Us Global Investors Funds NPORT-P Usgi World Precious Minerals Fund (Sep 2020 report)

Portfolio

of

Investments

(unaudited)

1

See

notes

to

portfolios

of

investments.

September

30,

2020

U.S.

Government

Securities

Ultra-Short

Bond

Fund

United

States

Government

and

Agency

Obligations

73.03%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Federal

Farm

Credit

Bank

40.49%

Fixed

Rates:

0.18

07/13/21

$

8,000,000

$

8,000,099

0.58

04/22/22

2,650,000

2,650,133

0.34

12/02/22

7,000,000

6,999,675

17,649,907

Federal

Home

Loan

Bank

17.49%

Fixed

Rates:

0.13

07/02/21

5,000,000

5,001,958

0.60

07/27/22

2,650,000

2,625,076

7,627,034

Federal

Home

Loan

Mortgage

Corp.

6.88%

Fixed

Rates:

0.38

12/01/22

3,000,000

3,000,667

U.S.

Treasury

Note/Bond

8.17%

Fixed

Rates:

2.13

08/15/21

3,500,000

3,560,602

Total

United

States

Government

and

Agency

Obligations

31,838,210

(cost

$31,857,394)

Exchange

Traded

Fund

2.62%

Shares

Value

Vanguard

Short-Term

Treasury

ETF

18,400

1,142,456

(cost

$1,122,304)

Investments,

at

value

75.65%

32,980,666

(cost

$32,979,698

)

Other

assets

and

liabilities,

net

24.35%

10,615,417

Net

Assets

100.00%

$

43,596,083

Portfolio

of

Investments

(unaudited)

2

See

notes

to

portfolios

of

investment.

September

30,

2020

Near-Term

Tax

Free

Fund

Municipal

Bonds

77.73%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Alabama

0.22%

City

of

Bessemer

Electric

Revenue,

Alabama,

Refunding,

RB

AGM

3.10

12/01/21

$

100,000

$

100,413

California

1.99%

Lemon

Grove

School

District,

California,

Refunding,

GO

Unlimited

4.00

08/01/33

220,000

261,532

State

of

California,

California,

Refunding,

GO

Unlimited

5.00

11/01/27

500,000

648,900

910,432

Colorado

2.65%

City

&

County

of

Denver

Airport

System

Revenue,

Colorado,

RB,

Series B

5.00

11/15/27

300,000

325,335

City

of

Glendale,

Colorado,

Refunding,

COP

AGM

5.00

12/01/25

750,000

886,237

1,211,572

Connecticut

2.31%

State

of

Connecticut,

Connecticut,

Refunding,

GO

Unlimited

5.00

02/15/21

800,000

814,200

State

of

Connecticut,

Connecticut,

Refunding,

GO

Unlimited

5.00

05/15/27

200,000

245,272

1,059,472

District

of

Columbia

1.95%

Washington

Metropolitan

Area

Transit

Authority,

District

of

Columbia,

Refunding,

RB

5.00

07/01/34

725,000

892,482

Florida

7.10%

City

of

Jacksonville,

Florida,

Refunding,

RB,

Series C

5.00

10/01/20

270,000

270,000

City

of

Leesburg,

Florida,

Refunding,

RB

5.00

10/01/21

405,000

424,274

City

of

Miramar,

Florida,

Refunding,

RB

5.00

10/01/22

305,000

334,423

County

of

Miami-Dade

FL,

Florida,

Refunding,

GO

Unlimited

5.00

07/01/27

325,000

415,773

County

of

St.

Johns,

Florida,

Refunding,

RB

AGM

5.00

10/01/20

310,000

310,000

Orlando

Utilities

Commission,

Florida,

RB 

‡

0.15

10/01/33

870,000

870,000

State

of

Florida,

Florida,

Refunding,

GO

Unlimited

5.00

06/01/28

500,000

625,940

3,250,410

Portfolio

of

Investments

(unaudited)

3

See

notes

to

portfolios

of

investment.

September

30,

2020

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Hawaii

0.48%

State

of

Hawaii,

Hawaii,

Refunding,

GO

Unlimited

5.00

10/01/27

$

175,000

$

220,292

Idaho

0.51%

Idaho

Housing

&

Finance

Association,

Grant

&

Revenue

Anticipation,

Federal

Highway

Trust

Fund,

Idaho,

RB,

Series A

5.00

07/15/21

225,000

232,931

Illinois

4.76%

County

of

Du

Page,

Jail

Project,

Illinois,

Refunding,

GO

Unlimited

5.60

01/01/21

75,000

76,006

Du

Page

County

School

District

No.

33

West

Chicago,

Illinois,

Refunding,

GO

Unlimited,

Series B

4.00

12/01/21

1,000,000

1,043,070

Illinois

State

Toll

Highway

Authority,

Illinois,

RB

5.00

01/01/32

505,000

612,287

Metropolitan

Water

Reclamation

District

of

Greater

Chicago,

Illinois,

GO

Limited

5.00

12/01/26

350,000

413,280

Regional

Transportation

Authority,

Illinois,

RB,

Series A,

AMBAC

7.20

11/01/20

35,000

35,187

2,179,830

Indiana

1.24%

City

of

Indianapolis

Department

of

Public

Utilities

Gas

Utility

Revenue,

Indiana,

Refunding,

RB

AGC

5.25

06/01/21

550,000

568,607

Kentucky

1.15%

Louisville

and

Jefferson

County

Metropolitan

Sewer

District,

Kentucky,

RB,

Series A

5.00

05/15/23

500,000

526,640

Louisiana

2.94%

Louisiana

Housing

Corp.,

Louisiana,

RB

FHLMC

2.15

12/01/24

450,000

474,313

State

of

Louisiana,

Louisiana,

Prefunding,

GO

Unlimited,

Series A

5.00

08/01/26

800,000

870,744

1,345,057

Maryland

2.03%

City

of

Baltimore

MD,

Maryland,

RB

5.00

07/01/33

215,000

278,401

State

of

Maryland,

Maryland,

GO

Unlimited

5.00

08/01/27

500,000

649,505

927,906

Massachusetts

0.70%

Massachusetts

Housing

Finance

Agency,

Massachusetts,

Refunding,

RB

2.15

12/01/21

315,000

320,276

Portfolio

of

Investments

(unaudited)

4

See

notes

to

portfolios

of

investment.

September

30,

2020

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Michigan

1.64%

Oxford

Area

Community

School

District,

Michigan,

Refunding,

GO

Unlimited,

Series A

Q-SBLF

5.00

05/01/22

$

365,000

$

392,755

Walled

Lake

Consolidated

School

District,

Michigan,

Refunding,

GO

Unlimited

Q-SBLF

5.00

05/01/21

350,000

359,597

752,352

Missouri

0.59%

City

of

Kansas

City

Water

Revenue,

Missouri,

RB,

Series F

AGM

4.00

12/01/22

250,000

270,105

New

Jersey

1.14%

Middlesex

County

Improvement

Authority,

New

Jersey,

RB

5.00

07/01/25

425,000

519,771

New

Mexico

1.64%

City

of

Rio

Rancho

NM,

New

Mexico,

GO

Unlimited

5.00

08/01/27

600,000

748,824

New

York

8.66%

City

of

New

York,

New

York,

GO

Unlimited,

Series E

5.25

08/01/22

875,000

955,867

City

of

New

York,

New

York,

GO

Unlimited,

Series I

5.00

08/01/22

1,000,000

1,087,850

City

of

New

York

NY,

New

York,

GO

Unlimited

5.00

12/01/34

250,000

309,228

City

of

New

York

NY,

New

York,

Refunding,

GO

Unlimited

5.00

08/01/26

200,000

248,814

City

of

New

York

NY,

New

York,

Refunding,

GO

Unlimited

5.00

08/01/28

300,000

362,106

Long

Island

Power

Authority,

New

York,

RB,

Series B

5.00

09/01/21

465,000

485,502

Metropolitan

Transportation

Authority,

New

York,

RB

4.00

11/15/34

100,000

111,521

New

York

City

Water

&

Sewer

System,

New

York,

RB 

‡

0.11

06/15/38

200,000

200,000

New

York

City

Water

&

Sewer

System,

New

York,

Refunding,

RB

5.00

06/15/29

175,000

203,940

3,964,828

Portfolio

of

Investments

(unaudited)

5

See

notes

to

portfolios

of

investment.

September

30,

2020

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

North

Carolina

2.64%

City

of

Charlotte,

Equipment

Acquisition

&

Public

Facilities,

North

Carolina,

COP,

Series A

5.00

10/01/21

$

1,000,000

$

1,003,930

County

of

Beaufort,

North

Carolina,

RB

5.00

06/01/21

200,000

206,366

1,210,296

Ohio

0.31%

City

of

Cleveland

Parking

Facility

Revenue,

Ohio,

Refunding,

RB

AGM

5.25

09/15/22

130,000

142,627

South

Carolina

2.15%

Aiken

County

Consolidated

School

District/SC,

South

Carolina,

GO

Unlimited

4.00

04/01/34

400,000

485,516

City

of

Cayce

SC

Water

&

Sewer

System

Revenue,

South

Carolina,

Refunding,

RB

BAM

5.00

06/01/30

300,000

398,151

City

of

Columbia

SC

Waterworks

&

Sewer

System

Revenue,

South

Carolina,

RB 

‡

0.12

02/01/38

100,000

100,000

983,667

Tennessee

0.85%

County

of

Claiborne

TN,

Tennessee,

Refunding,

GO

Unlimited

AGM

5.00

04/01/28

300,000

388,011

Texas

21.05%

Aldine

Independent

School

District,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

5.00

02/15/28

750,000

918,427

Bryan

Independent

School

District,

Texas,

GO

Unlimited,

Series A

PSF-GTD

5.00

02/15/22

410,000

437,310

City

of

Austin

TX,

Texas,

Refunding,

RB 

‡

0.15

11/15/29

800,000

800,000

City

of

Buda

TX,

Texas,

Refunding,

GO

Limited

4.00

02/15/29

135,000

164,561

City

of

Cedar

Hill,

Texas,

Refunding,

GO

Limited

5.00

02/15/22

800,000

852,832

City

of

Longview

Waterworks

&

Sewer

System

Revenue,

Texas,

Refunding,

RB

3.00

03/01/22

610,000

634,370

City

of

Round

Rock

TX,

Texas,

GO

Limited

4.00

08/15/33

175,000

209,020

City

of

Rowlett

TX,

Texas,

GO

Unlimited

5.00

02/15/29

300,000

397,308

Dimmitt

Independent

School

District,

Texas,

GO

Unlimited

PSF-GTD

3.00

02/15/22

305,000

316,758

Eagle

Mountain

&

Saginaw

Independent

School

District,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

4.00

08/15/32

450,000

527,661

Ector

County

Independent

School

District,

Texas,

GO

Unlimited

PSF-GTD

5.00

08/15/29

400,000

449,468

Harlandale

Independent

School

District,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

4.00

02/15/28

300,000

349,455

Portfolio

of

Investments

(unaudited)

6

See

notes

to

portfolios

of

investment.

September

30,

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

$

308,523

Lower

Colorado

River

Authority,

LCRA

Transmission

Services

Corp.,

Texas,

Refunding,

RB,

Series A

5.00

05/15/21

500,000

514,720

Lubbock-Cooper

Independent

School

District,

Texas,

GO

Unlimited

PSF-GTD

3.00

02/15/22

755,000

784,105

Olmos

Park

Higher

Education

Facilities

Corp.,

University

of

the

Incarnate

Word,

Texas,

Refunding,

RB

5.00

12/01/21

500,000

516,455

San

Antonio

Water

System,

Texas,

Refunding,

RB

4.50

05/15/21

400,000

410,796

State

of

Texas,

Texas,

Refunding,

GO

Unlimited

5.00

10/01/20

550,000

550,000

Texas

City

Independent

School

District/TX,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

5.00

08/15/28

410,000

496,481

9,638,250

Washington

6.29%

County

of

Thurston,

Washington,

Refunding,

GO

Limited

5.00

12/01/20

1,625,000

1,638,016

Energy

Northwest,

Washington,

Refunding,

RB

5.00

07/01/31

220,000

254,569

Spokane

Public

Facilities

District,

Washington,

Refunding,

RB,

Series B

5.00

12/01/21

950,000

985,729

2,878,314

Wisconsin

0.74%

Sun

Prairie

Area

School

District/WI,

Wisconsin,

GO

Unlimited

4.00

03/01/31

300,000

338,460

Total

Municipal

Bonds

35,581,825

(cost

$34,904,731)

Exchange

Traded

Funds

9.98%

Shares

VanEck

Vectors

Intermediate

Muni

ETF

30,000

1,538,250

VanEck

Vectors

Long

Muni

ETF

70,000

1,497,300

VanEck

Vectors

Short

Muni

ETF

85,000

1,534,250

Total

Exchange

Traded

Funds

4,569,800

(cost

$4,525,930)

Investments,

at

value

87.71%

40,151,625

(cost

$39,430,661

)

Other

assets

and

liabilities,

net

12.29%

5,626,129

Net

Assets

100.00%

$

45,777,754

Portfolio

of

Investments

(unaudited)

7

See

notes

to

portfolios

of

investments.

September

30,

2020

All

American

Equity

Fund

Common

Stocks

95.18%

Shares

Value

Applications

Software

2.26%

Microsoft

Corp.

1,300

$

273,429

Building

-

Residential/Commercial

4.33%

DR

Horton,

Inc.

6,931

524,192

Coatings/Paint

3.22%

The

Sherwin-Williams

Co.

559

389,478

Commercial

Service

-

Finance

5.25%

Automatic

Data

Processing,

Inc.

