As filed with the Securities and Exchange Commission on March 5, 2024

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-01800

U.S. GLOBAL INVESTORS FUNDS

Three Canal Plaza, Suite 600

Portland, Maine 04101

Zachary Tackett, Principal Executive Officer

Three Canal Plaza, Suite 600

Portland, Maine 04101

207-347-2000

Date of fiscal year end: December 31

Date of reporting period: January 1, 2023 – December 31, 2023

ITEM 1. REPORT TO STOCKHOLDERS.

U.S.

Global

Investors

Funds

Annual

Report

December

31,

2023

U.S.

Global

Investors

Funds

Annual

Report

December

31,

2023

Table

of

Contents

Letter

to

Shareholders

1

Definitions

for

Management

Teams’

Perspectives

(unaudited)

6

Management

Team’s

Perspective

(unaudited)

9

Portfolios

of

Investments

30

Notes

to

Portfolios

of

Investments

57

Statements

of

Assets

and

Liabilities

68

Statements

of

Operations

70

Statements

of

Changes

in

Net

Assets

72

Notes

to

Financial

Statements

76

Financial

Highlights

90

Report

of

Independent

Registered

Public

Accounting

Firm

96

Trustees

and

Officers

(unaudited)

97

Approval

of

Investment

Advisory

Agreement

(unaudited)

99

Additional

Information

111

Expense

Example

113

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

1

U.S.

Global

Investors

Funds

(unaudited)

Dear

Fellow

Shareholder,

The

U.S.

is

adding

new

renewable

energy

capacity

at

a

record

clip,

but

that

doesn’t

mean

it’s

ready

to

quit

fossil

fuels

just

yet.

The

country

just

became

the

world’s

biggest

exporter

of

liquefied

natural

gas

(LNG)

for

the

first

time

ever,

with

last

year’s

shipments

hitting

an

unprecedented

91.2

million

metric

tons,

exceeding

top

suppliers

Australia

and

Qatar.

The

U.S.

also

remains

the

world’s

largest

oil

producer.

In

October,

the

energy

powerhouse

generated

a

staggering

13.25

million

barrels

per

day,

marking

only

the

fourth

month

on

record

that

the

country

met

or

surpassed

13

million

barrels

per

day

on

average.

Despite

all

this,

commodities

as

a

whole

had

a

challenging

year,

with

the

group

finishing

down

12.5%

on

rising

rates,

recession

fears

and

China’s

disappointing

pandemic

reopening,

among

other

factors.

Excess

supply

also

contributed

to

the

selloff.

Although

global

demand

was

strong,

the

price

of

natural

gas

plunged

nearly

44%,

its

worst

year

in

at

least

a

decade,

largely

as

a

result

of

record-high

production.

According

to

the

Energy

Information

Administration

(EIA),

the

U.S.

produced

close

to

105

billion

cubic

feet

per

(Bcf/d)

in

November,

a

new

monthly

high.

Lithium

prices

cratered

in

2023

for

much

the

same

reason,

combined

with

news

that

Americans’

appetite

for

electric

vehicles

(EVs)

may

be

waning

.

After

topping

the

list

of

commodities

in

the

previous

two

years,

the

battery

metal

shed

81%,

making

it

the

worst

resource

of

the

year.

I

believe

these

lower

prices

set

up

an

attractive

buying

opportunity,

and

we’re

pleased

to

offer

one

such

opportunity,

the

Global

Resources

Fund

(

PSPFX

).

Commodities

are

the

building

blocks

of

everything

we

use

and

enjoy

on

a

daily

basis,

and

as

the

global

population

expands,

so

too

does

demand

for

these

materials.

The

Minerals

Education

Coalition

(MEC)

estimates

that

every

American

born

in

2023

will

require

over

3

million

pounds

of

metals,

minerals

and

2

U.S.

Global

Investors

Funds

(unaudited)

fuels

over

the

course

of

their

lifetime.

Last

year

alone,

over

40,000

pounds

of

raw

materials,

from

cement

to

sand

to

aluminum,

were

needed

for

every

person

in

the

U.S.

Central

Banks

Continue

to

Gobble

Up

Gold

Gold

was

the

best

performing

commodity

of

2023

and

only

one

of

two—copper

being

the

other—that

finished

the

year

in

the

black.

The

yellow

metal

rose

13.10%

to

close

the

year

above

$2,000

per

ounce

for

the

very

first

time,

and

with

an

average

2023

price

of

$1,943,

it

managed

to

notch

its

eighth

straight

annual

gain.

Gold

has

now

advanced

in

20

of

the

past

24

years,

or

83%

of

the

time.

Looking

ahead

to

the

end

of

2024,

I

believe

we’ll

see

a

fresh

boost

in

gold’s

investment

case

once

the

Federal

Reserve

begins

trimming

rates.

Support

should

also

come

from

central

banks,

which

bought

a

record

amount

of

gold

in

the

first

nine

months

of

2023.

Financial

institutions

purchased

a

net

800

metric

tons

from

January

to

September

2023,

a

14%

increase

from

the

same

period

in

2022,

according

to

the

World

Gold

Council

(WGC).

China

easily

led

all

other

countries,

accumulating

181

tons

of

gold

in

the

first

nine

months,

as

it

seeks

to

prop

up

its

currency

and

diversify

away

from

the

U.S.

dollar.

The

WGC

estimates

that

gold

now

represents

just

4.3%

of

China’s

total

foreign

reserves,

compared

to

nearly

70%

for

the

U.S.

For

China

to

get

to

America’s

level,

it

would

need

to

buy

an

additional

33,810

metric

tons,

which

is

10

times

more

gold

than

the

entire

world

produced

in

2022.

Gold

Mining

Investment

Opportunities

Before

moving

on,

I’d

like

to

point

out

that

U.S.

national

debt

crossed

above

$34

trillion

for

the

first

time

ever

at

the

end

of

last

year.

To

put

such

an

unfathomable

figure

in

perspective,

that’s

the

equivalent

of

$101,000

per

U.S.

citizen,

or

$264,000

per

taxpayer.

I

believe

this

is

a

good

place

to

look

if

you

want

to

know

where

gold

may

be

headed

in

the

coming

months

and

years.

Since

the

start

of

this

century,

national

debt

and

gold

have

shared

a

strong

positive

correlation

coefficient

of

0.9.

In

simple

terms,

this

means

that

both

have

tended

to

make

similar

moves

day-to-day.

If

you

think

debt

is

headed

higher,

it

may

make

sense

to

consider

an

investment

in

physical

gold

and

gold

mining

stocks.

3

U.S.

Global

Investors

Funds

(unaudited)

We’re

very

happy

to

offer

investors

three

ways

to

get

exposure

to

gold

mining:

the

U.S.

Global

GO

GOLD

and

Precious

Metal

Miners

ETF

(

GOAU

),

the

Gold

and

Precious

Metals

Fund

(

USERX

)

and

the

World

Precious

Minerals

Fund

(

UNWPX

).

GOAU

performed

well

in

2023,

ending

the

year

in

the

top

decile

among

69

Equity

Precious

Metals

funds

for

the

12-month

period,

according

to

Morningstar

data.

These

results

are

based

off

of

total

return

and

net

asset

value

(NAV).

The

ETF

is

based

on

approximately

10,000

hours

of

research

to

create

its

unique

model

and

approach

to

investing

in

gold

equities.

As

designed,

GOAU

is

a

quant-based,

smart-beta

2.0

ETF,

meaning

it

combines

passive

investing

with

characteristics

that

some

investors

might

associate

with

active

investing.

Every

quarter,

we

use

quantitative

stock-picking

factors

to

help

select

high-quality

gold

stocks,

which

we

rank

based

not

just

on

market

cap

but

also

on

financial

value

factors.

GOAU

rebalances

and

reconstitutes

each

quarter.

Shipping

Rates

Have

Surged

on

Red

Sea

Tensions

Rounding

out

our

suite

of

ETFs

are

the

U.S.

Global

Jets

ETF

(

JETS

)

and

U.S.

Global

Sea

to

Sky

Cargo

ETF

(

SEA

),

which

are

likewise

smart-beta

2.0

instruments.

Recent

geopolitical

developments

have

brought

the

world

of

container

shipping

to

investors’

attention.

Unrest

in

the

Middle

East,

particularly

Houthi

militant

attacks

on

shipping

vessels

in

the

Red

Sea,

has

significantly

impacted

global

shipping

routes,

notably

through

the

Suez

Canal.

The

ongoing

incident

has

prompted

logistics

companies

to

reroute

their

vessels

around

Africa’s

Cape

of

Good

Hope,

spurring

longer

voyages

and

higher

rates.

According

to

Drewry

data,

the

cost

to

ship

a

40-foot

container

stood

at

$3,776

on

average

as

of

January

18,

2024;

just

a

month

earlier,

that

same

container

cost

around

$1,660

to

ship.

We

believe

this

added

revenue

could

be

a

tailwind

for

the

constituents

of

our

SEA

ETF.

On

a

final,

encouraging

note,

the

International

Air

Transport

Association

(IATA)

forecasts

that

the

global

airline

industry

will

see

net

profits

of

$25.7

billion

in

2024,

with

operating

4

U.S.

Global

Investors

Funds

(unaudited)

profits

reaching

a

record

$49.3

billion.

North

American

carriers,

which

were

first

to

return

to

profitability

in

2022,

are

set

to

collect

a

combined

$14.4

billion

in

profits,

the

IATA

says.

This

projection,

coupled

with

an

expected

surge

in

passenger

traffic,

paints

a

picture

of

an

industry

on

the

cusp

of

a

historic

rebound.

We

believe

JETS

is

in

a

very

good

position

to

take

advantage

of

positive

industry

trends.

Thank

you

for

your

continued

trust

and

confidence

in

U.S.

Global

Investors.

We

wish

you

and

your

family

good

health

and

prosperity

in

the

New

Year.

Sincerely,

Frank

E.

Holmes

CEO

and

Chief

Investment

Officer

U.S.

Global

Investors,

Inc.

Please

consider

carefully

a

fund’s

investment

objectives,

risks,

charges

and

expenses.

For

this

and

other

important

information,

obtain

a

fund

prospectus

by

visiting

www.usfunds.com

or

by

calling

1-800-US-FUNDS

(1-800-874-8637).

Read

it

carefully

before

investing.

Foreside

Fund

Services,

LLC,

Distributor.

U.S.

Global

Investors

is

the

investment

adviser

to

JETS,

GOAU

and

SEA.

Investing

involves

risk,

including

the

possible

loss

of

principal.

Shares

of

any

ETF

are

bought

and

sold

at

market

price

(not

NAV),

may

trade

at

a

discount

or

premium

to

NAV

and

are

not

individually

redeemed

from

the

funds.

Brokerage

commissions

will

reduce

returns.

Because

the

funds

concentrate

their

investments

in

specific

industries,

the

funds

may

be

subject

to

greater

risks

and

fluctuations

than

a

portfolio

representing

a

broader

range

of

industries.

The

funds

are

non-diversified,

meaning

they

may

concentrate

more

of

their

assets

in

a

smaller

number

of

issuers

than

diversified

funds.

The

funds

invest

in

foreign

securities

which

involve

greater

volatility

and

political,

economic

and

currency

risks

and

differences

in

accounting

methods.

These

risks

are

greater

for

investments

in

emerging

markets.

The

funds

may

invest

in

the

securities

of

smaller-capitalization

companies,

which

may

be

more

volatile

than

funds

that

invest

in

larger,

more

established

companies.

The

performance

of

the

funds

may

diverge

from

that

of

the

index.

Because

the

funds

may

employ

a

representative

sampling

strategy

and

may

also

invest

in

securities

that

are

not

included

in

the

index,

the

funds

may

experience

tracking

error

to

a

greater

extent

than

funds

that

seek

to

replicate

an

index.

The

funds

are

not

actively

managed

and

may

be

affected

by

a

general

decline

in

market

segments

related

to

the

index.

Airline

companies

may

be

adversely

affected

by

a

downturn

in

economic

conditions

that

can

result

in

decreased

demand

for

air

travel

and

may

also

be

significantly

affected

by

changes

in

fuel

prices,

labor

relations

and

insurance

costs.

Cargo

companies

may

be

adversely

affected

by

downturn

in

economic

conditions

that

can

result

in

decreased

demand

for

sea

shipping

and

freight.

5

U.S.

Global

Investors

Funds

(unaudited)

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.

Foreign

and

emerging

market

investing

involves

special

risks

such

as

currency

fluctuation

and

less

public

disclosure,

as

well

as

economic

and

political

risk.

By

investing

in

a

specific

geographic

region,

such

as

China

and/or

Taiwan,

a

regional

ETF’s

returns

and

share

price

may

be

more

volatile

than

those

of

a

less

concentrated

portfolio.

Fund

holdings

and

allocations

are

subject

to

change

at

any

time.

Click

to

view

fund

holdings

for

JETS

,

GOAU

and

for

SEA

.

Distributed

by

Quasar

Distributors,

LLC.

U.S.

Global

Investors

is

the

investment

adviser

to

JETS,

GOAU

and

SEA.

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.

It

is

not

possible

to

invest

in

an

index.

The

S&P

500

is

widely

regarded

as

the

best

single

gauge

of

large-cap

U.S.

equities

and

serves

as

the

foundation

for

a

wide

range

of

investment

products.

The

index

includes

500

leading

companies

and

captures

approximately

80%

coverage

of

available

market

capitalization.

The

NASDAQ-100

Index

is

a

modified

capitalization-weighted

index

of

the

100

largest

and

most

active

non-financial

domestic

and

international

issues

listed

on

the

NASDAQ.

No

security

can

have

more

than

a

24%

weighting.

The

Bloomberg

Commodity

Index

is

calculated

on

an

excess

return

basis

and

reflects

commodity

futures

price

movements.

The

index

rebalances

annually

weighted

2/3

by

trading

volume

and

1/3

by

world

production

and

weight-caps

are

applied

at

the

commodity,

sector

and

group

level

for

diversification.

The

S&P

Investment

Grade

Corporate

Bond

Index

seeks

to

measure

the

performance

of

U.S.

corporate

debt

issued

by

constituents

in

the

S&P

500

with

an

investment-grade

rating.

The

U.S.

Dollar

Index

indicates

the

value

of

the

USD

relative

to

a

basket

of

foreign

currencies

by

averaging

the

exchange

rates

between

the

USD

and

major

world

currencies.

The

Bloomberg

U.S.

Treasury

Index

measures

U.S.

dollar-denominated,

fixed-rate,

nominal

debt

issued

by

the

U.S.

Treasury.

The

S&P

Municipal

Bond

Index

is

a

broad,

comprehensive,

market

value-weighted

index

following

bond

issues

that

are

exempt

from

U.S.

federal

income

taxes

or

subject

to

the

alternative

minimum

tax.

The

Bloomberg

Developed

Markets

ex

N.

America

Large

&

Mid

Cap

Price

Return

Index

is

a

float

market-cap-

weighted

equity

benchmark

that

covers

85%

market

cap

of

the

measured

market.

The

STOXX

Emerging

Markets

Total

Market

Index

represents

the

performance

of

the

world’s

emerging

markets

as

a

whole. It

covers

about

95%

of

the

free-float

market

cap

of

the

relevant

investable

stock

universe

by

region

or

country.

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

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.

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.

7

Definitions

for

Management

Teams’

Perspectives

(unaudited)

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

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

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.

8

Definitions

for

Management

Teams’

Perspectives

(unaudited)

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

Investment

Highlights

The

U.S.

Government

Securities

Ultra-Short

Bond

Fund

returned

4.17%

for

the

year

ended

December

31,

2023,

underperforming

its

benchmark,

the

Barclays

U.S.

Treasury

Bills

6-9

Months

Total

Return

Index,

U.S.

Government

Securities

Ultra-Short

Bond

Fund

Average

Annual

Performance

For

the

Periods

Ended

December

31,

2023

One

Year

Five

Year

Ten

Year

U.S.

Government

Securities

Ultra-Short

Bond

Fund

4.17%

0.76%

0.68%

Bloomberg

Barclays

U.S.

Treasury

Bills

6-9

Months

Total

Return

Index

4.59%

1.70%

1.17%

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.

Returns

greater

than

one

year

are

annualized.

Gross

expense

ratio

as

stated

in

the

most

recent

prospectus

is

1.13%.

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)

which

returned

4.59%.

The

Lipper

Short

U.S.

Treasury

Funds

Average

return

for

the

peer

group

returned

4.60%.

UGSDX

slightly

underperformed

the

benchmark

and

the

Lipper

peer

group

average.

The

duration

of

the

fund

averaged

about

nine

months

for

the

first

three

quarters

of

the

year,

and

the

fund

performed

in

line

with

the

benchmark.

Maturing

notes

were

rolled

slightly

farther

out

on

the

yield

curve,

raising

during

to

slightly

more

than

a

year

to

be

more

advantageously

positioned,

should

yields

continue

to

fall

in

2024.

Current

Outlook

We

believe

that

the

recovery

in

fixed

income

markets

last

year

as

U.S.

economic

fundamentals

improved,

along

with

higher

yields

for

investors,

bodes

well

for

investor

sentiment

toward

the

bond

market

in

2024.

The

Federal

Reserve

is

expected

to

start

cutting

interest

rates

this

year,

barring

unforeseen

data;

the

timing

window

could

come

open

as

early

as

March,

but

forecasters

are

increasingly

predicting

May.

Going

forward,

we

believe

the

principal

threat

to

the

credit

market

is

the

$560

billion

of

commercial

real

estate

loans

held

by

banks

that

are

due

for

maturity

before

the

end

of

2025.

There

are

substantial

risks,

particularly

for

office

properties,

facing

markdowns

before

they

can

be

refinanced.

A

meltdown

in

the

banking

sector

from

a

commercial

real

estate

crisis

would

put

stress

on

credit

markets

and

could

push

interest

rates

higher

in

2024.

That

said,

the

consensus

is

more

constructive

on

the

future,

but

there

is

likely

to

be

some

volatility

around

major

economic

data.

This

might

provide

an

opportunity

to

add

to

positions

on

any

price

weakness.

The

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.

Gross

domestic

product

is

the

total

value

of

goods

produced

and

services

provided

in

a

country

for

one

year.

The

personal

consumption

expenditures

index

reflects

changes

in

the

prices

of

goods

and

services

purchased

by

consumers

in

the

U.S.

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,

2023

Federal

Home

Loan

Mortgage

Corp.

51.8%

Federal

Home

Loan

Bank

27.5%

Federal

Farm

Credit

Bank

20.7%

Total

100.0%

Portfolio

Allocation

by

Maturity

December

31,

2023

1-3

Months

$

999,561

3.5%

3-12

Months

14,369,915

50.2%

1-3

Years

13,220,502

46.3%

$

28,589,978

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

Investment

Highlights

For

the

year

ended

December

31,

2023,

the

Near-Term

Tax

Free

Fund

returned

3.04%,

underperforming

its

benchmark,

the

Bloomberg

Barclays

3-Year

Municipal

Bond

Index,

which

gained

3.46%.

The

Lipper

Short-Intermediate

Municipal

Bond

average

return

was

3.99%.

With

the

shortened

duration

achieved

last

year,

NEARX

remained

well

positioned

for

the

first

three

quarters

where

we

had

a

margin

of

+61

basis

points

(bps)

to

the

benchmark

with

the

short

end

of

the

curve

offering

more

yield.

However,

in

the

fourth

quarter,

the

Treasury

market

began

to

speculate

that

the

Near-Term

Tax

Free

Fund

Average

Annual

Performance

For

the

Periods

Ended

December

31,

2023

One

Year

Five

Year

Ten

Year

Near-Term

Tax

Free

Fund

3.04%

0.44%

0.82%

Bloomberg

Barclays

3

Year

Municipal

Bond

Index

3.46%

1.39%

1.27%

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

1.21%.

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,

2024.

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)

Federal

Reserve

would

cut

interest

rates

as

early

as

March

2024,

pushing

market

yields

down

across

the

yield

curve

where

longer-dated

bonds

appreciated

more

in

price

in

the

fourth

quarter.

Strengths

The

fund’s

allocation

to

bonds

from

Texas,

Minnesota

and

New

Jersey

made

the

biggest

contribution

to

the

fund’s

return

as

we

overweighted

these

credits

relative

to

underweighting

New

York

and

California.

The

fund

benefited

from

its

allocation

to

overweight

general

obligation,

underweight

general

and

overweight

school

district

bonds

were

the

strongest

subindustry

returns.

Our

shorter

duration

of

about

1.35

years

offered

higher

current

income

for

the

first

three

quarters

of

2023.

Weaknesses

The

fund’s

allocation

to

bonds

from

Georgia,

Mississippi

and

Kansas

underperformed.

We

were

underweight

Georgia

as

there

is

limited

supply

offered

in

the

secondary

market

with

typical

buyers

holding

to

maturity.

Mississippi

and

Kansas

were

held

like

benchmark

weights

and

in

total

represented

1.16%

of

the

fund.

The

fund’s

exposure

to

multifamily

housing,

utilities

and

development

bonds

contributed

the

least

to

our

returns

as

these

subindustries

accounted

for

only

about

5%

of

the

benchmark.

Our

shorter

duration

of

about

1.35

years

did

not

offer

as

much

price

appreciation

from

expectations

of

falling

yields

in

the

final

quarter

of

2023.

Current

Outlook

We

believe

that

the

recovery

in

fixed

income

markets

last

year

as

U.S.

economic

fundamentals

improved,

along

with

higher

yields

for

investors,

bodes

well

for

investor

sentiment

in

the

municipal

bond

market,

where

investors

can

acquire

tax-free

interest.

With

the

help

of

the

Infrastructure

Investment

and

Jobs

Act,

signed

into

law

in

November

2021,

$1.2

trillion

of

infrastructure

and

transportation

spending

has

been

a

boon

to

state

and

local

economies.

Tax

receipts

for

state

and

local

governments

moderated

in

2023

as

growth

stalled

somewhat

with

the

rise

in

interest

rates.

Municipal

credit

rating

upgrades

significantly

outpaced

downgrades

in

2023,

and

we

expect

the

positive

momentum

to

continue.

The

Fed

is

expected

to

start

cutting

interest

rates

this

year,

barring

unforeseen

data;

the

timing

window

could

come

open

as

early

as

March,

but

forecasters

are

increasingly

predicting

May.

The

Barclays

3-Year

Municipal

Bond

Index

is

a

total

return

benchmark

designed

for

short-term

municipal

assets.

The

index

includes

bonds

with

a

minimum

credit

rating

BAA3,

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

2

to

4

years.

A

basis

point,

or

bp,

is

a

common

unit

of

measure

for

interest

rates

and

other

percentages

in

finance.

One

basis

point

is

equal

to

1/100th

of

1%,

or

0.01%

(0.0001).

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,

2023

Texas

9.93%

Minnesota

5.80%

Oklahoma

5.51%

New

Jersey

5.45%

Massachusetts

4.22%

Pennsylvania

3.66%

Colorado

3.49%

California

3.40%

South

Carolina

3.27%

Illinois

3.17%

Total

Top

10

Areas

47.90%

Municipal

Bond

Ratings*

Based

on

Total

Municipal

Bonds

December

31,

20

2

3

Bond

Percentage

AAA

14.4

%

AA

68.5

%

A

8.8

%

Not

Rated

8.3

%

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,

2023

One

Year

Five

Year

Ten

Year

Global

Luxury

Goods

Fund

23.75%

10.08%

5.90%

S&P

Global

Luxury

Index

16.10%

14.22%

7.92%

S&P

Composite

1500

TR

25.47%

15.39%

11.76%

15

Global

Luxury

Goods

Fund

(unaudited)

The

Year

in

Review

–

What

Drove

the

Market

In

2023,

the

majority

of

global

equity

stock

markets

saw

gains.

However,

there

were

some

notable

variations

in

performance.

The

Stock

Exchange

of

Hong

Kong

and

Shanghai

Stock

Exchange

underperformed,

while

Western

Europe

and

the

U.S.

outperformed.

Despite

expectations

among

many

stock

market

observers,

an

economic

pullback

did

not

materialize

in

2023.

Equities

listed

on

the

New

York

Stock

Exchange

(NYSE)

rose

throughout

the

year,

with

a

correction

in

October

and

an

even

quicker

acceleration

toward

the

end

of

the

year.

This

acceleration

coincided

with

a

surprising

announcement

from

the

Federal

Reserve

that

the

central

bank

would

be

shifting

its

monetary

policy

from

tightening

to

loosening.

Inflation

in

the

U.S.

and

Europe

peaked

and

began

to

decline,

allowing

central

banks

to

adjust

their

policies.

While

the

U.S.

saw

strong

economic

data

supported

by

a

robust

labor

market,

there

were

still

signs

of

a

potential

recession,

particularly

concerning

manufacturing

and

service

activities

in

major

economies,

which

mostly

remained

in

contractionary

territory.

In

the

U.S.,

information

technology,

communication

services

and

consumer

discretionary

stocks

recorded

the

strongest

gains.

This

outperformance

was

largely

driven

by

seven

mega-cap

technology

stocks,

known

as

the

Magnificent

7:

Apple,

Microsoft,

Google

parent

Alphabet,

Tesla,

Amazon,

Facebook

parent

Meta

and

NVIDIA.

An

equity

strategist

at

Bank

of

America

recently

calculated

that

this

particular

group

of

tech

stocks

now

makes

up

29.6%

of

the

S&P

500's

total

market

capitalization,

surpassing

previous

highs.

Consumer

discretionary

stocks,

including

luxury

companies,

also

outperformed,

benefiting

shareholders

in

the

global

luxury

goods

sector.

Despite

the

ongoing

war

in

Europe,

Central

Europe

recorded

gains,

outpacing

Western

Europe.

The

Warsaw

Stock

Exchange

was

the

best

performer,

gaining

more

than

50%.

France,

home

to

luxury

names

like

Louis

Vuitton,

Hermès

and

Kering,

gained

24.05%.

In

Europe,

inflation

has

been

on

the

decline,

and

the

European

Central

Bank

(ECB)

is

preparing

to

shift

its

monetary

policy

from

tightening

to

loosening.

The

continent

managed

to

avoid

a

recession

in

2023.

China

and

Hong

Kong

were

notable

laggards.

Mainland

China

is

experiencing

an

economic

slowdown

and

growing

debt

issues

in

the

property

market.

Geopolitical

tensions

persist,

creating

ongoing

tensions

between

the

West

and

the

Mainland.

Hong

Kong,

known

as

a

luxury

hub

with

many

technology

stocks

listed,

experienced

sluggish

performance

as

investors

remained

uncertain

about

the

future.

Luxury

companies

are

exposed

to

regions

around

the

world,

as

they

are

listed

in

major

markets.

Consequently,

global

events

have

a

significant

impact

on

these

companies'

shares

and

customer

spending

perceptions.

The

S&P

Global

Luxury

Index

gained

16.10%

in

2023,

peaking

in

mid-July

and

experiencing

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

1.75%.

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,

2024.

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)

a

correction

in

the

third

quarter.

This

was

followed

by

a

partial

rebound

toward

the

end

of

the

trading

year.

While

luxury

stocks

showed

strong

growth,

2023

saw

a

normalization

taking

place.

The

performance

of

the

luxury

sector

in

the

upcoming

year

will

depend

on

global

economic

data,

customer

sentiment

and

the

recovery

of

China's

travel

segment.

However,

it's

likely

that

the

sector

will

grow,

albeit

at

a

slower

annual

rate

compared

to

the

past

two

years.

Lastly,

it's

worth

noting

that

in

the

previous

year,

three

luxury

ETFs

began

trading

in

the

U.S.,

reflecting

increased

investor

interest

in

sectors

that

have

performed

well

since

the

end

of

the

pandemic.

