Portfolio

of

Investments

(Unaudited)

1

See

notes

to

portfolios

of

investments.

March

31,

2025

U.S.

Government

Securities

Ultra-Short

Bond

Fund

United

States

Government

and

Agency

Obligations

90.31%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Federal

Farm

Credit

Bank

3.49%

Fixed

Rates:

2.35

12/05/25

$

1,000,000

$

987,643

Federal

Home

Loan

Bank

8.59%

Fixed

Rates:

2.63

09/12/25

1,000,000

992,867

1.11

10/28/26

1,500,000

1,433,797

2,426,664

Federal

Home

Loan

Mortgage

Corp.

10.60%

Fixed

Rates:

4.05

08/28/25

3,000,000

2,995,933

U.S.

Treasury

Bill

62.32%

◊

Yield

to

Maturity:

4.37

04/10/25

500,000

499,469

4.25

04/29/25

1,000,000

996,710

4.35

05/01/25

2,000,000

1,992,954

4.25

05/27/25

2,800,000

2,781,565

4.26

06/03/25

2,500,000

2,481,650

4.25

06/12/25

2,000,000

1,983,260

4.23

06/24/25

1,000,000

990,223

4.83

07/10/25

1,000,000

988,389

4.24

07/29/25

2,000,000

1,972,308

4.29

08/14/25

500,000

492,238

4.16

10/02/25

500,000

489,609

4.17

-

4.23

11/28/25

2,000,000

1,947,767

17,616,142

U.S.

Treasury

Note/Bond

5.31%

Fixed

Rates:

4.25

12/31/25

1,500,000

1,501,352

Investments,

at

value

90.31%

25,527,734

(cost

$25,498,350

)

Other

assets

and

liabilities,

net

9.69%

2,738,435

Net

Assets

100.00%

$

28,266,169

Portfolio

of

Investments

(Unaudited)

2

See

notes

to

portfolios

of

investments.

March

31,

2025

Near-Term

Tax

Free

Fund

Municipal

Bonds

82.98%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Arizona

1.68%

City

of

Mesa

AZ,

Arizona,

Refunding,

GO

Limited

4.00

07/01/25

$

400,000

$

401,248

Colorado

2.60%

City

of

Glendale

CO,

Colorado,

Refunding,

COP

AGM

5.00

12/01/25

265,000

268,442

Colorado

Health

Facilities

Authority,

Colorado,

Refunding,

RB

5.00

10/01/25

350,000

353,216

621,658

Connecticut

0.86%

State

of

Connecticut,

Connecticut,

Refunding,

GO

Unlimited

5.00

05/15/27

200,000

204,601

Delaware

0.53%

The

Delaware

Municipal

Electric

Corp.,

Delaware,

Refunding,

RB

5.00

07/01/25

125,000

125,645

District

of

Columbia

0.99%

District

of

Columbia,

District

of

Columbia,

Refunding,

GO

Unlimited

5.00

06/01/25

235,000

235,788

Georgia

3.34%

Barrow

County

School

District,

Georgia,

GO

Unlimited

2.13

02/01/26

500,000

494,640

Grady

County

School

District,

Georgia,

GO

Unlimited

5.00

10/01/25

300,000

303,130

797,770

Hawaii

0.75%

State

of

Hawaii,

Hawaii,

Refunding,

GO

Unlimited

5.00

10/01/27

175,000

180,510

Illinois

4.35%

State

of

Illinois,

Illinois,

GO

Unlimited

5.00

11/01/28

1,000,000

1,039,281

Indiana

1.35%

County

of

Warrick

IN

Redevelopment

District,

Indiana,

Refunding,

Tax

Allocation

Bond

4.00

08/01/25

170,000

170,517

Northwestern

School

Corp.,

Indiana,

GO

Limited

5.00

01/15/26

150,000

152,120

322,637

Portfolio

of

Investments

(Unaudited)

3

See

notes

to

portfolios

of

investments.

March

31,

2025

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Kansas

1.97%

City

of

Lawrence

KS,

Kansas,

GO

Unlimited

3.25

09/01/27

$

170,000

$

169,956

Sedgwick

County

Unified

School

District

No.

262

Valley

Center,

Kansas,

Refunding,

GO

Unlimited

4.00

09/01/25

300,000

300,175

470,131

Kentucky

1.68%

Campbellsville

Independent

School

District

Finance

Corp.,

Kentucky,

RB

4.00

08/01/25

165,000

165,441

Kentucky

Bond

Development

Corp.,

Kentucky,

Refunding,

RB

5.00

05/01/25

235,000

235,340

400,781

Massachusetts

3.27%

Massachusetts

Development

Finance

Agency,

Massachusetts,

Refunding,

RB

4.00

04/01/25

250,000

250,000

New

Bedford

Housing

Authority,

Massachusetts,

RB

2.45

10/01/27

550,000

532,532

782,532

Michigan

3.39%

Great

Lakes

Water

Authority

Water

Supply

System

Revenue,

Michigan,

Refunding,

RB

5.00

07/01/26

365,000

375,392

Wayne

State

University,

Michigan,

RB

5.00

11/15/27

430,000

435,326

810,718

Minnesota

7.05%

City

of

Woodbury

MN,

Minnesota,

GO

Unlimited

3.00

02/01/28

550,000

543,300

County

of

Chisago

MN,

Minnesota,

GO

Unlimited

2.00

02/01/27

1,175,000

1,141,223

1,684,523

Mississippi

0.52%

County

of

Madison

MS,

Mississippi,

GO

Unlimited

4.50

11/01/25

125,000

125,147

Missouri

0.84%

St

Louis

Land

Clearance

for

Redevelopment

Authority,

Missouri,

RB

4.00

07/15/25

200,000

200,580

New

Jersey

1.79%

Middlesex

County

Improvement

Authority,

New

Jersey,

RB

5.00

07/01/25

425,000

427,288

Portfolio

of

Investments

(Unaudited)

4

See

notes

to

portfolios

of

investments.

