As filed with the Securities and Exchange Commission on September 1, 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, 2021 – June 30, 2021
ITEM 1. REPORT TO STOCKHOLDERS.
U.S.
Global
Investors
Funds
Semi-Annual
Report
Letter
to
Shareholders
1
Portfolios
of
Investments
2
Notes
to
Portfolios
of
Investments
38
Statements
of
Assets
and
Liabilities
54
Statements
of
Operations
58
Statements
of
Changes
in
Net
Assets
62
Notes
to
Financial
Statements
68
Financial
Highlights
82
Additional
Information
90
Expense
Example
91
Privacy
Policy
94
Apex
Fund
Services
3
Canal
Plaza,
Suite
600
Portland,
ME
04101
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
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CEO
and
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Officer
U.S.
Global
Investors,
Inc.
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objectives,
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this
and
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Read
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investing.
Foreside
Fund
Services,
LLC,
Distributor.
U.S.
Global
Investors
is
the
investment
adviser.
All
opinions
expressed
and
data
provided
are
subject
to
change
without
notice.
Some
of
these
opinions
may
not
be
appropriate
to
every
investor.
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
U.S.
Government
Securities
Ultra-Short
Bond
Fund
United
States
Government
and
Agency
Obligations
107.48%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Federal
Farm
Credit
Bank
9.73%
Floating
Rates:
(U.S.
Treasury
3
Month
Bill
Money
Market
Yield
+
0.06%)
0.10
01/31/23
$
3,800,000
$
3,801,377
Federal
Home
Loan
Bank
23.03%
Fixed
Rates:
0.13
07/02/21
5,000,000
5,000,004
Floating
Rates:
(USD
3
Month
LIBOR
+
(0.08)%)
0.07
08/24/21
4,000,000
4,000,282
9,000,286
U.S.
Treasury
Note/Bond
74.72%
Fixed
Rates:
2.13
08/15/21
3,500,000
3,509,070
2.13
09/30/21
9,000,000
9,046,421
2.50
01/15/22
4,000,000
4,052,609
2.50
02/15/22
5,500,000
5,583,963
1.38
10/15/22
2,000,000
2,031,953
0.13
06/30/23
1,500,000
1,496,425
0.13
12/15/23
2,000,000
1,989,454
0.25
06/15/24
1,500,000
1,490,859
29,200,754
Total
United
States
Government
and
Agency
Obligations
42,002,417
(cost
$42,001,142)
Exchange
Traded
Fund
2.11%
Shares
Value
Vanguard
Short-Term
Treasury
ETF
(cost
$817,330)
13,400
823,162
Investments,
at
value
109.59%
42,825,579
(cost
$42,818,472
)
Other
assets
and
liabilities,
net
(9.59)%
(3,746,262)
Net
Assets
100.00%
$
39,079,317
Portfolio
Allocation
by
Issuer
Based
on
Total
Investments
June
30,
2021
U.S.
Treasury
Note/Bond
68.2%
Federal
Home
Loan
Bank
21.0%
Federal
Farm
Credit
Bank
8.9%
Other
1.9%
Total
100.0%
Portfolio
Allocation
by
Maturity
June
30,
2021
Less
than
1
Month
$
5,823,166
13.6%
1-3
Months
16,555,773
38.6%
3-12
Months
9,636,572
22.5%
1-3
Years
10,810,068
25.3%
$
42,825,579
100.0%
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Municipal
Bonds
91.49%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Alabama
0.27%
City
of
Bessemer
AL
Electric
Revenue,
Alabama,
Refunding,
RB
AGM
3.10
12/01/21
$
100,000
$
100,229
California
7.07%
City
of
Milpitas
CA
Wastewater
Revenue,
California,
Refunding,
RB
5.00
11/01/24
350,000
404,131
East
Side
Union
High
School
District,
California,
GO
Unlimited
AGM
5.00
08/01/24
200,000
229,284
Lemon
Grove
School
District,
California,
Refunding,
GO
Unlimited
4.00
08/01/33
220,000
256,949
State
of
California,
California,
Refunding,
GO
Unlimited
5.00
11/01/30
400,000
539,032
State
of
California,
California,
GO
Unlimited
5.00
11/01/31
400,000
536,485
State
of
California,
California,
Refunding,
GO
Unlimited
5.00
11/01/27
500,000
632,400
2,598,281
Colorado
3.21%
City
&
County
of
Denver
Airport
System
Revenue,
Colorado,
Prefunding,
RB,
Series B
5.00
11/15/27
300,000
319,768
City
of
Glendale
CO,
Colorado,
Refunding,
COP
AGM
5.00
12/01/25
750,000
859,291
1,179,059
Connecticut
1.92%
State
of
Connecticut,
Connecticut,
GO
Unlimited
5.00
11/15/31
200,000
236,499
State
of
Connecticut,
Connecticut,
Refunding,
GO
Unlimited
5.00
05/15/27
200,000
242,057
Town
of
Simsbury
CT,
Connecticut,
Refunding,
GO
Unlimited
5.00
08/01/24
200,000
229,017
707,573
District
of
Columbia
2.43%
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Refunding,
RB
5.00
07/01/34
725,000
893,004
Florida
7.12%
City
of
Leesburg
FL,
Florida,
Refunding,
RB
5.00
10/01/21
405,000
409,802
City
of
Miramar
FL,
Florida,
Refunding,
RB
5.00
10/01/22
305,000
323,349
County
of
Miami-Dade
FL,
Florida,
Refunding,
GO
Unlimited
5.00
07/01/27
325,000
407,046
Orlando
Utilities
Commission,
Florida,
RB
‡
0.05
10/01/33
870,000
870,000
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Municipal
Bonds (cont’d)
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Florida
(cont’d)
State
of
Florida,
Florida,
Refunding,
GO
Unlimited
5.00
06/01/28
$
500,000
$
608,538
2,618,735
Hawaii
0.59%
State
of
Hawaii,
Hawaii,
Refunding,
GO
Unlimited
5.00
10/01/27
175,000
215,037
Idaho
0.61%
Idaho
Housing
&
Finance
Association,
Grant
&
Revenue
Anticipation,
Federal
Highway
Trust
Fund,
Idaho,
RB,
Series A
5.00
07/15/21
225,000
225,390
Illinois
7.11%
City
of
St
Charles
IL,
Illinois,
GO
Unlimited
5.00
12/01/23
210,000
233,235
Cook
County
Township
High
School
District
No.
225,
Illinois,
Refunding,
GO
Unlimited
5.00
12/01/24
300,000
347,333
DuPage
County
School
District
No.
33
West
Chicago,
Illinois,
Refunding,
GO
Unlimited,
Series B
4.00
12/01/21
1,000,000
1,015,633
Illinois
State
Toll
Highway
Authority,
Illinois,
RB
5.00
01/01/32
505,000
610,644
Metropolitan
Water
Reclamation
District
of
Greater
Chicago,
Illinois,
GO
Limited
5.00
12/01/26
350,000
405,611
2,612,456
Kentucky
1.38%
Louisville
and
Jefferson
County
Metropolitan
Sewer
District,
Kentucky,
RB,
Series A
5.00
05/15/23
500,000
508,870
Louisiana
3.46%
Louisiana
Housing
Corp.,
Louisiana,
RB
FHLMC
2.15
12/01/24
410,000
429,213
State
of
Louisiana,
Louisiana,
Prefunding,
GO
Unlimited,
Series A
5.00
08/01/26
800,000
842,054
1,271,267
Maryland
2.47%
City
of
Baltimore
MD,
Maryland,
RB
5.00
07/01/33
215,000
278,822
State
of
Maryland,
Maryland,
GO
Unlimited
5.00
08/01/27
500,000
629,982
908,804
Massachusetts
0.85%
Massachusetts
Housing
Finance
Agency,
Massachusetts,
Refunding,
RB
2.15
12/01/21
310,000
312,100
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Municipal
Bonds (cont’d)
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Michigan
3.17%
Great
Lakes
Water
Authority
Water
Supply
System
Revenue,
Michigan,
Refunding,
RB
5.00
07/01/26
$
365,000
$
443,358
Michigan
Finance
Authority,
Michigan,
RB
AGM
5.00
07/01/26
300,000
342,546
Oxford
Area
Community
School
District,
Michigan,
Refunding,
GO
Unlimited,
Series A
Q-SBLF
5.00
05/01/22
365,000
379,721
1,165,625
Missouri
0.72%
City
of
Kansas
City
MO
Water
Revenue,
Missouri,
RB,
Series F
AGM
4.00
12/01/22
250,000
263,479
New
Jersey
2.56%
City
of
Jersey
City
NJ,
New
Jersey,
Refunding,
GO
Unlimited
5.00
11/01/28
350,000
439,300
Middlesex
County
Improvement
Authority,
New
Jersey,
RB
5.00
07/01/25
425,000
503,088
942,388
New
Mexico
2.03%
City
of
Rio
Rancho
NM,
New
Mexico,
GO
Unlimited
5.00
08/01/27
600,000
747,059
New
York
11.36%
City
of
New
York
NY,
New
York,
GO
Unlimited
5.00
12/01/34
250,000
317,070
City
of
New
York
NY,
New
York,
Refunding,
GO
Unlimited
5.00
08/01/25
250,000
295,884
City
of
New
York
NY,
New
York,
Refunding,
GO
Unlimited
5.00
08/01/26
200,000
243,980
City
of
New
York
NY,
New
York,
Refunding,
GO
Unlimited
5.00
08/01/28
300,000
359,371
City
of
New
York
NY,
New
York,
GO
Unlimited,
Series E
5.25
08/01/22
875,000
923,431
City
of
New
York
NY,
New
York,
GO
Unlimited,
Series I
5.00
08/01/22
1,000,000
1,052,651
Long
Island
Power
Authority,
New
York,
RB,
Series B
5.00
09/01/21
465,000
468,694
Metropolitan
Transportation
Authority,
New
York,
RB
4.00
11/15/34
100,000
114,902
New
York
City
Water
&
Sewer
System,
New
York,
RB
‡
0.01
06/15/38
200,000
200,000
New
York
City
Water
&
Sewer
System,
New
York,
Refunding,
RB
5.00
06/15/29
175,000
198,974
4,174,957
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Municipal
Bonds (cont’d)
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Ohio
0.37%
City
of
Cleveland
OH
Parking
Facility
Revenue,
Ohio,
Refunding,
RB
AGM
5.25
09/15/22
$
130,000
$
137,834
South
Carolina
2.64%
Aiken
County
Consolidated
School
District,
South
Carolina,
GO
Unlimited
4.00
04/01/34
400,000
482,651
City
of
Cayce
SC
Water
&
Sewer
System
Revenue,
South
Carolina,
Refunding,
RB
BAM
5.00
06/01/30
300,000
386,691
City
of
Columbia
SC
Waterworks
&
Sewer
System
Revenue,
South
Carolina,
RB
‡
0.02
02/01/38
100,000
100,000
969,342
Tennessee
1.81%
County
of
Claiborne
TN,
Tennessee,
Refunding,
GO
Unlimited
AGM
5.00
04/01/28
300,000
381,845
Metropolitan
Government
of
Nashville
&
Davidson
County
TN,
Tennessee,
GO
Unlimited
5.00
07/01/24
250,000
285,132
666,977
Texas
22.21%
Aldine
Independent
School
District,
Texas,
Refunding,
GO
Unlimited
PSF-GTD
5.00
02/15/28
750,000
897,205
Bryan
Independent
School
District,
Texas,
GO
Unlimited,
Series A
PSF-GTD
5.00
02/15/22
410,000
422,414
City
of
Austin
TX,
Texas,
Refunding,
GO
Limited
5.00
09/01/24
215,000
246,814
City
of
Austin
TX,
Texas,
Refunding,
RB
‡
0.02
11/15/29
700,000
700,000
City
of
Buda
TX,
Texas,
Refunding,
GO
Limited
4.00
02/15/29
135,000
164,248
City
of
Cedar
Hill
TX,
Texas,
Refunding,
GO
Limited
5.00
02/15/22
800,000
824,069
City
of
El
Paso
TX,
Texas,
Refunding,
GO
Limited
5.00
08/15/30
245,000
322,299
City
of
Longview
TX
Waterworks
&
Sewer
System
Revenue,
Texas,
Refunding,
RB
3.00
03/01/22
610,000
621,576
City
of
Round
Rock
TX,
Texas,
GO
Limited
4.00
08/15/33
175,000
208,402
City
of
Rowlett
TX,
Texas,
GO
Limited
5.00
02/15/29
300,000
386,413
Dimmitt
Independent
School
District,
Texas,
GO
Unlimited
PSF-GTD
3.00
02/15/22
305,000
310,420
Eagle
Mountain
&
Saginaw
Independent
School
District,
Texas,
Refunding,
GO
Unlimited
PSF-GTD
4.00
08/15/32
450,000
515,902
Ector
County
Independent
School
District,
Texas,
Prefunding,
GO
Unlimited
PSF-GTD
5.00
08/15/29
400,000
440,316
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Municipal
Bonds (cont’d)
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Texas
(cont’d)
Harlandale
Independent
School
District,
Texas,
Refunding,
GO
Unlimited
PSF-GTD
4.00
02/15/28
$
300,000
$
344,646
Lubbock-Cooper
Independent
School
District,
Texas,
GO
Unlimited
PSF-GTD
3.00
02/15/22
755,000
768,417
Olmos
Park
Higher
Education
Facilities
Corp.,
University
of
the
Incarnate
Word,
Texas,
Refunding,
RB
5.00
12/01/21
500,000
509,291
Texas
City
Independent
School
District/TX,
Texas,
Refunding,
GO
Unlimited
PSF-GTD
5.00
08/15/28
410,000
482,933
8,165,365
Utah
0.88%
Jordan
Valley
Water
Conservancy
District,
Utah,
Refunding,
RB
5.00
10/01/24
280,000
322,619
Vermont
1.02%
City
of
Burlington
VT,
Vermont,
GO
Unlimited
5.00
11/01/30
285,000
373,117
Washington
3.31%
Energy
Northwest,
Washington,
Refunding,
RB
5.00
07/01/31
220,000
249,008
Spokane
Public
Facilities
District,
Washington,
Refunding,
RB,
Series B
5.00
12/01/21
950,000
968,895
1,217,903
Wisconsin
0.92%
Sun
Prairie
Area
School
District/WI,
Wisconsin,
GO
Unlimited
4.00
03/01/31
300,000
336,627
Total
Municipal
Bonds
33,634,097
(cost
$33,035,391)
Exchange
Traded
Fund
4.18%
Shares
VanEck
Vectors
Short
Muni
ETF
85,000
1,535,525
(cost
$1,516,111)
Investments,
at
value
95.67%
35,169,622
(cost
$34,551,502
)
Other
assets
and
liabilities,
net
4.33%
1,593,270
Net
Assets
100.00%
$
36,762,892
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
*Credit
quality
ratings
are
measured
on
a
scale
that
generally
ranges
from
AAA
(highest)
to
D
(lowest).
“Not
Rated”
is
used
to
classify
securities
for
which
a
rating
is
not
available.
Credit
quality
ratings
for
each
issue
are
obtained
from
Moody’s
and
S&P
Global
Ratings,
and
the
higher
rating
for
each
issue
is
used.
Municipal
Bond
Ratings*
Based
on
Total
Municipal
Bonds
June
30,
2021
Bond
Percentage
AAA
21.0%
AA
70.8%
A
8.3%
BBB
0.0%
Below
B
0.0%
Not
Rated
0.0%
100.0%
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Common
Stocks
94.99%
Shares
Value
Apparel
Manufacturers
14.33%
Burberry
Group
PLC
*
17,000
$
486,186
Capri
Holdings,
Ltd.
*
18,000
1,029,420
Christian
Dior
SE
600
484,329
Deckers
Outdoor
Corp.
*
1,472
565,351
Hermes
International
2,392
3,490,674
Kering
SA,
ADR
13,200
1,157,059
PRADA
SpA
70,000
531,123
7,744,142
Athletic
Equipment
2.15%
Peloton
Interactive,
Inc.,
Class A
*
9,370
1,162,067
Automotive
-
Cars
&
Light
Trucks
15.99%
Bayerische
Motoren
Werke
AG
19,700
2,088,506
Daimler
AG,
ADR
93,214
2,086,502
Ferrari
NV
2,429
500,495
Porsche
Automobil
Holding
SE,
ADR
46,357
499,729
Tesla,
Inc.
*
5,105
3,469,869
8,645,101
Beverages
-
Wine/Spirits
1.03%
Remy
Cointreau
SA
2,700
557,611
Building
-
Residential/Commercial
1.89%
Toll
Brothers,
Inc.
17,655
1,020,635
Commercial
Service
-
Finance
1.12%
MarketAxess
Holdings,
Inc.
200
92,718
Moody's
Corp.
300
108,711
S&P
Global,
Inc.
*
989
405,935
607,364
Computers
4.33%
Apple,
Inc.
17,100
2,342,016
Cosmetics
&
Toiletries
3.77%
The
Estee
Lauder
Cos.,
Inc.
6,411
2,039,211
Decision
Support
Software
0.63%
MSCI,
Inc.
634
337,973
Diversified
Banking
Institution
3.87%
The
Goldman
Sachs
Group,
Inc.
300
113,859
UBS
Group
AG
128,755
1,975,102
2,088,961
E-Commerce/Products
4.39%
Amazon.com,
Inc.
*
690
2,373,710
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Common
Stocks (cont’d)
Shares
Value
Energy
-
Alternate
Sources
0.00%
Pacific
Green
Energy
Corp.
#*@
100,000
$
0
Enterprise
Software/Services
0.35%
Abaxx
Technologies,
Inc.
*
68,125
191,801
Finance
-
Credit
Card
3.85%
American
Express
Co.
10,394
1,717,401
Visa,
Inc.,
Class A
1,555
363,590
2,080,991
Finance
-
Mortgage
Loan/Banker
0.07%
Lendified
Holdings,
Inc.
*
1,116,560
36,030
Finance
-
Other
Services
0.41%
Cboe
Global
Markets,
Inc.
600
71,430
Intercontinental
Exchange,
Inc.
1,260
149,562
220,992
Gold
Mining
2.79%
Barrick
Gold
Corp.
9,600
198,528
Franco-Nevada
Corp.
3,000
435,210
Gran
Colombia
Gold
Corp.
76,000
312,681
Newmont
Corp.
2,900
183,802
Royal
Gold,
Inc.
3,300
376,530
1,506,751
Home
Furnishings
1.96%
Tempur
Sealy
International,
Inc.
27,000
1,058,130
Investment
Management/Advisory
Services
1.86%
Julius
Baer
Group,
Ltd.
15,411
1,006,542
Metal
-
Diversified
0.87%
Ivanhoe
Mines,
Ltd.
*
65,000
469,305
Oil
Companies
-
Exploration
&
Production
0.08%
NGX
Energy
International
Corp.,
144A
#*∆
50,000
40,739
Precious
Metals
0.73%
Wheaton
Precious
Metals
Corp.
9,000
396,630
Private
Equity
6.11%
KKR
&
Co.,
Inc.
18,000
1,066,320
The
Blackstone
Group,
Inc.,
Class A
23,000
2,234,220
3,300,540
Real
Estate
Operating/Development
0.01%
Infrastructure
Ventures,
Inc.
#*@+
426,533
3,242
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Common
Stocks (cont’d)
Shares
Value
Retail
-
Apparel/Shoe
3.89%
Lululemon
Athletica
,
Inc.
