Us Global Investors Funds NPORT-P Usgi Emerging Europe Fund (Mar 2022 report)

Portfolio

of

Investments

(unaudited)

1

See

notes

to

portfolios

of

investments.

March

31,

2022

U.S.

Government

Securities

Ultra-Short

Bond

Fund

United

States

Government

and

Agency

Obligations

87.12%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Federal

Farm

Credit

Bank

44.65%

Fixed

Rates:

0.10

11/23/22

$

2,000,000

$

1,987,921

0.12

01/12/23

3,000,000

2,965,489

Floating

Rates:

(Federal

Reserve

Bank

Effective

Rate

+

0.07%)

0.40

09/14/22

2,000,000

2,000,825

(Federal

Reserve

Bank

Effective

Rate

+

(0.02

)%

)

0.32

05/15/23

5,000,000

4,999,846

(U.S.

Treasury

3

Month

Bill

Money

Market

Yield

+

0.06%)

0.66

01/31/23

3,800,000

3,800,410

15,754,491

Federal

Home

Loan

Bank

6.78%

Fixed

Rates:

1.25

01/28/25

1,000,000

965,114

0.68

02/26/25

1,500,000

1,424,030

2,389,144

U.S.

Treasury

Note/Bond

35.69%

Fixed

Rates:

1.38

10/15/22

1,000,000

1,001,238

0.13

06/30/23

1,500,000

1,466,514

0.13

12/15/23

2,000,000

1,929,805

1.50

02/29/24

1,000,000

985,508

0.25

06/15/24

1,500,000

1,430,918

1.75

07/31/24

1,000,000

984,570

0.63

10/15/24

1,000,000

954,766

0.75

11/15/24

1,000,000

955,957

0.50

03/31/25

1,000,000

942,265

2.88

04/30/25

1,000,000

1,010,508

0.25

06/30/25

1,000,000

929,199

12,591,248

Total

United

States

Government

and

Agency

Obligations

30,734,883

(cost

$31,156,493)

Exchange

Traded

Fund

5.04%

Shares

Value

Vanguard

Short-Term

Treasury

ETF

30,000

1,777,800

(cost

$1,835,242)

Investments,

at

value

92.16%

32,512,683

(cost

$32,991,735

)

Other

assets

and

liabilities,

net

7.84%

2,766,731

Net

Assets

100.00%

$

35,279,414

Portfolio

of

Investments

(unaudited)

2

See

notes

to

portfolios

of

investments.

March

31,

2022

Near-Term

Tax

Free

Fund

Municipal

Bonds

77.64%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

California

7.24%

City

of

Milpitas

CA

Wastewater

Revenue,

California,

Refunding,

RB

5.00

11/01/24

$

350,000

$

377,310

East

Side

Union

High

School

District,

California,

GO

Unlimited

AGM

5.00

08/01/24

200,000

214,102

Lemon

Grove

School

District,

California,

Refunding,

GO

Unlimited

4.00

08/01/33

220,000

238,301

State

of

California,

California,

Refunding,

GO

Unlimited

5.00

11/01/30

400,000

484,974

State

of

California,

California,

GO

Unlimited

5.00

11/01/31

400,000

480,059

State

of

California,

California,

Refunding,

GO

Unlimited

5.00

11/01/27

500,000

577,060

2,371,806

Colorado

3.39%

City

&

County

of

Denver

Airport

System

Revenue,

Colorado,

Prefunding,

RB,

Series B

5.00

11/15/27

300,000

306,819

City

of

Glendale

CO,

Colorado,

Refunding,

COP

AGM

5.00

12/01/25

750,000

804,754

1,111,573

Connecticut

1.99%

State

of

Connecticut,

Connecticut,

GO

Unlimited

5.00

11/15/31

200,000

217,534

State

of

Connecticut,

Connecticut,

Refunding,

GO

Unlimited

5.00

05/15/27

200,000

221,834

Town

of

Simsbury

CT,

Connecticut,

Refunding,

GO

Unlimited

5.00

08/01/24

200,000

214,339

653,707

District

of

Columbia

2.50%

Washington

Metropolitan

Area

Transit

Authority,

District

of

Columbia,

Refunding,

RB

5.00

07/01/34

725,000

818,722

Florida

6.44%

City

of

Miramar

FL,

Florida,

Refunding,

RB

5.00

10/01/22

305,000

310,684

County

of

Miami-Dade

FL,

Florida,

Refunding,

GO

Unlimited

5.00

07/01/27

325,000

371,320

Orlando

Utilities

Commission,

Florida,

RB 

‡

0.48

10/01/33

870,000

870,000

State

of

Florida,

Florida,

Refunding,

GO

Unlimited

5.00

06/01/28

500,000

560,597

2,112,601

Portfolio

of

Investments

(unaudited)

3

See

notes

to

portfolios

of

investments.

March

31,

2022

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Hawaii

0.60%

State

of

Hawaii,

Hawaii,

Refunding,

GO

Unlimited

5.00

10/01/27

$

175,000

$

196,664

Idaho

3.32%

Jerome

Lincoln

&

Gooding

Counties

Joint

School

District

No.

261,

Idaho,

GO

Unlimited

4.00

09/15/32

245,000

277,419

Owyhee

&

Canyon

Counties

Joint

School

District

No.

370

Homedale,

Idaho,

GO

Unlimited

4.00

09/15/31

720,000

810,353

1,087,772

Illinois

4.52%

City

of

St

Charles

IL,

Illinois,

GO

Unlimited

5.00

12/01/23

210,000

220,907

Cook

County

Township

High

School

District

No.

225,

Illinois,

Refunding,

GO

Unlimited

5.00

12/01/24

300,000

323,047

Illinois

State

Toll

Highway

Authority,

Illinois,

RB

5.00

01/01/32

505,000

558,601

Metropolitan

Water

Reclamation

District

of

Greater

Chicago,

Illinois,

GO

Limited

5.00

12/01/26

350,000

378,497

1,481,052

Louisiana

3.49%

Louisiana

Housing

Corp.,

Louisiana,

RB

FHLMC

2.15

12/01/24

335,000

333,652

State

of

Louisiana,

Louisiana,

Prefunding,

GO

Unlimited,

Series A

5.00

08/01/26

800,000

810,315

1,143,967

Maryland

2.52%

City

of

Baltimore

MD,

Maryland,

RB

5.00

07/01/33

215,000

250,501

State

of

Maryland,

Maryland,

GO

Unlimited

5.00

08/01/27

500,000

575,417

825,918

Michigan

3.34%

Great

Lakes

Water

Authority

Water

Supply

System

Revenue,

Michigan,

Refunding,

RB

5.00

07/01/26

365,000

408,281

Michigan

Finance

Authority,

Michigan,

RB

AGM

5.00

07/01/26

300,000

320,857

Oxford

Area

Community

School

District,

Michigan,

Refunding,

GO

Unlimited,

Series A

Q-SBLF

5.00

05/01/22

365,000

366,139

1,095,277

Portfolio

of

Investments

(unaudited)

4

See

notes

to

portfolios

of

investments.

March

31,

2022

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Missouri

0.78%

City

of

Kansas

City

MO

Water

Revenue,

Missouri,

RB,

Series F

AGM

4.00

12/01/22

$

250,000

$

254,341

New

Jersey

2.64%

City

of

Jersey

City

NJ,

New

Jersey,

Refunding,

GO

Unlimited

5.00

11/01/28

350,000

400,173

Middlesex

County

Improvement

Authority,

New

Jersey,

RB

5.00

07/01/25

425,000

465,145

865,318

New

Mexico

2.08%

City

of

Rio

Rancho

NM,

New

Mexico,

GO

Unlimited

5.00

08/01/27

600,000

683,017

New

York

10.70%

City

of

New

York

NY,

New

York,

GO

Unlimited

5.00

12/01/34

250,000

286,825

City

of

New

York

NY,

New

York,

Refunding,

GO

Unlimited

5.00

08/01/25

250,000

273,671

City

of

New

York

NY,

New

York,

Refunding,

GO

Unlimited

5.00

08/01/26

200,000

223,686

City

of

New

York

NY,

New

York,

Refunding,

GO

Unlimited

5.00

08/01/28

300,000

331,031

City

of

New

York

NY,

New

York,

GO

Unlimited,

Series E

5.25

08/01/22

875,000

887,192

City

of

New

York

NY,

New

York,

GO

Unlimited,

Series I

5.00

08/01/22

1,000,000

1,013,125

Metropolitan

Transportation

Authority,

New

York,

RB

4.00

11/15/34

100,000

106,162

New

York

City

Municipal

Water

Finance

Authority,

New

York,

RB 

‡

0.38

06/15/38

200,000

200,000

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Refunding,

RB

5.00

06/15/29

175,000

186,199

3,507,891

Ohio

0.40%

City

of

Cleveland

OH

Parking

Facility

Revenue,

Ohio,

Refunding,

RB

AGM

5.25

09/15/22

130,000

132,353

Pennsylvania

1.15%

Deer

Creek

Drainage

Basin

Authority,

Pennsylvania,

Refunding,

RB

AGM

4.00

12/01/31

345,000

377,962

Portfolio

of

Investments

(unaudited)

5

See

notes

to

portfolios

of

investments.

March

31,

2022

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

South

Carolina

2.70%

Aiken

County

Consolidated

School

District,

South

Carolina,

GO

Unlimited

4.00

04/01/34

$

400,000

$

434,078

City

of

Cayce

SC

Water

&

Sewer

System

Revenue,

South

Carolina,

Refunding,

RB

BAM

5.00

06/01/30

300,000

351,207

City

of

Columbia

SC

Waterworks

&

Sewer

System

Revenue,

South

Carolina,

RB 

‡

0.51

02/01/38

100,000

100,000

885,285

Tennessee

1.87%

County

of

Claiborne

TN,

Tennessee,

Refunding,

GO

Unlimited

AGM

5.00

04/01/28

300,000

347,230

Metropolitan

Government

of

Nashville

&

Davidson

County

TN,

Tennessee,

GO

Unlimited

5.00

07/01/24

250,000

267,096

614,326

Texas

12.35%

Aldine

Independent

School

District,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

5.00

02/15/28

750,000

828,880

City

of

Austin

TX,

Texas,

Refunding,

GO

Limited

5.00

09/01/24

215,000

230,718

City

of

Buda

TX,

Texas,

Refunding,

GO

Limited

4.00

02/15/29

135,000

148,765

City

of

El

Paso

TX,

Texas,

Refunding,

GO

Limited

5.00

08/15/30

245,000

287,381

City

of

Round

Rock

TX,

Texas,

GO

Limited

4.00

08/15/33

175,000

191,805

City

of

Rowlett

TX,

Texas,

GO

Limited

5.00

02/15/29

300,000

351,762

Eagle

Mountain

&

Saginaw

Independent

School

District,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

4.00

08/15/32

450,000

479,180

Ector

County

Independent

School

District,

Texas,

Prefunding,

GO

Unlimited

PSF-GTD

5.00

08/15/29

400,000

417,622

Harlandale

Independent

School

District,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

4.00

02/15/28

300,000

321,934

North

Texas

Municipal

Water

District,

Texas,

RB

4.00

06/01/30

310,000

341,344

Texas

City

Independent

School

District/TX,

Texas,

Refunding,

GO

Unlimited

PSF-GTD

5.00

08/15/28

410,000

448,401

4,047,792

Utah

0.92%

Jordan

Valley

Water

Conservancy

District,

Utah,

Refunding,

RB

5.00

10/01/24

280,000

301,412

Vermont

1.03%

City

of

Burlington

VT,

Vermont,

GO

Unlimited

5.00

11/01/30

285,000

337,762

Portfolio

of

Investments

(unaudited)

6

See

notes

to

portfolios

of

investments.

March

31,

2022

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Washington

0.71%

Energy

Northwest,

Washington,

Refunding,

RB

5.00

07/01/31

$

220,000

$

233,944

Wisconsin

0.96%

Sun

Prairie

Area

School

District/WI,

Wisconsin,

GO

Unlimited

4.00

03/01/31

300,000

315,887

Total

Municipal

Bonds

25,456,349

(cost

$26,310,226)

Exchange

Traded

Funds

10.01%

Shares

iShares

Short-Term

National

Muni

Bond

ETF

15,500

1,621,300

VanEck

Short

Muni

ETF

97,000

1,659,185

Total

Exchange

Traded

Funds

3,280,485

(cost

$3,397,152)

Investments,

at

value

87.65%

28,736,834

(cost

$29,707,378

)

Other

assets

and

liabilities,

net

12.35%

4,048,607

Net

Assets

100.00%

$

32,785,441

Portfolio

of

Investments

(unaudited)

7

See

notes

to

portfolios

of

investments.

