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

As filed with the Securities and Exchange Commission on August 30, 2018

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-01800

U.S. GLOBAL INVESTORS FUNDS

Three Canal Plaza, Suite 600

Portland, Maine 04101

Jessica Chase, Principal Executive Officer

Three Canal Plaza, Suite 600

Portland, Maine 04101

207-347-2000

Date of fiscal year end: December 31

Date of reporting period: January 1, 2018 – June 30, 2018

ITEM 1. REPORT TO STOCKHOLDERS.

U.S. Global Investors Funds

Semi-Annual Report

June 30, 2018

(Unaudited)

U.S. Global Investors Funds

Semi-Annual Report

June 30, 2018

(unaudited)

Table of Contents

Letter to Shareholders	1
Portfolios of Investments	2
Notes to Portfolios of Investments	53
Statements of Assets and Liabilities	70
Statements of Operations	74
Statements of Changes in Net Assets	78
Notes to Financial Statements	84
Financial Highlights	98
Additional Information	109
Expense Example	110
Privacy Policy	114

Nasdaq Symbols

U.S. Global Investors Funds

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

Atlantic Fund Services 3 Canal Plaza, Suite 600 Portland, ME 04101

U.S. Global Investors Funds (unaudited)

Dear Fellow Shareholder,

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With a balanced analysis of the markets over the past week, the Investor Alert is written for you by the U.S. Global investments team, featuring a special commentary by me. You can sign up for the Investor Alert—awarded Best Electronic Newsletter by the Mutual Fund Education Alliance (MFEA)—by visiting usfunds.com/ subscribe.

While you’re on the website, be sure to take advantage of additional resources, prepared especially for our fund shareholders:

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● Quarterly fund commentaries, straight from the portfolio managers themselves

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We hope you enjoy having these timely resources at your fingertips.

Thank you for investing in U.S. Global Investors Funds!

Sincerely,

Frank E. Holmes

CEO and Chief Investment Officer

U.S. Global Investors, Inc.

Please consider carefully a fund’s investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus by visiting www.usfunds.com or by calling 1-800-US-FUNDS (1-800-874-8637). Read it carefully before investing. Foreside Fund Services, LLC, Distributor. U.S. Global Investors, Inc. is the investment adviser.

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

The Mutual Fund Education Alliance (MFEA) is a national industry association committed to investor education, and its STAR Awards program recognizes marketing communications efforts in the mutual fund industry. The awards competition is judged by industry professionals, and based on criteria including educational value, content, design and functionality.

1

U.S. Government Securities Ultra-Short Bond Fund
Portfolio of Investments (unaudited)	June 30, 2018

United States Government and Agency	Coupon		Maturity	Principal
Obligations 92.06%	Rate %		Date	Amount		Value
Federal Farm Credit Bank 50.24%
Fixed Rates:
		1.95	08/28/18	$	100,000	$	99,996
Floating Rates:
(Federal Reserve Bank Effective Rate + 0.12%)		2.03	02/18/20		3,000,000		2,998,768
(Federal Reserve Bank Prime Loan + (3.08)%)		1.92	03/11/19		7,000,000		6,998,145
(U.S. Treasury 3 Month Bill Money Market Yield + 0.15%)		2.06	04/12/19		3,000,000		3,003,618
(U.S. Treasury 3 Month Bill Money Market Yield + 0.09%)		2.01	06/19/19		8,000,000		8,003,079
(USD 1 Month LIBOR + 0.05%)		2.14	02/21/20		3,000,000		3,005,460
							24,109,066
Federal Home Loan Bank 37.29%
Fixed Rates:
		5.38	08/15/18		480,000		481,912
		1.00	08/28/18		4,000,000		3,993,576
		1.75	12/14/18		3,000,000		2,993,982
		1.50	03/08/19		4,000,000		3,979,992
		1.50	04/26/19		5,500,000		5,463,634
		1.20	05/23/19		1,000,000		989,794
							17,902,890
Tennessee Valley Authority 4.53%
Fixed Rates:
		1.75	10/15/18		2,174,000		2,171,683
Investments, at value 92.06%							44,183,639
(cost $44,248,443)
Other assets and liabilities, net 7.94%							3,812,959
Net Assets 100.00%						$	47,996,598

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

2

U.S. Government Securities Ultra-Short Bond Fund
Portfolio of Investments (unaudited)	June 30, 2018

Portfolio Allocation by Issuer Based on Total Investments June 30, 2018

Portfolio Allocation by Maturity			June 30, 2018
1-3 Months	$	4,575,484		10.3	%
3-12 Months		33,603,927		76.1	%
1-3 Years		6,004,228		13.6	%
	$	44,183,639		100.0	%

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

3

Near-Term Tax Free Fund
Portfolio of Investments (unaudited)	June 30, 2018

	Coupon		Maturity	Principal
Municipal Bonds 92.09%	Rate %		Date	Amount		Value
Alabama 1.04%
City of Bessemer Electric Revenue, Alabama, Refunding, RB AGM		3.10	12/01/21	$	100,000	$	102,148
University of South Alabama, Alabama, Refunding, RB		5.00	11/01/18		500,000		505,670
							607,818
Arizona 0.72%
City of Tempe, Arizona, GO Unlimited, Series A		2.00	07/01/19		220,000		221,060
McAllister Academic Village, LLC, Arizona State University Hassayampa, Arizona, Refunding, RB		5.75	07/01/18		200,000		200,000
							421,060
Arkansas 2.06%
Atkins School District No. 18, Arkansas, Refunding, GO Limited		1.00	02/01/19		420,000		417,644
Cave City School District No. 2-A, Arkansas, Refunding, GO Limited		1.00	02/01/19		260,000		258,315
City of Hot Springs Wastewater Revenue, Arkansas, RB		4.00	12/01/19		510,000		525,632
							1,201,591
California 1.16%
California Statewide Communities Development Authority, Enloe Medical Center, California, RB, Series A		5.25	08/15/18		340,000		341,588
Newman-Crows Landing Unified School District, California, Refunding, GO Unlimited AGM		4.00	08/01/19		115,000		118,148
Riverside County Redevelopment Successor Agency, California, Refunding, Tax Allocation Bond		5.00	10/01/19		200,000		208,492
State of California, California, GO Unlimited		5.00	12/01/19		5,000		5,014
							673,242
Colorado 2.04%
City & County of Denver Airport System Revenue, Colorado, RB, Series B		5.00	11/15/27		300,000		333,198
City of Glendale, Colorado, Refunding, COP AGM		5.00	12/01/25		750,000		855,683
							1,188,881

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

4

Near-Term Tax Free Fund
Portfolio of Investments (unaudited)	June 30, 2018

	Coupon		Maturity	Principal
Municipal Bonds (cont’d)	Rate %		Date	Amount		Value
Florida 8.06%
City of Jacksonville, Florida, Refunding, RB, Series C		5.00	10/01/20	$	270,000	$	289,100
City of Leesburg, Florida, Refunding, RB		5.00	10/01/21		405,000		441,239
City of Margate Water & Sewer Revenue, Florida, Refunding, RB AGM		4.00	10/01/19		250,000		256,952
City of Miramar, Florida, Refunding, RB		5.00	10/01/22		305,000		340,859
County of St. Johns, Florida, Refunding, RB AGM		5.00	10/01/20		310,000		330,727
Escambia County Health Facilities Authority, Baptist Hospital, Inc. Project, Florida, RB, Series A		5.00	08/15/19		290,000		300,338
Florida Department of Management Services, Florida, Refunding, COP, Series A		5.00	08/01/19		500,000		518,580
Florida Department of Management Services, Florida, COP, Series A		5.00	08/01/24		340,000		344,774
Orlando Utilities Commission, Florida, RB ‡		1.53	10/01/33		870,000		870,000
Pinellas County Health Facilities Authority, Florida, RB ‡		1.55	11/01/38		1,000,000		1,000,000
							4,692,569
Georgia 1.97%
Carroll City-County Hospital Authority, Tanner Medical Center, Inc. Project, Georgia, RB		5.00	07/01/18		600,000		600,000
Cobb County Hospital Authority, Georgia, RB ‡		1.51	04/01/36		300,000		300,000
Gwinnett County Hospital Authority, Georgia, RB, Series B AGM		5.00	07/01/18		250,000		250,000
							1,150,000
Idaho 0.42%
Idaho Housing & Finance Association, Grant & Revenue Anticipation, Federal Highway Trust Fund, Idaho, RB, Series A		5.00	07/15/21		225,000		244,769
Illinois 4.47%
Chicago Board of Education, Illinois, GO Unlimited, Series A NATL		5.25	12/01/19		300,000		309,672
Clinton Bond Fayette Etc Counties Community College District No. 501 Kaskaskia, Illinois, Refunding, GO Unlimited		5.75	12/01/19		500,000		526,310
County of Du Page, Jail Project, Illinois, Refunding, GO Unlimited		5.60	01/01/21		210,000		221,895
Du Page County School District No. 33 West Chicago, Illinois, Refunding, GO Unlimited, Series B		4.00	12/01/21		1,000,000		1,060,180

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

5

Near-Term Tax Free Fund
Portfolio of Investments (unaudited)	June 30, 2018

	Coupon		Maturity	Principal
Municipal Bonds (cont’d)	Rate %		Date	Amount		Value
Illinois (cont’d)
Regional Transportation Authority, Illinois, RB, Series A, AMBAC		7.20	11/01/20	$	95,000	$	101,745
Village of Fox Lake, Debt Certificates, Illinois, RB, Series B		3.00	11/01/19		265,000		269,359
Will Grundy Etc Counties Community College District No. 525, Joliet Junior College, Illinois, GO Unlimited		6.25	06/01/22		115,000		115,232
							2,604,393
Indiana 1.12%
Clark-Pleasant School Building Corp., Indiana, Refunding, RB		5.00	01/15/19		275,000		279,928
Merrillville Redevelopment Authority, Indiana, Tax Allocation Bond		5.00	08/15/20		350,000		372,099
							652,027
Iowa 1.10%
City of Clive, Iowa, Refunding, GO Unlimited, Series A		2.00	06/01/19		235,000		236,058
Iowa State Board of Regents, University of Iowa Hospitals and Clinics, Iowa, Refunding, RB, Series A		3.00	09/01/19		400,000		406,040
							642,098
Kentucky 0.95%
Louisville & Jefferson County Metropolitan Sewer District, Kentucky, RB, Series A		5.00	05/15/23		500,000		550,825
Louisiana 1.54%
State of Louisiana, Louisiana, Prefunding, GO Unlimited, Series A		5.00	08/01/26		800,000		895,856
Massachusetts 0.52%
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue, Massachusetts, RB ‡		1.49	01/01/37		300,000		300,000

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

6

Near-Term Tax Free Fund
Portfolio of Investments (unaudited)	June 30, 2018

	Coupon		Maturity	Principal
Municipal Bonds (cont’d)	Rate %		Date	Amount		Value
Michigan 2.56%
City of Wyoming, Water Supply System, Michigan, Refunding, RB		4.00	06/01/20	$	215,000	$	224,009
Michigan Public Power Agency, AFEC Project, Michigan, RB, Series A		4.50	01/01/19		280,000		283,564
Michigan State Hospital Finance Authority, Trinity Health, Michigan, RB, Series A		6.00	12/01/18		200,000		203,638
Oxford Area Community School District, Michigan, Refunding, GO Unlimited, Series A Q-SBLF		5.00	05/01/22		365,000		405,289
State of Michigan Trunk Line Revenue, Michigan, Refunding, RB		4.50	11/01/26		105,000		108,420
Wayne County Airport Authority, Detroit Metropolitan Airport, Michigan, Refunding, RB, Series C		4.00	12/01/19		255,000		263,068
							1,487,988
Minnesota 0.55%
City of Minneapolis MN/St Paul Housing & Redevelopment Authority, Minnesota, RB AGM ‡		1.52	08/15/25		320,000		320,000
Missouri 4.21%
City of Kansas City, Missouri, Refunding, RB, Series B		5.00	08/01/19		650,000		673,016
City of Kansas City Water Revenue, Missouri, RB, Series F AGM		4.00	12/01/22		250,000		270,458
County of Jackson, Truman Sports Complex Project, Special Obligation, Missouri, Refunding, RB		5.00	12/01/18		215,000		217,952
Missouri State Board of Public Buildings, Missouri, RB, Series A		3.00	04/01/26		750,000		768,900
Missouri State Regional Convention & Sports Complex Authority, Missouri, Refunding, RB, Series A		5.00	08/15/19		500,000		519,070
							2,449,396
Nevada 0.56%
Las Vegas Valley Water District, Nevada, Refunding, GO Limited, Series D		5.00	06/01/27		315,000		324,614

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

7

Near-Term Tax Free Fund
Portfolio of Investments (unaudited)	June 30, 2018

	Coupon		Maturity	Principal
Municipal Bonds (cont’d)	Rate %		Date	Amount		Value
New Jersey 2.40%
City of Atlantic City, Tax Appeal, New Jersey, Refunding, GO Unlimited		4.00	11/01/18	$	500,000	$	498,685
Hudson County Improvement Authority, North Hudson Regional Fire, New Jersey, Refunding, RB, Series A AGM		5.63	09/01/18		400,000		402,620
Middlesex County Improvement Authority, New Jersey, RB		5.00	07/01/25		425,000		498,746
							1,400,051
New York 12.36%
City of New York, New York, GO Unlimited ‡		1.58	08/01/44		1,000,000		1,000,000
City of New York, New York, GO Unlimited, Series B		5.00	08/01/19		400,000		414,864
City of New York, New York, GO Unlimited, Series E		5.25	08/01/22		875,000		987,280
City of New York, New York, GO Unlimited, Series I		5.00	08/01/22		1,000,000		1,118,570
Long Island Power Authority, New York, RB, Series B		5.00	09/01/21		465,000		508,561
Metropolitan Transportation Authority, New York, RB ‡		1.54	11/01/35		325,000		325,000
Nassau County Industrial Development Agency, New York Institute of Technology Project, New York, Refunding, RB, Series A		5.00	03/01/21		350,000		369,009
New York City Water & Sewer System, New York, RB ‡		1.51	06/15/38		200,000		200,000
New York State Dormitory Authority, New York, Refunding, RB, Series B		5.00	02/15/26		750,000		884,415
New York State Housing Finance Agency, New York, RB ‡		1.50	05/15/37		500,000		500,000
New York State Urban Development Corp., New York, RB, Series A-2 NATL		5.50	03/15/19		615,000		632,798
New York State Urban Development Corp., New York, Refunding, RB, Series D		5.50	01/01/19		250,000		255,020
							7,195,517
North Carolina 2.21%
City of Charlotte, Equipment Acquisition & Public Facilities, North Carolina, COP, Series A		5.00	10/01/21		1,000,000		1,072,110
County of Beaufort, North Carolina, RB		5.00	06/01/21		200,000		216,646
							1,288,756

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

8

Near-Term Tax Free Fund
Portfolio of Investments (unaudited)	June 30, 2018

	Coupon		Maturity	Principal
Municipal Bonds (cont’d)	Rate %		Date	Amount		Value
Ohio 1.25%
City of Cleveland Parking Facility Revenue, Ohio, Refunding, RB AGM		5.25	09/15/22	$	130,000	$	146,767
County of Hamilton, Ohio, Refunding, GO  Limited, Series A		5.00	12/01/24		500,000		580,360
							727,127
Oregon 0.36%
Oregon State Facilities Authority, Legacy Health Project, Oregon, Refunding, RB, Series A		4.50	05/01/20		200,000		209,700
Pennsylvania 2.96%
Allegheny County Sanitary Authority, Pennsylvania, Refunding, RB AGM		5.00	06/01/19		700,000		721,238
Delaware Valley Regional Finance Authority, Permanently Fixed Business Development Services, Pennsylvania, RB, AMBAC		5.50	08/01/18		295,000		295,917
Reading School District, Pennsylvania, GO Unlimited, Series A		5.00	04/01/20		400,000		419,192
Wilkes-Barre Finance Authority, University of Scranton, Pennsylvania, Refunding, RB, Series A		5.00	11/01/19		275,000		286,044
							1,722,391
Rhode Island 2.06%
Rhode Island Housing & Mortgage Finance Corp., Rhode Island, RB ‡		1.59	04/01/39		1,200,000		1,200,000
South Carolina 3.32%
City of Columbia SC Waterworks & Sewer System Revenue, South Carolina, RB ‡		1.51	02/01/38		100,000		100,000
City of North Charleston SC, South Carolina, Tax Allocation Bond ‡		1.53	12/01/18		435,000		435,000
City of North Charleston SC, South Carolina, Tax Allocation Bond ‡		1.53	09/01/37		480,000		480,000
Spartanburg Regional Health Services District, South Carolina, Refunding, RB, Series A		5.00	04/15/19		600,000		615,324
Spartanburg Sanitation Sewer District, South Carolina, RB, Series A AGC		3.50	03/01/19		300,000		303,768
							1,934,092

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

9

Near-Term Tax Free Fund
Portfolio of Investments (unaudited)	June 30, 2018

	Coupon		Maturity	Principal
Municipal Bonds (cont’d)	Rate %		Date	Amount		Value
Tennessee 0.97%
City of Memphis Sanitary Sewerage System Revenue, Tennessee, Refunding, RB AGM		5.00	05/01/20	$	200,000	$	211,898
The Public Building Authority of Sevier County TN, Tennessee, RB ‡		1.52	06/01/32		350,000		350,000
							561,898
Texas 22.78%
Bryan Independent School District, Texas, GO Unlimited, Series A PSF-GTD		5.00	02/15/22		410,000		453,001
City of Arlington, Certificates of Obligation, Texas, GO Limited, Series B		2.00	08/15/19		500,000		502,645
City of Austin/TX, Texas, Refunding, RB ‡		1.51	11/15/29		1,000,000		1,000,000
City of Cedar Hill, Texas, Refunding, GO Limited		5.00	02/15/22		800,000		881,256
City of Center, Certificates of Obligation, Texas, GO Limited AGM ◊		3.07	02/15/20		150,000		145,437
City of Fort Worth Water & Sewer System Revenue, Texas, Refunding, RB		5.00	02/15/19		800,000		817,056
City of Longview Waterworks & Sewer System Revenue, Texas, Refunding, RB		3.00	03/01/22		610,000		626,848
City of Pharr, Texas, Refunding, GO Limited, Series A		5.00	08/15/20		285,000		302,932
City of Plano, Texas, Refunding, GO Limited		5.00	09/01/19		1,000,000		1,039,880
City of Round Rock, Texas, Refunding, GO Limited		2.00	08/15/19		465,000		466,841
City of Texarkana Waterworks & Sanitary Sewer System Revenue, Texas, RB		3.00	08/01/19		90,000		91,379
City of Texarkana Waterworks & Sanitary Sewer System Revenue, Texas, RB		3.00	08/01/20		95,000		97,001
Clear Lake City Water Authority, Waterworks & Sewer System, Texas, GO Unlimited		3.00	03/01/19		125,000		126,244
Corpus Christi Business & Job Development Corp., Seawall Project, Texas, Refunding, RB		5.00	03/01/20		350,000		368,477
Dimmitt Independent School District, Texas, GO Unlimited PSF-GTD		3.00	02/15/22		305,000		313,863
Harris County Municipal Utility District No. 382, Texas, Refunding, GO Unlimited BAM		3.00	04/01/22		305,000		309,014
Lower Colorado River Authority, LCRA Transmission Services Corp., Texas, Refunding, RB, Series A		5.00	05/15/21		500,000		543,180
Lubbock-Cooper Independent School District, Texas, GO Unlimited PSF-GTD		3.00	02/15/22		755,000		781,470

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

10

Near-Term Tax Free Fund
Portfolio of Investments (unaudited)	June 30, 2018

	Coupon		Maturity	Principal
Municipal Bonds (cont’d)	Rate %		Date	Amount		Value
Texas (cont’d)
Olmos Park Higher Education Facilities Corp., University of the Incarnate Word, Texas, Refunding, RB		5.00	12/01/21	$	500,000	$	544,895
Red River Education Finance Corp., Texas, RB ‡		1.52	03/15/35		700,000		700,000
San Antonio Water System, Texas, Refunding, RB		4.50	05/15/21		400,000		429,456
State of Texas, Texas, Refunding, GO Unlimited		5.00	10/01/20		550,000		589,539
Texas State Public Finance Authority Charter School Finance Corp., Texas, Prefunding, RB, Series A		6.20	02/15/40		2,000,000		2,137,560
							13,267,974
Utah 0.94%
County of Davis, Utah, Refunding, GO Unlimited		5.00	02/01/19		200,000		204,080
Utah State Building Ownership Authority, State Facilities Master Lease Program, Utah, Refunding, RB, Series C AGM		5.50	05/15/19		35,000		36,206
Washington County-St George Interlocal Agency, Utah, Refunding, RB, Series A		4.00	12/01/19		300,000		309,576
							549,862
Washington 5.43%
County of Thurston, Washington, Refunding, GO Limited		5.00	12/01/20		1,625,000		1,750,726
Spokane Public Facilities District, Washington, Refunding, RB, Series B		5.00	12/01/21		950,000		1,042,844
Tacoma Metropolitan Park District, Washington, Refunding, GO Unlimited, Series B		4.00	12/01/19		355,000		366,988
							3,160,558
Investments, at value 92.09%							53,625,053
(cost $53,920,096)
Other assets and liabilities, net 7.91%							4,608,477
Net Assets 100.00%						$	58,233,530

