As filed with the Securities and Exchange Commission on March 3, 2023
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-01800
U.S. GLOBAL INVESTORS FUNDS
Three Canal Plaza, Suite 600
Portland, Maine 04101
Jessica Chase, Principal Executive Officer
Three Canal Plaza, Suite 600
Portland, Maine 04101
207-347-2000
Date of fiscal year end: December 31
Date of reporting period: January 1, 2022 – December 31, 2022
ITEM 1. REPORT TO STOCKHOLDERS.
U.S.
Global
Investors
Funds
Annual
Report
December
31,
2022
U.S.
Global
Investors
Funds
Annual
Report
December
31,
2022
Table
of
Contents
Letter
to
Shareholders
1
Definitions
for
Management
Teams’
Perspectives
(unaudited)
6
Management
Team’s
Perspective
(unaudited)
9
Portfolios
of
Investments
40
Notes
to
Portfolios
of
Investments
73
Statements
of
Assets
and
Liabilities
88
Statements
of
Operations
92
Statements
of
Changes
in
Net
Assets
96
Notes
to
Financial
Statements
102
Financial
Highlights
117
Report
of
Independent
Registered
Public
Accounting
Firm
125
Trustees
and
Officers
(unaudited)
127
Approval
of
Investment
Advisory
Agreement
(unaudited)
129
Additional
Information
(unaudited)
136
Expense
Example
(unaudited)
138
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
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,
At
the
beginning
of
each
year,
we
update
our
ever-popular
Periodic
Table
of
Commodity
Returns,
which
is
fully
interactive.
You
can
explore
10
years’
worth
of
data
at
usfunds.com
or
request
a
pdf
by
emailing
us
at
info@usfunds.com
.
Long-time
fans
of
the
Periodic
Table
will
notice
a
new
inclusion
this
year:
lithium.
The
soft,
silvery
metal,
an
increasingly
important
and
sought-after
material
used
in
the
production
of
batteries,
topped
the
list
of
best-performing
commodities
for
the
second
year
in
a
row.
Lithium
may
not
be
a
household-name
metal
like
gold
and
copper,
but
that’s
changing
fast.
After
skyrocketing
442.8%
in
2021,
prices
for
“white
gold”
ended
2022
up
72.5%
as
electric
vehicle
(EV)
sales
continued
to
account
for
a
larger
share
of
total
vehicle
sales
around
the
world.
Many
countries
have
plans
in
place
to
phase
out
internal
combustion
engine
(ICE)
vehicles
by
the
end
of
this
decade
or
next,
and
California—among
the
world’s
top
10
largest
auto
markets—became
the
first
U.S.
state
to
set
a
goal
of
100%
EV
sales
by
2035.
Sales
of
EVs
are
expected
to
continue
growing
in
2023,
though
at
a
slower
pace.
S&P
Global
estimates
that
3.3
million
units
will
be
sold
this
year,
compared
to
3.6
million
last
year.
Short-
term
headwinds
may
include
reopening
challenges
in
China
as
well
as
higher
borrowing
costs
in
the
U.S.
and
Europe.
Nevertheless,
the
firm
remains
optimistic
about
future
EV
demand,
which
should
increase
the
consumption
of
lithium
and
other
critical
battery
metals.
I
believe
this
is
very
good
news
for
our
Global
Resources
Fund
(PSPFX)
,
which
seeks
to
invest
in
producers
and
explorers
of
materials
that
are
expected
to
increase
in
demand
as
the
world
steadily
transitions
to
green,
renewable
energy.
In
a
recent
report,
Goldman
Sachs
says
it
believes
copper
is
well
positioned
to
benefit
the
most
over
the
long
term
due
to
its
higher
usage
in
renewable
energy
technologies.
I
agree,
and
on
numerous
occasions,
I’ve
written
about
why
we
like
the
red
metal,
with
Ivanhoe
Mines
being
among
our
favorite
copper
plays.
The
10%
Golden
Rule
Besides
commodities
in
general,
gold
was
one
of
the
best
assets
to
have
exposure
to
in
2022.
The
yellow
metal
was
essentially
flat
for
the
year,
down
a
negligible
0.28%.
That’s
despite
the
U.S.
dollar
strengthening
to
its
highest
level
in
20
years
on
the
back
of
interest
rate
hikes.
That’s
also
despite
rising
bond
yields—not
just
here
in
the
U.S.
but
across
the
globe.
Remember
when
the
amount
of
negative-yielding
government
bonds
around
the
world
was
$10
trillion,
$15
trillion,
even
$18
trillion?
That
was
only
two
to
three
years
ago.
Today,
the
amount
of
government
debt
that
trades
with
a
negative
yield
has
officially
dropped
to
$0.
You
would
think
that
in
this
environment,
the
gold
price
would
suffer.
After
all,
the
precious
metal
generates
no
income.
And
yet,
gold
has
remained
incredibly
resilient,
as
you
can
see
below.

2
U.S.
Global
Investors
Funds
(unaudited)
I
believe
gold
will
continue
to
perform
comparatively
well
in
2023,
especially
if
we
see
the
Federal
Reserve
change
course.
I
continue
to
recommend
a
10%
weighting
in
gold,
with
5%
in
physical
bullion,
the
other
5%
in
high-quality
gold
mining
stocks,
mutual
funds
and
ETFs.
I’m
pleased
to
share
with
you
that
our
Gold
and
Precious
Metals
Fund
(USERX)
received
a
five-star
rating
from
Morningstar
for
the
10-year
period
ended
December
31,
2022,
among
55
funds
in
the
Equity
Precious
Metals
category.
It
also
received
a
four-star
rating
for
the
five-year
period,
among
61
Equity
Precious
Metals
funds,
and
an
impressive
four-star
rating
overall,
also
among
68
funds,
based
on
risk-adjusted
returns.
China
Reopened
Its
Borders
Just
in
Time
for
the
Lunar
New
Year
In
other
news,
China
finally
agreed
to
relax
a
key
portion
of
its
zero-Covid
policies,
among
the
world’s
most
restrictive.
Starting
January
8,
2023,
travelers
flying
into
the
country
were
no
longer
required
to
quarantine.
China
also
began
issuing
new
passports
and
travel
permits
to
Hong
Kong.
According
to
Trip.com,
China’s
biggest
online
travel
agency,
bookings
for
outbound
flights
jumped
an
incredible
254%
the
day
after
the
announcement
was
made
that
quarantine
requirements
would
be
lifted.
Top
destinations
included
Singapore,
South
Korea,
Hong
Kong,
Japan
and
Thailand.
I
believe
this
is
welcome
news
not
just
for
Chinese
travelers
and
airlines
but
also
investors.
China
is
currently
the
second-largest
civil
aerospace
and
aviation
services
market,
following
the
U.S.,
and
the
world’s
fastest-growing,
according
to
the
U.S.’s
International
Trade
Administration.
Travel
stocks,
including
airlines,
are
indeed
soaring
right
now
on
reopening
hopes
and
the
lifting
of
Covid-era
quarantine
and
testing
policies.
That’s
particularly
true
of
Asian
airlines
as
Chunyun
swings
back
into
action
for
the
first
time
since
the
start
of
the
pandemic.
Chunyun,
or
Spring
Festival,
is
the
40-day
Chinese
travel
period
that’s
believed
to
be
the
largest
annual
human
migration
in
history.
More
than
2
billion
passenger
trips
by
air,
road
and
3
U.S.
Global
Investors
Funds
(unaudited)
rail
were
estimated
to
be
taken
this
season,
double
the
number
from
last
year,
but
still
70%
of
the
pre-pandemic
level
in
2019,
according
to
China’s
Ministry
of
Transport.
Eye
on
Global
Luxury
Sales
China’s
reopening
is
also
expected
to
be
good
news
for
overseas
retailers,
particularly
luxury
goods
retailers.
The
Chinese
have
historically
been
the
world’s
biggest
spenders
while
traveling
abroad,
with
expenditures
topping
$277
billion
in
2018
before
falling
to
$105
billion
in
2021
due
to
the
pandemic.
Again,
luxury
retailers
will
be
among
the
happiest
to
see
the
return
of
Chinese
tourists,
who
often
make
their
luxury
purchases
while
in
Europe,
where
they
can
shop
tax-free
using
European
rebates.
This,
I
believe,
is
bullish
for
our
Global
Luxury
Goods
Fund
(USLUX)
.
As
of
December
2022,
about
41%
of
the
companies
in
USLUX
were
domiciled
in
one
of
four
Western
European
countries—Germany,
France,
Italy
and
Spain.
According
to
Bain
&
Company,
the
global
luxury
goods
market
generated
revenues
of
1.4
trillion
euros
(approximately
$1.5
trillion)
in
2022,
a
healthy
21%
increase
over
2021.
An
estimated
95%
of
the
entire
industry
saw
positive
growth
during
the
year,
despite
strong
economic
challenges.
Thanks
to
this,
the
luxury
market
is
believed
to
be
in
a
much
better
position
to
weather
a
potential
recession
in
2023
than
it
was
during
the
2008-2009
global
financial
crisis,
Bain
analysts
write.
Having
said
that,
I
am
holding
out
hope
that
we
can
avoid
a
recession
in
2023.
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.
Past
performance
does
not
guarantee
future
results.
4
U.S.
Global
Investors
Funds
(unaudited)
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.
Gold
and
Precious
Metals
Fund
(USERX)
Morningstar
ratings
based
on
risk-adjusted
return
and
number
of
funds
Category:
Equity
Precious
Metals
Through:
12/31/2022
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
to
JETS
and
GOAU.
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
5
U.S.
Global
Investors
Funds
(unaudited)
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.
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
Barclays
Global
Aggregate
Negative
Yielding
Debt
Market
Value
Index
measures
the
stock
of
debt
with
yields
below
zero
issued
by
governments,
companies
and
mortgage
providers
around
the
world
which
are
members
of
the
Bloomberg
Barclays
Global
Aggregate
Bond
Index.
All
opinions
expressed
and
data
provided
are
subject
to
change
without
notice.
Some
of
these
opinions
may
not
be
appropriate
to
every
investor.
6
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.
7
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
8
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.
The
S&P/TSX
Venture
Composite
Index
is
a
broad
market
indicator
of
Canadian
micro-cap
securities
in
Canada.
Its
constituents
are
listed
on
the
TSX
Venture
Exchange.
The
index
is
market
capitalization
weighted.
The
STOXX
Europe
600
Index
is
derived
from
the
STOXX
Europe
Total
Market
Index
(TMI)
and
is
a
subset
of
the
STOXX
Global
1800
Index.
With
a
fixed
number
of
600
components,
the
STOXX
Europe
600
Index
represents
large,
mid
and
small
capitalization
companies
across
17
countries
of
the
European
region.
The
KOSPI
Index
is
a
capitalization-weighted
index
of
all
common
shares
on
the
KRX
main
board.
The
TWSE
Index
is
a
capitalization-weighted
index
of
all
listed
common
shares
traded
on
the
Taiwan
Stock
Exchange.
The
Consumer
Price
Index
(CPI)
is
a
measure
of
the
average
change
over
time
in
the
prices
paid
by
urban
consumers
for
a
market
basket
of
consumer
goods
and
services.
9
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,
2022
One
Year
Five
Year
Ten
Year
U.S.
Government
Securities
Ultra-Short
Bond
Fund
(1.66)%
0.17%
0.27%
Bloomberg
Barclays
U.S.
Treasury
Bills
6-9
Months
Total
Return
Index
0.16%
1.16%
0.74%
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
1.06%.
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.
10
U.S.
Government
Securities
Ultra-Short
Bond
Fund
(unaudited)
The
Year
in
Review
–
Economic
and
Political
Issues
that
Affected
the
Fund
Exiting
2021,
supply
chains
were
already
disrupted
with
Covid
virus
lockdowns
in
China.
However,
Russia’s
invasion
of
Ukraine
in
February
2022
and
the
ensuing
disruption
of
infrastructure
supply
lines
around
the
world
for
food,
energy
and
fertilizer
were
key
to
igniting
inflationary
pressures
around
the
globe.
Inflation
hit
9.1
percent
in
the
second
quarter
of
2022
in
the
U.S.,
cementing
the
Federal
Reserve’s
decision
to
make
four
jumbo
75
(0.75%)
basis
point
rate
hikes
to
cool
inflationary
pressures.
The
U.S.
dollar
strongly
responded
to
the
rise
in
interest
rates,
climbing
close
to
20
percent
by
September
for
much
of
the
first
eight
months
of
2022.
Thereafter,
it
seemed
the
market
began
to
factor
in
that
the
Fed
was
nearly
finished
with
interest
rate
hikes
and
may
be
forced
to
start
cutting
rates
in
late
2023.
The
U.S.
dollar
finished
the
year
with
just
an
8.21
percent
gain
but
the
rout
in
bond
yields
led
to
the
biggest
annual
loss
for
bond
investors
in
decades.
Investment
Highlights
The
U.S.
Government
Securities
Ultra-Short
Bond
Fund
returned
negative
1.66
percent
for
the
year
ended
December
31,
2022,
underperforming
its
benchmark,
the
Bloomberg
Barclays
U.S.
Treasury
Bills
6-9
Months
Total
Return
Index,
which
returned
0.16
percent.
The
Lipper
Short
U.S.
Treasury
Funds
Average
return
for
the
peer
group
was
negative
1.95
percent,
which
the
fund
outperformed
for
the
year.
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
slow
down
its
interest
rate
hikes
to
just
25
basis
points
as
the
central
bank
assesses
the
impact
of
the
prior
rate
hikes
in
2022.
Inflation
has
shown
some
signs
of
cooling,
but
new
job
growth
still
remains
strong.
The
yield
curve
remains
inverted.
The
market
has
taken
a
more
optimistic
view
than
the
Fed
and
is
expecting
the
bank
will
have
to
start
cutting
interest
rates
late
in
2023.
The
Fed’s
tone
is
more
bearish,
keeping
rates
up
high
enough
to
tame
inflation.
With
the
U.S.
moving
forward
with
transforming
its
auto
industry
from
internal
combustion
engines
to
electrically
powered
engines
using
an
array
of
batteries,
building
solar
and
wind
energy
infrastructure,
and
constructing
a
national
charging
system,
it
will
be
difficult
to
drive
inflation
back
down
to
a
2
percent
target.
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,
2022
Federal
Home
Loan
Bank
47.1%
Federal
Farm
Credit
Bank
42.5%
U.S.
Treasury
Note/Bond
10.4%
Total
100.0%
Portfolio
Allocation
by
Maturity
December
31,
2022
Less
than
1
Month
$
6,795,939
20.9%
3-12
Months
19,218,715
59.1%
1-3
Years
4,493,875
13.8%
3-5
Years
2,000,322
6.2%
$
32,508,851
100.0%
11
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
Exiting
2021,
supply
chains
were
already
disrupted
with
Covid
virus
lockdowns
in
China.
However,
Russia’s
invasion
of
Ukraine
in
February
2022
and
the
ensuing
disruption
of
infrastructure
supply
lines
around
the
world
were
key
to
igniting
inflationary
pressures
around
the
globe.
Inflation
hit
9.1
percent
in
the
second
quarter
of
2022
in
the
U.S.,
cementing
the
Federal
Reserve’s
decision
to
make
four
jumbo
75
basis
point
rate
hikes
to
cool
inflationary
pressures.
The
Treasury
yield
curve
remained
inverted
all
Near-Term
Tax
Free
Fund
Average
Annual
Performance
For
the
Periods
Ended
December
31,
2022
One
Year
Five
Year
Ten
Year
Near-Term
Tax
Free
Fund
(5.23)%
(0.01)%
0.55%
Bloomberg
Barclays
3-Year
Municipal
Bond
Index
(3.39)%
1.05%
1.06%
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
1.14%.
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,
2023.
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
Near-Term
Tax
Free
Fund
(unaudited)
year,
but
for
the
first
time
in
25
years,
the
municipal
debt
curve
inverted
with
the
two-year
yield
climbing
above
the
10-year
yield.
The
U.S.
dollar
strongly
responded
to
the
rise
in
interest
rates,
climbing
close
to
20
percent
by
September
for
much
of
the
first
eight
months
of
2022.
Thereafter,
it
seemed
the
market
began
to
factor
in
that
the
Fed
was
nearly
finished
with
interest
rate
hikes
and
may
be
forced
to
start
cutting
rates
in
late
2023.
The
U.S.
dollar
finished
the
year
with
just
an
8.21
percent
gain,
but
the
rout
in
bond
yields
led
to
the
biggest
annual
loss
for
bond
investors
in
decades.
Investment
Highlights
For
the
year
ended
December
31,
2022,
the
Near-Term
Tax
Free
Fund
returned
a
negative
5.23
percent,
underperforming
its
benchmark,
the
Bloomberg
Barclays
3-Year
Municipal
Bond
Index,
which
lost
3.39
percent.
The
Lipper
Short-Intermediate
Municipal
Bond
average
return
was
negative
4.55
percent.
We
shortened
the
maturity
of
the
fund
by
selling
off
longer
maturities
and
reinvested
in
the
two-
to
three-year
maturities.
Late
in
the
year,
the
yields
dropped
across
the
curve
as
the
market
began
to
drop
its
future
rate
expectation
and
prices
rallied
more
on
longer-dated
bonds.
Strengths
The
fund’s
allocation
to
bonds
from
Kansas,
Indiana
and
Arizona
outperformed.
The
fund
benefited
from
its
allocation
to
state
development
agencies,
airports
and
state
medical
facilities
bonds,
all
of
which
outperformed.
The
fund’s
allocation
in
the
zero-
to
one-year
maturities
were
the
only
positive
performing
bonds.
The
one-
to
three-year
maturities
and
three-
to
five-year
maturities
were
the
second
and
third
best-
performing
maturities,
but
still
had
negative
returns.
Weaknesses
The
fund’s
allocation
to
bonds
from
Idaho,
Pennsylvania
and
South
Carolina
underperformed.
Pennsylvania
is
a
moderately
significant
issuer
of
municipal
debt
and
its
rainy-day
balance
as
a
percent
of
general
fund
revenue
is
only
7.1%,
as
calculated
by
Moody’s
Analytics.
The
fund’s
exposure
to
transportation,
school
districts
and
general
obligation
bonds
underperformed.
Current
Outlook
The
outlook
is
that
the
Fed
will
slow
down
its
interest
rate
hikes
to
just
25
basis
points
as
the
central
bank
assesses
the
impact
of
the
prior
rate
hikes
in
2022.
Inflation
has
shown
some
signs
of
cooling,
but
new
job
growth
still
remains
strong.
The
yield
curve
remains
inverted.
The
market
has
taken
a
more
optimistic
view
than
the
Fed
and
is
expecting
the
bank
will
have
to
start
cutting
interest
rates
late
in
2023.
The
Fed’s
tone
is
more
bearish,
keeping
rates
up
high
enough
to
tame
inflation.
With
the
U.S.
moving
forward
with
transforming
its
auto
industry
from
internal
combustion
engines
to
electrically
powered
engines
using
an
array
of
batteries,
building
solar
and
wind
energy
infrastructure,
and
constructing
a
national
charging
system,
it
will
be
difficult
to
drive
inflation
back
down
to
a
2
percent
target.
The
section
labeled
Portfolio
of
Investments
contains
a
complete
list
of
the
fund’s
holdings.
13
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,
2022
Texas
23.10%
Massachusetts
6.74%
Oklahoma
4.60%
Washington
4.23%
Florida
4.20%
New
Jersey
3.72%
Colorado
3.71%
Illinois
3.35%
Pennsylvania
3.08%
California
2.86%
Total
Top
10
Areas
59.59%
Municipal
Bond
Ratings*
Based
on
Total
Municipal
Bonds
December
31,
20
2
2
Bond
Percentage
AAA
31.9
%
AA
59.7
%
A
5.
4
%
Not
Rated
3.0
%
Total
100.0
%
14
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,
2022
One
Year
Five
Year
Ten
Year
Global
Luxury
Goods
Fund
(23.88)%
3.69%
7.17%
S&P
Global
Luxury
Index
(23.29)%
8.24%
9.55%
S&P
Composite
1500
TR
(17.78)%
9.15%
12.40%
15
Global
Luxury
Goods
Fund
(unaudited)
The
Year
in
Review
–
What
Drove
the
Market
The
majority
of
global
equity
stock
markets
declined
in
2022,
and
stocks
listed
on
the
New
York
Stock
Exchange
were
no
different.
U.S.-listed
stocks
outperformed
emerging
markets
but
underperformed
Western
Europe.
The
S&P
Composite
1500
Index
lost
17.78%,
emerging
markets
(as
measured
by
the
MSCI
Emerging
Market
Index)
dropped
19.94%,
and
Western
Europe
(as
measured
by
the
STOXX
Europe
600
Index)
declined
15.22%.
It
was
a
volatile
year
due
to
the
start
of
war
in
Eastern
Europe.
On
February
21,
2022,
Russian
President
Vladimir
Putin
declared
Donetsk
and
Luhansk,
both
eastern
Ukrainian
territories
partially
controlled
by
Russia,
independent
states.
A
few
days
later,
on
February
24,
the
worst-case
scenario
unfolded
with
Russia
launching
a
full-scale
attack
on
Ukraine
from
the
east,
north
and
south.
The
West
imposed
sanctions
on
the
country,
which
led
to
an
energy
crisis
in
Europe,
negatively
affecting
global
markets.
In
2022,
inflation
continued
to
spike
in
the
U.S.
The
annual
consumer
price
index
(CPI)
peaked
mid-year
at
9%,
a
level
last
seen
in
1982.
After
two
years
of
lower
rates,
the
Federal
Reserve
began
to
hike
rates
in
March
2022.
Seven
consecutive
rate
increases
have
been
posted,
bringing
inflation
down
to
6.5%
at
the
end
of
the
year.
A
continuation
of
tightening
monetary
policy
is
expected
to
last
for
some
time,
which
should
help
to
further
alleviate
price
pressures.
Luxury
stocks
declined
in
2022
but
rebounded
at
the
end
of
the
year,
as
the
sector
was
positively
affected
by
China’s
decision
to
relax
its
zero-Covid
policy,
allowing
people
to
move
freely
and
businesses
to
operate.
Travel
restrictions
were
lifted,
and
borders
with
Macau
and
Hong
Kong
were
reopened.
China
has
historically
been
a
significant
consumer
of
luxury
goods
and
services,
and
a
sooner-than-expected
reopening
of
the
economy
should
benefit
the
sector.
Nomura
Research
calculated
that
Chinese
households
have
saved
up
to
$720
billion
in
excess
savings
over
the
past
three
years.
Consumers
are
ready
to
shop
and
travel
and
they
have
cash
to
do
so,
Nomura
says.
Investment
Highlights
Overview
For
the
12-month
period
through
December
31,
2022,
the
Global
Luxury
Goods
Fund
(USLUX)
lost
23.88%,
underperforming
its
benchmark,
the
S&P
Composite
1500,
which
declined
17.78%.
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
1.99%.
The
Adviser
has
contractually
agreed
to
limit
total
fund
operating
expenses
(exclusive
of
any
acquired
fund
fees
and
expenses,
taxes,
brokerage
commissions
and
interest)
to
not
exceed
1.75%
through
April
30,
2023.
Prior
to
October
1,
2022,
the
Adviser
had
contractually
agreed
to
limit
total
operating
expenses
to
1.80%.
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.
16
Global
Luxury
Goods
Fund
(unaudited)
The
energy
sector
was
the
best
performer
and
the
only
sector
within
the
S&P
1500
Index
that
recorded
gains
in
2022.
Utilities,
consumer
staples,
health
care,
industrials,
materials
and
financials
recorded
smaller
losses
but
outperformed
the
broad
S&P
1500,
while
real
estate,
information
technology,
consumer
discretionary
and
telecommunication
services
underperformed.
Strengths
The
fund’s
underweight
position
in
information
technology
and
communication
services
had
the
most
positive
effect
on
performance
relative
to
the
index.
The
fund
did
not
hold
shares
of
Microsoft,
and
significantly
underweighted
Apple
compared
to
the
index.
Microsoft
stock
declined
28.02%
while
Apple
lost
26.4%
in
2022.
The
fund’s
higher
cash
position
had
the
second
most
positive
effect
on
the
fund’s
performance
relative
to
the
index.
USLUX
was
positioned
more
defensively
in
2022
due
to
market
disruptions
after
Russia
attacked
Ukraine
in
February
2022,
leading
global
markets
into
an
energy
crisis,
rising
cost
of
production
and
supply
disruptions.
A
standout
contributor
to
fund
performance
was
Nike,
maker
and
distributor
of
athletic
footwear,
apparel,
equipment
and
accessory
products
for
men,
women,
and
children.
Shares
of
Nike
declined
29.04%
in
2022;
however,
the
fund
purchased
Nike
shares
shortly
after
its
stock
bottomed
at
the
end
of
September.
In
December,
the
company
reported
better-than-expected
second
quarter
financial
results.
Weaknesses
The
fund’s
overweight
position
in
consumer
staples
had
the
most
negative
effect
on
the
fund’s
performance
relative
to
the
index.
In
particular,
the
strategy
to
overweight
household/personal
care
products
did
not
work
well.
Shares
of
Estee
Lauder
declined
32.47%,
and
Natura
&
Co.
Holding
lost
31.01%.
The
fund
overweighted
both
names
against
the
S&P
1500
Index.
The
fund’s
underweight
position
in
the
energy
sector
had
the
second
most
negative
effect
on
the
fund’s
performance
relative
to
the
index.
USLUX
did
not
have
any
exposure
to
energy
names,
and
underweighting
the
best
performing
sectors
negatively
contributed
to
the
fund’s
performance
against
the
index.
The
USLUX
model
did
not
allocate
any
assets
from
the
energy
space
in
the
year
2022.
A
notable
detractor
to
fund
performance
was
Tesla,
the
electric
car
maker
and
distributor.
Tesla’s
shares
sold
off
sharply
this
year
due
to
weaker
demand
from
China
and
Elon
Musk’s
decision
to
buy
social
media
company
Twitter
for
$44
billion,
funding
part
of
the
deal
by
selling
Tesla
shares.
He
initially
sold
$8.5
billion
shares
in
April,
another
$6.9
billion
in
August
2022,
$3.95
billion
in
November
and
$3.6
billion
in
December,
for
a
total
of
around
$22.9
billion.
According
to
Bloomberg,
Tesla’s
market
cap
decreased
from
$1.093
trillion
in
December
2021
to
$353.51
billion
in
December
2022.
Current
Outlook
Opportunities
The
Bank
of
America
Global
Research
Team
believes
that
the
luxury
sector
presents
an
attractive
buying
opportunity.
They
have
identified
six
prior
major
pullbacks
in
the
luxury
sector
over
the
past
20
years.
The
most
recent
pullback
has
already
resulted
in
a
24%
decline
for
the
sector
since
the
beginning
of
the
year
and
more
than
35%
since
the
November
peak.
In
the
past,
strong
pullbacks
have
often
led
to
a
bounce.
According
to
a
joint
forecast
by
analysts
at
Bain
&
Company
and
Altagamman,
the
luxury
sector
will
expand
at
least
3%
to
8%
in
2023.
It
is
also
predicted
that
the
sector
will
grow
further,
with
Bain
forecasting
a
sales
increase
of
60%
from
2022
to
2030,
supported
by
people
becoming
wealthier
in
regions
including
India,
South
Korea,
and
Mexico.
This
may
lead
to
about
10
million
new
luxury
consumers
per
year.
17
Global
Luxury
Goods
Fund
(unaudited)
China
will
most
likely
continue
to
re-open
its
economy
after
almost
three
years
of
Covid
lockdowns.
At
the
end
of
2022,
it
was
announced
that
China
will
drop
quarantine
requirements
for
all
passengers
arriving
from
outside
the
country
starting
January
8,
2023.
The
current
policy
asks
people
to
quarantine
for
five
days
in
a
hotel
and
an
additional
three
days
at
home.
Further
easing
of
travel
restrictions
and
removing
other
Covid-related
measures
should
spur
consumer
spending.
Threats
The
luxury
sector
is
projected
to
expand
in
2023,
but
at
a
slower
pace
compared
to
2022.
Consumer
spending
on
luxury
items
and
services
could
be
softer,
based
on
economists’
predictions
about
an
upcoming
recession
in
Europe
and
the
U.S.
Luxury
goods
and
services
recorded
price
increases
in
2022,
and
the
trend
may
continue
in
2023.
The
prices
of
“core”
handbags
from
brands
such
as
Chanel
and
Louis
Vuitton
have
already
increased
20%
or
more
in
the
past
two
years,
and
brands
are
expected
to
boost
prices
on
those
items
even
further
next
year
—
particularly
in
Europe,
where
the
depressed
euro
has
made
luxury
goods
comparatively
cheap.
Prices
there
could
rise
15%
in
2023,
and
in
the
mid-single
digits
in
the
U.S.
and
China,
says
Citi
luxury
analyst
Thomas
Chauvet.
According
to
Bloomberg,
the
second-hand
luxury
watch
market
could
reach
35
billion
Swiss
francs
by
2030,
from
20
billion
francs
today.
This
represents
an
increase
of
75%,
as
reported
by
Deloitte
and
based
on
its
consumer
and
watch
brand
executives
survey.
This
comes
as
a
wakeup
call
to
luxury
watchmakers,
as
sales
in
physical
stores
have
seen
a
decline.
This
is
one
reason
well-known
brands
like
Richemont
purchased
Watchfinder
&
Co.
as
its
secondary
market
sales
channel.
18
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,
2022
Industria
de
Diseno
Textil
SA
5.44%
Retail
-
Apparel/Shoe
Mercedes-Benz
Group
AG,
ADR
5.22%
Automotive
-
Cars
&
Light
Trucks
NIKE,
Inc.,
Class B
4.86%
Athletic
Footwear
Bayerische
Motoren
Werke
AG
4.21%
Automotive
-
Cars
&
Light
Trucks
Costco
Wholesale
Corp.
4.19%
Retail
-
Discount
Hermes
International
4.00%
Apparel
Manufacturers
Marriott
International,
Inc.,
Class A
3.99%
Hotels
&
Motels
Cie
Financiere
Richemont
SA
3.86%
Retail
-
Jewelry
Volkswagen
AG
3.56%
Automotive
-
Cars
&
Light
Trucks
LVMH
Moet
Hennessy
Louis
Vuitton
SE,
ADR
3.50%
Textile
-
Apparel
Total
Top
10
Equity
Holdings
42.83%
Portfolio
Allocation
by
Industry
Sector*
Based
on
Total
Investments
December
31,
2022
Consumer
Discretionary
73.3%
Consumer
Staples
17.1%
Materials
5.9%
Other
3.7%
Total
100.0%
19
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
The
best-performing
commodity
for
the
year
was
lithium
carbonate
battery
grade,
climbing
95.29%
on
the
transition
to
building
an
electric
vehicle
(EV)
future.
Lithium
prices
continued
to
edge
higher
in
the
range
of
$76,000-$80,000/ton,
although
the
prices
increased
at
a
slower
rate.
According
to
Benchmark,
market
participants
reported
cell
manufacturers
were
limiting
their
production
in
November,
which
weighed
on
Global
Resources
Fund
Average
Annual
Performance
For
the
Periods
Ended
December
31,
2022
One
Year
Five
Year
Ten
Year
Global
Resources
Fund
(12.10)%
2.04%
(2.58)%
S&P
500®
Index
(18.11)%
9.42%
12.56%
S&P
Global
Natural
Resources
Index
(Net
Total
Return)
9.59%
6.64%
4.23%
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
1.92%.
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
1.75%.
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.
20
Global
Resources
Fund
(unaudited)
lithium
demand
sentiment,
although
this
speculation
has
yet
to
be
confirmed.
The
market
participants
noted
the
limited
production
could
have
been
driven
by
the
expectation
of
marginally
lower
demand
due
to
the
cessation
of
the
Chinese
EV
subsidies
and
Chinese
New
Year.
With
that
said,
demand
in
2023
may
remain
robust
on
consumer
preference
and
other
government-provided
EV
incentive
programs.
Russia’s
invasion
of
Ukraine
and
the
ensuing
disruption
of
infrastructure
supply
lines
around
the
world
for
food,
energy
and
fertilizer
was
key
to
igniting
inflationary
pressures
around
the
globe.
Nickel
was
the
second-best
performing
commodity
for
2022
with
nickel
supplies
from
Russia
not
being
accepted
by
Western
markets.
The
nickel
price
was
also
boosted
by
the
rise
in
EV
production.
Inflation
hit
9.1
percent
in
the
second
quarter
of
2022
in
the
U.S.,
cementing
the
Federal
Reserve’s
decision
to
make
four
jumbo
75
basis
point
rate
hikes
to
cool
inflationary
pressures.
The
U.S.
dollar
strongly
responded
to
the
rise
in
interest
rates,
climbing
close
to
20
percent
by
September
and
contributing
to
lower
commodity
prices
for
much
of
the
first
eight
months
of
2022.
Thereafter,
it
seemed
the
market
began
to
speculate
that
the
Fed
was
nearly
finished
with
interest
rate
hikes
and
may
be
forced
to
start
cutting
rates
in
late
2023.
The
U.S.
dollar
finished
the
year
with
just
an
8.21
percent
gain
and
copper
prices
recovered
some
of
their
losses.
Investment
Highlights
Overview
For
the
year
ended
December
31,
2022,
the
Global
Resources
Fund
lost
12.10
percent,
underperforming
the
fund’s
benchmark,
the
S&P
Global
Natural
Resources
Index
(Net
Total
Return),
which
gained
9.59
percent.
The
Global
Resources
Fund
invests
in
exploration
and
development
companies
and
the
junior
mining
and
energy
sector,
unlike
our
benchmark,
which
is
principally
invested
in
large
capitalization
natural
resources
companies
with
established
revenue
streams;
as
a
result,
there
can
be
timing
swings
where
money
flows
first
to
the
most
liquid
names
before
investors
go
down
market.
Strengths
The
three
strongest
commodities
for
the
year
were
lithium
carbonate,
nickel
and
soybean,
up
92
percent,
51
percent
and
26
percent,
respectively.
Lithium
and
nickel
are
both
leveraged
to
the
rollout
of
the
electric
vehicle
industry
for
use
in
batteries.
Soybean
prices
hit
a
10-year
high
in
the
first
half
of
the
year
on
global
supply
concerns
but
have
since
backed
off
the
peaks
with
improved
supplies.
The
three
best
sector
calls
for
the
fund
were
an
overweight
position
in
oil
&
gas
energy
trusts,
underweight
position
in
containers
and
packaging
and
overweight
in
gold
and
precious
metals.
We
emphasized
high
dividend-paying
trusts
to
take
advantage
of
high
cash
payouts
from
oil
and
gas
sales.
We
avoided
any
exposure
to
containers
and
packaging
where
only
one
stock
made
a
single-
digit
gain
out
of
the
12
in
the
group.
We
had
a
double
sector
weight
on
precious
metals
and
delivered
a
positive
return
for
the
year
while
our
benchmark
names
achieved
double-digit
losses.
The
three
best
dollar
performing
stock
decisions
were
Filo
Mining,
Sabine
Royalty
Trust
and
Black
Stone
Minerals.
Filo
Mining
continued
to
release
further
impressive
drill
results
from
their
copper
discovery
in
Chile
to
the
point
where
BHP
Group
Ltd.
bought
a
5
percent
stake
in
the
company
in
March
2022.
