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

Portfolio

of

Investments

(unaudited)

1

See

notes

to

portfolios

of

investments.

September

30,

2024

U.S.

Government

Securities

Ultra-Short

Bond

Fund

United

States

Government

and

Agency

Obligations

89.01%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Federal

Farm

Credit

Bank

10.10%

Fixed

Rates:

0.47

11/18/24

$

2,000,000

$

1,987,926

2.35

12/05/25

1,000,000

984,727

2,972,653

Federal

Home

Loan

Bank

11.58%

Fixed

Rates:

4.63

12/13/24

1,000,000

999,836

2.63

09/12/25

1,000,000

986,597

1.11

10/28/26

1,500,000

1,420,831

3,407,264

Federal

Home

Loan

Mortgage

Corp.

20.28%

Fixed

Rates:

2.40

03/28/25

3,000,000

2,972,884

4.05

08/28/25

3,000,000

2,994,032

5,966,916

U.S.

Treasury

Bill

41.93%

◊

Yield

to

Maturity:

5.10

11/21/24

1,500,000

1,490,187

5.01

12/05/24

2,000,000

1,983,707

5.17

01/09/25

5,000,000

4,938,330

4.99

01/30/25

3,000,000

2,956,213

4.83

07/10/25

1,000,000

969,690

12,338,127

U.S.

Treasury

Note/Bond

5.12%

Fixed

Rates:

4.25

12/31/25

1,500,000

1,507,002

Investments,

at

value

89.01%

26,191,962

(cost

$26,088,004

)

Other

assets

and

liabilities,

net

10.99%

3,233,196

Net

Assets

100.00%

$

29,425,158

Portfolio

of

Investments

(unaudited)

2

See

notes

to

portfolios

of

investments.

September

30,

2024

Near-Term

Tax

Free

Fund

Municipal

Bonds

96.24%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Alabama

0.74%

Alabama

Community

College

System,

Alabama,

Refunding,

RB

BAM

4.00

11/01/24

$

185,000

$

185,057

Arizona

1.61%

City

of

Mesa

AZ,

Arizona,

Refunding,

GO

Limited

4.00

07/01/25

400,000

404,039

California

1.40%

City

of

Milpitas

CA

Wastewater

Revenue,

California,

Refunding,

RB

5.00

11/01/24

350,000

350,499

Colorado

3.48%

City

of

Glendale

CO,

Colorado,

Refunding,

COP

AGM

5.00

12/01/25

510,000

517,430

Colorado

Health

Facilities

Authority,

Colorado,

Refunding,

RB

5.00

10/01/25

350,000

356,189

873,619

Connecticut

0.83%

State

of

Connecticut,

Connecticut,

Refunding,

GO

Unlimited

5.00

05/15/27

200,000

207,950

Delaware

0.51%

The

Delaware

Municipal

Electric

Corp.,

Delaware,

Refunding,

RB

5.00

07/01/25

125,000

126,987

District

of

Columbia

0.95%

District

of

Columbia,

District

of

Columbia,

Refunding,

GO

Unlimited

5.00

06/01/25

235,000

238,540

Florida

2.82%

Port

St

Lucie

Community

Redevelopment

Agency,

Florida,

Refunding,

Tax

Allocation

Bond

5.00

01/01/25

705,000

708,022

Georgia

3.19%

Barrow

County

School

District,

Georgia,

GO

Unlimited

2.13

02/01/26

500,000

493,630

Grady

County

School

District,

Georgia,

GO

Unlimited

5.00

10/01/25

300,000

306,735

800,365

Portfolio

of

Investments

(unaudited)

3

See

notes

to

portfolios

of

investments.

September

30,

2024

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Hawaii

0.73%

State

of

Hawaii,

Hawaii,

Refunding,

GO

Unlimited

5.00

10/01/27

$

175,000

$

183,759

Illinois

5.44%

Cook

County

Township

High

School

District

No.

225,

Illinois,

Refunding,

GO

Unlimited

5.00

12/01/24

300,000

300,667

State

of

Illinois,

Illinois,

GO

Unlimited

5.00

11/01/28

1,000,000

1,062,555

1,363,222

Indiana

1.30%

County

of

Warrick

IN

Redevelopment

District,

Indiana,

Refunding,

Tax

Allocation

Bond

4.00

08/01/25

170,000

171,436

Northwestern

School

Corp.,

Indiana,

GO

Limited

5.00

01/15/26

150,000

153,841

325,277

Iowa

1.16%

Iowa

Finance

Authority,

Iowa,

Refunding,

RB

5.00

02/15/25

290,000

291,449

Kansas

1.88%

City

of

Lawrence

KS,

Kansas,

GO

Unlimited

3.25

09/01/27

170,000

170,038

Sedgwick

County

Unified

School

District

No.

262

Valley

Center,

Kansas,

Refunding,

GO

Unlimited

4.00

09/01/25

300,000

300,208

470,246

Kentucky

2.81%

Campbellsville

Independent

School

District

Finance

Corp.,

Kentucky,

RB

4.00

08/01/25

165,000

166,244

City

of

Ashland

KY,

Kentucky,

Refunding,

GO

Unlimited

AGM

5.00

01/01/25

300,000

301,195

Kentucky

Bond

Development

Corp.,

Kentucky,

Refunding,

RB

5.00

05/01/25

235,000

237,386

704,825

Louisiana

1.17%

Louisiana

Housing

Corp.,

Louisiana,

RB

FHLMC

2.15

12/01/24

295,000

294,010

Massachusetts

3.15%

Massachusetts

Development

Finance

Agency,

Massachusetts,

Refunding,

RB

4.00

04/01/25

250,000

251,528

New

Bedford

Housing

Authority,

Massachusetts,

RB

2.45

10/01/27

550,000

538,829

790,357

Portfolio

of

Investments

(unaudited)

4

See

notes

to

portfolios

of

investments.

September

30,

2024

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Michigan

3.27%

Great

Lakes

Water

Authority

Water

Supply

System

Revenue,

Michigan,

Refunding,

RB

5.00

07/01/26

$

365,000

$

380,307

Wayne

State

University,

Michigan,

RB

5.00

11/15/27

430,000

440,116

820,423

Minnesota

6.77%

City

of

Woodbury

MN,

Minnesota,

GO

Unlimited

3.00

02/01/28

550,000

550,072

County

of

Chisago

MN,

Minnesota,

GO

Unlimited

2.00

02/01/27

1,175,000

1,147,398

1,697,470

Mississippi

0.50%

County

of

Madison

MS,

Mississippi,

GO

Unlimited

4.50

11/01/25

125,000

125,167

Missouri

2.90%

Nixa

Public

Schools,

Missouri,

Refunding,

GO

Unlimited

2.25

03/01/25

530,000

526,248

St

Louis

Land

Clearance

for

Redevelopment

Authority,

Missouri,

RB

4.00

07/15/25

200,000

201,711

727,959

Nebraska

1.20%

Nebraska

Public

Power

District,

Nebraska,

Refunding,

RB

5.00

01/01/25

300,000

301,309

New

Jersey

1.72%

Middlesex

County

Improvement

Authority,

New

Jersey,

RB

5.00

07/01/25

425,000

432,073

New

Mexico

4.67%

City

of

Rio

Rancho

NM,

New

Mexico,

GO

Unlimited

5.00

08/01/27

600,000

641,976

Los

Alamos

Public

School

District,

New

Mexico,

GO

Unlimited

5.00

08/01/25

520,000

529,371

1,171,347

Portfolio

of

Investments

(unaudited)

5

See

notes

to

portfolios

of

investments.

