 2017, the Fund’s actual advisory fee and actual total expenses were each greater than the median of its Broadridge peer group.
For the Emerging Europe Fund, the information showed that, as of June 30, 2017, each of the Fund’s actual advisory fee and actual total expenses were greater than the median of its Broadridge peer group.
For the China Region Fund, the information showed that, as of June 30, 2017, the Fund’s actual advisory fee was lower than the median of its Broadridge peer group but the Fund’s actual total expenses were greater than the median of its Broadridge peer group.
For the Near-Term Tax Free Fund, the information showed that, as of June 30, 2017, each of the Fund’s actual advisory fee and actual total expenses were less than the median of its Broadridge peer group.
For the U.S. Government Securities Ultra-Short Bond Fund, the information showed that, as of June 30, 2017, each of the Fund’s actual advisory fee and actual total expenses were less than the median of its Broadridge peer group.
The Board considered the Adviser’s representation that higher expenses are inherent in small fund complexes, such as the Trust, noting the difficulty that small complexes face in spreading increasing overhead over a small asset base. The Board also considered continued efforts by the Adviser designed to reduce Fund expenses, including different solutions for transfer agency and certain fund administration services. In addition, the Board noted that the Adviser is contractually limiting expenses (exclusive of acquired fund fees and expenses, extraordinary expenses, taxes, brokerage commissions and interest) on an annualized basis for the Near-Term Tax Free Fund at 0.45% of average net assets through at least April 30, 2018. The Board also noted that the Adviser is currently voluntarily waiving all class specific expenses for the Institutional Classes of the Global Resources Fund and the World Precious Minerals Fund and is currently voluntarily limiting expenses at the following levels for the Investor Classes of the Funds (all voluntary expense limitations may be modified or removed by the Adviser at any time and are exclusive of acquired fund fees and expenses, extraordinary expenses, taxes, brokerage commissions, interest, and advisory fee performance adjustments, if any):
Approval of Investment Advisory Agreement (unaudited) | December 31, 2017 |
Funds | Expense Cap | |
Inst'l Class | Investor Class | |
All American Equity Fund | N/A | 2.20% |
China Region Fund | N/A | 2.55% |
Emerging Europe Fund | N/A | 2.85% |
Global Resources Fund | All class specific expenses | 1.90% |
Gold and Precious Metals Fund | N/A | 1.90% |
Holmes Macro Trends Fund | N/A | 2.20% |
World Precious Minerals Fund | All class specific expenses | 1.90% |
U.S. Government Securities Ultra-Short Bond Fund | N/A | 0.45% |
The Board considered the fee structure of the agreement, including the costs of the services provided and the profits realized by the Adviser and its affiliates from their relationship with the Funds.
As part of its review of the agreement, the Board considered whether there the Funds have experienced any economies of scale that should be shared with shareholders. The Board noted that, in all cases, the Adviser did not believe, with respect to the investment advisory services provided, that it was realizing significant economies of scale.
Based on all the above-mentioned factors, other information provided, and related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Board, including the Independent Trustees, concluded that approval of the advisory agreement would be in the interests of each Fund.
Additional Information(unaudited)
The percentage of tax-exempt dividends paid by the Near-Term Tax Free Fund for the year ended December 31, 2017, was 98.99%.
The percentage of ordinary income dividends paid by the Funds during the year ended December 31, 2017, which qualify as Qualified Dividends Income (QDI) and the Dividends Received Deduction (DRD) available to corporate shareholders was:
Qualified Dividend Income | Dividend Received Deduction | Qualified Investment Income | Qualified Short Term Gain Dividends | |||||
U.S. Government Securities Ultra-Short Bond | –% | –% | 100.00% | –% | ||||
Near-Term Tax Free | –% | –% | 0.11% | –% | ||||
All American Equity | 100.00% | 100.00% | –% | –% | ||||
Holmes Macro Trends | 19.25% | 19.66% | –% | 100.00% | ||||
Global Resources | 55.27% | 22.90% | –% | –% | ||||
World Precious Minerals | 1.67% | 0.03% | –% | –% | ||||
China Region | 100.00% | 0.18% | –% | –% |
The amounts which represent foreign source income and foreign taxes paid during the year ended December 31, 2017, are as follows:
Foreign Source Income | Foreign Tax Credit | |||||||
Global Resources | $ | 2,564,985 | $ | 128,136 | ||||
World Precious Minerals | 296,188 | 2,721 | ||||||
China Region | 471,724 | 36,030 |
In early 2018, the Funds reported on Form 1099-DIV the tax status of all distributions made during the 2017 calendar year. The Funds intend to distribute the maximum amount of qualified dividend income allowable. The amount of qualified dividend income distributed by each Fund will be reported to shareholders on their Form 1099-DIV. Shareholders should use the information on Form 1099-DIV for their income tax returns.