Both
Sabine
Royalty
Trust
and
Black
Stone
Minerals
benefited
from
the
elevated
oil
and
gas
prices.
Weaknesses
The
three
weakest
commodities
for
the
year
were
lumber,
Powder
River
Basin
coal
and
tin.
Lumber
prices
slid
more
than
60
percent
with
the
strong
interest
rate
hiking
cycle
that
raised
mortgage
rates
beyond
what
households
could
afford.
Steam
coal
prices
from
the
Powder
River
Basin
tumbled
almost
50
percent
as
energy
markets
became
better
supplied
logistically
in
2022.
The
tin
market
spiked
in
2021
with
the
chip
shortage
and
Covid
lockdowns,
but
they
have
since
fallen
back
with
those
issues
largely
behind.
21
Global
Resources
Fund
(unaudited)
The
fund’s
worst-performing
sectors
were
our
overweight
positions
in
metals/minerals,
overweight
electrical
products
and
underweight
integrated
oil
stocks.
The
rising
interest
rate
environment
put
the
breaks
on
copper
prices
that
had
been
hovering
in
the
range
of
$4.25
to
$4.50
a
pound
for
much
of
the
first
half
of
the
year
only
to
slide
30
percent
from
June
to
mid-July.
In
the
electrical
products
category,
graphene
producer
Nanoxplore
Inc.
was
the
largest
detractor
to
performance.
We
were
underweight
in
international
oils
but
overweight
in
oil
&
gas
energy
trusts,
which
paid
monthly
dividends
and
offset
two-thirds
of
losses
from
being
underweight
international
oil
companies.
Current
Outlook
Opportunities
Conor
Sen,
a
Bloomberg
Opinion
columnist,
penned
a
recent
story
on
the
emerging
Battery
Belt
that
is
taking
shape
in
America
with
the
rise
in
electrification
of
the
auto
industry.
Interestingly,
this
new
economic
model
won’t
require
a
college
degree
as
the
ultimate
qualification
for
these
new
jobs.
Because
of
new
batteries
needed,
the
scale
for
these
new
plants
is
considerable,
and
this
has
favored
the
Southern
U.S.
to
some
extent
with
wide
open
tracts
of
land
still
available
near
major
population
centers.
Five
multi-billion-dollar
battery
plants
have
been
announced
in
Georgia
and
South
Carolina.
Ohia
and
Indiana
also
have
projects
in
the
works.
Senator
Joe
Manchin
also
secured
Form
Energy,
an
energy
storage
company
backed
by
Bill
Gates,
to
build
a
$760
million
factory
in
West
Virginia.
All
of
these
plants
have
incentives
to
fill
their
supply
chains
through
domestic
production
of
the
battery
metals
first
in
the
U.S.
or
through
our
trading
partners.
For
the
first
time
ever,
green
hydrogen
is
starting
to
compete
on
pure
economics;
in
fact,
it’s
become
a
lower-cost
alternative.
This
is
still
a
nascent
market,
but
green
hydrogen
is
making
headway
around
the
world,
and
Europe
is
where
the
adoption
curve
is
seeing
the
most
potent
boost.
According
to
J.P
Morgan,
commodities
are
on
pace
to
deliver
a
second
consecutive
year
of
double-
digit
returns.
As
global
growth
slows
in
2023,
but
commodity
supply
remains
constrained
and
critically
low
inventories
persist,
commodity
prices
may
stay
elevated
despite
a
decline
in
economic
activity.
As
in
2022,
they
are
most
constructive
on
energy,
but
believe
that
unlike
2021,
returns
will
be
driven
by
oil.
Meanwhile,
U.S.
natural
gas
prices
are
forecasted
to
decline
40
percent
by
yearend
2023.
Threats
China
Metals
Group
commented
that
China’s
solar
equipment
sales
are
too
dependent
on
overseas
buyers
taking
80
percent
of
sales.
To
make
its
solar
cells,
China
imports
more
than
90%
of
its
high
purity
quartz,
according
to
Bloomberg.
China
dominates
global
supply
chains
in
the
silicon-based
solar
industry,
while
China
Metals
suggest
its
supply
chains
should
be
focused
on
domestic
sources
and
uses.
Perhaps
China
believes
all
the
solar
cells
it
can
make
are
needed
domestically
for
its
energy
transition.
Chilean
copper
production
was
down
5.5
percent
in
November
year
over
year,
and
it
has
been
on
a
structural
downtrend
since
2018,
against
a
structural
uptrend
of
China
refined
production
(i.e.,
China
demand
for
copper
continues
to
rise).
Chile
produces
30%
of
the
world’s
copper,
of
which
a
material
amount
goes
to
China
for
smelting/refining
and
in-China
usage.
According
to
J.P
Morgan,
despite
the
positive
move
in
nickel
price
recently,
its
underweight
stance
on
nickel
remains
firm,
and
it
urges
investors
to
sell
into
strength.
The
bank
says
its
core
thesis
is:
(1)
nickel
to
edge
lower
next
year
due
to
higher-than-anticipated
supply
from
Indonesia
and
weaker
demand;
and
(2)
the
cost
structure
for
nickel
to
possibly
be
structurally
higher
due
to
higher
energy
costs
and
potential
levies
coming
from
Indonesia,
lowering
profitability
despite
higher
nickel
prices.
The
section
labeled
Portfolio
of
Investments
contains
a
complete
list
of
the
fund’s
holdings.
22
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,
2022
Filo
Mining
Corp.
9.67%
Metal
-
Diversified
Ivanhoe
Mines,
Ltd.
6.46%
Metal
-
Diversified
Sabine
Royalty
Trust
4.11%
Oil
-
US
Royalty
Trusts
Abaxx
Technologies,
Inc.
3.35%
Enterprise
Software/Services
Black
Stone
Minerals
LP
2.60%
Oil
-
US
Royalty
Trusts
Centaurus
Metals,
Ltd.
2.07%
Metal
-
Diversified
Cheniere
Energy,
Inc.
2.04%
Pipelines
NanoXplore
,
Inc.
1.92%
Advanced
Materials/Production
Kimbell
Royalty
Partners
LP
1.67%
Oil
-
US
Royalty
Trusts
Lithium
Ionic
Corp.
1.63%
Diversified
Minerals
Total
Top
10
Equity
Holdings
35.52%
Portfolio
Allocation
by
Industry
Sector*
Based
on
Total
Investments
December
31,
2022
Metals
&
Mining
29.9%
Oil,
Gas
&
Consumable
Fuels
26.7%
Precious
Metals
&
Minerals
13.6%
Gold
Mining
6.2%
Enterprise
Software/Services
4.5%
Advanced
Materials/Production
3.1%
Other
16.0%
Total
100.0%
23
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,
2022
One
Year
Five
Year
Ten
Year
World
Precious
Minerals
Fund
(32.95)%
(3.84)%
(7.22)%
S&P
500®
Index
(18.11)%
9.42%
12.56%
NYSE
Arca
Gold
Miners
Index
(8.09)%
6.11%
(3.22)%
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
1.93%.
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
1.75%.
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.
24
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
platinum,
gaining
10.89
percent
as
the
market
imbalance
switched
from
a
supply
surplus
to
what
is
now
expected
to
be
a
deficit
in
2023.
Substitution
for
palladium
may
have
also
played
a
factor
in
the
shift
as
the
metal’s
price
went
over
$3,000
an
ounce
in
March
2022,
but
ended
up
finishing
the
year
as
the
worst-performing
precious
metal
with
a
loss
of
5.89
percent.
Silver
was
the
second
best-performing,
gaining
2.77
percent,
after
being
the
worst-performing
precious
metal
in
2021.
Gold
finished
the
year
essentially
flat
with
a
price
decline
of
0.28%.
Despite
the
aggressive
interest
hiking
environment
of
2022,
precious
metals
fared
well.
The
U.S.
dollar
strongly
responded
to
the
rise
in
interest
rates,
climbing
close
to
20
percent
by
September.
Thereafter,
it
seemed
the
market
began
to
factor
in
the
Federal
Reserve
was
nearly
finished
with
interest
rate
hikes
and
may
be
forced
to
start
cutting
rates
in
late
2023.
The
U.S.
dollar
finished
the
year
with
just
an
8.21
percent
gain.
Gold
and
Precious
Metals
Fund
Average
Annual
Performance
For
the
Periods
Ended
December
31,
2022
One
Year
Five
Year
Ten
Year
Gold
and
Precious
Metals
Fund
(17.44)%
5.53%
(1.08)%
S&P
500®
Index
(18.11)%
9.42%
12.56%
FTSE
Gold
Mines
Index
(12.84)%
4.61%
(3.19)%
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
1.82%.
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
1.75%.
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.
25
Precious
Metals
and
Minerals
Funds
(unaudited)
Russia’s
invasion
of
Ukraine
and
the
ensuing
disruption
of
infrastructure
supply
lines
around
the
word
for
food,
energy
and
fertilizer
was
key
to
igniting
inflationary
pressures
around
the
globe.
Inflation
in
the
U.S.
hit
9.1
percent
in
the
second
quarter
of
2022,
cementing
the
Fed’s
decision
to
make
four
jumbo
75
basis
point
rate
hikes
to
cool
inflation.
The
rate
hikes
ended
up
crushing
the
cryptocurrency
market,
which
thrived
on
speculative
interest
rate
schemes
to
earn
a
yield
on
your
cryptocurrency.
The
collapse
of
FTX
and
other
crypto
trading
firms
has
likely
turned
some
investors
back
to
more
traditional
stores
of
value
for
diversification,
including
bullion.
Despite
a
rising
interest
rate
environment,
gold
demand
soared
to
its
highest
level
since
2011
on
strong
retail
demand
from
investors
seeking
an
inflation
hedge,
but
the
big
surprise
was
central
bank
buying.
Purchases
by
global
central
banks
rose
more
than
twofold
to
reach
1,136
tonnes,
the
highest
total
in
more
than
five
decades.
Investment
Highlights
For
the
year
ended
December
31,
2022,
the
World
Precious
Minerals
Fund
fell
32.95
percent,
underperforming
its
benchmark,
the
NYSE
Arca
Gold
Miners
Index,
which
declined
8.09
percent
on
a
total
return
basis.
The
S&P/TSX
Venture
Composite
Index,
which
better
reflects
the
mix
of
small-cap
junior
mining
companies
the
fund
typically
invests
in
is,
declined
39.23%
in
2022.
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
17.44
percent
in
2022,
underperforming
its
benchmark,
the
FTSE
Gold
Mines
Index,
which
declined
12.84
percent
on
a
total
return
basis.
While
focusing
on
established,
gold-producing
companies,
the
Gold
and
Precious
Metals
Fund
holds
less
than
50
percent
of
its
holdings
in
precious
metal
miners
that
are
greater
than
$1
billion
in
market
capitalization;
meanwhile,
the
FTSE
Gold
Mines
Index’s
average
market
capitalization
is
closer
to
$7.5
billion.
The
funds
employed
a
defensive
investment
position
from
time
to
time
in
2022,
with
higher-than-average
cash
balances
on
hand
to
protect
its
liquidity.
However,
to
maintain
varying
degrees
of
investment
exposure
to
the
gold
market,
the
funds
utilized
call
option
positions
and
directional
ETFs,
which
are
more
liquid
than
options,
to
hedge
the
funds’
benchmark
risks
and
provide
optionality
to
upswings
in
gold
stocks.
World
Precious
Minerals
Fund
Strengths
Barksdale
Resources
Corp.
was
the
largest
contributor
to
fund
performance,
with
excellent
new
drill
results
released
over
the
year
on
its
San
Javier
copper
and
gold
project.
By
yearend,
the
company
had
completed
a
significant
resource
estimate
where
the
majority
of
copper
is
suitable
for
the
less
expensive
soluble
extraction
methods.
Barksdale
Resources
is
not
a
member
of
the
NYSE
Arca
Gold
Miners
Index.
The
second
most
significant
contributor
in
2022
was
Reunion
Gold
Corp,
which
won
the
Mines
and
Money,
London
-
Outstanding
Achievement
Award
for
the
discovery
of
the
Oko
West
project
in
Guyana,
for
which
the
company’s
share
price
rose
nearly
180
percent
for
the
year.
Being
underweight
Newmont
Mining,
the
largest
member
of
the
NYSE
Arca
Gold
Miners
Index,
was
our
best
call
on
relative
performance
as
it
significantly
underperformed
its
index
peers.
Gold
and
Precious
Metals
Fund
Strengths
Not
owning
the
Russian
gold
miner
Polymetal
International
Plc
in
the
fund
at
the
start
of
the
year
significantly
benefited
its
relative
performance,
as
the
stock
plunged
77
percent
in
the
first
quarter
with
the
Russian
invasion
of
Ukraine.
Polymetal
was
dropped
from
the
FTSE
Gold
Index
in
the
first
quarter
of
2022.
26
Precious
Metals
and
Minerals
Funds
(unaudited)
Being
underweight
Newmont
Mining,
the
largest
member
of
FTSE
Gold
Mines
Index,
was
our
best
call
on
relative
performance
as
it
significantly
underperformed
its
index
peers.
The
next
best
contributor
to
performance
was
K92
Mining
Inc,
which
is
the
fund’s
largest
position.
K92
finished
the
year
with
less
than
a
1
percent
drop
in
price.
World
Precious
Minerals
Fund
Weaknesses
Tristar
Gold,
Inc.
was
our
biggest
burden
in
2022
as
it
was
down
greater
than
40
percent,
much
like
many
other
junior
exploration
companies
that
were
sold
off
at
the
end
of
the
year
for
tax
loss
harvesting.
Tristar’s
project
is
in
Brazil,
which
has
been
an
active
location
for
acquisitions
as
companies
feel
they
can
do
business
there.
Barsele
Minerals
Corp.
was
our
second-biggest
detractor
from
performance.
Its
share
price
languished
as
its
partner
Agnico
Eagle
Mines
continued
to
slow
walk
the
development
over
the
year.
Arizona
Metal
Corp
was
the
third-most
significant
impact
to
performance
as
it
pulled
back
about
35
percent
in
price
over
the
year.
Arizona
Copper’s
exploration
project
also
contains
significant
zinc
and
copper,
which
weakened
in
price
over
the
course
of
the
year
with
the
rise
in
interest
rates.
Gold
and
Precious
Metals
Fund
Weaknesses
Being
underweight
Agnico
Eagle
Mines
Limited,
following
its
move
to
take
over
Yamana
Gold,
proved
to
be
too
risk
averse,
as
Agnico
Eagle
finished
the
year
with
just
under
a
1
percent
gain.
The
second
worst
contributor
to
relative
performance
was
underweighting
Barrick
Gold,
which
fell
only
6.67
percent
for
the
year,
versus
Newmont
Mining,
which
fell
20.80
percent.
The
fund’s
third
largest
loss
came
from
owning
Pantoro
Gold,
which
had
to
raise
equity
two
times
in
2022
to
fund
the
restart
of
the
Norseman
Gold
Project.
The
company
poured
its
first
bar
of
gold
from
the
mine
before
yearend
in
early
October.
Current
Outlook
World
Precious
Minerals
Fund
Opportunities
Mergers
and
acquisitions
will
continue
into
2023,
with
numerous
senior
companies
having
publicly
commented
on
looking
at
M&A
as
part
of
their
growth
strategy.
We
believe,
transactions
that
provide
diversification
and
less
risk
concentration
would
garner
shareholder
support.
There
may
be
further
consolidation
in
the
streaming
space
(between
the
smaller
players)
as
these
transactions
are
done
to
increase
market
cap
in
a
business
that
allows
for
growth
with
synergies.
According
to
RBC,
valuations
for
junior
miners
have
approached
lows
not
seen
since
2015,
when
gold
was
$500
an
ounce
lower,
setting
the
stage
for
potential
deals.
The
last
couple
of
years
with
Covid
stress
on
companies’
balance
sheet
to
stay
liquid
followed
by
a
pulse
of
inflation,
the
junior
miners
and
exploration
companies
are
trading
at
particularly
attractive
valuations.
The
industrial
demand
for
silver
is
likely
to
see
continued
strong
growth
with
solar
power
being
more
cost-effective
and
less
capital-intensive
than
constructing
new
coal
plants.
However,
there
are
few
miners
of
scale
that
investors
can
invest
in
for
pure
silver
exposure.
There
are
a
number
of
junior
miners
and
exploration
companies
that
may
be
better
proxies
for
playing
a
run
in
silver
prices.
Gold
Precious
Metals
Fund
Opportunities
Acquisitions
are
looked
upon
more
strategically
with
the
theme
of
consolidation
of
major
mining
camps.
Agnico
Eagle
Mines
has
been
the
most
active
over
the
last
several
years
with
the
purchase
of
27
Precious
Metals
and
Minerals
Funds
(unaudited)
Kirkland
Lake
Gold
in
2021
to
be
followed
in
2022
with
a
joint
takeover
of
Yamana
Gold
with
Pan
American
Silver’s
taking
much
of
Yamana’s
South
American
asset.
Gold
Fields,
and
likely
others,
is
on
the
hunt
for
new
assets
to
replace
its
declining
resource
balance.
Gold
Fields
made
the
first
run
at
Yamana
Gold,
which
triggered
the
Agnico
counterbid,
but
it
is
actively
looking
for
new
assets.
To
the
market’s
surprise,
it
was
trying
to
get
a
meaningful
investment
in
a
Canadian
operation.
Investors
should
consider
what
might
be
a
second
choice
for
Gold
Fields
in
North
America.
Zoltan
Pozsar
of
Credit
Suisse
penned
an
interesting
report
titled
"War
and
Commodity
Encumbrance”
at
the
end
of
the
year.
At
the
heart
of
the
work
is
how
China
has
changed
the
structure
of
oil
trade
with
Saudia
Arabia
in
that
the
Shanghai
Petroleum
and
Natural
Gas
Exchange
will
be
fully
utilizing
RMB
settlement
in
oil
and
gas
trade,
creating
the
dawn
of
the
petro
yuan.
What
will
the
Saudis
do
with
all
the
renminbi
they
accumulate
from
selling
their
oil?
One
obvious
option
is
to
convert
it
into
gold
on
either
the
Shanghai
Gold
Exchange
or
Hong
Kong
Gold
Exchange,
both
of
which
have
offered
that
convertibility
option
since
2016
and
2017,
respectively.
The
new
invoicing
for
all
oil
and
gas
in
renminbi
is
expected
to
be
completed
over
the
next
three
to
five
years.
Gold
is
likely
to
remain
well
bid
as
the
dollar
loses
market
share
in
the
world
energy
trade.
World
Precious
Minerals
Fund
Threats
For
several
years,
the
window
has
been
shut
in
terms
of
access
to
capital
for
junior
mining
companies,
particularly
when
Bitcoin
had
been
a
key
competitor
to
gold
and
other
speculative
investments.
With
the
collapse
of
FTX,
crypto
investors
may
be
more
inclined
to
fall
back
to
traditional
precious
metal
investments
as
a
store
of
wealth
for
part
of
their
portfolio,
but
fund
inflows
into
precious
metals
funds
have
remained
muted
following
the
FTX
collapse.
With
silver’s
main
source
of
supply
largely
being
a
byproduct
of
many
gold
mining
operations,
it
becomes
problematic
to
dramatically
increase
the
supply
of
silver
to
meet
high
solar
demand.
Protests
in
Peru,
the
world’s
largest
silver
producer,
have
disrupted
metal
concentrate
shipments.
The
second-
largest
producer
of
silver
is
Mexico,
and
its
Minister
of
the
Environment,
María
Luisa
Albores,
on
December
7,
2022,
stressed
that
no
more
concessions
will
be
granted
for
open-pit
mining
projects
due
to
the
negative
impact
on
the
environment
and
adverse
effects
on
the
health
of
communities
living
nearby.
Google
searches
for
“diamonds”
in
the
U.S.
appear
to
have
decoupled
from
their
historical
trend
of
sharply
rising
into
the
holiday
season.
This
could
be
indicative
of
weakening
consumer
appetite
for
the
stones,
as
evidenced
by
the
softening
of
prices
across
the
size
spectrum
as
well
as
the
weaker-
than-expected
DeBeers
site
sales.
Gold
and
Precious
Metals
Fund
Threats
Jurisdiction
risk
is
a
key
theme
global
mining
companies
are
rethinking
before
committing
to
an
investment.
Russia’s
war
with
Ukraine
and
trade
wars
with
China
are
still
major
concerns.
Recently,
the
government
of
Panama
has
introduced
a
new
tax
agreement
it
wants
to
impose
on
First
Quantum’s
copper
mine
that
could
raise
its
current
taxes
by
800
percent.
West
Africa
has
become
a
major
gold
producing
region
for
the
continent,
but
certain
regions
in
Mali
have
had
terrorist
attacks,
resulting
in
death.
Historically,
the
gold
mining
sector
has
not
had
a
great
track
record
in
putting
together
value
creating
synergies
with
a
merger
in
recent
years,
with
Agnico
Eagle
being
the
exception
for
now.
There
is
a
push
to
get
scale
with
new
mining
projects,
such
as
300,000
ounces
a
year
as
a
minimum
hurdle,
which
is
necessary
to
shoring
up
declining
production
profiles.
Unfortunately,
there
are
not
enough
readily
available
projects
to
meet
the
needs.
Big
projects
will
still
need
a
high
enough
grade
to
endure
periods
of
stress.
28
Precious
Metals
and
Minerals
Funds
(unaudited)
Exchange-traded
funds
were
accumulating
gold
through
the
first
four
months
of
2022,
taking
the
holdings
of
all
known
gold
ETFs
up
to
106.7
million
ounces.
Since
then,
however,
redemptions
have
taken
the
balance
down
to
93.8
million
ounces
by
the
close
of
the
year.
Despite
inflation,
there
has
not
been
a
surge
of
money
buying
gold
at
the
retail
level,
and
interest
in
gold
stocks
remains
muted
by
generalist
investors.
The
section
labeled
Portfolio
of
Investments
contains
a
complete
list
of
the
funds’
holdings.
World
Precious
Minerals
Fund
Summary
information
above
may
differ
from
the
portfolio
schedule
included
in
the
financial
statements
due
to
the
use
of
different
classifications
of
securities
for
presentation
purposes.
Top
10
Equity
Holdings
(Based
on
Net
Assets)
December
31,
2022
Nano
One
Materials
Corp.
9.13%
Advanced
Materials/Production
K92
Mining,
Inc.
8.35%
Gold
Mining
Arizona
Metals
Corp.
5.87%
Precious
Metals
TriStar
Gold,
Inc.
4.90%
Gold
Mining
Ivanhoe
Mines,
Ltd.
4.37%
Metal
-
Diversified
Dolly
Varden
Silver
Corp.
4.30%
Precious
Metals
Barksdale
Resources
Corp.
3.14%
Diamonds/Precious
Stones
Barsele
Minerals
Corp.
2.77%
Precious
Metals
Vizsla
Silver
Corp.
2.37%
Silver
Mining
Reunion
Gold
Corp.
2.29%
Gold
Mining
Total
Top
10
Equity
Holdings
47.49%
Portfolio
Allocation
by
Industry*
Based
on
Total
Investments
December
31,
2022
Gold
Mining
40.3%
Precious
Metals
20.8%
Metal
-
Diversified
9.5%
Advanced
Materials/Production
9.2%
Diversified
Minerals
5.3%
Silver
Mining
4.9%
Diamonds/Precious
Stones
3.2%
Other
6.8%
Total
100.0%
29
Precious
Metals
and
Minerals
Funds
(unaudited)
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.
Top
10
Equity
Holdings
(Based
on
Net
Assets)
December
31,
2022
K92
Mining,
Inc.
11.58%
Gold
Mining
Aya
Gold
&
Silver,
Inc.
6.05%
Silver
Mining
Centamin
PLC
4.07%
Gold
Mining
Alamos
Gold,
Inc.
4.04%
Gold
Mining
DDH1,
Ltd.
2.75%
Oil
&
Gas
Drilling
Vox
Royalty
Corp.
2.74%
Metal
-
Diversified
Ivanhoe
Mines,
Ltd.
2.51%
Metal
-
Diversified
Franco-Nevada
Corp.
2.48%
Gold
Mining
Yamana
Gold,
Inc.
2.47%
Gold
Mining
Impala
Platinum
Holdings,
Ltd.
2.28%
Platinum
Total
Top
10
Equity
Holdings
40.97%
Portfolio
Allocation
by
Industry*
Based
on
Total
Investments
December
31,
2022
Gold
Mining
58.6%
Metal
-
Diversified
9.7%
Silver
Mining
8.7%
Platinum
4.9%
Precious
Metals
4.5%
Other
13.6%
Total
100.0%
30
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,
2022
One
Year
Five
Year
Ten
Year
Emerging
Europe
Fund
(39.84)%
(9.89)%
(6.86)%
S&P
500®
Index
(18.11)%
9.42%
12.56%
MSCI
Emerging
Markets
Europe
10/40
Index
(Net
Total
Return)
(67.62)%
(17.87)%
(10.63)%
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
2.49%.
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
1.75%.
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.
31
Emerging
Europe
Fund
(unaudited)
The
Year
in
Review
–
Economic
and
Political
Issues
Affecting
the
Fund
The
emerging
Europe
region
underperformed
the
broad
emerging
market,
Western
Europe
and
the
United
States.
The
MSCI
Emerging
Europe
index
(MXMU)
lost
70.97%
in
2022,
while
the
broad
emerging
market
index
(MXEF)
lost
19.94%,
led
by
a
sharp
selloff
in
emerging
Europe.
Equities
in
Western
Europe,
as
measured
by
the
STOXX
Europe
600
(SXXP),
declined
by
15.22%,
and
the
S&P
500
(SPX)
corrected
by
18.11%.
It
was
a
horrific
year
in
central
emerging
Europe
as
the
unimaginable
happened.
On
February
21,
2022,
the
president
of
Russia,
Vladimir
Putin,
declared
Donetsk
and
Luhansk
(the
eastern
territory
of
Ukraine
partially
controlled
by
Russia)
independent
states.
A
few
days
later,
on
February
24,
the
worst-case
scenario
unfolded
with
Russia
launching
a
full-scale
attack
on
Ukraine
from
the
east,
north
and
south.
The
West
imposed
sanctions
on
the
country.
The
Moscow
Stock
Exchange
was
halted,
and
the
domestic
stock
market
remains
closed
to
foreign
investors.
GDRs/ADRs
were
removed
from
global
stock
exchanges,
and
indices
removed
all
Russian
holdings,
writing
assets
to
zero.
Russia
became
uninvestable
in
2022
and
was
the
world’s
worst-performing
market.
In
the
third
quarter
of
2022,
a
highly
questionable
referendum
was
held
in
the
four
occupied
regions
of
Ukraine,
resulting
in
the
merging
of
the
territory
with
Russia.
Fighting
has
escalated
as
Ukrainian
President
Zelensky
called
to
retake
all
lost
territory
to
Russia,
including
Crimea,
which
was
taken
from
the
country
in
2014.
Shortly
after
the
annexation
took
place
on
the
last
day
of
September,
the
Kerch
Bridge,
spanning
12
miles
and
connecting
mainland
Russia
with
Crimea,
partially
collapsed
due
to
an
explosion.
President
Putin
called
it
a
terrorist
attack
and,
in
response,
sent
missiles
and
drones
to
more
than
a
dozen
cities
throughout
Ukraine,
attacking
civilians.
Ukraine
suggested
peace
talks
could
take
place
only
when
Russia
pulls
back
its
forces
to
the
border
prior
to
the
invasion,
but
Russia
would
not
agree
to
it.
Therefore,
peace
negotiations
will
not
take
place
as
both
sides
do
not
agree
with
the
terms
for
peace
negotiations.
Equities
in
Poland,
Hungary
and
the
Czech
Republic,
all
countries
in
central
emerging
Europe
with
higher
exposure
to
Russia,
sold
off
in
2022.
Poland,
the
largest
economy
in
the
region,
was
the
most
negatively
impacted.
Equities
trading
on
the
Warsaw
Exchange
lost
24.06%,
followed
by
losses
in
the
Budapest
Stock
Exchange
of
24.37%
and
the
Prague
Stock
Exchange
of
11.02%.
The
war
in
Europe
created
an
energy
crisis
throughout
the
region
as
many
countries
in
Europe
depended
on
oil
and
gas
imports
from
Russia.
Due
to
imposed
sanctions
on
Russia,
Europe
has
experienced
a
shortage
of
fuel.
At
the
end
of
September,
leaders
from
Poland,
Norway
and
Denmark
celebrated
the
opening
of
a
new
pipeline
that
would
carry
gas
from
Norway
via
Denmark
to
Poland.
Poland,
like
many
other
countries
in
central
emerging
Europe,
depended
on
gas
imports
from
Russia,
and
the
Polish
government
for
years
worked
on
diversifying
the
country’s
gas
imports,
opening
an
LNG
port
in
the
Baltic
Sea,
and
starting
construction
of
the
Baltic
pipeline
years
back.
On
June
3,
the
European
Union
(EU)
adopted
a
sixth
package
of
sanctions,
including
a
partial
embargo
on
Russian
oil.
The
sanctions
banned
seaborne
imports
of
Russian
crude
oil
as
of
December
5,
2022,
and
a
ban
on
petroleum
products
imports
as
of
February
5,
2023.
Hungary,
which
gets
around
65%
of
its
oil
and
85%
of
its
gas
from
Russia,
was
excluded
from
the
oil
embargo
and
will
continue
to
receive
Russian
oil
by
the
Druzhba
pipeline.
As
a
result
of
spiking
energy
prices,
many
European
countries
have
implemented
taxes
on
profitable
companies
to
support
straggling
consumers.
Greece,
Hungary,
Italy,
Romania,
Spain
and
the
United
Kingdom
have
implemented
a
windfall
tax.
The
Czech
Republic
and
Poland
have
published
proposals
to
enact
a
windfall
tax,
and
Spain
published
a
proposal
to
enact
a
second
windfall
tax
because
the
first
one
was
diluted
by
a
series
of
exclusions
that
left
many
energy
providers
out
of
its
scope.
Belgium,
Finland,
Germany,
Ireland,
the
Netherlands
and
Slovakia
have
either
officially
announced
or
shown
intentions
to
implement
a
windfall
tax.
For
now,
France
is
the
only
country
that
voted
down
a
windfall
tax
proposal.
Turkey
was
the
best-performing
market
in
2022.
The
Turkish
lira
depreciated
against
the
U.S.
dollar
by
another
28.55%;
however,
equities
trading
on
the
Istanbul
Stock
Exchange
gained
117.39%.
Stocks
were
supported
by
domestic
buying
during
the
year
when
inflation
rose
sharply,
and
the
lira
depreciated
further,
prompting
retail
investors
to
buy
equities.
In
addition,
The
Central
Bank
of
Turkey
has
been
slashing
interest
rates
to
prop
up
consumer
spending,
disregarding
high
inflation
and
other
global
central
bankers
who
hiked
rates
in
2022
to
bring
inflation
lower.
Turkish
President
Recep
Erdogan
wants
to
keep
rates
32
Emerging
Europe
Fund
(unaudited)
super
low
before
the
presidential
election
scheduled
for
June
of
2023.
He
has
even
fired
several
central
bankers
in
the
past
few
years
who
refused
to
lower
rates.
The
Athens
Stock
Exchange
gained
30
basis
points.
Greek
banks,
which
outperformed
European
banks,
have
been
undervalued
after
years
of
austerity
and
reform
measures.
In
recent
years,
banks
have
made
huge
progress
cleaning
bad
loans.
Ratings
agency
Standard
&
Poor’s
anticipates
a
further
reduction
in
Greek
banks’
total
nonperforming
exposures
in
2023
and
stable
loan
growth.
Investment
Highlights
Overview
For
the
year
ended
December
31,
2022,
the
Emerging
Europe
Fund
lost
39.84%,
while
the
benchmark
MSCI
Emerging
Markets
Europe
10/40
Index
(Net
Total
Return)
fell
67.62%.
On
the
country
level,
Turkey
recorded
strong
gains
following
smaller
gains
in
Greece.
Russian
equities
sold
off
sharply.
Equities
in
Poland,
the
Czech
Republic
and
Hungary
all
dropped;
they
were
most
negatively
affected
by
the
war
in
Ukraine.
On
the
sector
level,
industrials
and
health
care
were
the
best
performers,
while
consumer
discretionary,
consumer
staples,
utilities,
communication
services,
materials,
financials
and
energy
underperformed.
Strengths
The
fund’s
underweight
position
in
Russia
and
overweight
Western
Europe
had
the
most
positive
impact
on
the
fund’s
performance
relative
to
its
benchmark.
On
the
day
of
Russia’s
invasion
of
Ukraine,
the
decision
was
made
to
sell
next
to
all
Russian
assets
on
expectations
of
tough
sanctions
and
the
potential
removal
of
Russian
securities
from
the
MSCI
Emerging
Market
Index.
EUROX
outperformed
its
index
mostly
because
Russian
assets
were
sold
before
the
Moscow
Stock
Exchange
was
halted
for
trading.
The
fund
recorded
a
loss
in
2022,
but
it
was
not
as
great
as
the
index,
which
removed
all
Russian
holdings
shortly
after
Russia’s
invasion,
pricing
them
at
zero.
The
fund’s
underweight
position
in
the
energy
sector
had
the
most
negative
effect
on
the
fund’s
performance
relative
to
its
benchmark.
Shares
of
Russian
energy
companies
sold
off
sharply
after
sanctions
were
imposed
on
the
country,
limiting
oil
and
gas
exports
to
Europe.
Turk
Hava
Yollari,
a
Turkish
airline,
made
the
single
largest
contribution
to
the
performance
of
the
fund.
Turkish
airlines
strengthened
their
positions
in
2022,
as
passengers
preferred
to
travel
with
Turkish
air
transportation
due
to
operational
problems
faced
by
European
airlines.
Weaknesses
The
fund’s
underweight
position
in
Turkey
had
the
most
negative
impact
on
the
fund’s
performance
relative
to
its
benchmark.
Turkish
equities
outperformed
in
2022
due
to
strong
retail
sales
and
the
government’s
actions
to
spur
consumer
spending.
The
fund’s
overweight
position
in
materials
had
the
most
negative
effect
on
the
fund’s
performance
relative
to
its
benchmark.
Lukoil,
the
Russian
oil
company,
was
the
single
worst
contributor
to
the
performance
of
the
fund.
The
company
lost
most
of
its
value
after
sanctions
were
imposed
on
Russia’s
oil
and
gas
industry.
In
the
early
days
of
Russia’s
aggression,
it
seemed
as
if
the
oil
and
gas
industry
was
spared
from
being
sanctioned,
but
this
changed
quickly.
Lukoil
was
one
of
the
last
Russian
positions
to
be
sold
out
of
the
fund,
recording
larger
losses.
33
Emerging
Europe
Fund
(unaudited)
Current
Outlook
Opportunities
Emerging
markets
are
expected
to
post
solid
growth
in
2023,
according
to
Société
Générale.
We
may
see
a
significant
differential
between
emerging
market
(EM)
and
developed
market
(DM)
performance.
The
2021-22
period
saw
a
differential
north
of
2
percentage
points
to
the
advantage
of
better
developed
market
economic
performance.
The
situation
may
now
reverse,
with
a
projected
3.8%
growth
in
emerging
markets
contrasting
with
1.2%
growth
in
the
developed
world,
SocGen's
cross-assets
team
writes
in
their
year-ahead
EM
Outlook
2023
report.
