0001752724-24-125660.txt : 20240529
0001752724-24-125660.hdr.sgml : 20240529
20240529125105
ACCESSION NUMBER: 0001752724-24-125660
CONFORMED SUBMISSION TYPE: NPORT-P
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20240331
FILED AS OF DATE: 20240529
DATE AS OF CHANGE: 20240529
PERIOD START: 20241231
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: US GLOBAL INVESTORS FUNDS
CENTRAL INDEX KEY: 0000101507
ORGANIZATION NAME:
IRS NUMBER: 000000000
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: NPORT-P
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-01800
FILM NUMBER: 24996527
BUSINESS ADDRESS:
STREET 1: THREE CANAL PLAZA
STREET 2: SUITE 600
CITY: PORTLAND
STATE: ME
ZIP: 04101
BUSINESS PHONE: 2103081234
MAIL ADDRESS:
STREET 1: THREE CANAL PLAZA
STREET 2: SUITE 600
CITY: PORTLAND
STATE: ME
ZIP: 04101
FORMER COMPANY:
FORMER CONFORMED NAME: US GLOBAL INVESTORS INC/ TX
DATE OF NAME CHANGE: 19970224
FORMER COMPANY:
FORMER CONFORMED NAME: UNITED SERVICES FUNDS
DATE OF NAME CHANGE: 19920703
FORMER COMPANY:
FORMER CONFORMED NAME: UNITED SERVICES GOLD SHARES INC
DATE OF NAME CHANGE: 19841106
0000101507
S000023574
Global Luxury Goods Fund
C000069385
Global Luxury Goods Fund
USLUX
NPORT-P
1
primary_doc.xml
NPORT-P
false
0000101507
XXXXXXXX
S000023574
C000069385
U.S. GLOBAL INVESTORS FUNDS
811-01800
0000101507
254900I1ONHL0TVFXN37
THREE CANAL PLAZA, SUITE 600
PORTLAND
04101
207-347-2000
USGI GLOBAL LUXURY GOODS FUND
S000023574
254900P0NNQNKUTFN386
2024-12-31
2024-03-31
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0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
3920058.93000000
N
Amazon.com Inc
ZXTILKJKG63JELOEG630
Amazon.com, Inc.
023135106
5500.00000000
NS
USD
992090.00000000
1.946957132001
Long
EC
CORP
US
N
1
N
N
N
Apollo Global Management Inc
N/A
Apollo Global Management, Inc.
03769M106
13500.00000000
NS
USD
1518075.00000000
2.979192359729
Long
EC
CORP
US
N
1
N
N
N
Apple Inc
HWUPKR0MPOU8FGXBT394
Apple, Inc.
037833100
11400.00000000
NS
USD
1954872.00000000
3.836397889859
Long
EC
CORP
US
N
1
N
N
N
ARIS MINING CORP
N/A
Aris Gold Corp.
04041BAA6
668000.00000000
PA
USD
768200.00000000
1.507577406086
Long
DBT
CORP
CA
N
2
2027-08-26
Fixed
7.50000000
N
N
N
N
N
N
Carnival Corp
F1OF2ZSX47CR0BCWA982
Carnival Corp.
143658300
60200.00000000
NS
USD
983668.00000000
1.930429122480
Long
EC
CORP
PA
N
1
N
N
N
Infrastructure Ventures, Inc.
N/A
Infrastructure Ventures, Inc.
N/A
426533.00000000
NS
USD
0.00000000
0.000000
Long
EC
CORP
US
Y
3
N
N
N
Constellation Brands Inc
5493005GKEG8QCVY7037
Constellation Brands, Inc.
21036P108
6940.00000000
NS
USD
1886014.40000000
3.701266202802
Long
EC
CORP
US
N
1
N
N
N
Coty Inc
549300BO9IWPF3S48F93
Coty, Inc.
222070203
79000.00000000
NS
USD
944840.00000000
1.854229935389
Long
EC
CORP
US
N
1
N
N
N
Mercedes-Benz Group AG
529900R27DL06UVNT076
Mercedes-Benz Group AG
233825207
52000.00000000
NS
USD
1034280.00000000
2.029754178035
Long
EC
CORP
DE
N
1
N
N
N
Deckers Outdoor Corp
5493008LG4W3I6K8J118
Deckers Outdoor Corp.