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

11

Near-Term Tax Free Fund
Portfolio of Investments (unaudited)	June 30, 2018

Municipal Bond Ratings* Based on Total Municipal Bonds June 30, 2018

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

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

12

All American Equity Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks 94.11%	Shares		Value
Aerospace/Defense 2.84%
The Boeing Co.		1,300	$	436,163
Apparel Manufacturers 3.33%
Hanesbrands, Inc.		23,200		510,864
Beverages - Wine/Spirits 3.14%
Constellation Brands, Inc., Class A		2,200		481,514
Chemicals - Diversified 2.70%
PPG Industries, Inc.		4,000		414,920
Commercial Banks 3.29%
Zions Bancorp.		9,600		505,824
Commercial Services - Finance 2.81%
Total System Services, Inc.		5,100		431,052
Computer Services 2.26%
DXC Technology Co.		4,300		346,623
Cosmetics & Toiletries 3.34%
The Estee Lauder Cos., Inc.		3,600		513,684
Cruise Lines 4.61%
Carnival Corp.		6,200		355,322
Royal Caribbean Cruises, Ltd.		3,400		352,240
				707,562
Diversified Manufacturing Operations 3.04%
Ingersoll-Rand PLC		5,200		466,596
Electronic Components - Semiconductors 6.03%
Broadcom, Inc.		1,820		441,605
Texas Instruments, Inc.		4,400		485,100
				926,705
Enterprise Software/Services 2.73%
Oracle Corp.		9,500		418,570
Fiduciary Banks 3.51%
The Bank of New York Mellon Corp.		10,000		539,300

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

13

All American Equity Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks (cont’d)	Shares		Value
Finance - Credit Card 3.62%
Visa, Inc., Class A		4,200	$	556,290
Medical - Biomedical/Genetics 3.25%
Amgen, Inc.		2,700		498,393
Medical - Drugs 3.11%
Zoetis, Inc.		5,600		477,064
Medical - HMO 2.91%
Humana, Inc.		1,500		446,445
Medical Products 3.80%
Baxter International, Inc.		7,900		583,336
Oil Companies - Exploration & Production 2.90%
Cabot Oil & Gas Corp.		18,700		445,060
Oil Refining & Marketing 6.49%
Marathon Petroleum Corp.		6,000		420,960
Valero Energy Corp.		5,200		576,316
				997,276
REITS - Diversified 2.72%
American Tower Corp. REIT		2,900		418,093
Retail - Building Products 3.68%
The Home Depot, Inc.		2,900		565,790
Retail - Discount 2.86%
Costco Wholesale Corp.		2,100		438,858
Super-Regional Banks-US 3.28%
KeyCorp		25,800		504,132
Supranational Bank 2.90%
Comerica, Inc.		4,900		445,508
Telephone - Integrated 2.75%
Verizon Communications, Inc.		8,400		422,604
Tools - Hand Held 3.04%
Snap-on, Inc.		2,900		466,088

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

14

All American Equity Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks (cont’d)	Shares		Value
Water 3.17%
American Water Works Co., Inc.		5,700	$	486,666
Total Common Stocks				14,450,980
(cost $13,842,605)
Exchange Traded Funds 0.95%
Consumer Discretionary Select Sector SPDR Fund ETF		700		76,510
Innovator IBD 50 ETF		2,000		70,200
Total Exchange Traded Funds				146,710
(cost $148,279)

				Notional
	Strike		Exp.	Contract
Put Option Purchased 0.70%	Price		Date	Value		Contracts
Exchange Traded Fund 0.70%
SPDR S&P 500 ETF Trust	$	270.00	01/19	$	2,658,544		98		107,310
(premiums paid $134,820)
Investments, at value 95.76%									14,705,000
(cost $14,125,704)
Other assets and liabilities, net 4.24%									650,326
Net Assets 100.00%								$	15,355,326

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

15

All American Equity Fund
Portfolio of Investments (unaudited)	June 30, 2018

Portfolio Allocation by Industry Sector* Based on Total Investments June 30, 2018

* 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.

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

16

Holmes Macro Trends Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks 91.81%	Shares		Value
Airlines 4.01%
Hawaiian Holdings, Inc.		44,000	$	1,581,800
Batteries/Battery Systems 3.26%
Energizer Holdings, Inc.		20,400		1,284,384
Beverages - Non-alcoholic 2.19%
Coca-Cola Bottling Co. Consolidated		6,400		864,832
Building - Residential/Commercial 2.33%
LGI Homes, Inc. *		15,900		917,907
Casino Hotels 4.96%
Wynn Resorts, Ltd.		11,700		1,957,878
Chemicals - Specialty 3.59%
The Chemours Co.		31,900		1,415,084
Commercial Services 3.57%
Medifast, Inc.		8,800		1,409,408
Commercial Services - Finance 7.54%
S&P Global, Inc.		14,600		2,976,794
Consumer Products - Miscellaneous 3.04%
Kimberly-Clark Corp.		11,400		1,200,876
Diversified Manufacturing Operations 2.59%
EnPro Industries, Inc.		14,600		1,021,270
Electronic Secure Devices 3.39%
Allegion PLC		17,300		1,338,328
Energy - Alternate Sources 0.00%
Pacific Green Energy Corp. #*@		100,000		0
Food - Miscellaneous/Diversified 2.96%
B&G Foods, Inc.		39,000		1,166,100
Home Furnishings 2.01%
Sleep Number Corp. *		27,400		795,148

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

17

Holmes Macro Trends Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks (cont’d)	Shares		Value
Medical - Drugs 7.60%
Corcept Therapeutics, Inc. *		95,000	$	1,493,400
Mallinckrodt PLC *		80,600		1,503,996
				2,997,396
Medical - Hospitals 0.00%
African Medical Investments PLC #*@		1,000,000		0
Medical Laser Systems 2.60%
Cutera, Inc. *		25,500		1,027,650
Office Automation & Equipment 3.02%
Pitney Bowes, Inc.		139,000		1,191,230
Oil Companies - Exploration & Production 0.08%
PentaNova Energy Corp., 144A #*∆		500,000		30,426
Pastoral & Agricultural 3.85%
Phibro Animal Health Corp.		33,000		1,519,650
Power Conversion/Supply Equipment 3.94%
SPX Corp. *		44,300		1,552,715
Real Estate Operating/Development 0.82%
Pacific Infrastructure Ventures, Inc. #*@+		426,533		322,118
REITS - Diversified 3.85%
Potlatch Corp. REIT		29,900		1,520,415
REITS - Regional Malls 4.14%
Taubman Centers, Inc. REIT		27,800		1,633,528
Semiconductor Equipment 2.39%
Axcelis Technologies, Inc. *		47,600		942,480
Telecom Equipment Fiber Optics 2.90%
Ciena Corp. *		43,097		1,142,502
Television 4.35%
AMC Networks, Inc., Class A *		27,600		1,716,720
Transportation - Services 4.63%
United Parcel Service, Inc., Class B		17,200		1,827,156

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

18

Holmes Macro Trends Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks (cont’d)	Shares		Value
Web Hosting/Design 2.20%
NIC, Inc.		55,811	$	867,861
Total Common Stocks				36,221,656
(cost $35,135,834)

	Coupon		Maturity	Principal
Corporate Non-Convertible Bond 0.59%	Rate %		Date	Amount
Electric - Generation 0.59%
Interamerican Energy Corp. #@+		15.00	11/08/21	$	233,829	233,829
(cost $233,829)

Exchange Traded Funds 0.99%	Shares
Consumer Discretionary Select Sector SPDR Fund ETF		1,800	196,740
Innovator IBD 50 ETF		5,500	193,050
Total Exchange Traded Funds			389,790
(cost $394,214)

	Exercise		Exp.
Warrants 0.00%	Price		Date
Gold Mining 0.00%
Gran Colombia Gold Corp. *	$	48.75	03/18/19	250	8
Oil Companies - Exploration & Production 0.00%
PentaNova Energy Corp., 144A #*@∆		1.05	07/31/22	500,000	0
Total Warrants					8
(cost $0)

				Notional
	Strike		Exp.	Contract
Put Option Purchased 0.71%	Price		Date	Value		Contracts		Value
Exchange Traded Fund 0.71%
SPDR S&P 500 ETF Trust	$	270.00	01/19	$	6,944,768		256		280,320
(premiums paid $352,064)

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

19

Holmes Macro Trends Fund
Portfolio of Investments (unaudited)	June 30, 2018

Investments, at value 94.10%	$	37,125,603
(cost $36,115,941)
Other assets and liabilities, net 5.90%		2,327,275
Net Assets 100.00%	$	39,452,878

Portfolio Allocation by Industry Sector* Based on Total Investments June 30, 2018

* 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.

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

20

Global Resources Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks 87.67%	Shares		Value
Building & Construction Products - Miscellaneous 1.24%
Louisiana-Pacific Corp.		38,600	$	1,050,692
Building Products - Wood 1.47%
Norbord, Inc.		30,400		1,250,085
Chemicals - Diversified 7.36%
Braskem SA, ADR		42,800		1,112,800
Covestro AG		11,200		995,496
Dongyue Group, Ltd.		1,124,500		941,310
Huchems Fine Chemical Corp.		42,900		1,125,851
LyondellBasell Industries NV, Class A		11,000		1,208,350
Tosoh Corp.		55,650		860,471
				6,244,278
Chemicals - Specialty 3.36%
China Sanjiang Fine Chemicals Co., Ltd.		2,684,700		894,009
Daicel Corp.		101,700		1,123,466
Daqo New Energy Corp., ADR *		23,400		831,636
				2,849,111
Coal 5.53%
Arch Coal, Inc.		14,200		1,113,706
Caribbean Resources Corp. #*@~		17		0
China Shenhua Energy Co., Ltd., H Shares		439,700		1,039,999
Jastrzebska Spolka Weglowa SA *		48,900		994,663
Peabody Energy Corp.		33,900		1,541,772
Walter Energy, Inc., 144A #*∆		4,293		0
				4,690,140
Commercial Service - Finance 0.39%
BIG Blockchain Intelligence Group, Inc. *		2,000,000		327,083
Diamonds/Precious Stones 0.29%
Barksdale Capital Corp. *		400,000		243,411
Rockwell Diamonds, Inc., 144A #*@∆		63,333		0
				243,411

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

21

Global Resources Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks (cont’d)	Shares		Value
Diversified Minerals 6.85%
Anglo American PLC		59,300	$	1,316,516
Caledonia Mining Corp. PLC		62,911		530,906
Encanto Potash Corp., 144A *∆		300,000		50,203
Golden Reign Resources, Ltd. *		1,148,600		166,002
Libero Copper Corp. *~		3,250,000		228,673
Lumina Gold Corp. *		804,100		464,851
Lundin Mining Corp.		193,800		1,077,608
Niocan, Inc., 144A *∆		362,069		19,279
Salazar Resources, Ltd. *		3,000,000		296,657
Teck Resources, Ltd.		33,900		863,584
Teck Resources, Ltd.		18,000		458,100
VR Resources, Ltd. *		1,125,000		333,739
				5,806,118
Electronics - Military 0.17%
Global UAV Technologies, Ltd. *		2,225,000		143,860
Energy - Alternate Sources 4.38%
Pacific Green Energy Corp. #*@~		2,400,000		0
Polaris Infrastructure, Inc.		50,000		535,504
Siemens Gamesa Renewable Energy SA		65,400		874,212
TPI Composites, Inc. *		46,700		1,365,508
Vestas Wind Systems A/S		15,200		938,392
				3,713,616
Finance - Investment Banker/Broker 0.52%
GoldMoney, Inc. *		200,000		441,182
Forestry 4.25%
Canfor Corp. *		51,600		1,241,870
Interfor Corp. *		61,800		1,186,970
West Fraser Timber Co., Ltd.		17,100		1,177,027
				3,605,867
Gold Mining 10.93%
Centerra Gold, Inc. *		181,100		1,006,991
Chesapeake Gold Corp., 144A *∆		52,400		79,717
Continental Gold, Inc. *		82,800		238,704
CopperBank Resources Corp. *		1,300,000		84,053

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

22

Global Resources Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks (cont’d)	Shares		Value
Gold Mining (cont’d)
Corona Minerals, Ltd. #*@		5,000	$	0
Evolution Mining, Ltd.		193,866		507,084
Gran Colombia Gold Corp. *		4,100		8,982
Highland Gold Mining, Ltd.		563,000		1,061,974
NGEx Resources, Inc. *		461,000		387,825
NGEx Resources, Inc. *		255,900		202,439
Northern Star Resources, Ltd.		102,100		552,739
OceanaGold Corp., 144A ∆		395,500		1,098,068
Radisson Mining Resources, Inc. *		1,160,900		105,966
Ramelius Resources, Ltd. *		729,200		315,756
Red Pine Exploration, Inc. *		1,500,000		68,459
Revival Gold, Inc. *		434,000		274,005
Royal Road Minerals, Ltd. *		5,750,000		393,641
Sandstorm Gold, Ltd. *		115,000		517,500
St Barbara, Ltd.		338,000		1,215,498
Teranga Gold Corp. *		321,300		1,146,234
				9,265,635
Information Technology 0.43%
Abaxx Technologies, Inc., 144A #*@+∆		1,250,000		361,313
Medical - Hospitals 0.00%
African Medical Investments PLC #*@		2,507,500		0
Metal - Aluminum 1.35%
Alcoa Corp. *		24,400		1,143,872
Metal - Copper 2.50%
Hudbay Minerals, Inc.		168,500		939,493
OZ Minerals, Ltd.		168,700		1,176,367
				2,115,860
Metal - Diversified 5.43%
Aguia Resources, Ltd. *		2,949,500		438,247
Aguia Resources, Ltd. *		714,286		93,724
Chakana Copper Corp. #*		320,000		138,744
Filo Mining Corp. *		134,650		244,790
Filo Mining Corp. *		115,250		195,743
Galway Metals, Inc. *		500,000		76,066

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

23

Global Resources Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks (cont’d)	Shares		Value
Metal - Diversified (cont’d)
Glencore PLC		25,300	$	120,119
GoviEx Uranium, Inc. *		2,100,000		367,398
GoviEx Uranium, Inc., 144A #*∆		58,000		10,147
Ivanhoe Mines, Ltd. *		305,900		628,251
NorthIsle Copper & Gold, Inc. *		1,000,000		95,082
Novo Resources Corp. *		138,600		448,066
Orsu Metals Corp., 144A #*∆		14,761		2,190
Sandfire Resources NL		214,900		1,455,111
Troilus Gold Corp. *		294,000		292,960
				4,606,638
Metal - Iron 1.41%
Consolidated Growth Holdings, Ltd. #*@		19,859,173		0
Vale SA, ADR		93,000		1,192,260
WAI Capital Investment Corp., 144A #*@∆		292,500		0
				1,192,260
Mining Services 2.00%
Bounty Mining, Ltd. *		1,692,307		488,433
Eramet		9,200		1,206,944
				1,695,377
Natural Resource Technology 0.02%
I-Pulse, Inc., 144A #*@+∆		15,971		14,875
Non-Ferrous Metals 0.49%
Giyani Metals Corp. *		727,272		120,322
Group Eleven Resources Corp. *		650,000		82,817
InZinc Mining, Ltd. *		2,000,000		182,558
Sterling Group Ventures, Inc., 144A #*∆		500,000		32,500
				418,197
Oil - Field Services 3.31%
Atlas African Industries, Ltd. #*@~		255,854,621		0
Petrofac, Ltd.		157,900		1,212,996
TGS NOPEC Geophysical Co. ASA		43,300		1,590,191
				2,803,187

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

24

Global Resources Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks (cont’d)	Shares		Value
Oil Companies - Exploration & Production 5.80%
Africa Energy Corp., 144A *∆		2,110,889	$	256,907
Aker BP ASA		43,700		1,607,425
Beach Energy, Ltd.		1,105,900		1,431,450
CNOOC, Ltd., ADR		7,200		1,232,928
Ivanhoe Energy, Inc. *		18,719		6
PentaNova Energy Corp. *		2,750,000		167,345
PentaNova Energy Corp. #*@+		750,000		42,673
PentaNova Energy Corp., 144A #*∆		2,000,000		121,705
Range Energy Resources, Inc., 144A *∆		15,000,000		57,049
U.S. Oil Sands, Inc., 144A #*@∆		198,000		0
				4,917,488
Oil Companies - Integrated 2.52%
China Petroleum & Chemical Corp., ADR		12,400		1,114,016
LUKOIL PJSC, ADR		15,000		1,025,700
				2,139,716
Oil Companies - US Royalty Trusts 0.01%
San Juan Basin Royalty Trust		2,000		11,580
Oil Refining & Marketing 2.75%
Grupa Lotos SA		72,900		1,104,516
Saras SpA		509,000		1,230,216
				2,334,732
Petrochemicals 0.96%
Lotte Chemical Corp.		2,600		810,501
Poultry 1.02%
Pilgrim's Pride Corp. *		43,000		865,590
Real Estate Operating/Development 6.63%
Pacific Infrastructure Ventures, Inc. #*@+		7,443,544		5,621,364
Silver Mining 1.21%
Silvercorp Metals, Inc.		389,600		1,028,344

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

25

Global Resources Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks (cont’d)	Shares		Value
Steel - Producers 3.09%
China Oriental Group Co., Ltd.		1,656,100	$	1,162,478
Evraz PLC		218,800		1,460,365
				2,622,843
Total Common Stocks				74,334,815
(cost $129,707,715)

	Coupon		Maturity	Principal
Corporate Non-Convertible Bond 3.31%	Rate %		Date	Amount
Electric - Generation 3.31%
Interamerican Energy Corp. #@+		15.00	11/08/21	$	2,805,938	2,805,938
(cost $2,805,938)

	Exercise		Exp.
Warrants 0.00%	Price		Date	Shares
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	1,924
Troilus Gold Corp. #*@		2.50	11/21/20		294,000	0
						1,924
Metal - Diversified 0.00%
Aguia Resources, Ltd., 144A #*@∆		0.65	06/30/20		1,450,000	0
Non-Ferrous Metals 0.00%
Giyani Metals Corp., 144A #*@∆		0.40	08/07/19		174,318	0
Group Eleven Resources Corp., 144A #*@∆		0.60	12/15/18		650,000	0
						0

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

26

Global Resources Fund
Portfolio of Investments (unaudited)	June 30, 2018

	Exercise		Exp.
Warrants (cont’d)	Price		Date	Shares		Value
Oil Companies - Exploration & Production 0.00%
PentaNova Energy Corp., 144A #*@∆	$	1.05	07/31/22		2,000,000	$	0
Total Warrants							1,924
(cost $0)

					Notional
	Strike			Exp.	Contract
Call Options Purchased 1.34%	Price			Date	Value		Contracts		Value
			��
Agricultural Chemicals 0.13%
Nutrien, Ltd.	$	55.00		01/19	$	1,650,000		300		111,000
Diversified Minerals 0.20%
BHP Billiton, Ltd.		50.00		01/19		2,300,000		460		168,820
Exchange Traded Fund 0.32%
SPDR S&P Global Natural
Resources ETF		53.00		09/18		5,830,000		1,100		55,000
SPDR S&P Global Natural
Resources ETF		52.00		09/18		7,280,000		1,400		101,500
SPDR S&P Global Natural
Resources ETF		51.00		09/18		5,100,000		1,000		112,500
										269,000
Gold Mining 0.02%
Franco-Nevada Corp.		85.00		01/19		1,275,000		150		20,250
Metal - Copper 0.12%
Freeport-McMoRan, Inc.		20.00		08/18		600,000		300		8,400
Freeport-McMoRan, Inc.		22.00		01/19		880,000		400		22,000
Freeport-McMoRan, Inc.		20.00		01/19		1,400,000		700		74,200
										104,600
Oil Companies - Integrated 0.55%
BP PLC		45.00		01/19		2,295,000		510		153,510
Chevron Corp.		135.00		01/19		2,160,000		160		64,000
Exxon Mobil Corp.		85.00		07/18		2,550,000		300		15,000
Royal Dutch Shell PLC		70.00		01/19		1,960,000		280		91,000

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

27

Global Resources Fund
Portfolio of Investments (unaudited)	June 30, 2018

				Notional
Call Options	Strike		Exp.	Contract
Purchased (cont’d)	Price		Date	Value		Contracts		Value
Oil Companies - Integrated (cont’d)
TOTAL SA	$	62.50	01/19	$	3,750,000		600	$	142,500
									466,010
Total Purchased Call Options									1,139,680
(premiums paid $1,608,174)
Investments, at value 92.32%									78,282,357
(cost $134,121,827)
Other assets and liabilities, net 7.68%									6,508,827
Net Assets 100.00%								$	84,791,184

Portfolio Allocation by Industry Sector* Based on Total Investments June 30, 2018

 

* 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.