The
war
in
Europe,
higher
rates,
a
spike
in
energy
prices
and
slowing
global
demand
all
pushed
European
equities
to
a
record
low
versus
the
U.S.
Europe
could
experience
a
deeper
recession
in
2023,
but
we
believe
a
lot
of
the
negative
data
is
already
priced
in.
Meanwhile,
the
United
States
has
more
room
for
correction.
Barclays’
research
team
believes
that
equity
outflows
in
Europe
look
exaggerated,
while
the
U.S.
looks
more
vulnerable
to
capitulation
risk.
Goldman
Sachs
no
longer
forecasts
a
eurozone
recession
in
2023
after
its
economy
proved
more
resilient
at
the
end
of
2022.
Natural
gas
prices
fell
sharply,
and
China
removed
Covid-19
restrictions
sooner
than
anticipated.
The
energy
crisis
in
Europe,
triggered
by
the
war
between
Russian
and
Ukraine,
presented
a
challenge,
but
with
winter
halfway
over
and
warmer
weather
approaching,
Europe
has
so
far
avoided
a
gas
shortage.
Threats
The
war
in
Ukraine,
which
started
at
the
end
of
February
2022,
may
last
for
years
to
come
as
both
sides
are
not
willing
to
come
to
a
compromise.
At
year-end,
the
Russian
president
visited
neighboring
country
Belarus,
raising
worries
that
a
new
ground
offensive
could
aim
again
at
Kyiv,
a
mere
55
miles
from
the
border.
The
Iskander
tactical
missile
system
and
S-400
air
defense
system
that
Russia
has
deployed
to
Belarus
are
fully
prepared
to
perform
their
intended
tasks,
according
to
senior
Belarusian
defense
ministry
officials.
Russia
is
tying
its
relationship
with
Iran.
Russian
and
Iranian
space
corporations
have
signed
memorandums
on
provision
of
launch
services.
In
December
2022,
Iranian
Minister
of
Information
and
Communications
Technology
Issa
Zarepour
said
that
the
country
would
put
into
orbit
at
least
two
domestically
produced
satellites,
Nahid-1
and
Nahid-2,
by
Spring
2023.
Nahid-2
is
considered
an
important
advancement
in
Iran's
orbital
spacecraft
production.
Until
the
war
in
Ukraine,
Iran
was
the
most
sanctioned
country
in
the
world,
according
to
Castellum,
which
tracks
sanctions.
Russia
now
holds
that
record.
Political
tensions
in
Turkey
may
rise
in
the
country
during
2023
as
presidential
elections
are
scheduled
for
June.
At
the
end
of
2022,
a
court
in
Turkey
convicted
Istanbul’s
mayor,
the
most
popular
political
figure
who
could
challenge
President
Recep
Erdogan,
of
insulting
election
officials
back
in
2019,
sentencing
him
to
almost
three
years
in
prison.
Poland
too
may
see
increased
activity
in
politics
as
the
country’s
parliamentary
elections
are
scheduled
to
take
place
in
the
fall.
It
looks
as
if
the
current
populist
Law
&
Justice
Party
is
set
to
win,
but
it
may
not
be
able
to
form
the
new
government.
The
section
labeled
Portfolio
of
Investments
contains
a
complete
list
of
the
fund’s
holdings.
34
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,
2022
Powszechny
Zaklad
Ubezpieczen
SA
4.81%
Property/Casualty
Insurance
MOL
Hungarian
Oil
&
Gas
PLC
4.26%
Oil
Companies
-
Integrated
Polski
Koncern
Naftowy
ORLEN
SA
3.24%
Oil
Refining
&
Marketing
OTP
Bank
Nyrt
2.94%
Commercial
Banks
Non-US
KOC
Holding
AS
2.88%
Diversified
Operations
Turk
Hava
Yollari
AO
2.71%
Airlines
PGE
Polska
Grupa
Energetyczna
SA
2.54%
Electric
-
Integrated
Akbank
TAS
2.39%
Commercial
Banks
Non-US
Turkiye
Petrol
Rafinerileri
AS
2.27%
Oil
Refining
&
Marketing
KRUK
SA
2.25%
Finance
-
Other
Services
Total
Top
10
Equity
Holdings
30.29%
Country
Distribution*
Based
on
Total
Investments
December
31,
2022
Poland
32.8%
Turkey
26.3%
Greece
14.4%
Hungary
10.6%
Canada
4.5%
Romania
4.1%
Other
7.3%
Total
100.0%
35
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,
2022
One
Year
Five
Year
Ten
Year
China
Region
Fund
(26.27)%
(11.12)%
(1.56)%
Hang
Seng
Composite
Index
(18.03)%
(6.38)%
(0.52)%
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
3.14%.
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
1.75%.
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
36
China
Region
Fund
(unaudited)
The
Year
in
Review
–
Economic
and
Political
Issues
that
Affected
the
Fund
Asian
equities,
as
measured
by
the
iShares
MSCI
All
Country
Asia
ex-Japan
ETF
(AAXJ
US),
performed
in
line
with
the
broad
emerging
markets,
as
measured
by
the
MSCI
Emerging
Markets
ETF
(EEM
US).
AAXJ
declined
20.35%
in
2022
while
EEM
recorded
a
loss
of
20.56%.
Chinese
equities
listed
in
Hong
Kong
sold
off
as
well,
but
they
outperformed
the
broad
emerging
market,
while
stocks
trading
in
mainland
China
underperformed.
Chinese
equities
listed
on
local
exchanges
in
mainland
China
and
Hong
Kong
declined
in
2022,
but
even
deeper
losses
were
reported
in
Taiwan
and
South
Korea.
The
KOSPI
Stock
Exchange
dropped
28.65%,
followed
by
a
26.90%
decline
in
equities
listed
on
the
Taiwan
Stock
Exchange.
Both
indexes
have
high
exposure
to
semiconductor
stocks.
Global
semiconductor
sales
reached
records
in
2021
as
demand
was
very
strong
due
to
the
pandemic;
however,
after
the
pandemic
ended,
demand
dried
up,
taking
the
sector
from
global
shortage
into
global
oversupply.
At
the
beginning
of
2023,
Taiwan
Semiconductor,
the
world’s
largest
chipmaker,
held
its
fourth-quarter
earnings
release
and
conference
call,
during
which
it
forecast
that
the
current
inventory
correction
would
last
through
the
first
part
of
2023,
predicting
a
much
stronger
second
half
of
2023.
Chinese
equities
listed
in
mainland
China
and
Hong
Kong
bottomed
in
October,
gaining
some
market
share
at
the
end
of
the
year,
after
China
announced
the
removal
of
certain
Covid
measures.
2022
was
a
volatile
year
for
Chinese
equities
and
a
busy
year
in
politics.
The
Chinese
Communist
Party
(CCP)
held
its
20th
National
Party
Congress,
and
President
Xi
Jinping
was
reelected
to
a
third
term
in
office.
Prior
to
the
elections,
President
Xi
was
pushing
for
reforms
promoting
common
prosperity,
but
China
in
the
next
few
years
will
focus
on
economic
changes
that
will
bring
stability
and
improve
quality
of
life.
Due
to
the
prolonged
zero-Covid
policy,
China’s
economic
growth
in
2022
slumped
to
one
of
its
worst
levels
in
nearly
half
a
century.
GDP
expanded
3.0%,
missing
the
government
target
of
around
5.5%,
and
down
sharply
from
8.4%
growth
in
2021.
Adding
to
the
challenges
facing
the
economy
and
the
government,
China's
population
in
2022
fell
for
the
first
time
since
1961.
As
a
result,
India
may
become
the
world's
most
populous
nation
in
2023.
On
a
positive
note,
China
finally
relaxed
its
zero-Covid
policy
in
2022,
allowing
people
to
move
freely
and
businesses
to
operate.
Travel
restrictions
were
lifted,
and
borders
with
Macau
and
Hong
Kong
were
opened.
At
the
end
of
the
year,
after
China
announced
its
reopening,
higher
gains
were
reported
on
the
Hong
Kong
Stock
Exchange
than
in
mainland
China
as
the
Heng
Seng
Composite
Index
(HSCI)
has
higher
exposure
to
undervalued
internet/technology
stocks.
In
addition,
U.S.
regulators
have
gained
full
access
to
the
audits
of
Chinese
companies
for
the
first
time,
reducing
the
threat
that
tech
giants
such
as
Alibaba
could
be
kicked
off
of
U.S.
stock
exchanges.
The
Philippines
Stock
Exchange
lost
more
than
10%
in
2022,
while
common
stocks
trading
in
India
recorded
smaller
losses.
According
to
the
Philippine
Statistics
Authority,
nearly
one
in
five
Filipinos
was
living
below
the
poverty
line
at
the
end
of
2022.
Pandemic
lockdown
measures
were
largely
blamed
for
the
worsening
living
standards
in
the
Philippines.
In
India,
the
stock
market
was
supported
by
improving
corporate
profits
and
stronger
consumption.
Moreover,
Indian
retail
investors
have
been
buying
beaten-up
stocks,
betting
on
further
market
recovery.
The
Stock
Exchange
of
Thailand
(SET)
declined
only
40
basis
points
in
2022,
making
it
the
strongest
performer
in
the
region.
The
country
heavily
depends
on
revenue
from
tourism.
Thailand
is
fully
reopened
now
and
is
attracting
visitors
from
around
the
globe,
and
it
is
aiming
for
80%
of
pre-pandemic
tourism
revenue
within
2023.
Investment
Highlights
Overview
For
the
year
ended
December
31,
2022,
the
China
Region
Fund
lost
26.27%,
underperforming
its
benchmark,
the
Hang
Seng
Composite
Index
(HSCI),
which
declined
by
18.03%
over
the
same
period.
Thailand,
Indonesia,
India,
Malaysia
and
the
Philippines
outperformed
the
HSCI
benchmark.
The
Shanghai
Stock
Exchange
(China
mainland),
Taiwan
and
South
Korea
underperformed
the
HSCI
benchmark.
37
China
Region
Fund
(unaudited)
On
the
sector
basis,
energy,
financial,
materials,
health
care,
communication
services,
real
estate
and
utilities
outperformed,
while
consumer
staples,
industrials,
consumer
discretionary
and
information
technology
underperformed.
Strengths
The
fund’s
defensive
positioning
(higher
cash
level
and
exposure
to
Aris
Gold
notes)
had
the
most
positive
impact
on
the
fund’s
performance
relative
to
its
benchmark.
The
fund’s
stock
selection
in
the
heath
technology
sector
had
the
most
positive
effect
on
the
fund’s
performance
relative
to
its
benchmark.
Shares
of
Sino
Biopharmaceutical
gained
12.92%;
the
company
had
a
smaller
weighting
in
the
HSCI
index.
Call
options
on
the
Invesco
China
Technology
ETF
(CQQQ)
and
HSBC
Bank
made
the
largest
positive
contributions
to
the
performance
of
the
fund.
It
was
a
volatile
year,
and
the
strategy
to
increase
the
fund’s
exposure
to
technology
names
by
purchasing
call
options
on
CQQQ
worked
well.
Weaknesses
The
fund’s
overweight
position
in
Taiwan
and
stock
selection
in
Hong
Kong
had
the
most
negative
impact
on
the
fund’s
performance
relative
to
its
benchmark.
The
Taiwanese
Stock
Exchange,
which
is
heavily
invested
in
semiconductor
and
technology
stocks,
corrected
26.9%
in
2022.
Taiwan
is
not
a
member
of
the
fund’s
index.
The
fund’s
stock
selection
in
the
electronic
technology
economic
sector
had
the
most
negative
effect
on
the
fund’s
performance
relative
to
its
benchmark.
Shares
of
SK
Hynix
declined
42.60%,
and
Nanya
Technology
Corporation
lost
27.03%.
Both
names
were
not
members
of
the
HSCI
index.
SK
Hynix,
a
South
Korean
semiconductor
producer,
was
the
single
worst
contributor
to
the
performance
of
USCOX.
Shares
lost
45.48%
in
2022,
and
the
company
was
not
part
of
the
HSCI
index.
Most
Taiwanese
and
South
Korean
semiconductor
stocks
gave
up
2021
gains
in
2022.
Current
Outlook
Opportunities
The
MSCI
Asia
Pacific
Index
recorded
strong
returns
at
the
beginning
of
the
year
in
2023,
appreciating
more
than
20%
since
the
most
recent
low
that
took
place
in
October
of
2022.
Technically,
a
bull
market
starts
when
stocks
gain
more
than
20%
from
the
recent
low.
After
a
bigger
selloff
in
2022,
Asian
stocks
are
expected
to
bounce
back
in
2023,
supported
by
the
Chinese
government’s
decision
to
remove
its
zero-Covid
policy
sooner
than
expected.
China
dropped
quarantine
requirements
for
all
passengers
arriving
from
outside
the
country
starting
January
8,
2023.
Prior
travel
policy
asked
people
to
quarantine
for
five
days
in
a
hotel
and
an
additional
three
days
at
home.
Further
easing
of
Covid-related
measures
and
travel
restrictions
will
allow
the
Chinese
economy
to
grow
at
a
faster
pace.
Many
Taiwanese
and
South
Korean
semiconductor
stocks
may
have
seen
a
bottom
in
2022.
At
the
beginning
of
January,
Taiwan
Semiconductor
(TSMC),
the
world’s
largest
chipmaker,
reported
stronger
sales
in
the
fourth
quarter,
but
the
company
announced
spending
in
2023
as
it
expects
sales
weakness
ahead.
However,
TSMC
indicated
that
the
second
quarter
could
be
the
revenue
bottom
of
the
year.
Threats
China’s
recent
steps
to
reopen
its
economy
were
welcomed
by
investors.
Equities
moved
higher
after
years
of
a
strict
zero-Covid
policy
depressed
the
economy
and
hindered
consumer
sentiment.
While
38
China
Region
Fund
(unaudited)
the
reopening
should
lead
to
normalization
of
economic
conditions,
many
predict
that
the
relaxed
Covid
restrictions
will
cause
the
medical
system
to
overheat,
and
as
many
as
2
million
people
may
die
in
China.
Covid
infections
also
may
increase
around
the
world
with
China
passengers
spreading
the
sickness.
Shortly
after
travel
restrictions
were
lifted
in
China
at
the
end
of
2022,
Milan,
Italy’s
airport
reported
that
50%
of
passengers
arriving
from
China
had
tested
positive
for
Covid.
At
the
end
of
2022,
China
once
again
staged
its
largest
military
drills
around
Taiwan
since
House
Speaker
Nancy
Pelosi’s
visit
in
August.
China’s
military
maneuvers
were
in
response
to
the
U.S.’s
provocations
after
Congress
authorized
increased
funding
for
weapons
assistance
to
Taiwan,
according
to
FactSet.
Chinese
President
Xi
remains
a
close
ally
of
President
Vladmir
Putin
despite
heavy
sanctions
imposed
on
Russia
after
its
attack
on
Ukraine.
China
may
not
be
willing
to
take
back
Taiwan,
especially
with
Russian
forces
unsuccessfully
trying
to
grab
land
from
Ukraine
since
February
2022,
but
the
threat
of
growing
geopolitical
tensions
exists.
We
believe
the
Chinese
property
market
may
stabilize
in
2023
thanks
to
the
government’s
support
and
the
lifting
of
strict
anti-Covid
policies,
but
it
won’t
be
as
hot
as
before.
Property
sales
are
expected
to
slip
by
a
median
of
8%
in
2023,
a
Reuters
survey
of
eight
economists
and
analysts
showed,
compared
to
a
slump
of
around
25%
in
2022.
Economic
activity,
household
income
and
consumer
confidence
are
seen
rebounding
in
the
second
half.
The
section
labeled
Portfolio
of
Investments
contains
a
complete
list
of
the
fund’s
holdings.
Top
10
Equity
Holdings
(Based
on
Net
Assets)
December
31,
2022
Tencent
Holdings,
Ltd.,
ADR
6.36%
Internet
Content
-
Info
COSCO
SHIPPING
Holdings
Co.,
Ltd.
5.02%
Transportation
-
Marine
Sino
Biopharmaceutical,
Ltd.
4.62%
Medical
-
Drugs
United
Microelectronics
Corp.
4.59%
Semiconductor
Components
-
Integrated
Circuit
PetroChina
Co.,
Ltd.
4.27%
Oil
Companies
-
Integrated
Orient
Overseas
International,
Ltd.
4.06%
Transportation
-
Marine
China
Coal
Energy
Co.,
Ltd.
3.72%
Coal
Aluminum
Corp.
of
China,
Ltd.
3.36%
Metal
-
Aluminum
Yankuang
Energy
Group
Co.,
Ltd.
3.36%
Coal
Unimicron
Technology
Corp.
3.27%
Circuit
Boards
Total
Top
10
Equity
Holdings
42.63%
39
China
Region
Fund
(unaudited)
Country
distribution
shown
is
based
on
domicile
and
not
intended
to
conform
to
the
China
region
definition
in
the
prospectus.
The
locale
of
company
operations
may
be
different.
Country
Distribution*
Based
on
Total
Investments
December
31,
2022
China
46.9%
Taiwan,
Province
of
China
22.6%
Hong
Kong
16.7%
Canada
4.5%
Italy
3.7%
Other
5.6%
Total
100.0%
Portfolio
of
Investments
40
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
U.S.
Government
Securities
Ultra-Short
Bond
Fund
United
States
Government
and
Agency
Obligations
95.29%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Federal
Farm
Credit
Bank
40.44%
Fixed
Rates:
0.12
01/12/23
$
3,000,000
$
2,995,138
5.34
05/28/26
2,000,000
2,000,322
Floating
Rates:
(Federal
Reserve
Bank
Effective
Rate
+
(0.02)%
)
4.32
05/15/23
5,000,000
5,000,952
(U.S.
Treasury
3
Month
Bill
Money
Market
Yield
+
0.06%)
4.45
01/31/23
3,800,000
3,800,801
13,797,213
Federal
Home
Loan
Bank
44.93%
Fixed
Rates:
4.50
07/20/23
3,000,000
2,999,109
3.25
08/15/23
855,000
846,947
4.30
09/26/23
2,000,000
1,992,686
4.75
10/24/23
5,000,000
4,996,319
5.00
04/25/24
1,500,000
1,498,346
5.20
10/25/24
3,000,000
2,995,529
15,328,936
U.S.
Treasury
Note/Bond
9.92%
Fixed
Rates:
0.13
06/30/23
1,500,000
1,466,754
0.13
12/15/23
2,000,000
1,915,948
3,382,702
Investments,
at
value
95.29%
32,508,851
(cost
$32,637,983
)
Other
assets
and
liabilities,
net
4.71%
1,608,577
Net
Assets
100.00%
$
34,117,428
Portfolio
of
Investments
41
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
Near-Term
Tax
Free
Fund
Municipal
Bonds
93.91%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Alabama
1.62%
Alabama
Community
College
System,
Alabama,
Refunding,
RB
BAM
4.00
11/01/24
$
185,000
$
188,557
Alabaster
Board
of
Education,
Alabama,
Prefunding,
Special
Tax
Bond
AGM
5.00
09/01/44
300,000
310,324
498,881
Arizona
1.33%
City
of
Mesa
AZ,
Arizona,
Refunding,
GO
Limited
4.00
07/01/25
400,000
411,876
California
2.86%
City
of
Milpitas
CA
Wastewater
Revenue,
California,
Refunding,
RB
5.00
11/01/24
350,000
364,926
East
Side
Union
High
School
District,
California,
GO
Unlimited
AGM
5.00
08/01/24
200,000
207,067
State
of
California,
California,
Refunding,
GO
Unlimited
5.00
08/01/24
300,000
310,648
882,641
Colorado
3.71%
City
of
Glendale
CO,
Colorado,
Refunding,
COP
AGM
5.00
12/01/25
750,000
780,293
Colorado
Health
Facilities
Authority,
Colorado,
Refunding,
RB
5.00
10/01/25
350,000
366,505
1,146,798
Connecticut
2.14%
State
of
Connecticut,
Connecticut,
GO
Unlimited
4.00
06/15/24
235,000
239,128
State
of
Connecticut,
Connecticut,
Refunding,
GO
Unlimited
5.00
05/15/27
200,000
214,634
Town
of
Simsbury
CT,
Connecticut,
Refunding,
GO
Unlimited
5.00
08/01/24
200,000
207,067
660,829
Florida
4.20%
Port
St
Lucie
Community
Redevelopment
Agency,
Florida,
Refunding,
Tax
Allocation
Bond
5.00
01/01/25
705,000
733,546
School
District
of
Broward
County/FL,
Florida,
RN
4.00
06/30/23
560,000
563,117
1,296,663
Hawaii
0.62%
State
of
Hawaii,
Hawaii,
Refunding,
GO
Unlimited
5.00
10/01/27
175,000
189,846
Portfolio
of
Investments
42
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
Near-Term
Tax
Free
Fund
Municipal
Bonds (cont’d)
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Illinois
3.35%
Chicago
Park
District,
Illinois,
Refunding,
GO
Limited,
Series B
5.00
01/01/24
$
500,000
$
508,572
City
of
St
Charles
IL,
Illinois,
GO
Unlimited
5.00
12/01/23
210,000
213,936
Cook
County
Township
High
School
District
No.
225,
Illinois,
Refunding,
GO
Unlimited
5.00
12/01/24
300,000
311,966
1,034,474
Indiana
1.50%
Northwestern
School
Corp.,
Indiana,
GO
Limited
5.00
01/15/26
150,000
158,581
South
Henry
Multi
School
Building
Corp.,
Indiana,
RB
5.00
07/15/24
125,000
128,845
Warrick
County
Redevelopment
District,
Indiana,
Refunding,
Tax
Allocation
Bond
4.00
08/01/25
170,000
174,731
462,157
Iowa
0.97%
Iowa
Finance
Authority,
Iowa,
Refunding,
RB
5.00
02/15/25
290,000
300,315
Kansas
0.55%
City
of
Lawrence
KS,
Kansas,
GO
Unlimited
3.25
09/01/27
170,000
170,979
Kentucky
1.81%
City
of
Ashland
KY,
Kentucky,
Refunding,
GO
Unlimited
AGM
5.00
01/01/25
300,000
312,503
Kentucky
Bond
Development
Corp.,
Kentucky,
Refunding,
RB
5.00
05/01/25
235,000
246,178
558,681
Louisiana
0.93%
Louisiana
Housing
Corp.,
Louisiana,
RB
FHLMC
2.15
12/01/24
295,000
287,299
Massachusetts
6.74%
Commonwealth
of
Massachusetts
Federal
Highway
Grant
Anticipation
Note
Revenue,
Massachusetts,
RB
5.00
06/15/25
250,000
258,358
Massachusetts
Development
Finance
Agency,
Massachusetts,
Refunding,
RB
4.00
04/01/25
250,000
256,250
Massachusetts
Port
Authority,
Massachusetts,
Refunding,
RB
5.00
07/01/24
560,000
577,494
Town
of
East
Bridgewater
MA,
Massachusetts,
GO
Limited
Notes
5.00
04/28/23
687,949
691,655
Town
of
Lenox
MA,
Massachusetts,
GO
Limited
2.00
06/01/23
300,000
298,277
2,082,034
Portfolio
of
Investments
43
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
Near-Term
Tax
Free
Fund
Municipal
Bonds (cont’d)
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Michigan
2.27%
Great
Lakes
Water
Authority
Water
Supply
System
Revenue,
Michigan,
Refunding,
RB
5.00
07/01/26
$
365,000
$
391,620
Michigan
Finance
Authority,
Michigan,
RB
AGM
5.00
07/01/26
300,000
309,639
701,259
Minnesota
1.59%
City
of
Springfield
MN,
Minnesota,
GO
Unlimited
2.40
12/15/24
155,000
154,954
City
of
St
Cloud
MN,
Minnesota,
Refunding,
RB
5.00
05/01/24
185,000
189,463
City
of
Thief
River
Falls
MN,
Minnesota,
Refunding,
GO
Unlimited
2.00
02/01/24
150,000
147,816
492,233
Mississippi
0.42%
County
of
Madison
MS,
Mississippi,
GO
Unlimited
4.50
11/01/25
125,000
128,971
Missouri
0.67%
St
Louis
Land
Clearance
for
Redevelopment
Authority,
Missouri,
RB
4.00
07/15/25
200,000
205,895
Nevada
1.00%
Clark
County
Water
Reclamation
District,
Nevada,
Refunding,
GO
Limited
5.00
07/01/24
300,000
309,461
New
Hampshire
0.66%
City
of
Portsmouth
NH,
New
Hampshire,
GO
Unlimited
4.00
06/15/24
200,000
203,513
New
Jersey
3.72%
Middlesex
County
Improvement
Authority,
New
Jersey,
RB
5.00
07/01/25
425,000
449,386
Township
of
North
Bergen
NJ,
New
Jersey,
GO
Unlimited
Notes
5.00
12/21/23
440,000
445,188
Township
of
Vernon
NJ,
New
Jersey,
Refunding,
GO
Unlimited
4.00
01/01/24
250,000
252,598
1,147,172
New
Mexico
2.13%
City
of
Rio
Rancho
NM,
New
Mexico,
GO
Unlimited
5.00
08/01/27
600,000
658,196
Portfolio
of
Investments
44
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
Near-Term
Tax
Free
Fund
Municipal
Bonds (cont’d)
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
New
York
2.28%
City
of
New
York
NY,
New
York,
Refunding,
GO
Unlimited
5.00
08/01/25
$
250,000
$
264,587
City
of
New
York
NY,
New
York,
Refunding,
GO
Unlimited
5.00
08/01/26
200,000
216,327
Port
Authority
of
New
York
&
New
Jersey,
New
York,
Refunding,
RB
5.00
10/01/25
215,000
224,161
705,075
Ohio
0.94%
Kettering
City
School
District,
Ohio,
Refunding,
GO
Unlimited
5.00
12/01/24
280,000
291,221
Oklahoma
4.60%
Cleveland
County
Independent
School
District
No.
29
Norman,
Oklahoma,
GO
Unlimited
3.00
05/01/24
415,000
415,506
Grady
County
School
Finance
Authority,
Oklahoma,
RB
5.00
09/01/24
225,000
232,558
Tulsa
Public
Facilities
Authority,
Oklahoma,
RB
5.00
06/01/24
750,000
770,935
1,418,999
Oregon
1.60%
City
of
Ashland
OR,
Oregon,
GO
Limited
2.38
10/01/26
200,000
193,739
Klamath
Falls
Intercommunity
Hospital
Authority,
Oregon,
Refunding,
RB
4.00
09/01/24
175,000
176,706
Umatilla
County
School
District
No.
8R
Hermiston,
Oregon,
GO
Unlimited
◊
3.40
06/15/23
125,000
123,188
493,633
Pennsylvania
3.08%
Commonwealth
of
Pennsylvania,
Pennsylvania,
Refunding,
GO
Unlimited,
First
Series
5.00
08/15/25
310,000
328,293
Commonwealth
of
Pennsylvania,
Pennsylvania,
GO
Unlimited,
Second
Series
5.00
09/15/24
300,000
311,455
Pittsburgh
Water
&
Sewer
Authority,
Pennsylvania,
RB
AGM
5.00
09/01/24
300,000
310,323
950,071
South
Carolina
1.06%
City
of
Tega
Cay
SC,
South
Carolina,
Refunding,
GO
Unlimited
2.25
04/01/25
335,000
326,489
South
Dakota
0.45%
South
Dakota
Health
&
Educational
Facilities
Authority,
South
Dakota,
Refunding,
RB
5.00
09/01/24
135,000
138,606
Portfolio
of
Investments
45
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
Near-Term
Tax
Free
Fund
Municipal
Bonds (cont’d)
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Tennessee
0.84%
Metropolitan
Government
of
Nashville
&
Davidson
County
TN,
Tennessee,
GO
Unlimited
5.00
07/01/24
$
250,000
$
258,255
Texas
23.10%
City
of
Austin
TX,
Texas,
Refunding,
GO
Limited
5.00
09/01/24
215,000
223,072
City
of
Dallas
TX
Waterworks
&
Sewer
System
Revenue,
Texas,
RB
5.00
10/01/23
275,000
279,287
City
of
Laredo
TX
Waterworks
&
Sewer
System
Revenue,
Texas,
RB
5.00
03/01/23
625,000
626,870
City
of
Leander
TX,
Texas,
GO
Unlimited
5.00
08/15/23
965,000
977,195
County
of
Galveston
TX,
Texas,
Refunding,
GO
Unlimited
4.00
02/01/23
545,000
545,350
Ector
County
Independent
School
District,
Texas,
Prefunding,
GO
Unlimited
PSF-GTD
5.00
08/15/29
400,000
405,110
Fort
Worth
Independent
School
District,
Texas,
GO
Unlimited
PSF-GTD
5.00
02/15/23
3,920,000
3,928,622
University
of
Houston,
Texas,
Refunding,
RB
5.00
02/15/24
145,000
148,409
7,133,915
Utah
1.77%
County
of
Utah
UT,
Utah,
RB
5.00
05/15/24
250,000
256,905
Jordan
Valley
Water
Conservancy
District,
Utah,
Refunding,
RB
5.00
10/01/24
280,000
291,095
548,000
Vermont
1.29%
University
of
Vermont
and
State
Agricultural
College,
Vermont,
Refunding,
RB
5.00
10/01/24
385,000
399,255
Virginia
2.52%
Commonwealth
of
Virginia,
Virginia,
Refunding,
GO
Unlimited
5.00
06/01/23
535,000
539,555
Virginia
Commonwealth
Transportation
Board,
Virginia,
RB
5.00
05/15/25
225,000
237,319
776,874
Washington
4.23%
King
County
Fire
Protection
District
No.
45,
Washington,
GO
Unlimited
4.00
12/01/25
260,000
268,680
King
County
Housing
Authority,
Washington,
Refunding,
RB
4.00
06/01/27
150,000
153,969
State
of
Washington,
Washington,
GO
Unlimited
5.00
06/01/23
385,000
388,278
Portfolio
of
Investments
46
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
Near-Term
Tax
Free
Fund
Municipal
Bonds (cont’d)
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Washington
(cont’d)
State
of
Washington,
Washington,
Refunding,
GO
Unlimited
5.00
07/01/23
$
490,000
$
495,074
1,306,001
Wisconsin
1.36%
Village
of
Hartland
WI,
Wisconsin,
Refunding,
GO
Unlimited
3.00
06/01/24
420,000
420,513
Total
Municipal
Bonds
28,997,080
(cost
$29,187,248)
Exchange
Traded
Fund
3.68%
Shares
JPMorgan
Ultra-Short
Municipal
Income
ETF
22,500
1,137,037
(cost
$1,140,613)
Investments,
at
value
97.59%
30,134,117
(cost
$30,327,861
)
Other
assets
and
liabilities,
net
2.41%
743,752
Net
Assets
100.00%
$
30,877,869
Portfolio
of
Investments
47
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
Global
Luxury
Goods
Fund
Common
Stocks
92.58%
Shares
Value
Apparel
Manufacturers
9.67%
Burberry
Group
PLC
16,400
$
398,719
Capri
Holdings,
Ltd.
*
9,500
544,540
Christian
Dior
SE
585
426,256
Hermes
International
1,042
1,612,862
Kering
SA,
ADR
9,200
466,072
PRADA
SpA
80,000
449,105
3,897,554
Athletic
Footwear
4.86%
NIKE,
Inc.,
Class B
16,750
1,959,917
Automotive
-
Cars
&
Light
Trucks
18.36%
Bayerische
Motoren
Werke
AG
19,200
1,699,873
Ferrari
NV
2,029
434,652
Lucid
Group,
Inc.
*
13,000
88,790
Mercedes-Benz
Group
AG,
ADR
128,714
2,104,474
NIO,
Inc.,
ADR
*
26,000
253,500
Tesla,
Inc.
*
11,255
1,386,391
Volkswagen
AG
9,150
1,435,413
7,403,093
Beverages
-
Wine/Spirits
4.95%
Constellation
Brands,
Inc.,
Class A
5,750
1,332,563
Pernod
Ricard
SA
3,370
662,955
1,995,518
Casino
Hotels
2.47%
MGM
China
Holdings,
Ltd.
*
40,000
43,931
MGM
Resorts
International
23,500
787,955
Sands
China,
Ltd.
*
35,000
114,808
Wynn
Macau,
Ltd.
*
45,000
49,926
996,620
Cosmetics
&
Toiletries
3.73%
Coty,
Inc.,
Class A
*
110,000
941,600
Shiseido
Co.,
Ltd.
11,500
563,658
1,505,258
Cruise
Lines
3.32%
Norwegian
Cruise
Line
Holdings,
Ltd.
*
53,000
648,720
Royal
Caribbean
Cruises,
Ltd.
*
13,940
689,054
1,337,774
Energy
-
Alternate
Sources
0.00%
Pacific
Green
Energy
Corp.
#*@
100,000
0
Fiduciary
Banks
1.45%
Northern
Trust
Corp.
6,600
584,034
Portfolio
of
Investments
48
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
Global
Luxury
Goods
Fund
Common
Stocks (cont’d)
Shares
Value
Finance
-
Mortgage
Loan/Banker
0.00%
Lendified
Holdings,
Inc.
#*@
1,116,560
$
0
Gold
Mining
3.04%
DRDGOLD,
Ltd.,
ADR
33,000
244,200
Dundee
Precious
Metals,
Inc.
40,000
192,319
Franco-Nevada
Corp.
2,550
348,024
Royal
Gold,
Inc.
2,800
315,616
Torex
Gold
Resources,
Inc.
*
11,000
126,329
1,226,488
Home
Furnishings
2.27%
Tempur
Sealy
International,
Inc.
26,700
916,611
Hotels
&
Motels
11.89%
Hilton
Worldwide
Holdings,
Inc.
9,700
1,225,692
HUGO
BOSS
AG
14,500
838,247
Hyatt
Hotels
Corp.,
Class A
*
5,000
452,250
InterContinental
Hotels
Group
PLC
11,700
671,332
Marriott
International,
Inc.,
Class A
10,800
1,608,012
4,795,533
Oil
Companies
-
Exploration
&
Production
0.09%
NG
Energy
International
Corp.,
144A
#*∆
50,000
35,081
Platinum
0.92%
Impala
Platinum
Holdings,
Ltd.,
ADR
30,000
372,600
Precious
Metals
0.68%
Wheaton
Precious
Metals
Corp.
7,000
273,560
Real
Estate
Operating/Development
0.00%
Infrastructure
Ventures,
Inc.
#*@+
426,533
0
Resorts/Theme
Parks
1.67%
Vail
Resorts,
Inc.
2,830
674,531
Retail
-
Apparel/Shoe
10.75%
Brunello
Cucinelli
SpA
9,100
673,318
Industria
de
Diseno
Textil
SA
*
82,500
2,191,286
Moncler
SpA
13,500
717,348
Salvatore
Ferragamo
SpA
6,700
118,458
Zalando
SE
*
18,000
633,686
4,334,096
Retail
-
Discount
4.19%
Costco
Wholesale
Corp.
3,700
1,689,050
Portfolio
of
Investments
49
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
Global
Luxury
Goods
Fund
Common
Stocks (cont’d)
Shares
Value
Retail
-
Jewelry
3.86%
Cie
Financiere
Richemont
SA
12,000
$
1,555,920
Silver
Mining
0.91%
Silvercorp
Metals,
Inc.
124,000
367,040
Textile
-
Apparel
3.50%
LVMH
Moet
Hennessy
Louis
Vuitton
SE,
ADR
9,737
1,410,599
Total
Common
Stocks
37,330,877
(cost
$37,014,709)
Corporate
Non-Convertible
Bond
1.94%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Gold
Mining
1.94%
Aris
Gold
Corp.