1,950

272,005

MarketAxess

Holdings,

Inc.

200

96,318

Moody's

Corp.

300

86,955

S&P

Global,

Inc.

500

180,300

635,578

Computer

Data

Security

0.88%

Fortinet,

Inc. 

*

900

106,029

Computer

Software

0.96%

Akamai

Technologies,

Inc. 

*

1,050

116,067

Computers

3.64%

Apple,

Inc.

3,800

440,078

Consumer

Products

-

Miscellaneous

1.56%

The

Clorox

Co.

900

189,153

Cosmetics

&

Toiletries

4.58%

The

Estee

Lauder

Cos.,

Inc.

1,584

345,708

The

Procter

&

Gamble

Co.

1,500

208,485

554,193

Decision

Support

Software

0.59%

MSCI,

Inc.

200

71,356

Diagnostic

Equipment

2.25%

Danaher

Corp.

650

139,964

Thermo

Fisher

Scientific,

Inc.

300

132,456

272,420

Drug

Delivery

Systems

0.87%

Becton

Dickinson

and

Co.

450

104,706

E-Commerce/Products

5.72%

Amazon.com,

Inc. 

*

220

692,721

Electric

-

Integrated

2.73%

Evergy

,

Inc.

6,500

330,330

Portfolio

of

Investments

(unaudited)

8

See

notes

to

portfolios

of

investments.

September

30,

2020

All

American

Equity

Fund

Common

Stocks (cont’d)

Shares

Value

Electronic

Components

-

Semiconductors

3.84%

Broadcom,

Inc.

1,276

$

464,872

Electronic

Connectors

1.07%

Amphenol

Corp.,

Class A

1,200

129,924

Enterprise

Software/Services

3.33%

Oracle

Corp.

6,761

403,632

E-Services/Consulting

1.04%

CDW

Corp.

1,050

125,506

Finance

-

Credit

Card

2.57%

Visa,

Inc.,

Class A

1,555

310,953

Finance

-

Other

Services

2.59%

Cboe

Global

Markets,

Inc.

600

52,644

Intercontinental

Exchange,

Inc.

1,260

126,063

NASDAQ,

Inc.

1,100

134,981

313,688

Gold

Mining

4.16%

B2Gold

Corp.

11,000

71,720

Barrick

Gold

Corp.

4,600

129,306

Franco-Nevada

Corp.

900

125,622

Newmont

Corp.

900

57,105

Royal

Gold,

Inc.

1,000

120,170

503,923

Instruments

-

Scientific

1.14%

PerkinElmer,

Inc.

1,100

138,061

Medical

-

Drugs

2.80%

Merck

&

Co.,

Inc.

4,083

338,685

Medical

-

HMO

3.66%

UnitedHealth

Group,

Inc.

1,421

443,025

Medical

-

Hospitals

1.13%

Universal

Health

Services,

Inc.,

Class B

1,278

136,772

Medical

-

Wholesale

Drug

Distribution

0.98%

McKesson

Corp.

800

119,144

Medical

Products

1.12%

Abbott

Laboratories

1,250

136,037

Precious

Metals

1.18%

Wheaton

Precious

Metals

Corp.

2,900

142,303

Portfolio

of

Investments

(unaudited)

9

See

notes

to

portfolios

of

investments.

September

30,

2020

All

American

Equity

Fund

Common

Stocks (cont’d)

Shares

Value

REITS

-

Diversified

1.50%

American

Tower

Corp.

REIT

752

$

181,781

REITS

-

Warehouse/Industrial

1.83%

Prologis,

Inc.

REIT

2,200

221,364

Retail

-

Building

Products

9.63%

Lowe's

Cos.,

Inc.

3,000

497,580

The

Home

Depot,

Inc.

2,406

668,170

1,165,750

Retail

-

Discount

5.97%

Costco

Wholesale

Corp.

2,034

722,070

Retail

-

Restaurants

3.39%

Domino's

Pizza,

Inc.

520

221,146

Papa

John's

International,

Inc.

2,300

189,244

410,390

Shipbuilding

1.39%

Huntington

Ingalls

Industries,

Inc.

1,195

168,196

Silver

Mining

2.02%

Hochschild

Mining

PLC 

*

48,000

135,518

Silvercorp

Metals,

Inc.

15,000

108,600

244,118

Total

Common

Stocks

11,519,924

(cost

$10,334,574)

Subscription

Receipt

1.98%

Mining

Services

1.98%

Caldas

Gold

Corp.,

144A 

#*@∆

240

240,000

(cost

$240,000)

Corporate

Non-Convertible

Note

1.65%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

1.65%

Gran

Colombia

Gold

Corp.

8.25

04/30/24

$

185,425

200,213

(cost

$186,876)

Exchange

Traded

Funds

0.51%

Shares

Invesco

QQQ

Trust

ETF

100

27,784

SPDR

S&P

500

ETF

Trust

100

33,489

Total

Exchange

Traded

Funds

61,273

Portfolio

of

Investments

(unaudited)

10

See

notes

to

portfolios

of

investments.

September

30,

2020

All

American

Equity

Fund

Exchange

Traded

Funds (cont’d)

Shares

Value

(cost

$49,898)

Warrant

0.18%

Exercise

Price

Exp.

Date

Mining

Services

0.18%

Caldas

Gold

Corp. 

*

$

2.75

07/25/25

48,000

$

21,629

(cost

$0

)

Investments,

at

value

99.50%

12,043,039

(cost

$10,811,348

)

Other

assets

and

liabilities,

net

0.50%

60,546

Net

Assets

100.00%

$

12,103,585

Portfolio

of

Investments

(unaudited)

11

See

notes

to

portfolios

of

investments.

September

30,

2020

Global

Luxury

Goods

Fund

Common

Stocks

94.35%

Shares

Value

Apparel

Manufacturers

12.17%

Burberry

Group

PLC

10,800

$

216,477

Carter's,

Inc.

7,000

606,060

Christian

Dior

SE

600

246,105

Hermes

International

300

258,376

Kering

SA,

ADR

19,600

1,304,184

PRADA

SpA 

*

214,000

841,999

PVH

Corp.

4,500

268,380

3,741,581

Automotive

-

Cars

&

Light

Trucks

17.75%

Bayerische

Motoren

Werke

AG

10,900

791,091

Daimler

AG,

ADR

82,500

1,100,550

Tesla,

Inc. 

*

5,900

2,531,159

Volkswagen

AG,

ADR 

*

58,500

1,037,790

5,460,590

Beverages

-

Wine/Spirits

3.69%

Pernod

Ricard

SA,

ADR

27,300

869,778

Remy

Cointreau

SA

1,450

264,671

1,134,449

Casino

Hotels

5.43%

Galaxy

Entertainment

Group,

Ltd. 

*

97,000

655,788

Melco

International

Development,

Ltd.

180,000

317,187

MGM

China

Holdings,

Ltd.

480,000

598,216

MGM

Resorts

International

4,500

97,875

1,669,066

Commercial

Service

-

Finance

0.98%

S&P

Global,

Inc.

839

302,543

Computers

3.46%

Apple,

Inc.

9,200

1,065,452

Cosmetics

&

Toiletries

3.96%

L'Oreal

SA,

ADR

18,700

1,218,305

Decision

Support

Software

0.91%

MSCI,

Inc.

784

279,716

Diversified

Banking

Institution

3.07%

UBS

Group

AG 

*

84,700

944,405

E-Commerce/Products

3.89%

Amazon.com,

Inc. 

*

380

1,196,517

Energy

-

Alternate

Sources

0.00%

Pacific

Green

Energy

Corp. 

#*@

100,000

0

Portfolio

of

Investments

(unaudited)

12

See

notes

to

portfolios

of

investments.

September

30,

2020

Global

Luxury

Goods

Fund

Common

Stocks (cont’d)

Shares

Value

Finance

-

Mortgage

Loan/Banker

0.04%

Lendified

Holdings,

Inc. 

#*@

1,116,560

$

12,578

Footwear

&

Related

Apparel

0.89%

Tod's

SpA 

*

9,400

273,785

Gold

Mining

5.59%

Argonaut

Gold,

Inc. 

*

150,000

303,030

Barrick

Gold

Corp.

5,000

140,550

Centerra

Gold,

Inc.

25,000

290,826

Franco-Nevada

Corp.

2,100

293,118

Gran

Colombia

Gold

Corp.

61,000

287,237

Newmont

Corp.

2,000

126,900

Royal

Gold,

Inc.

2,300

276,391

1,718,052

Home

Furnishings

1.02%

Tempur

Sealy

International,

Inc. 

*

3,500

312,165

Hotels

&

Motels

2.83%

Hilton

Worldwide

Holdings,

Inc.

10,200

870,264

Information

Technology

0.39%

Abaxx

Technologies,

Inc.,

144A 

#*@∆

200,000

120,161

Internet

Content

-

Entertainment

0.94%

Facebook,

Inc.,

Class A 

*

1,100

288,090

Investment

Management/Advisory

Services

0.94%

Julius

Baer

Group,

Ltd.

6,800

288,812

Metal

-

Diversified

0.77%

Ivanhoe

Mines,

Ltd. 

*

65,000

236,266

Motorcycle/Motor

Scooter

0.30%

Harley-Davidson,

Inc.

3,700

90,798

Oil

Companies

-

Exploration

&

Production

0.11%

CruzSur

Energy

Corp.,

144A 

#*∆

50,000

33,420

Precious

Metals

0.97%

Wheaton

Precious

Metals

Corp.

6,100

299,327

Private

Equity

1.70%

Apollo

Global

Management,

Inc.

3,000

134,250

KKR

&

Co.,

Inc.

3,500

120,190

The

Blackstone

Group,

Inc.,

Class A

3,000

156,600

The

Carlyle

Group,

Inc.

4,500

111,015

522,055

Portfolio

of

Investments

(unaudited)

13

See

notes

to

portfolios

of

investments.

September

30,

2020

Global

Luxury

Goods

Fund

Common

Stocks (cont’d)

Shares

Value

Real

Estate

Operating/Development

0.03%

Infrastructure

Ventures,

Inc. 

#*@+

426,533

$

8,403

Retail

-

Apparel/Shoe

4.07%

Lululemon

Athletica,

Inc. 

*

2,050

675,208

Moncler

SpA 

*

8,900

364,202

Salvatore

Ferragamo

SpA 

*

14,500

213,398

1,252,808

Retail

-

Building

Products

3.94%

The

Home

Depot,

Inc.

4,367

1,212,760

Retail

-

Discount

3.17%

Costco

Wholesale

Corp.

2,750

976,250

Retail

-

Jewelry

4.43%

Cie

Financiere

Richemont

SA

20,300

1,363,000

Silver

Mining

1.65%

Hochschild

Mining

PLC 

*

85,000

239,683

Silvercorp

Metals,

Inc.

37,000

267,880

507,563

Textile

-

Apparel

4.30%

LVMH

Moet

Hennessy

Louis

Vuitton

SE,

ADR

14,050

1,323,932

Web

Portals/ISP

0.96%

Alphabet,

Inc.,

Class C 

*

200

293,920

Total

Common

Stocks

29,017,033

(cost

$27,542,971)

Subscription

Receipt

2.02%

Mining

Services

2.02%

Caldas

Gold

Corp.,

144A 

#*@∆

620

620,000

(cost

$620,000)

Corporate

Non-Convertible

Note

1.45%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

1.45%

Gran

Colombia

Gold

Corp.

8.25

04/30/24

$

413,386

446,354

(cost

$414,239)

Portfolio

of

Investments

(unaudited)

14

See

notes

to

portfolios

of

investments.

September

30,

2020

Global

Luxury

Goods

Fund

Warrants

0.18%

Exercise

Price

Exp.

Date

Shares

Value

Finance

-

Mortgage

Loan/Banker

0.00%

Lendified

Holdings,

Inc.,

144A 

#*@∆

$

0.38

04/08/22

558,280

$

0

Information

Technology

0.00%

Abaxx

Technologies,

Inc.,

144A 

#*@∆

2.00

12/31/20

100,000

0

Mining

Services

0.18%

Caldas

Gold

Corp. 

*

2.75

07/25/25

124,000

55,875

Oil

Companies

-

Exploration

&

Production

0.00%

CruzSur

Energy

Corp.,

144A 

#*∆

10.50

07/31/22

50,000

1,126

Total

Warrants

57,001

(cost

$0

)

Investments,

at

value

98.00%

30,140,388

(cost

$28,577,210

)

Other

assets

and

liabilities,

net

2.00%

615,735

Net

Assets

100.00%

$

30,756,123

Portfolio

of

Investments

(unaudited)

15

See

notes

to

portfolios

of

investments.

September

30,

2020

Global

Resources

Fund

Common

Stocks

88.03%

Shares

Value

Agricultural

Chemicals

2.13%

CF

Industries

Holdings,

Inc.

10,000

$

307,100

Nutrien,

Ltd.

10,000

392,099

The

Mosaic

Co.

20,000

365,400

1,064,599

Building

&

Construction

Products

-

Miscellaneous

0.59%

Louisiana-Pacific

Corp.

10,000

295,100

Building

Products

-

Wood

0.59%

Norbord,

Inc.

10,000

295,520

Coal

0.00%

Caribbean

Resources

Corp. 

#*@~

17

0

Walter

Energy,

Inc.,

144A 

#*@∆

4,293

0

0

Containers

-

Metal/Glass

0.58%

Ball

Corp.

3,500

290,920

Containers

-

Paper/Plastic

0.69%

Orora,

Ltd.

200,000

345,330

Diamonds/Precious

Stones

0.68%

Barksdale

Resources

Corp. 

