As filed with the Securities and Exchange Commission on September 1, 2022
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, 2022 – June 30, 2022
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
84
Additional
Information
92
Expense
Example
93
Privacy
Policy
98
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
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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Global
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Foreside
Fund
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LLC,
Distributor.
U.S.
Global
Investors,
Inc.
is
the
investment
adviser.
All
opinions
expressed
and
data
provided
are
subject
to
change
without
notice.
Some
of
these
opinions
may
not
be
appropriate
to
every
investor.
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
89.06%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Federal
Farm
Credit
Bank
47.20%
Fixed
Rates:
0.10
11/23/22
$
2,000,000
$
1,983,777
0.12
01/12/23
3,000,000
2,961,935
Floating
Rates:
(Federal
Reserve
Bank
Effective
Rate
+
0.07%)
1.65
09/14/22
2,000,000
2,000,369
(Federal
Reserve
Bank
Effective
Rate
+
(0.02)%)
1.57
05/15/23
5,000,000
4,999,868
(U.S.
Treasury
3
Month
Bill
Money
Market
Yield
+
0.42%)
2.18
11/07/22
1,000,000
1,002,223
(U.S.
Treasury
3
Month
Bill
Money
Market
Yield
+
0.06%)
1.81
01/31/23
3,800,000
3,800,488
16,748,660
Federal
Home
Loan
Bank
6.65%
Fixed
Rates:
1.25
01/28/25
1,000,000
952,301
0.68
02/26/25
1,500,000
1,410,220
2,362,521
U.S.
Treasury
Note/Bond
35.21%
Fixed
Rates:
1.38
10/15/22
1,000,000
997,988
0.13
06/30/23
1,500,000
1,459,115
0.13
12/15/23
2,000,000
1,919,453
1.50
02/29/24
1,000,000
976,523
0.25
06/15/24
1,500,000
1,422,656
1.75
07/31/24
1,000,000
975,117
0.63
10/15/24
1,000,000
947,617
0.75
11/15/24
1,000,000
948,359
0.50
03/31/25
1,000,000
933,418
2.88
04/30/25
1,000,000
995,938
0.25
06/30/25
1,000,000
920,840
12,497,024
Total
United
States
Government
and
Agency
Obligations
31,608,205
(cost
$32,160,070)
Exchange
Traded
Fund
4.98%
Shares
Value
Vanguard
Short-Term
Treasury
ETF
30,000
1,765,800
(cost
$1,835,242)
Investments,
at
value
94.04%
33,374,005
(cost
$33,995,312
)
Other
assets
and
liabilities,
net
5.96%
2,116,279
Net
Assets
100.00%
$
35,490,284
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
U.S.
Government
Securities
Ultra-Short
Bond
Fund
Portfolio
Allocation
by
Issuer
Based
on
Total
Investments
June
30,
2022
Federal
Farm
Credit
Bank
50.2%
U.S.
Treasury
Note/Bond
37.4%
Federal
Home
Loan
Bank
7.1%
Vanguard
Short-Term
Treasury
ETF
5.3%
Total
100.0%
Portfolio
Allocation
by
Maturity
June
30,
2022
Less
than
1
Month
$
1,765,800
5.3%
1-3
Months
2,000,369
6.0%
3-12
Months
17,205,394
51.6%
1-3
Years
12,402,442
37.1%
$
33,374,005
100.0%
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Municipal
Bonds
68.89%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
California
6.49%
City
of
Milpitas
CA
Wastewater
Revenue,
California,
Refunding,
RB
5.00
11/01/24
$
350,000
$
373,047
East
Side
Union
High
School
District,
California,
GO
Unlimited
AGM
5.00
08/01/24
200,000
212,219
Lemon
Grove
School
District,
California,
Refunding,
GO
Unlimited
4.00
08/01/33
220,000
227,576
State
of
California,
California,
Refunding,
GO
Unlimited
5.00
11/01/30
400,000
468,181
State
of
California,
California,
GO
Unlimited
5.00
11/01/31
400,000
467,711
State
of
California,
California,
Refunding,
GO
Unlimited
5.00
11/01/27
500,000
565,790
2,314,524
Colorado
3.08%
City
&
County
of
Denver
Airport
System
Revenue,
Colorado,
Prefunding,
RB,
Series B
5.00
11/15/27
300,000
303,930
City
of
Glendale
CO,
Colorado,
Refunding,
COP
AGM
5.00
12/01/25
750,000
795,646
1,099,576
Connecticut
1.81%
State
of
Connecticut,
Connecticut,
GO
Unlimited
5.00
11/15/31
200,000
213,910
State
of
Connecticut,
Connecticut,
Refunding,
GO
Unlimited
5.00
05/15/27
200,000
218,931
Town
of
Simsbury
CT,
Connecticut,
Refunding,
GO
Unlimited
5.00
08/01/24
200,000
212,303
645,144
District
of
Columbia
2.23%
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Refunding,
RB
5.00
07/01/34
725,000
794,597
Florida
5.86%
City
of
Miramar
FL,
Florida,
Refunding,
RB
5.00
10/01/22
305,000
307,692
County
of
Miami-Dade
FL,
Florida,
Refunding,
GO
Unlimited
5.00
07/01/27
325,000
364,559
Orlando
Utilities
Commission,
Florida,
RB
‡
0.99
10/01/33
870,000
870,000
State
of
Florida,
Florida,
Refunding,
GO
Unlimited
5.00
06/01/28
500,000
547,997
2,090,248
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
Hawaii
0.54%
State
of
Hawaii,
Hawaii,
Refunding,
GO
Unlimited
5.00
10/01/27
$
175,000
$
193,244
Idaho
2.92%
Jerome
Lincoln
&
Gooding
Counties
Joint
School
District
No.
261,
Idaho,
GO
Unlimited
4.00
09/15/32
245,000
263,304
Owyhee
&
Canyon
Counties
Joint
School
District
No.
370
Homedale,
Idaho,
GO
Unlimited
4.00
09/15/31
720,000
777,057
1,040,361
Illinois
4.08%
City
of
St
Charles
IL,
Illinois,
GO
Unlimited
5.00
12/01/23
210,000
219,157
Cook
County
Township
High
School
District
No.
225,
Illinois,
Refunding,
GO
Unlimited
5.00
12/01/24
300,000
319,857
Illinois
State
Toll
Highway
Authority,
Illinois,
RB
5.00
01/01/32
505,000
542,458
Metropolitan
Water
Reclamation
District
of
Greater
Chicago,
Illinois,
GO
Limited
5.00
12/01/26
350,000
374,614
1,456,086
Louisiana
3.11%
Louisiana
Housing
Corp.,
Louisiana,
RB
FHLMC
2.15
12/01/24
310,000
307,833
State
of
Louisiana,
Louisiana,
Prefunding,
GO
Unlimited,
Series A
5.00
08/01/26
800,000
802,173
1,110,006
Maryland
2.26%
City
of
Baltimore
MD,
Maryland,
RB
5.00
07/01/33
215,000
241,141
State
of
Maryland,
Maryland,
GO
Unlimited
5.00
08/01/27
500,000
565,076
806,217
Michigan
2.00%
Great
Lakes
Water
Authority
Water
Supply
System
Revenue,
Michigan,
Refunding,
RB
5.00
07/01/26
365,000
398,591
Michigan
Finance
Authority,
Michigan,
RB
AGM
5.00
07/01/26
300,000
314,615
713,206
Missouri
0.71%
City
of
Kansas
City
MO
Water
Revenue,
Missouri,
RB,
Series F
AGM
4.00
12/01/22
250,000
252,570
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
New
Jersey
2.39%
City
of
Jersey
City
NJ,
New
Jersey,
Refunding,
GO
Unlimited
5.00
11/01/28
$
350,000
$
391,326
Middlesex
County
Improvement
Authority,
New
Jersey,
RB
5.00
07/01/25
425,000
460,279
851,605
New
Mexico
1.88%
City
of
Rio
Rancho
NM,
New
Mexico,
GO
Unlimited
5.00
08/01/27
600,000
672,589
New
York
9.69%
City
of
New
York
NY,
New
York,
GO
Unlimited
5.00
12/01/34
250,000
273,281
City
of
New
York
NY,
New
York,
Refunding,
GO
Unlimited
5.00
08/01/25
250,000
271,316
City
of
New
York
NY,
New
York,
Refunding,
GO
Unlimited
5.00
08/01/26
200,000
221,409
City
of
New
York
NY,
New
York,
Refunding,
GO
Unlimited
5.00
08/01/28
300,000
324,161
City
of
New
York
NY,
New
York,
GO
Unlimited,
Series E
5.25
08/01/22
875,000
877,586
City
of
New
York
NY,
New
York,
GO
Unlimited,
Series I
5.00
08/01/22
1,000,000
1,002,775
Metropolitan
Transportation
Authority,
New
York,
RB
4.00
11/15/34
100,000
101,293
New
York
City
Municipal
Water
Finance
Authority,
New
York,
RB
‡
0.60
06/15/38
200,000
200,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Refunding,
RB
5.00
06/15/29
175,000
184,200
3,456,021
Ohio
0.37%
City
of
Cleveland
OH
Parking
Facility
Revenue,
Ohio,
Refunding,
RB
AGM
5.25
09/15/22
130,000
130,989
Pennsylvania
1.02%
Deer
Creek
Drainage
Basin
Authority,
Pennsylvania,
Refunding,
RB
AGM
4.00
12/01/31
345,000
365,813
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
South
Carolina
2.40%
Aiken
County
Consolidated
School
District,
South
Carolina,
GO
Unlimited
4.00
04/01/34
$
400,000
$
417,273
City
of
Cayce
SC
Water
&
Sewer
System
Revenue,
South
Carolina,
Refunding,
RB
BAM
5.00
06/01/30
300,000
338,792
City
of
Columbia
SC
Waterworks
&
Sewer
System
Revenue,
South
Carolina,
RB
‡
0.91
02/01/38
100,000
100,000
856,065
Tennessee
1.69%
County
of
Claiborne
TN,
Tennessee,
Refunding,
GO
Unlimited
AGM
5.00
04/01/28
300,000
339,614
Metropolitan
Government
of
Nashville
&
Davidson
County
TN,
Tennessee,
GO
Unlimited
5.00
07/01/24
250,000
264,630
604,244
Texas
11.10%
Aldine
Independent
School
District,
Texas,
Refunding,
GO
Unlimited
PSF-GTD
5.00
02/15/28
750,000
817,381
City
of
Austin
TX,
Texas,
Refunding,
GO
Limited
5.00
09/01/24
215,000
228,644
City
of
Buda
TX,
Texas,
Refunding,
GO
Limited
4.00
02/15/29
135,000
145,095
City
of
El
Paso
TX,
Texas,
Refunding,
GO
Limited
5.00
08/15/30
245,000
279,286
City
of
Round
Rock
TX,
Texas,
GO
Limited
4.00
08/15/33
175,000
182,031
City
of
Rowlett
TX,
Texas,
GO
Limited
5.00
02/15/29
300,000
338,325
Eagle
Mountain
&
Saginaw
Independent
School
District,
Texas,
Refunding,
GO
Unlimited
PSF-GTD
4.00
08/15/32
450,000
465,961
Ector
County
Independent
School
District,
Texas,
Prefunding,
GO
Unlimited
PSF-GTD
5.00
08/15/29
400,000
414,339
Harlandale
Independent
School
District,
Texas,
Refunding,
GO
Unlimited
PSF-GTD
4.00
02/15/28
300,000
314,949
North
Texas
Municipal
Water
District,
Texas,
RB
4.00
06/01/30
310,000
329,429
Texas
City
Independent
School
District/TX,
Texas,
Refunding,
GO
Unlimited
PSF-GTD
5.00
08/15/28
410,000
442,882
3,958,322
Utah
0.84%
Jordan
Valley
Water
Conservancy
District,
Utah,
Refunding,
RB
5.00
10/01/24
280,000
298,433
Vermont
0.91%
City
of
Burlington
VT,
Vermont,
GO
Unlimited
5.00
11/01/30
285,000
325,854
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
Bonds (cont’d)
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Washington
0.64%
Energy
Northwest,
Washington,
Refunding,
RB
5.00
07/01/31
$
220,000
$
229,975
Wisconsin
0.87%
Sun
Prairie
Area
School
District/WI,
Wisconsin,
GO
Unlimited
4.00
03/01/31
300,000
309,761
Total
Municipal
Bonds
24,575,450
(cost
$25,742,098)
Exchange
Traded
Funds
9.20%
Shares
iShares
Short-Term
National
Muni
Bond
ETF
15,500
1,622,385
VanEck
Short
Muni
ETF
97,000
1,658,700
Total
Exchange
Traded
Funds
3,281,085
(cost
$3,397,152)
Investments,
at
value
78.09%
27,856,535
(cost
$29,139,250
)
Other
assets
and
liabilities,
net
21.91%
7,813,993
Net
Assets
100.00%
$
35,670,528
Municipal
Bond
Ratings*
Based
on
Total
Municipal
Bonds
June
30,
2022
Bond
Percentage
AAA
78.3%
AA
21.7%
A
0.0%
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
94.70%
Shares
Value
Apparel
Manufacturers
14.23%
Burberry
Group
PLC
67,400
$
1,352,144
Christian
Dior
SE
3,945
2,354,992
Hermes
International
542
609,982
Kering
SA,
ADR
25,700
1,323,807
5,640,925
Automotive
-
Cars
&
Light
Trucks
21.51%
Bayerische
Motoren
Werke
AG
18,800
1,457,387
Ferrari
NV
2,429
445,673
Mercedes-Benz
Group
AG,
ADR
118,714
1,717,792
NIO,
Inc.,
ADR
*
26,000
564,720
Tesla,
Inc.
*
3,955
2,663,376
Volkswagen
AG
9,150
1,673,396
8,522,344
Beverages
-
Wine/Spirits
11.11%
Diageo
PLC
47,500
2,051,654
Pernod
Ricard
SA
8,820
1,630,596
Remy
Cointreau
SA
4,100
719,393
4,401,643
Cosmetics
&
Toiletries
4.93%
Coty,
Inc.,
Class A
*
121,000
969,210
Natura
&
Co.
Holding
SA,
ADR
60,000
312,600
The
Estee
Lauder
Cos.,
Inc.
2,634
670,801
1,952,611
Cruise
Lines
2.53%
Royal
Caribbean
Cruises,
Ltd.
*
28,700
1,001,917
Energy
-
Alternate
Sources
0.00%
Pacific
Green
Energy
Corp.
#*@
100,000
0
Finance
-
Credit
Card
3.67%
American
Express
Co.
10,500
1,455,510
Finance
-
Mortgage
Loan/Banker
0.02%
Lendified
Holdings,
Inc.
*
1,116,560
6,506
Gold
Mining
4.75%
Franco-Nevada
Corp.
3,000
394,740
GCM
Mining
Corp.
76,000
207,240
IAMGOLD
Corp.
*
150,000
241,500
OceanaGold
Corp.
*
95,000
182,295
Royal
Gold,
Inc.
3,300
352,374
Torex
Gold
Resources,
Inc.
*
20,000
154,444
West
African
Resources,
Ltd.
*
422,000
351,323
1,883,916
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Common
Stocks (cont’d)
Shares
Value
Home
Furnishings
1.89%
Tempur
Sealy
International,
Inc.
35,000
$
747,950
Hotels
&
Motels
4.53%
InterContinental
Hotels
Group
PLC
10,000
531,480
Marriott
International,
Inc.,
Class A
9,300
1,264,893
1,796,373
Investment
Management/Advisory
Services
2.11%
Julius
Baer
Group,
Ltd.
18,000
835,022
Metal
-
Diversified
0.94%
Ivanhoe
Mines,
Ltd.
*
65,000
374,184
Motorcycle/Motor
Scooter
1.84%
Harley-Davidson,
Inc.
23,000
728,180
Oil
Companies
-
Exploration
&
Production
0.08%
NG
Energy
International
Corp.,
144A
#*∆
50,000
32,240
Photo
Equipment
&
Supplies
0.52%
Nikon
Corp.
18,000
207,573
Platinum
0.76%
Sibanye
Stillwater,
Ltd.,
ADR
30,000
299,100
Precious
Metals
1.09%
Wheaton
Precious
Metals
Corp.
12,000
432,360
Real
Estate
Operating/Development
0.00%
Infrastructure
Ventures,
Inc.
#*@+
426,533
0
Retail
-
Apparel/Shoe
0.98%
Moncler
SpA
9,000
387,774
Retail
-
Home
Furnishings
1.90%
Williams-Sonoma,
Inc.
6,800
754,460
Retail
-
Jewelry
3.31%
Cie
Financiere
Richemont
SA
12,200
1,312,271
Retail
-
Restaurants
5.11%
Starbucks
Corp.
26,500
2,024,335
Silver
Mining
0.45%
Hochschild
Mining
PLC
150,000
176,487
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.
Common
Stocks (cont’d)
Shares
Value
Textile
-
Apparel
6.44%
LVMH
Moet
Hennessy
Louis
Vuitton
SE,
ADR
20,887
$
2,552,809
Total
Common
Stocks
37,526,490
(cost
$43,080,888)
Corporate
Non-Convertible
Bond
2.06%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Gold
Mining
2.06%
Aris
Gold
Corp.
7.50
08/26/27
$
828,061
815,640
(cost
$827,980)
Warrants
0.03%
Exercise
Price
Exp.
Date
Shares
Enterprise
Software/Services
0.02%
Abaxx
Technologies,
Inc.
*
$
5.10
05/14/23
34,062
7,476
Oil
Companies
-
Exploration
&
Production
0.00%
NG
Energy
International
Corp.,
144A
#*∆
0.00
07/31/22
50,000
1,068
Retail
-
Jewelry
0.01%
Cie
Financiere
Richemont
SA
*
67.00
11/22/23
9,200
5,011
Total
Warrants
13,555
(cost
$0
)
Investments,
at
value
96.79%
38,355,685
(cost
$43,908,868
)
Other
assets
and
liabilities,
net
3.21%
1,273,317
Net
Assets
100.00%
$
39,629,002
Portfolio
Allocation
by
Industry
Sector*
Based
on
Total
Investments
June
30,
2022
Consumer
Discretionary
68.9%
Consumer
Staples
14.1%
Materials
9.9%
Financials
6.0%
Other
1.1%
Total
100.0%
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Common
Stocks
87.49%
Shares
Value
Advanced
Materials/Production
3.38%
Nano
One
Materials
Corp.
