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

As filed with the Securities and Exchange Commission on March 3, 2022

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-01800

U.S. GLOBAL INVESTORS FUNDS

Three Canal Plaza, Suite 600

Portland, Maine 04101

Jessica Chase, Principal Executive Officer

Three Canal Plaza, Suite 600

Portland, Maine 04101

207-347-2000

Date of fiscal year end: December 31

Date of reporting period: January 1, 2021 – December 31, 2021

ITEM 1. REPORT TO STOCKHOLDERS.

U.S.

Global

Investors

Funds

Annual

Report

December

31,

2021

U.S.

Global

Investors

Funds

Annual

Report

December

31,

2021

Table

of

Contents

Letter

to

Shareholders

(unaudited)

1

Definitions

for

Management

Teams’

Perspectives

(unaudited)

8

Management

Team’s

Perspective

(unaudited)

11

Portfolios

of

Investments

40

Notes

to

Portfolios

of

Investments

75

Statements

of

Assets

and

Liabilities

90

Statements

of

Operations

94

Statements

of

Changes

in

Net

Assets

98

Notes

to

Financial

Statements

104

Financial

Highlights

119

Report

of

Independent

Registered

Public

Accounting

Firm

127

Trustees

and

Officers

(unaudited)

128

Approval

of

Investment

Advisory

Agreement

(unaudited)

130

Additional

Information

(unaudited)

134

Expense

Example

(unaudited)

136

Apex

Fund

Services

3

Canal

Plaza,

Suite

600

Portland,

ME

04101

Nasdaq

Symbols

(unaudited)

U.S.

Global

Investors

Funds

Investor

Class

U.S.

Government

Securities

Ultra-Short

Bond

Fund

UGSDX

Near-Term

Tax

Free

Fund

NEARX

Global

Luxury

Goods

Fund

(formerly

known

as

Holmes

Macro

Trends

Fund)

USLUX

Global

Resources

Fund

PSPFX

World

Precious

Minerals

Fund

UNWPX

Gold

and

Precious

Metals

Fund

USERX

Emerging

Europe

Fund

EUROX

China

Region

Fund

USCOX

1

U.S.

Global

Investors

Funds

(unaudited)

Dear

Fellow

Shareholder,

The

great

gold

Love

Trade

appears

to

be

alive

and

well,

despite

gold

having

a

down

year

in

2021.

India,

the

second

largest

consumer

of

the

yellow

metal

after

China,

reported

spending

a

record

$55.7

billion

on

gold

imports

last

year.

That’s

more

than

double

the

amount

from

2020

and

surpasses

the

previous

record

high

of

$53.9

billion,

set

in

2011.

In

volume

terms,

the

South

Asian

country

imported

1,050

tonnes

of

gold

in

2021,

the

most

in

a

decade,

according

to

reporting

by

Reuters.

As

many

of

you

are

well

aware,

gold

has

long

been

an

incredibly

important

metal,

both

culturally

and

economically,

to

India

and

its

people.

It’s

considered

auspicious

to

give

gifts

of

gold

coins

and

jewelry

during

certain

holidays

and

weddings,

and

according

to

some

estimates,

Indian

women

own

more

gold

than

all

the

bullion

combined

in

Fort

Knox.

It’s

a

good

sign

for

global

demand

that

gold

imports

were

so

high

in

2021.

For

one,

it

suggests

that

couples

who

had

to

postpone

weddings

on

account

of

Covid

lockdowns

now

feel

confident

enough

to

move

forward

with

their

plans.

And

two,

it

shows

that

the

middle

consumer

class

in

India

is

cash-rich

enough

to

absorb

higher

gold

prices.

The

average

annual

price

of

the

metal

in

2021

was

just

under

$1,800

per

ounce,

the

highest

it’s

ever

been.

In

fact,

if

you

look

at

its

price

going

back

to

2000,

gold

has

been

up

86%

of

the

time

on

an

average

annual

basis.

This

is

a

more

important

metric

to

gold

producers

than

the

metal’s

daily

swings.

2

U.S.

Global

Investors

Funds

(unaudited)

Historically

Low

Volatility,

Strong

Liquidity

Investors

seeking

other

reasons

to

add

to

their

gold

position

may

look

to

the

asset’s

historically

low

volatility

and

strong

liquidity.

According

to

the

World

Gold

Council

(WGC),

gold

is

the

third

most

liquid

asset

in

the

world

following

the

S&P

500

and

U.S.

Treasuries.

On

average,

the

precious

metal

trades

more

than

$100

billion

per

day

around

the

world,

with

about

$60

billion

of

that

in

spot

contracts,

gold

futures

and

bullion-backed

ETFs.

And

then

there’s

volatility.

When

compared

to

other

alternative

investments,

from

cryptocurrencies

to

real

estate

investment

trusts

(REITs)

to

farmland,

gold

has

the

lowest

annualized

volatility

of

any

asset

except

for

commodities

as

a

whole.

All

told,

these

two

qualities

can

help

investors

potentially

improve

the

risk-adjusted

returns

of

their

portfolios.

I’ve

always

recommended

a

10%

weighting

in

gold,

with

5%

in

physical

gold

or

jewelry,

and

5%

in

gold

mining

stocks,

mutual

funds

and

ETFs.

Make

sure

you

rebalance

at

least

once

a

year,

if

not

more

frequently.

I’m

proud

to

share

with

you

that

our

Gold

and

Precious

Metals

Fund

(USERX)

achieved

an

overall

four-star

rating

from

Morningstar

for

the

period

ended

December

31,

2021,

based

on

risk-adjusted

returns.

Commodities

Had

Their

Best

Year

Since

2009

Commodities

as

a

whole

had

a

phenomenal

year,

due

in

large

part

to

inflation

triggered

by

unprecedented

global

monetary

and

fiscal

stimulus.

The

Bloomberg

Commodity

Spot

Index

ended

2021

with

a

gain

of

27%,

the

biggest

yearly

jump

since

2009,

when

the

financial

crisis

similarly

prompted

governments

and

central

banks

to

flood

their

economies

with

liquidity.

The

best

performing

commodity

component

was

energy,

with

natural

gas

up

close

to

47%,

crude

oil

up

55%

and

Powder

River

Basin

coal

up

an

eye-popping

160%.

Energy

increased

at

double

the

rate

as

the

second-best

category,

industrial

metals.

Aluminum

led

these

materials

with

an

increase

of

42%,

followed

by

zinc

(up

31%),

nickel

(26%),

copper

(26%)

and

lead

(18%).

3

U.S.

Global

Investors

Funds

(unaudited)

Fossil

Fuels

Surged

on

Stronger-Than-Expected

Demand

A

January

5,

2022

article

appeared

in

the

Wall

Street

Journal

,

penned

by

Bjorn

Lomborg,

author

of

False

Alarm:

How

Climate

Change

Panic

Costs

Us

Trillions,

Hurts

the

Poor

and

Fails

to

Fix

the

Planet

.

Lomborg

believes

that

today’s

soaring

energy

prices

are

“likely

a

sign

of

things

to

come,”

thanks

to

world

governments’

climate

policies.

Specifically,

he

takes

aim

at

unreasonable

decarbonization

efforts:

“Limiting

the

use

of

fossil

fuels

requires

making

them

more

expensive

and

pushing

people

toward

green

alternatives

that

remain

pricier

and

less

efficient.”

Indeed,

I’m

sure

many

of

you

felt

the

pain

at

the

pump

this

past

year,

and

families

in

Europe

continue

to

deal

with

all-time

high

energy

prices.

You

might

think

that

coal

use

is

rapidly

on

the

decline,

but

believe

it

or

not,

coal-fired

power

generation

reached

an

all-time

high

last

year,

driven

by

demand

for

cheap

energy

in

China,

India

and

other

emerging

economies.

Because

production

has

not

kept

up

with

demand,

this

pushed

coal

prices

to

record

highs

in

2021,

making

electricity,

not

to

mention

food

and

transportation,

even

less

affordable

for

families

residing

in

countries

that

haven’t

fully

phased

out

fossil

fuels.

It

may

make

sense,

then,

to

maintain

positions

in

companies

that

are

involved

in

the

exploration

and

production

of

fossil

fuels,

prices

for

which

may

stay

higher

for

longer,

and

renewable

energy.

That’s

precisely

what

our

Global

Resources

Fund

(PSPFX)

seeks

to

do.

At

the

same

time

that

the

fund

invests

in

traditional

producers

and

explorers

such

as

ConocoPhillips

and

EOG

Resources,

PSPFX

also

makes

strategic

allocations

to

companies

leading

the

transition

to

renewables—Siemens

Gamesa

Renewable

Energy

and

Canadian

Solar,

for

instance—as

well

as

the

firms

that

supply

them

with

the

essential

metals

and

minerals.

4

U.S.

Global

Investors

Funds

(unaudited)

Luxury

Goods

Sales

Have

Recovered

to

Pre-Pandemic

Growth

After

plunging

due

to

the

global

health

crisis,

the

personal

luxury

goods

market

returned

to

pre-pandemic

growth

in

2021,

with

sales

estimated

to

top

283

billion

euros

($325

billion),

according

to

a

new

report

by

Bain

&

Company.

That

would

represent

a

slight

increase

from

then-record

sales

of

281

billion

euros

($318

billion)

in

2019.

Bain

analysts

note

that

these

figures

include

only

high-end

merchandise,

from

leather

handbags

to

jewelry

to

fragrances.

Luxury

“experiences,”

such

as

travel

and

dining,

still

lag

2019

levels

due

to

the

ongoing

pandemic.

The

V-shaped

recovery

was

largely

powered

by

the

U.S.

and

China,

with

U.S.

consumers

outspending

their

Chinese

counterparts

by

1.5

times,

the

report

says.

That’s

despite

the

fact

that

the

luxury

market

in

China

has

nearly

doubled

since

2019.

Consumers

there

are

so

hungry

for

luxury

brands

that

Louis

Vuitton

is

reportedly

considering

opening

its

first

duty-free

store

in

China,

on

the

island-province

of

Hainan,

which

has

rapidly

become

a

luxury

shopping

destination

for

Chinese

tourists

unable

to

travel

overseas

due

to

pandemic

restrictions.

Bain’s

report

helps

underscore

the

reason

why

I

was

interested

in

providing

an

easy

way

for

investors

to

gain

access

to

the

luxury

goods

market.

As

I’ve

said

before,

there

was

initially

some

pushback

to

the

idea,

especially

during

the

pandemic.

Our

Global

Luxury

Goods

Fund

(USLUX)

became

available

in

July

2020

after

changing

its

name

and

investment

strategy.

Since

then,

it’s

done

better

than

even

I

imagined.

For

the

12-month

period

through

December

31,

2021,

USLUX

beat

its

benchmark,

the

S&P

Global

Luxury

Index,

on

impressive

revenue

generated

by

many

of

the

fund’s

top

holdings

such

as

LVMH

and

Prada.

That

also

includes

Tesla,

which

now

ranks

third

among

luxury

automakers

in

the

U.S.,

having

surpassed

Mercedes-Benz

in

sales

during

the

first

nine

months

of

2021.

Toyota-owned

Lexus

holds

the

number

two

spot

while

BMW,

also

held

in

USLUX,

tops

the

list.

5

U.S.

Global

Investors

Funds

(unaudited)

Thank

you

for

your

continued

trust

and

confidence

in

U.S.

Global

Investors.

We

wish

you

and

your

family

good

health

and

prosperity

in

the

New

Year.

Sincerely,

Frank

E.

Holmes

CEO

and

Chief

Investment

Officer

U.S.

Global

Investors,

Inc.

Please

consider

carefully

a

fund’s

investment

objectives,

risks,

charges

and

expenses.

For

this

and

other

important

information,

obtain

a

fund

prospectus

by

visiting

www.usfunds.

com

or

by

calling

1-800-US-FUNDS

(1-800-873-8637).

Read

it

carefully

before

investing.

Foreside

Fund

Services,

LLC,

Distributor.

U.S.

Global

Investors

is

the

investment

adviser.

Total

Annualized

Returns

as

of

12/31/2021:

Performance

data

quoted

above

is

historical.

Past

performance

is

no

guarantee

of

future

results.

Results

reflect

the

reinvestment

of

dividends

and

other

earnings.

For

a

portion

of

periods,

the

fund

had

expense

limitations,

without

which

returns

would

have

been

lower.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

The

principal

value

and

investment

return

of

an

investment

will

fluctuate

so

that

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Performance

does

not

include

the

effect

of

any

direct

fees

described

in

the

fund’s

prospectus

which,

if

applicable,

would

lower

your

total

returns.

Performance

quoted

for

periods

of

one

year

or

less

is

cumulative

and

not

annualized.

Obtain

performance

data

current

to

the

most

recent

month-end

at

www.

usfunds.com

or

1-800-US-FUNDS.

Fund

One-Year

Five-Year

Ten-Year

Gross

Expense

Ratio

Global

Luxury

Goods

Fund

25.02%

13.41%

10.86%

1.76%

S&P

Global

Luxury

Goods

Index

23.26%

22.00%

15.10%

n/a

Luxury

Goods

Sales

Have

Recovered

to

Pre-Pandemic

Growth

After

plunging

due

to

the

global

health

crisis,

the

personal

luxury

goods

market

returned

to

pre-pandemic

growth

in

2021,

with

sales

estimated

to

top

283

billion

euros

($325

billion),

according

to

a

new

report

by

Bain

&

Company.

That

would

represent

a

slight

increase

from

then-record

sales

of

281

billion

euros

($318

billion)

in

2019.

Bain

analysts

note

that

these

figures

include

only

high-end

merchandise,

from

leather

handbags

to

jewelry

to

fragrances.

Luxury

“experiences,”

such

as

travel

and

dining,

still

lag

2019

levels

due

to

the

ongoing

pandemic.

The

V-shaped

recovery

was

largely

powered

by

the

U.S.

and

China,

with

U.S.

consumers

outspending

their

Chinese

counterparts

by

1.5

times,

the

report

says.

That’s

despite

the

fact

that

the

luxury

market

in

China

has

nearly

doubled

since

2019.

Consumers

there

are

so

hungry

for

luxury

brands

that

Louis

Vuitton

is

reportedly

considering

opening

its

first

duty-free

store

in

China,

on

the

island-province

of

Hainan,

which

has

rapidly

become

a

luxury

shopping

destination

for

Chinese

tourists

unable

to

travel

overseas

due

to

pandemic

restrictions.

Bain’s

report

helps

underscore

the

reason

why

I

was

interested

in

providing

an

easy

way

for

investors

to

gain

access

to

the

luxury

goods

market.

As

I’ve

said

before,

there

was

initially

some

pushback

to

the

idea,

especially

during

the

pandemic.

Our

Global

Luxury

Goods

Fund

(USLUX)

became

available

in

July

2020

after

changing

its

name

and

investment

strategy.

Since

then,

it’s

done

better

than

even

I

imagined.

For

the

12-month

period

through

December

31,

2021,

USLUX

beat

its

benchmark,

the

S&P

Global

Luxury

Index,

on

impressive

revenue

generated

by

many

of

the

fund’s

top

holdings

such

as

LVMH

and

Prada.

That

also

includes

Tesla,

which

now

ranks

third

among

luxury

automakers

in

the

U.S.,

having

surpassed

Mercedes-Benz

in

sales

during

the

first

nine

months

of

2021.

Toyota-owned

Lexus

holds

the

number

two

spot

while

BMW,

also

held

in

USLUX,

tops

the

list.

6

U.S.

Global

Investors

Funds

(unaudited)

Morningstar

ratings

based

on

risk-adjusted

return

and

number

of

funds

Category:

Equity

Precious

Metals

Through:

12/31/2021

Morningstar

Ratings

are

based

on

risk-adjusted

return.

The

Morningstar

Rating

for

a

fund

is

derived

from

a

weighted-average

of

the

performance

figures

associated

with

its

three-,

five-

and

ten-year

Morningstar

Rating

metrics.

Past

performance

does

not

guarantee

future

results.

For

each

fund

with

at

least

a

three-year

history,

Morningstar

calculates

a

Morningstar

Rating

based

on

a

Morningstar

Risk-Adjusted

Return

measure

that

accounts

for

variation

in

a

fund’s

monthly

performance

(including

the

effects

of

sales

charges,

loads,

and

redemption

fees),

placing

more

emphasis

on

downward

variations

and

rewarding

consistent

performance.

The

top

10%

of

funds

in

each

category

receive

5

stars,

the

next

22.5%

receive

4

stars,

the

next

35%

receive

3

stars,

the

next

22.5%

receive

2

stars

and

the

bottom

10%

receive

1

star.

(Each

share

class

is

counted

as

a

fraction

of

one

fund

within

this

scale

and

rated

separately,

which

may

cause

slight

variations

in

the

distribution

percentages.)

Foreside

Fund

Services,

LLC,

Distributor.

U.S.

Global

Investors

is

the

investment

adviser.

Mutual

fund

investing

involves

risk.

Principal

loss

is

possible.

Foreign

and

emerging

market

investing

involves

special

risks

such

as

currency

fluctuation

and

less

public

disclosure,

as

well

as

economic

and

political

risk.

Because

the

Global

Resources

Fund

concentrates

its

investments

in

specific

industries,

the

fund

may

be

subject

to

greater

risks

and

fluctuations

than

a

portfolio

representing

a

broader

range

of

industries.

By

investing

in

a

specific

geographic

region,

a

regional

fund’s

returns

and

share

price

may

be

more

volatile

than

those

of

a

less

concentrated

portfolio.

The

risk

of

concentrating

investments

in

this

group

of

industries

will

make

the

fund

more

susceptible

to

risk

in

these

industries

than

funds

which

do

not

concentrate

their

investments

in

an

industry

and

may

make

the

fund’s

performance

more

volatile.

Companies

in

the

consumer

discretionary

sector

are

subject

to

risks

associated

with

fluctuations

in

the

performance

of

domestic

and

international

economies,

interest

rate

changes,

increased

competition

and

consumer

confidence. Gold,

precious

metals,

and

precious

minerals

funds

may

be

susceptible

to

adverse

economic,

political

or

regulatory

developments

due

to

concentrating

in

a

single

theme.

The

prices

of

gold,

precious

metals,

and

precious

minerals

are

subject

to

substantial

price

fluctuations

over

short

periods

of

time

and

may

be

affected

by

unpredicted

international

monetary

and

political

policies.

We

suggest

investing

no

more

than

5%

to

10%

of

your

portfolio

in

these

sectors.

7

U.S.

Global

Investors

Funds

(unaudited)

It

is

not

possible

to

invest

in

an

index.

The

S&P

500

Index

includes

500

leading

U.S.

companies

and

covers

approximately

80%

of

available

market

capitalization.

The

Bloomberg

Commodity

Index

provides

broad-based

exposure

to

commodities,

and

no

single

commodity

or

commodity

sector

dominates

the

index.

The

S&P

GSCI

is

broad-based

and

product

weighted

to

represent

the

global

commodity

market

beta.

The

S&P

Global

Luxury

Index

is

comprised

of

80

of

the

largest

publicly-traded

companies

engaged

in

the

production

or

distribution

of

luxury

services

that

meet

specific

investibility

requirements.

Fund

portfolios

are

actively

managed,

and

holdings

may

change

daily.

Holdings

are

reported

as

of

the

most

recent

quarter-end.

Holdings

are

not

a

recommendation

to

buy

or

sell

a

security.

Holdings

in

the

Gold

and

Precious

Metals

Fund,

Global

Resources

Fund

and

Global

Luxury

Goods

Fund

as

a

percentage

of

net

assets

as

of

12/31/2021:

ConocoPhillips

(0.00%

in

Gold

and

Precious

Metals

Fund,

1.06%

in

Global

Resources

Fund,

0.00%

in

Global

Luxury

Goods

Fund),

EGO

Resources

Inc.

(0.00%

in

Gold

and

Precious

Metals

Fund,

1.31%

in

Global

Resources

Fund,

0.00%

in

Global

Luxury

Goods

Fund),

Siemens

Gamesa

Renewable

Energy

S.A.

(0.00%

in

Gold

and

Precious

Metals

Fund,

1.23%

in

Global

Resources

Fund,

0.00%

in

Global

Luxury

Goods

Fund

),

Canadian

Solar

Inc.

(0.00%

in

Gold

and

Precious

Metals

Fund,

1.61%

in

Global

Resources

Fund,

0.00%

in

Global

Luxury

Goods

Fund),

LVMH

Moet

Hennessy

Louis

Vuitton

S.A.

(0.00%

in

Gold

and

Precious

Metals

Fund,

0.00%

in

Global

Resources

Fund,

1.63%

in

Global

Luxury

Goods

Fund),

Prada

SpA

(0.00%

in

Gold

and

Precious

Metals

Fund,

0.00%

in

Global

Resources

Fund,

0.78%

in

Global

Luxury

Goods

Fund),

Tesla

Inc.

(0.00%

in

Gold

and

Precious

Metals

Fund,

0.00%

in

Global

Resources

Fund,

8.17%

in

Global

Luxury

Goods

Fund),

Toyota

Motor

Corp.

(0.00%

in

Gold

and

Precious

Metals

Fund,

Global

Resources

Fund

and

Global

Luxury

Goods

Fund),

Bayerische

Motoren

Werke

AG

(0.00%

in

Gold

and

Precious

Metals

Fund,

0.00%

in

Global

Resources

Fund,

3.99%

in

Global

Luxury

Goods

Fund).

All

opinions

expressed

and

data

provided

are

subject

to

change

without

notice.

Some

of

these

opinions

may

not

be

appropriate

to

every

investor.

8

Definitions

for

Management

Teams’

Perspectives

(unaudited)

Benchmark

Index

Definitions

Returns

for

indices

reflect

no

deduction

for

fees,

expenses

or

taxes,

unless

noted.

The

Bloomberg

Barclays

U.S.

Treasury

Bills

6-9

Months

Total

Return

Index

tracks

the

performance

of

U.S.

Treasury

Bills

with

a

maturity

of

six

to

nine

months.

The

Bloomberg

Barclays

3

Year

Municipal

Bond

Index

is

a

total

return

benchmark

designed

for

municipal

assets.

The

index

includes

bonds

with

a

minimum

credit

rating

of

BAA3,

that

are

issued

as

part

of

a

deal

of

at

least

$50

million,

have

an

amount

outstanding

of

at

least

$5

million

and

have

a

maturity

of

two

to

four

years.

The

FTSE

Gold

Mines

Index

encompasses

all

gold

mining

companies

that

have

a

sustainable

and

attributable

gold

production

of

at

least

300,000

ounces

a

year

and

that

derive

75%

or

more

of

their

revenue

from

mined

gold.

The

Hang

Seng

Composite

Index

is

a

market-capitalization

weighted

index

that

covers

about

95%

of

the

total

market

capitalization

of

companies

listed

on

the

Main

Board

of

the

Hong

Kong

Stock

Exchange.

The

MSCI

Emerging

Markets

Europe

10/40

Index

(Net

Total

Return)

is

a

free

float-

adjusted

market

capitalization

index

that

is

designed

to

measure

equity

performance

in

the

emerging

market

countries

of

Europe

(Czech

Republic,

Greece,

Hungary,

Poland,

Russia

and

Turkey).

The

index

is

calculated

on

a

net

return

basis

(i.e.,

reflects

the

minimum

possible

dividend

reinvestment

after

deduction

of

the

maximum

rate

withholding

tax).

The

index

is

periodically

rebalanced

relative

to

the

constituents’

weights

in

the

parent

index.

The

NYSE

Arca

Gold

Miners

Index

is

a

modified

market

capitalization-weighted

index

comprised

of

publicly-traded

companies

involved

primarily

in

the

mining

for

gold

and

silver.

The

S&P

Global

Natural

Resources

Index

(Net

Total

Return)

includes

90

of

the

largest

publicly-traded

companies

in

natural

resources

and

commodities

businesses

that

meet

specific

investability

requirements,

offering

investors

diversified,

liquid

and

investable

equity

exposure

across

3

primary

commodity-related

sectors:

Agribusiness,

Energy,

and

Metals

&

Mining.

The

index

is

calculated

on

a

net

return

basis

(i.e.,

reflects

the

minimum

possible

dividend

reinvestment

after

deduction

of

the

maximum

rate

withholding

tax).

The

S&P

500

Index

is

a

widely

recognized

capitalization-weighted

index

of

500

common

stock

prices

in

U.S.

companies.

The

S&P

Composite

1500

Index

is

a

broad-based

capitalization-weighted

index

of

1500

U.S.

companies

and

is

comprised

of

the

S&P

400,

the

S&P

500

and

the

S&P

600.

Other

Index

Definitions

The

Bloomberg

Barclays

U.S.

Municipal

Index

covers

the

USD-denominated

long-term

tax

exempt

bond

market.

The

index

has

four

main

sectors:

state

and

local

general

obligation

bonds,

revenue

bonds,

insured

bonds

and

pre-refunded

bonds.

9

Definitions

for

Management

Teams’

Perspectives

(unaudited)

The

Cboe

Volatility

Index

is

a

calculation

designed

to

produce

a

measure

of

constant,

30-day

expected

volatility

of

the

U.S.

stock

market,

derived

from

real-time,

mid-quote

prices

of

the

S&P

500

Index

call

and

put

options.

The

CSI

300

is

a

capitalization-weighted

stock

market

index

designed

to

replicate

the

performance

of

the

top

300

stocks

traded

on

the

Shanghai

Stock

Exchange

and

the

Shenzhen

Stock

Exchange.

The

Dow

Jones

Industrial

Average

is

a

price-weighted

measure

of

30

U.S.

blue-chip

companies.

The

index

covers

all

industries

except

transportation

and

utilities.

The

Hang

Seng

Index

is

a

capitalization-weighted

index

of

33

companies

that

represent

approximately

70

percent

of

the

total

market

capitalization

of

The

Stock

Exchange

of

Hong

Kong.

The

Institute

of

Supply

Management

(ISM)

Manufacturing

Purchasing

Managers

Index

(PMI)

Report

on

Business

is

based

on

data

compiled

from

monthly

replies

to

questions

asked

of

purchasing

and

supply

executives

in

over

400

industrial

companies.

For

each

of

the

indicators

measured

(New

Orders,

Backlog

of

Orders,

New

Export

Orders,

Imports,

Production,

Supplier

Deliveries,

Inventories,

Customers

Inventories,

Employment,

and

Prices),

this

report

shows

the

percentage

reporting

each

response,

the

net

difference

between

the

number

of

responses

in

the

positive

economic

direction

and

the

negative

economic

direction

and

the

diffusion

index.

Responses

are

raw

data

and

are

never

changed.

The

Purchasing

Manager’s

Index

(PMI)

is

an

indicator

of

the

economic

health

of

the

manufacturing

sector.

The

PMI

index

is

based

on

five

major

indicators:

new

orders,

inventory

levels,

production,

supplier

deliveries

and

the

employment

environment.

The

MOEX

Russia

Index

is

cap-weighted

composite

index

calculated

based

on

prices

of

the

most

liquid

Russian

stocks

of

the

largest

and

dynamically

developing

Russian

issues

presented

on

the

Moscow

Exchange.

The

MSCI

China

Index

captures

large

and

mid-cap

representation

across

China

A

shares,

H

shares,

B

shares,

Red

chips,

P

chips

and

foreign

listings.

With

697

constituents,

the

index

covers

about

85%

of

this

China

equity

universe.

The

MSCI

Emerging

Markets

(EM)

Index

was

launched

in

1988

including

10

countries

with

a

weight

of

about

0.9%

in

the

MSCI

ACWI

Index.

Currently,

it

captures

26

countries

across

the

globe

and

has

a

weight

of

12%

in

the

MSCI

ACWI

Index.

The

MSCI

Emerging

Markets

Europe

Index

is

a

free

float-adjusted

market

capitalization

index

that

is

designed

to

measure

equity

market

performance

in

the

emerging

markets

countries

of

Europe

(Czech

Republic,

Hungary,

Poland,

Russia,

and

Turkey).

The

Nasdaq

Composite

Index

measures

all

Nasdaq

domestic

and

international

based

common

type

stocks

listed

on

The

Nasdaq

Stock

Market.

To

be

eligible

for

inclusion

in

the

Index,

the

security’s

U.S.

listing

must

be

exclusively

on

The

Nasdaq

Stock

Market

(unless

the

10

Definitions

for

Management

Teams’

Perspectives

(unaudited)

security

was

dually

listed

on

another

U.S.

market

prior

to

January

1,

2004

and

has

continuously

maintained

such

listing).

The

S&P

Global

Luxury

Index

is

comprised

of

80

of

the

largest

publicly-traded

companies

engaged

in

the

production

or

distribution

of

luxury

goods

or

the

provision

of

luxury

services

that

meet

specific

investibility

requirements.

The

U.S.

Dollar

Index

is

an

index

of

the

value

of

the

United

States

dollar

relative

to

a

basket

of

foreign

currencies,

often

referred

to

as

a

basket

of

U.S.

trade

partners’

currencies.

The

Warsaw

Stock

Exchange

Index

(WIG)

is

the

oldest

stock

exchange

index,

calculated

at

the

first

market

session.

The

basic

index

values

are

calculated

on

the

basis

of

the

prices

of

shares

of

all

stock

exchange

companies

with

at

least

10%

of

freely-traded

shares

with

a

value

equivalent

to

1

million

euro.

WIG

is

a

total-return

index,

and

the

revenues

from

both

dividends

and

subscription

rights

are

taken

into

account

in

its

calculation.

The

Wilderhill

Clean

Energy

Index

is

designed

to

deliver

capital

appreciation

through

the

selection

of

companies

that

focus

on

greener

and

generally

renewable

sources

of

energy

and

technologies

that

facilitate

cleaner

energy.

11

U.S.

Government

Securities

Ultra-Short

Bond

Fund

(unaudited)

Management

Team’s

Perspective

Introduction

The

U.S.

Government

Securities

Ultra-Short

Bond

Fund

(UGSDX)

is

designed

to

be

used

as

an

investment

that

takes

advantage

of

the

security

of

U.S.

Government

bonds

and

obligations,

while

simultaneously

pursuing

a

higher

level

of

current

income

than

money

market

funds

offer.

The

fund’s

dollar-weighted

average

effective

maturity

is

two

years

or

less.

Performance

Graph

U.S.

Government

Securities

Ultra-Short

Bond

Fund

Average

Annual

Performance

For

the

Periods

Ended

December

31,

2021

One

Year

Five

Year

Ten

Year

U.S.

Government

Securities

Ultra-Short

Bond

Fund

(0.44)%

0.64%

0.44%

Bloomberg

Barclays

U.S.

Treasury

Bills

6-9

Months

Total

Return

Index

0.04%

1.27%

0.73%

Performance

data

quoted

above

is

historical.

Past

performance

is

no

guarantee

of

future

results.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

The

principal

value

and

investment

return

of

an

investment

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

For

all

or

a

portion

of

the

periods,

the

fund

had

expense

limitations

and

reimbursements

to

maintain

a

minimum

yield,

without

which

returns

would

have

been

lower.

The

above

returns

for

the

U.S.

Government

Securities

Ultra-Short

Bond

Fund

include

the

fund’s

results

as

a

money

market

fund

through

the

date

of

its

conversion

(December

20,

2013)

to

an

ultra-short

bond

fund,

and

therefore

are

not

representative

of

the

fund’s

results

had

it

operated

as

an

ultra-short

bond

fund

for

the

full

term

of

the

periods

shown.

Returns

greater

than

one

year

are

annualized.

Gross

expense

ratio

as

stated

in

the

most

recent

prospectus

is

1.05%.

Pursuant

to

a

voluntary

arrangement,

the

Adviser

has

agreed

to

limit

total

fund

operating

expenses

(exclusive

of

any

acquired

fund

fees

and

expenses,

performance

fees,

taxes,

brokerage

commissions

and

interest)

to

not

exceed

0.45%.

The

Adviser

can

modify

or

terminate

this

arrangement

at

any

time.

In

addition,

returns

may

include

the

effects

of

additional

voluntary

waivers

of

fees

and

reimbursements

of

expenses

by

the

Adviser,

including

waivers

and

reimbursements

to

maintain

a

minimum

net

yield

for

the

fund.

See

Definitions

for

Management

Teams’

Perspectives

for

index

definitions.

Please

visit

our

website

at

www.usfunds.com

for

updated

performance

information

for

different

time

periods.

12

U.S.

Government

Securities

Ultra-Short

Bond

Fund

(unaudited)

The

Year

in

Review

–

Economic

and

Political

Issues

that

Affected

the

Fund

Yields

fluctuated

as

waves

of

Covid-19

disrupted

the

U.S.

and

world.

Yields

initially

looked

to

climb

in

the

first

quarter

but

soon

began

a

downward

drift

that

would

plunge

as

virus

cases

surged

as

we

entered

the

summer.

Benchmark

yields

rose

to

just

under

5

basis

points

(bp)

and

held

those

levels

into

September.

Inflation

finally

hit

home

as

we

entered

the

fourth

quarter

and

the

Federal

Reserve

was

no

longer

talking

about

transitory

inflation.

At

subsequent

Fed

meetings,

the

expectations

of

a

more

hawkish

tone

prevailed.

By

the

end

of

November,

the

benchmark’s

yield

had

climbed

to

10

bp

but

then

surged

to

20

bp

by

year

end.

Investment

Highlights

The

U.S.

Government

Securities

Ultra-Short

Bond

Fund

returned

a

negative

0.44%

for

the

year

ended

December

31,

2021,

underperforming

its

benchmark,

the

Bloomberg

Barclays

U.S.

Treasury

Bills

6-9

Months

Total

Return

Index,

which

returned

0.04%.

Fund

expenses

were

a

burden

to

achieving

a

positive

yield.

The

zero-

to

one-year

tranche

had

slightly

positive

returns,

but

the

main

source

of

underperformance

came

from

one-

to

three-year

maturities

while

three-

to

five-year

maturities

lost

some

ground

too.

Current

Outlook

The

outlook

is

that

the

Fed

will

raise

interest

rates

three

times

in

2022,

potentially

as

many

as

four

times,

according

to

Goldman

Sachs.

Liftoff

in

rate

hikes

may

come

as

early

as

March

2022.

The

currently

circulating

Omicron

virus

will

likely

complicate

the

timing

of

rate

hikes.

Wage

pressure

on

employers

is

likely

to

gain

more

momentum

as

employees

have

more

choices

concerning

where

they

want

to

be

employed.

We

believe

that

short-term

rates

are

likely

to

gain

the

most

from

a

more

hawkish

interest

rate

stance.

It

will

likely

be

difficult

to

get

long

rates

up

much

in

2022,

more

of

a

curve-flattening

scenario.

Real

yields

may

remain

negative.

The

section

labeled

Portfolio

of

Investments

contains

a

complete

list

of

the

fund’s

holdings.

Portfolio

Allocation

by

Issuer

Based

on

Total

Investments

December

31,

2021

U.S.

Treasury

Note/Bond

47.7%

Federal

Farm

Credit

Bank

43.3%

Vanguard

Short-Term

Treasury

ETF

5.0%

Federal

Home

Loan

Bank

4.0%

Total

100.0%

Portfolio

Allocation

by

Maturity

December

31,

2021

Less

than

1

Month

$

5,828,101

15.9%

1-3

Months

5,515,774

15.1%

3-12

Months

5,009,133

13.8%

1-3

Years

17,726,369

48.5%

3-5

Years

2,465,141

6.7%

$

36,544,518

100.0%

13

Near-Term

Tax

Free

Fund

(unaudited)

Management

Team’s

Perspective

Introduction

The

Near-Term

Tax

Free

Fund

(NEARX)

seeks

to

provide

a

high

level

of

current

income

exempt

from

federal

income

taxation

and

to

preserve

capital.

However,

a

portion

of

any

distribution

may

be

subject

to

federal

and/or

state

income

taxes.

The

Near-Term

Tax

Free

Fund

will

maintain

a

weighted

average

maturity

of

less

than

five

years.

Performance

Graph

The

Year

in

Review

–

Economic

and

Political

Issues

that

Affected

the

Fund

2021

started

off

with

concerns

that

the

ongoing

pandemic

would

create

stress

for

the

finances

of

some

municipal

issuers

and

lead

to

credit

downgrades.

Those

concerns

were

allayed

when

Washington

threw

a

life

raft

to

the

municipal

bond

market.

Economic

growth

sprang

back

and

was

more

robust

than

expected. Consequently,

municipal

bonds

performed

better

than

expected.

Near-Term

Tax

Free

Fund

Average

Annual

Performance

For

the

Periods

Ended

December

31,

2021

One

Year

Five

Year

Ten

Year

Near-Term

Tax

Free

Fund

(0.46)%

1.31%

1.36%

Bloomberg

Barclays

3

Year

Municipal

Bond

Index

0.41%

2.07%

1.60%

Performance

data

quoted

above

is

historical.

Past

performance

is

no

guarantee

of

future

results.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

The

principal

value

and

investment

return

of

an

investment

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

For

all

or

a

portion

of

the

periods,

the

fund

had

expense

limitations,

without

which

returns

would

have

been

lower.

Returns

greater

than

one

year

are

annualized.

Gross

expense

ratio

as

stated

in

the

most

recent

prospectus

is

1.11%.

The

Adviser

has

contractually

agreed

to

limit

total

fund

operating

expenses

(exclusive

of

any

acquired

fund

fees

and

expenses,

extraordinary

expenses,

taxes,

brokerage

commissions

and

interest)

to

not

exceed

0.45%

on

an

annualized

basis

through

April

30,

2022.

See

Definitions

for

Management

Teams’

Perspectives

for

index

definitions.

Please

visit

our

website

at

www.usfunds.com

for

updated

performance

information

for

different

time

periods.

14

Near-Term

Tax

Free

Fund

(unaudited)

However,

much

of

the

good

news

is

already

accounted

for,

making

it

difficult

to

find

attractive

opportunities

to

earn

tax-free

interest

investment

income.

Demand

for

municipal

bonds

exceeded

supply

with

investor

bidding

up

demand

for

tax-free

income,

leading

to

higher

prices

and

tighter

spreads.

Investment

Highlights

For

the

year

ended

December

31,

2021,

the

Near-Term

Tax

Free

Fund

showed

a

negative

return

of

0.46%,

underperforming

its

benchmark,

the

Bloomberg

Barclays

3-Year

Municipal

Bond

Index,

which

gained

0.41%.

Strengths

The

fund’s

allocation

to

bonds

from

Illinois,

California

and

Massachusetts

outperformed.

The

fund

benefited

from

its

allocation

to

higher

education,

single-family

housing

and

multifamily

housing

bonds,

all

of

which

outperformed.

The

fund’s

allocation

in

the

one-

to

three-year

maturities

and

10-years+

areas

of

the

yield

curve

outperformed.

Weaknesses

The

fund’s

allocation

to

bonds

from

Texas,

New

York

and

Florida

underperformed.

Outside

of

California,

these

states

are

the

biggest

issuers

of

municipal

debt.

The

fund’s

exposure

to

school

districts,

transportation

and

water

bonds

underperformed.

The

fund’s

allocation

in

the

zero-year

to

one-year

areas

of

the

yield

curve

underperformed

followed

by

the

five-

to

seven-year

as

the

worst

performers.

Current

Outlook

Our

outlook

for

2022

is

that

both

spreads

and

yields

should

increase

modestly. This

may

result

in

near-

term

price

declines,

but

we

expect

there

will

be

opportunities

for

higher

yields. Approximately,

25%

of

the

Near-Term

Tax

Free

Fund’s

holdings

will

mature

during

2022,

allowing

us

to

reposition

the

proceeds

into

higher-yielding

municipal

bonds

for

the

coming

years.

The

$1

trillion

infrastructure

bill

passed

by

Congress

includes

major

investments

in

traditional

infrastructure,

such

as

roads,

bridges,

rail

and

water

utilities.

It

will

also

address

the

energy

transmission,

combat

climate

change

and

expand

broadband

internet

access.

This

legislation

should

support

municipal

credits

in

the

coming

years.

Airport

upgrades

and

water

and

sewer

systems

with

aging

infrastructure

that

need

to

comply

with

environmental

requirements

are

likely

to

see

their

credit

ratings

improve.

Credit

concerns

should

remain

low

with

few

defaults.

The

section

labeled

Portfolio

of

Investments

contains

a

complete

list

of

the

fund’s

holdings.

15

Near-Term

Tax

Free

Fund

(unaudited)

Credit

quality

ratings

are

measured

on

a

scale

that

generally

ranges

from

AAA

(highest)

to

D

(lowest).

“Not

Rated”

is

used

to

classify

securities

for

which

a

rating

is

not

available.

Credit

quality

ratings

for

each

issue

are

obtained

from

Moody’s

and

S&P

Global

Ratings,

and

the

higher

rating

for

each

issue

is

used.

Top

10

Area

Concentrations

(Based

on

Net

Assets)

December

31,

2021

Texas

20.34%

New

York

10.27%

California

7.24%

Florida

6.16%

Illinois

4.41%

Idaho

3.40%

Louisiana

3.36%

Colorado

3.26%

Michigan

3.22%

South

Carolina

2.

71

%

Total

Top

10

Areas

64.37

%

Municipal

Bond

Ratings*

Based

on

Total

Municipal

Bonds

December

31,

20

2

1

Bond

Percentage

AAA

23.1

%

AA

71.0

%

A

0.9

%

Not

Rated

5.0

%

Total

100.0

%

16

Global

Luxury

Goods

Fund

(unaudited)

Management

Team’s

Perspective

Introduction

The

Global

Luxury

Goods

Fund’s

primary

objective

is

to

seek

long-term

capital

appreciation.