September

30,

2024

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

New

York

2.72%

City

of

New

York

NY,

New

York,

Refunding,

GO

Unlimited

5.00

08/01/25

$

250,000

$

254,464

City

of

New

York

NY,

New

York,

Refunding,

GO

Unlimited

5.00

08/01/26

200,000

209,185

Port

Authority

of

New

York

&

New

Jersey,

New

York,

Refunding,

RB

5.00

10/01/25

215,000

218,866

682,515

North

Carolina

3.61%

City

of

Cherryville

NC,

North

Carolina,

GO

Unlimited

2.00

11/01/31

440,000

401,385

County

of

Pender

NC,

North

Carolina,

RB

5.00

04/01/25

500,000

504,453

905,838

Ohio

5.11%

Chillicothe

City

School

District,

Ohio,

Refunding,

GO

Unlimited

AGM

4.00

12/01/31

1,000,000

1,000,996

Kettering

City

School

District,

Ohio,

Refunding,

GO

Unlimited

5.00

12/01/24

280,000

280,694

1,281,690

Oregon

1.96%

City

of

Ashland

OR,

Oregon,

GO

Limited

2.38

10/01/26

200,000

197,532

City

of

Lincoln

City

OR,

Oregon,

Refunding,

GO

Unlimited

2.50

06/01/28

300,000

294,427

491,959

Pennsylvania

6.48%

Commonwealth

of

Pennsylvania,

Pennsylvania,

Refunding,

GO

Unlimited,

First

Series

5.00

08/15/25

310,000

316,125

Delaware

River

Port

Authority,

Pennsylvania,

Refunding,

RB

5.00

01/01/27

500,000

527,791

Williamsport

Sanitary

Authority,

Pennsylvania,

Refunding,

RB

BAM

5.00

01/01/27

740,000

780,964

1,624,880

South

Carolina

1.33%

City

of

Tega

Cay

SC,

South

Carolina,

Refunding,

GO

Unlimited

2.25

04/01/25

335,000

332,265

Texas

14.64%

Board

of

Regents

of

the

University

of

Texas

System,

Texas,

RB

5.00

08/15/26

1,205,000

1,261,270

City

of

Dallas

TX

Waterworks

&

Sewer

System

Revenue,

Texas,

Refunding,

RB

5.00

10/01/26

750,000

787,542

City

of

Denton

TX,

Texas,

GO

Limited

4.00

02/15/26

265,000

270,088

Portfolio

of

Investments

(unaudited)

6

See

notes

to

portfolios

of

investments.

September

30,

2024

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Texas

(cont’d)

City

of

Denton

TX,

Texas,

Refunding,

GO

Limited

5.00

02/15/27

$

400,000

$

423,538

Lower

Colorado

River

Authority,

Texas,

Refunding,

RB

5.00

05/15/27

195,000

197,344

Texas

Department

of

Transportation

State

Highway

Fund,

Texas,

RB

5.00

10/01/26

695,000

730,763

3,670,545

Utah

1.12%

Jordan

Valley

Water

Conservancy

District,

Utah,

Refunding,

RB

5.00

10/01/24

280,000

280,000

Vermont

1.54%

University

of

Vermont

and

State

Agricultural

College,

Vermont,

Refunding,

RB

5.00

10/01/24

385,000

385,000

Virginia

0.91%

Virginia

Commonwealth

Transportation

Board,

Virginia,

RB

5.00

05/15/25

225,000

228,057

Washington

2.62%

City

of

Seattle

WA

Municipal

Light

&

Power

Revenue,

Washington,

Refunding,

RB

5.00

10/01/24

240,000

240,000

King

County

Fire

Protection

District

No.

45,

Washington,

GO

Unlimited

4.00

12/01/25

260,000

263,346

King

County

Housing

Authority,

Washington,

Refunding,

RB

4.00

06/01/27

150,000

153,451

656,797

Investments,

at

value

96.24%

24,133,517

(cost

$24,122,928

)

Other

assets

and

liabilities,

net

3.76%

942,864

Net

Assets

100.00%

$

25,076,381

Portfolio

of

Investments

(unaudited)

7

See

notes

to

portfolios

of

investments.

September

30,

2024

Global

Luxury

Goods

Fund

Common

Stocks

94.86%

Shares

Value

Apparel

Manufacturers

12.09%

Christian

Dior

SE

585

$

423,737

Hermes

International

SCA

1,898

4,673,551

Kering

SA,

ADR

29,200

835,996

PRADA

SpA

22,000

168,249

6,101,533

Athletic

Footwear

0.26%

On

Holding

AG,

Class A

*

2,650

132,898

Automotive

-

Cars

&

Light

Trucks

18.11%

Bayerische

Motoren

Werke

AG

11,300

999,333

Ferrari

NV

4,850

2,280,034

Mercedes-Benz

Group

AG,

ADR

104,000

1,675,440

Porsche

Automobil

Holding

SE,

ADR

112,000

508,480

Tesla,

Inc.

*

9,370

2,451,473

Volkswagen

AG

11,000

1,230,874

9,145,634

Beverages

-

Wine/Spirits

2.31%

Constellation

Brands,

Inc.,

Class A

3,940

1,015,299

Pernod

Ricard

SA

1,000

151,292

1,166,591

Casino

Hotels

1.85%

Las

Vegas

Sands

Corp.

8,600

432,924

Wynn

Resorts,

Ltd.

5,200

498,576

931,500

Cosmetics

&

Toiletries

5.86%

L'Oreal

SA,

ADR

26,300

2,360,688

The

Estee

Lauder

Cos.,

Inc.

6,000

598,140

2,958,828

Cruise

Lines

7.70%

Carnival

Corp.

*

58,700

1,084,776

Royal

Caribbean

Cruises,

Ltd.

9,200

1,631,712

Viking

Holdings,

Ltd.

*

33,500

1,168,815

3,885,303

Diversified

Banking

Institution

2.91%

The

Goldman

Sachs

Group,

Inc.

2,970

1,470,477

E-Commerce/Products

2.95%

Amazon.com,

Inc.

*

7,980

1,486,913

Energy

-

Alternate

Sources

0.00%

Pacific

Green

Energy

Corp.

#*@

100,000

0

Portfolio

of

Investments

(unaudited)

8

See

notes

to

portfolios

of

investments.

September

30,

2024

Global

Luxury

Goods

Fund

Common

Stocks (cont’d)

Shares

Value

Fiduciary

Banks

1.68%

Northern

Trust

Corp.

9,400

$

846,282

Finance

-

Credit

Card

1.88%

American

Express

Co.

3,500

949,200

Finance

-

Mortgage

Loan/Banker

0.00%

Lendified

Holdings,

Inc.

#*@

1,116,560

0

Gold

Mining

6.09%

Dundee

Precious

Metals,

Inc.

39,000

395,061

Franco-Nevada

Corp.

3,400

422,450

New

Gold,

Inc.

*

35,000

100,800

Osisko

Gold

Royalties,

Ltd.

22,000

407,220

Ramelius

Resources,

Ltd.

165,000

248,456

Regis

Resources,

Ltd.

*

105,000

147,010

Resolute

Mining,

Ltd.

*

342,000

173,829

Royal

Gold,

Inc.

3,250

455,975

Torex

Gold

Resources,

Inc.

*

20,200

385,494

Westgold

Resources,

Ltd.

185,000

339,769

3,076,064

Hotels

&

Motels

5.13%

Hilton

Worldwide

Holdings,

Inc.

8,700

2,005,350

HUGO

BOSS

AG

6,276

287,413

Marriott

International,

Inc.,

Class A

1,200

298,320

2,591,083

Investment

Management/Advisory

Services

1.76%

Apollo

Global

Management,

Inc.

7,100

886,861

Oil

Companies

-

Exploration

&

Production

0.08%

NG

Energy

International

Corp.,

144A

#*∆

50,000

38,818

Precious

Metals

0.84%

Pan

African

Resources

PLC

350,000

149,109

Wheaton

Precious

Metals

Corp.

4,500

274,860

423,969

Private

Equity

2.31%

KKR

&

Co.,

Inc.

8,950

1,168,691

Real

Estate

Operating/Development

0.00%

Infrastructure

Ventures,

Inc.

#*@+

426,533

0

Retail

-

Apparel/Shoe

8.18%

Brunello

Cucinelli

SpA

3,950

426,442

Industria

de

Diseno

Textil

SA

16,100

953,546

JD

Sports

Fashion

PLC

370,000

762,919

Portfolio

of

Investments

(unaudited)

9

See

notes

to

portfolios

of

investments.

September

30,

2024

Global

Luxury

Goods

Fund

Common

Stocks (cont’d)

Shares

Value

Retail

-

Apparel/Shoe

(cont’d)

Lululemon

Athletica,

Inc.

*

4,750

$

1,288,913

Moncler

SpA

11,000

699,343

4,131,163

Retail

-

Jewelry

6.88%

Cie

Financiere

Richemont

SA

21,880

3,474,638

Textile

-

Apparel

5.99%

LVMH

Moet

Hennessy

Louis

Vuitton

SE,

ADR

19,681

3,023,198

Total

Common

Stocks

47,889,644

(cost

$43,493,566)

Corporate

Non-Convertible

Bond

1.63%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

1.63%

Aris

Gold

Corp.

