Us Global Investors Funds NPORT-P Usgi Global Resources Fund (Mar 2021 report)

Portfolio

of

Investments

(unaudited)

1

See

notes

to

portfolios

of

investments.

March

31,

2021

U.S.

Government

Securities

Ultra-Short

Bond

Fund

United

States

Government

and

Agency

Obligations

91.76%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Federal

Farm

Credit

Bank

9.23%

Floating

Rates:

(U.S.

Treasury

3

Month

Bill

Money

Market

Yield

+

0.06%)

0.08

01/31/23

$

3,800,000

$

3,799,305

Federal

Home

Loan

Bank

28.31%

Fixed

Rates:

0.13

07/02/21

5,000,000

5,000,786

0.60

07/27/22

2,650,000

2,650,775

Floating

Rates:

(USD

3

Month

LIBOR

+

(0.08)%)

0.10

08/24/21

4,000,000

4,000,839

11,652,400

U.S.

Treasury

Note/Bond

54.22%

Fixed

Rates:

2.13

08/15/21

3,500,000

3,527,477

2.13

09/30/21

9,000,000

9,093,968

2.50

01/15/22

4,000,000

4,077,196

2.50

02/15/22

5,500,000

5,616,935

22,315,576

Total

United

States

Government

and

Agency

Obligations

37,767,281

(cost

$37,758,769)

Exchange

Traded

Fund

2.75%

Shares

Value

Vanguard

Short-Term

Treasury

ETF

18,400

1,131,968

(cost

$1,122,304)

Investments,

at

value

94.51%

38,899,249

(cost

$38,881,073

)

Other

assets

and

liabilities,

net

5.49%

2,259,094

Net

Assets

100.00%

$

41,158,343

Portfolio

of

Investments

(unaudited)

2

See

notes

to

portfolios

of

investments.

March

31,

2021

Near-Term

Tax

Free

Fund

Municipal

Bonds

93.77%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Alabama

0.26%

City

of

Bessemer

AL

Electric

Revenue,

Alabama,

Refunding,

RB

AGM

3.10

12/01/21

$

100,000

$

100,183

California

6.79%

City

of

Milpitas

CA

Wastewater

Revenue,

California,

Refunding,

RB

5.00

11/01/24

350,000

407,106

East

Side

Union

High

School

District,

California,

GO

Unlimited

AGM

5.00

08/01/24

200,000

230,553

Lemon

Grove

School

District,

California,

Refunding,

GO

Unlimited

4.00

08/01/33

220,000

256,153

State

of

California,

California,

Refunding,

GO

Unlimited

5.00

11/01/30

400,000

537,297

State

of

California,

California,

GO

Unlimited

5.00

11/01/31

400,000

535,037

State

of

California,

California,

Refunding,

GO

Unlimited

5.00

11/01/27

500,000

634,473

2,600,619

Colorado

3.10%

City

&

County

of

Denver

Airport

System

Revenue,

Colorado,

Prefunding,

RB,

Series B

5.00

11/15/27

300,000

323,354

City

of

Glendale

CO,

Colorado,

Refunding,

COP

AGM

5.00

12/01/25

750,000

864,842

1,188,196

Connecticut

1.85%

State

of

Connecticut,

Connecticut,

GO

Unlimited

5.00

11/15/31

200,000

236,162

State

of

Connecticut,

Connecticut,

Refunding,

GO

Unlimited

5.00

05/15/27

200,000

241,632

Town

of

Simsbury

CT,

Connecticut,

Refunding,

GO

Unlimited

5.00

08/01/24

200,000

230,840

708,634

District

of

Columbia

2.31%

Washington

Metropolitan

Area

Transit

Authority,

District

of

Columbia,

Refunding,

RB

5.00

07/01/34

725,000

883,352

Florida

6.86%

City

of

Leesburg

FL,

Florida,

Refunding,

RB

5.00

10/01/21

405,000

414,495

City

of

Miramar

FL,

Florida,

Refunding,

RB

5.00

10/01/22

305,000

326,801

County

of

Miami-Dade

FL,

Florida,

Refunding,

GO

Unlimited

5.00

07/01/27

325,000

405,255

Orlando

Utilities

Commission,

Florida,

RB 

‡

0.08

10/01/33

870,000

870,000

Portfolio

of

Investments

(unaudited)

3

See

notes

to

portfolios

of

investments.

March

31,

2021

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Florida

(cont’d)

State

of

Florida,

Florida,

Refunding,

GO

Unlimited

5.00

06/01/28

$

500,000

$

610,004

2,626,555

Hawaii

0.56%

State

of

Hawaii,

Hawaii,

Refunding,

GO

Unlimited

5.00

10/01/27

175,000

215,409

Idaho

0.60%

Idaho

Housing

&

Finance

Association,

Grant

&

Revenue

Anticipation,

Federal

Highway

Trust

Fund,

Idaho,

RB,

Series A

5.00

07/15/21

225,000

227,818

Illinois

6.25%

Cook

County

Township

High

School

District

No.

225,

Illinois,

Refunding,

GO

Unlimited

5.00

12/01/24

300,000

349,816

DuPage

County

School

District

No.

33

West

Chicago,

Illinois,

Refunding,

GO

Unlimited,

Series B

4.00

12/01/21

1,000,000

1,024,746

Illinois

State

Toll

Highway

Authority,

Illinois,

RB

5.00

01/01/32

505,000

611,770

Metropolitan

Water

Reclamation

District

of

Greater

Chicago,

Illinois,

GO

Limited

5.00

12/01/26

350,000

407,564

2,393,896

Indiana

1.45%

City

of

Indianapolis

IN

Department

of

Public

Utilities

Gas

Utility

Revenue,

Indiana,

Refunding,

RB

AGC

5.25

06/01/21

550,000

554,360

Kentucky

1.35%

Louisville

and

Jefferson

County

Metropolitan

Sewer

District,

Kentucky,

RB,

Series A

5.00

05/15/23

500,000

514,785

Louisiana

3.42%

Louisiana

Housing

Corp.,

Louisiana,

RB

FHLMC

2.15

12/01/24

435,000

455,666

State

of

Louisiana,

Louisiana,

Prefunding,

GO

Unlimited,

Series A

5.00

08/01/26

800,000

851,783

1,307,449

Maryland

2.38%

City

of

Baltimore

MD,

Maryland,

RB

5.00

07/01/33

215,000

276,944

State

of

Maryland,

Maryland,

GO

Unlimited

5.00

08/01/27

500,000

632,407

909,351

Portfolio

of

Investments

(unaudited)

4

See

notes

to

portfolios

of

investments.

March

31,

2021

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Massachusetts

0.83%

Massachusetts

Housing

Finance

Agency,

Massachusetts,

Refunding,

RB

2.15

12/01/21

$

315,000

$

318,258

Michigan

3.98%

Great

Lakes

Water

Authority

Water

Supply

System

Revenue,

Michigan,

Refunding,

RB

5.00

07/01/26

365,000

445,732

Michigan

Finance

Authority,

Michigan,

RB

AGM

5.00

07/01/26

300,000

343,558

Oxford

Area

Community

School

District,

Michigan,

Refunding,

GO

Unlimited,

Series A

Q-SBLF

5.00

05/01/22

365,000

383,877

Walled

Lake

Consolidated

School

District,

Michigan,

Refunding,

GO

Unlimited

Q-SBLF

5.00

05/01/21

350,000

351,199

1,524,366

Missouri

0.69%

City

of

Kansas

City

MO

Water

Revenue,

Missouri,

RB,

Series F

AGM

4.00

12/01/22

250,000

265,865

New

Jersey

2.47%

City

of

Jersey

City

NJ,

New

Jersey,

Refunding,

GO

Unlimited

5.00

11/01/28

350,000

440,252

Middlesex

County

Improvement

Authority,

New

Jersey,

RB

5.00

07/01/25

425,000

506,288

946,540

New

Mexico

1.96%

City

of

Rio

Rancho

NM,

New

Mexico,

GO

Unlimited

5.00

08/01/27

600,000

749,626

New

York

10.20%

City

of

New

York

NY,

New

York,

GO

Unlimited

5.00

12/01/34

250,000

312,396

City

of

New

York

NY,

New

York,

Refunding,

GO

Unlimited

5.00

08/01/26

200,000

244,456

City

of

New

York

NY,

New

York,

Refunding,

GO

Unlimited

5.00

08/01/28

300,000

361,113

City

of

New

York

NY,

New

York,

GO

Unlimited,

Series E

5.25

08/01/22

875,000

933,680

City

of

New

York

NY,

New

York,

GO

Unlimited,

Series I

5.00

08/01/22

1,000,000

1,063,762

Long

Island

Power

Authority,

New

York,

RB,

Series B

5.00

09/01/21

465,000

474,139

Portfolio

of

Investments

(unaudited)

5

See

notes

to

portfolios

of

investments.

March

31,

2021

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

New

York

(cont’d)

Metropolitan

Transportation

Authority,

New

York,

RB

4.00

11/15/34

$

100,000

$

114,223

New

York

City

Water

&

Sewer

System,

New

York,

RB 

‡

0.05

06/15/38

200,000

200,000

New

York

City

Water

&

Sewer

System,

New

York,

Refunding,

RB

5.00

06/15/29

175,000

200,160

3,903,929

North

Carolina

3.15%

City

of

Charlotte

NC

Equipment

Acquisition

&

Public

Facilities,

North

Carolina,

COP,

Series A

5.00

10/01/21

1,000,000

1,003,500

County

of

Beaufort

NC,

North

Carolina,

RB

5.00

06/01/21

200,000

201,492

1,204,992

Ohio

0.36%

City

of

Cleveland

OH

Parking

Facility

Revenue,

Ohio,

Refunding,

RB

AGM

5.25

09/15/22

130,000

139,464

South

Carolina

2.52%

Aiken

County

Consolidated

School

District,

South

Carolina,

GO

Unlimited

4.00

04/01/34

400,000

477,652

City

of

Cayce

SC

Water

&

Sewer

System

Revenue,

South

Carolina,

Refunding,

RB

BAM

5.00

06/01/30

300,000

386,311

City

of

Columbia

SC

Waterworks

&

Sewer

System

Revenue,

South

Carolina,

RB 

‡

0.05

02/01/38

100,000

100,000

963,963

Tennessee

1.75%

County

of

Claiborne

TN,

Tennessee,

Refunding,

GO

Unlimited

AGM

5.00

04/01/28

300,000

380,873

Metropolitan

Government

of

Nashville

&

Davidson

County

TN,

Tennessee,

GO

Unlimited

5.00

07/01/24

250,000

287,433

668,306

Texas

23.76%

Aldine

Independent

School

District,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

5.00

02/15/28

750,000

901,037

Bryan

Independent

School

District,

Texas,

GO

Unlimited,

Series A

PSF-GTD

5.00

02/15/22

410,000

427,287

City

of

Austin

TX,

Texas,

Refunding,

GO

Limited

5.00

09/01/24

215,000

248,963

City

of

Austin

TX,

Texas,

Refunding,

RB 

‡

0.05

11/15/29

700,000

700,000

City

of

Buda

TX,

Texas,

Refunding,

GO

Limited

4.00

02/15/29

135,000

164,031

Portfolio

of

Investments

(unaudited)

6

See

notes

to

portfolios

of

investments.

March

31,

2021

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Texas

(cont’d)

City

of

Cedar

Hill

TX,

Texas,

Refunding,

GO

Limited

5.00

02/15/22

$

800,000

$

833,304

City

of

Longview

TX

Waterworks

&

Sewer

System

Revenue,

Texas,

Refunding,

RB

3.00

03/01/22

610,000

625,670

City

of

Round

Rock

TX,

Texas,

GO

Limited

4.00

08/15/33

175,000

204,751

City

of

Rowlett

TX,

Texas,

GO

Limited

5.00

02/15/29

300,000

386,493

Dimmitt

Independent

School

District,

Texas,

GO

Unlimited

PSF-GTD

3.00

02/15/22

305,000

312,477

Eagle

Mountain

&

Saginaw

Independent

School

District,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

4.00

08/15/32

450,000

517,799

Ector

County

Independent

School

District,

Texas,

Prefunding,

GO

Unlimited

PSF-GTD

5.00

08/15/29

400,000

445,002

Harlandale

Independent

School

District,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

4.00

02/15/28

300,000

344,275

Harris

County

Municipal

Utility

District

No.

382,

Texas,

Refunding,

GO

Unlimited

BAM

3.00

04/01/22

305,000

305,000

Lower

Colorado

River

Authority,

LCRA

Transmission

Services

Corp.,

Texas,

Refunding,

RB,

Series A

5.00

05/15/21

500,000

502,704

Lubbock-Cooper

Independent

School

District,

Texas,

GO

Unlimited

PSF-GTD

3.00

02/15/22

755,000

773,509

Olmos

Park

Higher

Education

Facilities

Corp.,

University

of

the

Incarnate

Word,

Texas,

Refunding,

RB

5.00

12/01/21

500,000

514,704

San

Antonio

Water

System,

Texas,

Refunding,

RB

4.50

05/15/21

400,000

401,973

Texas

City

Independent

School

District,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

5.00

08/15/28

410,000

485,157

9,094,136

Utah

0.85%

Jordan

Valley

Water

Conservancy

District,

Utah,

Refunding,

RB

5.00

10/01/24

280,000

324,650

Washington

3.19%

Energy

Northwest,

Washington,

Refunding,

RB

5.00

07/01/31

220,000

250,644

Spokane

Public

Facilities

District,

Washington,

Refunding,

RB,

Series B

5.00

12/01/21

950,000

972,222

1,222,866

Portfolio

of

Investments

(unaudited)

7

See

notes

to

portfolios

of

investments.