*
275,000
$
531,969
NanoXplore
,
Inc.
*
550,000
1,405,764
1,937,733
Agricultural
Chemicals
2.26%
CF
Industries
Holdings,
Inc.
5,000
428,650
Nutrien
,
Ltd.
5,000
398,190
The
Mosaic
Co.
10,000
472,300
1,299,140
Agricultural
Operations
1.32%
Wide
Open
Agriculture,
Ltd.
*
2,000,000
759,618
Building
&
Construction
Products
-
Miscellaneous
0.46%
Louisiana-Pacific
Corp.
5,000
262,050
Building
Products
-
Wood
0.53%
Interfor
Corp.
*
15,000
302,284
Chemicals
-
Diversified
0.05%
Base
Carbon,
Inc.
*
71,429
27,191
Coal
0.00%
Caribbean
Resources
Corp.
#*@~
17
0
Walter
Energy,
Inc.,
144A
#*@∆
4,293
0
0
Diamonds/Precious
Stones
1.26%
Barksdale
Resources
Corp.
*
1,250,000
582,660
Lucara
Diamond
Corp.
*
300,000
142,169
724,829
Distribution/Wholesale
0.42%
Fox
River
Resources
Corp.
*
1,000,000
240,833
Diversified
Minerals
7.58%
Arianne
Phosphate,
Inc.
*
1,000,000
369,018
Bradda
Head
Lithium,
Ltd.
*
2,000,000
170,777
E3
Metals
Corp.
*
400,000
720,945
Firefinch
,
Ltd.
#*@
1,000,000
137,639
First
Helium,
Inc.
*
500,000
198,104
Ion
Energy,
Ltd.
*
225,000
33,212
Ivanhoe
Electric,
Inc./US
*
4,497
39,124
Leo
Lithium,
Ltd.
*
822,649
315,148
Lithium
Americas
Corp.
*
15,000
302,167
Lithium
Ionic
Corp.
*
200,000
142,946
MP
Materials
Corp.
*
7,500
240,600
Nio
Strategic
Metals,
Inc.
*
3,325,000
154,987
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Common
Stocks (cont’d)
Shares
Value
Diversified
Minerals
(cont’d)
Nio
Strategic
Metals,
Inc.,
144A
#∆
362,069
$
16,877
Nomad
Royalty
Co.,
Ltd.
45,000
316,734
Piedmont
Lithium,
Inc.
*
12,500
455,125
Salazar
Resources,
Ltd.
*
3,000,000
442,822
VR
Resources,
Ltd.
*
1,000,000
116,532
Wolfden
Resources
Corp.
*
1,000,000
178,682
4,351,439
Energy
-
Alternate
Sources
0.76%
Canadian
Solar,
Inc.
*
10,000
311,400
Pacific
Green
Energy
Corp.
#*@~
2,400,000
0
Zinc8
Energy
Solutions,
Inc.
*
1,000,000
124,301
435,701
Enterprise
Software/Services
2.22%
Abaxx
Technologies,
Inc.
*
1,000,000
893,412
Base
Carbon,
Inc.
*
1,000,000
380,671
1,274,083
Food
-
Miscellaneous/Diversified
0.52%
Burcon
NutraScience
Corp.
*
750,000
297,157
Food
-
Wholesale/Distribution
0.08%
Organto
Foods,
Inc.
*
500,000
44,671
Forestry
0.53%
West
Fraser
Timber
Co.,
Ltd.
4,000
306,930
Gold
Mining
3.48%
Arena
Minerals,
Inc.
*
500,000
182,567
Corona
Minerals,
Ltd.
#*@
5,000
0
EnviroGold
Global,
Ltd.,
144A
#*∆
75,000
14,858
Ionic
Rare
Earths,
Ltd.
*
7,500,000
203,435
Royal
Road
Minerals,
Ltd.
*
5,500,000
833,204
Seabridge
Gold,
Inc.
*
40,000
497,200
Silver
Tiger
Metals,
Inc.
*
750,000
148,578
Western
Atlas
Resources,
Inc.
*
3,000,000
116,532
1,996,374
Industrial
Gases
1.52%
Air
Liquide
SA
2,200
296,126
Linde
PLC
2,000
575,060
871,186
Machinery
-
Electric
Utilities
0.86%
Bloom
Energy
Corp.,
Class A
*
30,000
495,000
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Common
Stocks (cont’d)
Shares
Value
Metal
-
Aluminum
0.40%
Alcoa
Corp.
5,000
$
227,900
Metal
-
Copper
2.77%
Arizona
Sonoran
Copper
Co.,
Inc.
*
100,000
141,392
Excelsior
Mining
Corp.
*
150,000
19,811
Faraday
Copper
Corp.
*
2,500,000
1,165,320
Kutcho
Copper
Corp.
*
850,000
198,104
Surge
Copper
Corp.
*
500,000
66,035
1,590,662
Metal
-
Diversified
17.68%
Aston
Minerals,
Ltd.
*
1,724,138
91,790
Bell
Copper
Corp.
*
1,000,000
229,180
Centaurus
Metals,
Ltd.
*
1,500,000
959,606
Chakana
Copper
Corp.
*
483,494
43,196
Churchill
Resources,
Inc.
*
599,587
69,871
Electra
Battery
Materials
Corp.
*
138,889
388,440
Filo
Mining
Corp.
*
325,000
4,494,251
Flying
Nickel
Mining
Corp.
*
300,000
48,943
Galway
Metals,
Inc.
*
500,000
151,492
GoviEx
Uranium,
Inc.,
144A
#*∆
58,000
10,589
Ivanhoe
Mines,
Ltd.
*
500,000
2,878,341
Luminex
Res
Corp.
*
120,615
31,859
Lynas
Rare
Earths,
Ltd.
*
45,000
271,997
Nubian
Resources,
Ltd.
*
250,000
14,566
Orsu
Metals
Corp.,
144A
#*∆
14,761
1,462
Silver
X
Mining
Corp.
*
355,000
56,537
Sovereign
Metals,
Ltd.
*
600,000
193,839
TMC
the
metals
co,
Inc.
*
100,000
103,000
Vox
Royalty
Corp.
*
50,000
109,152
10,148,111
Metal
-
Iron
0.00%
Consolidated
Growth
Holdings,
Ltd.
#*@
19,859,173
0
WAI
Capital
Investments
Corp.,
144A
#*@∆
292,500
0
0
Mining
Services
2.15%
Cordoba
Minerals
Corp.
*
58,823
23,306
Defense
Metals
Corp.
*
1,500,000
268,023
Talon
Metals
Corp.
*
2,000,000
792,418
Trigon
Metals,
Inc.
*
1,069,000
153,640
1,237,387
Natural
Resource
Technology
0.21%
I-Pulse,
Inc.,
144A
#*@+∆
15,971
120,741
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Common
Stocks (cont’d)
Shares
Value
Non-Ferrous
Metals
2.61%
Alphamin
Resources
Corp.
300,000
$
193,443
Encore
Energy
Corp.
*
525,000
440,491
InZinc
Mining,
Ltd.
*
2,000,000
81,572
NorZinc
,
Ltd.
*
5,000,000
116,532
Nova
Royalty
Corp.
*
500,000
668,117
Sterling
Group
Ventures,
Inc.,
144A
#*@∆
500,000
0
1,500,155
Oil
-
Field
Services
1.84%
Halliburton
Co.
20,000
627,200
Schlumberger
NV
12,000
429,120
1,056,320
Oil
-
US
Royalty
Trusts
7.72%
Black
Stone
Minerals
LP
70,000
958,300
Deterra
Royalties,
Ltd.
125,000
366,390
Kimbell
Royalty
Partners
LP
55,000
862,400
PrairieSky
Royalty,
Ltd.
15,000
188,898
Sabine
Royalty
Trust
25,000
1,522,000
Viper
Energy
Partners
LP
20,000
533,600
4,431,588
Oil
Companies
-
Exploration
&
Production
10.94%
ConocoPhillips
10,000
898,100
EOG
Resources,
Inc.
12,000
1,325,280
Freehold
Royalties,
Ltd.
45,000
445,386
New
Stratus
Energy,
Inc.
*
1,600,000
957,116
NG
Energy
International
Corp.,
144A
#*∆
200,000
128,962
Occidental
Petroleum
Corp.
25,000
1,472,000
Range
Resources
Corp.
*
30,000
742,500
Source
Rock
Royalties,
Ltd.
500,000
312,694
6,282,038
Oil
Companies
-
Integrated
4.86%
Equinor
ASA,
ADR
50,000
1,738,000
TotalEnergies
SE,
ADR
20,000
1,052,800
2,790,800
Oil
Refining
&
Marketing
2.32%
Phillips
66
6,500
532,935
Valero
Energy
Corp.
7,500
797,100
1,330,035
Pipelines
1.74%
Cheniere
Energy,
Inc.
7,500
997,725
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Common
Stocks (cont’d)
Shares
Value
Platinum
0.21%
Clean
Air
Metals,
Inc.
*
1,000,000
$
120,416
Precious
Metals
1.76%
Brixton
Metals
Corp.
*
2,000,000
209,757
Metalla
Royalty
&
Streaming,
Ltd.
*
125,000
599,169
Polarx
,
Ltd.
*
18,000,000
199,140
1,008,066
Real
Estate
Operating/Development
0.69%
Infrastructure
Ventures,
Inc.
#*@+
4,700,000
0
Infrastructure
Ventures,
Inc.
#*@+
2,743,544
0
Revival
Gold,
Inc.
*
1,000,000
396,209
396,209
REITS
-
Diversified
1.75%
PotlatchDeltic
Corp.
REIT
10,000
441,900
Rayonier,
Inc.
REIT
15,000
560,700
1,002,600
Retail
-
Jewelry
0.61%
Mene
,
Inc.
*
750,000
349,596
Total
Common
Stocks
50,216,568
(cost
$93,983,032)
Preferred
Stock
0.93%
Rate
Chemicals
-
Specialty
0.93%
5E
Advanced
Materials,
Inc.
*
0.00
%
425,000
536,113
(cost
$646,157)
Corporate
Non-Convertible
Bonds
2.76%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Gold
Mining
1.75%
Aris
Gold
Corp.
7.50
08/26/27
$
1,017,333
1,002,073
Oil
Companies
-
Exploration
&
Production
1.01%
NG
Energy
International
Corp.
#@
8.00
04/30/27
750,000
582,660
Total
Corporate
Non-Convertible
Bonds
1,584,733
(cost
$1,604,439)
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Exchange
Traded
Funds
0.19%
Shares
Value
Direxion
Daily
Energy
Bear
2X
Shares
ETF
*
100
$
5,233
Direxion
Daily
S&P
Oil
&
Gas
Exp.
&
Prod.
Bear
2X
Shares
ETF
*
300
7,413
Direxion
Hydrogen
ETF
2,400
35,102
Global
X
Lithium
&
Battery
Tech
ETF
300
21,786
Invesco
Solar
ETF
*
200
14,278
iShares
U.S.
Real
Estate
ETF
300
27,594
Total
Exchange
Traded
Funds
111,406
(cost
$111,393)
Warrants
0.39%
Exercise
Price
Exp.
Date
Advanced
Materials/Production
0.00%
Nano
One
Materials
Corp.,
144A
#*@∆
$
3.55
10/29/22
90,000
0
Diversified
Minerals
0.01%
First
Helium,
Inc.,
144A
#*@∆
0.50
07/12/23
925,000
7,186
Ion
Energy,
Ltd.,
144A
#*@∆
0.70
04/13/24
225,000
0
Nio
Strategic
Metals,
Inc.,
144A
#*@∆
0.12
10/15/23
1,662,500
0
7,186
Enterprise
Software/Services
0.01%
Abaxx
Technologies,
Inc.
*
5.10
05/14/23
20,437
4,486
Metal
-
Copper
0.00%
Excelsior
Mining
Corp.
*
1.25
08/22/22
150,000
583
Mining
Services
0.16%
Aris
Gold
Corp.
*
2.75
07/29/25
370,889
89,322
Non-Ferrous
Metals
0.00%
Flying
Nickle
Mining
Corp.,
144A
#*@∆
1.00
11/29/23
150,000
0
Norzinc
,
Ltd.,
144A
#*@∆
0.09
08/06/23
2,500,000
0
0
Oil
Companies
-
Exploration
&
Production
0.21%
NG
Energy
International
Corp.,
144A
#*∆
10.50
07/31/22
200,000
4,273
NG
Energy
International
Corp.,
144A
#*@∆
1.40
05/20/27
300,000
0
Source
Rock
Royalties,
Ltd.
*
1.25
03/01/24
852,000
119,142
123,415
Total
Warrants
224,992
(cost
$63,668
)
Investment
Company
0.06%
Shares
Value
Aberdeen
Standard
Physical
Palladium
ETF
Trust
*
200
35,718
(cost
$34,893)
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
0.24%
Strike
Price
Exp.
Date
Notional
Contract
Value
Contracts
Value
Gold
Mining
0.15%
Barrick
Gold
Corp.
$
25.00
01/23
$
2,755,000
1,102
$
37,468
Barrick
Gold
Corp.
18.00
01/23
43,200
24
4,152
Newmont
Corp.
82.50
01/23
3,465,000
420
41,160
82,780
Precious
Metals
0.09%
Direxion
Daily
Gold
Miners
Index
Bull
2X
Shares
ETF
50.00
01/23
375,000
75
24,975
Hecla
Mining
Co.
5.00
01/23
315,000
630
27,720
52,695
Total
Purchased
Call
Options
135,475
(premiums
paid
$656,716
)
Investments,
at
value
92.06%
52,845,005
(cost
$97,100,298
)
Other
assets
and
liabilities,
net
7.94%
4,554,941
Net
Assets
100.00%
$
57,399,946
Portfolio
Allocation
by
Industry
Sector*
Based
on
Total
Investments
June
30,
2022
Oil,
Gas
&
Consumable
Fuels
31.4%
Metals
&
Mining
28.0%
Precious
Metals
&
Minerals
11.6%
Gold
Mining
5.9%
Advanced
Materials/Production
3.7%
Chemicals
3.5%
Other
15.9%
Total
100.0%
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
World
Precious
Minerals
Fund
Common
Stocks
93.14%
Shares
Value
Advanced
Materials/Production
9.82%
Nano
One
Materials
Corp.
*
3,000,000
$
5,803,294
Sixth
Wave
Innovations,
Inc.
*
38,462
1,494
5,804,788
Chemicals
-
Diversified
0.00%
Base
Carbon,
Inc.
*
574
219
Coal
0.00%
Caribbean
Resources
Corp.
#*@
4
0
Diamonds/Precious
Stones
2.37%
Barksdale
Resources
Corp.
*
3,000,000
1,398,384
Diversified
Minerals
5.28%
Ascot
Resources,
Ltd.,
144A
#*∆
6,412
2,491
Chesser
Resources,
Ltd.
*
3,000,000
173,359
Desert
Gold
Ventures,
Inc.
*
750,000
55,353
E79
Resources
Corp.
*
2,000,000
310,752
Erdene
Resource
Development
Corp.
*
300,000
68,754
Gossan
Resources,
Ltd.
*
1,250,000
116,532
Indochine
Mining,
Ltd.
#*@
10,000
0
Kenorland
Minerals,
Ltd.
*
250,000
137,896
Kootenay
Resources,
Inc.
#*@
40,000
1,554
Lithoquest
Resources,
Inc.
*
2,150,000
200,435
Max
Resource
Corp.
*
2,000,000
668,117
Minaurum
Gold,
Inc.
*
1,000,000
174,798
Musgrave
Minerals,
Ltd.
*
1,500,000
254,371
NGEX
Minerals,
Ltd.
*
100,000
147,607
Nomad
Royalty
Co.,
Ltd.
50,000
351,927
St.
Anthony
Gold
Corp.
*
1,092,105
21,211
St.
Anthony
Gold
Corp.,
144A
#∆
875,000
16,994
VR
Resources,
Ltd.
*
1,500,000
174,798
Waraba
Gold,
Ltd.
*
2,155,000
184,159
Waraba
Gold,
Ltd.,
144A
#∆
655,000
55,974
3,117,082
Enterprise
Software/Services
0.01%
Abaxx
Technologies,
Inc.
*
8,039
7,182
Financial
Services
0.01%
Tokens.com
Corp.,
144A
#*∆
11,123
3,759
Gold
Mineral
Exploration
&
Development
0.47%
Western
Exploration,
Inc.
*
240,000
279,677
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
34.73%
Adamera
Minerals
Corp.
*
5,373,000
$
208,709
Adamera
Minerals
Corp.,
144A
#∆
119,543
4,644
Allegiant
Gold,
Ltd.
*
750,000
163,145
Alpha
Exploration,
Ltd.
*
150,000
79,242
Amilot
Capital,
Inc.,
144A
#*∆
410,000
8,759
Angold
Resources,
Ltd.
*
500,000
27,191
Angus
Gold,
Inc.
*
250,000
196,162
Aris
Gold
Corp.
*
425,000
620,727
Asante
Gold
Corp.
*
1,000,000
1,243,008
Awale
Resources,
Ltd.
*
1,250,000
169,943
Black
Cat
Syndicate,
Ltd.
*
2,196,970
457,090
Black
Dragon
Gold
Corp.
*
2,500,000
69,144
Cabral
Gold,
Inc.
*
500,000
99,052
Cassiar
Gold
Corp.
*
198,000
83,064
Compass
Gold
Corp.
*
2,000,000
155,376
Condor
Gold
PLC
*
290,500
83,503
Contact
Gold
Corp.
