Us Global Investors Funds NPORT-P Usgi Global Luxury Goods Fund (Mar 2023 report)

Portfolio

of

Investments

(unaudited)

1

See

notes

to

portfolios

of

investments.

March

31,

2023

U.S.

Government

Securities

Ultra-Short

Bond

Fund

United

States

Government

and

Agency

Obligations

89.88%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Federal

Farm

Credit

Bank

21.84%

Fixed

Rates:

5.34

05/28/26

$

2,000,000

$

1,996,257

Floating

Rates:

(Federal

Reserve

Bank

Effective

Rate

+

(0.02)

%)

4.82

05/15/23

5,000,000

5,000,177

6,996,434

Federal

Home

Loan

Bank

60.39%

Fixed

Rates:

4.50

07/20/23

3,000,000

2,997,965

3.25

08/15/23

855,000

849,806

4.30

09/26/23

2,000,000

1,994,767

4.75

10/24/23

5,000,000

4,999,133

4.88

11/07/23

3,000,000

3,001,726

5.00

04/25/24

1,500,000

1,496,210

4.63

12/13/24

2,000,000

2,010,136

5.35

12/30/24

2,000,000

2,000,310

19,350,053

U.S.

Treasury

Note/Bond

7.65%

Fixed

Rates:

0.13

06/30/23

1,500,000

1,483,660

0.13

12/15/23

1,000,000

968,666

2,452,326

Investments,

at

value

89.88%

28,798,813

(cost

$28,847,700

)

Other

assets

and

liabilities,

net

10.12%

3,242,248

Net

Assets

100.00%

$

32,041,061

Portfolio

of

Investments

(unaudited)

2

See

notes

to

portfolios

of

investments.

March

31,

2023

Near-Term

Tax

Free

Fund

Municipal

Bonds

80.83%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Alabama

1.66%

Alabama

Community

College

System,

Alabama,

Refunding,

RB

BAM

4.00

11/01/24

$

185,000

$

188,648

Alabaster

Board

of

Education,

Alabama,

Prefunding,

Special

Tax

Bond

AGM

5.00

09/01/44

300,000

309,437

498,085

Arizona

1.37%

City

of

Mesa

AZ,

Arizona,

Refunding,

GO

Limited

4.00

07/01/25

400,000

412,770

California

2.93%

City

of

Milpitas

CA

Wastewater

Revenue,

California,

Refunding,

RB

5.00

11/01/24

350,000

363,923

East

Side

Union

High

School

District,

California,

GO

Unlimited

AGM

5.00

08/01/24

200,000

206,483

State

of

California,

California,

Refunding,

GO

Unlimited

5.00

08/01/24

300,000

309,963

880,369

Colorado

3.81%

City

of

Glendale

CO,

Colorado,

Refunding,

COP

AGM

5.00

12/01/25

750,000

779,455

Colorado

Health

Facilities

Authority,

Colorado,

Refunding,

RB

5.00

10/01/25

350,000

366,975

1,146,430

Connecticut

2.20%

State

of

Connecticut,

Connecticut,

GO

Unlimited

4.00

06/15/24

235,000

239,131

State

of

Connecticut,

Connecticut,

Refunding,

GO

Unlimited

5.00

05/15/27

200,000

215,452

Town

of

Simsbury

CT,

Connecticut,

Refunding,

GO

Unlimited

5.00

08/01/24

200,000

206,483

661,066

Florida

4.30%

Port

St

Lucie

Community

Redevelopment

Agency,

Florida,

Refunding,

Tax

Allocation

Bond

5.00

01/01/25

705,000

732,103

School

District

of

Broward

County/FL,

Florida,

RN

4.00

06/30/23

560,000

561,885

1,293,988

Hawaii

0.63%

State

of

Hawaii,

Hawaii,

Refunding,

GO

Unlimited

5.00

10/01/27

175,000

190,254

Portfolio

of

Investments

(unaudited)

3

See

notes

to

portfolios

of

investments.

March

31,

2023

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Illinois

3.43%

Chicago

Park

District,

Illinois,

Refunding,

GO

Limited,

Series B

5.00

01/01/24

$

500,000

$

507,367

City

of

St

Charles

IL,

Illinois,

GO

Unlimited

5.00

12/01/23

210,000

213,248

Cook

County

Township

High

School

District

No.

225,

Illinois,

Refunding,

GO

Unlimited

5.00

12/01/24

300,000

311,299

1,031,914

Indiana

1.54%

Northwestern

School

Corp.,

Indiana,

GO

Limited

5.00

01/15/26

150,000

158,930

South

Henry

Multi

School

Building

Corp.,

Indiana,

RB

5.00

07/15/24

125,000

128,543

Warrick

County

Redevelopment

District,

Indiana,

Refunding,

Tax

Allocation

Bond

4.00

08/01/25

170,000

175,086

462,559

Iowa

1.00%

Iowa

Finance

Authority,

Iowa,

Refunding,

RB

5.00

02/15/25

290,000

300,270

Kansas

0.57%

City

of

Lawrence

KS,

Kansas,

GO

Unlimited

3.25

09/01/27

170,000

170,921

Kentucky

1.86%

City

of

Ashland

KY,

Kentucky,

Refunding,

GO

Unlimited

AGM

5.00

01/01/25

300,000

311,845

Kentucky

Bond

Development

Corp.,

Kentucky,

Refunding,

RB

5.00

05/01/25

235,000

245,912

557,757

Louisiana

0.96%

Louisiana

Housing

Corp.,

Louisiana,

RB

FHLMC

2.15

12/01/24

295,000

289,092

Massachusetts

6.91%

Commonwealth

of

Massachusetts

Federal

Highway

Grant

Anticipation

Note

Revenue,

Massachusetts,

RB

5.00

06/15/25

250,000

257,368

Massachusetts

Development

Finance

Agency,

Massachusetts,

Refunding,

RB

4.00

04/01/25

250,000

256,520

Massachusetts

Port

Authority,

Massachusetts,

Refunding,

RB

5.00

07/01/24

560,000

575,992

Town

of

East

Bridgewater

MA,

Massachusetts,

GO

Limited

Notes

5.00

04/28/23

687,949

688,959

Town

of

Lenox

MA,

Massachusetts,

GO

Limited

2.00

06/01/23

300,000

299,574

2,078,413

Portfolio

of

Investments

(unaudited)

4

See

notes

to

portfolios

of

investments.

March

31,

2023

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Michigan

2.34%

Great

Lakes

Water

Authority

Water

Supply

System

Revenue,

Michigan,

Refunding,

RB

5.00

07/01/26

$

365,000

$

394,477

Michigan

Finance

Authority,

Michigan,

RB

AGM

5.00

07/01/26

300,000

307,602

702,079

Minnesota

1.12%

City

of

St

Cloud

MN,

Minnesota,

Refunding,

RB

5.00

05/01/24

185,000

189,057

City

of

Thief

River

Falls

MN,

Minnesota,

Refunding,

GO

Unlimited

2.00

02/01/24

150,000

149,036

338,093

Mississippi

0.43%

County

of

Madison

MS,

Mississippi,

GO

Unlimited

4.50

11/01/25

125,000

128,693

Missouri

0.69%

St

Louis

Land

Clearance

for

Redevelopment

Authority,

Missouri,

RB

4.00

07/15/25

200,000

206,194

Nebraska

1.90%

Adams

County

School

District

No.

18,

Nebraska,

GO

Unlimited

2.00

12/15/23

260,000

257,770

Nebraska

Public

Power

District,

Nebraska,

Refunding,

RB

5.00

01/01/25

300,000

312,523

570,293

Nevada

1.03%

Clark

County

Water

Reclamation

District,

Nevada,

Refunding,

GO

Limited

5.00

07/01/24

300,000

308,641

New

Hampshire

0.68%

City

of

Portsmouth

NH,

New

Hampshire,

GO

Unlimited

4.00

06/15/24

200,000

203,397

New

Jersey

3.81%

Middlesex

County

Improvement

Authority,

New

Jersey,

RB

5.00

07/01/25

425,000

448,898

Township

of

North

Bergen

NJ,

New

Jersey,

GO

Unlimited

Notes

5.00

12/21/23

440,000

444,794

Township

of

Vernon

NJ,

New

Jersey,

Refunding,

GO

Unlimited

4.00

01/01/24

250,000

252,417

1,146,109

Portfolio

of

Investments

(unaudited)

5

See

notes

to

portfolios

of

investments.

March

31,

2023

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

New

Mexico

2.21%

City

of

Rio

Rancho

NM,

New

Mexico,

GO

Unlimited

5.00

08/01/27

$

600,000

$

664,872

New

York

2.35%

City

of

New

York

NY,

New

York,

Refunding,

GO

Unlimited

5.00

08/01/25

250,000

265,053

City

of

New

York

NY,

New

York,

Refunding,

GO

Unlimited

5.00

08/01/26

200,000

217,312

Port

Authority

of

New

York

&

New

Jersey,

New

York,

Refunding,

RB

5.00

10/01/25

215,000

223,798

706,163

Ohio

0.97%

Kettering

City

School

District,

Ohio,

Refunding,

GO

Unlimited

5.00

12/01/24

280,000

290,361

Oklahoma

4.72%

Cleveland

County

Independent

School

District

No.

29

Norman,

Oklahoma,

GO

Unlimited

3.00

05/01/24

415,000

416,346

Grady

County

School

Finance

Authority,

Oklahoma,

RB

5.00

09/01/24

225,000

232,046

Tulsa

Public

Facilities

Authority,

Oklahoma,

RB

5.00

06/01/24

750,000

769,236

1,417,628

Oregon

1.66%

City

of

Ashland

OR,

Oregon,

GO

Limited

2.38

10/01/26

200,000

197,078

Klamath

Falls

Intercommunity

Hospital

Authority,

Oregon,

Refunding,

RB

4.00

09/01/24

175,000

176,917

Umatilla

County

School

District

No.

8R

Hermiston,

Oregon,

GO

Unlimited 

◊

3.40

06/15/23

125,000

124,275

498,270

Pennsylvania

3.15%

Commonwealth

of

Pennsylvania,

Pennsylvania,

Refunding,

GO

Unlimited,

First

Series

5.00

08/15/25

310,000

328,064

Commonwealth

of

Pennsylvania,

Pennsylvania,

GO

Unlimited,

Second

Series

5.00

09/15/24

300,000

310,624

Pittsburgh

Water

&

Sewer

Authority,

Pennsylvania,

RB

AGM

5.00

09/01/24

300,000

309,606

948,294

South

Carolina

1.09%

City

of

Tega

Cay

SC,

South

Carolina,

Refunding,

GO

Unlimited

2.25

04/01/25

335,000

329,064

Portfolio

of

Investments

(unaudited)

6

See

notes

to

portfolios

of

investments.

March

31,

2023

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

South

Dakota

0.46%

South

Dakota

Health

&

Educational

Facilities

Authority,

South

Dakota,

Refunding,

RB

5.00

09/01/24

$

135,000

$

138,435

Tennessee

0.86%

Metropolitan

Government

of

Nashville

&

Davidson

County

TN,

Tennessee,

GO

Unlimited

5.00

07/01/24

250,000

257,449

Texas

6.74%

City

of

Austin

TX,

Texas,

Refunding,

GO

Limited

5.00

09/01/24

215,000

222,519

City

of

Dallas

TX

Waterworks

&

Sewer

System

Revenue,

Texas,

RB

5.00

10/01/23

275,000

278,256

City

of

Leander

TX,

Texas,

GO

Unlimited

5.00

08/15/23

965,000

973,357

Ector

County

Independent

School

District,

Texas,

Prefunding,

GO

Unlimited

PSF-GTD

5.00

08/15/29

400,000

403,245

University

of

Houston,

Texas,

Refunding,

RB

5.00

02/15/24

145,000

147,950

2,025,327

Utah

1.82%

County

of

Utah

UT,

Utah,

RB

5.00

05/15/24

250,000

256,076

Jordan

Valley

Water

Conservancy

District,

Utah,

Refunding,

RB

5.00

10/01/24

280,000

290,319

546,395

Vermont

1.32%

University

of

Vermont

and

State

Agricultural

College,

Vermont,

Refunding,

RB

5.00

10/01/24

385,000

398,329

Virginia

2.57%

Commonwealth

of

Virginia,

Virginia,

Refunding,

GO

Unlimited

5.00

06/01/23

535,000

537,056

Virginia

Commonwealth

Transportation

Board,

Virginia,

RB

5.00

05/15/25

225,000

236,902

773,958

Washington

4.34%

King

County

Fire

Protection

District

No.