March

31,

2021

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Wisconsin

0.88%

Sun

Prairie

Area

School

District,

Wisconsin,

GO

Unlimited

4.00

03/01/31

$

300,000

$

337,474

Total

Municipal

Bonds

35,895,042

(cost

$35,358,769)

Exchange

Traded

Fund

4.01%

Shares

VanEck

Vectors

Short

Muni

ETF

85,000

1,532,550

(cost

$1,516,111)

Investments,

at

value

97.78%

37,427,592

(cost

$36,874,880

)

Other

assets

and

liabilities,

net

2.22%

850,817

Net

Assets

100.00%

$

38,278,409

Portfolio

of

Investments

(unaudited)

8

See

notes

to

portfolios

of

investments.

March

31,

2021

Global

Luxury

Goods

Fund

Common

Stocks

95.41%

Shares

Value

Apparel

Manufacturers

7.58%

Burberry

Group

PLC 

*

16,300

$

426,405

Christian

Dior

SE

600

363,333

Deckers

Outdoor

Corp. 

*

1,472

486,378

Hermes

International

470

519,819

Kering

SA,

ADR

7,200

497,016

PRADA

SpA

*

70,000

437,849

PVH

Corp. 

*

10,030

1,060,171

3,790,971

Applications

Software

2.15%

Abaxx

Technologies,

Inc. 

*

242,700

770,568

Microsoft

Corp.

1,300

306,501

1,077,069

Athletic

Equipment

2.11%

Peloton

Interactive,

Inc.,

Class A 

*

9,370

1,053,563

Automotive

-

Cars

&

Light

Trucks

20.25%

Bayerische

Motoren

Werke

AG

19,700

2,044,399

Daimler

AG,

ADR

113,556

2,524,350

Ferrari

NV

1,700

355,776

Porsche

Automobil

Holding

SE,

ADR

46,357

512,708

Tesla,

Inc. 

*

3,400

2,270,962

Volkswagen

AG,

ADR

66,509

2,414,277

10,122,472

Beverages

-

Wine/Spirits

3.93%

Constellation

Brands,

Inc.,

Class A

6,439

1,468,092

Remy

Cointreau

SA

2,700

498,402

1,966,494

Building

-

Residential/Commercial

2.00%

Toll

Brothers,

Inc.

17,655

1,001,568

Commercial

Service

-

Finance

1.08%

MarketAxess

Holdings,

Inc.

200

99,584

Moody's

Corp.

300

89,583

S&P

Global,

Inc.

989

348,988

538,155

Computers

4.18%

Apple,

Inc.

17,100

2,088,765

Cosmetics

&

Toiletries

5.71%

Coty,

Inc.,

Class A 

*

109,758

988,920

The

Estee

Lauder

Cos.,

Inc.

6,411

1,864,639

2,853,559

Portfolio

of

Investments

(unaudited)

9

See

notes

to

portfolios

of

investments.

March

31,

2021

Global

Luxury

Goods

Fund

Common

Stocks (cont’d)

Shares

Value

Decision

Support

Software

0.53%

MSCI,

Inc.

634

$

265,823

Diversified

Banking

Institution

9.14%

JPMorgan

Chase

&

Co.

16,252

2,474,042

The

Goldman

Sachs

Group,

Inc.

300

98,100

UBS

Group

AG

128,755

1,999,565

4,571,707

E-Commerce/Products

4.27%

Amazon.com,

Inc. 

*

690

2,134,915

Energy

-

Alternate

Sources

0.00%

Pacific

Green

Energy

Corp. 

#*@

100,000

0

Finance

-

Credit

Card

0.66%

Visa,

Inc.,

Class A

1,555

329,240

Finance

-

Mortgage

Loan/Banker

0.10%

Lendified

Holdings,

Inc. 

*

1,116,560

48,867

Finance

-

Other

Services

0.40%

Cboe

Global

Markets,

Inc.

600

59,214

Intercontinental

Exchange,

Inc.

1,260

140,717

199,931

Gold

Mining

2.84%

Barrick

Gold

Corp.

9,600

190,080

Franco-Nevada

Corp.

3,000

375,870

Gran

Colombia

Gold

Corp.

76,000

325,965

Newmont

Corp.

2,900

174,783

Royal

Gold,

Inc.

3,300

355,146

1,421,844

Home

Furnishings

0.98%

Tempur

Sealy

International,

Inc.

13,377

489,063

Investment

Management/Advisory

Services

0.87%

Julius

Baer

Group,

Ltd.

6,800

434,544

Metal

-

Diversified

0.67%

Ivanhoe

Mines,

Ltd. 

*

65,000

334,646

Oil

Companies

-

Exploration

&

Production

0.12%

NGX

Energy

International

Corp.,

144A 

#*∆

50,000

59,680

Precious

Metals

0.69%

Wheaton

Precious

Metals

Corp.

9,000

343,890

Portfolio

of

Investments

(unaudited)

10

See

notes

to

portfolios

of

investments.

March

31,

2021

Global

Luxury

Goods

Fund

Common

Stocks (cont’d)

Shares

Value

Private

Equity

5.79%

KKR

&

Co.,

Inc.

18,000

$

879,300

The

Blackstone

Group,

Inc.,

Class A

27,051

2,016,111

2,895,411

Real

Estate

Operating/Development

0.02%

Infrastructure

Ventures,

Inc. 

#*@+

426,533

11,431

Retail

-

Apparel/Shoe

2.51%

Moncler

SpA

*

5,900

337,886

Zalando

SE,

144A 

*∆

9,356

916,772

1,254,658

Retail

-

Building

Products

2.67%

The

Home

Depot,

Inc.

4,373

1,334,858

Retail

-

Discount

4.29%

Costco

Wholesale

Corp.

6,084

2,144,488

Retail

-

Home

Furnishings

1.96%

Williams-Sonoma,

Inc.

5,458

978,074

Retail

-

Jewelry

0.88%

Cie

Financiere

Richemont

SA

4,600

441,707

Silver

Mining

1.23%

Hochschild

Mining

PLC

133,000

358,900

Silvercorp

Metals,

Inc.

52,000

255,320

614,220

Textile

-

Apparel

5.80%

LVMH

Moet

Hennessy

Louis

Vuitton

SE,

ADR

21,675

2,900,982

Total

Common

Stocks

47,702,595

(cost

$39,746,593)

Corporate

Non-Convertible

Bond

1.71%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

1.71%

Aris

Gold

Corp.

7.50

08/26/27

$

872,000

854,560

(cost

$871,937)

Portfolio

of

Investments

(unaudited)

11

See

notes

to

portfolios

of

investments.

March

31,

2021

Global

Luxury

Goods

Fund

Corporate

Non-Convertible

Note

1.08%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Gold

Mining

1.08%

Gran

Colombia

Gold

Corp.

8.25

04/30/24

$

508,785

$

539,312

(cost

$509,706)

Exchange

Traded

Funds

0.14%

Shares

Invesco

QQQ

Trust

ETF

100

31,913

SPDR

S&P

500

ETF

Trust

100

39,633

Total

Exchange

Traded

Funds

71,546

(cost

$49,898)

Warrants

0.02%

Exercise

Price

Exp.

Date

Finance

-

Mortgage

Loan/Banker

0.00%

Lendified

Holdings,

Inc.,

144A 

#*@∆

$

0.38

04/08/22

558,280

0

Oil

Companies

-

Exploration

&

Production

0.01%

NG

Energy

International

Corp.,

144A 

#*∆

0.00

07/31/22

50,000

4,377

Retail

-

Jewelry

0.01%

Cie

Financiere

Richemont

SA 

*

67.00

11/22/23

9,200

3,504

Total

Warrants

7,881

(cost

$0

)

Investments,

at

value

98.36%

49,175,894

(cost

$41,178,134

)

Other

assets

and

liabilities,

net

1.64%

821,058

Net

Assets

100.00%

$

49,996,952

Portfolio

of

Investments

(unaudited)

12

See

notes

to

portfolios

of

investments.

March

31,

2021

Global

Resources

Fund

Common

Stocks

88.17%

Shares

Value

Advanced

Materials/Production

3.01%

First

Helium,

Inc.,

144A 

#*@∆

1,850,000

$

515,238

Nano

One

Materials

Corp. 

*

180,000

764,861

NanoXplore

,

Inc. 

*

300,000

768,680

2,048,779

Agricultural

Chemicals

2.39%

CF

Industries

Holdings,

Inc.

10,000

453,800

Nutrien

,

Ltd.

10,000

538,713

The

Mosaic

Co.

20,000

632,200

1,624,713

Agricultural

Operations

1.05%

Archer-Daniels-Midland

Co.

12,500

712,500

Applications

Software

4.66%

Abaxx

Technologies,

Inc. 

*

1,000,000

3,174,982

Building

&

Construction

Products

-

Miscellaneous

0.81%

Louisiana-Pacific

Corp.

10,000

554,600

Coal

0.00%

Caribbean

Resources

Corp. 

#*@~

17

0

Walter

Energy,

Inc.,

144A 

#*@∆

4,293

0

0

Containers

-

Paper/Plastic

0.28%

Nexe

Innovations,

Inc. 

*

100,000

187,793

Diamonds/Precious

Stones

0.67%

Barksdale

Resources

Corp. 

*

1,100,000

455,160

Diversified

Minerals

7.80%

Australian

Strategic

Materials,

Ltd. 

*

150,000

540,786

BHP

Group,

Ltd.,

ADR

5,000

346,950

Desert

Mountain

Energy

Corp. 

*

200,000

431,288

Mako

Mining

Corp. 

*

1,250,000

333,214

Niocan

,

Inc.,

144A 

#*∆

362,069

37,454

Piedmont

Lithium,

Ltd.,

ADR 

*

20,000

1,389,800

Salazar

Resources,

Ltd. 

*

3,000,000

692,289

Standard

Lithium,

Ltd. 

*

385,000

1,219,305

VR

Resources,

Ltd. 

*

1,175,000

317,896

5,308,982

Electric

-

Generation

0.53%

Northland

Power,

Inc.

10,000

362,457

Portfolio

of

Investments

(unaudited)

13

See

notes

to

portfolios

of

investments.

March

31,

2021

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Energy

-

Alternate

Sources

8.04%

Ballard

Power

Systems,

Inc. 

*

10,000

$

243,400

Canadian

Solar,

Inc. 

*

35,000

1,737,050

Loop

Energy,

Inc. 

*

7,500

77,524

Pacific

Green

Energy

Corp. 

#*@~

2,400,000

0

Siemens

Gamesa

Renewable

Energy

SA

35,000

1,357,455

Vestas

Wind

Systems

A/S

10,000

2,062,868

5,478,297

Finance

-

Investment

Banker/Broker

0.55%

GoldMoney

,

Inc. 

*

150,000

371,210

Food

-

Meat

Products

0.29%

The

Very

Good

Food

Co.,

Inc. 

*

50,000

195,353

Food

-

Miscellaneous/Diversified

4.10%

Burcon

NutraScience

Corp. 

*

750,000

2,793,029

Forestry

1.54%

Interfor

Corp. 

*

25,000

562,983

West

Fraser

Timber

Co.,

Ltd.

6,750

485,611

1,048,594

Gold

Mining

9.38%

Aris

Gold

Corp. 

*

150,000

268,561

Centerra

Gold,

Inc.

25,000

221,214

Chalice

Mining,

Ltd. 

*

250,000

988,640

CopperBank

Resources

Corp. 

*

2,500,000

1,153,816

Corona

Minerals,

Ltd. 

#*@

5,000

0

Dundee

Precious

Metals,

Inc.

70,000

427,230

Gran

Colombia

Gold

Corp.

2,000

8,578

Josemaria

Resources,

Inc. 

*

300,000

169,492

Maverix

Metals,

Inc.

70,000

368,900

Red

Pine

Exploration,

Inc. 

*

150,000

85,939

Royal

Road

Minerals,

Ltd. 

*

5,500,000

1,663,086

Sandstorm

Gold,

Ltd. 

*

90,000

612,000

Silver

Tiger

Metals,

Inc. 

*

500,000

198,934

Western

Atlas

Resources,

Inc. 

*

3,000,000

220,816

6,387,206

Independent

Power

Producer

0.81%

Atlantica

Sustainable

Infrastructure

PLC

15,000

549,450

Industrial

Gases

1.30%

Air

Liquide

SA

2,000

326,552

Linde

PLC

2,000

560,280

886,832

Portfolio

of

Investments

(unaudited)

14

See

notes

to

portfolios

of

investments.

March

31,

2021

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Investment

Companies

0.10%

Ether

Capital

Corp. 

*

30,000

$

71,377

Metal

-

Copper

0.71%

Excelsior

Mining

Corp. 

*

150,000

89,520

Kutcho

Copper

Corp. 

*

850,000

344,951

Surge

Copper

Corp. 

*

150,000

51,922

486,393

Metal

-

Diversified

9.97%

Anglo

American

PLC

20,000

783,357

Bell

Copper

Corp. 

*

1,450,000

236,532

Centaurus

Metals,

Ltd. 

*

750,000

410,993

Chakana

Copper

Corp. 