*
1,563
$
570,448
Moncler
SpA
5,900
399,949
Zalando
SE
*
9,356
1,131,514
2,101,911
Retail
-
Building
Products
2.58%
The
Home
Depot,
Inc.
4,373
1,394,506
Retail
-
Discount
4.45%
Costco
Wholesale
Corp.
6,084
2,407,256
Retail
-
Home
Furnishings
1.61%
Williams-Sonoma,
Inc.
5,458
871,370
Retail
-
Jewelry
1.03%
Cie
Financiere
Richemont
SA
4,600
557,652
Silver
Mining
1.05%
Hochschild
Mining
PLC
133,000
282,582
Silvercorp
Metals,
Inc.
52,000
285,480
568,062
Textile
-
Apparel
7.79%
LVMH
Moet
Hennessy
Louis
Vuitton
SE,
ADR
26,675
4,209,315
Total
Common
Stocks
51,340,556
(cost
$41,677,192)
Corporate
Non-Convertible
Bond
1.60%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Gold
Mining
1.60%
Aris
Gold
Corp.
7.50
08/26/27
$
875,000
866,250
(cost
$874,940)
Corporate
Non-Convertible
Note
0.61%
Gold
Mining
0.61%
Gran
Colombia
Gold
Corp.
8.25
04/30/24
307,882
330,973
(cost
$308,399)
Exchange
Traded
Funds
0.15%
Shares
Invesco
QQQ
Trust
ETF
100
35,443
SPDR
S&P
500
ETF
Trust
100
42,806
Total
Exchange
Traded
Funds
(cost
$49,898)
78,249
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
*Summary
information
above
may
differ
from
the
portfolio
schedule
included
in
the
financial
statements
due
to
the
use
of
different
classifications
of
securities
for
presentation
purposes.
Warrants
0.10%
Exercise
Price
Exp.
Date
Shares
Value
Enterprise
Software/Services
0.08%
Abaxx
Technologies,
Inc.
*
$
5.10
05/14/23
34,062
$
45,339
Finance
-
Mortgage
Loan/Banker
0.00%
Lendified
Holdings,
Inc.,
144A
#*@∆
0.38
04/08/22
558,280
0
Oil
Companies
-
Exploration
&
Production
0.01%
NG
Energy
International
Corp.,
144A
#*∆
0.00
07/31/22
50,000
2,823
Retail
-
Jewelry
0.01%
Cie
Financiere
Richemont
SA
*
67.00
11/22/23
9,200
6,165
Total
Warrants
54,327
(cost
$0
)
Investments,
at
value
97.45%
52,670,355
(cost
$42,910,429
)
Other
assets
and
liabilities,
net
2.55%
1,378,953
Net
Assets
100.00%
$
54,049,308
Portfolio
Allocation
by
Industry
Sector*
Based
on
Total
Investments
June
30,
2021
Consumer
Discretionary
63.1%
Financials
17.4%
Materials
7.2%
Information
Technology
5.5%
Communication
Services
4.5%
Other
2.3%
Total
100.0%
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Common
Stocks
89.09%
Shares
Value
Advanced
Materials/Production
3.49%
First
Helium,
Inc.,
144A
#*@∆
1,850,000
$
522,346
Nano
One
Materials
Corp.
*
200,000
714,747
NanoXplore
,
Inc.
*
341,800
1,232,531
2,469,624
Agricultural
Chemicals
2.49%
CF
Industries
Holdings,
Inc.
10,000
514,500
Nutrien
,
Ltd.
10,000
605,921
The
Mosaic
Co.
20,000
638,200
1,758,621
Agricultural
Operations
1.92%
Archer-Daniels-Midland
Co.
12,500
757,500
Wide
Open
Agriculture,
Ltd.
*
1,000,000
598,596
1,356,096
Building
&
Construction
Products
-
Miscellaneous
0.85%
Louisiana-Pacific
Corp.
10,000
602,900
Coal
0.01%
Caribbean
Resources
Corp.
#*@~
17
0
Thungela
Resources,
Ltd.
*
2,000
5,506
Walter
Energy,
Inc.,
144A
#*@∆
4,293
0
5,506
Containers
-
Paper/Plastic
0.13%
Nexe
Innovations,
Inc.
*
100,000
94,385
Diamonds/Precious
Stones
0.64%
Barksdale
Resources
Corp.
*
1,100,000
452,565
Diversified
Minerals
10.18%
American
Pacific
Borates,
Ltd.
*
425,000
363,800
Arianne
Phosphate,
Inc.
*
1,500,000
459,826
Australian
Strategic
Materials,
Ltd.
*
150,000
878,374
BHP
Group,
Ltd.,
ADR
5,000
364,150
Desert
Mountain
Energy
Corp.
*
200,000
634,076
Ion
Energy,
Ltd.
*
225,000
67,159
Mako
Mining
Corp.
*
1,250,000
388,230
Niocan
,
Inc.,
144A
#*∆
362,069
36,511
Piedmont
Lithium,
Inc.
*
12,500
977,000
Salazar
Resources,
Ltd.
*
3,000,000
847,047
Standard
Lithium,
Ltd.
*
385,000
1,580,873
VR
Resources,
Ltd.
*
1,000,000
371,087
Wolfden
Resources
Corp.
*
1,000,000
235,963
7,204,096
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Common
Stocks (cont’d)
Shares
Value
Electric
-
Generation
0.48%
Northland
Power,
Inc.
10,000
$
341,158
Energy
-
Alternate
Sources
6.63%
Canadian
Solar,
Inc.
*
35,000
1,569,400
Pacific
Green
Energy
Corp.
#*@~
2,400,000
0
Siemens
Gamesa
Renewable
Energy
SA
35,000
1,170,179
Vestas
Wind
Systems
A/S
50,000
1,953,601
4,693,180
Enterprise
Software/Services
4.14%
Abaxx
Technologies,
Inc.
*
1,040,875
2,930,505
Finance
-
Investment
Banker/Broker
0.46%
GoldMoney
,
Inc.
*
150,000
326,718
Food
-
Meat
Products
0.22%
The
Very
Good
Food
Co.,
Inc.
*
50,000
158,116
Food
-
Miscellaneous/Diversified
2.96%
Burcon
NutraScience
Corp.
*
750,000
2,093,417
Forestry
1.57%
Interfor
Corp.
25,000
626,008
West
Fraser
Timber
Co.,
Ltd.
6,750
484,578
1,110,586
Gold
Mining
7.44%
Aris
Gold
Corp.
*
150,000
242,014
Chalice
Mining,
Ltd.
*
250,000
1,390,515
CopperBank
Resources
Corp.
*
2,500,000
806,712
Corona
Minerals,
Ltd.
#*@
5,000
0
Gran
Colombia
Gold
Corp.
2,000
8,228
Josemaria
Resources,
Inc.
*
600,000
435,624
Maverix
Metals,
Inc.
50,000
269,500
Royal
Road
Minerals,
Ltd.
*
5,500,000
1,331,075
Sandstorm
Gold,
Ltd.
*
50,000
394,500
Silver
Tiger
Metals,
Inc.
*
500,000
237,980
Western
Atlas
Resources,
Inc.
*
3,000,000
145,208
5,261,356
Independent
Power
Producer
0.79%
Atlantica
Sustainable
Infrastructure
PLC
15,000
558,300
Industrial
Gases
1.31%
Air
Liquide
SA
2,000
350,700
Linde
PLC
2,000
578,200
928,900
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Common
Stocks (cont’d)
Shares
Value
Metal
-
Copper
1.08%
Excelsior
Mining
Corp.
*
150,000
$
67,764
Kutcho
Copper
Corp.
*
850,000
548,564
Surge
Copper
Corp.
*
500,000
149,242
765,570
Metal
-
Diversified
14.02%
Anglo
American
PLC
20,000
795,883
Bell
Copper
Corp.
*
1,450,000
233,946
Centaurus
Metals,
Ltd.
*
750,000
421,064
Chakana
Copper
Corp.
*
1,025,000
256,333
Filo
Mining
Corp.
*
400,000
3,317,199
First
Cobalt
Corp.
*
3,000,000
726,041
Galway
Metals,
Inc.
*
400,000
280,736
GoviEx
Uranium,
Inc.,
144A
#*∆
58,000
14,271
Ivanhoe
Mines,
Ltd.
*
500,000
3,610,035
Luminex
Res
Corp.
*
120,615
70,057
Nubian
Resources,
Ltd.
*
250,000
66,554
Orsu
Metals
Corp.,
144A
#*∆
14,761
3,066
Silver
X
Mining
Corp.
*
355,000
121,713
9,916,898
Metal
-
Iron
2.78%
Champion
Iron,
Ltd.
*
400,000
1,965,150
Consolidated
Growth
Holdings,
Ltd.
#*@
19,859,173
0
WAI
Capital
Investments
Corp.,
144A
#*@∆
292,500
0
1,965,150
Mining
Services
3.46%
Cordoba
Minerals
Corp.
*
58,823
41,047
Defense
Metals
Corp.
*
1,500,000
308,567
Talon
Metals
Corp.
*
5,000,000
2,097,451
2,447,065
Natural
Resource
Technology
0.12%
I-Pulse,
Inc.,
144A
#*@+∆
15,971
86,243
Non-Ferrous
Metals
0.71%
InZinc
Mining,
Ltd.
*
2,000,000
60,503
Nova
Royalty
Corp.
*
200,000
440,465
Sterling
Group
Ventures,
Inc.,
144A
#*@∆
500,000
0
500,968
Oil
-
Field
Services
1.20%
Halliburton
Co.
20,000
462,400
Schlumberger
NV
12,000
384,120
846,520
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Common
Stocks (cont’d)
Shares
Value
Oil
-
US
Royalty
Trusts
2.42%
Black
Stone
Minerals
LP
35,000
$
376,250
Deterra
Royalties,
Ltd.
125,000
421,112
Kimbell
Royalty
Partners
LP
27,500
353,375
PrairieSky
Royalty,
Ltd.
15,000
181,631
Viper
Energy
Partners
LP
20,000
376,600
1,708,968
Oil
Companies
-
Exploration
&
Production
2.08%
Africa
Energy
Corp.
*
1,500,000
314,617
ConocoPhillips
10,000
609,000
Freehold
Royalties,
Ltd.
45,000
354,671
NGX
Energy
International
Corp.,
144A
#*∆
200,000
162,956
Range
Energy
Resources,
Inc.,
144A
#*@∆
75,000
32,067
1,473,311
Oil
Companies
-
Integrated
1.54%
Equinor
ASA,
ADR
30,000
636,000
TotalEnergies
SE,
ADR
10,000
452,600
1,088,600
Oil
Refining
&
Marketing
1.62%
Phillips
66
6,500
557,830
Valero
Energy
Corp.
7,500
585,600
1,143,430
Paper
&
Related
Products
1.21%
Resolute
Forest
Products,
Inc.
70,000
854,000
Platinum
2.23%
Clean
Air
Metals,
Inc.
*
1,000,000
254,114
Impala
Platinum
Holdings,
Ltd.,
ADR
40,000
662,800
Impala
Platinum
Holdings,
Ltd.
40,000
657,901
1,574,815
Precious
Metals
3.61%
Brixton
Metals
Corp.
*
1,075,000
151,763
Eloro
Resources,
Ltd.
*
100,000
359,793
Libero
Copper
&
Gold
Corp.
*
1,250,000
473,943
Metalla
Royalty
&
Streaming,
Ltd.
*
125,000
1,073,935
Polarx
,
Ltd.
*
10,000,000
232,365
Triple
Flag
Precious
Metals
Corp.
*
20,000
261,000
2,552,799
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Common
Stocks (cont’d)
Shares
Value
Real
Estate
Operating/Development
0.77%
Infrastructure
Ventures,
Inc.
#*@
4,700,000
$
35,720
Infrastructure
Ventures,
Inc.
#*@+
2,743,544
20,851
Revival
Gold,
Inc.
*
1,000,000
492,094
548,665
REITS
-
Diversified
1.51%
PotlatchDeltic
Corp.
REIT
10,000
531,500
Rayonier,
Inc.
REIT
15,000
538,950
1,070,450
Retail
-
Jewelry
0.61%
Mene
,
Inc.
*
750,000
429,574
Specified
Purpose
Acquisition
0.13%
Ivanhoe
Capital
Acquisition
Corp.,
Class A
*
9,091
92,456
Steel
-
Producers
2.28%
POSCO,
ADR
5,000
383,850
Severstal
PAO,
GDR
40,000
860,907
Stelco
Holdings,
Inc.
12,500
367,054
1,611,811
Total
Common
Stocks
63,023,322
(cost
$89,080,152)
Private
Equity
Fund
0.28%
Oil
-
US
Royalty
Trusts
0.28%
Sabine
Royalty
Trust
5,000
201,600
(cost
$193,159)
Corporate
Non-Convertible
Bond
1.50%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Gold
Mining
1.50%
Aris
Gold
Corp.
7.50
08/26/27
$
1,075,000
1,064,250
(cost
$1,074,996)
Corporate
Non-Convertible
Note
0.58%
Gold
Mining
0.58%
Gran
Colombia
Gold
Corp.
8.25
04/30/24
380,432
408,964
(cost
$381,071)
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Exchange
Traded
Funds
1.77%
Shares
Value
Direxion
Daily
Gold
Miners
Index
Bear
2X
Shares
ETF
*
5,133
$
98,348
Direxion
Daily
Junior
Gold
Miners
Index
Bear
2X
Shares
ETF
*
6,979
72,442
First
Trust
Global
Wind
Energy
ETF
13,100
281,781
First
Trust
Natural
Gas
ETF
1,600
26,240
Global
X
Lithium
&
Battery
Tech
ETF
4,700
340,562
Invesco
Solar
ETF
2,200
196,526
iShares
U.S.
Real
Estate
ETF
1,000
101,940
KraneShares
Global
Carbon
ETF
*
800
29,592
U.S.
Gasoline
Fund
LP
ETF
*
900
32,274
U.S.
Oil
Fund
LP
ETF
*
1,500
74,820
Total
Exchange
Traded
Funds
1,254,525
(cost
$1,180,527)
Warrants
0.37%
Exercise
Price
Exp.
Date
Advanced
Materials/Production
0.09%
Nano
One
Materials
Corp.,
144A
#*@∆
$
3.55
10/29/22
90,000
63,892
Diversified
Minerals
0.00%
Ion
Energy,
Ltd.,
144A
#*@∆
0.70
04/13/24
225,000
0
Enterprise
Software/Services
0.04%
Abaxx
Technologies,
Inc.
*
5.10
05/14/23
20,437
27,203
Gold
Mining
0.00%
Revival
Gold,
Inc.,
144A
#*@∆
0.90
04/04/22
80,000
0
Metal
-
Copper
0.01%
Excelsior
Mining
Corp.
*
1.25
08/22/22
150,000
9,378
Mining
Services
0.21%
Aris
Gold
Corp.
*
2.75
07/25/25
370,889
149,600
Oil
Companies
-
Exploration
&
Production
0.02%
NG
Energy
International
Corp.,
144A
#*∆
0.00
07/31/22
200,000
11,294
Total
Warrants
261,367
(cost
$0
)
Investment
Company
0.06%
Shares
Value
Grayscale
Bitcoin
Trust
BTC
*
1,374
40,959
(cost
$41,433)
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
*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.
Call
Options
Purchased
0.82%
Strike
Price
Exp.
Date
Notional
Contract
Value
Contracts
Value
Gold
Mining
0.82%
Barrick
Gold
Corp.
$
20.00
01/23
$
2,000,000
1,000
$
352,500
Newmont
Corp.
55.00
01/23
990,000
180
227,700
580,200
Total
Purchased
Call
Options
580,200
(premiums
paid
$646,192
)
Investments,
at
value
94.47%
66,835,187
(cost
$92,597,530
)
Other
assets
and
liabilities,
net
5.53%
3,909,469
Net
Assets
100.00%
$
70,744,656
Portfolio
Allocation
by
Industry
Sector*
Based
on
Total
Investments
June
30,
2021
Metals
&
Mining
25.9%
Precious
Metals
&
Minerals
15.3%
Gold
Mining
11.0%
Oil,
Gas
&
Consumable
Fuels
9.7%
Energy
Equipment
&
Services
7.8%
Enterprise
Software/Services
4.5%
Advanced
Materials/Production
3.8%
Food
3.4%
Other
18.6%
Total
100.0%
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
World
Precious
Minerals
Fund
Common
Stocks
97.02%
Shares
Value
Advanced
Materials/Production
9.97%
Nano
One
Materials
Corp.
*
3,100,000
$
11,078,574
Sixth
Wave
Innovations,
Inc.
*
750,000
169,409
11,247,983
Capital
Pools
0.97%
Magna
Gold
Corp.
*
1,500,000
1,101,162
Coal
0.00%
Caribbean
Resources
Corp.
#*@
4
0
Diamonds/Precious
Stones
1.39%
Barksdale
Resources
Corp.
*
3,000,000
1,234,269
Gold
Bull
Resources
Corp.
*
1,000,000
330,752
1,565,021
Diversified
Minerals
7.09%
Ascot
Resources,
Ltd.,
144A
#*∆
6,412
6,621
Calibre
Mining
Corp.
*
1,000,000
1,331,075
Desert
Gold
Ventures,
Inc.
*
750,000
90,755
E79
Resources
Corp.
*
1,494,900
1,736,573
Erdene
Resource
Development
Corp.
*
300,000
94,385
Gossan
Resources,
Ltd.
*
250,000
50,420
Indochine
Mining,
Ltd.
#*@
10,000
0
Kenorland
Minerals,
Ltd.
*
250,000
189,577
Lithoquest
Resources,
Inc.
*
2,150,000
208,132
Lumina
Gold
Corp.
*
1,000,000
621,168
Mako
Mining
Corp.
*
2,000,000
621,168
Max
Resource
Corp.
*
2,000,000
346,886
Musgrave
Minerals,
Ltd.
*
1,500,000
417,649
NGEX
Minerals,
Ltd.
*
100,000
54,856
Nomad
Royalty
Co.,
Ltd.
78,300
610,811
VR
Resources,
Ltd.
*
2,500,000
927,719
Waraba
Gold,
Ltd.
#*
655,000
110,963
Waraba
Gold,
Ltd.,
144A
#*@∆
655,000
110,963
Wolfden
Resources
Corp.
*
2,000,000
471,926
8,001,647
Enterprise
Software/Services
0.02%
Abaxx
Technologies,
Inc.
*
8,039
22,633
Gold
Mining
41.93%
Adamera
Minerals
Corp.
*
5,373,000
346,757
Adamera
Minerals
Corp.,
144A
#∆
119,543
7,715
African
Gold
Group,
Inc.
*
1,000,000
104,872
Allegiant
Gold,
Ltd.
*
2,000,000
726,041
Amilot
Capital,
Inc.,
144A
#*∆
410,000
18,191
Angold
Resources,
Ltd.
*
500,000
125,040
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
World
Precious
Minerals
Fund
Common
Stocks (cont’d)
Shares
Value
Gold
Mining
(cont’d)
Aris
Gold
Corp.
*
1,000,000
$
1,613,424
Arizona
Metals
Corp.
*
650,000
2,595,595
Awale
Resources,
Ltd.
*
2,000,000
104,872
Aya
Gold
&
Silver,
Inc.
