Us Global Investors Funds NPORT-P Usgi Near-term Tax Free Fund (Sep 2023 report)

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