7.50

08/26/27

$

578,134

823,841

(cost

$578,072)

Call

Option

Purchased

0.09%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Automotive

-

Cars

&

Light

Trucks

0.09%

Ferrari

NV

$

500.00

01/25

$

1,250,000

25

45,975

(premiums

paid

$55,559

)

Investments,

at

value

96.58%

48,759,460

(cost

$44,127,197

)

Other

assets

and

liabilities,

net

3.42%

1,728,440

Net

Assets

100.00%

$

50,487,900

Portfolio

of

Investments

(unaudited)

10

See

notes

to

portfolios

of

investments.

September

30,

2024

Global

Resources

Fund

Common

Stocks

85.58%

Shares

Value

Advanced

Materials/Production

0.68%

Nano

One

Materials

Corp.

*

325,000

$

283,559

Agricultural

Chemicals

0.68%

OCI

NV

*

10,000

285,095

Agricultural

Operations

1.97%

Archer-Daniels-Midland

Co.

6,500

388,310

Bunge

Global

SA

4,500

434,880

823,190

Building

Products

-

Wood

0.92%

Atlas

Engineered

Products,

Ltd.

*

100,000

101,297

Atlas

Engineered

Products,

Ltd.

*

85,000

86,103

Stella-Jones,

Inc.

3,000

196,954

384,354

Chemicals

-

Diversified

1.03%

FMC

Corp.

6,500

428,610

Chemicals

-

Specialty

0.89%

Methanex

Corp.

9,000

371,859

Coal

1.06%

Caribbean

Resources

Corp.

#*@

2,148,176

0

Teck

Resources,

Ltd.,

Class B

8,500

444,040

444,040

Containers

-

Paper/Plastic

0.53%

Graphic

Packaging

Holding

Co.

7,500

221,925

Diamonds/Precious

Stones

0.57%

Barksdale

Resources

Corp.

*

1,955,000

238,512

Diversified

Minerals

2.30%

Arianne

Phosphate,

Inc.

*

600,000

84,291

BHP

Group,

Ltd.,

ADR

3,500

217,385

Core

Assets

Corp.,

144A

#*∆

600,000

28,836

E3

Lithium,

Ltd.

*

100,000

83,552

IberAmerican

Lithium

Corp.

*

1,000,000

51,758

Legacy

Lithium

Corp.

#*@

100,000

2,063

Leo

Lithium,

Ltd.

#*@

700,000

169,381

Lithium

Royalty

Corp.

*

821

3,612

NGX,

Ltd.

*

90

10

Nio

Strategic

Metals,

Inc.

*

3,325,000

208,973

Nio

Strategic

Metals,

Inc.,

144A

#*∆

362,069

22,756

Nuclear

Fuels,

Inc.

*

20,000

5,398

Sigma

Lithium

Corp.

*

3,000

37,080

Portfolio

of

Investments

(unaudited)

11

See

notes

to

portfolios

of

investments.

September

30,

2024

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Diversified

Minerals

(cont’d)

Wolfden

Resources

Corp.

*

1,825,000

$

47,229

962,324

Energy

-

Alternate

Sources

0.60%

First

Solar,

Inc.

*

1,000

249,440

Pacific

Green

Energy

Corp.

#*@~

2,400,000

0

249,440

Enterprise

Software/Services

6.82%

Abaxx

Technologies,

Inc.

*

300,000

2,517,653

Base

Carbon,

Inc.

*

1,000,000

332,730

2,850,383

Food

-

Miscellaneous/Diversified

1.32%

Ingredion,

Inc.

4,000

549,720

Gold

Mining

16.45%

Agnico

Eagle

Mines,

Ltd.

5,000

402,800

Atex

Resources,

Inc.

*

85,000

89,245

Barrick

Gold

Corp.

25,000

497,250

Black

Cat

Syndicate,

Ltd.

*

550,475

173,881

Black

Cat

Syndicate,

Ltd.

*

419,525

132,518

Collective

Mining,

Ltd.

*

75,000

240,674

EnviroGold

Global,

Ltd.,

144A

#*∆

75,000

3,882

Firefinch,

Ltd.

#*@

1,000,000

43,140

K92

Mining,

Inc.

*

115,000

669,193

Montage

Gold

Corp.

*

600,000

842,915

New

Gold,

Inc.

*

250,000

720,000

Newmont

Corp.

20,000

1,069,000

NeXGold

Mining

Corp.

*

245,875

147,258

Osisko

Gold

Royalties,

Ltd.

10,000

185,100

Perpetua

Resources

Corp.

*

25,000

233,750

Royal

Road

Minerals,

Ltd.

*

5,500,000

488,003

Seabridge

Gold,

Inc.

*

20,000

335,800

Seasif

Exploration,

Inc.

*

2,000,000

22,182

Silver

Tiger

Metals,

Inc.

*

1,000,000

199,638

Torex

Gold

Resources,

Inc.

*

20,000

381,678

6,877,907

Industrial

Gases

2.28%

Linde

PLC

2,000

953,720

Investment

Companies

0.44%

Contango

Holdings

PLC

*

10,502,248

183,389

Portfolio

of

Investments

(unaudited)

12

See

notes

to

portfolios

of

investments.

September

30,

2024

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Metal

-

Copper

1.68%

Hudbay

Minerals,

Inc.

50,000

$

459,500

Kutcho

Copper

Corp.

*

1,223,500

94,989

Meridian

Mining

UK

Societas

*

500,000

149,728

704,217

Metal

-

Diversified

12.28%

Anglo

American

PLC

3,500

113,770

Electra

Battery

Materials

Corp.,

144A

#*∆

55,555

32,451

Filo

Corp.

*

42,500

1,012,810

Glencore

PLC

20,000

114,533

GoviEx

Uranium,

Inc.,

144A

#*∆

58,000

6,862

Ivanhoe

Electric,

Inc./US

*

40,000

338,400

Ivanhoe

Mines,

Ltd.

*

149,300

2,221,092

Juno

Corp.,

144A

#*@∆

200,000

369,700

Orsu

Metals

Corp.,

144A

#*@∆

14,761

0

Sovereign

Metals,

Ltd.

*

600,000

296,981

Torq

Resources,

Inc.

*

900,000

69,873

Vox

Royalty

Corp.

185,000

558,700

5,135,172

Metal

-

Iron

0.06%

Champion

Iron,

Ltd.

5,000

24,548

Consolidated

Growth

Holdings,

Ltd.

#*@

19,859,173

0

24,548

Mining

Services

0.23%

Cordoba

Minerals

Corp.

*

58,823

20,224

Defense

Metals

Corp.

*

1,000,000

77,637

97,861

Natural

Resource

Technology

0.35%

I-Pulse,

Inc.,

144A

#*@+∆

15,971

145,017

Non-Ferrous

Metals

3.31%

Bannerman

Energy,

Ltd.

*

80,109

173,881

Bannerman

Energy,

Ltd.

*

9,891

21,469

Cameco

Corp.

5,000

238,800

Denison

Mines

Corp.

*

115,000

210,450

Encore

Energy

Corp.

*

100,000

410,366

InZinc

Mining,

Ltd.

*

2,000,000

25,879

Peninsula

Energy,

Ltd.

*

1,400,000

91,553

Peninsula

Energy,

Ltd.

*

500,000

32,697

Sterling

Group

Ventures,

Inc.,

144A

#*@∆

500,000

0

Ur-Energy,

Inc.

*

150,000

178,500

1,383,595

Portfolio

of

Investments

(unaudited)

13

See

notes

to

portfolios

of

investments.

September

30,

2024

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Oil

-

US

Royalty

Trusts

2.77%

Kimbell

Royalty

Partners

LP

30,000

$

482,700

Viper

Energy,

Inc.

15,000

676,650

1,159,350

Oil

Companies

-

Exploration

&

Production

7.82%

Antero

Resources

Corp.

*

15,000

429,750

Canadian

Natural

Resources,

Ltd.

6,000

199,260

ConocoPhillips

1,500

157,920

EOG

Resources,

Inc.

2,500

307,325

LNG

Energy

Group

Corp.

*

1,100,000

126,067

Marathon

Oil

Corp.

17,500

466,025

New

Stratus

Energy,

Inc.

*

750,000

232,911

NG

Energy

International

Corp.

*

1,000,000

776,369

NG

Energy

International

Corp.,

144A

#*∆

200,000

155,274

Permian

Resources

Corp.

15,000

204,150

Range

Resources

Corp.

7,000

215,320

3,270,371

Oil

Companies

-

Field

Services

2.77%

Baker

Hughes

Co.

10,000

361,500

Liberty

Energy,

Inc.

7,500

143,175

Schlumberger

NV

5,000

209,750

Select

Water

Solutions,

Inc.,

Class A

40,000

445,200

1,159,625

Oil

Companies

-

Integrated

4.94%

BP

PLC,

ADR

10,000

313,900

Exxon

Mobil

Corp.