7.50
08/26/27
$
790,455
780,574
(cost
$790,380)
Warrants
0.06%
Exercise
Price
Exp.
Date
Shares
Enterprise
Software/Services
0.04%
Abaxx
Technologies,
Inc.
*
$
5.10
05/14/23
34,062
16,855
Retail
-
Jewelry
0.02%
Cie
Financiere
Richemont
SA
*
67.00
11/22/23
9,200
7,661
Total
Warrants
24,516
(cost
$0
)
Investments,
at
value
94.58%
38,135,967
(cost
$37,805,089
)
Other
assets
and
liabilities,
net
5.42%
2,185,412
Net
Assets
100.00%
$
40,321,379
Portfolio
of
Investments
50
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
Global
Resources
Fund
Common
Stocks
86.58%
Shares
Value
Advanced
Materials/Production
2.82%
Nano
One
Materials
Corp.
*
275,000
$
495,569
NanoXplore,
Inc.
*
550,000
1,056,130
1,551,699
Agricultural
Chemicals
1.79%
CF
Industries
Holdings,
Inc.
4,000
340,800
Nutrien,
Ltd.
4,000
292,024
The
Mosaic
Co.
8,000
350,960
983,784
Agricultural
Operations
0.47%
Wide
Open
Agriculture,
Ltd.
*
2,000,000
259,311
Building
&
Construction
Products
-
Miscellaneous
0.54%
Louisiana-Pacific
Corp.
5,000
296,000
Chemicals
-
Diversified
0.05%
Base
Carbon,
Inc.
*
71,429
26,377
Coal
0.00%
Caribbean
Resources
Corp.
#*@~
17
0
Diamonds/Precious
Stones
1.54%
Barksdale
Resources
Corp.
*
1,300,000
739,291
Lucara
Diamond
Corp.
*
300,000
110,783
850,074
Distribution/Wholesale
0.23%
Fox
River
Resources
Corp.
*
1,000,000
125,554
Diversified
Minerals
8.91%
Arianne
Phosphate,
Inc.
*
1,000,000
265,879
Bradda
Head
Lithium,
Ltd.
*
2,000,000
198,884
Critical
Elements
Lithium
Corp.
*
400,000
611,521
E3
Lithium,
Ltd.
*
400,000
570,162
Group
6
Metals,
Ltd.
*
800,000
94,513
Ion
Energy,
Ltd.
*
225,000
32,404
Leo
Lithium,
Ltd.
*
822,649
269,610
Lithium
Americas
Corp.
*
15,000
284,380
Lithium
Ionic
Corp.
*
750,000
897,341
Morella
Corp.,
Ltd.
*
13,333,334
108,727
Nio
Strategic
Metals,
Inc.
*
3,325,000
153,480
Nio
Strategic
Metals,
Inc.,
144A
#∆
362,069
16,713
Northern
Graphite
Corp.
*
675,000
241,784
Piedmont
Lithium,
Inc.
*
10,000
440,200
Salazar
Resources,
Ltd.
*
3,000,000
276,957
Standard
Lithium,
Ltd.
*
75,000
221,250
VR
Resources,
Ltd.
*
1,000,000
84,934
Portfolio
of
Investments
51
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
Global
Resources
Fund
Common
Stocks (cont’d)
Shares
Value
Diversified
Minerals
(cont’d)
Wolfden
Resources
Corp.
*
1,000,000
$
138,479
4,907,218
Energy
-
Alternate
Sources
0.80%
Canadian
Solar,
Inc.
*
10,000
309,000
Pacific
Green
Energy
Corp.
#*@~
2,400,000
0
Zinc8
Energy
Solutions,
Inc.
*
1,000,000
132,939
441,939
Enterprise
Software/Services
4.02%
Abaxx
Technologies,
Inc.
*
1,000,000
1,846,381
Base
Carbon,
Inc.
*
1,000,000
369,276
2,215,657
Food
-
Miscellaneous/Diversified
0.26%
Burcon
NutraScience
Corp.
*
500,000
142,171
Forestry
0.53%
West
Fraser
Timber
Co.,
Ltd.
4,000
288,833
Gold
Mining
3.79%
Arena
Minerals,
Inc.
*
500,000
206,795
Corona
Minerals,
Ltd.
#*@
5,000
0
Critical
Resources,
Ltd.
*
3,500,000
102,499
EnviroGold
Global,
Ltd.,
144A
#*∆
75,000
9,971
Firefinch,
Ltd.
#*@
1,000,000
95,319
Ionic
Rare
Earths,
Ltd.
*
7,500,000
166,519
K92
Mining,
Inc.
*
100,000
566,470
OceanaGold
Corp.
*
125,000
238,183
Royal
Road
Minerals,
Ltd.
*
5,500,000
467,134
Silver
Tiger
Metals,
Inc.
*
750,000
152,326
Western
Atlas
Resources,
Inc.
*
3,000,000
83,087
2,088,303
Industrial
Gases
1.19%
Linde
PLC
2,000
652,360
Investment
Companies
1.21%
Contango
Holdings
PLC
*
10,602,248
668,168
Machinery
-
Electric
Utilities
1.04%
Bloom
Energy
Corp.,
Class A
*
30,000
573,600
Metal
-
Copper
1.29%
Arizona
Sonoran
Copper
Co.,
Inc.
*
400,000
567,208
Kutcho
Copper
Corp.
*
850,000
141,248
708,456
Portfolio
of
Investments
52
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
Global
Resources
Fund
Common
Stocks (cont’d)
Shares
Value
Metal
-
Diversified
20.48%
Bell
Copper
Corp.
*
1,000,000
$
96,012
Centaurus
Metals,
Ltd.
*
1,500,000
1,136,779
Chakana
Copper
Corp.
*
483,494
32,138
Churchill
Resources,
Inc.
*
599,587
42,069
Electra
Battery
Materials
Corp.
*
83,333
138,480
Electra
Battery
Materials
Corp.,
144A
#∆
55,555
92,318
Filo
Mining
Corp.
*
310,000
5,320,827
Galway
Metals,
Inc.
*
500,000
83,087
GoviEx
Uranium,
Inc.,
144A
#*∆
58,000
7,710
Ivanhoe
Electric,
Inc./US
*
7,002
85,074
Ivanhoe
Mines,
Ltd.
*
450,000
3,556,130
Lynas
Rare
Earths,
Ltd.
*
45,000
237,218
Nubian
Resources,
Ltd.
*
250,000
20,310
Orsu
Metals
Corp.,
144A
#*∆
14,761
273
Silver
X
Mining
Corp.
*
355,000
99,631
Sovereign
Metals,
Ltd.
*
600,000
162,433
Vox
Royalty
Corp.
70,000
162,334
11,272,823
Metal
-
Iron
0.00%
Consolidated
Growth
Holdings,
Ltd.
#*@
19,859,173
0
Mining
Services
0.94%
Cordoba
Minerals
Corp.
*
58,823
23,677
Defense
Metals
Corp.
*
2,000,000
310,192
Talon
Metals
Corp.
*
500,000
182,792
516,661
Natural
Resource
Technology
0.22%
I-Pulse,
Inc.,
144A
#*@+∆
15,971
120,741
Non-Ferrous
Metals
4.24%
Encore
Energy
Corp.
*
300,000
709,010
Energy
Fuels,
Inc./Canada
*
80,000
496,800
Euro
Manganese,
Inc.
*
1,000,000
240,860
InZinc
Mining,
Ltd.
*
2,000,000
36,928
Nova
Royalty
Corp.
*
500,000
557,607
Premium
Nickel
Resources,
Ltd.
*
250,000
295,421
Sterling
Group
Ventures,
Inc.,
144A
#*@∆
500,000
0
2,336,626
Oil
-
Field
Services
3.18%
Halliburton
Co.
20,000
787,000
Liberty
Energy,
Inc.
20,000
320,200
Schlumberger,
Ltd.
12,000
641,520
1,748,720
Portfolio
of
Investments
53
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
Global
Resources
Fund
Common
Stocks (cont’d)
Shares
Value
Oil
-
US
Royalty
Trusts
11.10%
Black
Stone
Minerals
LP
85,000
$
1,433,950
Deterra
Royalties,
Ltd.
200,000
619,278
Kimbell
Royalty
Partners
LP
55,000
918,500
PrairieSky
Royalty,
Ltd.
15,000
240,399
Sabine
Royalty
Trust
26,500
2,264,425
Viper
Energy
Partners
LP
20,000
635,800
6,112,352
Oil
Companies
-
Exploration
&
Production
5.73%
ConocoPhillips
5,000
590,000
Freehold
Royalties,
Ltd.
45,000
526,108
New
Stratus
Energy,
Inc.
*
1,888,500
251,056
NG
Energy
International
Corp.,
144A
#*∆
200,000
140,325
Occidental
Petroleum
Corp.
10,000
629,900
Range
Resources
Corp.
20,000
500,400
Source
Rock
Royalties,
Ltd.
500,000
280,650
Topaz
Energy
Corp.
15,000
234,084
3,152,523
Oil
Companies
-
Integrated
1.63%
Equinor
ASA,
ADR
25,000
895,250
Oil
Refining
&
Marketing
1.33%
Phillips
66
4,000
416,320
Valero
Energy
Corp.
2,500
317,150
733,470
Pipelines
2.04%
Cheniere
Energy,
Inc.
7,500
1,124,700
Platinum
0.17%
Clean
Air
Metals,
Inc.
*
1,000,000
96,012
Precious
Metals
1.72%
Brixton
Metals
Corp.
*
2,000,000
443,131
Nova
Minerals,
Ltd.
*
500,000
230,133
Polarx,
Ltd.
*
20,700,000
274,177
947,441
Real
Estate
Operating/Development
0.86%
Infrastructure
Ventures,
Inc.
#*@+
7,443,544
0
Revival
Gold,
Inc.
*
1,000,000
472,674
472,674
REITS
-
Diversified
1.70%
PotlatchDeltic
Corp.
REIT
10,000
439,900
Rayonier,
Inc.
REIT
15,000
494,400
934,300
Portfolio
of
Investments
54
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
Global
Resources
Fund
Common
Stocks (cont’d)
Shares
Value
Retail
-
Jewelry
0.50%
Mene,
Inc.
*
750,000
$
276,957
Silver
Mining
0.26%
Vizsla
Silver
Corp.
*
125,000
143,095
Total
Common
Stocks
47,663,849
(cost
$88,779,445)
Preferred
Stock
0.62%
Rate
Chemicals
-
Specialty
0.62%
5E
Advanced
Materials,
Inc.
*
0.00
%
425,000
341,736
(cost
$646,158)
Corporate
Non-Convertible
Bonds
2.75%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Gold
Mining
1.74%
Aris
Gold
Corp.
7.50
08/26/27
$
971,131
958,992
Oil
Companies
-
Exploration
&
Production
1.01%
NG
Energy
International
Corp.
#
8.00
04/30/27
750,000
553,914
Total
Corporate
Non-Convertible
Bonds
1,512,906
(cost
$1,558,241)
Warrants
0.29%
Exercise
Price
Exp.
Date
Shares
Diversified
Minerals
0.00%
Bradda
Head
Lithium,
Ltd.,
144A
#*@∆
$
0.21
04/19/24
2,000,000
0
First
Helium,
Inc.,
144A
#*@∆
0.50
07/12/23
925,000
0
Ion
Energy,
Ltd.,
144A
#*@∆
0.70
04/13/24
225,000
0
Nio
Strategic
Metals,
Inc.,
144A
#*@∆
0.12
10/15/23
1,662,500
0
0
Enterprise
Software/Services
0.02%
Abaxx
Technologies,
Inc.
*
5.10
05/14/23
20,437
10,113
Mining
Services
0.13%
Aris
Mining
Corp.
*
2.75
07/29/25
370,889
72,589
Non-Ferrous
Metals
0.00%
Flying
Nickle
Mining
Corp.,
144A
#*@∆
1.00
11/29/23
150,000
0
Norzinc,
Ltd.,
144A
#*@∆
0.09
08/06/23
2,500,000
0
0
Portfolio
of
Investments
55
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
Global
Resources
Fund
Warrants (cont’d)
Exercise
Price
Exp.
Date
Shares
Value
Oil
Companies
-
Exploration
&
Production
0.14%
NG
Energy
International
Corp.
*
$
1.40
05/20/27
300,000
$
34,343
Source
Rock
Royalties,
Ltd.
*
1.25
03/01/24
1,250,000
41,543
75,886
Silver
Mining
0.00%
Vizsla
Silver
Corp.,
144A
#*@∆
2.00
11/15/24
62,500
0
Total
Warrants
158,588
(cost
$94,582
)
Call
Options
Purchased
0.16%
Strike
Price
Exp.
Date
Notional
Contract
Value
Contracts
Value
Gold
Mining
0.08%
Barrick
Gold
Corp.
$
25.00
01/23
$
2,755,000
1,102
1,102
Barrick
Gold
Corp.
18.00
01/23
3,013,200
1,674
46,872
Newmont
Corp.
82.50
01/23
3,465,000
420
420
48,394
Metal
-
Diversified
0.00%
Sovereign
Metals,
Ltd.,
144A
#@∆
0.08
05/23
2,400,000
300,000
0
Precious
Metals
0.08%
Direxion
Daily
Gold
Miners
Index
Bull
2X
Shares
ETF
50.00
01/23
375,000
75
1,050
Hecla
Mining
Co.
5.00
01/23
315,000
630
42,525
43,575
Total
Purchased
Call
Options
91,969
(premiums
paid
$750,645
)
Investments,
at
value
90.40%
49,769,048
(cost
$91,829,071
)
Other
assets
and
liabilities,
net
9.60%
5,284,090
Net
Assets
100.00%
$
55,053,138
Portfolio
of
Investments
56
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
World
Precious
Minerals
Fund
Common
Stocks
96.93%
Shares
Value
Advanced
Materials/Production
9.09%
Nano
One
Materials
Corp.
*
2,750,000
$
4,955,687
Chemicals
-
Diversified
0.00%
Base
Carbon,
Inc.
*
574
212
Coal
0.00%
Caribbean
Resources
Corp.
#*@
4
0
Diamonds/Precious
Stones
3.21%
Barksdale
Resources
Corp.
*
3,000,000
1,706,056
Northern
Superior
Resources,
Inc.
*
134,415
42,191
1,748,247
Diversified
Minerals
5.02%
Ascot
Resources,
Ltd.,
144A
#*∆
6,412
2,463
Chesser
Resources,
Ltd.
*
250,000
14,479
Desert
Gold
Ventures,
Inc.
*
750,000
33,235
E79
Resources
Corp.
*
2,000,000
214,180
Erdene
Resource
Development
Corp.
*
600,000
126,292
Gossan
Resources,
Ltd.
*
1,250,000
50,775
Indochine
Mining,
Ltd.
#*@
10,000
0
Kenorland
Minerals,
Ltd.
*
250,000
144,018
Kootenay
Resources,
Inc.
#*@
40,000
2,954
Max
Resource
Corp.
*
2,050,000
355,798
Minaurum
Gold,
Inc.
*
1,000,000
132,939
Musgrave
Minerals,
Ltd.
*
1,500,000
214,931
NGEX
Minerals,
Ltd.
*
100,000
227,474
Northern
Graphite
Corp.
*
1,000,000
358,198
St.
Anthony
Gold
Corp.
*
1,967,105
138,017
VR
Resources,
Ltd.
*
1,500,000
127,400
Waraba
Gold,
Ltd.
*
2,155,000
270,569
Waraba
Gold,
Ltd.,
144A
#∆
655,000
82,238
Western
Exploration,
Inc.
*
250,000
240,030
2,735,990
Enterprise
Software/Services
0.03%
Abaxx
Technologies,
Inc.
*
8,039
14,843
Financial
Services
0.00%
Tokens.com
Corp.,
144A
#*∆
11,123
1,027
Gold
Mining
38.20%
Adamera
Minerals
Corp.
*
5,470,000
272,692
Adamera
Minerals
Corp.,
144A
#∆
119,543
5,959
Alamos
Gold,
Inc.
80,000
808,800
Allegiant
Gold,
Ltd.
*
750,000
108,013
Alpha
Exploration,
Ltd.
*
350,000
180,945
Portfolio
of
Investments
57
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
World
Precious
Minerals
Fund
Common
Stocks (cont’d)
Shares
Value
Gold
Mining
(cont’d)
Amilot
Capital,
Inc.,
144A
#*@∆
410,000
$
4,542
Angold
Resources,
Ltd.
*
500,000
9,232
Angus
Gold,
Inc.
*
250,000
147,710
Asante
Gold
Corp.
*
600,000
607,090
Awale
Resources,
Ltd.
*
1,300,000
115,214
Bellevue
Gold,
Ltd.
*
575,000
445,976
Black
Cat
Syndicate,
Ltd.
*
2,000,000
487,086
Black
Dragon
Gold
Corp.
*
2,500,000
66,111
Cabral
Gold,
Inc.
*
500,000
49,852
Cassiar
Gold
Corp.
*
198,000
78,966
Centamin
PLC
575,000
785,752
Compass
Gold
Corp.
*
2,000,000
110,783
Contact
Gold
Corp.
*
5,000,000
92,319
Corona
Minerals,
Ltd.
#*@
81,250
0
Faraday
Copper
Corp.,
144A
#*∆
43,500
17,349
Felix
Gold,
Ltd.
*
1,500,000
105,514
Freegold
Ventures,
Ltd.
*
200,000
67,208
G2
Goldfields,
Inc.
*
500,000
254,801
Gold
Bull
Resources
Corp.
*
1,000,000
40,620
Goldshore
Resources,
Inc.
*
1,000,000
180,945
Heliostar
Metals,
Ltd.
#*@
1,230,000
231,647
HighGold
Mining,
Inc.
*
375,000
191,100
K92
Mining,
Inc.
*
800,000
4,531,758
Karus
Gold
Corp.
#*@
375,000
96,935
Kesselrun
Resources,
Ltd.
*~
5,000,000
221,566
Kore
Mining,
Ltd.
*
437,500
12,925
Lion
One
Metals,
Ltd.
*
500,000
365,583
Loncor
Gold,
Inc.
*
2,200,000
519,941
Maple
Gold
Mines,
Ltd.
*
1,000,000
129,247
Mawson
Gold,
Ltd.
*
625,000
103,859
McEwen
Mining,
Inc.
*
13,476
79,226
Moneta
Gold,
Inc.
*
100,000
109,306
Montage
Gold
Corp.
*
250,000
123,708
Newmont
Corp.
20,000
944,000
NV
Gold
Corp.
*
1,000,000
51,699
Omai
Gold
Mines
Corp.
*
3,000,000
144,018
Radisson
Mining
Resources,
Inc.
*
8,100,000
837,518
Radius
Gold,
Inc.,
144A
#*∆
125,000
17,541
Red
Pine
Exploration,
Inc.
*
500,000
107,090
Reunion
Gold
Corp.
*
4,000,000
1,240,768
Roscan
Gold
Corp.
*
1,500,000
188,331
Royal
Road
Minerals,
Ltd.
*
1,500,000
127,400
Sanu
Gold
Corp.
*
185,000
38,257
Sanu
Gold
Corp.,
144A
#∆
700,000
144,756
Scottie
Resources
Corp.
*
1,750,000
342,504
Silver
Tiger
Metals,
Inc.
*
1,000,000
203,102
Skeena
Resources,
Ltd.
*
100,000
532,496
Portfolio
of
Investments
58
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
World
Precious
Minerals
Fund
Common
Stocks (cont’d)
Shares
Value
Gold
Mining
(cont’d)
Southern
Gold,
Ltd.
*
10,000,000
$
169,436
Storm
Exploration,
Inc.
*
2,150,000
55,576
Strikepoint
Gold,
Inc.
*
2,750,000
182,792
Taurus
Gold,
Ltd.,
144A
#*@∆
2,448,381
0
Thesis
Gold,
Inc.
*
1,152,000
714,682
Trillium
Gold
Mines,
Inc.
*
250,000
37,851
TriStar
Gold,
Inc.
*~
28,800,000
2,658,789
Viva
Gold
Corp.
*
500,000
51,699
Westhaven
Gold
Corp.
*
1,000,000
269,572
20,820,157
Metal
-
Copper
0.73%
Arizona
Sonoran
Copper
Co.,
Inc.
*
100,000
141,802
Meridian
Mining
UK
Societas
*
500,000
125,554
Sun
Summit
Minerals
Corp.
*
1,250,000
129,247
396,603
Metal
-
Diversified
9.47%
Amex
Exploration,
Inc.
*
500,000
627,770
Argent
Minerals,
Ltd.
*
20,000,000
192,258
Aurion
Resources,
Ltd.
*
750,000
332,349
Auteco
Minerals,
Ltd.
*
17,500,000
607,849
Blackwolf
Copper
and
Gold,
Ltd.
*
1,000,000
184,638
Cartier
Resources,
Inc.
*
750,000
54,007
Chakana
Copper
Corp.
*
1,416,506
94,155
De
Grey
Mining,
Ltd.
*
250,000
220,166
Ivanhoe
Mines,
Ltd.
*
300,000
2,370,753
Kaizen
Discovery,
Inc.
*
800,000
81,241
New
Age
Metals,
Inc.,
144A
#*∆
143,518
6,360
Nubian
Resources,
Ltd.
*
500,000
40,620
Orex
Minerals,
Inc.
*
7,000,000
180,945
Orsu
Metals
Corp.,
144A
#*∆
186,922
3,451
Rockcliff
Metals
Corp.,
144A
#*∆
873,333
12,900
RTG
Mining,
Inc.
*
3,000,000
96,939
Sirios
Resources,
Inc.
*
1,000,000
51,699
5,158,100
Metal
-
Iron
0.00%
Vector
Resources,
Ltd.
#*@
10,000,000
0
Mining
Services
0.94%
Cordoba
Minerals
Corp.
*
58,823
23,677
Orexplore
Technologies,
Ltd.
*
267,284
16,366
Summa
Silver
Corp.
*
800,000
472,674
512,717
Portfolio
of
Investments
59
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
World
Precious
Minerals
Fund
Common
Stocks (cont’d)
Shares
Value
Non-Ferrous
Metals
0.44%
InZinc
Mining,
Ltd.
*
2,000,000
$
36,927
ValOre
Metals
Corp.
*
1,000,000
203,102
240,029
Oil
Companies
-
Exploration
&
Production
0.00%
Big
Sky
Energy
Corp.
#*@
2,000,000
0
Oil
Field
Machinery
&
Equipment
0.35%
Imdex
,
Ltd.
125,000
188,163
Optical
Recognition
Equipment
0.00%
Nexoptic
Technology
Corp.,
144A
#*∆
12,083
714
Platinum
0.71%
Clean
Air
Metals,
Inc.
*
2,200,000
211,226
Platinum
Group
Metals,
Ltd.
*
100,000
175,037
386,263
Precious
Metals
20.59%
Amani
Gold,
Ltd.
*
54,500,000
37,106
Arizona
Metals
Corp.
*
1,000,000
3,183,161
Barsele
Minerals
Corp.
*~
7,548,000
1,505,140
Brixton
Metals
Corp.
*
3,000,000
664,697
Canex
Metals,
Inc.
*
3,250,000
228,028
Capitan
Mining,
Inc.
*
1,100,000
186,854
Denarius
Metals
Corp.
*
75,000
31,573
Dolly
Varden
Silver
Corp.
*
3,510,000
2,333,087
E2
Metals,
Ltd.
*
1,000,000
106,078
GFG
Resources,
Inc.
*
5,000,000
369,276
Gold
Terra
Resource
Corp.
*
2,500,000
295,421
Gold79
Mines,
Ltd.
*
6,500,000
120,015
GR
Silver
Mining,
Ltd.
*
1,500,000
127,400
Imperial
Mining
Group,
Ltd.
*
500,000
34,158
MacDonald
Mines
Exploration,
Ltd.
*
300,000
14,402
Magna
Gold
Corp.
*
1,500,000
33,235
Millennial
Precious
Metals
Corp.
*
2,000,000
295,421
Olive
Resource
Capital,
Inc.
*
4,000,000
118,168
Paramount
Gold
Nevada
Corp.
*
170,000
58,650
Polarx
,
Ltd.
*
41,935,555
555,447
Silver
Viper
Minerals
Corp.
*
2,500,000
313,885
Stillwater
Critical
Minerals
Corp.
*
2,000,000
288,036
Visionary
Gold
Corp.
*
1,500,000
33,235
Xali
Gold
Corp.,
144A
#*∆
4,875,000
288,036
11,220,509
Portfolio
of
Investments
60
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
World
Precious
Minerals
Fund
Common
Stocks (cont’d)
Shares
Value
Real
Estate
Operating/Development
1.89%
Fremont
Gold,
Ltd.
*
400,000
$
29,542
Mammoth
Resources
Corp.
*~
5,500,000
121,861
Revival
Gold,
Inc.
*
1,750,000
827,179
TDG
Gold
Corp.
*
270,000
53,840
1,032,422
Retail
-
Jewelry
1.43%
Mene
,
Inc.
*
2,115,000
781,019
Silver
Mining
4.83%
Aya
Gold
&
Silver,
Inc.
*
100,000
666,174
FireFox
Gold
Corp.
*
500,000
33,235
Kootenay
Silver,
Inc.
*
1,000,000
118,168
Metallic
Minerals
Corp.
*
1,000,000
169,867
Reyna
Silver
Corp.
*
360,000
103,693
Southern
Silver
Exploration
Corp.
*
1,750,000
252,031
Vizsla
Silver
Corp.
*
1,125,000
1,287,851
2,631,019
Total
Common
Stocks
52,823,721
(cost
$86,971,298)
Corporate
Non-Convertible
Bond
1.80%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Gold
Mining
1.80%
Aris
Gold
Corp.
7.50
08/26/27
$
993,716
981,295
(cost
$993,716)
Warrants
0.19%
Exercise
Price
Exp.
Date
Shares
Diversified
Minerals
0.00%
Desert
Gold
Ventures,
Inc.,
144A
#*@∆
$
0.40
08/28/23
187,500
0
Kesselrun
Resources,
Ltd.,
144A
#*@~∆
0.23
12/08/23
1,250,000
0
Minaurum
Gold,
Inc.,
144A
#*@∆
0.60
07/09/23
500,000
0
Waraba
Gold,
Ltd.,
144A
#*@∆
0.30
05/07/23
1,500,000
0
0
Gold
Mineral
Exploration
&
Development
0.00%
Western
Exploration,
Inc.,
144A
#*@∆
0.50
12/31/49
240,000
0
Gold
Mining
0.00%
Cassiar
Gold
Corp.,
144A
#*@∆
1.05
06/08/24
99,000
0
Gold
Mountain
Mining
Corp.,
144A
#*@∆
1.75
04/21/24
50,000
0
Kore
Mining,
Ltd.,
144A
#*@∆
1.35
06/18/23
250,000
0
0
Portfolio
of
Investments
61
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
World
Precious
Minerals
Fund
Warrants (cont’d)
Exercise
Price
Exp.
Date
Shares
Value
Metal
-
Copper
0.00%
Sun
Summit
Minerals
Corp.,
144A
#*@∆
$
0.90
07/31/23
125,000
$
0
Metal
-
Diversified
0.00%
Novo
Resources
Corp.
*
4.40
08/27/23
112,500
1,662
Metals
&
Mining
0.00%
St.
Anthony
Gold
Corp.,
144A
#*@∆
0.10
06/04/24
875,000
0
Mining
Services
0.19%
Aris
Mining
Corp.
*
2.75
07/29/25
520,000
101,772
Non-Ferrous
Metals
0.00%
ValOre
Metals
Corp.,
144A
#*@∆
0.45
02/17/23
500,000
0
Silver
Mining
0.00%
Southern
Silver
Exploration
Corp.,
144A
#*@∆
0.25
08/14/23
875,000
0
Vizsla
Silver
Corp.,
144A
#*@∆
2.00
11/15/24
62,500
0
0
Total
Warrants
103,434
(cost
$62,611
)
Call
Options
Purchased
0.17%
Strike
Price
Exp.
Date
Notional
Contract
Value
Contracts
Value
Gold
Mining
0.09%
Barrick
Gold
Corp.
$
25.00
01/23
$
3,937,500
1,575
1,575
Barrick
Gold
Corp.
18.00
01/23
2,943,000
1,635
45,780
Newmont
Corp.
82.50
01/23
4,331,250
525
525
47,880
Precious
Metals
0.08%
Direxion
Daily
Gold
Miners
Index
Bull
2X
Shares
ETF
50.00
01/23
375,000
75
1,050
Hecla
Mining
Co.
5.00
01/23
341,000
682
46,035
47,085
Total
Purchased
Call
Options
94,965
(premiums
paid
$933,462
)
Investments,
at
value
99.09%
54,003,415
(cost
$88,961,087
)
Other
assets
and
liabilities,
net
0.91%
496,459
Net
Assets
100.00%
$
54,499,874
Portfolio
of
Investments
62
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
Gold
and
Precious
Metals
Fund
Common
Stocks
88.22%
Shares
Value
Applications
Software
0.45%
Chrysos
Corp.,
Ltd.
*
250,000
$
499,331
Chemicals
-
Diversified
0.00%
Base
Carbon,
Inc.
*
7,786
2,875
Diamonds/Precious
Stones
0.24%
Lucara
Diamond
Corp.
*
700,000
258,493
Diversified
Minerals
1.84%
Alkane
Resources,
Ltd.
*
1,000,000
365,316
Caledonia
Mining
Corp.
PLC
25,000
310,000
Leo
Lithium,
Ltd.
*
4,114,694
1,348,522
2,023,838
Enterprise
Software/Services
0.18%
Abaxx
Technologies,
Inc.
*
109,000
201,256
Gold
Mining
50.43%
Agnico
Eagle
Mines,
Ltd.
35,000
1,819,650
Alamos
Gold,
Inc.
440,000
4,448,400
AngloGold
Ashanti,
Ltd.,
ADR
35,000
679,700
Argonaut
Gold,
Inc.
*
1,000,000
384,047
Black
Cat
Syndicate,
Ltd.
*
4,393,940
1,070,112
Bonterra
Resources,
Inc.
*
300,000
65,362
Centamin
PLC
3,275,000
4,475,368
DRDGOLD,
Ltd.,
ADR
165,000
1,221,000
Eldorado
Gold
Corp.
*
125,000
1,045,000
Firefinch
,
Ltd.
#*@
5,000,000
476,595
Franco-Nevada
Corp.
20,000
2,729,600
GoGold
Resources,
Inc.
*
1,200,000
1,923,191
Gold
Resource
Corp.
1,000,000
1,530,000
Harmony
Gold
Mining
Co.,
Ltd.,
ADR
500,000
1,700,000
i-80
Gold
Corp.
*
500,000
1,395,864
IAMGOLD
Corp.
*
500,000
1,290,000
K92
Mining,
Inc.
*
2,250,000
12,745,569
Lundin
Gold,
Inc.
200,000
1,954,210
Mineros
SA
3,400,000
1,757,755
Newmont
Corp.
25,000
1,180,000
Northern
Star
Resources,
Ltd.
100,000
748,332
OceanaGold
Corp.
*
1,200,000
2,286,558
Pantoro
,
Ltd.
*
9,000,000
594,064
Petropavlovsk
PLC
#*@
4,886,855
0
Resolute
Mining,
Ltd.
*
6,939,380
938,373
Royal
Gold,
Inc.
10,000
1,127,200
Signal
Gold,
Inc.
*
2,000,000
472,674
Silver
Lake
Resources,
Ltd.
*
1,000,000
814,032
Superior
Gold,
Inc.
*
3,500,000
607,459
Portfolio
of
Investments
63
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
Gold
and
Precious
Metals
Fund
Common
Stocks (cont’d)
Shares
Value
Gold
Mining
(cont’d)
Torex
Gold
Resources,
Inc.
*
115,000
$
1,320,716
Yamana
Gold,
Inc.
490,000
2,719,500
55,520,331
Metal
-
Diversified
8.96%
Aclara
Resources,
Inc.
*
137,400
32,473
Filo
Mining
Corp.
*
40,000
686,558
Ivanhoe
Mines,
Ltd.
*
350,000
2,765,879
Mandalay
Resources
Corp.
*
499,200
1,117,117
Silver
X
Mining
Corp.
*~
8,000,000
2,245,199
Vox
Royalty
Corp.
1,300,000
3,014,771
9,861,997
Mining
Services
2.06%
Capital,
Ltd.
575,000
673,780
Empress
Royalty
Corp.
*
2,000,000
590,842
Orexplore
Technologies,
Ltd.
*
1,007,351
61,682
Star
Royalties,
Ltd.
*
3,500,000
943,501
2,269,805
Oil
&
Gas
Drilling
2.75%
DDH1,
Ltd.
5,000,000
3,021,623
Oil
Field
Machinery
&
Equipment
0.99%
Imdex
,
Ltd.
725,000
1,091,343
Platinum
4.51%
Impala
Platinum
Holdings,
Ltd.
200,000
2,513,374
Sibanye
Stillwater,
Ltd.,
ADR
230,000
2,451,800
4,965,174
Precious
Metals
4.09%
EMX
Royalty
Corp.
*
1,250,000
2,307,976
Magna
Gold
Corp.
*
1,040,000
23,043
SilverCrest
Metals,
Inc.
*
200,000
1,196,455
Wheaton
Precious
Metals
Corp.
25,000
977,000
4,504,474
Real
Estate
Operating/Development
1.47%
Emerald
Resources
NL
*
2,000,000
1,617,484
Retail
-
Jewelry
2.26%
Mene
,
Inc.
*
1,025,000
378,508
Mene
,
Inc.,
144A
#∆
5,714,285
2,110,150
2,488,658
Portfolio
of
Investments
64
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
Gold
and
Precious
Metals
Fund
Common
Stocks (cont’d)
Shares
Value
Silver
Mining
7.99%
Aya
Gold
&
Silver,
Inc.
*
1,000,000
$
6,661,743
Fortuna
Silver
Mines,
Inc.
*
250,000
939,808
Santacruz
Silver
Mining,
Ltd.
*
4,000,000
1,196,455
8,798,006
Total
Common
Stocks
97,124,688
(cost
$88,069,734)
Corporate
Non-Convertible
Bonds
3.46%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Coal
0.00%
Caribbean
Resources
Corp.
#@^
19.25
06/15/15
$
485,766
0
Gold
Mining
3.46%
Aris
Gold
Corp.
7.50
08/26/27
3,862,780
3,814,495
Total
Corporate
Non-Convertible
Bonds
3,814,495
(cost
$4,348,521)
Warrants
0.26%
Exercise
Price
Exp.
Date
Shares
Enterprise
Software/Services
0.03%
Abaxx
Technologies,
Inc.
*
$
5.10
05/14/23
54,500
26,968
Metal
-
Diversified
0.00%
Vox
Royalty
Corp.,
144A
#*@∆
4.50
03/25/24
50,000
0
Mining
Services
0.23%
Aris
Mining
Corp.
*
2.75
07/29/25
1,274,000
249,343
Empress
Royalty
Corp.
*
0.75
03/25/23
625,000
4,616
253,959
Total
Warrants
280,927
(cost
$0
)
Call
Options
Purchased
0.17%
Strike
Price
Exp.
Date
Notional
Contract
Value
Contracts
Value
Gold
Mining
0.09%
Barrick
Gold
Corp.
