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
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
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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)(3) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant U.S. Global Investors Funds
By: | /s/ Jessica Chase | |
Jessica Chase, Principal Executive Officer | ||
Date: | 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 |