*
250,000
1,851,404
Aya
Gold
&
Silver,
Inc.
*
5,725
42,301
Bellevue
Gold,
Ltd.
*
1,750,000
1,247,712
Black
Dragon
Gold
Corp.
*
2,700,000
162,044
Cabral
Gold,
Inc.
*
500,000
217,812
Chalice
Mining,
Ltd.
*
1,250,000
6,952,576
Compass
Gold
Corp.
*
1,250,000
201,678
Contact
Gold
Corp.
*
4,000,000
306,550
CopperBank
Resources
Corp.
*
4,000,000
1,290,739
CopperBank
Resources
Corp.,
144A
#*∆
43,500
14,037
Corona
Minerals,
Ltd.
#*@
81,250
0
Fiore
Gold,
Ltd.
*
500,000
447,725
Freegold
Ventures,
Ltd.
*
200,000
106,486
Goldshore
Resources,
Inc.
*
375,000
242,014
Heliostar
Metals,
Ltd.
*
1,000,000
1,193,933
HighGold
Mining,
Inc.
*
500,000
580,832
Josemaria
Resources,
Inc.
*
500,000
363,020
K92
Mining,
Inc.
*
1,200,000
8,673,766
Karora
Resources,
Inc.
*
100,000
321,878
Karus
Gold
Corp.
#*@
375,000
45,378
Kesselrun
Resources,
Ltd.
*
2,500,000
383,188
Kore
Mining,
Ltd.
*
500,000
258,148
Lion
One
Metals,
Ltd.
*
520,000
499,193
Maritime
Resources
Corp.
*
1,000,000
149,242
Mawson
Gold,
Ltd.
*
625,000
123,528
McEwen
Mining,
Inc.
*
134,764
184,817
Montage
Gold
Corp.
*
250,000
167,393
Newcore
Gold,
Ltd.
*
400,000
203,291
North
Stawell
Minerals,
Ltd.
*
700,000
136,649
NV
Gold
Corp.
*
1,000,000
185,544
OceanaGold
Corp.,
144A
*∆
500,000
947,886
Orca
Gold,
Inc.
*
1,568,500
759,196
Petaquilla
Minerals,
Ltd.,
144A
#*@∆
2,660,000
0
Pretium
Resources,
Inc.
*
40,000
382,400
Radisson
Mining
Resources,
Inc.
*
7,000,000
1,411,746
Radius
Gold,
Inc.,
144A
#*∆
125,000
23,193
Red
Pine
Exploration,
Inc.
*
750,000
332,769
Reunion
Gold
Corp.
*
7,481,000
392,276
Roscan
Gold
Corp.
*
3,000,000
1,064,860
Royal
Road
Minerals,
Ltd.
*
1,500,000
363,020
Scottie
Resources
Corp.
*
1,750,000
296,467
Seafield
Resources,
Ltd.,
144A
#*@∆
1,300,000
0
Silver
Tiger
Metals,
Inc.
*
750,000
356,970
Skeena
Resources,
Ltd.
*
125,000
1,310,907
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
World
Precious
Minerals
Fund
Common
Stocks (cont’d)
Shares
Value
Gold
Mining
(cont’d)
Southern
Gold,
Ltd.
*
10,000,000
$
523,840
Strikepoint
Gold,
Inc.
*
2,750,000
443,691
Taurus
Gold,
Ltd.,
144A
#*@∆
2,448,381
0
Tietto
Minerals,
Ltd.
*
1,200,000
270,013
Trillium
Gold
Mines,
Inc.
*
250,000
203,695
TriStar
Gold,
Inc.
*
~
28,750,000
6,030,171
47,308,485
Investment
Companies
0.00%
Tokens.com
Corp.,
144A
#*∆
11,123
4,935
Metal
-
Copper
0.59%
Sun
Summit
Minerals
Corp.
*
1,000,000
661,504
Metal
-
Diversified
9.55%
Adriatic
Metals
PLC
*
250,000
445,768
Adventus
Mining
Corp.
*
500,000
423,524
Argent
Minerals,
Ltd.
*
20,000,000
599,180
Aurion
Resources,
Ltd.
*
500,000
403,356
Auteco
Minerals,
Ltd.
*
5,000,000
299,954
Cartier
Resources,
Inc.
*
930,000
187,560
Chakana
Copper
Corp.
*
4,000,000
1,000,323
De
Grey
Mining,
Ltd.
*
1,250,000
1,155,561
Filo
Mining
Corp.
*
40,000
331,720
Genesis
Metals
Corp.,
144A
#*∆
583,400
84,714
Integra
Resources
Corp.
*
140,000
409,971
Ivanhoe
Mines,
Ltd.
*
400,000
2,888,028
Kaizen
Discovery,
Inc.
*
8,000,000
371,087
Luminex
Res
Corp.
*
150,000
87,125
New
Age
Metals,
Inc.,
144A
#*∆
143,518
15,630
Nubian
Resources,
Ltd.
*
500,000
133,107
Orex
Minerals,
Inc.
*
7,000,000
762,343
Orsu
Metals
Corp.,
144A
#*∆
186,922
38,829
Rockcliff
Metals
Corp.,
144A
#*∆
873,333
52,840
RTG
Mining,
Inc.
*
3,000,000
393,388
Sirios
Resources,
Inc.
*
1,000,000
76,638
Torq
Resources,
Inc.
*
1,000,000
613,101
10,773,747
Metal
-
Iron
0.00%
Vector
Resources,
Ltd.
#*@
10,000,000
0
Metals
&
Mining
0.42%
Maxtech
Ventures,
Inc.,
144A
#*@∆
4,368,421
264,304
Maxtech
Ventures,
Inc.,
144A
#*@∆
3,500,000
211,762
476,066
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
World
Precious
Minerals
Fund
Common
Stocks (cont’d)
Shares
Value
Mining
Services
0.75%
Cordoba
Minerals
Corp.
*
58,823
$
41,047
Summa
Silver
Corp.
*
800,000
806,712
847,759
Non-Ferrous
Metals
0.27%
InZinc
Mining,
Ltd.
*
3,000,000
90,755
ValOre
Metals
Corp.
*
1,000,000
209,745
300,500
Oil
&
Gas
Drilling
0.58%
DDH1,
Ltd.
*
740,701
651,778
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
2,876
Platinum
1.53%
Clean
Air
Metals,
Inc.
*
2,500,000
635,286
Platinum
Group
Metals,
Ltd.
*
300,000
1,093,901
1,729,187
Precious
Metals
18.09%
Amani
Gold,
Ltd.
*
54,500,000
40,872
Barsele
Minerals
Corp.
*~
7,500,000
4,537,754
Blackwolf
Copper
and
Gold,
Ltd.
*
800,000
774,443
Brixton
Metals
Corp.
*
3,000,000
423,524
Canex
Metals,
Inc.
*
3,250,000
340,836
Corvus
Gold,
Inc.
*
29,000
79,776
Dolly
Varden
Silver
Corp.
*
3,750,000
1,845,353
E2
Metals,
Ltd.
*
684,932
146,738
GFG
Resources,
Inc.
*
4,300,000
468,296
Gold79
Mines,
Ltd.
*
2,500,000
156,300
Group
Ten
Metals,
Inc.
*
2,000,000
548,564
Imperial
Mining
Group,
Ltd.
*
500,000
60,503
Kootenay
Silver,
Inc.
*
1,000,000
209,745
Liberty
Gold
Corp.
*
1,500,000
1,815,102
MacDonald
Mines
Exploration,
Ltd.
*
3,000,000
133,107
Metalla
Royalty
&
Streaming,
Ltd.
*
50,000
429,574
Millennial
Precious
Metals
Corp.
*
1,000,000
443,692
Norvista
Capital
Corp.
3,000,000
266,215
Paramount
Gold
Nevada
Corp.
*
170,000
164,900
Polarx
,
Ltd.
*~
38,000,000
882,985
Prime
Mining
Corp.
*
1,000,000
3,484,995
Roxgold
,
Inc.
*
0
0
Silver
Viper
Minerals
Corp.
*
2,750,000
1,486,367
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
World
Precious
Minerals
Fund
Common
Stocks (cont’d)
Shares
Value
Precious
Metals
(cont’d)
Triple
Flag
Precious
Metals
Corp.
*
30,000
$
391,500
Visionary
Gold
Corp.
*
1,500,000
205,712
Vizsla
Silver
Corp.
*
398,800
817,160
Xali
Gold
Corp.,
144A
#*∆
4,875,000
255,627
20,409,640
Real
Estate
Operating/Development
1.45%
Fremont
Gold,
Ltd.
*
4,000,000
96,805
Mammoth
Resources
Corp.
*~
5,500,000
754,276
Revival
Gold,
Inc.
*
1,600,000
787,351
1,638,432
Retail
-
Jewelry
1.07%
Mene
,
Inc.
*
2,100,000
1,202,807
Silver
Mining
1.35%
Denarius
Silver
Corp.
*
550,000
217,409
FireFox
Gold
Corp.
*
500,000
123,024
Metallic
Minerals
Corp.
*
1,470,000
575,145
Southern
Silver
Exploration
Corp.
*
1,750,000
614,109
1,529,687
Total
Common
Stocks
109,475,849
(cost
$94,338,088)
Corporate
Non-Convertible
Bond
0.97%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Gold
Mining
0.97%
Aris
Gold
Corp.
7.50
08/26/27
$
1,100,000
1,089,000
(cost
$1,100,000)
Exchange
Traded
Funds
0.30%
Shares
Direxion
Daily
Gold
Miners
Index
Bear
2X
Shares
ETF
*
10,109
193,689
Direxion
Daily
Junior
Gold
Miners
Index
Bear
2X
Shares
ETF
*
13,985
145,164
Total
Exchange
Traded
Funds
338,853
(cost
$311,531)
Warrants
0.83%
Exercise
Price
Exp.
Date
Diversified
Minerals
0.26%
Desert
Gold
Ventures,
Inc.,
144A
#*@∆
$
0.40
08/28/23
187,500
0
Nomad
Royalty
Co.,
Ltd.
*
1.71
11/19/22
304,000
39,239
Waraba
Gold,
Ltd.,
144A
*@∆
0.30
04/30/22
1,500,000
254,114
293,353
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
World
Precious
Minerals
Fund
Warrants (cont’d)
Exercise
Price
Exp.
Date
Shares
Value
Gold
Mineral
Exploration
&
Development
0.00%
Western
Exploration
&
Development,
Ltd.,
144A
#*@∆
$
0.50
12/31/49
600,000
$
0
Gold
Mining
0.02%
Contact
Gold
Corp.,
144A
#*@∆
0.27
09/29/22
500,000
0
Kore
Mining,
Ltd.,
144A
#*@∆
1.35
06/18/23
250,000
0
Osino
Resources
Corp.,
144A
#*@∆
1.05
01/30/22
115,000
24,121
Revival
Gold,
Inc.,
144A
#*@∆
1.60
02/06/22
250,000
0
Southern
Gold,
Ltd.,
144A
#*@∆
0.18
10/18/22
2,250,000
0
Strikepoint
Gold,
Inc.,
144A
#*@∆
0.20
07/21/22
625,000
0
24,121
Metal
-
Copper
0.20%
Sun
Summit
Minerals
Corp.,
144A
#*@∆
0.34
07/22/23
600,000
222,652
Metal
-
Diversified
0.05%
Novo
Resources
Corp.
*
4.40
08/27/23
112,500
54,453
Mining
Services
0.18%
Aris
Gold
Corp.
*
2.75
07/25/25
520,000
209,745
Non-Ferrous
Metals
0.00%
ValOre
Metals
Corp.,
144A
#*@∆
0.45
02/17/23
500,000
0
Silver
Mining
0.12%
FireFox
Gold
Corp.,
144A
#*@∆
0.27
10/27/22
125,000
3,529
Southern
Silver
Exploration
Corp.,
144A
#*@∆
0.25
08/14/23
875,000
130,587
134,116
Total
Warrants
938,440
(cost
$606,683
)
Investment
Company
0.20%
Shares
Value
Grayscale
Bitcoin
Trust
BTC
*
7,465
222,532
(cost
$225,100)
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
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.
Call
Options
Purchased
0.78%
Strike
Price
Exp.
Date
Notional
Contract
Value
Contracts
Value
Gold
Mining
0.78%
Barrick
Gold
Corp.
$
20.00
01/23
$
3,000,000
1,500
$
528,750
Newmont
Corp.
55.00
01/23
1,512,500
275
347,875
876,625
Total
Purchased
Call
Options
876,625
(premiums
paid
$987,403
)
Investments,
at
value
100.10%
112,941,299
(cost
$97,568,805
)
Other
assets
and
liabilities,
net
(0.10)%
(107,982)
Net
Assets
100.00%
$
112,833,317
Portfolio
Allocation
by
Industry*
Based
on
Total
Investments
June
30,
2021
Gold
Mining
43.7%
Precious
Metals
18.1%
Advanced
Materials/Production
9.9%
Metal
-
Diversified
9.5%
Diversified
Minerals
7.4%
Other
11.4%
Total
100.0%
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Gold
and
Precious
Metals
Fund
Common
Stocks
91.86%
Shares
Value
Advanced
Materials/Production
0.17%
Sixth
Wave
Innovations,
Inc.
*
1,200,000
$
271,055
Agricultural
Chemicals
0.17%
Elemental
Royalties
Corp.
*
250,000
266,215
Capital
Pools
0.16%
Magna
Gold
Corp.
*
350,000
256,938
Diversified
Minerals
7.34%
Alkane
Resources,
Ltd.
*
2,000,000
1,725,779
Australian
Strategic
Materials,
Ltd.
*
750,000
4,391,870
Caledonia
Mining
Corp.
PLC
25,000
302,500
Calibre
Mining
Corp.
*
2,500,000
3,327,687
Mako
Mining
Corp.
*
3,500,000
1,087,044
Nomad
Royalty
Co.,
Ltd.
100,000
780,090
11,614,970
Enterprise
Software/Services
0.19%
Abaxx
Technologies,
Inc.
*
109,000
306,881
Gold
Mining
50.69%
Anaconda
Mining,
Inc.
*
1,375,000
1,053,767
AngloGold
Ashanti,
Ltd.,
ADR
50,000
929,000
Argonaut
Gold,
Inc.
*
1,000,000
2,395,934
Aris
Gold
Corp.
*
425,000
685,705
Aya
Gold
&
Silver,
Inc.
*
750,000
5,554,211
Barrick
Gold
Corp.
100,000
2,068,000
DRDGOLD,
Ltd.,
ADR
100,000
1,087,000
Dundee
Precious
Metals,
Inc.
300,000
1,817,522
Eldorado
Gold
Corp.
*
125,000
1,243,750
Equinox
Gold
Corp.
*
147,525
1,024,678
Evolution
Mining,
Ltd.
300,000
1,013,618
GoGold
Resources,
Inc.
*
1,825,000
4,534,527
Gold
Fields,
Ltd.,
ADR
250,000
2,225,000
Golden
Star
Resources,
Ltd.
*
200,000
566,000
Gran
Colombia
Gold
Corp.
375,000
1,542,836
Harmony
Gold
Mining
Co.,
Ltd.,
ADR
500,000
1,865,000
i-80
Gold
Corp.
*
300,000
607,454
IAMGOLD
Corp.
*
500,000
1,475,000
K92
Mining,
Inc.
*
2,750,000
19,877,380
Kirkland
Lake
Gold,
Ltd.
50,000
1,926,500
Maverix
Metals,
Inc.
778,000
4,205,066
Newmont
Corp.
50,000
3,169,000
Northern
Star
Resources,
Ltd.
200,000
1,468,825
Pantoro
,
Ltd.
*
8,000,000
1,201,210
Pretium
Resources,
Inc.
*
60,000
573,600
Pure
Gold
Mining,
Inc.
*
500,000
613,101
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Gold
and
Precious
Metals
Fund
Common
Stocks (cont’d)
Shares
Value
Gold
Mining
(cont’d)
Regis
Resources,
Ltd.
500,000
$
885,176
Royal
Gold,
Inc.
5,000
570,500
Sandstorm
Gold,
Ltd.
*
650,000
5,128,500
Silver
Lake
Resources,
Ltd.
*
3,000,000
3,736,893
Superior
Gold,
Inc.
*
2,500,000
1,431,914
Wesdome
Gold
Mines,
Ltd.
*
400,000
3,794,773
80,271,440
Metal
-
Diversified
2.20%
Altius
Minerals
Corp.
100,000
1,373,830
Filo
Mining
Corp.
*
60,000
497,580
Silver
X
Mining
Corp.
*
1,277,500
437,994
Vox
Royalty
Corp.
*
600,000
1,176,186
3,485,590
Mining
Services
1.11%
Castile
Resources,
Ltd.
*
1,500,000
247,721
Empress
Royalty
Corp.
*
1,250,000
388,230
Mines
&
Metal
Trading
PLC,
144A
#*@∆
75,000
1,116,283
1,752,234
Oil
&
Gas
Drilling
2.83%
DDH1,
Ltd.
*
5,092,307
4,480,961
Platinum
2.60%
Impala
Platinum
Holdings,
Ltd.
250,000
4,111,881
Precious
Metals
15.33%
EMX
Royalty
Corp.
*
1,000,000
2,984,834
Hecla
Mining
Co.
150,000
1,116,000
Metalla
Royalty
&
Streaming,
Ltd.
*
350,000
3,005,444
Northern
Vertex
Mining
Corp.
*
1,000,000
262,182
Roxgold
,
Inc.
*
3,323,775
5,067,711
Sailfish
Royalty
Corp.
*
310,000
332,607
SSR
Mining,
Inc.
238,610
3,719,930
Triple
Flag
Precious
Metals
Corp.
*
175,000
2,283,750
Wheaton
Precious
Metals
Corp.
125,000
5,508,750
24,281,208
Remediation
Services
0.51%
Alexco
Resource
Corp.
*
325,000
812,500
Retail
-
Jewelry
2.39%
Mene
,
Inc.
*
900,000
515,489
Mene
,
Inc.,
144A
#∆
5,714,285
3,272,945
3,788,434
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Gold
and
Precious
Metals
Fund
Common
Stocks (cont’d)
Shares
Value
Silver
Mining
6.05%
Andean
Precious
Metals
Corp.
*
1,210,000
$
1,659,406
Excellon
Resources,
Inc.
*
100,000
219,426
Fortuna
Silver
Mines,
Inc.
*
200,000
1,110,000
Hochschild
Mining
PLC
1,000,000
2,124,680
Pan
American
Silver
Corp.
50,000
1,428,500
Santacruz
Silver
Mining,
Ltd.
*
4,000,000
1,387,544
Silvercorp
Metals,
Inc.
300,000
1,647,000
9,576,556
Specified
Purpose
Acquisition
0.12%
Ivanhoe
Capital
Acquisition
Corp.,
Class A
*
18,182
184,911
Total
Common
Stocks
145,461,774
(cost
$84,903,559)
Corporate
Non-Convertible
Bonds
2.64%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Coal
0.00%
Caribbean
Resources
Corp.
#@^
19.25
06/15/15
$
485,766
0
Gold
Mining
2.64%
Aris
Gold
Corp.
7.50
08/26/27
4,225,000
4,182,750
Total
Corporate
Non-Convertible
Bonds
4,182,750
(cost
$4,710,754)
Corporate
Non-Convertible
Notes
0.40%
Gold
Mining
0.40%
Gran
Colombia
Gold
Corp.