3,500

410,270

Imperial

Oil,

Ltd.

6,000

422,700

Shell

PLC,

ADR

10,000

659,500

TotalEnergies

SE,

ADR

4,000

258,480

2,064,850

Paper

&

Related

Products

1.44%

Sylvamo

Corp.

7,000

600,950

Pipelines

3.23%

Cheniere

Energy,

Inc.

7,500

1,348,800

Precious

Metals

2.15%

Brixton

Metals

Corp.

*

2,000,000

125,698

Coeur

Mining,

Inc.

*

111,000

763,680

Vizsla

Royalties

Corp.

*

6,666

8,970

898,348

Portfolio

of

Investments

(unaudited)

14

See

notes

to

portfolios

of

investments.

September

30,

2024

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Real

Estate

Operating/Development

0.85%

Infrastructure

Ventures,

Inc.

#*@+

7,443,544

$

0

Revival

Gold,

Inc.

*

1,690,682

356,275

356,275

REITS

-

Diversified

0.81%

Weyerhaeuser

Co.

REIT

10,000

338,600

Retail

-

Jewelry

0.18%

Mene,

Inc.

*

750,000

74,864

Silver

Mining

2.17%

Aya

Gold

&

Silver,

Inc.

*

10,000

130,134

Endeavour

Silver

Corp.

*

75,000

296,129

Vizsla

Silver

Corp.

*

250,000

478,761

905,024

Total

Common

Stocks

35,775,494

(cost

$77,511,228)

Corporate

Convertible

Bond

1.28%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Investment

Companies

1.28%

Contango

Holdings

PLC,

144A

#@∆

0.00

12/31/24

$

400,000

534,780

(cost

$508,120)

Corporate

Non-Convertible

Bonds

3.61%

Gold

Mining

2.42%

Aris

Gold

Corp.

7.50

08/26/27

708,242

1,009,245

Oil

Companies

-

Exploration

&

Production

1.19%

NG

Energy

International

Corp.

#

8.00

05/20/27

750,000

499,094

Total

Corporate

Non-Convertible

Bonds

1,508,339

(cost

$1,295,358)

Warrants

0.80%

Exercise

Price

Exp.

Date

Shares

Diamonds/Precious

Stones

0.00%

Barksdale

Resources

Corp.,

144A

#*@∆

$

0.60

01/09/27

177,500

0

Portfolio

of

Investments

(unaudited)

15

See

notes

to

portfolios

of

investments.

September

30,

2024

Global

Resources

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Diversified

Minerals

0.11%

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

1,849

Lithium

Ion

Energy,

Ltd.,

144A

#*@∆

0.70

04/24/25

225,000

0

Volt

Lithium

Corp.,

144A

#*@∆

0.33

08/04/25

500,000

46,212

48,061

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

#*@∆

1.50

07/12/26

125,000

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

0.53%

Aris

Mining

Corp.

*

2.75

07/29/25

480,000

220,045

Non-Ferrous

Metals

0.00%

Peninsula

Energy,

Ltd.

#*@

0.10

03/31/25

700,000

0

Oil

Companies

-

Exploration

&

Production

0.08%

LNG

Energy

Group,

144A

#*@∆

0.60

05/05/26

1,000,000

0

NG

Energy

International

Corp.

*

1.40

05/20/27

300,000

33,273

33,273

Precious

Metals

0.01%

Vizsla

Royalties

Corp.

*

0.05

12/31/25

6,666

6,260

Real

Estate

Operating/Development

0.00%

Revival

Gold,

Inc.,

144A

#*@∆

0.72

05/16/26

250,000

0

Revival

Gold,

Inc.,

144A

#*@∆

0.45

05/02/27

137,500

0

0

Portfolio

of

Investments

(unaudited)

16

See

notes

to

portfolios

of

investments.

September

30,

2024

Global

Resources

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Silver

Mining

0.07%

Vizsla

Silver

Corp.,

144A

#*@∆

$

2.00

11/15/24

62,500

$

27,265

Total

Warrants

334,904

(cost

$21,535

)

Investments,

at

value

91.27%

38,153,517

(cost

$79,336,241

)

Other

assets

and

liabilities,

net

8.73%

3,648,047

Net

Assets

100.00%

$

41,801,564

Portfolio

of

Investments

(unaudited)

17

See

notes

to

portfolios

of

investments.

September

30,

2024

World

Precious

Minerals

Fund

Common

Stocks

93.07%

Shares

Value

Advanced

Materials/Production

5.23%

Nano

One

Materials

Corp.

*

2,700,000

$

2,355,725

Coal

0.00%

Caribbean

Resources

Corp.

#*@

505,453

0

Diamonds/Precious

Stones

0.97%

Barksdale

Resources

Corp.

*

3,570,000

435,543

Diversified

Minerals

4.90%

Ascot

Resources,

Ltd.,

144A

#*∆

6,412

759

Erdene

Resource

Development

Corp.

*

500,000

232,911

Founders

Metals,

Inc.

*

350,000

659,913

Genesis

Minerals,

Ltd.

*

125,000

176,545

Gossan

Resources,

Ltd.

*

1,250,000

27,727

Indochine

Mining,

Ltd.

#*@

10,000

0

Kenorland

Minerals,

Ltd.

*

225,000

183,001

Kootenay

Resources,

Inc.

*

40,000

1,775

Max

Resource

Corp.

*

2,250,000

133,092

Minaurum

Gold,

Inc.

*

1,500,000

260,638

Serra

Energy

Metals

Corp.

*

2,000,000

25,879

Waraba

Gold,

Ltd.

*~

2,155,000

23,901

Waraba

Gold,

Ltd.,

144A

#*~∆

6,045,000

67,045

Western

Exploration,

Inc.

*

350,000

305,372

Westward

Gold,

Inc.

*

2,000,000

110,910

2,209,468

Gold

Mining

50.00%

Abitibi

Metals

Corp.

*

300,000

92,055

Abitibi

Metals

Corp.

*

100,000

30,685

Adamera

Minerals

Corp.

*

1,047,000

114,187

Adamera

Minerals

Corp.,

144A

#*∆

11,954

1,304

Aero

Energy,

Ltd.

*

50,000

1,479

Agnico

Eagle

Mines,

Ltd.

2,500

201,400

Allegiant

Gold,

Ltd.

*

500,000

72,091

Alpha

Exploration,

Ltd.

*

500,000

312,396

Angus

Gold,

Inc.

*

350,000

142,334

Asante

Gold

Corp.

*

1,250,000

1,321,676

Atex

Resources,

Inc.

*

100,000

104,995

Awale

Resources,

Ltd.

*

925,000

297,516

Bellevue

Gold,

Ltd.

*

200,000

180,987

Black

Cat

Syndicate,

Ltd.

*

1,500,000

473,813

Black

Cat

Syndicate,

Ltd.

*

272,400

86,044

Black

Cat

Syndicate,

Ltd.

*

207,600

65,576

Carolina

Rush

Corp.

*

1,000,000

59,152

Cassiar

Gold

Corp.

*

448,000

74,531

Collective

Mining,

Ltd.

*

50,000

160,450

Compass

Gold

Corp.

*

2,000,000

136,789

Portfolio

of

Investments

(unaudited)

18

See

notes

to

portfolios

of

investments.

September

30,

2024

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Dryden

Gold

Corp.

*

1,000,000

$

110,910

Faraday

Copper

Corp.,

144A

#*∆

43,500

26,696

Freegold

Ventures,

Ltd.

*

300,000

266,184

G2

Goldfields,

Inc.

*

750,000

959,370

Gold

Bull

Resources

Corp.

*

100,000

27,727

Goldshore

Resources,

Inc.

*

1,900,000

519,797

Heliostar

Metals,

Ltd.

*

1,000,000

362,305

K92

Mining,

Inc.

*

460,000

2,676,772

Karus

Mining,

Inc.

#*@

37,500

61,000

Kesselrun

Resources,

Ltd.

*~

5,000,000

203,335

Kinross

Gold

Corp.

15,000

140,400

Lahontan

Gold

Corp.

*

97,000

4,124

Lion

One

Metals,

Ltd.

*

500,000

129,395

Loncor

Gold,

Inc.

*

2,575,000

780,620

Maple

Gold

Mines,

Ltd.

*

1,000,000

55,455

Mawson

Gold,

Ltd.

*

900,000

738,659

McFarlane

Lake

Mining,

Ltd.

