Portfolio
of
Investments
(unaudited)
1
See
notes
to
portfolios
of
investments.
September
30,
2023
U.S.
Government
Securities
Ultra-Short
Bond
Fund
United
States
Government
and
Agency
Obligations
80.15%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Federal
Farm
Credit
Bank
12.09%
Fixed
Rates:
5.57
07/05/24
$
2,000,000
$
1,995,642
5.34
05/28/26
2,000,000
1,976,851
3,972,493
Federal
Home
Loan
Bank
53.09%
Fixed
Rates:
4.75
10/24/23
5,000,000
4,997,186
4.88
11/07/23
3,000,000
2,997,315
5.17
03/08/24
1,000,000
998,235
5.15
04/12/24
1,000,000
996,897
5.00
04/25/24
1,500,000
1,494,329
5.63
09/20/24
2,000,000
1,993,897
4.63
12/13/24
2,000,000
1,981,594
5.35
12/30/24
2,000,000
1,987,880
17,447,333
Federal
Home
Loan
Mortgage
Corp.
14.97%
Fixed
Rates:
3.06
05/29/24
5,000,000
4,917,972
Investments,
at
value
80.15%
26,337,798
(cost
$26,426,532
)
Other
assets
and
liabilities,
net
19.85%
6,522,250
Net
Assets
100.00%
$
32,860,048
Portfolio
of
Investments
(unaudited)
2
See
notes
to
portfolios
of
investments.
September
30,
2023
Near-Term
Tax
Free
Fund
Municipal
Bonds
90.03%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Alabama
1.83%
Alabama
Community
College
System,
Alabama,
Refunding,
RB
BAM
4.00
11/01/24
$
185,000
$
185,244
Alabaster
Board
of
Education,
Alabama,
Prefunding,
Special
Tax
Bond
AGM
5.00
09/01/44
300,000
302,711
487,955
Arizona
1.50%
City
of
Mesa
AZ,
Arizona,
Refunding,
GO
Limited
4.00
07/01/25
400,000
401,309
California
3.22%
City
of
Milpitas
CA
Wastewater
Revenue,
California,
Refunding,
RB
5.00
11/01/24
350,000
354,860
East
Side
Union
High
School
District,
California,
GO
Unlimited
AGM
5.00
08/01/24
200,000
202,073
State
of
California,
California,
Refunding,
GO
Unlimited
5.00
08/01/24
300,000
303,452
860,385
Colorado
4.17%
City
of
Glendale
CO,
Colorado,
Refunding,
COP
AGM
5.00
12/01/25
750,000
759,193
Colorado
Health
Facilities
Authority,
Colorado,
Refunding,
RB
5.00
10/01/25
350,000
354,750
1,113,943
Connecticut
2.41%
State
of
Connecticut,
Connecticut,
GO
Unlimited
4.00
06/15/24
235,000
235,191
State
of
Connecticut,
Connecticut,
Refunding,
GO
Unlimited
5.00
05/15/27
200,000
206,411
Town
of
Simsbury
CT,
Connecticut,
Refunding,
GO
Unlimited
5.00
08/01/24
200,000
202,285
643,887
Florida
2.68%
Port
St
Lucie
Community
Redevelopment
Agency,
Florida,
Refunding,
Tax
Allocation
Bond
5.00
01/01/25
705,000
715,242
Hawaii
0.67%
State
of
Hawaii,
Hawaii,
Refunding,
GO
Unlimited
5.00
10/01/27
175,000
180,371
Portfolio
of
Investments
(unaudited)
3
See
notes
to
portfolios
of
investments.
September
30,
2023
Near-Term
Tax
Free
Fund
Municipal
Bonds (cont’d)
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Illinois
3.80%
Chicago
Park
District,
Illinois,
Refunding,
GO
Limited,
Series B
5.00
01/01/24
$
500,000
$
500,779
City
of
St
Charles
IL,
Illinois,
GO
Unlimited
5.00
12/01/23
210,000
210,331
Cook
County
Township
High
School
District
No.
225,
Illinois,
Refunding,
GO
Unlimited
5.00
12/01/24
300,000
303,609
1,014,719
Indiana
1.68%
Northwestern
School
Corp.,
Indiana,
GO
Limited
5.00
01/15/26
150,000
152,934
South
Henry
Multi
School
Building
Corp.,
Indiana,
RB
5.00
07/15/24
125,000
125,949
Warrick
County
Redevelopment
District,
Indiana,
Refunding,
Tax
Allocation
Bond
4.00
08/01/25
170,000
170,096
448,979
Iowa
1.09%
Iowa
Finance
Authority,
Iowa,
Refunding,
RB
5.00
02/15/25
290,000
292,654
Kansas
0.61%
City
of
Lawrence
KS,
Kansas,
GO
Unlimited
3.25
09/01/27
170,000
162,659
Kentucky
2.64%
Campbellsville
Independent
School
District
Finance
Corp.,
Kentucky,
RB
4.00
08/01/25
165,000
164,776
City
of
Ashland
KY,
Kentucky,
Refunding,
GO
Unlimited
AGM
5.00
01/01/25
300,000
303,847
Kentucky
Bond
Development
Corp.,
Kentucky,
Refunding,
RB
5.00
05/01/25
235,000
238,249
706,872
Louisiana
1.07%
Louisiana
Housing
Corp.,
Louisiana,
RB
FHLMC
2.15
12/01/24
295,000
286,700
Massachusetts
3.99%
Commonwealth
of
Massachusetts
Federal
Highway
Grant
Anticipation
Note
Revenue,
Massachusetts,
RB
5.00
06/15/25
250,000
251,910
Massachusetts
Development
Finance
Agency,
Massachusetts,
Refunding,
RB
4.00
04/01/25
250,000
251,152
Massachusetts
Port
Authority,
Massachusetts,
Refunding,
RB
5.00
07/01/24
560,000
564,791
1,067,853
Portfolio
of
Investments
(unaudited)
4
See
notes
to
portfolios
of
investments.
September
30,
2023
Near-Term
Tax
Free
Fund
Municipal
Bonds (cont’d)
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Michigan
2.54%
Great
Lakes
Water
Authority
Water
Supply
System
Revenue,
Michigan,
Refunding,
RB
5.00
07/01/26
$
365,000
$
375,994
Michigan
Finance
Authority,
Michigan,
RB
AGM
5.00
07/01/26
300,000
301,886
677,880
Minnesota
5.27%
City
of
St
Cloud
MN,
Minnesota,
Refunding,
RB
5.00
05/01/24
185,000
185,914
City
of
Thief
River
Falls
MN,
Minnesota,
Refunding,
GO
Unlimited
2.00
02/01/24
150,000
148,515
County
of
Chisago
MN,
Minnesota,
GO
Unlimited
2.00
02/01/27
1,175,000
1,075,170
1,409,599
Mississippi
0.47%
County
of
Madison
MS,
Mississippi,
GO
Unlimited
4.50
11/01/25
125,000
125,723
Missouri
0.75%
St
Louis
Land
Clearance
for
Redevelopment
Authority,
Missouri,
RB
4.00
07/15/25
200,000
200,440
Nebraska
2.10%
Adams
County
School
District
No.
18,
Nebraska,
GO
Unlimited
2.00
12/15/23
260,000
258,281
Nebraska
Public
Power
District,
Nebraska,
Refunding,
RB
5.00
01/01/25
300,000
304,103
562,384
Nevada
1.13%
Clark
County
Water
Reclamation
District,
Nevada,
Refunding,
GO
Limited
5.00
07/01/24
300,000
302,545
New
Hampshire
0.75%
City
of
Portsmouth
NH,
New
Hampshire,
GO
Unlimited
4.00
06/15/24
200,000
200,382
New
Jersey
8.61%
City
of
Asbury
Park
NJ,
New
Jersey,
GO
Unlimited
Notes
4.75
01/17/24
470,000
470,522
Middlesex
County
Improvement
Authority,
New
Jersey,
RB
5.00
07/01/25
425,000
434,216
New
Jersey
Transportation
Trust
Fund
Authority,
New
Jersey,
RB
5.25
12/15/23
225,000
225,401
Portfolio
of
Investments
(unaudited)
5
See
notes
to
portfolios
of
investments.
September
30,
2023
Near-Term
Tax
Free
Fund
Municipal
Bonds (cont’d)
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
New
Jersey
(cont’d)
Township
of
North
Bergen
NJ,
New
Jersey,
GO
Unlimited
Notes
5.00
12/21/23
$
440,000
$
440,329
Township
of
North
Bergen
NJ,
New
Jersey,
GO
Unlimited
Notes
4.00
04/24/24
225,000
225,213
Township
of
Parsippany-Troy
Hills
NJ,
New
Jersey,
GO
Unlimited
Notes
5.00
11/03/23
255,000
255,155
Township
of
Vernon
NJ,
New
Jersey,
Refunding,
GO
Unlimited
4.00
01/01/24
250,000
249,961
2,300,797
New
Mexico
2.36%
City
of
Rio
Rancho
NM,
New
Mexico,
GO
Unlimited
5.00
08/01/27
600,000
629,960
New
York
4.98%
City
of
New
York
NY,
New
York,
Refunding,
GO
Unlimited
5.00
08/01/25
250,000
255,524
City
of
New
York
NY,
New
York,
Refunding,
GO
Unlimited
5.00
08/01/26
200,000
206,954
Port
Authority
of
New
York
&
New
Jersey,
New
York,
Refunding,
RB
5.00
10/01/25
215,000
217,713
Town
of
Irondequoit
NY,
New
York,
GO
Limited
Notes
4.00
12/15/23
650,000
650,092
1,330,283
Ohio
1.06%
Kettering
City
School
District,
Ohio,
Refunding,
GO
Unlimited
5.00
12/01/24
280,000
283,241
Oklahoma
5.21%
Cleveland
County
Independent
School
District
No.