8.25
04/30/24
581,544
625,160
(cost
$582,521)
Exchange
Traded
Funds
0.29%
Shares
Direxion
Daily
Gold
Miners
Index
Bear
2X
Shares
ETF
*
13,758
263,603
Direxion
Daily
Junior
Gold
Miners
Index
Bear
2X
Shares
ETF
*
19,036
197,594
Total
Exchange
Traded
Funds
461,197
(cost
$424,011)
Warrants
0.44%
Exercise
Price
Exp.
Date
Enterprise
Software/Services
0.04%
Abaxx
Technologies,
Inc.
*
$
5.10
05/14/23
54,500
72,543
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
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.
Warrants (cont’d)
Exercise
Price
Exp.
Date
Shares
Value
Metal
-
Diversified
0.00%
Vox
Royalty
Corp.,
144A
#*@∆
$
4.50
03/25/24
50,000
$
0
Mining
Services
0.37%
Aris
Gold
Corp.
*
2.75
07/25/25
1,274,000
513,876
Empress
Royalty
Corp.
*
0.75
03/25/23
625,000
65,545
579,421
Precious
Metals
0.03%
Hycroft
Mining
Holding
Corp.
*
10.50
10/06/25
50,000
42,000
Silver
Mining
0.00%
Excellon
Resources,
Inc.
*
7.00
08/27/21
375,000
9,075
Total
Warrants
703,039
(cost
$500
)
Investment
Company
0.19%
Shares
Value
Grayscale
Bitcoin
Trust
BTC
*
10,161
302,899
(cost
$306,396)
Call
Options
Purchased
1.58%
Strike
Price
Exp.
Date
Notional
Contract
Value
Contracts
Gold
Mining
1.58%
Barrick
Gold
Corp.
$
20.00
01/23
$
4,500,000
2,250
793,125
Newmont
Corp.
55.00
01/23
7,425,000
1,350
1,707,750
2,500,875
Total
Purchased
Call
Options
2,500,875
(premiums
paid
$2,475,884
)
Investments,
at
value
97.40%
154,237,694
(cost
$93,403,625
)
Other
assets
and
liabilities,
net
2.60%
4,109,998
Net
Assets
100.00%
$
158,347,692
Portfolio
Allocation
by
Industry*
Based
on
Total
Investments
June
30,
2021
Gold
Min
ing
56.8%
Precious
Metals
15.8%
Diversified
Minerals
7.5%
Silver
Mining
6.2%
Other
13.7%
Total
100.0%
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Common
Stocks
95.51%
Shares
Value
Agricultural
Chemicals
0.35%
PhosAgro
PJSC,
GDR
4,000
$
87,114
Apparel
Manufacturers
0.33%
Christian
Dior
SE
100
80,722
Automotive
-
Cars
&
Light
Trucks
4.41%
Bayerische
Motoren
Werke
AG
2,950
312,746
Daimler
AG
3,100
277,012
Ford
Otomotiv
Sanayi
AS
3,500
68,281
Renault
SA
*
7,500
304,031
Volkswagen
AG
400
131,466
1,093,536
Building
&
Construction
Products
-
Miscellaneous
0.86%
Wienerberger
AG
5,500
212,004
Cellular
Telecommunication
3.14%
Mobile
TeleSystems
PJSC,
ADR
54,200
501,892
Turkcell
Iletisim
Hizmetleri
AS
150,000
277,511
779,403
Chemicals
-
Diversified
1.94%
Covestro
AG,
144A
∆
2,750
177,811
Johnson
Matthey
PLC
7,100
302,291
480,102
Commercial
Banks
Non-US
17.06%
Akbank
TAS
520,000
315,426
Banca
Transilvania
SA
396,242
259,939
Bank
Polska
Kasa
Opieki
SA
*
13,800
336,764
Eurobank
Ergasias
Services
and
Holdings
SA
*
180,000
181,685
OTP
Bank
Nyrt
*
6,700
360,673
Raiffeisen
Bank
International
AG
13,500
306,430
Sberbank
of
Russia
PJSC,
ADR
134,750
2,248,978
Turkiye
Garanti
Bankasi
AS
230,000
219,605
4,229,500
Dialysis
Centers
1.24%
Fresenius
Medical
Care
AG
&
Co.
KGaA
3,700
307,456
Diamonds/Precious
Stones
1.15%
Alrosa
PJSC
155,000
284,961
Diversified
Operations
1.03%
KOC
Holding
AS
121,000
254,798
Electric
-
Distribution
0.74%
AB
Ignitis
Grupe
,
GDR
7,500
183,198
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Common
Stocks (cont’d)
Shares
Value
Electric
-
Generation
3.58%
CEZ
AS
12,000
$
355,861
Inter
RAO
UES
PJSC
6,011,000
385,294
RWE
AG
4,000
145,029
886,184
Electric
-
Integrated
1.19%
PGE
Polska
Grupa
Energetyczna
SA
*
120,000
296,177
Food
-
Retail
5.11%
Koninklijke
Ahold
Delhaize
NV,
ADR
8,500
252,364
Magnit
PJSC,
GDR
32,500
471,397
X5
Retail
Group
NV,
GDR
15,500
543,819
1,267,580
Gold
Mining
0.50%
Polyus
PJSC,
GDR
1,287
124,650
Machinery
-
General
Industrial
1.24%
ANDRITZ
AG
5,450
306,519
Medical
Instruments
0.68%
Getinge
AB,
Class B
4,500
169,752
Metal
-
Diversified
2.72%
KGHM
Polska
Miedz
SA
8,800
432,986
MMC
Norilsk
Nickel
PJSC,
ADR
4,650
157,728
Orsu
Metals
Corp.,
144A
#*∆
402,500
83,611
674,325
Metal
Processors
&
Fabricate
0.75%
Aurubis
AG
2,000
185,634
Multi-line
Insurance
1.21%
Allianz
SE
1,198
298,969
Oil
Companies
-
Exploration
&
Production
0.47%
Novatek
PJSC,
GDR
525
115,763
Oil
Companies
-
Integrated
24.05%
Gazprom
PJSC,
ADR
42,300
322,903
LUKOIL
PJSC,
ADR
6,220
572,240
MOL
Hungarian
Oil
&
Gas
PLC
*
40,500
322,263
OMV
Petrom
SA
1,565,000
160,085
Polskie
Gornictwo
Naftowe
i
Gazownictwo
SA
205,000
358,706
Rosneft
Oil
Co.
PJSC,
GDR
*
268,452
2,088,122
Tatneft
PJSC,
ADR
48,960
2,135,880
5,960,199
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Common
Stocks (cont’d)
Shares
Value
Precious
Metals
0.43%
Polymetal
International
PLC
5,000
$
107,673
Property/Casualty
Insurance
1.44%
Powszechny
Zaklad
Ubezpieczen
SA
37,000
356,299
Regional
Banks
-
Non
US
3.07%
TCS
Group
Holding
PLC,
GDR
8,700
761,628
Retail
-
Apparel/Shoe
0.48%
HUGO
BOSS
AG
2,200
119,831
Retail
-
Major
Dept
Store
2.09%
Detsky
Mir
PJSC
251,000
519,176
Steel
-
Producers
5.42%
Eregli
Demir
ve
Celik
Fabrikalari
TAS
125,500
259,677
Evraz
PLC
132,000
1,082,958
1,342,635
Telecom
Services
4.13%
O2
Czech
Republic
AS
25,000
306,746
Sistema
PJSFC,
GDR
56,000
482,407
Turk
Telekomunikasyon
AS
308,000
234,754
1,023,907
Telephone
-
Integrated
1.12%
Hellenic
Telecommunications
Organization
SA
16,500
277,097
Television
1.27%
Cyfrowy
Polsat
SA
40,000
314,232
Transportation
-
Marine
0.62%
AP
Moller
-
Maersk
A/S,
Class A
55
152,988
Transportation
-
Rail
1.16%
Globaltrans
Investment
PLC,
GDR
40,000
286,660
Web
Portals/ISP
0.53%
Yandex
NV,
Class A
*
1,850
130,888
Total
Common
Stocks
23,671,560
(cost
$20,681,882)
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
*Country
distribution
shown
is
based
on
domicile.
The
locale
of
company
operations
may
be
different.
Corporate
Non-Convertible
Bond
2.00%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Gold
Mining
2.00%
Aris
Gold
Corp.
7.50
08/26/27
$
500,000
$
495,000
(cost
$500,000)
Exchange
Traded
Funds
1.18%
Shares
Global
X
MSCI
Greece
ETF
5,000
139,200
iShares
MSCI
Europe
ESG
Screened
UCITS
ETF
*
19,000
152,345
Total
Exchange
Traded
Funds
291,545
(cost
$268,134)
Warrant
0.16%
Exercise
Price
Exp.
Date
Mining
Services
0.16%
Aris
Gold
Corp.
*
$
2.75
07/25/25
100,000
40,336
(cost
$0
)
Investments,
at
value
98.85%
24,498,441
(cost
$21,450,016
)
Other
assets
and
liabilities,
net
1.15%
285,689
Net
Assets
100.00%
$
24,784,130
Country
Distribution*
Based
on
Total
Investments
June
30,
2021
Russian
Federation
46.8%
Poland
8.5%
Germany
8.0%
Turkey
6.6%
United
Kingdom
5.7%
Cyprus
3.5%
Austria
3.4%
Other
17.5%
Total
100.0%
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Common
Stocks
88.92%
Shares
Value
Automotive
-
Cars
&
Light
Trucks
10.29%
BYD
Co.,
Ltd.,
Class H
29,500
$
885,480
Yadea
Group
Holdings,
Ltd.
189,000
405,952
1,291,432
Automotive/Truck
Parts
&
Equipment
-
Replacement
4.16%
Weichai
Power
Co.,
Ltd.
235,000
521,769
Brewery
3.26%
Tsingtao
Brewery
Co.,
Ltd.
38,000
408,659
Chemicals
-
Specialty
2.66%
Daqo
New
Energy
Corp.,
ADR
*
5,125
333,227
Consumer
Products
-
Miscellaneous
0.00%
Tongda
Hong
Tai
Holdings,
Ltd.
*
2,000
82
Dental
Supplies
&
Equipment
0.80%
Dentium
Co.,
Ltd.
1,750
100,850
Disposable
Medical
Products
1.99%
Top
Glove
Corp.
Bhd
249,000
249,995
E-Commerce/Products
9.46%
Alibaba
Group
Holding,
Ltd.,
ADR
*
630
142,871
Pinduoduo
,
Inc.,
ADR
*
5,378
683,114
Vipshop
Holdings,
Ltd.,
ADR
*
18,000
361,440
1,187,425
Electric
-
Generation
0.62%
China
Longyuan
Power
Group
Corp.,
Ltd.
45,000
77,477
Energy
-
Alternate
Sources
0.53%
Xinyi
Solar
Holdings,
Ltd.
31,000
66,725
Finance
-
Investment
Banker/Broker
1.76%
KIWOOM
Securities
Co.,
Ltd.
1,900
220,770
Finance
-
Other
Services
8.34%
Hong
Kong
Exchanges
&
Clearing,
Ltd.
9,750
580,415
Singapore
Exchange,
Ltd.
56,000
466,417
1,046,832
Food
-
Dairy
Products
3.72%
China
Feihe
,
Ltd.
216,500
466,779
Industrial
Audio
&
Video
Production
1.09%
Q
Technology
Group
Co.,
Ltd.
67,000
137,201
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Common
Stocks (cont’d)
Shares
Value
Internet
Content
-
Info
7.03%
Meituan
,
Class B
*
10,500
$
433,137
Tencent
Holdings,
Ltd.,
ADR
5,965
449,165
882,302
Life/Health
Insurance
1.68%
AIA
Group,
Ltd.
17,000
210,895
Medical
Labs
&
Testing
Services
1.48%
Wuxi
Biologics
Cayman,
Inc.
*
10,150
185,849
Motorcycle/Motor
Scooter
1.95%
Niu
Technologies,
ADR
*
7,500
244,875
Multi-line
Insurance
0.94%
Ping
An
Insurance
Group
Co.
of
China,
Ltd.,
H
Shares
12,000
117,305
Non-Ferrous
Metals
0.00%
Sterling
Group
Ventures,
Inc.,
144A
#*@∆
500,000
0
Petrochemicals
4.72%
LG
Chem
,
Ltd.
785
592,746
Power
Conversion/Supply
Equipment
4.85%
Delta
Electronics,
Inc.
56,000
608,376
Real
Estate
Management/Services
6.34%
A-Living
Smart
City
Services
Co.,
Ltd.
100,000
496,354
KWG
Living
Group
Holdings,
Ltd.
*
65,000
83,174
S-Enjoy
Service
Group
Co.,
Ltd.
*
71,000
215,917
795,445
Real
Estate
Operating/Development
0.76%
Gemdale
Properties
&
Investment
Corp.,
Ltd.
750,000
95,557
Rubber/Plastic
Products
1.77%
Hartalega
Holdings
Bhd
125,000
221,383
Schools
1.84%
China
Yuhua
Education
Corp.,
Ltd.
255,000
231,111
Semiconductor
Components
-
Integrated
Circuit
1.89%
United
Microelectronics
Corp.
125,000
237,038
Wireless
Equipment
4.99%
Xiaomi
Corp.
*
180,000
626,025
Total
Common
Stocks
11,158,130
(cost
$11,487,204)
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
*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.
Corporate
Non-Convertible
Bond
2.09%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Gold
Mining
2.09%
Aris
Gold
Corp.
7.50
08/26/27
$
265,000
$
262,350
(cost
$264,981)
Exchange
Traded
Funds
1.25%
Shares
Direxion
Daily
FTSE
China
Bear
3X
Shares
ETF
*
2,200
29,150
iShares
MSCI
Taiwan
ETF
2,000
127,900
Total
Exchange
Traded
Funds
157,050
(cost
$150,623)
Warrant
0.17%
Exercise
Price
Exp.
Date
Mining
Services
0.17%
Aris
Gold
Corp.
*
$
2.75
07/25/25
52,000
20,975
(cost
$0
)
Investments,
at
value
92.43%
11,598,505
(cost
$11,902,808
)
Other
assets
and
liabilities,
net
7.57%
950,259
Net
Assets
100.00%
$
12,548,764
Country
Distribution*
Based
on
Total
Investments
June
30,
2021
China
65.3%
Korea,
Republic
of
7.9%
Hong
Kong
7.6%
Taiwan,
Province
of
China
7.3%
Malaysia
4.1%
Singapore
4.0%
Other
3.8%
Total
100.0%
Notes
to
Portfolios
of
Investments
(
unaudited
)
Legend
General
The
yields
reflect
the
effective
yield
from
the
date
of
purchase.
Variable
and
Floating
Rate
Notes
have
periodic
reset
features,
which
effectively
shorten
the
maturity
dates
and
reset
the
interest
rates
as
tied
to
various
interest-bearing
instruments.
Rates
shown
are
current
rates
at
June
30,
2021.
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.
‡
Adjustable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
the
current
interest
rates.
Rate
presented
is
as
of
June
30,
2021.
@
Security
was
fair
valued
at
June
30,
2021,
by
U.S.
Global
Investors,
Inc.
(Adviser)
(other
than
international
securities
fair
valued
pursuant
to
systematic
fair
value
models)
in
accordance
with
valuation
procedures
approved
by
the
Board
of
Trustees.
These
securities,
as
a
percentage
of
net
assets
at
June
30,
2021,
were
0.01%
of
Global
Luxury
Goods
Fund,
1.08%
of
Global
Resources
Fund,
1.12%
of
World
Precious
Minerals
Fund,
0.71%
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.
∆
Pursuant
to
Rule
144A
of
the
Securities
Act
of
1933,
these
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
The
market
value
of
these
securities
and
percentage
of
net
assets
as
of
June
30,
2021
amounted
to
$43,562,
0.08%,
of
Global
Luxury
Goods
Fund,
$932,646,
1.32%,
of
Global
Resources
Fund,
$2,695,126,
2.39%,
of
World
Precious
Minerals
Fund,
$4,389,228,
2.77%,
of
Gold
And
Precious
Metals
Fund,
$261,422,
1.05%,
of
Emerging
Europe
Fund
and
$0,
0.00%,
of
China
Region
Fund.
*
Non-income
producing
security.
#
Illiquid
Security.
~
See
“Affiliated
Company”
in
Notes
to
Portfolios
of
Investments.
+
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
AGM
Assured
Guaranty
Municipal
BAM
Build
American
Mutual
Assurance
Company
COP
Certificate
of
Participation
ETF
Exchange
Traded
Fund
FHLMC
Federal
Home
Loan
Mortgage
Corporation
FNMA
Federal
National
Mortgage
Association
GDR
Global
Depositary
Receipt
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
LIBOR
London
Interbank
Offered
Rate
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
(
unaudited
)
The
Funds
are
required
to
disclose
information
regarding
the
fair
value
measurements
of
a
Fund’s
assets
and
liabilities.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
measurement
requirements
established
a
three-tier
hierarchy
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Inputs
refer
broadly
to
the
assumptions
that
market
participants
would
use
in
pricing
the
asset
or
liability,
including
assumptions
about
risk,
for
example,
the
risk
inherent
in
a
particular
valuation
technique
used
to
measure
fair
value
including
such
a
pricing
model
and/or
the
risk
inherent
in
the
inputs
to
the
valuation
technique.
Inputs
may
be
observable
or
unobservable.
Observable
inputs
are
inputs
that
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability
developed
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
inputs
that
reflect
the
reporting
entity’s
own
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability
developed
based
on
the
best
information
available
in
the
circumstances.
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
Because
of
the
inherent
uncertainties
of
valuation,
the
values
reflected
in
the
portfolios
may
materially
differ
from
the
values
received
upon
actual
sale
of
those
investments.
The
three
levels
defined
by
the
fair
value
hierarchy
are
as
follows:
Level
1
–
Quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
determined
using
significant
other
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Short-term
securities
with
maturities
of
sixty
days
or
less
are
valued
at
amortized
cost,
which
approximates
market
value,
and
are
categorized
as
Level
2
in
the
hierarchy.
Municipal
securities,
long-
term
U.S.
government
obligations
and
corporate
debt
securities
are
valued
in
accordance
with
the
evaluated
price
supplied
by
a
pricing
service
and
generally
categorized
as
Level
2
in
the
hierarchy.
Other
securities
that
are
categorized
as
Level
2
in
the
hierarchy
include,
but
are
not
limited
to,
warrants
that
do
not
trade
on
an
exchange,
securities
valued
at
the
mean
between
the
last
reported
bid
and
ask
quotation
and
international
equity
securities
valued
by
an
independent
third
party
in
order
to
adjust
for
stale
pricing.
Level
3
–
Prices
determined
using
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions).
For
restricted
equity
securities
and
private
placements
where
observable
inputs
are
limited,
assumptions
about
market
activity
and
risk
are
used
in
determining
fair
value.
