As filed with the Securities and Exchange Commission on March 4, 2021
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 – December 31, 2020
ITEM 1. REPORT TO STOCKHOLDERS.
U.S.
Global
Investors
Funds
Annual
Report
December
31,
2020
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
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contacting
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financial
intermediary
directly.
You
may
elect
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future
reports
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free
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You
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Your
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paper
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Funds
held
with
U.S.
Global
Investors
Funds.
U.S.
Global
Investors
Funds
Annual
Report
December
31,
2020
Table
of
Contents
Letter
to
Shareholders
(unaudited)
1
Definitions
for
Management
Teams’
Perspectives
(unaudited)
8
Management
Team’s
Perspective
(unaudited)
11
Portfolios
of
Investments
40
Notes
to
Portfolios
of
Investments
75
Statements
of
Assets
and
Liabilities
92
Statements
of
Operations
96
Statements
of
Changes
in
Net
Assets
100
Notes
to
Financial
Statements
106
Financial
Highlights
120
Report
of
Independent
Registered
Public
Accounting
Firm
128
Trustees
and
Officers
(unaudited)
130
Approval
of
Investment
Advisory
Agreement
(unaudited)
132
Additional
Information
(unaudited)
137
Expense
Example
(unaudited)
140
Apex
Fund
Services
3
Canal
Plaza,
Suite
600
Portland,
ME
04101
Nasdaq
Symbols
(unaudited)
U.S.
Global
Investors
Funds
Investor
Class
U.S.
Government
Securities
Ultra-Short
Bond
Fund
UGSDX
Near-Term
Tax
Free
Fund
NEARX
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,
I
hope
this
letter
finds
you
well
and
in
good
health.
2020
may
have
been
a
strong
year
for
stocks
and
other
assets,
but
sadly
too
many
families
and
business
owners
were
tested
like
never
before
due
to
the
COVID-19
pandemic.
As
I
write
this,
as
many
as
400,000
Americans
have
succumbed
to
the
virus;
meanwhile,
the
number
of
corporate
bankruptcies
reached
a
10-year
high
last
year.
On
behalf
of
everyone
at
U.S.
Global
Investors,
I
want
to
extend
my
sincerest
condolences
to
everyone
and
their
families
who’ve
been
impacted
by
this
global
scourge.
Here’s
hoping
2021
brings
not
just
respite
but
also
buckets
of
health
and
prosperity.
On
a
more
cheerful
note,
precious
metals
did
very
well
overall
in
2020.
Silver
stood
as
the
top
performing
commodity,
up
nearly
48%,
its
best
year
since
2010.
The
white
metal
benefited
from
haven
demand,
fueled
by
unprecedented
money-printing,
as
well
as
industrial
demand.
Among
other
applications,
silver
is
a
crucial
component
of
photovoltaic
(PV)
cells,
which
are
found
in
solar
panels.
Copper
prices
were
up
in
2020
for
very
much
the
same
reason.
The
world’s
transition
to
renewable
energy
and
electric
vehicles
(EV)
is
driving
global
demand
for
the
highly
conductible
metal.
Up
26%
for
the
year,
copper
is
poised
to
be
a
top
performer
in
2021,
I
believe.
China
has
historically
been
the
world’s
largest
importer
of
the
metal,
but
now
that
its
economy
has
largely
recovered
from
the
pandemic,
the
country
has
been
buying
it
at
a
record
clip.
But
China
isn’t
alone.
2021
is
expected
to
be
a
record-breaker
for
renewable
auctions
in
Europe,
according
to
research
firm
Wood
Mackenzie.
Copper
and
other
industrial
metals
should
also
get
support
from
the
strengthening
manufacturing
sector
in
the
U.S.
The
ISM
Manufacturing
PMI
registered
60.7
in
December
2020,
marking
its
highest
level
since
September
2018.
December
was
also
the
eighth
straight
month
that
the
gauge
of
manufacturing
activity
held
above
50.0.
All
six
of
the
biggest
manufacturing
industries
expanded,
including
fabricated
metal
products.
2
U.S.
Global
Investors
Funds
(unaudited)
I
believe
the
rally
is
only
getting
started,
and
we
could
see
ever
higher
asset
prices
in
2021,
for
a
couple
of
significant
reasons.
Number
one,
President
Joe
Biden
plans
to
make
infrastructure
one
of
his
top
priorities.
Proposals
have
the
U.S.
spending
as
much
as
$2
trillion
not
only
to
improve
roads,
bridges
and
seaports
but
also
beef
up
the
EV
sector,
add
charging
stations,
convert
school
buses
to
zero
emissions
and
more.
Biden’s
plans
could
attract
private
investment
in
infrastructure,
including
from
pension
and
insurance
investment
funds.
This,
in
turn,
could
prop
up
the
base
metals
market.
The
second
big
reason
has
to
do
with
inflation
driven
by
additional
stimulus
packages
and
money-printing.
Biden
has
also
called
for
a
massive
$1.9
trillion
relief
package
that
would
include
$1,400
checks
for
American
adults.
The
bill,
if
passed,
could
lead
to
additional
money-
printing
and,
consequently,
boost
inflation.
All
that
money
will
need
to
go
somewhere,
in
other
words,
and
that
includes
base
metals
and
other
commodities.
Global
Resources
Crushed
Its
Benchmark
in
2020
2020
was
particularly
challenging
for
traditional
energy
stocks.
Global
oil
demand
collapsed
in
March
and
is
not
expected
to
recover
to
pre-pandemic
levels
in
2021.
This
being
the
case,
I’m
pleased
to
share
with
you
that
our
Global
Resources
Fund
(PSPFX)
substantially
beat
its
oil-heavy
benchmark
for
the
year.
Thanks
to
active
management
and
our
years’
worth
of
expertise
investing
in
commodities
and
raw
materials,
PSPFX
increased
an
incredible
37.17%
in
the
12-month
period
through
December
31,
2020.
This
puts
the
fund
in
the
top
10
percentile
rank
of
funds
in
the
Natural
Resources
category
for
the
one
year
ended
December
31,
2020,
out
of
110
funds,
according
to
Morningstar
data,
based
on
total
returns.
3
U.S.
Global
Investors
Funds
(unaudited)
How
did
we
do
it?
For
one,
we
significantly
underweighted
oil
exploration
and
production
stocks
relative
to
the
fund’s
benchmark,
the
S&P
Global
Natural
Resources
Index.
Among
the
companies
with
the
largest
weightings
in
the
index,
as
of
December
31,
were
Exxon
Mobil,
Chevron,
Royal
Dutch
Shell
and
BP—none
of
which
were
held
in
PSPFX.
Instead,
we’ve
been
overweighting
global
renewable
energy
stocks.
Even
before
the
pandemic,
we
liked
green
energy
for
its
attractive
growth
potential,
fueled
by
governmental
efforts
to
reduce
carbon
pollution.
We
also
like
producers
that
explore
for
and
mine
the
materials
that
are
expected
to
see
greater
demand
thanks
to
the
green
energy
boom—copper,
nickel,
lithium
and
more.
Our
favorite
copper
stock
remains
Ivanhoe
Mines,
my
top
mining
pick
for
2021.
The
company
is
in
the
process
of
building
three
mine
development
projects
in
Southern
Africa.
Among
them
is
the
world-class
Kamoa-Kakula
high-grade
copper
project,
which
is
only
a
few
months
away
from
scheduled
initial
production.
Shares
of
Ivanhoe,
one
of
the
top
holdings
in
PSPFX
as
of
December
31
at
4.22%,
finished
2020
up
more
than
61%.
Prepare
for
Higher
Taxes
with
Municipal
Bonds
Biden
has
other
plans
in
the
works
that
may
affect
your
wealth
in
2021
and
the
subsequent
years.
Let’s
start
with
what
we
know.
The
president
has
said
that
he’s
in
favor
of
rolling
back
former
President
Donald
Trump’s
2017
tax
bill,
which
lowered
the
rate
on
household
income
in
most
brackets.
Biden
has
also
proposed
raising
taxes
on
U.S.
households
making
more
than
$400,000
a
year.
Knowing
this,
I
think
municipal
bonds
would
make
a
lot
of
sense
for
many
investors.
Muni
bonds
have
historically
been
an
effective
way
to
generate
income
that’s
tax-free
at
the
federal
4
U.S.
Global
Investors
Funds
(unaudited)
level
and,
in
many
cases,
state
and
local
levels.
I
expect
Biden’s
tax
plan
to
make
the
muni
investment
case
all
the
more
attractive.
Our
Near-Term
Tax
Free
Fund
(NEARX),
which
invests
in
short-term
munis,
aims
to
be
a
stabilizing
force
in
times
of
economic
uncertainty,
especially
when
income
tax
and
interest
rate
policies
are
in
flux.
Because
it
invests
in
munis
with
an
average
duration
of
only
2.4
years,
NEARX
has
generally
been
less
susceptible
to
swings
in
financial
markets
than
muni
bond
funds
with
a
longer
date
to
maturity.
This
has
allowed
investors
to
enjoy
slow
yet
steady
growth
along
with
the
benefit
of
tax-exempt
income.
Gold
in
the
Era
of
Record
Money-Printing
Gold
surged
over
25%,
its
best
year
in
a
decade.
The
yellow
metal
has
now
ended
the
year
up
in
16
of
the
20
past
years,
or
80%
of
the
time.
As
the
World
Gold
Council
(WGC)
points
out
in
the
chart
below,
gold
has
been
a
good
long-
term
investment.
Ever
since
President
Richard
Nixon
formally
ended
the
gold
standard
in
the
early
1970s,
the
price
of
gold
has
done
a
much
better
job
at
keeping
pace
with
global
money
supply
growth
than
Treasury
bills
have.
Over
the
years,
this
has
helped
investors
and
savers
preserve
capital.
The
more
fiat
currency
that’s
in
circulation,
the
more
valuable
I
expect
real
assets
like
gold
to
become.
In
December
2020,
the
Federal
Reserve
left
interest
rates
near
zero
and
committed
to
continue
its
bond-buying
program
until
“substantial
progress”
has
been
made
regarding
employment
and
inflation.
I
was
floored
to
see
just
how
much
the
Fed
is
buying—and
will
continue
to
buy—each
month.
The
central
bank
is
gobbling
up
as
much
$120
billion
of
debt,
split
between
$80
billion
of
5
U.S.
Global
Investors
Funds
(unaudited)
Treasuries
and
$40
billion
of
mortgage-backed
securities
(MBS).
The
size
of
the
Fed’s
balance
sheet
now
stands
at
a
staggering
$7.36
trillion,
or
34%
of
gross
domestic
product
(GDP).
I
believe
this
is
reason
enough
to
ensure
you
follow
the
10%
Golden
Rule,
with
5%
of
your
portfolio
in
physical
bullion
and
the
other
5%
in
high-quality
gold
mining
stocks,
mutual
funds
and
ETFs.
We’re
proud
to
offer
two
ways
for
investors
to
get
access
to
metals
and
mining:
the
Gold
and
Precious
Metals
Fund
(USERX),
which
invests
mostly
in
the
large-
cap
“senior”
producers,
and
the
World
Precious
Minerals
Fund
(UNWPX),
which
provides
increased
exposure
to
junior
and
intermediate
companies.
Following
the
Money
with
Luxury
Goods
As
you
may
already
be
aware,
our
fund
family
underwent
a
change
last
year.
On
July
1,
we
unveiled
the
Global
Luxury
Goods
Fund
(USLUX).
This
decision
was
months
in
the
making,
and
obviously
there
was
no
way
we
could
have
predicted
that
the
fund’s
debut
would
coincide
with
a
global
pandemic
and
economic
downturn.
Despite
the
challenges,
I
couldn’t
be
more
pleased
with
how
the
fund
has
done
since
inception.
From
the
very
beginning,
one
of
our
goals
for
USLUX
was
to
seek
to
track
the
spending
habits
of
high-net-worth
individuals
(HNWI),
whose
incomes
have
historically
grown
at
a
much
faster
rate
than
not
just
other
earner
groups
but
also
per-capita
gross
domestic
product
(GDP)
growth.
This
cohort
may
have
pulled
back
on
its
luxury
spending,
but
it
didn’t
cut
it
altogether.
The
trick
was
to
determine
where
HNWIs
reallocated
their
discretionary
dollars
during
the
pandemic,
if
not
on
items
such
as
designer
handbags
and
jewelry.
I
believe
I
figured
it
out
while
I
was
replacing
my
fencing
in
the
backyard.
I
realized
that
the
materials
I
purchased
at
Home
Depot
were
among
the
biggest
discretionary
purchases
I
had
made
in
recent
weeks,
in
terms
of
cost.
I
noticed
that
other
homeowners
in
my
neighborhood
had
also
taken
advantage
of
the
lockdown
to
renovate,
repair
and
replace
roofs,
fences,
yards,
swimming
pools
and
more.
A
Bank
of
America
survey
in
July
bore
this
out.
Seventy
percent
of
Americans
said
they
undertook
home
improvement
projects
during
the
pandemic,
with
even
more
projects
planned
for
2021.
Home
Depot
is
categorized
as
discretionary.
But
is
it
“luxury”?
In
“normal”
times,
few
people
would
say
that
it
is.
But
these
times
aren’t
normal,
and
consumers—including
HNWI
consumers—are
changing
their
spending
habits.
So
while
we’ve
had
to
adjust
our
conception
of
a
luxury
brand,
we
haven’t
changed
our
goal
of
investing
in
companies
that
potentially
benefit
from
greater
spending
from
HNWIs.
None
of
this
is
to
say,
however,
that
USLUX
will
exclude
traditional
luxury
brands
like
LVMH,
Christian
Dior
and
others.
Not
only
are
such
brands
currently
found
in
the
fund,
but
their
weightings
may
increase
as
the
economy
improves.
Thank
you
for
your
continued
trust
and
confidence
in
U.S.
Global
Investors.
We
wish
you
and
your
family
good
health
and
prosperity
in
the
remainder
of
2021.
6
U.S.
Global
Investors
Funds
(unaudited)
Sincerely,
Frank
E.
Holmes
CEO
and
Chief
Investment
Officer
U.S.
Global
Investors,
Inc.
Past
performance
does
not
guarantee
future
results.
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.
Total
Annualized
Returns
as
of
12/31/2020:
Performance
data
quoted
above
is
historical.
Past
performance
is
no
guarantee
of
future
results.
Results
reflect
the
reinvestment
of
dividends
and
other
earnings.
For
a
portion
of
periods,
the
fund
had
expense
limitations,
without
which
returns
would
have
been
lower.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
The
principal
value
and
investment
return
of
an
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Performance
does
not
include
the
effect
of
any
direct
fees
described
in
the
fund’s
prospectus
which,
if
applicable,
would
lower
your
total
returns.
Performance
quoted
for
periods
of
one
year
or
less
is
cumulative
and
not
annualized.
Obtain
performance
data
current
to
the
most
recent
month-end
at
www.
usfunds.com
or
1-800-US-FUNDS.
Foreside
Fund
Services,
LLC,
Distributor.
U.S.
Global
Investors
is
the
investment
adviser.
Mutual
fund
investing
involves
risk.
Principal
loss
is
possible.
Foreign
and
emerging
market
investing
involves
special
risks
such
as
currency
fluctuation
and
less
public
disclosure,
as
well
as
economic
and
political
risk.
Because
the
Global
Resources
Fund
concentrates
its
investments
in
specific
industries,
the
fund
may
be
subject
to
greater
risks
and
fluctuations
than
a
portfolio
representing
a
broader
range
of
industries.
By
investing
in
a
specific
geographic
region,
a
regional
fund’s
returns
and
share
price
may
be
more
volatile
than
those
of
a
less
concentrated
portfolio.
The
risk
of
concentrating
investments
in
this
group
of
industries
will
make
the
fund
more
susceptible
to
risk
in
these
industries
than
funds
which
do
not
concentrate
their
investments
in
an
industry
and
may
make
the
fund’s
performance
more
volatile.
Diversification
does
not
assure
a
profit,
nor
does
it
protect
against
a
loss
in
a
declining
market.
Companies
in
the
consumer
discretionary
sector
are
subject
to
risks
associated
with
fluctuations
in
the
performance
of
domestic
and
international
economies,
interest
rate
changes,
increased
competition
and
consumer
confidence.
Fund
One-Year
Five-Year
Ten-Year
Gross
Expense
Ratio
Global
Resources
Fund
37.17%
8.82%
-3.90%
1.58%
S&P
Global
Natural
Resources
Index
-0.05%
10.15%
0.04%
n/a
7
U.S.
Global
Investors
Funds
(unaudited)
It
is
not
possible
to
invest
in
an
index.
The
S&P
Global
Natural
Resources
Index
includes 90
of
the
largest
publicly-traded
companies
in
natural
resources
and
commodities
businesses
that
meet
specific
investability
requirements,
offering
investors
diversified,
liquid
and
investable
equity
exposure
across
3
primary
commodity-related
sectors:
Agribusiness,
Energy,
and
Metals
&
Mining.
It
is
not
possible
to
invest
in
an
index.
The
ISM
manufacturing
index
or
PMI
measures
the
change
in
production
levels
across
the
U.S.
economy
from
month
to
month. M2
is
a
calculation
of
the
money
supply
that
includes
all
elements
of
M1
as
well
as
"near
money."
M1
includes
cash
and
checking
deposits,
while near
money refers
to
savings
deposits,
money
market
securities,
mutual
funds,
and
other time
deposits.
These
assets
are
less
liquid
than
M1
and
not
as
suitable
as
exchange
mediums,
but
they
can
be
quickly
converted
into
cash
or
checking
deposits.
Duration is
a
number
that
represents
a bond's sensitivity
to
changes
in
short-term interest
rates.
In
particular, duration is
the
change
in
a bond's price
for
each
1%
change
in
interest
rates.
Fund
portfolios
are
actively
managed,
and
holdings
may
change
daily.
Holdings
are
reported
as
of
the
most
recent
quarter-end.
Holdings
are
not
a
recommendation
to
buy
or
sell
a
security.
Holdings
in
the
Global
Resources
Fund
as
a
percentage
of
net
assets
as
of
12/31/2020:
Exxon
Mobil
Corp.
0.00%,
Chevron
Corp.
0.00%,
Royal
Dutch
Shell
plc
0.00%,
BP
plc
0.00%,
Ivanhoe
Mines
Ltd.
4.22%.
Morningstar
Rankings
represent
a
fund’s
total-return
rank
relative
to
all
funds
that
have
the
same
Morningstar
Category.
The
highest
rank
is
1
and
the
lowest
is
based
on
the
total
number
of
funds
ranked
in
the
category.
It
is
based
on
Morningstar
total
return,
which
includes
both
income
and
capital
gains
or
losses
and
is
not
adjusted
for
sales
charges
or
redemption
fees.
Morningstar
ranked
PSPFX
in
the
top
15%,
49%
and
98%
out
of
110,
96,
and
85
Natural
Resources
funds
for
the
one-,
five-
and
ten-year
periods
ending
12/31/2020,
respectively.
All
opinions
expressed
and
data
provided
are
subject
to
change
without
notice.
Some
of
these
opinions
may
not
be
appropriate
to
every
investor.
We
believe
commodities
as
a
whole
look
very
attractive
right
now
due
to
a
number
of
factors.
8
Definitions
for
Management
Teams’
Perspectives
(unaudited)
Benchmark
Index
Definitions
Returns
for
indices
reflect
no
deduction
for
fees,
expenses
or
taxes,
unless
noted.
The
Bloomberg
Barclays
U.S.
Treasury
Bills
6-9
Months
Total
Return
Index
tracks
the
performance
of
U.S.
Treasury
Bills
with
a
maturity
of
six
to
nine
months.
The
Bloomberg
Barclays
3
Year
Municipal
Bond
Index
is
a
total
return
benchmark
designed
for
municipal
assets.
The
index
includes
bonds
with
a
minimum
credit
rating
of
BAA3,
that
are
issued
as
part
of
a
deal
of
at
least
$50
million,
have
an
amount
outstanding
of
at
least
$5
million
and
have
a
maturity
of
two
to
four
years.
The
FTSE
Gold
Mines
Index
encompasses
all
gold
mining
companies
that
have
a
sustainable
and
attributable
gold
production
of
at
least
300,000
ounces
a
year
and
that
derive
75%
or
more
of
their
revenue
from
mined
gold.
The
Hang
Seng
Composite
Index
is
a
market-capitalization
weighted
index
that
covers
about
95%
of
the
total
market
capitalization
of
companies
listed
on
the
Main
Board
of
the
Hong
Kong
Stock
Exchange.
The
MSCI
Emerging
Markets
Europe
10/40
Index
(Net
Total
Return)
is
a
free
float-
adjusted
market
capitalization
index
that
is
designed
to
measure
equity
performance
in
the
emerging
market
countries
of
Europe
(Czech
Republic,
Greece,
Hungary,
Poland,
Russia
and
Turkey).
The
index
is
calculated
on
a
net
return
basis
(i.e.,
reflects
the
minimum
possible
dividend
reinvestment
after
deduction
of
the
maximum
rate
withholding
tax).
The
index
is
periodically
rebalanced
relative
to
the
constituents’
weights
in
the
parent
index.
The
NYSE
Arca
Gold
Miners
Index
is
a
modified
market
capitalization-weighted
index
comprised
of
publicly-traded
companies
involved
primarily
in
the
mining
for
gold
and
silver.
The
S&P
Global
Natural
Resources
Index
(Net
Total
Return)
includes
90
of
the
largest
publicly-traded
companies
in
natural
resources
and
commodities
businesses
that
meet
specific
investability
requirements,
offering
investors
diversified,
liquid
and
investable
equity
exposure
across
3
primary
commodity-related
sectors:
Agribusiness,
Energy,
and
Metals
&
Mining.
The
index
is
calculated
on
a
net
return
basis
(i.e.,
reflects
the
minimum
possible
dividend
reinvestment
after
deduction
of
the
maximum
rate
withholding
tax).
The
S&P
500
Index
is
a
widely
recognized
capitalization-weighted
index
of
500
common
stock
prices
in
U.S.
companies.
The
S&P
Composite
1500
Index
is
a
broad-based
capitalization-weighted
index
of
1500
U.S.
companies
and
is
comprised
of
the
S&P
400,
the
S&P
500
and
the
S&P
600.
Other
Index
Definitions
The
Bloomberg
Barclays
U.S.
Municipal
Index
covers
the
USD-denominated
long-term
tax
exempt
bond
market.
The
index
has
four
main
sectors:
state
and
local
general
obligation
bonds,
revenue
bonds,
insured
bonds
and
pre-refunded
bonds.
9
Definitions
for
Management
Teams’
Perspectives
(unaudited)
The
Cboe
Volatility
Index
is
a
calculation
designed
to
produce
a
measure
of
constant,
30-day
expected
volatility
of
the
U.S.
stock
market,
derived
from
real-time,
mid-quote
prices
of
the
S&P
500
Index
call
and
put
options.
The
CSI
300
is
a
capitalization-weighted
stock
market
index
designed
to
replicate
the
performance
of
the
top
300
stocks
traded
on
the
Shanghai
Stock
Exchange
and
the
Shenzhen
Stock
Exchange.
The
Dow
Jones
Industrial
Average
is
a
price-weighted
measure
of
30
U.S.
blue-chip
companies.
The
index
covers
all
industries
except
transportation
and
utilities.
The
Hang
Seng
Index
is
a
capitalization-weighted
index
of
33
companies
that
represent
approximately
70
percent
of
the
total
market
capitalization
of
The
Stock
Exchange
of
Hong
Kong.
The
Institute
of
Supply
Management
(ISM)
Manufacturing
Purchasing
Managers
Index
(PMI)
Report
on
Business
is
based
on
data
compiled
from
monthly
replies
to
questions
asked
of
purchasing
and
supply
executives
in
over
400
industrial
companies.
For
each
of
the
indicators
measured
(New
Orders,
Backlog
of
Orders,
New
Export
Orders,
Imports,
Production,
Supplier
Deliveries,
Inventories,
Customers
Inventories,
Employment,
and
Prices),
this
report
shows
the
percentage
reporting
each
response,
the
net
difference
between
the
number
of
responses
in
the
positive
economic
direction
and
the
negative
economic
direction
and
the
diffusion
index.
Responses
are
raw
data
and
are
never
changed.
The
Purchasing
Manager’s
Index
(PMI)
is
an
indicator
of
the
economic
health
of
the
manufacturing
sector.
The
PMI
index
is
based
on
five
major
indicators:
new
orders,
inventory
levels,
production,
supplier
deliveries
and
the
employment
environment.
The
MOEX
Russia
Index
is
cap-weighted
composite
index
calculated
based
on
prices
of
the
most
liquid
Russian
stocks
of
the
largest
and
dynamically
developing
Russian
issues
presented
on
the
Moscow
Exchange.
The
MSCI
China
Index
captures
large
and
mid-cap
representation
across
China
A
shares,
H
shares,
B
shares,
Red
chips,
P
chips
and
foreign
listings.
With
697
constituents,
the
index
covers
about
85%
of
this
China
equity
universe.
The
MSCI
Emerging
Markets
(EM)
Index
was
launched
in
1988
including
10
countries
with
a
weight
of
about
0.9%
in
the
MSCI
ACWI
Index.
Currently,
it
captures
26
countries
across
the
globe
and
has
a
weight
of
12%
in
the
MSCI
ACWI
Index.
The
MSCI
Emerging
Markets
Europe
Index
is
a
free
float-adjusted
market
capitalization
index
that
is
designed
to
measure
equity
market
performance
in
the
emerging
markets
countries
of
Europe
(Czech
Republic,
Hungary,
Poland,
Russia,
and
Turkey).
The
Nasdaq
Composite
Index
measures
all
Nasdaq
domestic
and
international
based
common
type
stocks
listed
on
The
Nasdaq
Stock
Market.
To
be
eligible
for
inclusion
in
the
Index,
the
security’s
U.S.
listing
must
be
exclusively
on
The
Nasdaq
Stock
Market
(unless
the
10
Definitions
for
Management
Teams’
Perspectives
(unaudited)
security
was
dually
listed
on
another
U.S.
market
prior
to
January
1,
2004
and
has
continuously
maintained
such
listing).
The
Purchasing
Manager’s
Index
(PMI)
is
an
indicator
of
the
economic
health
of
the
manufacturing
sector.
The
PMI
index
is
based
on
five
major
indicators:
new
orders,
inventory
levels,
production,
supplier
deliveries
and
the
employment
environment.
The
S&P
Global
Luxury
Index
is
comprised
of
80
of
the
largest
publicly-traded
companies
engaged
in
the
production
or
distribution
of
luxury
goods
or
the
provision
of
luxury
services
that
meet
specific
investibility
requirements.
The
U.S.
Dollar
Index
is
an
index
of
the
value
of
the
United
States
dollar
relative
to
a
basket
of
foreign
currencies,
often
referred
to
as
a
basket
of
U.S.
trade
partners’
currencies.
The
Warsaw
Stock
Exchange
Index
(WIG)
is
the
oldest
stock
exchange
index,
calculated
at
the
first
market
session.
The
basic
index
values
are
calculated
on
the
basis
of
the
prices
of
shares
of
all
stock
exchange
companies
with
at
least
10%
of
freely-traded
shares
with
a
value
equivalent
to
1
million
euro.
WIG
is
a
total-return
index,
and
the
revenues
from
both
dividends
and
subscription
rights
are
taken
into
account
in
its
calculation.
The
Wilderhill
Clean
Energy
Index
is
designed
to
deliver
capital
appreciation
through
the
selection
of
companies
that
focus
on
greener
and
generally
renewable
sources
of
energy
and
technologies
that
facilitate
cleaner
energy.
11
U.S.
Government
Securities
Ultra-Short
Bond
Fund
(unaudited)
Management
Team’s
Perspective
Introduction
The
U.S.
Government
Securities
Ultra-Short
Bond
Fund
(UGSDX)
is
designed
to
be
used
as
an
investment
that
takes
advantage
of
the
security
of
U.S.
Government
bonds
and
obligations,
while
simultaneously
pursuing
a
higher
level
of
current
income
than
money
market
funds
offer.
The
fund’s
dollar-weighted
average
effective
maturity
is
two
years
or
less.
The
fund
seeks
to
provide
current
income
and
preserve
capital.
Performance
Graph
U.S.
Government
Securities
Ultra-Short
Bond
Fund
Average
Annual
Performance
For
the
Periods
Ended
December
31,
2020
One
Year
Five
Year
Ten
Year
U.S.
Government
Securities
Ultra-Short
Bond
Fund
0.32%
0.83%
0.49%
Bloomberg
Barclays
U.S.
Treasury
Bills
6-9
Months
Total
Return
Index
1.20%
1.36%
0.76%
Performance
data
quoted
above
is
historical.
Past
performance
is
no
guarantee
of
future
results.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
The
principal
value
and
investment
return
of
an
investment
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
The
graph
and
table
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
For
all
or
a
portion
of
the
periods,
the
fund
had
expense
limitations
and
reimbursements
to
maintain
a
minimum
yield,
without
which
returns
would
have
been
lower.
The
above
returns
for
the
U.S.
Government
Securities
Ultra-Short
Bond
Fund
include
the
fund’s
results
as
a
money
market
fund
through
the
date
of
its
conversion
(December
20,
2013)
to
an
ultra-short
bond
fund,
and
therefore
are
not
representative
of
the
fund’s
results
had
it
operated
as
an
ultra-short
bond
fund
for
the
full
term
of
the
periods
shown.
Returns
greater
than
one
year
are
annualized.
Gross
expense
ratio
as
stated
in
the
most
recent
prospectus
is
1.00%.
Pursuant
to
a
voluntary
arrangement,
the
Adviser
has
agreed
to
limit
total
fund
operating
expenses
(exclusive
of
any
acquired
fund
fees
and
expenses,
performance
fees,
taxes,
brokerage
commissions
and
interest)
to
not
exceed
0.45%.
The
Adviser
can
modify
or
terminate
this
arrangement
at
any
time.
In
addition,
returns
may
include
the
effects
of
additional
voluntary
waivers
of
fees
and
reimbursements
of
expenses
by
the
Adviser,
including
waivers
and
reimbursements
to
maintain
a
minimum
net
yield
for
the
fund.
See
Definitions
for
Management
Teams’
Perspectives
for
index
definitions.
Please
visit
our
website
at
www.usfunds.com
for
updated
performance
information
for
different
time
periods.
12
U.S.
Government
Securities
Ultra-Short
Bond
Fund
(unaudited)
The
Year
in
Review
–
Economic
and
Political
Issues
that
Affected
the
Fund
Federal
Reserve
officials
saw
a
need
to
craft
novel
programs
to
cushion
the
economy
from
the
blow
of
the
coronavirus
outbreak
when
they
announced
an
emergency
interest-rate
cut
on
a
Sunday
evening
in
mid-March
2020.
At
that
point,
policy
makers
at
the
Fed
saw
gathering
downside
risks
as
warranting
a
“forceful”
response,
according
to
a
record
of
their
unscheduled
gathering
via
video
conference
on
March
15.
They
voted
to
slash
their
benchmark
rate
to
nearly
zero
and
restart
massive
bond-buying
programs
to
pump
cash
into
the
banking
system
as
various
corners
of
financial
markets
seized
up.
Millions
of
Americans
lost
their
jobs
over
the
following
weeks
as
state
and
local
governments
ordered
businesses
to
close
in
a
bid
to
stem
the
spread
of
the
virus.
As
new
evidence
of
the
economic
toll
from
the
coronavirus
pandemic
flooded
in,
the
Federal
Reserve
unleashed
more
emergency
measures,
including
pledges
to
provide
support
to
risky
corners
of
financial
markets
that
were
some
of
the
hardest
hit.
The
Fed
announced
it
would
invest
up
to
$2.3
trillion
in
loans
to
aid
small
and
mid-sized
businesses
and
state
and
local
governments
as
well
as
fund
the
purchases
of
some
types
of
high-yield
bonds,
collateralized
loan
obligations
and
commercial
mortgage-backed
securities.
The
money
came
on
top
of
the
massive
stimulus
that
the
Fed
had
already
announced
and
it
thrusted
the
institution
into
the
sort
of
speculative
lending
activities
it
had
shunned
in
the
past,
underscoring
the
risks
that
Chairman
Jerome
Powell
was
willing
to
take
to
shore
up
the
economy.
Fed
officials
held
interest
rates
near
zero
at
their
meetings
throughout
the
year
and
signaled
they
would
keep
them
there
through
at
least
2022.
Officials
saw
the
economy
needing
support
for
longer
and
favored
a
more
explicit
form
of
forward
guidance
on
the
future
path
of
rates
and
bond
buying.
Additionally,
Fed
Chairman
Jay
Powell
repeatedly
stressed
to
Congress
that
getting
the
coronavirus
under
control
was
vital
as
the
U.S.
economy
rebounded
from
the
sharpest
contraction
on
record.
The
Fed
worked
with
the
Treasury
to
launch
nine
emergency
lending
programs
aimed
at
providing
a
credit
backstop
to
everything
from
municipalities
to
medium-sized
businesses.
Those
actions
helped
lower
borrowing
costs
and
kept
the
financial
system
liquid
during
the
economic
and
market
turmoil.
Economists
cautioned
that
a
long
period
of
labor
reallocation,
where
workers
in
an
industry
directly
impacted
by
the
virus
have
to
find
new
skills
and
jobs
in
other
industries,
risks
keeping
unemployment
high
for
years.
During
the
Federal
Reserve’s
annual
Jackson
Hole
economic
symposium,
Fed
Chair
Powell
announced
the
conclusion
of
the
study
regarding
the
adequacy
of
the
2%
inflation
target.
The
outcome
of
the
study
marked
a
small
but
important
shift.
Instead
of
having
2%
inflation
be
a
hard
target,
which
may
cause
the
Fed’s
Open
Markets
Committee
(FOMC)
to
tighten
monetary
policy
as
inflation
approaches
or
hits
2%,
it
will
use
2%
as
an
average
target,
meaning
that
the
Fed
will
seek
periods
of
above
2%
inflation
if
inflation
runs
below
2%
following
economic
downturns.
The
revamp
is
designed
to
address
the
“reality
of
a
quite
difficult
macroeconomic
context
of
low
interest
rates,
low
inflation,
relatively
low
productivity,
slow
growth
and
those
kinds
of
things,”
said
Chairman
Powell.
Investment
Highlights
The
U.S.
Government
Securities
Ultra-Short
Bond
Fund
returned
0.32%
for
the
year
ended
December
31,
2020,
underperforming
its
benchmark,
the
Bloomberg
Barclays
U.S.
Treasury
Bills
6-9
Months
Total
Return
Index,
which
returned
1.20%.
The
main
source
of
underperformance
came
from
longer
maturity
bonds,
as
yields
on
shorter
maturities
collapsed
and
remained
anchored
lower
compared
to
longer
maturities,
which
saw
relatively
more
upside
volatility.
Current
Outlook
Central
banks
are
set
to
spend
2021
maintaining
their
ultra-easy
monetary
policies
even
with
the
global
economy
expected
to
strengthen
from
last
year’s
coronavirus-inflicted
recession.
Even
as
Chair
Jerome
Powell
says
he
can
see
the
“light
at
the
end
of
the
tunnel”
thanks
to
vaccines
that
should
be
broadly
available
by
mid-year,
he
stressed
there
would
be
no
hasty
withdrawal
of
support.
Officials
have
signaled
they’ll
hold
interest
rates
near
zero
through
at
least
2022
and
promised
to
keep
buying
bonds
at
a
monthly
pace
of
at
least
$120
billion
until
“substantial
further
progress”
has
been
made
toward
the
targets
for
maximum
employment
and
2%
inflation.
“We
are
committed
to
using
our
full
range
of
tools
to
support
the
13
U.S.
Government
Securities
Ultra-Short
Bond
Fund
(unaudited)
U.S.
economy
to
achieve
our
goals,”
Powell
said
in
December
after
the
Fed
strengthened
its
bond-buying
guidance.
“We
will
continue
to
use
our
tools
to
support
the
economy
for
as
long
as
it
takes
until
the
job
is
well
and
truly
done.
No
one
should
doubt
that.”
The
section
labeled
Portfolio
of
Investments
contains
a
complete
list
of
the
fund’s
holdings.
Portfolio
Allocation
by
Issuer
Based
on
Total
Investments
December
31,
2020
Federal
Farm
Credit
Bank
41.1%
U.S.
Treasury
Note/Bond
34.8%
Federal
Home
Loan
Bank
21.0%
Vanguard
Short-Term
Treasury
ETF
3.1%
Total
100.0%
Portfolio
Allocation
by
Maturity
December
31,
2020
Less
than
1
Month
$
1,133,440
3.1%
3-12
Months
25,679,946
70.4%
1-3
Years
9,651,690
26.5%
$
36,465,076
100.0%
14
Near-Term
Tax
Free
Fund
(unaudited)
Management
Team’s
Perspective
Introduction
The
Near-Term
Tax
Free
Fund
(NEARX)
seeks
to
provide
a
high
level
of
current
income
exempt
from
federal
income
taxation
and
to
preserve
capital.
However,
a
portion
of
any
distribution
may
be
subject
to
federal
and/or
state
income
taxes.
