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

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

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%.

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

(a)(3)  Not applicable.

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

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