45,

Washington,

GO

Unlimited

4.00

12/01/25

260,000

269,560

King

County

Housing

Authority,

Washington,

Refunding,

RB

4.00

06/01/27

150,000

155,770

State

of

Washington,

Washington,

GO

Unlimited

5.00

06/01/23

385,000

386,486

Portfolio

of

Investments

(unaudited)

7

See

notes

to

portfolios

of

investments.

March

31,

2023

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Washington

(cont’d)

State

of

Washington,

Washington,

Refunding,

GO

Unlimited

5.00

07/01/23

$

490,000

$

492,892

1,304,708

Wisconsin

1.40%

Village

of

Hartland

WI,

Wisconsin,

Refunding,

GO

Unlimited

3.00

06/01/24

420,000

421,408

Investments,

at

value

80.83%

24,298,048

(cost

$24,391,655

)

Other

assets

and

liabilities,

net

19.17%

5,761,602

Net

Assets

100.00%

$

30,059,650

Portfolio

of

Investments

(unaudited)

8

See

notes

to

portfolios

of

investments.

March

31,

2023

Global

Luxury

Goods

Fund

Common

Stocks

89.58%

Shares

Value

Apparel

Manufacturers

12.58%

Christian

Dior

SE

585

$

522,620

Deckers

Outdoor

Corp. 

*

1,664

748,051

Hermes

International

1,362

2,758,400

Kering

SA,

ADR

9,200

599,288

PRADA

SpA

64,000

453,828

PVH

Corp.

10,450

931,722

6,013,909

Automotive

-

Cars

&

Light

Trucks

20.87%

Bayerische

Motoren

Werke

AG

17,900

1,961,816

Lucid

Group,

Inc. 

*

69,000

554,760

Mercedes-Benz

Group

AG,

ADR

119,214

2,286,525

NIO,

Inc.,

ADR 

*

26,000

273,260

Tesla,

Inc. 

*

13,555

2,812,120

Volkswagen

AG

12,150

2,084,030

9,972,511

Beverages

-

Wine/Spirits

0.97%

Remy

Cointreau

SA

2,550

464,313

Building

-

Residential/Commercial

1.81%

Toll

Brothers,

Inc.

14,400

864,432

Computers

3.66%

Apple,

Inc.

10,600

1,747,940

E-Commerce/Products

3.78%

Amazon.com,

Inc. 

*

17,500

1,807,575

Energy

-

Alternate

Sources

0.00%

Pacific

Green

Energy

Corp. 

#*@

100,000

0

Fiduciary

Banks

2.48%

Northern

Trust

Corp.

13,470

1,187,111

Finance

-

Credit

Card

0.47%

American

Express

Co.

1,350

222,683

Finance

-

Mortgage

Loan/Banker

0.00%

Lendified

Holdings,

Inc. 

#*@

1,116,560

0

Gold

Mining

4.91%

B2Gold

Corp.

127,000

500,380

Centamin

PLC

170,000

219,010

Dundee

Precious

Metals,

Inc.

40,000

291,824

Franco-Nevada

Corp.

3,550

517,590

Royal

Gold,

Inc.

3,900

505,869

Torex

Gold

Resources,

Inc. 

*

11,000

183,048

Portfolio

of

Investments

(unaudited)

9

See

notes

to

portfolios

of

investments.

March

31,

2023

Global

Luxury

Goods

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Westgold

Resources,

Ltd. 

*

150,000

$

130,930

2,348,651

Home

Furnishings

1.88%

Tempur

Sealy

International,

Inc.

22,700

896,423

Hotels

&

Motels

11.50%

Hilton

Worldwide

Holdings,

Inc.

12,900

1,817,223

HUGO

BOSS

AG

14,100

1,013,938

Hyatt

Hotels

Corp.,

Class A 

*

7,800

871,962

Marriott

International,

Inc.,

Class A

10,800

1,793,232

5,496,355

Oil

Companies

-

Exploration

&

Production

0.05%

NG

Energy

International

Corp.,

144A 

#*∆

50,000

25,157

Platinum

0.58%

Impala

Platinum

Holdings,

Ltd.,

ADR

30,000

275,100

Precious

Metals

1.00%

Wheaton

Precious

Metals

Corp.

9,900

476,784

Real

Estate

Operating/Development

0.00%

Infrastructure

Ventures,

Inc. 

#*@+

426,533

0

Resorts/Theme

Parks

1.82%

Vail

Resorts,

Inc.

3,730

871,626

Retail

-

Apparel/Shoe

12.70%

Brunello

Cucinelli

SpA

14,400

1,428,722

Industria

de

Diseno

Textil

SA

61,000

2,049,308

Moncler

SpA

21,000

1,450,502

Salvatore

Ferragamo

SpA

6,700

122,546

Zalando

SE,

144A 

*∆

24,300

1,018,426

6,069,504

Retail

-

Jewelry

4.78%

Cie

Financiere

Richemont

SA

14,250

2,285,075

Textile

-

Apparel

3.74%

LVMH

Moet

Hennessy

Louis

Vuitton

SE,

ADR

9,737

1,788,979

Total

Common

Stocks

42,814,128

(cost

$37,135,008)

Portfolio

of

Investments

(unaudited)

10

See

notes

to

portfolios

of

investments.

March

31,

2023

Global

Luxury

Goods

Fund

Corporate

Non-Convertible

Bond

1.57%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Gold

Mining

1.57%

Aris

Gold

Corp.

7.50

08/26/27

$

768,334

$

752,967

(cost

$768,263)

Warrants

0.03%

Exercise

Price

Exp.

Date

Shares

Enterprise

Software/Services

0.00%

Abaxx

Technologies,

Inc. 

*

$

5.10

05/14/23

34,062

1,260

Retail

-

Jewelry

0.03%

Cie

Financiere

Richemont

SA 

*

67.00

11/22/23

9,200

11,564

Total

Warrants

12,824

(cost

$0

)

Investments,

at

value

91.18%

43,579,919

(cost

$37,903,271

)

Other

assets

and

liabilities,

net

8.82%

4,214,000

Net

Assets

100.00%

$

47,793,919

Portfolio

of

Investments

(unaudited)

11

See

notes

to

portfolios

of

investments.

March

31,

2023

Global

Resources

Fund

Common

Stocks

84.38%

Shares

Value

Advanced

Materials/Production

4.44%

Nano

One

Materials

Corp. 

*

275,000

$

645,024

NanoXplore

,

Inc. 

*

500,000

1,206,067

Neo

Performance

Materials,

Inc.

80,000

549,316

2,400,407

Agricultural

Chemicals

1.49%

CF

Industries

Holdings,

Inc.

2,000

144,980

Nutrien

,

Ltd.

4,000

295,405

The

Mosaic

Co.

8,000

367,040

807,425

Agricultural

Operations

0.44%

Wide

Open

Agriculture,

Ltd. 

*

2,000,000

239,169

Building

&

Construction

Products

-

Miscellaneous

0.25%

Louisiana-Pacific

Corp.

2,500

135,525

Building

Products

-

Wood

0.26%

West

Fraser

Timber

Co.,

Ltd.

2,000

142,656

Chemicals

-

Diversified

0.04%

Base

Carbon,

Inc. 

*

71,429

22,726

Coal

0.00%

Caribbean

Resources

Corp. 

#*@~

17

0

Diamonds/Precious

Stones

1.48%

Barksdale

Resources

Corp. 

*

1,575,000

687,569

Lucara

Diamond

Corp. 

*

300,000

113,208

800,777

Distribution/Wholesale

0.49%

Fox

River

Resources

Corp. 

*

1,000,000

262,671

Diversified

Minerals

14.62%

Arianne

Phosphate,

Inc. 

*

1,000,000

340,363

Bradda

Head

Lithium,

Ltd. 

*

2,000,000

119,711

Critical

Elements

Lithium

Corp. 

*

550,000

1,037,736

Desert

Mountain

Energy

Corp. 

*

300,000

372,919

E3

Lithium,

Ltd. 

*

400,000

802,072

Group

6

Metals,

Ltd. 

*

800,000

93,721

Ion

Energy,

Ltd. 

*

225,000

45,782

Leo

Lithium,

Ltd. 

*

822,649

288,456

Li-FT

Power,

Ltd. 

*

80,000

473,548

Lithium

Americas

Corp. 

*

20,000

435,200

Lithium

Ionic

Corp. 

*

600,000

1,029,967

Lithium

Royalty

Corp. 

*

50,000

599,334

Morella

Corp.,

Ltd. 

*

13,333,334

80,989

Portfolio

of

Investments

(unaudited)

12

See

notes

to

portfolios

of

investments.

March

31,

2023

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Diversified

Minerals

(cont’d)

Nio

Strategic

Metals,

Inc. 

*

3,325,000

$

295,228

Nio

Strategic

Metals,

Inc.,

144A 

#∆

362,069

32,148

Northern

Graphite

Corp. 

*

675,000

249,723

Piedmont

Lithium,

Inc. 

*

7,500

450,375

Salazar

Resources,

Ltd. 

*

2,500,000

157,233

Standard

Lithium,

Ltd. 

*

75,000

285,000

VR

Resources,

Ltd. 

*

1,000,000

99,889

Winsome

Resources,

Ltd. 

*

300,000

357,765

Wolfden

Resources

Corp. 

*

1,825,000

256,567

7,903,726

Energy

-

Alternate

Sources

0.93%

Canadian

Solar,

Inc. 

*

10,000

398,100

Pacific

Green

Energy

Corp. 

#*@~

2,400,000

0

Zinc8

Energy

Solutions,

Inc. 

*

1,000,000

107,288

505,388

Enterprise

Software/Services

3.78%

Abaxx

Technologies,

Inc. 

*

1,000,000

1,724,010

Base

Carbon,

Inc. 

*

1,000,000

318,165

2,042,175

Food

-

Miscellaneous/Diversified

0.18%

Burcon

NutraScience

Corp. 

*

500,000

99,889

Gold

Mining

7.12%

Arena

Minerals,

Inc. 

*

500,000

233,074

Centerra

Gold,

Inc.

50,000

322,974

Critical

Resources,

Ltd. 

*

3,500,000

105,950

EnviroGold

Global,

Ltd.,

144A 

#*∆

75,000

9,989

Firefinch

,

Ltd. 

#*@

1,000,000

93,583

Ionic

Rare

Earths,

Ltd. 

*

7,500,000

136,730

K92

Mining,

Inc. 

*

100,000

568,258

Kinross

Gold

Corp.

125,000

588,750

Montage

Gold

Corp. 

*

750,000

388,457

OceanaGold

Corp.

250,000

619,682

Royal

Road

Minerals,

Ltd. 

*

5,500,000

488,346

Silver

Tiger

Metals,

Inc. 

*

1,000,000

247,873

Western

Atlas

Resources,

Inc. 

*

2,000,000

44,395

3,848,061

Industrial

Gases

1.32%

Linde

PLC

2,000

710,880

Investment

Companies

1.11%

Contango

Holdings

PLC 

*

10,602,248

602,167

Portfolio

of

Investments

(unaudited)

13

See

notes

to

portfolios

of

investments.