March

31,

2022

Global

Luxury

Goods

Fund

Common

Stocks

96.33%

Shares

Value

Apparel

Manufacturers

10.87%

Burberry

Group

PLC

21,400

$

467,155

Christian

Dior

SE

945

641,265

Hermes

International

1,272

1,800,321

Kering

SA,

ADR

34,700

2,193,387

PRADA

SpA

70,000

443,393

5,545,521

Athletic

Footwear

1.75%

adidas

AG

3,833

893,189

Automotive

-

Cars

&

Light

Trucks

24.27%

Bayerische

Motoren

Werke

AG

17,000

1,469,099

Ferrari

NV

2,429

529,741

Mercedes-Benz

Group

AG,

ADR

118,714

2,077,495

NIO,

Inc.,

ADR 

*

26,000

547,300

Porsche

Automobil

Holding

SE,

ADR

176,357

1,689,500

Tesla,

Inc. 

*

4,455

4,800,708

Volkswagen

AG

5,150

1,272,151

12,385,994

Beverages

-

Wine/Spirits

3.34%

Pernod

Ricard

SA

5,400

1,186,440

Remy

Cointreau

SA

2,500

515,568

1,702,008

Computers

4.86%

Apple,

Inc.

14,200

2,479,462

Cosmetics

&

Toiletries

4.07%

The

Estee

Lauder

Cos.,

Inc.

7,634

2,078,891

Cruise

Lines

4.47%

Carnival

Corp. 

*

54,000

1,091,880

Royal

Caribbean

Cruises,

Ltd. 

*

14,200

1,189,676

2,281,556

Diversified

Banking

Institution

2.80%

UBS

Group

AG

73,000

1,426,420

E-Commerce/Products

4.79%

Amazon.com,

Inc. 

*

750

2,444,962

Energy

-

Alternate

Sources

0.00%

Pacific

Green

Energy

Corp. 

#*@

100,000

0

Finance

-

Credit

Card

4.73%

American

Express

Co.

12,900

2,412,300

Portfolio

of

Investments

(unaudited)

8

See

notes

to

portfolios

of

investments.

March

31,

2022

Global

Luxury

Goods

Fund

Common

Stocks (cont’d)

Shares

Value

Finance

-

Mortgage

Loan/Banker

0.02%

Lendified

Holdings,

Inc. 

*

1,116,560

$

11,164

Gold

Mining

3.57%

Franco-Nevada

Corp.

3,000

478,560

GCM

Mining

Corp.

76,000

355,029

IAMGOLD

Corp. 

*

150,000

522,000

Royal

Gold,

Inc.

3,300

466,224

1,821,813

Hotels

&

Motels

4.34%

Hilton

Worldwide

Holdings,

Inc. 

*

7,300

1,107,702

Marriott

International,

Inc.,

Class A 

*

6,300

1,107,225

2,214,927

Investment

Management/Advisory

Services

1.70%

Julius

Baer

Group,

Ltd.

15,000

868,418

Metal

-

Diversified

1.21%

Aclara

Resources,

Inc. 

*

18,274

10,671

Ivanhoe

Mines,

Ltd. 

*

65,000

606,247

616,918

Oil

Companies

-

Exploration

&

Production

0.13%

NG

Energy

International

Corp.,

144A 

#*∆

50,000

65,992

Platinum

0.95%

Sibanye

Stillwater,

Ltd.,

ADR

30,000

486,900

Precious

Metals

1.77%

Wheaton

Precious

Metals

Corp.

19,000

904,020

Private

Equity

6.99%

Blackstone,

Inc.,

Class A

20,000

2,538,800

The

Carlyle

Group,

Inc.

21,000

1,027,110

3,565,910

Real

Estate

Operating/Development

0.00%

Infrastructure

Ventures,

Inc. 

#*@+

426,533

0

Retail

-

Jewelry

7.56%

Cie

Financiere

Richemont

SA

22,600

2,864,660

The

Swatch

Group

AG

-

BR

3,500

992,334

3,856,994

Retail

-

Restaurants

0.98%

Starbucks

Corp.

5,500

500,335

Portfolio

of

Investments

(unaudited)

9

See

notes

to

portfolios

of

investments.

March

31,

2022

Global

Luxury

Goods

Fund

Common

Stocks (cont’d)

Shares

Value

Textile

-

Apparel

1.16%

LVMH

Moet

Hennessy

Louis

Vuitton

SE,

ADR

4,137

$

589,853

Total

Common

Stocks

49,153,547

(cost

$46,014,348)

Corporate

Non-Convertible

Bond

1.66%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

1.66%

Aris

Gold

Corp.

7.50

08/26/27

$

843,546

847,764

(cost

$843,462)

Warrants

0.03%

Exercise

Price

Exp.

Date

Shares

Enterprise

Software/Services

0.02%

Abaxx

Technologies,

Inc. 

*

$

5.10

05/14/23

34,062

8,174

Finance

-

Mortgage

Loan/Banker

0.00%

Lendified

Holdings,

Inc.,

144A 

#*@∆

0.38

04/08/22

558,280

0

Oil

Companies

-

Exploration

&

Production

0.00%

NG

Energy

International

Corp.,

144A 

#*∆

0.00

07/31/22

50,000

2,000

Retail

-

Jewelry

0.01%

Cie

Financiere

Richemont

SA 

*

67.00

11/22/23

9,200

7,268

Total

Warrants

17,442

(cost

$0

)

Investments,

at

value

98.02%

50,018,753

(cost

$46,857,810

)

Other

assets

and

liabilities,

net

1.98%

1,008,061

Net

Assets

100.00%

$

51,026,814

Portfolio

of

Investments

(unaudited)

10

See

notes

to

portfolios

of

investments.

March

31,

2022

Global

Resources

Fund

Common

Stocks

92.11%

Shares

Value

Advanced

Materials/Production

3.45%

Nano

One

Materials

Corp. 

*

275,000

$

569,732

NanoXplore

,

Inc. 

*

550,000

2,032,556

2,602,288

Agricultural

Chemicals

4.51%

CF

Industries

Holdings,

Inc.

10,000

1,030,600

Nutrien

,

Ltd.

10,000

1,033,636

The

Mosaic

Co.

20,000

1,330,000

3,394,236

Agricultural

Operations

1.36%

Wide

Open

Agriculture,

Ltd. 

*

2,000,000

1,023,220

Auto

Parts

&

Equipment

0.24%

SES

AI

Corp. 

*

20,000

181,000

Building

&

Construction

Products

-

Miscellaneous

0.41%

Louisiana-Pacific

Corp.

5,000

310,600

Building

Products

-

Wood

0.55%

Interfor

Corp.

15,000

417,190

Chemicals

-

Diversified

0.05%

Base

Carbon,

Inc. 

*

71,429

40,567

Coal

0.00%

Caribbean

Resources

Corp. 

#*@~

17

0

Walter

Energy,

Inc.,

144A 

#*@∆

4,293

0

0

Diamonds/Precious

Stones

0.56%

Barksdale

Resources

Corp. 

*

1,100,000

422,349

Distribution/Wholesale

0.59%

Fox

River

Resources

Corp. 

*

1,000,000

447,946

Diversified

Minerals

8.57%

Arianne

Phosphate,

Inc. 

*

1,750,000

895,892

Australian

Strategic

Materials,

Ltd. 

*

50,000

281,490

E3

Metals

Corp. 

*

375,000

716,914

Firefinch

,

Ltd. 

*

1,119,403

866,204

First

Helium,

Inc. 

*

750,000

455,945

Ion

Energy,

Ltd. 

*

225,000

64,792

MP

Materials

Corp. 

*

15,000

860,100

Niocan

,

Inc. 

*

3,325,000

252,670

Niocan

,

Inc.,

144A 

#∆

362,069

27,514

Piedmont

Lithium,

Inc. 

*

12,500

912,375

Salazar

Resources,

Ltd. 

*

3,000,000

659,921

Portfolio

of

Investments

(unaudited)

11

See

notes

to

portfolios

of

investments.

March

31,

2022

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Diversified

Minerals

(cont’d)

VR

Resources,

Ltd. 

*

1,000,000

$

251,970

Wolfden

Resources

Corp. 

*

1,000,000

207,975

6,453,762

Energy

-

Alternate

Sources

0.72%

Canadian

Solar,

Inc. 

*

10,000

353,600

Pacific

Green

Energy

Corp. 

#*@~

2,400,000

0

Zinc8

Energy

Solutions,

Inc. 

*

1,000,000

187,977

541,577

Enterprise

Software/Services

2.74%

Abaxx

Technologies,

Inc. 

*

1,000,000

1,495,820

Base

Carbon

Corp. 

*

1,000,000

567,932

2,063,752

Food

-

Miscellaneous/Diversified

0.95%

Burcon

NutraScience

Corp. 

*

750,000

713,914

Food

-

Wholesale/Distribution

0.08%

Organto

Foods,

Inc. 

*

500,000

61,993

Forestry

0.74%

West

Fraser

Timber

Co.,

Ltd.

6,750

555,377

Gold

Mining

6.52%

Arena

Minerals,

Inc. 

*

500,000

235,972

CopperBank

Resources

Corp. 

*

2,500,000

1,719,794

Corona

Minerals,

Ltd. 

#*@

5,000

0

EnviroGold

Global,

Ltd.,

144A 

#*∆

75,000

25,797

Royal

Road

Minerals,

Ltd. 

*

5,500,000

1,253,849

Sandstorm

Gold,

Ltd.

50,000

404,000

Seabridge

Gold,

Inc. 

*

40,000

740,000

Silver

Tiger

Metals,

Inc. 

*

750,000

377,955

Western

Atlas

Resources,

Inc. 

*

3,000,000

155,981

4,913,348

Industrial

Gases

1.31%

Air

Liquide

SA

2,000

349,888

Linde

PLC

2,000

638,860

988,748

Machinery

-

Electric

Utilities

0.96%

Bloom

Energy

Corp.,

Class A 

*

30,000

724,500

Metal

-

Aluminum

2.39%

Alcoa

Corp.

20,000

1,800,600

Portfolio

of

Investments

(unaudited)

12

See

notes

to

portfolios

of

investments.

March

31,

2022

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Metal

-

Copper

0.98%

Arizona

Sonoran

Copper

Co.,

Inc. 

*

100,000

$

183,178

Excelsior

Mining

Corp. 

*

150,000

45,595

Kutcho

Copper

Corp. 

*

850,000

387,553

Surge

Copper

Corp. 

*

500,000

117,986

734,312

Metal

-

Diversified

18.56%

Bell

Copper

Corp. 

*

1,400,000

543,135

Centaurus

Metals,

Ltd. 

*

1,500,000

1,531,402

Chakana

Copper

Corp. 

*

896,994

150,677

Churchill

Resources,

Inc. 

*

599,587

134,291

Electra

Battery

Materials

Corp. 

*

2,500,000

589,929

Filo

Mining

Corp. 

*

350,000

5,366,956

Galway

Metals,

Inc. 

*

500,000

247,970

GoviEx

Uranium,

Inc.,

144A 

#*∆

58,000

20,414

Ivanhoe

Electric,

Inc. 

#*@

4,497

3,733

Ivanhoe

Mines,

Ltd. 

*

500,000

4,663,440

Luminex

Res

Corp. 

*

120,615

41,487

Nubian

Resources,

Ltd. 

*

250,000

29,996

Orsu

Metals

Corp.,

144A 

#*∆

14,761

2,066

Palladium

One

Mining,

Inc. 

*

1,000,000

183,978

Silver

X

Mining

Corp. 

*

355,000

70,991

TMC

the

metals

co,

Inc. 

*

100,000

259,000

Vox

Royalty

Corp. 

*

50,000

141,983

13,981,448

Metal

-

Iron

0.00%

Consolidated

Growth

Holdings,

Ltd. 

#*@

19,859,173

0

WAI

Capital

Investments

Corp.,

144A 

#*@∆

292,500

0

0

Mining

Services

3.18%

Capital,

Ltd.

75,000

102,605

Cordoba

Minerals

Corp. 

*

58,823

27,761

Defense

Metals

Corp. 

*

1,500,000

347,958

Talon

Metals

Corp. 

*

2,300,000

1,563,812

Trigon

Metals,

Inc. 

*

1,069,000

350,590

2,392,726

Natural

Resource

Technology

0.16%

I-Pulse,

Inc.,

144A 

#*@+∆

15,971

120,741

Non-Ferrous

Metals

3.13%

Encore

Energy

Corp. 