*

1,025,000

407,814

Filo

Mining

Corp. 

*

400,000

999,443

First

Cobalt

Corp. 

*

3,000,000

895,202

Galway

Metals,

Inc. 

*

400,000

305,562

GoviEx

Uranium,

Inc.,

144A 

#*∆

58,000

9,692

Ivanhoe

Mines,

Ltd. 

*

500,000

2,574,202

Luminex

Res

Corp. 

*

120,615

71,983

Nubian

Resources,

Ltd. 

*

250,000

90,515

Orsu

Metals

Corp.,

144A 

#*∆

14,761

3,054

6,788,349

Metal

-

Iron

2.97%

Champion

Iron,

Ltd. 

*

400,000

1,642,397

Consolidated

Growth

Holdings,

Ltd. 

#*@

19,859,173

0

Novolipetsk

Steel

PJSC,

GDR

12,000

382,439

WAI

Capital

Investments

Corp.,

144A 

#*@∆

292,500

0

2,024,836

Mining

Services

5.15%

Cordoba

Minerals

Corp. 

*

58,823

59,913

Defense

Metals

Corp. 

*

1,500,000

483,409

Talon

Metals

Corp. 

*

5,250,000

2,966,102

3,509,424

Natural

Resource

Technology

0.13%

I-Pulse,

Inc.,

144A 

#*@+∆

15,971

86,243

Non-Ferrous

Metals

1.03%

Canada

Nickel

Co.,

Inc. 

*

250,000

628,631

InZinc

Mining,

Ltd. 

*

2,000,000

71,616

Sterling

Group

Ventures,

Inc.,

144A 

#*@∆

500,000

0

700,247

Portfolio

of

Investments

(unaudited)

15

See

notes

to

portfolios

of

investments.

March

31,

2021

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Oil

-

Field

Services

1.11%

Halliburton

Co.

20,000

$

429,200

Schlumberger

NV

12,000

326,280

755,480

Oil

-

US

Royalty

Trusts

0.55%

Deterra

Royalties,

Ltd. 

*

125,000

373,673

Oil

Companies

-

Exploration

&

Production

1.69%

Africa

Energy

Corp. 

*

1,500,000

340,177

ConocoPhillips

10,000

529,700

NGX

Energy

International

Corp.,

144A 

#*∆

200,000

238,720

Range

Energy

Resources,

Inc.,

144A 

#*∆

75,000

39,389

1,147,986

Oil

Companies

-

Integrated

1.54%

Equinor

ASA,

ADR

30,000

583,800

TOTAL

SE,

ADR

10,000

465,400

1,049,200

Oil

Refining

&

Marketing

1.57%

Phillips

66

6,500

530,010

Valero

Energy

Corp.

7,500

537,000

1,067,010

Paper

&

Related

Products

3.56%

Canfor

Pulp

Products,

Inc. 

*

45,000

318,692

Mondi

PLC

25,000

637,333

Resolute

Forest

Products,

Inc. 

*

70,000

766,500

Smurfit

Kappa

Group

PLC

15,000

704,213

2,426,738

Platinum

2.64%

Clean

Air

Metals,

Inc. 

*

1,000,000

310,337

Impala

Platinum

Holdings,

Ltd.,

ADR

40,000

751,000

Impala

Platinum

Holdings,

Ltd.

40,000

738,462

1,799,799

Precious

Metals

3.75%

Brixton

Metals

Corp. 

*

1,075,000

201,022

Eloro

Resources,

Ltd. 

*

100,000

298,401

Libero

Copper

&

Gold

Corp. 

*

1,450,000

692,289

Metalla

Royalty

&

Streaming,

Ltd.

125,000

1,117,013

Polarx

,

Ltd. 

*

10,789,473

246,428

2,555,153

Portfolio

of

Investments

(unaudited)

16

See

notes

to

portfolios

of

investments.

March

31,

2021

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Real

Estate

Operating/Development

1.08%

Infrastructure

Ventures,

Inc. 

#*@+

4,700,000

$

125,960

Infrastructure

Ventures,

Inc. 

#*@+

2,743,544

73,527

Revival

Gold,

Inc. 

*

1,000,000

533,142

732,629

REITS

-

Diversified

1.01%

PotlatchDeltic

Corp.

REIT

10,000

529,200

Rayonier,

Inc.

REIT

5,000

161,250

690,450

Retail

-

Jewelry

0.55%

Luk

Fook

Holdings

International,

Ltd.

18,000

49,648

Mene

,

Inc. 

*

750,000

328,240

377,888

Specified

Purpose

Acquisition

0.13%

Ivanhoe

Capital

Acquisition

Corp.,

Class A 

*

9,091

90,092

Steel

-

Producers

1.72%

POSCO,

ADR

5,000

361,000

Severstal

PAO,

GDR

40,000

806,852

1,167,852

Total

Common

Stocks

60,040,756

(cost

$86,976,561)

Corporate

Non-Convertible

Bond

1.54%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

1.54%

Aris

Gold

Corp.

7.50

08/26/27

$

1,072,000

1,050,560

(cost

$1,071,995)

Corporate

Non-Convertible

Note

0.98%

Gold

Mining

0.98%

Gran

Colombia

Gold

Corp.

8.25

04/30/24

628,676

666,396

(cost

$629,814)

Right

0.00%

Shares

Diversified

Minerals

0.00%

Australian

Strategic

Materials,

Ltd. 

#*@

10,714

0

(cost

$0)

Portfolio

of

Investments

(unaudited)

17

See

notes

to

portfolios

of

investments.

March

31,

2021

Global

Resources

Fund

Exchange

Traded

Funds

2.42%

Shares

Value

Breakwave

Dry

Bulk

Shipping

ETF 

*

4,000

$

67,680

Direxion

Daily

Energy

Bear

2X

Shares

ETF 

*

8,000

147,360

Direxion

Daily

Gold

Miners

Index

Bear

2X

Shares

ETF 

*

8,626

192,619

Direxion

Daily

Junior

Gold

Miners

Index

Bear

2X

Shares

ETF 

*

12,000

147,480

Direxion

Daily

S&P

Oil

&

Gas

Exp.

&

Prod.

Bear

2X

Shares

ETF

8,000

92,400

Direxion

Daily

S&P

Oil

&

Gas

Exp.

&

Prod.

Bull

2X

Shares

ETF

10,000

704,700

First

Trust

Global

Wind

Energy

ETF

5,000

112,800

iShares

U.S.

Real

Estate

ETF

2,000

183,880

Total

Exchange

Traded

Funds

1,648,919

(cost

$1,599,521)

Warrants

0.53%

Exercise

Price

Exp.

Date

Advanced

Materials/Production

0.19%

Nano

One

Materials

Corp.,

144A 

#*@∆

$

3.55

10/29/22

90,000

131,058

Gold

Mining

0.00%

Revival

Gold,

Inc.,

144A 

#*@∆

0.90

04/04/22

80,000

0

Metal

-

Copper

0.03%

Excelsior

Mining

Corp. 

*

1.25

08/22/22

150,000

18,501

Mining

Services

0.28%

Aris

Gold

Corp. 

*

2.75

07/25/25

370,889

191,834

Oil

Companies

-

Exploration

&

Production

0.03%

NG

Energy

International

Corp.,

144A 

#*∆

0.00

07/31/22

200,000

17,506

Total

Warrants

358,899

(cost

$0

)

Investment

Company

0.50%

Shares

Value

Aberdeen

Standard

Physical

Palladium

Shares

ETF 

*

1,384

338,872

(cost

$326,217)

Publically

Traded

Partnerships

0.43%

ProShares

UltraShort

Silver

ETF 

*

17,161

120,298

U.S.

Natural

Gas

Fund

LP

ETF 

*

18,317

175,477

Total

Publically

Traded

Partnerships

295,775

(cost

$293,185)

Portfolio

of

Investments

(unaudited)

18

See

notes

to

portfolios

of

investments.

March

31,

2021

Global

Resources

Fund

Call

Options

Purchased

0.69%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Gold

Mining

0.69%

Barrick

Gold

Corp.

$

20.00

01/23

$

1,450,000

725

$

253,750

Newmont

Corp.

55.00

01/23

990,000

180

219,600

473,350

Total

Purchased

Call

Options

473,350

(premiums

paid

$502,855

)

Investments,

at

value

95.26%

64,873,527

(cost

$91,400,148

)

Other

assets

and

liabilities,

net

4.74%

3,226,552

Net

Assets

100.00%

$

68,100,079

Portfolio

of

Investments

(unaudited)

19

See

notes

to

portfolios

of

investments.

March

31,

2021

World

Precious

Minerals

Fund

Common

Stocks

96.53%

Shares

Value

Advanced

Materials/Production

12.69%

Nano

One

Materials

Corp. 

*

3,100,000

$

13,172,595

Sixth

Wave

Innovations,

Inc. 

*

750,000

244,688

13,417,283

Capital

Pools

1.07%

Magna

Gold

Corp. 

*

1,500,000

1,133,922

Coal

0.00%

Caribbean

Resources

Corp. 

#*@

4

0

Diamonds/Precious

Stones

1.47%

Barksdale

Resources

Corp. 

*

3,000,000

1,241,346

Gold

Bull

Resources

Corp. 

*

794,000

315,907

1,557,253

Diversified

Minerals

5.90%

Ascot

Resources,

Ltd.,

144A 

#*∆

6,412

5,000

Battle

North

Gold

Corp. 

*

300,000

620,673

Calibre

Mining

Corp. 

*

1,000,000

1,289,091

Desert

Gold

Ventures,

Inc. 

*

750,000

95,488

Erdene

Resource

Development

Corp. 

*

300,000

84,746

Gossan

Resources,

Ltd. 

*

250,000

24,867

Indochine

Mining,

Ltd. 

#*@

10,000

0

Lithoquest

Resources,

Inc. 

*

750,000

38,792

Lumina

Gold

Corp. 

*

1,000,000

652,503

Mako

Mining

Corp. 

*

2,000,000

533,142

Max

Resource

Corp. 

*

2,000,000

381,953

Musgrave

Minerals,

Ltd. 

*

1,500,000

366,687

NGEX

Minerals,

Ltd. 

*

100,000

45,357

Nomad

Royalty

Co.,

Ltd.

783,000

591,907

VR

Resources,

Ltd. 

*

3,000,000

811,650

Waraba

Gold,

Ltd. 

#*

655,000

118,574

Waraba

Gold,

Ltd.,

144A 

#*@∆

655,000

118,574

Wolfden

Resources

Corp. 

*

2,000,000

461,526

6,240,530

Finance

-

Investment

Banker/Broker

0.04%

Coin

Hodl

,

Inc.,

144A 

#*@∆

133,333

40,317

Gold

Mining

40.12%

Adamera

Minerals

Corp. 

*

5,373,000

427,548

Adamera

Minerals

Corp.,

144A 

#∆

119,543

9,512

African

Gold

Group,

Inc. 

*

2,000,000

190,976

Algold

Resources,

Ltd. 

#*@

540,000

37,598

Allegiant

Gold,

Ltd. 

*

3,000,000

572,929

Amilot

Capital,

Inc.,

144A 

#*∆

410,000

17,944

Angold

Resources,

Ltd. 

*

500,000

123,339

Portfolio

of

Investments

(unaudited)

20

See

notes

to

portfolios

of

investments.

March

31,

2021

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Aris

Gold

Corp. 

*

1,000,000

$

1,790,403

Arizona

Metals

Corp. 

*

479,200

838,895

Awale

Resources,

Ltd. 

*

2,000,000

87,531

Aya

Gold

&

Silver,

Inc. 

*

250,000

980,743

Bellevue

Gold,

Ltd. 

*

2,250,000

1,334,948

Black

Dragon

Gold

Corp. 

*

4,991,034

270,806

Cabral

Gold,

Inc. 

*

500,000

222,806

Chalice

Mining,

Ltd. 

*

1,250,000

4,943,202

Compass

Gold

Corp. 

*

1,250,000

184,014

Comstock

Mining,

Inc. 

*

136,600

625,628

Contact

Gold

Corp. 

*

4,000,000

318,294

CopperBank

Resources

Corp. 

*~

4,000,000

1,846,105

CopperBank

Resources

Corp.,

144A 

#*~∆

43,500

20,076

Corona

Minerals,

Ltd. 

#*@

81,250

0

Fiore

Gold,

Ltd. 

*

500,000

449,590

Freegold

Ventures,

Ltd. 

*

200,000

116,177

Gascoyne

Resources,

Ltd. 

*

80,000

30,443

Gold

X

Mining

Corp. 

*

54,100

159,713

Heliostar

Metals,

Ltd. 

*

1,000,000

915,095

HighGold

Mining,

Inc. 

*

500,000

469,484

Josemaria

Resources,

Inc. 

*

500,000

282,486

K92

Mining,

Inc. 

*

1,200,000

6,063,500

Karora

Resources,

Inc. 

*

200,000

539,508

Karus

Gold

Corp. 

#*@

375,000

44,760

Lion

One

Metals,

Ltd. 

*

520,000

537,917

Maritime

Resources

Corp. 

*

1,000,000

115,382

Mawson

Gold,

Ltd. 

*

625,000

124,334

McEwen

Mining,

Inc. 

*

134,764

143,697

Montage

Gold

Corp. 

*

575,000

297,406

Newcore

Gold,

Ltd. 

*

400,000

187,793

North

Stawell

Minerals,

Ltd. 