March

31,

2023

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Machinery

-

Electric

Utilities

1.11%

Bloom

Energy

Corp.,

Class A 

*

30,000

$

597,900

Metal

-

Copper

1.35%

Arizona

Sonoran

Copper

Co.,

Inc. 

*

400,000

547,540

Kutcho

Copper

Corp. 

*

850,000

182,390

729,930

Metal

-

Diversified

15.65%

Bell

Copper

Corp. 

*

1,000,000

177,580

Centaurus

Metals,

Ltd. 

*

750,000

472,928

Chakana

Copper

Corp. 

*

483,494

28,620

Churchill

Resources,

Inc. 

*

599,587

23,291

Electra

Battery

Materials

Corp. 

*

83,333

168,947

Electra

Battery

Materials

Corp.,

144A 

#∆

55,555

112,631

Filo

Mining

Corp. 

*

200,000

3,439,142

GoviEx

Uranium,

Inc.,

144A 

#*∆

58,000

9,227

Ivanhoe

Electric,

Inc./US 

*

16,499

200,463

Ivanhoe

Mines,

Ltd. 

*

340,000

3,071,698

Magna

Mining,

Inc. 

*

325,000

245,283

Nubian

Resources,

Ltd. 

*

250,000

14,336

Orsu

Metals

Corp.,

144A 

#*@∆

14,761

0

Silver

X

Mining

Corp. 

*

355,000

103,755

Sovereign

Metals,

Ltd. 

*

600,000

177,429

Vox

Royalty

Corp.

70,000

216,500

8,461,830

Metal

-

Iron

0.00%

Consolidated

Growth

Holdings,

Ltd. 

#*@

19,859,173

0

Mining

Services

1.16%

Cordoba

Minerals

Corp. 

*

58,823

19,477

Core

Assets

Corp.,

144A 

#*@∆

600,000

102,109

Defense

Metals

Corp. 

*

2,000,000

443,951

Galway

Metals,

Inc. 

*

166,666

61,660

627,197

Natural

Resource

Technology

0.23%

I-Pulse,

Inc.,

144A 

#*@+∆

15,971

126,171

Non-Ferrous

Metals

4.44%

Encore

Energy

Corp. 

*

300,000

652,608

Energy

Fuels,

Inc./Canada 

*

80,000

446,400

Euro

Manganese,

Inc. 

*

1,000,000

147,106

InZinc

Mining,

Ltd. 

*

2,000,000

36,996

Nova

Royalty

Corp. 

*

500,000

558,639

Premium

Nickel

Resources,

Ltd. 

*

500,000

558,639

Portfolio

of

Investments

(unaudited)

14

See

notes

to

portfolios

of

investments.

March

31,

2023

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Non-Ferrous

Metals

(cont’d)

Sterling

Group

Ventures,

Inc.,

144A 

#*@∆

500,000

$

0

2,400,388

Oil

-

Field

Services

1.68%

Halliburton

Co.

10,000

316,400

Schlumberger

NV

12,000

589,200

905,600

Oil

-

US

Royalty

Trusts

7.88%

Black

Stone

Minerals

LP

50,000

784,500

Deterra

Royalties,

Ltd.

200,000

643,588

Kimbell

Royalty

Partners

LP

55,000

837,650

Sabine

Royalty

Trust

20,000

1,436,200

Viper

Energy

Partners

LP

20,000

560,000

4,261,938

Oil

Companies

-

Exploration

&

Production

5.09%

ConocoPhillips

2,500

248,025

Freehold

Royalties,

Ltd.

30,000

322,530

New

Stratus

Energy,

Inc. 

*

1,888,500

426,188

NG

Energy

International

Corp.,

144A 

#*∆

200,000

100,629

NGX,

Ltd. 

#*@

54,545

6,198

Occidental

Petroleum

Corp.

10,000

624,300

Range

Resources

Corp.

20,000

529,400

Source

Rock

Royalties,

Ltd.

500,000

281,169

Topaz

Energy

Corp.

15,000

212,098

2,750,537

Oil

Refining

&

Marketing

0.65%

Valero

Energy

Corp.

2,500

349,000

Pipelines

2.19%

Cheniere

Energy,

Inc.

7,500

1,182,000

Precious

Metals

1.44%

Brixton

Metals

Corp. 

*

2,000,000

251,572

Nova

Minerals,

Ltd. 

*

500,000

153,815

Pan

American

Energy

Corp. 

*

500,000

236,774

Polarx

,

Ltd. 

*

20,700,000

138,770

780,931

Real

Estate

Operating/Development

1.04%

Infrastructure

Ventures,

Inc. 

#*@+

7,443,544

0

Revival

Gold,

Inc. 

*

1,000,000

562,338

562,338

Portfolio

of

Investments

(unaudited)

15

See

notes

to

portfolios

of

investments.

March

31,

2023

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

REITS

-

Diversified

1.84%

PotlatchDeltic

Corp.

REIT

10,000

$

495,000

Rayonier,

Inc.

REIT

15,000

498,900

993,900

Retail

-

Jewelry

0.33%

Mene

,

Inc. 

*

750,000

177,581

Silver

Mining

0.35%

Vizsla

Silver

Corp. 

*

125,000

191,454

Total

Common

Stocks

45,622,337

(cost

$88,964,057)

Corporate

Non-Convertible

Bonds

2.74%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

1.71%

Aris

Gold

Corp.

7.50

08/26/27

$

943,954

925,075

Oil

Companies

-

Exploration

&

Production

1.03%

NG

Energy

International

Corp. 

#

8.00

04/30/27

750,000

554,939

Total

Corporate

Non-Convertible

Bonds

1,480,014

(cost

$1,531,067)

Exchange

Traded

Funds

1.46%

Shares

abrdn

Physical

Palladium

Shares

ETF 

*

200

27,008

abrdn

Physical

Platinum

Shares

ETF 

*

800

73,552

Direxion

Daily

Gold

Miners

Index

Bull

2X

Shares

ETF

566

23,732

Direxion

Daily

S&P

Oil

&

Gas

Exp.

&

Prod.

Bull

2X

Shares

ETF

150

18,441

ETFMG

Prime

Junior

Silver

Miners

ETF

2,200

24,464

First

Trust

Natural

Gas

ETF

1,500

33,780

Global

X

Silver

Miners

ETF

650

19,968

Global

X

US

Infrastructure

Development

ETF

2,700

76,545

Invesco

DB

Agriculture

Fund

ETF

4,000

81,720

Invesco

DB

Base

Metals

Fund

ETF

2,000

40,400

iShares

Silver

Trust

ETF 

*

750

16,590

KraneShares

California

Carbon

ETF

2,000

47,680

SPDR

Gold

Shares

ETF 

*

82

15,024

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

250

31,897

Sprott

Physical

Uranium

Trust 

*

4,250

49,686

Teucrium

Corn

Fund

ETF 

*

2,000

50,460

Teucrium

Sugar

Fund

ETF 

*

5,000

56,900

Teucrium

Wheat

Fund

ETF 

*

4,300

30,358

U.S.

Gasoline

Fund

LP

ETF 

*

350

21,277

Portfolio

of

Investments

(unaudited)

16

See

notes

to

portfolios

of

investments.

March

31,

2023

Global

Resources

Fund

Exchange

Traded

Funds (cont’d)

Shares

Value

VanEck

Steel

ETF

800

$

50,992

Total

Exchange

Traded

Funds

790,474

(cost

$774,152)

Warrants

0.31%

Exercise

Price

Exp.

Date

Diversified

Minerals

0.00%

Bradda

Head

Lithium,

Ltd.,

144A 

#*@∆

$

0.21

04/19/24

2,000,000

0

Desert

Mountain

Energy

Corp.,

144A 

#*@∆

2.70

03/24/25

300,000

0

First

Helium,

Inc.,

144A 

#*@∆

0.50

07/12/23

925,000

0

Ion

Energy,

Ltd.,

144A 

#*@∆

0.70

04/13/24

225,000

0

Nio

Strategic

Metals,

Inc.,

144A 

#*@∆

0.12

10/15/23

1,662,500

0

0

Enterprise

Software/Services

0.00%

Abaxx

Technologies,

Inc. 

*

5.10

05/14/23

20,437

756

Investment

Companies

0.00%

Contango

Holdings

PLC,

144A 

#*@∆

0.09

11/07/25

4,583,333

0

Mining

Services

0.16%

Aris

Mining

Corp. 

*

2.75

07/29/25

370,889

86,445

Non-Ferrous

Metals

0.00%

Flying

Nickle

Mining

Corp.,

144A 

#*@∆

1.00

11/29/23

150,000

0

Oil

Companies

-

Exploration

&

Production

0.15%

NG

Energy

International

Corp. 

*

1.40

05/20/27

300,000

42,175

Source

Rock

Royalties,

Ltd. 

*

1.25

03/01/24

1,250,000

36,996

79,171

Silver

Mining

0.00%

Vizsla

Silver

Corp.,

144A 

#*@∆

2.00

11/15/24

62,500

3,237

Total

Warrants

169,609

(cost

$94,582

)

Investment

Company

0.04%

Shares

Value

Grayscale

Ethereum

Trust 

*

2,300

19,711

(cost

$18,507)

Call

Options

Purchased

0.00%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Diversified

Minerals

0.00%

Group

6

Metals,

Ltd. 

#@

$

0.28

01/25

$

11,200,000

400,000

1

Portfolio

of

Investments

(unaudited)

17

See

notes

to

portfolios

of

investments.

March

31,

2023

Global

Resources

Fund

Call

Options

Purchased (cont’d)

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Metal

-

Diversified

0.00%

Sovereign

Metals,

Ltd.,

144A 

#@∆

$

0.08

05/23

$

2,400,000

300,000

$

0

Total

Purchased

Call

Options

1

(premiums

paid

$0

)

Investments,

at

value

88.93%

48,082,146

(cost

$91,382,365

)

Other

assets

and

liabilities,

net

11.07%

5,987,413

Net

Assets

100.00%

$

54,069,559

Portfolio

of

Investments

(unaudited)

18

See

notes

to

portfolios

of

investments.

March

31,

2023

World

Precious

Minerals

Fund

Common

Stocks

96.28%

Shares

Value

Advanced

Materials/Production

11.39%

Nano

One

Materials

Corp. 

*

2,719,700

$

6,379,171

Chemicals

-

Diversified

0.00%

Base

Carbon,

Inc. 

*

574

183

Coal

0.00%

Caribbean

Resources

Corp. 

#*@

4

0

Diamonds/Precious

Stones

2.64%

Barksdale

Resources

Corp. 

*

3,275,000

1,429,708

Northern

Superior

Resources,

Inc. 

*

134,415

47,739

1,477,447

Diversified

Minerals

5.07%

Ascot

Resources,

Ltd.,

144A 

#*∆

6,412

3,274

Chesser

Resources,

Ltd. 

*

250,000

14,150

Desert

Gold

Ventures,

Inc. 

*

750,000

30,522

E79

Resources

Corp. 

*

2,000,000

192,379

Erdene

Resource

Development

Corp. 

*

600,000

159,822

Gossan

Resources,

Ltd. 

*

1,250,000

41,620

Indochine

Mining,

Ltd. 

#*@

10,000

0

Kenorland

Minerals,

Ltd. 

*

250,000

147,984

Kootenay

Resources,

Inc. 

#*@

40,000

2,960

Max

Resource

Corp. 

*

2,050,000

250,277

Minaurum

Gold,

Inc. 

*

1,000,000

140,585

Musgrave

Minerals,

Ltd. 

*

1,500,000

205,255

NGEX

Minerals,

Ltd. 

*

100,000

304,846

Northern

Graphite

Corp. 

*

1,000,000

369,959

Spark

Energy

Minerals,

Inc. 

*

1,967,105

72,775

VR

Resources,

Ltd. 

*

1,500,000

149,834

Waraba

Gold,

Ltd. 

*~

7,545,000

400,755

Waraba

Gold,

Ltd.,

144A 

#~∆

655,000

36,348

Western

Exploration,

Inc. 