243537107
980.00000000
NS
USD
922434.80000000
1.810260170616
Long
EC
CORP
US
N
1
N
N
N
Pacific Green Energy Corp.
6X064LF7Y6B4DKF2GZ26
Pacific Green Energy Corp.
N/A
100000.00000000
NS
USD
0.00000000
0.000000
Long
EC
CORP
US
N
3
N
N
N
Burberry Group PLC
213800PE1KEFCNFR1R50
Burberry Group PLC
N/A
18800.00000000
NS
287571.41000000
0.564353241802
Long
EC
CORP
GB
N
2
N
N
N
NG Energy International Corp.
N/A
NG Energy International Corp.
N/A
50000.00000000
NS
35067.00000000
0.068818298488
Long
EC
CORP
CA
Y
1
N
N
N
Fortuna Silver Mines Inc
5493003Q88RVK7CW4735
Fortuna Silver Mines, Inc.
349915108
20000.00000000
NS
USD
74600.00000000
0.146401034228
Long
EC
CORP
CA
N
1
N
N
N
Franco-Nevada Corp
N/A
Franco-Nevada Corp.
351858105
4600.00000000
NS
USD
548136.00000000
1.075706129995
Long
EC
CORP
CA
N
1
N
N
N
N/A
N/A
Tesla, Inc.
N/A
50.00000000
NC
USD
21100.00000000
0.041408335418
N/A
DE
CORP
US
N
1
The Options Clearing Corporation
549300CII6SLYGKNHA04
Call
Purchased
N/A
N/A
100.00000000
225.00000000
USD
2024-06-25
XXXX
-35751.34000000
N
N
N
Christian Dior SE
969500WESYQMQ1F2C272
Christian Dior SE
N/A
585.00000000
NS
491115.34000000
0.963804205110
Long
EC
CORP
FR
N
2
N
N
N
JPMorgan Chase & Co
8I5DZWZKVSZI1NUHU748
JPMorgan Chase & Co.
46625H100
6800.00000000
NS
USD
1362040.00000000
2.672976738070
Long
EC
CORP
US
N
1
N
N
N
Remy Cointreau SA
5493004V6A3Z027YT216
Remy Cointreau SA
N/A
5050.00000000
NS
509922.19000000
1.000712278711
Long
EC
CORP
FR
N
2
N
N
N
KKR & Co Inc
54930013V5I303TF9571
KKR & Co., Inc.
48251W104
12150.00000000
NS
USD
1222047.00000000
2.398243226210
Long
EC
CORP
US
N
1
N
N
N
Kering SA
549300VGEJKB7SVUZR78
Kering SA
492089107
9200.00000000
NS
USD
364504.00000000
0.715331938073
Long
EC
CORP
FR
N
1
N
N
N
LVMH Moet Hennessy Louis Vuitt
IOG4E947OATN0KJYSD45
LVMH Moet Hennessy Louis Vuitton SE
502441306
13286.00000000
NS
USD
2405164.58000000
4.720088230573
Long
EC
CORP
FR
N
1
N
N
N
Las Vegas Sands Corp
549300DUOO1KXOHPM605
Las Vegas Sands Corp.
517834107
18950.00000000
NS
USD
979715.00000000
1.922671437651
Long
EC
CORP
US
N
1
N
N
N
Estee Lauder Cos Inc/The
549300VFZ8XJ9NUPU221
The Estee Lauder Cos., Inc.
518439104
1000.00000000
NS
USD
154150.00000000
0.302516346196
Long
EC
CORP
US
N
1
N
N
N
Hermes International SCA
969500Y4IJGHJE2MTJ13
Hermes International SCA
N/A
1542.00000000
NS
3941013.85000000
7.734162245941
Long
EC
CORP
FR
N
2
N
N
N
Volkswagen AG
529900NNUPAGGOMPXZ31
Volkswagen AG
N/A
12150.00000000
NS
1856010.59000000
3.642384315204
Long
EC
CORP
DE
N
2
N
N
N
Lululemon Athletica Inc
549300D9GZ4BMLDW5T40
Lululemon Athletica, Inc.