*

700,000

220,847

NV

Gold

Corp. 

*

1,000,000

214,848

OceanaGold

Corp.,

144A 

#*∆

500,000

744,012

Orca

Gold,

Inc. 

*

3,750,000

1,551,683

Petaquilla

Minerals,

Ltd.,

144A 

#*@∆

2,660,000

0

Pretium

Resources,

Inc. 

*

40,000

414,800

Radisson

Mining

Resources,

Inc. 

*

8,000,000

2,005,252

Radius

Gold,

Inc.,

144A 

#*∆

125,000

23,375

Red

Pine

Exploration,

Inc. 

*

800,000

458,343

Reunion

Gold

Corp. 

*

7,481,000

386,938

Roscan

Gold

Corp. 

*

3,000,000

1,145,858

Royal

Road

Minerals,

Ltd. 

*

1,500,000

453,569

Scottie

Resources

Corp. 

*

1,750,000

264,582

Seabridge

Gold,

Inc. 

*

30,000

485,100

Seafield

Resources,

Ltd.,

144A 

#*@∆

1,300,000

0

Silver

Tiger

Metals,

Inc. 

*

750,000

298,401

Skeena

Resources,

Ltd. 

*

500,000

1,277,154

Portfolio

of

Investments

(unaudited)

21

See

notes

to

portfolios

of

investments.

March

31,

2021

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Southern

Gold,

Ltd. 

*

10,000,000

$

706,602

Strikepoint

Gold,

Inc. 

*

2,750,000

415,771

Taurus

Gold,

Ltd.,

144A 

#*@∆

2,448,381

0

Tietto

Minerals,

Ltd. 

*

1,200,000

312,591

TriStar

Gold,

Inc. 

*~

28,750,000

5,376,184

Unigold

,

Inc. 

*

1,250,000

343,161

42,419,653

Metal

-

Copper

0.61%

Sun

Summit

Minerals

Corp. 

*

1,000,000

405,825

Wallbridge

Mining

Co.,

Ltd. 

*

500,000

242,699

648,524

Metal

-

Diversified

10.41%

Adriatic

Metals

PLC 

*

250,000

384,694

Adventus

Mining

Corp. 

*

1,000,000

795,735

Argent

Minerals,

Ltd. 

*

20,000,000

747,336

Aurion

Resources,

Ltd. 

*

500,000

322,273

Auteco

Minerals,

Ltd. 

*

3,500,000

234,670

Cartier

Resources,

Inc. 

*

1,000,000

246,678

Chakana

Copper

Corp. 

*

4,000,000

1,591,470

De

Grey

Mining,

Ltd. 

*

1,250,000

939,414

Genesis

Metals

Corp.,

144A 

#*∆

583,400

81,241

Integra

Resources

Corp. 

*

140,000

378,770

Ivanhoe

Mines,

Ltd. 

*

400,000

2,059,362

Kaizen

Discovery,

Inc. 

*

8,000,000

286,464

Luminex

Res

Corp. 

*

150,000

89,520

New

Age

Metals,

Inc.,

144A 

#*∆

143,518

21,127

Novo

Resources

Corp. 

*

225,000

528,169

Nubian

Resources,

Ltd. 

*

500,000

181,030

Orex

Minerals,

Inc. 

*

7,000,000

974,775

Orsu

Metals

Corp.,

144A 

#*∆

186,922

38,672

Rockcliff

Metals

Corp.,

144A 

#*∆

873,333

48,646

RTG

Mining,

Inc. 

*

3,000,000

375,966

Sirios

Resources,

Inc. 

*

1,000,000

95,488

Torq

Resources,

Inc. 

*

1,000,000

588,844

11,010,344

Metal

-

Iron

0.04%

Vector

Resources,

Ltd. 

#*@

10,000,000

41,775

Metals

&

Mining

0.22%

Maxtech

Ventures,

Inc.,

144A 

#*@∆

4,383,562

226,730

Portfolio

of

Investments

(unaudited)

22

See

notes

to

portfolios

of

investments.

March

31,

2021

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Mining

Services

1.17%

Cordoba

Minerals

Corp. 

*

58,823

$

59,914

Major

Drilling

Group

International,

Inc. 

*

100,000

537,121

Summa

Silver

Corp. 

*

800,000

636,588

1,233,623

Non-Ferrous

Metals

0.35%

InZinc

Mining,

Ltd. 

*

3,000,000

107,424

ValOre

Metals

Corp. 

*

1,000,000

262,593

370,017

Oil

Companies

-

Exploration

&

Production

0.00%

Big

Sky

Energy

Corp. 

#*@

2,000,000

0

Optical

Recognition

Equipment

0.00%

Nexoptic

Technology

Corp.,

144A 

#*∆

12,083

3,509

Platinum

2.00%

Clean

Air

Metals,

Inc. 

*

2,500,000

775,841

Platinum

Group

Metals,

Ltd. 

*

350,000

1,336,835

2,112,676

Precious

Metals

16.77%

Amani

Gold,

Ltd. 

*

54,500,000

62,093

Barsele

Minerals

Corp. 

*~

7,500,000

3,461,447

Benchmark

Metals,

Inc. 

*

450,000

472,667

Brixton

Metals

Corp. 

*

3,000,000

560,993

Canex

Metals,

Inc. 

*~

3,250,000

303,871

Corvus

Gold,

Inc. 

*

29,000

51,691

Dolly

Varden

Silver

Corp. 

*

3,500,000

1,810,297

E2

Metals,

Ltd. 

*

684,932

154,018

GFG

Resources,

Inc. 

*

4,300,000

461,924

Group

Ten

Metals,

Inc. 

*

2,000,000

580,886

Heatherdale

Resources,

Ltd. 

*

800,000

636,588

Imperial

Mining

Group,

Ltd. 

*

500,000

69,627

Kootenay

Silver,

Inc. 

*

1,000,000

258,614

Liberty

Gold

Corp. 

*

1,500,000

1,730,723

MacDonald

Mines

Exploration,

Ltd. 

*

3,000,000

143,232

Metalla

Royalty

&

Streaming,

Ltd.

50,000

446,805

Paramount

Gold

Nevada

Corp. 

*

170,000

170,000

Polarx

,

Ltd. 

*~

38,953,441

889,684

Prime

Mining

Corp. 

*

1,000,000

2,251,930

Roxgold

,

Inc. 

*

1,250,000

1,541,736

Silver

Viper

Minerals

Corp. 

*

2,750,000

1,422,376

Xali

Gold

Corp.,

144A 

#*∆

4,875,000

252,149

17,733,351

Portfolio

of

Investments

(unaudited)

23

See

notes

to

portfolios

of

investments.

March

31,

2021

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Real

Estate

Operating/Development

1.32%

Fremont

Gold,

Ltd. 

*

4,000,000

$

159,147

Mammoth

Resources

Corp. 

*~

4,271,200

305,887

Oklo

Resources,

Ltd. 

*

727,294

80,067

Revival

Gold,

Inc. 

*

1,600,000

853,028

1,398,129

Retail

-

Jewelry

0.87%

Mene

,

Inc. 

*

2,100,000

919,074

Silver

Mining

1.48%

Denarius

Silver

Corp. 

*

550,000

253,839

FireFox

Gold

Corp. 

*

500,000

71,616

Metallic

Minerals

Corp. 

*

1,470,000

713,536

Southern

Silver

Exploration

Corp. 

*

1,750,000

529,164

1,568,155

Total

Common

Stocks

102,074,865

(cost

$100,694,598)

Corporate

Non-Convertible

Bond

1.02%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

1.02%

Aris

Gold

Corp.

7.50

08/26/27

$

1,100,000

1,078,000

(cost

$1,100,000)

Exchange

Traded

Funds

0.43%

Shares

Direxion

Daily

Gold

Miners

Index

Bear

2X

Shares

ETF 

*

10,150

226,650

Direxion

Daily

Junior

Gold

Miners

Index

Bear

2X

Shares

ETF 

*

18,667

229,417

Total

Exchange

Traded

Funds

456,067

(cost

$461,186)

Warrants

0.58%

Exercise

Price

Exp.

Date

Diversified

Minerals

0.04%

Desert

Gold

Ventures,

Inc.,

144A 

#*@∆

$

0.40

08/28/23

187,500

0

Nomad

Royalty

Co.,

Ltd. 

*

1.71

11/19/22

304,000

43,542

43,542

Gold

Mineral

Exploration

&

Development

0.00%

Western

Exploration

&

Development,

Ltd.,

144A 

#*@∆

0.50

12/31/49

600,000

0

Portfolio

of

Investments

(unaudited)

24

See

notes

to

portfolios

of

investments.

March

31,

2021

World

Precious

Minerals

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Gold

Mining

0.01%

Contact

Gold

Corp.,

144A 

#*@∆

$

0.27

09/29/22

500,000

$

0

Osino

Resources

Corp.,

144A 

#*@∆

1.05

01/30/22

115,000

8,236

Revival

Gold,

Inc.,

144A 

#*@∆

1.60

02/06/22

250,000

0

Southern

Gold,

Ltd.,

144A 

#*@∆

0.18

10/18/22

2,250,000

0

Strikepoint

Gold,

Inc.,

144A 

#*@∆

0.20

07/21/22

625,000

0

8,236

Metal

-

Copper

0.08%

Sun

Summit

Minerals

Corp.,

144A 

#*@∆

0.34

07/22/23

600,000

81,165

Metal

-

Diversified

0.12%

Novo

Resources

Corp. 

*

4.40

08/27/23

112,500

125,776

Mining

Services

0.25%

Aris

Gold

Corp. 

*

2.75

07/25/25

520,000

268,958

Non-Ferrous

Metals

0.00%

ValOre

Metals

Corp.,

144A 

#*@∆

0.45

02/17/23

500,000

0

Silver

Mining

0.08%

FireFox

Gold

Corp.,

144A 

#*@∆

0.27

10/27/22

125,000

0

Southern

Silver

Exploration

Corp.,

144A 

#*@∆

0.25

08/14/23

875,000

80,071

80,071

Total

Warrants

607,748

(cost

$362,611

)

Investment

Company

0.07%

Shares

Value

Aberdeen

Standard

Physical

Palladium

Shares

ETF 

*

308

75,414

(cost

$72,598)

Publically

Traded

Partnership

0.18%

ProShares

UltraShort

Silver

ETF 

*

27,458

192,481

(cost

$185,018)

Portfolio

of

Investments

(unaudited)

25

See

notes

to

portfolios

of

investments.

March

31,

2021

World

Precious

Minerals

Fund

Call

Options

Purchased

0.63%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Gold

Mining

0.63%

Barrick

Gold

Corp.

$

20.00

01/23

$

1,900,000

950

$

332,500

Newmont

Corp.

55.00

01/23

1,512,500

275

335,500

668,000

Total

Purchased

Call

Options

668,000

(premiums

paid

$700,732

)

Investments,

at

value

99.44%

105,152,575

(cost

$103,576,743

)

Other

assets

and

liabilities,

net

0.56%

587,191

Net

Assets

100.00%

$

105,739,766

Portfolio

of

Investments

(unaudited)

26

See

notes

to

portfolios

of

investments.

March

31,

2021

Gold

and

Precious

Metals

Fund

Common

Stocks

90.97%

Shares

Value

Advanced

Materials/Production

0.28%

Sixth

Wave

Innovations,

Inc. 

*

1,200,000

$

391,502

Agricultural

Chemicals

0.21%

Elemental

Royalties

Corp. 

*

250,000

288,454

Diversified

Minerals

6.67%

Alkane

Resources,

Ltd. 

*

2,000,000

1,052,130

Australian

Strategic

Materials,

Ltd. 

*

500,000

1,802,619

Australian

Strategic

Materials,

Ltd. 

*

250,000

898,168

Caledonia

Mining

Corp.

PLC

50,000

714,500

Calibre

Mining

Corp. 

*

2,500,000

3,222,726

Mako

Mining

Corp. 

*

3,500,000

932,999

Nomad

Royalty

Co.,

Ltd.

1,000,000

755,948

9,379,090

Gold

Mining

49.43%

AngloGold

Ashanti,

Ltd.,

ADR

50,000

1,098,500

Argonaut

Gold,

Inc. 

*

1,000,000

1,830,190

Aris

Gold

Corp. 

*

425,000

760,922

Aya

Gold

&

Silver,

Inc. 

*

750,000

2,942,230

Barrick

Gold

Corp.

100,000

1,980,000

Centerra

Gold,

Inc.

350,000

3,097,000

DRDGOLD,

Ltd.,

ADR

100,000

946,000

Dundee

Precious

Metals,

Inc.

300,000

1,830,986

Eldorado

Gold

Corp. 

*

125,000

1,348,750

Evolution

Mining,

Ltd.

300,000

934,625

GoGold

Resources,

Inc. 

*

1,825,000

3,412,708

Gold

Fields,

Ltd.,

ADR

250,000

2,372,500

Golden

Star

Resources,

Ltd. 

*

200,000

590,000

Gran

Colombia

Gold

Corp.

375,000

1,608,379

Harmony

Gold

Mining

Co.,

Ltd.,

ADR 

*

500,000

2,180,000

IAMGOLD

Corp. 

*

500,000

1,490,000

K92

Mining,

Inc. 

*

2,750,000

13,895,520

Kirkland

Lake

Gold,

Ltd.

50,000

1,690,000

Maverix

Metals,

Inc.