*

525,000

671,919

Flying

Nickel

Mining

Corp. 

*

300,000

141,583

InZinc

Mining,

Ltd. 

*

2,000,000

103,988

NorZinc

,

Ltd. 

*

5,000,000

159,981

Portfolio

of

Investments

(unaudited)

13

See

notes

to

portfolios

of

investments.

March

31,

2022

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Non-Ferrous

Metals

(cont’d)

Nova

Royalty

Corp. 

*

500,000

$

1,279,846

Sterling

Group

Ventures,

Inc.,

144A 

#*@∆

500,000

0

2,357,317

Oil

-

Field

Services

1.66%

Halliburton

Co.

20,000

757,400

Schlumberger

NV

12,000

495,720

1,253,120

Oil

-

US

Royalty

Trusts

6.01%

Black

Stone

Minerals

LP

70,000

942,200

Deterra

Royalties,

Ltd.

125,000

450,083

Kimbell

Royalty

Partners

LP

55,000

894,300

PrairieSky

Royalty,

Ltd.

15,000

207,455

Sabine

Royalty

Trust

25,000

1,443,750

Viper

Energy

Partners

LP

20,000

591,400

4,529,188

Oil

Companies

-

Exploration

&

Production

9.44%

Africa

Energy

Corp. 

*

1,238,500

252,624

ConocoPhillips

10,000

1,000,000

Denbury,

Inc. 

*

10,000

785,700

EOG

Resources,

Inc.

12,000

1,430,760

Freehold

Royalties,

Ltd.

45,000

515,098

New

Stratus

Energy,

Inc. 

*

340,000

160,461

NG

Energy

International

Corp.,

144A 

#*∆

200,000

263,968

Occidental

Petroleum

Corp.

25,000

1,418,500

Range

Resources

Corp. 

*

30,000

911,400

Source

Rock

Royalties,

Ltd.

500,000

371,955

7,110,466

Oil

Companies

-

Integrated

3.83%

Equinor

ASA,

ADR

50,000

1,875,500

TotalEnergies

SE,

ADR

20,000

1,010,800

2,886,300

Oil

Field

Machinery

&

Equipment

0.27%

Imdex

,

Ltd.

100,000

202,514

Oil

Refining

&

Marketing

1.76%

Phillips

66

6,500

561,535

Valero

Energy

Corp.

7,500

761,550

1,323,085

Pipelines

1.38%

Cheniere

Energy,

Inc.

7,500

1,039,875

Portfolio

of

Investments

(unaudited)

14

See

notes

to

portfolios

of

investments.

March

31,

2022

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Platinum

0.27%

Clean

Air

Metals,

Inc. 

*

1,000,000

$

199,976

Precious

Metals

2.05%

Brixton

Metals

Corp. 

*

2,000,000

295,965

Metalla

Royalty

&

Streaming,

Ltd. 

*

125,000

891,893

Polarx

,

Ltd. 

*

10,000,000

179,315

Polarx

,

Ltd. 

*

10,000,000

179,315

1,546,488

Real

Estate

Operating/Development

0.71%

Infrastructure

Ventures,

Inc. 

#*@+

4,700,000

0

Infrastructure

Ventures,

Inc. 

#*@+

2,743,544

0

Revival

Gold,

Inc. 

*

1,000,000

535,936

535,936

REITS

-

Diversified

1.52%

PotlatchDeltic

Corp.

REIT

10,000

527,300

Rayonier,

Inc.

REIT

15,000

616,800

1,144,100

Retail

-

Jewelry

0.50%

Mene

,

Inc. 

*

750,000

377,955

Total

Common

Stocks

69,392,514

(cost

$95,950,793)

Preferred

Stock

1.06%

Rate

Chemicals

-

Specialty

1.06%

5E

Advanced

Materials,

Inc. 

*

0.00

%

425,000

801,430

(cost

$646,157)

Corporate

Non-Convertible

Bond

1.38%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

1.38%

Aris

Gold

Corp.

7.50

08/26/27

$

1,036,357

1,041,539

(cost

$1,036,299)

Exchange

Traded

Funds

0.51%

Shares

Breakwave

Dry

Bulk

Shipping

ETF 

*

1,000

24,180

Direxion

Hydrogen

ETF

600

11,982

First

Trust

Global

Wind

Energy

ETF

900

17,775

Global

X

Uranium

ETF

400

10,464

Global

X

US

Infrastructure

Development

ETF

1,500

42,420

Invesco

DB

Base

Metals

Fund

ETF 

*

1,000

25,840

Portfolio

of

Investments

(unaudited)

15

See

notes

to

portfolios

of

investments.

March

31,

2022

Global

Resources

Fund

Exchange

Traded

Funds (cont’d)

Shares

Value

Invesco

MSCI

Global

Timber

ETF

500

$

17,662

Invesco

Solar

ETF 

*

150

11,319

iShares

U.S.

Energy

ETF

700

28,644

Teucrium

Corn

Fund

ETF 

*

3,500

95,060

U.S.

Gasoline

Fund

LP

ETF 

*

400

22,276

VanEck

Agribusiness

ETF

400

41,816

VanEck

Gold

Miners

ETF/USA

282

10,815

VanEck

Steel

ETF

400

27,136

Total

Exchange

Traded

Funds

387,389

(cost

$353,765)

Warrants

0.45%

Exercise

Price

Exp.

Date

Advanced

Materials/Production

0.00%

Nano

One

Materials

Corp.,

144A 

#*@∆

$

3.55

10/29/22

90,000

0

Diversified

Minerals

0.27%

First

Helium,

Inc.,

144A 

#*@∆

0.50

07/12/23

925,000

207,175

Ion

Energy,

Ltd.,

144A 

#*@∆

0.70

04/13/24

225,000

0

Niocan

,

Inc.,

144A 

#*@∆

0.12

10/15/23

1,662,500

0

207,175

Enterprise

Software/Services

0.01%

Abaxx

Technologies,

Inc. 

*

5.10

05/14/23

20,437

4,904

Gold

Mining

0.00%

Revival

Gold,

Inc.,

144A 

#*@∆

0.90

04/04/22

80,000

0

Metal

-

Copper

0.00%

Excelsior

Mining

Corp. 

*

1.25

08/22/22

150,000

900

Mining

Services

0.12%

Aris

Gold

Corp. 

*

2.75

07/29/25

370,889

89,003

Non-Ferrous

Metals

0.00%

Flying

Nickle

Mining

Corp.,

144A 

#*@∆

1.00

11/29/23

150,000

0

Norzinc

,

Ltd.,

144A 

#*@∆

0.09

08/06/23

2,500,000

0

0

Portfolio

of

Investments

(unaudited)

16

See

notes

to

portfolios

of

investments.

March

31,

2022

Global

Resources

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Oil

Companies

-

Exploration

&

Production

0.05%

NG

Energy

International

Corp.,

144A 

#*∆

$

0.00

07/31/22

200,000

$

7,999

Source

Rock

Royalties,

Ltd. 

*

1.25

03/01/24

350,000

30,796

38,795

Total

Warrants

340,777

(cost

$22,044

)

Investment

Company

0.08%

Shares

Value

Aberdeen

Standard

Physical

Palladium

ETF

Trust 

*

300

62,670

(cost

$66,496)

Publically

Traded

Partnerships

0.40%

Invesco

DB

Agriculture

Fund

ETF 

*

4,200

91,896

Teucrium

Soybean

Fund

ETF 

*

4,000

106,840

Teucrium

Sugar

Fund

ETF 

*

5,000

48,250

Teucrium

Wheat

Fund

ETF 

*

3,500

34,510

U.S.

Natural

Gas

Fund

LP

ETF 

*

800

15,776

Total

Publically

Traded

Partnerships

297,272

(cost

$286,473)

Call

Options

Purchased

1.34%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Gold

Mining

1.34%

Barrick

Gold

Corp.

$

18.00

01/23

$

1,260,000

700

493,500

Newmont

Corp.

55.00

01/23

1,100,000

200

512,500

1,006,000

Total

Purchased

Call

Options

1,006,000

(premiums

paid

$382,137

)

Investments,

at

value

97.33%

73,329,591

(cost

$98,744,164

)

Other

assets

and

liabilities,

net

2.67%

2,009,383

Net

Assets

100.00%

$

75,338,974

Portfolio

of

Investments

(unaudited)

17

See

notes

to

portfolios

of

investments.

March

31,

2022

World

Precious

Minerals

Fund

Common

Stocks

94.33%

Shares

Value

Advanced

Materials/Production

7.30%

Nano

One

Materials

Corp. 

*

3,100,000

$

6,422,429

Sixth

Wave

Innovations,

Inc. 

*

750,000

98,988

6,521,417

Chemicals

-

Diversified

0.00%

Base

Carbon,

Inc. 

*

574

326

Coal

0.00%

Caribbean

Resources

Corp. 

#*@

4

0

Diamonds/Precious

Stones

1.29%

Barksdale

Resources

Corp. 

*

3,000,000

1,151,862

Diversified

Minerals

6.61%

Ascot

Resources,

Ltd.,

144A 

#*∆

6,412

5,437

Calibre

Mining

Corp. 

*

500,000

595,928

Chesser

Resources,

Ltd. 

*

3,000,000

258,451

Desert

Gold

Ventures,

Inc. 

*

750,000

71,991

E79

Resources

Corp. 

*

2,000,000

719,914

Erdene

Resource

Development

Corp. 

*

300,000

117,586

Gossan

Resources,

Ltd. 

*

250,000

33,996

Indochine

Mining,

Ltd. 

#*@

10,000

0

Kenorland

Minerals,

Ltd. 

*

250,000

159,981

Kootenay

Resources,

Inc. 

#*@

40,000

1,600

Lithoquest

Resources,

Inc. 

*

2,150,000

249,370

Mako

Mining

Corp. 

*

1,000,000

315,962

Max

Resource

Corp. 

*

2,000,000

895,892

Minaurum

Gold,

Inc. 

*

1,000,000

287,965

Musgrave

Minerals,

Ltd. 

*

1,500,000

370,456

NGEX

Minerals,

Ltd. 

*

100,000

243,971

Nomad

Royalty

Co.,

Ltd.

50,000

365,956

St.

Anthony

Gold

Corp. 

*

1,092,105

54,599

St.

Anthony

Gold

Corp.,

144A 

#∆

875,000

43,745

VR

Resources,

Ltd. 

*

1,500,000

377,955

Waraba

Gold,

Ltd. 

*

2,155,000

241,331

Waraba

Gold,

Ltd.,

144A 

#∆

655,000

73,351

Wolfden

Resources

Corp. 

*

2,000,000

415,950

5,901,387

Enterprise

Software/Services

0.01%

Abaxx

Technologies,

Inc. 

*

8,039

12,025

Financial

Services

0.01%

Tokens.com

Corp.,

144A 

#*∆

11,123

8,008

Gold

Mineral

Exploration

&

Development

0.29%

Western

Exploration,

Inc. 

*

240,000

254,369

Portfolio

of

Investments

(unaudited)

18

See

notes

to

portfolios

of

investments.

March

31,

2022

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

37.58%

Adamera

Minerals

Corp. 

*

5,373,000

$

300,852

Adamera

Minerals

Corp.,

144A 

#∆

119,543

6,694

African

Gold

Group,

Inc. 

*

1,000,000

99,988

Allegiant

Gold,

Ltd. 

*

1,250,000

414,950

Alpha

Exploration,

Ltd. 

*

150,000

99,588

Amilot

Capital,

Inc.,

144A 

#*∆

410,000

11,479

Angold

Resources,

Ltd. 

*

500,000

51,994

Aris

Gold

Corp. 

*

425,000

577,931

Asante

Gold

Corp. 

*

1,675,000

2,532,296

Awale

Resources,

Ltd. 

*

1,250,000

219,974

Banyan

Gold

Corp. 

*

1,000,000

391,953

Black

Dragon

Gold

Corp. 

*

2,500,000

129,808

Cabral

Gold,

Inc. 

*

500,000

169,980

Compass

Gold

Corp. 

*

2,000,000

311,963

Condor

Gold

PLC 

*

575,000

252,970

Contact

Gold

Corp. 

*

5,000,000

199,976

CopperBank

Resources

Corp. 

*

4,000,000

2,751,670

CopperBank

Resources

Corp.,

144A 

#*∆

43,500

29,924

Corona

Minerals,

Ltd. 

#*@

81,250

0

Felix

Gold,

Ltd. 

*

1,500,000

202,041

Freegold

Ventures,

Ltd. 

*

200,000

79,990

Gold

Bull

Resources

Corp. 

