As filed with the Securities and Exchange Commission on August 31, 2023
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
Zachary Tackett, 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, 2023 – June 30, 2023
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
36
Statements
of
Assets
and
Liabilities
50
Statements
of
Operations
54
Statements
of
Changes
in
Net
Assets
58
Notes
to
Financial
Statements
64
Financial
Highlights
78
Additional
Information
86
Expense
Example
88
Privacy
Policy
90
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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Distributor.
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Global
Investors,
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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.
U.S.
Government
Securities
Ultra-Short
Bond
Fund
United
States
Government
and
Agency
Obligations
93.71%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Federal
Farm
Credit
Bank
11.99%
Fixed
Rates:
5.57
07/05/24
$
2,000,000
$
1,999,560
5.34
05/28/26
2,000,000
1,981,813
3,981,373
Federal
Home
Loan
Bank
61.07%
Fixed
Rates:
4.50
07/20/23
3,000,000
2,998,780
3.25
08/15/23
855,000
852,600
4.30
09/26/23
2,000,000
1,993,383
4.75
10/24/23
5,000,000
4,988,733
4.88
11/07/23
3,000,000
2,993,608
5.15
04/12/24
1,000,000
995,131
5.00
04/25/24
1,500,000
1,491,246
4.63
12/13/24
2,000,000
1,982,530
5.35
12/30/24
2,000,000
1,986,460
20,282,471
Federal
Home
Loan
Mortgage
Corp.
14.72%
Fixed
Rates:
3.06
05/29/24
5,000,000
4,889,248
U.S.
Treasury
Bill
2.99%
◊
Yield
to
Maturity:
5.05
08/22/23
1,000,000
992,833
U.S.
Treasury
Note/Bond
2.94%
Fixed
Rates:
0.13
12/15/23
1,000,000
977,287
Investments,
at
value
93.71%
(cost
$31,242,833)
31,123,212
Other
assets
and
liabilities,
net
6.29%
2,090,303
Net
Assets
100.00%
$
33,213,515
Portfolio
Allocation
by
Issuer
Based
on
Total
Investments
June
30,
2023
Federal
Home
Loan
Bank
65.1%
Federal
Home
Loan
Mortgage
Corp.
15.7%
Federal
Farm
Credit
Bank
12.8%
U.S.
Treasury
Bill
3.2%
U.S.
Treasury
Note/Bond
3.2%
Total
100.0%
Portfolio
Allocation
by
Maturity
June
30,
2023
Less
than
1
Month
$
2,998,780
9.6%
1-3
Months
3,838,816
12.4%
3-12
Months
16,335,253
52.4%
1-3
Years
7,950,363
25.6%
$
31,123,212
100.0%
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
Municipal
Bonds
84.46%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Alabama
1.65%
Alabama
Community
College
System,
Alabama,
Refunding,
RB
BAM
4.00
11/01/24
$
185,000
$
186,732
Alabaster
Board
of
Education,
Alabama,
Prefunding,
Special
Tax
Bond
AGM
5.00
09/01/44
300,000
305,915
492,647
Arizona
1.36%
City
of
Mesa
AZ,
Arizona,
Refunding,
GO
Limited
4.00
07/01/25
400,000
406,972
California
2.91%
City
of
Milpitas
CA
Wastewater
Revenue,
California,
Refunding,
RB
5.00
11/01/24
350,000
359,208
East
Side
Union
High
School
District,
California,
GO
Unlimited
AGM
5.00
08/01/24
200,000
204,293
State
of
California,
California,
Refunding,
GO
Unlimited
5.00
08/01/24
300,000
306,664
870,165
Colorado
3.78%
City
of
Glendale
CO,
Colorado,
Refunding,
COP
AGM
5.00
12/01/25
750,000
768,794
Colorado
Health
Facilities
Authority,
Colorado,
Refunding,
RB
5.00
10/01/25
350,000
360,766
1,129,560
Connecticut
2.18%
State
of
Connecticut,
Connecticut,
GO
Unlimited
4.00
06/15/24
235,000
237,102
State
of
Connecticut,
Connecticut,
Refunding,
GO
Unlimited
5.00
05/15/27
200,000
211,285
Town
of
Simsbury
CT,
Connecticut,
Refunding,
GO
Unlimited
5.00
08/01/24
200,000
204,123
652,510
Florida
2.42%
Port
St
Lucie
Community
Redevelopment
Agency,
Florida,
Refunding,
Tax
Allocation
Bond
5.00
01/01/25
705,000
724,624
Hawaii
0.62%
State
of
Hawaii,
Hawaii,
Refunding,
GO
Unlimited
5.00
10/01/27
175,000
186,060
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
Municipal
Bonds (cont’d)
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Illinois
3.42%
Chicago
Park
District,
Illinois,
Refunding,
GO
Limited,
Series B
5.00
01/01/24
$
500,000
$
503,498
City
of
St
Charles
IL,
Illinois,
GO
Unlimited
5.00
12/01/23
210,000
211,512
Cook
County
Township
High
School
District
No.
225,
Illinois,
Refunding,
GO
Unlimited
5.00
12/01/24
300,000
307,322
1,022,332
Indiana
1.52%
Northwestern
School
Corp.,
Indiana,
GO
Limited
5.00
01/15/26
150,000
155,930
South
Henry
Multi
School
Building
Corp.,
Indiana,
RB
5.00
07/15/24
125,000
127,177
Warrick
County
Redevelopment
District,
Indiana,
Refunding,
Tax
Allocation
Bond
4.00
08/01/25
170,000
172,535
455,642
Iowa
0.99%
Iowa
Finance
Authority,
Iowa,
Refunding,
RB
5.00
02/15/25
290,000
296,359
Kansas
0.57%
City
of
Lawrence
KS,
Kansas,
GO
Unlimited
3.25
09/01/27
170,000
169,480
Kentucky
2.40%
Campbellsville
Independent
School
District
Finance
Corp.,
Kentucky,
RB
4.00
08/01/25
165,000
167,189
City
of
Ashland
KY,
Kentucky,
Refunding,
GO
Unlimited
AGM
5.00
01/01/25
300,000
307,733
Kentucky
Bond
Development
Corp.,
Kentucky,
Refunding,
RB
5.00
05/01/25
235,000
241,697
716,619
Louisiana
0.96%
Louisiana
Housing
Corp.,
Louisiana,
RB
FHLMC
2.15
12/01/24
295,000
287,812
Massachusetts
3.61%
Commonwealth
of
Massachusetts
Federal
Highway
Grant
Anticipation
Note
Revenue,
Massachusetts,
RB
5.00
06/15/25
250,000
254,234
Massachusetts
Development
Finance
Agency,
Massachusetts,
Refunding,
RB
4.00
04/01/25
250,000
254,333
Massachusetts
Port
Authority,
Massachusetts,
Refunding,
RB
5.00
07/01/24
560,000
570,422
1,078,989
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
Municipal
Bonds (cont’d)
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Michigan
2.31%
Great
Lakes
Water
Authority
Water
Supply
System
Revenue,
Michigan,
Refunding,
RB
5.00
07/01/26
$
365,000
$
386,568
Michigan
Finance
Authority,
Michigan,
RB
AGM
5.00
07/01/26
300,000
304,674
691,242
Minnesota
1.12%
City
of
St
Cloud
MN,
Minnesota,
Refunding,
RB
5.00
05/01/24
185,000
187,298
City
of
Thief
River
Falls
MN,
Minnesota,
Refunding,
GO
Unlimited
2.00
02/01/24
150,000
148,605
335,903
Mississippi
0.42%
County
of
Madison
MS,
Mississippi,
GO
Unlimited
4.50
11/01/25
125,000
127,059
Missouri
0.68%
St
Louis
Land
Clearance
for
Redevelopment
Authority,
Missouri,
RB
4.00
07/15/25
200,000
203,291
Nebraska
1.89%
Adams
County
School
District
No.
18,
Nebraska,
GO
Unlimited
2.00
12/15/23
260,000
257,575
Nebraska
Public
Power
District,
Nebraska,
Refunding,
RB
5.00
01/01/25
300,000
308,306
565,881
Nevada
1.02%
Clark
County
Water
Reclamation
District,
Nevada,
Refunding,
GO
Limited
5.00
07/01/24
300,000
305,466
New
Hampshire
0.68%
City
of
Portsmouth
NH,
New
Hampshire,
GO
Unlimited
4.00
06/15/24
200,000
201,900
New
Jersey
6.13%
City
of
Asbury
Park
NJ,
New
Jersey,
GO
Unlimited
Notes
4.75
01/17/24
470,000
471,992
Middlesex
County
Improvement
Authority,
New
Jersey,
RB
5.00
07/01/25
425,000
441,367
Township
of
North
Bergen
NJ,
New
Jersey,
GO
Unlimited
Notes
5.00
12/21/23
440,000
441,633
Township
of
North
Bergen
NJ,
New
Jersey,
GO
Unlimited
Notes
4.00
04/24/24
225,000
225,982
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
Municipal
Bonds (cont’d)
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
New
Jersey
(cont’d)
Township
of
Vernon
NJ,
New
Jersey,
Refunding,
GO
Unlimited
4.00
01/01/24
$
250,000
$
250,910
1,831,884
New
Mexico
2.17%
City
of
Rio
Rancho
NM,
New
Mexico,
GO
Unlimited
5.00
08/01/27
600,000
649,605
New
York
4.50%
City
of
New
York
NY,
New
York,
Refunding,
GO
Unlimited
5.00
08/01/25
250,000
259,614
City
of
New
York
NY,
New
York,
Refunding,
GO
Unlimited
5.00
08/01/26
200,000
212,316
Port
Authority
of
New
York
&
New
Jersey,
New
York,
Refunding,
RB
5.00
10/01/25
215,000
221,099
Town
of
Irondequoit
NY,
New
York,
GO
Limited
Notes
4.00
12/15/23
650,000
651,514
1,344,543
Ohio
0.96%
Kettering
City
School
District,
Ohio,
Refunding,
GO
Unlimited
5.00
12/01/24
280,000
286,678
Oklahoma
4.70%
Cleveland
County
Independent
School
District
No.
29
Norman,
Oklahoma,
GO
Unlimited
3.00
05/01/24
415,000
414,027
Grady
County
School
Finance
Authority,
Oklahoma,
RB
5.00
09/01/24
225,000
229,411
Tulsa
Public
Facilities
Authority,
Oklahoma,
RB
5.00
06/01/24
750,000
760,674
1,404,112
Oregon
1.23%
City
of
Ashland
OR,
Oregon,
GO
Limited
2.38
10/01/26
200,000
192,372
Klamath
Falls
Intercommunity
Hospital
Authority,
Oregon,
Refunding,
RB
4.00
09/01/24
175,000
175,515
367,887
Pennsylvania
3.13%
Commonwealth
of
Pennsylvania,
Pennsylvania,
Refunding,
GO
Unlimited,
First
Series
5.00
08/15/25
310,000
322,300
Commonwealth
of
Pennsylvania,
Pennsylvania,
GO
Unlimited,
Second
Series
5.00
09/15/24
300,000
306,758
Pittsburgh
Water
&
Sewer
Authority,
Pennsylvania,
RB
AGM
5.00
09/01/24
300,000
305,470
934,528
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
Municipal
Bonds (cont’d)
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Rhode
Island
1.71%
State
of
Rhode
Island,
Rhode
Island,
Refunding,
GO
Unlimited
4.00
10/15/23
$
510,000
$
510,786
South
Carolina
1.09%
City
of
Tega
Cay
SC,
South
Carolina,
Refunding,
GO
Unlimited
2.25
04/01/25
335,000
325,150
South
Dakota
0.46%
South
Dakota
Health
&
Educational
Facilities
Authority,
South
Dakota,
Refunding,
RB
5.00
09/01/24
135,000
137,001
Tennessee
0.85%
Metropolitan
Government
of
Nashville
&
Davidson
County
TN,
Tennessee,
GO
Unlimited
5.00
07/01/24
250,000
254,726
Texas
12.68%
City
of
Austin
TX,
Texas,
Refunding,
GO
Limited
5.00
09/01/24
215,000
219,682
City
of
Dallas
TX
Waterworks
&
Sewer
System
Revenue,
Texas,
RB
5.00
10/01/23
275,000
276,116
City
of
League
City
TX,
Texas,
Refunding,
GO
Limited
5.00
02/15/24
250,000
252,683
City
of
Leander
TX,
Texas,
GO
Unlimited
5.00
08/15/23
965,000
966,831
City
of
McKinney
TX,
Texas,
GO
Limited
5.00
08/15/23
875,000
876,729
City
of
Rockwall
TX,
Texas,
Refunding,
GO
Limited
5.00
08/01/23
650,000
650,811
Ector
County
Independent
School
District,
Texas,
Prefunding,
GO
Unlimited
PSF-GTD
5.00
08/15/29
400,000
400,697
University
of
Houston,
Texas,
Refunding,
RB
5.00
02/15/24
145,000
146,600
3,790,149
Utah
1.81%
County
of
Utah
UT,
Utah,
RB
5.00
05/15/24
250,000
253,371
Jordan
Valley
Water
Conservancy
District,
Utah,
Refunding,
RB
5.00
10/01/24
280,000
286,718
540,089
Vermont
1.32%
University
of
Vermont
and
State
Agricultural
College,
Vermont,
Refunding,
RB
5.00
10/01/24
385,000
393,529
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
*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
Virginia
0.78%
Virginia
Commonwealth
Transportation
Board,
Virginia,
RB
5.00
05/15/25
$
225,000
$
233,040
Washington
3.03%
King
County
Fire
Protection
District
No.
45,
Washington,
GO
Unlimited
4.00
12/01/25
260,000
264,455
King
County
Housing
Authority,
Washington,
Refunding,
RB
4.00
06/01/27
150,000
152,697
State
of
Washington,
Washington,
Refunding,
GO
Unlimited
5.00
07/01/23
490,000
490,000
907,152
Wisconsin
1.40%
Village
of
Hartland
WI,
Wisconsin,
Refunding,
GO
Unlimited
3.00
06/01/24
420,000
418,653
Investments,
at
value
84.46%
25,250,025
(cost
$25,502,463
)
Other
assets
and
liabilities,
net
15.54%
4,646,444
Net
Assets
100.00%
$
29,896,469
Municipal
Bond
Ratings*
Based
on
Total
Municipal
Bonds
June
30,
2023
Bond
Percentage
AAA
15.3
AA
75.4
A
7.5
BBB
0.0
Below
B
0.0
Not
Rated
1.8
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
Common
Stocks
93.43%
Shares
Value
Apparel
Manufacturers
12.07%
Christian
Dior
SE
585
$
519,531
Deckers
Outdoor
Corp.
*
1,950
1,028,937
Hermes
International
1,532
3,330,139
Kering
SA,
ADR
9,200
509,220
PRADA
SpA
64,000
430,608
5,818,435
Automotive
-
Cars
&
Light
Trucks
19.69%
Bayerische
Motoren
Werke
AG
15,600
1,918,911
Lucid
Group,
Inc.
*
69,000
475,410
Mercedes-Benz
Group
AG,
ADR
119,214
2,393,817
NIO,
Inc.,
ADR
*
26,000
251,940
Tesla,
Inc.
*
9,265
2,425,299
Volkswagen
AG
12,150
2,030,859
9,496,236
Beverages
-
Wine/Spirits
5.43%
Pernod
Ricard
SA
10,000
2,209,748
Remy
Cointreau
SA
2,550
409,328
2,619,076
Casino
Hotels
6.45%
Las
Vegas
Sands
Corp.
*
30,000
1,740,000
MGM
Resorts
International
17,300
759,816
Wynn
Resorts,
Ltd.
5,800
612,538
3,112,354
Cruise
Lines
2.02%
Royal
Caribbean
Cruises,
Ltd.
*
9,400
975,156
Diversified
Banking
Institution
3.62%
JPMorgan
Chase
&
Co.
12,000
1,745,280
Diversified
Minerals
0.43%
Calibre
Mining
Corp.
*
200,000
209,851
Energy
-
Alternate
Sources
0.00%
Pacific
Green
Energy
Corp.
#*@
100,000
0
Finance
-
Mortgage
Loan/Banker
0.00%
Lendified
Holdings,
Inc.
#*@
1,116,560
0
Gold
Mining
3.87%
China
Gold
International
Resources
Corp.,
Ltd.
28,000
107,342
Franco-Nevada
Corp.
2,950
420,670
Osisko
Gold
Royalties,
Ltd.
3,000
46,110
Ramelius
Resources,
Ltd.
250,000
212,578
Resolute
Mining,
Ltd.
*
150,000
39,437
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
Common
Stocks (cont’d)
Shares
Value
Gold
Mining
(cont’d)
Royal
Gold,
Inc.
3,250
$
373,035
Sandstorm
Gold,
Ltd.
80,000
409,600
Torex
Gold
Resources,
Inc.
*
18,200
258,557
1,867,329
Hotels
&
Motels
9.87%
Hilton
Worldwide
Holdings,
Inc.
12,000
1,746,600
InterContinental
Hotels
Group
PLC
14,100
974,684
Marriott
International,
Inc.,
Class A
11,100
2,038,959
4,760,243
Investment
Management/Advisory
Services
4.38%
Apollo
Global
Management,
Inc.
13,500
1,036,935
Julius
Baer
Group,
Ltd.
17,000
1,072,828
2,109,763
Oil
Companies
-
Exploration
&
Production
0.05%
NG
Energy
International
Corp.,
144A
#*@∆
50,000
24,722
Platinum
0.43%
Impala
Platinum
Holdings,
Ltd.,
ADR
30,000
205,500
Real
Estate
Operating/Development
0.00%
Infrastructure
Ventures,
Inc.
#*@+
426,533
0
Resorts/Theme
Parks
1.95%
Vail
Resorts,
Inc.
3,730
939,065
Retail
-
Apparel/Shoe
10.33%
Brunello
Cucinelli
SpA
12,500
1,100,564
Industria
de
Diseno
Textil
SA
46,800
1,815,270
Lululemon
Athletica
,
Inc.
*
2,650
1,003,025
Salvatore
Ferragamo
SpA
6,700
110,327
Zalando
SE
*
33,000
951,693
4,980,879
Retail
-
Home
Furnishings
1.04%
Williams-Sonoma,
Inc.
4,000
500,560
Retail
-
Jewelry
6.96%
Cie
Financiere
Richemont
SA
19,750
3,354,893
Silver
Mining
0.73%
Endeavour
Silver
Corp.
*
85,000
245,650
Hochschild
Mining
PLC
118,000
106,359
352,009
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
*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
4.11%
LVMH
Moet
Hennessy
Louis
Vuitton
SE,
ADR
10,501
$
1,983,009
Total
Common
Stocks
45,054,360
(cost
$41,537,032)
Preferred
Stock
1.00%
Rate
Automotive
-
Cars
&
Light
Trucks
1.00%
Porsche
Automobil
Holding
SE
2.56
%
8,000
482,156
(cost
$461,703)
Corporate
Non-Convertible
Bond
1.58%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Gold
Mining
1.58%
Aris
Gold
Corp.
7.50
08/26/27
$
757,867
759,762
(cost
$757,782)
Warrant
0.03%
Exercise
Price
Exp.