*

250,000

314,465

2,837,810

Enterprise

Software/Services

0.02%

Abaxx

Technologies,

Inc. 

*

8,039

13,859

Financial

Services

0.00%

Tokens.com

Corp.,

144A 

#*∆

11,123

1,564

Gold

Mining

36.65%

Adamera

Minerals

Corp. 

*

5,470,000

182,131

Adamera

Minerals

Corp.,

144A 

#∆

119,543

3,980

Alamos

Gold,

Inc.

55,000

672,650

Allegiant

Gold,

Ltd. 

*

750,000

99,889

Alpha

Exploration,

Ltd. 

*

386,500

228,783

Portfolio

of

Investments

(unaudited)

19

See

notes

to

portfolios

of

investments.

March

31,

2023

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Amilot

Capital,

Inc.,

144A 

#*@∆

410,000

$

4,550

Angold

Resources,

Ltd. 

*

500,000

8,324

Angus

Gold,

Inc. 

*

250,000

138,735

Asante

Gold

Corp. 

*

500,000

625,231

Awale

Resources,

Ltd. 

*

1,300,000

115,427

Bellevue

Gold,

Ltd. 

*

575,000

491,760

Black

Cat

Syndicate,

Ltd. 

*

1,750,000

532,990

Black

Dragon

Gold

Corp. 

*

2,500,000

51,066

Cabral

Gold,

Inc. 

*

500,000

42,545

Cassiar

Gold

Corp. 

*

198,000

71,787

Compass

Gold

Corp. 

*

2,000,000

147,984

Contact

Gold

Corp. 

*

5,000,000

55,494

Faraday

Copper

Corp.,

144A 

#*∆

43,500

26,715

Felix

Gold,

Ltd. 

*

1,500,000

95,830

Freegold

Ventures,

Ltd. 

*

200,000

62,153

G2

Goldfields,

Inc. 

*

700,000

424,713

Gold

Bull

Resources

Corp. 

*

1,000,000

66,593

Goldshore

Resources,

Inc. 

*

1,000,000

118,387

Heliostar

Metals,

Ltd. 

*

1,350,500

304,774

HighGold

Mining,

Inc. 

*

375,000

194,229

K92

Mining,

Inc. 

*

800,000

4,546,060

Karus

Gold

Corp. 

#*@

375,000

61,043

Kesselrun

Resources,

Ltd. 

*~

5,000,000

129,486

Kore

Mining,

Ltd. 

*

437,500

16,186

Lion

One

Metals,

Ltd. 

*

500,000

307,066

Loncor

Gold,

Inc. 

*

2,600,000

740,659

Maple

Gold

Mines,

Ltd. 

*

1,000,000

118,387

Mawson

Gold,

Ltd. 

*

625,000

104,051

Moneta

Gold,

Inc. 

*

100,000

96,189

Montage

Gold

Corp. 

*

500,000

258,972

NV

Gold

Corp. 

*

1,000,000

59,193

Omai

Gold

Mines

Corp. 

*

3,000,000

133,185

Radisson

Mining

Resources,

Inc. 

*

8,000,000

1,213,467

Radius

Gold,

Inc.,

144A 

#*∆

125,000

17,111

Red

Pine

Exploration,

Inc. 

*

500,000

70,292

Reunion

Gold

Corp. 

*

4,000,000

1,154,273

Roscan

Gold

Corp. 

*

1,500,000

188,679

Royal

Road

Minerals,

Ltd. 

*

1,500,000

133,185

Sanu

Gold

Corp. 

*

585,000

86,570

Sanu

Gold

Corp.,

144A 

#∆

700,000

103,589

Scottie

Resources

Corp. 

*

2,000,000

347,762

Silver

Tiger

Metals,

Inc. 

*

1,000,000

247,873

Skeena

Resources,

Ltd. 

*

100,000

612,653

Southern

Gold,

Ltd. 

*

10,000,000

135,054

Storm

Exploration,

Inc. 

*

537,500

71,587

Strikepoint

Gold,

Inc. 

*

2,750,000

142,434

Taurus

Gold,

Ltd.,

144A 

#*@∆

2,448,381

0

Portfolio

of

Investments

(unaudited)

20

See

notes

to

portfolios

of

investments.

March

31,

2023

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Thesis

Gold,

Inc. 

*

1,000,000

$

717,721

Trillium

Gold

Mines,

Inc. 

*

250,000

24,047

TriStar

Gold,

Inc. 

*~

28,800,000

2,876,804

Viva

Gold

Corp. 

*

500,000

49,944

Wesdome

Gold

Mines,

Ltd. 

*

135,000

773,141

Westhaven

Gold

Corp. 

*

1,000,000

229,375

20,532,758

Metal

-

Copper

0.80%

Arizona

Sonoran

Copper

Co.,

Inc. 

*

100,000

136,885

C3

Metals,

Inc. 

*

1,500,000

61,043

Meridian

Mining

UK

Societas

*

400,000

159,822

Sun

Summit

Minerals

Corp. 

*

1,000,000

92,490

450,240

Metal

-

Diversified

9.93%

Amex

Exploration,

Inc. 

*

500,000

706,622

Argent

Minerals,

Ltd. 

*

18,500,000

123,577

Aurion

Resources,

Ltd. 

*

750,000

355,161

Auteco

Minerals,

Ltd. 

*

17,500,000

560,820

Auteco

Minerals,

Ltd. 

*

5,000,000

160,234

Blackwolf

Copper

and

Gold,

Ltd. 

*

1,000,000

247,873

Cartier

Resources,

Inc. 

*

750,000

58,268

Chakana

Copper

Corp. 

*

1,416,506

83,848

De

Grey

Mining,

Ltd. 

*

250,000

259,030

Ivanhoe

Mines,

Ltd. 

*

280,000

2,529,634

Kaizen

Discovery,

Inc. 

*

800,000

79,911

New

Age

Metals,

Inc.,

144A 

#*∆

143,518

6,371

Nubian

Resources,

Ltd. 

*

500,000

28,672

Orex

Minerals,

Inc. 

*

7,000,000

181,280

Orsu

Metals

Corp.,

144A 

#*@∆

186,922

0

Rockcliff

Metals

Corp.,

144A 

#*∆

873,333

16,155

RTG

Mining,

Inc. 

*

3,000,000

104,140

Sirios

Resources,

Inc. 

*

1,000,000

59,193

5,560,789

Metal

-

Iron

0.00%

Vector

Resources,

Ltd. 

#*@

10,000,000

0

Mining

Services

0.79%

Cordoba

Minerals

Corp. 

*

58,823

19,477

Orexplore

Technologies,

Ltd. 

*

267,284

12,467

Summa

Silver

Corp. 

*

800,000

408,435

440,379

Portfolio

of

Investments

(unaudited)

21

See

notes

to

portfolios

of

investments.

March

31,

2023

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Non-Ferrous

Metals

0.32%

InZinc

Mining,

Ltd. 

*

2,000,000

$

36,996

ValOre

Metals

Corp. 

*

1,000,000

140,584

177,580

Oil

Companies

-

Exploration

&

Production

0.00%

Big

Sky

Energy

Corp. 

#*@

2,000,000

0

Oil

Field

Machinery

&

Equipment

0.34%

Imdex

,

Ltd.

125,000

188,615

Optical

Recognition

Equipment

0.00%

Nexoptic

Technology

Corp.,

144A 

#*∆

12,083

536

Platinum

0.25%

Platinum

Group

Metals,

Ltd. 

*

100,000

142,804

Precious

Metals

19.81%

Amani

Gold,

Ltd. 

*

54,500,000

36,431

Arizona

Metals

Corp. 

*

1,000,000

3,366,630

Barsele

Minerals

Corp. 

*~

7,550,000

1,717,814

Brixton

Metals

Corp. 

*

3,000,000

377,358

Canex

Metals,

Inc. 

*

3,250,000

180,355

Capitan

Silver

Corp. 

*

1,100,000

203,478

Denarius

Metals

Corp. 

*

150,000

44,395

Dolly

Varden

Silver

Corp. 

*

3,250,000

2,488,901

GFG

Resources,

Inc. 

*

5,746,154

552,719

Gold

Terra

Resource

Corp. 

*

2,500,000

231,225

Gold79

Mines,

Ltd. 

*

6,500,000

168,331

GR

Silver

Mining,

Ltd. 

*

1,500,000

105,438

Imperial

Mining

Group,

Ltd. 

*

500,000

33,296

MacDonald

Mines

Exploration,

Ltd. 

*

300,000

15,538

Millennial

Precious

Metals

Corp. 

*

2,000,000

244,173

Olive

Resource

Capital,

Inc. 

*

4,000,000

103,589

Paramount

Gold

Nevada

Corp. 

*

170,000

59,330

Polarx

,

Ltd. 

*

41,935,555

281,131

Silver

Viper

Minerals

Corp. 

*

2,500,000

212,727

Stillwater

Critical

Minerals

Corp. 

*

2,000,000

295,967

Unico

Silver,

Ltd. 

*

1,000,000

100,268

Visionary

Gold

Corp. 

*

1,500,000

83,241

Xali

Gold

Corp.,

144A 

#*∆

4,875,000

198,391

11,100,726

Real

Estate

Operating/Development

2.16%

Fremont

Gold,

Ltd. 

*

400,000

26,637

Mammoth

Resources

Corp. 

*~

5,500,000

142,434

Revival

Gold,

Inc. 

*

1,750,000

984,092

Portfolio

of

Investments

(unaudited)

22

See

notes

to

portfolios

of

investments.

March

31,

2023

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Real

Estate

Operating/Development

(cont’d)

TDG

Gold

Corp. 

*

270,000

$

58,935

1,212,098

Retail

-

Jewelry

0.89%

Mene

,

Inc. 

*

2,115,000

500,777

Silver

Mining

5.22%

Aya

Gold

&

Silver,

Inc. 

*

80,000

644,025

FireFox

Gold

Corp. 

*

500,000

35,146

Kootenay

Silver,

Inc. 

*

1,000,000

96,189

Metallic

Minerals

Corp. 

*

1,000,000

277,470

Reyna

Silver

Corp. 

*

360,000

65,261

Southern

Silver

Exploration

Corp. 

*

1,750,000

271,920

Vizsla

Silver

Corp. 

*

1,000,000

1,531,632

2,921,643

Total

Common

Stocks

53,938,979

(cost

$83,239,751)

Corporate

Non-Convertible

Bond

1.69%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

1.69%

Aris

Gold

Corp.

7.50

08/26/27

$

965,907

946,589

(cost

$965,907)

Warrants

0.22%

Exercise

Price

Exp.

Date

Shares

Diversified

Minerals

0.00%

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

Waraba

Gold,

Ltd.,

144A 

#*@~∆

0.30

05/07/23

1,500,000

0

0

Gold

Mineral

Exploration

&

Development

0.00%

Western

Exploration,

Inc.,

144A 

#*@∆

0.50

12/31/49

240,000

0

Gold

Mining

0.00%

Cassiar

Gold

Corp.,

144A 

#*@∆

1.05

06/08/24

99,000

0

Gold

Mountain

Mining

Corp.,

144A 

#*@∆

1.75

04/21/24

50,000

0

Kore

Mining,

Ltd.,

144A 

#*@∆

1.35

06/18/23

250,000

0

0

Metal

-

Copper

0.00%

Sun

Summit

Minerals

Corp.,

144A 

#*@∆

0.90

07/31/23

125,000

0

Portfolio

of

Investments

(unaudited)

23

See

notes

to

portfolios

of

investments.

March

31,

2023

World

Precious

Minerals

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Metal

-

Diversified

0.00%

Novo

Resources

Corp. 

*

$

4.40

08/27/23

112,500

$

1,040

Metals

&

Mining

0.00%

Spark

Energy

Minerals,

Inc.,

144A 

#*@∆

0.10

06/04/24

875,000

0

Mining

Services

0.22%

Aris

Mining

Corp. 