Notes
to
Portfolios
of
Investments
(
unaudited
)
The
following
table
summarizes
the
valuation
of
each
Fund’s
securities
as
of
June
30,
2021,
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
$
–
$
42,002,417
$
–
$
42,002,417
Exchange
Traded
Fund
823,162
–
–
823,162
Investments,
at
Value
$
823,162
$
42,002,417
$
–
$
42,825,579
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
$
–
$
33,634,097
$
–
$
33,634,097
Exchange
Traded
Fund
1,535,525
–
–
1,535,525
Investments,
at
Value
$
1,535,525
$
33,634,097
$
–
$
35,169,622
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
$
2,751,830
$
4,992,312
$
–
$
7,744,142
Athletic
Equipment
1,162,067
–
–
1,162,067
Automotive
-
Cars
&
Light
Trucks
6,556,595
2,088,506
–
8,645,101
Beverages
-
Wine/Spirits
–
557,611
–
557,611
Building
-
Residential/
Commercial
1,020,635
–
–
1,020,635
Commercial
Service
-
Finance
607,364
–
–
607,364
Computers
2,342,016
–
–
2,342,016
Cosmetics
&
Toiletries
2,039,211
–
–
2,039,211
Decision
Support
Software
337,973
–
–
337,973
Diversified
Banking
Institution
2,088,961
–
–
2,088,961
Notes
to
Portfolios
of
Investments
(
unaudited
)
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)
E-Commerce/Products
$
2,373,710
$
–
$
–
$
2,373,710
Energy
-
Alternate
Sources
–
–
0
0
Enterprise
Software/
Services
191,801
–
–
191,801
Finance
-
Credit
Card
2,080,991
–
–
2,080,991
Finance
-
Mortgage
Loan/
Banker
36,030
–
–
36,030
Finance
-
Other
Services
220,992
–
–
220,992
Gold
Mining
1,506,751
–
–
1,506,751
Home
Furnishings
1,058,130
–
–
1,058,130
Investment
Management/
Advisory
Services
–
1,006,542
–
1,006,542
Metal
-
Diversified
469,305
–
–
469,305
Oil
Companies
-
Exploration
&
Production
40,739
–
–
40,739
Precious
Metals
396,630
–
–
396,630
Private
Equity
3,300,540
–
–
3,300,540
Real
Estate
Operating/
Development
–
–
3,242
3,242
Retail
-
Apparel/Shoe
570,448
1,531,463
–
2,101,911
Retail
-
Building
Products
1,394,506
–
–
1,394,506
Retail
-
Discount
2,407,256
–
–
2,407,256
Retail
-
Home
Furnishings
871,370
–
–
871,370
Retail
-
Jewelry
–
557,652
–
557,652
Silver
Mining
285,480
282,582
–
568,062
Textile
-
Apparel
4,209,315
–
–
4,209,315
Corporate
Non-Convertible
Bond
–
866,250
–
866,250
Corporate
Non-Convertible
Note
–
330,973
–
330,973
Exchange
Traded
Funds
78,249
–
–
78,249
Warrants
Enterprise
Software/
Services
45,339
–
–
45,339
Finance
-
Mortgage
Loan/
Banker
–
0
–
0
Oil
Companies
-
Exploration
&
Production
2,823
–
–
2,823
Retail
-
Jewelry
–
6,165
–
6,165
Investments,
at
Value
40,447,057
12,220,056
3,242
52,670,355
Notes
to
Portfolios
of
Investments
(
unaudited
)
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
$
1,947,278
$
–
$
522,346
$
2,469,624
Agricultural
Chemicals
1,758,621
–
–
1,758,621
Agricultural
Operations
757,500
598,596
–
1,356,096
Building
&
Construction
Products
-
Miscellaneous
602,900
–
–
602,900
Coal
5,506
–
0
5,506
Containers
-
Paper/Plastic
94,385
–
–
94,385
Diamonds/Precious
Stones
452,565
–
–
452,565
Diversified
Minerals
5,961,922
1,242,174
–
7,204,096
Electric
-
Generation
341,158
–
–
341,158
Energy
-
Alternate
Sources
1,569,400
3,123,780
0
4,693,180
Enterprise
Software/
Services
2,930,505
–
–
2,930,505
Finance
-
Investment
Banker/Broker
326,718
–
–
326,718
Food
-
Meat
Products
–
158,116
–
158,116
Food
-
Miscellaneous/
Diversified
2,093,417
–
–
2,093,417
Forestry
1,110,586
–
–
1,110,586
Gold
Mining
4,454,644
806,712
0
5,261,356
Independent
Power
Producer
558,300
–
–
558,300
Industrial
Gases
578,200
350,700
–
928,900
Metal
-
Copper
765,570
–
–
765,570
Metal
-
Diversified
9,121,015
795,883
–
9,916,898
Metal
-
Iron
1,965,150
–
0
1,965,150
Mining
Services
2,447,065
–
–
2,447,065
Natural
Resource
Technology
–
–
86,243
86,243
Non-Ferrous
Metals
500,968
–
0
500,968
Oil
-
Field
Services
846,520
–
–
846,520
Oil
-
US
Royalty
Trusts
1,287,856
421,112
–
1,708,968
Oil
Companies
-
Exploration
&
Production
1,473,311
–
–
1,473,311
Oil
Companies
-
Integrated
1,088,600
–
–
1,088,600
Oil
Refining
&
Marketing
1,143,430
–
–
1,143,430
Paper
&
Related
Products
854,000
–
–
854,000
Platinum
916,914
657,901
–
1,574,815
Precious
Metals
2,320,434
232,365
–
2,552,799
Real
Estate
Operating/
Development
492,094
–
56,571
548,665
REITS
-
Diversified
1,070,450
–
–
1,070,450
Retail
-
Jewelry
429,574
–
–
429,574
Notes
to
Portfolios
of
Investments
(
unaudited
)
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)
Specified
Purpose
Acquisition
$
92,456
$
–
$
–
$
92,456
Steel
-
Producers
1,611,811
–
–
1,611,811
Private
Equity
Fund
Oil
-
US
Royalty
Trusts
201,600
–
–
201,600
Corporate
Non-Convertible
Bond
–
1,064,250
–
1,064,250
Corporate
Non-Convertible
Note
–
408,964
–
408,964
Exchange
Traded
Funds
1,254,525
–
–
1,254,525
Warrants
Advanced
Materials/
Production
–
63,892
–
63,892
Diversified
Minerals
–
0
–
0
Enterprise
Software/
Services
27,203
–
–
27,203
Gold
Mining
–
0
–
0
Metal
-
Copper
9,378
–
–
9,378
Mining
Services
149,600
–
–
149,600
Oil
Companies
-
Exploration
&
Production
11,294
–
–
11,294
Investment
Company
40,959
–
–
40,959
Purchased
Call
Options
227,700
352,500
–
580,200
Investments,
at
Value
55,893,082
10,276,945
665,160
66,835,187
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
$
11,078,574
$
169,409
$
–
$
11,247,983
Capital
Pools
1,101,162
–
–
1,101,162
Coal
–
–
0
0
Diamonds/Precious
Stones
1,565,021
–
–
1,565,021
Diversified
Minerals
7,473,035
528,612
0
8,001,647
Enterprise
Software/
Services
–
22,633
–
22,633
Gold
Mining
36,665,497
10,597,610
45,378
47,308,485
Investment
Companies
–
4,935
–
4,935
Metal
-
Copper
661,504
–
–
661,504
Notes
to
Portfolios
of
Investments
(
unaudited
)
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)
Metal
-
Diversified
$
7,827,056
$
2,946,691
$
–
$
10,773,747
Metal
-
Iron
–
–
0
0
Metals
&
Mining
–
476,066
–
476,066
Mining
Services
41,047
806,712
–
847,759
Non-Ferrous
Metals
300,500
–
–
300,500
Oil
&
Gas
Drilling
–
651,778
–
651,778
Oil
Companies
-
Exploration
&
Production
–
–
0
0
Optical
Recognition
Equipment
2,876
–
–
2,876
Platinum
1,729,187
–
–
1,729,187
Precious
Metals
18,988,417
1,421,223
–
20,409,640
Real
Estate
Operating/
Development
1,638,432
–
–
1,638,432
Retail
-
Jewelry
1,202,807
–
–
1,202,807
Silver
Mining
1,529,687
–
–
1,529,687
Corporate
Non-Convertible
Bond
–
1,089,000
–
1,089,000
Exchange
Traded
Funds
338,853
–
–
338,853
Warrants
Diversified
Minerals
39,239
254,114
–
293,353
Gold
Mineral
Exploration
&
Development
–
–
0
0
Gold
Mining
–
24,121
–
24,121
Metal
-
Copper
–
222,652
–
222,652
Metal
-
Diversified
54,453
–
–
54,453
Mining
Services
209,745
–
–
209,745
Non-Ferrous
Metals
–
0
–
0
Silver
Mining
–
134,116
–
134,116
Investment
Company
222,532
–
–
222,532
Purchased
Call
Options
876,625
–
–
876,625
Investments,
at
Value
93,546,249
19,349,672
45,378
112,941,299
Notes
to
Portfolios
of
Investments
(
unaudited
)
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
$
271,055
$
–
$
–
$
271,055
Agricultural
Chemicals
266,215
–
–
266,215
Capital
Pools
256,938
–
–
256,938
Diversified
Minerals
5,497,321
6,117,649
–
11,614,970
Enterprise
Software/
Services
306,881
–
–
306,881
Gold
Mining
71,965,718
8,305,722
–
80,271,440
Metal
-
Diversified
3,485,590
–
–
3,485,590
Mining
Services
388,230
247,721
1,116,283
1,752,234
Oil
&
Gas
Drilling
–
4,480,961
–
4,480,961
Platinum
–
4,111,881
–
4,111,881
Precious
Metals
24,281,208
–
–
24,281,208
Remediation
Services
812,500
–
–
812,500
Retail
-
Jewelry
3,788,434
–
–
3,788,434
Silver
Mining
7,451,876
2,124,680
–
9,576,556
Specified
Purpose
Acquisition
184,911
–
–
184,911
Corporate
Non-Convertible
Bonds
–
4,182,750
0
4,182,750
Corporate
Non-Convertible
Notes
–
625,160
–
625,160
Exchange
Traded
Funds
461,197
–
–
461,197
Warrants
Enterprise
Software/
Services
72,543
–
–
72,543
Metal
-
Diversified
–
0
–
0
Mining
Services
579,421
–
–
579,421
Precious
Metals
42,000
–
–
42,000
Silver
Mining
9,075
–
–
9,075
Investment
Company
302,899
–
–
302,899
Purchased
Call
Options
1,707,750
793,125
–
2,500,875
Investments,
at
Value
$
122,131,762
$
30,989,649
$
1,116,283
$
154,237,694
Notes
to
Portfolios
of
Investments
(
unaudited
)
Quoted
Prices
in
Active
Markets
for
Identical
Investments
(Level
1)
Significant
Other
Observable
Inputs
(Level
2)
Significant
Unobservable
Inputs
(Level
3)
Total
Emerging
Europe
Fund
Assets
Investments
in
Securities*
Common
Stocks
Agricultural
Chemicals
$
87,114
$
–
$
–
$
87,114
Apparel
Manufacturers
–
80,722
–
80,722
Automotive
-
Cars
&
Light
Trucks
–
1,093,536
–
1,093,536
Building
&
Construction
Products
-
Miscellaneous
–
212,004
–
212,004
Cellular
Telecommunication
501,892
277,511
–
779,403
Chemicals
-
Diversified
–
480,102
–
480,102
Commercial
Banks
Non-US
2,248,978
1,980,522
–
4,229,500
Dialysis
Centers
–
307,456
–
307,456
Diamonds/Precious
Stones
–
284,961
–
284,961
Diversified
Operations
–
254,798
–
254,798
Electric
-
Distribution
183,198
–
–
183,198
Electric
-
Generation
–
886,184
–
886,184
Electric
-
Integrated
–
296,177
–
296,177
Food
-
Retail
1,267,580
–
–
1,267,580
Gold
Mining
124,650
–
–
124,650
Machinery
-
General
Industrial
–
306,519
–
306,519
Medical
Instruments
–
169,752
–
169,752
Metal
-
Diversified
241,339
432,986
–
674,325
Metal
Processors
&
Fabricate
–
185,634
–
185,634
Multi-line
Insurance
–
298,969
–
298,969
Oil
Companies
-
Exploration
&
Production
115,763
–
–
115,763
Oil
Companies
-
Integrated
5,119,145
841,054
–
5,960,199
Precious
Metals
–
107,673
–
107,673
Property/Casualty
Insurance
–
356,299
–
356,299
Regional
Banks
-
Non
US
761,628
–
–
761,628
Retail
-
Apparel/Shoe
–
119,831
–
119,831
Retail
-
Major
Dept
Store
–
519,176
–
519,176
Steel
-
Producers
–
1,342,635
–
1,342,635
Telecom
Services
482,407
541,500
–
1,023,907
Telephone
-
Integrated
–
277,097
–
277,097
Television
–
314,232
–
314,232
Transportation
-
Marine
–
152,988
–
152,988
Transportation
-
Rail
286,660
–
–
286,660
Web
Portals/ISP
130,888
–
–
130,888
Corporate
Non-Convertible
Bond
–
495,000
–
495,000
Exchange
Traded
Funds
139,200
152,345
–
291,545
Notes
to
Portfolios
of
Investments
(
unaudited
)
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)
Warrant
Mining
Services
$
40,336
$
–
$
–
$
40,336
Investments,
at
Value
$
11,730,778
$
12,767,663
$
–
$
24,498,441
Total
Assets
$
11,730,778
$
12,767,663
$
–
$
24,498,441
Liabilities
Other
Financial
Instruments
†
Currency
Contract
–
(2,397)
–
(2,397)
Total
Liabilities
$
–
$
(2,397)
$
–
$
(2,397)
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
$
–
$
1,291,432
$
–
$
1,291,432
Automotive/Truck
Parts
&
Equipment
-
Replacement
–
521,769
–
521,769
Brewery
–
408,659
–
408,659
Chemicals
-
Specialty
333,227
–
–
333,227
Consumer
Products
-
Miscellaneous
–
82
–
82
Dental
Supplies
&
Equipment
–
100,850
–
100,850
Disposable
Medical
Products
–
249,995
–
249,995
E-Commerce/Products
1,187,425
–
–
1,187,425
Electric
-
Generation
–
77,477
–
77,477
Energy
-
Alternate
Sources
–
66,725
–
66,725
Finance
-
Investment
Banker/Broker
–
220,770
–
220,770
Finance
-
Other
Services
–
1,046,832
–
1,046,832
Food
-
Dairy
Products
–
466,779
–
466,779
Industrial
Audio
&
Video
Production
–
137,201
–
137,201
Internet
Content
-
Info
449,165
433,137
–
882,302
Notes
to
Portfolios
of
Investments
(
unaudited
)
The
following
is
a
reconciliation
of
assets
for
which
unobservable
inputs
(Level
3)
were
used
in
determining
fair
value
during
the
period
January
1,
2021
through
June
30,
2021:
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)
Life/Health
Insurance
$
–
$
210,895
$
–
$
210,895
Medical
Labs
&
Testing
Services
–
185,849
–
185,849
Motorcycle/Motor
Scooter
244,875
–
–
244,875
Multi-line
Insurance
–
117,305
–
117,305
Non-Ferrous
Metals
–
–
0
0
Petrochemicals
–
592,746
–
592,746
Power
Conversion/Supply
Equipment
–
608,376
–
608,376
Real
Estate
Management/
Services
–
795,445
–
795,445
Real
Estate
Operating/
Development
–
95,557
–
95,557
Rubber/Plastic
Products
–
221,383
–
221,383
Schools
–
231,111
–
231,111
Semiconductor
Components
-
Integrated
Circuit
–
237,038
–
237,038
Wireless
Equipment
–
626,025
–
626,025
Corporate
Non-Convertible
Bond
–
262,350
–
262,350
Exchange
Traded
Funds
157,050
–
–
157,050
Warrant
Mining
Services
20,975
–
–
20,975
Investments,
at
Value
$
2,392,717
$
9,205,788
$
0
$
11,598,505
*
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
Total
Global
Luxury
Goods
Fund
Beginning
Balance
12/31/20
$
13,521
$
13,521
Net
change
in
unrealized
appreciation
(depreciation)
(10,279)
(10,279)
Ending
Balance
06/30/21
$
3,242
$
3,242
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
06/30/21
(1)
$
(10,279)
$
(10,279)
Notes
to
Portfolios
of
Investments
(
unaudited
)
Common
Stocks
Total
Global
Resources
Fund
Beginning
Balance
12/31/20
$
2,988,739
$
2,988,739
Purchases
519,100
519,100
Sales
(252)
(252)
Realized
Gain
420,848
420,848
Net
change
in
unrealized
appreciation
(depreciation)
(3,263,275)
(3,263,275)
Ending
Balance
06/30/21
$
665,160
$
665,160
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
06/30/21
(1)
$
(2,842,679)
$
(2,842,679)
Common
Stock
Warrants
Total
World
Precious
Minerals
Fund
Beginning
Balance
12/31/20
$
273,960
$
0
$
273,960
Purchases
67,008
—
67,008
Sales
(683)
—
(683)
Realized
Gain
1,140,719
—
1,140,719
Corporate
Action
(1,209,619)
—
(1,209,619)
Net
change
in
unrealized
appreciation
(depreciation)
(226,007)
0
(226,007)
Ending
Balance
06/30/21
$
45,378
$
0
$
45,378
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
06/30/21
(1)
$
(64,032)
$
0
$
(64,032)
Common
Stocks
Corporate
Non-
Convertible
Bond
Total
Gold
and
Precious
Metals
Fund
Beginning
Balance
12/31/20
$
1,128,329
$
0
$
1,128,329
Net
change
in
unrealized
appreciation
(depreciation)
(12,046)
—
(12,046)
Ending
Balance
06/30/21
$
1,116,283
$
0
$
1,116,283
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
06/30/21
(1)
$
(12,046)
$
—
$
(12,046)
Common
Stock
Total
China
Region
Fund
Beginning
Balance
12/31/20
$
0
$
0
Ending
Balance
06/30/21
$
0
$
0
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
06/30/21
(1)
$
—
$
—
(1)
The
amounts
shown
represent
the
net
change
in
unrealized
appreciation
(depreciation)
attributable
to
only
those
investments
still
held
and
classified
as
Level
3
at
June
30,
2021.
Notes
to
Portfolios
of
Investments
(
unaudited
)
Significant
unobservable
inputs
developed
by
the
Valuation
Committee
(“Valuation
Committee”)
for
Level
3
investments
held
at
period
end
are
as
follows:
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.
Fair
Value
at
06/30/21
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
3,242
Method
of
Comparables
Pricing
(2)
Multiples
4.7
Global
Resources
Fund
Investments
in
Securities
30%
-
100%
discount
(100%
discount)
Common
Stocks
608,589
Market
Transaction
(1)
Discount
Common
Stocks
56,571
Method
of
Comparables
Pricing
(2)
Multiples
4.7
World
Precious
Minerals
Fund
Investments
in
Securities
0%
-
100%
discount
(99%
discount)
Common
Stocks
45,378
Market
Transaction
(1)
Discount
Warrants
0
Market
Transaction
(1)
Discount
100%
Gold
and
Precious
Metals
Fund
Investments
in
Securities
0%
Common
Stocks
1,116,283
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
(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.
Notes
to
Portfolios
of
Investments
(
unaudited
)
Affiliated
Companies
The
Investment
Company
Act
of
1940
defines
affiliates
as
companies
in
which
the
Fund
owns
at
least
5%
of
the
outstanding
voting
securities.
The
following
is
a
summary
of
transactions
with
each
affiliated
company
during
the
period
ended
June
30,
2021.