Under

normal

market

conditions,

the

Global

Luxury

Goods

Fund

will

invest

at

least

80%

of

its

net

assets

in

securities

of

companies

producing,

processing,

distributing

and

manufacturing

luxury

products,

services,

or

equipment.

Performance

Graphs

Global

Luxury

Goods

Fund

Average

Annual

Performance

For

the

Periods

Ended

December

31,

2021

One

Year

Five

Year

Ten

Year

Global

Luxury

Goods

Fund

25.02%

13.41%

10.86%

S&P

Global

Luxury

Index

23.26%

22.00%

15.10%

S&P

Composite

1500

TR

28.45%

17.95%

16.35%

17

Global

Luxury

Goods

Fund

(unaudited)

The

Year

in

Review

–

What

Drove

the

Market

U.S.

stock

benchmarks

performed

well

in

2021.

U.S.

equites

continued

their

recovery

supported

by

massive

fiscal

and

monetary

stimulus.

Luxury

goods

companies

experienced

a

correction

in

mid-August,

followed

by

a

sharper

selloff

in

Chinese

equites

and

growing

concerns

about

the

next

wave

of

the

pandemic.

Looking

at

the

longer

period

of

two

years,

luxury

goods

were

among

the

first

to

rebound

after

the

sharp

selloff

in

March

of

2020,

gaining

69.61%,

versus

the

S&P

1500,

which

appreciated

51.42%.

Despite

the

pandemic

dragging

on

longer

than

had

been

hoped,

the

U.S.

economy

has

performed

relatively

well.

We

entered

2021

with

sweeping

restrictions

due

to

the

pandemic,

most

of

which

ended

in

October;

however,

due

to

the

surge

of

the

new

variant

Omicron,

easing

policy

had

to

be

put

in

reverse.

The

scale

of

uncertainties

facing

the

economy

moving

into

next

year

is

enormous.

Overall,

the

jobs

market

recovered

in

2021,

and

companies

have

been

reporting

record

profits.

Strong

demand

for

goods

and

services

pushed

inflation

to

an

almost

three-decade

high.

In

December,

inflation

stood

at

6.8%

year-over-year,

a

reading

last

seen

in

1982.

Luxury

sales

have

been

growing

due

to

economic

expansion

and

high

household

savings

rate.

Online

sales

of

luxury

goods

benefited

from

the

pandemic

as

manufacturers

had

to

quickly

switch

or

adopt

to

new

online

sales

channels.

The

share

of

online

sales

nearly

doubled

for

personal

luxury

goods,

growing

from

12%

in

2019

to

22%

in

2021.

In

2022,

our

opinion

is

that

online

luxury

sales

should

continue

to

outpace

other

channels

across

all

industries.

Americans

became

the

largest

consumer

of

luxury

goods

in

2021,

while

domestic

sales

in

China

surpassed

purchases

abroad.

Domestic

sales

in

China

accounted

for

21%

of

global

sales

in

2021

versus

11%

in

2019.

U.S.

domestic

sales

grew

from

22%

in

2019

to

31%

in

2021.

Chinese

consumption

of

luxury

goods

most

likely

will

increase

due

to

President

Xi

Jinping’s

focus

on

common

prosperity.

Investment

Highlights

Overview

For

the

12-month

period

through

December

31,

2021,

the

Global

Luxury

Goods

Fund

(USLUX)

appreciated

25.02%,

underperforming

its

benchmark,

the

S&P

Composite

1500

TR,

which

appreciated

28.45%.

Performance

data

quoted

above

is

historical.

Past

performance

is

no

guarantee

of

future

results.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

The

principal

value

and

investment

return

of

an

investment

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

For

all

or

a

portion

of

the

periods,

the

fund

had

expense

limitations,

without

which

returns

would

have

been

lower.

Returns

greater

than

one

year

are

annualized.

The

fund

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.

Effective

September

29,

2020,

the

Fund

changed

its

primary

benchmark

from

the

S&P

Global

Luxury

Index

to

the

S&P

Composite

1500

Index,

although

the

Fund

will

continue

to

use

the

S&P

Global

Luxury

Index

as

a

“secondary

index.”

The

Adviser

believes

that

the

inclusion

in

the

performance

table

of

the

S&P

Composite

1500

Index,

which

is

a

broad-based

securities

index,

and

the

S&P

Global

Luxury

Index,

which

represents

a

group

of

securities

that

aligns

more

closely

with

the

Fund’s

investment

strategies,

may

provide

a

useful

performance

comparison

to

investors.

Gross

expense

ratio

as

stated

in

the

most

recent

prospectus

is

1.76%.

The

Adviser

has

contractually

agreed

to

limit

total

fund

operating

expenses

(exclusive

of

any

acquired

fund

fees

and

expenses,

performance

fees,

taxes,

brokerage

commissions

and

interest)

to

not

exceed

1.80%

through

April

30,

2022.

See

Definitions

for

Management

Teams’

Perspectives

for

index

definitions.

Please

visit

our

website

at

www.usfunds.com

for

updated

performance

information

for

different

time

periods.

18

Global

Luxury

Goods

Fund

(unaudited)

Overall,

cyclical

sectors

outperformed

defensives

on

the

back

of

the

continued

recovery

and

reopening

narrative.

Energy,

communication

services,

financials

and

information

technology

outperformed

while

materials,

industrials,

health

care,

consumer

discretionary,

consumer

staples,

utilities

and

telecommunication

services

underperformed.

Strengths

The

fund’s

strong

stock

selection

in

the

consumer

discretionary

sector

had

the

most

positive

effect

on

performance

relative

to

the

index.

The

fund’s

overweight

strategy

in

auto,

hotels

and

casinos/

gambling

stocks

proved

to

work

well.

The

fund’s

stock

selection

in

the

financial

sector

had

the

second

most

positive

effect

on

the

fund’s

performance

relative

to

the

index.

A

standout

contributor

to

fund

performance

was

Volkswagen,

the

German

motor

vehicle

manufacturer

headquartered

in

Wolfsburg.

Back

in

March,

as

shares

of

Volkswagen

surged,

some

analysts

commented

that

the

European

car

company

could

overtake

the

U.S.

electric

vehicle

(EV)

car

maker

Tesla

in

2022.

Volkswagen

is

a

not

an

EV

seller

in

Europe,

however,

and

in

order

to

meet

the

eurozone’s

climate

targets,

the

company

has

plans

to

launch

as

many

as

70

purely

electric

car

models

by

2030.

Weaknesses

The

fund’s

stock

selection

in

materials

had

the

most

negative

effect

on

the

fund’s

performance

relative

to

the

index.

The

strategy

to

overweight

precious

metals

proved

to

be

weak.

The

fund’s

underweight

allocation

in

the

information

technology

had

the

second

most

negative

effect

on

the

fund’s

performance

relative

to

the

index.

The

strategy

to

underweight

packaged

software,

in

particular

Microsoft,

had

the

most

negative

effect.

A

notable

detractor

to

fund

performance

was

NIO,

the

Chinese

EV

maker.

The

company

advised

that

deliveries

in

October

were

down

27.5%

year-on-year

due

to

the

restructuring

of

manufacturing

lines

and

supply

chain

challenges.

NIO

is

facing

intense

competition,

and

despite

weaker

pricing

in

2021,

the

company

has

a

high

valuation.

Current

Outlook

Opportunities

We

believe

further

market

reopenings

will

help

drive

luxury

markets

globally.

A

substantial

portion

of

industry

revenues

is

generated

by

consumers

marking

luxury

purchases

outside

of

their

home

countries.

China

may

start

opening

its

borders

to

foreign

travel

after

the

Winter

Olympics

are

completed

in

February

2022.

Despite

the

economic

challenges

due

to

the

pandemic,

households

saw

an

increase

in

wealth

over

the

past

year.

High

savings

rates,

combined

with

markets

reopening,

should

drive

the

global

sales

of

luxury

goods.

Due

to

the

global

push

into

renewable

energy,

hybrid

and

electric

luxury

cars

may

continue

to

rise.

By

2030,

most

car

sales

will

be

eco-friendly,

and

by

2040,

EVs

could

outsell

gasoline

and

diesel

vehicles.

Threats

Supply

chain

disruptions

may

continue

to

put

pressure

on

luxury

goods.

Key

raw

materials

needed

for

construction

and

components

such

as

semiconductors

were

in

short

supply

in

2021,

negatively

affecting

goods

production.

Supply

chain

disruptions

may

not

ease

in

2022.

Slowing

growth

in

China

could

present

a

challenge

for

luxury

goods

as

Chinese

consumers

in

recent

years

accounted

for

35%

of

luxury

purchases

worldwide.

China's

official

economic

growth

target

is

expected

to

be

set

above

5%

in

2022

versus

expected

growth

of

8%

in

2021.

19

Global

Luxury

Goods

Fund

(unaudited)

The

World

Health

Organization

(WHO)

suggested

2022

will

see

the

end

of

the

Covid

pandemic

as

the

world

knows

the

virus

well

and

has

all

the

right

tools

to

fight

it.

But

only

time

can

tell

if

we

can

all

put

the

pandemic

years

behind

us.

20

Global

Luxury

Goods

Fund

(unaudited)

The

section

labeled

Portfolio

of

Investments

contains

a

complete

list

of

the

funds’

holdings.

Global

Luxury

Goods

Fund

Summary

information

above

may

differ

from

the

portfolio

schedule

included

in

the

financial

statements

due

to

the

use

of

different

classifications

of

securities

for

presentation

purposes.

Top

10

Equity

Holdings

(Based

on

Net

Assets)

December

31,

2021

Tesla,

Inc.

8.16%

Automotive

-

Cars

&

Light

Trucks

Costco

Wholesale

Corp.

5.60%

Retail

-

Discount

Cie

Financiere

Richemont

SA

5.34%

Retail

-

Jewelry

Apple,

Inc.

5.27%

Computers

UBS

Group

AG

4.86%

Diversified

Banking

Institution

Daimler

AG,

ADR

4.86%

Automotive

-

Cars

&

Light

Trucks

Bayerische

Motoren

Werke

AG

3.99%

Automotive

-

Cars

&

Light

Trucks

Amazon.com,

Inc.

3.99%

E-Commerce/Products

Industria

de

Diseno

Textil

SA

3.64%

Retail

-

Apparel/Shoe

Blackstone,

Inc.,

Class A

3.25%

Private

Equity

Total

Top

10

Equity

Holdings

48.96%

Portfolio

Allocation

by

Industry

Sector*

Based

on

Total

Investments

December

31,

2021

Consumer

Discretionary

64.5%

Financials

15.8%

Materials

6.5%

Information

Technology

6.3%

Communication

Services

4.1%

Other

2.8%

Total

100.0%

21

Global

Resources

Fund

(unaudited)

Management

Team’s

Perspective

Introduction

The

Global

Resources

Fund

(PSPFX)

is

a

non-diversified

natural

resources

fund

with

the

principal

objective

of

seeking

long-term

growth

of

capital

while

providing

protection

against

inflation

and

monetary

instability.

The

fund

invests

in

companies

involved

in

the

exploration,

production

and

processing

of

petroleum,

natural

gas,

renewable

energy,

agriculture,

chemicals,

mining,

iron

and

steel,

and

paper

and

forest

products

around

the

globe.

Performance

Graph

The

Year

in

Review

–

Economic

and

Political

Issues

that

Affected

the

Fund

JPMorgan

said

commodities

appear

to

have

begun

a

new

supercycle

of

years-long

gains,

as

oil

holds

above

$70

per

barrel

and

metal

prices

are

at

all-time

highs,

according

to

reporting

by

Bloomberg.

Commodity

prices

may

jump

as

an

“unintended

consequence”

of

the

fight

against

climate

change,

which

threatens

to

restrict

oil

supplies

while

boosting

demand

for

metals

needed

to

build

renewable

energy

infrastructure,

Global

Resources

Fund

Average

Annual

Performance

For

the

Periods

Ended

December

31,

2021

One

Year

Five

Year

Ten

Year

Global

Resources

Fund

13.43%

8.52%

(0.65)%

S&P

500®

Index

28.71%

18.47%

16.55%

S&P

Global

Natural

Resources

Index

(Net

Total

Return)

24.40%

8.94%

3.95%

Performance

data

quoted

above

is

historical.

Past

performance

is

no

guarantee

of

future

results.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

The

principal

value

and

investment

return

of

an

investment

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

For

all

or

a

portion

of

the

periods,

the

fund

had

expense

limitations,

without

which

returns

would

have

been

lower.

Returns

greater

than

one

year

are

annualized.

Gross

expense

ratio

as

stated

in

the

most

recent

prospectus

is

2.11%.

Pursuant

to

a

voluntary

arrangement,

the

Adviser

has

agreed

to

limit

total

fund

operating

expenses

(exclusive

of

any

acquired

fund

fees

and

expenses,

performance

fees,

taxes,

brokerage

commissions

and

interest)

to

not

exceed

1.90%.

The

Adviser

can

modify

or

terminate

this

arrangement

at

any

time.

See

Definitions

for

Management

Teams’

Perspectives

for

index

definitions.

Please

visit

our

website

at

www.usfunds.com

for

updated

performance

information

for

different

time

periods.

22

Global

Resources

Fund

(unaudited)

batteries

and

electric

vehicles,

the

bank

said.

Commodities

have

seen

four

supercycles

over

the

past

100

years,

with

the

last

one

peaking

in

2008

after

12

years.

The

world’s

largest

petrostates

are

rejecting

the

International

Energy

Agency’s

(IEA)

road

map

to

reach

net-zero

carbon

emissions

by

2050,

which

called

for

no

new

investments

in

new

fields.

The

Russian

Deputy

Prime

Minister

and

energy

ministers

of

Qatar

and

Saudi

Arabia

voiced

their

concerns

regarding

the

accelerated

shift

to

green

energy,

stating

that

if

investments

are

halted,

oil

and

gas

prices

would

skyrocket

and

cause

significant

disruptions

in

the

markets.

They

also

added

that

they

plan

to

expand

their

oil

and

gas

facilities.

These

comments

highlight

the

massive

disconnect

between

the

world’s

current

fossil

fuel-heavy

energy

system

and

the

changes

needed

to

prevent

damaging

climate

change.

The

IEA

expects

electric

vehicles

to

become

more

prevalent

this

decade

and

with

an

increase

in

efficiency

of

internal

combustion

engines,

demand

for

gasoline

is

expected

to

stagnate.

The

report

adds

that

if

governments

act

more

swiftly

on

environmental

reforms

than

expected,

and

consumers

forgo

business

travel

and

embrace

recycling,

about

5.6

million

barrels

of

daily

oil

demand

could

be

eliminated

by

2026.

Natural

gas

exhibited

strong

gains.

Natural

gas

prices

surged

to

a

fresh

seven-year

high

in

the

U.S.

due

to

the

rally

fueled

by

escalating

concerns

about

tight

winter

supplies,

according

to

Bloomberg.

Gas

rose

to

as

high

as

$6.00

per

million

British

thermal

units

(BTUs),

a

level

not

seen

since

early

2014.

Inventories

are

low.

U.S.

storage

is

below

normal

and

tightened

further

by

weather

adjusted

supply

/

demand

balance.

Delivery

issues

globally

are

also

affecting

prices.

Surging

energy

costs

are

adding

to

pressure

on

global

aluminum

supply

at

a

time

when

demand

for

the

metal

used

in

everything

from

cars

to

beer

cans

has

already

driven

prices

to

a

13-year

high,

Bloomberg

reports.

The

spike

in

global

electricity

and

coal

prices

will

make

restarts

increasingly

difficult

and

some

producers

may

also

soon

be

struggling

to

run

their

existing

smelters

profitably

if

the

energy

crunch

worsens,

particularly

those

not

locked

into

long-term

power

contracts

Copper

prices

have

been

stable

due

to

slowing

construction

activity.

More

recently,

copper

prices

have

cooled

from

record

levels

to

$4.10

per

pound.

The

long-running

drought

in

Chile

could

hit

production

at

Antofagasta's

Los

Pelambres

copper

mine,

one

of

the

world's

largest,

the

London-listed

copper

producer

warned

recently.

Demand

for

copper

remains

strong

in

China

and

the

electrification

theme

should

keep

copper

markets

strong.

Steel

continued

to

weaken.

The

capacity

utilization

rate

of

the

71

independent

electric-arc-furnace

steelmakers,

which

Mysteel

samples

across

China,

reversed

down

by

2.8

percentage

points

to

64.6%.

China

crude

steel

production

fell

-4%

month-over-month

in

August,

-13%

year-over-year,

to

the

lowest

daily

run

rate

since

March

2020.

The

latest

survey

shows

some

mills

reduced

their

production

amid

power

supply

shortages

and

local

government

orders

to

control

crude

steel

output.

China’s

central

government

has

mandated

that

crude

steel

output

this

year

should

be

below

the

level

of

2020.

Iron

ore

prices

dropped

during

the

quarter,

due

to

slowing

steel

markets.

The

spread

of

Delta

increased

the

risk

of

a

demand

slowdown.

Prices

are

more

than

40%

below

a

record

high

reached

months

ago.

Using

previous

downturns

as

a

guide,

$70

to

$85

per

ton

is

the

level

where

the

iron

ore

market

should

start

to

re-balance,

as

higher-cost

producers

are

squeezed,

according

to

T.

Rowe

Price

investment

analyst

Tom

Shelmerdine.

Investment

Highlights

Overview

For

the

year

ended

December

31,

2021,

the

Global

Resources

Fund

gained

13.43%,

underperforming

the

fund’s

benchmark,

the

S&P

Global

Natural

Resources

Index

(Net

Total

Return),

which

gained

24.40%.

Energy

prices

surged

more

than

expected

with

the

reopening

of

the

economy

during

various

virus

waves.

Supply

issues

also

compounded

the

energy

boom,

and

the

attitude

of

producers

seemed

to

shift

from

abundance

to

limited

supplies

as

futured

investment

could

be

curtailed

in

the

future.

This

hit

the

renewable

energy

producers

this

year

as

fast

money

pivoted

leveraged

oil.

23

Global

Resources

Fund

(unaudited)

Strengths

The

three

strongest

commodities

for

the

year

were

coal,

tin

and

crude

palm

oil,

up

160%,

92%

and

70%,

respectively.

Steam

coal

moved

up

gradually

over

the

course

of

the

year

until

November,

and

the

price

doubled

overnight

on

international

steam

coal

demand

for

electricity.

The

price

of

tin

soared

this

year

on

supply

constraints

with

Covid-19

lockdowns

in

Malaysia

and

Indonesia,

major

producers

of

the

metal.

Palm

oil

remains

strong

as

cooking

oil

outside

of

the

U.S.,

but

it

is

in

a

wide

array

of

processed

food

products

within

the

U.S.

The

three

best

sector

calls

for

the

fund

were

an

overweight

position

in

precious

metals,

underweight

position

in

agriculture

chemicals

and

underweight

in

pulp

and

paper.

The

fund’s

stock

selection

within

these

three

sectors

outperformed

the

stock

selection

of

the

benchmark.

Forest

products

were

also

held

in

the

funds

and

were

the

fourth

largest

contributor

to

our

performance,

but

the

benchmark

does

not

include

this

sector.

The

three

best

dollar

performing

stock

decisions

were

Filo

Mining,

Standard

Lithium

and

Copperbank

Resources.

All

three

of

these

companies

have

one

thing

is

common:

a

clean

energy

future.

Filo

Mining

pulled

a

company

making

drill

intercept

of

858

meters

of

1.80

copper

equivalent,

with

the

last

163

meter

of

the

intercept

running

5.43

percent

copper

equivalent.

Copper

is

increasing

demand

from

electric

motors.

Standard

Lithium

rose

on

the

strong

prices

increases

for

lithium

carbonate

demand

coming

out

of

China.

Copperbank

rallied

strong

with

the

move

in

copper.

Weaknesses

The

three

weakest

commodities

for

the

year

were

iron

ore,

uranium

and

lead.

Iron

ore

was

down

23.32%

but

uranium

and

lead

were

positive

for

the

year

with

12.15%

and

13.32%

gains,

respectively.

Iron

ore

demand

was

curtailed

by

China

as

it

sought

to

lower

energy

demand

and

pollution.

Otherwise,

sales

of

all

the

other

major

commodities

were

positive

for

the

year.

Uranium

had

a

spike

in

the

third

quarter

but

still

sustained

double-digit

returns

for

the

year.

Lead

generally

lagged

other

base

metals

with

no

unique

drivers.

The

fund’s

sector

overweight

positions

in

electrical

products,

underweight

integrated

oil,

and

market

weight

agriculture

commodities

underperformed

the

benchmark’s

subsectors.

The

benchmark

has

no

exposure

to

solar

wind

or

renewables,

but

these

sectors

underperformed

with

the

greater-than-

expected

gains

in

energy

prices,

which

is

why

we

underperformed

the

integrated

oil

companies.

The

benchmark

had

better

stock

selection

while

our

biggest

producer

of

plant

protein

was

slow

to

ramp

up

its

new

production

facility

to

commercial

scale

during

the

year.

Our

holdings

in

Burcon

Nurtrascience,

Canadian

Solar

and

Siemens

Gamesa

Renewable

Energy

were

the

biggest

detractors

from

fund

performance.

As

mentioned

above,

Burcon

Nurtrascience

which

owns

the

technology

portfolio

for

plant-based

proteins,

spent

most

of

the

year

scaling

up

production

at

its

new

facility.

Canadian

Solar

had

supply

issues

on

solar

panels

arriving

out

of

China

while

Siemens

Gamesa

warned

the

market

that

margins

were

being

eroded

by

higher

input

costs

for

the

wind

turbines.

Current

Outlook

Opportunities

Saudi

Arabia

said

global

oil

production

could

drop

30%

by

the

end

of

the

decade

due

to

falling

investment

in

fossil

fuels.

“We’re

heading

toward

a

phase

that

could

be

dangerous

if

there’s

not

enough

spending

on

energy,”

Oil

Minister

Abdulaziz

bin

Salman

said

in

Riyadh.

The

result

could

be

an

“energy

crisis,”

he

said.

Raymond

James’s

bullish

oil

view

over

the

next

few

years

is

supported

by

(1)

low

global

inventories,

(2)

visible

recovery

in

demand,

(3)

the

coming

collapse

in

Organization

of

the

Petroleum

Exporting

Countries

(OPEC)

spare

capacity

and

(4)

the

need

for

a

higher

price

to

further

incentivize

U.S.

supply.

24

Global

Resources

Fund

(unaudited)

Aluminum

prices

rose

about

43%

in

2021.

This

is

due

to

increases

in

costs

of

energy

and

raw

materials

used

to

make

the

metal

and

output

cuts

by

the

biggest

producer,

China.

China’s

production,

already

curbed

by

a

government

anti-pollution

drive,

has

been

further

hit

by

power

shortages

gripping

the

country.

China’s

measures

to

control

energy

use

and

prevent

pollution

are

setting

up

a

tighter

market.

Demand

will

exceed

production

by

1.5

million

tons

in

2022.

Aluminum

is

heading

for

a

seismic

shift

as

a

long-running

supply

glut

starts

to

fade,

setting

the

stage

for

shortages

and

a

price

rally

that

could

run

for

years.

Lumber

prices

moved

up

about

60%

in

2021,

but

in

hindsight

it

was

a

roller

coaster

ride.

Lumber

prices

soared

about

140%

until

about

halfway

into

May

then

tumbled

about

73%,

bottoming

in

mid-

August,

only

to

go

on

another

143%

rally

to

close

the

year,

still

with

a

nice

gain.

Lumber

could

remain

strong

in

the

future

as

interest

rates

remain

low

with

modest

growth.

Threats

Cotton,

corn,

sugar,

soybeans

and

wheat

all

jumped

in

price

from

cotton

at

the

top

with

a

50%

gain

and

with

wheat

pulling

up

the

low

end

with

a

20%

gain.

Global

fertilizer

inventory

levels

are

not

just

tight,

but

for

many

countries

are

simply

unavailable

and/or

too

expensive

for

small

traders.

This

is

set

to

intensify

because

of

shuttered

nitrogen

production

in

the

European

Union

(EU)

from

high

gas

costs,

along

with

the

export

bans

imposed

by

China

and

Russia.

Crop

yields

could

be

impacted,

resulting

in

potential

food

supply

issues

and

ultimately

political

instability.

Cracks

are

emerging

in

the

global

solar

industry,

threatening

to

flatten

its

growth

trajectory

just

as

the

world

needs

clean

power

more

than

ever.

The

sector

is

facing

multiple

headwinds,

with

rising

materials

costs,

forced

labor

accusations

and

a

worsening

trade

war

all

hitting

at

once.

2021

marked

the

first

time

solar

costs

have

increased

since

2007.

“This

year

is

a

perfect

storm,”

said

Xiaojing

Sun,

head

of

solar

research

at

Wood

Mackenzie,

pointing

to

a

triple

whammy

of

contributing

factors:

a

sharp

rise

in

component

prices,

tariffs

and

sanctions,

and

soaring

shipping

costs.

Polysilicon,

an

essential

component

for

solar

panels,

tripled

in

price

in

2021,

with

increased

demand

and

power

shortages

in

China

responsible

for

the

rise.

The

Baltic

Dry

Index,

which

tracks

the

cost

to

ship

major

raw

materials,

including

coal

and

iron

ore

by

sea,

climbed

to

its

highest

level

since

late

2009.

The

index

has

been

rising

since

bottoming

out

in

mid-2020

due

to

strong

demand

on

increased

consumer

spending,

as

well

as

supply

constraints

related

to

COVID-19

and

a

lack

of

investment

in

new

capacity

following

the

last

down

cycle,

according

to

The

Economist.

Although

the

strong

demand

is

a

positive

signal

for

metals

end-use,

rising

shipping

prices

and

constraints

could

signal

further

logistical

challenges

and

cost

inflation.

The

section

labeled

Portfolio

of

Investments

contains

a

complete

list

of

the

fund’s

holdings.

25

Global

Resources

Fund

(unaudited)

Summary

information

above

may

differ

from

the

portfolio

schedule

included

in

the

financial

statements

due

to

the

use

of

different

classifications

of

securities

for

presentation

purposes.

Top

10

Equity

Holdings

(Based

on

Net

Assets)

December

31,

2021

Ivanhoe

Mines,

Ltd.

6.01%

Metal

-

Diversified

Filo

Mining

Corp.

4.47%

Metal

-

Diversified

Abaxx

Technologies,

Inc.

4.20%

Enterprise

Software/Services

NanoXplore

,

Inc.

3.31%

Advanced

Materials/Production

Talon

Metals

Corp.

3.02%

Mining

Services

CopperBank

Resources

Corp.

2.22%

Gold

Mining

Alcoa

Corp.

2.20%

Metal

-

Aluminum

Royal

Road

Minerals,

Ltd.

2.18%

Gold

Mining

Equinor

ASA,

ADR

1.94%

Oil

Companies

-

Integrated

Nova

Royalty

Corp.

1.71%

Non-Ferrous

Metals

Total

Top

10

Equity

Holdings

31.26%

Portfolio

Allocation

by

Industry

Sector*

Based

on

Total

Investments

December

31,

2021

Metals

&

Mining

26.9%

Oil,

Gas

&

Consumable

Fuels

18.3%

Precious

Metals

&

Minerals

13.5%

Gold

Mining

9.3%

Enterprise

Software/Services

5.4%

Advanced

Materials/Production

4.2%

Chemicals

4.0%

Energy

Equipment

&

Services

3.2%

Other

15.2%

Total

100.0%

26

Precious

Metals

and

Minerals

Funds

(unaudited)

Management

Team’s

Perspective

Introduction

The

World

Precious

Minerals

Fund

(UNWPX)

and

the

Gold

and

Precious

Metals

Fund

(USERX)

pursue

an

objective

of

long-term

capital

growth

through

investments

in

gold,

precious

metals

and

mining

companies.

The

World

Precious

Minerals

Fund

focuses

on

equity

securities

of

companies

principally

engaged

in

the

exploration,

mining

and

processing

of

precious

minerals

such

as

gold,

silver,

platinum

and

diamonds.

Although

this

fund

has

the

latitude

to

invest

in

a

broad

range

of

precious

minerals,

it

currently

remains

focused

on

the

gold

sector.

The

Gold

and

Precious

Metals

Fund

focuses

on

the

equity

securities

of

established

gold

and

precious

metals

companies

and

pursues

current

income

as

a

secondary

objective.

World

Precious

Minerals

Fund

Average

Annual

Performance

For

the

Periods

Ended

December

31,

2021

One

Year

Five

Year

Ten

Year

World

Precious

Minerals

Fund

(14.19)%

3.28%

(4.58)%

S&P

500®

Index

28.71%

18.47%

16.55%

NYSE

Arca

Gold

Miners

Index

(8.85)%

10.46%

(3.26)%

Performance

data

quoted

above

is

historical.

Past

performance

is

no

guarantee

of

future

results.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

The

principal

value

and

investment

return

of

an

investment

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

For

all

or

a

portion

of

the

periods,

the

fund

had

expense

limitations,

without

which

returns

would

have

been

lower.

Returns

greater

than

one

year

are

annualized.

Gross

expense

ratio

as

stated

in

the

most

recent

prospectus

is

1.83%.

Pursuant

to

a

voluntary

arrangement,

the

Adviser

has

agreed

to

limit

total

fund

operating

expenses

(exclusive

of

any

acquired

fund

fees

and

expenses,

performance

fees,

taxes,

brokerage

commissions

and

interest)

to

not

exceed

1.90%.

The

Adviser

can

modify

or

terminate

this

arrangement

at

any

time.

See

Definitions

for

Management

Teams’

Perspectives

for

index

definitions.

Please

visit

our

website

at

www.usfunds.com

for

updated

performance

information

for

different

time

periods.

27

Precious

Metals

and

Minerals

Funds

(unaudited)

The

Year

in

Review

-

Economic

and

Political

Issues

that

Affected

the

Funds

The

best

performing

precious

metal

for

the

year

was

gold,

but

still

down

3.64%

on

the

threat

of

the

Federal

Reserve

beginning

to

raise

interest

rates

in

2022

and

that

inflation

will

subside

substantially

in

the

second

half

of

2022

as

supply

bottlenecks

are

cleared.

That

perceived

outlook

is

the

base

case,

but

as

we

know,

there

are

always

deviations

and

unexpected

events

to

look

forward

to

in

the

precious

metals

space.

Palladium

was

the

worst

performing

precious

metal,

down

22.35%

for

2021.

Substitution

for

palladium

by

platinum

is

the

cure

for

high

prices

and

that

became

a

stronger

force

as

we

closed

out

the

final

quarter

of

2021.

In

addition,

sales

of

gasoline-burning

vehicles,

which

use

palladium

to

clean

emissions,

have

been

impacted

by

Covid-related

work

issues

as

well

as

a

lack

of

computer

chips

with

which

to

build

the

car.

Silver

was

the

second

worst

performing

precious

metal,

falling

11.74%,

on

somewhat

lighter

solar

cell

supply.

The

U.S.

dollar

regained

almost

all

the

6.69%

fall

it

experienced

in

2020.

While

the

dollar

moved

surprisingly

higher,

the

real

rate

on

the

generic

10-year

Treasury

Inflation-Protected

Security

(TIPS)

started

the

year

at

-1.087%

and

finished

at

-1.099%,

essentially

the

same

rate.

And

yet,

gold

is

3.64%

lower.

Gold

and

Precious

Metals

Fund

Average

Annual

Performance

For

the

Periods

Ended

December

31,

2021

One

Year

Five

Year

Ten

Year

Gold

and

Precious

Metals

Fund

(10.82)%

12.38%

0.17%

S&P

500®

Index

28.71%

18.47%

16.55%

FTSE

Gold

Mines

Index

(10.38)%

9.64%

(3.32)%

Performance

data

quoted

above

is

historical.

Past

performance

is

no

guarantee

of

future

results.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

The

principal

value

and

investment

return

of

an

investment

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

For

all

or

a

portion

of

the

periods,

the

fund

had

expense

limitations,

without

which

returns

would

have

been

lower.

Returns

greater

than

one

year

are

annualized.

Gross

expense

ratio

as

stated

in

the

most

recent

prospectus

is

1.60%.

Pursuant

to

a

voluntary

arrangement,

the

Adviser

has

agreed

to

limit

total

fund

operating

expenses

(exclusive

of

any

acquired

fund

fees

and

expenses,

performance

fees,

taxes,

brokerage

commissions

and

interest)

to

not

exceed

1.90%.

The

Adviser

can

modify

or

terminate

this

arrangement

at

any

time.

See

Definitions

for

Management

Teams’

Perspectives

for

index

definitions.

Please

visit

our

website

at

www.usfunds.com

for

updated

performance

information

for

different

time

periods.

28

Precious

Metals

and

Minerals

Funds

(unaudited)

Retail

gold

sales

in

China

have

rebounded

along

with

bracelets,

pendants,

earrings

and

necklaces

that

draw

on

dragons,

phoenixes,

peonies

and

other

traditional

Chinese

patterns

and

symbols.

Sales

are

strongest

among

those

in

their

20s

and

30s,

helping

drive

a

rebound

in

gold

demand

in

the

country

after

a

pandemic-induced

slump.

Gold

exploration

budgets

increased

43%

year-over-year

to

a

total

of

$6.2

billion

in

2021,

outpacing

the

35%

increase

in

the

global

nonferrous

exploration

budget.

Gold's

surge

has

been

driven

by

higher

junior

company

financings

and

exploration

plans

carried

over

from

2020.

Funds

raised

by

junior

and

intermediate

companies

totaled

$5.5

billion

in

2021,

the

most

since

2012

and

what

we

saw

as

a

clear

sign

of

heightened

investor

confidence

in

the

yellow

metal.

This

has

allowed

the

junior

sector,

which

had

been

on

a

general

downtrend

in

terms

of

exploration

since

2012,

to

fund

its

exploration

plans.

There

were

more

than

200

additional

companies

exploring

for

gold

in

2021

than

in

2020.

Credit

Suisse

is

bullish

on

gold

stocks.

The

bank

feels

stocks

are

25%

to

30%

undervalued

on

a

price-to-

earnings

metric.

Metal

and

mining

equities

could

have

a

40%

upside

from

current

levels

over

the

next

six

to

nine

months,

Citi

says,

assuming

the

duration

and

magnitude

of

the

current

rally

is

like

past

cycles.

The

history

of

mining

cycles

shows

that

pullbacks

in

commodities

and

equities

in

the

12-

to

18-month

period

from

trough

are

followed

by

price

acceleration.

Investment

Highlights

For

the

year

ended

December

31,

2021,

the

World

Precious

Minerals

Fund

fell

14.19%

percent,

underperforming

its

benchmark.

The

fund’s

benchmark,

the

NYSE

Arca

Gold

Miners

Index,

declined

8.85

percent

on

a

total

return

basis.

The

strategy

of

the

World

Precious

Minerals

Fund

favors

junior

exploration

and

development

stocks

and

mid-tiered

producing

stocks.

These

lower-capitalization

stocks

have

historically

outperformed

senior

gold

mining

companies

over

longer

periods,

as

senior

gold

miners

have

typically

acquired

proven

assets

of

junior

gold

companies

rather

than

explored

for

new

mining

projects

with

capital-constrained

budgets.

The

Gold

and

Precious

Metals

Fund

fell

10.82%

for

the

year,

underperforming

its

benchmark,

the

FTSE

Gold

Mines

Index,

which

declined

10.38%

on

a

total

return

basis.

While

focusing

on

established,

gold-

producing

companies,

the

Gold

and

Precious

Metals

Fund

holds

a

higher

weighting

of

mid-tier

stocks

compared

to

its

benchmark.

Both

funds

employed

a

defensive

investment

position

from

time-to-time

in

2021

with

higher-than-average

cash

balances

on

hand

to

help

protect

the

liquidity

of

the

funds.

However,

to

maintain

varying

degrees

of

investment

exposure

to

the

gold

market,

the

funds

utilized

some

call

options

positions

and

directional

ETFs,

which

are

more

liquid

than

options,

to

hedge

the

funds’

benchmark

risks

and

provide

optionality

to

upswings

in

gold

stocks.

Strengths

Chalice

Mining

Ltd.

was

the

largest

contributor

to

the

performance

of

the

World

Precious

Minerals

Fund

with

its

precious

polymetallic

discovery

just

outside

of

Perth.

Chalice

Mining

is

not

a

member

of

the

NYSE

Arca

Gold

Miners

Index.

The

second

best

performer

in

2021

for

the

World

Precious

Minerals

Fund

was

Arizona

Metals,

which

acquired

a

property

in

Arizona

that

Exxon

has

calculated

is

a

significant

resource,

but

the

presence

of

zinc

versus

copper

led

Exxon

to

walk

away

as

there

were

metallurgical

issues

at

the

time

involving

separating

the

zinc

from

the

gold.

Today

this

type

of

metallurgical

separation

of

zinc

and

gold

is

well

established.

The

third

best

contributor

for

the

World

Precious

Minerals

Fund

was

Copperbank

Resources,

which

rallied

strong

with

the

move

in

copper.

Copperbank

Resources

is

not

a

member

of

the

NYSE

Arca

Gold

Miners

Index.

Aya

Gold

&

Silver

was

the

Gold

and

Precious

Metals

Fund’s

largest

contributor

to

returns

in

2021

year

with

its

strong

exploration

results

in

Morocco.

Aya

Gold

&

Silver

is

not

a

member

of

FTSE

Gold

Mines

Index.

29

Precious

Metals

and

Minerals

Funds

(unaudited)

Australian

Strategic

Material

was

the

second

biggest

contributor

to

the

Gold

and

Precious

Metals

Fund

after

being

spun

out

of

Alkane

Resources

Ltd.

in

the

prior

year.

Not

owning

any

Agnico-Eagle

Mines

in

the

Gold

and

Precious

Metals

Fund

was

the

third

best

relative

gainer,

as

this

company

was

the

fourth

largest

in

the

fund’s

benchmark

but

delivered

a

return

that

was

twice

the

loss

tabled

by

the

benchmark.

Management

seemed

to

pull

back

on

exploring

and

instead

acquired

Kirkland

Lake

Gold

just

to

get

bigger.

Weaknesses

Nano

One

Materials

was

our

biggest

burden

for

the

World

Precious

Minerals

Fund

in

2021,

following

a

strong

showing

in

the

prior

year.

In

the

fourth

quarter,

Nano

One

Materials

noted

it

was

moving

to

the

next

stage

with

a

major

automotive

company

to

evaluate

the

commercialization

of

its

propriety

lithium

cathode

design.

Not

owning

Newmont

to

own

other

smaller

capitalization

companies

was

the

second

largest

drag

on

performance

for

the

World

Precious

Minerals

Fund.

Not

owning

any

Franco-Nevada

in

the

World

Precious

Minerals

Fund

was

our

third

largest

impact

on

performance

relative

to

the

benchmark.

Swapping

out

of

Metalla

Royalty

and

Streaming

would

have

been

a

good

move

in

hindsight,

but

relative

valuation

today

will

drive

our

investment

decisions.

Being

underweight

in

Newmont

to

own

other

smaller

capitalization

companies

was

the

biggest

drag

on

performance

for

the

Gold

and

Precious

Metals

Fund.

The

second

worst

performing

stock

in

the

Gold

and

Precious

Metals

Fund

was

Fortuna

Silver

Mines.

The

company

made

a

significant

acquisition

of

Roxgold,

which

the

market

didn’t

appreciate.

The

share

price

also

got

hit

by

Mexico

permitting

authorities

to

question

the

renewal

of

companies’

mining

licenses.

The

Gold

and

Precious

Metals

Fund’s

third

largest

loss

came

from

holding

Metalla

Royalty

and

Streaming,

which

drifted

lower

over

the

course

of

the

year.

Current

Outlook

Opportunities

Industry

consolidation

began

to

take

place

in

more

earnest

this

year.

Size

matters,

and

that

what

may

have

been

behind

Agnico

Eagle

Mines’

bid

to

buy

Kirkland

Lake

Gold.

There

certainly

are

operational

synergies

that

can

be

garnered

from

the

deal,

but

it

does

give

Agnico

access

to

the

Detour

Lake

assets

which

are

likely

to

be

long

lived

but

could

see

some

issues

if

energy

prices

rise

too

much.

In

another

move

to

acquire

more

assets

in

mining

jurisdictions,

Newcrest

Mining

agreed

to

buy

Pretium

Resources

Inc.

in

a

cash

and

shares

deal

valuing

the

Canadian

gold

producer

at

about

$2.8

billion.

Newcrest

and

others

were

patient

to

wait

out

the

story

and

really

see

what

the

mine

was

capable

of

before

inking

the

deal.

This

gives

Newcrest

a

strategic

view

to

other

major

mineral

discoveries

in

the

region.

Scarcity?

Is

that

the

new

issue

in

the

industry

that

the

majors

are

contending

with?

Can’t

find

enough

+10-year

life

mines

that

can

produce

300,000

ounces

of

gold

per

year?

You

do

that

by

exploring

or

buying

ounces

in

the

ground

or

in

the

most

recent

example,

Kinross

Gold

buying

Great

Bear,

you

bought

exploration.

What

is

fascinating

is

that

there

is

no

publicly

calculated

resource

on

the

discovery,

but

the

drill

data

is

available

on

their

website,

so

it

really

wasn’t

a

black

box

acquisition.

But

it

does

signal

the

gold

industry

may

be

more

willing

to

do

deals

more

aggressively

in

the

future.

There

are

plenty

of

good

assets

in

the

junior

miners

and

the

explorers

too

that

are

likely

to

be

on

the

wish

list

for

next

year!

30

Precious

Metals

and

Minerals

Funds

(unaudited)

Threats

Bitcoin

remains

a

key

competitor

to

gold.

