Us Global Investors Funds NPORT-P Usgi U.S. Government Securities Ultra-short Bond Fund (Mar 2020 report)

Portfolio

of

Investments

(unaudited)

1

See

notes

to

portfolios

of

investments.

March

31,

2020

U.S.

Government

Securities

Ultra-Short

Bond

Fund

United

States

Government

and

Agency

Obligations

86.66%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Federal

Farm

Credit

Bank

43.67%

Fixed

Rates:

1.70

12/20/21

$

3,000,000

$

3,000,070

1.33

03/09/23

10,000,000

10,000,573

Floating

Rates:

(Federal

Reserve

Bank

Prime

Loan

+

(2.96)%)

0.29

07/09/20

5,000,000

4,996,281

17,996,924

Federal

Home

Loan

Bank

5.88%

Fixed

Rates:

1.40

08/25/20

500,000

500,056

1.70

08/25/21

1,920,000

1,922,884

2,422,940

Federal

Home

Loan

Mortgage

Corporation

4.26%

Fixed

Rates:

1.65

12/16/21

1,750,000

1,754,575

U.S.

Treasury

Bill

15.77%

◊

Yield

to

Maturity:

0.53

05/05/20

5,000,000

4,999,709

1.84

06/18/20

1,500,000

1,499,662

6,499,371

U.S.

Treasury

Note

17.08%

Fixed

Rates:

1.88

06/30/20

3,000,000

3,013,309

1.63

06/30/20

2,000,000

2,007,637

2.63

08/15/20

2,000,000

2,019,141

7,040,087

Total

United

States

Government

and

Agency

Obligations

35,713,897

(cost

$35,674,067)

Exchange

Traded

Fund

4.90%

Shares

Value

Vanguard

Short-Term

Treasury

ETF

32,400

2,019,816

(cost

$1,976,232)

Investments,

at

value

91.56%

37,733,713

(cost

$37,650,299

)

Other

assets

and

liabilities,

net

8.44%

3,476,360

Net

Assets

100.00%

$

41,210,073

Portfolio

of

Investments

(unaudited)

2

See

notes

to

portfolios

of

investments.

March

31,

2020

Near-Term

Tax

Free

Fund

Municipal

Bonds

85.07%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Alabama

2.15%

City

of

Bessemer

Electric

Revenue,

Alabama,

Refunding,

RB

AGM

3.10

12/01/21

$

100,000

$

101,072

Tuscaloosa

County

Board

of

Education,

Alabama,

Special

Tax

Bond

5.00

02/01/32

635,000

766,020

867,092

California

0.63%

Lemon

Grove

School

District,

California,

Refunding,

GO

Unlimited

4.00

08/01/33

220,000

253,590

Colorado

2.96%

City

&

County

of

Denver

Airport

System

Revenue,

Colorado,

RB,

Series B

5.00

11/15/27

300,000

322,884

City

of

Glendale,

Colorado,

Refunding,

COP

AGM

5.00

12/01/25

750,000

869,625

1,192,509

Connecticut

2.63%

State

of

Connecticut,

Connecticut,

Refunding,

GO

Unlimited

5.00

02/15/21

800,000

824,296

State

of

Connecticut,

Connecticut,

Refunding,

GO

Unlimited

5.00

05/15/27

200,000

235,974

1,060,270

District

of

Columbia

2.16%

Washington

Metropolitan

Area

Transit

Authority,

District

of

Columbia,

Refunding,

RB

5.00

07/01/34

725,000

868,913

Florida

7.02%

City

of

Jacksonville,

Florida,

Refunding,

RB,

Series C

5.00

10/01/20

270,000

275,208

City

of

Leesburg,

Florida,

Refunding,

RB

5.00

10/01/21

405,000

428,142

City

of

Miramar,

Florida,

Refunding,

RB

5.00

10/01/22

305,000

333,109

County

of

St.

Johns,

Florida,

Refunding,

RB

AGM

5.00

10/01/20

310,000

315,995

Orlando

Utilities

Commission,

Florida,

RB 

‡

4.25

10/01/33

870,000

870,000

State

of

Florida,

Florida,

Refunding,

GO

Unlimited

5.00

06/01/28

500,000

604,620

2,827,074

Idaho

0.59%

Idaho

Housing

&

Finance

Association,

Grant

&

Revenue

Anticipation,

Federal

Highway

Trust

Fund,

Idaho,

RB,

Series A

5.00

07/15/21

225,000

235,993

Portfolio

of

Investments

(unaudited)

3

See

notes

to

portfolios

of

investments.

March

31,

2020

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Illinois

4.36%

County

of

Du

Page,

Jail

Project,

Illinois,

Refunding,

GO

Unlimited

5.60

01/01/21

$

75,000

$

77,480

Du

Page

County

School

District

No.

33

West

Chicago,

Illinois,

Refunding,

GO

Unlimited,

Series B

4.00

12/01/21

1,000,000

1,046,650

Illinois

State

Toll

Highway

Authority,

Illinois,

RB

5.00

01/01/32

505,000

593,117

Regional

Transportation

Authority,

Illinois,

RB,

Series A,

AMBAC

7.20

11/01/20

35,000

36,209

1,753,456

Indiana

2.31%

City

of

Indianapolis

Department

of

Public

Utilities

Gas

Utility

Revenue,

Indiana,

Refunding,

RB

AGC

5.25

06/01/21

550,000

576,384

Merrillville

Redevelopment

Authority,

Indiana,

Tax

Allocation

Bond

5.00

08/15/20

350,000

354,816

931,200

Kentucky

1.32%

Louisville

&

Jefferson

County

Metropolitan

Sewer

District,

Kentucky,

RB,

Series A

5.00

05/15/23

500,000

531,050

Louisiana

3.34%

Louisiana

Housing

Corp.,

Louisiana,

RB

FHLMC

2.15

12/01/24

460,000

472,544

State

of

Louisiana,

Louisiana,

Prefunding,

GO

Unlimited,

Series A

5.00

08/01/26

800,000

872,944

1,345,488

Maryland

0.68%

City

of

Baltimore

MD,

Maryland,

RB

5.00

07/01/33

215,000

274,069

Massachusetts

0.79%

Massachusetts

Housing

Finance

Agency,

Massachusetts,

Refunding,

RB

2.15

12/01/21

315,000

317,621

Michigan

2.68%

City

of

Wyoming,

Water

Supply

System,

Michigan,

Refunding,

RB

4.00

06/01/20

215,000

216,011

Oxford

Area

Community

School

District,

Michigan,

Refunding,

GO

Unlimited,

Series A

Q-SBLF

5.00

05/01/22

365,000

393,459

State

of

Michigan

Trunk

Line

Revenue,

Michigan,

Refunding,

RB

4.50

11/01/26

105,000

105,297

Portfolio

of

Investments

(unaudited)

4

See

notes

to

portfolios

of

investments.

March

31,

2020

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Michigan

(cont’d)

Walled

Lake

Consolidated

School

District,

Michigan,

Refunding,

GO

Unlimited

Q-SBLF

5.00

05/01/21

$

350,000

$

364,465

1,079,232

Missouri

0.67%

City

of

Kansas

City

Water

Revenue,

Missouri,

RB,

Series F

AGM

4.00

12/01/22

250,000

268,843

New

Jersey

1.26%

Middlesex

County

Improvement

Authority,

New

Jersey,

RB

5.00

07/01/25

425,000

507,879

New

York

7.85%

City

of

New

York,

New

York,

GO

Unlimited,

Series E

5.25

08/01/22

875,000

957,591

City

of

New

York,

New

York,

GO

Unlimited,

Series I

5.00

08/01/22

1,000,000

1,088,660

City

of

New

York

NY,

New

York,

GO

Unlimited

5.00

12/01/34

250,000

309,840

Long

Island

Power

Authority,

New

York,

RB,

Series B

5.00

09/01/21

465,000

490,775

Metropolitan

Transportation

Authority,

New

York,

RB

4.00

11/15/34

100,000

112,132

New

York

City

Water

&

Sewer

System,

New

York,

RB 

‡

0.80

06/15/38

200,000

200,000

3,158,998

North

Carolina

3.05%

City

of

Charlotte,

Equipment

Acquisition

&

Public

Facilities,

North

Carolina,

COP,

Series A

5.00

10/01/21

1,000,000

1,019,590

County

of

Beaufort,

North

Carolina,

RB

5.00

06/01/21

200,000

208,898

1,228,488

Ohio

0.35%

City

of

Cleveland

Parking

Facility

Revenue,

Ohio,

Refunding,

RB

AGM

5.25

09/15/22

130,000

142,919

Oregon

0.50%

Oregon

State

Facilities

Authority,

Legacy

Health

Project,

Oregon,

Refunding,

RB,

Series A

4.50

05/01/20

200,000

200,524

Portfolio

of

Investments

(unaudited)

5

See

notes

to

portfolios

of

investments.

March

31,

2020

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Pennsylvania

1.80%

Reading

School

District,

Pennsylvania,

GO

Unlimited,

Series A

5.00

04/01/20

$

400,000

$

400,000

Township

of

Penn

PA,

Pennsylvania,

GO

Unlimited

BAM

1.85

05/15/21

325,000

325,088

725,088

South

Carolina

1.41%

Aiken

County

Consolidated

School

District/SC,

South

Carolina,

GO

Unlimited

4.00

04/01/34

400,000

469,280

City

of

Columbia

SC

Waterworks

&

Sewer

System

Revenue,

South

Carolina,

RB 

‡

4.75

02/01/38

100,000

100,000

569,280

Tennessee

1.00%

City

of

Memphis

Sanitary

Sewerage

System

Revenue,

Tennessee,

Refunding,

RB

AGM

5.00

05/01/20

200,000

200,634

Town

of

Rogersville

TN,

Tennessee,

Refunding,

GO

Unlimited

2.00

06/01/20

200,000

200,278

400,912

Texas

25.57%

Aldine

Independent

School

District,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

5.00

02/15/28

750,000

893,700

Bryan

Independent

School

District,

Texas,

GO

Unlimited,

Series A

PSF-GTD

5.00

02/15/22

410,000

440,135

City

of

Austin

TX,

Texas,

Refunding,

RB 

‡

4.71

11/15/29

800,000

800,000

City

of

Buda

TX,

Texas,

Refunding,

GO

Limited

4.00

02/15/29

135,000

158,680

City

of

Cedar

Hill,

Texas,

Refunding,

GO

Limited

5.00

02/15/22

800,000

856,944

City

of

Longview

Waterworks

&

Sewer

System

Revenue,

Texas,

Refunding,

RB

3.00

03/01/22

610,000

631,649

City

of

Pharr,

Texas,

Refunding,

GO

Limited,

Series A

5.00

08/15/20

285,000

289,038

City

of

Round

Rock

TX,

Texas,

GO

Limited

4.00

08/15/33

175,000

204,913

City

of

Texarkana

Waterworks

&

Sanitary

Sewer

System

Revenue,

Texas,

RB

3.00

08/01/20

95,000

95,580

Dimmitt

Independent

School

District,

Texas,

GO

Unlimited

PSF-GTD

3.00

02/15/22

305,000

315,864

Eagle

Mountain

&

Saginaw

Independent

School

District,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

4.00

08/15/32

450,000

517,352

Ector

County

Independent

School

District,

Texas,

GO

Unlimited

PSF-GTD

5.00

08/15/29

400,000

445,320

Harlandale

Independent

School

District,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

4.00

02/15/28

300,000

341,406

Portfolio

of

Investments

(unaudited)

6

See

notes

to

portfolios

of

investments.

March

31,

2020

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Texas

(cont’d)

Harris

County

Municipal

Utility

District

No.

382,

Texas,

Refunding,

GO

Unlimited

BAM

3.00

04/01/22

$

305,000

$

308,935

Lower

Colorado

River

Authority,

LCRA

Transmission

Services

Corp.,

Texas,

Refunding,

RB,

Series A

5.00

05/15/21

500,000

521,460

Lubbock-Cooper

Independent

School

District,

Texas,

GO

Unlimited

PSF-GTD

3.00

02/15/22

755,000

781,893

Olmos

Park

Higher

Education

Facilities

Corp.,

University

of

the

Incarnate

Word,

Texas,

Refunding,

RB

5.00

12/01/21

500,000

531,285

Red

River

Education

Finance

Corp.,

Texas,

RB 

‡

5.00

03/15/35

700,000

700,000

San

Antonio

Water

System,

Texas,

Refunding,

RB

4.50

05/15/21

400,000

414,996

State

of

Texas,

Texas,

Refunding,

GO

Unlimited

5.00

10/01/20

550,000

560,582

Texas

City

Independent

School

District/TX,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

5.00

08/15/28

410,000

484,165

10,293,897

Utah

0.51%

Intermountain

Power

Agency,

Utah,

Refunding,

RB

5.00

07/01/20

205,000

206,866

Washington

6.65%

County

of

Thurston,

Washington,

Refunding,

GO

Limited

5.00

12/01/20

1,625,000

1,667,445

Spokane

Public

Facilities

District,

Washington,

Refunding,

RB,

Series B

5.00

12/01/21

950,000

1,010,258

2,677,703

Wisconsin

0.83%

Sun

Prairie

Area

School

District/WI,

Wisconsin,

GO

Unlimited

4.00

03/01/31

300,000

332,907

Total

Municipal

Bonds

34,251,861

(cost

$33,924,055)

Exchange

Traded

Funds

10.88%

Shares

VanEck

Vectors

AMT-Free

Intermediate

Municipal

Index

ETF

30,000

1,473,750

VanEck

Vectors

AMT-Free

Long

Municipal

Index

ETF

70,000

1,430,100

VanEck

Vectors

AMT-Free

Short

Municipal

Index

ETF

85,000

1,477,300

Total

Exchange

Traded

Funds

4,381,150

(cost

$4,525,930)

Portfolio

of

Investments

(unaudited)

7

See

notes

to

portfolios

of

investments.

March

31,

2020

Near-Term

Tax

Free

Fund

Investments,

at

value

95.95%

$

38,633,011

(cost

$38,449,985

)

Other

assets

and

liabilities,

net

4.05%

1,629,253

Net

Assets

100.00%

$

40,262,264

Portfolio

of

Investments

(unaudited)

8

See

notes

to

portfolios

of

investments.