At
June
30,
2021,
the
value
of
investments
in
affiliated
companies
was
$0,
representing
0.00%
of
net
assets,
and
the
total
cost
was
$27,968,676.
At
June
30,
2021,
the
value
of
investments
in
affiliated
companies
was
$12,205,186,
representing
10.82%
of
net
assets,
and
the
total
cost
was
$7,472,125.
Shares
of
Affiliated
Companies
Global
Resources
Fund
December
31,
2020
Additions
Reductions
June
30,
2021
Caribbean
Resources
Corp.
17
—
—
17
Pacific
Green
Energy
Corp.
2,400,000
—
—
2,400,000
Values
of
Affiliated
Companies
Global
Resources
Fund
December
31,
2020
Purchases
Cost
Sales
Proceeds
June
30,
2021
Income
Realized
Gain
(Loss)
on
Investments
Change
in
Unrealized
Appreciation
(Depreciation)
Caribbean
Resources
Corp.
$
0
$
—
$
—
$
0
$
—
$
—
$
—
Pacific
Green
Energy
Corp.
0
—
—
0
—
—
—
$
0
$
—
$
—
$
0
$
—
$
—
$
—
Shares
of
Affiliated
Companies
World
Precious
Minerals
Fund
December
31,
2020
Additions
Reductions
June
30,
2021
Barsele
Minerals
Corp.
7,700,000
—
(200,000)
7,500,000
Canex
Metals,
Inc.
3,250,000
—
—
3,250,000
(a)
CopperBank
Resources
Corp
5,543,500
—
(1,500,000)
4,043,500
(a)
Mammoth
Resources
Corp.
3,671,200
2,050,000
(221,200)
5,500,000
Polarx
,
Ltd.
38,953,441
—
(953,441)
38,000,000
TriStar
Gold,
Inc.
28,750,000
—
—
28,750,000
Values
of
Affiliated
Companies
World
Precious
Minerals
Fund
December
31,
2020
Purchases
Cost
Sales
Proceeds
June
30,
2021
Income
Realized
Gain
(Loss)
on
Investments
Change
in
Unrealized
Appreciation
(Depreciation)
Barsele
Minerals
Corp.
$
3,327,048
$
—
$
(96,041)
$
4,537,754
$
—
$
(44,729)
$
1,351,476
Canex
Metals,
Inc.
382,984
—
—
340,836
(a)
—
–
(42,148)
CopperBank
Resources
Corp.
1,045,204
—
(402,751)
1,304,776
(a)
—
(1,908)
664,231
Mammoth
Resources
Corp.
331,674
225,898
(28,319)
754,276
—
1,004
224,019
Polarx
,
Ltd.
809,280
—
(74,276)
882,985
—
(46,470)
194,451
TriStar
Gold,
Inc.
5,759,486
—
—
6,030,171
—
–
270,685
$
11,655,676
$
225,898
$
(
601,387
)
$
13,850,798
$
—
$
(
92,103
)
$
2,662,714
Notes
to
Portfolios
of
Investments
(
unaudited
)
Restricted
Securities
The
following
securities
are
subject
to
contractual
and
regulatory
restrictions
on
resale
or
transfer.
These
investments
may
involve
a
high
degree
of
business
and
financial
risk.
Because
of
the
thinly
traded
markets
for
these
investments,
a
Fund
may
be
unable
to
liquidate
its
securities
in
a
timely
manner,
especially
if
there
is
negative
news
regarding
the
specific
securities
or
the
markets
overall.
These
securities
could
decline
significantly
in
value
before
the
Fund
could
liquidate
these
securities.
The
issuer
bears
the
cost
of
registration,
if
any,
involved
in
the
disposition
of
these
securities.
As
of
June
30,
2021,
the
total
cost
of
restricted
securities
was
$426,625,
and
the
total
value
was
$3,242,
representing
0.01%
of
net
assets.
As
of
June
30,
2021,
the
total
cost
of
restricted
securities
was
$7,473,544,
and
the
total
value
was
$142,814,
representing
0.20%
of
net
assets.
Global
Luxury
Goods
Fund
Acquisition
Date
Cost
per
Share/Unit
Infrastructure
Ventures,
Inc.
08/06/10-11/22/10
$
1.00
Global
Resources
Fund
Acquisition
Date
Cost
per
Share/Unit
I-Pulse,
Inc.,
144A
10/04/07
$
1.88
Infrastructure
Ventures,
Inc.
08/06/10-11/22/10
$
1.00
Statements
of
Assets
and
Liabilities
(unaudited)
See
accompanying
notes
to
financial
statements.
U.S.
Government
Securities
Ultra-Short
Bond
Fund
Investments,
at
identified
cost
$
42,818,472
Assets
Investments,
at
value:
Securities
of
unaffiliated
issuers
$
42,825,579
Cash
1,248,125
Foreign
currencies
(Cost
$0,
$935,034,
$1,881
and
$0)
–
Receivables:
Dividends
and
interest
183,494
Capital
shares
sold
3,646
Investments
sold
–
From
adviser
3,597
Prepaid
expenses
15,169
Total
Assets
44,279,610
Liabilities
Due
to
custodian
–
Payables:
Capital
shares
redeemed
194,724
Distributions
payable
–
Investments
purchased
4,979,473
Accrued
expenses
and
other
payables:
Adviser
–
Administration
and
Transfer
Agent
fees
8,886
Other
expenses
17,210
Total
Liabilities
5,200,293
Net
Assets
$
39,079,317
Net
Assets
Consist
of:
Paid-in
capital
$
39,105,403
Distributable
earnings
(26,086)
Net
assets
applicable
to
capital
shares
outstanding
$
39,079,317
By
share
class
Net
Assets
Investor
Class
$
39,079,317
Capital
shares
outstanding,
an
unlimited
number
of
no
par
shares
authorized
Investor
Class
19,580,072
Net
Asset
Value,
Public
Offering
Price
and
Redemption
Price
per
share
Investor
Class
$
2.00
Near-Term
Tax
Free
Fund
Global
Luxury
Goods
Fund
Global
Resources
Fund
$
34,551,502
$
42,910,429
$
92,597,530
$
35,169,622
$
52,670,355
$
66,835,187
1,212,728
1,449,555
3,251,768
–
1,883
946,281
384,673
23,783
164,779
21,135
158,893
49,397
–
–
375,024
5,898
–
–
18,297
14,920
15,819
36,812,353
54,319,389
71,638,255
–
–
–
18,351
157,038
41,565
1,960
–
–
–
–
696,245
–
59,915
82,064
7,441
14,628
18,663
21,709
38,500
55,062
49,461
270,081
893,599
$
36,762,892
$
54,049,308
$
70,744,656
$
37,329,825
$
40,685,354
$
332,442,374
(566,933)
13,363,954
(261,697,718)
$
36,762,892
$
54,049,308
$
70,744,656
$
36,762,892
$
54,049,308
$
70,744,656
16,387,214
2,276,922
10,766,301
$
2.24
$
23.74
$
6.57
Statements
of
Assets
and
Liabilities
(unaudited)
See
accompanying
notes
to
financial
statements.
World
Precious
Minerals
Fund
Investments,
at
identified
cost
$
97,568,805
Assets
Investments,
at
value:
Securities
of
unaffiliated
issuers
$
100,736,113
Securities
of
affiliated
issuers
12,205,186
Cash
–
Foreign
currencies
(Cost
$1,539,795,
$8,020,
$242,112
and
$0)
–
Receivables:
Dividends
and
interest
2,912
Capital
shares
sold
421,861
Investments
sold
2,311,715
From
adviser
–
Prepaid
expenses
18,724
Total
Assets
115,696,511
Liabilities
Unrealized
loss
on
forward
foreign
currency
contracts
–
Due
to
custodian
619,886
Due
to
broker
1,539,795
Payables:
Capital
shares
redeemed
28,747
Investments
purchased
433,921
Foreign
capital
gains
tax
payable
–
Accrued
expenses
and
other
payables:
Adviser
146,165
Administration
and
Transfer
Agent
fees
26,337
Other
expenses
68,343
Total
Liabilities
2,863,194
Net
Assets
$
112,833,317
Net
Assets
Consist
of:
Paid-in
capital
$
434,426,686
Distributable
earnings
(321,593,369)
Net
assets
applicable
to
capital
shares
outstanding
$
112,833,317
By
share
class
Net
Assets
Investor
Class
$
112,833,317
Capital
shares
outstanding,
an
unlimited
number
of
no
par
shares
authorized
Investor
Class
21,369,790
Net
Asset
Value,
Public
Offering
Price
and
Redemption
Price
per
share
Investor
Class
$
5.28
Gold
and
Precious
Metals
Fund
Emerging
Europe
Fund
China
Region
Fund
$
93,403,625
$
21,450,016
$
11,902,808
$
154,237,694
$
24,498,441
$
11,598,505
–
–
–
4,463,339
68,488
696,876
8,020
234,214
–
62,099
96,006
29,375
75,809
10,080
260,379
–
–
–
–
–
704
20,257
17,030
13,949
158,867,218
24,924,259
12,599,788
–
2,397
–
–
–
–
–
–
–
116,239
12,905
–
107,669
–
–
–
48,278
7,680
186,816
16,049
–
30,431
9,095
6,741
78,371
51,405
36,603
519,526
140,129
51,024
$
158,347,692
$
24,784,130
$
12,548,764
$
179,036,600
$
45,580,563
$
10,516,335
(20,688,908)
(20,796,433)
2,032,429
$
158,347,692
$
24,784,130
$
12,548,764
$
158,347,692
$
24,784,130
$
12,548,764
11,920,798
3,700,458
1,282,138
$
13.28
$
6.70
$
9.79
Statements
of
Operations
(unaudited)
See
accompanying
notes
to
financial
statements.
U.S.
Government
Securities
Ultra-Short
Bond
Fund
Net
Investment
Income
Income
Dividends
from
unaffiliated
issuers
$
1,730
Foreign
tax
withheld
on
dividends
–
Net
dividends
1,730
Interest
and
other
25,874
Total
income
27,604
Expenses:
Management
fee
99,333
Administrative
services
fee
38,460
Distribution
plan
fee
–
Transfer
agent
fees
and
expenses
16,223
Professional
fees
14,134
Custodian
fees
2,054
Shareholder
reporting
expenses
6,921
Registration
fees
10,084
Trustee
fees
and
expenses
3,920
Chief
compliance
officer
fees
1,987
Miscellaneous
expenses
14,762
Total
expenses
before
reductions
207,878
Expenses
offset
-
Note
1
H
–
Expenses
reimbursed
-
Note
3
(118,478)
Net
expenses
89,400
Net
Investment Income
(Loss)
(61,796)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Realized
gain
from:
Securities
from
unaffiliated
issuers
4,574
Foreign
currency
transactions
–
Written
options
–
Net
realized
gain
4,574
Net
change
in
unrealized
appreciation
(depreciation)
of:
Investments
in
unaffiliated
issuers
(11,817)
Other
assets
and
liabilities
denominated
in
foreign
currencies
–
Net
change
in
unrealized
appreciation
(depreciation)
(11,817)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
(7,243)
Net
Increase
(Decrease)
In
Net
Assets
Resulting
From
Operations
$
(69,039)
For
the
Six
Months
Ended
June
30,
2021
Near-Term
Tax
Free
Fund
Global
Luxury
Goods
Fund
Global
Resources
Fund
$
11,778
$
343,181
$
465,518
–
(41,602)
(39,435)
11,778
301,579
426,083
258,655
97,302
120,005
270,433
398,881
546,088
98,252
284,885
399,220
38,034
51,854
69,570
–
63,135
86,987
10,899
19,795
26,479
13,977
14,947
16,438
2,280
8,779
16,949
9,068
10,536
11,509
9,682
11,353
10,101
3,887
4,426
5,293
1,972
2,533
3,490
28,819
21,622
59,229
216,870
493,865
705,265
(50)
(8)
–
(128,393)
(6,939)
–
88,427
486,918
705,265
182,006
(88,037)
(159,177)
952
6,027,324
3,882,674
–
12,229
55,705
–
–
72,720
952
6,039,553
4,011,099
(239,848)
1,298,406
2,499,685
–
(208)
(42,971)
(239,848)
1,298,198
2,456,714
(238,896)
7,337,751
6,467,813
$
(56,890)
$
7,249,714
$
6,308,636
Statements
of
Operations
(unaudited)
See
accompanying
notes
to
financial
statements.
World
Precious
Minerals
Fund
Net
Investment
Income
Income
Dividends
from
unaffiliated
issuers
$
58,288
Foreign
tax
withheld
on
dividends
(939)
Net
dividends
57,349
Interest
and
other
41,250
Total
income
98,599
Expenses:
Management
fee
694,697
Administrative
services
fee
98,356
Distribution
plan
fee
142,459
Transfer
agent
fees
and
expenses
36,606
Professional
fees
18,803
Custodian
fees
17,432
Shareholder
reporting
expenses
11,713
Registration
fees
11,298
Trustee
fees
and
expenses
7,118
Chief
compliance
officer
fees
5,695
Miscellaneous
expenses
65,037
Total
expenses
before
reductions
1,109,214
Expenses
offset
-
Note
1
H
(442)
Expenses
reimbursed
-
Note
3
–
Net
expenses
1,108,772
Net
Investment Income
(Loss)
(1,010,173)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Realized
gain
(loss)
from:
Securities
from
unaffiliated
issuers
(5,470,690)
Securities
from
affiliated
issuers
(92,103)
Foreign
currency
transactions
(8,496)
Foreign
capital
gains
taxes
–
Net
realized
gain
(loss)
(5,571,289)
Net
change
in
unrealized
appreciation
(depreciation)
of:
Investments
in
unaffiliated
issuers
4,412,828
Investments
in
affiliated
issuers
2,350,494
Other
assets
and
liabilities
denominated
in
foreign
currencies
2,162
Deferred
foreign
capital
gains
taxes
–
Net
change
in
unrealized
appreciation
(depreciation)
6,765,484
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
1,194,195
Net
Increase
(Decrease)
In
Net
Assets
Resulting
From
Operations
$
184,022
For
the
Six
Months
Ended
June
30,
2021
Gold
and
Precious
Metals
Fund
Emerging
Europe
Fund
China
Region
Fund
$
1,424,380
$
514,956
$
97,223
(97,105)
(66,860)
(2,934)
1,327,275
448,096
94,289
280,451
18,608
9,875
1,607,726
466,704
104,164
878,144
133,246
72,217
124,533
39,753
35,769
193,487
30,579
16,715
36,621
12,084
11,137
20,735
15,291
14,142
15,909
21,003
9,381
15,876
10,155
8,040
12,452
10,018
9,492
8,773
3,353
2,813
7,737
1,223
671
88,024
45,641
24,740
1,402,291
322,346
205,117
(120)
(3)
(2)
–
–
(45,978)
1,402,171
322,343
159,137
205,555
144,361
(54,973)
1,625,541
2,273,528
1,962,714
–
–
–
(19,968)
(4,660)
(6,391)
–
(2,200)
(7,434)
1,605,573
2,266,668
1,948,889
(4,859,777)
(127,648)
(2,127,622)
–
–
–
464
51,200
274
–
(10,662)
–
(4,859,313)
(87,110)
(2,127,348)
(3,253,740)
2,179,558
(178,459)
$
(3,048,185)
$
2,323,919
$
(233,432)
Statements
of
Changes
in
Net
Assets
See
accompanying
notes
to
financial
statements.
U.S.
Government
Securities
Ultra-Short
Bond
Fund
For
the
Six
Months
Ended
June
30,
2021
Year
Ended
December
31,
2020
Increase
(Decrease)
in
Net
Assets
(Unaudited)
From
operations:
Net
investment
income
(loss)
$
(61,796)
$
99,648
Net
realized
gain
(loss)
4,574
40,132
Net
change
in
unrealized
appreciation
(depreciation)
(11,817)
6,738
Net
increase
(decrease)
in
net
assets
from
operations
(69,039)
146,518
Distributions
to
shareholders
Investor
Class
–
(134,835)
Total
distributions
paid
–
(134,835)
From
capital
share
transactions:
Proceeds
from
shares
sold
Investor
Class
7,374,932
13,147,838
Distributions
reinvested
Investor
Class
–
116,164
7,374,932
13,264,002
Cost
of
shares
redeemed
Investor
Class
(8,488,324)
(15,694,440)
Net
increase
(decrease)
in
net
assets
from
capital
share
transactions
(1,113,392)
(2,430,438)
Net
Increase
(Decrease)
in
Net
Assets
(1,182,431)
(2,418,755)
Net
Assets
Beginning
of
period
40,261,748
42,680,503
End
of
period
$
39,079,317
$
40,261,748
Capital
Share
Activity
Investor
Class
Shares
sold
3,687,465
6,573,569
Shares
reinvested
–
58,079
Shares
redeemed
(4,244,162)
(7,847,220)
Net
capital
share
activity
(556,697)
(1,215,572)
Near-Term
Tax
Free
Fund
Global
Luxury
Goods
Fund
For
the
Six
Months
Ended
June
30,
2021
Year
Ended
December
31,
2020
For
the
Six
Months
Ended
June
30,
2021
Year
Ended
December
31,
2020
(Unaudited)
(Unaudited)
$
182,006
$
465,279
$
(88,037)
$
(79,314)
952
15,810
6,039,553
(273,927)
(239,848)
533,691
1,298,198
8,185,691
(56,890)
1,014,780
7,249,714
7,832,450
(182,019)
(465,288)
–
(44,428)
(182,019)
(465,288)
–
(44,428)
8,781,672
17,212,918
1,656,981
12,049,997
167,047
429,810
–
45,902
8,948,719
17,642,728
1,656,981
12,095,899
(13,708,871)
(19,490,962)
(4,424,214)
(5,392,726)
(4,760,152)
(1,848,234)
(2,767,233)
6,703,173
(4,999,061)
(1,298,742)
4,482,481
14,491,195
41,761,953
43,060,695
49,566,827
35,075,632
$
36,762,892
$
41,761,953
$
54,049,308
$
49,566,827
3,895,359
7,668,775
75,826
703,350
74,412
191,776
–
2,324
(6,100,675)
(8,737,744)
(206,574)
(351,006)
(2,130,904)
(877,193)
(130,748)
354,668
Statements
of
Changes
in
Net
Assets
See
accompanying
notes
to
financial
statements.