*
5,000,000
135,954
CopperBank
Resources
Corp.,
144A
#*∆
43,500
20,277
Corona
Minerals,
Ltd.
#*@
81,250
0
Felix
Gold,
Ltd.
*
1,500,000
92,943
Freegold
Ventures,
Ltd.
*
200,000
48,167
G2
Goldfields,
Inc.
*
325,000
154,017
Gold
Bull
Resources
Corp.
*
1,000,000
66,035
Goldshore
Resources,
Inc.
*
600,000
123,524
Heliostar
Metals,
Ltd.
*
1,200,000
214,419
HighGold
Mining,
Inc.
*
375,000
198,104
K92
Mining,
Inc.
*
1,000,000
6,036,358
Karus
Gold
Corp.
#*@
375,000
101,966
Kesselrun
Resources,
Ltd.
*~
5,000,000
194,220
Kore
Mining,
Ltd.
*
250,000
33,017
Lion
One
Metals,
Ltd.
*
500,000
508,856
Loncor
Gold,
Inc.
*
2,200,000
717,837
Maple
Gold
Mines,
Ltd.
*
1,000,000
135,954
Mawson
Gold,
Ltd.
*
625,000
58,266
McEwen
Mining,
Inc.
*
134,764
56,536
Moneta
Gold,
Inc.
*
200,000
279,677
Montage
Gold
Corp.
*
250,000
108,763
North
Stawell
Minerals,
Ltd.
*
447,629
45,554
NV
Gold
Corp.
*
1,000,000
62,150
Omai
Gold
Mines
Corp.
*
3,000,000
116,532
Petaquilla
Minerals,
Ltd.,
144A
#*@∆
2,660,000
0
Radisson
Mining
Resources,
Inc.
*
7,000,000
571,007
Radius
Gold,
Inc.,
144A
#*∆
125,000
17,965
Red
Pine
Exploration,
Inc.
*
500,000
120,416
Reunion
Gold
Corp.
*
4,000,000
761,342
Roscan
Gold
Corp.
*
1,500,000
285,503
Royal
Road
Minerals,
Ltd.
*
1,500,000
227,237
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)
Scottie
Resources
Corp.
*
1,750,000
$
251,515
Seafield
Resources,
Ltd.,
144A
#*@∆
1,300,000
0
Signature
Resources,
Ltd.
*
2,000,000
69,919
Silver
Tiger
Metals,
Inc.
*
1,000,000
198,104
Skeena
Resources,
Ltd.
*
100,000
528,278
Southern
Gold,
Ltd.
*
10,000,000
205,577
Strikepoint
Gold,
Inc.
*
2,750,000
128,185
Taurus
Gold,
Ltd.,
144A
#*@∆
2,448,381
0
Thesis
Gold,
Inc.
*
500,000
594,313
Trillium
Gold
Mines,
Inc.
*
250,000
54,382
TriStar
Gold,
Inc.
*~
28,750,000
3,015,266
Westhaven
Gold
Corp.
*
1,000,000
318,521
20,525,415
Metal
-
Copper
4.12%
Arizona
Sonoran
Copper
Co.,
Inc.
*
100,000
141,392
Faraday
Copper
Corp.
*
4,000,000
1,864,512
Meridian
Mining
UK
Societas
*
500,000
217,526
Sun
Summit
Minerals
Corp.
*
1,250,000
199,076
Vizsla
Copper
Corp.
*
166,666
11,006
2,433,512
Metal
-
Diversified
8.81%
Amex
Exploration,
Inc.
*
500,000
648,695
Argent
Minerals,
Ltd.
*
20,000,000
177,477
Aurion
Resources,
Ltd.
*
750,000
390,382
Auteco
Minerals,
Ltd.
*
12,500,000
372,959
Blackwolf
Copper
and
Gold,
Ltd.
*
1,000,000
299,099
Cartier
Resources,
Inc.
*
750,000
67,006
Chakana
Copper
Corp.
*
1,416,506
126,552
De
Grey
Mining,
Ltd.
*
250,000
138,397
Genesis
Metals
Corp.,
144A
#*∆
583,400
45,323
Ivanhoe
Mines,
Ltd.
*
375,000
2,158,755
Kaizen
Discovery,
Inc.
*
800,000
158,484
Luminex
Res
Corp.
*
150,000
39,621
New
Age
Metals,
Inc.,
144A
#*∆
143,518
6,690
Nubian
Resources,
Ltd.
*
500,000
29,133
Orex
Minerals,
Inc.
*
7,000,000
312,694
Orsu
Metals
Corp.,
144A
#*∆
186,922
18,515
Rockcliff
Metals
Corp.,
144A
#*∆
873,333
23,747
RTG
Mining,
Inc.
*
3,000,000
144,607
Sirios
Resources,
Inc.
*
1,000,000
46,613
5,204,749
Metal
-
Iron
0.00%
Vector
Resources,
Ltd.
#*@
10,000,000
0
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
0.68%
Cordoba
Minerals
Corp.
*
58,823
$
23,306
Orexplore
Technologies,
Ltd.
*
267,284
13,319
Summa
Silver
Corp.
*
800,000
366,687
403,312
Non-Ferrous
Metals
0.55%
InZinc
Mining,
Ltd.
*
2,000,000
81,573
ValOre
Metals
Corp.
*
1,000,000
244,717
326,290
Oil
Companies
-
Exploration
&
Production
0.00%
Big
Sky
Energy
Corp.
#*@
2,000,000
0
Oil
Field
Machinery
&
Equipment
0.27%
Imdex
,
Ltd.
125,000
159,144
Optical
Recognition
Equipment
0.00%
Nexoptic
Technology
Corp.,
144A
#*∆
12,083
1,455
Platinum
0.67%
Clean
Air
Metals,
Inc.
*
2,200,000
264,916
Platinum
Group
Metals,
Ltd.
*
100,000
130,516
395,432
Precious
Metals
18.58%
Amani
Gold,
Ltd.
*
54,500,000
37,619
Arizona
Metals
Corp.
*
1,000,000
3,053,139
Barsele
Minerals
Corp.
*~
7,500,000
1,602,315
Brixton
Metals
Corp.
*
3,000,000
314,636
Canex
Metals,
Inc.
*
3,250,000
315,607
Capitan
Mining,
Inc.
*
750,000
154,405
Denarius
Metals
Corp.
*
750,000
116,532
Dolly
Varden
Silver
Corp.
*
3,500,000
1,876,165
E2
Metals,
Ltd.
*
1,000,000
89,426
GFG
Resources,
Inc.
*
5,000,000
446,706
Gold
Terra
Resource
Corp.
*
2,500,000
310,752
Gold79
Mines,
Ltd.
*
5,250,000
142,752
Imperial
Mining
Group,
Ltd.
*
500,000
27,191
MacDonald
Mines
Exploration,
Ltd.
*
3,000,000
46,613
Magna
Gold
Corp.
*
1,500,000
367,076
Millennial
Precious
Metals
Corp.
*
1,000,000
275,792
Olive
Resource
Capital,
Inc.
*~
4,000,000
132,070
Paramount
Gold
Nevada
Corp.
*
170,000
74,800
Polarx
,
Ltd.
*
36,463,888
403,412
Silver
Viper
Minerals
Corp.
*
2,500,000
388,440
Stillwater
Critical
Minerals
Corp.
*
2,000,000
372,902
Visionary
Gold
Corp.
*
1,500,000
72,832
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)
Xali
Gold
Corp.,
144A
#*∆
4,875,000
$
359,793
10,980,975
Real
Estate
Operating/Development
1.49%
Fremont
Gold,
Ltd.
*
400,000
37,290
Mammoth
Resources
Corp.
*~
5,500,000
170,914
Revival
Gold,
Inc.
*
1,600,000
633,934
TDG
Gold
Corp.
*
270,000
39,854
881,992
Retail
-
Jewelry
1.66%
Mene
,
Inc.
*
2,100,000
978,869
Silver
Mining
3.62%
Aya
Gold
&
Silver,
Inc.
*
100,000
509,633
FireFox
Gold
Corp.
*
500,000
40,786
Kootenay
Silver,
Inc.
*
1,000,000
132,070
Metallic
Minerals
Corp.
*
1,000,000
295,214
Reyna
Silver
Corp.
*
360,000
88,098
Southern
Silver
Exploration
Corp.
*
1,750,000
278,706
Vizsla
Silver
Corp.
*
750,000
792,418
2,136,925
Total
Common
Stocks
55,039,161
(cost
$89,111,690)
Corporate
Non-Convertible
Bond
1.74%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Gold
Mining
1.74%
Aris
Gold
Corp.
7.50
08/26/27
$
1,040,991
1,025,377
(cost
$1,040,991)
Exchange
Traded
Fund
0.27%
Shares
VanEck
Gold
Miners
ETF/USA
5,824
159,461
(cost
$215,286)
Subscription
Receipt
0.30%
Gold
Mineral
Exploration
&
Development
0.30%
Sanu
Gold
Corp.,
144A
#*@∆
700,000
179,459
(cost
$182,623)
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
World
Precious
Minerals
Fund
Warrants
0.23%
Exercise
Price
Exp.
Date
Shares
Value
Diversified
Minerals
0.01%
Desert
Gold
Ventures,
Inc.,
144A
#*@∆
$
0.40
08/28/23
187,500
$
0
Kesselrun
Resources,
Ltd.,
144A
#*@~∆
0.23
12/08/23
1,250,000
0
Minaurum
Gold,
Inc.,
144A
#*@∆
0.60
07/09/23
500,000
0
Nomad
Royalty
Co.,
Ltd.
*
1.71
11/19/22
304,000
4,133
4,133
Gold
Mineral
Exploration
&
Development
0.00%
Western
Exploration
&
Development,
Ltd.,
144A
#*@∆
0.50
12/31/49
600,000
0
Western
Exploration,
Inc.,
144A
#*@∆
0.50
12/31/49
240,000
0
0
Gold
Mining
0.00%
Cassiar
Gold
Corp.,
144A
#*@∆
1.05
06/08/24
99,000
0
Contact
Gold
Corp.,
144A
#*@∆
0.27
09/29/22
500,000
0
Gold
Mountain
Mining
Corp.,
144A
#*@∆
1.75
04/21/24
50,000
0
Kore
Mining,
Ltd.,
144A
#*@∆
1.35
06/18/23
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
0
Metal
-
Copper
0.00%
Sun
Summit
Minerals
Corp.,
144A
#*@∆
0.34
07/22/23
600,000
0
Sun
Summit
Minerals
Corp.,
144A
#*@∆
0.90
07/31/23
125,000
0
0
Metal
-
Diversified
0.01%
Novo
Resources
Corp.
*
4.40
08/27/23
112,500
5,244
Metals
&
Mining
0.00%
St.
Anthony
Gold
Corp.,
144A
#*@∆
0.10
06/04/24
875,000
0
Mining
Services
0.21%
Aris
Gold
Corp.
*
2.75
07/29/25
520,000
125,233
Non-Ferrous
Metals
0.00%
ValOre
Metals
Corp.,
144A
#*@∆
0.45
02/17/23
500,000
0
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.
Warrants (cont’d)
Exercise
Price
Exp.
Date
Shares
Value
Silver
Mining
0.00%
FireFox
Gold
Corp.,
144A
#*@∆
$
0.27
10/27/22
125,000
$
0
Southern
Silver
Exploration
Corp.,
144A
#*@∆
0.25
08/14/23
875,000
0
0
Total
Warrants
134,610
(cost
$362,612
)
Call
Options
Purchased
0.28%
Strike
Price
Exp.
Date
Notional
Contract
Value
Contracts
Value
Gold
Mining
0.19%
Barrick
Gold
Corp.
$
25.00
01/23
$
3,937,500
1,575
53,550
Barrick
Gold
Corp.
18.00
01/23
63,000
35
6,055
Newmont
Corp.
82.50
01/23
4,331,250
525
51,450
111,055
Precious
Metals
0.09%
Direxion
Daily
Gold
Miners
Index
Bull
2X
Shares
ETF
50.00
01/23
375,000
75
24,975
Hecla
Mining
Co.
5.00
01/23
341,000
682
30,008
54,983
Total
Purchased
Call
Options
166,038
(premiums
paid
$842,380
)
Investments,
at
value
95.96%
56,704,106
(cost
$91,755,582
)
Other
assets
and
liabilities,
net
4.04%
2,389,915
Net
Assets
100.00%
$
59,094,021
Portfolio
Allocation
by
Industry*
Based
on
Total
Investments
June
30,
2022
Gold
Mining
38.2%
Precious
Metals
19.5%
Advanced
Materials/Production
10.2%
Metal
-
Diversified
9.2%
Diversified
Minerals
5.5%
Metal
-
Copper
4.3%
Silver
Mining
3.8%
Other
9.3%
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
92.22%
Shares
Value
Advanced
Materials/Production
0.00%
Sixth
Wave
Innovations,
Inc.
*
61,538
$
2,391
Chemicals
-
Diversified
0.00%
Base
Carbon,
Inc.
*
7,786
2,964
Diamonds/Precious
Stones
0.30%
Lucara
Diamond
Corp.
*
700,000
331,728
Diversified
Minerals
5.32%
Alkane
Resources,
Ltd.
*
1,000,000
428,260
Caledonia
Mining
Corp.
PLC
25,000
273,750
Calibre
Mining
Corp.
*
1,250,000
941,967
Firefinch
,
Ltd.
#*@
5,000,000
688,193
Leo
Lithium,
Ltd.
*
4,114,694
1,576,294
Mako
Mining
Corp.
*
3,500,000
747,747
Nomad
Royalty
Co.,
Ltd.
185,000
1,302,129
5,958,340
Enterprise
Software/Services
0.09%
Abaxx
Technologies,
Inc.
*
109,000
97,382
Gold
Mining
48.68%
Agnico
Eagle
Mines,
Ltd.
35,000
1,601,600
Aris
Gold
Corp.
*
400,000
584,214
Black
Cat
Syndicate,
Ltd.
*
4,393,940
914,179
Bonterra
Resources,
Inc.
*
300,000
214,419
Centamin
PLC
3,000,000
2,868,152
Eldorado
Gold
Corp.
*
125,000
798,750
Franco-Nevada
Corp.
20,000
2,631,600
GCM
Mining
Corp.
300,000
818,055
GoGold
Resources,
Inc.
*
825,000
1,313,898
Harmony
Gold
Mining
Co.,
Ltd.,
ADR
500,000
1,565,000
i-80
Gold
Corp.
*
1,000,000
1,802,362
K92
Mining,
Inc.
*
2,500,000
15,090,895
Maverix
Metals,
Inc.
600,000
2,600,994
Mineros
SA
3,350,000
2,238,191
Newmont
Corp.
25,000
1,491,750
Northern
Star
Resources,
Ltd.
100,000
469,071
Pantoro
,
Ltd.
*
11,500,000
1,511,173
Perseus
Mining,
Ltd.
530,000
575,070
Petropavlovsk
PLC
*
4,886,855
56,127
Royal
Gold,
Inc.
17,500
1,868,650
Signal
Gold,
Inc.
*
2,000,000
582,660
Silver
Lake
Resources,
Ltd.
*
575,000
477,962
Superior
Gold,
Inc.
*
3,500,000
2,120,883
Torex
Gold
Resources,
Inc.
*
115,000
888,052
Wesdome
Gold
Mines,
Ltd.
*
825,000
7,146,325
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)
Yamana
Gold,
Inc.
490,000
$
2,278,500
54,508,532
Metal
-
Diversified
6.93%
Aclara
Resources,
Inc.
*
137,400
42,697
Filo
Mining
Corp.
*
40,000
553,139
Ivanhoe
Mines,
Ltd.
*
400,000
2,302,673
Mandalay
Resources
Corp.
*
250,000
534,105
Silver
X
Mining
Corp.
*
8,000,000
1,274,083
Vox
Royalty
Corp.
*
1,400,000
3,056,246
7,762,943
Mining
Services
2.10%
Capital,
Ltd.
575,000
591,455
Empress
Royalty
Corp.
*
2,000,000
295,214
Orexplore
Technologies,
Ltd.
*
1,007,351
50,195
Star
Royalties,
Ltd.
*
3,500,000
1,413,922
2,350,786
Oil
&
Gas
Drilling
1.97%
DDH1,
Ltd.
5,000,000
2,204,583
Oil
Field
Machinery
&
Equipment
0.82%
Imdex
,
Ltd.
725,000
923,037
Platinum
3.47%
Impala
Platinum
Holdings,
Ltd.
350,000
3,883,054
Precious
Metals
10.01%
EMX
Royalty
Corp.
*
1,250,000
2,320,929
Magna
Gold
Corp.
*
1,040,000
254,506
Metalla
Royalty
&
Streaming,
Ltd.
*
300,000
1,438,005
Metalla
Royalty
&
Streaming,
Ltd.
*
50,000
241,500
Sailfish
Royalty
Corp.
310,000
296,225
SSR
Mining,
Inc.
100,000
1,670,000
Triple
Flag
Precious
Metals
Corp.
175,000
2,284,027
Wheaton
Precious
Metals
Corp.
75,000
2,702,250
11,207,442
Real
Estate
Operating/Development
1.36%
Emerald
Resources
NL
*
2,000,000
1,522,332
Retail
-
Jewelry
2.80%
Mene
,
Inc.
*
1,025,000
477,781
Mene
,
Inc.,
144A
#∆
5,714,285
2,663,588
3,141,369
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
8.37%
Andean
Precious
Metals
Corp.
*
1,000,000
$
839,030
Aya
Gold
&
Silver,
Inc.
*
1,000,000
5,096,333
Fortuna
Silver
Mines,
Inc.
*
500,000
1,421,691
Hochschild
Mining
PLC
500,000
588,291
Santacruz
Silver
Mining,
Ltd.
*
4,000,000
932,256
Silvercorp
Metals,
Inc.
200,000
496,000
9,373,601
Total
Common
Stocks
103,270,484
(cost
$95,743,032)
Corporate
Non-Convertible
Bonds
3.56%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Coal
0.00%
Caribbean
Resources
Corp.