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

28

World Precious Minerals Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks 91.30%	Shares		Value
Advanced Materials/Production 3.05%
Nano One Materials Corp. *		3,000,000	$	2,989,389
Capital Pools 0.07%
Pinecrest Resources, Ltd. *		400,000		66,938
Coal 0.13%
Caribbean Resources Corp. #*@		4		0
Draig Resources, Ltd. *		1,000,000		125,985
				125,985
Diamonds/Precious Stones 1.38%
Barksdale Capital Corp. *~		2,233,000		1,358,841
Rockwell Diamonds, Inc., 144A #*@∆		171,667		0
				1,358,841
Diversified Minerals 5.52%
Adamera Minerals Corp., 144A #*∆		1,492,543		65,281
Argo Gold, Inc. *~		2,342,500		231,640
Auryn Resources, Inc. *		1,250,000		1,350,169
Bluebird Battery Metals, Inc. *		1,993,500		492,821
Calibre Mining Corp. *		4,500,000		188,263
Erdene Resource Development Corp. *		300,000		87,856
Golden Predator Mining Corp. *		1,200,000		383,372
Golden Reign Resources, Ltd. *		1,500,000		216,788
Indochine Mining, Ltd. #*@		10,000		0
Lithium Power International, Ltd. *		500,000		101,542
Lithoquest Diamonds, Inc. *		750,000		282,394
Lumina Gold Corp. *		1,000,000		578,101
Rubicon Minerals Corp. *		500,000		418,362
Salazar Resources, Ltd. *		1,500,000		148,328
VR Resources, Ltd. *~		2,950,000		875,138
				5,420,055
Gold Mining 51.35%
Alamos Gold, Inc.		200,000		1,138,000
Alexandria Minerals Corp. *		6,500,000		197,771
Algold Resources, Ltd. #*		5,400,000		328,605
Alio Gold, Inc. *		359,999		523,028
Alio Gold, Inc., 144A ∆		132,924		193,120

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

29

World Precious Minerals Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks (cont’d)	Shares		Value
Gold Mining (cont’d)
Allegiant Gold, Ltd. *		2,000,000	$	722,626
Aurelius Minerals, Inc. *		1,250,000		38,033
Barkerville Gold Mines, Ltd. *		500,000		173,050
Black Dragon Gold Corp. *		4,000,000		502,035
Bonterra Resources, Inc. *		3,000,000		924,200
Canyon Resources, Ltd. *		15,000,000		1,076,784
Chesapeake Gold Corp., 144A *∆		192,199		292,396
Comstock Mining, Inc. *		533,000		138,580
Contact Gold Corp. *		500,000		136,919
CopperBank Resources Corp. *~		15,805,418		1,021,915
CopperBank Resources Corp., 144A #*~∆		174,000		11,250
Coral Gold Resources, Ltd. *		750,000		208,230
Corona Minerals, Ltd. #*@		81,250		0
Eastmain Resources, Inc. *		1,000,000		148,328
Enforcer Gold Corp. *		3,000,000		119,804
Fiore Gold, Ltd. *		2,000,000		715,019
Fremont Gold, Ltd. *		2,000,000		182,558
Gascoyne Resources, Ltd. *		1,600,000		589,059
Gold Standard Ventures Corp. *		1,000,000		1,365,000
Golden Star Resources, Ltd. *		750,000		506,250
GoldQuest Mining Corp. *		1,500,000		216,788
IDM Mining, Ltd. *		5,000,000		266,231
IDM Mining, Ltd., 144A #*∆		95,000		5,058
Jaguar Mining, Inc. *		2,000,000		555,281
K92 Mining, Inc. *		1,250,000		855,741
Kirkland Lake Gold, Ltd.		55,000		1,161,600
Klondex Mines, Ltd. *		3,747,174		8,655,972
Klondike Gold Corp. *		2,250,000		402,198
Leagold Mining Corp. *		200,000		394,021
Leagold Mining Corp., 144A #∆		333,000		656,045
Lundin Gold, Inc. *		500,000		1,741,908
Malbex Resources, Inc., 144A #*∆		133,333		30,426
Mammoth Resources Corp. *~		2,171,200		74,319
McEwen Mining, Inc.		134,764		278,826
Mirasol Resources, Ltd. *		2,000,000		2,616,666
NGEx Resources, Inc. *		1,500,000		1,186,628

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

30

World Precious Minerals Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks (cont’d)	Shares		Value
Gold Mining (cont’d)
Nighthawk Gold Corp. *		1,855,000	$	592,629
Northern Empire Resources Corp. *		1,000,000		912,790
NV Gold Corp. *		1,000,000		152,132
OceanaGold Corp., 144A ∆		5,348		14,848
Oklo Resources, Ltd. *		4,000,000		889,129
Orca Gold, Inc. *		4,010,000		1,891,150
Otis Gold Corp. *		1,500,000		211,083
Petaquilla Minerals, Ltd., 144A #*@∆		2,660,000		0
Pretium Resources, Inc. *		200,000		1,468,000
Pure Gold Mining, Inc. *		3,200,000		1,630,852
Radisson Mining Resources, Inc. *		6,000,000		547,674
Radius Gold, Inc., 144A #*∆		125,000		9,508
Red Pine Exploration, Inc. *		8,000,000		365,116
Redstar Gold Corp. *		15,000,000		399,346
Revival Gold, Inc. *		1,029,000		649,656
Rise Gold Corp. *		2,000,000		136,919
Royal Gold, Inc.		12,000		1,114,080
Seabridge Gold, Inc. *		45,000		501,750
Seafield Resources, Ltd., 144A #*@∆		1,300,000		0
Silver Lake Resources, Ltd. *		1,000,000		447,609
Strikepoint Gold, Inc. *		1,100,000		204,998
Taurus Gold, Ltd., 144A #*@∆		2,448,381		0
TMAC Resources, Inc. *		100,000		425,969
Tolima Gold, Inc., 144A #*∆		4,100,000		31,187
TriStar Gold, Inc. *~		27,110,500		3,918,149
Wesdome Gold Mines, Ltd. *		1,500,000		3,502,833
				50,367,675
Medical - Hospitals 0.00%
African Medical Investments PLC #*@		4,637,500		0
Metal - Copper 0.30%
Aston Bay Holdings, Ltd. #*		825,000		125,509
Highland Copper Co., Inc. *		2,986,000		170,349
				295,858

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

31

World Precious Minerals Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks (cont’d)	Shares		Value
Metal - Diversified 10.23%
Cardinal Resources, Ltd. *		7,100,000	$	2,252,784
Cardinal Resources, Ltd. *		5,025,000		1,758,263
Cartier Resources, Inc. *		1,000,000		91,279
Chakana Copper Corp. #*~		4,525,000		1,961,929
Columbus Gold Corp. *		750,000		139,771
Filo Mining Corp. *		400,000		727,190
Genesis Metals Corp. *		583,000		31,042
Genesis Metals Corp., 144A #*∆		2,917,000		155,319
Ivanhoe Mines, Ltd. *		400,000		821,511
Kaizen Discovery, Inc. *		8,250,000		345,149
New Age Metals, Inc., 144A #*∆		143,518		8,188
Novo Resources Corp. *		100,000		323,280
Orex Minerals, Inc. *		5,000,000		494,428
Orsu Metals Corp., 144A #*∆		186,922		27,726
Rockcliff Metals Corp., 144A #*∆		2,620,000		59,788
RTG Mining, Inc. *		2,289,378		212,244
Sirios Resources, Inc. #*		1,600,000		243,411
Torq Resources, Inc. *		1,000,000		380,329
				10,033,631
Mining Services 0.34%
Argent Minerals, Ltd. *		21,100,000		329,337
Non-Ferrous Metals 1.10%
Adventus Zinc Corp. *		627,500		448,675
InZinc Mining, Ltd. *		3,000,000		273,837
NextSource Materials, Inc. *		4,710,000		358,270
				1,080,782
Oil Companies - Exploration & Production 0.00%
Big Sky Energy Corp. #*@		2,000,000		0
Optical Recognition Equipment 0.01%
Nexoptic Technology Corp., 144A *∆		12,083		9,191
Precious Metals 17.42%
Amani Gold, Ltd. *		54,500,000		364,326
Barsele Minerals Corp. #*~		7,250,000		3,529,456
Brixton Metals Corp. *		2,500,000		408,854

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

32

World Precious Minerals Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks (cont’d)	Shares		Value
Precious Metals (cont’d)
Candente Gold Corp., 144A #*∆		4,875,000	$	120,517
Corvus Gold, Inc. *		250,000		490,625
Dolly Varden Silver Corp. #*~		8,000,000		3,103,488
GFG Resources, Inc. *		2,000,000		349,903
Kootenay Silver, Inc. *		1,000,000		114,099
Liberty Gold Corp. *		500,000		167,345
Metalla Royalty & Streaming, Ltd.		1,000,000		585,707
New Pacific Metals Corp. *		1,000,000		1,201,841
Probe Metals, Inc. #*		1,000,000		988,856
Roxgold, Inc. *		2,500,000		2,129,844
Silver Viper Minerals Corp. *		1,300,000		138,440
SilverCrest Metals, Inc. *		650,000		1,354,733
Terrax Minerals, Inc. *		1,000,000		292,854
Toachi Mining, Inc. *~		4,000,000		425,969
Toachi Mining, Inc., 144A #~∆		2,000,000		212,984
Wheaton Precious Metals Corp.		50,000		1,103,000
				17,082,841
Silver Mining 0.40%
Americas Silver Corp. *		100,000		312,631
Santacruz Silver Mining, Ltd. *		1,000,000		76,066
				388,697
Total Common Stocks				89,549,220
(cost $136,294,374)

	Coupon		Maturity	Principal
Corporate Non-Convertible Bond 0.76%	Rate %		Date	Amount
Electric - Generation 0.76%
Interamerican Energy Corp. #@+		15.00	11/08/21	$	748,250	748,250
(cost $748,250)
Right 0.32%				Shares
Metal - Diversified 0.32%
Cardinal Resources, Ltd. *					1,500,000	310,821
(cost $13,109)

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

33

World Precious Minerals Fund
Portfolio of Investments (unaudited)	June 30, 2018

Exchange Traded Funds 4.07%	Shares		Value
Direxion Daily Gold Miners Index Bull 3X Shares ETF		80,000	$	1,946,400
Direxion Daily Junior Gold Miners Index Bull 3x Shares
ETF *		150,000		2,047,500
Total Exchange Traded Funds				3,993,900
(cost $4,624,402)

	Exercise		Exp.
Warrants 0.22%	Price		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 #*@∆		0.50	12/31/49	600,000		0
Gold Mining 0.22%
Alexandria Minerals Corp., 144A #*@∆		0.10	06/20/19	1,256,195		0
Bonterra Resources, Inc. #*@		0.30	07/06/18	625,000		47,541
Fiore Gold, Ltd. #*@		0.45	09/26/20	1,300,000		0
Gran Colombia Gold Corp. *		48.75	03/18/19	96,250		3,112
Osisko Gold Royalties, Ltd. *		36.50	02/18/22	177,200		150,289
Osisko Mining, Inc. *		3.00	08/25/18	1,000,000		3,803
Redstar Gold Corp. #*@		0.14	05/03/19	2,500,000		0
Revival Gold, Inc., 144A #*@∆		0.90	10/19/19	482,500		0
TriStar Gold, Inc., 144A #*@~∆		0.45	04/28/19	1,000,000		0
Westgold Resources, Ltd. *		2.00	06/30/19	100,000		14,061
						218,806
Metal - Diversified 0.00%
Genesis Metals Corp., 144A #*@∆		0.23	06/05/19	1,604,500		0
Minera Alamos, Inc. #*@		0.15	05/13/19	2,225,000		0
Murchison Minerals, Ltd., 144A #*@∆		0.30	08/31/18	1,500,000		0
						0
Total Warrants						218,806
(cost $558,898)
Investments, at value 96.67%						94,820,997
(cost $142,239,033)
Other assets and liabilities, net 3.33%						3,267,613
Net Assets 100.00%					$	98,088,610

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

34

World Precious Minerals Fund
Portfolio of Investments (unaudited)	June 30, 2018

Portfolio Allocation by Industry* Based on Total Investments June 30, 2018

 

* 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.

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

35

Gold and Precious Metals Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks 89.96%	Shares		Value
Capital Pools 0.11%
Hut 8 Mining Corp. #*@+		48,000	$	104,825
Gold Mining 69.48%
Acacia Mining PLC *		700,000		1,156,393
Alamos Gold, Inc.		350,000		1,991,500
Alio Gold, Inc. *		740,000		1,075,115
Argonaut Gold, Inc. *		500,000		878,561
Centerra Gold, Inc. *		175,000		973,073
Comstock Mining, Inc. *		924,329		240,325
Dundee Precious Metals, Inc. *		550,000		1,313,658
Evolution Mining, Ltd.		32,000		83,700
Golden Star Resources, Ltd. *		2,500,000		1,687,500
Guyana Goldfields, Inc. *		300,000		1,120,450
Harmony Gold Mining Co., Ltd., ADR		375,000		585,000
IAMGOLD Corp. *		50,388		292,754
Jaguar Mining, Inc. *		7,375,000		2,047,598
K92 Mining, Inc. *		1,650,000		1,129,578
Kirkland Lake Gold, Ltd.		200,000		4,224,000
Klondex Mines, Ltd. *		3,341,984		7,719,983
Leagold Mining Corp. *		1,680,000		3,309,778
Marlin Gold Mining, Ltd. *		1,400,000		292,853
Newmont Mining Corp.		50,000		1,885,500
Northern Empire Resources Corp. *		695,600		634,937
Northern Star Resources, Ltd.		600,000		3,248,221
Pantoro, Ltd. *		2,000,000		443,439
Premier Gold Mines, Ltd. *		500,000		992,660
Pretium Resources, Inc. *		200,000		1,468,000
Royal Gold, Inc.		10,000		928,400
Sandstorm Gold, Ltd. *		600,000		2,700,000
Silver Lake Resources, Ltd. *		3,000,000		1,342,827
St Barbara, Ltd.		3,000,000		10,788,442
Wesdome Gold Mines, Ltd. *		2,500,000		5,838,056
Westgold Resources, Ltd. *		1,000,000		1,379,657
Yamana Gold, Inc.		600,000		1,740,000
Zijin Mining Group Co., Ltd., H Shares		147,000		56,355
				63,568,313

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

36

Gold and Precious Metals Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks (cont’d)	Shares		Value
Medical - Hospitals 0.00%
African Medical Investments PLC #*@		2,000,000	$	0
Metal - Diversified 1.14%
Nevsun Resources, Ltd.		300,000		1,041,000
Precious Metals 7.86%
Maverix Metals, Inc. *		1,480,000		1,925,075
Metalla Royalty & Streaming, Ltd.		500,000		292,854
Roxgold, Inc. *		1,750,000		1,490,891
Sailfish Royalty Corp. #*		300,000		285,247
SSR Mining, Inc. *		100,000		987,000
Wheaton Precious Metals Corp.		100,000		2,206,000
				7,187,067
Recycling 2.29%
Tomra Systems ASA		100,000		2,096,275
Retail - Jewelry 2.19%
Mene, Inc., 144A #*@~∆		5,714,285		2,000,000
Silver Mining 6.89%
Americas Silver Corp. *		250,000		781,577
Excellon Resources, Inc. *		850,700		899,458
Great Panther Silver, Ltd. *		750,000		877,500
Pan American Silver Corp.		150,000		2,685,000
Santacruz Silver Mining, Ltd. *		2,500,000		190,165
Silvercorp Metals, Inc.		325,000		867,750
				6,301,450
Total Common Stocks				82,298,930
(cost $69,678,488)

	Coupon		Maturity	Principal
Corporate Non-Convertible Bonds 0.31%	Rate %		Date	Amount
Coal 0.00%
Caribbean Resources Corp. #@^		19.25	06/15/15	$	485,766	0

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

37

Gold and Precious Metals Fund
Portfolio of Investments (unaudited)	June 30, 2018

	Coupon		Maturity	Principal
Corporate Non-Convertible Bonds (cont’d)	Rate %		Date	Amount		Value
Electric - Generation 0.31%
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 3.59%	Shares
Direxion Daily Gold Miners Index Bull 3X Shares ETF		65,000	1,581,450
Direxion Daily Junior Gold Miners Index Bull 3x Shares
ETF *		125,000	1,706,250
Total Exchange Traded Funds			3,287,700
(cost $3,779,201)

	Exercise		Exp.
Warrants 0.21%	Price		Date
Gold Mining 0.20%
Alio Gold, Inc., 144A *@∆	$	3.44	01/31/20	240,000		0
Gran Colombia Gold Corp. *		48.75	03/18/19	37,500		1,212
Osisko Gold Royalties, Ltd. *		36.50	02/18/22	132,900		112,717
Westgold Resources, Ltd. *		2.00	06/30/19	500,000		70,305
						184,234
Retail - Jewelry 0.00%
Mene, Inc., 144A #*@~∆		0.70	12/19/19	5,714,285		0
Silver Mining 0.01%
Excellon Resources, Inc. *		2.80	12/31/18	325,000		13,597
Total Warrants						197,831
(cost $194,174)
Investments, at value 94.07%						86,065,055
(cost $74,418,223)
Other assets and liabilities, net 5.93%						5,421,261
Net Assets 100.00%					$	91,486,316

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

38

Gold and Precious Metals Fund
Portfolio of Investments (unaudited)	June 30, 2018

Portfolio Allocation by Industry* Based on Total Investments June 30, 2018

 

* 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.

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

39

Emerging Europe Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks 95.38%	Shares		Value
Agricultural Operations 0.98%
Kernel Holding SA		30,000	$	380,306
Airlines 7.25%
Aegean Airlines SA		57,000		560,861
Aeroflot PJSC		351,000		782,028
Deutsche Lufthansa AG		19,950		477,955
Pegasus Hava Tasimaciligi AS *		53,500		287,124
Ryanair Holdings PLC, ADR *		2,150		245,594
Turk Hava Yollari AO *		79,000		232,990
Wizz Air Holdings PLC *		4,610		218,311
				2,804,863
Appliances 0.56%
Vestel Beyaz Esya Sanayi ve Ticaret AS		89,000		217,914
Automotive - Cars & Light Trucks 2.63%
Ford Otomotiv Sanayi AS		44,700		594,860
Tofas Turk Otomobil Fabrikasi AS		81,000		423,906
				1,018,766
Automotive/Truck Parts & Equipment - Original 0.97%
Brembo SpA		15,650		211,068
EGE Endustri VE Ticaret AS		2,600		165,873
				376,941
Brewery 0.27%
Anadolu Efes Biracilik Ve Malt Sanayii AS		20,000		102,799
Cellular Telecommunication 1.03%
MegaFon PJSC		24,000		192,589
Mobile TeleSystems PJSC, ADR		23,200		204,856
				397,445
Chemicals - Diversified 1.30%
Ciech SA		26,100		372,719
Petkim Petrokimya Holding AS		124,000		130,610
				503,329
Chemicals - Fibers 0.40%
Aksa Akrilik Kimya Sanayii AS		62,000		154,760

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

40

Emerging Europe Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks (cont’d)		Shares		Value
Chemicals - Specialty 0.06%
Soda Sanayii AS			18,000	$	24,285
Coal 1.11%	��
Jastrzebska Spolka Weglowa SA *			21,200		431,224
Commercial Banks Non-US 16.91%
Akbank Turk AS			265,000		433,116
Alior Bank SA *			6,500		115,103
Alpha Bank AE *			185,700		413,810
Banca Transilvania SA			297,218		178,465
Bank Polska Kasa Opieki SA			7,000		210,696
Eurobank Ergasias SA *			229,000		238,109
National Bank of Greece SA *			728,000		222,167
OTP Bank PLC			11,900		429,652
Piraeus Bank SA *			36,000		121,814
Powszechna Kasa Oszczednosci Bank Polski SA *			31,000		304,551
Sberbank of Russia PJSC, ADR			240,280		3,449,219
Turkiye Garanti Bankasi AS			235,000		428,676
					6,545,378
Computer Services 0.61%
Asseco Poland SA			6,300		67,116
Luxoft Holding, Inc. *			4,600		169,510
					236,626
Cosmetics & Toiletries 0.61%
Unilever PLC			4,300		237,534
Diamonds/Precious Stones 0.54%
Alrosa PJSC			132,000		210,474
Diversified Operations 1.50%
Tekfen Holding AS			153,500		579,198
Electric - Generation 1.61%
CEZ AS			7,800		184,808
Inter RAO UES PJSC			6,660,000		436,515
					621,323

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

41

Emerging Europe Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks (cont’d)	Shares		Value
Electric - Integrated 0.93%
PGE Polska Grupa Energetyczna SA *		145,000	$	360,331
Energy - Alternate Sources 0.21%
Blockchain Power Trust *		525,000		79,869
Enterprise Software/Services 0.10%
Logo Yazilim Sanayi Ve Ticaret AS *		4,300		39,320
Entertainment Software 0.57%
CD Projekt SA *		5,130		219,995
Food - Retail 2.39%
BIM Birlesik Magazalar AS		11,000		160,645
Dino Polska SA *		8,150		225,036
Magnit PJSC, GDR		7,500		134,405
Migros Ticaret AS *		32,500		145,029
X5 Retail Group NV, GDR		9,800		258,822
				923,937
Food - Wholesale/Distribution 1.26%
Eurocash SA		84,500		488,104
Gold Mining 0.53%
Dundee Precious Metals, Inc. *		31,500		75,237
Petropavlovsk PLC *		1,244,000		130,599
				205,836
Home Furnishings 0.32%
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS *		27,000		125,247
Housewares 0.20%
Turkiye Sise ve Cam Fabrikalari AS		82,000		75,487
Human Resources 0.59%
Benefit Systems SA *		812		227,023
Machinery - Farm 0.64%
Turk Traktor ve Ziraat Makineleri AS		22,000		249,075