*

2.75

07/29/25

520,000

121,199

Precious

Metals

0.00%

Denarius

Metals

Corp.,

144A 

#*@∆

0.60

03/02/26

75,000

0

GFG

Resources,

Inc.,

144A 

#*@∆

0.18

03/20/26

373,077

0

0

Silver

Mining

0.00%

Southern

Silver

Exploration

Corp.,

144A 

#*@∆

0.25

08/14/23

875,000

0

Vizsla

Silver

Corp.,

144A 

#*@∆

2.00

11/15/24

62,500

3,237

3,237

Total

Warrants

125,476

(cost

$62,612

)

Investments,

at

value

98.19%

55,011,044

(cost

$84,268,270

)

Other

assets

and

liabilities,

net

1.81%

1,013,045

Net

Assets

100.00%

$

56,024,089

Portfolio

of

Investments

(unaudited)

24

See

notes

to

portfolios

of

investments.

March

31,

2023

Gold

and

Precious

Metals

Fund

Common

Stocks

88.97%

Shares

Value

Applications

Software

0.66%

Chrysos

Corp.,

Ltd. 

*

250,000

$

757,656

Chemicals

-

Diversified

0.00%

Base

Carbon,

Inc. 

*

7,786

2,477

Diamonds/Precious

Stones

0.23%

Lucara

Diamond

Corp. 

*

700,000

264,151

Diversified

Minerals

2.94%

Alkane

Resources,

Ltd. 

*

1,000,000

530,226

Caledonia

Mining

Corp.

PLC

25,000

380,000

Leo

Lithium,

Ltd. 

*

4,114,694

1,442,788

Lithium

Royalty

Corp. 

*

85,000

1,018,868

3,371,882

Enterprise

Software/Services

0.16%

Abaxx

Technologies,

Inc. 

*

109,000

187,917

Gold

Mining

49.12%

Agnico

Eagle

Mines,

Ltd.

35,000

1,783,950

Alamos

Gold,

Inc.

330,000

4,035,900

AngloGold

Ashanti,

Ltd.,

ADR

85,000

2,056,150

Argonaut

Gold,

Inc. 

*

1,000,000

466,149

B2Gold

Corp.

150,000

591,000

Black

Cat

Syndicate,

Ltd. 

*

4,393,940

1,338,244

Catalyst

Metals,

Ltd. 

*

500,000

319,083

Centamin

PLC

425,000

547,526

Centerra

Gold,

Inc.

100,000

645,949

DRDGOLD,

Ltd.,

ADR

165,000

1,580,700

Dundee

Precious

Metals,

Inc.

195,000

1,422,641

Eldorado

Gold

Corp. 

*

125,000

1,295,000

Firefinch

,

Ltd. 

#*@

5,000,000

467,915

Franco-Nevada

Corp.

7,500

1,093,500

GoGold

Resources,

Inc. 

*

1,500,000

2,319,645

Gold

Resource

Corp.

1,000,000

1,050,000

Harmony

Gold

Mining

Co.,

Ltd.,

ADR

500,000

2,050,000

i-80

Gold

Corp. 

*

200,000

486,866

K92

Mining,

Inc. 

*

2,250,000

12,785,793

Kinross

Gold

Corp.

375,000

1,766,250

Lundin

Gold,

Inc.

300,000

3,502,775

Mineros

SA

3,400,000

1,685,535

Newcrest

Mining,

Ltd.,

ADR

75,000

1,338,000

Northern

Star

Resources,

Ltd.

100,000

820,016

OceanaGold

Corp.

1,200,000

2,974,473

Pantoro

,

Ltd. 

*

11,000,000

434,434

Petropavlovsk

PLC 

#*@

4,886,855

0

Resolute

Mining,

Ltd. 

*

13,000,000

3,638,571

Portfolio

of

Investments

(unaudited)

25

See

notes

to

portfolios

of

investments.

March

31,

2023

Gold

and

Precious

Metals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Royal

Gold,

Inc.

10,000

$

1,297,100

Silver

Lake

Resources,

Ltd. 

*

1,000,000

780,125

Superior

Gold,

Inc. 

*

3,500,000

621,532

Torex

Gold

Resources,

Inc. 

*

70,000

1,164,854

56,359,676

Metal

-

Copper

1.01%

Arizona

Sonoran

Copper

Co.,

Inc. 

*

100,000

136,885

Freeport-McMoRan,

Inc.

25,000

1,022,750

1,159,635

Metal

-

Diversified

9.06%

Aclara

Resources,

Inc. 

*

137,400

46,766

Ivanhoe

Mines,

Ltd. 

*

335,000

3,026,526

Mandalay

Resources

Corp. 

*

500,000

969,293

Silver

X

Mining

Corp. 

*~

8,000,000

2,338,143

Vox

Royalty

Corp.

1,300,000

4,020,718

10,401,446

Mining

Services

1.91%

Capital,

Ltd.

575,000

700,886

Empress

Royalty

Corp. 

*

2,000,000

421,754

Orexplore

Technologies,

Ltd. 

*

1,007,351

46,987

Star

Royalties,

Ltd. 

*

3,500,000

1,016,463

2,186,090

Oil

&

Gas

Drilling

2.63%

DDH1,

Ltd.

5,000,000

3,019,994

Oil

Field

Machinery

&

Equipment

0.95%

Imdex

,

Ltd.

725,000

1,093,965

Platinum

1.53%

Impala

Platinum

Holdings,

Ltd.

100,000

920,434

Sibanye

Stillwater,

Ltd.,

ADR

100,000

832,000

1,752,434

Precious

Metals

5.41%

Elemental

Altus

Royalties

Corp. 

*

250,000

253,422

EMX

Royalty

Corp. 

*

1,250,000

2,432,483

Triple

Flag

Precious

Metals

Corp.

75,000

1,117,092

Wheaton

Precious

Metals

Corp.

50,000

2,408,000

6,210,997

Real

Estate

Operating/Development

1.70%

Emerald

Resources

NL 

*

2,000,000

1,948,393

Portfolio

of

Investments

(unaudited)

26

See

notes

to

portfolios

of

investments.

March

31,

2023

Gold

and

Precious

Metals

Fund

Common

Stocks (cont’d)

Shares

Value

Retail

-

Jewelry

1.39%

Mene

,

Inc. 

*

1,025,000

$

242,693

Mene

,

Inc.,

144A 

#∆

5,714,285

1,352,994

1,595,687

Silver

Mining

10.27%

Aya

Gold

&

Silver,

Inc. 

*

1,000,000

8,050,315

Pan

American

Silver

Corp.

100,000

1,820,000

Santacruz

Silver

Mining,

Ltd. 

*

4,000,000

1,435,442

Silvercorp

Metals,

Inc.

125,000

477,500

11,783,257

Total

Common

Stocks

102,095,657

(cost

$87,641,569)

Corporate

Non-Convertible

Bonds

3.21%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Coal

0.00%

Caribbean

Resources

Corp. 

#@^

19.25

06/15/15

$

485,766

0

Gold

Mining

3.21%

Aris

Gold

Corp.

7.50

08/26/27

3,754,680

3,679,586

Total

Corporate

Non-Convertible

Bonds

3,679,586

(cost

$4,240,422)

Exchange

Traded

Funds

0.99%

Shares

Direxion

Daily

Gold

Miners

Index

Bull

2X

Shares

ETF

9,434

395,568

Global

X

Silver

Miners

ETF

9,500

291,840

iShares

Silver

Trust

ETF 

*

12,500

276,500

SPDR

Gold

Shares

ETF 

*

918

168,196

Total

Exchange

Traded

Funds

1,132,104

(cost

$1,005,634)

Warrants

0.26%

Exercise

Price

Exp.

Date

Enterprise

Software/Services

0.00%

Abaxx

Technologies,

Inc. 

*

$

5.10

05/14/23

54,500

2,016

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,

2023

Gold

and

Precious

Metals

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Mining

Services

0.26%

Aris

Mining

Corp. 

*

$

2.75

07/29/25

1,274,000

$

296,937

Total

Warrants

298,953

(cost

$0

)

Investments,

at

value

93.43%

107,206,300

(cost

$92,887,625

)

Other

assets

and

liabilities,

net

6.57%

7,540,797

Net

Assets

100.00%

$

114,747,097

Portfolio

of

Investments

(unaudited)

28

See

notes

to

portfolios

of

investments.

March

31,

2023

Emerging

Europe

Fund

Common

Stocks

85.31%

Shares

Value

Airlines

1.76%

Turk

Hava

Yollari

AO 

*

32,500

$

201,254

Appliances

0.21%

Vestel

Beyaz

Esya

Sanayi

ve

Ticaret

AS

45,000

23,620

Beverages

-

Non-alcoholic

2.98%

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS

102,000

341,311

Cellular

Telecommunication

1.32%

Turkcell

Iletisim

Hizmetleri

AS

90,000

150,607

Coal

1.99%

Jastrzebska

Spolka

Weglowa

SA 

*

20,700

227,509

Commercial

Banks

Non-US

21.63%

Akbank

TAS

220,000

194,665

Alior

Bank

SA 

*

26,000

234,788

Alpha

Services

and

Holdings

SA 

*

105,000

129,048

Bank

Handlowy

w

Warszawie

SA

12,100

229,023

Bank

Polska

Kasa

Opieki

SA

11,500

228,773

Eurobank

Ergasias

Services

and

Holdings

SA 

*

179,000

237,172

National

Bank

of

Greece

SA 

*

23,000

111,987

OTP

Bank

Nyrt

10,000

285,495

Piraeus

Financial

Holdings

SA 

*

68,000

148,518

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

25,000

165,915

Turkiye

Garanti

Bankasi

AS

166,000

241,753

Yapi

ve

Kredi

Bankasi

AS

535,000

267,966

2,475,103

Computer

Services

2.47%

Asseco

Poland

SA

16,000

282,437

Diversified

Operations

4.61%

Haci

Omer

Sabanci

Holding

AS

122,000

252,321

KOC

Holding

AS

69,000

275,616

527,937

Electric

-

Integrated

2.65%

PGE

Polska

Grupa

Energetyczna

SA 

*

208,000

302,915

Finance

-

Other

Services

2.34%

KRUK

SA

3,750

267,945

Food

-

Retail

5.43%

AG

Anadolu

Grubu

Holding

AS

56,500

271,807

Migros

Ticaret

AS 

*

40,000

349,645

621,452

Portfolio

of

Investments

(unaudited)

29

See

notes

to

portfolios

of

investments.

March

31,

2023

Emerging

Europe

Fund

Common

Stocks (cont’d)

Shares

Value

Investment

Companies

0.03%

Sunrisemezz

PLC 

*

22,142

$

3,943

Medical

-

Drugs

2.54%

Richter

Gedeon

Nyrt

13,900

290,221

Metal

-

Diversified

0.00%

Orsu

Metals

Corp.,

144A 

#*@∆

402,500

0

Oil

Companies

-

Exploration

&

Production

1.60%

Societatea

Nationala

de

Gaze

Naturale

ROMGAZ

SA

21,000

182,759

Oil

Companies

-

Integrated

8.93%

Gazprom

Neft

PJSC 

#@

7,370

0

MOL

Hungarian

Oil

&

Gas

PLC

97,200

711,873

OMV

Petrom

SA

3,065,000

309,688

1,021,561

Oil

Refining

&

Marketing

10.15%

HELLENIQ

ENERGY

HOLDINGS

S.A.