Date
Shares
Retail
-
Jewelry
0.03%
Cie
Financiere
Richemont
SA
*
$
67.00
11/22/23
9,200
12,694
(cost
$0
)
Investments,
at
value
96.04%
46,308,972
(cost
$42,756,517
)
Other
assets
and
liabilities,
net
3.96%
1,911,896
Net
Assets
100.00%
$
48,220,868
Portfolio
Allocation
by
Industry
Sector*
Based
on
Total
Investments
June
30,
2023
Consumer
Discretionary
69.1%
Consumer
Staples
15.2%
Financials
8.3%
Materials
7.3%
Other
0.1%
Total
100.0%
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
Common
Stocks
93.15%
Shares
Value
Advanced
Materials/Production
4.60%
Nano
One
Materials
Corp.
*
275,000
$
618,607
NanoXplore,
Inc.
*
500,000
1,222,872
Neo
Performance
Materials,
Inc.
80,000
495,188
2,336,667
Agricultural
Chemicals
1.29%
CF
Industries
Holdings,
Inc.
2,000
138,840
Nutrien,
Ltd.
4,000
236,150
The
Mosaic
Co.
8,000
280,000
654,990
Agricultural
Operations
0.87%
Wide
Open
Agriculture,
Ltd.
#*@
2,000,000
442,990
Building
&
Construction
Products
-
Miscellaneous
0.37%
Louisiana-Pacific
Corp.
2,500
187,450
Chemicals
-
Diversified
0.05%
Base
Carbon,
Inc.
*
71,429
25,881
Coal
0.42%
Caribbean
Resources
Corp.
#*@~
17
0
Teck
Resources,
Ltd.,
Class B
5,000
210,500
210,500
Diamonds/Precious
Stones
1.68%
Barksdale
Resources
Corp.
*
1,600,000
748,820
Lucara
Diamond
Corp.
*
300,000
104,171
852,991
Distribution/Wholesale
0.42%
Fox
River
Resources
Corp.
*
1,000,000
211,361
Diversified
Minerals
15.96%
Arianne
Phosphate,
Inc.
*
1,000,000
298,170
Atlas
Lithium
Corp.
*
5,000
107,100
Bradda
Head
Lithium,
Ltd.
*
2,000,000
101,603
Core
Assets
Corp.,
144A
#*∆
600,000
99,641
Critical
Elements
Lithium
Corp.
*
550,000
718,249
Desert
Mountain
Energy
Corp.
*
300,000
249,104
E3
Lithium,
Ltd.
*
450,000
784,676
Global
Lithium
Resources,
Ltd.
*
250,000
262,104
Group
6
Metals,
Ltd.
*
800,000
69,259
Ion
Energy,
Ltd.
*
225,000
37,790
Legacy
Lithium
Corp.
#*@
100,000
2,023
Leo
Lithium,
Ltd.
*
700,000
503,923
Li-FT
Power,
Ltd.
*
80,000
549,538
Lithium
Americas
Corp.
*
20,000
404,200
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
Common
Stocks (cont’d)
Shares
Value
Diversified
Minerals
(cont’d)
Lithium
Americas
Corp.
*
11,300
$
228,687
Lithium
Ionic
Corp.
*
600,000
1,118,702
Lithium
Royalty
Corp.
*
50,000
498,585
Morella
Corp.,
Ltd.
*
13,333,334
71,864
NGX,
Ltd.
*
109,090
18,168
Nio
Strategic
Metals,
Inc.
*
3,325,000
345,112
Nio
Strategic
Metals,
Inc.,
144A
#∆
362,069
37,580
Northern
Graphite
Corp.
*
675,000
193,622
Piedmont
Lithium,
Inc.
*
7,500
432,825
Standard
Lithium,
Ltd.
*
75,000
337,500
VR
Resources,
Ltd.
*
500,000
126,439
Winsome
Resources,
Ltd.
*
300,000
328,185
Wolfden
Resources
Corp.
*
1,825,000
179,090
8,103,739
Energy
-
Alternate
Sources
0.88%
Canadian
Solar,
Inc.
*
10,000
386,900
Pacific
Green
Energy
Corp.
#*@~
2,400,000
0
Zinc8
Energy
Solutions,
Inc.
*
1,000,000
60,389
447,289
Enterprise
Software/Services
4.40%
Abaxx
Technologies,
Inc.
*
333,333
1,869,533
Base
Carbon,
Inc.
*
1,000,000
362,333
2,231,866
Food
-
Miscellaneous/Diversified
0.12%
Burcon
NutraScience
Corp.
*
500,000
62,276
Gold
Mining
9.54%
Agnico
Eagle
Mines,
Ltd.
5,000
249,900
Centerra
Gold,
Inc.
60,000
359,615
Collective
Mining,
Ltd.
*
50,000
224,571
Critical
Resources,
Ltd.
*
3,500,000
93,877
EnviroGold
Global,
Ltd.,
144A
#*∆
75,000
9,907
Firefinch,
Ltd.
#*@
1,000,000
59,953
Ionic
Rare
Earths,
Ltd.
*
7,500,000
110,749
Iris
Metals,
Ltd.
*
650,000
741,867
K92
Mining,
Inc.
*
200,000
868,088
Kinross
Gold
Corp.
125,000
596,250
Montage
Gold
Corp.
*
750,000
351,010
OceanaGold
Corp.
250,000
492,546
Royal
Road
Minerals,
Ltd.
*
5,500,000
498,207
Silver
Tiger
Metals,
Inc.
*
1,000,000
160,408
Western
Atlas
Resources,
Inc.
*
2,000,000
26,420
4,843,368
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
Common
Stocks (cont’d)
Shares
Value
Industrial
Gases
1.50%
Linde
PLC
2,000
$
762,160
Investment
Companies
1.03%
Contango
Holdings
PLC
*
10,602,248
524,267
Machinery
-
Electric
Utilities
0.97%
Bloom
Energy
Corp.,
Class A
*
30,000
490,500
Metal
-
Copper
1.48%
Arizona
Sonoran
Copper
Co.,
Inc.
*
400,000
504,246
Kutcho
Copper
Corp.
*
850,000
118,702
Meridian
Mining
UK
Societas
*
400,000
126,816
749,764
Metal
-
Diversified
17.85%
Bell
Copper
Corp.
*
1,000,000
117,003
Centaurus
Metals,
Ltd.
*
750,000
446,043
Chakana
Copper
Corp.
*
164,388
6,825
Electra
Battery
Materials
Corp.
*
83,333
80,518
Electra
Battery
Materials
Corp.,
144A
#∆
55,555
53,678
Filo
Corp.
*
180,000
3,506,926
GoviEx
Uranium,
Inc.,
144A
#*∆
58,000
5,691
Ivanhoe
Electric,
Inc./US
*
16,499
215,147
Ivanhoe
Mines,
Ltd.
*
340,000
3,105,491
Juno
Corp.,
144A
#*@∆
200,000
301,944
Liontown
Resources,
Ltd.
*
150,000
285,647
Nubian
Resources,
Ltd.
*
250,000
11,795
Orsu
Metals
Corp.,
144A
#*@∆
14,761
0
Silver
X
Mining
Corp.
*
355,000
75,033
Sovereign
Metals,
Ltd.
*
600,000
188,255
Vox
Royalty
Corp.
130,000
314,600
Vox
Royalty
Corp.
70,000
170,674
Vulcan
Energy
Resources,
Ltd.
*
63,726
179,117
9,064,387
Metal
-
Iron
0.00%
Consolidated
Growth
Holdings,
Ltd.
#*@
19,859,173
0
Mining
Services
0.94%
Cordoba
Minerals
Corp.
*
58,823
16,318
Defense
Metals
Corp.
*
2,500,000
415,173
Galway
Metals,
Inc.
*
166,666
47,807
479,298
Natural
Resource
Technology
0.25%
I-Pulse,
Inc.,
144A
#*@+∆
15,971
126,171
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
Common
Stocks (cont’d)
Shares
Value
Non-Ferrous
Metals
5.02%
Encore
Energy
Corp.
*
300,000
$
724,665
Energy
Fuels,
Inc./Canada
*
80,000
499,200
Euro
Manganese,
Inc.
*
1,000,000
110,176
InZinc
Mining,
Ltd.
*
2,000,000
45,292
Nova
Royalty
Corp.
*
500,000
649,179
Premium
Nickel
Resources,
Ltd.
*
500,000
520,853
Sterling
Group
Ventures,
Inc.,
144A
#*@∆
500,000
0
2,549,365
Oil
-
Field
Services
1.81%
Halliburton
Co.
10,000
329,900
Schlumberger
NV
12,000
589,440
919,340
Oil
-
US
Royalty
Trusts
8.03%
Black
Stone
Minerals
LP
50,000
797,500
Deterra
Royalties,
Ltd.
200,000
614,401
Kimbell
Royalty
Partners
LP
55,000
809,050
Sabine
Royalty
Trust
20,000
1,318,800
Viper
Energy
Partners
LP
20,000
536,600
4,076,351
Oil
Companies
-
Exploration
&
Production
5.42%
ConocoPhillips
1,500
155,415
Freehold
Royalties,
Ltd.
30,000
304,359
LNG
Energy
Group,
Inc.,
144A
#*@∆
1,000,000
377,430
New
Stratus
Energy,
Inc.
*
1,888,500
406,282
NG
Energy
International
Corp.,
144A
#*@∆
200,000
98,887
Occidental
Petroleum
Corp.
10,000
588,000
Range
Resources
Corp.
10,000
294,000
Source
Rock
Royalties,
Ltd.
500,000
294,395
Topaz
Energy
Corp.
15,000
233,591
2,752,359
Oil
Refining
&
Marketing
0.58%
Valero
Energy
Corp.
2,500
293,250
Pipelines
2.25%
Cheniere
Energy,
Inc.
7,500
1,142,700
Precious
Metals
1.39%
Brixton
Metals
Corp.
*
2,000,000
271,749
Nova
Minerals,
Ltd.
*
500,000
96,955
Pan
American
Energy
Corp.
*
500,000
186,828
Polarx,
Ltd.
*
20,000,000
152,442
707,974
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
Common
Stocks (cont’d)
Shares
Value
Real
Estate
Operating/Development
0.99%
Infrastructure
Ventures,
Inc.
#*@+
7,443,544
$
0
Revival
Gold,
Inc.
*
1,500,000
503,869
503,869
REITS
-
Diversified
1.97%
PotlatchDeltic
Corp.
REIT
10,000
528,500
Rayonier,
Inc.
REIT
15,000
471,000
999,500
Retail
-
Jewelry
0.34%
Mene,
Inc.
*
750,000
169,843
Silver
Mining
0.73%
Pan
American
Silver
Corp.
15,000
218,700
Vizsla
Silver
Corp.
*
125,000
151,916
370,616
Total
Common
Stocks
47,293,082
(cost
$91,952,859)
Corporate
Non-Convertible
Bonds
2.84%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Gold
Mining
1.83%
Aris
Gold
Corp.
7.50
08/26/27
$
928,431
930,752
Oil
Companies
-
Exploration
&
Production
1.01%
NG
Energy
International
Corp.
#@
8.00
04/30/27
750,000
509,530
Total
Corporate
Non-Convertible
Bonds
1,440,282
(cost
$1,515,530)
Warrants
0.37%
Exercise
Price
Exp.
Date
Shares
Diversified
Minerals
0.04%
Bradda
Head
Lithium,
Ltd.,
144A
#*@∆
$
0.21
04/19/24
2,000,000
0
Core
Assets
Corp.,
144A
#*@∆
0.47
02/17/25
300,000
0
Desert
Mountain
Energy
Corp.,
144A
#*@∆
2.70
03/24/25
300,000
0
First
Helium,
Inc.,
144A
#*@∆
0.50
07/12/23
925,000
0
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
18,825
18,825
Investment
Companies
0.00%
Contango
Holdings
PLC,
144A
#*@∆
0.09
11/07/25
4,583,333
0
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
Warrants (cont’d)
Exercise
Price
Exp.
Date
Shares
Value
Mining
Services
0.12%
Aris
Mining
Corp.
*
$
2.75
07/29/25
370,889
$
61,593
Non-Ferrous
Metals
0.00%
Flying
Nickle
Mining
Corp.,
144A
#*@∆
1.00
11/29/23
150,000
0
Oil
Companies
-
Exploration
&
Production
0.21%
NG
Energy
International
Corp.
#*@
1.40
05/20/27
300,000
92,848
Source
Rock
Royalties,
Ltd.
#*
1.25
03/01/24
1,250,000
16,512
109,360
Real
Estate
Operating/Development
0.00%
Revival
Gold,
Inc.,
144A
#*@∆
0.72
05/16/26
250,000
0
Silver
Mining
0.00%
Vizsla
Silver
Corp.,
144A
#*@∆
2.00
11/15/24
62,500
0
Total
Warrants
189,778
(cost
$94,582
)
Call
Options
Purchased
0.09%
Strike
Price
Exp.
Date
Notional
Contract
Value
Contracts
Value
Diversified
Minerals
0.00%
Group
6
Metals,
Ltd.
#@
$
0.28
01/25
$
11,200,000
400,000
0
Gold
Mining
0.09%
Iris
Metals,
Ltd.
#@
1.50
05/25
0
325,000
43,300
Precious
Metals
0.00%
Nova
Minerals,
Ltd.
#@
0.70
04/24
0
16,666
0
Total
Purchased
Call
Options
43,300
(premiums
paid
$0
)
Investments,
at
value
96.45%
48,966,442
(cost
$93,562,971
)
Other
assets
and
liabilities,
net
3.55%
1,804,116
Net
Assets
100.00%
$
50,770,558
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
*Summary
information
above
may
differ
from
the
portfolio
schedule
included
in
the
financial
statements
due
to
the
use
of
different
classifications
of
securities
for
presentation
purposes.
Portfolio
Allocation
by
Industry
Sector*
Based
on
Total
Investments
June
30,
2023
Metals
&
Mining
26.3%
Precious
Metals
&
Minerals
20.3%
Oil,
Gas
&
Consumable
Fuels
17.6%
Gold
Mining
11.9%
Advanced
Materials/Production
4.8%
Enterprise
Software/Services
4.5%
Real
Estate
3.1%
Other
11.5%
Total
100.0%
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
World
Precious
Minerals
Fund
Common
Stocks
95.76%
Shares
Value
Advanced
Materials/Production
12.74%
Nano
One
Materials
Corp.
*
2,700,000
$
6,073,599
Chemicals
-
Diversified
0.00%
Base
Carbon,
Inc.
*
574
208
Coal
0.00%
Caribbean
Resources
Corp.
#*@
4
0
Diamonds/Precious
Stones
3.22%
Barksdale
Resources
Corp.
*
3,275,000
1,532,742
Diversified
Minerals
5.40%
Ascot
Resources,
Ltd.,
144A
#*∆
6,412
2,517
Desert
Gold
Ventures,
Inc.
*
750,000
32,553
E79
Resources
Corp.
*
2,000,000
105,680
Erdene
Resource
Development
Corp.
*
600,000
167,579
Gossan
Resources,
Ltd.
*
1,250,000
54,255
Indochine
Mining,
Ltd.
#*@
10,000
0
Kenorland
Minerals,
Ltd.
*
250,000
141,536
Kootenay
Resources,
Inc.
#*@
40,000
3,019
Max
Resource
Corp.
*
2,050,000
201,170
Minaurum
Gold,
Inc.
*
1,000,000
109,455
Musgrave
Minerals,
Ltd.
*
1,500,000
285,613
Northern
Graphite
Corp.
*
900,000
258,162
Spark
Energy
Minerals,
Inc.
*
1,967,105
44,547
VR
Resources,
Ltd.
*
500,000
126,439
Waraba
Gold,
Ltd.
#*~
2,155,000
150,472
Waraba
Gold,
Ltd.,
144A
#~∆
6,045,000
422,089
Western
Alaska
Minerals
Corp.
*
85,000
143,725
Western
Exploration,
Inc.
*
350,000
324,967
2,573,778
Enterprise
Software/Services
0.03%
Abaxx
Technologies,
Inc.
*
2,678
15,020
Financial
Services
0.00%
Tokens.com
Corp.,
144A
#*∆
11,123
1,553
Gold
Mining
38.11%
Adamera
Minerals
Corp.
*
5,470,000
103,227
Adamera
Minerals
Corp.,
144A
#∆
119,543
2,256
Allegiant
Gold,
Ltd.
*
750,000
96,245
Alpha
Exploration,
Ltd.
*
500,000
294,395
Amilot
Capital,
Inc.,
144A
#*@∆
410,000
4,642
Angold
Resources,
Ltd.
*
50,000
2,831
Angus
Gold,
Inc.
*
250,000
154,746
Asante
Gold
Corp.
*
1,250,000
1,613,512
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
World
Precious
Minerals
Fund
Common
Stocks (cont’d)
Shares
Value
Gold
Mining
(cont’d)
Awale
Resources,
Ltd.
*
1,300,000
$
98,132
Bellevue
Gold,
Ltd.
*
500,000
427,736
Black
Cat
Syndicate,
Ltd.
*
1,750,000
438,561
Cassiar
Gold
Corp.
*
448,000
148,798
Collective
Mining,
Ltd.
*
50,000
224,571
Compass
Gold
Corp.
*
2,000,000
124,552
Contact
Gold
Corp.
*
8,200,000
123,797
Faraday
Copper
Corp.,
144A
#*∆
43,500
25,284
Freegold
Ventures,
Ltd.
*
200,000
64,163
G2
Goldfields,
Inc.
*
700,000
428,005
Gold
Bull
Resources
Corp.
*
1,000,000
45,292
Goldshore
Resources,
Inc.
*
1,000,000
135,875
Heliostar
Metals,
Ltd.
*
1,250,000
339,687
HighGold
Mining,
Inc.
*
375,000
164,182
K92
Mining,
Inc.
*
750,000
3,255,331
Karus
Gold
Corp.
#*@
375,000
62,276
Kesselrun
Resources,
Ltd.
*~
5,000,000
113,229
Lion
One
Metals,
Ltd.
*
500,000
267,975
Loncor
Gold,
Inc.
*
2,600,000
686,922
Maple
Gold
Mines,
Ltd.
*
1,000,000
105,680
Mawson
Gold,
Ltd.
*
625,000
75,486
McEwen
Mining,
Inc.
*
13,476
96,842
Moneta
Gold,
Inc.
*
100,000
79,260
Montage
Gold
Corp.
*
500,000
234,006
NV
Gold
Corp.
*
1,000,000
67,937
Omai
Gold
Mines
Corp.
*
3,000,000
135,875
Onyx
Gold
Corp.
#*@
93,750
8,492
Osisko
Mining,
Inc.
*
100,000
243,065
Radisson
Mining
Resources,
Inc.
*
8,500,000
1,026,609
Radius
Gold,
Inc.,
144A
#*∆
125,000
18,636
Reunion
Gold
Corp.
*
2,500,000
934,138
Roscan
Gold
Corp.
*
1,500,000
181,166
Royal
Road
Minerals,
Ltd.
*
1,500,000
135,875
Sanu
Gold
Corp.
*
585,000
39,743
Sanu
Gold
Corp.,
144A
#∆
700,000
47,556
Scottie
Resources
Corp.
*
1,750,000
369,881
Silver
Tiger
Metals,
Inc.
*
1,000,000
160,408
Skeena
Resources,
Ltd.
*
75,000
361,766
Snowline
Gold
Corp.
*
70,000
196,037
Southern
Gold,
Ltd.
*
10,000,000
139,572
Storm
Exploration,
Inc.
*
537,500
34,488
Strikepoint
Gold,
Inc.
*
2,750,000
114,172
Taurus
Gold,
Ltd.,
144A
#*@∆
2,448,381
0
Thesis
Gold,
Inc.