Like

gold,

Bitcoin

functions

as

an

absolute

store

of

value.

Most

analysts

expect

gold

to

gradually

decline

over

the

next

few

years.

The

post-pandemic

recovery,

Fed

tapering,

and

a

stronger

dollar

will

all

weigh

on

the

metal,

which

will

fall

to

$1,700

an

ounce

by

year-end

and

then

decline

further

in

2022,

UBS

Group

AG

strategists

including

Wayne

Gordon

and

Giovanni

Staunovo

said

in

a

note.

However,

new

government

regulation

over

Bitcoin

and

other

electronically

traded

crypto

assets

could

change

their

desirability

for

ownership.

Exchange-traded

funds

have

been

selling

gold,

with

2021’s

net

sales

being

9.24

million

ounces,

according

to

data

compiled

by

Bloomberg.

Total

gold

held

by

ETFs

fell

to

97.82

million

ounces.

Rising

real

rates

are

the

ultimate

threat

to

gold

prices

but

there

is

great

concern

that

the

U.S.

can

withstand

rising

rates.

Who

can

take

the

medicine?

It

took

20-years

to

leave

Afghanistan,

how

easy

is

it

going

to

be

to

walk

away

from

“easy

money”?

Demand

for

platinum

group

metals

(PGMs)

is

facing

a

decline

due

to

the

growth

of

battery-powered

electric

vehicles

(EVs).

Sibanye

Stillwater

CEO

Neal

Froneman

said

palladium

could

decline

to

about

$1,000

an

ounce

after

2025

as

automakers

switch

to

using

more

platinum

in

auto

catalysts,

which

are

used

to

curb

pollution

from

vehicles.

If

platinum

prices

rise

with

a

pickup

in

fuel

cell

use,

the

change

in

the

two

PGMs

prices

may

balance

out

somewhat

on

their

income

statement.

The

section

labeled

Portfolio

of

Investments

contains

a

complete

list

of

the

funds’

holdings.

World

Precious

Minerals

Fund

Top

10

Equity

Holdings

(Based

on

Net

Assets)

December

31,

2021

Nano

One

Materials

Corp.

8.34%

Advanced

Materials/Production

K92

Mining,

Inc.

7.32%

Gold

Mining

Arizona

Metals

Corp.

5.44%

Gold

Mining

TriStar

Gold,

Inc.

5.22%

Gold

Mining

Ivanhoe

Mines,

Ltd.

3.65%

Metal

-

Diversified

Barsele

Minerals

Corp.

3.52%

Precious

Metals

CopperBank

Resources

Corp.

2.69%

Gold

Mining

Asante

Gold

Corp.

2.19%

Gold

Mining

Dolly

Varden

Silver

Corp.

2.09%

Precious

Metals

Vizsla

Silver

Corp.

2.01%

Silver

Mining

Total

Top

10

Equity

Holdings

42.47%

31

Precious

Metals

and

Minerals

Funds

(unaudited)

Summary

information

above

may

differ

from

the

portfolio

schedule

included

in

the

financial

statements

due

to

the

use

of

different

classifications

of

securities

for

presentation

purposes.

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

December

31,

2021

Gold

Mining

41.8%

Precious

Metals

15.3%

Metal

-

Diversified

10.8%

Advanced

Materials/Production

8.6%

Diversified

Minerals

7.6%

Silver

Mining

4.6%

Other

11.3%

Total

100.0%

Top

10

Equity

Holdings

(Based

on

Net

Assets)

December

31,

2021

K92

Mining,

Inc.

11.07%

Gold

Mining

Aya

Gold

&

Silver,

Inc.

5.35%

Silver

Mining

Wesdome

Gold

Mines,

Ltd.

5.32%

Gold

Mining

SSR

Mining,

Inc.

5.20%

Precious

Metals

GoGold

Resources,

Inc.

3.10%

Gold

Mining

Fortuna

Silver

Mines,

Inc.

2.77%

Silver

Mining

DDH1,

Ltd.

2.67%

Oil

&

Gas

Drilling

Vox

Royalty

Corp.

2.63%

Metal

-

Diversified

Mene

,

Inc.,

144A

2.56%

Retail

-

Jewelry

Firefinch

,

Ltd.

2.51%

Diversified

Minerals

Total

Top

10

Equity

Holdings

43.18%

Portfolio

Allocation

by

Industry*

Based

on

Total

Investments

December

31,

2021

Gold

Mining

48.8%

Silver

Mining

12.7%

Precious

Metals

12.3%

Diversified

Minerals

6.7%

Metal

-

Diversified

5.2%

Retail

-

Jewelry

3.0%

Other

11.3%

Total

100.0%

32

Emerging

Europe

Fund

(unaudited)

Management

Team’s

Perspective

Introduction

The

investment

objective

of

the

Emerging

Europe

Fund

(EUROX)

is

to

achieve

long-term

capital

growth

by

investing

in

a

non-diversified

portfolio

of

equity

securities

of

companies

located

in

the

emerging

markets

of

Europe.

(1)

Performance

Graph

(1)

The

following

countries

are

considered

to

be

in

the

emerging

Europe

region:

Albania,

Armenia,

Azerbaijan,

Belarus,

Bulgaria,

Croatia,

the

Czech

Republic,

Estonia,

FYR,

Macedonia,

Georgia,

Greece,

Hungary,

Latvia,

Lithuania,

Moldova,

Poland,

Romania,

Russia,

Slovakia,

Slovenia,

Turkey

and

Ukraine.

Emerging

Europe

Fund

Average

Annual

Performance

For

the

Periods

Ended

December

31,

2021

One

Year

Five

Year

Ten

Year

Emerging

Europe

Fund

11.75%

3.92%

(0.25)%

S&P

500®

Index

28.71%

18.47%

16.55%

MSCI

Emerging

Markets

Europe

10/40

Index

(Net

Total

Return)

13.14%

6.79%

2.49%

Performance

data

quoted

above

is

historical.

Past

performance

is

no

guarantee

of

future

results.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

The

principal

value

and

investment

return

of

an

investment

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

For

all

or

a

portion

of

the

periods,

the

fund

had

expense

limitations,

without

which

returns

would

have

been

lower.

Returns

greater

than

one

year

are

annualized.

Gross

expense

ratio

as

stated

in

the

most

recent

prospectus

is

2.82%.

Pursuant

to

a

voluntary

arrangement,

the

Adviser

has

agreed

to

limit

total

fund

operating

expenses

(exclusive

of

any

acquired

fund

fees

and

expenses,

performance

fees,

taxes,

brokerage

commissions

and

interest)

to

not

exceed

2.85%.

The

Adviser

can

modify

or

terminate

this

arrangement

at

any

time.

See

Definitions

for

Management

Teams’

Perspectives

for

index

definitions.

Please

visit

our

website

at

www.usfunds.com

for

updated

performance

information

for

different

time

periods.

33

Emerging

Europe

Fund

(unaudited)

The

Year

in

Review

–

Economic

and

Political

Issues

Affecting

the

Fund

The

Emerging

Europe

region

outperformed

the

broad

emerging

market;

however,

it

underperformed

Western

Europe

and

the

United

States.

The

MSCI

Emerging

Europe

Index

gained

14.69%

in

2021,

while

the

broad

MSCI

Emerging

Markets

Index

lost

2.47%,

led

by

a

sharp

selloff

in

China.

Equites

in

Western

Europe,

as

measured

by

the

STOXX

Europe

600,

appreciated

by

17.19%,

and

U.S.

stocks,

as

measured

by

the

S&P

500,

gained

28.71%.

The

Czech

Republic

was

the

best

performing

market

within

Central

and

Eastern

Europe.

The

country

was

among

the

first

to

switch

to

tightening

monetary

policy

due

to

a

spike

in

inflation.

In

June,

the

Board

of

the

Czech

National

Bank

raised

its

two-week

repo

rate

(the

rate

at

which

a

central

bank

lends

money

to

commercial

banks)

to

0.50%

from

0.25%,

followed

by

three

more

aggressive

hikes.

Russia

outperformed

in

2021,

supported

by

strong

commodities

prices.

Oil

and

gas

producers

benefited

from

strong

global

demand

as

economies

continued

to

recover

from

the

negative

effects

of

the

pandemic.

Russian

bonds

offered

positive

real

rates,

and

equites

lured

investors

with

high

dividends.

Toward

the

end

of

the

year,

Russian

equites

lost

some

of

their

gains

due

to

renewed

talks

about

sanctions

after

reports

emerged

that

the

country

moved

military

equipment

near

its

border

with

Ukraine,

potentially

preparing

to

attack

its

neighbor.

Hungarian

and

Polish

equites

gained,

but

both

markets

underperformed

the

MSCI

Emerging

Europe

Index.

These

two

nations

once

again

were

criticized

by

Brussels

for

breaking

the

rule

of

law.

Poland

has

escalated

a

six-year

struggle

with

the

European

Union

(EU)

over

the

rule

of

law

after

the

country’s

constitutional

court

ruled

it

did

not

have

to

comply

with

an

order

from

the

bloc’s

supreme

court

over

its

oversight

of

judges.

In

Hungary,

one

of

Hungary's

last

remaining

independent

radio

stations

was

taken

off

the

radio.

The

European

Commission

has

been

considering

whether

to

suspend

certain

EU

budget

payments

to

these

two

countries.

Hungary

will

hold

its

general

election

in

May

2022.

Turkey

was

the

weakest

market.

In

2021,

the

Turkish

lira

was

the

world’s

worst

performing

currency,

losing

44.07%

of

its

value

due

to

the

country’s

monetary

policies.

Despite

rising

prices,

the

Central

Bank

of

Turkey

surprisingly

cut

rates

in

September,

October,

November

and

December.

The

annual

inflation

rate

spiked

to

36%

in

December.

Toward

the

end

of

the

year,

its

government

announced

measures

to

support

its

currency,

which

calmed

the

market

a

bit,

but

further

weakness

in

the

lira

is

expected.

President

Recep

Erdogan’s

popularity

is

falling,

meaning

early

elections

are

possible. 

Investment

Highlights

Overview

For

the

year

ended

December

31,

2021,

the

Emerging

Europe

Fund

gained

11.75%,

while

the

benchmark

MSCI

Emerging

Markets

Europe

10/40

Index

(Net

Total

Return)

appreciated

13.14%.

Czech,

Russian,

Polish,

Hungarian

and

Greek

stocks

recorded

gains

while

Turkish

equites

underperformed

mostly

due

to

currency

losses.

On

the

sector

level,

energy,

utilities,

industrials

and

materials

were

the

top

performers,

while

consumer

discretionary,

financials,

health

care,

consumer

staples,

telecommunication

and

information

technology

underperformed.

Strengths

The

fund’s

exposure

to

Western

Europe

and

currency

hedges

had

the

most

positive

impact

on

the

fund’s

performance

relative

to

its

benchmark.

The

fund’s

underweight

position

in

information

technology

and

stock

selection

in

materials

had

the

most

positive

effect

on

the

fund’s

performance

relative

to

its

benchmark.

Lukoil,

a

Russian

oil

producer,

made

the

largest

single

contribution

to

the

performance

of

the

fund.

34

Emerging

Europe

Fund

(unaudited)

Weaknesses

The

fund’s

overweight

position

in

Turkey

had

the

most

negative

impact

on

the

fund’s

performance

relative

to

its

benchmark.

However,

the

strategy

to

hedge

the

currency

offset

losses.

The

fund’s

underweight

position

in

the

energy

sector

and

stock

selection

in

financials

had

the

most

negative

effect

on

the

fund’s

performance

relative

to

its

benchmark.

Turkiye

Is

Bankasi

Anonim

Sirketi,

a

Turkish

bank,

was

the

single

worst

contributor

to

the

performance

of

the

fund.

Current

Outlook

Opportunities

The

World

Health

Organization

(WHO)

suggested

2022

may

see

the

end

of

the

Covid

pandemic

as

the

world

knows

the

virus

very

well

and

has

all

the

tools

to

fight

it.

Comments

come

as

recent

studies

suggest

Omicron

may

lead

to

lower

hospitalization

rates

than

previous

variants.

Goldman

Sachs

predicted

a

new

high

in

oil

demand

in

2022,

and

again

in

2023.

Oil

demand

was

already

at

record

levels

before

the

latest

Omicron

variant

hit,

and

furthermore,

demand

for

air

travel

should

continue

to

recover,

Damien

Courvalin,

the

investment

bank’s

head

of

energy

research,

said.

Countries

producing

this

commodity

should

benefit

from

higher

prices.

Russia

could

continue

to

strengthen

its

balance

sheet

next

year

and

the

country’s

commodity

producers

should

continue

to

pay

record

high

dividends

assuming

there

will

be

no

escalation

of

tensions

on

the

border

with

Ukraine.

According

to

Goldman

Sachs,

Morgan

Stanley

and

JPMorgan,

emerging

market

assets

are

set

to

rise

in

2022

as

moderating

inflation

and

accelerating

growth

trigger

gains,

but

it

will

not

happen

until

the

second

half

of

2022.

Analysts

are

looking

for

a

Chinese

equity

rally

as

well

as

gains

in

local

currency

bonds

in

countries

such

as

Poland,

the

Czech

Republic

and

Hungary.

Threats

A

policy

mistake

by

central

banks

due

to

surging

inflation

could

present

the

biggest

risk

for

global

stocks

in

2022,

according

to

a

survey

of

more

than

one

hundred

fund

managers.

Monetary

policy

is

the

top

concern

for

nearly

37%

of

those

surveyed,

followed

by

runaway

inflation.

Turkey

experienced

extreme

volatility

in

equities

and

currency

at

the

end

of

2021.

In

December,

the

Borsa

Istanbul

Stock

Exchange

went

from

a

record

high

to

a

bear

market

in

less

than

a

week.

The

Turkish

lira

was

the

world’s

worst

performing

currency.

Its

government

announced

measures

to

protect

its

currency,

but

volatility

in

Turkish

markets

could

continue

in

2022.

Eastern

Europe

may

experience

a

spike

in

Covid

cases

due

to

low

vaccination

rates

compared

to

developed

markets.

At

the

end

of

the

year,

Bulgaria

had

the

lowest

such

rate

in

the

EU; just

26.4%

were

fully

inoculated.

The

section

labeled

Portfolio

of

Investments

contains

a

complete

list

of

the

fund’s

holdings.

35

Emerging

Europe

Fund

(unaudited)

Country

distribution

shown

is

based

on

domicile.

The

locale

of

company

operations

may

be

different.

Top

10

Equity

Holdings

(Based

on

Net

Assets)

December

31,

2021

Sberbank

of

Russia

PJSC,

ADR

8.14%

Commercial

Banks

Non-US

Rosneft

Oil

Co.

PJSC,

GDR

7.76%

Oil

Companies

-

Integrated

Gazprom

PJSC,

ADR

7.68%

Oil

Companies

-

Integrated

LUKOIL

PJSC,

ADR

7.28%

Oil

Companies

-

Integrated

MMC

Norilsk

Nickel

PJSC,

ADR

4.88%

Metal

-

Diversified

Tatneft

PJSC,

ADR

2.62%

Oil

Companies

-

Integrated

Gazprom

Neft

PJSC

2.32%

Oil

Companies

-

Integrated

Severstal

PAO,

GDR

2.21%

Steel

-

Producers

Magnitogorsk

Iron

&

Steel

Works

PJSC,

GDR

2.06%

Steel

-

Producers

Evraz

PLC

1.98%

Steel

-

Producers

Total

Top

10

Equity

Holdings

46.93%

Country

Distribution*

Based

on

Total

Investments

December

31,

2021

Russian

Federation

56.8%

Germany

9.6%

Poland

5.9%

Turkey

4.7%

France

3.7%

Hungary

3.1%

Other

16.2%

Total

100.0%

36

China

Region

Fund

(unaudited)

Management

Team’s

Perspective

Introduction

The

China

Region

Fund

(USCOX)

seeks

long-term

growth

of

capital.

The

fund

invests

in

both

established

and

emerging

companies

registered

and

operating

in

the

China

region.

(1)

Performance

Graph

(1)

The

China

region

is

defined

as

any

country

that

either

shares

a

border

with

China

or

is

located

in

the

South

China

Sea

or

the

East

China

Sea

and

includes:

the

People’s

Republic

of

China

(PRC

or

China),

Bangladesh,

Cambodia,

Hong

Kong,

India,

Indonesia,

Kazakhstan,

Korea,

Kyrgyzstan,

Laos,

Malaysia,

Mongolia,

Myanmar,

Nepal,

Pakistan,

Philippines,

Singapore,

Taiwan,

Tajikistan,

Thailand

and

Vietnam.

China

Region

Fund

Average

Annual

Performance

For

the

Periods

Ended

December

31,

2021

One

Year

Five

Year

Ten

Year

China

Region

Fund

(18.32)%

3.47%

2.64%

Hang

Seng

Composite

Index

(16.03)%

3.79%

3.56%

Performance

data

quoted

above

is

historical.

Past

performance

is

no

guarantee

of

future

results.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

The

principal

value

and

investment

return

of

an

investment

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

For

all

or

a

portion

of

the

periods,

the

fund

had

expense

limitations,

without

which

returns

would

have

been

lower.

Returns

greater

than

one

year

are

annualized.

Gross

expense

ratio

as

stated

in

the

most

recent

prospectus

is

3.56%.

Pursuant

to

a

voluntary

arrangement,

the

Adviser

has

agreed

to

limit

total

fund

operating

expenses

(exclusive

of

any

acquired

fund

fees

and

expenses,

performance

fees,

taxes,

brokerage

commissions

and

interest)

to

not

exceed

2.55%.

The

Adviser

can

modify

or

terminate

this

arrangement

at

any

time.

See

Definitions

for

Management

Teams’

Perspectives

for

index

definitions.

Please

visit

our

website

at

www.usfunds.com

for

updated

performance

information

for

different

time

periods

37

China

Region

Fund

(unaudited)

The

Year

in

Review

–

Economic

and

Political

Issues

that

Affected

the

Fund

Asian

equites,

as

measured

by

the

iShares

MSCI

All

Country

Asia

ex-Japan

ETF,

underperformed

the

broad

emerging

markets,

as

measured

by

the

MSCI

Emerging

Markets

ETF.

Chinese

equites

listed

in

mainland

and

Honk

Kong

recorded

biggest

losses.

Hong

Kong

was

the

worst

performing

regional

market

in

2021.

China’s

regulatory

crackdowns

on

sectors

such

as

e-commerce,

video

games,

property,

gambling

and

after-school

tutoring

led

to

a

sharp

selloff.

The

Hang

Seng

Composite

Index

declined

by

16.03%.

United

States-listed

Chinese

stocks

suffered

even

more.

The

Golden

Dragon

China

Index,

which

tracks

the

performance

of

Chinese

stocks

listed

in

the

U.S.,

lost

more

than

40%

of

its

value

during

the

year.

Beijing’s

efforts

to

rein

in

powerful

technology

companies

hit

China’s

internet

giants

hard.

Alibaba

Group

shares

were

down

48.95%

in

2021,

while

Tencent

and

Meituan

fell

18.68%

and

23.9%,

respectively.

Chinese

property

is

another

sector

that

suffered

from

tighter

government

regulation.

Evergrande

struggled

to

comply

with

tighter

official

restrictions

on

its

use

of

borrowed

money

by

China's

real

estate

industry

and

missed

payments

on

its

debt

obligations.

Its

shares

fell

89%

in

2021.

At

the

beginning

of

2022,

news

emerged

that

China

had

ordered

Evergrande

to

demolish

39

buildings,

saying

that

the

building

permits

had

been

illegally

obtained.

The

39

buildings

are

part

of

Evergrande's

gigantic

Ocean

Flower

Island

project

in

Hainan,

in

which

the

company

has

invested

$13

billion

over

the

last

six

years.

In

2022,

the

Chinese

Communist

Party

(CCP)

will

hold

its

20th

National

Party

Congress.

President

Xi

Jinping

could

stay

for

a

third

term

in

the

office.

Taiwan

and

Vietnam

were

the

best

performing

markets

in

Asia.

Vietnam

and

Taiwan

outperformed

due

to

strong

exports,

supported

by

strong

demand

for

electronic

products

during

the

pandemic.

Geographically,

Vietnam

has

a

strategic

location

for

its

high-performing

export

sector.

Samsung,

the

South

Korean

multinational

manufacturing

conglomerate,

allocates

over

half

of

its

mobile

phone

manufacturing

capacity

to

Vietnam.

The

global

shortage

and

growing

demand

for

chips

triggered

the

record

performance

of

the

Taiwanese

stock

market.

Taiwan

holds 63% of

the

global

semiconductor

market

share.

Much

of

Taiwan’s

dominance

in

the

semiconductor

industry

is

attributable

to

Taiwan

Semiconductor

Manufacturing,

or

TSMC,

the

world’s

largest

chip

maker.

Indian

equites

performed

well,

supported

by

strong

retail

and

institutional

flows

amid

relatively

better

earnings

prospects.

As

markets

continued

to

surge

in

2021,

foreign

as

well

as

domestic

investors

continued

to

pump

money

into

Indian

stocks.

The

primary

market

was

abuzz

with

activity,

with

a

record

amount

garnered

through

initial

public

offerings

(IPOs).

Capital

flowing

to

private

India

startups

surged

over

four

times

to

about

$39

billion

in

2021,

three

times

from

the

previous

best

of

$14.6

billion

in

2019,

according

to

data

from

insight

platform

Tracxn.

Thailand

and

Indonesia

recorded

gains

in

2021.

Both

countries

heavily

depend

on

tourism.

At

the

end

of

the

year,

Thailand

reopened

its

borders

to

tourists

from

63

countries

without

requiring

quarantine,

becoming

one

of

the

first

in

Southeast

Asia

to

do

so.

Singapore

opened

in

September

to

tourists

from

two

countries

without

quarantine

and

expanded

its

list

to

10

later

in

a

year.

About

a

fifth

of

Thailand’s

economy

depends

on

tourism

and,

before

the

pandemic,

it

was

one

of

the

world’s

top

tourist

destinations,

drawing

nearly

40

million

visitors

in

2019.

In

Indonesia,

more

than

half

of

the

economy

depends

on

tourism.

The

country

opened

its

borders

to

foreigners

in

October

after

an

18-month

ban

on

travel.

Vaccinated

tourists

from

19

countries—including

China,

India,

Japan,

South

Korea

and

New

Zealand,

as

well

as

parts

of

Western

Europe

and

the

Arabian

Gulf—can

now

travel

to

Bali

and

Indonesia’s

Riau

Islands.

Travelers

are

subject

to

a

five-day

quarantine

and

Covid-19

testing.

No

travel

has

been

allowed

from

Singapore

and

Australia.

Investment

Highlights

Overview

For

the

year

ended

December

31,

2021,

the

China

Region

Fund

lost

18.32%,

underperforming

its

benchmark,

the

Hang

Seng

Composite

Index

(HSCI),

which

declined

by

16.03%

over

the

same

period.

Vietnam,

Taiwan,

Singapore,

Indonesia,

Thailand,

Malaysia,

Philippines,

South

Korea

and

mainland

China

stock

exchanges

all

outperformed

the

HSCI

benchmark.

Hong

Kong

was

the

worst

performing

exchange

in

2021,

losing

13.90%.

On

the

economic

sector

basis,

consumer

non-durables,

retail

trade,

38

China

Region

Fund

(unaudited)

electronic

technology

and

technology

services

outperformed,

while

commercial

services,

consumer

services,

consumer

durables

and

health

technology

underperformed.

Strengths

The

fund’s

overweight

position

in

Taiwan

and

South

Korea

had

the

most

positive

impact

on

the

fund’s

performance

relative

to

its

benchmark.

The

fund’s

overweight

position

in

electric

technology

and

consumer

durables

had

the

most

positive

effect

on

the

fund’s

performance

relative

to

its

benchmark.

BYD

Company

Limited,

a

chemical

company,

made

the

single

largest

contribution

to

the

performance

of

the

fund.

Weaknesses

The

fund’s

overweight

position

in

U.S.-listed

Malaysia

and

Chinse

names

had

the

most

negative

impact

on

the

fund’s

performance

relative

to

its

benchmark.

The

fund’s

overweight

positions

in

consumer

non-durables

and

retail

trade

had

the

most

negative

effects

on

the

fund’s

performance

relative

to

its

benchmark.

Pinduoduo,

an

e-commerce

platform,

was

the

single

worst

contributor

to

the

performance

of

the

fund.

Current

Outlook

Opportunities

China’s

central

bank

pledged

greater

support

for

the

real

economy

and

said

it

will

make

monetary

policy

more

forward-looking

and

targeted.

The

People’s

Bank

of

China

(PBOC)

has

so

far

taken

a

restrained

approach

to

monetary

stimulus,

but

expectations

are

growing

that

it

will

do

more

in

the

new

year,

especially

if

property

market

problems

and

slowing

private

consumption

continue.

Asset

managers

expect

China’s

stock

market

to

outperform

the

U.S.

market

in

2022,

the

Year

of

the

Tiger.

Multiple

Southeast

Asia

countries

began

to

ease

travel

restrictions

in

2021,

and

most

likely

they

will

be

further

eased

in

2022.

In

2019,

the

most

recent

normal

year

for

travel,

tourism

supported

more

than

42

million

jobs

in

South

East

Asia,

or

13%

of

total

employment.

The

World

Health

Organization

(WHO)

suggested

2022

will

see

the

end

of

the

Covid

pandemic

as

the

world

knows

the

virus

well

and

has

all

the

right

tools

to

fight

it.

Taiwanese

stocks

outperformed

in

2021

and

they

may

rise

further

in

2022

due

to

strong

economic

performance,

better

virus

controls

and

Taiwan’s

key

role

in

the

global

supply

chain.

Threats

China's

property

downturn

is

forecasted

to

continue

into

the

first

half

of

2022,

with

home

prices

and

sales

falling

as

tight

credit

policies

and

a

looming

property

tax

dampen

demand,

a

Reuters

poll

showed.

The

property

sector

is

a

key

driver

of

growth

in

China,

but

it

has

slowed

sharply

in

recent

months

due

to

tight

regulations

and

a

growing

liquidity

crisis.

China’s

gross

domestic

product

(GDP)

will

most

likely

slow

down

and

should

grow

5.7%

per

year

through

2025

and

then

4.7%

annually

until

2030,

British

consultancy

Centre

for

Economics

and

Business

Research

(CEBR)

forecasts.

Its

forecast

says

that

China,

the

world’s

second-largest

economy,

should

overtake

the

number

one

ranked

U.S.

economy

by

2030,

two

year

later

than

previously

forecasted.

39

China

Region

Fund

(unaudited)

In

China,

the

20th

Party

Congress

will

meet

toward

the

end

of

the

year.

There

are

two

extreme

scenarios

for

the

institutional

transition

of

supreme

leadership

in

2022:

Either

Xi

Jinping

stays

for

a

third

term,

or

he

is

dismissed

by

the

Chinese

Communist

Party

(CCP)

factions

and

his

political

power

neutered

before

October

2022.

The

section

labeled

Portfolio

of

Investments

contains

a

complete

list

of

the

fund’s

holdings.

Country

distribution

shown

is

based

on

domicile

and

not

intended

to

conform

to

the

China

region

definition

in

the

prospectus.

The

locale

of

company

operations

may

be

different.

Top

10

Equity

Holdings

(Based

on

Net

Assets)

December

31,

2021

SK

Hynix,

Inc.

6.44%

Electronic

Components

-

Semiconductors

COSCO

SHIPPING

Holdings

Co.,

Ltd.

6.10%

Transportation

-

Marine

United

Microelectronics

Corp.

5.62%

Semiconductor

Components

-

Integrated

Circuit

BYD

Co.,

Ltd.,

Class H

5.41%

Automotive

-

Cars

&

Light

Trucks

ANTA

Sports

Products,

Ltd.

5.28%

Retail

-

Apparel/Shoe

Li

Ning

Co.,

Ltd.

5.15%

Retail

-

Apparel/Shoe

ENN

Energy

Holdings,

Ltd.

4.92%

Gas

-

Distribution

Chow

Tai

Fook

Jewellery

Group,

Ltd.

4.32%

Retail

-

Jewelry

Zhongsheng

Group

Holdings,

Ltd.

4.25%

Retail

-

Automobile

SITC

International

Holdings

Co.,

Ltd.

4.07%

Transportation

-

Marine

Total

Top

10

Equity

Holdings

51.56%

Country

Distribution*

Based

on

Total

Investments

December

31,

2021

China

62.3%

Taiwan,

Province

of

China

12.1%

Hong

Kong

10.4%

Republic

of

Korea

6.7%

Canada

3.0%

Other

5.5%

Total

100.0%

Portfolio

of

Investments

40

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

U.S.

Government

Securities

Ultra-Short

Bond

Fund

United

States

Government

and

Agency

Obligations

91.36%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Federal

Farm

Credit

Bank

41.55%

Fixed

Rates:

0.10

11/23/22

$

2,000,000

$

1,999,749

0.12

01/12/23

3,000,000

2,992,235

Floating

Rates:

(Federal

Reserve

Bank

Effective

Rate

+

0.07%)

0.15

09/14/22

2,000,000

2,001,298

(Federal

Reserve

Bank

Effective

Rate

+

(0.02)%)

0.07

05/15/23

5,000,000

4,996,187

(U.S.

Treasury

3

Month

Bill

Money

Market

Yield

+

0.06%)

0.14

01/31/23

3,800,000

3,800,623

15,790,092

Federal

Home

Loan

Bank

3.90%

Fixed

Rates:

0.68

02/26/25

1,500,000

1,481,586

U.S.

Treasury

Note/Bond

45.91%

Fixed

Rates:

2.50

01/15/22

4,000,000

4,003,201

2.50

02/15/22

5,500,000

5,515,774

1.38

10/15/22

1,000,000

1,008,086

0.13

06/30/23

1,500,000

1,489,980

0.13

12/15/23

2,000,000

1,977,188

0.25

06/15/24

1,500,000

1,478,086

0.63

10/15/24

1,000,000

992,070

0.50

03/31/25

1,000,000

983,555

17,447,940

Total

United

States

Government

and

Agency

Obligations

34,719,618

(cost

$34,796,176)

Exchange

Traded

Fund

4.80%

Shares

Value

Vanguard

Short-Term

Treasury

ETF

30,000

1,824,900

(cost

$1,835,242)

Investments,

at

value

96.16%

36,544,518

(cost

$36,631,418

)

Other

assets

and

liabilities,

net

3.84%

1,459,587

Net

Assets

100.00%

$

38,004,105

Portfolio

of

Investments

41

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

Near-Term

Tax

Free

Fund

Municipal

Bonds

84.28%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

California

7.24%

City

of

Milpitas

CA

Wastewater

Revenue,

California,

Refunding,

RB

5.00

11/01/24

$

350,000

$

395,235

East

Side

Union

High

School

District,

California,

GO

Unlimited

AGM

5.00

08/01/24

200,000

224,074

Lemon

Grove

School

District,

California,

Refunding,

GO

Unlimited

4.00

08/01/33

220,000

255,669

State

of

California,

California,

Refunding,

GO

Unlimited

5.00

11/01/30

400,000

533,311

State

of

California,

California,

GO

Unlimited

5.00

11/01/31

400,000

532,200

State

of

California,

California,

Refunding,

GO

Unlimited

5.00

11/01/27

500,000

621,420

2,561,909

Colorado

3.26%

City

&

County

of

Denver

Airport

System

Revenue,

Colorado,

Prefunding,

RB,

Series B

5.00

11/15/27

300,000

312,398

City

of

Glendale

CO,

Colorado,

Refunding,

COP

AGM

5.00

12/01/25

750,000

842,168

1,154,566

Connecticut

1.96%

State

of

Connecticut,

Connecticut,

GO

Unlimited

5.00

11/15/31

200,000

232,412

State

of

Connecticut,

Connecticut,

Refunding,

GO

Unlimited

5.00

05/15/27

200,000

237,142

Town

of

Simsbury

CT,

Connecticut,

Refunding,

GO

Unlimited

5.00

08/01/24

200,000

223,854

693,408

District

of

Columbia

2.48%

Washington

Metropolitan

Area

Transit

Authority,

District

of

Columbia,

Refunding,

RB

5.00

07/01/34

725,000

876,325

Florida

6.16%

City

of

Miramar

FL,

Florida,

Refunding,

RB

5.00

10/01/22

305,000

315,859

County

of

Miami-Dade

FL,

Florida,

Refunding,

GO

Unlimited

5.00

07/01/27

325,000

399,167

Orlando

Utilities

Commission,

Florida,

RB 

‡

0.09

10/01/33

870,000

870,000

State

of

Florida,

Florida,

Refunding,

GO

Unlimited

5.00

06/01/28

500,000

596,250

2,181,276

Portfolio

of

Investments

42

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Hawaii

0.60%

State

of

Hawaii,

Hawaii,

Refunding,

GO

Unlimited

5.00

10/01/27

$

175,000

$

210,775

Idaho

3.40%

Jerome

Lincoln

&

Gooding

Counties

Joint

School

District

No.

261,

Idaho,

GO

Unlimited

4.00

09/15/32

245,000

306,042

Owyhee

&

Canyon

Counties

Joint

School

District

No.

370

Homedale,

Idaho,

GO

Unlimited

4.00

09/15/31

720,000

895,790

1,201,832

Illinois

4.41%

City

of

St

Charles

IL,

Illinois,

GO

Unlimited

5.00

12/01/23

210,000

228,497

Cook

County

Township

High

School

District

No.

225,

Illinois,

Refunding,

GO

Unlimited

5.00

12/01/24

300,000

338,632

Illinois

State

Toll

Highway

Authority,

Illinois,

RB

5.00

01/01/32

505,000

596,902

Metropolitan

Water

Reclamation

District

of

Greater

Chicago,

Illinois,

GO

Limited

5.00

12/01/26

350,000

396,704

1,560,735

Louisiana

3.36%

Louisiana

Housing

Corp.,

Louisiana,

RB

FHLMC

2.15

12/01/24

355,000

368,522

State

of

Louisiana,

Louisiana,

Prefunding,

GO

Unlimited,

Series A

5.00

08/01/26

800,000

822,335

1,190,857

Maryland

2.52%

City

of

Baltimore

MD,

Maryland,

RB

5.00

07/01/33

215,000

274,774

State

of

Maryland,

Maryland,

GO

Unlimited

5.00

08/01/27

500,000

617,928

892,702

Michigan

3.22%

Great

Lakes

Water

Authority

Water

Supply

System

Revenue,

Michigan,

Refunding,

RB

5.00

07/01/26

365,000

434,623

Michigan

Finance

Authority,

Michigan,

RB

AGM

5.00

07/01/26

300,000

334,764

Oxford

Area

Community

School

District,

Michigan,

Refunding,

GO

Unlimited,

Series A

Q-SBLF

5.00

05/01/22

365,000

370,755

1,140,142

Portfolio

of

Investments

43

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Missouri

0.73%

City

of

Kansas

City

MO

Water

Revenue,

Missouri,

RB,

Series F

AGM

4.00

12/01/22

$

250,000

$

258,639

New

Jersey

2.60%

City

of

Jersey

City

NJ,

New

Jersey,

Refunding,

GO

Unlimited

5.00

11/01/28

350,000

431,245

Middlesex

County

Improvement

Authority,

New

Jersey,

RB

5.00

07/01/25

425,000

490,758

922,003

New

Mexico

2.07%

City

of

Rio

Rancho

NM,

New

Mexico,

GO

Unlimited

5.00

08/01/27

600,000

733,053

New

York

10.27%

City

of

New

York

NY,

New

York,

GO

Unlimited

5.00

12/01/34

250,000

315,303

City

of

New

York

NY,

New

York,

Refunding,

GO

Unlimited

5.00

08/01/25

250,000

289,895

City

of

New

York

NY,

New

York,

Refunding,

GO

Unlimited

5.00

08/01/26

200,000

239,453

City

of

New

York

NY,

New

York,

Refunding,

GO

Unlimited

5.00

08/01/28

300,000

352,196

City

of

New

York

NY,

New

York,

GO

Unlimited,

Series E

5.25

08/01/22

875,000

900,685

City

of

New

York

NY,

New

York,

GO

Unlimited,

Series I

5.00

08/01/22

1,000,000

1,027,918

Metropolitan

Transportation

Authority,

New

York,

RB

4.00

11/15/34

100,000

114,251

New

York

City

Water

&

Sewer

System,

New

York,

RB 

‡

0.07

06/15/38

200,000

200,000

New

York

City

Water

&

Sewer

System,

New

York,

Refunding,

RB

5.00

06/15/29

175,000

194,480

3,634,181

Ohio

0.38%

City

of

Cleveland

OH

Parking

Facility

Revenue,

Ohio,

Refunding,

RB

AGM

5.25

09/15/22

130,000

134,557

Pennsylvania

1.16%

Deer

Creek

Drainage

Basin

Authority,

Pennsylvania,

Refunding,

RB

AGM

4.00

12/01/31

345,000

410,519

Portfolio

of

Investments

44

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

South

Carolina

2.71%

Aiken

County

Consolidated

School

District,

South

Carolina,

GO

Unlimited

4.00

04/01/34

$

400,000

$

478,111

City

of

Cayce

SC

Water

&

Sewer

System

Revenue,

South

Carolina,

Refunding,

RB

BAM

5.00

06/01/30

300,000

380,620

City

of

Columbia

SC

Waterworks

&

Sewer

System

Revenue,

South

Carolina,

RB 

‡

0.10

02/01/38

100,000

100,000

958,731

Tennessee

1.85%

County

of

Claiborne

TN,

Tennessee,

Refunding,

GO

Unlimited

AGM

5.00

04/01/28

300,000

374,682

Metropolitan

Government

of

Nashville

&

Davidson

County

TN,

Tennessee,

GO

Unlimited

5.00

07/01/24

250,000

278,639

653,321

Texas

20.34%

Aldine

Independent

School

District,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

5.00

02/15/28

750,000

880,219

Bryan

Independent

School

District,

Texas,

GO

Unlimited,

Series A

PSF-GTD

5.00

02/15/22

410,000

412,290

City

of

Austin

TX,

Texas,

Refunding,

GO

Limited

5.00

09/01/24

215,000

241,304

City

of

Buda

TX,

Texas,

Refunding,

GO

Limited

4.00

02/15/29

135,000

161,904

City

of

Cedar

Hill

TX,

Texas,

Refunding,

GO

Limited

5.00

02/15/22

800,000

804,430

City

of

El

Paso

TX,

Texas,

Refunding,

GO

Limited

5.00

08/15/30

245,000

313,922

City

of

Longview

TX

Waterworks

&

Sewer

System

Revenue,

Texas,

Refunding,

RB

3.00

03/01/22

610,000

612,764

City

of

Round

Rock

TX,

Texas,

GO

Limited

4.00

08/15/33

175,000

206,024

City

of

Rowlett

TX,

Texas,

GO

Limited

5.00

02/15/29

300,000

381,687

Dimmitt

Independent

School

District,

Texas,

GO

Unlimited

PSF-GTD

3.00

02/15/22

305,000

305,998

Eagle

Mountain

&

Saginaw

Independent

School

District,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

4.00

08/15/32

450,000

507,770

Ector

County

Independent

School

District,

Texas,

Prefunding,

GO

Unlimited

PSF-GTD

5.00

08/15/29

400,000

430,385

Harlandale

Independent

School

District,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

4.00

02/15/28

300,000

339,841

Lubbock-Cooper

Independent

School

District,

Texas,

GO

Unlimited

PSF-GTD

3.00

02/15/22

755,000

757,471

North

Texas

Municipal

Water

District,

Texas,

RB

4.00

06/01/30

310,000

369,940

Portfolio

of

Investments

45

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Texas

(cont’d)

Texas

City

Independent

School

District/TX,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

5.00

08/15/28

$

410,000

$

473,508

7,199,457

Utah

0.89%

Jordan

Valley

Water

Conservancy

District,

Utah,

Refunding,

RB

5.00

10/01/24

280,000

315,430

Vermont

1.04%

City

of

Burlington

VT,

Vermont,

GO

Unlimited

5.00

11/01/30

285,000

367,178

Washington

0.69%

Energy

Northwest,

Washington,

Refunding,

RB

5.00

07/01/31

220,000

243,924

Wisconsin

0.94%

Sun

Prairie

Area

School

District/WI,

Wisconsin,

GO

Unlimited

4.00

03/01/31

300,000

331,296

Total

Municipal

Bonds

29,826,816

(cost

$29,400,288)

Exchange

Traded

Funds

9.61%

Shares

iShares

Short-Term

National

Muni

Bond

ETF

15,500

1,664,235

VanEck

Short

Muni

ETF

97,000

1,737,173

Total

Exchange

Traded

Funds

3,401,408

(cost

$3,397,152)

Investments,

at

value

93.89%

33,228,224

(cost

$32,797,440

)

Other

assets

and

liabilities,

net

6.11%

2,160,493

Net

Assets

100.00%

$

35,388,717

Portfolio

of

Investments

46

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

Global

Luxury

Goods

Fund

Common

Stocks

94.77%

Shares

Value

Apparel

Manufacturers

8.53%

Burberry

Group

PLC

32,000

$

789,832

Christian

Dior

SE

795

659,553

Hermes

International

862

1,506,237

Kering

SA,

ADR

11,700

941,967

PRADA

SpA

70,000

448,231

PVH

Corp.

5,400

575,910

4,921,730

Athletic

Footwear

2.47%

adidas

AG

1,000

287,945

Puma

SE

9,300

1,135,757

1,423,702

Automotive

-

Cars

&

Light

Trucks

24.29%

Bayerische

Motoren

Werke

AG

23,000

2,300,971

Daimler

AG,

ADR

118,714

2,800,701

Ferrari

NV

2,429

628,674

NIO,

Inc.,

ADR 

*

44,000

1,393,920

Porsche

Automobil

Holding

SE,

ADR

46,357

435,292

Tesla,

Inc. 