*

2,500,000

46,212

Montage

Gold

Corp.

*

400,000

561,943

New

Gold,

Inc.

*

50,000

144,000

Newcore

Gold,

Ltd.

*

400,000

93,164

NV

Gold

Corp.

*

100,000

20,333

Omai

Gold

Mines

Corp.

*

4,000,000

517,579

Onyx

Gold

Corp.

*

200,000

29,576

Osisko

Gold

Royalties,

Ltd.

10,000

185,100

Probe

Gold,

Inc.

*

325,000

408,518

Radisson

Mining

Resources,

Inc.

*

9,375,000

2,010,241

Radius

Gold,

Inc.,

144A

#*∆

125,000

7,856

Ramelius

Resources,

Ltd.

300,000

451,737

Renegade

Gold,

Inc.

*

650,000

103,331

Roscan

Gold

Corp.

*

1,500,000

105,364

Royal

Road

Minerals,

Ltd.

*

1,500,000

133,092

Sanu

Gold

Corp.

*

1,585,000

87,896

Sanu

Gold

Corp.,

144A

#*∆

700,000

38,818

Scottie

Resources

Corp.

*

3,250,000

396,503

Seabridge

Gold,

Inc.

*

15,000

251,850

Silver

Tiger

Metals,

Inc.

*

1,000,000

199,638

Skeena

Resources,

Ltd.

*

20,000

169,914

Spartan

Resources,

Ltd./Australia

*

175,000

173,369

STLLR

Gold,

Inc.

*

92,000

83,670

Storm

Exploration,

Inc.

*

537,500

19,871

Strikepoint

Gold,

Inc.

*

2,750,000

50,834

Sunshine

Metals,

Ltd./Australia

*

12,000,000

112,704

Taurus

Gold,

Ltd.,

144A

#*@∆

2,448,381

0

Tolu

Minerals,

Ltd.

*

600,000

333,430

Tolu

Minerals,

Ltd.

*

317,000

176,162

Torex

Gold

Resources,

Inc.

*

7,500

143,129

TriStar

Gold,

Inc.

*~

28,800,000

4,258,938

Portfolio

of

Investments

(unaudited)

19

See

notes

to

portfolios

of

investments.

September

30,

2024

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Valkea

Resources

Corp.

*

181,000

$

53,533

Viva

Gold

Corp.

*

500,000

61,000

Westhaven

Gold

Corp.

*

1,000,000

107,213

22,528,727

Metal

-

Copper

0.47%

C3

Metals,

Inc.

*

115,384

29,860

Meridian

Mining

UK

Societas

*

600,000

179,674

209,534

Metal

-

Diversified

4.59%

Aurion

Resources,

Ltd.

*

400,000

180,413

Callinex

Mines,

Inc.

*

100,000

76,158

Cartier

Resources,

Inc.

*

750,000

49,909

De

Grey

Mining,

Ltd.

*

250,000

238,301

Ivanhoe

Mines,

Ltd.

*

60,000

892,602

Juno

Corp.,

144A

#*@∆

200,000

369,700

Orex

Minerals,

Inc.

*

700,000

93,164

Orsu

Metals

Corp.,

144A

#*@∆

186,922

0

RTG

Mining,

Inc.

*

3,000,000

88,579

Sirios

Resources,

Inc.

*

1,000,000

36,970

Sterling

Metals

Corp.

*

1,000,000

40,667

2,066,463

Mining

Services

0.56%

Cordoba

Minerals

Corp.

*

58,823

20,225

Orexplore

Technologies,

Ltd.

#*@

267,284

3,141

Summa

Silver

Corp.

*

750,000

227,365

250,731

Non-Ferrous

Metals

0.52%

InZinc

Mining,

Ltd.

*

2,000,000

25,879

Solitario

Resources

Corp.

*

300,000

210,000

235,879

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

134

Platinum

0.00%

New

Age

Metals,

Inc.,

144A

#*∆

35,880

2,255

Precious

Metals

16.31%

Amani

Gold,

Ltd.

#*@

54,500,000

13,188

Arizona

Metals

Corp.

*

750,000

881,733

Brixton

Metals

Corp.

*

3,000,000

188,547

Portfolio

of

Investments

(unaudited)

20

See

notes

to

portfolios

of

investments.

September

30,

2024

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Precious

Metals

(cont’d)

Canex

Metals,

Inc.

*

3,250,000

$

108,137

Capitan

Silver

Corp.

*

1,100,000

115,901

Coeur

Mining,

Inc.

*

125,000

860,000

Denarius

Metals

Corp.

*

150,000

74,310

Dolly

Varden

Silver

Corp.

*

1,750,000

1,410,403

First

Nordic

Metals

Corp.

*

4,000,000

1,094,310

GFG

Resources,

Inc.

*

5,000,000

480,609

Gold

Terra

Resource

Corp.

*

3,500,000

129,395

Gold79

Mines,

Ltd.

*

850,000

150,837

GR

Silver

Mining,

Ltd.

*

1,000,000

140,486

Hercules

Metals

Corp.

*

75,000

34,382

Olive

Resource

Capital,

Inc.

*

4,000,000

73,940

Paramount

Gold

Nevada

Corp.

*

170,000

68,646

Polarx,

Ltd.

*

30,000,000

204,045

Rua

Gold,

Inc.

*

1,500,000

177,456

Silver

Viper

Minerals

Corp.

*

3,000,000

116,455

Stillwater

Critical

Minerals

Corp.

*

1,000,000

85,031

Thesis

Gold,

Inc.

*

900,000

562,313

Unico

Silver,

Ltd.

*

500,000

73,685

Unico

Silver,

Ltd.

*

352,941

52,013

Visionary

Metals

Corp.

*

1,500,000

47,137

Vizsla

Royalties

Corp.

*

26,666

35,885

Xali

Gold

Corp.,

144A

#*∆

4,875,000

171,217

7,350,061

Real

Estate

Operating/Development

1.05%

Fremont

Gold,

Ltd.

*

400,000

34,012

Mammoth

Resources

Corp.

*~

5,500,000

61,000

Revival

Gold,

Inc.

*

1,798,818

379,063

474,075

Retail

-

Jewelry

0.47%

Mene,

Inc.

*

2,115,000

211,117

Silver

Mining

8.00%

Aya

Gold

&

Silver,

Inc.

*

70,000

910,939

Endeavour

Silver

Corp.

*

75,000

296,129

Kootenay

Silver,

Inc.

*

478,000

395,845

Metallic

Minerals

Corp.

*

1,000,000

147,880

Reyna

Silver

Corp.

*

360,000

29,280

Southern

Silver

Exploration

Corp.

*

1,000,000

244,002

Vizsla

Silver

Corp.

*

825,000

1,579,910

3,603,985

Total

Common

Stocks

41,933,697

(cost

$64,992,778)

Portfolio

of

Investments

(unaudited)

21

See

notes

to

portfolios

of

investments.

September

30,

2024

World

Precious

Minerals

Fund

Corporate

Non-Convertible

Bond

2.26%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Gold

Mining

2.26%

Aris

Gold

Corp.

7.50

08/26/27

$

715,473

$

1,019,549

(cost

$715,473)

Exchange

Traded

Fund

0.16%

Shares

ProShares

UltraShort

Gold

ETF

*

4,000

69,320

(cost

$107,899)

Warrants

1.02%

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%

Minaurum

Gold,

Inc.,

144A

#*@∆

0.34

05/02/26

250,000

0

Western

Exploration,

Inc.,

144A

#*@∆

2.15

12/31/49

50,000

0

0

Gold

Mining

0.18%

Cassiar

Gold

Corp.,

144A

#*@∆

0.70

05/04/25

125,000

0

Freegold

Ventures,

Ltd.,

144A

#*@∆

0.52

12/31/49

150,000

75,419

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

5,545

Silver

Viper

Minerals

Corp.,

144A

#*@∆

0.15

04/12/27

500,000

0

STLLR

Gold,

Inc.,

144A

#*@∆

2.19

12/31/27

21,000

0

80,964

Metal

-

Diversified

0.00%

Callinex

Mines,

Inc.,

144A

#*@∆

2.00

07/24/26

50,000

0

Sterling

Metals

Corp.,

144A

#*@∆

0.25

04/17/25

1,000,000

0

0

Mining

Services

0.66%

Aris

Mining

Corp.