15,200

124,973

Motor

Oil

Hellas

Corinth

Refineries

SA

11,550

296,460

Polski

Koncern

Naftowy

ORLEN

SA

35,062

473,267

Turkiye

Petrol

Rafinerileri

AS

9,650

267,151

1,161,851

Pipelines

1.79%

Dogan

Sirketler

Grubu

Holding

AS

420,000

204,907

Property/Casualty

Insurance

3.13%

Powszechny

Zaklad

Ubezpieczen

SA

44,000

358,281

Retail

-

Automobile

0.61%

Dogus

Otomotiv

Servis

ve

Ticaret

AS

11,000

70,207

Retail

-

Toy

Store

2.28%

JUMBO

SA

12,300

261,007

Steel

-

Producers

0.26%

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

AS

30,000

29,746

Telecom

Services

2.79%

Orange

Polska

SA

201,000

318,803

Telephone

-

Integrated

3.17%

Hellenic

Telecommunications

Organization

SA

22,000

322,208

Magyar

Telekom

Telecommunications

PLC

35,000

40,030

362,238

Portfolio

of

Investments

(unaudited)

30

See

notes

to

portfolios

of

investments.

March

31,

2023

Emerging

Europe

Fund

Common

Stocks (cont’d)

Shares

Value

Transportation

-

Marine

0.64%

AP

Moller

-

Maersk

A/S,

Class A

41

$

72,736

Total

Common

Stocks

9,760,350

(cost

$10,075,501)

Corporate

Non-Convertible

Bond

3.76%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

3.76%

Aris

Gold

Corp.

7.50

08/26/27

$

439,047

430,266

(cost

$439,047)

Warrant

0.20%

Exercise

Price

Exp.

Date

Shares

Mining

Services

0.20%

Aris

Mining

Corp. 

*

$

2.75

07/29/25

100,000

23,308

(cost

$0

)

Investments,

at

value

89.27%

10,213,924

(cost

$10,514,548

)

Other

assets

and

liabilities,

net

10.73%

1,227,236

Net

Assets

100.00%

$

11,441,160

Portfolio

of

Investments

(unaudited)

31

See

notes

to

portfolios

of

investments.

March

31,

2023

China

Region

Fund

Common

Stocks

79.21%

Shares

Value

Automotive

-

Cars

&

Light

Trucks

8.48%

BYD

Co.,

Ltd.,

ADR

6,000

$

353,040

Great

Wall

Motor

Co.,

Ltd.,

Class H

183,000

226,435

579,475

Chemicals

-

Diversified

0.91%

Dongyue

Group,

Ltd.

60,000

62,016

Chemicals

-

Other

0.27%

Foosung

Co.,

Ltd.

1,500

18,257

Chemicals

-

Specialty

3.57%

Daqo

New

Energy

Corp.,

ADR 

*

3,775

176,821

Fufeng

Group,

Ltd.

117,000

67,402

244,223

Circuit

Boards

3.78%

Unimicron

Technology

Corp.

53,000

258,495

Coal

9.15%

China

Coal

Energy

Co.,

Ltd.

339,000

257,261

Shougang

Fushan

Resources

Group,

Ltd.

150,000

47,687

Yankuang

Energy

Group

Co.,

Ltd.

89,500

320,450

625,398

Commercial

Banks

Non-US

0.50%

Chang

Hwa

Commercial

Bank,

Ltd.

60,000

34,254

Computers

1.04%

Advantech

Co.,

Ltd.

5,800

70,956

Computers

-

Memory

Devices

2.25%

ASPEED

Technology,

Inc.

1,760

153,607

Distribution/Wholesale

0.62%

LX

INTERNATIONAL

CORP.

1,900

42,358

Diversified

Banking

Institution

1.00%

HSBC

Holdings

PLC,

ADR

2,000

68,260

Diversified

Financial

Services

0.99%

First

Financial

Holding

Co.,

Ltd.

78,000

67,891

E-Commerce/Products

0.94%

Alibaba

Group

Holding,

Ltd.,

ADR 

*

630

64,373

Entertainment

Software

2.53%

NetEase

,

Inc.

9,800

172,998

Portfolio

of

Investments

(unaudited)

32

See

notes

to

portfolios

of

investments.

March

31,

2023

China

Region

Fund

Common

Stocks (cont’d)

Shares

Value

Internet

Content

-

Info

4.18%

Meituan

,

Class B 

*

3,724

$

67,561

Tencent

Holdings,

Ltd.,

ADR

4,465

218,294

285,855

Medical

-

Drugs

4.10%

Sino

Biopharmaceutical,

Ltd.

500,000

280,248

Metal

-

Aluminum

3.11%

Aluminum

Corp.

of

China,

Ltd.

420,000

212,734

Non-Ferrous

Metals

0.00%

Sterling

Group

Ventures,

Inc.,

144A 

#*@∆

500,000

0

Oil

Companies

-

Exploration

&

Production

0.61%

United

Energy

Group,

Ltd. 

*

350,000

41,391

Oil

Companies

-

Integrated

4.10%

PetroChina

Co.,

Ltd.

474,000

280,008

Schools

0.56%

China

Kepei

Education

Group,

Ltd.

115,000

38,542

Semiconductor

Components

-

Integrated

Circuit

12.09%

Global

Unichip

Corp.

2,200

78,717

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.,

ADR

2,583

240,271

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

7,000

122,672

United

Microelectronics

Corp. 

*

220,000

384,985

826,645

Tools

-

Hand

Held

0.99%

Chervon

Holdings,

Ltd.

13,000

67,529

Transportation

-

Marine

13.44%

COSCO

SHIPPING

Holdings

Co.,

Ltd.

311,500

351,178

Orient

Overseas

International,

Ltd.

16,200

310,965

Pacific

Basin

Shipping,

Ltd.

200,000

77,399

SITC

International

Holdings

Co.,

Ltd.

83,500

179,455

918,997

Total

Common

Stocks

5,414,510

(cost

$5,985,002)

Portfolio

of

Investments

(unaudited)

33

See

notes

to

portfolios

of

investments.

March

31,

2023

China

Region

Fund

Corporate

Non-Convertible

Bond

3.34%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Gold

Mining

3.34%

Aris

Gold

Corp.

7.50

08/26/27

$

232,694

$

228,040

(cost

$232,673)

Exchange

Traded

Fund

0.86%

Shares

iShares

MSCI

India

ETF 

*

1,500

59,040

(cost

$63,823)

Warrant

0.18%

Exercise

Price

Exp.

Date

Mining

Services

0.18%

Aris

Mining

Corp. 

*

$

2.75

07/29/25

52,000

12,120

(cost

$0

)

Call

Option

Purchased

0.20%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Entertainment

Software

0.20%

NetEase

,

Inc.

$

100.00

06/23

$

500,000

50

14,000

(premiums

paid

$30,089

)

Investments,

at

value

83.79%

5,727,710

(cost

$6,311,587

)

Other

assets

and

liabilities,

net

16.21%

1,107,685

Net

Assets

100.00%

$

6,835,395

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2023

34

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,

2023.

Fair

Valuation

of

Securities

For

the

Funds’

policies

regarding

the

valuation

of

investments

and

other

significant

accounting

policies,

please

refer

to

the

Notes

to

Financial

Statements.

Pursuant

to

Rule

2a-5

under

the

Investment

Company

Act,

the

Trust’s

Board

of

Trustees

(the

“Board”)

has

designated

the

Adviser,

as

defined

in

Note

3

in

the

Notes

to

Financial

Statements,

◊

Zero

coupon

bond.

Interest

rate

presented

is

yield

to

maturity.

*

Non-income

producing

security.

~

Affiliated

Company.

(see

following)

@

Security

was

fair

valued

at

March

31,

2023,

by

U.S.

Global

Investors,

Inc.

(Adviser)

(other

than

international

securities

fair

valued

pursuant

to

systematic

fair

value

models)

in

accordance

with

valuation

procedures

approved

by

the

Board

of

Trustees.

These

securities,

as

a

percentage

of

net

assets

at

March

31,

2023,

were

0.00%

of

Global

Luxury

Goods

Fund,

0.61%

of

Global

Resources

Fund,

0.13%

of

World

Precious

Minerals

Fund,

0.41%

of

Gold

And

Precious

Metals

Fund,

0.00%

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,

2023

amounted

to

$1,043,583,

2.18%,

of

Global

Luxury

Goods

Fund,

$496,141,

0.92%,

of

Global

Resources

Fund,

$421,822,

0.75%,

of

World

Precious

Minerals

Fund,

$1,352,994,

1.18%,

of

Gold

And

Precious

Metals

Fund,

$0,

0.00%,

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

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

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,

2023

35

as

the

Funds’

valuation

designee

to

perform

any

fair

value

determinations

for

securities

and

other

assets

held

by

the

Funds.

The

Funds

are

required

to

disclose

information

regarding

the

fair

value

measurements

of

a

Fund’s

assets

and

liabilities.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

measurement

requirements

established

a

three-tier

hierarchy

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Inputs

refer

broadly

to

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability,

including

assumptions

about

risk,

for

example,

the

risk

inherent

in

a

particular

valuation

technique

used

to

measure

fair

value

including

such

a

pricing

model

and/or

the

risk

inherent

in

the

inputs

to

the

valuation

technique.

Inputs

may

be

observable

or

unobservable.

Observable

inputs

are

inputs

that

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

inputs

that

reflect

the

reporting

entity’s

own

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

the

best

information

available

in

the

circumstances.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Because

of

the

inherent

uncertainties

of

valuation,

the

values

reflected

in

the

portfolios

may

materially

differ

from

the

values

received

upon

actual

sale

of

those

investments.

The

three

levels

defined

by

the

fair

value

hierarchy

are

as

follows:

Level

1

–

Quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

determined

using

significant

other

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Short-term

securities

with

maturities

of

sixty

days

or

less

are

valued

at

amortized

cost,

which

approximates

market

value,

and

are

categorized

as

Level

2

in

the

hierarchy.

Municipal

securities,

long-

term

U.S.

government

obligations

and

corporate

debt

securities

are

valued

in

accordance

with

the

evaluated

price

supplied

by

a

pricing

service

and

generally

categorized

as

Level

2

in

the

hierarchy.

Other

securities

that

are

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

warrants

that

do

not

trade

on

an

exchange,

securities

valued

at

the

mean

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2023

36

between

the

last

reported

bid

and

ask

quotation

and

international

equity

securities

valued

by

an

independent

third

party

in

order

to

adjust

for

stale

pricing.

Level

3

–

Prices

determined

using

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions).

For

restricted

equity

securities

and

private

placements

where

observable

inputs

are

limited,

assumptions

about

market

activity

and

risk

are

used

in

determining

fair

value.

The

following

table

summarizes

the

valuation

of

each

Fund’s

securities

as

of

March

31,

2023,

using

the

fair

value

hierarchy:

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

U.S.