29
Norman,
Oklahoma,
GO
Unlimited
3.00
05/01/24
415,000
411,637
Grady
County
School
Finance
Authority,
Oklahoma,
RB
5.00
09/01/24
225,000
227,033
Tulsa
Public
Facilities
Authority,
Oklahoma,
RB
5.00
06/01/24
750,000
754,495
1,393,165
Oregon
1.35%
City
of
Ashland
OR,
Oregon,
GO
Limited
2.38
10/01/26
200,000
186,940
Klamath
Falls
Intercommunity
Hospital
Authority,
Oregon,
Refunding,
RB
4.00
09/01/24
175,000
173,930
360,870
Portfolio
of
Investments
(unaudited)
6
See
notes
to
portfolios
of
investments.
September
30,
2023
Near-Term
Tax
Free
Fund
Municipal
Bonds (cont’d)
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Pennsylvania
4.95%
Commonwealth
of
Pennsylvania,
Pennsylvania,
Refunding,
GO
Unlimited,
First
Series
5.00
08/15/25
$
310,000
$
316,841
Commonwealth
of
Pennsylvania,
Pennsylvania,
GO
Unlimited,
Second
Series
5.00
09/15/24
300,000
303,232
County
of
Somerset
PA,
Pennsylvania,
Refunding,
GO
Unlimited
5.00
10/01/23
400,000
400,000
Pittsburgh
Water
&
Sewer
Authority,
Pennsylvania,
RB
AGM
5.00
09/01/24
300,000
302,389
1,322,462
Rhode
Island
1.91%
State
of
Rhode
Island,
Rhode
Island,
Refunding,
GO
Unlimited
4.00
10/15/23
510,000
509,959
South
Carolina
3.05%
City
of
Tega
Cay
SC,
South
Carolina,
Refunding,
GO
Unlimited
2.25
04/01/25
335,000
321,473
Piedmont
Municipal
Power
Agency,
South
Carolina,
Refunding,
RB
NATL
◊
3.75
01/01/24
500,000
494,176
815,649
South
Dakota
0.51%
South
Dakota
Health
&
Educational
Facilities
Authority,
South
Dakota,
Refunding,
RB
5.00
09/01/24
135,000
135,715
Tennessee
0.94%
Metropolitan
Government
of
Nashville
&
Davidson
County
TN,
Tennessee,
GO
Unlimited
5.00
07/01/24
250,000
252,157
Texas
3.32%
City
of
Austin
TX,
Texas,
Refunding,
GO
Limited
5.00
09/01/24
215,000
217,212
City
of
Dallas
TX
Waterworks
&
Sewer
System
Revenue,
Texas,
RB
5.00
10/01/23
275,000
275,000
City
of
League
City
TX,
Texas,
Refunding,
GO
Limited
5.00
02/15/24
250,000
250,965
University
of
Houston,
Texas,
Refunding,
RB
5.00
02/15/24
145,000
145,491
888,668
Utah
2.00%
County
of
Utah
UT,
Utah,
RB
5.00
05/15/24
250,000
251,281
Jordan
Valley
Water
Conservancy
District,
Utah,
Refunding,
RB
5.00
10/01/24
280,000
283,446
534,727
Portfolio
of
Investments
(unaudited)
7
See
notes
to
portfolios
of
investments.
September
30,
2023
Near-Term
Tax
Free
Fund
Municipal
Bonds (cont’d)
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Vermont
1.46%
University
of
Vermont
and
State
Agricultural
College,
Vermont,
Refunding,
RB
5.00
10/01/24
$
385,000
$
389,174
Virginia
0.86%
Virginia
Commonwealth
Transportation
Board,
Virginia,
RB
5.00
05/15/25
225,000
229,253
Washington
1.53%
King
County
Fire
Protection
District
No.
45,
Washington,
GO
Unlimited
4.00
12/01/25
260,000
260,072
King
County
Housing
Authority,
Washington,
Refunding,
RB
4.00
06/01/27
150,000
148,110
408,182
Wisconsin
1.56%
Village
of
Hartland
WI,
Wisconsin,
Refunding,
GO
Unlimited
3.00
06/01/24
420,000
415,933
Investments,
at
value
90.03%
24,062,676
(cost
$24,507,531
)
Other
assets
and
liabilities,
net
9.97%
2,664,558
Net
Assets
100.00%
$
26,727,234
Portfolio
of
Investments
(unaudited)
8
See
notes
to
portfolios
of
investments.
September
30,
2023
Global
Luxury
Goods
Fund
Common
Stocks
81.81%
Shares
Value
Apparel
Manufacturers
11.90%
Burberry
Group
PLC
13,500
$
312,861
Christian
Dior
SE
585
429,822
Deckers
Outdoor
Corp.
*
1,690
868,812
Hermes
International
SCA
1,532
2,792,573
Kering
SA,
ADR
9,200
417,956
PRADA
SpA
64,000
375,076
5,197,100
Athletic
Footwear
0.51%
On
Holding
AG,
Class A
*
8,000
222,560
Automotive
-
Cars
&
Light
Trucks
19.20%
Bayerische
Motoren
Werke
AG
15,200
1,543,821
Ferrari
NV
750
221,655
Lucid
Group,
Inc.
*
69,000
385,710
Mercedes-Benz
Group
AG,
ADR
126,514
2,193,753
NIO,
Inc.,
ADR
*
26,000
235,040
Tesla,
Inc.
*
8,844
2,212,946
Volkswagen
AG
12,150
1,595,632
8,388,557
Beverages
-
Wine/Spirits
4.16%
Pernod
Ricard
SA
9,050
1,506,734
Remy
Cointreau
SA
2,550
310,887
1,817,621
Building
-
Residential/Commercial
0.73%
Toll
Brothers,
Inc.
4,300
318,028
Casino
Hotels
3.04%
Las
Vegas
Sands
Corp.
29,000
1,329,360
Cosmetics
&
Toiletries
1.98%
Coty,
Inc.,
Class A
*
79,000
866,630
Cruise
Lines
3.18%
Carnival
Corp.
*
6,300
86,436
Norwegian
Cruise
Line
Holdings,
Ltd.
*
26,400
435,072
Royal
Caribbean
Cruises,
Ltd.
*
9,400
866,116
1,387,624
Diversified
Banking
Institution
3.98%
JPMorgan
Chase
&
Co.
12,000
1,740,240
Energy
-
Alternate
Sources
0.00%
Pacific
Green
Energy
Corp.
#*@
100,000
0
Portfolio
of
Investments
(unaudited)
9
See
notes
to
portfolios
of
investments.
September
30,
2023
Global
Luxury
Goods
Fund
Common
Stocks (cont’d)
Shares
Value
Finance
-
Mortgage
Loan/Banker
0.00%
Lendified
Holdings,
Inc.
#*@
1,116,560
$
0
Gold
Mining
4.04%
Dundee
Precious
Metals,
Inc.
71,000
439,094
Franco-Nevada
Corp.
3,600
480,564
Osisko
Gold
Royalties,
Ltd.
23,000
270,250
Ramelius
Resources,
Ltd.
250,000
227,689
Royal
Gold,
Inc.
3,250
345,573
1,763,170
Hotels
&
Motels
9.90%
Hilton
Worldwide
Holdings,
Inc.
10,500
1,576,890
InterContinental
Hotels
Group
PLC
11,400
843,080
Marriott
International,
Inc.,
Class A
9,700
1,906,632
4,326,602
Investment
Management/Advisory
Services
2.27%
Apollo
Global
Management,
Inc.
11,050
991,848
Oil
Companies
-
Exploration
&
Production
0.10%
NG
Energy
International
Corp.,
144A
#*∆
50,000
43,438
Real
Estate
Operating/Development
0.00%
Infrastructure
Ventures,
Inc.
#*@
426,533
0
Recreational
Vehicles
0.95%
Polaris,
Inc.
4,000
416,560
Retail
-
Apparel/Shoe
3.42%
Brunello
Cucinelli
SpA
5,700
432,338
Moncler
SpA
7,150
414,378
Zalando
SE
*
29,200
648,776
1,495,492
Retail
-
Jewelry
6.57%
Cie
Financiere
Richemont
SA
19,750
2,405,219
Pandora
A/S
4,500
464,361
2,869,580
Retail
-
Miscellaneous/Diversified
0.87%
Dufry
AG
*
10,000
379,659
Textile
-
Apparel
5.01%
LVMH
Moet
Hennessy
Louis
Vuitton
SE,
ADR
14,486
2,188,980
Total
Common
Stocks
35,743,049
(cost
$37,845,378)
Portfolio
of
Investments
(unaudited)
10
See
notes
to
portfolios
of
investments.
September
30,
2023
Global
Luxury
Goods
Fund
Corporate
Non-Convertible
Bond
1.71%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Gold
Mining
1.71%
Aris
Gold
Corp.
7.50
08/26/27
$
735,400
$
747,608
(cost
$735,319)
Warrant
0.02%
Exercise
Price
Exp.
