Us Global Investors Funds NPORT-P Usgi U.S. Government Securities Ultra-short Bond Fund (Mar 2024 report)

Portfolio

of

Investments

(unaudited)

1

See

notes

to

portfolios

of

investments.

March

31,

2024

U.S.

Government

Securities

Ultra-Short

Bond

Fund

United

States

Government

and

Agency

Obligations

90.99%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Federal

Farm

Credit

Bank

15.65%

Fixed

Rates:

0.47

11/18/24

$

2,000,000

$

1,942,114

2.35

12/05/25

1,000,000

961,271

5.34

05/28/26

2,000,000

1,998,542

4,901,927

Federal

Home

Loan

Bank

20.23%

Fixed

Rates:

5.15

04/12/24

1,000,000

999,940

4.63

12/13/24

1,000,000

996,158

5.35

12/30/24

2,000,000

1,996,715

2.63

09/12/25

1,000,000

969,333

1.11

10/28/26

1,500,000

1,372,730

6,334,876

Federal

Home

Loan

Mortgage

Corp.

34.69%

Fixed

Rates:

3.06

05/29/24

5,000,000

4,981,219

2.40

03/28/25

3,000,000

2,921,532

4.05

08/28/25

3,000,000

2,963,348

10,866,099

U.S.

Treasury

Bill

15.67%

 ◊

Yield

to

Maturity:

5.13

07/18/24

3,000,000

2,953,578

5.19

09/05/24

2,000,000

1,955,395

4,908,973

U.S.

Treasury

Note/Bond

4.75%

Fixed

Rates:

4.25

12/31/25

1,500,000

1,487,812

Investments,

at

value

90.99%

28,499,687

(cost

$28,521,507

)

Other

assets

and

liabilities,

net

9.01%

2,822,020

Net

Assets

100.00%

$

31,321,707

Portfolio

of

Investments

(unaudited)

2

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

March

31,

2024

Near-Term

Tax

Free

Fund

Municipal

Bonds

94.75%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Alabama

1.91%

Alabama

Community

College

System,

Alabama,

Refunding,

RB

BAM

4.00

11/01/24

$

185,000

$

185,072

Alabaster

Board

of

Education,

Alabama,

Prefunding,

Special

Tax

Bond

AGM

5.00

09/01/44

300,000

301,452

486,524

Arizona

1.59%

City

of

Mesa

AZ,

Arizona,

Refunding,

GO

Limited

4.00

07/01/25

400,000

404,269

California

3.36%

City

of

Milpitas

CA

Wastewater

Revenue,

California,

Refunding,

RB

5.00

11/01/24

350,000

353,188

East

Side

Union

High

School

District,

California,

GO

Unlimited

AGM

5.00

08/01/24

200,000

200,968

State

of

California,

California,

Refunding,

GO

Unlimited

5.00

08/01/24

300,000

301,501

855,657

Colorado

3.44%

City

of

Glendale

CO,

Colorado,

Refunding,

COP

AGM

5.00

12/01/25

510,000

519,554

Colorado

Health

Facilities

Authority,

Colorado,

Refunding,

RB

5.00

10/01/25

350,000

356,397

875,951

Connecticut

2.53%

State

of

Connecticut,

Connecticut,

GO

Unlimited

4.00

06/15/24

235,000

235,152

State

of

Connecticut,

Connecticut,

Refunding,

GO

Unlimited

5.00

05/15/27

200,000

207,847

Town

of

Simsbury

CT,

Connecticut,

Refunding,

GO

Unlimited

5.00

08/01/24

200,000

201,014

644,013

Florida

2.80%

Port

St

Lucie

Community

Redevelopment

Agency,

Florida,

Refunding,

Tax

Allocation

Bond

5.00

01/01/25

705,000

712,869

Georgia

1.21%

Grady

County

School

District,

Georgia,

GO

Unlimited

5.00

10/01/25

300,000

307,597

Portfolio

of

Investments

(unaudited)

3

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

March

31,

2024

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Hawaii

0.72%

State

of

Hawaii,

Hawaii,

Refunding,

GO

Unlimited

5.00

10/01/27

$

175,000

$

182,756

Illinois

1.19%

Cook

County

Township

High

School

District

No.

225,

Illinois,

Refunding,

GO

Unlimited

5.00

12/01/24

300,000

302,682

Indiana

1.77%

County

of

Warrick

IN

Redevelopment

District,

Indiana,

Refunding,

Tax

Allocation

Bond

4.00

08/01/25

170,000

171,208

Northwestern

School

Corp.,

Indiana,

GO

Limited

5.00

01/15/26

150,000

153,859

South

Henry

Multi

School

Building

Corp.,

Indiana,

RB

5.00

07/15/24

125,000

125,326

450,393

Iowa

1.15%

Iowa

Finance

Authority,

Iowa,

Refunding,

RB

5.00

02/15/25

290,000

292,708

Kansas

0.66%

City

of

Lawrence

KS,

Kansas,

GO

Unlimited

3.25

09/01/27

170,000

169,099

Kentucky

2.77%

Campbellsville

Independent

School

District

Finance

Corp.,

Kentucky,

RB

4.00

08/01/25

165,000

165,937

City

of

Ashland

KY,

Kentucky,

Refunding,

GO

Unlimited

AGM

5.00

01/01/25

300,000

303,082

Kentucky

Bond

Development

Corp.,

Kentucky,

Refunding,

RB

5.00

05/01/25

235,000

238,422

707,441

Louisiana

1.14%

Louisiana

Housing

Corp.,

Louisiana,

RB

FHLMC

2.15

12/01/24

295,000

290,776

Massachusetts

4.17%

Commonwealth

of

Massachusetts

Federal

Highway

Grant

Anticipation

Note

Revenue,

Massachusetts,

RB

5.00

06/15/25

250,000

250,889

Massachusetts

Development

Finance

Agency,

Massachusetts,

Refunding,

RB

4.00

04/01/25

250,000

251,697

Massachusetts

Port

Authority,

Massachusetts,

Refunding,

RB

5.00

07/01/24

560,000

561,761

1,064,347

Portfolio

of

Investments

(unaudited)

4

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

March

31,

2024

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Michigan

4.40%

Great

Lakes

Water

Authority

Water

Supply

System

Revenue,

Michigan,

Refunding,

RB

5.00

07/01/26

$

365,000

$

379,702

Michigan

Finance

Authority,

Michigan,

RB

AGM

5.00

07/01/26

300,000

300,839

Wayne

State

University,

Michigan,

RB

5.00

11/15/27

430,000

440,530

1,121,071

Minnesota

5.11%

City

of

St

Cloud

MN,

Minnesota,

Refunding,

RB

5.00

05/01/24

185,000

185,092

County

of

Chisago

MN,

Minnesota,

GO

Unlimited

2.00

02/01/27

1,175,000

1,118,558

1,303,650

Mississippi

0.49%

County

of

Madison

MS,

Mississippi,

GO

Unlimited

4.50

11/01/25

125,000

125,794

Missouri

2.83%

Nixa

Public

Schools,

Missouri,

Refunding,

GO

Unlimited

2.25

03/01/25

530,000

519,880

St

Louis

Land

Clearance

for

Redevelopment

Authority,

Missouri,

RB

4.00

07/15/25

200,000

201,596

721,476

Nebraska

1.19%

Nebraska

Public

Power

District,

Nebraska,

Refunding,

RB

5.00

01/01/25

300,000

303,415

Nevada

1.18%

Clark

County

Water

Reclamation

District,

Nevada,

Refunding,

GO

Limited

5.00

07/01/24

300,000

300,943

New

Hampshire

0.78%

City

of

Portsmouth

NH,

New

Hampshire,

GO

Unlimited

4.00

06/15/24

200,000

200,096

New

Jersey

2.59%

Middlesex

County

Improvement

Authority,

New

Jersey,

RB

5.00

07/01/25

425,000

434,219

Township

of

North

Bergen

NJ,

New

Jersey,

GO

Unlimited

Notes

4.00

04/24/24

225,000

225,048

659,267

Portfolio

of

Investments

(unaudited)

5

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

March

31,

2024

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

New

Mexico

4.59%

City

of

Rio

Rancho

NM,

New

Mexico,

GO

Unlimited

5.00

08/01/27

$

600,000

$

639,764

Los

Alamos

Public

School

District,

New

Mexico,

GO

Unlimited

5.00

08/01/25

520,000

531,554

1,171,318

New

York

2.68%

City

of

New

York

NY,

New

York,

Refunding,

GO

Unlimited

5.00

08/01/25

250,000

255,982

City

of

New

York

NY,

New

York,

Refunding,

GO

Unlimited

5.00

08/01/26

200,000

208,830

Port

Authority

of

New

York

&

New

Jersey,

New

York,

Refunding,

RB

5.00

10/01/25

215,000

219,401

684,213

North

Carolina

1.99%

County

of

Pender

NC,

North

Carolina,

RB

5.00

04/01/25

500,000

507,227

Ohio

1.11%

Kettering

City

School

District,

Ohio,

Refunding,

GO

Unlimited

5.00

12/01/24

280,000

282,429

Oklahoma

5.46%

Cleveland

County

Independent

School

District

No.