Global
Resources
Fund
For
the
Six
Months
Ended
June
30,
2021
Year
Ended
December
31,
2020
Increase
(Decrease)
in
Net
Assets
(Unaudited)
From
operations:
Net
investment
income
(loss)
$
(159,177)
$
109,340
Net
realized
gain
(loss)
4,011,099
(2,635,554)
Net
change
in
unrealized
appreciation
(depreciation)
2,456,714
19,427,248
Net
increase
(decrease)
in
net
assets
from
operations
6,308,636
16,901,034
Distributions
to
shareholders
Investor
Class
–
(3,364,615)
Total
distributions
paid
–
(3,364,615)
From
capital
share
transactions:
Proceeds
from
shares
sold
Investor
Class
8,063,184
4,391,843
Distributions
reinvested
Investor
Class
–
3,224,481
8,063,184
7,616,324
Cost
of
shares
redeemed
Investor
Class
(7,518,207)
(13,000,764)
Net
increase
(decrease)
in
net
assets
from
capital
share
transactions
544,977
(5,384,440)
Net
Increase
(Decrease)
in
Net
Assets
6,853,613
8,151,979
Net
Assets
Beginning
of
period
63,891,043
55,739,064
End
of
period
$
70,744,656
$
63,891,043
Capital
Share
Activity
Investor
Class
Shares
sold
1,223,242
1,005,495
Shares
reinvested
–
577,864
Shares
redeemed
(1,150,236)
(2,975,639)
Net
capital
share
activity
73,006
(1,392,280)
World
Precious
Minerals
Fund
Gold
and
Precious
Metals
Fund
For
the
Six
Months
Ended
June
30,
2021
Year
Ended
December
31,
2020
For
the
Six
Months
Ended
June
30,
2021
Year
Ended
December
31,
2020
(Unaudited)
(Unaudited)
$
(1,010,173)
$
(1,548,506)
$
205,555
$
(1,097,254)
(5,571,289)
5,805,975
1,605,573
12,743,725
6,765,484
45,788,517
(4,859,313)
30,760,435
184,022
50,045,986
(3,048,185)
42,406,906
–
(7,420,604)
–
(4,194,294)
–
(7,420,604)
–
(4,194,294)
23,126,138
44,283,410
32,111,683
85,588,426
–
6,962,715
–
3,881,366
23,126,138
51,246,125
32,111,683
89,469,792
(26,724,188)
(53,442,592)
(31,033,695)
(90,941,821)
(3,598,050)
(2,196,467)
1,077,988
(1,472,029)
(3,414,028)
40,428,915
(1,970,197)
36,740,583
116,247,345
75,818,430
160,317,889
123,577,306
$
112,833,317
$
116,247,345
$
158,347,692
$
160,317,889
4,444,325
11,239,870
2,444,414
7,764,065
–
1,441,557
–
289,438
(5,172,168)
(13,494,901)
(2,377,023)
(8,388,217)
(727,843)
(813,474)
67,391
(334,714)
Statements
of
Changes
in
Net
Assets
See
accompanying
notes
to
financial
statements.
m
Emerging
Europe
Fund
For
the
Six
Months
Ended
June
30,
2021
Year
Ended
December
31,
2020
Increase
(Decrease)
in
Net
Assets
(Unaudited)
From
operations:
Net
investment
income
(loss)
$
144,361
$
192,740
Net
realized
gain
(loss)
2,266,668
(2,988,854)
Net
change
in
unrealized
depreciation
(87,110)
(3,769,603)
Net
increase
(decrease)
in
net
assets
from
operations
2,323,919
(6,565,717)
Distributions
to
shareholders
Investor
Class
–
(869,616)
Total
distributions
paid
–
(869,616)
From
capital
share
transactions:
Proceeds
from
shares
sold
Investor
Class
568,682
1,510,743
Distributions
reinvested
Investor
Class
–
839,193
568,682
2,349,936
Cost
of
shares
redeemed
Investor
Class
(2,383,980)
(7,091,919)
Net
decrease
in
net
assets
from
capital
share
transactions
(1,815,298)
(4,741,983)
Net
Increase
(Decrease)
in
Net
Assets
508,621
(12,177,316)
Net
Assets
Beginning
of
period
24,275,509
36,452,825
End
of
period
$
24,784,130
$
24,275,509
Capital
Share
Activity
Investor
Class
Shares
sold
90,401
266,312
Shares
reinvested
–
135,572
Shares
redeemed
(370,950)
(1,157,409)
Net
capital
share
activity
(280,549)
(755,525)
China
Region
Fund
For
the
Six
Months
Ended
June
30,
2021
Year
Ended
December
31,
2020
(Unaudited)
$
(54,973)
$
(114,196)
1,948,889
2,301,106
(2,127,348)
(811,128)
(233,432)
1,375,782
–
(256,672)
–
(256,672)
783,813
539,096
–
238,090
783,813
777,186
(1,548,169)
(2,808,540)
(764,356)
(2,031,354)
(997,788)
(912,244)
13,546,552
14,458,796
$
12,548,764
$
13,546,552
76,386
59,772
–
25,089
(149,747)
(315,074)
(73,361)
(230,213)
Notes
to
Financial
Statements
(
unaudited
)
Note
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
(
unaudited
)
B.
Cash-Concentration
in
Uninsured
Account
For
cash
management
purposes
the
Funds
may
concentrate
cash
with
the
Funds’
custodian.
As
of
June
30,
2021,
The
U.S.
Government
Securities
Ultra-Short
Bond
Fund,
Near-Term
Tax
Free
Fund,
Global
Luxury
Goods
Fund,
Global
Resources
Fund,
Gold
and
Precious
Metals
Fund,
Emerging
Europe
Fund
and
China
Region
Fund
held
$1,248,125,
$1,212,728,
$1,449,555,
$3,251,768,
$4,463,339,
$68,488,
and
$696,876,
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
(
unaudited
)
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
(
unaudited
)
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.
Note
2:
Financial
Derivative
Instruments
A.
Options
Contracts
Equity
Funds
may
purchase
or
write
(sell)
options
on
securities
to
manage
their
exposure
to
stock
or
commodity
markets
as
well
as
fluctuations
in
interest
and
currency
conversion
rates.
The
use
of
options
carries
the
risks
of
a
change
in
value
of
the
underlying
instruments,
an
illiquid
secondary
market,
or
failure
of
the
counterparty
to
perform
its
obligations.
A
put
option
gives
the
purchaser
of
the
option,
upon
payment
of
a
premium,
the
right
to
sell,
and
the
issuer
of
the
option
the
obligation
to
buy,
the
underlying
security,
commodity,
index,
currency
or
other
instrument
at
the
exercise
price.
A
call
option,
upon
payment
of
a
premium,
gives
the
purchaser
of
the
option
the
right
to
buy,
and
the
issuer
the
obligation
to
sell,
the
underlying
instrument
at
the
exercise
price.
Purchasing
a
put
option
tends
to
decrease
a
Fund’s
exposure
to
the
underlying
instrument,
whereas
purchasing
a
call
option
tends
to
increase
a
Fund’s
exposure
to
the
underlying
instrument.
A
Fund
pays
a
premium
which
is
included
in
the
Statement
of
Assets
and
Liabilities
as
an
investment
and
subsequently
marked
to
market
to
reflect
the
current
value
of
the
option.
Premiums
paid
to
purchase
options
which
expire
are
treated
as
realized
losses.
Premiums
paid
to
purchase
options
which
are
exercised
or
closed
are
added
to
the
cost
of
securities
acquired
or
the
proceeds
from
securities
sold.
The
risk
associated
with
purchasing
put
and
call
options
is
limited
to
the
premium
paid.
The
Funds
will
realize
a
loss
equal
to
all
or
a
part
of
the
premium
paid
for
an
option
if
the
price
of
the
underlying
security
or
other
instrument
decreases
or
does
not
increase
by
more
than
the
premium
(in
the
case
of
a
call
option),
or
if
the
price
of
the
underlying
security
or
other
instrument
increases
or
does
not
decrease
by
more
than
the
premium
(in
the
case
of
a
put
option).
Writing
(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
(
unaudited
)
realized
gain
or
loss.
Written
options
include
a
risk
of
loss
in
excess
of
the
option
premium.
A
Fund
as
a
writer
of
an
option
has
no
control
over
whether
the
underlying
instrument
may
be
sold
(call)
or
purchased
(put)
and
thus
bears
the
market
risk
of
an
unfavorable
change
in
the
price
of
the
instrument
underlying
the
written
option.
There
is
also
the
risk
a
Fund
may
not
be
able
to
enter
into
a
closing
transaction
because
of
an
illiquid
market.
A
Fund’s
ability
to
close
out
its
position
as
a
purchaser
or
seller
of
a
put
or
call
option
is
dependent,
in
part,
upon
the
liquidity
of
the
market
for
that
particular
option.
There
can
be
no
guarantee
that
a
Fund
will
be
able
to
close
out
an
option
position
when
desired.
An
inability
to
close
out
its
options
positions
may
reduce
a
Fund’s
anticipated
profits
or
increase
its
losses.
As
of
June
30,
2021,
there
were
no
securities
held
in
escrow
by
the
custodian
as
cover
for
call
options
written.
B.
Forward
Foreign
Currency
Contracts
The
Funds
enter
into
forward
foreign
currency
contracts
to
lock
in
the
U.S.
dollar
cost
of
purchase
and
sale
transactions
or
to
hedge
the
portfolio
against
currency
fluctuations.
A
forward
foreign
currency
contract
is
a
commitment
to
purchase
or
sell
a
foreign
currency
at
a
future
date
at
a
negotiated
rate.
These
contracts
are
valued
daily,
and
the
Fund’s
net
equity
therein,
representing
unrealized
gain
or
loss
on
the
contracts
as
measured
by
the
difference
between
the
forward
foreign
exchange
rates
at
the
dates
of
entry
into
the
contracts
and
the
forward
rates
at
the
reporting
date,
is
included
in
the
Statement
of
Assets
and
Liabilities.
Realized
and
unrealized
gains
and
losses
are
included
in
the
Statement
of
Operations.
Risks
may
arise
upon
entering
into
these
contracts
from
the
potential
inability
of
counterparties
to
meet
the
terms
of
the
contracts
and
from
unanticipated
movements
in
the
value
of
foreign
currencies
relative
to
the
U.S.
dollar.
Open
forward
foreign
currency
contracts
as
of
June
30,
2021,
were
as
follows:
C.
Summary
of
Derivative
Instruments
The
following
is
a
summary
of
the
valuations
of
derivative
instruments
categorized
by
location
in
the
Statements
of
Assets
and
Liabilities
as
of
June
30,
2021:
Fund
Counterparty
Currency
to
Deliver
Currency
to
Receive
Settlement
Date
Settlement
Value
at
June
30,
2021
Net
Unrealized
Depreciation
Emerging
Europe
Fund
Brown
Brothers
Harriman
&
Co.
TRY
12,000,000
USD
1,355,197
7/28/2021
$
1,357,594
$
(2,397)
Location
Global
Resources
Fund
World
Precious
Minerals
Fund
Asset
derivatives
Investments,
at
value
Purchased
options
–
Equity
risk
$
580,200
$
876,625
Total
$
580,200
$
876,625
Notes
to
Financial
Statements
(
unaudited
)
The
following
is
a
summary
of
the
effect
of
derivative
instruments
on
the
Statements
of
Operations
as
of
June
30,
2021:
Location
Gold
and
Precious
Metals
Fund
Emerging
Europe
Fund
Asset
derivatives
Investments,
at
value
Purchased
options
–
Equity
risk
$
2,500,875
$
–
Liability
derivatives
Unrealized
loss
on
forward
foreign
currency
contracts
–
Currency
contract
risk
$
–
$
(2,397)
Total
$
2,500,875
$
(2,397)
Location
Global
Resources
Fund
World
Precious
Minerals
Fund
Realized
gain
(loss)
on
derivatives
recognized
in
income
Realized
gain
(loss)
from
securities
Purchased
options
–
Equity
risk
$
(22,453)
$
98,660
Net
realized
gain
(loss)
from
foreign
currency
transactions
Realized
gain
(loss)
from
written
options
72,720
0
50,267
98,660
Change
in
unrealized
appreciation
(depreciation)
on
derivatives
recognized
in
income
Net
change
in
unrealized
appreciation
(depreciation)
of
investments
Purchased
options
–
Equity
risk
(348,117)
(492,752)
(348,117)
(492,752)
Total
$
(297,850)
$
(394,092)
Notes
to
Financial
Statements
(
unaudited
)
The
total
value
of
transactions
in
purchased
options
and
forward
currency
contracts
outstanding
during
the
period
ended
June
30,
2021,
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
$
847,040
$
–
Net
realized
gain
(loss)
from
foreign
currency
transactions
Foreign
exchange
contracts
–
Currency
contract
risk
–
97,482
847,040
97,482
Change
in
unrealized
appreciation
(depreciation)
on
derivatives
recognized
in
income
Net
change
in
unrealized
appreciation
(depreciation)
of
investments
Purchased
options
–
Equity
risk
(1,460,569)
–
Net
change
in
unrealized
gain
(loss)
from
foreign
currency
transactions
Foreign
exchange
contracts
–
Currency
contract
risk
–
(2,397)
(1,460,569)
(2,397)
Total
$
(613,529)
$
95,085
Fund
Purchased
Options
Written
Options
Forward
Currency
Contracts
Global
Resources
Fund
$
740,600
$
(72,720)
$
–
World
Precious
Minerals
Fund
987,403
–
–
Gold
and
Precious
Metals
Fund
2,475,885
–
–
Emerging
Europe
Fund
–
–
10,374,814
Notes
to
Financial
Statements
(
unaudited
)
Asset
(Liability)
amounts
shown
in
the
table
below
represent
amounts
for
derivative
related
instruments
at
June
30,
2021.
These
amounts
may
be
collateralized
by
cash
or
financial
instruments.
Note
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
$
580,200
$
–
$
–
$
580,200
World
Precious
Minerals
Assets:
Over-the-counter
derivatives
876,625
–
–
876,625
Gold
and
Precious
Metals
Assets:
Over-the-counter
derivatives
2,500,875
–
–
2,500,875
Emerging
Europe
Liabilities:
Over-the-counter
derivatives
(2,397)
–
–
(2,397)
*
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
(
unaudited
)
The
advisory
agreement
also
provides
that
the
base
advisory
fee
of
the
Equity
Funds
will
be
adjusted
upwards
or
downwards
by
0.25
percent
if
there
is
a
performance
difference
of
5
percent
or
more
between
a
Fund’s
performance
and
that
of
its
designated
benchmark
index
over
the
prior
12
months.
The
performance
adjustment
is
calculated
separately
for
each
share
class.
The
benchmarks
are
as
follows:
No
performance
adjustment
is
applied
unless
the
difference
between
the
class’s
investment
performance
and
the
benchmark
is
5
percent
or
greater
(positive
or
negative)
during
the
applicable
performance
measurement
period.
The
performance
fee
adjustment
is
calculated
monthly
in
arrears
and
is
accrued
ratably
during
the
month.
The
management
fee,
net
of
any
performance
fee
adjustment,
is
paid
monthly
in
arrears.
The
amounts
shown
as
Management
fee
on
the
Statements
of
Operations
reflects
the
base
fee
plus/minus
any
performance
adjustment.
During
the
period
ended
June
30,
2021,
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
$
32,344
Global
Resources
68,670
World
Precious
Minerals
124,861
Gold
and
Precious
Metals
181,591
Emerging
Europe
(19,650)
China
Region
(11,359)
Notes
to
Financial
Statements
(
unaudited
)
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
period
ended
June
30,
2021,
were
limited
as
follows:
U.S.
Government
Securities
Ultra-
Short
Bond
Fund
at
0.45%,
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,
2022.
The
Adviser
contractually
has
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.
Note
4:
Investments
Cost
of
purchases
and
proceeds
from
sales
of
long-term
securities
for
the
period
ended
June
30,
2021,
are
summarized
as
follows:
Note
5:
Tax
Information
The
following
table
presents
the
income
tax
basis
of
securities
owned
at
June
30,
2021,
and
the
tax
basis
components
of
net
unrealized
appreciation
(depreciation):
Fund
Purchases
Sales
U.S.
Government
Securities
Ultra-Short
Bond
$
10,816,660
$
9,957,448
Near-Term
Tax
Free
3,314,017
5,594,113
Global
Luxury
Goods
44,215,391
47,681,723
Global
Resources
45,423,817
48,369,379
World
Precious
Minerals
22,226,090
26,807,422
Gold
and
Precious
Metals
30,719,009
30,214,456
Emerging
Europe
24,416,079
25,558,907
China
Region
18,187,302
19,028,454
Notes
to
Financial
Statements
(
unaudited
)
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
$
42,818,472
$
10,77
8
$
(3,671)
$
7,10
7
Near-Term
Tax
Free
34,551,502
647,2
70
(29,150)
618,
120
Global
Luxury
Goods
42,910,429
10,935,957
(1,176,031)
9,759,926
Global
Resources
92,597,530
25,980,151
(51,742,494)
(25,762,343)
World
Precious
Minerals
97,568,805
52,148,974
(36,776,480)
15,372,494
Gold
and
Precious
Metals
93,403,625
68,970,312
(8,136,243)
60,834,069
Emerging
Europe
21,450,016
4,474,38
6
(1,425,961)
3,048,42
5
China
Region
11,902,808
1,049,202
(1,353,505)
(304,303)
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
(
unaudited
)
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
(
unaudited
)
During
the
year
ended
December
31,
2020,
the
following
Funds
utilized
capital
loss
carryforwards
to
offset
capital
gains
amounting
to:
Note
6:
Risks
of
Concentrations
and
Foreign
Investments
The
Near-Term
Tax
Free
Fund
may
be
exposed
to
risks
related
to
concentration
of
investments
in
a
particular
state
or
geographic
area.
These
investments
present
risks
resulting
from
changes
in
economic
conditions
of
the
region
or
the
issuer.
The
Global
Resources
Fund
concentrates
its
investments
in
the
natural
resources
industries
and
may
be
subject
to
greater
risks
and
fluctuations
than
a
portfolio
representing
a
broader
range
of
industries.
The
World
Precious
Minerals
and
Gold
and
Precious
Metals
Funds
concentrate
their
investments
in
gold
and
other
precious
metals
and
minerals
and,
therefore,
may
be
subject
to
greater
risks
and
market
fluctuations
than
a
portfolio
representing
a
broader
range
of
industries.
The
funds
invest
in
securities
that
typically
respond
to
changes
in
the
price
of
gold
and
other
precious
metals
and
minerals,
which
can
be
influenced
by
a
variety
of
global
economic,
financial
and
political
factors;
increased
environmental
and
labor
costs
in
mining;
and
changes
in
laws
relating
to
mining
or
gold
production
or
sales.
Fluctuations
in
the
prices
of
gold
and
other
precious
metals
and
minerals
will
affect
the
market
values
of
the
securities
held
by
these
funds.
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
(
unaudited
)
These
investments
present
risks
resulting
from
disruptive
political
or
economic
conditions
and
the
potential
imposition
of
adverse
governmental
laws
or
currency
exchange
restrictions
affecting
the
area.
Note
7:
Credit
Arrangements
Each
of
the
Funds
has
an
uncommitted
credit
facility
with
BBH.
On
April
24,
2019,
the
Adviser
opted
to
convert
the
committed
line
of
credit
into
an
uncommitted
line
of
credit.
As
a
result,
the
Adviser
is
no
longer
obligated
to
pay
commitment
fees
to
BBH.
Borrowings
of
each
Fund
are
collateralized
by
any
or
all
of
the
securities
held
by
BBH
as
the
Funds’
custodian
up
to
the
amount
of
the
borrowing.
Interest
on
borrowings
is
charged
at
the
current
overnight
Federal
Funds
Rate
plus
2
percent.
Each
Fund
has
a
maximum
borrowing
limit
of
10
percent
of
qualified
assets.
The
aggregate
of
borrowings
by
all
Funds
under
the
agreement
cannot
exceed
$10,000,000
at
any
one
time.
There
were
no
borrowings
under
the
credit
facility
during
the
period
ended
June
30,
2021.
Note
8:
Commitments
and
Contingencies
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
provide
general
indemnifications
by
each
Fund
to
the
counterparty
to
the
contract.