Date
Shares
Retail
-
Jewelry
0.02%
Cie
Financiere
Richemont
SA
*
$
67.00
11/22/23
9,200
6,832
(cost
$0
)
Investments,
at
value
83.54%
36,497,489
(cost
$38,580,697
)
Other
assets
and
liabilities,
net
16.46%
7,192,858
Net
Assets
100.00%
$
43,690,347
Portfolio
of
Investments
(unaudited)
11
See
notes
to
portfolios
of
investments.
September
30,
2023
Global
Resources
Fund
Common
Stocks
89.44%
Shares
Value
Advanced
Materials/Production
3.10%
Nano
One
Materials
Corp.
*
275,000
$
601,325
NanoXplore,
Inc.
*
200,000
385,791
Neo
Performance
Materials,
Inc.
80,000
472,961
1,460,077
Agricultural
Chemicals
1.49%
CF
Industries
Holdings,
Inc.
2,000
171,480
Nutrien,
Ltd.
4,000
247,024
The
Mosaic
Co.
8,000
284,800
703,304
Agricultural
Operations
0.91%
Wide
Open
Agriculture,
Ltd.
#*@
2,000,000
427,562
Building
&
Construction
Products
-
Miscellaneous
0.29%
Louisiana-Pacific
Corp.
2,500
138,175
Chemicals
-
Diversified
0.04%
Base
Carbon,
Inc.
*
51,789
16,395
Coal
0.00%
Caribbean
Resources
Corp.
#*@
2,148,176
0
Diamonds/Precious
Stones
1.71%
Barksdale
Resources
Corp.
*
1,600,000
718,572
Lucara
Diamond
Corp.
*
300,000
86,140
804,712
Distribution/Wholesale
0.26%
Fox
River
Resources
Corp.
*
750,000
124,241
Diversified
Minerals
12.74%
Arianne
Phosphate,
Inc.
*
1,000,000
228,235
Atlas
Lithium
Corp.
*
5,000
153,200
Bradda
Head
Lithium,
Ltd.
*
400,000
14,405
Core
Assets
Corp.,
144A
#*∆
600,000
59,636
Critical
Elements
Lithium
Corp.
*
550,000
720,780
Desert
Mountain
Energy
Corp.
*
300,000
92,766
E3
Lithium,
Ltd.
*
400,000
921,774
Global
Lithium
Resources,
Ltd.
*
250,000
218,617
Group
6
Metals,
Ltd.
*
800,000
46,170
IberAmerican
Lithium
Corp.
*
1,000,000
147,248
Legacy
Lithium
Corp.
#*@
100,000
1,973
Leo
Lithium,
Ltd.
#*@
700,000
227,283
Li-FT
Power,
Ltd.
*
80,000
424,075
Lithium
Ionic
Corp.
*
250,000
368,121
Lithium
Royalty
Corp.
*
50,000
418,185
NGX,
Ltd.
*
109,090
13,636
Portfolio
of
Investments
(unaudited)
12
See
notes
to
portfolios
of
investments.
September
30,
2023
Global
Resources
Fund
Common
Stocks (cont’d)
Shares
Value
Diversified
Minerals
(cont’d)
Nio
Strategic
Metals,
Inc.
*
3,325,000
$
318,240
Nio
Strategic
Metals,
Inc.,
144A
#*∆
362,069
34,654
Northern
Graphite
Corp.
*
675,000
114,302
Piedmont
Lithium,
Inc.
*
7,500
297,750
Standard
Lithium,
Ltd.
*
75,000
212,250
Surge
Battery
Metals,
Inc.
*
500,000
353,396
Volt
Lithium
Corp.
*
1,000,000
187,742
VR
Resources,
Ltd.
*
500,000
33,131
Winsome
Resources,
Ltd.
*
300,000
280,883
Wolfden
Resources
Corp.
*
1,825,000
114,209
6,002,661
Energy
-
Alternate
Sources
0.54%
Canadian
Solar,
Inc.
*
10,000
246,100
Pacific
Green
Energy
Corp.
#*@~
2,400,000
0
Zinc8
Energy
Solutions,
Inc.
*
1,000,000
7,363
253,463
Enterprise
Software/Services
4.28%
Abaxx
Technologies,
Inc.
*
333,333
1,700,716
Base
Carbon,
Inc.
*
1,000,000
316,584
2,017,300
Food
-
Miscellaneous/Diversified
0.11%
Burcon
NutraScience
Corp.
*
500,000
51,537
Gold
Mining
10.45%
Agnico
Eagle
Mines,
Ltd.
5,000
227,250
Centerra
Gold,
Inc.
60,000
293,319
Collective
Mining,
Ltd.
*
50,000
176,698
Critical
Resources,
Ltd.
*
4,500,000
109,577
EnviroGold
Global,
Ltd.,
144A
#*∆
75,000
10,491
Firefinch,
Ltd.
#*@
1,000,000
57,866
Horizonte
Minerals
PLC
*
100,000
153,174
Horizonte
Minerals
PLC
*
50,800
83,030
Ionic
Rare
Earths,
Ltd.
*
7,500,000
110,663
Iris
Metals,
Ltd.
*
650,000
820,194
K92
Mining,
Inc.
*
200,000
849,623
Kinross
Gold
Corp.
125,000
570,000
Montage
Gold
Corp.
*
750,000
298,178
OceanaGold
Corp.
250,000
489,601
Royal
Road
Minerals,
Ltd.
*
5,500,000
485,919
Silver
Tiger
Metals,
Inc.
*
1,000,000
161,973
Western
Atlas
Resources,
Inc.
*
2,000,000
25,769
4,923,325
Portfolio
of
Investments
(unaudited)
13
See
notes
to
portfolios
of
investments.
September
30,
2023
Global
Resources
Fund
Common
Stocks (cont’d)
Shares
Value
Industrial
Gases
1.58%
Linde
PLC
2,000
$
744,700
Investment
Companies
1.08%
Contango
Holdings
PLC
*
10,602,248
510,524
Metal
-
Copper
1.70%
Arizona
Sonoran
Copper
Co.,
Inc.
*
400,000
462,359
Kutcho
Copper
Corp.
*
850,000
78,226
Meridian
Mining
UK
Societas
*
400,000
106,019
Trigon
Metals,
Inc.
*
1,250,000
156,451
803,055
Metal
-
Diversified
15.34%
Centaurus
Metals,
Ltd.
*
500,000
216,248
Electra
Battery
Materials
Corp.
*
300,000
185,533
Electra
Battery
Materials
Corp.,
144A
#*∆
55,555
34,358
Filo
Corp.
*
180,000
2,688,901
GoviEx
Uranium,
Inc.,
144A
#*∆
58,000
7,900
Ivanhoe
Electric,
Inc./US
*
16,499
196,338
Ivanhoe
Mines,
Ltd.
*
340,000
2,913,749
Juno
Corp.,
144A
#*@∆
200,000
294,496
Nubian
Resources,
Ltd.
*
250,000
8,283
Orsu
Metals
Corp.,
144A
#*@∆
14,761
0
Sovereign
Metals,
Ltd.
*
600,000
157,649
Vox
Royalty
Corp.
200,000
404,000
Vulcan
Energy
Resources,
Ltd.
*
63,726
117,461
7,224,916
Metal
-
Iron
0.00%
Consolidated
Growth
Holdings,
Ltd.
#*@
19,859,173
0
Mining
Services
0.75%
Cordoba
Minerals
Corp.
*
58,823
14,075
Defense
Metals
Corp.
*
2,500,000
340,512
354,587
Natural
Resource
Technology
0.27%
I-Pulse,
Inc.,
144A
#*@+∆
15,971
126,171
Non-Ferrous
Metals
2.48%
Cameco
Corp.
7,500
297,300
Encore
Energy
Corp.
*
225,000
740,475
Euro
Manganese,
Inc.
*
1,000,000
89,809
InZinc
Mining,
Ltd.
*
2,000,000
40,493
Sterling
Group
Ventures,
Inc.,
144A
#*@∆
500,000
0
1,168,077
Portfolio
of
Investments
(unaudited)
14
See
notes
to
portfolios
of
investments.
September
30,
2023
Global
Resources
Fund
Common
Stocks (cont’d)
Shares
Value
Oil
-
Field
Services
2.34%
Halliburton
Co.
10,000
$
405,000
Schlumberger
NV
12,000
699,600
1,104,600
Oil
-
US
Royalty
Trusts
8.98%
Black
Stone
Minerals
LP
50,000
861,500
Deterra
Royalties,
Ltd.
200,000
611,317
Kimbell
Royalty
Partners
LP
55,000
880,000
Sabine
Royalty
Trust
20,000
1,318,000
Viper
Energy
Partners
LP
20,000
557,600
4,228,417
Oil
Companies
-
Exploration
&
Production
10.29%
Chesapeake
Energy
Corp.
7,500
646,725
ConocoPhillips
1,500
179,700
Freehold
Royalties,
Ltd.
30,000
324,682
LNG
Energy
Group
Corp.
*
1,000,000
261,366
Logan
Energy
Corp./CA
*
175,000
130,131
New
Stratus
Energy,
Inc.
*
1,888,500
903,755
NG
Energy
International
Corp.
*
825,000
716,731
NG
Energy
International
Corp.,
144A
#*∆
200,000
173,753
Occidental
Petroleum
Corp.
10,000
648,800
Range
Resources
Corp.
10,000
324,100
Source
Rock
Royalties,
Ltd.
500,000
301,859
Topaz
Energy
Corp.
15,000
236,665
4,848,267
Oil
Refining
&
Marketing
0.75%
Valero
Energy
Corp.
2,500
354,275
Pipelines
2.64%
Cheniere
Energy,
Inc.