#@^
19.25
06/15/15
$
485,766
0
Gold
Mining
3.56%
Aris
Gold
Corp.
7.50
08/26/27
4,046,551
3,985,853
Total
Corporate
Non-Convertible
Bonds
3,985,853
(cost
$4,532,290)
Exchange
Traded
Funds
0.30%
Shares
abrdn
Platinum
ETF
Trust
*
1,155
95,981
VanEck
Gold
Miners
ETF/USA
8,722
238,808
Total
Exchange
Traded
Funds
334,789
(cost
$427,348)
Warrants
0.29%
Exercise
Price
Exp.
Date
Enterprise
Software/Services
0.01%
Abaxx
Technologies,
Inc.
*
$
5.10
05/14/23
54,500
11,961
Metal
-
Diversified
0.00%
Vox
Royalty
Corp.,
144A
#*@∆
4.50
03/25/24
50,000
0
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
Mining
Services
0.28%
Aris
Gold
Corp.
*
$
2.75
07/29/25
1,274,000
$
306,821
Empress
Royalty
Corp.
*
0.75
03/25/23
625,000
12,139
318,960
Total
Warrants
330,921
(cost
$0
)
Call
Options
Purchased
0.46%
Strike
Price
Exp.
Date
Notional
Contract
Value
Contracts
Value
Gold
Mining
0.33%
Barrick
Gold
Corp.
$
25.00
01/23
$
7,217,500
2,887
98,158
Barrick
Gold
Corp.
18.00
01/23
127,800
71
12,283
Newmont
Corp.
82.50
01/23
21,656,250
2,625
257,250
367,691
Precious
Metals
0.13%
Direxion
Daily
Gold
Miners
Index
Bull
2X
Shares
ETF
50.00
01/23
1,350,000
270
89,910
Hecla
Mining
Co.
5.00
01/23
643,000
1,286
56,584
146,494
Total
Purchased
Call
Options
514,185
(premiums
paid
$2,679,161
)
Investments,
at
value
96.83%
108,436,232
(cost
$103,381,831
)
Other
assets
and
liabilities,
net
3.17%
3,547,301
Net
Assets
100.00%
$
111,983,533
Portfolio
Allocation
by
Industry*
Based
on
Total
Investments
June
30,
2022
Gold
Mining
54.4%
Precious
Metals
10.4%
Silver
Mining
8.6%
Metal
-
Diversified
7.2%
Diversified
Minerals
5.5%
Platinum
3.6%
Other
10.3%
Total
100.0%
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Common
Stocks
89.64%
Shares
Value
Automotive
-
Cars
&
Light
Trucks
5.62%
Bayerische
Motoren
Werke
AG
1,550
$
120,157
Ford
Otomotiv
Sanayi
AS
18,900
304,613
Mercedes-Benz
Group
AG
1,900
110,349
Volkswagen
AG
400
73,154
608,273
Cellular
Telecommunication
1.05%
Turkcell
Iletisim
Hizmetleri
AS
116,000
113,167
Commercial
Banks
Non-US
24.25%
Alpha
Services
and
Holdings
SA
*
174,000
153,708
Banca
Transilvania
SA
632,000
300,274
Bank
Millennium
SA
*
80,000
69,627
Bank
Polska
Kasa
Opieki
SA
20,000
366,122
Eurobank
Ergasias
Services
and
Holdings
SA
*
132,000
118,411
Komercni
Banka
AS
3,000
84,931
National
Bank
of
Greece
SA
*
35,000
104,705
OTP
Bank
Nyrt
31,700
711,214
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
*
71,000
445,339
Yapi
ve
Kredi
Bankasi
AS
1,030,000
268,305
2,622,636
Dialysis
Centers
0.23%
Fresenius
Medical
Care
AG
&
Co.
KGaA
500
25,050
Distribution/Wholesale
0.56%
Neuca
SA
340
60,996
Diversified
Manufacturing
Operations
0.87%
Siemens
AG
920
94,573
Diversified
Operations
3.04%
KOC
Holding
AS
149,000
328,999
Electric
-
Distribution
2.57%
Enea
SA
*
15,000
32,696
Tauron
Polska
Energia
SA
*
318,000
245,313
278,009
Electric
-
Generation
5.02%
CEZ
AS
10,800
487,318
RWE
AG
1,500
55,479
542,797
Electric
-
Integrated
2.18%
PGE
Polska
Grupa
Energetyczna
SA
*
99,000
236,375
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Common
Stocks (cont’d)
Shares
Value
Food
-
Retail
0.97%
Koninklijke
Ahold
Delhaize
NV,
ADR
4,000
$
104,560
Lottery
Services
0.60%
OPAP
SA
4,500
64,725
Medical
-
Drugs
4.12%
Richter
Gedeon
Nyrt
24,600
445,211
Metal
-
Diversified
0.37%
Orsu
Metals
Corp.,
144A
#*∆
402,500
39,868
Metal
Processors
&
Fabricate
0.35%
Aurubis
AG
550
37,529
Multi-line
Insurance
1.06%
Allianz
SE
598
114,643
Oil
Companies
-
Exploration
&
Production
0.79%
Societatea
Nationala
de
Gaze
Naturale
ROMGAZ
SA
8,000
85,819
Oil
Companies
-
Integrated
7.11%
Gazprom
Neft
PJSC
#
5,000
36,018
MOL
Hungarian
Oil
&
Gas
PLC
70,500
545,349
OMV
AG
550
25,867
OMV
Petrom
SA
1,565,000
162,152
769,386
Oil
Refining
&
Marketing
6.00%
Grupa
Lotos
SA
7,500
115,765
Polski
Koncern
Naftowy
ORLEN
SA
19,500
299,434
Turkiye
Petrol
Rafinerileri
AS
*
14,800
233,295
648,494
Property/Casualty
Insurance
5.02%
Powszechny
Zaklad
Ubezpieczen
SA
81,000
543,049
Retail
-
Regional
Dept
Store
1.91%
Pepco
Group
NV
*
26,500
206,126
Retail
-
Toy
Store
4.10%
JUMBO
SA
30,500
444,046
Steel
-
Producers
2.41%
Eregli
Demir
ve
Celik
Fabrikalari
TAS
160,500
261,052
Telecom
Services
2.08%
Orange
Polska
SA
161,000
225,332
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Common
Stocks (cont’d)
Shares
Value
Telephone
-
Integrated
4.12%
Hellenic
Telecommunications
Organization
SA
25,500
$
445,354
Television
2.10%
Cyfrowy
Polsat
SA
48,000
227,378
Transportation
-
Marine
1.14%
AP
Moller
-
Maersk
A/S,
Class A
53
123,011
Total
Common
Stocks
9,696,458
(cost
$12,233,819)
Corporate
Non-Convertible
Bond
4.31%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Gold
Mining
4.31%
Aris
Gold
Corp.
7.50
08/26/27
$
473,178
466,080
(cost
$473,178)
Exchange
Traded
Funds
1.60%
Shares
Global
X
MSCI
Greece
ETF
5,000
118,550
Sprott
Physical
Uranium
Trust
*
5,000
53,877
Total
Exchange
Traded
Funds
172,427
(cost
$191,635)
Warrant
0.22%
Exercise
Price
Exp.
Date
Mining
Services
0.22%
Aris
Gold
Corp.
*
$
2.75
07/29/25
100,000
24,083
(cost
$0
)
Call
Options
Purchased
0.68%
Strike
Price
Exp.
Date
Notional
Contract
Value
Contracts
Value
Country
Fund-Russia
0.01%
VanEck
Russia
ETF
#
$
16.00
01/23
$
1,600,000
1,000
1,000
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.
Call
Options
Purchased (cont’d)
Strike
Price
Exp.
Date
Notional
Contract
Value
Contracts
Value
Oil
Companies
-
Integrated
0.67%
BP
PLC
$
34.00
01/23
$
680,000
200
$
26,400
Exxon
Mobil
Corp.
110.00
01/23
1,100,000
100
24,500
TotalEnergies
SE
60.00
01/23
600,000
100
22,000
72,900
Total
Purchased
Call
Options
73,900
(premiums
paid
$420,980
)
Investments,
at
value
96.45%
10,432,948
(cost
$13,319,612
)
Other
assets
and
liabilities,
net
3.55%
383,733
Net
Assets
100.00%
$
10,816,681
Country
Distribution*
Based
on
Total
Investments
June
30,
2022
Poland
27.5%
Hungary
16.3%
Turkey
14.5%
Greece
12.8%
Germany
6.0%
Czech
Republic
5.5%
Canada
5.2%
Romania
5.2%
Other
7.0%
Total
100.0%
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Common
Stocks
84.49%
Shares
Value
Automotive
-
Cars
&
Light
Trucks
3.03%
Yadea
Group
Holdings,
Ltd.
118,000
$
231,423
Automotive
-
Medium
&
Heavy
Duty
Trucks
2.75%
Sinotruk
Hong
Kong,
Ltd.
149,000
209,708
Brewery
4.80%
China
Resources
Beer
Holdings
Co.,
Ltd.
49,000
366,176
Building
Products
-
Doors
&
Windows
3.58%
Xinyi
Glass
Holdings,
Ltd.
113,000
272,643
Chemicals
-
Diversified
0.99%
Dongyue
Group,
Ltd.
60,000
75,268
Chemicals
-
Specialty
5.31%
Daqo
New
Energy
Corp.,
ADR
*
3,175
226,632
Kingboard
Laminates
Holdings,
Ltd.
144,000
177,939
404,571
Circuit
Boards
2.74%
Unimicron
Technology
Corp.
39,000
208,722
Coal
0.27%
Shougang
Fushan
Resources
Group,
Ltd.
50,000
20,765
Computers
2.85%
Lenovo
Group,
Ltd.
231,000
217,073
Computers
-
Memory
Devices
1.48%
ASPEED
Technology,
Inc.
1,760
112,970
Distribution/Wholesale
1.67%
Theme
International
Holdings,
Ltd.
*
945,000
127,722
E-Commerce/Products
0.94%
Alibaba
Group
Holding,
Ltd.,
ADR
*
630
71,618
Electronic
Components
-
Semiconductors
5.82%
ASE
Technology
Holding
Co.,
Ltd.
42,000
108,172
SK
Hynix,
Inc.
4,750
335,417
443,589
Gold
Mining
4.47%
Zijin
Mining
Group
Co.,
Ltd.,
H
Shares
280,000
340,728
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Common
Stocks (cont’d)
Shares
Value
Internet
Content
-
Info
4.53%
Meituan
,
Class B
*
3,724
$
92,929
Tencent
Holdings,
Ltd.,
ADR
5,565
252,595
345,524
Machinery
-
General
Industrial
1.76%
LK
Technology
Holdings,
Ltd.
70,000
134,382
Medical
-
Drugs
2.09%
Sino
Biopharmaceutical,
Ltd.
250,000
159,406
Medical
-
Outpatient/Home
Med
1.59%
EC
Healthcare
120,000
121,085
Motorcycle/Motor
Scooter
0.36%
Niu
Technologies,
ADR
*
3,200
27,520
Non-Ferrous
Metals
0.00%
Sterling
Group
Ventures,
Inc.,
144A
#*@∆
500,000
0
Real
Estate
Management/Services
0.45%
Powerlong
Commercial
Management
Holdings,
Ltd.
25,000
17,017
Shimao
Services
Holdings,
Ltd.
*
35,000
16,989
34,006
Retail
-
Apparel/Shoe
7.70%
Bosideng
International
Holdings,
Ltd.
285,000
177,062
Li
Ning
Co.,
Ltd.
44,000
409,688
586,750
Retail
-
Jewelry
5.33%
Chow
Tai
Fook
Jewellery
Group,
Ltd.
215,000
406,111
Schools
0.23%
China
Yuhua
Education
Corp.,
Ltd.
*
100,000
17,715
Semiconductor
Components
-
Integrated
Circuit
7.53%
Global
Unichip
Corp.
7,000
113,534
Nanya
Technology
Corp.
120,000
199,712
United
Microelectronics
Corp.
195,000
260,654
573,900
Transportation
-
Marine
12.22%
COSCO
SHIPPING
Holdings
Co.,
Ltd.
248,000
348,103
Orient
Overseas
International,
Ltd.
13,000
346,364
SITC
International
Holdings
Co.,
Ltd.
83,500
237,489
931,956
Total
Common
Stocks
(cost
$7,503,958)
6,441,331
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
Corporate
Non-Convertible
Bond
3.24%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Gold
Mining
3.24%
Aris
Gold
Corp.
7.50
08/26/27
$
250,784
$
247,023
(cost
$250,760)
Exchange
Traded
Funds
1.35%
Shares
Direxion
Daily
FTSE
China
Bull
3X
Shares
ETF
450
44,384
KraneShares
Bosera
MSCI
China
A
50
Connect
Index
ETF
1,500
58,215
Total
Exchange
Traded
Funds
102,599
(cost
$85,234)
Warrant
0.16%
Exercise
Price
Exp.
Date
Mining
Services
0.16%
Aris
Gold
Corp.
*
$
2.75
07/29/25
52,000
12,523
(cost
$0
)
Call
Options
Purchased
4.08%
Strike
Price
Exp.
Date
Notional
Contract
Value
Contracts
Value
Country
Fund
-
China
2.26%
Direxion
Daily
FTSE
China
Bull
3X
Shares
ETF
$
150.00
01/23
$
300,000
20
22,400
Invesco
China
Technology
ETF
45.00
09/22
202,500
45
33,300
Invesco
China
Technology
ETF
53.00
12/22
1,325,000
250
116,250
171,950
Diversified
Banking
Institution
0.54%
HSBC
Holdings
PLC
34.00
12/22
680,000
200
41,000
E-Commerce/Products
1.28%
Alibaba
Group
Holding,
Ltd.
135.00
01/23
1,080,000
80
98,000
Total
Purchased
Call
Options
310,950
(premiums
paid
$218,179
)
Investments,
at
value
93.32%
7,114,426
(cost
$8,058,131
)
Other
assets
and
liabilities,
net
6.68%
509,076
Net
Assets
100.00%
$
7,623,502
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.
Country
Distribution*
Based
on
Total
Investments
June
30,
2022
China
35.9%
Hong
Kong
35.8%
Taiwan,
Province
of
China
14.1%
United
States
5.8%
Republic
of
Korea
4.7%
Canada
3.7%
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,
2022.
Fair
Valuation
of
Securities
For
the
Funds’
policies
regarding
the
valuation
of
investments
and
other
significant
accounting
policies,
please
refer
to
the
Notes
to
Financial
Statements.
The
Funds
are
required
to
disclose
information
regarding
the
fair
value
measurements
of
a
Fund’s
assets
and
liabilities.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
‡
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,
2022.
*
Non-income
producing
security.
~
Affiliated
Company.
(see
following)
@
Security
was
fair
valued
at
June
30,
2022,
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,
2022,
were
0.00%
of
Global
Luxury
Goods
Fund,
1.48%
of
Global
Resources
Fund,
0.48%
of
World
Precious
Minerals
Fund,
0.62%
of
Gold
And
Precious
Metals
Fund
and
0.00%
of
China
Region
Fund,
respectively.
See
the
Fair
Valuation
of
Securities
section
of
these
Notes
to
Portfolios
of
Investments
for
further
discussion
of
fair
valued
securities.
See
further
information
and
detail
on
restricted
securities
in
the
Restricted
Securities
section
of
these
Notes
to
Portfolios
of
Investments.
#
Illiquid
Security.
∆
Pursuant
to
Rule
144A
of
the
Securities
Act
of
1933,
these
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
The
market
value
of
these
securities
and
percentage
of
net
assets
as
of
June
30,
2022
amounted
to
$33,308,
0.08%,
of
Global
Luxury
Goods
Fund,
$304,948,
0.53%,
of
Global
Resources
Fund,
$765,845,
1.30%,
of
World
Precious
Minerals
Fund,
$2,663,588,
2.38%,
of
Gold
And
Precious
Metals
Fund,
$39,868,
0.37%,
of
Emerging
Europe
Fund
and
$0,
0.00%,
of
China
Region
Fund.
+
See
"Restricted
Securities"
in
Notes
to
Portfolios
of
Investments.
^
Security
is
currently
in
default
and
is
on
scheduled
interest
or
principal
payment.