*
1,000,000
475,561
Trillium
Gold
Mines,
Inc.
*
250,000
17,928
TriStar
Gold,
Inc.
*~
28,800,000
2,717,494
Viva
Gold
Corp.
*
500,000
60,389
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
World
Precious
Minerals
Fund
Common
Stocks (cont’d)
Shares
Value
Gold
Mining
(cont’d)
Wesdome
Gold
Mines,
Ltd.
*
85,000
$
442,725
Westhaven
Gold
Corp.
*
1,000,000
200,038
18,167,047
Metal
-
Copper
0.79%
Arizona
Sonoran
Copper
Co.,
Inc.
*
100,000
126,062
C3
Metals,
Inc.
*
1,500,000
50,953
Meridian
Mining
UK
Societas
*
500,000
158,520
Sun
Summit
Minerals
Corp.
*
1,000,000
41,517
377,052
Metal
-
Diversified
9.54%
Amex
Exploration,
Inc.
*
500,000
622,759
Argent
Minerals,
Ltd.
*
10,000,000
67,574
Aurion
Resources,
Ltd.
*
750,000
339,687
Auteco
Minerals,
Ltd.
*
17,500,000
282,033
Auteco
Minerals,
Ltd.
*
5,000,000
80,581
Blackwolf
Copper
and
Gold,
Ltd.
*
1,000,000
234,007
Cartier
Resources,
Inc.
*
750,000
53,784
Chakana
Copper
Corp.
*
481,612
19,995
De
Grey
Mining,
Ltd.
*
250,000
226,539
Ivanhoe
Mines,
Ltd.
*
200,000
1,826,760
Juno
Corp.,
144A
#*@∆
200,000
301,944
Kaizen
Discovery,
Inc.
*
800,000
107,190
New
Age
Metals,
Inc.,
144A
#*∆
143,518
4,875
Nubian
Resources,
Ltd.
*
500,000
23,589
Orex
Minerals,
Inc.
*
7,000,000
132,100
Orsu
Metals
Corp.,
144A
#*@∆
186,922
0
Rockcliff
Metals
Corp.,
144A
#*∆
873,333
26,370
RTG
Mining,
Inc.
*
3,000,000
104,121
Sirios
Resources,
Inc.
*
1,000,000
41,517
Sterling
Metals
Corp.
*
1,000,000
52,840
4,548,265
Mining
Services
0.63%
Cordoba
Minerals
Corp.
*
58,823
16,318
Orexplore
Technologies,
Ltd.
*
267,284
8,199
Summa
Silver
Corp.
*
750,000
274,580
299,097
Non-Ferrous
Metals
0.44%
InZinc
Mining,
Ltd.
*
2,000,000
45,292
Latitude
Uranium,
Inc.
*
575,241
117,241
ValOre
Metals
Corp.
*
1,000,000
49,066
211,599
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
World
Precious
Minerals
Fund
Common
Stocks (cont’d)
Shares
Value
Oil
Companies
-
Exploration
&
Production
0.27%
Big
Sky
Energy
Corp.
#*@
2,000,000
$
0
Goliath
Resources,
Ltd.
*
225,000
129,081
129,081
Optical
Recognition
Equipment
0.00%
Nexoptic
Technology
Corp.,
144A
#*∆
12,083
411
Precious
Metals
16.72%
Amani
Gold,
Ltd.
*
54,500,000
36,305
Arizona
Metals
Corp.
*
1,000,000
2,294,773
Barsele
Minerals
Corp.
*~
7,550,000
968,862
Brixton
Metals
Corp.
*
3,000,000
407,624
Canex
Metals,
Inc.
*
3,250,000
134,931
Capitan
Silver
Corp.
*
1,100,000
141,159
Denarius
Metals
Corp.
*
150,000
56,615
Dolly
Varden
Silver
Corp.
*
2,750,000
1,556,898
GFG
Resources,
Inc.
*
5,500,000
498,207
Gold
Terra
Resource
Corp.
*
3,750,000
240,611
Gold79
Mines,
Ltd.
*
8,500,000
192,489
GR
Silver
Mining,
Ltd.
*
1,500,000
84,922
Imperial
Mining
Group,
Ltd.
*
500,000
30,194
MacDonald
Mines
Exploration,
Ltd.
*
300,000
13,588
Olive
Resource
Capital,
Inc.
*
4,000,000
105,680
Paramount
Gold
Nevada
Corp.
*
170,000
53,550
Polarx
,
Ltd.
*
40,000,000
304,884
Silver
Viper
Minerals
Corp.
*
2,000,000
234,006
Stillwater
Critical
Minerals
Corp.
*
2,000,000
309,492
Unico
Silver,
Ltd.
*
1,000,000
70,474
Visionary
Gold
Corp.
*
1,500,000
67,937
Xali
Gold
Corp.,
144A
#*∆
4,875,000
165,597
7,968,798
Real
Estate
Operating/Development
1.54%
Fremont
Gold,
Ltd.
*
400,000
36,233
Mammoth
Resources
Corp.
*~
5,500,000
62,276
Revival
Gold,
Inc.
*
1,750,000
587,847
TDG
Gold
Corp.
*
270,000
49,934
736,290
Retail
-
Jewelry
1.00%
Mene
,
Inc.
*
2,115,000
478,958
Silver
Mining
5.33%
Aya
Gold
&
Silver,
Inc.
*
95,000
608,832
FireFox
Gold
Corp.
*
500,000
28,307
Kootenay
Silver,
Inc.
*
3,500,000
211,360
Metallic
Minerals
Corp.
*
1,000,000
226,458
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
World
Precious
Minerals
Fund
Common
Stocks (cont’d)
Shares
Value
Silver
Mining
(cont’d)
Reyna
Silver
Corp.
*
360,000
$
50,274
Southern
Silver
Exploration
Corp.
*
1,500,000
198,150
Vizsla
Silver
Corp.
*
1,000,000
1,215,324
2,538,705
Total
Common
Stocks
45,652,203
(cost
$80,268,098)
Corporate
Non-Convertible
Bond
1.97%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Gold
Mining
1.97%
Aris
Gold
Corp.
7.50
08/26/27
$
938,098
940,443
(cost
$938,098)
Warrants
0.19%
Exercise
Price
Exp.
Date
Shares
Diversified
Minerals
0.00%
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
Waraba
Gold,
Ltd.,
144A
#*@~∆
0.50
03/29/24
5,390,000
0
Western
Exploration,
Inc.,
144A
#*@∆
2.15
12/31/49
50,000
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
Cassiar
Gold
Corp.,
144A
#*@∆
0.70
05/04/25
125,000
0
Gold
Mountain
Mining
Corp.,
144A
#*@∆
1.75
04/21/24
50,000
0
0
Metal
-
Copper
0.00%
Sun
Summit
Minerals
Corp.,
144A
#*@∆
0.90
07/31/23
125,000
0
Metal
-
Diversified
0.01%
Novo
Resources
Corp.
*
4.40
08/27/23
112,500
849
Sterling
Metals
Corp.,
144A
#*@∆
0.25
04/17/25
1,000,000
0
849
Metals
&
Mining
0.00%
Spark
Energy
Minerals,
Inc.,
144A
#*@∆
0.10
06/04/24
875,000
0
Mining
Services
0.18%
Aris
Mining
Corp.
*
2.75
07/29/25
520,000
86,356
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
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
Oil
Companies
-
Exploration
&
Production
0.00%
Goliath
Resources,
Ltd.,
144A
#*@∆
$
0.92
05/18/25
112,500
$
0
Precious
Metals
0.00%
Denarius
Metals
Corp.,
144A
#*@∆
0.60
03/02/26
75,000
0
GFG
Resources,
Inc.,
144A
#*@∆
0.18
03/20/26
373,077
0
0
Silver
Mining
0.00%
Southern
Silver
Exploration
Corp.,
144A
#*@∆
0.25
08/14/23
875,000
0
Vizsla
Silver
Corp.,
144A
#*@∆
2.00
11/15/24
62,500
0
0
Total
Warrants
87,205
(cost
$62,612
)
Investments,
at
value
97.92%
46,679,851
(cost
$81,268,808
)
Other
assets
and
liabilities,
net
2.08%
993,131
Net
Assets
100.00%
$
47,672,982
Portfolio
Allocation
by
Industry*
Based
on
Total
Investments
June
30,
2023
Gold
Mining
40.9%
Precious
Metals
17.1%
Advanced
Materials/Production
13.0%
Metal
-
Diversified
9.8%
Diversified
Minerals
5.5%
Silver
Mining
5.4%
Diamonds/Precious
Stones
3.3%
Other
5.0%
Total
100.0%
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
Gold
and
Precious
Metals
Fund
Common
Stocks
88.15%
Shares
Value
Applications
Software
0.86%
Chrysos
Corp.,
Ltd.
*
250,000
$
855,597
Chemicals
-
Diversified
0.00%
Base
Carbon,
Inc.
*
7,786
2,821
Diamonds/Precious
Stones
0.24%
Lucara
Diamond
Corp.
*
700,000
243,065
Diversified
Minerals
4.14%
Alkane
Resources,
Ltd.
*
1,000,000
473,684
Caledonia
Mining
Corp.
PLC
25,000
290,500
Leo
Lithium,
Ltd.
*
3,500,000
2,519,617
Lithium
Royalty
Corp.
*
85,000
847,594
4,131,395
Enterprise
Software/Services
0.21%
Abaxx
Technologies,
Inc.
*
36,333
203,777
Gold
Mining
47.69%
Agnico
Eagle
Mines,
Ltd.
40,000
1,999,200
Alamos
Gold,
Inc.
225,000
2,682,000
AngloGold
Ashanti,
Ltd.,
ADR
25,000
527,250
B2Gold
Corp.
150,000
535,500
Black
Cat
Syndicate,
Ltd.
*
4,393,940
1,101,149
Catalyst
Metals,
Ltd.
*
500,000
258,063
Centamin
PLC
425,000
493,106
Centerra
Gold,
Inc.
125,000
749,198
DRDGOLD,
Ltd.,
ADR
165,000
1,752,300
Dundee
Precious
Metals,
Inc.
150,000
990,753
Eldorado
Gold
Corp.
*
75,000
757,500
Firefinch
,
Ltd.
#*@
5,000,000
299,768
Franco-Nevada
Corp.
7,500
1,069,500
GoGold
Resources,
Inc.
*
1,500,000
1,721,079
Gold
Fields,
Ltd.,
ADR
145,000
2,005,350
Gold
Resource
Corp.
1,000,000
630,000
Harmony
Gold
Mining
Co.,
Ltd.,
ADR
500,000
2,100,000
i-80
Gold
Corp.
*
200,000
449,896
K92
Mining,
Inc.
*
2,300,000
9,983,016
Kinross
Gold
Corp.
375,000
1,788,750
Lundin
Gold,
Inc.
340,000
4,067,937
Mineros
SA
3,400,000
1,539,913
Northern
Star
Resources,
Ltd.
100,000
814,687
OceanaGold
Corp.
600,000
1,182,110
Pantoro
,
Ltd.
*
11,000,000
531,900
Petropavlovsk
PLC
#*@
4,886,855
0
Ramelius
Resources,
Ltd.
1,000,000
850,311
Resolute
Mining,
Ltd.
*
13,000,000
3,417,832
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
Gold
and
Precious
Metals
Fund
Common
Stocks (cont’d)
Shares
Value
Gold
Mining
(cont’d)
Royal
Gold,
Inc.
10,000
$
1,147,800
Sandstorm
Gold,
Ltd.
200,000
1,024,000
Superior
Gold,
Inc.
*
3,500,000
515,192
Torex
Gold
Resources,
Inc.
*
40,000
568,258
47,553,318
Metal
-
Copper
0.13%
Arizona
Sonoran
Copper
Co.,
Inc.
*
100,000
126,062
Metal
-
Diversified
9.16%
Aclara
Resources,
Inc.
*
137,400
62,231
Ivanhoe
Mines,
Ltd.
*
335,000
3,059,822
Mandalay
Resources
Corp.
*
500,000
668,050
Silver
X
Mining
Corp.
*
8,000,000
1,690,885
Vox
Royalty
Corp.
1,300,000
3,169,655
Vox
Royalty
Corp.
200,000
484,000
9,134,643
Mining
Services
2.13%
Capital,
Ltd.
575,000
690,533
Empress
Royalty
Corp.
*
2,000,000
468,013
Orexplore
Technologies,
Ltd.
*
1,007,351
30,898
Star
Royalties,
Ltd.
*
3,500,000
937,913
2,127,357
Oil
&
Gas
Drilling
2.80%
DDH1,
Ltd.
5,000,000
2,788,528
Oil
Field
Machinery
&
Equipment
0.92%
Imdex
,
Ltd.
725,000
916,353
Platinum
1.29%
Impala
Platinum
Holdings,
Ltd.
100,000
666,201
Sibanye
Stillwater,
Ltd.,
ADR
100,000
624,000
1,290,201
Precious
Metals
4.73%
Elemental
Altus
Royalties
Corp.
*
250,000
220,796
EMX
Royalty
Corp.
*
1,250,000
2,387,243
Triple
Flag
Precious
Metals
Corp.
75,000
1,032,082
Wheaton
Precious
Metals
Corp.
25,000
1,080,500
4,720,621
Real
Estate
Operating/Development
2.75%
Emerald
Resources
NL
*
2,000,000
2,740,505
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
Gold
and
Precious
Metals
Fund
Common
Stocks (cont’d)
Shares
Value
Retail
-
Jewelry
1.53%
Mene
,
Inc.
*
1,025,000
$
232,119
Mene
,
Inc.,
144A
#∆
5,714,285
1,294,045
1,526,164
Silver
Mining
9.57%
Aya
Gold
&
Silver,
Inc.
*
1,000,000
6,408,756
Pan
American
Silver
Corp.
100,000
1,458,000
Santacruz
Silver
Mining,
Ltd.
*
4,000,000
966,220
Silvercorp
Metals,
Inc.
250,000
705,000
9,537,976
Total
Common
Stocks
87,898,383
(cost
$84,497,784)
Corporate
Non-Convertible
Bonds
3.67%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Coal
0.00%
Caribbean
Resources
Corp.
#@^
19.25
06/15/15
$
485,766
0
Gold
Mining
3.67%
Aris
Gold
Corp.
7.50
08/26/27
3,646,580
3,655,696
Total
Corporate
Non-Convertible
Bonds
3,655,696
(cost
$4,132,324)
Exchange
Traded
Fund
0.49%
Shares
Global
X
Silver
Miners
ETF
19,000
493,810
(cost
$558,550)
Warrants
0.21%
Exercise
Price
Exp.
Date
Metal
-
Diversified
0.00%
Vox
Royalty
Corp.,
144A
#*@∆
$
4.50
03/25/24
50,000
0
Mining
Services
0.21%
Aris
Mining
Corp.
*
2.75
07/29/25
1,274,000
211,572
Total
Warrants
211,572
(cost
$0
)
Investments,
at
value
92.52%
92,259,461
(cost
$89,188,658
)
Other
assets
and
liabilities,
net
7.48%
7,459,832
Net
Assets
100.00%
$
99,719,293
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
Gold
and
Precious
Metals
Fund
*Summary
information
above
may
differ
from
the
portfolio
schedule
included
in
the
financial
statements
due
to
the
use
of
different
classifications
of
securities
for
presentation
purposes.
Portfolio
Allocation
by
Industry*
Based
on
Total
Investments
June
30,
2023
Gold
Mining
55.6%
Silver
Mining
10.3%
Metal
-
Diversified
9.9%
Precious
Metals
5.1%
Diversified
Minerals
4.5%
Oil
&
Gas
Drilling
3.0%
Other
11.6%
Total
100.0%
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
Common
Stocks
81.22%
Shares
Value
Airlines
1.73%
Turk
Hava
Yollari
AO
*
28,500
$
212,294
Automotive
-
Cars
&
Light
Trucks
3.18%
Bayerische
Motoren
Werke
AG
530
65,194
Ford
Otomotiv
Sanayi
AS
7,100
208,014
Tofas
Turk
Otomobil
Fabrikasi
AS
12,000
116,818
390,026
Beverages
-
Non-alcoholic
1.68%
Anadolu
Efes
Biracilik
Ve
Malt
Sanayii
AS
81,000
206,120
Building
-
Heavy
Construction
3.41%
Budimex
SA
1,500
132,558
Mytilineos
SA
8,100
285,973
418,531
Cellular
Telecommunication
1.29%
Turkcell
Iletisim
Hizmetleri
AS
113,000
158,373
Commercial
Banks
Non-US
23.53%
Akbank
TAS
234,000
181,853
Banca
Transilvania
SA
*
7,000
31,963
Bank
Millennium
SA
*
205,000
290,679
Bank
Polska
Kasa
Opieki
SA
11,500
313,682
BRD-
Groupe
Societe
Generale
SA
*
87,000
253,198
Eurobank
Ergasias
Services
and
Holdings
SA
*
104,000
171,349
mBank
SA
*
2,850
284,896
National
Bank
of
Greece
SA
*
49,500
321,770
OTP
Bank
Nyrt
8,350
296,846
Piraeus
Financial
Holdings
SA
*
54,000
177,276
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
35,000
311,502
Santander
Bank
Polska
SA
*
750
71,819
Turkiye
Garanti
Bankasi
AS
148,000
182,098
2,888,931
Computer
Services
2.32%
Asseco
Poland
SA
14,400
284,355
Diversified
Operations
3.22%
Haci
Omer
Sabanci
Holding
AS
106,000
187,580
KOC
Holding
AS
52,000
208,237
395,817
Electric
-
Distribution
1.22%
Enerjisa
Enerji
AS
71,000
96,110
Societatea
Nationala
Nuclearelectrica
SA
5,500
54,012
150,122
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
Common
Stocks (cont’d)
Shares
Value
Electric
-
Integrated
3.02%
PGE
Polska
Grupa
Energetyczna
SA
*
208,000
$
371,396
Food
-
Retail
3.51%
BIM
Birlesik
Magazalar
AS
32,000
209,666
Migros
Ticaret
AS
27,000
220,884
430,550
Housewares
0.42%
Turkiye
Sise
ve
Cam
Fabrikalari
AS
30,000
51,361
Investment
Companies
0.05%
Sunrisemezz
PLC
*
22,142
6,280
Machinery
-
Farm
1.36%
Turk
Traktor
ve
Ziraat
Makineleri
AS
10,687
166,675
Medical
-
Drugs
2.19%
Richter
Gedeon
Nyrt
10,900
269,095
Metal
-
Diversified
0.00%
Orsu
Metals
Corp.,
144A
#*@∆
402,500
0
Oil
Companies
-
Integrated
6.68%
BP
PLC,
ADR
1,000
35,290
Exxon
Mobil
Corp.