*

1,000,000

337,952

Rockwell

Diamonds,

Inc.,

144A 

#*@∆

63,333

0

337,952

Diversified

Minerals

7.87%

Australian

Strategic

Materials,

Ltd. 

*

150,000

226,693

BHP

Group,

Ltd.,

ADR

5,000

258,550

Desert

Mountain

Energy

Corp. 

*

450,000

561,000

Iluka

Resources,

Ltd.

125,000

818,429

Lumina

Gold

Corp. 

*

510,000

333,221

Lundin

Mining

Corp.

25,000

139,499

Mako

Mining

Corp. 

*

1,250,000

389,584

Niocan,

Inc.,

144A 

#*∆

362,069

40,787

Salazar

Resources,

Ltd. 

*

3,000,000

732,230

Sun

Metals

Corp. 

*

1,500,000

140,813

VR

Resources,

Ltd. 

*

1,175,000

300,026

3,940,832

Electric

-

Integrated

0.66%

Cia

Paranaense

de

Energia,

ADR

30,000

330,600

Electric

-

Transmission

1.16%

Boralex,

Inc.,

Class A

20,000

578,123

Portfolio

of

Investments

(unaudited)

16

See

notes

to

portfolios

of

investments.

September

30,

2020

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Energy

-

Alternate

Sources

9.21%

Ballard

Power

Systems,

Inc. 

*

10,000

$

151,000

Canadian

Solar,

Inc. 

*

35,000

1,228,500

Pacific

Green

Energy

Corp. 

#*@~

2,400,000

0

Plug

Power,

Inc. 

*

50,000

670,500

Siemens

Gamesa

Renewable

Energy

SA

35,000

947,174

Vestas

Wind

Systems

A/S

10,000

1,616,065

4,613,239

Finance

-

Investment

Banker/Broker

0.72%

GoldMoney,

Inc.

200,000

360,482

Food

-

Miscellaneous/Diversified

1.13%

Burcon

NutraScience

Corp. 

*

300,000

563,253

Forestry

0.56%

Interfor

Corp. 

*

25,000

279,374

Gold

Mining

16.40%

AngloGold

Ashanti,

Ltd.,

ADR

40,000

1,055,200

Centerra

Gold,

Inc.

25,000

290,827

Chalice

Gold

Mines,

Ltd. 

*

250,000

472,600

CopperBank

Resources

Corp. 

*

3,300,000

495,663

Corona

Minerals,

Ltd. 

#*@

5,000

0

Dundee

Precious

Metals,

Inc.

90,000

644,812

Josemaria

Resources,

Inc. 

*

300,000

202,771

Kirkland

Lake

Gold,

Ltd.

10,000

487,300

Lundin

Gold,

Inc. 

*

75,000

681,537

Maverix

Metals,

Inc.

70,000

359,800

Red

Pine

Exploration,

Inc. 

*

1,500,000

45,060

Revival

Gold,

Inc. 

*

1,000,000

833,615

Royal

Gold,

Inc.

3,000

360,510

Royal

Road

Minerals,

Ltd. 

*

5,500,000

1,197,852

Sandstorm

Gold,

Ltd. 

*

90,000

759,600

Western

Atlas

Resources,

Inc. 

*

3,000,000

326,687

8,213,834

Independent

Power

Producer

1.71%

Atlantica

Sustainable

Infrastructure

PLC

30,000

858,300

Industrial

Gases

1.58%

Air

Liquide

SA

2,000

317,019

Linde

PLC

2,000

476,260

793,279

Information

Technology

1.50%

Abaxx

Technologies,

Inc.,

144A 

#*@∆

1,250,000

751,005

Portfolio

of

Investments

(unaudited)

17

See

notes

to

portfolios

of

investments.

September

30,

2020

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Invest

Company

-

Resources

0.37%

Uranium

Participation

Corp. 

*

60,000

$

184,747

Metal

-

Diversified

10.04%

Anglo

American

PLC

20,000

483,872

Ascendant

Resources,

Inc. 

*

300,000

20,277

Centaurus

Metals,

Ltd. 

*

750,000

269,208

Chakana

Copper

Corp. 

*

1,025,000

500,357

Filo

Mining

Corp. 

*

450,000

625,211

First

Cobalt

Corp. 

*

2,000,000

217,791

Galway

Metals,

Inc. 

*

450,000

469,753

GoviEx

Uranium,

Inc.,

144A 

#*∆

58,000

5,663

Ivanhoe

Mines,

Ltd. 

*

550,000

1,999,174

Luminex

Res

Corp. 

*

120,615

76,995

MMC

Norilsk

Nickel

PJSC,

ADR

10,000

241,232

Nubian

Resources,

Ltd. 

*

250,000

112,651

Orsu

Metals

Corp.,

144A 

#*∆

14,761

4,323

5,026,507

Metal

-

Iron

2.21%

Champion

Iron,

Ltd. 

*

400,000

841,125

Consolidated

Growth

Holdings,

Ltd. 

#*@

19,859,173

0

Novolipetsk

Steel

PJSC,

GDR

12,000

265,691

WAI

Capital

Investments

Corp.,

144A 

#*@∆

292,500

0

1,106,816

Mining

Services

2.97%

Caldas

Gold

Corp. 

*

158,889

299,509

Cordoba

Minerals

Corp. 

*

1,000,000

75,100

Defense

Metals

Corp. 

*

1,500,000

174,609

Talon

Metals

Corp. 

*

5,000,000

938,756

1,487,974

Natural

Resource

Technology

0.17%

I-Pulse,

Inc.,

144A 

#*@+∆

15,971

86,243

Non-Ferrous

Metals

0.72%

Canada

Nickel

Co.,

Inc. 

*

250,000

321,055

InZinc

Mining,

Ltd. 

*

2,000,000

41,305

Sterling

Group

Ventures,

Inc.,

144A 

#*@∆

500,000

0

362,360

Oil

-

Field

Services

0.85%

Halliburton

Co.

20,000

241,000

Schlumberger

NV

12,000

186,720

427,720

Portfolio

of

Investments

(unaudited)

18

See

notes

to

portfolios

of

investments.

September

30,

2020

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Oil

Companies

-

Exploration

&

Production

2.35%

Africa

Energy

Corp. 

*

1,750,000

$

657,129

ConocoPhillips

10,000

328,400

CruzSur

Energy

Corp.,

144A 

#*∆

200,000

133,679

Range

Energy

Resources,

Inc.,

144A 

#*∆

15,000,000

56,325

1,175,533

Oil

Companies

-

Integrated

3.95%

Equinor

ASA,

ADR

30,000

421,800

LUKOIL

PJSC,

ADR

12,100

699,149

Petroleo

Brasileiro

SA,

ADR

25,000

178,000

Surgutneftegas

PJSC,

ADR

75,000

334,695

TOTAL

SE,

ADR

10,000

343,000

1,976,644

Oil

Refining

&

Marketing

1.32%

Phillips

66

6,500

336,960

Valero

Energy

Corp.

7,500

324,900

661,860

Paper

&

Related

Products

3.19%

Canfor

Pulp

Products,

Inc.

45,000

168,638

Mondi

PLC

25,000

528,615

Resolute

Forest

Products,

Inc. 

*

70,000

313,600

Smurfit

Kappa

Group

PLC

15,000

587,678

1,598,531

Platinum

1.61%

Clean

Air

Metals,

Inc. 

*

500,000

107,018

Impala

Platinum

Holdings,

Ltd.,

ADR

40,000

352,260

Impala

Platinum

Holdings,

Ltd.

40,000

347,549

806,827

Precious

Metals

6.37%

Brixton

Metals

Corp. 

*

1,025,000

254,027

Libero

Copper

&

Gold

Corp. 

*

4,500,000

473,133

Metalla

Royalty

&

Streaming,

Ltd.

150,000

1,178,326

Polarx,

Ltd. 

*

10,789,473

303,067

Wheaton

Precious

Metals

Corp.

20,000

981,400

3,189,953

Real

Estate

Operating/Development

0.29%

Infrastructure

Ventures,

Inc. 

#*@+

7,443,544

146,638

REITS

-

Diversified

1.11%

PotlatchDeltic

Corp.

REIT

10,000

421,000

Rayonier,

Inc.

REIT

5,000

132,200

553,200

Portfolio

of

Investments

(unaudited)

19

See

notes

to

portfolios

of

investments.

September

30,

2020

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Retail

-

Jewelry

0.66%

Luk

Fook

Holdings

International,

Ltd.

18,000

$

43,641

Mene,

Inc. 

*

600,000

288,386

332,027

Steel

-

Producers

1.43%

POSCO,

ADR

5,000

209,300

Severstal

PAO,

GDR

40,000

507,847

717,147

Water

0.66%

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo,

ADR

40,000

332,000

Total

Common

Stocks

44,084,469

(cost

$89,319,268)

Subscription

Receipt

2.12%

Mining

Services

2.12%

Caldas

Gold

Corp.,

144A 

#*@∆

1,060

1,060,000

(cost

$1,060,000)

Corporate

Non-Convertible

Note

1.59%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

1.59%

Gran

Colombia

Gold

Corp.

8.25

04/30/24

$

739,916

798,924

(cost

$741,443)

Exchange

Traded

Funds

1.96%

Shares

Direxion

Daily

Energy

Bear

2X

Shares

ETF

1,200

83,772

Direxion

Daily

Gold

Miners

Index

Bear

2X

Shares

ETF

1,000

19,010

Direxion

Daily

Junior

Gold

Miners

Index

Bull

2X

Shares

ETF

3,000

387,000

Direxion

Daily

S&P

Oil

&

Gas

Exp.

&

Prod.

Bear

2X

Shares

ETF

2,000

142,080

Invesco

Solar

ETF

800

51,832

ProShares

UltraShort

Silver

ETF 

*

1,300

12,753

Teucrium

Sugar

Fund

ETF 

*

8,000

48,720

U.S.

Gasoline

Fund

LP

ETF 

*

2,800

55,776

VanEck

Vectors

Agribusiness

ETF

2,000

134,980

VanEck

Vectors

Coal

ETF

600

46,746

Total

Exchange

Traded

Funds

982,669

(cost

$735,907)

Portfolio

of

Investments

(unaudited)

20

See

notes

to

portfolios

of

investments.

September

30,

2020

Global

Resources

Fund

Warrants

0.37%

Exercise

Price

Exp.

Date

Shares

Value

Gold

Mining

0.03%

Revival

Gold,

Inc.,

144A 

#*@∆

$

0.90

04/04/22

80,000

$

12,617

Troilus

Gold

Corp.,

144A 

#*@∆

2.50

11/21/20

294,000

0

12,617

Metal

-

Diversified

0.00%

First

Cobalt

Corp.,

144A 

#*@∆

0.21

02/05/22

1,000,000

0

Mining

Services

0.33%

Caldas

Gold

Corp. 

*

2.75

07/25/25

370,889

167,124

Oil

Companies

-

Exploration

&

Production

0.01%

CruzSur

Energy

Corp.,

144A 

#*∆

10.50

07/31/22

200,000

4,506

Total

Warrants

184,247

(cost

$0

)

Call

Options

Purchased

2.19%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Gold

Mining

2.19%

Barrick

Gold

Corp.

$

17.00

01/22

$

1,188,300

699

824,820

Newmont

Corp.

42.00

01/22

487,200

116

273,470

1,098,290

Total

Purchased

Call

Options

1,098,290

(premiums

paid

$415,045

)

Investments,

at

value

96.26%

48,208,599

(cost

$92,271,663

)

Other

assets

and

liabilities,

net

3.74%

1,872,766

Net

Assets

100.00%

$

50,081,365

Portfolio

of

Investments

(unaudited)

21

See

notes

to

portfolios

of

investments.

September

30,

2020

World

Precious

Minerals

Fund

Common

Stocks

92.86%

Shares

Value

Advanced

Materials/Production

6.20%

Nano

One

Materials

Corp. 

*

3,100,000

$

6,448,875

Sixth

Wave

Innovations,

Inc. 

*

750,000

152,079

6,600,954

Capital

Pools

1.44%

Magna

Gold

Corp. 

*

1,610,000

1,535,579

Coal

0.00%

Caribbean

Resources

Corp. 

#*@

4

0

Diamonds/Precious

Stones

0.95%

Barksdale

Resources

Corp. 

*

3,000,000

1,013,856

Rockwell

Diamonds,

Inc.,

144A 

#*@∆

171,667

0

1,013,856

Diversified

Minerals

5.11%

Ascot

Resources,

Ltd.,

144A 

#*∆

6,412

5,778

Battle

North

Gold

Corp. 

*

750,000

1,013,856

Calibre

Mining

Corp. 

*

1,000,000

1,374,338

Desert

Gold

Ventures,

Inc. 

*

750,000

92,937

Erdene

Resource

Development

Corp. 

*

300,000

103,639

Indochine

Mining,

Ltd. 

#*@

10,000

0

Lithoquest

Diamonds,

Inc. 

*

750,000

35,203

Lumina

Gold

Corp. 

*

1,000,000

653,374

Mako

Mining

Corp. 

*

2,550,000

794,750

Musgrave

Minerals,

Ltd. 

*

1,500,000

548,434

NGEX

Minerals,

Ltd. 

*

100,000

50,317

VR

Resources,

Ltd. 

*

3,000,000

766,025

5,438,651

Finance

-

Investment

Banker/Broker

0.01%

Coin

Hodl

,

Inc.,

144A 

#*∆

133,333

16,021

Gold

Mining

42.23%

Adamera

Minerals

Corp. 

*

5,373,000

322,812

Adamera

Minerals

Corp.,

144A 

#∆

119,543

7,182

African

Gold

Group,

Inc. 

*

2,285,000

377,530

Algold

Resources,

Ltd. 

#*@

540,000

35,485

Allegiant

Gold,

Ltd. 