March

31,

2025

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

New

Mexico

4.82%

City

of

Rio

Rancho

NM,

New

Mexico,

GO

Unlimited

5.00

08/01/27

$

600,000

$

629,576

Los

Alamos

Public

School

District,

New

Mexico,

GO

Unlimited

5.00

08/01/25

520,000

523,586

1,153,162

New

York

2.82%

City

of

New

York

NY,

New

York,

Refunding,

GO

Unlimited

5.00

08/01/25

250,000

251,875

City

of

New

York

NY,

New

York,

Refunding,

GO

Unlimited

5.00

08/01/26

200,000

205,771

Port

Authority

of

New

York

&

New

Jersey,

New

York,

Refunding,

RB

5.00

10/01/25

215,000

216,922

674,568

North

Carolina

3.71%

City

of

Cherryville

NC,

North

Carolina,

GO

Unlimited

2.00

11/01/31

440,000

387,383

County

of

Pender

NC,

North

Carolina,

RB

5.00

04/01/25

500,000

500,000

887,383

Oregon

2.03%

City

of

Ashland

OR,

Oregon,

GO

Limited

2.38

10/01/26

200,000

196,521

City

of

Lincoln

City

OR,

Oregon,

Refunding,

GO

Unlimited

2.50

06/01/28

300,000

289,388

485,909

Pennsylvania

6.69%

Commonwealth

of

Pennsylvania,

Pennsylvania,

Refunding,

GO

Unlimited,

First

Series

5.00

08/15/25

310,000

312,548

Delaware

River

Port

Authority,

Pennsylvania,

Refunding,

RB

5.00

01/01/27

500,000

518,759

Williamsport

Sanitary

Authority,

Pennsylvania,

Refunding,

RB

BAM

5.00

01/01/27

740,000

767,120

1,598,427

South

Carolina

1.40%

City

of

Tega

Cay

SC,

South

Carolina,

Refunding,

GO

Unlimited

2.25

04/01/25

335,000

335,000

Tennessee

0.68%

Paris

Utility

Authority

Electric

System

Revenue,

Tennessee,

RB

5.00

06/01/28

155,000

163,884

Portfolio

of

Investments

(Unaudited)

5

See

notes

to

portfolios

of

investments.

March

31,

2025

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Texas

17.12%

Board

of

Regents

of

the

University

of

Texas

System,

Texas,

RB

5.00

08/15/26

$

1,000,000

$

1,030,909

City

of

Dallas

TX

Waterworks

&

Sewer

System

Revenue,

Texas,

Refunding,

RB

5.00

10/01/26

750,000

774,622

City

of

Denton

TX,

Texas,

GO

Limited

4.00

02/15/26

265,000

267,977

City

of

Denton

TX,

Texas,

Refunding,

GO

Limited

5.00

02/15/27

400,000

416,163

Lower

Colorado

River

Authority,

Texas,

Refunding,

RB

5.00

05/15/27

195,000

195,463

Texas

Department

of

Transportation

State

Highway

Fund,

Texas,

RB

5.00

10/01/26

695,000

718,439

Westwood

Independent

School

District,

Texas,

GO

Unlimited

PSF-GTD

5.00

02/15/27

665,000

689,895

4,093,468

Virginia

0.94%

Virginia

Commonwealth

Transportation

Board,

Virginia,

RB

5.00

05/15/25

225,000

225,601

Washington

1.73%

King

County

Fire

Protection

District

No.

45,

Washington,

GO

Unlimited

4.00

12/01/25

260,000

261,590

King

County

Housing

Authority,

Washington,

Refunding,

RB

4.00

06/01/27

150,000

151,558

413,148

Wisconsin

4.08%

Elmbrook

School

District,

Wisconsin,

Refunding,

GO

Unlimited

2.75

04/01/28

1,000,000

976,327

Total

Municipal

Bonds

19,837,715

(cost

$19,929,410)

Exchange

Traded

Funds

8.61%

Shares

iShares

Short-Term

National

Muni

Bond

ETF

10,000

1,056,000

JPMorgan

Ultra-Short

Municipal

Income

ETF

19,700

1,001,745

Total

Exchange

Traded

Funds

2,057,745

(cost

$2,055,471)

Investments,

at

value

91.59%

21,895,460

(cost

$21,984,881

)

Other

assets

and

liabilities,

net

8.41%

2,011,236

Net

Assets

100.00%

$

23,906,696

Portfolio

of

Investments

(Unaudited)

6

See

notes

to

portfolios

of

investments.