March

31,

2020

All

American

Equity

Fund

Common

Stocks

61.16%

Shares

Value

Building

-

Residential/Commercial

1.84%

DR

Horton,

Inc.

5,631

$

191,454

Coatings/Paint

2.29%

The

Sherwin-Williams

Co.

519

238,491

Commercial

Banks

-

Eastern

US

1.08%

Citizens

Financial

Group,

Inc.

6,001

112,879

Commercial

Services

1.99%

Cintas

Corp.

1,195

206,998

Commercial

Services

-

Finance

2.56%

Automatic

Data

Processing,

Inc.

1,950

266,526

Computers

2.58%

HP,

Inc.

15,483

268,785

Cosmetics

&

Toiletries

2.70%

The

Estee

Lauder

Cos.,

Inc.

1,764

281,076

Electric

-

Integrated

2.32%

Alliant

Energy

Corp.

5,008

241,836

Electronic

Components

-

Semiconductors

2.90%

Broadcom,

Inc.

1,276

302,540

Enterprise

Software/Services

3.02%

Oracle

Corp.

6,511

314,677

E-Services/Consulting

1.87%

CDW

Corp.

2,091

195,027

Finance

-

Credit

Card

2.20%

Visa,

Inc.,

Class A

1,425

229,596

Finance

-

Investment

Banker/Broker

2.52%

The

Charles

Schwab

Corp.

7,800

262,236

Food

-

Retail

2.03%

The

Kroger

Co.

7,044

212,165

Machinery

-

Construction

&

Mining

3.37%

Caterpillar,

Inc.

3,026

351,137

Medical

-

Drugs

2.31%

Merck

&

Co.,

Inc.

3,133

241,053

Portfolio

of

Investments

(unaudited)

9

See

notes

to

portfolios

of

investments.

March

31,

2020

All

American

Equity

Fund

Common

Stocks (cont’d)

Shares

Value

Medical

-

HMO

2.35%

UnitedHealth

Group,

Inc.

981

$

244,642

Medical

-

Hospitals

3.50%

HCA

Healthcare,

Inc.

1,821

163,617

Universal

Health

Services,

Inc.,

Class B

2,028

200,934

364,551

Oil

Companies

-

Exploration

&

Production

1.00%

EOG

Resources,

Inc.

2,902

104,240

REITS

-

Diversified

2.24%

American

Tower

Corp.

REIT

1,072

233,428

Retail

-

Building

Products

2.39%

The

Home

Depot,

Inc.

1,336

249,444

Retail

-

Discount

2.03%

Costco

Wholesale

Corp.

744

212,137

Retail

-

Gardening

Products

2.92%

Tractor

Supply

Co.

3,602

304,549

Retail

-

Restaurants

2.25%

McDonald's

Corp.

1,417

234,301

Shipbuilding

2.33%

Huntington

Ingalls

Industries,

Inc.

1,335

243,250

Super-Regional

Banks

-

US

2.57%

Fifth

Third

Bancorp

7,692

114,226

Wells

Fargo

&

Co.

5,358

153,775

268,001

Total

Common

Stocks

6,375,019

(cost

$7,972,290)

Corporate

Non-Convertible

Note

2.72%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

2.72%

Gran

Colombia

Gold

Corp.

8.25

04/30/24

$

269,673

283,966

(cost

$270,295)

Portfolio

of

Investments

(unaudited)

10

See

notes

to

portfolios

of

investments.

March

31,

2020

All

American

Equity

Fund

Call

Options

Purchased

2.03%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Gold

Mining

1.70%

Barrick

Gold

Corp.

$

20.00

01/21

$

280,000

140

$

36,120

Newmont

Corp.

42.00

01/22

483,000

115

141,450

177,570

Precious

Metals

0.33%

Direxion

Daily

Gold

Miners

Index

Bull

3X

Shares

ETF

10.00

01/21

225,000

225

33,750

Total

Purchased

Call

Options

211,320

(premiums

paid

$287,301

)

Investments,

at

value

65.91%

6,870,305

(cost

$8,529,886

)

Other

assets

and

liabilities,

net

34.09%

3,552,895

Net

Assets

100.00%

$

10,423,200

Portfolio

of

Investments

(unaudited)

11

See

notes

to

portfolios

of

investments.

March

31,

2020

Holmes

Macro

Trends

Fund

Common

Stocks

60.06%

Shares

Value

Airlines

0.95%

Hawaiian

Holdings,

Inc.

23,065

$

240,799

Building

-

Residential/Commercial

1.36%

LGI

Homes,

Inc. 

*

7,614

343,772

Building

&

Construction

Products

-

Miscellaneous

2.27%

Comfort

Systems

USA,

Inc.

15,678

573,031

Chemicals

-

Specialty

3.19%

Ingevity

Corp. 

*

7,882

277,447

NewMarket

Corp.

1,375

526,446

803,893

Commercial

Services

-

Finance

2.42%

S&P

Global,

Inc. 

*

2,489

609,929

Consumer

Products

-

Miscellaneous

3.16%

WD-40

Co.

3,968

796,973

Data

Processing/Management

2.17%

CSG

Systems

International,

Inc.

13,115

548,863

Decision

Support

Software

4.85%

MSCI,

Inc.

4,234

1,223,457

Diagnostic

Kits

2.62%

IDEXX

Laboratories,

Inc. 

*

2,725

660,104

Distribution/Wholesale

2.23%

Pool

Corp.

2,862

563,156

Energy

-

Alternate

Sources

0.00%

Pacific

Green

Energy

Corp. 

#*@

100,000

0

Finance

-

Consumer

Loans

1.17%

Enova

International,

Inc. 

*

20,361

295,031

Footwear

&

Related

Apparel

1.48%

Crocs,

Inc. 

*

21,915

372,336

Home

Furnishings

1.17%

Tempur

Sealy

International,

Inc. 

*

6,783

296,485

Information

Technology

0.24%

Abaxx

Technologies,

Inc.,

144A 

#*@∆

200,000

59,689

Investment

Management/Advisory

Services

2.94%

Eaton

Vance

Corp.

23,014

742,201

Portfolio

of

Investments

(unaudited)

12

See

notes

to

portfolios

of

investments.

March

31,

2020

Holmes

Macro

Trends

Fund

Common

Stocks (cont’d)

Shares

Value

Machinery

Tools

&

Related

Products

2.12%

Lincoln

Electric

Holdings,

Inc.

7,757

$

535,233

Medical

-

Biomedical/Genetics

2.79%

Exelixis

,

Inc. 

*

40,814

702,817

Medical

-

Drugs

4.44%

Corcept

Therapeutics,

Inc. 

*

55,260

657,041

Supernus

Pharmaceuticals,

Inc. 

*

25,814

464,394

1,121,435

Medical

-

Hospitals

0.00%

African

Medical

Investments

PLC 

#*@

1,000,000

0

Metal

-

Diversified

0.66%

Ivanhoe

Mines,

Ltd. 

*

100,000

166,276

Oil

-

Field

Services

1.04%

DMC

Global,

Inc.

11,378

261,808

Oil

Companies

-

Exploration

&

Production

2.05%

Bonanza

Creek

Energy,

Inc. 

*

45,249

509,051

CruzSur

Energy

Corp.,

144A 

#*∆

50,000

7,639

516,690

Real

Estate

Operating/Development

0.08%

Infrastructure

Ventures,

Inc. 

#*@+

426,533

19,535

REITS

-

Diversified

2.30%

CoreSite

Realty

Corp.

REIT

5,011

580,775

Retail

-

Building

Products

5.67%

The

Home

Depot,

Inc.

7,667

1,431,505

Retail

-

Pet

Food

&

Supplies

2.59%

PetMed

Express,

Inc.

22,712

653,651

Vitamins

&

Nutrition

Products

1.69%

USANA

Health

Sciences,

Inc. 

*

7,369

425,633

Web

Hosting/Design

2.41%

NIC,

Inc.

26,434

607,982

Total

Common

Stocks

15,153,059

(cost

$19,895,401)

Portfolio

of

Investments

(unaudited)

13

See

notes

to

portfolios

of

investments.

March

31,

2020

Holmes

Macro

Trends

Fund

Corporate

Non-Convertible

Note

2.87%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Gold

Mining

2.87%

Gran

Colombia

Gold

Corp.

8.25

04/30/24

$

687,407

$

723,840

(cost

$688,993)

Warrants

0.00%

Exercise

Price

Exp.

Date

Shares

Information

Technology

0.00%

Abaxx

Technologies,

Inc.,

144A 

#*@∆

$

2.00

12/31/20

100,000

0

Oil

Companies

-

Exploration

&

Production

0.00%

CruzSur

Energy

Corp.,

144A 

#*∆

10.50

07/31/22

50,000

444

Total

Warrants

444

(cost

$0

)

Call

Options

Purchased

0.92%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Gold

Mining

0.61%

Barrick

Gold

Corp.

$

20.00

01/21

$

720,000

360

92,880

Newmont

Corp.

42.00

01/22

210,000

50

61,500

154,380

Precious

Metals

0.31%

Direxion

Daily

Gold

Miners

Index

Bull

3X

Shares

ETF

10.00

01/21

525,000

525

78,750

Total

Purchased

Call

Options

233,130

(premiums

paid

$377,740

)

Investments,

at

value

63.85%

16,110,473

(cost

$20,962,134

)

Other

assets

and

liabilities,

net

36.15%

9,119,960

Net

Assets

100.00%

$

25,230,433

Portfolio

of

Investments

(unaudited)

14

See

notes

to

portfolios

of

investments.

March

31,

2020

Global

Resources

Fund

Common

Stocks

85.55%

Shares

Value

Agricultural

Chemicals

2.46%

CF

Industries

Holdings,

Inc.

10,000

$

272,000

Nutrien

,

Ltd.

10,000

341,860

The

Mosaic

Co.

20,000

216,400

830,260

Building

&

Construction

Products

-

Miscellaneous

0.51%

Louisiana-Pacific

Corp.

10,000

171,800

Building

Products

-

Wood

0.35%

Norbord,

Inc.

10,000

118,312

Coal

0.00%

Caribbean

Resources

Corp. 

#*@~

17

0

Walter

Energy,

Inc.,

144A 

#*@∆

4,293

0

0

Containers

-

Metal/Glass

0.67%

Ball

Corp.

3,500

226,310

Containers

-

Paper/Plastic

1.10%

Orora

,

Ltd.

250,000

372,519

Diamonds/Precious

Stones

0.28%

Barksdale

Resources

Corp. 

*

600,000

95,928

Rockwell

Diamonds,

Inc.,

144A 

#*@∆

63,333

0

95,928

Diversified

Minerals

6.48%

BHP

Group,

Ltd.,

ADR

10,000

366,900

Desert

Mountain

Energy

Corp. 

*

350,000

44,767

Encanto

Potash

Corp. 

*

300,000

6,395

Lumina

Gold

Corp. 

*

500,000

188,304

Lundin

Mining

Corp.

125,000

469,871

Mako

Mining

Corp. 

*

1,200,000

298,444

Niocan

,

Inc.,

144A 

#*∆

362,069

38,592

Salazar

Resources,

Ltd. 

*

3,000,000

346,408

Sun

Metals

Corp. 

*

1,500,000

74,611

Teck

Resources,

Ltd.,

Class B

25,000

189,547

VR

Resources,

Ltd. 

*

1,150,000

163,434

2,187,273

Electric

-

Integrated

2.17%

AGL

Energy,

Ltd.

40,000

418,614

Cia

Paranaense

de

Energia

,

ADR

30,000

312,300

730,914

Portfolio

of

Investments

(unaudited)

15

See

notes

to

portfolios

of

investments.

March

31,

2020

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Energy

-

Alternate

Sources

5.59%

Canadian

Solar,

Inc. 

*

35,000

$

556,850

Pacific

Green

Energy

Corp. 

#*@~

2,400,000

0

Siemens

Gamesa

Renewable

Energy

SA

35,000

516,465

Vestas

Wind

Systems

A/S

10,000

813,657

1,886,972

Finance

-

Investment

Banker/Broker

1.19%

GoldMoney

,

Inc.

200,000

400,767

Food

-

Miscellaneous/Diversified

1.57%

Ingredion,

Inc.

7,000

528,500

Forestry

0.33%

Interfor

Corp. 

*

25,000

111,206

Gold

Mining

14.42%

AngloGold

Ashanti,

Ltd.,

ADR

50,000

831,500

CopperBank

Resources

Corp. 

*

13,200,000

328,288

Corona

Minerals,

Ltd. 

#*@

5,000

0

Dundee

Precious

Metals,

Inc.

115,000

362,822

Gran

Colombia

Gold

Corp. 

*

4,100

11,799

Josemaria

Resources,

Inc. 

*

300,000

102,324

Kirkland

Lake

Gold,

Ltd.

10,000

296,000

Lundin

Gold,

Inc. 

*

225,000

1,251,865

Red

Pine

Exploration,

Inc. 

*

1,500,000

21,317

Revival

Gold,

Inc. 

*

1,000,000

419,243

Royal

Road

Minerals,

Ltd. 

*

5,750,000

663,949

Sandstorm

Gold,

Ltd. 

*

90,000

450,900

Western

Atlas

Resources,

Inc. 

*

3,000,000

127,905

4,867,912

Independent

Power

Producer

1.98%

Atlantica

Yield

PLC

30,000

669,000

Information

Technology

1.11%

Abaxx

Technologies,

Inc.,

144A 

#*@∆

1,250,000

373,055

Medical

-

Hospitals

0.00%

African

Medical

Investments

PLC 

#*@

2,507,500

0

Metal

-

Copper

0.53%

First

Quantum

Minerals,

Ltd.

35,000

178,818

Metal

-

Diversified

7.78%

Anglo

American

PLC

10,000

175,236

Ascendant

Resources,

Inc. 

*

300,000

24,515

Chakana

Copper

Corp. 

*

1,250,000

102,146

Filo

Mining

Corp. 

*

214,650

175,405

Portfolio

of

Investments

(unaudited)

16

See

notes

to

portfolios

of

investments.