*

3,000,000

946,266

Amilot

Capital,

Inc.,

144A 

#*∆

410,000

15,396

Aya

Gold

&

Silver,

Inc. 

*

250,000

490,030

Bellevue

Gold,

Ltd. 

*

2,400,000

1,774,405

Black

Dragon

Gold

Corp. 

*

5,000,000

353,670

Bonterra

Resources,

Inc. 

*

400,000

336,450

Chalice

Gold

Mines,

Ltd. 

*

1,250,000

2,362,999

Comstock

Mining,

Inc. 

*

106,600

115,128

Contact

Gold

Corp. 

*

4,000,000

525,703

Portfolio

of

Investments

(unaudited)

22

See

notes

to

portfolios

of

investments.

September

30,

2020

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

CopperBank

Resources

Corp. 

*~

5,750,000

$

863,655

CopperBank

Resources

Corp.,

144A 

#*~∆

43,500

6,534

Coral

Gold

Resources,

Ltd. 

*

760,000

696,331

Corona

Minerals,

Ltd. 

#*@

81,250

0

Endeavour

Mining

Corp. 

*

15,000

373,437

Fiore

Gold,

Ltd. 

*

500,000

589,538

Fremont

Gold,

Ltd. 

*

4,000,000

270,362

Gascoyne

Resources,

Ltd. 

#*@

1,600,000

28,650

GT

Gold

Corp. 

*

750,000

760,392

HighGold

Mining,

Inc. 

*

202,700

438,418

Jaguar

Mining,

Inc.

50,000

275,619

Josemaria

Resources,

Inc. 

*

500,000

337,952

K92

Mining,

Inc. 

*

1,275,000

6,645,263

Karora

Resources,

Inc. 

*

500,000

1,430,664

Kore

Mining,

Ltd. 

*

500,000

514,438

Lion

One

Metals,

Ltd. 

*

520,000

636,551

Lundin

Gold,

Inc. 

*

75,000

681,537

Mammoth

Resources

Corp. 

*~

3,671,200

144,747

Maritime

Resources

Corp. 

*

1,000,000

112,651

Mawson

Gold,

Ltd. 

*

625,000

183,057

McEwen

Mining,

Inc. 

*

134,764

142,704

Newcore

Gold,

Ltd. 

*

400,000

222,297

North

Stawell

Minerals,

Ltd. 

*

700,000

205,564

NV

Gold

Corp. 

*

1,000,000

240,321

OceanaGold

Corp.,

144A 

#*∆

5,348

8,234

Oklo

Resources,

Ltd. 

*

3,000,000

584,546

Orca

Gold,

Inc. 

*

4,350,000

1,927,453

Osino

Resources

Corp. 

*

230,000

238,369

Petaquilla

Minerals,

Ltd.,

144A 

#*@∆

2,660,000

0

Pretium

Resources,

Inc. 

*

40,000

513,600

Radisson

Mining

Resources,

Inc. 

*

8,500,000

1,883,144

Radius

Gold,

Inc.,

144A 

#*∆

125,000

26,520

Red

Pine

Exploration,

Inc. 

*

8,000,000

240,321

Redstar

Gold

Corp. 

*

20,000,000

1,877,511

Reunion

Gold

Corp. 

*

7,481,000

533,735

Revival

Gold,

Inc. 

*

1,500,000

1,250,422

Roscan

Gold

Corp. 

*

3,000,000

867,410

Royal

Road

Minerals,

Ltd. 

*

1,500,000

326,687

Scottie

Resources

Corp. 

*

1,750,000

505,989

Seabridge

Gold,

Inc. 

*

30,000

563,400

Seafield

Resources,

Ltd.,

144A 

#*@∆

1,300,000

0

Skeena

Resources,

Ltd. 

*

500,000

1,025,121

Southern

Gold,

Ltd. 

*

5,500,000

479,623

Strikepoint

Gold,

Inc. 

*

2,750,000

392,400

Taurus

Gold,

Ltd.,

144A 

#*@∆

2,448,381

0

TriStar

Gold,

Inc. 

*~

28,600,000

7,624,948

Unigold

,

Inc. 

*

1,250,000

314,483

Portfolio

of

Investments

(unaudited)

23

See

notes

to

portfolios

of

investments.

September

30,

2020

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Wolfden

Resources

Corp. 

*

2,000,000

$

315,422

44,963,076

Investment

Companies

0.19%

Nomad

Royalty

Co.,

Ltd.

175,000

201,081

Metal

-

Copper

0.69%

San

Marco

Resources,

Inc. 

*

1,200,000

243,325

Wallbridge

Mining

Co.,

Ltd. 

*

639,000

489,490

732,815

Metal

-

Diversified

10.28%

Adriatic

Metals

PLC 

*

500,000

841,642

Adventus

Mining

Corp. 

*

1,000,000

773,535

Argent

Minerals,

Ltd. 

*

21,100,000

791,189

Cartier

Resources,

Inc. 

*

1,000,000

191,506

Chakana

Copper

Corp. 

*~

4,695,000

2,291,878

De

Grey

Mining,

Ltd. 

*

1,000,000

894,433

Genesis

Metals

Corp.,

144A 

#*∆

583,400

111,725

Integra

Resources

Corp. 

*

140,000

465,773

Ivanhoe

Mines,

Ltd. 

*

500,000

1,817,431

Kaizen

Discovery,

Inc. 

*

8,000,000

270,362

Luminex

Res

Corp. 

*

150,000

95,753

New

Age

Metals,

Inc.,

144A 

#*∆

143,518

7,545

Nubian

Resources,

Ltd. 

*

500,000

225,301

Orex

Minerals,

Inc. 

*

7,000,000

1,103,976

Orsu

Metals

Corp.,

144A 

#*∆

186,922

54,748

Rockcliff

Metals

Corp.,

144A 

#*∆

873,333

52,470

RTG

Mining,

Inc. 

*

3,000,000

387,587

Sirios

Resources,

Inc. 

*

1,000,000

101,385

Torq

Resources,

Inc. 

*

1,000,000

465,623

10,943,862

Metal

-

Iron

0.04%

Vector

Resources,

Ltd. 

#*@

10,000,000

39,394

Mining

Services

2.98%

Caldas

Gold

Corp. 

*

990,900

1,867,868

Cordoba

Minerals

Corp. 

*

1,000,000

75,100

Major

Drilling

Group

International,

Inc. 

*

100,000

535,466

Summa

Silver

Corp. 

*

614,700

692,464

3,170,898

Non-Ferrous

Metals

0.14%

InZinc

Mining,

Ltd. 

*

3,000,000

61,958

Tajiri

Resources

Corp. 

*

610,500

89,405

151,363

Portfolio

of

Investments

(unaudited)

24

See

notes

to

portfolios

of

investments.

September

30,

2020

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

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

6,806

Platinum

1.16%

Clean

Air

Metals,

Inc. 

*

2,500,000

535,091

Platinum

Group

Metals,

Ltd. 

*

350,000

704,442

1,239,533

Precious

Metals

18.19%

Amani

Gold,

Ltd. 

*

54,500,000

77,720

Barsele

Minerals

Corp. 

*~

7,700,000

2,804,626

Brixton

Metals

Corp. 

*

3,000,000

743,494

Candente

Gold

Corp.,

144A 

#*∆

4,875,000

219,669

Canex

Metals,

Inc. 

*

1,500,000

247,831

Corvus

Gold,

Inc. 

*

29,000

85,156

Dolly

Varden

Silver

Corp. 

*~

6,979,000

4,507,484

GFG

Resources,

Inc. 

*

4,300,000

742,743

Group

Ten

Metals,

Inc. 

*

2,044,000

506,568

Kootenay

Silver,

Inc. 

*

1,000,000

285,382

Liberty

Gold

Corp. 

*

1,740,000

2,770,305

MacDonald

Mines

Exploration,

Ltd. 

*

3,000,000

247,831

Metalla

Royalty

&

Streaming,

Ltd.

150,000

1,178,326

Paramount

Gold

Nevada

Corp. 

*

170,000

193,800

Polarx

,

Ltd. 

*~

38,953,441

1,094,170

Prime

Mining

Corp. 

*

225,000

304,157

Roxgold

,

Inc. 

*

1,750,000

2,247,381

Silver

Viper

Minerals

Corp. 

*

3,000,000

1,103,977

19,360,620

Retail

-

Jewelry

0.95%

Mene

,

Inc. 

*

2,100,000

1,009,350

Silver

Mining

2.29%

MAG

Silver

Corp. 

*

50,000

813,000

Metallic

Minerals

Corp. 

*

1,470,000

805,903

Southern

Silver

Exploration

Corp. 

*

1,750,000

814,840

2,433,743

Total

Common

Stocks

98,857,602

(cost

$101,062,041)

Subscription

Receipts

1.90%

Gold

Mining

0.32%

Southern

Gold,

Ltd.,

144A 

*∆

3,833,230

334,274

Portfolio

of

Investments

(unaudited)

25

See

notes

to

portfolios

of

investments.

September

30,

2020

World

Precious

Minerals

Fund

Subscription

Receipts (cont’d)

Shares

Value

Mining

Services

1.58%

Caldas

Gold

Corp.,

144A 

#*@∆

1,100

$

1,100,000

Novo

Resources

Corp.,

144A 

#*@∆

225,000

584,657

1,684,657

Total

Subscription

Receipts

2,018,931

(cost

$1,992,640)

Right

0.00%

Gold

Mining

0.00%

Gascoyne

Resources,

Ltd. 

#*@

3,200,000

0

(cost

$0)

Exchange

Traded

Funds

1.92%

Direxion

Daily

Gold

Miners

Index

Bull

2X

Shares

ETF

12,000

1,017,480

Direxion

Daily

Junior

Gold

Miners

Index

Bull

2X

Shares

ETF

8,000

1,032,000

Total

Exchange

Traded

Funds

2,049,480

(cost

$3,793,034)

Warrants

0.48%

Exercise

Price

Exp.

Date

Diversified

Minerals

0.00%

Desert

Gold

Ventures,

Inc.,

144A 

#*@∆

$

0.40

08/28/23

187,500

0

Gold

Mineral

Exploration

&

Development

0.00%

Western

Exploration

&

Development,

Ltd.,

144A 

#*@∆

0.50

12/31/49

600,000

0

Gold

Mining

0.03%

Osino

Resources

Corp.,

144A 

#*@∆

1.05

01/30/22

115,000

31,092

Revival

Gold,

Inc.,

144A 

#*@∆

1.60

02/06/22

250,000

0

Strikepoint

Gold,

Inc.,

144A 

#*@∆

0.20

07/21/22

625,000

0

31,092

Metal

-

Copper

0.00%

San

Marco

Resources,

Inc.,

144A 

#*@∆

0.34

07/22/23

600,000

0

Mining

Services

0.22%

Caldas

Gold

Corp. 

*

2.75

07/25/25

520,000

234,313

Retail

-

Jewelry

0.00%

Mene

,

Inc. 

#*

1.00

11/29/20

465,000

6,111

Portfolio

of

Investments

(unaudited)

26

See

notes

to

portfolios

of

investments.

September

30,

2020

World

Precious

Minerals

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Silver

Mining

0.23%

Southern

Silver

Exploration

Corp.,

144A 

#*@∆

$

0.25

08/14/23

875,000

$

243,138

Total

Warrants

514,654

(cost

$362,612

)

Call

Options

Purchased

1.41%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Gold

Mining

1.41%

Barrick

Gold

Corp.

$

17.00

01/22

$

1,547,000

910

1,073,800

Newmont

Corp.

42.00

01/22

756,000

180

424,350

1,498,150

Total

Purchased

Call

Options

1,498,150

(premiums

paid

$581,076

)

Investments,

at

value

98.57%

104,938,817

(cost

$107,791,403

)

Other

assets

and

liabilities,

net

1.43%

1,521,181

Net

Assets

100.00%

$

106,459,998

Portfolio

of

Investments

(unaudited)

27

See

notes

to

portfolios

of

investments.

September

30,

2020

Gold

and

Precious

Metals

Fund

Common

Stocks

88.55%

Shares

Value

Advanced

Materials/Production

0.16%

Sixth

Wave

Innovations,

Inc. 

*

1,200,000

$

243,326

Agricultural

Chemicals

0.07%

Elemental

Royalties

Corp. 

*

109,200

111,533

Diversified

Minerals

4.75%

Alkane

Resources,

Ltd. 

*

2,000,000

2,064,167

Australian

Strategic

Materials,

Ltd. 

*

500,000

755,644

Calibre

Mining

Corp. 

*

2,500,000

3,435,845

Mako

Mining

Corp. 

*

3,500,000

1,090,834

7,346,490

Gold

Mining

53.83%

AngloGold

Ashanti,

Ltd.,

ADR

100,000

2,638,000

Argonaut

Gold,

Inc. 

*

1,469,000

2,967,677

Aya

Gold

&

Silver,

Inc. 

*

250,000

490,030

B2Gold

Corp.

200,000

1,304,000

Barrick

Gold

Corp.

100,000

2,811,000

Centerra

Gold,

Inc.

350,000

4,071,571

DRDGOLD,

Ltd.,

ADR

100,000

1,185,000

Dundee

Precious

Metals,

Inc.

350,000

2,507,604

Equinox

Gold

Corp. 

*

100,000

1,167,812

Evolution

Mining,

Ltd.

300,000

1,253,231

GoGold

Resources,

Inc. 

*

1,500,000

1,723,555

Gold

Fields,

Ltd.,

ADR

250,000

3,072,500

Golden

Star

Resources,

Ltd. 

*

200,000

862,000

Gran

Colombia

Gold

Corp.