ADR
American
Depositary
Receipt
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
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
LP
Limited
Partnership
PJSC
Public
Joint
Stock
Company
PLC
Public
Limited
Company
PSF-GTD
Public
School
Fund
Guarantee
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
)
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,
2022,
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
$
–
$
31,608,205
$
–
$
31,608,205
Exchange
Traded
Fund
1,765,800
–
–
1,765,800
Investments,
at
Value
$
1,765,800
$
31,608,205
$
–
$
33,374,005
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
$
–
$
24,575,450
$
–
$
24,575,450
Exchange
Traded
Funds
3,281,085
–
–
3,281,085
Investments,
at
Value
$
3,281,085
$
24,575,450
$
–
$
27,856,535
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
Assets
Investments
in
Securities*
Common
Stocks
Apparel
Manufacturers
$
1,323,807
$
4,317,118
$
–
$
5,640,925
Automotive
-
Cars
&
Light
Trucks
5,391,561
3,130,783
–
8,522,344
Beverages
-
Wine/Spirits
–
4,401,643
–
4,401,643
Cosmetics
&
Toiletries
1,952,611
–
–
1,952,611
Cruise
Lines
1,001,917
–
–
1,001,917
Energy
-
Alternate
Sources
–
–
0
0
Finance
-
Credit
Card
1,455,510
–
–
1,455,510
Finance
-
Mortgage
Loan/
Banker
6,506
–
–
6,506
Gold
Mining
1,532,593
351,323
–
1,883,916
Home
Furnishings
747,950
–
–
747,950
Hotels
&
Motels
1,264,893
531,480
–
1,796,373
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)
Assets
(continued)
Investments
in
Securities*
(continued)
Investment
Management/
Advisory
Services
$
–
$
835,022
$
–
$
835,022
Metal
-
Diversified
374,184
–
–
374,184
Motorcycle/Motor
Scooter
728,180
–
–
728,180
Oil
Companies
-
Exploration
&
Production
32,240
–
–
32,240
Photo
Equipment
&
Supplies
–
207,573
–
207,573
Platinum
299,100
–
–
299,100
Precious
Metals
432,360
–
–
432,360
Real
Estate
Operating/
Development
–
–
0
0
Retail
-
Apparel/Shoe
–
387,774
–
387,774
Retail
-
Home
Furnishings
754,460
–
–
754,460
Retail
-
Jewelry
–
1,312,271
–
1,312,271
Retail
-
Restaurants
2,024,335
–
–
2,024,335
Silver
Mining
–
176,487
–
176,487
Textile
-
Apparel
2,552,809
–
–
2,552,809
Corporate
Non-Convertible
Bond
–
815,640
–
815,640
Warrants
Enterprise
Software/
Services
–
7,476
–
7,476
Oil
Companies
-
Exploration
&
Production
1,068
–
–
1,068
Retail
-
Jewelry
–
5,011
–
5,011
Investments,
at
Value
21,876,084
16,479,601
0
38,355,685
Other
Financial
Instruments
†
Currency
Contracts
–
44,606
–
44,606
Total
Assets
$
21,876,084
$
16,524,207
$
–
$
38,400,291
Liabilities
Other
Financial
Instruments
†
Currency
Contracts
–
(101,606)
–
(101,606)
Total
Liabilities
$
–
$
(101,606)
$
–
$
(101,606)
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
$
1,937,733
$
–
$
–
$
1,937,733
Agricultural
Chemicals
1,299,140
–
–
1,299,140
Agricultural
Operations
–
759,618
–
759,618
Building
&
Construction
Products
-
Miscellaneous
262,050
–
–
262,050
Building
Products
-
Wood
302,284
–
–
302,284
Chemicals
-
Diversified
27,191
–
–
27,191
Coal
–
–
0
0
Diamonds/Precious
Stones
724,829
–
–
724,829
Distribution/Wholesale
240,833
–
–
240,833
Diversified
Minerals
4,043,023
308,416
–
4,351,439
Energy
-
Alternate
Sources
311,400
124,301
0
435,701
Enterprise
Software/
Services
380,671
893,412
–
1,274,083
Food
-
Miscellaneous/
Diversified
297,157
–
–
297,157
Food
-
Wholesale/
Distribution
44,671
–
–
44,671
Forestry
306,930
–
–
306,930
Gold
Mining
1,792,939
203,435
0
1,996,374
Industrial
Gases
575,060
296,126
–
871,186
Machinery
-
Electric
Utilities
495,000
–
–
495,000
Metal
-
Aluminum
227,900
–
–
227,900
Metal
-
Copper
1,590,662
–
–
1,590,662
Metal
-
Diversified
8,630,879
1,517,232
–
10,148,111
Metal
-
Iron
–
–
0
0
Mining
Services
1,237,387
–
–
1,237,387
Natural
Resource
Technology
–
–
120,741
120,741
Non-Ferrous
Metals
1,500,155
–
0
1,500,155
Oil
-
Field
Services
1,056,320
–
–
1,056,320
Oil
-
US
Royalty
Trusts
4,065,198
366,390
–
4,431,588
Oil
Companies
-
Exploration
&
Production
6,282,038
–
–
6,282,038
Oil
Companies
-
Integrated
2,790,800
–
–
2,790,800
Oil
Refining
&
Marketing
1,330,035
–
–
1,330,035
Pipelines
997,725
–
–
997,725
Platinum
120,416
–
–
120,416
Precious
Metals
808,926
199,140
–
1,008,066
Real
Estate
Operating/
Development
396,209
–
0
396,209
REITS
-
Diversified
1,002,600
–
–
1,002,600
Retail
-
Jewelry
349,596
–
–
349,596
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)
Preferred
Stock
Chemicals
-
Specialty
$
–
$
536,113
$
–
$
536,113
Corporate
Non-Convertible
Bonds
–
1,584,733
–
1,584,733
Exchange
Traded
Funds
111,406
–
–
111,406
Warrants
Advanced
Materials/
Production
–
0
–
0
Diversified
Minerals
–
7,186
–
7,186
Enterprise
Software/
Services
–
4,486
–
4,486
Metal
-
Copper
–
583
–
583
Mining
Services
89,322
–
–
89,322
Non-Ferrous
Metals
–
0
–
0
Oil
Companies
-
Exploration
&
Production
123,415
–
0
123,415
Investment
Company
35,718
–
–
35,718
Purchased
Call
Options
94,315
41,160
–
135,475
Investments,
at
Value
45,881,933
6,842,331
120,741
52,845,005
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
$
5,804,788
$
–
$
–
$
5,804,788
Chemicals
-
Diversified
219
–
–
219
Coal
–
–
0
0
Diamonds/Precious
Stones
1,398,384
–
–
1,398,384
Diversified
Minerals
2,098,708
1,016,820
1,554
3,117,082
Enterprise
Software/
Services
–
7,182
–
7,182
Financial
Services
–
3,759
–
3,759
Gold
Mineral
Exploration
&
Development
279,677
–
–
279,677
Gold
Mining
18,289,856
2,133,593
101,966
20,525,415
Metal
-
Copper
2,433,512
–
–
2,433,512
Metal
-
Diversified
4,347,562
857,187
–
5,204,749
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
-
Iron
$
–
$
–
$
0
$
0
Mining
Services
23,306
380,006
–
403,312
Non-Ferrous
Metals
326,290
–
–
326,290
Oil
Companies
-
Exploration
&
Production
–
–
0
0
Oil
Field
Machinery
&
Equipment
–
159,144
–
159,144
Optical
Recognition
Equipment
1,455
–
–
1,455
Platinum
395,432
–
–
395,432
Precious
Metals
10,128,344
852,631
–
10,980,975
Real
Estate
Operating/
Development
881,992
–
–
881,992
Retail
-
Jewelry
978,869
–
–
978,869
Silver
Mining
2,136,925
–
–
2,136,925
Corporate
Non-Convertible
Bond
–
1,025,377
–
1,025,377
Exchange
Traded
Fund
159,461
–
–
159,461
Subscription
Receipt
–
–
179,459
179,459
Warrants
Diversified
Minerals
4,133
0
–
4,133
Gold
Mineral
Exploration
&
Development
–
0
0
0
Gold
Mining
–
0
–
0
Metal
-
Copper
–
0
–
0
Metal
-
Diversified
5,244
–
–
5,244
Metals
&
Mining
–
0
–
0
Mining
Services
125,233
–
–
125,233
Non-Ferrous
Metals
–
0
–
0
Silver
Mining
–
0
–
0
Purchased
Call
Options
114,588
51,450
–
166,038
Investments,
at
Value
49,933,978
6,487,149
282,979
56,704,106
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
$
2,391
$
–
$
–
$
2,391
Chemicals
-
Diversified
2,964
–
–
2,964
Diamonds/Precious
Stones
331,728
–
–
331,728
Diversified
Minerals
4,841,887
1,116,453
–
5,958,340
Enterprise
Software/
Services
–
97,382
–
97,382
Gold
Mining
47,636,798
6,871,734
–
54,508,532
Metal
-
Diversified
7,762,943
–
–
7,762,943
Mining
Services
1,709,136
641,650
–
2,350,786
Oil
&
Gas
Drilling
–
2,204,583
–
2,204,583
Oil
Field
Machinery
&
Equipment
–
923,037
–
923,037
Platinum
–
3,883,054
–
3,883,054
Precious
Metals
11,207,442
–
–
11,207,442
Real
Estate
Operating/
Development
–
1,522,332
–
1,522,332
Retail
-
Jewelry
3,141,369
–
–
3,141,369
Silver
Mining
8,785,310
588,291
–
9,373,601
Corporate
Non-Convertible
Bonds
–
3,985,853
0
3,985,853
Exchange
Traded
Funds
334,789
–
–
334,789
Warrants
Enterprise
Software/
Services
–
11,961
–
11,961
Metal
-
Diversified
–
0
–
0
Mining
Services
318,960
–
–
318,960
Purchased
Call
Options
256,935
257,250
–
514,185
Investments,
at
Value
$
86,332,652
$
22,103,580
$
–
$
108,436,232
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
Automotive
-
Cars
&
Light
Trucks
$
–
$
608,273
$
–
$
608,273
Cellular
Telecommunication
–
113,167
–
113,167
Commercial
Banks
Non-US
–
2,622,636
–
2,622,636
Dialysis
Centers
–
25,050
–
25,050
Distribution/Wholesale
–
60,996
–
60,996
Diversified
Manufacturing
Operations
–
94,573
–
94,573
Diversified
Operations
–
328,999
–
328,999
Electric
-
Distribution
–
278,009
–
278,009
Electric
-
Generation
–
542,797
–
542,797
Electric
-
Integrated
–
236,375
–
236,375
Food
-
Retail
104,560
–
–
104,560
Lottery
Services
–
64,725
–
64,725
Medical
-
Drugs
–
445,211
–
445,211
Metal
-
Diversified
39,868
–
–
39,868
Metal
Processors
&
Fabricate
–
37,529
–
37,529
Multi-line
Insurance
–
114,643
–
114,643
Oil
Companies
-
Exploration
&
Production
–
85,819
–
85,819
Oil
Companies
-
Integrated
36,018
733,368
–
769,386
Oil
Refining
&
Marketing
–
648,494
–
648,494
Property/Casualty
Insurance
–
543,049
–
543,049
Retail
-
Regional
Dept
Store
–
206,126
–
206,126
Retail
-
Toy
Store
–
444,046
–
444,046
Steel
-
Producers
–
261,052
–
261,052
Telecom
Services
–
225,332
–
225,332
Telephone
-
Integrated
–
445,354
–
445,354
Television
–
227,378
–
227,378
Transportation
-
Marine
–
123,011
–
123,011
Corporate
Non-Convertible
Bond
–
466,080
–
466,080
Exchange
Traded
Funds
172,427
–
–
172,427
Warrant
Mining
Services
24,083
–
–
24,083
Purchased
Call
Options
51,900
22,000
–
73,900
Investments,
at
Value
$
428,856
$
10,004,092
$
–
$
10,432,948
Other
Financial
Instruments
†
Currency
Contracts
–
96,561
–
96,561
Total
Assets
$
428,856
$
10,100,653
$
–
$
10,529,509
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)
Liabilities
Other
Financial
Instruments
†
Currency
Contracts
$
–
$
(108,165)
$
–
$
(108,165)
Total
Liabilities
$
–
$
(108,165)
$
–
$
(108,165)
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
$
–
$
231,423
$
–
$
231,423
Automotive
-
Medium
&
Heavy
Duty
Trucks
–
209,708
–
209,708
Brewery
–
366,176
–
366,176
Building
Products
-
Doors
&
Windows
–
272,643
–
272,643
Chemicals
-
Diversified
–
75,268
–
75,268
Chemicals
-
Specialty
226,632
177,939
–
404,571
Circuit
Boards
–
208,722
–
208,722
Coal
–
20,765
–
20,765
Computers
–
217,073
–
217,073
Computers
-
Memory
Devices
–
112,970
–
112,970
Distribution/Wholesale
–
127,722
–
127,722
E-Commerce/Products
71,618
–
–
71,618
Electronic
Components
-
Semiconductors
–
443,589
–
443,589
Gold
Mining
–
340,728
–
340,728
Internet
Content
-
Info
252,595
92,929
–
345,524
Machinery
-
General
Industrial
–
134,382
–
134,382
Medical
-
Drugs
–
159,406
–
159,406
Medical
-
Outpatient/Home
Med
–
121,085
–
121,085
Motorcycle/Motor
Scooter
27,520
–
–
27,520
Non-Ferrous
Metals
–
–
0
0
Real
Estate
Management/
Services
–
34,006
–
34,006
Retail
-
Apparel/Shoe
–
586,750
–
586,750
Retail
-
Jewelry
–
406,111
–
406,111
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,
2022
through
June
30,
2022:
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)
Schools
$
–
$
17,715
$
–
$
17,715
Semiconductor
Components
-
Integrated
Circuit
–
573,900
–
573,900
Transportation
-
Marine
–
931,956
–
931,956
Corporate
Non-Convertible
Bond
–
247,023
–
247,023
Exchange
Traded
Funds
102,599
–
–
102,599
Warrant
Mining
Services
12,523
–
–
12,523
Purchased
Call
Options
139,000
171,950
–
310,950
Investments,
at
Value
$
832,487
$
6,281,939
$
0
$
7,114,426
*
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
12/31/21
$
0
$
0
Net
change
in
unrealized
appreciation
(depreciation)
—
—
Ending
Balance
06/30/22
$
0
$
0
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
06/30/22
(1)
$
—
$
—
Common
Stocks
Subscription
Receipt
Total
Global
Resources
Fund
Beginning
Balance
12/31/21
$
807,328
$
166,014
$
973,342
Transfers
out
of
Level
3
(567,932)
(141,583)
(709,515)
Corporate
action
(3,687)
—
(3,687)
Net
change
in
unrealized
appreciation
(depreciation)
(114,968)
(24,431)
(139,399)
Ending
Balance
06/30/22
$
120,741
$
—
$
120,741
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
06/30/22
(1)
$
107,645
$
—
$
107,645
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:
Common
Stock
Subscription
Receipt
Warrants
Total
World
Precious
Minerals
Fund
Beginning
Balance
12/31/21
$
713,805
$
182,616
$
0
$
896,421
Transfers
out
of
Level
3
(24,001)
—
—
(24,001)
Corporate
Action
1,926
—
—
1,926
Net
change
in
unrealized
appreciation
(depreciation)
(588,210)
(3,157)
0
(591,367)
Ending
Balance
06/30/22
$
103,520
$
179,459
$
0
$
282,979
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
06/30/22
(1)
$
(61,111)
$
(3,157)
$
0
$
(64,268)
Common
Stocks
Corporate
Non-
Convertible
Bond
Total
Gold
and
Precious
Metals
Fund
Beginning
Balance
12/31/21
$
174,843
$
0
$
174,843
Corporate
Action
7,245
—
7,245
Transfers
out
of
Level
3
(90,456)
—
(90,456)
Net
change
in
unrealized
appreciation
(depreciation)
(91,632)
—
(91,632)
Ending
Balance
06/30/22
$
—
$
0
$
0
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
06/30/22
(1)
$
—
$
—
$
—
Common
Stocks
Total
China
Region
Fund
Beginning
Balance
12/31/21
$
0
$
0
Ending
Balance
06/30/22
$
0
$
0
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
06/30/22
(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,
2022.
Fair
Value
at
06/30/22
Valuation
Technique(s)
Unobservable
Input
Range
(Weighted
Average)
Global
Luxury
Goods
Fund
Investments
in
Securities
100%
Common
Stocks
0
Market
Transaction
(1)
Discount
Global
Resources
Fund
Investments
in
Securities
30%
-
100%
discount
(92%
discount)
Common
Stocks
120,741
Market
Transaction
(1)
Discount
Notes
to
Portfolios
of
Investments
(
unaudited
)
The
majority
of
securities
classified
as
Level
3
are
private
companies.
The
initial
valuation
is
usually
cost,
which
is
then
adjusted
as
determined
by
the
Valuation
Committee
for
subsequent
known
market
transactions
and
evaluated
for
progress
against
anticipated
milestones
and
current
operations.
An
evaluation
that
the
holding
no
longer
meets
expectations
could
result
in
the
application
of
discounts
and
a
significantly
lower
fair
valuation.
For
certain
securities,
the
last
known
market
transaction
is
increased
or
decreased
by
changes
in
a
market
index
or
industry
peers
as
approved
by
the
Valuation
Committee.
Affiliated
Companies
The
Investment
Company
Act
of
1940
defines
affiliates
as
companies
in
which
the
Fund
owns
at
least
5%
of
the
outstanding
voting
securities.
The
following
is
a
summary
of
transactions
with
each
affiliated
company
during
the
period
ended
June
30,
2022.
Fair
Value
at
06/30/22
Valuation
Technique(s)
Unobservable
Input
Range
(Weighted
Average)
World
Precious
Minerals
Fund
Investments
in
Securities
0%
-
100%
discount
(80%
discount)
Common
Stocks
103,520
Market
Transaction
(1)
Discount
Special
Warrants
0
Market
Transaction
(1)
Discount
100%
Subscription
Receipt
179,459
Market
Transaction
(1)
Discount
0%
Gold
and
Precious
Metals
Fund
Investments
in
Securities
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.
Shares
of
Affiliated
Companies
Global
Resources
Fund
December
31,
2021
Additions
Reductions
June
30,
2022
Caribbean
Resources
Corp.
17
—
—
17
Pacific
Green
Energy
Corp.
2,400,000
—
—
2,400,000
Values
of
Affiliated
Companies
Global
Resources
Fund
December
31,
2021
Purchases
Cost
Sales
Proceeds
June
30
,
2022
Income
Realized
Gain
(Loss)
on
Investments
Change
in
Unrealized
Appreciation
(Depreciation)
Caribbean
Resources
Corp.
$
0
$
—
$
—
$
0
$
—
$
—
$
—
Pacific
Green
Energy
Corp.
0
—
—
0
—
—
—
$
0
$
—
$
—
$
0
$
—
$
—
$
—
Notes
to
Portfolios
of
Investments
(
unaudited
)
At
June
30,
2022,
the
value
of
investments
in
affiliated
companies
was
$0,
representing
0%
of
net
assets,
and
the
total
cost
was
$27,968,676.
At
June
30,
2022,
the
value
of
investments
in
affiliated
companies
was
$5,114,785,
representing
8.66%
of
net
assets,
and
the
total
cost
was
$6,857,350.
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.
Shares
of
Affiliated
Companies
World
Precious
Minerals
Fund
December
31,
2021
Additions
Reductions
June
30,
2022
Barsele
Minerals
Corp.
