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

As filed with the Securities and Exchange Commission on August 31, 2020

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, 2020 – June 30, 2020

ITEM 1. REPORT TO STOCKHOLDERS.

U.S.

Global

Investors

Funds

Semi-Annual

Report

June

30,

2020

(Unaudited)

Beginning

on

January

2021,

as

permitted

by

regulations

adopted

by

the

Securities

and

Exchange

Commission,

paper

copies

of

the

Funds’

shareholder

reports

will

no

longer

be

sent

by

mail,

unless

you

specifically

request

paper

copies

of

the

reports

from

the

Fund

or

from

your

financial

intermediary,

such

as

a

broker-dealer

or

bank.

Instead,

the

reports

will

be

made

available

on

a

website,

and

you

will

be

notified

by

mail

each

time

a

report

is

posted

and

provided

with

a

website

link

to

access

the

report.

If

you

already

elected

to

receive

shareholder

reports

electronically,

you

will

not

be

affected

by

this

change

and

you

need

not

take

any

action.

You

may

elect

to

receive

shareholder

reports

and

other

communications

from

the

Fund

or

your

financial

intermediary

electronically

by

contacting

the

Fund

at

(800)

873-8637,

or

by

contacting

your

financial

intermediary

directly.

You

may

elect

to

receive

all

future

reports

in

paper

free

of

charge.

You

can

inform

the

Fund

or

your

financial

intermediary

that

you

wish

to

continue

receiving

paper

copies

of

your

shareholder

reports

by

contacting

the

Fund

at

(800)

873-8637,

or

by

contacting

your

financial

intermediary

directly.

Your

election

to

receive

reports

in

paper

will

apply

to

all

Funds

held

with

U.S.

Global

Investors

Funds.

U.S.

Global

Investors

Funds

Semi-Annual

Report

June

30,

2020

Table

of

Contents

(unaudited)

Letter

to

Shareholders

1

Portfolios

of

Investments

2

Notes

to

Portfolios

of

Investments

42

Statements

of

Assets

and

Liabilities

58

Statements

of

Operations

62

Statements

of

Changes

in

Net

Assets

66

Notes

to

Financial

Statements

72

Financial

Highlights

86

Additional

Information

95

Expense

Example

96

Privacy

Policy

98

Apex

Fund

Services

3

Canal

Plaza,

Suite

600

Portland,

ME

04101

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

Global

Luxury

Goods

Fund

(formerly

known

as

Holmes

Macro

Trends

Fund)

USLUX

Global

Resources

Fund

PSPFX

World

Precious

Minerals

Fund

UNWPX

Gold

and

Precious

Metals

Fund

USERX

Emerging

Europe

Fund

EUROX

China

Region

Fund

USCOX

1

U.S.

Global

Investors

Funds

(unaudited)

Dear

Fellow

Shareholder,

Did

you

know?

The

best

way

to

receive

timely

updates

on

the

events

that

impact

your

investments—including

the

economic

impact

of

COVID-19,

central

bank

policy,

upcoming

elections

and

more—is

to

subscribe

to

our

FREE

newsletter,

the

Investor

Alert

.

With

a

balanced

analysis

of

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

Investment

Management

Education

Alliance

(IMEA)—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:

My

CEO

blog,

Frank

Talk,

where

I

comment

on

current

market

topics

Frank

Talk

Live

,

my

regular

video

roundup

of

gold,

oil,

Bitcoin,

emerging

markets

and

other

asset

classes

Quarterly

fund

commentaries,

straight

from

the

portfolio

managers

themselves

Up-to-date

fund

performance,

including

quarterly

performance

charts

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

(1-800-873-8637).

Read

it

carefully

before

investing.

Foreside

Fund

Services,

LLC,

Distributor.

U.S.

Global

Investors

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.

Mutual

Fund

investing

involves

risk.

Principal

loss

is

possible.

The

focus

of

the

IMEA’s

prestigious

STAR

Awards

program

is

advisor

and

investor

education.

For

over

20

years,

the

STAR

program

has

honored

outstanding

marketing

and

communications,

with

an

emphasis

on

the

educational

value

of

entries.

Portfolio

of

Investments

(unaudited)

2

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

U.S.

Government

Securities

Ultra-Short

Bond

Fund

United

States

Government

and

Agency

Obligations

73.37%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Federal

Farm

Credit

Bank

35.47%

Fixed

Rates:

0.58

04/22/22

$

2,650,000

$

2,650,239

0.34

12/02/22

7,000,000

6,997,985

Floating

Rates:

(Federal

Reserve

Bank

Prime

Loan

+

(2.96)%)

0.29

07/09/20

5,000,000

4,999,695

14,647,919

Federal

Home

Loan

Bank

6.42%

Fixed

Rates:

0.60

07/27/22

2,650,000

2,650,616

Federal

Home

Loan

Mortgage

Corp.

7.26%

Fixed

Rates:

0.38

12/01/22

3,000,000

3,000,375

U.S.

Treasury

Bill

19.36%

◊

Yield

to

Maturity:

0.16

09/24/20

8,000,000

7,997,733

U.S.

Treasury

Note

4.86%

Fixed

Rates:

2.63

08/15/20

2,000,000

2,006,065

Total

United

States

Government

and

Agency

Obligations

30,302,708

(cost

$30,293,820)

Exchange

Traded

Fund

4.88%

Shares

Value

Vanguard

Short-Term

Treasury

ETF

32,400

2,015,280

(cost

$1,976,231)

Investments,

at

value

78.25%

32,317,988

(cost

$32,270,051

)

Other

assets

and

liabilities,

net

21.75%

8,982,292

Net

Assets

100.00%

$

41,300,280

Portfolio

Allocation

by

Issuer

Based

on

Total

Investments

June

30,

2020

Federal

Farm

Credit

Bank

45.4%

U.S.

Treasury

Bill

24.7%

Federal

Home

Loan

Mortgage

Corp.

9.3%

Federal

Home

Loan

Bank

8.2%

U.S.

Treasury

Note

6.2%

Vanguard

Short-Term

Treasury

ETF

6.2%

Total

100.0%

Portfolio

of

Investments

(unaudited)

3

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

U.S.

Government

Securities

Ultra-Short

Bond

Fund

Portfolio

Allocation

by

Maturity

June

30,

2020

Less

than

1

Month

$

7,014,975

21.7%

1-3

Months

10,003,798

31.0%

1-3

Years

15,299,215

47.3%

$

32,317,988

100.0%

Portfolio

of

Investments

(unaudited)

4

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

Near-Term

Tax

Free

Fund

Municipal

Bonds

76.46%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Alabama

0.24%

City

of

Bessemer

Electric

Revenue,

Alabama,

Refunding,

RB

AGM

3.10

12/01/21

$

100,000

$

100,994

California

0.62%

Lemon

Grove

School

District,

California,

Refunding,

GO

Unlimited

4.00

08/01/33

220,000

258,111

Colorado

2.93%

City

&

County

of

Denver

Airport

System

Revenue,

Colorado,

RB,

Series B

5.00

11/15/27

300,000

327,078

City

of

Glendale,

Colorado,

Refunding,

COP

AGM

5.00

12/01/25

750,000

887,153

1,214,231

Connecticut

2.58%

State

of

Connecticut,

Connecticut,

Refunding,

GO

Unlimited

5.00

02/15/21

800,000

822,384

State

of

Connecticut,

Connecticut,

Refunding,

GO

Unlimited

5.00

05/15/27

200,000

243,582

1,065,966

District

of

Columbia

2.14%

Washington

Metropolitan

Area

Transit

Authority,

District

of

Columbia,

Refunding,

RB

5.00

07/01/34

725,000

886,827

Florida

6.88%

City

of

Jacksonville,

Florida,

Refunding,

RB,

Series C

5.00

10/01/20

270,000

273,159

City

of

Leesburg,

Florida,

Refunding,

RB

5.00

10/01/21

405,000

428,207

City

of

Miramar,

Florida,

Refunding,

RB

5.00

10/01/22

305,000

336,403

County

of

St.

Johns,

Florida,

Refunding,

RB

AGM

5.00

10/01/20

310,000

313,636

Orlando

Utilities

Commission,

Florida,

RB 

‡

0.15

10/01/33

870,000

870,000

State

of

Florida,

Florida,

Refunding,

GO

Unlimited

5.00

06/01/28

500,000

627,025

2,848,430

Idaho

0.57%

Idaho

Housing

&

Finance

Association,

Grant

&

Revenue

Anticipation,

Federal

Highway

Trust

Fund,

Idaho,

RB,

Series A

5.00

07/15/21

225,000

235,186

Portfolio

of

Investments

(unaudited)

5

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Illinois

4.26%

County

of

Du

Page,

Jail

Project,

Illinois,

Refunding,

GO

Unlimited

5.60

01/01/21

$

75,000

$

76,958

Du

Page

County

School

District

No.

33

West

Chicago,

Illinois,

Refunding,

GO

Unlimited,

Series B

4.00

12/01/21

1,000,000

1,050,560

Illinois

State

Toll

Highway

Authority,

Illinois,

RB

5.00

01/01/32

505,000

599,041

Regional

Transportation

Authority,

Illinois,

RB,

Series A,

AMBAC

7.20

11/01/20

35,000

35,722

1,762,281

Indiana

2.24%

City

of

Indianapolis

Department

of

Public

Utilities

Gas

Utility

Revenue,

Indiana,

Refunding,

RB

AGC

5.25

06/01/21

550,000

574,981

Merrillville

Redevelopment

Authority,

Indiana,

Tax

Allocation

Bond

5.00

08/15/20

350,000

351,834

926,815

Kentucky

1.28%

Louisville

and

Jefferson

County

Metropolitan

Sewer

District,

Kentucky,

RB,

Series A

5.00

05/15/23

500,000

531,840

Louisiana

3.29%

Louisiana

Housing

Corp.,

Louisiana,

RB

FHLMC

2.15

12/01/24

460,000

483,860

State

of

Louisiana,

Louisiana,

Prefunding,

GO

Unlimited,

Series A

5.00

08/01/26

800,000

878,280

1,362,140

Maryland

0.67%

City

of

Baltimore

MD,

Maryland,

RB

5.00

07/01/33

215,000

277,765

Massachusetts

0.78%

Massachusetts

Housing

Finance

Agency,

Massachusetts,

Refunding,

RB

2.15

12/01/21

315,000

320,941

Michigan

1.84%

Oxford

Area

Community

School

District,

Michigan,

Refunding,

GO

Unlimited,

Series A

Q-SBLF

5.00

05/01/22

365,000

396,222

Walled

Lake

Consolidated

School

District,

Michigan,

Refunding,

GO

Unlimited

Q-SBLF

5.00

05/01/21

350,000

363,426

759,648

Portfolio

of

Investments

(unaudited)

6

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Missouri

0.66%

City

of

Kansas

City

Water

Revenue,

Missouri,

RB,

Series F

AGM

4.00

12/01/22

$

250,000

$

271,725

New

Jersey

1.26%

Middlesex

County

Improvement

Authority,

New

Jersey,

RB

5.00

07/01/25

425,000

520,379

New

York

7.66%

City

of

New

York,

New

York,

GO

Unlimited,

Series E

5.25

08/01/22

875,000

961,564

City

of

New

York,

New

York,

GO

Unlimited,

Series I

5.00

08/01/22

1,000,000

1,093,760

City

of

New

York

NY,

New

York,

GO

Unlimited

5.00

12/01/34

250,000

314,462

Long

Island

Power

Authority,

New

York,

RB,

Series B

5.00

09/01/21

465,000

488,580

Metropolitan

Transportation

Authority,

New

York,

RB

4.00

11/15/34

100,000

111,637

New

York

City

Water

&

Sewer

System,

New

York,

RB 

‡

0.11

06/15/38

200,000

200,000

3,170,003

North

Carolina

2.95%

City

of

Charlotte,

Equipment

Acquisition

&

Public

Facilities,

North

Carolina,

COP,

Series A

5.00

10/01/21

1,000,000

1,011,750

County

of

Beaufort,

North

Carolina,

RB

5.00

06/01/21

200,000

208,478

1,220,228

Ohio

0.35%

City

of

Cleveland

Parking

Facility

Revenue,

Ohio,

Refunding,

RB

AGM

5.25

09/15/22

130,000

143,874

Pennsylvania

0.79%

Township

of

Penn

PA,

Pennsylvania,

GO

Unlimited

BAM

1.85

05/15/21

325,000

325,305

South

Carolina

1.41%

Aiken

County

Consolidated

School

District/SC,

South

Carolina,

GO

Unlimited

4.00

04/01/34

400,000

485,540

City

of

Columbia

SC

Waterworks

&

Sewer

System

Revenue,

South

Carolina,

RB 

‡

0.12

02/01/38

100,000

100,000

585,540

Portfolio

of

Investments

(unaudited)

7

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Texas

23.34%

Aldine

Independent

School

District,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

5.00

02/15/28

$

750,000

$

917,108

Bryan

Independent

School

District,

Texas,

GO

Unlimited,

Series A

PSF-GTD

5.00

02/15/22

410,000

441,595

City

of

Austin

TX,

Texas,

Refunding,

RB 

‡

0.13

11/15/29

800,000

800,000

City

of

Buda

TX,

Texas,

Refunding,

GO

Limited

4.00

02/15/29

135,000

164,642

City

of

Cedar

Hill,

Texas,

Refunding,

GO

Limited

5.00

02/15/22

800,000

859,344

City

of

Longview

Waterworks

&

Sewer

System

Revenue,

Texas,

Refunding,

RB

3.00

03/01/22

610,000

636,169

City

of

Pharr,

Texas,

Refunding,

GO

Limited,

Series A

5.00

08/15/20

285,000

286,579

City

of

Round

Rock

TX,

Texas,

GO

Limited

4.00

08/15/33

175,000

209,193

City

of

Texarkana

Waterworks

&

Sanitary

Sewer

System

Revenue,

Texas,

RB

3.00

08/01/20

95,000

95,202

Dimmitt

Independent

School

District,

Texas,

GO

Unlimited

PSF-GTD

3.00

02/15/22

305,000

317,889

Eagle

Mountain

&

Saginaw

Independent

School

District,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

4.00

08/15/32

450,000

527,022

Ector

County

Independent

School

District,

Texas,

GO

Unlimited

PSF-GTD

5.00

08/15/29

400,000

451,600

Harlandale

Independent

School

District,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

4.00

02/15/28

300,000

349,599

Harris

County

Municipal

Utility

District

No.

382,

Texas,

Refunding,

GO

Unlimited

BAM

3.00

04/01/22

305,000

310,011

Lower

Colorado

River

Authority,

LCRA

Transmission

Services

Corp.,

Texas,

Refunding,

RB,

Series A

5.00

05/15/21

500,000

519,805

Lubbock-Cooper

Independent

School

District,

Texas,

GO

Unlimited

PSF-GTD

3.00

02/15/22

755,000

786,906

Olmos

Park

Higher

Education

Facilities

Corp.,

University

of

the

Incarnate

Word,

Texas,

Refunding,

RB

5.00

12/01/21

500,000

519,090

San

Antonio

Water

System,

Texas,

Refunding,

RB

4.50

05/15/21

400,000

414,824

State

of

Texas,

Texas,

Refunding,

GO

Unlimited

5.00

10/01/20

550,000

556,578

Texas

City

Independent

School

District/TX,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

5.00

08/15/28

410,000

496,465

9,659,621

Utah

0.50%

Intermountain

Power

Agency,

Utah,

Refunding,

RB

5.00

07/01/20

205,000

205,000

Portfolio

of

Investments

(unaudited)

8

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

Near-Term

Tax

Free

Fund

*Credit

quality

ratings

are

measured

on

a

scale

that

generally

ranges

from

AAA

(highest)

to

D

(lowest).

“Not

Rated”

is

used

to

classify

securities

for

which

a

rating

is

not

available.

Credit

quality

ratings

for

each

issue

are

obtained

from

Moody’s

and

S&P

Global

Ratings,

and

the

higher

rating

for

each

issue

is

used.

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Washington

6.40%

County

of

Thurston,

Washington,

Refunding,

GO

Limited

5.00

12/01/20

$

1,625,000

$

1,657,175

Spokane

Public

Facilities

District,

Washington,

Refunding,

RB,

Series B

5.00

12/01/21

950,000

991,695

2,648,870

Wisconsin

0.82%

Sun

Prairie

Area

School

District/WI,

Wisconsin,

GO

Unlimited

4.00

03/01/31

300,000

339,750

Total

Municipal

Bonds

31,641,470

(cost

$30,968,608)

Exchange

Traded

Funds

10.97%

Shares

VanEck

Vectors

AMT-Free

Intermediate

Municipal

Index

ETF

30,000

1,528,200

VanEck

Vectors

AMT-Free

Long

Municipal

Index

ETF

70,000

1,480,500

VanEck

Vectors

AMT-Free

Short

Municipal

Index

ETF

85,000

1,530,850

Total

Exchange

Traded

Funds

4,539,550

(cost

$4,525,930)

Investments,

at

value

87.43%

36,181,020

(cost

$35,494,538

)

Other

assets

and

liabilities,

net

12.57%

5,202,281

Net

Assets

100.00%

$

41,383,301

Municipal

Bond

Ratings*

Based

on

Total

Municipal

Bonds

Bond

Percentage

AAA

20.6%

AA

56.8%

A

16.3%

BBB

4.9%

Below

B

0.8%

Not

Rated

0.6%

Total

100.0%

Portfolio

of

Investments

(unaudited)

9

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

All

American

Equity

Fund

Common

Stocks

75.60%

Shares

Value

Applications

Software

2.25%

Microsoft

Corp.

1,300

$

264,563

Building

-

Residential/Commercial

3.27%

DR

Horton,

Inc.

6,931

384,324

Coatings/Paint

2.75%

The

Sherwin-Williams

Co.

559

323,018

Commercial

Service

-

Finance

4.02%

Automatic

Data

Processing,

Inc.

1,950

290,336

MarketAxess

Holdings,

Inc.

200

100,184

Moody's

Corp.

300

82,419

472,939

Computers

1.17%

HP,

Inc.

7,883

137,401

Consumer

Products

-

Miscellaneous

1.68%

The

Clorox

Co.

900

197,433

Cosmetics

&

Toiletries

4.07%

The

Estee

Lauder

Cos.,

Inc.

1,584

298,869

The

Procter

&

Gamble

Co.

1,500

179,355

478,224

Decision

Support

Software

0.57%

MSCI,

Inc.

200

66,764

E-Commerce/Products

5.16%

Amazon.com,

Inc. 

*

220

606,940

Electric

-

Integrated

2.20%

Alliant

Energy

Corp.

5,408

258,719

Electronic

Components

-

Semiconductors

3.42%

Broadcom,

Inc.

1,276

402,718

Enterprise

Software/Services

3.18%

Oracle

Corp.

6,761

373,681

E-Services/Consulting

2.31%

CDW

Corp.

2,341

271,977

Finance

-

Credit

Card

2.55%

Visa,

Inc.,

Class A

1,555

300,379

Finance

-

Investment

Banker/Broker

2.44%

The

Charles

Schwab

Corp.

8,500

286,790

Portfolio

of

Investments

(unaudited)

10

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

All

American

Equity

Fund

Common

Stocks (cont’d)

Shares

Value

Finance

-

Other

Services

2.58%

Cboe

Global

Markets,

Inc.

600

$

55,968

Intercontinental

Exchange,

Inc.

1,260

115,416

NASDAQ,

Inc.

1,100

131,417

302,801

Gold

Mining

6.54%

Alacer

Gold

Corp. 

*

10,000

68,724

B2Gold

Corp.

11,000

62,590

Barrick

Gold

Corp.

4,600

123,924

DRDGOLD,

Ltd.,

ADR

6,000

94,740

Franco-Nevada

Corp.

900

125,676

Kirkland

Lake

Gold,

Ltd.

1,300

53,612

Newmont

Corp.

900

55,566

Royal

Gold,

Inc.

1,000

124,320

Sibanye

Stillwater,

Ltd.,

ADR 

*

7,000

60,550

769,702

Medical

-

Drugs

2.68%

Merck

&

Co.,

Inc.

4,083

315,738

Medical

-

HMO

3.56%

UnitedHealth

Group,

Inc.

1,421

419,124

Medical

-

Hospitals

1.01%

Universal

Health

Services,

Inc.,

Class B

1,278

118,714

Precious

Metals

1.09%

Wheaton

Precious

Metals

Corp.

2,900

127,745

REITS

-

Diversified

3.30%

American

Tower

Corp.

REIT

1,502

388,327

Retail

-

Building

Products

5.12%

The

Home

Depot,

Inc.

2,406

602,727

Retail

-

Discount

5.24%

Costco

Wholesale

Corp.

2,034

616,729

Shipbuilding

1.77%

Huntington

Ingalls

Industries,

Inc.

1,195

208,516

Silver

Mining

1.67%

Hochschild

Mining

PLC

48,000

115,504

Silvercorp

Metals,

Inc.

15,000

80,550

196,054

Total

Common

Stocks

(cost

$8,630,496)

8,892,047

Portfolio

of

Investments

(unaudited)

11

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

All

American

Equity

Fund

*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.

Corporate

Non-Convertible

Note

1.91%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Gold

Mining

1.91%

Gran

Colombia

Gold

Corp.

8.25

04/30/24

$

199,364

$

225,281

(cost

$202,831)

Exchange

Traded

Funds

3.94%

Shares

Direxion

Daily

S&P

500

Bear

3X

Shares

ETF

52,208

407,745

Invesco

QQQ

Trust

ETF

100

24,760

SPDR

S&P

500

ETF

Trust

100

30,836

Total

Exchange

Traded

Funds

463,341

(cost

$467,515)

Investments,

at

value

81.45%

9,580,669

(cost

$9,300,842

)

Other

assets

and

liabilities,

net

18.55%

2,181,419

Net

Assets

100.00%

$

11,762,088

Portfolio

Allocation

by

Industry

Sector*

Based

on

Total

Investments

June

30,

2020

Consumer

Discretionary

19.8%

Materials

19.4%

Information

Technology

13.0%

Financials

9.3%

Communication

Services

9.2%

Consumer

Staples

8.9%

Health

Care

8.9%

Exchange

Traded

Funds

4.8%

Real

Estate

4.0%

Other

2.7%

Total

100.0%

Portfolio

of

Investments

(unaudited)

12

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

Global

Luxury

Goods

Fund

Common

Stocks

63.60%

Shares

Value

Apparel

Manufacturers

6.49%

Brunello

Cucinelli

SpA

*

9,500

$

282,201

Christian

Dior

SE

1,700

717,377

Kering

SA,

ADR

10,500

571,081

PRADA

SpA

80,000

277,659

1,848,318

Athletic

Footwear

2.53%

NIKE,

Inc.,

Class B

7,340

719,687

Automotive

-

Cars

&

Light

Trucks

7.02%

Daimler

AG,

ADR 

*

19,500

197,908

Ferrari

NV

2,000

342,020

Tesla,

Inc. 

*

830

896,242

Volkswagen

AG,

ADR 

*

35,000

563,318

1,999,488

Beverages

-

Wine/Spirits

2.63%

Diageo

PLC,

ADR

4,100

550,999

Pernod

Ricard

SA,

ADR

6,300

198,195

749,194

Commercial

Services

-

Finance

2.88%

S&P

Global,

Inc.