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

42

Emerging Europe Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks (cont’d)	Shares		Value
Metal - Diversified 0.64%
KGHM Polska Miedz SA		8,100	$	189,872
Orsu Metals Corp., 144A #*∆		402,500		59,702
				249,574
Metal - Iron 1.01%
Novolipetsk Steel PJSC, GDR		16,100		390,105
Miscellaneous Manufacturing 0.50%
Trakya Cam Sanayii AS		211,763		191,559
Multi-line Insurance 2.73%
Allianz SE		1,950		401,807
UNIQA Insurance Group AG		34,700		318,799
Vienna Insurance Group AG Wiener Versicherung Gruppe		12,300		334,591
				1,055,197
Oil Companies - Exploration & Production 0.88%
Novatek PJSC, GDR		1,475		200,611
Societatea Nationala de Gaze Naturale ROMGAZ SA		15,000		140,039
				340,650
Oil Companies - Integrated 21.53%
Gazprom PJSC, ADR		545,000		2,388,273
LUKOIL PJSC, ADR		55,400		3,818,722
MOL Hungarian Oil & Gas PLC		58,860		566,387
OMV Petrom SA, GDR		28,000		327,206
Surgutneftegas OJSC, ADR		100,000		447,000
Tatneft PJSC, ADR		12,250		785,225
				8,332,813
Oil Refining & Marketing 3.90%
Grupa Lotos SA		28,000		424,231
Polski Koncern Naftowy ORLEN SA		28,850		646,154
Tupras Turkiye Petrol Rafinerileri AS		18,600		438,446
				1,508,831
Property/Casualty Insurance 1.02%
Powszechny Zaklad Ubezpieczen SA		38,000		393,966

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

43

Emerging Europe Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks (cont’d)	Shares		Value
Real Estate Operating/Development 0.73%
GEK Terna Holding Real Estate Construction SA *		47,000	$	280,965
Regional Banks - Non US 1.57%
TCS Group Holding PLC, GDR		29,500		607,410
Retail - Jewelry 0.33%
Pandora A/S		1,815		126,501
Retail - Major Dept Store 1.59%
Detsky Mir PJSC		420,000		613,809
Steel - Producers 6.29%
Eregli Demir ve Celik Fabrikalari TAS		151,500		335,997
Evraz PLC		98,600		658,099
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS *		215,000		206,664
Magnitogorsk Iron & Steel Works PJSC, GDR		58,600		514,410
Mechel PJSC, ADR *		46,000		143,980
Severstal PAO PJSC, GDR		38,900		577,023
				2,436,173
Telecom Services 1.25%
O2 Czech Republic AS		16,100		184,925
Sistema PJSFC, GDR		79,000		215,279
Turk Telekomunikasyon AS *		78,200		85,011
				485,215
Telephone - Integrated 1.62%
Magyar Telekom Telecommunications PLC		261,000		371,189
Rostelecom PJSC		220,000		256,612
				627,801
Textile - Apparel 0.53%
LPP SA		91		205,261
Tobacco 0.47%
Philip Morris CR AS		265		181,953
Transport Support Services 0.29%
Tallinna Sadam AS *		50,000		113,861

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

44

Emerging Europe Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks (cont’d)	Shares		Value
Transportation - Rail 1.54%
Globaltrans Investment PLC, GDR		58,399	$	595,436
Transportation - Services 0.46%
Oesterreichische Post AG		3,900		177,732
Travel Services 0.42%
TUI AG		7,400		161,853
Total Common Stocks				36,914,054
(cost $37,024,237)
Exchange Traded Funds 0.83%
Direxion Daily Russia Bull 3x Shares ETF		7,600		323,000
(cost $329,882)

	Exercise		Exp.
Warrant 0.00%	Price		Date
Energy - Alternate Sources 0.00%
Blockchain Power Trust #*@	$	0.80	01/09/20	262,500		0
(cost $0)
Investments, at value 96.21%						37,237,054
(cost $37,354,119)
Other assets and liabilities, net 3.79%						1,466,950
Net Assets 100.00%					$	38,704,004

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

45

Emerging Europe Fund
Portfolio of Investments (unaudited)	June 30, 2018

Country Distribution* Based on Total Investments June 30, 2018

 

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

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

46

China Region Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks 93.28%	Shares		Value
Airlines 0.94%
AirAsia Bhd		250,000	$	185,293
Cebu Air, Inc.		14,000		18,188
				203,481
Apparel Manufacturers 0.18%
Crystal International Group, Ltd.		55,000		38,245
Appliances 1.14%
Haier Electronics Group Co., Ltd.		72,000		245,644
Automotive - Cars & Light Trucks 10.39%
Geely Automobile Holdings, Ltd.		866,000		2,228,125
Guangzhou Automobile Group Co., Ltd., H Shares		16,800		16,345
				2,244,470
Automotive - Medium & Heavy Duty Trucks 1.56%
Sinotruk Hong Kong, Ltd.		205,000		336,065
Automotive/Truck Parts & Equipment - Replacement 1.37%
Weichai Power Co., Ltd.		216,000		296,758
Batteries/Battery Systems 0.59%
Tianneng Power International, Ltd.		82,000		127,284
Building - Heavy Construction 0.08%
Wijaya Karya Beton Tbk PT		600,000		17,065
Building & Construction Products - Miscellaneous 0.22%
China Machinery Engineering Corp.		46,000		21,999
HDC Holdings Co., Ltd.		267		6,851
HDC Hyundai Development Co.-Engineering & Construction *		374		18,088
				46,938
Building Products - Cement 2.96%
Anhui Conch Cement Co., Ltd.		112,000		638,725
Casino Hotels 3.74%
Galaxy Entertainment Group, Ltd.		45,000		346,880
Wynn Macau, Ltd.		144,000		461,469
				808,349

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

47

China Region Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks (cont’d)	Shares		Value
Chemicals - Diversified 0.13%
Huchems Fine Chemical Corp.		1,100	$	28,868
Chemicals - Specialty 0.63%
Daqo New Energy Corp., ADR *		1,905		67,704
Kingboard Laminates Holdings, Ltd.		55,000		67,625
				135,329
Coal 2.07%
Adaro Energy Tbk PT		598,000		74,616
China Shenhua Energy Co., Ltd., H Shares		105,000		248,351
Indo Tambangraya Megah Tbk PT		80,000		124,778
				447,745
Computers - Integrated System 0.29%
Posiflex Technology, Inc.		16,724		63,578
Consumer Products - Miscellaneous 0.00%
Tongda Hong Tai Holdings, Ltd. *		2,000		371
Containers - Paper/Plastic 0.09%
Lee & Man Paper Manufacturing, Ltd.		20,000		20,178
Electronic Components - Miscellaneous 0.46%
AAC Technologies Holdings, Inc.		7,000		98,303
Electronic Components - Semiconductors 0.40%
Sino-American Silicon Products, Inc.		14,000		56,220
SK Hynix, Inc.		400		30,704
				86,924
Electronic Measuring Instruments 0.55%
Chroma ATE, Inc.		22,000		118,120
Enterprise Software/Services 0.28%
Sinosoft Technology Group, Ltd.		162,000		61,156
Entertainment Software 0.18%
IGG, Inc.		30,000		38,184
Finance - Investment Banker/Broker 0.08%
Guotai Junan International Holdings, Ltd.		80,000		17,243

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

48

China Region Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks (cont’d)	Shares		Value
Finance - Other Services 1.08%
Hong Kong Exchanges & Clearing, Ltd.		7,800	$	233,435
Gold Mining 2.90%
Zijin Mining Group Co., Ltd., H Shares		1,636,000		627,191
Industrial Audio & Video Production 0.16%
Merry Electronics Co., Ltd.		5,000		21,716
Q Technology Group Co., Ltd.		18,000		13,577
				35,293
Internet Application Software 11.63%
Tencent Holdings, Ltd.		50,000		2,510,770
Internet Content - Entertainment 0.11%
NCSoft Corp.		70		23,295
Investment Management/Advisory Services 0.09%
Value Partners Group, Ltd.		25,000		19,657
Life/Health Insurance 0.48%
China Life Insurance Co., Ltd.		98,972		104,079
Machinery - Construction & Mining 2.74%
Lonking Holdings, Ltd.		1,175,000		538,122
United Tractors Tbk PT		24,000		52,846
				590,968
Machinery - General Industrial 0.10%
Haitian International Holdings, Ltd.		9,000		21,210
Medical - Drugs 2.27%
China Pioneer Pharma Holdings, Ltd.		100,000		28,005
Consun Pharmaceutical Group, Ltd.		421,000		392,688
SSY Group, Ltd.		62,000		68,646
				489,339
Metal Processors & Fabricators 1.55%
Catcher Technology Co., Ltd.		30,000		334,959

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

49

China Region Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks (cont’d)	Shares		Value
Multi-line Insurance 6.18%
China Taiping Insurance Holdings Co., Ltd.		8,000	$	24,873
Ping An Insurance Group Co. of China, Ltd., H shares		143,000		1,309,547
				1,334,420
Non-Ferrous Metals 0.15%
Sterling Group Ventures, Inc., 144A #*∆		500,000		32,500
Oil Companies - Exploration & Production 0.43%
United Energy Group, Ltd.		700,000		92,614
Oil Refining & Marketing 0.27%
Thai Oil PCL, NVDR		25,000		58,607
Paper & Related Products 0.11%
Nine Dragons Paper Holdings, Ltd.		18,000		22,839
Petrochemicals 3.37%
Lotte Chemical Corp.		118		36,784
Sinopec Shanghai Petrochemical Co., Ltd., ADR		11,500		689,770
				726,554
Photo Equipment & Supplies 12.54%
Sunny Optical Technology Group Co., Ltd.		146,000		2,707,915
Property/Casualty Insurance 0.20%
Meritz Fire & Marine Insurance Co., Ltd.		1,300		22,387
PICC Property & Casualty Co., Ltd., H shares		19,500		20,973
				43,360
Real Estate Operating/Development 13.07%
Central China Real Estate, Ltd.		875,000		407,608
China Merchants Land, Ltd.		300,000		51,467
China Vanke Co., Ltd., H Shares		63,000		219,711
Country Garden Holdings Co., Ltd.		849,000		1,488,295
Country Garden Services Holdings Co., Ltd. *		97,586		125,129
Kerry Properties, Ltd.		5,000		23,895
Longfor Properties Co., Ltd.		20,000		53,773
Sino-Ocean Group Holding, Ltd.		405,000		234,368
Sunac China Holdings, Ltd.		5,000		17,390

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

50

China Region Fund
Portfolio of Investments (unaudited)	June 30, 2018

Common Stocks (cont’d)	Shares		Value
Real Estate Operating/Development (cont’d)
Yuzhou Properties Co., Ltd.		340,000	$	199,807
				2,821,443
Retail - Automobile 2.39%
Zhongsheng Group Holdings, Ltd.		172,000		514,970
Retail - Home Furnishings 0.11%
Man Wah Holdings, Ltd.		30,000		23,482
Retail - Hypermarkets 0.28%
Ruentex Industries, Ltd. *		30,000		61,122
Semiconductor Equipment 0.58%
ASM Pacific Technology, Ltd.		10,000		126,035
Telecom Equipment Fiber Optics 2.06%
Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. *		110,500		445,195
Telecom Services 0.10%
Tower Bersama Infrastructure Tbk PT		60,000		20,886
Investments, at value 93.28%				20,141,161
(cost $14,355,778)
Other assets and liabilities, net 6.72%				1,452,068
Net Assets 100.00%			$	21,593,229

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

51

China Region Fund
Portfolio of Investments (unaudited)	June 30, 2018

Country Distribution* Based on Total Investments June 30, 2018

 

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

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

52

Notes to Portfolios of Investments (unaudited) June 30, 2018

Legend

‡ Adjustable rate security, the interest rate of which adjusts periodically based on changes in the current interest rates. Rate represented is as of June 30, 2018.

◊ Zero coupon bond. Interest rate presented is yield to maturity.

* Non-income producing security.

@ Security was fair valued at June 30, 2018, by U.S. Global Investors, Inc. (Adviser) (other than international securities fair valued pursuant to systematic fair value models) in accordance with valuation procedures approved by the Board of Trustees. These securities, as a percentage of net assets at June 30, 2018, were 1.41% of Holmes Macro Trends Fund, 10.43% of Global Resources Fund, 0.81% of World Precious Minerals Fund, 2.61% of Gold And Precious Metals Fund and 0.00% of Emerging Europe Fund, respectively. See the Fair Valuation of Securities section of these Notes to Portfolios of Investments for further discussion of fair valued securities. See further information and detail on restricted securities in the Restricted Securities section of these Notes to Portfolios of Investments.

# Illiquid Security.

∆ 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 June 30, 2018 amounted to $30,426, 0.08%, of Holmes Macro Trends Fund, $2,103,953, 2.48%, of Global Resources Fund, $1,902,832, 1.94%, of World Precious Minerals Fund, $2,000,000, 2.19%, of Gold And Precious Metals Fund, $59,702, 0.15%, of Emerging Europe Fund and $32,500, 0.15%, of China Region Fund.

+ See "Restricted Securities" in Notes to Portfolios of Investments.

~ Affiliated Company. (see following)

^ Security is currently in default and is on scheduled interest or principal payment.

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

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

General

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

Variable and Floating Rate Notes have periodic reset features, which effectively shorten the maturity dates and reset the interest rates as tied to various interest-bearing instruments. Rates shown are current rates at June 30, 2018.

53

Notes to Portfolios of Investments (unaudited) June 30, 2018

Fair Valuation of Securities

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the portfolios may materially differ from the values received upon actual sale of those investments.

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

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

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

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

54

Notes to Portfolios of Investments (unaudited) June 30, 2018

The following table summarizes the valuation of each Fund’s securities as of June 30, 2018, using the fair value hierarchy:

	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Investments		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
U.S. Government Securities Ultra-Short Bond Fund
Investments in Securities*
United States Government and Agency Obligations	$	–	$	44,183,639	$	–	$	44,183,639
Investments, at Value	$	–	$	44,183,639	$	–	$	44,183,639

	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Investments		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Near-Term Tax Free Fund
Investments in Securities*
Municipal Bonds	$	–	$	53,625,053	$	–	$	53,625,053
Investments, at Value	$	–	$	53,625,053	$	–	$	53,625,053

	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Investments		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
All American Equity Fund
Investments in Securities*
Common Stocks
Aerospace/Defense	$	436,163	$	–	$	–	$	436,163
Apparel Manufacturers		510,864		–		–		510,864
Beverages - Wine/Spirits		481,514		–		–		481,514
Chemicals - Diversified		414,920		–		–		414,920
Commercial Banks		505,824		–		–		505,824
Commercial Services - Finance		431,052		–		–		431,052
Computer Services		346,623		–		–		346,623
Cosmetics & Toiletries		513,684		–		–		513,684
Cruise Lines		707,562		–		–		707,562
Diversified Manufacturing Operations		466,596		–		–		466,596
Electronic Components - Semiconductors		926,705		–		–		926,705
Enterprise Software/Services		418,570		–		–		418,570

55

Notes to Portfolios of Investments (unaudited) June 30, 2018

	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Investments		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
All American Equity Fund (continued)
Investments in Securities* (continued)
Fiduciary Banks	$	539,300	$	–	$	–	$	539,300
Finance - Credit Card		556,290		–		–		556,290
Medical - Biomedical/Genetics		498,393		–		–		498,393
Medical - Drugs		477,064		–		–		477,064
Medical - HMO		446,445		–		–		446,445
Medical Products		583,336		–		–		583,336
Oil Companies - Exploration & Production		445,060		–		–		445,060
Oil Refining & Marketing		997,276		–		–		997,276
REITS - Diversified		418,093		–		–		418,093
Retail - Building Products		565,790		–		–		565,790
Retail - Discount		438,858		–		–		438,858
Super-Regional Banks-US		504,132		–		–		504,132
Supranational Bank		445,508		–		–		445,508
Telephone - Integrated		422,604		–		–		422,604
Tools - Hand Held		466,088		–		–		466,088
Water		486,666		–		–		486,666
Exchange Traded Funds		146,710		–		–		146,710
Put Option		107,310		–		–		107,310
Investments, at Value	$	14,705,000	$	–	$	–	$	14,705,000

	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Investments		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Holmes Macro Trends Fund
Investments in Securities*
Common Stocks
Airlines	$	1,581,800	$	–	$	–	$	1,581,800
Batteries/Battery Systems		1,284,384		–		–		1,284,384
Beverages - Non-alcoholic		864,832		–		–		864,832
Building - Residential/Commercial		917,907		–		–		917,907
Casino Hotels		1,957,878		–		–		1,957,878
Chemicals - Specialty		1,415,084		–		–		1,415,084
Commercial Services		1,409,408		–		–		1,409,408
Commercial Services - Finance		2,976,794		–		–		2,976,794
Consumer Products - Miscellaneous		1,200,876		–		–		1,200,876

56

Notes to Portfolios of Investments (unaudited) June 30, 2018

	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Investments		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Holmes Macro Trends Fund (continued)
Investments in Securities* (continued)
Diversified Manufacturing Operations	$	1,021,270	$	–	$	–	$	1,021,270
Electronic Secure Devices		1,338,328		–		–		1,338,328
Energy - Alternate Sources		–		–		0		0
Food - Miscellaneous/ Diversified		1,166,100		–		–		1,166,100
Home Furnishings		795,148		–		–		795,148
Medical - Drugs		2,997,396		–		–		2,997,396
Medical - Hospitals		–		–		0		0
Medical Laser Systems		1,027,650		–		–		1,027,650
Office Automation & Equipment		1,191,230		–		–		1,191,230
Oil Companies - Exploration & Production		30,426		–		–		30,426
Pastoral & Agricultural		1,519,650		–		–		1,519,650
Power Conversion/Supply Equipment		1,552,715		–		–		1,552,715
Real Estate Operating/ Development		–		–		322,118		322,118
REITS - Diversified		1,520,415		–		–		1,520,415
REITS - Regional Malls		1,633,528		–		–		1,633,528
Semiconductor Equipment		942,480		–		–		942,480
Telecom Equipment Fiber Optics		1,142,502		–		–		1,142,502
Television		1,716,720		–		–		1,716,720
Transportation - Services		1,827,156		–		–		1,827,156
Web Hosting/Design		867,861		–		–		867,861
Corporate Non-Convertible Bond		–		–		233,829		233,829
Exchange Traded Funds		389,790		–		–		389,790
Warrants
Gold Mining		8		–		–		8
Oil Companies - Exploration & Production		–		0		–		0
Put Option		280,320		–		–		280,320
Investments, at Value	$	36,569,656	$	–	$	555,947	$	37,125,603

57

Notes to Portfolios of Investments (unaudited) June 30, 2018

	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Investments		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Global Resources Fund
Investments in Securities*
Common Stocks
Building & Construction Products - Miscellaneous	$	1,050,692	$	–	$	–	$	1,050,692
Building Products - Wood		1,250,085		–		–		1,250,085
Chemicals - Diversified		2,321,150		3,923,128		–		6,244,278
Chemicals - Specialty		831,636		2,017,475		–		2,849,111
Coal		2,655,478		2,034,662		–		4,690,140
Commercial Service - Finance		327,083		–		–		327,083
Diamonds/Precious Stones		243,411		–		0		243,411
Diversified Minerals		4,489,602		1,316,516		–		5,806,118
Electronics - Military		143,860		–		–		143,860
Energy - Alternate Sources		1,901,012		1,812,604		0		3,713,616
Finance - Investment Banker/Broker		441,182		–		–		441,182
Forestry		3,605,867		–		–		3,605,867
Gold Mining		5,224,759		4,040,876		–		9,265,635
Information Technology		–		–		361,313		361,313
Medical - Hospitals		–		–		0		0
Metal - Aluminum		1,143,872		–		–		1,143,872
Metal - Copper		939,493		1,176,367		–		2,115,860
Metal - Diversified		2,397,418		2,209,220		–		4,606,638
Metal - Iron		1,192,260		–		0		1,192,260
Mining Services		488,433		1,206,944		–		1,695,377
Natural Resource Technology		–		–		14,875		14,875
Non-Ferrous Metals		418,197		–		–		418,197
Oil - Field Services		–		2,803,187		–		2,803,187
Oil Companies - Exploration & Production		1,835,940		3,081,548		0		4,917,488
Oil Companies - Integrated		2,139,716		–		–		2,139,716
Oil Companies - US Royalty Trusts		11,580		–		–		11,580
Oil Refining & Marketing		–		2,334,732		–		2,334,732
Petrochemicals		–		810,501		–		810,501
Poultry		865,590		–		–		865,590
Real Estate Operating/ Development		–		–		5,621,364		5,621,364
Silver Mining		1,028,344		–		–		1,028,344
Steel - Producers		–		2,622,843		–		2,622,843
Corporate Non-Convertible Bond		–		–		2,805,938		2,805,938
Warrants
Diversified Minerals		–		0		–		0
Gold Mining		1,924		0		–		1,924
Metal - Diversified		–		0		–		0