29

Norman,

Oklahoma,

GO

Unlimited

3.00

05/01/24

415,000

414,469

Grady

County

School

Finance

Authority,

Oklahoma,

RB

5.00

09/01/24

225,000

225,904

Tulsa

Public

Facilities

Authority,

Oklahoma,

RB

5.00

06/01/24

750,000

751,223

1,391,596

Oregon

1.44%

City

of

Ashland

OR,

Oregon,

GO

Limited

2.38

10/01/26

200,000

193,019

Klamath

Falls

Intercommunity

Hospital

Authority,

Oregon,

Refunding,

RB

4.00

09/01/24

175,000

174,696

367,715

Pennsylvania

8.73%

Commonwealth

of

Pennsylvania,

Pennsylvania,

Refunding,

GO

Unlimited,

First

Series

5.00

08/15/25

310,000

317,676

Commonwealth

of

Pennsylvania,

Pennsylvania,

GO

Unlimited,

Second

Series

5.00

09/15/24

300,000

301,972

Delaware

River

Port

Authority,

Pennsylvania,

Refunding,

RB

5.00

01/01/27

500,000

526,249

Pittsburgh

Water

&

Sewer

Authority,

Pennsylvania,

RB

AGM

5.00

09/01/24

300,000

301,575

Portfolio

of

Investments

(unaudited)

6

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

March

31,

2024

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Pennsylvania

(cont’d)

Williamsport

Sanitary

Authority,

Pennsylvania,

Refunding,

RB

BAM

5.00

01/01/27

$

740,000

$

779,048

2,226,520

South

Carolina

1.29%

City

of

Tega

Cay

SC,

South

Carolina,

Refunding,

GO

Unlimited

2.25

04/01/25

335,000

327,982

South

Dakota

0.53%

South

Dakota

Health

&

Educational

Facilities

Authority,

South

Dakota,

Refunding,

RB

5.00

09/01/24

135,000

135,426

Tennessee

0.98%

Metropolitan

Government

of

Nashville

&

Davidson

County

TN,

Tennessee,

GO

Unlimited

5.00

07/01/24

250,000

250,811

Texas

8.25%

City

of

Austin

TX,

Texas,

Refunding,

GO

Limited

5.00

09/01/24

215,000

216,173

City

of

Denton

TX,

Texas,

GO

Limited

4.00

02/15/26

265,000

268,926

City

of

Denton

TX,

Texas,

Refunding,

GO

Limited

5.00

02/15/27

400,000

421,382

Harris

County

Water

Control

&

Improvement

District

No.

21,

Texas,

GO

Unlimited

BAM

4.00

09/01/24

1,000,000

999,670

Lower

Colorado

River

Authority,

Texas,

Refunding,

RB

5.00

05/15/27

195,000

197,802

2,103,953

Utah

2.09%

County

of

Utah

UT,

Utah,

RB

5.00

05/15/24

250,000

250,268

Jordan

Valley

Water

Conservancy

District,

Utah,

Refunding,

RB

5.00

10/01/24

280,000

282,069

532,337

Vermont

1.52%

University

of

Vermont

and

State

Agricultural

College,

Vermont,

Refunding,

RB

5.00

10/01/24

385,000

387,561

Virginia

0.90%

Virginia

Commonwealth

Transportation

Board,

Virginia,

RB

5.00

05/15/25

225,000

229,360

Portfolio

of

Investments

(unaudited)

7

See

notes

to

portfolios

of

investments

and

notes

to

financial

statements.

March

31,

2024

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Washington

2.57%

City

of

Seattle

WA

Municipal

Light

&

Power

Revenue,

Washington,

Refunding,

RB

5.00

10/01/24

$

240,000

$

241,738

King

County

Fire

Protection

District

No.

45,

Washington,

GO

Unlimited

4.00

12/01/25

260,000

262,450

King

County

Housing

Authority,

Washington,

Refunding,

RB

4.00

06/01/27

150,000

151,922

656,110

Wisconsin

1.64%

Village

of

Hartland

WI,

Wisconsin,

Refunding,

GO

Unlimited

3.00

06/01/24

420,000

418,909

Investments,

at

value

94.75%

24,156,261

(cost

$24,366,444

)

Other

assets

and

liabilities,

net

5.25%

1,339,587

Net

Assets

100.00%

$

25,495,848

Portfolio

of

Investments

(unaudited)

8

See

notes

to

portfolios

of

investments.

March

31,

2024

Global

Luxury

Goods

Fund

Common

Stocks

90.48%

Shares

Value

Apparel

Manufacturers

12.13%

Burberry

Group

PLC

18,800

$

287,571

Christian

Dior

SE

585

491,115

Deckers

Outdoor

Corp.

 *

980

922,435

Hermes

International

SCA

1,542

3,941,014

Kering

SA,

ADR

9,200

364,504

PRADA

SpA

22,000

174,556

6,181,195

Athletic

Footwear

0.28%

On

Holding

AG,

Class A

 *

4,000

141,520

Automotive

-

Cars

&

Light

Trucks

15.32%

Bayerische

Motoren

Werke

AG

17,300

1,996,054

Ferrari

NV

5,650

2,463,061

Mercedes-Benz

Group

AG,

ADR

52,000

1,034,280

Porsche

Automobil

Holding

SE,

ADR

87,000

456,750

Volkswagen

AG

12,150

1,856,011

7,806,156

Beverages

-

Wine/Spirits

4.70%

Constellation

Brands,

Inc.,

Class A

6,940

1,886,015

Remy

Cointreau

SA

5,050

509,922

2,395,937

Building

-

Residential/Commercial

1.41%

Toll

Brothers,

Inc.

5,550

718,003

Casino

Hotels

1.92%

Las

Vegas

Sands

Corp.

18,950

979,715

Computers

3.84%

Apple,

Inc.

11,400

1,954,872

Cosmetics

&

Toiletries

2.16%

Coty,

Inc.,

Class A

 *

79,000

944,840

The

Estee

Lauder

Cos.,

Inc.

1,000

154,150

1,098,990

Cruise

Lines

4.36%

Carnival

Corp.

 *

60,200

983,668

Royal

Caribbean

Cruises,

Ltd.

 *

8,900

1,237,189

2,220,857

Diversified

Banking

Institution

6.77%

JPMorgan

Chase

&

Co.

6,800

1,362,040

UBS

Group

AG

68,000

2,088,960

3,451,000

Portfolio

of

Investments

(unaudited)

9

See

notes

to

portfolios

of

investments.

March

31,

2024

Global

Luxury

Goods

Fund

 (cont’d)

Shares

Value

Diversified

Minerals

0.12%

Calibre

Mining

Corp.

 *

50,000

$

61,644

E-Commerce/Products

1.95%

Amazon.com,

Inc.

 *

5,500

992,090

Energy

-

Alternate

Sources

0.00%

Pacific

Green

Energy

Corp.

 #*@

100,000

0

Finance

-

Mortgage

Loan/Banker

0.00%

Lendified

Holdings,

Inc.

 #*@

1,116,560

0

Gold

Mining

7.72%

Centerra

Gold,

Inc.

65,000

383,891

Dundee

Precious

Metals,

Inc.

72,000

547,488

Franco-Nevada

Corp.

4,600

548,136

New

Gold,

Inc.

 *

35,000

59,500

Osisko

Gold

Royalties,

Ltd.

35,000

574,700

Perseus

Mining,

Ltd.

100,000

140,228

Royal

Gold,

Inc.

3,250

395,883

Silver

Lake

Resources,

Ltd.

 *

468,000

378,404

Torex

Gold

Resources,

Inc.

 *

35,000

515,226

Westgold

Resources,

Ltd.

230,000

393,460

3,936,916

Hotels

&

Motels

5.09%

Accor

SA

16,200

756,320

InterContinental

Hotels

Group

PLC

8,800

914,424

Marriott

International,

Inc.,

Class A

3,670

925,978

2,596,722

Investment

Management/Advisory

Services

2.98%

Apollo

Global

Management,

Inc.

13,500

1,518,075

Oil

Companies

-

Exploration

&

Production

0.07%

NG

Energy

International

Corp.,

144A

 #*∆

50,000

35,067

Private

Equity

2.40%

KKR

&

Co.,

Inc.

12,150

1,222,047

Real

Estate

Operating/Development

0.00%

Infrastructure

Ventures,

Inc.

 #*@+

426,533

0

Retail

-

Apparel/Shoe

7.08%

Brunello

Cucinelli

SpA

3,950

451,437

Industria

de

Diseno

Textil

SA

31,000

1,561,045

Lululemon

Athletica

,

Inc.

 *

3,700

1,445,405

Moncler

SpA

2,000

149,241

3,607,128

Portfolio

of

Investments

(unaudited)

10

See

notes

to

portfolios

of

investments.

March

31,

2024

Global

Luxury

Goods

Fund

 (cont’d)

Shares

Value

Retail

-

Jewelry

5.31%

Cie

Financiere

Richemont

SA

16,980

$

2,585,042

Pandora

A/S

750

121,055

2,706,097

Silver

Mining

0.15%

Fortuna

Silver

Mines,

Inc.

 *

20,000

74,600

Textile

-

Apparel

4.72%

LVMH

Moet

Hennessy

Louis

Vuitton

SE,

ADR

13,286

2,405,165

Total

Common

Stocks

46,103,796

(cost

$39,161,925)

Corporate

Non-Convertible

Bond

1.51%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

1.51%

Aris

Gold

Corp.

7.50

08/26/27

$

668,000

768,200

(cost

$667,928)

Call

Option

Purchased

0.04%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Automotive

-

Cars

&

Light

Trucks

0.04%

Tesla,

Inc.