$
25.00
01/23
$
7,217,500
2,887
2,887
Barrick
Gold
Corp.
18.00
01/23
5,527,800
3,071
85,988
Newmont
Corp.
82.50
01/23
21,656,250
2,625
2,625
91,500
Portfolio
of
Investments
65
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
Gold
and
Precious
Metals
Fund
Call
Options
Purchased (cont’d)
Strike
Price
Exp.
Date
Notional
Contract
Value
Contracts
Value
Precious
Metals
0.08%
Direxion
Daily
Gold
Miners
Index
Bull
2X
Shares
ETF
$
50.00
01/23
$
1,350,000
270
$
3,780
Hecla
Mining
Co.
5.00
01/23
643,000
1,286
86,805
90,585
Total
Purchased
Call
Options
182,085
(premiums
paid
$2,849,938
)
Investments,
at
value
92.11%
101,402,195
(cost
$95,268,193
)
Other
assets
and
liabilities,
net
7.89%
8,687,292
Net
Assets
100.00%
$
110,089,487
Portfolio
of
Investments
66
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
Emerging
Europe
Fund
Common
Stocks
80.45%
Shares
Value
Airlines
2.71%
Turk
Hava
Yollari
AO
*
42,500
$
320,148
Appliances
0.28%
Vestel
Beyaz
Esya
Sanayi
ve
Ticaret
AS
45,000
33,174
Automotive
-
Cars
&
Light
Trucks
1.76%
Ford
Otomotiv
Sanayi
AS
5,200
145,666
Volkswagen
AG
400
62,750
208,416
Beverages
-
Non-alcoholic
0.37%
Anadolu
Efes
Biracilik
Ve
Malt
Sanayii
AS
12,000
43,420
Building
-
Heavy
Construction
1.10%
Budimex
SA
2,000
130,076
Cellular
Telecommunication
1.11%
Turkcell
Iletisim
Hizmetleri
AS
65,000
131,060
Chemicals
-
Fibers
1.58%
Aksa
Akrilik
Kimya
Sanayii
AS
38,000
186,265
Coal
1.78%
Jastrzebska
Spolka
Weglowa
SA
*
15,700
210,794
Commercial
Banks
Non-US
17.38%
Akbank
TAS
270,000
282,118
Alior
Bank
SA
*
26,500
208,398
Alpha
Services
and
Holdings
SA
*
230,000
246,158
Banca
Transilvania
SA
20,000
86,060
Bank
Handlowy
w
Warszawie
SA
2,000
34,601
Bank
Polska
Kasa
Opieki
SA
12,500
248,669
Eurobank
Ergasias
Services
and
Holdings
SA
*
220,000
247,799
National
Bank
of
Greece
SA
*
33,000
132,333
OTP
Bank
Nyrt
12,800
347,790
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
27,000
187,399
Yapi
ve
Kredi
Bankasi
AS
*
50,000
31,719
2,053,044
Computer
Services
1.69%
Asseco
Poland
SA
12,000
199,401
Diversified
Manufacturing
Operations
1.07%
Siemens
AG
*
920
126,823
Portfolio
of
Investments
67
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
Emerging
Europe
Fund
Common
Stocks (cont’d)
Shares
Value
Diversified
Operations
3.29%
Haci
Omer
Sabanci
Holding
AS
20,000
$
48,278
KOC
Holding
AS
76,000
340,962
389,240
E-Commerce/Products
2.10%
Allegro.eu
SA,
144A
*∆
43,000
248,177
Electric
-
Integrated
2.54%
PGE
Polska
Grupa
Energetyczna
SA
*
190,000
299,788
Finance
-
Other
Services
2.25%
KRUK
SA
3,750
265,495
Food
-
Retail
3.14%
AG
Anadolu
Grubu
Holding
AS
6,500
38,361
Dino
Polska
SA,
144A
*∆
1,500
128,827
Migros
Ticaret
AS
*
26,000
203,752
370,940
Housewares
2.25%
Turkiye
Sise
ve
Cam
Fabrikalari
AS
116,000
265,278
Investment
Companies
0.02%
Sunrisemezz
PLC
*
22,142
2,685
Medical
-
Drugs
1.95%
Richter
Gedeon
Nyrt
10,400
230,938
Metal
-
Diversified
0.35%
Koza
Anadolu
Metal
Madencilik
Isletmeleri
AS
*
12,000
34,059
Orsu
Metals
Corp.,
144A
#*∆
402,500
7,432
41,491
Oil
Companies
-
Exploration
&
Production
0.76%
Societatea
Nationala
de
Gaze
Naturale
ROMGAZ
SA
11,000
89,776
Oil
Companies
-
Integrated
6.31%
Gazprom
Neft
PJSC
#@
7,370
0
MOL
Hungarian
Oil
&
Gas
PLC
72,200
503,181
OMV
Petrom
SA
2,665,000
242,189
745,370
Oil
Refining
&
Marketing
8.24%
HELLENIQ
ENERGY
HOLDINGS
S.A.
8,200
66,623
Motor
Oil
Hellas
Corinth
Refineries
SA
11,000
256,198
Polski
Koncern
Naftowy
ORLEN
SA
26,062
382,885
Turkiye
Petrol
Rafinerileri
AS
*
9,450
267,819
973,525
Portfolio
of
Investments
68
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
Emerging
Europe
Fund
Common
Stocks (cont’d)
Shares
Value
Pipelines
0.33%
Dogan
Sirketler
Grubu
Holding
AS
70,000
$
39,505
Property/Casualty
Insurance
4.81%
Powszechny
Zaklad
Ubezpieczen
SA
70,000
568,462
Regional
Banks
-
Non
US
1.65%
Moneta
Money
Bank
AS
58,000
195,074
Retail
-
Automobile
0.45%
Dogus
Otomotiv
Servis
ve
Ticaret
AS
5,000
52,596
Retail
-
Toy
Store
2.22%
JUMBO
SA
15,300
262,409
Telecom
Services
4.02%
Orange
Polska
SA
161,000
244,868
Turk
Telekomunikasyon
AS
175,000
229,616
474,484
Telephone
-
Integrated
2.18%
Hellenic
Telecommunications
Organization
SA
16,500
257,715
Transportation
-
Marine
0.76%
AP
Moller
-
Maersk
A/S,
Class A
41
90,358
Total
Common
Stocks
9,505,927
(cost
$9,262,036)
Corporate
Non-Convertible
Bond
3.77%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Gold
Mining
3.77%
Aris
Gold
Corp.
7.50
08/26/27
$
451,688
446,042
(cost
$451,688)
Exchange
Traded
Funds
1.65%
Shares
Global
X
MSCI
Greece
ETF
5,000
133,200
iShares
MSCI
Poland
ETF
4,000
61,840
Total
Exchange
Traded
Funds
195,040
(cost
$162,745)
Portfolio
of
Investments
69
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
Emerging
Europe
Fund
Warrant
0.17%
Exercise
Price
Exp.
Date
Shares
Value
Mining
Services
0.17%
Aris
Mining
Corp.
*
$
2.75
07/29/25
100,000
$
19,572
(cost
$0
)
Call
Options
Purchased
0.59%
Strike
Price
Exp.
Date
Notional
Contract
Value
Contracts
Value
Country
Fund-Russia
0.00%
VanEck
Russia
ETF
#@
$
16.00
01/23
$
1,600,000
1,000
0
Oil
Companies
-
Integrated
0.59%
BP
PLC
34.00
01/23
340,000
100
15,350
Exxon
Mobil
Corp.
110.00
01/23
550,000
50
16,250
TotalEnergies
SE
60.00
01/23
600,000
100
38,000
69,600
Total
Purchased
Call
Options
69,600
(premiums
paid
$394,703
)
Investments,
at
value
86.63%
10,236,181
(cost
$10,271,172
)
Other
assets
and
liabilities,
net
13.37%
1,579,218
Net
Assets
100.00%
$
11,815,399
Portfolio
of
Investments
70
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
China
Region
Fund
Common
Stocks
81.13%
Shares
Value
Apparel
Manufacturers
3.21%
PRADA
SpA
36,000
$
202,097
Automotive
-
Cars
&
Light
Trucks
1.96%
Great
Wall
Motor
Co.,
Ltd.,
Class H
96,000
123,669
Casino
Hotels
0.36%
Sands
China,
Ltd.
*
7,000
22,962
Chemicals
-
Diversified
1.04%
Dongyue
Group,
Ltd.
60,000
65,715
Chemicals
-
Other
0.20%
Foosung
Co.,
Ltd.
*
1,500
12,754
Chemicals
-
Specialty
3.07%
Daqo
New
Energy
Corp.,
ADR
*
3,175
122,587
Fufeng
Group,
Ltd.
117,000
70,962
193,549
Circuit
Boards
3.27%
Unimicron
Technology
Corp.
53,000
205,756
Coal
7.84%
China
Coal
Energy
Co.,
Ltd.
289,000
234,652
Shougang
Fushan
Resources
Group,
Ltd.
150,000
47,840
Yankuang
Energy
Group
Co.,
Ltd.
69,500
211,394
493,886
Commercial
Banks
Non-US
3.09%
Chang
Hwa
Commercial
Bank,
Ltd.
350,000
195,014
Computers
-
Memory
Devices
1.52%
ASPEED
Technology,
Inc.
1,760
96,076
Distribution/Wholesale
0.81%
LX
INTERNATIONAL
CORP.
*
1,900
51,186
E-Commerce/Products
0.88%
Alibaba
Group
Holding,
Ltd.,
ADR
*
630
55,497
Electronic
Components
-
Semiconductors
2.75%
ASE
Technology
Holding
Co.,
Ltd.
57,000
173,188
Entertainment
Software
2.26%
NetEase
,
Inc.
9,800
142,139
Internet
Content
-
Entertainment
2.27%
NCSoft
Corp.
*
400
142,890
Portfolio
of
Investments
71
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
China
Region
Fund
Common
Stocks (cont’d)
Shares
Value
Internet
Content
-
Info
7.67%
Meituan
,
Class B
*
3,724
$
82,508
Tencent
Holdings,
Ltd.,
ADR
9,465
400,938
483,446
Machinery
-
General
Industrial
0.39%
LK
Technology
Holdings,
Ltd.
30,000
24,492
Medical
-
Drugs
4.62%
Sino
Biopharmaceutical,
Ltd.
500,000
291,160
Metal
-
Aluminum
3.36%
Aluminum
Corp.
of
China,
Ltd.
500,000
211,586
Motorcycle/Motor
Scooter
0.27%
Niu
Technologies,
ADR
*
3,200
16,736
Non-Ferrous
Metals
0.00%
Sterling
Group
Ventures,
Inc.,
144A
#*@∆
500,000
0
Oil
Companies
-
Exploration
&
Production
0.55%
United
Energy
Group,
Ltd.
350,000
34,487
Oil
Companies
-
Integrated
4.27%
PetroChina
Co.,
Ltd.
589,000
269,051
Semiconductor
Components
-
Integrated
Circuit
8.86%
Global
Unichip
Corp.
5,200
107,523
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.,
ADR
810
60,337
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
7,000
101,664
United
Microelectronics
Corp.
220,000
289,055
558,579
Tools
-
Hand
Held
1.13%
Chervon
Holdings,
Ltd.
13,000
71,372
Transportation
-
Marine
13.09%
COSCO
SHIPPING
Holdings
Co.,
Ltd.
311,500
316,652
Orient
Overseas
International,
Ltd.
14,200
255,933
Pacific
Basin
Shipping,
Ltd.
200,000
67,377
SITC
International
Holdings
Co.,
Ltd.
83,500
185,073
825,035
Transportation
-
Services
2.39%
ZTO
Express
Cayman,
Inc.,
ADR
5,600
150,472
Total
Common
Stocks
5,112,794
(cost
$6,191,072)
Portfolio
of
Investments
72
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
December
31,
2022
China
Region
Fund
Corporate
Non-Convertible
Bond
3.75%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Gold
Mining
3.75%
Aris
Gold
Corp.
7.50
08/26/27
$
239,394
$
236,402
(cost
$239,372)
Warrant
0.16%
Exercise
Price
Exp.
Date
Shares
Mining
Services
0.16%
Aris
Mining
Corp.
*
$
2.75
07/29/25
52,000
10,177
(cost
$0
)
Call
Options
Purchased
1.20%
Strike
Price
Exp.
Date
Notional
Contract
Value
Contracts
Value
Country
Fund
-
China
0.73%
Direxion
Daily
FTSE
China
Bull
3X
Shares
ETF
$
150.00
01/23
$
300,000
20
20
Invesco
China
Technology
ETF
39.00
03/23
292,500
75
45,750
45,770
E-Commerce/Products
0.01%
Alibaba
Group
Holding,
Ltd.
135.00
01/23
1,080,000
80
320
Entertainment
Software
0.46%
NetEase
,
Inc.
75.00
03/23
375,000
50
29,250
Total
Purchased
Call
Options
75,340
(premiums
paid
$102,564
)
Investments,
at
value
86.24%
5,434,713
(cost
$6,533,008
)
Other
assets
and
liabilities,
net
13.76%
867,260
Net
Assets
100.00%
$
6,301,973
Notes
to
Portfolios
of
Investments
December
31,
2022
73
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,
2022.
Fair
Valuation
of
Securities
For
the
Funds’
policies
regarding
the
valuation
of
investments
and
other
significant
accounting
policies,
please
refer
to
the
Notes
to
Financial
Statements.
Pursuant
to
Rule
2a-5
under
the
Investment
Company
Act,
the
Trust’s
Board
of
Trustees
(the
“Board”)
has
designated
the
Adviser,
as
defined
in
Note
3
in
the
Notes
to
Financial
Statements,
◊
Zero
coupon
bond.
Interest
rate
presented
is
yield
to
maturity.
*
Non-income
producing
security.
~
Affiliated
Company.
(see
following)
@
Security
was
fair
valued
at
December
31,
2022,
by
U.S.
Global
Investors,
Inc.
(Adviser)
(other
than
international
securities
fair
valued
pursuant
to
systematic
fair
value
models)
in
accordance
with
valuation
procedures
approved
by
the
Board
of
Trustees.
These
securities,
as
a
percentage
of
net
assets
at
December
31,
2022,
were
0.00%
of
Global
Luxury
Goods
Fund,
0.39%
of
Global
Resources
Fund,
0.62%
of
World
Precious
Minerals
Fund,
0.43%
of
Gold
And
Precious
Metals
Fund,
0.00%
of
Emerging
Europe
Fund
and
0.00%
of
China
Region
Fund,
respectively.
See
the
Fair
Valuation
of
Securities
section
of
these
Notes
to
Portfolios
of
Investments
for
further
discussion
of
fair
valued
securities.
See
further
information
and
detail
on
restricted
securities
in
the
Restricted
Securities
section
of
these
Notes
to
Portfolios
of
Investments.
#
Illiquid
Security.
∆
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,
2022
amounted
to
$35,081,
0.09%,
of
Global
Luxury
Goods
Fund,
$388,051,
0.70%,
of
Global
Resources
Fund,
$587,336,
1.08%,
of
World
Precious
Minerals
Fund,
$2,110,150,
1.92%,
of
Gold
And
Precious
Metals
Fund,
$384,436,
3.25%,
of
Emerging
Europe
Fund
and
$0,
0.00%,
of
China
Region
Fund.
+
See
"Restricted
Securities"
in
Notes
to
Portfolios
of
Investments.
^
Security
is
currently
in
default
and
is
on
scheduled
interest
or
principal
payment.
ADR
American
Depositary
Receipt
AGM
Assured
Guaranty
Municipal
BAM
Build
American
Mutual
Assurance
Company
COP
Certificate
of
Participation
ETF
Exchange
Traded
Fund
FHLMC
Federal
Home
Loan
Mortgage
Corporation
GO
General
Obligation
LP
Limited
Partnership
PJSC
Public
Joint
Stock
Company
PLC
Public
Limited
Company
PSF-GTD
Public
School
Fund
Guarantee
RB
Revenue
Bond
RN
Revenue
Note
REIT
Real
Estate
Investment
Trust
Notes
to
Portfolios
of
Investments
December
31,
2022
74
as
the
Funds’
valuation
designee
to
perform
any
fair
value
determinations
for
securities
and
other
assets
held
by
the
Funds.
The
Funds
are
required
to
disclose
information
regarding
the
fair
value
measurements
of
a
Fund’s
assets
and
liabilities.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
measurement
requirements
established
a
three-tier
hierarchy
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Inputs
refer
broadly
to
the
assumptions
that
market
participants
would
use
in
pricing
the
asset
or
liability,
including
assumptions
about
risk,
for
example,
the
risk
inherent
in
a
particular
valuation
technique
used
to
measure
fair
value
including
such
a
pricing
model
and/or
the
risk
inherent
in
the
inputs
to
the
valuation
technique.
Inputs
may
be
observable
or
unobservable.
Observable
inputs
are
inputs
that
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability
developed
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
inputs
that
reflect
the
reporting
entity’s
own
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability
developed
based
on
the
best
information
available
in
the
circumstances.
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
Because
of
the
inherent
uncertainties
of
valuation,
the
values
reflected
in
the
portfolios
may
materially
differ
from
the
values
received
upon
actual
sale
of
those
investments.
The
three
levels
defined
by
the
fair
value
hierarchy
are
as
follows:
Level
1
–
Quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
determined
using
significant
other
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Short-term
securities
with
maturities
of
sixty
days
or
less
are
valued
at
amortized
cost,
which
approximates
market
value,
and
are
categorized
as
Level
2
in
the
hierarchy.
Municipal
securities,
long-
term
U.S.
government
obligations
and
corporate
debt
securities
are
valued
in
accordance
with
the
evaluated
price
supplied
by
a
pricing
service
and
generally
categorized
as
Level
2
in
the
hierarchy.
Other
securities
that
are
categorized
as
Level
2
in
the
hierarchy
include,
but
are
not
limited
to,
warrants
that
do
not
trade
on
an
exchange,
securities
valued
at
the
mean
Notes
to
Portfolios
of
Investments
December
31,
2022
75
between
the
last
reported
bid
and
ask
quotation
and
international
equity
securities
valued
by
an
independent
third
party
in
order
to
adjust
for
stale
pricing.
Level
3
–
Prices
determined
using
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions).
For
restricted
equity
securities
and
private
placements
where
observable
inputs
are
limited,
assumptions
about
market
activity
and
risk
are
used
in
determining
fair
value.
The
following
table
summarizes
the
valuation
of
each
Fund’s
securities
as
of
December
31,
2022,
using
the
fair
value
hierarchy:
Quoted
Prices
in
Active
Markets
for
Identical
Investments
(Level
1)
Significant
Other
Observable
Inputs
(Level
2)
Significant
Unobservable
Inputs
(Level
3)
Total
U.S.
Government
Securities
Ultra-Short
Bond
Fund
Investments
in
Securities*
United
States
Government
and
Agency
Obligations
$
–
$
32,508,851
$
–
$
32,508,851
Investments,
at
Value
$
–
$
32,508,851
$
–
$
32,508,851
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
$
–
$
28,997,080
$
–
$
28,997,080
Exchange
Traded
Fund
1,137,037
–
–
1,137,037
Investments,
at
Value
$
1,137,037
$
28,997,080
$
–
$
30,134,117
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
$
1,010,612
$
2,886,942
$
–
$
3,897,554
Athletic
Footwear
1,959,917
–
–
1,959,917
Automotive
-
Cars
&
Light
Trucks
4,267,807
3,135,286
–
7,403,093
Beverages
-
Wine/Spirits
1,332,563
662,955
–
1,995,518
Casino
Hotels
787,955
208,665
–
996,620
Cosmetics
&
Toiletries
941,600
563,658
–
1,505,258
Cruise
Lines
1,337,774
–
–
1,337,774
Notes
to
Portfolios
of
Investments
December
31,
2022
76
Global
Luxury
Goods
Fund
Common
Stocks
(continued)
Energy
-
Alternate
Sources
$
–
$
–
$
0
$
0
Fiduciary
Banks
584,034
–
–
584,034
Finance
-
Mortgage
Loan/
Banker
–
–
0
0
Gold
Mining
1,226,488
–
–
1,226,488
Home
Furnishings
916,611
–
–
916,611
Hotels
&
Motels
3,285,954
1,509,579
–
4,795,533
Oil
Companies
-
Exploration
&
Production
35,081
–
–
35,081
Platinum
372,600
–
–
372,600
Precious
Metals
273,560
–
–
273,560
Real
Estate
Operating/
Development
–
–
0
0
Resorts/Theme
Parks
674,531
–
–
674,531
Retail
-
Apparel/Shoe
–
4,334,096
–
4,334,096
Retail
-
Discount
1,689,050
–
–
1,689,050
Retail
-
Jewelry
–
1,555,920
–
1,555,920
Silver
Mining
367,040
–
–
367,040
Textile
-
Apparel
1,410,599
–
–
1,410,599
Corporate
Non-Convertible
Bond
–
780,574
–
780,574
Warrants
Enterprise
Software/
Services
–
16,855
–
16,855
Retail
-
Jewelry
–
7,661
–
7,661
Investments,
at
Value
22,473,776
15,662,191
0
38,135,967
Quoted
Prices
in
Active
Markets
for
Identical
Investments
(Level
1)
Significant
Other
Observable
Inputs
(Level
2)
Significant
Unobservable
Inputs
(Level
3)
Total
Global
Resources
Fund
Investments
in
Securities*
Common
Stocks
Advanced
Materials/
Production
$
1,551,699
$
–
$
–
$
1,551,699
Agricultural
Chemicals
983,784
–
–
983,784
Agricultural
Operations
–
259,311
–
259,311
Building
&
Construction
Products
-
Miscellaneous
296,000
–
–
296,000
Chemicals
-
Diversified
–
26,377
–
26,377
Coal
–
–
0
0
Diamonds/Precious
Stones
850,074
–
–
850,074
Distribution/Wholesale
–
125,554
–
125,554
Diversified
Minerals
4,097,005
810,213
–
4,907,218
Energy
-
Alternate
Sources
309,000
132,939
0
441,939
Notes
to
Portfolios
of
Investments
December
31,
2022
77
Global
Resources
Fund
Common
Stocks
(continued)
Enterprise
Software/
Services
$
–
$
2,215,657
$
–
$
2,215,657
Food
-
Miscellaneous/
Diversified
142,171
–
–
142,171
Forestry
288,833
–
–
288,833
Gold
Mining
1,630,908
362,076
95,319
2,088,303
Industrial
Gases
652,360
–
–
652,360
Investment
Companies
–
668,168
–
668,168
Machinery
-
Electric
Utilities
573,600
–
–
573,600
Metal
-
Copper
708,456
–
–
708,456
Metal
-
Diversified
9,736,120
1,536,703
–
11,272,823
Metal
-
Iron
–
–
0
0
Mining
Services
516,661
–
–
516,661
Natural
Resource
Technology
–
–
120,741
120,741
Non-Ferrous
Metals
2,095,766
240,860
0
2,336,626
Oil
-
Field
Services
1,748,720
–
–
1,748,720
Oil
-
US
Royalty
Trusts
5,493,074
619,278
–
6,112,352
Oil
Companies
-
Exploration
&
Production
3,152,523
–
–
3,152,523
Oil
Companies
-
Integrated
895,250
–
–
895,250
Oil
Refining
&
Marketing
733,470
–
–
733,470
Pipelines
1,124,700
–
–
1,124,700
Platinum
96,012
–
–
96,012
Precious
Metals
443,131
504,310
–
947,441
Real
Estate
Operating/
Development
472,674
–
0
472,674
REITS
-
Diversified
934,300
–
–
934,300
Retail
-
Jewelry
276,957
–
–
276,957
Silver
Mining
143,095
–
–
143,095
Preferred
Stock
Chemicals
-
Specialty
–
341,736
–
341,736
Corporate
Non-Convertible
Bonds
–
1,512,906
–
1,512,906
Warrants
Diversified
Minerals
–
0
–
0
Enterprise
Software/
Services
–
10,113
–
10,113
Mining
Services
72,589
–
–
72,589
Non-Ferrous
Metals
–
0
–
0
Oil
Companies
-
Exploration
&
Production
–
75,886
–
75,886
Silver
Mining
–
0
–
0
Purchased
Call
Options
49,444
42,525
–
91,969
Investments,
at
Value
40,068,376
9,484,612
216,060
49,769,048
Notes
to
Portfolios
of
Investments
December
31,
2022
78
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
$
4,955,687
$
–
$
–
$
4,955,687
Chemicals
-
Diversified
212
–
–
212
Coal
–
–
0
0
Diamonds/Precious
Stones
1,748,247
–
–
1,748,247
Diversified
Minerals
1,936,639
796,397
2,954
2,735,990
Enterprise
Software/
Services
–
14,843
–
14,843
Financial
Services
–
1,027
–
1,027
Gold
Mining
17,341,055
3,382,167
96,935
20,820,157
Metal
-
Copper
396,603
–
–
396,603
Metal
-
Diversified
3,943,296
1,214,804
–
5,158,100
Metal
-
Iron
–
–
0
0
Mining
Services
–
512,717
–
512,717
Non-Ferrous
Metals
240,029
–
–
240,029
Oil
Companies
-
Exploration
&
Production
–
–
0
0
Oil
Field
Machinery
&
Equipment
–
188,163
–
188,163
Optical
Recognition
Equipment
714
–
–
714
Platinum
386,263
–
–
386,263
Precious
Metals
10,407,581
812,928
–
11,220,509
Real
Estate
Operating/
Development
881,019
151,403
–
1,032,422
Retail
-
Jewelry
781,019
–
–
781,019
Silver
Mining
2,631,019
–
–
2,631,019
Corporate
Non-Convertible
Bond
–
981,295
–
981,295
Warrants
Diversified
Minerals
–
0
–
0
Gold
Mineral
Exploration
&
Development
–
0
–
0
Gold
Mining
–
0
–
0
Metal
-
Copper
–
0
–
0
Metal
-
Diversified
1,662
–
–
1,662
Metals
&
Mining
–
0
–
0
Mining
Services
101,772
–
–
101,772
Non-Ferrous
Metals
–
0
–
0
Silver
Mining
–
0
–
0
Purchased
Call
Options
48,930
46,035
–
94,965
Investments,
at
Value
45,801,747
8,101,779
99,889
54,003,415
Notes
to
Portfolios
of
Investments
December
31,
2022
79
Quoted
Prices
in
Active
Markets
for
Identical
Investments
(Level
1)
Significant
Other
Observable
Inputs
(Level
2)
Significant
Unobservable
Inputs
(Level
3)
Total
Gold
And
Precious
Metals
Fund
Investments
in
Securities*
Common
Stocks
Applications
Software
$
–
$
499,331
$
–
$
499,331
Chemicals
-
Diversified
2,875
–
–
2,875
Diamonds/Precious
Stones
258,493
–
–
258,493
Diversified
Minerals
310,000
1,713,838
–
2,023,838
Enterprise
Software/
Services
–
201,256
–
201,256
Gold
Mining
46,403,455
8,640,281
476,595
55,520,331
Metal
-
Diversified
9,861,997
–
–
9,861,997
Mining
Services
943,501
1,326,304
–
2,269,805
Oil
&
Gas
Drilling
–
3,021,623
–
3,021,623
Oil
Field
Machinery
&
Equipment
–
1,091,343
–
1,091,343
Platinum
2,451,800
2,513,374
–
4,965,174
Precious
Metals
4,504,474
–
–
4,504,474
Real
Estate
Operating/
Development
–
1,617,484
–
1,617,484
Retail
-
Jewelry
2,488,658
–
–
2,488,658
Silver
Mining
8,798,006
–
–
8,798,006
Corporate
Non-Convertible
Bonds
–
3,814,495
0
3,814,495
Warrants
Enterprise
Software/
Services
–
26,968
–
26,968
Metal
-
Diversified
–
0
–
0
Mining
Services
249,343
4,616
–
253,959
Purchased
Call
Options
95,280
86,805
–
182,085
Investments,
at
Value
$
76,367,882
$
24,557,718
$
476,595
$
101,402,195
Quoted
Prices
in
Active
Markets
for
Identical
Investments
(Level
1)
Significant
Other
Observable
Inputs
(Level
2)
Significant
Unobservable
Inputs
(Level
3)
Total
Emerging
Europe
Fund
Investments
in
Securities*
Common
Stocks
Airlines
$
–
$
320,148
$
–
$
320,148
Appliances
–
33,174
–
33,174
Automotive
-
Cars
&
Light
Trucks
–
208,416
–
208,416
Beverages
-
Non-alcoholic
–
43,420
–
43,420
Notes
to
Portfolios
of
Investments
December
31,
2022
80
Emerging
Europe
Fund
Common
Stocks
(continued)
Building
-
Heavy
Construction
$
–
$
130,076
$
–
$
130,076
Cellular
Telecommunication
–
131,060
–
131,060
Chemicals
-
Fibers
–
186,265
–
186,265
Coal
–
210,794
–
210,794
Commercial
Banks
Non-US
–
2,053,044
–
2,053,044
Computer
Services
–
199,401
–
199,401
Diversified
Manufacturing
Operations
–
126,823
–
126,823
Diversified
Operations
–
389,240
–
389,240
E-Commerce/Products
–
248,177
–
248,177
Electric
-
Integrated
–
299,788
–
299,788
Finance
-
Other
Services
–
265,495
–
265,495
Food
-
Retail
–
370,940
–
370,940
Housewares
–
265,278
–
265,278
Investment
Companies
2,685
–
–
2,685
Medical
-
Drugs
–
230,938
–
230,938
Metal
-
Diversified
–
41,491
–
41,491
Oil
Companies
-
Exploration
&
Production
–
89,776
–
89,776
Oil
Companies
-
Integrated
–
745,370
0
745,370
Oil
Refining
&
Marketing
–
973,525
–
973,525
Pipelines
–
39,505
–
39,505
Property/Casualty
Insurance
–
568,462
–
568,462
Regional
Banks
-
Non
US
–
195,074
–
195,074
Retail
-
Automobile
–
52,596
–
52,596
Retail
-
Toy
Store
–
262,409
–
262,409
Telecom
Services
–
474,484
–
474,484
Telephone
-
Integrated
–
257,715
–
257,715
Transportation
-
Marine
–
90,358
–
90,358
Corporate
Non-Convertible
Bond
–
446,042
–
446,042
Exchange
Traded
Funds
195,040
–
–
195,040
Warrant
Mining
Services
19,572
–
–
19,572
Purchased
Call
Options
54,250
15,350
0
69,600
Investments,
at
Value
271,547
9,964,634
0
10,236,181
Other
Financial
Instruments
†
Currency
Contract
–
4,653
–
4,653
Notes
to
Portfolios
of
Investments
December
31,
2022
81
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
Apparel
Manufacturers
$
–
$
202,097
$
–
$
202,097
Automotive
-
Cars
&
Light
Trucks
–
123,669
–
123,669
Casino
Hotels
–
22,962
–
22,962
Chemicals
-
Diversified
–
65,715
–
65,715
Chemicals
-
Other
–
12,754
–
12,754
Chemicals
-
Specialty
122,587
70,962
–
193,549
Circuit
Boards
–
205,756
–
205,756
Coal
–
493,886
–
493,886
Commercial
Banks
Non-US
–
195,014
–
195,014
Computers
-
Memory
Devices
–
96,076
–
96,076
Distribution/Wholesale
–
51,186
–
51,186
E-Commerce/Products
55,497
–
–
55,497
Electronic
Components
-
Semiconductors
–
173,188
–
173,188
Entertainment
Software
–
142,139
–
142,139
Internet
Content
-
Entertainment
–
142,890
–
142,890
Internet
Content
-
Info
400,938
82,508
–
483,446
Machinery
-
General
Industrial
–
24,492
–
24,492
Medical
-
Drugs
–
291,160
–
291,160
Metal
-
Aluminum
–
211,586
–
211,586
Motorcycle/Motor
Scooter
16,736
–
–
16,736
Non-Ferrous
Metals
–
–
0
0
Oil
Companies
-
Exploration
&
Production
–
34,487
–
34,487
Oil
Companies
-
Integrated
–
269,051
–
269,051
Semiconductor
Components
-
Integrated
Circuit
60,337
498,242
–
558,579
Tools
-
Hand
Held
–
71,372
–
71,372
Transportation
-
Marine
–
825,035
–
825,035
Transportation
-
Services
150,472
–
–
150,472
Corporate
Non-Convertible
Bond
–
236,402
–
236,402
Warrant
Mining
Services
10,177
–
–
10,177
Purchased
Call
Options
320
75,020
–
75,340
Investments,
at
Value
$
817,064
$
4,617,649
$
0
$
5,434,713
*
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.
Notes
to
Portfolios
of
Investments
December
31,
2022
82
The
following
is
a
reconciliation
of
assets
for
which
unobservable
inputs
(Level
3)
were
used
in
determining
fair
value
during
the
period
January
1,
2022
through
December
31,
2022:
Common
Stocks
Total
Global
Luxury
Goods
Fund
Beginning
Balance
12/31/21
$
0
$
0
Net
change
in
unrealized
appreciation
(depreciation)
—
—
Ending
Balance
12/31/22
$
0
$
0
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
12/31/22
(1)
$
—
$
—
Common
Stocks
Subscription
Receipt
Total
Global
Resources
Fund
Beginning
Balance
12/31/21
$
807,328
$
166,014
$
973,342
Transfers
out
of
Level
3
(395,653)
—
(395,653)
Transfers
into
Level
3
95,319
—
95,319
Sales
—
(30,068)
(30,068)
Realized
loss
—
(135,783)
(135,783)
Purchases
—
—
0
Corporate
action
(3,687)
—
(3,687)
Net
change
in
unrealized
appreciation
(depreciation)
(287,247)
(163)
(287,410)
Ending
Balance
12/31/22
$
216,060
$
—
$
216,060
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
12/31/22
(1)
$
107,645
$
—
$
107,645
Common
Stock
Subscription
Receipt
Warrants
Total
World
Precious
Minerals
Fund
Beginning
Balance
12/31/21
$
713,805
$
182,616
$
0
$
896,421
Transfers
out
of
Level
3
(256,396)
(183,013)
—
(439,409)
Purchases
21,792
—
—
21,792
Corporate
Action
1,926
—
—
1,926
Net
change
in
unrealized
appreciation
(depreciation)
(381,238)
397
0
(380,841)
Ending
Balance
12/31/22
$
99,889
$
—
$
0
$
99,889
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
12/31/22
(1)
$
(64,742)
$
—
$
0
$
(64,742)
Common
Stocks
Corporate
Non-
Convertible
Bond
Total
Gold
and
Precious
Metals
Fund
Beginning
Balance
12/31/21
$
174,843
$
0
$
174,843
Corporate
Action
7,245
—
7,245
Transfers
into
Level
3
476,595
—
476,595
Transfers
out
of
Level
3
(61,682)
—
(61,682)
Net
change
in
unrealized
appreciation
(depreciation)
(120,406)
—
(120,406)
Ending
Balance
12/31/22
$
476,595
$
0
$
476,595
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
12/31/22
(1)
$
—
$
—
$
—
Notes
to
Portfolios
of
Investments
December
31,
2022
83
(
Significant
unobservable
inputs
developed
by
the
Adviser
for
Level
3
investments
held
at
year
end
are
as
follows:
Common
Stocks
Total
Emerging
Europe
Fund
Beginning
Balance
12/31/21
$
0
$
0
Ending
Balance
12/31/22
$
0
$
0
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
12/31/22
(1)
$
—
$
—
Common
Stocks
Total
China
Region
Fund
Beginning
Balance
12/31/21
$
0
$
0
Ending
Balance
12/31/22
$
0
$
0
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
12/31/22
(1)
$
—
$
—
(1)
The
amounts
shown
represent
the
net
change
in
unrealized
appreciation
(depreciation)
attributable
to
only
those
investments
still
held
and
classified
as
Level
3
at
December
31,
2022.