7,500
1,244,700
Precious
Metals
1.76%
Brixton
Metals
Corp.
*
2,000,000
235,597
Nova
Minerals,
Ltd.
*
500,000
78,502
Pan
American
Energy
Corp.
*
500,000
169,335
Pan
American
Silver
Corp.
15,000
217,200
Polarx,
Ltd.
*
20,000,000
127,883
828,517
Real
Estate
Operating/Development
1.20%
Infrastructure
Ventures,
Inc.
#*@+
7,443,544
0
Revival
Gold,
Inc.
*
1,500,000
563,225
563,225
Portfolio
of
Investments
(unaudited)
15
See
notes
to
portfolios
of
investments.
September
30,
2023
Global
Resources
Fund
Common
Stocks (cont’d)
Shares
Value
REITS
-
Diversified
0.96%
PotlatchDeltic
Corp.
REIT
10,000
$
453,900
Remediation
Services
0.65%
Denison
Mines
Corp.
*
185,000
305,250
Retail
-
Jewelry
0.46%
Mene,
Inc.
*
750,000
215,351
Silver
Mining
0.29%
Vizsla
Silver
Corp.
*
125,000
134,364
Total
Common
Stocks
42,135,648
(cost
$86,843,012)
Corporate
Convertible
Bond
1.03%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Investment
Companies
1.03%
Contango
Holdings
PLC,
144A
#@∆
0.00
11/01/23
$
400,000
488,040
(cost
$508,120)
Corporate
Non-Convertible
Bonds
3.12%
Gold
Mining
1.95%
Aris
Gold
Corp.
7.50
08/26/27
900,897
915,852
Oil
Companies
-
Exploration
&
Production
1.17%
NG
Energy
International
Corp.
#
8.00
05/20/27
750,000
552,181
Total
Corporate
Non-Convertible
Bonds
1,468,033
(cost
$1,487,999)
Exchange
Traded
Funds
1.40%
Shares
abrdn
Physical
Palladium
Shares
ETF
*
200
23,016
Direxion
Daily
Gold
Miners
Index
Bear
2X
Shares
ETF
430
6,342
Direxion
Daily
Junior
Gold
Miners
Index
Bear
2X
Shares
ETF
527
4,353
Global
X
Uranium
ETF
1,000
27,040
iShares
U.S.
Energy
ETF
2,000
94,860
iShares
U.S.
Oil
Equipment
&
Services
ETF
2,300
55,292
KraneShares
Global
Carbon
Strategy
ETF
4,000
144,520
ProShares
UltraShort
Bloomberg
Natural
Gas
ETF
*
400
24,416
Sprott
Physical
Uranium
Trust
*
1,000
17,066
Teucrium
Corn
Fund
ETF
*
6,400
140,928
Portfolio
of
Investments
(unaudited)
16
See
notes
to
portfolios
of
investments.
September
30,
2023
Global
Resources
Fund
Exchange
Traded
Funds (cont’d)
Shares
Value
U.S.
Oil
Fund
LP
ETF
*
1,500
$
121,290
Total
Exchange
Traded
Funds
659,123
(cost
$656,100)
Warrants
0.19%
Exercise
Price
Exp.
Date
Diversified
Minerals
0.03%
Bradda
Head
Lithium,
Ltd.,
144A
#*@∆
$
0.21
04/19/24
2,000,000
0
Core
Assets
Corp.,
144A
#*@∆
0.47
02/17/25
300,000
0
Desert
Mountain
Energy
Corp.,
144A
#*@∆
2.70
03/24/25
300,000
0
IberAmerican
Lithium,
Inc.,
144A
#*@∆
0.40
08/24/26
500,000
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
12,240
Volt
Lithium
Corp.,
144A
#*@∆
0.33
08/04/25
500,000
0
12,240
Investment
Companies
0.00%
Contango
Holdings
PLC,
144A
#*@∆
0.09
11/07/25
4,583,333
0
Metal
-
Copper
0.00%
Trigon
Metals,
Inc.,
144A
#*@∆
0.30
07/12/26
625,000
0
Metal
-
Diversified
0.00%
Electra
Battery
Materials
Corp.,
144A
#*@∆
1.74
08/11/25
250,000
0
Mining
Services
0.09%
Aris
Mining
Corp.
*
2.75
07/29/25
370,889
42,325
Non-Ferrous
Metals
0.00%
Flying
Nickle
Mining
Corp.,
144A
#*@∆
1.00
11/29/23
150,000
0
Oil
Companies
-
Exploration
&
Production
0.07%
LNG
Energy
Group,
144A
#*@∆
0.60
05/05/26
1,000,000
0
NG
Energy
International
Corp.
*
1.40
05/20/27
300,000
26,505
Source
Rock
Royalties,
Ltd.
*
1.25
03/01/24
1,250,000
6,902
33,407
Real
Estate
Operating/Development
0.00%
Revival
Gold,
Inc.,
144A
#*@∆
0.72
05/16/26
250,000
0
Portfolio
of
Investments
(unaudited)
17
See
notes
to
portfolios
of
investments.
September
30,
2023
Global
Resources
Fund
Warrants (cont’d)
Exercise
Price
Exp.
Date
Shares
Value
Silver
Mining
0.00%
Vizsla
Silver
Corp.,
144A
#*@∆
$
2.00
11/15/24
62,500
$
0
Total
Warrants
87,972
(cost
$94,582
)
Publically
Traded
Partnerships
0.19%
Shares
Value
Invesco
DB
US
Dollar
Index
Bullish
Fund
ETF
3,000
89,190
(cost
$89,070)
Call
Options
Purchased
0.24%
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
0
Gold
Mining
0.21%
Iris
Metals,
Ltd.
#@
1.50
05/25
0
325,000
98,211
Precious
Metals
0.03%
Coeur
Mining,
Inc.
2.50
01/24
147,250
589
14,725
Nova
Minerals,
Ltd.
#@
0.70
04/24
0
16,666
0
14,725
Total
Purchased
Call
Options
112,936
(premiums
paid
$16,213
)
Investments,
at
value
95.61%
45,040,942
(cost
$89,695,096
)
Other
assets
and
liabilities,
net
4.39%
2,070,546
Net
Assets
100.00%
$
47,111,488
Portfolio
of
Investments
(unaudited)
18
See
notes
to
portfolios
of
investments.
September
30,
2023
World
Precious
Minerals
Fund
Common
Stocks
93.32%
Shares
Value
Advanced
Materials/Production
14.01%
Nano
One
Materials
Corp.
*
2,700,000
$
5,903,920
Chemicals
-
Diversified
0.00%
Base
Carbon,
Inc.
*
15
5
Coal
0.00%
Caribbean
Resources
Corp.
#*@
505,453
0
Diamonds/Precious
Stones
3.49%
Barksdale
Resources
Corp.
*
3,275,000
1,470,826
Diversified
Minerals
3.85%
Ascot
Resources,
Ltd.,
144A
#*∆
6,412
1,770
Desert
Gold
Ventures,
Inc.
*
750,000
17,946
E79
Resources
Corp.
*
2,000,000
110,436
Erdene
Resource
Development
Corp.
*
500,000
108,596
Gossan
Resources,
Ltd.
*
1,250,000
39,113
Indochine
Mining,
Ltd.
#*@
10,000
0
Kenorland
Minerals,
Ltd.
*
250,000
115,958
Kootenay
Resources,
Inc.
#*@
40,000
2,945
Max
Resource
Corp.
*
2,150,000
292,840
Minaurum
Gold,
Inc.
*
1,000,000
110,436
Musgrave
Minerals,
Ltd.
*
750,000
188,165
Northern
Graphite
Corp.
*
500,000
84,668
Spark
Energy
Minerals,
Inc.
*
163,210
18,925
Waraba
Gold,
Ltd.
#*~
2,155,000
79,330
Waraba
Gold,
Ltd.,
144A
#*~∆
6,045,000
222,529
Western
Exploration,
Inc.
*
350,000
229,339
1,622,996
Enterprise
Software/Services
0.03%
Abaxx
Technologies,
Inc.
*
2,678
13,664
Financial
Services
0.00%
Tokens.com
Corp.,
144A
#*∆
11,123
1,228
Gold
Mining
36.46%
Adamera
Minerals
Corp.
*
5,470,000
90,613
Adamera
Minerals
Corp.,
144A
#*∆
119,543
1,980
Allegiant
Gold,
Ltd.
*
750,000
71,784
Alpha
Exploration,
Ltd.
*
500,000
254,003
Amilot
Capital,
Inc.,
144A
#*@∆
410,000
4,528
Angold
Resources,
Ltd.
*
50,000
2,209
Angus
Gold,
Inc.
*
250,000
106,755
Asante
Gold
Corp.
*
1,250,000
1,242,408
Awale
Resources,
Ltd.
*
1,300,000
95,711
Bellevue
Gold,
Ltd.
*
500,000
439,934
Portfolio
of
Investments
(unaudited)
19
See
notes
to
portfolios
of
investments.
September
30,
2023
World
Precious
Minerals
Fund
Common
Stocks (cont’d)
Shares
Value
Gold
Mining
(cont’d)
Black
Cat
Syndicate,
Ltd.
*
1,750,000
$
235,192
Carolina
Rush
Corp.
*
870,000
64,053
Cassiar
Gold
Corp.
*
448,000
107,197
Collective
Mining,
Ltd.
*
50,000
176,698
Compass
Gold
Corp.
*
2,000,000
117,799
Contact
Gold
Corp.