7,500,000
—
—
7,500,000
Kesselrun
Resources
Ltd
5,000,000
—
—
5,000,000
Kesselrun
Resources,
Ltd.
—
1,250,000
—
1,250,000
Mammoth
Resources
Corp.
5,500,000
—
—
5,500,000
Olive
Resource
Capital,
Inc.
(formerly
Norvista
Capital
Corp.)
4,000,000
—
—
4,000,000
Polarx
,
Ltd.
37,463,888
—
(1,000,000)
36,463,888
(a)
TriStar
Gold,
Inc.
28,750,000
—
—
28,750,000
Values
of
Affiliated
Companies
World
Precious
Minerals
Fund
December
31,
2021
Purchases
Cost
Sales
Proceeds
June
30,
2022
Income
Realized
Gain
(Loss)
on
Investments
Change
in
Unrealized
Appreciation
(Depreciation)
Barsele
Minerals
Corp.
$
3,142,417
$
—
$
—
$
1,602,315
$
—
$
–
$
(1,540,102)
Kesselrun
Resources,
Ltd.
513,854
—
—
194,220
—
–
(319,634)
Kesselrun
Resources,
Ltd.
—
—
—
—
—
–
–
Mammoth
Resources
Corp.
434,800
—
—
170,914
—
–
(263,886)
Olive
Resource
Capital,
Inc.
(formerly
Norvista
Capital
Corp.)
252,974
—
—
132,070
—
–
(120,904)
Polarx
,
Ltd.
970,071
—
(10,865)
403,412
a)
—
(67,037)
(488,757)
TriStar
Gold,
Inc.
4,659,275
—
—
3,015,266
—
–
(1,644,009)
$
9,973,391
$
—
$
—
$
5,518,197
$
—
$
(67,037)
$
(4,377,292)
(a)
At
June
30,
2022,
the
company
was
no
longer
defined
as
an
affiliate,
although
it
was
an
affiliate
company
during
the
period.
Notes
to
Portfolios
of
Investments
(
unaudited
)
As
of
June
30,
2022,
the
total
cost
of
restricted
securities
was
$426,625,
and
the
total
value
was
$0,
representing
0%
of
net
assets.
As
of
June
30,
2022,
the
total
cost
of
restricted
securities
was
$7,473,544,
and
the
total
value
was
$120,741,
representing
0.21%
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
$
33,995,312
Assets
Investments,
at
value:
Securities
of
unaffiliated
issuers
$
33,374,005
Cash
2,071,123
Unrealized
gain
on
forward
foreign
currency
contracts
–
Foreign
currencies
(Cost
$0,
$748,
$912,874
and
$0)
–
Receivables:
Dividends
and
interest
53,414
Capital
shares
sold
3,177
Investments
sold
–
From
adviser
5,039
Prepaid
expenses
14,693
Total
Assets
35,521,451
Liabilities
Unrealized
loss
on
forward
foreign
currency
contracts
–
Due
to
custodian
–
Payables:
Capital
shares
redeemed
497
Distributions
payable
509
Investments
purchased
–
Accrued
expenses
and
other
payables:
Adviser
–
Administration
and
Transfer
Agent
fees
8,105
Other
expenses
22,056
Total
Liabilities
31,167
Net
Assets
$
35,490,284
Net
Assets
Consist
of:
Paid-in
capital
$
36,104,187
Distributable
earnings
(613,903)
Net
assets
applicable
to
capital
shares
outstanding
$
35,490,284
By
share
class
Net
Assets
Investor
Class
$
35,490,284
Capital
shares
outstanding,
an
unlimited
number
of
no
par
shares
authorized
Investor
Class
18,131,603
Net
Asset
Value,
Public
Offering
Price
and
Redemption
Price
per
share
Investor
Class
$
1.96
Near-Term
Tax
Free
Fund
Global
Luxury
Goods
Fund
Global
Resources
Fund
$
29,139,250
$
43,908,868
$
97,100,298
$
27,856,535
$
38,355,685
$
52,845,005
7,507,308
1,167,483
3,632,379
–
50,676
–
–
745
913,587
324,234
111,883
105,510
15,805
1,367
19,726
–
–
61,879
7,687
109,633
–
15,754
16,990
16,875
35,727,323
39,814,462
57,594,961
–
144,696
–
–
–
–
22,244
3,100
52,379
–
–
–
–
–
49,519
–
8,293
21,980
7,471
8,521
13,803
27,080
20,850
57,334
56,795
185,460
195,015
$
35,670,528
$
39,629,002
$
57,399,946
$
38,136,093
$
46,081,006
$
337,150,992
(2,465,565)
(6,452,004)
(279,751,046)
$
35,670,528
$
39,629,002
$
57,399,946
$
35,670,528
$
39,629,002
$
57,399,946
16,805,201
2,505,641
11,737,386
$
2.12
$
15.82
$
4.89
Statements
of
Assets
and
Liabilities
(unaudited)
See
accompanying
notes
to
financial
statements.
World
Precious
Minerals
Fund
Investments,
at
identified
cost
$
91,755,582
Assets
Investments,
at
value:
Securities
of
unaffiliated
issuers
$
51,589,321
Securities
of
affiliated
issuers
5,114,785
Cash
1,597,766
Unrealized
gain
on
forward
foreign
currency
contracts
–
Foreign
currencies
(Cost
$304,305,
$19,741,
$272,599
and
$4,264)
305,880
Receivables:
Dividends
and
interest
2,062
Capital
shares
sold
508,300
Investments
sold
51,702
From
adviser
–
Prepaid
expenses
18,372
Total
Assets
59,188,188
Liabilities
Unrealized
loss
on
forward
foreign
currency
contracts
–
Due
to
custodian
–
Payables:
Capital
shares
redeemed
7,533
Foreign
capital
gains
tax
payable
–
Accrued
expenses
and
other
payables:
Adviser
17,249
Administration
and
Transfer
Agent
fees
12,785
Other
expenses
56,600
Total
Liabilities
94,167
Net
Assets
$
59,094,021
Net
Assets
Consist
of:
Paid-in
capital
$
457,230,741
Distributable
earnings
(398,136,720)
Net
assets
applicable
to
capital
shares
outstanding
$
59,094,021
By
share
class
Net
Assets
Investor
Class
$
59,094,021
Capital
shares
outstanding,
an
unlimited
number
of
no
par
shares
authorized
Investor
Class
32,458,294
Net
Asset
Value,
Public
Offering
Price
and
Redemption
Price
per
share
Investor
Class
$
1.82
Gold
and
Precious
Metals
Fund
Emerging
Europe
Fund
China
Region
Fund
$
103,381,831
$
13,319,612
$
8,058,131
$
108,436,232
$
10,432,948
$
7,114,426
–
–
–
3,489,601
81,754
413,359
–
96,561
–
19,795
343,996
4,264
91,203
50,614
110,353
110,586
179
60
5,819
–
–
–
–
5,604
20,713
15,492
10,534
112,173,949
11,021,544
7,658,600
–
116,400
–
–
–
–
25,315
200
6,100
–
52,006
–
63,926
8,556
–
21,271
4,084
5,548
79,904
23,617
23,600
190,416
204,863
35,248
$
111,983,533
$
10,816,681
$
7,623,352
$
174,714,460
$
41,824,679
$
10,556,251
(62,730,927)
(31,007,998)
(2,932,749)
$
111,983,533
$
10,816,681
$
7,623,502
$
111,983,533
$
10,816,681
$
7,623,502
11,703,859
3,027,655
1,310,230
$
9.57
$
3.57
$
5.82
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
$
3,824
Foreign
tax
withheld
on
dividends
–
Net
dividends
3,824
Interest
and
other
79,057
Total
income
82,881
Expenses:
Management
fee
88,981
Administrative
services
fee
35,738
Administrative
services
fee
-
Investor
Class
8,898
Distribution
plan
fee
–
Transfer
agent
fees
and
expenses
14,974
Professional
fees
13,925
Custodian
fees
1,937
Shareholder
reporting
expenses
7,701
Registration
fees
10,341
Trustee
fees
and
expenses
4,195
Chief
compliance
officer
fees
2,007
Miscellaneous
expenses
16,479
Total
expenses
before
reductions
205,176
Expenses
offset
-
Note
1
H
–
Expenses
reimbursed
-
Note
3
(116,196)
Net
expenses
88,980
Net
Investment Income
2,799
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Realized
gain
(loss)
from:
Securities
from
unaffiliated
issuers
–
Net
increase
from
payments
by
affiliates
and
net
gains
(losses)
realized
on
the
disposal
of
investments
in
violation
of
restrictions
–
Note
4
–
Foreign
currency
transactions
–
Forward
currency
contract
transactions
–
Net
realized
gain
(loss)
–
Net
change
in
unrealized
depreciation
of:
Investments
in
unaffiliated
issuers
(534,407)
Other
assets
and
liabilities
denominated
in
foreign
currencies
–
Forward
currency
contracts
–
Net
change
in
unrealized
depreciation
(534,407)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
(534,407)
Net
Increase
(Decrease)
In
Net
Assets
Resulting
From
Operations
$
(531,608)
For
the
Six
Months
Ended
June
30,
2022
Near-Term
Tax
Free
Fund
Global
Luxury
Goods
Fund
Global
Resources
Fund
$
11,860
$
1,181,636
$
544,116
–
(83,240)
(25,286)
11,860
1,098,396
518,830
178,021
43,924
58,114
189,881
1,142,320
576,944
82,471
195,715
240,470
34,152
49,059
68,013
–
–
–
–
60,102
85,846
11,187
16,041
25,438
13,532
15,754
19,450
3,520
12,452
13,584
7,884
8,675
9,659
10,922
9,656
11,421
4,093
4,697
5,798
1,861
2,706
3,870
28,151
28,522
52,121
197,773
403,379
535,670
(1,646)
(766)
(270)
(121,904)
(14,571)
–
74,223
388,042
535,400
115,658
754,278
41,544
–
(617,323)
2,526,866
–
0
–
–
(71,193)
(15,815)
–
181,965
–
–
(506,551)
2,511,051
(1,713,499)
(16,638,162)
(11,723,770)
–
(1,076)
(15,023)
–
(94,020)
–
(1,713,499)
(16,733,258)
(11,738,793)
(1,713,499)
(17,239,809)
(9,227,742)
$
(1,597,841)
$
(16,485,531)
$
(9,186,198)
Statements
of
Operations
(unaudited)
See
accompanying
notes
to
financial
statements.
World
Precious
Minerals
Fund
Net
Investment
Income
Income
Dividends
from
unaffiliated
issuers
$
24,325
Foreign
tax
withheld
on
dividends
(6,120)
Net
dividends
18,205
Interest
and
other
54,536
Total
income
72,741
Expenses:
Management
fee
299,833
Administrative
services
fee
74,093
Administrative
services
fee
-
Investor
Class
–
Distribution
plan
fee
100,043
Transfer
agent
fees
and
expenses
32,560
Professional
fees
19,880
Custodian
fees
14,361
Shareholder
reporting
expenses
10,388
Registration
fees
11,197
Trustee
fees
and
expenses
6,166
Chief
compliance
officer
fees
4,502
Miscellaneous
expenses
53,869
Total
expenses
before
reductions
626,892
Expenses
offset
-
Note
1
H
(650)
Expenses
reimbursed
-
Note
3
–
Net
expenses
626,242
Net
Investment Income
(Loss)
(553,501)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Realized
gain
(loss)
from:
Securities
from
unaffiliated
issuers
2,548,579
Securities
from
affiliated
issuers
(67,037)
Foreign
currency
transactions
(11,119)
Forward
currency
contract
transactions
–
Foreign
capital
gains
taxes
–
Net
realized
gain
(loss)
2,470,423
Net
change
in
unrealized
appreciation
(depreciation)
of:
Investments
in
unaffiliated
issuers
(23,677,264)
Investments
in
affiliated
issuers
(3,388,632)
Other
assets
and
liabilities
denominated
in
foreign
currencies
(5,822)
Forward
currency
contracts
–
Deferred
foreign
capital
gains
taxes
–
Net
change
in
unrealized
depreciation
(27,071,718)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
(24,601,295)
Net
Increase
(Decrease)
In
Net
Assets
Resulting
From
Operations
$
(25,154,796)
For
the
Six
Months
Ended
June
30,
2022
Gold
and
Precious
Metals
Fund
Emerging
Europe
Fund
China
Region
Fund
$
701,711
$
390,330
$
223,623
(96,393)
(37,665)
(14,703)
605,318
352,665
208,920
211,954
24,485
13,141
817,272
377,150
222,061
500,722
113,049
43,596
112,979
30,461
31,709
–
3,799
2,007
173,294
18,996
10,034
34,964
11,066
10,969
29,798
10,097
9,270
19,375
14,930
5,497
12,212
7,507
6,931
11,692
10,658
13,255
9,022
3,079
2,826
7,809
857
452
85,051
37,190
23,195
996,918
261,689
159,741
(4,622)
(37)
(286)
–
(32,295)
(63,683)
992,296
229,357
95,772
(175,024)
147,793
126,289
9,720,696
(6,682,307)
(1,360,973)
–
–
–
(27,695)
(120,479)
(5,257)
–
150,625
–
–
–
755
9,693,001
(6,652,161)
(1,365,475)
(36,511,730)
(4,084,474)
(185,838)
–
–
–
173
72,442
(721)
–
25,450
–
–
(1,013)
–
(36,511,557)
(3,987,595)
(186,559)
(26,818,556)
(10,639,756)
(1,552,034)
$
(26,993,580)
$
(10,491,963)
$
(1,425,745)
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,
2022
Year
Ended
December
31,
2021
Increase
(Decrease)
in
Net
Assets
(Unaudited)
From
operations:
Net
investment
income
(loss)
$
2,799
$
(124,772)
Net
realized
gain
(loss)
–
9,916
Net
change
in
unrealized
appreciation
(depreciation)
(534,407)
(105,824)
Net
increase
(decrease)
in
net
assets
from
operations
(531,608)
(220,680)
Distributions
to
shareholders
Investor
Class
(2,810)
(24,036)
Total
distributions
paid
(2,810)
(24,036)
From
capital
share
transactions:
Proceeds
from
shares
sold
Investor
Class
8,150,806
15,248,670
Distributions
reinvested
Investor
Class
2,301
20,448
8,153,107
15,269,118
Cost
of
shares
redeemed
Investor
Class
(10,132,510)
(17,282,045)
Net
increase
(decrease)
in
net
assets
from
capital
share
transactions
(1,979,403)
(2,012,927)
Net
Increase
(Decrease)
in
Net
Assets
(2,513,821)
(2,257,643)
Net
Assets
Beginning
of
period
38,004,105
40,261,748
End
of
period
$
35,490,284
$
38,004,105
Capital
Share
Activity
Investor
Class
Shares
sold
4,148,171
7,633,018
Shares
reinvested
1,174
10,276
Shares
redeemed
(5,145,772)
(8,652,033)
Net
capital
share
activity
(996,427)
(1,008,739)
Near-Term
Tax
Free
Fund
Global
Luxury
Goods
Fund
For
the
Six
Months
Ended
June
30,
2022
Year
Ended
December
31,
2021
For
the
Six
Months
Ended
June
30,
2022
Year
Ended
December
31,
2021
(Unaudited)
(Unaudited)
$
115,658
$
323,772
$
754,278
$
(319,815)
–
3,318
(506,551)
9,475,149
(1,713,499)
(427,184)
(16,733,258)
2,623,002
(1,597,841)
(100,094)
(16,485,531)
11,778,336
(114,173)
(326,150)
–
(7,749,416)
(114,173)
(326,150)
–
(7,749,416)
9,047,879
13,242,236
1,480,548
4,599,581
103,575
300,990
–
7,370,340
9,151,454
13,543,226
1,480,548
11,969,921
(7,157,629)
(19,490,218)
(3,033,280)
(7,898,403)
1,993,825
(5,946,992)
(1,552,732)
4,071,518
281,811
(6,373,236)
(18,038,263)
8,100,438
35,388,717
41,761,953
57,667,265
49,566,827
$
35,670,528
$
35,388,717
$
39,629,002
$
57,667,265
4,206,144
5,888,903
73,834
195,722
48,300
134,289
–
332,147
(3,308,174)
(8,682,379)
(154,539)
(349,193)
946,270
(2,659,187)
(80,705)
178,676
Statements
of
Changes
in
Net
Assets
See
accompanying
notes
to
financial
statements.