$

225.00

06/24

$

1,125,000

50

21,100

(premiums

paid

$56,851

)

Investments,

at

value

92.03%

46,893,096

(cost

$39,886,704

)

Other

assets

and

liabilities,

net

7.97%

4,062,828

Net

Assets

100.00%

$

50,955,924

Portfolio

of

Investments

(unaudited)

11

See

notes

to

portfolios

of

investments.

March

31,

2024

Global

Resources

Fund

Common

Stocks

81.34%

Shares

Value

Advanced

Materials/Production

0.96%

Nano

One

Materials

Corp.

 *

325,000

$

415,082

Agricultural

Chemicals

1.59%

CF

Industries

Holdings,

Inc.

5,000

416,050

OCI

NV

10,000

274,088

690,138

Agricultural

Operations

0.22%

Wide

Open

Agriculture,

Ltd.

 *

1,500,000

93,897

Building

Products

-

Wood

0.40%

Stella-Jones,

Inc.

3,000

174,966

Chemicals

-

Specialty

0.90%

Daqo

New

Energy

Corp.,

ADR

 *

7,500

211,125

Methanex

Corp.

4,000

178,273

389,398

Coal

0.84%

Caribbean

Resources

Corp.

 #*@

2,148,176

0

Peabody

Energy

Corp.

15,000

363,900

363,900

Diamonds/Precious

Stones

0.45%

Barksdale

Resources

Corp.

 *

1,955,000

194,843

Diversified

Minerals

2.96%

Arianne

Phosphate,

Inc.

 *

600,000

119,597

Atlas

Lithium

Corp.

 *

3,000

51,060

BHP

Group,

Ltd.,

ADR

3,500

201,915

Core

Assets

Corp.,

144A

 #*∆

600,000

42,081

E3

Lithium,

Ltd.

 *

100,000

108,523

IberAmerican

Lithium

Corp.

 *

1,000,000

88,590

Legacy

Lithium

Corp.

 #*@

100,000

2,060

Leo

Lithium,

Ltd.

 #*@

700,000

230,358

Lithium

Royalty

Corp.

 *

821

4,503

NGEX

Minerals,

Ltd.

 *

20,000

129,194

NGX,

Ltd.

 *

90

10

Nio

Strategic

Metals,

Inc.

 *

3,325,000

159,555

Nio

Strategic

Metals,

Inc.,

144A

 #*∆

362,069

17,374

Sigma

Lithium

Corp.

 *

3,000

38,880

VR

Resources,

Ltd.

 *

250,000

38,758

Wolfden

Resources

Corp.

 *

1,825,000

50,524

1,282,982

Portfolio

of

Investments

(unaudited)

12

See

notes

to

portfolios

of

investments.

March

31,

2024

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Energy

-

Alternate

Sources

0.45%

Canadian

Solar,

Inc.

 *

10,000

$

197,600

Pacific

Green

Energy

Corp.

 #*@~

2,400,000

0

197,600

Enterprise

Software/Services

7.73%

Abaxx

Technologies,

Inc.

 *

300,000

2,989,923

Base

Carbon,

Inc.

 *

1,000,000

358,052

MicroStrategy,

Inc.

 *

5

8,523

3,356,498

Forestry

0.44%

Canfor

Corp.

 *

15,000

189,473

Gas

-

Distribution

0.93%

Centrica

PLC

250,000

403,015

Gold

Mining

11.14%

Agnico

Eagle

Mines,

Ltd.

5,000

298,250

Centerra

Gold,

Inc.

60,000

354,361

Collective

Mining,

Ltd.

 *

75,000

221,476

EnviroGold

Global,

Ltd.,

144A

 #*∆

75,000

1,938

Firefinch,

Ltd.

 #*@

1,000,000

58,649

K92

Mining,

Inc.

 *

150,000

697,649

Montage

Gold

Corp.

 *

650,000

599,830

New

Gold,

Inc.

 *

150,000

255,000

OceanaGold

Corp.

350,000

790,668

Osisko

Gold

Royalties,

Ltd.

10,000

164,200

Royal

Road

Minerals,

Ltd.

 *

5,500,000

446,643

Seabridge

Gold,

Inc.

 *

10,000

151,200

Silver

Tiger

Metals,

Inc.

 *

1,000,000

114,429

Torex

Gold

Resources,

Inc.

 *

45,000

662,434

Western

Atlas

Resources,

Inc.

 *

2,000,000

18,456

4,835,183

Independent

Power

Producer

0.74%

Atlantica

Sustainable

Infrastructure

PLC

17,500

323,400

Industrial

Gases

2.14%

Linde

PLC

2,000

928,640

Investment

Companies

0.43%

Contango

Holdings

PLC

 *

10,502,248

187,060

Metal

-

Copper

1.79%

Arizona

Sonoran

Copper

Co.,

Inc.

 *

300,000

306,744

First

Quantum

Minerals,

Ltd.

20,000

214,979

Kutcho

Copper

Corp.

 *

850,000

75,302

Meridian

Mining

UK

Societas

 *

400,000

119,597

Portfolio

of

Investments

(unaudited)

13

See

notes

to

portfolios

of

investments.

March

31,

2024

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Metal

-

Copper

(cont’d)

Trigon

Metals,

Inc.

 *

500,000

$

59,060

775,682

Metal

-

Diversified

14.28%

Electra

Battery

Materials

Corp.,

144A

 #*∆

55,555

25,428

Filo

Corp.

 *

120,000

2,095,161

Glencore

PLC

40,000

219,503

GoviEx

Uranium,

Inc.,

144A

 #*∆

58,000

4,924

Ivanhoe

Electric,

Inc./US

 *

16,499

161,690

Ivanhoe

Mines,

Ltd.

 *

225,000

2,684,286

Juno

Corp.,

144A

 #*@∆

200,000

295,301

Nubian

Resources,

Ltd.

 *

250,000

10,151

Orsu

Metals

Corp.,

144A

 #*@∆

14,761

0

Sovereign

Metals,

Ltd.

 *

600,000

191,491

Torq

Resources,

Inc.

 *

1,000,000

92,282

Vox

Royalty

Corp.

200,000

418,000

6,198,217

Metal

-

Iron

0.00%

Consolidated

Growth

Holdings,

Ltd.

 #*@

19,859,173

0

Mining

Services

0.76%

Cordoba

Minerals

Corp.

 *

58,823

16,068

Defense

Metals

Corp.

 *

1,800,000

312,281

328,349

Natural

Resource

Technology

0.29%

I-Pulse,

Inc.,

144A

 #*@+∆

15,971

126,171

Non-Ferrous

Metals

4.90%

Cameco

Corp.

10,000

433,200

Denison

Mines

Corp.

 *

230,000

448,500

Encore

Energy

Corp.

 *

150,000

657,783

InZinc

Mining,

Ltd.

 *

2,000,000

36,913

NexGen

Energy,

Ltd.

 *

25,000

194,250

Peninsula

Energy,

Ltd.

 *

1,400,000

113,912

Sterling

Group

Ventures,

Inc.,

144A

 #*@∆

500,000

0

Ur-Energy,

Inc.

 *

150,000

240,000

2,124,558

Oil

-

US

Royalty

Trusts

4.48%

Deterra

Royalties,

Ltd.

100,000

321,320

Kimbell

Royalty

Partners

LP

55,000

853,600

Viper

Energy,

Inc.

20,000

769,200

1,944,120

Portfolio

of

Investments

(unaudited)

14

See

notes

to

portfolios

of

investments.

March

31,

2024

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Oil

Companies

-

Exploration

&

Production

9.82%

Chesapeake

Energy

Corp.

5,000

$

444,150

ConocoPhillips

1,500

190,920

Freehold

Royalties,

Ltd.

30,000

323,133

LNG

Energy

Group

Corp.

 *

1,100,000

219,261

Marathon

Oil

Corp.

17,500

495,950

New

Stratus

Energy,

Inc.

 *

1,500,000

697,649

NG

Energy

International

Corp.

 *

700,000

490,938

NG

Energy

International

Corp.,

144A

 #*∆

200,000

140,268

Occidental

Petroleum

Corp.

10,000

649,900

Permian

Resources

Corp.

15,000

264,900

Range

Resources

Corp.

10,000

344,300

4,261,369

Oil

Companies

-

Field

Services

3.09%

Halliburton

Co.

10,000

394,200

Liberty

Energy,

Inc.

7,500

155,400

Schlumberger

NV

6,000

328,860

Select

Water

Solutions,

Inc.,

Class A

50,000

461,500

1,339,960

Oil

Refining

&

Marketing

2.47%

Marathon

Petroleum

Corp.

3,000

604,500

Valero

Energy

Corp.

2,750

469,397

1,073,897

Paper

&

Related

Products

1.00%

Sylvamo

Corp.

7,000

432,180

Pipelines

2.79%

Cheniere

Energy,

Inc.

7,500

1,209,600

Precious

Metals

0.76%

Brixton

Metals

Corp.

 *

2,000,000

140,268

Coeur

Mining,

Inc.

 *

50,000

188,500

328,768

Real

Estate

Operating/Development

0.93%

Infrastructure

Ventures,

Inc.

 #*@+

7,443,544

0

Revival

Gold,

Inc.

 *

1,500,000

404,193

404,193

Retail

-

Jewelry

0.27%

Mene,

Inc.

 *

750,000

117,659

Silver

Mining

0.34%

Vizsla

Silver

Corp.

 *

113,000

147,658

Portfolio

of

Investments

(unaudited)

15

See

notes

to

portfolios

of

investments.