The

Tema

Luxury

ETF

(LUX)

started

trading

in

May,

followed

by

the

Roundhill

S&P

Global

Luxury

ETF

(LUXX)

in

August

and

the

KraneShares

Global

Luxury

Index

ETF

(KLXY)

in

September.

U.S.

Global

Investors’

luxury

mutual

fund,

the

Global

Luxury

Goods

Fund

(USLUX),

outperformed

all

newly

listed

luxury

ETFs

in

2023.

Investment

Highlights

Overview

For

the

12

months

through

December

31,

2023,

USLUX

gained

23.75%,

underperforming

its

benchmark,

the

S&P

Composite

1500,

which

gained

25.47%.

However,

USLUX

outperformed

the

S&P

Global

Luxury

Index,

whose

investment

objective

is

more

aligned

with

focusing

on

high-end

products

and

services,

by

7.65%.

On

the

sector

level,

all

group

members

of

the

S&P

Composite

1500

recorded

gains

last

year

with

the

exceptions

of

energy

and

utilities.

The

Consumer

Discretionary

sector,

where

many

of

the

luxury

names

belong,

was

one

of

the

best-performing

sectors.

Strengths

The

fund’s

substantial

allocation

to

consumer

discretionary

had

the

most

positive

effect

on

performance

relative

to

the

S&P

1500

Index.

This

allocation

was

primarily

driven

by

the

fund's

strategic

emphasis

on

consumer

spending,

whereas

the

fund's

benchmark

index

maintains

a

notably

lower

exposure

to

this

sector.

The

fund's

outperformance

was

largely

attributed

to

its

overweight

position

in

leisure-related

stocks,

such

as

hotels,

resorts

and

cruise

liners.

Shares

of

Royal

Caribbean

gained

162%

over

2023,

while

Marriott

underwent

a

substantial

surge

of

53%.

The

fund’s

absence

of

investments

in

the

health

care

sector

had

the

second

most

positive

effect

on

the

fund’s

performance

relative

to

the

S&P

1500.

While

health

care

equities

yielded

positive

returns

last

year,

the

fund's

decision

to

avoid

this

sector

proved

advantageous

as

other

sectors

outperformed

it.

A

standout

contributor

to

fund

performance

was

Tesla.

Shares

of

the

carmaker

surged

by

101.7%

in

2023.

The

company

delivered

over

1.8

million

cars,

an

increase

of

38%

year-over-year.

Elon

Musk,

the

founder

of

Tesla,

is

the

world’s

richest

person,

retaking

the

first

place

from

LVMH

CEO

Bernard

Arnault.

Weaknesses

The

fund's

underweight

position

in

information

technology

had

the

most

negative

effect

on

the

fund's

performance

relative

to

the

S&P

1500.

In

particular,

the

fund

did

not

have

any

exposure

to

semiconductors,

while

the

index

had

a

larger

allocation

in

the

sector.

Shares

of

NVIDIA

gained

239%,

and

Broadcom

surged

104%.

Apple

was

the

only

stock

that

the

luxury

fund

held

within

the

technology

sector,

gaining

49%

during

the

same

period.

The

S&P

1500

has

about

one-third

of

its

assets

invested

in

the

sector,

while

USLUX

was

less

exposed

to

it.

The

fund's

overweight

position

and

stock

selection

in

materials

had

the

second

most

negative

impact

on

the

fund's

performance

relative

to

the

S&P

1500.

The

fund

had

exposure

to

precious

metals,

which

underperformed

compared

to

other

sectors.

A

notable

detractor

to

fund

performance

was

Volkswagen.

Shares

of

Europe’s

largest

car

company

declined

by

12%

last

year.

In

October,

the

automaker

revised

its

profit

margin

outlook

for

the

year,

lowering

it

to

a

range

of

7.0%

to

7.3%,

down

from

the

previously

forecasted

range

of

7.5%

to

8.5%.

17

Global

Luxury

Goods

Fund

(unaudited)

Current

Outlook

Opportunities

Lower-than-anticipated

inflation

figures

in

both

the

U.S.

and

the

eurozone

could

indicate

that

central

banks

might

conclude

their

tightening

measures.

During

its

December

gathering,

the

Fed

caught

many

market

watchers

off

guard

by

proposing

multiple

interest

rate

reductions

in

2023.

This

could

lead

to

a

further

decline

in

yields

and

an

uptick

in

equity

markets.

The

global

luxury

goods

industry

witnessed

robust

expansion

in

2023,

but

it

is

showing

signs

of

deceleration

this

year,

with

the

possibility

of

reaching

its

lowest

point

in

the

first

quarter.

According

to

RBC

Capital

Markets,

luxury

sector

sales

are

forecasted

to

reach

their

lowest

point

in

the

first

quarter

of

2024,

followed

by

an

improvement

in

the

latter

half

of

2023.

RBC

anticipates

an

average

growth

rate

of

9%

in

its

sporting

goods

segment

and

an

average

of

5%

in

the

luxury

sector.

CLSA,

one

of

Asia's

top

brokers,

predicts

that

the

global

luxury

goods

sector

will

grow

6.5%

from

2022

to

2025,

slightly

surpassing

the

5.5%

growth

over

the

past

two

decades.

This

will

be

driven

by

Chinese

demand

recovery

on

the

back

of

reopening

and

outbound

travel

resumption,

the

firm

says.

In

2019,

the

Chinese

comprised

one-third

of

the

global

personal

luxury

sales

at

$92

billion,

and

it

will

continue

to

rise,

reaching

EUR100

billion

by

2025,

CLSA

predicts.

Threats

Bain

&

Company

said

that

the

luxury

goods

sector

is

experiencing

normalization.

Last

year

the

sector

was

able

to

grow

20%

on

average.

This

year,

the

growth

rate

should

be

around

8%-9%,

much

closer

to

the

long-term

average

of

6%.

The

firm

expects

growth

to

slow

down

next

year

to

4%-5%,

below

its

long-term

average.

Bain

&

Company

expects

a

slower

first

half

of

2024

and

a

stronger

end

to

the

year.

The

conflict

in

Eastern

Europe

is

approaching

its

second

year,

while

tensions

between

Israel

and

Hamas

have

extended

to

Europe,

causing

disruptions

for

both

locals

and

visitors

alike.

Local

authorities

in

major

European

cities

such

as

London,

Paris,

Madrid

and

Rome

have

heightened

security

measures

in

response

to

clashes

that

erupted

after

Hamas

attacked

Israel.

Notably,

in

France,

a

key

hub

for

numerous

luxury

companies,

security

concerns

have

led

to

the

evacuation

of

prominent

sites

like

the

Louvre

Museum,

in

addition

to

affecting

several

airports.

Ongoing

unrest

and

geopolitical

tensions

have

the

potential

to

adversely

impact

global

consumer

spending.

China’s

projected

gross

domestic

product

(GDP)

growth

for

the

upcoming

year

could

decelerate

to

4.6%,

down

from

the

5.2%

recorded

in

2023.

This

potential

slowdown

may

be

attributed

to

persistent

global

geopolitical

tensions

and

domestic

obstacles

within

the

property

sector.

Furthermore,

China

grapples

with

structural

challenges

stemming

from

an

aging

population,

elevated

youth

unemployment

rates

and

mounting

debt

issues.

Given

its

significance

as

a

market

for

luxury

goods,

a

decline

in

consumer

spending

within

China

could

exert

adverse

effects

on

the

high-end

sector.

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,

2023

Hermes

International

SCA

7.66%

Apparel

Manufacturers

Cie

Financiere

Richemont

SA

5.86%

Retail

-

Jewelry

LVMH

Moet

Hennessy

Louis

Vuitton

SE,

ADR

5.50%

Textile

-

Apparel

Ferrari

NV

5.16%

Automotive

-

Cars

&

Light

Trucks

Bayerische

Motoren

Werke

AG

5.02%

Automotive

-

Cars

&

Light

Trucks

Marriott

International,

Inc.,

Class A

3.84%

Hotels

&

Motels

Volkswagen

AG

3.83%

Automotive

-

Cars

&

Light

Trucks

Constellation

Brands,

Inc.,

Class A

3.76%

Beverages

-

Wine/Spirits

UBS

Group

AG

3.17%

Diversified

Banking

Institution

Las

Vegas

Sands

Corp.

3.08%

Casino

Hotels

Total

Top

10

Equity

Holdings

46.88%

Portfolio

Allocation

by

Industry

Sector*

Based

on

Total

Investments

December

31,

2023

Consumer

Discretionary

64.1%

Consumer

Staples

17.7%

Financials

9.2%

Materials

8.9%

Other

0.1%

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

Investment

Highlights

Overview

For

the

year

ended

December

31,

2023,

the

Global

Resources

Fund

lost

7.67%,

underperforming

the

fund’s

benchmark,

the

S&P

Global

Natural

Resources

Index

(Net

Total

Return),

which

gained

3.38%.

The

Global

Resources

Fund

invests

in

exploration

and

development

companies

and

the

junior

mining

Global

Resources

Fund

Average

Annual

Performance

For

the

Periods

Ended

December

31,

2023

One

Year

Five

Year

Ten

Year

Global

Resources

Fund

(7.67)%

6.36%

(3.28)%

S&P

500®

Index

26.29%

15.69%

12.03%

S&P

Global

Natural

Resources

Index

(Net

Total

Return)

3.38%

10.40%

4.48%

Performance

data

quoted

above

is

historical.

Past

performance

is

no

guarantee

of

future

results.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

The

principal

value

and

investment

return

of

an

investment

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

The

graph

and

table

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

For

all

or

a

portion

of

the

periods,

the

fund

had

expense

limitations,

without

which

returns

would

have

been

lower.

Returns

greater

than

one

year

are

annualized.

Gross

expense

ratio

as

stated

in

the

most

recent

prospectus

is

1.60%.

Pursuant

to

a

contractual

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)

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

uranium,

iron

ore

and

sugar,

up

89%,

22%

and

15%,

respectively.

Uranium

markets

are

facing

a

deficit

from

production

shortfalls

from

the

major

uranium

producers

at

a

time

when

utilities

need

to

renew

their

long-term

purchase

contracts.

In

addition,

nuclear

is

increasingly

viewed

as

needed

to

lower

greenhouse

gas

emissions.

Iron

ore

prices

firmed

up

in

2023

as

both

Australia

and

Brazil

has

produced

lower-than-expected

ore

keeping

inventories

tight.

Drought

conditions

in

sugar-growing

regions

of

India,

Thailand

and

China

have

led

to

lower

crop

yields

this

year.

The

three

best

sector

calls

for

the

fund

were

an

underweight

position

in

agriculture

chemicals,

which

declined

19%;

underweight

position

in

specialty

chemicals,

which

slid

23%;

and

underweight

commodities/milling

agriculture

products,

which

fell

13%.

A

common

theme

was

declining

fertilizer

prices

and

abundant

grain

supplies

with

corn

and

wheat

prices

both

off

24%

for

the

year.

The

three

best

dollar

performing

stock

decisions

were

New

Stratus

Energy,

Nutrien

and

Ivanhoe

Mines.

New

Stratus

Energy

reaped

more

than

a

threefold

price

gain

after

the

U.S.

removed

oil

sanctions

on

Venezuela

in

2023,

and

their

management

team,

which

hails

from

Venezuela,

has

struck

production

agreements

to

start

oil

production

in

Q1

2024.

The

fund

was

significantly

underweight

Nutrien

as

its

share

price

fell

due

to

their

dropping

revenue

from

falling

fertilizer

prices.

Ivanhoe’s

share

price

had

some

strong

and

weak

moments

over

2023

but

finished

the

year

strongly

with

the

release

of

the

maiden

mineral

resource

estimate

of

5

million

metric

tons

of

copper

for

its

high-

grade

Makoko

and

Kiala

deposits

within

the

Western

Foreland

Exploration

Project

adjacent

to

their

Kamoa-Kakula

copper

mine.

Weaknesses

The

three

weakest

commodities

for

the

year

were

lithium

carbonate,

natural

gas

and

nickel,

down

82%,

49%

and

45%,

respectively.

The

fall

in

lithium

carbonate

price

was

largely

driven

by

the

ease

to

develop

and

the

abundance

of

new

projects

as

lithium

is

not

scarce.

Both

nickel

and

lithium

prices

were

impacted

by

falling

investment

momentum

in

the

electric

vehicle

sector

as

the

year

end

approached.

Natural

gas

prices

declined

as

high

storage

inventories

weighed

on

the

market.

The

U.S.

also

saw

record

natural

gas

production

in

October

and

November.

The

fund’s

worst-performing

sectors

were

our

overweight

positions

in

precious

metals

which

lost

15%,

overweight

other

metals

and

minerals

which

fell

9%,

and

underweight

steel

which

gained

23%.

Despite

the

gold

price

gain

of

13%

in

2023,

it

was

not

competitive

with

speculative

investors

when

Bitcoin

surged

155%

in

2023

on

anticipation

the

Securities

and

Exchange

Commission

(SEC)

would

approve

Bitcoin-based

ETFs.

Junior

mining

stocks

were

eschewed

in

favor

of

cryptocurrencies.

The

three

worst

dollar

impacting

stock

decisions

were

Filo,

Barksdale

Resources

and

Shell.

Filo

shows

up

as

a

large

dollar

decliner

due

to

its

position

size

in

the

fund.

The

company

made

a

large

copper

discovery

in

Chile,

which

triggered

BHP

to

purchase

a

stake

in

the

company.

Barksdale

Resources

was

the

second

largest

contributor

to

the

fund’s

underperformance

due

to

its

position

size

as

relative

price

weakness

was

like

its

peers.

Barksdale

had

deep

value

as

illustrated

by

their

property

boundary

with

South32’s

Talor

Deposit

was

purchased

from

Arizona

Mining

for

$1.6

billion.

There

is

an

historic

existing

drill

hole

that

documents

the

ore

body

being

under

their

land

too.

Permitting

with

the

U.S.

Forest

Service

delayed

the

drilling

on

the

property

until

November

of

2023.

We

did

not

have

any

exposure

to

Shell

over

the

course

of

the

year.

It

is

a

large

weighting

in

the

benchmark

and

did

have

a

positive

gain

for

the

year.

21

Global

Resources

Fund

(unaudited)

Current

Outlook

Opportunities

Big

Oil's

redemption

roadmap

will

keep

unfolding

for

those

finding

the

following

three

signposts:

(1)

Continued

capex

discipline

(below

average

7%

growth

in

Big

Oil

budgets);

(2)

instead

favoring

shareholder

distributions;

(3)

underestimated

cash

flow

resilience

from

earnings

per

share

support

from

above-average

buybacks.

Uranium

prices

moved

higher

in

2023

as

activity

picked

up,

with

a

pick-up

in

financial/company

buying

and

utility

interest.

Increased

demand

for

nuclear

power

is

driving

prices

higher.

In

the

news,

the

French

government

and

state-utility

EDF

agreed

on

a

deal

for

nuclear

power

prices

that

should

help

support

nuclear

build-out

plans

while

tempering

price

volatility

for

consumers.

Copper

presents

an

opportunity

due

to

its

importance

in

the

energy

transition.

Copper

was

strong

after

the

closure

of

a

major

mine

in

Panama

highlighted

future

supply

challenges

for

the

red

metal

as

the

energy

transition

accelerates.

The

mine,

which

produced

about

1.5%

of

the

world’s

supply

of

the

industrial

metal,

was

the

subject

of

mass

protests

from

environmentalists

and

labor

unions.

Threats

Nickel,

used

in

both

batteries

and

stainless

steel,

traded

near

a

two-year

low

in

2023

after

suffering

a

steady

decline

as

a

wave

of

new

production

from

Indonesia

overwhelmed

sputtering

demand.

Declining

forecasts

for

electric

vehicle

(EV)

production

have

hurt

pricing

as

well.

The

global

lithium

market

is

facing

a

supply

crunch

toward

the

end

of

this

decade

amid

wider

adoption

of

EVs,

with

more

than

$51

billion

in

investments

needed

to

meet

future

demand

of

rechargeable

batteries.

Coal

demand

is

likely

to

continue

to

decline.

Electricity

generated

from

U.S.

solar

and

wind

systems

will

surpass

power

produced

by

burning

coal

for

the

first-time

in

2024,

driven

by

surging

panel

installations.

Coal

will

produce

about

599

billion

kilowatt-hours

in

2024.

That

will

be

down

from

669

billion

kilowatt-hours

in

2023

as

utilities

continue

to

shutter

coal-burning

power

plants.

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,

2023

Ivanhoe

Mines,

Ltd.

6.74%

Metal

-

Diversified

Abaxx

Technologies,

Inc.

6.52%

Enterprise

Software/Services

Filo

Corp.

5.27%

Metal

-

Diversified

Cheniere

Energy,

Inc.

2.82%

Pipelines

New

Stratus

Energy,

Inc.

2.24%

Oil

Companies

-

Exploration

&

Production

K92

Mining,

Inc.

2.17%

Gold

Mining

Kimbell

Royalty

Partners

LP

1.83%

Oil

-

US

Royalty

Trusts

Linde

PLC

1.81%

Industrial

Gases

Black

Stone

Minerals

LP

1.76%

Oil

-

US

Royalty

Trusts

Encore

Energy

Corp.

1.73%

Non-Ferrous

Metals

Total

Top

10

Equity

Holdings

32.89%

Portfolio

Allocation

by

Industry

Sector*

Based

on

Total

Investments

December

31,

2023

Oil,

Gas

&

Consumable

Fuels

27.0%

Metals

&

Mining

22.3%

Gold

Mining

13.2%

Precious

Metals

&

Minerals

8.9%

Enterprise

Software/Services

7.7%

Chemicals

3.1%

Other

17.8%

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,

2023

One

Year

Five

Year

Ten

Year

World

Precious

Minerals

Fund

(16.18)%

0.17%

(2.03)%

S&P

500®

Index

26.29%

15.69%

12.03%

NYSE

Arca

Gold

Miners

Index

11.18%

10.30%

5.62%

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

1.62%.

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)

Investment

Highlights

For

the

year

ended

December

31,

2023,

the

World

Precious

Minerals

Fund

fell

16.18%,

underperforming

its

benchmark,

the

NYSE

Arca

Gold

Miners

Index,

which

gained

11.18%

on

a

total

return

basis.

Since

the

release

of

the

new

S&P/TSX

Venture

Precious

Metals

&

Minerals

Index

on

July

25,

2023,

which

better

reflects

the

mix

of

small-cap

junior

mining

companies

the

fund

typically

invests

in,

it

had

declined

38.35%

by

year

end.

For

the

same

performance

period,

the

World

Precious

Minerals

Fund

had

only

fallen

19.02%.

The

Gold

and

Precious

Metals

Fund

rose

1.54%

in

2023,

underperforming

its

benchmark,

the

FTSE

Gold

Mines

Index,

which

gained

12.41%

on

a

total

return

basis.

While

focusing

on

established,

gold-producing

companies,

the

Gold

and

Precious

Metals

Fund

holds

roughly

50%

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

$5.8

billion.

The

Gold

and

Precious

Metals

Fund

employed

a

defensive

investment

position

from

time

to

time

in

2023,

with

higher-than-average

cash

balances

on

hand

to

protect

its

liquidity.

However,

to

maintain

varying

Gold

and

Precious

Metals

Fund

Average

Annual

Performance

For

the

Periods

Ended

December

31,

2023

One

Year

Five

Year

Ten

Year

Gold

and

Precious

Metals

Fund

1.54%

9.17%

5.99%

S&P

500®

Index

26.29%

15.69%

12.03%

FTSE

Gold

Mines

Index

12.41%

9.38%

5.47%

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

1.55%.

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)

degrees

of

investment

exposure

to

the

gold

market,

the

fund

utilized

call

option

positions

and

directional

ETFs,

which

are

more

liquid

than

options,

to

hedge

the

fund’s

benchmark

risks

and

provide

optionality

to

upswings

in

gold

stocks.

World

Precious

Minerals

Fund

Strengths

Being

underweight

Newmont,

the

largest

member

of

the

FTSE

Gold

Mines

Index,

was

our

best

call

on

relative

performance

as

it

significantly

underperformed

its

index

peers.

Newmont

moved

to

purchase

Newcrest

Mining

to

create

the

largest

gold

mining

company

in

the

world.

Being

underweight

Franco-Nevada

was

our

second

biggest

contributor

to

fund

performance.

Franco-

Nevada’s

largest

precious

metal

stream

in

their

portfolio

has

been

compromised

by

the

Panamanian

shutdown

of

the

Cobre

Panama

Mine

operated

by

First

Quantum

Minerals

in

the

fourth

quarter

of

2023.

Radisson

Mining

Resources

was

our

third

largest

contributor

to

performance,

with

a

near

doubling

of

its

share

price

over

the

year

with

its

updated

resource

statement

for

the

O’Brien

project

that

doubled

the

resource

ounces

to

just

under

one

million

ounces

of

gold

and

raised

the

gold

grades

by

nearly

50%.

Gold

and

Precious

Metals

Fund

Strengths

Being

underweight

Newmont,

the

largest

member

of

the

FTSE

Gold

Mines

Index,

was

our

best

call

on

relative

performance

as

it

significantly

underperformed

its

index

peers.

Newmont

moved

to

purchase

Newcrest

Mining

to

create

the

largest

gold

mining

company

in

the

world.

Owning

Emerald

Resources,

which

just

began

ramping

up

production

this

year,

was

one

of

the

largest

price

gainers

in

2023

and

was

the

second

largest

contributor

to

the

fund’s

performance.

The

next

best

contributor

to

performance

was

Resolute

Mining,

which

replaced

their

senior

executive

in

the

prior

year.

The

company

appears

to

have

delivered

a

turnaround

with

a

return

to

profitability

in

first

half

of

2023,

following

two

years

of

losses.

World

Precious

Minerals

Fund

Weaknesses

Arizona

Metals

had

the

most

significant

impact

to

performance,

due

to

position

size,

as

it

declined

in

line

with

other

exploration

and

development

companies

over

the

course

of

the

year.

Because

Arizona

Metals

has

sufficient

cash

to

continue

to

fund

its

exploration

program

at

the

Kay

Mine,

initially

developed

by

Exxon

Mobil,

for

the

next

two

and

half

years

at

their

current

burn

rate

of

$4

million

per

quarter,

the

company

is

much

better

positioned

to

advance

their

project

with

no

dilution

in

the

near

term.

TriStar

Gold

was

our

second

heaviest

burden

in

2023,

due

to

position

size

rather

than

poor

performance

relative

to

its

peers.

Tristar

had

limited

exploration

results

to

release

as

management

was

focused

on

moving

the

perming

process

forward

for

the

Castelo

de

Sonhos

gold

project

in

Pará

State,

Brazil.

In

November,

a

milestone

was

achieved

with

the

public

hearing

for

the

granting

of

the

Preliminary

License

to

operate

a

mine.

There

is

no

formal

timeline

for

the

approval

of

permits,

but

there

is

significant

community

support

for

the

project.

TriStar

believes

Q1

2024

is

appropriate.

Brazil

is

a

mining

friendly

country

and

TriStar

will

have

finally

de-risked

the

project

to

shovel

ready

status,

suitable

for

an

acquisition.

Barksdale

Resources

was

the

third

largest

contributor

to

the

fund’s

underperformance

due

to

its

position

size

as

relative

price

weakness

was

like

its

peers.

Barksdale’s

property

boundary

with

South32’s

Talor

Deposit,

a

couple

hours

south

of

Phoenix,

was

purchased

from

Arizona

Mining

for

$1.6

billion.

There

is

an

historic

existing

drill

hole

that

documents

the

ore

body

being

under

their

land

too.

Permitting

with

the

U.S.

Forest

Service

delayed

the

drilling

on

the

property

until

November

2023.

26

Precious

Metals

and

Minerals

Funds

(unaudited)

Gold

and

Precious

Metals

Fund

Weaknesses

K92

Mining

was

our

third

best

performer

in

2022,

but

in

2023

it

was

our

largest

burden.

The

company’s

first

quarter

gold

production

of

2023

was

impacted

by

temporarily

challenging

ground

conditions,

and

they

lost

eight

days

of

production

at

the

end

of

the

second

quarter

due

to

an

underground

vehicle

incident.

K92

Mining

is

self-funding

its

third

growth

expansion

and

the

two

production

issues

led

some

investors

to

sell

off

the

stock,

fearing

K92

would

need

to

raise

equity.

The

company

finished

the

year

without

raising

equity

and

had

a

very

strong

finish

to

the

year

with

their

fourth-quarter

results.

Gold

Fields’

larger

weighting

in

the

benchmark

resulted

in

lost

opportunity.

The

third

worst

contributor

to

relative

performance

was

underweighting

Newcrest

Mining,

which

received

a

takeout

offer

from

Newmont

Corp.

Current

Outlook

World

Precious

Minerals

Fund

Opportunities

Current

precious

metal

company

valuations

(especially

junior

names)

are

near

record

lows

and

present

a

compelling

entry

point

for

investors

looking

to

capture

long-term

value.

The

VanEck

Vectors

Junior

Gold

Miners

ETF

(GDXJ)

is

four

standard

deviations

below

the

level

implied

by

a

10-year

daily

regression

with

the

gold

price

primed

for

a

re-rate

as

precious

metals

come

back

into

vogue

through

the

next

part

of

the

market

cycle.

Yamana

Gold’s

founder

Peter

Marrone

commented

that

the

gold

sector

will

likely

see

more

mergers

and

acquisitions

(M&A)

as

miners

look

to

maintain

margins

in

a

higher-cost

and

lower

gold-grade

environment.

He

says:

The

“gold

price

today

is

roughly

where

it

was

in

late

2020…

but

interestingly

the

margins

have

decreased

quite

substantially

for

almost

all

of

the

companies…

It

seems

to

me

that

we

are

going

into

universally,

lower

grades,

higher

costs,

inflationary

impacts.”

With

some

signs

of

relief

in

inflationary

pressures

on

operating

costs,

investors

should

start

to

consider

rotating

from

the

higher

valued

streamers

(that

are

insulated

from

inflationary

pressures

in

costs

due

to

the

nature

of

their

business)

into

the

lower

valued

operators.

This

is

because:

(1)

companies

have

started

to

see

easing

of

inflationary

pressures

in

various

input

costs,

which

should

be

fully

reflected

in

their

costs

once

the

higher

cost

inventories

are

drawn

down;

and

(2)

companies

are

expecting

higher

volumes,

which

should

also

help

with

the

costs.

Gold

Precious

Metals

Fund

Opportunities

A

declining

dollar

could

be

a

positive

force

for

the

gold

price.

The

greenback

has

weakened

as

U.S.

interest

rates

are

near

a

peak

and

the

Federal

Reserve’s

aggressive

tightening

begins

to

take

a

toll

on

the

world’s

largest

economy.

Interest

rates

could

fall

in

2024.

The

merger

of

Newmont

and

Newcrest

will

result

in

the

largest

gold

company

in

the

world,

with

a

combined

market

cap

of

$57

billion,

producing

8.0-8.5

million

ounces

gold

per

annum

at

an

all-in

sustaining

cost

(AISC)

of

$1,065

per

ounce.

The

company

will

have

total

gold

reserves

of

155

million

ounces

and

total

resources

of

333

million

ounces,

and

a

mine

life

of

17

years.

The

proposed

offer

appears

accretive

to

net

asset

value

(NAV)

and

relatively

neutral

to

near-term

financial

metrics,

based

on

consensus

estimates.

Measured

using

the

ratio

of

gold

prices

to

S&P

500

total

returns,

the

yellow

metal

has

comfortably

come

out

on

top

from

the

start

to

the

end

of

each

of

the

past

three

U.S.

recessions.

During

the

2000

recession,

the

ratio

went

from

0.15

to

0.17

over

the

period

defined

by

the

National

Bureau

of

Economic

Research

(NBER).