778,000

4,085,939

Newmont

Corp.

50,000

3,013,500

Northern

Star

Resources,

Ltd.

100,000

724,373

Pantoro

,

Ltd. 

*

8,000,000

1,153,823

Premier

Gold

Mines,

Ltd. 

*

750,000

1,659,107

Pretium

Resources,

Inc. 

*

60,000

622,200

Ramelius

Resources,

Ltd.

1,375,000

1,548,087

Regis

Resources,

Ltd.

500,000

1,106,400

Royal

Gold,

Inc.

5,000

538,100

Sandstorm

Gold,

Ltd. 

*

650,000

4,420,000

Silver

Lake

Resources,

Ltd. 

*

3,000,000

3,422,690

Superior

Gold,

Inc. 

*

1,800,000

859,394

Portfolio

of

Investments

(unaudited)

27

See

notes

to

portfolios

of

investments.

March

31,

2021

Gold

and

Precious

Metals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Wesdome

Gold

Mines,

Ltd. 

*

350,000

$

2,322,750

69,484,673

Metal

-

Diversified

1.66%

Altius

Minerals

Corp.

100,000

1,194,398

Vox

Royalty

Corp. 

*

600,000

1,145,858

2,340,256

Mining

Services

3.98%

Castile

Resources,

Ltd. 

*

1,500,000

245,946

Empress

Royalty

Corp. 

*

1,250,000

447,601

Major

Drilling

Group

International,

Inc. 

*

700,000

3,759,847

Mines

&

Metal

Trading

PLC,

144A 

#*@∆

75,000

1,142,874

5,596,268

Platinum

3.28%

Impala

Platinum

Holdings,

Ltd.

250,000

4,615,387

Precious

Metals

14.91%

EMX

Royalty

Corp. 

*

1,100,000

3,264,900

Hecla

Mining

Co.

185,000

1,052,650

Hycroft

Mining

Holding

Corp. 

*

50,000

175,000

Metalla

Royalty

&

Streaming,

Ltd.

300,000

2,680,831

Metalla

Royalty

&

Streaming,

Ltd.

50,000

444,000

Northern

Vertex

Mining

Corp. 

*

927,500

258,315

Roxgold

,

Inc. 

*

3,750,000

4,625,209

Sailfish

Royalty

Corp. 

*

310,000

283,679

SSR

Mining,

Inc.

238,610

3,407,351

Wheaton

Precious

Metals

Corp.

125,000

4,776,250

20,968,185

Remediation

Services

0.58%

Alexco

Resource

Corp. 

*

325,000

815,750

Retail

-

Jewelry

2.06%

Mene

,

Inc. 

*

900,000

393,889

Mene

,

Inc.,

144A 

#∆

5,714,285

2,500,880

2,894,769

Silver

Mining

7.78%

Excellon

Resources,

Inc. 

*

100,000

285,669

Fortuna

Silver

Mines,

Inc. 

*

225,000

1,455,750

Hochschild

Mining

PLC

1,000,000

2,698,496

Pan

American

Silver

Corp.

125,000

3,753,750

Santacruz

Silver

Mining,

Ltd. 

*

5,000,000

1,273,176

Silvercorp

Metals,

Inc.

300,000

1,473,000

10,939,841

Portfolio

of

Investments

(unaudited)

28

See

notes

to

portfolios

of

investments.

March

31,

2021

Gold

and

Precious

Metals

Fund

Common

Stocks (cont’d)

Shares

Value

Specified

Purpose

Acquisition

0.13%

Ivanhoe

Capital

Acquisition

Corp.,

Class A 

*

18,182

$

180,184

Total

Common

Stocks

127,894,359

(cost

$81,204,384)

Corporate

Non-Convertible

Bonds

2.95%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Coal

0.00%

Caribbean

Resources

Corp. 

#@^

19.25

06/15/15

$

485,766

0

Gold

Mining

2.95%

Aris

Gold

Corp.

7.50

08/26/27

4,224,000

4,139,520

Total

Corporate

Non-Convertible

Bonds

4,139,520

(cost

$4,709,753)

Corporate

Non-Convertible

Notes

0.73%

Gold

Mining

0.73%

Gran

Colombia

Gold

Corp.

8.25

04/30/24

961,020

1,018,682

(cost

$962,760)

Right

0.00%

Shares

Diversified

Minerals

0.00%

Australian

Strategic

Materials,

Ltd. 

#*@

35,714

0

(cost

$0)

Exchange

Traded

Funds

0.46%

Direxion

Daily

Gold

Miners

Index

Bear

2X

Shares

ETF 

*

15,224

339,952

Direxion

Daily

Junior

Gold

Miners

Index

Bear

2X

Shares

ETF 

*

25,333

311,342

Total

Exchange

Traded

Funds

651,294

(cost

$658,740)

Warrants

0.54%

Exercise

Price

Exp.

Date

Metal

-

Diversified

0.00%

Vox

Royalty

Corp.,

144A 

#*@∆

$

4.50

03/25/24

50,000

0

Mining

Services

0.50%

Aris

Gold

Corp. 

*

2.75

07/25/25

1,274,000

658,948

Empress

Royalty

Corp. 

*

0.75

03/25/23

625,000

44,760

703,708

Portfolio

of

Investments

(unaudited)

29

See

notes

to

portfolios

of

investments.

March

31,

2021

Gold

and

Precious

Metals

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Precious

Metals

0.02%

Hycroft

Mining

Holding

Corp. 

*

$

10.50

10/06/25

50,000

$

32,000

Silver

Mining

0.02%

Excellon

Resources,

Inc. 

*

7.00

08/27/21

375,000

26,856

Total

Warrants

762,564

(cost

$500

)

Investment

Company

0.05%

Shares

Value

Aberdeen

Standard

Physical

Palladium

Shares

ETF 

*

308

75,414

(cost

$72,597)

Publically

Traded

Partnership

0.18%

ProShares

UltraShort

Silver

ETF 

*

36,381

255,031

(cost

$245,143)

Call

Options

Purchased

1.55%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Gold

Mining

1.55%

Barrick

Gold

Corp.

$

20.00

01/23

$

3,000,000

1,500

525,000

Newmont

Corp.

55.00

01/23

7,425,000

1,350

1,647,000

2,172,000

Total

Purchased

Call

Options

2,172,000

(premiums

paid

$2,084,965

)

Investments,

at

value

97.43%

136,968,864

(cost

$89,938,842

)

Other

assets

and

liabilities,

net

2.57%

3,615,930

Net

Assets

100.00%

$

140,584,794

Portfolio

of

Investments

(unaudited)

30

See

notes

to

portfolios

of

investments.

March

31,

2021

Emerging

Europe

Fund

Common

Stocks

89.40%

Shares

Value

Agricultural

Chemicals

0.30%

PhosAgro

PJSC,

GDR

4,000

$

71,452

Automotive

-

Cars

&

Light

Trucks

3.04%

Bayerische

Motoren

Werke

AG

3,550

368,407

Daimler

AG

3,100

276,674

Ford

Otomotiv

Sanayi

AS

3,500

81,886

726,967

Building

&

Construction

Products

-

Miscellaneous

2.07%

Enka

Insaat

ve

Sanayi

AS

307,000

294,677

Wienerberger

AG

5,500

201,089

495,766

Cellular

Telecommunication

3.04%

Mobile

TeleSystems

PJSC,

ADR

54,200

452,028

Turkcell

Iletisim

Hizmetleri

AS

150,000

274,069

726,097

Chemicals

-

Diversified

1.23%

Johnson

Matthey

PLC

7,100

294,934

Commercial

Banks

Non-US

16.96%

Banca

Transilvania

SA

396,242

226,712

Bank

Polska

Kasa

Opieki

SA 

*

16,000

285,482

ING

Bank

Slaski

SA

6,000

264,722

OTP

Bank

Nyrt

*

7,800

333,422

Raiffeisen

Bank

International

AG 

*

8,000

175,623

Sberbank

of

Russia

PJSC,

ADR

140,750

2,168,958

Turkiye

Garanti

Bankasi

AS 

*

230,000

186,453

Turkiye

Is

Bankasi

AS 

*

350,000

204,869

Yapi

ve

Kredi

Bankasi

AS 

*

780,000

208,384

4,054,625

Dialysis

Centers

1.14%

Fresenius

Medical

Care

AG

&

Co.

KGaA

3,700

272,547

Diversified

Operations

1.19%

KOC

Holding

AS

121,000

285,333

Electric

-

Distribution

0.73%

AB

Ignitis

Grupe

,

GDR,

144A 

*∆

7,500

175,025

Electric

-

Generation

2.95%

CEZ

AS

12,000

296,567

Inter

RAO

UES

PJSC

6,011,000

407,463

704,030

Portfolio

of

Investments

(unaudited)

31

See

notes

to

portfolios

of

investments.

March

31,

2021

Emerging

Europe

Fund

Common

Stocks (cont’d)

Shares

Value

Electric

-

Integrated

1.40%

PGE

Polska

Grupa

Energetyczna

SA 

*

195,000

$

335,251

Food

-

Meat

Products

0.55%

Cherkizovo

Group

PJSC

4,000

130,368

Food

-

Retail

6.68%

BIM

Birlesik

Magazalar

AS

32,000

274,083

Koninklijke

Ahold

Delhaize

NV,

ADR

12,000

334,920

Magnit

PJSC,

GDR

32,500

487,221

X5

Retail

Group

NV,

GDR

15,500

499,669

1,595,893

Gold

Mining

0.50%

Polyus

PJSC,

GDR

1,287

118,414

Machinery

-

General

Industrial

1.21%

ANDRITZ

AG

6,450

289,892

Medical

Instruments

0.52%

Getinge

AB,

Class B

4,500

124,978

Metal

-

Diversified

0.96%

MMC

Norilsk

Nickel

PJSC,

ADR

4,650

145,498

Orsu

Metals

Corp.,

144A 

#*∆

402,500

83,274

228,772

Multi-line

Insurance

2.31%

Allianz

SE

1,198

304,717

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

9,500

246,237

550,954

Non-Ferrous

Metals

0.26%

NAC

Kazatomprom

JSC,

GDR

2,500

61,500

Oil

Companies

-

Exploration

&

Production

0.43%

Novatek

PJSC,

GDR

525

103,736

Oil

Companies

-

Integrated

17.55%

Gazprom

PJSC,

ADR

51,300

305,554

LUKOIL

PJSC,

ADR

29,020

2,344,526

MOL

Hungarian

Oil

&

Gas

PLC 

*

40,500

293,188

OMV

Petrom

SA

2,000,000

204,899

Rosneft

Oil

Co.

PJSC,

GDR

101,452

766,649

Tatneft

PJSC,

ADR

5,960

279,107

4,193,923

Precious

Metals

0.82%

Polymetal

International

PLC

10,000

195,643

Portfolio

of

Investments

(unaudited)

32

See

notes

to

portfolios

of

investments.

March

31,

2021

Emerging

Europe

Fund

Common

Stocks (cont’d)

Shares

Value

Property/Casualty

Insurance

0.61%

Powszechny

Zaklad

Ubezpieczen

SA 

*

17,000

$

146,521

Regional

Banks

-

Non

US

1.26%

TCS

Group

Holding

PLC,

GDR

5,200

301,373

Retail

-

Major

Dept

Store

1.74%

Detsky

Mir

PJSC,

144A 

∆

220,000

415,131

Steel

-

Producers

5.29%

Eregli

Demir

ve

Celik

Fabrikalari

TAS

145,500

269,431

Evraz

PLC

125,000

995,474

1,264,905

Telecom

Services

4.40%

O2

Czech

Republic

AS

25,000

290,991

Sistema

PJSFC,

GDR

56,000

506,229

Turk

Telekomunikasyon

AS

308,000

254,201

1,051,421

Telephone

-

Integrated

1.31%

Hellenic

Telecommunications

Organization

SA

19,500

312,884

Television

1.25%

Cyfrowy

Polsat

SA

40,000

298,924

Transportation

-

Marine

0.50%

AP

Moller

-

Maersk

A/S,

Class A

55

119,684

Transportation

-

Rail

1.95%

Globaltrans

Investment

PLC,

GDR

70,000

466,466

Web

Portals/ISP

2.51%

Yandex

NV,

Class A 

*

9,350

598,961

Wire

&

Cable

Products

2.74%

Nexans

SA 

*

4,100

362,782

Prysmian

SpA

9,000

292,231

655,013

Total

Common

Stocks

21,367,383

(cost

$19,140,945)

Portfolio

of

Investments

(unaudited)

33

See

notes

to

portfolios

of

investments.

March

31,

2021

Emerging

Europe

Fund

Corporate

Non-Convertible

Bond

2.05%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Gold

Mining

2.05%

Aris

Gold

Corp.

7.50

08/26/27

$

500,000

$

490,000

(cost

$500,000)

Exchange

Traded

Funds

2.07%

Shares

Global

X

MSCI

Greece

ETF

5,000

132,200

iShares

MSCI

Europe

ESG

Screened

UCITS

ETF 

*

35,000

259,519

iShares

MSCI

Turkey

ETF

4,500

103,455

Total

Exchange

Traded

Funds

495,174

(cost

$513,104)

Warrant

0.22%

Exercise

Price

Exp.

Date

Mining

Services

0.22%

Aris

Gold

Corp. 