*

1,000,000

127,985

Goldshore

Resources,

Inc. 

*

600,000

230,372

Heliostar

Metals,

Ltd. 

*

1,200,000

431,948

HighGold

Mining,

Inc. 

*

500,000

411,951

K92

Mining,

Inc. 

*

1,150,000

8,407,791

Karus

Gold

Corp. 

#*@

375,000

164,980

Kesselrun

Resources,

Ltd. 

*~

5,000,000

379,954

Kore

Mining,

Ltd. 

*

500,000

141,983

Lion

One

Metals,

Ltd. 

*

500,000

475,943

Loncor

Gold,

Inc. 

*

2,000,000

959,885

Maple

Gold

Mines,

Ltd. 

*

1,000,000

263,968

Maritime

Resources

Corp. 

*

1,000,000

91,989

Mawson

Gold,

Ltd. 

*

625,000

69,992

McEwen

Mining,

Inc. 

*

134,764

113,188

Montage

Gold

Corp. 

*

250,000

187,977

North

Stawell

Minerals,

Ltd. 

*

700,000

150,436

NV

Gold

Corp. 

*

1,000,000

97,988

Omai

Gold

Mines

Corp. 

*

3,000,000

275,967

Petaquilla

Minerals,

Ltd.,

144A 

#*@∆

2,660,000

0

Radisson

Mining

Resources,

Inc. 

*

7,000,000

1,063,872

Radius

Gold,

Inc.,

144A 

#*∆

125,000

33,996

Red

Pine

Exploration,

Inc. 

*

500,000

171,979

Reunion

Gold

Corp. 

*

5,000,000

1,339,839

Roscan

Gold

Corp. 

*

1,500,000

449,946

Royal

Road

Minerals,

Ltd. 

*

1,500,000

341,959

Scottie

Resources

Corp. 

*

1,750,000

321,961

Portfolio

of

Investments

(unaudited)

19

See

notes

to

portfolios

of

investments.

March

31,

2022

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Seafield

Resources,

Ltd.,

144A 

#*@∆

1,300,000

$

0

Signature

Resources,

Ltd. 

*

2,000,000

151,982

Silver

Tiger

Metals,

Inc. 

*

1,000,000

503,940

Skeena

Resources,

Ltd. 

*

100,000

1,112,666

Southern

Gold,

Ltd. 

*

10,000,000

411,707

Strikepoint

Gold,

Inc. 

*

2,750,000

175,979

Taurus

Gold,

Ltd.,

144A 

#*@∆

2,448,381

0

Thesis

Gold,

Inc. 

*

500,000

843,899

Tietto

Minerals,

Ltd. 

*

1,200,000

467,580

Trillium

Gold

Mines,

Inc. 

*

250,000

101,988

TriStar

Gold,

Inc. 

*~

28,750,000

4,254,489

33,568,100

Metal

-

Copper

1.10%

Arizona

Sonoran

Copper

Co.,

Inc. 

*

100,000

183,178

Meridian

Mining

UK

Societas

*

500,000

375,955

Sun

Summit

Minerals

Corp. 

*

1,250,000

399,952

Vizsla

Copper

Corp. 

*

166,666

22,664

981,749

Metal

-

Diversified

10.20%

Amex

Exploration,

Inc. 

*

500,000

1,183,858

Argent

Minerals,

Ltd. 

*

20,000,000

433,416

Aurion

Resources,

Ltd. 

*

750,000

599,928

Auteco

Minerals,

Ltd. 

*

12,500,000

731,108

Blackwolf

Copper

and

Gold,

Ltd. 

*

1,000,000

495,940

Cartier

Resources,

Inc. 

*

750,000

83,990

Chakana

Copper

Corp. 

*

2,626,506

441,200

De

Grey

Mining,

Ltd. 

*

250,000

217,466

Genesis

Metals

Corp.,

144A 

#*∆

583,400

56,000

Ivanhoe

Mines,

Ltd. 

*

400,000

3,730,752

Kaizen

Discovery,

Inc. 

*

800,000

207,975

Luminex

Res

Corp. 

*

150,000

51,594

New

Age

Metals,

Inc.,

144A 

#*∆

143,518

12,054

Nubian

Resources,

Ltd. 

*

500,000

59,993

Orex

Minerals,

Inc. 

*

7,000,000

447,946

Orsu

Metals

Corp.,

144A 

#*∆

186,922

26,166

Rockcliff

Metals

Corp.,

144A 

#*∆

873,333

45,408

RTG

Mining,

Inc. 

*

3,000,000

219,522

Sirios

Resources,

Inc. 

*

1,000,000

67,992

9,112,308

Metal

-

Iron

0.00%

Vector

Resources,

Ltd. 

#*@

10,000,000

0

Portfolio

of

Investments

(unaudited)

20

See

notes

to

portfolios

of

investments.

March

31,

2022

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Mining

Services

0.96%

Cordoba

Minerals

Corp. 

*

58,823

$

27,761

Orexplore

Technologies,

Ltd. 

*

267,284

24,001

Summa

Silver

Corp. 

*

800,000

806,303

858,065

Non-Ferrous

Metals

0.63%

InZinc

Mining,

Ltd. 

*

2,000,000

103,988

ValOre

Metals

Corp. 

*

1,000,000

455,945

559,933

Oil

&

Gas

Drilling

0.59%

DDH1,

Ltd.

679,166

528,242

Oil

Companies

-

Exploration

&

Production

0.00%

Big

Sky

Energy

Corp. 

#*@

2,000,000

0

Oil

Field

Machinery

&

Equipment

0.28%

Imdex

,

Ltd.

125,000

253,142

Optical

Recognition

Equipment

0.00%

Nexoptic

Technology

Corp.,

144A 

#*∆

12,083

2,513

Platinum

0.92%

Clean

Air

Metals,

Inc. 

*

2,500,000

499,940

Platinum

Group

Metals,

Ltd. 

*

150,000

323,961

823,901

Precious

Metals

20.31%

Amani

Gold,

Ltd. 

*

54,500,000

81,565

Arizona

Metals

Corp. 

*

1,000,000

5,239,371

Barsele

Minerals

Corp. 

*~

7,500,000

2,684,678

Brixton

Metals

Corp. 

*

3,000,000

443,947

Canex

Metals,

Inc. 

*

3,250,000

311,963

Capitan

Mining,

Inc. 

*

750,000

305,963

Denarius

Metals

Corp. 

*

750,000

299,964

Dolly

Varden

Silver

Corp. 

*

3,750,000

2,459,705

E2

Metals,

Ltd. 

*

1,000,000

177,248

GFG

Resources,

Inc. 

*

5,000,000

759,909

Gold

Terra

Resource

Corp. 

*

2,500,000

419,950

Gold79

Mines,

Ltd. 

*

5,250,000

293,965

Group

Ten

Metals,

Inc. 

*

2,000,000

663,920

Imperial

Mining

Group,

Ltd. 

*

500,000

53,993

Liberty

Gold

Corp. 

*

500,000

371,955

MacDonald

Mines

Exploration,

Ltd. 

*

3,000,000

71,991

Magna

Gold

Corp. 

*

1,500,000

851,898

Millennial

Precious

Metals

Corp. 

*

1,000,000

423,949

Olive

Resource

Capital,

Inc. 

*~

4,000,000

207,975

Portfolio

of

Investments

(unaudited)

21

See

notes

to

portfolios

of

investments.

March

31,

2022

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Precious

Metals

(cont’d)

Paramount

Gold

Nevada

Corp. 

*

170,000

$

110,704

Polarx

,

Ltd. 

*

37,463,888

671,784

Silver

Viper

Minerals

Corp. 

*

2,500,000

789,905

Visionary

Gold

Corp. 

*

1,500,000

77,991

Xali

Gold

Corp.,

144A 

#*∆

4,875,000

370,455

18,144,748

Real

Estate

Operating/Development

1.43%

Fremont

Gold,

Ltd. 

*

4,000,000

79,991

Mammoth

Resources

Corp. 

*~

5,500,000

340,959

Revival

Gold,

Inc. 

*

1,600,000

857,497

1,278,447

Retail

-

Jewelry

1.18%

Mene

,

Inc. 

*

2,100,000

1,058,273

Silver

Mining

3.64%

Aya

Gold

&

Silver,

Inc. 

*

100,000

713,514

FireFox

Gold

Corp. 

*

500,000

75,991

Kootenay

Silver,

Inc. 

*

1,000,000

139,983

Metallic

Minerals

Corp. 

*

1,000,000

351,958

Southern

Silver

Exploration

Corp. 

*

1,750,000

461,944

Vizsla

Silver

Corp. 

*

750,000

1,511,819

3,255,209

Total

Common

Stocks

84,274,024

(cost

$92,340,467)

Corporate

Non-Convertible

Bond

1.19%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

1.19%

Aris

Gold

Corp.

7.50

08/26/27

$

1,060,458

1,065,760

(cost

$1,060,458)

Exchange

Traded

Fund

0.08%

Shares

VanEck

Gold

Miners

ETF/USA

1,889

72,443

(cost

$65,095)

Subscription

Receipt

0.21%

Gold

Mineral

Exploration

&

Development

0.21%

Sanu

Gold

Corp.,

144A 

#*@∆

700,000

184,778

(cost

$182,623)

Portfolio

of

Investments

(unaudited)

22

See

notes

to

portfolios

of

investments.

March

31,

2022

World

Precious

Minerals

Fund

Warrants

0.32%

Exercise

Price

Exp.

Date

Shares

Value

Diversified

Minerals

0.01%

Desert

Gold

Ventures,

Inc.,

144A 

#*@∆

$

0.40

08/28/23

187,500

$

0

Kesselrun

Resources,

Ltd.,

144A 

#*@~∆

0.23

12/08/23

1,250,000

0

Minaurum

Gold,

Inc.,

144A 

#*@∆

0.60

07/09/23

500,000

0

Nomad

Royalty

Co.,

Ltd. 

*

1.71

11/19/22

304,000

3,648

Waraba

Gold,

Ltd.,

144A 

#*@∆

0.30

05/07/22

1,500,000

0

3,648

Gold

Mineral

Exploration

&

Development

0.00%

Western

Exploration

&

Development,

Ltd.,

144A 

#*@∆

0.50

12/31/49

600,000

0

Western

Exploration,

Inc.,

144A 

#*@∆

0.50

12/31/49

240,000

0

0

Gold

Mining

0.00%

Contact

Gold

Corp.,

144A 

#*@∆

0.27

09/29/22

500,000

0

Kore

Mining,

Ltd.,

144A 

#*@∆

1.35

06/18/23

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

0

Metal

-

Copper

0.03%

Sun

Summit

Minerals

Corp.,

144A 

#*@∆

0.34

07/22/23

600,000

28,797

Sun

Summit

Minerals

Corp.,

144A 

#*@∆

0.90

07/31/23

125,000

0

28,797

Metal

-

Diversified

0.03%

Novo

Resources

Corp. 

*

4.40

08/27/23

112,500

22,497

Metals

&

Mining

0.00%

St.

Anthony

Gold

Corp.,

144A 

#*@∆

0.10

06/04/24

875,000

0

Mining

Services

0.14%

Aris

Gold

Corp. 

*

2.75

07/29/25

520,000

124,785

Non-Ferrous

Metals

0.05%

ValOre

Metals

Corp.,

144A 

#*@∆

0.45

02/17/23

500,000

43,995

Portfolio

of

Investments

(unaudited)

23

See

notes

to

portfolios

of

investments.

March

31,

2022

World

Precious

Minerals

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Silver

Mining

0.06%

FireFox

Gold

Corp.,

144A 

#*@∆

$

0.27

10/27/22

125,000

$

0

Southern

Silver

Exploration

Corp.,

144A 

#*@∆

0.25

08/14/23

875,000

55,993

55,993

Total

Warrants

279,715

(cost

$362,612

)

Call

Options

Purchased

1.71%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Gold

Mining

1.71%

Barrick

Gold

Corp.

$

18.00

01/23

$

1,935,000

1,075

757,875

Newmont

Corp.

55.00

01/23

1,650,000

300

768,750

1,526,625

Total

Purchased

Call

Options

1,526,625

(premiums

paid

$581,848

)

Investments,

at

value

97.84%

87,403,345

(cost

$94,593,103

)

Other

assets

and

liabilities,

net

2.16%

1,933,780

Net

Assets

100.00%

$

89,337,125

Portfolio

of

Investments

(unaudited)

24

See

notes

to

portfolios

of

investments.

March

31,

2022

Gold

and

Precious

Metals

Fund

Common

Stocks

88.46%

Shares

Value

Advanced

Materials/Production

0.10%

Sixth

Wave

Innovations,

Inc. 