During

the

global

financial

crisis,

it

nearly

doubled

from

0.34

to

0.62,

and

in

the

Covid

recession,

it

climbed

from

0.23

to

0.28.

27

Precious

Metals

and

Minerals

Funds

(unaudited)

World

Precious

Minerals

Fund

Threats

Mali

has

adopted

a

new

mining

code

following

prior

reports

that

proposed

changes

were

in

the

works

to

increase

state

ownership

in

new

projects

from

20%

to

35%.

B2Gold

recently

noted

that

its

Fekola

mine

in

Mali

is

governed

by

the

2012

mining

code,

so

would

not

be

susceptible

to

changes

under

any

future

mining

code.

Morgan

Stanley’s

historical

analysis

on

gold,

which

has

focused

on

real

yields

versus

real

gold

price,

has

been

shifting.

Running

this

analysis

had

an

R2

of

92%

in

2018-21,

which

fell

to

63%

in

2022

and

is

now

just

30%.

This

would

imply

gold

somewhere

below

$1,300

per

ounce.

According

to

Bank

of

America

notes

for

diamonds,

they

think

that

higher

rates

and

weaker

growth

could

put

the

consumer

under

pressure

which

translates

to

less

diamond

demand

and

downward

pressure

on

prices.

They

now

model

slower

price

recovery.

There

key

issues

for

near

term

outlook:

1)

Mid-stream

de-stocking.

2)

U.S.

recession

risk.

3)

Lab

grown

diamonds.

Gold

and

Precious

Metals

Fund

Threats

Gold

purchases

in

India

dropped

to

the

lowest

level

since

the

Covid-19

pandemic

hit

the

second-

biggest

consuming

nation,

with

high

domestic

prices

deterring

buyers.

Indians

bought

between

650

and

750

tons

of

the

precious

metal

in

2023.

The

range

is

lower

than

the

774

tons

bought

in

2022

and

the

least

since

the

446

tons

purchased

in

2020.

Most

companies

assumed

inflationary

pressures

seen

in

2023

would

persist

into

2024,

but

slowly

taper

off

thereafter.

Newmont's

five-year

outlook

sees

long-run

cash

costs

increasing

$50

per

ounce,

or

around

7%

from

the

prior

guide,

and

sustaining

capex

up

$175

million

annually.

Higher

gold

prices

will

be

needed

to

offset

this.

Palladium

dropped

to

the

lowest

levels

in

five

years

as

demand

faltered

amid

a

slowdown

in

car

sales,

the

rise

of

electric

vehicles

and

as

users

switched

to

cheaper

platinum.

The

metal,

which

is

almost

entirely

used

in

catalytic

converters

that

curb

emissions,

may

slump

as

slowing

economic

growth

hurts

global

auto

sales.

28

Precious

Metals

and

Minerals

Funds

(unaudited)

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,

2023

Nano

One

Materials

Corp.

11.49%

Advanced

Materials/Production

K92

Mining,

Inc.

8.28%

Gold

Mining

TriStar

Gold,

Inc.

4.58%

Gold

Mining

Arizona

Metals

Corp.

4.31%

Precious

Metals

Ivanhoe

Mines,

Ltd.

3.97%

Metal

-

Diversified

Dolly

Varden

Silver

Corp.

3.82%

Precious

Metals

Radisson

Mining

Resources,

Inc.

3.27%

Gold

Mining

Asante

Gold

Corp.

3.09%

Gold

Mining

Vizsla

Silver

Corp.

2.98%

Silver

Mining

Barksdale

Resources

Corp.

2.40%

Diamonds/Precious

Stones

Total

Top

10

Equity

Holdings

48.19%

Portfolio

Allocation

by

Industry*

Based

on

Total

Investments

December

31,

2023

Gold

Mining

43.0%

Precious

Metals

18.9%

Advanced

Materials/Production

11.8%

Metal

-

Diversified

7.6%

Silver

Mining

6.7%

Diversified

Minerals

3.8%

Other

8.2%

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,

2023

K92

Mining,

Inc.

11.54%

Gold

Mining

Aya

Gold

&

Silver,

Inc.

7.48%

Silver

Mining

Lundin

Gold,

Inc.

3.32%

Gold

Mining

Vox

Royalty

Corp.

3.16%

Metal

-

Diversified

Harmony

Gold

Mining

Co.,

Ltd.,

ADR

3.14%

Gold

Mining

Alamos

Gold,

Inc.

3.10%

Gold

Mining

Emerald

Resources

NL

2.62%

Real

Estate

Operating/Development

Ivanhoe

Mines,

Ltd.

2.58%

Metal

-

Diversified

Agnico

Eagle

Mines,

Ltd.

2.24%

Gold

Mining

Resolute

Mining,

Ltd.

2.16%

Gold

Mining

Total

Top

10

Equity

Holdings

41.34%

Portfolio

Allocation

by

Industry*

Based

on

Total

Investments

December

31,

2023

Gold

Mining

60.7%

Silver

Mining

9.8%

Metal

-

Diversified

8.1%

Precious

Metals

7.1%

Mining

Services

3.8%

Other

10.5%

Total

100.0%

Portfolio

of

Investments

30

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

U.S.

Government

Securities

Ultra-Short

Bond

Fund

United

States

Government

and

Agency

Obligations

91.26%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Federal

Farm

Credit

Bank

18.90%

Fixed

Rates:

5.57

07/05/24

$

2,000,000

$

2,000,040

0.47

11/18/24

2,000,000

1,924,365

5.34

05/28/26

2,000,000

1,994,969

5,919,374

Federal

Home

Loan

Bank

25.09%

Fixed

Rates:

5.17

03/08/24

1,000,000

999,561

5.15

04/12/24

1,000,000

999,184

5.00

04/25/24

1,500,000

1,497,260

4.63

12/13/24

1,000,000

997,912

5.35

12/30/24

2,000,000

1,994,877

1.11

10/28/26

1,500,000

1,372,606

7,861,400

Federal

Home

Loan

Mortgage

Corp.

47.27%

Fixed

Rates:

3.06

05/29/24

5,000,000

4,956,277

2.40

03/28/25

5,000,000

4,883,870

4.05

08/28/25

5,000,000

4,969,057

14,809,204

Investments,

at

value

91.26%

28,589,978

(cost

$28,502,468

)

Other

assets

and

liabilities,

net

8.74%

2,737,970

Net

Assets

100.00%

$

31,327,948

Portfolio

of

Investments

31

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

Near-Term

Tax

Free

Fund

Municipal

Bonds

91.79%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Alabama

1.93%

Alabama

Community

College

System,

Alabama,

Refunding,

RB

BAM

4.00

11/01/24

$

185,000

$

186,122

Alabaster

Board

of

Education,

Alabama,

Prefunding,

Special

Tax

Bond

AGM

5.00

09/01/44

300,000

303,796

489,918

Arizona

1.61%

City

of

Mesa

AZ,

Arizona,

Refunding,

GO

Limited

4.00

07/01/25

400,000

408,216

California

3.40%

City

of

Milpitas

CA

Wastewater

Revenue,

California,

Refunding,

RB

5.00

11/01/24

350,000

356,484

East

Side

Union

High

School

District,

California,

GO

Unlimited

AGM

5.00

08/01/24

200,000

202,433

State

of

California,

California,

Refunding,

GO

Unlimited

5.00

08/01/24

300,000

303,874

862,791

Colorado

3.49%

City

of

Glendale

CO,

Colorado,

Refunding,

COP

AGM

5.00

12/01/25

510,000

525,131

Colorado

Health

Facilities

Authority,

Colorado,

Refunding,

RB

5.00

10/01/25

350,000

360,461

885,592

Connecticut

2.56%

State

of

Connecticut,

Connecticut,

GO

Unlimited

4.00

06/15/24

235,000

236,111

State

of

Connecticut,

Connecticut,

Refunding,

GO

Unlimited

5.00

05/15/27

200,000

211,326

Town

of

Simsbury

CT,

Connecticut,

Refunding,

GO

Unlimited

5.00

08/01/24

200,000

202,687

650,124

Florida

2.83%

Port

St

Lucie

Community

Redevelopment

Agency,

Florida,

Refunding,

Tax

Allocation

Bond

5.00

01/01/25

705,000

719,987

Georgia

1.23%

Grady

County

School

District,

Georgia,

GO

Unlimited

5.00

10/01/25

300,000

311,453

Portfolio

of

Investments

32

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Hawaii

0.73%

State

of

Hawaii,

Hawaii,

Refunding,

GO

Unlimited

5.00

10/01/27

$

175,000

$

185,683

Illinois

3.17%

Chicago

Park

District,

Illinois,

Refunding,

GO

Limited,

Series B

5.00

01/01/24

500,000

500,000

Cook

County

Township

High

School

District

No.

225,

Illinois,

Refunding,

GO

Unlimited

5.00

12/01/24

300,000

305,446

805,446

Indiana

1.79%

Northwestern

School

Corp.,

Indiana,

GO

Limited

5.00

01/15/26

150,000

155,856

South

Henry

Multi

School

Building

Corp.,

Indiana,

RB

5.00

07/15/24

125,000

126,275

Warrick

County

Redevelopment

District,

Indiana,

Refunding,

Tax

Allocation

Bond

4.00

08/01/25

170,000

172,798

454,929

Iowa

1.16%

Iowa

Finance

Authority,

Iowa,

Refunding,

RB

5.00

02/15/25

290,000

295,312

Kansas

0.67%

City

of

Lawrence

KS,

Kansas,

GO

Unlimited

3.25

09/01/27

170,000

170,239

Kentucky

2.81%

Campbellsville

Independent

School

District

Finance

Corp.,

Kentucky,

RB

4.00

08/01/25

165,000

167,435

City

of

Ashland

KY,

Kentucky,

Refunding,

GO

Unlimited

AGM

5.00

01/01/25

300,000

305,963

Kentucky

Bond

Development

Corp.,

Kentucky,

Refunding,

RB

5.00

05/01/25

235,000

240,840

714,238

Louisiana

1.15%

Louisiana

Housing

Corp.,

Louisiana,

RB

FHLMC

2.15

12/01/24

295,000

290,929

Portfolio

of

Investments

33

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Massachusetts

4.22%

Commonwealth

of

Massachusetts

Federal

Highway

Grant

Anticipation

Note

Revenue,

Massachusetts,

RB

5.00

06/15/25

$

250,000

$

252,529

Massachusetts

Development

Finance

Agency,

Massachusetts,

Refunding,

RB

4.00

04/01/25

250,000

253,517

Massachusetts

Port

Authority,

Massachusetts,

Refunding,

RB

5.00

07/01/24

560,000

565,805

1,071,851

Michigan

2.71%

Great

Lakes

Water

Authority

Water

Supply

System

Revenue,

Michigan,

Refunding,

RB

5.00

07/01/26

365,000

385,072

Michigan

Finance

Authority,

Michigan,

RB

AGM

5.00

07/01/26

300,000

302,313

687,385

Minnesota

5.80%

City

of

St

Cloud

MN,

Minnesota,

Refunding,

RB

5.00

05/01/24

185,000

186,083

City

of

Thief

River

Falls

MN,

Minnesota,

Refunding,

GO

Unlimited

2.00

02/01/24

150,000

149,785

County

of

Chisago

MN,

Minnesota,

GO

Unlimited

2.00

02/01/27

1,175,000

1,136,352

1,472,220

Mississippi

0.50%

County

of

Madison

MS,

Mississippi,

GO

Unlimited

4.50

11/01/25

125,000

126,645

Missouri

0.80%

St

Louis

Land

Clearance

for

Redevelopment

Authority,

Missouri,

RB

4.00

07/15/25

200,000

203,479

Nebraska

1.21%

Nebraska

Public

Power

District,

Nebraska,

Refunding,

RB

5.00

01/01/25

300,000

306,170

Nevada

1.19%

Clark

County

Water

Reclamation

District,

Nevada,

Refunding,

GO

Limited

5.00

07/01/24

300,000

303,095

New

Hampshire

0.79%

City

of

Portsmouth

NH,

New

Hampshire,

GO

Unlimited

4.00

06/15/24

200,000

200,963

Portfolio

of

Investments

34

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

New

Jersey

5.45%

City

of

Asbury

Park

NJ,

New

Jersey,

GO

Unlimited

Notes

4.75

01/17/24

$

470,000

$

470,161

Middlesex

County

Improvement

Authority,

New

Jersey,

RB

5.00

07/01/25

425,000

439,350

Township

of

North

Bergen

NJ,

New

Jersey,

GO

Unlimited

Notes

4.00

04/24/24

225,000

225,508

Township

of

Vernon

NJ,

New

Jersey,

Refunding,

GO

Unlimited

4.00

01/01/24

250,000

250,000

1,385,019

New

Mexico

2.57%

City

of

Rio

Rancho

NM,

New

Mexico,

GO

Unlimited

5.00

08/01/27

600,000

651,618

New

York

2.73%

City

of

New

York

NY,

New

York,

Refunding,

GO

Unlimited

5.00

08/01/25

250,000

259,158

City

of

New

York

NY,

New

York,

Refunding,

GO

Unlimited

5.00

08/01/26

200,000

212,348

Port

Authority

of

New

York

&

New

Jersey,

New

York,

Refunding,

RB

5.00

10/01/25

215,000

221,833

693,339

Ohio

1.12%

Kettering

City

School

District,

Ohio,

Refunding,

GO

Unlimited

5.00

12/01/24

280,000

284,982

Oklahoma

5.51%

Cleveland

County

Independent

School

District

No.

29

Norman,

Oklahoma,

GO

Unlimited

3.00

05/01/24

415,000

414,661

Grady

County

School

Finance

Authority,

Oklahoma,

RB

5.00

09/01/24

225,000

227,551

Tulsa

Public

Facilities

Authority,

Oklahoma,

RB

5.00

06/01/24

750,000

755,996

1,398,208

Oregon

1.45%

City

of

Ashland

OR,

Oregon,

GO

Limited

2.38

10/01/26

200,000

192,152

Klamath

Falls

Intercommunity

Hospital

Authority,

Oregon,

Refunding,

RB

4.00

09/01/24

175,000

175,542

367,694

Portfolio

of

Investments

35

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Pennsylvania

3.66%

Commonwealth

of

Pennsylvania,

Pennsylvania,

Refunding,

GO

Unlimited,

First

Series

5.00

08/15/25

$

310,000

$

321,616

Commonwealth

of

Pennsylvania,

Pennsylvania,

GO

Unlimited,

Second

Series

5.00

09/15/24

300,000

304,554

Pittsburgh

Water

&

Sewer

Authority,

Pennsylvania,

RB

AGM

5.00

09/01/24

300,000

303,579

929,749

South

Carolina

3.27%

City

of

Tega

Cay

SC,

South

Carolina,

Refunding,

GO

Unlimited

2.25

04/01/25

335,000

329,556

Piedmont

Municipal

Power

Agency,

South

Carolina,

Refunding,

RB

NATL

 ◊

3.75

01/01/24

500,000

500,000

829,556

South

Dakota

0.54%

South

Dakota

Health

&

Educational

Facilities

Authority,

South

Dakota,

Refunding,

RB

5.00

09/01/24

135,000

136,345

Tennessee

0.99%

Metropolitan

Government

of

Nashville

&

Davidson

County

TN,

Tennessee,

GO

Unlimited

5.00

07/01/24

250,000

252,591

Texas

9.93%

City

of

Austin

TX,

Texas,

Refunding,

GO

Limited

5.00

09/01/24

215,000

218,018

City

of

Denton

TX,

Texas,

GO

Limited

4.00

02/15/26

265,000

272,253

City

of

Denton

TX,

Texas,

Refunding,

GO

Limited

5.00

02/15/27

400,000

430,439

City

of

League

City

TX,

Texas,

Refunding,

GO

Limited

5.00

02/15/24

250,000

250,582

Harris

County

Water

Control

&

Improvement

District

No.

21,

Texas,

GO

Unlimited

BAM

4.00

09/01/24

1,000,000

1,004,532

Lower

Colorado

River

Authority,

Texas,

Refunding,

RB

5.00

05/15/27

195,000

199,421

University

of

Houston,

Texas,

Refunding,

RB

5.00

02/15/24

145,000

145,349

2,520,594

Utah

2.11%

County

of

Utah

UT,

Utah,

RB

5.00

05/15/24

250,000

251,618

Jordan

Valley

Water

Conservancy

District,

Utah,

Refunding,

RB

5.00

10/01/24

280,000

284,532

536,150

Portfolio

of

Investments

36

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Vermont

1.54%

University

of

Vermont

and

State

Agricultural

College,

Vermont,

Refunding,

RB

5.00

10/01/24

$

385,000

$

390,803

Virginia

0.91%

Virginia

Commonwealth

Transportation

Board,

Virginia,

RB

5.00

05/15/25

225,000

232,092

Washington

2.61%

City

of

Seattle

WA

Municipal

Light

&

Power

Revenue,

Washington,

Refunding,

RB

5.00

10/01/24

240,000

243,992

King

County

Fire

Protection

District

No.

45,

Washington,

GO

Unlimited

4.00

12/01/25

260,000

265,231

King

County

Housing

Authority,

Washington,

Refunding,

RB

4.00

06/01/27

150,000

154,162

663,385

Wisconsin

1.65%

Village

of

Hartland

WI,

Wisconsin,

Refunding,

GO

Unlimited

3.00

06/01/24

420,000

419,490

Investments,

at

value

91.79%

23,308,280

(cost

$23,395,093

)

Other

assets

and

liabilities,

net

8.21%

2,085,349

Net

Assets

100.00%

$

25,393,629

Portfolio

of

Investments

37

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

Global

Luxury

Goods

Fund

d

Common

Stocks

87.28%

Shares

Value

Apparel

Manufacturers

12.33%

Burberry

Group

PLC

18,800

$

339,094

Capri

Holdings,

Ltd.

 *

1,500

75,360

Christian

Dior

SE

585

458,102

Deckers

Outdoor

Corp.

 *

1,200

802,116

Hermes

International

SCA

1,702

3,617,628

Kering

SA,

ADR

9,200

407,008

PRADA

SpA

22,000

125,797

5,825,105

Athletic

Footwear

0.23%

On

Holding

AG,

Class A

 *

4,000

107,880

Automotive

-

Cars

&

Light

Trucks

15.85%

Bayerische

Motoren

Werke

AG

21,300

2,370,087

Ferrari

NV

7,200

2,436,696

Mercedes-Benz

Group

AG,

ADR

25,000

431,000

Porsche

Automobil

Holding

SE,

ADR

87,000

440,220

Volkswagen

AG

13,850

1,812,341

7,490,344

Beverages

-

Wine/Spirits

5.12%

Constellation

Brands,

Inc.,

Class A

7,350

1,776,862

Remy

Cointreau

SA

5,050

644,153

2,421,015

Building

-

Residential/Commercial

1.35%

Toll

Brothers,

Inc.

6,200

637,298

Casino

Hotels

3.08%

Las

Vegas

Sands

Corp.

29,550

1,454,155

Cosmetics

&

Toiletries

3.63%

Coty,

Inc.,

Class A

 *

79,000

981,180

The

Estee

Lauder

Cos.,

Inc.

5,000

731,250

1,712,430

Cruise

Lines

4.01%

Carnival

Corp.

 *

45,200

838,008

Norwegian

Cruise

Line

Holdings,

Ltd.

 *

47,000

941,880

Royal

Caribbean

Cruises,

Ltd.

 *

900

116,541

1,896,429

Diversified

Banking

Institution

5.62%

JPMorgan

Chase

&

Co.

6,800

1,156,680

UBS

Group

AG

48,500

1,498,650

2,655,330

Portfolio

of

Investments

38

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

Global

Luxury

Goods

Fund

Common

Stocks (cont’d)

Shares

Value

Diversified

Minerals

0.11%

Calibre

Mining

Corp.

 *

50,000

$

51,319

Energy

-

Alternate

Sources

0.00%

Pacific

Green

Energy

Corp.

 #*@

100,000

0

Finance

-

Mortgage

Loan/Banker

0.00%

Lendified

Holdings,

Inc.

 #*@

1,116,560

0

Footwear

&

Related

Apparel

0.96%

Tod's

SpA

 *

12,000

452,696

Gold

Mining

6.04%

Centerra

Gold,

Inc.

18,000

107,453

Dundee

Precious

Metals,

Inc.

35,500

227,191

Franco-Nevada

Corp.

3,600

398,916

New

Gold,

Inc.

 *

35,000

51,100

Osisko

Gold

Royalties,

Ltd.

31,000

442,680

Perseus

Mining,

Ltd.

100,000

125,783

Royal

Gold,

Inc.

3,250

393,120

Silver

Lake

Resources,

Ltd.

 *

468,000

378,713

Torex

Gold

Resources,

Inc.

 *

35,000

386,174

Westgold

Resources,

Ltd.

 *

230,000

341,006

2,852,136

Home

Furnishings

1.95%

Tempur

Sealy

International,

Inc.

18,100

922,557

Hotels

&

Motels

7.36%

Accor

SA

18,200

696,625

InterContinental

Hotels

Group

PLC

10,700

964,882

Marriott

International,

Inc.,

Class A

8,050

1,815,356

3,476,863

Oil

Companies

-

Exploration

&

Production

0.08%

NG

Energy

International

Corp.,

144A

 #*∆

50,000

37,357

Private

Equity

2.55%

KKR

&

Co.,

Inc.

14,550

1,205,467

Real

Estate

Operating/Development

0.00%

Infrastructure

Ventures,

Inc.

 #*@+

426,533

0

Retail

-

Apparel/Shoe

5.49%

Brunello

Cucinelli

SpA

4,750

464,894

Industria

de

Diseno

Textil

SA

23,500

1,025,401

Lululemon

Athletica,

Inc.

 *

300

153,387

Zalando

SE

 *

40,200

951,715

2,595,397

Portfolio

of

Investments

39

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

Global

Luxury

Goods

Fund

Common

Stocks (cont’d)

Shares

Value

Retail

-

Jewelry

5.86%

Cie

Financiere

Richemont

SA

20,030

$

2,766,626

Silver

Mining

0.16%

Fortuna

Silver

Mines,

Inc.

 *

20,000

77,200

Textile

-

Apparel

5.50%

LVMH

Moet

Hennessy

Louis

Vuitton

SE,

ADR

15,986

2,596,926

Total

Common

Stocks

41,234,530

(cost

$39,283,938)

Corporate

Non-Convertible

Bond

1.63%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

1.63%

Aris

Gold

Corp.

7.50

08/26/27

$

712,933

769,968

(cost

$712,857)

Call

Option

Purchased

0.08%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Athletic

Footwear

0.08%

NIKE,

Inc.

$

115.00

03/24

$

2,300,000

200

40,600

(premiums

paid

$56,821

)

Investments,

at

value

88.99%

42,045,098

(cost

$40,053,616

)

Other

assets

and

liabilities,

net

11.01%

5,199,499

Net

Assets

100.00%

$

47,244,597

Portfolio

of

Investments

40

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

Global

Resources

Fund

Common

Stocks

88.26%

Shares

Value

Advanced

Materials/Production

1.94%

Nano

One

Materials

Corp.

 *

325,000

$

591,110

Neo

Performance

Materials,

Inc.

50,000

287,913

879,023

Agricultural

Chemicals

1.60%

CF

Industries

Holdings,

Inc.

5,500

437,250

OCI

NV

10,000

289,814

727,064

Agricultural

Operations

0.44%

Wide

Open

Agriculture,

Ltd.

 *

1,750,000

197,333

Chemicals

-

Diversified

0.00%

Base

Carbon,

Inc.

 *

1,789

634

Chemicals

-

Specialty

0.88%

Daqo

New

Energy

Corp.,

ADR

 *

15,000

399,000

Coal

0.80%

Caribbean

Resources

Corp.

 #*@

2,148,176

0

Peabody

Energy

Corp.

15,000

364,800

364,800

Diamonds/Precious

Stones

1.30%

Barksdale

Resources

Corp.

 *

1,600,000

501,113

Lucara

Diamond

Corp.

 *

300,000

87,167

588,280

Diversified

Minerals

6.49%

Arianne

Phosphate,

Inc.

 *

750,000

147,164

Atlas

Lithium

Corp.

 *

4,000

125,120

Core

Assets

Corp.,

144A

 #*∆

600,000

95,091

Critical

Elements

Lithium

Corp.

 *

150,000

105,279

E3

Lithium,

Ltd.

 *

200,000

333,572

Global

Lithium

Resources,

Ltd.

 *

125,000

102,618

Group

6

Metals,

Ltd.

 *

800,000

44,173

IberAmerican

Lithium

Corp.

 *

1,000,000

132,070

Legacy

Lithium

Corp.

 #*@

100,000

2,106

Leo

Lithium,

Ltd.

 #*@

700,000

240,893

Li-FT

Power,

Ltd.

 *

50,000

232,067

Lithium

Royalty

Corp.

 *

821

5,502

NGX,

Ltd.

 *

109,090

10,794

Nio

Strategic

Metals,

Inc.

 *

3,325,000

301,121

Nio

Strategic

Metals,

Inc.,

144A

 #*∆

362,069

32,790

Northern

Graphite

Corp.

 *

500,000

75,469

Sigma

Lithium

Corp.

 *

8,000

252,240

Standard

Lithium,

Ltd.

 *

75,000

151,500

Portfolio

of

Investments

41

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Diversified

Minerals

(cont’d)

Surge

Battery

Metals,

Inc.

 *

250,000

$

149,051

Volt

Lithium

Corp.

 *

1,000,000

169,805

VR

Resources,

Ltd.

 *

500,000

32,074

Winsome

Resources,

Ltd.

 *

150,000

107,246

Wolfden

Resources

Corp.

 *

1,825,000

96,411

2,944,156

Electric

-

Generation

0.79%

Clearway

Energy,

Inc.

13,000

356,590

Energy

-

Alternate

Sources

0.60%

Canadian

Solar,

Inc.

 *

10,000

262,300

Pacific

Green

Energy

Corp.

 #*@~

2,400,000

0

Zinc8

Energy

Solutions,

Inc.

 *

100,000

10,188

272,488

Enterprise

Software/Services

7.30%

Abaxx

Technologies,

Inc.

 *

300,000

2,956,869

Base

Carbon,

Inc.

 *

1,000,000

354,704

3,311,573

Gas

-

Distribution

0.99%

Centrica

PLC

250,000

448,176

Gold

Mining

10.31%

Agnico

Eagle

Mines,

Ltd.

5,000

274,250

Centerra

Gold,

Inc.

60,000

358,175

Collective

Mining,

Ltd.

 *

75,000

239,425

EnviroGold

Global,

Ltd.,

144A

 #*∆

75,000

10,188

Firefinch,

Ltd.

 #*@

1,000,000

61,330

Horizonte

Minerals

PLC

 *

100,000

14,012

Horizonte

Minerals

PLC

 *

50,800

7,284

Iris

Metals,

Ltd.

 *

400,000

252,462

K92

Mining,

Inc.

 *

200,000

982,604

Montage

Gold

Corp.

 *

750,000

401,872

New

Gold,

Inc.

 *

150,000

219,000

OceanaGold

Corp.

300,000

575,073

Osisko

Gold

Royalties,

Ltd.

15,000

214,200

Royal

Road

Minerals,

Ltd.

 *

5,500,000

415,079

Silver

Tiger

Metals,

Inc.

 *

1,000,000

128,297

Torex

Gold

Resources,

Inc.

 *

45,000

496,510

Western

Atlas

Resources,

Inc.

 *

2,000,000

26,414

4,676,175

Independent

Power

Producer

0.83%

Atlantica

Sustainable

Infrastructure

PLC

17,500

376,250

Portfolio

of

Investments

42

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Industrial

Gases

1.81%

Linde

PLC

2,000

$

821,420

Investment

Companies

0.81%

Contango

Holdings

PLC

 *

10,502,248

368,027

Metal

-

Copper

2.21%

Arizona

Sonoran

Copper

Co.,

Inc.