375,000

1,765,799

Harmony

Gold

Mining

Co.,

Ltd.,

ADR 

*

500,000

2,635,000

IAMGOLD

Corp. 

*

500,000

1,915,000

K92

Mining,

Inc. 

*

2,750,000

14,332,920

Kirkland

Lake

Gold,

Ltd.

90,000

4,385,700

Maverix

Metals,

Inc.

778,000

3,984,800

Newmont

Corp.

50,000

3,172,500

Northern

Star

Resources,

Ltd.

100,000

990,904

Pantoro

,

Ltd. 

*

8,000,000

1,220,043

Pretium

Resources,

Inc. 

*

60,000

770,400

Ramelius

Resources,

Ltd.

1,375,000

2,076,691

Regis

Resources,

Ltd.

500,000

1,817,617

Royal

Gold,

Inc.

10,000

1,201,700

Sandstorm

Gold,

Ltd. 

*

650,000

5,486,000

Silver

Lake

Resources,

Ltd. 

*

3,000,000

5,035,785

Torex

Gold

Resources,

Inc. 

*

100,000

1,414,141

Wesdome

Gold

Mines,

Ltd. 

*

350,000

3,304,044

Westgold

Resources,

Ltd. 

*

1,000,000

1,720,236

83,283,260

Portfolio

of

Investments

(unaudited)

28

See

notes

to

portfolios

of

investments.

September

30,

2020

Gold

and

Precious

Metals

Fund

Common

Stocks (cont’d)

Shares

Value

Investment

Companies

0.37%

Nomad

Royalty

Co.,

Ltd.

500,000

$

574,519

Metal

-

Diversified

0.47%

Altius

Minerals

Corp.

100,000

727,723

Metal-Diversified

0.72%

Vox

Royalty

Corp. 

*

500,000

1,107,732

Mining

Services

3.16%

Caldas

Gold

Corp. 

*

430,000

810,559

Castile

Resources,

Ltd. 

*

1,500,000

329,005

Major

Drilling

Group

International,

Inc. 

*

700,000

3,748,263

4,887,827

Platinum

1.40%

Impala

Platinum

Holdings,

Ltd.

250,000

2,172,178

Precious

Metals

14.35%

1911

Gold

Corp. 

*

406,250

234,924

EMX

Royalty

Corp. 

*

1,100,000

2,907,889

Metalla

Royalty

&

Streaming,

Ltd.

325,000

2,553,040

Metalla

Royalty

&

Streaming,

Ltd.

100,000

789,000

Roxgold

,

Inc. 

*

3,750,000

4,815,816

Sailfish

Royalty

Corp. 

*

310,000

316,623

SSR

Mining,

Inc. 

*

125,000

2,333,750

SSR

Mining,

Inc. 

*

113,610

2,120,242

Wheaton

Precious

Metals

Corp.

125,000

6,133,750

22,205,034

Remediation

Services

0.56%

Alexco

Resource

Corp. 

*

325,000

858,000

Retail

-

Jewelry

2.02%

Mene

,

Inc. 

*

800,000

384,515

Mene

,

Inc.,

144A 

#∆

5,714,285

2,746,530

3,131,045

Silver

Mining

6.69%

Excellon

Resources,

Inc. 

*

100,000

289,888

Fortuna

Silver

Mines,

Inc. 

*

225,000

1,431,000

Hochschild

Mining

PLC 

*

550,000

1,550,892

Pan

American

Silver

Corp.

125,000

4,018,750

Santacruz

Silver

Mining,

Ltd. 

*

5,000,000

882,430

Silvercorp

Metals,

Inc.

300,000

2,172,000

10,344,960

Total

Common

Stocks

(cost

$77,011,335)

136,993,627

Portfolio

of

Investments

(unaudited)

29

See

notes

to

portfolios

of

investments.

September

30,

2020

Gold

and

Precious

Metals

Fund

Subscription

Receipt

2.73%

Shares

Value

Mining

Services

2.73%

Caldas

Gold

Corp.,

144A 

#*@∆

4,220

$

4,220,000

(cost

$4,220,000)

Corporate

Non-Convertible

Bond

0.00%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Coal

0.00%

Caribbean

Resources

Corp. 

#@^

19.25

06/15/15

$

485,766

0

(cost

$485,766)

Corporate

Non-Convertible

Notes

0.79%

Gold

Mining

0.79%

Gran

Colombia

Gold

Corp.

8.25

04/30/24

1,131,067

1,221,269

(cost

$1,133,401)

Exchange

Traded

Funds

2.68%

Shares

Direxion

Daily

Gold

Miners

Index

Bull

2X

Shares

ETF

27,600

2,340,204

Direxion

Daily

Junior

Gold

Miners

Index

Bull

2X

Shares

ETF

14,000

1,806,000

Total

Exchange

Traded

Funds

4,146,204

(cost

$6,197,055)

Warrants

0.61%

Exercise

Price

Exp.

Date

Gold

Mining

0.16%

GoGold

Resources,

Inc.,

144A 

#*@∆

$

0.85

02/25/22

325,000

165,972

Yamana

Gold,

Inc.,

144A 

#*@∆

13.50

01/15/21

50,000

78,668

244,640

Mining

Services

0.37%

Caldas

Gold

Corp. 

*

2.75

07/25/25

1,274,000

574,068

Portfolio

of

Investments

(unaudited)

30

See

notes

to

portfolios

of

investments.

September

30,

2020

Gold

and

Precious

Metals

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Silver

Mining

0.08%

Excellon

Resources,

Inc. 

*

$

7.00

08/27/21

375,000

$

126,732

Total

Warrants

945,440

(cost

$0

)

Call

Options

Purchased

2.40%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Gold

Mining

2.40%

Barrick

Gold

Corp.

$

17.00

01/22

$

2,449,700

1,441

1,700,380

Newmont

Corp.

42.00

01/22

3,586,800

854

2,013,305

3,713,685

Total

Purchased

Call

Options

3,713,685

(premiums

paid

$1,127,595

)

Investments,

at

value

97.76%

151,240,225

(cost

$90,175,152

)

Other

assets

and

liabilities,

net

2.24%

3,466,968

Net

Assets

100.00%

$

154,707,193

Portfolio

of

Investments

(unaudited)

31

See

notes

to

portfolios

of

investments.

September

30,

2020

Emerging

Europe

Fund

Common

Stocks

88.56%

Shares

Value

Airlines

0.99%

Aeroflot

PJSC 

*

175,000

$

166,314

Turk

Hava

Yollari

AO 

*

40,000

53,893

220,207

Appliances

0.26%

Arcelik

AS 

*

17,800

57,121

Automotive

-

Cars

&

Light

Trucks

1.07%

Daimler

AG

650

35,065

Ford

Otomotiv

Sanayi

AS

11,000

124,630

Tofas

Turk

Otomobil

Fabrikasi

AS

24,800

78,810

238,505

Beverages

-

Non-alcoholic

0.42%

Coca-Cola

Icecek

AS

16,000

92,830

Brewery

0.60%

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS

50,000

133,485

Building

-

Heavy

Construction

1.51%

Budimex

SA

5,300

335,991

Building

&

Construction

Products

-

Miscellaneous

0.29%

Enka

Insaat

ve

Sanayi

AS

70,000

63,890

Cellular

Telecommunication

6.02%

Mobile

TeleSystems

PJSC,

ADR

131,200

1,145,376

Turkcell

Iletisim

Hizmetleri

AS

99,000

192,968

1,338,344

Commercial

Banks

Non-US

16.92%

Banca

Transilvania

SA 

*

445,220

253,035

Bank

Polska

Kasa

Opieki

SA 

*

23,000

299,603

BRD-Groupe

Societe

Generale

SA 

*

115,000

359,150

OTP

Bank

Nyrt 

*

7,500

225,740

Sberbank

of

Russia

PJSC,

ADR 

*

168,750

1,969,312

Turkiye

Garanti

Bankasi

AS 

*

160,000

146,241

Turkiye

Is

Bankasi

AS 

*

90,000

62,308

VTB

Bank

PJSC,

GDR

411,000

342,642

Yapi

ve

Kredi

Bankasi

AS 

*

380,000

104,871

3,762,902

Commercial

Services

0.42%

Hyve

Group

PLC

112,000

93,133

Computer

Services

1.38%

Asseco

Poland

SA

17,000

305,633

Portfolio

of

Investments

(unaudited)

32

See

notes

to

portfolios

of

investments.

September

30,

2020

Emerging

Europe

Fund

Common

Stocks (cont’d)

Shares

Value

Dialysis

Centers

0.84%

Fresenius

Medical

Care

AG

&

Co.

KGaA

2,200

$

185,981

Distribution/Wholesale

0.56%

Rexel

SA 

*

10,000

125,380

Diversified

Operations

1.65%

Haci

Omer

Sabanci

Holding

AS

120,000

128,919

KOC

Holding

AS

126,000

238,552

367,471

Electric

-

Distribution

0.82%

Enerjisa

Enerji

AS

158,000

182,875

Electric

-

Generation

3.41%

Inter

RAO

UES

PJSC

10,511,000

757,581

Entertainment

Software

3.09%

CD

Projekt

SA 

*

6,350

687,564

Finance

-

Other

Services

0.81%

Moscow

Exchange

MICEX-RTS

PJSC

95,000

178,799

Food

-

Retail

0.60%

Koninklijke

Ahold

Delhaize

NV,

ADR

4,500

133,335

Gold

Mining

5.65%

Highland

Gold

Mining,

Ltd.

75,000

289,710

Koza

Altin

Isletmeleri

AS 

*

31,000

313,491

Polyus

PJSC,

GDR

6,200

653,187

1,256,388

Machinery

-

General

Industrial

1.06%

ANDRITZ

AG

7,650

236,123

Metal

-

Diversified

2.56%

MMC

Norilsk

Nickel

PJSC,

ADR

18,650

450,397

Orsu

Metals

Corp.,

144A 

#*∆

402,500

117,889

568,286

Metal

Processors

&

Fabricate

0.52%

Aurubis

AG

1,700

115,651

Multi-line

Insurance

1.29%

Allianz

SE

398

76,388

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

9,500

210,975

287,363

Portfolio

of

Investments

(unaudited)

33

See

notes

to

portfolios

of

investments.

September

30,

2020

Emerging

Europe

Fund

Common

Stocks (cont’d)

Shares

Value

Oil

Companies

-

Exploration

&

Production

1.24%

Novatek

PJSC,

GDR

2,025

$

276,413

Oil

Companies

-

Integrated

18.71%

Gazprom

PJSC,

ADR

141,300

614,929

LUKOIL

PJSC,

ADR

31,820

1,826,786

OMV

Petrom

SA

2,000,000

161,110

Surgutneftegas

PJSC,

ADR

227,750

1,016,357

Tatneft

PJSC,

ADR

15,360

541,915

4,161,097

Oil

Refining

&

Marketing

0.48%

Grupa

Lotos

SA

12,000

107,036

Precious

Metals

2.35%

Polymetal

International

PLC

17,000

370,416

SSR

Mining,

Inc. 

*

8,115

151,446

521,862

Property/Casualty

Insurance

1.21%

Powszechny

Zaklad

Ubezpieczen

SA 

*

42,000

269,520

Regional

Banks

-

Non

US

1.02%

TCS

Group

Holding

PLC,

GDR

8,600

226,827

Retail

-

Apparel/Shoe

0.58%

HUGO

BOSS

AG

5,150

128,728

Retail

-

Jewelry

0.52%

Pandora

A/S

1,615

116,503

Steel

-

Producers

4.39%

Eregli

Demir

ve

Celik

Fabrikalari

TAS

196,500

240,850

Evraz

PLC

95,000

423,024

Magnitogorsk

Iron

&

Steel

Works

PJSC,

GDR

47,900

311,775

975,649

Telecom

Services

2.36%

Sistema

PJSFC,

GDR

89,000

476,973

Turk

Telekomunikasyon

AS

53,000

48,691

525,664

Transportation

-

Rail

1.49%

Globaltrans

Investment

PLC,

GDR

53,999

330,223

Web

Portals/ISP

0.98%

Yandex

NV,

Class A 

*

3,350

218,588

Portfolio

of

Investments

(unaudited)

34

See

notes

to

portfolios

of

investments.

September

30,

2020

Emerging

Europe

Fund

Common

Stocks (cont’d)

Shares

Value

Wire

&

Cable

Products

0.49%

Nexans

SA 

*

1,900

$

109,768

Total

Common

Stocks

19,692,716

(cost

$19,366,957)

Subscription

Receipt

2.25%

Mining

Services

2.25%

Caldas

Gold

Corp.,

144A 

#*@∆

500

500,000

(cost

$500,000)

Exchange

Traded

Fund

2.37%

iShares

MSCI

Poland

ETF

32,000

526,720

(cost

$546,973)

Warrant

0.20%

Exercise

Price

Exp.

Date

Mining

Services

0.20%

Caldas

Gold

Corp. 

*

$

2.75

07/25/25

100,000

45,060

(cost

$0

)

Put

Option

Purchased

0.13%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Country

Fund-Russia

0.13%

Direxion

Daily

Russia

Bull

2X

Shares

ETF 

#

$

12.00

12/20

$

620,400

400

28,000

(premiums

paid

$71,040

)

Investments,

at

value

93.51%

20,792,496

(cost

$20,484,970

)

Other

assets

and

liabilities,

net

6.49%

1,442,994

Net

Assets

100.00%

$

22,235,490

Portfolio

of

Investments

(unaudited)

35

See

notes

to

portfolios

of

investments.

September

30,

2020

China

Region

Fund

Common

Stocks

92.50%

Shares

Value

Automotive

-

Cars

&

Light

Trucks

4.38%

Great

Wall

Motor

Co.,

Ltd.,

Class H

225,000

$

287,014

Yadea

Group

Holdings,

Ltd. 