*

4,455

4,707,955

Volkswagen

AG

5,950

1,739,386

14,006,899

Beverages

-

Wine/Spirits

1.05%

Remy

Cointreau

SA

2,500

607,673

Casino

Hotels

1.01%

MGM

Resorts

International

13,000

583,440

Commercial

Service

-

Finance

1.16%

MarketAxess

Holdings,

Inc.

200

82,254

Moody's

Corp.

300

117,174

S&P

Global,

Inc.

989

466,739

666,167

Computers

5.27%

Apple,

Inc.

17,100

3,036,447

Cosmetics

&

Toiletries

2.84%

Coty,

Inc.,

Class A 

*

100,000

1,050,000

The

Estee

Lauder

Cos.,

Inc.

1,584

586,397

1,636,397

Cruise

Lines

0.29%

Royal

Caribbean

Cruises,

Ltd. 

*

2,200

169,180

Portfolio

of

Investments

47

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

Global

Luxury

Goods

Fund

Common

Stocks (cont’d)

Shares

Value

Decision

Support

Software

0.67%

MSCI,

Inc.

634

$

388,445

Diversified

Banking

Institution

5.06%

The

Goldman

Sachs

Group,

Inc.

300

114,765

UBS

Group

AG

157,000

2,805,590

2,920,355

E-Commerce/Products

3.99%

Amazon.com,

Inc. 

*

690

2,300,695

Energy

-

Alternate

Sources

0.00%

Pacific

Green

Energy

Corp. 

#*@

100,000

0

Finance

-

Credit

Card

0.58%

Visa,

Inc.,

Class A

1,555

336,984

Finance

-

Mortgage

Loan/Banker

0.03%

Lendified

Holdings,

Inc. 

*

1,116,560

19,861

Finance

-

Other

Services

0.43%

Cboe

Global

Markets,

Inc.

600

78,240

Intercontinental

Exchange,

Inc.

1,260

172,330

250,570

Gold

Mining

2.50%

Barrick

Gold

Corp.

9,600

182,400

Franco-Nevada

Corp.

3,000

414,870

GCM

Mining

Corp.

76,000

320,234

Newmont

Corp.

2,900

179,858

Royal

Gold,

Inc.

3,300

347,193

1,444,555

Hotels

&

Motels

4.44%

Hilton

Worldwide

Holdings,

Inc. 

*

9,000

1,403,910

Marriott

International,

Inc.,

Class A 

*

7,000

1,156,680

2,560,590

Investment

Management/Advisory

Services

1.74%

Julius

Baer

Group,

Ltd.

15,000

1,003,085

Metal

-

Diversified

0.96%

Aclara

Resources,

Inc. 

*

18,274

20,803

Ivanhoe

Mines,

Ltd. 

*

65,000

530,297

551,100

Oil

Companies

-

Exploration

&

Production

0.16%

NG

Energy

International

Corp.,

144A 

#*∆

50,000

91,308

Portfolio

of

Investments

48

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

Global

Luxury

Goods

Fund

Common

Stocks (cont’d)

Shares

Value

Precious

Metals

0.67%

Wheaton

Precious

Metals

Corp.

9,000

$

386,370

Private

Equity

6.21%

Blackstone,

Inc.,

Class A

14,500

1,876,155

KKR

&

Co.,

Inc.

22,900

1,706,050

3,582,205

Real

Estate

Operating/Development

0.00%

Infrastructure

Ventures,

Inc. 

#*@+

426,533

0

Retail

-

Apparel/Shoe

3.64%

Industria

de

Diseno

Textil

SA

65,000

2,096,252

Retail

-

Building

Products

2.88%

The

Home

Depot,

Inc.

3,998

1,659,210

Retail

-

Discount

5.60%

Costco

Wholesale

Corp.

5,684

3,226,807

Retail

-

Jewelry

5.92%

Cie

Financiere

Richemont

SA

20,600

3,078,358

The

Swatch

Group

AG

-

BR

1,100

334,990

3,413,348

Silver

Mining

0.75%

Hochschild

Mining

PLC

133,000

235,232

Silvercorp

Metals,

Inc.

52,000

195,520

430,752

Textile

-

Apparel

1.63%

LVMH

Moet

Hennessy

Louis

Vuitton

SE,

ADR

5,675

939,212

Total

Common

Stocks

54,653,339

(cost

$43,645,018)

Corporate

Non-Convertible

Bond

1.49%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

1.49%

Aris

Gold

Corp.

(cost

$858,941)

7.50

08/26/27

$

859,029

856,881

Exchange

Traded

Funds

0.15%

Shares

Value

Invesco

QQQ

Trust

ETF

100

$

39,785

SPDR

S&P

500

ETF

Trust

100

47,496

Total

Exchange

Traded

Funds

87,281

(cost

$49,898)

Portfolio

of

Investments

49

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

Global

Luxury

Goods

Fund

Warrants

0.07%

Exercise

Price

Exp.

Date

Shares

Value

Enterprise

Software/Services

0.05%

Abaxx

Technologies,

Inc. 

*

$

5.10

05/14/23

34,062

$

28,274

Finance

-

Mortgage

Loan/Banker

0.00%

Lendified

Holdings,

Inc.,

144A 

#*@∆

0.38

04/08/22

558,280

0

Oil

Companies

-

Exploration

&

Production

0.00%

NG

Energy

International

Corp.,

144A 

#*∆

0.00

07/31/22

50,000

2,964

Retail

-

Jewelry

0.02%

Cie

Financiere

Richemont

SA 

*

67.00

11/22/23

9,200

10,097

Total

Warrants

41,335

(cost

$0

)

Investments,

at

value

96.48%

55,638,836

(cost

$44,553,857

)

Other

assets

and

liabilities,

net

3.52%

2,028,429

Net

Assets

100.00%

$

57,667,265

Portfolio

of

Investments

50

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

Global

Resources

Fund

Common

Stocks

95.67%

Shares

Value

Advanced

Materials/Production

4.14%

Nano

One

Materials

Corp. 

*

235,000

$

564,765

NanoXplore

,

Inc. 

*

435,000

2,245,583

2,810,348

Agricultural

Chemicals

3.95%

CF

Industries

Holdings,

Inc.

10,000

707,800

Nutrien

,

Ltd.

10,000

751,650

PhosAgro

PJSC,

GDR

20,000

431,700

The

Mosaic

Co.

20,000

785,800

2,676,950

Agricultural

Operations

1.51%

Wide

Open

Agriculture,

Ltd. 

*

2,000,000

1,025,533

Building

&

Construction

Products

-

Miscellaneous

1.16%

Louisiana-Pacific

Corp.

10,000

783,500

Coal

0.00%

Caribbean

Resources

Corp. 

#*@~

17

0

Walter

Energy,

Inc.,

144A 

#*@∆

4,293

0

0

Diamonds/Precious

Stones

0.40%

Barksdale

Resources

Corp. 

*

1,100,000

273,924

Distribution/Wholesale

0.59%

Fox

River

Resources

Corp. 

*

971,000

399,162

Diversified

Minerals

9.98%

American

Pacific

Borates,

Ltd. 

*

425,000

769,797

Arianne

Phosphate,

Inc. 

*

1,750,000

629,472

Australian

Strategic

Materials,

Ltd. 

*

50,000

388,046

E3

Metals

Corp. 

*

375,000

681,845

Firefinch

,

Ltd. 

*

1,119,403

706,171

First

Helium,

Inc. 

*

1,850,000

372,940

Ion

Energy,

Ltd. 

*

225,000

88,936

Mako

Mining

Corp. 

*

1,000,000

284,596

MP

Materials

Corp. 

*

15,000

681,300

Niocan

,

Inc.,

144A 

#*∆

3,687,069

320,627

Piedmont

Lithium,

Inc. 

*

12,500

655,750

Salazar

Resources,

Ltd. 

*

3,000,000

699,632

VR

Resources,

Ltd. 

*

1,000,000

324,124

Wolfden

Resources

Corp. 

*

1,000,000

167,991

6,771,227

Portfolio

of

Investments

51

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Energy

-

Alternate

Sources

3.15%

Canadian

Solar,

Inc. 

*

35,000

$

1,095,150

Pacific

Green

Energy

Corp. 

#*@~

2,400,000

0

Siemens

Gamesa

Renewable

Energy

SA 

*

35,000

831,176

Zinc8

Energy

Solutions,

Inc. 

*

1,000,000

209,495

2,135,821

Enterprise

Software/Services

5.36%

Abaxx

Technologies,

Inc. 

*

1,000,000

2,845,962

Base

Carbon

Corp.,

144A 

#*@∆

1,000,000

790,545

3,636,507

Food

-

Miscellaneous/Diversified

1.30%

Burcon

NutraScience

Corp. 

*

750,000

883,434

Food

-

Wholesale/Distribution

0.14%

Organto

Foods,

Inc. 

*

500,000

92,889

Forestry

2.13%

Interfor

Corp.

25,000

800,625

West

Fraser

Timber

Co.,

Ltd.

6,750

643,970

1,444,595

Gold

Mining

7.03%

Arena

Minerals,

Inc. 

*

500,000

193,684

CopperBank

Resources

Corp. 

*

2,500,000

1,502,036

Corona

Minerals,

Ltd. 

#*@

5,000

0

EnviroGold

Global,

Ltd.,

144A 

#*∆

75,000

22,530

Royal

Road

Minerals,

Ltd. 

*

5,500,000

1,478,319

Sandstorm

Gold,

Ltd. 

*

50,000

310,000

Seabridge

Gold,

Inc. 

*

40,000

659,600

Silver

Tiger

Metals,

Inc. 

*

750,000

420,965

Western

Atlas

Resources,

Inc. 

*

3,000,000

177,873

4,765,007

Industrial

Gases

1.54%

Air

Liquide

SA

2,000

348,809

Linde

PLC

2,000

692,860

1,041,669

Machinery

-

Electric

Utilities

0.97%

Bloom

Energy

Corp.,

Class A 

*

30,000

657,900

Metal

-

Aluminum

2.20%

Alcoa

Corp.

25,000

1,489,500

Portfolio

of

Investments

52

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Metal

-

Copper

1.40%

Arizona

Sonoran

Copper

Co.,

Inc. 

*

100,000

$

162,062

Excelsior

Mining

Corp. 

*

150,000

48,619

Kutcho

Copper

Corp. 

*

850,000

591,328

Surge

Copper

Corp. 

*

500,000

144,274

946,283

Metal

-

Diversified

14.53%

Bell

Copper

Corp. 

*

1,450,000

194,869

Centaurus

Metals,

Ltd. 

*

750,000

606,020

Chakana

Copper

Corp. 

*

1,025,000

243,093

Churchill

Resources,

Inc. 

*

599,587

87,690

Electra

Battery

Materials

Corp. 

*

2,500,000

622,554

Filo

Mining

Corp. 

*

300,000

3,028,578

Galway

Metals,

Inc. 

*

500,000

241,116

GoviEx

Uranium,

Inc.,

144A 

#*∆

58,000

16,277

Ivanhoe

Electric,

Inc. 

#*@

4,497

3,687

Ivanhoe

Mines,

Ltd. 

*

500,000

4,079,213

Luminex

Res

Corp. 

*

120,615

40,048

Nubian

Resources,

Ltd. 

*

250,000

40,021

Orsu

Metals

Corp.,

144A 

#*∆

14,761

2,830

Silver

X

Mining

Corp. 

*

355,000

94,016

TMC

the

metals

co,

Inc. 

*

200,000

416,000

Vox

Royalty

Corp. 

*

50,000

137,555

9,853,567

Metal

-

Iron

0.00%

Consolidated

Growth

Holdings,

Ltd. 

#*@

19,859,173

0

WAI

Capital

Investments

Corp.,

144A 

#*@∆

292,500

0

0

Mining

Services

4.22%

Capital,

Ltd.

75,000

85,978

Cordoba

Minerals

Corp. 

*

58,823

22,321

Defense

Metals

Corp. 

*

1,500,000

314,242

Talon

Metals

Corp. 

*

4,250,000

2,049,488

Trigon

Metals,

Inc. 

*

1,000,000

387,367

2,859,396

Natural

Resource

Technology

0.02%

I-Pulse,

Inc.,

144A 

#*@+∆

15,971

13,096

Non-Ferrous

Metals

2.14%

InZinc

Mining,

Ltd. 

*

2,000,000

94,866

NorZinc

,

Ltd. 

*

5,000,000

197,636

Nova

Royalty

Corp. 

*

500,000

1,162,101

Sterling

Group

Ventures,

Inc.,

144A 

#*@∆

500,000

0

1,454,603

Portfolio

of

Investments

53

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Oil

-

Field

Services

1.20%

Halliburton

Co.

20,000

$

457,400

Schlumberger

NV

12,000

359,400

816,800

Oil

-

US

Royalty

Trusts

4.84%

Black

Stone

Minerals

LP

70,000

723,100

Deterra

Royalties,

Ltd.

125,000

391,469

Kimbell

Royalty

Partners

LP

55,000

749,650

PrairieSky

Royalty,

Ltd.

15,000

161,627

Sabine

Royalty

Trust

20,000

833,600

Viper

Energy

Partners

LP

20,000

426,200

3,285,646

Oil

Companies

-

Exploration

&

Production

6.93%

Africa

Energy

Corp. 

*

1,500,000

284,596

ConocoPhillips

10,000

721,800

Denbury,

Inc. 

*

10,000

765,900

EOG

Resources,

Inc.

10,000

888,300

Freehold

Royalties,

Ltd.

45,000

414,443

NG

Energy

International

Corp.,

144A 

#*∆

200,000

365,232

Occidental

Petroleum

Corp.

25,000

724,750

Range

Resources

Corp. 

*

30,000

534,900

4,699,921

Oil

Companies

-

Integrated

3.40%

Equinor

ASA,

ADR

50,000

1,316,500

TotalEnergies

SE,

ADR

20,000

989,200

2,305,700

Oil

Field

Machinery

&

Equipment

0.32%

Imdex

,

Ltd.

100,000

214,623

Oil

Refining

&

Marketing

1.53%

Phillips

66

6,500

470,990

Valero

Energy

Corp.

7,500

563,325

1,034,315

Pipelines

1.12%

Cheniere

Energy,

Inc.

7,500

760,650

Platinum

0.26%

Clean

Air

Metals,

Inc. 

*

1,000,000

173,920

Precious

Metals

2.97%

Brixton

Metals

Corp. 

*

2,075,000

319,874

Eloro

Resources,

Ltd. 

*

100,000

316,218

Metalla

Royalty

&

Streaming,

Ltd. 

*

125,000

862,683

Portfolio

of

Investments

54

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Precious

Metals

(cont’d)

Polarx

,

Ltd. 

*

10,000,000

$

258,935

Polarx

,

Ltd. 

*

10,000,000

258,935

2,016,645

Real

Estate

Operating/Development

0.72%

Infrastructure

Ventures,

Inc. 

#*@+

4,700,000

0

Infrastructure

Ventures,

Inc. 

#*@+

2,743,544

0

Revival

Gold,

Inc. 

*

1,000,000

490,138

490,138

REITS

-

Diversified

1.78%

PotlatchDeltic

Corp.

REIT

10,000

602,200

Rayonier,

Inc.

REIT

15,000

605,400

1,207,600

Retail

-

Jewelry

0.70%

Mene

,

Inc. 

*

750,000

474,327

Specified

Purpose

Acquisition

0.29%

Ivanhoe

Capital

Acquisition

Corp.,

Class A 

*

20,000

199,000

Steel

-

Producers

1.75%

Severstal

PAO,

GDR

40,000

862,794

Stelco

Holdings,

Inc.

10,000

325,862

1,188,656

Total

Common

Stocks

64,882,852

(cost

$97,590,303)

Corporate

Non-Convertible

Bond

1.55%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

1.55%

Aris

Gold

Corp.

7.50

08/26/27

$

1,055,378

1,052,740

(cost

$1,055,318)

Exchange

Traded

Funds

0.63%

Shares

Aberdeen

Standard

Physical

Platinum

Shares

ETF 

*

107

9,619

Direxion

Daily

Junior

Gold

Miners

Index

Bull

2X

Shares

ETF

83

5,323

First

Trust

Global

Wind

Energy

ETF

1,200

24,288

Global

X

Silver

Miners

ETF

206

7,556

Invesco

DB

Base

Metals

Fund

ETF 

*

2,000

44,520

iPath

Bloomberg

Coffee

Subindex

Total

Return

ETN 

*

1,100

67,342

iShares

U.S.

Real

Estate

ETF

500

58,070

KraneShares

California

Carbon

ETF 

*

2,000

56,480

KraneShares

Global

Carbon

Stra

ETF

1,300

66,170

Teucrium

Corn

Fund

ETF 

*

2,000

43,080

Portfolio

of

Investments

55

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

Global

Resources

Fund

Exchange

Traded

Funds (cont’d)

Shares

Value

U.S.

Gasoline

Fund

LP

ETF 

*

400

$

16,384

U.S.

Oil

Fund

LP

ETF 

*

200

10,872

VanEck

Steel

ETF

300

15,957

Total

Exchange

Traded

Funds

425,661

(cost

$417,402)

Subscription

Receipt

0.24%

Metals

&

Mining

0.24%

Flying

Nickle

Mining

Corp.,

144A 

#*@∆

300,000

166,014

(cost

$165,851)

Warrants

0.21%

Exercise

Price

Exp.

Date

Advanced

Materials/Production

0.00%

Nano

One

Materials

Corp.,

144A 

#*@∆

$

3.55

10/29/22

90,000

0

Diversified

Minerals

0.00%

First

Helium,

Inc.,

144A 

#*@∆

0.50

07/12/23

925,000

0

Ion

Energy,

Ltd.,

144A 

#*@∆

0.70

04/13/24

225,000

0

Niocan

,

Inc.,

144A 

#*@∆

0.12

10/15/23

1,662,500

0

0

Enterprise

Software/Services

0.03%

Abaxx

Technologies,

Inc. 

*

5.10

05/14/23

20,437

16,964

Gold

Mining

0.00%

Revival

Gold,

Inc.,

144A 

#*@∆

0.90

04/04/22

80,000

0

Metal

-

Copper

0.00%

Excelsior

Mining

Corp. 

*

1.25

08/22/22

150,000

1,779

Mining

Services

0.16%

Aris

Gold

Corp. 

*

2.75

07/29/25

370,889

109,952

Non-Ferrous

Metals

0.00%

Norzinc

,

Ltd.,

144A 

#*@∆

0.09

08/06/23

2,500,000

0

Oil

Companies

-

Exploration

&

Production

0.02%

NG

Energy

International

Corp.,

144A 

#*∆

0.00

07/31/22

200,000

11,858

Total

Warrants

140,553

(cost

$0

)

Investment

Company

0.01%

Shares

Value

Grayscale

Bitcoin

Trust

BTC 

*

151

5,172

(cost

$5,918)

Portfolio

of

Investments

56

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

Global

Resources

Fund

Publically

Traded

Partnerships

0.31%

Shares

Value

Invesco

DB

Agriculture

Fund

ETF 

*

10,000

$

197,500

Teucrium

Wheat

Fund

ETF 

*

2,000

14,780

Total

Publically

Traded

Partnerships

212,280

(cost

$213,666)

Call

Options

Purchased

0.61%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Gold

Mining

0.61%

Barrick

Gold

Corp.

$

18.00

01/23

$

1,260,000

700

198,800

Newmont

Corp.

55.00

01/23

1,100,000

200

215,000

413,800

Total

Purchased

Call

Options

413,800

(premiums

paid

$382,137

)

Investments,

at

value

99.23%

67,299,072

(cost

$99,830,595

)

Other

assets

and

liabilities,

net

0.77%

521,648

Net

Assets

100.00%

$

67,820,720

Portfolio

of

Investments

57

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

World

Precious

Minerals

Fund

Common

Stocks

94.98%

Shares

Value

Advanced

Materials/Production

8.47%

Nano

One

Materials

Corp. 

*

3,100,000

$

7,450,097

Sixth

Wave

Innovations,

Inc. 

*

750,000

118,581

7,568,678

Capital

Pools

1.00%

Magna

Gold

Corp. 

*

1,500,000

889,363

Coal

0.00%

Caribbean

Resources

Corp. 

#*@

4

0

Diamonds/Precious

Stones

0.84%

Barksdale

Resources

Corp. 

*

3,000,000

747,065

Diversified

Minerals

7.40%

Ascot

Resources,

Ltd.,

144A 

#*∆

6,412

6,133

Calibre

Mining

Corp. 

*

500,000

529,665

Chesser

Resources,

Ltd. 

*

3,000,000

273,440

Desert

Gold

Ventures,

Inc. 

*

750,000

85,972

E79

Resources

Corp. 

*

2,000,000

1,343,927

Erdene

Resource

Development

Corp. 

*

300,000

101,980

Gossan

Resources,

Ltd. 

*

250,000

39,527

Indochine

Mining,

Ltd. 

#*@

10,000

0

Kenorland

Minerals,

Ltd. 

*

250,000

160,085

Kootenay

Resources,

Inc. 

#*@

40,000

1,581

Lithoquest

Resources,

Inc. 

*

2,150,000

186,964

Lumina

Gold

Corp. 

*

750,000

379,462

Mako

Mining

Corp. 

*

1,300,000

369,975

Max

Resource

Corp. 

*

2,000,000

387,367

Minaurum

Gold,

Inc. 

*

1,000,000

256,927

Musgrave

Minerals,

Ltd. 

*

1,500,000

376,799

NGEX

Minerals,

Ltd. 

*

100,000

146,251

Nomad

Royalty

Co.,

Ltd.

50,000

383,414

St.

Anthony

Gold

Corp. 

*

1,092,105

64,752

St.

Anthony

Gold

Corp.,

144A 

#*∆

875,000

51,880

VR

Resources,

Ltd. 

*

2,000,000

648,247

Waraba

Gold,

Ltd. 

*

2,155,000

366,279

Waraba

Gold,

Ltd.,

144A 

#*∆

655,000

111,329

Wolfden

Resources

Corp. 

*

2,000,000

335,982

6,607,938

Enterprise

Software/Services

0.03%

Abaxx

Technologies,

Inc. 

*

8,039

22,879

Financial

Services

0.02%

Tokens.com

Corp.,

144A 

#*∆

11,123

22,511

Portfolio

of

Investments

58

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mineral

Exploration

&

Development

0.56%

Western

Exploration,

Inc. 

#*@

240,000

$

502,787

Gold

Mining

39.07%

Adamera

Minerals

Corp. 

*

5,373,000

212,380

Adamera

Minerals

Corp.,

144A 

#*∆

119,543

4,725

African

Gold

Group,

Inc. 

*

1,000,000

102,771

Allegiant

Gold,

Ltd. 

*

1,750,000

456,540

Amilot

Capital,

Inc.,

144A 

#*∆

410,000

12,155

Angold

Resources,

Ltd. 

*

500,000

65,220

Aris

Gold

Corp. 

*

425,000

507,332

Arizona

Metals

Corp. 

*

1,000,000

4,861,852

Asante

Gold

Corp. 

*

2,000,000

1,960,552

Awale

Resources,

Ltd. 

*

250,000

39,033

Banyan

Gold

Corp. 

*

1,000,000

276,691

Bellevue

Gold,

Ltd. 

*

1,000,000

616,742

Black

Dragon

Gold

Corp. 

*

2,500,000

109,160

Cabral

Gold,

Inc. 

*

500,000

160,085

Compass

Gold

Corp. 

*

2,000,000

252,974

Condor

Gold

PLC 

*

60,000

27,511

Contact

Gold

Corp. 

*

5,000,000

177,873

CopperBank

Resources

Corp. 

*

4,000,000

2,403,257

CopperBank

Resources

Corp.,

144A 

#*∆

43,500

26,135

Corona

Minerals,

Ltd. 

#*@

81,250

0

Freegold

Ventures,

Ltd. 

*

200,000

60,872

Gold

Bull

Resources

Corp. 

*

1,000,000

221,353

Goldshore

Resources,

Inc. 

*

500,000

256,927

Heliostar

Metals,

Ltd. 

*

1,200,000

711,491

HighGold

Mining,

Inc. 

*

500,000

513,854

K92

Mining,

Inc. 

*

1,150,000

6,536,622

Karus

Gold

Corp. 

#*@

375,000

163,050

Kesselrun

Resources,

Ltd. 

*

2,500,000

256,927

Kesselrun

Resources,

Ltd.,

144A

(Units) 

#*@∆

^^

2,500,000

256,927

Kore

Mining,

Ltd. 

*

500,000

154,156

Lion

One

Metals,

Ltd. 

*

500,000

415,036

Loncor

Gold,

Inc. 

*

750,000

391,320

Maple

Gold

Mines,

Ltd. 

*

1,000,000

292,502

Maritime

Resources

Corp. 

*

1,000,000

102,771

Mawson

Gold,

Ltd. 

*

625,000

91,407

McEwen

Mining,

Inc. 

*

134,764

121,452

Montage

Gold

Corp. 

*

250,000

126,487

North

Stawell

Minerals,

Ltd. 

*

700,000

148,239

NV

Gold

Corp. 

*

1,000,000

106,724

Omai

Gold

Mines

Corp. 

*

3,000,000

237,163

Orca

Gold,

Inc. 

*

1,000,000

403,178

Petaquilla

Minerals,

Ltd.,

144A 

#*@∆

2,660,000

0

Radisson

Mining

Resources,

Inc. 

*

7,000,000

1,300,447

Radius

Gold,

Inc.,

144A 

#*∆

125,000

35,574

Portfolio

of

Investments

59

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Red

Pine

Exploration,

Inc. 

*

500,000

$

205,542

Reunion

Gold

Corp. 

*

5,000,000

553,381

Roscan

Gold

Corp. 

*

2,250,000

578,086

Royal

Road

Minerals,

Ltd. 

*

1,500,000

403,178

Scottie

Resources

Corp. 

*

1,750,000

249,022

Seafield

Resources,

Ltd.,

144A 

#*@∆

1,300,000

0

Silver

Tiger

Metals,

Inc. 

*

1,000,000

561,287

Skeena

Resources,

Ltd. 

*

100,000

1,041,148

Southern

Gold,

Ltd. 

*

10,000,000

429,291

Strikepoint

Gold,

Inc. 

*

2,750,000

293,490

Taurus

Gold,

Ltd.,

144A 

#*@∆

2,448,381

0

Thesis

Gold,

Inc. 

*

400,000

600,814

Trillium

Gold

Mines,

Inc. 

*

250,000

140,322

TriStar

Gold,

Inc. 

*~

28,750,000

4,659,275

34,892,303

Metal

-

Copper

1.50%

Arizona

Sonoran

Copper

Co.,

Inc. 

*

100,000

162,062

Meridian

Mining

UK

Societas

*

500,000

466,422

Sun

Summit

Minerals

Corp. 

*

1,250,000

681,845

Vizsla

Copper

Corp. 

*

166,666

32,939

1,343,268

Metal

-

Diversified

10.53%

Adventus

Mining

Corp. 

*

1,000,000

751,018

Amex

Exploration,

Inc. 

*

500,000

1,150,243

Argent

Minerals,

Ltd. 

*

20,000,000

512,152

Aurion

Resources,

Ltd. 

*

750,000

770,781

Auteco

Minerals,

Ltd. 

*

10,000,000

531,584

Cartier

Resources,

Inc. 

*

750,000

118,582

Chakana

Copper

Corp. 

*

3,000,000

711,491

De

Grey

Mining,

Ltd. 

*

250,000

222,151

Genesis

Metals

Corp.,

144A 

#*∆

583,400

46,120

Ivanhoe

Mines,

Ltd. 

*

400,000

3,263,370

Kaizen

Discovery,

Inc. 

*

800,000

265,623

Luminex

Res

Corp. 

*

150,000

49,804

New

Age

Metals,

Inc.,

144A 

#*∆

143,518

12,480

Nubian

Resources,

Ltd. 

*

500,000

80,043

Orex

Minerals,

Inc. 

*

7,000,000

553,382

Orsu

Metals

Corp.,

144A 

#*∆

186,922

35,834

Rockcliff

Metals

Corp.,

144A 

#*∆

873,333

48,329

RTG

Mining,

Inc. 

*

3,000,000

229,401

Sirios

Resources,

Inc. 

*

1,000,000

55,338

9,407,726

Metal

-

Iron

0.00%

Vector

Resources,

Ltd. 

#*@

10,000,000

0

Portfolio

of

Investments

60

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Mining

Services

0.97%

Cordoba

Minerals

Corp. 

*

58,823

$

22,321

Orexplore

Technologies,

Ltd. 

#*@

255,031

46,387

Summa

Silver

Corp. 

*

800,000

619,787

Swick

Mining

Services,

Ltd.

773,704

174,560

863,055

Non-Ferrous

Metals

0.65%

InZinc

Mining,

Ltd. 

*

3,000,000

142,298

ValOre

Metals

Corp. 

*

1,000,000

434,800

577,098

Oil

&

Gas

Drilling

0.52%

DDH1,

Ltd.

583,818

469,392

Oil

Companies

-

Exploration

&

Production

0.00%

Big

Sky

Energy

Corp. 

#*@

2,000,000

0

Oil

Field

Machinery

&

Equipment

0.30%

Imdex

,

Ltd.

125,000

268,278

Optical

Recognition

Equipment

0.00%

Nexoptic

Technology

Corp.,

144A 

#*∆

12,083

4,633

Platinum

0.75%

Clean

Air

Metals,

Inc. 

*

2,500,000

434,800

Platinum

Group

Metals,

Ltd. 

*

150,000

235,977

670,777

Precious

Metals

14.96%

Amani

Gold,

Ltd. 

*

54,500,000

59,477

Barsele

Minerals

Corp. 

*~

7,500,000

3,142,417

Blackwolf

Copper

and

Gold,

Ltd. 

*

1,000,000

513,854

Brixton

Metals

Corp. 

*

3,425,000

527,985

Canex

Metals,

Inc. 

*

3,250,000

327,582

Dolly

Varden

Silver

Corp. 

*

3,750,000

1,867,663

E2

Metals,

Ltd. 

*

1,000,000

213,892

GFG

Resources,

Inc. 

*

5,000,000

543,500

Gold

Terra

Resource

Corp. 

*

2,000,000

371,556

Gold79

Mines,

Ltd. 

*

5,250,000

249,022

Group

Ten

Metals,

Inc. 

*

2,000,000

624,531

Imperial

Mining

Group,

Ltd. 

*

500,000

55,338

Liberty

Gold

Corp. 

*

500,000

383,414

MacDonald

Mines

Exploration,

Ltd. 

*

3,000,000

71,149

Metalla

Royalty

&

Streaming,

Ltd. 

*

50,000

345,073

Millennial

Precious

Metals

Corp. 

*

1,000,000

553,382

Norvista

Capital

Corp. 

~

4,000,000

252,974

Paramount

Gold

Nevada

Corp. 

*

170,000

118,762

Portfolio

of

Investments

61

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Precious

Metals

(cont’d)

Polarx

,

Ltd. 

*~

37,463,888

$

970,071

Prime

Mining

Corp. 

*

250,000

782,640

Silver

Viper

Minerals

Corp. 

*

2,500,000

751,018

Visionary

Gold

Corp. 

*

1,500,000

189,731

Xali

Gold

Corp.,

144A 

#*∆

4,875,000

443,199

13,358,230

Real

Estate

Operating/Development

1.47%

Fremont

Gold,

Ltd. 

*

4,000,000

94,865

Mammoth

Resources

Corp. 

*~

5,500,000

434,800

Revival

Gold,

Inc. 

*

1,600,000

784,221

1,313,886

Retail

-

Jewelry

1.49%

Mene

,

Inc. 

*

2,100,000

1,328,116

Silver

Mining

4.45%

Aya

Gold

&

Silver,

Inc. 

*

100,000

754,970

Denarius

Silver

Corp. 

*

750,000

343,887

FireFox

Gold

Corp. 

*

500,000

128,464

Kootenay

Silver,

Inc. 

*

1,000,000

177,873

Metallic

Minerals

Corp. 

*

1,000,000

359,698

Southern

Silver

Exploration

Corp. 

*

1,750,000

415,036

Vizsla

Silver

Corp. 

*

750,000

1,790,585

3,970,513

Total

Common

Stocks

84,828,496

(cost

$92,919,928)

Corporate

Non-Convertible

Bond

1.21%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

1.21%

Aris

Gold

Corp.

7.50

08/26/27

$

1,079,922

1,077,222

(cost

$1,079,922)

Exchange

Traded

Funds

0.26%

Shares

Aberdeen

Standard

Physical

Platinum

Shares

ETF 

*

738

66,346

Direxion

Daily

Junior

Gold

Miners

Index

Bull

2X

Shares

ETF

1,448

92,861

Global

X

Silver

Miners

ETF

1,868

68,518

Total

Exchange

Traded

Funds

227,725

(cost

$228,286)

Portfolio

of

Investments

62

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

World

Precious

Minerals

Fund

Subscription

Receipt

0.20%

Shares

Value

Gold

Mineral

Exploration

&

Development

0.20%

Sanu

Gold

Corp.,

144A 

#*@∆

700,000

$

182,616

(cost

$182,623)

Warrants

0.49%

Exercise

Price

Exp.

Date

Diversified

Minerals

0.01%

Desert

Gold

Ventures,

Inc.,

144A 

#*@∆

$

0.40

08/28/23

187,500

0

Minaurum

Gold,

Inc.,

144A 

#*@∆

0.60

07/09/23

500,000

0

Nomad

Royalty

Co.,

Ltd. 

*

1.71

11/19/22

304,000

7,210

St.

Anthony

Gold

Corp.,

144A 

#*@∆

0.40

02/11/22

1,092,105

0

Waraba

Gold,

Ltd.,

144A 

#*@∆

0.30

05/07/22

1,500,000

0

7,210

Gold

Mineral

Exploration

&

Development

0.00%

Western

Exploration

&

Development,

Ltd.,

144A 

#*@∆

0.50

12/31/49

600,000

0

Western

Exploration,

Inc.,

144A 

#*@∆

0.50

12/31/49

240,000

0

0

Gold

Mining

0.01%

Contact

Gold

Corp.,

144A 

#*@∆

0.27

09/29/22

500,000

0

Kore

Mining,

Ltd.,

144A 

#*@∆

1.35

06/18/23

250,000

0

Osino

Resources

Corp.,

144A 

#*@∆

1.05

01/30/22

115,000

5,455

Revival

Gold,

Inc.,

144A 

#*@∆

1.60

02/06/22

250,000

0

Southern

Gold,

Ltd.,

144A 

#*@∆

0.18

10/18/22

2,250,000

0

Strikepoint

Gold,

Inc.,

144A 

#*@∆

0.20

07/21/22

625,000

0

5,455

Metal

-

Copper

0.19%

Sun

Summit

Minerals

Corp.,

144A 

#*@∆

0.34

07/22/23

600,000

166,014

Sun

Summit

Minerals

Corp.,

144A 

#*@∆

0.90

07/31/23

125,000

0

166,014

Metal

-

Diversified

0.03%

Novo

Resources

Corp. 

*

4.40

08/27/23

112,500

26,681

Metals

&

Mining

0.00%

St.

Anthony

Gold

Corp.,

144A 

#*@∆

0.10

06/04/24

875,000

0

Mining

Services

0.17%

Aris

Gold

Corp. 

*

2.75

07/29/25

520,000

154,156

Non-Ferrous

Metals

0.04%

ValOre

Metals

Corp.,

144A 

#*@∆

0.45

02/17/23

500,000

35,575

Portfolio

of

Investments

63

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

World

Precious

Minerals

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Silver

Mining

0.04%

FireFox

Gold

Corp.,

144A 

#*@∆

$

0.27

10/27/22

125,000

$

5,435

Southern

Silver

Exploration

Corp.,

144A 

#*@∆

0.25

08/14/23

875,000

34,586

40,021

Total

Warrants

435,112

(cost

$362,612

)

Investment

Company

0.07%

Shares

Value

Grayscale

Bitcoin

Trust

BTC 

*

1,889

64,698

(cost

$74,030)

Call

Options

Purchased

0.70%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Gold

Mining

0.70%

Barrick

Gold

Corp.

$

18.00

01/23

$

1,935,000

1,075

305,300

Newmont

Corp.

55.00

01/23

1,650,000

300

322,500

627,800

Total

Purchased

Call

Options

627,800

(premiums

paid

$581,848

)

Investments,

at

value

97.91%

87,443,669

(cost

$95,429,249

)

Other

assets

and

liabilities,

net

2.09%

1,868,875

Net

Assets

100.00%

$

89,312,544

Portfolio

of

Investments

64

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

Gold

and

Precious

Metals

Fund

Common

Stocks

95.12%

Shares

Value

Advanced

Materials/Production

0.13%

Sixth

Wave

Innovations,

Inc. 

*

1,200,000

$

189,731

Capital

Pools

0.44%

Magna

Gold

Corp. 

*

1,040,000

616,625

Diversified

Minerals

6.74%

Alkane

Resources,

Ltd. 

*

1,000,000

667,344

Australian

Strategic

Materials,

Ltd. 

*

250,000

1,940,228

Caledonia

Mining

Corp.

PLC

25,000

291,500

Calibre

Mining

Corp. 

*

1,250,000

1,324,163

Firefinch

,

Ltd. 

*

5,611,941

3,540,272

Mako

Mining

Corp. 

*

3,500,000

996,087

Nomad

Royalty

Co.,

Ltd.

100,000

766,828

9,526,422

Enterprise

Software/Services

0.22%

Abaxx

Technologies,

Inc. 

*

109,000

310,210

Gold

Mining

44.43%

Anaconda

Mining,

Inc. 

*

2,000,000

996,087

Argonaut

Gold,

Inc. 

*

500,000

948,654

Aris

Gold

Corp. 

*

400,000

477,489

Centerra

Gold,

Inc.

175,000

1,348,867

Dundee

Precious

Metals,

Inc.

300,000

1,854,619

Eldorado

Gold

Corp. 

*

125,000

1,168,750

Franco-Nevada

Corp.

10,000

1,382,900

GCM

Mining

Corp.

300,000

1,264,081

GoGold

Resources,

Inc. 

*

1,825,000

4,371,517

Gold

Fields,

Ltd.,

ADR

125,000

1,373,750

Harmony

Gold

Mining

Co.,

Ltd.,

ADR

500,000

2,055,000

i-80

Gold

Corp. 

*

600,000

1,465,671

K92

Mining,

Inc. 

*

2,750,000

15,631,053

Lundin

Gold,

Inc. 

*

375,000

3,089,055

Maverix

Metals,

Inc.

750,000

3,272,857

Mineros

SA 

*

3,150,000

2,813,945

Newmont

Corp.

25,000

1,550,500

Northern

Star

Resources,

Ltd.

200,000

1,375,470

Pantoro

,

Ltd. 

*

8,000,000

1,953,943

Petropavlovsk

PLC 

*

8,000,000

2,102,074

Royal

Gold,

Inc.

17,500

1,841,175

Sandstorm

Gold,

Ltd. 

*

225,000

1,395,000

Superior

Gold,

Inc. 

*

2,500,000

1,502,036

Wesdome

Gold

Mines,

Ltd. 

*

825,000

7,506,818

62,741,311

Portfolio

of

Investments

65

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

Gold

and

Precious

Metals

Fund

Common

Stocks (cont’d)

Shares

Value

Metal

-

Diversified

5.24%

Aclara

Resources,

Inc. 

*

137,400

$

156,414

Filo

Mining

Corp. 

*

50,000

504,763

Ivanhoe

Mines,

Ltd. 

*

200,000

1,631,685

Silver

X

Mining

Corp. 

*

5,250,000

1,390,371

Vox

Royalty

Corp. 

*

1,350,000

3,713,981

7,397,214

Mining

Services

2.09%

Capital,

Ltd.

600,000

687,828

Castile

Resources,

Ltd. 

*

1,058,460

158,034

Empress

Royalty

Corp. 

*

1,250,000

301,395

Orexplore

Technologies,

Ltd. 

#*@

961,271

174,843

Star

Royalties,

Ltd. 

*

2,000,000

980,276

Swick

Mining

Services,

Ltd.

2,909,802

656,499

2,958,875

Oil

&

Gas

Drilling

2.67%

DDH1,

Ltd.

4,689,320

3,770,235

Oil

Field

Machinery

&

Equipment

1.10%

Imdex

,

Ltd.

725,000

1,556,013

Platinum

2.50%

Impala

Platinum

Holdings,

Ltd.

250,000

3,526,684

Precious

Metals

12.30%

EMX

Royalty

Corp. 

*

1,000,000

2,213,526

Metalla

Royalty

&

Streaming,

Ltd. 

*

300,000

2,070,438

Metalla

Royalty

&

Streaming,

Ltd. 

*

50,000

346,500

Sailfish

Royalty

Corp.

310,000

374,955

SSR

Mining,

Inc.

415,000

7,345,500

Triple

Flag

Precious

Metals

Corp.

150,000

1,801,257

Wheaton

Precious

Metals

Corp.

75,000

3,219,750

17,371,926

Real

Estate

Operating/Development

1.25%

Emerald

Resources

NL 

*

2,250,000

1,769,237

Retail

-

Jewelry

3.01%

Mene

,

Inc. 

*

1,000,000

632,436

Mene

,

Inc.,

144A 

#*

∆

5,714,285

3,613,920

4,246,356

Silver

Mining

12.72%

Andean

Precious

Metals

Corp. 