*

$

2.75

07/25/25

100,000

51,723

(cost

$0

)

Investments,

at

value

93.74%

22,404,280

(cost

$20,154,049

)

Other

assets

and

liabilities,

net

6.26%

1,497,255

Net

Assets

100.00%

$

23,901,535

Portfolio

of

Investments

(unaudited)

34

See

notes

to

portfolios

of

investments.

March

31,

2021

China

Region

Fund

Common

Stocks

97.85%

Shares

Value

Automotive

-

Cars

&

Light

Trucks

4.97%

Great

Wall

Motor

Co.,

Ltd.,

Class H

150,000

$

419,413

Yadea

Group

Holdings,

Ltd.

108,000

240,589

660,002

Beverages

-

Non-alcoholic

5.36%

Carabao

Group

PCL

55,000

227,435

Nongfu

Spring

Co.,

Ltd. 

*

96,000

483,971

711,406

Chemicals

-

Specialty

0.51%

Daqo

New

Energy

Corp.,

ADR 

*

900

67,950

Computer

Software

2.78%

Ming

Yuan

Cloud

Group

Holdings,

Ltd. 

*

80,000

369,688

Computers

5.14%

Lenovo

Group,

Ltd.

200,000

285,440

Quanta

Computer,

Inc.

115,000

396,640

682,080

Consumer

Products

-

Miscellaneous

0.00%

Tongda

Hong

Tai

Holdings,

Ltd. 

*

2,000

90

Disposable

Medical

Products

2.05%

Top

Glove

Corp.

Bhd

249,000

271,722

E-Commerce/Products

13.98%

Alibaba

Group

Holding,

Ltd.,

ADR 

*

630

142,840

JD.com,

Inc.,

ADR 

*

8,400

708,372

Meituan

,

Class B 

*

10,500

409,754

Pinduoduo

,

Inc.,

ADR 

*

4,450

595,766

1,856,732

Electric

-

Generation

0.46%

China

Longyuan

Power

Group

Corp.,

Ltd.

45,000

61,459

Electronic

Components

-

Miscellaneous

5.87%

BYD

Electronic

International

Co.,

Ltd.

84,800

499,875

Flat

Glass

Group

Co.,

Ltd.

91,500

279,364

779,239

Energy

-

Alternate

Sources

0.39%

Xinyi

Solar

Holdings,

Ltd.

31,000

51,384

Finance

-

Investment

Banker/Broker

5.31%

Huatai

Securities

Co.,

Ltd.

320,000

491,521

KIWOOM

Securities

Co.,

Ltd.

1,900

213,110

704,631

Portfolio

of

Investments

(unaudited)

35

See

notes

to

portfolios

of

investments.

March

31,

2021

China

Region

Fund

Common

Stocks (cont’d)

Shares

Value

Finance

-

Other

Services

6.59%

Hong

Kong

Exchanges

&

Clearing,

Ltd.

9,750

$

578,428

Singapore

Exchange,

Ltd.

40,000

296,669

875,097

Food

-

Confectionery

0.92%

Mayora

Indah

Tbk

PT

680,000

122,735

Food

-

Dairy

Products

5.18%

Ausnutria

Dairy

Corp.,

Ltd.

70,000

91,862

China

Feihe

,

Ltd.

210,000

596,199

688,061

Food

-

Miscellaneous/Diversified

2.83%

Yihai

International

Holding,

Ltd.

36,000

375,600

Industrial

Audio

&

Video

Production

1.03%

Q

Technology

Group

Co.,

Ltd.

67,000

137,460

Internet

Content

-

Info

5.39%

Tencent

Holdings,

Ltd.,

ADR

8,965

715,407

Life/Health

Insurance

2.83%

AIA

Group,

Ltd.

17,000

208,025

Cathay

Financial

Holding

Co.,

Ltd.

100,000

168,389

376,414

Medical

Labs

&

Testing

Services

0.96%

Wuxi

Biologics

Cayman,

Inc. 

*

10,150

127,999

Multi-line

Insurance

1.08%

Ping

An

Insurance

Group

Co.

of

China,

Ltd.,

H

Shares

12,000

143,536

Non-Ferrous

Metals

0.00%

Sterling

Group

Ventures,

Inc.,

144A 

#*@∆

500,000

0

Petrochemicals

0.54%

LG

Chem

,

Ltd.

100

71,562

Real

Estate

Management/Services

4.39%

A-Living

Smart

City

Services

Co.,

Ltd.

73,000

324,973

Ever

Sunshine

Lifestyle

Services

Group,

Ltd.

102,000

257,926

582,899

Real

Estate

Operating/Development

5.82%

Country

Garden

Services

Holdings

Co.,

Ltd.

64,700

659,453

Gemdale

Properties

&

Investment

Corp.,

Ltd.

750,000

114,200

773,653

Portfolio

of

Investments

(unaudited)

36

See

notes

to

portfolios

of

investments.

March

31,

2021

China

Region

Fund

Common

Stocks (cont’d)

Shares

Value

Rubber/Plastic

Products

2.03%

Hartalega

Holdings

Bhd

125,000

$

269,395

Schools

0.80%

China

New

Higher

Education

Group,

Ltd.

190,000

105,975

Semiconductor

Components

-

Integrated

Circuit

10.64%

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.,

ADR

7,170

848,068

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

26,850

565,440

1,413,508

Total

Common

Stocks

12,995,684

(cost

$12,073,829)

Corporate

Non-Convertible

Bond

1.94%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

1.94%

Aris

Gold

Corp.

7.50

08/26/27

$

263,000

257,740

(cost

$262,980)

Exchange

Traded

Fund

0.23%

Shares

Direxion

Daily

FTSE

China

Bear

3X

Shares

ETF 

*

2,200

30,250

(cost

$32,778)

Warrant

0.20%

Exercise

Price

Exp.

Date

Mining

Services

0.20%

Aris

Gold

Corp. 

*

$

2.75

07/25/25

52,000

26,896

(cost

$0

)

Investments,

at

value

100.22%

13,310,570

(cost

$12,369,587

)

Other

assets

and

liabilities,

net

(0.22)%

(29,305)

Net

Assets

100.00%

$

13,281,265

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2021

37

Legend

General

The

yields

reflect

the

effective

yield

from

the

date

of

purchase.

Variable

and

Floating

Rate

Notes

have

periodic

reset

features,

which

effectively

shorten

the

maturity

dates

and

reset

the

interest

rates

as

tied

to

various

interest-bearing

instruments.

Rates

shown

are

current

rates

at

March

31,

2021.

‡

Adjustable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

the

current

interest

rates.

Rate

presented

is

as

of

March

31,

2021.

@

Security

was

fair

valued

at

March

31,

2021,

by

U.S.

Global

Investors,

Inc.

(Adviser)

(other

than

international

securities

fair

valued

pursuant

to

systematic

fair

value

models)

in

accordance

with

valuation

procedures

approved

by

the

Board

of

Trustees.

These

securities,

as

a

percentage

of

net

assets

at

March

31,

2021,

were

0.02%

of

Global

Luxury

Goods

Fund,

1.37%

of

Global

Resources

Fund,

0.64%

of

World

Precious

Minerals

Fund,

0.81%

of

Gold

And

Precious

Metals

Fund

and

0.00%

of

China

Region

Fund,

respectively.

See

the

Fair

Valuation

of

Securities

section

of

these

Notes

to

Portfolios

of

Investments

for

further

discussion

of

fair

valued

securities.

See

further

information

and

detail

on

restricted

securities

in

the

Restricted

Securities

section

of

these

Notes

to

Portfolios

of

Investments.

∆

Pursuant

to

Rule

144A

of

the

Securities

Act

of

1933,

these

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

The

market

value

of

these

securities

and

percentage

of

net

assets

as

of

March

31,

2021

amounted

to

$980,829,

1.96%,

of

Global

Luxury

Goods

Fund,

$1,078,354,

1.58%,

of

Global

Resources

Fund,

$1,820,356,

1.72%,

of

World

Precious

Minerals

Fund,

$3,643,754,

2.59%,

of

Gold

And

Precious

Metals

Fund,

$673,430,

2.82%,

of

Emerging

Europe

Fund

and

$0,

0.00%,

of

China

Region

Fund.

*

Non-income

producing

security.

#

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

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

JSC

Joint

Stock

Company

LIBOR

London

Interbank

Offered

Rate

LP

Limited

Partnership

PCL

Public

Company

Limited

PJSC

Public

Joint

Stock

Company

PLC

Public

Limited

Company

PSF-GTD

Public

School

Fund

Guarantee

Q-SBLF

Qualified

School

Bond

Loan

Fund

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor’s

SPDR

Standard

&

Poor’s

Depositary

Receipt

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2021

38

Fair

Valuation

of

Securities

For

the

Funds’

policies

regarding

the

valuation

of

investments

and

other

significant

accounting

policies,

please

refer

to

the

Notes

to

Financial

Statements.

The

Funds

are

required

to

disclose

information

regarding

the

fair

value

measurements

of

a

Fund’s

assets

and

liabilities.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

measurement

requirements

established

a

three-tier

hierarchy

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Inputs

refer

broadly

to

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability,

including

assumptions

about

risk,

for

example,

the

risk

inherent

in

a

particular

valuation

technique

used

to

measure

fair

value

including

such

a

pricing

model

and/or

the

risk

inherent

in

the

inputs

to

the

valuation

technique.

Inputs

may

be

observable

or

unobservable.

Observable

inputs

are

inputs

that

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

inputs

that

reflect

the

reporting

entity’s

own

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

the

best

information

available

in

the

circumstances.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Because

of

the

inherent

uncertainties

of

valuation,

the

values

reflected

in

the

portfolios

may

materially

differ

from

the

values

received

upon

actual

sale

of

those

investments.

The

three

levels

defined

by

the

fair

value

hierarchy

are

as

follows:

Level

1

–

Quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

determined

using

significant

other

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Short-term

securities

with

maturities

of

sixty

days

or

less

are

valued

at

amortized

cost,

which

approximates

market

value,

and

are

categorized

as

Level

2

in

the

hierarchy.

Municipal

securities,

long-

term

U.S.

government

obligations

and

corporate

debt

securities

are

valued

in

accordance

with

the

evaluated

price

supplied

by

a

pricing

service

and

generally

categorized

as

Level

2

in

the

hierarchy.

Other

securities

that

are

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

warrants

that

do

not

trade

on

an

exchange,

securities

valued

at

the

mean

between

the

last

reported

bid

and

ask

quotation

and

international

equity

securities

valued

by

an

independent

third

party

in

order

to

adjust

for

stale

pricing.

Level

3

–

Prices

determined

using

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions).

For

restricted

equity

securities

and

private

placements

where

observable

inputs

are

limited,

assumptions

about

market

activity

and

risk

are

used

in

determining

fair

value.

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2021

39

The

following

table

summarizes

the

valuation

of

each

Fund’s

securities

as

of

March

31,

2021,

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

$

–‌

$

37,767,281‌

$

–‌

$

37,767,281‌

Exchange

Traded

Fund

1,131,968‌

–‌

–‌

1,131,968‌

Investments,

at

Value

$

1,131,968‌

$

37,767,281‌

$

–‌

$

38,899,249‌

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

$

–‌

$

35,895,042‌

$

–‌

$

35,895,042‌

Exchange

Traded

Fund

1,532,550‌

–‌

–‌

1,532,550‌

Investments,

at

Value

$

1,532,550‌

$

35,895,042‌

$

–‌

$

37,427,592‌

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

$

2,043,565‌

$

1,747,406‌

$

–‌

$

3,790,971‌

Applications

Software

1,077,069‌

–‌

–‌

1,077,069‌

Athletic

Equipment

1,053,563‌

–‌

–‌

1,053,563‌

Automotive

-

Cars

&

Light

Trucks

8,078,073‌

2,044,399‌

–‌

10,122,472‌

Beverages

-

Wine/Spirits

1,468,092‌

498,402‌

–‌

1,966,494‌

Building

-

Residential/

Commercial

1,001,568‌

–‌

–‌

1,001,568‌

Commercial

Service

-

Finance

538,155‌

–‌

–‌

538,155‌

Computers

2,088,765‌

–‌

–‌

2,088,765‌

Cosmetics

&

Toiletries

2,853,559‌

–‌

–‌

2,853,559‌

Decision

Support

Software

265,823‌

–‌

–‌

265,823‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2021

40

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)