 *

450,000

594,317

Kutcho

Copper

Corp.

 *

850,000

70,563

Meridian

Mining

UK

Societas

 *

400,000

114,713

Trigon

Metals,

Inc.

 *

1,250,000

221,690

1,001,283

Metal

-

Diversified

14.70%

Electra

Battery

Materials

Corp.

 *

300,000

113,203

Electra

Battery

Materials

Corp.,

144A

 #*∆

55,555

20,963

Filo

Corp.

 *

150,000

2,389,721

GoviEx

Uranium,

Inc.,

144A

 #*∆

58,000

6,566

Ivanhoe

Electric,

Inc./US

 *

16,499

166,310

Ivanhoe

Mines,

Ltd.

 *

315,000

3,054,790

Juno

Corp.,

144A

 #*@∆

200,000

301,876

Nubian

Resources,

Ltd.

 *

250,000

9,905

Orsu

Metals

Corp.,

144A

 #*@∆

14,761

0

Sovereign

Metals,

Ltd.

 *

600,000

188,423

Vox

Royalty

Corp.

200,000

412,000

6,663,757

Metal

-

Iron

0.00%

Consolidated

Growth

Holdings,

Ltd.

 #*@

19,859,173

0

Mining

Services

0.76%

Cordoba

Minerals

Corp.

 *

58,823

14,872

Defense

Metals

Corp.

 *

2,250,000

331,119

345,991

Natural

Resource

Technology

0.28%

I-Pulse,

Inc.,

144A

 #*@+∆

15,971

126,171

Non-Ferrous

Metals

3.36%

Cameco

Corp.

5,000

215,500

Denison

Mines

Corp.

 *

150,000

265,500

Encore

Energy

Corp.

 *

200,000

786,386

InZinc

Mining,

Ltd.

 *

2,000,000

26,414

Sterling

Group

Ventures,

Inc.,

144A

 #*@∆

500,000

0

Ur-Energy,

Inc.

 *

150,000

231,000

1,524,800

Portfolio

of

Investments

43

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Oil

-

Field

Services

2.18%

Halliburton

Co.

10,000

$

361,500

Schlumberger

NV

12,000

624,480

985,980

Oil

-

US

Royalty

Trusts

6.56%

Black

Stone

Minerals

LP

50,000

798,000

Deterra

Royalties,

Ltd.

200,000

718,545

Kimbell

Royalty

Partners

LP

55,000

827,750

Viper

Energy,

Inc.

20,000

627,600

2,971,895

Oil

Companies

-

Exploration

&

Production

12.07%

APA

Corp.

10,000

358,800

Chesapeake

Energy

Corp.

7,500

577,050

Chord

Energy

Corp.

2,000

332,460

ConocoPhillips

1,500

174,105

Freehold

Royalties,

Ltd.

30,000

309,951

LNG

Energy

Group

Corp.

 *

1,100,000

190,936

Marathon

Oil

Corp.

17,500

422,800

New

Stratus

Energy,

Inc.

 *

1,700,000

1,013,547

NG

Energy

International

Corp.

 #*

700,000

522,999

NG

Energy

International

Corp.,

144A

 #*∆

200,000

149,428

Occidental

Petroleum

Corp.

10,000

597,100

Permian

Resources

Corp.

15,000

204,000

Range

Resources

Corp.

10,000

304,400

Source

Rock

Royalties,

Ltd.

500,000

313,196

5,470,772

Oil

Companies

-

Field

Services

0.84%

Select

Water

Solutions,

Inc.,

Class A

50,000

379,500

Oil

Refining

&

Marketing

1.77%

Marathon

Petroleum

Corp.

3,000

445,080

Valero

Energy

Corp.

2,750

357,500

802,580

Paper

&

Related

Products

0.87%

Sylvamo

Corp.

8,000

392,880

Pipelines

2.82%

Cheniere

Energy,

Inc.

7,500

1,280,325

Precious

Metals

0.47%

Brixton

Metals

Corp.

 *

2,000,000

211,313

Portfolio

of

Investments

44

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Real

Estate

Operating/Development

0.86%

Infrastructure

Ventures,

Inc.

 #*@+

7,443,544

$

0

Revival

Gold,

Inc.

 *

1,500,000

390,551

390,551

Retail

-

Jewelry

0.37%

Mene,

Inc.

 *

750,000

169,805

Silver

Mining

0.35%

Vizsla

Silver

Corp.

 *

125,000

159,428

Steel

-

Producers

0.90%

Cleveland-Cliffs,

Inc.

 *

20,000

408,400

Total

Common

Stocks

40,016,420

(cost

$81,900,175)

Corporate

Convertible

Bond

1.12%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Investment

Companies

1.12%

Contango

Holdings

PLC,

144A

 #@∆

0.00

01/16/24

$

400,000

509,860

(cost

$508,120)

Corporate

Non-Convertible

Bonds

3.26%

Gold

Mining

2.08%

Aris

Gold

Corp.

7.50

08/26/27

873,375

943,245

Oil

Companies

-

Exploration

&

Production

1.18%

NG

Energy

International

Corp.

 #

8.00

05/20/27

750,000

534,886

Total

Corporate

Non-Convertible

Bonds

1,478,131

(cost

$1,460,481)

Exchange

Traded

Funds

1.41%

Shares

Breakwave

Dry

Bulk

Shipping

ETF

 *

300

3,468

Direxion

Daily

Gold

Miners

Index

Bull

2X

Shares

ETF

191

6,643

Direxion

Daily

Junior

Gold

Miners

Index

Bull

2X

Shares

ETF

203

6,879

Direxion

Hydrogen

ETF

1,735

21,219

ETFMG

Prime

Junior

Silver

Miners

ETF

2,900

29,000

First

Trust

Global

Wind

Energy

ETF

1,000

16,480

Global

X

Copper

Miners

ETF

2,000

75,000

Global

X

Lithium

&

Battery

Tech

ETF

700

35,658

Global

X

Silver

Miners

ETF

800

22,696

Global

X

Uranium

ETF

1,100

30,459

Global

X

US

Infrastructure

Development

ETF

1,000

34,460

Portfolio

of

Investments

45

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

Global

Resources

Fund

Exchange

Traded

Funds (cont’d)

Shares

Value

Grayscale

Bitcoin

Trust

BTC

 *

2,000

$

69,240

Invesco

Solar

ETF

300

16,005

iShares

Global

Clean

Energy

ETF

2,900

45,153

iShares

Silver

Trust

ETF

 *

1,700

37,026

iShares

U.S.

Real

Estate

ETF

400

36,564

KraneShares

Global

Carbon

Strategy

ETF

500

18,245

Sprott

Physical

Uranium

Trust

 *

500

10,664

Teucrium

Wheat

Fund

ETF

 *

6,600

39,402

U.S.

Natural

Gas

Fund

LP

ETF

 *

4,600

23,322

VanEck

Rare

Earth/Strategic

Metals

ETF

 *

400

24,620

VanEck

Steel

ETF

500

36,878

Total

Exchange

Traded

Funds

639,081

(cost

$593,769)

Warrants

0.23%

Exercise

Price

Exp.

Date

Diversified

Minerals

0.00%

Bradda

Head

Lithium,

Ltd.,

144A

 #*@∆

$

0.21

04/19/24

2,000,000

0

Core

Assets

Corp.,

144A

 #*@∆

0.47

02/17/25

300,000

0

Desert

Mountain

Energy

Corp.,

144A

 #*@∆

2.70

03/24/25

300,000

0

IberAmerican

Lithium,

Inc.,

144A

 #*@∆

0.40

09/01/26

500,000

0

Ion

Energy,

Ltd.,

144A

 #*@∆

0.70

04/13/24

225,000

0

Volt

Lithium

Corp.,

144A

 #*@∆

0.33

08/04/25

500,000

0

0

Gold

Mining

0.00%

Iris

Metals,

Ltd.

 #*@

1.50

05/16/25

325,000

0

Investment

Companies

0.00%

Contango

Holdings

PLC,

144A

 #*@∆

0.09

11/07/25

4,583,333

0

Metal

-

Copper

0.00%

Trigon

Metals,

Inc.,

144A

 #*@∆

0.30

07/12/26

625,000

0

Metal

-

Diversified

0.00%

Electra

Battery

Materials

Corp.,

144A

 #*@∆

1.74

08/11/25

250,000

0

Mining

Services

0.15%

Aris

Mining

Corp.

 *

2.75

07/29/25

370,889

69,976

Oil

Companies

-

Exploration

&

Production

0.08%

LNG

Energy

Group,

144A

 #*@∆

0.60

05/05/26

1,000,000

0

NG

Energy

International

Corp.

 *

1.40

05/20/27

300,000

29,433

Source

Rock

Royalties,

Ltd.

 #*

1.25

03/01/24

1,250,000

4,717

34,150

Precious

Metals

0.00%

Nova

Minerals,

Ltd.

 #*@

0.70

04/30/24

16,666

0

Portfolio

of

Investments

46

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

Global

Resources

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Real

Estate

Operating/Development

0.00%

Revival

Gold,

Inc.,

144A

 #*@∆

$

0.72

05/16/26

250,000

$

0

Silver

Mining

0.00%

Vizsla

Silver

Corp.,

144A

 #*@∆

2.00

11/15/24

62,500

0

Total

Warrants

104,126

(cost

$94,582

)

Call

Options

Purchased

0.28%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Diversified

Minerals

0.00%

Group

6

Metals,

Ltd.

 #@

$

0.28

01/25

$

11,200,000

400,000

0

Gold

Mining

0.14%

Anglogold

Ashanti

PLC

19.00

01/24

342,000

180

10,800

Newmont

Corp.

37.50

01/24

468,750

125

51,250

62,050

Precious

Metals

0.14%

Coeur

Mining,

Inc.

2.50

01/24

212,500

850

64,600

Total

Purchased

Call

Options

126,650

(premiums

paid

$71,904

)

Investments,

at

value

94.56%

42,874,268

(cost

$84,629,031

)

Other

assets

and

liabilities,

net

5.44%

2,464,852

Net

Assets

100.00%

$

45,339,120

Portfolio

of

Investments

47

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

World

Precious

Minerals

Fund

Common

Stocks

94.16%

Shares

Value

Advanced

Materials/Production

11.49%

Nano

One

Materials

Corp.

 *

2,700,000

$

4,910,758

Chemicals

-

Diversified

0.00%

Base

Carbon,

Inc.

 *

15

5

Coal

0.00%

Caribbean

Resources

Corp.

 #*@

505,453

0

Diamonds/Precious

Stones

2.40%

Barksdale

Resources

Corp.

 *

3,275,000

1,025,716

Diversified

Minerals

3.74%

Ascot

Resources,

Ltd.,

144A

 #*∆

6,412

2,371

Desert

Gold

Ventures,

Inc.

 *

750,000

24,056

Erdene

Resource

Development

Corp.

 *

500,000

133,957

Founders

Metals,

Inc.

 *

180,000

213,275

Gossan

Resources,

Ltd.

 *

1,250,000

30,659

Indochine

Mining,

Ltd.

 #*@

10,000

0

Kenorland

Minerals,

Ltd.

 *

250,000

122,637

Kootenay

Resources,

Inc.

 #*@

40,000

3,019

Max

Resource

Corp.

 *

2,250,000

203,766

Minaurum

Gold,

Inc.

 *

1,000,000

169,805

Northern

Graphite

Corp.

 *

345,000

52,073

Serra

Energy

Metals

Corp.

 *

2,000,000

75,469

Waraba

Gold,

Ltd.

 #*~

2,155,000

97,581

Waraba

Gold,

Ltd.,

144A

 #*~∆

6,045,000

273,726

Western

Exploration,

Inc.

 *

350,000

196,785

1,599,179

Energy

-

Alternate

Sources

0.19%

Iondrive,

Ltd.

 *

10,000,000

82,203

Financial

Services

0.00%

Tokens.com

Corp.,

144A

 #*∆

11,123

1,511

Gold

Mining

39.40%

Abitibi

Metals

Corp.

 *

400,000

196,219

Adamera

Minerals

Corp.

 *

5,470,000

185,767

Adamera

Minerals

Corp.,

144A

 #*∆

119,543

4,060

Allegiant

Gold,

Ltd.

 *

750,000

73,582

Alpha

Exploration,

Ltd.

 *

500,000

203,766

Amilot

Capital,

Inc.,

144A

 #*@∆

410,000

0

Angold

Resources,

Ltd.

 #*@

50,000

3,773

Angus

Gold,

Inc.

 *

250,000

98,109

Asante

Gold

Corp.

 *

1,250,000

1,320,705

Awale

Resources,

Ltd.

 *

1,300,000

132,448

Bellevue

Gold,

Ltd.

 *

500,000

569,531

Portfolio

of

Investments

48

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Black

Cat

Syndicate,

Ltd.

 *

1,750,000

$

297,575

Carolina

Rush

Corp.

 *

870,000

134,599

Cassiar

Gold

Corp.

 *

448,000

114,954

Collective

Mining,

Ltd.

 *

50,000

159,617

Compass

Gold

Corp.

 *

2,000,000

101,883

Contact

Gold

Corp.

 *

8,200,000

61,884

Faraday

Copper

Corp.,

144A

 #*∆

43,500

20,682

Freegold

Ventures,

Ltd.

 *

200,000

78,488

G2

Goldfields,

Inc.

 *

700,000

385,646

Gold

Bull

Resources

Corp.

 *

100,000

27,923

Goldshore

Resources,

Inc.

 *

1,400,000

121,505

Heliostar

Metals,

Ltd.

 *

1,250,000

264,141

HighGold

Mining,

Inc.

 *

375,000

96,223

K92

Mining,

Inc.

 *

720,000

3,537,376

Karus

Gold

Corp.

 #*@

375,000

62,262

Kesselrun

Resources,

Ltd.

 *~

5,000,000

169,805

Lion

One

Metals,

Ltd.

 *

500,000

320,743

Loncor

Gold,

Inc.

 *

2,600,000

706,388

Maple

Gold

Mines,

Ltd.

 *

1,000,000

52,828

Mawson

Gold,

Ltd.

 *

1,000,000

271,688

McFarlane

Lake

Mining,

Ltd.

 *

2,500,000

160,371

Moneta

Gold,

Inc.

 *

100,000

56,602

Montage

Gold

Corp.

 *

500,000

267,914

Nighthawk

Gold

Corp.,

144A

 #*@∆

200,000

45,281

NV

Gold

Corp.

 *

1,000,000

18,867

Omai

Gold

Mines

Corp.

 *

3,000,000

169,805

Onyx

Gold

Corp.

 *

200,000

32,452

Osisko

Gold

Royalties,

Ltd.

15,000

214,200

Osisko

Mining,

Inc.

 *

125,000

251,877

Radisson

Mining

Resources,

Inc.

 *

9,250,000

1,396,174

Radius

Gold,

Inc.,

144A

 #*∆

125,000

12,735

Ramelius

Resources,

Ltd.

178,147

204,118

Renegade

Gold,

Inc.

 *

25,000

7,736

Reunion

Gold

Corp.

 *

1,500,000

481,114

Roscan

Gold

Corp.

 *

1,500,000

135,844

Royal

Road

Minerals,

Ltd.

 *

1,500,000

113,203

Sanu

Gold

Corp.

 *

585,000

39,734

Sanu

Gold

Corp.,

144A

 #*∆

700,000

47,545

Scottie

Resources

Corp.

 *

2,250,000

331,120

Silver

Tiger

Metals,

Inc.

 *

1,000,000

128,297

Skeena

Resources,

Ltd.

 *

75,000

365,080

Snowline

Gold

Corp.

 *

50,000

186,785

Storm

Exploration,

Inc.

 *

537,500

26,367

Strikepoint

Gold,

Inc.

 *

2,750,000

93,393

Taurus

Gold,

Ltd.,

144A

 #*@∆

2,448,381

0

Tolu

Minerals,

Ltd.

 *

317,000

110,170

TriStar

Gold,

Inc.

 *~

28,800,000

1,956,153

Portfolio

of

Investments

49

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Viva

Gold

Corp.

 *

500,000

$

45,281

Westhaven

Gold

Corp.

 *

1,000,000

169,805

16,842,193

Metal

-

Copper

0.77%

Arizona

Sonoran

Copper

Co.,

Inc.

 *

100,000

132,071

C3

Metals,

Inc.

 *

115,384

53,118

Meridian

Mining

UK

Societas

 *

500,000

143,391

328,580

Metal

-

Diversified

7.45%

Aurion

Resources,

Ltd.

 *

400,000

147,919

Blackwolf

Copper

and

Gold,

Ltd.

 *

500,000

75,469

Cartier

Resources,

Inc.

 *

750,000

53,772

De

Grey

Mining,

Ltd.

 *

250,000

213,307

FireFly

Metals,

Ltd.

 *

866,666

370,854

Ivanhoe

Mines,

Ltd.

 *

175,000

1,697,106

Juno

Corp.,

144A

 #*@∆

200,000

301,875

Kaizen

Discovery,

Inc.

 *

800,000

70,941

New

Age

Metals,

Inc.,

144A

 #*∆

143,518

4,332

Nubian

Resources,

Ltd.

 *

500,000

19,811

Orex

Minerals,

Inc.

 *

700,000

91,129

Orsu

Metals

Corp.,

144A

 #*@∆

186,922

0

RTG

Mining,

Inc.

 *

3,000,000

61,238

Sirios

Resources,

Inc.

 *

1,000,000

37,734

Sterling

Metals

Corp.

 *

1,000,000

37,734

3,183,221

Mining

Services

1.45%

Cordoba

Minerals

Corp.

 *

58,823

14,872

Great

Pacific

Gold

Corp.

 *

450,000

309,045

Orexplore

Technologies,

Ltd.

 *

267,284

5,819

Summa

Silver

Corp.

 *

750,000

288,668

618,404

Non-Ferrous

Metals

0.06%

InZinc

Mining,

Ltd.

 *

2,000,000

26,414

Latitude

Uranium,

Inc.

 *

1,000

189

26,603

Oil

Companies

-

Exploration

&

Production

0.00%

Big

Sky

Energy

Corp.

 #*@

2,000,000

0

Optical

Recognition

Equipment

0.00%

Nexoptic

Technology

Corp.,

144A

 #*∆

12,083

319

Portfolio

of

Investments

50

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Precious

Metals

18.25%

Amani

Gold,

Ltd.

 #*@

54,500,000

$

37,139

Arizona

Metals

Corp.

 *

1,000,000

1,841,440

Barsele

Minerals

Corp.

 *~

7,550,000

769,216

Brixton

Metals

Corp.

 *

3,000,000

316,969

Canex

Metals,

Inc.

 *

3,250,000

128,769

Capitan

Silver

Corp.

 *

1,100,000

132,825

Denarius

Metals

Corp.

 *

150,000

57,734

Dolly

Varden

Silver

Corp.

 *

2,488,500

1,633,897

GFG

Resources,

Inc.

 *

5,525,000

458,662

Gold

Terra

Resource

Corp.

 *

3,750,000

198,106

Gold79

Mines,

Ltd.

 *

8,500,000

128,297

GR

Silver

Mining,

Ltd.

 *

1,500,000

90,563

Hercules

Silver

Corp.

 *

75,000

78,110

Imperial

Mining

Group,

Ltd.

 *

500,000

18,867

MacDonald

Mines

Exploration,

Ltd.

 *

300,000

13,584

Olive

Resource

Capital,

Inc.

 *

4,000,000

90,563

Paramount

Gold

Nevada

Corp.

 *

170,000

63,750

Polarx,

Ltd.

 *

40,000,000

191,078

Silver

Viper

Minerals

Corp.

 *

2,000,000

150,938

SilverCrest

Metals,

Inc.

 *

60,000

393,495

Stillwater

Critical

Minerals

Corp.

 *

2,000,000

256,594

Thesis

Gold,

Inc.

 *

984,000

438,142

Unico

Silver,

Ltd.

 *

1,000,000

84,879

Visionary

Metals

Corp.

 *

1,500,000

79,242

Xali

Gold

Corp.,

144A

 #*∆

4,875,000

147,164

7,800,023

Real

Estate

Operating/Development

1.29%

Fremont

Gold,

Ltd.

 *

400,000

22,641

Mammoth

Resources

Corp.

 *~

5,500,000

62,262

Revival

Gold,

Inc.

 *

1,800,000

468,661

553,564

Retail

-

Jewelry

1.12%

Mene,

Inc.

 *

2,115,000

478,850

Silver

Mining

6.55%

Aya

Gold

&

Silver,

Inc.

 *

95,000

696,162

FireFox

Gold

Corp.

 *

500,000

37,735

Kootenay

Silver,

Inc.

 *

350,000

311,686

Metallic

Minerals

Corp.

 *

1,000,000

241,500

Reyna

Silver

Corp.

 *

360,000

61,130

Southern

Silver

Exploration

Corp.

 *

1,500,000

175,465

Vizsla

Silver

Corp.

 *

1,000,000

1,275,424

2,799,102

Total

Common

Stocks

(cost

$74,058,361)

40,250,231

Portfolio

of

Investments

51

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

World

Precious

Minerals

Fund

Corporate

Non-Convertible

Bond

2.23%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Gold

Mining

2.23%

Aris

Gold

Corp.

7.50

08/26/27

$

882,294

$

952,878

(cost

$882,294)

Exchange

Traded

Funds

0.46%

Shares

Direxion

Daily

Gold

Miners

Index

Bull

2X

Shares

ETF

2,715

94,428

Direxion

Daily

Junior

Gold

Miners

Index

Bull

2X

Shares

ETF

2,994

101,466

Total

Exchange

Traded

Funds

195,894

(cost

$199,615)

Warrants

0.30%

Exercise

Price

Exp.

Date

Diversified

Minerals

0.00%

Spark

Energy

Minerals,

Inc.,

144A

 #*@∆

$

2.00

06/04/24

1,750,000

0

Waraba

Gold,

Ltd.,

144A

 #*@~∆

0.50

03/29/24

5,390,000

0

Western

Exploration,

Inc.,

144A

 #*@∆

2.15

12/31/49

50,000

0

0

Gold

Mining

0.07%

Cassiar

Gold

Corp.,

144A

 #*@∆

1.05

06/08/24

99,000

0

Cassiar

Gold

Corp.,

144A

 #*@∆

0.70

05/04/25

125,000

0

Gold

Mountain

Mining

Corp.,

144A

 #*@∆

1.75

04/21/24

50,000

0

McFarlane

Lake

Mining,

Ltd.,

144A

 #*@∆

0.07

05/01/25

2,500,000

28,301

Radisson

Mining

Resources,

Inc.,

144A

 #*@∆

0.27

11/17/25

375,000

0

28,301

Metal

-

Diversified

0.00%

Sterling

Metals

Corp.,

144A

 #*@∆

0.25

04/17/25

1,000,000

0

Mining

Services

0.23%

Aris

Mining

Corp.

 *

2.75

07/29/25

520,000

98,109

Oil

Companies

-

Exploration

&

Production

0.00%

Goliath

Resources,

Ltd.,

144A

 #*@∆

0.92

05/18/25

112,500

0

Precious

Metals

0.00%

Denarius

Metals

Corp.,

144A

 #*@∆

0.60

03/02/26

75,000

0

GFG

Resources,

Inc.,

144A

 #*@∆

0.18

03/20/26

373,077

0

0

Real

Estate

Operating/Development

0.00%

TDG

Gold

Corp.,

144A

 #*@∆

0.42

07/06/26

115,000

0

Portfolio

of

Investments

52

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

World

Precious

Minerals

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Silver

Mining

0.00%

Southern

Silver

Exploration

Corp.,

144A

 #*@∆

$

0.25

08/14/25

875,000

$

0

Vizsla

Silver

Corp.,

144A

 #*@∆

2.00

11/15/24

62,500

0

0

Total

Warrants

126,410

(cost

$198,501

)

Call

Options

Purchased

0.27%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Gold

Mining

0.13%

Anglogold

Ashanti

PLC

$

19.00

01/24

$

342,000

180

10,800

Newmont

Corp.

37.50

01/24

431,250

115

47,150

57,950

Precious

Metals

0.14%

Coeur

Mining,

Inc.

2.50

01/24

193,750

775

58,900

Total

Purchased

Call

Options

116,850

(premiums

paid

$68,149

)

Investments,

at

value

97.42%

41,642,263

(cost

$75,406,920

)

Other

assets

and

liabilities,

net

2.58%

1,102,075

Net

Assets

100.00%

$

42,744,338

Portfolio

of

Investments

53

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

Gold

and

Precious

Metals

Fund

Common

Stocks

93.93%

Shares

Value

Applications

Software

1.41%

Chrysos

Corp.,

Ltd.

 *

250,000

$

1,379,297

Chemicals

-

Diversified

0.00%

Base

Carbon,

Inc.

 *

196

69

Diamonds/Precious

Stones

0.21%

Lucara

Diamond

Corp.

 *

700,000

203,389

Diversified

Minerals

1.71%

Calibre

Mining

Corp.

 *

450,000

461,869

Leo

Lithium,

Ltd.

 #*@

3,500,000

1,204,463

Lithium

Royalty

Corp.

 *

679

4,551

1,670,883

Enterprise

Software/Services

0.30%

Abaxx

Technologies,

Inc.

 *

30,000

295,687

Gold

Mining

55.90%

Agnico

Eagle

Mines,

Ltd.

40,000

2,194,000

Alamos

Gold,

Inc.

225,000

3,030,750

Anglogold

Ashanti

PLC

50,000

934,500

Argonaut

Gold,

Inc.

 *

1,750,000

620,731

Black

Cat

Syndicate,

Ltd.

 *

4,000,000

680,172

Catalyst

Metals,

Ltd.

 *

1,670,980

916,593

Centamin

PLC

425,000

539,718

Centerra

Gold,

Inc.

250,000

1,492,396

DRDGOLD,

Ltd.,

ADR

120,000

954,000

Dundee

Precious

Metals,

Inc.

150,000

959,964

Eldorado

Gold

Corp.

 *

75,000

972,750

Firefinch,

Ltd.

 #*@

5,000,000

306,652

Franco-Nevada

Corp.

7,500

831,075

GoGold

Resources,

Inc.

 *

500,000

509,415

Gold

Fields,

Ltd.,

ADR

145,000

2,096,700

Gold

Resource

Corp.

 *

1,000,000

376,000

Harmony

Gold

Mining

Co.,

Ltd.,

ADR

500,000

3,075,000

i-80

Gold

Corp.

 *

200,000

351,685

IAMGOLD

Corp.

 *

300,000

759,000

K92

Mining,

Inc.

 *

2,300,000

11,299,951

Karora

Resources,

Inc.

 *

500,000

1,837,666

Kinross

Gold

Corp.

250,000

1,512,500

Lundin

Gold,

Inc.

260,000

3,245,462

Mineros

SA

3,400,000

1,667,862

New

Gold,

Inc.

 *

1,000,000

1,460,000

Northern

Star

Resources,

Ltd.

100,000

927,811

OceanaGold

Corp.

1,000,000

1,916,909

Osisko

Gold

Royalties,

Ltd.

75,000

1,071,000

Osisko

Gold

Royalties,

Ltd.

75,000

1,070,337

Portfolio

of

Investments

54

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

Gold

and

Precious

Metals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Osisko

Mining,

Inc.

 *

112,500

$

226,690

Pantoro,

Ltd.

 *

11,000,000

427,329

Petropavlovsk

PLC

 #*@+

4,886,855

0

Ramelius

Resources,

Ltd.

1,000,000

1,145,782

Resolute

Mining,

Ltd.