581
62,312
Gazprom
Neft
PJSC
#@+
7,370
0
MOL
Hungarian
Oil
&
Gas
PLC
36,200
316,946
OMV
Petrom
SA
3,685,000
405,656
820,204
Oil
Refining
&
Marketing
8.96%
Motor
Oil
Hellas
Corinth
Refineries
SA
9,150
231,639
Polski
Koncern
Naftowy
ORLEN
SA
43,062
682,520
Turkiye
Petrol
Rafinerileri
AS
60,550
186,184
1,100,343
Property/Casualty
Insurance
2.37%
Powszechny
Zaklad
Ubezpieczen
SA
30,000
290,989
Real
Estate
Operating/Development
0.20%
Emlak
Konut
Gayrimenkul
Yatirim
Ortakligi
AS
REIT
85,000
24,198
Regional
Banks
-
Non
US
0.51%
Moneta
Money
Bank
AS
17,000
62,246
Retail
-
Automobile
1.12%
Dogus
Otomotiv
Servis
ve
Ticaret
AS
21,000
137,657
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
Common
Stocks (cont’d)
Shares
Value
Retail
-
Toy
Store
1.68%
JUMBO
SA
7,500
$
206,284
Telecom
Services
1.93%
Turk
Telekomunikasyon
AS
295,000
236,448
Telephone
-
Integrated
3.07%
Hellenic
Telecommunications
Organization
SA
22,000
377,147
Television
1.99%
Cyfrowy
Polsat
SA
60,000
243,745
Transportation
-
Marine
0.58%
AP
Moller
-
Maersk
A/S,
Class A
41
71,492
Total
Common
Stocks
9,970,679
(cost
$9,682,648)
Corporate
Non-Convertible
Bond
3.58%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Gold
Mining
3.58%
Aris
Gold
Corp.
7.50
08/26/27
$
438,061
439,156
(cost
$438,044)
Warrant
0.13%
Exercise
Price
Exp.
Date
Shares
Mining
Services
0.13%
Aris
Mining
Corp.
*
$
2.75
07/29/25
100,000
16,607
(cost
$0
)
Investments,
at
value
84.93%
10,426,442
(cost
$10,120,692
)
Other
assets
and
liabilities,
net
15.07%
1,850,005
Net
Assets
100.00%
$
12,276,447
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
*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,
2023
Poland
31.4%
Turkey
28.7%
Greece
17.0%
Hungary
8.5%
Romania
7.1%
Canada
4.4%
Other
2.9%
Total
100.0%
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
Common
Stocks
89.10%
Shares
Value
Audio/Video
Products
0.75%
BOE
Varitronix
,
Ltd.
35,000
$
50,551
Automotive
-
Cars
&
Light
Trucks
10.03%
BAIC
Motor
Corp.,
Ltd.
62,500
15,221
BYD
Co.,
Ltd.,
ADR
6,000
384,900
Geely
Automobile
Holdings,
Ltd.
222,000
272,582
672,703
Brewery
4.09%
Tsingtao
Brewery
Co.,
Ltd.
30,000
273,899
Building
&
Construction
Products
-
Miscellaneous
0.24%
Greentown
Management
Holdings
Co.,
Ltd.
20,000
15,941
Chemicals
-
Diversified
1.24%
Dongyue
Group,
Ltd.
111,000
83,373
Chemicals
-
Specialty
7.43%
Daqo
New
Energy
Corp.,
ADR
*
3,775
149,868
Fufeng
Group,
Ltd.
147,000
74,493
Ganfeng
Lithium
Group
Co.,
Ltd.
41,800
274,165
498,526
Coal
9.51%
China
Coal
Energy
Co.,
Ltd.
169,000
125,840
China
Shenhua
Energy
Co.,
Ltd.,
H
Shares
112,000
343,237
Shougang
Fushan
Resources
Group,
Ltd.
150,000
37,792
Yankuang
Energy
Group
Co.,
Ltd.
45,500
130,636
637,505
Commercial
Banks
Non-US
2.38%
BOC
Hong
Kong
Holdings,
Ltd.
52,000
159,293
Computers
-
Memory
Devices
2.10%
ASPEED
Technology,
Inc.
1,530
140,920
Distribution/Wholesale
0.24%
Theme
International
Holdings,
Ltd.
*
140,000
15,759
Diversified
Banking
Institution
5.32%
HSBC
Holdings
PLC,
ADR
9,000
356,580
Diversified
Financial
Services
4.06%
First
Financial
Holding
Co.,
Ltd.
306,000
272,154
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
Common
Stocks (cont’d)
Shares
Value
E-Commerce/Products
4.44%
Alibaba
Group
Holding,
Ltd.,
ADR
*
630
$
52,511
PDD
Holdings,
Inc.,
ADR
*
3,550
245,447
297,958
Electronic
Components
-
Miscellaneous
0.42%
Cowell
e
Holdings,
Inc.
*
15,000
27,828
Energy
-
Alternate
Sources
0.97%
Xinte
Energy
Co.,
Ltd.
30,500
64,944
Entertainment
Software
2.54%
NetEase
,
Inc.
8,800
170,446
Internet
Content
-
Info
1.93%
Meituan
,
Class B
*
3,724
58,396
Tencent
Holdings,
Ltd.,
ADR
1,665
70,746
129,142
Medical
Labs
&
Testing
Services
3.67%
WuXi
AppTec
Co.,
Ltd.
30,700
246,043
Non-Ferrous
Metals
0.00%
Sterling
Group
Ventures,
Inc.,
144A
#*@∆
500,000
0
Oil
Companies
-
Exploration
&
Production
0.90%
United
Energy
Group,
Ltd.
623,000
60,528
Power
Conversion/Supply
Equipment
4.96%
Delta
Electronics,
Inc.
30,000
332,470
Real
Estate
Management/Services
0.94%
Poly
Property
Services
Co.,
Ltd.
13,000
63,203
Retail
-
Convenience
Store
1.98%
President
Chain
Store
Corp.
14,600
132,583
Retail
-
Home
Furnishings
0.25%
MINISO
Group
Holding,
Ltd.,
Class A
*
4,000
16,921
Semiconductor
Components
-
Integrated
Circuit
1.31%
Global
Unichip
Corp.
1,700
87,989
Semiconductor
Equipment
3.23%
Globalwafers
Co.,
Ltd.
13,500
216,656
Tools
-
Hand
Held
1.36%
Chervon
Holdings,
Ltd.
23,000
91,496
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
*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.
Common
Stocks (cont’d)
Shares
Value
Transportation
-
Marine
5.58%
COSCO
SHIPPING
Holdings
Co.,
Ltd.
130,500
$
117,967
Orient
Overseas
International,
Ltd.
7,700
103,432
SITC
International
Holdings
Co.,
Ltd.
83,500
152,903
374,302
Transportation
-
Services
7.23%
JD
Logistics,
Inc.
*
165,500
259,134
ZTO
Express
Cayman,
Inc.,
ADR
9,000
225,720
484,854
Total
Common
Stocks
5,974,567
(cost
$6,658,041)
Corporate
Non-Convertible
Bond
3.55%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Gold
Mining
3.55%
Aris
Gold
Corp.
7.50
08/26/27
$
237,649
238,243
(cost
$237,611)
Warrant
0.13%
Exercise
Price
Exp.
Date
Shares
Mining
Services
0.13%
Aris
Mining
Corp.
*
$
2.75
07/29/25
52,000
8,636
(cost
$0
)
Investments,
at
value
92.78%
6,221,446
(cost
$6,895,652
)
Other
assets
and
liabilities,
net
7.22%
484,037
Net
Assets
100.00%
$
6,705,483
Country
Distribution*
Based
on
Total
Investments
June
30,
2023
China
53.2%
Taiwan,
Province
of
China
19.0%
Hong
Kong
14.2%
United
Kingdom
5.7%
Canada
4.0%
Ireland
3.9%
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,
2023.
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.
Pursuant
to
Rule
2a-5
under
the
Investment
Company
Act,
the
Trust’s
Board
of
Trustees
(the
“Board”)
has
designated
the
Adviser,
as
defined
in
Note
3
in
the
Notes
to
Financial
Statements,
◊
Zero
coupon
bond.
Interest
rate
presented
is
yield
to
maturity.
*
Non-income
producing
security.
@
Security
was
fair
valued
at
June
30,
2023,
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,
2023,
were
0.05%
of
Global
Luxury
Goods
Fund,
4.09%
of
Global
Resources
Fund,
0.80%
of
World
Precious
Minerals
Fund,
0.30%
of
Gold
And
Precious
Metals
Fund,
0.00%
of
Emerging
Europe
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.
~
Affiliated
Company.
(see
following)
∆
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,
2023
amounted
to
$24,722,
0.05%,
of
Global
Luxury
Goods
Fund,
$1,129,754,
2.23%,
of
Global
Resources
Fund,
$1,023,730,
2.15%,
of
World
Precious
Minerals
Fund,
$1,294,045,
1.30%,
of
Gold
And
Precious
Metals
Fund,
$0,
0.00%,
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
MTN
Medium
Term
Note
PJSC
Public
Joint
Stock
Company
PLC
Public
Limited
Company
PSF-GTD
Public
School
Fund
Guarantee
RB
Revenue
Bond
REIT
Real
Estate
Investment
Trust
Notes
to
Portfolios
of
Investments
(
unaudited
)
as
the
Funds’
valuation
designee
to
perform
any
fair
value
determinations
for
securities
and
other
assets
held
by
the
Funds.
The
Funds
are
required
to
disclose
information
regarding
the
fair
value
measurements
of
a
Fund’s
assets
and
liabilities.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
measurement
requirements
established
a
three-tier
hierarchy
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Inputs
refer
broadly
to
the
assumptions
that
market
participants
would
use
in
pricing
the
asset
or
liability,
including
assumptions
about
risk,
for
example,
the
risk
inherent
in
a
particular
valuation
technique
used
to
measure
fair
value
including
such
a
pricing
model
and/or
the
risk
inherent
in
the
inputs
to
the
valuation
technique.
Inputs
may
be
observable
or
unobservable.
Observable
inputs
are
inputs
that
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability
developed
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
inputs
that
reflect
the
reporting
entity’s
own
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability
developed
based
on
the
best
information
available
in
the
circumstances.
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
Because
of
the
inherent
uncertainties
of
valuation,
the
values
reflected
in
the
portfolios
may
materially
differ
from
the
values
received
upon
actual
sale
of
those
investments.
The
three
levels
defined
by
the
fair
value
hierarchy
are
as
follows:
Level
1
–
Quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
determined
using
significant
other
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Short-term
securities
with
maturities
of
sixty
days
or
less
are
valued
at
amortized
cost,
which
approximates
market
value,
and
are
categorized
as
Level
2
in
the
hierarchy.
Municipal
securities,
long-
term
U.S.
government
obligations
and
corporate
debt
securities
are
valued
in
accordance
with
the
evaluated
price
supplied
by
a
pricing
service
and
generally
categorized
as
Level
2
in
the
hierarchy.
Other
securities
that
are
categorized
as
Level
2
in
the
hierarchy
include,
but
are
not
limited
to,
warrants
that
do
not
trade
on
an
exchange,
securities
valued
at
the
mean
Notes
to
Portfolios
of
Investments
(
unaudited
)
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.
The
following
table
summarizes
the
valuation
of
each
Fund’s
securities
as
of
June
30,
2023,
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
$
–
$
31,123,212
$
–
$
31,123,212
Investments,
at
Value
$
–
$
31,123,212
$
–
$
31,123,212
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
$
–
$
25,250,025
$
–
$
25,250,025
Investments,
at
Value
$
–
$
25,250,025
$
–
$
25,250,025
Quoted
Prices
in
Active
Markets
for
Identical
Investments
(Level
1)
Significant
Other
Observable
Inputs
(Level
2)
Significant
Unobservable
Inputs
(Level
3)
Total
Global
Luxury
Goods
Fund
Investments
in
Securities*
Common
Stocks
Apparel
Manufacturers
$
1,538,157
$
4,280,278
$
–
$
5,818,435
Automotive
-
Cars
&
Light
Trucks
5,546,466
3,949,770
–
9,496,236
Beverages
-
Wine/Spirits
–
2,619,076
–
2,619,076
Casino
Hotels
3,112,354
–
–
3,112,354
Cruise
Lines
975,156
–
–
975,156
Diversified
Banking
Institution
1,745,280
–
–
1,745,280
Diversified
Minerals
209,851
–
–
209,851
Notes
to
Portfolios
of
Investments
(
unaudited
)
Global
Luxury
Goods
Fund
Common
Stocks
(continued)
Energy
-
Alternate
Sources
$
–
$
–
$
0
$
0
Finance
-
Mortgage
Loan/
Banker
–
–
0
0
Gold
Mining
1,507,972
359,357
–
1,867,329
Hotels
&
Motels
3,785,559
974,684
–
4,760,243
Investment
Management/
Advisory
Services
1,036,935
1,072,828
–
2,109,763
Oil
Companies
-
Exploration
&
Production
24,722
–
–
24,722
Platinum
205,500
–
–
205,500
Real
Estate
Operating/
Development
–
–
0
0
Resorts/Theme
Parks
939,065
–
–
939,065
Retail
-
Apparel/Shoe
1,003,025
3,977,854
–
4,980,879
Retail
-
Home
Furnishings
500,560
–
–
500,560
Retail
-
Jewelry
–
3,354,893
–
3,354,893
Silver
Mining
245,650
106,359
–
352,009
Textile
-
Apparel
1,983,009
–
–
1,983,009
Preferred
Stock
Automotive
-
Cars
&
Light
Trucks
–
482,156
–
482,156
Corporate
Non-Convertible
Bond
–
759,762
–
759,762
Warrant
Retail
-
Jewelry
12,694
–
–
12,694
Investments,
at
Value
24,371,955
21,937,017
0
46,308,972
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
$
2,336,667
$
–
$
–
$
2,336,667
Agricultural
Chemicals
654,990
–
–
654,990
Agricultural
Operations
–
–
442,990
442,990
Building
&
Construction
Products
-
Miscellaneous
187,450
–
–
187,450
Chemicals
-
Diversified
25,881
–
–
25,881
Coal
210,500
–
–
210,500
Diamonds/Precious
Stones
852,991
–
–
852,991
Distribution/Wholesale
211,361
–
–
211,361
Diversified
Minerals
6,866,381
1,235,335
2,023
8,103,739
Energy
-
Alternate
Sources
447,289
–
0
447,289
Notes
to
Portfolios
of
Investments
(
unaudited
)
Global
Resources
Fund
Common
Stocks
(continued)
Enterprise
Software/
Services
$
2,231,866
$
–
$
–
$
2,231,866
Food
-
Miscellaneous/
Diversified
62,276
–
–
62,276
Gold
Mining
3,836,922
946,493
59,953
4,843,368
Industrial
Gases
762,160
–
–
762,160
Investment
Companies
–
524,267
–
524,267
Machinery
-
Electric
Utilities
490,500
–
–
490,500
Metal
-
Copper
749,764
–
–
749,764
Metal
-
Diversified
7,663,381
1,099,062
301,944
9,064,387
Metal
-
Iron
0
–
–
0
Mining
Services
479,298
–
–
479,298
Natural
Resource
Technology
–
–
126,171
126,171
Non-Ferrous
Metals
2,439,189
110,176
0
2,549,365
Oil
-
Field
Services
919,340
–
–
919,340
Oil
-
US
Royalty
Trusts
3,461,950
614,401
–
4,076,351
Oil
Companies
-
Exploration
&
Production
2,374,929
377,430
–
2,752,359
Oil
Refining
&
Marketing
293,250
–
–
293,250
Pipelines
1,142,700
–
–
1,142,700
Precious
Metals
458,577
249,397
–
707,974
Real
Estate
Operating/
Development
503,869
–
0
503,869
REITS
-
Diversified
999,500
–
–
999,500
Retail
-
Jewelry
169,843
–
–
169,843
Silver
Mining
370,616
–
–
370,616
Corporate
Non-Convertible
Bonds
–
1,440,282
–
1,440,282
Warrants
Diversified
Minerals
–
18,825
–
18,825
Investment
Companies
–
0
–
0
Mining
Services
61,593
–
–
61,593
Non-Ferrous
Metals
–
0
–
0
Oil
Companies
-
Exploration
&
Production
109,360
–
–
109,360
Real
Estate
Operating/
Development
–
0
–
0
Silver
Mining
–
0
–
0
Purchased
Call
Options
–
43,300
–
43,300
Investments,
at
Value
41,374,393
6,658,968
933,081
48,966,442
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
Investments
in
Securities*
Common
Stocks
Advanced
Materials/
Production
$
6,073,599
$
–
$
–
$
6,073,599
Chemicals
-
Diversified
208
–
–
208
Coal
–
–
0
0
Diamonds/Precious
Stones
1,532,742
–
–
1,532,742
Diversified
Minerals
2,285,146
285,613
3,019
2,573,778
Enterprise
Software/
Services
15,020
–
–
15,020
Financial
Services
1,553
–
–
1,553
Gold
Mining
17,090,410
1,005,869
70,768
18,167,047
Metal
-
Copper
377,052
–
–
377,052
Metal
-
Diversified
3,485,473
760,848
301,944
4,548,265
Mining
Services
290,898
8,199
–
299,097
Non-Ferrous
Metals
211,599
–
–
211,599
Oil
Companies
-
Exploration
&
Production
129,081
–
0
129,081
Optical
Recognition
Equipment
411
–
–
411
Precious
Metals
7,663,914
304,884
–
7,968,798
Real
Estate
Operating/
Development
736,290
–
–
736,290
Retail
-
Jewelry
478,958
–
–
478,958
Silver
Mining
2,538,705
–
–
2,538,705
Corporate
Non-Convertible
Bond
–
940,443
–
940,443
Warrants
Diversified
Minerals
–
0
–
0
Gold
Mineral
Exploration
&
Development
–
0
–
0
Gold
Mining
–
0
–
0
Metal
-
Copper
–
0
–
0
Metal
-
Diversified
849
0
–
849
Metals
&
Mining
–
0
–
0
Mining
Services
86,356
–
–
86,356
Oil
Companies
-
Exploration
&
Production
–
0
–
0
Precious
Metals
–
0
–
0
Silver
Mining
–
0
–
0
Investments,
at
Value
42,998,264
3,305,856
375,731
46,679,851
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
Applications
Software
$
–
$
855,597
$
–
$
855,597
Chemicals
-
Diversified
–
2,821
–
2,821
Diamonds/Precious
Stones
243,065
–
–
243,065
Diversified
Minerals
1,138,094
2,993,301
–
4,131,395
Enterprise
Software/
Services
203,777
–
–
203,777
Gold
Mining
39,786,502
7,467,048
299,768
47,553,318
Metal
-
Copper
126,062
–
–
126,062
Metal
-
Diversified
9,134,643
–
–
9,134,643
Mining
Services
1,405,926
721,431
–
2,127,357
Oil
&
Gas
Drilling
–
2,788,528
–
2,788,528
Oil
Field
Machinery
&
Equipment
–
916,353
–
916,353
Platinum
624,000
666,201
–
1,290,201
Precious
Metals
4,720,621
–
–
4,720,621
Real
Estate
Operating/
Development
–
2,740,505
–
2,740,505
Retail
-
Jewelry
1,526,164
–
–
1,526,164
Silver
Mining
9,537,976
–
–
9,537,976
Corporate
Non-Convertible
Bonds
–
3,655,696
0
3,655,696
Exchange
Traded
Fund
493,810
–
–
493,810
Warrants
Metal
-
Diversified
–
0
–
0
Mining
Services
211,572
–
–
211,572
Investments,
at
Value
$
69,152,212
$
22,807,481
$
299,768
$
92,259,461
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
Investments
in
Securities*
Common
Stocks
Airlines
$
–
$
212,294
$
–
$
212,294
Automotive
-
Cars
&
Light
Trucks
–
390,026
–
390,026
Beverages
-
Non-alcoholic
–
206,120
–
206,120
Building
-
Heavy
Construction
–
418,531
–
418,531
Notes
to
Portfolios
of
Investments
(
unaudited
)
Emerging
Europe
Fund
Common
Stocks
(continued)
Cellular
Telecommunication
$
–
$
158,373
$
–
$
158,373
Commercial
Banks
Non-US
–
2,888,931
–
2,888,931
Computer
Services
–
284,355
–
284,355
Diversified
Operations
–
395,817
–
395,817
Electric
-
Distribution
–
150,122
–
150,122
Electric
-
Integrated
–
371,396
–
371,396
Food
-
Retail
–
430,550
–
430,550
Housewares
–
51,361
–
51,361
Investment
Companies
–
6,280
–
6,280
Machinery
-
Farm
–
166,675
–
166,675
Medical
-
Drugs
–
269,095
–
269,095
Metal
-
Diversified
–
–
0
0
Oil
Companies
-
Integrated
97,602
722,602
0
820,204
Oil
Refining
&
Marketing
–
1,100,343
–
1,100,343
Property/Casualty
Insurance
–
290,989
–
290,989
Real
Estate
Operating/
Development
–
24,198
–
24,198
Regional
Banks
-
Non
US
–
62,246
–
62,246
Retail
-
Automobile
–
137,657
–
137,657
Retail
-
Toy
Store
–
206,284
–
206,284
Telecom
Services
–
236,448
–
236,448
Telephone
-
Integrated
–
377,147
–
377,147
Television
–
243,745
–
243,745
Transportation
-
Marine
–
71,492
–
71,492
Corporate
Non-Convertible
Bond
–
439,156
–
439,156
Warrant
Mining
Services
16,607
–
–
16,607
Investments,
at
Value
114,209
10,312,233
0
10,426,442
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
Audio/Video
Products
$
–
$
50,551
$
–
$
50,551
Automotive
-
Cars
&
Light
Trucks
384,900
287,803
–
672,703
Brewery
–
273,899
–
273,899
Building
&
Construction
Products
-
Miscellaneous
–
15,941
–
15,941
Chemicals
-
Diversified
–
83,373
–
83,373
Chemicals
-
Specialty
149,868
348,658
–
498,526
Coal
–
637,505
–
637,505
Commercial
Banks
Non-US
–
159,293
–
159,293
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,
2023
through
June
30,
2023:
China
Region
Fund
Common
Stocks
(continued)
Computers
-
Memory
Devices
$
–
$
140,920
$
–
$
140,920
Distribution/Wholesale
–
15,759
–
15,759
Diversified
Banking
Institution
356,580
–
–
356,580
Diversified
Financial
Services
–
272,154
–
272,154
E-Commerce/Products
297,958
–
–
297,958
Electronic
Components
-
Miscellaneous
–
27,828
–
27,828
Energy
-
Alternate
Sources
–
64,944
–
64,944
Entertainment
Software
–
170,446
–
170,446
Internet
Content
-
Info
70,746
58,396
–
129,142
Medical
Labs
&
Testing
Services
–
246,043
–
246,043
Non-Ferrous
Metals
–
–
0
0
Oil
Companies
-
Exploration
&
Production
–
60,528
–
60,528
Power
Conversion/Supply
Equipment
–
332,470
–
332,470
Real
Estate
Management/
Services
–
63,203
–
63,203
Retail
-
Convenience
Store
–
132,583
–
132,583
Retail
-
Home
Furnishings
–
16,921
–
16,921
Semiconductor
Components
-
Integrated
Circuit
–
87,989
–
87,989
Semiconductor
Equipment
–
216,656
–
216,656
Tools
-
Hand
Held
–
91,496
–
91,496
Transportation
-
Marine
–
374,302
–
374,302
Transportation
-
Services
225,720
259,134
–
484,854
Corporate
Non-Convertible
Bond
–
238,243
–
238,243
Warrant
Mining
Services
8,636
–
–
8,636
Investments,
at
Value
$
1,494,408
$
4,727,038
$
0
$
6,221,446
*
Refer
to
the
Portfolios
of
Investments
for
a
detailed
list
of
the
Funds’
investments.