March

31,

2024

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Steel

-

Producers

1.05%

Cleveland-Cliffs,

Inc.

 *

20,000

$

454,800

Total

Common

Stocks

35,293,256

(cost

$76,388,868)

Corporate

Convertible

Bond

1.16%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Investment

Companies

1.16%

Contango

Holdings

PLC,

144A

 #@∆

0.00

06/29/24

$

400,000

504,860

(cost

$508,120)

Corporate

Non-Convertible

Bonds

3.32%

Gold

Mining

2.17%

Aris

Gold

Corp.

7.50

08/26/27

818,331

941,081

Oil

Companies

-

Exploration

&

Production

1.15%

NG

Energy

International

Corp.

 #

8.00

05/20/27

750,000

501,089

Total

Corporate

Non-Convertible

Bonds

1,442,170

(cost

$1,405,440)

Exchange

Traded

Funds

6.77%

Shares

abrdn

Physical

Palladium

Shares

ETF

 *

400

37,408

Breakwave

Dry

Bulk

Shipping

ETF

 *

1,200

16,632

Direxion

Daily

S&P

Oil

&

Gas

Exp.

&

Prod.

Bull

2X

Shares

ETF

1,100

45,111

First

Trust

Natural

Gas

ETF

1,100

30,184

Global

X

Copper

Miners

ETF

2,400

101,832

Global

X

Uranium

ETF

2,400

69,192

Global

X

US

Infrastructure

Development

ETF

7,600

302,556

Grayscale

Bitcoin

Trust

BTC

ETF

 *

1,100

69,487

Invesco

DB

Agriculture

Fund

ETF

5,400

133,704

Invesco

DB

Base

Metals

Fund

ETF

5,400

96,984

Invesco

DB

US

Dollar

Index

Bullish

Fund

ETF

14,900

422,713

Invesco

S&P

Global

Water

Index

ETF

3,800

211,014

iShares

Global

Timber

&

Forestry

ETF

354

29,870

iShares

Silver

Trust

ETF

 *

5,900

134,225

iShares

U.S.

Energy

ETF

1,700

83,980

iShares

U.S.

Oil

Equipment

&

Services

ETF

4,100

96,965

KraneShares

Global

Carbon

Strategy

ETF

1,800

55,368

SPDR

Gold

Shares

ETF

 *

1,000

205,720

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

600

92,958

Teucrium

Wheat

Fund

ETF

 *

15,600

84,396

U.S.

Gasoline

Fund

LP

ETF

 *

1,700

120,581

Portfolio

of

Investments

(unaudited)

16

See

notes

to

portfolios

of

investments.

March

31,

2024

Global

Resources

Fund

Exchange

Traded

Funds (cont’d)

Shares

Value

U.S.

Oil

Fund

LP

ETF

 *

2,000

$

157,460

VanEck

Agribusiness

ETF

3,200

240,416

VanEck

Gold

Miners

ETF/USA

3,100

98,022

Total

Exchange

Traded

Funds

2,936,778

(cost

$2,704,753)

Warrants

0.40%

Exercise

Price

Exp.

Date

Diamonds/Precious

Stones

0.00%

Barksdale

Resources

Corp.,

144A

 #*@∆

$

0.60

01/09/27

177,500

0

Diversified

Minerals

0.00%

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

Group

6

Metals,

Ltd.

 #*@

0.28

01/13/25

400,000

0

IberAmerican

Lithium

Corp.,

144A

 #*@∆

0.40

09/01/26

500,000

0

Ion

Energy,

Ltd.,

144A

 #*@∆

0.70

04/13/24

225,000

0

Volt

Lithium

Corp.,

144A

 #*@∆

0.33

08/04/25

500,000

0

0

Gold

Mining

0.00%

Iris

Metals,

Ltd.

 #*@

1.50

05/16/25

325,000

0

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

Torq

Resources,

Inc.,

144A

 #*@∆

0.30

01/04/27

1,000,000

0

0

Mining

Services

0.28%

Aris

Mining

Corp.

 *

2.75

07/29/25

480,000

120,483

Non-Ferrous

Metals

0.02%

Peninsula

Energy,

Ltd.

 #*@

0.10

03/31/25

700,000

11,404

Oil

Companies

-

Exploration

&

Production

0.10%

LNG

Energy

Group,

144A

 #*@∆

0.60

05/05/26

1,000,000

0

NG

Energy

International

Corp.

 *

1.40

05/20/27

300,000

43,188

43,188

Precious

Metals

0.00%

Nova

Minerals,

Ltd.

 #*@

0.70

04/30/24

16,666

0

Portfolio

of

Investments

(unaudited)

17

See

notes

to

portfolios

of

investments.

March

31,

2024

Global

Resources

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Real

Estate

Operating/Development

0.00%

Revival

Gold,

Inc.,

144A

 #*@∆

$

0.72

05/16/26

250,000

$

0

Silver

Mining

0.00%

Vizsla

Silver

Corp.,

144A

 #*@∆

2.00

11/15/24

62,500

0

Total

Warrants

175,075

(cost

$21,535

)

Investments,

at

value

92.99%

40,352,139

(cost

$81,028,716

)

Other

assets

and

liabilities,

net

7.01%

3,039,608

Net

Assets

100.00%

$

43,391,747

Portfolio

of

Investments

(unaudited)

18

See

notes

to

portfolios

of

investments.

March

31,

2024

World

Precious

Minerals

Fund

Common

Stocks

93.88%

Shares

Value

Advanced

Materials/Production

8.83%

Nano

One

Materials

Corp.

 *

2,700,000

$

3,448,378

Coal

0.00%

Caribbean

Resources

Corp.

 #*@

505,453

0

Diamonds/Precious

Stones

0.91%

Barksdale

Resources

Corp.

 *

3,570,000

355,801

Diversified

Minerals

3.75%

Ascot

Resources,

Ltd.,

144A

 #*∆

6,412

3,550

Erdene

Resource

Development

Corp.

 *

500,000

151,342

Founders

Metals,

Inc.

 *

210,000

223,248

Gossan

Resources,

Ltd.

 *

1,250,000

32,299

Indochine

Mining,

Ltd.

 #*@

10,000

0

Kenorland

Minerals,

Ltd.

 *

225,000

123,750

Kootenay

Resources,

Inc.

 #*@

40,000

2,953

Max

Resource

Corp.

 *

2,250,000

207,634

Minaurum

Gold,

Inc.

 *

1,000,000

228,858

Serra

Energy

Metals

Corp.

 *

2,000,000

29,530

Waraba

Gold,

Ltd.

 #*~

2,155,000

15,909

Waraba

Gold,

Ltd.,

144A

 #*~∆

6,045,000

44,627

Western

Exploration,

Inc.

 *

350,000

284,227

Westward

Gold,

Inc.

 *

2,000,000

118,120

1,466,047

Energy

-

Alternate

Sources

0.15%

Iondrive,

Ltd.

 *

10,000,000

57,840

Financial

Services

0.00%

Tokens.com

Corp.,

144A

 #*∆

11,123

1,273

Gold

Mining

45.59%

Abitibi

Metals

Corp.

 *

400,000

156,510

Adamera

Minerals

Corp.

 *

5,470,000

60,574

Adamera

Minerals

Corp.,

144A

 #*∆

119,543

1,324

Aero

Energy,

Ltd.

 *

50,000

5,537

Allegiant

Gold,

Ltd.

 *

500,000

49,832

Alpha

Exploration,

Ltd.

 *

500,000

315,603

Amilot

Capital,

Inc.,

144A

 #*@∆

410,000

0

Angus

Gold,

Inc.

 *

350,000

139,530

Asante

Gold

Corp.

 *

1,250,000

1,199,660

Awale

Resources,

Ltd.

 *

925,000

566,793

Bellevue

Gold,

Ltd.

 *

500,000

614,891

Black

Cat

Syndicate,

Ltd.

 *

1,750,000

256,650

Carolina

Rush

Corp.

 *

1,000,000

132,885

Cassiar

Gold

Corp.

 *

448,000

95,914

Collective

Mining,

Ltd.

 *

50,000

147,650

Portfolio

of

Investments

(unaudited)

19

See

notes

to

portfolios

of

investments.

March

31,

2024

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Compass

Gold

Corp.

 *

2,000,000

$

147,650

Contact

Gold

Corp.

 *

8,200,000

181,610

Faraday

Copper

Corp.,

144A

 #*∆

43,500

18,947

Freegold

Ventures,

Ltd.

 *

200,000

60,537

Freegold

Ventures,

Ltd.,

144A

 #*@∆

300,000

90,805

G2

Goldfields,

Inc.

 *

700,000

465,099

Gold

Bull

Resources

Corp.

 *

100,000

29,899

Goldshore

Resources,

Inc.

 *

1,400,000

165,369

Heliostar

Metals,

Ltd.

 *

1,250,000

226,090

HighGold

Mining,

Inc.

 *

375,000

83,053

K92

Mining,

Inc.

 *

600,000

2,790,595

Karus

Mining,

Inc.

 #*@

37,500

60,906

Kesselrun

Resources,

Ltd.

 *~

5,000,000

110,738

Lion

One

Metals,

Ltd.

 *

500,000

160,570

Loncor

Gold,

Inc.

 *

2,575,000

665,350

Maple

Gold

Mines,

Ltd.

 *

1,000,000

55,369

Mawson

Gold,

Ltd.

 *

900,000

378,724

McFarlane

Lake

Mining,

Ltd.

 *

2,500,000

101,510

Montage

Gold

Corp.