2,489

820,076

Computers

2.56%

Apple,

Inc.

2,000

729,600

Cosmetics

&

Toiletries

2.57%

L'Occitane

International

SA

16,000

26,796

L'Oreal

SA,

ADR

11,000

705,947

732,743

Decision

Support

Software

4.97%

MSCI,

Inc.

4,234

1,413,394

Diversified

Banking

Institution

0.70%

UBS

Group

AG

17,200

198,488

E-Commerce/Products

2.52%

Amazon.com,

Inc. 

*

260

717,293

Energy

-

Alternate

Sources

0.00%

Pacific

Green

Energy

Corp. 

#*@

100,000

0

Finance

-

Consumer

Loans

1.53%

Enova

International,

Inc. 

*

29,361

436,598

Portfolio

of

Investments

(unaudited)

13

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

Global

Luxury

Goods

Fund

Common

Stocks (cont’d)

Shares

Value

Finance

-

Mortgage

Loan/Banker

0.07%

Lendified

Holdings,

Inc. 

*

1,116,560

$

20,561

Footwear

&

Related

Apparel

0.98%

Tod's

SpA

*

9,400

278,597

Gold

Mining

3.43%

B2Gold

Corp.

27,000

153,630

Barrick

Gold

Corp.

5,000

134,700

Franco-Nevada

Corp.

1,000

139,640

Kirkland

Lake

Gold,

Ltd.

3,400

140,216

Newmont

Corp.

2,000

123,480

Royal

Gold,

Inc.

1,100

136,752

Sibanye

Stillwater,

Ltd.,

ADR 

*

17,000

147,050

975,468

Information

Technology

0.21%

Abaxx

Technologies,

Inc.,

144A 

#*@∆

200,000

58,780

Internet

Content

-

Entertainment

0.88%

Facebook,

Inc.,

Class A 

*

1,100

249,777

Investment

Management/Advisory

Services

3.64%

Eaton

Vance

Corp.

26,814

1,035,020

Medical

-

Hospitals

0.00%

African

Medical

Investments

PLC 

#*@

1,000,000

0

Metal

-

Diversified

1.00%

Ivanhoe

Mines,

Ltd. 

*

100,000

283,589

Oil

Companies

-

Exploration

&

Production

0.04%

CruzSur

Energy

Corp.,

144A 

#*∆

50,000

10,957

Precious

Metals

0.53%

Wheaton

Precious

Metals

Corp.

3,400

149,770

Private

Equity

2.48%

KKR

&

Co.,

Inc.

11,000

339,680

The

Blackstone

Group,

Inc.,

Class A

540

30,596

The

Carlyle

Group,

Inc.

12,000

334,800

705,076

Real

Estate

Operating/Development

0.06%

Infrastructure

Ventures,

Inc. 

#*@+

426,533

16,208

Retail

-

Building

Products

6.04%

The

Home

Depot,

Inc.

6,867

1,720,252

Portfolio

of

Investments

(unaudited)

14

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

Global

Luxury

Goods

Fund

Common

Stocks (cont’d)

Shares

Value

Retail

-

Discount

2.50%

Costco

Wholesale

Corp.

2,350

$

712,544

Silver

Mining

1.42%

Hochschild

Mining

PLC

85,000

204,538

Silvercorp

Metals,

Inc.

37,000

198,690

403,228

Textile

-

Apparel

2.93%

LVMH

Moet

Hennessy

Louis

Vuitton

SE,

ADR

9,500

833,324

Web

Portals/ISP

0.99%

Alphabet,

Inc.,

Class C 

*

200

282,722

Total

Common

Stocks

18,100,752

(cost

$18,129,008)

Corporate

Non-Convertible

Note

1.76%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

1.76%

Gran

Colombia

Gold

Corp.

8.25

04/30/24

$

444,460

502,240

(cost

$445,432)

Exchange

Traded

Funds

4.20%

Shares

Direxion

Daily

S&P

500

Bear

3X

Shares

ETF

131,556

1,027,453

Invesco

QQQ

Trust

ETF

300

74,280

SPDR

S&P

500

ETF

Trust

300

92,508

Total

Exchange

Traded

Funds

1,194,241

(cost

$1,202,023)

Warrants

0.00%

Exercise

Price

Exp.

Date

Finance

-

Mortgage

Loan/Banker

0.00%

Lendified

Holdings,

Inc.,

144A 

#*@∆

$

0.38

04/08/22

558,280

0

Information

Technology

0.00%

Abaxx

Technologies,

Inc.,

144A 

#*@∆

2.00

12/31/20

100,000

0

Portfolio

of

Investments

(unaudited)

15

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

Global

Luxury

Goods

Fund

*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.

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Oil

Companies

-

Exploration

&

Production

0.00%

CruzSur

Energy

Corp.,

144A 

#*∆

$

10.50

07/31/22

50,000

$

368

Total

Warrants

368

(cost

$0

)

Gold

Mining

0.00%

Investments,

at

value

69.56%

19,797,601

(cost

$19,776,463

)

Other

assets

and

liabilities,

net

30.44%

8,662,160

Net

Assets

100.00%

$

28,459,761

Portfolio

Allocation

by

Industry

Sector*

Based

on

Total

Investments

June

30,

2020

Consumer

Discretionary

41.0%

Financials

16.3%

Information

Technology

11.1%

Materials

10.7%

Consumer

Staples

7.5%

Communication

Services

6.3%

Exchange

Traded

Funds

6.0%

Other

1.1%

Total

100.0%

Portfolio

of

Investments

(unaudited)

16

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

Global

Resources

Fund

Common

Stocks

87.90%

Shares

Value

Agricultural

Chemicals

1.86%

CF

Industries

Holdings,

Inc.

10,000

$

281,400

Nutrien

,

Ltd.

10,000

321,302

The

Mosaic

Co.

20,000

250,200

852,902

Building

&

Construction

Products

-

Miscellaneous

0.56%

Louisiana-Pacific

Corp.

10,000

256,500

Building

Products

-

Wood

0.50%

Norbord,

Inc.

10,000

228,270

Coal

0.00%

Caribbean

Resources

Corp. 

#*@~

17

0

Walter

Energy,

Inc.,

144A 

#*@∆

4,293

0

0

Containers

-

Metal/Glass

0.53%

Ball

Corp.

3,500

243,215

Containers

-

Paper/Plastic

0.77%

Orora

,

Ltd.

200,000

353,614

Diamonds/Precious

Stones

0.40%

Barksdale

Resources

Corp. 

*

750,000

182,307

Rockwell

Diamonds,

Inc.,

144A 

#*@∆

63,333

0

182,307

Diversified

Minerals

6.69%

BHP

Group,

Ltd.,

ADR

10,000

497,300

Desert

Mountain

Energy

Corp. 

*

350,000

116,014

Encanto

Potash

Corp. 

*

300,000

5,524

Lumina

Gold

Corp. 

*

510,000

345,610

Lundin

Mining

Corp.

125,000

670,300

Mako

Mining

Corp. 

*

1,250,000

437,353

Niocan

,

Inc.,

144A 

#*∆

362,069

44,005

Salazar

Resources,

Ltd. 

*

3,000,000

508,250

Sun

Metals

Corp. 

*

1,500,000

182,307

VR

Resources,

Ltd. 

*

1,175,000

263,977

3,070,640

Electric

-

Integrated

1.77%

AGL

Energy,

Ltd.

40,000

473,207

Cia

Paranaense

de

Energia

,

ADR 

*

30,000

340,800

814,007

Portfolio

of

Investments

(unaudited)

17

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Energy

-

Alternate

Sources

5.77%

Canadian

Solar,

Inc. 

*

35,000

$

674,450

Pacific

Green

Energy

Corp. 

#*@~

2,400,000

0

Plug

Power,

Inc. 

*

40,000

328,400

Siemens

Gamesa

Renewable

Energy

SA 

*

35,000

623,173

Vestas

Wind

Systems

A/S

10,000

1,024,028

2,650,051

Finance

-

Investment

Banker/Broker

0.84%

GoldMoney

,

Inc.

200,000

384,502

Food

-

Miscellaneous/Diversified

1.27%

Ingredion,

Inc.

7,000

581,000

Forestry

0.46%

Interfor

Corp. 

*

25,000

210,666

Gold

Mining

18.36%

AngloGold

Ashanti,

Ltd.,

ADR

50,000

1,474,500

Centerra

Gold,

Inc.

25,000

278,985

Chalice

Gold

Mines,

Ltd. 

*

250,000

173,924

CopperBank

Resources

Corp. 

*

13,200,000

486,152

Corona

Minerals,

Ltd. 

#*@

5,000

0

Dundee

Precious

Metals,

Inc.

115,000

757,292

Josemaria

Resources,

Inc. 

*

300,000

156,894

Kirkland

Lake

Gold,

Ltd.

10,000

412,400

Lundin

Gold,

Inc. 

*

100,000

938,421

Maverix

Metals,

Inc.

70,000

310,800

Red

Pine

Exploration,

Inc. 

*

1,500,000

44,196

Revival

Gold,

Inc. 

*

1,000,000

773,424

Royal

Gold,

Inc.

3,000

372,960

Royal

Road

Minerals,

Ltd. 

*

5,750,000

1,080,031

Sandstorm

Gold,

Ltd. 

*

90,000

865,800

Western

Atlas

Resources,

Inc. 

*

3,000,000

298,321

8,424,100

Independent

Power

Producer

1.90%

Atlantica

Sustainable

Infrastructure

PLC

30,000

873,000

Information

Technology

0.80%

Abaxx

Technologies,

Inc.,

144A 

#*@∆

1,250,000

367,376

Invest

Company

-

Resources

0.44%

Uranium

Participation

Corp. 

*

60,000

202,416

Medical

-

Hospitals

0.00%

African

Medical

Investments

PLC 

#*@

2,507,500

0

Portfolio

of

Investments

(unaudited)

18

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Metal

-

Diversified

9.68%

Anglo

American

PLC

35,000

$

806,863

Ascendant

Resources,

Inc. 

*

300,000

27,622

Chakana

Copper

Corp. 

*

1,250,000

193,356

Filo

Mining

Corp. 

*

200,000

288,745

Filo

Mining

Corp. 

*

115,250

167,787

First

Cobalt

Corp. 

*

2,000,000

198,880

Galway

Metals,

Inc. 

*

450,000

291,691

GoviEx

Uranium,

Inc.,

144A 

#*∆

58,000

6,408

Ivanhoe

Mines,

Ltd. 

*

550,000

1,559,738

Luminex

Res

Corp. 

*

120,615

86,179

MMC

Norilsk

Nickel

PJSC,

ADR

22,500

588,118

Orsu

Metals

Corp.,

144A 

#*∆

14,761

3,045

Troilus

Gold

Corp.,

144A 

#*∆

294,000

223,055

4,441,487

Metal

-

Iron

4.98%

Champion

Iron,

Ltd. 

*

500,000

975,987

Consolidated

Growth

Holdings,

Ltd. 

#*@

19,859,173

0

Fortescue

Metals

Group,

Ltd.

110,000

1,069,385

Novolipetsk

Steel

PJSC,

GDR

12,000

238,845

WAI

Capital

Investment

Corp.,

144A 

#*@∆

292,500

0

2,284,217

Mining

Services

1.74%

Cordoba

Minerals

Corp. 

*

1,000,000

55,245

Defense

Metals

Corp. 

*

1,500,000

171,258

Talon

Metals

Corp. 

*

5,000,000

570,860

797,363

Natural

Resource

Technology

0.26%

I-Pulse,

Inc.,

144A 

#*@+∆

15,971

120,741

Non-Ferrous

Metals

0.07%

InZinc

Mining,

Ltd. 

*

2,000,000

33,147

Sterling

Group

Ventures,

Inc.,

144A 

#*@∆

500,000

0

33,147

Oil

-

Field

Services

1.05%

Halliburton

Co.

20,000

259,600

Schlumberger,

Ltd.

12,000

220,680

480,280

Oil

Companies

-

Exploration

&

Production

4.07%

Africa

Energy

Corp. 

*

2,000,000

449,322

CNOOC,

Ltd.

400,000

448,931

CNOOC,

Ltd.,

ADR

4,000

451,360

ConocoPhillips

10,000

420,200

Portfolio

of

Investments

(unaudited)

19

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Oil

Companies

-

Exploration

&

Production

(cont’d)

CruzSur

Energy

Corp.,

144A 

#*∆

200,000

$

43,827

Range

Energy

Resources,

Inc.,

144A 

#*∆

15,000,000

55,245

1,868,885

Oil

Companies

-

Integrated

6.77%

LUKOIL

PJSC,

ADR

16,100

1,196,780

Petroleo

Brasileiro

SA,

ADR 

*

25,000

206,750

Surgutneftegas

PJSC,

ADR

175,000

935,375

TOTAL

SA,

ADR

20,000

769,200

3,108,105

Oil

Companies

-

US

Royalty

Trusts

0.01%

San

Juan

Basin

Royalty

Trust

2,000

4,560

Oil

Refining

&

Marketing

1.98%

Phillips

66

6,500

467,350

Valero

Energy

Corp.

7,500

441,150

908,500

Paper

&

Related

Products

3.31%

Canfor

Pulp

Products,

Inc.

45,000

178,992

International

Paper

Co.

6,500

228,865

Mondi

PLC

25,000

467,625

Resolute

Forest

Products,

Inc. 

*

70,000

147,700

Smurfit

Kappa

Group

PLC

15,000

497,197

1,520,379

Platinum

1.16%

Impala

Platinum

Holdings,

Ltd.

40,000

269,382

Impala

Platinum

Holdings,

Ltd.,

ADR

40,000

262,400

531,782

Precious

Metals

5.52%

Brixton

Metals

Corp. 

*

1,025,000

173,652

Libero

Copper

&

Gold

Corp. 

*

4,500,000

447,481

Metalla

Royalty

&

Streaming,

Ltd.

150,000

795,522

Polarx

,

Ltd. 

*

10,000,000

236,780

Wheaton

Precious

Metals

Corp.

20,000

881,000

2,534,435

Real

Estate

Operating/Development

0.62%

Infrastructure

Ventures,

Inc. 

#*@+

7,443,544

282,855

REITS

-

Diversified

1.10%

PotlatchDeltic

Corp.

REIT

10,000

380,300

Rayonier,

Inc.

REIT

5,000

123,950

504,250

Portfolio

of

Investments

(unaudited)

20

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Retail

-

Jewelry

0.28%

Luk

Fook

Holdings

International,

Ltd.

18,000

$

39,133

Mene

,

Inc. 

*

350,000

91,522

130,655

Steel

-

Producers

1.46%

POSCO,

ADR

5,000

185,200

Severstal

PAO,

GDR

40,000

484,063

669,263

Water

0.92%

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo,

ADR 

*

40,000

420,400

Total

Common

Stocks

40,335,870

(cost

$92,398,664)

Corporate

Non-Convertible

Note

1.96%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

1.96%

Gran

Colombia

Gold

Corp.

8.25

04/30/24

$

795,536

898,956

(cost

$797,275)

Exchange

Traded

Funds

4.43%

Shares

Direxion

Daily

Energy

Bear

2X

Shares

ETF

1,200

59,400

Direxion

Daily

Gold

Miners

Index

Bull

2X

Shares

ETF

1,100

85,998

Direxion

Daily

Junior

Gold

Miners

Index

Bull

2X

Shares

ETF

3,000

330,990

Direxion

Daily

S&P

Oil

&

Gas

Exp.

&

Prod.

Bear

2X

Shares

ETF

52,500

282,975

Global

X

Silver

Miners

ETF

2,000

74,040

Invesco

DB

Base

Metals

Fund

ETF

21,000

285,810

Invesco

Solar

ETF

3,000

108,300

iPath

Bloomberg

Coffee

Subindex

Total

Return

ETN 

*

5,449

169,954

ProShares

UltraShort

Basic

Materials

ETF

4,000

73,635

ProShares

UltraShort

Silver

ETF 

*

5,300

104,781

SPDR

Gold

Shares

ETF 

*

2,300

384,951

U.S.

Oil

Fund

LP

ETF 

*

2,500

70,150

Total

Exchange

Traded

Funds

2,030,984

(cost

$1,832,781)

Warrants

0.00%

Exercise

Price

Exp.

Date

Gold

Mining

0.00%

Troilus

Gold

Corp.,

144A 

#*@∆

$

2.50

11/21/20

294,000

0

Portfolio

of

Investments

(unaudited)

21

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

Global

Resources

Fund

*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.

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Metal

-

Diversified

0.00%

First

Cobalt

Corp.,

144A 

#*@∆

$

0.21

02/05/22

1,000,000

$

0

Oil

Companies

-

Exploration

&

Production

0.00%

CruzSur

Energy

Corp.,

144A 

#*∆

10.50

07/31/22

200,000

1,473

Total

Warrants

1,473

(cost

$0

)

Call

Options

Purchased

2.77%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Gold

Mining

2.77%

Barrick

Gold

Corp.

$

17.00

01/22

$

1,360,000

800

930,000

Newmont

Corp.

42.00

01/22

630,000

150

340,500

1,270,500

Total

Purchased

Call

Options

1,270,500

(premiums

paid

$504,754

)

Investments,

at

value

97.06%

44,537,783

(cost

$95,533,474

)

Other

assets

and

liabilities,

net

2.94%

1,350,705

Net

Assets

100.00%

$

45,888,488

Portfolio

Allocation

by

Industry

Sector*

Based

on

Total

Investments

June

30,

2020

Metals

&

Mining

42.2%

Oil,

Gas

&

Consumable

Fuels

14.3%

Precious

Metals

&

Minerals

13.0%

Energy

Equipment

&

Services

6.0%

Exchange

Traded

Funds

4.6%

Paper

&

Forest

Products

3.9%

Other

16.0%

Total

100.0%

Portfolio

of

Investments

(unaudited)

22

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

World

Precious

Minerals

Fund

Common

Stocks

87.69%

Shares

Value

Advanced

Materials/Production

4.15%

Nano

One

Materials

Corp. 

*

3,400,000

$

3,406,011

Sixth

Wave

Innovations,

Inc. 

*

750,000

218,216

3,624,227

Capital

Pools

1.67%

Magna

Gold

Corp. 

*

1,600,000

1,461,402

Coal

0.00%

Caribbean

Resources

Corp. 

#*@

4

0

Diamonds/Precious

Stones

0.77%

Barksdale

Resources

Corp. 

*~

2,750,000

668,459

Rockwell

Diamonds,

Inc.,

144A 

#*@∆

171,667

0

668,459

Diversified

Minerals

4.86%

Ascot

Resources,

Ltd.,

144A 

#*∆

6,412

4,534

Bluebird

Battery

Metals,

Inc. 

*

750,000

71,818

Calibre

Mining

Corp. 

*

800,000

807,307

Erdene

Resource

Development

Corp. 

*

300,000

86,182

Indochine

Mining,

Ltd. 

#*@

10,000

0

Lithoquest

Diamonds,

Inc. 

*

750,000

22,098

Lumina

Gold

Corp. 

*

1,000,000

677,666

Mako

Mining

Corp. 

*

2,000,000

699,764

Musgrave

Minerals,

Ltd. 

*

1,500,000

488,118

NGEX

Minerals,

Ltd. 

*

100,000

31,674

Rubicon

Minerals

Corp. 

*

500,000

681,349

VR

Resources,

Ltd. 

*

3,000,000

673,983

4,244,493

Finance

-

Investment

Banker/Broker

0.02%

Coin

Hodl,

Inc.,

144A 

#*∆

133,333

13,750

Gold

Mining

38.55%

Adamera

Minerals

Corp. 

*

5,373,000

356,195

Adamera

Minerals

Corp.,

144A 

#∆

119,543

7,925

Algold

Resources,

Ltd. 

#*@

540,000

49,720

Allegiant

Gold,

Ltd. 

*

2,000,000

567,177

Amilot

Capital,

Inc.,

144A 

#*∆

410,000

7,550

Bellevue

Gold,

Ltd. 

*

1,350,000

995,175

Black

Dragon

Gold

Corp. 

*

5,000,000

206,689

Bonterra

Resources,

Inc. 

*

400,000

400,707

Chalice

Gold

Mines,

Ltd. 

*

1,250,000

869,622

Comstock

Mining,

Inc. 

*

106,600

101,259

Contact

Gold

Corp. 

*

3,000,000

397,761

CopperBank

Resources

Corp. 

*~

23,000,000

847,083

CopperBank

Resources

Corp.,

144A 

#*~∆

174,000

6,408

Portfolio

of

Investments

(unaudited)

23

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Coral

Gold

Resources,

Ltd. 

*

760,000

$

431,055

Corona

Minerals,

Ltd. 

#*@

81,250

0

Endeavour

Mining

Corp. 

*

45,000

1,088,870

Fiore

Gold,

Ltd. 

*

500,000

427,225

Fremont

Gold,

Ltd. 

*

4,000,000

324,101

Gascoyne

Resources,

Ltd. 

#*@

1,600,000

21,531

GT

Gold

Corp. 

*

750,000

1,104,891

Jaguar

Mining,

Inc. 

*

500,000

184,149

Josemaria

Resources,

Inc. 

*

200,000

104,596

K92

Mining,

Inc. 

*

1,250,000

3,710,592

Karora

Resources,

Inc. 

*

2,250,000

803,808

Kore

Mining,

Ltd. 

*

500,000

563,495

Lion

One

Metals,

Ltd. 

*

250,000

316,736

Lundin

Gold,

Inc. 

*

100,000

938,421

Mammoth

Resources

Corp. 

*~

3,671,200

87,886

Maritime

Resources

Corp. 

*

1,000,000

77,342

Mawson

Resources,

Ltd. 

*

625,000

179,545

McEwen

Mining,

Inc. 

*

134,764

136,988

Mirasol

Resources,

Ltd. 

*

598,000

167,384

Moneta

Porcupine

Mines,

Inc. 

*

1,825,000

241,971

Nighthawk

Gold

Corp. 

*

100,000

181,939

NV

Gold

Corp. 

*

1,000,000

198,880

OceanaGold

Corp.,

144A 

#∆

5,348

12,448

Oklo

Resources,

Ltd. 

*

3,000,000

623,537

Orca

Gold,

Inc. 

*

4,300,000

1,425,309

Osino

Resources

Corp. 

*

230,000

206,688

Petaquilla

Minerals,

Ltd.,

144A 

#*@∆

2,660,000

0

Pretium

Resources,

Inc. 

*

40,000

336,000

Probe

Metals,

Inc. 

*

272,800

243,141

Radisson

Mining

Resources,

Inc. 

*

8,500,000

1,690,483

Radius

Gold,

Inc.,

144A 

#*∆

125,000

30,845

Red

Pine

Exploration,

Inc. 

*

8,000,000

235,710

Redstar

Gold

Corp. 

*

15,000,000

441,956

Reunion

Gold

Corp. 

*

4,800,000

300,530

Revival

Gold,

Inc. 

*

1,000,000

773,424

Roscan

Gold

Corp. 

*

3,100,000

936,211

Scottie

Resources

Corp. 