Diversified

Banking

Institution

$

4,571,707‌

$

–‌

$

–‌

$

4,571,707‌

E-Commerce/Products

2,134,915‌

–‌

–‌

2,134,915‌

Energy

-

Alternate

Sources

–‌

–‌

0‌

0‌

Finance

-

Credit

Card

329,240‌

–‌

–‌

329,240‌

Finance

-

Mortgage

Loan/

Banker

48,867‌

–‌

–‌

48,867‌

Finance

-

Other

Services

199,931‌

–‌

–‌

199,931‌

Gold

Mining

1,421,844‌

–‌

–‌

1,421,844‌

Home

Furnishings

489,063‌

–‌

–‌

489,063‌

Investment

Management/

Advisory

Services

–‌

434,544‌

–‌

434,544‌

Metal

-

Diversified

334,646‌

–‌

–‌

334,646‌

Oil

Companies

-

Exploration

&

Production

59,680‌

–‌

–‌

59,680‌

Precious

Metals

343,890‌

–‌

–‌

343,890‌

Private

Equity

2,895,411‌

–‌

–‌

2,895,411‌

Real

Estate

Operating/

Development

–‌

–‌

11,431‌

11,431‌

Retail

-

Apparel/Shoe

–‌

1,254,658‌

–‌

1,254,658‌

Retail

-

Building

Products

1,334,858‌

–‌

–‌

1,334,858‌

Retail

-

Discount

2,144,488‌

–‌

–‌

2,144,488‌

Retail

-

Home

Furnishings

978,074‌

–‌

–‌

978,074‌

Retail

-

Jewelry

–‌

441,707‌

–‌

441,707‌

Silver

Mining

255,320‌

358,900‌

–‌

614,220‌

Textile

-

Apparel

2,900,982‌

–‌

–‌

2,900,982‌

Corporate

Non-Convertible

Bond

–‌

854,560‌

–‌

854,560‌

Corporate

Non-Convertible

Note

–‌

539,312‌

–‌

539,312‌

Exchange

Traded

Funds

71,546‌

–‌

–‌

71,546‌

Warrants

Finance

-

Mortgage

Loan/

Banker

–‌

0‌

–‌

0‌

Oil

Companies

-

Exploration

&

Production

4,377‌

–‌

–‌

4,377‌

Retail

-

Jewelry

–‌

3,504‌

–‌

3,504‌

Investments,

at

Value

40,987,071‌

8,177,392‌

11,431‌

49,175,894‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2021

41

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Global

Resources

Fund

Investments

in

Securities*

Common

Stocks

Advanced

Materials/

Production

$

1,533,541‌

$

–‌

$

515,238‌

$

2,048,779‌

Agricultural

Chemicals

1,624,713‌

–‌

–‌

1,624,713‌

Agricultural

Operations

712,500‌

–‌

–‌

712,500‌

Applications

Software

3,174,982‌

–‌

–‌

3,174,982‌

Building

&

Construction

Products

-

Miscellaneous

554,600‌

–‌

–‌

554,600‌

Coal

–‌

–‌

0‌

0‌

Containers

-

Paper/Plastic

187,793‌

–‌

–‌

187,793‌

Diamonds/Precious

Stones

455,160‌

–‌

–‌

455,160‌

Diversified

Minerals

4,768,196‌

540,786‌

–‌

5,308,982‌

Electric

-

Generation

362,457‌

–‌

–‌

362,457‌

Energy

-

Alternate

Sources

2,057,974‌

3,420,323‌

0‌

5,478,297‌

Finance

-

Investment

Banker/Broker

371,210‌

–‌

–‌

371,210‌

Food

-

Meat

Products

–‌

195,353‌

–‌

195,353‌

Food

-

Miscellaneous/

Diversified

2,793,029‌

–‌

–‌

2,793,029‌

Forestry

1,048,594‌

–‌

–‌

1,048,594‌

Gold

Mining

4,244,750‌

2,142,456‌

0‌

6,387,206‌

Independent

Power

Producer

549,450‌

–‌

–‌

549,450‌

Industrial

Gases

560,280‌

326,552‌

–‌

886,832‌

Investment

Companies

71,377‌

–‌

–‌

71,377‌

Metal

-

Copper

486,393‌

–‌

–‌

486,393‌

Metal

-

Diversified

5,593,999‌

1,194,350‌

–‌

6,788,349‌

Metal

-

Iron

2,024,836‌

–‌

0‌

2,024,836‌

Mining

Services

3,509,424‌

–‌

–‌

3,509,424‌

Natural

Resource

Technology

–‌

–‌

86,243‌

86,243‌

Non-Ferrous

Metals

71,616‌

628,631‌

0‌

700,247‌

Oil

-

Field

Services

755,480‌

–‌

–‌

755,480‌

Oil

-

US

Royalty

Trusts

–‌

373,673‌

–‌

373,673‌

Oil

Companies

-

Exploration

&

Production

1,147,986‌

–‌

–‌

1,147,986‌

Oil

Companies

-

Integrated

1,049,200‌

–‌

–‌

1,049,200‌

Oil

Refining

&

Marketing

1,067,010‌

–‌

–‌

1,067,010‌

Paper

&

Related

Products

1,085,192‌

1,341,546‌

–‌

2,426,738‌

Platinum

1,061,337‌

738,462‌

–‌

1,799,799‌

Precious

Metals

2,308,725‌

246,428‌

–‌

2,555,153‌

Real

Estate

Operating/

Development

533,142‌

–‌

199,487‌

732,629‌

REITS

-

Diversified

690,450‌

–‌

–‌

690,450‌

Retail

-

Jewelry

328,240‌

49,648‌

–‌

377,888‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2021

42

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Global

Resources

Fund

(continued)

Investments

in

Securities*

(continued)

Specified

Purpose

Acquisition

$

90,092‌

$

–‌

$

–‌

$

90,092‌

Steel

-

Producers

1,167,852‌

–‌

–‌

1,167,852‌

Corporate

Non-Convertible

Bond

–‌

1,050,560‌

–‌

1,050,560‌

Corporate

Non-Convertible

Note

–‌

666,396‌

–‌

666,396‌

Right

–‌

0‌

–‌

0‌

Exchange

Traded

Funds

1,648,919‌

–‌

–‌

1,648,919‌

Warrants

Advanced

Materials/

Production

–‌

131,058‌

–‌

131,058‌

Gold

Mining

–‌

0‌

–‌

0‌

Metal

-

Copper

18,501‌

–‌

–‌

18,501‌

Mining

Services

191,834‌

–‌

–‌

191,834‌

Oil

Companies

-

Exploration

&

Production

17,506‌

–‌

–‌

17,506‌

Investment

Company

338,872‌

–‌

–‌

338,872‌

Publically

Traded

Partnerships

295,775‌

–‌

–‌

295,775‌

Purchased

Call

Options

473,350‌

–‌

–‌

473,350‌

Investments,

at

Value

51,026,337‌

13,046,222‌

800,968‌

64,873,527‌

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

$

13,172,595‌

$

244,688‌

$

–‌

$

13,417,283‌

Capital

Pools

1,133,922‌

–‌

–‌

1,133,922‌

Coal

–‌

–‌

0‌

0‌

Diamonds/Precious

Stones

1,557,253‌

–‌

–‌

1,557,253‌

Diversified

Minerals

5,755,269‌

485,261‌

0‌

6,240,530‌

Finance

-

Investment

Banker/Broker

40,317‌

–‌

–‌

40,317‌

Gold

Mining

32,651,675‌

9,685,620‌

82,358‌

42,419,653‌

Metal

-

Copper

648,524‌

–‌

–‌

648,524‌

Metal

-

Diversified

8,279,618‌

2,730,726‌

–‌

11,010,344‌

Metal

-

Iron

–‌

–‌

41,775‌

41,775‌

Metals

&

Mining

–‌

226,730‌

–‌

226,730‌

Mining

Services

597,035‌

636,588‌

–‌

1,233,623‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2021

43

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)

Non-Ferrous

Metals

$

370,017‌

$

–‌

$

–‌

$

370,017‌

Oil

Companies

-

Exploration

&

Production

–‌

–‌

0‌

0‌

Optical

Recognition

Equipment

3,509‌

–‌

–‌

3,509‌

Platinum

2,112,676‌

–‌

–‌

2,112,676‌

Precious

Metals

16,689,649‌

1,043,702‌

–‌

17,733,351‌

Real

Estate

Operating/

Development

1,318,062‌

80,067‌

–‌

1,398,129‌

Retail

-

Jewelry

919,074‌

–‌

–‌

919,074‌

Silver

Mining

1,568,155‌

–‌

–‌

1,568,155‌

Corporate

Non-Convertible

Bond

–‌

1,078,000‌

–‌

1,078,000‌

Exchange

Traded

Funds

456,067‌

–‌

–‌

456,067‌

Warrants

Diversified

Minerals

43,542‌

0‌

–‌

43,542‌

Gold

Mineral

Exploration

&

Development

–‌

–‌

0‌

0‌

Gold

Mining

–‌

8,236‌

–‌

8,236‌

Metal

-

Copper

–‌

81,165‌

–‌

81,165‌

Metal

-

Diversified

125,776‌

–‌

–‌

125,776‌

Mining

Services

268,958‌

–‌

–‌

268,958‌

Non-Ferrous

Metals

–‌

0‌

–‌

0‌

Silver

Mining

–‌

80,071‌

–‌

80,071‌

Investment

Company

75,414‌

–‌

–‌

75,414‌

Publically

Traded

Partnership

192,481‌

–‌

–‌

192,481‌

Purchased

Call

Options

668,000‌

–‌

–‌

668,000‌

Investments,

at

Value

88,647,588‌

16,380,854‌

124,133‌

105,152,575‌

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

$

391,502‌

$

–‌

$

–‌

$

391,502‌

Agricultural

Chemicals

288,454‌

–‌

–‌

288,454‌

Diversified

Minerals

6,524,341‌

2,854,749‌

–‌

9,379,090‌

Gold

Mining

60,594,675‌

8,889,998‌

–‌

69,484,673‌

Metal

-

Diversified

2,340,256‌

–‌

–‌

2,340,256‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2021

44

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

(continued)

Investments

in

Securities*

(continued)

Mining

Services

$

4,207,448‌

$

245,946‌

$

1,142,874‌

$

5,596,268‌

Platinum

–‌

4,615,387‌

–‌

4,615,387‌

Precious

Metals

20,968,185‌

–‌

–‌

20,968,185‌

Remediation

Services

815,750‌

–‌

–‌

815,750‌

Retail

-

Jewelry

2,894,769‌

–‌

–‌

2,894,769‌

Silver

Mining

8,241,345‌

2,698,496‌

–‌

10,939,841‌

Specified

Purpose

Acquisition

180,184‌

–‌

–‌

180,184‌

Corporate

Non-Convertible

Bonds

–‌

4,139,520‌

0‌

4,139,520‌

Corporate

Non-Convertible

Notes

–‌

1,018,682‌

–‌

1,018,682‌

Right

–‌

0‌

–‌

0‌

Exchange

Traded

Funds

651,294‌

–‌

–‌

651,294‌

Warrants

Metal

-

Diversified

–‌

0‌

–‌

0‌

Mining

Services

703,708‌

–‌

–‌

703,708‌

Precious

Metals

32,000‌

–‌

–‌

32,000‌

Silver

Mining

26,856‌

–‌

–‌

26,856‌

Investment

Company

75,414‌

–‌

–‌

75,414‌

Publically

Traded

Partnership

255,031‌

–‌

–‌

255,031‌

Purchased

Call

Options

2,172,000‌

–‌

–‌

2,172,000‌

Investments,

at

Value

$

111,363,212‌

$

24,462,778‌

$

1,142,874‌

$

136,968,864‌

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Emerging

Europe

Fund

Investments

in

Securities*

Common

Stocks

Agricultural

Chemicals

$

71,452‌

$

–‌

$

–‌

$

71,452‌

Automotive

-

Cars

&

Light

Trucks

–‌

726,967‌

–‌

726,967‌

Building

&

Construction

Products

-

Miscellaneous

–‌

495,766‌

–‌

495,766‌

Cellular

Telecommunication

452,028‌

274,069‌

–‌

726,097‌

Chemicals

-

Diversified

–‌

294,934‌

–‌

294,934‌

Commercial

Banks

Non-US

2,168,958‌

1,885,667‌

–‌

4,054,625‌

Dialysis

Centers

–‌

272,547‌

–‌

272,547‌

Diversified

Operations

–‌

285,333‌

–‌

285,333‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2021

45

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Emerging

Europe

Fund

(continued)

Investments

in

Securities*

(continued)