The
Near-Term
Tax
Free
Fund
will
maintain
a
weighted
average
maturity
of
less
than
five
years.
Performance
Graph
The
Year
in
Review
–
Economic
and
Political
Issues
that
Affected
the
Fund
Following
the
sharp
contraction
in
economic
activity
stemming
from
the
spread
of
the
coronavirus,
the
Federal
Reserve
announced
it
would
lend
as
much
as
$500
billion
to
states
and
the
biggest
counties
and
cities,
making
its
first
direct
move
ever
into
the
$3.9
trillion
municipal-debt
market
to
help
limit
the
financial
fallout
of
the
coronavirus
pandemic.
The
step
was
intended
to
help
governments
cover
the
shortfalls
from
the
vast
shutdowns
sweeping
over
much
of
the
country
and
prevent
waves
of
short-term
Near-Term
Tax
Free
Fund
Average
Annual
Performance
For
the
Periods
Ended
December
31,
2020
One
Year
Five
Year
Ten
Year
Near-Term
Tax
Free
Fund
2.93%
1.31%
1.83%
Bloomberg
Barclays
3-Year
Municipal
Bond
Index
2.97%
2.00%
1.90%
Performance
data
quoted
above
is
historical.
Past
performance
is
no
guarantee
of
future
results.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
The
principal
value
and
investment
return
of
an
investment
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
The
graph
and
table
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
For
all
or
a
portion
of
the
periods,
the
fund
had
expense
limitations,
without
which
returns
would
have
been
lower.
Returns
greater
than
one
year
are
annualized.
Gross
expense
ratio
as
stated
in
the
most
recent
prospectus
is
1.05%.
The
Adviser
has
contractually
agreed
to
limit
total
fund
operating
expenses
(exclusive
of
any
acquired
fund
fees
and
expenses,
extraordinary
expenses,
taxes,
brokerage
commissions
and
interest)
to
not
exceed
0.45%
on
an
annualized
basis
through
April
30,
2021.
See
Definitions
for
Management
Teams’
Perspectives
for
index
definitions.
Please
visit
our
website
at
www.usfunds.com
for
updated
performance
information
for
different
time
periods.
15
Near-Term
Tax
Free
Fund
(unaudited)
borrowing
by
localities
to
plug
budget
holes
from
potentially
destabilizing
the
public
markets.
The
move
was
broadly
welcomed
by
Wall
Street
analysts,
municipal
bond
investors,
underwriters
and
lobbying
groups,
even
though
it
fell
short
of
buying
already-issued
debt
as
some
had
sought.
Employment
for
state
and
local
governments,
after
just
having
rebounded
from
the
financial
crisis,
began
feeling
the
heat
again.
From
2000-2008,
total
employment
in
the
state
and
local
governmental
sector
increased
almost
10.5%,
peaking
at
19.7
million.
Following
post-crisis
losses
of
more
than
700,000
employees,
total
employment
rebounded
to
a
new
high
of
19.9
million
in
February
2020.
However,
unforeseen
budget
deficits
due
to
the
pandemic
led
to
furloughs
and
in
many
cases
permanent
cuts,
with
almost
1.5
million
cuts
throughout
the
year.
Despite
challenges,
overall
municipal
credit
conditions
have
held
up
better
than
most
forecasts
predicted.
After
11
consecutive
years
of
robust
growth,
municipal
government
tax
receipts
declined
only
about
1%
on
average
in
2020.
Meanwhile,
property
tax
collections
increased
sharply
due
to
the
strong
housing
market.
Defaults
were
lower
than
expected
overall,
with
a
moderate
uptick
in
specific
sectors
that
struggled
prior
to
the
pandemic.
Just
days
before
the
year
end,
Congress
passed
and
President
Donald
Trump
signed
a
$2.3
trillion
coronavirus
stimulus
and
short-term
spending
package
into
law.
However,
aid
to
state
and
local
governments
did
not
make
it
into
the
coronavirus
relief
bill.
President-elect
Joe
Biden
stated
that
he
would
pursue
the
funding
in
2021.
In
its
final
policy
meeting
of
2020,
the
Fed
kept
its
key
overnight
interest
rate
near
zero
while
also
remaining
committed
to
its
massive
bond-buying
program
and
channeling
of
cash
into
the
financial
markets.
It
indicated
the
measures
would
stay
in
place
until
its
maximum
employment
and
price
stability
goals
were
met.
The
central
bank
also
revised
its
outlook
for
economic
growth
up
to
4.2%
and
its
outlook
for
the
unemployment
rate
down
to
5%
for
2021.
Investment
Highlights
For
the
year
ended
December
31,
2020,
the
Near-Term
Tax
Free
Fund
returned
2.93%,
slightly
underperforming
its
benchmark,
the
Bloomberg
Barclays
3-Year
Municipal
Bond
Index,
which
gained
2.97%.
Strengths
The
fund’s
allocation
to
bonds
from
Texas,
California
and
South
Carolina
outperformed.
The
fund
benefited
from
its
allocation
to
school
districts,
single-family
housing
and
transportation
bonds,
all
of
which
outperformed.
The
fund’s
allocation
in
the
seven-year
to
10-year
areas
of
the
yield
curve
outperformed.
Weaknesses
The
fund’s
allocation
to
bonds
from
Indiana,
Washington
and
Idaho
underperformed.
The
fund’s
exposure
to
medical,
utility
and
power
bonds
underperformed.
The
fund’s
allocation
in
the
zero-year
to
one-year
areas
of
the
yield
curve
underperformed.
Current
Outlook
The
municipal
bond
market
should
benefit
from
election
certainty,
positive
vaccine
news
and
another
stimulus
package
in
2021.
While
many
states
will
continue
to
struggle
with
weak
revenue
and
budget
strains,
the
Biden
administration
could
provide
further
aid
to
states
and
tax
receipts
have
been
resilient
in
states
with
progressive
income
taxes.
Muni
bond
demand
is
also
expected
to
outpace
supply,
which
has
made
it
easier
for
states
to
tap
the
markets
to
plug
revenue
shortfalls.
While
broad
defaults
appear
unlikely
in
2021,
there
could
be
an
increase
in
the
number
of
credit
downgrades
as
budget
strains
impact
outlook.
Key
challenges
relating
to
pensions
and
ever-growing
retirement
and
health-care
expenses
still
separate
weaker
credits,
despite
any
congressional
support.
Sectors
dependent
on
social
gatherings
are
facing
more
16
Near-Term
Tax
Free
Fund
(unaudited)
immediate
challenges.
Amid
historically
low
absolute
rates,
coupon
income
could
be
more
of
a
driver
of
municipal
total
returns
in
2021.
The
section
labeled
Portfolio
of
Investments
contains
a
complete
list
of
the
fund’s
holdings.
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.
Top
10
Area
Concentrations
(Based
on
Net
Assets)
December
31,
2020
Texas
21.43%
New
York
9.46%
Florida
6.37%
Illinois
5.12%
California
4.86%
Michigan
3.69%
Louisiana
3.17%
Connecticut
3.08%
Washington
2.95%
Total
Top
10
Areas
60.13%
Municipal
Bond
Ratings*
Based
on
Total
Municipal
Bonds
December
31,
20
20
Bond
Percentage
AAA
16.2
%
AA
63.6
%
A
12.0
%
Not
Rated
8.2
%
Total
100.0
%
17
Global
Luxury
Goods
Fund
(unaudited)
Management
Team’s
Perspective
Introduction
The
Global
Luxury
Goods
Fund’s
primary
objective
is
to
seek
long-term
capital
appreciation.
Under
normal
market
conditions,
the
Global
Luxury
Goods
Fund
will
invest
at
least
80
percent
of
its
net
assets
in
securities
of
companies
producing,
processing,
distributing,
and
manufacturing
luxury
products,
services
or
equipment.
Performance
Graphs
The
Year
in
Review
–
Economic
and
Political
Issues
that
Affected
the
Funds
The
beginning
of
2020
saw
the
worst
first
quarter
ever
for
the
Dow
Jones
Industrial
Average
and
S&P
500.
The
Dow
fell
roughly
23%,
its
worst
overall
quarter
since
1987,
and
the
S&P
500
dropped
about
20%,
its
Global
Luxury
Goods
Fund
Average
Annual
Performance
For
the
Periods
Ended
December
31,
2020
One
Year
Five
Year
Ten
Year
Global
Luxury
Goods
Fund
20.62%
10.28%
7.79%
S&P
Global
Luxury
Index
36.93%
17.02%
12.47%
S&P
Composite
1500
Index
17.92%
14.97%
13.67%
Performance
data
quoted
above
is
historical.
Past
performance
is
no
guarantee
of
future
results.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
The
principal
value
and
investment
return
of
an
investment
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
The
graph
and
table
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
For
all
or
a
portion
of
the
periods,
the
fund
had
expense
limitations,
without
which
returns
would
have
been
lower.
Returns
greater
than
one
year
are
annualized.
Gross
expense
ratio
as
stated
in
the
most
recent
prospectus
is
1.70%.
Pursuant
to
a
voluntary
arrangement,
the
Adviser
has
agreed
to
limit
total
fund
operating
expenses
(exclusive
of
any
acquired
fund
fees
and
expenses,
performance
fees,
taxes,
brokerage
commissions
and
interest)
to
not
exceed
2.20%
through
December
22,
2020.
Effective
December
22,
2020,
the
Adviser
contractually
agreed
to
limit
total
fund
operating
expenses
(exclusive
of
any
acquired
fund
fees
and
expenses,
performance
fees,
taxes,
brokerage
commissions
and
interest)
to
not
exceed
1.80%
through
April
30,
2022.
See
Definitions
for
Management
Teams’
Perspectives
for
index
definitions.
Please
visit
our
website
at
www.usfunds.com
for
updated
performance
information
for
different
time
periods.
18
Global
Luxury
Goods
Fund
(unaudited)
worst
quarterly
decline
since
2008.
Volatility
was
unprecedented,
with
the
CBOE
Volatility
Index
(VIX)
jumping
upwards
of
80
points,
readings
not
seen
since
2008.
Markets
were
ravaged
in
the
first
quarter
as
the
spread
of
the
coronavirus
paralyzed
the
global
and
U.S.
economy.
U.S.
stocks
wrapped
up
their
best
quarter
in
more
than
20
years
during
the
second
quarter,
a
remarkable
rally
after
the
coronavirus
pandemic
brought
business
around
the
world
to
a
virtual
standstill.
After
the
pandemic
induced
markets
to
freefall,
investors
were
lamenting
the
end
of
the
bull
market—and
the
longest
economic
expansion
on
record—after
U.S.
stock
indexes
lost
a
significant
amount
of
their
value
in
less
than
six
weeks.
The
subsequent
rebound
was
nearly
as
frenzied.
Partly
thanks
to
an
unprecedented
$1.6
trillion
stimulus
package
from
the
Federal
Reserve
and
Congress
and
a
surge
in
trading
among
individual
investors,
the
rally
lifted
everything
from
beaten-down
energy
stocks
to
apparel
retailers
to
big
technology
firms.
The
S&P
500
finished
the
second
quarter
up
20.54%,
its
biggest
percentage
gain
since
the
last
three
months
of
1998.
The
market's
rally
slowed
into
the
late
summer
as
a
resurgence
in
coronavirus
cases
in
some
parts
of
the
U.S.
and
civil
unrest
sparked
by
the
killing
of
George
Floyd
dented
sentiment.
U.S.
equities
rallied
sharply
for
a
second
straight
quarter
in
a
third
quarter
that
saw
the
S&P
and
Nasdaq
hit
a
string
of
new
record
highs.
Growth
continued
to
outperform
value
on
the
back
of
its
outsized
leverage
to
the
central
bank
liquidity
tailwind
and
secular
growth
and
disruption
themes.
Consumer
discretionary
was
the
best
performing
sector
with
homebuilders,
housing-related
retailers
and
casual
diners
some
of
the
standouts.
The
biggest
tailwind
for
stocks
remained
the
massive
monetary
and
fiscal
stimulus
in
response
to
the
coronavirus
pandemic.
In
addition,
the
Fed
announced
its
highly
anticipated
policy
framework
shift
under
which
it
will
seek
to
make
up
for
past
inflation
shortfalls
and
allow
the
labor
market
to
run
hotter,
targeting
an
average
2%
inflation
over
the
full
business
cycle
instead
of
a
2%
maximum.
Global
equities
gained
in
the
fourth
quarter
and
ended
the
year
at
record
highs
as
a
number
of
vaccine
breakthroughs
fostered
hopes
of
a
return
to
economic
normality.
The
developments
eclipsed
Joe
Biden’s
win
in
the
U.S.
presidential
election,
as
well
as
a
$900
billion
stimulus
package
announced
in
late
December.
The
Fed
reinforced
its
supportive
message,
stating
it
will
continue
with
current
levels
of
quantitative
easing.
Economically
sensitive
sectors
made
the
strongest
gains,
with
more
defensive
sectors
making
more
modest
progress.
The
overall
consumer
discretionary
sector
continued
to
perform
strongly,
fueled
by
the
recovery
narrative.
Investment
Highlights
Overview
The
Global
Luxury
Goods
Fund
(USLUX)
appreciated
20.62%
in
2020,
outperforming
its
benchmark,
the
S&P
Composite
1500
Index,
which
appreciated
17.92%.
Overall,
cyclical
sectors
outperformed
defensives
on
the
back
of
the
recovery
and
reopening
narrative,
which
favored
the
consumer
discretionary
sector.
Athleisure
and
outdoors
apparel
companies
outperformed
restaurants
and
hotels,
as
consumers’
discretionary
spending
shifted
towards
outdoor
activities
and
stay
at
home
comfort
apparel.
Autos
had
a
big
rebound
while
travel
and
hospitality
have
seen
a
resurgence
going
into
2021
on
the
hopes
of
vaccine
rollouts
permitting
a
wider
resumption
of
travel
and
leisure.
Strengths
The
fund’s
overweight
allocation
to
the
consumer
discretionary
sector
contributed
the
most
toward
performance.
Standout
sector
contributors
included
autos
and
hotels
as
a
result
of
strong
consumer
spending
and
vaccine
developments
renewing
optimism
about
discretionary
travel.
The
fund’s
stock
selection
in
the
consumer
discretionary
sector
proved
skillful,
as
the
fund’s
sector
return
significantly
outperformed
that
of
the
benchmark.
A
standout
contributor
to
fund
performance
was
Tesla.
The
company
reported
by
far
its
best
quarterly
profit
and
basically
hit
its
target
of
half
a
million
car
sales
for
2020.
Additionally,
the
carmaker
joined
the
S&P
500
on
December
21
as
one
of
the
10
most
valuable
companies
in
the
index,
yet
another
milestone
to
cap
an
outstanding
year.
19
Global
Luxury
Goods
Fund
(unaudited)
Weaknesses
The
fund’s
underweight
allocation
to
the
information
technology
sector
was
the
largest
drag
on
performance
relative
to
the
benchmark.
This
was
a
result
of
the
fund’s
investment
model
underweighting
the
sector.
The
fund’s
stock
selection
in
the
industrial
sector
showed
poor
performance,
as
the
fund’s
sector
return
underperformed
that
of
the
benchmark.
A
notable
detractor
to
fund
performance
was
Coty.
The
company
is
facing
a
tough
turnaround
from
a
pandemic-driven
sales
slide.
It
has
tied
its
business
to
members
of
the
Kardashian
family,
taking
stakes
in
cosmetics
brands
owned
by
Kim
Kardashian
and
Kylie
Jenner,
whom
the
company
hopes
will
give
it
exposure
to
a
younger
audience.
However,
with
the
sale
of
Wella,
sales
numbers
are
unlikely
to
reach
their
former
heights
for
some
time,
and
investors
remain
skeptical
of
the
turnaround
effort.
Current
Outlook
Opportunities
Capturing
and
catering
to
domestic
luxury-goods
shoppers
and
local
preferences
is
set
to
take
precedence
in
2021,
with
e-commerce,
digital
and
supply
chains
playing
a
greater
role.
Product
innovation
and
a
flexible
supply
chain
remain
incredibly
important,
and
another
round
of
fiscal
stimulus,
when
that
materializes,
will
buoy
consumption.
Luxury-goods
makers
and
brands
with
standout
end-to-end
e-commerce
sites
are
well
placed
to
outpace
disruption
and
rebuild
post-pandemic.
Beyond
own-brand
sites,
more
third-party
licensing
with
marketplaces
and
specialist
platforms
will
be
key.
Luxury-goods
makers
can
recoup
much
of
the
sales
they
lost
in
2020
due
to
pandemic
disruptions
through
spending
discipline.
Savings
on
sourcing
and
manufacturing
as
well
as
rent
negotiations
may
help,
while
advertising
investment
can
become
more
flexible
and
focused.
Threats
The
biggest
challenges
could
emerge
in
the
second
half
of
2021,
when
growth
gains
are
pinned
on
the
return
of
tourism.
Delays
in
vaccine
rollouts
or
more
prevalent
spread
of
virus
variants
for
which
current
vaccines
prove
less
efficacious
pose
the
biggest
risks.
The
luxury-goods
12-month
forward
price-to-earnings
ratio
stands
at
its
most
bloated
in
a
decade.
That
valuation
level
is
baking
in
a
sustained
recovery
in
China's
consumption,
and
a
speedy
transition
to
raising
e-commerce
and
social
media
globally
to
offset
fewer
store
visits
and
tourism
lulls.
Any
disruption
could
cause
a
compression
in
valuation
multiples.
Europe,
which
relies
on
tourism
for
as
much
as
50%
of
sales,
is
proving
slower
to
fully
recover,
despite
tangible
domestic
consumer
resilience
in
online
ordering.
20
Global
Luxury
Goods
Fund
(unaudited)
The
section
labeled
Portfolio
of
Investments
contains
a
complete
list
of
the
funds’
holdings.
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.
Top
10
Equity
Holdings
(Based
on
Net
Assets)
December
31,
2020
Costco
Wholesale
Corp.
4.62%
Retail
-
Discount
Apple,
Inc.
4.58%
Computers
Amazon.com,
Inc.
4.53%
E-Commerce/Products
Tesla,
Inc.
4.27%
Automotive
-
Cars
&
Light
Trucks
Volkswagen
AG,
ADR
3.85%
Automotive
-
Cars
&
Light
Trucks
Daimler
AG,
ADR
3.80%
Automotive
-
Cars
&
Light
Trucks
NIKE,
Inc.,
Class B
3.42%
Athletic
Footwear
Constellation
Brands,
Inc.,
Class A
3.00%
Beverages
-
Wine/Spirits
Hilton
Worldwide
Holdings,
Inc.
2.90%
Hotels
&
Motels
Bayerische
Motoren
Werke
AG
2.79%
Automotive
-
Cars
&
Light
Trucks
Total
Top
10
Equity
Holdings
37.76%
Portfolio
Allocation
by
Industry
Sector*
Based
on
Total
Investments
December
31,
2020
Consumer
Discretionary
53.4%
Information
Technology
10.0%
Materials
9.2%
Financials
8.2%
Consumer
Staples
7.5%
Communication
Services
6.2%
Health
Care
3.2%
Other
2.3%
Total
100.0%
21
Global
Resources
Fund
(unaudited)
Management
Team’s
Perspective
Introduction
The
Global
Resources
Fund
(PSPFX)
is
a
natural
resources
fund
with
the
principal
objective
of
seeking
long-term
growth
of
capital
while
providing
protection
against
inflation
and
monetary
instability.
The
fund
invests
in
companies
involved
in
the
exploration,
production
and
processing
of
petroleum,
natural
gas,
coal,
alternative
energies,
chemicals,
mining,
iron
and
steel,
and
paper
and
forest
products
around
the
globe.
Performance
Graph
The
Year
in
Review
–
Economic
and
Political
Issues
that
Affected
the
Fund
The
past
year
was
an
epic
journey
for
those
invested
in
oil.
The
Saudis
flooded
the
market
with
oil
to
shut
down
western
oil
shale
production
by
dropping
the
price
to
where
fracking
could
not
remain
cost
competitive.
In
addition
to
lost
demand
due
to
coronavirus
shutdowns,
the
energy
industry
was
already
Global
Resources
Fund
Average
Annual
Performance
For
the
Periods
Ended
December
31,
2020
One
Year
Five
Year
Ten
Year
Global
Resources
Fund
37.17%
8.82%
(3.
90
)%
S&P
500®
Index
18.40%
15.22%
13.88%
S&P
Global
Natural
Resources
Index
(Net
Total
Return)
(0.05)%
10.15%
0.04%
Performance
data
quoted
above
is
historical.
Past
performance
is
no
guarantee
of
future
results.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
The
principal
value
and
investment
return
of
an
investment
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
The
graph
and
table
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
For
all
or
a
portion
of
the
periods,
the
fund
had
expense
limitations,
without
which
returns
would
have
been
lower.
Returns
greater
than
one
year
are
annualized.
Gross
expense
ratio
as
stated
in
the
most
recent
prospectus
is
1.58%.
Pursuant
to
a
voluntary
arrangement,
the
Adviser
has
agreed
to
limit
total
fund
operating
expenses
(exclusive
of
any
acquired
fund
fees
and
expenses,
performance
fees,
taxes,
brokerage
commissions
and
interest)
to
not
exceed
1.90%.
The
Adviser
can
modify
or
terminate
this
arrangement
at
any
time.
See
Definitions
for
Management
Teams’
Perspectives
for
index
definitions.
Please
visit
our
website
at
www.usfunds.com
for
updated
performance
information
for
different
time
periods.
22
Global
Resources
Fund
(unaudited)
suffering
from
the
warmest
winter
in
many
years.
According
to
Black
Gold
Investor
chief
investment
officer
Gary
Ross,
the
loss
in
global
oil
demand
due
to
mild
temperatures
is
around
800,000
barrels
a
day.
January
2020
was
the
hottest
ever
in
Europe
with
surface
temperatures
3.1
degrees
Celsius
warmer
than
average.
The
World
Meteorological
Organization
says
that
global
temperatures
are
already
consistently
breaking
records,
with
2016
the
warmest
ever
followed
by
2019.
Warmer
temperatures
reduce
demand
for
oil,
gas
and
other
fuels
used
to
heat
during
the
winter.
According
to
the
latest
Environmental
Protection
Agency
(EPA)
inventory,
greenhouse
gas
emissions
in
the
U.S.
rose
by
2.9%
in
2019.
IHS
Markit
noted
that
early
in
the
crises,
the
rates
of
supply
and
demand
mean
that
oil
inventories
will
increase
by
1.8
billion
barrels
over
the
first
half
of
2020.
The
world
will
soon
run
out
of
places
to
store
all
the
excess
oil
created
from
significantly
reduced
demand,
as
there
is
only
an
estimated
1.6
billion
barrels
of
storage
capacity.
This
played
out
when
oil
prices
eventually
turned
negative,
temporarily,
as
storage
was
depleted.
According
to
a
report
by
Haynes
&
Boone,
more
than
200
North
American
oil
and
gas
producers,
owning
over
$130
billion
in
debt,
have
filed
for
bankruptcy
since
2015.
Royal
Dutch
Shell
said
it
will
write
down
between
$15
billion
and
$22
billion
in
the
second
quarter—a
sign
of
how
severely
the
coronavirus
has
hit
the
oil
majors.
BP’s
CEO
said
in
an
internal
note
that
the
company
plans
to
let
go
of
14%
of
its
workforce,
or
10,000
jobs.
According
to
Goldman
Sachs,
spending
on
renewable
power
is
set
to
overtake
oil
and
gas
drilling
for
the
first
time
in
2021
and
clean
energy
affords
a
$16
trillion
investment
opportunity
through
2030.
A
surge
in
new
wind
and
solar
capacity
is
driving
wholesale
electricity
prices
so
low
in
parts
of
Australia,
foreshadowing
difficult
times
for
the
world’s
top
coal
exporter
to
make
a
profit.
The
country’s
coal
power
plants
make
up
more
than
half
of
Australia’s
generation
mix
but
are
facing
increased
pressure
due
to
the
rise
in
renewables.
The
nuclear
industry
is
adapting
to
survive.
Companies
globally
are
developing
a
new
generation
of
reactors
that
are
90%
smaller
than
massive
facilities
that
have
dominated
the
industry.
These
new
plants
are
designed
to
be
faster
and
easier
to
build
and
could
make
nuclear
affordable
and
cleaner
in
developing
nations
that
don’t
need
huge
reactors,
writes
Bloomberg’s
Will
Wade.
The
EU
launched
a
hydrogen
strategy
that
targets
40
gigawatts
of
renewable
hydrogen
capacity
in
the
bloc
by
2030.
BloombergNEF
notes
that
this
plan
will
require
massive
infrastructure
spending
to
get
hydrogen
up
and
running.
The
cost
is
estimated
at
27
to
64
billion
euros
on
pipeline
spending
by
2040.
The
U.S.
Department
of
Energy
awarded
grants
to
several
companies
under
a
new
$64
million
hydrogen
research
and
development
program,
while
Australia
shortlisted
seven
companies
for
A$200
million
in
hydrogen
grants.
Commodities
skyrocketed
in
the
fourth
quarter.
Lumber
was
the
strongest
performing
commodity
in
2020,
with
gains
exceeding
100%.
Lockdown
orders
keeping
people
in
their
homes
spurred
home
renovations.
The
virus
also
drove
people
to
move
from
crowded
cities
to
less
dense
urban
and
farm
living,
spurring
a
homebuilding
boom.
Commodities
performed
strongly
for
the
year
due
to
a
China-led
economy
recovery
boosting
demand.
Iron
ore
and
steel
outperformed
on
booming
Chinese
construction
and
manufacturing
demand.
Investment
Highlights
Overview
For
the
year
ended
December
31,
2020,
the
Global
Resources
Fund
gained
37.17%,
outpacing
the
S&P
Global
Natural
Resources
Index
(Net
Total
Return),
which
lost
0.05%.
The
fund
underweighted
traditional
energy
sources
in
favor
of
renewable
energy
and
the
battery
metals
needed
to
support
the
paradigm
shift.
In
addition,
we
held
a
higher-than-index
weight
in
the
precious
metals
with
debt
burden
of
the
Fed’s
balance
sheet.
Strengths
The
three
strongest
commodities
for
the
year
were
lumber,
palm
oil
and
iron
ore,
up
284%,
45%
and
37%,
respectively.
Lumber
rallied
hard
after
the
pandemic
lockdown
began
with
home
improvement
projects
that
also
gained
traction
with
people
moving
to
more
suburban
localities.
Palm
oil
remains
strong
growing
at
a
compound
annual
growth
rate
(CAGR)
of
5%.
Iron
ore
rallied
hard
in
the
second
23
Global
Resources
Fund
(unaudited)
half
of
the
year
with
strong
demand
from
China
being
the
main
driver
when
there
is
little
slack
in
current
production.
The
three
best
sector
calls
for
the
fund
was
an
overweight
position
in
precious
metals,
underweight
position
in
integrated
oil
and
overweight
in
renewable
energy.
The
fund’s
stock
selection
within
these
three
sectors
outperformed
index
returns
for
the
gold
overweight.
Renewable
energy
still
largely
remains
outside
the
index’s
universe
but
could
be
added
in
the
future
as
the
sector
grows.
The
three
best
dollar
performing
stock
decisions
were
Talon
Metals,
Vestas
Wind
Systems,
and
Plug
Power.
All
three
of
these
companies
have
one
thing
is
common:
a
clean
energy
future.
Talon
is
developing
a
nickel/copper
mine
in
Minnesota
where
would
be
one
of
only
primary
nickel
producers
in
the
United
States
and
would
be
a
domestic
source
of
the
metal
used
in
batteries.
Vestas
Wind
is
global
leader
in
wind
farms
to
produce
renewable
electricity.
Plug
Power
has
been
working
with
fuel
cells
for
much
of
the
last
20-years
but
more
recently
hydrogen
and
fuel
cells
are
beginning
to
see
their
economics
improve
using
solar
and
wind
power
to
drive
the
reaction
to
isolate
hydrogen
as
a
primary
fuel
source.
Weaknesses
The
three
weakest
commodities
for
the
year
were
crude
oil,
coffee
and
Powder
River
Basin
Coal,
down
12.09%,
8.43%
and
2.12%,
respectively.
Crude
oil
demand
was
curtailed
by
work
from
home
virus
protocols
that
reduce
driving
substantially.
Sales
at
specialist
tea
and
coffee
shops
was
also
down
11%
for
the
year,
impacting
the
market
to
some
extent.
Green
energy
is
winning
a
larger
part
of
the
market
share
as
governments
and
companies
assess
the
total
impact
of
burning
fossil
fuels.
The
fund’s
sector
underweight
positions
in
pulp
and
paper,
chemicals/agriculture
as
well
as
container/
packaging
stocks
underperformed
the
index’s
subsectors,
reducing
their
impact
the
fund’s
return.
However,
because
all
three
of
these
sectors
within
the
index
performed
less
that
the
return
of
fund,
these
were
good
sectors
to
have
reduced
exposure
to
and
shift
those
investment
that
had
better
returns.
Our
holding
in
Pacific
Infrastructure
Ventures,
our
underweights
of
Freeport-McMoran
and
Rosneft
Oil
were
the
biggest
detractors
from
fund
performance.
We
were
underweight
oil
most
of
the
year
but
did
have
exposure
to
copper,
but
through
non-index
companies.
The
decline
in
port
traffic
via
reduced
global
shipping
has
reduced
the
potential
value
of
Pacific
Infrastructure
Ventures.
Current
Outlook
Opportunities
Commodities
performed
strongly
in
2020
overall,
after
a
rough
first
quarter.
All
major
commodities
were
positive,
except
for
coal
and
oil.
Top
performers
include
silver,
copper,
palladium,
gold
and
corn.
Copper
was
up
26%
as
the
world’s
transition
to
renewable
energy
and
electric
vehicles
is
driving
demand.
U.S.-listed
clean
energy
stocks
had
their
best
year
ever,
as
measured
by
the
WilderHill
Clean
Energy
Index,
which
was
up
206%
in
2020.
The
sector
has
skyrocketed
as
investors
weigh
the
prospects
of
an
aggressive
green
push
with
Joe
Biden’s
victory
in
the
U.S.
presidential
election.
The
potential
for
a
big
infrastructure
spending
bill
would
be
a
massive
tailwind
for
commodities.
China’s
President
Xi
Jinping
said
the
country
plans
to
be
carbon
neutral
by
2060.
The
world’s
most
populous
nation
and
top
energy
user
said
it
plans
to
spend
more
on
green
technologies
in
the
next
five
years,
which
should
spur
massive
demand
for
the
commodities
that
go
into
clean
energy.
Hydrogen
became
a
front-runner.
The
EU
launched
a
hydrogen
strategy
that
targets
40
gigawatts
of
renewable
hydrogen
capacity
in
the
bloc
by
2030.
The
cost
is
estimated
at
27
to
64
billion
euros
on
pipeline
spending
by
2040.
The
U.S.
Department
of
Energy
awarded
grants
to
several
companies
under
a
new
$64
million
hydrogen
research
and
development
program,
while
Australia
shortlisted
seven
companies
for
A$200
million
in
hydrogen
grants.
24
Global
Resources
Fund
(unaudited)
Threats
BP
became
the
first
oil
supermajor
to
call
for
the
end
of
oil’s
growth
era,
saying
consumption
may
never
return
to
levels
seen
before
the
coronavirus
pandemic.
The
Organization
of
Petroleum
Exporting
Countries
(OPEC)
reduced
its
forecast
for
global
oil
demand
for
each
quarter
to
the
end
of
2021
by
an
average
of
768,000
barrels
a
day,
as
consumption
fell
by
around
9.46
million
barrels
a
day
in
2020.
Energy
was
the
worst
performing
S&P
500
sector
of
the
year
by
far,
down
more
than
37%.
We
could
see
a
strong
buying
opportunity
in
oil
and
gas
stocks
in
2021
if
the
economy
materially
strengthens.
Rising
global
temperatures
remain
a
growth
threat.
Warmer
weather
reduces
demand
for
heating
fuels.
It
can
also
cost
billions
to
repair
everything
damaged
in
the
growing
number
of
climate
disasters
such
as
hurricanes
and
wildfires
–
often
attributed
to
warmer
temperatures.
The
U.S.
had
16
natural
disasters
that
each
caused
at
least
$1
billion
in
damage.
Exxon
Mobil
Corp.'s
market
value
fell
below
the
market
capitalization
of
various
utilities
in
the
U.S.
And
the
same
story
played
out
in
Europe.
Royal
Dutch
Shell
Plc's
market
capitalization
fell
below
Iberdrola
SA
Spain.
Is
this
foretelling
that
the
major
international
oil
companies
are
going
to
earn
utility
returns
for
the
future?
Perhaps
for
the
moment.
The
section
labeled
Portfolio
of
Investments
contains
a
complete
list
of
the
fund’s
holdings.
Top
10
Equity
Holdings
(Based
on
Net
Assets)
December
31,
2020
Abaxx
Technologies,
Inc.
5.05%
Applications
Software
Ivanhoe
Mines,
Ltd.
4.22%
Metal
-
Diversified
Vestas
Wind
Systems
A/S
3.70%
Energy
-
Alternate
Sources
Talon
Metals
Corp.
3.51%
Mining
Services
Canadian
Solar,
Inc.
2.81%
Energy
-
Alternate
Sources
Plug
Power,
Inc.
2.65%
Energy
-
Alternate
Sources
Metalla
Royalty
&
Streaming,
Ltd.
2.46%
Precious
Metals
Royal
Road
Minerals,
Ltd.
2.30%
Gold
Mining
Champion
Iron,
Ltd.
2.27%
Metal
-
Iron
Siemens
Gamesa
Renewable
Energy
SA
2.22%
Energy
-
Alternate
Sources
Total
Top
10
Equity
Holdings
31.19%
25
Global
Resources
Fund
(unaudited)
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
Sector*
Based
on
Total
Investments
December
31,
2020
Metals
&
Mining
33.0%
Energy
Equipment
&
Services
13.7%
Precious
Metals
&
Minerals
13.7%
Oil,
Gas
&
Consumable
Fuels
7.7%
Applications
Software
5.1%
Paper
&
Forest
Products
4.6%
Other
22.2%
Total
100.0%
26
Precious
Metals
and
Minerals
Funds
(unaudited)
Management
Team’s
Perspective
Introduction
The
World
Precious
Minerals
Fund
(UNWPX)
and
the
Gold
and
Precious
Metals
Fund
(USERX)
pursue
an
objective
of
long-term
capital
growth
through
investments
in
gold,
precious
metals
and
mining
companies.
The
World
Precious
Minerals
Fund
focuses
on
equity
securities
of
companies
principally
engaged
in
the
exploration,
mining
and
processing
of
precious
minerals
such
as
gold,
silver,
platinum
and
diamonds.
Although
this
fund
has
the
latitude
to
invest
in
a
broad
range
of
precious
minerals,
it
currently
remains
focused
on
the
gold
sector.
The
Gold
and
Precious
Metals
Fund
focuses
on
the
equity
securities
of
established
gold
and
precious
metals
companies
and
pursues
current
income
as
a
secondary
objective.
World
Precious
Minerals
Fund
Average
Annual
Performance
For
the
Periods
Ended
December
31,
2020
One
Year
Five
Year
Ten
Year
World
Precious
Minerals
Fund
70.60%
19.11%
(6.86)%
S&P
500®
Index
18.40%
15.22%
13.88%
NYSE
Arca
Gold
Miners
Index
24.09%
22.76%
(3.99)%
Performance
data
quoted
above
is
historical.
Past
performance
is
no
guarantee
of
future
results.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
The
principal
value
and
investment
return
of
an
investment
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
The
graph
and
table
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
For
all
or
a
portion
of
the
periods,
the
fund
had
expense
limitations,
without
which
returns
would
have
been
lower.
Returns
greater
than
one
year
are
annualized.
Gross
expense
ratio
as
stated
in
the
most
recent
prospectus
is
1.56%.
Pursuant
to
a
voluntary
arrangement,
the
Adviser
has
agreed
to
limit
total
fund
operating
expenses
(exclusive
of
any
acquired
fund
fees
and
expenses,
performance
fees,
taxes,
brokerage
commissions
and
interest)
to
not
exceed
1.90%.
The
Adviser
can
modify
or
terminate
this
arrangement
at
any
time.
See
Definitions
for
Management
Teams’
Perspectives
for
index
definitions.
Please
visit
our
website
at
www.usfunds.com
for
updated
performance
information
for
different
time
periods.
27
Precious
Metals
and
Minerals
Funds
(unaudited)
The
Year
in
Review
-
Economic
and
Political
Issues
that
Affected
the
Funds
Gold
stocks
started
the
year
without
much
attention
only
to
rally
briefly
in
February,
before
it
became
apparent
what
the
COVID-19
pandemic
would
unleash
upon
the
world.
The
Federal
Reserve
was
facing
a
threat
that
hasn’t
been
experienced
before
–
a
collapse
in
corporate
revenue
and
household
income
from
a
global
pandemic.
Equity
markets
plunged,
indicating
fear
of
a
global
recession,
and
volatility
in
the
bond
market
hit
the
highest
since
the
financial
crisis.