58

Notes to Portfolios of Investments (unaudited) June 30, 2018

	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Investments		Inputs		Inputs
	(Level 1)		(Level 2)		(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		483,670		656,010		–		1,139,680
Investments, at Value	$	37,432,254	$	32,046,613	$	8,803,490	$	78,282,357

	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Investments		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
World Precious Minerals Fund
Investments in Securities*
Common Stocks
Advanced Materials/ Production	$	2,989,389	$	–	$	–	$	2,989,389
Capital Pools		66,938		–		–		66,938
Coal		–		125,985		–		125,985
Diamonds/Precious Stones		1,358,841		–		0		1,358,841
Diversified Minerals		5,318,513		101,542		–		5,420,055
Gold Mining		47,365,094		3,002,581		–		50,367,675
Medical - Hospitals		–		–		0		0
Metal - Copper		295,858		–		–		295,858
Metal - Diversified		7,568,603		2,465,028		–		10,033,631
Mining Services		–		329,337		–		329,337
Non-Ferrous Metals		1,080,782		–		–		1,080,782
Oil Companies - Exploration & Production		–		–		0		0
Optical Recognition Equipment		9,191		–		–		9,191
Precious Metals		16,718,515		364,326		–		17,082,841
Silver Mining		388,697		–		–		388,697
Corporate Non-Convertible Bond		–		–		748,250		748,250
Right		310,821		–		–		310,821
Exchange Traded Funds		3,993,900		–		–		3,993,900
Warrants
Diversified Minerals		–		0		–		0
Gold Mineral Exploration & Development		–		–		0		0
Gold Mining		171,265		47,541		–		218,806

59

Notes to Portfolios of Investments (unaudited) June 30, 2018

	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Investments		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
World Precious Minerals Fund (continued)
Investments in Securities* (continued)
Metal - Diversified	$	–	$	0	$	–	$	0
Investments, at Value	$	87,636,407	$	6,436,340	$	748,250	$	94,820,997

	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Investments		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Gold And Precious Metals Fund
Investments in Securities*
Common Stocks
Capital Pools	$	–	$	104,825	$	–	$	104,825
Gold Mining		45,069,279		18,499,034		–		63,568,313
Medical - Hospitals		–		–		0		0
Metal - Diversified		1,041,000		–		–		1,041,000
Precious Metals		7,187,067		–		–		7,187,067
Recycling		–		2,096,275		–		2,096,275
Retail - Jewelry		–		–		2,000,000		2,000,000
Silver Mining		6,301,450		–		–		6,301,450
Corporate Non-Convertible
Bonds		–		–		280,594		280,594
Exchange Traded Funds		3,287,700		–		–		3,287,700
Warrants
Gold Mining		184,234		0		–		184,234
Retail - Jewelry		–		–		0		0
Silver Mining		13,597		–		–		13,597
Investments, at Value	$	63,084,327	$	20,700,134	$	2,280,594	$	86,065,055

	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Investments		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Emerging Europe Fund
Investments in Securities*
Common Stocks
Agricultural Operations	$	–	$	380,306	$	–	$	380,306
Airlines		245,594		2,559,269		–		2,804,863
Appliances		–		217,914		–		217,914

60

Notes to Portfolios of Investments (unaudited) June 30, 2018

	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Investments		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Emerging Europe Fund (continued)
Investments in Securities* (continued)
Automotive - Cars & Light Trucks	$	–	$	1,018,766	$	–	$	1,018,766
Automotive/Truck Parts & Equipment - Original		–		376,941		–		376,941
Brewery		–		102,799		–		102,799
Cellular Telecommunication		204,856		192,589		–		397,445
Chemicals - Diversified		–		503,329		–		503,329
Chemicals - Fibers		–		154,760		–		154,760
Chemicals - Specialty		–		24,285		–		24,285
Coal		–		431,224		–		431,224
Commercial Banks Non-US		3,449,219		3,096,159		–		6,545,378
Computer Services		169,510		67,116		–		236,626
Cosmetics & Toiletries		–		237,534		–		237,534
Diamonds/Precious Stones		–		210,474		–		210,474
Diversified Operations		–		579,198		–		579,198
Electric - Generation		–		621,323		–		621,323
Electric - Integrated		–		360,331		–		360,331
Energy - Alternate Sources		79,869		–		–		79,869
Enterprise Software/Services		–		39,320		–		39,320
Entertainment Software		–		219,995		–		219,995
Food - Retail		393,227		530,710		–		923,937
Food - Wholesale/Distribution		–		488,104		–		488,104
Gold Mining		75,237		130,599		–		205,836
Home Furnishings		–		125,247		–		125,247
Housewares		–		75,487		–		75,487
Human Resources		–		227,023		–		227,023
Machinery - Farm		–		249,075		–		249,075
Metal - Diversified		59,702		189,872		–		249,574
Metal - Iron		390,105		–		–		390,105
Miscellaneous Manufacturing		–		191,559		–		191,559
Multi-line Insurance		–		1,055,197		–		1,055,197
Oil Companies - Exploration & Production		200,611		140,039		–		340,650
Oil Companies - Integrated		7,766,426		566,387		–		8,332,813
Oil Refining & Marketing		–		1,508,831		–		1,508,831
Property/Casualty Insurance		–		393,966		–		393,966
Real Estate Operating/Development		–		280,965		–		280,965
Regional Banks - Non US		607,410		–		–		607,410
Retail - Jewelry		–		126,501		–		126,501
Retail - Major Dept Store		–		613,809		–		613,809

61

Notes to Portfolios of Investments (unaudited) June 30, 2018

	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Investments		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Emerging Europe Fund (continued)
Investments in Securities* (continued)
Steel - Producers	$	1,235,413	$	1,200,760	$	–	$	2,436,173
Telecom Services		215,279		269,936		–		485,215
Telephone - Integrated		–		627,801		–		627,801
Textile - Apparel		–		205,261		–		205,261
Tobacco		–		181,953		–		181,953
Transport Support Services		113,861		–		–		113,861
Transportation - Rail		595,436		–		–		595,436
Transportation - Services		–		177,732		–		177,732
Travel Services		–		161,853		–		161,853
Exchange Traded Funds		323,000		–		–		323,000
Warrant		–		0		–		0
Investments, at Value	$	16,124,755	$	21,112,299	$	–	$	37,237,054

	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Investments		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
China Region Fund
Investments in Securities*
Common Stocks
Airlines	$	–	$	203,481	$	–	$	203,481
Apparel Manufacturers		–		38,245		–		38,245
Appliances		–		245,644		–		245,644
Automotive - Cars & Light Trucks		–		2,244,470		–		2,244,470
Automotive - Medium & Heavy Duty Trucks		–		336,065		–		336,065
Automotive/Truck Parts & Equipment - Replacement		–		296,758		–		296,758
Batteries/Battery Systems		–		127,284		–		127,284
Building - Heavy Construction		–		17,065		–		17,065
Building & Construction Products - Miscellaneous		18,088		28,850		–		46,938
Building Products - Cement		–		638,725		–		638,725
Casino Hotels		–		808,349		–		808,349
Chemicals - Diversified		–		28,868		–		28,868
Chemicals - Specialty		67,704		67,625		–		135,329
Coal		–		447,745		–		447,745
Computers - Integrated System		–		63,578		–		63,578

62

Notes to Portfolios of Investments (unaudited) June 30, 2018

	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Investments		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
China Region Fund (continued)
Investments in Securities* (continued)
Consumer Products - Miscellaneous	$	–	$	371	$	–	$	371
Containers - Paper/Plastic		–		20,178		–		20,178
Electronic Components - Miscellaneous		–		98,303		–		98,303
Electronic Components - Semiconductors		–		86,924		–		86,924
Electronic Measuring Instruments		–		118,120		–		118,120
Enterprise Software/Services		–		61,156		–		61,156
Entertainment Software		–		38,184		–		38,184
Finance - Investment Banker/Broker		–		17,243		–		17,243
Finance - Other Services		–		233,435		–		233,435
Gold Mining		–		627,191		–		627,191
Industrial Audio & Video Production		–		35,293		–		35,293
Internet Application Software		–		2,510,770		–		2,510,770
Internet Content - Entertainment		–		23,295		–		23,295
Investment Management/Advisory Services		–		19,657		–		19,657
Life/Health Insurance		–		104,079		–		104,079
Machinery - Construction & Mining		–		590,968		–		590,968
Machinery - General Industrial		–		21,210		–		21,210
Medical - Drugs		–		489,339		–		489,339
Metal Processors & Fabricators		–		334,959		–		334,959
Multi-line Insurance		–		1,334,420		–		1,334,420
Non-Ferrous Metals		32,500		–		–		32,500
Oil Companies - Exploration & Production		–		92,614		–		92,614
Oil Refining & Marketing		–		58,607		–		58,607
Paper & Related Products		–		22,839		–		22,839
Petrochemicals		689,770		36,784		–		726,554
Photo Equipment & Supplies		–		2,707,915		–		2,707,915
Property/Casualty Insurance		–		43,360		–		43,360
Real Estate Operating/Development		125,129		2,696,314		–		2,821,443
Retail - Automobile		–		514,970		–		514,970
Retail - Home Furnishings		–		23,482		–		23,482

63

Notes to Portfolios of Investments (unaudited) June 30, 2018

	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Investments		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
China Region Fund (continued)
Investments in Securities* (continued)
Retail - Hypermarkets	$	–	$	61,122	$	–	$	61,122
Semiconductor Equipment		–		126,035		–		126,035
Telecom Equipment Fiber Optics		–		445,195		–		445,195
Telecom Services		–		20,886		–		20,886
Investments, at Value	$	933,191	$	19,207,970	$	–	$	20,141,161

* 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 period end.

The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy during the period January 1, 2018 through June 30, 2018:

	Transfers From		Transfers from
Fund	Level 1 to Level 2*		Level 2 to Level 1*
World Precious Minerals Fund	$	—	$	2,239,399	(1)
Gold and Precious Metals Fund		—		13,597	(1)
Emerging Europe Fund		—		2,784,251	(1)
China Region Fund		—		32,500	(1)

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

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

The following is a reconciliation of assets for which unobservable inputs (Level 3) were used in determining fair value during the period January 1, 2018 through June 30, 2018:

			Corporate
			Non-
	Common		Convertible
	Stocks		Bond		Total
Holmes Macro Trends Fund
Beginning Balance 12/31/17	$	394,500	$	233,829	$	628,329
Net change in unrealized appreciation (depreciation)		72,382		—		72,382
Ending Balance 06/30/18	$	322,118	$	233,829	$	555,947
Net change in unrealized appreciation (depreciation) from Investments held as of 06/30/18 (1)	$	72,382	$	—	$	72,382

64

Notes to Portfolios of Investments (unaudited) June 30, 2018

				Corporate
				Non-
	Common			Convertible		Subscription
	Stocks			Bond		Receipt			Total
Global Resources Fund
Beginning Balance 12/31/17	$	6,900,515		$	2,805,938	$	485,324		$	10,191,777
Purchases		388,470			—		—			388,470
Transfers out of Level 3		—			—		(431,704	)		(431,704	)
Net change in unrealized appreciation (depreciation)		(1,291,433	)		—		(53,620	)		(1,345,053	)
Ending Balance 06/30/18	$	5,997,552		$	2,805,938	$	—		$	8,803,490
Net change in unrealized appreciation (depreciation) from Investments held as of 06/30/18 (1)	$	(1,291,433	)	$	—	$	—		$	(1,291,433	)

	Common Stock			Corporate Non- Convertible Bond		Subscription Receipt			Warrants		Total
World Precious Minerals Fund
Beginning Balance 12/31/2017	$	2,048		$	748,250	$	453,461		$	0	$	1,203,759
Purchases		—			—		2,194,063			0		2,194,063
Transfers out of Level 3		—			—		(1,961,929	)		0		(1,961,929	)
Net change in unrealized appreciation (depreciation)		(2,048	)		—		(685,595	)		0		(687,643	)
Ending Balance 06/30/18	$	0		$	748,250	$	—		$	0	$	748,250
Net change in unrealized appreciation (depreciation) from Investments held as of 06/30/18 (1)	$	(2,048	)	$	—	$	—		$	—	$	(2,048	)

	Common Stocks			Corporate Non- Convertible Bond		Units			Warrants		Total
Gold and Precious Metals Fund
Beginning Balance 12/31/17	$	477,327		$	280,594	$	2,000,000		$	—	$	2,757,921
Transfers out of Level 3		(104,825	)		—		—			0		(104,825	)
Conversion to Common Stock		2,000,000			—		(2,000,000	)		0		—
Net change in unrealized appreciation (depreciation)		(372,502	)		—		—			0		(372,502	)
Ending Balance 06/30/18	$	2,000,000		$	280,594	$	—		$	0	$	2,280,594
Net change in unrealized appreciation (depreciation) from Investments held as of 06/30/18 (1)	$	—		$	—	$	—		$	0	$	—

* 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 June 30, 2018.

65

Notes to Portfolios of Investments (unaudited) June 30, 2018

Significant unobservable inputs developed by the Valuation Committee (“Valuation Committee”) for Level 3 investments held at period end are as follows:

	Fair Value at		Valuation	Unobservable	Range (Weighted
	06/30/18		Technique(s)	Input	Average)
Holmes Macro Trends Fund
Investments in Securities					10% - 100% discount
Common Stocks		322,118	Market Transaction(1)	Discount	(48% discount)
Corporate Non-Convertible Bond		233,829	Market Transaction(1)	Discount	0%
Global Resources Fund
Investments in Securities					0% - 100% discount
Common Stocks		5,997,552	Market Transaction(1)	Discount	(87% discount)
Corporate Non-Convertible Bonds		2,805,938	Market Transaction(1)	Discount	0%
World Precious Minerals Fund
Investments in Securities
Common Stocks		-	Market Transaction(1)	Discount	100% discount
Special Warrants		-	Market Transaction(1)	Discount	100%
Corporate Non-Convertible Bonds		748,250	Market Transaction(1)	Discount	0%
Gold and Precious Metals Fund
Investments in Securities					0%-100% discount
Common Stocks		2,000,000	Market Transaction(1)	Discount	(14% discount)
Corporate Non-Convertible Bonds		280,594	Market Transaction(1)	Discount	0% - 100% discount (63% discount)
Warrants		-	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.

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

Affiliated Companies

The Investment Company Act of 1940 defines affiliates as companies in which the Fund owns at least 5% of the outstanding voting securities. The following is a summary of transactions with each affiliated company during the period ended June 30, 2018.

66

Notes to Portfolios of Investments (unaudited) June 30, 2018

		Shares of Affiliated Companies
Global Resources Fund	December 31, 2017	Additions		Reductions		June 30, 2018
Atlas African Industries, Ltd.	255,854,621		—		—		255,854,621
Bravern Ventures, Ltd.	254,431		—		254,431		—	(a)
Caribbean Resources Corp.	17		—		—		17
Libero Copper Corp.	—		3,250,000		—		3,250,000
Pacific Green Energy Corp.	2,400,000		—		—		2,400,000

At June 30, 2018, the value of investments in affiliated companies was $228,673, representing 0.27% of net assets, and the total cost was $32,079,136. Net realized loss on transactions was $(2,935,628) and there was no income earned for the period.

		Shares of Affiliated Companies
World Precious Minerals Fund	December 31, 2017	Additions		Reductions			June 30, 2018
Argo Gold, Inc.	1,825,000		517,500		—			2,342,500
Barksdale Capital Corp	—		2,233,000		—			2,233,000
Barsele Minerals Corp.	7,871,299		603,701		(1,225,000	)		7,250,000
Barsele Minerals Corp., Warrants	600,000		—		(600,000	)		—	(a)
Bluebird Battery Metals, Inc. (formerly Golden Peak Minerals, Inc.)	2,299,998		—		(306,498	)		1,993,500	(a)
Chakana Copper Corp.	—		4,525,000		—			4,525,000
CopperBank Resources Corp.	15,979,418		—		—			15,979,418
Dolly Varden Silver Corp.	8,000,000		—		—			8,000,000
Mammoth Resources Corp.	2,171,200		—		—			2,171,200
Toachi Mining, Inc.	6,000,000		—		—			6,000,000
TriStar Gold, Inc.	27,110,500		—		—			27,110,500
TriStar Gold, Inc., Warrants	1,000,000		—		—			1,000,000
VR Resources, Ltd.	1,750,000		1,200,000		—			2,950,000
VR Resources, Ltd. Warrants	862,500		—		—			862,500

At June 30, 2018, the value of investments in affiliated companies was $16,725,078, representing 17.05% of net assets, and the total cost was $17,813,882. Net realized gain on transactions was $93,887 and there was no income earned for the period.

		Shares of Affiliated Companies
Gold And Precious Metals Fund	December 31, 2017	Additions		Reductions		June 30, 2018
Mene, Inc.	5,714,285		—		—		5,714,285
Mene, Inc., Warrants	—		5,714,285		—		5,714,285

At June 30, 2018, the value of investments in affiliated companies was $2,000,000, representing 2.19% of net assets, and the total cost was $2,000,000. There was no realized gain (loss) on transactions and no income earned for the period.

(a) At June 30, 2018, the company was no longer defined as an affiliate, although it was an affiliated company during the year.

Restricted Securities

The following securities are subject to contractual and regulatory restrictions on resale or transfer. These investments may involve a high degree of business and financial risk. Because of the thinly traded markets for these investments, a Fund may be unable to liquidate its

67

Notes to Portfolios of Investments (unaudited) June 30, 2018

securities in a timely manner, especially if there is negative news regarding the specific securities or the markets overall. These securities could decline significantly in value before the Fund could liquidate these securities. The issuer bears the cost of registration, if any, involved in the disposition of these securities.

	Acquisition	Cost per
Holmes Macro Trends Fund	Date	Share/Unit
Interamerican Energy Corp., Corporate Note (November 2021)	05/25/12	$	100.00
Pacific Infrastructure Ventures, Inc.	08/06/10-11/22/10	$	1.00

As of June 30, 2018, the total cost of restricted securities was $660,454, and the total value was $555,947, representing 1.41% of net assets.

	Acquisition	Cost per
Global Resources Fund	Date	Share/Unit
Abaxx Technologies, Inc., 144A	03/23/18	$	0.31
Interamerican Energy Corp., Corporate Note (November 2021)	05/25/12	$	100.00
I-Pulse, Inc., 144A	10/04/07	$	1.88
Pacific Infrastructure Ventures, Inc.	08/06/10-11/22/10	$	1.00
PentaNova Energy Corp.	08/30/17	$	0.08

As of June 30, 2018, the total cost of restricted securities was $10,727,374, and the total value was $8,846,163, representing 10.43% of net assets.

	Acquisition		Cost per
World Precious Minerals Fund	Date		Share/Unit
Interamerican Energy Corp., Corporate Note (November 2021)		05/25/12	$	100.00

As of June 30, 2018, the total cost of restricted securities was $748,250, and the total value was $748,250, representing 0.76% of net assets.

	Acquisition		Cost per
Gold and Precious Metals Fund	Date		Share/Unit
Hut 8 Mining Corp.		12/20/17	$	1.94
Interamerican Energy Corp., Corporate Note (November 2021)		05/25/12	$	100.00

As of June 30, 2018, the total cost of restricted securities was $373,642, and the total value was $385,419, representing 0.42% of net assets.

68

Statements of Assets and Liabilities (Unaudited)

	U.S. Government Securities
	Ultra-Short Bond Fund
Investments, at identified cost	$	44,248,443
Assets
Investments, at value:
Securities of unaffiliated issuers	$	44,183,639
Cash		3,714,705
Receivables:
Dividends and interest		104,170
Capital shares sold		3,343
From adviser		1,405
Prepaid expenses		16,877
Total Assets		48,024,139
Liabilities
Payables:
Capital shares redeemed		1,000
Distributions payable		5,395
Accrued expenses and other payables:
Adviser		–
Administration and Transfer Agent fees		9,588
Trustees		36
Other expenses		11,522
Total Liabilities		27,541
Net Assets	$	47,996,598
Net Assets Consist of:
Paid-in capital	$	48,060,517
Accumulated undistributed (distributions in excess of) net investment income		1,543
Accumulated net realized gain (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		(64,804	)
Net assets applicable to capital shares outstanding	$	47,996,598
By share class
Net Assets
Investor Class	$	47,996,598
Capital shares outstanding, an unlimited number of no par shares authorized
Investor Class		24,057,983
Net Asset Value, Public Offering Price and Redemption Price per share
Investor Class	$	2.00

See accompanying notes to financial statements.