Common
Stocks
Total
Global
Luxury
Goods
Fund
Beginning
Balance
12/31/22
$
0
$
0
Net
change
in
unrealized
appreciation
(depreciation)
—
—
Ending
Balance
06/30/23
$
0
$
0
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
06/30/23
(1)
$
—
$
—
Notes
to
Portfolios
of
Investments
(
unaudited
)
(
Common
Stocks
Warrants
Total
Global
Resources
Fund
Beginning
Balance
12/31/22
$
216,060
$
—
$
216,060
Purchases
299,569
—
299,569
Transfers
442,990
—
442,990
Corporate
action
2,382
—
2,382
Net
change
in
unrealized
appreciation
(depreciation)
(27,920)
—
(27,920)
Ending
Balance
06/30/23
$
933,081
$
0
$
933,081
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
06/30/23
(1)
$
(27,920)
$
0
$
(27,920)
Common
Stock
Warrants
Total
World
Precious
Minerals
Fund
Beginning
Balance
12/31/22
$
99,889
$
0
$
99,889
Purchases
299,569
0
299,569
Corporate
Action
8,412
0
8,412
Net
change
in
unrealized
appreciation
(depreciation)
(32,139)
0
(32,139)
Ending
Balance
06/30/23
$
375,731
$
0
$
375,731
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
06/30/23
(1)
$
(32,139)
$
0
$
(32,139)
Common
Stocks
Corporate
Non-
Convertible
Bond
Total
Gold
and
Precious
Metals
Fund
Beginning
Balance
12/31/22
$
476,595
$
0
$
476,595
Net
change
in
unrealized
appreciation
(depreciation)
(176,827)
—
(176,827)
Ending
Balance
06/30/23
$
299,768
$
0
$
299,768
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
06/30/23
(1)
$
(176,827)
$
—
$
(176,827)
Common
Stocks
Total
Emerging
Europe
Fund
Beginning
Balance
12/31/22
$
0
$
0
Ending
Balance
06/30/23
$
0
$
0
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
06/30/23
(1)
$
—
$
—
Common
Stocks
Total
China
Region
Fund
Beginning
Balance
12/31/22
$
0
$
0
Ending
Balance
06/30/23
$
0
$
0
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
06/30/23
(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,
2023.
Notes
to
Portfolios
of
Investments
(
unaudited
)
Significant
unobservable
inputs
developed
by
the
Adviser
for
Level
3
investments
held
at
period
end
are
as
follows:
The
majority
of
securities
classified
as
Level
3
are
private
companies.
The
initial
valuation
is
usually
cost,
which
is
then
adjusted
as
determined
by
the
Valuation
Committee
for
subsequent
known
market
transactions
and
evaluated
for
progress
against
anticipated
milestones
and
current
operations.
An
evaluation
that
the
holding
no
longer
meets
expectations
could
result
in
the
application
of
discounts
and
a
significantly
lower
fair
valuation.
For
certain
securities,
the
last
known
market
transaction
is
increased
or
decreased
by
changes
in
a
market
index
or
industry
peers
as
approved
by
the
Valuation
Committee.
Fair
Value
at
06/30/23
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
0%
-
100%
discount
(98%
discount)
Common
Stocks
933,081
Market
Transaction
(1)
Discount
World
Precious
Minerals
Fund
Investments
in
Securities
0%
-
100%
discount
(96%
discount)
Common
Stocks
375,731
Market
Transaction
(1)
Discount
Gold
and
Precious
Metals
Fund
Investments
in
Securities
30%
-
100%
discount
(40%
discount)
Common
Stocks
299,768
Market
Transaction
(1)
Discount
Corporate
Non-Convertible
Bond
0
Market
Transaction
(1)
Discount
100%
Emerging
Europe
Fund
Investments
in
Securities
100%
Common
Stocks
0
Market
Transaction
(1)
Discount
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.
Notes
to
Portfolios
of
Investments
(
unaudited
)
Affiliated
Companies
The
Investment
Company
Act
of
1940
defines
affiliates
as
companies
in
which
the
Fund
owns
at
least
5%
of
the
outstanding
voting
securities.
The
following
is
a
summary
of
transactions
with
each
affiliated
company
during
the
period
ended
June
30,
2023.
At
June
30,
2023,
the
value
of
investments
in
affiliated
companies
was
$0,
representing
0%
of
net
assets,
and
the
total
cost
was
$27,968,676.
Shares
of
Affiliated
Companies
Global
Resources
Fund
December
31,
2022
Additions
Reductions
June
30,
2023
Caribbean
Resources
Corp.
17
—
—
17
Pacific
Green
Energy
Corp.
2,400,000
—
—
2,400,000
Values
of
Affiliated
Companies
Global
Resources
Fund
December
31,
2022
Purchases
Cost
Sales
Proceeds
June
30
,
202
3
Income
Realized
Gain
(Loss)
on
Investments
Change
in
Unrealized
Appreciation
(Depreciation)
Caribbean
Resources
Corp.
$
0
$
—
$
—
$
0
$
—
$
—
$
—
Pacific
Green
Energy
Corp.
0
—
—
0
—
—
—
$
0
$
—
$
—
$
0
$
—
$
—
$
—
Shares
of
Affiliated
Companies
World
Precious
Minerals
Fund
December
31,
2022
Additions
Reductions
June
30
,
202
3
Barsele
Minerals
Corp.
7,548,000
2,000
—
7,550,000
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
TriStar
Gold,
Inc.
28,800,000
—
—
28,800,000
Waraba
Gold
Ltd.,
2,
810
,000
5,390,000
—
8,200
,000
Waraba
Gold,
Ltd..,
144A
—
5,390,000
—
5,390,000
Values
of
Affiliated
Companies
World
Precious
Minerals
Fund
December
31,
2022
Purchases
Cost
Sales
Proceeds
June
30,
2023
Income
Realized
Gain
(Loss)
on
Investments
Change
in
Unrealized
Appreciation
(Depreciation)
Barsele
Minerals
Corp.
$
1,505,140
$
450
$
—
$
968,862
$
—
$
–
$
(536,728)
Kesselrun
Resources
Ltd
221,566
—
—
113,229
—
–
(108,337)
Kesselrun
Resources,
Ltd.
0
—
—
0
—
–
–
Mammoth
Resources
Corp.
121,861
—
—
62,276
—
–
(59,585)
TriStar
Gold,
Inc.
2,658,789
—
—
2,717,494
—
–
58,705
Waraba
Gold,
Ltd.
352,807
394,251
—
572,561
—
–
(
174,497
)
Notes
to
Portfolios
of
Investments
(
unaudited
)
At
June
30,
2023,
the
value
of
investments
in
affiliated
companies
was
$4,434,422,
representing
9.30%
of
net
assets,
and
the
total
cost
was
$7,228,642.
At
June
30,
2023,
the
value
of
investments
in
affiliated
companies
was
$0,
representing
0.00%
of
net
assets,
and
the
total
cost
was
$0.
Restricted
Securities
The
following
securities
are
subject
to
contractual
and
regulatory
restrictions
on
resale
or
transfer.
These
investments
may
involve
a
high
degree
of
business
and
financial
risk.
Because
of
the
thinly
traded
markets
for
these
investments,
a
Fund
may
be
unable
to
liquidate
its
securities
in
a
timely
manner,
especially
if
there
is
negative
news
regarding
the
specific
securities
or
the
markets
overall.
These
securities
could
decline
significantly
in
value
before
the
Fund
could
liquidate
these
securities.
The
issuer
bears
the
cost
of
registration,
if
any,
involved
in
the
disposition
of
these
securities.
As
of
June
30,
2023,
the
total
cost
of
restricted
securities
was
$426,625,
and
the
total
value
was
$0,
representing
0%
of
net
assets.
As
of
June
30,
2023,
the
total
cost
of
restricted
securities
was
$7,473,544,
and
the
total
value
was
$126,171,
representing
0.25%
of
net
assets.
World
Precious
Minerals
Fund
(cont’d)
December
31,
2022
Purchases
Cost
Sales
Proceeds
Income
Realized
Gain
(Loss)
on
Investments
Change
in
Unrealized
Appreciation
(Depreciation)
Waraba
Gold,
Ltd,,
144A
0
—
—
0
—
–
–
$
4,860,163
$
394,701
$
—
$
4,434,422
$
—
$
—
$
(820,442)
Shares
of
Affiliated
Companies
Gold
And
Precious
Metals
Fund
December
31,
2022
Additions
Reductions
March
31,
2023
Silver
X
Mining
Corp
8,000,000
—
—
8,000,000
(a)
Values
of
Affiliated
Companies
Gold
And
Precious
Metals
Fund
December
31,
2022
Purchases
Cost
Sales
Proceeds
March
31,
2023
Income
Realized
Gain
(Loss)
on
Investments
Change
in
Unrealized
Appreciation
(Depreciation)
Silver
X
Mining
Corp
$
2,245,199
$
—
$
—
$
1,690,885
$
—
$
–
$
(554,314)
(a)
(a)
At
June
30,
2023,
the
company
was
no
longer
defined
as
an
affiliate,
although
it
was
an
affiliate
company
during
the
period.
Global
Luxury
Goods
Fund
Acquisition
Date
Cost
per
Share/Unit
Infrastructure
Ventures,
Inc.
08/06/10-11/22/10
$
1.00
Global
Resources
Fund
Acquisition
Date
Cost
per
Share/Unit
I-Pulse,
Inc.,
144A
10/04/07
$
1.88
Infrastructure
Ventures,
Inc.
08/06/10-11/22/10
$
1.00
Notes
to
Portfolios
of
Investments
(
unaudited
)
As
of
June
30,
2023,
the
total
cost
of
restricted
securities
was
$43,470,
and
the
total
value
was
$0,
representing
0.00%
of
net
assets.
Emerging
Europe
Fund
Acquisition
Date
Cost
per
Share/Unit
Gazprom
Neft
PJSC
09/01/21-02/01/22
$
5.90
Statements
of
Assets
and
Liabilities
(unaudited)
See
accompanying
notes
to
financial
statements.
U.S.
Government
Securities
Ultra-Short
Bond
Fund
Investments,
at
identified
cost
$
31,242,833
Assets
Investments,
at
value:
Securities
of
unaffiliated
issuers
$
31,123,212
Cash
3,977,621
Deposits
with
brokers
–
Foreign
currencies
(Cost
$0,
$0,
$171
and
$870,067)
–
Receivables:
Dividends
and
interest
166,624
Capital
shares
sold
3,991
Investments
sold
–
From
adviser
5,772
Prepaid
expenses
19,215
Total
Assets
35,296,435
Liabilities
Due
to
broker
–
Payables:
Capital
shares
redeemed
26,874
Distributions
payable
20,804
Investments
purchased
2,000,000
Accrued
expenses
and
other
payables:
Adviser
–
Administration
and
Transfer
Agent
fees
8,302
Trustees
–
Other
expenses
26,940
Total
Liabilities
2,082,920
Net
Assets
$
33,213,515
Net
Assets
Consist
of:
Paid-in
capital
$
34,104,358
Distributable
earnings
(890,843)
Net
assets
applicable
to
capital
shares
outstanding
$
33,213,515
By
share
class
Net
Assets
Investor
Class
$
33,213,515
Capital
shares
outstanding,
an
unlimited
number
of
no
par
shares
authorized
Investor
Class
17,102,201
Net
Asset
Value,
Public
Offering
Price
and
Redemption
Price
per
share
Investor
Class
$
1.94
Near-Term
Tax
Free
Fund
Global
Luxury
Goods
Fund
Global
Resources
Fund
$
25,502,463
$
42,756,517
$
93,562,971
$
25,250,025
$
46,308,972
$
48,966,442
4,500,567
4,035,160
880,916
–
–
–
–
–
895,495
377,884
166,608
87,702
43
2,125
13,911
–
190,501
46,228
7,556
–
–
18,581
15,830
19,545
30,154,656
50,719,196
50,910,239
–
174
–
15,628
–
10,650
10,832
–
–
167,250
2,352,430
–
–
52,322
9,678
7,182
12,972
13,064
–
87
–
57,295
80,343
106,289
258,187
2,498,328
139,681
$
29,896,469
$
48,220,868
$
50,770,558
$
32,914,994
$
44,455,534
$
337,743,077
(3,018,525)
3,765,334
(286,972,519)
$
29,896,469
$
48,220,868
$
50,770,558
$
29,896,469
$
48,220,868
$
50,770,558
14,334,648
2,428,339
11,980,959
$
2.09
$
19.86
$
4.24
Statements
of
Assets
and
Liabilities
(unaudited)
See
accompanying
notes
to
financial
statements.
World
Precious
Minerals
Fund
Investments,
at
identified
cost
$
81,268,808
Assets
Investments,
at
value:
Securities
of
unaffiliated
issuers
$
42,245,429
Securities
of
affiliated
issuers
4,434,422
Cash
748,292
Deposits
with
brokers
–
Foreign
currencies
(Cost
$257,771,
$7,525,
$198,609
and
$66,774)
259,078
Receivables:
Dividends
and
interest
1,110
Capital
shares
sold
26,429
Investments
sold
59,462
From
adviser
–
Prepaid
expenses
21,059
Total
Assets
47,795,281
Liabilities
Payables:
Capital
shares
redeemed
30,169
Foreign
capital
gains
tax
payable
–
Accrued
expenses
and
other
payables:
Adviser
8,315
Administration
and
Transfer
Agent
fees
15,163
Trustees
–
Other
expenses
68,652
Total
Liabilities
122,299
Net
Assets
$
47,672,982
Net
Assets
Consist
of:
Paid-in
capital
$
445,653,539
Distributable
earnings
(397,980,557)
Net
assets
applicable
to
capital
shares
outstanding
$
47,672,982
By
share
class
Net
Assets
Investor
Class
$
47,672,982
Capital
shares
outstanding,
an
unlimited
number
of
no
par
shares
authorized
Investor
Class
29,999,776
Net
Asset
Value,
Public
Offering
Price
and
Redemption
Price
per
share
Investor
Class
$
1.59
Gold
and
Precious
Metals
Fund
Emerging
Europe
Fund
China
Region
Fund
$
89,188,658
$
10,120,692
$
6,895,652
$
92,259,461
$
10,426,442
$
6,221,446
–
–
–
7,748,082
1,682,722
369,767
–
–
–
7,504
199,438
66,640
134,107
54,585
86,246
19,017
–
–
–
–
–
–
5,961
7,012
25,052
15,888
15,182
100,193,223
12,385,036
6,766,293
213,938
–
21,454
–
58,751
–
30,044
–
–
24,749
7,214
8,134
179
–
17
205,020
42,624
31,205
473,930
108,589
60,810
$
99,719,293
$
12,276,447
$
6,705,483
$
160,288,935
$
41,799,111
$
10,260,120
(60,569,642)
(29,522,664)
(3,554,637)
$
99,719,293
$
12,276,447
$
6,705,483
$
99,719,293
$
12,276,447
$
6,705,483
10,453,256
3,019,539
1,255,309
$
9.54
$
4.07
$
5.34
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
$
–
Foreign
tax
withheld
on
dividends
–
Net
dividends
–
Interest
and
other
620,959
Total
income
620,959
Expenses:
Management
fee
81,992
Administrative
services
fee
34,053
Distribution
plan
fee
–
Transfer
agent
fees
and
expenses
14,233
Professional
fees
15,093
Custodian
fees
2,032
Shareholder
reporting
expenses
8,600
Registration
fees
9,726
Trustee
fees
and
expenses
4,518
Chief
compliance
officer
fees
2,378
Miscellaneous
expenses
18,495
Total
expenses
before
reductions
191,120
Expenses
offset
-
Note
1
H
–
Expenses
reimbursed
-
Note
3
(117,327)
Net
expenses
73,793
Net
Investment Income
547,166
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Realized
gain
(loss)
from:
Securities
from
unaffiliated
issuers
(33,009)
Foreign
currency
transactions
–
Forward
currency
contract
transactions
–
Net
realized
gain
(loss)
(33,009)
Net
change
in
unrealized
appreciation
(depreciation)
of:
Investments
in
unaffiliated
issuers
9,511
Other
assets
and
liabilities
denominated
in
foreign
currencies
–
Forward
currency
contracts
–
Net
change
in
unrealized
appreciation
(depreciation)
9,511
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
(23,498)
Net
Increase
(Decrease)
In
Net
Assets
Resulting
From
Operations
$
523,668
For
the
Six
Months
Ended
June
30,
2023
Near-Term
Tax
Free
Fund
Global
Luxury
Goods
Fund
Global
Resources
Fund
$
–
$
707,821
$
382,063
–
(104,306)
(26,019)
–
603,515
356,044
350,025
47,102
78,491
350,025
650,617
434,535
75,009
265,602
180,844
32,194
49,442
57,293
–
57,416
66,945
11,281
17,323
27,872
14,442
18,099
18,843
61,557
66,437
64,426
8,656
10,180
10,096
9,736
10,803
9,507
4,342
5,452
5,713
2,175
3,331
3,882
28,822
33,099
52,647
248,214
537,184
498,068
(61,543)
(66,414)
(64,400)
(119,164)
(32,920)
(38,601)
67,507
437,850
395,067
282,518
212,767
39,468
6,976
6,389,433
1,614,167
–
40,790
(7,270)
–
(67,733)
55,340
6,976
6,362,490
1,662,237
(58,694)
3,221,577
(2,536,506)
–
(3,838)
20,480
–
–
–
(58,694)
3,217,739
(2,516,026)
(51,718)
9,580,229
(853,789)
$
230,800
$
9,792,996
$
(814,321)
Statements
of
Operations
(unaudited)
See
accompanying
notes
to
financial
statements.