 *

400,000

369,126

NV

Gold

Corp.

 *

100,000

15,319

OceanaGold

Corp.

175,000

395,334

Omai

Gold

Mines

Corp.

 *

3,000,000

365,435

Onyx

Gold

Corp.

 *

200,000

31,745

Osisko

Gold

Royalties,

Ltd.

10,000

164,200

Osisko

Mining,

Inc.

 *

125,000

256,543

Radisson

Mining

Resources,

Inc.

 *

9,250,000

1,263,335

Radius

Gold,

Inc.,

144A

 #*∆

125,000

12,919

Ramelius

Resources,

Ltd.

178,147

216,234

Renegade

Gold,

Inc.

 *

25,000

5,998

Reunion

Gold

Corp.

 *

1,500,000

514,931

Roscan

Gold

Corp.

 *

1,500,000

99,664

Royal

Road

Minerals,

Ltd.

 *

1,500,000

121,812

Sanu

Gold

Corp.

 *

585,000

35,630

Sanu

Gold

Corp.,

144A

 #*∆

700,000

42,634

Scottie

Resources

Corp.

 *

2,250,000

315,603

Seabridge

Gold,

Inc.

 *

5,000

75,600

Silver

Tiger

Metals,

Inc.

 *

1,000,000

114,429

Skeena

Resources,

Ltd.

 *

75,000

344,948

Snowline

Gold

Corp.

 *

40,000

178,066

STLLR

Gold,

Inc.

 *

92,000

82,182

Storm

Exploration,

Inc.

 *

537,500

19,841

Strikepoint

Gold,

Inc.

 *

2,750,000

142,114

Sunshine

Metals,

Ltd./Australia

 *

2,000,000

18,314

Taurus

Gold,

Ltd.,

144A

 #*@∆

2,448,381

0

Tolu

Minerals,

Ltd.

 *

317,000

116,714

TriStar

Gold,

Inc.

 *~

28,800,000

2,764,018

Viva

Gold

Corp.

 *

500,000

36,913

Portfolio

of

Investments

(unaudited)

20

See

notes

to

portfolios

of

investments.

March

31,

2024

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Westhaven

Gold

Corp.

 *

1,000,000

$

147,650

17,803,425

Metal

-

Copper

0.48%

C3

Metals,

Inc.

 *

115,384

37,480

Meridian

Mining

UK

Societas

 *

500,000

149,496

186,976

Metal

-

Diversified

6.73%

Aurion

Resources,

Ltd.

 *

400,000

183,087

Cartier

Resources,

Inc.

 *

750,000

44,295

De

Grey

Mining,

Ltd.

 *

250,000

206,282

FireFly

Metals,

Ltd.

 *

250,000

117,957

Ivanhoe

Electric,

Inc./US

 *

6,299

61,730

Ivanhoe

Mines,

Ltd.

 *

125,000

1,491,270

Juno

Corp.,

144A

 #*@∆

200,000

295,301

New

Age

Metals,

Inc.,

144A

 #*∆

143,518

3,179

Nubian

Resources,

Ltd.

 *

500,000

20,302

Orex

Minerals,

Inc.

 *

700,000

78,808

Orsu

Metals

Corp.,

144A

 #*@∆

186,922

0

RTG

Mining,

Inc.

 *

3,000,000

42,938

Sirios

Resources,

Inc.

 *

1,000,000

44,295

Sterling

Metals

Corp.

 *

1,000,000

36,913

2,626,357

Mining

Services

1.39%

Cordoba

Minerals

Corp.

 *

58,823

16,068

Great

Pacific

Gold

Corp.

 *

400,000

289,395

Orexplore

Technologies,

Ltd.

 *

267,284

4,704

Summa

Silver

Corp.

 *

750,000

232,550

542,717

Non-Ferrous

Metals

0.09%

InZinc

Mining,

Ltd.

 *

2,000,000

36,913

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

268

Precious

Metals

17.34%

Amani

Gold,

Ltd.

 #*@

54,500,000

35,515

Arizona

Metals

Corp.

 *

1,000,000

1,491,270

Brixton

Metals

Corp.

 *

3,000,000

210,402

Canex

Metals,

Inc.

 *

3,250,000

119,966

Capitan

Silver

Corp.

 *

1,100,000

129,932

Portfolio

of

Investments

(unaudited)

21

See

notes

to

portfolios

of

investments.

March

31,

2024

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Precious

Metals

(cont’d)

Denarius

Metals

Corp.

 *

150,000

$

77,516

Dolly

Varden

Silver

Corp.

 *

2,074,000

1,286,154

First

Nordic

Metals

Corp.

 *~

7,550,000

975,416

GFG

Resources,

Inc.

 *

5,525,000

346,702

Gold

Terra

Resource

Corp.

 *

3,750,000

152,265

Gold79

Mines,

Ltd.

 *

8,500,000

156,879

GR

Silver

Mining,

Ltd.

 *

1,500,000

188,254

Hercules

Silver

Corp.

 *

75,000

49,832

Olive

Resource

Capital,

Inc.

 *

4,000,000

81,208

Paramount

Gold

Nevada

Corp.

 *

170,000

68,952

Polarx,

Ltd.

 *

30,000,000

254,300

Silver

Viper

Minerals

Corp.

 *

2,000,000

118,120

SilverCrest

Metals,

Inc.

 *

35,000

233,325

Stillwater

Critical

Minerals

Corp.

 *

1,000,000

107,047

Thesis

Gold,

Inc.

 *

900,000

398,656

Unico

Silver,

Ltd.

 *

1,000,000

84,501

Visionary

Metals

Corp.

 *

1,500,000

71,980

Xali

Gold

Corp.,

144A

 #*∆

4,875,000

134,962

6,773,154

Real

Estate

Operating/Development

1.52%

Fremont

Gold,

Ltd.

 *

400,000

26,577

Mammoth

Resources

Corp.

 *~

5,500,000

81,208

Revival

Gold,

Inc.

 *

1,800,000

485,032

592,817

Retail

-

Jewelry

0.85%

Mene,

Inc.

 *

2,115,000

331,798

Silver

Mining

6.25%

Aya

Gold

&

Silver,

Inc.

 *

62,500

538,002

Kootenay

Silver,

Inc.

 *

350,000

279,060

Metallic

Minerals

Corp.

 *

1,000,000

225,167

Reyna

Silver

Corp.

 *

360,000

33,221

Southern

Silver

Exploration

Corp.

 *

1,500,000

188,254

Vizsla

Silver

Corp.

 *

900,000

1,176,036

2,439,740

Total

Common

Stocks

36,663,504

(cost

$71,305,003)

Portfolio

of

Investments

(unaudited)

22

See

notes

to

portfolios

of

investments.

March

31,

2024

World

Precious

Minerals

Fund

Corporate

Non-Convertible

Bond

2.43%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Gold

Mining

2.43%

Aris

Gold

Corp.

7.50

08/26/27

$

826,687

$

950,690

(cost

$826,687)

Exchange

Traded

Funds

0.73%

Shares

ProShares

UltraShort

Gold

ETF

 *

4,000

93,500

VanEck

Gold

Miners

ETF/USA

6,000

189,720

Total

Exchange

Traded

Funds

283,220

(cost

$272,065)

Warrants

0.43%

Exercise

Price

Exp.

Date

Diamonds/Precious

Stones

0.00%

Barksdale

Resources

Corp.,

144A

 #*@∆

$

0.60

01/09/27

147,500

0

Diversified

Minerals

0.00%

Spark

Energy

Minerals,

Inc.,

144A

 #*@∆

2.00

06/04/24

1,750,000

0

Western

Exploration,

Inc.,

144A

 #*@∆

2.15

12/31/49

50,000

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

McFarlane

Lake

Mining,

Ltd.,

144A

 #*@∆

0.07

05/01/25

2,500,000

0

Radisson

Mining

Resources,

Inc.,

144A

 #*@∆

0.27

11/17/25

375,000

0

STLLR

Gold,

Inc.,

144A

 #*@∆

2.19

12/31/27

21,000

0

0

Metal

-

Diversified

0.00%

Sterling

Metals

Corp.,

144A

 #*@∆

0.25

04/17/25

1,000,000

0

Mining

Services

0.42%

Aris

Mining

Corp.

 *

2.75

07/29/25

645,000

161,899

Oil

Companies

-

Exploration

&

Production

0.00%

Goliath

Resources,

Ltd.,

144A

 #*@∆

0.92

05/18/25

112,500

0

Precious

Metals

0.01%

Denarius

Metals

Corp.,

144A

 #*@∆

0.60

03/02/26

75,000

5,537

GFG

Resources,

Inc.,

144A

 #*@∆

0.18

03/20/26

373,077

0

5,537

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.

March

31,

2024

World

Precious

Minerals

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Silver

Mining

0.00%

Southern

Silver

Exploration

Corp.,

144A

 #*@∆

$

0.35

08/14/25

875,000

$

0

Vizsla

Silver

Corp.,

144A

 #*@∆

2.00

11/15/24

62,500

0

0

Total

Warrants

167,436

(cost

$116,557

)

Investments,

at

value

97.47%

38,064,850

(cost

$72,520,312

)

Other

assets

and

liabilities,

net

2.53%

989,840

Net

Assets

100.00%

$

39,054,690

Portfolio

of

Investments

(unaudited)

24

See

notes

to

portfolios

of

investments.

March

31,

2024

Gold

and

Precious

Metals

Fund

Common

Stocks

88.82%

Shares

Value

Diversified

Minerals

2.49%

Calibre

Mining

Corp.