*

1,750,000

528,506

Seabridge

Gold,

Inc. 

*

30,000

526,200

Seafield

Resources,

Ltd.,

144A 

#*@∆

1,300,000

0

Skeena

Resources,

Ltd. 

*

175,000

250,074

Southern

Gold,

Ltd. 

*

5,500,000

480,536

Strikepoint

Gold,

Inc. 

*

3,250,000

239,393

Taurus

Gold,

Ltd.,

144A 

#*@∆

2,448,381

0

TriStar

Gold,

Inc. 

*~

30,500,000

7,750,810

Unigold,

Inc. 

*

1,000,000

305,687

Wolfden

Resources

Corp. 

*

2,000,000

206,246

33,648,410

Portfolio

of

Investments

(unaudited)

24

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Investment

Companies

0.18%

Pinecrest

Resources,

Ltd. 

*

400,000

$

153,212

Medical

-

Hospitals

0.00%

African

Medical

Investments

PLC 

#*@

4,637,500

0

Metal

-

Copper

0.60%

Wallbridge

Mining

Co.,

Ltd. 

*

639,000

522,459

Metal

-

Diversified

11.79%

Adriatic

Metals

PLC 

*

500,000

461,489

Adventus

Mining

Corp. 

*

1,000,000

1,023,866

Argent

Minerals,

Ltd. 

*

21,100,000

386,248

Cardinal

Resources,

Ltd. 

*

6,250,000

2,714,850

Cartier

Resources,

Inc. 

*

1,000,000

191,515

Chakana

Copper

Corp. 

*~

4,750,000

734,753

De

Grey

Mining,

Ltd. 

*

1,000,000

639,892

Genesis

Metals

Corp.,

144A 

#*∆

583,400

148,257

Integra

Resources

Corp. 

*

350,000

489,835

Ivanhoe

Mines,

Ltd. 

*

500,000

1,417,943

Kaizen

Discovery,

Inc. 

*

8,000,000

265,174

Luminex

Res

Corp. 

*

150,000

107,174

New

Age

Metals,

Inc.,

144A 

#*∆

143,518

5,814

Orex

Minerals,

Inc. 

*~

7,150,000

579,331

Orsu

Metals

Corp.,

144A 

#*∆

186,922

38,552

Rockcliff

Metals

Corp.,

144A 

#*∆

873,333

45,030

RTG

Mining,

Inc. 

*

3,000,000

279,565

Silver

Bull

Resources,

Inc. 

*

2,308,000

161,560

Sirios

Resources,

Inc. 

*

1,000,000

114,172

Torq

Resources,

Inc. 

*

1,000,000

486,152

10,291,172

Metal

-

Iron

0.09%

Vector

Resources,

Ltd. 

#*@

10,000,000

82,812

Mining

Services

0.65%

Cordoba

Minerals

Corp. 

*

1,000,000

55,244

Major

Drilling

Group

International,

Inc. 

*

100,000

315,999

Summa

Silver

Corp. 

*

250,000

193,356

564,599

Non-Ferrous

Metals

0.21%

InZinc

Mining,

Ltd. 

*

3,000,000

49,720

Tajiri

Resources

Corp. 

#*@

1,845,000

135,902

185,622

Oil

Companies

-

Exploration

&

Production

0.00%

Big

Sky

Energy

Corp. 

#*@

2,000,000

0

Portfolio

of

Investments

(unaudited)

25

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Optical

Recognition

Equipment

0.00%

Nexoptic

Technology

Corp.,

144A 

#*∆

12,083

$

4,628

Platinum

0.92%

Clean

Air

Metals,

Inc. 

*

1,112,000

282,587

Platinum

Group

Metals,

Ltd. 

*

350,000

520,772

803,359

Precious

Metals

22.50%

Amani

Gold,

Ltd.��

*

54,500,000

37,460

Barsele

Minerals

Corp. 

*~

7,650,000

1,972,230

Brixton

Metals

Corp. 

*

3,000,000

508,250

Candente

Gold

Corp.,

144A 

#*∆

4,875,000

143,636

Canex

Metals,

Inc. 

*

1,250,000

276,223

Corvus

Gold,

Inc. 

*

29,000

70,919

Dolly

Varden

Silver

Corp. 

*~

8,173,000

4,093,724

GFG

Resources,

Inc. 

*

4,300,000

776,002

Group

Ten

Metals,

Inc. 

*

2,044,000

316,176

Liberty

Gold

Corp. 

*

1,740,000

2,717,148

Metalla

Royalty

&

Streaming,

Ltd.

150,000

795,522

Metalla

Royalty

&

Streaming,

Ltd.

50,000

265,000

Paramount

Gold

Nevada

Corp. 

*

170,000

210,800

Polarx,

Ltd. 

*~

38,163,968

903,647

Roxgold,

Inc. 

*

1,750,000

1,972,230

Silver

Viper

Minerals

Corp. 

*

3,100,000

913,377

SilverCrest

Metals,

Inc. 

*

400,000

3,668,238

19,640,582

Retail

-

Jewelry

0.48%

Mene,

Inc. 

*

1,600,000

418,385

Silver

Mining

0.25%

Metallic

Minerals

Corp. 

*

710,000

217,037

Total

Common

Stocks

76,544,608

(cost

$95,994,760)

Exchange

Traded

Funds

2.09%

Direxion

Daily

Gold

Miners

Index

Bull

2X

Shares

ETF

12,000

938,160

Direxion

Daily

Junior

Gold

Miners

Index

Bull

2X

Shares

ETF

8,000

882,640

Total

Exchange

Traded

Funds

1,820,800

(cost

$3,793,034)

Warrants

0.02%

Exercise

Price

Exp.

Date

Gold

Mineral

Exploration

&

Development

0.00%

Western

Exploration

&

Development,

Ltd.,

144A 

#*@∆

$

0.50

12/31/49

600,000

0

Portfolio

of

Investments

(unaudited)

26

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

World

Precious

Minerals

Fund

*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.

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Gold

Mining

0.01%

Fiore

Gold,

Ltd. 

#*@

$

0.45

09/26/20

1,300,000

$

0

Osino

Resources

Corp.,

144A 

#*@∆

1.05

01/30/22

115,000

13,553

Strikepoint

Gold,

Inc.,

144A 

#*@∆

0.30

07/22/20

450,000

0

Strikepoint

Gold,

Inc.,

144A 

#*@∆

0.20

07/21/22

625,000

0

13,553

Retail

-

Jewelry

0.01%

Mene,

Inc. 

#*

1.00

11/29/20

465,000

5,994

Total

Warrants

19,547

(cost

$300,000

)

Call

Options

Purchased

1.98%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Gold

Mining

1.98%

Barrick

Gold

Corp.

$

17.00

01/22

$

1,785,000

1,050

1,220,625

Newmont

Corp.

42.00

01/22

945,000

225

510,750

1,731,375

Total

Purchased

Call

Options

1,731,375

(premiums

paid

$700,433

)

Investments,

at

value

91.78%

80,116,330

(cost

$100,788,227

)

Other

assets

and

liabilities,

net

8.22%

7,173,050

Net

Assets

100.00%

$

87,289,380

Portfolio

Allocation

by

Industry*

Based

on

Total

Investments

June

30,

2020

Gold

Mining

44.2%

Precious

Metals

24.5%

Metal

-

Diversified

12.8%

Diversified

Minerals

5.3%

Advanced

Materials/Production

4.5%

Other

8.7%

Total

100.0%

Portfolio

of

Investments

(unaudited)

27

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

Gold

and

Precious

Metals

Fund

Common

Stocks

88.16%

Shares

Value

Advanced

Materials/Production

0.26%

Sixth

Wave

Innovations,

Inc. 

*

1,200,000

$

349,146

Diversified

Minerals

3.72%

Alkane

Resources,

Ltd. 

*

1,633,376

1,388,183

Calibre

Mining

Corp. 

*

2,500,000

2,522,834

Mako

Mining

Corp. 

*

3,000,000

1,049,647

4,960,664

Engineering/R&D

Services

0.05%

Boart

Longyear

,

Ltd. 

*

249,335

63,919

Gold

Mining

59.16%

Alacer

Gold

Corp. 

*

350,000

2,405,348

Alamos

Gold,

Inc.

200,000

1,876,000

Alio

Gold,

Inc. 

*

700,000

881,703

AngloGold

Ashanti,

Ltd.,

ADR

100,000

2,949,000

Argonaut

Gold,

Inc. 

*

836,000

1,576,429

B2Gold

Corp.

375,000

2,133,750

Barrick

Gold

Corp.

100,000

2,694,000

Centerra

Gold,

Inc.

350,000

3,905,790

DRDGOLD,

Ltd.,

ADR

100,000

1,579,000

Dundee

Precious

Metals,

Inc.

400,000

2,634,060

Equinox

Gold

Corp. 

*

100,000

1,118,150

Evolution

Mining,

Ltd.

375,000

1,489,684

GoGold

Resources,

Inc. 

*

2,000,000

1,473,188

Gold

Fields,

Ltd.,

ADR

250,000

2,350,000

Golden

Star

Resources,

Ltd. 

*

200,000

580,000

Harmony

Gold

Mining

Co.,

Ltd.,

ADR 

*

500,000

2,085,000

IAMGOLD

Corp. 

*

500,000

1,975,000

K92

Mining,

Inc. 

*

2,750,000

8,163,303

Kirkland

Lake

Gold,

Ltd.

90,000

3,711,600

Maverix

Metals,

Inc.

778,000

3,467,074

Newmont

Corp.

50,000

3,087,000

Northern

Star

Resources,

Ltd.

125,000

1,178,877

OceanaGold

Corp. 

*

250,000

581,909

Pantoro

,

Ltd. 

*

8,000,000

1,491,886

Pretium

Resources,

Inc. 

*

60,000

504,000

Ramelius

Resources,

Ltd.

1,375,000

1,929,990

Regis

Resources,

Ltd.

500,000

1,829,649

Royal

Gold,

Inc.

10,000

1,243,200

Sandstorm

Gold,

Ltd. 

*

650,000

6,253,000

Saracen

Mineral

Holdings,

Ltd. 

*

300,000

1,142,593

Silver

Lake

Resources,

Ltd. 

*

3,000,000

4,493,945

Torex

Gold

Resources,

Inc. 

*

100,000

1,575,574

Wesdome

Gold

Mines,

Ltd. 

*

350,000

3,024,087

Westgold

Resources,

Ltd. 

*

1,000,000

1,468,225

78,852,014

Portfolio

of

Investments

(unaudited)

28

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

Gold

and

Precious

Metals

Fund

Common

Stocks (cont’d)

Shares

Value

Investment

Companies

0.37%

Nomad

Royalty

Co.,

Ltd. 

*

500,000

$

486,152

Medical

-

Hospitals

0.00%

African

Medical

Investments

PLC 

#*@

2,000,000

0

Mining

Services

1.79%

Castile

Resources,

Ltd. 

*

1,500,000

168,386

Major

Drilling

Group

International,

Inc. 

*

700,000

2,211,992

2,380,378

Platinum

1.26%

Impala

Platinum

Holdings,

Ltd.

250,000

1,683,641

Precious

Metals

13.08%

1911

Gold

Corp. 

*

406,250

140,643

EMX

Royalty

Corp. 

*

1,100,000

2,390,247

Metalla

Royalty

&

Streaming,

Ltd.

325,000

1,723,630

Metalla

Royalty

&

Streaming,

Ltd.

100,000

530,000

Roxgold

,

Inc. 

*

3,750,000

4,226,208

Sailfish

Royalty

Corp. 

*

310,000

251,179

SSR

Mining,

Inc. 

*

125,000

2,666,250

Wheaton

Precious

Metals

Corp.

125,000

5,506,250

17,434,407

Retail

-

Jewelry

1.22%

Mene

,

Inc. 

*

500,000

130,746

Mene

,

Inc.,

144A 

#∆

5,714,285

1,494,233

1,624,979

Silver

Mining

7.25%

Excellon

Resources,

Inc. 

*

500,000

305,686

Fortuna

Silver

Mines,

Inc. 

*

225,000

1,145,250

Hochschild

Mining

PLC

550,000

1,329,057

Pan

American

Silver

Corp.

125,000

3,798,750

Santacruz

Silver

Mining,

Ltd. 

*

5,000,000

662,935

Silvercorp

Metals,

Inc.

450,000

2,416,500

9,658,178

Total

Common

Stocks

117,493,478

(cost

$75,494,876)

Portfolio

of

Investments

(unaudited)

29

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

Gold

and

Precious

Metals

Fund

Corporate

Non-Convertible

Bond

0.00%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Coal

0.00%

Caribbean

Resources

Corp. 

#@^

19.25

06/15/15

$

485,766

$

0

(cost

$485,766)

Corporate

Non-Convertible

Notes

1.03%

Gold

Mining

1.03%

Gran

Colombia

Gold

Corp.

8.25

04/30/24

1,216,090

1,374,182

(cost

$1,218,749)

Exchange

Traded

Funds

2.78%

Shares

Direxion

Daily

Gold

Miners

Index

Bull

2X

Shares

ETF

27,600

2,157,768

Direxion

Daily

Junior

Gold

Miners

Index

Bull

2X

Shares

ETF

14,000

1,544,620

Total

Exchange

Traded

Funds

3,702,388

(cost

$6,197,055)

Warrants

0.13%

Exercise

Price

Exp.

Date

Gold

Mining

0.07%

GoGold

Resources,

Inc.,

144A 

#*@∆

$

0.85

02/25/22

325,000

35,909

Yamana

Gold,

Inc.,

144A 

#*@∆

13.50

01/15/21

50,000

63,347

99,256

Silver

Mining

0.06%

Excellon

Resources,

Inc. 

*

1.40

08/27/21

375,000

79,414

Total

Warrants

178,670

(cost

$0

)

Call

Options

Purchased

3.31%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Gold

Mining

3.31%

Barrick

Gold

Corp.

$

17.00

01/22

$

2,805,000

1,650

1,918,125

Newmont

Corp.

42.00

01/22

4,620,000

1,100

2,497,000

4,415,125

Total

Purchased

Call

Options

4,415,125

(premiums

paid

$1,434,252

)

Investments,

at

value

95.41%

127,163,843

(cost

$84,830,698

)

Other

assets

and

liabilities,

net

4.59%

6,115,942

Net

Assets

100.00%

$

133,279,785

Portfolio

of

Investments

(unaudited)

30

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

Gold

and

Precious

Metals

Fund

*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.

Portfolio

Allocation

by

Industry*

Based

on

Total

Investments

June

30,

2020

Gold

Mining

66.7%

Precious

Metals

13.7%

Silver

Mining

7.6%

Diversified

Minerals

3.9%

Other

8.1%

Total

100.0%

Portfolio

of

Investments

(unaudited)

31

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

Emerging

Europe

Fund

Common

Stocks

92.21%

Shares

Value

Agricultural

Chemicals

0.62%

PhosAgro

PJSC,

GDR

12,000

$

147,840

Airlines

2.05%

Aegean

Airlines

SA 

*

12,500

56,183

Aeroflot

PJSC

75,000

86,500

Pegasus

Hava

Tasimaciligi

AS 

*

14,800

120,001

Ryanair

Holdings

PLC,

ADR 

*

1,500

99,510

Turk

Hava

Yollari

AO 

*

70,000

127,418

489,612

Apparel

Manufacturers

0.54%

Christian

Dior

SE

235

99,987

Hermes

International

35

29,386

129,373

Appliances

0.68%

Vestel

Beyaz

Esya

Sanayi

ve

Ticaret

AS 

*

42,670

161,832

Athletic

Footwear

0.40%

adidas

AG 

*

360

94,915

Automotive

-

Cars

&

Light

Trucks

0.37%

Ford

Otomotiv

Sanayi

AS

4,800

49,809

Tofas

Turk

Otomobil

Fabrikasi

AS

9,800

38,136

87,945

Automotive

-

Medium

&

Heavy

Duty

Trucks

0.27%

Otokar

Otomotiv

Ve

Savunma

Sanayi

A.S.

3,000

65,788

Building

-

Heavy

Construction

0.85%

Mytilineos

SA

24,700

203,335

Building

&

Construction

Products

-

Miscellaneous

0.60%

Tekfen

Holding

AS

57,600

142,825

Cellular

Telecommunication

2.80%

Mobile

TeleSystems

PJSC,

ADR

29,200

268,348

PLAY

Communications

SA

15,200

117,376

Turkcell

Iletisim

Hizmetleri

AS

119,000

283,709

669,433

Chemicals

-

Fibers

0.54%

Aksa

Akrilik

Kimya

Sanayii

AS

121,000

128,868

Commercial

Banks

Non-US

17.10%

Alpha

Bank

AE 

*

136,200

102,318

Banca

Transilvania

SA 

*

145,220

72,052

Bank

Polska

Kasa

Opieki

SA 

*

22,800

312,405

Portfolio

of

Investments

(unaudited)

32

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

Emerging

Europe

Fund

Common

Stocks (cont’d)

Shares

Value

Commercial

Banks

Non-US

(cont’d)

Eurobank

Ergasias

Services

and

Holdings

SA 

*

242,000

$

112,062

Komercni

banka

as 

*

4,000

93,307

National

Bank

of

Greece

SA 

*

55,800

78,962

OTP

Bank

Nyrt

*

16,500

580,063

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

104,450

608,240

Sberbank

of

Russia

PJSC,

ADR 

*

148,750

1,686,825

Turkiye

Garanti

Bankasi

AS 

*

260,000

320,581

Yapi

ve

Kredi

Bankasi

AS 

*

345,000

123,113

4,089,928

Communications

Software

0.24%

LiveChat

Software

SA

3,600

58,099

Computer

Services

0.91%

Asseco

Poland

SA

12,000

200,926

DXC

Technology

Co.

1,000

16,500

217,426

Diversified

Operations

0.57%

KOC

Holding

AS

52,000

136,768

Electric

-

Distribution

0.54%

Enerjisa

Enerji

AS

103,000

129,234

Electric

-

Generation

0.83%

Inter

RAO

UES

PJSC

2,911,000

199,470

Electronics

-

Military

0.20%

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

10,000

47,208

Entertainment

Software

1.72%

CD

Projekt

SA 

*

3,350

337,591

TEN

Square

Games

SA

550

73,109

410,700

Finance

-

Other

Services

1.67%

KRUK

SA

9,000

246,855

Moscow

Exchange

MICEX-RTS

PJSC

95,000

151,550

398,405

Food

-

Confectionery

0.84%

Ulker

Biskuvi

Sanayi

AS 

*

56,500

200,554

Food

-

Retail

4.59%

BIM

Birlesik

Magazalar

AS

12,600

124,924

Colruyt

SA 

*

950

52,211

Dino

Polska

SA 

*

2,740

139,571

Koninklijke

Ahold

Delhaize

NV,

ADR

4,500

122,229

Portfolio

of

Investments

(unaudited)

33

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

Emerging

Europe

Fund

Common

Stocks (cont’d)

Shares

Value

Food

-

Retail

(cont’d)

Magnit

PJSC,

GDR

7,000

$

91,029

Migros

Ticaret

AS 

*

22,700

127,753

Sok

Marketler

Ticaret

AS 

*

84,000

164,702

X5

Retail

Group

NV,

GDR

7,750

274,874

1,097,293

Food

-

Wholesale/Distribution

1.09%

Eurocash

SA 

*

59,400

260,798

Gold

Mining

2.64%

Alacer

Gold

Corp. 

*

25,000

171,811

Highland

Gold

Mining,

Ltd.

25,000

72,355

Polyus

PJSC,

GDR

4,600

387,082

631,248

Machinery

-

Farm

0.10%

Turk

Traktor

ve

Ziraat

Makineleri

AS

2,000

23,036

Machinery

-

General

Industrial

0.86%

ANDRITZ

AG 

*

5,650

206,004

Metal

-

Diversified

2.40%

MMC

Norilsk

Nickel

PJSC,

ADR

18,650

491,055

Orsu

Metals

Corp.,

144A 

#*∆

402,500

83,014

574,069

Metal

-

Iron

1.25%

Novolipetsk

Steel

PJSC,

GDR

15,000

298,556

Multi-line

Insurance

0.60%

Allianz

SE

698

142,631

Oil

Companies

-

Exploration

&

Production

1.39%

Novatek

PJSC,

GDR

2,025

287,944

Societatea

Nationala

de

Gaze

Naturale

ROMGAZ

SA

6,100

45,278

333,222

Oil

Companies

-

Integrated

23.72%

Gazprom

Neft

PJSC,

ADR

1,550

35,650

Gazprom

PJSC,

ADR

329,300

1,778,198

LUKOIL

PJSC,

ADR

25,820

1,916,360

MOL

Hungarian

Oil

&

Gas

PLC

27,610

163,234

OMV

Petrom

SA

1,318,000

99,536

Rosneft

Oil

Co.

PJSC,

GDR

62,000

311,594

Surgutneftegas

PJSC,

ADR

65,750

351,434

Tatneft

PJSC,

ADR

21,560

1,015,304

5,671,310

Portfolio

of

Investments

(unaudited)

34

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

Emerging

Europe

Fund

Common

Stocks (cont’d)

Shares

Value

Oil

Refining

&

Marketing

3.00%

Aygaz

AS

42,000

$

73,752

Hellenic

Petroleum

SA

22,500

150,240

Motor

Oil

Hellas

Corinth

Refineries

SA

8,000

110,510

Polski

Koncern

Naftowy

ORLEN

SA

13,450

213,741

Tupras

Turkiye

Petrol

Rafinerileri

AS 

*

12,900

168,749

716,992

Pipelines

0.12%

Dogan

Sirketler

Grubu

Holding

AS

92,000

28,194

Precious

Metals

0.92%

Polymetal

International

PLC

11,000

220,228

Property/Casualty

Insurance

0.71%

Powszechny

Zaklad

Ubezpieczen

SA

23,200

170,745

Regional

Banks

-

Non

US

1.45%

Moneta

Money

Bank

AS

40,000

90,595

TCS

Group

Holding

PLC,

GDR

12,600

255,801

346,396

Retail

-

Apparel/Shoe

2.91%

CCC

SA

16,300

248,188

HUGO

BOSS

AG

7,650

231,840

Industria

de

Diseno

Textil

SA

3,850

102,154

Moncler

SpA

*

2,950

113,438

695,620

Retail

-

Hypermarkets

0.12%

Lenta

PLC,

GDR 

*

12,000

28,473

Retail

-

Jewelry

0.37%

Pandora

A/S

1,615

88,202

Retail

-

Major

Dept

Store

0.83%

Detsky

Mir

PJSC

140,000

198,372

Rubber

-

Tires

0.15%

Brisa

Bridgestone

Sabanci

Sanayi

ve

Ticaret

AS

20,000

36,945

Steel

-

Producers

3.26%

Eregli

Demir

ve

Celik

Fabrikalari

TAS

133,500

167,238

Evraz

PLC

62,000

219,671

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

AS

65,000

30,814

Magnitogorsk

Iron

&

Steel

Works

PJSC,

GDR

22,900

153,881

Severstal

PAO,

GDR

17,200

208,608

780,212

Portfolio

of

Investments

(unaudited)

35

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

Emerging

Europe

Fund

Common

Stocks (cont’d)

Shares

Value

Telecom

Services

2.18%

O2

Czech

Republic

AS

6,400

$

59,160

Sistema

PJSFC,

GDR

47,000

221,956

Turk

Telekomunikasyon

AS 

*

202,700

239,918

521,034

Telephone

-

Integrated

1.74%

Hellenic

Telecommunications

Organization

SA

18,650

251,924

Magyar

Telekom

Telecommunications

PLC

135,000

163,984

415,908

Textile

-

Apparel

0.39%

LPP

SA 

*

61

93,088

Transportation

-

Rail

0.10%

Globaltrans

Investment

PLC,

GDR

4,499

24,281

Transportation

-

Services

0.08%

Oesterreichische

Post

AG

620

20,527

Web

Portals/ISP

0.90%

Yandex

NV,

Class A 

*

4,300

215,086

Total

Common

Stocks

22,048,028

(cost

$20,977,974)

Put

Option

Purchased

0.25%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Country

Fund-Russia

0.25%

Direxion

Daily

Russia

Bull

2X

Shares

ETF 

#

$

12.00

12/20

$

619,200

400

59,000

(premiums

paid

$71,041

)

Investments,

at

value

92.46%

22,107,028

(cost

$21,049,015

)

Other

assets

and

liabilities,

net

7.54%

1,802,631

Net

Assets

100.00%

$

23,909,659

Portfolio

of

Investments

(unaudited)

36

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

Emerging

Europe

Fund

*Country

distribution

shown

is

based

on

domicile

and

not

intended

to

conform

to

the

China

region

definition

in

the

prospectus.