U.S.
lawmakers
rushed
to
pass
a
fiscal
package
in
the
trillions.
The
U.S.
dollar
continued
to
surge,
but
not
for
any
fundamental
reasons.
It
only
surged
due
to
the
liquidity
crisis
driven
by
fear
of
a
recession
and
the
desire
for
cash.
The
surge
in
the
U.S.
dollar,
as
companies
sought
access
to
cash,
ended
by
the
third
quarter
as
the
dollar
index
slipped
2.76%
for
the
quarter.
The
yield
on
the
10-year
Treasury
Inflation-Protected
Securities
(TIPS)
dropped
to
negative
0.71%
by
quarter-end.
Gold
responded
by
hitting
a
new
all-time
high
in
Gold
and
Precious
Metals
Fund
Average
Annual
Performance
For
the
Periods
Ended
December
31,
2020
One
Year
Five
Year
Ten
Year
Gold
and
Precious
Metals
Fund
37.06%
23.92%
(1.42)%
S&P
500®
Index
18.40%
15.22%
13.88%
FTSE
Gold
Mines
Index
24.95%
23.22%
(3.84)%
Performance
data
quoted
above
is
historical.
Past
performance
is
no
guarantee
of
future
results.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
The
principal
value
and
investment
return
of
an
investment
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
The
graph
and
table
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
For
all
or
a
portion
of
the
periods,
the
fund
had
expense
limitations,
without
which
returns
would
have
been
lower.
Returns
greater
than
one
year
are
annualized.
Gross
expense
ratio
as
stated
in
the
most
recent
prospectus
is
1.62%.
Pursuant
to
a
voluntary
arrangement,
the
Adviser
has
agreed
to
limit
total
fund
operating
expenses
(exclusive
of
any
acquired
fund
fees
and
expenses,
performance
fees,
taxes,
brokerage
commissions
and
interest)
to
not
exceed
1.90%.
The
Adviser
can
modify
or
terminate
this
arrangement
at
any
time.
See
Definitions
for
Management
Teams’
Perspectives
for
index
definitions.
Please
visit
our
website
at
www.usfunds.com
for
updated
performance
information
for
different
time
periods.
28
Precious
Metals
and
Minerals
Funds
(unaudited)
August.
From
a
macro
perspective,
investment
banks
across
the
spectrum
were
starting
to
raise
their
gold
price
targets
based
on
the
economic
scenarios
that
could
play
out.
There
is
still
considerable
uncertainty
regarding
the
economic
outlook
with
respect
to
the
COVID-19
virus
cases.
Gold-backed
ETFs
saw
a
10th
straight
month
of
inflows
in
September.
With
the
significant
inflows
of
gold
and
other
precious
metals
going
into
ETFs,
trading
of
futures
and
options
on
the
COMEX
by
speculators
seems
to
have
lost
its
leadership
in
setting
the
direction
of
metal
prices.
The
appetite
for
buying
physical
metals
seems
to
be
overwhelming
price
speculators
who
historically
have
moved
the
gold
price
around
by
paper
trades.
The
COMEX
is
the
primary
futures
and
options
market
for
trading
metals
such
as
gold,
silver,
copper
and
aluminum.
Gold
bullion
ended
2020
up
more
than
25%,
its
best
year
since
2010.
The
surge
in
money
supply
due
to
pandemic
stimulus
helped
fuel
the
rally.
The
amount
of
M1
money
moving
around
the
U.S.
economy
skyrocketed
66%
from
last
year.
The
biggest
headwind
in
the
fourth
quarter
was
positive
vaccine
news.
Gold
suffered
its
biggest
drop
in
seven
years
in
November
when
Pfizer
announced
it
developed
an
effective
vaccine
against
COVID-19.
The
metal
fell
5%
on
the
day
and
ended
the
month
below
$1,800
an
ounce.
The
yellow
metal
ended
the
quarter
just
below
$1,900
an
ounce
and
could
continue
its
rise
into
2021
on
low
interest
rates
and
higher
inflation.
Investment
Highlights
For
the
year
ended
December
31,
2020,
the
World
Precious
Minerals
Fund
gained
70.60%,
outperforming
its
benchmark.
The
fund’s
benchmark,
the
NYSE
Arca
Gold
Miners
Index,
rose
24.09%
on
a
total
return
basis.
The
strategy
of
the
World
Precious
Minerals
Fund
favors
junior
exploration
and
development
stocks
and
mid-tiered
producing
stocks.
These
lower-capitalization
stocks
have
historically
outperformed
senior
gold
mining
companies
over
longer
periods,
as
senior
gold
miners
have
typically
acquired
proven
assets
of
junior
gold
companies
rather
than
explored
for
new
mining
projects
with
capital-constrained
budgets.
The
Gold
and
Precious
Metals
Fund
gained
37.06%
for
the
year,
outperforming
its
benchmark,
the
FTSE
Gold
Mines
Index,
which
rose
24.95%
on
a
total
return
basis.
While
focusing
on
established,
gold-
producing
companies,
the
Gold
and
Precious
Metals
Fund
holds
a
higher
weighting
of
mid-tier
stocks
compared
to
its
benchmark.
Both
funds
employed
a
defensive
investment
position
from
time-to-time
in
the
past
year
with
higher-than-
average
cash
balances
on
hand
to
help
protect
the
liquidity
of
the
funds.
However,
to
maintain
varying
degrees
of
investment
exposure
to
the
gold
market,
the
funds
utilized
some
call
options
positions
and
directional
ETFs,
which
are
more
liquid
than
options,
to
hedge
the
funds’
benchmark
risks
and
provide
optionality
to
upswings
in
gold
stocks.
Gold
finished
the
year
up
25.12%,
while
silver
ended
the
year
with
the
strongest
finish,
up
47.89%.
Palladium’s
price
gain
was
just
as
competitive
with
gold’s,
climbing
25.86%.
Platinum
trailed
the
precious
metals
group
again
this
year,
with
a
lift
of
10.92%.
Strengths
K92
Mining,
Inc.
was
the
Gold
and
Precious
Metals
Fund’s
(USERX)
largest
position
over
the
course
of
the
year
and
was
the
largest
contributor
to
our
returns
this
year
and
in
the
prior
year.
K92
Mining
is
not
a
member
of
FTSE
Gold
Mines
Index.
Nano
One
Materials
was
the
largest
contributor
to
the
performance
of
the
World
Precious
Minerals
Fund
(UNWPX)
with
a
significant
price
gain.
Nano
One
is
not
a
member
of
the
NYSE
Arca
Gold
Miners
Index.
Not
owning
any
Newcrest
Mining
was
the
second-best
relative
gainer
for
USERX,
as
this
company
was
the
third-largest
in
the
fund’s
benchmark
but
actually
delivered
a
negative
return
for
shareholders
last
year.
The
second-best
contributor
to
UNWPX
was
Dolly
Varden
Silver
Corp.,
which
rallied
several
hundred
percent
with
the
move
in
silver.
Dolly
Varden
Silver
is
not
a
member
of
the
NYSE
Arca
Gold
Miners
Index.
Owning
LEAPs
on
Newmont
Mining
and
Barrick
Gold
was
the
third-best
contributor
to
our
relative
performance
as
their
price
gains
offset
roughly
half
of
our
underperformance
from
not
having
a
full
29
Precious
Metals
and
Minerals
Funds
(unaudited)
index
weighting
in
USERX
of
these
two
companies.
The
third-biggest
contributor
to
UNPWX
was
K92
Mining,
Inc.
K92
Mining
is
a
constituent
of
the
NYSE
Arca
Gold
Miners
Index.
Weaknesses
Surprisingly,
being
long
both
the
Direxion
Daily
Junior
Gold
Miners
and
its
sister
product,
the
more
senior
Gold
Miners
Index,
turned
in
negative
performance
for
the
year
and
were
our
largest
and
second-largest
drags
on
both
USERX
and
UNWPX.
To
reiterate,
the
underweight
of
both
Newmont
Mining’s
and
Barrick
Gold’s
common
equity
in
both
funds
was
also
a
drag
on
performance,
but
some
of
this
was
offset
by
owning
LEAPs
on
these
securities
in
both
funds.
For
USERX,
we
had
no
exposure
to
Kinross
Gold
Corp.,
but
this
stock
ended
the
year
outperforming
the
fund.
Any
cash
in
UNWPX
would
be
a
drag
on
the
performance
with
last
year’s
gains.
This
year
was
Menē,
Inc.,
which
finished
the
year
3.45%
lower.
Cash
in
UNWPX
averaged
2.64%,
but
this
even
impedes
performance
when
its
return
is
near
zero.
Current
Outlook
Opportunities
Higher
metal
prices
are
strong
for
miners
and
they
should
start
seeing
some
good
earnings.
Bigger
profits
should
boost
investor
confidence
in
mining
stocks.
Gold-backed
ETFs
saw
record
inflows,
but
gold
miners
didn’t
see
as
much
investor
interest.
Exploration
companies
with
new
discoveries
seemed
to
be
where
retail
investors
ae
more
focused.
Over
the
last
two
years,
we
saw
the
major
gold
miners
consolidate
and
shed
assets.
However,
we
didn't
see
any
major
mergers
in
the
mid-tier
gold
mining
space.
2021
could
be
the
year
of
increased
corporate
activity
leading
to
more
growth
and
consolidation
of
assets.
Acquisitions
are
likely
to
resurface
as
companies
look
to
have
growth
projects
in
the
pipeline.
This
coming
year,
platinum
could
get
a
bit
more
attention,
and
we
see
it
playing
catch-up
to
other
precious
metal
prices
on
a
relative
basis.
Platinum
is
used
as
the
catalyst
in
hydrogen
fuel
cells.
This
is
going
to
provide
a
whole
new
avenue
for
platinum
use
to
expand
its
demand
beyond
diesel
engines
as
an
exhaust
catalyst.
Threats
Gold
historically
performs
well
during
times
of
economic
and
geopolitical
uncertainty.
The
yellow
metal
soared
as
COVID-19
spread
and
sent
turmoil
through
global
markets.
The
metal
dropped
after
news
of
vaccine
progress
came
out
and
after
several
vaccines
were
approved
to
fight
the
virus.
Gold
also
historically
moves
in
the
opposite
direction
of
the
wider
stock
market.
Should
a
global
economic
recovery
take
place
in
2021,
it
could
be
a
headwind
for
gold,
although
a
positive
for
most
others.
Should
the
pandemic
continue
to
spread
and
force
more
lockdowns,
this
would
be
negative
for
miners.
Throughout
2020
lockdown
measures
forced
many
mine
closures
and
companies
reported
lower
production.
According
to
preliminary
data
released
by
the
U.S.
Geological
Survey,
gold
output
in
2020
fell
for
the
first
time
in
12
years
to
around
3,200
metric
tonnes,
or
3%
less
than
2019.
The
production
drop
was
largely
caused
by
pandemic
related
shutdowns
of
mining
operations.
Nine
of
the
top
10
largest
gold
producing
countries
saw
a
decline.
Spiking
interest
in
Bitcoin
and
cryptocurrencies
was
a
headwind
for
gold
and
traditional
haven
assets
in
the
fourth
quarter.
Money
has
poured
into
Bitcoin
funds
and
out
of
gold-backed
funds.
JPMorgan
expects
this
trend
to
continue
as
more
institutional
investors
take
positions
in
cryptocurrencies.
The
Grayscale
Bitcoin
Trust
has
seen
inflows
of
almost
$2
billion
since
October,
compared
with
outflows
30
Precious
Metals
and
Minerals
Funds
(unaudited)
of
$7
billion
for
ETFs
backed
by
gold,
according
to
JPMorgan.
Many
investors
view
Bitcoin
and
cryptos
as
an
alternative
to
gold
as
a
hedge
in
their
portfolio
against
equities
and
other
currencies.
The
section
labeled
Portfolio
of
Investments
contains
a
complete
list
of
the
funds’
holdings.
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.
Top
10
Equity
Holdings
(Based
on
Net
Assets)
December
31,
2020
Nano
One
Materials
Corp.
12.76%
Advanced
Materials/Production
K92
Mining,
Inc.
6.17%
Gold
Mining
TriStar
Gold,
Inc.
4.95%
Gold
Mining
Chalice
Mining,
Ltd.
3.24%
Gold
Mining
Barsele
Minerals
Corp.
2.86%
Precious
Metals
Dolly
Varden
Silver
Corp.
2.49%
Precious
Metals
Orca
Gold,
Inc.
2.43%
Gold
Mining
Ivanhoe
Mines,
Ltd.
2.09%
Metal
-
Diversified
Radisson
Mining
Resources,
Inc.
1.84%
Gold
Mining
Bellevue
Gold,
Ltd.
1.79%
Gold
Mining
Total
Top
10
Equity
Holdings
40.62%
Portfolio
Allocation
by
Industry*
Based
on
Total
Investments
December
31,
2020
Gold
Mining
40.1%
Precious
Metals
15.3%
Advanced
Materials/Production
12.9%
Metal
-
Diversified
10.0%
Diversified
Minerals
6.0%
Mining
Services
4.1%
Other
11.6%
Total
100.0%
31
Precious
Metals
and
Minerals
Funds
(unaudited)
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.
Top
10
Equity
Holdings
(Based
on
Net
Assets)
December
31,
2020
K92
Mining,
Inc.
10.26%
Gold
Mining
Wheaton
Precious
Metals
Corp.
3.25%
Precious
Metals
SSR
Mining,
Inc.
2.99%
Precious
Metals
Calibre
Mining
Corp.
2.96%
Diversified
Minerals
Roxgold
,
Inc.
2.96%
Precious
Metals
Sandstorm
Gold,
Ltd.
2.91%
Gold
Mining
Pan
American
Silver
Corp.
2.69%
Silver
Mining
Maverix
Metals,
Inc.
2.67%
Gold
Mining
Major
Drilling
Group
International,
Inc.
2.64%
Mining
Services
Silver
Lake
Resources,
Ltd.
2.58%
Gold
Mining
Total
Top
10
Equity
Holdings
35.91%
Portfolio
Allocation
by
Industry*
Based
on
Total
Investments
December
31,
2020
Gold
Mining
51.3%
Precious
Metals
16.4%
Silver
Mining
8.5%
Mining
Services
7.3%
Diversified
Minerals
6.8%
Other
9.7%
Total
100.0%
32
Emerging
Europe
Fund
(unaudited)
Management
Team’s
Perspective
Introduction
The
investment
objective
of
the
Emerging
Europe
Fund
(EUROX)
is
to
achieve
long-term
capital
growth
by
investing
in
a
non-diversified
portfolio
of
equity
securities
of
companies
located
in
the
emerging
markets
of
Europe.
(1)
Performance
Graph
The
following
countries
are
considered
to
be
in
the
emerging
Europe
region:
Albania,
Armenia,
Azerbaijan,
Belarus,
Bulgaria,
Croatia,
the
Czech
Republic,
Estonia,
FYR
Macedonia,
Georgia,
Greece,
Hungary,
Latvia,
Lithuania,
Moldova,
Poland,
Romania,
Russia,
Slovakia,
Slovenia,
Turkey
and
Ukraine.
Emerging
Europe
Fund
Average
Annual
Performance
For
the
Periods
Ended
December
31,
2020
One
Year
Five
Year
Ten
Year
Emerging
Europe
Fund
(17.94)%
4.38%
(4.53)%
S&P
500®
Index
18.40%
15.22%
13.88%
MSCI
Emerging
Markets
Europe
10/40
Index
(Net
Total
Return)
(11.86)%
9.06%
(1.57)%
*
Performance
data
quoted
above
is
historical.
Past
performance
is
no
guarantee
of
future
results.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
The
principal
value
and
investment
return
of
an
investment
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
The
graph
and
table
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
For
all
or
a
portion
of
the
periods,
the
fund
had
expense
limitations,
without
which
returns
would
have
been
lower.
Returns
greater
than
one
year
are
annualized.
Gross
expense
ratio
as
stated
in
the
most
recent
prospectus
is
2.31%.
Pursuant
to
a
voluntary
arrangement,
the
Adviser
has
agreed
to
limit
total
fund
operating
expenses
(exclusive
of
any
acquired
fund
fees
and
expenses,
performance
fees,
taxes,
brokerage
commissions
and
interest)
to
not
exceed
2.85%.
The
Adviser
can
modify
or
terminate
this
arrangement
at
any
time.
See
Definitions
for
Management
Teams’
Perspectives
for
index
definitions.
Please
visit
our
website
at
www.usfunds.com
for
updated
performance
information
for
different
time
periods.
33
Emerging
Europe
Fund
(unaudited)
The
Year
in
Review
–
Economic
and
Political
Issues
that
Affected
the
Fund
The
Emerging
Europe
region
underperformed
the
broad
emerging
market,
Western
Europe
and
the
United
States.
The
MSCI
Emerging
Markets
Europe
10/40
index
lost
11.86%
in
2020,
while
the
broad
Emerging
Market
Index
gained
18.74%
led
by
strong
gains
in
Asia.
Emerging
Europe
was
severely
impacted
by
the
negative
effects
of
the
nationwide
lockdowns
due
to
the
spread
of
the
coronavirus.
Turkey,
like
the
rest
of
the
world,
was
deeply
impacted
by
COVID-19,
but
equites
trading
on
the
Istanbul
Stock
Exchange
outperformed
regional
peers.
The
government’s
quick
response
helped
to
contain
some
of
the
more
negative
effects
of
the
virus.
Early
social
distancing,
mobility
restrictions
and
testing
helped
contain
the
spread
of
the
coronavirus.
Fiscal
and
monetary
stimulus
helped
support
the
most
affected
parts
of
the
economy.
Turkey
is
well
positioned
to
maintain
responsive
and
flexible
fiscal
policy
and
manage
the
recovery
ahead.
The
Turkish
lira
may
break
its
long-term
downtrend
against
the
dollar
and
could
appreciate
this
year,
supported
by
change
in
the
central
bank’s
policy
pointing
to
no
rate
cuts
in
the
near
future.
Equities
in
the
Czech
Republic
recorded
gains.
Czech
car
production,
the
country’s
biggest
manufacturing
and
export
sector,
was
impacted
by
nationwide
lockdowns
but
not
as
severely
as
feared.
The
country
kept
its
auto
manufacturing
business
mostly
running
during
the
year,
shielding
its
economy
from
economic
slowdown.
The
Czech
Republic
has
a
large
current
account
surplus
and
one
of
the
lowest
public
debt-to
GDP
ratios
in
the
Eurozone.
It
can
continue
to
support
its
economy.
Russian
equites
closed
lower.
The
Russian
ruble
was
among
the
worst
performing
currencies
in
2020,
losing
significant
ground
in
the
opening
months
of
the
year
due
to
plunging
oil
prices
and
a
softening
GDP
growth
outlook.
The
pandemic-hit
oil
sector,
heavily
weighted
in
the
MOEX
Russia
Index,
underperformed,
while
gold
stocks
and
consumer
discretionary
outperformed.
Stocks
trading
on
Poland’s
Warsaw
Exchange
underperformed.
Central
Emerging
Europe’s
largest
economy,
which
depends
heavily
on
domestic
consumption,
was
negatively
impacted
by
restrictive
measures
put
in
place
to
stop
the
spread
of
the
coronavirus.
During
the
outbreak
and
nationwide
lockdown,
Poland
held
a
presidential
election,
allowing
current
President
Andrzej
Duda
to
remain
in
his
post
for
another
five
years.
Domestic
and
international
political
tensions
increased.
Hungarian
equites
recorded
the
biggest
losses.
In
March,
Hungary's
parliament
gave
Prime
Minister
Viktor
Orban
new
powers
to
fight
the
coronavirus
epidemic.
He was
allowed
to
govern
by
decree
without
any
time
limit
or
parliamentary
intervention.
The
emergency
law,
passed
by
a
legislature
controlled
by
Orban's
political
allies,
drew
wide
criticism
from
both
inside
Hungary and
abroad.
European
Union
(EU)
Commission
President
Ursula
von
der
Leyen
threatened
the
country
with
criminal
proceedings.
Investment
Highlights
Overview
For
the
year
ended
December
31,
2020,
the
Emerging
Europe
Fund
lost
17.94%
while
the
benchmark
MSCI
Emerging
Markets
Europe
10/40
Index
(Net
Total
Return)
declined
by
11.86%.
Turkish
and
Czech
Republic
equites
appreciated
while
Greek,
Russian,
Polish
and
Hungarian
stocks
recorded
losses.
On
the
sector
basis,
materials,
consumer
staples,
communication
services,
health
care
and
utilities
were
the
best
performing,
while
consumer
discretionary,
industrials,
financials,
energy
and
information
technology
underperformed.
Strengths
The
fund’s
overweight
position
in
Denmark
and
currency
hedges
had
the
most
positive
impact
on
the
fund’s
performance
relative
to
its
benchmark.
The
fund’s
underweight
and
strong
stock
selection
in
the
financial
sector
had
the
most
positive
effect
on
the
fund’s
performance
relative
to
its
benchmark.
34
Emerging
Europe
Fund
(unaudited)
Sistema,
the
Russian
holding
company,
made
the
largest
single
contribution
to
the
performance
of
the
fund.
Weaknesses
The
fund’s
defensive
position
and
higher
cash
level
had
the
most
negative
impact
on
the
fund’s
performance
relative
to
its
benchmark.
The
fund’s
underweight
position
in
the
energy
sector
and
stock
selection
in
consumer
staples
had
the
most
negative
effect
on
the
fund’s
performance
relative
to
its
benchmark.
Lukoil,
the
Russian
oil
producer,
was
the
single
worst
contributor
to
the
performance
of
the
fund.
Current
Outlook
Opportunities
JPMorgan
recommends
overweighting
emerging
market
equites
over
global
equites
in
2021.
Emerging
markets
could
outperform
developed
markets
by
more
than
20%,
supported
by
continued
U.S.
dollar
weakness
and
Joe
Biden’s
presidential
victory,
which
may
lead
to
an
easing
of
trade
tensions
and
less
market
volatility.
Russia’s
forward
dividend
yield
is
the
highest
of
any
major
emerging
markets,
and
Russian
equites
will
remain
attractive
to
investors
looking
for
higher
yielding
assets.
The
forward
dividend
yield
stands
at
6.7%
in
Russia
compared
to
2.2%
in
broad
emerging
markets.
A
dividend
yield
is
expressed
as
a
percentage
of
a
current
share
price.
The
Turkish
lira
is
one
of
the
worst
performing
global
currencies,
having
lost
20%
in
2020.
However,
the
lira
may
appreciate
in
2021
against
the
dollar
supported
by
change
in
the
country’s
monetary
policy.
The
central
bank’s
new
governor
pledged
to
bring
inflation
lower
and
keep
monetary
policy
tight.
At
the
end
of
2020,
the
main
repo
rate
was
hiked
twice
by
0.67%.
Threats
2020
was
a
volatile
year
with
global
stocks
selling
off
sharply
in
the
first
quarter
of
the
year.
This
year’s
performance
will
very
much
depend
on
people’s
ability
to
stop
the
spread
of
the
coronavirus.
At
the
end
of
last
year,
the
United
Kingdom
reported
a
new
strain
of
the
coronavirus
(more
contagious
but
not
as
deadly)
which
quickly
spread
to
20
other
nations.
The
eurozone
economy
shrank
by
less
than
expected
in
the
final
quarter
of
2020,
but
analysts
say
the
slow
rollout
of
the
vaccine
will
limit
the
recovery.
The
region’s
economy
contracted
by
6.8%
in
2020.
The
International
Monetary
Fund
(IMF)
revised
down
2021
growth
to
4.2%
at
the
beginning
of
2021,
compared
to
5.2%
growth
expected
in
October
2020.
Both
the
United
Kingdom
and
eurozone
agreed
on
a
trade
deal
avoiding
a
“no
deal”
Brexit
just
days
before
the
December
31
deadline
for
the
transition
period.
The
signed
trade
deal
ensures
that
goods
can
pass
tariff-free
and
quota-free,
but
there
will
be
extra
checks
and
customs
declarations.
Many
crucial
issues
are
still
unresolved
and
will
require
months
if
not
years
of
further
negotiations.
The
UK’s
Prime
Minister
Boris
Johnson
admitted
that
the
Brexit
trade
deal
failed
to
meet
his
ambitions
on
financial
services.
The
new
rules
took
effect
January
1,
2021,
and
the
British
government
urged
businesses
to
prepare
for
a
bumpy
road.
The
section
labeled
Portfolio
of
Investments
contains
a
complete
list
of
the
fund’s
holdings.
35
Emerging
Europe
Fund
(unaudited)
Country
distribution
shown
is
based
on
domicile.
The
locale
of
company
operations
may
be
different.
Top
10
Equity
Holdings
(Based
on
Net
Assets)
December
31,
2020
LUKOIL
PJSC,
ADR
8.40%
Oil
Companies
-
Integrated
Sberbank
of
Russia
PJSC,
ADR
8.35%
Commercial
Banks
Non-US
X5
Retail
Group
NV,
GDR
4.39%
Food
-
Retail
Surgutneftegas
PJSC,
ADR
4.36%
Oil
Companies
-
Integrated
Gazprom
PJSC,
ADR
3.25%
Oil
Companies
-
Integrated
Tatneft
PJSC,
ADR
3.00%
Oil
Companies
-
Integrated
Polymetal
International
PLC
2.56%
Precious
Metals
Surgutneftegas
PJSC
2.45%
Oil
Companies
-
Integrated
OTP
Bank
Nyrt
2.19%
Commercial
Banks
Non-US
Mobile
TeleSystems
PJSC,
ADR
2.07%
Cellular
Telecommunication
Total
Top
10
Equity
Holdings
41.02%
Country
Distribution*
Based
on
Total
Investments
December
31,
2020
Russian
Federation
51.5%
Turkey
11.8%
Poland
7.1%
Austria
3.9%
Cyprus
3.6%
Germany
3.4%
United
Kingdom
3.2%
Canada
3.0%
Other
12.5%
Total
100.0%
36
China
Region
Fund
(unaudited)
Management
Team’s
Perspective
Introduction
The
China
Region
Fund
(USCOX)
seeks
long-term
growth
of
capital.
The
fund
invests
in
both
established
and
emerging
companies
registered
and
operating
in
the
China
region.
(1)
Performance
Graph
The
China
region
is
defined
as
any
country
that
either
shares
a
border
with
China
or
is
located
in
the
South
China
Sea
or
the
East
China
Sea
and
includes:
the
People’s
Republic
of
China
(PRC
or
China),
Bangladesh,
Cambodia,
Hong
Kong,
India,
Indonesia,
Kazakhstan,
Korea,
Kyrgyzstan,
Laos,
Malaysia,
Mongolia,
Myanmar,
Nepal,
Pakistan,
Philippines,
Singapore,
Taiwan,
Tajikistan,
Thailand
and
Vietnam.
China
Region
Fund
Average
Annual
Performance
For
the
Periods
Ended
December
31,
2020
One
Year
Five
Year
Ten
Year
China
Region
Fund
11.75%
7.52%
1.34%
Hang
Seng
Composite
Index
12.72%
7.28%
2.86%
Performance
data
quoted
above
is
historical.
Past
performance
is
no
guarantee
of
future
results.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
The
principal
value
and
investment
return
of
an
investment
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
The
graph
and
table
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
For
all
or
a
portion
of
the
periods,
the
fund
had
expense
limitations,
without
which
returns
would
have
been
lower.
Returns
greater
than
one
year
are
annualized.
Gross
expense
ratio
as
stated
in
the
most
recent
prospectus
is
2.92%.
Pursuant
to
a
voluntary
arrangement,
the
Adviser
has
agreed
to
limit
total
fund
operating
expenses
(exclusive
of
any
acquired
fund
fees
and
expenses,
performance
fees,
taxes,
brokerage
commissions
and
interest)
to
not
exceed
2.55%.
The
Adviser
can
modify
or
terminate
this
arrangement
at
any
time.
See
Definitions
for
Management
Teams’
Perspectives
for
index
definitions.
Please
visit
our
website
at
www.usfunds.com
for
updated
performance
information
for
different
time
periods
37
China
Region
Fund
(unaudited)
The
Year
in
Review
–
Economic
and
Political
Issues
that
Affected
the
Fund
Asia
outperformed
the
broad
emerging
markets
mostly
led
by
strong
gains
in
China.
The
CSI
300
Index,
which
consists
of
stocks
listed
on
the
Shanghai
and
Shenzhen
exchanges,
gained
38.57%
while
the
broad
emerging
market
index,
measured
by
MSCI
Emerging
Markets,
gained
18.74%.
South
Korean
stocks
had
their
best
year
in
more
than
a
decade.
South
Korea
recorded
the
smallest
hit
to
growth
of
any
advanced
economy
after
it
was
able
to
limit
the
spread
of
the
coronavirus
without
imposing
severe
lockdowns
due
to
vigorous
testing
and
tracing
strategies.
In
2020,
the
South
Korean
economy
was
supported
by
international
trade.
The
key
export
destination
of
South
Korean
products
is
China
while
other
countries
in
the
Asia-Pacific
region
have
also
helped
to
push
the
economy
forward.
The
country
benefited
from
producing
electronic
parts
and
technology
products
that
were
in
high
demand
during
the
pandemic.
China
weathered
the
economic
fallout
from
COVID-19
very
well.
President
Xi
Jinping
ordered
the
use
of
the
entire
country's
resources
to
tackle
the
pandemic,
and
as
a
result, China has
emerged
among
the
first
countries
to
contain
the
virus,
reopen
the
economy
safely
and
restore
economic
growth. In
2020
China
emerged
as
the
only
major
world
economy
to
report
growth
in
2020,
expending
by
2.3%.
The
demand
for
medical
supplies
such
as
masks
has
been
a
boon
for
Chinese-made
exports,
but
heavy
tariffs
levied
by President
Donald
Trump negatively
affected
exporters.
China
overtook
the
United
States
in
2020
as
the
world’s
top
destination
for
new
foreign
direct
investment.
New
investments
by
overseas
businesses
into
the
U.S.
fell
49%
in
2020
while
China
saw
foreign
investments
climb
4%.
During
the
pandemic,
China
strengthened
its
position
as
the
world’s
factory
floor
and
expanded
its
share
of
global
trade.
Economists
forecast
that
China’s
economy
will
grow
around
8%.
But
many
see
risks,
especially
if
the
virus
proves
hard
to
contain
or
consumer
confidence
doesn’t
improve.
Taiwan
recorded
strong
gains,
supported
by
outperformance
in
the
technology
semiconductor
stocks.
Market
shares
of
Taiwan
Semiconductor,
the
world’s
top
chipmaker,
which
represents
one
third
of
the
stock
market,
almost
doubled
in
2020.
The
country’s
chipmakers
benefited
from
a
global
shortage
of
chips
due
to
the
U.S.
sanctions
imposed
on
Huawei
Technologies,
a
fire
at
a
chip
plant
in
Japan,
a
strike
at
a
chipmaker
at
France
and
strong
mining
activity
for
cryptocurrencies.
U.S.-Taiwanese
relations
strengthened
under
Trump’s
last
year
in
the
White
House.
The
negative
consequences
of
bolstering
U.S.-
Taiwan
ties
are
that
China
would
intensify
its
diplomatic
and
military
threats
against
Taiwan
and
the
United
States.
Hong
Kong
underperformed
China
due
to
political
tensions.
Beijing
has
been
asking
Hong
Kong
to
pass
a
national
security
law
since
1997
and,
in
2020,
China
imposed
a
new
security
law
aimed
at
stamping
out
opposition
to
the
ruling
Communist
Party
in
the
former
British
Colony.
The
law
sparked
protests
and
condemnation
from
countries
around
the
world,
and
it
granted
mainland
China
more
powers
to
insert
itself
in
the
affairs
of
Hong
Kong. Among
the
measures,
the
Chinese
government
will
establish
a
national security
agency
in
Hong
Kong
which
will
not
be
under
the
jurisdiction
of
the
local
government.
Due
to
this
sweeping
national
security
law,
businesses
may
reconsider
their
presence
in
Hong
Kong.
Thailand
and
Singapore
recorded
the
biggest
losses
in
Asia.
Thailand’s
economy
relies
on
tourism
more
than
any
other
country
in
the
region,
and
border
closures
due
to
the
spread
of
coronavirus
had
devastating
effects
on
the
economy.
Its
economy
was
expected
to
contract
by
7.6%
in
2020
and
expand
by
4.5%
in
2021.
Singapore
is
expected
to
face
its
worst
recession
since
independence
and
record
a
GDP
drop
of
as
much
as
7%
in
2020.
However,
Singapore’s
financial
center
may
benefit
from
China’s
new
security
law
implemented
in
Hong
Kong,
as
businesses
may
relocate
to
neighboring
Singapore.
Investment
Highlights
Overview
For
the
year
ended
December
31,
2020,
the
China
Region
Fund
gained
11.75%,
underperforming
the
fund’s
benchmark,
the
Hang
Seng
Composite
Index
(HSCI),
which
gained
12.72%
over
the
same
period.
South
Korea,
China
and
Taiwan
outperformed
the
benchmark,
while
Malaysia,
the
Philippines,
Indonesia,
Thailand
and
Singapore
underperformed.
On
the
sector
basis,
consumer
durables,
technology
and
38
China
Region
Fund
(unaudited)
health
services
outperformed,
while
industrial
services,
energy
minerals,
communications,
producer
manufacturing
and
finance
underperformed.
Strengths
The
fund’s
strong
stock
selection
in
Hong
Kong
and
overweight
Taiwan
had
the
most
positive
impact
on
the
fund’s
performance
relative
to
its
benchmark.
The
fund’s
underweight
position
in
consumer
durable
and
underweight
financials
had
the
most
positive
effect
on
the
fund’s
performance
relative
to
its
benchmark.
Yihai
International,
food
producer
and
distributor,
made
the
largest
single
contribution
to
the
performance
of
the
fund.
Weaknesses
The
fund’s
overweight
position
in
Indonesia
and
weak
stock
selection
in
South
Korea
had
the
most
negative
impact
on
the
fund’s
performance
relative
to
its
benchmark.
Also,
the
fund’s
defensive
position
(higher
cash
level
and
China
Bear
ETF)
hurt
its
performance.
The
fund’s
overweight
positions
in
technology
and
weak
stock
selection
in
consumer
services
had
the
most
negative
effects
on
the
fund’s
performance
relative
to
its
benchmark.
The
Direxion
Daily
FTSE
China
Bear
ETF
was
the
single
worst
contributor
to
the
performance
of
the
fund.
Current
Outlook
Opportunities
The
MSCI
China
Index
has
broken
out
of
its
2007-2020
consolidation
pattern
reinforcing
a
multiyear
breakout.
Moreover,
the
MSCI
emerging
market
stocks
versus
the
MSCI
developed
markets
stock
ratio
continues
to
work
its
way
higher.
Jeffery
Gundlach,
founder
for
DoubleLine
Capital,
is
short-
term
bearish
on
the
dollar
and
positive
on
emerging
markets,
especially
in
Asia.
The
Chinese
electric
vehicle
(EV)
sector
is
growing,
with
China-based
manufacturers
accounting
for
over
50%
of
global
electric
vehicle
deliveries.
Due
to
a
global
push
toward
green
energy,
the
global
demand
for
EVs
is
likely
to
increase,
and
demand
for
EVs
in
China
is
likely
to
remain
strong
as
the
Chinese
government
wants
about
25%
of
all
new
cars
sold
in
the
country
to
be
electric
by
2025,
up
from
roughly
5%
currently.
Taiwan’s
export
orders
rose
by
38%
year-over-year
in
December
2020,
the
most
since
2010,
supported
by
strong
demand
for
chips
and
technical
products
and
parts.
The
global
chip
crunch
will
most
likely
further
boost
Taiwan’s
key
role
in
the
technology
supply
chain.
Threats
China's
National
Bureau
of
Statistics
deputy
director
Sheng
Laiyun
warned
China
watchers
not
to
be
overly
optimistic
on
China's
growth
this
year.
China's
economy
is
improving,
the
country's
pandemic
controls
are
effective
and
the
world's
economy
is
getting
better,
but
Sheng
warned
all
of
these
factors
will
need
close
monitoring
before
having
confidence
in
final
growth.
The
U.S.-China
trade
war
transformed
into
a
stock
market
war.
The
U.S.
Administration
dropped
its
plan
to
add
Alibaba,
Tencent
and
Baidu
to
the
Chinese
blacklist,
which
bans
U.S.
investors
from
owning
company’s
shares.
However,
nine
other
names
were
added
to
the
blacklist,
including
Xiaomi—listed
on
the
New
York
Stock
Exchange
(NYSE)—and
China
National
Offshore
Oil
39
China
Region
Fund
(unaudited)
Company.
In
addition,
three
Chinese
telecommunications
American
depository
receipts
(ADRs)
were
delisted
from
the
U.S.
stock
market.
China
President
Xi
Jinping
and
the
Communist
Party's
Central
Committee
have
laid
out
a
plan
for
a
new
era
in
which
the
party
has
better
control
over
private
business
in
China.
The
plan was
detailed
in
a
5,000-word
statement,
and
all
regions
and
departments
in
the
country
have
been
told
to
follow
the
new
guidelines.