Electric

-

Distribution

$

175,025‌

$

–‌

$

–‌

$

175,025‌

Electric

-

Generation

–‌

704,030‌

–‌

704,030‌

Electric

-

Integrated

–‌

335,251‌

–‌

335,251‌

Food

-

Meat

Products

–‌

130,368‌

–‌

130,368‌

Food

-

Retail

1,321,810‌

274,083‌

–‌

1,595,893‌

Gold

Mining

118,414‌

–‌

–‌

118,414‌

Machinery

-

General

Industrial

–‌

289,892‌

–‌

289,892‌

Medical

Instruments

–‌

124,978‌

–‌

124,978‌

Metal

-

Diversified

228,772‌

–‌

–‌

228,772‌

Multi-line

Insurance

–‌

550,954‌

–‌

550,954‌

Non-Ferrous

Metals

61,500‌

–‌

–‌

61,500‌

Oil

Companies

-

Exploration

&

Production

103,736‌

–‌

–‌

103,736‌

Oil

Companies

-

Integrated

3,695,836‌

498,087‌

–‌

4,193,923‌

Precious

Metals

–‌

195,643‌

–‌

195,643‌

Property/Casualty

Insurance

–‌

146,521‌

–‌

146,521‌

Regional

Banks

-

Non

US

301,373‌

–‌

–‌

301,373‌

Retail

-

Major

Dept

Store

–‌

415,131‌

–‌

415,131‌

Steel

-

Producers

–‌

1,264,905‌

–‌

1,264,905‌

Telecom

Services

506,229‌

545,192‌

–‌

1,051,421‌

Telephone

-

Integrated

–‌

312,884‌

–‌

312,884‌

Television

–‌

298,924‌

–‌

298,924‌

Transportation

-

Marine

–‌

119,684‌

–‌

119,684‌

Transportation

-

Rail

466,466‌

–‌

–‌

466,466‌

Web

Portals/ISP

598,961‌

–‌

–‌

598,961‌

Wire

&

Cable

Products

–‌

655,013‌

–‌

655,013‌

Corporate

Non-Convertible

Bond

–‌

490,000‌

–‌

490,000‌

Exchange

Traded

Funds

235,655‌

259,519‌

–‌

495,174‌

Warrant

Mining

Services

51,723‌

–‌

–‌

51,723‌

Investments,

at

Value

$

10,557,938‌

$

11,846,342‌

$

–‌

$

22,404,280‌

Other

Financial

Instruments

†

Currency

Contracts

–‌

82,973‌

–‌

82,973‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2021

46

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

$

–‌

$

660,002‌

$

–‌

$

660,002‌

Beverages

-

Non-alcoholic

–‌

711,406‌

–‌

711,406‌

Chemicals

-

Specialty

67,950‌

–‌

–‌

67,950‌

Computer

Software

–‌

369,688‌

–‌

369,688‌

Computers

–‌

682,080‌

–‌

682,080‌

Consumer

Products

-

Miscellaneous

–‌

90‌

–‌

90‌

Disposable

Medical

Products

–‌

271,722‌

–‌

271,722‌

E-Commerce/Products

1,446,978‌

409,754‌

–‌

1,856,732‌

Electric

-

Generation

–‌

61,459‌

–‌

61,459‌

Electronic

Components

-

Miscellaneous

–‌

779,239‌

–‌

779,239‌

Energy

-

Alternate

Sources

–‌

51,384‌

–‌

51,384‌

Finance

-

Investment

Banker/Broker

–‌

704,631‌

–‌

704,631‌

Finance

-

Other

Services

–‌

875,097‌

–‌

875,097‌

Food

-

Confectionery

–‌

122,735‌

–‌

122,735‌

Food

-

Dairy

Products

–‌

688,061‌

–‌

688,061‌

Food

-

Miscellaneous/

Diversified

–‌

375,600‌

–‌

375,600‌

Industrial

Audio

&

Video

Production

–‌

137,460‌

–‌

137,460‌

Internet

Content

-

Info

715,407‌

–‌

–‌

715,407‌

Life/Health

Insurance

–‌

376,414‌

–‌

376,414‌

Medical

Labs

&

Testing

Services

–‌

127,999‌

–‌

127,999‌

Multi-line

Insurance

–‌

143,536‌

–‌

143,536‌

Non-Ferrous

Metals

–‌

–‌

0‌

0‌

Petrochemicals

–‌

71,562‌

–‌

71,562‌

Real

Estate

Management/

Services

–‌

582,899‌

–‌

582,899‌

Real

Estate

Operating/

Development

–‌

773,653‌

–‌

773,653‌

Rubber/Plastic

Products

–‌

269,395‌

–‌

269,395‌

Schools

–‌

105,975‌

–‌

105,975‌

Semiconductor

Components

-

Integrated

Circuit

848,068‌

565,440‌

–‌

1,413,508‌

Corporate

Non-Convertible

Bond

–‌

257,740‌

–‌

257,740‌

Exchange

Traded

Fund

30,250‌

–‌

–‌

30,250‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2021

47

The

following

is

a

reconciliation

of

assets

for

which

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

during

the

period

January

1,

2021

through

March

31,

2021:

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)

Warrant

Mining

Services

$

26,896‌

$

–‌

$

–‌

$

26,896‌

Investments,

at

Value

$

3,135,549‌

$

10,175,021‌

$

0‌

$

13,310,570‌

*

Refer

to

the

Portfolios

of

Investments

for

a

detailed

list

of

the

Funds’

investments.

†

Other

Financial

Instruments

are

derivatives

not

reflected

in

the

Portfolios

of

Investments,

such

as

Currency

Contracts,

which

are

valued

at

the

unrealized

appreciation

(depreciation)

at

period

end.

Common

Stocks

Total

Global

Luxury

Goods

Fund

Beginning

Balance

12/31/20

$

13,521‌

$

13,521‌

Net

change

in

unrealized

appreciation

(depreciation)

(2,090‌)

(2,090‌)

Ending

Balance

03/31/21

$

11,431‌

$

11,431‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/21

$

(2,090‌)

$

(2,090‌)

Common

Stocks

Total

Global

Resources

Fund

Beginning

Balance

12/31/20

$

2,988,739‌

$

2,988,739‌

Purchases

519,100‌

519,100‌

Sales

(252‌)

(252‌)

Realized

Gain

420,848‌

420,848‌

Net

change

in

unrealized

appreciation

(depreciation)

(3,127,467‌)

(3,127,467‌)

Ending

Balance

03/31/21

$

800,968‌

$

800,968‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/21

$

(2,706,871‌)

$

(2,706,871‌)

Common

Stock

Warrants

Total

World

Precious

Minerals

Fund

Beginning

Balance

12/31/20

$

273,960‌

$

0‌

$

273,960‌

Purchases

67,008‌

—‌

67,008‌

Sales

(683‌)

—‌

(683‌)

Realized

Gain

1,140,719‌

—‌

1,140,719‌

Corporate

Action

(187,898‌)

—‌

(187,898‌)

Net

change

in

unrealized

appreciation

(depreciation)

(1,168,973‌)

0‌

(1,168,973‌)

Ending

Balance

03/31/21

$

124,133‌

$

0‌

$

124,133‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/21

$

(1,168,973‌)

$

0‌

$

(1,168,973‌)

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2021

48

Significant

unobservable

inputs

developed

by

the

Valuation

Committee

(“Valuation

Committee”)

for

Level

3

investments

held

at

period

end

are

as

follows:

Common

Stocks

Corporate

Non-

Convertible

Bond

Total

Gold

and

Precious

Metals

Fund

Beginning

Balance

12/31/20

$

1,128,329‌

$

0‌

$

1,128,329‌

Net

change

in

unrealized

appreciation

(depreciation)

14,545‌

—‌

14,545‌

Ending

Balance

03/31/21

$

1,142,874‌

$

0‌

$

1,142,874‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/21

$

14,545‌

$

—‌

$

14,545‌

Common

Stock

Total

China

Region

Fund

Beginning

Balance

12/31/20

$

0‌

$

0‌

Ending

Balance

03/31/21

$

0‌

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/21

$

—‌

$

—‌

Fair

Value

at

03/31/21

Valuation

Technique(s)

Unobservable

Input

Range

(Weighted

Average)

Global

Luxury

Goods

Fund

Investments

in

Securities

100%

Common

Stocks

0

Market

Transaction

(1)

Discount

Common

Stocks

11,431

Method

of

Comparables

Pricing

(2)

Multiples

5

Global

Resources

Fund

Investments

in

Securities

30%

-

100%

discount

(100%

discount)

Common

Stocks

601,481

Market

Transaction

(1)

Discount

Common

Stocks

199,487

Method

of

Comparables

Pricing

(2)

Multiples

5

World

Precious

Minerals

Fund

Investments

in

Securities

0%

-

100%

discount

(99%

discount)

Common

Stocks

124,133

Market

Transaction

(1)

Discount

Warrants

0

Market

Transaction

(1)

Discount

100%

Gold

and

Precious

Metals

Fund

Investments

in

Securities

0%

Common

Stocks

1,142,874

Market

Transaction

(1)

Discount

Corporate

Non-Convertible

Bond

0

Market

Transaction

(1)

Discount

100%

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2021

49

The

majority

of

securities

classified

as

Level

3

are

private

companies.

The

initial

valuation

is

usually

cost,

which

is

then

adjusted

as

determined

by

the

Valuation

Committee

for

subsequent

known

market

transactions

and

evaluated

for

progress

against

anticipated

milestones

and

current

operations.

An

evaluation

that

the

holding

no

longer

meets

expectations

could

result

in

the

application

of

discounts

and

a

significantly

lower

fair

valuation.

For

certain

securities,

the

last

known

market

transaction

is

increased

or

decreased

by

changes

in

a

market

index

or

industry

peers

as

approved

by

the

Valuation

Committee.

Affiliated

Companies

The

Investment

Company

Act

of

1940

defines

affiliates

as

companies

in

which

the

Fund

owns

at

least

5%

of

the

outstanding

voting

securities.

The

following

is

a

summary

of

transactions

with

each

affiliated

company

during

the

period

ended

March

31,

2021.

At

March

31,

2021,

the

value

of

investments

in

affiliated

companies

was

$0,

representing

0.00%

of

net

assets,

and

the

total

cost

was

$27,968,676.

Fair

Value

at

03/31/21

Valuation

Technique(s)

Unobservable

Input

Range

(Weighted

Average)

China

Region

Fund

Investments

in

Securities

100%

Common

Stocks

0

Market

Transaction

(1)

Discount

(1)

Market

Transaction

refers

to

most

recent

known

market

transaction,

including

transactions

in

which

the

fund

participated,

as

adjusted

for

any

discount

or

premium

as

discussed

below.

(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,

2020

Additions

Reductions

March

31,

2021

Caribbean

Resources

Corp.

17‌

—‌

—‌

17‌

Pacific

Green

Energy

Corp.

2,400,000‌

—‌

—‌

2,400,000‌

Values

of

Affiliated

Companies

Global

Resources

Fund

December

31,

2020

Purchases

Cost

Sales

Proceeds

March

31,

2021

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Caribbean

Resources

Corp.

$

0‌

$

—‌

$

—‌

$

0‌

$

—‌

$

—‌

$

—‌

Pacific

Green

Energy

Corp.

0‌

—‌

—‌

0‌

—‌

—‌

—‌

$

0‌

$

—‌

$

—‌

$

0‌

$

—‌

$

—‌

$

—‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2021

50

At

March

31,

2021,

the

value

of

investments

in

affiliated

companies

was

$12,203,254,

representing

11.54%

of

net

assets,

and

the

total

cost

was

$8,784,876.

Restricted

Securities

The

following

securities

are

subject

to

contractual

and

regulatory

restrictions

on

resale

or

transfer.

These

investments

may

involve

a

high

degree

of

business

and

financial

risk.

Because

of

the

thinly

traded

markets

for

these

investments,

a

Fund

may

be

unable

to

liquidate

its

securities

in

a

timely

manner,

especially

if

there

is

negative

news

regarding

the

specific

securities

or

the

markets

overall.

These

securities

could

decline

significantly

in

value

before

the

Fund

could

liquidate

these

securities.

The

issuer

bears

the

cost

of

registration,

if

any,

involved

in

the

disposition

of

these

securities.

As

of

March

31,

2021,

the

total

cost

of

restricted

securities

was

$426,625,

and

the

total

value

was

$11,431,

representing

0.02%

of

net

assets.

As

of

March

31,

2021,

the

total

cost

of

restricted

securities

was

$7,473,544,

and

the

total

value

was

$285,730,

representing

0.42%

of

net

assets.

Shares

of

Affiliated

Companies

World

Precious

Minerals

Fund

December

31,

2020

Additions

Reductions

March

31,

2021

Barsele

Minerals

Corp.

7,700,000‌

—‌

(200,000‌)

7,500,000‌

Canex

Metals,

Inc.

3,250,000‌

—‌

—‌

3,250,000‌

CopperBank

Resources

Corp

5,543,500‌

—‌

(1,500,000‌)

4,043,500‌

Mammoth

Resources

Corp.

3,671,200‌

600,000‌

—‌

4,271,200‌

Polarx

,

Ltd.

38,953,441‌

—‌

—‌

38,953,441‌

TriStar

Gold,

Inc.

28,750,000‌

—‌

—‌

28,750,000‌

Values

of

Affiliated

Companies

World

Precious

Minerals

Fund

December

31,

2020

Purchases

Cost

Sales

Proceeds

March

31,

2021

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Barsele

Minerals

Corp.

$

3,327,048‌

$

—‌

$

(96,041‌)

$

3,461,447‌

$

—‌

$

(44,729)

$

275,169‌

Canex

Metals,

Inc.

382,984‌

—‌

—‌

303,871‌

—‌

–‌

(79,113‌)

CopperBank

Resources

Corp

1,045,204‌

—‌

(402,751‌)

1,866,18

1‌

—‌

(1,908‌)

1,225,6

36‌

Mammoth

Resources

Corp.

331,674‌

57,197

—‌

305,887‌

—‌

–‌

(82,984‌)

Polarx

,

Ltd.

809,280‌

—‌

—‌

889,684‌

—‌

–‌

80,404‌

TriStar

Gold,

Inc.

5,759,486‌

—‌

—‌

5,376,184‌

—‌

–‌

(383,302‌)

$

11,655,676‌

$

57,197‌

$

(498,792‌)

$

12,203,254

$

—‌

$

(46,637‌)

$

1,035,810‌

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

)

March

31,

2021

51

Open

forward

foreign

currency

contracts

as

of

March

31,

2021,

were

as

follows:

Fund

Counterparty

Currency

to

Deliver

Currency

to

Receive

Settlement

Date

Settlement

Value

at

March

31,

2021

Net

Unrealized

Appreciation

Emerging

Europe

Fund

Brown

Brothers

Harriman

&

Co.

EUR

1,000,000‌

USD

1,208,470‌

4/6/2021

$

1,172,846‌

$

35,624‌

Brown

Brothers

Harriman

&

Co.

PLN

3,000,000‌

USD

797,363‌

4/6/2021

759,148‌

38,215‌

Brown

Brothers

Harriman

&

Co.

TRY

12,000,000‌

USD

1,433,692‌

4/26/2021

1,424,558‌

9,134‌