Government

Securities

Ultra-Short

Bond

Fund

Investments

in

Securities*

United

States

Government

and

Agency

Obligations

$

–‌

$

28,798,813‌

$

–‌

$

28,798,813‌

Investments,

at

Value

$

–‌

$

28,798,813‌

$

–‌

$

28,798,813‌

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

$

–‌

$

24,298,048‌

$

–‌

$

24,298,048‌

Investments,

at

Value

$

–‌

$

24,298,048‌

$

–‌

$

24,298,048‌

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Global

Luxury

Goods

Fund

Assets

Investments

in

Securities*

Common

Stocks

Apparel

Manufacturers

$

2,279,061‌

$

3,734,848‌

$

–‌

$

6,013,909‌

Automotive

-

Cars

&

Light

Trucks

5,926,665‌

4,045,846‌

–‌

9,972,511‌

Beverages

-

Wine/Spirits

–‌

464,313‌

–‌

464,313‌

Building

-

Residential/

Commercial

864,432‌

–‌

–‌

864,432‌

Computers

1,747,940‌

–‌

–‌

1,747,940‌

E-Commerce/Products

1,807,575‌

–‌

–‌

1,807,575‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2023

37

Global

Luxury

Goods

Fund

Assets

(continued)

Common

Stocks

(continued)

Energy

-

Alternate

Sources

$

–‌

$

–‌

$

0‌

$

0‌

Fiduciary

Banks

1,187,111‌

–‌

–‌

1,187,111‌

Finance

-

Credit

Card

222,683‌

–‌

–‌

222,683‌

Finance

-

Mortgage

Loan/

Banker

–‌

–‌

0‌

0‌

Gold

Mining

1,998,711‌

349,940‌

–‌

2,348,651‌

Home

Furnishings

896,423‌

–‌

–‌

896,423‌

Hotels

&

Motels

4,482,417‌

1,013,938‌

–‌

5,496,355‌

Oil

Companies

-

Exploration

&

Production

25,157‌

–‌

–‌

25,157‌

Platinum

275,100‌

–‌

–‌

275,100‌

Precious

Metals

476,784‌

–‌

–‌

476,784‌

Real

Estate

Operating/

Development

–‌

–‌

0‌

0‌

Resorts/Theme

Parks

871,626‌

–‌

–‌

871,626‌

Retail

-

Apparel/Shoe

–‌

6,069,504‌

–‌

6,069,504‌

Retail

-

Jewelry

–‌

2,285,075‌

–‌

2,285,075‌

Textile

-

Apparel

1,788,979‌

–‌

–‌

1,788,979‌

Corporate

Non-Convertible

Bond

–‌

752,967‌

–‌

752,967‌

Warrants

Enterprise

Software/

Services

–‌

1,260‌

–‌

1,260‌

Retail

-

Jewelry

–‌

11,564‌

–‌

11,564‌

Investments,

at

Value

24,850,664‌

18,729,255‌

0‌

43,579,919‌

Other

Financial

Instruments

†

Currency

Contracts

–‌

43,885‌

–‌

43,885‌

Total

Assets

$

24,850,664‌

$

18,773,140‌

$

0‌

$

43,623,804‌

Liabilities

Other

Financial

Instruments

†

Currency

Contracts

–‌

(101,985‌)

–‌

(101,985‌)

Total

Liabilities

$

–‌

$

(101,985‌)

$

–‌

$

(101,985‌)

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2023

38

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

$

2,400,407‌

$

–‌

$

–‌

$

2,400,407‌

Agricultural

Chemicals

807,425‌

–‌

–‌

807,425‌

Agricultural

Operations

–‌

239,169‌

–‌

239,169‌

Building

&

Construction

Products

-

Miscellaneous

135,525‌

–‌

–‌

135,525‌

Building

Products

-

Wood

142,656‌

–‌

–‌

142,656‌

Chemicals

-

Diversified

–‌

22,726‌

–‌

22,726‌

Coal

–‌

–‌

0‌

0‌

Diamonds/Precious

Stones

800,777‌

–‌

–‌

800,777‌

Distribution/Wholesale

–‌

262,671‌

–‌

262,671‌

Diversified

Minerals

6,963,084‌

940,642‌

–‌

7,903,726‌

Energy

-

Alternate

Sources

398,100‌

107,288‌

0‌

505,388‌

Enterprise

Software/

Services

–‌

2,042,175‌

–‌

2,042,175‌

Food

-

Miscellaneous/

Diversified

99,889‌

–‌

–‌

99,889‌

Gold

Mining

3,501,809‌

252,669‌

93,583‌

3,848,061‌

Industrial

Gases

710,880‌

–‌

–‌

710,880‌

Investment

Companies

–‌

602,167‌

–‌

602,167‌

Machinery

-

Electric

Utilities

597,900‌

–‌

–‌

597,900‌

Metal

-

Copper

729,930‌

–‌

–‌

729,930‌

Metal

-

Diversified

7,811,473‌

650,357‌

0‌

8,461,830‌

Metal

-

Iron

–‌

–‌

0‌

0‌

Mining

Services

525,088‌

102,109‌

–‌

627,197‌

Natural

Resource

Technology

–‌

–‌

126,171‌

126,171‌

Non-Ferrous

Metals

2,253,282‌

147,106‌

0‌

2,400,388‌

Oil

-

Field

Services

905,600‌

–‌

–‌

905,600‌

Oil

-

US

Royalty

Trusts

3,618,350‌

643,588‌

–‌

4,261,938‌

Oil

Companies

-

Exploration

&

Production

2,744,339‌

–‌

6,198‌

2,750,537‌

Oil

Refining

&

Marketing

349,000‌

–‌

–‌

349,000‌

Pipelines

1,182,000‌

–‌

–‌

1,182,000‌

Precious

Metals

488,346‌

292,585‌

–‌

780,931‌

Real

Estate

Operating/

Development

562,338‌

–‌

0‌

562,338‌

REITS

-

Diversified

993,900‌

–‌

–‌

993,900‌

Retail

-

Jewelry

177,581‌

–‌

–‌

177,581‌

Silver

Mining

191,454‌

–‌

–‌

191,454‌

Corporate

Non-Convertible

Bonds

–‌

1,480,014‌

–‌

1,480,014‌

Exchange

Traded

Funds

790,474‌

–‌

–‌

790,474‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2023

39

Global

Resources

Fund

Warrants

Diversified

Minerals

$

–‌

$

0‌

$

0‌

$

0‌

Enterprise

Software/

Services

–‌

756‌

–‌

756‌

Investment

Companies

–‌

0‌

–‌

0‌

Mining

Services

86,445‌

–‌

–‌

86,445‌

Non-Ferrous

Metals

–‌

0‌

–‌

0‌

Oil

Companies

-

Exploration

&

Production

79,171‌

–‌

–‌

79,171‌

Silver

Mining

–‌

3,237‌

–‌

3,237‌

Investment

Company

19,711‌

–‌

–‌

19,711‌

Purchased

Call

Options

–‌

1‌

–‌

1‌

Investments,

at

Value

40,066,934‌

7,789,260‌

225,952‌

48,082,146‌

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

$

6,379,171‌

$

–‌

$

–‌

$

6,379,171‌

Chemicals

-

Diversified

183‌

–‌

–‌

183‌

Coal

–‌

–‌

0‌

0‌

Diamonds/Precious

Stones

1,477,447‌

–‌

–‌

1,477,447‌

Diversified

Minerals

1,985,963‌

848,887‌

2,960‌

2,837,810‌

Enterprise

Software/

Services

–‌

13,859‌

–‌

13,859‌

Financial

Services

–‌

1,564‌

–‌

1,564‌

Gold

Mining

18,322,910‌

2,148,805‌

61,043‌

20,532,758‌

Metal

-

Copper

450,240‌

–‌

–‌

450,240‌

Metal

-

Diversified

4,336,833‌

1,223,956‌

0‌

5,560,789‌

Metal

-

Iron

–‌

–‌

0‌

0‌

Mining

Services

19,477‌

420,902‌

–‌

440,379‌

Non-Ferrous

Metals

177,580‌

–‌

–‌

177,580‌

Oil

Companies

-

Exploration

&

Production

–‌

–‌

0‌

0‌

Oil

Field

Machinery

&

Equipment

–‌

188,615‌

–‌

188,615‌

Optical

Recognition

Equipment

536‌

–‌

–‌

536‌

Platinum

142,804‌

–‌

–‌

142,804‌

Precious

Metals

10,819,595‌

281,131‌

–‌

11,100,726‌

Real

Estate

Operating/

Development

1,212,098‌

–‌

–‌

1,212,098‌

Retail

-

Jewelry

500,777‌

–‌

–‌

500,777‌

Silver

Mining

2,921,643‌

–‌

–‌

2,921,643‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2023

40

World

Precious

Minerals

Fund

Common

Stocks

(continued)

Corporate

Non-Convertible

Bond

$

–‌

$

946,589‌

$

–‌

$

946,589‌

Warrants

Diversified

Minerals

–‌

0‌

–‌

0‌

Gold

Mineral

Exploration

&

Development

–‌

0‌

–‌

0‌

Gold

Mining

–‌

0‌

–‌

0‌

Metal

-

Copper

–‌

0‌

–‌

0‌

Metal

-

Diversified

1,040‌

–‌

–‌

1,040‌

Metals

&

Mining

–‌

0‌

–‌

0‌

Mining

Services

121,199‌

–‌

–‌

121,199‌

Precious

Metals

–‌

0‌

–‌

0‌

Silver

Mining

–‌

3,237‌

–‌

3,237‌

Investments,

at

Value

48,869,496‌

6,077,545‌

64,003‌

55,011,044‌

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Gold

And

Precious

Metals

Fund

Investments

in

Securities*

Common

Stocks

Applications

Software

$

–‌

$

757,656‌

$

–‌

$

757,656‌

Chemicals

-

Diversified

2,477‌

–‌

–‌

2,477‌

Diamonds/Precious

Stones

264,151‌

–‌

–‌

264,151‌

Diversified

Minerals

1,398,868‌

1,973,014‌

–‌

3,371,882‌

Enterprise

Software/

Services

–‌

187,917‌

–‌

187,917‌

Gold

Mining

48,013,762‌

7,877,999‌

467,915‌

56,359,676‌

Metal

-

Copper

1,159,635‌

–‌

–‌

1,159,635‌

Metal

-

Diversified

10,401,446‌

–‌

–‌

10,401,446‌

Mining

Services

1,438,217‌

747,873‌

–‌

2,186,090‌

Oil

&

Gas

Drilling

–‌

3,019,994‌

–‌

3,019,994‌

Oil

Field

Machinery

&

Equipment

–‌

1,093,965‌

–‌

1,093,965‌

Platinum

832,000‌

920,434‌

–‌

1,752,434‌

Precious

Metals

6,210,997‌

–‌

–‌

6,210,997‌

Real

Estate

Operating/

Development

–‌

1,948,393‌

–‌

1,948,393‌

Retail

-

Jewelry

1,595,687‌

–‌

–‌

1,595,687‌

Silver

Mining

11,783,257‌

–‌

–‌

11,783,257‌

Corporate

Non-Convertible

Bonds

–‌

3,679,586‌

0‌

3,679,586‌

Exchange

Traded

Funds

1,132,104‌

–‌

–‌

1,132,104‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2023

41

Gold

And

Precious

Metals

Fund

Warrants

Enterprise

Software/

Services

$

–‌

$

2,016‌

$

–‌

$

2,016‌

Metal

-

Diversified

–‌

0‌

–‌

0‌

Mining

Services

296,937‌

–‌

–‌

296,937‌

Investments,

at

Value

$

84,529,538‌

$

22,208,847‌

$

467,915‌

$

107,206,300‌

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Emerging

Europe

Fund

Assets

Investments

in

Securities*

Common

Stocks

Airlines

$

–‌

$

201,254‌

$

–‌

$

201,254‌

Appliances

–‌

23,620‌

–‌

23,620‌

Beverages

-

Non-alcoholic

–‌

341,311‌

–‌

341,311‌

Cellular

Telecommunication

–‌

150,607‌

–‌

150,607‌

Coal

–‌

227,509‌

–‌

227,509‌

Commercial

Banks

Non-US

–‌

2,475,103‌

–‌

2,475,103‌

Computer

Services

–‌

282,437‌

–‌

282,437‌

Diversified

Operations

–‌

527,937‌

–‌

527,937‌

Electric

-

Integrated

–‌

302,915‌

–‌

302,915‌

Finance

-

Other

Services

–‌

267,945‌

–‌

267,945‌

Food

-

Retail

–‌

621,452‌

–‌

621,452‌

Investment

Companies

–‌

3,943‌

–‌

3,943‌

Medical

-

Drugs

–‌

290,221‌

–‌

290,221‌

Metal

-

Diversified

–‌

–‌

0‌

0‌

Oil

Companies

-

Exploration

&

Production

–‌

182,759‌

–‌

182,759‌

Oil

Companies

-

Integrated

–‌

1,021,561‌

0‌

1,021,561‌

Oil

Refining

&

Marketing

–‌

1,161,851‌

–‌

1,161,851‌

Pipelines

–‌

204,907‌

–‌

204,907‌

Property/Casualty

Insurance

–‌

358,281‌

–‌

358,281‌

Retail

-

Automobile

–‌

70,207‌

–‌

70,207‌

Retail

-

Toy

Store

–‌

261,007‌

–‌

261,007‌

Steel

-

Producers

–‌

29,746‌

–‌

29,746‌

Telecom

Services

–‌

318,803‌

–‌

318,803‌

Telephone

-

Integrated

–‌

362,238‌

–‌

362,238‌

Transportation

-

Marine

–‌

72,736‌

–‌

72,736‌

Corporate

Non-Convertible

Bond

–‌

430,266‌

–‌

430,266‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2023

42

Emerging

Europe

Fund

Assets

(continued)