The

locale

of

company

operations

may

be

different.

Country

Distribution*

Based

on

Total

Investments

June

30,

2020

Russian

Federation

50.3%

Turkey

14.8%

Poland

13.9%

Greece

4.8%

Hungary

4.1%

Other

12.1%

Total

100.0%

Portfolio

of

Investments

(unaudited)

37

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

China

Region

Fund

Common

Stocks

87.77%

Shares

Value

Airlines

0.41%

AirAsia

Group

Bhd

250,000

$

51,671

Apparel

Manufacturers

0.10%

Crystal

International

Group,

Ltd.

55,000

11,998

Athletic

Footwear

0.09%

Feng

TAY

Enterprise

Co.,

Ltd.

2,000

11,343

Audio/Video

Products

0.27%

TCL

Electronics

Holdings,

Ltd.

68,000

33,471

Automotive

-

Cars

&

Light

Trucks

0.08%

BAIC

Motor

Corp.,

Ltd.

23,000

10,065

Automotive/Truck

Parts

&

Equipment

-

Replacement

3.03%

Weichai

Power

Co.,

Ltd.

203,000

382,478

Batteries/Battery

Systems

1.19%

Tianneng

Power

International,

Ltd.

88,000

150,919

Broadcast

Service/Program

0.06%

Global

Mediacom

Tbk

PT 

*

580,900

7,548

Building

-

Heavy

Construction

0.14%

China

Tower

Corp.,

Ltd.

96,000

17,060

Building

&

Construction

Products

-

Miscellaneous

0.22%

China

National

Building

Material

Co.,

Ltd.

18,000

19,307

HDC

Holdings

Co.,

Ltd. 

*

267

1,888

HDC

Hyundai

Development

Co.-Engineering

&

Construction

374

6,613

27,808

Building

Products

-

Cement

1.26%

Anhui

Conch

Cement

Co.,

Ltd.

20,500

138,911

West

China

Cement,

Ltd.

110,000

20,163

159,074

Casino

Hotels

0.15%

NagaCorp,

Ltd.

16,000

18,665

Chemicals

-

Diversified

0.09%

China

Risun

Group,

Ltd.

42,000

11,500

Chemicals

-

Fibers

0.07%

Indorama

Ventures

PCL,

NVDR

9,700

8,781

Portfolio

of

Investments

(unaudited)

38

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

China

Region

Fund

Common

Stocks (cont’d)

Shares

Value

Chemicals

-

Specialty

0.22%

Fufeng

Group,

Ltd.

33,000

$

10,577

Huabao

International

Holdings,

Ltd.

40,000

17,583

28,160

Coal

0.23%

Adaro

Energy

Tbk

PT

121,700

8,562

China

Coal

Energy

Co.,

Ltd.

38,000

8,677

Yanzhou

Coal

Mining

Co.,

Ltd.

16,000

12,050

29,289

Commercial

Banks

Non-US

2.34%

Bank

Mandiri

Persero

Tbk

PT

69,300

24,063

China

Construction

Bank

Corp.,

H

Shares

167,000

135,835

Industrial

&

Commercial

Bank

of

China,

Ltd.,

H

Shares

196,000

118,496

Kasikornbank

PCL,

NVDR

3,100

9,405

The

Siam

Commercial

Bank

PCL,

NVDR

3,500

8,249

296,048

Computers

-

Integrated

System

0.11%

PAX

Global

Technology,

Ltd.

33,000

14,456

Consumer

Products

-

Miscellaneous

0.00%

Tongda

Hong

Tai

Holdings,

Ltd. 

*

2,000

92

Diversified

Banking

Institution

2.77%

HSBC

Holdings

PLC,

ADR

15,000

349,950

Diversified

Financial

Services

0.29%

China

Galaxy

Securities

Co.,

Ltd.,

H

Shares

68,000

37,019

E-Commerce/Products

3.09%

Alibaba

Group

Holding,

Ltd.,

ADR 

*

1,810

390,417

E-Commerce/Services

0.18%

King

Slide

Works

Co.,

Ltd.

2,000

22,818

Electronic

Components

-

Miscellaneous

1.74%

Micro-Star

International

Co.,

Ltd.

16,000

58,575

Radiant

Opto-Electronics

Corp.

9,000

36,442

Simplo

Technology

Co.,

Ltd.

7,500

81,823

Venture

Corp.,

Ltd.

3,700

43,241

220,081

Engineering/R&D

Services

2.34%

KEPCO

Plant

Service

&

Engineering

Co.,

Ltd.

11,805

286,726

Samsung

Engineering

Co.,

Ltd. 

*

883

9,100

295,826

Portfolio

of

Investments

(unaudited)

39

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

China

Region

Fund

Common

Stocks (cont’d)

Shares

Value

Enterprise

Software/Services

0.17%

Sinosoft

Technology

Group,

Ltd.

151,000

$

21,919

Entertainment

Software

0.10%

iDreamSky

Technology

Holdings,

Ltd. 

*

20,000

12,882

Finance

-

Consumer

Loans

0.59%

LexinFintech

Holdings,

Ltd.,

ADR 

*

7,000

74,480

Finance

-

Investment

Banker/Broker

0.13%

China

International

Capital

Corp.,

Ltd. 

*

8,000

15,828

Food

-

Dairy

Products

2.06%

China

Mengniu

Dairy

Co.,

Ltd.

68,000

260,751

Food

-

Miscellaneous/Diversified

10.62%

Standard

Foods

Corp.

124,000

265,430

Yihai

International

Holding,

Ltd.

104,500

1,076,878

1,342,308

Gas

-

Distribution

0.30%

ENN

Energy

Holdings,

Ltd.

3,300

37,292

Internet

Content

-

Info

7.25%

Momo,

Inc.,

ADR

3,000

52,440

Tencent

Holdings,

Ltd.,

ADR

13,500

864,000

916,440

Life/Health

Insurance

2.48%

AIA

Group,

Ltd.

28,000

262,013

China

Life

Insurance

Co.,

Ltd.

6,000

12,107

China

Pacific

Insurance

Group

Co.,

Ltd.

3,800

10,213

New

China

Life

Insurance

Co.,

Ltd.

8,700

29,339

313,672

Medical

-

Drugs

4.93%

Consun

Pharmaceutical

Group,

Ltd.

24,000

9,903

Luye

Pharma

Group,

Ltd.

56,000

34,431

Sino

Biopharmaceutical,

Ltd.

259,000

488,162

YiChang

HEC

ChangJiang

Pharmaceutical

Co.,

Ltd.

44,000

90,308

622,804

Multi-line

Insurance

6.23%

Ping

An

Insurance

Group

Co.

of

China,

Ltd.,

H

Shares

79,000

787,550

Multimedia

1.62%

Media

Nusantara

Citra

Tbk

PT

3,210,500

204,517

Portfolio

of

Investments

(unaudited)

40

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

China

Region

Fund

Common

Stocks (cont’d)

Shares

Value

Non-Ferrous

Metals

0.00%

Sterling

Group

Ventures,

Inc.,

144A 

#*@∆

500,000

$

0

Oil

Companies

-

Exploration

&

Production

0.19%

United

Energy

Group,

Ltd. 

*

134,000

24,304

Oil

Field

Machinery

&

Equipment

0.06%

CIMC

Enric

Holdings,

Ltd.

18,000

7,177

Real

Estate

Operating/Development

22.30%

Central

China

Real

Estate,

Ltd.

324,000

151,830

China

Vanke

Co.,

Ltd.,

H

Shares

31,800

101,495

Country

Garden

Holdings

Co.,

Ltd.

332,000

411,780

Country

Garden

Services

Holdings

Co.,

Ltd.

111,586

520,923

Greenland

Hong

Kong

Holdings,

Ltd.

644,000

230,038

KWG

Group

Holdings,

Ltd.

110,000

186,896

Longfor

Group

Holdings,

Ltd.

131,000

627,076

Shimao

Group

Holdings,

Ltd.

78,000

333,471

Shun

Tak

Holdings,

Ltd.

82,000

30,702

Sunac

China

Holdings,

Ltd.

53,000

224,295

2,818,506

Reinsurance

0.07%

China

Reinsurance

Group

Corp.

90,000

9,221

Retail

-

Apparel/Shoe

2.89%

ANTA

Sports

Products,

Ltd.

38,500

342,538

Li

Ning

Co.,

Ltd.

7,000

22,417

364,955

Schools

1.80%

China

Kepei

Education

Group,

Ltd.

60,000

48,524

China

Maple

Leaf

Educational

Systems,

Ltd.

40,000

12,265

China

New

Higher

Education

Group,

Ltd.

39,000

25,993

China

Yuhua

Education

Corp.,

Ltd.

170,000

140,391

227,173

Semiconductor

Components

-

Integrated

Circuit

3.31%

Realtek

Semiconductor

Corp.

41,000

417,894

Tobacco

0.10%

Gudang

Garam

Tbk

PT

3,900

12,914

Transport

Support

Services

0.10%

Kerry

Logistics

Network,

Ltd.

9,000

11,998

Total

Common

Stocks

11,091,122

(cost

$9,453,309)

Portfolio

of

Investments

(unaudited)

41

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

June

30,

2020

China

Region

Fund

*Country

distribution

shown

is

based

on

domicile

and

not

intended

to

conform

to

the

China

region

definition

in

the

prospectus.

The

locale

of

company

operations

may

be

different.

Right

0.00%

Shares

Value

Electronic

Components

-

Miscellaneous

0.00%

Simplo

Technology

Co.,

Ltd. 

#*@

448

$

0

(cost

$0)

Exchange

Traded

Fund

2.68%

Direxion

Daily

FTSE

China

Bear

3X

Shares

ETF

10,200

338,844

(cost

$335,156)

Investments,

at

value

90.45%

11,429,966

(cost

$9,788,465

)

Other

assets

and

liabilities,

net

9.55%

1,206,790

Net

Assets

100.00%

$

12,636,756

Country

Distribution*

Based

on

Total

Investments

June

30,

2020

China

66.9%

Hong

Kong

13.1%

Taiwan,

Province

of

China

7.8%

United

Kingdom

3.1%

Other

9.1%

Total

100.0%

Notes

to

Portfolios

of

Investments

(

unaudited

)

June

30,

2020

42

Legend

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,

2020.

◊

Zero

coupon

bond.

Interest

rate

presented

is

yield

to

maturity.

‡

Adjustable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

the

current

interest

rates.

Rate

presented

is

as

of

June

30,

2020.

*

Non-income

producing

security.

~

Affiliated

Company.

(see

following)

@

Security

was

fair

valued

at

June

30,

2020,

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,

2020,

were

0.26%

of

Global

Luxury

Goods

Fund,

1.68%

of

Global

Resources

Fund,

0.35%

of

World

Precious

Minerals

Fund,

0.07%

of

Gold

And

Precious

Metals

Fund

and

0.00%

of

China

Region

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,

2020

amounted

to

$70,105,

0.25%,

of

Global

Luxury

Goods

Fund,

$865,175,

1.89%,

of

Global

Resources

Fund,

$482,930,

0.55%,

of

World

Precious

Minerals

Fund,

$1,593,489,

1.20%,

of

Gold

And

Precious

Metals

Fund,

$83,014,

0.35%,

of

Emerging

Europe

Fund

and

$0,

0.00%,

of

China

Region

Fund.

+

See

"Restricted

Securities"

in

Notes

to

Portfolios

of

Investments.

^

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

ETN

Exchange

Traded

Note

FHLMC

Federal

Home

Loan

Mortgage

Corporation

FNMA

Federal

National

Mortgage

Association

GDR

Global

Depositary

Receipt

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

LP

Limited

Partnership

MTN

Medium

Term

Note

NVDR

Non-Voting

Depositary

Receipt

PCL

Public

Company

Limited

PJSC

Public

Joint

Stock

Company

PLC

Public

Limited

Company

PSF-GTD

Public

School

Fund

Guarantee

Q-SBLF

Qualified

School

Bond

Loan

Fund

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor’s

SPDR

Standard

&

Poor’s

Depositary

Receipt

Notes

to

Portfolios

of

Investments

(

unaudited

)

June

30,

2020

43

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

a

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.

Notes

to

Portfolios

of

Investments

(

unaudited

)

June

30,

2020

44

The

following

table

summarizes

the

valuation

of

each

Fund’s

securities

as

of

June

30,

2020,

using

the

fair

value

hierarchy:

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

U.S.

Government

Securities

Ultra-Short

Bond

Fund

Investments

in

Securities*

United

States

Government

and

Agency

Obligations

$

–‌

$

30,302,708‌

$

–‌

$

30,302,708‌

Exchange

Traded

Fund

2,015,280‌

–‌

–‌

2,015,280‌

Investments,

at

Value

$

2,015,280‌

$

30,302,708‌

$

–‌

$

32,317,988‌

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Near-Term

Tax

Free

Fund

Investments

in

Securities*

Municipal

Bonds

$

–‌

$

31,641,470‌

$

–‌

$

31,641,470‌

Exchange

Traded

Funds

4,539,550‌

–‌

–‌

4,539,550‌

Investments,

at

Value

$

4,539,550‌

$

31,641,470‌

$

–‌

$

36,181,020‌

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

All

American

Equity

Fund

Investments

in

Securities*

Common

Stocks

Applications

Software

$

264,563‌

$

–‌

$

–‌

$

264,563‌

Building

-

Residential/

Commercial

384,324‌

–‌

–‌

384,324‌

Coatings/Paint

323,018‌

–‌

–‌

323,018‌

Commercial

Service

-

Finance

472,939‌

–‌

–‌

472,939‌

Computers

137,401‌

–‌

–‌

137,401‌

Consumer

Products

-

Miscellaneous

197,433‌

–‌

–‌

197,433‌

Cosmetics

&

Toiletries

478,224‌

–‌

–‌

478,224‌

Decision

Support

Software

66,764‌

–‌

–‌

66,764‌

E-Commerce/Products

606,940‌

–‌

–‌

606,940‌

Electric

-

Integrated

258,719‌

–‌

–‌

258,719‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

June

30,

2020

45

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

All

American

Equity

Fund

(continued)

Investments

in

Securities*

(continued)

Electronic

Components

-

Semiconductors

$

402,718‌

$

–‌

$

–‌

$

402,718‌

Enterprise

Software/

Services

373,681‌

–‌

–‌

373,681‌

E-Services/Consulting

271,977‌

–‌

–‌

271,977‌

Finance

-

Credit

Card

300,379‌

–‌

–‌

300,379‌

Finance

-

Investment

Banker/Broker

286,790‌

–‌

–‌

286,790‌

Finance

-

Other

Services

302,801‌

–‌

–‌

302,801‌

Gold

Mining

769,702‌

–‌

–‌

769,702‌

Medical

-

Drugs

315,738‌

–‌

–‌

315,738‌

Medical

-

HMO

419,124‌

–‌

–‌

419,124‌

Medical

-

Hospitals

118,714‌

–‌

–‌

118,714‌

Precious

Metals

127,745‌

–‌

–‌

127,745‌

REITS

-

Diversified

388,327‌

–‌

–‌

388,327‌

Retail

-

Building

Products

602,727‌

–‌

–‌

602,727‌

Retail

-

Discount

616,729‌

–‌

–‌

616,729‌

Shipbuilding

208,516‌

–‌

–‌

208,516‌

Silver

Mining

196,054‌

–‌

–‌

196,054‌

Corporate

Non-Convertible

Note

–‌

225,281‌

–‌

225,281‌

Exchange

Traded

Funds

463,341‌

–‌

–‌

463,341‌

Investments,

at

Value

$

9,355,388‌

$

225,281‌

$

–‌

$

9,580,669‌

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Global

Luxury

Goods

Fund

Investments

in

Securities*

Common

Stocks

Apparel

Manufacturers

$

1,848,318‌

$

–‌

$

–‌

$

1,848,318‌

Athletic

Footwear

719,687‌

–‌

–‌

719,687‌

Automotive

-

Cars

&

Light

Trucks

1,999,488‌

–‌

–‌

1,999,488‌

Beverages

-

Wine/Spirits

749,194‌

–‌

–‌

749,194‌

Commercial

Services

-

Finance

820,076‌

–‌

–‌

820,076‌

Computers

729,600‌

–‌

–‌

729,600‌

Cosmetics

&

Toiletries

732,743‌

–‌

–‌

732,743‌

Decision

Support

Software

1,413,394‌

–‌

–‌

1,413,394‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

June

30,

2020

46

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Global

Luxury

Goods

Fund

(continued)

Investments

in

Securities*

(continued)

Diversified

Banking

Institution

$

198,488‌

$

–‌

$

–‌

$

198,488‌

E-Commerce/Products

717,293‌

–‌

–‌

717,293‌

Energy

-

Alternate

Sources

–‌

–‌

0‌

0‌

Finance

-

Consumer

Loans

436,598‌

–‌

–‌

436,598‌

Finance

-

Mortgage

Loan/

Banker

20,561‌

–‌

–‌

20,561‌

Footwear

&

Related

Apparel

278,597‌

–‌

–‌

278,597‌

Gold

Mining

975,468‌

–‌

–‌

975,468‌

Information

Technology

–‌

–‌

58,780‌

58,780‌

Internet

Content

-

Entertainment

249,777‌

–‌

–‌

249,777‌

Investment

Management/

Advisory

Services

1,035,020‌

–‌

–‌

1,035,020‌

Medical

-

Hospitals

–‌

–‌

0‌

0‌

Metal

-

Diversified

283,589‌

–‌

–‌

283,589‌

Oil

Companies

-

Exploration

&

Production

10,957‌

–‌

–‌

10,957‌

Precious

Metals

149,770‌

–‌

–‌

149,770‌

Private

Equity

705,076‌

–‌

–‌

705,076‌

Real

Estate

Operating/

Development

–‌

–‌

16,208‌

16,208‌

Retail

-

Building

Products

1,720,252‌

–‌

–‌

1,720,252‌

Retail

-

Discount

712,544‌

–‌

–‌

712,544‌

Silver

Mining

403,228‌

–‌

–‌

403,228‌

Textile

-

Apparel

833,324‌

–‌

–‌

833,324‌

Web

Portals/ISP

282,722‌

–‌

–‌

282,722‌

Corporate

Non-Convertible

Note

–‌

502,240‌

–‌

502,240‌

Exchange

Traded

Funds

1,194,241‌

–‌

–‌

1,194,241‌

Warrants

Finance

-

Mortgage

Loan/

Banker

–‌

0‌

–‌

0‌

Information

Technology

–‌

–‌

0‌

0‌

Oil

Companies

-

Exploration

&

Production

368‌

–‌

–‌

368‌

Investments,

at

Value

19,220,373‌

502,240‌

74,988‌

19,797,601‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

June

30,

2020

47

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Global

Resources

Fund

Investments

in

Securities*

Common

Stocks

Agricultural

Chemicals

$

852,902‌

$

–‌

$

–‌

$

852,902‌

Building

&

Construction

Products

-

Miscellaneous

256,500‌

–‌

–‌

256,500‌

Building

Products

-

Wood

228,270‌

–‌

–‌

228,270‌

Coal

–‌

–‌

0‌

0‌

Containers

-

Metal/Glass

243,215‌

–‌

–‌

243,215‌

Containers

-

Paper/Plastic

–‌

353,614‌

–‌

353,614‌

Diamonds/Precious

Stones

182,307‌

–‌

0‌

182,307‌

Diversified

Minerals

3,070,640‌

–‌

–‌

3,070,640‌

Electric

-

Integrated

340,800‌

473,207‌

–‌

814,007‌

Energy

-

Alternate

Sources

1,002,850‌

1,647,201‌

0‌

2,650,051‌

Finance

-

Investment

Banker/Broker

384,502‌

–‌

–‌

384,502‌

Food

-

Miscellaneous/

Diversified

581,000‌

–‌

–‌

581,000‌

Forestry

210,666‌

–‌

–‌

210,666‌

Gold

Mining

7,764,024‌

660,076‌

0‌

8,424,100‌

Independent

Power

Producer

873,000‌

–‌

–‌

873,000‌

Information

Technology

–‌

–‌

367,376‌

367,376‌

Invest

Company

-

Resources

202,416‌

–‌

–‌

202,416‌

Medical

-

Hospitals

–‌

–‌

0‌

0‌

Metal

-

Diversified

3,466,837‌

974,650‌

–‌

4,441,487‌

Metal

-

Iron

1,214,832‌

1,069,385‌

0‌

2,284,217‌

Mining

Services

797,363‌

–‌

–‌

797,363‌

Natural

Resource

Technology

–‌

–‌

120,741‌

120,741‌

Non-Ferrous

Metals

33,147‌

–‌

0‌

33,147‌

Oil

-

Field

Services

480,280‌

–‌

–‌

480,280‌

Oil

Companies

-

Exploration

&

Production

1,364,709‌

504,176‌

–‌

1,868,885‌

Oil

Companies

-

Integrated

3,108,105‌

–‌

–‌

3,108,105‌

Oil

Companies

-

US

Royalty

Trusts

4,560‌

–‌

–‌

4,560‌

Oil

Refining

&

Marketing

908,500‌

–‌

–‌

908,500‌

Paper

&

Related

Products

555,557‌

964,822‌

–‌

1,520,379‌

Platinum

262,400‌

269,382‌

–‌

531,782‌

Precious

Metals

2,297,655‌

236,780‌

–‌

2,534,435‌

Real

Estate

Operating/

Development

–‌

–‌

282,855‌

282,855‌

REITS

-

Diversified

504,250‌

–‌

–‌

504,250‌

Retail

-

Jewelry

91,522‌

39,133‌

–‌

130,655‌

Steel

-

Producers

669,263‌

–‌

–‌

669,263‌

Water

420,400‌

–‌

–‌

420,400‌

Corporate

Non-Convertible

Note

–‌

898,956‌

–‌

898,956‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

June

30,

2020

48

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Global

Resources

Fund

(continued)