Fair
Value
at
12/31/22
Valuation
Technique(s)
Unobservable
Input
Range
(Weighted
Average)
Global
Luxury
Goods
Fund
Investments
in
Securities
100%
Common
Stocks
0
Market
Transaction
(1)
Discount
Global
Resources
Fund
Investments
in
Securities
30%
-
100%
discount
(99%
discount)
Common
Stocks
216,060
Market
Transaction
(1)
Discount
World
Precious
Minerals
Fund
Investments
in
Securities
0%
-
100%
discount
(99%
discount)
Common
Stocks
99,889
Market
Transaction
(1)
Discount
Gold
and
Precious
Metals
Fund
Investments
in
Securities
30%
-
100%
discount
(36%
discount)
Common
Stocks
476,595
Market
Transaction
(1)
Discount
Corporate
Non-Convertible
Bond
0
Market
Transaction
(1)
Discount
100%
Emerging
Europe
Fund
Investments
in
Securities
100%
Common
Stocks
0
Market
Transaction
(1)
Discount
Notes
to
Portfolios
of
Investments
December
31,
2022
84
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
Adviser
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
Adviser.
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,
2022.
At
December
31,
2022,
the
value
of
investments
in
affiliated
companies
was
$0,
representing
0%
of
net
assets,
and
the
total
cost
was
$27,968,676.
Fair
Value
at
12/31/22
Valuation
Technique(s)
Unobservable
Input
Range
(Weighted
Average)
China
Region
Fund
Investments
in
Securities
100%
Common
Stocks
0
Market
Transaction
(1)
Discount
(1)
Market
Transaction
refers
to
most
recent
known
market
transaction,
including
transactions
in
which
the
fund
participated,
as
adjusted
for
any
discount
or
premium
as
discussed
below.
Shares
of
Affiliated
Companies
Global
Resources
Fund
December
31,
2021
Additions
Reductions
December
31,
2022
Caribbean
Resources
Corp.
17
—
—
17
Pacific
Green
Energy
Corp.
2,400,000
—
—
2,400,000
Values
of
Affiliated
Companies
Global
Resources
Fund
December
31,
2021
Purchases
Cost
Sales
Proceeds
December
31
,
2022
Income
Realized
Gain
(Loss)
on
Investments
Change
in
Unrealized
Appreciation
(Depreciation)
Caribbean
Resources
Corp.
$
0
$
—
$
—
$
0
$
—
$
—
$
—
Pacific
Green
Energy
Corp.
0
—
—
0
—
—
—
$
0
$
—
$
—
$
0
$
—
$
—
$
—
Shares
of
Affiliated
Companies
World
Precious
Minerals
Fund
December
31,
2021
Additions
Reductions
December
31
,
2022
Barsele
Minerals
Corp.
7,500,000
48,000
—
7,5
48
,000
Kesselrun
Resources
Ltd
5,000,000
—
—
5,000,000
Kesselrun
Resources,
Ltd.
—
1,250,000
—
1,250,000
Mammoth
Resources
Corp.
5,500,000
—
—
5,500,000
Olive
Resource
Capital,
Inc.
(formerly
Norvista
Capital
Corp.)
4,000,000
—
—
4,000,000
(a)
Polarx
,
Ltd.
37,463,888
14,585,55
5
(
10,113,888
)
41,935,555
(a)
Notes
to
Portfolios
of
Investments
December
31,
2022
85
At
December
31,
2022,
the
value
of
investments
in
affiliated
companies
was
$4,507,356,
representing
8.31%
of
net
assets,
and
the
total
cost
was
$6,489,159.
At
December
31,
2022,
the
value
of
investments
in
affiliated
companies
was
$2,245,199,
representing
2.04%
of
net
assets,
and
the
total
cost
was
$2,909,622.
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.
World
Precious
Minerals
Fund
(cont’d)
December
31,
2021
Additions
Reductions
December
31,
2022
TriStar
Gold,
Inc.
28,750,000
50,000
—
28,
800,
000
Values
of
Affiliated
Companies
World
Precious
Minerals
Fund
December
31,
2021
Purchases
Cost
Sales
Proceeds
December
31,
2022
Income
Realized
Gain
(Loss)
on
Investments
Change
in
Unrealized
Appreciation
(Depreciation)
Barsele
Minerals
Corp.
$
3,142,417
$
9,600
$
—
$
1,505,140
$
—
$
–
$
(
1,646,877
)
Kesselrun
Resources,
Ltd.
513,854
—
—
221,566
—
–
(
292,288
)
Kesselrun
Resources,
Ltd.
—
—
—
0
—
–
–
Mammoth
Resources
Corp.
434,800
—
—
121,861
—
–
(
312,939
)
Olive
Resource
Capital,
Inc.
(formerly
Norvista
Capital
Corp.)
252,974
—
—
118,168
(a)
—
–
(
134,806
)
Polarx
,
Ltd.
970,071
78,715
(60,378)
555,447
(a)
—
(
611,712
)
178,751
TriStar
Gold,
Inc.
4,659,275
5,319
—
2,658,789
—
–
(
2,
005,805
)
$
9,973,391
$
93,634
$
(60,378)
$
5,180,971
$
—
$
(
611,712
)
$
(4,
213,964
)
Shares
of
Affiliated
Companies
Gold
And
Precious
Metals
Fund
December
31,
2021
Additions
Reductions
December
31,
2022
Silver
X
Mining
Corp
5,250,000
2,750,000
—
8,000,000
Values
of
Affiliated
Companies
Gold
And
Precious
Metals
Fund
December
31,
2021
Purchases
Cost
Sales
Proceeds
December
31,
2022
Income
Realized
Gain
(Loss)
on
Investments
Change
in
Unrealized
Appreciation
(Depreciation)
Silver
X
Mining
Corp
$
1,390,371
$
601,
542
$
—
$
2,245,199
$
—
$
–
$
253,
286
(a)
At
December
31,
2022,
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,
2022
86
As
of
December
31,
2022,
the
total
cost
of
restricted
securities
was
$426,625,
and
the
total
value
was
$0,
representing
0%
of
net
assets.
As
of
December
31,
2022,
the
total
cost
of
restricted
securities
was
$7,473,544,
and
the
total
value
was
$120,741,
representing
0.22%
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
88
See
accompanying
notes
to
financial
statements.
U.S.
Government
Securities
Ultra-Short
Bond
Fund
Investments,
at
identified
cost
$
32,637,983
Assets
Investments,
at
value:
Securities
of
unaffiliated
issuers
$
32,508,851
Cash
1,440,257
Deposits
with
brokers
for
options
–
Foreign
currencies
(Cost
$0,
$0,
$10,546
and
$865,481)
–
Receivables:
Dividends
and
interest
212,150
Capital
shares
sold
180
From
adviser
6,236
Prepaid
expenses
9,915
Total
Assets
34,177,589
Liabilities
Payables:
Capital
shares
redeemed
2,152
Distributions
payable
19,077
Accrued
expenses
and
other
payables:
Adviser
–
Administration
and
Transfer
Agent
fees
8,768
Other
expenses
30,164
Total
Liabilities
60,161
Net
Assets
$
34,117,428
Net
Assets
Consist
of:
Paid-in
capital
$
34,984,761
Distributable
earnings
(867,333)
Net
assets
applicable
to
capital
shares
outstanding
$
34,117,428
By
share
class
Net
Assets
Investor
Class
$
34,117,428
Capital
shares
outstanding,
an
unlimited
number
of
no
par
shares
authorized
Investor
Class
17,555,887
Net
Asset
Value,
Public
Offering
Price
and
Redemption
Price
per
share
Investor
Class
$
1.94
December
31,
2022
89
Near-Term
Tax
Free
Fund
Global
Luxury
Goods
Fund
Global
Resources
Fund
$
30,327,861
$
37,805,089
$
91,829,071
$
30,134,117
$
38,135,967
$
49,769,048
381,009
1,970,684
4,404,459
–
–
956
–
10,629
871,298
411,738
263,902
99,987
1,128
2,931
3,911
4,221
–
–
8,266
11,596
10,903
30,940,479
40,395,709
55,160,562
6,395
3,041
21,780
24,039
–
–
–
26,407
15,749
7,897
11,184
15,841
24,279
33,698
54,054
62,610
74,330
107,424
$
30,877,869
$
40,321,379
$
55,053,138
$
33,844,665
$
46,349,041
$
341,211,336
(2,966,796)
(6,027,662)
(286,158,198)
$
30,877,869
$
40,321,379
$
55,053,138
$
30,877,869
$
40,321,379
$
55,053,138
14,780,430
2,527,284
12,791,338
$
2.09
$
15.95
$
4.30
Statements
of
Assets
and
Liabilities
90
See
accompanying
notes
to
financial
statements.
World
Precious
Minerals
Fund
Investments,
at
identified
cost
$
88,961,087
Assets
Investments,
at
value:
Securities
of
unaffiliated
issuers
$
49,496,059
Securities
of
affiliated
issuers
4,507,356
Cash
720,368
Deposits
with
brokers
for
options
143
Unrealized
gain
on
forward
foreign
currency
contracts
–
Foreign
currencies
(Cost
$144,661,
$7,288,
$51,554
and
$60)
146,057
Receivables:
Dividends
and
interest
7,217
Capital
shares
sold
7,742
Prepaid
expenses
10,888
Total
Assets
54,895,830
Liabilities
Due
to
broker
–
Payables:
Capital
shares
redeemed
306,199
Investments
purchased
16,306
Foreign
capital
gains
tax
payable
–
Accrued
expenses
and
other
payables:
Adviser
3,440
Administration
and
Transfer
Agent
fees
16,964
Other
expenses
53,047
Total
Liabilities
395,956
Net
Assets
$
54,499,874
Net
Assets
Consist
of:
Paid-in
capital
$
448,347,255
Distributable
earnings
(393,847,381)
Net
assets
applicable
to
capital
shares
outstanding
$
54,499,874
By
share
class
Net
Assets
Investor
Class
$
54,499,874
Capital
shares
outstanding,
an
unlimited
number
of
no
par
shares
authorized
Investor
Class
31,428,277
Net
Asset
Value,
Public
Offering
Price
and
Redemption
Price
per
share
Investor
Class
$
1.73
December
31,
2022
91
Gold
and
Precious
Metals
Fund
Emerging
Europe
Fund
China
Region
Fund
$
95,268,193
$
10,271,172
$
6,533,008
$
99,156,996
$
10,236,181
$
5,434,713
2,245,199
–
–
9,524,958
1,568,425
861,609
–
–
24,542
–
4,653
–
7,342
50,377
–
135,360
61,627
7,205
18,571
24
75
12,766
6,254
6,069
111,101,192
11,927,541
6,334,213
–
–
60
528,109
18,360
–
313,923
–
–
–
47,408
–
57,543
4,106
2,408
24,619
8,250
7,866
87,511
34,018
21,906
1,011,705
112,142
32,240
$
110,089,487
$
11,815,399
$
6,301,973
$
168,573,776
$
42,388,238
$
10,480,875
(58,484,289)
(30,572,839)
(4,178,902)
$
110,089,487
$
11,815,399
$
6,301,973
$
110,089,487
$
11,815,399
$
6,301,973
11,286,061
3,184,306
1,297,338
$
9.75
$
3.71
$
4.86
Statements
of
Operations
92
See
accompanying
notes
to
financial
statements.
U.S.
Government
Securities
Ultra-Short
Bond
Fund
Net
Investment
Income
Income
Dividends
from
unaffiliated
issuers
$
10,118
Foreign
tax
withheld
on
dividends
–
Net
dividends
10,118
Interest
and
other
436,621
Total
income
446,739
Expenses:
Management
fee
175,601
Administrative
services
fee
71,606
Distribution
plan
fee
–
Transfer
agent
fees
and
expenses
29,866
Professional
fees
30,122
Custodian
fees
4,003
Shareholder
reporting
expenses
15,228
Registration
fees
19,836
Trustee
fees
and
expenses
9,024
Chief
compliance
officer
fees
4,581
Miscellaneous
expenses
36,591
Total
expenses
before
reductions
396,458
Expenses
offset
-
Note
1
H
–
Expenses
reimbursed
-
Note
3
(238,417)
Net
expenses
158,041
Net
Investment Income
288,698
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Realized
gain
(loss)
from:
Securities
from
unaffiliated
issuers
(738,201)
Foreign
currency
transactions
–
Forward
currency
contract
transactions
–
Net
realized
gain
(loss)
(738,201)
Net
change
in
unrealized
appreciation
(depreciation)
of:
Investments
in
unaffiliated
issuers
(42,232)
Other
assets
and
liabilities
denominated
in
foreign
currencies
–
Net
change
in
unrealized
depreciation
(42,232)
Net
Realized
and
Unrealized
Loss
on
Investments
(780,433)
Net
Decrease
In
Net
Assets
Resulting
From
Operations
$
(491,735)
For
the
Year
Ended
December
31,
2022
93
Near-Term
Tax
Free
Fund
Global
Luxury
Goods
Fund
Global
Resources
Fund
$
34,265
$
1,654,096
$
1,048,370
–
(143,012)
(50,511)
34,265
1,511,084
997,859
472,135
87,051
137,963
506,400
1,598,135
1,135,822
165,407
340,759
434,289
68,934
95,980
129,625
–
111,464
158,623
22,862
34,124
56,961
29,270
56,338
40,917
4,965
25,624
21,677
16,474
18,780
20,725
20,527
20,646
21,735
8,790
10,090
12,113
4,320
5,763
8,209
56,924
61,069
111,011
398,473
780,637
1,015,885
(4,965)
(25,624)
(21,677)
(244,642)
(62,658)
(16,788)
148,866
692,355
977,420
357,534
905,780
158,402
(1,590,204)
(3,981,608)
1,252,479
–
(23,004)
(75,639)
–
134,547
175,725
(1,590,204)
(3,870,065)
1,352,565
(624,528)
(10,754,101)
(9,528,500)
–
1,488
(9,351)
(624,528)
(10,752,613)
(9,537,851)
(2,214,732)
(14,622,678)
(8,185,286)
$
(1,857,198)
$
(13,716,898)
$
(8,026,884)
Statements
of
Operations
94
See
accompanying
notes
to
financial
statements.
World
Precious
Minerals
Fund
Net
Investment
Income
Income
Dividends
from
unaffiliated
issuers
$
56,200
Foreign
tax
withheld
on
dividends
(7,423)
Net
dividends
48,777
Interest
and
other
105,513
Total
income
154,290
Expenses:
Management
fee
485,918
Administrative
services
fee
135,774
Distribution
plan
fee
170,465
Transfer
agent
fees
and
expenses
72,904
Professional
fees
39,813
Custodian
fees
25,545
Shareholder
reporting
expenses
21,575
Registration
fees
21,611
Trustee
fees
and
expenses
12,470
Chief
compliance
officer
fees
8,714
Miscellaneous
expenses
107,383
Total
expenses
before
reductions
1,102,172
Expenses
offset
-
Note
1
H
(16,956)
Expenses
reimbursed
-
Note
3
(40,003)
Net
expenses
1,045,213
Net
Investment Income
(Loss)
(890,923)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Realized
gain
(loss)
from:
Securities
from
unaffiliated
issuers
126,736
Securities
from
affiliated
issuers
(611,712)
Foreign
currency
transactions
(22,469)
Forward
currency
contract
transactions
333,719
Foreign
capital
gains
taxes
–
Net
realized
gain
(loss)
(173,726)
Net
change
in
unrealized
appreciation
(depreciation)
of:
Investments
in
unaffiliated
issuers
(23,344,222)
Investments
in
affiliated
issuers
(3,627,870)
Other
assets
and
liabilities
denominated
in
foreign
currencies
(6,109)
Forward
currency
contracts
–
Deferred
foreign
capital
gains
taxes
–
Net
change
in
unrealized
depreciation
(26,978,201)
Net
Realized
and
Unrealized
Loss
on
Investments
(27,151,927)
Net
Decrease
In
Net
Assets
Resulting
From
Operations
$
(28,042,850)
For
the
Year
Ended
December
31,
2022
95
Gold
and
Precious
Metals
Fund
Emerging
Europe
Fund
China
Region
Fund
$
1,504,001
$
653,238
$
438,254
(199,767)
(62,018)
(23,748)
1,304,234
591,220
414,506
425,800
47,490
25,425
1,730,034
638,710
439,931
955,146
201,494
83,733
207,183
73,411
70,550
306,892
32,680
18,373
77,779
24,387
23,189
61,261
28,568
19,638
31,263
39,793
9,762
26,968
16,280
14,738
23,730
20,507
20,932
18,316
6,676
6,014
15,789
1,673
949
177,188
66,744
42,944
1,901,515
512,213
310,822
(31,263)
(5,228)
(7,301)
–
(132,128)
(136,762)
1,870,252
374,857
166,759
(140,218)
263,853
273,172
10,371,567
(8,206,748)
(2,320,480)
–
–
–
(41,194)
(138,981)
(15,079)
105,881
242,595
–
–
(414)
–
10,436,254
(8,103,548)
(2,335,559)
(34,767,706)
(1,232,801)
(340,429)
(664,423)
–
–
(1,041)
913
7
–
49,942
–
–
4,958
–
(35,433,170)
(1,176,988)
(340,422)
(24,996,916)
(9,280,536)
(2,675,981)
$
(25,137,134)
$
(9,016,683)
$
(2,402,809)
Statements
of
Changes
in
Net
Assets
96
See
accompanying
notes
to
financial
statements.
U.S.
Government
Securities
Ultra-Short
Bond
Fund
Year
Ended
December
31,
2022
Year
Ended
December
31,
2021
Increase
(Decrease)
in
Net
Assets
From
operations:
Net
investment
income
(loss)
$
288,698
$
(124,772)
Net
realized
gain
(loss)
(738,201)
9,916
Net
change
in
unrealized
appreciation
(depreciation)
(42,232)
(105,824)
Net
increase
(decrease)
in
net
assets
from
operations
(491,735)
(220,680)
Distributions
to
shareholders
Investor
Class
(296,536)
(24,036)
Total
distributions
paid
(296,536)
(24,036)
From
capital
share
transactions:
Proceeds
from
shares
sold
Investor
Class
12,374,035
15,248,670
Distributions
reinvested
Investor
Class
237,890
20,448
12,611,925
15,269,118
Cost
of
shares
redeemed
Investor
Class
(15,710,331)
(17,282,045)
Net
increase
(decrease)
in
net
assets
from
capital
share
transactions
(3,098,406)
(2,012,927)
Net
Increase
(Decrease)
in
Net
Assets
(3,886,677)
(2,257,643)
Net
Assets
Beginning
of
year
38,004,105
40,261,748
End
of
year
$
34,117,428
$
38,004,105
Capital
Share
Activity
Investor
Class
Shares
sold
6,311,610
7,633,018
Shares
reinvested
122,497
10,276
Shares
redeemed
(8,006,250)
(8,652,033)
Net
capital
share
activity
(1,572,143)
(1,008,739)
97
Near-Term
Tax
Free
Fund
Global
Luxury
Goods
Fund
Year
Ended
December
31,
2022
Year
Ended
December
31,
2021
Year
Ended
December
31,
2022
Year
Ended
December
31,
2021
$
357,534
$
323,772
$
905,780
$
(319,815)
(1,590,204)
3,318
(3,870,065)
9,475,149
(624,528)
(427,184)
(10,752,613)
2,623,002
(1,857,198)
(100,094)
(13,716,898)
11,778,336
(356,426)
(326,150)
(2,453,924)
(7,749,416)
(356,426)
(326,150)
(2,453,924)
(7,749,416)
10,526,871
13,242,236
2,493,014
4,599,581
289,389
300,990
2,345,653
7,370,340
10,816,260
13,543,226
4,838,667
11,969,921
(13,113,484)
(19,490,218)
(6,013,731)
(7,898,403)
(2,297,224)
(5,946,992)
(1,175,064)
4,071,518
(4,510,848)
(6,373,236)
(17,345,886)
8,100,438
35,388,717
41,761,953
57,667,265
49,566,827
$
30,877,869
$
35,388,717
$
40,321,379
$
57,667,265
4,906,495
5,888,903
128,219
195,722
137,021
134,289
147,618
332,147
(6,122,017)
(8,682,379)
(334,899)
(349,193)
(1,078,501)
(2,659,187)
(59,062)
178,676
Statements
of
Changes
in
Net
Assets
98
See
accompanying
notes
to
financial
statements.
Global
Resources
Fund
Year
Ended
December
31,
2022
Year
Ended
December
31,
2021
Increase
(Decrease)
in
Net
Assets
From
operations:
Net
investment
income
(loss)
$
158,402
$
(153,276)
Net
realized
gain
(loss)
1,352,565
12,858,639
Net
change
in
unrealized
depreciation
(9,537,851)
(4,314,220)
Net
increase
(decrease)
in
net
assets
from
operations
(8,026,884)
8,391,143
Distributions
to
shareholders
Investor
Class
(7,566,498)
(10,949,637)
Total
distributions
paid
(7,566,498)
(10,949,637)
From
capital
share
transactions:
Proceeds
from
shares
sold
Investor
Class
3,165,341
9,369,121
Distributions
reinvested
Investor
Class
7,271,011
10,463,717
10,436,352
19,832,838
Cost
of
shares
redeemed
Investor
Class
(7,610,552)
(13,344,667)
Net
increase
(decrease)
in
net
assets
from
capital
share
transactions
2,825,800
6,488,171
Net
Increase
(Decrease)
in
Net
Assets
(12,767,582)
3,929,677
Net
Assets
Beginning
of
year
67,820,720
63,891,043
End
of
year
$
55,053,138
$
67,820,720
Capital
Share
Activity
Investor
Class
Shares
sold
557,983
1,423,126
Shares
reinvested
1,714,861
1,895,601
Shares
redeemed
(1,434,100)
(2,059,428)
Net
capital
share
activity
838,744
1,259,299
99
World
Precious
Minerals
Fund
Gold
and
Precious
Metals
Fund
Year
Ended
December
31,
2022
Year
Ended
December
31,
2021
Year
Ended
December
31,
2022
Year
Ended
December
31,
2021
$
(890,923)
$
(1,862,372)
$
(140,218)
$
(110,147)
(173,726)
2,196,695
10,436,254
6,697,513
(26,978,201)
(16,585,163)
(35,433,170)
(24,130,445)
(28,042,850)
(16,250,840)
(25,137,134)
(17,543,079)
–
(37,944,772)
–
(2,957,464)
–
(37,944,772)
–
(2,957,464)
24,833,709
38,610,718
35,835,824
49,425,365
–
35,816,306
–
2,755,072
24,833,709
74,427,024
35,835,824
52,180,437
(31,603,529)
(47,166,213)
(41,837,625)
(50,769,361)
(6,769,820)
27,260,811
(6,001,801)
1,411,076
(34,812,670)
(26,934,801)
(31,138,935)
(19,089,467)
89,312,544
116,247,345
141,228,422
160,317,889
$
54,499,874
$
89,312,544
$
110,089,487
$
141,228,422
11,971,789
7,861,349
3,293,686
3,879,806
–
14,500,529
–
238,010
(15,112,600)
(9,890,423)
(3,963,493)
(4,015,355)
(3,140,811)
12,471,455
(669,807)
102,461
Statements
of
Changes
in
Net
Assets
100
See
accompanying
notes
to
financial
statements.
m
Emerging
Europe
Fund
Year
Ended
December
31,
2022
Year
Ended
December
31,
2021
Increase
(Decrease)
in
Net
Assets
From
operations:
Net
investment
income
(loss)
$
263,853
$
552,438
Net
realized
gain
(loss)
(8,103,548)
4,209,901
Net
change
in
unrealized
depreciation
(1,176,988)
(1,963,563)
Net
increase
(decrease)
in
net
assets
from
operations
(9,016,683)
2,798,776
Distributions
to
shareholders
Investor
Class
(1,040,122)
(194,458)
Total
distributions
paid
(1,040,122)
(194,458)
From
capital
share
transactions:
Proceeds
from
shares
sold
Investor
Class
689,641
999,665
Distributions
reinvested
Investor
Class
997,590
187,611
1,687,231
1,187,276
Cost
of
shares
redeemed
Investor
Class
(3,282,443)
(4,599,687)
Net
decrease
in
net
assets
from
capital
share
transactions
(1,595,212)
(3,412,411)
Net
Decrease
in
Net
Assets
(11,652,017)
(808,093)
Net
Assets
Beginning
of
year
23,467,416
24,275,509
End
of
year
$
11,815,399
$
23,467,416
Capital
Share
Activity
Investor
Class
Shares
sold
162,987
152,551
Shares
reinvested
272,566
28,085
Shares
redeemed
(720,765)
(692,125)
Net
capital
share
activity
(285,212)
(511,489)
101
China
Region
Fund
Year
Ended
December
31,
2022
Year
Ended
December
31,
2021
$
273,172
$
(31,161)
(2,335,559)
342,103
(340,422)
(2,580,563)
(2,402,809)
(2,269,621)
(269,089)
(1,513,872)
(269,089)
(1,513,872)
288,828
971,089
254,642
1,426,682
543,470
2,397,771
(949,078)
(2,781,351)
(405,608)
(383,580)
(3,077,506)
(4,167,073)
9,379,479
13,546,552
$
6,301,973
$
9,379,479
52,446
98,722
52,074
207,367
(170,645)
(298,125)
(66,125)
7,964
Notes
to
Financial
Statements
December
31,
2022
102
Note
1:
Organization
and
Significant
Accounting
Policies
U.S.
Global
Investors
Funds
(“Trust”),
consisting
of
the
eight
separate
funds
(“Funds”)
included
in
this
report,
is
organized
as
a
Delaware
statutory
trust.
Each
Fund
is
an
open-
end
management
investment
company
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
and
follows
the
specialized
accounting
and
reporting
guidance
in
FASB
Accounting
Standards
Codification
Topic
946.
All
Funds
are
diversified
with
the
exception
of
World
Precious
Minerals,
Gold
and
Precious
Metals,
Emerging
Europe
and
China
Region.
A
non-diversified
fund
may
invest
a
greater
percentage
of
its
assets
in
a
smaller
number
of
issuers
in
comparison
to
a
diversified
fund.
On
June
14,
2019,
the
Institutional
Shares
of
the
Global
Resources
Fund
and
the
World
Precious
Minerals
Fund
were
liquidated
and
terminated
pursuant
to
a
Board
approved
Plan
of
Share
Class
Termination.
On
the
Liquidation
Date,
each
Fund
made
a
liquidating
distribution
to
shareholders
of
the
Institutional
Shares
equal
to
each
Shareholder’s
proportionate
interest
in
the
Institutional
Shares.
Effective
July
1,
2020,
the
Holmes
Macro
Trends
Fund
changed
its
name
to
Global
Luxury
Goods
Fund.
The
Fund
also
changed
its
investment
strategy
on
July
1,
2020.
Prior
to
that
date,
the
Fund
invested
in
a
diversified
portfolio
of
equity
and
equity-related
securities
of
companies
in
the
S&P
Composite
1500
Index,
with
a
focus
on
companies
achieving
high
return
on
invested
capital
metrics
and
an
emphasis
on
mid-capitalization
companies.
Different
investment
strategies
may
lead
to
different
performance
results.
The
Fund’s
performance
for
periods
prior
to
July
1,
2020
reflects
the
investment
strategy
in
effect
prior
to
that
date.
On
December
22,
2020,
the
Global
Luxury
Goods
Fund
acquired
all
the
net
assets
of
the
All
American
Equity
Fund.
The
acquisition
of
net
assets
and
unrealized
gain
from
this
tax-
free
transaction
was
as
follows:
The
following
is
a
summary
of
significant
accounting
policies
consistently
followed
by
the
Funds
in
the
preparation
of
their
financial
statements.
The
policies
are
in
conformity
with
U.S.
generally
accepted
accounting
principles.
A.
Security
Valuations
The
Funds
value
investments
traded
on
national
or
international
securities
exchanges
or
over-the-counter
at
the
last
sales
price
reported
by
the
security’s
primary
exchange
of
its
market
at
the
time
of
daily
valuation.
Options
and
securities
for
which
no
sale
was
reported
are
valued
at
the
mean
between
the
last
reported
bid
and
asked
quotation.
Debt
securities
having
60
days
or
less
to
maturity
that
are
expected
to
be
valued
at
par
at
maturity
may
be
priced
by
the
amortized
cost
method
if
the
Adviser
determines
it
would
approximate
market
value.
Municipal
securities,
long-term
U.S.
government
obligations
and
corporate
debt
securities
are
valued
by
an
independent
pricing
service
using
an
evaluated
quote
based
on
such
factors
as
institutional-size
trading
in
similar
groups
of
securities,
yield,
quality,
maturity,
coupon
rate,
type
of
issue,
individual
trading
characteristics
and
other
market
data.
For
more
information
please
see
Notes
to
Portfolio
of
Investments.
Date
of
Contribution
Net
Assets
Shares
Issued
Unrealized
Gain
on
Investments
Acquired
December
22,
2020
$
11,908,004
591,302
$
1,766,272
Notes
to
Financial
Statements
December
31,
2022
103
B.
Cash-Concentration
in
Uninsured
Account
For
cash
management
purposes
the
Funds
may
concentrate
cash
with
the
Funds’
custodian.
As
of
December
31,
2022,
The
U.S.
Government
Securities
Ultra-Short
Bond
Fund,
Near-
Term
Tax
Free
Fund,
Global
Luxury
Goods
Fund,
Global
Resources
Fund,
World
Precious
Minerals
Fund,
Gold
and
Precious
Metals
Fund,
Emerging
Europe
Fund
and
China
Region
Fund
held
$1,440,257,
$381,009,
$1,970,684,
$4,404,459,
$720,368,
$9,524,958,
$1,568,425
and
$861,609,
respectively,
as
cash
reserves
at
Brown
Brothers
Harriman
&
Co.
(BBH).
C.
Fair
Valued
Securities
Pursuant
to
Rule
2a-5
under
the
Investment
Company
Act,
the
Trust’s
Board
has
designated
the
Adviser,
as
defined
in
Note
3,
as
the
Funds’
valuation
designee
to
perform
any
fair
value
determinations
for
securities
and
other
assets
held
by
the
Funds.
The
Adviser
is
subject
to
the
oversight
of
the
Board
and
certain
reporting
and
other
requirements
intended
to
provide
the
Board
the
information
needed
to
oversee
the
Adviser’s
fair
value
determinations.
The
Adviser
is
responsible
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
in
accordance
with
policies
and
procedures
that
have
been
approved
by
the
Board.
Under
these
procedures,
the
Adviser
convenes
on
a
regular
and
ad
hoc
basis
to
review
such
investments
and
considers
a
number
of
factors,
including
valuation
methodologies
and
significant
unobservable
inputs,
when
arriving
at
fair
value.
The
Board
has
approved
the
Adviser’s
fair
valuation
procedures
as
a
part
of
the
Funds’
compliance
program
and
will
review
any
changes
made
to
the
procedures.
The
Adviser
provides
fair
valuation
inputs.
In
determining
fair
valuations,
the
Adviser
considers
a
number
of
factors
including
nature
and
duration
of
any
trading
restrictions,
trading
volume,
market
values
of
unrestricted
shares
of
the
same
or
similar
class,
investment
management’s
judgment
regarding
the
market
experience
of
the
issuer,
financial
status
and
other
operational
and
market
factors
affecting
the
issuer,
issuer’s
management,
quality
of
the
underlying
property
based
on
review
of
independent
geological
studies
and
other
relevant
matters.
The
fair
values
may
differ
from
what
would
have
been
used
had
a
broader
market
for
these
securities
existed.
The
Adviser
regularly
reviews
inputs
and
assumptions
and
performs
transactional
back-testing
and
disposition
analysis.
The
Adviser
reports
quarterly
to
the
Trust’s
Board
of
Trustees.
For
securities
traded
on
international
exchanges,
if
events
which
may
materially
affect
the
value
of
a
Fund’s
securities
occur
after
the
close
of
the
primary
exchange
and
before
a
Fund’s
net
asset
value
is
next
determined,
then
those
securities
will
be
valued
at
their
fair
value
as
determined
in
good
faith
in
accordance
with
the
policies
approved
by
the
Board
of
Trustees.
The
Adviser
uses
a
systematic
fair
value
model
provided
by
an
independent
third
party
to
value
international
securities
primarily
traded
on
an
exchange
or
market
outside
the
Western
Hemisphere
in
order
to
adjust
for
stale
pricing,
which
may
occur
between
the
close
of
certain
foreign
exchanges
and
the
New
York
Stock
Exchange.
Fair
valuation
is
based
on
subjective
factors
and,
as
a
result,
the
fair
value
price
of
an
investment
may
differ
from
the
security’s
market
price
and
may
not
be
the
price
at
which
the
asset
may
be
sold.
Fair
valuation
could
result
in
a
different
Net
Asset
Value
(“NAV”)
than
a
NAV
determined
by
using
market
quotes.
D.
Security
Transactions
and
Investment
Income
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
from
security
transactions
are
determined
on
an
identified
cost
basis.
Dividend
income
is
recorded
on
the
Notes
to
Financial
Statements
December
31,
2022
104
ex-dividend
date
except
that
certain
dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
recorded
as
soon
as
the
Fund
has
confirmed
the
ex-dividend
date.
Interest
income,
which
may
include
original
issue
discount,
is
recorded
on
an
accrual
basis.
Discounts
and
premiums
on
securities
purchased
are
accreted
and
amortized,
respectively,
on
a
yield-to-worst
basis
as
adjustments
to
interest
income.
Investment
income
is
recorded
net
of
foreign
taxes
withheld
where
recovery
of
such
taxes
is
uncertain.
Investment
income
and
realized
and
unrealized
gains
(losses)
are
allocated
to
each
Fund’s
share
class
based
on
their
respective
net
assets.
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis
and
segregate
collateral
on
their
books
with
a
value
at
least
equal
to
the
amount
of
the
commitment.
Losses
may
arise
due
to
the
changes
in
the
value
of
the
underlying
securities
or
if
the
counterparty
does
not
perform
under
the
contract.
E.
Foreign
Currency
Transactions
Some
Funds
may
invest
in
securities
of
foreign
issuers.
The
accounting
records
of
these
Funds
are
maintained
in
U.S.
dollars.
At
each
net
asset
value
determination
date,
the
value
of
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
the
current
prevailing
exchange
rate.
Security
transactions,
income
and
expenses
are
converted
at
the
prevailing
rate
of
exchange
on
the
respective
dates
of
the
transactions.
The
effect
of
changes
in
foreign
exchange
rates
on
foreign
denominated
securities
is
included
with
the
net
realized
and
unrealized
gain
or
loss
on
securities.
Other
foreign
currency
gains
or
losses
are
reported
separately.
F.
Federal
Income
Taxes
The
Funds
intend
to
continue
to
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies
and
to
distribute
substantially
all
of
their
taxable
income
to
shareholders.
Accordingly,
no
provision
for
federal
income
taxes
is
required.