March

31,

2025

Global

Luxury

Goods

Fund

Common

Stocks

93.94%

Shares

Value

Apparel

Manufacturers

10.65%

Christian

Dior

SE

585

$

335,579

Hermes

International

SCA

1,458

3,836,172

Kering

SA,

ADR

29,200

605,316

PRADA

SpA

22,000

153,057

VF

Corp.

11,000

170,720

5,100,844

Athletic

Footwear

3.94%

adidas

AG,

ADR

14,000

1,651,580

On

Holding

AG,

Class A

*

5,350

234,972

1,886,552

Automotive

-

Cars

&

Light

Trucks

18.17%

Ferrari

NV

6,485

2,774,802

Mercedes-Benz

Group

AG,

ADR

140,000

2,048,200

Rivian

Automotive,

Inc.,

Class A

*

8,700

108,315

Tesla,

Inc.

*

7,440

1,928,150

Volkswagen

AG

17,660

1,844,866

8,704,333

Beverages

-

Wine/Spirits

1.45%

Constellation

Brands,

Inc.,

Class A

1,800

330,336

Pernod

Ricard

SA

1,000

98,793

Remy

Cointreau

SA

5,700

266,390

695,519

Building

-

Residential/Commercial

0.96%

Toll

Brothers,

Inc.

4,350

459,317

Casino

Hotels

1.00%

Galaxy

Entertainment

Group,

Ltd.

*

100,000

390,799

MGM

Resorts

International

*

3,000

88,920

479,719

Computers

2.57%

Apple,

Inc.

5,550

1,232,821

Cosmetics

&

Toiletries

4.26%

L'Oreal

SA,

ADR

17,700

1,316,172

The

Estee

Lauder

Cos.,

Inc.

11,000

726,000

2,042,172

Cruise

Lines

7.35%

Carnival

Corp.

*

73,500

1,435,455

Norwegian

Cruise

Line

Holdings,

Ltd.

*

24,000

455,040

Royal

Caribbean

Cruises,

Ltd.

5,855

1,202,851

Viking

Holdings,

Ltd.

*

10,800

429,300

3,522,646

Portfolio

of

Investments

(Unaudited)

7

See

notes

to

portfolios

of

investments.

March

31,

2025

Global

Luxury

Goods

Fund

Common

Stocks (cont’d)

Shares

Value

Diversified

Banking

Institution

6.04%

JPMorgan

Chase

&

Co.

5,500

$

1,349,150

The

Goldman

Sachs

Group,

Inc.

2,825

1,543,269

2,892,419

E-Commerce/Products

1.49%

Amazon.com,

Inc.

*

3,750

713,475

Energy

-

Alternate

Sources

0.00%

Pacific

Green

Energy

Corp.

#*@

100,000

0

Fiduciary

Banks

2.46%

Northern

Trust

Corp.

11,950

1,178,867

Finance

-

Credit

Card

2.98%

American

Express

Co.

5,305

1,427,310

Finance

-

Mortgage

Loan/Banker

0.00%

Lendified

Holdings,

Inc.

#*@

1,116,560

0

Gold

Mining

8.42%

Allied

Gold

Corp.

*

51,000

173,656

Catalyst

Metals,

Ltd.

*

116,000

422,923

Centerra

Gold,

Inc.

78,900

501,015

Franco-Nevada

Corp.

3,180

501,041

OceanaGold

Corp.

138,000

460,304

Osisko

Gold

Royalties,

Ltd.

25,700

542,784

Ramelius

Resources,

Ltd.

260,000

389,691

Regis

Resources,

Ltd.

*

173,000

427,888

Resolute

Mining,

Ltd.

*

342,000

99,925

Royal

Gold,

Inc.

3,150

515,056

4,034,283

Hotels

&

Motels

4.44%

Hilton

Worldwide

Holdings,

Inc.

5,150

1,171,883

HUGO

BOSS

AG

12,276

466,710

Hyatt

Hotels

Corp.,

Class A

4,000

490,000

2,128,593

Oil

Companies

-

Exploration

&

Production

0.07%

NG

Energy

International

Corp.,

144A

#*∆

50,000

33,008

Precious

Metals

0.70%

Wheaton

Precious

Metals

Corp.

4,300

333,809

Private

Equity

1.55%

The

Carlyle

Group,

Inc.

17,000

741,030

Portfolio

of

Investments

(Unaudited)

8

See

notes

to

portfolios

of

investments.

March

31,

2025

Global

Luxury

Goods

Fund

Common

Stocks (cont’d)

Shares

Value

Real

Estate

Operating/Development

0.00%

Infrastructure

Ventures,

Inc.

#*@+

426,533

$

0

Resorts/Theme

Parks

0.22%

Vail

Resorts,

Inc.

650

104,013

Retail

-

Apparel/Shoe

6.23%

Brunello

Cucinelli

SpA

4,350

499,738

Industria

de

Diseno

Textil

SA

25,700

1,279,651

Moncler

SpA

7,500

461,978

Zalando

SE

*

21,400

742,266

2,983,633

Retail

-

Jewelry

4.03%

Cie

Financiere

Richemont

SA

10,530

1,838,179

Pandora

A/S

600

91,957

1,930,136

Silver

Mining

0.97%

Aya

Gold

&

Silver,

Inc.

*

25,000

193,183

Silvercorp

Metals,

Inc.