March

31,

2020

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Metal

-

Diversified

(cont’d)

Filo

Mining

Corp. 

*

115,250

$

98,218

First

Cobalt

Corp. 

*

2,000,000

149,222

Galway

Metals,

Inc. 

*

450,000

92,731

GoviEx

Uranium,

Inc.,

144A 

#*∆

58,000

5,152

Ivanhoe

Mines,

Ltd. 

*

550,000

914,517

Luminex

Res

Corp. 

*

120,615

53,995

MMC

Norilsk

Nickel

PJSC,

ADR

22,500

557,333

Orsu

Metals

Corp.,

144A 

#*∆

14,761

1,626

South32,

Ltd.

125,000

137,988

Troilus

Gold

Corp.,

144A 

#*∆

294,000

137,881

2,625,965

Metal

-

Iron

3.97%

Champion

Iron,

Ltd. 

*

500,000

479,642

Consolidated

Growth

Holdings,

Ltd. 

#*@

19,859,173

0

Fortescue

Metals

Group,

Ltd.

110,000

674,105

Novolipetsk

Steel

PJSC,

GDR

12,000

186,540

WAI

Capital

Investment

Corp.,

144A 

#*@∆

292,500

0

1,340,287

Mining

Services

0.99%

Cordoba

Minerals

Corp. 

*

1,000,000

37,305

Defense

Metals

Corp. 

*

1,500,000

127,905

Talon

Metals

Corp. 

*

3,000,000

170,539

335,749

Natural

Resource

Technology

0.36%

I-Pulse,

Inc.,

144A 

#*@+∆

15,971

120,741

Non-Ferrous

Metals

0.02%

InZinc

Mining,

Ltd. 

*

2,000,000

7,106

Sterling

Group

Ventures,

Inc.,

144A 

#*@∆

500,000

0

7,106

Oil

-

Field

Services

0.41%

Halliburton

Co.

20,000

137,000

Oil

Companies

-

Exploration

&

Production

4.29%

Africa

Energy

Corp. 

*

2,000,000

255,809

CNOOC,

Ltd.

400,000

415,670

CNOOC,

Ltd.,

ADR

4,000

413,880

CruzSur

Energy

Corp.,

144A 

#*∆

200,000

30,555

Range

Energy

Resources,

Inc.,

144A 

#*∆

15,000,000

53,293

Woodside

Petroleum,

Ltd.

25,000

277,412

1,446,619

Portfolio

of

Investments

(unaudited)

17

See

notes

to

portfolios

of

investments.

March

31,

2020

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Oil

Companies

-

Integrated

8.43%

Ecopetrol

SA,

ADR

30,000

$

285,300

LUKOIL

PJSC,

ADR

16,100

948,801

Petroleo

Brasileiro

SA,

ADR 

*

25,000

137,500

Surgutneftegas

PJSC,

ADR

175,000

728,000

TOTAL

SA,

ADR

20,000

744,800

2,844,401

Oil

Companies

-

US

Royalty

Trusts

0.01%

San

Juan

Basin

Royalty

Trust

2,000

4,200

Oil

Refining

&

Marketing

2.04%

Phillips

66

6,500

348,725

Valero

Energy

Corp.

7,500

340,200

688,925

Paper

&

Related

Products

3.85%

Canfor

Pulp

Products,

Inc.

45,000

162,119

International

Paper

Co.

6,500

202,345

Mondi

PLC

25,000

421,890

Resolute

Forest

Products,

Inc. 

*

70,000

88,200

Smurfit

Kappa

Group

PLC

15,000

423,693

1,298,247

Platinum

1.01%

Impala

Platinum

Holdings,

Ltd. 

*

40,000

166,665

Impala

Platinum

Holdings,

Ltd.,

ADR

40,000

173,240

339,905

Precious

Metals

5.07%

Brixton

Metals

Corp. 

*

1,000,000

78,164

Libero

Copper

&

Gold

Corp. 

*

3,500,000

174,092

Metalla

Royalty

&

Streaming,

Ltd.

150,000

634,193

Wheaton

Precious

Metals

Corp.

30,000

825,900

1,712,349

Real

Estate

Operating/Development

1.01%

Infrastructure

Ventures,

Inc. 

#*@+

7,443,544

340,914

REITS

-

Diversified

1.28%

PotlatchDeltic

Corp.

REIT

10,000

313,900

Rayonier,

Inc.

REIT

5,000

117,750

431,650

Retail

-

Jewelry

0.30%

Mene

,

Inc. 

*

350,000

101,968

Portfolio

of

Investments

(unaudited)

18

See

notes

to

portfolios

of

investments.

March

31,

2020

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Steel

-

Producers

3.12%

Nucor

Corp.

12,500

$

450,250

POSCO,

ADR

5,000

163,250

Severstal

PJSC,

GDR

40,000

438,247

1,051,747

Water

0.87%

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo,

ADR 

*

40,000

295,200

Total

Common

Stocks

28,872,519

(cost

$93,122,420)

Corporate

Non-Convertible

Note

3.84%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

3.84%

Gran

Colombia

Gold

Corp.

8.25

04/30/24

$

1,230,384

1,295,594

(cost

$1,233,222)

Exchange

Traded

Funds

0.30%

Shares

Direxion

Daily

Junior

Gold

Miners

Index

Bull

3x

Shares

ETF

5,000

19,850

Global

X

Copper

Miners

ETF

1,000

11,830

Global

X

Uranium

ETF

1,800

15,678

Invesco

MSCI

Global

Timber

ETF

1,000

20,920

VanEck

Vectors

Agribusiness

ETF

200

10,274

VanEck

Vectors

Coal

ETF

1,000

6,290

VanEck

Vectors

Gold

Miners

ETF

700

16,128

Total

Exchange

Traded

Funds

100,970

(cost

$118,484)

Warrants

0.01%

Exercise

Price

Exp.

Date

Electronics

-

Military

0.00%

Global

UAV

Technologies,

Ltd.,

144A 

#*@∆

$

0.15

06/25/20

1,112,500

0

Gold

Mining

0.00%

Troilus

Gold

Corp.,

144A 

#*@∆

2.50

11/21/20

294,000

0

Metal

-

Diversified

0.00%

Aguia

Resources,

Ltd.,

144A 

#*@∆

0.65

06/30/20

1,450,000

0

First

Cobalt

Corp.,

144A 

#*@∆

0.21

02/05/22

1,000,000

0

0

Portfolio

of

Investments

(unaudited)

19

See

notes

to

portfolios

of

investments.

March

31,

2020

Global

Resources

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Oil

Companies

-

Exploration

&

Production

0.01%

CruzSur

Energy

Corp.,

144A 

#*∆

$

10.50

07/31/22

200,000

$

1,777

Total

Warrants

1,777

(cost

$0

)

Investment

Company

0.01%

Shares

Value

Aberdeen

Standard

Physical

Palladium

Shares

ETF 

*

15

3,333

(cost

$3,301)

Publically

Traded

Partnerships

0.57%

Invesco

DB

Agriculture

Fund

ETF

4,700

66,129

Teucrium

Soybean

Fund

ETF 

*

5,837

82,010

U.S.

Natural

Gas

Fund

LP

ETF 

*

3,500

43,925

Total

Publically

Traded

Partnerships

192,064

(cost

$201,879)

Call

Options

Purchased

1.85%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Gold

Mining

1.85%

Barrick

Gold

Corp.

$

17.00

01/22

$

1,360,000

800

440,000

Newmont

Corp.

42.00

01/22

630,000

150

184,500

624,500

Investment

Companies

0.00%

Energy

Select

Sector

SPDR

Fund

ETF

54.21

06/20

1,219,725

225

225

Total

Purchased

Call

Options

624,725

(premiums

paid

$559,605

)

Investments,

at

value

92.13%

31,090,982

(cost

$95,238,911

)

Other

assets

and

liabilities,

net

7.87%

2,656,848

Net

Assets

100.00%

$

33,747,830

Portfolio

of

Investments

(unaudited)

20

See

notes

to

portfolios

of

investments.

March

31,

2020

World

Precious

Minerals

Fund

Common

Stocks

90.47%

Shares

Value

Advanced

Materials/Production

5.25%

Nano

One

Materials

Corp. 

*

3,300,000

$

2,344,916

Sixth

Wave

Innovations,

Inc. 

*

1,000,000

355,290

2,700,206

Capital

Pools

0.93%

Magna

Gold

Corp. 

*

1,600,000

477,510

Coal

0.00%

Caribbean

Resources

Corp. 

#*@

4

0

Diamonds/Precious

Stones

0.86%

Barksdale

Resources

Corp. 

*~

2,750,000

439,672

Rockwell

Diamonds,

Inc.,

144A 

#*@∆

171,667

0

439,672

Diversified

Minerals

4.51%

Argo

Gold,

Inc. 

*~

2,775,500

167,638

Ascot

Resources,

Ltd.,

144A 

#*∆

6,412

2,369

Bluebird

Battery

Metals,

Inc. 

*

750,000

39,970

Calibre

Mining

Corp. 

*

800,000

341,079

Erdene

Resource

Development

Corp. 

*

300,000

31,976

Exore

Resources,

Ltd. 

*

5,000,000

89,983

Golden

Predator

Mining

Corp. 

*

1,000,000

152,775

Indochine

Mining,

Ltd. 

#*@

10,000

0

Lithoquest

Diamonds,

Inc. 

*

750,000

17,320

Lumina

Gold

Corp. 

*

1,000,000

376,608

Mako

Mining

Corp. 

*

1,500,000

373,055

NextSource

Materials,

Inc. 

*

2,000,000

42,635

NGEX

Minerals,

Ltd. 

*

100,000

21,317

Rubicon

Minerals

Corp. 

*

500,000

238,045

VR

Resources,

Ltd. 

*~

3,000,000

426,348

2,321,118

Finance

-

Investment

Banker/Broker

0.02%

Coin

Hodl

,

Inc.,

144A 

#*∆

133,333

11,369

Gold

Mining

42.19%

Adamera

Minerals

Corp. 

*

1,373,000

29,269

Adamera

Minerals

Corp.,

144A 

#∆

119,543

2,548

Algold

Resources,

Ltd. 

*

540,000

17,267

Allegiant

Gold,

Ltd. 

*

2,000,000

177,645

Amilot

Capital,

Inc.,

144A 

#*∆

410,000

5,827

Bellevue

Gold,

Ltd. 

*

2,000,000

497,644

Black

Dragon

Gold

Corp. 

*

5,000,000

180,532

Bonterra

Resources,

Inc. 

*

400,000

233,070

Chalice

Gold

Mines,

Ltd. 

*

1,000,000

354,284

Comstock

Mining,

Inc. 

*

106,600

43,184

Portfolio

of

Investments

(unaudited)

21

See

notes

to

portfolios

of

investments.

March

31,

2020

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Contact

Gold

Corp. 

*

3,000,000

$

202,515

CopperBank

Resources

Corp. 

*~

22,805,418

567,178

CopperBank

Resources

Corp.,

144A 

#*~∆

174,000

4,327

Coral

Gold

Resources,

Ltd. 

*

750,000

247,815

Corona

Minerals,

Ltd. 

#*@

81,250

0

Fiore

Gold,

Ltd. 

*

1,000,000

326,867

Fremont

Gold,

Ltd. 

*

4,000,000

184,751

Gascoyne

Resources,

Ltd. 

#*@

1,600,000

19,191

Gold

Standard

Ventures

Corp. 

*

1,000,000

499,000

GoldQuest

Mining

Corp. 

*

1,500,000

106,587

GT

Gold

Corp. 

*

600,000

439,139

Josemaria

Resources,

Inc. 

*

200,000

68,216

K92

Mining,

Inc. 

*

1,300,000

2,734,314

Lion

One

Metals,

Ltd. 

*

300,000

251,546

Lundin

Gold,

Inc. 

*

350,000

1,947,346

Mammoth

Resources

Corp. 

*~

2,171,200

46,284

Maritime

Resources

Corp. 

*

1,000,000

42,635

Mawson

Resources,

Ltd. 

*

625,000

84,381

McEwen

Mining,

Inc. 

*

134,764

88,100

Mirasol

Resources,

Ltd. 

*

1,000,000

223,833

Moneta

Porcupine

Mines,

Inc. 

*

1,825,000

90,777

Nighthawk

Gold

Corp. 

*

350,000

315,853

NV

Gold

Corp. 

*

1,000,000

56,846

OceanaGold

Corp.,

144A 

#∆

5,348

5,130

Oklo

Resources,

Ltd. 

*

3,000,000

376,176

Orca

Gold,

Inc. 

*

4,300,000

824,984

Osino

Resources

Corp. 

*

230,000

99,694

Otis

Gold

Corp. 

*

726,000

51,588

Pacton

Gold,

Inc. 

*

1,000,000

42,635

Petaquilla

Minerals,

Ltd.,

144A 

#*@∆

2,660,000

0

Pretium

Resources,

Inc. 

*

40,000

226,800

Probe

Metals,

Inc. 

*

1,000,000

433,454

Radisson

Mining

Resources,

Inc. 

*

8,500,000

754,992

Radius

Gold,

Inc.,

144A 

#*∆

125,000

11,991

Red

Pine

Exploration,

Inc. 

*

8,000,000

113,693

Redstar

Gold

Corp. 

*

15,000,000

266,468

Reunion

Gold

Corp. 

*

4,800,000

255,809

Revival

Gold,

Inc. 

*

1,500,000

628,864

Roscan

Gold

Corp. 

*

3,000,000

405,031

Scottie

Resources

Corp. 

*

1,750,000

180,310

Seabridge

Gold,

Inc. 

*

30,000

280,500

Seafield

Resources,

Ltd.,

144A 

#*@∆

1,300,000

0

Southern

Gold,

Ltd. 

*

5,500,000

411,007

Strikepoint

Gold,

Inc. 

*

3,250,000

63,508

Taurus

Gold,

Ltd.,

144A 

#*@∆

2,448,381

0

TMAC

Resources,

Inc. 

*

50,000

16,343

TriStar

Gold,

Inc. 

*~

30,300,000

5,490,301

Portfolio

of

Investments

(unaudited)

22

See

notes

to

portfolios

of

investments.