According
to
the
new
provisions,
private
firms
will
need
a
certain
amount
of
government-registered
employees,
which
is
already
a
long-term
practice
in
large
private
firms
but
not
smaller
ones.
The
section
labeled
Portfolio
of
Investments
contains
a
complete
list
of
the
fund’s
holdings.
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.
Top
10
Equity
Holdings
(Based
on
Net
Assets)
December
31,
2020
Tencent
Holdings,
Ltd.,
ADR
5.84%
Internet
Content
-
Info
Nongfu
Spring
Co.,
Ltd.
5.50%
Beverages
-
Non-alcoholic
Sunny
Optical
Technology
Group
Co.,
Ltd.
5.24%
Photo
Equipment
&
Supplies
Yihai
International
Holding,
Ltd.
5.21%
Food
-
Miscellaneous/Diversified
Hong
Kong
Exchanges
&
Clearing,
Ltd.
4.98%
Finance
-
Other
Services
China
Feihe
,
Ltd.,
144A
4.24%
Food
-
Dairy
Products
BYD
Electronic
International
Co.,
Ltd.
4.06%
Electronic
Components
-
Miscellaneous
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
4.03%
Semiconductor
Components
-
Integrated
Circuit
JD.com,
Inc.,
ADR
3.37%
E-Commerce/Products
Quanta
Computer,
Inc.
3.26%
Computers
Total
Top
10
Equity
Holdings
45.73%
Country
Distribution*
Based
on
Total
Investments
December
31,
2020
China
68.9%
Taiwan,
Province
of
China
12.9%
Hong
Kong
11.1%
Other
7.1%
Total
100.0%
Portfolio
of
Investments
40
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
U.S.
Government
Securities
Ultra-Short
Bond
Fund
United
States
Government
and
Agency
Obligations
87.75%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Federal
Farm
Credit
Bank
37.26%
Fixed
Rates:
0.18
07/13/21
$
8,000,000
$
8,000,024
0.34
12/02/22
7,000,000
7,000,043
15,000,067
Federal
Home
Loan
Bank
19.00%
Fixed
Rates:
0.13
07/02/21
5,000,000
5,001,260
0.60
07/27/22
2,650,000
2,651,647
7,652,907
U.S.
Treasury
Note/Bond
31.49%
Fixed
Rates:
2.13
08/15/21
3,500,000
3,543,694
2.13
09/30/21
9,000,000
9,134,968
12,678,662
Total
United
States
Government
and
Agency
Obligations
35,331,636
(cost
$35,323,847)
Exchange
Traded
Fund
2.82%
Shares
Value
Vanguard
Short-Term
Treasury
ETF
18,400
1,133,440
(cost
$1,122,305)
Investments,
at
value
90.57%
36,465,076
(cost
$36,446,152
)
Other
assets
and
liabilities,
net
9.43%
3,796,672
Net
Assets
100.00%
$
40,261,748
Portfolio
of
Investments
41
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
Near-Term
Tax
Free
Fund
Municipal
Bonds
84.21%
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
$
100,182
California
4.86%
Lemon
Grove
School
District,
California,
Refunding,
GO
Unlimited
4.00
08/01/33
220,000
263,052
State
of
California,
California,
Refunding,
GO
Unlimited
5.00
11/01/30
400,000
558,656
State
of
California,
California,
GO
Unlimited
5.00
11/01/31
400,000
556,636
State
of
California,
California,
Refunding,
GO
Unlimited
5.00
11/01/27
500,000
652,600
2,030,944
Colorado
2.89%
City
&
County
of
Denver
Airport
System
Revenue,
Colorado,
Prefunding,
RB,
Series B
5.00
11/15/27
300,000
326,736
City
of
Glendale,
Colorado,
Refunding,
COP
AGM
5.00
12/01/25
750,000
881,587
1,208,323
Connecticut
3.08%
State
of
Connecticut,
Connecticut,
GO
Unlimited
5.00
11/15/31
200,000
238,168
State
of
Connecticut,
Connecticut,
Refunding,
GO
Unlimited
5.00
02/15/21
800,000
804,256
State
of
Connecticut,
Connecticut,
Refunding,
GO
Unlimited
5.00
05/15/27
200,000
245,754
1,288,178
District
of
Columbia
2.16%
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Refunding,
RB
5.00
07/01/34
725,000
900,283
Florida
6.37%
City
of
Leesburg,
Florida,
Refunding,
RB
5.00
10/01/21
405,000
419,285
City
of
Miramar,
Florida,
Refunding,
RB
5.00
10/01/22
305,000
330,455
County
of
Miami-Dade
FL,
Florida,
Refunding,
GO
Unlimited
5.00
07/01/27
325,000
415,519
Orlando
Utilities
Commission,
Florida,
RB
‡
0.10
10/01/33
870,000
870,000
State
of
Florida,
Florida,
Refunding,
GO
Unlimited
5.00
06/01/28
500,000
624,255
2,659,514
Portfolio
of
Investments
42
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
Near-Term
Tax
Free
Fund
Municipal
Bonds (cont’d)
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Hawaii
0.53%
State
of
Hawaii,
Hawaii,
Refunding,
GO
Unlimited
5.00
10/01/27
$
175,000
$
219,816
Idaho
0.55%
Idaho
Housing
&
Finance
Association,
Grant
&
Revenue
Anticipation,
Federal
Highway
Trust
Fund,
Idaho,
RB,
Series A
5.00
07/15/21
225,000
230,330
Illinois
5.12%
County
of
Du
Page,
Jail
Project,
Illinois,
Refunding,
GO
Unlimited
5.60
01/01/21
75,000
75,000
DuPage
County
School
District
No.
33
West
Chicago,
Illinois,
Refunding,
GO
Unlimited,
Series B
4.00
12/01/21
1,000,000
1,033,990
Illinois
State
Toll
Highway
Authority,
Illinois,
RB
5.00
01/01/32
505,000
615,226
Metropolitan
Water
Reclamation
District
of
Greater
Chicago,
Illinois,
GO
Limited
5.00
12/01/26
350,000
411,744
2,135,960
Indiana
1.34%
City
of
Indianapolis
Department
of
Public
Utilities
Gas
Utility
Revenue,
Indiana,
Refunding,
RB
AGC
5.25
06/01/21
550,000
561,319
Kentucky
1.25%
Louisville
and
Jefferson
County
Metropolitan
Sewer
District,
Kentucky,
RB,
Series A
5.00
05/15/23
500,000
520,505
Louisiana
3.17%
Louisiana
Housing
Corp.,
Louisiana,
RB
FHLMC
2.15
12/01/24
440,000
463,157
State
of
Louisiana,
Louisiana,
Prefunding,
GO
Unlimited,
Series A
5.00
08/01/26
800,000
861,040
1,324,197
Maryland
2.24%
City
of
Baltimore
MD,
Maryland,
RB
5.00
07/01/33
215,000
284,006
State
of
Maryland,
Maryland,
GO
Unlimited
5.00
08/01/27
500,000
649,640
933,646
Massachusetts
0.76%
Massachusetts
Housing
Finance
Agency,
Massachusetts,
Refunding,
RB
2.15
12/01/21
315,000
319,114
Portfolio
of
Investments
43
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
Near-Term
Tax
Free
Fund
Municipal
Bonds (cont’d)
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Michigan
3.69%
Great
Lakes
Water
Authority
Water
Supply
System
Revenue,
Michigan,
Refunding,
RB
5.00
07/01/26
$
365,000
$
450,173
Michigan
Finance
Authority,
Michigan,
RB
AGM
5.00
07/01/26
300,000
345,450
Oxford
Area
Community
School
District,
Michigan,
Refunding,
GO
Unlimited,
Series A
Q-SBLF
5.00
05/01/22
365,000
388,174
Walled
Lake
Consolidated
School
District,
Michigan,
Refunding,
GO
Unlimited
Q-SBLF
5.00
05/01/21
350,000
355,327
1,539,124
Missouri
0.64%
City
of
Kansas
City
Water
Revenue,
Missouri,
RB,
Series F
AGM
4.00
12/01/22
250,000
268,060
New
Jersey
2.30%
City
of
Jersey
City
NJ,
New
Jersey,
Refunding,
GO
Unlimited
5.00
11/01/28
350,000
444,892
Middlesex
County
Improvement
Authority,
New
Jersey,
RB
5.00
07/01/25
425,000
516,354
961,246
New
Mexico
1.84%
City
of
Rio
Rancho
NM,
New
Mexico,
GO
Unlimited
5.00
08/01/27
600,000
768,804
New
York
9.46%
City
of
New
York,
New
York,
GO
Unlimited,
Series E
5.25
08/01/22
875,000
943,031
City
of
New
York,
New
York,
GO
Unlimited,
Series I
5.00
08/01/22
1,000,000
1,073,830
City
of
New
York
NY,
New
York,
GO
Unlimited
5.00
12/01/34
250,000
320,268
City
of
New
York
NY,
New
York,
Refunding,
GO
Unlimited
5.00
08/01/26
200,000
249,484
City
of
New
York
NY,
New
York,
Refunding,
GO
Unlimited
5.00
08/01/28
300,000
366,228
Long
Island
Power
Authority,
New
York,
RB,
Series B
5.00
09/01/21
465,000
479,708
Metropolitan
Transportation
Authority,
New
York,
RB
4.00
11/15/34
100,000
115,683
New
York
City
Water
&
Sewer
System,
New
York,
RB
‡
0.08
06/15/38
200,000
200,000
Portfolio
of
Investments
44
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
Near-Term
Tax
Free
Fund
Municipal
Bonds (cont’d)
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
New
York
(cont’d)
New
York
City
Water
&
Sewer
System,
New
York,
Refunding,
RB
5.00
06/15/29
$
175,000
$
202,545
3,950,777
North
Carolina
2.89%
City
of
Charlotte,
Equipment
Acquisition
&
Public
Facilities,
North
Carolina,
COP,
Series A
5.00
10/01/21
1,000,000
1,003,490
County
of
Beaufort,
North
Carolina,
RB
5.00
06/01/21
200,000
203,872
1,207,362
Ohio
0.34%
City
of
Cleveland
Parking
Facility
Revenue,
Ohio,
Refunding,
RB
AGM
5.25
09/15/22
130,000
141,006
South
Carolina
2.37%
Aiken
County
Consolidated
School
District/SC,
South
Carolina,
GO
Unlimited
4.00
04/01/34
400,000
490,744
City
of
Cayce
SC
Water
&
Sewer
System
Revenue,
South
Carolina,
Refunding,
RB
BAM
5.00
06/01/30
300,000
399,678
City
of
Columbia
SC
Waterworks
&
Sewer
System
Revenue,
South
Carolina,
RB
‡
0.09
02/01/38
100,000
100,000
990,422
Tennessee
0.93%
County
of
Claiborne
TN,
Tennessee,
Refunding,
GO
Unlimited
AGM
5.00
04/01/28
300,000
390,021
Texas
21.43%
Aldine
Independent
School
District,
Texas,
Refunding,
GO
Unlimited
PSF-GTD
5.00
02/15/28
750,000
915,757
Bryan
Independent
School
District,
Texas,
GO
Unlimited,
Series A
PSF-GTD
5.00
02/15/22
410,000
432,160
City
of
Austin
TX,
Texas,
Refunding,
RB
‡
0.09
11/15/29
700,000
700,000
City
of
Buda
TX,
Texas,
Refunding,
GO
Limited
4.00
02/15/29
135,000
165,483
City
of
Cedar
Hill,
Texas,
Refunding,
GO
Limited
5.00
02/15/22
800,000
842,784
City
of
Longview
Waterworks
&
Sewer
System
Revenue,
Texas,
Refunding,
RB
3.00
03/01/22
610,000
629,849
City
of
Round
Rock
TX,
Texas,
GO
Limited
4.00
08/15/33
175,000
210,732
City
of
Rowlett
TX,
Texas,
GO
Limited
5.00
02/15/29
300,000
398,643
Dimmitt
Independent
School
District,
Texas,
GO
Unlimited
PSF-GTD
3.00
02/15/22
305,000
314,543
Portfolio
of
Investments
45
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
Near-Term
Tax
Free
Fund
Municipal
Bonds (cont’d)
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Texas
(cont’d)
Eagle
Mountain
&
Saginaw
Independent
School
District,
Texas,
Refunding,
GO
Unlimited
PSF-GTD
4.00
08/15/32
$
450,000
$
527,090
Ector
County
Independent
School
District,
Texas,
GO
Unlimited
PSF-GTD
5.00
08/15/29
400,000
449,752
Harlandale
Independent
School
District,
Texas,
Refunding,
GO
Unlimited
PSF-GTD
4.00
02/15/28
300,000
349,404
Harris
County
Municipal
Utility
District
No.
382,
Texas,
Refunding,
GO
Unlimited
BAM
3.00
04/01/22
305,000
306,690
Lower
Colorado
River
Authority,
LCRA
Transmission
Services
Corp.,
Texas,
Refunding,
RB,
Series A
5.00
05/15/21
500,000
508,750
Lubbock-Cooper
Independent
School
District,
Texas,
GO
Unlimited
PSF-GTD
3.00
02/15/22
755,000
778,624
Olmos
Park
Higher
Education
Facilities
Corp.,
University
of
the
Incarnate
Word,
Texas,
Refunding,
RB
5.00
12/01/21
500,000
518,350
San
Antonio
Water
System,
Texas,
Refunding,
RB
4.50
05/15/21
400,000
406,380
Texas
City
Independent
School
District/TX,
Texas,
Refunding,
GO
Unlimited
PSF-GTD
5.00
08/15/28
410,000
493,763
8,948,754
Washington
2.95%
Energy
Northwest,
Washington,
Refunding,
RB
5.00
07/01/31
220,000
253,165
Spokane
Public
Facilities
District,
Washington,
Refunding,
RB,
Series B
5.00
12/01/21
950,000
977,863
1,231,028
Wisconsin
0.81%
Sun
Prairie
Area
School
District/WI,
Wisconsin,
GO
Unlimited
4.00
03/01/31
300,000
338,961
Total
Municipal
Bonds
(
cost
$34,365,274)
35,167,876
Exchange
Traded
Funds
7.06%
Shares
VanEck
Vectors
Intermediate
Muni
ETF
12,500
650,438
VanEck
Vectors
Long
Muni
ETF
35,000
759,850
VanEck
Vectors
Short
Muni
ETF
85,000
1,539,350
Total
Exchange
Traded
Funds
(
cost
$2,894,272)
2,949,638
Investments,
at
value
91.27%
38,117,514
(cost
$37,259,546
)
Other
assets
and
liabilities,
net
8.73%
3,644,439
Net
Assets
100.00%
$
41,761,953
Portfolio
of
Investments
46
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
Global
Luxury
Goods
Fund
Common
Stocks
95.29%
Shares
Value
Apparel
Manufacturers
3.76%
Burberry
Group
PLC
16,300
$
398,048
Christian
Dior
SE
600
333,234
Hermes
International
300
322,584
Kering
SA,
ADR
4,800
347,760
PRADA
SpA
*
70,000
462,557
1,864,183
Applications
Software
2.41%
Abaxx
Technologies,
Inc.
*
242,700
774,108
Intuit,
Inc.
350
132,947
Microsoft
Corp.
1,300
289,146
1,196,201
Athletic
Equipment
1.52%
YETI
Holdings,
Inc.
*
11,000
753,170
Athletic
Footwear
5.77%
adidas
AG
*
3,200
1,164,176
NIKE,
Inc.,
Class B
12,000
1,697,640
2,861,816
Automotive
-
Cars
&
Light
Trucks
15.50%
Bayerische
Motoren
Werke
AG
15,700
1,385,629
Daimler
AG,
ADR
107,500
1,883,400
Ferrari
NV
1,700
390,184
Tesla,
Inc.
*
3,000
2,117,010
Volkswagen
AG,
ADR
91,500
1,907,775
7,683,998
Beverages
-
Wine/Spirits
3.55%
Constellation
Brands,
Inc.,
Class A
6,800
1,489,540
Remy
Cointreau
SA
1,450
270,651
1,760,191
Building
-
Residential/Commercial
0.94%
DR
Horton,
Inc.
5,131
353,629
Lennar
Corp.,
Class A
1,450
110,533
464,162
Casino
Hotels
1.30%
MGM
Resorts
International
20,500
645,955
Coatings/Paint
0.83%
The
Sherwin-Williams
Co.
559
410,815
Portfolio
of
Investments
47
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
Global
Luxury
Goods
Fund
Common
Stocks (cont’d)
Shares
Value
Commercial
Service
-
Finance
1.75%
Automatic
Data
Processing,
Inc.
1,950
$
343,590
MarketAxess
Holdings,
Inc.
200
114,112
Moody's
Corp.
300
87,072
S&P
Global,
Inc.
989
325,114
869,888
Computer
Services
0.28%
Cognizant
Technology
Solutions
Corp.,
Class A
1,700
139,315
Computers
4.58%
Apple,
Inc.
17,100
2,268,999
Consumer
Products
-
Miscellaneous
0.37%
The
Clorox
Co.
900
181,728
Cosmetics
&
Toiletries
2.55%
Coty,
Inc.,
Class A
90,000
631,800
The
Estee
Lauder
Cos.,
Inc.
1,584
421,645
The
Procter
&
Gamble
Co.
1,500
208,710
1,262,155
Decision
Support
Software
0.57%
MSCI,
Inc.
634
283,100
Diagnostic
Equipment
0.57%
Danaher
Corp.
650
144,391
Thermo
Fisher
Scientific,
Inc.
300
139,734
284,125
Diversified
Banking
Institution
2.57%
The
Goldman
Sachs
Group,
Inc.
300
79,113
UBS
Group
AG
84,700
1,196,811
1,275,924
Drug
Delivery
Systems
0.23%
Becton
Dickinson
and
Co.
450
112,599
E-Commerce/Products
4.53%
Amazon.com,
Inc.
*
690
2,247,282
Electric
-
Integrated
0.43%
Evergy
,
Inc.
3,800
210,938
Electronic
Components
-
Semiconductors
1.13%
Broadcom,
Inc.
1,276
558,697
Electronic
Connectors
0.32%
Amphenol
Corp.,
Class A
1,200
156,924
Portfolio
of
Investments
48
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
Global
Luxury
Goods
Fund
Common
Stocks (cont’d)
Shares
Value
Energy
-
Alternate
Sources
0.00%
Pacific
Green
Energy
Corp.
#*@
100,000
$
0
Engineering/R&D
Services
0.27%
Jacobs
Engineering
Group,
Inc.
1,250
136,200
Enterprise
Software/Services
0.59%
Oracle
Corp.
4,561
295,051
E-Services/Consulting
0.28%
CDW
Corp.
1,050
138,380
Finance
-
Credit
Card
0.69%
Visa,
Inc.,
Class A
1,555
340,125
Finance
-
Mortgage
Loan/Banker
0.05%
Lendified
Holdings,
Inc.
*
1,116,560
26,315
Finance
-
Other
Services
0.41%
Cboe
Global
Markets,
Inc.
600
55,872
Intercontinental
Exchange,
Inc.
1,260
145,265
201,137
Food
-
Meat
Products
0.23%
Hormel
Foods
Corp.
2,400
111,864
Food
-
Retail
0.22%
The
Kroger
Co.
3,500
111,160
Gold
Mining
3.04%
Barrick
Gold
Corp.
9,600
218,688
Franco-Nevada
Corp.
3,000
375,990
Gran
Colombia
Gold
Corp.
61,000
386,252
Newmont
Corp.
2,900
173,681
Royal
Gold,
Inc.
3,300
350,988
1,505,599
Home
Furnishings
1.52%
Tempur
Sealy
International,
Inc.
*
28,000
756,000
Hotels
&
Motels
2.90%
Hilton
Worldwide
Holdings,
Inc.
12,900
1,435,254
Instruments
-
Scientific
0.32%
PerkinElmer,
Inc.
1,100
157,850
Internet
Content
-
Entertainment
0.61%
Facebook,
Inc.,
Class A
*
1,100
300,476
Portfolio
of
Investments
49
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
Global
Luxury
Goods
Fund
Common
Stocks (cont’d)
Shares
Value
Investment
Management/Advisory
Services
0.79%
Julius
Baer
Group,
Ltd.
6,800
$
391,758
Medical
-
Drugs
0.79%
Merck
&
Co.,
Inc.
4,083
333,989
Zoetis,
Inc.
350
57,925
391,914
Medical
-
HMO
1.13%
Anthem,
Inc.
200
64,218
UnitedHealth
Group,
Inc.
1,421
498,316
562,534
Medical
-
Wholesale
Drug
Distribution
0.14%
McKesson
Corp.
400
69,568
Medical
Products
0.28%
Abbott
Laboratories
1,250
136,863
Metal
-
Diversified
0.71%
Ivanhoe
Mines,
Ltd.
*
65,000
350,302
Motorcycle/Motor
Scooter
1.31%
Harley-Davidson,
Inc.
17,700
649,590
Oil
Companies
-
Exploration
&
Production
0.08%
NGX
Energy
International
Corp.,
144A
#*∆
50,000
38,495
Precious
Metals
0.76%
Wheaton
Precious
Metals
Corp.
9,000
375,660
Private
Equity
2.44%
Apollo
Global
Management,
Inc.
3,000
146,940
KKR
&
Co.,
Inc.
18,000
728,820
The
Blackstone
Group,
Inc.,
Class A
3,000
194,430
The
Carlyle
Group,
Inc.
4,500
141,480
1,211,670
Real
Estate
Operating/Development
0.03%
Infrastructure
Ventures,
Inc.
#*@+
426,533
13,521
REITS
-
Warehouse/Industrial
0.44%
Prologis,
Inc.
REIT
2,200
219,252
Retail
-
Apparel/Shoe
2.37%
Moncler
SpA
*
5,900
362,736
Zalando
SE,
144A
*∆
7,300
811,990
1,174,726
Portfolio
of
Investments
50
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
Global
Luxury
Goods
Fund
Common
Stocks (cont’d)
Shares
Value
Retail
-
Building
Products
3.06%
Lowe's
Cos.,
Inc.
2,200
$
353,122
The
Home
Depot,
Inc.
4,373
1,161,556
1,514,678
Retail
-
Discount
4.62%
Costco
Wholesale
Corp.
6,084
2,292,330
Retail
-
Home
Furnishings
1.40%
RH
*
1,550
693,656
Retail
-
Jewelry
0.84%
Cie
Financiere
Richemont
SA
4,600
415,573
Retail
-
Miscellaneous/Diversified
1.54%
Dufry
AG,
ADR
*
120,000
763,200
Retail
-
Restaurants
2.71%
Domino's
Pizza,
Inc.
520
199,399
Starbucks
Corp.
10,700
1,144,686
1,344,085
Semiconductor
Equipment
0.31%
KLA
Corp.
600
155,346
Silver
Mining
1.47%
Hochschild
Mining
PLC
133,000
379,043
Silvercorp
Metals,
Inc.
52,000
347,880
726,923
Textile
-
Apparel
0.77%
LVMH
Moet
Hennessy
Louis
Vuitton
SE,
ADR
3,050
380,427
Web
Portals/ISP
0.71%
Alphabet,
Inc.,
Class C
*
200
350,376
Total
Common
Stocks
47,230,023
(cost
$38,854,044)
Corporate
Non-Convertible
Bond
1.72%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Mining
Services
1.72%
Caldas
Gold
Corp.
7.50
08/26/27
$
861,000
852,390
(cost
$861,005)
Portfolio
of
Investments
51
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
Global
Luxury
Goods
Fund
Corporate
Non-Convertible
Note
1.21%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Gold
Mining
1.21%
Gran
Colombia
Gold
Corp.
8.25
04/30/24
$
553,798
$
600,871
(cost
$554,872)
Exchange
Traded
Funds
0.14%
Shares
Invesco
QQQ
Trust
ETF
100
31,374
SPDR
S&P
500
ETF
Trust
100
37,388
Total
Exchange
Traded
Funds
68,762
(cost
$49,898)
Warrants
0.06%
Exercise
Price
Exp.
Date
Finance
-
Mortgage
Loan/Banker
0.00%
Lendified
Holdings,
Inc.,
144A
#*@∆
$
0.38
04/08/22
558,280
0
Mining
Services
0.05%
Caldas
Gold
Corp.
*
2.75
07/25/25
48,000
26,019
Oil
Companies
-
Exploration
&
Production
0.00%
NG
Energy
International
Corp.,
144A
#*∆
0.00
07/31/22
50,000
884
Retail
-
Jewelry
0.01%
Cie
Financiere
Richemont
SA
*
67.00
11/22/23
9,200
2,390
Total
Warrants
29,293
(cost
$0
)
Investments,
at
value
98.42%
48,781,339
(cost
$40,319,819
)
Other
assets
and
liabilities,
net
1.58%
785,488
Net
Assets
100.00%
$
49,566,827
Portfolio
of
Investments
52
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
Global
Resources
Fund
Common
Stocks
91.96%
Shares
Value
Advanced
Materials/Production
2.38%
Nano
One
Materials
Corp.
*
180,000
$
861,183
NanoXplore
,
Inc.
*
200,000
658,339
1,519,522
Agricultural
Chemicals
2.08%
CF
Industries
Holdings,
Inc.
10,000
387,100
Nutrien
,
Ltd.
10,000
481,106
The
Mosaic
Co.
20,000
460,200
1,328,406
Applications
Software
5.05%
Abaxx
Technologies,
Inc.
*
1,011,250
3,225,450
Building
&
Construction
Products
-
Miscellaneous
0.58%
Louisiana-Pacific
Corp.
10,000
371,700
Building
Products
-
Wood
0.68%
Norbord,
Inc.
10,000
431,770
Coal
0.00%
Caribbean
Resources
Corp.
#*@~
17
0
Walter
Energy,
Inc.,
144A
#*@∆
4,293
0
0
Diamonds/Precious
Stones
0.73%
Barksdale
Resources
Corp.
*
1,100,000
466,651
Rockwell
Diamonds,
Inc.,
144A
#*@∆
63,333
0
466,651
Diversified
Minerals
8.30%
Australian
Strategic
Materials,
Ltd.
*
150,000
743,036
BHP
Group,
Ltd.,
ADR
5,000
326,700
Desert
Mountain
Energy
Corp.
*
400,000
471,365
Iluka
Resources,
Ltd.
125,000
627,683
Mako
Mining
Corp.
*
1,250,000
392,804
Niocan
,
Inc.,
144A
#*∆
362,069
48,356
Piedmont
Lithium,
Ltd.,
ADR
*
25,000
663,750
Salazar
Resources,
Ltd.
*
3,000,000
883,809
Standard
Lithium,
Ltd.
*
385,000
862,008
VR
Resources,
Ltd.
*
1,175,000
286,157
5,305,668
Electric
-
Integrated
0.99%
Exelon
Corp.
15,000
633,300
Electric
-
Transmission
1.16%
Boralex
,
Inc.,
Class A
20,000
742,242
Portfolio
of
Investments
53
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
Global
Resources
Fund
Common
Stocks (cont’d)
Shares
Value
Energy
-
Alternate
Sources
11.75%
Ballard
Power
Systems,
Inc.
*
10,000
$
234,000
Canadian
Solar,
Inc.
*
35,000
1,793,400
Pacific
Green
Energy
Corp.
#*@~
2,400,000
0
Plug
Power,
Inc.
*
50,000
1,695,500
Siemens
Gamesa
Renewable
Energy
SA
35,000
1,421,222
Vestas
Wind
Systems
A/S
10,000
2,362,295
7,506,417
Finance
-
Investment
Banker/Broker
0.61%
GoldMoney
,
Inc.
*
200,000
388,090
Food
-
Meat
Products
1.33%
The
Very
Good
Food
Co.,
Inc.
*
175,000
852,384
Food
-
Miscellaneous/Diversified
2.11%
Burcon
NutraScience
Corp.
*
500,000
1,351,245
Forestry
0.73%
Interfor
Corp.
*
25,000
466,847
Gold
Mining
8.39%
AngloGold
Ashanti,
Ltd.,
ADR
10,000
226,200
Centerra
Gold,
Inc.
25,000
289,497
Chalice
Mining,
Ltd.
*
250,000
754,266
CopperBank
Resources
Corp.
*
3,000,000
565,638
Corona
Minerals,
Ltd.
#*@
5,000
0
Dundee
Precious
Metals,
Inc.
90,000
646,948
Gran
Colombia
Gold
Corp.
2,000
12,664
Josemaria
Resources,
Inc.
*
300,000
181,475
Maverix
Metals,
Inc.
70,000
382,200
Red
Pine
Exploration,
Inc.
*
1,500,000
44,190
Royal
Road
Minerals,
Ltd.
*
5,500,000
1,469,086
Sandstorm
Gold,
Ltd.
*
90,000
645,300
Western
Atlas
Resources,
Inc.
*
3,000,000
141,409
5,358,873
Independent
Power
Producer
1.78%
Atlantica
Sustainable
Infrastructure
PLC
30,000
1,139,400
Industrial
Gases
1.34%
Air
Liquide
SA
2,000
327,894
Linde
PLC
2,000
527,020
854,914
Metal
-
Copper
0.02%
Surge
Copper
Corp.
*
25,000
12,766
Portfolio
of
Investments
54
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
Global
Resources
Fund
Common
Stocks (cont’d)
Shares
Value
Metal
-
Diversified
10.21%
Anglo
American
PLC
20,000
$
660,445
Centaurus
Metals,
Ltd.
*
750,000
476,422
Chakana
Copper
Corp.
*
1,025,000
483,149
Filo
Mining
Corp.
*
400,000
606,489
First
Cobalt
Corp.
*
2,000,000
581,350
Galway
Metals,
Inc.
*
400,000
358,237
GoviEx
Uranium,
Inc.,
144A
#*∆
58,000
10,480
Ivanhoe
Mines,
Ltd.
*
500,000
2,694,634
Luminex
Res
Corp.
*
120,615
63,486
MMC
Norilsk
Nickel
PJSC,
ADR
10,000
311,686
Nubian
Resources,
Ltd.
*
250,000
104,093
Orsu
Metals
Corp.,
144A
#*∆
14,761
3,914
Regulus
Resources,
Inc.
*
200,000
168,120
6,522,505
Metal
-
Iron
2.79%
Champion
Iron,
Ltd.
*
400,000
1,448,661
Consolidated
Growth
Holdings,
Ltd.
#*@
19,859,173
0
Novolipetskiy
Metallurgicheskiy
Kombinat
PAO,
GDR
12,000
332,019
WAI
Capital
Investments
Corp.,
144A
#*@∆
292,500
0
1,780,680
Mining
Services
4.54%
Caldas
Gold
Corp.
*
158,889
303,323
Cordoba
Minerals
Corp.
*
1,000,000
58,921
Defense
Metals
Corp.
*
1,500,000
294,603
Talon
Metals
Corp.
*
5,600,000
2,243,695
2,900,542
Natural
Resource
Technology
0.13%
I-Pulse,
Inc.,
144A
#*@+∆
15,971
86,243
Non-Ferrous
Metals
0.66%
Canada
Nickel
Co.,
Inc.
*
250,000
381,020
InZinc
Mining,
Ltd.
*
2,000,000
43,208
Sterling
Group
Ventures,
Inc.,
144A
#*@∆
500,000
0
424,228
Oil
-
Field
Services
1.00%
Halliburton
Co.
20,000
378,000
Schlumberger
NV
12,000
261,960
639,960
Oil
-
US
Royalty
Trusts
0.72%
Deterra
Royalties,
Ltd.
*
125,000
462,570
Portfolio
of
Investments
55
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
Global
Resources
Fund
Common
Stocks (cont’d)
Shares
Value
Oil
Companies
-
Exploration
&
Production
1.82%
Africa
Energy
Corp.
*
1,750,000
$
549,925
ConocoPhillips
10,000
399,900
NGX
Energy
International
Corp.,
144A
#*∆
200,000
153,979
Range
Energy
Resources,
Inc.,
144A
#*∆
15,000,000
58,921
1,162,725
Oil
Companies
-
Integrated
2.72%
Equinor
ASA,
ADR
30,000
492,600
LUKOIL
PJSC,
ADR
12,100
822,958
TOTAL
SE,
ADR
10,000
419,100
1,734,658
Oil
Refining
&
Marketing
1.38%
Phillips
66
6,500
454,610
Valero
Energy
Corp.
7,500
424,275
878,885
Paper
&
Related
Products
3.85%
Canfor
Pulp
Products,
Inc.
45,000
289,182
International
Paper
Co.
8,500
422,620
Mondi
PLC
25,000
585,797
Resolute
Forest
Products,
Inc.
*
70,000
457,800
Smurfit
Kappa
Group
PLC
15,000
703,299
2,458,698
Platinum
2.18%
Clean
Air
Metals,
Inc.
*
1,000,000
286,747
Impala
Platinum
Holdings,
Ltd.,
ADR
40,000
555,600
Impala
Platinum
Holdings,
Ltd.
40,000
550,565
1,392,912
Precious
Metals
4.49%
Brixton
Metals
Corp.
*
1,075,000
249,136
Libero
Copper
&
Gold
Corp.
*
4,500,000
300,495
Metalla
Royalty
&
Streaming,
Ltd.
125,000
1,573,179
Polarx
,
Ltd.
*
10,789,473
224,158
Wheaton
Precious
Metals
Corp.
12,500
521,750
2,868,718
Real
Estate
Operating/Development
1.33%
Infrastructure
Ventures,
Inc.
#*@+
7,443,544
235,960
Revival
Gold,
Inc.
*
1,000,000
612,774
848,734
Portfolio
of
Investments
56
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
Global
Resources
Fund
Common
Stocks (cont’d)
Shares
Value
REITS
-
Diversified
1.01%
PotlatchDeltic
Corp.
REIT
10,000
$
500,200
Rayonier,
Inc.
REIT
5,000
146,900
647,100
Retail
-
Jewelry
0.69%
Luk
Fook
Holdings
International,
Ltd.
18,000
43,457
Mene
,
Inc.
*
750,000
394,768
438,225
Retail
-
Vitamins/Nutritional
Supplements
0.84%
Else
Nutrition
Holdings,
Inc.
*
175,000
537,552
Steel
-
Producers
1.59%
POSCO,
ADR
5,000
311,550
Severstal
PAO,
GDR
40,000
703,029
1,014,579
Total
Common
Stocks
58,755,159
(cost
$88,176,973)
Corporate
Non-Convertible
Bond
1.65%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Mining
Services
1.65%
Caldas
Gold
Corp.
7.50
08/26/27
$
1,061,000
1,050,390
(cost
$1,061,005)
Corporate
Non-Convertible
Note
1.16%
Gold
Mining
1.16%
Gran
Colombia
Gold
Corp.
8.25
04/30/24
684,296
742,461
(cost
$685,622)
Exchange
Traded
Funds
2.16%
Shares
Direxion
Daily
Junior
Gold
Miners
Index
Bull
2X
Shares
ETF
3,000
361,680
Global
X
Copper
Miners
ETF
1,500
45,540
Global
X
Lithium
&
Battery
Tech
ETF
1,500
92,835
Global
X
Uranium
ETF
19,000
291,270
Invesco
DB
US
Dollar
Index
Bearish
Fund
ETF
*
10,000
217,700
iPath
Bloomberg
Coffee
Subindex
Total
Return
ETN
*
1,600
59,856
Teucrium
Corn
Fund
ETF
*
15,000
233,700
U.S.
Gasoline
Fund
LP
ETF
*
1,200
29,172
U.S.
Oil
Fund
LP
ETF
*
1,500
49,515
Total
Exchange
Traded
Funds
1,381,268
(cost
$1,058,994)
Portfolio
of
Investments
57
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
Global
Resources
Fund
Warrants
0.80%
Exercise
Price
Exp.
Date
Shares
Value
Advanced
Materials/Production
0.28%
Nano
One
Materials
Corp.,
144A
#*@∆
$
3.55
10/29/22
90,000
$
178,883
Gold
Mining
0.00%
Revival
Gold,
Inc.,
144A
#*@∆
0.90
04/04/22
80,000
0
Metal
-
Diversified
0.20%
First
Cobalt
Corp.,
144A
#*@∆
0.21
02/05/22
1,000,000
125,697
Mining
Services
0.31%
Caldas
Gold
Corp.
*
2.75
07/25/25
370,889
201,048
Oil
Companies
-
Exploration
&
Production
0.01%
NG
Energy
International
Corp.,
144A
#*∆
0.00
07/31/22
200,000
3,535
Total
Warrants
509,163
(cost
$0
)
Call
Options
Purchased
1.09%
Strike
Price
Exp.
Date
Notional
Contract
Value
Contracts
Value
Gold
Mining
1.09%
Barrick
Gold
Corp.
$
17.00
01/22
$
1,188,300
699
475,320
Newmont
Corp.
42.00
01/22
487,200
116
221,850
697,170
Total
Purchased
Call
Options
697,170
(premiums
paid
$415,045
)
Investments,
at
value
98.82%
63,135,611
(cost
$91,397,639
)
Other
assets
and
liabilities,
net
1.18%
755,432
Net
Assets
100.00%
$
63,891,043
Portfolio
of
Investments
58
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
World
Precious
Minerals
Fund
Common
Stocks
96.02%
Shares
Value
Advanced
Materials/Production
12.91%
Nano
One
Materials
Corp.