70,000

270,900

464,083

Textile

-

Apparel

3.99%

LVMH

Moet

Hennessy

Louis

Vuitton

SE,

ADR

15,441

1,912,677

Total

Common

Stocks

45,001,259

(cost

$44,451,321)

Corporate

Non-Convertible

Bond

1.71%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

1.71%

Aris

Gold

Corp.

7.50

08/26/27

$

485,273

820,111

(cost

$485,220)

Investments,

at

value

95.65%

45,821,370

(cost

$44,936,541

)

Other

assets

and

liabilities,

net

4.35%

2,084,890

Net

Assets

100.00%

$

47,906,260

Portfolio

of

Investments

(Unaudited)

9

See

notes

to

portfolios

of

investments.

March

31,

2025

Global

Resources

Fund

Common

Stocks

81.99%

Shares

Value

Advanced

Materials/Production

0.41%

Nano

One

Materials

Corp.

*

325,000

$

149,057

Agricultural

Biotech

1.04%

Corteva,

Inc.

6,000

377,580

Agricultural

Chemicals

2.39%

Nutrien,

Ltd.

17,500

869,225

Building

Products

-

Wood

0.40%

Boise

Cascade

Co.

1,500

147,135

Chemicals

-

Specialty

0.20%

Albemarle

Corp.

1,000

72,020

Coal

1.90%

Alliance

Resource

Partners

LP

14,000

381,920

Caribbean

Resources

Corp.

#*@

2,148,176

0

Teck

Resources,

Ltd.,

Class B

8,500

309,655

691,575

Diamonds/Precious

Stones

0.43%

Barksdale

Resources

Corp.

*

1,955,000

156,231

Diversified

Minerals

3.54%

Arianne

Phosphate,

Inc.

*

600,000

64,626

BHP

Group,

Ltd.,

ADR

3,500

169,890

Core

Assets

Corp.,

144A

#*∆

600,000

16,678

E3

Lithium,

Ltd.

*

100,000

52,118

IberAmerican

Lithium

Corp.

*

1,000,000

13,898

Legacy

Lithium

Corp.

#*@

20,000

3,185

Leo

Lithium,

Ltd.

#*@

700,000

89,666

Lithium

Royalty

Corp.

*

821

2,858

NGEX

Minerals,

Ltd.

*

20,000

181,370

NGX,

Ltd.

*

90

8

Nio

Strategic

Metals,

Inc.

*

3,325,000

103,975

Nio

Strategic

Metals,

Inc.,

144A

#*∆

362,069

11,322

Nuclear

Fuels,

Inc.

*

500,000

79,914

Sigma

Lithium

Corp.

*

10,000

104,000

Standard

Lithium,

Ltd.

*

75,000

95,250

Volt

Lithium

Corp.

*

975,000

210,034

Wolfden

Resources

Corp.

*

1,825,000

88,774

1,287,566

Energy

-

Alternate

Sources

0.00%

Pacific

Green

Energy

Corp.

#*@~

2,400,000

0

Portfolio

of

Investments

(Unaudited)

10

See

notes

to

portfolios

of

investments.

March

31,

2025

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Enterprise

Software/Services

6.34%

Abaxx

Technologies,

Inc.

*

300,000

$

2,028,422

Base

Carbon,

Inc.

*

1,000,000

277,961

2,306,383

Finance

-

Other

Services

0.67%

CME

Group,

Inc.

461

122,299

TMX

Group,

Ltd.

3,300

120,483

242,782

Gold

Mining

18.08%

Atex

Resources,

Inc.

*

85,000

131,128

Black

Cat

Syndicate,

Ltd.

*

800,000

486,497

Collective

Mining,

Ltd.

*

70,000

610,472

EnviroGold

Global,

Ltd.,

144A

#*∆

75,000

5,994

Firefinch,

Ltd.

#*@

1,000,000

42,052

Franco-Nevada

Corp.

2,500

393,900

K92

Mining,

Inc.

*

115,000

991,731

Larvotto

Resources,

Ltd.

*

200,000

120,157

Montage

Gold

Corp.

*

600,000

1,359,230

New

Gold,

Inc.

*

50,000

185,500

Osisko

Gold

Royalties,

Ltd.

20,000

422,400

Perpetua

Resources

Corp.

*

30,000

320,700

Royal

Road

Minerals,

Ltd.

*

5,500,000

439,526

Seabridge

Gold,

Inc.

*

20,000

233,400

Seasif

Exploration,

Inc.

*

2,000,000

31,271

Torex

Gold

Resources,

Inc.

*

29,000

803,065

6,577,023

Industrial

Gases

1.02%

Linde

PLC

800

372,512

Investment

Companies

0.38%

Contango

Holdings

PLC

*

10,502,248

139,136

Metal

-

Aluminum

0.42%

Alcoa

Corp.

5,000

152,500

Metal

-

Copper

3.46%

Arizona

Sonoran

Copper

Co.,

Inc.

*

200,000

314,096

Hudbay

Minerals,

Inc.

95,000

721,050

Kutcho

Copper

Corp.

*

1,223,500

114,779

Meridian

Mining

UK

Societas

*

250,000

109,447

1,259,372

Portfolio

of

Investments

(Unaudited)

11

See

notes

to

portfolios

of

investments.