*

1,000,000

1,383,454

Aya

Gold

&

Silver,

Inc. 

*

1,000,000

7,549,705

Fortuna

Silver

Mines,

Inc. 

*

1,000,000

3,905,293

Portfolio

of

Investments

66

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

Gold

and

Precious

Metals

Fund

Common

Stocks (cont’d)

Shares

Value

Silver

Mining

(cont’d)

Hochschild

Mining

PLC

1,000,000

$

1,768,663

Pan

American

Silver

Corp.

50,000

1,248,500

Santacruz

Silver

Mining,

Ltd. 

*

4,000,000

980,276

Silvercorp

Metals,

Inc.

300,000

1,128,000

17,963,891

Specified

Purpose

Acquisition

0.28%

Ivanhoe

Capital

Acquisition

Corp.,

Class A 

*

40,000

398,000

Total

Common

Stocks

134,342,730

(cost

$92,799,873)

Corporate

Non-Convertible

Bonds

2.97%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Coal

0.00%

Caribbean

Resources

Corp. 

#@^

19.25

06/15/15

$

485,766

0

Gold

Mining

2.97%

Aris

Gold

Corp.

7.50

08/26/27

4,197,881

4,187,387

Total

Corporate

Non-Convertible

Bonds

4,187,387

(cost

$4,683,994)

Exchange

Traded

Funds

0.25%

Shares

Aberdeen

Standard

Physical

Platinum

Shares

ETF 

*

1,155

103,834

Direxion

Daily

Junior

Gold

Miners

Index

Bull

2X

Shares

ETF

2,269

145,511

Global

X

Silver

Miners

ETF

2,926

107,326

Total

Exchange

Traded

Funds

356,671

(cost

$357,549)

Warrants

0.33%

Exercise

Price

Exp.

Date

Enterprise

Software/Services

0.03%

Abaxx

Technologies,

Inc. 

*

$

5.10

05/14/23

54,500

45,239

Metal

-

Diversified

0.00%

Vox

Royalty

Corp.,

144A 

#*@∆

4.50

03/25/24

50,000

0

Portfolio

of

Investments

67

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

Gold

and

Precious

Metals

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Mining

Services

0.30%

Aris

Gold

Corp. 

*

$

2.75

07/29/25

1,274,000

$

377,683

Empress

Royalty

Corp. 

*

0.75

03/25/23

625,000

39,527

417,210

Total

Warrants

462,449

(cost

$0

)

Investment

Company

0.07%

Shares

Value

Grayscale

Bitcoin

Trust

BTC 

*

2,960

101,380

(cost

$116,002)

Call

Options

Purchased

1.46%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Gold

Mining

1.46%

Barrick

Gold

Corp.

$

18.00

01/23

$

3,825,000

2,125

603,500

Newmont

Corp.

55.00

01/23

7,425,000

1,350

1,451,250

2,054,750

Total

Purchased

Call

Options

2,054,750

(premiums

paid

$1,981,818

)

Investments,

at

value

100.20%

141,505,367

(cost

$99,939,236

)

Other

assets

and

liabilities,

net

(0.20)%

(276,945)

Net

Assets

100.00%

$

141,228,422

Portfolio

of

Investments

68

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

Emerging

Europe

Fund

Common

Stocks

93.70%

Shares

Value

Agricultural

Chemicals

1.47%

PhosAgro

PJSC,

GDR

16,000

$

345,360

Apparel

Manufacturers

1.62%

Burberry

Group

PLC

2,000

49,364

Christian

Dior

SE

400

331,851

381,215

Athletic

Footwear

0.37%

adidas

AG

300

86,384

Automotive

-

Cars

&

Light

Trucks

5.63%

Bayerische

Motoren

Werke

AG

2,950

295,124

Daimler

AG

3,100

236,853

Ford

Otomotiv

Sanayi

AS

15,500

279,332

Renault

SA 

*

7,500

260,178

Volkswagen

AG

850

248,484

1,319,971

Automotive

-

Medium

&

Heavy

Duty

Trucks

0.24%

Daimler

Truck

Holding

AG 

*

1,550

56,981

Building

&

Construction

Products

-

Miscellaneous

1.72%

Enka

Insaat

ve

Sanayi

AS

240,000

274,263

Wienerberger

AG

3,500

128,533

402,796

Cellular

Telecommunication

1.51%

Mobile

TeleSystems

PJSC,

ADR

44,700

355,365

Chemicals

-

Diversified

1.19%

Covestro

AG

4,550

280,044

Commercial

Banks

Non-US

10.07%

Banca

Transilvania

SA

102,000

60,552

OTP

Bank

Nyrt

*

7,700

392,633

Sberbank

of

Russia

PJSC,

ADR

121,250

1,909,688

2,362,873

Dialysis

Centers

0.21%

Fresenius

Medical

Care

AG

&

Co.

KGaA

750

48,621

Diamonds/Precious

Stones

1.84%

Alrosa

PJSC

265,000

431,495

Distribution/Wholesale

0.52%

Rexel

SA

6,000

121,515

Portfolio

of

Investments

69

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

Emerging

Europe

Fund

Common

Stocks (cont’d)

Shares

Value

Diversified

Operations

1.09%

KOC

Holding

AS

119,000

$

254,913

Electric

-

Distribution

0.75%

AB

Ignitis

Grupe

,

GDR

7,500

175,044

Electric

-

Generation

2.08%

CEZ

AS

5,100

193,028

Engie

SA

9,000

133,249

RWE

AG

4,000

162,066

488,343

Electric

-

Integrated

2.31%

PGE

Polska

Grupa

Energetyczna

SA 

*

153,000

305,301

Public

Power

Corp.

SA 

*

22,000

236,061

541,362

Food

-

Retail

3.06%

Koninklijke

Ahold

Delhaize

NV,

ADR

5,500

189,200

Magnit

PJSC,

GDR

14,000

209,973

X5

Retail

Group

NV,

GDR

12,000

317,756

716,929

Investment

Management/Advisory

Services

0.57%

Julius

Baer

Group,

Ltd.

2,000

133,745

Medical

Instruments

0.84%

Getinge

AB,

Class B

4,500

196,120

Metal

-

Diversified

5.43%

KGHM

Polska

Miedz

SA

1,500

52,067

MMC

Norilsk

Nickel

PJSC,

ADR

37,350

1,145,524

Orsu

Metals

Corp.,

144A 

#*∆

402,500

77,162

1,274,753

Metal

-

Iron

1.76%

Novolipetsk

Steel

PJSC,

GDR

14,000

412,969

Metal

Processors

&

Fabricate

1.53%

Aurubis

AG

3,600

359,863

Multi-line

Insurance

1.20%

Allianz

SE

1,198

282,559

Oil

Companies

-

Exploration

&

Production

0.51%

Novatek

PJSC,

GDR

525

120,390

Portfolio

of

Investments

70

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

Emerging

Europe

Fund

Common

Stocks (cont’d)

Shares

Value

Oil

Companies

-

Integrated

29.77%

Gazprom

Neft

PJSC

75,000

$

543,625

Gazprom

PJSC,

ADR

195,300

1,803,429

LUKOIL

PJSC,

ADR

19,020

1,707,996

MOL

Hungarian

Oil

&

Gas

PLC

40,500

314,328

OMV

Petrom

SA

1,565,000

179,590

Rosneft

Oil

Co.

PJSC,

GDR

226,452

1,821,273

Tatneft

PJSC,

ADR

14,960

614,931

6,985,172

Oil

Refining

&

Marketing

1.49%

Polski

Koncern

Naftowy

ORLEN

SA

19,000

350,207

Property/Casualty

Insurance

1.34%

Powszechny

Zaklad

Ubezpieczen

SA

36,000

314,368

Retail

-

Apparel/Shoe

0.54%

HUGO

BOSS

AG

2,100

127,121

Retail

-

Jewelry

0.69%

Pandora

A/S

1,300

161,708

Steel

-

Producers

7.39%

Eregli

Demir

ve

Celik

Fabrikalari

TAS

125,500

266,992

Evraz

PLC

57,000

466,022

Magnitogorsk

Iron

&

Steel

Works

PJSC,

GDR

40,000

484,064

Severstal

PAO,

GDR

24,000

517,676

1,734,754

Telephone

-

Integrated

1.30%

Hellenic

Telecommunications

Organization

SA

16,500

304,823

Television

1.35%

Cyfrowy

Polsat

SA

37,000

317,216

Transportation

-

Marine

1.41%

AP

Moller

-

Maersk

A/S,

Class A

100

331,756

Web

Portals/ISP

0.90%

Yandex

NV,

Class A 

*

3,500

211,750

Total

Common

Stocks

21,988,485

(cost

$20,754,598)

Portfolio

of

Investments

71

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

Emerging

Europe

Fund

Corporate

Non-Convertible

Bond

2.09%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Gold

Mining

2.09%

Aris

Gold

Corp.

7.50

08/26/27

$

490,874

$

489,646

(cost

$490,874)

Exchange

Traded

Funds

0.99%

Shares

Global

X

MSCI

Greece

ETF

4,000

105,800

iShares

MSCI

Poland

ETF

6,000

126,360

Total

Exchange

Traded

Funds

232,160

(cost

$234,607)

Warrant

0.13%

Exercise

Price

Exp.

Date

Mining

Services

0.13%

Aris

Gold

Corp. 

*

$

2.75

07/29/25

100,000

29,646

(cost

$0

)

Call

Options

Purchased

0.27%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Country

Fund-Russia

0.27%

VanEck

Russia

ETF

$

27.00

03/22

$

1,215,000

450

63,900

Exchange

Traded

Fund

0.00%

VanEck

Russia

ETF

30.00

01/22

1,887,000

629

629

Total

Purchased

Call

Options

64,529

(premiums

paid

$126,577

)

Investments,

at

value

97.18%

22,804,466

(cost

$21,606,656

)

Other

assets

and

liabilities,

net

2.82%

662,950

Net

Assets

100.00%

$

23,467,416

Portfolio

of

Investments

72

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

China

Region

Fund

Common

Stocks

91.54%

Shares

Value

Automotive

-

Cars

&

Light

Trucks

11.61%

BAIC

Motor

Corp.,

Ltd.

497,000

$

213,490

BYD

Co.,

Ltd.,

Class H

15,000

507,365

Yadea

Group

Holdings,

Ltd.

189,000

368,343

1,089,198

Automotive

-

Medium

&

Heavy

Duty

Trucks

3.00%

Sinotruk

Hong

Kong,

Ltd.

183,000

281,758

Automotive/Truck

Parts

&

Equipment

-

Original

0.64%

Global

PMX

Co.,

Ltd.

4,500

29,384

Nexteer

Automotive

Group,

Ltd.

25,000

31,037

60,421

Building

&

Construction

Products

-

Miscellaneous

0.27%

Daewoo

Engineering

&

Construction

Co.,

Ltd. 

*

5,200

25,212

Chemicals

-

Diversified

2.33%

China

Risun

Group,

Ltd.

360,000

218,250

Chemicals

-

Specialty

2.20%

Daqo

New

Energy

Corp.,

ADR 

*

5,125

206,640

Computers

0.98%

Lenovo

Group,

Ltd.

80,000

91,943

Dental

Supplies

&

Equipment

0.72%

Dentium

Co.,

Ltd. 

*

1,150

67,436

Diversified

Minerals

3.50%

China

Hongqiao

Group,

Ltd.

310,217

327,885

E-Commerce/Products

2.04%

Alibaba

Group

Holding,

Ltd.,

ADR 

*

630

74,838

Pinduoduo

,

Inc.,

ADR 

*

2,000

116,600

191,438

Electronic

Components

-

Semiconductors

10.10%

MediaTek

,

Inc.

8,000

343,276

SK

Hynix,

Inc.

5,500

604,080

947,356

Energy

-

Alternate

Sources

1.54%

Xinyi

Solar

Holdings,

Ltd.

85,000

144,308

Finance

-

Investment

Banker/Broker

0.22%

China

Renaissance

Holdings,

Ltd.

11,000

20,844

Portfolio

of

Investments

73

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

China

Region

Fund

Common

Stocks (cont’d)

Shares

Value

Finance

-

Other

Services

0.53%

Hong

Kong

Exchanges

&

Clearing,

Ltd.

850

$

49,711

Gas

-

Distribution

4.92%

ENN

Energy

Holdings,

Ltd.

24,500

461,867

Internet

Content

-

Info

2.56%

Meituan

,

Class B 

*

3,724

107,689

Tencent

Holdings,

Ltd.,

ADR

2,265

132,049

239,738

Machinery

-

General

Industrial

1.48%

Haitian

International

Holdings,

Ltd.

50,000

138,898

Miscellaneous

Manufacturing

0.96%

China

International

Marine

Containers

Group

Co.,

Ltd.

50,000

89,830

Non-Ferrous

Metals

0.00%

Sterling

Group

Ventures,

Inc.,

144A 

#*@∆

500,000

0

Real

Estate

Management/Services

0.20%

A-Living

Smart

City

Services

Co.,

Ltd.

11,000

18,792

Retail

-

Apparel/Shoe

10.43%

ANTA

Sports

Products,

Ltd.

33,000

495,605

Li

Ning

Co.,

Ltd.

44,000

482,682

978,287

Retail

-

Automobile

5.99%

China

Yongda

Automobiles

Services

Holdings,

Ltd.

122,000

163,479

Zhongsheng

Group

Holdings,

Ltd.

51,000

397,968

561,447

Retail

-

Jewelry

4.32%

Chow

Tai

Fook

Jewellery

Group,

Ltd.

225,000

405,423

Rubber/Plastic

Products

2.05%

Hartalega

Holdings

Bhd

140,000

192,618

Semiconductor

Components

-

Integrated

Circuit

7.65%

Global

Unichip

Corp.

9,000

190,081

United

Microelectronics

Corp.

225,000

527,124

717,205

Textile

-

Apparel

1.13%

Texhong

Textile

Group,

Ltd.

80,000

105,673

Portfolio

of

Investments

74

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2021

China

Region

Fund

Common

Stocks (cont’d)

Shares

Value

Transportation

-

Marine

10.17%

COSCO

SHIPPING

Holdings

Co.,

Ltd. 

*

295,000

$

571,993

SITC

International

Holdings

Co.,

Ltd.

105,500

381,560

953,553

Total

Common

Stocks

8,585,731

(cost

$9,372,279)

Corporate

Non-Convertible

Bond

2.77%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

2.77%

Aris

Gold

Corp.

7.50

08/26/27

$

260,163

259,512

(cost

$260,137)

Exchange

Traded

Fund

1.61%

Shares

Direxion

Daily

FTSE

China

Bear

3X

Shares

ETF 

*

7,450

151,011

(cost

$120,042)

Warrant

0.16%

Exercise

Price

Exp.

Date

Mining

Services

0.16%

Aris

Gold

Corp. 

*

$

2.75

07/29/25

52,000

15,416

(cost

$0

)

Call

Option

Purchased

0.26%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Diversified

Banking

Institution

0.26%

HSBC

Holdings

PLC

$

31.00

03/22

$

930,000

300

24,600

(premiums

paid

$41,678

)

Investments,

at

value

96.34%

9,036,270

(cost

$9,794,136

)

Other

assets

and

liabilities,

net

3.66%

343,209

Net

Assets

100.00%

$

9,379,479

Notes

to

Portfolios

of

Investments

December

31,

2021

75

Legend

General

The

yields

reflect

the

effective

yield

from

the

date

of

purchase.

Variable

and

Floating

Rate

Notes

have

periodic

reset

features,

which

effectively

shorten

the

maturity

dates

and

reset

the

interest

rates

as

tied

to

various

interest-bearing

instruments.

Rates

shown

are

current

rates

at

December

31,

2021.

‡

Adjustable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

the

current

interest

rates.

Rate

presented

is

as

of

December

31,

2021.

*

Non-income

producing

security.

~

Affiliated

Company.

(see

following)

@

Security

was

fair

valued

at

December

31,

2021,

by

U.S.

Global

Investors,

Inc.

(Adviser)

(other

than

international

securities

fair

valued

pursuant

to

systematic

fair

value

models)

in

accordance

with

valuation

procedures

approved

by

the

Board

of

Trustees.

These

securities,

as

a

percentage

of

net

assets

at

December

31,

2021,

were

0.00%

of

Global

Luxury

Goods

Fund,

1.44%

of

Global

Resources

Fund,

1.57%

of

World

Precious

Minerals

Fund,

0.12%

of

Gold

And

Precious

Metals

Fund

and

0.00%

of

China

Region

Fund,

respectively.

See

the

Fair

Valuation

of

Securities

section

of

these

Notes

to

Portfolios

of

Investments

for

further

discussion

of

fair

valued

securities.

See

further

information

and

detail

on

restricted

securities

in

the

Restricted

Securities

section

of

these

Notes

to

Portfolios

of

Investments.

#

Illiquid

Security.

∆

Pursuant

to

Rule

144A

of

the

Securities

Act

of

1933,

these

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

The

market

value

of

these

securities

and

percentage

of

net

assets

as

of

December

31,

2021

amounted

to

$94,272,

0.16%,

of

Global

Luxury

Goods

Fund,

$1,709,009,

2.52%,

of

Global

Resources

Fund,

$1,547,645,

1.73%,

of

World

Precious

Minerals

Fund,

$3,613,920,

2.56%,

of

Gold

And

Precious

Metals

Fund,

$77,162,

0.33%,

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.

^^

Each

unit

represents

on

e

common

share

and

one

half

of

one

common

share

purchase

warrant.

ADR

American

Depositary

Receipt

AGM

Assured

Guaranty

Municipal

BAM

Build

American

Mutual

Assurance

Company

COP

Certificate

of

Participation

ETF

Exchange

Traded

Fund

ETN

Exchange

Traded

Note

FHLMC

Federal

Home

Loan

Mortgage

Corporation

FNMA

Federal

National

Mortgage

Association

GDR

Global

Depositary

Receipt

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

LP

Limited

Partnership

PJSC

Public

Joint

Stock

Company

PLC

Public

Limited

Company

PSF-GTD

Public

School

Fund

Guarantee

Q-SBLF

Qualified

School

Bond

Loan

Fund

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor’s

SPDR

Standard

&

Poor’s

Depositary

Receipt

Notes

to

Portfolios

of

Investments

December

31,

2021

76

Fair

Valuation

of

Securities

For

the

Funds’

policies

regarding

the

valuation

of

investments

and

other

significant

accounting

policies,

please

refer

to

the

Notes

to

Financial

Statements.

The

Funds

are

required

to

disclose

information

regarding

the

fair

value

measurements

of

a

Fund’s

assets

and

liabilities.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

measurement

requirements

established

a

three-tier

hierarchy

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Inputs

refer

broadly

to

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability,

including

assumptions

about

risk,

for

example,

the

risk

inherent

in

a

particular

valuation

technique

used

to

measure

fair

value

including

such

a

pricing

model

and/or

the

risk

inherent

in

the

inputs

to

the

valuation

technique.

Inputs

may

be

observable

or

unobservable.

Observable

inputs

are

inputs

that

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

inputs

that

reflect

the

reporting

entity’s

own

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

the

best

information

available

in

the

circumstances.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Because

of

the

inherent

uncertainties

of

valuation,

the

values

reflected

in

the

portfolios

may

materially

differ

from

the

values

received

upon

actual

sale

of

those

investments.

The

three

levels

defined

by

the

fair

value

hierarchy

are

as

follows:

Level

1

–

Quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

determined

using

significant

other

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Short-term

securities

with

maturities

of

sixty

days

or

less

are

valued

at

amortized

cost,

which

approximates

market

value,

and

are

categorized

as

Level

2

in

the

hierarchy.

Municipal

securities,

long-

term

U.S.

government

obligations

and

corporate

debt

securities

are

valued

in

accordance

with

the

evaluated

price

supplied

by

a

pricing

service

and

generally

categorized

as

Level

2

in

the

hierarchy.

Other

securities

that

are

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

warrants

that

do

not

trade

on

an

exchange,

securities

valued

at

the

mean

between

the

last

reported

bid

and

ask

quotation

and

international

equity

securities

valued

by

an

independent

third

party

in

order

to

adjust

for

stale

pricing.

Level

3

–

Prices

determined

using

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions).

For

restricted

equity

securities

and

private

placements

where

observable

inputs

are

limited,

assumptions

about

market

activity

and

risk

are

used

in

determining

fair

value.

Notes

to

Portfolios

of

Investments

December

31,

2021

77

The

following

table

summarizes

the

valuation

of

each

Fund’s

securities

as

of

December

31,

2021,

using

the

fair

value

hierarchy:

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

U.S.

Government

Securities

Ultra-Short

Bond

Fund

Investments

in

Securities*

United

States

Government

and

Agency

Obligations

$

–‌

$

34,719,618‌

$

–‌

$

34,719,618‌

Exchange

Traded

Fund

1,824,900‌

–‌

–‌

1,824,900‌

Investments,

at

Value

$

1,824,900‌

$

34,719,618‌

$

–‌

$

36,544,518‌

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

$

–‌

$

29,826,816‌

$

–‌

$

29,826,816‌

Exchange

Traded

Funds

3,401,408‌

–‌

–‌

3,401,408‌

Investments,

at

Value

$

3,401,408‌

$

29,826,816‌

$

–‌

$

33,228,224‌

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

$

1,517,877‌

$

3,403,853‌

$

–‌

$

4,921,730‌

Athletic

Footwear

–‌

1,423,702‌

–‌

1,423,702‌

Automotive

-

Cars

&

Light

Trucks

9,966,542‌

4,040,357‌

–‌

14,006,899‌

Beverages

-

Wine/Spirits

–‌

607,673‌

–‌

607,673‌

Casino

Hotels

583,440‌

–‌

–‌

583,440‌

Commercial

Service

-

Finance

666,167‌

–‌

–‌

666,167‌

Computers

3,036,447‌

–‌

–‌

3,036,447‌

Cosmetics

&

Toiletries

1,636,397‌

–‌

–‌

1,636,397‌

Cruise

Lines

169,180‌

–‌

–‌

169,180‌

Decision

Support

Software

388,445‌

–‌

–‌

388,445‌

Diversified

Banking

Institution

2,920,355‌

–‌

–‌

2,920,355‌

Notes

to

Portfolios

of

Investments

December

31,

2021

78

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Global

Luxury

Goods

Fund

(continued)

Investments

in

Securities*

(continued)

E-Commerce/Products

$

2,300,695‌

$

–‌

$

–‌

$

2,300,695‌

Energy

-

Alternate

Sources

–‌

–‌

0‌

0‌

Finance

-

Credit

Card

336,984‌

–‌

–‌

336,984‌

Finance

-

Mortgage

Loan/

Banker

–‌

19,861‌

–‌

19,861‌

Finance

-

Other

Services

250,570‌

–‌

–‌

250,570‌

Gold

Mining

1,444,555‌

–‌

–‌

1,444,555‌

Hotels

&

Motels

2,560,590‌

–‌

–‌

2,560,590‌

Investment

Management/

Advisory

Services

–‌

1,003,085‌

–‌

1,003,085‌

Metal

-

Diversified

551,100‌

–‌

–‌

551,100‌

Oil

Companies

-

Exploration

&

Production

91,308‌

–‌

–‌

91,308‌

Precious

Metals

386,370‌

–‌

–‌

386,370‌

Private

Equity

3,582,205‌

–‌

–‌

3,582,205‌

Real

Estate

Operating/

Development

–‌

–‌

0‌

0‌

Retail

-

Apparel/Shoe

–‌

2,096,252‌

–‌

2,096,252‌

Retail

-

Building

Products

1,659,210‌

–‌

–‌

1,659,210‌

Retail

-

Discount

3,226,807‌

–‌

–‌

3,226,807‌

Retail

-

Jewelry

–‌

3,413,348‌

–‌

3,413,348‌

Silver

Mining

195,520‌

235,232‌

–‌

430,752‌

Textile

-

Apparel

939,212‌

–‌

–‌

939,212‌

Corporate

Non-Convertible

Bond

–‌

856,881‌

–‌

856,881‌

Exchange

Traded

Funds

87,281‌

–‌

–‌

87,281‌

Warrants

Enterprise

Software/

Services

–‌

28,274‌

–‌

28,274‌

Finance

-

Mortgage

Loan/

Banker

–‌

0‌

–‌

0‌

Oil

Companies

-

Exploration

&

Production

2,964‌

–‌

–‌

2,964‌

Retail

-

Jewelry

–‌

10,097‌

–‌

10,097‌

Investments,

at

Value

38,500,221‌

17,138,615‌

0‌

55,638,836‌

Notes

to

Portfolios

of

Investments

December

31,

2021

79

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

$

2,810,348‌

$

–‌

$

–‌

$

2,810,348‌

Agricultural

Chemicals

2,676,950‌

–‌

–‌

2,676,950‌

Agricultural

Operations

–‌

1,025,533‌

–‌

1,025,533‌

Building

&

Construction

Products

-

Miscellaneous

783,500‌

–‌

–‌

783,500‌

Coal

–‌

–‌

0‌

0‌

Diamonds/Precious

Stones

273,924‌

–‌

–‌

273,924‌

Distribution/Wholesale

399,162‌

–‌

–‌

399,162‌

Diversified

Minerals

4,739,222‌

2,032,005‌

–‌

6,771,227‌

Energy

-

Alternate

Sources

1,304,645‌

831,176‌

0‌

2,135,821‌

Enterprise

Software/

Services

–‌

2,845,962‌

790,545‌

3,636,507‌

Food

-

Miscellaneous/

Diversified

883,434‌

–‌

–‌

883,434‌

Food

-

Wholesale/

Distribution

92,889‌

–‌

–‌

92,889‌

Forestry

1,444,595‌

–‌

–‌

1,444,595‌

Gold

Mining

3,085,098‌

1,679,909‌

0‌

4,765,007‌

Industrial

Gases

692,860‌

348,809‌

–‌

1,041,669‌

Machinery

-

Electric

Utilities

657,900‌

–‌

–‌

657,900‌

Metal

-

Aluminum

1,489,500‌

–‌

–‌

1,489,500‌

Metal

-

Copper

946,283‌

–‌

–‌

946,283‌

Metal

-

Diversified

9,201,009‌

648,871‌

3,687‌

9,853,567‌

Metal

-

Iron

–‌

–‌

0‌

0‌

Mining

Services

2,773,418‌

85,978‌

–‌

2,859,396‌

Natural

Resource

Technology

–‌

–‌

13,096‌

13,096‌

Non-Ferrous

Metals

1,454,603‌

–‌

0‌

1,454,603‌

Oil

-

Field

Services

816,800‌

–‌

–‌

816,800‌

Oil

-

US

Royalty

Trusts

2,894,177‌

391,469‌

–‌

3,285,646‌

Oil

Companies

-

Exploration

&

Production

4,415,325‌

284,596‌

–‌

4,699,921‌

Oil

Companies

-

Integrated

2,305,700‌

–‌

–‌

2,305,700‌

Oil

Field

Machinery

&

Equipment

–‌

214,623‌

–‌

214,623‌

Oil

Refining

&

Marketing

1,034,315‌

–‌

–‌

1,034,315‌

Pipelines

760,650‌

–‌

–‌

760,650‌

Platinum

173,920‌

–‌

–‌

173,920‌

Precious

Metals

1,498,775‌

517,870‌

–‌

2,016,645‌

Real

Estate

Operating/

Development

490,138‌

–‌

0‌

490,138‌

REITS

-

Diversified

1,207,600‌

–‌

–‌

1,207,600‌

Retail

-

Jewelry

474,327‌

–‌

–‌

474,327‌

Notes

to

Portfolios

of

Investments

December

31,

2021

80

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Global

Resources

Fund

(continued)

Investments

in

Securities*

(continued)

Specified

Purpose

Acquisition

$

199,000‌

$

–‌

$

–‌

$

199,000‌

Steel

-

Producers

325,862‌

862,794‌

–‌

1,188,656‌

Corporate

Non-Convertible

Bond

–‌

1,052,740‌

–‌

1,052,740‌

Exchange

Traded

Funds

425,661‌

–‌

–‌

425,661‌

Subscription

Receipt

–‌

–‌

166,014‌

166,014‌

Warrants

Advanced

Materials/

Production

–‌

0‌

–‌

0‌

Diversified

Minerals

–‌

0‌

0‌

0‌

Enterprise

Software/

Services

16,964‌

–‌

–‌

16,964‌

Gold

Mining

–‌

0‌

–‌

0‌

Metal

-

Copper

1,779‌

–‌

–‌

1,779‌

Mining

Services

–‌

109,952‌

–‌

109,952‌

Non-Ferrous

Metals

–‌

0‌

–‌

0‌

Oil

Companies

-

Exploration

&

Production

11,858‌

–‌

–‌

11,858‌

Investment

Company

5,172‌

–‌

–‌

5,172‌

Publically

Traded

Partnerships

212,280‌

–‌

–‌

212,280‌

Purchased

Call

Options

198,800‌

215,000‌

–‌

413,800‌

Investments,

at

Value

53,178,443‌

13,147,287‌

973,342‌

67,299,072‌

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

$

7,450,097‌

$

118,581‌

$

–‌

$

7,568,678‌

Capital

Pools

889,363‌

–‌

–‌

889,363‌

Coal

–‌

–‌

0‌

0‌

Diamonds/Precious

Stones

747,065‌

–‌

–‌

747,065‌

Diversified

Minerals

3,415,187‌

3,191,170‌

1,581‌

6,607,938‌

Enterprise

Software/

Services

–‌

22,879‌

–‌

22,879‌

Financial

Services

–‌

22,511‌

–‌

22,511‌

Gold

Mineral

Exploration

&

Development

–‌

–‌

502,787‌

502,787‌

Notes

to

Portfolios

of

Investments

December

31,

2021

81

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

World

Precious

Minerals

Fund

(continued)

Investments

in

Securities*

(continued)

Gold

Mining

$

28,474,788‌

$

6,254,465‌

$

163,050‌

$

34,892,303‌

Metal

-

Copper

1,343,268‌

–‌

–‌

1,343,268‌

Metal

-

Diversified

7,482,609‌

1,925,117‌

–‌

9,407,726‌

Metal

-

Iron

–‌

–‌

0‌

0‌

Mining

Services

22,321‌

794,347‌

46,387‌

863,055‌

Non-Ferrous

Metals

577,098‌

–‌

–‌

577,098‌

Oil

&

Gas

Drilling

–‌

469,392‌

–‌

469,392‌

Oil

Companies

-

Exploration

&

Production

–‌

–‌

0‌

0‌

Oil

Field

Machinery

&

Equipment

–‌

268,278‌

–‌

268,278‌

Optical

Recognition

Equipment

4,633‌

–‌

–‌

4,633‌

Platinum

670,777‌

–‌

–‌

670,777‌

Precious

Metals

11,113,454‌

2,244,776‌

–‌

13,358,230‌

Real

Estate

Operating/

Development

1,313,886‌

–‌

–‌

1,313,886‌

Retail

-

Jewelry

1,328,116‌

–‌

–‌

1,328,116‌

Silver

Mining

3,970,513‌

–‌

–‌

3,970,513‌

Corporate

Non-Convertible

Bond

–‌

1,077,222‌

–‌

1,077,222‌

Exchange

Traded

Funds

227,725‌

–‌

–‌

227,725‌

Subscription

Receipt

–‌

–‌

182,616‌

182,616‌

Warrants

Diversified

Minerals

–‌

7,210‌

–‌

7,210‌

Gold

Mineral

Exploration

&

Development

–‌

–‌

0‌

0‌

Gold

Mining

–‌

5,455‌

–‌

5,455‌

Metal

-

Copper

–‌

166,014‌

–‌

166,014‌

Metal

-

Diversified

26,681‌

–‌

–‌

26,681‌

Metals

&

Mining

–‌

0‌

–‌

0‌

Mining

Services

–‌

154,156‌

–‌

154,156‌

Non-Ferrous

Metals

–‌

35,575‌

–‌

35,575‌

Silver

Mining

–‌

40,021‌

–‌

40,021‌

Investment

Company

64,698‌

–‌

–‌

64,698‌

Purchased

Call

Options

305,300‌

322,500‌

–‌

627,800‌

Investments,

at

Value

69,427,579‌

17,119,669‌

896,421‌

87,443,669‌

Notes

to

Portfolios

of

Investments

December

31,

2021

82

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Gold

And

Precious

Metals

Fund

Investments

in

Securities*

Common

Stocks

Advanced

Materials/

Production

$

189,731‌

$

–‌

$

–‌

$

189,731‌

Capital

Pools

616,625‌

–‌

–‌

616,625‌

Diversified

Minerals

3,378,578‌

6,147,844‌

–‌

9,526,422‌

Enterprise

Software/

Services

310,210‌

–‌

–‌

310,210‌

Gold

Mining

57,309,824‌

5,431,487‌

–‌

62,741,311‌

Metal

-

Diversified

7,397,214‌

–‌

–‌

7,397,214‌

Mining

Services

1,281,671‌

1,502,361‌

174,843‌

2,958,875‌

Oil

&

Gas

Drilling

–‌

3,770,235‌

–‌

3,770,235‌

Oil

Field

Machinery

&

Equipment

–‌

1,556,013‌

–‌

1,556,013‌

Platinum

–‌

3,526,684‌

–‌

3,526,684‌

Precious

Metals

17,371,926‌

–‌

–‌

17,371,926‌

Real

Estate

Operating/

Development

–‌

1,769,237‌

–‌

1,769,237‌

Retail

-

Jewelry

4,246,356‌

–‌

–‌

4,246,356‌

Silver

Mining

16,195,228‌

1,768,663‌

–‌

17,963,891‌

Specified

Purpose

Acquisition

398,000‌

–‌

–‌

398,000‌

Corporate

Non-Convertible

Bonds

–‌

4,187,387‌

0‌

4,187,387‌

Exchange

Traded

Funds

356,671‌

–‌

–‌

356,671‌

Warrants

Enterprise

Software/

Services

–‌

45,239‌

–‌

45,239‌

Metal

-

Diversified

–‌

0‌

–‌

0‌

Mining

Services

39,527‌

377,683‌

–‌

417,210‌

Investment

Company

101,380‌

–‌

–‌

101,380‌

Purchased

Call

Options

603,500‌

1,451,250‌

–‌

2,054,750‌

Investments,

at

Value

$

109,796,441‌

$

31,534,083‌

$

174,843‌

$

141,505,367‌

Notes

to

Portfolios

of

Investments

December

31,

2021

83

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Emerging

Europe

Fund

Assets

Investments

in

Securities*

Common

Stocks

Agricultural

Chemicals

$

345,360‌

$

–‌

$

–‌

$

345,360‌

Apparel

Manufacturers

–‌

381,215‌

–‌

381,215‌

Athletic

Footwear

–‌

86,384‌

–‌

86,384‌

Automotive

-

Cars

&

Light

Trucks

–‌

1,319,971‌

–‌

1,319,971‌

Automotive

-

Medium

&

Heavy

Duty

Trucks

–‌

56,981‌

–‌

56,981‌

Building

&

Construction

Products

-

Miscellaneous

–‌

402,796‌

–‌

402,796‌

Cellular

Telecommunication

355,365‌

–‌

–‌

355,365‌

Chemicals

-

Diversified

–‌

280,044‌

–‌

280,044‌

Commercial

Banks

Non-US

1,909,688‌

453,185‌

–‌

2,362,873‌

Dialysis

Centers

–‌

48,621‌

–‌

48,621‌

Diamonds/Precious

Stones

–‌

431,495‌

–‌

431,495‌

Distribution/Wholesale

–‌

121,515‌

–‌

121,515‌

Diversified

Operations

–‌

254,913‌

–‌

254,913‌

Electric

-

Distribution

175,044‌

–‌

–‌

175,044‌

Electric

-

Generation

–‌

488,343‌

–‌

488,343‌

Electric

-

Integrated

–‌

541,362‌

–‌

541,362‌

Food

-

Retail

716,929‌

–‌

–‌

716,929‌

Investment

Management/

Advisory

Services

–‌

133,745‌

–‌

133,745‌

Medical

Instruments

–‌

196,120‌

–‌

196,120‌

Metal

-

Diversified

1,145,524‌

129,229‌

–‌

1,274,753‌

Metal

-

Iron

412,969‌

–‌

–‌

412,969‌

Metal

Processors

&

Fabricate

–‌

359,863‌

–‌

359,863‌

Multi-line

Insurance

–‌

282,559‌

–‌

282,559‌

Oil

Companies

-

Exploration

&

Production

120,390‌

–‌

–‌

120,390‌

Oil

Companies

-

Integrated

5,947,629‌

1,037,543‌

–‌

6,985,172‌

Oil

Refining

&

Marketing

–‌

350,207‌

–‌

350,207‌

Property/Casualty

Insurance

–‌

314,368‌

–‌

314,368‌

Retail

-

Apparel/Shoe

–‌

127,121‌

–‌

127,121‌

Retail

-

Jewelry

–‌

161,708‌

–‌

161,708‌

Steel

-

Producers

1,001,740‌

733,014‌

–‌

1,734,754‌

Telephone

-

Integrated

–‌

304,823‌

–‌

304,823‌

Television

–‌

317,216‌

–‌

317,216‌

Transportation

-

Marine

–‌

331,756‌

–‌

331,756‌

Web

Portals/ISP

211,750‌

–‌

–‌

211,750‌

Corporate

Non-Convertible

Bond

–‌

489,646‌

–‌

489,646‌

Exchange

Traded

Funds

232,160‌

–‌

–‌

232,160‌

Notes

to

Portfolios

of

Investments

December

31,

2021

84

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Emerging

Europe

Fund

(continued)

Assets

(continued)

Investments

in

Securities*

(continued)

Warrant

Mining

Services

$

–‌

$

29,646‌

$

–‌

$

29,646‌

Purchased

Call

Options

63,900‌

629‌

–‌

64,529‌

Investments,

at

Value

$

12,638,448‌

$

10,166,018‌

$

–‌

$

22,804,466‌

Total

Assets

$

12,638,448‌

$

10,166,018‌

$

–‌

$

22,804,466‌

Liabilities

Other

Financial

Instruments

†

Currency

Contracts

–‌

(45,289‌)

–‌

(45,289‌)

Total

Liabilities

$

–‌

$

(45,289‌)

$

–‌

$

(45,289‌)

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

China

Region

Fund

Investments

in

Securities*

Common

Stocks

Automotive

-

Cars

&

Light

Trucks

$

–‌

$

1,089,198‌

$

–‌

$

1,089,198‌

Automotive

-

Medium

&

Heavy

Duty

Trucks

–‌

281,758‌

–‌

281,758‌

Automotive/Truck

Parts

&

Equipment

-

Original

–‌

60,421‌

–‌

60,421‌

Building

&

Construction

Products

-

Miscellaneous

–‌

25,212‌

–‌

25,212‌

Chemicals

-

Diversified

–‌

218,250‌

–‌

218,250‌

Chemicals

-

Specialty

206,640‌

–‌

–‌

206,640‌

Computers

–‌

91,943‌

–‌

91,943‌

Dental

Supplies

&

Equipment

–‌

67,436‌

–‌

67,436‌

Diversified

Minerals

–‌

327,885‌

–‌

327,885‌

E-Commerce/Products

191,438‌

–‌

–‌

191,438‌

Electronic

Components

-

Semiconductors

–‌

947,356‌

–‌

947,356‌

Energy

-

Alternate

Sources

–‌

144,308‌

–‌

144,308‌

Finance

-

Investment

Banker/Broker

–‌

20,844‌

–‌

20,844‌

Finance

-

Other

Services

–‌

49,711‌

–‌

49,711‌

Notes

to

Portfolios

of

Investments

December

31,

2021

85

The

following

is

a

reconciliation

of

assets

for

which

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

during

the

period

January

1,

2021

through

December

31,

2021:

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

China

Region

Fund

(continued)

Investments

in

Securities*

(continued)

Gas

-

Distribution

$

–‌

$

461,867‌

$

–‌

$

461,867‌

Internet

Content

-

Info

132,049‌

107,689‌

–‌

239,738‌

Machinery

-

General

Industrial

–‌

138,898‌

–‌

138,898‌

Miscellaneous

Manufacturing

–‌

89,830‌

–‌

89,830‌

Non-Ferrous

Metals

–‌

–‌

0‌

0‌

Real

Estate

Management/

Services

–‌

18,792‌

–‌

18,792‌

Retail

-

Apparel/Shoe

–‌

978,287‌

–‌

978,287‌

Retail

-

Automobile

–‌

561,447‌

–‌

561,447‌

Retail

-

Jewelry

–‌

405,423‌

–‌

405,423‌

Rubber/Plastic

Products

–‌

192,618‌

–‌

192,618‌

Semiconductor

Components

-

Integrated

Circuit

–‌

717,205‌

–‌

717,205‌

Textile

-

Apparel

–‌

105,673‌

–‌

105,673‌

Transportation

-

Marine

–‌

953,553‌

–‌

953,553‌

Corporate

Non-Convertible

Bond

–‌

259,512‌

–‌

259,512‌

Exchange

Traded

Fund

151,011‌

–‌

–‌

151,011‌

Warrant

Mining

Services

–‌

15,416‌

–‌

15,416‌

Call

Option

–‌

24,600‌

–‌

24,600‌

Investments,

at

Value

$

681,138‌

$

8,355,132‌

$

0‌

$

9,036,270‌

*

Refer

to

the

Portfolios

of

Investments

for

a

detailed

list

of

the

Funds’

investments.

†

Other

Financial

Instruments

are

derivatives

not

reflected

in

the

Portfolios

of

Investments,

such

as

Currency

Contracts,

which

are

valued

at

the

unrealized

appreciation

(depreciation)

at

year

end.