 *

7,000,000

2,112,990

Royal

Gold,

Inc.

10,000

1,209,600

Sandstorm

Gold,

Ltd.

200,000

1,006,000

Torex

Gold

Resources,

Inc.

 *

90,000

993,019

54,732,009

Metal

-

Diversified

8.03%

Aclara

Resources,

Inc.

 *

137,400

51,847

Ivanhoe

Mines,

Ltd.

 *

260,000

2,521,414

Mandalay

Resources

Corp.

 *

500,000

690,540

Silver

X

Mining

Corp.

 *

8,000,000

1,509,377

Vox

Royalty

Corp.

1,500,000

3,090,000

7,863,178

Mining

Services

3.55%

Capital,

Ltd.

575,000

660,080

Empress

Royalty

Corp.

 *

2,000,000

437,720

Foraco

International

SA

 *

50,000

77,356

Orexplore

Technologies,

Ltd.

 *

1,007,351

21,930

Perenti,

Ltd.

 *

2,000,090

1,416,264

Star

Royalties,

Ltd.

 *

3,500,000

858,458

3,471,808

Oil

Field

Machinery

&

Equipment

0.95%

Imdex,

Ltd.

725,000

930,278

Platinum

1.06%

Impala

Platinum

Holdings,

Ltd.

100,000

496,598

Sibanye

Stillwater,

Ltd.,

ADR

100,000

543,000

1,039,598

Precious

Metals

6.93%

Elemental

Altus

Royalties

Corp.

 *

250,000

207,539

EMX

Royalty

Corp.

 *

1,250,000

2,009,358

SilverCrest

Metals,

Inc.

 *

225,000

1,475,605

SSR

Mining,

Inc.

80,000

860,800

Triple

Flag

Precious

Metals

Corp.

75,000

998,453

Wheaton

Precious

Metals

Corp.

25,000

1,233,500

6,785,255

Real

Estate

Operating/Development

2.62%

Emerald

Resources

NL

 *

1,250,000

2,562,748

Portfolio

of

Investments

55

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

Gold

and

Precious

Metals

Fund

Common

Stocks (cont’d)

Shares

Value

Retail

-

Jewelry

1.56%

Mene,

Inc.

 *

1,025,000

$

232,067

Mene,

Inc.,

144A

 #*∆

5,714,285

1,293,751

1,525,818

Silver

Mining

9.70%

Aya

Gold

&

Silver,

Inc.

 *

1,000,000

7,328,025

Fortuna

Silver

Mines,

Inc.

 *

200,000

772,000

Santacruz

Silver

Mining,

Ltd.

 *

4,000,000

739,595

Silvercorp

Metals,

Inc.

250,000

657,500

9,497,120

Total

Common

Stocks

91,957,137

(cost

$84,315,735)

Corporate

Non-Convertible

Bonds

3.78%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Coal

0.00%

Caribbean

Resources

Corp.

 #@^

19.25

06/15/15

$

485,766

0

Gold

Mining

3.78%

Aris

Gold

Corp.

7.50

08/26/27

3,430,304

3,704,728

Total

Corporate

Non-Convertible

Bonds

3,704,728

(cost

$3,916,050)

Exchange

Traded

Funds

0.47%

Shares

Direxion

Daily

Gold

Miners

Index

Bull

2X

Shares

ETF

6,194

215,427

Direxion

Daily

Junior

Gold

Miners

Index

Bull

2X

Shares

ETF

7,103

240,721

Total

Exchange

Traded

Funds

456,148

(cost

$464,840)

Warrants

0.25%

Exercise

Price

Exp.

Date

Metal

-

Diversified

0.00%

Vox

Royalty

Corp.,

144A

 #*@∆

$

4.50

03/25/24

50,000

0

Portfolio

of

Investments

56

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

December

31,

2023

Gold

and

Precious

Metals

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Mining

Services

0.25%

Aris

Mining

Corp.

 *

$

2.75

07/29/25

1,274,000

$

240,368

Total

Warrants

240,368

(cost

$0

)

Call

Options

Purchased

0.26%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Gold

Mining

0.13%

Anglogold

Ashanti

PLC

$

19.00

01/24

$

807,500

425

25,500

Newmont

Corp.

37.50

01/24

975,000

260

106,600

132,100

Precious

Metals

0.13%

Coeur

Mining,

Inc.

2.50

01/24

412,500

1,650

125,400

Total

Purchased

Call

Options

257,500

(premiums

paid

$153,712

)

Investments,

at

value

98.69%

96,615,881

(cost

$88,850,337

)

Other

assets

and

liabilities,

net

1.31%

1,286,279

Net

Assets

100.00%

$

97,902,160

Notes

to

Portfolios

of

Investments

December

31,

2023

57

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,

2023.

Fair

Valuation

of

Securities

For

the

Funds’

policies

regarding

the

valuation

of

investments

and

other

significant

accounting

policies,

please

refer

to

the

Notes

to

Financial

Statements.

Pursuant

to

Rule

2a-5

under

the

Investment

Company

Act,

the

Trust’s

Board

of

Trustees

(the

“Board”)

has

designated

the

Adviser,

as

defined

in

Note

3

in

the

Notes

to

Financial

Statements,

◊

Zero

coupon

bond.

Interest

rate

presented

is

yield

to

maturity.

*

Non-income

producing

security.

@

Security

was

fair

valued

at

December

31,

2023,

by

U.S.

Global

Investors,

Inc.

(Adviser)

(other

than

international

securities

fair

valued

pursuant

to

systematic

fair

value

models)

in

accordance

with

valuation

procedures

approved

by

the

Board

of

Trustees.

These

securities,

as

a

percentage

of

net

assets

at

December

31,

2023,

were

0.00%

of

Global

Luxury

Goods

Fund,

2.74%

of

Global

Resources

Fund,

1.13%

of

World

Precious

Minerals

Fund

and

1.54%

of

Gold

and

Precious

Metals

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,

2023

amounted

to

$37,357,

0.08%,

of

Global

Luxury

Goods

Fund,

$1,252,933,

2.76%,

of

Global

Resources

Fund,

$889,902,

2.08%,

of

World

Precious

Minerals

Fund

and

$1,293,751,

1.32%,

of

Gold

And

Precious

Metals

Fund.

~

Affiliated

Company.

(see

following)

+

See

"Restricted

Securities"

in

Notes

to

Portfolios

of

Investments.

^

Security

is

currently

in

default

and

is

on

scheduled

interest

or

principal

payment.

ADR

American

Depositary

Receipt

AGM

Assured

Guaranty

Municipal

BAM

Build

American

Mutual

Assurance

Company

COP

Certificate

of

Participation

ETF

Exchange

Traded

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corporation

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

LP

Limited

Partnership

MTN

Medium

Term

Note

NATL

National

Public

Finance

Guarantee

Corporation

PLC

Public

Limited

Company

RB

Revenue

Bond

Notes

to

Portfolios

of

Investments

December

31,

2023

58

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,

2023

59

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,

2023,

using

the

fair

value

hierarchy:

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

U.S.

Government

Securities

Ultra-Short

Bond

Fund

Investments

in

Securities*

United

States

Government

and

Agency

Obligations

$

–‌

$

28,589,978‌

$

–‌

$

28,589,978‌

Investments,

at

Value

$

–‌

$

28,589,978‌

$

–‌

$

28,589,978‌

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

$

–‌

$

23,308,280‌

$

–‌

$

23,308,280‌

Investments,

at

Value

$

–‌

$

23,308,280‌

$

–‌

$

23,308,280‌

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

Assets

Investments

in

Securities*

Common

Stocks

Apparel

Manufacturers

$

1,284,484‌

$

4,540,621‌

$

–‌

$

5,825,105‌

Athletic

Footwear

107,880‌

–‌

–‌

107,880‌

Automotive

-

Cars

&

Light

Trucks

3,307,916‌

4,182,428‌

–‌

7,490,344‌

Beverages

-

Wine/Spirits

1,776,862‌

644,153‌

–‌

2,421,015‌

Building

-

Residential/

Commercial

637,298‌

–‌

–‌

637,298‌

Casino

Hotels

1,454,155‌

–‌

–‌

1,454,155‌

Notes

to

Portfolios

of

Investments

December

31,

2023

60

Global

Luxury

Goods

Fund

Assets

(continued)

Common

Stocks

(continued)

Cosmetics

&

Toiletries

$

1,712,430‌

$

–‌

$

–‌

$

1,712,430‌

Cruise

Lines

1,896,429‌

–‌

–‌

1,896,429‌

Diversified

Banking

Institution

2,655,330‌

–‌

–‌

2,655,330‌

Diversified

Minerals

51,319‌

–‌

–‌

51,319‌

Energy

-

Alternate

Sources

–‌

–‌

0‌

0‌

Finance

-

Mortgage

Loan/

Banker

–‌

–‌

0‌

0‌

Footwear

&

Related

Apparel

–‌

452,696‌

–‌

452,696‌

Gold

Mining

2,006,634‌

845,502‌

–‌

2,852,136‌

Home

Furnishings

922,557‌

–‌

–‌

922,557‌

Hotels

&

Motels

1,815,356‌

1,661,507‌

–‌

3,476,863‌

Oil

Companies

-

Exploration

&

Production

37,357‌

–‌

–‌

37,357‌

Private

Equity

1,205,467‌

–‌

–‌

1,205,467‌

Real

Estate

Operating/

Development

–‌

–‌

0‌

0‌

Retail

-

Apparel/Shoe

153,387‌

2,442,010‌

–‌

2,595,397‌

Retail

-

Jewelry

–‌

2,766,626‌

–‌

2,766,626‌

Silver

Mining

77,200‌

–‌

–‌

77,200‌

Textile

-

Apparel

2,596,926‌

–‌

–‌

2,596,926‌

Corporate

Non-Convertible

Bond

–‌

769,968‌

–‌

769,968‌

Call

Option

40,600‌

–‌

–‌

40,600‌

Investments,

at

Value

23,739,587‌

18,305,511‌

0‌

42,045,098‌

Other

Financial

Instruments

†

Currency

Contracts

–‌

54,553‌

–‌

54,553‌

Total

Assets

$

23,739,587‌

$

18,360,064‌

$

0‌

$

42,099,651‌

Liabilities

Other

Financial

Instruments

†

Currency

Contracts

–‌

(181,240‌)

–‌

(181,240‌)

Total

Liabilities

$

–‌

$

(181,240‌)

$

–‌

$

(181,240‌)

Notes

to

Portfolios

of

Investments

December

31,

2023

61

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

$

879,023‌

$

–‌

$

–‌

$

879,023‌

Agricultural

Chemicals

437,250‌

289,814‌

–‌

727,064‌

Agricultural

Operations

–‌

197,333‌

–‌

197,333‌

Chemicals

-

Diversified

–‌

634‌

–‌

634‌

Chemicals

-

Specialty

399,000‌

–‌

–‌

399,000‌

Coal

364,800‌

–‌

0‌

364,800‌

Diamonds/Precious

Stones

588,280‌

–‌

–‌

588,280‌

Diversified

Minerals

2,436,326‌

264,831‌

242,999‌

2,944,156‌

Electric

-

Generation

356,590‌

–‌

–‌

356,590‌

Energy

-

Alternate

Sources

272,488‌

–‌

0‌

272,488‌

Enterprise

Software/

Services

2,956,869‌

354,704‌

–‌

3,311,573‌

Gas

-

Distribution

–‌

448,176‌

–‌

448,176‌

Gold

Mining

4,321,957‌

292,888‌

61,330‌

4,676,175‌

Independent

Power

Producer

376,250‌

–‌

–‌

376,250‌

Industrial

Gases

821,420‌

–‌

–‌

821,420‌

Investment

Companies

–‌

368,027‌

–‌

368,027‌

Metal

-

Copper

1,001,283‌

–‌

–‌

1,001,283‌

Metal

-

Diversified

6,163,553‌

198,328‌

301,876‌

6,663,757‌

Metal

-

Iron

–‌

–‌

0‌

0‌

Mining

Services

331,119‌

14,872‌

–‌

345,991‌

Natural

Resource

Technology

–‌

–‌

126,171‌

126,171‌

Non-Ferrous

Metals

1,498,386‌

26,414‌

0‌

1,524,800‌

Oil

-

Field

Services

985,980‌

–‌

–‌

985,980‌

Oil

-

US

Royalty

Trusts

2,253,350‌

718,545‌

–‌

2,971,895‌

Oil

Companies

-

Exploration

&

Production

5,470,772‌

–‌

–‌

5,470,772‌

Oil

Companies

-

Field

Services

379,500‌

–‌

–‌

379,500‌

Oil

Refining

&

Marketing

802,580‌

–‌

–‌

802,580‌

Paper

&

Related

Products

392,880‌

–‌

–‌

392,880‌

Pipelines

1,280,325‌

–‌

–‌

1,280,325‌

Precious

Metals

211,313‌

–‌

–‌

211,313‌

Real

Estate

Operating/

Development

390,551‌

–‌

0‌

390,551‌

Retail

-

Jewelry

169,805‌

–‌

–‌

169,805‌

Silver

Mining

159,428‌

–‌

–‌

159,428‌

Steel

-

Producers

408,400‌

–‌

–‌

408,400‌

Corporate

Convertible

Bond

–‌

–‌

509,860‌

509,860‌

Corporate

Non-Convertible

Bonds

–‌

1,478,131‌

–‌

1,478,131‌

Exchange

Traded

Funds

639,081‌

–‌

–‌

639,081‌

Notes

to

Portfolios

of

Investments

December

31,

2023

62

Global

Resources

Fund

Warrants

Diversified

Minerals

$

–‌

$

0‌

$

–‌

$

0‌

Gold

Mining

–‌

0‌

–‌

0‌

Investment

Companies

–‌

0‌

–‌

0‌

Metal

-

Copper

0‌

–‌

–‌

0‌

Metal

-

Diversified

–‌

0‌

–‌

0‌

Mining

Services

69,976‌

–‌

–‌

69,976‌

Oil

Companies

-

Exploration

&

Production

–‌

34,150‌

–‌

34,150‌

Precious

Metals

–‌

0‌

–‌

0‌

Real

Estate

Operating/

Development

–‌

0‌

–‌

0‌

Silver

Mining

–‌

0‌

–‌

0‌

Purchased

Call

Options

126,650‌

0‌

–‌

126,650‌

Investments,

at

Value

36,945,185‌

4,686,847‌

1,242,236‌

42,874,268‌

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

$

4,910,758‌

$

–‌

$

–‌

$

4,910,758‌

Chemicals

-

Diversified

–‌

5‌

–‌

5‌

Coal

–‌

–‌

0‌

0‌

Diamonds/Precious

Stones

1,025,716‌

–‌

–‌

1,025,716‌

Diversified

Minerals

1,224,853‌

371,307‌

3,019‌

1,599,179‌

Energy

-

Alternate

Sources

–‌

82,203‌

–‌

82,203‌

Financial

Services

–‌

1,511‌

–‌

1,511‌

Gold

Mining

15,462,204‌

1,317,727‌

62,262‌

16,842,193‌

Metal

-

Copper

328,580‌

–‌

–‌

328,580‌

Metal

-

Diversified

2,235,947‌

645,399‌

301,875‌

3,183,221‌

Mining

Services

612,585‌

5,819‌

–‌

618,404‌

Non-Ferrous

Metals

26,603‌

–‌

–‌

26,603‌

Oil

Companies

-

Exploration

&

Production

–‌

–‌

0‌

0‌

Optical

Recognition

Equipment

319‌

–‌

–‌

319‌

Precious

Metals

7,486,927‌

275,957‌

37,139‌

7,800,023‌

Real

Estate

Operating/

Development

553,564‌

–‌

–‌

553,564‌

Retail

-

Jewelry

478,850‌

–‌

–‌

478,850‌

Silver

Mining

2,799,102‌

–‌

–‌

2,799,102‌

Corporate

Non-Convertible

Bond

–‌

952,878‌

–‌

952,878‌

Exchange

Traded

Funds

195,894‌

–‌

–‌

195,894‌

Notes

to

Portfolios

of

Investments

December

31,

2023

63

World

Precious

Minerals

Fund

Warrants

Diversified

Minerals

$

–‌

$

0‌

$

–‌

$

0‌

Gold

Mining

–‌

28,301‌

–‌

28,301‌

Metal

-

Diversified

–‌

0‌

–‌

0‌

Mining

Services

98,109‌

–‌

–‌

98,109‌

Oil

Companies

-

Exploration

&

Production

–‌

0‌

–‌

0‌

Precious

Metals

–‌

0‌

–‌

0‌

Real

Estate

Operating/

Development

–‌

0‌

–‌

0‌

Silver

Mining

–‌

0‌

–‌

0‌

Purchased

Call

Options

116,850‌

–‌

–‌

116,850‌

Investments,

at

Value

37,556,861‌

3,681,107‌

404,295‌

41,642,263‌

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

$

–‌

$

1,379,297‌

$

–‌

$

1,379,297‌

Chemicals

-

Diversified

–‌

69‌

–‌

69‌

Diamonds/Precious

Stones

203,389‌

–‌

–‌

203,389‌

Diversified

Minerals

466,420‌

–‌

1,204,463‌

1,670,883‌

Enterprise

Software/

Services

295,687‌

–‌

–‌

295,687‌

Gold

Mining

47,674,962‌

6,750,395‌

306,652‌

54,732,009‌

Metal

-

Diversified

7,863,178‌

–‌

–‌

7,863,178‌

Mining

Services

1,373,534‌

2,098,274‌

–‌

3,471,808‌

Oil

Field

Machinery

&

Equipment

–‌

930,278‌

–‌

930,278‌

Platinum

543,000‌

496,598‌

–‌

1,039,598‌

Precious

Metals

6,785,255‌

–‌

–‌

6,785,255‌

Real

Estate

Operating/

Development

–‌

2,562,748‌

–‌

2,562,748‌

Retail

-

Jewelry

1,525,818‌

–‌

–‌

1,525,818‌

Silver

Mining

9,497,120‌

–‌

–‌

9,497,120‌

Corporate

Non-Convertible

Bonds

–‌

3,704,728‌

0‌

3,704,728‌

Exchange

Traded

Funds

456,148‌

–‌

–‌

456,148‌

Warrants

Metal

-

Diversified

–‌

0‌

–‌

0‌

Mining

Services

240,368‌

–‌

–‌

240,368‌

Purchased

Call

Options

232,000‌

25,500‌

–‌

257,500‌

Investments,

at

Value

$

77,156,879‌

$

17,947,887‌

$

1,511,115‌

$

96,615,881‌

Notes

to

Portfolios

of

Investments

December

31,

2023

64

The

following

is

a

reconciliation

of

assets

for

which

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

during

the

period

January

1,

2023

through

December

31,

2023:

(

*

Refer

to

the

Portfolio

of

Investments

for

a

detailed

list

of

the

Fund’s

investments.

†

Other

Financial

Instruments

are

derivatives

not

reflected

in

the

Portfolio

of

Investments,

such

as

Currency

Contracts,

which

are

valued

at

the

unrealized

appreciation

(depreciation)

at

year

end.

Common

Stocks

Total

Global

Luxury

Goods

Fund

Beginning

Balance

12/31/22

$

0‌

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

—‌

—‌

Ending

Balance

12/31/23

$

0‌

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

12/31/23

(1)

$

—‌

$

—‌

Common

Stocks

Corporate

Convertible

Bond

Total

Global

Resources

Fund

Beginning

Balance

12/31/22

$

216,060‌

$

—‌

$

216,060‌

Purchases

299,569‌

508,120‌

807,689‌

Transfers

240,893‌

—‌

240,893‌

Corporate

action

2,382‌

—‌

2,382‌

Net

change

in

unrealized

appreciation

(depreciation)

(26,528‌)

1,740‌

(24,788‌)

Ending

Balance

12/31/23

$

732,376‌

$

509,860‌

$

1,242,236‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

12/31/23

(1)

$

(26,528‌)

$

1,740‌

$

(24,788‌)

Common

Stock

Total

World

Precious

Minerals

Fund

Beginning

Balance

12/31/22

$

99,889‌

$

99,889‌

Purchases

299,569‌

299,569‌

Transfers

37,139‌

37,139‌

Net

change

in

unrealized

appreciation

(depreciation)

(32,302‌)

(32,302‌)

Ending

Balance

12/31/23

$

404,295‌

$

404,295‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

12/31/23

(1)

$

(32,302‌)

$

(32,302‌)

Common

Stocks

Corporate

Non-

Convertible

Bond

Total

Gold

and

Precious

Metals

Fund

Beginning

Balance

12/31/22

$

476,595‌

$

0‌

$

476,595‌

Transfers

1,204,463‌

0‌

1,204,463‌

Net

change

in

unrealized

appreciation

(depreciation)

(169,943‌)

—‌

(169,943‌)

Ending

Balance

12/31/23

$

1,511,115‌

$

0‌

$

1,511,115‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

12/31/23

(1)

$

(169,943‌)

$

—‌

$

(169,943‌)

Notes

to

Portfolios

of

Investments

December

31,

2023

65

Significant

unobservable

inputs

developed

by

the

Adviser

for

Level

3

investments

held

at

year

end

are

as

follows:

The

majority

of

securities

classified

as

Level

3

are

private

companies.

The

initial

valuation

is

usually

cost,

which

is

then

adjusted

as

determined

by

the

Valuation

Committee

for

subsequent

known

market

transactions

and

evaluated

for

progress

against

anticipated

milestones

and

current

operations.

An

evaluation

that

the

holding

no

longer

meets

expectations

could

result

in

the

application

of

discounts

and

a

significantly

lower

fair

valuation.

For

certain

securities,

the

last

known

market

transaction

is

increased

or

decreased

by

changes

in

a

market

index

or

industry

peers

as

approved

by

the

Valuation

Committee.

Affiliated

Companies

The

Investment

Company

Act

of

1940

defines

affiliates

as

companies

in

which

the

Fund

owns

at

least

5%

of

the

outstanding

voting

securities.

The

following

is

a

summary

of

transactions

with

each

affiliated

company

during

the

year

ended

December

31,

2023.

(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,

2023.

Fair

Value

at

12/31/23

Valuation

Technique(s)

Unobservable

Input

Range

(Weighted

Average)

Global

Luxury

Goods

Fund

Investments

in

Securities

Common

Stocks

$

0

Market

Transaction

(1)

Discount

100%

Global

Resources

Fund

Investments

in

Securities

0%

-

100%

discount

(98%

discount)

Common

Stocks

732,736

Market

Transaction

(1)

Discount

Corporate

Convertible

Bond

509,860

Market

Transaction

(1)

Discount

0%

World

Precious

Minerals

Fund

Investments

in

Securities

0%

-

100%

discount

(95%

discount)

Common

Stocks

404,295

Market

Transaction

(1)

Discount

Gold

and

Precious

Metals

Fund

Investments

in

Securities

0%

-

100%

discount

(23%

discount)

Common

Stocks

1,511,115

Market

Transaction

(1)

Discount

Corporate

Non-Convertible

Bond

0

Market

Transaction

(1)

Discount

100%

(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,

2022

Additions

Reductions

December

31

,

2023

Caribbean

Resources

Corp.

17‌

2,148,159‌

—‌

2,148,176‌

(a)

Pacific

Green

Energy

Corp.

2,400,000‌

—‌

—‌

2,400,000‌

Notes

to

Portfolios

of

Investments

December

31,

2023

66

At

December

31,

2023,

the

value

of

investments

in

affiliated

companies

was

$0,

representing

0%

of

net

assets,

and

the

total

cost

was

$2,400,000.

At

December

31,

2023,

the

value

of

investments

in

affiliated

companies

was

$3,328,743,

representing

7.79%

of

net

assets,

and

the

total

cost

was

$7,228,642.

Values

of

Affiliated

Companies

Global

Resources

Fund

December

31,

2022

Purchases

Cost

Sales

Proceeds

December

31

,

2023

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Caribbean

Resources

Corp.

$

0‌

$

0‌

$

—‌

$

0‌

(a)

$

—‌

$

—‌

$

—‌

Pacific

Green

Energy

Corp.

0‌

—‌

—‌

0‌

—‌

—‌

—‌

Shares

of

Affiliated

Companies

World

Precious

Minerals

Fund

December

31,

2022

Additions

Reductions

December

31

,

202

3

Barsele

Minerals

Corp.

7,548,000‌

2,000‌

—‌

7,550,000‌

Kesselrun

Resources

Ltd

5,000,000‌

—‌

—‌

5,000,000‌

Kesselrun

Resources,

Ltd.

1,250,000‌

—‌

(1,250,000‌)

—‌

Mammoth

Resources

Corp.

5,500,000‌

—‌

—‌

5,500,000‌

TriStar

Gold,

Inc.

28,800,000‌

—‌

—‌

28,800,000‌

Waraba

Gold

Ltd.

2,

810

,000‌

5,390,000‌

—‌

8,200,000‌

Waraba

Gold,

Ltd.

—‌

5,390,000‌

—‌

5,390,000‌

Values

of

Affiliated

Companies

World

Precious

Minerals

Fund

December

31,

2022

Purchases

Cost

Sales

Proceeds

December

31

,

2023

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Barsele

Minerals

Corp.

$

1,505,140‌

$

450‌

$

—‌

$

769,216‌

$

—‌

$

—‌

$

(

736,374‌

)

Kesselrun

Resources

Ltd

221,566‌

—‌

—‌

169,805‌

—‌

—‌

(51,761‌)

Kesselrun

Resources,

Ltd.

0‌

—‌

—‌

—‌

—‌

—‌

—‌

Mammoth

Resources

Corp.

121,861‌

—‌

—‌

62,262‌

—‌

—‌

(59,599‌)

TriStar

Gold,

Inc.

2,658,789‌

—‌

—‌

1,956,153‌

—‌

—‌

(

702,636‌

)

Waraba

Gold,

Ltd.

352,807‌

394,251‌

—‌

371,307‌

—‌

—‌

(

375,751‌

)

Waraba

Gold,

Ltd.,

144A

0‌

—‌

—‌

0‌

—‌

—‌

—‌

$

4,860,163‌

$

394,701‌

$

—‌

$

3,328,743‌

$

—‌

$

—‌

$

(

1,926,121‌

)

Shares

of

Affiliated

Companies

Gold

and

Precious

Metals

Fund

December

31,

2022

Additions

Reductions

December

31

,

2023

Silver

X

Mining

Corp.

8,000,000‌

—‌

—‌

8,000,000‌

(a)

Notes

to

Portfolios

of

Investments

December

31,

2023

67

At

December

31,

2023,

the

value

of

investments

in

affiliated

companies

was

$0,

representing

0.00%

of

net

assets,

and

the

total

cost

was

$0.

Restricted

Securities

The

following

securities

are

subject

to

contractual

and

regulatory

restrictions

on

resale

or

transfer.

These

investments

may

involve

a

high

degree

of

business

and

financial

risk.

Because

of

the

thinly

traded

markets

for

these

investments,

a

Fund

may

be

unable

to

liquidate

its

securities

in

a

timely

manner,

especially

if

there

is

negative

news

regarding

the

specific

securities

or

the

markets

overall.

These

securities

could

decline

significantly

in

value

before

the

Fund

could

liquidate

these

securities.

The

issuer

bears

the

cost

of

registration,

if

any,

involved

in

the

disposition

of

these

securities.

As

of

December

31,

2023,

the

total

cost

of

restricted

securities

was

$426,625,

and

the

total

value

was

$0,

representing

0.00%

of

net

assets.

As

of

December

31,

2023,

the

total

cost

of

restricted

securities

was

$7,473,544,

and

the

total

value

was

$126,171,

representing

0.28%

of

net

assets.

As

of

December

31,

2023,

the

total

cost

of

restricted

securities

was

$1,362,590,

and

the

total

value

was

$0,

representing

0.00%

of

net

assets.