*
8,200,000
90,558
Faraday
Copper
Corp.,
144A
#*∆
43,500
21,778
Freegold
Ventures,
Ltd.
*
200,000
55,954
G2
Goldfields,
Inc.
*
700,000
401,988
Gold
Bull
Resources
Corp.
*
1,000,000
27,609
Goldshore
Resources,
Inc.
*
1,000,000
92,030
Heliostar
Metals,
Ltd.
*
1,250,000
248,482
HighGold
Mining,
Inc.
*
375,000
99,393
K92
Mining,
Inc.
*
750,000
3,186,085
Karus
Gold
Corp.
#*@
375,000
60,740
Kesselrun
Resources,
Ltd.
*~
5,000,000
92,030
Lion
One
Metals,
Ltd.
*
500,000
305,540
Loncor
Gold,
Inc.
*
2,600,000
526,413
Maple
Gold
Mines,
Ltd.
*
1,000,000
44,175
Mawson
Gold,
Ltd.
*
625,000
144,948
McEwen
Mining,
Inc.
*
13,476
86,616
Moneta
Gold,
Inc.
*
100,000
58,899
Montage
Gold
Corp.
*
500,000
198,785
NV
Gold
Corp.
*
1,000,000
40,493
Omai
Gold
Mines
Corp.
*
3,000,000
88,349
Onyx
Gold
Corp.
*
200,000
73,624
Osisko
Mining,
Inc.
*
100,000
181,115
Radisson
Mining
Resources,
Inc.
*
8,500,000
1,220,320
Radius
Gold,
Inc.,
144A
#*∆
125,000
21,627
Renegade
Gold,
Inc.
*
25,000
6,994
Reunion
Gold
Corp.
*
1,500,000
458,310
Roscan
Gold
Corp.
*
1,500,000
154,611
Royal
Road
Minerals,
Ltd.
*
1,500,000
132,523
Sanu
Gold
Corp.
*
585,000
21,535
Sanu
Gold
Corp.,
144A
#*∆
700,000
25,768
Scottie
Resources
Corp.
*
2,250,000
331,309
Silver
Tiger
Metals,
Inc.
*
1,000,000
161,973
Skeena
Resources,
Ltd.
*
75,000
342,904
Snowline
Gold
Corp.
*
70,000
261,807
Southern
Gold,
Ltd.
*
10,000,000
76,768
Storm
Exploration,
Inc.
*
537,500
45,509
Strikepoint
Gold,
Inc.
*
2,750,000
91,110
Taurus
Gold,
Ltd.,
144A
#*@∆
2,448,381
0
TriStar
Gold,
Inc.
*~
28,800,000
2,226,394
Viva
Gold
Corp.
*
500,000
44,175
Wesdome
Gold
Mines,
Ltd.
*
85,000
443,696
Portfolio
of
Investments
(unaudited)
20
See
notes
to
portfolios
of
investments.
September
30,
2023
World
Precious
Minerals
Fund
Common
Stocks (cont’d)
Shares
Value
Gold
Mining
(cont’d)
Westhaven
Gold
Corp.
*
1,000,000
$
158,292
15,362,093
Metal
-
Copper
0.87%
Arizona
Sonoran
Copper
Co.,
Inc.
*
100,000
115,590
C3
Metals,
Inc.
*
1,500,000
88,349
Hudbay
Minerals,
Inc.
5,917
28,795
Meridian
Mining
UK
Societas
*
500,000
132,524
365,258
Metal
-
Diversified
7.89%
Argent
Minerals,
Ltd.
*
4,624,077
32,284
Aurion
Resources,
Ltd.
*
500,000
191,423
Auteco
Minerals,
Ltd.
*
15,000,000
307,111
Auteco
Minerals,
Ltd.
*
5,000,000
102,370
Blackwolf
Copper
and
Gold,
Ltd.
*
500,000
84,668
Cartier
Resources,
Inc.
*
750,000
41,414
De
Grey
Mining,
Ltd.
*
250,000
182,864
Ivanhoe
Mines,
Ltd.
*
200,000
1,713,970
Juno
Corp.,
144A
#*@∆
200,000
294,497
Kaizen
Discovery,
Inc.
*
800,000
91,294
New
Age
Metals,
Inc.,
144A
#*∆
143,518
4,227
Nubian
Resources,
Ltd.
*
500,000
16,565
Orex
Minerals,
Inc.
*
700,000
113,381
Orsu
Metals
Corp.,
144A
#*@∆
186,922
0
RTG
Mining,
Inc.
*
3,000,000
60,196
Sirios
Resources,
Inc.
*
1,000,000
29,450
Sterling
Metals
Corp.
*
1,000,000
58,899
3,324,613
Mining
Services
0.63%
Cordoba
Minerals
Corp.
*
58,823
14,075
Orexplore
Technologies,
Ltd.
*
267,284
7,740
Summa
Silver
Corp.
*
750,000
242,960
264,775
Non-Ferrous
Metals
0.40%
InZinc
Mining,
Ltd.
*
2,000,000
40,493
Latitude
Uranium,
Inc.
*
575,241
127,055
167,548
Oil
Companies
-
Exploration
&
Production
0.00%
Big
Sky
Energy
Corp.
#*@
2,000,000
0
Optical
Recognition
Equipment
0.00%
Nexoptic
Technology
Corp.,
144A
#*∆
12,083
400
Portfolio
of
Investments
(unaudited)
21
See
notes
to
portfolios
of
investments.
September
30,
2023
World
Precious
Minerals
Fund
Common
Stocks (cont’d)
Shares
Value
Precious
Metals
16.92%
Amani
Gold,
Ltd.
#*@
54,500,000
$
35,041
Arizona
Metals
Corp.
*
1,000,000
2,245,537
Barsele
Minerals
Corp.
*~
7,550,000
680,931
Brixton
Metals
Corp.
*
3,000,000
353,396
Canex
Metals,
Inc.
*
3,250,000
101,693
Capitan
Silver
Corp.
*
1,100,000
95,159
Denarius
Metals
Corp.
*
150,000
39,757
Dolly
Varden
Silver
Corp.
*
2,750,000
1,295,785
GFG
Resources,
Inc.
*
5,500,000
323,946
Gold
Terra
Resource
Corp.
*
3,750,000
193,263
Gold79
Mines,
Ltd.
*
8,500,000
156,451
GR
Silver
Mining,
Ltd.
*
1,500,000
44,175
Imperial
Mining
Group,
Ltd.
*
500,000
22,087
MacDonald
Mines
Exploration,
Ltd.
*
300,000
11,044
Olive
Resource
Capital,
Inc.
*
4,000,000
95,711
Paramount
Gold
Nevada
Corp.
*
170,000
48,246
Polarx,
Ltd.
*
40,000,000
255,766
Silver
Viper
Minerals
Corp.
*
2,000,000
132,524
Stillwater
Critical
Minerals
Corp.
*
2,000,000
242,960
Thesis
Gold,
Inc.
*
1,016,254
478,853
Unico
Silver,
Ltd.
*
1,000,000
57,842
Visionary
Metals
Corp.
*
1,500,000
93,871
Xali
Gold
Corp.,
144A
#*∆
4,875,000
125,621
7,129,659
Real
Estate
Operating/Development
1.78%
Fremont
Gold,
Ltd.
*
400,000
29,450
Mammoth
Resources
Corp.
*~
5,500,000
60,740
Revival
Gold,
Inc.
*
1,750,000
657,095
747,285
Retail
-
Jewelry
1.44%
Mene,
Inc.
*
2,115,000
607,289
Silver
Mining
5.55%
Aya
Gold
&
Silver,
Inc.
*
95,000
509,884
FireFox
Gold
Corp.
*
500,000
18,406
Kootenay
Silver,
Inc.
*
3,500,000
206,148
Metallic
Minerals
Corp.
*
1,000,000
294,497
Reyna
Silver
Corp.
*
360,000
53,009
Southern
Silver
Exploration
Corp.
*
1,500,000
182,220
Vizsla
Silver
Corp.
*
1,000,000
1,074,912
2,339,076
Total
Common
Stocks
39,320,635
(cost
$77,073,627)
Portfolio
of
Investments
(unaudited)
22
See
notes
to
portfolios
of
investments.
September
30,
2023
World
Precious
Minerals
Fund
Corporate
Non-Convertible
Bond
2.20%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Gold
Mining
2.20%
Aris
Gold
Corp.
7.50
08/26/27
$
910,097
$
925,205
(cost
$910,097)
Exchange
Traded
Funds
0.22%
Shares
Direxion
Daily
Gold
Miners
Index
Bear
2X
Shares
ETF
3,767
55,563
Direxion
Daily
Junior
Gold
Miners
Index
Bear
2X
Shares
ETF
4,699
38,814
Total
Exchange
Traded
Funds
94,377
(cost
$94,595)
Warrants
0.14%
Exercise
Price
Exp.
Date
Diversified
Minerals
0.00%
Kesselrun
Resources,
Ltd.,
144A
#*@~∆
$
0.23
12/08/23
1,250,000
0
Spark
Energy
Minerals,
Inc.,
144A
#*@∆
4.00
06/04/24
875,000
0
Waraba
Gold,
Ltd.,
144A
#*@~∆
0.50
03/29/24
5,390,000
0
Western
Exploration,
Inc.,
144A
#*@∆
2.15
12/31/49
50,000
0
Western
Exploration,
Inc.,
144A
#*@∆
0.50
12/31/49
240,000
0
0
Gold
Mining
0.00%
Cassiar
Gold
Corp.,
144A
#*@∆
1.05
06/08/24
99,000
0
Cassiar
Gold
Corp.,
144A
#*@∆
0.70
05/04/25
125,000
0
Gold
Mountain
Mining
Corp.,
144A
#*@∆
1.75
04/21/24
50,000
0
0
Metal
-
Diversified
0.00%
Sterling
Metals
Corp.,
144A
#*@∆
0.25
04/17/25
1,000,000
0
Mining
Services
0.14%
Aris
Mining
Corp.