*

195,000

287,987

575,001

Beverages

-

Non-alcoholic

2.23%

Carabao

Group

PCL

79,000

293,332

Building

Products

-

Cement

0.63%

West

China

Cement,

Ltd.

560,000

82,882

Consumer

Products

-

Miscellaneous

0.00%

Tongda

Hong

Tai

Holdings,

Ltd. 

*

2,000

126

Disposable

Medical

Products

3.80%

Top

Glove

Corp.

Bhd

249,000

499,247

Diversified

Financial

Services

2.05%

Fubon

Financial

Holding

Co.,

Ltd.

185,000

269,196

E-Commerce/Products

8.94%

Alibaba

Group

Holding,

Ltd.,

ADR 

*

2,710

796,686

Meituan

Dianping

*

12,000

378,015

1,174,701

Electronic

Components

-

Miscellaneous

1.69%

BYD

Electronic

International

Co.,

Ltd.

43,800

222,286

Finance

-

Investment

Banker/Broker

4.31%

Huatai

Securities

Co.,

Ltd.

210,000

345,516

KIWOOM

Securities

Co.,

Ltd.

2,600

220,801

566,317

Finance

-

Other

Services

0.97%

Hong

Kong

Exchanges

&

Clearing,

Ltd.

2,700

127,098

Firearms

&

Ammunition

0.80%

Firstec

Co.,

Ltd. 

*

60,000

105,554

Food

-

Dairy

Products

1.46%

Ausnutria

Dairy

Corp.,

Ltd.

120,000

191,300

Food

-

Miscellaneous/Diversified

10.22%

Yihai

International

Holding,

Ltd.

85,500

1,342,950

Food

-

Wholesale/Distribution

1.31%

China

Tobacco

International

HK

Co.,

Ltd.

90,000

171,813

Portfolio

of

Investments

(unaudited)

36

See

notes

to

portfolios

of

investments.

September

30,

2020

China

Region

Fund

Common

Stocks (cont’d)

Shares

Value

Industrial

Audio

&

Video

Production

1.33%

Q

Technology

Group

Co.,

Ltd.

155,000

$

174,441

Internet

Content

-

Info

8.24%

Tencent

Holdings,

Ltd.,

ADR

16,000

1,082,400

Life/Health

Insurance

5.47%

China

Life

Insurance

Co.,

Ltd.

175,000

396,721

China

Taiping

Insurance

Holdings

Co.,

Ltd.

210,000

321,973

718,694

Medical

-

Drugs

0.82%

YiChang

HEC

ChangJiang

Pharmaceutical

Co.,

Ltd.

84,000

107,410

Non-Ferrous

Metals

0.00%

Sterling

Group

Ventures,

Inc.,

144A 

#*@∆

500,000

0

Photo

Equipment

&

Supplies

4.73%

Sunny

Optical

Technology

Group

Co.,

Ltd.

40,000

621,293

Property/Casualty

Insurance

3.79%

The

People's

Insurance

Co.

Group

of

China,

Ltd.

1,675,000

498,461

Real

Estate

Management/Services

1.25%

China

Overseas

Property

Holdings,

Ltd.

200,000

164,696

Reinsurance

1.54%

China

Reinsurance

Group

Corp.

2,200,000

202,916

Retail

-

Apparel/Shoe

3.62%

Li

Ning

Co.,

Ltd.

101,000

475,235

Retail

-

Automobile

5.19%

China

Meidong

Auto

Holdings,

Ltd.

75,500

290,869

Hotai

Motor

Co.,

Ltd.

17,500

391,715

682,584

Rubber/Plastic

Products

2.83%

Hartalega

Holdings

Bhd

95,000

372,086

Schools

0.93%

China

New

Higher

Education

Group,

Ltd.

189,000

122,320

Semiconductor

Components

-

Integrated

Circuit

6.54%

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

32,850

494,198

United

Microelectronics

Corp.

370,000

364,960

859,158

Portfolio

of

Investments

(unaudited)

37

See

notes

to

portfolios

of

investments.

September

30,

2020

China

Region

Fund

Common

Stocks (cont’d)

Shares

Value

Tobacco

3.43%

Smoore

International

Holdings,

Ltd. 

*

100,000

$

450,965

Total

Common

Stocks

12,154,462

(cost

$11,098,918)

Subscription

Receipt

1.98%

Mining

Services

1.98%

Caldas

Gold

Corp.,

144A 

#*@∆

260

260,000

(cost

$260,000)

Right

0.00%

Electronic

Components

-

Miscellaneous

0.00%

Simplo

Technology

Co.,

Ltd. 

#*@

448

0

(cost

$0)

Warrant

0.18%

Exercise

Price

Exp.

Date

Mining

Services

0.18%

Caldas

Gold

Corp. 

*

$

2.75

07/25/25

52,000

23,431

(cost

$0

)

Investments,

at

value

94.66%

12,437,893

(cost

$11,358,918

)

Other

assets

and

liabilities,

net

5.34%

702,186

Net

Assets

100.00%

$

13,140,079

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2020

38

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

September

30,

2020.

‡

Adjustable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

the

current

interest

rates.

Rate

presented

is

as

of

September

30,

2020.

*

Non-income

producing

security.

@

Security

was

fair

valued

at

September

30,

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

September

30,

2020,

were

1.98%

of

All

American

Equity

Fund,

2.48%

of

Global

Luxury

Goods

Fund,

4.11%

of

Global

Resources

Fund,

1.94%

of

World

Precious

Minerals

Fund,

2.89%

of

Gold

And

Precious

Metals

Fund,

2.25%

of

Emerging

Europe

Fund

and

1.98%

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.

∆

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

September

30,

2020

amounted

to

$240,000,

1.98%,

of

All

American

Equity

Fund,

$774,707,

2.52%,

of

Global

Luxury

Goods

Fund,

$2,155,148,

4.30%,

of

Global

Resources

Fund,

$2,831,789,

2.66%,

of

World

Precious

Minerals

Fund,

$7,211,170,

4.66%,

of

Gold

And

Precious

Metals

Fund,

$617,889,

2.78%,

of

Emerging

Europe

Fund

and

$260,000,

1.98%,

of

China

Region

Fund.

#

Illiquid

Security.

~

Affiliated

Company.

(see

following)

+

See

"Restricted

Securities"

in

Notes

to

Portfolios

of

Investments.

^

Security

is

currently

in

default

and

is

on

scheduled

interest

or

principal

payment.

ADR

American

Depositary

Receipt

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

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

)

September

30,

2020

39

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

)

September

30,

2020

40

The

following

table

summarizes

the

valuation

of

each

Fund’s

securities

as

of

September

30,

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

$

–‌

$

31,838,210‌

$

–‌

$

31,838,210‌

Exchange

Traded

Fund

1,142,456‌

–‌

–‌

1,142,456‌

Investments,

at

Value

$

1,142,456‌

$

31,838,210‌

$

–‌

$

32,980,666‌

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

$

–‌

$

35,581,825‌

$

–‌

$

35,581,825‌

Exchange

Traded

Funds

4,569,800‌

–‌

–‌

4,569,800‌

Investments,

at

Value

$

4,569,800‌

$

35,581,825‌

$

–‌

$

40,151,625‌

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

Applications

Software

$

273,429‌

$

–‌

$

–‌

$

273,429‌

Building

-

Residential/

Commercial

524,192‌

–‌

–‌

524,192‌

Coatings/Paint

389,478‌

–‌

–‌

389,478‌

Commercial

Service

-

Finance

635,578‌

–‌

–‌

635,578‌

Computer

Data

Security

106,029‌

–‌

–‌

106,029‌

Computer

Software

116,067‌

–‌

–‌

116,067‌

Computers

440,078‌

–‌

–‌

440,078‌

Consumer

Products

-

Miscellaneous

189,153‌

–‌

–‌

189,153‌

Cosmetics

&

Toiletries

554,193‌

–‌

–‌

554,193‌

Decision

Support

Software

71,356‌

–‌

–‌

71,356‌

Diagnostic

Equipment

272,420‌

–‌

–‌

272,420‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2020

41

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)

Drug

Delivery

Systems

$

104,706‌

$

–‌

$

–‌

$

104,706‌

E-Commerce/Products

692,721‌

–‌

–‌

692,721‌

Electric

-

Integrated

330,330‌

–‌

–‌

330,330‌

Electronic

Components

-

Semiconductors

464,872‌

–‌

–‌

464,872‌

Electronic

Connectors

129,924‌

–‌

–‌

129,924‌

Enterprise

Software/

Services

403,632‌

–‌

–‌

403,632‌

E-Services/Consulting

125,506‌

–‌

–‌

125,506‌

Finance

-

Credit

Card

310,953‌

–‌

–‌

310,953‌

Finance

-

Other

Services

313,688‌

–‌

–‌

313,688‌

Gold

Mining

503,923‌

–‌

–‌

503,923‌

Instruments

-

Scientific

138,061‌

–‌

–‌

138,061‌

Medical

-

Drugs

338,685‌

–‌

–‌

338,685‌

Medical

-

HMO

443,025‌

–‌

–‌

443,025‌

Medical

-

Hospitals

136,772‌

–‌

–‌

136,772‌

Medical

-

Wholesale

Drug

Distribution

119,144‌

–‌

–‌

119,144‌

Medical

Products

136,037‌

–‌

–‌

136,037‌

Precious

Metals

142,303‌

–‌

–‌

142,303‌

REITS

-

Diversified

181,781‌

–‌

–‌

181,781‌

REITS

-

Warehouse/

Industrial

221,364‌

–‌

–‌

221,364‌

Retail

-

Building

Products

1,165,750‌

–‌

–‌

1,165,750‌

Retail

-

Discount

722,070‌

–‌

–‌

722,070‌

Retail

-

Restaurants

410,390‌

–‌

–‌

410,390‌

Shipbuilding

168,196‌

–‌

–‌

168,196‌

Silver

Mining

244,118‌

–‌

–‌

244,118‌

Subscription

Receipt

Mining

Services

–‌

–‌

240,000‌

240,000‌

Corporate

Non-Convertible

Note

–‌

200,213‌

–‌

200,213‌

Exchange

Traded

Funds

61,273‌

–‌

–‌

61,273‌

Warrant

Mining

Services

21,629‌

–‌

–‌

21,629‌

Investments,

at

Value

$

11,602,826‌

$

200,213‌

$

240,000‌

$

12,043,039‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

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

Luxury

Goods

Fund

Investments

in

Securities*

Common

Stocks

Apparel

Manufacturers

$

2,178,624‌

$

1,562,957‌

$

–‌

$

3,741,581‌

Automotive

-

Cars

&

Light

Trucks

4,669,499‌

791,091‌

–‌

5,460,590‌

Beverages

-

Wine/Spirits

869,778‌

264,671‌

–‌

1,134,449‌

Casino

Hotels

97,875‌

1,571,191‌

–‌

1,669,066‌

Commercial

Service

-

Finance

302,543‌

–‌

–‌

302,543‌

Computers

1,065,452‌

–‌

–‌

1,065,452‌

Cosmetics

&

Toiletries

1,218,305‌

–‌

–‌

1,218,305‌

Decision

Support

Software

279,716‌

–‌

–‌

279,716‌

Diversified

Banking

Institution

944,405‌

–‌

–‌

944,405‌

E-Commerce/Products

1,196,517‌

–‌

–‌

1,196,517‌

Energy

-

Alternate

Sources

–‌

–‌

0‌

0‌

Finance

-

Mortgage

Loan/

Banker

12,578‌

–‌

–‌

12,578‌

Footwear

&

Related

Apparel

–‌

273,785‌

–‌

273,785‌

Gold

Mining

1,718,052‌

–‌

–‌

1,718,052‌

Home

Furnishings

312,165‌

–‌

–‌

312,165‌

Hotels

&

Motels

870,264‌

–‌

–‌

870,264‌

Information

Technology

–‌

–‌

120,161‌

120,161‌

Internet

Content

-

Entertainment

288,090‌

–‌

–‌

288,090‌

Investment

Management/

Advisory

Services

–‌

288,812‌

–‌

288,812‌

Metal

-

Diversified

236,266‌

–‌

–‌

236,266‌

Motorcycle/Motor

Scooter

90,798‌

–‌

–‌

90,798‌

Oil

Companies

-

Exploration

&

Production

33,420‌

–‌

–‌

33,420‌

Precious

Metals

299,327‌

–‌

–‌

299,327‌

Private

Equity

522,055‌

–‌

–‌

522,055‌

Real

Estate

Operating/

Development

–‌

–‌

8,403‌

8,403‌

Retail

-

Apparel/Shoe

675,208‌

577,600‌

–‌

1,252,808‌

Retail

-

Building

Products

1,212,760‌

–‌

–‌

1,212,760‌

Retail

-

Discount

976,250‌

–‌

–‌

976,250‌

Retail

-

Jewelry

–‌

1,363,000‌

–‌

1,363,000‌

Silver

Mining

267,880‌

239,683‌

–‌

507,563‌

Textile

-

Apparel

1,323,932‌

–‌

–‌

1,323,932‌

Web

Portals/ISP

293,920‌

–‌

–‌

293,920‌

Subscription

Receipt

Mining

Services

–‌

–‌

620,000‌

620,000‌

Corporate

Non-Convertible

Note

–‌

446,354‌

–‌

446,354‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

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

Luxury

Goods

Fund

(continued)

Investments

in

Securities*

(continued)