Each
Fund
may
be
subject
to
foreign
taxes
on
income
and
gains
on
investments,
which
are
accrued
based
on
the
Fund’s
understanding
of
the
tax
rules
and
regulations
in
the
foreign
markets.
The
Funds
recognize
the
tax
benefits
of
uncertain
tax
positions
only
where
the
position
is
“more
likely
than
not”
to
be
sustained
assuming
examination
by
tax
authorities.
Management
has
analyzed
the
Funds’
tax
positions,
and
has
concluded
that
no
liability
for
unrecognized
tax
benefits
should
be
recorded
related
to
uncertain
tax
positions
taken
on
returns
filed
for
open
tax
years
or
expected
to
be
taken
in
2022
tax
returns.
The
Funds
file
U.S.
federal
and
excise
tax
returns
as
required.
The
Funds’
2019,
2020,
2021
and
2022
(when
filed)
tax
returns
are
open
to
examination
by
the
federal
and
applicable
state
tax
authorities.
The
Funds
have
no
examinations
in
progress.
G.
Dividends
and
Distributions
to
Shareholders
The
Funds
record
dividends
and
distributions
to
shareholders
on
the
ex-dividend
date.
Distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
accounting
principles
generally
accepted
in
the
United
States.
Accordingly,
periodic
reclassifications
related
to
permanent
book
and
tax
basis
differences
are
made
within
the
Funds’
capital
accounts
to
reflect
income
and
gains
available
for
distribution
under
income
tax
regulations.
The
Funds,
except
as
noted
below,
generally
pay
income
dividends
and
distribute
capital
gains,
if
any,
annually.
The
U.S.
Government
Securities
Ultra-Short
Bond
Fund
and
the
Notes
to
Financial
Statements
December
31,
2022
105
Near-Term
Tax
Free
Fund
pay
dividends
monthly.
A
Fund
may
elect
to
designate
a
portion
of
the
earnings
and
profits
distributed
to
shareholders
on
the
redemption
of
fund
shares
during
the
year
as
distributions
for
federal
income
tax
purposes.
Differences
in
per
share
dividend
rates
for
multiclass
funds
generally
result
from
the
relative
weightings
of
pro
rata
income
allocations
and
from
differences
in
separate
class
expenses.
H.
Expenses
Fund
specific
expenses
are
allocated
to
that
Fund
and
pro
rata
across
share
classes.
Expenses
that
are
not
fund
specific
are
allocated
among
Funds
and
pro
rata
across
share
classes.
Except
for
the
U.S.
Government
Securities
Ultra-Short
Bond
Fund,
expense
offset
arrangements
have
been
made
with
the
Funds’
custodian
so
the
custodian
fees
may
be
paid
indirectly
by
credits
earned
on
the
Funds’
cash
balances.
Such
deposit
arrangements
are
an
alternative
to
overnight
investments.
Custodian
fees
are
presented
in
the
Statements
of
Operations
gross
of
such
credits,
and
the
credits
are
presented
as
offsets
to
expenses.
For
the
U.S.
Government
Securities
Ultra-Short
Bond
Fund,
credits
earned
on
its
cash
balance
are
included
in
interest
and
other
income.
I.
Use
of
Estimates
in
Financial
Statement
Preparation
The
Funds
are
investment
companies
accounted
for
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“GAAP”).
Therefore
they
follow
the
accounting
and
reporting
guidelines
for
investment
companies.
The
preparation
of
financial
statements
in
conformity
with
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Note
2:
Financial
Derivative
Instruments
A.
Options
Contracts
Equity
Funds
may
purchase
or
write
(sell)
options
on
securities
to
manage
their
exposure
to
stock
or
commodity
markets
as
well
as
fluctuations
in
interest
and
currency
conversion
rates.
The
use
of
options
carries
the
risks
of
a
change
in
value
of
the
underlying
instruments,
an
illiquid
secondary
market,
or
failure
of
the
counterparty
to
perform
its
obligations.
A
put
option
gives
the
purchaser
of
the
option,
upon
payment
of
a
premium,
the
right
to
sell,
and
the
issuer
of
the
option
the
obligation
to
buy,
the
underlying
security,
commodity,
index,
currency
or
other
instrument
at
the
exercise
price.
A
call
option,
upon
payment
of
a
premium,
gives
the
purchaser
of
the
option
the
right
to
buy,
and
the
issuer
the
obligation
to
sell,
the
underlying
instrument
at
the
exercise
price.
Purchasing
a
put
option
tends
to
decrease
a
Fund’s
exposure
to
the
underlying
instrument,
whereas
purchasing
a
call
option
tends
to
increase
a
Fund’s
exposure
to
the
underlying
instrument.
A
Fund
pays
a
premium
which
is
included
in
the
Statement
of
Assets
and
Liabilities
as
an
investment
and
subsequently
marked
to
market
to
reflect
the
current
value
of
the
option.
Premiums
paid
to
purchase
options
which
expire
are
treated
as
realized
losses.
Premiums
paid
to
purchase
options
which
are
exercised
or
closed
are
added
to
the
cost
of
securities
acquired
or
the
proceeds
from
securities
sold.
The
risk
associated
with
purchasing
put
and
call
options
is
limited
to
the
premium
paid.
Notes
to
Financial
Statements
December
31,
2022
106
The
Funds
will
realize
a
loss
equal
to
all
or
a
part
of
the
premium
paid
for
an
option
if
the
price
of
the
underlying
security
or
other
instrument
decreases
or
does
not
increase
by
more
than
the
premium
(in
the
case
of
a
call
option),
or
if
the
price
of
the
underlying
security
or
other
instrument
increases
or
does
not
decrease
by
more
than
the
premium
(in
the
case
of
a
put
option).
Writing
(selling)
a
put
option
tends
to
increase
a
Fund’s
exposure
to
the
underlying
instrument,
whereas
writing
a
call
option
tends
to
decrease
a
Fund’s
exposure
to
the
underlying
instrument.
The
premium
received
is
recorded
as
a
liability
in
the
Statement
of
Assets
and
Liabilities
and
subsequently
marked
to
market
to
reflect
the
current
value
of
the
option
written.
Premiums
received
from
writing
options
which
expire
are
treated
as
realized
gains.
Premiums
received
from
options
which
are
exercised
or
closed
are
added
to
the
proceeds
or
offset
against
amounts
paid
on
the
underlying
transaction
to
determine
the
realized
gain
or
loss.
Written
options
include
a
risk
of
loss
in
excess
of
the
option
premium.
A
Fund
as
a
writer
of
an
option
has
no
control
over
whether
the
underlying
instrument
may
be
sold
(call)
or
purchased
(put)
and
thus
bears
the
market
risk
of
an
unfavorable
change
in
the
price
of
the
instrument
underlying
the
written
option.
There
is
also
the
risk
a
Fund
may
not
be
able
to
enter
into
a
closing
transaction
because
of
an
illiquid
market.
A
Fund’s
ability
to
close
out
its
position
as
a
purchaser
or
seller
of
a
put
or
call
option
is
dependent,
in
part,
upon
the
liquidity
of
the
market
for
that
particular
option.
There
can
be
no
guarantee
that
a
Fund
will
be
able
to
close
out
an
option
position
when
desired.
An
inability
to
close
out
its
options
positions
may
reduce
a
Fund’s
anticipated
profits
or
increase
its
losses.
As
of
December
31,
2022,
there
were
no
securities
held
in
escrow
by
the
custodian
as
cover
for
call
options
written.
B.
Forward
Foreign
Currency
Contracts
The
Funds
enter
into
forward
foreign
currency
contracts
to
lock
in
the
U.S.
dollar
cost
of
purchase
and
sale
transactions
or
to
hedge
the
portfolio
against
currency
fluctuations.
A
forward
foreign
currency
contract
is
a
commitment
to
purchase
or
sell
a
foreign
currency
at
a
future
date
at
a
negotiated
rate.
These
contracts
are
valued
daily,
and
the
Fund’s
net
equity
therein,
representing
unrealized
gain
or
loss
on
the
contracts
as
measured
by
the
difference
between
the
forward
foreign
exchange
rates
at
the
dates
of
entry
into
the
contracts
and
the
forward
rates
at
the
reporting
date,
is
included
in
the
Statement
of
Assets
and
Liabilities.
Realized
and
unrealized
gains
and
losses
are
included
in
the
Statement
of
Operations.
Risks
may
arise
upon
entering
into
these
contracts
from
the
potential
inability
of
counterparties
to
meet
the
terms
of
the
contracts
and
from
unanticipated
movements
in
the
value
of
foreign
currencies
relative
to
the
U.S.
dollar.
Open
forward
foreign
currency
contracts
as
of
December
31,
2022,
were
as
follows:
Fund
Counterparty
Currency
to
Deliver
Currency
to
Receive
Settlement
Date
Settlement
Value
at
December
31,
2022
Net
Unrealized
Appreciation
Emerging
Europe
Fund
Brown
Brothers
Harriman
&
Co.
TRY
40,000,000
USD
2,103,105
1/23/2023
$
2,098,452
$
4,653
Notes
to
Financial
Statements
December
31,
2022
107
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,
2022:
The
following
is
a
summary
of
the
effect
of
derivative
instruments
on
the
Statements
of
Operations
as
of
December
31,
2022:
Location
Global
Resources
Fund
World
Precious
Minerals
Fund
Asset
derivatives
Investments,
at
value
Purchased
options
–
Equity
risk
$
91,969
$
94,965
Total
$
91,969
$
94,965
Location
Gold
and
Precious
Metals
Fund
Emerging
Europe
Fund
China
Region
Fund
Asset
derivatives
Investments,
at
value
Purchased
options
–
Equity
risk
$
182,085
$
69,600
$
75,340
Unrealized
gain
on
forward
foreign
currency
contracts
–
Currency
contract
risk
–
4,653
–
Total
$
182,085
$
74,253
$
75,340
Location
Global
Luxury
Goods
Fund
Global
Resources
Fund
World
Precious
Minerals
Fund
Realized
gain
(loss)
on
derivatives
recognized
in
income
Realized
gain
(loss)
from
securities
Purchased
options
–
Equity
risk
$
–
$
667,108
$
1,009,720
Net
realized
gain
(loss)
from
foreign
currency
transactions
Foreign
exchange
contracts
–
Currency
contract
risk
134,547
175,725
333,719
134,547
842,833
1,343,439
Change
in
unrealized
appreciation
(depreciation)
on
derivatives
recognized
in
income
Net
change
in
unrealized
appreciation
(depreciation)
of
investments
Purchased
options
–
Equity
risk
–
(690,339)
(884,449)
Net
change
in
unrealized
gain
(loss)
from
foreign
currency
transactions
–
Currency
contract
risk
–
(690,339)
(884,449)
Total
$
134,547
$
152,494
$
458,990
Notes
to
Financial
Statements
December
31,
2022
108
The
total
value
of
transactions
in
purchased
options
and
forward
currency
contracts
outstanding
during
the
year
ended
December
31,
2022,
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
$
3,307,410
$
(146,566)
$
(8,064)
Net
realized
gain
(loss)
from
foreign
currency
transactions
Foreign
exchange
contracts
–
Currency
contract
risk
105,881
242,595
–
3,413,291
96,029
(8,064)
Change
in
unrealized
appreciation
(depreciation)
on
derivatives
recognized
in
income
Net
change
in
unrealized
appreciation
(depreciation)
of
investments
Purchased
options
–
Equity
risk
(2,740,785)
(263,055)
(10,146)
Net
change
in
unrealized
gain
(loss)
from
foreign
currency
transactions
Foreign
exchange
contracts
–
Currency
contract
risk
–
49,942
–
(2,740,785)
(
213,113
)
(10,146)
Total
$
672,506
$
(
117,084
)
$
(18,210)
Fund
Purchased
Options
Forward
Currency
Contracts
Global
Luxury
Goods
Fund
$
–
$
70,975,596
Global
Resources
Fund
744,555
59,075,175
World
Precious
Minerals
Fund
924,580
96,745,873
Gold
and
Precious
Metals
Fund
2,831,920
130,967,258
Emerging
Europe
Fund
544,366
55,509,585
China
Region
Fund
330,580
–
Notes
to
Financial
Statements
December
31,
2022
109
Asset
(Liability)
amounts
shown
in
the
table
below
represent
amounts
for
derivative
related
instruments
at
December
31,
2022.
These
amounts
may
be
collateralized
by
cash
or
financial
instruments.
Note
3:
Investment
Advisory
and
Other
Agreements
U.S.
Global
Investors,
Inc.
(the
“Adviser”)
is
the
investment
adviser
to
the
Funds.
Pursuant
to
an
investment
advisory
agreement
with
the
Trust
in
effect
through
October
1,
2023,
furnishes
management
and
investment
advisory
services
and,
subject
to
the
supervision
of
the
trustees,
directs
the
investments
of
each
Fund
according
to
each
Fund’s
investment
objectives,
policies
and
limitations.
For
the
services
of
the
Adviser,
each
Fund
pays
a
base
management
or
advisory
fee
based
upon
its
net
assets.
Fees
are
accrued
daily
and
paid
monthly.
The
contractual
management
fee
for
each
fund
is:
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
$
91,969
$
–
$
–
$
91,969
World
Precious
Minerals
Assets:
Over-the-counter
derivatives
94,965
–
–
94,965
Gold
and
Precious
Metals
Assets:
Over-the-counter
derivatives
182,085
–
–
182,085
Emerging
Europe
Assets:
Over-the-counter
derivatives
74,253
–
–
74,253
China
Region
Assets:
Over-the-counter
derivatives
75,340
–
–
75,340
*
The
actual
financial
instruments
and
cash
collateral
(received)
pledged
may
be
in
excess
of
the
amounts
shown
in
the
table.
The
table
only
reflects
collateral
amounts
up
to
the
amount
of
the
financial
instrument
disclosed
on
the
Statement
of
Assets
and
Liabilities.
Fund
Average
Percentage
of
Average
Daily
Net
Assets
U.S.
Government
Securities
Ultra-Short
Bond
.50%
of
the
first
$250,000,000
and
.375%
of
the
excess
Near-Term
Tax
Free
.50%
Notes
to
Financial
Statements
December
31,
2022
110
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,
2022,
the
Funds
recorded
performance
adjustments
as
follows:
Atlantic
Fund
Administration,
LLC,
a
wholly
owned
subsidiary
of
Apex
US
Holdings,
LLC
(d/b/a
Apex
Fund
Services)
(“Apex”)
and
the
Adviser
act
as
co-administrators
to
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
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
$
(105,100)
Global
Resources
(168,481)
World
Precious
Minerals
(195,945)
Gold
and
Precious
Metals
(149,666)
Emerging
Europe
38,092
China
Region
(8,135)
3:
Investment
Advisory
and
Other
Agreements
Notes
to
Financial
Statements
December
31,
2022
111
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
year
ended
December
31,
2022,
were
limited
as
follows:
U.S.
Government
Securities
Ultra-Short
Bond
Fund
at
0.45%,
Global
Resources
Fund,
World
Precious
Minerals
Fund,
Gold
and
Precious
Metals
Fund,
Emerging
Europe
Fund
and
China
Region
Fund
at
1.75%.
Prior
to
October
1,
2022,
the
expenses
were
limited
as
follows:
Global
Resources,
World
Precious
Minerals,
and
Gold
and
Precious
Metals
Funds
at
1.90%,
Emerging
Europe
Fund
at
2.85%
and
China
Region
Fund
at
2.55%.
These
expense
limitations
are
exclusive
of
any
performance
fee
adjustments
and
will
continue
on
a
voluntary
basis
at
the
Adviser’s
discretion.
The
Adviser
may
temporarily
agree
to
additional
reimbursements
or
limitations.
The
Adviser
has
contractually
limited
the
total
operating
expenses
of
the
Near-
Term
Tax
Free
Fund
at
0.45%
on
an
annualized
basis
through
April
30,
2023.
The
Adviser
has
also
contractually
limited
the
total
operating
expenses
of
the
Global
Luxury
Goods
Fund
at
1.75%
on
an
annualized
basis
through
April
30,
2023.
Prior
to
October
1,
2022,
the
Adviser
contractually
limited
the
total
operating
expenses
of
the
Global
Luxury
Goods
Fund
at
1.80%.
Apex
is
the
transfer
agent
for
the
Funds.
Each
Fund’s
share
class
pays
an
annual
fee
based
on
the
number
of
shareholder
accounts,
certain
base
fees
and
transaction-
and
activity-based
fees
for
transfer
agency
services.
Certain
account
fees
are
paid
directly
by
shareholders
to
the
transfer
agent,
which,
in
turn,
reduces
its
charge
to
the
Funds.
Brown
Brothers
Harriman
&
Co.
(BBH)
serves
as
the
custodian.
Foreside
Fund
Services,
LLC
(the
“Distributor”),
a
wholly
owned
subsidiary
of
Foreside
Financial
Group,
LLC
(doing
business
as
ACA
Group),
acts
as
the
agent
of
the
Trust
in
connection
with
the
continuous
offering
of
shares
of
the
Funds.
The
Distributor
continually
distributes
shares
of
the
Funds
on
a
best
efforts
basis.
3:
Investment
Advisory
and
Other
Agreements
Notes
to
Financial
Statements
December
31,
2022
112
Note
4:
Investments
Cost
of
purchases
and
proceeds
from
sales
of
long-term
securities
for
the
year
ended
December
31,
2022,
are
summarized
as
follows:
During
the
year,
the
Global
Luxury
Goods
Fund
invested
in
securities
that
did
not
adhere
to
certain
investment
guidelines
of
the
Fund.
Upon
the
subsequent
disposal
of
those
securities,
the
Fund
incurred
a
loss
of
$109,633,
which
was
reimbursed
by
the
Adviser.
Note
5:
Tax
Information
The
following
table
presents
the
income
tax
basis
of
securities
owned
at
December
31,
2022,
and
the
tax
basis
components
of
net
unrealized
appreciation
(depreciation):
As
of
December
31,
2022,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
Fund
Purchases
Sales
U.S.
Government
Securities
Ultra-Short
Bond
$
12,383,416
$
14,970,661
Near-Term
Tax
Free
14,968,999
25,116,957
Global
Luxury
Goods
105,329,304
108,088,580
Global
Resources
27,468,632
37,809,304
World
Precious
Minerals
16,536,080
23,445,662
Gold
and
Precious
Metals
63,617,681
81,770,991
Emerging
Europe
22,185,968
25,729,396
China
Region
14,163,435
15,173,038
Fund
Aggregate
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
U.S.
Government
Securities
Ultra-Short
Bond
$
32,637,983
$
3,206
$
(132,338)
$
(129,132)
Near-Term
Tax
Free
30,327,861
83,178
(276,922)
(193,744)
Global
Luxury
Goods
38,294,843
4,158,814
(4,317,690)
(158,876)
Global
Resources
103,124,772
16,001,406
(69,357,130)
(53,355,724)
World
Precious
Minerals
108,172,055
15,517,511
(69,686,151)
(54,168,640)
Gold
and
Precious
Metals
96,753,727
22,288,792
(17,640,324)
4,648,468
Emerging
Europe
10,592,686
1,713,475
(2,069,980)
(356,505)
China
Region
6,582,675
227,504
(1,375,466)
(1,147,962)
Fund
Undistributed
Tax-Exempt
Income
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Capital
and
Other
Losses
U.S.
Government
Securities
Ultra-Short
Bond
$
–
$
–
$
–
$
(738,201)
Near-Term
Tax
Free
–
–
–
(2,773,052)
Global
Luxury
Goods
–
18,822
–
(5,888,696)
Global
Resources
–
27,135
–
(232,847,030)
World
Precious
Minerals
–
–
–
(339,680,116)
Gold
and
Precious
Metals
–
–
–
(63,129,822)
Emerging
Europe
–
491,162
–
(30,700,103)
China
Region
–
27,163
–
(3,058,858)
Notes
to
Financial
Statements
December
31,
2022
113
The
differences
between
book-basis
and
tax-basis
unrealized
appreciation
(depreciation)
for
Global
Luxury
Goods,
Global
Resources,
World
Precious
Minerals,
Gold
and
Precious
Metals,
Emerging
Europe
and
China
Region
Funds
are
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales,
investment
in
passive
foreign
investment
companies
(PFIC),
section
988
forward
currency
contracts,
investments
in
real
estate
investment
trusts,
equity
return
of
capital,
investments
in
grantor
trusts
and
investments
in
partnerships.
Reclassifications
are
made
to
the
Funds’
capital
accounts
to
reflect
income
and
gains
available
for
distribution
(or
available
capital
loss
carryovers)
under
income
tax
regulations.
For
the
year
ended
December
31,
2022,
the
Funds
recorded
the
following
reclassifications
to
increase
(decrease)
the
accounts
listed
below:
The
tax
character
of
distributions
paid
during
the
fiscal
year
ended
December
31,
2022,
were
as
follows:
Fund
(continued)
Net
Unrealized
Appreciation
(Depreciation)
Other
Temporary
Differences
Total
U.S.
Government
Securities
Ultra-Short
Bond
$
(129,132)
$
–
$
(867,333)
Near-Term
Tax
Free
(193,744)
–
(2,966,796)
Global
Luxury
Goods
(157,788)
–
(6,027,662)
Global
Resources
(53,338,303)
–
(286,158,198)
World
Precious
Minerals
(54,167,265)
–
(393,847,381)
Gold
and
Precious
Metals
4,645,533
–
(58,484,289)
Emerging
Europe
(363,898)
–
(30,572,839)
China
Region
(1,147,207)
–
(4,178,902)
Fund
Distributable
Earnings
Paid
in
Capital
U.S.
Government
Securities
Ultra-Short
Bond
$
423
$
(423)
Near-Term
Tax
Free
379
(379)
Global
Luxury
Goods
–
–
Global
Resources
32
(32)
World
Precious
Minerals
7,177,393
(7,177,393)
Gold
and
Precious
Metals
2,390,192
(2,390,192)
Emerging
Europe
–
–
China
Region
–
–
Fund
Tax-Exempt
Income
Ordinary
Income
Long-Term
Capital
Gains
Return
of
Capital
Total
U.S.
Government
Securities
Ultra-Short
Bond
$
–
$
289,109
$
7,427
$
–
$
296,536
Near-Term
Tax
Free
318,228
39,685
–
–
357,913
Global
Luxury
Goods
–
1,914,604
539,320
–
2,453,924
Global
Resources
–
7,566,498
–
–
7,566,498
World
Precious
Minerals
–
–
–
–
–
Gold
and
Precious
Metals
–
–
–
–
–
Emerging
Europe
–
1,040,122
–
–
1,040,122
China
Region
–
269,089
–
–
269,089
Notes
to
Financial
Statements
December
31,
2022
114
The
tax
character
of
distributions
paid
during
the
fiscal
year
ended
December
31,
2021,
were
as
follows:
Capital
loss
carryforwards
may
be
used
to
offset
current
or
future
taxable
capital
gains.
The
loss
carryforwards
for
each
Fund,
as
of
December
31,
2022,
are
as
follows:
During
the
year
ended
December
31,
2022,
the
following
Funds
utilized
capital
loss
carryforwards
to
offset
capital
gains
amounting
to:
For
tax
purposes,
the
Funds
have
current
year
deferred
late
year
losses
as
follows:
These
losses
were
recognized
for
tax
purposes
on
the
1st
day
of
the
current
tax
year.
Fund
Tax-Exempt
Income
Ordinary
Income
Long-Term
Capital
Gains
Return
of
Capital
Total
U.S.
Government
Securities
Ultra-Short
Bond
$
–
$
3,190
$
20,846
$
–
$
24,036
Near-Term
Tax
Free
324,489
174
–
–
324,663
Global
Luxury
Goods
–
6,916,770
832,646
–
7,749,416
Global
Resources
–
10,949,637
–
–
10,949,637
World
Precious
Minerals
–
37,944,772
–
–
37,944,772
Gold
and
Precious
Metals
–
2,957,464
–
–
2,957,464
Emerging
Europe
–
194,458
–
–
194,458
China
Region
–
637,136
876,736
–
1,513,872
No
Expiration
Fund
Short-Term
Long-Term
Total
U.S.
Government
Securities
Ultra-Short
Bond
$
399,114
$
339,087
$
738,201
Near-Term
Tax
Free
1,047,597
1,725,455
2,773,052
Global
Luxury
Goods
5,472,181
–
5,472,181
Global
Resources
162,716,293
70,130,737
232,847,030
World
Precious
Minerals
87,933,232
251,746,884
339,680,116
Gold
and
Precious
Metals
44,281,020
18,848,802
63,129,822
Emerging
Europe
20,246,404
10,453,699
30,700,103
China
Region
2,543,653
515,205
3,058,858
Fund
Gold
and
Precious
Metals
$
8,104,139
Fund
Post
October
31,
2022
Capital
Loss
Deferral
Post
October
31,
2022
Ordinary
Loss
Deferral
Global
Luxury
Goods
$
–
$
416,515
Notes
to
Financial
Statements
December
31,
2022
115
Note
6:
Risks
of
Concentrations
and
Foreign
Investments
The
Near-Term
Tax
Free
Fund
may
be
exposed
to
risks
related
to
concentration
of
investments
in
a
particular
state
or
geographic
area.
These
investments
present
risks
resulting
from
changes
in
economic
conditions
of
the
region
or
the
issuer.
The
Global
Resources
Fund
concentrates
its
investments
in
the
natural
resources
industries
and
may
be
subject
to
greater
risks
and
fluctuations
than
a
portfolio
representing
a
broader
range
of
industries.
The
World
Precious
Minerals
and
Gold
and
Precious
Metals
Funds
concentrate
their
investments
in
gold
and
other
precious
metals
and
minerals
and,
therefore,
may
be
subject
to
greater
risks
and
market
fluctuations
than
a
portfolio
representing
a
broader
range
of
industries.
The
funds
invest
in
securities
that
typically
respond
to
changes
in
the
price
of
gold
and
other
precious
metals
and
minerals,
which
can
be
influenced
by
a
variety
of
global
economic,
financial
and
political
factors;
increased
environmental
and
labor
costs
in
mining;
and
changes
in
laws
relating
to
mining
or
gold
production
or
sales.
Fluctuations
in
the
prices
of
gold
and
other
precious
metals
and
minerals
will
affect
the
market
values
of
the
securities
held
by
these
funds.
The
Emerging
Europe
Fund
invests
more
than
25%
of
its
investments
in
companies
principally
engaged
in
the
oil,
gas
or
banking
industries.
Oil
and
gas
companies
are
a
large
part
of
the
Russian
economy,
and
banks
typically
are
a
significant
component
of
emerging
market
economics,
such
as
those
in
Russia
and
other
Eastern
European
countries.
The
risk
of
concentrating
investments
in
this
group
of
industries
will
make
the
fund
more
susceptible
to
risk
in
these
industries
than
funds
which
do
not
concentrate
their
investments
in
an
industry.
The
Emerging
Europe
Fund
may
be
exposed
to
risks
not
typically
associated
with
investment
in
the
United
States
due
to
its
concentration
of
investments
in
emerging
markets.
These
risks
include
possible
revaluation
of
currencies,
less
public
information
about
companies,
disruptive
political
or
economic
conditions
and
the
possible
imposition
of
adverse
governmental
laws
or
currency
exchange
restrictions.
Moreover,
securities
of
many
foreign
issuers,
including
sovereign
nations,
and
their
markets
may
be
less
liquid
and
their
prices
more
volatile
than
those
securities
of
comparable
U.S.
issuers.
The
China
Region
Fund
may
be
exposed
to
risks
not
typically
associated
with
investments
in
the
United
States,
due
to
its
concentration
of
investments
in
foreign
issuers
in
the
region.
These
investments
present
risks
resulting
from
disruptive
political
or
economic
conditions
and
the
potential
imposition
of
adverse
governmental
laws
or
currency
exchange
restrictions
affecting
the
area.
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,
2022.
Notes
to
Financial
Statements
December
31,
2022
116
Note
8:
Commitments
and
Contingencies
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
provide
general
indemnifications
by
each
Fund
to
the
counterparty
to
the
contract.
Each
Fund’s
maximum
exposure
under
these
arrangements
is
dependent
on
future
claims
that
may
be
made
against
each
Fund
and,
therefore,
cannot
be
estimated;
however,
based
on
experience,
the
risk
of
loss
from
such
claims
is
considered
remote.
Each
Fund
has
determined
that
none
of
these
arrangements
requires
disclosure
on
each
Fund’s
balance
sheet.
Note
9:
Subsequent
Events
Subsequent
events
occurring
after
the
date
of
this
report
through
the
date
these
financial
statements
were
issued
have
been
evaluated
for
potential
impact,
and
the
Funds
have
had
not
such
events.
Management
has
evaluated
the
need
for
additional
disclosures
and/
or
adjustments
resulting
from
subsequent
events.
Based
on
this
evaluation,
no
additional
disclosures
or
adjustments
were
required
to
the
financial
statements
as
of
the
date
the
financial
statements
were
issued.
Financial
Highlights
117
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,
2022
2021
2020
2019
2018
Ratios
to
Average
Net
Assets:
Expense
offset
–
–
–
–
–
Year
Ended
December
31,
2022
2021
2020
2019
2018
Net
asset
value,
beginning
of
year
$
1.99
$
2.00
$
2.00
$
2.00
$
2.00
Investment
Activities
Net
investment
income
(loss)
*
0.02
(0.01
)
0.00
(a)
0.03
0.02
Net
realized
and
unrealized
gain
(loss)
(0.05
)
(0.00
)
(a)
0.01
0.00
(a)
0.00
(a)
Total
from
investment
activities
(0.03
)
(0.01
)
0.01
0.03
0.02
Distributions
From
net
investment
income
(0.02
)
–
(0.01
)
(0.03
)
(0.02
)
From
net
realized
gains
(0.00
)
(a)
(0.00
)
(a)
–
(0.00
)
(a)
–
Net
asset
value,
end
of
year
$
1.94
$
1.99
$
2.00
$
2.00
$
2.00
Total
Return
(b)
(1.66
)%
(0.44
)%
0.32
%
1.50
%
1.15
%
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
0.82
%
(0.32
)%
0.24
%
1.47
%
1.14
%
Total
expenses
1.13
%
1.06
%
1.05
%
1.00
%
0.99
%
Expenses
waived
or
reimbursed
(c)
(0.68
)%
(0.61
)%
(0.60
)%
(0.55
)%
(0.54
)%
Net
expenses
(d)
0.45
%
0.45
%
0.45
%
0.45
%
0.45
%
Portfolio
turnover
rate
46
%
78
%
127
%
97
%
32
%
Net
assets,
end
of
year
(in
thousands)
$34,117
$38,004
$40,262
$42,681
$47,290
*
Based
on
average
shares
outstanding.
(a)
The
per
share
amount
does
not
round
to
a
full
penny.
(b)
Assumes
investment
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
distributions
and
a
complete
redemption
of
the
investment
at
the
net
asset
value
at
the
end
of
the
year.
(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
118
Near-Term
Tax
Free
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Investor
Class
Year
Ended
December
31,
2022
2021
2020
2019
2018
Ratios
to
Average
Net
Assets:
Expense
offset
(0.02)%
–
(d)
(0.01)%
(0.08)%
(0.07)%
Year
Ended
December
31,
2022
2021
2020
2019
2018
Net
asset
value,
beginning
of
year
$
2.23
$
2.26
$
2.22
$
2.20
$
2.21
Investment
Activities
Net
investment
income
*
0.02
0.02
0.02
0.03
0.03
Net
realized
and
unrealized
gain
(loss)
(0.14
)
(0.03
)
0.04
0.02
(0.01
)
Total
from
investment
activities
(0.12
)
(0.01
)
0.06
0.05
0.02
Distributions
From
net
investment
income
(0.02
)
(0.02
)
(0.02
)
(0.03
)
(0.03
)
Net
asset
value,
end
of
year
$
2.09
$
2.23
$
2.26
$
2.22
$
2.20
Total
Return
(a)
(5.23
)%
(0.46
)%
2.93
%
2.18
%
0.73
%
Ratios
to
Average
Net
Assets:
Net
investment
income
1.08
%
0.86
%
1.11
%
1.25
%
1.17
%
Total
expenses
1.20
%
1.13
%
1.09
%
1.05
%
1.01
%
Expenses
waived
or
reimbursed
(b)
(0.75
)%
(0.68
)%
(0.64
)%
(0.60
)%
(0.56
)%
Net
expenses
(c)
0.45
%
0.45
%
0.45
%
0.45
%
0.45
%
Portfolio
turnover
rate
57
%
20
%
20
%
35
%
16
%
Net
assets,
end
of
year
(in
thousands)
$30,878
$35,389
$41,762
$43,061
$49,914
*
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
119
Global
Luxury
Goods
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Investor
Class
Year
Ended
December
31,
2022
2021
2020
2019
2018
Ratios
to
Average
Net
Assets:
Expense
offset
(0.06)%
–
(e)
(0.01)%
(0.15)%
(0.06)%
Year
Ended
December
31,
2022
2021
2020
2019
2018
Net
asset
value,
beginning
of
year
$
22.30
$
20.59
$
17.09
$
15.36
$
19.52
Investment
Activities
Net
investment
income
(loss)
*
0.36
(0.14
)
(0.04
)
(0.02
)
(0.06
)
Net
realized
and
unrealized
gain
(loss)
(5.69
)
5.28
3.56
2.14
(1.61
)
Total
from
investment
activities
(5.33
)
5.14
3.52
2.12
(1.67
)
Distributions
From
net
investment
income
(0.57
)
(0.21
)
(0.02
)
–
–
From
net
realized
gains
(0.45
)
(3.22
)
–
(0.39
)
(2.49
)
Net
asset
value,
end
of
year
$
15.95
$
22.30
$
20.59
$
17.09
$
15.36
Total
Return
(a)
(23.88
)%
25.02
%
20.62
%
13.84
%
(8.28
)%
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
2.03
%
(0.60
)%
(0.25
)%
(0.14
)%
(0.32
)%
Total
expenses
1.75
%
1.99
%
1.76
%
1.69
%
1.77
%
Expenses
waived
or
reimbursed
(b)
(0.20
)%
(0.06
)%
(0.01
)%
(0.15
)%
(0.06
)%
Net
expenses
(c)
1.55
%
1.93
%
1.75
%
1.54
%
1.71
%
Portfolio
turnover
rate
248
%
177
%
308
%
292
%
(d)
245
%
Net
assets,
end
of
year
(in
thousands)
$40,321
$57,667
$49,567
$35,076
$33,848
*
Based
on
average
shares
outstanding.
(a)
Assumes
investment
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
distributions
and
a
complete
redemption
of
the
investment
at
the
net
asset
value
at
the
end
of
the
period.
(b)
Expenses
waived
or
reimbursed
reflect
reductions
to
total
expenses,
as
discussed
in
the
notes
to
the
financial
statements.
These
amounts
would
increase
the
net
investment
loss
ratio
or
decrease
the
net
investment
income
ratio,
as
applicable,
and
decrease
the
total
returns
had
such
reductions
not
occurred.
(c)
The
net
expense
ratios
shown
above
reflect
expenses
after
waivers
and
reimbursements
and
include
the
effect
of
reductions
to
total
expenses
for
any
expenses
offset.
Expense
offset
arrangements
reduce
total
expenses,
as
discussed
in
the
notes
to
the
financial
statements.
These
amounts
would
decrease
the
net
investment
income
(loss)
ratio
had
such
reductions
not
occurred.
The
effect
of
expenses
offset
are
as
follows:
(d)
Excludes
option
transactions.