70

June 30, 2018

Near-Term Tax Free Fund			All American Equity Fund			Holmes Macro Trends Fund
$	53,920,096		$	14,125,704		$	36,115,941
$	53,625,053		$	14,705,000		$	37,125,603
	4,067,155			655,376			2,345,110
	546,658			10,149			37,356
	1,247			5,764			749
	–			–			–
	22,075			14,903			15,114
	58,262,188			15,391,192			39,523,932
	9,730			8,750			780
	3,489			–			–
	2,731			3,605			33,250
	8,286			5,999			9,281
	34			17			32
	4,388			17,495			27,711
	28,658			35,866			71,054
$	58,233,530		$	15,355,326		$	39,452,878
$	59,638,904		$	15,024,876		$	35,699,085
	1,869			63,462			(253,715	)
	(1,112,200	)		(312,308	)		2,997,846
	(295,043	)		579,296			1,009,662
$	58,233,530		$	15,355,326		$	39,452,878
$	58,233,530		$	15,355,326		$	39,452,878
	26,527,681			607,873			2,020,542
$	2.20		$	25.26		$	19.53

71

Statements of Assets and Liabilities (Unaudited)

	Global Resources Fund
Investments, at identified cost	$	134,121,827
Assets
Investments, at value:
Securities of unaffiliated issuers	$	78,053,684
Securities of affiliated issuers		228,673
Cash		5,385,718
Foreign currencies (Cost $987,930, $557,435, $7,078, $215,379 and $24,750)		991,826
Receivables:
Dividends and interest		220,525
Capital shares sold		5,624
Investments sold		–
Prepaid expenses		33,432
Total Assets		84,919,482
Liabilities
Payables:
Capital shares redeemed		4,385
Investments purchased		39,205
Foreign capital gains tax payable		–
Accrued expenses and other payables:
Adviser		25,962
Administration and Transfer Agent fees		15,940
Trustees		52
Other expenses		42,754
Total Liabilities		128,298
Net Assets	$	84,791,184
Net Assets Consist of:
Paid-in capital	$	349,916,085
Accumulated undistributed (distributions in excess of) net investment income		2,065,464
Accumulated net realized loss from investment transactions and other assets and liabilities denominated in foreign currencies		(211,370,556	)
Net unrealized appreciation (depreciation) of investments and other assets and liabilities denominated in foreign currencies		(55,819,809	)
Net assets applicable to capital shares outstanding	$	84,791,184
By share class
Net Assets
Investor Class	$	84,339,453
Institutional Class	$	451,731
Capital shares outstanding, an unlimited number of no par shares authorized
Investor Class		14,625,201
Institutional Class		77,215
Net Asset Value, Public Offering Price and Redemption Price per share
Investor Class	$	5.77
Institutional Class	$	5.85

See accompanying notes to financial statements.

72

June 30, 2018

World Precious			Gold and Precious
Minerals Fund			Metals Fund			Emerging Europe Fund			China Region Fund
$	142,239,033		$	74,418,223		$	37,354,119		$	14,355,778
$	78,095,919		$	84,065,055		$	37,237,054		$	20,141,161
	16,725,078			2,000,000			–			–
	2,996,994			5,718,624			582,048			340,851
	557,435			8,371			210,228			24,724
	12,436			21,691			368,891			234,178
	126,605			371,180			42,753			18,634
	300,673			155,053			447,247			887,020
	34,717			18,911			20,112			15,262
	98,849,857			92,358,885			38,908,333			21,661,830
	81,878			176,781			38,476			10,599
	573,136			521,424			82,420			–
	–			–			3,318			–
	29,996			106,450			40,433			27,763
	21,288			19,901			7,431			4,789
	85			64			22			6
	54,864			47,949			32,229			25,444
	761,247			872,569			204,329			68,601
$	98,088,610		$	91,486,316		$	38,704,004		$	21,593,229
$	457,874,819		$	179,568,624		$	73,862,665		$	17,327,001
	(11,833,659	)		(4,699,017	)		276,691			187,830
	(300,534,938	)		(95,031,258	)		(35,301,007	)		(1,706,839	)
	(47,417,612	)		11,647,967			(134,345	)		5,785,237
$	98,088,610		$	91,486,316		$	38,704,004		$	21,593,229
$	95,842,159		$	91,486,316		$	38,704,004		$	21,593,229
$	2,246,451		$	–		$	–		$	–
	25,214,283			11,973,722			5,718,146			2,016,932
	586,134			–			–			–
$	3.80		$	7.64		$	6.77		$	10.71
$	3.83		$	–		$	–		$	–

73

Statements of Operations (unaudited)

	U.S. Government
	Securities Ultra-Short
	Bond Fund
Net Investment Income
Income
Dividends from unaffiliated issuers	$	–
Net dividends		–
Interest and other		350,708
Total income		350,708
Expenses:
Management fee		120,442
Administrative services fee		43,811
Distribution plan fee		–
Transfer agent fees and expenses		19,093
Professional fees		12,541
Custodian fees		2,646
Shareholder reporting expenses		4,066
Registration fees		11,063
Trustee fees and expenses		2,885
Chief compliance officer fees		2,449
Miscellaneous expenses		14,536
Total expenses before reductions		233,532
Expenses offset - Note 1 H		–
Expenses reimbursed - Note 3		(125,135	)
Net expenses		108,397
Net Investment Income (Loss)		242,311
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) from:
Securities from unaffiliated issuers		–
Foreign currency transactions		–
Written options		–
Net realized gain (loss)		–
Net change in unrealized depreciation of:
Investments in unaffiliated issuers		(3,025	)
Net change in unrealized depreciation		(3,025	)
Net Realized and Unrealized Gain (Loss) on Investments		(3,025	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	239,286

See accompanying notes to financial statements.

74

For the Six Months Ended June 30, 2018

Near-Term Tax Free Fund			All American Equity Fund			Holmes Macro Trends Fund
$	–		$	135,359		$	242,032
	–			135,359			242,032
	516,682			–			25,990
	516,682			135,359			268,022
	157,809			42,790			202,311
	53,194			26,523			44,824
	–			19,671			50,577
	9,998			10,877			13,871
	13,233			10,286			12,203
	7,457			7,249			5,767
	4,097			3,923			4,083
	11,362			10,565			11,173
	3,341			1,879			2,632
	3,232			800			2,046
	40,049			9,204			17,308
	303,772			143,767			366,795
	(20,420	)		(7,612	)		(7,848	)
	(141,324	)		–			–
	142,028			136,155			358,947
	374,654			(796	)		(90,925	)
	(232,153	)		283,569			3,143,146
	–			–			85
	–			4,760			46,227
	(232,153	)		288,329			3,189,458
	(114,449	)		(60,592	)		(3,072,104	)
	(114,449	)		(60,592	)		(3,072,104	)
	(346,602	)		227,737			117,354
$	28,052		$	226,941		$	26,429

75

Statements of Operations (unaudited)

	Global Resources Fund
Net Investment Income
Income
Dividends from unaffiliated issuers	$	1,343,939
Foreign tax withheld on dividends		(166,508	)
Net dividends		1,177,431
Interest and other		412,404
Total income		1,589,835
Expenses:
Management fee		340,692
Administrative services fee		62,126
Administrative services fee - Investor Class		22,978
Administrative services fee - Institutional Class		97
Distribution plan fee		114,806
Transfer agent fees and expenses		–
Transfer agent fees and expenses - Investor Class		30,370
Transfer agent fees and expenses - Institutional Class		7,960
Professional fees		18,384
Custodian fees		27,323
Shareholder reporting expenses		–
Shareholder reporting expenses - Investor Class		5,028
Shareholder reporting expenses - Institutional Class		24
Registration fees		–
Registration fees - Investor		14,185
Registration fees - Institutional		7,254
Trustee fees and expenses		4,244
Chief compliance officer fees		4,688
Miscellaneous expenses		82,015
Total expenses before reductions		742,174
Expenses offset - Note 1 H		(17,499	)
Expenses reimbursed - Note 3		(16,706	)
Net expenses		707,969
Net Investment Income (Loss)		881,866
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) from:
Securities from unaffiliated issuers		(2,402,038	)
Securities from affiliated issuers		(2,935,628	)
Foreign currency transactions		(55,897	)
Foreign capital gains taxes		–
Net realized gain (loss)		(5,393,563	)
Net change in unrealized appreciation (depreciation) of:
Investments in unaffiliated issuers		(3,311,492	)
Investments in affiliated issuers		2,950,677
Other assets and liabilities denominated in foreign currencies		6,476
Deferred foreign capital gains taxes		–
Net change in unrealized depreciation		(354,339	)
Net Realized and Unrealized Gain (Loss) on Investments		(5,747,902	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(4,866,036	)

See accompanying notes to financial statements.

76

For the Six Months Ended June 30, 2018

World Precious			Gold and Precious
Minerals Fund			Metals Fund			Emerging Europe Fund			China Region Fund
$	206,465		$	285,203		$	1,118,442		$	549,561
	(1,821	)		(66,600	)		(142,592	)		(20,703	)
	204,644			218,603			975,850			528,858
	83,031			59,705			–			–
	287,675			278,308			975,850			528,858
	377,597			424,070			275,288			187,660
	67,887			81,317			50,567			38,706
	25,959			–			–			–
	522			–			–			–
	129,794			112,362			55,057			33,201
	–			41,256			11,230			10,457
	42,914			–			–			–
	7,254			–			–			–
	18,276			16,675			17,795			17,247
	28,482			13,250			37,700			6,112
	–			5,366			4,127			3,710
	5,784			–			–			–
	75			–			–			–
	–			12,298			11,016			11,755
	15,049			–			–			–
	7,417			–			–			–
	4,726			4,143			2,751			2,205
	5,477			4,577			2,249			1,345
	78,886			63,731			54,118			33,428
	816,099			779,045			521,898			345,826
	(12,970	)		(13,778	)		(7,069	)		(2,603	)
	(21,290	)		–			–			(2,195	)
	781,839			765,267			514,829			341,028
	(494,164	)		(486,959	)		461,021			187,830
	727,941			5,149,766			2,253,996			1,631,713
	93,887			–			–			–
	1,436,336			492,562			559,453			(2,985	)
	–			–			(6,594	)		–
	2,258,164			5,642,328			2,806,855			1,628,728
	(20,416,575	)		(9,256,309	)		(6,400,177	)		(3,378,314	)
	(3,951,231	)		–			–			–
	291			975			112,020			(1,699	)
	–			–			1,562			4,591
	(24,367,515	)		(9,255,334	)		(6,286,595	)		(3,375,422	)
	(22,109,351	)		(3,613,006	)		(3,479,740	)		(1,746,694	)
$	(22,603,515	)	$	(4,099,965	)	$	(3,018,719	)	$	(1,558,864	)

77

Statements of Changes in Net Assets

	U.S. Government Securities
	Ultra-Short Bond Fund
	For the Six Months			Year Ended
	Ended			December 31,
	June 30, 2018			2017
Increase (Decrease) in Net Assets	(Unaudited)
From operations:
Net investment income (loss)	$	242,311		$	361,363
Net realized gain (loss)		–			(614	)
Net change in unrealized appreciation (depreciation)		(3,025	)		(139,355	)
Net increase in net assets from operations		239,286			221,394
Distributions to shareholders
From net investment income
Investor Class		(239,655	)		(362,476	)
Total distributions to shareholders		(239,655	)		(362,476	)
From capital share transactions:
Proceeds from shares sold
Investor Class		4,239,093			12,743,407
Distributions reinvested
Investor Class		204,719			313,298
		4,443,812			13,056,705
Cost of shares redeemed
Investor Class		(5,873,586	)		(20,282,493	)
Net decrease in net assets from capital share transactions		(1,429,774	)		(7,225,788	)
Net Decrease in Net Assets		(1,430,143	)		(7,366,870	)
Net Assets
Beginning of period		49,426,741			56,793,611
End of period	$	47,996,598		$	49,426,741
Accumulated undistributed net investment income (distributions in excess of net investment income), end of period	$	1,543		$	(1,113	)
Capital Share Activity
Investor Class
Shares sold		2,125,159			6,371,703
Shares reinvested		102,803			156,649
Shares redeemed		(2,945,152	)		(10,141,246	)
Net capital share activity		(717,190	)		(3,612,894	)

See accompanying notes to financial statements.

78

Near-Term Tax Free Fund						All American Equity Fund
For the Six Months			Year Ended			For the Six Months			Year Ended
Ended			December 31,			Ended			December 31,
June 30, 2018			2017			June 30, 2018			2017
(Unaudited)						(Unaudited)
$	374,654		$	972,881		$	(796	)	$	64,257
	(232,153	)		(235,301	)		288,329			394,644
	(114,449	)		414,855			(60,592	)		477,781
	28,052			1,152,435			226,941			936,682
	(369,356	)		(977,375	)		–			(11,077	)
	(369,356	)		(977,375	)		–			(11,077	)
	6,108,164			21,459,051			2,395,120			2,362,418
	343,850			895,633			–			10,314
	6,452,014			22,354,684			2,395,120			2,372,732
	(16,996,917	)		(48,710,575	)		(3,198,648	)		(4,716,185	)
	(10,544,903	)		(26,355,891	)		(803,528	)		(2,343,453	)
	(10,886,207	)		(26,180,831	)		(576,587	)		(1,417,848	)
	69,119,737			95,300,568			15,931,913			17,349,761
$	58,233,530		$	69,119,737		$	15,355,326		$	15,931,913
$	1,869		$	(3,429	)	$	63,462		$	76,995
	2,775,989			9,658,012			94,871			97,117
	156,638			403,359			–			415
	(7,733,140	)		(21,934,446	)		(126,724	)		(195,073	)
	(4,800,513	)		(11,873,075	)		(31,853	)		(97,541	)

79

Statements of Changes in Net Assets

	Holmes Macro Trends Fund
	For the Six Months			Year Ended
	Ended			December 31,
	June 30, 2018			2017
Increase (Decrease) in Net Assets	(Unaudited)
From operations:
Net investment income (loss)	$	(90,925	)	$	(162,790	)
Net realized gain (loss)		3,189,458			4,093,856
Net change in unrealized appreciation (depreciation)		(3,072,104	)		3,047,423
Net increase (decrease) in net assets from operations		26,429			6,978,489
Distributions to shareholders
From net investment income
Investor Class		–			–
Institutional Class		–			–
From net realized gains
Investor Class		–			(5,106,810	)
Total distributions to shareholders		–			(5,106,810	)
From capital share transactions:
Proceeds from shares sold
Investor Class		835,166			4,012,800
Institutional Class		–			–
Distributions reinvested
Investor Class		–			4,818,939
Institutional Class		–			–
Proceeds from short-term trading fees
Investor Class		–			3
Institutional Class		–			–
		835,166			8,831,742
Cost of shares redeemed
Investor Class		(3,005,978	)		(9,812,182	)
Institutional Class		–			–
Net increase (decrease) in net assets from capital share transactions		(2,170,812	)		(980,440	)
Net Increase (Decrease) in Net Assets		(2,144,383	)		891,239
Net Assets
Beginning of period		41,597,261			40,706,022
End of period	$	39,452,878		$	41,597,261
Accumulated undistributed net investment income (distributions in excess of net investment income), end of period	$	(253,715	)	$	–
Capital Share Activity
Investor Class
Shares sold		42,887			201,917
Shares reinvested		–			246,745
Shares redeemed		(153,289	)		(499,768	)
Net capital share activity		(110,402	)		(51,106	)
Institutional Class
Shares sold		–			–
Shares reinvested		–			–
Shares redeemed		–			–
Net capital share activity		–			–

See accompanying notes to financial statements.

80

Global Resources Fund						World Precious Minerals Fund
For the Six Months			Year Ended			For the Six Months			Year Ended
Ended			December 31,			Ended			December 31,
June 30, 2018			2017			June 30, 2018			2017
(Unaudited)						(Unaudited)
$	881,866		$	1,854,022		$	(494,164	)	$	(2,058,341	)
	(5,393,563	)		3,787,922			2,258,164			11,713,452
	(354,339	)		11,184,375			(24,367,515	)		(15,377,492	)
	(4,866,036	)		16,826,319			(22,603,515	)		(5,722,381	)
	–			(2,820,970	)		–			(25,786,058	)
	–			(17,624	)		–			(706,446	)
	–			–			–			–
	–			(2,838,594	)		–			(26,492,504	)
	5,334,213			3,820,335			21,549,373			43,215,850
	19,368			1,393,643			118,617			1,164,153
	–			2,710,005			–			24,321,600
	–			16,716			–			685,819
	–			54			–			482
	–			–			–			3
	5,353,581			7,940,753			21,667,990			69,387,907
	(11,895,687	)		(21,753,696	)		(18,403,893	)		(58,534,541	)
	(65,389	)		(1,935,931	)		(344,874	)		(2,024,363	)
	(6,607,495	)		(15,748,874	)		2,919,223			8,829,003
	(11,473,531	)		(1,761,149	)		(19,684,292	)		(23,385,882	)
	96,264,715			98,025,864			117,772,902			141,158,784
$	84,791,184		$	96,264,715		$	98,088,610		$	117,772,902
$	2,065,464		$	1,183,598		$	(11,833,659	)	$	(11,339,495	)
	864,152			670,921			5,017,441			6,640,756
	–			454,695			(261	)		5,404,357
	(1,964,935	)		(3,870,155	)		(4,274,553	)		(9,187,898	)
	(1,100,783	)		(2,744,539	)		742,627			2,857,215
	3,160			249,133			26,378			174,505
	–			2,786			–			151,730
	(10,483	)		(361,840	)		(78,729	)		(286,385	)
	(7,323	)		(109,921	)		(52,351	)		39,850

81

Statements of Changes in Net Assets

	Gold and Precious Metals Fund
	For the Six Months			Year Ended
	Ended			December 31,
	June 30, 2018			2017
Increase (Decrease) in Net Assets	(Unaudited)
From operations:
Net investment income (loss)	$	(486,959	)	$	(856,026	)
Net realized gain		5,642,328			5,126,757
Net change in unrealized appreciation (depreciation)		(9,255,334	)		6,800,473
Net increase (decrease) in net assets from operations		(4,099,965	)		11,071,204
Distributions to shareholders
From net investment income
Investor Class		–			–
Total distributions to shareholders		–			–
From capital share transactions:
Proceeds from shares sold
Investor Class		13,744,507			49,647,272
Distributions reinvested
Investor Class		–			–
Proceeds from short-term trading fees
Investor Class		–			465
		13,744,507			49,647,737
Cost of shares redeemed
Investor Class		(18,898,035	)		(53,967,222	)
Net increase (decrease) in net assets from capital share transactions		(5,153,528	)		(4,319,485	)
Net Increase (Decrease) in Net Assets		(9,253,493	)		6,751,719
Net Assets
Beginning of period		100,739,809			93,988,090
End of period	$	91,486,316		$	100,739,809
Accumulated undistributed net investment income (distributions in excess of net investment income), end of period	$	(4,699,017	)	$	(4,212,058	)
Capital Share Activity
Investor Class
Shares sold		1,833,968			6,404,488
Shares reinvested		–			–
Shares redeemed		(2,516,870	)		(7,105,060	)
Net capital share activity		(682,902	)		(700,572	)

See accompanying notes to financial statements.

82

Emerging Europe Fund						China Region Fund
For the Six Months			Year Ended			For the Six Months			Year Ended
Ended			December 31,			Ended			December 31,
June 30, 2018			2017			June 30, 2018			2017
(Unaudited)						(Unaudited)
$	461,021		$	574,468		$	187,830		$	(143,814	)
	2,806,855			3,334,426			1,628,728			1,585,811
	(6,286,595	)		5,507,965			(3,375,422	)		8,257,725
	(3,018,719	)		9,416,859			(1,558,864	)		9,699,722
	–			–			–			(29,602	)
	–			–			–			(29,602	)
	2,148,444			7,150,395			2,494,116			18,143,688
	–			–			–			27,491
	–			19			–			–
	2,148,444			7,150,414			2,494,116			18,171,179
	(5,727,590	)		(13,538,508	)		(9,117,256	)		(14,575,981	)
	(3,579,146	)		(6,388,094	)		(6,623,140	)		3,595,198
	(6,597,865	)		3,028,765			(8,182,004	)		13,265,318
	45,301,869			42,273,104			29,775,233			16,509,915
$	38,704,004		$	45,301,869		$	21,593,229		$	29,775,233
$	276,691		$	(184,330	)	$	187,830		$	–
	283,080			1,125,093			210,007			1,683,280
	–			–			–			2,429
	(779,314	)		(2,033,015	)		(776,037	)		(1,358,352	)
	(496,234	)		(907,922	)		(566,030	)		327,357

83

Notes to Financial Statements (unaudited) June 30, 2018

Note 1: Organization and Significant Accounting Policies

U.S. Global Investors Funds (“Trust”), consisting of the nine separate funds (“Funds”) included in this report, is organized as a Delaware statutory trust. Each Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended, and follows the specialized accounting and reporting guidance in FASB Accounting Standards Codification Topic 946. All Funds are diversified with the exception of Global Resources, World Precious Minerals, Gold and Precious Metals, Emerging Europe and China Region. A nondiversified fund may invest a greater percentage of its assets in a particular issuer in comparison to a diversified fund.