Warrants

Finance

-

Mortgage

Loan/

Banker

$

–‌

$

0‌

$

–‌

$

0‌

Information

Technology

–‌

–‌

0‌

0‌

Mining

Services

55,875‌

–‌

–‌

55,875‌

Oil

Companies

-

Exploration

&

Production

1,126‌

–‌

–‌

1,126‌

Investments,

at

Value

22,012,680‌

7,379,144‌

748,564‌

30,140,388‌

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

$

1,064,599‌

$

–‌

$

–‌

$

1,064,599‌

Building

&

Construction

Products

-

Miscellaneous

295,100‌

–‌

–‌

295,100‌

Building

Products

-

Wood

295,520‌

–‌

–‌

295,520‌

Coal

–‌

–‌

0‌

0‌

Containers

-

Metal/Glass

290,920‌

–‌

–‌

290,920‌

Containers

-

Paper/Plastic

–‌

345,330‌

–‌

345,330‌

Diamonds/Precious

Stones

337,952‌

–‌

0‌

337,952‌

Diversified

Minerals

3,122,403‌

818,429‌

–‌

3,940,832‌

Electric

-

Integrated

330,600‌

–‌

–‌

330,600‌

Electric

-

Transmission

578,123‌

–‌

–‌

578,123‌

Energy

-

Alternate

Sources

2,050,000‌

2,563,239‌

0‌

4,613,239‌

Finance

-

Investment

Banker/Broker

360,482‌

–‌

–‌

360,482‌

Food

-

Miscellaneous/

Diversified

563,253‌

–‌

–‌

563,253‌

Forestry

279,374‌

–‌

–‌

279,374‌

Gold

Mining

7,245,571‌

968,263‌

0‌

8,213,834‌

Independent

Power

Producer

858,300‌

–‌

–‌

858,300‌

Industrial

Gases

476,260‌

317,019‌

–‌

793,279‌

Information

Technology

–‌

–‌

751,005‌

751,005‌

Invest

Company

-

Resources

184,747‌

–‌

–‌

184,747‌

Metal

-

Diversified

4,273,427‌

753,080‌

–‌

5,026,507‌

Metal

-

Iron

1,106,816‌

–‌

0‌

1,106,816‌

Mining

Services

1,487,974‌

–‌

–‌

1,487,974‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2020

44

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)

Natural

Resource

Technology

$

–‌

$

–‌

$

86,243‌

$

86,243‌

Non-Ferrous

Metals

362,360‌

–‌

0‌

362,360‌

Oil

-

Field

Services

427,720‌

–‌

–‌

427,720‌

Oil

Companies

-

Exploration

&

Production

1,119,208‌

56,325‌

–‌

1,175,533‌

Oil

Companies

-

Integrated

1,976,644‌

–‌

–‌

1,976,644‌

Oil

Refining

&

Marketing

661,860‌

–‌

–‌

661,860‌

Paper

&

Related

Products

482,238‌

1,116,293‌

–‌

1,598,531‌

Platinum

459,278‌

347,549‌

–‌

806,827‌

Precious

Metals

2,886,886‌

303,067‌

–‌

3,189,953‌

Real

Estate

Operating/

Development

–‌

–‌

146,638‌

146,638‌

REITS

-

Diversified

553,200‌

–‌

–‌

553,200‌

Retail

-

Jewelry

288,386‌

43,641‌

–‌

332,027‌

Steel

-

Producers

717,147‌

–‌

–‌

717,147‌

Water

332,000‌

–‌

–‌

332,000‌

Subscription

Receipt

Mining

Services

–‌

–‌

1,060,000‌

1,060,000‌

Corporate

Non-Convertible

Note

–‌

798,924‌

–‌

798,924‌

Exchange

Traded

Funds

982,669‌

–‌

–‌

982,669‌

Warrants

Gold

Mining

–‌

12,617‌

–‌

12,617‌

Metal

-

Diversified

–‌

0‌

–‌

0‌

Mining

Services

–‌

167,124‌

–‌

167,124‌

Oil

Companies

-

Exploration

&

Production

4,506‌

–‌

–‌

4,506‌

Purchased

Call

Options

1,098,290‌

–‌

–‌

1,098,290‌

Investments,

at

Value

37,553,813‌

8,610,900‌

2,043,886‌

48,208,599‌

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

$

6,448,875‌

$

152,079‌

$

–‌

$

6,600,954‌

Capital

Pools

1,535,579‌

–‌

–‌

1,535,579‌

Coal

–‌

–‌

0‌

0‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2020

45

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)

Diamonds/Precious

Stones

$

1,013,856‌

$

–‌

$

0‌

$

1,013,856‌

Diversified

Minerals

4,890,217‌

548,434‌

0‌

5,438,651‌

Finance

-

Investment

Banker/Broker

16,021‌

–‌

–‌

16,021‌

Gold

Mining

39,337,164‌

5,561,777‌

64,135‌

44,963,076‌

Investment

Companies

201,081‌

–‌

–‌

201,081‌

Metal

-

Copper

732,815‌

–‌

–‌

732,815‌

Metal

-

Diversified

7,976,541‌

2,967,321‌

–‌

10,943,862‌

Metal

-

Iron

39,394‌

–‌

–‌

39,394‌

Mining

Services

3,170,898‌

–‌

–‌

3,170,898‌

Non-Ferrous

Metals

151,363‌

–‌

–‌

151,363‌

Oil

Companies

-

Exploration

&

Production

–‌

–‌

0‌

0‌

Optical

Recognition

Equipment

6,806‌

–‌

–‌

6,806‌

Platinum

1,239,533‌

–‌

–‌

1,239,533‌

Precious

Metals

18,188,730‌

1,171,890‌

–‌

19,360,620‌

Retail

-

Jewelry

1,009,350‌

–‌

–‌

1,009,350‌

Silver

Mining

2,433,743‌

–‌

–‌

2,433,743‌

Subscription

Receipts

Gold

Mining

–‌

334,274‌

–‌

334,274‌

Mining

Services

584,657‌

–‌

1,100,000‌

1,684,657‌

Right

–‌

–‌

0‌

0‌

Exchange

Traded

Funds

2,049,480‌

–‌

–‌

2,049,480‌

Warrants

Diversified

Minerals

–‌

0‌

–‌

0‌

Gold

Mineral

Exploration

&

Development

–‌

–‌

0‌

0‌

Gold

Mining

–‌

31,092‌

–‌

31,092‌

Metal

-

Copper

–‌

0‌

–‌

0‌

Mining

Services

234,313‌

–‌

–‌

234,313‌

Retail

-

Jewelry

–‌

6,111‌

–‌

6,111‌

Silver

Mining

–‌

243,138‌

–‌

243,138‌

Purchased

Call

Options

1,498,150‌

–‌

–‌

1,498,150‌

Investments,

at

Value

92,758,566‌

11,016,116‌

1,164,135‌

104,938,817‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2020

46

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

$

243,326‌

$

–‌

$

–‌

$

243,326‌

Agricultural

Chemicals

111,533‌

–‌

–‌

111,533‌

Diversified

Minerals

5,282,323‌

2,064,167‌

–‌

7,346,490‌

Gold

Mining

69,168,753‌

14,114,507‌

–‌

83,283,260‌

Investment

Companies

574,519‌

–‌

–‌

574,519‌

Metal

-

Diversified

727,723‌

–‌

–‌

727,723‌

Metal-Diversified

1,107,732‌

–‌

–‌

1,107,732‌

Mining

Services

4,558,822‌

329,005‌

–‌

4,887,827‌

Platinum

–‌

2,172,178‌

–‌

2,172,178‌

Precious

Metals

22,205,034‌

–‌

–‌

22,205,034‌

Remediation

Services

858,000‌

–‌

–‌

858,000‌

Retail

-

Jewelry

3,131,045‌

–‌

–‌

3,131,045‌

Silver

Mining

8,794,068‌

1,550,892‌

–‌

10,344,960‌

Subscription

Receipt

Mining

Services

–‌

–‌

4,220,000‌

4,220,000‌

Corporate

Non-Convertible

Bond

–‌

–‌

0‌

0‌

Corporate

Non-Convertible

Notes

–‌

1,221,269‌

–‌

1,221,269‌

Exchange

Traded

Funds

4,146,204‌

–‌

–‌

4,146,204‌

Warrants

Gold

Mining

–‌

244,640‌

–‌

244,640‌

Mining

Services

574,068‌

–‌

–‌

574,068‌

Silver

Mining

126,732‌

–‌

–‌

126,732‌

Purchased

Call

Options

3,713,685‌

–‌

–‌

3,713,685‌

Investments,

at

Value

$

125,323,567‌

$

21,696,658‌

$

4,220,000‌

$

151,240,225‌

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

Airlines

$

–‌

$

220,207‌

$

–‌

$

220,207‌

Appliances

–‌

57,121‌

–‌

57,121‌

Automotive

-

Cars

&

Light

Trucks

–‌

238,505‌

–‌

238,505‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2020

47

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)

Beverages

-

Non-alcoholic

$

–‌

$

92,830‌

$

–‌

$

92,830‌

Brewery

–‌

133,485‌

–‌

133,485‌

Building

-

Heavy

Construction

–‌

335,991‌

–‌

335,991‌

Building

&

Construction

Products

-

Miscellaneous

–‌

63,890‌

–‌

63,890‌

Cellular

Telecommunication

1,145,376‌

192,968‌

–‌

1,338,344‌

Commercial

Banks

Non-US

2,311,954‌

1,450,948‌

–‌

3,762,902‌

Commercial

Services

–‌

93,133‌

–‌

93,133‌

Computer

Services

–‌

305,633‌

–‌

305,633‌

Dialysis

Centers

–‌

185,981‌

–‌

185,981‌

Distribution/Wholesale

–‌

125,380‌

–‌

125,380‌

Diversified

Operations

–‌

367,471‌

–‌

367,471‌

Electric

-

Distribution

–‌

182,875‌

–‌

182,875‌

Electric

-

Generation

–‌

757,581‌

–‌

757,581‌

Entertainment

Software

–‌

687,564‌

–‌

687,564‌

Finance

-

Other

Services

–‌

178,799‌

–‌

178,799‌

Food

-

Retail

133,335‌

–‌

–‌

133,335‌

Gold

Mining

653,187‌

603,201‌

–‌

1,256,388‌

Machinery

-

General

Industrial

–‌

236,123‌

–‌

236,123‌

Metal

-

Diversified

568,286‌

–‌

–‌

568,286‌

Metal

Processors

&

Fabricate

–‌

115,651‌

–‌

115,651‌

Multi-line

Insurance

–‌

287,363‌

–‌

287,363‌

Oil

Companies

-

Exploration

&

Production

276,413‌

–‌

–‌

276,413‌

Oil

Companies

-

Integrated

3,999,987‌

161,110‌

–‌

4,161,097‌

Oil

Refining

&

Marketing

–‌

107,036‌

–‌

107,036‌

Precious

Metals

151,446‌

370,416‌

–‌

521,862‌

Property/Casualty

Insurance

–‌

269,520‌

–‌

269,520‌

Regional

Banks

-

Non

US

226,827‌

–‌

–‌

226,827‌

Retail

-

Apparel/Shoe

–‌

128,728‌

–‌

128,728‌

Retail

-

Jewelry

–‌

116,503‌

–‌

116,503‌

Steel

-

Producers

311,775‌

663,874‌

–‌

975,649‌

Telecom

Services

476,973‌

48,691‌

–‌

525,664‌

Transportation

-

Rail

330,223‌

–‌

–‌

330,223‌

Web

Portals/ISP

218,588‌

–‌

–‌

218,588‌

Wire

&

Cable

Products

–‌

109,768‌

–‌

109,768‌

Subscription

Receipt

Mining

Services

–‌

–‌

500,000‌

500,000‌

Exchange

Traded

Fund

526,720‌

–‌

–‌

526,720‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2020

48

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Emerging

Europe

Fund

(continued)

Assets

(continued)

Investments

in

Securities*

(continued)

Warrant

Mining

Services

$

45,060‌

$

–‌

$

–‌

$

45,060‌

Put

Option

28,000‌

–‌

–‌

28,000‌

Investments,

at

Value

$

11,404,150‌

$

8,888,346‌

$

500,000‌

$

20,792,496‌

Other

Financial

Instruments

†

Currency

Contracts

–‌

25,359‌

–‌

25,359‌

Total

Assets

$

11,404,150‌

$

8,913,705‌

$

500,000‌

$

20,817,855‌

Liabilities

Other

Financial

Instruments

†

Currency

Contracts

–‌

(16,157‌)

–‌

(16,157‌)

Total

Liabilities

$

–‌

$

(16,157‌)

$

–‌

$

(16,157‌)

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

China

Region

Fund

Investments

in

Securities*

Common

Stocks

Automotive

-

Cars

&

Light

Trucks

$

–‌

$

575,001‌

$

–‌

$

575,001‌

Beverages

-

Non-alcoholic

–‌

293,332‌

–‌

293,332‌

Building

Products

-

Cement

–‌

82,882‌

–‌

82,882‌

Consumer

Products

-

Miscellaneous

–‌

126‌

–‌

126‌

Disposable

Medical

Products

–‌

499,247‌

–‌

499,247‌

Diversified

Financial

Services

–‌

269,196‌

–‌

269,196‌

E-Commerce/Products

796,686‌

378,015‌

–‌

1,174,701‌

Electronic

Components

-

Miscellaneous

–‌

222,286‌

–‌

222,286‌

Finance

-

Investment

Banker/Broker

–‌

566,317‌

–‌

566,317‌

Finance

-

Other

Services

–‌

127,098‌

–‌

127,098‌

Firearms

&

Ammunition

–‌

105,554‌

–‌

105,554‌

Food

-

Dairy

Products

–‌

191,300‌

–‌

191,300‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2020

49

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

September

30,

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)

Food

-

Miscellaneous/

Diversified

$

–‌

$

1,342,950‌

$

–‌

$

1,342,950‌

Food

-

Wholesale/

Distribution

–‌

171,813‌

–‌

171,813‌

Industrial

Audio

&

Video

Production

–‌

174,441‌

–‌

174,441‌

Internet

Content

-

Info

1,082,400‌

–‌

–‌

1,082,400‌

Life/Health

Insurance

–‌

718,694‌

–‌

718,694‌

Medical

-

Drugs

–‌

107,410‌

–‌

107,410‌

Non-Ferrous

Metals

–‌

–‌

0‌

0‌

Photo

Equipment

&

Supplies

–‌

621,293‌

–‌

621,293‌

Property/Casualty

Insurance

–‌

498,461‌

–‌

498,461‌

Real

Estate

Management/

Services

–‌

164,696‌

–‌

164,696‌

Reinsurance

–‌

202,916‌

–‌

202,916‌

Retail

-

Apparel/Shoe

–‌

475,235‌

–‌

475,235‌

Retail

-

Automobile

–‌

682,584‌

–‌

682,584‌

Rubber/Plastic

Products

–‌

372,086‌

–‌

372,086‌

Schools

–‌

122,320‌

–‌

122,320‌

Semiconductor

Components

-

Integrated

Circuit

–‌

859,158‌

–‌

859,158‌

Tobacco

450,965‌

–‌

–‌

450,965‌

Subscription

Receipt

Mining

Services

–‌

–‌

260,000‌

260,000‌

Right

–‌

–‌

0‌

0‌

Warrant

Mining

Services

23,431‌

–‌

–‌

23,431‌

Investments,

at

Value

$

2,353,482‌

$

9,824,411‌

$

260,000‌

$

12,437,893‌

*

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.