*

1,200,000

$

158,381

Auto

Parts

&

Equipment

0.24%

SES

AI

Corp. 

*

40,000

362,000

Chemicals

-

Diversified

0.00%

Base

Carbon,

Inc. 

*

7,786

4,422

Diversified

Minerals

6.71%

Alkane

Resources,

Ltd. 

*

1,000,000

858,257

Australian

Strategic

Materials,

Ltd. 

*

250,000

1,407,448

Caledonia

Mining

Corp.

PLC

25,000

380,250

Calibre

Mining

Corp. 

*

1,250,000

1,489,821

Firefinch

,

Ltd. 

*

5,611,941

4,342,571

Mako

Mining

Corp. 

*

3,500,000

1,105,867

Nomad

Royalty

Co.,

Ltd.

100,000

731,912

10,316,126

Enterprise

Software/Services

0.11%

Abaxx

Technologies,

Inc. 

*

109,000

163,044

Gold

Mining

45.38%

Anaconda

Mining,

Inc. 

*

2,000,000

1,119,866

Argonaut

Gold,

Inc. 

*

500,000

979,882

Aris

Gold

Corp. 

*

400,000

543,935

Bonterra

Resources,

Inc. 

*

300,000

275,967

Centerra

Gold,

Inc.

175,000

1,720,393

Eldorado

Gold

Corp. 

*

125,000

1,401,250

Franco-Nevada

Corp.

10,000

1,595,200

GCM

Mining

Corp.

300,000

1,401,432

GoGold

Resources,

Inc. 

*

1,675,000

3,925,729

Gold

Fields,

Ltd.,

ADR

125,000

1,932,500

Harmony

Gold

Mining

Co.,

Ltd.,

ADR

500,000

2,515,000

i-80

Gold

Corp. 

*

600,000

1,651,002

K92

Mining,

Inc. 

*

2,750,000

20,105,587

Maverix

Metals,

Inc.

600,000

2,874,855

Mineros

SA

3,230,000

2,971,243

Newmont

Corp.

25,000

1,986,250

Northern

Star

Resources,

Ltd.

100,000

806,770

Pantoro

,

Ltd. 

*

8,000,000

1,679,144

Perseus

Mining,

Ltd.

530,000

778,539

Petropavlovsk

PLC 

*

4,886,855

255,815

Royal

Gold,

Inc.

17,500

2,472,400

Sandstorm

Gold,

Ltd.

100,000

808,000

Superior

Gold,

Inc. 

*

3,500,000

2,603,688

Torex

Gold

Resources,

Inc. 

*

115,000

1,444,227

Wesdome

Gold

Mines,

Ltd. 

*

825,000

10,354,157

Portfolio

of

Investments

(unaudited)

25

See

notes

to

portfolios

of

investments.

March

31,

2022

Gold

and

Precious

Metals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Yamana

Gold,

Inc.

275,000

$

1,534,500

69,737,331

Metal

-

Diversified

4.94%

Aclara

Resources,

Inc. 

*

137,400

80,232

Filo

Mining

Corp. 

*

50,000

766,708

Ivanhoe

Mines,

Ltd. 

*

200,000

1,865,376

Silver

X

Mining

Corp. 

*

5,250,000

1,049,874

Vox

Royalty

Corp. 

*

1,350,000

3,833,540

7,595,730

Mining

Services

1.28%

Capital,

Ltd.

600,000

820,838

Empress

Royalty

Corp. 

*

1,250,000

284,966

Orexplore

Technologies,

Ltd. 

*

1,007,351

90,456

Star

Royalties,

Ltd. 

*

2,000,000

767,908

1,964,168

Oil

&

Gas

Drilling

2.56%

DDH1,

Ltd.

5,049,909

3,927,716

Oil

Field

Machinery

&

Equipment

0.95%

Imdex

,

Ltd.

725,000

1,468,224

Platinum

3.50%

Impala

Platinum

Holdings,

Ltd.

350,000

5,387,307

Precious

Metals

10.44%

EMX

Royalty

Corp. 

*

1,000,000

2,159,741

Magna

Gold

Corp. 

*

1,040,000

590,649

Metalla

Royalty

&

Streaming,

Ltd. 

*

300,000

2,140,543

Metalla

Royalty

&

Streaming,

Ltd. 

*

50,000

353,500

Sailfish

Royalty

Corp.

310,000

366,996

SSR

Mining,

Inc.

200,000

4,350,000

Triple

Flag

Precious

Metals

Corp.

175,000

2,521,097

Wheaton

Precious

Metals

Corp.

75,000

3,568,500

16,051,026

Real

Estate

Operating/Development

1.26%

Emerald

Resources

NL 

*

2,250,000

1,932,198

Retail

-

Jewelry

2.20%

Mene

,

Inc. 

*

1,000,000

503,940

Mene

,

Inc.,

144A 

#∆

5,714,285

2,879,654

3,383,594

Portfolio

of

Investments

(unaudited)

26

See

notes

to

portfolios

of

investments.

March

31,

2022

Gold

and

Precious

Metals

Fund

Common

Stocks (cont’d)

Shares

Value

Silver

Mining

8.79%

Andean

Precious

Metals

Corp. 

*

1,000,000

$

1,327,840

Aya

Gold

&

Silver,

Inc. 

*

1,000,000

7,135,144

Fortuna

Silver

Mines,

Inc. 

*

500,000

1,899,772

Hochschild

Mining

PLC

500,000

839,426

Santacruz

Silver

Mining,

Ltd. 

*

4,000,000

1,583,810

Silvercorp

Metals,

Inc.

200,000

724,000

13,509,992

Total

Common

Stocks

135,961,259

(cost

$84,631,473)

Corporate

Non-Convertible

Bonds

2.70%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Coal

0.00%

Caribbean

Resources

Corp. 

#@^

19.25

06/15/15

$

485,766

0

Gold

Mining

2.70%

Aris

Gold

Corp.

7.50

08/26/27

4,122,221

4,142,833

Total

Corporate

Non-Convertible

Bonds

4,142,833

(cost

$4,607,959)

Exchange

Traded

Funds

0.14%

Shares

abrdn

Platinum

ETF

Trust 

*

1,155

105,983

VanEck

Gold

Miners

ETF/USA

2,829

108,492

Total

Exchange

Traded

Funds

214,475

(cost

$202,424)

Warrants

0.21%

Exercise

Price

Exp.

Date

Enterprise

Software/Services

0.01%

Abaxx

Technologies,

Inc. 

*

$

5.10

05/14/23

54,500

13,078

Metal

-

Diversified

0.00%

Vox

Royalty

Corp.,

144A 

#*@∆

4.50

03/25/24

50,000

0

Portfolio

of

Investments

(unaudited)

27

See

notes

to

portfolios

of

investments.

March

31,

2022

Gold

and

Precious

Metals

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Mining

Services

0.20%

Aris

Gold

Corp. 

*

$

2.75

07/29/25

1,274,000

$

305,723

Empress

Royalty

Corp. 

*

0.75

03/25/23

625,000

12,499

318,222

Total

Warrants

331,300

(cost

$0

)

Call

Options

Purchased

3.23%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Gold

Mining

3.23%

Barrick

Gold

Corp.

$

18.00

01/23

$

3,825,000

2,125

1,498,125

Newmont

Corp.

55.00

01/23

7,425,000

1,350

3,459,375

4,957,500

Total

Purchased

Call

Options

4,957,500

(premiums

paid

$1,981,818

)

Investments,

at

value

94.74%

145,607,367

(cost

$91,423,674

)

Other

assets

and

liabilities,

net

5.26%

8,082,294

Net

Assets

100.00%

$

153,689,661

Portfolio

of

Investments

(unaudited)

28

See

notes

to

portfolios

of

investments.

March

31,

2022

Emerging

Europe

Fund

Common

Stocks

91.31%

Shares

Value

Apparel

Manufacturers

1.39%

Burberry

Group

PLC

2,000

$

43,659

Christian

Dior

SE

200

135,718

179,377

Automotive

-

Cars

&

Light

Trucks

6.00%

Bayerische

Motoren

Werke

AG

1,550

133,947

Ford

Otomotiv

Sanayi

AS

20,200

410,625

Mercedes-Benz

Group

AG

1,900

133,360

Volkswagen

AG

400

98,808

776,740

Cellular

Telecommunication

1.85%

Turkcell

Iletisim

Hizmetleri

AS

156,000

239,560

Chemicals

-

Diversified

1.77%

Covestro

AG,

144A 

∆

4,550

229,117

Commercial

Banks

Non-US

19.03%

Alpha

Services

and

Holdings

SA 

*

119,000

146,090

Banca

Transilvania

SA

392,000

213,462

Bank

Polska

Kasa

Opieki

SA

20,000

534,601

Eurobank

Ergasias

Services

and

Holdings

SA 

*

132,000

154,427

Komercni

Banka

AS

8,000

309,711

OTP

Bank

Nyrt

*

17,200

623,982

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA 

*

51,000

480,552

2,462,825

Dialysis

Centers

0.39%

Fresenius

Medical

Care

AG

&

Co.

KGaA

750

50,258

Diversified

Operations

3.32%

KOC

Holding

AS

159,000

429,689

Electric

-

Distribution

1.39%

AB

Ignitis

Grupe

,

GDR,

144A 

∆

7,500

147,270

Enea

SA 

*

15,000

32,695

179,965

Electric

-

Generation

5.03%

CEZ

AS

9,500

398,460

Engie

SA

9,000

118,323

RWE

AG

3,100

134,982

651,765

Electric

-

Integrated

4.33%

PGE

Polska

Grupa

Energetyczna

SA 

*

175,000

376,928

Public

Power

Corp.

SA 

*

22,000

184,190

561,118

Portfolio

of

Investments

(unaudited)

29

See

notes

to

portfolios

of

investments.

March

31,

2022

Emerging

Europe

Fund

Common

Stocks (cont’d)

Shares

Value

Finance

-

Other

Services

0.86%

KRUK

SA

1,500

$

110,999

Food

-

Retail

1.26%

BIM

Birlesik

Magazalar

AS

6,000

34,597

Koninklijke

Ahold

Delhaize

NV,

ADR

4,000

128,840

163,437

Gambling

(Non-Hotel)

0.51%

OPAP

SA

4,500

65,503

Medical

Instruments

1.08%

Getinge

AB,

Class B

3,500

139,436

Metal

-

Diversified

6.30%

KGHM

Polska

Miedz

SA

18,700

759,442

Orsu

Metals

Corp.,

144A 

#*∆

402,500

56,343

815,785

Metal

Processors

&

Fabricate

1.01%

Aurubis

AG

1,100

130,946

Multi-line

Insurance

1.10%

Allianz

SE

598

142,807

Oil

Companies

-

Integrated

7.35%

Gazprom

Neft

PJSC 

#@

5,000

9,478

MOL

Hungarian

Oil

&

Gas

PLC

47,500

417,353

OMV

Petrom

SA

1,565,000

163,937

Polskie

Gornictwo

Naftowe

i

Gazownictwo

SA

245,000

360,168

950,936

Oil

Refining

&

Marketing

6.12%

Polski

Koncern

Naftowy

ORLEN

SA

34,000

610,146

Turkiye

Petrol

Rafinerileri

AS 

*

12,500

182,316

792,462

Property/Casualty

Insurance

6.00%

Powszechny

Zaklad

Ubezpieczen

SA

97,000

776,502

Retail

-

Apparel/Shoe

2.06%

CCC

SA 

*

19,000

266,398

Retail

-

Jewelry

0.39%

Cie

Financiere

Richemont

SA

400

50,702

Retail

-

Regional

Dept

Store

1.64%

Pepco

Group

NV 

*

20,000

212,213

Portfolio

of

Investments

(unaudited)

30

See

notes

to

portfolios

of

investments.

March

31,

2022

Emerging

Europe

Fund

Common

Stocks (cont’d)

Shares

Value

Retail

-

Restaurants

0.48%

AmRest

Holdings

SE 

*

13,000

$

62,098

Steel

-

Producers

2.72%

Eregli

Demir

ve

Celik

Fabrikalari

TAS

160,500

351,855

Telecom

Services

1.03%

Orange

Polska

SA 

*

71,000

132,970

Telephone

-

Integrated

3.70%

Hellenic

Telecommunications

Organization

SA

26,500

479,176

Television

1.88%

Cyfrowy

Polsat

SA

37,000

243,600

Transportation

-

Marine

1.32%

AP

Moller

-

Maersk

A/S,

Class A

58

171,239

Total

Common

Stocks

11,819,478

(cost

$12,563,133)

Corporate

Non-Convertible

Bond

3.74%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

3.74%

Aris

Gold

Corp.