March

31,

2020

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Wesdome

Gold

Mines,

Ltd. 

*

100,000

$

525,119

Wolfden

Resources

Corp. 

*

2,000,000

142,116

21,695,284

Investment

Companies

0.08%

Pinecrest

Resources,

Ltd. 

*

400,000

42,635

Medical

-

Hospitals

0.00%

African

Medical

Investments

PLC 

#*@

4,637,500

0

Metal

-

Diversified

13.22%

Adriatic

Metals

PLC 

*

500,000

302,448

Adventus

Mining

Corp. 

*

1,050,000

499,893

Argent

Minerals,

Ltd. 

*

21,100,000

172,083

Balmoral

Resources,

Ltd. 

*

400,000

98,060

Cardinal

Resources,

Ltd. 

*

7,990,975

1,600,592

Cardinal

Resources,

Ltd. 

*

5,500,000

1,133,376

Cartier

Resources,

Inc. 

*

1,000,000

63,952

Chakana

Copper

Corp. 

*~

4,750,000

388,155

Genesis

Metals

Corp. 

*

116,600

16,571

Genesis

Metals

Corp.,

144A 

#∆

583,400

82,911

Integra

Resources

Corp. 

*

350,000

211,398

Ivanhoe

Mines,

Ltd. 

*

500,000

831,379

Kaizen

Discovery,

Inc. 

*

8,000,000

270,021

Luminex

Res

Corp. 

*

150,000

67,150

New

Age

Metals,

Inc.,

144A 

#*∆

143,518

6,119

Orex

Minerals,

Inc. 

*~

6,150,000

349,606

Orsu

Metals

Corp.,

144A 

#*∆

186,922

20,588

Regulus

Resources,

Inc. 

*

100,000

44,056

Rockcliff

Metals

Corp.,

144A 

#*∆

873,333

34,131

RTG

Mining,

Inc. 

*

3,000,000

100,489

Silver

Bull

Resources,

Inc. 

*

2,500,000

135,500

Sirios

Resources,

Inc. 

*

1,500,000

90,599

Torq

Resources,

Inc. 

*

1,000,000

277,126

6,796,203

Metal

-

Iron

0.14%

Vector

Resources,

Ltd. 

#*@

10,000,000

73,812

Mining

Services

0.76%

Cordoba

Minerals

Corp. 

*

1,000,000

37,305

Major

Drilling

Group

International,

Inc. 

*

175,000

354,402

391,707

Portfolio

of

Investments

(unaudited)

23

See

notes

to

portfolios

of

investments.

March

31,

2020

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Non-Ferrous

Metals

1.06%

InZinc

Mining,

Ltd. 

*

3,000,000

$

10,658

Royal

Nickel

Corp. 

*

2,250,000

495,630

Tajiri

Resources

Corp. 

*

1,900,000

37,128

543,416

Oil

Companies

-

Exploration

&

Production

0.00%

Big

Sky

Energy

Corp. 

#*@

2,000,000

0

Optical

Recognition

Equipment

0.01%

Nexoptic

Technology

Corp.,

144A 

#*∆

12,083

2,619

Platinum

0.90%

Platinum

Group

Metals,

Ltd. 

*

350,000

462,588

Precious

Metals

19.48%

Amani

Gold,

Ltd. 

*

54,500,000

49,279

Barsele

Minerals

Corp. 

*~

7,625,000

1,435,817

Brixton

Metals

Corp. 

*

3,000,000

234,492

Candente

Gold

Corp.,

144A 

#*∆

4,875,000

51,961

Canex

Metals,

Inc. 

*

1,250,000

106,587

Corvus

Gold,

Inc. 

*

29,000

28,644

Dolly

Varden

Silver

Corp. 

*~

9,132,000

1,557,365

GFG

Resources,

Inc. 

*

4,250,000

286,897

Group

Ten

Metals,

Inc. 

*

2,044,000

225,126

Kootenay

Silver,

Inc. 

*

1,000,000

117,246

Liberty

Gold

Corp. 

*

1,600,000

989,128

Metalla

Royalty

&

Streaming,

Ltd.

187,500

792,741

Polarx

,

Ltd. 

*~

33,653,968

266,292

Roxgold

,

Inc. 

*

2,000,000

1,165,352

Silver

Viper

Minerals

Corp. 

*~

3,100,000

616,784

SilverCrest

Metals,

Inc. 

*

400,000

2,094,791

10,018,502

Retail

-

Jewelry

0.91%

Mene

,

Inc. 

*

1,600,000

466,141

Silver

Mining

0.15%

Metallic

Minerals

Corp. 

*

710,000

75,677

Total

Common

Stocks

46,518,459

(cost

$103,293,890)

Exchange

Traded

Funds

1.10%

Direxion

Daily

Gold

Miners

Index

Bull

3X

Shares

ETF 

*

60,000

408,000

Direxion

Daily

Junior

Gold

Miners

Index

Bull

3x

Shares

ETF

40,000

158,800

Total

Exchange

Traded

Funds

566,800

(cost

$3,538,021)

Portfolio

of

Investments

(unaudited)

24

See

notes

to

portfolios

of

investments.

March

31,

2020

World

Precious

Minerals

Fund

Warrants

0.02%

Exercise

Price

Exp.

Date

Shares

Value

Gold

Mineral

Exploration

&

Development

0.00%

Western

Exploration

&

Development,

Ltd.,

144A 

#*@∆

$

0.50

12/31/49

600,000

$

0

Gold

Mining

0.00%

Fiore

Gold,

Ltd. 

#*@

0.45

09/26/20

1,300,000

0

Osino

Resources

Corp.,

144A 

#*@∆

1.05

01/30/22

115,000

0

Strikepoint

Gold,

Inc.,

144A 

#*@∆

0.30

07/22/20

450,000

0

Strikepoint

Gold,

Inc.,

144A 

#*@∆

0.20

07/21/22

625,000

0

0

Retail

-

Jewelry

0.02%

Mene

,

Inc. 

#*

1.00

11/29/20

465,000

8,261

Total

Warrants

8,261

(cost

$300,000

)

Call

Options

Purchased

1.66%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Gold

Mining

1.66%

Barrick

Gold

Corp.

$

17.00

01/22

$

1,785,000

1,050

577,500

Newmont

Corp.

42.00

01/22

945,000

225

276,750

854,250

Total

Purchased

Call

Options

854,250

(premiums

paid

$700,433

)

Investments,

at

value

93.25%

47,947,770

(cost

$107,832,344

)

Other

assets

and

liabilities,

net

6.75%

3,473,358

Net

Assets

100.00%

$

51,421,128

Portfolio

of

Investments

(unaudited)

25

See

notes

to

portfolios

of

investments.

March

31,

2020

Gold

and

Precious

Metals

Fund

Common

Stocks

87.88%

Shares

Value

Advanced

Materials/Production

0.53%

Sixth

Wave

Innovations,

Inc. 

*

1,250,000

$

444,113

Diversified

Minerals

2.39%

Alkane

Resources,

Ltd. 

*

1,000,000

376,864

Calibre

Mining

Corp. 

*

2,500,000

1,065,871

Mako

Mining

Corp. 

*

2,250,000

559,582

2,002,317

Engineering/R&D

Services

0.09%

Boart

Longyear

,

Ltd. 

*

250,000

70,452

Gold

Mining

60.66%

Agnico

Eagle

Mines,

Ltd.

25,000

994,750

Alacer

Gold

Corp. 

*

350,000

1,129,112

Alamos

Gold,

Inc.

200,000

1,000,000

Alio

Gold,

Inc. 

*

700,000

348,184

AngloGold

Ashanti,

Ltd.,

ADR

100,000

1,663,000

Argonaut

Gold,

Inc. 

*

500,000

383,714

Barrick

Gold

Corp.

100,000

1,832,000

Bonterra

Resources,

Inc. 

*

150,000

87,401

Centerra

Gold,

Inc. 

*

350,000

2,081,646

Dacian

Gold,

Ltd. 

#*@

500,000

430,570

DRDGOLD,

Ltd.,

ADR

100,000

540,000

Dundee

Precious

Metals,

Inc.

500,000

1,577,489

Evolution

Mining,

Ltd.

375,000

876,427

GoGold

Resources,

Inc. 

*

1,332,500

511,298

Gold

Fields,

Ltd.,

ADR

250,000

1,187,500

Golden

Star

Resources,

Ltd. 

*

200,000

498,000

Harmony

Gold

Mining

Co.,

Ltd.,

ADR 

*

500,000

1,090,000

Horizon

Minerals,

Ltd. 

*

2,000,000

76,119

IAMGOLD

Corp. 

*

500,000

1,140,000

K92

Mining,

Inc. 

*

2,750,000

5,784,126

Kirkland

Lake

Gold,

Ltd.

90,000

2,664,000

Maverix

Metals,

Inc.

750,000

2,499,467

Newmont

Corp.

50,000

2,264,000

Northern

Star

Resources,

Ltd.

400,000

2,591,197

OceanaGold

Corp. 

*

250,000

239,821

Pantoro

,

Ltd. 

*

8,000,000

428,110

Pretium

Resources,

Inc. 

*

60,000

340,200

Ramelius

Resources,

Ltd.

750,000

460,743

Red

5,

Ltd. 

*

6,300,252

786,184

Resolute

Mining,

Ltd. 

*

2,027,272

1,005,193

Sandstorm

Gold,

Ltd. 

*

650,000

3,256,500

Silver

Lake

Resources,

Ltd. 

*

3,000,000

2,554,683

St

Barbara,

Ltd.

750,000

990,270

Teranga

Gold

Corp. 

*

250,000

1,227,528

TMAC

Resources,

Inc. 

*

100,000

32,687

Portfolio

of

Investments

(unaudited)

26

See

notes

to

portfolios

of

investments.

March

31,

2020

Gold

and

Precious

Metals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Torex

Gold

Resources,

Inc. 

*

100,000

$

968,521

Wesdome

Gold

Mines,

Ltd. 

*

600,000

3,150,714

Westgold

Resources,

Ltd. 

*

1,000,000

1,162,172

Yamana

Gold,

Inc.

375,000

1,031,250

50,884,576

Medical

-

Hospitals

0.00%

African

Medical

Investments

PLC 

#*@

2,000,000

0

Mining

Services

1.77%

Castile

Resources,

Ltd. 

*

1,500,000

69,199

Major

Drilling

Group

International,

Inc. 

*

700,000

1,417,608

1,486,807

Non

-

Ferrous

Metals

0.35%

Energy

Fuels,

Inc./Canada 

*

250,000

295,000

Platinum

1.24%

Impala

Platinum

Holdings,

Ltd. 

*

250,000

1,041,654

Precious

Metals

14.21%

1911

Gold

Corp. 

*

406,250

92,376

Americas

Gold

&

Silver

Corp. 

*

400,000

608,257

EMX

Royalty

Corp. 

*

1,100,000

1,485,113

Great

Panther

Mining,

Ltd. 

*

1,000,000

308,200

Metalla

Royalty

&

Streaming,

Ltd.

325,000

1,374,085

Roxgold

,

Inc. 

*

4,000,000

2,330,704

Sailfish

Royalty

Corp. 

*

300,000

170,539

SSR

Mining,

Inc. 

*

125,000

1,422,500

Wheaton

Precious

Metals

Corp.

150,000

4,129,500

11,921,274

Retail

-

Jewelry

2.16%

Mene

,

Inc. 

*

500,000

145,669

Mene

,

Inc.,

144A 

#∆

5,714,285

1,664,789

1,810,458

Silver

Mining

4.48%

Excellon

Resources,

Inc. 

*

500,000

195,409

Pan

American

Silver

Corp.

125,000

1,791,250

Santacruz

Silver

Mining,

Ltd. 

*

5,000,000

301,997

Silvercorp

Metals,

Inc.

450,000

1,471,500

3,760,156

Total

Common

Stocks

73,716,807

(cost

$76,407,642)

Portfolio

of

Investments

(unaudited)

27

See

notes

to

portfolios

of

investments.

March

31,

2020

Gold

and

Precious

Metals

Fund

Corporate

Non-Convertible

Bond

0.00%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Coal

0.00%

Caribbean

Resources

Corp. 

#@^

19.25

06/15/15

$

485,766

$

0

(cost

$485,766)

Corporate

Non-Convertible

Notes

2.36%

Gold

Mining

2.36%

Gran

Colombia

Gold

Corp.

8.25

04/30/24

1,880,817

1,980,500

(cost

$1,885,155)

Exchange

Traded

Funds

1.45%

Shares

Direxion

Daily

Gold

Miners

Index

Bull

3X

Shares

ETF 

*

138,000

938,400

Direxion

Daily

Junior

Gold

Miners

Index

Bull

3x

Shares

ETF

70,000

277,900

Total

Exchange

Traded

Funds

1,216,300

(cost

$5,750,783)

Warrants

0.03%

Exercise

Price

Exp.

Date

Gold

Mining

0.00%

GoGold

Resources,

Inc.,

144A 

#*@∆

$

0.85

02/25/22

325,000

0

Silver

Mining

0.03%

Excellon

Resources,

Inc. 

*

1.40

08/27/21

375,000

21,318

Total

Warrants

21,318

(cost

$0

)

Call

Options

Purchased

2.69%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Gold

Mining

2.69%

Barrick

Gold

Corp.

$

17.00

01/22

$

2,805,000

1,650

907,500

Newmont

Corp.

42.00

01/22

4,620,000

1,100

1,353,000

2,260,500

Total

Purchased

Call

Options

2,260,500

(premiums

paid

$1,434,252

)

Investments,

at

value

94.41%

79,195,425

(cost

$85,963,598

)

Other

assets

and

liabilities,

net

5.59%

4,688,046

Net

Assets

100.00%

$

83,883,471

Portfolio

of

Investments

(unaudited)

28

See

notes

to

portfolios

of

investments.