Values

of

Affiliated

Companies

Gold

and

Precious

Metals

Fund

December

31,

2022

Purchases

Cost

Sales

Proceeds

December

31,

2023

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Silver

X

Mining

Corp.

$

2,245,199‌

$

—‌

$

—‌

$

1,509,377‌

(a)

$

—‌

$

–‌

$

(735,822‌)

(a)

At

December

31,

2023,

the

company

was

no

longer

defined

as

an

affiliate,

although

it

was

an

affiliate

company

during

the

year.

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

Gold

and

Precious

Metals

Fund

Acquisition

Date

Cost

per

Share/Unit

Petropavlovsk

PLC

09/15/21-10/07/21

$

0.28

Statements

of

Assets

and

Liabilities

68

See

accompanying

notes

to

financial

statements.

U.S.

Government

Securities

Ultra-

Short

Bond

Fund

Investments,

at

identified

cost

$

28,502,468‌

Assets

Investments,

at

value:

Securities

of

unaffiliated

issuers

$

28,589,978‌

Securities

of

affiliated

issuers

–‌

Cash

2,504,855‌

Deposits

with

brokers

for

options

–‌

Unrealized

gain

on

forward

foreign

currency

contracts

–‌

Foreign

currencies

(Cost

$0,

$0,

$398,

$859,067,116,622

and

$7,445)

–‌

Receivables:

Dividends

and

interest

270,717‌

Capital

shares

sold

5,932‌

Investments

sold

–‌

From

adviser

7,575‌

Prepaid

expenses

11,291‌

Total

Assets

31,390,348‌

Liabilities

Unrealized

loss

on

forward

foreign

currency

contracts

–‌

Payables:

Capital

shares

redeemed

8,159‌

Distributions

payable

12,410‌

Investments

purchased

–‌

Accrued

expenses

and

other

payables:

Adviser

–‌

Administration

and

Transfer

Agent

fees

8,353‌

Other

expenses

33,478‌

Total

Liabilities

62,400‌

Net

Assets

$

31,327,948‌

Net

Assets

Consist

of:

Paid-in

capital

$

32,030,983‌

Distributable

earnings/Accumulated

Loss

(703,035‌)

Net

assets

applicable

to

capital

shares

outstanding

$

31,327,948‌

By

share

class

Net

Assets

Investor

Class

$

31,327,948‌

Capital

shares

outstanding,

an

unlimited

number

of

no

par

shares

authorized

Investor

Class

16,040,294‌

Net

Asset

Value,

Public

Offering

Price

and

Redemption

Price

per

share

Investor

Class

$

1.95‌

December

31,

2023

69

Near-Term

Tax

Free

Fund

Global

Luxury

Goods

Fund

Global

Resources

Fund

World

Precious

Minerals

Fund

Gold

and

Precious

Metals

Fund

$

23,395,093‌

$

40,053,616‌

$

84,629,031‌

$

75,406,920‌

$

88,850,337‌

$

23,308,280‌

$

42,045,098‌

$

42,874,268‌

$

38,313,520‌

$

96,615,881‌

–‌

–‌

–‌

3,328,743‌

–‌

1,811,699‌

2,885,

715‌

1,573,273‌

1,519,853‌

1,294,116‌

–‌

160‌

14,169‌

31

,

448‌

61,639‌

–‌

54,553‌

–‌

–‌

–‌

–‌

379‌

891,137‌

117,979‌

7,503‌

363,373‌

290,724‌

120,370‌

14,058‌

201,952‌

25,366‌

2,677‌

3,146‌

7,641‌

125,075‌

–‌

2,626,105‌

7,524‌

7,594‌

–‌

11,503‌

–‌

–‌

–‌

–‌

8,912‌

12,326‌

11,554‌

11,572‌

14,353‌

25,529,133‌

47,917,737‌

45,495,441‌

43,352,408‌

98,320,519‌

–‌

181,240‌

–‌

–‌

–‌

73,731‌

19,660‌

78,016‌

436,887‌

53,018‌

20,008‌

–‌

–‌

–‌

–‌

–‌

379,146‌

6,628‌

96,408‌

224,800‌

–‌

32,122‌

4,257‌

11,153‌

31,530‌

7,179‌

11,752‌

14,092‌

14,875‌

22,225‌

34,586‌

49,220‌

53,328‌

48,747‌

86,786‌

135,504‌

673,140‌

156,321‌

608,070‌

418,359‌

$

25,393,629‌

$

47,244,597‌

$

45,339,120‌

$

42,744,338‌

$

97,902,160‌

$

28,259,983‌

$

45,092,816‌

$

335,443,668‌

$

444,265,073‌

$

154,871,703‌

(2,866,354‌)

2,151,781‌

(290,104,548‌)

(401,520,735‌)

(56,969,543‌)

$

25,393,629‌

$

47,244,597‌

$

45,339,120‌

$

42,744,338‌

$

97,902,160‌

$

25,393,629‌

$

47,244,597‌

$

45,339,120‌

$

42,744,338‌

$

97,902,160‌

12,098,715‌

2,458,369‌

11,417,298‌

29,384,246‌

9,892,987‌

$

2.10‌

$

19.22‌

$

3.97‌

$

1.45‌

$

9.90‌

Statements

of

Operations

70

See

accompanying

notes

to

financial

statements.

U.S.

Government

Securities

Ultra-

Short

Bond

Fund

Net

Investment

Income

Income

Dividends

from

unaffiliated

issuers

$

–‌

Foreign

tax

withheld

on

dividends

–‌

Net

dividends

–‌

Interest

and

other

1,317,184‌

Total

income

1,317,184‌

Expenses:

Management

fee

164,270‌

Administrative

services

fee

68,721‌

Distribution

plan

fee

–‌

Transfer

agent

fees

and

expenses

28,259‌

Professional

fees

32,532‌

Custodian

fees

3,892‌

Shareholder

reporting

expenses

18,768‌

Registration

fees

19,256‌

Trustee

fees

and

expenses

10,629‌

Chief

compliance

officer

fees

4,763‌

Miscellaneous

expenses

32,601‌

Total

expenses

before

reductions

383,691‌

Expenses

offset

-

Note

1

H

–‌

Expenses

reimbursed

-

Note

3

(235,847‌)

Net

expenses

147,844‌

Net

Investment  Income

(Loss)

1,169,340‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Realized

gain

(loss)

from:

Securities

from

unaffiliated

issuers

(52,344‌)

Foreign

currency

transactions

–‌

Forward

currency

contract

transactions

–‌

Net

realized

gain

(loss)

(52,344‌)

Net

change

in

unrealized

appreciation

(depreciation)

of:

Investments

in

unaffiliated

issuers

216,642‌

Investments

in

affiliated

issuers

–‌

Other

assets

and

liabilities

denominated

in

foreign

currencies

–‌

Forward

currency

contracts

–‌

Net

change

in

unrealized

appreciation

(depreciation)

216,642‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

164,298‌

Net

Increase

(Decrease)

In

Net

Assets

Resulting

From

Operations

$

1,333,638‌

For

the

year

ended

December

31,

2023

71

Near-Term

Tax

Free

Fund

Global

Luxury

Goods

Fund

Global

Resources

Fund

World

Precious

Minerals

Fund

Gold

and

Precious

Metals

Fund

$

–‌

$

1,025,359‌

$

709,977‌

$

130,425‌

$

1,338,289‌

–‌

(150,849‌)

(46,549‌)

(878‌)

(194,931‌)

–‌

874,510‌

663,428‌

129,547‌

1,143,358‌

825,249‌

283,506‌

253,070‌

147,043‌

731,668‌

825,249‌

1,158,016‌

916,498‌

276,590‌

1,875,026‌

143,530‌

515,691‌

338,403‌

351,529‌

692,988‌

63,349‌

97,898‌

112,336‌

110,727‌

178,852‌

–‌

115,298‌

125,984‌

122,875‌

254,754‌

23,046‌

33,813‌

57,550‌

70,887‌

77,338‌

30,756‌

38,487‌

39,531‌

37,897‌

60,809‌

3,945‌

19,740‌

22,658‌

18,638‌

21,314‌

18,319‌

21,565‌

22,513‌

22,028‌

29,726‌

18,956‌

19,588‌

18,915‌

20,385‌

21,411‌

9,954‌

12,456‌

12,882‌

12,620‌

19,777‌

4,163‌

6,689‌

7,306‌

7,121‌

14,758‌

53,190‌

64,691‌

95,670‌

79,418‌

140,827‌

369,208‌

945,916‌

853,748‌

854,125‌

1,512,554‌

(3,945‌)

(19,740‌)

(22,658‌)

(18,638‌)

(21,314‌)

(236,087‌)

(64,588‌)

(89,537‌)

(115,334‌)

–‌

129,176‌

861,588‌

741,553‌

720,153‌

1,491,240‌

696,073‌

296,428‌

174,945‌

(443,563‌)

383,786‌

(6,489‌)

7,641,505‌

(4,563,320‌)

(9,076,993‌)

(594,704‌)

–‌

(10,067‌)

(24,952‌)

(5,485‌)

(35,379‌)

–‌

(31,742‌)

55,339‌

85,382‌

131,760‌

(6,489‌)

7,599,696‌

(4,532,933‌)

(8,997,096‌)

(498,323‌)

106,931‌

1,660,604‌

(25,263,416‌)

3,111,111‌

967,119‌

–‌

–‌

25,568,676‌

(1,918,096‌)

664,423‌

–‌

1,012‌

28,042‌

(32‌)

(1,575‌)

–‌

(126,687‌)

–‌

–‌

–‌

106,931‌

1,534,929‌

333,302‌

1,192,983‌

1,629,967‌

100,442‌

9,134,625‌

(4,199,631‌)

(7,804,113‌)

1,131,644‌

$

796,515‌

$

9,431,053‌

$

(4,024,686‌)

$

(8,247,676‌)

$

1,515,430‌

Statements

of

Changes

in

Net

Assets

72

See

accompanying

notes

to

financial

statements.

U.S.

Government

Securities

Ultra-Short

Bond

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Increase

(Decrease)

in

Net

Assets

From

operations:

Net

investment

income

$

1,169,340

$

288,698

Net

realized

gain

(loss)

(52,344)

(738,201)

Net

change

in

unrealized

appreciation

(depreciation)

216,642

(42,232)

Net

increase

(decrease)

in

net

assets

from

operations

1,333,638

(491,735)

Distributions

to

shareholders

Investor

Class

(1,170,048)

(296,536)

Total

distributions

paid

(1,170,048)

(296,536)

From

capital

share

transactions:

Proceeds

from

shares

sold

Investor

Class

9,074,680

12,374,035

Distributions

reinvested

Investor

Class

937,626

237,890

10,012,306

12,611,925

Cost

of

shares

redeemed

Investor

Class

(12,965,376)

(15,710,331)

Net

decrease

in

net

assets

from

capital

share

transactions

(2,953,070)

(3,098,406)

Net

Increase

(Decrease)

in

Net

Assets

(2,789,480)

(3,886,677)

Net

Assets

Beginning

of

year

34,117,428

38,004,105

End

of

year

$

31,327,948

$

34,117,428

Capital

Share

Activity

Investor

Class

Shares

sold

4,658,686

6,311,610

Shares

reinvested

482,720

122,497

Shares

redeemed

(6,656,999)

(8,006,250)

Net

capital

share

activity

(1,515,593)

(1,572,143)

December

31,

2023

73

Near-Term

Tax

Free

Fund

Global

Luxury

Goods

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

$

696,073

$

357,534

$

296,428

$

905,780

(6,489)

(1,590,204)

7,599,696

(3,870,065)

106,931

(624,528)

1,534,929

(10,752,613)

796,515

(1,857,198)

9,431,053

(13,716,898)

(696,647)

(356,426)

(1,251,610)

(2,453,924)

(696,647)

(356,426)

(1,251,610)

(2,453,924)

3,914,838

10,526,871

3,901,367

2,493,014

537,605

289,389

1,198,852

2,345,653

4,452,443

10,816,260

5,100,219

4,838,667

(10,036,551)

(13,113,484)

(6,356,444)

(6,013,731)

(5,584,108)

(2,297,224)

(1,256,225)

(1,175,064)

(5,484,240)

(4,510,848)

6,923,218

(17,345,886)

30,877,869

35,388,717

40,321,379

57,667,265

$

25,393,629

$

30,877,869

$

47,244,597

$

40,321,379

1,871,684

4,906,495

205,753

128,219

257,398

137,021

62,962

147,618

(4,810,797)

(6,122,017)

(337,630)

(334,899)

(2,681,715)

(1,078,501)

(68,915)

(59,062)

Statements

of

Changes

in

Net

Assets

74

See

accompanying

notes

to

financial

statements.

Global

Resources

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Increase

(Decrease)

in

Net

Assets

From

operations:

Net

investment

income

(loss)

$

174,945

$

158,402

Net

realized

gain

(loss)

(4,532,933)

1,352,565

Net

change

in

unrealized

appreciation

(depreciation)

333,302

(9,537,851)

Net

increase

(decrease)

in

net

assets

from

operations

(4,024,686)

(8,026,884)

Distributions

to

shareholders

Investor

Class

–

(7,566,498)

Total

distributions

paid

–

(7,566,498)

From

capital

share

transactions:

Proceeds

from

shares

sold

Investor

Class

1,547,349

3,165,341

Distributions

reinvested

Investor

Class

–

7,271,011

1,547,349

10,436,352

Cost

of

shares

redeemed

Investor

Class

(7,236,681)

(7,610,552)

Net

increase

(decrease)

in

net

assets

from

capital

share

transactions

(5,689,332)

2,825,800

Net

Decrease

in

Net

Assets

(9,714,018)

(12,767,582)

Net

Assets

Beginning

of

year

55,053,138

67,820,720

End

of

year

$

45,339,120

$

55,053,138

Capital

Share

Activity

Investor

Class

Shares

sold

374,214

557,983

Shares

reinvested

–

1,714,861

Shares

redeemed

(1,748,254)

(1,434,100)

Net

capital

share

activity

(1,374,040)

838,744

December

31,

2023

75

World

Precious

Minerals

Fund

Gold

and

Precious

Metals

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

$

(443,563)

$

(890,923)

$

383,786

$

(140,218)

(8,997,096)

(173,726)

(498,323)

10,436,254

1,192,983

(26,978,201)

1,629,967

(35,433,170)

(8,247,676)

(28,042,850)

1,515,430

(25,137,134)

–

–

–

–

–

–

–

–

11,690,928

24,833,709

28,339,803

35,835,824

–

–

–

–

11,690,928

24,833,709

28,339,803

35,835,824

(15,198,788)

(31,603,529)

(42,042,560)

(41,837,625)

(3,507,860)

(6,769,820)

(13,702,757)

(6,001,801)

(11,755,536)

(34,812,670)

(12,187,327)

(31,138,935)

54,499,874

89,312,544

110,089,487

141,228,422

$

42,744,338

$

54,499,874

$

97,902,160

$

110,089,487

7,365,869

11,971,789

2,952,052

3,293,686

–

–

–

–

(9,409,900)

(15,112,600)

(4,345,126)

(3,963,493)

(2,044,031)

(3,140,811)

(1,393,074)

(669,807)

Notes

to

Financial

Statements

December

31,

2023

76

Note

1:

Organization

and

Significant

Accounting

Policies

U.S.

Global

Investors

Funds

(“Trust”),

consisting

of

the

six

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

and

Gold

and

Precious

Metals.

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.

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.

B.

Cash-Concentration

in

Uninsured

Account

For

cash

management

purposes

the

Funds

may

concentrate

cash

with

the

Funds’

custodian.

As

of

December

31,

2023,

The

U.S.

Government

Securities

Ultra-Short

Bond

Fund,

Near-Term

Tax

Free

Fund,

Global

Luxury

Goods

Fund,

Global

Resources

Fund,

World

Precious

Minerals

Fund

and

Gold

and

Precious

Metals

Fund

held

$2,504,855,

$1,811,699,

$2,885,715,

$1,573,273,

$1,519,853,

and

$1,294,116,

respectively,

as

cash

reserves

at

Brown

Brothers

Harriman

&

Co.

(BBH).

Notes

to

Financial

Statements

December

31,

2023

77

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

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.

Notes

to

Financial

Statements

December

31,

2023

78

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

2023

tax

returns.

The

Funds

file

U.S.

federal

and

excise

tax

returns

as

required.

The

Funds’

2020,

2021,

2022

and

2023

(when

filed)

tax

returns

are

open

to

examination

by

the

federal

and

applicable

state

tax

authorities.

The

Funds

have

no

examinations

in

progress.

G.

Dividends

and

Distributions

to

Shareholders

The

Funds

record

dividends

and

distributions

to

shareholders

on

the

ex-dividend

date.

Distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

accounting

principles

generally

accepted

in

the

United

States.

Accordingly,

periodic

reclassifications

related

to

permanent

book

and

tax

basis

differences

are

made

within

the

Funds’

capital

accounts

to

reflect

income

and

gains

available

for

distribution

under

income

tax

regulations.

The

Funds,

except

as

noted

below,

generally

pay

income

dividends

and

distribute

capital

gains,

if

any,

annually.

The

U.S.

Government

Securities

Ultra-Short

Bond

Fund

and

the

Near-Term

Tax

Free

Fund

pay

dividends

monthly.

A

Fund

may

elect

to

designate

a

portion

of

the

earnings

and

profits

distributed

to

shareholders

on

the

redemption

of

Fund

shares

during

the

year

as

distributions

for

federal

income

tax

purposes.

H.

Expenses

Fund

specific

expenses

are

allocated

to

that

Fund.

Expenses

that

are

not

fund

specific

are

allocated

among

Funds.

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

Notes

to

Financial

Statements

December

31,

2023

79

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

Global

Luxury

Goods

Fund,

Gold

and

Precious

Metals

Fund,

Global

Resources

Fund

and

World

Precious

Minerals

Fund

(the

“Equity

Funds”)

may

purchase

or

write

(sell)

options

on

securities

to

manage

their

exposure

to

stock

or

commodity

markets

as

well

as

fluctuations

in

interest

and

currency

conversion

rates.

The

use

of

options

carries

the

risks

of

a

change

in

value

of

the

underlying

instruments,

an

illiquid

secondary

market,

or

failure

of

the

counterparty

to

perform

its

obligations.

A

put

option

gives

the

purchaser

of

the

option,

upon

payment

of

a

premium,

the

right

to

sell,

and

the

issuer

of

the

option

the

obligation

to

buy,

the

underlying

security,

commodity,

index,

currency

or

other

instrument

at

the

exercise

price.

A

call

option,

upon

payment

of

a

premium,

gives

the

purchaser

of

the

option

the

right

to

buy,

and

the

issuer

the

obligation

to

sell,

the

underlying

instrument

at

the

exercise

price.

Purchasing

a

put

option

tends

to

decrease

a

Fund’s

exposure

to

the

underlying

instrument,

whereas

purchasing

a

call

option

tends

to

increase

a

Fund’s

exposure

to

the

underlying

instrument.

A

Fund

pays

a

premium

which

is

included

in

the

Statement

of

Assets

and

Liabilities

as

an

investment

and

subsequently

marked

to

market

to

reflect

the

current

value

of

the

option.

Premiums

paid

to

purchase

options

which

expire

are

treated

as

realized

losses.

Premiums

paid

to

purchase

options

which

are

exercised

or

closed

are

added

to

the

cost

of

securities

acquired

or

the

proceeds

from

securities

sold.

The

risk

associated

with

purchasing

put

and

call

options

is

limited

to

the

premium

paid.

The

Funds

will

realize

a

loss

equal

to

all

or

a

part

of

the

premium

paid

for

an

option

if

the

price

of

the

underlying

security

or

other

instrument

decreases

or

does

not

increase

by

more

than

the

premium

(in

the

case

of

a

call

option),

or

if

the

price

of

the

underlying

security

or

other

instrument

increases

or

does

not

decrease

by

more

than

the

premium

(in

the

case

of

a

put

option).

Writing

(selling)

a

put

option

tends

to

increase

a

Fund’s

exposure

to

the

underlying

instrument,

whereas

writing

a

call

option

tends

to

decrease

a

Fund’s

exposure

to

the

underlying

instrument.

The

premium

received

is

recorded

as

a

liability

in

the

Statement

of

Assets

and

Liabilities

and

subsequently

marked

to

market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

are

treated

as

realized

gains.

Premiums

received

from

options

which

are

exercised

or

closed

are

added

to

Notes

to

Financial

Statements

December

31,

2023

80

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,

2023,

there

were

no

securities

held

in

escrow

by

the

custodian

as

cover

for

call

options

written.

B.

Forward

Foreign

Currency

Contracts

The

Funds

enter

into

forward

foreign

currency

contracts

to

lock

in

the

U.S.

dollar

cost

of

purchase

and

sale

transactions

or

to

hedge

the

portfolio

against

currency

fluctuations.

A

forward

foreign

currency

contract

is

a

commitment

to

purchase

or

sell

a

foreign

currency

at

a

future

date

at

a

negotiated

rate.

These

contracts

are

valued

daily,

and

the

Fund’s

net

equity

therein,

representing

unrealized

gain

or

loss

on

the

contracts

as

measured

by

the

difference

between

the

forward

foreign

exchange

rates

at

the

dates

of

entry

into

the

contracts

and

the

forward

rates

at

the

reporting

date,

is

included

in

the

Statement

of

Assets

and

Liabilities.

Realized

and

unrealized

gains

and

losses

are

included

in

the

Statement

of

Operations.

Risks

may

arise

upon

entering

into

these

contracts

from

the

potential

inability

of

counterparties

to

meet

the

terms

of

the

contracts

and

from

unanticipated

movements

in

the

value

of

foreign

currencies

relative

to

the

U.S.

dollar.

Open

forward

foreign

currency

contracts

as

of

December

31,

2023,

were

as

follows:

Fund

Counterparty

Currency

to

Deliver

Currency

to

Receive

Settlement

Date

Settlement

Value

at

December

31,

2023

Net

Unrealized

Appreciation

(Depreciation)

Global

Luxury

Goods

Fund

Brown

Brothers

Harriman

&

Co.

USD

5,467,100

EUR

5,000,000

1/8/2024

$

5,521,653

$

54,553

Brown

Brothers

Harriman

&

Co.

EUR

8,000,000

USD

8,653,405

1/8/2024

8,834,645

(181,240)

Notes

to

Financial

Statements

December

31,

2023

81

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,

2023:

The

following

is

a

summary

of

the

effect

of

derivative

instruments

on

the

Statements

of

Operations

as

of

December

31,

2023:

Location

Global

Luxury

Goods

Fund

Global

Resources

Fund

World

Precious

Minerals

Fund

Asset

derivatives

Investments,

at

value

Purchased

options

–

Equity

risk

$

40,600

$

126,650

$

116,850

Unrealized

gain

on

forward

foreign

currency

contracts

–

Currency

contract

risk

54,553

–

–

Liability

derivatives

Unrealized

loss

on

forward

foreign

currency

contracts

–

Currency

contract

risk

$

(181,2

40

)

$

–

$

–

Total

$

(86,08

7

)

$

126,650

$

116,850

Location

Gold

and

Precious

Metals

Fund

Asset

derivatives

Investments,

at

value

Purchased

options

–

Equity

risk

$

257,500

Total

$

257,500

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

$

(140,754)

$

(523,530)

$

(705,996)

Net

realized

gain

(loss)

from

foreign

currency

transactions

Foreign

exchange

contracts

–

Currency

contract

risk

(31,742)

55,

339

85,382

(172,496)

(468,19

1

)

(620,614)

Change

in

unrealized

appreciation

(depreciation)

on

derivatives

recognized

in

income

Net

change

in

unrealized

appreciation

(depreciation)

of

investments

Purchased

options

–

Equity

risk

(16,221)

713,422

887,198

Net

change

in

unrealized

gain

(loss)

from

foreign

currency

transactions

Foreign

exchange

contracts

–

Currency

contract

risk

(126,687)

–

–

(142,908)

713,422

887,198

Total

$

(315,404)

$

245,23

1

$

266,584

Notes

to

Financial

Statements

December

31,

2023

82

The

total

value

of

transactions

in

purchased

options

and

forward

currency

contracts

outstanding

during

the

year

ended

December

31,

2023,

were

approximately

as

follows:

Location

Gold

and

Precious

Metals

Fund

Realized

gain

(loss)

on

derivatives

recognized

in

income

Realized

gain

(loss)

from

securities

Purchased

options

–

Equity

risk

$

(2,418,611)

Net

realized

gain

(loss)

from

foreign

currency

transactions

Foreign

exchange

contracts

–

Currency

contract

risk

131,7

60

(2,286,85

1

)

Change

in

unrealized

appreciation

(depreciation)

on

derivatives

recognized

in

income

Net

change

in

unrealized

appreciation

(depreciation)

of

investments

Purchased

options

–

Equity

risk

2,771,641

Net

change

in

unrealized

gain

(loss)

from

foreign

currency

transactions

–

Currency

contract

risk

–

2,771,641

Total

$

484,789

Fund

Purchased

Options

Forward

Currency

Contracts

Global

Luxury

Goods

Fund

$

384,591

$

54,395,147

Global

Resources

Fund

126,683

15,891,569

World

Precious

Minerals

Fund

117,133

24,628,691

Gold

and

Precious

Metals

Fund

260,461

37,101,938

Notes

to

Financial

Statements

December

31,

2023

83

Asset

(Liability)

amounts

shown

in

the

table

below

represent

amounts

for

derivative

related

instruments

at

December

31,

2023.

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,

2024,

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.

Gross

Asset

(Liability)

as

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

Instruments

(Received)

Pledged*

Cash

Collateral

(Received)

Pledged*

Net

Amount

Global

Luxury

Goods

Assets:

Over-the-counter

derivatives**

$

40,600

$

–

$

–

$

40,600

Unrealized

gain

on

forward

foreign

currency

contracts

54,553

–

–

54,553

Liabilities:

Unrealized

loss

on

forward

foreign

currency

contracts

(181,240)

54,553

126,687

–

Global

Resources

Assets:

Over-the-counter

derivatives**

126,650

–

–

126,650

World

Precious

Minerals

Assets:

Over-the-counter

derivatives**

116,850

–

–

116,850

Gold

and

Precious

Metals

Assets:

Over-the-counter

derivatives**

257,500

–

–

257,500

*

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.

**

Over-the-counter

derivatives

may

consist

of

purchased

options.

The

amounts

disclosed

above

represent

the

exposure

to

one

or

more

counterparties.

For

further

detail

on

individual

derivative

contracts,

see

the

Portfolios

of

Investments.

Notes

to

Financial

Statements

December

31,

2023

84

For

the

services

of

the

Adviser,

each

Fund

pays

a

base

management

or

advisory

fee

based

upon

its

net

assets.

Fees

are

accrued

daily

and

paid

monthly.

The

contractual

management

fee

for

each

Fund

is:

The

advisory

agreement

also

provides

that

the

base

advisory

fee

of

the

Equity

Funds

will

be

adjusted

upwards

or

downwards

by

0.25

percent

if

there

is

a

performance

difference

of

5

percent

or

more

between

a

Fund’s

performance

and

that

of

its

designated

benchmark

index

over

the

prior

12

months.

The

performance

adjustment

is

calculated

separately

for

each

share

class.

The

benchmarks

are

as

follows:

No

performance

adjustment

is

applied

unless

the

difference

between

the

class’s

investment

performance

and

the

benchmark

is

5

percent

or

greater

(positive

or

negative)

during

the

applicable

performance

measurement

period.

The

performance

fee

adjustment

is

calculated

monthly

in

arrears

and

is

accrued

ratably

during

the

month.

The

management

fee,

net

of

any

performance

fee

adjustment,

is

paid

monthly

in

arrears.