Investments

in

Securities*

(continued)

Exchange

Traded

Funds

$

2,030,984‌

$

–‌

$

–‌

$

2,030,984‌

Warrants

Gold

Mining

–‌

0‌

–‌

0‌

Metal

-

Diversified

–‌

0‌

–‌

0‌

Oil

Companies

-

Exploration

&

Production

1,473‌

–‌

–‌

1,473‌

Purchased

Call

Options

340,500‌

930,000‌

–‌

1,270,500‌

Investments,

at

Value

34,745,429‌

9,021,382‌

770,972‌

44,537,783‌

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

World

Precious

Minerals

Fund

Investments

in

Securities*

Common

Stocks

Advanced

Materials/

Production

$

3,624,227‌

$

–‌

$

–‌

$

3,624,227‌

Capital

Pools

1,461,402‌

–‌

–‌

1,461,402‌

Coal

–‌

–‌

0‌

0‌

Diamonds/Precious

Stones

668,459‌

–‌

0‌

668,459‌

Diversified

Minerals

3,756,375‌

488,118‌

0‌

4,244,493‌

Finance

-

Investment

Banker/Broker

13,750‌

–‌

–‌

13,750‌

Gold

Mining

30,395,192‌

3,181,967‌

71,251‌

33,648,410‌

Investment

Companies

153,212‌

–‌

–‌

153,212‌

Medical

-

Hospitals

–‌

–‌

0‌

0‌

Metal

-

Copper

522,459‌

–‌

–‌

522,459‌

Metal

-

Diversified

5,809,128‌

4,482,044‌

–‌

10,291,172‌

Metal

-

Iron

82,812‌

–‌

–‌

82,812‌

Mining

Services

564,599‌

–‌

–‌

564,599‌

Non-Ferrous

Metals

185,622‌

–‌

–‌

185,622‌

Oil

Companies

-

Exploration

&

Production

–‌

–‌

0‌

0‌

Optical

Recognition

Equipment

4,628‌

–‌

–‌

4,628‌

Platinum

803,359‌

–‌

–‌

803,359‌

Precious

Metals

18,699,475‌

941,107‌

–‌

19,640,582‌

Retail

-

Jewelry

418,385‌

–‌

–‌

418,385‌

Silver

Mining

217,037‌

–‌

–‌

217,037‌

Exchange

Traded

Funds

1,820,800‌

–‌

–‌

1,820,800‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

June

30,

2020

49

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

World

Precious

Minerals

Fund

(continued)

Investments

in

Securities*

(continued)

Warrants

Gold

Mineral

Exploration

&

Development

$

–‌

$

–‌

$

0‌

$

0‌

Gold

Mining

–‌

13,553‌

–‌

13,553‌

Retail

-

Jewelry

5,994‌

–‌

–‌

5,994‌

Purchased

Call

Options

510,750‌

1,220,625‌

–‌

1,731,375‌

Investments,

at

Value

69,717,665‌

10,327,414‌

71,251‌

80,116,330‌

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Gold

And

Precious

Metals

Fund

Investments

in

Securities*

Common

Stocks

Advanced

Materials/

Production

$

349,146‌

$

–‌

$

–‌

$

349,146‌

Diversified

Minerals

3,572,481‌

1,388,183‌

–‌

4,960,664‌

Engineering/R&D

Services

–‌

63,919‌

–‌

63,919‌

Gold

Mining

63,827,165‌

15,024,849‌

–‌

78,852,014‌

Investment

Companies

486,152‌

–‌

–‌

486,152‌

Medical

-

Hospitals

–‌

–‌

0‌

0‌

Mining

Services

2,211,992‌

168,386‌

–‌

2,380,378‌

Platinum

–‌

1,683,641‌

–‌

1,683,641‌

Precious

Metals

17,434,407‌

–‌

–‌

17,434,407‌

Retail

-

Jewelry

1,624,979‌

–‌

–‌

1,624,979‌

Silver

Mining

8,329,121‌

1,329,057‌

–‌

9,658,178‌

Corporate

Non-Convertible

Bond

–‌

–‌

0‌

0‌

Corporate

Non-Convertible

Notes

–‌

1,374,182‌

–‌

1,374,182‌

Exchange

Traded

Funds

3,702,388‌

–‌

–‌

3,702,388‌

Warrants

Gold

Mining

–‌

99,256‌

–‌

99,256‌

Silver

Mining

79,414‌

–‌

–‌

79,414‌

Purchased

Call

Options

2,497,000‌

1,918,125‌

–‌

4,415,125‌

Investments,

at

Value

$

104,114,245‌

$

23,049,598‌

$

0‌

$

127,163,843‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

June

30,

2020

50

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Emerging

Europe

Fund

Assets

Investments

in

Securities*

Common

Stocks

Agricultural

Chemicals

$

147,840‌

$

–‌

$

–‌

$

147,840‌

Airlines

99,510‌

390,102‌

–‌

489,612‌

Apparel

Manufacturers

–‌

129,373‌

–‌

129,373‌

Appliances

–‌

161,832‌

–‌

161,832‌

Athletic

Footwear

–‌

94,915‌

–‌

94,915‌

Automotive

-

Cars

&

Light

Trucks

–‌

87,945‌

–‌

87,945‌

Automotive

-

Medium

&

Heavy

Duty

Trucks

–‌

65,788‌

–‌

65,788‌

Building

-

Heavy

Construction

–‌

203,335‌

–‌

203,335‌

Building

&

Construction

Products

-

Miscellaneous

–‌

142,825‌

–‌

142,825‌

Cellular

Telecommunication

268,348‌

401,085‌

–‌

669,433‌

Chemicals

-

Fibers

–‌

128,868‌

–‌

128,868‌

Commercial

Banks

Non-US

1,686,825‌

2,403,103‌

–‌

4,089,928‌

Communications

Software

–‌

58,099‌

–‌

58,099‌

Computer

Services

16,500‌

200,926‌

–‌

217,426‌

Diversified

Operations

–‌

136,768‌

–‌

136,768‌

Electric

-

Distribution

–‌

129,234‌

–‌

129,234‌

Electric

-

Generation

–‌

199,470‌

–‌

199,470‌

Electronics

-

Military

–‌

47,208‌

–‌

47,208‌

Entertainment

Software

–‌

410,700‌

–‌

410,700‌

Finance

-

Other

Services

–‌

398,405‌

–‌

398,405‌

Food

-

Confectionery

–‌

200,554‌

–‌

200,554‌

Food

-

Retail

488,132‌

609,161‌

–‌

1,097,293‌

Food

-

Wholesale/

Distribution

–‌

260,798‌

–‌

260,798‌

Gold

Mining

558,893‌

72,355‌

–‌

631,248‌

Machinery

-

Farm

–‌

23,036‌

–‌

23,036‌

Machinery

-

General

Industrial

–‌

206,004‌

–‌

206,004‌

Metal

-

Diversified

574,069‌

–‌

–‌

574,069‌

Metal

-

Iron

298,556‌

–‌

–‌

298,556‌

Multi-line

Insurance

–‌

142,631‌

–‌

142,631‌

Oil

Companies

-

Exploration

&

Production

287,944‌

45,278‌

–‌

333,222‌

Oil

Companies

-

Integrated

5,408,540‌

262,770‌

–‌

5,671,310‌

Oil

Refining

&

Marketing

–‌

716,992‌

–‌

716,992‌

Pipelines

–‌

28,194‌

–‌

28,194‌

Precious

Metals

–‌

220,228‌

–‌

220,228‌

Property/Casualty

Insurance

–‌

170,745‌

–‌

170,745‌

Regional

Banks

-

Non

US

255,801‌

90,595‌

–‌

346,396‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

June

30,

2020

51

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Emerging

Europe

Fund

(continued)

Assets

(continued)

Investments

in

Securities*

(continued)

Retail

-

Apparel/Shoe

$

–‌

$

695,620‌

$

–‌

$

695,620‌

Retail

-

Hypermarkets

28,473‌

–‌

–‌

28,473‌

Retail

-

Jewelry

–‌

88,202‌

–‌

88,202‌

Retail

-

Major

Dept

Store

–‌

198,372‌

–‌

198,372‌

Rubber

-

Tires

–‌

36,945‌

–‌

36,945‌

Steel

-

Producers

362,489‌

417,723‌

–‌

780,212‌

Telecom

Services

221,956‌

299,078‌

–‌

521,034‌

Telephone

-

Integrated

–‌

415,908‌

–‌

415,908‌

Textile

-

Apparel

–‌

93,088‌

–‌

93,088‌

Transportation

-

Rail

24,281‌

–‌

–‌

24,281‌

Transportation

-

Services

–‌

20,527‌

–‌

20,527‌

Web

Portals/ISP

215,086‌

–‌

–‌

215,086‌

Put

Option

–‌

59,000‌

–‌

59,000‌

Investments,

at

Value

$

10,943,243‌

$

11,163,785‌

$

–‌

$

22,107,028‌

Other

Financial

Instruments

†

Currency

Contracts

–‌

3,638‌

–‌

3,638‌

Total

Assets

$

10,943,243‌

$

11,167,423‌

$

–‌

$

22,110,666‌

Liabilities

Other

Financial

Instruments

†

Currency

Contracts

–‌

(1,272‌)

–‌

(1,272‌)

Total

Liabilities

$

–‌

$

(1,272‌)

$

–‌

$

(1,272‌)

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

China

Region

Fund

Investments

in

Securities*

Common

Stocks

Airlines

$

–‌

$

51,671‌

$

–‌

$

51,671‌

Apparel

Manufacturers

–‌

11,998‌

–‌

11,998‌

Athletic

Footwear

–‌

11,343‌

–‌

11,343‌

Audio/Video

Products

–‌

33,471‌

–‌

33,471‌

Automotive

-

Cars

&

Light

Trucks

–‌

10,065‌

–‌

10,065‌

Automotive/Truck

Parts

&

Equipment

-

Replacement

–‌

382,478‌

–‌

382,478‌

Batteries/Battery

Systems

–‌

150,919‌

–‌

150,919‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

June

30,

2020

52

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

China

Region

Fund

(continued)

Investments

in

Securities*

(continued)

Broadcast

Service/Program

$

–‌

$

7,548‌

$

–‌

$

7,548‌

Building

-

Heavy

Construction

–‌

17,060‌

–‌

17,060‌

Building

&

Construction

Products

-

Miscellaneous

–‌

27,808‌

–‌

27,808‌

Building

Products

-

Cement

–‌

159,074‌

–‌

159,074‌

Casino

Hotels

–‌

18,665‌

–‌

18,665‌

Chemicals

-

Diversified

–‌

11,500‌

–‌

11,500‌

Chemicals

-

Fibers

–‌

8,781‌

–‌

8,781‌

Chemicals

-

Specialty

–‌

28,160‌

–‌

28,160‌

Coal

–‌

29,289‌

–‌

29,289‌

Commercial

Banks

Non-US

–‌

296,048‌

–‌

296,048‌

Computers

-

Integrated

System

–‌

14,456‌

–‌

14,456‌

Consumer

Products

-

Miscellaneous

–‌

92‌

–‌

92‌

Diversified

Banking

Institution

349,950‌

–‌

–‌

349,950‌

Diversified

Financial

Services

–‌

37,019‌

–‌

37,019‌

E-Commerce/Products

390,417‌

–‌

–‌

390,417‌

E-Commerce/Services

–‌

22,818‌

–‌

22,818‌

Electronic

Components

-

Miscellaneous

–‌

220,081‌

–‌

220,081‌

Engineering/R&D

Services

–‌

295,826‌

–‌

295,826‌

Enterprise

Software/

Services

–‌

21,919‌

–‌

21,919‌

Entertainment

Software

–‌

12,882‌

–‌

12,882‌

Finance

-

Consumer

Loans

74,480‌

–‌

–‌

74,480‌

Finance

-

Investment

Banker/Broker

–‌

15,828‌

–‌

15,828‌

Food

-

Dairy

Products

–‌

260,751‌

–‌

260,751‌

Food

-

Miscellaneous/

Diversified

–‌

1,342,308‌

–‌

1,342,308‌

Gas

-

Distribution

–‌

37,292‌

–‌

37,292‌

Internet

Content

-

Info

916,440‌

–‌

–‌

916,440‌

Life/Health

Insurance

–‌

313,672‌

–‌

313,672‌

Medical

-

Drugs

–‌

622,804‌

–‌

622,804‌

Multi-line

Insurance

–‌

787,550‌

–‌

787,550‌

Multimedia

–‌

204,517‌

–‌

204,517‌

Non-Ferrous

Metals

–‌

–‌

0‌

0‌

Oil

Companies

-

Exploration

&

Production

–‌

24,304‌

–‌

24,304‌

Oil

Field

Machinery

&

Equipment

–‌

7,177‌

–‌

7,177‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

June

30,

2020

53

The

following

is

a

reconciliation

of

assets

for

which

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

during

the

period

January

1,

2020

through

June

30,

2020:

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

China

Region

Fund

(continued)

Investments

in

Securities*

(continued)

Real

Estate

Operating/

Development

$

–‌

$

2,818,506‌

$

–‌

$

2,818,506‌

Reinsurance

–‌

9,221‌

–‌

9,221‌

Retail

-

Apparel/Shoe

–‌

364,955‌

–‌

364,955‌

Schools

–‌

227,173‌

–‌

227,173‌

Semiconductor

Components

-

Integrated

Circuit

–‌

417,894‌

–‌

417,894‌

Tobacco

–‌

12,914‌

–‌

12,914‌

Transport

Support

Services

–‌

11,998‌

–‌

11,998‌

Right

–‌

–‌

0‌

0‌

Exchange

Traded

Fund

338,844‌

–‌

–‌

338,844‌

Investments,

at

Value

$

2,070,131‌

$

9,359,835‌

$

0‌

$

11,429,966‌

*

Refer

to

the

Portfolios

of

Investments

for

a

detailed

list

of

the

Funds’

investments.

†

Other

Financial

Instruments

are

derivatives

not

reflected

in

the

Portfolios

of

Investments,

such

as

Currency

Contracts,

which

are

valued

at

the

unrealized

appreciation

(depreciation)

at

period

end.

Common

Stocks

Warrants

Total

Global

Luxury

Goods

Fund

Beginning

Balance

12/31/19

$

295,258‌

$

0‌

$

295,258‌

Net

change

in

unrealized

appreciation

(depreciation)

(220,270‌)

—‌

(220,270‌)

Ending

Balance

06/30/20

$

74,988‌

0‌

$

74,988‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

06/30/20

(1)

$

(220,270‌)

$

—‌

$

(220,270‌)

Common

Stocks

Total

Global

Resources

Fund

Beginning

Balance

12/31/19

$

3,806,959‌

$

3,806,959‌

Net

change

in

unrealized

appreciation

(depreciation)

(3,035,987‌)

(3,035,987‌)

Ending

Balance

06/30/20

$

770,972‌

$

770,972‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

06/30/20

(1)

$

(3,035,987‌)

$

(3,035,987‌)

Notes

to

Portfolios

of

Investments

(

unaudited

)

June

30,

2020

54

Significant

unobservable

inputs

developed

by

the

Valuation

Committee

(“Valuation

Committee”)

for

Level

3

investments

held

at

period

end

are

as

follows:

Common

Stock

Warrants

Total

World

Precious

Minerals

Fund

Beginning

Balance

12/31/19

$

599,462‌

$

0‌

$

599,462‌

Transfers

into

Level

3

49,720‌

—‌

49,720‌

Transfers

out

of

Level

3

(355,290‌)

—‌

(355,290‌)

Net

change

in

unrealized

appreciation

(depreciation)

(222,641‌)

0‌

(222,641‌)

Ending

Balance

06/30/20

$

71,251‌

$

0‌

$

71,251‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

06/30/20

(1)

$

(222,641‌)

$

0‌

$

(222,641‌)

Common

Stocks

Total

Gold

and

Precious

Metals

Fund

Beginning

Balance

12/31/19

$

35,087‌

$

35,087‌

Transfers

out

of

Level

3

(69,199‌)

(69,199‌)

Net

change

in

unrealized

appreciation

(depreciation)

34,112‌

34,112‌

Ending

Balance

06/30/20

$

0‌

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

06/30/20

(1)

$

34,112‌

$

34,112‌

Common

Stocks

China

Region

Fund

Beginning

Balance

12/31/19

$

0‌

Transfers

into

Level

3

0‌

Ending

Balance

06/30/20

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

06/30/20

(1)

$

—‌

(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,

2020.

Fair

Value

at

06/30/20

Valuation

Technique(s)

Unobservable

Input

Range

(Weighted

Average)

Global

Luxury

Goods

Fund

Investments

in

Securities

Common

Stocks

58,780

Market

Transaction

(1)

Discount

30%

-

100%

discount

(84%

discount)

Common

Stocks

16,208

Method

of

Comparables

Pricing

(2)

Multiples

8.4

–

33.3

(14.6)

Warrants

0

Market

Transaction

(1)

Discount

0%

Global

Resources

Fund

Investments

in

Securities

Common

Stocks

488,117

Market

Transaction

(1)

Discount

30%

-

100%

discount

(99%

discount)

Common

Stocks

282,855

Method

of

Comparables

Pricing

(2)

Multiples

8.4

–

33.3

(14.6)

Notes

to

Portfolios

of

Investments

(

unaudited

)

June

30,

2020

55

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,

2020.

Fair

Value

at

06/30/20

Valuation

Technique(s)

Unobservable

Input

Range

(Weighted

Average)

World

Precious

Minerals

Fund

Investments

in

Securities

Common

Stocks

71,251

Market

Transaction

(1)

Discount

30%

-

100%

discount

(98%

discount)

Warrants

0

Market

Transaction

(1)

Discount

100%

Gold

and

Precious

Metals

Fund

Investments

in

Securities

Common

Stocks

0

Market

Transaction

(1)

Discount

100%

Corporate

Non-Convertible

Bond

0

Market

Transaction

(1)

Discount

100%

China

Region

Fund

Investments

in

Securities

Common

Stocks

0

Market

Transaction

(1)

Discount

100%

Right

0

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.

(2)

The

Method

of

Comparables

Pricing

valuation

technique

involves

determining

a

comparable

group

of

companies

that

exhibit

similar

characteristics

to

that

of

the

Level

3

security

(the

Comparables),

gathering

information

about

the

Comparables

to

determine

their

range

of

valuation

multiples

and

selecting

the

appropriate

multiple

within

the

determined

range

of

the

Comparables

to

apply

in

valuing

the

Level

3

security.

Shares

of

Affiliated

Companies

Global

Resources

Fund

December

31,

2019

Additions

Reductions

June

30,

2020

Caribbean

Resources

Corp.

17‌

—‌

—‌

17‌

Pacific

Green

Energy

Corp.

2,400,000‌

—‌

—‌

2,400,000‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

June

30,

2020

56

At

June

30,

2020,

the

value

of

investments

in

affiliated

companies

was

$0,

representing

0.00%

of

net

assets,

and

the

total

cost

was

$27,968,676.

Values

of

Affiliated

Companies

Global

Resources

Fund

December

31,

2019

Purchases

Cost

Sales

Proceeds

June

30,

2020

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Caribbean

Resources

Corp.

$

0‌

$

—‌

$

—‌

$

0‌

$

—‌

$

–‌

$

–‌

Pacific

Green

Energy

Corp.

0‌

—‌

—‌

0‌

—‌

–‌

–‌

Shares

of

Affiliated

Companies

World

Precious

Minerals

Fund

December

31,

2019

Additions

Reductions

June

30,

2020

Argo

Gold,

Inc.

2,967,500‌

—‌

(2,967,500‌)

—‌

(a)

Barksdale

Resources

Corp.

2,750,000‌

—‌

—‌

2,750,000‌

Barsele

Minerals

Corp.

7,500,000‌

150,000‌

—‌

7,650,000‌

Chakana

Copper

Corp.

4,750,000‌

—‌

—‌

4,750,000‌

CopperBank

Resources

Corp.

22,979,418‌

194,582‌

—‌

23,174,000‌

Dolly

Varden

Silver

Corp.

9,132,000‌

200,000‌

(

1,159,000‌

)

8,173,000‌

Fremont

Gold,

Ltd.

4,000,000‌

—‌

—‌

4,000,000‌

(a)

Mammoth

Resources

Corp.

2,171,200‌

1,500,000‌

—‌

3,671,200‌

Orex

Minerals,

Inc.

6,150,000‌

1,000,000‌

—‌

7,150,000‌

Polarx

,

Ltd.

33,653,968‌

4,510,000‌

—‌

38,163,968‌

Radisson

Mining

Resources,

Inc.

8,500,000‌

—‌

—‌

8,500,000‌

(a)

Silver

Viper

Minerals

Corp

3,000,000‌

100,000‌

—‌

3,100,000‌

(a)

TriStar

Gold,

Inc.

31,150,000‌

—‌

(

650,000‌

)

30,500,000‌

VR

Resources,

Ltd.

3,000,000‌

—‌

—‌

3,000,000‌

(a)

Values

of

Affiliated

Companies

World

Precious

Minerals

Fund

December

31,

2019

Purchases

Cost

Sales

Proceeds

June

30,

2020

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Argo

Gold,

Inc.

$

262,803‌

$

—‌

$

(232,321‌)

$

—‌

(a)

$

—‌

$

(151,439‌)

$

120,957‌

Barksdale

Resources

Corp.

783,566‌

—‌

—‌

668,459‌

—‌

–‌

(115,107‌)

Barsele

Minerals

Corp.

2,887,836‌

21,592‌

—‌

1,972,230‌

—‌

–‌

(937,198‌)

Chakana

Copper

Corp.

896,192‌

—‌

—‌

734,753‌

—‌

–‌

(

161,439‌

)

CopperBank

Resources

Corp.

796,330‌

—‌

—‌

853,491‌

—‌

–‌

57,161‌

Dolly

Varden

Silver

Corp.

2,250,387‌

44,898‌

(525,507‌)

4,093,724‌

—‌

(248,603‌)

2,572,549‌

Fremont

Gold,

Ltd.

231,027‌

—‌

—‌

324,101‌

(a)

—‌

–‌

93,074‌

Mammoth

Resources

Corp.

54,341‌

38,566‌

—‌

87,886‌

—‌

–‌

(

5,021‌

)

Orex

Minerals,

Inc.

663,047‌

59,834‌

—‌

579,331‌

—‌

–‌

(

143,550‌

)

Polarx

,

Ltd.

1,205,418‌

118,329‌

—‌

903,647‌

—‌

–‌

(420,100‌)

Notes

to

Portfolios

of

Investments

(

unaudited

)

June

30,

2020

57

At

June

30,

2020,

the

value

of

investments

in

affiliated

companies

was

$17,644,331,

representing

20.21%

of

net

assets,

and

the

total

cost

was

$18,612,765.

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

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.

As

of

June

30,

2020,

the

total

cost

of

restricted

securities

was

$426,625,

and

the

total

value

was

$16,208,

representing

0.06%

of

net

assets.

As

of

June

30,

2020,

the

total

cost

of

restricted

securities

was

$7,473,544,

and

the

total

value

was

$403,596,

representing

0.88%

of

net

assets.