*

2.75

07/29/25

645,000

295,686

Oil

Companies

-

Exploration

&

Production

0.06%

Goliath

Resources,

Ltd.,

144A

#*@∆

0.92

05/18/25

112,500

26,619

Precious

Metals

0.06%

Denarius

Metals

Corp.,

144A

#*@∆

0.60

03/02/26

75,000

3,882

GFG

Resources,

Inc.,

144A

#*@∆

0.18

03/20/26

373,077

0

GFG

Resources,

Inc.,

144A

#*@∆

0.18

04/16/27

250,000

0

Vizsla

Royalties

Corp.

*

0.05

12/31/25

26,666

25,040

28,922

Portfolio

of

Investments

(unaudited)

22

See

notes

to

portfolios

of

investments.

September

30,

2024

World

Precious

Minerals

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Real

Estate

Operating/Development

0.00%

Revival

Gold,

Inc.,

144A

#*@∆

$

0.45

05/02/27

50,000

$

0

TDG

Gold

Corp.,

144A

#*@∆

0.42

07/06/26

115,000

0

0

Silver

Mining

0.06%

Kootenay

Silver,

Inc.,

144A

#*@∆

1.68

04/25/26

64,000

0

Kootenay

Silver,

Inc.,

144A

#*@∆

1.40

05/24/26

1,250,000

0

Southern

Silver

Exploration

Corp.,

144A

#*@∆

0.35

08/14/25

875,000

0

Vizsla

Silver

Corp.,

144A

#*@∆

2.00

11/15/24

62,500

27,265

27,265

Total

Warrants

459,456

(cost

$116,557

)

Call

Options

Purchased

0.16%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Gold

Mining

0.16%

Barrick

Gold

Corp.

$

20.00

01/25

$

500,000

250

37,125

Newmont

Corp.

55.00

01/25

550,000

100

33,500

70,625

Total

Purchased

Call

Options

70,625

(premiums

paid

$89,029

)

Investments,

at

value

96.67%

43,552,647

(cost

$66,021,736

)

Other

assets

and

liabilities,

net

3.33%

1,502,292

Net

Assets

100.00%

$

45,054,939

Portfolio

of

Investments

(unaudited)

23

See

notes

to

portfolios

of

investments.

September

30,

2024

Gold

and

Precious

Metals

Fund

Common

Stocks

88.51%

Shares

Value

Distribution/Wholesale

0.56%

A-Mark

Precious

Metals,

Inc.

15,000

$

662,400

Diversified

Minerals

3.67%

Calibre

Mining

Corp.

*

980,000

1,891,235

Culico

Metals,

Inc.

*

180,000

13,309

Genesis

Minerals,

Ltd.

*

1,150,000

1,624,219

Leo

Lithium,

Ltd.

#*@

3,500,000

846,904

Lithium

Royalty

Corp.

*

679

2,987

4,378,654

Enterprise

Software/Services

0.21%

Abaxx

Technologies,

Inc.

*

30,000

251,765

Gold

Mining

54.34%

Agnico

Eagle

Mines,

Ltd.

20,000

1,611,200

Alamos

Gold,

Inc.

300,000

5,982,000

Alamos

Gold,

Inc.

18,500

368,646

Anglogold

Ashanti

PLC

100,000

2,663,000

Barrick

Gold

Corp.

58,200

1,157,598

Black

Cat

Syndicate,

Ltd.

*

3,400,000

1,073,975

Catalyst

Metals,

Ltd.

*

2,000,000

3,790,571

Centamin

PLC

425,000

833,008

Dundee

Precious

Metals,

Inc.

150,000

1,519,465

Eldorado

Gold

Corp.

*

100,000

1,737,000

Endeavour

Mining

PLC

60,000

1,425,857

Firefinch,

Ltd.

#*@

5,000,000

215,701

Franco-Nevada

Corp.

8,000

994,000

Harmony

Gold

Mining

Co.,

Ltd.,

ADR

200,000

2,034,000

IAMGOLD

Corp.

*

250,000

1,307,500

K92

Mining,

Inc.

*

1,500,000

8,728,604

Kinross

Gold

Corp.

200,000

1,872,000

Lundin

Gold,

Inc.

130,000

2,811,564

Mineros

SA

3,400,000

3,067,026

New

Gold,

Inc.

*

1,000,000

2,880,000

Newmont

Corp.

30,000

1,603,500

Osisko

Gold

Royalties,

Ltd.

120,000

2,222,633

Osisko

Gold

Royalties,

Ltd.

50,000

925,500

Pantoro,

Ltd.

*

11,000,000

868,086

Petropavlovsk

PLC

#*@+

4,886,855

0

Ramelius

Resources,

Ltd.

1,300,000

1,957,528

Resolute

Mining,

Ltd.

*

5,000,000

2,541,362

Royal

Gold,

Inc.

8,000

1,122,400

St

Barbara,

Ltd.

*

3,500,000

864,246

Torex

Gold

Resources,

Inc.

*

80,000

1,526,711

Wesdome

Gold

Mines,

Ltd.

*

150,000

1,407,446

Westgold

Resources,

Ltd.

2,000,000

3,673,177

64,785,304

Portfolio

of

Investments

(unaudited)

24

See

notes

to

portfolios

of

investments.

September

30,

2024

Gold

and

Precious

Metals

Fund

Common

Stocks (cont’d)

Shares

Value

Metal

-

Diversified

5.91%

Aclara

Resources,

Inc.

*

137,400

$

51,813

Ivanhoe

Mines,

Ltd.

*

150,000

2,231,506

Mandalay

Resources

Corp.

*

200,000

486,524

Vox

Royalty

Corp.

1,415,000

4,273,300

7,043,143

Mining

Services

2.07%

Capital,

Ltd.

575,000

633,455

Empress

Royalty

Corp.

*

2,000,000

591,519

Foraco

International

SA

*

300,000

479,131

Orexplore

Technologies,

Ltd.

#*@

1,007,351

11,839

Star

Royalties,

Ltd.

*

3,500,000

750,490

2,466,434

Precious

Metals

8.44%

Coeur

Mining,

Inc.

*

350,000

2,408,000

Elemental

Altus

Royalties

Corp.

*

250,000

221,820

EMX

Royalty

Corp.

*

1,000,000

1,781,951

Hecla

Mining

Co.

200,000

1,334,000

Luca

Mining

Corp.

*

3,000,000

1,009,279

Luca

Mining

Corp.,

144A

#*@∆

1,500,000

504,640

Pan

African

Resources

PLC

1,250,000

532,532

Pan

American

Silver

Corp.

50,000

1,043,500

Wheaton

Precious

Metals

Corp.

20,000

1,221,600

10,057,322

Real

Estate

Operating/Development

1.67%

Emerald

Resources

NL

*

750,000

1,986,831

Retail

-

Jewelry

0.56%

Mene,

Inc.

*

1,025,000

102,314

Mene,

Inc.,

144A

#*∆

5,714,285

570,394

672,708

Silver

Mining

11.08%

Andean

Precious

Metals

Corp.

*

2,000,000

1,937,225

Aya

Gold

&

Silver,

Inc.

*

650,000

8,458,723

Endeavour

Silver

Corp.

*

200,000

789,678

Santacruz

Silver

Mining,

Ltd.

*

3,000,000

743,096

Silver

Crown

Royalties,

Inc.

*

35,000

194,092

Silvercorp

Metals,

Inc.

250,000

1,092,500

13,215,314

Total

Common

Stocks

105,519,875

(cost

$71,815,696)

Portfolio

of

Investments

(unaudited)

25

See

notes

to

portfolios

of

investments.

September

30,

2024

Gold

and

Precious

Metals

Fund

Corporate

Non-Convertible

Bonds

3.32%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Coal

0.00%

Caribbean

Resources

Corp.

#@^

19.25

06/15/15

$

485,766

$

0

Gold

Mining

3.32%

Aris

Gold

Corp.

7.50

08/26/27

2,781,716

3,963,945

Total

Corporate

Non-Convertible

Bonds

3,963,945

(cost

$3,267,466)

Exchange

Traded

Fund

0.13%

Shares

ProShares

UltraShort

Gold

ETF

*

9,000

155,970

(cost

$242,772)

Warrants

0.64%

Exercise

Price

Exp.

Date

Mining

Services

0.62%

Aris

Mining

Corp.

*

$

2.75

07/29/25

1,605,000

735,776

Silver

Mining

0.02%

Silver

Crown

Royalties,

Inc.

#*

16.00

07/02/27

35,000

27,173

Total

Warrants

762,949

(cost

$65,284

)

Call

Options

Purchased

0.34%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Gold

Mining

0.34%

Barrick

Gold

Corp.

$

20.00

01/25

$

2,900,000

1,450

215,325

Newmont

Corp.