World
Precious
Minerals
Fund
Net
Investment
Income
Income
Dividends
from
unaffiliated
issuers
$
128,991
Foreign
tax
withheld
on
dividends
(776)
Net
dividends
128,215
Interest
and
other
57,263
Total
income
185,478
Expenses:
Management
fee
198,796
Administrative
services
fee
58,478
Distribution
plan
fee
68,339
Transfer
agent
fees
and
expenses
35,554
Professional
fees
18,857
Custodian
fees
15,752
Shareholder
reporting
expenses
10,506
Registration
fees
9,965
Trustee
fees
and
expenses
5,822
Chief
compliance
officer
fees
3,963
Miscellaneous
expenses
50,022
Total
expenses
before
reductions
476,054
Expenses
offset
-
Note
1
H
(15,725)
Expenses
reimbursed
-
Note
3
(56,517)
Net
expenses
403,812
Net
Investment Income
(Loss)
(218,334)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Realized
gain
(loss)
from:
Securities
from
unaffiliated
issuers
(4,371,554)
Foreign
currency
transactions
2,693
Forward
currency
contract
transactions
85,382
Net
realized
gain
(loss)
(4,283,479)
Net
change
in
unrealized
appreciation
(depreciation)
of:
Investments
in
unaffiliated
issuers
1,181,132
Investments
in
affiliated
issuers
(812,417)
Other
assets
and
liabilities
denominated
in
foreign
currencies
(78)
Forward
currency
contracts
–
Deferred
foreign
capital
gains
taxes
–
Net
change
in
unrealized
appreciation
(depreciation)
368,637
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
(3,914,842)
Net
Increase
(Decrease)
In
Net
Assets
Resulting
From
Operations
$
(4,133,176)
For
the
Six
Months
Ended
June
30,
2023
Gold
and
Precious
Metals
Fund
Emerging
Europe
Fund
China
Region
Fund
$
687,958
$
315,450
$
208,226
(99,704)
(56,859)
(12,575)
588,254
258,591
195,651
222,593
26,911
14,061
810,847
285,502
209,712
395,649
74,296
40,404
94,283
35,855
35,313
135,581
15,858
8,368
39,996
11,973
11,707
30,099
11,026
9,916
137,118
27,987
16,091
12,962
8,732
8,292
10,955
9,536
9,517
9,137
3,292
2,998
7,863
919
485
82,623
33,884
22,661
956,266
233,358
165,752
(137,065)
(19,422)
(16,087)
–
(107,925)
(92,526)
819,201
106,011
57,139
(8,354)
179,491
152,573
876,498
524,217
50,474
(19,433)
(32,582)
(2,442)
131,759
49,460
–
988,824
541,095
48,032
(3,727,622)
340,741
424,089
664,423
–
–
(2,624)
4,132
(429)
–
(4,653)
–
–
(10,631)
–
(3,065,823)
329,589
423,660
(2,076,999)
870,684
471,692
$
(2,085,353)
$
1,050,175
$
624,265
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,
2023
Year
Ended
December
31,
2022
Increase
(Decrease)
in
Net
Assets
(Unaudited)
From
operations:
Net
investment
income
$
547,166
$
288,698
Net
realized
gain
(loss)
(33,009)
(738,201)
Net
change
in
unrealized
appreciation
(depreciation)
9,511
(42,232)
Net
increase
(decrease)
in
net
assets
from
operations
523,668
(491,735)
Distributions
to
shareholders
Investor
Class
(547,178)
(296,536)
Total
distributions
paid
(547,178)
(296,536)
From
capital
share
transactions:
Proceeds
from
shares
sold
Investor
Class
4,413,160
12,374,035
Distributions
reinvested
Investor
Class
438,447
237,890
4,851,607
12,611,925
Cost
of
shares
redeemed
Investor
Class
(5,732,010)
(15,710,331)
Net
decrease
in
net
assets
from
capital
share
transactions
(880,403)
(3,098,406)
Net
Increase
(Decrease)
in
Net
Assets
(903,913)
(3,886,677)
Net
Assets
Beginning
of
period
34,117,428
38,004,105
End
of
period
$
33,213,515
$
34,117,428
Capital
Share
Activity
Investor
Class
Shares
sold
2,267,056
6,311,610
Shares
reinvested
225,826
122,497
Shares
redeemed
(2,946,568)
(8,006,250)
Net
capital
share
activity
(453,686)
(1,572,143)
Near-Term
Tax
Free
Fund
Global
Luxury
Goods
Fund
For
the
Six
Months
Ended
June
30,
2023
Year
Ended
December
31,
2022
For
the
Six
Months
Ended
June
30,
2023
Year
Ended
December
31,
2022
(Unaudited)
(Unaudited)
$
282,518
$
357,534
$
212,767
$
905,780
6,976
(1,590,204)
6,362,490
(3,870,065)
(58,694)
(624,528)
3,217,739
(10,752,613)
230,800
(1,857,198)
9,792,996
(13,716,898)
(282,529)
(356,426)
–
(2,453,924)
(282,529)
(356,426)
–
(2,453,924)
1,516,289
10,526,871
1,649,910
2,493,014
216,455
289,389
–
2,345,653
1,732,744
10,816,260
1,649,910
4,838,667
(2,662,415)
(13,113,484)
(3,543,417)
(6,013,731)
(929,671)
(2,297,224)
(1,893,507)
(1,175,064)
(981,400)
(4,510,848)
7,899,489
(17,345,886)
30,877,869
35,388,717
40,321,379
57,667,265
$
29,896,469
$
30,877,869
$
48,220,868
$
40,321,379
723,549
4,906,495
89,111
128,219
103,572
137,021
813
147,618
(1,272,903)
(6,122,017)
(188,869)
(334,899)
(445,782)
(1,078,501)
(98,945)
(59,062)
Statements
of
Changes
in
Net
Assets
See
accompanying
notes
to
financial
statements.
Global
Resources
Fund
For
the
Six
Months
Ended
June
30,
2023
Year
Ended
December
31,
2022
Increase
(Decrease)
in
Net
Assets
(Unaudited)
From
operations:
Net
investment
income
(loss)
$
39,468
$
158,402
Net
realized
gain
(loss)
1,662,237
1,352,565
Net
change
in
unrealized
appreciation
(depreciation)
(2,516,026)
(9,537,851)
Net
decrease
in
net
assets
from
operations
(814,321)
(8,026,884)
Distributions
to
shareholders
Investor
Class
–
(7,566,498)
Total
distributions
paid
–
(7,566,498)
From
capital
share
transactions:
Proceeds
from
shares
sold
Investor
Class
606,039
3,165,341
Distributions
reinvested
Investor
Class
–
7,271,011
606,039
10,436,352
Cost
of
shares
redeemed
Investor
Class
(4,074,298)
(7,610,552)
Net
increase
(decrease)
in
net
assets
from
capital
share
transactions
(3,468,259)
2,825,800
Net
Decrease
in
Net
Assets
(4,282,580)
(12,767,582)
Net
Assets
Beginning
of
period
55,053,138
67,820,720
End
of
period
$
50,770,558
$
55,053,138
Capital
Share
Activity
Investor
Class
Shares
sold
139,733
557,983
Shares
reinvested
–
1,714,861
Shares
redeemed
(950,112)
(1,434,100)
Net
capital
share
activity
(810,379)
838,744
World
Precious
Minerals
Fund
Gold
and
Precious
Metals
Fund
For
the
Six
Months
Ended
June
30,
2023
Year
Ended
December
31,
2022
For
the
Six
Months
Ended
June
30,
2023
Year
Ended
December
31,
2022
(Unaudited)
(Unaudited)
$
(218,334)
$
(890,923)
$
(8,354)
$
(140,218)
(4,283,479)
(173,726)
988,824
10,436,254
368,637
(26,978,201)
(3,065,823)
(35,433,170)
(4,133,176)
(28,042,850)
(2,085,353)
(25,137,134)
–
–
–
–
–
–
–
–
4,487,804
24,833,709
16,018,418
35,835,824
–
–
–
–
4,487,804
24,833,709
16,018,418
35,835,824
(7,181,520)
(31,603,529)
(24,303,259)
(41,837,625)
(2,693,716)
(6,769,820)
(8,284,841)
(6,001,801)
(6,826,892)
(34,812,670)
(10,370,194)
(31,138,935)
54,499,874
89,312,544
110,089,487
141,228,422
$
47,672,982
$
54,499,874
$
99,719,293
$
110,089,487
2,516,126
11,971,789
1,594,128
3,293,686
–
–
–
–
(3,944,627)
(15,112,600)
(2,426,933)
(3,963,493)
(1,428,501)
(3,140,811)
(832,805)
(669,807)
Statements
of
Changes
in
Net
Assets
See
accompanying
notes
to
financial
statements.
m
Emerging
Europe
Fund
For
the
Six
Months
Ended
June
30,
2023
Year
Ended
December
31,
2022
Increase
(Decrease)
in
Net
Assets
(Unaudited)
From
operations:
Net
investment
income
$
179,491
$
263,853
Net
realized
gain
(loss)
541,095
(8,103,548)
Net
change
in
unrealized
appreciation
(depreciation)
329,589
(1,176,988)
Net
increase
(decrease)
in
net
assets
from
operations
1,050,175
(9,016,683)
Distributions
to
shareholders
Investor
Class
–
(1,040,122)
Total
distributions
paid
–
(1,040,122)
From
capital
share
transactions:
Proceeds
from
shares
sold
Investor
Class
3,279,235
689,641
Distributions
reinvested
Investor
Class
–
997,590
3,279,235
1,687,231
Cost
of
shares
redeemed
Investor
Class
(3,868,362)
(3,282,443)
Net
decrease
in
net
assets
from
capital
share
transactions
(589,127)
(1,595,212)
Net
Increase
(Decrease)
in
Net
Assets
461,048
(11,652,017)
Net
Assets
Beginning
of
period
11,815,399
23,467,416
End
of
period
$
12,276,447
$
11,815,399
Capital
Share
Activity
Investor
Class
Shares
sold
854,001
162,987
Shares
reinvested
–
272,566
Shares
redeemed
(1,018,768)
(720,765)
Net
capital
share
activity
(164,767)
(285,212)
China
Region
Fund
For
the
Six
Months
Ended
June
30,
2023
Year
Ended
December
31,
2022
(Unaudited)
$
152,573
$
273,172
48,032
(2,335,559)
423,660
(340,422)
624,265
(2,402,809)
–
(269,089)
–
(269,089)
185,749
288,828
–
254,642
185,749
543,470
(406,504)
(949,078)
(220,755)
(405,608)
403,510
(3,077,506)
6,301,973
9,379,479
$
6,705,483
$
6,301,973
35,011
52,446
–
52,074
(77,040)
(170,645)
(42,029)
(66,125)
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
Adviser
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,
2023,
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
$3,977,621,$4,500,567,
$4,035,160,
$880,916,
$748,292,
$7,748,082,
$1,682,722,
and
$369,767,
respectively,
as
cash
reserves
at
Brown
Brothers
Harriman
&
Co.
(BBH).
C.
Fair
Valued
Securities
Pursuant
to
Rule
2a-5
under
the
Investment
Company
Act,
the
Trust’s
Board
has
designated
the
Adviser,
as
defined
in
Note
3,
as
the
Funds’
valuation
designee
to
perform
any
fair
value
determinations
for
securities
and
other
assets
held
by
the
Funds.
The
Adviser
is
subject
to
the
oversight
of
the
Board
and
certain
reporting
and
other
requirements
intended
to
provide
the
Board
the
information
needed
to
oversee
the
Adviser’s
fair
value
determinations.
The
Adviser
is
responsible
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
in
accordance
with
policies
and
procedures
that
have
been
approved
by
the
Board.
Under
these
procedures,
the
Adviser
convenes
on
a
regular
and
ad
hoc
basis
to
review
such
investments
and
considers
a
number
of
factors,
including
valuation
methodologies
and
significant
unobservable
inputs,
when
arriving
at
fair
value.
The
Board
has
approved
the
Adviser’s
fair
valuation
procedures
as
a
part
of
the
Funds’
compliance
program
and
will
review
any
changes
made
to
the
procedures.
The
Adviser
provides
fair
valuation
inputs.
In
determining
fair
valuations,
the
Adviser
considers
a
number
of
factors
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
Adviser
regularly
reviews
inputs
and
assumptions
and
performs
transactional
back-testing
and
disposition
analysis.
The
Adviser
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
Adviser
uses
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.
Fair
valuation
is
based
on
subjective
factors
and,
as
a
result,
the
fair
value
price
of
an
investment
may
differ
from
the
security’s
market
price
and
may
not
be
the
price
at
which
the
asset
may
be
sold.
Fair
valuation
could
result
in
a
different
Net
Asset
Value
(“NAV”)
than
a
NAV
determined
by
using
market
quotes.
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
Notes
to
Financial
Statements
(
unaudited
)
ex-dividend
date
except
that
certain
dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
recorded
as
soon
as
the
Fund
has
confirmed
the
ex-dividend
date.
Interest
income,
which
may
include
original
issue
discount,
is
recorded
on
an
accrual
basis.
Discounts
and
premiums
on
securities
purchased
are
accreted
and
amortized,
respectively,
on
a
yield-to-worst
basis
as
adjustments
to
interest
income.
Investment
income
is
recorded
net
of
foreign
taxes
withheld
where
recovery
of
such
taxes
is
uncertain.
Investment
income
and
realized
and
unrealized
gains
(losses)
are
allocated
to
each
Fund’s
share
class
based
on
their
respective
net
assets.
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis
and
segregate
collateral
on
their
books
with
a
value
at
least
equal
to
the
amount
of
the
commitment.
Losses
may
arise
due
to
the
changes
in
the
value
of
the
underlying
securities
or
if
the
counterparty
does
not
perform
under
the
contract.
E.
Foreign
Currency
Transactions
Some
Funds
may
invest
in
securities
of
foreign
issuers.
The
accounting
records
of
these
Funds
are
maintained
in
U.S.
dollars.
At
each
net
asset
value
determination
date,
the
value
of
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
the
current
prevailing
exchange
rate.
Security
transactions,
income
and
expenses
are
converted
at
the
prevailing
rate
of
exchange
on
the
respective
dates
of
the
transactions.
The
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’
2019,
2020,
2021
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
Notes
to
Financial
Statements
(
unaudited
)
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
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.
Notes
to
Financial
Statements
(
unaudited
)
The
Funds
will
realize
a
loss
equal
to
all
or
a
part
of
the
premium
paid
for
an
option
if
the
price
of
the
underlying
security
or
other
instrument
decreases
or
does
not
increase
by
more
than
the
premium
(in
the
case
of
a
call
option),
or
if
the
price
of
the
underlying
security
or
other
instrument
increases
or
does
not
decrease
by
more
than
the
premium
(in
the
case
of
a
put
option).
Writing
(selling)
a
put
option
tends
to
increase
a
Fund’s
exposure
to
the
underlying
instrument,
whereas
writing
a
call
option
tends
to
decrease
a
Fund’s
exposure
to
the
underlying
instrument.
The
premium
received
is
recorded
as
a
liability
in
the
Statement
of
Assets
and
Liabilities
and
subsequently
marked
to
market
to
reflect
the
current
value
of
the
option
written.
Premiums
received
from
writing
options
which
expire
are
treated
as
realized
gains.
Premiums
received
from
options
which
are
exercised
or
closed
are
added
to
the
proceeds
or
offset
against
amounts
paid
on
the
underlying
transaction
to
determine
the
realized
gain
or
loss.
Written
options
include
a
risk
of
loss
in
excess
of
the
option
premium.
A
Fund
as
a
writer
of
an
option
has
no
control
over
whether
the
underlying
instrument
may
be
sold
(call)
or
purchased
(put)
and
thus
bears
the
market
risk
of
an
unfavorable
change
in
the
price
of
the
instrument
underlying
the
written
option.
There
is
also
the
risk
a
Fund
may
not
be
able
to
enter
into
a
closing
transaction
because
of
an
illiquid
market.
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,
2023,
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.
As
of
June
30,
2023,
there
were
no
open
forward
foreign
currency
contracts.
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,
2023:
The
following
is
a
summary
of
the
effect
of
derivative
instruments
on
the
Statements
of
Operations
as
of
June
30,
2023:
Location
Global
Resources
Fund
Asset
derivatives
Investments,
at
value
Purchased
options
–
Equity
risk
$
43,300
Total
$
43,300
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
$
(86,582)
$
(536,784)
$
(717,878)
Net
realized
gain
(loss)
from
foreign
currency
transactions
Foreign
exchange
contracts
–
Currency
contract
risk
(67,733)
55,340
85,382
(154,315)
(481,444)
(632,496)
Change
in
unrealized
appreciation
(depreciation)
on
derivatives
recognized
in
income
Net
change
in
unrealized
appreciation
(depreciation)
of
investments
Purchased
options
–
Equity
risk
–
701,976
838,497
–
701,976
838,497
Total
$
(154,315)
$
220,532
$
206,001
Notes
to
Financial
Statements
(
unaudited
)
The
total
value
of
transactions
in
purchased
options
and
forward
currency
contracts
outstanding
during
the
year
ended
June
30,
2023,
were
approximately
as
follows:
Asset
(Liability)
amounts
shown
in
the
table
below
represent
amounts
for
derivative
related
instruments
at
June
30,
2023.
These
amounts
may
be
collateralized
by
cash
or
financial
instruments.