*
3,100,000
$
14,831,487
Sixth
Wave
Innovations,
Inc.
*
750,000
173,816
15,005,303
Capital
Pools
1.18%
Magna
Gold
Corp.
*
1,675,000
1,368,529
Coal
0.00%
Caribbean
Resources
Corp.
#*@
4
0
Diamonds/Precious
Stones
1.09%
Barksdale
Resources
Corp.
*
3,000,000
1,272,684
Rockwell
Diamonds,
Inc.,
144A
#*@∆
171,667
0
1,272,684
Diversified
Minerals
5.97%
Ascot
Resources,
Ltd.,
144A
#*∆
6,412
7,506
Battle
North
Gold
Corp.
*
750,000
1,225,548
Calibre
Mining
Corp.
*
1,000,000
1,901,171
Desert
Gold
Ventures,
Inc.
*
750,000
109,003
Erdene
Resource
Development
Corp.
*
300,000
95,451
Indochine
Mining,
Ltd.
#*@
10,000
0
Lithoquest
Resources,
Inc.
*
750,000
41,245
Lumina
Gold
Corp.
*
1,000,000
722,759
Mako
Mining
Corp.
*
2,550,000
801,320
Max
Resource
Corp.
*
1,500,000
494,933
Musgrave
Minerals,
Ltd.
*
1,500,000
427,338
NGEX
Minerals,
Ltd.
*
100,000
45,565
VR
Resources,
Ltd.
*
3,000,000
730,615
Waraba
Gold,
Ltd.
#*
655,000
167,236
Waraba
Gold,
Ltd.,
144A
#*@∆
655,000
167,236
6,936,926
Finance
-
Investment
Banker/Broker
0.03%
Coin
Hodl
,
Inc.,
144A
#*∆
133,333
35,614
Gold
Mining
39.12%
1255269
B.C.,
Ltd.,
144A
#*@∆
550,000
194,438
Adamera
Minerals
Corp.
*
5,373,000
422,107
Adamera
Minerals
Corp.,
144A
*
#∆
119,543
9,391
African
Gold
Group,
Inc.
*
2,285,000
314,145
Algold
Resources,
Ltd.
#*@
540,000
37,120
Allegiant
Gold,
Ltd.
*
3,000,000
718,831
Amilot
Capital,
Inc.,
144A
#*∆
410,000
20,131
Awale
Resources,
Ltd.
*
2,000,000
164,978
Aya
Gold
&
Silver,
Inc.
*
250,000
756,147
Bellevue
Gold,
Ltd.
*
2,400,000
2,080,388
Portfolio
of
Investments
59
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
World
Precious
Minerals
Fund
Common
Stocks (cont’d)
Shares
Value
Gold
Mining
(cont’d)
Black
Dragon
Gold
Corp.
*
5,000,000
$
501,010
Bonterra
Resources,
Inc.
*
400,000
402,231
Cabral
Gold,
Inc.
*
500,000
278,891
Chalice
Mining,
Ltd.
*
1,250,000
3,771,327
Compass
Gold
Corp.
*
1,250,000
196,402
Comstock
Mining,
Inc.
*
106,600
110,864
Contact
Gold
Corp.
*
4,000,000
361,380
CopperBank
Resources
Corp.
*~
5,500,000
1,037,002
CopperBank
Resources
Corp.,
144A
#*~∆
43,500
8,202
Corona
Minerals,
Ltd.
#*@
81,250
0
Fiore
Gold,
Ltd.
*
500,000
565,638
Freegold
Ventures,
Ltd.
*
200,000
124,126
Gascoyne
Resources,
Ltd.
*
80,000
26,521
Heliostar
Metals,
Ltd.
*
1,300,000
1,378,741
HighGold
Mining,
Inc.
*
500,000
875,953
Josemaria
Resources,
Inc.
*
500,000
302,459
K92
Mining,
Inc.
*
1,200,000
7,174,169
Karora
Resources,
Inc.
*
200,000
592,348
Kore
Mining,
Ltd.
*
500,000
671,695
Lion
One
Metals,
Ltd.
*
520,000
612,774
Maritime
Resources
Corp.
*
1,000,000
113,913
Mawson
Gold,
Ltd.
*
625,000
191,492
McEwen
Mining,
Inc.
*
134,764
132,340
Montage
Gold
Corp.
*
575,000
415,586
Newcore
Gold,
Ltd.
*
400,000
226,255
North
Stawell
Minerals,
Ltd.
*
700,000
256,054
NV
Gold
Corp.
*
1,000,000
235,682
OceanaGold
Corp.,
144A
#*∆
730,348
1,411,467
Orca
Gold,
Inc.
*
4,000,000
2,828,188
Osino
Resources
Corp.
*
230,000
224,055
Petaquilla
Minerals,
Ltd.,
144A
#*@∆
2,660,000
0
Pretium
Resources,
Inc.
*
40,000
459,200
Radisson
Mining
Resources,
Inc.
*
8,000,000
2,136,853
Radius
Gold,
Inc.,
144A
#*∆
125,000
30,933
Red
Pine
Exploration,
Inc.
*
8,000,000
235,682
Reunion
Gold
Corp.
*
7,481,000
646,484
Roscan
Gold
Corp.
*
3,000,000
895,593
Royal
Road
Minerals,
Ltd.
*
1,500,000
400,660
Scottie
Resources
Corp.
*
1,750,000
453,688
Seabridge
Gold,
Inc.
*
30,000
632,100
Seafield
Resources,
Ltd.,
144A
#*@∆
1,300,000
0
Skeena
Resources,
Ltd.
*
500,000
1,351,245
Southern
Gold,
Ltd.
*
5,500,000
532,144
Southern
Gold,
Ltd.,
144A
#*@∆
4,500,000
433,659
Strikepoint
Gold,
Inc.
*
2,750,000
604,918
Taurus
Gold,
Ltd.,
144A
#*@∆
2,448,381
0
Tietto
Minerals,
Ltd.
*
1,200,000
347,988
Portfolio
of
Investments
60
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
World
Precious
Minerals
Fund
Common
Stocks (cont’d)
Shares
Value
Gold
Mining
(cont’d)
TriStar
Gold,
Inc.
*~
28,750,000
$
5,759,486
Unigold
,
Inc.
*
1,250,000
368,254
Wolfden
Resources
Corp.
*
2,000,000
439,940
45,473,268
Investment
Companies
0.77%
Ether
Capital
Corp.
*
100,000
259,251
Nomad
Royalty
Co.,
Ltd.
783,000
639,736
898,987
Metal
-
Copper
0.64%
Sun
Summit
Minerals
Corp.,
144A
#*@∆
1,200,000
353,523
Wallbridge
Mining
Co.,
Ltd.
*
639,000
391,563
745,086
Metal
-
Diversified
9.95%
Adriatic
Metals
PLC
*
250,000
450,547
Adventus
Mining
Corp.
*
1,000,000
738,471
Argent
Minerals,
Ltd.
*
21,100,000
933,680
Auteco
Minerals,
Ltd.
*
3,500,000
267,436
Cartier
Resources,
Inc.
*
1,000,000
243,538
Chakana
Copper
Corp.
*
4,000,000
1,885,458
De
Grey
Mining,
Ltd.
*
1,000,000
787,017
Genesis
Metals
Corp.,
144A
#*∆
583,400
121,456
Integra
Resources
Corp.
*
140,000
549,925
Ivanhoe
Mines,
Ltd.
*
450,000
2,425,171
Kaizen
Discovery,
Inc.
*
8,000,000
267,107
Luminex
Res
Corp.
*
150,000
78,954
New
Age
Metals,
Inc.,
144A
#*∆
143,518
11,275
Novo
Resources
Corp.
*
225,000
420,693
Nubian
Resources,
Ltd.
*
500,000
208,186
Orex
Minerals,
Inc.
*
7,100,000
920,339
Orsu
Metals
Corp.,
144A
#*∆
186,922
49,561
Rockcliff
Metals
Corp.,
144A
#*∆
873,333
44,596
RTG
Mining,
Inc.
*
3,000,000
486,749
Sirios
Resources,
Inc.
*
1,000,000
121,769
Torq
Resources,
Inc.
*
1,000,000
549,925
11,561,853
Metal
-
Iron
0.04%
Vector
Resources,
Ltd.
#*@
10,000,000
42,402
Mining
Services
3.00%
Caldas
Gold
Corp.
*
1,050,000
2,004,478
Cordoba
Minerals
Corp.
*
1,000,000
58,921
Major
Drilling
Group
International,
Inc.
*
100,000
604,132
Portfolio
of
Investments
61
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
World
Precious
Minerals
Fund
Common
Stocks (cont’d)
Shares
Value
Mining
Services
(cont’d)
Summa
Silver
Corp.
*
800,000
$
823,317
3,490,848
Non-Ferrous
Metals
0.06%
InZinc
Mining,
Ltd.
*
3,000,000
64,813
Oil
Companies
-
Exploration
&
Production
0.00%
Big
Sky
Energy
Corp.
#*@
2,000,000
0
Optical
Recognition
Equipment
0.00%
Nexoptic
Technology
Corp.,
144A
#*∆
12,083
4,366
Platinum
2.00%
Clean
Air
Metals,
Inc.
*
2,500,000
716,867
Platinum
Group
Metals,
Ltd.
*
350,000
1,614,031
2,330,898
Precious
Metals
15.29%
Amani
Gold,
Ltd.
*
54,500,000
42,017
Barsele
Minerals
Corp.
*~
7,700,000
3,327,048
Benchmark
Metals,
Inc.
*
100,000
94,273
Brixton
Metals
Corp.
*
3,000,000
695,263
Candente
Gold
Corp.,
144A
#*∆
4,875,000
210,641
Canex
Metals,
Inc.
*~
3,250,000
382,984
Corvus
Gold,
Inc.
*
29,000
68,804
Dolly
Varden
Silver
Corp.
*
4,000,000
2,891,036
E2
Metals,
Ltd.
*
684,932
310,365
GFG
Resources,
Inc.
*
4,300,000
591,170
Group
Ten
Metals,
Inc.
*
2,044,000
658,371
Imperial
Mining
Group,
Ltd.
*
500,000
43,208
Kootenay
Silver,
Inc.
*
1,000,000
326,027
Liberty
Gold
Corp.
*
1,500,000
2,050,436
MacDonald
Mines
Exploration,
Ltd.
*
3,000,000
212,114
Metalla
Royalty
&
Streaming,
Ltd.
125,000
1,573,179
Paramount
Gold
Nevada
Corp.
*
170,000
198,900
Polarx
,
Ltd.
*~
38,953,441
809,280
Prime
Mining
Corp.
*
225,000
339,382
Roxgold
,
Inc.
*
1,500,000
1,897,242
Silver
Viper
Minerals
Corp.
*
3,000,000
1,048,786
17,770,526
Real
Estate
Operating/Development
1.67%
Fremont
Gold,
Ltd.
*
4,000,000
235,682
Mammoth
Resources
Corp.
*~
3,671,200
331,674
Oklo
Resources,
Ltd.
*
2,500,000
396,126
Revival
Gold,
Inc.
*
1,600,000
980,438
1,943,920
Portfolio
of
Investments
62
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
World
Precious
Minerals
Fund
Common
Stocks (cont’d)
Shares
Value
Retail
-
Jewelry
0.95%
Mene
,
Inc.
*
2,100,000
$
1,105,350
Silver
Mining
1.35%
FireFox
Gold
Corp.
*
500,000
86,417
Metallic
Minerals
Corp.
*
1,470,000
773,745
Southern
Silver
Exploration
Corp.
*
1,750,000
714,903
1,575,065
Total
Common
Stocks
111,626,438
(cost
$101,580,880)
Corporate
Non-Convertible
Bond
0.94%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Mining
Services
0.94%
Caldas
Gold
Corp.
7.50
08/26/27
$
1,100,000
1,089,000
(cost
$1,100,000)
Exchange
Traded
Funds
1.55%
Shares
Direxion
Daily
Gold
Miners
Index
Bull
2X
Shares
ETF
*
12,000
832,800
Direxion
Daily
Junior
Gold
Miners
Index
Bull
2X
Shares
ETF
8,000
964,480
Total
Exchange
Traded
Funds
1,797,280
(cost
$3,793,034)
Warrants
0.47%
Exercise
Price
Exp.
Date
Diversified
Minerals
0.00%
Desert
Gold
Ventures,
Inc.,
144A
#*@∆
$
0.40
08/28/23
187,500
0
Gold
Mineral
Exploration
&
Development
0.00%
Western
Exploration
&
Development,
Ltd.,
144A
#*@∆
0.50
12/31/49
600,000
0
Gold
Mining
0.05%
Contact
Gold
Corp.,
144A
#*@∆
0.27
09/29/22
500,000
0
Osino
Resources
Corp.,
144A
#*@∆
1.05
01/30/22
115,000
16,262
Revival
Gold,
Inc.,
144A
#*@∆
1.60
02/06/22
250,000
0
Strikepoint
Gold,
Inc.,
144A
#*@∆
0.20
07/21/22
625,000
36,826
53,088
Investment
Companies
0.00%
Nomad
Royalty
Co.,
Ltd.,
144A
#*@∆
1.71
11/19/22
304,000
0
Metal
-
Copper
0.02%
San
Marco
Resources,
Inc.
*
0.34
07/22/23
600,000
23,568
Portfolio
of
Investments
63
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
World
Precious
Minerals
Fund
Warrants (cont’d)
Exercise
Price
Exp.
Date
Shares
Value
Metal
-
Diversified
0.00%
Novo
Resources
Corp.,
144A
#*@∆
$
4.40
08/27/23
112,500
$
0
Mining
Services
0.24%
Caldas
Gold
Corp.
*
2.75
07/25/25
520,000
281,876
Silver
Mining
0.16%
FireFox
Gold
Corp.,
144A
#*@∆
0.27
10/27/22
125,000
0
Southern
Silver
Exploration
Corp.,
144A
#*@∆
0.25
08/14/23
875,000
192,474
192,474
Total
Warrants
551,006
(cost
$362,612
)
Call
Options
Purchased
0.83%
Strike
Price
Exp.
Date
Notional
Contract
Value
Contracts
Value
Gold
Mining
0.83%
Barrick
Gold
Corp.
$
17.00
01/22
$
1,547,000
910
618,800
Newmont
Corp.
42.00
01/22
756,000
180
344,250
963,050
Total
Purchased
Call
Options
963,050
(premiums
paid
$581,076
)
Investments,
at
value
99.81%
116,026,774
(cost
$107,417,602
)
Other
assets
and
liabilities,
net
0.19%
220,571
Net
Assets
100.00%
$
116,247,345
Portfolio
of
Investments
64
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
Gold
and
Precious
Metals
Fund
Common
Stocks
89.37%
Shares
Value
Advanced
Materials/Production
0.17%
Sixth
Wave
Innovations,
Inc.
*
1,200,000
$
278,105
Agricultural
Chemicals
0.41%
Elemental
Royalties
Corp.
*
500,000
655,982
Diversified
Minerals
6.61%
Alkane
Resources,
Ltd.
*
2,000,000
1,477,965
Australian
Strategic
Materials,
Ltd.
*
500,000
2,476,786
Caledonia
Mining
Corp.
PLC
50,000
794,000
Calibre
Mining
Corp.
*
2,500,000
4,752,926
Mako
Mining
Corp.
*
3,500,000
1,099,851
10,601,528
Gold
Mining
47.42%
AngloGold
Ashanti,
Ltd.,
ADR
50,000
1,131,000
Argonaut
Gold,
Inc.
*
500,000
1,076,283
Aya
Gold
&
Silver,
Inc.
*
575,000
1,739,139
Barrick
Gold
Corp.
100,000
2,278,000
Centerra
Gold,
Inc.
350,000
4,052,950
DRDGOLD,
Ltd.,
ADR
100,000
1,173,000
Dundee
Precious
Metals,
Inc.
350,000
2,515,909
Eldorado
Gold
Corp.
*
125,000
1,658,750
Evolution
Mining,
Ltd.
300,000
1,154,510
GoGold
Resources,
Inc.
*
1,500,000
2,745,699
Gold
Fields,
Ltd.,
ADR
250,000
2,317,500
Golden
Star
Resources,
Ltd.
*
200,000
742,000
Gran
Colombia
Gold
Corp.
375,000
2,374,499
Harmony
Gold
Mining
Co.,
Ltd.,
ADR
*
500,000
2,340,000
IAMGOLD
Corp.
*
500,000
1,835,000
K92
Mining,
Inc.
*
2,750,000
16,440,804
Kirkland
Lake
Gold,
Ltd.
50,000
2,063,500
Maverix
Metals,
Inc.
778,000
4,284,531
Newmont
Corp.
50,000
2,994,500
Northern
Star
Resources,
Ltd.
100,000
977,398
Pantoro
,
Ltd.
*
8,000,000
1,360,893
Premier
Gold
Mines,
Ltd.
*
750,000
1,773,509
Pretium
Resources,
Inc.
*
60,000
688,800
Ramelius
Resources,
Ltd.
1,375,000
1,789,917
Regis
Resources,
Ltd.
500,000
1,442,860
Royal
Gold,
Inc.
5,000
531,800
Sandstorm
Gold,
Ltd.
*
650,000
4,660,500
Silver
Lake
Resources,
Ltd.
*
3,000,000
4,140,196
Superior
Gold,
Inc.
*
1,800,000
820,174
Wesdome
Gold
Mines,
Ltd.
*
350,000
2,920,104
76,023,725
Portfolio
of
Investments
65
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
Gold
and
Precious
Metals
Fund
Common
Stocks (cont’d)
Shares
Value
Investment
Companies
0.25%
Nomad
Royalty
Co.,
Ltd.
500,000
$
408,516
Metal
-
Diversified
1.41%
Altius
Minerals
Corp.
100,000
1,075,497
Vox
Royalty
Corp.
*
500,000
1,178,412
2,253,909
Mining
Services
4.06%
Caldas
Gold
Corp.
*
430,000
820,881
Castile
Resources,
Ltd.
*
1,500,000
324,662
Major
Drilling
Group
International,
Inc.
*
700,000
4,228,926
Mines
&
Metal
Trading
PLC,
144A
#*@∆
75,000
1,128,329
6,502,798
Platinum
2.15%
Impala
Platinum
Holdings,
Ltd.
250,000
3,441,031
Precious
Metals
15.87%
EMX
Royalty
Corp.
*
1,100,000
3,724,566
Hecla
Mining
Co.
185,000
1,198,800
Hycroft
Mining
Holding
Corp.
*
50,000
392,500
Metalla
Royalty
&
Streaming,
Ltd.
300,000
3,775,630
Metalla
Royalty
&
Streaming,
Ltd.
100,000
1,256,000
Northern
Vertex
Mining
Corp.
*
111,500
46,426
Roxgold
,
Inc.
*
3,750,000
4,743,106
Sailfish
Royalty
Corp.
*
310,000
282,505
SSR
Mining,
Inc.
*
238,610
4,798,447
Wheaton
Precious
Metals
Corp.
125,000
5,217,500
25,435,480
Remediation
Services
0.64%
Alexco
Resource
Corp.
*
325,000
1,030,250
Retail
-
Jewelry
2.17%
Mene
,
Inc.
*
900,000
473,721
Mene
,
Inc.,
144A
*
#∆
5,714,285
3,007,755
3,481,476
Silver
Mining
8.21%
Excellon
Resources,
Inc.
*
100,000
296,960
Fortuna
Silver
Mines,
Inc.
*
225,000
1,854,000
Hochschild
Mining
PLC
1,000,000
2,849,948
Pan
American
Silver
Corp.
125,000
4,313,750
Santacruz
Silver
Mining,
Ltd.
*
5,000,000
1,846,178
Silvercorp
Metals,
Inc.
300,000
2,007,000
13,167,836
Total
Common
Stocks
(cost
$77,252,700)
143,280,636
Portfolio
of
Investments
66
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
Gold
and
Precious
Metals
Fund
Corporate
Non-Convertible
Bonds
2.60%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Coal
0.00%
Caribbean
Resources
Corp.
#@^
19.25
06/15/15
$
485,766
$
0
Mining
Services
2.60%
Caldas
Gold
Corp.
7.50
08/26/27
4,220,000
4,177,800
Total
Corporate
Non-Convertible
Bonds
4,177,800
(cost
$4,705,766)
Corporate
Non-Convertible
Notes
0.71%
Gold
Mining
0.71%
Gran
Colombia
Gold
Corp.
8.25
04/30/24
1,046,044
1,134,957
(cost
$1,048,071)
Exchange
Traded
Funds
2.25%
Shares
Direxion
Daily
Gold
Miners
Index
Bull
2X
Shares
ETF
*
27,600
1,915,440
Direxion
Daily
Junior
Gold
Miners
Index
Bull
2X
Shares
ETF
14,000
1,687,840
Total
Exchange
Traded
Funds
3,603,280
(cost
$6,197,055)
Warrants
0.76%
Exercise
Price
Exp.
Date
Gold
Mining
0.24%
GoGold
Resources,
Inc.,
144A
#*@∆
$
0.85
02/25/22
325,000
377,877
Yamana
Gold,
Inc.,
144A
#*@∆
13.50
01/15/21
50,000
0
377,877
Mining
Services
0.43%
Caldas
Gold
Corp.
*
2.75
07/25/25
1,274,000
690,596
Precious
Metals
0.05%
Hycroft
Mining
Holding
Corp.
*
10.50
10/06/25
50,000
78,000
Portfolio
of
Investments
67
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
Gold
and
Precious
Metals
Fund
Warrants (cont’d)
Exercise
Price
Exp.
Date
Shares
Value
Silver
Mining
0.04%
Excellon
Resources,
Inc.
*
$
7.00
08/27/21
375,000
$
69,232
Total
Warrants
1,215,705
(cost
$500
)
Call
Options
Purchased
1.63%
Strike
Price
Exp.
Date
Notional
Contract
Value
Contracts
Value
Gold
Mining
1.63%
Barrick
Gold
Corp.
$
17.00
01/22
$
2,449,700
1,441
979,880
Newmont
Corp.
42.00
01/22
3,586,800
854
1,633,275
2,613,155
Total
Purchased
Call
Options
2,613,155
(premiums
paid
$1,127,595
)
Investments,
at
value
97.32%
156,025,533
(cost
$90,331,687
)
Other
assets
and
liabilities,
net
2.68%
4,292,356
Net
Assets
100.00%
$
160,317,889
Portfolio
of
Investments
68
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
Emerging
Europe
Fund
Common
Stocks
91.49%
Shares
Value
Airlines
1.69%
Aeroflot
PJSC
*
425,000
$
410,571
Automotive
-
Cars
&
Light
Trucks
1.33%
Bayerische
Motoren
Werke
AG
650
57,367
Daimler
AG
3,750
265,797
323,164
Building
&
Construction
Products
-
Miscellaneous
2.62%
Enka
Insaat
ve
Sanayi
AS
320,000
317,642
Wienerberger
AG
10,000
318,881
636,523
Cellular
Telecommunication
3.66%
Mobile
TeleSystems
PJSC,
ADR
56,200
502,990
Turkcell
Iletisim
Hizmetleri
AS
179,000
386,689
889,679
Chemicals
-
Diversified
1.36%
Johnson
Matthey
PLC
10,000
331,307
Commercial
Banks
Non-US
18.96%
Akbank
T.A.S.
*
400,000
371,001
Banca
Transilvania
SA
396,242
224,250
Bank
Polska
Kasa
Opieki
SA
*
16,200
266,092
Erste
Group
Bank
AG
*
2,000
60,925
Komercni
banka
as
*
5,500
168,165
OTP
Bank
Nyrt
*
11,800
531,762
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
*
18,000
138,949
Raiffeisen
Bank
International
AG
*
3,000
60,965
Santander
Bank
Polska
SA
*
1,300
64,660
Sberbank
of
Russia
PJSC,
ADR
139,750
2,026,375
Turkiye
Garanti
Bankasi
AS
*
150,000
209,176
Turkiye
Is
Bankasi
AS
*
300,000
282,192
Yapi
ve
Kredi
Bankasi
AS
*
480,000
198,754
4,603,266
Dialysis
Centers
0.76%
Fresenius
Medical
Care
AG
&
Co.
KGaA
2,200
183,452
Distribution/Wholesale
0.98%
Rexel
SA
*
15,000
236,750
Diversified
Operations
2.04%
Haci
Omer
Sabanci
Holding
AS
123,000
189,456
KOC
Holding
AS
108,000
306,497
495,953
Portfolio
of
Investments
69
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
Emerging
Europe
Fund
Common
Stocks (cont’d)
Shares
Value
E-Commerce/Products
0.83%
Allegro.eu
SA,
144A
*∆
8,000
$
181,385
Ozon
Holdings
PLC,
ADR
*
500
20,705
202,090
Electric
-
Distribution
0.75%
AB
Ignitis
Grupe
,
GDR,
144A
*∆
7,500
182,331
Electric
-
Generation
1.79%
Inter
RAO
UES
PJSC
6,011,000
433,482
Energy
-
Alternate
Sources
0.58%
Vestas
Wind
Systems
A/S
600
141,738
Entertainment
Software
0.47%
CD
Projekt
SA
*
1,550
114,298
Firearms
&
Ammunition
0.79%
Ceska
Zbrojovka
Group
SE
*
14,000
191,642
Food
-
Retail
7.41%
Koninklijke
Ahold
Delhaize
NV,
ADR
9,500
268,137
Magnit
PJSC,
GDR
26,500
465,691
X5
Retail
Group
NV,
GDR
29,500
1,065,220
1,799,048
Gold
Mining
1.16%
Polyus
PJSC,
GDR
2,787
280,906
Machinery
-
General
Industrial
0.93%
ANDRITZ
AG
4,950
226,914
Medical
Instruments
1.30%
Getinge
AB,
Class B
13,500
315,923
Metal
-
Diversified
1.33%
KGHM
Polska
Miedz
SA
*
1,400
68,965
MMC
Norilsk
Nickel
PJSC,
ADR
4,650
146,382
Orsu
Metals
Corp.,
144A
#*∆
402,500
106,720
322,067
Metal
Processors
&
Fabricate
0.79%
Aurubis
AG
2,450
191,195
Multi-line
Insurance
1.40%
Allianz
SE
398
97,778
Vienna
Insurance
Group
AG
Wiener
Versicherung
Gruppe
9,500
241,218
338,996
Portfolio
of
Investments
70
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
Emerging
Europe
Fund
Common
Stocks (cont’d)
Shares
Value
Oil
Companies
-
Exploration
&
Production
0.72%
Novatek
PJSC,
GDR
1,025
$
174,500
Oil
Companies
-
Integrated
20.57%
Gazprom
PJSC,
ADR
141,300
788,898
LUKOIL
PJSC,
ADR
29,820
2,038,495
MOL
Hungarian
Oil
&
Gas
PLC
*
8,500
62,667
OMV
Petrom
SA
2,000,000
182,410
Polskie
Gornictwo
Naftowe
i
Gazownictwo
SA
90,000
134,388
Surgutneftegas
PJSC,
ADR
227,750
1,059,038
Tatneft
PJSC,
ADR
17,960
727,380
4,993,276
Precious
Metals
3.23%
Polymetal
International
PLC
27,000
621,546
SSR
Mining,
Inc.
*
8,115
163,193
784,739
Property/Casualty
Insurance
1.79%
Powszechny
Zaklad
Ubezpieczen
SA
*
50,000
434,389
Regional
Banks
-
Non
US
0.84%
TCS
Group
Holding
PLC,
GDR
6,200
203,989
Retail
-
Major
Dept
Store
0.76%
Detsky
Mir
PJSC,
144A
∆
100,000
183,524
Steel
-
Producers
4.51%
Eregli
Demir
ve
Celik
Fabrikalari
TAS
85,500
171,588
Evraz
PLC
66,000
421,801
Magnitogorsk
Iron
&
Steel
Works
PJSC,
GDR
51,400
501,097
1,094,486
Telecom
Services
4.05%
O2
Czech
Republic
AS
16,000
186,912
Sistema
PJSFC,
GDR
62,500
467,370
Turk
Telekomunikasyon
AS
288,000
329,856
984,138
Television
1.13%
Cyfrowy
Polsat
SA
33,500
273,137
Web
Portals/ISP
0.96%
Yandex
NV,
Class A
*
3,350
233,093
Total
Common
Stocks
22,210,566
(cost
$19,174,794)
Portfolio
of
Investments
71
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
Emerging
Europe
Fund
Preferred
Stock
2.45%
Rate
Shares
Value
Oil
Companies
-
Integrated
2.45%
Surgutneftegas
PJSC
0.97
%
1,050,000
$
593,445
(cost
$531,020)
Corporate
Non-Convertible
Bond
2.04%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Mining
Services
2.04%
Caldas
Gold
Corp.
7.50
08/26/27
$
500,000
495,000
(cost
$500,000)
Exchange
Traded
Funds
0.59%
Shares
Direxion
Daily
Russia
Bull
2X
Shares
ETF
3,500
75,600
iShares
MSCI
Poland
ETF
3,500
66,570
Total
Exchange
Traded
Funds
142,170
(cost
$113,501)
Warrant
0.22%
Exercise
Price
Exp.
Date
Mining
Services
0.22%
Caldas
Gold
Corp.
*
$
2.75
07/25/25
100,000
54,207
(cost
$0
)
Investments,
at
value
96.79%
23,495,388
(cost
$20,319,315
)
Other
assets
and
liabilities,
net
3.21%
780,121
Net
Assets
100.00%
$
24,275,509
Portfolio
of
Investments
72
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
China
Region
Fund
Common
Stocks
90.41%
Shares
Value
Automotive
-
Cars
&
Light
Trucks
3.07%
XPeng
,
Inc.,
ADR
*
4,500
$
192,735
Yadea
Group
Holdings,
Ltd.,
144A
∆
108,000
223,183
415,918
Batteries/Battery
Systems
1.43%
Tianneng
Power
International,
Ltd.
80,000
193,304
Beverages
-
Non-alcoholic
5.50%
Nongfu
Spring
Co.,
Ltd.
*
105,000
745,427
Building
Products
-
Cement/Aggregate
0.99%
China
Resources
Cement
Holdings,
Ltd.
120,000
134,032
Chemicals
-
Specialty
0.53%
Daqo
New
Energy
Corp.,
ADR
*
1,250
71,700
Computers
4.66%
Lenovo
Group,
Ltd.
200,000
189,078
Quanta
Computer,
Inc.
153,000
441,470
630,548
Consumer
Products
-
Miscellaneous
0.00%
Tongda
Hong
Tai
Holdings,
Ltd.
*
2,000
104
Disposable
Medical
Products
1.12%
Top
Glove
Corp.
Bhd
99,000
151,264
Diversified
Financial
Services
2.95%
CTBC
Financial
Holding
Co.,
Ltd.
570,000
400,067
E-Commerce/Products
6.99%
Alibaba
Group
Holding,
Ltd.,
ADR
*
1,780
414,259
JD.com,
Inc.,
ADR
*
5,200
457,080
Meituan
,
Class B
*
2,000
75,287
946,626
Electric
-
Generation
0.74%
China
Longyuan
Power
Group
Corp.,
Ltd.
100,000
100,550
Electronic
Components
-
Miscellaneous
6.83%
BYD
Electronic
International
Co.,
Ltd.
104,800
549,811
Flat
Glass
Group
Co.,
Ltd.
89,000
375,431
925,242
Energy
-
Alternate
Sources
0.77%
Xinyi
Solar
Holdings,
Ltd.
40,000
104,888
Portfolio
of
Investments
73
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
China
Region
Fund
Common
Stocks (cont’d)
Shares
Value
Finance
-
Investment
Banker/Broker
2.73%
Huatai
Securities
Co.,
Ltd.,
144A
∆
235,000
$
370,000
Finance
-
Other
Services
6.54%
Hong
Kong
Exchanges
&
Clearing,
Ltd.
12,300
674,676
Singapore
Exchange,
Ltd.
30,000
210,720
885,396
Food
-
Dairy
Products
6.10%
Ausnutria
Dairy
Corp.,
Ltd.
150,000
252,050
China
Feihe
,
Ltd.,
144A
∆
245,000
574,874
826,924
Food
-
Flour
&
Grain
1.77%
Tingyi
Cayman
Islands
Holding
Corp.
140,000
239,472
Food
-
Miscellaneous/Diversified
5.21%
Yihai
International
Holding,
Ltd.
47,500
705,414
Industrial
Audio
&
Video
Production
1.00%
Q
Technology
Group
Co.,
Ltd.
80,000
135,662
Internet
Content
-
Info
5.84%
Tencent
Holdings,
Ltd.,
ADR
11,000
790,790
Machinery
-
Electric
Utilities
0.74%
VPower
Group
International
Holdings,
Ltd.,
144A
∆
290,000
100,288
Medical
Labs
&
Testing
Services
1.47%
Wuxi
Biologics
Cayman,
Inc.,
144A
*∆
15,000
198,920
Non-Ferrous
Metals
0.00%
Sterling
Group
Ventures,
Inc.,
144A
#*@∆
500,000
0
Photo
Equipment
&
Supplies
5.24%
Sunny
Optical
Technology
Group
Co.,
Ltd.
32,500
710,076
Real
Estate
Management/Services
4.26%
A-Living
Smart
City
Services
Co.,
Ltd.,
144A
∆
73,000
324,014
Ever
Sunshine
Lifestyle
Services
Group,
Ltd.
115,000
252,559
576,573
Real
Estate
Operating/Development
3.85%
Country
Garden
Services
Holdings
Co.,
Ltd.
*
58,000
392,403
Gemdale
Properties
&
Investment
Corp.,
Ltd.
900,000
128,900
521,303
Retail
-
Home
Furnishings
0.80%
Man
Wah
Holdings,
Ltd.
50,000
108,459
Portfolio
of
Investments
74
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2020
China
Region
Fund
Common
Stocks (cont’d)
Shares
Value
Rubber/Plastic
Products
1.34%
Hartalega
Holdings
Bhd
60,000
$
181,605
Semiconductor
Components
-
Integrated
Circuit
5.75%
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.,
ADR
1,800
196,272
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
28,850
545,769
United
Microelectronics
Corp.
22,000
36,999
779,040
Wireless
Equipment
2.19%
Xiaomi
Corp.,
ADR
*
14,000
297,276
Total
Common
Stocks
12,246,868
(cost
$10,456,902)
Corporate
Non-Convertible
Bond
1.90%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Mining
Services
1.90%
Caldas
Gold
Corp.
7.50
08/26/27
$
260,000
257,400
(cost
$260,000)
Right
0.00%
Shares
Electronic
Components
-
Miscellaneous
0.00%
Simplo
Technology
Co.,
Ltd.
#*@
448
0
(cost
$0)
Exchange
Traded
Fund
0.53%
Xtrackers
Harvest
CSI
300
China
A-Shares
ETF
1,800
72,108
(cost
$64,343)
Warrant
0.21%
Exercise
Price
Exp.
Date
Mining
Services
0.21%
Caldas
Gold
Corp.
*
$
2.75
07/25/25
52,000
28,188
(cost
$0
)
Investments,
at
value
93.05%
12,604,564
(cost
$10,781,245
)
Other
assets
and
liabilities,
net
6.95%
941,988
Net
Assets
100.00%
$
13,546,552
Notes
to
Portfolios
of
Investments
December
31,
2020
75
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
December
31,
2020.
‡
Adjustable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
the
current
interest
rates.
Rate
presented
is
as
of
December
31,
2020.
*
Non-income
producing
security.
~
Affiliated
Company.