 *

1,000,000

$

1,232,882

Leo

Lithium,

Ltd.

 #*@

3,500,000

1,151,791

Lithium

Royalty

Corp.

 *

679

3,725

2,388,398

Enterprise

Software/Services

0.31%

Abaxx

Technologies,

Inc.

 *

30,000

298,992

Gold

Mining

56.09%

Agnico

Eagle

Mines,

Ltd.

40,000

2,386,000

Alamos

Gold,

Inc.

210,000

3,097,500

Anglogold

Ashanti

PLC

65,000

1,443,000

Argonaut

Gold,

Inc.

 *

1,750,000

503,857

Black

Cat

Syndicate,

Ltd.

 *

4,000,000

586,628

Catalyst

Metals,

Ltd.

 *

1,500,000

626,550

Centamin

PLC

425,000

605,282

Centerra

Gold,

Inc.

250,000

1,476,505

Dundee

Precious

Metals,

Inc.

150,000

1,140,600

Eldorado

Gold

Corp.

 *

10,000

140,700

Endeavour

Mining

PLC

30,000

609,501

Equinox

Gold

Corp.

 *

200,000

1,204,000

Firefinch,

Ltd.

 #*@

5,000,000

293,243

Franco-Nevada

Corp.

12,500

1,489,500

Gold

Resource

Corp.

 *

1,000,000

434,600

Harmony

Gold

Mining

Co.,

Ltd.,

ADR

400,000

3,268,000

i-80

Gold

Corp.

 *

200,000

262,818

IAMGOLD

Corp.

 *

250,000

832,500

K92

Mining,

Inc.

 *

1,750,000

8,139,234

Karora

Resources,

Inc.

 *

600,000

2,250,194

Kinross

Gold

Corp.

100,000

613,000

Lundin

Gold,

Inc.

130,000

1,827,323

Mineros

SA

3,400,000

2,610,461

New

Gold,

Inc.

 *

1,000,000

1,700,000

Northern

Star

Resources,

Ltd.

100,000

943,557

OceanaGold

Corp.

1,500,000

3,388,579

Osisko

Gold

Royalties,

Ltd.

50,000

821,000

Osisko

Gold

Royalties,

Ltd.

50,000

820,568

Osisko

Mining,

Inc.

 *

112,500

230,889

Pantoro,

Ltd.

 *

11,000,000

452,662

Petropavlovsk

PLC

 #*@+

4,886,855

0

Ramelius

Resources,

Ltd.

750,000

910,346

Red

5,

Ltd.

 *

2,000,000

496,000

Resolute

Mining,

Ltd.

 *

7,000,000

1,963,346

Royal

Gold,

Inc.

10,000

1,218,100

Sandstorm

Gold,

Ltd.

90,000

472,500

Silver

Lake

Resources,

Ltd.

 *

1,150,000

929,840

Torex

Gold

Resources,

Inc.

 *

90,000

1,324,868

Portfolio

of

Investments

(unaudited)

25

See

notes

to

portfolios

of

investments.

March

31,

2024

Gold

and

Precious

Metals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Wesdome

Gold

Mines,

Ltd.

 *

150,000

$

1,117,345

Westgold

Resources,

Ltd.

725,000

1,240,253

53,870,849

Metal

-

Copper

0.28%

First

Quantum

Minerals,

Ltd.

25,000

268,724

Metal

-

Diversified

6.37%

Aclara

Resources,

Inc.

 *

137,400

50,718

Ivanhoe

Mines,

Ltd.

 *

200,000

2,386,032

Mandalay

Resources

Corp.

 *

500,000

546,307

Vox

Royalty

Corp.

1,500,000

3,135,000

6,118,057

Mining

Services

2.42%

Capital,

Ltd.

575,000

654,830

Empress

Royalty

Corp.

 *

2,000,000

553,689

Foraco

International

SA

 *

200,000

423,757

Orexplore

Technologies,

Ltd.

 *

1,007,351

17,731

Star

Royalties,

Ltd.

 *

3,500,000

671,810

2,321,817

Precious

Metals

7.81%

Coeur

Mining,

Inc.

 *

100,000

377,000

Elemental

Altus

Royalties

Corp.

 *

250,000

214,093

EMX

Royalty

Corp.

 *

1,250,000

2,159,389

Orla

Mining,

Ltd.

 *

250,000

946,809

SilverCrest

Metals,

Inc.

 *

200,000

1,333,284

SSR

Mining,

Inc.

100,000

446,000

Triple

Flag

Precious

Metals

Corp.

75,000

1,083,570

Wheaton

Precious

Metals

Corp.

20,000

942,600

7,502,745

Real

Estate

Operating/Development

1.99%

Emerald

Resources

NL

 *

1,000,000

1,911,596

Retail

-

Jewelry

1.10%

Mene,

Inc.

 *

1,025,000

160,801

Mene,

Inc.,

144A

 #*∆

5,714,285

896,449

1,057,250

Silver

Mining

9.96%

Andean

Precious

Metals

Corp.

 *

1,750,000

1,085,231

Aya

Gold

&

Silver,

Inc.

 *

772,500

6,649,699

Fortuna

Silver

Mines,

Inc.

 *

95,000

354,350

Santacruz

Silver

Mining,

Ltd.

 *

3,600,000

664,428

Portfolio

of

Investments

(unaudited)

26

See

notes

to

portfolios

of

investments.

March

31,

2024

Gold

and

Precious

Metals

Fund

Common

Stocks (cont’d)

Shares

Value

Silver

Mining

(cont’d)

Silvercorp

Metals,

Inc.

250,000

$

815,000

9,568,708

Total

Common

Stocks

85,307,136

(cost

$72,279,806)

Corporate

Non-Convertible

Bonds

3.85%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Coal

0.00%

Caribbean

Resources

Corp.

 #@^

19.25

06/15/15

$

485,766

0

Gold

Mining

3.85%

Aris

Gold

Corp.

7.50

08/26/27

3,214,108

3,696,224

Total

Corporate

Non-Convertible

Bonds

3,696,224

(cost

$3,699,855)

Exchange

Traded

Funds

0.71%

Shares

ProShares

UltraShort

Gold

ETF

 *

9,000

210,375

VanEck

Gold

Miners

ETF/USA

15,000

474,300

Total

Exchange

Traded

Funds

684,675

(cost

$653,189)

Warrant

0.42%

Exercise

Price

Exp.

Date

Mining

Services

0.42%

Aris

Mining

Corp.

 *

$

2.75

07/29/25

1,605,000

402,865

(cost

$65,284

)

Investments,

at

value

93.80%

90,090,900

(cost

$76,698,134

)

Other

assets

and

liabilities,

net

6.20%

5,950,943

Net

Assets

100.00%

$

96,041,843

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2024

27

Legend

General

The

yields

reflect

the

effective

yield

from

the

date

of

purchase.

Variable

and

Floating

Rate

Notes

have

periodic

reset

features,

which

effectively

shorten

the

maturity

dates

and

reset

the

interest

rates

as

tied

to

various

interest-bearing

instruments.

Rates

shown

are

current

rates

at

March

31,

2024.

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

March

31,

2024,

by

U.S.

Global

Investors,

Inc.

(Adviser)

(other

than

international

securities

fair

valued

pursuant

to

systematic

fair

value

models)

in

accordance

with

valuation

procedures

approved

by

the

Board

of

Trustees.

These

securities,

as

a

percentage

of

net

assets

at

March

31,

2024,

were

0.00%

of

Global

Luxury

Goods

Fund,

2.83%

of

Global

Resources

Fund,

1.26%

of

World

Precious

Minerals

Fund

and

1.50%

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

March

31,

2024

amounted

to

$35,067,

0.07%,

of

Global

Luxury

Goods

Fund,

$1,158,345,

2.67%,

of

Global

Resources

Fund,

$655,326,

1.68%,

of

World

Precious

Minerals

Fund

and

$896,449,

0.93%,

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

PLC

Public

Limited

Company

RB

Revenue

Bond

S&P

Standard

&

Poor’s

SPDR

Standard

&

Poor’s

Depositary

Receipt

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2024

28

as

the

Funds’

valuation

designee

to

perform

any

fair

value

determinations

for

securities

and

other

assets

held

by

the

Funds.

The

Funds

are

required

to

disclose

information

regarding

the

fair

value

measurements

of

a

Fund’s

assets

and

liabilities.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

measurement

requirements

established

a

three-tier

hierarchy

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Inputs

refer

broadly

to

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability,

including

assumptions

about

risk,

for

example,

the

risk

inherent

in

a

particular

valuation

technique

used

to

measure

fair

value

including

such

a

pricing

model

and/or

the

risk

inherent

in

the

inputs

to

the

valuation

technique.

Inputs

may

be

observable

or

unobservable.

Observable

inputs

are

inputs

that

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

inputs

that

reflect

the

reporting

entity’s

own

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

the

best

information

available

in

the

circumstances.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Because

of

the

inherent

uncertainties

of

valuation,

the

values

reflected

in

the

portfolios

may

materially

differ

from

the

values

received

upon

actual

sale

of

those

investments.

The

three

levels

defined

by

the

fair

value

hierarchy

are

as

follows:

Level

1

–

Quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

determined

using

significant

other

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Short-term

securities

with

maturities

of

sixty

days

or

less

are

valued

at

amortized

cost,

which

approximates

market

value,

and

are

categorized

as

Level

2

in

the

hierarchy.