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

A. Security Valuations

The Funds value investments traded on national or international securities exchanges or over-the-counter at the last sales price reported by the security’s primary exchange of its market at the time of daily valuation. Options and securities for which no sale was reported are valued at the mean between the last reported bid and asked quotation. Debt securities having 60 days or less to maturity that are expected to be valued at par at maturity may be priced by the amortized cost method if the Valuation Committee determines it would approximate market value. Municipal securities, long-term U.S. government obligations and corporate debt securities are valued by an independent pricing service using an evaluated quote based on such factors as institutional-size trading in similar groups of securities, yield, quality, maturity, coupon rate, type of issue, individual trading characteristics and other market data. For more information please see Notes to Portfolio of Investments.

B. Cash-Concentration in Uninsured Account

For cash management purposes the Funds may concentrate cash with the Funds’ custodian. This typically results in cash balances exceeding the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. As of June 30, 2018, The U.S. Government Securities Ultra-Short Bond Fund, Near-Term Tax Free Fund, All American Equity Fund, Holmes Macro Trends Fund, Global Resources Fund, World Precious Minerals Fund, Gold and Precious Metals Fund, Emerging Europe Fund and China Region Fund held $3,464,705, $3,817,155, $405,376, $2,095,110, $5,135,718, $2,746,994, $5,468,624, $332,048 and $90,851, respectively, as cash reserves at Brown Brothers Harriman & Co. (BBH) that exceeded the FDIC insurance limit.

C. Fair Valued Securities

Securities for which market quotations are not readily available or which are subject to legal restrictions are valued at their fair value as determined in good faith by the Valuation Committee of U.S. Global Investors, Inc. (Adviser), under policies and procedures established by the Trust’s Board of Trustees. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Valuation Committee meets on a regular basis to review securities which may not have readily available market prices and considers a number of factors in determining fair value, including nature and duration of any trading restrictions, trading volume, market values of unrestricted shares of the same or similar class, investment management’s judgment regarding the market experience of the issuer,

84

Notes to Financial Statements (unaudited) June 30, 2018

financial status and other operational and market factors affecting the issuer, issuer’s management, quality of the underlying property based on review of independent geological studies and other relevant matters. The fair values may differ from what would have been used had a broader market for these securities existed. The Valuation Committee regularly reviews inputs and assumptions and performs transactional back-testing and disposition analysis. The Valuation Committee reports quarterly to the Trust’s Board of Trustees.

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

D. Security Transactions and Investment Income

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

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

E. Foreign Currency Transactions

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

F. Federal Income Taxes 

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

85

Notes to Financial Statements (unaudited) June 30, 2018

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years or expected to be taken in 2017 tax returns. The Funds file U.S. federal and excise tax returns as required. The Funds’ 2014, 2015, 2016 and 2017 (when filed) tax returns are open to examination by the federal and applicable state tax authorities. The Funds have no examinations in progress.

G. Dividends and Distributions to Shareholders

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

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

H. Expenses

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

I. Use of Estimates in Financial Statement Preparation

The Funds are investment companies accounted for in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Therefore they follow the accounting and reporting guidelines for investment companies. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

86

Notes to Financial Statements (unaudited) June 30, 2018

Note 2: Financial Derivative Instruments

A. Options Contracts

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

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

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

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

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

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

As of June 30, 2018, there were no securities held in escrow by the custodian as cover for call options written.

87

Notes to Financial Statements (unaudited) June 30, 2018

B. Forward Foreign Currency Contracts

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

There were no open forward foreign currency contracts as of June 30, 2018.

C. Summary of Derivative Instruments

The following is a summary of the valuations of derivative instruments categorized by location in the Statements of Assets and Liabilities as of June 30, 2018:

	All American		Holmes Macro		Global
Location	Equity Fund		Trends Fund		Resources Fund
Asset derivatives
Investments, at value
Purchased options	$	107,310	$	280,320	$	1,139,680
Total	$	107,310	$	280,320	$	1,139,680

88

Notes to Financial Statements (unaudited) June 30, 2018

The following is a summary of the effect of derivative instruments on the Statements of Operations as of June 30, 2018:

							Global
	All American			Holmes Macro			Resources
Location	Equity Fund			Trends Fund			Fund
Realized gain (loss) on derivatives recognized in income
Realized gain (loss) from securities
Purchased options	$	25,308		$	80,622		$	1,778,477
Net realized gain (loss) from foreign currency transactions
Foreign exchange contracts		–			–			–
Realized gain (loss) from written options		4,760			46,227			–
		30,068			126,849			1,778,477
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) of investments
Purchased options		(27,510	)		(71,744	)		(1,339,615	)
Net change in unrealized gain (loss) from foreign currency transactions
Foreign exchange contracts		–			–			–
		(27,510	)		(71,744	)		(1,339,615	)
Total	$	2,558		$	55,105		$	438,862

	Emerging		China Region
Location	Europe Fund		Fund
Realized gain (loss) on derivatives recognized in income
Realized gain (loss) from securities
Purchased options	$	–	$	(112,735	)
Net realized gain (loss) from foreign currency transactions
Foreign exchange contracts		614,253		–
Realized gain (loss) from written options		–		0
		614,253		(112,735	)
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) of investments
Purchased options		–		(160,049	)
Net change in unrealized gain (loss) from foreign currency transactions
Foreign exchange contracts		–		–
		–		(160,049	)
Total	$	614,253	$	(272,784	)

89

Notes to Financial Statements (unaudited) June 30, 2018

The total value of transactions in written options, purchased options and forward currency contracts outstanding during the period ended June 30, 2018, were approximately as follows:

			Written			Forward Currency
Fund	Purchased Options		Options			Contracts
All American Equity Fund	$	178,511	$	(50,911	)	$	–
Holmes Macro Trends Fund		545,775		(79,397	)		–
Global Resources Fund		2,113,850		–			–
Emerging Europe Fund		–		–			31,715,691

Asset (Liability) amounts shown in the table below represent amounts for derivative related instruments at June 30, 2018. These amounts may be collateralized by cash or financial instruments.

	Gross Asset
	(Liability) as
	Presented in
	the Statement				Cash Collateral
	of Assets and		Financial Instruments		(Received)
	Liabilities		(Received) Pledged*		Pledged*		Net Amount
All American Equity
Assets:
Over-the-counter derivatives	$	107,310	$	–	$	–	$	107,310
Holmes Macro Trends
Assets:
Over-the-counter derivatives		280,320		–		–		280,320
Global Resources
Assets:
Over-the-counter derivatives		1,139,680		–		–		1,139,680

* 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.

Note 3: Investment Advisory and Other Agreements

The Adviser, under an investment advisory agreement with the Trust in effect through October 1, 2018, furnishes management and investment advisory services and, subject to the supervision of the trustees, directs the investments of each Fund according to each Fund’s investment objectives, policies and limitations.

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

Fund	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

90

Notes to Financial Statements (unaudited) June 30, 2018

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

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

Fund	Benchmark Index
All American Equity	S&P 500 Index
Holmes Macro Trends	S&P Composite 1500 Index
Global Resources	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

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

The amounts shown as Management fee on the Statements of Operations reflects the base fee plus/minus any performance adjustment. During the period ended June 30, 2018, the Funds recorded performance adjustments as follows:

	Investor Class			Institutional Class
	Performance Fee			Performance Fee
Fund	Adjustment			Adjustment
All American Equity	$	(20,156	)		N/A
Global Resources		(97,633	)	$	(247	)
World Precious Minerals		(150,957	)		(3,686	)
Gold and Precious Metals		19,565			N/A
China Region		21,655			N/A

Atlantic Fund Administration, LLC (d/b/a Atlantic Fund Services) (“Atlantic”) and the Adviser act as co-administrators to the Trust. Atlantic provides a Principal Executive Officer, a Principal Financial Officer, a Chief Compliance Officer and and Anti-Money Laundering Officer to each Fund, as well as certain additional compliance and administrative support functions. Atlantic also provides fund accounting services to each Fund. The fees related to these services are included in Administration Fees within the Statement of Operations. Atlantic also provides certain shareholder report production and EDGAR conversion

91

Notes to Financial Statements (unaudited) June 30, 2018

and filing services. Pursuant to an Atlantic services agreement, each Fund pays Atlantic customary fees for its services.

The U.S. Government Securities Ultra-Short Bond, Near-Term Tax Free, All American Equity, Holmes Macro Trends, Gold and Precious Metals, Emerging Europe and China Region Funds compensate the Adviser at an annual rate of 0.05% of the average daily net assets of each Fund for administrative services provided, of which half is a fund-level fee and half is a class-level fee. The Global Resources and World Precious Minerals Funds compensate the Adviser at an annual rate of 0.05% of the average daily net assets for the Investor Class and 0.04% of the average daily net assets for the Institutional Class for administrative services provided, of which half is a fund-level fee and half is a class-level fee.

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

The Adviser has voluntarily agreed to reimburse specific funds so that their total operating expenses will not exceed certain annual percentages of average net assets. The expenses for the period ended June 30, 2018, were limited as follows for the Investor Class: U.S. Government Securities Ultra-Short Bond Fund at 0.45%, All American Equity Fund and Holmes Macro Trends Fund at 2.20%, Global Resources, World Precious Minerals, and Gold and Precious Metals Funds at 1.90%, Emerging Europe Fund at 2.85% and China Region Fund at 2.55%. These expense limitations are exclusive of any performance fee adjustments and will continue on a voluntary basis at the Adviser’s discretion. The Adviser may temporarily agree to additional reimbursements or limitations.

The Adviser has contractually limited the total operating expenses of the Near- Term Tax Free Fund at 0.45% on an annualized basis through April 30, 2019.

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

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

Brown Brothers Harriman & Co. (BBH) serves as the custodian.

Foreside Fund Services, LLC (the “Distributor”) acts as the agent of the Trust in connection with the continuous offering of shares of the Funds. The Distributor continually distributes shares of the Funds on a best efforts basis.

92

Notes to Financial Statements (unaudited) June 30, 2018

Note 4: Investments

Cost of purchases and proceeds from sales of long-term securities for the period ended June 30, 2018, are summarized as follows:

Fund	Purchases		Sales
U.S. Government Securities Ultra-Short Bond	$	6,005,159	$	5,250,000
Near-Term Tax Free		8,745,000		22,696,152
All American Equity		15,407,075		16,779,012
Holmes Macro Trends		42,994,367		45,282,080
Global Resources		46,842,653		53,728,869
World Precious Minerals		38,032,552		36,200,510
Gold and Precious Metals		35,781,906		46,253,726
Emerging Europe		19,369,518		22,475,092
China Region		8,539,878		14,240,901

Note 5: Tax Information

The following table presents the income tax basis of securities owned at June 30, 2018, and the tax basis components of net unrealized appreciation (depreciation):

			Gross		Gross			Net Unrealized
			Unrealized		Unrealized			Appreciation
Fund	Aggregate Tax Cost		Appreciation		Depreciation			(Depreciation)
U.S. Government Securities Ultra-Short Bond	$	44,248,443	$	5,150	$	(69,954	)	$	(64,804	)
Near-Term Tax Free		53,920,096		162,126		(457,170	)		(295,044	)
All American Equity		14,125,704		899,681		(320,386	)		579,295
Holmes Macro Trends		36,115,941		3,923,119		(2,913,457	)		1,009,662
Global Resources		134,121,827		7,689,994		(63,529,464	)		(55,839,470	)
World Precious Minerals		142,239,033		15,819,272		(63,237,308	)		(47,418,036	)
Gold and Precious Metals		74,418,223		24,187,951		(12,541,120	)		11,646,831
Emerging Europe		37,354,119		4,715,743		(4,832,808	)		(117,065	)
China Region		14,355,778		6,549,303		(763,920	)		5,785,383

As of December 31, 2017, the components of distributable earnings on a tax basis were as follows:

	Undistributed		Undistributed		Undistributed
	Tax-Exempt		Ordinary		Long-Term		Capital and
Fund	Income		Income		Capital Gains		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	)

93

Notes to Financial Statements (unaudited) June 30, 2018

	Net Unrealized			Other
	Appreciation			Temporary
Fund (continued)	(Depreciation)			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

The differences between book-basis and tax-basis unrealized appreciation (depreciation) for All American Equity, Holmes Macro Trends, Global Resources, World Precious Minerals, Gold and Precious Metals, Emerging Europe and China Region Funds are attributable primarily to the tax deferral of losses on wash sales, investment in passive foreign investment companies (PFIC), section 988 forward currency contracts, and equity return of capital.

Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations. For the year ended December 31, 2017, the Funds recorded the following reclassifications to increase (decrease) the accounts listed below:

	Accumulated
	Net Investment			Accumulated Net
Fund	Income			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	)

94

Notes to Financial Statements (unaudited) June 30, 2018

The tax character of distributions paid during the fiscal year ended December 31, 2017, were as follows:

	Tax-Exempt		Ordinary		Long-Term		Return of
Fund	Income		Income		Capital Gains		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

The tax character of distributions paid during the fiscal year ended December 31, 2016, were as follows:

	Tax-Exempt		Ordinary		Long-Term		Return of
Fund	Income		Income		Capital Gains		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

Capital loss carryforwards may be used to off set current or future taxable capital gains until expiration. The Fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010, for an unlimited period. Losses incurred during these years are required to be utilized prior to the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. In addition, post-enactment capital losses that are carried forward retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The loss carryforwards and related expiration dates for each fund, as of December 31, 2017, are as follows:

	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)		–		–		–		–

95

Notes to Financial Statements (unaudited) June 30, 2018

	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.

During the year ended December 31, 2017, the following Funds utilized capital loss carryforwards to offset capital gains amounting to:

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

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

The Funds elected to defer losses incurred after October 31, 2017, as follows:

	Post		Post
	October 31, 2017		October 31, 2017
	Capital Loss		Ordinary Loss
Fund	Deferral		Deferral
Holmes Macro Trends	$	204,896	$	–
Emerging Europe		–		306,150

Note 6: Risks of Concentrations and Foreign Investments

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

The Global Resources Fund concentrates its investments in the natural resources industries and may be subject to greater risks and fluctuations than a portfolio representing a broader range of industries.

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

96

Notes to Financial Statements (unaudited) June 30, 2018

The Emerging Europe Fund invests more than 25% of its investments in companies principally engaged in the oil, gas or banking industries. Oil and gas companies are a large part of the Russian economy, and banks typically are a significant component of emerging market economics, such as those in Russia and other Eastern European countries. The risk of concentrating investments in this group of industries will make the fund more susceptible to risk in these industries than funds which do not concentrate their investments in an industry.

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

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

Note 7: Credit Arrangements

Each of the Funds has a revolving credit facility with BBH. Borrowings of each Fund are collateralized by any or all of the securities held by BBH as the Fund’s custodian up to the amount of the borrowing. Interest on borrowings is charged at the current overnight Federal Funds Rate plus 2 percent. Each Fund has a maximum borrowing limit of 10 percent of qualified assets. The aggregate of borrowings by all Funds under the agreement cannot exceed $10,000,000 at any one time. There were no borrowings under the revolving credit facility during the period ended June 30, 2018. The Funds paid BBH a total of $7,542 in commitment fees for the period ended June 30, 2018, under this arrangement.

Note 8: Commitments and Contingencies

In the normal course of business, each Fund enters into contracts that provide general indemnifications by each Fund to the counterparty to the contract. Each Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against each Fund and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote. Each Fund has determined that none of these arrangements requires disclosure on each Fund’s balance sheet.

Note 9: Subsequent Events

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no additional disclosures or adjustments were required to the financial statements as of the date the financial statements were issued.

97

Financial Highlights

U.S. Government Securities Ultra-Short Bond Fund

For a capital share outstanding during the

	Investor Class
	Six Months			Year Ended December 31,
	Ended
	June 30,
	2018
	(unaudited)			2017			2016			2015			2014			2013+
Net asset value, beginning of period	$	2.00		$	2.00		$	2.00		$	2.00		$	2.00		$	2.00
Investment Activities
Net investment income		0.01	*		0.01	*		0.01			0.01			0.01			0.00	(a)
Net realized and unrealized gain(a)		(0.00	)		(0.00	)		0.00			0.00			0.00			0.00
Total from investment activities		0.01			0.01			0.01			0.01			0.01			–
Distributions
From net investment income		(0.01	)		(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 period	$	2.00		$	2.00		$	2.00		$	2.00		$	2.00		$	2.00
Total Return (b)		0.50	%		0.69	%		0.47	%		0.34	%		0.36	%		0.02	%
Ratios to Average Net Assets:
Net investment income		1.01	%		0.68	%		0.43	%		0.33	%		0.35	%		0.01	%
Total expenses		0.97	%		1.03	%		1.00	%		1.13	%		1.07	%		0.97	%
Expenses waived or reimbursed (c)		(0.52	)%		(0.58	)%		(0.55	)%		(0.68	)%		(0.74	)%		(0.91	)%
Net expenses (d)		0.45	%		0.45	%		0.45	%		0.45	%		0.33	%		0.06	%
Portfolio turnover rate (e)		12	%		52	%		18	%		60	%		33	%
Net assets, end of period (in thousands)	$	47,997		$	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

Six Months

Year Ended December 31,

Ended

June 30,

2018

(unaudited)

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%.

See accompanying notes to financial statements.

98

Financial Highlights

Near-Term Tax Free Fund

For a capital share outstanding during the

	Investor Class
	Six Months			Year Ended December 31,
	Ended
	June 30,
	2018
	(unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	2.21		$	2.21		$	2.25		$	2.25		$	2.23		$	2.27
Investment Activities
Net investment income		0.01	*		0.03	*		0.03			0.03			0.05			0.05
Net realized and unrealized gain (loss)		(0.01	)		–			(0.04	)		0.00	(a)		0.02			(0.04	)
Total from investment activities		0.00			0.03			(0.01	)		0.03			0.07			0.01
Distributions
From net investment income		(0.01	)		(0.03	)		(0.03	)		(0.03	)		(0.05	)		(0.05	)
From return of capital		–			–			(0.00	)(a)		–			–			–
Net asset value, end of period	$	2.20		$	2.21		$	2.21		$	2.25		$	2.25		$	2.23
Total Return (b)		0.13	%		1.20	%		(0.45	)%		1.45	%		3.07	%		0.31	%
Ratios to Average Net Assets:
Net investment income		1.19	%		1.16	%		1.25	%		1.52	%		2.13	%		2.08	%
Total expenses		0.96	%		1.03	%		0.97	%		1.09	%		1.08	%		1.21	%
Expenses waived or reimbursed (c)		(0.51	)%		(0.58	)%		(0.52	)%		(0.64	)%		(0.63	)%		(0.76	)%
Net expenses (d)		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Portfolio turnover rate		15	%		14	%		33	%		15	%		12	%		6	%
Net assets, end of period (in thousands)	$	58,234		$	69,120		$	95,301		$	106,769		$	89,595		$	61,884

* 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
	Six Months			Year Ended December 31,
	Ended
	June 30,
	2018
	(unaudited)			2017			2016			2015			2014			2013
Ratios to Average Net Assets:
Expense offset		(0.06	)%		(0.04	)%		(0.02	)%		–	(e)		–	(e)		–	(e)

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

See accompanying notes to financial statements.

99

Financial Highlights

All American Equity Fund

For a capital share outstanding during the

	Investor Class
	Six Months			Year Ended December 31,
	Ended
	June 30,
	2018
	(unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	24.90		$	23.53		$	23.60		$	27.84		$	32.18		$	25.40
Investment Activities
Net investment income (loss)		(0.00	)(a)*		0.09	*		0.02			0.09			(0.16	)		(0.12	)
Net realized and unrealized gain (loss)		0.36			1.30			(0.05	)		(1.23	)		0.84			9.08
Total from investment activities		0.36			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 period	$	25.26		$	24.90		$	23.53		$	23.60		$	27.84		$	32.18
Total Return (b)		1.45	%		5.90	%		(0.14	)%		(4.20	)%		1.94	%		35.55	%
Ratios to Average Net Assets:
Net investment income (loss)		(0.01	)%		0.38	%		0.06	%		0.31	%		(0.54	)%		(0.45	)%
Total expenses		1.83	%		1.79	%		1.75	%		1.94	%		2.16	%		2.44	%
Expenses waived or reimbursed (c)		(0.10	)%		(0.04	)%		(0.02	)%		(0.02	)%		(0.03	)%		(0.28	)%
Net expenses (d)		1.73	%		1.75	%		1.73	%		1.92	%		2.13	%		2.16	%
Portfolio turnover rate		106	%		346	%		303	%		109	%(e)		253	%		150	%
Net assets, end of period (in thousands)	$	15,355		$	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
	Six Months			Year Ended December 31,
	Ended
	June 30,
	2018
	(unaudited)			2017			2016			2015			2014			2013
Ratios to Average Net Assets:
Expense offset		(0.10	)%		(0.04	)%		(0.02	)%		–	(f)		–	(f)		–	(f)

(e) Excludes option transactions.

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

See accompanying notes to financial statements.