(e)
Effect
on
the
expense
ratio
was
not
greater
than
0.005%.
Financial
Highlights
120
Global
Resources
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Investor
Class
Year
Ended
December
31,
2022
2021
2020
2019
2018
Ratios
to
Average
Net
Assets:
Expense
offset
(0.03)%
–
(e)
(0.01)%
(0.08)%
(0.05)%
Year
Ended
December
31,
2022
2021
2020
2019
2018
Net
asset
value,
beginning
of
year
$
5.67
$
5.97
$
4.61
$
4.33
$
6.09
Investment
Activities
Net
investment
income
(loss)
*
0.01
(0.01
)
0.01
0.10
0.12
Net
realized
and
unrealized
gain
(loss)
(0.71
)
0.78
1.68
0.27
(1.67
)
Total
from
investment
activities
(0.70
)
0.77
1.69
0.37
(1.55
)
Distributions
From
net
investment
income
(0.67
)
(1.07
)
(0.33
)
(0.09
)
(0.21
)
Net
asset
value,
end
of
year
$
4.30
$
5.67
$
5.97
$
4.61
$
4.33
Total
Return
(a)
(12.10
)%
13.43
%
37.17
%
8.55
%
(25.48
)%
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
0.25
%
(0.22
)%
0.22
%
2.15
%
2.05
%
Total
expenses
1.60
%
1.90
%
2.09
%
1.61
%
1.57
%
Expenses
waived
or
reimbursed
(b)
(0.06
)%
–
(0.06
)%
(0.08
)%
(0.06
)%
Net
expenses
(c)
1.54
%
1.90
%
2.03
%
1.53
%
1.51
%
Portfolio
turnover
rate
46
%
135
%
105
%
129
%
(d)
119
%
Net
assets,
end
of
year
(in
thousands)
$55,053
$67,821
$63,891
$55,739
$60,699
*
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%.
Financial
Highlights
121
World
Precious
Minerals
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Investor
Class
Year
Ended
December
31,
2022
2021
2020
2019
2018
Ratios
to
Average
Net
Assets:
Expense
offset
(0.02)%
–
(e)
–
(e)
(0.04)%
(0.04)%
Year
Ended
December
31,
2022
2021
2020
2019
2018
Net
asset
value,
beginning
of
year
$
2.58
$
5.26
$
3.31
$
2.70
$
4.69
Investment
Activities
Net
investment
loss
*
(0.03
)
(0.09
)
(0.07
)
(0.04
)
(0.03
)
Net
realized
and
unrealized
gain
(loss)
(0.82
)
(0.74
)
2.38
0.65
(1.49
)
Total
from
investment
activities
(0.85
)
(0.83
)
2.31
0.61
(1.52
)
Distributions
From
net
investment
income
–
(1.85
)
(0.36
)
–
(0.47
)
Net
asset
value,
end
of
year
$
1.73
$
2.58
$
5.26
$
3.31
$
2.70
Total
Return
(a)
(32.95
)%
(14.19
)%
70.60
%
22.59
%
(31.67
)%
Ratios
to
Average
Net
Assets:
Net
investment
loss
(1.31
)%
(1.77
)%
(1.77
)%
(1.31
)%
(0.77
)%
Total
expenses
1.62
%
1.93
%
1.81
%
1.55
%
1.52
%
Expenses
waived
or
reimbursed
(b)
(0.09
)%
–
–
(0.04
)%
(0.04
)%
Net
expenses
(c)
1.53
%
1.93
%
1.81
%
1.51
%
1.48
%
Portfolio
turnover
rate
25
%
41
%
34
%
20
%
(d)
55
%
Net
assets,
end
of
year
(in
thousands)
$54,500
$89,313
$116,247
$75,818
$69,117
*
Based
on
average
shares
outstanding.
(a)
Assumes
investment
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
distributions
and
a
complete
redemption
of
the
investment
at
the
net
asset
value
at
the
end
of
the
period.
(b)
Expenses
waived
or
reimbursed
reflect
reductions
to
total
expenses,
as
discussed
in
the
notes
to
the
financial
statements.
These
amounts
would
increase
the
net
investment
loss
ratio
or
decrease
the
net
investment
income
ratio,
as
applicable,
and
decrease
the
total
returns
had
such
reductions
not
occurred.
(c)
The
net
expense
ratios
shown
above
reflect
expenses
after
waivers
and
reimbursements
and
include
the
effect
of
reductions
to
total
expenses
for
any
expenses
offset.
Expense
offset
arrangements
reduce
total
expenses,
as
discussed
in
the
notes
to
the
financial
statements.
These
amounts
would
decrease
the
net
investment
income
(loss)
ratio
had
such
reductions
not
occurred.
The
effect
of
expenses
offset
are
as
follows:
(d)
Excludes
option
transactions.
(e)
Effect
on
the
expense
ratio
was
not
greater
than
0.005%.
Financial
Highlights
122
Gold
and
Precious
Metals
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Investor
Class
Year
Ended
December
31,
2022
2021
2020
2019
2018
Ratios
to
Average
Net
Assets:
Expense
offset
(0.03)%
–
(e)
(0.01)%
(0.08)%
(0.06)%
Year
Ended
December
31,
2022
2021
2020
2019
2018
Net
asset
value,
beginning
of
year
$
11.81
$
13.53
$
10.14
$
6.70
$
7.96
Investment
Activities
Net
investment
loss
*
(0.01
)
(0.01
)
(0.09
)
(0.07
)
(0.06
)
Net
realized
and
unrealized
gain
(loss)
(2.05
)
(1.46
)
3.84
3.51
(1.08
)
Total
from
investment
activities
(2.06
)
(1.47
)
3.75
3.44
(1.14
)
Distributions
From
net
investment
income
–
(0.25
)
(0.36
)
–
(0.12
)
Net
asset
value,
end
of
year
$
9.75
$
11.81
$
13.53
$
10.14
$
6.70
Total
Return
(a)
(17.44
)%
(10.82
)%
37.06
%
51.34
%
(14.29
)%
Ratios
to
Average
Net
Assets:
Net
investment
loss
(0.11
)%
(0.07
)%
(0.82
)%
(0.90
)%
(0.87
)%
Total
expenses
1.55
%
1.82
%
1.60
%
1.59
%
1.76
%
Expenses
waived
or
reimbursed
(b)
(0.03
)%
–
(0.01
)%
(0.08
)%
(0.06
)%
Net
expenses
(c)
1.52
%
1.82
%
1.59
%
1.51
%
1.70
%
Portfolio
turnover
rate
55
%
56
%
37
%
36
%
(d)
74
%
Net
assets,
end
of
year
(in
thousands)
$110,089
$141,228
$160,318
$123,577
$86,106
*
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%.
Financial
Highlights
123
Emerging
Europe
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Investor
Class
Year
Ended
December
31,
2022
2021
2020
2019
2018
Ratios
to
Average
Net
Assets:
Expense
offset
(0.04)%
–
(d)
(0.01)%
(0.06)%
(0.04)%
Year
Ended
December
31,
2022
2021
2020
2019
2018
Net
asset
value,
beginning
of
year
$
6.76
$
6.10
$
7.70
$
6.05
$
7.29
Investment
Activities
Net
investment
income
*
0.09
0.15
0.05
0.21
0.14
Net
realized
and
unrealized
gain
(loss)
(2.79
)
0.57
(1.43
)
1.59
(1.38
)
Total
from
investment
activities
(2.70
)
0.72
(1.38
)
1.80
(1.24
)
Distributions
From
net
investment
income
(0.35
)
(0.06
)
(0.22
)
(0.15
)
–
Net
asset
value,
end
of
year
$
3.71
$
6.76
$
6.10
$
7.70
$
6.05
Total
Return
(a)
(39.84
)%
11.75
%
(17.94
)%
29.76
%
(17.01
)%
Ratios
to
Average
Net
Assets:
Net
investment
income
2.02
%
2.24
%
0.76
%
3.08
%
2.05
%
Total
expenses
3.92
%
2.49
%
2.82
%
2.36
%
2.43
%
Expenses
waived
or
reimbursed
(b)
(1.05
)%
–
(0.16
)%
(0.06
)%
(0.04
)%
Net
expenses
(c)
2.87
%
2.49
%
2.66
%
2.30
%
2.39
%
Portfolio
turnover
rate
184
%
169
%
198
%
87
%
81
%
Net
assets,
end
of
year
(in
thousands)
$11,815
$23,467
$24,276
$36,453
$31,150
*
Based
on
average
shares
outstanding.
(a)
Assumes
investment
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
distributions
and
a
complete
redemption
of
the
investment
at
the
net
asset
value
at
the
end
of
the
period.
(b)
Expenses
waived
or
reimbursed
reflect
reductions
to
total
expenses,
as
discussed
in
the
notes
to
the
financial
statements.
These
amounts
would
increase
the
net
investment
loss
ratio
or
decrease
the
net
investment
income
ratio,
as
applicable,
and
decrease
the
total
returns
had
such
reductions
not
occurred.
(c)
The
net
expense
ratios
shown
above
reflect
expenses
after
waivers
and
reimbursements
and
include
the
effect
of
reductions
to
total
expenses
for
any
expenses
offset.
Expense
offset
arrangements
reduce
total
expenses,
as
discussed
in
the
notes
to
the
financial
statements.
These
amounts
would
decrease
the
net
investment
income
(loss)
ratio
had
such
reductions
not
occurred.
The
effect
of
expenses
offset
are
as
follows:
(d)
Effect
on
the
expense
ratio
was
not
greater
than
0.005%.
Financial
Highlights
124
China
Region
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Investor
Class
Year
Ended
December
31,
2022
2021
2020
2019
2018
Ratios
to
Average
Net
Assets:
Expense
offset
(0.10)%
–
(d)
(0.01)%
(0.10)%
(0.04)%
Year
Ended
December
31,
2022
2021
2020
2019
2018
Net
asset
value,
beginning
of
year
$
6.88
$
9.99
$
9.12
$
7.56
$
11.53
Investment
Activities
Net
investment
income
(loss)
*
0.21
(0.02
)
(0.08
)
0.07
0.10
Net
realized
and
unrealized
gain
(loss)
(2.02
)
(1.81
)
1.14
1.59
(3.84
)
Total
from
investment
activities
(1.81
)
(1.83
)
1.06
1.66
(3.74
)
Distributions
From
net
investment
income
(0.21
)
–
(0.05
)
(0.10
)
(0.08
)
From
net
realized
gains
–
(1.28
)
(0.14
)
–
(0.15
)
Net
asset
value,
end
of
year
$
4.86
$
6.88
$
9.99
$
9.12
$
7.56
Total
Return
(a)
(26.27
)%
(18.32
)%
11.75
%
21.99
%
(32.46
)%
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
3.72
%
(0.26
)%
(0.88
)%
0.77
%
0.96
%
Total
expenses
4.23
%
3.14
%
3.56
%
2.95
%
2.66
%
Expenses
waived
or
reimbursed
(b)
(1.96
)%
(0.75
)%
(0.87
)%
(0.51
)%
(0.22
)%
Net
expenses
(c)
2.27
%
2.39
%
2.69
%
2.44
%
2.44
%
Portfolio
turnover
rate
211
%
278
%
243
%
95
%
109
%
Net
assets,
end
of
year
(in
thousands)
$6,302
$9,379
$13,547
$14,459
$13,253
*
Based
on
average
shares
outstanding.
(a)
Assumes
investment
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
distributions
and
a
complete
redemption
of
the
investment
at
the
net
asset
value
at
the
end
of
the
period.
(b)
Expenses
waived
or
reimbursed
reflect
reductions
to
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%.
125
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,
2022,
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,
2022,
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,
2022
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.
126
Report
of
Independent
Registered
Public
Accounting
Firm
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,
2023
Trustees
and
Officers
(
unaudited
)
December
31,
2022
127
The
following
table
presents
information
about
the
Trustees
as
of
December
31,
2022,
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,
2022,
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,
2022
128
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,
2022
129
At
the
September
16,
2022
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
preparation
for
its
deliberations,
the
Board
requested
and
reviewed
written
responses
from
the
Adviser
to
a
due
diligence
questionnaire
circulated
on
the
Board's
behalf
concerning
the
Adviser’s
personnel,
operations,
financial
condition,
projected
performance,
and
the
services
to
be
provided
by
the
Adviser
to
each
Fund.
During
its
deliberations,
the
Board
received
an
oral
presentation
from
senior
representatives
of
the
Adviser
and
discussed
the
materials
with
the
Adviser,
independent
legal
counsel
to
the
Independent
Trustees
(“Independent
Legal
Counsel”)
and,
as
necessary,
with
the
Trust’s
administrator.
The
Independent
Trustees
also
met
in
executive
session
with
Independent
Legal
Counsel
while
deliberating.
At
the
September
meeting,
the
Board
reviewed,
among
other
matters,
the
topics
discussed
below:
Nature,
Extent
and
Quality
of
Services
Based
on
written
materials
received
from
the
Adviser,
a
presentation
from
senior
representatives
of
the
Adviser,
and
a
discussion
with
the
Adviser
about
the
Adviser’s
personnel,
operations
and
financial
condition,
the
Board
considered
the
quality
of
services
provided
by
the
Adviser
under
the
Advisory
Agreement.
In
this
regard,
the
Board
considered
information
regarding,
among
other
things,
the
experience,
qualifications
and
professional
background
of
the
portfolio
managers
and
other
personnel
at
the
Adviser
with
principal
responsibility
for
the
Funds’
investments;
the
investment
philosophy
and
decision-making
process
of
those
professionals;
the
capability
and
integrity
of
the
Adviser’s
senior
management
and
staff;
and
the
quality
of
the
Adviser’s
services
with
respect
to
regulatory
compliance.
The
Board
considered
also
the
adequacy
of
the
Adviser’s
resources.
The
Board
noted
the
Adviser’s
representation
that
the
firm
is
financially
stable
and
has
the
operational
capability
needed
to
provide
high-quality
investment
advisory
services
to
the
Funds.
Based
on
the
presentation
and
the
materials
provided
by
the
Adviser,
the
Board
concluded
that,
overall,
it
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
to
the
Funds
by
the
Adviser
under
the
Advisory
Agreement.
Performance
In
connection
with
a
presentation
by
the
Adviser
regarding
its
approach
to
managing
the
Funds,
including
the
investment
objective
and
strategy
of
each
Fund,
the
Board
reviewed
the
performance
of
each
Fund
compared
to
their
respective
benchmarks
and
compared
to
independent
peer
groups
of
funds
identified
by
Strategic
Insight,
Inc.
(“Strategic
Insight”)
as
having
characteristics
similar
to
those
of
the
Funds.
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.
Approval
of
Investment
Advisory
Agreement
(
unaudited
)
December
31,
2022
130
China
Region
Fund
For
the
China
Region
Fund,
the
information
presented
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,
2022.
The
Board
noted
the
Adviser’s
representation
that
the
China
Region
Fund’s
underperformance
relative
to
the
Strategic
Insight
peers
could
be
attributed,
at
least
in
part,
to
the
fact
that
the
peers
generally
comprised
actively
managed
funds
with
benchmarks
that
differed
from
that
of
the
China
Region
Fund,
and
that
the
differences
in
weightings
and
allocations
between
the
Fund’s
portfolio
and
the
portfolios
of
the
peer
funds
resulted
in
performance
discrepancies.
The
Board
also
noted
the
Adviser’s
representation
that
the
China
Region
Fund’s
sector
allocation
negatively
impacted
performance
relative
to
the
Strategic
Insight
peers,
as
the
China
Region
Fund
was
more
heavily
weighted
toward
technology
and
real
estate
companies,
which
underperformed
relative
to
the
companies
in
which
the
Strategic
Insight
peer
funds
focused,
such
as
industrial
and
material
sectors.
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,
2022.
The
Board
noted
the
Adviser’s
representation
that
the
China
Region
Fund’s
underperformance
relative
to
the
primary
benchmark
index
could
be
attributed,
at
least
in
part,
to
the
Fund’s
overweight
exposure
to
companies
in
Taiwan
and
Malaysia,
which
underperformed
during
the
one-,
three-,
and
five-year
periods,
as
well
as
the
Fund’s
underweight
exposure
to
the
financials
sector
relative
to
the
benchmark,
which
outperformed
during
the
periods
under
review.
The
Board
noted
the
Adviser’s
representation
that,
although
the
China
Region
Fund
underperformed
its
primary
benchmark
index,
the
Fund’s
performance
more
closely
approximated
that
of
the
index
than
the
performance
of
the
Strategic
Insight
peers.
Emerging
Europe
Fund
For
the
Emerging
Europe
Fund,
the
information
presented
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,
2022.
The
Board
noted
the
Adviser’s
representation
that
the
Fund’s
underperformance
relative
to
the
peer
group
could
be
attributed,
at
least
in
part,
to
material
differences
between
the
Fund’s
investment
strategy
and
the
strategies
of
the
funds
in
the
peer
group
and
that,
with
few
exceptions,
the
funds
comprising
the
Strategic
Insight
peer
group
employed
broad
European
market
strategies,
focused
particularly
on
Western
Europe,
and
were
not
dedicated
to
an
emerging
Europe
strategy
subject
to
the
same
investment
constraints
as
the
Emerging
Europe
Fund.
The
Board
observed
that
the
Emerging
Europe
Fund
outperformed
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,
2022.
Global
Luxury
Goods
Fund
For
the
Global
Luxury
Goods
Fund,
the
information
presented
showed
that
the
Fund
outperformed
the
average
of
its
Strategic
Insight
peer
group
for
the
one-year
period
ended
June
30,
2022
and
underperformed
the
average
of
its
Strategic
Insight
peer
group
for
the
three-,
five-,
and
10-year
periods
ended
June
30,
2022.
The
Board
noted
the
Adviser’s
representation
that
the
Global
Luxury
Goods
Fund’s
underperformance
over
the
longer-term
relative
to
the
Strategic
Insight
peers
could
be
attributed,
at
least
in
part,
to
differences
in
the
Global
Luxury
Approval
of
Investment
Advisory
Agreement
(
unaudited
)
December
31,
2022
131
Goods
Fund’s
investment
strategy
compared
to
those
of
the
peers.
Specifically,
the
Board
noted
the
Adviser’s
representation
that
the
funds
in
the
Strategic
Insight
peer
group
employed
broad,
large
capitalization
growth
strategies
and,
although
some
of
the
peer
funds
appeared
to
have
above-average
allocations
to
the
consumer
discretionary
sector,
the
peer
funds
did
not
appear
to
be
subject
to
the
same
investment
constraints
as
the
Global
Luxury
Goods
Fund
with
respect
to
luxury
goods
investments
and
did
not
approach
the
levels
of
consumer
discretionary
investment
exposure
in
the
Global
Luxury
Goods
Fund
portfolio.
The
Board
observed
that
the
Global
Luxury
Goods
Fund
underperformed
its
primary
benchmark
index,
the
S&P
Composite
1500
Index,
for
the
one-,
three-,
five-,
and
10-
year
periods
ended
June
30,
2022.
The
Board
noted
the
Adviser’s
representation
that
underperformance
of
the
Fund
relative
to
the
primary
benchmark
could
be
attributed,
at
least
in
part,
to
the
Fund’s
overweight
position
in
the
consumer
discretionary
sector
relative
to
the
benchmark
as
consumer
discretionary
stocks
performed
poorly
during
the
period
amid
inflation
and
recession
concerns.
The
Board
also
observed
that,
as
of
July
1,
2020,
the
Global
Luxury
Goods
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.
At
the
Adviser’s
request,
the
Board
also
considered
the
performance
of
the
Global
Luxury
Goods
Fund
compared
to
the
performance
of
the
Fund’s
secondary
benchmark,
the
S&P
Global
Luxury
Index,
which
was
believed
by
the
Adviser
to
have
constituents
more
in
line
with
the
Global
Luxury
Goods
Fund’s
portfolio.
In
that
regard,
the
Board
observed
that
the
Global
Luxury
Goods
Fund
outperformed
the
S&P
Global
Luxury
Index
for
the
one-year
period
ended
June
30,
2022.
Global
Resources
Fund
For
the
Global
Resources
Fund,
the
information
presented
showed
that
the
Fund
underperformed
the
average
of
its
Strategic
Insight
peer
group
for
the
one-,
three-,
five-,
and
10-year
periods
ended
June
30,
2022.
The
Board
also
observed
that
the
Fund
underperformed
the
S&P
Global
Natural
Resources
Index
(Net
Total
Return),
the
Fund’s
primary
benchmark
index,
for
the
one-
,
five-,
and
10-year
periods
ended
June
30,
2022,
and
outperformed
the
primary
benchmark
for
the
three-year
period
ended
June
30,
2022.
The
Board
noted
the
Adviser’s
representation
that
the
Fund’s
underperformance
relative
to
the
peers
and
benchmark
could
be
attributed,
at
least
in
part,
to
the
Fund’s
underweight
exposure
to
conventional
oil
and
gas
investments
as
oil
prices
doubled
over
the
trailing
six
months
due
to
the
Russian
military
intervention
in
Ukraine.
The
Board
also
noted
the
Adviser’s
representation
that
the
Global
Resources
Fund’s
increased
exposure
to
alternative
energy
sources
during
the
trailing
three-year
period
had
resulted
in
a
drag
on
the
Fund’s
relative
performance
that
disproportionately
impacted
longer-
term
performance.
Gold
and
Precious
Metals
Fund
For
the
Gold
and
Precious
Metals
Fund,
the
information
presented
showed
that
the
Fund
underperformed
the
average
of
its
Strategic
Insight
peers
for
the
one-year
period
ended
June
30,
2022
and
outperformed
the
average
of
its
Strategic
Insight
peers
for
the
three-,
five-,
and
10-year
periods
ended
June
30,
2022.
The
Board
observed
that
the
Fund
also
underperformed
the
FTSE
Gold
Mines
Index,
its
primary
benchmark
index,
for
the
one-year
period
ended
Approval
of
Investment
Advisory
Agreement
(
unaudited
)
December
31,
2022
132
June
30,
2022
and
outperformed
the
primary
benchmark
for
the
three-,
five-,
and
10-year
periods
ended
June
30,
2022.
The
Board
noted
the
Adviser’s
representation
that
the
Fund’s
relative
underperformance
over
the
one-year
period
could
be
attributed,
at
least
in
part,
to
increased
performance
of
higher
capitalization
mining
companies
relative
to
the
junior
mining
companies
in
which
the
Gold
and
Precious
Metals
Fund
tended
to
invest
during
the
period.
World
Precious
Minerals
Fund
For
the
World
Precious
Minerals
Fund,
the
information
presented
showed
that
the
Fund
underperformed
the
average
of
its
Strategic
Insight
peers
for
the
one-,
five,
and
10-year
periods
ended
June
30,
2022
and
outperformed
the
average
of
its
Strategic
Insight
peers
for
the
three-
year
period
ended
June
30,
2022.
The
Board
observed
that
the
Fund
also
underperformed
the
NYSE
Arca
Gold
Miners
Index,
its
primary
benchmark
index,
for
the
one-,
five-,
and
10-year
periods
ended
June
30,
2022
and
outperformed
the
primary
benchmark
index
for
the
three-year
period
ended
June
30,
2022.
The
Board
noted
that
the
Fund’s
underperformance
relative
to
the
index
and
peers
during
the
periods
under
review
could
be
attributed,
at
least
in
part,
to
the
underperformance
of
the
exploration
and
development
companies
in
which
the
Fund
invested
relative
to
larger
capitalization
gold
companies.
The
Board
noted
the
Adviser’s
representation
that
the
Fund
maintained
significant
exposure
to
junior
gold
companies,
which
underperformed
higher
capitalization
gold
companies
during
the
latest
one-year
period,
and
that
the
Fund
performed
well
relative
to
the
junior
gold
miners
index
over
the
same
period.
Near-Term
Tax-Free
Fund
For
the
Near-Term
Tax-Free
Fund,
the
information
presented
showed
that
the
Fund
underperformed
the
average
of
its
Strategic
Insight
peer
group
for
the
one-,
three-,
and
five-
year
periods
ended
June
30,
2022.
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,
2022.
The
Board
noted
the
Adviser’s
representation
that
the
Fund’s
relative
underperformance
was
a
result
of
the
Fund’s
exposure
to
investments
with
relatively
longer
duration
than
the
constituents
of
the
benchmark
and
peer
fund
portfolios
during
a
period
in
which
interest
rate
hikes
by
the
U.S.
Federal
Reserve
drove
negative
returns
for
most
fixed
income
products
but
ultimately
benefitted
shorter
duration
investments
most.
U.S.
Government
Securities
Ultra-Short
Bond
Fund
For
the
U.S.
Government
Securities
Ultra-Short
Bond
Fund,
the
information
presented
showed
that
the
Fund
underperformed
the
average
of
its
Strategic
Insight
peer
group
for
the
one-,
three-,
and
five-year
periods
ended
June
30,
2022.
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-,
and
five-year
periods
ended
June
30,
2022.
The
Board
noted
the
Adviser’s
representation
that
the
Fund’s
relative
underperformance
was
a
result
of
the
Fund’s
exposure
to
investments
with
relatively
longer
duration
than
the
constituents
of
the
benchmark
and
peer
fund
portfolios
during
a
period
in
which
interest
rate
hikes
by
the
U.S.
Federal
Reserve
drove
negative
returns
for
most
fixed
income
products
but
ultimately
benefitted
shorter
duration
investments
most.
In
consideration
of
the
Funds’
investment
strategies,
the
unique
nature
of
the
markets
in
which
the
Funds
invested,
and
the
foregoing
performance
information,
including
the
Approval
of
Investment
Advisory
Agreement
(
unaudited
)
December
31,
2022
133
Adviser’s
representations
regarding
each
Funds’
recent
performance
relative
to
peers
and
benchmarks,
among
other
relevant
considerations,
the
Board
determined
that
the
Funds
and
their
shareholders
could
benefit
from
the
Adviser’s
continued
management
of
each
Fund.
Compensation
The
Board
evaluated
the
Adviser’s
compensation
for
providing
advisory
services
to
the
Funds
and
analyzed
comparative
information
on
actual
advisory
fee
rates
and
actual
total
expense
ratios
of
the
Funds’
respective
Strategic
Insight
peer
groups.
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,
2022,
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,
2022,
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
also
noted
the
Adviser’s
representation
that
the
nature
of
the
Funds’
shareholder
composition,
which
generally
comprised
a
significant
number
of
small,
retail
accounts,
resulted
in
significantly
more
operational
and
administrative
expense
than
the
expense
borne
by
the
larger
fund
complexes
against
which
the
Funds
were
compared.
The
Board
noted
further
the
Adviser’s
representation
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
through
at
least
April
30,
2023.
The
Board
noted
that
the
Adviser
had
agreed
to
contractually
limit
expenses
(exclusive
of
acquired
fund
fees
and
expenses,
extraordinary
expenses,
taxes,
brokerage
commissions
and
interest)
on
an
annualized
basis
to
not
exceed
1.80%
of
average
net
assets
for
the
Global
Luxury
Goods
Fund
through
September
30,
2022.
The
Board
also
noted
that
the
Adviser
is
currently
voluntarily
limiting
expenses
for
certain
of
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)
to
ensure
that
Fund
expenses
do
not
exceed
the
following
levels
through
at
least
April
30,
2023:
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%
Approval
of
Investment
Advisory
Agreement
(
unaudited
)
December
31,
2022
134
Based
on
the
foregoing
and
other
applicable
considerations,
the
Board
concluded
that
the
advisory
fee
rates
to
be
charged
to
the
Funds
under
the
Advisory
Agreement
appeared
to
be
reasonable
under
all
of
the
facts
and
circumstances.
Cost
of
Services
and
Profitability
The
Board
considered
information
provided
by
the
Adviser
regarding
the
costs
of
services
and
its
profitability
with
respect
to
the
Funds.
In
this
regard,
the
Board
considered
the
Adviser’s
resources
devoted
to
the
Funds,
as
well
as
the
Adviser’s
discussion
of
the
costs
and
profitability
of
its
mutual
fund
activities.
The
Board
noted
the
Adviser’s
representation
that
it
continued
to
waive
its
advisory
fee
as
necessary
to
ensure
each
Fund’s
expenses
did
not
exceed
the
voluntary
or
contractual
expense
cap,
as
applicable.
The
Board
also
noted
the
Adviser’s
representation
that
the
nature
of
the
Funds’
shareholder
composition,
which
generally
comprised
a
significant
number
of
small,
retail
accounts,
resulted
in
significantly
more
operational
and
administrative
expense
than
the
expense
borne
by
the
larger
fund
complexes
against
which
the
Funds
were
compared.
Based
on
these
and
other
applicable
considerations,
the
Board
concluded
that
the
Adviser’s
profits
attributable
to
management
of
the
Funds
appeared
to
be
reasonable
in
light
of
the
nature,
extent
and
quality
of
the
services
provided
by
the
Adviser.
Economies
of
Scale
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.
Other
Benefits
The
Board
noted
the
Adviser’s
representation
that,
aside
from
its
contractual
advisory
fees,
it
does
not
benefit
in
a
material
way
from
its
relationship
with
the
Funds.
Based
on
the
foregoing
representation
and
other
applicable
considerations,
the
Board
concluded
that
other
benefits
received
by
the
Adviser
from
its
relationship
with
the
Funds
were
not
a
material
factor
in
approving
the
continuation
of
the
Advisory
Agreement.
Conclusion
The
Board
did
not
identify
any
single
factor
as
being
of
paramount
importance,
and
different
Trustees
may
have
given
different
weight
to
different
factors.
The
Board
reviewed
a
memorandum
from
Independent
Trustee
Counsel
discussing
the
legal
standards
applicable
to
its
consideration
of
the
Advisory
Agreement.
Based
on
its
review,
including
consideration
of
Approval
of
Investment
Advisory
Agreement
(
unaudited
)
December
31,
2022
135
each
of
the
factors
referenced
above,
the
Board
determined,
in
the
exercise
of
its
reasonable
business
judgment,
that
the
advisory
arrangement,
as
outlined
in
the
Advisory
Agreement,
was
fair
and
reasonable
in
light
of
the
services
performed
or
to
be
performed,
expenses
incurred
or
to
be
incurred
and
such
other
matters
as
the
Board
considered
relevant.
136
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
a
Liquidity
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,
2021
through
June
30,
2022
in
order
to
prepare
a
written
report
to
the
Board
for
review
at
its
meeting
held
on
September
16,
2022.
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
137
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
2022,
the
Funds
reported
on
Form
1099-DIV
the
tax
status
of
all
distributions
made
during
the
2021
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,
2022,
was
88.91%.
The
percentage
of
ordinary
income
dividends
paid
by
the
Funds
during
the
year
ended
December
31,
2022,
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,
2022,
are
as
follows:
Qualified
Dividend
Income
Dividend
Received
Deduction
Qualified
Investment
Income
Qualified
Short
Term
Gain
Dividends
U.S.
Government
Securities
Ultra-Short
Bond
–%
–%
97.74%
–%
Near-Term
Tax
Free
–%
–%
8.70%
–%
Global
Luxury
Goods
72.11%
7.90%
0.08%
28.00%
Global
Resources
11.60%
3.53%
–%
–%
Emerging
Europe
100.00%
–%
–%
–%
China
Region
45.63%
–%
–%
–%
Foreign
Source
Income
Foreign
Tax
Credit
Global
Luxury
Goods
$
1,544,404
$
143,012
Global
Resources
442,608
50,511
Emerging
Europe
695,902
62,018
China
Region
463,647
23,748
Expense
Example
(
unaudited
)
December
31,
2022
138
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,
2022
to
December
31,
2022)
as
indicated
below.
Actual
Expenses.
The
first
line
of
the
following
table
for
each
fund
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
line,
together
with
the
amount
you
invested,
to
estimate
the
expenses
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
line
under
the
heading
‘‘Expenses
Paid
During
Period’’
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes.
The
second
line
of
the
following
table
for
each
fund
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5
percent
per
year
before
expenses,
which
is
not
the
fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
these
funds
and
other
funds.
To
do
so,
compare
this
5
percent
hypothetical
example
with
the
5
percent
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
direct
or
transactional
costs,
such
as
small
account,
exchange
or
short-term
trading
fees.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
direct
or
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expense
Example
(
unaudited
)
December
31,
2022
139
Beginning
Account
Value
July
1,
2022
Ending
Account
Value
December
31,
2022
Expenses
Paid
During
Period
*
U.S.
Government
Securities
Ultra-Short
Bond
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
998.39
$
2.27
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
$
993.41
$
2.26
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
$
1,076.39
$
7.69
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,017.80
$
7.48
Global
Resources
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
1,019.19
$
7.69
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,017.59
$
7.68
World
Precious
Minerals
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
950.55
$
7.23
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,017.80
$
7.48
Gold
and
Precious
Metals
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
1,018.81
$
8.09
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,017.19
$
8.08
Emerging
Europe
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
1,139.08
$
14.50
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,011.64
$
13.64
China
Region
Fund
Based
on
Actual
Fund
Return
$
1,000.00
$
871.57
$
10.24
Based
on
Hypothetical
5%
Yearly
Return
$
1,000.00
$
1,014.27
$
11.02
*
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,
2022,
were
0.45%,
0.45%,
1.51%,
1.47%,
1.59%,
2.69%,
2.17%
and
1.47%,
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,
2022,
were
,
respectively,
for
the
Funds.
The
dollar
amounts
shown
as
"Expenses
Paid"
are
equal
to
the
annualized
expense
ratio
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184,
the
number
of
days
in
the
period,
then
divided
by
365
days
in
the
current
fiscal
year.
Apex
Fund
Services
3
Canal
Plaza,
Suite
600
Portland,
ME
04101
Want
to
reduce
paper
waste?
You
can
receive
this
report
and
other
important
documents
electronically.
Please
visit
www.usfunds.com
and
sign
up
at
Access
My
Account.
If
you
need
further
assistance,
please
call
us
at
800-873-8637.
ITEM 2. CODE OF ETHICS.
(a) As of the end of the period covered by this report, U.S. Global Investors Funds (the “Registrant”) has adopted a code of ethics, which applies to its Principal Executive Officer and Principal Financial Officer (the “Code of Ethics”).
(c) There have been no amendments to the Registrant’s Code of Ethics during the period covered by this report.
(d) There have been no waivers to the Registrant’s Code of Ethics during the period covered by this report.
(e) Not applicable.
(f) (1) A copy of the Code of Ethics is being filed under Item 13(a) hereto.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Board of Trustees has determined that Mr. Mark Moyer is an "audit committee financial expert" as that term is defined under applicable regulatory guidelines. Mr. Moyer is a non- “interested” Trustee (as defined in Section 2(a)(19) under the Investment Company Act of 1940, as amended (the “Act”)), and serves as Chairman of the Audit Committee.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees - The aggregate fees billed for each of the last two fiscal years (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant for the audit of the Registrant’s annual financial statements, or services that are normally provided by the principal accountant in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $126,200 in 2021 and $129,200 in 2022.
(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 2021 and $0 in 2022.
(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 $28,000 in 2021 and $29,000 in 2022. 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 2021 and $0 in 2022.
(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 $28,000 in 2021 and $29,000 in 2022. 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 13. EXHIBITS.
(a)(1) Code of Ethics.
(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, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Jessica Chase | |
Jessica Chase, Principal Executive Officer | ||
Date: | February 28, 2023 |
By: | /s/ Karen Shaw | |
Karen Shaw, Principal Financial Officer | ||
Date: | February 28, 2023 |