Each
Fund’s
maximum
exposure
under
these
arrangements
is
dependent
on
future
claims
that
may
be
made
against
each
Fund
and,
therefore,
cannot
be
estimated;
however,
based
on
experience,
the
risk
of
loss
from
such
claims
is
considered
remote.
Each
Fund
has
determined
that
none
of
these
arrangements
requires
disclosure
on
each
Fund’s
balance
sheet.
Note
9:
Subsequent
Events
Subsequent
events
occurring
after
the
date
of
this
report
through
the
date
these
financial
statements
were
issued
have
been
evaluated
for
potential
impact,
and
the
Funds
have
had
no
such
events.
Management
has
evaluated
the
need
for
additional
disclosures
and/
or
adjustments
resulting
from
subsequent
events.
Based
on
this
evaluation,
no
additional
disclosures
or
adjustments
were
required
to
the
financial
statements
as
of
the
date
the
financial
statements
were
issued.
U.S.
Government
Securities
Ultra-Short
Bond
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Six
Months
Ended
June
30,
2021
(unaudited)
Ratios
to
Average
Net
Assets:
Six
Months
Ended
June
30,
2021
(unaudited)
Year
Ended
December
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
$
2.00
$
2.00
$
2.00
$
2.00
$
2.00
$
2.00
Investment
Activities
Net
investment
income
(0.00
)
(a)
*
0.00
(a)
*
0.03
*
0.02
*
0.01
*
0.01
Net
realized
and
unrealized
gain
(0.00
)
(a)
0.01
0.00
(a)
0.00
(a)
(0.00
)
(a)
0.00
(a)
Total
from
investment
activities
(0.00
)
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
period
$
2.00
$
2.00
$
2.00
$
2.00
$
2.00
$
2.00
Total
Return
(b)
–
%
0.32
%
1.50
%
1.15
%
0.69
%
0.47
%
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
(0.31
)%
0.24
%
1.47
%
1.14
%
0.68
%
0.43
%
Total
expenses
1.05
%
1.05
%
1.00
%
0.99
%
1.03
%
1.00
%
Expenses
waived
or
reimbursed
(c)
(0.60
)%
(0.60
)%
(0.55
)%
(0.54
)%
(0.58
)%
(0.55
)%
Net
expenses
(d)
0.45
%
0.45
%
0.45
%
0.45
%
0.45
%
0.45
%
Portfolio
turnover
rate
115
%
127
%
97
%
32
%
52
%
18
%
Net
assets,
end
of
period
(in
thousands)
$39,079
$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:
(e)
Portfolio
turnover
is
not
shown
for
periods
that
the
Fund
was
a
money
market
fund.
Near-Term
Tax
Free
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Six
Months
Ended
June
30,
2021
(unaudited)
Ratios
to
Average
Net
Assets:
Six
Months
Ended
June
30,
2021
(unaudited)
Year
Ended
December
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
$
2.26
$
2.22
$
2.20
$
2.21
$
2.21
$
2.25
Investment
Activities
Net
investment
income
0.01
*
0.02
*
0.03
*
0.03
*
0.03
*
0.03
Net
realized
and
unrealized
gain
(loss)
(0.02
)
0.04
0.02
(0.01
)
–
(0.04
)
Total
from
investment
activities
(0.01
)
0.06
0.05
0.02
0.03
(0.01
)
Distributions
From
net
investment
income
(0.01
)
(0.02
)
(0.03
)
(0.03
)
(0.03
)
(0.03
)
From
return
of
capital
–
–
–
–
–
(0.00
)
(a)
Net
asset
value,
end
of
period
$
2.24
$
2.26
$
2.22
$
2.20
$
2.21
$
2.21
Total
Return
(b)
(0.42
)%
2.93
%
2.18
%
0.73
%
1.20
%
(0.45
)%
Ratios
to
Average
Net
Assets:
Net
investment
income
0.93
%
1.11
%
1.25
%
1.17
%
1.16
%
1.25
%
Total
expenses
1.10
%
1.09
%
1.05
%
1.01
%
1.03
%
0.97
%
Expenses
waived
or
reimbursed
(c)
(0.65
)%
(0.64
)%
(0.60
)%
(0.56
)%
(0.58
)%
(0.52
)%
Net
expenses
(d)
0.45
%
0.45
%
0.45
%
0.45
%
0.45
%
0.45
%
Portfolio
turnover
rate
9
%
20
%
35
%
16
%
14
%
33
%
Net
assets,
end
of
period
(in
thousands)
$36,763
$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:
(e)
Effect
on
the
expense
ratio
was
not
greater
than
0.005%.
Global
Luxury
Goods
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Six
Months
Ended
June
30,
2021
(unaudited)
Ratios
to
Average
Net
Assets:
Six
Months
Ended
June
30,
2021
(unaudited)
Year
Ended
December
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
$
20.59
$
17.09
$
15.36
$
19.52
$
18.65
$
18.59
Investment
Activities
Net
investment
loss
(0.04
)
*
(0.04
)
*
(0.02
)
*
(0.06
)
*
(0.08
)
*
(0.06
)
Net
realized
and
unrealized
gain
(loss)
3.19
3.56
2.14
(1.61
)
3.66
1.68
Total
from
investment
activities
3.15
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
period
$
23.74
$
20.59
$
17.09
$
15.36
$
19.52
$
18.65
Total
Return
(b)
15.30
%
20.62
%
13.84
%
(8.28
)%
19.17
%
8.66
%
Ratios
to
Average
Net
Assets:
Net
investment
loss
(0.35
)%
(0.25
)%
(0.14
)%
(0.32
)%
(0.41
)%
(0.34
)%
Total
expenses
1.96
%
1.76
%
1.69
%
1.77
%
1.86
%
1.67
%
Expenses
waived
or
reimbursed
(c)
(0.03
)%
(0.01
)%
(0.15
)%
(0.06
)%
(0.04
)%
–
Net
expenses
(d)
1.93
%
1.75
%
1.54
%
1.71
%
1.82
%
1.67
%
Portfolio
turnover
rate
90
%
308
%
292
%
(e)
245
%
264
%
(e)
275
%
(e)
Net
assets,
end
of
period
(in
thousands)
$54,049
$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.
(f)
Effect
on
the
expense
ratio
was
not
greater
than
0.005%.
Global
Resources
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Six
Months
Ended
June
30,
2021
(unaudited)
Ratios
to
Average
Net
Assets:
Six
Months
Ended
June
30,
2021
(unaudited)
Year
Ended
December
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
$
5.97
$
4.61
$
4.33
$
6.09
$
5.25
$
4.72
Investment
Activities
Net
investment
income
(loss)
*
(0.01
)
0.01
0.10
0.12
0.11
0.06
Net
realized
and
unrealized
gain
(loss)
0.61
1.68
0.27
(1.67
)
0.91
0.64
*
Total
from
investment
activities
0.60
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
period
$
6.57
$
5.97
$
4.61
$
4.33
$
6.09
$
5.25
Total
Return
(b)
10.05
%
37.17
%
8.55
%
(25.48
)%
19.57
%
14.99
%
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
(0.46
)%
0.22
%
2.15
%
2.05
%
1.94
%
1.13
%
Total
expenses
2.03
%
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
%
2.03
%
1.53
%
1.51
%
1.59
%
1.84
%
Portfolio
turnover
rate
69
%
105
%
129
%
(e)
119
%
131
%
(e)
255
%
(e)
Net
assets,
end
of
period
(in
thousands)
$70,745
$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.
World
Precious
Minerals
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Six
Months
Ended
June
30,
2021
(unaudited)
Ratios
to
Average
Net
Assets:
Six
Months
Ended
Year
Ended
December
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
$
5.26
$
3.31
$
2.70
$
4.69
$
6.35
$
3.64
Investment
Activities
Net
investment
loss
*
(0.05
)
(0.07
)
(0.04
)
(0.03
)
(0.10
)
(0.09
)
Net
realized
and
unrealized
gain
(loss)
0.07
2.38
0.65
(1.49
)
(0.22
)
2.82
*
Total
from
investment
activities
0.02
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
period
$
5.28
$
5.26
$
3.31
$
2.70
$
4.69
$
6.35
Total
Return
(b)
0.38
%
70.60
%
22.59
%
(31.67
)%
(4.16
)%
75.08
%
Ratios
to
Average
Net
Assets:
Net
investment
loss
(1.77
)%
(1.77
)%
(1.31
)%
(0.77
)%
(1.51
)%
(1.28
)%
Total
expenses
1.95
%
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)
1.95
%
1.81
%
1.51
%
1.48
%
1.82
%
1.95
%
Portfolio
turnover
rate
20
%
34
%
20
%
(e)
55
%
36
%
(e)
136
%
(e)
Net
assets,
end
of
period
(in
thousands)
$112,833
$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%.
Gold
and
Precious
Metals
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Six
Months
Ended
June
30,
2021
(unaudited)
Ratios
to
Average
Net
Assets:
Six
Months
Ended
June
30,
2021
(unaudited)
Year
Ended
December
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
$
13.53
$
10.14
$
6.70
$
7.96
$
7.04
$
4.89
Investment
Activities
Net
investment
income
(loss)
0.02
*
(0.09
)
*
(0.07
)
*
(0.06
)
*
(0.06
)
*
(0.07
)
Net
realized
and
unrealized
gain
(loss)
(0.27
)
3.84
3.51
(1.08
)
0.98
2.28
Total
from
investment
activities
(0.25
)
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
period
$
13.28
$
13.53
$
10.14
$
6.70
$
7.96
$
7.04
Total
Return
(b)
(1.85
)%
37.06
%
51.34
%
(14.29
)%
13.07
%
45.36
%
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
0.27
%
(0.82
)%
(0.90
)%
(0.87
)%
(0.84
)%
(1.02
)%
Total
expenses
1.81
%
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)
1.81
%
1.59
%
1.51
%
1.70
%
1.65
%
1.71
%
Portfolio
turnover
rate
20
%
37
%
36
%
(e)
74
%
67
%
(e)
181
%
(e)
Net
assets,
end
of
period
(in
thousands)
$158,348
$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.
(f)
Effect
on
the
expense
ratio
was
not
greater
than
0.005%.
Emerging
Europe
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Six
Months
Ended
June
30,
2021
(unaudited)
Ratios
to
Average
Net
Assets:
Six
Months
Ended
June
30,
2021
(unaudited)
Year
Ended
December
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
$
6.10
$
7.70
$
6.05
$
7.29
$
5.94
$
5.20
Investment
Activities
Net
investment
income
0.04
*
0.05
*
0.21
*
0.14
*
0.08
*
0.07
Net
realized
and
unrealized
gain
(loss)
0.56
(1.43
)
1.59
(1.38
)
1.27
0.67
Total
from
investment
activities
0.60
(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
period
$
6.70
$
6.10
$
7.70
$
6.05
$
7.29
$
5.94
Total
Return
(b)
9.84
%
(17.94
)%
29.76
%
(17.01
)%
22.73
%
14.23
%
Ratios
to
Average
Net
Assets:
Net
investment
income
1.18
%
0.76
%
3.08
%
2.05
%
1.26
%
1.19
%
Total
expenses
2.64
%
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)
2.64
%
2.66
%
2.30
%
2.39
%
2.30
%
2.31
%
Portfolio
turnover
rate
104
%
198
%
87
%
81
%
97
%
(e)
164
%
(e)
Net
assets,
end
of
period
(in
thousands)
$24,784
$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%.
China
Region
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Six
Months
Ended
June
30,
2021
(unaudited)
Ratios
to
Average
Net
Assets:
Six
Months
Ended
June
30,
2021
(unaudited)
Year
Ended
December
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
$
9.99
$
9.12
$
7.56
$
11.53
$
7.32
$
7.41
Investment
Activities
Net
investment
income
(loss)
(0.04
)
*
(0.08
)
*
0.07
*
0.10
*
(0.06
)
*
0.01
Net
realized
and
unrealized
gain
(loss)
(0.16
)
1.14
1.59
(3.84
)
4.28
(0.09
)
Total
from
investment
activities
(0.20
)
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
period
$
9.79
$
9.99
$
9.12
$
7.56
$
11.53
$
7.32
Total
Return
(b)
(2.00
)%
11.75
%
21.99
%
(32.46
)%
57.67
%
(1.05
)%
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
(0.82
)%
(0.88
)%
0.77
%
0.96
%
(0.60
)%
0.12
%
Total
expenses
3.07
%
3.56
%
2.95
%
2.66
%
2.60
%
2.74
%
Expenses
waived
or
reimbursed
(c)
(0.69
)%
(0.87
)%
(0.51
)%
(0.22
)%
(0.09
)%
(0.38
)%
Net
expenses
(d)
2.38
%
2.69
%
2.44
%
2.44
%
2.51
%
2.36
%
Portfolio
turnover
rate
143
%
243
%
95
%
109
%
102
%
(e)
165
%
(e)
Net
assets,
end
of
period
(in
thousands)
$12,549
$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.
(f)
Effect
on
the
expense
ratio
was
not
greater
than
0.005%.
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.
Expense
Example
(
unaudited
)
As
a
shareholder
of
the
funds,
you
incur
two
types
of
costs:
(1)
transaction
costs,
including
short-term
trading
fees
and
exchange
fees;
and
(2)
ongoing
costs,
including
management
fees,
distribution
plan
fees,
shareholder
reports
(like
this
one),
and
other
fund
expenses.
This
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
(January
1,
2021
to
June
30,
2021)
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
)
Beginning
Account
Value
January
1,
2021
Ending
Account
Value
June
30,
2021
Expenses
Paid
During
Period
*
U.S.
Government
Securities
Ultra-Short
Bond
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
1,000.00
$
2.23
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,022.56
$
2.26
Near-Term
Tax
Free
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
995.78
$
2.23
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,022.56
$
2.26
Global
Luxury
Goods
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
1,152.43
$
10.09
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,015.42
$
9.44
Global
Resources
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
1,102.35
$
10.53
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,014.78
$
10.09
World
Precious
Minerals
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
1,003.80
$
9.64
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,015.17
$
9.69
Gold
and
Precious
Metals
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
982.26
$
8.90
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,015.82
$
9.05
Emerging
Europe
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
1,100.17
$
13.70
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,011.75
$
13.12
China
Region
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
979.98
$
11.88
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,012.79
$
12.08
*
These
calculations
are
based
on
expenses
incurred
in
the
most
recent
fiscal
half-year.
The
Funds'
Investor
Class'
annualized
expense
ratios
(after
reimbursements
and
offsets)
for
the
six
month
period
ended
June
30,
2021,
were
0.45%,
0.45%,
2.02%,
1.94%,
1.81%,
2.63%,
2.42%
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
dollar
amounts
shown
as
"Expenses
Paid"
are
equal
to
the
annualized
expense
ratio
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181,
the
number
of
days
in
the
period,
then
divided
by
365
days
in
the
current
fiscal
year.
Rev.
08/2016
FACTS
WHAT
DOES
U.S.
GLOBAL
INVESTORS
DO
WITH
YOUR
PERSONAL
INFORMATION?
Why?
Financial
companies
choose
how
they
share
your
personal
information.
Federal
law
gives
consumers
the
right
to
limit
some
but
not
all
sharing.
Federal
law
also
requires
us
to
tell
you
how
we
collect,
share,
and
protect
your
personal
information.
Please
read
this
notice
carefully
to
understand
what
we
do.
What?
The
types
of
personal
information
we
collect
and
share
depend
on
the
product
or
service
you
have
with
us.
This
information
can
include:
Social
Security
number
and
account
balances
retirement
assets
and
checking
account
information
account
transactions
and
wire
transfer
instructions
When
you
are
no
longer
our
customer,
we
continue
to
share
your
information
as
described
in
this
notice.
How?
All
financial
companies
need
to
share
customers’
personal
information
to
run
their
everyday
business.
In
the
section
below,
we
list
the
reasons
financial
companies
can
share
their
customers’
personal
information;
the
reasons
U.S.
Global
Investors
chooses
to
share;
and
whether
you
can
limit
this
sharing.
Reasons
we
can
share
your
personal
information
Does
U.S.
Global
Investors
share?
Can
you
limit
this
sharing?
For
our
everyday
business
purposes
—
Yes
No
Such
as
to
process
your
transactions,
maintain
your
account(s),
respond
to
court
orders
and
legal
investigations,
or
report
to
credit
bureaus
For
our
marketing
purposes
—
Yes
No
to
offer
our
products
and
services
to
you
For
joint
marketing
with
other
financial
companies
No
We
don’t
share
For
our
affiliates’
everyday
business
purposes
—
No
We
don’t
share
information
about
your
transactions
and
experiences
For
our
affiliates’
everyday
business
purposes
—
No
We
don’t
share
information
about
your
creditworthiness
For
nonaffiliates
to
market
to
you
No
We
don’t
share
Questions?
Call
1-800-US-FUNDS
(1-800-873-8637)
or
go
to
www.usfunds.com
Who
we
are
Who
is
providing
this
notice?
U.S.
Global
Investors,
Inc.
and
U.S.
Global
Investors
Funds
(collectively
known
as
U.S.
Global
Investors)
What
we
do
How
does
U.S.
Global
Investors
protect
my
personal
information?
To
protect
your
personal
information
from
unauthorized
access
and
use,
we
use
security
measures
that
comply
with
federal
law.
These
measures
include
computer
safeguards
and
secured
files
and
buildings.
How
does
U.S.
Global
Investors
collect
my
personal
information?
We
collect
your
personal
information,
for
example,
when
you
open
an
account
or
provide
account
information
make
deposits
or
withdrawals
from
your
account
make
a
wire
transfer
tell
us
where
to
send
the
money
We
also
collect
your
personal
information
from
other
companies
Why
can’t
I
limit
all
sharing?
Federal
law
gives
you
the
right
to
limit
only
sharing
for
affiliates’
everyday
business
purposes
—
information
about
your
creditworthiness
affiliates
from
using
your
information
to
market
to
you
sharing
for
nonaffiliates
to
market
to
you
State
laws
and
individual
companies
may
give
you
additional
rights
to
limit
sharing.
Definitions
Affiliates
Companies
related
by
common
ownership
or
control.
They
can
be
financial
and
nonfinancial
companies.
Our
affiliates
include
U.S.
Global
Investors,
Inc.
and
U.S.
Global
Investors
Funds.
Nonaffiliates
Companies
not
related
by
common
ownership
or
control.
They
can
be
financial
and
nonfinancial
companies.
Nonaffiliates
we
share
personal
information
with
include
companies
that
perform
marketing
on
our
behalf,
printing
and
mailing
companies,
and
companies
that
service
your
account(s).
Joint
marketing
A
formal
agreement
between
nonaffiliated
financial
companies
that
together
market
financial
products
or
services
to
you.
U.S.
Global
Investors
doesn’t
jointly
market.
Apex
Fund
Services
3
Canal
Plaza,
Suite
600
Portland,
ME
04101
Want
to
reduce
paper
waste?
You
can
receive
this
report
and
other
important
documents
electronically.
Please
visit
www.usfunds.com
and
sign
up
at
Access
My
Account.
If
you
need
further
assistance,
please
call
us
at
800-873-8637.
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. INVESTMENTS.
(a)
Included as part of report to shareholders under Item 1.
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.
(a)(1) Not applicable.
(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: | August 31, 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: | August 31, 2021 | |
| By: | /s/ Karen Shaw | |
| | Karen Shaw, Principal Financial Officer | |
| | | |
| Date: | August 31, 2021 | |