*
2.75
07/29/25
520,000
59,341
Oil
Companies
-
Exploration
&
Production
0.00%
Goliath
Resources,
Ltd.,
144A
#*@∆
0.92
05/18/25
112,500
0
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
Real
Estate
Operating/Development
0.00%
TDG
Gold
Corp.,
144A
#*@∆
0.42
07/06/26
115,000
0
Portfolio
of
Investments
(unaudited)
23
See
notes
to
portfolios
of
investments.
September
30,
2023
World
Precious
Minerals
Fund
Warrants (cont’d)
Exercise
Price
Exp.
Date
Shares
Value
Silver
Mining
0.00%
Southern
Silver
Exploration
Corp.,
144A
#*@∆
$
0.25
08/14/25
875,000
$
0
Vizsla
Silver
Corp.,
144A
#*@∆
2.00
11/15/24
62,500
0
0
Total
Warrants
59,341
(cost
$62,611
)
Call
Option
Purchased
0.03%
Strike
Price
Exp.
Date
Notional
Contract
Value
Contracts
Value
Precious
Metals
0.03%
Coeur
Mining,
Inc.
$
2.50
01/24
$
134,750
539
13,475
(premiums
paid
$14,833
)
Investments,
at
value
95.91%
40,413,033
(cost
$78,155,763
)
Other
assets
and
liabilities,
net
4.09%
1,723,975
Net
Assets
100.00%
$
42,137,008
Portfolio
of
Investments
(unaudited)
24
See
notes
to
portfolios
of
investments.
September
30,
2023
Gold
and
Precious
Metals
Fund
Common
Stocks
89.85%
Shares
Value
Applications
Software
1.15%
Chrysos
Corp.,
Ltd.
*
250,000
$
1,008,782
Chemicals
-
Diversified
0.00%
Base
Carbon,
Inc.
*
196
62
Diamonds/Precious
Stones
0.23%
Lucara
Diamond
Corp.
*
700,000
200,994
Diversified
Minerals
2.58%
Calibre
Mining
Corp.
*
450,000
430,701
Leo
Lithium,
Ltd.
#*@
3,500,000
1,136,414
Lithium
Royalty
Corp.
*
85,000
710,915
2,278,030
Enterprise
Software/Services
0.21%
Abaxx
Technologies,
Inc.
*
36,333
185,377
Gold
Mining
48.73%
Agnico
Eagle
Mines,
Ltd.
40,000
1,818,000
Alamos
Gold,
Inc.
225,000
2,540,250
Anglogold
Ashanti
PLC
25,000
395,000
Black
Cat
Syndicate,
Ltd.
*
4,000,000
537,581
Catalyst
Metals,
Ltd.
*
1,249,850
451,965
Catalyst
Metals,
Ltd.
*
500,000
180,808
Centamin
PLC
425,000
431,853
Centerra
Gold,
Inc.
125,000
611,080
DRDGOLD,
Ltd.,
ADR
165,000
1,369,500
Dundee
Precious
Metals,
Inc.
150,000
927,664
Eldorado
Gold
Corp.
*
75,000
668,250
Firefinch,
Ltd.
#*@
5,000,000
289,327
Franco-Nevada
Corp.
7,500
1,001,175
GoGold
Resources,
Inc.
*
750,000
668,139
Gold
Fields,
Ltd.,
ADR
145,000
1,574,700
Gold
Resource
Corp.
1,000,000
428,000
Harmony
Gold
Mining
Co.,
Ltd.,
ADR
500,000
1,880,000
i-80
Gold
Corp.
*
200,000
301,859
IAMGOLD
Corp.
*
300,000
645,000
K92
Mining,
Inc.
*
2,300,000
9,770,661
Karora
Resources,
Inc.
*
450,000
1,268,912
Kinross
Gold
Corp.
375,000
1,710,000
Lundin
Gold,
Inc.
340,000
3,817,412
Mineros
SA
3,400,000
1,451,868
Northern
Star
Resources,
Ltd.
100,000
664,025
OceanaGold
Corp.
600,000
1,175,041
Pantoro,
Ltd.
*
11,000,000
260,224
Petropavlovsk
PLC
#*@+
4,886,855
0
Ramelius
Resources,
Ltd.
1,000,000
910,755
Portfolio
of
Investments
(unaudited)
25
See
notes
to
portfolios
of
investments.
September
30,
2023
Gold
and
Precious
Metals
Fund
Common
Stocks (cont’d)
Shares
Value
Gold
Mining
(cont’d)
Resolute
Mining,
Ltd.
*
8,000,000
$
1,757,049
Royal
Gold,
Inc.
10,000
1,063,300
Sandstorm
Gold,
Ltd.
200,000
932,000
Torex
Gold
Resources,
Inc.
*
40,000
416,124
Wesdome
Gold
Mines,
Ltd.
*
200,000
1,043,990
42,961,512
Metal
-
Copper
0.13%
Arizona
Sonoran
Copper
Co.,
Inc.
*
100,000
115,590
Metal
-
Diversified
9.12%
Aclara
Resources,
Inc.
*
137,400
40,464
Ivanhoe
Mines,
Ltd.
*
335,000
2,870,900
Mandalay
Resources
Corp.
*
500,000
714,154
Silver
X
Mining
Corp.
*
8,000,000
1,384,134
Vox
Royalty
Corp.
1,500,000
3,030,000
8,039,652
Mining
Services
2.09%
Capital,
Ltd.
575,000
598,793
Empress
Royalty
Corp.
*
2,000,000
412,295
Orexplore
Technologies,
Ltd.
*
1,007,351
29,170
Star
Royalties,
Ltd.
*
3,500,000
798,822
1,839,080
Oil
&
Gas
Drilling
3.06%
DDH1,
Ltd.
5,000,000
2,700,207
Oil
Field
Machinery
&
Equipment
0.82%
Imdex,
Ltd.
725,000
721,881
Platinum
1.29%
Impala
Platinum
Holdings,
Ltd.
100,000
520,914
Sibanye
Stillwater,
Ltd.,
ADR
100,000
617,000
1,137,914
Precious
Metals
6.95%
Elemental
Altus
Royalties
Corp.
*
250,000
215,351
EMX
Royalty
Corp.
*
1,250,000
2,227,130
Pan
American
Silver
Corp.
100,000
1,448,000
SilverCrest
Metals,
Inc.
*
55,000
242,960
Triple
Flag
Precious
Metals
Corp.
75,000
982,330
Wheaton
Precious
Metals
Corp.
25,000
1,013,750
6,129,521
Real
Estate
Operating/Development
3.92%
Emerald
Resources
NL
*
2,000,000
3,459,415
Portfolio
of
Investments
(unaudited)
26
See
notes
to
portfolios
of
investments.
September
30,
2023
Gold
and
Precious
Metals
Fund
Common
Stocks (cont’d)
Shares
Value
Retail
-
Jewelry
2.20%
Mene,
Inc.
*
1,025,000
$
294,312
Mene,
Inc.,
144A
#*∆
5,714,285
1,640,767
1,935,079
Silver
Mining
7.37%
Aya
Gold
&
Silver,
Inc.
*
1,000,000
5,367,200
Santacruz
Silver
Mining,
Ltd.
*
4,000,000
544,819
Silvercorp
Metals,
Inc.
250,000
587,500
6,499,519
Total
Common
Stocks
79,212,615
(cost
$84,644,362)
Corporate
Non-Convertible
Bonds
4.08%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Coal
0.00%
Caribbean
Resources
Corp.
#@^
19.25
06/15/15
$
485,766
0
Gold
Mining
4.08%
Aris
Gold
Corp.
7.50
08/26/27
3,538,402
3,597,139
Total
Corporate
Non-Convertible
Bonds
3,597,139
(cost
$4,024,147)
Exchange
Traded
Funds
0.74%
Shares
Direxion
Daily
Gold
Miners
Index
Bear
2X
Shares
ETF
7,803
115,094
Direxion
Daily
Junior
Gold
Miners
Index
Bear
2X
Shares
ETF
9,774
80,733
Global
X
Silver
Miners
ETF
19,000
454,100
Total
Exchange
Traded
Funds
649,927
(cost
$754,831)
Warrants
0.17%
Exercise
Price
Exp.
Date
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.
September
30,
2023
Gold
and
Precious
Metals
Fund
Warrants (cont’d)
Exercise
Price
Exp.
Date
Shares
Value
Mining
Services
0.17%
Aris
Mining
Corp.
*
$
2.75
07/29/25
1,274,000
$
145,386
Total
Warrants
145,386
(cost
$0
)
Call
Option
Purchased
0.03%
Strike
Price
Exp.
Date
Notional
Contract
Value
Contracts
Value
Precious
Metals
0.03%
Coeur
Mining,
Inc.
$
2.50
01/24
$
286,750
1,147
28,675
(premiums
paid
$31,567
)
Investments,
at
value
94.87%
83,633,742
(cost
$89,454,907
)
Other
assets
and
liabilities,
net
5.13%
4,524,108
Net
Assets
100.00%
$
88,157,850
Notes
to
Portfolios
of
Investments
(
unaudited
)
September
30,
2023
28
Legend
General
The
yields
reflect
the
effective
yield
from
the
date
of
purchase.