Warrant

Mining

Services

$

23,308‌

$

–‌

$

–‌

$

23,308‌

Investments,

at

Value

23,308‌

10,190,616‌

0‌

10,213,924‌

Other

Financial

Instruments

†

Currency

Contracts

–‌

64,214‌

–‌

64,214‌

Total

Assets

$

23,308‌

$

10,254,830‌

$

–‌

$

10,278,138‌

Liabilities

Other

Financial

Instruments

†

Currency

Contracts

–‌

(99,239‌)

–‌

(99,239‌)

Total

Liabilities

$

–‌

$

(99,239‌)

$

–‌

$

(99,239‌)

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

$

353,040‌

$

226,435‌

$

–‌

$

579,475‌

Chemicals

-

Diversified

–‌

62,016‌

–‌

62,016‌

Chemicals

-

Other

–‌

18,257‌

–‌

18,257‌

Chemicals

-

Specialty

176,821‌

67,402‌

–‌

244,223‌

Circuit

Boards

–‌

258,495‌

–‌

258,495‌

Coal

–‌

625,398‌

–‌

625,398‌

Commercial

Banks

Non-US

–‌

34,254‌

–‌

34,254‌

Computers

–‌

70,956‌

–‌

70,956‌

Computers

-

Memory

Devices

–‌

153,607‌

–‌

153,607‌

Distribution/Wholesale

–‌

42,358‌

–‌

42,358‌

Diversified

Banking

Institution

68,260‌

–‌

–‌

68,260‌

Diversified

Financial

Services

–‌

67,891‌

–‌

67,891‌

E-Commerce/Products

64,373‌

–‌

–‌

64,373‌

Entertainment

Software

–‌

172,998‌

–‌

172,998‌

Internet

Content

-

Info

218,294‌

67,561‌

–‌

285,855‌

Medical

-

Drugs

–‌

280,248‌

–‌

280,248‌

Metal

-

Aluminum

–‌

212,734‌

–‌

212,734‌

Non-Ferrous

Metals

–‌

–‌

0‌

0‌

Oil

Companies

-

Exploration

&

Production

–‌

41,391‌

–‌

41,391‌

Oil

Companies

-

Integrated

–‌

280,008‌

–‌

280,008‌

Schools

–‌

38,542‌

–‌

38,542‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2023

43

The

following

is

a

reconciliation

of

assets

for

which

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

during

the

period

January

1,

2023

through

March

31,

2023:

China

Region

Fund

Common

Stocks

(continued)

Semiconductor

Components

-

Integrated

Circuit

$

240,271‌

$

586,374‌

$

–‌

$

826,645‌

Tools

-

Hand

Held

–‌

67,529‌

–‌

67,529‌

Transportation

-

Marine

–‌

918,997‌

–‌

918,997‌

Corporate

Non-Convertible

Bond

–‌

228,040‌

–‌

228,040‌

Exchange

Traded

Fund

59,040‌

–‌

–‌

59,040‌

Warrant

Mining

Services

12,120‌

–‌

–‌

12,120‌

Call

Option

14,000‌

–‌

–‌

14,000‌

Investments,

at

Value

$

1,206,219‌

$

4,521,491‌

$

0‌

$

5,727,710‌

*

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

12/31/22

$

0‌

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

—‌

—‌

Ending

Balance

03/31/23

$

0‌

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/23

(1)

$

—‌

$

—‌

Common

Stocks

Warrants

Total

Global

Resources

Fund

Beginning

Balance

12/31/22

$

216,060‌

$

—‌

$

216,060‌

Corporate

action

6,198‌

—‌

6,198‌

Net

change

in

unrealized

appreciation

(depreciation)

3,694‌

—‌

3,694‌

Ending

Balance

03/31/23

$

225,952‌

$

0‌

$

225,952‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/23

(1)

$

3,694‌

$

0‌

$

3,694‌

Common

Stock

Warrants

Total

World

Precious

Minerals

Fund

Beginning

Balance

12/31/22

$

99,889‌

$

0‌

$

99,889‌

Net

change

in

unrealized

appreciation

(depreciation)

(35,886‌)

0‌

(35,886‌)

Ending

Balance

03/31/23

$

64,003‌

$

0‌

$

64,003‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/23

(1)

$

(35,886‌)

$

0‌

$

(35,886‌)

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2023

44

(

Significant

unobservable

inputs

developed

by

the

Adviser

for

Level

3

investments

held

at

year

end

are

as

follows:

Common

Stocks

Corporate

Non-

Convertible

Bond

Total

Gold

and

Precious

Metals

Fund

Beginning

Balance

12/31/22

$

476,595‌

$

0‌

$

476,595‌

Net

change

in

unrealized

appreciation

(depreciation)

(8,680‌)

—‌

(8,680‌)

Ending

Balance

03/31/23

$

467,915‌

$

0‌

$

467,915‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/23

(1)

$

(8,680‌)

$

—‌

$

(8,680‌)

Common

Stocks

Total

Emerging

Europe

Fund

Beginning

Balance

12/31/22

$

0‌

$

0‌

Ending

Balance

03/31/23

$

0‌

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/23

(1)

$

—‌

$

—‌

Common

Stocks

Total

China

Region

Fund

Beginning

Balance

12/31/22

$

0‌

$

0‌

Ending

Balance

03/31/23

$

0‌

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/23

(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,

2023.

Fair

Value

at

03/31/23

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

(99%

discount)

Common

Stocks

225,952

Market

Transaction

(1)

Discount

World

Precious

Minerals

Fund

Investments

in

Securities

0%

-

100%

discount

(99%

discount)

Common

Stocks

64,003

Market

Transaction

(1)

Discount

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2023

45

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,

2023.

At

March

31,

2023,

the

value

of

investments

in

affiliated

companies

was

$0,

representing

0%

of

net

assets,

and

the

total

cost

was

$27,968,676.

Fair

Value

at

03/31/23

Valuation

Technique(s)

Unobservable

Input

Range

(Weighted

Average)

Gold

and

Precious

Metals

Fund

Investments

in

Securities

30%

-

100%

discount

(37%

discount)

Common

Stocks

467,915

Market

Transaction

(1)

Discount

Corporate

Non-Convertible

Bond

0

Market

Transaction

(1)

Discount

100%

Emerging

Europe

Fund

Investments

in

Securities

100%

Common

Stocks

0

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.

Shares

of

Affiliated

Companies

Global

Resources

Fund

December

31,

2022

Additions

Reductions

March

31,

2023

Caribbean

Resources

Corp.

17‌

—‌

—‌

17‌

Pacific

Green

Energy

Corp.

2,400,000‌

—‌

—‌

2,400,000‌

Values

of

Affiliated

Companies

Global

Resources

Fund

December

31,

2022

Purchases

Cost

Sales

Proceeds

March

31

,

202

3

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,

2023

46

At

March

31,

2023,

the

value

of

investments

in

affiliated

companies

was

$5,303,641,

representing

9.47%

of

net

assets,

and

the

total

cost

was

$7,228,642.

At

March

31,

2023,

the

value

of

investments

in

affiliated

companies

was

$2,338,143,

representing

2.04%

of

net

assets,

and

the

total

cost

was

$0.

Shares

of

Affiliated

Companies

World

Precious

Minerals

Fund

December

31,

2022

Additions

Reductions

March

31

,

202

3

Barsele

Minerals

Corp.

7,548,000‌

2,000‌

—‌

7,550,000‌

Kesselrun

Resources

Ltd

5,000,000‌

—‌

—‌

5,000,000‌

Kesselrun

Resources,

Ltd.

1,250,000‌

—‌

—‌

1,250,000‌

Mammoth

Resources

Corp.

5,500,000‌

—‌

—‌

5,500,000‌

TriStar

Gold,

Inc.

28,800,000‌

—‌

—‌

28,800,000‌

Waraba

Gold,

Ltd.

2,155,000‌

5,390,000‌

—‌

7,545

,000‌

Waraba

Gold,

Ltd.,

144A

655,000‌

—‌

—‌

655,000‌

Waraba

Gold,

Ltd.,

144A

1,500,000‌

—‌

—‌

1,500,000‌

Values

of

Affiliated

Companies

World

Precious

Minerals

Fund

December

31,

2022

Purchases

Cost

Sales

Proceeds

March

31,

2023

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Barsele

Minerals

Corp.

$

1,505,140‌

$

450‌

$

—‌

$

1,717,814‌

$

—‌

$

–‌

$

212,224‌

Kesselrun

Resources

Ltd

221,566‌

—‌

—‌

129,486‌

—‌

–‌

(

92,080‌

)

Kesselrun

Resources,

Ltd.

0‌

—‌

—‌

0‌

—‌

–‌

–‌

Mammoth

Resources

Corp.

121,861‌

—‌

—‌

142,434‌

—‌

–‌

20,573‌

TriStar

Gold,

Inc.

2,658,789‌

—‌

—‌

2,876,804‌

—‌

–‌

218,015‌

Waraba

Gold,

Ltd.

270,569‌

394,251‌

—‌

400,754‌

—‌

–‌

(

264,066‌

)

Waraba

Gold,

Ltd.,

144A

82,238‌

—‌

—‌

36,349‌

—‌

–‌

(45,889‌)

Waraba

Gold,

Ltd.,

144A

0‌

—‌

—‌

0‌

—‌

–‌

–‌

$

4,860,163

$

394,701‌

$

—‌

$

5,303,641‌

$

—‌

$

—‌

$

48,777‌

Shares

of

Affiliated

Companies

Gold

And

Precious

Metals

Fund

December

31,

2022

Additions

Reductions

March

31,

2023

Silver

X

Mining

Corp

8,000,000‌

—‌

—‌

8,000,000‌

Values

of

Affiliated

Companies

Gold

And

Precious

Metals

Fund

December

31,

2022

Purchases

Cost

Sales

Proceeds

March

31,

2023

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Silver

X

Mining

Corp

$

2,245,199‌

$

—‌

$

—‌

$

2,338,143‌

$

—‌

$

–‌

$

92,944‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2023

47

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,

2023,

the

total

cost

of

restricted

securities

was

$426,625,

and

the

total

value

was

$0,

representing

0%

of

net

assets.

As

of

March

31,

2023,

the

total

cost

of

restricted

securities

was

$7,473,544,

and

the

total

value

was

$126,171,

representing

0.23%

of

net

assets.

Open

forward

foreign

currency

contracts

as

of

March

31,

2023,

were

as

follows:

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

Date

Settlement

Value

at

March

31,

2023

Net

Unrealized

Appreciation

(Depreciation)

Global

Luxury

Goods

Fund

Brown

Brothers

Harriman

&

Co.

USD

3,754,205‌

EUR

3,500,000‌

4/11/2023

$

3,798,090‌

$

$

43,885‌

Brown

Brothers

Harriman

&

Co.

EUR

3,500,000‌

USD

3,696,105‌

4/11/2023

3,798,090‌

(101,985‌)

Emerging

Europe

Fund

Brown

Brothers

Harriman

&

Co.

USD

3,424,267‌

PLN

15,000,000‌

4/11/2023

3,472,679‌

48,412‌

Brown

Brothers

Harriman

&

Co.

PLN

15,000,000‌

USD

3,373,440‌

4/11/2023

3,472,679‌

(99,239‌)

Brown

Brothers

Harriman

&

Co.

TRY

55,000,000‌

USD

2,801,977‌

4/24/2023

2,786,175‌

15,802‌