Global
Resources
Fund
For
the
Six
Months
Ended
June
30,
2022
Year
Ended
December
31,
2021
Increase
(Decrease)
in
Net
Assets
(Unaudited)
From
operations:
Net
investment
income
(loss)
$
41,544
$
(153,276)
Net
realized
gain
2,511,051
12,858,639
Net
change
in
unrealized
depreciation
(11,738,793)
(4,314,220)
Net
increase
(decrease)
in
net
assets
from
operations
(9,186,198)
8,391,143
Distributions
to
shareholders
Investor
Class
–
(10,949,637)
Total
distributions
paid
–
(10,949,637)
From
capital
share
transactions:
Proceeds
from
shares
sold
Investor
Class
2,508,384
9,369,121
Distributions
reinvested
Investor
Class
–
10,463,717
2,508,384
19,832,838
Cost
of
shares
redeemed
Investor
Class
(3,742,960)
(13,344,667)
Net
increase
(decrease)
in
net
assets
from
capital
share
transactions
(1,234,576)
6,488,171
Net
Increase
(Decrease)
in
Net
Assets
(10,420,774)
3,929,677
Net
Assets
Beginning
of
period
67,820,720
63,891,043
End
of
period
$
57,399,946
$
67,820,720
Capital
Share
Activity
Investor
Class
Shares
sold
427,127
1,423,126
Shares
reinvested
–
1,895,601
Shares
redeemed
(642,335)
(2,059,428)
Net
capital
share
activity
(215,208)
1,259,299
World
Precious
Minerals
Fund
Gold
and
Precious
Metals
Fund
For
the
Six
Months
Ended
June
30,
2022
Year
Ended
December
31,
2021
For
the
Six
Months
Ended
June
30,
2022
Year
Ended
December
31,
2021
(Unaudited)
(Unaudited)
$
(553,501)
$
(1,862,372)
$
(175,024)
$
(110,147)
2,470,423
2,196,695
9,693,001
6,697,513
(27,071,718)
(16,585,163)
(36,511,557)
(24,130,445)
(25,154,796)
(16,250,840)
(26,993,580)
(17,543,079)
–
(37,944,772)
–
(2,957,464)
–
(37,944,772)
–
(2,957,464)
15,186,103
38,610,718
22,083,462
49,425,365
–
35,816,306
–
2,755,072
15,186,103
74,427,024
22,083,462
52,180,437
(20,249,830)
(47,166,213)
(24,334,771)
(50,769,361)
(5,063,727)
27,260,811
(2,251,309)
1,411,076
(30,218,523)
(26,934,801)
(29,244,889)
(19,089,467)
89,312,544
116,247,345
141,228,422
160,317,889
$
59,094,021
$
89,312,544
$
111,983,533
$
141,228,422
6,429,339
7,861,349
1,814,716
3,879,806
–
14,500,529
–
238,010
(8,540,133)
(9,890,423)
(2,066,725)
(4,015,355)
(2,110,794)
12,471,455
(252,009)
102,461
Statements
of
Changes
in
Net
Assets
See
accompanying
notes
to
financial
statements.
m
Emerging
Europe
Fund
For
the
Six
Months
Ended
June
30,
2022
Year
Ended
December
31,
2021
Increase
(Decrease)
in
Net
Assets
(Unaudited)
From
operations:
Net
investment
income
(loss)
$
147,793
$
552,438
Net
realized
gain
(loss)
(6,652,161)
4,209,901
Net
change
in
unrealized
depreciation
(3,987,596)
(1,963,563)
Net
increase
(decrease)
in
net
assets
from
operations
(10,491,964)
2,798,776
Distributions
to
shareholders
Investor
Class
–
(194,458)
Total
distributions
paid
–
(194,458)
From
capital
share
transactions:
Proceeds
from
shares
sold
Investor
Class
513,317
999,665
Distributions
reinvested
Investor
Class
–
187,611
513,317
1,187,276
Cost
of
shares
redeemed
Investor
Class
(2,672,088)
(4,599,687)
Net
decrease
in
net
assets
from
capital
share
transactions
(2,158,771)
(3,412,411)
Net
Decrease
in
Net
Assets
(12,650,735)
(808,093)
Net
Assets
Beginning
of
period
23,467,416
24,275,509
End
of
period
$
10,816,681
$
23,467,416
Capital
Share
Activity
Investor
Class
Shares
sold
114,694
152,551
Shares
reinvested
–
28,085
Shares
redeemed
(556,557)
(692,125)
Net
capital
share
activity
(441,863)
(511,489)
China
Region
Fund
For
the
Six
Months
Ended
June
30,
2022
Year
Ended
December
31,
2021
(Unaudited)
$
126,289
$
(31,161)
(1,365,475)
342,103
(186,559)
(2,580,563)
(1,425,745)
(2,269,621)
–
(1,513,872)
–
(1,513,872)
145,172
971,089
–
1,426,682
145,172
2,397,771
(475,404)
(2,781,351)
(330,232)
(383,580)
(1,755,977)
(4,167,073)
9,379,479
13,546,552
$
7,623,502
$
9,379,479
23,950
98,722
–
207,367
(77,183)
(298,125)
(53,233)
7,964
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
smaller
number
of
issuers
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,
2022,
The
U.S.
Government
Securities
Ultra-Short
Bond
Fund,
Near-Term
Tax
Free
Fund,
Global
Luxury
Goods
Fund,
Global
Resources
Fund,
World
Precious
Minerals
Fund,
Gold
and
Precious
Metals
Fund,
Emerging
Europe
Fund
and
China
Region
Fund
held
$2,071,123,
$7,507,308,
$1,167,483,
$3,632,379,
$1,597,766,
$3,489,601,
$81,754
and
$413,359,
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
2022
tax
returns.
The
Funds
file
U.S.
federal
and
excise
tax
returns
as
required.
The
Funds’
2018,
2019,
2020
and
2022
(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,
2022,
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,
2022,
were
as
follows:
Fund
Counterparty
Currency
to
Deliver
Currency
to
Receive
Settlement
Date
Settlement
Value
at
June
30,
2022
Net
Unrealized
Appreciation
(Depreciation)
Emerging
Europe
Fund
Brown
Brothers
Harriman
&
Co.
USD
1,507,841
TRY
25,000,000
7/6/2022
$
1,492,340
$
(15,501)
Brown
Brothers
Harriman
&
Co.
TRY
25,000,000
USD
1,443,418
7/6/2022
1,492,340
(48,922)
Brown
Brothers
Harriman
&
Co.
USD
1,074,450
EUR
1,000,000
7/7/2022
1,048,448
(26,002)
Brown
Brothers
Harriman
&
Co.
USD
1,129,944
PLN
5,000,000
7/7/2022
1,114,567
(15,377)
Brown
Brothers
Harriman
&
Co.
EUR
1,000,000
USD
1,059,500
7/7/2022
1,048,448
11,052
Brown
Brothers
Harriman
&
Co.
PLN
5,000,000
USD
1,165,528
7/7/2022
1,114,566
50,962
Brown
Brothers
Harriman
&
Co.
USD
172,364
TRY
3,000,000
8/29/2022
170,001
(2,363)
Brown
Brothers
Harriman
&
Co.
PLN
11,000,000
USD
2,466,478
8/29/2022
2,433,160
33,318
Brown
Brothers
Harriman
&
Co.
TRY
25,000,000
USD
1,432,008
8/29/2022
1,430,779
1,229
Notes
to
Financial
Statements
(
unaudited
)
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,
2022:
Fund
Counterparty
Currency
to
Deliver
Currency
to
Receive
Settlement
Date
Settlement
Value
at
June
30,
2022
Net
Unrealized
Appreciation
(Depreciation)
Global
Luxury
Goods
Fund
Brown
Brothers
Harriman
&
Co.
USD
4,295,400
EUR
4,000,000
7/7/2022
$
4,193,794
$
(101,606)
Brown
Brothers
Harriman
&
Co.
EUR
4,000,000
USD
4,238,400
7/7/2022
4,193,794
44,606
Location
Global
Luxury
Goods
Fund
Global
Resources
Fund
World
Precious
Minerals
Fund
Asset
derivatives
Investments,
at
value
Purchased
options
–
Equity
risk
$
–
$
135,475
$
166,038
Unrealized
gain
on
forward
foreign
currency
contracts
–
Currency
contract
risk
44,606
–
–
Liability
derivatives
Unrealized
loss
on
forward
foreign
currency
contracts
–
Currency
contract
risk
$
(101,606)
$
–
$
–
Total
$
(57,000)
$
135,475
$
166,038
Location
Gold
and
Precious
Metals
Fund
Emerging
Europe
Fund
China
Region
Fund
Asset
derivatives
Investments,
at
value
Purchased
options
–
Equity
risk
$
514,185
$
73,900
$
310,950
Unrealized
gain
on
forward
foreign
currency
contracts
–
Currency
contract
risk
–
96,561
–
Liability
derivatives
Unrealized
loss
on
forward
foreign
currency
contracts
–
Currency
contract
risk
$
–
$
(108,165)
$
–
Total
$
514,185
$
62,296
$
310,950
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,
2022:
Location
Global
Luxury
Goods
Fund
Global
Resources
Fund
World
Precious
Minerals
Fund
Realized
gain
(loss)
on
derivatives
recognized
in
income
Realized
gain
(loss)
from
securities
Purchased
options
–
Equity
risk
$
–
$
667,108
$
1,009,720
Net
realized
gain
(loss)
from
foreign
currency
transactions
Foreign
exchange
contracts
–
Currency
contract
risk
98,246
–
–
Realized
gain
(loss)
from
written
options
–
Equity
risk
–
0
0
98,246
667,108
1,009,720
Change
in
unrealized
appreciation
(depreciation)
on
derivatives
recognized
in
income
Net
change
in
unrealized
appreciation
(depreciation)
of
investments
Purchased
options
–
Equity
risk
–
(552,904)
(722,294)
Net
change
in
unrealized
gain
(loss)
from
foreign
currency
transactions
Foreign
exchange
contracts
–
Currency
contract
risk
(57,000)
–
–
(57,000)
(552,904)
(722,294)
Total
$
41,246
$
114,204
$
287,426
Location
Gold
and
Precious
Metals
Fund
Emerging
Europe
Fund
China
Region
Fund
Realized
gain
(loss)
on
derivatives
recognized
in
income
Realized
gain
(loss)
from
securities
Purchased
options
–
Equity
risk
$
3,307,410
$
(132,744)
$
130,029
Net
realized
gain
(loss)
from
foreign
currency
transactions
Foreign
exchange
contracts
–
Currency
contract
risk
–
187,118
–
Realized
gain
(loss)
from
written
options
–
Equity
risk
0
–
0
3,307,410
54,374
130,029
Change
in
unrealized
appreciation
(depreciation)
on
derivatives
recognized
in
income
Net
change
in
unrealized
appreciation
(depreciation)
of
investments
Purchased
options
–
Equity
risk
(2,237,908)
(285,032)
109,849
Net
change
in
unrealized
gain
(loss)
from
foreign
currency
transactions
Foreign
exchange
contracts
–
Currency
contract
risk
–
(11,604)
–
(2,237,908)
(296,636)
109,849
Total
$
1,069,502
$
(242,262)
$
239,878
Notes
to
Financial
Statements
(
unaudited
)
The
total
value
of
transactions
in
purchased
options,
written
options
and
forward
currency
contracts
outstanding
during
the
period
ended
June
30,
2022,
were
approximately
as
follows:
Fund
Purchased
Options
Forward
Currency
Contracts
Global
Luxury
Goods
Fund
$
–
$
19,458,609
Global
Resources
Fund
650,625
–
World
Precious
Minerals
Fund
833,498
–
Gold
and
Precious
Metals
Fund
2,661,143
–
Emerging
Europe
Fund
520,225
27,599,276
China
Region
Fund
283,559
–
Notes
to
Financial
Statements
(
unaudited
)
Asset
(Liability)
amounts
shown
in
the
table
below
represent
amounts
for
derivative
related
instruments
at
June
30,
2022.
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,
2022,
furnishes
management
and
investment
advisory
services
and,
subject
Gross
Asset
(Liability)
as
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
Instruments
(Received)
Pledged*
Cash
Collateral
(Received)
Pledged*
Net
Amount
Global
Luxury
Goods
Assets:
Over-the-counter
derivatives
$
50,676
$
–
$
–
$
50,676
Liabilities:
Over-the-counter
derivatives
(144,696)
–
144,696
–
Global
Resources
Assets:
Over-the-counter
derivatives
135,475
–
–
135,475
World
Precious
Minerals
Assets:
Over-the-counter
derivatives
166,038
–
–
166,038
Gold
and
Precious
Metals
Assets:
Over-the-counter
derivatives
514,185
–
–
514,185
Emerging
Europe
Assets:
Over-the-counter
derivatives
170,461
–
–
170,461
Liabilities:
Over-the-counter
derivatives
(116,400)
–
116,400
–
China
Region
Assets:
Over-the-counter
derivatives
310,950
–
–
310,950
*
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.
Notes
to
Financial
Statements
(
unaudited
)
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:
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,
2022,
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
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
Emerging
Europe
1.25%
China
Region
1.25%
Fund
Benchmark
Index
Global
Luxury
Goods
S&P
Composite
1500
TR
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
$
(44,694)
Global
Resources
(85,745)
World
Precious
Minerals
(100,341)
Gold
and
Precious
Metals
(123,137)
Emerging
Europe
18,067
China
Region
(6,574)
Notes
to
Financial
Statements
(
unaudited
)
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.
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,
2022,
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,
2023.
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,
2023.
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”),
a
wholly
owned
subsidiary
of
Foreside
Financial
Group,
LLC
(doing
business
as
ACA
Group),
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.
Notes
to
Financial
Statements
(
unaudited
)
Note
4:
Investments
Cost
of
purchases
and
proceeds
from
sales
of
long-term
securities
for
the
period
ended
June
30,
2022,
are
summarized
as
follows:
During
the
period,
the
Global
Luxury
Goods
Fund
invested
in
securities
that
did
not
adhere
to
certain
investment
guidelines
of
the
Fund.
Upon
the
subsequent
disposal
of
those
securities,
the
Fund
incurred
a
loss
of
$109,633,
which
was
reimbursed
by
the
Adviser.
Note
5:
Tax
Information
The
following
table
presents
the
income
tax
basis
of
securities
owned
at
June
30,
2022,
and
the
tax
basis
components
of
net
unrealized
appreciation
(depreciation):
As
of
December
31,
2021,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
Fund
Purchases
Sales
U.S.
Government
Securities
Ultra-Short
Bond
$
5,883,416
$
–
Near-Term
Tax
Free
–
3,290,000
Global
Luxury
Goods
68,779,388
68,697,427
Global
Resources
13,335,418
19,352,188
World
Precious
Minerals
8,977,112
15,966,272
Gold
and
Precious
Metals
30,486,857
39,703,151
Emerging
Europe
14,998,863
17,030,747
China
Region
8,427,318
8,848,824
Fund
Aggregate
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
U.S.
Government
Securities
Ultra-Short
Bond
$
33,995,312
$
1,300
$
(622,60
7
)
$
(621,30
7
)
Near-Term
Tax
Free
29,139,250
4,299
(1,287,014)
(1,282,715)
Global
Luxury
Goods
43,908,868
1,780,499
(7,333,682)
(5,553,183)
Global
Resources
97,100,298
14,175,619
(58,430,912)
(44,255,293)
World
Precious
Minerals
91,755,582
15,496,690
(50,548,166)
(35,051,476)
Gold
and
Precious
Metals
103,381,831
28,618,332
(23,563,931)
5,054,401
Emerging
Europe
13,319,612
243,449
(3,130,113)
(2,886,664)
China
Region
8,058,131
431,000
(1,374,705)
(943,705)
Fund
Undistributed
Tax-Exempt
Income
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Capital
and
Other
Losses
U.S.
Government
Securities
Ultra-Short
Bond
$
–
$
–
$
7,415
$
–
Near-Term
Tax
Free
–
–
–
(1,182,848)
Global
Luxury
Goods
–
536,157
539,320
(1,552,427)
Global
Resources
–
7,569,236
–
(231,902,584)
World
Precious
Minerals
–
–
–
(334,707,595)
Gold
and
Precious
Metals
–
–
–
(72,446,691)
Emerging
Europe
–
1,040,121
–
(22,546,271)
China
Region
–
–
–
(744,283)
Notes
to
Financial
Statements
(
unaudited
)
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,
investments
in
grantor
trusts
and
investments
in
partnerships.
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,
2021,
the
Funds
recorded
the
following
reclassifications
to
increase
(decrease)
the
accounts
listed
below:
The
tax
character
of
distributions
paid
during
the
fiscal
year
ended
December
31,
2021,
were
as
follows:
Fund
(continued)
Net
Unrealized
Appreciation
(Depreciation)
Other
Temporary
Differences
Total
U.S.
Government
Securities
Ultra-Short
Bond
$
(86,900)
$
–
$
(79,485)
Near-Term
Tax
Free
430,784
(1,487)
(753,551)
Global
Luxury
Goods
10,620,110
–
10,143,160
Global
Resources
(46,231,500)
–
(270,564,848)
World
Precious
Minerals
(38,274,329)
–
(372,981,924)
Gold
and
Precious
Metals
36,709,344
–
(35,737,347)
Emerging
Europe
990,116
–
(20,516,034)
China
Region
(762,721)
–
(1,507,004)
Fund
Distributable
Earnings
Paid
in
Capital
U.S.
Government
Securities
Ultra-Short
Bond
$
122,278
$
(122,278)
Near-Term
Tax
Free
717
(717)
Global
Luxury
Goods
–
–
Global
Resources
–
–
World
Precious
Minerals
2,991,079
(2,991,079)
Gold
and
Precious
Metals
2,403,919
(2,403,919)
Emerging
Europe
–
–
China
Region
10,628
(10,628)
Fund
Tax-Exempt
Income
Ordinary
Income
Long-Term
Capital
Gains
Return
of
Capital
Total
U.S.
Government
Securities
Ultra-Short
Bond
$
–
$
3,190
$
20,846
$
–
$
24,036
Near-Term
Tax
Free
324,489
174
–
–
324,663
Global
Luxury
Goods
–
6,916,770
832,646
–
7,749,416
Global
Resources
–
10,949,637
–
–
10,949,637
World
Precious
Minerals
–
37,944,772
–
–
37,944,772
Gold
and
Precious
Metals
–
2,957,464
–
–
2,957,464
Emerging
Europe
–
194,458
–
–
194,458
China
Region
–
637,136
876,736
–
1,513,872
Notes
to
Financial
Statements
(
unaudited
)
The
tax
character
of
distributions
paid
during
the
fiscal
year
ended
December
31,
2020,
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,
2021,
are
as
follows:
During
the
year
ended
December
31,
2021,
the
following
Funds
utilized
capital
loss
carryforwards
to
offset
capital
gains
amounting
to:
For
tax
purposes,
the
Funds
have
current
year
deferred
late
year
losses
as
follows:
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
No
Expiration
Fund
Short-Term
Long-Term
Total
U.S.
Government
Securities
Ultra-Short
Bond
$
–
$
–
$
–
Near-Term
Tax
Free
664,007
518,841
1,182,848
Global
Luxury
Goods
1,373,657
178,770
1,552,427
Global
Resources
162,155,829
69,746,755
231,902,584
World
Precious
Minerals
87,272,889
247,434,706
334,707,595
Gold
and
Precious
Metals
41,851,127
29,383,960
71,235,087
Emerging
Europe
13,198,697
9,347,574
22,546,271
China
Region
–
–
–
Fund
Near-Term
Tax
Free
$
3,144
Global
Luxury
Goods
449,853
Global
Resources
7,055,475
Gold
and
Precious
Metals
5,847,579
Emerging
Europe
3,434,931
Notes
to
Financial
Statements
(
unaudited
)
These
losses
were
recognized
for
tax
purposes
on
the
1st
day
of
the
current
tax
year.