March

31,

2025

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Metal

-

Diversified

5.53%

Electra

Battery

Materials

Corp.,

144A

#*∆

13,889

$

14,960

Glencore

PLC

20,000

73,203

GoviEx

Uranium,

Inc.,

144A

#*∆

58,000

2,620

Ivanhoe

Electric,

Inc./US

*

40,000

232,400

Ivanhoe

Mines,

Ltd.

*

25,000

212,293

Juno

Corp.,

144A

#*@∆

200,000

347,451

Magna

Mining,

Inc.

*

250,000

271,012

Orsu

Metals

Corp.,

144A

#*@∆

14,761

0

Sovereign

Metals,

Ltd.

*

600,000

280,821

Torq

Resources,

Inc.

*

900,000

37,525

Vox

Royalty

Corp.

185,000

540,200

2,012,485

Metal

-

Iron

0.00%

Consolidated

Growth

Holdings,

Ltd.

#*@

19,859,173

0

Mining

Services

0.35%

Cordoba

Minerals

Corp.

*

58,823

22,891

Defense

Metals

Corp.

*

1,000,000

104,235

127,126

Natural

Resource

Technology

0.40%

I-Pulse,

Inc.,

144A

#*@+∆

15,971

145,017

Non-Ferrous

Metals

1.92%

Atha

Energy

Corp.

*

150,000

48,469

Cameco

Corp.

2,500

102,900

CanAlaska

Uranium,

Ltd.

*

90,000

58,163

Denison

Mines

Corp.

*

50,000

65,000

Encore

Energy

Corp.

*

100,000

142,455

InZinc

Mining,

Ltd.

*

2,000,000

38,220

Lotus

Resources,

Ltd.

*

800,000

88,673

NexGen

Energy,

Ltd.

*

25,000

112,250

Peninsula

Energy,

Ltd.

*

95,000

42,500

Sterling

Group

Ventures,

Inc.,

144A

#*@∆

500,000

0

698,630

Oil

-

US

Royalty

Trusts

1.67%

PrairieSky

Royalty,

Ltd.

15,000

270,491

Viper

Energy,

Inc.

7,500

338,625

609,116

Oil

Companies

-

Exploration

&

Production

8.19%

Antero

Resources

Corp.

*

7,500

303,300

ConocoPhillips

5,962

626,129

Devon

Energy

Corp.

10,000

374,000

EOG

Resources,

Inc.

2,500

320,600

Portfolio

of

Investments

(Unaudited)

12

See

notes

to

portfolios

of

investments.

March

31,

2025

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Oil

Companies

-

Exploration

&

Production

(cont’d)

LNG

Energy

Group

Corp.

*

1,100,000

$

49,686

New

Stratus

Energy,

Inc.

*

500,000

93,812

NG

Energy

International

Corp.

*

900,000

594,142

NG

Energy

International

Corp.,

144A

#*∆

200,000

132,031

Permian

Resources

Corp.

15,000

207,750

Range

Resources

Corp.

7,000

279,510

2,980,960

Oil

Companies

-

Field

Services

1.58%

Baker

Hughes

Co.

3,500

153,825

Halliburton

Co.

3,000

76,110

Schlumberger

NV

4,500

188,100

Select

Water

Solutions,

Inc.,

Class A

15,000

157,500

575,535

Oil

Companies

-

Integrated

6.13%

BP

PLC,

ADR

10,000

337,900

Exxon

Mobil

Corp.

7,000

832,510

Imperial

Oil,

Ltd.

6,000

433,920

Shell

PLC,

ADR

5,000

366,400

TotalEnergies

SE,

ADR

4,000

258,760

2,229,490

Paper

&

Related

Products

1.10%

International

Paper

Co.

7,500

400,125

Pipelines

3.18%

Cheniere

Energy,

Inc.

5,000

1,157,000

Platinum

0.17%

Impala

Platinum

Holdings,

Ltd.,

ADR

*

8,840

60,996

Pollution

Control

0.56%

BluMetric

Environmental,

Inc.

*

250,000

203,259

Precious

Metals

2.99%

Arizona

Metals

Corp.

*

75,000

73,486

Brixton

Metals

Corp.

*

2,000,000

90,337

Coeur

Mining,

Inc.

*

111,000

657,120

Vizsla

Royalties

Corp.

*

191,715

266,447

1,087,390

Real

Estate

Operating/Development

1.10%

Infrastructure

Ventures,

Inc.

#*@+

7,443,544

0

Revival

Gold,

Inc.

*

1,600,000

400,264

400,264

Portfolio

of

Investments

(Unaudited)

13

See

notes

to

portfolios

of

investments.

March

31,

2025

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

REITS

-

Diversified

1.04%

Weyerhaeuser

Co.

REIT

13,000

$

380,640

Retail

-

Jewelry

0.20%

Mene,

Inc.

*

750,000

72,965

Silver

Mining

3.61%

Aya

Gold

&

Silver,

Inc.

*

10,000

77,273

Blackrock

Silver

Corp.

*

750,000

179,806

Endeavour

Silver

Corp.

*

80,000

341,337

Vizsla

Silver

Corp.

*

312,500

714,446

1,312,862

Steel

-

Producers

1.59%

Nucor

Corp.

1,500

180,510

Steel

Dynamics,

Inc.

1,500

187,620

United

States

Steel

Corp.