The

amounts

shown

as

Management

fee

on

the

Statements

of

Operations

reflects

the

base

fee

plus/minus

any

performance

adjustment.

During

the

year

ended

December

31,

2023,

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

a

Anti-Money

Laundering

Officer

to

each

Fund,

as

well

as

certain

additional

compliance

and

administrative

support

functions.

Apex

also

provides

fund

accounting

services

to

each

Fund.

The

fees

related

to

these

services

are

included

in

Administration

Fees

within

the

Statement

of

Operations.

Apex

also

provides

certain

shareholder

report

production

and

EDGAR

conversion

and

filing

services.

Pursuant

to

an

Apex

services

agreement,

each

Fund

pays

Apex

customary

fees

for

its

services.

Fund

Average

Percentage

of

Average

Daily

Net

Assets

U.S.

Government

Securities

Ultra-Short

Bond

.50%

of

the

first

$250,000,000

and

.375%

of

the

excess

Near-Term

Tax

Free

.50%

Global

Luxury

Goods

1.00%

Global

Resources

.95%

of

the

first

$500,000,000;

.90%

of

$500,000,001

to

$1,000,000,000

and

.85%

of

the

excess

World

Precious

Minerals

1.00%

of

the

first

$500,000,000;

.95%

of

$500,000,001

to

$1,000,000,000

and

.90%

of

the

excess

Gold

and

Precious

Metals

.90%

of

the

first

$500,000,000

and

.85%

of

the

excess

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

Fund

Investor

Class

Performance

Fee

Adjustment

Global

Luxury

Goods

$

54,496

Global

Resources

(140,337)

World

Precious

Minerals

(139,972)

Gold

and

Precious

Metals

(224,128)

Note

3:

Investment

Advisory

and

Other

Agreements

Notes

to

Financial

Statements

December

31,

2023

85

The

U.S.

Government

Securities

Ultra-Short

Bond,

Near-Term

Tax

Free,

Global

Luxury

Goods,

Global

Resources,

World

Precious

Minerals

and

Gold

and

Precious

Metals

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,

2023,

were

limited

as

follows:

U.S.

Government

Securities

Ultra-Short

Bond

Fund

at

0.45%,

Global

Resources

Fund,

World

Precious

Minerals

Fund

and

Gold

and

Precious

Metals

Fund

at

1.75%.

These

expense

limitations

are

exclusive

of

any

performance

fee

adjustments

and

will

continue

on

a

voluntary

basis

at

the

Adviser’s

discretion.

The

Adviser

may

temporarily

agree

to

additional

reimbursements

or

limitations.

The

Adviser

has

contractually

limited

the

total

operating

expenses

of

the

Near-

Term

Tax

Free

Fund

at

0.45%

on

an

annualized

basis

through

April

30,

2024.

The

Adviser

has

also

contractually

limited

the

total

operating

expenses

of

the

Global

Luxury

Goods

Fund

at

1.75%

on

an

annualized

basis

through

April

30,

2024.

Apex

is

the

transfer

agent

for

the

Funds.

Each

Fund’s

share

class

pays

an

annual

fee

based

on

the

number

of

shareholder

accounts,

certain

base

fees

and

transaction-

and

activity-based

fees

for

transfer

agency

services.

Certain

account

fees

are

paid

directly

by

shareholders

to

the

transfer

agent,

which,

in

turn,

reduces

its

charge

to

the

Funds.

Brown

Brothers

Harriman

&

Co.

(BBH)

serves

as

the

custodian.

Foreside

Fund

Services,

LLC

(the

“Distributor”),

a

wholly

owned

subsidiary

of

Foreside

Financial

Group,

LLC

(d/b/a

ACA

Group),

acts

as

the

agent

of

the

Trust

in

connection

with

the

continuous

offering

of

shares

of

the

Funds.

The

Distributor

continually

distributes

shares

of

the

Funds

on

a

best

efforts

basis.

Note

4:

Investments

Cost

of

purchases

and

proceeds

from

sales

of

long-term

securities

for

the

year

ended

December

31,

2023,

are

summarized

as

follows:

Note

5:

Tax

Information

The

following

table

presents

the

income

tax

basis

of

securities

owned

at

December

31,

2023,

and

the

tax

basis

components

of

net

unrealized

appreciation

(depreciation):

Fund

Purchases

Sales

U.S.

Government

Securities

Ultra-Short

Bond

$

22,021,930

$

21,233,729

Near-Term

Tax

Free

3,447,233

2,795,345

Global

Luxury

Goods

80,900,095

86,465,891

Global

Resources

39,313,586

42,305,252

World

Precious

Minerals

10,094,224

14,551,826

Gold

and

Precious

Metals

48,297,388

53,850,576

Note

3:

Investment

Advisory

and

Other

Agreements

Notes

to

Financial

Statements

December

31,

2023

86

As

of

December

31,

2023,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

for

Global

Luxury

Goods,

Global

Resources,

World

Precious

Minerals

and

Gold

and

Precious

Metals

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,

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,

2023,

the

Funds

recorded

the

following

reclassifications

to

increase

(decrease)

the

accounts

listed

below:

Fund

Aggregate

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

U.S.

Government

Securities

Ultra-Short

Bond

$

28,502,468

$

105,170

$

(17,660)

$

87,510

Near-Term

Tax

Free

23,395,093

62,726

(149,539)

(86,813)

Global

Luxury

Goods

40,603,53

6

5,479,902

(4,038,340)

1,441,562

Global

Resources

92,547,837

11,793,198

(61,466,767)

(49,673,569)

World

Precious

Minerals

91,448,687

12,413,160

(62,219,584)

(49,806,424)

Gold

and

Precious

Metals

89,433,425

23,887,789

(16,705,333)

7,182,456

Fund

Undistributed

Tax-Exempt

Income

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Capital

and

Other

Losses

U.S.

Government

Securities

Ultra-Short

Bond

$

–‌

$

–‌

$

–‌

$

(790,545‌)

Near-Term

Tax

Free

–‌

–‌

–‌

(2,779,541‌)

Global

Luxury

Goods

–‌

748,296‌

1,276,472‌

(1,316,649‌)

Global

Resources

–‌

1,367,492‌

–‌

(241,843,934‌)

World

Precious

Minerals

–‌

–‌

–‌

(351,715,654‌)

Gold

and

Precious

Metals

–‌

107,335‌

–‌

(64,254,824‌)

Fund

(continued)

Net

Unrealized

Appreciation

(Depreciation)

Other

Temporary

Differences

Total

U.S.

Government

Securities

Ultra-Short

Bond

$

87,510‌

$

–‌

$

(703,035‌)

Near-Term

Tax

Free

(86,813‌)

–‌

(2,866,354‌)

Global

Luxury

Goods

1,441,562‌

2,100‌

2,151,781‌

Global

Resources

(49,

673,569‌

)

45,463‌

(290,104,548‌)

World

Precious

Minerals

(49,

806,424‌

)

1,343‌

(401,520,735‌)

Gold

and

Precious

Metals

7,

182,456‌

(4,510‌)

(56,969,543‌)

Notes

to

Financial

Statements

December

31,

2023

87

The

tax

character

of

distributions

paid

during

the

fiscal

year

ended

December

31,

2023,

were

as

follows:

The

tax

character

of

distributions

paid

during

the

fiscal

year

ended

December

31,

2022,

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,

2023,

are

as

follows:

Fund

Distributable

Earnings

Paid

in

Capital

U.S.

Government

Securities

Ultra-Short

Bond

$

708

$

(708)

Near-Term

Tax

Free

574

(574)

Global

Luxury

Goods

–

–

Global

Resources

78,336

(78,336)

World

Precious

Minerals

574,322

(574,322)

Gold

and

Precious

Metals

(684)

684

Fund

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Total

U.S.

Government

Securities

Ultra-Short

Bond

$

–

$

1,170,048

$

–

$

–

$

1,170,048

Near-Term

Tax

Free

550,450

146,197

–

–

696,647

Global

Luxury

Goods

–

397,483

854,127

–

1,251,610

Global

Resources

–

–

–

–

–

World

Precious

Minerals

–

–

–

–

–

Gold

and

Precious

Metals

–

–

–

–

–

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

–

–

–

–

–

No

Expiration

Fund

Short-Term

Long-Term

Total

U.S.

Government

Securities

Ultra-Short

Bond

$

404,308

$

386,237

$

790,545

Near-Term

Tax

Free

1,040,620

1,738,921

2,779,541

Global

Luxury

Goods

1,316,649

–

1,316,649

Global

Resources

166,015,162

75,828,772

241,843,934

World

Precious

Minerals

88,162,186

263,553,468

351,715,654

Gold

and

Precious

Metals

44,928,092

19,326,732

64,254,824

Notes

to

Financial

Statements

December

31,

2023

88

The

Global

Luxury

Goods

Fund

has

a

Section

382

loss

limitation.

The

remaining

loss

limit

at

December

31,

2023

is

$1,316,649

and

the

yearly

amount

of

loss

that

can

be

drawn

down

or

utilized

from

this

amount

is

$117,889.

During

the

year

ended

December

31,

2023,

the

following

Funds

utilized

capital

loss

carryforwards

to

offset

capital

gains

amounting

to:

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.

Note

7:

Credit

Arrangements

Each

of

the

Funds

has

an

uncommitted

credit

facility

with

BBH,

which

will

remain

in

effect

through

at

least

April

19,

2024.

The

continuance

of

the

credit

facility

with

BBH

is

subject

to

annual

renewal

by

the

Board.

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,

2023.

Note

8:

Commitments

and

Contingencies

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

provide

general

indemnifications

by

each

Fund

to

the

counterparty

to

the

contract.

Each

Fund’s

maximum

exposure

under

these

arrangements

is

dependent

on

future

claims

that

may

be

made

against

each

Fund

and,

therefore,

cannot

be

estimated;

however,

based

on

experience,

the

risk

of

Fund

Global

Luxury

Goods

$

4,155,414

Notes

to

Financial

Statements

December

31,

2023

89

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:

New

Accounting

Pronouncement

In

June

2022,

the

Financial

Accounting

Standards

Board

issued

Accounting

Standards

Update

2022-03,

which

amends

Fair

Value

Measurement

(Topic

820);

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions

(“ASU

2022-

03”).

ASU

2022-03

clarifies

guidance

for

fair

value

measurement

of

an

equity

security

subject

to

a

contractual

sale

restriction

and

establishes

new

disclosure

requirements

for

such

equity

securities.

ASU

2022-03

is

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

for

interim

periods

within

those

fiscal

years,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

of

these

amendments

on

the

financial

statements.

Note

10:

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

90

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,

2023

2022

2021

2020

2019

Ratios

to

Average

Net

Assets:

Expense

offset

–

–

–

–

–

Year

Ended

December

31,

2023

2022

2021

2020

2019

Net

asset

value,

beginning

of

year

$

1.94

‌

$

1.99

‌

$

2.00

‌

$

2.00

‌

$

2.00

‌

Investment

Activities

Net

investment

income

(loss)

*

0.07

‌

0.02

‌

(0.01

)

0.00

(a)

0.03

‌

Net

realized

and

unrealized

gain

(loss)

0.01

‌

(0.05

)

(0.00

)

(a)

0.01

‌

0.00

(a)

Total

from

investment

activities

0.08

‌

(0.03

)

(0.01

)

0.01

‌

0.03

‌

Distributions

From

net

investment

income

(0.07

)

(0.02

)

–

‌

(0.01

)

(0.03

)

From

net

realized

gains

–

‌

(0.00

)

(a)

(0.00

)

(a)

–

‌

(0.00

)

(a)

Net

asset

value,

end

of

year

$

1.95

‌

$

1.94

‌

$

1.99

‌

$

2.00

‌

$

2.00

‌

Total

Return

(b)

4.17

%

(1.66

)%

(0.44

)%

0.32

%

1.50

%

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

3.56

%

0.82

%

(0.32

)%

0.24

%

1.47

%

Total

expenses

1.17

%

1.13

%

1.06

%

1.05

%

1.00

%

Expenses

waived

or

reimbursed

(c)

(0.72

)%

(0.68

)%

(0.61

)%

(0.60

)%

(0.55

)%

Net

expenses

(d)

0.45

%

0.45

%

0.45

%

0.45

%

0.45

%

Portfolio

turnover

rate

143

%

46

%

78

%

127

%

97

%

Net

assets,

end

of

year

(in

thousands)

$31,328

‌

$34,117

‌

$38,004

‌

$40,262

‌

$42,681

‌

*

Based

on

average

shares

outstanding.

(a)

The

per

share

amount

does

not

round

to

a

full

penny.

(b)

Assumes

investment

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

distributions

and

a

complete

redemption

of

the

investment

at

the

net

asset

value

at

the

end

of

the

period.

(c)

Expenses

waived

or

reimbursed

reflect

reductions

to

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

or

decrease

the

net

investment

income

ratio,

as

applicable,

and

decrease

the

total

returns

had

such

reductions

not

occurred.

(d)

The

net

expense

ratios

shown

above

reflect

expenses

after

waivers

and

reimbursements

and

include

the

effect

of

reductions

to

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

of

expenses

offset

are

as

follows:

Financial

Highlights

91

Near-Term

Tax

Free

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Investor

Class

Year

Ended

December

31,

2023

2022

2021

2020

2019

Ratios

to

Average

Net

Assets:

Expense

offset

(0.01)%

(0.02)%

–

(d)

(0.01)%

(0.08)%

Year

Ended

December

31,

2023

2022

2021

2020

2019

Net

asset

value,

beginning

of

year

$

2.09

‌

$

2.23

‌

$

2.26

‌

$

2.22

‌

$

2.20

‌

Investment

Activities

Net

investment

income

*

0.05

‌

0.02

‌

0.02

‌

0.02

‌

0.03

‌

Net

realized

and

unrealized

gain

(loss)

0.01

‌

(0.14

)

(0.03

)

0.04

‌

0.02

‌

Total

from

investment

activities

0.06

‌

(0.12

)

(0.01

)

0.06

‌

0.05

‌

Distributions

From

net

investment

income

(0.05

)

(0.02

)

(0.02

)

(0.02

)

(0.03

)

Net

asset

value,

end

of

year

$

2.10

‌

$

2.09

‌

$

2.23

‌

$

2.26

‌

$

2.22

‌

Total

Return

(a)

3.04

%

(5.23

)%

(0.46

)%

2.93

%

2.18

%

Ratios

to

Average

Net

Assets:

Net

investment

income

2.42

%

1.08

%

0.86

%

1.11

%

1.25

%

Total

expenses

1.29

%

1.20

%

1.13

%

1.09

%

1.05

%

Expenses

waived

or

reimbursed

(b)

(0.84

)%

(0.75

)%

(0.68

)%

(0.64

)%

(0.60

)%

Net

expenses

(c)

0.45

%

0.45

%

0.45

%

0.45

%

0.45

%

Portfolio

turnover

rate

14

%

57

%

20

%

20

%

35

%

Net

assets,

end

of

year

(in

thousands)

$25,394

‌

$30,878

‌

$35,389

‌

$41,762

‌

$43,061

‌

*

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

92

Global

Luxury

Goods

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Investor

Class

Year

Ended

December

31,

2023

2022

2021

2020

2019

Ratios

to

Average

Net

Assets:

Expense

offset

(0.04)%

(0.06)%

–

(d)

(0.01)%

(0.15)%

Year

Ended

December

31,

2023

2022

2021

2020

2019

Net

asset

value,

beginning

of

year

$

15.95

‌

$

22.30

‌

$

20.59

‌

$

17.09

‌

$

15.36

‌

Investment

Activities

Net

investment

income

(loss)

*

0.12

‌

0.36

‌

(0.14

)

(0.04

)

(0.02

)

Net

realized

and

unrealized

gain

(loss)

3.67

‌

(5.69

)

5.28

‌

3.56

‌

2.14

‌

Total

from

investment

activities

3.79

‌

(5.33

)

5.14

‌

3.52

‌

2.12

‌

Distributions

From

net

investment

income

(0.01

)

(0.57

)

(0.21

)

(0.02

)

–

‌

From

net

realized

gains

(0.51

)

(0.45

)

(3.22

)

–

‌

(0.39

)

Net

asset

value,

end

of

year

$

19.22

‌

$

15.95

‌

$

22.30

‌

$

20.59

‌

$

17.09

‌

Total

Return

(a)

23.75

%

(23.88

)%

25.02

%

20.62

%

13.84

%

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

0.64

%

2.03

%

(0.60

)%

(0.25

)%

(0.14

)%

Total

expenses

2.05

%

1.75

%

1.99

%

1.76

%

1.69

%

Expenses

waived

or

reimbursed

(b)

(0.18

)%

(0.20

)%

(0.06

)%

(0.01

)%

(0.15

)%

Net

expenses

(c)

1.87

%

1.55

%

1.93

%

1.75

%

1.54

%

Portfolio

turnover

rate

195

%

248

%

177

%

308

%

292

%

Net

assets,

end

of

year

(in

thousands)

$47,245

‌

$40,321

‌

$57,667

‌

$49,567

‌

$35,076

‌

*

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

93

Global

Resources

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Investor

Class

Year

Ended

December

31,

2023

2022

2021

2020

2019

Ratios

to

Average

Net

Assets:

Expense

offset

(0.04)%

(0.03)%

–

(d)

(0.01)%

(0.08)%

Year

Ended

December

31,

2023

2022

2021

2020

2019

Net

asset

value,

beginning

of

year

$

4.30

‌

$

5.67

‌

$

5.97

‌

$

4.61

‌

$

4.33

‌

Investment

Activities

Net

investment

income

(loss)

*

0.01

‌

0.01

‌

(0.01

)

0.01

‌

0.10

‌

Net

realized

and

unrealized

gain

(loss)

(0.34

)

(0.71

)

0.78

‌

1.68

‌

0.27

‌

Total

from

investment

activities

(0.33

)

(0.70

)

0.77

‌

1.69

‌

0.37

‌

Distributions

From

net

investment

income

–

‌

(0.67

)

(1.07

)

(0.33

)

(0.09

)

Net

asset

value,

end

of

year

$

3.97

‌

$

4.30

‌

$

5.67

‌

$

5.97

‌

$

4.61

‌

Total

Return

(a)

(7.67

)%

(12.10

)%

13.43

%

37.17

%

8.55

%

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

0.35

%

0.25

%

(0.22

)%

0.22

%

2.15

%

Total

expenses

1.69

%

1.60

%

1.90

%

2.09

%

1.61

%

Expenses

waived

or

reimbursed

(b)

(0.22

)%

(0.06

)%

–

‌

(0.06

)%

(0.08

)%

Net

expenses

(c)

1.47

%

1.54

%

1.90

%

2.03

%

1.53

%

Portfolio

turnover

rate

84

%

46

%

135

%

105

%

129

%

Net

assets,

end

of

year

(in

thousands)

$45,339

‌

$55,053

‌

$67,821

‌

$63,891

‌

$55,739

‌

*

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

94

World

Precious

Minerals

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Investor

Class

Year

Ended

December

31,

2023

2022

2021

2020

2019

Ratios

to

Average

Net

Assets:

Expense

offset

(0.04)%

(0.02)%

–

(d)

–

(d)

(0.04)%

Year

Ended

December

31,

2023

2022

2021

2020

2019

Net

asset

value,

beginning

of

year

$

1.73

‌

$

2.58

‌

$

5.26

‌

$

3.31

‌

$

2.70

‌

Investment

Activities

Net

investment

loss

*

(0.01

)

(0.03

)

(0.09

)

(0.07

)

(0.04

)

Net

realized

and

unrealized

gain

(loss)

(0.27

)

(0.82

)

(0.74

)

2.38

‌

0.65

‌

Total

from

investment

activities

(0.28

)

(0.85

)

(0.83

)

2.31

‌

0.61

‌

Distributions

From

net

investment

income

–

‌

–

‌

(1.85

)

(0.36

)

–

‌

Net

asset

value,

end

of

year

$

1.45

‌

$

1.73

‌

$

2.58

‌

$

5.26

‌

$

3.31

‌

Total

Return

(a)

(16.18

)%

(32.95

)%

(14.19

)%

70.60

%

22.59

%

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.90

)%

(1.31

)%

(1.77

)%

(1.77

)%

(1.31

)%

Total

expenses

1.74

%

1.62

%

1.93

%

1.81

%

1.55

%

Expenses

waived

or

reimbursed

(b)

(0.27

)%

(0.09

)%

–

‌

–

‌

(0.04

)%

Net

expenses

(c)

1.47

%

1.53

%

1.93

%

1.81

%

1.51

%

Portfolio

turnover

rate

21

%

25

%

41

%

34

%

20

%

Net

assets,

end

of

year

(in

thousands)

$42,744

‌

$54,500

‌

$89,313

‌

$116,247

‌

$75,818

‌

*

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

95

Gold

and

Precious

Metals

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Investor

Class

Year

Ended

December

31,

2023

2022

2021

2020

2019

Ratios

to

Average

Net

Assets:

Expense

offset

(0.02)%

(0.03)%

–

(d)

(0.01)%

(0.08)%

Year

Ended

December

31,

2023

2022

2021

2020

2019

Net

asset

value,

beginning

of

year

$

9.75

‌

$

11.81

‌

$

13.53

‌

$

10.14

‌

$

6.70

‌

Investment

Activities

Net

investment

income

(loss)

*

0.04

‌

(0.01

)

(0.01

)

(0.09

)

(0.07

)

Net

realized

and

unrealized

gain

(loss)

0.11

‌

(2.05

)

(1.46

)

3.84

‌

3.51

‌

Total

from

investment

activities

0.15

‌

(2.06

)

(1.47

)

3.75

‌

3.44

‌

Distributions

From

net

investment

income

–

‌

–

‌

(0.25

)

(0.36

)

–

‌

Net

asset

value,

end

of

year

$

9.90

‌

$

9.75

‌

$

11.81

‌

$

13.53

‌

$

10.14

‌

Total

Return

(a)

1.54

%

(17.44

)%

(10.82

)%

37.06

%

51.34

%

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

0.38

%

(0.11

)%

(0.07

)%

(0.82

)%

(0.90

)%

Total

expenses

1.48

%

1.55

%

1.82

%

1.60

%

1.59

%

Expenses

waived

or

reimbursed

(b)

(0.02

)%

(0.03

)%

–

‌

(0.01

)%

(0.08

)%

Net

expenses

(c)

1.46

%

1.52

%

1.82

%

1.59

%

1.51

%

Portfolio

turnover

rate

50

%

55

%

56

%

37

%

36

%

Net

assets,

end

of

year

(in

thousands)

$97,902

‌

$110,089

‌

$141,228

‌

$160,318

‌

$123,577

‌

*

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%.

96

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,

including

the

portfolio

of

investments,

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,

and

Gold

and

Precious

Metals

Fund,

each

a

series

of

shares

of

beneficial

interest

in

U.S.

Global

Investors

Funds

(the

“Funds”)

as

of

December

31,

2023,

and

the

related

statements

of

operations

and

changes

in

net

assets,

the

related

notes,

and

the

financial

highlights

for

the

year

then

ended

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2023,

the

results

of

their

operations,

changes

in

net

assets,

and

the

financial

highlights

for

the

year

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

Funds’

financial

statements

and

financial

highlights

for

the

years

ended

December

31,

2022,

and

prior,

were

audited

by

other

auditors

whose

report

dated

February

28,

2023,

expressed

an

unqualified

opinion

on

those

financial

statements

and

financial

highlights.

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

laws

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.

Our

audits

included

performing

procedures

to

assess

the

risks

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,

2023,

by

correspondence

with

the

custodian,

issuer

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

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.

We

have

served

as

the

Funds’

auditor

since

2023.

COHEN

&

COMPANY,

LTD.

Philadelphia,

Pennsylvania

February

29,

2024

Trustees

and

Officers

(

unaudited

)

December

31,

2023

97

The

following

table

presents

information

about

the

Trustees

as

of

December

31,

2023,

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)

Karen

Shaw

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

Treasurer

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,

2023,

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.

6

Trustee,

Forum

Funds;

Trustee,

Forum

Funds

II

Mark

D.

Moyer

Born:

1959

Trustee;

Chairman

Audit

Committee

Since

2015

Independent

consultant

providing

interim

CFO

services,

principally

to

non-profit

organizations,

since

2021.

Chief

Financial

Officer,

Freedom

House

(a

NGO

advocating

political

freedom

and

democracy)

2017-2021.

6

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.

6

Trustee,

Forum

Funds;

Trustee,

Forum

Funds

II

Interested

Trustees

(1)

Karen

Shaw

Born:

1972

Trustee

Since

2023

Senior

Vice

President,

Apex

Fund

Services

since

2019;

Senior

Vice

President,

Atlantic

Fund

Services

2008-2019.

6

Trustee,

Forum

Funds;

Trustee,

Forum

Funds

II

Trustees

and

Officers

(

unaudited

)

December

31,

2023

98

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

Zachary

Tackett

Born:

1988

President;

Principal

Executive

Officer;

Anti-Money

Laundering

Compliance

Officer;

Identity

Theft

Prevention

Officer

President

and

Principal

Executive

Officer

since

2023;

Anti-Money

Laundering

Compliance

Officer

and

Identity

Theft

Prevention

Officer

since

2015

Senior

Counsel,

Apex

Fund

Services

since

2019;

Counsel,

Atlantic

Fund

Services

2014-2019.

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.

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.

Lindsey

Dorval

Born:

1981

Vice

President;

Secretary

Since

2023

Counsel,

Apex

Fund

Services

since

2020.

Lisa

Callicotte

Born:

1973

Vice

President

Since

2020

Chief

Financial

Officer,

U.S.

Global

Investors,

Inc.

since

2013.

Approval

of

Investment

Advisory

Agreement

(

unaudited

)

December

31,

2023

99

At

the

September

15,

2023

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

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

also

considered

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,

2023

100

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-

and

three-year

periods

ended

June

30,

2023

and

underperformed

the

average

of

its

Strategic

Insight

peer

group

for

the

five-

and

10-year

periods

ended

June

30,

2023.

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

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

outperformed

its

primary

benchmark

index,

the

S&P

Composite

1500

Index,

for

the

one-

and

three-year

periods

ended

June

30,

2023,

and

underperformed

the

primary

benchmark

index

for

each

of

the

five-

and

10-year

periods

ended

June

30,

2023.

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

weighting

in

the

consumer

discretionary

sector

relative

to

the

benchmark.

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

narrowly

underperformed

the

S&P

Global

Luxury

Index

for

the

one-year

period

ended

June

30,

2023,

and

outperformed

the

S&P

Global

Luxury

Index

for

the

two-year

period

ended

June

30,

2023.

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,

2023.

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-,

three-,

five-,

and

10-year

periods

ended

June

30,

2023.

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

increased

significantly

over

the

trailing

12

to

18

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

four-year

period

had

resulted

in

a

drag

on

the

Fund’s

relative

performance

that

disproportionately

impacted

longer-term

performance.

Approval

of

Investment

Advisory

Agreement

(

unaudited

)

December

31,

2023

101

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-

and

five-year

periods

ended

June

30,

2023

and

outperformed

the

average

of

its

Strategic

Insight

peers

for

the

three-

and

10-year

periods

ended

June

30,

2023.

The

Board

observed

that

the

Fund

also

underperformed

the

FTSE

Gold

Mines

Index,

its

primary

benchmark

index,

for

the

one-,

three-,

and

five-year

periods

ended

June

30,

2023

and

outperformed

the

primary

benchmark

for

the

10-year

period

ended

June

30,

2023.

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-,

three-,

five-,

and

10-

year

periods

ended

June

30,

2023.

The

Board

observed

that

the

Fund

also

underperformed

the

NYSE

Arca

Gold

Miners

Index,

its

primary

benchmark

index,

for

the

one-,

three-,

five-,

and

10-year

periods

ended

June

30,

2023.