(see
following)
@
Security
was
fair
valued
at
December
31,
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
December
31,
2020,
were
0.03%
of
Global
Luxury
Goods
Fund,
0.98%
of
Global
Resources
Fund,
1.27%
of
World
Precious
Minerals
Fund,
0.94%
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
December
31,
2020
amounted
to
$851,369,
1.72%,
of
Global
Luxury
Goods
Fund,
$670,008,
1.05%,
of
Global
Resources
Fund,
$3,359,557,
2.89%,
of
World
Precious
Minerals
Fund,
$4,513,961,
2.82%,
of
Gold
And
Precious
Metals
Fund,
$653,960,
2.69%,
of
Emerging
Europe
Fund
and
$1,791,279,
13.22%,
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
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
PJSC
Public
Joint
Stock
Company
PLC
Public
Limited
Company
PSF-GTD
Public
School
Fund
Guarantee
Q-SBLF
Qualified
School
Bond
Loan
Fund
RB
Revenue
Bond
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor’s
SPDR
Standard
&
Poor’s
Depositary
Receipt
Notes
to
Portfolios
of
Investments
December
31,
2020
76
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
December
31,
2020
77
The
following
table
summarizes
the
valuation
of
each
Fund’s
securities
as
of
December
31,
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
$
–
$
35,331,636
$
–
$
35,331,636
Exchange
Traded
Fund
1,133,440
–
–
1,133,440
Investments,
at
Value
$
1,133,440
$
35,331,636
$
–
$
36,465,076
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
$
–
$
35,167,876
$
–
$
35,167,876
Exchange
Traded
Funds
2,949,638
–
–
2,949,638
Investments,
at
Value
$
2,949,638
$
35,167,876
$
–
$
38,117,514
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
$
347,760
$
1,516,423
$
–
$
1,864,183
Applications
Software
1,196,201
–
–
1,196,201
Athletic
Equipment
753,170
–
–
753,170
Athletic
Footwear
1,697,640
1,164,176
–
2,861,816
Automotive
-
Cars
&
Light
Trucks
6,298,369
1,385,629
–
7,683,998
Beverages
-
Wine/Spirits
1,489,540
270,651
–
1,760,191
Building
-
Residential/
Commercial
464,162
–
–
464,162
Casino
Hotels
645,955
–
–
645,955
Coatings/Paint
410,815
–
–
410,815
Commercial
Service
-
Finance
869,888
–
–
869,888
Computer
Services
139,315
–
–
139,315
Notes
to
Portfolios
of
Investments
December
31,
2020
78
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)
Computers
$
2,268,999
$
–
$
–
$
2,268,999
Consumer
Products
-
Miscellaneous
181,728
–
–
181,728
Cosmetics
&
Toiletries
1,262,155
–
–
1,262,155
Decision
Support
Software
283,100
–
–
283,100
Diagnostic
Equipment
284,125
–
–
284,125
Diversified
Banking
Institution
1,275,924
–
–
1,275,924
Drug
Delivery
Systems
112,599
–
–
112,599
E-Commerce/Products
2,247,282
–
–
2,247,282
Electric
-
Integrated
210,938
–
–
210,938
Electronic
Components
-
Semiconductors
558,697
–
–
558,697
Electronic
Connectors
156,924
–
–
156,924
Energy
-
Alternate
Sources
–
–
0
0
Engineering/R&D
Services
136,200
–
–
136,200
Enterprise
Software/
Services
295,051
–
–
295,051
E-Services/Consulting
138,380
–
–
138,380
Finance
-
Credit
Card
340,125
–
–
340,125
Finance
-
Mortgage
Loan/
Banker
26,315
–
–
26,315
Finance
-
Other
Services
201,137
–
–
201,137
Food
-
Meat
Products
111,864
–
–
111,864
Food
-
Retail
111,160
–
–
111,160
Gold
Mining
1,505,599
–
–
1,505,599
Home
Furnishings
756,000
–
–
756,000
Hotels
&
Motels
1,435,254
–
–
1,435,254
Instruments
-
Scientific
157,850
–
–
157,850
Internet
Content
-
Entertainment
300,476
–
–
300,476
Investment
Management/
Advisory
Services
–
391,758
–
391,758
Medical
-
Drugs
391,914
–
–
391,914
Medical
-
HMO
562,534
–
–
562,534
Medical
-
Wholesale
Drug
Distribution
69,568
–
–
69,568
Medical
Products
136,863
–
–
136,863
Metal
-
Diversified
350,302
–
–
350,302
Motorcycle/Motor
Scooter
649,590
–
–
649,590
Oil
Companies
-
Exploration
&
Production
38,495
–
–
38,495
Precious
Metals
375,660
–
–
375,660
Private
Equity
1,211,670
–
–
1,211,670
Notes
to
Portfolios
of
Investments
December
31,
2020
79
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)
Real
Estate
Operating/
Development
$
–
$
–
$
13,521
$
13,521
REITS
-
Warehouse/
Industrial
219,252
–
–
219,252
Retail
-
Apparel/Shoe
–
1,174,726
–
1,174,726
Retail
-
Building
Products
1,514,678
–
–
1,514,678
Retail
-
Discount
2,292,330
–
–
2,292,330
Retail
-
Home
Furnishings
693,656
–
–
693,656
Retail
-
Jewelry
–
415,573
–
415,573
Retail
-
Miscellaneous/
Diversified
763,200
–
–
763,200
Retail
-
Restaurants
1,344,085
–
–
1,344,085
Semiconductor
Equipment
155,346
–
–
155,346
Silver
Mining
347,880
379,043
–
726,923
Textile
-
Apparel
380,427
–
–
380,427
Web
Portals/ISP
350,376
–
–
350,376
Corporate
Non-Convertible
Bond
–
852,390
–
852,390
Corporate
Non-Convertible
Note
–
600,871
–
600,871
Exchange
Traded
Funds
68,762
–
–
68,762
Warrants
Finance
-
Mortgage
Loan/
Banker
–
0
–
0
Mining
Services
26,019
–
–
26,019
Oil
Companies
-
Exploration
&
Production
884
–
–
884
Retail
-
Jewelry
–
2,390
–
2,390
Investments,
at
Value
40,614,188
8,153,630
13,521
48,781,339
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
Advanced
Materials/
Production
$
1,519,522
$
–
$
–
$
1,519,522
Agricultural
Chemicals
1,328,406
–
–
1,328,406
Applications
Software
3,225,450
–
–
3,225,450
Building
&
Construction
Products
-
Miscellaneous
371,700
–
–
371,700
Notes
to
Portfolios
of
Investments
December
31,
2020
80
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)
Building
Products
-
Wood
$
431,770
$
–
$
–
$
431,770
Coal
–
–
0
0
Diamonds/Precious
Stones
466,651
–
0
466,651
Diversified
Minerals
3,934,949
1,370,719
–
5,305,668
Electric
-
Integrated
633,300
–
–
633,300
Electric
-
Transmission
742,242
–
–
742,242
Energy
-
Alternate
Sources
3,722,900
3,783,517
0
7,506,417
Finance
-
Investment
Banker/Broker
388,090
–
–
388,090
Food
-
Meat
Products
852,384
–
–
852,384
Food
-
Miscellaneous/
Diversified
1,351,245
–
–
1,351,245
Forestry
466,847
–
–
466,847
Gold
Mining
3,994,779
1,364,094
0
5,358,873
Independent
Power
Producer
1,139,400
–
–
1,139,400
Industrial
Gases
527,020
327,894
–
854,914
Metal
-
Copper
12,766
–
–
12,766
Metal
-
Diversified
5,070,038
1,452,467
–
6,522,505
Metal
-
Iron
1,448,661
332,019
0
1,780,680
Mining
Services
2,900,542
–
–
2,900,542
Natural
Resource
Technology
–
–
86,243
86,243
Non-Ferrous
Metals
381,020
43,208
0
424,228
Oil
-
Field
Services
639,960
–
–
639,960
Oil
-
US
Royalty
Trusts
462,570
–
–
462,570
Oil
Companies
-
Exploration
&
Production
1,103,804
58,921
–
1,162,725
Oil
Companies
-
Integrated
911,700
822,958
–
1,734,658
Oil
Refining
&
Marketing
878,885
–
–
878,885
Paper
&
Related
Products
1,169,602
1,289,096
–
2,458,698
Platinum
842,347
550,565
–
1,392,912
Precious
Metals
2,644,560
224,158
–
2,868,718
Real
Estate
Operating/
Development
612,774
–
235,960
848,734
REITS
-
Diversified
647,100
–
–
647,100
Retail
-
Jewelry
394,768
43,457
–
438,225
Retail
-
Vitamins/Nutritional
Supplements
537,552
–
–
537,552
Steel
-
Producers
311,550
703,029
–
1,014,579
Corporate
Non-Convertible
Bond
–
1,050,390
–
1,050,390
Corporate
Non-Convertible
Note
–
742,461
–
742,461
Exchange
Traded
Funds
1,381,268
–
–
1,381,268
Notes
to
Portfolios
of
Investments
December
31,
2020
81
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)
Warrants
Advanced
Materials/
Production
$
–
$
178,883
$
–
$
178,883
Gold
Mining
–
0
–
0
Metal
-
Diversified
–
125,697
–
125,697
Mining
Services
201,048
–
–
201,048
Oil
Companies
-
Exploration
&
Production
–
3,535
–
3,535
Purchased
Call
Options
475,320
221,850
–
697,170
Investments,
at
Value
48,124,490
14,688,918
322,203
63,135,611
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
$
14,831,487
$
173,816
$
–
$
15,005,303
Capital
Pools
1,368,529
–
–
1,368,529
Coal
–
–
0
0
Diamonds/Precious
Stones
1,272,684
–
0
1,272,684
Diversified
Minerals
6,129,551
807,375
0
6,936,926
Finance
-
Investment
Banker/Broker
35,614
–
–
35,614
Gold
Mining
36,890,147
8,351,563
231,558
45,473,268
Investment
Companies
898,987
–
–
898,987
Metal
-
Copper
745,086
–
–
745,086
Metal
-
Diversified
8,542,267
3,019,586
–
11,561,853
Metal
-
Iron
–
–
42,402
42,402
Mining
Services
2,667,531
823,317
–
3,490,848
Non-Ferrous
Metals
–
64,813
–
64,813
Oil
Companies
-
Exploration
&
Production
–
–
0
0
Optical
Recognition
Equipment
4,366
–
–
4,366
Platinum
2,330,898
–
–
2,330,898
Precious
Metals
16,650,881
1,119,645
–
17,770,526
Real
Estate
Operating/
Development
1,547,794
396,126
–
1,943,920
Notes
to
Portfolios
of
Investments
December
31,
2020
82
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)
Retail
-
Jewelry
$
1,105,350
$
–
$
–
$
1,105,350
Silver
Mining
1,575,065
–
–
1,575,065
Corporate
Non-Convertible
Bond
–
1,089,000
–
1,089,000
Exchange
Traded
Funds
1,797,280
–
–
1,797,280
Warrants
Diversified
Minerals
–
0
–
0
Gold
Mineral
Exploration
&
Development
–
–
0
0
Gold
Mining
–
53,088
–
53,088
Investment
Companies
–
0
–
0
Metal
-
Copper
–
23,568
–
23,568
Metal
-
Diversified
–
0
–
0
Mining
Services
281,876
–
–
281,876
Silver
Mining
–
192,474
–
192,474
Purchased
Call
Options
618,800
344,250
–
963,050
Investments,
at
Value
99,294,193
16,458,621
273,960
116,026,774
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
$
278,105
$
–
$
–
$
278,105
Agricultural
Chemicals
655,982
–
–
655,982
Diversified
Minerals
6,646,777
3,954,751
–
10,601,528
Gold
Mining
65,157,951
10,865,774
–
76,023,725
Investment
Companies
408,516
–
–
408,516
Metal
-
Diversified
2,253,909
–
–
2,253,909
Mining
Services
5,049,807
324,662
1,128,329
6,502,798
Platinum
–
3,441,031
–
3,441,031
Precious
Metals
25,435,480
–
–
25,435,480
Remediation
Services
1,030,250
–
–
1,030,250
Retail
-
Jewelry
3,481,476
–
–
3,481,476
Silver
Mining
10,317,888
2,849,948
–
13,167,836
Corporate
Non-Convertible
Bonds
–
4,177,800
0
4,177,800
Corporate
Non-Convertible
Notes
–
1,134,957
–
1,134,957
Notes
to
Portfolios
of
Investments
December
31,
2020
83
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
(continued)
Investments
in
Securities*
(continued)
Exchange
Traded
Funds
$
3,603,280
$
–
$
–
$
3,603,280
Warrants
Gold
Mining
–
377,877
–
377,877
Mining
Services
690,596
–
–
690,596
Precious
Metals
78,000
–
–
78,000
Silver
Mining
69,232
–
–
69,232
Purchased
Call
Options
979,880
1,633,275
–
2,613,155
Investments,
at
Value
$
126,137,129
$
28,760,075
$
1,128,329
$
156,025,533
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
Airlines
$
–
$
410,571
$
–
$
410,571
Automotive
-
Cars
&
Light
Trucks
–
323,164
–
323,164
Building
&
Construction
Products
-
Miscellaneous
–
636,523
–
636,523
Cellular
Telecommunication
502,990
386,689
–
889,679
Chemicals
-
Diversified
–
331,307
–
331,307
Commercial
Banks
Non-US
2,026,375
2,576,891
–
4,603,266
Dialysis
Centers
–
183,452
–
183,452
Distribution/Wholesale
–
236,750
–
236,750
Diversified
Operations
–
495,953
–
495,953
E-Commerce/Products
20,705
181,385
–
202,090
Electric
-
Distribution
182,331
–
–
182,331
Electric
-
Generation
–
433,482
–
433,482
Energy
-
Alternate
Sources
–
141,738
–
141,738
Entertainment
Software
–
114,298
–
114,298
Firearms
&
Ammunition
–
191,642
–
191,642
Food
-
Retail
268,137
1,530,911
–
1,799,048
Gold
Mining
–
280,906
–
280,906
Machinery
-
General
Industrial
–
226,914
–
226,914
Medical
Instruments
–
315,923
–
315,923
Metal
-
Diversified
146,382
175,685
–
322,067
Notes
to
Portfolios
of
Investments
December
31,
2020
84
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)
Metal
Processors
&
Fabricate
$
–
$
191,195
$
–
$
191,195
Multi-line
Insurance
–
338,996
–
338,996
Oil
Companies
-
Exploration
&
Production
174,500
–
–
174,500
Oil
Companies
-
Integrated
3,824,913
1,168,363
–
4,993,276
Precious
Metals
163,193
621,546
–
784,739
Property/Casualty
Insurance
–
434,389
–
434,389
Regional
Banks
-
Non
US
–
203,989
–
203,989
Retail
-
Major
Dept
Store
–
183,524
–
183,524
Steel
-
Producers
–
1,094,486
–
1,094,486
Telecom
Services
–
984,138
–
984,138
Television
–
273,137
–
273,137
Web
Portals/ISP
233,093
–
–
233,093
Preferred
Stock
Oil
Companies
-
Integrated
–
593,445
–
593,445
Corporate
Non-Convertible
Bond
–
495,000
–
495,000
Exchange
Traded
Funds
142,170
–
–
142,170
Warrant
Mining
Services
54,207
–
–
54,207
Investments,
at
Value
$
7,738,996
$
15,756,392
$
–
$
23,495,388
Total
Assets
$
7,738,996
$
15,756,392
$
–
$
23,495,388
Liabilities
Other
Financial
Instruments
†
Currency
Contract
–
(58,909)
–
(58,909)
Total
Liabilities
$
–
$
(58,909)
$
–
$
(58,909)
Notes
to
Portfolios
of
Investments
December
31,
2020
85
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
Automotive
-
Cars
&
Light
Trucks
$
192,735
$
223,183
$
–
$
415,918
Batteries/Battery
Systems
–
193,304
–
193,304
Beverages
-
Non-alcoholic
–
745,427
–
745,427
Building
Products
-
Cement/
Aggregate
–
134,032
–
134,032
Chemicals
-
Specialty
71,700
–
–
71,700
Computers
–
630,548
–
630,548
Consumer
Products
-
Miscellaneous
–
104
–
104
Disposable
Medical
Products
–
151,264
–
151,264
Diversified
Financial
Services
–
400,067
–
400,067
E-Commerce/Products
871,339
75,287
–
946,626
Electric
-
Generation
–
100,550
–
100,550
Electronic
Components
-
Miscellaneous
–
925,242
–
925,242
Energy
-
Alternate
Sources
–
104,888
–
104,888
Finance
-
Investment
Banker/Broker
–
370,000
–
370,000
Finance
-
Other
Services
–
885,396
–
885,396
Food
-
Dairy
Products
–
826,924
–
826,924
Food
-
Flour
&
Grain
–
239,472
–
239,472
Food
-
Miscellaneous/
Diversified
–
705,414
–
705,414
Industrial
Audio
&
Video
Production
–
135,662
–
135,662
Internet
Content
-
Info
790,790
–
–
790,790
Machinery
-
Electric
Utilities
–
100,288
–
100,288
Medical
Labs
&
Testing
Services
–
198,920
–
198,920
Non-Ferrous
Metals
–
–
0
0
Photo
Equipment
&
Supplies
–
710,076
–
710,076
Real
Estate
Management/
Services
–
576,573
–
576,573
Real
Estate
Operating/
Development
–
521,303
–
521,303
Retail
-
Home
Furnishings
–
108,459
–
108,459
Rubber/Plastic
Products
–
181,605
–
181,605
Semiconductor
Components
-
Integrated
Circuit
196,272
582,768
–
779,040
Wireless
Equipment
297,276
–
–
297,276
Corporate
Non-Convertible
Bond
–
257,400
–
257,400
Notes
to
Portfolios
of
Investments
December
31,
2020
86
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
December
31,
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)
Right
$
–
$
–
$
0
$
0
Exchange
Traded
Fund
72,108
–
–
72,108
Warrant
Mining
Services
28,188
–
–
28,188
Investments,
at
Value
$
2,520,408
$
10,084,156
$
0
$
12,604,564
*
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
Corporate
Action
(130,915)
—
(130,915)
Net
change
in
unrealized
appreciation
(depreciation)
(150,822)
—
(150,822)
Ending
Balance
12/31/20
$
13,521
0
$
13,521
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
12/31/20
(1)
$
(150,822)
$
—
$
(150,822)
Common
Stocks
Total
Global
Resources
Fund
Beginning
Balance
12/31/19
$
3,806,959
$
3,806,959
Transfers
Out
(818,220)
(818,220)
Net
change
in
unrealized
appreciation
(depreciation)
(2,666,536)
(2,666,536)
Ending
Balance
12/31/20
$
322,203
$
322,203
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
12/31/20
(1)
$
(2,666,536)
$
(2,666,536)
Common
Stock
Warrants
Total
World
Precious
Minerals
Fund
Beginning
Balance
12/31/19
$
599,462
$
0
$
599,462
Purchases
187,899
—
187,899
Sales
(142,591)
—
(142,591)
Realized
Gain
14,828
—
14,828
Transfers
into
Level
3
79,522
—
79,522
Transfers
out
of
Level
3
(200,337)
—
(200,337)
Notes
to
Portfolios
of
Investments
December
31,
2020
87
Significant
unobservable
inputs
developed
by
the
Valuation
Committee
(“Valuation
Committee”)
for
Level
3
investments
held
at
period
end
are
as
follows:
Net
change
in
unrealized
appreciation
(depreciation)
(264,823)
0
(264,823)
Ending
Balance
12/31/20
$
273,960
$
0
$
273,960
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
12/31/20
(1)
$
(264,823)
$
0
$
(264,823)
Common
Stocks
Corporate
Non-
Convertible
Bond
Total
Gold
and
Precious
Metals
Fund
Beginning
Balance
12/31/19
$
35,087
$
0
$
35,087
Corporate
Action
(35,087)
—
(35,087)
Purchases
1,118,009
—
1,118,009
Net
change
in
unrealized
appreciation
(depreciation)
10,320
—
10,320
Ending
Balance
12/31/20
$
1,128,329
$
0
$
1,128,329
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
12/31/20
(1)
$
10,320
$
—
$
10,320
Common
Stock
Total
China
Region
Fund
Beginning
Balance
12/31/19
$
0
$
0
Ending
Balance
12/31/20
$
0
$
0
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
12/31/20
(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
December
31,
2020.
Fair
Value
at
12/31/20
Valuation
Technique(s)
Unobservable
Input
Range
(Weighted
Average)
Global
Luxury
Goods
Fund
Investments
in
Securities
100%
Common
Stocks
0
Market
Transaction
(1)
Discount
Common
Stocks
13,521
Method
of
Comparables
Pricing
(2)
Multiples
5.1
Global
Resources
Fund
Investments
in
Securities
30%
-
100%
discount
(100%
discount)
Common
Stocks
86,243
Market
Transaction
(1)
Discount
Common
Stocks
235,960
Method
of
Comparables
Pricing
(2)
Multiples
5.1
World
Precious
Minerals
Fund
Investments
in
Securities
0%
-
100%
discount
(98%
discount)
Common
Stocks
273,960
Market
Transaction
(1)
Discount
Warrants
0
Market
Transaction
(1)
Discount
100%
Notes
to
Portfolios
of
Investments
December
31,
2020
88
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
December
31,
2020.
Fair
Value
at
12/31/20
Valuation
Technique(s)
Unobservable
Input
Range
(Weighted
Average)
Gold
and
Precious
Metals
Fund
Investments
in
Securities
0%
Common
Stocks
1,128,329
Market
Transaction
(1)
Discount
Corporate
Non-Convertible
Bond
0
Market
Transaction
(1)
Discount
100%
China
Region
Fund
Investments
in
Securities
100%
Common
Stocks
0
Market
Transaction
(1)
Discount
Right
0
Market
Transaction
(1)
Discount
100%
(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
December
31,
2020
Caribbean
Resources
Corp.
17
—
—
17
Pacific
Green
Energy
Corp.
2,400,000
—
—
2,400,000
Values
of
Affiliated
Companies
Global
Resources
Fund
December
31,
2019
Purchases
Cost
Sales
Proceeds
December
31,
2020
Income
Realized
Gain
(Loss)
on
Investments
Change
in
Unrealized
Appreciation
(Depreciation)
Caribbean
Resources
Corp.
$
0
$
—
$
—
$
0
$
—
$
—
$
—
Pacific
Green
Energy
Corp.
0
—
—
0
—
—
—
$
0
$
—
$
—
$
0
$
—
$
—
$
—
Notes
to
Portfolios
of
Investments
December
31,
2020
89
At
December
31,
2020,
the
value
of
investments
in
affiliated
companies
was
$0,
representing
0.00%
of
net
assets,
and
the
total
cost
was
$27,968,676.
At
December
31,
2020,
the
value
of
investments
in
affiliated
companies
was
$11,655,676,
representing
10.03%
of
net
assets,
and
the
total
cost
was
$9,273,109.
Shares
of
Affiliated
Companies
World
Precious
Minerals
Fund
December
31,
2019
Additions
Reductions
December
31,
2020
Argo
Gold,
Inc.
2,967,500
—
(2,967,500)
—
(a)
Barksdale
Resources
Corp.
2,750,000
250,000
—
3,000,000
(a)
Barsele
Minerals
Corp.
7,500,000
200,000
—
7,700,000
Canex
Metals
Inc
—
3,250,000
—
3,250,000
Chakana
Copper
Corp.
4,750,000
—
(750,000)
4,000,000
(a)
CopperBank
Resources
Corp.
22,979,418
194,582
(17,630,500)
5,543,500
Dolly
Varden
Silver
Corp.
9,132,000
200,000
(5,332,000)
4,000,000
(a)
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
1,100,000
(150,000)
7,100,000
(a)
Polarx,
Ltd.
33,653,968
5,299,473
—
38,953,441
Radisson
Mining
Resources,
Inc.
8,500,000
—
(500,000)
8,000,000
(a)
Silver
Viper
Minerals
Corp
3,000,000
—
��
3,000,000
(a)
TriStar
Gold,
Inc.
31,150,000
150,000
(2,550,000)
28,750,000
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
December
31,
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
72,081
—
1,272,684
(a)
—
—
417,037
Barsele
Minerals
Corp.
2,887,836
44,988
—
3,327,048
—
—
394,224
Canex
Metals
Inc
—
393,756
—
382,984
—
—
(10,772)
Chakana
Copper
Corp.
896,192
—
(307,973)
1,885,458
(a)
—
(245,737)
1,542,976
CopperBank
Resources
Corp.
796,330
7,066
(46,948)
1,045,204
—
(77,789)
366,545
Dolly
Varden
Silver
Corp.
2,250,387
44,898
(3,165,812)
2,891,036
(a)
—
(5,352)
3,766,915
Fremont
Gold,
Ltd.
231,027
—
—
235,682
(a)
—
—
4,655
Mammoth
Resources
Corp.
54,341
38,5
6
6
—
331,674
—
—
238,767
Orex
Minerals,
Inc.
6
6
3,047
74,455
(31,901)
920,339
a)
—
(97,606)
31
2,344
Polarx,
Ltd.
1,205,418
139,375
—
809,280
—
—
(535,513)
Radisson
Mining
Resources,
Inc.
1,407,339
—
(111,753)
2,136,853
(a)
—
47,472
793,795
Silver
Viper
Minerals
Corp.
646,875
22,126
(49,574)
1,048,786
(a)
—
29,137
400,222
TriStar
Gold,
Inc.
4,557,776
162,755
(830,894)
5,759,486
—
(29,534)
1,899,383
VR
Resources,
Ltd.
854,800
—
—
730,615
(a)
—
—
(124,185)
$
17,497,737
$
1,000,066
$
(4,777,176)
$
22,777,129
$
—
$
(530,848)
$
9,587,350
Notes
to
Portfolios
of
Investments
December
31,
2020
90
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
December
31,
2020,
the
total
cost
of
restricted
securities
was
$426,625,
and
the
total
value
was
$13,521,
representing
0.03%
of
net
assets.
As
of
December
31,
2020,
the
total
cost
of
restricted
securities
was
$7,473,544,
and
the
total
value
was
$322,203,
representing
0.50%
of
net
assets.
(a)
At
December
31,
2020,
the
company
was
no
longer
defined
as
an
affiliate,
although
it
was
an
affiliate
company
during
the
year.
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
92
See
accompanying
notes
to
financial
statements.
U.S.
Government
Securities
Ultra-Short
Bond
Fund
Investments,
at
identified
cost
$
36,446,152
Assets
Investments,
at
value:
Securities
of
unaffiliated
issuers
$
36,465,076
Cash
3,736,824
Foreign
currencies
(Cost
$0,
$868,112,
$30,299
and
$0)
–
Receivables:
Dividends
and
interest
95,502
Capital
shares
sold
988
From
adviser
–
Prepaid
expenses
10,175
Total
Assets
40,308,565
Liabilities
Due
to
custodian
–
Payables:
Capital
shares
redeemed
4,500
Distributions
payable
–
Investments
purchased
–
Accrued
expenses
and
other
payables:
Adviser
2,993
Administration
and
Transfer
Agent
fees
9,730
Other
expenses
29,594
Total
Liabilities
46,817
Net
Assets
$
40,261,748
Net
Assets
Consist
of:
Paid-in
capital
$
40,218,795
Distributable
earnings
42,953
Net
assets
applicable
to
capital
shares
outstanding
$
40,261,748
By
share
class
Net
Assets
Investor
Class
$
40,261,748
Capital
shares
outstanding,
an
unlimited
number
of
no
par
shares
authorized
Investor
Class
20,136,769
Net
Asset
Value,
Public
Offering
Price
and
Redemption
Price
per
share
Investor
Class
$
2.00
December
31,
2020
93
Near-Term
Tax
Free
Fund
Global
Luxury
Goods
Fund
Global
Resources
Fund
$
37,259,546
$
40,319,819
$
91,397,639
$
38,117,514
$
48,781,339
$
63,135,611
3,228,520
910,886
–
–
30,263
921,253
407,156
28,424
103,459
55,516
6,538
142,996
638
–
–
8,469
11,449
9,982
41,817,813
49,768,899
64,313,301
–
–
93,269
9,456
88,640
125,040
3,719
–
–
–
1,012
65,250
–
36,225
70,683
8,982
14,295
15,238
33,703
61,900
52,778
55,860
202,072
422,258
$
41,761,953
$
49,566,827
$
63,891,043
$
42,089,977
$
43,452,587
$
331,897,397
(328,024)
6,114,240
(268,006,354)
$
41,761,953
$
49,566,827
$
63,891,043
$
41,761,953
$
49,566,827
$
63,891,043
18,518,118
2,407,670
10,693,295
$
2.26
$
20.59
$
5.97
Statements
of
Assets
and
Liabilities
94
See
accompanying
notes
to
financial
statements.
World
Precious
Minerals
Fund
Investments,
at
identified
cost
$
107,417,602
Assets
Investments,
at
value:
Securities
of
unaffiliated
issuers
$
104,371,098
Securities
of
affiliated
issuers
11,655,676
Cash
419,985
Foreign
currencies
(Cost
$3,315,
$7,739,
$218,846
and
$2)
989
Receivables:
Dividends
and
interest
2,894
Capital
shares
sold
256,521
Investments
sold
144,364
Prepaid
expenses
10,806
Total
Assets
116,862,333
Liabilities
Unrealized
loss
on
forward
foreign
currency
contracts
–
Payables:
Capital
shares
redeemed
386,156
Investments
purchased
–
Foreign
capital
gains
tax
payable
–
Accrued
expenses
and
other
payables:
Adviser
127,633
Administration
and
Transfer
Agent
fees
22,624
Other
expenses
78,575
Total
Liabilities
614,988
Net
Assets
$
116,247,345
Net
Assets
Consist
of:
Paid-in
capital
$
438,024,736
Distributable
earnings
(321,777,391)
Net
assets
applicable
to
capital
shares
outstanding
$
116,247,345
By
share
class
Net
Assets
Investor
Class
$
116,247,345
Capital
shares
outstanding,
an
unlimited
number
of
no
par
shares
authorized
Investor
Class
22,097,633
Net
Asset
Value,
Public
Offering
Price
and
Redemption
Price
per
share
Investor
Class
$
5.26
December
31,
2020
95
Gold
and
Precious
Metals
Fund
Emerging
Europe
Fund
China
Region
Fund
$
90,331,687
$
20,319,315
$
10,781,245
$
156,025,533
$
23,495,388
$
12,604,564
–
–
–
4,657,041
833,208
634,210
7,811
217,094
–
45,710
51,719
6,012
466,092
1,360
233
–
–
350,878
12,640
6,670
6,671
161,214,827
24,605,439
13,602,568
–
58,909
–
381,876
49,097
143
228,643
108,527
–
–
36,762
–
172,754
10,713
4,397
28,138
8,810
8,130
85,527
57,112
43,346
896,938
329,930
56,016
$
160,317,889
$
24,275,509
$
13,546,552
$
177,958,612
$
47,395,861
$
11,280,691
(17,640,723)
(23,120,352)
2,265,861
$
160,317,889
$
24,275,509
$
13,546,552
$
160,317,889
$
24,275,509
$
13,546,552
11,853,407
3,981,007
1,355,499
$
13.53
$
6.10
$
9.99
Statements
of
Operations
96
See
accompanying
notes
to
financial
statements.
U.S.
Government
Securities
Ultra-Short
Bond
Fund
Net
Investment
Income
Income
Dividends
from
unaffiliated
issuers
$
24,788
Foreign
tax
withheld
on
dividends
–
Net
dividends
24,788
Interest
and
other
264,355
Total
income
289,143
Expenses:
Management
fee
210,549
Administrative
services
fee
80,415
Distribution
plan
fee
–
Transfer
agent
fees
and
expenses
33,736
Professional
fees
27,856
Custodian
fees
4,577
Shareholder
reporting
expenses
18,462
Registration
fees
20,777
Trustee
fees
and
expenses
7,696
Chief
compliance
officer
fees
5,405
Miscellaneous
expenses
31,558
Total
expenses
before
reductions
441,031
Expenses
offset
-
Note
1
H
–
Expenses
reimbursed
-
Note
3
(251,536)
Net
expenses
189,495
Net
Investment Income
(Loss)
99,648
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Realized
gain
(loss)
from:
Securities
from
unaffiliated
issuers
40,132
Foreign
currency
transactions
–
Net
realized
gain
(loss)
40,132
Net
change
in
unrealized
appreciation
(depreciation
)
of:
Investments
in
unaffiliated
issuers
6,738
Other
assets
and
liabilities
denominated
in
foreign
currencies
–
Net
change
in
unrealized
appreciation
(depreciation)
6,738
Net
Realized
and
Unrealized
Gain
on
Investments
46,870
Net
Increase
In
Net
Assets
Resulting
From
Operations
$
146,518
December
31,
2020
97
Near-Term
Tax
Free
Fund
Global
Luxury
Goods
Fund
Global
Resources
Fund
$
84,784
$
402,965
$
1,055,151
–
(29,546)
(137,995)
84,784
373,419
917,156
569,915
102,550
182,254
654,699
475,969
1,099,410
210,467
244,649
534,816
80,392
78,713
110,039
–
78,354
121,861
22,423
24,517
52,154
27,867
11,590
28,391
3,032
10,953
26,863
20,672
21,352
23,861
19,881
29,236
19,055
7,687
7,015
8,402
5,389
3,949
6,134
60,797
46,908
86,962
458,607
557,236
1,018,538
(2,853)
(1,953)
(7,119)
(266,334)
–
(21,349)
189,420
555,283
990,070
465,279
(79,314)
109,340
15,810
(246,667)
(2,611,646)
–
(27,260)
(23,908)
15,810
(273,927)
(2,635,554)
533,691
6,588,354
19,395,725
–
57
31,523
533,691
6,588,411
19,427,248
549,501
6,314,484
16,791,694
$
1,014,780
$
6,235,170
$
16,901,034
Statements
of
Operations
98
See
accompanying
notes
to
financial
statements.
World
Precious
Minerals
Fund
Net
Investment
Income
Income
Dividends
from
unaffiliated
issuers
$
31,224
Foreign
tax
withheld
on
dividends
(5,584)
Net
dividends
25,640
Interest
and
other
9,816
Total
income
35,456
Expenses:
Management
fee
873,678
Administrative
services
fee
160,605
Distribution
plan
fee
219,104
Transfer
agent
fees
and
expenses
71,820
Professional
fees
32,001
Custodian
fees
31,220
Shareholder
reporting
expenses
29,983
Registration
fees
21,292
Trustee
fees
and
expenses
12,092
Chief
compliance
officer
fees
10,840
Miscellaneous
expenses
124,605
Total
expenses
before
reductions
1,587,240
Expenses
offset
-
Note
1
H
(3,278)
Expenses
reimbursed
-
Note
3
–
Net
expenses
1,583,962
Net
Investment Income
(Loss)
(1,548,506)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Realized
gain
(loss)
from:
Securities
from
unaffiliated
issuers
6,365,949
Securities
from
affiliated
issuers
(530,848)
Foreign
currency
transactions
(29,126)
Foreign
capital
gains
taxes
–
Net
realized
gain
(loss)
5,805,975
Net
change
in
unrealized
appreciation
(depreciation)
of:
Investments
in
unaffiliated
issuers
38,602,194
Investments
in
affiliated
issuers
7,187,373
Other
assets
and
liabilities
denominated
in
foreign
currencies
(1,050)
Deferred
foreign
capital
gains
taxes
–
Net
change
in
unrealized
appreciation
(depreciation)
45,788,517
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
51,594,492
Net
Increase
(Decrease)
In
Net
Assets
Resulting
From
Operations
$
50,045,986
December
31,
2020
99
Gold
and
Precious
Metals
Fund
Emerging
Europe
Fund
China
Region
Fund
$
878,739
$
1,001,734
$
249,572
(136,907)
(142,166)
(18,006)
741,832
859,568
231,566
301,799
4,462
2,318
1,043,631
864,030
233,884
1,201,869
310,071
179,630
221,235
80,670
73,151
335,702
63,083
32,394
72,892
23,777
22,805
37,104
29,179
27,696
21,544
59,120
19,849
36,560
23,072
18,531
31,251
19,779
19,078
16,252
6,293
5,234
16,726
3,227
1,659
163,233
93,090
61,101
2,154,368
711,361
461,128
(13,483)
(1,659)
(903)
–
(38,412)
(112,145)
2,140,885
671,290
348,080
(1,097,254)
192,740
(114,196)
12,789,280
(3,052,994)
2,310,264
–
–
–
(45,555)
77,200
(8,403)
–
(13,060)
(755)
12,743,725
(2,988,854)
2,301,106
30,758,658
(3,740,590)
(811,312)
–
–
–
1,777
(49,759)
69
–
20,746
115
30,760,435
(3,769,603)
(811,128)
43,504,160
(6,758,457)
1,489,978
$
42,406,906
$
(6,565,717)
$
1,375,782
Statements
of
Changes
in
Net
Assets
100
See
accompanying
notes
to
financial
statements.
U.S.
Government
Securities
Ultra-Short
Bond
Fund
Year
Ended
December
31,
2020
Year
Ended
December
31,
2019
Increase
(Decrease)
in
Net
Assets
From
operations:
Net
investment
income
(loss)
$
99,648
$
674,341
Net
realized
gain
(loss)
40,132
19,110
Net
change
in
unrealized
appreciation
6,738
32,331
Net
increase
in
net
assets
from
operations
146,518
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
13,147,838
8,427,240
Distributions
reinvested
Investor
Class
116,164
565,812
13,264,002
8,993,052
Cost
of
shares
redeemed
Investor
Class
(15,694,440)
(13,649,538)
Net
increase
(decrease)
in
net
assets
from
capital
share
transactions
(2,430,438)
(4,656,486)
Net
Increase
(Decrease)
in
Net
Assets
(2,418,755)
(4,609,914)
Net
Assets
Beginning
of
year
42,680,503
47,290,417
End
of
year
$
40,261,748
$
42,680,503
Capital
Share
Activity
Investor
Class
Shares
sold
6,573,569
4,213,619
Shares
reinvested
58,079
282,906
Shares
redeemed
(7,847,220)
(6,824,769)
Net
capital
share
activity
(1,215,572)
(2,328,244)
December
31,
2020
101
Near-Term
Tax
Free
Fund
Global
Luxury
Goods
Fund
Year
Ended
December
31,
2020
Year
Ended
December
31,
2019
Year
Ended
December
31,
2020
Year
Ended
December
31,
2019
$
465,279
$
571,904
$
(79,314)
$
(49,057)
15,810
2,599
(273,927)
1,093,775
533,691
516,405
6,588,
411
3,508,230
1,014,780
1,090,908
6,235,
170
4,552,948
(465,288)
(571,900)
(44,428)
(796,931)
(465,288)
(571,900)
(44,428)
(796,931)
17,212,918
13,722,309
13,647,277
1,376,434
429,810
537,128
45,902
762,742
17,642,728
14,259,437
13,693,179
2,139,176
(19,490,962)
(21,631,365)
(5,392,726)
(4,667,084)
(1,848,234)
(7,371,928)
8,300,453
(2,527,908)
(1,298,742)
(6,852,920)
14,491,195
1,228,109
43,060,695
49,913,615
35,075,632
33,847,523
$
41,761,953
$
43,060,695
$
49,566,827
$
35,075,632
7,668,775
6,199,907
703,350
81,807
191,776
242,661
2,324
44,798
(8,737,744)
(9,781,002)
(351,006)
(277,604)
(877,193)
(3,338,434)
354,668
(150,999)
Statements
of
Changes
in
Net
Assets
102
See
accompanying
notes
to
financial
statements.