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 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 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 Fund’s 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’ Form N-Qs 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.
Expense Example (unaudited) | December 31, 2017 |
As a shareholder of the funds, you incur two types of costs: (1) transaction costs, including short-term trading fees and exchange fees; and (2) ongoing costs, including management fees, distribution plan fees, shareholder reports (like this one), 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 (July 1, 2017 to December 31, 2017) 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 account, exchange 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) | December 31, 2017 |
Beginning Account Value July 1, 2017 | Ending Account Value December 31, 2017 | Expenses Paid During Period* | |
U.S. Government Securities Ultra-Short Bond Fund | |||
Based on Actual Fund Return | $1,000.00 | $1,004.05 | $2.27 |
Based on Hypothetical 5% Yearly Return | $1,000.00 | $1,022.94 | $2.29 |
Near-Term Tax Free Fund | |||
Based on Actual Fund Return | $1,000.00 | $1,001.42 | $2.27 |
Based on Hypothetical 5% Yearly Return | $1,000.00 | $1,022.94 | $2.29 |
All American Equity Fund | |||
Based on Actual Fund Return | $1,000.00 | $1,025.41 | $9.24 |
Based on Hypothetical 5% Yearly Return | $1,000.00 | $1,016.08 | $9.20 |
Holmes Macro Trends Fund | |||
Based on Actual Fund Return | $1,000.00 | $1,120.82 | $9.84 |
Based on Hypothetical 5% Yearly Return | $1,000.00 | $1,015.93 | $9.35 |
Global Resources Fund Investor Class | |||
Based on Actual Fund Return | $1,000.00 | $1,164.63 | $8.78 |
Based on Hypothetical 5% Yearly Return | $1,000.00 | $1,017.09 | $8.19 |
Global Resources Fund Institutional Class | |||
Based on Actual Fund Return | $1,000 00 | $1,169.42 | $4.98 |
Based on Hypothetical 5% Yearly Return | $1,000 00 | $1,020.62 | $4.63 |
World Precious Minerals Fund Investor Class | |||
Based on Actual Fund Return | $1,000.00 | $975.25 | $8.21 |
Based on Hypothetical 5% Yearly Return | $1,000.00 | $1,016.89 | $8.39 |
World Precious Minerals Fund Institutional Class | |||
Based on Actual Fund Return | $1,000.00 | $978.21 | $5.68 |
Based on Hypothetical 5% Yearly Return | $1,000.00 | $1,019.46 | $5.80 |
Gold and Precious Metals Fund | |||
Based on Actual Fund Return | $1,000.00 | $1,102.49 | $8.59 |
Based on Hypothetical 5% Yearly Return | $1,000.00 | $1,017.04 | $8.24 |
Emerging Europe Fund | |||
Based on Actual Fund Return | $1,000.00 | $1,149.84 | $12.73 |
Based on Hypothetical 5% Yearly Return | $1,000.00 | $1,013.36 | $11.93 |
China Region Fund | |||
Based on Actual Fund Return | $1,000.00 | $1,223.93 | $13.90 |
Based on Hypothetical 5% Yearly Return | $1,000.00 | $1,012.70 | $12.58 |
* | These calculations are based on expenses incurred in the most recent fiscal half-year. The Fund’s Investor Class’ annualized expense ratios (after reimbursements and offsets) for the six month period ended December 31, 2017, were 0.45%, 0.45%, 1.81%, 1.84%, 1.61%, 1.65%, 1.62%, 2.35% and 2.48%, 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 December 31, 2017, were 0.91% and 1.14%, 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 184, the number of days in the period, then divided by 365 days in the current fiscal year. |
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(a) | As of the end of the period covered by this report, U.S. Global Investors Funds (the "Registrant") has adopted a code of ethics, which applies to its Principal Executive Officer and Principal Financial Officer (the "Code of Ethics"). |
(c) | There have been no amendments to the Registrant's Code of Ethics during the period covered by this report. |
(a) | Included as part of report to shareholders under Item 1. |
(b) | Not applicable. |