55.00

01/25

3,025,000

550

184,250

399,575

Total

Purchased

Call

Options

399,575

(premiums

paid

$503,530

)

Investments,

at

value

92.94%

110,802,314

(cost

$75,894,748

)

Other

assets

and

liabilities,

net

7.06%

8,412,192

Net

Assets

100.00%

$

119,214,506

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2024

26

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,

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

September

30,

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

September

30,

2024,

were

0.00%

of

Global

Luxury

Goods

Fund,

3.20%

of

Global

Resources

Fund,

1.30%

of

World

Precious

Minerals

Fund

and

1.32%

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,

2024

amounted

to

$38,818,

0.08%,

of

Global

Luxury

Goods

Fund,

$1,374,884,

3.29%,

of

Global

Resources

Fund,

$824,514,

1.83%,

of

World

Precious

Minerals

Fund

and

$1,075,034,

0.90%,

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

REIT

Real

Estate

Investment

Trust

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2024

27

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,

2024

28

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,

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

$

–‌

$

26,191,962‌

$

–‌

$

26,191,962‌

Investments,

at

Value

$

–‌

$

26,191,962‌

$

–‌

$

26,191,962‌

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

$

–‌

$

24,133,517‌

$

–‌

$

24,133,517‌

Investments,

at

Value

$

–‌

$

24,133,517‌

$

–‌

$

24,133,517‌

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Global

Luxury

Goods

Fund

Assets

Investments

in

Securities*

Common

Stocks

Apparel

Manufacturers

$

835,996‌

$

5,265,537‌

$

–‌

$

6,101,533‌

Athletic

Footwear

132,898‌

–‌

–‌

132,898‌

Automotive

-

Cars

&

Light

Trucks

6,915,427‌

2,230,207‌

–‌

9,145,634‌

Beverages

-

Wine/Spirits

1,015,299‌

151,292‌

–‌

1,166,591‌

Casino

Hotels

931,500‌

–‌

–‌

931,500‌

Cosmetics

&

Toiletries

2,958,828‌

–‌

–‌

2,958,828‌

Cruise

Lines

3,885,303‌

–‌

–‌

3,885,303‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2024

29

Global

Luxury

Goods

Fund

Assets

(continued)

Common

Stocks

(continued)

Diversified

Banking

Institution

$

1,470,477‌

$

–‌

$

–‌

$

1,470,477‌

E-Commerce/Products

1,486,913‌

–‌

–‌

1,486,913‌

Energy

-

Alternate

Sources

–‌

–‌

0‌

0‌

Fiduciary

Banks

846,282‌

–‌

–‌

846,282‌

Finance

-

Credit

Card

949,200‌

–‌

–‌

949,200‌

Finance

-

Mortgage

Loan/

Banker

–‌

–‌

0‌

0‌

Gold

Mining

2,167,000‌

909,064‌

–‌

3,076,064‌

Hotels

&

Motels

2,303,670‌

287,413‌

–‌

2,591,083‌

Investment

Management/

Advisory

Services

886,861‌

–‌

–‌

886,861‌

Oil

Companies

-

Exploration

&

Production

38,818‌

–‌

–‌

38,818‌

Precious

Metals

274,860‌

149,109‌

–‌

423,969‌

Private

Equity

1,168,691‌

–‌

–‌

1,168,691‌

Real

Estate

Operating/

Development

–‌

–‌

0‌

0‌

Retail

-

Apparel/Shoe

1,288,913‌

2,842,250‌

–‌

4,131,163‌

Retail

-

Jewelry

–‌

3,474,638‌

–‌

3,474,638‌

Textile

-

Apparel

3,023,198‌

–‌

–‌

3,023,198‌

Corporate

Non-Convertible

Bond

–‌

823,841‌

–‌

823,841‌

Call

Option

45,975‌

–‌

–‌

45,975‌

Investments,

at

Value

32,626,109‌

16,133,351‌

0‌

48,759,460‌

Total

Assets

$

32,626,109‌

$

16,133,351‌

$

0‌

$

48,759,460‌

Liabilities

Other

Financial

Instruments

†

Currency

Contract

–‌

(22,630‌)

–‌

(22,630‌)

Total

Liabilities

$

–‌

$

(22,630‌)

$

–‌

$

(22,630‌)

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

$

283,559‌

$

–‌

$

–‌

$

283,559‌

Agricultural

Chemicals

–‌

285,095‌

–‌

285,095‌

Agricultural

Operations

823,190‌

–‌

–‌

823,190‌

Building

Products

-

Wood

384,354‌

–‌

–‌

384,354‌

Chemicals

-

Diversified

428,610‌

–‌

–‌

428,610‌

Chemicals

-

Specialty

371,859‌

–‌

–‌

371,859‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2024

30

Global

Resources

Fund

Common

Stocks

(continued)

Coal

$

444,040‌

$

–‌

$

0‌

$

444,040‌

Containers

-

Paper/Plastic

221,925‌

–‌

–‌

221,925‌

Diamonds/Precious

Stones

238,512‌

–‌

–‌

238,512‌

Diversified

Minerals

710,276‌

80,604‌

171,444‌

962,324‌

Energy

-

Alternate

Sources

249,440‌

–‌

0‌

249,440‌

Enterprise

Software/

Services

2,517,653‌

332,730‌

–‌

2,850,383‌

Food

-

Miscellaneous/

Diversified

549,720‌

–‌

–‌

549,720‌

Gold

Mining

6,524,486‌

310,281‌

43,140‌

6,877,907‌

Industrial

Gases

953,720‌

–‌

–‌

953,720‌

Investment

Companies

–‌

183,389‌

–‌

183,389‌

Metal

-

Copper

704,217‌

–‌

–‌

704,217‌

Metal

-

Diversified

4,240,188‌

525,284‌

369,700‌

5,135,172‌

Metal

-

Iron

24,548‌

–‌

0‌

24,548‌

Mining

Services

97,861‌

–‌

–‌

97,861‌

Natural

Resource

Technology

–‌

–‌

145,017‌

145,017‌

Non-Ferrous

Metals

1,063,995‌

319,600‌

0‌

1,383,595‌

Oil

-

US

Royalty

Trusts

1,159,350‌

–‌

–‌

1,159,350‌

Oil

Companies

-

Exploration

&

Production

3,270,371‌

–‌

–‌

3,270,371‌

Oil

Companies

-

Field

Services

1,159,625‌

–‌

–‌

1,159,625‌

Oil

Companies

-

Integrated

2,064,850‌

–‌

–‌

2,064,850‌

Paper

&

Related

Products

600,950‌

–‌

–‌

600,950‌

Pipelines

1,348,800‌

–‌

–‌

1,348,800‌

Precious

Metals

898,348‌

–‌

–‌

898,348‌

Real

Estate

Operating/

Development

356,275‌

–‌

0‌

356,275‌

REITS

-

Diversified

338,600‌

–‌

–‌

338,600‌

Retail

-

Jewelry

74,864‌

–‌

–‌

74,864‌

Silver

Mining

905,024‌

–‌

–‌

905,024‌

Corporate

Convertible

Bond

–‌

–‌

534,780‌

534,780‌

Corporate

Non-Convertible

Bonds

–‌

1,508,339‌

–‌

1,508,339‌

Warrants

Diamonds/Precious

Stones

–‌

0‌

–‌

0‌

Diversified

Minerals

–‌

48,061‌

–‌

48,061‌

Gold

Mining

–‌

0‌

–‌

0‌

Investment

Companies

–‌

0‌

–‌

0‌

Metal

-

Copper

–‌

0‌

–‌

0‌

Metal

-

Diversified

–‌

0‌

–‌

0‌

Mining

Services

220,045‌

–‌

–‌

220,045‌

Non-Ferrous

Metals

–‌

0‌

–‌

0‌

Oil

Companies

-

Exploration

&

Production

–‌

33,273‌

–‌

33,273‌

Precious

Metals

6,260‌

–‌

–‌

6,260‌

Real

Estate

Operating/

Development

–‌

0‌

–‌

0‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2024

31

Global

Resources

Fund

Warrants

(continued)