World

Precious

Minerals

Fund

(cont’d)

December

31,

2019

Purchases

Cost

Sales

Proceeds

June

30,

2020

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Radisson

Mining

Resources,

Inc.

1,407,339‌

—‌

—‌

1,690,483‌

(a)

—‌

–‌

283,144‌

Silver

Viper

Minerals

Corp.

646,875‌

22,127‌

—‌

913,377‌

(a)

—‌

–‌

244,375‌

TriStar

Gold,

Inc.

$

4,557,776‌

$

52,138‌

$

(397,844‌)

$

7,750,810‌

$

—‌

$

(182,417‌)

$

3,721,157‌

VR

Resources,

Ltd.

854,800‌

—‌

—‌

673,983‌

(a)

—‌

–‌

(180,817‌)

(a)

At

June

30,

2020,

the

company

was

no

longer

defined

as

an

affiliate,

although

it

was

an

affiliate

company

during

the

period.

Global

Luxury

Goods

Fund

Acquisition

Date

Cost

per

Share/Unit

Infrastructure

Ventures,

Inc.

08/06/10-11/22/10

$

1.00

Global

Resources

Fund

Acquisition

Date

Cost

per

Share/Unit

I-Pulse,

Inc.,

144A

10/04/07

$

1.88

Infrastructure

Ventures,

Inc.

08/06/10-11/22/10

$

1.00

Statements

of

Assets

and

Liabilities

(unaudited)

58

See

accompanying

notes

to

financial

statements.

U.S.

Government

Securities

Ultra-Short

Bond

Fund

Investments,

at

identified

cost

$

32,270,051‌

Assets

Investments,

at

value:

Securities

of

unaffiliated

issuers

$

32,317,988‌

Cash

9,632,307‌

Receivables:

Dividends

and

interest

31,730‌

Capital

shares

sold

4,742‌

Investments

sold

–‌

From

adviser

4,735‌

Prepaid

expenses

15,542‌

Total

Assets

42,007,044‌

Liabilities

Due

to

custodian

–‌

Payables:

Capital

shares

redeemed

679,733‌

Distributions

payable

985‌

Investments

purchased

–‌

Accrued

expenses

and

other

payables:

Adviser

–‌

Administration

and

Transfer

Agent

fees

9,786‌

Trustees

27‌

Other

expenses

16,233‌

Total

Liabilities

706,764‌

Net

Assets

$

41,300,280‌

Net

Assets

Consist

of:

Paid-in

capital

$

41,217,097‌

Distributable

earnings

83,183‌

Net

assets

applicable

to

capital

shares

outstanding

$

41,300,280‌

By

share

class

Net

Assets

Investor

Class

$

41,300,280‌

Capital

shares

outstanding,

an

unlimited

number

of

no

par

shares

authorized

Investor

Class

20,635,920‌

Net

Asset

Value,

Public

Offering

Price

and

Redemption

Price

per

share

Investor

Class

$

2.00‌

June

30,

2020

59

Near-Term

Tax

Free

Fund

All

American

Equity

Fund

Global

Luxury

Goods

Fund

$

35,494,538‌

$

9,300,842‌

$

19,776,463‌

$

36,181,020‌

$

9,580,669‌

$

19,797,601‌

4,842,788‌

1,845,286‌

734,968‌

337,578‌

8,330‌

15,633‌

56,565‌

1,119‌

1,738‌

–‌

363,671‌

16,310,429‌

6,855‌

3,034‌

–‌

16,254‌

16,376‌

16,227‌

41,441,060‌

11,818,485‌

36,876,596‌

–‌

–‌

–‌

28,283‌

5,444‌

–‌

2,543‌

–‌

–‌

–‌

34,228‌

8,384,733‌

–‌

–‌

10,117‌

7,845‌

3,231‌

5,879‌

61‌

14‌

33‌

19,027‌

13,480‌

16,073‌

57,759‌

56,397‌

8,416,835‌

$

41,383,301‌

$

11,762,088‌

$

28,459,761‌

$

41,887,174‌

$

13,051,889‌

$

32,532,310‌

(503,873‌)

(1,289,801‌)

(4,072,549‌)

$

41,383,301‌

$

11,762,088‌

$

28,459,761‌

$

41,383,301‌

$

11,762,088‌

$

28,459,761‌

18,439,814‌

527,828‌

1,878,518‌

$

2.24‌

$

22.28‌

$

15.15‌

Statements

of

Assets

and

Liabilities

(unaudited)

60

See

accompanying

notes

to

financial

statements.

Global

Resources

Fund

Investments,

at

identified

cost

$

95,533,474‌

Assets

Investments,

at

value:

Securities

of

unaffiliated

issuers

$

44,537,783‌

Securities

of

affiliated

issuers

–‌

Cash

–‌

Unrealized

gain

on

forward

foreign

currency

contracts

–‌

Foreign

currencies

(Cost

$928,887,

$144,953,

$656,714,

$185,573

and

$8,219)

952,975‌

Receivables:

Dividends

and

interest

161,138‌

Capital

shares

sold

4,435‌

Investments

sold

763,378‌

Prepaid

expenses

21,485‌

Total

Assets

46,441,194‌

Liabilities

Unrealized

loss

on

forward

foreign

currency

contracts

–‌

Due

to

custodian

274,884‌

Payables:

Capital

shares

redeemed

16,083‌

Investments

purchased

183,856‌

Foreign

capital

gains

tax

payable

–‌

Accrued

expenses

and

other

payables:

Adviser

38,262‌

Administration

and

Transfer

Agent

fees

9,364‌

Trustees

44‌

Other

expenses

30,213‌

Total

Liabilities

552,706‌

Net

Assets

$

45,888,488‌

Net

Assets

Consist

of:

Paid-in

capital

$

333,234,706‌

Distributable

earnings

(287,346,218‌)

Net

assets

applicable

to

capital

shares

outstanding

$

45,888,488‌

By

share

class

Net

Assets

Investor

Class

$

45,888,488‌

Capital

shares

outstanding,

an

unlimited

number

of

no

par

shares

authorized

Investor

Class

11,036,326‌

Net

Asset

Value,

Public

Offering

Price

and

Redemption

Price

per

share

Investor

Class

$

4.16‌

June

30,

2020

61

World

Precious

Minerals

Fund

Gold

and

Precious

Metals

Fund

Emerging

Europe

Fund

China

Region

Fund

$

100,788,227‌

$

84,830,698‌

$

21,049,015‌

$

9,788,465‌

$

62,471,999‌

$

127,163,843‌

$

22,107,028‌

$

11,429,966‌

17,644,331‌

–‌

–‌

–‌

5,035,558‌

5,139,715‌

1,572,663‌

1,265,220‌

–‌

–‌

3,638‌

–‌

146,501‌

658,823‌

185,288‌

8,220‌

3,589‌

69,561‌

88,055‌

88,986‌

711,446‌

588,240‌

2,001‌

137‌

1,824,419‌

–‌

–‌

–‌

27,405‌

33,429‌

17,997‌

14,506‌

87,865,248‌

133,653,611‌

23,976,670‌

12,807,035‌

–‌

–‌

1,272‌

–‌

–‌

–‌

–‌

–‌

6,284‌

114,665‌

12,138‌

438‌

482,115‌

115,720‌

–‌

130,926‌

–‌

–‌

3,809‌

–‌

33,355‌

67,846‌

17,307‌

7,007‌

16,809‌

22,575‌

3,678‌

5,539‌

81‌

151‌

19‌

15‌

37,224‌

52,869‌

28,788‌

26,354‌

575,868‌

373,826‌

67,011‌

170,279‌

$

87,289,380‌

$

133,279,785‌

$

23,909,659‌

$

12,636,756‌

$

436,458,180‌

$

173,687,434‌

$

48,640,774‌

$

12,229,532‌

(349,168,800‌)

(40,407,649‌)

(24,731,115‌)

407,224‌

$

87,289,380‌

$

133,279,785‌

$

23,909,659‌

$

12,636,756‌

$

87,289,380‌

$

133,279,785‌

$

23,909,659‌

$

12,636,756‌

21,796,367‌

11,621,958‌

4,203,997‌

1,444,246‌

$

4.00‌

$

11.47‌

$

5.69‌

$

8.75‌

Statements

of

Operations

(unaudited)

62

See

accompanying

notes

to

financial

statements.

U.S.

Government

Securities

Ultra-Short

Bond

Fund

Net

Investment

Income

Income

Dividends

from

unaffiliated

issuers

$

17,327‌

Foreign

tax

withheld

on

dividends

–‌

Net

dividends

17,327‌

Interest

and

other

211,769‌

Total

income

229,096‌

Expenses:

Management

fee

104,738‌

Administrative

services

fee

39,953‌

Distribution

plan

fee

–‌

Transfer

agent

fees

and

expenses

17,093‌

Professional

fees

14,455‌

Custodian

fees

2,922‌

Shareholder

reporting

expenses

6,462‌

Registration

fees

10,367‌

Trustee

fees

and

expenses

2,831‌

Chief

compliance

officer

fees

2,798‌

Miscellaneous

expenses

17,135‌

Total

expenses

before

reductions

218,754‌

Expenses

offset

-

Note

1

H

–‌

Expenses

reimbursed

-

Note

3

(124,489‌)

Net

expenses

94,265‌

Net

Investment  Income

(Loss)

134,831‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Realized

gain

(loss)

from:

Securities

from

unaffiliated

issuers

16,166‌

Foreign

currency

transactions

–‌

Written

options

–‌

Net

realized

gain

(loss)

16,166‌

Net

change

in

unrealized

appreciation

(depreciation)

of:

Investments

in

unaffiliated

issuers

35,751‌

Other

assets

and

liabilities

denominated

in

foreign

currencies

–‌

Net

change

in

unrealized

appreciation

(depreciation)

35,751‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

51,917‌

Net

Increase

(Decrease)

In

Net

Assets

Resulting

From

Operations

$

186,748‌

For

the

Six

Months

Ended

June

30,

2020

63

Near-Term

Tax

Free

Fund

All

American

Equity

Fund

Global

Luxury

Goods

Fund

$

39,913‌

$

106,369‌

$

154,524‌

–‌

(269‌)

(281‌)

39,913‌

106,100‌

154,243‌

298,919‌

19,637‌

50,072‌

338,832‌

125,737‌

204,315‌

103,000‌

32,047‌

106,314‌

39,233‌

23,887‌

36,488‌

–‌

15,268‌

37,215‌

10,841‌

10,244‌

11,498‌

14,188‌

10,814‌

11,237‌

944‌

2,226‌

2,750‌

6,335‌

4,088‌

5,900‌

9,485‌

9,231‌

8,941‌

2,852‌

1,835‌

2,477‌

2,749‌

815‌

1,985‌

31,196‌

8,391‌

14,699‌

220,823‌

118,846‌

239,504‌

(2,703‌)

(573‌)

(1,927‌)

(125,419‌)

(5,263‌)

–‌

92,701‌

113,010‌

237,577‌

246,131‌

12,727‌

(33,262‌)

11,455‌

(1,195,268‌)

(3,767,758‌)

–‌

789‌

(1,562‌)

–‌

(153,688‌)

(180,748‌)

11,455‌

(1,348,167‌)

(3,950,068‌)

362,205‌

(698,561‌)

(85,756‌)

–‌

(342‌)

3‌

362,205‌

(698,903‌)

(85,753‌)

373,660‌

(2,047,070‌)

(4,035,821‌)

$

619,791‌

$

(2,034,343‌)

$

(4,069,083‌)

Statements

of

Operations

(unaudited)

64

See

accompanying

notes

to

financial

statements.

Global

Resources

Fund

Net

Investment

Income

Income

Dividends

from

unaffiliated

issuers

$

574,281‌

Foreign

tax

withheld

on

dividends

(80,129‌)

Net

dividends

494,152‌

Interest

and

other

89,621‌

Total

income

583,773‌

Expenses:

Management

fee

221,486‌

Administrative

services

fee

49,929‌

Distribution

plan

fee

55,494‌

Transfer

agent

fees

and

expenses

24,773‌

Professional

fees

13,544‌

Custodian

fees

11,820‌

Shareholder

reporting

expenses

7,521‌

Registration

fees

8,419‌

Trustee

fees

and

expenses

3,017‌

Chief

compliance

officer

fees

2,960‌

Miscellaneous

expenses

39,954‌

Total

expenses

before

reductions

438,917‌

Expenses

offset

-

Note

1

H

(7,119‌)

Expenses

reimbursed

-

Note

3

(7,253‌)

Net

expenses

424,545‌

Net

Investment  Income

(Loss)

159,228‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Realized

gain

(loss)

from:

Securities

from

unaffiliated

issuers

(2,575,667‌)

Securities

from

affiliated

issuers

–‌

Foreign

currency

transactions

(47,063‌)

Foreign

capital

gains

taxes

–‌

Net

realized

gain

(loss)

(2,622,730‌)

Net

change

in

unrealized

appreciation

(depreciation)

of:

Investments

in

unaffiliated

issuers

(3,478,284‌)

Investments

in

affiliated

issuers

140,346‌

Other

assets

and

liabilities

denominated

in

foreign

currencies

(2,005‌)

Deferred

foreign

capital

gains

taxes

–‌

Net

change

in

unrealized

appreciation

(depreciation)

(3,339,943‌)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

(5,962,673‌)

Net

Increase

(Decrease)

In

Net

Assets

Resulting

From

Operations

$

(5,803,445‌)

For

the

Six

Months

Ended

June

30,

2020

65

World

Precious

Minerals

Fund

Gold

and

Precious

Metals

Fund

Emerging

Europe

Fund

China

Region

Fund

$

2,577‌

$

331,801‌

$

309,483‌

$

177,379‌

(314‌)

(54,521‌)

(67,011‌)

(5,814‌)

2,263‌

277,280‌

242,472‌

171,565‌

–‌

136,999‌

–‌

–‌

2,263‌

414,279‌

242,472‌

171,565‌

250,693‌

416,224‌

168,331‌

94,748‌

66,369‌

95,505‌

38,027‌

34,672‌

84,749‌

140,289‌

33,666‌

16,002‌

35,332‌

35,996‌

10,226‌

10,721‌

16,318‌

18,582‌

13,361‌

13,598‌

9,495‌

11,695‌

20,219‌

7,305‌

9,983‌

13,156‌

7,729‌

5,216‌

9,885‌

10,877‌

8,582‌

9,137‌

3,903‌

5,595‌

2,371‌

1,844‌

4,519‌

7,458‌

1,794‌

854‌

40,637‌

59,961‌

46,507‌

32,065‌

531,883‌

815,338‌

350,813‌

226,162‌

(3,146‌)

(13,348‌)

(1,666‌)

(874‌)

–‌

–‌

(7,863‌)

(47,328‌)

528,737‌

801,990‌

341,284‌

177,960‌

(526,474‌)

(387,711‌)

(98,812‌)

(6,395‌)

(144,152‌)

8,460,835‌

(3,225,150‌)

382,810‌

(582,458‌)

–‌

–‌

–‌

(27,250‌)

(30,940‌)

104,877‌

(2,856‌)

–‌

–‌

(3,208‌)

–‌

(753,860‌)

8,429,895‌

(3,123,481‌)

379,954‌

12,672,126‌

7,397,957‌

(5,858,650‌)

(993,130‌)

3,836,372‌

–‌

–‌

–‌

5,809‌

5,545‌

12,447‌

16‌

–‌

–‌

22,400‌

115‌

16,514,307‌

7,403,502‌

(5,823,803‌)

(992,999‌)

15,760,447‌

15,833,397‌

(8,947,284‌)

(613,045‌)

$

15,233,973‌

$

15,445,686‌

$

(9,046,096‌)

$

(619,440‌)

Statements

of

Changes

in

Net

Assets

66

See

accompanying

notes

to

financial

statements.

U.S.

Government

Securities

Ultra-Short

Bond

Fund

For

the

Six

Months

Ended

June

30,

2020

Year

Ended

December

31,

2019

Increase

(Decrease)

in

Net

Assets

(Unaudited)

From

operations:

Net

investment

income

$

134,831

$

674,341

Net

realized

gain

(loss)

16,166

19,110

Net

change

in

unrealized

appreciation

(depreciation)

35,751

32,331

Net

increase

(decrease)

in

net

assets

from

operations

186,748

725,782

Distributions

to

shareholders

Investor

Class

(134,835)

(679,210)

Total

distributions

paid

(134,835)

(679,210)

From

capital

share

transactions:

Proceeds

from

shares

sold

Investor

Class

6,430,085

8,427,240

Distributions

reinvested

Investor

Class

116,164

565,812

6,546,249

8,993,052

Cost

of

shares

redeemed

Investor

Class

(7,978,385)

(13,649,538)

Net

decrease

in

net

assets

from

capital

share

transactions

(1,432,136)

(4,656,486)

Net

Increase

(Decrease)

in

Net

Assets

(1,380,223)

(4,609,914)

Net

Assets

Beginning

of

period

42,680,503

47,290,417

End

of

period

$

41,300,280

$

42,680,503

Capital

Share

Activity

Investor

Class

Shares

sold

3,214,692

4,213,619

Shares

reinvested

58,079

282,906

Shares

redeemed

(3,989,192)

(6,824,769)

Net

capital

share

activity

(716,421)

(2,328,244)

67

Near-Term

Tax

Free

Fund

All

American

Equity

Fund

For

the

Six

Months

Ended

June

30,

2020

Year

Ended

December

31,

2019

For

the

Six

Months

Ended

June

30,

2020

Year

Ended

December

31,

2019

(Unaudited)

(Unaudited)

$

246,131

$

571,904

$

12,727

$

68,655

11,455

2,599

(1,348,167)

(280,734)

362,205

516,405

(698,903)

2,630,846

619,791

1,090,908

(2,034,343)

2,418,767

(246,139)

(571,900)

–

(266,283)

(246,139)

(571,900)

–

(266,283)

6,412,554

13,722,309

729,093

2,304,588

229,462

537,128

–

252,891

6,642,016

14,259,437

729,093

2,557,479

(8,693,062)

(21,631,365)

(1,094,562)

(4,183,899)

(2,051,046)

(7,371,928)

(365,469)

(1,626,420)

(1,677,394)

(6,852,920)

(2,399,812)

526,064

43,060,695

49,913,615

14,161,900

13,635,836

$

41,383,301

$

43,060,695

$

11,762,088

$

14,161,900

2,871,321

6,199,907

31,825

91,833

102,728

242,661

–

9,791

(3,929,546)

(9,781,002)

(48,160)

(169,071)

(955,497)

(3,338,434)

(16,335)

(67,447)

Statements

of

Changes

in

Net

Assets

68

See

accompanying

notes

to

financial

statements.

Global

Luxury

Goods

Fund

For

the

Six

Months

Ended

June

30,

2020

Year

Ended

December

31,

2019

Increase

(Decrease)

in

Net

Assets

(Unaudited)

From

operations:

Net

investment

income

(loss)

$

(33,262)

$

(49,057)

Net

realized

gain

(loss)

(3,950,068)

1,093,775

Net

change

in

unrealized

appreciation

(depreciation)

(85,753)

3,508,230

Net

increase

(decrease)

in

net

assets

from

operations

(4,069,083)

4,552,948

Distributions

to

shareholders

Investor

Class

–

(796,931)

Total

distributions

paid

–

(796,931)

From

capital

share

transactions:

Proceeds

from

shares

sold

Investor

Class

1,209,267

1,376,434

Distributions

reinvested

Investor

Class

3,472

762,742

1,212,739

2,139,176

Cost

of

shares

redeemed

Investor

Class

(3,759,527)

(4,667,084)

Net

decrease

in

net

assets

from

capital

share

transactions

(2,546,788)

(2,527,908)

Net

Increase

(Decrease)

in

Net

Assets

(6,615,871)

1,228,109

Net

Assets

Beginning

of

period

35,075,632

33,847,523

End

of

period

$

28,459,761

$

35,075,632

Capital

Share

Activity

Investor

Class

Shares

sold

83,126

81,807

Shares

reinvested

232

44,798

Shares

redeemed

(257,842)

(277,604)

Net

capital

share

activity

(174,484)

(150,999)

69

Global

Resources

Fund

World

Precious

Minerals

Fund

For

the

Six

Months

Ended

June

30,

2020

Year

Ended

December

31,

2019

For

the

Six

Months

Ended

June

30,

2020

Year

Ended

December

31,

2019

(Unaudited)

(Unaudited)

$

159,228

$

1,251,784

$

(526,474)

$

(951,774)

(2,622,730)

(17,291,205)

(753,860)

(8,603,583)

(3,339,943)

20,736,392

16,514,307

24,383,201

(5,803,445)

4,696,971

15,233,973

14,827,844

–

(1,052,138)

–

–

–

(1,052,138)

–

–

2,892,923

1,507,996

16,463,458

22,615,895

–

1,010,475

–

838

2,892,923

2,519,899

16,463,458

22,708,150

(6,940,054)

(11,117,069)

(20,226,481)

(30,772,119)

(4,047,131)

(8,827,154)

(3,763,023)

(9,870,301)

(9,850,576)

(5,182,321)

11,470,950

4,957,543

55,739,064

60,921,385

75,818,430

70,860,887

$

45,888,488

$

55,739,064

$

87,289,380

$

75,818,430

715,713

337,955

5,717,945

7,722,855

–

225,552

–

332

(1,764,962)

(2,491,594)

(6,832,685)

(10,416,926)

(1,049,249)

(1,928,087)

(1,114,740)

(2,693,739)

Statements

of

Changes

in

Net

Assets

70

See

accompanying

notes

to

financial

statements.

Gold

and

Precious

Metals

Fund

For

the

Six

Months

Ended

June

30,

2020

Year

Ended

December

31,

2019

Increase

(Decrease)

in

Net

Assets

(Unaudited)

From

operations:

Net

investment

income

(loss)

$

(387,711)

$

(910,073)

Net

realized

gain

(loss)

8,429,895

3,869,904

Net

change

in

unrealized

appreciation

(depreciation)

7,403,502

39,763,655

Net

increase

(decrease)

in

net

assets

from

operations

15,445,686

42,723,486

Distributions

to

shareholders

Investor

Class

–

–

Total

distributions

paid

–

–

From

capital

share

transactions:

Proceeds

from

shares

sold

Investor

Class

39,373,617

66,317,251

Distributions

reinvested

Investor

Class

–

52

39,373,617

66,317,303

Cost

of

shares

redeemed

Investor

Class

(45,116,824)

(71,569,873)

Net

decrease

in

net

assets

from

capital

share

transactions

(5,743,207)

(5,252,570)

Net

Increase

(Decrease)

in

Net

Assets

9,702,479

37,470,916

Net

Assets

Beginning

of

period

123,577,306

86,106,390

End

of

period

$

133,279,785

$

123,577,306

Capital

Share

Activity

Investor

Class

Shares

sold

4,369,509

8,142,997

Shares

reinvested

–

8

Shares

redeemed

(4,935,672)

(8,802,179)

Net

capital

share

activity

(566,163)

(659,174)

71

Emerging

Europe

Fund

China

Region

Fund

For

the

Six

Months

Ended

June

30,

2020

Year

Ended

December

31,

2019

For

the

Six

Months

Ended

June

30,

2020

Year

Ended

December

31,

2019

(Unaudited)

(Unaudited)

$

(98,812)

$

1,018,619

$

(6,395)

$

112,692

(3,123,481)

(1,407,903)

379,954

(1,215,597)

(5,823,803)

9,037,417

(992,999)

3,903,142

(9,046,096)

8,648,133

(619,440)

2,800,237

–

(692,722)

–

(165,230)

–

(692,722)

–

(165,230)

1,160,421

2,969,604

253,251

1,847,482

–

668,067

–

152,820

1,160,421

3,637,671

253,251

2,000,302

(4,657,491)

(6,290,279)

(1,455,851)

(3,429,396)

(3,497,070)

(2,652,608)

(1,202,600)

(1,429,094)

(12,543,166)

5,302,803

(1,822,040)

1,205,913

36,452,825

31,150,022

14,458,796

13,252,883

$

23,909,659

$

36,452,825

$

12,636,756

$

14,458,796

206,307

415,082

29,637

213,730

–

88,486

–

16,949

(738,842)

(912,769)

(171,103)

(398,326)

(532,535)

(409,201)

(141,466)

(167,647)

Notes

to

Financial

Statements

(

unaudited

)

June

30,

2020

72

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

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.