5,000

211,300

579,430

Total

Common

Stocks

29,833,387

(cost

$76,291,357)

Corporate

Convertible

Bond

1.42%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Investment

Companies

1.42%

Contango

Holdings

PLC,

144A

#@∆

0.00

06/30/25

$

400,000

516,700

(cost

$508,120)

Corporate

Non-Convertible

Bonds

4.24%

Gold

Mining

2.76%

Aris

Gold

Corp.

7.50

08/26/27

594,482

1,004,675

Oil

Companies

-

Exploration

&

Production

1.48%

NG

Energy

International

Corp.

#

8.00

05/20/27

750,000

536,812

Total

Corporate

Non-Convertible

Bonds

1,541,487

(cost

$1,181,605)

Exchange

Traded

Fund

0.20%

Shares

T-Rex

2X

Inverse

MSTR

Daily

Target

ETF

*

5,100

71,553

(cost

$100,921)

Portfolio

of

Investments

(Unaudited)

14

See

notes

to

portfolios

of

investments.

March

31,

2025

Global

Resources

Fund

Warrants

0.55%

Exercise

Price

Exp.

Date

Shares

Value

Diamonds/Precious

Stones

0.00%

Barksdale

Resources

Corp.,

144A

#*@∆

$

0.60

01/09/27

177,500

$

0

Diversified

Minerals

0.00%

IberAmerican

Lithium

Corp.,

144A

#*@∆

0.40

09/01/26

500,000

1,737

Lithium

Ion

Energy,

Ltd.,

144A

#*@∆

0.70

04/12/25

225,000

0

Volt

Lithium

Corp.,

144A

#*@∆

0.33

08/04/25

500,000

0

Volt

Lithium

Corp.,

144A

#*@∆

0.44

11/19/26

250,000

0

1,737

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

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

0.54%

Aris

Mining

Corp.

*

2.75

07/29/25

480,000

196,796

Oil

Companies

-

Exploration

&

Production

0.01%

LNG

Energy

Group,

144A

#*@∆

0.60

05/05/26

1,000,000

0

NG

Energy

International

Corp.

#*

1.40

05/20/27

300,000

2,085

2,085

Real

Estate

Operating/Development

0.00%

Revival

Gold,

Inc.,

144A

#*@∆

0.72

05/16/26

250,000

0

Revival

Gold,

Inc.,

144A

#*@∆

0.45

05/30/27

137,500

0

0

Silver

Mining

0.00%

Blackrock

Silver

Corp.,

144A

#*@∆

0.50

01/30/27

375,000

0

Total

Warrants

200,618

(cost

$21,535

)

Investments,

at

value

88.40%

32,163,745

(cost

$78,103,538

)

Other

assets

and

liabilities,

net

11.60%

4,219,993

Net

Assets

100.00%

$

36,383,738

Portfolio

of

Investments

(Unaudited)

15

See

notes

to

portfolios

of

investments.

March

31,

2025

World

Precious

Minerals

Fund

Common

Stocks

91.66%

Shares

Value

Advanced

Materials/Production

2.74%

Nano

One

Materials

Corp.

*

2,700,000

$

1,238,317

Coal

0.00%

Caribbean

Resources

Corp.

#*@

505,453

0

Diamonds/Precious

Stones

0.63%

Barksdale

Resources

Corp.

*

3,570,000

285,292

Diversified

Minerals

6.73%

Ascot

Resources,

Ltd.,

144A

#*∆

6,412

490

AuMega

Metals,

Ltd.

*

1,500,000

46,906

Erdene

Resource

Development

Corp.

*

400,000

211,250

Founders

Metals,

Inc.

*

350,000

1,408,221

Gossan

Resources,

Ltd.

*

1,250,000

21,716

Highlander

Silver

Corp.

*

10,000

13,620

Kenorland

Minerals,

Ltd.

*

200,000

182,065

Kootenay

Resources,

Inc.

*

40,000

1,876

Max

Resource

Corp.

*

2,000,000

62,541

Meeka

Metals,

Ltd.

*

2,000,000

195,507

Miata

Metals

Corp.

*

350,000

286,995

Minaurum

Gold,

Inc.

*

1,250,000

147,667

Summit

Gold,

Ltd.

#*@

10,000

0

Waraba

Gold,

Ltd.

*~

2,155,000

14,975

Waraba

Gold,

Ltd.,

144A

#*~∆

6,045,000

42,007

Western

Exploration,

Inc.

*

350,000

199,437

Westward

Gold,

Inc.

*

3,000,000

198,047

3,033,320

Food-Meat

Products

0.10%

African

Gold,

Ltd.

*

750,000

45,452

Gold

Mining

57.34%

Adamera

Minerals

Corp.

*

1,047,000

61,843

Adamera

Minerals

Corp.,

144A

#*∆

11,954

706

Agnico

Eagle

Mines,

Ltd.

2,500

271,025

Allegiant

Gold,

Ltd.

*

500,000

46,906

Alpha

Exploration,

Ltd.

*

500,000

243,216

Angus

Gold,

Inc.

*

350,000

116,744

Asante

Gold

Corp.

*

347,000

286,946

Atex

Resources,

Inc.

*

100,000

154,268

Awale

Resources,

Ltd.

*

925,000

311,751

Belo

Sun

Mining

Corp.

*

250,000

31,271

Black

Cat

Syndicate,

Ltd.

*

2,500,000

1,520,304

Borealis

Mining

Co.,

Ltd.