100

Financial Highlights

Holmes Macro Trends Fund

For a capital share outstanding during the

	Investor Class
	Six Months			Year Ended December 31,
	Ended
	June 30,
	2018
	(unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	19.52		$	18.65		$	18.59		$	20.25		$	24.24		$	18.51
Investment Activities
Net investment loss		(0.04	)*		(0.08	)*		(0.06	)		(0.11	)		(0.26	)		(0.18	)
Net realized and unrealized gain (loss)		0.05			3.66			1.68			(0.06	)		(1.36	)		7.42
Total from investment activities		0.01			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*		–			0.00	(a)		0.00	(a)		0.00	(a)		0.00	(a)		0.00	(a)
Net asset value, end of period	$	19.53		$	19.52		$	18.65		$	18.59		$	20.25		$	24.24
Total Return (b)		0.05	%		19.17	%		8.66	%		(0.94	)%		(6.74	)%		39.38	%
Ratios to Average Net Assets:
Net investment loss		(0.45	)%		(0.41	)%		(0.34	)%		(0.55	)%		(1.17	)%		(1.11	)%
Total expenses		1.81	%		1.86	%		1.67	%		1.81	%		1.94	%		2.00	%
Expenses waived or reimbursed (c)		(0.04	)%		(0.04	)%		–			–			–			(0.04	)%
Net expenses (d)		1.77	%		1.82	%		1.67	%		1.81	%		1.94	%		1.96	%
Portfolio turnover rate		112	%		264	%(e)		275	%(e)		320	%(e)		183	%(e)		109	%
Net assets, end of period (in thousands)	$	39,453		$	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
	Six Months			Year Ended December 31,
	Ended
	June 30,
	2018
	(unaudited)			2017			2016			2015			2014			2013
Ratios to Average Net Assets:
Expense offset		(0.04	)%		(0.04	)%		(0.02	)%		–	(f)		–	(f)		–	(f)

(e) Excludes option transactions.

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

See accompanying notes to financial statements.

101

Financial Highlights

Global Resources Fund

For a capital share outstanding during the

	Investor Class
	Six Months			Year Ended December 31,
	Ended
	June 30,
	2018
	(unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	6.09		$	5.25		$	4.72		$	6.67		$	9.36		$	9.79
Investment Activities
Net investment income*		0.06			0.11			0.06			0.10			0.04			0.02
Net realized and unrealized gain (loss)		(0.38	)		0.91			0.64	*		(2.00	)*		(2.73	)*		(0.10	)*
Total from investment activities		(0.32	)		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*		–			0.00	(a)		0.00	(a)		0.00	(a)		0.00	(a)		0.00	(a)
Net asset value, end of period	$	5.77		$	6.09		$	5.25		$	4.72		$	6.67		$	9.36
Total Return (b)		(5.25	)%		19.57	%		14.99	%		(28.43	)%		(28.74	)%		(0.72	)%
Ratios to Average Net Assets:
Net investment income		1.91	%		1.94	%		1.13	%		1.72	%		0.44	%		0.16	%
Total expenses		1.57	%		1.61	%		1.85	%		1.58	%		1.45	%		1.59	%
Expenses waived or reimbursed (c)		(0.03	)%		(0.02	)%		(0.01	)%		(0.06	)%		–	(d)		–
Net expenses (e)		1.54	%		1.59	%		1.84	%		1.52	%		1.45	%		1.59	%
Portfolio turnover rate (f)		55	%		131	%(g)		255	%(g)		445	%(g)		444	%(g)		138	%
Net assets, end of period (in thousands)	$	84,339		$	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
	Six Months			Year Ended December 31,
	Ended
	June 30,
	2018
	(unaudited)			2017			2016			2015			2014			2013
Ratios to Average Net Assets:
Expense offset		(0.03	)%		(0.02	)%		(0.01	)%		–	(d)		–	(d)		–	(d)

(f) Portfolio turnover is calculated at the fund level.

(g) Excludes option transactions.

See accompanying notes to financial statements.

102

Financial Highlights

Global Resources Fund

For a capital share outstanding during the

	Institutional Class
	Six Months			Year Ended December 31,
	Ended
	June 30,
	2018
	(unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	6.13		$	5.25		$	4.74		$	6.67		$	9.30		$	9.74
Investment Activities
Net investment income*		0.07			0.14			0.08			0.17			0.08			0.07
Net realized and unrealized gain (loss)		(0.35	)		0.96			0.65	*		(2.02	)*		(2.71	)*		(0.10	)*
Total from investment activities		(0.28	)		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 period	$	5.85		$	6.13		$	5.25		$	4.74		$	6.67		$	9.30
Total Return (b)		(4.57	)%		20.95	%		15.43	%		(27.73	)%		(28.28	)%		(0.15	)%
Ratios to Average Net Assets:
Net investment income		2.25	%		2.43	%		1.61	%		2.92	%		0.85	%		0.68	%
Total expenses		8.11	%		3.56	%		5.41	%		1.35	%		1.13	%		1.25	%
Expenses waived or reimbursed (c)		(6.91	)%		(2.46	)%		(4.05	)%		(0.61	)%		(0.27	)%		(0.22	)%
Net expenses (e)		1.20	%		1.10	%		1.36	%		0.74	%		0.86	%		1.03	%
Portfolio turnover rate (f)		55	%		131	%(g)		255	%(g)		445	%(g)		444	%(g)		138	%
Net assets, end of period (in thousands)	$	452		$	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.

(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:

	Institutional Class
	Six Months			Year Ended December 31,
	Ended
	June 30,
	2018
	(unaudited)			2017			2016			2015			2014			2013
Ratios to Average Net Assets:
Expense offset		(0.04	)%		(0.02	)%		(0.01	)%		–	(d)		–	(d)		–	(d)

(f) Portfolio turnover is calculated at the fund level.

(g) Excludes option transactions.

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

See accompanying notes to financial statements.

103

Financial Highlights

World Precious Minerals Fund

For a capital share outstanding during the

	Investor Class
	Six Months			Year Ended December 31,
	Ended
	June 30,
	2018
	(unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	4.69		$	6.35		$	3.64		$	4.75		$	5.69		$	11.70
Investment Activities
Net investment loss*		(0.02	)		(0.10	)		(0.09	)		(0.03	)		(0.06	)		(0.07	)
Net realized and unrealized gain (loss)		(0.87	)		(0.22	)		2.82	*		(0.72	)*		(0.88	)*		(5.94	)*
Total from investment activities		(0.89	)		(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*		–			0.00	(a)		0.00	(a)		0.00	(a)		0.00	(a)		0.00	(a)
Net asset value, end of period	$	3.80		$	4.69		$	6.35		$	3.64		$	4.75		$	5.69
Total Return (b)		(18.98	)%		(4.16	)%		75.08	%		(15.64	)%		(16.52	)%		(51.37	)%
Ratios to Average Net Assets:
Net investment loss		(0.95	)%		(1.51	)%		(1.28	)%		(0.71	)%		(0.91	)%		(0.90	)%
Total expenses		1.51	%		1.84	%		1.99	%		1.96	%		1.99	%		1.85	%
Expenses waived or reimbursed (c)		(0.02	)%		(0.02	)%		(0.04	)%		(0.15	)%		(0.03	)%		(0.02	)%
Net expenses (d)		1.49	%		1.82	%		1.95	%		1.81	%		1.96	%		1.83	%
Portfolio turnover rate (e)		35	%		36	%(f)		136	%(f)		71	%(f)		61	%(f)		34	%
Net assets, end of period (in thousands)	$	95,842		$	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
	Six Months			Year Ended December 31,
	Ended
	June 30,
	2018
	(unaudited)			2017			2016			2015			2014			2013
Ratios to Average Net Assets:
Expense offset		(0.02	)%		(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%.

See accompanying notes to financial statements.

104

Financial Highlights

World Precious Minerals Fund

For a capital share outstanding during the

	Institutional Class
	Six Months			Year Ended December 31,
	Ended
	June 30,
	2018
	(unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	4.71		$	6.38		$	3.65		$	4.78		$	5.72		$	11.69
Investment Activities
Net investment loss*		(0.00	)(a)		(0.06	)		(0.05	)		(0.01	)		(0.05	)		(0.01	)
Net realized and unrealized gain (loss)		(0.88	)		(0.23	)		2.82	*		(0.72	)*		(0.89	)*		(5.96	)*
Total from investment activities		(0.88	)		(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 period	$	3.83		$	4.71		$	6.38		$	3.65		$	4.78		$	5.72
Total Return (b)		(18.68	)%		(3.71	)%		75.97	%		(15.07	)%		(16.43	)%		(51.07	)%
Ratios to Average Net Assets:
Net investment loss		(0.21	)%		(0.99	)%		(0.69	)%		(0.15	)%		(0.71	)%		(0.15	)%
Total expenses		2.40	%		2.21	%		2.60	%		20.51	%		4.86	%		3.30	%
Expenses waived or reimbursed (c)		(1.65	)%		(0.91	)%		(1.33	)%		(19.31	)%		(3.23	)%		(1.97	)%
Net expenses (d)		0.75	%		1.30	%		1.27	%		1.20	%		1.63	%		1.33	%
Portfolio turnover rate (e)		35	%		36	%(f)		136	%(f)		71	%(f)		61	%(f)		34	%
Net assets, end of period (in thousands)	$	2,246		$	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
	Six Months			Year Ended December 31,
	Ended
	June 30,
	2018
	(unaudited)			2017			2016			2015			2014			2013
Ratios to Average Net Assets:
Expense offset		(0.03	)%		(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%.

See accompanying notes to financial statements.

105

Financial Highlights

Gold and Precious Metals Fund

For a capital share outstanding during the

	Investor Class
	Six Months			Year Ended December 31,
	Ended
	June 30,
	2018
	(unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	7.96		$	7.04		$	4.89		$	5.16		$	6.00		$	11.78
Investment Activities
Net investment loss		(0.04	)*		(0.06	)*		(0.07	)		(0.04	)		(0.05	)		(0.06	)
Net realized and unrealized gain (loss)		(0.28	)		0.98			2.28			(0.21	)		(0.79	)		(5.72	)
Total from investment activities		(0.32	)		0.92			2.21			(0.25	)		(0.84	)		(5.78	)
Distributions
From net investment income		–			–			(0.06	)		(0.02	)		–			–
Short-Term Trading Fees*		–			0.00	(a)		(0.00	)(a)		(0.00	)(a)		(0.00	)(a)		(0.00	)(a)
Net asset value, end of period	$	7.64		$	7.96		$	7.04		$	4.89		$	5.16		$	6.00
Total Return (b)		(4.02	)%		13.07	%		45.36	%		(4.78	)%		(14.00	)%		(49.07	)%
Ratios to Average Net Assets:
Net investment loss		(1.08	)%		(0.84	)%		(1.02	)%		(0.83	)%		(0.67	)%		(0.48	)%
Total expenses		1.73	%		1.68	%		1.73	%		2.13	%		1.93	%		2.12	%
Expenses waived or reimbursed (c)		(0.03	)%		(0.03	)%		(0.02	)%		(0.08	)%		(0.05	)%		(0.06	)%
Net expenses (d)		1.70	%		1.65	%		1.71	%		2.05	%		1.88	%		2.06	%
Portfolio turnover rate		41	%		67	%(e)		181	%(e)		106	%(e)		99	%(e)		64	%
Net assets, end of period (in thousands)	$	91,486		$	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
	Six Months			Year Ended December 31,
	Ended
	June 30,
	2018
	(unaudited)			2017			2016			2015			2014			2013
Ratios to Average Net Assets:
Expense offset		(0.03	)%		(0.03	)%		(0.01	)%		–	(f)		–	(f)		–	(f)

(e) Excludes option transactions.

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

See accompanying notes to financial statements.

106

Financial Highlights

Emerging Europe Fund

For a capital share outstanding during the

	Investor Class
	Six Months			Year Ended December 31,
	Ended
	June 30,
	2018
	(unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	7.29		$	5.94		$	5.20		$	6.56		$	8.82		$	9.23
Investment Activities
Net investment income		0.08	*		0.08	*		0.07			0.04			0.06			0.19
Net realized and unrealized gain (loss)		(0.60	)		1.27			0.67			(1.40	)		(2.11	)		(0.46	)
Total from investment activities		(0.52	)		1.35			0.74			(1.36	)		(2.05	)		(0.27	)
Distributions
From net investment income		–			–			–			–			(0.21	)		(0.14	)
Short-Term Trading Fees*		–			0.00	(a)		0.00	(a)		0.00	(a)		0.00	(a)		0.00	(a)
Net asset value, end of period	$	6.77		$	7.29		$	5.94		$	5.20		$	6.56		$	8.82
Total Return (b)		(7.13	)%		22.73	%		14.23	%		(20.73	)%		(23.22	)%		(2.93	)%
Ratios to Average Net Assets:
Net investment income		2.09	%		1.26	%		1.19	%		0.63	%		0.23	%		1.59	%
Total expenses		2.37	%		2.32	%		2.31	%		2.60	%		2.28	%		2.13	%
Expenses waived or reimbursed (c)		(0.03	)%		(0.02	)%		–	(f)		–			–			–
Net expenses (d)		2.34	%		2.30	%		2.31	%		2.60	%		2.28	%		2.13	%
Portfolio turnover rate		46	%		97	%(e)		164	%(e)		137	%(e)		93	%(e)		74	%
Net assets, end of period (in thousands)	$	38,704		$	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) 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

Six Months

Year Ended December 31,

Ended

June 30,

2018

(unaudited)

2017

2016

2015

2014

2013

Ratios to Average Net Assets:

Expense offset

(0.03

)%

(0.02

)%

–

(f)

–

(f)

–

(f)

–

(f)

(e) Excludes option transactions.

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

See accompanying notes to financial statements.

107

Financial Highlights

China Region Fund

For a capital share outstanding during the

	Investor Class
	Six Months			Year Ended December 31,
	Ended
	June 30,
	2018
	(unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	11.53		$	7.32		$	7.41		$	8.20		$	8.28		$	7.61
Investment Activities
Net investment income (loss)		0.08	*		(0.06	)*		0.01			0.02			0.00	(a)		(0.01	)
Net realized and unrealized gain (loss)		(0.90	)		4.28			(0.09	)		(0.72	)		(0.08	)		0.70
Total from investment activities		(0.82	)		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 period	$	10.71		$	11.53		$	7.32		$	7.41		$	8.20		$	8.28
Total Return (b)		(7.11	)%		57.67	%		(1.05	)%		(8.60	)%		(0.97	)%		9.07	%
Ratios to Average Net Assets:
Net investment income (loss)		1.41	%		(0.60	)%		0.12	%		0.24	%		0.08	%		(0.12	)%
Total expenses		2.60	%		2.60	%		2.74	%		3.03	%		2.94	%		2.75	%
Expenses waived or reimbursed (c)		(0.03	)%		(0.09	)%		(0.38	)%		(0.51	)%		(0.43	)%		(0.37	)%
Net expenses (d)		2.57	%		2.51	%		2.36	%		2.52	%		2.51	%		2.38	%
Portfolio turnover rate		34	%		102	%(e)		165	%(e)		210	%(e)		235	%(e)		201	%
Net assets, end of period (in thousands)	$	21,593		$	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
	Six Months			Year Ended December 31,
	Ended
	June 30,
	2018
	(unaudited)			2017			2016			2015			2014			2013
Ratios to Average Net Assets:
Expense offset		(0.02	)%		(0.05	)%		(0.01	)%		–	(f)		–	(f)		–	(f)

(e) Excludes option transactions.

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

See accompanying notes to financial statements.

108

Additional Information (unaudited)

Proxy Voting

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

109

Expense Example (unaudited) June 30, 2018

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 (January 1, 2018 to June 30, 2018) 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.

110

Expense Example (unaudited) June 30, 2018

	Beginning		Ending		Expenses
	Account Value		Account Value		Paid During
	January 1, 2018		June 30, 2018		Period*
U.S. Government Securities Ultra-Short Bond Fund
Based on Actual Fund Return	$	1,000.00	$	1,004.97	$	2.24
Based on Hypothetical 5% Yearly Return	$	1,000.00	$	1,022.56	$	2.26
Near-Term Tax Free Fund
Based on Actual Fund Return	$	1,000.00	$	1,001.33	$	2.23
Based on Hypothetical 5% Yearly Return	$	1,000.00	$	1,022.56	$	2.26
All American Equity Fund
Based on Actual Fund Return	$	1,000.00	$	1,000.00	$	8.58
Based on Hypothetical 5% Yearly Return	$	1,000.00	$	1,016.22	$	8.65
Holmes Macro Trends Fund
Based on Actual Fund Return	$	1,000.00	$	1,000.01	$	8.78
Based on Hypothetical 5% Yearly Return	$	1,000.00	$	1,016.02	$	8.85
Global Resources Fund Investor Class
Based on Actual Fund Return	$	1,000.00	$	1,000.00	$	7.64
Based on Hypothetical 5% Yearly Return	$	1,000.00	$	1,017.16	$	7.70
Global Resources Fund Institutional Class
Based on Actual Fund Return	$	1,000.00	$	1,000.00	$	5.95
Based on Hypothetical 5% Yearly Return	$	1,000.00	$	1,018.84	$	6.01
World Precious Minerals Fund Investor Class
Based on Actual Fund Return	$	1,000.00	$	1,000.00	$	7.39
Based on Hypothetical 5% Yearly Return	$	1,000.00	$	1,017.41	$	7.45
World Precious Minerals Fund Institutional Class
Based on Actual Fund Return	$	1,000.00	$	1,000.00	$	3.72
Based on Hypothetical 5% Yearly Return	$	1,000.00	$	1,021.08	$	3.76
Gold and Precious Metals Fund
Based on Actual Fund Return	$	1,000.00	$	1,000.00	$	8.43
Based on Hypothetical 5% Yearly Return	$	1,000.00	$	1,016.36	$	8.50
Emerging Europe Fund
Based on Actual Fund Return	$	1,000.00	$	928.67	$	11.19
Based on Hypothetical 5% Yearly Return	$	1,000.00	$	1,013.19	$	11.68
China Region Fund
Based on Actual Fund Return	$	1,000.00	$	928.88	$	12.29
Based on Hypothetical 5% Yearly Return	$	1,000.00	$	1,012.05	$	12.82

* These calculations are based on expenses incurred in the most recent fiscal half-year. The Funds' Investor Class' annualized expense ratios (after reimbursements and offsets) for the six month period ended June 30, 2018, were 0.45%, 0.45%, 1.73%, 1.77%, 1.54%, 1.49%, 1.70%, 2.34% and 2.57%, respectively, for the U.S. Government Securities Ultra-Short Bond, Near-Term Tax Free, All American Equity, Holmes Macro Trends, Global Resources, World Precious Minerals, Gold and Precious Metals, Emerging Europe and China Region Funds. The funds' Institutional Class' annualized expense ratios (after reimbursements and offsets) for the six month period ended June 30, 2018, were 1.20% and 0.75%, respectively, for the Global Resources and World Precious Minerals Funds. The dollar amounts shown as "Expenses Paid" are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 181, the number of days in the period, then divided by 365 days in the current fiscal year.

111

Rev. 08/2016

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

Reasons we can share your personal information	Does U.S. Global Investors share?	Can you limit this sharing?
For our everyday business purposes — Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-US-FUNDS (1-800-873-8637) or go to www.usfunds.com

Who we are
Who is providing this notice?	U.S. Global Investors, Inc. and U.S. Global Investors Funds (collectively known as U.S. Global Investors)

What we do
How does U.S. Global Investors protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does U.S. Global Investors collect my personal information?	We collect your personal information, for example, when you ●open an account or provide account information ● make deposits or withdrawals from your account ● make a wire transfer ● tell us where to send the money We also collect your personal information from other companies
Why can’t I limit all sharing?	Federal law gives you the right to limit only ● sharing for affiliates’ everyday business purposes — information about your creditworthiness ● affiliates from using your information to market to you ● sharing for nonaffiliates to market to you  State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies.
	● Our affiliates include U.S. Global Investors, Inc. and U.S. Global Investors Funds.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies.
	● Nonaffiliates we share personal information with include companies that perform marketing on our behalf, printing and mailing companies, and companies that service your account(s).
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
	● U.S. Global Investors doesn’t jointly market.

 

Atlantic Fund Services

3 Canal Plaza, Suite 600

Portland, ME

04101

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

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a) Included as part of report to shareholders under Item 1.

(b) Not applicable.

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

MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

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

Not applicable.

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

Not applicable.

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

The Registrant does not accept nominees to the board of trustees from shareholders.

ITEM 11. CONTROLS AND PROCEDURES

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

 (b) There were no changes in the Registrant's internal control over financial reporting (as defined in

Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS.

(a)(1)  Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) of the Act, and Section 302 of the Sarbanes-Oxley Act of 2002. (Exhibits filed herewith)

(a)(3)  Not applicable.

(b)      Certifications pursuant to Rule 30a-2(b) of the Act, and Section 906 of the Sarbanes-Oxley Act of 2002. (Exhibit filed herewith)

SIGNATURES

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

RegistrantU.S. Global Investors Funds

By   /s/ Jessica Chase                                                         

Jessica Chase, Principal Executive Officer

Date    August 28, 2018                                                          

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

By/s/ Jessica Chase                                                           

Jessica Chase, Principal Executive Officer

DateAugust 28, 2018                                                             

By/s/ Karen Shaw                                                              

Karen Shaw, Principal Financial Officer

DateAugust 28, 2018