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

two-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-,

five-,

and

10-year

periods

ended

June

30,

2023.

The

Board

also

noted

that

the

Fund

underperformed

the

Bloomberg

3-Year

Municipal

Bond

Index,

the

Fund’s

primary

benchmark

index,

for

the

one-,

three-,

five-,

and

10-year

periods

ended

June

30,

2023.

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,

2023.

The

Board

also

noted

that

the

Fund

underperformed

the

Bloomberg

U.S.

Treasury

Bills

6-9

Month

Total

Return

Index,

the

Fund’s

primary

benchmark

index,

for

each

of

the

one-,

three-,

five-,

and

10-year

periods

Approval

of

Investment

Advisory

Agreement

(

unaudited

)

December

31,

2023

102

ended

June

30,

2023.

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

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

Global

Luxury

Goods

Fund

and

Gold

and

Precious

Metals

Fund,

the

information

showed

that,

as

of

June

30,

2023,

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

Global

Resources

Fund,

the

information

showed

that,

as

of

June

30,

2023,

the

Fund’s

net

advisory

fee

rate

met

the

median

of

the

Strategic

Insight

peers

and

the

Fund’s

net

total

expense

ratio

was

higher

than

the

median

of

its

Strategic

Insight

peer

group.

For

the

World

Precious

Minerals

Fund,

the

information

showed

that,

as

of

June

30,

2023,

the

Fund’s

net

advisory

fee

rate

was

less

than

the

median

of

its

Strategic

Insight

peer

group

and

the

Fund’s

net

total

expense

ratio

was

higher

than

the

median

of

its

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,

2023,

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,

2024.

The

Board

noted

that

the

Adviser

had

agreed

to

contractually

limit

expenses

(exclusive

of

acquired

fund

fees

and

expenses,

extraordinary

expenses,

taxes,

brokerage

commissions,

interest,

and

advisory

fee

performance

adjustments,

Approval

of

Investment

Advisory

Agreement

(

unaudited

)

December

31,

2023

103

if

any)

on

an

annualized

basis

to

not

exceed

1.75%

of

average

net

assets

for

the

Global

Luxury

Goods

Fund

through

at

least

April

30,

2024.

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,

2024:

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

Funds

Expense

Cap

Global

Resources

Fund

1.75%

Gold

and

Precious

Metals

Fund

1.75%

World

Precious

Minerals

Fund

1.75%

U.S.

Government

Securities

Ultra-Short

Bond

Fund

0.45%

Approval

of

Investment

Advisory

Agreement

(

unaudited

)

December

31,

2023

104

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

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.

At

meetings

of

the

Board

held

on

October

24,

2023

(“October

Meeting”),

and

December

15,

2023

(“December

Meeting)

(together,

the

“Board

Meetings”),

U.S.

Global

Investors,

Inc.

(the

“Adviser”)

presented

information

regarding

the

proposal

to

eliminate

the

performance-based

fee

from

the

advisory

fee

structure

for

the

Funds

(the

“Proposal”).

The

Board

considered

the

specific

information

presented

by

the

Adviser

with

respect

to

its

recommendation

that

the

Board

consider

and

approve

the

amendment

to

the

Advisory

Agreement

(“Amended

Agreement”).

The

Board

also

considered

its

deliberations

with

respect

to

its

approval

of

the

annual

renewal

of

the

current

Investment

Advisory

Agreement

(“Original

Agreement”),

which

culminated

most

recently

at

the

September

15,

2023

meeting

of

the

Board

(“September

Meeting”).

Thus,

the

Board

considered

information

about

the

experience

and

qualifications

of

the

portfolio

management

team

and

each

Fund’s

performance

and

expenses,

based

on

various

information

and

materials

that

were

provided

to

and

discussed

with

the

Board

at

the

September,

October

and

December

Meetings

and

throughout

the

year,

at

regularly

scheduled

meetings

of

the

Board.

That

information

and

materials

helped

form

the

basis

of

its

conclusions

at

the

December

Meeting.

The

Board

noted

that

each

Fund’s

investment

advisory

fee

was

currently

structured

as

a

base

rate

fee

(based

on

each

Fund’s

average

daily

net

assets

(with

breakpoints

at

specific

asset

levels,

as

applicable)

and

a

performance-related

component

that

adjusts

the

base

rate

fee

upward

or

downward

depending

upon

the

performance

of

the

Fund

relative

to

its

designated

benchmark

index

(the

“Performance

Adjustment”).

During

and

after

the

October

Meeting,

the

Independent

Trustees

requested

additional

information

that

the

Adviser

provided

at

the

December

Meeting.

At

the

December

Meeting,

the

Board

approved

the

Amended

Agreement,

subject

to

shareholder

approval.

The

Board

considered,

among

other

things,

the

following

reasons

cited

by

the

Adviser

in

recommending

approval

of

the

Proposal:

Approval

of

Investment

Advisory

Agreement

(

unaudited

)

December

31,

2023

105

The

Adviser

believed

that

there

is

an

overall

lower

shareholder

demand

for

funds

with

performance-based

fees.

To

date,

the

performance-based

fee

structure

failed

to

generate

meaningful

investor

demand

and

attract

significant

assets

for

the

Funds,

making

it

more

difficult

for

each

Fund

to

achieve

economies

of

scale.

A

simpler

fee

structure

may

provide

for

more

opportunities

for

potential

inclusion

on

fund

platforms,

thereby

leading

to

greater

assets

under

management,

which

benefits

fund

shareholders.

The

Adviser

also

observed

that

each

Fund’s

current

performance-based

fee

structure

is

not

in

line

with

the

fee/expense

arrangements

of

peer

funds,

noting

that

performance-based

fees

are

less

competitive

in

the

marketplace,

and

that

the

removal

of

the

performance-

based

fees

could

potentially

make

the

Funds

more

appealing

to

investors

and,

thereby,

increase

overall

assets

with

potential

to

gain

economies

of

scale.

An

advisory

fee

that

is

based

on

a

flat

rate

or

includes

breakpoints

at

certain

asset

levels,

but

without

a

performance

adjustment,

is

more

common

among

investment

companies,

which

facilitates

fund

peer

group

comparisons.

Each

of

the

Funds’

peer

groups

used

in

the

most

recent

15(c)

reporting

to

the

Board

contained

no

funds

with

a

fulcrum

fee.

The

performance-based

fee

structure

creates

uncertainty

for

investors

in

reasonably

predicting

Fund

expenses,

due

to

significant

fluctuations

in

advisory

fees

and

total

expense

ratios

that

can

result

from

fund

performance

fluctuations.

The

advisory

fee

structure

proposed

under

the

Amended

Agreement

would

help

manage

the

expectations

of

current

and

prospective

Fund

shareholders.

Additionally,

the

advisory

fee

structure

proposed

under

the

Amended

Agreement

would

provide

the

Adviser

with

more

predictable

cash

flow

to

run

its

business

and

allow

the

Adviser

to

reinvest

in

its

business

in

a

way

that

will

benefit

current

and

prospective

shareholders.

Under

the

Original

Agreement,

the

Adviser

is

consistently

seeking

to

outperform

the

Funds’

respective

benchmark

indices

and

earn

the

performance-based

fee

adjustment.

Under

the

Amended

Agreement,

that

would

not

change;

the

Adviser

will

continue

to

seek

outperformance

and

growth

in

assets

upon

which

to

base

its

fee,

notwithstanding

the

removal

of

the

Performance

Adjustment.

Depending

on

the

investment

performance

of

a

Fund,

the

removal

of

the

Fund’s

Performance

Adjustment

may

result

in

a

decrease

to

each

Fund’s

effective

advisory

fee

rate.

In

particular,

under

the

Original

Agreement,

if

a

Fund’s

cumulative

performance

exceeds

by

5%

or

more

the

performance

of

the

Fund’s

designated

benchmark

index,

the

Advisory

Fee

for

that

Fund

is

increased

by

0.25%.

Under

the

Amended

Agreement,

as

of

April

1,

2025,

each

Fund

would

only

pay

the

Adviser

the

current

base

rate

fee

for

management

of

the

Fund’s

assets.

Because

each

Fund’s

effective

advisory

fee

rate

may

also

increase

if

the

Performance

Adjustment

is

removed

until

March

31,

2025,

during

the

first

12

months

after

the

Amended

Agreement

is

approved,

each

Fund

would

pay

advisory

fees

equal

to

the

lesser

of

the

base

rate

fee

or

the

fee

as

determined

under

the

Original

Agreement,

i.e.,

with

the

Performance

Adjustment.

Under

the

Amended

Agreement,

the

Funds’

overall

expense

ratios

are

expected

to

be

no

greater

than

the

Funds’

expense

ratios

under

the

Original

Agreement

for

a

period

of

at

least

12

months

from

the

date

that

the

Amended

Agreement

takes

effect,

even

with

the

removal

Approval

of

Investment

Advisory

Agreement

(

unaudited

)

December

31,

2023

106

of

the

Performance

Adjustment,

due

to

the

Adviser’s

expense

limitation

arrangements

under

the

New

Expense

Limitation.

Besides

the

advisory

fee

structure,

none

of

the

other

terms

of

the

Original

Agreement

will

change

as

a

result

of

the

Proposal.

The

Funds

would

not

bear

the

expenses

relating

to

the

above-referenced

changes

to

the

Advisory

Agreement,

including

the

expenses

relating

to

the

Special

Meeting

and

the

preparation,

printing

and

mailing

of

the

proxy

materials

and

of

all

related

solicitations,

as

applicable.

At

the

December

meeting,

at

the

recommendation

of

the

Adviser,

the

Board,

including

a

majority

of

the

trustees

who

are

not

interested

persons

of

the

Trust

(the

“Independent

Trustees”)

as

defined

in

the

1940

Act,

approved

the

Amended

Agreement

between

the

Trust,

on

behalf

of

the

Fund,

and

the

Adviser,

to

be

in

effect

upon

approval

by

shareholders

through

September

30,

2024.

The

Board’s

approval

was

based,

in

part,

upon

the

Adviser’s

agreement

to

phase

in

the

removal

of

the

Performance

Adjustment,

as

described

in

this

Proxy

Statement,

during

the

12-month

period

after

the

effective

date

of

the

Amended

Agreement,

which

is

expected

to

extend

through

March

31,

2025.

The

Board,

including

the

Independent

Trustees,

recommends

approval

of

the

Amended

Agreement

by

shareholders.

At

the

December

Meeting,

the

Board

also

approved,

subject

to

shareholder

of

the

Amended

Agreement,

a

new

expense

limitation

agreement,

pursuant

to

which

Adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

Fund

expenses

to

limit

each

Fund’s

total

annual

fund

operating

expenses

after

fee

waivers

and/or

expense

reimbursement

(exclusive

of

acquired

fund

fees

and

expenses,

extraordinary

expenses,

taxes,

brokerage

commissions

and

interest)

to

1.75%

through

at

least

April

30,

2025

(the

“New

Expense

Cap”).

Prior

to

their

approval

of

the

Amended

Agreement,

the

Trustees

reviewed

the

proposed

Amended

Agreement

with

the

Adviser

and

with

counsel

who

are

independent

of

the

Adviser,

who

advised

on

the

relevant

legal

standards.

The

Trustees

also

discussed

the

proposed

approvals

in

executive

sessions

with

counsel.

The

Trustees

considered

the

fact

that

the

Amended

Agreement

would

have

terms

and

conditions

substantially

identical

to

those

of

the

Original

Agreement,

except

for

the

absence

of

the

performance-based

fee

adjustment

and

adoption

of

a

more

conventional

advisory

fee,

which

would

consist

of

an

advisory

fee

based

on

each

Fund’s

average

daily

net

assets

(with

breakpoints

at

specific

asset

levels,

as

applicable)

under

the

Amended

Agreement.

The

Trustees

considered

all

factors

they

believed

relevant,

including

the

specific

matters

discussed

below.

During

the

course

of

their

deliberations,

the

Trustees

evaluated,

among

other

things,

the

reasonableness

of

the

proposed

advisory

fees.

The

Trustees

did

not

identify

any

particular

information

that

was

all-important

or

controlling,

and

different

Trustees

may

have

attributed

different

weights

to

the

various

factors.

The

Trustees

determined

that

the

overall

arrangements

between

the

Funds

and

the

Adviser,

as

provided

in

the

Amended

Agreement,

were

fair

and

reasonable

in

light

of

the

services

performed,

expenses

incurred

and

such

other

matters

as

the

Trustees

considered

relevant

in

the

exercise

of

their

business

judgment.

The

material

factors

and

conclusions

that

formed

the

basis

for

the

Trustees’

determinations

included

the

following:

Approval

of

Investment

Advisory

Agreement

(

unaudited

)

December

31,

2023

107

Nature,

Extent

and

Quality

of

Services

The

Board

considered

the

scope

and

quality

of

services

to

be

provided

by

the

Adviser

under

the

Amended

Agreement,

including

the

experience,

qualification

and

professional

background

of

the

portfolio

managers

and

other

personnel

at

the

Adviser

with

principal

responsibility

for

investments

of

the

Funds;

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

also

considered

the

adequacy

of

the

Adviser’s

resources.

The

Board

noted

the

Adviser’s

representation

that

the

firm

is

financially

stable,

is

able

to

meet

its

expense

limitation

obligations

to

the

Funds,

and

has

the

operational

capability

to

provide

high-quality

investment

advisory

services

to

the

Funds.

When

considering

the

Amended

Agreement,

the

Board

took

into

account

the

Adviser’s

representation

that

it

would

not

reduce

the

nature,

extent

or

quality

of

serviced

provided

under

the

Amended

Agreement

as

compared

to

the

Original

Agreement.

Based

on

the

materials

provided,

the

Board

concluded

that,

overall,

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

to

be

provided

to

the

Fund

by

the

Advisor

under

the

Amended

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

information

pertaining

to

the

performance

of

each

Fund

compared

to

its

respective

benchmark

and

compared

to

independent

peer

groups

of

funds

identified

by

Strategic

Insight,

Inc.

(“Strategic

Insight”)

as

having

characteristics

similar

to

those

of

the

Funds.

The

comparative

information

showed

that

each

Fund

had

experienced

periods

of

outperformance

and

periods

of

underperformance

relative

to

their

respective

benchmarks

and

Strategic

Insight

peer

groups.

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.

The

Independent

Trustees

noted

that

in

addition

to

the

information

received

in

connection

with

the

September

Meeting,

the

Independent

Trustees

also

receive

detailed

performance

information

for

each

Fund

at

each

regular

Board

meeting

during

the

year,

including

the

December

Meeting.

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

Adviser’s

representations

regarding

each

Fund’s

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

arrangements

under

the

Original

Agreement

and

the

proposed

advisory

fee

rate

payable

by

each

Fund

to

the

Adviser

under

the

Amended

Approval

of

Investment

Advisory

Agreement

(

unaudited

)

December

31,

2023

108

Agreement,

which

included,

among

other

things,

historical

performance

fee

information

presented

by

the

Adviser.

The

Board

also

analyzed

comparative

information

on

net

advisory

fee

rates

(i.e.,

after

fee

waivers)

and

net

total

expenses

of

groups

of

funds

identified

by

Strategic

Insight,

Inc

(“Strategic

Insight”)

as

having

characteristics

similar

to

those

of

each

Fund.

For

the

Global

Luxury

Goods

Fund

and

Gold

and

Precious

Metals

Fund,

the

information

showed

that,

under

the

Original

Agreement,

as

of

June

30,

2023,

each

Fund’s

net

advisory

fee

rate

and

net

total

expense

ratio

were

higher

than

the

median

of

their

respective

Strategic

Insight

peer

group.

The

Board

observed

that,

under

the

Amended

Agreement,

the

pro

forma

net

advisory

fee

rates

and

net

total

expense

ratios

for

the

Global

Luxury

Goods

Fund

and

Gold

and

Precious

Metals

Fund

would

continue

to

be

higher

than

the

median

of

their

respective

Strategic

Insight

peer

groups.

For

the

Global

Resources

Fund,

the

information

showed

that,

under

the

Original

Agreement,

as

of

June

30,

2023,

the

Fund’s

net

advisory

fee

rate

met

the

median

of

the

Strategic

Insight

peers

and

the

Fund’s

net

total

expense

ratio

was

higher

than

the

median

of

its

Strategic

Insight

peer

group.

The

Board

observed

that,

under

the

Amended

Agreement,

the

pro

forma

net

advisory

fee

rate

and

net

total

expense

ratio

for

the

Global

Resources

Fund

would

each

be

higher

than

the

median

of

its

Strategic

Insight

peer

group.

For

the

World

Precious

Minerals

Fund,

the

information

showed

that,

under

the

Original

Agreement,

as

of

June

30,

2023,

the

Fund’s

net

advisory

fee

rate

was

less

than

the

median

of

its

Strategic

Insight

peer

group

and

the

Fund’s

net

total

expense

ratio

was

higher

than

the

median

of

its

Strategic

Insight

peer

group.

The

Board

observed

that,

under

the

Amended

Agreement,

the

pro

forma

net

advisory

fee

rate

and

net

total

expense

ratio

for

the

World

Precious

Minerals

Fund

would

each

be

higher

than

the

median

of

its

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.

The

Board

noted

that

the

Adviser

had

previously

agreed

to

contractually

limit

expenses

(exclusive

of

acquired

fund

fees

and

expenses,

extraordinary

expenses,

taxes,

brokerage

commissions,

interest,

and

advisory

fee

Performance

Adjustments,

if

any)

on

an

annualized

basis

to

not

exceed

1.75%

of

average

net

assets

for

the

Global

Luxury

Goods

Fund

through

at

least

April

30,

2024.

The

Board

also

noted

that

the

Adviser

had

previously

agreed

to

voluntarily

limit

expenses

for

Global

Resources

Fund,

Gold

and

Precious

Metals

Fund,

and

World

Precious

Minerals

Fund

(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

1.75%

through

at

least

April

30,

2024.

Approval

of

Investment

Advisory

Agreement

(

unaudited

)

December

31,

2023

109

The

Board

also

considered

that,

subject

to

shareholder

approval

of

the

Amended

Agreement,

the

Adviser

had

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

of

each

Fund

through

at

least

April

30,

2025,

to

the

extent

necessary

to

prevent

total

Fund

expenses

(exclusive

of

acquired

fund

fees

and

expenses,

extraordinary

expenses,

taxes,

brokerage

commissions

and

interest)

on

an

annualized

basis

from

exceeding

1.75%

of

the

Fund’s

average

daily

net

assets

(the

“New

Expense

Limitation”).

Therefore,

each

Fund’s

overall

expense

ratio,

even

with

the

removal

of

the

Performance

Adjustment,

is

expected

to

be

no

greater

than

the

Funds’

current

expense

ratios

for

a

period

of

at

least

12

months

from

the

date

that

the

Amended

Agreement

takes

effect.

The

Board

then

evaluated

the

Adviser’s

proposed

compensation

for

providing

advisory

services

to

the

Fund

under

the

Amended

Agreement.

The

Board

noted

that

the

Adviser’s

proposed

advisory

fee

rates

and

the

Funds’

net

total

expense

ratio

under

the

Amended

Agreement

would

continue

to

be

greater

than

the

median

of

the

funds

included

in

the

Funds’

respective

Strategic

Insight

peer

groups.

The

Board

also

considered

the

potential

impact

of

the

breakpoints

in

the

advisory

fee

rate,

as

applicable,

as

the

Funds

grow.

Finally,

the

Board

considered

that

the

Adviser

had

proposed

the

aforementioned

contractual

expense

cap

on

the

total

expense

ratio

for

each

Fund

in

an

effort

to

ensure

that

the

expenses

of

the

Funds

remained

competitive.

In

considering

the

Amended

Agreement,

the

Board

took

into

account

these

factors

as

well

as

the:

(i)

the

structure

of

the

proposed

advisory

fee

for

each

Fund

would

change

from

the

existing

fulcrum

fee

structure

to

a

flat

advisory

fee

structure;

(ii)

the

proposed

advisory

fee

for

each

Fund

will

remain

competitive

when

compared

to

similarly

situated

competitor

funds;

and

(iii)

the

Adviser

will

bear

the

costs

associated

with

obtaining

shareholder

approval

of

the

Amended

Agreement.

Based

on

the

foregoing,

the

Board

concluded

that

the

Adviser’s

advisory

fee

rates

to

be

charged

to

the

Funds

under

the

Amended

Agreement

were

reasonable

under

all

of

the

facts

and

circumstances.

Cost

of

Services

and

Profitability

The

Board

considered

information

provided

by

the

Adviser

regarding

the

estimated

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

anticipated

costs

and

projected

profitability

of

its

overall

and

fund

specific

activities

with

and

without

the

Performance

Adjustment,

based

on

certain

assumptions.

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.

The

Board

noted

that,

due

to

the

elimination

of

the

Performance

Adjustment,

profitability

in

respect

to

periods

after

the

effective

date

of

the

Amended

Agreement,

should

it

become

effective,

would

no

longer

be

directly

affected

by

investment

performance

relative

to

the

Funds’

benchmark

indexes.

The

Board

considered

that

profits

to

be

realized

by

the

Adviser

would

then

be

a

function

of

the

future

growth

in

assets

of

the

Fund.

Approval

of

Investment

Advisory

Agreement

(

unaudited

)

December

31,

2023

110

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

The

Board

evaluated

whether

the

Funds

would

benefit

from

any

economies

of

scale

under

the

Amended

Agreement.

In

this

respect,

the

Board

considered

the

proposed

fee

structure,

asset

size,

and

expense

cap

of

each

Fund

under

the

Amended

Agreement.

The

Board

noted

that

the

proposed

advisory

fee

schedule

for

each

Fund

under

the

Amended

Agreement,

like

the

Original

Agreement,

continues

to

provide

for

breakpoints

that

reduce

the

fee

rate

on

assets

above

specified

levels

as

each

Fund

grows,

except

for

the

Global

Luxury

Goods

Fund,

as

its

fee

structure

does

not

include

breakpoints.

The

Board

noted

that

there

is

no

established

methodology

for

setting

breakpoints

and

that

in

the

mutual

fund

industry

there

is

no

uniformity

in

the

fees

or

asset

levels

at

which

breakpoints

(if

any)

apply.

The

Board

also

noted

that

the

advisory

agreements

for

many

funds

do

not

have

breakpoints

at

all.

Other

Benefits

The

Board

noted

the

Adviser’s

representation

that,

aside

from

its

contractual

advisory

fees,

it

would

not

benefit

in

a

material

way

from

its

relationship

with

the

Funds.

Based

on

the

foregoing

representation,

the

Board

concluded

that

other

benefits

received

by

the

Adviser

from

its

relationship

with

the

Funds

were

not

a

material

factor

to

consider

in

approving

the

Amended

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.

Based

on

the

Trustees’

deliberations

and

their

evaluation

of

the

information

described

above,

the

Board

determined,

in

the

exercise

of

its

business

judgment,

that

the

advisory

arrangement,

as

outlined

in

the

Amended

Agreement,

would

be

fair

and

reasonable

in

light

of

the

services

to

be

performed,

expenses

to

be

incurred

and

such

other

matters

as

the

Board

considered

relevant.

111

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,

2022

through

June

30,

2023

in

order

to

prepare

a

written

report

to

the

Board

for

review

at

its

meeting

held

on

September

15,

2023.

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

112

Additional

Information

(

unaudited

)

on

Form

N-PORT.

The

Funds’

Form

N-PORTs

are

available

on

the

SEC’s

website

at

http://

www.sec.gov.

Additional

Federal

Tax

Information

The

percentage

of

tax-exempt

dividends

paid

by

the

Near-Term

Tax

Free

Fund

for

the

year

ended

December

31,

2023,

was

79.01%.

The

percentage

of

ordinary

income

dividends

paid

by

the

Funds

during

the

year

ended

December

31,

2023,

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,

2023,

are

as

follows:

Qualified

Dividend

Income

Dividend

Received

Deduction

Qualified

Investment

Income

Qualified

Short

Term

Gain

Dividends

U.S.

Government

Securities

Ultra-Short

Bond

–%

–%

100.00%

–%

Near-Term

Tax

Free

–%

–%

17.19%

–%

Global

Luxury

Goods

73.44%

11.86%

–%

96.59%

Foreign

Source

Income

Foreign

Tax

Credit

Global

Luxury

Goods

$

943,846

$

150,849

Expense

Example

(

unaudited

)

December

31,

2023

113

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,

2023

to

December

31,

2023)

as

indicated

below.

Actual

Expenses.

The

first

line

of

the

following

table

for

each

fund

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

line,

together

with

the

amount

you

invested,

to

estimate

the

expenses

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

line

under

the

heading

‘‘Expenses

Paid

During

Period’’

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes.

The

second

line

of

the

following

table

for

each

fund

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5

percent

per

year

before

expenses,

which

is

not

the

fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

these

funds

and

other

funds.

To

do

so,

compare

this

5

percent

hypothetical

example

with

the

5

percent

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

direct

or

transactional

costs,

such

as

small

account,

exchange

or

short-term

trading

fees.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

direct

or

transactional

costs

were

included,

your

costs

would

have

been

higher.

Expense

Example

(

unaudited

)

December

31,

2023

114

Beginning

Account

Value

July

1,

2023

Ending

Account

Value

December

31,

2023

Expenses

Paid

During

Period

*

U.S.

Government

Securities

Ultra-Short

Bond

Fund

Based

on

Actual

Fund

Return

$

1,000.00

$

1,024.53

$

2.30

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

$

1,020.77

$

2.29

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

$

993.87

$

8.79

Based

on

Hypothetical

5%

Yearly

Return

$

1,000.00

$

1,016.38

$

8.89

Global

Resources

Fund

Based

on

Actual

Fund

Return

$

1,000.00

$

936.32

$

8.54

Based

on

Hypothetical

5%

Yearly

Return

$

1,000.00

$

1,016.38

$

8.89

World

Precious

Minerals

Fund

Based

on

Actual

Fund

Return

$

1,000.00

$

911.95

$

8.43

Based

on

Hypothetical

5%

Yearly

Return

$

1,000.00

$

1,016.38

$

8.89

Gold

and

Precious

Metals

Fund

Based

on

Actual

Fund

Return

$

1,000.00

$

1,037.74

$

8.68

Based

on

Hypothetical

5%

Yearly

Return

$

1,000.00

$

1,016.69

$

8.59

*

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,

2023,

were

0.45%,

0.45%,

1.75%,

1.75%,

1.69%

and

1.75%,

respectively,

for

the

U.S.

Government

Securities

Ultra-Short

Bond,

Near-Term

Tax

Free,

Global

Resources,

World

Precious

Minerals,

Gold

and

Precious

Metals

and

Global

Luxury

Goods

Funds.

The

funds'

Institutional

Class'

annualized

expense

ratios

(after

reimbursements

and

offsets)

for

the

six

month

period

ended

December

31,

2023,

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.

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Services

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ITEM 2. CODE OF ETHICS.

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

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

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

(e)        Not applicable.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees - The aggregate fees billed for each of the last two fiscal years (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant for the audit of the Registrant’s annual financial statements, or services that are normally provided by the principal accountant in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $129,200 in 2022 and $112,000 in 2023.

(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 2022 and $0 in 2023. 

(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 $29,000 in 2022 and $32,000 in 2023.  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 2022 and $0 in 2023. 

(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 $29,000 in 2022 and $32,000 in 2023.  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 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

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/ Zachary Tackett
	Zachary Tackett, Principal Executive Officer
Date:	February 28, 2024

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

By:	/s/ Zachary Tackett
	Zachary Tackett, Principal Executive Officer
Date:	February 28, 2024

By:	/s/ Karen Shaw
	Karen Shaw, Principal Financial Officer
Date:	February 28, 2024