Subscription

Receipts

Total

All

American

Equity

Fund

Beginning

Balance

12/31/19

$

—‌

$

—‌

Purchases

240,000‌

240,000‌

Ending

Balance

09/30/20

$

240,000‌

$

240,000‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

09/30/20

$

—‌

$

—‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2020

50

Common

Stocks

Subscription

Receipts

Warrants

Total

Global

Luxury

Goods

Fund

Beginning

Balance

12/31/19

$

295,258‌

$

—‌

$

0‌

$

295,258‌

Purchases

—‌

620,000‌

—‌

620,000‌

Net

change

in

unrealized

appreciation

(depreciation)

(166,694‌)

—‌

—‌

(166,694‌)

Ending

Balance

09/30/20

$

128,564‌

$

620,000‌

0‌

$

748,564‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

09/30/20

$

(166,694‌)

$

—‌

$

—‌

$

(166,694‌)

Common

Stocks

Subscription

Receipts

Total

Global

Resources

Fund

Beginning

Balance

12/31/19

$

3,806,959‌

$

—‌

$

3,806,959‌

Purchases

—‌

1,060,000‌

1,060,000‌

Net

change

in

unrealized

appreciation

(depreciation)

(2,823,073‌)

—‌

(2,823,073‌)

Ending

Balance

09/30/20

$

983,886‌

$

1,060,000‌

$

2,043,886‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

09/30/20

$

(2,823,073‌)

$

—‌

$

(2,823,073‌)

Common

Stock

Subscription

Receipts

Warrants

Total

World

Precious

Minerals

Fund

Beginning

Balance

12/31/19

$

599,462‌

$

0‌

$

0‌

$

599,462‌

Purchases

—‌

1,100,000‌

—‌

1,100,000‌

Transfers

into

Level

3

35,485‌

—‌

—‌

35,485‌

Transfers

out

of

Level

3

(152,078‌)

—‌

—‌

(152,078‌)

Net

change

in

unrealized

appreciation

(depreciation)

(418,734‌)

0‌

0‌

(418,734‌)

Ending

Balance

09/30/20

$

64,135‌

$

1,100,000‌

$

0‌

$

1,164,135‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

09/30/20

$

(418,734‌)

$

0‌

$

0‌

$

(418,734‌)

Common

Stocks

Subscription

Receipts

Total

Gold

and

Precious

Metals

Fund

Beginning

Balance

12/31/19

$

35,087‌

$

—‌

$

35,087‌

Transfers

out

of

Level

3

(329,005‌)

—‌

(329,005‌)

Purchases

—‌

4,220,000‌

4,220,000‌

Net

change

in

unrealized

appreciation

(depreciation)

293,918‌

—‌

293,918‌

Ending

Balance

09/30/20

$

—‌

$

4,220,000‌

$

4,220,000‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

09/30/20

$

293,918‌

$

—‌

$

293,918‌

Subscription

Receipts

Total

Emerging

Europe

Fund

Beginning

Balance

12/31/19

$

0‌

$

0‌

Purchases

500,000‌

500,000‌

Ending

Balance

09/30/20

$

500,000‌

500,000‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

09/30/20

$

—‌

$

—‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2020

51

Significant

unobservable

inputs

developed

by

the

Valuation

Committee

(“Valuation

Committee”)

for

Level

3

investments

held

at

period

end

are

as

follows:

Subscription

Receipts

Total

China

Region

Fund

Beginning

Balance

12/31/19

$

0‌

$

0‌

Purchases

260,000‌

260,000‌

Ending

Balance

09/30/20

$

260,000‌

260,000‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

09/30/20

$

—‌

$

—‌

Fair

Value

at

09/30/20

Valuation

Technique(s)

Unobservable

Input

Range

(Weighted

Average)

All

American

Equity

Fund

Investments

in

Securities

Corporate

Non-Convertible

Bond

240,000

Market

Transaction

(1)

Discount

0%

Global

Luxury

Goods

Fund

Investments

in

Securities

30%

-

100%

discount

(57%

discount)

Common

Stocks

120,161

Market

Transaction

(1)

Discount

Common

Stocks

8,403

Method

of

Comparables

Pricing

(2)

Multiples

9.1

–

31.8

(15.2)

Warrants

0

Market

Transaction

(1)

Discount

0%

Global

Resources

Fund

Investments

in

Securities

30%

-

100%

discount

(98%

discount)

Common

Stocks

837,248

Market

Transaction

(1)

Discount

Common

Stocks

146,638

Method

of

Comparables

Pricing

(2)

Multiples

9.1

–

31.8

(15.2)

Corporate

Non-Convertible

Bond

1,060,000

Market

Transaction

(1)

Discount

0%

World

Precious

Minerals

Fund

Investments

in

Securities

30%

-

100%

discount

(97%

discount)

Common

Stocks

64,135

Market

Transaction

(1)

Discount

Warrants

0

Market

Transaction

(1)

Discount

100%

Corporate

Non-Convertible

Bond

1,100,000

Market

Transaction

(1)

Discount

0%

Right

0

Market

Transaction

(1)

Discount

0%

Gold

and

Precious

Metals

Fund

Investments

in

Securities

100%

Common

Stocks

0

Market

Transaction

(1)

Discount

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2020

52

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

September

30,

2020.

Fair

Value

at

09/30/20

Valuation

Technique(s)

Unobservable

Input

Range

(Weighted

Average)

Corporate

Non-Convertible

Bond

4,200,000

Market

Transaction

(1)

Discount

0%

-

100%

discount

(10%

discount)

Emerging

Europe

Fund

Investments

in

Securities

0%

Corporate

Non-Convertible

Bond

500,000

Market

Transaction

(1)

Discount

China

Region

Fund

Investments

in

Securities

100%

Common

Stocks

0

Market

Transaction

(1)

Discount

Convertible

Non-

Convertible

Bond

260,000

Market

Transaction

(1)

Discount

0%

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

September

30,

2020

Caribbean

Resources

Corp.

17‌

—‌

—‌

17‌

Pacific

Green

Energy

Corp.

2,400,000‌

—‌

—‌

2,400,000‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2020

53

At

September

30,

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

September

30,

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

September

30,

2020

Argo

Gold,

Inc.

2,967,500‌

—‌

(2,967,500‌)

—‌

(a)

Barksdale

Resources

Corp.

2,750,000‌

250,000‌

—‌

3,000,000‌

a)

Barsele

Minerals

Corp.

7,500,000‌

200,000‌

—‌

7,700,000‌

Chakana

Copper

Corp.

4,750,000‌

—‌

(55,000‌)

4,695,000‌

CopperBank

Resources

Corp.

22,979,418‌

194,582‌

(17,380,500‌)

(b)

5,793,500‌

Dolly

Varden

Silver

Corp.

9,132,000‌

200,000‌

(2,353,000‌)

6,979,000‌

Fremont

Gold,

Ltd.

4,000,000‌

—‌

—‌

4,000,000‌

(a)

Mammoth

Resources

Corp.

2,171,200‌

1,500,000‌

—‌

3,671,200‌

Orex

Minerals,

Inc.

6,150,000‌

1,000,000‌

(150,000‌)

7,000,000‌

(a)

Polarx,

Ltd.

33,653,968‌

5,299,473‌

—‌

38,953,441‌

Radisson

Mining

Resources,

Inc.

8,500,000‌

—‌

—‌

8,500,000‌

(a)

Silver

Viper

Minerals

Corp

3,000,000‌

—‌

—‌

3,000,000‌

a)

TriStar

Gold,

Inc.

31,150,000‌

—‌

(2,550,000‌)

28,600,000‌

VR

Resources,

Ltd.

3,000,000‌

—‌

—‌

3,000,000‌

(a)

Values

of

Affiliated

Companies

World

Precious

Minerals

Fund

December

31,

2019

Purchases

Cost

Sales

Proceeds

September

30,

2020

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Argo

Gold,

Inc.

$

262,803‌

$

—‌

$

(232,321‌)

$

—

a)‌

$

—‌

$

(151,439‌)

$

120,957‌

Barksdale

Resources

Corp.

783,566‌

72,081‌

—‌

1,013,856

a)‌

—‌

–‌

158,209‌

Barsele

Minerals

Corp.

2,887,836‌

44,988‌

—‌

2,804,626‌

—‌

–‌

(128,198‌)

Chakana

Copper

Corp.

896,192‌

—‌

(42,655‌)

2,291,878‌

—‌

(15,575‌)

1,453,916‌

CopperBank

Resources

Corp

796,330‌

—‌

—‌

870,189‌

—‌

–‌

73,859‌

Dolly

Varden

Silver

Corp.

2,250,387‌

44,898‌

(

1,316,097‌

)

4,507,484‌

—‌

(

273,622‌

)

3,801,918‌

Fremont

Gold,

Ltd.

231,027‌

—‌

—‌

270,362

(a)‌

—‌

–‌

39,335‌

Mammoth

Resources

Corp.

54,341‌

38,566‌

—‌

144,747‌

—‌

–‌

51,840‌

Orex

Minerals,

Inc.

663,047‌

59,834‌

(31,901‌)

1,103,976

(a)‌

—‌

(97,606‌)

510,602‌

Polarx,

Ltd.

1,205,418‌

139,375‌

—‌

1,094,170‌

—‌

–‌

250,623‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2020

54

At

September

30,

2020,

the

value

of

investments

in

affiliated

companies

was

$19,338,042,

representing

18.16%

of

net

assets,

and

the

total

cost

was

$14,692,473.

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

September

30,

2020,

the

total

cost

of

restricted

securities

was

$426,625,

and

the

total

value

was

$8,403,

representing

0.03%

of

net

assets.

As

of

September

30,

2020,

the

total

cost

of

restricted

securities

was

$7,473,544,

and

the

total

value

was

$232,881,

representing

0.47%

of

net

assets.

Open

forward

foreign

currency

contracts

as

of

September

30,

2020,

were

as

follows:

World

Precious

Minerals

Fund

(cont’d)

December

31,

2019

Purchases

Cost

Sales

Proceeds

September

30,

2020

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Radisson

Mining

Resources,

Inc.

1,407,339‌

—‌

—‌

1,883,144

(a)‌

—‌

–‌

475,805‌

Silver

Viper

Minerals

Corp.

646,875‌

—‌

—‌

1,103,977

(a)‌

—‌

–‌

457,102‌

TriStar

Gold,

Inc.

$

4,557,776‌

$

124,131‌

$

(830,894‌)

$

7,624,948‌

$

—‌

$

(34,275‌)

$

3,808,210‌

VR

Resources,

Ltd.

854,800‌

—‌

—‌

766,025

(a)‌

—‌

–‌

(88,775‌)

(a)

At

September

30,

2020,

the

company

was

no

longer

defined

as

an

affiliate,

although

it

was

an

affiliate

company

during

the

year.

(b)

Reduction

due

to

1

for

4

reverse

split

during

period.

Global

Luxury

Goods

Fund

Acquisition

Date

Cost

per

Share/Unit

Infrastructure

Ventures,

Inc.

08/06/10-11/22/10

$

1.00

Global

Resources

Fund

Acquisition

Date

Cost

per

Share/Unit

I-Pulse,

Inc.,

144A

10/04/07

$

1.88

Infrastructure

Ventures,

Inc.

08/06/10-11/22/10

$

1.00

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2020

55

Fund

Counterparty

Currency

to

Deliver

Currency

to

Receive

Settlement

Date

Settlement

Value

at

September

30,

2020

Net

Unrealized

Appreciation

(Depreciation)

Emerging

Europe

Fund

Brown

Brothers

Harriman

&

Co.

TRY

8,000,000‌

USD

1,057,432‌

10/14/2020

$

1,032,073‌

$

25,359‌

Brown

Brothers

Harriman

&

Co.

EUR

500,000‌

USD

581,920‌

10/29/2020

586,587‌

(4,667‌)

Brown

Brothers

Harriman

&

Co.

TRY

6,500,000‌

USD

823,515‌

10/30/2020

835,005‌

(11,490‌)