550021109
3700.00000000
NS
USD
1445405.00000000
2.836578912579
Long
EC
CORP
US
N
1
N
N
N
Marriott International Inc/MD
225YDZ14ZO8E1TXUSU86
Marriott International, Inc.
571903202
3670.00000000
NS
USD
925977.70000000
1.817213042253
Long
EC
CORP
US
N
1
N
N
N
Bayerische Motoren Werke AG
YEH5ZCD6E441RHVHD759
Bayerische Motoren Werke AG
N/A
17300.00000000
NS
1996053.98000000
3.917216716448
Long
EC
CORP
DE
N
2
N
N
N
Accor SA
969500QZC2Q0TK11NV07
Accor SA
N/A
16200.00000000
NS
756320.38000000
1.484263885251
Long
EC
CORP
FR
N
2
N
N
N
New Gold Inc
5493005G0GNCHP0H6L96
New Gold, Inc.
644535106
35000.00000000
NS
USD
59500.00000000
0.116767580919
Long
EC
CORP
CA
N
1
N
N
N
Osisko Gold Royalties Ltd
549300TJZTXZMPQ6K004
Osisko Gold Royalties, Ltd.
68827L101
35000.00000000
NS
USD
574700.00000000
1.127837458054
Long
EC
CORP
CA
N
1
N
N
N
Porsche Automobil Holding SE
52990053Z17ZYM1KFV27
Porsche Automobil Holding SE
73328P106
87000.00000000
NS
USD
456750.00000000
0.896362900585
Long
EC
CORP
DE
N
1
N
N
N
Royal Gold Inc
5493001NGRU6SFL04184
Royal Gold, Inc.
780287108
3250.00000000
NS
USD
395882.50000000
0.776911627785
Long
EC
CORP
US
N
1
N
N
N
Toll Brothers Inc
529900JB6IS9MSZGVR44
Toll Brothers, Inc.
889478103
5550.00000000
NS
USD
718003.50000000
1.409067761117
Long
EC
CORP
US
N
1
N
N
N
Dundee Precious Metals Inc
549300LATVTU0EIUMD45
Dundee Precious Metals, Inc.
N/A
72000.00000000
NS
547488.10000000
1.074434638975
Long
EC
CORP
CA
N
1
N
N
N
Centerra Gold Inc
549300K0HXTMP5JJ0E62
Centerra Gold, Inc.
N/A
65000.00000000
NS
383891.33000000
0.753379192268
Long
EC
CORP
CA
N
1
N
N
N
Perseus Mining Ltd
54930054ZDGKBCW3SM26
Perseus Mining, Ltd.
N/A
100000.00000000
NS
140228.18000000
0.275195047988
Long
EC
CORP
AU
N
2
N
N
N
Silver Lake Resources Ltd
254900Z1BWS584OIKJ61
Silver Lake Resources, Ltd.
N/A
468000.00000000
NS
378404.34000000
0.742611082203
Long
EC
CORP
AU
N
2
N
N
N
Pandora A/S
5299007OWYZ6I1E46843
Pandora A/S
N/A
750.00000000
NS
121054.53000000
0.237567136595
Long
EC
CORP
DK
N
2
N
N
N
PRADA SpA
8156000FE0A2DC5B7852
PRADA SpA
N/A
22000.00000000
NS
174555.45000000
0.342561640886
Long
EC
CORP
IT
N
2
N
N
N
Brunello Cucinelli SpA
5493003CX2RZ0FOBH256
Brunello Cucinelli SpA
N/A
3950.00000000
NS
451436.47000000
0.885935202362
Long
EC
CORP
IT
N
2
N
N
N
Cie Financiere Richemont SA
549300YIPGJ6UX2QPS51
Cie Financiere Richemont SA
N/A
16980.00000000
NS
2585042.15000000
5.073094427388
Long
EC
CORP
CH
N
2
N
N
N
Torex Gold Resources Inc
549300QL07027186GQ85
Torex Gold Resources, Inc.