March

31,

2020

Emerging

Europe

Fund

Common

Stocks

68.67%

Shares

Value

Agricultural

Chemicals

0.73%

PhosAgro

PJSC,

GDR

14,000

$

148,121

Airlines

0.88%

Aegean

Airlines

SA

12,500

56,469

Aeroflot

PJSC

75,000

64,065

Deutsche

Lufthansa

AG

2,000

18,706

Pegasus

Hava

Tasimaciligi

AS 

*

2,800

14,383

Wizz

Air

Holdings

PLC 

*

950

26,739

180,362

Apparel

Manufacturers

0.55%

Burberry

Group

PLC

2,200

35,761

Christian

Dior

SE

85

29,627

Hermes

International

35

23,814

Kering

SA

45

23,464

112,666

Appliances

0.22%

Vestel

Beyaz

Esya

Sanayi

ve

Ticaret

AS

18,670

45,732

Athletic

Footwear

0.15%

adidas

AG

140

31,084

Automotive

-

Cars

&

Light

Trucks

0.29%

Ford

Otomotiv

Sanayi

AS

4,800

35,644

Tofas

Turk

Otomobil

Fabrikasi

AS

9,800

24,343

59,987

Automotive

-

Medium

&

Heavy

Duty

Trucks

0.23%

Otokar

Otomotiv

Ve

Savunma

Sanayi

A.S.

3,000

47,060

Automotive/Truck

Parts

&

Equipment

-

Original

0.15%

EGE

Endustri

VE

Ticaret

AS

400

29,945

Beverages

-

Non-alcoholic

0.23%

Coca-Cola

Icecek

AS

8,900

47,237

Brewery

0.13%

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS

10,000

25,910

Building

-

Heavy

Construction

0.99%

Budimex

SA

1,000

38,179

Mytilineos

SA

24,700

165,084

203,263

Portfolio

of

Investments

(unaudited)

29

See

notes

to

portfolios

of

investments.

March

31,

2020

Emerging

Europe

Fund

Common

Stocks (cont’d)

Shares

Value

Building

&

Construction

Products

-

Miscellaneous

1.36%

Enka

Insaat

ve

Sanayi

AS

73,000

$

68,603

Tekfen

Holding

AS

109,600

209,729

278,332

Cellular

Telecommunication

2.05%

Mobile

TeleSystems

PJSC,

ADR

18,200

138,320

PLAY

Communications

SA

15,200

106,585

Turkcell

Iletisim

Hizmetleri

AS

94,000

174,595

419,500

Commercial

Banks

Non-US

10.98%

Alpha

Bank

AE 

*

136,200

100,818

Banca

Transilvania

SA

145,220

59,750

Bank

Polska

Kasa

Opieki

SA

7,800

104,541

Eurobank

Ergasias

Services

and

Holdings

SA 

*

242,000

101,253

National

Bank

of

Greece

SA 

*

55,800

73,620

OTP

Bank

Nyrt

1,500

43,027

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

29,450

159,854

Sberbank

of

Russia

PJSC,

ADR

142,750

1,341,850

Turkiye

Garanti

Bankasi

AS 

*

130,000

159,437

Yapi

ve

Kredi

Bankasi

AS 

*

345,000

98,140

2,242,290

Commercial

Services

-

Finance

0.18%

QIWI

plc,

ADR

3,500

37,485

Computer

Services

0.06%

DXC

Technology

Co.

1,000

13,050

Diversified

Operations

0.95%

Haci

Omer

Sabanci

Holding

AS

78,000

87,940

KOC

Holding

AS

52,000

105,146

193,086

Electric

-

Distribution

0.52%

Enerjisa

Enerji

AS

103,000

105,324

Electric

-

Generation

0.88%

Inter

RAO

UES

PJSC

2,911,000

179,067

Electronics

-

Military

0.17%

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

10,000

35,445

Entertainment

Software

1.13%

CD

Projekt

SA

3,350

230,719

Finance

-

Other

Services

0.66%

Moscow

Exchange

MICEX-RTS

PJSC

110,000

135,065

Portfolio

of

Investments

(unaudited)

30

See

notes

to

portfolios

of

investments.

March

31,

2020

Emerging

Europe

Fund

Common

Stocks (cont’d)

Shares

Value

Food

-

Retail

3.70%

BIM

Birlesik

Magazalar

AS

12,600

$

95,673

Dino

Polska

SA 

*

3,250

126,422

Magnit

PJSC,

GDR

7,000

61,752

Migros

Ticaret

AS 

*

27,700

94,606

Sok

Marketler

Ticaret

AS 

*

77,000

108,307

X5

Retail

Group

NV,

GDR

10,050

268,536

755,296

Food

-

Wholesale/Distribution

1.39%

Eurocash

SA

69,400

283,866

Gold

Mining

2.40%

Alacer

Gold

Corp. 

*

25,000

80,651

Highland

Gold

Mining,

Ltd.

40,000

96,531

Polyus

PJSC,

GDR

4,600

312,170

489,352

Machinery

-

Farm

0.06%

Turk

Traktor

ve

Ziraat

Makineleri

AS

2,000

11,942

Machinery

-

General

Industrial

0.15%

ANDRITZ

AG 

*

1,000

31,330

Metal

-

Diversified

3.98%

MMC

Norilsk

Nickel

PJSC,

ADR

31,650

767,829

Orsu

Metals

Corp.,

144A 

#*∆

402,500

44,331

812,160

Metal

-

Iron

0.84%

Novolipetsk

Steel

PJSC,

GDR

11,000

170,995

Multi-line

Insurance

0.28%

Allianz

SE

168

28,610

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

1,550

29,236

57,846

Oil

Companies

-

Exploration

&

Production

1.34%

Novatek

PJSC,

GDR

2,025

234,900

Societatea

Nationala

de

Gaze

Naturale

ROMGAZ

SA

6,100

38,662

273,562

Oil

Companies

-

Integrated

18.66%

Gazprom

Neft

PJSC,

ADR

1,550

30,985

Gazprom

PJSC,

ADR

328,300

1,488,755

LUKOIL

PJSC,

ADR

22,320

1,320,451

MOL

Hungarian

Oil

&

Gas

PLC

27,610

162,011

OMV

Petrom

SA

1,318,000

86,005

Rosneft

Oil

Co.

PJSC,

GDR

22,000

88,553

Portfolio

of

Investments

(unaudited)

31

See

notes

to

portfolios

of

investments.

March

31,

2020

Emerging

Europe

Fund

Common

Stocks (cont’d)

Shares

Value

Oil

Companies

-

Integrated

(cont’d)

Surgutneftegas

PJSC,

ADR

65,750

$

273,520

Tatneft

PJSC,

ADR

9,560

362,324

3,812,604

Oil

Refining

&

Marketing

2.68%

Aygaz

AS

42,000

53,071

Hellenic

Petroleum

SA

22,500

130,067

Motor

Oil

Hellas

Corinth

Refineries

SA

8,000

97,645

Polski

Koncern

Naftowy

ORLEN

SA

8,950

119,767

Tupras

Turkiye

Petrol

Rafinerileri

AS

12,900

146,808

547,358

Precious

Metals

0.92%

Polymetal

International

PLC

11,000

188,270

Property/Casualty

Insurance

0.85%

Powszechny

Zaklad

Ubezpieczen

SA

23,200

174,278

Retail

-

Apparel/Shoe

1.00%

CCC

SA

9,300

66,753

HUGO

BOSS

AG

1,550

38,800

Industria

de

Diseno

Textil

SA

2,500

64,784

Moncler

SpA

950

34,522

204,859

Retail

-

Jewelry

0.25%

Pandora

A/S

1,615

51,892

Retail

-

Major

Dept

Store

0.48%

Detsky

Mir

PJSC

85,000

97,591

Steel

-

Producers

2.82%

Eregli

Demir

ve

Celik

Fabrikalari

TAS

133,500

151,270

Evraz

PLC

62,000

177,390

Magnitogorsk

Iron

&

Steel

Works

PJSC,

GDR

22,900

141,430

Severstal

PJSC,

GDR

9,500

105,366

575,456

Telecom

Services

0.88%

O2

Czech

Republic

AS

6,400

58,229

Sistema

PJSFC,

GDR

30,000

98,301

Turk

Telekomunikasyon

AS 

*

22,700

22,984

179,514

Telephone

-

Integrated

1.37%

Hellenic

Telecommunications

Organization

SA

10,650

128,743

Magyar

Telekom

Telecommunications

PLC

135,000

150,340

279,083

Portfolio

of

Investments

(unaudited)

32

See

notes

to

portfolios

of

investments.

March

31,

2020

Emerging

Europe

Fund

Common

Stocks (cont’d)

Shares

Value

Textile

-

Apparel

0.38%

LPP

SA

61

$

76,722

Transportation

-

Rail

0.12%

Globaltrans

Investment

PLC,

GDR

4,499

23,614

Transportation

-

Services

0.41%

Celebi

Hava

Servisi

AS

7,050

61,720

Oesterreichische

Post

AG

620

22,117

83,837

Web

Portals/ISP

0.22%

Yandex

NV,

Class A 

*

1,300

44,265

Total

Common

Stocks

14,026,422

(cost

$17,025,627)

Exchange

Traded

Fund

1.71%

Direxion

Daily

Russia

Bear

3x

Shares

ETF 

#*@

38,500

349,965

(cost

$407,684)

Put

Option

Purchased

0.10%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Country

Fund-Russia

0.10%

VanEck

Vectors

Russia

ETF

$

15.00

05/20

$

500,400

300

20,700

(premiums

paid

$31,837

)

Investments,

at

value

70.48%

14,397,087

(cost

$17,465,148

)

Other

assets

and

liabilities,

net

29.52%

6,029,900

Net

Assets

100.00%

$

20,426,987

Portfolio

of

Investments

(unaudited)

33

See

notes

to

portfolios

of

investments.

March

31,

2020

China

Region

Fund

Common

Stocks

86.83%

Shares

Value

Airlines

0.39%

AirAsia

Group

Bhd

250,000

$

45,614

Apparel

Manufacturers

0.14%

Crystal

International

Group,

Ltd.

55,000

16,895

Athletic

Footwear

0.07%

Feng

TAY

Enterprise

Co.,

Ltd.

2,000

8,566

Audio/Video

Products

0.24%

TCL

Electronics

Holdings,

Ltd.

68,000

28,238

Automotive

-

Cars

&

Light

Trucks

0.08%

BAIC

Motor

Corp.,

Ltd.

23,000

9,047

Automotive/Truck

Parts

&

Equipment

-

Replacement

4.41%

Weichai

Power

Co.,

Ltd.

325,000

517,690

Batteries/Battery

Systems

1.25%

Tianneng

Power

International,

Ltd.

198,000

146,324

Broadcast

Service/Program

0.06%

Global

Mediacom

Tbk

PT 

*

580,900

6,857

Building

-

Heavy

Construction

0.18%

China

Tower

Corp.,

Ltd.

96,000

21,331

Building

&

Construction

Products

-

Miscellaneous

0.22%

China

National

Building

Material

Co.,

Ltd.

18,000

19,337

HDC

Holdings

Co.,

Ltd. 

*

267

1,609

HDC

Hyundai

Development

Co.-Engineering

&

Construction

374

4,755

25,701

Building

Products

-

Cement

2.22%

Anhui

Conch

Cement

Co.,

Ltd.

35,500

243,872

West

China

Cement,

Ltd.

110,000

16,914

260,786

Casino

Hotels

0.14%

NagaCorp

,

Ltd.

16,000

16,197

Chemicals

-

Diversified

0.10%

China

Risun

Group,

Ltd.

42,000

11,907

Chemicals

-

Fibers

0.05%

Indorama

Ventures

PCL,

NVDR

9,700

6,279

Portfolio

of

Investments

(unaudited)

34

See

notes

to

portfolios

of

investments.

March

31,

2020

China

Region

Fund

Common

Stocks (cont’d)

Shares

Value

Chemicals

-

Specialty

0.22%

Fufeng

Group,

Ltd.

33,000

$

11,279

Huabao

International

Holdings,

Ltd.

40,000

14,463

25,742

Coal

0.26%

Adaro

Energy

Tbk

PT

121,700

7,272

China

Coal

Energy

Co.,

Ltd.

38,000

10,452

Yanzhou

Coal

Mining

Co.,

Ltd.

16,000

12,394

30,118

Commercial

Banks

Non-US

1.44%

Bank

Mandiri

Persero

Tbk

PT

69,300

19,703

Industrial

&

Commercial

Bank

of

China,

Ltd.,

H

Shares

196,000

133,707

Kasikornbank

PCL,

NVDR

3,100

8,622

The

Siam

Commercial

Bank

PCL,

NVDR

3,500

7,361

169,393

Computers

-

Integrated

System

0.11%

PAX

Global

Technology,

Ltd. 

*

33,000

12,378

Consumer

Products

-

Miscellaneous

0.00%

Tongda

Hong

Tai

Holdings,

Ltd. 

*

2,000

175

Diversified

Financial

Services

0.28%

China

Galaxy

Securities

Co.,

Ltd.,

H

Shares

68,000

32,633

E-Commerce/Services

0.16%

King

Slide

Works

Co.,

Ltd.

2,000

19,228

Electronic

Components

-

Miscellaneous

1.86%

Micro-Star

International

Co.,

Ltd.

16,000

46,765

Radiant

Opto

-Electronics

Corp.

9,000

23,289

Simplo

Technology

Co.,

Ltd.

13,000

113,149

Venture

Corp.,

Ltd.

3,700

35,247

218,450

Engineering/R&D

Services

2.72%

KEPCO

Plant

Service

&

Engineering

Co.,

Ltd.

13,105

311,349

Samsung

Engineering

Co.,

Ltd. 

*

883

7,275

318,624

Enterprise

Software/Services

0.20%

Sinosoft

Technology

Group,

Ltd.

151,000

22,931

Entertainment

Software

0.11%

iDreamSky

Technology

Holdings,

Ltd. 

*

20,000

12,912

Portfolio

of

Investments

(unaudited)

35

See

notes

to

portfolios

of

investments.

March

31,

2020

China

Region

Fund

Common

Stocks (cont’d)

Shares

Value

Finance

-

Investment

Banker/Broker

0.11%

China

International

Capital

Corp.,

Ltd.

8,000

$

12,804

Food

-

Dairy

Products

2.00%

China

Mengniu

Dairy

Co.,

Ltd.

68,000

234,513

Food

-

Miscellaneous/Diversified

16.05%

Standard

Foods

Corp.