Silver

Mining

$

–‌

$

27,265‌

$

–‌

$

27,265‌

Investments,

at

Value

33,235,515‌

3,653,921‌

1,264,081‌

38,153,517‌

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

$

2,355,725‌

$

–‌

$

–‌

$

2,355,725‌

Coal

–‌

–‌

0‌

0‌

Diamonds/Precious

Stones

435,543‌

–‌

–‌

435,543‌

Diversified

Minerals

1,941,977‌

267,491‌

0‌

2,209,468‌

Gold

Mining

18,814,970‌

3,652,757‌

61,000‌

22,528,727‌

Metal

-

Copper

209,534‌

–‌

–‌

209,534‌

Metal

-

Diversified

1,369,883‌

326,880‌

369,700‌

2,066,463‌

Mining

Services

20,225‌

227,365‌

3,141‌

250,731‌

Non-Ferrous

Metals

235,879‌

–‌

–‌

235,879‌

Oil

Companies

-

Exploration

&

Production

–‌

–‌

0‌

0‌

Optical

Recognition

Equipment

–‌

–‌

134‌

134‌

Platinum

2,255‌

–‌

–‌

2,255‌

Precious

Metals

7,007,130‌

329,743‌

13,188‌

7,350,061‌

Real

Estate

Operating/

Development

474,075‌

–‌

–‌

474,075‌

Retail

-

Jewelry

211,117‌

–‌

–‌

211,117‌

Silver

Mining

3,603,985‌

–‌

–‌

3,603,985‌

Corporate

Non-Convertible

Bond

–‌

1,019,549‌

–‌

1,019,549‌

Exchange

Traded

Fund

69,320‌

–‌

–‌

69,320‌

Warrants

Diamonds/Precious

Stones

–‌

0‌

–‌

0‌

Diversified

Minerals

–‌

0‌

–‌

0‌

Gold

Mining

–‌

80,964‌

–‌

80,964‌

Metal

-

Diversified

–‌

0‌

–‌

0‌

Mining

Services

295,686‌

–‌

–‌

295,686‌

Oil

Companies

-

Exploration

&

Production

–‌

26,619‌

–‌

26,619‌

Precious

Metals

25,040‌

3,882‌

–‌

28,922‌

Real

Estate

Operating/

Development

–‌

0‌

–‌

0‌

Silver

Mining

–‌

27,265‌

–‌

27,265‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2024

32

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

September

30,

2024:

World

Precious

Minerals

Fund

Warrants

(continued)

Purchased

Call

Options

$

33,500‌

$

37,125‌

$

–‌

$

70,625‌

Investments,

at

Value

37,105,844‌

5,999,640‌

447,163‌

43,552,647‌

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

Distribution/Wholesale

$

662,400‌

$

–‌

$

–‌

$

662,400‌

Diversified

Minerals

1,907,531‌

1,624,219‌

846,904‌

4,378,654‌

Enterprise

Software/

Services

251,765‌

–‌

–‌

251,765‌

Gold

Mining

48,967,650‌

15,601,953‌

215,701‌

64,785,304‌

Metal

-

Diversified

7,043,143‌

–‌

–‌

7,043,143‌

Mining

Services

1,821,140‌

633,455‌

11,839‌

2,466,434‌

Precious

Metals

9,524,790‌

532,532‌

–‌

10,057,322‌

Real

Estate

Operating/

Development

–‌

1,986,831‌

–‌

1,986,831‌

Retail

-

Jewelry

672,708‌

–‌

–‌

672,708‌

Silver

Mining

13,215,314‌

–‌

–‌

13,215,314‌

Corporate

Non-Convertible

Bonds

–‌

3,963,945‌

0‌

3,963,945‌

Exchange

Traded

Fund

155,970‌

–‌

–‌

155,970‌

Warrants

Mining

Services

735,776‌

–‌

–‌

735,776‌

Silver

Mining

–‌

27,173‌

–‌

27,173‌

Purchased

Call

Options

184,250‌

215,325‌

–‌

399,575‌

Investments,

at

Value

$

85,142,437‌

$

24,585,433‌

$

1,074,444‌

$

110,802,314‌

*

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

period

end.

Common

Stocks

Total

Global

Luxury

Goods

Fund

Beginning

Balance

12/31/23

$

0‌

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

—‌

—‌

Ending

Balance

09/30/24

$

0‌

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

09/30/24

(1)

$

—‌

$

—‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2024

33

(

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

12/31/23

$

732,376‌

$

509,860‌

$

1,242,236‌

Net

change

in

unrealized

appreciation

(depreciation)

(3,075‌)

24,920‌

21,845‌

Ending

Balance

09/30/24

$

729,301‌

$

534,780‌

$

1,264,081‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

09/30/24

(1)

$

(3,075‌)

$

24,920‌

$

21,845‌

Common

Stock

Total

World

Precious

Minerals

Fund

Beginning

Balance

12/31/23

$

404,295‌

$

404,295‌

Transfers

(234‌)

(234‌)

Net

change

in

unrealized

appreciation

(depreciation)

43,102‌

43,102‌

Ending

Balance

09/30/24

$

447,163‌

$

447,163‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

09/30/24

(1)

$

43,102‌

$

43,102‌

Common

Stocks

Corporate

Non-

Convertible

Bond

Total

Gold

and

Precious

Metals

Fund

Beginning

Balance

12/31/23

$

1,511,115‌

$

0‌

$

1,511,115‌

Transfers

11,839‌

—‌

11,839‌

Net

change

in

unrealized

appreciation

(depreciation)

(448,510‌)

—‌

(448,510‌)

Ending

Balance

09/30/24

$

1,074,444‌

$

0‌

$

1,074,444‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

09/30/24

(1)

$

(448,510‌)

$

—‌

$

(448,510‌)

(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

September

30,

2024.

Fair

Value

at

09/30/24

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

729,301

Market

Transaction

(1)

Discount

Corporate

Convertible

Bond

534,780

Market

Transaction

(1)

Discount

0%

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2024

34

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,

2024.

At

September

30,

2024,

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

09/30/24

Valuation

Technique(s)

Unobservable

Input

Range

(Weighted

Average)

World

Precious

Minerals

Fund

Investments

in

Securities

0%

-

100%

discount

(95%

discount)

Common

Stocks

447,163

Market

Transaction

(1)

Discount

Gold

and

Precious

Metals

Fund

Investments

in

Securities

0%

-

100%

discount

(6%

discount)

Common

Stocks

1,074,444

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,

2023

Additions

Reductions

September

30

,

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

September

30

,

2024

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Pacific

Green

Energy

Corp.

$

0‌

$

—‌

$

—‌

$

0‌

$

—‌

$

—‌

$

—‌

Notes

to

Portfolios

of

Investments

(

unaudited

)

September

30,

2024

35

At

September

30,

2024,

the

value

of

investments

in

affiliated

companies

was

$4,614,219,

representing

10.24%

of

net

assets,

and

the

total

cost

was

$5,670,311.

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,

2023

Additions

Reductions

September

30

,

202

4

First

Nordic

Metals

Corp.

(formerly

Barsele

Minerals

Corp.)

7,550,000‌

—‌

(7,550,000‌)

—‌

(a)

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.

-

w

arrants

5,390,000‌

—‌

(

5,390,000‌

)

—‌

Values

of

Affiliated

Companies

World

Precious

Minerals

Fund

December

31,

2023

Purchases

Cost

Sales

Proceeds

September

30,

2024

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

First

Nordic

Metals

Corp.

(formerly

Barsele

Minerals

Corp.)

$

769,216‌

$

—‌

$

(1,558,332‌)

$

—

(a)

$

—‌

$

–‌

$

789,116‌

Kesselrun

Resources,

Ltd.

169,805‌

—‌

—‌

203,335

—‌

–‌

33,530‌

Mammoth

Resources

Corp.

62,262‌

—‌

—‌

61,000

—‌

–‌

(1,262‌)

TriStar

Gold,

Inc.

1,956,153‌

—‌

—‌

4,

258

,

938

—‌

–‌

2,

302

,

785‌

Waraba

Gold,

Ltd.

371,307‌

—‌

—‌

90,946

—‌

–‌

(

280,361‌

)

$

3,328,743‌

$

—‌

$

(1,558,332‌)

$4,614,219

$

—‌

$

–‌

$

2,843,808‌

(a)

At

September

30,

2024,

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,

2024

36

As

of

September

30,

2024,

the

total

cost

of

restricted

securities

was

$426,625,

and

the

total

value

was

$0,

representing

0.00%

of

net

assets.

As

of

September

30,

2024,

the

total

cost

of

restricted

securities

was

$7,473,544,

and

the

total

value

was

$145,017,

representing

0.35%

of

net

assets.

As

of

September

30,

2024,

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,

2024,

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,

2024

Net

Unrealized

Depreciation

Global

Luxury

Goods

Fund

Brown

Brothers

Harriman

&

Co.

EUR

2,000,000‌

USD

2,205,200‌

10/15/2024

$

2,227,830‌

$

(22,630‌)