On

June

14,

2019,

the

Institutional

Shares

of

the

Global

Resources

Fund

and

the

World

Precious

Minerals

Fund

were

liquidated

and

terminated

pursuant

to

a

Board

approved

Plan

of

Share

Class

Termination.

On

the

Liquidation

Date,

each

Fund

made

a

liquidating

distribution

to

shareholders

of

the

Institutional

Shares

equal

to

each

Shareholder’s

proportionate

interest

in

the

Institutional

Shares.

Effective

July

1,

2020,

the

Holmes

Macro

Trends

Fund

changed

its

name

to

Global

Luxury

Goods

Fund.

The

Fund

also

changed

its

investment

strategy

on

July

1,

2020.

Prior

to

that

date,

the

Fund

invested

in

a

diversified

portfolio

of

equity

and

equity-related

securities

of

companies

in

the

S&P

Composite

1500

Index,

with

a

focus

on

companies

achieving

high

return

on

invested

capital

metrics

and

an

emphasis

on

mid-capitalization

companies.

Different

investment

strategies

may

lead

to

different

performance

results.

The

Fund’s

performance

for

periods

prior

to

July

1,

2020

reflects

the

investment

strategy

in

effect

prior

to

that

date.

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.

As

of

June

30,

2020,

The

U.S.

Government

Securities

Ultra-Short

Bond

Fund,

Near-Term

Tax

Free

Fund,

All

American

Equity

Fund,

Global

Luxury

Goods

Fund,

World

Precious

Minerals

Fund,

Gold

and

Precious

Metals

Fund,

Emerging

Europe

Fund

and

China

Region

Fund

held

$9,632,307,

$4,842,788,

$1,845,286,

$734,968,

$5,035,558,

$5,139,715,

$1,572,663,

and

$1,265,220,

respectively,

as

cash

reserves

at

Brown

Brothers

Harriman

&

Co.

(BBH).

Notes

to

Financial

Statements

(

unaudited

)

June

30,

2020

73

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,

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-worst

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

Notes

to

Financial

Statements

(

unaudited

)

June

30,

2020

74

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.

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

2019

tax

returns.

The

Funds

file

U.S.

federal

and

excise

tax

returns

as

required.

The

Funds’

2016,

2017,

2018

and

2019

(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

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.

Notes

to

Financial

Statements

(

unaudited

)

June

30,

2020

75

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.

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

(selling)

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.

Notes

to

Financial

Statements

(

unaudited

)

June

30,

2020

76

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,

2020,

there

were

no

securities

held

in

escrow

by

the

custodian

as

cover

for

call

options

written.

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.

Open

forward

foreign

currency

contracts

as

of

June

30,

2020,

were

as

follows:

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,

2020:

Fund

Counterparty

Currency

to

Deliver

Currency

to

Receive

Settlement

Date

Settlement

Value

at

June

30,

2020

Net

Unrealized

Appreciation

(Depreciation)

Emerging

Europe

Fund

Brown

Brothers

Harriman

&

Co.

TRY

9,000,000

USD

1,311,992

7/13/2020

$

1,308,706

$

3,286

Brown

Brothers

Harriman

&

Co.

EUR

1,500,000

USD

1,684,875

7/23/2020

1,686,147

(1,272)

Brown

Brothers

Harriman

&

Co.

TRY

6,000,000

USD

869,137

7/29/2020

868,785

352

Location

Global

Resources

Fund

World

Precious

Minerals

Fund

Asset

derivatives

Investments,

at

value

Purchased

options

–

Equity

risk

$

1,270,500

$

1,731,375

Total

$

1,270,500

$

1,731,375

Notes

to

Financial

Statements

(

unaudited

)

June

30,

2020

77

The

following

is

a

summary

of

the

effect

of

derivative

instruments

on

the

Statements

of

Operations

as

of

June

30,

2020:

Location

Gold

and

Precious

Metals

Fund

Emerging

Europe

Fund

Asset

derivatives

Investments,

at

value

Purchased

options

–

Equity

risk

$

4,415,125

$

59,000

Unrealized

gain

on

forward

foreign

currency

contracts

–

Currency

contract

risk

–

3,638

Liability

derivatives

Unrealized

loss

on

forward

foreign

currency

contracts

–

Currency

contract

risk

$

–

$

(1,272)

Total

$

4,415,125

$

61,366

Location

All

American

Equity

Fund

Global

Luxury

Goods

Fund

Global

Resources

Fund

Realized

gain

(loss)

on

derivatives

recognized

in

income

Realized

gain

(loss)

from

securities

Purchased

options

–

Equity

risk

$

(179,921)

$

(652,432)

$

(97,738)

Net

realized

gain

(loss)

from

foreign

currency

transactions

Foreign

exchange

contracts

–

Currency

contract

risk

–

–

–

Realized

gain

(loss)

from

written

options

–

Equity

risk

(153,688)

(180,748)

0

(333,609)

(833,180)

(97,738)

Change

in

unrealized

appreciation

(depreciation)

on

derivatives

recognized

in

income

Net

change

in

unrealized

appreciation

(depreciation)

of

investments

Purchased

options

–

Equity

risk

333,209

832,180

719,624

Net

change

in

unrealized

gain

(loss)

from

foreign

currency

transactions

–

Currency

contract

risk

333,209

832,180

719,624

Total

$

(400)

$

(1,000)

$

621,886

Notes

to

Financial

Statements

(

unaudited

)

June

30,

2020

78

The

total

value

of

transactions

in

written

options,

purchased

options

and

forward

currency

contracts

outstanding

during

the

period

ended

June

30,

2020,

were

approximately

as

follows:

Location

World

Precious

Minerals

Fund

Gold

and

Precious

Metals

Fund

Emerging

Europe

Fund

Realized

gain

(loss)

on

derivatives

recognized

in

income

Realized

gain

(loss)

from

securities

Purchased

options

–

Equity

risk

$

–

$

–

$

(22,332)

Net

realized

gain

(loss)

from

foreign

currency

transactions

Foreign

exchange

contracts

–

Currency

contract

risk

–

–

110,702

–

–

88,370

Change

in

unrealized

appreciation

(depreciation)

on

derivatives

recognized

in

income

Net

change

in

unrealized

appreciation

(depreciation)

of

investments

Purchased

options

–

Equity

risk

969,446

2,888,629

(12,041)

Net

change

in

unrealized

gain

(loss)

from

foreign

currency

transactions

Foreign

exchange

contracts

–

Currency

contract

risk

–

–

2,366

969,446

2,888,629

(9,675)

Total

$

969,446

$

2,888,629

$

78,695

Fund

Purchased

Options

Forward

Currency

Contracts

All

American

Equity

Fund

$

287,300

$

–

Global

Luxury

Goods

Fund

377,740

–

Global

Resources

Fund

366,840

–

World

Precious

Minerals

Fund

339,929

–

Gold

and

Precious

Metals

Fund

893,496

–

Emerging

Europe

Fund

102,877

19,251,775

Notes

to

Financial

Statements

(

unaudited

)

June

30,

2020

79

Asset

(Liability)

amounts

shown

in

the

table

below

represent

amounts

for

derivative

related

instruments

at

June

30,

2020.

These

amounts

may

be

collateralized

by

cash

or

financial

instruments.

3:

Investment

Advisory

and

Other

Agreements

The

Adviser,

under

an

investment

advisory

agreement

with

the

Trust

in

effect

through

October

1,

2020,

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:

Gross

Asset

(Liability)

as

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

Instruments

(Received)

Pledged*

Cash

Collateral

(Received)

Pledged*

Net

Amount

Global

Resources

Assets:

Over-the-counter

derivatives

$

1,270,500

$

–

$

–

$

1,270,500

World

Precious

Minerals

Assets:

Over-the-counter

derivatives

1,731,375

–

–

1,731,375

Gold

and

Precious

Metals

Assets:

Over-the-counter

derivatives

4,415,125

–

–

4,415,125

Emerging

Europe

Assets:

Over-the-counter

derivatives

62,638

–

–

62,638

Liabilities:

Over-the-counter

derivatives

(1,272)

–

–

(1,272)

*

The

actual

financial

instruments

and

cash

collateral

(received)

pledged

may

be

in

excess

of

the

amounts

shown

in

the

table.

The

table

only

reflects

collateral

amounts

up

to

the

amount

of

the

financial

instrument

disclosed

on

the

Statement

of

Assets

and

Liabilities.

Fund

Average

Percentage

of

Average

Daily

Net

Assets

U.S.

Government

Securities

Ultra-Short

Bond

.50%

of

the

first

$250,000,000

and

.375%

of

the

excess

Near-Term

Tax

Free

.50%

All

American

Equity

.80%

of

the

first

$500,000,000

and

.75%

of

the

excess

Global

Luxury

Goods

1.00%

Notes

to

Financial

Statements

(

unaudited

)

June

30,

2020

80

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:

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,

2020,

the

Funds

recorded

performance

adjustments

as

follows:

Atlantic

Fund

Administration,

LLC,

a

wholly

owned

subsidiary

of

Apex

US

Holdings,

LLC

(d/b/a

Apex

Fund

Services)

(“Apex”)

and

the

Adviser

act

as

co-administrators

to

the

Trust.

Apex

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.

Apex

also

provides

fund

accounting

services

to

each

Fund.

The

fees

related

to

these

services

are

included

in

Administration

Fees

within

the

Statement

of

Operations.

Apex

also

provides

certain

Fund

Average

Percentage

of

Average

Daily

Net

Assets

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%

Fund

Benchmark

Index

All

American

Equity

S&P

500

Index

Global

Luxury

Goods

S&P

Composite

1500

Index

(S&P

Global

Luxury

Index

effective

July

1,

2020)

Global

Resources

S&P

Global

Natural

Resources

Index

(Net

Total

Return)

World

Precious

Minerals

NYSE

Arca

Gold

Miners

Index

Gold

and

Precious

Metals

FTSE

Gold

Mines

Index

Emerging

Europe

MSCI

Emerging

Markets

Europe

10/40

Index

(Net

Total

Return)

China

Region

Hang

Seng

Composite

Index

Fund

Investor

Class

Performance

Fee

Adjustment

All

American

Equity

$

(16,809)

Global

Luxury

Goods

(42,545)

Global

Resources

10,610

World

Precious

Minerals

(88,304)

Gold

and

Precious

Metals

(88,816)

China

Region

14,737

Notes

to

Financial

Statements

(

unaudited

)

June

30,

2020

81

shareholder

report

production

and

EDGAR

conversion

and

filing

services.

Pursuant

to

an

Apex

services

agreement,

each

Fund

pays

Apex

customary

fees

for

its

services.

The

U.S.

Government

Securities

Ultra-Short

Bond,

Near-Term

Tax

Free,

All

American

Equity,

Global

Luxury

Goods,

Global

Resources,

World

Precious

Minerals,

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

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

Fund

for

sales

and

promotional

services

related

to

the

distribution

of

shares.

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

year

ended

June

30,

2020,

were

limited

as

follows:

U.S.

Government

Securities

Ultra-Short

Bond

Fund

at

0.45%,

All

American

Equity

Fund

and

Global

Luxury

Goods

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,

2021.

Apex

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.

4:

Investments

Cost

of

purchases

and

proceeds

from

sales

of

long-term

securities

for

the

period

ended

June

30,

2020,

are

summarized

as

follows:

Fund

Purchases

Sales

U.S.

Government

Securities

Ultra-Short

Bond

$

25,313,247

$

32,281,755

Near-Term

Tax

Free

–

5,983,126

All

American

Equity

15,138,732

17,384,370

Global

Luxury

Goods

37,796,620

47,687,828

Global

Resources

24,135,780

25,463,988

World

Precious

Minerals

8,634,039

20,134,732

Gold

and

Precious

Metals

26,526,252

30,759,400

Emerging

Europe

17,481,450

21,568,309

China

Region

4,688,697

7,115,355

Notes

to

Financial

Statements

(

unaudited

)

June

30,

2020

82

5:

Tax

Information

The

following

table

presents

the

income

tax

basis

of

securities

owned

at

June

30,

2020,

and

the

tax

basis

components

of

net

unrealized

appreciation

(depreciation):

As

of

December

31,

2019,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

for

All

American

Equity,

Global

Luxury

Goods,

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

Fund

Aggregate

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

U.S.

Government

Securities

Ultra-Short

Bond

$

32,270,051

$

47,937

$

–

$

47,937

Near-Term

Tax

Free

35,494,538

695,64

1

(9,159)

686,48

2

All

American

Equity

9,300,842

663,178

(383,351)

279,827

Global

Luxury

Goods

19,776,463

1,647,252

(1,626,114)

21,138

Global

Resources

95,533,474

8,199,318

(59,195,009)

(50,995,691)

World

Precious

Minerals

100,788,227

27,150,683

(47,822,580)

(20,671,897)

Gold

and

Precious

Metals

84,830,698

50,479,461

(8,146,316)

42,333,145

Emerging

Europe

21,049,015

3,425,627

(2,367,614)

1,058,013

China

Region

9,788,465

2,507,96

0

(866,459)

1,641,50

1

Fund

Undistributed

Tax-Exempt

Income

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Capital

and

Other

Losses

U.S.

Government

Securities

Ultra-Short

Bond

$

–‌

$

20,569‌

$

6,118‌

$

–‌

Near-Term

Tax

Free

–‌

–‌

–‌

(1,201,802‌)

All

American

Equity

–‌

68,652‌

–‌

(289,028‌)

Global

Luxury

Goods

–‌

–‌

–‌

–‌

Global

Resources

–‌

3,361,514‌

–‌

(234,676,973‌)

World

Precious

Minerals

–‌

7,420,596‌

–‌

(320,190,234‌)

Gold

and

Precious

Metals

–‌

–‌

–‌

(89,658,145‌)

Emerging

Europe

–‌

869,613‌

–‌

(22,862,774‌)

China

Region

–‌

66,170‌

–‌

(1,624,457‌)

Fund

(continued)

Net

Unrealized

Appreciation

(Depreciation)

Other

Temporary

Differences

Total

U.S.

Government

Securities

Ultra-Short

Bond

$

12,186‌

$

(7,603‌)

$

31,270‌

Near-Term

Tax

Free

324,277‌

–‌

(877,525‌)

All

American

Equity

964,918‌

–‌

744,542‌

Global

Luxury

Goods

(3,466‌)

–‌

(3,466‌)

Global

Resources

(50,227,314‌)

–‌

(281,542,773‌)

World

Precious

Minerals

(51,633,135‌)

–‌

(364,402,773‌)

Gold

and

Precious

Metals

33,804,810‌

–‌

(55,853,335‌)

Emerging

Europe

6,308,142‌

–‌

(15,685,019‌)

China

Region

2,584,951‌

–‌

1,026,664‌

Notes

to

Financial

Statements

(

unaudited

)

June

30,

2020

83

foreign

investment

companies

(PFIC),

section

988

forward

currency

contracts,

investments

in

real

estate

investment

trusts,

equity

return

of

capital

and

investments

in

grantor

trusts.

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,

2019,

the

Funds

recorded

the

following

reclassifications

to

increase

(decrease)

the

accounts

listed

below:

The

tax

character

of

distributions

paid

during

the

fiscal

year

ended

December

31,

2019,

were

as

follows:

The

tax

character

of

distributions

paid

during

the

fiscal

year

ended

December

31,

2018,

were

as

follows:

Fund

Distributable

Earnings

Paid

in

Capital

U.S.

Government

Securities

Ultra-Short

Bond

$

–

$

–

Near-Term

Tax

Free

3

(3)

All

American

Equity

–

–

Global

Luxury

Goods

121,753

(121,753)

Global

Resources

1,010

(1,010)

World

Precious

Minerals

–

–

Gold

and

Precious

Metals

545,717

(545,717)

Emerging

Europe

–

–

China

Region

–

–

Fund

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Total

U.S.

Government

Securities

Ultra-Short

Bond

$

–

$

675,524

$

4,883

$

–

$

680,407

Near-Term

Tax

Free

575,290

–

–

–

575,290

All

American

Equity

–

266,283

–

–

266,283

Global

Luxury

Goods

–

606,426

190,505

–

796,931

Global

Resources

–

1,052,138

–

–

1,052,138

World

Precious

Minerals

–

–

–

–

–

Gold

and

Precious

Metals

–

–

–

–

–

Emerging

Europe

–

692,722

–

–

692,722

China

Region

–

165,230

–

–

165,230

Fund

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Total

U.S.

Government

Securities

Ultra-Short

Bond

$

–

$

547,449

$

–

$

–

$

547,449

Near-Term

Tax

Free

687,244

1,091

–

–

688,335

All

American

Equity

–

633,115

–

–

633,115

Global

Luxury

Goods

–

4,744,187

31,039

–

4,775,226

Global

Resources

–

2,788,594

–

–

2,788,594

World

Precious

Minerals

–

10,699,257

–

–

10,699,257

Gold

and

Precious

Metals

–

1,486,190

–

–

1,486,190

Emerging

Europe

–

–

–

–

–

China

Region

–

134,447

257,470

–

391,917

Notes

to

Financial

Statements

(

unaudited

)

June

30,

2020

84

Capital

loss

carryforwards

may

be

used

to

off

set

current

or

future

taxable

capital

gains.

The

loss

carryforwards

for

each

Fund,

as

of

December

31,

2019,

are

as

follows:

During

the

year

ended

December

31,

2019,

the

following

Funds

utilized

capital

loss

carryforwards

to

offset

capital

gains

amounting

to:

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.

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.

No

Expiration

Fund

Short-Term

Long-Term

Total

U.S.

Government

Securities

Ultra-Short

Bond

$

–

$

–

$

–

Near-Term

Tax

Free

675,870

525,932

1,201,802

All

American

Equity

245,055

43,973

289,028

Global

Luxury

Goods

–

–

–

Global

Resources

163,535,107

71,141,866

234,676,973

World

Precious

Minerals

86,588,158

233,602,076

320,190,234

Gold

and

Precious

Metals

42,614,565

47,043,580

89,658,145

Emerging

Europe

12,279,250

10,583,524

22,862,774

China

Region

1,559,050

65,407

1,624,457

Fund

Near-Term

Tax

Free

$

2,599

Gold

and

Precious

Metals

3,316,333

Notes

to

Financial

Statements

(

unaudited

)

June

30,

2020

85

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.

7:

Credit

Arrangements

Each

of

the

Funds

has

an

uncommitted

credit

facility

with

BBH.

On

April

24,

2019,

the

Adviser

opted

to

convert

the

committed

line

of

credit

into

an

uncommitted

line

of

credit.

As

a

result,

the

Adviser

is

no

longer

obligated

to

pay

commitment

fees

to

BBH.

Borrowings

of

each

Fund

are

collateralized

by

any

or

all

of

the

securities

held

by

BBH

as

the

Funds’

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

credit

facility

during

the

period

ended

June

30,

2020.

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.

9:

Subsequent

Events

Management

is

currently

evaluating

the

recent

introduction

of

the

COVID-19

virus

and

its

impact

on

the

financial

services

industry

and

has

concluded

that

while

it

is

reasonably

possible

that

the

virus

could

have

a

negative

effect

on

the

fair

value

of

each

Fund’s

investments

and

results

of

operations,

the

specific

impact

is

not

readily

determinable

as

of

the

date

of

these

financial

statements.

The

financial

statements

do

not

include

any

adjustments

that

might

result

from

the

outcome

of

this

uncertainty.

Financial

Highlights

86

U.S.

Government

Securities

Ultra-Short

Bond

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Six

Months

Ended

June

30,

2020

(unaudited)

Year

Ended

December

31,

2019

2018

2017

2016

2015

Ratios

to

Average

Net

Assets:

Expense

offset

–

–

–

–

–

–

Six

Months

Ended

June

30,

2020

(unaudited)

Year

Ended

December

31,

2019

2018

2017

2016

2015

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

*

0.03

*

0.02

*

0.01

*

0.01

0.01

Net

realized

and

unrealized

gain

(a)

0.00

0.00

0.00

(0.00

)

0.00

0.00

Total

from

investment

activities

0.01

-

0.03

-

0.02

-

0.01

-

0.01

-

0.01

-

Distributions

From

net

investment

income

(0.01

)

(0.03

)

(0.02

)

(0.01

)

(0.01

)

(0.01

)

From

return

of

capital

–

–

–

–

(0.00

)

(a)

–

From

net

realized

gains

–

(0.00

)

(a)

–

–

(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)

0.32

%

1.50

%

1.15

%

0.69

%

0.47

%

0.34

%

Ratios

to

Average

Net

Assets:

Net

investment

income

0.64

%

1.47

%

1.14

%

0.68

%

0.43

%

0.33

%

Total

expenses

1.04

%

1.00

%

0.99

%

1.03

%

1.00

%

1.13

%

Expenses

waived

or

reimbursed

(c)

(0.59

(0.55

)%

(0.54

)%

(0.58

)%

(0.55

)%

(0.68

)%

Net

expenses

(d)

0.45

%

0.45

%

0.45

%

0.45

%

0.45

%

0.45

%

Portfolio

turnover

rate

104

%

97

%

32

%

52

%

18

%

60

%

Net

assets,

end

of

period

(in

thousands)

$41,300

$42,681

$47,290

$49,427

$56,794

$62,562

*

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:

(e)

Portfolio

turnover

is

not

shown

for

periods

that

the

Fund

was

a

money

market

fund.