138,000

278,439

Yihai

International

Holding,

Ltd.

213,000

1,604,422

1,882,861

Gas

-

Distribution

0.27%

ENN

Energy

Holdings,

Ltd.

3,300

31,968

Life/Health

Insurance

0.42%

China

Life

Insurance

Co.,

Ltd.

6,000

11,586

China

Pacific

Insurance

Group

Co.,

Ltd.

3,800

11,378

New

China

Life

Insurance

Co.,

Ltd.

8,700

26,789

49,753

Medical

-

Drugs

4.53%

Consun

Pharmaceutical

Group,

Ltd.

24,000

10,765

Luye

Pharma

Group,

Ltd.

56,000

26,984

Sino

Biopharmaceutical,

Ltd.

299,000

390,218

YiChang

HEC

ChangJiang

Pharmaceutical

Co.,

Ltd.

22,000

102,939

530,906

Multi-line

Insurance

6.58%

Ping

An

Insurance

Group

Co.

of

China,

Ltd.,

H

Shares

79,000

771,535

Multimedia

1.51%

Media

Nusantara

Citra

Tbk

PT

3,210,500

177,383

Non-Ferrous

Metals

0.00%

Sterling

Group

Ventures,

Inc.,

144A 

#*@∆

500,000

0

Oil

Companies

-

Exploration

&

Production

0.22%

United

Energy

Group,

Ltd. 

*

134,000

25,796

Oil

Field

Machinery

&

Equipment

0.06%

CIMC

Enric

Holdings,

Ltd.

18,000

7,317

Real

Estate

Operating/Development

30.08%

Central

China

Real

Estate,

Ltd.

814,000

411,574

China

Vanke

Co.,

Ltd.,

H

Shares 

*

41,800

136,137

Country

Garden

Holdings

Co.,

Ltd.

466,000

557,111

Country

Garden

Services

Holdings

Co.,

Ltd.

154,586

622,022

Greenland

Hong

Kong

Holdings,

Ltd.

724,000

273,796

KWG

Group

Holdings,

Ltd.

110,000

154,130

Portfolio

of

Investments

(unaudited)

36

See

notes

to

portfolios

of

investments.

March

31,

2020

China

Region

Fund

Common

Stocks (cont’d)

Shares

Value

Real

Estate

Operating/Development

(cont’d)

Longfor

Group

Holdings,

Ltd.

145,000

$

697,870

Shimao

Property

Holdings,

Ltd.

117,000

405,478

Shun

Tak

Holdings,

Ltd.

82,000

27,723

Sunac

China

Holdings,

Ltd.

53,000

241,720

3,527,561

Reinsurance

0.09%

China

Reinsurance

Group

Corp.

90,000

10,369

Retail

-

Apparel/Shoe

2.83%

ANTA

Sports

Products,

Ltd.

43,000

312,038

Li

Ning

Co.,

Ltd.

7,000

20,138

332,176

Schools

1.56%

China

Kepei

Education

Group,

Ltd.

60,000

31,200

China

Maple

Leaf

Educational

Systems,

Ltd.

40,000

12,247

China

New

Higher

Education

Group,

Ltd.

39,000

14,148

China

Yuhua

Education

Corp.,

Ltd.

170,000

124,711

182,306

Semiconductor

Components

-

Integrated

Circuit

3.43%

Realtek

Semiconductor

Corp.

56,000

402,018

Tobacco

0.08%

Gudang

Garam

Tbk

PT

3,900

9,799

Transport

Support

Services

0.10%

Kerry

Logistics

Network,

Ltd.

9,000

11,092

Total

Common

Stocks

10,184,173

(cost

$9,195,389)

Right

0.00%

Electronic

Components

-

Miscellaneous

0.00%

Simplo

Technology

Co.,

Ltd. 

#*@

448

0

(cost

$0)

Exchange

Traded

Fund

1.48%

Direxion

Daily

FTSE

China

Bull

3X

Shares

ETF

15,000

174,000

(cost

$183,033)

Investments,

at

value

88.31%

10,358,173

(cost

$9,378,422

)

Other

assets

and

liabilities,

net

11.69%

1,371,085

Net

Assets

100.00%

$

11,729,258

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2020

37

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

March

31,

2020.

◊

Zero

coupon

bond.

Interest

rate

presented

is

yield

to

maturity.

‡

Adjustable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

the

current

interest

rates.

Rate

presented

is

as

of

March

31,

2020.

*

Non-income

producing

security.

@

Security

was

fair

valued

at

March

31,

2020,

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

March

31,

2020,

were

0.31%

of

Holmes

Macro

Trends

Fund,

2.47%

of

Global

Resources

Fund,

0.18%

of

World

Precious

Minerals

Fund,

0.51%

of

Gold

And

Precious

Metals

Fund,

1.71%

of

Emerging

Europe

Fund

and

0.00%

of

China

Region

Fund,

respectively.

See

the

Fair

Valuation

of

Securities

section

of

these

Notes

to

Portfolios

of

Investments

for

further

discussion

of

fair

valued

securities.

See

further

information

and

detail

on

restricted

securities

in

the

Restricted

Securities

section

of

these

Notes

to

Portfolios

of

Investments.

#

Illiquid

Security.

∆

Pursuant

to

Rule

144A

of

the

Securities

Act

of

1933,

these

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

The

market

value

of

these

securities

and

percentage

of

net

assets

as

of

March

31,

2020

amounted

to

$67,772,

0.27%,

of

Holmes

Macro

Trends

Fund,

$762,672,

2.26%,

of

Global

Resources

Fund,

$241,890,

0.47%,

of

World

Precious

Minerals

Fund,

$1,664,789,

1.98%,

of

Gold

And

Precious

Metals

Fund,

$44,331,

0.22%,

of

Emerging

Europe

Fund

and

$0,

0.00%,

of

China

Region

Fund.

+

See

"Restricted

Securities"

in

Notes

to

Portfolios

of

Investments.

~

Affiliated

Company.

(see

following)

^

Security

is

currently

in

default

and

is

on

scheduled

interest

or

principal

payment.

ADR

American

Depositary

Receipt

AGC

Assured

Guaranty

Corporation

AGM

Assured

Guaranty

Municipal

AMBAC

American

Municipal

Bond

Assurance

Corporation

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

GDR

Global

Depositary

Receipt

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

LP

Limited

Partnership

MTN

Medium

Term

Note

NVDR

Non-Voting

Depositary

Receipt

PCL

Public

Company

Limited

PJSC

Public

Joint

Stock

Company

PLC

Public

Limited

Company

PSF-GTD

Public

School

Fund

Guarantee

Q-SBLF

Qualified

School

Bond

Loan

Fund

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor’s

SPDR

Standard

&

Poor’s

Depositary

Receipt

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2020

38

Fair

Valuation

of

Securities

For

the

Funds’

policies

regarding

the

valuation

of

investments

and

other

significant

accounting

policies,

please

refer

to

the

Notes

to

Financial

Statements.

The

Funds

are

required

to

disclose

information

regarding

the

fair

value

measurements

of

a

Fund’s

assets

and

liabilities.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

measurement

requirements

established

a

three-tier

hierarchy

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Inputs

refer

broadly

to

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability,

including

assumptions

about

risk,

for

example,

the

risk

inherent

in

a

particular

valuation

technique

used

to

measure

fair

value

including

such

a

pricing

model

and/or

the

risk

inherent

in

the

inputs

to

the

valuation

technique.

Inputs

may

be

observable

or

unobservable.

Observable

inputs

are

inputs

that

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

inputs

that

reflect

the

reporting

entity’s

own

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

the

best

information

available

in

the

circumstances.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Because

of

the

inherent

uncertainties

of

valuation,

the

values

reflected

in

the

portfolios

may

materially

differ

from

the

values

received

upon

actual

sale

of

those

investments.

The

three

levels

defined

by

the

fair

value

hierarchy

are

as

follows:

Level

1

–

Quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

determined

using

significant

other

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Short-term

securities

with

maturities

of

sixty

days

or

less

are

valued

at

amortized

cost,

which

approximates

market

value,

and

are

categorized

as

Level

2

in

the

hierarchy.

Municipal

securities,

long-

term

U.S.

government

obligations

and

corporate

debt

securities

are

valued

in

accordance

with

the

evaluated

price

supplied

by

a

pricing

service

and

generally

categorized

as

Level

2

in

the

hierarchy.

Other

securities

that

are

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

warrants

that

do

not

trade

on

an

exchange,

securities

valued

at

the

mean

between

the

last

reported

bid

and

ask

quotation

and

international

equity

securities

valued

by

an

independent

third

party

in

order

to

adjust

for

stale

pricing.

Level

3

–

Prices

determined

using

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions).

For

restricted

equity

securities

and

private

placements

where

observable

inputs

are

limited,

assumptions

about

market

activity

and

risk

are

used

in

determining

fair

value.

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2020

39

The

following

table

summarizes

the

valuation

of

each

Fund’s

securities

as

of

March

31,

2020,

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

$

–‌

$

35,713,897‌

$

–‌

$

35,713,897‌

Exchange

Traded

Fund

2,019,816‌

–‌

–‌

2,019,816‌

Investments,

at

Value

$

2,019,816‌

$

35,713,897‌

$

–‌

$

37,733,713‌

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

$

–‌

$

34,251,861‌

$

–‌

$

34,251,861‌

Exchange

Traded

Funds

4,381,150‌

–‌

–‌

4,381,150‌

Investments,

at

Value

$

4,381,150‌

$

34,251,861‌

$

–‌

$

38,633,011‌

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

All

American

Equity

Fund

Investments

in

Securities*

Common

Stocks

Building

-

Residential/

Commercial

$

191,454‌

$

–‌

$

–‌

$

191,454‌

Coatings/Paint

238,491‌

–‌

–‌

238,491‌

Commercial

Banks

-

Eastern

US

112,879‌

–‌

–‌

112,879‌

Commercial

Services

206,998‌

–‌

–‌

206,998‌

Commercial

Services

-

Finance

266,526‌

–‌

–‌

266,526‌

Computers

268,785‌

–‌

–‌

268,785‌

Cosmetics

&

Toiletries

281,076‌

–‌

–‌

281,076‌

Electric

-

Integrated

241,836‌

–‌

–‌

241,836‌

Electronic

Components

-

Semiconductors

302,540‌

–‌

–‌

302,540‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2020

40

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

All

American

Equity

Fund

(continued)

Investments

in

Securities*

(continued)

Enterprise

Software/

Services

$

314,677‌

$

–‌

$

–‌

$

314,677‌

E-Services/Consulting

195,027‌

–‌

–‌

195,027‌

Finance

-

Credit

Card

229,596‌

–‌

–‌

229,596‌

Finance

-

Investment

Banker/Broker

262,236‌

–‌

–‌

262,236‌

Food

-

Retail

212,165‌

–‌

–‌

212,165‌

Machinery

-

Construction

&

Mining

351,137‌

–‌

–‌

351,137‌

Medical

-

Drugs

241,053‌

–‌

–‌

241,053‌

Medical

-

HMO

244,642‌

–‌

–‌

244,642‌

Medical

-

Hospitals

364,551‌

–‌

–‌

364,551‌

Oil

Companies

-

Exploration

&

Production

104,240‌

–‌

–‌

104,240‌

REITS

-

Diversified

233,428‌

–‌

–‌

233,428‌

Retail

-

Building

Products

249,444‌

–‌

–‌

249,444‌

Retail

-

Discount

212,137‌

–‌

–‌

212,137‌

Retail

-

Gardening

Products

304,549‌

–‌

–‌

304,549‌

Retail

-

Restaurants

234,301‌

–‌

–‌

234,301‌

Shipbuilding

243,250‌

–‌

–‌

243,250‌

Super-Regional

Banks

-

US

268,001‌

–‌

–‌

268,001‌

Corporate

Non-Convertible

Note

–‌

283,966‌

–‌

283,966‌

Purchased

Call

Options

69,870‌

141,450‌

–‌

211,320‌

Investments,

at

Value

$

6,444,889‌

$

425,416‌

$

–‌

$

6,870,305‌

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Holmes

Macro

Trends

Fund

Investments

in

Securities*

Common

Stocks

Airlines

$

240,799‌

$

–‌

$

–‌

$

240,799‌

Building

-

Residential/

Commercial

343,772‌

–‌

–‌

343,772‌

Building

&

Construction

Products

-

Miscellaneous

573,031‌

–‌

–‌

573,031‌

Chemicals

-

Specialty

803,893‌

–‌

–‌

803,893‌

Commercial

Services

-

Finance

609,929‌

–‌

–‌

609,929‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2020

41

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Holmes

Macro

Trends

Fund

(continued)

Investments

in

Securities*

(continued)