*

93,000

39,422

Carolina

Rush

Corp.

*

1,000,000

48,643

Collective

Mining,

Ltd.

*

50,000

436,052

Compass

Gold

Corp.

*

2,000,000

253,640

Portfolio

of

Investments

(Unaudited)

16

See

notes

to

portfolios

of

investments.

March

31,

2025

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Dryden

Gold

Corp.

*

1,000,000

$

76,439

Faraday

Copper

Corp.,

144A

#*∆

43,500

25,392

Freegold

Ventures,

Ltd.

*

200,000

120,913

G2

Goldfields,

Inc.

*

940,000

2,103,332

Goldshore

Resources,

Inc.

*

2,000,000

451,687

Hayasa

Metals,

Inc.

*

400,000

20,152

Heliostar

Metals,

Ltd.

*

950,000

679,962

K92

Mining,

Inc.

*

429,400

3,703,036

Karus

Mining,

Inc.

#*@

37,500

13,102

Kesselrun

Resources,

Ltd.

*~

5,000,000

112,922

Kinross

Gold

Corp.

15,000

189,150

Lahontan

Gold

Corp.

*

3,000,000

104,235

Larvotto

Resources,

Ltd.

*

500,000

300,393

Loncor

Gold,

Inc.

*

2,000,000

861,680

Maple

Gold

Mines,

Ltd.

*

1,000,000

38,220

McFarlane

Lake

Mining,

Ltd.

*

2,500,000

86,863

Medallion

Metals,

Ltd.

*

1,000,000

159,308

Montage

Gold

Corp.

*

400,000

906,153

Newcore

Gold,

Ltd.

*

400,000

155,658

NV

Gold

Corp.

*

100,000

13,203

Omai

Gold

Mines

Corp.

*

4,750,000

1,452,347

Orosur

Mining,

Inc.

*

1,250,000

191,098

Osisko

Development

Corp.

*

100,000

148,709

Osisko

Gold

Royalties,

Ltd.

20,000

422,400

Probe

Gold,

Inc.

*

325,000

440,395

Provenance

Gold

Corp.

*

192,500

24,078

Radisson

Mining

Resources,

Inc.

*

8,000,000

1,778,951

Radius

Gold,

Inc.,

144A

#*∆

125,000

12,595

Renegade

Gold,

Inc.

*

650,000

63,236

Roscan

Gold

Corp.

*

1,500,000

62,541

Royal

Road

Minerals,

Ltd.

*

1,500,000

119,871

Sanu

Gold

Corp.

*

2,000,000

444,738

Sanu

Gold

Corp.,

144A

#*∆

700,000

155,658

Scottie

Resources

Corp.

*

541,666

353,821

Seabridge

Gold,

Inc.

*

20,000

233,400

Southern

Cross

Gold

Consolidated,

Ltd.

*

157,756

487,832

Spartan

Resources,

Ltd./Australia

*

175,000

208,358

Spartan

Resources,

Ltd./Australia

*

87,500

104,179

STLLR

Gold,

Inc.

*

92,000

68,406

Storm

Exploration,

Inc.

*

537,500

13,073

Sua

Holdings

Limited

#*@

500,000

730

Taurus

Gold,

Ltd.,

144A

#*@∆

2,448,381

0

Tolu

Minerals,

Ltd.

*

2,042,000

1,162,828

Torex

Gold

Resources,

Inc.

*

10,000

276,919

TriStar

Gold,

Inc.

*~

30,100,000

3,451,235

Valkea

Resources

Corp.

*

400,000

95,202

Viva

Gold

Corp.

*

500,000

46,906

Portfolio

of

Investments

(Unaudited)

17

See

notes

to

portfolios

of

investments.

March

31,

2025

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

Westhaven

Gold

Corp.

*

1,000,000

$

93,812

25,857,855

Metal

-

Copper

0.41%

C3

Metals,

Inc.

*

115,384

52,117

Meridian

Mining

UK

Societas

*

300,000

131,337

183,454

Metal

-

Diversified

2.70%

Aurion

Resources,

Ltd.

*

400,000

197,352

Callinex

Mines,

Inc.

*

100,000

63,931

Cartier

Resources,

Inc.

*

750,000

59,935

Ivanhoe

Mines,

Ltd.

*

10,000

84,917

Juno

Corp.,

144A

#*@∆

200,000

347,452

Orex

Minerals,

Inc.

*

700,000

76,613

Orsu

Metals

Corp.,

144A

#*@∆

186,922

0

RTG

Mining,

Inc.

*

3,000,000

48,365

Sterling

Metals

Corp.

*

100,000

21,542

Troilus

Gold

Corp.

*

1,000,000

316,181

1,216,288

Mining

Services

0.05%

Cordoba

Minerals

Corp.

*

58,823

22,891

Orexplore

Technologies,

Ltd.

#*@

267,284

0

22,891

Non-Ferrous

Metals

0.48%

InZinc

Mining,

Ltd.

*

2,000,000

38,220

Solitario

Resources

Corp.

*

300,000

180,000

218,220

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

84

Platinum

0.01%

New

Age

Metals,

Inc.,

144A

#*∆

35,880

3,491

Precious

Metals

11.72%

Arizona

Metals

Corp.

*

300,000

293,944

Brixton

Metals

Corp.