Common

Stocks

Total

Global

Luxury

Goods

Fund

Beginning

Balance

12/31/20

$

13,521‌

$

13,521‌

Net

change

in

unrealized

appreciation

(depreciation)

(13,521‌)

(13,521‌)

Ending

Balance

12/31/21

$

0‌

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

12/31/21

(1)

$

(13,521‌)

$

(13,521‌)

Notes

to

Portfolios

of

Investments

December

31,

2021

86

Common

Stocks

Subscription

Receipt

Total

Global

Resources

Fund

Beginning

Balance

12/31/20

$

322,203‌

$

—‌

$

322,203‌

Purchases

790,795‌

165,851‌

956,646‌

Sales

(252‌)

—‌

(252‌)

Realized

Gain

(Loss)

(420,344‌)

—‌

(420,344‌)

Corporate

Action

3,687‌

—‌

3,687‌

Net

change

in

unrealized

appreciation

(depreciation)

111,239‌

163‌

111,402‌

Ending

Balance

12/31/21

$

807,328‌

$

166,014‌

$

973,342‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

12/31/21

(1)

$

(309,357‌)

$

163‌

$

(309,194‌)

Common

Stock

Subscription

Receipt

Warrants

Total

World

Precious

Minerals

Fund

Beginning

Balance

12/31/20

$

273,960‌

$

—‌

$

0‌

$

273,960‌

Purchases

73,160‌

182,623‌

—‌

255,783‌

Sales

(683‌)

—‌

—‌

(683‌)

Realized

Gain

(Loss)

(1,139,353‌)

—‌

—‌

(1,139,353‌)

Corporate

Action

324,229‌

—‌

—‌

324,229‌

Net

change

in

unrealized

appreciation

(depreciation)

1,182,492‌

(

7‌)

0‌

1,182,485‌

Ending

Balance

12/31/21

$

713,805‌

$

182,616‌

$

0‌

$

896,421‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

12/31/21

(1)

$

48,996‌

$

( 7‌)

$

0‌

$

48,989‌

Common

Stocks

Corporate

Non-

Convertible

Bond

Total

Gold

and

Precious

Metals

Fund

Beginning

Balance

12/31/20

$

1,128,329‌

$

0‌

$

1,128,329‌

Purchases

23,522‌

—‌

23,522‌

Corporate

Action

(982,771‌)

—‌

(982,771‌)

Net

change

in

unrealized

appreciation

(depreciation)

5,763‌

—‌

5,763‌

Ending

Balance

12/31/21

$

174,843‌

$

0‌

$

174,843‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

12/31/21

(1)

$

16,083‌

$

—‌

$

16,083‌

Common

Stock

Total

China

Region

Fund

Beginning

Balance

12/31/20

$

0‌

$

0‌

Ending

Balance

12/31/21

$

0‌

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

12/31/21

(1)

$

—‌

$

—‌

(1)

The

amounts

shown

represent

the

net

change

in

unrealized

appreciation

(depreciation)

attributable

to

only

those

investments

still

held

and

classified

as

Level

3

at

December

31,

2021.

Notes

to

Portfolios

of

Investments

December

31,

2021

87

Significant

unobservable

inputs

developed

by

the

Valuation

Committee

(“Valuation

Committee”)

for

Level

3

investments

held

at

period

end

are

as

follows:

The

majority

of

securities

classified

as

Level

3

are

private

companies.

The

initial

valuation

is

usually

cost,

which

is

then

adjusted

as

determined

by

the

Valuation

Committee

for

subsequent

known

market

transactions

and

evaluated

for

progress

against

anticipated

milestones

and

current

operations.

An

evaluation

that

the

holding

no

longer

meets

expectations

could

result

in

the

application

of

discounts

and

a

significantly

lower

fair

valuation.

For

certain

securities,

the

last

known

market

transaction

is

increased

or

decreased

by

changes

in

a

market

index

or

industry

peers

as

approved

by

the

Valuation

Committee.

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

year

ended

December

31,

2021.

Fair

Value

at

12/31/21

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

(81%

discount)

Common

Stocks

807,328

Market

Transaction

(1)

Discount

Subscription

Receipt

166,014

Market

Transaction

(1)

Discount

0%

World

Precious

Minerals

Fund

Investments

in

Securities

0%

-

100%

discount

(67%

discount)

Common

Stocks

713,805

Market

Transaction

(1)

Discount

Special

Warrants

0

Market

Transaction

(1)

Discount

100%

Subscription

Receipt

182,616

Market

Transaction

(1)

Discount

0%

Warrants

0

Market

Transaction

(1)

Discount

100%

Gold

and

Precious

Metals

Fund

Investments

in

Securities

Common

Stock

174,843

Market

Transaction

(1)

Discount

0%

Corporate

Non-Convertible

Bond

0

Market

Transaction

(1)

Discount

100%

China

Region

Fund

Investments

in

Securities

100%

Common

Stocks

0

Market

Transaction

(1)

Discount

(1)

Market

Transaction

refers

to

most

recent

known

market

transaction,

including

transactions

in

which

the

fund

participated,

as

adjusted

for

any

discount

or

premium

as

discussed

below.

Notes

to

Portfolios

of

Investments

December

31,

2021

88

At

December

31,

2021,

the

value

of

investments

in

affiliated

companies

was

$0,

representing

0%

of

net

assets,

and

the

total

cost

was

$27,968,676.

At

December

31,

2021,

the

value

of

investments

in

affiliated

companies

was

$9,459,537,

representing

10.59%

of

net

assets,

and

the

total

cost

was

$7,813,470.

Shares

of

Affiliated

Companies

Global

Resources

Fund

December

31,

2020

Additions

Reductions

December

31,

2021

Caribbean

Resources

Corp.

17‌

—‌

—‌

17‌

Pacific

Green

Energy

Corp.

2,400,000‌

—‌

—‌

2,400,000‌

Values

of

Affiliated

Companies

Global

Resources

Fund

December

31,

2020

Purchases

Cost

Sales

Proceeds

December

31,

2021

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Caribbean

Resources

Corp.

$

0‌

$

—‌

$

—‌

$

0‌

$

—‌

$

—‌

$

—‌

Pacific

Green

Energy

Corp.

0‌

—‌

—‌

0‌

—‌

—‌

—‌

$

0‌

$

—‌

$

—‌

$

0‌

$

—‌

$

—‌

$

—‌

Shares

of

Affiliated

Companies

World

Precious

Minerals

Fund

December

31,

2020

Additions

Reductions

December

31,

2021

Barsele

Minerals

Corp.

7,700,000‌

—‌

(200,000‌)

7,500,000‌

Canex

Metals,

Inc.

3,250,000‌

—‌

—‌

3,250,000‌

(a)

CopperBank

Resources

Corp

5,543,500‌

—‌

(1,500,000‌)

4,043,500‌

(a)

Mammoth

Resources

Corp.

3,671,200‌

2,050,000‌

(221,200‌)

5,500,000‌

Norvista

Capital

Corp

—‌

4,000,000‌

—‌

4,000,000‌

Polarx

,

Ltd.

38,953,441‌

—‌

(1,489,553‌)

37,463,888‌

TriStar

Gold,

Inc.

28,750,000‌

—‌

—‌

28,750,000‌

Values

of

Affiliated

Companies

World

Precious

Minerals

Fund

December

31,

2020

Purchases

Cost

Sales

Proceeds

December

31,

2021

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Barsele

Minerals

Corp.

$

3,327,048‌

$

—‌

$

(96,04

2

)‌

$

3,142,417‌

$

—‌

$

(44,730‌)

$

(43,

859‌

)

Canex

Metals,

Inc.

382,984‌

—‌

—‌

327,582‌

(a)

—‌

—‌

(55,402‌)

CopperBank

Resources

Corp.

1,045,204‌

—‌

(

4

02,75

0

)‌

2,429,392‌

(a)

—‌

(1,908‌)

1,788,846‌

Mammoth

Resources

Corp.

331,674‌

225,898‌

(33,223)‌

434,800‌

—‌

4,904‌

(

94,453‌

)

Norvista

Capital

Corp

—‌

383,109‌

$

—‌

252,974‌

—‌

–‌

(

130,135‌

)

Polarx

,

Ltd.

809,280‌

—‌

(41,372)‌

970,071‌

—‌

(74,668‌)

276,831‌

TriStar

Gold,

Inc.

5,759,486‌

—‌

—‌

4,659,275‌

—‌

–‌

(1,100,211‌)

$

11,655,676‌

$

609,007‌

$

(573,

387

)‌

$

12,216,511‌

$

—‌

$

(116,402‌)

$

641,

617‌

(a)

At

December

31,

2021,

the

company

was

no

longer

defined

as

an

affiliate,

although

it

was

an

affiliate

company

during

the

year.

Notes

to

Portfolios

of

Investments

December

31,

2021

89

Restricted

Securities

The

following

securities

are

subject

to

contractual

and

regulatory

restrictions

on

resale

or

transfer.

These

investments

may

involve

a

high

degree

of

business

and

financial

risk.

Because

of

the

thinly

traded

markets

for

these

investments,

a

Fund

may

be

unable

to

liquidate

its

securities

in

a

timely

manner,

especially

if

there

is

negative

news

regarding

the

specific

securities

or

the

markets

overall.

These

securities

could

decline

significantly

in

value

before

the

Fund

could

liquidate

these

securities.

The

issuer

bears

the

cost

of

registration,

if

any,

involved

in

the

disposition

of

these

securities.

As

of

December

31,

2021,

the

total

cost

of

restricted

securities

was

$426,625,

and

the

total

value

was

$0,

representing

0%

of

net

assets.

As

of

December

31,

2021,

the

total

cost

of

restricted

securities

was

$7,473,544,

and

the

total

value

was

$13,096,

representing

0.02%

of

net

assets.

Global

Luxury

Goods

Fund

Acquisition

Date

Cost

per

Share/Unit

Infrastructure

Ventures,

Inc.

08/06/10-11/22/10

$

1.00

Global

Resources

Fund

Acquisition

Date

Cost

per

Share/Unit

I-Pulse,

Inc.,

144A

10/04/07

$

1.88

Infrastructure

Ventures,

Inc.

08/06/10-11/22/10

$

1.00

Statements

of

Assets

and

Liabilities

90

See

accompanying

notes

to

financial

statements.

U.S.

Government

Securities

Ultra-Short

Bond

Fund

Investments,

at

identified

cost

$

36,631,418‌

Assets

Investments,

at

value:

Securities

of

unaffiliated

issuers

$

36,544,518‌

Cash

1,347,274‌

Foreign

currencies

(Cost

$0,

$0,

$324,405,

and

$914,029)

–‌

Receivables:

Dividends

and

interest

109,804‌

Capital

shares

sold

24,433‌

From

adviser

8,196‌

Prepaid

expenses

11,509‌

Total

Assets

38,045,734‌

Liabilities

Due

to

custodian

–‌

Payables:

Capital

shares

redeemed

2,333‌

Distributions

payable

3,588‌

Investments

purchased

–‌

Accrued

expenses

and

other

payables:

Adviser

–‌

Administration

and

Transfer

Agent

fees

9,295‌

Other

expenses

26,413‌

Total

Liabilities

41,629‌

Net

Assets

$

38,004,105‌

Net

Assets

Consist

of:

Paid-in

capital

$

38,083,590‌

Distributable

earnings

(79,485‌)

Net

assets

applicable

to

capital

shares

outstanding

$

38,004,105‌

By

share

class

Net

Assets

Investor

Class

$

38,004,105‌

Capital

shares

outstanding,

an

unlimited

number

of

no

par

shares

authorized

Investor

Class

19,128,030‌

Net

Asset

Value,

Public

Offering

Price

and

Redemption

Price

per

share

Investor

Class

$

1.99‌

December

31,

2021

91

Near-Term

Tax

Free

Fund

Global

Luxury

Goods

Fund

Global

Resources

Fund

$

32,797,440‌

$

44,553,857‌

$

99,830,595‌

$

33,228,224‌

$

55,638,836‌

$

67,299,072‌

1,660,668‌

2,083,063‌

–‌

–‌

324,403‌

926,758‌

361,491‌

33,989‌

150,944‌

162,309‌

8,339‌

4,811‌

9,383‌

–‌

–‌

10,598‌

12,192‌

13,219‌

35,432,673‌

58,100,822‌

68,394,804‌

–‌

–‌

168,174‌

5,239‌

1,309‌

44,643‌

1,487‌

–‌

–‌

–‌

324,982‌

245,504‌

–‌

33,944‌

37,584‌

8,225‌

12,725‌

15,707‌

29,005‌

60,597‌

62,472‌

43,956‌

433,557‌

574,084‌

$

35,388,717‌

$

57,667,265‌

$

67,820,720‌

$

36,142,268‌

$

47,524,105‌

$

338,385,568‌

(753,551‌)

10,143,160‌

(270,564,848‌)

$

35,388,717‌

$

57,667,265‌

$

67,820,720‌

$

35,388,717‌

$

57,667,265‌

$

67,820,720‌

15,858,931‌

2,586,346‌

11,952,594‌

$

2.23‌

$

22.30‌

$

5.67‌

Statements

of

Assets

and

Liabilities

92

See

accompanying

notes

to

financial

statements.

World

Precious

Minerals

Fund

Investments,

at

identified

cost

$

95,429,249‌

Assets

Investments,

at

value:

Securities

of

unaffiliated

issuers

$

77,984,132‌

Securities

of

affiliated

issuers

9,459,537‌

Cash

1,231,685‌

Foreign

currencies

(Cost

$130,161,

$496,

$261,879

and

$0)

135,350‌

Receivables:

Dividends

and

interest

2,664‌

Capital

shares

sold

92,033‌

Investments

sold

683,379‌

Prepaid

expenses

14,237‌

Total

Assets

89,603,017‌

Liabilities

Unrealized

loss

on

forward

foreign

currency

contracts

–‌

Due

to

custodian

–‌

Payables:

Capital

shares

redeemed

115,040‌

Investments

purchased

41,097‌

Foreign

capital

gains

tax

payable

–‌

Accrued

expenses

and

other

payables:

Adviser

47,025‌

Administration

and

Transfer

Agent

fees

19,303‌

Other

expenses

68,008‌

Total

Liabilities

290,473‌

Net

Assets

$

89,312,544‌

Net

Assets

Consist

of:

Paid-in

capital

$

462,294,468‌

Distributable

earnings

(372,981,924‌)

Net

assets

applicable

to

capital

shares

outstanding

$

89,312,544‌

By

share

class

Net

Assets

Investor

Class

$

89,312,544‌

Capital

shares

outstanding,

an

unlimited

number

of

no

par

shares

authorized

Investor

Class

34,569,088‌

Net

Asset

Value,

Public

Offering

Price

and

Redemption

Price

per

share

Investor

Class

$

2.58‌

December

31,

2021

93

Gold

and

Precious

Metals

Fund

Emerging

Europe

Fund

China

Region

Fund

$

99,939,236‌

$

21,606,656‌

$

9,794,136‌

$

141,505,367‌

$

22,804,466‌

$

9,036,270‌

–‌

–‌

–‌

778,902‌

377,239‌

351,207‌

496‌

262,535‌

–‌

63,252‌

196,162‌

15,560‌

213,457‌

2,358‌

4,233‌

238,954‌

–‌

–‌

14,513‌

9,994‌

14,879‌

142,814,941‌

23,652,754‌

9,422,149‌

–‌

45,289‌

–‌

–‌

–‌

60‌

191,532‌

19,430‌

5,496‌

1,144,183‌

–‌

–‌

–‌

54,665‌

–‌

135,917‌

19,538‌

2,746‌

25,924‌

8,802‌

7,989‌

88,963‌

37,614‌

26,379‌

1,586,519‌

185,338‌

42,670‌

$

141,228,422‌

$

23,467,416‌

$

9,379,479‌

$

176,965,769‌

$

43,983,450‌

$

10,886,483‌

(35,737,347‌)

(20,516,034‌)

(1,507,004‌)

$

141,228,422‌

$

23,467,416‌

$

9,379,479‌

$

141,228,422‌

$

23,467,416‌

$

9,379,479‌

11,955,868‌

3,469,518‌

1,363,463‌

$

11.81‌

$

6.76‌

$

6.88‌

Statements

of

Operations

94

See

accompanying

notes

to

financial

statements.

U.S.

Government

Securities

Ultra-Short

Bond

Fund

Net

Investment

Income

Income

Dividends

from

unaffiliated

issuers

$

3,992‌

Foreign

tax

withheld

on

dividends

–‌

Net

dividends

3,992‌

Interest

and

other

48,810‌

Total

income

52,802‌

Expenses:

Management

fee

197,304‌

Administrative

services

fee

77,175‌

Distribution

plan

fee

–‌

Transfer

agent

fees

and

expenses

32,035‌

Professional

fees

26,589‌

Custodian

fees

4,087‌

Shareholder

reporting

expenses

14,699‌

Registration

fees

19,816‌

Trustee

fees

and

expenses

8,517‌

Chief

compliance

officer

fees

4,021‌

Miscellaneous

expenses

33,783‌

Total

expenses

before

reductions

418,026‌

Expenses

offset

-

Note

1

H

–‌

Expenses

reimbursed

-

Note

3

(240,452‌)

Net

expenses

177,574‌

Net

Investment  Income

(Loss)

(124,772‌)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Realized

gain

(loss)

from:

Securities

from

unaffiliated

issuers

9,916‌

Foreign

currency

transactions

–‌

Written

options

–‌

Net

realized

gain

9,916‌

Net

change

in

unrealized

appreciation

(depreciation)

of:

Investments

in

unaffiliated

issuers

(105,824‌)

Other

assets

and

liabilities

denominated

in

foreign

currencies

–‌

Net

change

in

unrealized

appreciation

(depreciation)

(105,824‌)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

(95,908‌)

Net

Increase

(Decrease)

In

Net

Assets

Resulting

From

Operations

$

(220,680‌)

For

the

Year

Ended

December

31,

2021

95

Near-Term

Tax

Free

Fund

Global

Luxury

Goods

Fund

Global

Resources

Fund

$

22,117‌

$

619,902‌

$

1,060,513‌

–‌

(56,829‌)

(86,202‌)

22,117‌

563,073‌

974,311‌

470,784‌

151,877‌

187,635‌

492,901‌

714,950‌

1,161,946‌

187,920‌

606,664‌

710,295‌

74,734‌

107,442‌

136,684‌

–‌

133,781‌

172,708‌

22,640‌

34,637‌

49,761‌

26,152‌

31,408‌

34,241‌

4,869‌

46,614‌

50,034‌

15,388‌

14,094‌

17,968‌

20,416‌

21,468‌

20,237‌

8,399‌

9,771‌

11,116‌

3,827‌

5,467‌

7,034‌

61,448‌

54,526‌

105,161‌

425,793‌

1,065,872‌

1,315,239‌

(77‌)

(19‌)

(17‌)

(256,587‌)

(31,088‌)

–‌

169,129‌

1,034,765‌

1,315,222‌

323,772‌

(319,815‌)

(153,276‌)

3,318‌

9,477,265‌

12,773,548‌

–‌

(2,116‌)

12,371‌

–‌

–‌

72,720‌

3,318‌

9,475,149‌

12,858,639‌

(427,184‌)

2,623,459‌

(4,269,495‌)

–‌

(457‌)

(44,725‌)

(427,184‌)

2,623,002‌

(4,314,220‌)

(423,866‌)

12,098,151‌

8,544,419‌

$

(100,094‌)

$

11,778,336‌

$

8,391,143‌

Statements

of

Operations

96

See

accompanying

notes

to

financial

statements.

World

Precious

Minerals

Fund

Net

Investment

Income

Income

Dividends

from

unaffiliated

issuers

$

87,738‌

Foreign

tax

withheld

on

dividends

(7,104‌)

Net

dividends

80,634‌

Interest

and

other

88,966‌

Total

income

169,600‌

Expenses:

Management

fee

1,246,079‌

Administrative

services

fee

183,633‌

Distribution

plan

fee

262,993‌

Transfer

agent

fees

and

expenses

68,901‌

Professional

fees

43,992‌

Custodian

fees

37,655‌

Shareholder

reporting

expenses

19,730‌

Registration

fees

22,389‌

Trustee

fees

and

expenses

14,173‌

Chief

compliance

officer

fees

10,671‌

Miscellaneous

expenses

122,214‌

Total

expenses

before

reductions

2,032,430‌

Expenses

offset

-

Note

1

H

(458‌)

Expenses

reimbursed

-

Note

3

–‌

Net

expenses

2,031,972‌

Net

Investment  Income

(Loss)

(1,862,372‌)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Realized

gain

(loss)

from:

Securities

from

unaffiliated

issuers

2,345,558‌

Securities

from

affiliated

issuers

(116,402‌)

Foreign

currency

transactions

(32,461‌)

Forward

currency

contract

transactions

–‌

Foreign

capital

gains

taxes

–‌

Net

realized

gain

2,196,695‌

Net

change

in

unrealized

appreciation

(depreciation)

of:

Investments

in

unaffiliated

issuers

(15,858,252‌)

Investments

in

affiliated

issuers

(736,500‌)

Other

assets

and

liabilities

denominated

in

foreign

currencies

9,589‌

Forward

currency

contracts

–‌

Deferred

foreign

capital

gains

taxes

–‌

Net

change

in

unrealized

depreciation

(16,585,163‌)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

(14,388,468‌)

Net

Increase

(Decrease)

In

Net

Assets

Resulting

From

Operations

$

(16,250,840‌)

For

the

Year

Ended

December

31,

2021

97

Gold

and

Precious

Metals

Fund

Emerging

Europe

Fund

China

Region

Fund

$

2,348,835‌

$

1,286,882‌

$

245,548‌

(227,909‌)

(161,062‌)

(10,628‌)

2,120,926‌

1,125,820‌

234,920‌

495,821‌

40,210‌

21,310‌

2,616,747‌

1,166,030‌

256,230‌

1,693,605‌

262,600‌

130,961‌

241,999‌

79,275‌

72,892‌

375,235‌

61,543‌

30,083‌

70,440‌

24,127‌

23,023‌

55,710‌

22,627‌

19,401‌

37,529‌

28,630‌

16,201‌

20,759‌

16,008‌

15,136‌

24,103‌

20,073‌

19,624‌

18,019‌

7,282‌

6,237‌

15,256‌

2,506‌

1,223‌

174,468‌

88,926‌

43,114‌

2,727,123‌

613,597‌

377,895‌

(229‌)

(5‌)

(8‌)

–‌

–‌

(90,496‌)

2,726,894‌

613,592‌

287,391‌

(110,147‌)

552,438‌

(31,161‌)

6,759,882‌

3,863,985‌

357,371‌

–‌

–‌

–‌

(62,369‌)

(109,053‌)

(15,268‌)

–‌

473,688‌

–‌

–‌

(18,719‌)

–‌

6,697,513‌

4,209,901‌

342,103‌

(24,127,715‌)

(1,978,263‌)

(2,581,185‌)

–‌

–‌

–‌

(2,730‌)

3,729‌

622‌

–‌

13,620‌

–‌

–‌

(2,649‌)

–‌

(24,130,445‌)

(1,963,563‌)

(2,580,563‌)

(17,432,932‌)

2,246,338‌

(2,238,460‌)

$

(17,543,079‌)

$

2,798,776‌

$

(2,269,621‌)

Statements

of

Changes

in

Net

Assets

98

See

accompanying

notes

to

financial

statements.

U.S.

Government

Securities

Ultra-Short

Bond

Fund

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Increase

(Decrease)

in

Net

Assets

From

operations:

Net

investment

income

(loss)

$

(124,772)

$

99,648

Net

realized

gain

(loss)

9,916

40,132

Net

change

in

unrealized

appreciation

(depreciation)

(105,824)

6,738

Net

increase

(decrease)

in

net

assets

from

operations

(220,680)

146,518

Distributions

to

shareholders

Investor

Class

(24,036)

(134,835)

Total

distributions

paid

(24,036)

(134,835)

From

capital

share

transactions:

Proceeds

from

shares

sold

Investor

Class

15,248,670

13,147,838

Distributions

reinvested

Investor

Class

20,448

116,164

15,269,118

13,264,002

Cost

of

shares

redeemed

Investor

Class

(17,282,045)

(15,694,440)

Net

increase

(decrease)

in

net

assets

from

capital

share

transactions

(2,012,927)

(2,430,438)

Net

Increase

(Decrease)

in

Net

Assets

(2,257,643)

(2,418,755)

Net

Assets

Beginning

of

year

40,261,748

42,680,503

End

of

year

$

38,004,105

$

40,261,748

Capital

Share

Activity

Investor

Class

Shares

sold

7,633,018

6,573,569

Shares

reinvested

10,276

58,079

Shares

redeemed

(8,652,033)

(7,847,220)

Net

capital

share

activity

(1,008,739)

(1,215,572)

99

Near-Term

Tax

Free

Fund

Global

Luxury

Goods

Fund

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

$

323,772

$

465,279

$

(319,815)

$

(79,314)

3,318

15,810

9,475,149

(273,927)

(427,184)

533,691

2,623,002

6,588,411

(100,094)

1,014,780

11,778,336

6,235,170

(326,150)

(465,288)

(7,749,416)

(44,428)

(326,150)

(465,288)

(7,749,416)

(44,428)

13,242,236

17,212,918

4,599,581

13,647,277

300,990

429,810

7,370,340

45,902

13,543,226

17,642,728

11,969,921

13,693,179

(19,490,218)

(19,490,962)

(7,898,403)

(5,392,726)

(5,946,992)

(1,848,234)

4,071,518

8,300,453

(6,373,236)

(1,298,742)

8,100,438

14,491,195

41,761,953

43,060,695

49,566,827

35,075,632

$

35,388,717

$

41,761,953

$

57,667,265

$

49,566,827

5,888,903

7,668,775

195,722

703,350

134,289

191,776

332,147

2,324

(8,682,379)

(8,737,744)

(349,193)

(351,006)

(2,659,187)

(877,193)

178,676

354,668

Statements

of

Changes

in

Net

Assets

100

See

accompanying

notes

to

financial

statements.

Global

Resources

Fund

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Increase

(Decrease)

in

Net

Assets

From

operations:

Net

investment

income

(loss)

$

(153,276)

$

109,340

Net

realized

gain

(loss)

12,858,639

(2,635,554)

Net

change

in

unrealized

appreciation

(depreciation)

(4,314,220)

19,427,248

Net

increase

(decrease)

in

net

assets

from

operations

8,391,143

16,901,034

Distributions

to

shareholders

Investor

Class

(10,949,637)

(3,364,615)

Total

distributions

paid

(10,949,637)

(3,364,615)

From

capital

share

transactions:

Proceeds

from

shares

sold

Investor

Class

9,369,121

4,391,843

Distributions

reinvested

Investor

Class

10,463,717

3,224,481

19,832,838

7,616,324

Cost

of

shares

redeemed

Investor

Class

(13,344,667)

(13,000,764)

Net

increase

(decrease)

in

net

assets

from

capital

share

transactions

6,488,171

(5,384,440)

Net

Increase

(Decrease)

in

Net

Assets

3,929,677

8,151,979

Net

Assets

Beginning

of

year

63,891,043

55,739,064

End

of

year

$

67,820,720

$

63,891,043

Capital

Share

Activity

Investor

Class

Shares

sold

1,423,126

1,005,495

Shares

reinvested

1,895,601

577,864

Shares

redeemed

(2,059,428)

(2,975,639)

Net

capital

share

activity

1,259,299

(1,392,280)

101

World

Precious

Minerals

Fund

Gold

and

Precious

Metals

Fund

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

$

(1,862,372)

$

(1,548,506)

$

(110,147)

$

(1,097,254)

2,196,695

5,805,975

6,697,513

12,743,725

(16,585,163)

45,788,517

(24,130,445)

30,760,435

(16,250,840)

50,045,986

(17,543,079)

42,406,906

(37,944,772)

(7,420,604)

(2,957,464)

(4,194,294)

(37,944,772)

(7,420,604)

(2,957,464)

(4,194,294)

38,610,718

44,283,410

49,425,365

85,588,426

35,816,306

6,962,715

2,755,072

3,881,366

74,427,024

51,246,125

52,180,437

89,469,792

(47,166,213)

(53,442,592)

(50,769,361)

(90,941,821)

27,260,811

(2,196,467)

1,411,076

(1,472,029)

(26,934,801)

40,428,915

(19,089,467)

36,740,583

116,247,345

75,818,430

160,317,889

123,577,306

$

89,312,544

$

116,247,345

$

141,228,422

$

160,317,889

7,861,349

11,239,870

3,879,806

7,764,065

14,500,529

1,441,557

238,010

289,438

(9,890,423)

(13,494,901)

(4,015,355)

(8,388,217)

12,471,455

(813,474)

102,461

(334,714)

Statements

of

Changes

in

Net

Assets

102

See

accompanying

notes

to

financial

statements.

m

Emerging

Europe

Fund

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Increase

(Decrease)

in

Net

Assets

From

operations:

Net

investment

income

(loss)

$

552,438

$

192,740

Net

realized

gain

(loss)

4,209,901

(2,988,854)

Net

change

in

unrealized

depreciation

(1,963,563)

(3,769,603)

Net

increase

(decrease)

in

net

assets

from

operations

2,798,776

(6,565,717)

Distributions

to

shareholders

Investor

Class

(194,458)

(869,616)

Total

distributions

paid

(194,458)

(869,616)

From

capital

share

transactions:

Proceeds

from

shares

sold

Investor

Class

999,665

1,510,743

Distributions

reinvested

Investor

Class

187,611

839,193

1,187,276

2,349,936

Cost

of

shares

redeemed

Investor

Class

(4,599,687)

(7,091,919)

Net

decrease

in

net

assets

from

capital

share

transactions

(3,412,411)

(4,741,983)

Net

Decrease

in

Net

Assets

(808,093)

(12,177,316)

Net

Assets

Beginning

of

year

24,275,509

36,452,825

End

of

year

$

23,467,416

$

24,275,509

Capital

Share

Activity

Investor

Class

Shares

sold

152,551

266,312

Shares

reinvested

28,085

135,572

Shares

redeemed

(692,125)

(1,157,409)

Net

capital

share

activity

(511,489)

(755,525)

103

China

Region

Fund

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

$

(31,161)

$

(114,196)

342,103

2,301,106

(2,580,563)

(811,128)

(2,269,621)

1,375,782

(1,513,872)

(256,672)

(1,513,872)

(256,672)

971,089

539,096

1,426,682

238,090

2,397,771

777,186

(2,781,351)

(2,808,540)

(383,580)

(2,031,354)

(4,167,073)

(912,244)

13,546,552

14,458,796

$

9,379,479

$

13,546,552

98,722

59,772

207,367

25,089

(298,125)

(315,074)

7,964

(230,213)

Notes

to

Financial

Statements

December

31,

2021

104

Note

1:

Organization

and

Significant

Accounting

Policies

U.S.

Global

Investors

Funds

(“Trust”),

consisting

of

the

eight

separate

funds

(“Funds”)

included

in

this

report,

is

organized

as

a

Delaware

statutory

trust.

Each

Fund

is

an

open-

end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

and

follows

the

specialized

accounting

and

reporting

guidance

in

FASB

Accounting

Standards

Codification

Topic

946.

All

Funds

are

diversified

with

the

exception

of

World

Precious

Minerals,

Gold

and

Precious

Metals,

Emerging

Europe

and

China

Region.

A

non-diversified

fund

may

invest

a

greater

percentage

of

its

assets

in

a

smaller

number

of

issuers

in

comparison

to

a

diversified

fund.

On

June

14,

2019,

the

Institutional

Shares

of

the

Global

Resources

Fund

and

the

World

Precious

Minerals

Fund

were

liquidated

and

terminated

pursuant

to

a

Board

approved

Plan

of

Share

Class

Termination.

On

the

Liquidation

Date,

each

Fund

made

a

liquidating

distribution

to

shareholders

of

the

Institutional

Shares

equal

to

each

Shareholder’s

proportionate

interest

in

the

Institutional

Shares.

Effective

July

1,

2020,

the

Holmes

Macro

Trends

Fund

changed

its

name

to

Global

Luxury

Goods

Fund.

The

Fund

also

changed

its

investment

strategy

on

July

1,

2020.

Prior

to

that

date,

the

Fund

invested

in

a

diversified

portfolio

of

equity

and

equity-related

securities

of

companies

in

the

S&P

Composite

1500

Index,

with

a

focus

on

companies

achieving

high

return

on

invested

capital

metrics

and

an

emphasis

on

mid-capitalization

companies.

Different

investment

strategies

may

lead

to

different

performance

results.

The

Fund’s

performance

for

periods

prior

to

July

1,

2020

reflects

the

investment

strategy

in

effect

prior

to

that

date.

On

December

22,

2020,

the

Global

Luxury

Goods

Fund

acquired

all

the

net

assets

of

the

All

American

Equity

Fund.

The

acquisition

of

net

assets

and

unrealized

gain

from

this

tax-

free

transaction

was

as

follows:

The

following

is

a

summary

of

significant

accounting

policies

consistently

followed

by

the

Funds

in

the

preparation

of

their

financial

statements.

The

policies

are

in

conformity

with

U.S.

generally

accepted

accounting

principles.

A.

Security

Valuations

The

Funds

value

investments

traded

on

national

or

international

securities

exchanges

or

over-the-counter

at

the

last

sales

price

reported

by

the

security’s

primary

exchange

of

its

market

at

the

time

of

daily

valuation.

Options

and

securities

for

which

no

sale

was

reported

are

valued

at

the

mean

between

the

last

reported

bid

and

asked

quotation.

Debt

securities

having

60

days

or

less

to

maturity

that

are

expected

to

be

valued

at

par

at

maturity

may

be

priced

by

the

amortized

cost

method

if

the

Valuation

Committee

determines

it

would

approximate

market

value.

Municipal

securities,

long-term

U.S.

government

obligations

and

corporate

debt

securities

are

valued

by

an

independent

pricing

service

using

an

evaluated

quote

based

on

such

factors

as

institutional-size

trading

in

similar

groups

of

securities,

yield,

quality,

maturity,

coupon

rate,

type

of

issue,

individual

trading

characteristics

and

other

market

data.

For

more

information

please

see

Notes

to

Portfolio

of

Investments.

Date

of

Contribution

Net

Assets

Shares

Issued

Unrealized

Gain

on

Investments

Acquired

December

22,

2020

$

11,908,004

591,302

$

1,766,272

Notes

to

Financial

Statements

December

31,

2021

105

B.

Cash-Concentration

in

Uninsured

Account

For

cash

management

purposes

the

Funds

may

concentrate

cash

with

the

Funds’

custodian.

As

of

December

31,

2021,

The

U.S.

Government

Securities

Ultra-Short

Bond

Fund,

Near-

Term

Tax

Free

Fund,

Global

Luxury

Goods

Fund,

World

Precious

Minerals

Fund,

Gold

and

Precious

Metals

Fund,

Emerging

Europe

Fund

and

China

Region

Fund

held

$1,347,274,

$1,660,668,

$2,083,063,

$1,231,685,

$778,902,

$377,239,

and

$351,207,

respectively,

as

cash

reserves

at

Brown

Brothers

Harriman

&

Co.

(BBH).

C.

Fair

Valued

Securities

Securities

for

which

market

quotations

are

not

readily

available

or

which

are

subject

to

legal

restrictions

are

valued

at

their

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee

of

U.S.

Global

Investors,

Inc.

(Adviser),

under

policies

and

procedures

established

by

the

Trust’s

Board

of

Trustees.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Valuation

Committee

meets

on

a

regular

basis

to

review

securities

which

may

not

have

readily

available

market

prices

and

considers

a

number

of

factors

in

determining

fair

value,

including

nature

and

duration

of

any

trading

restrictions,

trading

volume,

market

values

of

unrestricted

shares

of

the

same

or

similar

class,

investment

management’s

judgment

regarding

the

market

experience

of

the

issuer,

financial

status

and

other

operational

and

market

factors

affecting

the

issuer,

issuer’s

management,

quality

of

the

underlying

property

based

on

review

of

independent

geological

studies

and

other

relevant

matters.

The

fair

values

may

differ

from

what

would

have

been

used

had

a

broader

market

for

these

securities

existed.

The

Valuation

Committee

regularly

reviews

inputs

and

assumptions

and

performs

transactional

back-testing

and

disposition

analysis.

The

Valuation

Committee

reports

quarterly

to

the

Trust’s

Board

of

Trustees.

For

securities

traded

on

international

exchanges,

if

events

which

may

materially

affect

the

value

of

a

Fund’s

securities

occur

after

the

close

of

the

primary

exchange

and

before

a

Fund’s

net

asset

value

is

next

determined,

then

those

securities

will

be

valued

at

their

fair

value

as

determined

in

good

faith

in

accordance

with

the

policies

approved

by

the

Board

of

Trustees.

The

Funds

use

a

systematic

fair

value

model

provided

by

an

independent

third

party

to

value

international

securities

primarily

traded

on

an

exchange

or

market

outside

the

Western

Hemisphere

in

order

to

adjust

for

stale

pricing,

which

may

occur

between

the

close

of

certain

foreign

exchanges

and

the

New

York

Stock

Exchange.

D.

Security

Transactions

and

Investment

Income

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

from

security

transactions

are

determined

on

an

identified

cost

basis.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

that

certain

dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

recorded

as

soon

as

the

Fund

has

confirmed

the

ex-dividend

date.

Interest

income,

which

may

include

original

issue

discount,

is

recorded

on

an

accrual

basis.

Discounts

and

premiums

on

securities

purchased

are

accreted

and

amortized,

respectively,

on

a

yield-to-worst

basis

as

adjustments

to

interest

income.

Investment

income

is

recorded

net

of

foreign

taxes

withheld

where

recovery

of

such

taxes

is

uncertain.

Investment

income

and

realized

and

unrealized

gains

(losses)

are

allocated

to

each

Fund’s

share

class

based

on

their

respective

net

assets.

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis

and

segregate

collateral

on

their

books

with

a

value

at

least

equal

to

the

amount

of

the

Notes

to

Financial

Statements

December

31,

2021

106

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

2021

tax

returns.

The

Funds

file

U.S.

federal

and

excise

tax

returns

as

required.

The

Funds’

2018,

2019,

2020

and

2021

(when

filed)

tax

returns

are

open

to

examination

by

the

federal

and

applicable

state

tax

authorities.

The

Funds

have

no

examinations

in

progress.

G.

Dividends

and

Distributions

to

Shareholders

The

Funds

record

dividends

and

distributions

to

shareholders

on

the

ex-dividend

date.

Distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

accounting

principles

generally

accepted

in

the

United

States.

Accordingly,

periodic

reclassifications

related

to

permanent

book

and

tax

basis

differences

are

made

within

the

Funds’

capital

accounts

to

reflect

income

and

gains

available

for

distribution

under

income

tax

regulations.

The

Funds,

except

as

noted

below,

generally

pay

income

dividends

and

distribute

capital

gains,

if

any,

annually.

The

U.S.

Government

Securities

Ultra-Short

Bond

Fund

and

the

Near-Term

Tax

Free

Fund

pay

dividends

monthly.

A

Fund

may

elect

to

designate

a

portion

of

the

earnings

and

profits

distributed

to

shareholders

on

the

redemption

of

fund

shares

during

the

year

as

distributions

for

federal

income

tax

purposes.

Differences

in

per

share

dividend

rates

for

multiclass

funds

generally

result

from

the

relative

weightings

of

pro

rata

income

allocations

and

from

differences

in

separate

class

expenses.

H.

Expenses

Fund

specific

expenses

are

allocated

to

that

Fund

and

pro

rata

across

share

classes.

Expenses

that

are

not

fund

specific

are

allocated

among

Funds

and

pro

rata

across

share

classes.

Except

for

the

U.S.

Government

Securities

Ultra-Short

Bond

Fund,

expense

offset

arrangements

have

been

made

with

the

Funds’

custodian

so

the

custodian

fees

may

be

paid

Notes

to

Financial

Statements

December

31,

2021

107

indirectly

by

credits

earned

on

the

Funds’

cash

balances.

Such

deposit

arrangements

are

an

alternative

to

overnight

investments.

Custodian

fees

are

presented

in

the

Statements

of

Operations

gross

of

such

credits,

and

the

credits

are

presented

as

offsets

to

expenses.

For

the

U.S.

Government

Securities

Ultra-Short

Bond

Fund,

credits

earned

on

its

cash

balance

are

included

in

interest

and

other

income.

I.

Use

of

Estimates

in

Financial

Statement

Preparation

The

Funds

are

investment

companies

accounted

for

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“GAAP”).

Therefore

they

follow

the

accounting

and

reporting

guidelines

for

investment

companies.

The

preparation

of

financial

statements

in

conformity

with

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Note

2:

Financial

Derivative

Instruments

A.

Options

Contracts

Equity

Funds

may

purchase

or

write

(sell)

options

on

securities

to

manage

their

exposure

to

stock

or

commodity

markets

as

well

as

fluctuations

in

interest

and

currency

conversion

rates.

The

use

of

options

carries

the

risks

of

a

change

in

value

of

the

underlying

instruments,

an

illiquid

secondary

market,

or

failure

of

the

counterparty

to

perform

its

obligations.

A

put

option

gives

the

purchaser

of

the

option,

upon

payment

of

a

premium,

the

right

to

sell,

and

the

issuer

of

the

option

the

obligation

to

buy,

the

underlying

security,

commodity,

index,

currency

or

other

instrument

at

the

exercise

price.

A

call

option,

upon

payment

of

a

premium,

gives

the

purchaser

of

the

option

the

right

to

buy,

and

the

issuer

the

obligation

to

sell,

the

underlying

instrument

at

the

exercise

price.