Global
Resources
Fund
Year
Ended
December
31,
2020
Year
Ended
December
31,
2019
Increase
(Decrease)
in
Net
Assets
From
operations:
Net
investment
income
(loss)
$
109,340
$
1,251,784
Net
realized
gain
(loss)
(2,635,554)
(17,291,205)
Net
change
in
unrealized
appreciation
(depreciation)
19,427,248
20,736,392
Net
increase
in
net
assets
from
operations
16,901,034
4,696,971
Distributions
to
shareholders
Investor
Class
(3,364,615)
(1,052,138)
Total
distributions
paid
(3,364,615)
(1,052,138)
From
capital
share
transactions:
Proceeds
from
shares
sold
Investor
Class
4,391,843
1,507,996
Distributions
reinvested
Investor
Class
3,224,481
1,010,475
7,616,324
2,519,899
Cost
of
shares
redeemed
Investor
Class
(13,000,764)
(11,117,069)
Net
decrease
in
net
assets
from
capital
share
transactions
(5,384,440)
(8,827,154)
Net
Increase
(Decrease)
in
Net
Assets
8,151,979
(5,182,321)
Net
Assets
Beginning
of
year
55,739,064
60,921,385
End
of
year
$
63,891,043
$
55,739,064
Capital
Share
Activity
Investor
Class
Shares
sold
1,005,495
337,955
Shares
reinvested
577,864
225,552
Shares
redeemed
(2,975,639)
(2,491,594)
Net
capital
share
activity
(1,392,280)
(1,928,087)
December
31,
2020
103
World
Precious
Minerals
Fund
Gold
and
Precious
Metals
Fund
Year
Ended
December
31,
2020
Year
Ended
December
31,
2019
Year
Ended
December
31,
2020
Year
Ended
December
31,
2019
$
(1,548,506)
$
(951,774)
$
(1,097,254)
$
(910,073)
5,805,975
(8,603,583)
12,743,725
3,869,904
45,788,517
24,383,201
30,760,435
39,763,655
50,045,986
14,827,844
42,406,906
42,723,486
(7,420,604)
–
(4,194,294)
–
(7,420,604)
–
(4,194,294)
–
44,283,410
22,615,895
85,588,426
66,317,251
6,962,715
838
3,881,366
52
51,246,125
22,708,150
89,469,792
66,317,303
(53,442,592)
(30,772,119)
(90,941,821)
(71,569,873)
(2,196,467)
(9,870,301)
(1,472,029)
(5,252,570)
40,428,915
4,957,543
36,740,583
37,470,916
75,818,430
70,860,887
123,577,306
86,106,390
$
116,247,345
$
75,818,430
$
160,317,889
$
123,577,306
11,239,870
7,722,855
7,764,065
8,142,997
1,441,557
332
289,438
8
(13,494,901)
(10,416,926)
(8,388,217)
(8,802,179)
(813,474)
(2,693,739)
(334,714)
(659,174)
Statements
of
Changes
in
Net
Assets
104
See
accompanying
notes
to
financial
statements.
m
Emerging
Europe
Fund
Year
Ended
December
31,
2020
Year
Ended
December
31,
2019
Increase
(Decrease)
in
Net
Assets
From
operations:
Net
investment
income
(loss)
$
192,740
$
1,018,619
Net
realized
gain
(loss)
(2,988,854)
(1,407,903)
Net
change
in
unrealized
appreciation
(depreciation)
(3,769,603)
9,037,417
Net
increase
(decrease)
in
net
assets
from
operations
(6,565,717)
8,648,133
Distributions
to
shareholders
Investor
Class
(869,616)
(692,722)
Total
distributions
paid
(869,616)
(692,722)
From
capital
share
transactions:
Proceeds
from
shares
sold
Investor
Class
1,510,743
2,969,604
Distributions
reinvested
Investor
Class
839,193
668,067
2,349,936
3,637,671
Cost
of
shares
redeemed
Investor
Class
(7,091,919)
(6,290,279)
Net
decrease
in
net
assets
from
capital
share
transactions
(4,741,983)
(2,652,608)
Net
Increase
(Decrease)
in
Net
Assets
(12,177,316)
5,302,803
Net
Assets
Beginning
of
year
36,452,825
31,150,022
End
of
year
$
24,275,509
$
36,452,825
Capital
Share
Activity
Investor
Class
Shares
sold
266,312
415,082
Shares
reinvested
135,572
88,486
Shares
redeemed
(1,157,409)
(912,769)
Net
capital
share
activity
(755,525)
(409,201)
December
31,
2020
105
China
Region
Fund
Year
Ended
December
31,
2020
Year
Ended
December
31,
2019
$
(114,196)
$
112,692
2,301,106
(1,215,597)
(811,128)
3,903,142
1,375,782
2,800,237
(256,672)
(165,230)
(256,672)
(165,230)
539,096
1,847,482
238,090
152,820
777,186
2,000,302
(2,808,540)
(3,429,396)
(2,031,354)
(1,429,094)
(912,244)
1,205,913
14,458,796
13,252,883
$
13,546,552
$
14,458,796
59,772
213,730
25,089
16,949
(315,074)
(398,326)
(230,213)
(167,647)
Notes
to
Financial
Statements
December
31,
2020
106
1:
Organization
and
Significant
Accounting
Policies
U.S.
Global
Investors
Funds
(“Trust”),
consisting
of
the
eight
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
non-diversified
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.
On
December
22,
2020,
the
Global
Luxury
Goods
Fund
acquired
all
the
net
assets
of
the
All
American
Equity
Fund.
The
acquisition
of
net
assets
and
unrealized
gain
from
this
tax-
free
transaction
was
as
follows:
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.
Date
of
Contribution
Net
Assets
Shares
Issued
Unrealized
Gain
on
Investments
Acquired
December
22,
2020
$
11,908,004
591,302
$
1,766,272
Notes
to
Financial
Statements
December
31,
2020
107
B.
Cash-Concentration
in
Uninsured
Account
For
cash
management
purposes
the
Funds
may
concentrate
cash
with
the
Funds’
custodian.
As
of
December
31,
2020,
The
U.S.
Government
Securities
Ultra-Short
Bond
Fund,
Near-
Term
Tax
Free
Fund,
Global
Luxury
Goods
Fund,
World
Precious
Minerals
Fund,
Gold
and
Precious
Metals
Fund,
Emerging
Europe
Fund
and
China
Region
Fund
held
$3,736,824,
$3,228,520,
$910,886,
$419,985,
$4,657,041,
$833,208,
and
$634,210,
respectively,
as
cash
reserves
at
Brown
Brothers
Harriman
&
Co.
(BBH).
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
Notes
to
Financial
Statements
December
31,
2020
108
commitment.
Losses
may
arise
due
to
the
changes
in
the
value
of
the
underlying
securities
or
if
the
counterparty
does
not
perform
under
the
contract.
E.
Foreign
Currency
Transactions
Some
Funds
may
invest
in
securities
of
foreign
issuers.
The
accounting
records
of
these
Funds
are
maintained
in
U.S.
dollars.
At
each
net
asset
value
determination
date,
the
value
of
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
the
current
prevailing
exchange
rate.
Security
transactions,
income
and
expenses
are
converted
at
the
prevailing
rate
of
exchange
on
the
respective
dates
of
the
transactions.
The
effect
of
changes
in
foreign
exchange
rates
on
foreign
denominated
securities
is
included
with
the
net
realized
and
unrealized
gain
or
loss
on
securities.
Other
foreign
currency
gains
or
losses
are
reported
separately.
F.
Federal
Income
Taxes
The
Funds
intend
to
continue
to
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies
and
to
distribute
substantially
all
of
their
taxable
income
to
shareholders.
Accordingly,
no
provision
for
federal
income
taxes
is
required.
Each
Fund
may
be
subject
to
foreign
taxes
on
income
and
gains
on
investments,
which
are
accrued
based
on
the
Fund’s
understanding
of
the
tax
rules
and
regulations
in
the
foreign
markets.
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
2020
tax
returns.
The
Funds
file
U.S.
federal
and
excise
tax
returns
as
required.
The
Funds’
2017,
2018,
2019
and
2020
(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.
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
Notes
to
Financial
Statements
December
31,
2020
109
indirectly
by
credits
earned
on
the
Funds’
cash
balances.
Such
deposit
arrangements
are
an
alternative
to
overnight
investments.
Custodian
fees
are
presented
in
the
Statements
of
Operations
gross
of
such
credits,
and
the
credits
are
presented
as
offsets
to
expenses.
For
the
U.S.
Government
Securities
Ultra-Short
Bond
Fund,
credits
earned
on
its
cash
balance
are
included
in
interest
and
other
income.
I.
Use
of
Estimates
in
Financial
Statement
Preparation
The
Funds
are
investment
companies
accounted
for
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“GAAP”).
Therefore
they
follow
the
accounting
and
reporting
guidelines
for
investment
companies.
The
preparation
of
financial
statements
in
conformity
with
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
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
Notes
to
Financial
Statements
December
31,
2020
110
realized
gain
or
loss.
Written
options
include
a
risk
of
loss
in
excess
of
the
option
premium.
A
Fund
as
a
writer
of
an
option
has
no
control
over
whether
the
underlying
instrument
may
be
sold
(call)
or
purchased
(put)
and
thus
bears
the
market
risk
of
an
unfavorable
change
in
the
price
of
the
instrument
underlying
the
written
option.
There
is
also
the
risk
a
Fund
may
not
be
able
to
enter
into
a
closing
transaction
because
of
an
illiquid
market.
A
Fund’s
ability
to
close
out
its
position
as
a
purchaser
or
seller
of
a
put
or
call
option
is
dependent,
in
part,
upon
the
liquidity
of
the
market
for
that
particular
option.
There
can
be
no
guarantee
that
a
Fund
will
be
able
to
close
out
an
option
position
when
desired.
An
inability
to
close
out
its
options
positions
may
reduce
a
Fund’s
anticipated
profits
or
increase
its
losses.
As
of
December
31,
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
December
31,
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
December
31,
2020:
Fund
Counterparty
Currency
to
Deliver
Currency
to
Receive
Settlement
Date
Settlement
Value
at
December
31,
2020
Net
Unrealized
Depreciation
Emerging
Europe
Fund
Brown
Brothers
Harriman
&
Co.
TRY
8,000,000
USD
1,010,229
1/19/2021
$
1,069,138
$
(58,909)
Location
Global
Resources
Fund
World
Precious
Minerals
Fund
Asset
derivatives
Investments,
at
value
Purchased
options
–
Equity
risk
$
697,170
$
963,050
Total
$
697,170
$
963,050
Notes
to
Financial
Statements
December
31,
2020
111
The
following
is
a
summary
of
the
effect
of
derivative
instruments
on
the
Statements
of
Operations
as
of
December
31,
2020:
Location
Gold
and
Precious
Metals
Fund
Emerging
Europe
Fund
Asset
derivatives
Investments,
at
value
Purchased
options
–
Equity
risk
$
2,613,155
$
–
Liability
derivatives
Unrealized
loss
on
forward
foreign
currency
contracts
–
Currency
contract
risk
$
–
$
(58,909)
Total
$
2,613,155
$
(58,909)
Location
Global
Luxury
Goods
Fund
Global
Resources
Fund
World
Precious
Minerals
Fund
Realized
gain
(loss)
on
derivatives
recognized
in
income
Realized
gain
(loss)
from
securities
Purchased
options
–
Equity
risk
$
(652,432)
$
19,687
$
162,647
(652,432)
19,687
162,647
Change
in
unrealized
appreciation
(depreciation)
on
derivatives
recognized
in
income
Net
change
in
unrealized
appreciation
(depreciation)
of
investments
Purchased
options
–
Equity
risk
832,180
236,003
320,478
832,180
236,003
320,478
Total
$
179,748
$
255,690
$
483,125
Notes
to
Financial
Statements
December
31,
2020
112
The
total
value
of
transactions
in
purchased
options
and
forward
currency
contracts
outstanding
during
the
period
ended
December
31,
2020,
were
approximately
as
follows:
Location
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
$
543,892
$
(93,372)
Net
realized
gain
(loss)
from
foreign
currency
transactions
Foreign
exchange
contracts
–
Currency
contract
risk
–
94,791
543,892
1,419
Change
in
unrealized
appreciation
(depreciation)
on
derivatives
recognized
in
income
Net
change
in
unrealized
appreciation
(depreciation)
of
investments
Purchased
options
–
Equity
risk
1,393,316
–
Net
change
in
unrealized
gain
(loss)
from
other
assets
and
liabilities
denominated
in
foreign
currencies
Foreign
exchange
contracts
–
Currency
contract
risk
–
(58,909)
1,393,316
(58,909)
Total
$
1,937,208
$
(57,490)
Fund
Purchased
Options
Forward
Currency
Contracts
Global
Luxury
Goods
Fund
$
377,740
$
–
Global
Resources
Fund
366,840
–
World
Precious
Minerals
Fund
339,929
–
Gold
and
Precious
Metals
Fund
1,057,260
–
Emerging
Europe
Fund
102,877
35,411,386
Notes
to
Financial
Statements
December
31,
2020
113
Asset
(Liability)
amounts
shown
in
the
table
below
represent
amounts
for
derivative
related
instruments
at
December
31,
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,
2021,
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
$
697,170
$
–
$
–
$
697,170
World
Precious
Minerals
Assets:
Over-the-counter
derivatives
963,050
–
–
963,050
Gold
and
Precious
Metals
Assets:
Over-the-counter
derivatives
2,613,155
–
–
2,613,155
Emerging
Europe
Liabilities:
Over-the-counter
derivatives
(58,909)
–
–
(58,909)
*
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%
Global
Luxury
Goods
1.00%
Global
Resources
.95%
of
the
first
$500,000,000;
.90%
of
$500,000,001
to
$1,000,000,000
and
.85%
of
the
excess
World
Precious
Minerals
1.00%
of
the
first
$500,000,000;
.95%
of
$500,000,001
to
$1,000,000,000
and
.90%
of
the
excess
Gold
and
Precious
Metals
.90%
of
the
first
$500,000,000
and
.85%
of
the
excess
Notes
to
Financial
Statements
December
31,
2020
114
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
December
31,
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
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,
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.
Fund
Average
Percentage
of
Average
Daily
Net
Assets
Emerging
Europe
1.25%
China
Region
1.25%
Fund
Benchmark
Index
Global
Luxury
Goods
S&P
Composite
1500
Index
Global
Resources
S&P
Global
Natural
Resources
Index
(Net
Total
Return)
World
Precious
Minerals
NYSE
Arca
Gold
Miners
Index
Gold
and
Precious
Metals
FTSE
Gold
Mines
Index
Emerging
Europe
MSCI
Emerging
Markets
Europe
10/40
Index
(Net
Total
Return)
China
Region
Hang
Seng
Composite
Index
Fund
Investor
Class
Performance
Fee
Adjustment
Global
Luxury
Goods
$
(68,767)
Global
Resources
71,743
World
Precious
Minerals
(2,737)
Gold
and
Precious
Metals
(6,660)
Emerging
Europe
(5,343)
China
Region
17,658
Notes
to
Financial
Statements
December
31,
2020
115
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
December
31,
2020,
were
limited
as
follows:
U.S.
Government
Securities
Ultra-Short
Bond
Fund
at
0.45%,
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.
Effective
December
22,
2020,
the
Adviser
contractually
agreed
to
limit
the
total
operating
expenses
of
the
Global
Luxury
Goods
Fund
at
1.80%
on
an
annualized
basis
through
April
30,
2022.
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
year
ended
December
31,
2020,
are
summarized
as
follows:
5:
Tax
Information
The
following
table
presents
the
income
tax
basis
of
securities
owned
at
December
31,
2020,
and
the
tax
basis
components
of
net
unrealized
appreciation
(depreciation):
Fund
Purchases
Sales
U.S.
Government
Securities
Ultra-Short
Bond
$
25,313,247
$
43,807,295
Near-Term
Tax
Free
7,985,373
11,584,140
Global
Luxury
Goods
97,735,734
90,
911
,
846
Global
Resources
49,268,183
54,696,067
World
Precious
Minerals
29,513,096
40,926,867
Gold
and
Precious
Metals
48,153,826
51,195,758
Emerging
Europe
46,644,766
51,275,116
China
Region
29,852,435
33,213,767
Notes
to
Financial
Statements
December
31,
2020
116
As
of
December
31,
2020,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
The
differences
between
book-basis
and
tax-basis
unrealized
appreciation
(depreciation)
for
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
foreign
investment
companies
(PFIC),
section
988
forward
currency
contracts,
investments
in
real
estate
investment
trusts,
equity
return
of
capital
and
straddles.
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,
2020,
the
Funds
recorded
the
following
reclassifications
to
increase
(decrease)
the
accounts
listed
below:
Fund
Aggregate
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
U.S.
Government
Securities
Ultra-Short
Bond
$
36,446,152
$
18,924
$
–
$
18,924
Near-Term
Tax
Free
37,259,546
862,409
(4,441)
857,968
Global
Luxury
Goods
41,132,358
8,913,013
(1,264,032)
7,648,981
Global
Resources
103,203,663
12,957,145
(53,025,197)
(40,068,052)
World
Precious
Minerals
148,570,994
11,499,253
(44,043,473)
(32,544,220)
Gold
and
Precious
Metals
99,541,883
62,531,200
(6,047,550)
56,483,650
Emerging
Europe
20,814,651
3,861,105
(1,180,368)
2,680,737
China
Region
10,853,893
2,159,978
(409,307)
1,750,671
Fund
Undistributed
Tax-Exempt
Income
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Capital
and
Other
Losses
U.S.
Government
Securities
Ultra-Short
Bond
$
–
$
3,190
$
20,839
$
–
Near-Term
Tax
Free
–
–
–
(1,185,992)
Global
Luxury
Goods
–
467,482
–
(2,002,280)
Global
Resources
–
10,952,971
–
(238,962,770)
World
Precious
Minerals
–
37,847,177
–
(327,078,243)
Gold
and
Precious
Metals
–
2,957,457
–
(77,082,666)
Emerging
Europe
–
194,457
–
(25,981,202)
China
Region
–
–
515,064
–
Fund
(continued)
Net
Unrealized
Appreciation
(Depreciation)
Other
Temporary
Differences
Total
U.S.
Government
Securities
Ultra-Short
Bond
$
18,924
$
–
$
42,953
Near-Term
Tax
Free
857,968
–
(328,024)
Global
Luxury
Goods
7,649,038
–
6,114,240
Global
Resources
(39,996,555)
–
(268,006,354)
World
Precious
Minerals
(32,546,325)
–
(321,777,391)
Gold
and
Precious
Metals
56,484,486
–
(17,640,723)
Emerging
Europe
2,666,393
–
(23,120,352)
China
Region
1,750,797
–
2,265,861
Notes
to
Financial
Statements
December
31,
2020
117
The
tax
character
of
distributions
paid
during
the
fiscal
year
ended
December
31,
2020,
were
as
follows:
The
tax
character
of
distributions
paid
during
the
fiscal
year
ended
December
31,
2019,
were
as
follows:
Capital
loss
carryforwards
may
be
used
to
offset
current
or
future
taxable
capital
gains.
The
loss
carryforwards
for
each
Fund,
as
of
December
31,
2020,
are
as
follows:
Fund
Distributable
Earnings
Paid
in
Capital
U.S.
Government
Securities
Ultra-Short
Bond
$
–
$
–
Near-Term
Tax
Free
9
(9)
Global
Luxury
Goods
(73,036)
73,036
Global
Resources
–
–
World
Precious
Minerals
–
–
Gold
and
Precious
Metals
–
–
Emerging
Europe
–
–
China
Region
120,087
(120,087)
Fund
Tax-Exempt
Income
Ordinary
Income
Long-Term
Capital
Gains
Return
of
Capital
Total
U.S.
Government
Securities
Ultra-Short
Bond
$
–
$
136,320
$
6,118
$
–
$
142,438
Near-Term
Tax
Free
465,288
–
–
–
465,288
Global
Luxury
Goods
–
44,428
–
–
44,428
Global
Resources
–
3,364,615
–
–
3,364,615
World
Precious
Minerals
–
7,420,604
–
–
7,420,604
Gold
and
Precious
Metals
–
4,194,294
–
–
4,194,294
Emerging
Europe
–
869,616
–
–
869,616
China
Region
–
66,171
190,501
–
256,672
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
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
No
Expiration
Fund
Short-Term
Long-Term
Total
U.S.
Government
Securities
Ultra-Short
Bond
$
–
$
–
$
–
Near-Term
Tax
Free
664,007
521,985
1,185,992
Global
Luxury
Goods
1,632,479
369,801
2,002,280
Global
Resources
164,512,672
74,450,098
238,962,770
World
Precious
Minerals
86,135,402
240,942,841
327,078,243
Notes
to
Financial
Statements
December
31,
2020
118
During
the
year
ended
December
31,
2020,
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.
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.
No
Expiration
Fund
Short-Term
Long-Term
Total
Gold
and
Precious
Metals
$
39,804,965
$
37,277,701
$
77,082,666
Emerging
Europe
14,950,591
11,030,611
25,981,202
China
Region
–
–
–
Fund
Near-Term
Tax
Free
$
15,810
Gold
and
Precious
Metals
12,575,479
China
Region
1,624,457
Notes
to
Financial
Statements
December
31,
2020
119
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
year
ended
December
31,
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
The
global
outbreak
of
the
COVID-19
virus
has
caused
negative
effects
on
many
companies,
sectors,
countries,
regions,
and
financial
markets
in
general,
and
uncertainty
exists
as
to
its
long-term
implications.
The
effects
of
the
pandemic
may
adversely
impact
the
Fund's
assets
and
performance.
The
financial
statements
do
not
include
any
adjustments
that
might
result
from
the
outcome
of
this
uncertainty.
Financial
Highlights
120
U.S.
Government
Securities
Ultra-Short
Bond
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Investor
Class
Year
Ended
December
31,
2020
2019
2018
2017
2016
Ratios
to
Average
Net
Assets:
Expense
offset
–
–
–
–
–
Year
Ended
December
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
year
$
2.00
$
2.00
$
2.00
$
2.00
$
2.00
Investment
Activities
Net
investment
income
0.00
(a)
*
0.03
*
0.02
*
0.01
*
0.01
Net
realized
and
unrealized
gain
(loss)
0.01
0.00
(a)
0.00
(a)
(0.00
)
(a)
0.00
(a)
Total
from
investment
activities
0.01
0.03
0.02
0.01
0.01
Distributions
From
net
investment
income
(0.01
)
(0.03
)
(0.02
)
(0.01
)
(0.01
)
From
return
of
capital
–
–
–
–
(0.00
)
(a)
From
net
realized
gains
–
(0.00
)
(a)
–
–
(0.00
)
(a)
Net
asset
value,
end
of
year
$
2.00
$
2.00
$
2.00
$
2.00
$
2.00
Total
Return
(b)
0.32
%
1.50
%
1.15
%
0.69
%
0.47
%
Ratios
to
Average
Net
Assets:
Net
investment
income
0.24
%
1.47
%
1.14
%
0.68
%
0.43
%
Total
expenses
1.05
%
1.00
%
0.99
%
1.03
%
1.00
%
Expenses
waived
or
reimbursed
(c)
(0.60
)%
(0.55
)%
(0.54
)%
(0.58
)%
(0.55
)%
Net
expenses
(d)
0.45
%
0.45
%
0.45
%
0.45
%
0.45
%
Portfolio
turnover
rate
127
%
97
%
32
%
52
%
18
%
Net
assets,
end
of
year
(in
thousands)
$40,262
$42,681
$47,290
$49,427
$56,794
*
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:
Financial
Highlights
121
Near-Term
Tax
Free
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Investor
Class
Year
Ended
December
31,
2020
2019
2018
2017
2016
Ratios
to
Average
Net
Assets:
Expense
offset
(0.01)%
(0.08)%
(0.07)%
(0.04)%
(0.02)%
Year
Ended
December
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
year
$
2.22
$
2.20
$
2.21
$
2.21
$
2.25
Investment
Activities
Net
investment
income
0.02
*
0.03
*
0.03
*
0.03
*
0.03
Net
realized
and
unrealized
gain
(loss)
0.04
0.02
(0.01
)
–
(0.04
)
Total
from
investment
activities
0.06
0.05
0.02
0.03
(0.01
)
Distributions
From
net
investment
income
(0.02
)
(0.03
)
(0.03
)
(0.03
)
(0.03
)
From
return
of
capital
–
–
–
–
(0.00
)
(a)
Net
asset
value,
end
of
year
$
2.26
$
2.22
$
2.20
$
2.21
$
2.21
Total
Return
(b)
2.93
%
2.18
%
0.73
%
1.20
%
(0.45
)%
Ratios
to
Average
Net
Assets:
Net
investment
income
1.11
%
1.25
%
1.17
%
1.16
%
1.25
%
Total
expenses
1.09
%
1.05
%
1.01
%
1.03
%
0.97
%
Expenses
waived
or
reimbursed
(c)
(0.64
)%
(0.60
)%
(0.56
)%
(0.58
)%
(0.52
)%
Net
expenses
(d)
0.45
%
0.45
%
0.45
%
0.45
%
0.45
%
Portfolio
turnover
rate
20
%
35
%
16
%
14
%
33
%
Net
assets,
end
of
year
(in
thousands)
$41,762
$43,061
$49,914
$69,120
$95,301
*
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:
Financial
Highlights
122
Global
Luxury
Goods
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Investor
Class
Year
Ended
December
31,
2020
2019
2018
2017
2016
Ratios
to
Average
Net
Assets:
Expense
offset
(0.01)%
(0.15)%
(0.06)%
(0.04)%
(0.02)%
Year
Ended
December
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
year
$
17.09
$
15.36
$
19.52
$
18.65
$
18.59
Investment
Activities
Net
investment
loss
(0.04
)
*
(0.02
)
*
(0.06
)
*
(0.08
)
*
(0.06
)
Net
realized
and
unrealized
gain
(loss)
3.56
2.14
(1.61
)
3.66
1.68
Total
from
investment
activities
3.52
2.12
(1.67
)
3.58
1.62
Distributions
From
net
investment
income
(0.02
)
–
–
–
–
From
net
realized
gains
–
(0.39
)
(2.49
)
(2.71
)
(1.56
)
Short-Term
Trading
Fees*
–
–
–
0.00
(a)
0.00
(a)
Net
asset
value,
end
of
year
$
20.59
$
17.09
$
15.36
$
19.52
$
18.65
Total
Return
(b)
20.62
%
13.84
%
(8.28
)%
19.17
%
8.66
%
Ratios
to
Average
Net
Assets:
Net
investment
loss
(0.25
)%
(0.14
)%
(0.32
)%
(0.41
)%
(0.34
)%
Total
expenses
1.76
%
1.69
%
1.77
%
1.86
%
1.67
%
Expenses
waived
or
reimbursed
(c)
(0.01
)%
(0.15
)%
(0.06
)%
(0.04
)%
–
Net
expenses
(d)
1.75
%
1.54
%
1.71
%
1.82
%
1.67
%
Portfolio
turnover
rate
308
%
292
%
(e)
245
%
264
%
(e)
275
%
(e)
Net
assets,
end
of
year
(in
thousands)
$49,567
$35,076
$33,848
$41,597
$40,706
*
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.
Financial
Highlights
123
Global
Resources
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Investor
Class
Year
Ended
December
31,
2020
2019
2018
2017
2016
Ratios
to
Average
Net
Assets:
Expense
offset
(0.01)%
(0.08)%
(0.05)%
(0.02)%
(0.01)%
Year
Ended
December
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
year
$
4.61
$
4.33
$
6.09
$
5.25
$
4.72
Investment
Activities
Net
investment
income
*
0.01
0.10
0.12
0.11
0.06
Net
realized
and
unrealized
gain
(loss)
1.68
0.27
(1.67
)
0.91
0.64
*
Total
from
investment
activities
1.69
0.37
(1.55
)
1.02
0.70
Distributions
From
net
investment
income
(0.33
)
(0.09
)
(0.21
)
(0.18
)
(0.17
)
Short-Term
Trading
Fees*
–
–
–
0.00
(a)
0.00
(a)
Net
asset
value,
end
of
year
$
5.97
$
4.61
$
4.33
$
6.09
$
5.25
Total
Return
(b)
37.17
%
8.55
%
(25.48
)%
19.57
%
14.99
%
Ratios
to
Average
Net
Assets:
Net
investment
income
0.22
%
2.15
%
2.05
%
1.94
%
1.13
%
Total
expenses
2.09
%
1.61
%
1.57
%
1.61
%
1.85
%
Expenses
waived
or
reimbursed
(c)
(0.06
)%
(0.08
)%
(0.06
)%
(0.02
)%
(0.01
)%
Net
expenses
(d)
2.03
%
1.53
%
1.51
%
1.59
%
1.84
%
Portfolio
turnover
rate
105
%
129
%
(e)
119
%
131
%
(e)
255
%
(e)
Net
assets,
end
of
year
(in
thousands)
$63,891
$55,739
$60,699
$95,747
$97,005
*
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.
Financial
Highlights
124
World
Precious
Minerals
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Investor
Class
Year
Ended
December
31,
2020
2019
2018
2017
2016
Ratios
to
Average
Net
Assets:
Expense
offset
–
(f)
(0.04)%
(0.04)%
(0.02)%
(0.01)%
Year
Ended
December
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
year
$
3.31
$
2.70
$
4.69
$
6.35
$
3.64
Investment
Activities
Net
investment
loss
*
(0.07
)
(0.04
)
(0.03
)
(0.10
)
(0.09
)
Net
realized
and
unrealized
gain
(loss)
2.38
0.65
(1.49
)
(0.22
)
2.82
*
Total
from
investment
activities
2.31
0.61
(1.52
)
(0.32
)
2.73
Distributions
From
net
investment
income
(0.36
)
–
(0.47
)
(1.34
)
(0.02
)
Short-Term
Trading
Fees*
–
–
–
0.00
(a)
0.00
(a)
Net
asset
value,
end
of
year
$
5.26
$
3.31
$
2.70
$
4.69
$
6.35
Total
Return
(b)
70.60
%
22.59
%
(31.67
)%
(4.16
)%
75.08
%
Ratios
to
Average
Net
Assets:
Net
investment
loss
(1.77
)%
(1.31
)%
(0.77
)%
(1.51
)%
(1.28
)%
Total
expenses
1.81
%
1.55
%
1.52
%
1.84
%
1.99
%
Expenses
waived
or
reimbursed
(c)
–
(0.04
)%
(0.04
)%
(0.02
)%
(0.04
)%
Net
expenses
(d)
1.81
%
1.51
%
1.48
%
1.82
%
1.95
%
Portfolio
turnover
rate
34
%
20
%
(e)
55
%
36
%
(e)
136
%
(e)
Net
assets,
end
of
year
(in
thousands)
$116,247
$75,818
$69,117
$114,766
$137,338
*
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
125
Gold
and
Precious
Metals
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Investor
Class
Year
Ended
December
31,
2020
2019
2018
2017
2016
Ratios
to
Average
Net
Assets:
Expense
offset
(0.01)%
(0.08)%
(0.06)%
(0.03)%
(0.01)%
Year
Ended
December
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
year
$
10.14
$
6.70
$
7.96
$
7.04
$
4.89
Investment
Activities
Net
investment
loss
(0.09
)
*
(0.07
)
*
(0.06
)
*
(0.06
)
*
(0.07
)
Net
realized
and
unrealized
gain
(loss)
3.84
3.51
(1.08
)
0.98
2.28
Total
from
investment
activities
3.75
3.44
(1.14
)
0.92
2.21
Distributions
From
net
investment
income
(0.36
)
–
(0.12
)
–
(0.06
)
Short-Term
Trading
Fees*
–
–
–
0.00
(a)
(0.00
)
(a)
Net
asset
value,
end
of
year
$
13.53
$
10.14
$
6.70
$
7.96
$
7.04
Total
Return
(b)
37.06
%
51.34
%
(14.29
)%
13.07
%
45.36
%
Ratios
to
Average
Net
Assets:
Net
investment
loss
(0.82
)%
(0.90
)%
(0.87
)%
(0.84
)%
(1.02
)%
Total
expenses
1.60
%
1.59
%
1.76
%
1.68
%
1.73
%
Expenses
waived
or
reimbursed
(c)
(0.01
)%
(0.08
)%
(0.06
)%
(0.03
)%
(0.02
)%
Net
expenses
(d)
1.59
%
1.51
%
1.70
%
1.65
%
1.71
%
Portfolio
turnover
rate
37
%
36
%
(e)
74
%
67
%
(e)
181
%
(e)
Net
assets,
end
of
year
(in
thousands)
$160,318
$123,577
$86,106
$100,740
$93,988
*
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.
Financial
Highlights
126
Emerging
Europe
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Investor
Class
Year
Ended
December
31,
2020
2019
2018
2017
2016
Ratios
to
Average
Net
Assets:
Expense
offset
(0.01)%
(0.06)%
(0.04)%
(0.02)%
–
(f)
Year
Ended
December
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
year
$
7.70
$
6.05
$
7.29
$
5.94
$
5.20
Investment
Activities
Net
investment
income
0.05
*
0.21
*
0.14
*
0.08
*
0.07
Net
realized
and
unrealized
gain
(loss)
(1.43
)
1.59
(1.38
)
1.27
0.67
Total
from
investment
activities
(1.38
)
1.80
(1.24
)
1.35
0.74
Distributions
From
net
investment
income
(0.22
)
(0.15
)
–
–
–
Short-Term
Trading
Fees*
–
–
–
0.00
(a)
0.00
(a)
Net
asset
value,
end
of
year
$
6.10
$
7.70
$
6.05
$
7.29
$
5.94
Total
Return
(b)
(17.94
)%
29.76
%
(17.01
)%
22.73
%
14.23
%
Ratios
to
Average
Net
Assets:
Net
investment
income
0.76
%
3.08
%
2.05
%
1.26
%
1.19
%
Total
expenses
2.82
%
2.36
%
2.43
%
2.32
%
2.31
%
Expenses
waived
or
reimbursed
(c)
(0.16
)%
(0.06
)%
(0.04
)%
(0.02
)%
–
(f)
Net
expenses
(d)
2.66
%
2.30
%
2.39
%
2.30
%
2.31
%
Portfolio
turnover
rate
198
%
87
%
81
%
97
%
(e)
164
%
(e)
Net
assets,
end
of
year
(in
thousands)
$24,276
$36,453
$31,150
$45,302
$42,273
*
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
127
China
Region
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Investor
Class
Year
Ended
December
31,
2020
2019
2018
2017
2016
Ratios
to
Average
Net
Assets:
Expense
offset
(0.01)%
(0.10)%
(0.04)%
(0.05)%
(0.01)%
Year
Ended
December
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
year
$
9.12
$
7.56
$
11.53
$
7.32
$
7.41
Investment
Activities
Net
investment
income
(loss)
(0.08
)
*
0.07
*
0.10
*
(0.06
)
*
0.01
Net
realized
and
unrealized
gain
(loss)
1.14
1.59
(3.84
)
4.28
(0.09
)
Total
from
investment
activities
1.06
1.66
(3.74
)
4.22
(0.08
)
Distributions
From
net
investment
income
(0.05
)
(0.10
)
(0.08
)
(0.01
)
(0.01
)
From
net
realized
gains
(0.14
)
–
(0.15
)
–
–
Short-Term
Trading
Fees*
–
–
–
–
0.00
(a)
Net
asset
value,
end
of
year
$
9.99
$
9.12
$
7.56
$
11.53
$
7.32
Total
Return
(b)
11.75
%
21.99
%
(32.46
)%
57.67
%
(1.05
)%
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
(0.88
)%
0.77
%
0.96
%
(0.60
)%
0.12
%
Total
expenses
3.56
%
2.95
%
2.66
%
2.60
%
2.74
%
Expenses
waived
or
reimbursed
(c)
(0.87
)%
(0.51
)%
(0.22
)%
(0.09
)%
(0.38
)%
Net
expenses
(d)
2.69
%
2.44
%
2.44
%
2.51
%
2.36
%
Portfolio
turnover
rate
243
%
95
%
109
%
102
%
(e)
165
%
(e)
Net
assets,
end
of
year
(in
thousands)
$13,547
$14,459
$13,253
$29,775
$16,510
*
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.