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.
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.
Fund
Post
October
31,
2021
Capital
Loss
Deferral
Post
October
31,
2021
Ordinary
Loss
Deferral
Gold
and
Precious
Metals
$
–
$
1,211,604
China
Region
744,283
–
Notes
to
Financial
Statements
(
unaudited
)
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,
2022.
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
not
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,
2022
(unaudited)
Ratios
to
Average
Net
Assets:
Six
Months
Ended
June
30,
2022
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
$
1.99
$
2.00
$
2.00
$
2.00
$
2.00
$
2.00
Investment
Activities
Net
investment
income
(loss)
*
0.00
(a)
(0.01
)
0.00
(a)
0.03
0.02
0.01
Net
realized
and
unrealized
gain
(loss)
(0.03
)
(0.00
)
(a)
0.01
0.00
(a)
0.00
(a)
(0.00
)
(a)
Total
from
investment
activities
(0.03
)
(0.01
)
0.01
0.03
0.02
0.01
Distributions
From
net
investment
income
(0.00
)
(a)
–
(0.01
)
(0.03
)
(0.02
)
(0.01
)
From
net
realized
gains
–
(0.00
)
(a)
–
(0.00
)
(a)
–
–
Net
asset
value,
end
of
period
$
1.96
$
1.99
$
2.00
$
2.00
$
2.00
$
2.00
Total
Return
(b)
(1.50
)%
(0.44
)%
0.32
%
1.50
%
1.15
%
0.69
%
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
0.02
%
(0.32
)%
0.24
%
1.47
%
1.14
%
0.68
%
Total
expenses
1.10
%
1.06
%
1.05
%
1.00
%
0.99
%
1.03
%
Expenses
waived
or
reimbursed
(c)
(0.65
)%
(0.61
)%
(0.60
)%
(0.55
)%
(0.54
)%
(0.58
)%
Net
expenses
(d)
0.45
%
0.45
%
0.45
%
0.45
%
0.45
%
0.45
%
Portfolio
turnover
rate
78
%
127
%
97
%
32
%
52
%
Net
assets,
end
of
period
(in
thousands)
$35,490
$38,004
$40,262
$42,681
$47,290
$49,427
*
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:
Near-Term
Tax
Free
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Six
Months
Ended
June
30,
2022
(unaudited)
Ratios
to
Average
Net
Assets:
Six
Months
Ended
June
30,
2022
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
$
2.23
$
2.26
$
2.22
$
2.20
$
2.21
$
2.21
Investment
Activities
Net
investment
income
*
0.01
0.02
0.02
0.03
0.03
0.03
Net
realized
and
unrealized
gain
(loss)
(0.11
)
(0.03
)
0.04
0.02
(0.01
)
–
Total
from
investment
activities
(0.10
)
(0.01
)
0.06
0.05
0.02
0.03
Distributions
From
net
investment
income
(0.01
)
(0.02
)
(0.02
)
(0.03
)
(0.03
)
(0.03
)
Net
asset
value,
end
of
period
$
2.12
$
2.23
$
2.26
$
2.22
$
2.20
$
2.21
Total
Return
(a)
(4.60
)%
(0.46
)%
2.93
%
2.18
%
0.73
%
1.20
%
Ratios
to
Average
Net
Assets:
Net
investment
income
0.70
%
0.86
%
1.11
%
1.25
%
1.17
%
1.16
%
Total
expenses
1.20
%
1.13
%
1.09
%
1.05
%
1.01
%
1.03
%
Expenses
waived
or
reimbursed
(b)
(0.75
)%
(0.68
)%
(0.64
)%
(0.60
)%
(0.56
)%
(0.58
)%
Net
expenses
(c)
0.45
%
0.45
%
0.45
%
0.45
%
0.45
%
0.45
%
Portfolio
turnover
rate
20
%
20
%
35
%
16
%
14
%
Net
assets,
end
of
period
(in
thousands)
$35,671
$35,389
$41,762
$43,061
$49,914
$69,120
*
Based
on
average
shares
outstanding.
(a)
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.
(b)
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.
(c)
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:
(d)
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,
2022
(unaudited)
Ratios
to
Average
Net
Assets:
Six
Months
Ended
June
30,
2022
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
$
22.30
$
20.59
$
17.09
$
15.36
$
19.52
$
18.65
Investment
Activities
Net
investment
income
(loss)
*
0.30
(0.14
)
(0.04
)
(0.02
)
(0.06
)
(0.08
)
Net
realized
and
unrealized
gain
(loss)
(6.78
)
5.28
3.56
2.14
(1.61
)
3.66
Total
from
investment
activities
(6.48
)
5.14
3.52
2.12
(1.67
)
3.58
Distributions
From
net
investment
income
–
(0.21
)
(0.02
)
–
–
–
From
net
realized
gains
–
(3.22
)
–
(0.39
)
(2.49
)
(2.71
)
Short-Term
Trading
Fees*
–
–
–
–
–
0.00
(a)
Net
asset
value,
end
of
period
$
15.82
$
22.30
$
20.59
$
17.09
$
15.36
$
19.52
Total
Return
(b)
(29.06
)%
25.02
%
20.62
%
13.84
%
(8.28
)%
19.17
%
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
3.14
%
(0.60
)%
(0.25
)%
(0.14
)%
(0.32
)%
(0.41
)%
Total
expenses
1.68
%
1.99
%
1.76
%
1.69
%
1.77
%
1.86
%
Expenses
waived
or
reimbursed
(c)
(0.07
)%
(0.06
)%
(0.01
)%
(0.15
)%
(0.06
)%
(0.04
)%
Net
expenses
(d)
1.61
%
1.93
%
1.75
%
1.54
%
1.71
%
1.82
%
Portfolio
turnover
rate
145
%
177
%
308
%
292
%
(e)
245
%
264
%
(e)
Net
assets,
end
of
period
(in
thousands)
$39,629
$57,667
$49,567
$35,076
$33,848
$41,597
*
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.
In
2022,
the
Adviser
reimbursed
the
Fund
for
losses
on
transactions
not
meeting
the
Fund's
investment
guidelines,
which
otherwise
would
have
reduced
total
return
by
(29.28)%.
(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,
2022
(unaudited)
Ratios
to
Average
Net
Assets:
Six
Months
Ended
June
30,
2022
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
$
5.67
$
5.97
$
4.61
$
4.33
$
6.09
$
5.25
Investment
Activities
Net
investment
income
(loss)
*
0.00
(a)
(0.01
)
0.01
0.10
0.12
0.11
Net
realized
and
unrealized
gain
(loss)
(0.78
)
0.78
1.68
0.27
(1.67
)
0.91
Total
from
investment
activities
(0.78
)
0.77
1.69
0.37
(1.55
)
1.02
Distributions
From
net
investment
income
–
(1.07
)
(0.33
)
(0.09
)
(0.21
)
(0.18
)
Short-Term
Trading
Fees*
–
–
–
–
–
0.00
(a)
Net
asset
value,
end
of
period
$
4.89
$
5.67
$
5.97
$
4.61
$
4.33
$
6.09
Total
Return
(b)
(13.76
)%
13.62
%
37.17
%
8.55
%
(25.48
)%
19.57
%
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
0.12
%
(0.22
)%
0.22
%
2.15
%
2.05
%
1.94
%
Total
expenses
1.56
%
1.90
%
2.09
%
1.61
%
1.57
%
1.61
%
Expenses
waived
or
reimbursed
(c)
–
–
(0.06
)%
(0.08
)%
(0.06
)%
(0.02
)%
Net
expenses
(d)
1.56
%
1.90
%
2.03
%
1.53
%
1.51
%
1.59
%
Portfolio
turnover
rate
20
%
135
%
105
%
129
%
(e)
119
%
131
%
(e)
Net
assets,
end
of
period
(in
thousands)
$57,400
$67,821
$63,891
$55,739
$60,699
$95,747
*
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%.
World
Precious
Minerals
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Six
Months
Ended
June
30,
2022
(unaudited)
Ratios
to
Average
Net
Assets:
Six
Months
Ended
June
30,
2022
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
$
2.58
$
5.26
$
3.31
$
2.70
$
4.69
$
6.35
Investment
Activities
Net
investment
loss
*
(0.02
)
(0.09
)
(0.07
)
(0.04
)
(0.03
)
(0.10
)
Net
realized
and
unrealized
gain
(loss)
(0.74
)
(0.74
)
2.38
0.65
(1.49
)
(0.22
)
Total
from
investment
activities
(0.76
)
(0.83
)
2.31
0.61
(1.52
)
(0.32
)
Distributions
From
net
investment
income
–
(1.85
)
(0.36
)
–
(0.47
)
(1.34
)
Short-Term
Trading
Fees*
–
–
–
–
–
0.00
(a)
Net
asset
value,
end
of
period
$
1.82
$
2.58
$
5.26
$
3.31
$
2.70
$
4.69
Total
Return
(b)
(29.46
)%
(14.19
)%
70.60
%
22.59
%
(31.67
)%
(4.16
)%
Ratios
to
Average
Net
Assets:
Net
investment
loss
(1.38
)%
(1.77
)%
(1.77
)%
(1.31
)%
(0.77
)%
(1.51
)%
Total
expenses
1.56
%
1.93
%
1.81
%
1.55
%
1.52
%
1.84
%
Expenses
waived
or
reimbursed
(c)
–
–
–
(0.04
)%
(0.04
)%
(0.02
)%
Net
expenses
(d)
1.56
%
1.93
%
1.81
%
1.51
%
1.48
%
1.82
%
Portfolio
turnover
rate
12
%
41
%
34
%
20
%
(e)
55
%
36
%
(e)
Net
assets,
end
of
period
(in
thousands)
$59,094
$89,313
$116,247
$75,818
$69,117
$114,766
*
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,
2022
(unaudited)
Ratios
to
Average
Net
Assets:
Six
Months
Ended
June
30,
2022
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
$
11.81
$
13.53
$
10.14
$
6.70
$
7.96
$
7.04
Investment
Activities
Net
investment
loss
*
(0.01
)
(0.01
)
(0.09
)
(0.07
)
(0.06
)
(0.06
)
Net
realized
and
unrealized
gain
(loss)
(2.23
)
(1.46
)
3.84
3.51
(1.08
)
0.98
Total
from
investment
activities
(2.24
)
(1.47
)
3.75
3.44
(1.14
)
0.92
Distributions
From
net
investment
income
–
(0.25
)
(0.36
)
–
(0.12
)
–
Short-Term
Trading
Fees*
–
–
–
–
–
0.00
(a)
Net
asset
value,
end
of
period
$
9.57
$
11.81
$
13.53
$
10.14
$
6.70
$
7.96
Total
Return
(b)
(18.97
)%
(10.82
)%
37.06
%
51.34
%
(14.29
)%
13.07
%
Ratios
to
Average
Net
Assets:
Net
investment
loss
(0.25
)%
(0.07
)%
(0.82
)%
(0.90
)%
(0.87
)%
(0.84
)%
Total
expenses
1.44
%
1.82
%
1.60
%
1.59
%
1.76
%
1.68
%
Expenses
waived
or
reimbursed
(c)
(0.01
)%
–
(0.01
)%
(0.08
)%
(0.06
)%
(0.03
)%
Net
expenses
(d)
1.43
%
1.82
%
1.59
%
1.51
%
1.70
%
1.65
%
Portfolio
turnover
rate
23
%
56
%
37
%
36
%
(e)
74
%
67
%
(e)
Net
assets,
end
of
period
(in
thousands)
$111,984
$141,228
$160,318
$123,577
$86,106
$100,740
*
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,
2022
(unaudited)
Ratios
to
Average
Net
Assets:
Six
Months
Ended
June
30,
2022
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
$
6.76
$
6.10
$
7.70
$
6.05
$
7.29
$
5.94
Investment
Activities
Net
investment
income
*
0.05
0.15
0.05
0.21
0.14
0.08
Net
realized
and
unrealized
gain
(loss)
(3.24
)
0.57
(1.43
)
1.59
(1.38
)
1.27
Total
from
investment
activities
(3.19
)
0.72
(1.38
)
1.80
(1.24
)
1.35
Distributions
From
net
investment
income
–
(0.06
)
(0.22
)
(0.15
)
–
–
Short-Term
Trading
Fees*
–
–
–
–
–
0.00
(a)
Net
asset
value,
end
of
period
$
3.57
$
6.76
$
6.10
$
7.70
$
6.05
$
7.29
Total
Return
(b)
(47.19
)%
11.75
%
(17.94
)%
29.76
%
(17.01
)%
22.73
%
Ratios
to
Average
Net
Assets:
Net
investment
income
1.95
%
2.24
%
0.76
%
3.08
%
2.05
%
1.26
%
Total
expenses
3.44
%
2.49
%
2.82
%
2.36
%
2.43
%
2.32
%
Expenses
waived
or
reimbursed
(c)
(0.42
)%
–
(0.16
)%
(0.06
)%
(0.04
)%
(0.02
)%
Net
expenses
(d)
3.02
%
2.49
%
2.66
%
2.30
%
2.39
%
2.30
%
Portfolio
turnover
rate
104
%
169
%
198
%
87
%
81
%
97
%
(e)
Net
assets,
end
of
period
(in
thousands)
$10,817
$23,467
$24,276
$36,453
$31,150
$45,302
*
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,
2022
(unaudited)
Ratios
to
Average
Net
Assets:
Six
Months
Ended
June
30,
2022
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
$
6.88
$
9.99
$
9.12
$
7.56
$
11.53
$
7.32
Investment
Activities
Net
investment
income
(loss)
*
0.09
(0.02
)
(0.08
)
0.07
0.10
(0.06
)
Net
realized
and
unrealized
gain
(loss)
(1.15
)
(1.81
)
1.14
1.59
(3.84
)
4.28
Total
from
investment
activities
(1.06
)
(1.83
)
1.06
1.66
(3.74
)
4.22
Distributions
From
net
investment
income
–
–
(0.05
)
(0.10
)
(0.08
)
(0.01
)
From
net
realized
gains
–
(1.28
)
(0.14
)
–
(0.15
)
–
Net
asset
value,
end
of
period
$
5.82
$
6.88
$
9.99
$
9.12
$
7.56
$
11.53
Total
Return
(a)
(15.41
)%
(18.32
)%
11.75
%
21.99
%
(32.46
)%
57.67
%
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
3.15
%
(0.26
)%
(0.88
)%
0.77
%
0.96
%
(0.60
)%
Total
expenses
3.98
%
3.14
%
3.56
%
2.95
%
2.66
%
2.60
%
Expenses
waived
or
reimbursed
(b)
(1.60
)%
(0.75
)%
(0.87
)%
(0.51
)%
(0.22
)%
(0.09
)%
Net
expenses
(c)
2.38
%
2.39
%
2.69
%
2.44
%
2.44
%
2.51
%
Portfolio
turnover
rate
110
%
278
%
243
%
95
%
109
%
102
%
(d)
Net
assets,
end
of
period
(in
thousands)
$7,624
$9,379
$13,547
$14,459
$13,253
$29,775
*
Based
on
average
shares
outstanding.
(a)
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.
(b)
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.
(c)
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:
(d)
Excludes
option
transactions.
(e)
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,
2022
to
June
30,
2022)
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,
2022
Ending
Account
Value
June
30,
2022
Expenses
Paid
During
Period
*
U.S.
Government
Securities
Ultra-Short
Bond
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
985.00
$
2.21
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
$
953.96
$
2.18
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
$
709.42
$
7.04
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,016.56
$
8.30
Global
Resources
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
862.43
$
7.20
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,017.06
$
7.80
World
Precious
Minerals
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
705.43
$
6.60
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,017.06
$
7.80
Gold
and
Precious
Metals
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
810.33
$
6.64
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,017.46
$
7.40
Emerging
Europe
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
528.11
$
11.22
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,010.12
$
14.75
China
Region
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
845.93
$
10.94
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,012.94
$
11.93
*
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,
2022,
were
0.45%,
0.45%,
1.56%,
1.56%,
1.48%,
2.96%,
2.39%
and
1.66%,
respectively,
for
the
U.S.
Government
Securities
Ultra-Short
Bond,
Near-Term
Tax
Free,
Global
Resources,
World
Precious
Minerals,
Gold
and
Precious
Metals,
Emerging
Europe,
China
Region
and
Global
Luxury
Goods
Funds.
The
funds'
Institutional
Class'
annualized
expense
ratios
(after
reimbursements
and
offsets)
for
the
six
month
period
ended
June
30,
2022,
were
respectively,
for
the
Funds.
The
dollar
amounts
shown
as
"Expenses
Paid"
are
equal
to
the
annualized
expense
ratio
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
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.
The Board of Trustees has determined that Mr. Mark Moyer is an "audit committee financial expert" as that term is defined under applicable regulatory guidelines. Mr. Moyer is a non- “interested” Trustee (as defined in Section 2(a)(19) under the Investment Company Act of 1940, as amended (the “Act”)), and serves as Chairman of the Audit Committee.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
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)(2) Certifications pursuant to Rule 30a-2(a) of the Act, and Section 302 of the Sarbanes-Oxley Act of 2002. (Exhibits filed herewith).
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) of the Act, and Section 906 of the Sarbanes-Oxley Act of 2002. (Exhibit filed herewith).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant U.S. Global Investors Funds
| By: | /s/ Jessica Chase | |
| | Jessica Chase, Principal Executive Officer | |
| | | |
| Date: | 8/29/22 | |
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: | 8/29/22 | |
| By: | /s/ Karen Shaw | |
| | Karen Shaw, Principal Financial Officer | |
| | | |
| Date: | 8/29/22 | |