7.50

08/26/27

$

482,026

484,437

(cost

$482,026)

Exchange

Traded

Funds

3.57%

Shares

Global

X

MSCI

Greece

ETF

10,000

265,900

iShares

MSCI

Poland

ETF

10,300

195,803

Total

Exchange

Traded

Funds

461,703

(cost

$465,035)

Warrant

0.18%

Exercise

Price

Exp.

Date

Mining

Services

0.18%

Aris

Gold

Corp. 

*

$

2.75

07/29/25

100,000

23,997

(cost

$0

)

Call

Option

Purchased

0.01%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Country

Fund-Russia

0.01%

VanEck

Russia

ETF 

#

$

16.00

01/23

$

1,600,000

1,000

1,000

Portfolio

of

Investments

(unaudited)

31

See

notes

to

portfolios

of

investments.

March

31,

2022

Emerging

Europe

Fund

(premiums

paid

$346,974

)

Investments,

at

value

98.81%

$

12,790,615

(cost

$13,857,168

)

Other

assets

and

liabilities,

net

1.19%

153,706

Net

Assets

100.00%

$

12,944,321

Portfolio

of

Investments

(unaudited)

32

See

notes

to

portfolios

of

investments.

March

31,

2022

China

Region

Fund

Common

Stocks

87.42%

Shares

Value

Automotive

-

Cars

&

Light

Trucks

5.34%

BAIC

Motor

Corp.,

Ltd.

497,000

$

165,611

Yadea

Group

Holdings,

Ltd.

163,000

249,693

415,304

Automotive

-

Medium

&

Heavy

Duty

Trucks

3.58%

Sinotruk

Hong

Kong,

Ltd.

183,000

277,929

Chemicals

-

Diversified

1.77%

China

Risun

Group,

Ltd.

260,000

137,269

Chemicals

-

Specialty

2.33%

Daqo

New

Energy

Corp.,

ADR 

*

4,375

180,775

Circuit

Boards

4.28%

Unimicron

Technology

Corp.

39,000

332,414

Dental

Supplies

&

Equipment

0.76%

Dentium

Co.,

Ltd.

1,000

58,905

Diversified

Minerals

4.40%

China

Hongqiao

Group,

Ltd.

260,217

341,860

E-Commerce/Products

0.88%

Alibaba

Group

Holding,

Ltd.,

ADR 

*

630

68,544

Electronic

Components

-

Semiconductors

5.88%

SK

Hynix,

Inc.

4,750

456,946

Food

-

Dairy

Products

2.72%

China

Feihe

,

Ltd.

215,000

211,676

Funeral

Services

&

Related

Items

0.28%

Fu

Shou

Yuan

International

Group,

Ltd.

30,000

22,033

Gas

-

Distribution

4.71%

ENN

Energy

Holdings,

Ltd.

24,500

365,930

Internet

Content

-

Info

2.26%

Meituan

,

Class B 

*

3,724

70,547

Tencent

Holdings,

Ltd.,

ADR

2,265

105,142

175,689

Internet

Content

-

Info/Ne

0.09%

Medlive

Technology

Co.,

Ltd. 

*

7,000

6,986

Machinery

-

General

Industrial

2.65%

Haitian

International

Holdings,

Ltd.

80,000

206,290

Portfolio

of

Investments

(unaudited)

33

See

notes

to

portfolios

of

investments.

March

31,

2022

China

Region

Fund

Common

Stocks (cont’d)

Shares

Value

Medical

Products

0.44%

Angelalign

Technology,

Inc. 

*

2,000

$

34,101

Miscellaneous

Manufacturing

3.46%

China

International

Marine

Containers

Group

Co.,

Ltd.

165,000

268,549

Non-Ferrous

Metals

0.00%

Sterling

Group

Ventures,

Inc.,

144A 

#*@∆

500,000

0

Real

Estate

Management/Services

2.85%

A-Living

Smart

City

Services

Co.,

Ltd.

54,000

74,762

CIFI

Ever

Sunshine

Services

Group,

Ltd.

110,000

146,635

221,397

Retail

-

Apparel/Shoe

10.07%

ANTA

Sports

Products,

Ltd.

33,000

409,365

Li

Ning

Co.,

Ltd.

44,000

373,620

782,985

Retail

-

Automobile

7.04%

China

Meidong

Auto

Holdings,

Ltd.

15,000

57,007

China

Yongda

Automobiles

Services

Holdings,

Ltd.

122,000

131,805

Zhongsheng

Group

Holdings,

Ltd.

51,000

358,593

547,405

Retail

-

Jewelry

5.23%

Chow

Tai

Fook

Jewellery

Group,

Ltd.

225,000

406,375

Retail

-

Restaurants

0.99%

Haidilao

International

Holding,

Ltd.

40,000

76,962

Schools

0.19%

China

Yuhua

Education

Corp.,

Ltd.

66,000

14,805

Semiconductor

Components

-

Integrated

Circuit

3.68%

Nanya

Technology

Corp.

120,000

286,258

Tobacco

2.92%

Smoore

International

Holdings,

Ltd.

97,000

227,250

Transportation

-

Marine

8.62%

COSCO

SHIPPING

Holdings

Co.,

Ltd. 

*

220,000

378,256

SITC

International

Holdings

Co.,

Ltd.

83,500

291,975

670,231

Total

Common

Stocks

6,794,868

(cost

$8,511,235)

Portfolio

of

Investments

(unaudited)

34

See

notes

to

portfolios

of

investments.

March

31,

2022

China

Region

Fund

Corporate

Non-Convertible

Bond

3.30%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Gold

Mining

3.30%

Aris

Gold

Corp.

7.50

08/26/27

$

255,474

$

256,751

(cost

$255,449)

Exchange

Traded

Fund

0.29%

Shares

Direxion

Daily

FTSE

China

Bear

3X

Shares

ETF 

*

1,350

22,100

(cost

$20,940)

Warrant

0.16%

Exercise

Price

Exp.

Date

Mining

Services

0.16%

Aris

Gold

Corp. 

*

$

2.75

07/29/25

52,000

12,478

(cost

$0

)

Investments,

at

value

91.17%

7,086,197

(cost

$8,787,624

)

Other

assets

and

liabilities,

net

8.83%

686,494

Net

Assets

100.00%

$

7,772,691

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2022

35

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,

2022.

Fair

Valuation

of

Securities

For

the

Funds’

policies

regarding

the

valuation

of

investments

and

other

significant

accounting

policies,

please

refer

to

the

Notes

to

Financial

Statements.

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

‡

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,

2022.

*

Non-income

producing

security.

~

Affiliated

Company.

(see

following)

@

Security

was

fair

valued

at

March

31,

2022,

by

U.S.

Global

Investors,

Inc.

(Adviser)

(other

than

international

securities

fair

valued

pursuant

to

systematic

fair

value

models)

in

accordance

with

valuation

procedures

approved

by

the

Board

of

Trustees.

These

securities,

as

a

percentage

of

net

assets

at

March

31,

2022,

were

0.00%

of

Global

Luxury

Goods

Fund,

0.44%

of

Global

Resources

Fund,

0.54%

of

World

Precious

Minerals

Fund,

0.00%

of

Gold

And

Precious

Metals

Fund,

0.07%

of

Emerging

Europe

Fund

and

0.00%

of

China

Region

Fund,

respectively.

See

the

Fair

Valuation

of

Securities

section

of

these

Notes

to

Portfolios

of

Investments

for

further

discussion

of

fair

valued

securities.

See

further

information

and

detail

on

restricted

securities

in

the

Restricted

Securities

section

of

these

Notes

to

Portfolios

of

Investments.

#

Illiquid

Security.

∆

Pursuant

to

Rule

144A

of

the

Securities

Act

of

1933,

these

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

The

market

value

of

these

securities

and

percentage

of

net

assets

as

of

March

31,

2022

amounted

to

$67,992,

0.13%,

of

Global

Luxury

Goods

Fund,

$675,674,

0.90%,

of

Global

Resources

Fund,

$1,038,793,

1.17%,

of

World

Precious

Minerals

Fund,

$2,879,654,

1.87%,

of

Gold

And

Precious

Metals

Fund,

$432,730,

3.34%,

of

Emerging

Europe

Fund

and

$0,

0.00%,

of

China

Region

Fund.

+

See

"Restricted

Securities"

in

Notes

to

Portfolios

of

Investments.

^

Security

is

currently

in

default

and

is

on

scheduled

interest

or

principal

payment.

ADR

American

Depositary

Receipt

AGM

Assured

Guaranty

Municipal

BAM

Build

American

Mutual

Assurance

Company

COP

Certificate

of

Participation

ETF

Exchange

Traded

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corporation

FNMA

Federal

National

Mortgage

Association

GDR

Global

Depositary

Receipt

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

LP

Limited

Partnership

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

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2022

36

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,

2022

37

The

following

table

summarizes

the

valuation

of

each

Fund’s

securities

as

of

March

31,

2022,

using

the

fair

value

hierarchy:

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

U.S.

Government

Securities

Ultra-Short

Bond

Fund

Investments

in

Securities*

United

States

Government

and

Agency

Obligations

$

–‌

$

30,734,883‌

$

–‌

$

30,734,883‌

Exchange

Traded

Fund

1,777,800‌

–‌

–‌

1,777,800‌

Investments,

at

Value

$

1,777,800‌

$

30,734,883‌

$

–‌

$

32,512,683‌

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

$

–‌

$

25,456,349‌

$

–‌

$

25,456,349‌

Exchange

Traded

Funds

3,280,485‌

–‌

–‌

3,280,485‌

Investments,

at

Value

$

3,280,485‌

$

25,456,349‌

$

–‌

$

28,736,834‌

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

$

2,193,387‌

$

3,352,134‌

$

–‌

$

5,545,521‌

Athletic

Footwear

–‌

893,189‌

–‌

893,189‌

Automotive

-

Cars

&

Light

Trucks

9,644,744‌

2,741,250‌

–‌

12,385,994‌

Beverages

-

Wine/Spirits

–‌

1,702,008‌

–‌

1,702,008‌

Computers

2,479,462‌

–‌

–‌

2,479,462‌

Cosmetics

&

Toiletries

2,078,891‌

–‌

–‌

2,078,891‌

Cruise

Lines

2,281,556‌

–‌

–‌

2,281,556‌

Diversified

Banking

Institution

1,426,420‌

–‌

–‌

1,426,420‌

E-Commerce/Products

2,444,962‌

–‌

–‌

2,444,962‌

Energy

-

Alternate

Sources

–‌

–‌

0‌

0‌

Finance

-

Credit

Card

2,412,300‌

–‌

–‌

2,412,300‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2022

38

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)

Finance

-

Mortgage

Loan/

Banker

$

11,164‌

$

–‌

$

–‌

$

11,164‌

Gold

Mining

1,821,813‌

–‌

–‌

1,821,813‌

Hotels

&

Motels

2,214,927‌

–‌

–‌

2,214,927‌

Investment

Management/

Advisory

Services

–‌

868,418‌

–‌

868,418‌

Metal

-

Diversified

616,918‌

–‌

–‌

616,918‌

Oil

Companies

-

Exploration

&

Production

65,992‌

–‌

–‌

65,992‌

Platinum

486,900‌

–‌

–‌

486,900‌

Precious

Metals

904,020‌

–‌

–‌

904,020‌

Private

Equity

3,565,910‌

–‌

–‌

3,565,910‌

Real

Estate

Operating/

Development

–‌

–‌

0‌

0‌

Retail

-

Jewelry

–‌

3,856,994‌

–‌

3,856,994‌

Retail

-

Restaurants

500,335‌

–‌

–‌

500,335‌

Textile

-

Apparel

589,853‌

–‌

–‌

589,853‌

Corporate

Non-Convertible

Bond

–‌

847,764‌

–‌

847,764‌

Warrants

Enterprise

Software/

Services

–‌

8,174‌

–‌

8,174‌

Finance

-

Mortgage

Loan/

Banker

–‌

0‌

–‌

0‌

Oil

Companies

-

Exploration

&

Production

2,000‌

–‌

–‌

2,000‌

Retail

-

Jewelry

–‌

7,268‌

–‌

7,268‌

Investments,

at

Value

35,741,554‌

14,277,199‌

0‌

50,018,753‌

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

$

2,602,288‌

$

–‌

$

–‌

$

2,602,288‌

Agricultural

Chemicals

3,394,236‌

–‌

–‌

3,394,236‌

Agricultural

Operations

–‌

1,023,220‌

–‌

1,023,220‌

Auto

Parts

&

Equipment

181,000‌

–‌

–‌

181,000‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2022

39

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)