Consumer

Products

-

Miscellaneous

$

796,973‌

$

–‌

$

–‌

$

796,973‌

Data

Processing/

Management

548,863‌

–‌

–‌

548,863‌

Decision

Support

Software

1,223,457‌

–‌

–‌

1,223,457‌

Diagnostic

Kits

660,104‌

–‌

–‌

660,104‌

Distribution/Wholesale

563,156‌

–‌

–‌

563,156‌

Energy

-

Alternate

Sources

–‌

–‌

0‌

0‌

Finance

-

Consumer

Loans

295,031‌

–‌

–‌

295,031‌

Footwear

&

Related

Apparel

372,336‌

–‌

–‌

372,336‌

Home

Furnishings

296,485‌

–‌

–‌

296,485‌

Information

Technology

–‌

–‌

59,689‌

59,689‌

Investment

Management/

Advisory

Services

742,201‌

–‌

–‌

742,201‌

Machinery

Tools

&

Related

Products

535,233‌

–‌

–‌

535,233‌

Medical

-

Biomedical/

Genetics

702,817‌

–‌

–‌

702,817‌

Medical

-

Drugs

1,121,435‌

–‌

–‌

1,121,435‌

Medical

-

Hospitals

–‌

–‌

0‌

0‌

Metal

-

Diversified

166,276‌

–‌

–‌

166,276‌

Oil

-

Field

Services

261,808‌

–‌

–‌

261,808‌

Oil

Companies

-

Exploration

&

Production

516,690‌

–‌

–‌

516,690‌

Real

Estate

Operating/

Development

–‌

–‌

19,535‌

19,535‌

REITS

-

Diversified

580,775‌

–‌

–‌

580,775‌

Retail

-

Building

Products

1,431,505‌

–‌

–‌

1,431,505‌

Retail

-

Pet

Food

&

Supplies

653,651‌

–‌

–‌

653,651‌

Vitamins

&

Nutrition

Products

425,633‌

–‌

–‌

425,633‌

Web

Hosting/Design

607,982‌

–‌

–‌

607,982‌

Corporate

Non-Convertible

Note

–‌

723,840‌

–‌

723,840‌

Warrants

Information

Technology

–‌

–‌

0‌

0‌

Oil

Companies

-

Exploration

&

Production

444‌

–‌

–‌

444‌

Purchased

Call

Options

171,630‌

61,500‌

–‌

233,130‌

Investments,

at

Value

15,245,909‌

785,340‌

79,224‌

16,110,473‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2020

42

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

Agricultural

Chemicals

$

830,260‌

$

–‌

$

–‌

$

830,260‌

Building

&

Construction

Products

-

Miscellaneous

171,800‌

–‌

–‌

171,800‌

Building

Products

-

Wood

118,312‌

–‌

–‌

118,312‌

Coal

–‌

–‌

0‌

0‌

Containers

-

Metal/Glass

226,310‌

–‌

–‌

226,310‌

Containers

-

Paper/Plastic

–‌

372,519‌

–‌

372,519‌

Diamonds/Precious

Stones

95,928‌

–‌

0‌

95,928‌

Diversified

Minerals

2,187,273‌

–‌

–‌

2,187,273‌

Electric

-

Integrated

312,300‌

418,614‌

–‌

730,914‌

Energy

-

Alternate

Sources

556,850‌

1,330,122‌

0‌

1,886,972‌

Finance

-

Investment

Banker/Broker

400,767‌

–‌

–‌

400,767‌

Food

-

Miscellaneous/

Diversified

528,500‌

–‌

–‌

528,500‌

Forestry

111,206‌

–‌

–‌

111,206‌

Gold

Mining

4,867,912‌

–‌

0‌

4,867,912‌

Independent

Power

Producer

669,000‌

–‌

–‌

669,000‌

Information

Technology

–‌

–‌

373,055‌

373,055‌

Medical

-

Hospitals

–‌

–‌

0‌

0‌

Metal

-

Copper

178,818‌

–‌

–‌

178,818‌

Metal

-

Diversified

2,214,523‌

411,442‌

–‌

2,625,965‌

Metal

-

Iron

666,182‌

674,105‌

0‌

1,340,287‌

Mining

Services

335,749‌

–‌

–‌

335,749‌

Natural

Resource

Technology

–‌

–‌

120,741‌

120,741‌

Non-Ferrous

Metals

7,106‌

–‌

0‌

7,106‌

Oil

-

Field

Services

137,000‌

–‌

–‌

137,000‌

Oil

Companies

-

Exploration

&

Production

753,537‌

693,082‌

–‌

1,446,619‌

Oil

Companies

-

Integrated

2,844,401‌

–‌

–‌

2,844,401‌

Oil

Companies

-

US

Royalty

Trusts

4,200‌

–‌

–‌

4,200‌

Oil

Refining

&

Marketing

688,925‌

–‌

–‌

688,925‌

Paper

&

Related

Products

452,664‌

845,583‌

–‌

1,298,247‌

Platinum

339,905‌

–‌

–‌

339,905‌

Precious

Metals

1,712,349‌

–‌

–‌

1,712,349‌

Real

Estate

Operating/

Development

–‌

–‌

340,914‌

340,914‌

REITS

-

Diversified

431,650‌

–‌

–‌

431,650‌

Retail

-

Jewelry

101,968‌

–‌

–‌

101,968‌

Steel

-

Producers

1,051,747‌

–‌

–‌

1,051,747‌

Water

295,200‌

–‌

–‌

295,200‌

Corporate

Non-Convertible

Note

–‌

1,295,594‌

–‌

1,295,594‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2020

43

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Global

Resources

Fund

(continued)

Investments

in

Securities*

(continued)

Exchange

Traded

Funds

$

100,970‌

$

–‌

$

–‌

$

100,970‌

Warrants

Electronics

-

Military

–‌

0‌

–‌

0‌

Gold

Mining

–‌

0‌

–‌

0‌

Metal

-

Diversified

–‌

0‌

–‌

0‌

Oil

Companies

-

Exploration

&

Production

1,777‌

–‌

–‌

1,777‌

Investment

Company

3,333‌

–‌

–‌

3,333‌

Publically

Traded

Partnerships

192,064‌

–‌

–‌

192,064‌

Purchased

Call

Options

440,000‌

184,725‌

–‌

624,725‌

Investments,

at

Value

24,030,486‌

6,225,786‌

834,710‌

31,090,982‌

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

$

2,700,206‌

$

–‌

$

–‌

$

2,700,206‌

Capital

Pools

477,510‌

–‌

–‌

477,510‌

Coal

–‌

–‌

0‌

0‌

Diamonds/Precious

Stones

439,672‌

–‌

0‌

439,672‌

Diversified

Minerals

2,231,135‌

89,983‌

0‌

2,321,118‌

Finance

-

Investment

Banker/Broker

11,369‌

–‌

–‌

11,369‌

Gold

Mining

19,852,123‌

1,823,970‌

19,191‌

21,695,284‌

Investment

Companies

42,635‌

–‌

–‌

42,635‌

Medical

-

Hospitals

–‌

–‌

0‌

0‌

Metal

-

Diversified

4,620,591‌

2,175,612‌

–‌

6,796,203‌

Metal

-

Iron

73,812‌

–‌

–‌

73,812‌

Mining

Services

391,707‌

–‌

–‌

391,707‌

Non-Ferrous

Metals

543,416‌

–‌

–‌

543,416‌

Oil

Companies

-

Exploration

&

Production

–‌

–‌

0‌

0‌

Optical

Recognition

Equipment

2,619‌

–‌

–‌

2,619‌

Platinum

462,588‌

–‌

–‌

462,588‌

Precious

Metals

9,702,931‌

315,571‌

–‌

10,018,502‌

Retail

-

Jewelry

466,141‌

–‌

–‌

466,141‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2020

44

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

World

Precious

Minerals

Fund

(continued)

Investments

in

Securities*

(continued)

Silver

Mining

$

75,677‌

$

–‌

$

–‌

$

75,677‌

Exchange

Traded

Funds

566,800‌

–‌

–‌

566,800‌

Warrants

Gold

Mineral

Exploration

&

Development

–‌

–‌

0‌

0‌

Gold

Mining

–‌

0‌

–‌

0‌

Retail

-

Jewelry

8,261‌

–‌

–‌

8,261‌

Purchased

Call

Options

577,500‌

276,750‌

–‌

854,250‌

Investments,

at

Value

43,246,693‌

4,681,886‌

19,191‌

47,947,770‌

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Gold

And

Precious

Metals

Fund

Investments

in

Securities*

Common

Stocks

Advanced

Materials/

Production

$

444,113‌

$

–‌

$

–‌

$

444,113‌

Diversified

Minerals

1,625,453‌

376,864‌

–‌

2,002,317‌

Engineering/R&D

Services

–‌

70,452‌

–‌

70,452‌

Gold

Mining

39,953,478‌

10,931,098‌

–‌

50,884,576‌

Medical

-

Hospitals

–‌

–‌

0‌

0‌

Mining

Services

1,486,807‌

–‌

–‌

1,486,807‌

Non

-

Ferrous

Metals

295,000‌

–‌

–‌

295,000‌

Platinum

–‌

1,041,654‌

–‌

1,041,654‌

Precious

Metals

11,921,274‌

–‌

–‌

11,921,274‌

Retail

-

Jewelry

1,810,458‌

–‌

–‌

1,810,458‌

Silver

Mining

3,760,156‌

–‌

–‌

3,760,156‌

Corporate

Non-Convertible

Bond

–‌

–‌

0‌

0‌

Corporate

Non-Convertible

Notes

–‌

1,980,500‌

–‌

1,980,500‌

Exchange

Traded

Funds

1,216,300‌

–‌

–‌

1,216,300‌

Warrants

Gold

Mining

–‌

0‌

–‌

0‌

Silver

Mining

21,318‌

–‌

–‌

21,318‌

Purchased

Call

Options

907,500‌

1,353,000‌

–‌

2,260,500‌

Investments,

at

Value

$

63,441,857‌

$

15,753,568‌

$

0‌

$

79,195,425‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2020

45

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Emerging

Europe

Fund

Assets

Investments

in

Securities*

Common

Stocks

Agricultural

Chemicals

$

148,121‌

$

–‌

$

–‌

$

148,121‌

Airlines

–‌

180,362‌

–‌

180,362‌

Apparel

Manufacturers

–‌

112,666‌

–‌

112,666‌

Appliances

–‌

45,732‌

–‌

45,732‌

Athletic

Footwear

–‌

31,084‌

–‌

31,084‌

Automotive

-

Cars

&

Light

Trucks

–‌

59,987‌

–‌

59,987‌

Automotive

-

Medium

&

Heavy

Duty

Trucks

–‌

47,060‌

–‌

47,060‌

Automotive/Truck

Parts

&

Equipment

-

Original

–‌

29,945‌

–‌

29,945‌

Beverages

-

Non-alcoholic

–‌

47,237‌

–‌

47,237‌

Brewery

–‌

25,910‌

–‌

25,910‌

Building

-

Heavy

Construction

–‌

203,263‌

–‌

203,263‌

Building

&

Construction

Products

-

Miscellaneous

–‌

278,332‌

–‌

278,332‌

Cellular

Telecommunication

138,320‌

281,180‌

–‌

419,500‌

Commercial

Banks

Non-US

1,341,850‌

900,440‌

–‌

2,242,290‌

Commercial

Services

-

Finance

37,485‌

–‌

–‌

37,485‌

Computer

Services

13,050‌

–‌

–‌

13,050‌

Diversified

Operations

–‌

193,086‌

–‌

193,086‌

Electric

-

Distribution

–‌

105,324‌

–‌

105,324‌

Electric

-

Generation

–‌

179,067‌

–‌

179,067‌

Electronics

-

Military

–‌

35,445‌

–‌

35,445‌

Entertainment

Software

–‌

230,719‌

–‌

230,719‌

Finance

-

Other

Services

–‌

135,065‌

–‌

135,065‌

Food

-

Retail

330,288‌

425,008‌

–‌

755,296‌

Food

-

Wholesale/

Distribution

–‌

283,866‌

–‌

283,866‌

Gold

Mining

392,821‌

96,531‌

–‌

489,352‌

Machinery

-

Farm

–‌

11,942‌

–‌

11,942‌

Machinery

-

General

Industrial

–‌

31,330‌

–‌

31,330‌

Metal

-

Diversified

812,160‌

–‌

–‌

812,160‌

Metal

-

Iron

170,995‌

–‌

–‌

170,995‌

Multi-line

Insurance

–‌

57,846‌

–‌

57,846‌

Oil

Companies

-

Exploration

&

Production

234,900‌

38,662‌

–‌

273,562‌

Oil

Companies

-

Integrated

3,564,588‌

248,016‌

–‌

3,812,604‌

Oil

Refining

&

Marketing

–‌

547,358‌

–‌

547,358‌

Precious

Metals

–‌

188,270‌

–‌

188,270‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2020

46

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Emerging

Europe

Fund

(continued)

Assets

(continued)

Investments

in

Securities*

(continued)

Property/Casualty

Insurance

$

–‌

$

174,278‌

$

–‌

$

174,278‌

Retail

-

Apparel/Shoe

–‌

204,859‌

–‌

204,859‌

Retail

-

Jewelry

–‌

51,892‌

–‌

51,892‌

Retail

-

Major

Dept

Store

–‌

97,591‌

–‌

97,591‌

Steel

-

Producers

246,796‌

328,660‌

–‌

575,456‌

Telecom

Services

98,301‌

81,213‌

–‌

179,514‌

Telephone

-

Integrated

–‌

279,083‌

–‌

279,083‌

Textile

-

Apparel

–‌

76,722‌

–‌

76,722‌

Transportation

-

Rail

23,614‌

–‌

–‌

23,614‌

Transportation

-

Services

–‌

83,837‌

–‌

83,837‌

Web

Portals/ISP

44,265‌

–‌

–‌

44,265‌

Exchange

Traded

Fund

–‌

–‌

349,965‌

349,965‌

Put

Option

20,700‌

–‌

–‌

20,700‌

Investments,

at

Value

$

7,968,219‌

$

6,428,868‌

$

–‌

$

14,397,087‌

Other

Financial

Instruments

†

Currency

Contracts

–‌

72,408‌

–‌

72,408‌

Total

Assets

$

7,968,219‌

$

6,501,276‌

$

349,965‌

$

14,469,495‌

Liabilities

Other

Financial

Instruments

†

Currency

Contracts

–‌

(10,264‌)

–‌

(10,264‌)

Total

Liabilities

$

–‌

$

(10,264‌)

$

–‌

$

(10,264‌)

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

China

Region

Fund

Investments

in

Securities*

Common

Stocks

Airlines

$

–‌

$

45,614‌

$

–‌

$

45,614‌

Apparel

Manufacturers

–‌

16,895‌

–‌

16,895‌

Athletic

Footwear

–‌

8,566‌

–‌

8,566‌

Audio/Video

Products

–‌

28,238‌

–‌

28,238‌

Automotive

-

Cars

&

Light

Trucks

–‌

9,047‌

–‌

9,047‌

Automotive/Truck

Parts

&

Equipment

-

Replacement

–‌

517,690‌

–‌

517,690‌

Batteries/Battery

Systems

–‌

146,324‌

–‌

146,324‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2020

47

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

China

Region

Fund

(continued)

Investments

in

Securities*

(continued)