128
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Trustees
and
Shareholders
of
U.S.
Global
Investors
Funds
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities
of
U.S.
Government
Securities
Ultra-Short
Bond
Fund,
Near-Term
Tax
Free
Fund,
Global
Luxury
Goods
Fund
(formerly,
Holmes
Macro
Trends
Fund),
Global
Resources
Fund,
World
Precious
Minerals
Fund,
Gold
and
Precious
Metals
Fund,
Emerging
Europe
Fund,
and
China
Region
Fund,
each
a
series
of
shares
of
beneficial
interest
in
U.S.
Global
Investors
Funds
(the
“Funds”),
including
the
portfolios
of
investments,
as
of
December
31,
2020,
and
the
related
statements
of
operations
for
the
year
then
ended,
the
statements
of
changes
in
net
assets
for
each
of
the
years
in
the
two-year
period
then
ended,
the
financial
highlights
for
each
of
the
years
in
the
five-year
period
then
ended,
and
the
related
notes
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Funds
as
of
December
31,
2020,
and
the
results
of
their
operations
for
the
year
then
ended,
the
changes
in
their
net
assets
for
each
of
the
years
in
the
two-year
period
then
ended
and
their
financial
highlights
for
each
of
the
years
in
the
five-year
period
then
ended,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Funds'
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(“PCAOB”)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
law
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audits
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Funds
are
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
their
internal
control
over
financial
reporting.
As
part
of
our
audits
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Funds’
internal
control
over
financial
reporting.
Accordingly,
we
express
no
such
opinion.
129
Report
of
Independent
Registered
Public
Accounting
Firm
Our
audits
included
performing
procedures
to
assess
the
risk
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2020
by
correspondence
with
the
custodian,
brokers,
or
by
other
appropriate
auditing
procedures
where
replies
from
brokers
were
not
received.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
BBD,
LLP
We
have
served
as
the
auditor
of
one
or
more
of
the
Funds
in
the
U.S.
Global
Investors
Funds
since
2016.
Philadelphia,
Pennsylvania
February
26,
2021
Trustees
and
Officers
(
unaudited
)
December
31,
2020
130
The
following
table
presents
information
about
the
Trustees
as
of
December
31,
2020,
together
with
a
brief
description
of
their
principal
occupations
during
the
last
five
years.
Each
trustee
serves
until
his
death,
resignation
or
removal
and
replacement.
The
address
for
all
trustees
is
c/o
Apex
Fund
Services,
Three
Canal
Plaza,
Suite
600,
Portland,
Maine
04101.
If
you
would
like
more
information
about
the
Trustees,
you
may
call
1-800-US-FUNDS
(1-800-873-8637)
to
request
a
free
copy
of
the
Statement
of
Additional
Information.
Jessica
Chase
is
currently
treated
as
an
interested
person
of
the
Trust,
as
defined
in
the
1940
Act,
due
to
her
affiliation
with
Apex
Fund
Services
and
her
role
as
President
of
the
Trust.
Apex
Fund
Services
is
a
wholly
owned
subsidiary
of
Apex
US
Holdings
LLC.
The
following
table
presents
information
about
each
Officer
of
the
Trust
as
of
December
31,
2020,
together
with
a
brief
description
of
their
principal
occupations
during
the
last
five
years.
Each
officer
serves
until
his
or
her
death,
resignation
or
removal
and
replacement.
The
business
address
of
each
officer
is
c/o
Apex
Fund
Services,
Three
Canal
Plaza,
Suite
600,
Portland,
Maine
04101.
Name
and
Year
of
Birth
Position
with
the
Trust
Length
of
Time
Served
Principal
Occupation(s)
During
Past
Five
Years
Number
of
Series
in
Fund
Complex
Overseen
By
Trustee
Other
Directorships
Held
By
Trustee
During
Past
Five
Years
Independent
Trustees
David
Tucker
Born:
1958
Chairman
of
the
Board;
Trustee;
Chairman,
Nominating
Committee
and
Qualified
Legal
Compliance
Committee
Since
2015
Director,
Blue
Sky
Experience
(a
charitable
endeavor),
since
2008;
Senior
Vice
President
&
General
Counsel,
American
Century
Companies
(an
investment
management
firm),
1998-2008.
8
Trustee,
Forum
Funds;
Trustee,
Forum
Funds
II
Mark
D.
Moyer
Born:
1959
Trustee;
Chairman
Audit
Committee
Since
2015
Chief
Financial
Officer,
Freedom
House
(a
NGO
advocating
political
freedom
and
democracy),
since
2017;
independent
consultant
providing
interim
CFO
services,
principally
to
non-profit
organizations,
2011-
2017.
8
Trustee,
Forum
Funds;
Trustee,
Forum
Funds
II
Jennifer
Brown-Strabley
Born:
1964
Trustee
Since
2015
Principal,
Portland
Global
Advisors
(a
registered
investment
adviser),
1996-2010.
8
Trustee,
Forum
Funds;
Trustee,
Forum
Funds
II
Interested
Trustees
(1)
Jessica
Chase
Born:
1970
Trustee
Since
2019
Director,
Apex
Fund
Services
since
2019;
Senior
Vice
President,
Atlantic
Fund
Services
2008-2019.
8
Trustee,
Forum
Funds;
Trustee,
Forum
Funds
II
Trustees
and
Officers
(
unaudited
)
December
31,
2020
131
Principal
Officers
of
the
Trust
Name
and
Year
of
Birth
Position
with
the
Trust
Length
of
Time
Served
Principal
Occupation(s)
During
Past
Five
Years
Jessica
Chase
Born:
1970
President;
Principal
Executive
Officer
Since
2015
Director,
Apex
Fund
Services
since
2019;
Senior
Vice
President,
Atlantic
Fund
Services
2008-2019.
Karen
Shaw
Born:
1972
Treasurer;
Principal
Financial
Officer
Since
2015
Senior
Vice
President,
Apex
Fund
Services
since
2019;
Senior
Vice
President,
Atlantic
Fund
Services
2008-2019.
Zachary
Tackett
Born:
1988
Vice
President;
Secretary
and
Anti-
Money
Laundering
Compliance
Officer
Since
2015
Counsel,
Apex
Fund
Services
since
2019;
Counsel,
Atlantic
Fund
Services
2014-2019.
Carlyn
Edgar
Born:
1963
Chief
Compliance
Officer,
Code
of
Ethics
Review
Officer
Since
2015
Senior
Vice
President,
Apex
Fund
Services
since
2019;
Senior
Vice
President,
Atlantic
Fund
Services
2008-2014.
Lisa
Callicotte
Born:
1973
Vice
President
Since
2020
Chief
Financial
Officer,
U.S.
Global
Investors,
Inc.
since
2013;
Controller,
U.S.
Global
Investors,
Inc.,
2009-2013;
Senior
Manager,
Ernst
&
Young
LLP,
1997-2009.
Approval
of
Investment
Advisory
Agreement
(
unaudited
)
December
31,
2020
132
At
the
September
10,
2020
Board
meeting
(“September
meeting”),
the
Board
of
Trustees
(the
“Board”)
of
U.S.
Global
Investors
Funds
(the
“Trust”),
including
all
the
trustees
who
are
not
“interested
persons”
of
the
Trust
(the
“Independent
Trustees”),
met
and
considered
the
approval
of
the
continuance
of
the
investment
advisory
agreement
between
U.S.
Global
Investors,
Inc.
(the
“Adviser”)
and
the
Trust
(the
“Advisory
Agreement”),
on
behalf
of
each
series
of
the
Trust
(each,
a
“Fund”
and
together,
the
“Funds”)
for
an
additional
one-year
term
ended
September
30,
2021.
In
considering
approval
of
the
Advisory
Agreement,
the
Board
reviewed
a
variety
of
materials
relating
to
each
Fund
and
the
Adviser,
including
(i)
the
nature,
extent
and
quality
of
services
provided;
(ii)
a
comparison
of
services
rendered
and
amounts
paid
to
other
registered
investment
companies;
(iii)
the
investment
performance
of
the
Funds
measured
against
appropriate
benchmarks
and
peer
groups;
(iv)
the
costs
of
services
provided
and
estimated
profits
realized
by
the
Adviser;
(v)
the
extent
to
which
economies
of
scale
are
realized
as
the
Funds
grow;
(vi)
whether
fee
levels
reflect
any
economies
of
scale
for
the
benefit
of
Fund
shareholders;
and
(vii)
fall-out
benefits
realized
by
the
Adviser
(and
its
affiliates)
from
its
relationship
with
the
Funds,
if
any.
In
preparation
for
the
September
meeting,
the
Board
was
presented
with
a
range
of
information
to
assist
in
its
deliberations.
Those
materials
included
information
from
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
source
of
data
about
the
mutual
fund
industry,
which
compared
each
Fund’s
total
contractual
and
actual
investment
advisory
fees,
total
expenses,
and
performance
with
a
group
of
peer
funds
that
were
selected
by
Broadridge.
The
Board
also
received
a
memorandum
from
Independent
Legal
Counsel
concerning
their
responsibilities
with
respect
to
the
approval
of
the
investment
advisory
agreement.
The
Independent
Trustees
met
in
executive
session
with
Independent
Legal
Counsel
while
deliberating.
The
Board
reviewed
the
functions
performed
by
the
Adviser,
the
portfolio
management
team
and
support
staff
of
the
Adviser,
the
Adviser’s
investment
strategy
and
process
for
each
Fund,
and
the
Adviser’s
financial
condition,
and
considered
the
quality
of
services
provided.
Based
on
the
presentation
and
the
materials
provided
by
the
Adviser
in
connection
with
the
Board’s
consideration
of
the
renewal
of
the
Advisory
Agreement,
and
other
relevant
considerations,
the
Board
concluded
that,
overall,
it
was
satisfied
with
the
nature,
extent
and
quality
of
services
to
be
provided
to
the
Funds
under
the
Advisory
Agreement.
With
respect
to
performance,
the
Board
noted
the
Adviser’s
overall
representation
that
the
Funds’
relatively
small
asset
size
meant
that
fund
expenses
also
served
as
a
disproportionate
drag
on
performance
relative
to
the
larger
peers
in
each
Fund’s
respective
Broadridge
peer
group.
For
the
All
American
Equity
Fund,
the
information
showed
that
the
Fund
underperformed
the
median
of
its
Broadridge
peers
for
the
one-,
three-
and
five-year
periods
ended
June
30,
2020.
The
Board
also
observed
that
the
Fund
underperformed
the
S&P
500
Index,
the
Fund’s
primary
benchmark
index,
for
the
one-,
three-,
five-,
and
10-year
periods
ended
June
30,
2020.
The
Board
noted
the
Adviser’s
representation
that
the
Fund’s
underperformance
could
be
attributed,
at
least
in
part,
to
the
Fund’s
narrow
investment
focus
and
on
the
Fund’s
emphasis
on
stocks
exhibiting
strong
shareholder
yield
characteristics,
which
was
out
of
favor
in
the
market.
The
Board
also
noted
the
Adviser’s
representation
that
the
Adviser
continues
to
evaluate
opportunities
to
improve
its
investment
model.
Finally,
the
Board
acknowledged
that
Approval
of
Investment
Advisory
Agreement
(
unaudited
)
December
31,
2020
133
it
had
recently
approved
a
proposal
presented
by
the
Adviser
to
reorganize
the
All
American
Equity
Fund
into
the
Global
Luxury
Goods
Fund,
another
series
of
the
Trust,
subject
to
shareholder
approval,
which
reorganization
was
expected
to
take
place
in
December
2020.
For
the
Global
Luxury
Goods
Fund
(previously
the
Holmes
Macro
Trends
Fund),
the
information
showed
that
the
Fund
underperformed
the
median
of
its
Broadridge
peer
group
for
the
one-,
three-,
and
five-year
periods
ended
June
30,
2020.
The
Board
observed
that
the
Fund
also
underperformed
the
S&P
Composite
1500
Index
for
the
one-,
three-,
five-,
and
10-year
periods
ended
June
30,
2020.
The
Board
noted
the
Adviser’s
representation
that
underperformance
of
the
Fund
could
be
attributed,
at
least
in
part,
to
the
Fund’s
emphasis
on
a
few
specific
fundamental
metrics
to
drive
performance,
and
that
such
factors
had
been
out
of
favor
in
the
market.
The
Board
observed
that,
as
of
July
1,
2020,
the
fund’s
investment
strategy
was
changed
to
focus
on
investments
in
the
luxury
goods
sector
and
noted
the
Adviser’s
representation
that
the
performance
exhibited
by
the
Fund
since
the
change
in
the
Fund’s
investment
strategy
was
consistent
with
the
Adviser’s
expectations.
For
the
Global
Resources
Fund,
the
information
showed
that
the
Fund
outperformed
the
median
of
its
Broadridge
peer
group
for
the
one-year
period
ended
June
30,
2020
and
underperformed
the
median
of
its
Broadridge
peer
group
for
the
three-
and
five-year
periods
ended
June
30,
2020.
The
Board
also
observed
that
the
Fund
outperformed
the
S&P
Global
Natural
Resources
Index
(Net
Total
Return),
its
primary
benchmark
index,
for
the
one-year
period
ended
June
30,
2020
and
underperformed
the
primary
benchmark
for
the
three-,
five-,
and
10-year
periods
ended
June
30,
2020.
The
Board
noted
the
Adviser’s
representation
that
the
Fund’s
relative
underperformance
over
the
longer
term
could
be
attributed,
at
least
in
part,
to
sector
allocation
and
higher
relative
exposure
to
certain
market
sectors,
and
that
the
Fund’s
improved
short-term
performance
could
be
attributed,
at
least
in
part,
to
reduced
exposure
to
conventional
oil
and
gas
investments,
which
have
underperformed
over
the
near
term,
and
more
diverse
exposure
to
alternative
energy
investments.
For
the
World
Precious
Minerals
Fund,
the
information
showed
that
the
Fund
underperformed
the
median
of
its
Broadridge
peers
for
the
one-,
three-
and
five-year
period
ended
June
30,
2020.
The
Board
observed
that
the
Fund
also
underperformed
the
NYSE
Arca
Gold
Miners
Index,
its
primary
benchmark
index,
for
the
one-,
three-,
and
five-year
periods
ended
June
30,
2020.
The
Board
noted
that
the
Fund’s
underperformance
relative
to
the
index
and
peers
can
be
attributed,
at
least
in
part,
to
the
performance
of
the
exploration
and
development
companies
in
which
the
Fund
invested.
The
Board
also
noted
the
Adviser’s
representation
that
the
investor
sentiment
toward
the
gold
and
precious
metals
markets
had
improved
year-
to-date.
For
the
Gold
and
Precious
Metals
Fund,
the
information
showed
that
the
Fund
underperformed
the
median
of
its
Broadridge
peers
for
the
one-
and
three-year
periods
ended
June
30,
2020
and
outperformed
the
median
of
the
Broadridge
peers
for
the
five-year
period
ended
June
30,
2020.
The
Board
observed
that
the
Fund
underperformed
the
FTSE
Gold
Mines
Index,
its
primary
benchmark
index,
for
the
one-,
three-,
five-,
and
10-year
periods
ended
June
30,
2020.
The
Board
noted
the
Adviser’s
representation
that
the
Fund’s
relative
underperformance
over
relevant
periods
could
be
attributable,
in
part,
to
market
preference
for
larger
and
more
liquid
gold
companies,
whereas
the
Fund
tended
to
invest
in
companies
with
significantly
lower
median
market
capitalizations.
The
Board
noted
further
the
Adviser’s
representation
Approval
of
Investment
Advisory
Agreement
(
unaudited
)
December
31,
2020
134
that
investor
sentiment
toward
junior
mining
and
exploration
companies
had
improved
year-
to-date.
For
the
Emerging
Europe
Fund,
the
information
showed
that
the
Fund
underperformed
the
median
of
the
Broadridge
peer
group
for
the
one-,
three-
and
five-year
periods
ended
June
30,
2020.
The
Board
observed
that
the
Fund
underperformed
the
MSCI
Emerging
Markets
Europe
10/40
Index
(Net
Total
Return),
the
Fund’s
primary
benchmark
index,
for
the
one-,
three-,
five-,
and
10-year
periods
ended
June
30,
2020.
The
Board
noted
the
Adviser’s
representation
that
the
funds
in
the
Broadridge
peer
group
consist
of
broad
emerging
market
strategies
that
are
not
subject
to
the
same
constraints
on
investments
as
the
Fund,
whereas
the
Fund
employs
a
unique,
dedicated
emerging
Europe
strategy.
For
the
China
Region
Fund,
the
information
showed
that
the
Fund
underperformed
the
median
of
the
Broadridge
peer
group
for
the
one-,
three-,
and
five-year
periods
ended
June
30,
2020.
The
Board
observed
that
the
Fund
outperformed
the
Hang
Seng
Composite
Index,
its
primary
benchmark
index,
for
the
one-
and
five-year
periods
ended
June
30,
2020
and
underperformed
the
Hang
Seng
Composite
Index
for
the
three-
and
10-year
periods
ended
June
30,
2020.
The
Board
noted
the
Adviser’s
representation
that
the
Fund’s
relative
underperformance
could
be
attributed,
in
part,
to
trade
war
concerns
during
2018
and
2019,
as
well
as
the
Fund’s
model-
driven
preference
for
certain
subsectors
that
underperformed
the
market
on
the
whole.
For
the
Near-Term
Tax-Free
Fund,
the
information
showed
that
the
Fund
underperformed
the
median
of
its
Broadridge
peer
group
for
the
one-,
three-,
and
five-year
periods
ended
June
30,
2020.
The
Board
also
noted
that
the
Fund
underperformed
the
Bloomberg
Barclays
3-Year
Municipal
Bond
Index,
the
Fund’s
primary
benchmark
index,
for
the
one-,
three-,
five-,
and
10-year
periods
ended
June
30,
2020.
The
Board
noted
the
Adviser’s
representation
that
the
Fund’s
relative
underperformance
was
a
result
of
the
Fund’s
duration
being
shorter
than
the
benchmark
and
peers
over
a
period
during
which
falling
yields
and
interest
rates
benefitted
longer
maturity
investment
strategies.
For
the
U.S.
Government
Securities
Ultra-Short
Bond
Fund,
the
information
showed
that
the
Fund
underperformed
the
median
of
its
Broadridge
peer
group
for
the
one-,
three-,
and
five-
year
periods
ended
June
30,
2020.
The
Board
also
noted
that
the
Fund
underperformed
the
Bloomberg
Barclays
U.S.
Treasury
Bills
6-9
Month
Total
Return
Index,
the
Fund’s
primary
benchmark
index,
for
the
one-,
three-,
five-,
and
10-year
periods
ended
June
30,
2020.
The
Board
noted
the
Adviser’s
representation
that
the
Fund’s
relative
underperformance
was
a
result
of
the
Fund’s
duration
being
shorter
than
the
benchmark
and
peers
over
a
period
during
which
falling
yields
and
interest
rates
benefitted
longer
maturity
investment
strategies.
The
Board
also
reviewed
information
on
each
Fund’s
advisory
fee
and
expense
ratios
compared
to
the
advisory
fees
and
expense
ratios
of
a
peer
group
of
funds
based
upon
information
prepared
by
Broadridge.
For
the
All
American
Equity
Fund,
the
information
showed
that,
as
of
June
30,
2020,
the
Fund’s
actual
advisory
fee
rate
and
actual
total
expense
ratio
were
each
higher
than
the
median
of
its
Broadridge
peer
group.
For
the
Global
Luxury
Goods
Fund
(formerly
the
Holmes
Macro
Trends
Fund),
the
information
showed
that,
as
of
June
30,
2020,
the
Fund’s
actual
advisory
fee
rate
and
actual
total
expense
ratio
were
each
higher
than
the
median
of
its
Broadridge
peer
group.
Approval
of
Investment
Advisory
Agreement
(
unaudited
)
December
31,
2020
135
For
the
Global
Resources
Fund,
the
information
showed
that,
as
of
June
30,
2020,
the
Fund’s
actual
advisory
fee
rate
and
its
actual
total
expense
ratio
were
each
higher
than
the
median
of
its
Broadridge
peer
group.
For
the
World
Precious
Minerals
Fund,
the
information
showed
that,
as
of
June
30,
2020,
the
Fund’s
actual
advisory
fee
rate
was
lower
that
the
median
of
its
Broadridge
peer
group
and
that
the
actual
total
expense
ratio
was
higher
than
the
median
of
its
Broadridge
peer
group,
though
the
Board
noted
that
the
total
expense
ratios
of
all
of
the
peers
were
within
a
narrow
range.
For
the
Gold
and
Precious
Metals
Fund,
the
information
showed
that,
as
of
June
30,
2020,
the
Fund’s
actual
advisory
fee
rate
was
lower
than
the
median
of
its
Broadridge
peer
group
and
that
the
actual
total
expense
ratio
was
higher
than
the
median
of
its
Broadridge
peer
group.
For
the
Emerging
Europe
Fund,
the
information
showed
that,
as
of
June
30,
2020,
each
of
the
Fund’s
actual
advisory
fee
rate
and
actual
total
expense
ratio
were
higher
than
the
median
of
its
Broadridge
peer
group.
For
the
China
Region
Fund,
the
information
showed
that,
as
of
June
30,
2020,
the
Fund’s
actual
advisory
fee
rate
was
lower
than
the
median
of
its
Broadridge
peer
group
and
that
the
actual
total
expense
ratio
was
higher
than
the
median
of
its
Broadridge
peer
group.
For
the
Near-Term
Tax-Free
Fund,
the
information
showed
that,
as
of
June
30,
2020,
the
Fund’s
actual
advisory
fee
rate
and
actual
total
expense
ratio
were
each
lower
than
the
median
of
its
Broadridge
peer
group.
For
the
U.S.
Government
Securities
Ultra-Short
Bond
Fund,
the
information
showed
that,
as
of
June
30,
2020,
the
Fund’s
actual
advisory
fee
rate
and
actual
total
expense
ratio
were
each
lower
than
the
median
of
its
Broadridge
peer
group.
The
Board
considered
the
Adviser’s
representation
that
higher
expenses
are
inherent
in
small
fund
complexes,
such
as
the
Trust,
noting
the
difficulty
that
small
complexes
face
in
spreading
increasing
overhead
over
a
small
asset
base.
The
Board
noted
the
Adviser’s
representation
that
the
Adviser
continues
to
evaluate
opportunities
to
reduce
expenses
that
negatively
affect
the
Funds’
investment
results.
In
addition,
the
Board
noted
that
the
Adviser
is
contractually
limiting
expenses
(exclusive
of
acquired
fund
fees
and
expenses,
extraordinary
expenses,
taxes,
brokerage
commissions
and
interest)
on
an
annualized
basis
for
the
Near-Term
Tax-
Free
Fund
at
0.45%
of
average
net
assets
through
at
least
April
30,
2021.
The
Board
also
noted
that
the
Adviser
is
currently
voluntarily
limiting
expenses
at
the
following
levels
for
the
Funds
(all
voluntary
expense
limitations
may
be
modified
or
removed
by
the
Adviser
at
any
time
and
are
exclusive
of
acquired
fund
fees
and
expenses,
extraordinary
expenses,
taxes,
brokerage
commissions,
interest,
and
advisory
fee
performance
adjustments,
if
any):
Approval
of
Investment
Advisory
Agreement
(
unaudited
)
December
31,
2020
136
The
Board
further
noted
that
the
Adviser
had
contractually
agreed
to
limit
expenses
(exclusive
of
acquired
fund
fees
and
expenses,
extraordinary
expenses,
taxes,
brokerage
commissions,
performance
fees,
and
interest)
on
an
annualized
basis
for
the
Global
Luxury
Goods
Fund
at
1.80%
of
average
net
assets,
effective
December
22,
2020
through
at
least
April
30,
2022.
The
Board
considered
the
fee
structure
of
the
Advisory
Agreement,
including
the
costs
of
the
services
provided
and
the
profits
realized
by
the
Adviser
and
its
affiliates
from
their
relationship
with
the
Funds.
As
part
of
its
review
of
the
Advisory
Agreement,
the
Board
considered
whether
the
Funds
would
benefit
from
any
economies
of
scale.
In
this
respect,
the
Board
considered
the
Funds’
fee
structures,
asset
sizes,
and
net
expense
ratios.
The
Board
noted
the
Adviser’s
representation
that
economies
of
scale
could
be
experienced
by
shareholders
of
the
Funds
upon
reaching
significantly
higher
asset
levels
but
that,
in
light
of
the
Funds’
current
asset
levels,
breakpoints
in
the
advisory
fee
were
not
believed
by
the
Adviser
to
be
appropriate
at
this
time.
Based
on
the
foregoing
information
and
other
applicable
considerations,
the
Board
concluded
that
the
asset
levels
of
the
Funds
were
not
consistent
with
the
existence
of
economies
of
scale
and
that
economies
of
scale
were
not
a
material
factor
in
approving
the
continuation
of
the
Advisory
Agreement.
Based
on
all
the
above-mentioned
factors,
other
information
provided,
and
related
conclusions,
with
no
single
factor
or
conclusion
being
determinative
and
with
each
Trustee
not
necessarily
attributing
the
same
weight
to
each
factor,
the
Board,
including
the
Independent
Trustees,
concluded
that
the
nature,
extent
and
quality
of
services
provided
by
the
Adviser
supported
the
renewal
of
the
advisory
agreement
with
the
Adviser.
Funds
Expense
Cap
China
Region
Fund
2.55%
Emerging
Europe
Fund
2.85%
Global
Luxury
Goods
(formerly
the
Holmes
Macro
Trends
Fund)
2.20%
Global
Resources
Fund
1.90%
Gold
and
Precious
Metals
Fund
1.90%
World
Precious
Minerals
Fund
1.90%
U.S.
Government
Securities
Ultra-Short
Bond
Fund
0.45%
137
Additional
Information
(
unaudited
)
Liquidity
Risk
Management
Program
The
Funds
have
adopted
and
implemented
a
written
liquidity
risk
management
program,
as
required
by
Rule
22e-4
(the
“Liquidity
Rule”)
under
the
Investment
Company
Act
of
1940,
as
amended.
The
liquidity
risk
management
program
is
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk,
taking
into
consideration,
among
other
factors,
each
Fund’s
investment
strategy
and
the
liquidity
of
its
portfolio
investments
during
normal
and
reasonably
foreseeable
stressed
conditions;
its
short
and
long-term
cash
flow
projections;
and
its
cash
holdings
and
access
to
other
funding
sources.
The
Board
approved
the
designation
of
the
Trust’s
Valuation
Committee
as
the
administrator
of
the
liquidity
risk
management
program
(the
“Program
Administrator”).
The
Program
Administrator
is
responsible
for
the
administration
and
oversight
of
the
program
and
for
reporting
to
the
Board
on
at
least
an
annual
basis
regarding,
among
other
things,
the
program’s
operation,
adequacy,
and
effectiveness.
The
Program
Administrator
assessed
each
Fund’s
liquidity
risk
profile
based
on
information
gathered
for
the
period
December
1,
2019
through
June
30,
2020
in
order
to
prepare
a
written
report
to
the
Board
for
review
at
its
meeting
held
on
September
10,
2020.
The
Program
Administrator’s
report
stated
that:
(i)
each
Fund
is
able
to
meet
redemptions
in
normal
and
reasonably
foreseeable
stressed
conditions
and
without
significant
dilution
of
remaining
shareholders’
interests
in
the
Fund;
(ii)
each
Fund’s
strategy
is
appropriate
for
an
open-end
mutual
fund;
(iii)
the
liquidity
classification
determinations
regarding
each
Fund’s
portfolio
investments,
which
take
into
account
a
variety
of
factors
and
may
incorporate
analysis
from
one
or
more
third-party
data
vendors,
remained
appropriate;
(iv)
the
Funds
did
not
approach
the
internal
triggers
set
forth
in
the
liquidity
risk
management
program
or
the
regulatory
percentage
limitation
(15%)
on
holdings
in
illiquid
investments;
(v)
it
continues
to
be
appropriate
to
not
set
a
“highly
liquid
investment
minimum”
for
the
Funds
because
the
Funds
primarily
hold
“highly
liquid
investments”;
and
(vi)
the
liquidity
risk
management
program
remains
reasonably
designed
and
adequately
implemented
to
prevent
violations
of
the
Liquidity
Rule.
No
significant
liquidity
events
impacting
the
Funds
were
noted
in
the
report.
Shareholder
Proxy
Vote
The
Special
Meeting
of
Shareholders
(the
“Meeting”)
of
the
All
American
Equity
Fund
(the
“Target
Fund”),
originally
convened
on
November
27,
2020,
and
reconvened
on
December
15,
2020,
pursuant
to
notice
duly
given
in
accordance
with
the
Declaration
of
Trust
of
U.S.
Global
Investors
Funds
(“Trust”).
The
purpose
of
the
Meeting
was
to
vote
upon
an
agreement
and
plan
of
reorganization
(the
“Plan”)
providing
for
(i)
the
transfer
of
all
of
the
assets
of
the
Target
Fund
to
the
Global
Luxury
Goods
Fund
(formerly,
Holmes
Macro
Trends
Fund)
(the
“Acquiring
Fund”),
a
series
of
the
Trust,
in
exchange
for
shares
of
the
Acquiring
Fund
with
an
aggregate
net
asset
value
(“NAV”)
equal
to
the
aggregate
NAV
of
the
shares
of
the
Target
Fund,
and
the
Acquiring
Fund’s
assumption
of
all
of
the
liabilities
of
the
Target
Fund,
followed
by
(ii)
the
liquidating
distribution
by
the
Target
Fund
to
its
shareholders
of
the
shares
of
the
Acquiring
Fund
in
proportion
to
their
respective
holdings
of
shares
of
the
Target
Fund
(the
“Reorganization”).
The
proposal
received
the
affirmative
vote
of
183,401
of
the
total
259,439
shares
voted,
representing
an
approval
rate
of
70.69%
of
the
total
shares
present
and
voted
at
the
Meeting.
138
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.
In
early
2020,
the
Funds
reported
on
Form
1099-DIV
the
tax
status
of
all
distributions
made
during
the
2019
calendar
year.
The
Funds
intend
to
distribute
the
maximum
amount
of
qualified
dividend
income
allowable.
The
amount
of
qualified
dividend
income
distributed
by
each
Fund
will
be
reported
to
shareholders
on
their
Form
1099-DIV.
Shareholders
should
use
the
information
on
Form
1099-DIV
for
their
income
tax
returns.
Additional
Federal
Tax
Information
The
percentage
of
tax-exempt
dividends
paid
by
the
Near-Term
Tax
Free
Fund
for
the
year
ended
December
31,
2020,
was
100.00%.
The
percentage
of
ordinary
income
dividends
paid
by
the
Funds
during
the
year
ended
December
31,
2020,
which
qualify
as
Qualified
Dividends
Income
(QDI)
and
the
Dividends
Received
Deduction
(DRD)
available
to
corporate
shareholders
was:
The
amounts
which
represent
foreign
source
income
and
foreign
taxes
paid
during
the
year
ended
December
31,
2020,
are
as
follows:
Qualified
Dividend
Income
Dividend
Received
Deduction
Qualified
Investment
Income
Qualified
Short
Term
Gain
Dividends
U.S.
Government
Securities
Ultra-Short
Bond
–%
–%
75.05%
18.37%
Global
Luxury
Goods
69.38%
42.61%
–%
–%
Global
Resources
45.23%
4.83%
–%
–%
World
Precious
Minerals
0.18%
0.02%
0.61%
–%
Gold
and
Precious
Metals
10.58%
0.79%
–%
–%
Emerging
Europe
100.00%
0.01%
–%
–%
China
Region
92.94%
–%
–%
–%
139
Additional
Information
(
unaudited
)
Foreign
Source
Income
Foreign
Tax
Credit
Global
Resources
$
1,085,017
$
137,995
World
Precious
Minerals
40,496
5,584
Gold
and
Precious
Metals
1,122,169
136,907
Emerging
Europe
1,005,131
142,166
China
Region
251,034
18,006
Expense
Example
(
unaudited
)
December
31,
2020
140
As
a
shareholder
of
the
funds,
you
incur
two
types
of
costs:
(1)
transaction
costs,
including
short-term
trading
fees
and
exchange
fees;
and
(2)
ongoing
costs,
including
management
fees,
distribution
plan
fees,
shareholder
reports
(like
this
one),
and
other
fund
expenses.
This
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
(July
1,
2020
to
December
31,
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
)
December
31,
2020
141
Beginning
Account
Value
July
1,
2020
Ending
Account
Value
December
31,
2020
Expenses
Paid
During
Period
*
U.S.
Government
Securities
Ultra-Short
Bond
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
1,000.00
$
2.26
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,022.87
$
2.29
Near-Term
Tax
Free
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
1,014.11
$
2.28
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,022.87
$
2.29
Global
Luxury
Goods
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
1,35
5
.
34
$
11.19
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,015.63
$
9.58
Global
Resources
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
1,52
0
.
03
$
13.
49
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,014.43
$
10.79
World
Precious
Minerals
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
1,411.69
$
11.52
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,015.58
$
9.63
Gold
and
Precious
Metals
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
1,211.71
$
9.34
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,016.69
$
8.52
Emerging
Europe
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
1,108.68
$
15.11
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,010.81
$
14.41
China
Region
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
1,164.73
$
14.37
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,011.86
$
13.35
*
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
December
31,
2020,
were
0.45%,
0.45%,
2.13%,
1.90%,
1.68%,
2.85%,
2.64%
and
1.89%,
respectively,
for
the
U.S.
Government
Securities
Ultra-Short
Bond,
Near-Term
Tax
Free,
Global
Resources,
World
Precious
Minerals,
Gold
and
Precious
Metals,
Emerging
Europe,
China
Region
and
Global
Luxury
Goods
Funds.
The
funds'
Institutional
Class'
annualized
expense
ratios
(after
reimbursements
and
offsets)
for
the
six
month
period
ended
December
31,
2020,
were,
respectively,
for
the
Funds
.
The
dollar
amounts
shown
as
"Expenses
Paid"
are
equal
to
the
annualized
expense
ratio
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184,
the
number
of
days
in
the
period,
then
divided
by
366
days
in
the
current
fiscal
year.
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.
(a) As of the end of the period covered by this report, U.S. Global Investors Funds (the “Registrant”) has adopted a code of ethics, which applies to its Principal Executive Officer and Principal Financial Officer (the “Code of Ethics”).
(c) There have been no amendments to the Registrant’s Code of Ethics during the period covered by this report.
(d) There have been no waivers to the Registrant’s Code of Ethics during the period covered by this report.
(e) Not applicable.
(f) (1) A copy of the Code of Ethics is being filed under Item 12(a) hereto.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Board of Trustees has determined that Mr. Mark Moyer is an "audit committee financial expert" as that term is defined under applicable regulatory guidelines. Mr. Moyer is a non- “interested” Trustee (as defined in Section 2(a)(19) under the Investment Company Act of 1940, as amended (the “Act”)), and serves as Chairman of the Audit Committee.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees - The aggregate fees billed for each of the last two fiscal years (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant for the audit of the Registrant’s annual financial statements, or services that are normally provided by the principal accountant in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $139,600 in 2019 and $126,200 in 2020.
(b) Audit-Related Fees – The aggregate fees billed in the Reporting Periods for assurance and related services rendered by the principal accountant that were reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item 4 were $0 in 2019 and $0 in 2020.
(c) Tax Fees - The aggregate fees billed in the Reporting Periods for professional services rendered by the principal accountant to the Registrant for tax compliance, tax advice and tax planning were $27,000 in 2019 and $27,000 in 2020. These services consisted of review or preparation of U.S. federal, state, local and excise tax returns.
(d) All Other Fees - The aggregate fees billed in the Reporting Periods for products and services provided by the principal accountant to the Registrant, other than the services reported in paragraphs (a) through (c) of this Item, were $0 in 2019 and $0 in 2020.
(e) (1) The Audit Committee reviews and approves in advance all audit and “permissible non-audit services” (as that term is defined by the rules and regulations of the Securities and Exchange Commission) to be rendered to a series of the Registrant (each, a “Series”). In addition, the Audit Committee reviews and approves in advance all “permissible non-audit services” to be provided to an investment adviser (not including any sub-adviser) of a Series, or an affiliate of such investment adviser, that is controlling, controlled by or under common control with the investment adviser and provides on-going services to the Registrant (“Affiliate”), by the Series’ principal accountant if the engagement relates directly to the operations and financial reporting of the Series. The Audit Committee considers whether fees paid by a Series’ investment adviser or an Affiliate to the Series’ principal accountant for audit and permissible non-audit services are consistent with the principal accountant’s independence.
(e) (2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the Registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
(g) The aggregate fees billed by the Registrant’s principal accountant for non-audit services rendered to the Registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $27,000 in 2019 and $27,000 in 2020. These fees related to tax services rendered to the Registrant.
(h) All non-audit services rendered in (g) above were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.
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)(3) Not applicable.
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: | March 1, 2021 |
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: | March 1, 2021 |
By: | /s/ Karen Shaw | |
Karen Shaw, Principal Financial Officer | ||
Date: | March 1, 2021 |