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
$
(2,444,484)
$
(347,292)
$
4,978
Net
realized
gain
(loss)
from
foreign
currency
transactions
Foreign
exchange
contracts
–
Currency
contract
risk
131,759
49,460
–
(2,312,725)
(297,832)
4,978
Change
in
unrealized
appreciation
(depreciation)
on
derivatives
recognized
in
income
Net
change
in
unrealized
appreciation
(depreciation)
of
investments
Purchased
options
–
Equity
risk
2,667,853
325,103
27,224
2,667,853
325,103
27,224
Total
$
355,128
$
27,271
$
32,202
Fund
Purchased
Options
Forward
Currency
Contracts
Global
Luxury
Goods
Fund
$
86,582
$
27,076,401
Global
Resources
Fund
–
15,891,569
World
Precious
Minerals
Fund
–
24,628,691
Gold
and
Precious
Metals
Fund
–
37,101,938
Emerging
Europe
Fund
96,372
30,841,321
China
Region
Fund
85,004
–
Gross
Asset
(Liability)
as
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
Instruments
(Received)
Pledged*
Cash
Collateral
(Received)
Pledged*
Net
Amount
Global
Resources
Assets:
Over-the-counter
derivatives
$
43,300
$
–
$
–
$
43,300
*
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
)
Note
3:
Investment
Advisory
and
Other
Agreements
U.S.
Global
Investors,
Inc.
(the
“Adviser”)
is
the
investment
adviser
to
the
Funds.
Pursuant
to
an
investment
advisory
agreement
with
the
Trust
in
effect
through
October
1,
2023,
furnishes
management
and
investment
advisory
services
and,
subject
to
the
supervision
of
the
trustees,
directs
the
investments
of
each
Fund
according
to
each
Fund’s
investment
objectives,
policies
and
limitations.
For
the
services
of
the
Adviser,
each
Fund
pays
a
base
management
or
advisory
fee
based
upon
its
net
assets.
Fees
are
accrued
daily
and
paid
monthly.
The
contractual
management
fee
for
each
fund
is:
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,
2023,
the
Funds
recorded
performance
adjustments
as
follows:
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
Notes
to
Financial
Statements
(
unaudited
)
Atlantic
Fund
Administration,
LLC,
a
wholly
owned
subsidiary
of
Apex
US
Holdings,
LLC
(d/b/a
Apex
Fund
Services)
(“Apex”)
and
the
Adviser
act
as
co-administrators
to
the
Trust.
Apex
provides
a
Principal
Executive
Officer,
a
Principal
Financial
Officer,
a
Chief
Compliance
Officer
and
and
Anti-Money
Laundering
Officer
to
each
Fund,
as
well
as
certain
additional
compliance
and
administrative
support
functions.
Apex
also
provides
fund
accounting
services
to
each
Fund.
The
fees
related
to
these
services
are
included
in
Administration
Fees
within
the
Statement
of
Operations.
Apex
also
provides
certain
shareholder
report
production
and
EDGAR
conversion
and
filing
services.
Pursuant
to
an
Apex
services
agreement,
each
Fund
pays
Apex
customary
fees
for
its
services.
The
U.S.
Government
Securities
Ultra-Short
Bond,
Near-Term
Tax
Free,
Global
Luxury
Goods,
Global
Resources,
World
Precious
Minerals,
Gold
and
Precious
Metals,
Emerging
Europe
and
China
Region
Funds
compensate
the
Adviser
at
an
annual
rate
of
0.05%
of
the
average
daily
net
assets
of
each
Fund
for
administrative
services
provided.
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,
2023,
were
limited
as
follows:
U.S.
Government
Securities
Ultra-Short
Bond
Fund
at
0.45%,
Global
Resources
Fund,
World
Precious
Minerals
Fund,
Gold
and
Precious
Metals
Fund,
Emerging
Europe
Fund
and
China
Region
Fund
at
1.75%.
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,
2024.
The
Adviser
has
also
contractually
limited
the
total
operating
expenses
of
the
Global
Luxury
Goods
Fund
at
1.75%
on
an
annualized
basis
through
April
30,
2024.
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.
Fund
Investor
Class
Performance
Fee
Adjustment
Global
Luxury
Goods
$
35,937
Global
Resources
(73,547)
World
Precious
Minerals
(74,561)
Gold
and
Precious
Metals
(92,442)
Emerging
Europe
(4,993)
China
Region
(1,434)
3:
Investment
Advisory
and
Other
Agreements
Notes
to
Financial
Statements
(
unaudited
)
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.
Note
4:
Investments
Cost
of
purchases
and
proceeds
from
sales
of
long-term
securities
for
the
period
ended
June
30,
2023,
are
summarized
as
follows:
Note
5:
Tax
Information
The
following
table
presents
the
income
tax
basis
of
securities
owned
at
June
30,
2023,
and
the
tax
basis
components
of
net
unrealized
appreciation
(depreciation):
As
of
December
31,
2022,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
Fund
Purchases
Sales
U.S.
Government
Securities
Ultra-Short
Bond
$
7,007,000
$
17,257,966
Near-Term
Tax
Free
1,127,176
1,945,345
Global
Luxury
Goods
49,092,285
50,591,930
Global
Resources
19,913,232
19,584,050
World
Precious
Minerals
5,635,704
8,870,518
Gold
and
Precious
Metals
29,335,581
35,893,807
Emerging
Europe
10,602,022
11,228,823
China
Region
6,133,164
5,713,446
Fund
Aggregate
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
U.S.
Government
Securities
Ultra-Short
Bond
$
31,242,833
$
2
$
(119,623)
$
(119,621)
Near-Term
Tax
Free
25,502,463
15,374
(267,812)
(252,438)
Global
Luxury
Goods
42,756,517
7,601,97
9
(4,049,524)
3,552,45
5
Global
Resources
93,562,971
12,773,320
(57,369,849)
(44,596,529)
World
Precious
Minerals
81,268,808
12,689,753
(47,278,710)
(34,588,957)
Gold
and
Precious
Metals
89,188,658
21,125,86
7
(18,055,064)
3,070,80
3
Emerging
Europe
10,120,692
1,610,997
(1,305,247)
305,750
China
Region
6,895,652
257,646
(931,852)
(674,206)
3:
Investment
Advisory
and
Other
Agreements
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,
2022,
the
Funds
recorded
the
following
reclassifications
to
increase
(decrease)
the
accounts
listed
below:
Fund
Undistributed
Tax-Exempt
Income
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Capital
and
Other
Losses
U.S.
Government
Securities
Ultra-Short
Bond
$
–
$
–
$
–
$
(738,201)
Near-Term
Tax
Free
–
–
–
(2,773,052)
Global
Luxury
Goods
–
18,822
–
(5,888,696)
Global
Resources
–
27,135
–
(232,847,030)
World
Precious
Minerals
–
–
–
(339,680,116)
Gold
and
Precious
Metals
–
–
–
(63,129,822)
Emerging
Europe
–
491,162
–
(30,700,103)
China
Region
–
27,163
–
(3,058,858)
Fund
(continued)
Net
Unrealized
Appreciation
(Depreciation)
Other
Temporary
Differences
Total
U.S.
Government
Securities
Ultra-Short
Bond
$
(129,132)
$
–
$
(867,333)
Near-Term
Tax
Free
(193,744)
–
(2,966,796)
Global
Luxury
Goods
(157,788)
–
(6,027,662)
Global
Resources
(53,338,303)
–
(286,158,198)
World
Precious
Minerals
(54,167,265)
–
(393,847,381)
Gold
and
Precious
Metals
4,645,533
–
(58,484,289)
Emerging
Europe
(363,898)
–
(30,572,839)
China
Region
(1,147,207)
–
(4,178,902)
Fund
Distributable
Earnings
Paid
in
Capital
U.S.
Government
Securities
Ultra-Short
Bond
$
423
$
(423)
Near-Term
Tax
Free
379
(379)
Global
Luxury
Goods
–
–
Global
Resources
32
(32)
World
Precious
Minerals
7,177,393
(7,177,393)
Gold
and
Precious
Metals
2,390,192
(2,390,192)
Emerging
Europe
–
–
China
Region
–
–
Notes
to
Financial
Statements
(
unaudited
)
The
tax
character
of
distributions
paid
during
the
fiscal
year
ended
December
31,
2022,
were
as
follows:
The
tax
character
of
distributions
paid
during
the
fiscal
year
ended
December
31,
2021,
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,
2022,
are
as
follows:
During
the
year
ended
December
31,
2022,
the
following
Funds
utilized
capital
loss
carryforwards
to
offset
capital
gains
amounting
to:
Fund
Tax-Exempt
Income
Ordinary
Income
Long-Term
Capital
Gains
Return
of
Capital
Total
U.S.
Government
Securities
Ultra-Short
Bond
$
–
$
289,109
$
7,427
$
–
$
296,536
Near-Term
Tax
Free
318,228
39,685
–
–
357,913
Global
Luxury
Goods
–
1,914,604
539,320
–
2,453,924
Global
Resources
–
7,566,498
–
–
7,566,498
World
Precious
Minerals
–
–
–
–
–
Gold
and
Precious
Metals
–
–
–
–
–
Emerging
Europe
–
1,040,122
–
–
1,040,122
China
Region
–
269,089
–
–
269,089
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
No
Expiration
Fund
Short-Term
Long-Term
Total
U.S.
Government
Securities
Ultra-Short
Bond
$
399,114
$
339,087
$
738,201
Near-Term
Tax
Free
1,047,597
1,725,455
2,773,052
Global
Luxury
Goods
5,472,181
–
5,472,181
Global
Resources
162,716,293
70,130,737
232,847,030
World
Precious
Minerals
87,933,232
251,746,884
339,680,116
Gold
and
Precious
Metals
44,281,020
18,848,802
63,129,822
Emerging
Europe
20,246,404
10,453,699
30,700,103
China
Region
2,543,653
515,205
3,058,858
Notes
to
Financial
Statements
(
unaudited
)
For
tax
purposes,
the
Funds
have
current
year
deferred
late
year
losses
as
follows:
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
in��uenced
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.
Fund
Gold
and
Precious
Metals
$
8,104,139
Fund
Post
October
31,
2022
Capital
Loss
Deferral
Post
October
31,
2022
Ordinary
Loss
Deferral
Global
Luxury
Goods
$
–
$
416,515
Notes
to
Financial
Statements
(
unaudited
)
These
investments
present
risks
resulting
from
disruptive
political
or
economic
conditions
and
the
potential
imposition
of
adverse
governmental
laws
or
currency
exchange
restrictions
affecting
the
area.
Note
7:
Credit
Arrangements
Each
of
the
Funds
has
an
uncommitted
credit
facility
with
BBH.
On
April
24,
2019,
the
Adviser
opted
to
convert
the
committed
line
of
credit
into
an
uncommitted
line
of
credit.
As
a
result,
the
Adviser
is
no
longer
obligated
to
pay
commitment
fees
to
BBH.
Borrowings
of
each
Fund
are
collateralized
by
any
or
all
of
the
securities
held
by
BBH
as
the
Funds’
custodian
up
to
the
amount
of
the
borrowing.
Interest
on
borrowings
is
charged
at
the
current
overnight
Federal
Funds
Rate
plus
2
percent.
Each
Fund
has
a
maximum
borrowing
limit
of
10
percent
of
qualified
assets.
The
aggregate
of
borrowings
by
all
Funds
under
the
agreement
cannot
exceed
$10,000,000
at
any
one
time.
There
were
no
borrowings
under
the
credit
facility
during
the
period
ended
June
30,
2023.
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
8:
New
Accounting
Pronouncement
In
June
2022,
the
Financial
Accounting
Standards
Board
issued
Accounting
Standards
Update
2022-03,
which
amends
Fair
Value
Measurement
(Topic
820);
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions
(“ASU
2022-
03”).
ASU
2022-03
clarifies
guidance
for
fair
value
measurement
of
an
equity
security
subject
to
a
contractual
sale
restriction
and
establishes
new
disclosure
requirements
for
such
equity
securities.
ASU
2022-03
is
effective
for
fiscal
years
beginning
after
December
15,
2023,
and
for
interim
periods
within
those
fiscal
years,
with
early
adoption
permitted.
Management
is
currently
evaluating
the
impact
of
these
amendments
on
the
financial
statements.
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,
2023
(unaudited)
Ratios
to
Average
Net
Assets:
Six
Months
Ended
June
30,
2023
(unaudited)
Year
Ended
December
31,
2022
2021
2020
2019
2018
Net
asset
value,
beginning
of
period
$
1.94
$
1.99
$
2.00
$
2.00
$
2.00
$
2.00
Investment
Activities
Net
investment
income
(loss)
*
0.03
0.02
(0.01
)
0.00
(a)
0.03
0.02
Net
realized
and
unrealized
gain
(loss)
(0.00
)
(a)
(0.05
)
(0.00
)
(a)
0.01
0.00
(a)
0.00
(a)
Total
from
investment
activities
0.03
(0.03
)
(0.01
)
0.01
0.03
0.02
Distributions
From
net
investment
income
(0.03
)
(0.02
)
–
(0.01
)
(0.03
)
(0.02
)
From
net
realized
gains
–
(0.00
)
(a)
(0.00
)
(a)
–
(0.00
)
(a)
–
Net
asset
value,
end
of
period
$
1.94
$
1.94
$
1.99
$
2.00
$
2.00
$
2.00
Total
Return
(b)
1.67
%
(1.66
)%
(0.44
)%
0.32
%
1.50
%
1.15
%
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
3.34
%
0.82
%
(0.32
)%
0.24
%
1.47
%
1.14
%
Total
expenses
1.17
%
1.13
%
1.06
%
1.05
%
1.00
%
0.99
%
Expenses
waived
or
reimbursed
(c)
(0.72
)%
(0.68
)%
(0.61
)%
(0.60
)%
(0.55
)%
(0.54
)%
Net
expenses
(d)
0.45
%
0.45
%
0.45
%
0.45
%
0.45
%
0.45
%
Portfolio
turnover
rate
50
%
46
%
78
%
127
%
97
%
32
%
Net
assets,
end
of
period
(in
thousands)
$33,214
$34,117
$38,004
$40,262
$42,681
$47,290
*
Based
on
average
shares
outstanding.
(a)
The
per
share
amount
does
not
round
to
a
full
penny.
(b)
Assumes
investment
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
distributions
and
a
complete
redemption
of
the
investment
at
the
net
asset
value
at
the
end
of
the
period.
(c)
Expenses
waived
or
reimbursed
reflect
reductions
to
total
expenses,
as
discussed
in
the
notes
to
the
financial
statements.
These
amounts
would
increase
the
net
investment
loss
ratio
or
decrease
the
net
investment
income
ratio,
as
applicable,
and
decrease
the
total
returns
had
such
reductions
not
occurred.
(d)
The
net
expense
ratios
shown
above
reflect
expenses
after
waivers
and
reimbursements
and
include
the
effect
of
reductions
to
total
expenses
for
any
expenses
offset.
Expense
offset
arrangements
reduce
total
expenses,
as
discussed
in
the
notes
to
the
financial
statements.
These
amounts
would
decrease
the
net
investment
income
(loss)
ratio
had
such
reductions
not
occurred.
The
effect
of
expenses
offset
are
as
follows:
(e)
Portfolio
turnover
is
not
shown
for
periods
that
the
Fund
was
a
money
market
fund.
Near-Term
Tax
Free
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Six
Months
Ended
June
30,
2023
(unaudited)
Ratios
to
Average
Net
Assets:
Six
Months
Ended
June
30,
2023
(unaudited)
Year
Ended
December
31,
2022
2021
2020
2019
2018
Net
asset
value,
beginning
of
period
$
2.09
$
2.23
$
2.26
$
2.22
$
2.20
$
2.21
Investment
Activities
Net
investment
income
*
0.02
0.02
0.02
0.02
0.03
0.03
Net
realized
and
unrealized
gain
(loss)
(0.00
)
(a)
(0.14
)
(0.03
)
0.04
0.02
(0.01
)
Total
from
investment
activities
0.02
(0.12
)
(0.01
)
0.06
0.05
0.02
Distributions
From
net
investment
income
(0.02
)
(0.02
)
(0.02
)
(0.02
)
(0.03
)
(0.03
)
Net
asset
value,
end
of
period
$
2.09
$
2.09
$
2.23
$
2.26
$
2.22
$
2.20
Total
Return
(b)
0.94
%
(5.23
)%
(0.46
)%
2.93
%
2.18
%
0.73
%
Ratios
to
Average
Net
Assets:
Net
investment
income
1.88
%
1.08
%
0.86
%
1.11
%
1.25
%
1.17
%
Total
expenses
1.65
%
1.20
%
1.13
%
1.09
%
1.05
%
1.01
%
Expenses
waived
or
reimbursed
(c)
(1.20
)%
(0.75
)%
(0.68
)%
(0.64
)%
(0.60
)%
(0.56
)%
Net
expenses
(d)
0.45
%
0.45
%
0.45
%
0.45
%
0.45
%
0.45
%
Portfolio
turnover
rate
6
%
57
%
20
%
20
%
35
%
16
%
Net
assets,
end
of
period
(in
thousands)
$29,896
$30,878
$35,389
$41,762
$43,061
$49,914
*
Based
on
average
shares
outstanding.
(a)
The
per
share
amount
does
not
round
to
a
full
penny.
(b)
Assumes
investment
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
distributions
and
a
complete
redemption
of
the
investment
at
the
net
asset
value
at
the
end
of
the
period.
(c)
Expenses
waived
or
reimbursed
reflect
reductions
to
total
expenses,
as
discussed
in
the
notes
to
the
financial
statements.
These
amounts
would
increase
the
net
investment
loss
ratio
or
decrease
the
net
investment
income
ratio,
as
applicable,
and
decrease
the
total
returns
had
such
reductions
not
occurred.
(d)
The
net
expense
ratios
shown
above
reflect
expenses
after
waivers
and
reimbursements
and
include
the
effect
of
reductions
to
total
expenses
for
any
expenses
offset.
Expense
offset
arrangements
reduce
total
expenses,
as
discussed
in
the
notes
to
the
financial
statements.
These
amounts
would
decrease
the
net
investment
income
(loss)
ratio
had
such
reductions
not
occurred.
The
effect
of
expenses
offset
are
as
follows:
(e)
Effect
on
the
expense
ratio
was
not
greater
than
0.005%.
Global
Luxury
Goods
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Six
Months
Ended
June
30,
2023
(unaudited)
Ratios
to
Average
Net
Assets:
Six
Months
Ended
June
30,
2023
(unaudited)
Year
Ended
December
31,
2022
2021
2020
2019
2018
Net
asset
value,
beginning
of
period
$
15.95
$
22.30
$
20.59
$
17.09
$
15.36
$
19.52
Investment
Activities
Net
investment
income
(loss)
*
0.08
0.36
(0.14
)
(0.04
)
(0.02
)
(0.06
)
Net
realized
and
unrealized
gain
(loss)
3.83
(5.69
)
5.28
3.56
2.14
(1.61
)
Total
from
investment
activities
3.91
(5.33
)
5.14
3.52
2.12
(1.67
)
Distributions
From
net
investment
income
–
(0.57
)
(0.21
)
(0.02
)
–
–
From
net
realized
gains
–
(0.45
)
(3.22
)
–
(0.39
)
(2.49
)
Net
asset
value,
end
of
period
$
19.86
$
15.95
$
22.30
$
20.59
$
17.09
$
15.36
Total
Return
(a)
24.51
%
(23.85
)%
25.02
%
20.62
%
13.84
%
(8.28
)%
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
0.93
%
2.03
%
(0.60
)%
(0.25
)%
(0.14
)%
(0.32
)%
Total
expenses
2.34
%
1.75
%
1.99
%
1.76
%
1.69
%
1.77
%
Expenses
waived
or
reimbursed
(b)
(0.43
)%
(0.20
)%
(0.06
)%
(0.01
)%
(0.15
)%
(0.06
)%
Net
expenses
(c)
1.91
%
1.55
%
1.93
%
1.75
%
1.54
%
1.71
%
Portfolio
turnover
rate
115
%
248
%
177
%
308
%
292
%
(d)
245
%
Net
assets,
end
of
period
(in
thousands)
$48,221
$40,321
$57,667
$49,567
$35,076
$33,848
*
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%.