Broadcast

Service/Program

$

–‌

$

6,857‌

$

–‌

$

6,857‌

Building

-

Heavy

Construction

–‌

21,331‌

–‌

21,331‌

Building

&

Construction

Products

-

Miscellaneous

–‌

25,701‌

–‌

25,701‌

Building

Products

-

Cement

–‌

260,786‌

–‌

260,786‌

Casino

Hotels

–‌

16,197‌

–‌

16,197‌

Chemicals

-

Diversified

–‌

11,907‌

–‌

11,907‌

Chemicals

-

Fibers

–‌

6,279‌

–‌

6,279‌

Chemicals

-

Specialty

–‌

25,742‌

–‌

25,742‌

Coal

–‌

30,118‌

–‌

30,118‌

Commercial

Banks

Non-US

–‌

169,393‌

–‌

169,393‌

Computers

-

Integrated

System

–‌

12,378‌

–‌

12,378‌

Consumer

Products

-

Miscellaneous

–‌

175‌

–‌

175‌

Diversified

Financial

Services

–‌

32,633‌

–‌

32,633‌

E-Commerce/Services

–‌

19,228‌

–‌

19,228‌

Electronic

Components

-

Miscellaneous

–‌

218,450‌

–‌

218,450‌

Engineering/R&D

Services

–‌

318,624‌

–‌

318,624‌

Enterprise

Software/

Services

–‌

22,931‌

–‌

22,931‌

Entertainment

Software

–‌

12,912‌

–‌

12,912‌

Finance

-

Investment

Banker/Broker

–‌

12,804‌

–‌

12,804‌

Food

-

Dairy

Products

–‌

234,513‌

–‌

234,513‌

Food

-

Miscellaneous/

Diversified

–‌

1,882,861‌

–‌

1,882,861‌

Gas

-

Distribution

–‌

31,968‌

–‌

31,968‌

Life/Health

Insurance

–‌

49,753‌

–‌

49,753‌

Medical

-

Drugs

–‌

530,906‌

–‌

530,906‌

Multi-line

Insurance

–‌

771,535‌

–‌

771,535‌

Multimedia

–‌

177,383‌

–‌

177,383‌

Non-Ferrous

Metals

–‌

–‌

0‌

0‌

Oil

Companies

-

Exploration

&

Production

–‌

25,796‌

–‌

25,796‌

Oil

Field

Machinery

&

Equipment

–‌

7,317‌

–‌

7,317‌

Real

Estate

Operating/

Development

–‌

3,527,561‌

–‌

3,527,561‌

Reinsurance

–‌

10,369‌

–‌

10,369‌

Retail

-

Apparel/Shoe

–‌

332,176‌

–‌

332,176‌

Schools

–‌

182,306‌

–‌

182,306‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2020

48

The

following

is

a

reconciliation

of

assets

for

which

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

during

the

period

January

1,

2020

through

March

31,

2020:

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

China

Region

Fund

(continued)

Investments

in

Securities*

(continued)

Semiconductor

Components

-

Integrated

Circuit

$

–‌

$

402,018‌

$

–‌

$

402,018‌

Tobacco

–‌

9,799‌

–‌

9,799‌

Transport

Support

Services

–‌

11,092‌

–‌

11,092‌

Right

–‌

–‌

0‌

0‌

Exchange

Traded

Fund

174,000‌

–‌

–‌

174,000‌

Investments,

at

Value

$

174,000‌

$

10,184,173‌

$

0‌

$

10,358,173‌

*

Refer

to

the

Portfolios

of

Investments

for

a

detailed

list

of

the

Funds’

investments.

†

Other

Financial

Instruments

are

derivatives

not

reflected

in

the

Portfolios

of

Investments,

such

as

Currency

Contracts,

which

are

valued

at

the

unrealized

appreciation

(depreciation)

at

period

end.

Common

Stocks

Warrants

Total

Holmes

Macro

Trends

Fund

Beginning

Balance

12/31/19

$

295,258‌

$

0‌

$

295,258‌

Net

change

in

unrealized

appreciation

(depreciation)

(216,034‌)

—‌

(216,034‌)

Ending

Balance

03/31/20

$

79,224‌

0‌

$

79,224‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/20

$

(216,034‌)

$

—‌

$

(216,034‌)

Common

Stocks

Total

Global

Resources

Fund

Beginning

Balance

12/31/19

$

3,806,959‌

$

3,806,959‌

Net

change

in

unrealized

appreciation

(depreciation)

(2,972,249‌)

(2,972,249‌)

Ending

Balance

03/31/20

$

834,710‌

$

834,710‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/20

$

(2,972,249‌)

$

(2,972,249‌)

Common

Stock

Warrants

Total

World

Precious

Minerals

Fund

Beginning

Balance

12/31/19

$

599,462‌

$

0‌

$

599,462‌

Transfers

out

of

Level

3

(355,290‌)

—‌

(355,290‌)

Net

change

in

unrealized

appreciation

(depreciation)

(224,981‌)

0‌

(224,981‌)

Ending

Balance

03/31/20

$

19,191‌

$

0‌

$

19,191‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/20

$

(224,981‌)

$

0‌

$

(224,981‌)

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2020

49

Significant

unobservable

inputs

developed

by

the

Valuation

Committee

(“Valuation

Committee”)

for

Level

3

investments

held

at

period

end

are

as

follows:

Common

Stocks

Total

Gold

and

Precious

Metals

Fund

Beginning

Balance

12/31/19

$

35,087‌

$

35,087‌

Transfers

out

of

Level

3

(69,199‌)

(69,199‌)

Net

change

in

unrealized

appreciation

(depreciation)

34,112‌

34,112‌

Ending

Balance

03/31/20

$

0‌

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/20

$

34,112‌

$

34,112‌

Common

Stocks

Emerging

Europe

Fund

Beginning

Balance

12/31/19

$

0‌

Transfers

into

Level

3

349,965‌

Ending

Balance

03/31/20

$

349,965‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/20

$

0‌

Common

Stocks

China

Region

Fund

Beginning

Balance

12/31/19

$

0‌

Transfers

into

Level

3

0‌

Ending

Balance

03/31/20

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/20

$

—‌

Fair

Value

at

03/31/20

Valuation

Technique(s)

Unobservable

Input

Range

(Weighted

Average)

Holmes

Macro

Trends

Fund

Investments

in

Securities

Common

Stocks

59,689

Market

Transaction

(1)

Discount

30%

-

100%

discount

(84%

discount)

Common

Stocks

19,535

Method

of

Comparables

Pricing

(2)

Multiples

6.3

–

28.0

(11.05)

Warrants

0

Market

Transaction

(1)

Discount

0%

Global

Resources

Fund

Investments

in

Securities

Common

Stocks

493,796

Market

Transaction

(1)

Discount

30%

-

100%

discount

(99%

discount)

Common

Stocks

340,914

Method

of

Comparables

Pricing

(2)

Multiples

6.3

–

28.0

(11.05)

World

Precious

Minerals

Fund

Investments

in

Securities

Common

Stocks

19,191

Market

Transaction

(1)

Discount

50%

-

100%

discount

(98%

discount)

Warrants

0

Market

Transaction

(1)

Discount

100%

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2020

50

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

period

ended

March

31,

2020.

Fair

Value

at

03/31/20

Valuation

Technique(s)

Unobservable

Input

Range

(Weighted

Average)

Gold

and

Precious

Metals

Fund

Investments

in

Securities

Common

Stocks

0

Market

Transaction

(1)

Discount

100%

Corporate

Non-Convertible

Bond

0

Market

Transaction

(1)

Discount

100%

Emerging

Europe

Fund

Investments

in

Securities

Common

Stocks

349,965

Market

Transaction

(1)

Discount

0%

China

Region

Fund

Investments

in

Securities

Common

Stocks

0

Market

Transaction

(1)

Discount

100%

Right

0

Market

Transaction

(1)

Discount

0%

(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.

(2)

The

Method

of

Comparables

Pricing

valuation

technique

involves

determining

a

comparable

group

of

companies

that

exhibit

similar

characteristics

to

that

of

the

Level

3

security

(the

Comparables),

gathering

information

about

the

Comparables

to

determine

their

range

of

valuation

multiples

and

selecting

the

appropriate

multiple

within

the

determined

range

of

the

Comparables

to

apply

in

valuing

the

Level

3

security.

Shares

of

Affiliated

Companies

Global

Resources

Fund

December

31,

2019

Additions

Reductions

March

31,

2020

Caribbean

Resources

Corp.

17‌

—‌

—‌

17‌

Pacific

Green

Energy

Corp.

2,400,000‌

—‌

—‌

2,400,000‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2020

51

At

March

31,

2020,

the

value

of

investments

in

affiliated

companies

was

$0,

representing

0.00%

of

net

assets,

and

the

total

cost

was

$27,968,676.

Values

of

Affiliated

Companies

Global

Resources

Fund

December

31,

2019

Purchases

Cost

Sales

Proceeds

March

31,

2020

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Caribbean

Resources

Corp.

$

0‌

$

—‌

$

—‌

$

0‌

$

—‌

$

–‌

$

–‌

Pacific

Green

Energy

Corp.

0‌

—‌

—‌

0‌

—‌

–‌

–‌

Shares

of

Affiliated

Companies

World

Precious

Minerals

Fund

December

31,

2019

Additions

Reductions

March

31,

2020

Argo

Gold,

Inc.

2,967,500‌

—‌

(192,000‌)

2,775,500‌

Barksdale

Resources

Corp.

2,750,000‌

—‌

—‌

2,750,000‌

Barsele

Minerals

Corp.

7,500,000‌

125,000‌

—‌

7,625,000‌

Chakana

Copper

Corp.

4,750,000‌

—‌

—‌

4,750,000‌

CopperBank

Resources

Corp.

22,979,418‌

—‌

—‌

22,979,418‌

Dolly

Varden

Silver

Corp.

9,132,000‌

—‌

—‌

9,132,000‌

Fremont

Gold,

Ltd.

4,000,000‌

—‌

—‌

4,000,000‌

Mammoth

Resources

Corp.

2,171,200‌

—‌

—‌

2,171,200‌

Orex

Minerals,

Inc.

6,150,000‌

—‌

—‌

6,150,000‌

Polarx,

Ltd.

33,653,968‌

—‌

—‌

33,653,968‌

Radisson

Mining

Resources,

Inc.

8,500,000‌

—‌

—‌

8,500,000‌

Silver

Viper

Minerals

Corp.

3,000,000‌

100,000‌

—‌

3,100,000‌

TriStar

Gold.

Inc.

31,150,000‌

300

,000‌

(1,150,000‌)

30,300,000‌

VR

Resources,

Ltd.

3,000,000‌

—‌

—‌

3,000,000‌

Values

of

Affiliated

Companies

World

Precious

Minerals

Fund

December

31,

2019

Purchases

Cost

Sales

Proceeds

March

31,

2020

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Argo

Gold

Inc

$

262,803‌

$

—‌

$

(12,841‌)

$

167,638‌

$

—‌

$

(12,798‌)

$

(

69,526‌

)

Barksdale

Resources

Corp

783,566‌

—‌

—‌

439,672‌

—‌

–‌

(

343,894‌

)

Barsele

Minerals

Corp

2,887,836‌

21,592‌

—‌

1,435,817‌

—‌

–‌

(

1,473,611‌

)

Chakana

Copper

Corp

896,192‌

—‌

—‌

388,155‌

—‌

–‌

(

508,037‌

)

CopperBank

Resources

Corp

796,330‌

—‌

—‌

571,505‌

—‌

–‌

(

224,825‌

)

Dolly

Varden

Silver

Corp

2,250,387‌

—‌

—‌

1,557,365‌

—‌

–‌

(

693,022‌

)

Fremont

Gold

Ltd

231,027‌

—‌

—‌

184,751‌

(a)

—‌

–‌

(

46,276‌

)

Mammoth

Resources

Corp

54,341‌

—‌

—‌

46,284‌

—‌

–‌

(

8,057‌

)

Orex

Minerals

Inc

663,047‌

—‌

—‌

349,606‌

—‌

–‌

(

313,441‌

)

Polarx

Ltd

1,205,418‌

—‌

—‌

266,292‌

—‌

–‌

(

939,126‌

)

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2020

52

At

March

31,

2020,

the

value

of

investments

in

affiliated

companies

was

$11,755,767,

representing

22.86%

of

net

assets,

and

the

total

cost

was

$20,687,801.

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

March

31,

2020,

the

total

cost

of

restricted

securities

was

$426,625,

and

the

total

value

was

$19,535,

representing

0.08%

of

net

assets.

As

of

March

31,

2020,

the

total

cost

of

restricted

securities

was

$7,473,544,

and

the

total

value

was

$461,655,

representing

1.37%

of

net

assets.

Open

forward

foreign

currency

contracts

as

of

March

31,

2020,

were

as

follows:

World

Precious

Minerals

Fund

(cont’d)

December

31,

2019

Purchases

Cost

Sales

Proceeds

March

31,

2020

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Radisson

Mining

Resources,

Inc.

$

1,407,339‌

$

—‌

$

—‌

$

754,992‌

(a)

$

—‌

$

–‌

$

(

652,347‌

)

Silver

Viper

Minerals

Corp

646,875‌

—‌

—‌

616,784‌

—‌

–‌

(30,091‌)

TriStar

Gold

Inc

4,557,776‌

52,138‌

(397,844‌)

5,490,301‌

—‌

(

182,417‌

)

1,460,648‌

VR

Resources,

Ltd.

854,800‌

—‌

—‌

426,348‌

—‌

–‌

(

428,452‌

)

(a)

At

March

31,

2020,

the

company

was

no

longer

defined

as

an

affiliate,

although

it

was

an

affiliate

company

during

the

year.

Holmes

Macro

Trends

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

Fund

Counterparty

Currency

to

Deliver

Currency

to

Receive

Settlement

Date

Settlement

Value

at

March

31,

2020

Net

Unrealized

Appreciation

(Depreciation)

Emerging

Europe

Fund

Brown

Brothers

Harriman

&

Co.

TRY

6,000,000‌

USD

973,078‌

4/10/2020

$

904,486‌

$

68,592‌

Brown

Brothers

Harriman

&

Co.

EUR

600,000‌

USD

652,020‌

4/20/2020

662,284‌

(10,264‌)

Brown

Brothers

Harriman

&

Co.

TRY

6,000,000‌

USD

904,404‌

4/24/2020

900,588‌

3,816‌