Municipal

securities,

long-

term

U.S.

government

obligations

and

corporate

debt

securities

are

valued

in

accordance

with

the

evaluated

price

supplied

by

a

pricing

service

and

generally

categorized

as

Level

2

in

the

hierarchy.

Other

securities

that

are

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

warrants

that

do

not

trade

on

an

exchange,

securities

valued

at

the

mean

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2024

29

between

the

last

reported

bid

and

ask

quotation

and

international

equity

securities

valued

by

an

independent

third

party

in

order

to

adjust

for

stale

pricing.

Level

3

–

Prices

determined

using

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions).

For

restricted

equity

securities

and

private

placements

where

observable

inputs

are

limited,

assumptions

about

market

activity

and

risk

are

used

in

determining

fair

value.

The

following

table

summarizes

the

valuation

of

each

Fund’s

securities

as

of

March

31,

2024,

using

the

fair

value

hierarchy:

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

U.S.

Government

Securities

Ultra-Short

Bond

Fund

Investments

in

Securities*

United

States

Government

and

Agency

Obligations

$

–‌

$

28,499,687‌

$

–‌

$

28,499,687‌

Investments,

at

Value

$

–‌

$

28,499,687‌

$

–‌

$

28,499,687‌

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

$

–‌

$

24,156,261‌

$

–‌

$

24,156,261‌

Investments,

at

Value

$

–‌

$

24,156,261‌

$

–‌

$

24,156,261‌

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

$

1,286,939‌

$

4,894,256‌

$

–‌

$

6,181,195‌

Athletic

Footwear

141,520‌

–‌

–‌

141,520‌

Automotive

-

Cars

&

Light

Trucks

3,954,091‌

3,852,065‌

–‌

7,806,156‌

Beverages

-

Wine/Spirits

1,886,015‌

509,922‌

–‌

2,395,937‌

Building

-

Residential/

Commercial

718,003‌

–‌

–‌

718,003‌

Casino

Hotels

979,715‌

–‌

–‌

979,715‌

Computers

1,954,872‌

–‌

–‌

1,954,872‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2024

30

Global

Luxury

Goods

Fund

Common

Stocks

(continued)

Cosmetics

&

Toiletries

$

1,098,990‌

$

–‌

$

–‌

$

1,098,990‌

Cruise

Lines

2,220,857‌

–‌

–‌

2,220,857‌

Diversified

Banking

Institution

3,451,000‌

–‌

–‌

3,451,000‌

Diversified

Minerals

61,644‌

–‌

–‌

61,644‌

E-Commerce/Products

992,090‌

–‌

–‌

992,090‌

Energy

-

Alternate

Sources

–‌

–‌

0‌

0‌

Finance

-

Mortgage

Loan/

Banker

–‌

–‌

0‌

0‌

Gold

Mining

3,024,824‌

912,092‌

–‌

3,936,916‌

Hotels

&

Motels

925,978‌

1,670,744‌

–‌

2,596,722‌

Investment

Management/

Advisory

Services

1,518,075‌

–‌

–‌

1,518,075‌

Oil

Companies

-

Exploration

&

Production

35,067‌

–‌

–‌

35,067‌

Private

Equity

1,222,047‌

–‌

–‌

1,222,047‌

Real

Estate

Operating/

Development

–‌

–‌

0‌

0‌

Retail

-

Apparel/Shoe

1,445,405‌

2,161,723‌

–‌

3,607,128‌

Retail

-

Jewelry

–‌

2,706,097‌

–‌

2,706,097‌

Silver

Mining

74,600‌

–‌

–‌

74,600‌

Textile

-

Apparel

2,405,165‌

–‌

–‌

2,405,165‌

Corporate

Non-Convertible

Bond

–‌

768,200‌

–‌

768,200‌

Call

Option

21,100‌

–‌

–‌

21,100‌

Investments,

at

Value

29,417,997‌

17,475,099‌

0‌

46,893,096‌

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

$

415,082‌

$

–‌

$

–‌

$

415,082‌

Agricultural

Chemicals

416,050‌

274,088‌

–‌

690,138‌

Agricultural

Operations

–‌

93,897‌

–‌

93,897‌

Building

Products

-

Wood

174,966‌

–‌

–‌

174,966‌

Chemicals

-

Specialty

389,398‌

–‌

–‌

389,398‌

Coal

363,900‌

–‌

0‌

363,900‌

Diamonds/Precious

Stones

194,843‌

–‌

–‌

194,843‌

Diversified

Minerals

1,008,473‌

42,091‌

232,418‌

1,282,982‌

Energy

-

Alternate

Sources

197,600‌

–‌

0‌

197,600‌

Enterprise

Software/

Services

2,998,446‌

358,052‌

–‌

3,356,498‌

Forestry

189,473‌

–‌

–‌

189,473‌

Gas

-

Distribution

–‌

403,015‌

–‌

403,015‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2024

31

Global

Resources

Fund

Common

Stocks

(continued)

Gold

Mining

$

4,774,596‌

$

1,938‌

$

58,649‌

$

4,835,183‌

Independent

Power

Producer

323,400‌

–‌

–‌

323,400‌

Industrial

Gases

928,640‌

–‌

–‌

928,640‌

Investment

Companies

–‌

187,060‌

–‌

187,060‌

Metal

-

Copper

775,682‌

–‌

–‌

775,682‌

Metal

-

Diversified

5,491,922‌

410,994‌

295,301‌

6,198,217‌

Metal

-

Iron

–‌

–‌

0‌

0‌

Mining

Services

328,349‌

–‌

–‌

328,349‌

Natural

Resource

Technology

–‌

–‌

126,171‌

126,171‌

Non-Ferrous

Metals

2,010,646‌

113,912‌

0‌

2,124,558‌

Oil

-

US

Royalty

Trusts

1,622,800‌

321,320‌

–‌

1,944,120‌

Oil

Companies

-

Exploration

&

Production

4,261,369‌

–‌

–‌

4,261,369‌

Oil

Companies

-

Field

Services

1,339,960‌

–‌

–‌

1,339,960‌

Oil

Refining

&

Marketing

1,073,897‌

–‌

–‌

1,073,897‌

Paper

&

Related

Products

432,180‌

–‌

–‌

432,180‌

Pipelines

1,209,600‌

–‌

–‌

1,209,600‌

Precious

Metals

328,768‌

–‌

–‌

328,768‌

Real

Estate

Operating/

Development

404,193‌

–‌

0‌

404,193‌

Retail

-

Jewelry

117,659‌

–‌

–‌

117,659‌

Silver

Mining

147,658‌

–‌

–‌

147,658‌

Steel

-

Producers

454,800‌

–‌

–‌

454,800‌

Corporate

Convertible

Bond

–‌

–‌

504,860‌

504,860‌

Corporate

Non-Convertible

Bonds

–‌

1,442,170‌

–‌

1,442,170‌

Exchange

Traded

Funds

2,936,778‌

–‌

–‌

2,936,778‌

Warrants

Diamonds/Precious

Stones

–‌

0‌

–‌

0‌

Diversified

Minerals

0‌

0‌

–‌

0‌

Gold

Mining

–‌

0‌

–‌

0‌

Investment

Companies

–‌

0‌

–‌

0‌

Metal

-

Copper

0‌

–‌

–‌

0‌

Metal

-

Diversified

–‌

0‌

–‌

0‌

Mining

Services

120,483‌

–‌

–‌

120,483‌

Non-Ferrous

Metals

–‌

11,404‌

–‌

11,404‌

Oil

Companies

-

Exploration

&

Production

–‌

43,188‌

–‌

43,188‌

Precious

Metals

–‌

0‌

–‌

0‌

Real

Estate

Operating/

Development

–‌

0‌

–‌

0‌

Silver

Mining

–‌

0‌

–‌

0‌

Investments,

at

Value

35,431,611‌

3,703,129‌

1,217,399‌

40,352,139‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2024

32

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

$

3,448,378‌

$

–‌

$

–‌

$

3,448,378‌

Coal

–‌

–‌

0‌

0‌

Diamonds/Precious

Stones

355,801‌

–‌

–‌

355,801‌

Diversified

Minerals

1,402,558‌

60,536‌

2,953‌

1,466,047‌

Energy

-

Alternate

Sources

–‌

57,840‌

–‌

57,840‌

Financial

Services

–‌

1,273‌

–‌

1,273‌

Gold

Mining

15,147,244‌

2,595,275‌

60,906‌

17,803,425‌

Metal

-

Copper

186,976‌

–‌

–‌

186,976‌

Metal

-

Diversified

1,963,879‌

367,177‌

295,301‌

2,626,357‌

Mining

Services

305,463‌

237,254‌

–‌

542,717‌

Non-Ferrous

Metals

36,913‌

–‌

–‌

36,913‌

Oil

Companies

-

Exploration

&

Production

–‌

–‌

0‌

0‌

Optical

Recognition

Equipment

268‌

–‌

–‌

268‌

Precious

Metals

6,398,838‌

338,801‌

35,515‌

6,773,154‌

Real

Estate

Operating/

Development

592,817‌

–‌

–‌

592,817‌

Retail

-

Jewelry

331,798‌

–‌

–‌

331,798‌

Silver

Mining

2,439,740‌

–‌

–‌

2,439,740‌

Corporate

Non-Convertible

Bond

–‌

950,690‌

–‌

950,690‌

Exchange

Traded

Funds

283,220‌

–‌

–‌

283,220‌

Warrants

Diamonds/Precious

Stones

–‌

0‌

–‌

0‌

Diversified

Minerals

–‌

0‌

–‌

0‌

Gold

Mining

–‌

0‌

–‌

0‌

Metal

-

Diversified

–‌

0‌

–‌

0‌

Mining

Services

161,899‌

–‌

–‌

161,899‌

Oil

Companies

-

Exploration

&

Production

–‌

0‌

–‌

0‌

Precious

Metals

–‌

5,537‌

–‌

5,537‌

Real

Estate

Operating/

Development

–‌

0‌

–‌

0‌

Silver

Mining

–‌

0‌

–‌

0‌

Investments,

at

Value

33,055,792‌

4,614,383‌

394,675‌

38,064,850‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2024

33

The

following

is

a

reconciliation

of

assets

for

which

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

during

the

period

January

1,

2024

through

March

31,

2024:

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

Diversified

Minerals

$

1,236,607‌

$

–‌

$

1,151,791‌

$

2,388,398‌

Enterprise

Software/

Services

298,992‌

–‌

–‌

298,992‌

Gold

Mining

44,823,142‌

8,754,464‌

293,243‌

53,870,849‌

Metal

-

Copper

268,724‌

–‌

–‌

268,724‌

Metal

-

Diversified

6,118,057‌

–‌

–‌

6,118,057‌

Mining

Services

1,649,256‌

672,561‌

–‌

2,321,817‌

Precious

Metals

7,502,745‌

–‌

–‌

7,502,745‌

Real

Estate

Operating/

Development

–‌

1,911,596‌

–‌

1,911,596‌

Retail

-

Jewelry

1,057,250‌

–‌

–‌

1,057,250‌

Silver

Mining

9,568,708‌

–‌

–‌

9,568,708‌

Corporate

Non-Convertible

Bonds

–‌

3,696,224‌

0‌

3,696,224‌

Exchange

Traded

Funds

684,675‌

–‌

–‌

684,675‌

Warrant

Mining

Services

402,865‌

–‌

–‌

402,865‌

Investments,

at

Value

$

73,611,021‌

$

15,034,845‌

$

1,445,034‌

$

90,090,900‌

*

Refer

to

the

Portfolio

of

Investments

for

a

detailed

list

of

the

Fund’s

investments.

†

Other

Financial

Instruments

are

derivatives

not

reflected

in

the

Portfolio

of

Investments,

such

as

Currency

Contracts,

which

are

valued

at

the

unrealized

appreciation

(depreciation)

at

year

end.

Common

Stocks

Total

Global

Luxury

Goods

Fund

Beginning

Balance

12/31/23

$

0‌

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

—‌

—‌

Ending

Balance

03/31/24

$

0‌

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/24

(1)

$

—‌

$

—‌

Common

Stocks

Corporate

Convertible

Bond

Total

Global

Resources

Fund

Beginning

Balance

12/31/23

$

732,376‌

$

509,860‌

$

1,242,236‌

Net

change

in

unrealized

appreciation

(depreciation)

(19,837‌)

(5,000‌)

(24,837‌)

Ending

Balance

03/31/24

$

712,539‌

$

504,860‌

$

1,217,399‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/24

(1)

$

(19,837‌)

$

(5,000‌)

$

(24,837‌)

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2024

34

(

Significant

unobservable

inputs

developed

by

the

Adviser

for

Level

3

investments

held

at

period

end

are

as

follows:

Common

Stock

Total

World

Precious

Minerals

Fund

Beginning

Balance

12/31/23

$

404,295‌

$

404,295‌

Net

change

in

unrealized

appreciation

(depreciation)

(9,620‌)

(9,620‌)

Ending

Balance

03/31/24

$

394,675‌

$

394,675‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/24

(1)

$

(9,620‌)

$

(9,620‌)

Common

Stocks

Corporate

Non-

Convertible

Bond

Total

Gold

and

Precious

Metals

Fund

Beginning

Balance

12/31/23

$

1,511,115‌

$

0‌

$

1,511,115‌

Net

change

in

unrealized

appreciation

(depreciation)

(66,081‌)

—‌

(66,081‌)

Ending

Balance

03/31/24

$

1,445,034‌

$

0‌

$

1,445,034‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/24

(1)

$

(66,081‌)

$

—‌

$

(66,081‌)

(1)

The

amounts

shown

represent

the

net

change

in

unrealized

appreciation

(depreciation)

attributable

to

only

those

investments

still

held

and

classified

as

Level

3

at

March

31,

2024.

Fair

Value

at

03/31/24

Valuation

Technique(s)

Unobservable

Input

Range

(Weighted

Average)

Global

Luxury

Goods

Fund

Investments

in

Securities

Common

Stocks

$

0

Market

Transaction

(1)

Discount

100%

Global

Resources

Fund

Investments

in

Securities

0%

-

100%

discount

(98%

discount)

Common

Stocks

712,539

Market

Transaction

(1)

Discount

Corporate

Convertible

Bond

504,860

Market

Transaction

(1)

Discount

0%

World

Precious

Minerals

Fund

Investments

in

Securities

0%

-

100%

discount

(96%

discount)

Common

Stocks

394,675

Market

Transaction

(1)

Discount

Gold

and

Precious

Metals

Fund

Investments

in

Securities

0%

-

100%

discount

(23%

discount)

Common

Stocks

1,445,034

Market

Transaction

(1)

Discount

Corporate

Non-Convertible

Bond

0

Market

Transaction

(1)

Discount

100%

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2024

35

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

year

ended

March

31,

2024.

At

March

31,

2024,

the

value

of

investments

in

affiliated

companies

was

$0,

representing

0%

of

net

assets,

and

the

total

cost

was

$2,400,000.

(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,

2023

Additions

Reductions

March

31,

2024

Pacific

Green

Energy

Corp.

2,400,000‌

—‌

—‌

2,400,000‌

Values

of

Affiliated

Companies

Global

Resources

Fund

December

31,

2023

Purchases

Cost

Sales

Proceeds

March

31,

2024

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Pacific

Green

Energy

Corp.

$

0‌

$

—‌

$

—‌

$

0‌

$

—‌

$

—‌

$

—‌

Shares

of

Affiliated

Companies

World

Precious

Minerals

Fund

December

31,

2023

Additions

Reductions

March

31

,

202

4

Barsele

Minerals

Corp.

7,550,000‌

—‌

(7,550,000‌)

—‌

First

Nordic

Metals

Corp.

—‌

7,550,000‌

—‌

7,550,000‌

Kesselrun

Resources

Ltd

5,000,000‌

—‌

—‌

5,000,000‌

Mammoth

Resources

Corp.

5,500,000‌

—‌

—‌

5,500,000‌

TriStar

Gold,

Inc.

28,800,000‌

—‌

—‌

28,800,000‌

Waraba

Gold

Ltd.

8,200,000‌

—‌

—‌

8,200,000‌

Waraba

Gold,

Ltd.

5,390,000‌

—‌

5,390,000‌

—‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

March

31,

2024

36

At

March

31,

2024,

the

value

of

investments

in

affiliated

companies

was

$3,991,916,

representing

10.22%

of

net

assets,

and

the

total

cost

was

$7,228,642.

Restricted

Securities

The

following

securities

are

subject

to

contractual

and

regulatory

restrictions

on

resale

or

transfer.

These

investments

may

involve

a

high

degree

of

business

and

financial

risk.

Because

of

the

thinly

traded

markets

for

these

investments,

a

Fund

may

be

unable

to

liquidate

its

securities

in

a

timely

manner,

especially

if

there

is

negative

news

regarding

the

specific

securities

or

the

markets

overall.

These

securities

could

decline

significantly

in

value

before

the

Fund

could

liquidate

these

securities.

The

issuer

bears

the

cost

of

registration,

if

any,

involved

in

the

disposition

of

these

securities.

As

of

March

31,

2024,

the

total

cost

of

restricted

securities

was

$426,625,

and

the

total

value

was

$0,

representing

0.00%

of

net

assets.

As

of

March

31,

2024,

the

total

cost

of

restricted

securities

was

$7,473,544,

and

the

total

value

was

$126,171,

representing

0.29%

of

net

assets.

As

of

March

31,

2024,

the

total

cost

of

restricted

securities

was

$1,362,590,

and

the

total

value

was

$0,

representing

0.00%

of

net

assets.

Values

of

Affiliated

Companies

World

Precious

Minerals

Fund

December

31,

2023

Purchases

Cost

Sales

Proceeds

March

31,

2024

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Barsele

Minerals

Corp.

$

769,216‌

$

—‌

$

(1,558,332)‌

$

—‌

$

—‌

$

—‌

$

(610,884‌)

First

Nordic

Metals

Corp.

—‌

1,558,332‌

—‌

975,416‌

—‌

—‌

(582,916‌)

Kesselrun

Resources

Ltd

$

169,805‌

$

—‌

$

—‌

$

110,738‌

$

—‌

$

—‌

$

(59,067‌)

Mammoth

Resources

Corp.

62,262‌

—‌

—‌

81,208‌

—‌

—‌

18,946‌

TriStar

Gold,

Inc.

1,956,153‌

—‌

—‌

2,764,018‌

—‌

—‌

807,865‌

Waraba

Gold,

Ltd,

371,307‌

—‌

—‌

60,536‌

—‌

—‌

(310,771‌)

$

3,328,743‌

$

1,558,332‌

$

(1,558,332)‌

$

3,991,916‌

$

—‌

$

—‌

$

(736,527‌)

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