Purchasing

a

put

option

tends

to

decrease

a

Fund’s

exposure

to

the

underlying

instrument,

whereas

purchasing

a

call

option

tends

to

increase

a

Fund’s

exposure

to

the

underlying

instrument.

A

Fund

pays

a

premium

which

is

included

in

the

Statement

of

Assets

and

Liabilities

as

an

investment

and

subsequently

marked

to

market

to

reflect

the

current

value

of

the

option.

Premiums

paid

to

purchase

options

which

expire

are

treated

as

realized

losses.

Premiums

paid

to

purchase

options

which

are

exercised

or

closed

are

added

to

the

cost

of

securities

acquired

or

the

proceeds

from

securities

sold.

The

risk

associated

with

purchasing

put

and

call

options

is

limited

to

the

premium

paid.

The

Funds

will

realize

a

loss

equal

to

all

or

a

part

of

the

premium

paid

for

an

option

if

the

price

of

the

underlying

security

or

other

instrument

decreases

or

does

not

increase

by

more

than

the

premium

(in

the

case

of

a

call

option),

or

if

the

price

of

the

underlying

security

or

other

instrument

increases

or

does

not

decrease

by

more

than

the

premium

(in

the

case

of

a

put

option).

Writing

(selling)

a

put

option

tends

to

increase

a

Fund’s

exposure

to

the

underlying

instrument,

whereas

writing

a

call

option

tends

to

decrease

a

Fund’s

exposure

to

the

underlying

instrument.

The

premium

received

is

recorded

as

a

liability

in

the

Statement

of

Assets

and

Liabilities

and

subsequently

marked

to

market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

are

treated

as

realized

gains.

Premiums

received

from

options

which

are

exercised

or

closed

are

added

to

the

proceeds

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

Notes

to

Financial

Statements

December

31,

2021

108

realized

gain

or

loss.

Written

options

include

a

risk

of

loss

in

excess

of

the

option

premium.

A

Fund

as

a

writer

of

an

option

has

no

control

over

whether

the

underlying

instrument

may

be

sold

(call)

or

purchased

(put)

and

thus

bears

the

market

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

There

is

also

the

risk

a

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

A

Fund’s

ability

to

close

out

its

position

as

a

purchaser

or

seller

of

a

put

or

call

option

is

dependent,

in

part,

upon

the

liquidity

of

the

market

for

that

particular

option.

There

can

be

no

guarantee

that

a

Fund

will

be

able

to

close

out

an

option

position

when

desired.

An

inability

to

close

out

its

options

positions

may

reduce

a

Fund’s

anticipated

profits

or

increase

its

losses.

As

of

December

31,

2021,

there

were

no

securities

held

in

escrow

by

the

custodian

as

cover

for

call

options

written.

B.

Forward

Foreign

Currency

Contracts

The

Funds

enter

into

forward

foreign

currency

contracts

to

lock

in

the

U.S.

dollar

cost

of

purchase

and

sale

transactions

or

to

hedge

the

portfolio

against

currency

fluctuations.

A

forward

foreign

currency

contract

is

a

commitment

to

purchase

or

sell

a

foreign

currency

at

a

future

date

at

a

negotiated

rate.

These

contracts

are

valued

daily,

and

the

Fund’s

net

equity

therein,

representing

unrealized

gain

or

loss

on

the

contracts

as

measured

by

the

difference

between

the

forward

foreign

exchange

rates

at

the

dates

of

entry

into

the

contracts

and

the

forward

rates

at

the

reporting

date,

is

included

in

the

Statement

of

Assets

and

Liabilities.

Realized

and

unrealized

gains

and

losses

are

included

in

the

Statement

of

Operations.

Risks

may

arise

upon

entering

into

these

contracts

from

the

potential

inability

of

counterparties

to

meet

the

terms

of

the

contracts

and

from

unanticipated

movements

in

the

value

of

foreign

currencies

relative

to

the

U.S.

dollar.

Open

forward

foreign

currency

contracts

as

of

December

31,

2021,

were

as

follows:

C.

Summary

of

Derivative

Instruments

The

following

is

a

summary

of

the

valuations

of

derivative

instruments

categorized

by

location

in

the

Statements

of

Assets

and

Liabilities

as

of

December

31,

2021:

Fund

Counterparty

Currency

to

Deliver

Currency

to

Receive

Settlement

Date

Settlement

Value

at

December

31,

2021

Net

Unrealized

Depreciation

Emerging

Europe

Fund

Brown

Brothers

Harriman

&

Co.

TRY

11,000,000

USD

820,375

1/3/2022

$

829,295

$

(8,920)

Brown

Brothers

Harriman

&

Co.

EUR

1,700,000

USD

1,914,794

1/18/2022

1,936,170

(21,376)

Brown

Brothers

Harriman

&

Co.

PLN

3,000,000

USD

728,651

1/18/2022

743,644

(14,993)

Location

Global

Resources

Fund

World

Precious

Minerals

Fund

Asset

derivatives

Investments,

at

value

Purchased

options–

Equity

risk

$

413,800

$

627,800

Total

$

413,800

$

627,800

Notes

to

Financial

Statements

December

31,

2021

109

The

following

is

a

summary

of

the

effect

of

derivative

instruments

on

the

Statements

of

Operations

as

of

December

31,

2021:

Location

Gold

and

Precious

Metals

Fund

Emerging

Europe

Fund

China

Region

Fund

Asset

derivatives

Investments,

at

value

Purchased

options–

Equity

risk

$

2,054,750

$

64,529

$

24,600

Liability

derivatives

Unrealized

loss

on

forward

foreign

currency

contracts–

Currency

contract

risk

$

–

$

(45,289)

$

–

Total

$

2,054,750

$

19,240

$

24,600

Location

Global

Resources

Fund

World

Precious

Minerals

Fund

Realized

gain

(loss)

on

derivatives

recognized

in

income

Realized

gain

(loss)

from

securities

Purchased

options

–

Equity

risk

$

(302,077)

$

(333,548)

Realized

gain

(loss)

from

written

options

–

Equity

risk

72,720

0

(229,357)

(333,548)

Change

in

unrealized

appreciation

(depreciation)

on

derivatives

recognized

in

income

Net

change

in

unrealized

appreciation

(depreciation)

of

investments

Purchased

options

–

Equity

risk

(250,462)

(336,022)

(250,462)

(336,022)

Total

$

(479,819)

$

(669,570)

Notes

to

Financial

Statements

December

31,

2021

110

The

total

value

of

transactions

in

purchased

options,

written

options

and

forward

currency

contracts

outstanding

during

the

year

ended

December

31,

2021,

were

approximately

as

follows:

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

$

165,515

$

84,012

$

–

Net

realized

gain

(loss)

from

foreign

currency

transactions

Foreign

exchange

contracts

–

Currency

contract

risk

–

473,688

–

165,515

557,700

–

Change

in

unrealized

appreciation

(depreciation)

on

derivatives

recognized

in

income

Net

change

in

unrealized

appreciation

(depreciation)

of

investments

Purchased

options

–

Equity

risk

(1,412,628)

(62,048)

(17,078)

Net

change

in

unrealized

gain

(loss)

from

foreign

currency

transactions

Foreign

exchange

contracts

–

Currency

contract

risk

–

13,620

–

(1,412,628)

(48,428)

(17,078)

Total

$

(1,247,113)

$

509,272

$

(17,078)

Fund

Purchased

Options

Written

Options

Forward

Currency

Contracts

Global

Resources

Fund

$

930,396

$

(72,720)

$

–

World

Precious

Minerals

Fund

1,275,398

–

–

Gold

and

Precious

Metals

Fund

3,177,315

–

–

Emerging

Europe

Fund

245,045

–

21,542,348

China

Region

Fund

41,678

–

–

Notes

to

Financial

Statements

December

31,

2021

111

Asset

(Liability)

amounts

shown

in

the

table

below

represent

amounts

for

derivative

related

instruments

at

December

31,

2021.

These

amounts

may

be

collateralized

by

cash

or

financial

instruments.

Note

3:

Investment

Advisory

and

Other

Agreements

The

Adviser,

under

an

investment

advisory

agreement

with

the

Trust

in

effect

through

October

1,

2022,

furnishes

management

and

investment

advisory

services

and,

subject

to

the

supervision

of

the

trustees,

directs

the

investments

of

each

Fund

according

to

each

Fund’s

investment

objectives,

policies

and

limitations.

For

the

services

of

the

Adviser,

each

Fund

pays

a

base

management

or

advisory

fee

based

upon

its

net

assets.

Fees

are

accrued

daily

and

paid

monthly.

The

contractual

management

fee

for

each

fund

is:

Gross

Asset

(Liability)

as

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

Instruments

(Received)

Pledged*

Cash

Collateral

(Received)

Pledged*

Net

Amount

Global

Resources

Assets:

Over-the-counter

derivatives

$

413,800

$

–

$

–

$

413,800

World

Precious

Minerals

Assets:

Over-the-counter

derivatives

627,800

–

–

627,800

Gold

and

Precious

Metals

Assets:

Over-the-counter

derivatives

2,054,750

–

–

2,054,750

Emerging

Europe

Assets:

Over-the-counter

derivatives

64,529

–

–

64,529

Liabilities:

Over-the-counter

derivatives

(45,289)

–

45,289

–

China

Region

Assets:

Over-the-counter

derivatives

24,600

–

–

24,600

*

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

December

31,

2021

112

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

year

ended

December

31,

2021,

the

Funds

recorded

performance

adjustments

as

follows:

Atlantic

Fund

Administration,

LLC,

a

wholly

owned

subsidiary

of

Apex

US

Holdings,

LLC

(d/b/a

Apex

Fund

Services)

(“Apex”)

and

the

Adviser

act

as

co-administrators

to

the

Trust.

Apex

provides

a

Principal

Executive

Officer,

a

Principal

Financial

Officer,

a

Chief

Compliance

Officer

and

and

Anti-Money

Laundering

Officer

to

each

Fund,

as

well

as

certain

additional

compliance

and

administrative

support

functions.

Apex

also

provides

fund

accounting

services

to

each

Fund.

The

fees

related

to

these

services

are

included

in

Administration

Fees

within

the

Statement

of

Operations.

Apex

also

provides

certain

Fund

Average

Percentage

of

Average

Daily

Net

Assets

U.S.

Government

Securities

Ultra-Short

Bond

.50%

of

the

first

$250,000,000

and

.375%

of

the

excess

Near-Term

Tax

Free

.50%

Global

Luxury

Goods

1.00%

Global

Resources

.95%

of

the

first

$500,000,000;

.90%

of

$500,000,001

to

$1,000,000,000

and

.85%

of

the

excess

World

Precious

Minerals

1.00%

of

the

first

$500,000,000;

.95%

of

$500,000,001

to

$1,000,000,000

and

.90%

of

the

excess

Gold

and

Precious

Metals

.90%

of

the

first

$500,000,000

and

.85%

of

the

excess

Emerging

Europe

1.25%

China

Region

1.25%

Fund

Benchmark

Index

Global

Luxury

Goods

S&P

Composite

1500

TR

Index

Global

Resources

S&P

Global

Natural

Resources

Index

(Net

Total

Return)

World

Precious

Minerals

NYSE

Arca

Gold

Miners

Index

Gold

and

Precious

Metals

FTSE

Gold

Mines

Index

Emerging

Europe

MSCI

Emerging

Markets

Europe

10/40

Index

(Net

Total

Return)

China

Region

Hang

Seng

Composite

Index

Fund

Investor

Class

Performance

Fee

Adjustment

Global

Luxury

Goods

$

71,539

Global

Resources

54,002

World

Precious

Minerals

194,103

Gold

and

Precious

Metals

342,757

Emerging

Europe

(45,113)

China

Region

(19,453)

Notes

to

Financial

Statements

December

31,

2021

113

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

December

31,

2021,

were

limited

as

follows:

U.S.

Government

Securities

Ultra-Short

Bond

Fund

at

0.45%,

Global

Resources,

World

Precious

Minerals,

and

Gold

and

Precious

Metals

Funds

at

1.90%,

Emerging

Europe

Fund

at

2.85%

and

China

Region

Fund

at

2.55%.

These

expense

limitations

are

exclusive

of

any

performance

fee

adjustments

and

will

continue

on

a

voluntary

basis

at

the

Adviser’s

discretion.

The

Adviser

may

temporarily

agree

to

additional

reimbursements

or

limitations.

The

Adviser

has

contractually

limited

the

total

operating

expenses

of

the

Near-

Term

Tax

Free

Fund

at

0.45%

on

an

annualized

basis

through

April

30,

2022.

The

Adviser

contractually

has

agreed

to

limit

the

total

operating

expenses

of

the

Global

Luxury

Goods

Fund

at

1.80%

on

an

annualized

basis

through

April

30,

2022.

Apex

is

the

transfer

agent

for

the

Funds.

Each

Fund’s

share

class

pays

an

annual

fee

based

on

the

number

of

shareholder

accounts,

certain

base

fees

and

transaction-

and

activity-based

fees

for

transfer

agency

services.

Certain

account

fees

are

paid

directly

by

shareholders

to

the

transfer

agent,

which,

in

turn,

reduces

its

charge

to

the

Funds.

Brown

Brothers

Harriman

&

Co.

(BBH)

serves

as

the

custodian.

Foreside

Fund

Services,

LLC

(the

“Distributor”)

acts

as

the

agent

of

the

Trust

in

connection

with

the

continuous

offering

of

shares

of

the

Funds.

The

Distributor

continually

distributes

shares

of

the

Funds

on

a

best

efforts

basis.

Note

4:

Investments

Cost

of

purchases

and

proceeds

from

sales

of

long-term

securities

for

the

year

ended

December

31,

2021,

are

summarized

as

follows:

Fund

Purchases

Sales

U.S.

Government

Securities

Ultra-Short

Bond

$

25,320,113

$

10,975,116

Near-Term

Tax

Free

7,183,642

10,806,479

Global

Luxury

Goods

91,272,910

96,561,554

Global

Resources

89,785,830

94,389,779

World

Precious

Minerals

42,222,170

56,741,097

Gold

and

Precious

Metals

82,341,182

80,629,983

Emerging

Europe

39,630,449

42,289,351

China

Region

31,806,639

33,192,771

Notes

to

Financial

Statements

December

31,

2021

114

Note

5:

Tax

Information

The

following

table

presents

the

income

tax

basis

of

securities

owned

at

December

31,

2021,

and

the

tax

basis

components

of

net

unrealized

appreciation

(depreciation):

As

of

December

31,

2021,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

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.

Fund

Aggregate

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

U.S.

Government

Securities

Ultra-Short

Bond

$

36,631,418

$

750

$

(87,650)

$

(86,900)

Near-Term

Tax

Free

32,797,440

477,515

(46,731)

430,784

Global

Luxury

Goods

45,018,326

13,016,886

(2,396,376)

10,620,510

Global

Resources

113,557,344

8,600,603

(54,858,875)

(46,258,272)

World

Precious

Minerals

125,725,482

16,465,663

(54,747,476)

(38,281,813)

Gold

and

Precious

Metals

104,794,129

42,229,608

(5,518,370)

36,711,238

Emerging

Europe

21,801,086

2,848,130

(1,844,750)

1,003,380

China

Region

9,799,739

640,543

(1,404,012)

(763,469)

Fund

Undistributed

Tax-Exempt

Income

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Capital

and

Other

Losses

U.S.

Government

Securities

Ultra-Short

Bond

$

–‌

$

–‌

$

7,415‌

$

–‌

Near-Term

Tax

Free

–‌

–‌

–‌

(1,182,848‌)

Global

Luxury

Goods

–‌

536,157‌

539,320‌

(1,552,427‌)

Global

Resources

–‌

7,569,236‌

–‌

(231,902,584‌)

World

Precious

Minerals

–‌

–‌

–‌

(334,707,595‌)

Gold

and

Precious

Metals

–‌

–‌

–‌

(72,446,691‌)

Emerging

Europe

–‌

1,040,121‌

–‌

(22,546,271‌)

China

Region

–‌

–‌

–‌

(744,283‌)

Fund

(continued)

Net

Unrealized

Appreciation

(Depreciation)

Other

Temporary

Differences

Total

U.S.

Government

Securities

Ultra-Short

Bond

$

(86,900‌)

$

–‌

$

(79,485‌)

Near-Term

Tax

Free

430,784‌

(1,487‌)

(753,551‌)

Global

Luxury

Goods

10,620,110‌

–‌

10,143,160‌

Global

Resources

(46,231,500‌)

–‌

(270,564,848‌)

World

Precious

Minerals

(38,274,329‌)

–‌

(372,981,924‌)

Gold

and

Precious

Metals

36,709,344‌

–‌

(35,737,347‌)

Emerging

Europe

990,116‌

–‌

(20,516,034‌)

China

Region

(762,721‌)

–‌

(1,507,004‌)

Notes

to

Financial

Statements

December

31,

2021

115

Reclassifications

are

made

to

the

Funds’

capital

accounts

to

reflect

income

and

gains

available

for

distribution

(or

available

capital

loss

carryovers)

under

income

tax

regulations.

For

the

year

ended

December

31,

2021,

the

Funds

recorded

the

following

reclassifications

to

increase

(decrease)

the

accounts

listed

below:

The

tax

character

of

distributions

paid

during

the

fiscal

year

ended

December

31,

2021,

were

as

follows:

The

tax

character

of

distributions

paid

during

the

fiscal

year

ended

December

31,

2020,

were

as

follows:

Fund

Distributable

Earnings

Paid

in

Capital

U.S.

Government

Securities

Ultra-Short

Bond

$

122,278

$

(122,278)

Near-Term

Tax

Free

717

(717)

Global

Luxury

Goods

–

–

Global

Resources

–

–

World

Precious

Minerals

2,991,079

(2,991,079)

Gold

and

Precious

Metals

2,403,919

(2,403,919)

Emerging

Europe

–

–

China

Region

10,628

(10,628)

Fund

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Total

U.S.

Government

Securities

Ultra-Short

Bond

$

–

$

3,190

$

20,846

$

–

$

24,036

Near-Term

Tax

Free

324,489

174

–

–

324,663

Global

Luxury

Goods

–

6,916,770

832,646

–

7,749,416

Global

Resources

–

10,949,637

–

–

10,949,637

World

Precious

Minerals

–

37,944,772

–

–

37,944,772

Gold

and

Precious

Metals

–

2,957,464

–

–

2,957,464

Emerging

Europe

–

194,458

–

–

194,458

China

Region

–

637,136

876,736

–

1,513,872

Fund

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Total

U.S.

Government

Securities

Ultra-Short

Bond

$

–

$

136,320

$

6,118

$

–

$

142,438

Near-Term

Tax

Free

465,288

–

–

–

465,288

Global

Luxury

Goods

–

44,428

–

–

44,428

Global

Resources

–

3,364,615

–

–

3,364,615

World

Precious

Minerals

–

7,420,604

–

–

7,420,604

Gold

and

Precious

Metals

–

4,194,294

–

–

4,194,294

Emerging

Europe

–

869,616

–

–

869,616

China

Region

–

66,171

190,501

–

256,672

Notes

to

Financial

Statements

December

31,

2021

116

Capital

loss

carryforwards

may

be

used

to

offset

current

or

future

taxable

capital

gains.

The

loss

carryforwards

for

each

Fund,

as

of

December

31,

2021,

are

as

follows:

During

the

year

ended

December

31,

2021,

the

following

Funds

utilized

capital

loss

carryforwards

to

offset

capital

gains

amounting

to:

For

tax

purposes,

the

Funds

have

current

year

deferred

late

year

losses

as

follows:

These

losses

will

be

recognized

for

tax

purposes

on

the

1st

day

of

the

following

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

No

Expiration

Fund

Short-Term

Long-Term

Total

U.S.

Government

Securities

Ultra-Short

Bond

$

–

$

–

$

–

Near-Term

Tax

Free

664,007

518,841

1,182,848

Global

Luxury

Goods

1,373,657

178,770

1,552,427

Global

Resources

162,155,829

69,746,755

231,902,584

World

Precious

Minerals

87,272,889

247,434,706

334,707,595

Gold

and

Precious

Metals

41,851,127

29,383,960

71,235,087

Emerging

Europe

13,198,697

9,347,574

22,546,271

China

Region

–

–

–

Fund

Near-Term

Tax

Free

$

3,144

Global

Luxury

Goods

449,853

Global

Resources

7,055,475

Gold

and

Precious

Metals

5,847,579

Emerging

Europe

3,434,931

Fund

Post

October

31,

2021

Capital

Loss

Deferral

Post

October

31,

2021

Ordinary

Loss

Deferral

Gold

and

Precious

Metals

$

–

$

1,211,604

China

Region

744,283

–

Notes

to

Financial

Statements

December

31,

2021

117

industries.

The

funds

invest

in

securities

that

typically

respond

to

changes

in

the

price

of

gold

and

other

precious

metals

and

minerals,

which

can

be

influenced

by

a

variety

of

global

economic,

financial

and

political

factors;

increased

environmental

and

labor

costs

in

mining;

and

changes

in

laws

relating

to

mining

or

gold

production

or

sales.

Fluctuations

in

the

prices

of

gold

and

other

precious

metals

and

minerals

will

affect

the

market

values

of

the

securities

held

by

these

funds.

The

Emerging

Europe

Fund

invests

more

than

25%

of

its

investments

in

companies

principally

engaged

in

the

oil,

gas

or

banking

industries.

Oil

and

gas

companies

are

a

large

part

of

the

Russian

economy,

and

banks

typically

are

a

significant

component

of

emerging

market

economics,

such

as

those

in

Russia

and

other

Eastern

European

countries.

The

risk

of

concentrating

investments

in

this

group

of

industries

will

make

the

fund

more

susceptible

to

risk

in

these

industries

than

funds

which

do

not

concentrate

their

investments

in

an

industry.

The

Emerging

Europe

Fund

may

be

exposed

to

risks

not

typically

associated

with

investment

in

the

United

States

due

to

its

concentration

of

investments

in

emerging

markets.

These

risks

include

possible

revaluation

of

currencies,

less

public

information

about

companies,

disruptive

political

or

economic

conditions

and

the

possible

imposition

of

adverse

governmental

laws

or

currency

exchange

restrictions.

Moreover,

securities

of

many

foreign

issuers,

including

sovereign

nations,

and

their

markets

may

be

less

liquid

and

their

prices

more

volatile

than

those

securities

of

comparable

U.S.

issuers.

The

China

Region

Fund

may

be

exposed

to

risks

not

typically

associated

with

investments

in

the

United

States,

due

to

its

concentration

of

investments

in

foreign

issuers

in

the

region.

These

investments

present

risks

resulting

from

disruptive

political

or

economic

conditions

and

the

potential

imposition

of

adverse

governmental

laws

or

currency

exchange

restrictions

affecting

the

area.

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

year

ended

December

31,

2021.

Note

8:

Commitments

and

Contingencies

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

provide

general

indemnifications

by

each

Fund

to

the

counterparty

to

the

contract.

Each

Fund’s

maximum

exposure

under

these

arrangements

is

dependent

on

future

claims

that

may

be

made

against

each

Fund

and,

therefore,

cannot

be

estimated;

however,

based

on

experience,

the

risk

of

loss

from

such

claims

is

considered

remote.

Each

Fund

has

determined

that

none

of

these

arrangements

requires

disclosure

on

each

Fund’s

balance

sheet.

Notes

to

Financial

Statements

December

31,

2021

118

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.

Management

has

evaluated

the

need

for

additional

disclosures

and/or

adjustments

resulting

from

subsequent

events.

Subsequent

to

the

date

of

this

report,

the

Emerging

Europe

Fund

assumed

a

temporary

defensive

position

in

response

to

Russia's

recent

military

interventions

in

Ukraine.

Such

actions

by

the

Russian

government

have

led

to,

and

may

lead

to

additional

sanctions

being

levied

by

the

United

States, European

Union

and

other

countries

against

Russia.

Russia's

military

incursion

and

the

resulting

sanctions

could

adversely

affect

global

energy

and

financial

markets

and

thus

could

affect

the

value

of

the

funds’

investments,

even

beyond

any

direct

exposure

a

fund

may

have

to

Russian

issuers

or

the

adjoining

geographic

regions.

The

extent

and

duration

of

the

military

action,

sanctions

and

resulting

market

disruptions

are

impossible

to

predict,

but

could

be

substantial.

During

such

time,

the

Emerging

Europe

Fund

may

remain

in

a

defensive

investment

position

and,

as

a

result,

may

not

achieve

its

investment

objectives.

Financial

Highlights

119

U.S.

Government

Securities

Ultra-Short

Bond

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Investor

Class

Year

Ended

December

31,

2021

2020

2019

2018

2017

Ratios

to

Average

Net

Assets:

Expense

offset

–

–

–

–

–

Year

Ended

December

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

year

$

2.00

‌

$

2.00

‌

$

2.00

‌

$

2.00

‌

$

2.00

‌

Investment

Activities

Net

investment

income

(loss)

*

(0.01

)

0.00

(a)

0.03

‌

0.02

‌

0.01

‌

Net

realized

and

unrealized

gain

(0.00

)

(a)

0.01

‌

0.00

(a)

0.00

(a)

(0.00

)

(a)

Total

from

investment

activities

(0.01

)

0.01

‌

0.03

‌

0.02

‌

0.01

‌

Distributions

From

net

investment

income

–

‌

(0.01

)

(0.03

)

(0.02

)

(0.01

)

From

net

realized

gains

(0.00

)

(a)

–

‌

(0.00

)

(a)

–

‌

–

‌

Net

asset

value,

end

of

year

$

1.99

‌

$

2.00

‌

$

2.00

‌

$

2.00

‌

$

2.00

‌

Total

Return

(b)

(0.44

)%

0.32

%

1.50

%

1.15

%

0.69

%

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

(0.32

)%

0.24

%

1.47

%

1.14

%

0.68

%

Total

expenses

1.06

%

1.05

%

1.00

%

0.99

%

1.03

%

Expenses

waived

or

reimbursed

(c)

(0.61

)%

(0.60

)%

(0.55

)%

(0.54

)%

(0.58

)%

Net

expenses

(d)

0.45

%

0.45

%

0.45

%

0.45

%

0.45

%

Portfolio

turnover

rate

78

%

127

%

97

%

32

%

52

%

Net

assets,

end

of

year

(in

thousands)

$38,004

‌

$40,262

‌

$42,681

‌

$47,290

‌

$49,427

‌

*

Based

on

average

shares

outstanding.

(a)

The

per

share

amount

does

not

round

to

a

full

penny.

(b)

Assumes

investment

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

distributions

and

a

complete

redemption

of

the

investment

at

the

net

asset

value

at

the

end

of

the

period.

(c)

Expenses

waived

or

reimbursed

reflect

reductions

to

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

or

decrease

the

net

investment

income

ratio,

as

applicable,

and

decrease

the

total

returns

had

such

reductions

not

occurred.

(d)

The

net

expense

ratios

shown

above

reflect

expenses

after

waivers

and

reimbursements

and

include

the

effect

of

reductions

to

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

of

expenses

offset

are

as

follows:

Financial

Highlights

120

Near-Term

Tax

Free

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Investor

Class

Year

Ended

December

31,

2021

2020

2019

2018

2017

Ratios

to

Average

Net

Assets:

Expense

offset

–

(d)

(0.01)%

(0.08)%

(0.07)%

(0.04)%

Year

Ended

December

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

year

$

2.26

‌

$

2.22

‌

$

2.20

‌

$

2.21

‌

$

2.21

‌

Investment

Activities

Net

investment

income

*

0.02

‌

0.02

‌

0.03

‌

0.03

‌

0.03

‌

Net

realized

and

unrealized

gain

(loss)

(0.03

)

0.04

‌

0.02

‌

(0.01

)

–

‌

Total

from

investment

activities

(0.01

)

0.06

‌

0.05

‌

0.02

‌

0.03

‌

Distributions

From

net

investment

income

(0.02

)

(0.02

)

(0.03

)

(0.03

)

(0.03

)

Net

asset

value,

end

of

year

$

2.23

‌

$

2.26

‌

$

2.22

‌

$

2.20

‌

$

2.21

‌

Total

Return

(a)

(0.46

)%

2.93

%

2.18

%

0.73

%

1.20

%

Ratios

to

Average

Net

Assets:

Net

investment

income

0.86

%

1.11

%

1.25

%

1.17

%

1.16

%

Total

expenses

1.13

%

1.09

%

1.05

%

1.01

%

1.03

%

Expenses

waived

or

reimbursed

(b)

(0.68

)%

(0.64

)%

(0.60

)%

(0.56

)%

(0.58

)%

Net

expenses

(c)

0.45

%

0.45

%

0.45

%

0.45

%

0.45

%

Portfolio

turnover

rate

20

%

20

%

35

%

16

%

14

%

Net

assets,

end

of

year

(in

thousands)

$35,389

‌

$41,762

‌

$43,061

‌

$49,914

‌

$69,120

‌

*

Based

on

average

shares

outstanding.

(a)

Assumes

investment

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

distributions

and

a

complete

redemption

of

the

investment

at

the

net

asset

value

at

the

end

of

the

period.

(b)

Expenses

waived

or

reimbursed

reflect

reductions

to

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

or

decrease

the

net

investment

income

ratio,

as

applicable,

and

decrease

the

total

returns

had

such

reductions

not

occurred.

(c)

The

net

expense

ratios

shown

above

reflect

expenses

after

waivers

and

reimbursements

and

include

the

effect

of

reductions

to

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

of

expenses

offset

are

as

follows:

(d)

Effect

on

the

expense

ratio

was

not

greater

than

0.005%.

Financial

Highlights

121

Global

Luxury

Goods

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Investor

Class

Year

Ended

December

31,

2021

2020

2019

2018

2017

Ratios

to

Average

Net

Assets:

Expense

offset

–

(f)

(0.01)%

(0.15)%

(0.06)%

(0.04)%

Year

Ended

December

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

year

$

20.59

‌

$

17.09

‌

$

15.36

‌

$

19.52

‌

$

18.65

‌

Investment

Activities

Net

investment

loss

*

(0.14

)

(0.04

)

(0.02

)

(0.06

)

(0.08

)

Net

realized

and

unrealized

gain

(loss)

5.28

‌

3.56

‌

2.14

‌

(1.61

)

3.66

‌

Total

from

investment

activities

5.14

‌

3.52

‌

2.12

‌

(1.67

)

3.58

‌

Distributions

From

net

investment

income

(0.21

)

(0.02

)

–

‌

–

‌

–

‌

From

net

realized

gains

(3.22

)

–

‌

(0.39

)

(2.49

)

(2.71

)

Short-Term

Trading

Fees*

–

‌

–

‌

–

‌

–

‌

0.00

(a)

Net

asset

value,

end

of

year

$

22.30

‌

$

20.59

‌

$

17.09

‌

$

15.36

‌

$

19.52

‌

Total

Return

(b)

25.02

%

20.62

%

13.84

%

(8.28

)%

19.17

%

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.60

)%

(0.25

)%

(0.14

)%

(0.32

)%

(0.41

)%

Total

expenses

1.99

%

1.76

%

1.69

%

1.77

%

1.86

%

Expenses

waived

or

reimbursed

(c)

(0.06

)%

(0.01

)%

(0.15

)%

(0.06

)%

(0.04

)%

Net

expenses

(d)

1.93

%

1.75

%

1.54

%

1.71

%

1.82

%

Portfolio

turnover

rate

177

%

308

%

292

%

(e)

245

%

264

%

(e)

Net

assets,

end

of

year

(in

thousands)

$57,667

‌

$49,567

‌

$35,076

‌

$33,848

‌

$41,597

‌

*

Based

on

average

shares

outstanding.

(a)

The

per

share

amount

does

not

round

to

a

full

penny.

(b)

Assumes

investment

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

distributions

and

a

complete

redemption

of

the

investment

at

the

net

asset

value

at

the

end

of

the

period.

(c)

Expenses

waived

or

reimbursed

reflect

reductions

to

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

or

decrease

the

net

investment

income

ratio,

as

applicable,

and

decrease

the

total

returns

had

such

reductions

not

occurred.

(d)

The

net

expense

ratios

shown

above

reflect

expenses

after

waivers

and

reimbursements

and

include

the

effect

of

reductions

to

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

of

expenses

offset

are

as

follows:

(e)

Excludes

option

transactions.

(f)

Effect

on

the

expense

ratio

was

not

greater

than

0.005%.

Financial

Highlights

122

Global

Resources

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Investor

Class

Year

Ended

December

31,

2021

2020

2019

2018

2017

Ratios

to

Average

Net

Assets:

Expense

offset

–

(f)

(0.01)%

(0.08)%

(0.05)%

(0.02)%

Year

Ended

December

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

year

$

5.97

‌

$

4.61

‌

$

4.33

‌

$

6.09

‌

$

5.25

‌

Investment

Activities

Net

investment

income

(loss)

*

(0.01

)

0.01

‌

0.10

‌

0.12

‌

0.11

‌

Net

realized

and

unrealized

gain

(loss)

0.78

‌

1.68

‌

0.27

‌

(1.67

)

0.91

‌

Total

from

investment

activities

0.77

‌

1.69

‌

0.37

‌

(1.55

)

1.02

‌

Distributions

From

net

investment

income

(1.07

)

(0.33

)

(0.09

)

(0.21

)

(0.18

)

Short-Term

Trading

Fees*

–

‌

–

‌

–

‌

–

‌

0.00

(a)

Net

asset

value,

end

of

year

$

5.67

‌

$

5.97

‌

$

4.61

‌

$

4.33

‌

$

6.09

‌

Total

Return

(b)

13.43

%

37.17

%

8.55

%

(25.48

)%

19.57

%

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

(0.22

)%

0.22

%

2.15

%

2.05

%

1.94

%

Total

expenses

1.90

%

2.09

%

1.61

%

1.57

%

1.61

%

Expenses

waived

or

reimbursed

(c)

–

‌

(0.06

)%

(0.08

)%

(0.06

)%

(0.02

)%

Net

expenses

(d)

1.90

%

2.03

%

1.53

%

1.51

%

1.59

%

Portfolio

turnover

rate

135

%

105

%

129

%

(e)

119

%

131

%

(e)

Net

assets,

end

of

year

(in

thousands)

$67,821

‌

$63,891

‌

$55,739

‌

$60,699

‌

$95,747

‌

*

Based

on

average

shares

outstanding.

(a)

The

per

share

amount

does

not

round

to

a

full

penny.

(b)

Assumes

investment

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

distributions

and

a

complete

redemption

of

the

investment

at

the

net

asset

value

at

the

end

of

the

period.

(c)

Expenses

waived

or

reimbursed

reflect

reductions

to

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

or

decrease

the

net

investment

income

ratio,

as

applicable,

and

decrease

the

total

returns

had

such

reductions

not

occurred.

(d)

The

net

expense

ratios

shown

above

reflect

expenses

after

waivers

and

reimbursements

and

include

the

effect

of

reductions

to

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

of

expenses

offset

are

as

follows:

(e)

Excludes

option

transactions.

(f)

Effect

on

the

expense

ratio

was

not

greater

than

0.005%.

Financial

Highlights

123

World

Precious

Minerals

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Investor

Class

Year

Ended

December

31,

2021

2020

2019

2018

2017

Ratios

to

Average

Net

Assets:

Expense

offset

–

(f)

–

(f)

(0.04)%

(0.04)%

(0.02)%

Year

Ended

December

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

year

$

5.26

‌

$

3.31

‌

$

2.70

‌

$

4.69

‌

$

6.35

‌

Investment

Activities

Net

investment

loss

*

(0.09

)

(0.07

)

(0.04

)

(0.03

)

(0.10

)

Net

realized

and

unrealized

gain

(loss)

(0.74

)

2.38

‌

0.65

‌

(1.49

)

(0.22

)

Total

from

investment

activities

(0.83

)

2.31

‌

0.61

‌

(1.52

)

(0.32

)

Distributions

From

net

investment

income

(1.85

)

(0.36

)

–

‌

(0.47

)

(1.34

)

Short-Term

Trading

Fees*

–

‌

–

‌

–

‌

–

‌

0.00

(a)

Net

asset

value,

end

of

year

$

2.58

‌

$

5.26

‌

$

3.31

‌

$

2.70

‌

$

4.69

‌

Total

Return

(b)

(14.19

)%

70.60

%

22.59

%

(31.67

)%

(4.16

)%

Ratios

to

Average

Net

Assets:

Net

investment

loss

(1.77

)%

(1.77

)%

(1.31

)%

(0.77

)%

(1.51

)%

Total

expenses

1.93

%

1.81

%

1.55

%

1.52

%

1.84

%

Expenses

waived

or

reimbursed

(c)

–

‌

–

‌

(0.04

)%

(0.04

)%

(0.02

)%

Net

expenses

(d)

1.93

%

1.81

%

1.51

%

1.48

%

1.82

%

Portfolio

turnover

rate

41

%

34

%

20

%

(e)

55

%

36

%

(e)

Net

assets,

end

of

year

(in

thousands)

$89,313

‌

$116,247

‌

$75,818

‌

$69,117

‌

$114,766

‌

*

Based

on

average

shares

outstanding.

(a)

The

per

share

amount

does

not

round

to

a

full

penny.

(b)

Assumes

investment

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

distributions

and

a

complete

redemption

of

the

investment

at

the

net

asset

value

at

the

end

of

the

period.

(c)

Expenses

waived

or

reimbursed

reflect

reductions

to

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

or

decrease

the

net

investment

income

ratio,

as

applicable,

and

decrease

the

total

returns

had

such

reductions

not

occurred.

(d)

The

net

expense

ratios

shown

above

reflect

expenses

after

waivers

and

reimbursements

and

include

the

effect

of

reductions

to

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

of

expenses

offset

are

as

follows:

(e)

Excludes

option

transactions.

(f)

Effect

on

the

expense

ratio

was

not

greater

than

0.005%.

Financial

Highlights

124

Gold

and

Precious

Metals

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Investor

Class

Year

Ended

December

31,

2021

2020

2019

2018

2017

Ratios

to

Average

Net

Assets:

Expense

offset

–

(f)

(0.01)%

(0.08)%

(0.06)%

(0.03)%

Year

Ended

December

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

year

$

13.53

‌

$

10.14

‌

$

6.70

‌

$

7.96

‌

$

7.04

‌

Investment

Activities

Net

investment

loss

*

(0.01

)

(0.09

)

(0.07

)

(0.06

)

(0.06

)

Net

realized

and

unrealized

gain

(loss)

(1.46

)

3.84

‌

3.51

‌

(1.08

)

0.98

‌

Total

from

investment

activities

(1.47

)

3.75

‌

3.44

‌

(1.14

)

0.92

‌

Distributions

From

net

investment

income

(0.25

)

(0.36

)

–

‌

(0.12

)

–

‌

Short-Term

Trading

Fees*

–

‌

–

‌

–

‌

–

‌

0.00

(a)

Net

asset

value,

end

of

year

$

11.81

‌

$

13.53

‌

$

10.14

‌

$

6.70

‌

$

7.96

‌

Total

Return

(b)

(10.82

)%

37.06

%

51.34

%

(14.29

)%

13.07

%

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.07

)%

(0.82

)%

(0.90

)%

(0.87

)%

(0.84

)%

Total

expenses

1.82

%

1.60

%

1.59

%

1.76

%

1.68

%

Expenses

waived

or

reimbursed

(c)

–

‌

(0.01

)%

(0.08

)%

(0.06

)%

(0.03

)%

Net

expenses

(d)

1.82

%

1.59

%

1.51

%

1.70

%

1.65

%

Portfolio

turnover

rate

56

%

37

%

36

%

(e)

74

%

67

%

(e)

Net

assets,

end

of

year

(in

thousands)

$141,228

‌

$160,318

‌

$123,577

‌

$86,106

‌

$100,740

‌

*

Based

on

average

shares

outstanding.

(a)

The

per

share

amount

does

not

round

to

a

full

penny.

(b)

Assumes

investment

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

distributions

and

a

complete

redemption

of

the

investment

at

the

net

asset

value

at

the

end

of

the

period.

(c)

Expenses

waived

or

reimbursed

reflect

reductions

to

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

or

decrease

the

net

investment

income

ratio,

as

applicable,

and

decrease

the

total

returns

had

such

reductions

not

occurred.

(d)

The

net

expense

ratios

shown

above

reflect

expenses

after

waivers

and

reimbursements

and

include

the

effect

of

reductions

to

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

of

expenses

offset

are

as

follows:

(e)

Excludes

option

transactions.

(f)

Effect

on

the

expense

ratio

was

not

greater

than

0.005%.

Financial

Highlights

125

Emerging

Europe

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Investor

Class

Year

Ended

December

31,

2021

2020

2019

2018

2017

Ratios

to

Average

Net

Assets:

Expense

offset

–

(f)

(0.01)%

(0.06)%

(0.04)%

(0.02)%

Year

Ended

December

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

year

$

6.10

‌

$

7.70

‌

$

6.05

‌

$

7.29

‌

$

5.94

‌

Investment

Activities

Net

investment

income

*

0.15

‌

0.05

‌

0.21

‌

0.14

‌

0.08

‌

Net

realized

and

unrealized

gain

(loss)

0.57

‌

(1.43

)

1.59

‌

(1.38

)

1.27

‌

Total

from

investment

activities

0.72

‌

(1.38

)

1.80

‌

(1.24

)

1.35

‌

Distributions

From

net

investment

income

(0.06

)

(0.22

)

(0.15

)

–

‌

–

‌

Short-Term

Trading

Fees*

–

‌

–

‌

–

‌

–

‌

0.00

(a)

Net

asset

value,

end

of

year

$

6.76

‌

$

6.10

‌

$

7.70

‌

$

6.05

‌

$

7.29

‌

Total

Return

(b)

11.75

%

(17.94

)%

29.76

%

(17.01

)%

22.73

%

Ratios

to

Average

Net

Assets:

Net

investment

income

2.24

%

0.76

%

3.08

%

2.05

%

1.26

%

Total

expenses

2.49

%

2.82

%

2.36

%

2.43

%

2.32

%

Expenses

waived

or

reimbursed

(c)

–

‌

(0.16

)%

(0.06

)%

(0.04

)%

(0.02

)%

Net

expenses

(d)

2.49

%

2.66

%

2.30

%

2.39

%

2.30

%

Portfolio

turnover

rate

169

%

198

%

87

%

81

%

97

%

(e)

Net

assets,

end

of

year

(in

thousands)

$23,467

‌

$24,276

‌

$36,453

‌

$31,150

‌

$45,302

‌

*

Based

on

average

shares

outstanding.