Building

&

Construction

Products

-

Miscellaneous

$

310,600‌

$

–‌

$

–‌

$

310,600‌

Building

Products

-

Wood

417,190‌

–‌

–‌

417,190‌

Chemicals

-

Diversified

40,567‌

–‌

–‌

40,567‌

Coal

–‌

–‌

0‌

0‌

Diamonds/Precious

Stones

422,349‌

–‌

–‌

422,349‌

Distribution/Wholesale

447,946‌

–‌

–‌

447,946‌

Diversified

Minerals

5,306,068‌

1,147,694‌

–‌

6,453,762‌

Energy

-

Alternate

Sources

541,577‌

–‌

0‌

541,577‌

Enterprise

Software/

Services

567,932‌

1,495,820‌

–‌

2,063,752‌

Food

-

Miscellaneous/

Diversified

713,914‌

–‌

–‌

713,914‌

Food

-

Wholesale/

Distribution

61,993‌

–‌

–‌

61,993‌

Forestry

555,377‌

–‌

–‌

555,377‌

Gold

Mining

3,193,554‌

1,719,794‌

0‌

4,913,348‌

Industrial

Gases

638,860‌

349,888‌

–‌

988,748‌

Machinery

-

Electric

Utilities

724,500‌

–‌

–‌

724,500‌

Metal

-

Aluminum

1,800,600‌

–‌

–‌

1,800,600‌

Metal

-

Copper

734,312‌

–‌

–‌

734,312‌

Metal

-

Diversified

12,446,313‌

1,531,402‌

3,733‌

13,981,448‌

Metal

-

Iron

–‌

–‌

0‌

0‌

Mining

Services

2,290,121‌

102,605‌

–‌

2,392,726‌

Natural

Resource

Technology

–‌

–‌

120,741‌

120,741‌

Non-Ferrous

Metals

2,357,317‌

–‌

0‌

2,357,317‌

Oil

-

Field

Services

1,253,120‌

–‌

–‌

1,253,120‌

Oil

-

US

Royalty

Trusts

4,079,105‌

450,083‌

–‌

4,529,188‌

Oil

Companies

-

Exploration

&

Production

7,110,466‌

–‌

–‌

7,110,466‌

Oil

Companies

-

Integrated

2,886,300‌

–‌

–‌

2,886,300‌

Oil

Field

Machinery

&

Equipment

–‌

202,514‌

–‌

202,514‌

Oil

Refining

&

Marketing

1,323,085‌

–‌

–‌

1,323,085‌

Pipelines

1,039,875‌

–‌

–‌

1,039,875‌

Platinum

199,976‌

–‌

–‌

199,976‌

Precious

Metals

1,187,858‌

358,630‌

–‌

1,546,488‌

Real

Estate

Operating/

Development

535,936‌

–‌

0‌

535,936‌

REITS

-

Diversified

1,144,100‌

–‌

–‌

1,144,100‌

Retail

-

Jewelry

377,955‌

–‌

–‌

377,955‌

Preferred

Stock

Chemicals

-

Specialty

801,430‌

–‌

–‌

801,430‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2022

40

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)

Corporate

Non-Convertible

Bond

$

–‌

$

1,041,539‌

$

–‌

$

1,041,539‌

Exchange

Traded

Funds

387,389‌

–‌

–‌

387,389‌

Warrants

Advanced

Materials/

Production

–‌

0‌

–‌

0‌

Diversified

Minerals

–‌

207,175‌

–‌

207,175‌

Enterprise

Software/

Services

4,904‌

–‌

–‌

4,904‌

Gold

Mining

–‌

0‌

–‌

0‌

Metal

-

Copper

900‌

–‌

–‌

900‌

Mining

Services

89,003‌

–‌

–‌

89,003‌

Non-Ferrous

Metals

–‌

0‌

–‌

0‌

Oil

Companies

-

Exploration

&

Production

38,795‌

–‌

–‌

38,795‌

Investment

Company

62,670‌

–‌

–‌

62,670‌

Publically

Traded

Partnerships

297,272‌

–‌

–‌

297,272‌

Purchased

Call

Options

1,006,000‌

–‌

–‌

1,006,000‌

Investments,

at

Value

63,574,753‌

9,630,364‌

124,474‌

73,329,591‌

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

$

6,422,429‌

$

98,988‌

$

–‌

$

6,521,417‌

Chemicals

-

Diversified

326‌

–‌

–‌

326‌

Coal

–‌

–‌

0‌

0‌

Diamonds/Precious

Stones

1,151,862‌

–‌

–‌

1,151,862‌

Diversified

Minerals

4,137,940‌

1,761,847‌

1,600‌

5,901,387‌

Enterprise

Software/

Services

–‌

12,025‌

–‌

12,025‌

Financial

Services

–‌

8,008‌

–‌

8,008‌

Gold

Mineral

Exploration

&

Development

254,369‌

–‌

–‌

254,369‌

Gold

Mining

26,929,699‌

6,473,421‌

164,980‌

33,568,100‌

Metal

-

Copper

981,749‌

–‌

–‌

981,749‌

Metal

-

Diversified

7,465,388‌

1,646,920‌

–‌

9,112,308‌

Metal

-

Iron

–‌

–‌

0‌

0‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2022

41

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)

Mining

Services

$

51,762‌

$

806,303‌

$

–‌

$

858,065‌

Non-Ferrous

Metals

559,933‌

–‌

–‌

559,933‌

Oil

&

Gas

Drilling

–‌

528,242‌

–‌

528,242‌

Oil

Companies

-

Exploration

&

Production

–‌

–‌

0‌

0‌

Oil

Field

Machinery

&

Equipment

–‌

253,142‌

–‌

253,142‌

Optical

Recognition

Equipment

2,513‌

–‌

–‌

2,513‌

Platinum

823,901‌

–‌

–‌

823,901‌

Precious

Metals

17,295,716‌

849,032‌

–‌

18,144,748‌

Real

Estate

Operating/

Development

1,278,447‌

–‌

–‌

1,278,447‌

Retail

-

Jewelry

1,058,273‌

–‌

–‌

1,058,273‌

Silver

Mining

3,255,209‌

–‌

–‌

3,255,209‌

Corporate

Non-Convertible

Bond

–‌

1,065,760‌

–‌

1,065,760‌

Exchange

Traded

Fund

72,443‌

–‌

–‌

72,443‌

Subscription

Receipt

–‌

–‌

184,778‌

184,778‌

Warrants

Diversified

Minerals

3,648‌

0‌

–‌

3,648‌

Gold

Mineral

Exploration

&

Development

–‌

0‌

0‌

0‌

Gold

Mining

–‌

0‌

–‌

0‌

Metal

-

Copper

–‌

28,797‌

–‌

28,797‌

Metal

-

Diversified

22,497‌

–‌

–‌

22,497‌

Metals

&

Mining

–‌

0‌

–‌

0‌

Mining

Services

124,785‌

–‌

–‌

124,785‌

Non-Ferrous

Metals

–‌

43,995‌

–‌

43,995‌

Silver

Mining

–‌

55,993‌

–‌

55,993‌

Purchased

Call

Options

1,526,625‌

–‌

–‌

1,526,625‌

Investments,

at

Value

73,419,514‌

13,632,473‌

351,358‌

87,403,345‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2022

42

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

$

–‌

$

158,381‌

$

–‌

$

158,381‌

Auto

Parts

&

Equipment

362,000‌

–‌

–‌

362,000‌

Chemicals

-

Diversified

4,422‌

–‌

–‌

4,422‌

Diversified

Minerals

4,566,107‌

5,750,019‌

–‌

10,316,126‌

Enterprise

Software/

Services

–‌

163,044‌

–‌

163,044‌

Gold

Mining

68,702,977‌

1,034,354‌

–‌

69,737,331‌

Metal

-

Diversified

7,595,730‌

–‌

–‌

7,595,730‌

Mining

Services

1,143,330‌

820,838‌

–‌

1,964,168‌

Oil

&

Gas

Drilling

–‌

3,927,716‌

–‌

3,927,716‌

Oil

Field

Machinery

&

Equipment

1,468,224‌

–‌

–‌

1,468,224‌

Platinum

–‌

5,387,307‌

–‌

5,387,307‌

Precious

Metals

16,051,026‌

–‌

–‌

16,051,026‌

Real

Estate

Operating/

Development

1,932,198‌

–‌

–‌

1,932,198‌

Retail

-

Jewelry

3,383,594‌

–‌

–‌

3,383,594‌

Silver

Mining

12,670,566‌

839,426‌

–‌

13,509,992‌

Corporate

Non-Convertible

Bonds

–‌

4,142,833‌

0‌

4,142,833‌

Exchange

Traded

Funds

214,475‌

–‌

–‌

214,475‌

Warrants

Enterprise

Software/

Services

–‌

13,078‌

–‌

13,078‌

Metal

-

Diversified

–‌

0‌

–‌

0‌

Mining

Services

318,222‌

–‌

–‌

318,222‌

Purchased

Call

Options

4,957,500‌

–‌

–‌

4,957,500‌

Investments,

at

Value

$

123,370,371‌

$

22,236,996‌

$

–‌

$

145,607,367‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2022

43

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

Apparel

Manufacturers

$

–‌

$

179,377‌

$

–‌

$

179,377‌

Automotive

-

Cars

&

Light

Trucks

–‌

776,740‌

–‌

776,740‌

Cellular

Telecommunication

–‌

239,560‌

–‌

239,560‌

Chemicals

-

Diversified

–‌

229,117‌

–‌

229,117‌

Commercial

Banks

Non-US

–‌

2,462,825‌

–‌

2,462,825‌

Dialysis

Centers

–‌

50,258‌

–‌

50,258‌

Diversified

Operations

–‌

429,689‌

–‌

429,689‌

Electric

-

Distribution

147,270‌

32,695‌

–‌

179,965‌

Electric

-

Generation

–‌

651,765‌

–‌

651,765‌

Electric

-

Integrated

–‌

561,118‌

–‌

561,118‌

Finance

-

Other

Services

–‌

110,999‌

–‌

110,999‌

Food

-

Retail

128,840‌

34,597‌

–‌

163,437‌

Gambling

(Non-Hotel)

–‌

65,503‌

–‌

65,503‌

Medical

Instruments

–‌

139,436‌

–‌

139,436‌

Metal

-

Diversified

56,343‌

759,442‌

–‌

815,785‌

Metal

Processors

&

Fabricate

–‌

130,946‌

–‌

130,946‌

Multi-line

Insurance

–‌

142,807‌

–‌

142,807‌

Oil

Companies

-

Integrated

–‌

941,458‌

9,478‌

950,936‌

Oil

Refining

&

Marketing

–‌

792,462‌

–‌

792,462‌

Property/Casualty

Insurance

–‌

776,502‌

–‌

776,502‌

Retail

-

Apparel/Shoe

–‌

266,398‌

–‌

266,398‌

Retail

-

Jewelry

–‌

50,702‌

–‌

50,702‌

Retail

-

Regional

Dept

Store

–‌

212,213‌

–‌

212,213‌

Retail

-

Restaurants

–‌

62,098‌

–‌

62,098‌

Steel

-

Producers

–‌

351,855‌

–‌

351,855‌

Telecom

Services

–‌

132,970‌

–‌

132,970‌

Telephone

-

Integrated

–‌

479,176‌

–‌

479,176‌

Television

–‌

243,600‌

–‌

243,600‌

Transportation

-

Marine

–‌

171,239‌

–‌

171,239‌

Corporate

Non-Convertible

Bond

–‌

484,437‌

–‌

484,437‌

Exchange

Traded

Funds

461,703‌

–‌

–‌

461,703‌

Warrant

Mining

Services

23,997‌

–‌

–‌

23,997‌

Call

Option

1,000‌

–‌

–‌

1,000‌

Investments,

at

Value

$

819,153‌

$

11,961,984‌

$

9,478‌

$

12,790,615‌

Other

Financial

Instruments

†

Currency

Contracts

–‌

10,246‌

–‌

10,246‌

Total

Assets

$

819,153‌

$

11,972,230‌

$

9,478‌

$

12,800,861‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2022

44

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)

Liabilities

Other

Financial

Instruments

†

Currency

Contracts

$

–‌

$

(57,678‌)

$

–‌

$

(57,678‌)

Total

Liabilities

$

–‌

$

(57,678‌)

$

–‌

$

(57,678‌)