Variable
and
Floating
Rate
Notes
have
periodic
reset
features,
which
effectively
shorten
the
maturity
dates
and
reset
the
interest
rates
as
tied
to
various
interest-bearing
instruments.
Rates
shown
are
current
rates
at
September
30,
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.
@
Security
was
fair
valued
at
September
30,
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
September
30,
2023,
were
0.00%
of
Global
Luxury
Goods
Fund,
3.68%
of
Global
Resources
Fund,
0.94%
of
World
Precious
Minerals
Fund
and
1.62%
of
Gold
And
Precious
Metals
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
September
30,
2023
amounted
to
$43,438,
0.10%,
of
Global
Luxury
Goods
Fund,
$1,241,739,
2.64%,
of
Global
Resources
Fund,
$725,953,
1.72%,
of
World
Precious
Minerals
Fund
and
$1,640,767,
1.86%,
of
Gold
And
Precious
Metals
Fund.
~
Affiliated
Company.
(see
following)
+
See
"Restricted
Securities"
in
Notes
to
Portfolios
of
Investments.
^
Security
is
currently
in
default
and
is
on
scheduled
interest
or
principal
payment.
ADR
American
Depositary
Receipt
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
MTN
Medium
Term
Note
NATL
National
Public
Finance
Guarantee
Corporation
PLC
Public
Limited
Company
RB
Revenue
Bond
REIT
Real
Estate
Investment
Trust
Notes
to
Portfolios
of
Investments
(
unaudited
)
September
30,
2023
29
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
)
September
30,
2023
30
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
September
30,
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
$
–
$
26,337,798
$
–
$
26,337,798
Investments,
at
Value
$
–
$
26,337,798
$
–
$
26,337,798
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
$
–
$
24,062,676
$
–
$
24,062,676
Investments,
at
Value
$
–
$
24,062,676
$
–
$
24,062,676
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
$
1,286,768
$
3,910,332
$
–
$
5,197,100
Athletic
Footwear
222,560
–
–
222,560
Automotive
-
Cars
&
Light
Trucks
5,249,104
3,139,453
–
8,388,557
Beverages
-
Wine/Spirits
–
1,817,621
–
1,817,621
Building
-
Residential/
Commercial
318,028
–
–
318,028
Casino
Hotels
1,329,360
–
–
1,329,360
Cosmetics
&
Toiletries
866,630
–
–
866,630
Notes
to
Portfolios
of
Investments
(
unaudited
)
September
30,
2023
31
Global
Luxury
Goods
Fund
Common
Stocks
(continued)
Cruise
Lines
$
1,387,624
$
–
$
–
$
1,387,624
Diversified
Banking
Institution
1,740,240
–
–
1,740,240
Energy
-
Alternate
Sources
–
–
0
0
Finance
-
Mortgage
Loan/
Banker
–
–
0
0
Gold
Mining
1,535,481
227,689
–
1,763,170
Hotels
&
Motels
3,483,522
843,080
–
4,326,602
Investment
Management/
Advisory
Services
991,848
–
–
991,848
Oil
Companies
-
Exploration
&
Production
43,438
–
–
43,438
Real
Estate
Operating/
Development
–
–
0
0
Recreational
Vehicles
416,560
–
–
416,560
Retail
-
Apparel/Shoe
–
1,495,492
–
1,495,492
Retail
-
Jewelry
–
2,869,580
–
2,869,580
Retail
-
Miscellaneous/
Diversified
–
379,659
–
379,659
Textile
-
Apparel
2,188,980
–
–
2,188,980
Corporate
Non-Convertible
Bond
–
747,608
–
747,608
Warrant
Retail
-
Jewelry
–
6,832
–
6,832
Investments,
at
Value
21,060,143
15,437,346
0
36,497,489
Other
Financial
Instruments
†
Currency
Contract
–
18,694
–
18,694
Quoted
Prices
in
Active
Markets
for
Identical
Investments
(Level
1)
Significant
Other
Observable
Inputs
(Level
2)
Significant
Unobservable
Inputs
(Level
3)
Total
Global
Resources
Fund
Investments
in
Securities*
Common
Stocks
Advanced
Materials/
Production
$
1,460,077
$
–
$
–
$
1,460,077
Agricultural
Chemicals
703,304
–
–
703,304
Agricultural
Operations
–
–
427,562
427,562
Building
&
Construction
Products
-
Miscellaneous
138,175
–
–
138,175
Chemicals
-
Diversified
–
16,395
–
16,395
Coal
–
–
0
0
Diamonds/Precious
Stones
804,712
–
–
804,712
Distribution/Wholesale
–
124,241
–
124,241
Diversified
Minerals
5,140,058
633,347
229,256
6,002,661
Energy
-
Alternate
Sources
246,100
7,363
0
253,463
Notes
to
Portfolios
of
Investments
(
unaudited
)
September
30,
2023
32
Global
Resources
Fund
Common
Stocks
(continued)
Enterprise
Software/
Services
$
1,700,716
$
316,584
$
–
$
2,017,300
Food
-
Miscellaneous/
Diversified
51,537
–
–
51,537
Gold
Mining
3,661,360
1,204,099
57,866
4,923,325
Industrial
Gases
744,700
–
–
744,700
Investment
Companies
–
510,524
–
510,524
Metal
-
Copper
803,055
–
–
803,055
Metal
-
Diversified
6,439,062
491,358
294,496
7,224,916
Metal
-
Iron
–
–
0
0
Mining
Services
354,587
–
–
354,587
Natural
Resource
Technology
–
–
126,171
126,171
Non-Ferrous
Metals
1,078,268
89,809
0
1,168,077
Oil
-
Field
Services
1,104,600
–
–
1,104,600
Oil
-
US
Royalty
Trusts
3,617,100
611,317
–
4,228,417
Oil
Companies
-
Exploration
&
Production
4,848,267
–
–
4,848,267
Oil
Refining
&
Marketing
354,275
–
–
354,275
Pipelines
1,244,700
–
–
1,244,700
Precious
Metals
452,797
375,720
–
828,517
Real
Estate
Operating/
Development
563,225
–
0
563,225
REITS
-
Diversified
453,900
–
–
453,900
Remediation
Services
305,250
–
–
305,250
Retail
-
Jewelry
215,351
–
–
215,351
Silver
Mining
134,364
–
–
134,364
Corporate
Convertible
Bond
–
–
488,040
488,040
Corporate
Non-Convertible
Bonds
–
1,468,033
–
1,468,033
Exchange
Traded
Funds
659,123
–
–
659,123
Warrants
Diversified
Minerals
–
12,240
–
12,240
Investment
Companies
–
0
–
0
Metal
-
Copper
0
–
–
0
Metal
-
Diversified
–
0
–
0
Mining
Services
42,325
–
–
42,325
Non-Ferrous
Metals
–
0
–
0
Oil
Companies
-
Exploration
&
Production
6,902
26,505
–
33,407
Real
Estate
Operating/
Development
–
0
–
0
Silver
Mining
–
0
–
0
Publically
Traded
Partnerships
89,190
–
–
89,190
Purchased
Call
Options
14,725
98,211
–
112,936
Investments,
at
Value
37,431,805
5,985,746
1,623,391
45,040,942
Notes
to
Portfolios
of
Investments
(
unaudited
)
September
30,
2023
33
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
$
5,903,920
$
–
$
–
$
5,903,920
Chemicals
-
Diversified
–
5
–
5
Coal
–
–
0
0
Diamonds/Precious
Stones
1,470,826
–
–
1,470,826
Diversified
Minerals
1,019,591
600,460
2,945
1,622,996
Enterprise
Software/
Services
13,664
–
–
13,664
Financial
Services
–
1,228
–
1,228
Gold
Mining
13,237,970
2,063,383
60,740
15,362,093
Metal
-
Copper
365,258
–
–
365,258
Metal
-
Diversified
2,345,291
684,825
294,497
3,324,613
Mining
Services
14,075
250,700
–
264,775
Non-Ferrous
Metals
167,548
–
–
167,548
Oil
Companies
-
Exploration
&
Production
–
–
0
0
Optical
Recognition
Equipment
400
–
–
400
Precious
Metals
6,781,010
313,608
35,041
7,129,659
Real
Estate
Operating/
Development
747,285
–
–
747,285
Retail
-
Jewelry
607,289
–
–
607,289
Silver
Mining
2,339,076
–
–
2,339,076
Corporate
Non-Convertible
Bond
–
925,205
–
925,205
Exchange
Traded
Funds
94,377
–
–
94,377
Warrants
Diversified
Minerals
–
0
–
0
Gold
Mining
–
0
–
0
Metal
-
Diversified
–
0
–
0
Mining
Services
59,341
–
–
59,341
Oil
Companies
-
Exploration
&
Production
–
0
–
0
Precious
Metals
–
0
–
0
Real
Estate
Operating/
Development
–
0
–
0
Silver
Mining
–
0
–
0
Call
Option
13,475
–
–
13,475
Investments,
at
Value
35,180,396
4,839,414
393,223
40,413,033
Notes
to
Portfolios
of
Investments
(
unaudited
)
September
30,
2023
34
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
September
30,
2023:
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
$
–
$
1,008,782
$
–
$
1,008,782
Chemicals
-
Diversified
62
–
–
62
Diamonds/Precious
Stones
200,994
–
–
200,994
Diversified
Minerals
1,141,616
–
1,136,414
2,278,030
Enterprise
Software/
Services
185,377
–
–
185,377
Gold
Mining
37,477,925
5,194,260
289,327
42,961,512
Metal
-
Copper
115,590
–
–
115,590
Metal
-
Diversified
8,039,652
–
–
8,039,652
Mining
Services
1,211,117
627,963
–
1,839,080
Oil
&
Gas
Drilling
–
2,700,207
–
2,700,207
Oil
Field
Machinery
&
Equipment
–
721,881
–
721,881
Platinum
617,000
520,914
–
1,137,914
Precious
Metals
6,129,521
–
–
6,129,521
Real
Estate
Operating/
Development
–
3,459,415
–
3,459,415
Retail
-
Jewelry
1,935,079
–
–
1,935,079
Silver
Mining
6,499,519
–
–
6,499,519
Corporate
Non-Convertible
Bonds
–
3,597,139
0
3,597,139
Exchange
Traded
Funds
649,927
–
–
649,927
Warrants
Metal
-
Diversified
–
0
–
0
Mining
Services
145,386
–
–
145,386
Call
Option
28,675
–
–
28,675
Investments,
at
Value
$
64,377,440
$
17,830,561
$
1,425,741
$
83,633,742
*
Refer
to
the
Portfolio
of
Investments
for
a
detailed
list
of
the
Fund’s
investments.