N/A
35000.00000000
NS
515226.46000000
1.011121804365
Long
EC
CORP
CA
N
1
N
N
N
Moncler SpA
815600EBD7FB00525B20
Moncler SpA
N/A
2000.00000000
NS
149241.47000000
0.292883452516
Long
EC
CORP
IT
N
2
N
N
N
Calibre Mining Corp
9845005U3E61362A1O58
Calibre Mining Corp.
N/A
50000.00000000
NS
61644.09000000
0.120975315416
Long
EC
CORP
CA
N
1
N
N
N
InterContinental Hotels Group
2138007ZFQYRUSLU3J98
InterContinental Hotels Group PLC
N/A
8800.00000000
NS
914424.47000000
1.794540055381
Long
EC
CORP
GB
N
2
N
N
N
Lendified Holdings Inc
N/A
Lendified Holdings, Inc.
N/A
1116560.00000000
NS
0.01000000
0.000000019624
Long
EC
CORP
CA
N
3
N
N
N
Industria de Diseno Textil SA
549300TTCXZOGZM2EY83
Industria de Diseno Textil SA
N/A
31000.00000000
NS
1561044.96000000
3.063520061937
Long
EC
CORP
ES
N
2
N
N
N
Westgold Resources Ltd
2549003AMX9BL7CKBQ74
Westgold Resources, Ltd.
N/A
230000.00000000
NS
393459.64000000
0.772156812640
Long
EC
CORP
AU
N
2
N
N
N
UBS Group AG
549300SZJ9VS8SGXAN81
UBS Group AG
H42097107
68000.00000000
NS
USD
2088960.00000000
4.099542955242
Long
EC
CORP
CH
N
1
N
N
N
On Holding AG
N/A
On Holding AG
H5919C104
4000.00000000
NS
USD
141520.00000000
0.277730219356
Long
EC
CORP
CH
N
1
N
N
N
Ferrari NV
549300RIVY5EX8RCON76
Ferrari NV
N3167Y103
5650.00000000
NS
USD
2463061.00000000
4.833708817250
Long
EC
CORP
NL
N
1
N
N
N
Royal Caribbean Cruises Ltd
K2NEH8QNVW44JIWK7Z55
Royal Caribbean Cruises, Ltd.
V7780T103
8900.00000000
NS
USD
1237189.00000000
2.427959103694
Long
EC
CORP
LR
N
1
N
N
N
2024-05-29
US Global Investors Funds
/s/ Karen Shaw
Karen Shaw
Treasurer
XXXX
NPORT-EX
2
05855.htm
Portfolio
of
Investments
(unaudited)
See
notes
to
portfolios
of
investments.
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)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
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)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
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)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
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)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
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)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
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)
See
notes
to
portfolios
of
investments
and
notes
to
financial
statements.
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)
See
notes
to
portfolios
of
investments.
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)
See
notes
to
portfolios
of
investments.
(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)
See
notes
to
portfolios
of
investments.
(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)
See
notes
to
portfolios
of
investments.
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)
See
notes
to
portfolios
of
investments.
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)
See
notes
to
portfolios
of
investments.
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)
See
notes
to
portfolios
of
investments.
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)
See
notes
to
portfolios
of
investments.
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)
See
notes
to
portfolios
of
investments.
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)
See
notes
to
portfolios
of
investments.
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)
See
notes
to
portfolios
of
investments.
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)
See
notes
to
portfolios
of
investments.
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)
See
notes
to
portfolios
of
investments.
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)
See
notes
to
portfolios
of
investments.
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)
See
notes
to
portfolios
of
investments.
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)
See
notes
to
portfolios
of
investments.
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)
See
notes
to
portfolios
of
investments.
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)
See
notes
to
portfolios
of
investments.
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)
See
notes
to
portfolios
of
investments.
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
)
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
)
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
)
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
)
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
)
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
)
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
)
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
)
(
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
)
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
)
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