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

$

–‌

$

415,304‌

$

–‌

$

415,304‌

Automotive

-

Medium

&

Heavy

Duty

Trucks

–‌

277,929‌

–‌

277,929‌

Chemicals

-

Diversified

–‌

137,269‌

–‌

137,269‌

Chemicals

-

Specialty

180,775‌

–‌

–‌

180,775‌

Circuit

Boards

–‌

332,414‌

–‌

332,414‌

Dental

Supplies

&

Equipment

–‌

58,905‌

–‌

58,905‌

Diversified

Minerals

–‌

341,860‌

–‌

341,860‌

E-Commerce/Products

68,544‌

–‌

–‌

68,544‌

Electronic

Components

-

Semiconductors

–‌

456,946‌

–‌

456,946‌

Food

-

Dairy

Products

–‌

211,676‌

–‌

211,676‌

Funeral

Services

&

Related

Items

–‌

22,033‌

–‌

22,033‌

Gas

-

Distribution

–‌

365,930‌

–‌

365,930‌

Internet

Content

-

Info

105,142‌

70,547‌

–‌

175,689‌

Internet

Content

-

Info/Ne

–‌

6,986‌

–‌

6,986‌

Machinery

-

General

Industrial

–‌

206,290‌

–‌

206,290‌

Medical

Products

–‌

34,101‌

–‌

34,101‌

Miscellaneous

Manufacturing

–‌

268,549‌

–‌

268,549‌

Non-Ferrous

Metals

–‌

–‌

0‌

0‌

Real

Estate

Management/

Services

–‌

221,397‌

–‌

221,397‌

Retail

-

Apparel/Shoe

–‌

782,985‌

–‌

782,985‌

Retail

-

Automobile

–‌

547,405‌

–‌

547,405‌

Retail

-

Jewelry

–‌

406,375‌

–‌

406,375‌

Retail

-

Restaurants

–‌

76,962‌

–‌

76,962‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2022

45

The

following

is

a

reconciliation

of

assets

for

which

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

during

the

period

January

1,

2022

through

March

31,

2022:

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)

Schools

$

–‌

$

14,805‌

$

–‌

$

14,805‌

Semiconductor

Components

-

Integrated

Circuit

–‌

286,258‌

–‌

286,258‌

Tobacco

–‌

227,250‌

–‌

227,250‌

Transportation

-

Marine

–‌

670,231‌

–‌

670,231‌

Corporate

Non-Convertible

Bond

–‌

256,751‌

–‌

256,751‌

Exchange

Traded

Fund

22,100‌

–‌

–‌

22,100‌

Warrant

Mining

Services

12,478‌

–‌

–‌

12,478‌

Investments,

at

Value

$

389,039‌

$

6,697,158‌

$

0‌

$

7,086,197‌

*

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

12/31/21

$

0‌

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

—‌

—‌

Ending

Balance

03/31/22

$

0‌

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/22

(1)

$

—‌

$

—‌

Common

Stocks

Subscription

Receipt

Total

Global

Resources

Fund

Beginning

Balance

12/31/21

$

807,328‌

$

166,014‌

$

973,342‌

Transfers

out

of

Level

3

(567,932‌)

(141,583‌)

(709,515‌)

Net

change

in

unrealized

appreciation

(depreciation)

(114,922‌)

(24,431‌)

(139,353‌)

Ending

Balance

03/31/22

$

124,474‌

$

—‌

$

124,474‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/22

(1)

$

107,691‌

$

—‌

$

107,691‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2022

46

Common

Stock

Subscription

Receipt

Warrants

Total

World

Precious

Minerals

Fund

Beginning

Balance

12/31/21

$

713,805‌

$

182,616‌

$

0‌

$

896,421‌

Transfers

out

of

Level

3

(24,001‌)

—‌

—‌

(24,001‌)

Corporate

Action

1,926‌

—‌

—‌

1,926‌

Net

change

in

unrealized

appreciation

(depreciation)

(525,150‌)

2,162‌

0‌

(522,988‌)

Ending

Balance

03/31/22

$

166,580‌

$

184,778‌

$

0‌

$

351,358‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/22

(1)

$

1,949‌

$

2,162‌

$

0‌

$

4,111‌

Common

Stocks

Corporate

Non-

Convertible

Bond

Total

Gold

and

Precious

Metals

Fund

Beginning

Balance

12/31/21

$

174,843‌

$

0‌

$

174,843‌

Corporate

Action

7,245‌

—‌

7,245‌

Transfers

out

of

Level

3

(90,456‌)

—‌

(90,456‌)

Net

change

in

unrealized

appreciation

(depreciation)

(91,632‌)

—‌

(91,632‌)

Ending

Balance

03/31/22

$

—‌

$

0‌

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/22

(1)

$

—‌

$

—‌

$

—‌

Common

Stock

Total

Emerging

Europe

Fund

Beginning

Balance

12/31/21

$

—‌

$

—‌

Transfers

into

of

Level

3

9,478‌

9,478‌

Ending

Balance

03/31/22

$

9,478‌

$

9,478‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/22

(1)

$

—‌

$

—‌

Common

Stock

Total

China

Region

Fund

Beginning

Balance

12/31/21

$

0‌

$

0‌

Ending

Balance

03/31/22

$

0‌

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/22

(1)

$

—‌

$

—‌

(1)

The

amounts

shown

represent

the

net

change

in

unrealized

appreciation

(depreciation)

attributable

to

only

those

investments

still

held

and

classified

as

Level

3

at

March

31,

2022.

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2022

47

Significant

unobservable

inputs

developed

by

the

Valuation

Committee

(“Valuation

Committee”)

for

Level

3

investments

held

at

period

end

are

as

follows:

The

majority

of

securities

classified

as

Level

3

are

private

companies.

The

initial

valuation

is

usually

cost,

which

is

then

adjusted

as

determined

by

the

Valuation

Committee

for

subsequent

known

market

transactions

and

evaluated

for

progress

against

anticipated

milestones

and

current

operations.

An

evaluation

that

the

holding

no

longer

meets

expectations

could

result

in

the

application

of

discounts

and

a

significantly

lower

fair

valuation.

For

certain

securities,

the

last

known

market

transaction

is

increased

or

decreased

by

changes

in

a

market

index

or

industry

peers

as

approved

by

the

Valuation

Committee.

Affiliated

Companies

The

Investment

Company

Act

of

1940

defines

affiliates

as

companies

in

which

the

Fund

owns

at

least

5%

of

the

outstanding

voting

securities.

The

following

is

a

summary

of

transactions

with

each

affiliated

company

during

the

period

ended

March

31,

2022.

Fair

Value

at

03/31/22

Valuation

Technique(s)

Unobservable

Input

Range

(Weighted

Average)

Global

Luxury

Goods

Fund

Investments

in

Securities

100%

Common

Stocks

0

Market

Transaction

(1)

Discount

Global

Resources

Fund

Investments

in

Securities

0%

-

100%

discount

(83%

discount)

Common

Stocks

124,474

Market

Transaction

(1)

Discount

World

Precious

Minerals

Fund

Investments

in

Securities

0%

-

100%

discount

(80%

discount)

Common

Stocks

166,580

Market

Transaction

(1)

Discount

Special

Warrants

0

Market

Transaction

(1)

Discount

100%

Subscription

Receipt

184,778

Market

Transaction

(1)

Discount

0%

Gold

and

Precious

Metals

Fund

Investments

in

Securities

Corporate

Non-Convertible

Bond

0

Market

Transaction

(1)

Discount

100%

Emerging

Europe

Fund

Investments

in

Securities

62%

Common

Stocks

9,478

Market

Transaction

(1)

Discount

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.

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2022

48

At

March

31,

2022,

the

value

of

investments

in

affiliated

companies

was

$0,

representing

0%

of

net

assets,

and

the

total

cost

was

$27,968,676.

Shares

of

Affiliated

Companies

Global

Resources

Fund

December

31,

2021

Additions

Reductions

March

31,

2022

Caribbean

Resources

Corp.

17‌

—‌

—‌

17‌

Pacific

Green

Energy

Corp.

2,400,000‌

—‌

—‌

2,400,000‌

Values

of

Affiliated

Companies

Global

Resources

Fund

December

31,

2021

Purchases

Cost

Sales

Proceeds

March

31,

2022

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Caribbean

Resources

Corp.

$

0

$

—‌

$

—‌

$

0‌

$

—‌

$

—‌

$

—‌

Pacific

Green

Energy

Corp.

0‌

—‌

—‌

0‌

—‌

—‌

—‌

$

0

$

—‌

$

—‌

$

0‌

$

—‌

$

—‌

$

—‌

Shares

of

Affiliated

Companies

World

Precious

Minerals

Fund

December

31,

2021

Additions

Reductions

March

31,

2022

Barsele

Minerals

Corp.

7,500,000‌

—‌

—‌

7,500,000‌

Kesselrun

Resources,

Ltd.

5,000,000‌

—‌

—‌

5,000,000‌

Kesselrun

Resources,

Ltd.

(Warrants)

—‌

1,250,000‌

—‌

1,250,000‌

Mammoth

Resources

Corp.

5,500,000‌

—‌

—‌

5,500,000‌

Olive

Resource

Capital,

Inc.

(formerly

Norvista

Capital

Corp.)

4,000,000‌

—‌

—‌

4,000,000‌

Polarx

,

Ltd.

37,463,888‌

—‌

—‌

37,463,888‌

(a)

TriStar

Gold,

Inc.

28,750,000‌

—‌

—‌

28,750,000‌

Values

of

Affiliated

Companies

World

Precious

Minerals

Fund

December

31,

2021

Purchases

Cost

Sales

Proceeds

March

31,

2022

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Barsele

Minerals

Corp.

$

3,142,417‌

$

—‌

$

—‌

$

2,684,678‌

$

—‌

$

—‌

$

(457,739‌)

Kesselrun

Resources,

Ltd.

513,854‌

—‌

—‌

379,954‌

—‌

—‌

(

133,900‌

)

Kesselrun

Resources,

Ltd.

(Warrants)

—‌

—‌

—‌

—‌

—‌

—‌

—‌

Mammoth

Resources

Corp.

434,800‌

—‌

—‌

340,959‌

—‌

—‌

(93,841‌)

Olive

Resource

Capital,

Inc.

(formerly

Norvista

Capital

Corp.)

252,974‌

—‌

—‌

207,975‌

—‌

—‌

(44,999‌)

Polarx

,

Ltd.

970,071‌

—‌

—‌

671,784‌

(a)

—‌

—‌

(298,287‌)

TriStar

Gold,

Inc.

4,659,275‌

—‌

—‌

4,254,489‌

—‌

—‌

(404,786‌)

$

9,973,391‌

$

—‌

$

—‌

$

8,539,839‌

$

—‌

$

—‌

$

(1,433,552‌)

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2022

49

At

March

31,

2022,

the

value

of

investments

in

affiliated

companies

was

$7,868,055,

representing

8.81%

of

net

assets,

and

the

total

cost

was

$6,857,350.

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,

2022,

the

total

cost

of

restricted

securities

was

$426,625,

and

the

total

value

was

$0,

representing

0%

of

net

assets.

As

of

March

31,

2022,

the

total

cost

of

restricted

securities

was

$7,473,544,

and

the

total

value

was

$120,741,

representing

0.16%

of

net

assets.

Open

forward

foreign

currency

contracts

as

of

March

31,

2022,

were

as

follows:

(a)

At

March

31,

2022,

the

company

was

no

longer

defined

as

an

affiliate,

although

it

was

an

affiliate

company

during

the

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

Fund

Counterparty

Currency

to

Deliver

Currency

to

Receive

Settlement

Value

at

March

31,

2022

Net

Unrealized

Appreciation

(Depreciation)

Emerging

Europe

Fund

Brown

Brothers

Harriman

&

Co.

USD

1,891,930‌

EUR

1,700,000‌

4/1/2022

$

1,880,625‌

$

(

11,305‌

)

Brown

Brothers

Harriman

&

Co.

USD

546,150‌

EUR

500,000‌

4/1/2022

553,125‌

6,975‌

Brown

Brothers

Harriman

&

Co.

EUR

1,000,000‌

USD

1,107,430‌

4/1/2022

1,106,250‌

1,180‌

Brown

Brothers

Harriman

&

Co.

PLN

3,000,000‌

USD

702,214‌

4/4/2022

713,716‌

(11,502‌)

Brown

Brothers

Harriman

&

Co.

TRY

11,000,000‌

USD

749,421‌

4/4/2022

747,330‌

2,091‌

Brown

Brothers

Harriman

&

Co.

PLN

5,000,000‌

USD

1,151,941‌

4/28/2022

1,186,812‌

(34,871‌)