†
Other
Financial
Instruments
are
derivatives
not
reflected
in
the
Schedule
of
Investments,
such
as
Currency
Contract,
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
09/30/23
$
0
$
0
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
09/30/23
(1)
$
—
$
—
Notes
to
Portfolios
of
Investments
(
unaudited
)
September
30,
2023
35
(
Significant
unobservable
inputs
developed
by
the
Adviser
for
Level
3
investments
held
at
period
end
are
as
follows:
Common
Stocks
Corporate
Convertible
Bond
Total
Global
Resources
Fund
Beginning
Balance
12/31/22
$
216,060
$
—
$
216,060
Purchases
299,569
508,120
807,689
Transfers
654,845
—
654,845
Corporate
action
2,382
—
2,382
Net
change
in
unrealized
appreciation
(depreciation)
(37,505)
(20,080)
(57,585)
Ending
Balance
09/30/23
$
1,135,351
$
488,040
$
1,623,391
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
09/30/23
(1)
$
(37,505)
$
(20,080)
$
(57,585)
Common
Stock
Total
World
Precious
Minerals
Fund
Beginning
Balance
12/31/22
$
99,889
$
99,889
Purchases
299,569
299,569
Transfers
35,041
35,041
Net
change
in
unrealized
appreciation
(depreciation)
(41,276)
(41,276)
Ending
Balance
09/30/23
$
393,223
$
393,223
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
09/30/23
(1)
$
(41,276)
$
(41,276)
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)
(187,268)
—
(187,268)
Transfers
1,136,414
0
1,136,414
Ending
Balance
09/30/23
$
1,425,741
$
0
$
1,425,741
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
09/30/23
(1)
$
(187,268)
$
—
$
(187,268)
*
Refer
to
the
Portfolio
of
Investments
for
a
detailed
list
of
the
Fund’s
investments.
†
Other
Financial
Instruments
are
derivatives
not
reflected
in
the
Schedule
of
Investments,
such
as
Currency
Contract,
which
are
valued
at
the
unrealized
appreciation
(depreciation)
at
period
end.
Fair
Value
at
09/30/23
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
Notes
to
Portfolios
of
Investments
(
unaudited
)
September
30,
2023
36
The
majority
of
securities
classified
as
Level
3
are
private
companies.
The
initial
valuation
is
usually
cost,
which
is
then
adjusted
as
determined
by
the
Valuation
Committee
for
subsequent
known
market
transactions
and
evaluated
for
progress
against
anticipated
milestones
and
current
operations.
An
evaluation
that
the
holding
no
longer
meets
expectations
could
result
in
the
application
of
discounts
and
a
significantly
lower
fair
valuation.
For
certain
securities,
the
last
known
market
transaction
is
increased
or
decreased
by
changes
in
a
market
index
or
industry
peers
as
approved
by
the
Valuation
Committee.
Affiliated
Companies
The
Investment
Company
Act
of
1940
defines
affiliates
as
companies
in
which
the
Fund
owns
at
least
5%
of
the
outstanding
voting
securities.
The
following
is
a
summary
of
transactions
with
each
affiliated
company
during
the
period
ended
September
30,
2023.
At
September
30,
2023,
the
value
of
investments
in
affiliated
companies
was
$0,
representing
0%
of
net
assets,
and
the
total
cost
was
$2,400,000.
Fair
Value
at
09/30/23
Valuation
Technique(s)
Unobservable
Input
Range
(Weighted
Average)
Investments
in
Securities
0%
-
100%
discount
(97%
discount)
Common
Stocks
1,135,351
Market
Transaction
(1)
Discount
Corporate
Convertible
Bond
488,040
Market
Transaction
(1)
Discount
0%
World
Precious
Minerals
Fund
Investments
in
Securities
0%
-
100%
discount
(96%
discount)
Common
Stocks
393,223
Market
Transaction
(1)
Discount
Gold
and
Precious
Metals
Fund
Investments
in
Securities
0%
-
100%
discount
(12%
discount)
Common
Stocks
1,425,741
Market
Transaction
(1)
Discount
Corporate
Non-Convertible
Bond
0
Market
Transaction
(1)
Discount
100%
(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
September
30,
2023
Caribbean
Resources
Corp.
17
—
—
—
(a)
Pacific
Green
Energy
Corp.
2,400,000
—
—
2,400,000
Values
of
Affiliated
Companies
Global
Resources
Fund
December
31,
2022
Purchases
Cost
Sales
Proceeds
September
30,
2023
Income
Realized
Gain
(Loss)
on
Investments
Change
in
Unrealized
Appreciation
(Depreciation)
Caribbean
Resources
Corp.
$
0
$
—
$
—
$
0
(a)
$
—
$
—
$
—
Pacific
Green
Energy
Corp.
0
—
—
0
—
—
—
Notes
to
Portfolios
of
Investments
(
unaudited
)
September
30,
2023
37
At
September
30,
2023,
the
value
of
investments
in
affiliated
companies
was
$3,361,954,
representing
7.98%
of
net
assets,
and
the
total
cost
was
$7,228,642.
At
September
30,
2023,
the
value
of
investments
in
affiliated
companies
was
$0,
representing
0.00%
of
net
assets,
and
the
total
cost
was
$0.
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.
Shares
of
Affiliated
Companies
World
Precious
Minerals
Fund
December
31,
2022
Additions
Reductions
September
30
,
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,
810
,000
5,390,000
—
8,200,000
Waraba
Gold,
Ltd.
—
5,390,000
—
6,045,000
Values
of
Affiliated
Companies
World
Precious
Minerals
Fund
December
31,
2022
Purchases
Cost
Sales
Proceeds
September
30,
2023
Income
Realized
Gain
(Loss)
on
Investments
Change
in
Unrealized
Appreciation
(Depreciation)
Barsele
Minerals
Corp.
$
1,505,140
$
450
$
—
$
680,931
$
—
$
—
$
(824,659)
Kesselrun
Resources
Ltd
221,566
—
—
92,030
—
—
(129,536)
Kesselrun
Resources,
Ltd.
0
—
—
0
—
—
—
Mammoth
Resources
Corp.
121,861
—
—
60,740
—
—
(61,121)
TriStar
Gold,
Inc.
2,658,789
—
—
2,226,394
—
—
(432,395)
Waraba
Gold,
Ltd.
352,807
394,251
—
301,859
—
—
(445,199)
Waraba
Gold,
Ltd.,
144A
0
—
—
0
—
—
—
$
4,860,163
$
394,701
$
—
$
3,361,954
$
—
$
—
$
(1,892,910)
Shares
of
Affiliated
Companies
Gold
And
Precious
Metals
Fund
December
31,
2022
Additions
Reductions
September
30,
2023
Silver
X
Mining
Corp
8,000,000
—
—
8,000,000
(a)
(a)
At
September
30,
2023,
the
company
was
no
longer
defined
as
an
affiliate,
although
it
was
an
affiliate
company
during
the
period.
Notes
to
Portfolios
of
Investments
(
unaudited
)
September
30,
2023
38
As
of
September
30,
2023,
the
total
cost
of
restricted
securities
was
$0,
and
the
total
value
was
$0,
representing
0.00%
of
net
assets.
As
of
September
30,
2023,
the
total
cost
of
restricted
securities
was
$7,473,544,
and
the
total
value
was
$126,171,
representing
0.27%
of
net
assets.
As
of
September
30,
2023,
the
total
cost
of
restricted
securities
was
$1,362,590,
and
the
total
value
was
$0,
representing
0.00%
of
net
assets.
Open
forward
foreign
currency
contracts
as
of
September
30,
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
Gold
and
Precious
Metals
Fund
Acquisition
Date
Cost
per
Share/Unit
Petropavlovsk
PLC
09/15/21-10/07/21
$
0.28
Fund
Counterparty
Currency
to
Deliver
Currency
to
Receive
Settlement
Date
Settlement
Value
at
September
30,
2023
Net
Unrealized
Appreciation
Global
Luxury
Goods
Fund
Brown
Brothers
Harriman
&
Co.
EUR
2,000,000
USD
2,135,440
10/25/2023
$
2,116,746
$
18,694