THE GOLD BULLION STRATEGY FUND | |||||||
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
March 31, 2024 | |||||||
Shares | Fair Value | ||||||
EXCHANGE-TRADED FUNDS — 9.8% | |||||||
COMMODITY - 0.9% | |||||||
3,903 | SPDR Gold Shares(a),(b) | $ 802,925 | |||||
FIXED INCOME - 8.9% | |||||||
80,000 | iShares 0-3 Month Treasury Bond ETF | 8,056,800 | |||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $8,781,401) | 8,859,725 | ||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | |||||
CORPORATE BONDS — 15.6% | |||||||
AUTOMOTIVE — 1.1% | |||||||
1,000,000 | Toyota Motor Credit Corporation | 0.5000 | 06/18/24 | 989,138 | |||
BANKING — 2.1% | |||||||
1,000,000 | Canadian Imperial Bank of Commerce | 3.1000 | 04/02/24 | 1,000,000 | |||
1,000,000 | PNC Financial Services Group, Inc.(f) | 3.9000 | 04/29/24 | 998,679 | |||
1,998,679 | |||||||
DIVERSIFIED INDUSTRIALS — 1.1% | |||||||
1,000,000 | General Electric Company | 3.4500 | 05/15/24 | 996,259 | |||
ELECTRIC UTILITIES — 1.1% | |||||||
1,000,000 | Enel Generacion Chile S.A.(f) | 4.2500 | 04/15/24 | 999,708 | |||
GAS & WATER UTILITIES — 1.1% | |||||||
1,000,000 | Thomson Reuters Corporation | 3.8500 | 09/29/24 | 988,570 | |||
INSTITUTIONAL FINANCIAL SERVICES — 1.4% | |||||||
1,000,000 | Bank of New York Mellon Corporation | 0.5000 | 04/26/24 | 996,477 | |||
264,000 | Brookfield Finance, Inc.(f) | 4.0000 | 04/01/24 | 264,000 | |||
1,260,477 | |||||||
MACHINERY — 1.1% | |||||||
1,000,000 | Parker-Hannifin Corporation | 2.7000 | 06/14/24 | 994,061 | |||
THE GOLD BULLION STRATEGY FUND | |||||||
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2024 | |||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | ||||
CORPORATE BONDS — 15.6% (Continued) | |||||||
MEDICAL EQUIPMENT & DEVICES — 1.1% | |||||||
1,000,000 | Becton Dickinson and Company | 3.3630 | 06/06/24 | $ 995,649 | |||
OIL & GAS SERVICES & EQUIPMENT — 1.1% | |||||||
1,000,000 | Schlumberger Holdings Corporation(c) | 3.7500 | 05/01/24 | 998,244 | |||
SPECIALTY FINANCE — 2.2% | |||||||
2,000,000 | Federal National Mortgage Association | 5.2500 | 02/17/26 | 1,999,957 | |||
TECHNOLOGY HARDWARE — 1.1% | |||||||
1,000,000 | Hewlett Packard Enterprise Company | 1.4500 | 04/01/24 | 1,000,000 | |||
TECHNOLOGY SERVICES — 1.1% | |||||||
1,000,000 | International Business Machines Corporation | 3.0000 | 05/15/24 | 996,581 | |||
TOTAL CORPORATE BONDS (Cost $14,277,299) | 14,217,323 | ||||||
U.S. GOVERNMENT & AGENCIES — 4.4% | |||||||
GOVERNMENT OWNED, NO GUARANTEE — 2.2% | |||||||
2,000,000 | Federal Home Loan Mortgage Corporation | 5.6250 | 03/13/26 | 1,995,909 | |||
GOVERNMENT SPONSORED — 2.2% | |||||||
2,000,000 | Federal Home Loan Banks | 5.3000 | 08/15/25 | 1,993,100 | |||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $4,000,000) | 3,989,009 | ||||||
CERTIFICATE OF DEPOSIT — 13.1% | |||||||
AUTOMOTIVE - 1.1% | |||||||
1,000,000 | BMW Bank of North America | 0.5500 | 07/30/24 | 983,905 | |||
BANKING - 12.0% | |||||||
1,000,000 | Bellco Credit Union | 5.1500 | 02/24/25 | 1,000,260 |
THE GOLD BULLION STRATEGY FUND | |||||||
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
March 31, 2024 | |||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | ||||
CERTIFICATE OF DEPOSIT — 13.1% (Continued) | |||||||
BANKING - 12.0% (Continued) | |||||||
1,000,000 | Burke & Herbert Bank & Trust Company | 4.6000 | 02/06/26 | $ 993,530 | |||
1,000,000 | Connexus Credit Union | 5.5000 | 06/28/24 | 999,858 | |||
1,000,000 | Greenstate Credit Union | 0.5000 | 07/19/24 | 985,224 | |||
1,000,000 | Oregon Community Credit Union | 5.4500 | 06/20/24 | 999,766 | |||
1,000,000 | State Bank of India, Series | 0.6000 | 08/30/24 | 980,249 | |||
1,000,000 | Synchrony Bank, Series | 0.6500 | 09/17/24 | 978,197 | |||
1,000,000 | Texas Exchange Bank SSB | 0.5000 | 07/09/24 | 986,440 | |||
1,000,000 | Toyota Financial Savings Bank | 0.5500 | 08/05/24 | 983,148 | |||
1,000,000 | UBS Bank USA | 0.5500 | 08/12/24 | 982,373 | |||
1,000,000 | Valley Strong Credit Union | 5.1000 | 02/10/25 | 999,672 | |||
10,888,717 | |||||||
TOTAL CERTIFICATE OF DEPOSIT (Cost $11,999,618) | 11,872,622 | ||||||
Shares | |||||||
SHORT-TERM INVESTMENTS — 21.4% | |||||||
MONEY MARKET FUNDS - 21.4% | |||||||
10,468,588 | Fidelity Government Portfolio, Class I, 5.21%(d) | 10,468,588 | |||||
8,914,259 | First American Government Obligations Fund, Class Z, 5.19%(b)(d) | 8,914,259 | |||||
TOTAL MONEY MARKET FUNDS (Cost $19,382,847) | 19,382,847 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $19,382,847) | 19,382,847 | ||||||
Units | |||||||
COLLATERAL FOR SECURITIES LOANED — 0.6% | |||||||
583,495 | Mount Vernon Liquid Assets Portfolio, LLC, 5.52%(d)(e) | 583,495 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $583,495) | |||||||
TOTAL INVESTMENTS - 64.9% (Cost $59,024,660) | $ 58,905,021 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 35.1% | 31,813,240 | ||||||
NET ASSETS - 100.0% | $ 90,718,261 | ||||||
OPEN FUTURES CONTRACTS | |||||||
Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount | Unrealized Appreciation | |||
403 | COMEX Gold 100 Troy Ounces Futures(b) | 06/26/2024 | $ 90,348,570 | $ 2,515,410 | |||
TOTAL FUTURES CONTRACTS | |||||||
ETF | - Exchange-Traded Fund |
S/A | - Société Anonyme |
SPDR | - Standard & Poor's Depositary Receipt |
(a) | Non-income producing security. |
(b) | All or a portion of this investment is a holding of the GBSF Fund Ltd. |
(c) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2024 the total market value of 144A securities is $998,244 or 1.1% of net assets. |
(d) | Rate disclosed is the seven-day effective yield as of March 31, 2024. |
(e) | Security purchased with cash proceeds of securities lending collateral. |
(f) | All or a portion of the security is on loan. Total loaned securities had a value of $572,043 at March 31, 2024. |