Global
Resources
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Six
Months
Ended
June
30,
2023
(unaudited)
Ratios
to
Average
Net
Assets:
Six
Months
Ended
June
30,
2023
(unaudited)
Year
Ended
December
31,
2022
2021
2020
2019
2018
Net
asset
value,
beginning
of
period
$
4.30
$
5.67
$
5.97
$
4.61
$
4.33
$
6.09
Investment
Activities
Net
investment
income
(loss)
*
0.00
(a)
0.01
(0.01
)
0.01
0.10
0.12
Net
realized
and
unrealized
gain
(loss)
(0.06
)
(0.71
)
0.78
1.68
0.27
(1.67
)
Total
from
investment
activities
(0.06
)
(0.70
)
0.77
1.69
0.37
(1.55
)
Distributions
From
net
investment
income
–
(0.67
)
(1.07
)
(0.33
)
(0.09
)
(0.21
)
Net
asset
value,
end
of
period
$
4.24
$
4.30
$
5.67
$
5.97
$
4.61
$
4.33
Total
Return
(b)
(1.40
)%
(12.10
)%
13.43
%
37.17
%
8.55
%
(25.48
)%
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
0.15
%
0.25
%
(0.22
)%
0.22
%
2.15
%
2.05
%
Total
expenses
1.86
%
1.60
%
1.90
%
2.09
%
1.61
%
1.57
%
Expenses
waived
or
reimbursed
(c)
(0.38
)%
(0.06
)%
–
(0.06
)%
(0.08
)%
(0.06
)%
Net
expenses
(d)
1.48
%
1.54
%
1.90
%
2.03
%
1.53
%
1.51
%
Portfolio
turnover
rate
40
%
46
%
135
%
105
%
129
%
(e)
119
%
Net
assets,
end
of
period
(in
thousands)
$50,771
$55,053
$67,821
$63,891
$55,739
$60,699
*
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,
2023
(unaudited)
Ratios
to
Average
Net
Assets:
Six
Months
Ended
June
30,
2023
(unaudited)
Year
Ended
December
31,
2022
2021
2020
2019
2018
Net
asset
value,
beginning
of
period
$
1.73
$
2.58
$
5.26
$
3.31
$
2.70
$
4.69
Investment
Activities
Net
investment
loss
*
(0.01
)
(0.03
)
(0.09
)
(0.07
)
(0.04
)
(0.03
)
Net
realized
and
unrealized
gain
(loss)
(0.13
)
(0.82
)
(0.74
)
2.38
0.65
(1.49
)
Total
from
investment
activities
(0.14
)
(0.85
)
(0.83
)
2.31
0.61
(1.52
)
Distributions
From
net
investment
income
–
–
(1.85
)
(0.36
)
–
(0.47
)
Net
asset
value,
end
of
period
$
1.59
$
1.73
$
2.58
$
5.26
$
3.31
$
2.70
Total
Return
(a)
(8.09
)%
(32.95
)%
(14.19
)%
70.60
%
22.59
%
(31.67
)%
Ratios
to
Average
Net
Assets:
Net
investment
loss
(0.80
)%
(1.31
)%
(1.77
)%
(1.77
)%
(1.31
)%
(0.77
)%
Total
expenses
1.74
%
1.62
%
1.93
%
1.81
%
1.55
%
1.52
%
Expenses
waived
or
reimbursed
(b)
(0.26
)%
(0.09
)%
–
–
(0.04
)%
(0.04
)%
Net
expenses
(c)
1.48
%
1.53
%
1.93
%
1.81
%
1.51
%
1.48
%
Portfolio
turnover
rate
11
%
25
%
41
%
34
%
20
55
%
Net
assets,
end
of
period
(in
thousands)
$47,673
$54,500
$89,313
$116,247
$75,818
$69,117
*
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%.
Gold
and
Precious
Metals
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Six
Months
Ended
June
30,
2023
(unaudited)
Ratios
to
Average
Net
Assets:
Six
Months
Ended
June
30,
2023
(unaudited)
Year
Ended
December
31,
2022
2021
2020
2019
2018
Net
asset
value,
beginning
of
period
$
9.75
$
11.81
$
13.53
$
10.14
$
6.70
$
7.96
Investment
Activities
Net
investment
loss
*
(0.00
)
(a)
(0.01
)
(0.01
)
(0.09
)
(0.07
)
(0.06
)
Net
realized
and
unrealized
gain
(loss)
(0.21
)
(2.05
)
(1.46
)
3.84
3.51
(1.08
)
Total
from
investment
activities
(0.21
)
(2.06
)
(1.47
)
3.75
3.44
(1.14
)
Distributions
From
net
investment
income
–
–
(0.25
)
(0.36
)
–
(0.12
)
Net
asset
value,
end
of
period
$
9.54
$
9.75
$
11.81
$
13.53
$
10.14
$
6.70
Total
Return
(b)
(2.15
)%
(17.44
)%
(10.82
)%
37.06
%
51.34
%
(14.29
)%
Ratios
to
Average
Net
Assets:
Net
investment
loss
(0.02
)%
(0.11
)%
(0.07
)%
(0.82
)%
(0.90
)%
(0.87
)%
Total
expenses
1.76
%
1.55
%
1.82
%
1.60
%
1.59
%
1.76
%
Expenses
waived
or
reimbursed
(c)
(0.25
)%
(0.03
)%
–
(0.01
)%
(0.08
)%
(0.06
)%
Net
expenses
(d)
1.51
%
1.52
%
1.82
%
1.59
%
1.51
%
1.70
%
Portfolio
turnover
rate
29
%
55
%
56
%
37
%
36
%
(e)
74
%
Net
assets,
end
of
period
(in
thousands)
$99,719
$110,089
$141,228
$160,318
$123,577
$86,106
*
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,
2023
(unaudited)
Ratios
to
Average
Net
Assets:
Six
Months
Ended
June
30,
2023
(unaudited)
Year
Ended
December
31,
2022
2021
2020
2019
2018
Net
asset
value,
beginning
of
period
$
3.71
$
6.76
$
6.10
$
7.70
$
6.05
$
7.29
Investment
Activities
Net
investment
income
*
0.05
0.09
0.15
0.05
0.21
0.14
Net
realized
and
unrealized
gain
(loss)
0.31
(2.79
)
0.57
(1.43
)
1.59
(1.38
)
Total
from
investment
activities
0.36
(2.70
)
0.72
(1.38
)
1.80
(1.24
)
Distributions
From
net
investment
income
–
(0.35
)
(0.06
)
(0.22
)
(0.15
)
–
Net
asset
value,
end
of
period
$
4.07
$
3.71
$
6.76
$
6.10
$
7.70
$
6.05
Total
Return
(a)
9.70
%
(39.84
)%
11.75
%
(17.94
)%
29.76
%
(17.01
)%
Ratios
to
Average
Net
Assets:
Net
investment
income
2.83
%
2.02
%
2.24
%
0.76
%
3.08
%
2.05
%
Total
expenses
3.68
%
3.92
%
2.49
%
2.82
%
2.36
%
2.43
%
Expenses
waived
or
reimbursed
(b)
(2.01
)%
(1.05
)%
–
(0.16
)%
(0.06
)%
(0.04
)%
Net
expenses
(c)
1.67
%
2.87
%
2.49
%
2.66
%
2.30
%
2.39
%
Portfolio
turnover
rate
96
%
184
%
169
%
198
%
87
%
81
%
Net
assets,
end
of
period
(in
thousands)
$12,276
$11,815
$23,467
$24,276
$36,453
$31,150
*
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%.
China
Region
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Six
Months
Ended
June
30,
2023
(unaudited)
Ratios
to
Average
Net
Assets:
Six
Months
Ended
June
30,
2023
(unaudited)
Year
Ended
December
31,
2022
2021
2020
2019
2018
Net
asset
value,
beginning
of
period
$
4.86
$
6.88
$
9.99
$
9.12
$
7.56
$
11.53
Investment
Activities
Net
investment
income
(loss)
*
0.12
0.21
(0.02
)
(0.08
)
0.07
0.10
Net
realized
and
unrealized
gain
(loss)
0.36
(2.02
)
(1.81
)
1.14
1.59
(3.84
)
Total
from
investment
activities
0.48
(1.81
)
(1.83
)
1.06
1.66
(3.74
)
Distributions
From
net
investment
income
–
(0.21
)
–
(0.05
)
(0.10
)
(0.08
)
From
net
realized
gains
–
–
(1.28
)
(0.14
)
–
(0.15
)
Net
asset
value,
end
of
period
$
5.34
$
4.86
$
6.88
$
9.99
$
9.12
$
7.56
Total
Return
(a)
9.88
%
(26.27
)%
(18.32
)%
11.75
%
21.99
%
(32.46
)%
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
4.56
%
3.72
%
(0.26
)%
(0.88
)%
0.77
%
0.96
%
Total
expenses
4.95
%
4.23
%
3.14
%
3.56
%
2.95
%
2.66
%
Expenses
waived
or
reimbursed
(b)
(3.24
)%
(1.96
)%
(0.75
)%
(0.87
)%
(0.51
)%
(0.22
)%
Net
expenses
(c)
1.71
%
2.27
%
2.39
%
2.69
%
2.44
%
2.44
%
Portfolio
turnover
rate
101
%
211
%
278
%
243
%
95
%
109
%
Net
assets,
end
of
period
(in
thousands)
$6,705
$6,302
$9,379
$13,547
$14,459
$13,253
*
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%.
Additional
Information
(
unaudited
)
Change
in
Independent
Registered
Accounting
Firm
On
March
9,
2023,
BBD
LLP
(“BBD”)
ceased
to
serve
as
the
independent
registered
public
accounting
firm
of
the
Funds.
The
Audit
Committee
of
the
Board
of
Directors
approved
the
replacement
of
BBD
as
a
result
of
Cohen
&
Company,
Ltd.’s
(“Cohen”)
acquisition
of
BBD’s
investment
management
group.
The
reports
of
BBD
on
the
financial
statements
of
the
Funds
as
of
and
for
the
fiscal
years
ended
December
31,
2021
and
December
31,
2022
did
not
contain
an
adverse
opinion
or
a
disclaimer
of
opinion,
and
were
not
qualified
or
modified
as
to
uncertainties,
audit
scope
or
accounting
principles.
During
the
years
ended
December
31,
2021
and
December
31,
2022,
and
during
the
subsequent
interim
period
through
March
9,
2023:
(i)
there
were
no
disagreements
between
the
Funds
and
BBD
on
any
matter
of
accounting
principles
or
practices,
financial
statement
disclosure,
or
auditing
scope
or
procedure,
which
disagreements,
if
not
resolved
to
the
satisfaction
of
BBD,
would
have
caused
it
to
make
reference
to
the
subject
matter
of
the
disagreements
in
its
report
on
the
financial
statements
of
the
Funds
for
such
years
or
interim
period;
and
(ii)
there
were
no
“reportable
events,”
as
defined
in
Item
304(a)(1)(v)
of
Regulation
S-K
under
the
Securities
Exchange
Act
of
1934,
as
amended.
The
Funds
requested
that
BBD
furnish
it
with
a
letter
addressed
to
the
U.S.
Securities
and
Exchange
Commission
stating
that
it
agrees
with
the
above
statements.
A
copy
of
such
letter
is
filed
as
an
exhibit
to
Form
N-CSR.
On
March
17,
2023,
the
Audit
Committee
of
the
Board
of
Directors
also
recommended
and
approved
the
appointment
of
Cohen
as
the
Fund’s
independent
registered
public
accounting
firm
for
the
fiscal
year
ending
December
31,
2023.
During
the
fiscal
years
ended
December
31,
2021
and
December
31,
2022,
and
during
the
subsequent
interim
period
through
March
17,
2023,
neither
the
Funds,
nor
anyone
acting
on
its
behalf,
consulted
with
Cohen
on
behalf
of
the
of
Funds
regarding
the
application
of
accounting
principles
to
a
specified
transaction
(either
completed
or
proposed),
the
type
of
audit
opinion
that
might
be
rendered
on
the
Funds’
financial
statements,
or
any
matter
that
was
either:
(i)
the
subject
of
a
“disagreement,”
as
defined
in
Item
304(a)(1)(iv)
of
Regulation
S-K
and
the
instructions
thereto;
or
(ii)
"reportable
events,"
as
defined
in
Item
304(a)(1)(v)
of
Regulation
S-K.
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.
Additional
Information
(
unaudited
)
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,
2023
to
June
30,
2023)
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,
2023
Ending
Account
Value
June
30,
2023
Expenses
Paid
During
Period
*
U.S.
Government
Securities
Ultra-Short
Bond
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
1,016.72
$
2.25
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,022.56
$
2.26
Near-Term
Tax
Free
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
1,009.40
$
2.24
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,022.56
$
2.26
Global
Luxury
Goods
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
1,245.14
$
10.19
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,015.72
$
9.15
Global
Resources
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
986.05
$
7.24
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,017.50
$
7.35
World
Precious
Minerals
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
919.08
$
6.99
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,017.50
$
7.35
Gold
and
Precious
Metals
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
978.46
$
7.60
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,017.11
$
7.75
Emerging
Europe
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
1,094.34
$
9.09
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,016.12
$
8.75
China
Region
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
1,098.76
$
8.43
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,016.76
$
8.10
*
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,
2023,
were
0.45%,
0.45%,
1.47%,
1.47%,
1.55%,
1.75%,
1.62%
and
1.83%,
respectively,
for
the
U.S.
Government
Securities
Ultra-Short
Bond,
Near-Term
Tax
Free,
Global
Resources,
World
Precious
Minerals,
Gold
and
Precious
Metals,
Emerging
Europe,
China
Region
and
Global
Luxury
Goods
Funds.
The
dollar
amounts
shown
as
"Expenses
Paid"
are
equal
to
the
annualized
expense
ratio
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181,
the
number
of
days
in
the
period,
then
divided
by
365
days
in
the
current
fiscal
year.
Rev.
08/2016
FACTS
WHAT
DOES
U.S.
GLOBAL
INVESTORS
DO
WITH
YOUR
PERSONAL
INFORMATION?
Why?
Financial
companies
choose
how
they
share
your
personal
information.
Federal
law
gives
consumers
the
right
to
limit
some
but
not
all
sharing.
Federal
law
also
requires
us
to
tell
you
how
we
collect,
share,
and
protect
your
personal
information.
Please
read
this
notice
carefully
to
understand
what
we
do.
What?
The
types
of
personal
information
we
collect
and
share
depend
on
the
product
or
service
you
have
with
us.
This
information
can
include:
Social
Security
number
and
account
balances
retirement
assets
and
checking
account
information
account
transactions
and
wire
transfer
instructions
When
you
are
no
longer
our
customer,
we
continue
to
share
your
information
as
described
in
this
notice.
How?
All
financial
companies
need
to
share
customers’
personal
information
to
run
their
everyday
business.
In
the
section
below,
we
list
the
reasons
financial
companies
can
share
their
customers’
personal
information;
the
reasons
U.S.
Global
Investors
chooses
to
share;
and
whether
you
can
limit
this
sharing.
Reasons
we
can
share
your
personal
information
Does
U.S.
Global
Investors
share?
Can
you
limit
this
sharing?
For
our
everyday
business
purposes
—
Yes
No
Such
as
to
process
your
transactions,
maintain
your
account(s),
respond
to
court
orders
and
legal
investigations,
or
report
to
credit
bureaus
For
our
marketing
purposes
—
Yes
No
to
offer
our
products
and
services
to
you
For
joint
marketing
with
other
financial
companies
No
We
don’t
share
For
our
affiliates’
everyday
business
purposes
—
No
We
don’t
share
information
about
your
transactions
and
experiences
For
our
affiliates’
everyday
business
purposes
—
No
We
don’t
share
information
about
your
creditworthiness
For
nonaffiliates
to
market
to
you
No
We
don’t
share
Questions?
Call
1-800-US-FUNDS
(1-800-873-8637)
or
go
to
www.usfunds.com
Who
we
are
Who
is
providing
this
notice?
U.S.
Global
Investors,
Inc.
and
U.S.
Global
Investors
Funds
(collectively
known
as
U.S.
Global
Investors)
What
we
do
How
does
U.S.
Global
Investors
protect
my
personal
information?
To
protect
your
personal
information
from
unauthorized
access
and
use,
we
use
security
measures
that
comply
with
federal
law.
These
measures
include
computer
safeguards
and
secured
files
and
buildings.
How
does
U.S.
Global
Investors
collect
my
personal
information?
We
collect
your
personal
information,
for
example,
when
you
open
an
account
or
provide
account
information
make
deposits
or
withdrawals
from
your
account
make
a
wire
transfer
tell
us
where
to
send
the
money
We
also
collect
your
personal
information
from
other
companies
Why
can’t
I
limit
all
sharing?
Federal
law
gives
you
the
right
to
limit
only
sharing
for
affiliates’
everyday
business
purposes
—
information
about
your
creditworthiness
affiliates
from
using
your
information
to
market
to
you
sharing
for
nonaffiliates
to
market
to
you
State
laws
and
individual
companies
may
give
you
additional
rights
to
limit
sharing.
Definitions
Affiliates
Companies
related
by
common
ownership
or
control.
They
can
be
financial
and
nonfinancial
companies.
Our
affiliates
include
U.S.
Global
Investors,
Inc.
and
U.S.
Global
Investors
Funds.
Nonaffiliates
Companies
not
related
by
common
ownership
or
control.
They
can
be
financial
and
nonfinancial
companies.
Nonaffiliates
we
share
personal
information
with
include
companies
that
perform
marketing
on
our
behalf,
printing
and
mailing
companies,
and
companies
that
service
your
account(s).
Joint
marketing
A
formal
agreement
between
nonaffiliated
financial
companies
that
together
market
financial
products
or
services
to
you.
U.S.
Global
Investors
doesn’t
jointly
market.
Apex
Fund
Services
3
Canal
Plaza,
Suite
600
Portland,
ME
04101
Want
to
reduce
paper
waste?
You
can
receive
this
report
and
other
important
documents
electronically.
Please
visit
www.usfunds.com
and
sign
up
at
Access
My
Account.
If
you
need
further
assistance,
please
call
us
at
800-873-8637.
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
(a)(1) Not applicable.
(a)(3) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant U.S. Global Investors Funds
| By: | /s/ Zachary Tackett | |
| | Zachary Tackett, Principal Executive Officer | |
| | | |
| Date: | August 30, 2023 | |
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/ Zachary Tackett | |
| | Zachary Tackett, Principal Executive Officer | |
| | | |
| Date: | August 30, 2023 | |
| By: | /s/ Karen Shaw | |
| | Karen Shaw, Principal Financial Officer | |
| | | |
| Date: | August 30, 2023 | |