Financial

Highlights

87

Near-Term

Tax

Free

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Six

Months

Ended

June

30,

2020

(unaudited)

Year

Ended

December

31,

2019

2018

2017

2016

2015

Ratios

to

Average

Net

Assets:

Expense

offset

(0.01)%

(0.08)%

(0.07)%

(0.04)%

(0.02)%

–

(e)

Six

Months

Ended

June

30,

2020

(unaudited)

Year

Ended

December

31,

2019

2018

2017

2016

2015

Net

asset

value,

beginning

of

period

$

2.22

$

2.20

$

2.21

$

2.21

$

2.25

$

2.25

Investment

Activities

Net

investment

income

0.01

*

0.03

*

0.03

*

0.03

*

0.03

0.03

Net

realized

and

unrealized

gain

(loss)

0.02

0.02

(0.01

)

–

(0.04

)

0.00

(a)

Total

from

investment

activities

0.03

-

0.05

-

0.02

-

0.03

-

(0.01

)

0.03

-

Distributions

From

net

investment

income

(0.01

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

From

return

of

capital

–

–

–

–

(0.00

)

(a)

–

Net

asset

value,

end

of

period

$

2.24

$

2.22

$

2.20

$

2.21

$

2.21

$

2.25

Total

Return

(b)

1.50

%

2.18

%

0.73

%

1.20

%

(0.45

)%

1.45

%

Ratios

to

Average

Net

Assets:

Net

investment

income

1.19

%

1.25

%

1.17

%

1.16

%

1.25

%

1.52

%

Total

expenses

1.07

%

1.05

%

1.01

%

1.03

%

0.97

%

1.09

%

Expenses

waived

or

reimbursed

(c)

(0.62

)%

(0.60

)%

(0.56

)%

(0.58

)%

(0.52

)%

(0.64

)%

Net

expenses

(d)

0.45

%

0.45

%

0.45

%

0.45

%

0.45

%

0.45

%

Portfolio

turnover

rate

0% 

35

%

16

%

14

%

33

%

15

%

Net

assets,

end

of

period

(in

thousands)

$41,383

$43,061

$49,914

$69,120

$95,301

$106,769

*

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:

(e)

Effect

on

the

expense

ratio

was

not

greater

than

0.005%.

Financial

Highlights

88

All

American

Equity

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Six

Months

Ended

June

30,

2020

(unaudited)

Year

Ended

December

31,

2019

2018

2017

2016

2015

Ratios

to

Average

Net

Assets:

Expense

offset

(0.01)%

(0.11)%

(0.07)%

(0.04)%

(0.02)%

–

(f)

Six

Months

Ended

June

30,

2020

(unaudited)

Year

Ended

December

31,

2019

2018

2017

2016

2015

Net

asset

value,

beginning

of

period

$

26.03

$

22.29

$

24.90

$

23.53

$

23.60

$

27.84

Investment

Activities

Net

investment

income

0.02

*

0.12

*

0.02

*

0.09

*

0.02

0.09

Net

realized

and

unrealized

gain

(loss)

(3.77

)

4.11

(1.55

)

1.30

(0.05

)

(1.23

)

Total

from

investment

activities

(3.75)

-

4.23

-

(1.53

)

1.39

-

(0.03

)

(1.14

)

Distributions

From

net

investment

income

–

–

(0.15

)

(0.02

)

(0.04

)

(0.06

)

From

net

realized

gains

–

(0.49

)

(0.93

)

–

–

(3.04

)

Short-Term

Trading

Fees*

–

–

–

–

0.00

(a)

0.00

(a)

Net

asset

value,

end

of

period

$

22.28

$

26.03

$

22.29

$

24.90

$

23.53

$

23.60

Total

Return

(b)

(14.41

)%

19.01

%

(6.07

)%

5.90

%

(0.14

)%

(4.20

)%

Ratios

to

Average

Net

Assets:

Net

investment

income

0.21

%

0.49

%

0.07

%

0.38

%

0.06

%

0.31

%

Total

expenses

1.95

%

1.93

%

1.86

%

1.79

%

1.75

%

1.94

%

Expenses

waived

or

reimbursed

(c)

(0.10

)%

(0.11

)%

(0.07

)%

(0.04

)%

(0.02

)%

(0.02

)%

Net

expenses

(d)

1.85

%

1.82

%

1.79

%

1.75

%

1.73

%

1.92

%

Portfolio

turnover

rate

136

%

232

%

(e)

244

%

346

%

303

%

109

%

(e)

Net

assets,

end

of

period

(in

thousands)

$11,762

$14,162

$13,636

$15,932

$17,350

$19,117

*

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:

(e)

Excludes

option

transactions.

(f)

Effect

on

the

expense

ratio

was

not

greater

than

0.005%.

Financial

Highlights

89

Global

Luxury

Goods

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Six

Months

Ended

June

30,

2020

(unaudited)

Year

Ended

December

31,

2019

2018

2017

2016

2015

Ratios

to

Average

Net

Assets:

Expense

offset

(0.01)%

(0.15)%

(0.06)%

(0.04)%

(0.02)%

–

(f)

Six

Months

Ended

June

30,

2020

(unaudited)

Year

Ended

December

31,

2019

2018

2017

2016

2015

Net

asset

value,

beginning

of

period

$

17.09

$

15.36

$

19.52

$

18.65

$

18.59

$

20.25

Investment

Activities

Net

investment

loss

(0.02

)

(0.02

)

(0.06

)

(0.08

)

(0.06

)

(0.11

)

Net

realized

and

unrealized

gain

(loss)

(1.92

)

2.14

(1.61

)

3.66

1.68

(0.06

)

Total

from

investment

activities

(1.94

)

2.12

-

(1.67

)

3.58

-

1.62

-

(0.17

)

Distributions

From

net

realized

gains

–

(0.39

)

(2.49

)

(2.71

)

(1.56

)

(1.49

)

Short-Term

Trading

Fees*

–

–

–

0.00

(a)

0.00

(a)

0.00

(a)

Net

asset

value,

end

of

period

$

15.15

$

17.09

$

15.36

$

19.52

$

18.65

$

18.59

Total

Return

(b)

(11.35

)%

13.84

%

(8.28

)%

19.17

%

8.66

%

(0.94

)%

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.22

)%

(0.14

)%

(0.32

)%

(0.41

)%

(0.34

)%

(0.55

)%

Total

expenses

1.61

%

1.69

%

1.77

%

1.86

%

1.67

%

1.81

%

Expenses

waived

or

reimbursed

(c)

(0.01

)%

(0.15

)%

(0.06

)%

(0.04

)%

–

–

Net

expenses

(d)

1.60

%

1.54

%

1.71

%

1.82

%

1.67

%

1.81

%

Portfolio

turnover

rate

145

%

292

%

(e)

245

%

264

%

(e)

275

%

(e)

320

%

(e)

Net

assets,

end

of

period

(in

thousands)

$28,460

$35,076

$33,848

$41,597

$40,706

$41,135

(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:

(e)

Excludes

option

transactions.

(f)

Effect

on

the

expense

ratio

was

not

greater

than

0.005%.

Financial

Highlights

90

Global

Resources

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Six

Months

Ended

June

30,

2020

(unaudited)

Year

Ended

December

31,

2019

2018

2017

2016

2015

Ratios

to

Average

Net

Assets:

Expense

offset

(0.03)%

(0.08)%

(0.05)%

(0.02)%

(0.01)%

–

(f)

Six

Months

Ended

June

30,

2020

(unaudited)

Year

Ended

December

31,

2019

2018

2017

2016

2015

Net

asset

value,

beginning

of

period

$

4.61

$

4.33

$

6.09

$

5.25

$

4.72

$

6.67

Investment

Activities

Net

investment

income

*

0.01

0.10

0.12

0.11

0.06

0.10

Net

realized

and

unrealized

gain

(loss)

(0.46

)

0.27

(1.67

)

0.91

0.64

*

(2.00

)*

Total

from

investment

activities

(0.45

)

0.37

-

(1.55

)

1.02

-

0.70

-

(1.90

)

Distributions

From

net

investment

income

–

(0.09

)

(0.21

)

(0.18

)

(0.17

)

(0.05

)

Short-Term

Trading

Fees*

–

–

–

0.00

(a)

0.00

(a)

0.00

(a)

Net

asset

value,

end

of

period

$

4.16

$

4.61

$

4.33

$

6.09

$

5.25

$

4.72

Total

Return

(b)

(9.76

)%

–

%

(25.48

)%

19.57

%

14.99

%

(28.43

)%

Ratios

to

Average

Net

Assets:

Net

investment

income

0.72

%

2.15

%

2.05

%

1.94

%

1.13

%

1.72

%

Total

expenses

1.98

%

1.61

%

1.57

%

1.61

%

1.85

%

1.58

%

Expenses

waived

or

reimbursed

(c)

(0.07

)%

(0.08

)%

(0.06

)%

(0.02

)%

(0.01

)%

(0.06

)%

Net

expenses

(d)

1.91

%

1.53

%

1.51

%

1.59

%

1.84

%

1.52

%

Portfolio

turnover

rate

57

%

129

%

(e)

119

%

131

%

(e)

255

%

(e)

445

%

(e)

Net

assets,

end

of

period

(in

thousands)

$45,888

$55,739

$60,699

$95,747

$97,005

$98,126

*

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:

(e)

Excludes

option

transactions.

(f)

Effect

on

the

expense

ratio

was

not

greater

than

0.005%.

Financial

Highlights

91

World

Precious

Minerals

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Six

Months

Ended

June

30,

2020

(unaudited)

Year

Ended

December

31,

2019

2018

2017

2016

2015

Ratios

to

Average

Net

Assets:

Expense

offset

(0.01)%

(0.04)%

(0.04)%

(0.02)%

(0.01)%

–

(f)

Six

Months

Ended

June

30,

2020

(unaudited)

Year

Ended

December

31,

2019

2018

2017

2016

2015

Net

asset

value,

beginning

of

period

$

3.31

$

2.70

$

4.69

$

6.35

$

3.64

$

4.75

Investment

Activities

Net

investment

loss

*

(0.02

)

(0.04

)

(0.03

)

(0.10

)

(0.09

)

(0.03

)

Net

realized

and

unrealized

gain

(loss)

0.71

0.65

(1.49

)

(0.22

)

2.82

*

(0.72

)*

Total

from

investment

activities

0.69

-

0.61

-

(1.52

)

(0.32

)

2.73

-

(0.75

)

Distributions

From

net

investment

income

–

–

(0.47

)

(1.34

)

(0.02

)

(0.36

)

Short-Term

Trading

Fees*

–

–

–

0.00

(a)

0.00

(a)

0.00

(a)

Net

asset

value,

end

of

period

$

4.00

$

3.31

$

2.70

$

4.69

$

6.35

$

3.64

Total

Return

(b)

20.85

%

22.59

%

(31.67

)%

(4.16

)%

75.08

%

(15.64

)%

Ratios

to

Average

Net

Assets:

Net

investment

loss

(1.55

)%

(1.31

)%

(0.77

)%

(1.51

)%

(1.28

)%

(0.71

)%

Total

expenses

1.57

%

1.55

%

1.52

%

1.84

%

1.99

%

1.96

%

Expenses

waived

or

reimbursed

(c)

(0.01

)%

(0.04

)%

(0.04

)%

(0.02

)%

(0.04

)%

(0.15

)%

Net

expenses

(d)

1.56

%

1.51

%

1.48

%

1.82

%

1.95

%

1.81

%

Portfolio

turnover

rate

13

%

20

%

(e)

55

%

36

%

(e)

136

%

(e)

71

%

(e)

Net

assets,

end

of

period

(in

thousands)

$87,289

$75,818

$69,117

$114,766

$137,338

$78,150

*

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:

(e)

Excludes

option

transactions.

(f)

Effect

on

the

expense

ratio

was

not

greater

than

0.005%.

Financial

Highlights

92

Gold

and

Precious

Metals

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Six

Months

Ended

June

30,

2020

(unaudited)

Year

Ended

December

31,

2019

2018

2017

2016

2015

Ratios

to

Average

Net

Assets:

Expense

offset

(0.02)%

(0.08)%

(0.06)%

(0.03)%

(0.01)%

–

(f)

Six

Months

Ended

June

30,

2020

(unaudited)

Year

Ended

December

31,

2019

2018

2017

2016

2015

Net

asset

value,

beginning

of

period

$

10.14

$

6.70

$

7.96

$

7.04

$

4.89

$

5.16

Investment

Activities

Net

investment

loss

(0.03

)

*

(0.07

)

*

(0.06

)

*

(0.06

)

*

(0.07

)

(0.04

)

Net

realized

and

unrealized

gain

(loss)

1.36

3.51

(1.08

)

0.98

2.28

(0.21

)

Total

from

investment

activities

1.33

-

3.44

-

(1.14

)

0.92

-

2.21

-

(0.25

)

Distributions

From

net

investment

income

–

–

(0.12

)

–

(0.06

)

(0.02

)

Short-Term

Trading

Fees*

–

–

–

0.00

(a)

(0.00

)

(a)

(0.00

)

(a)

Net

asset

value,

end

of

period

$

11.47

$

10.14

$

6.70

$

7.96

$

7.04

$

4.89

Total

Return

(b)

13.12

%

51.34

%

(14.29

)%

13.07

%

45.36

%

(4.78

)%

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.69

)%

(0.90

)%

(0.87

)%

(0.84

)%

(1.02

)%

(0.83

)%

Total

expenses

1.45

%

1.59

%

1.76

%

1.68

%

1.73

%

2.13

%

Expenses

waived

or

reimbursed

(c)

(0.02

)%

(0.08

)%

(0.06

)%

(0.03

)%

(0.02

)%

(0.08

)%

Net

expenses

(d)

1.43

%

1.51

%

1.70

%

1.65

%

1.71

%

2.05

%

Portfolio

turnover

rate

24

%

36

%

(e)

74

%

67

%

(e)

181

%

(e)

106

%

(e)

Net

assets,

end

of

period

(in

thousands)

$133,280

$123,577

$86,106

$100,740

$93,988

$58,298

*

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:

(e)

Excludes

option

transactions.

(f)

Effect

on

the

expense

ratio

was

not

greater

than

0.005%.

Financial

Highlights

93

Emerging

Europe

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Six

Months

Ended

June

30,

2020

(unaudited)

Year

Ended

December

31,

2019

2018

2017

2016

2015

Ratios

to

Average

Net

Assets:

Expense

offset

(0.01)%

(0.06)%

(0.04)%

(0.02)%

–

(f)

–

(f)

Six

Months

Ended

June

30,

2020

(unaudited)

Year

Ended

December

31,

2019

2018

2017

2016

2015

Net

asset

value,

beginning

of

period

$

7.70

$

6.05

$

7.29

$

5.94

$

5.20

$

6.56

Investment

Activities

Net

investment

income

(loss)

(0.02

)

*

0.21

*

0.14

*

0.08

*

0.07

0.04

Net

realized

and

unrealized

gain

(loss)

(1.99

)

1.59

(1.38

)

1.27

0.67

(1.40

)

Total

from

investment

activities

(2.01

)

1.80

-

(1.24

)

1.35

-

0.74

-

(1.36

)

Distributions

From

net

investment

income

–

(0.15

)

–

–

–

–

Short-Term

Trading

Fees*

–

–

–

0.00

(a)

0.00

(a)

0.00

(a)

Net

asset

value,

end

of

period

$

5.69

$

7.70

$

6.05

$

7.29

$

5.94

$

5.20

Total

Return

(b)

(26.10

)%

29.76

%

(17.01

)%

22.73

%

14.23

%

(20.73

)%

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

(0.73

)%

3.08

%

2.05

%

1.26

%

1.19

%

0.63

%

Total

expenses

2.61

%

2.36

%

2.43

%

2.32

%

2.31

%

2.60

%

Expenses

waived

or

reimbursed

(c)

(0.08

)%

(0.06

)%

(0.04

)%

(0.02

)%

–

(f)

–

Net

expenses

(d)

2.53

%

2.30

%

2.39

%

2.30

%

2.31

%

2.60

%

Portfolio

turnover

rate

70

%

87

%

81

%

97

%

(e)

164

%

(e)

137

%

(e)

Net

assets,

end

of

period

(in

thousands)

$23,910

$36,453

$31,150

$45,302

$42,273

$44,666

*

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:

(e)

Excludes

option

transactions.

(f)

Effect

on

the

expense

ratio

was

not

greater

than

0.005%.

Financial

Highlights

94

China

Region

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Six

Months

Ended

June

30,

2020

(unaudited)

Year

Ended

December

31,

2019

2018

2017

2016

2015

Ratios

to

Average

Net

Assets:

Expense

offset

(0.01)%

(0.10)%

(0.04)%

(0.05)%

(0.01)%

–

(f)

Six

Months

Ended

June

30,

2020

(unaudited)

Year

Ended

December

31,

2019

2018

2017

2016

2015

Net

asset

value,

beginning

of

period

$

9.12

$

7.56

$

11.53

$

7.32

$

7.41

$

8.20

Investment

Activities

Net

investment

income

(loss)

(0.00

)

(a)

*

0.07

*

0.10

*

(0.06

)

*

0.01

0.02

Net

realized

and

unrealized

gain

(loss)

(0.37

)

1.59

(3.84

)

4.28

(0.09

)

(0.72

)

Total

from

investment

activities

(0.37

)

1.66

-

(3.74

)

4.22

-

(0.08

)

(0.70

)

Distributions

From

net

investment

income

–

(0.10

)

(0.08

)

(0.01

)

(0.01

)

(0.09

)

From

net

realized

gains

–

–

(0.15

)

–

–

–

Short-Term

Trading

Fees*

–

–

–

–

0.00

(a)

0.00

(a)

Net

asset

value,

end

of

period

$

8.75

$

9.12

$

7.56

$

11.53

$

7.32

$

7.41

Total

Return

(b)

(4.06

)%

21.99

%

(32.46

)%

57.67

%

(1.05

)%

(8.60

)%

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

(0.10

)%

0.77

%

0.96

%

(0.60

)%

0.12

%

0.24

%

Total

expenses

3.53

%

2.95

%

2.66

%

2.60

%

2.74

%

3.03

%

Expenses

waived

or

reimbursed

(c)

(0.75

)%

(0.51

)%

(0.22

)%

(0.09

)%

(0.38

)%

(0.51

)%

Net

expenses

(d)

2.78

%

2.44

%

2.44

%

2.51

%

2.36

%

2.52

%

Portfolio

turnover

rate

39

%

95

%

109

%

102

%

(e)

165

%

(e)

210

%

(e)

Net

assets,

end

of

period

(in

thousands)

$12,637

$14,459

$13,253

$29,775

$16,510

$16,183

*

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:

(e)

Excludes

option

transactions.

(f)

Effect

on

the

expense

ratio

was

not

greater

than

0.005%.

95

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-PORT.

The

Funds’

Form

N-PORTs

are

available

on

the

SEC’s

website

at

http://www.

sec.gov.

The

Funds’

Forms

N-PORT

may

also

be

reviewed

and

copied

at

the

SEC’s

Public

Room

in

Washington

D.C.

Information

on

the

operation

of

the

Public

Reference

Room

may

be

obtained

by

calling

1-800-SEC-0330.

Expense

Example

(

unaudited

)

June

30,

2020

96

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,

2020

to

June

30,

2020)

as

indicated

below.

Actual

Expenses.

The

first

line

of

the

following

table

for

each

fund

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

line,

together

with

the

amount

you

invested,

to

estimate

the

expenses

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

line

under

the

heading

‘‘Expenses

Paid

During

Period’’

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes.

The

second

line

of

the

following

table

for

each

fund

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5

percent

per

year

before

expenses,

which

is

not

the

fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

these

funds

and

other

funds.

To

do

so,

compare

this

5

percent

hypothetical

example

with

the

5

percent

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

direct

or

transactional

costs,

such

as

small

account,

exchange

or

short-term

trading

fees.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

direct

or

transactional

costs

were

included,

your

costs

would

have

been

higher.

Expense

Example

(

unaudited

)

June

30,

2020

97

Beginning

Account

Value

January

1,

2020

Ending

Account

Value

June

30,

2020

Expenses

Paid

During

Period

*

U.S.

Government

Securities

Ultra-Short

Bond

Fund

Based

on

Actual

Fund

Return

$

1,000.00

$

1,003.20

$

2.24

Based

on

Hypothetical

5%

Yearly

Return

$

1,000.00

$

1,022.63

$

2.26

Near-Term

Tax

Free

Fund

Based

on

Actual

Fund

Return

$

1,000.00

$

1,015.03

$

2.25

Based

on

Hypothetical

5%

Yearly

Return

$

1,000.00

$

1,022.63

$

2.26

All

American

Equity

Fund

Based

on

Actual

Fund

Return

$

1,000.00

$

856.65

$

8.54

Based

on

Hypothetical

5%

Yearly

Return

$

1,000.00

$

1,015.66

$

9.27

Global

Luxury

Goods

Fund

Based

on

Actual

Fund

Return

$

1,000.00

$

890.52

$

7.47

Based

on

Hypothetical

5%

Yearly

Return

$

1,000.00

$

1,016.96

$

7.97

Global

Resources

Fund

Based

on

Actual

Fund

Return

$

1,000.00

$

902.39

$

8.56

Based

on

Hypothetical

5%

Yearly

Return

$

1,000.00

$

1,015.86

$

9.07

World

Precious

Minerals

Fund

Based

on

Actual

Fund

Return

$

1,000.00

$

1,208.46

$

8.57

Based

on

Hypothetical

5%

Yearly

Return

$

1,000.00

$

1,017.11

$

7.82

Gold

and

Precious

Metals

Fund

Based

on

Actual

Fund

Return

$

1,000.00

$

1,131.16

$

7.79

Based

on

Hypothetical

5%

Yearly

Return

$

1,000.00

$

1,017.55

$

7.37

Emerging

Europe

Fund

Based

on

Actual

Fund

Return

$

1,000.00

$

738.96

$

10.94

Based

on

Hypothetical

5%

Yearly

Return

$

1,000.00

$

1,012.28

$

12.66

China

Region

Fund

Based

on

Actual

Fund

Return

$

1,000.00

$

959.43

$

13.54

Based

on

Hypothetical

5%

Yearly

Return

$

1,000.00

$

1,011.04

$

13.90

*

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,

2020,

were

0.45%,

0.45%,

1.85%,

1.81%,

1.59%,

1.56%,

1.47%,

2.53%

and

2.78%,

respectively,

for

the

U.S.

Government

Securities

Ultra-Short

Bond,

Near-Term

Tax

Free,

All

American

Equity,

Global

Luxury

Goods,

Global

Resources,

World

Precious

Minerals,

Gold

and

Precious

Metals,

Emerging

Europe

and

China

Region

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

182,

the

number

of

days

in

the

period,

then

divided

by

366

days

in

the

current

fiscal

year.

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

—

Yes

No

Such

as

to

process

your

transactions,

maintain

your

account(s),

respond

to

court

orders

and

legal

investigations,

or

report

to

credit

bureaus

For

our

marketing

purposes

—

Yes

No

to

offer

our

products

and

services

to

you

For

joint

marketing

with

other

financial

companies

No

We

don’t

share

For

our

affiliates’

everyday

business

purposes

—

No

We

don’t

share

information

about

your

transactions

and

experiences

For

our

affiliates’

everyday

business

purposes

—

No

We

don’t

share

information

about

your

creditworthiness

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.

Apex

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.

Registrant              U.S. Global Investors Funds

By:	/s/ Jessica Chase
	Jessica Chase, Principal Executive Officer
Date:	August 26, 2020

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

By:	/s/ Jessica Chase
	Jessica Chase, Principal Executive Officer
Date:	August 26, 2020

By:	/s/ Karen Shaw
	Karen Shaw, Principal Financial Officer
Date:	August 26, 2020