(a)

The

per

share

amount

does

not

round

to

a

full

penny.

(b)

Assumes

investment

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

distributions

and

a

complete

redemption

of

the

investment

at

the

net

asset

value

at

the

end

of

the

period.

(c)

Expenses

waived

or

reimbursed

reflect

reductions

to

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

or

decrease

the

net

investment

income

ratio,

as

applicable,

and

decrease

the

total

returns

had

such

reductions

not

occurred.

(d)

The

net

expense

ratios

shown

above

reflect

expenses

after

waivers

and

reimbursements

and

include

the

effect

of

reductions

to

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

of

expenses

offset

are

as

follows:

(e)

Excludes

option

transactions.

(f)

Effect

on

the

expense

ratio

was

not

greater

than

0.005%.

Financial

Highlights

126

China

Region

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Investor

Class

Year

Ended

December

31,

2021

2020

2019

2018

2017

Ratios

to

Average

Net

Assets:

Expense

offset

–

(e)

(0.01)%

(0.10)%

(0.04)%

(0.05)%

Year

Ended

December

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

year

$

9.99

‌

$

9.12

‌

$

7.56

‌

$

11.53

‌

$

7.32

‌

Investment

Activities

Net

investment

income

(loss)

*

(0.02

)

(0.08

)

0.07

‌

0.10

‌

(0.06

)

Net

realized

and

unrealized

gain

(loss)

(1.81

)

1.14

‌

1.59

‌

(3.84

)

4.28

‌

Total

from

investment

activities

(1.83

)

1.06

‌

1.66

‌

(3.74

)

4.22

‌

Distributions

From

net

investment

income

–

‌

(0.05

)

(0.10

)

(0.08

)

(0.01

)

From

net

realized

gains

(1.28

)

(0.14

)

–

‌

(0.15

)

–

‌

Net

asset

value,

end

of

year

$

6.88

‌

$

9.99

‌

$

9.12

‌

$

7.56

‌

$

11.53

‌

Total

Return

(a)

(18.32

)%

11.75

%

21.99

%

(32.46

)%

57.67

%

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

(0.26

)%

(0.88

)%

0.77

%

0.96

%

(0.60

)%

Total

expenses

3.14

%

3.56

%

2.95

%

2.66

%

2.60

%

Expenses

waived

or

reimbursed

(b)

(0.75

)%

(0.87

)%

(0.51

)%

(0.22

)%

(0.09

)%

Net

expenses

(c)

2.39

%

2.69

%

2.44

%

2.44

%

2.51

%

Portfolio

turnover

rate

278

%

243

%

95

%

109

%

102

%

(d)

Net

assets,

end

of

year

(in

thousands)

$9,379

‌

$13,547

‌

$14,459

‌

$13,253

‌

$29,775

‌

*

Based

on

average

shares

outstanding.

(a)

Assumes

investment

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

distributions

and

a

complete

redemption

of

the

investment

at

the

net

asset

value

at

the

end

of

the

period.

(b)

Expenses

waived

or

reimbursed

reflect

reductions

to

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

or

decrease

the

net

investment

income

ratio,

as

applicable,

and

decrease

the

total

returns

had

such

reductions

not

occurred.

(c)

The

net

expense

ratios

shown

above

reflect

expenses

after

waivers

and

reimbursements

and

include

the

effect

of

reductions

to

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

of

expenses

offset

are

as

follows:

(d)

Excludes

option

transactions.

(e)

Effect

on

the

expense

ratio

was

not

greater

than

0.005%.

127

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

and

Shareholders

of

U.S.

Global

Investors

Funds

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

U.S.

Government

Securities

Ultra-Short

Bond

Fund,

Near-Term

Tax

Free

Fund,

Global

Luxury

Goods

Fund,

Global

Resources

Fund,

World

Precious

Minerals

Fund,

Gold

and

Precious

Metals

Fund,

Emerging

Europe

Fund,

and

China

Region

Fund,

each

a

series

of

shares

of

beneficial

interest

in

U.S.

Global

Investors

Funds

(the

“Funds”),

including

the

portfolios

of

investments,

as

of

December

31,

2021,

and

the

related

statements

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

years

in

the

two-year

period

then

ended,

the

financial

highlights

for

each

of

the

years

in

the

five-year

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

as

of

December

31,

2021,

and

the

results

of

their

operations

for

the

year

then

ended,

the

changes

in

their

net

assets

for

each

of

the

years

in

the

two-year

period

then

ended

and

their

financial

highlights

for

each

of

the

years

in

the

five-year

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(“PCAOB”)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

law

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audits

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Funds

are

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

their

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Funds’

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risk

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2021

by

correspondence

with

the

custodian,

brokers,

or

by

other

appropriate

auditing

procedures

where

replies

from

brokers

were

not

received.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

BBD,

LLP

We

have

served

as

the

auditor

of

one

or

more

of

the

Funds

in

the

U.S.

Global

Investors

Funds

since

2016.

Philadelphia,

Pennsylvania

February

28,

2022

Trustees

and

Officers

(

unaudited

)

December

31,

2021

128

The

following

table

presents

information

about

the

Trustees

as

of

December

31,

2021,

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years.

Each

trustee

serves

until

his

death,

resignation

or

removal

and

replacement.

The

address

for

all

trustees

is

c/o

Apex

Fund

Services,

Three

Canal

Plaza,

Suite

600,

Portland,

Maine

04101.

If

you

would

like

more

information

about

the

Trustees,

you

may

call

1-800-US-FUNDS

(1-800-873-8637)

to

request

a

free

copy

of

the

Statement

of

Additional

Information.

(1)

Jessica

Chase

is

currently

treated

as

an

interested

person

of

the

Trust,

as

defined

in

the

1940

Act,

due

to

her

affiliation

with

Apex

Fund

Services

and

her

role

as

President

of

the

Trust.

Apex

Fund

Services

is

a

wholly

owned

subsidiary

of

Apex

US

Holdings

LLC.

The

following

table

presents

information

about

each

Officer

of

the

Trust

as

of

December

31,

2021,

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years.

Each

officer

serves

until

his

or

her

death,

resignation

or

removal

and

replacement.

The

business

address

of

each

officer

is

c/o

Apex

Fund

Services,

Three

Canal

Plaza,

Suite

600,

Portland,

Maine

04101.

Name

and

Year

of

Birth

Position

with

the

Trust

Length

of

Time

Served

Principal

Occupation(s)

During

Past

Five

Years

Number

of

Series

in

Fund

Complex

Overseen

By

Trustee

Other

Directorships

Held

By

Trustee

During

Past

Five

Years

Independent

Trustees

David

Tucker

Born:

1958

Chairman

of

the

Board;

Trustee;

Chairman,

Nominating

Committee

and

Qualified

Legal

Compliance

Committee

Since

2015

Director,

Blue

Sky

Experience

(a

charitable

endeavor),

since

2008;

Senior

Vice

President

&

General

Counsel,

American

Century

Companies

(an

investment

management

firm),

1998-2008.

8

Trustee,

Forum

Funds;

Trustee,

Forum

Funds

II

Mark

D.

Moyer

Born:

1959

Trustee;

Chairman

Audit

Committee

Since

2015

Chief

Financial

Officer,

Freedom

House

(a

NGO

advocating

political

freedom

and

democracy),

since

2017;

independent

consultant

providing

interim

CFO

services,

principally

to

non-profit

organizations,

2011-

2017.

8

Trustee,

Forum

Funds;

Trustee,

Forum

Funds

II

Jennifer

Brown-Strabley

Born:

1964

Trustee

Since

2015

Principal,

Portland

Global

Advisors

(a

registered

investment

adviser),

1996-2010.

8

Trustee,

Forum

Funds;

Trustee,

Forum

Funds

II

Interested

Trustees

(1)

Jessica

Chase

Born:

1970

Trustee

Since

2019

Director,

Apex

Fund

Services

since

2019;

Senior

Vice

President,

Atlantic

Fund

Services

2008-2019.

8

Trustee,

Forum

Funds;

Trustee,

Forum

Funds

II

Trustees

and

Officers

(

unaudited

)

December

31,

2021

129

Principal

Officers

of

the

Trust

Name

and

Year

of

Birth

Position

with

the

Trust

Length

of

Time

Served

Principal

Occupation(s)

During

Past

Five

Years

Jessica

Chase

Born:

1970

President;

Principal

Executive

Officer

Since

2015

Director,

Apex

Fund

Services

since

2019;

Senior

Vice

President,

Atlantic

Fund

Services

2008-2019.

Karen

Shaw

Born:

1972

Treasurer;

Principal

Financial

Officer

Since

2015

Senior

Vice

President,

Apex

Fund

Services

since

2019;

Senior

Vice

President,

Atlantic

Fund

Services

2008-2019.

Zachary

Tackett

Born:

1988

Vice

President;

Secretary

and

Anti-

Money

Laundering

Compliance

Officer

Since

2015

Senior

Counsel,

Apex

Fund

Services

since

2019;

Counsel,

Atlantic

Fund

Services

2014-2019.

Carlyn

Edgar

Born:

1963

Chief

Compliance

Officer,

Code

of

Ethics

Review

Officer

Since

2015

Senior

Vice

President,

Apex

Fund

Services

since

2019;

Senior

Vice

President,

Atlantic

Fund

Services

2008-2014.

Lisa

Callicotte

Born:

1973

Vice

President

Since

2020

Chief

Financial

Officer,

U.S.

Global

Investors,

Inc.

since

2013;

Controller,

U.S.

Global

Investors,

Inc.,

2009-2013;

Senior

Manager,

Ernst

&

Young

LLP,

1997-2009.

Approval

of

Investment

Advisory

Agreement

(

unaudited

)

December

31,

2021

130

At

the

September

10,

2021

Board

meeting

(“September

meeting”),

the

Board

of

Trustees

(the

“Board”)

of

U.S.

Global

Investors

Funds

(the

“Trust”),

including

all

the

trustees

who

are

not

“interested

persons”

of

the

Trust

(the

“Independent

Trustees”),

met

and

considered

the

approval

of

the

continuance

of

the

investment

advisory

agreement

between

U.S.

Global

Investors,

Inc.

(the

“Adviser”)

and

the

Trust

(the

“Advisory

Agreement”),

on

behalf

of

each

series

of

the

Trust

(each,

a

“Fund”

and

together,

the

“Funds”)

for

an

additional

one-year

term.

In

considering

approval

of

the

Advisory

Agreement,

the

Board

reviewed

a

variety

of

materials

relating

to

each

Fund

and

the

Adviser,

including

(i)

the

nature,

extent

and

quality

of

services

provided;

(ii)

a

comparison

of

services

rendered

and

amounts

paid

to

other

registered

investment

companies;

(iii)

the

investment

performance

of

the

Funds

measured

against

appropriate

benchmarks

and

peer

groups;

(iv)

the

costs

of

services

provided

and

estimated

profits

realized

by

the

Adviser;

(v)

the

extent

to

which

economies

of

scale

are

realized

as

the

Funds

grow;

(vi)

whether

fee

levels

reflect

any

economies

of

scale

for

the

benefit

of

Fund

shareholders;

and

(vii)

fall-out

benefits

realized

by

the

Adviser

(and

its

affiliates)

from

its

relationship

with

the

Funds,

if

any.

In

preparation

for

the

September

meeting,

the

Board

was

presented

with

a

range

of

information

to

assist

in

its

deliberations.

Those

materials

included

information

from

Strategic

Insight,

Inc.

(“Strategic

Insight”),

an

independent

source

of

data

about

the

mutual

fund

industry,

which

compared

each

Fund’s

total

contractual

and

actual

investment

advisory

fees,

total

expenses,

and

performance

with

a

group

of

peer

funds

that

were

selected

by

Strategic

Insight.

The

Board

also

reviewed

with

Independent

Legal

Counsel

their

responsibilities

with

respect

to

the

approval

of

the

investment

advisory

agreement.

The

Independent

Trustees

met

in

executive

session

with

Independent

Legal

Counsel

while

deliberating.

The

Board

reviewed

the

functions

performed

by

the

Adviser,

the

portfolio

management

team

and

support

staff

of

the

Adviser,

the

Adviser’s

investment

strategy

and

process

for

each

Fund,

and

the

Adviser’s

financial

condition,

and

considered

the

quality

of

services

provided.

Based

on

the

presentation

and

the

materials

provided

by

the

Adviser

in

connection

with

the

Board’s

consideration

of

the

renewal

of

the

Advisory

Agreement,

and

other

relevant

considerations,

the

Board

concluded

that,

overall,

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

to

be

provided

to

the

Funds

under

the

Advisory

Agreement.

With

respect

to

performance,

the

Board

noted

the

Adviser’s

overall

representation

that

the

Funds’

relatively

small

asset

size

meant

that

fund

expenses

also

served

as

a

disproportionate

drag

on

performance

relative

to

the

larger

peers

in

each

Fund’s

respective

Strategic

Insight

peer

group.

For

the

China

Region

Fund,

the

information

showed

that

the

Fund

underperformed

the

average

of

the

Strategic

Insight

peer

group

for

the

one-,

three-,

five-,

and

10-year

periods

ended

June

30,

2021.

The

Board

observed

that

the

Fund

also

underperformed

the

Hang

Seng

Composite

Index,

its

primary

benchmark

index,

for

the

one-,

three-,

five-,

and

10-year

periods

ended

June

30,

2021.

The

Board

noted

the

Adviser’s

representation

that

the

Fund’s

relative

underperformance

could

be

attributed,

in

part,

to

the

Fund’s

defensive

positioning

during

the

period

of

significant

market

appreciation

that

followed

the

initial

COVID-19-driven

market

downturn,

as

well

as

the

Fund’s

model-driven

preference

for

certain

country

allocations

that

underperformed

the

market

on

the

whole.

The

Board

also

noted

the

Adviser’s

representation

that

the

peer

group

comparison

was

likely

to

result

in

performance

deviations

because

the

funds

in

the

Strategic

Insight

peer

group

did

not

share

the

same

benchmark

index

as

the

Fund,

Approval

of

Investment

Advisory

Agreement

(

unaudited

)

December

31,

2021

131

which

has

a

much

broader

focus

and

is

comprised

of

significantly

more

constituents

than

the

peer

funds’

benchmarks.

For

the

Emerging

Europe

Fund,

the

information

showed

that

the

Fund

underperformed

the

average

of

the

Strategic

Insight

peer

group

for

the

one-,

three-,

five-,

and

10-year

periods

ended

June

30,

2021.

The

Board

observed

that

the

Fund

underperformed

the

MSCI

Emerging

Markets

Europe

10/40

Index

(Net

Total

Return),

the

Fund’s

primary

benchmark

index,

for

the

one-,

three-,

five-,

and

10-year

periods

ended

June

30,

2021.

The

Board

noted

the

Adviser’s

representation

that

the

Fund’s

relative

underperformance

could

be

attributed,

in

part,

to

the

Fund’s

defensive

positioning

during

the

period

of

significant

market

appreciation

that

followed

the

initial

COVID-19-driven

market

downturn,

as

well

as

the

Fund’s

underweight

exposure

to

certain

market

sectors,

such

as

oil

and

gas

producers,

that

outperformed

relative

to

the

rest

of

the

benchmark

constituents.

The

Board

also

noted

the

Adviser’s

representation

that

the

funds

in

the

Strategic

Insight

peer

group

consist

of

broad

emerging

market

strategies

that

are

not

subject

to

the

same

constraints

on

investments

as

the

Fund,

whereas

the

Fund

employs

a

unique,

dedicated

emerging

Europe

strategy.

For

the

Global

Luxury

Goods

Fund,

the

information

showed

that

the

Fund

outperformed

the

average

of

its

Strategic

Insight

peer

group

for

the

one-year

period

ended

June

30,

2021

and

underperformed

the

average

of

its

Strategic

Insight

peer

group

for

the

three-,

five-,

and

10-year

periods

ended

June

30,

2021.

The

Board

observed

that

the

Fund

also

outperformed

its

primary

benchmark

index,

the

S&P

Composite

1500

Index,

for

the

one-year

period

ended

June

30,

2021

and

underperformed

the

primary

benchmark

index

for

the

three-,

five-,

and

10-year

periods

ended

June

30,

2021.

The

Board

noted

the

Adviser’s

representation

that

underperformance

of

the

Fund

over

the

longer

term

could

be

attributed,

at

least

in

part,

to

the

Fund’s

emphasis

on

a

few

specific

fundamental

metrics

to

drive

performance,

and

that

such

factors

had

been

out

of

favor

in

the

market.

The

Board

observed

that,

as

of

July

1,

2020,

the

fund’s

investment

strategy

was

changed

to

focus

on

investments

in

the

luxury

goods

sector

and

noted

the

Adviser’s

representation

that

the

performance

exhibited

by

the

Fund

since

the

change

in

the

Fund’s

investment

strategy

was

consistent

with

the

Adviser’s

expectations.

For

the

Global

Resources

Fund,

the

information

showed

that

the

Fund

outperformed

the

average

of

its

Strategic

Insight

peer

group

for

the

one-year

period

ended

June

30,

2021

and

underperformed

the

average

of

its

Strategic

Insight

peer

group

for

the

three-,

five-,

and

10-year

periods

ended

June

30,

2021.

The

Board

also

observed

that

the

Fund

outperformed

the

S&P

Global

Natural

Resources

Index

(Net

Total

Return),

its

primary

benchmark

index,

for

the

one-

and

three-year

periods

ended

June

30,

2021

and

underperformed

the

primary

benchmark

for

the

five-

and

10-year

periods

ended

June

30,

2021.

The

Board

noted

the

Adviser’s

representation

that

the

Fund’s

relative

underperformance

over

the

longer

term

could

be

attributed,

at

least

in

part,

to

sector

allocation

and

higher

relative

exposure

to

certain

market

sectors,

and

that

the

Fund’s

improved

short-term

performance

could

be

attributed,

at

least

in

part,

to

reduced

exposure

to

conventional

oil

and

gas

investments,

which

have

underperformed

over

the

near

term,

and

more

diverse

exposure

to

alternative

energy

investments.

For

the

Gold

and

Precious

Metals

Fund,

the

information

showed

that

the

Fund

outperformed

the

average

of

its

Strategic

Insight

peers

for

the

one-,

three-,

five-,

and

10-year

periods

ended

June

30,

2021.

The

Board

observed

that

the

Fund

also

outperformed

the

FTSE

Gold

Mines

Index,

its

primary

benchmark

index,

for

the

one-,

three-,

five-,

and

10-year

periods

ended

June

30,

2021.

The

Board

noted

the

Adviser’s

representation

that

the

Fund’s

relative

Approval

of

Investment

Advisory

Agreement

(

unaudited

)

December

31,

2021

132

outperformance

over

relevant

periods

could

be

attributable,

in

part,

to

market

preference

for

the

types

of

smaller,

junior

mining

companies

with

lower

average

market

capitalizations,

such

as

those

in

which

the

Fund

invested.

For

the

World

Precious

Minerals

Fund,

the

information

showed

that

the

Fund

outperformed

the

average

of

its

Strategic

Insight

peers

for

the

one-

and

three-year

periods

ended

June

30,

2021

and

underperformed

the

average

of

its

Strategic

Insight

peers

for

the

five-

and

10-year

periods

ended

June

30,

2021.

The

Board

observed

that

the

Fund

also

outperformed

the

NYSE

Arca

Gold

Miners

Index,

its

primary

benchmark

index,

for

the

one-

and

three-year

periods

ended

June

30,

2021

and

underperformed

the

primary

benchmark

index

for

the

five-

and

10-year

periods

ended

June

30,

2021.

The

Board

noted

that

the

Fund’s

underperformance

relative

to

the

index

and

peers

over

the

longer

term

can

be

attributed,

at

least

in

part,

to

the

performance

of

the

exploration

and

development

companies

in

which

the

Fund

invested.

The

Board

also

noted

the

Adviser’s

representation

that

the

investor

sentiment

toward

the

gold

and

precious

metals

markets

had

improved

in

recent

years.

For

the

Near-Term

Tax-Free

Fund,

the

information

showed

that

the

Fund

underperformed

the

average

of

its

Strategic

Insight

peer

group

for

the

one-,

three-,

and

five-year

periods

ended

June

30,

2021.

The

Board

also

noted

that

the

Fund

underperformed

the

Bloomberg

Barclays

3-Year

Municipal

Bond

Index,

the

Fund’s

primary

benchmark

index,

for

the

one-,

three-,

five-,

and

10-year

periods

ended

June

30,

2021.

The

Board

noted

the

Adviser’s

representation

that

the

Fund’s

relative

underperformance

was

a

result

of

the

Fund’s

duration

being

shorter

than

the

benchmark

and

peers

over

a

period

during

which

falling

yields

and

interest

rates

benefitted

longer

maturity

investment

strategies.

For

the

U.S.

Government

Securities

Ultra-Short

Bond

Fund,

the

information

showed

that

the

Fund

underperformed

the

average

of

its

Strategic

Insight

peer

group

for

the

one-,

three-,

and

five-year

periods

ended

June

30,

2021.

The

Board

also

noted

that

the

Fund

underperformed

the

Bloomberg

Barclays

U.S.

Treasury

Bills

6-9

Month

Total

Return

Index,

the

Fund’s

primary

benchmark

index,

for

the

one-,

three-,

five-,

and

10-year

periods

ended

June

30,

2021.

The

Board

noted

the

Adviser’s

representation

that

the

Fund’s

relative

underperformance

was

a

result

of

the

Fund’s

duration

being

shorter

than

the

benchmark

and

peers

over

a

period

during

which

falling

yields

and

interest

rates

benefitted

longer

maturity

investment

strategies.

The

Board

also

reviewed

information

on

each

Fund’s

advisory

fee

and

expense

ratios

compared

to

the

advisory

fees

and

expense

ratios

of

a

peer

group

of

funds

based

upon

information

prepared

by

Strategic

Insight.

For

the

China

Region

Fund,

Emerging

Europe

Fund,

Global

Luxury

Goods

Fund,

Global

Resources

Fund,

Gold

and

Precious

Metals

Fund,

and

World

Precious

Minerals

Fund,

the

information

showed

that,

as

of

June

30,

2021,

each

Fund’s

net

advisory

fee

rate

and

net

total

expense

ratio

were

higher

than

the

median

of

their

respective

Strategic

Insight

peer

group.

For

the

Near-Term

Tax-Free

Fund

and

U.S.

Government

Securities

Ultra-Short

Bond

Fund,

the

information

showed

that,

as

of

June

30,

2021,

each

Fund’s

net

advisory

fee

rate

and

net

total

expense

ratio

were

lower

than

the

median

of

their

respective

Strategic

Insight

peer

group.

The

Board

considered

the

Adviser’s

representation

that

higher

expenses

are

inherent

in

small

fund

complexes,

such

as

the

Trust,

noting

the

difficulty

that

small

complexes

face

in

spreading

increasing

overhead

over

a

small

asset

base.

The

Board

noted

the

Adviser’s

representation

Approval

of

Investment

Advisory

Agreement

(

unaudited

)

December

31,

2021

133

that

the

Adviser

continues

to

evaluate

opportunities

to

reduce

expenses

that

negatively

affect

the

Funds’

investment

results.

In

addition,

the

Board

noted

that

the

Adviser

is

contractually

limiting

expenses

(exclusive

of

acquired

fund

fees

and

expenses,

extraordinary

expenses,

taxes,

brokerage

commissions

and

interest)

on

an

annualized

basis

to

not

exceed

0.45%

of

average

net

assets

for

the

Near-Term

Tax-Free

Fund

and

1.80%

of

average

net

assets

for

the

Global

Luxury

Goods

Fund

through

at

least

April

30,

2022.

The

Board

also

noted

that

the

Adviser

is

currently

voluntarily

limiting

expenses

at

the

following

levels

for

the

Funds

(all

voluntary

expense

limitations

may

be

modified

or

removed

by

the

Adviser

at

any

time

and

are

exclusive

of

acquired

fund

fees

and

expenses,

extraordinary

expenses,

taxes,

brokerage

commissions,

interest,

and

advisory

fee

performance

adjustments,

if

any):

The

Board

considered

the

fee

structure

of

the

Advisory

Agreement,

including

the

costs

of

the

services

provided

and

the

profits

realized

by

the

Adviser

and

its

affiliates

from

their

relationship

with

the

Funds,

to

be

reasonable

under

the

circumstances.

As

part

of

its

review

of

the

Advisory

Agreement,

the

Board

considered

whether

the

Funds

would

benefit

from

any

economies

of

scale.

In

this

respect,

the

Board

considered

the

Funds’

fee

structures,

asset

sizes,

and

net

expense

ratios,

recognizing

that

an

analysis

of

economies

of

scale

is

generally

most

relevant

when

a

fund

has

achieved

a

substantial

size

and

has

growing

assets

and

that,

if

a

fund’s

assets

are

stable

or

decreasing,

the

significance

of

economies

of

scale

may

be

reduced.

The

Board

reviewed

relevant

materials,

including

information

and

representations

from

the

Adviser,

in

considering

whether

the

use

of

breakpoints

would

be

appropriate

at

this

time,

and

the

Board

noted

the

existence

of

the

Adviser’s

ongoing

expense

limitation

agreement

obligations

for

each

Fund.

The

Board

noted,

in

particular,

the

relatively

low

asset

levels

for

the

majority

of

the

Funds.

The

Board

noted

the

Adviser’s

representation

that

economies

of

scale

could

be

experienced

by

shareholders

of

the

Funds

upon

reaching

significantly

higher

asset

levels

but

that,

in

light

of

the

Funds’

current

asset

levels,

breakpoints

in

the

advisory

fee

were

not

believed

by

the

Adviser

to

be

appropriate

at

this

time.

Based

on

the

foregoing

information

and

other

applicable

considerations,

the

Board

concluded

that

the

information

presented

generally

supported

the

renewal

of

the

Advisory

Agreement.

Based

on

all

the

above-mentioned

factors,

other

information

provided,

and

related

conclusions,

with

no

single

factor

or

conclusion

being

determinative

and

with

each

Trustee

not

necessarily

attributing

the

same

weight

to

each

factor,

the

Board,

including

the

Independent

Trustees,

concluded

that

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

supported

the

renewal

of

the

advisory

agreement

with

the

Adviser.

Funds

Expense

Cap

China

Region

Fund

2.55%

Emerging

Europe

Fund

2.85%

Global

Resources

Fund

1.90%

Gold

and

Precious

Metals

Fund

1.90%

World

Precious

Minerals

Fund

1.90%

U.S.

Government

Securities

Ultra-Short

Bond

Fund

0.45%

134

Additional

Information

(

unaudited

)

Liquidity

Risk

Management

Program

The

Funds

have

adopted

and

implemented

a

written

liquidity

risk

management

program,

as

required

by

Rule

22e-4

(the

“Liquidity

Rule”)

under

the

Investment

Company

Act

of

1940,

as

amended.

The

liquidity

risk

management

program

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk,

taking

into

consideration,

among

other

factors,

each

Fund’s

investment

strategy

and

the

liquidity

of

its

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

conditions;

its

short

and

long-term

cash

flow

projections;

and

its

cash

holdings

and

access

to

other

funding

sources.

The

Board

approved

the

designation

of

the

Trust’s

Valuation

Committee

as

the

administrator

of

the

liquidity

risk

management

program

(the

“Program

Administrator”).

The

Program

Administrator

is

responsible

for

the

administration

and

oversight

of

the

program

and

for

reporting

to

the

Board

on

at

least

an

annual

basis

regarding,

among

other

things,

the

program’s

operation,

adequacy,

and

effectiveness.

The

Program

Administrator

assessed

each

Fund’s

liquidity

risk

profile

based

on

information

gathered

for

the

period

July

1,

2020

through

June

30,

2021

in

order

to

prepare

a

written

report

to

the

Board

for

review

at

its

meeting

held

on

September

10,

2021.

The

Program

Administrator’s

report

stated

that:

(i)

each

Fund

is

able

to

meet

redemptions

in

normal

and

reasonably

foreseeable

stressed

conditions

and

without

significant

dilution

of

remaining

shareholders’

interests

in

the

Fund;

(ii)

each

Fund’s

strategy

is

appropriate

for

an

open-end

mutual

fund;

(iii)

the

liquidity

classification

determinations

regarding

each

Fund’s

portfolio

investments,

which

take

into

account

a

variety

of

factors

and

may

incorporate

analysis

from

one

or

more

third-party

data

vendors,

remained

appropriate;

(iv)

the

Funds

did

not

approach

the

internal

triggers

set

forth

in

the

liquidity

risk

management

program

or

the

regulatory

percentage

limitation

(15%)

on

holdings

in

illiquid

investments;

(v)

it

continues

to

be

appropriate

to

not

set

a

“highly

liquid

investment

minimum”

for

the

Funds

because

the

Funds

primarily

hold

“highly

liquid

investments”;

and

(vi)

the

liquidity

risk

management

program

remains

reasonably

designed

and

adequately

implemented

to

prevent

violations

of

the

Liquidity

Rule.

No

significant

liquidity

events

impacting

the

Funds

were

noted

in

the

report.

Proxy

Voting

A

description

of

the

policies

and

procedures

that

the

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

without

charge,

upon

request,

by

calling

1-800-US-FUNDS

(1-800-873-8637).

It

also

appears

in

the

Funds’

statement

of

additional

information

(Form

485B),

which

can

be

found

on

the

SEC’s

website

at

www.sec.gov.

Information

regarding

how

the

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

is

available

without

charge,

upon

request,

by

calling

1-800-US-FUNDS

(1-800-873-8637)

or

accessing

the

Funds’

Form

N-PX

on

the

SEC’s

website

at

www.sec.gov.

Availability

of

Quarterly

Portfolio

Schedules

The

Funds

provide

complete

lists

of

holdings

four

times

in

each

fiscal

year,

at

the

quarter-

ends.

For

the

second

and

fourth

quarters,

the

lists

appear

in

the

Fund’s

semi-annual

and

annual

reports

to

shareholders.

For

the

first

and

third

quarters,

the

Funds

file

the

lists

with

the

SEC

135

Additional

Information

(

unaudited

)

on

Form

N-PORT.

The

Funds’

Form

N-PORTs

are

available

on

the

SEC’s

website

at

http://

www.sec.gov.

In

early

2021,

the

Funds

reported

on

Form

1099-DIV

the

tax

status

of

all

distributions

made

during

the

2020

calendar

year.

The

Funds

intend

to

distribute

the

maximum

amount

of

qualified

dividend

income

allowable.

The

amount

of

qualified

dividend

income

distributed

by

each

Fund

will

be

reported

to

shareholders

on

their

Form

1099-DIV.

Shareholders

should

use

the

information

on

Form

1099-DIV

for

their

income

tax

returns.

Additional

Federal

Tax

Information

The

percentage

of

tax-exempt

dividends

paid

by

the

Near-Term

Tax

Free

Fund

for

the

year

ended

December

31,

2021,

was

99.95%.

The

percentage

of

ordinary

income

dividends

paid

by

the

Funds

during

the

year

ended

December

31,

2021,

which

qualify

as

Qualified

Dividends

Income

(QDI)

and

the

Dividends

Received

Deduction

(DRD)

available

to

corporate

shareholders

was:

The

amounts

which

represent

foreign

source

income

and

foreign

taxes

paid

during

the

year

ended

December

31,

2021,

are

as

follows:

Qualified

Dividend

Income

Dividend

Received

Deduction

Qualified

Investment

Income

Qualified

Short

Term

Gain

Dividends

U.S.

Government

Securities

Ultra-Short

Bond

–%

–%

–%

100.00%

Global

Luxury

Goods

12.04%

5.94%

–%

93.24%

Global

Resources

8.36%

1.15%

–%

–%

World

Precious

Minerals

0.03%

–%

–%

–%

Gold

and

Precious

Metals

16.98%

4.13%

–%

–%

Emerging

Europe

100.00%

0.03%

–%

–%

China

Region

4.49%

–%

–%

100.00%

Foreign

Source

Income

Foreign

Tax

Credit

Global

Resources

$

862,497

$

85,654

World

Precious

Minerals

175,854

7,104

Gold

and

Precious

Metals

2,735,050

227,909

Emerging

Europe

1,321,945

161,062

China

Region

260,668

10,628

Expense

Example

(

unaudited

)

December

31,

2021

136

As

a

shareholder

of

the

funds,

you

incur

two

types

of

costs:

(1)

transaction

costs,

including

short-term

trading

fees

and

exchange

fees;

and

(2)

ongoing

costs,

including

management

fees,

distribution

plan

fees,

shareholder

reports

(like

this

one),

and

other

fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

(July

1,

2021

to

December

31,

2021)

as

indicated

below.

Actual

Expenses.

The

first

line

of

the

following

table

for

each

fund

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

line,

together

with

the

amount

you

invested,

to

estimate

the

expenses

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

line

under

the

heading

‘‘Expenses

Paid

During

Period’’

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes.

The

second

line

of

the

following

table

for

each

fund

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5

percent

per

year

before

expenses,

which

is

not

the

fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

these

funds

and

other

funds.

To

do

so,

compare

this

5

percent

hypothetical

example

with

the

5

percent

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

direct

or

transactional

costs,

such

as

small

account,

exchange

or

short-term

trading

fees.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

direct

or

transactional

costs

were

included,

your

costs

would

have

been

higher.

Expense

Example

(

unaudited

)

December

31,

2021

137

Beginning

Account

Value

July

1,

2021

Ending

Account

Value

December

31,

2021

Expenses

Paid

During

Period

*

U.S.

Government

Securities

Ultra-Short

Bond

Fund

Based

on

Actual

Fund

Return

$

1,000.00

$

995.63

$

2.26

Based

on

Hypothetical

5%

Yearly

Return

$

1,000.00

$

1,022.94

$

2.29

Near-Term

Tax

Free

Fund

Based

on

Actual

Fund

Return

$

1,000.00

$

999.59

$

2.27

Based

on

Hypothetical

5%

Yearly

Return

$

1,000.00

$

1,022.94

$

2.29

Global

Luxury

Goods

Fund

Based

on

Actual

Fund

Return

$

1,000.00

$

1,084.34

$

10.35

Based

on

Hypothetical

5%

Yearly

Return

$

1,000.00

$

1,015.27

$

10.01

Global

Resources

Fund

Based

on

Actual

Fund

Return

$

1,000.00

$

1,030.74

$

9.52

Based

on

Hypothetical

5%

Yearly

Return

$

1,000.00

$

1,015.83

$

9.45

World

Precious

Minerals

Fund

Based

on

Actual

Fund

Return

$

1,000.00

$

854.82

$

9.40

Based

on

Hypothetical

5%

Yearly

Return

$

1,000.00

$

1,015.07

$

10.21

Gold

and

Precious

Metals

Fund

Based

on

Actual

Fund

Return

$

1,000.00

$

907.91

$

8.99

Based

on

Hypothetical

5%

Yearly

Return

$

1,000.00

$

1,015.78

$

9.50

Emerging

Europe

Fund

Based

on

Actual

Fund

Return

$

1,000.00

$

1,017.45

$

11.75

Based

on

Hypothetical

5%

Yearly

Return

$

1,000.00

$

1,013.56

$

11.72

China

Region

Fund

Based

on

Actual

Fund

Return

$

1,000.00

$

833.53

$

10.8

6

Based

on

Hypothetical

5%

Yearly

Return

$

1,000.00

$

1,013.36

$

11.93

*

These

calculations

are

based

on

expenses

incurred

in

the

most

recent

fiscal

half-year.

The

Funds'

Investor

Class'

annualized

expense

ratios

(after

reimbursements

and

offsets)

for

the

six

month

period

ended

December

31,

2021,

were

0.45%,

0.45%,

1.86%,

2.01%,

1.87%,

2.31%,

2.35%

and

1.97%,

respectively,

for

the

U.S.

Government

Securities

Ultra-Short

Bond,

Near-Term

Tax

Free,

Global

Resources,

World

Precious

Minerals,

Gold

and

Precious

Metals,

Emerging

Europe,

China

Region

and

Global

Luxury

Goods

Funds.

The

funds'

Institutional

Class'

annualized

expense

ratios

(after

reimbursements

and

offsets)

for

the

six

month

period

ended

December

31,

2021,

were,

respectively,

for

the

Funds.

The

dollar

amounts

shown

as

"Expenses

Paid"

are

equal

to

the

annualized

expense

ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184,

the

number

of

days

in

the

period,

then

divided

by

365

days

in

the

current

fiscal

year.

Apex

Fund

Services

3

Canal

Plaza,

Suite

600

Portland,

ME

04101

Want

to

reduce

paper

waste?

You

can

receive

this

report

and

other

important

documents

electronically.

Please

visit

www.usfunds.com

and

sign

up

at

Access

My

Account.

If

you

need

further

assistance,

please

call

us

at

800-873-8637.

ITEM 2. CODE OF ETHICS.

(a)As of the end of the period covered by this report, U.S. Global Investors Funds (the “Registrant”) has adopted a code of ethics, which applies to its Principal Executive Officer and Principal Financial Officer (the “Code of Ethics”).

(c)       There have been no amendments to the Registrant’s Code of Ethics during the period covered by this report.

(d)       There have been no waivers to the Registrant’s Code of Ethics during the period covered by this report.

(e)        Not applicable.

(f) (1)  A copy of the Code of Ethics is being filed under Item 13(a) hereto.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that Mr. Mark Moyer is an "audit committee financial expert" as that term is defined under applicable regulatory guidelines. Mr. Moyer is a non- “interested” Trustee (as defined in Section 2(a)(19) under the Investment Company Act of 1940, as amended (the “Act”)), and serves as Chairman of the Audit Committee.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees - The aggregate fees billed for each of the last two fiscal years (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant for the audit of the Registrant’s annual financial statements, or services that are normally provided by the principal accountant in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $126,200 in 2020 and $126,200 in 2021.

(b) Audit-Related Fees – The aggregate fees billed in the Reporting Periods for assurance and related services rendered by the principal accountant that were reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item 4 were $0 in 2020 and $0 in 2021. 

(c) Tax Fees - The aggregate fees billed in the Reporting Periods for professional services rendered by the principal accountant to the Registrant for tax compliance, tax advice and tax planning were $27,000 in 2020 and $28,000 in 2021.  These services consisted of review or preparation of U.S. federal, state, local and excise tax returns. 

(d) All Other Fees - The aggregate fees billed in the Reporting Periods for products and services provided by the principal accountant to the Registrant, other than the services reported in paragraphs  (a) through (c) of this Item, were $0 in 2020 and $0 in 2021. 

(e) (1) The Audit Committee reviews and approves in advance all audit and “permissible non-audit services” (as that term is defined by the rules and regulations of the Securities and Exchange Commission) to be rendered to a series of the Registrant (each, a “Series”).  In addition, the Audit Committee reviews and approves in advance all “permissible non-audit services” to be provided to an investment adviser (not including any sub-adviser) of a Series, or an affiliate of such investment adviser, that is controlling, controlled by or under common control with the investment adviser and provides on-going services to the Registrant (“Affiliate”), by the Series’ principal accountant if the engagement relates directly to the operations and financial reporting of the Series.  The Audit Committee considers whether fees paid by a Series’ investment adviser or an Affiliate to the Series’ principal accountant for audit and permissible non-audit services are consistent with the principal accountant’s independence.

(e) (2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the Registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) The aggregate fees billed by the Registrant’s principal accountant for non-audit services rendered to the Registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $27,000 in 2020 and $28,000 in 2021.  These fees related to tax services rendered to the Registrant.

(h) All non-audit services rendered in (g) above were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.

ITEM 6. INVESTMENTS.

(a)Included as part of report to shareholders under Item 1.

(b)Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END

MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.  PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Registrant does not accept nominees to the board of trustees from shareholders.

ITEM 11. CONTROLS AND PROCEDURES

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act are effective, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of the filing date of this report.

 (b) There were no changes in the Registrant’s internal control over financial reporting (as defined in

Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS.

(a)(1)  Code of Ethics (Exhibit filed herewith).

(a)(2) Certifications pursuant to Rule 30a-2(a) of the Act, and Section 302 of the Sarbanes-Oxley Act of 2002. (Exhibits filed herewith).

(a)(3)  Not applicable.

(b)      Certifications pursuant to Rule 30a-2(b) of the Act, and Section 906 of the Sarbanes-Oxley Act of 2002. (Exhibit filed herewith).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant              U.S. Global Investors Funds

By:	/s/ Jessica Chase
	Jessica Chase, Principal Executive Officer
Date:	February 28, 2022

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

By:	/s/ Jessica Chase
	Jessica Chase, Principal Executive Officer
Date:	February 28, 2022

By:	/s/ Karen Shaw
	Karen Shaw, Principal Financial Officer
Date:	February 28, 2022