*

2,500,000

112,922

Canex

Metals,

Inc.

*

3,250,000

124,214

Capitan

Silver

Corp.

*

1,000,000

305,757

Coeur

Mining,

Inc.

*

20,000

118,400

Dolly

Varden

Silver

Corp.

*

1,600,000

1,156,318

First

Nordic

Metals

Corp.

*

3,500,000

1,155,276

Portfolio

of

Investments

(Unaudited)

18

See

notes

to

portfolios

of

investments.

March

31,

2025

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Precious

Metals

(cont’d)

GFG

Resources,

Inc.

*

4,000,000

$

555,922

Gold

Terra

Resource

Corp.

*

3,500,000

158,090

GR

Silver

Mining,

Ltd.

*

1,000,000

107,710

Olive

Resource

Capital,

Inc.

*

4,000,000

76,439

Paramount

Gold

Nevada

Corp.

*

170,000

62,900

Rua

Gold,

Inc.

*

250,000

105,973

Silver

Viper

Minerals

Corp.

*

300,000

63,584

Stillwater

Critical

Minerals

Corp.

*

500,000

60,804

Visionary

Metals

Corp.

*

1,500,000

57,330

Vizsla

Royalties

Corp.

*

229,115

318,425

West

Point

Gold

Corp.

*

950,000

300,372

Xali

Gold

Corp.,

144A

#*∆

4,875,000

152,444

5,286,824

Real

Estate

Operating/Development

1.11%

Mammoth

Resources

Corp.

*~

5,500,000

76,439

Revival

Gold,

Inc.

*

1,700,000

425,281

501,720

Retail

-

Jewelry

0.46%

Mene,

Inc.

*

2,115,000

205,761

Silver

Mining

7.18%

Aya

Gold

&

Silver,

Inc.

*

70,000

540,912

Endeavour

Silver

Corp.

*

52,500

224,002

Kootenay

Silver,

Inc.

*

400,000

266,843

Metallic

Minerals

Corp.

*

750,000

122,477

Southern

Silver

Exploration

Corp.

*

750,000

112,053

Vizsla

Silver

Corp.

*

862,500

1,971,874

3,238,161

Total

Common

Stocks

41,337,130

(cost

$54,698,857)

Corporate

Non-Convertible

Bond

2.25%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

2.25%

Aris

Gold

Corp.

7.50

08/26/27

$

600,552

1,014,933

(cost

$600,552)

Exchange

Traded

Fund

0.17%

Shares

T-Rex

2X

Inverse

MSTR

Daily

Target

ETF

*

5,500

77,165

(cost

$108,844)

Portfolio

of

Investments

(Unaudited)

19

See

notes

to

portfolios

of

investments.

March

31,

2025

World

Precious

Minerals

Fund

Warrants

0.88%

Exercise

Price

Exp.

Date

Shares

Value

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

0.16%

Cassiar

Gold

Corp.,

144A

#*@∆

0.70

05/04/25

125,000

0

Dryden

Gold

Corp.,

144A

#*@∆

0.18

10/02/26

500,000

0

Freegold

Ventures,

Ltd.,

144A

#*@∆

0.52

12/31/49

150,000

36,482

McFarlane

Lake

Mining,

Ltd.,

144A

#*@∆

0.07

05/01/25

2,500,000

0

Newcore

Gold,

Ltd.,

144A

#*@∆

0.40

09/26/25

200,000

22,237

Orosur

Mining,

Inc.,

144A

#*@∆

0.45

03/27/27

375,000

0

Radisson

Mining

Resources,

Inc.,

144A

#*@∆

0.27

11/17/25

375,000

13,030

Silver

Viper

Minerals

Corp.,

144A

#*@∆

1.50

04/12/27

500,000

0

STLLR

Gold,

Inc.,

144A

#*@∆

2.19

12/31/27

21,000

0

Westhaven

Gold

Corp.,

144A

#*@∆

0.22

10/17/26

350,000

0

71,749

Metal

-

Diversified

0.00%

Callinex

Mines,

Inc.,

144A

#*@∆

2.00

07/24/26

50,000

0

Sterling

Metals

Corp.,

144A

#*@∆

2.50

04/17/25

1,000,000

0

0

Mining

Services

0.59%

Aris

Mining

Corp.

*

2.75

07/29/25

645,000

264,445

Oil

Companies

-

Exploration

&

Production

0.12%

Goliath

Resources,

Ltd.,

144A

#*@∆

0.92

05/18/25

112,500

56,287

Precious

Metals

0.00%

Denarius

Metals

Corp.,

144A

#*@∆

0.60

03/02/26

75,000

0

Real

Estate

Operating/Development

0.01%

Revival

Gold,

Inc.,

144A

#*@∆

0.45

05/30/27

50,000

0

TDG

Gold

Corp.,

144A

#*@∆

0.42

07/06/26

115,000

3,596

3,596

Portfolio

of

Investments

(Unaudited)

20

See

notes

to

portfolios

of

investments.

March

31,

2025

World

Precious

Minerals

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Silver

Mining

0.00%

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

0

Total

Warrants

396,077

(cost

$116,557

)

Call

Options

Purchased

0.43%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Gold

Mining

0.43%

Barrick

Gold

Corp.

$

18.00

01/27

$

405,000

225

97,875

Newmont

Corp.

45.00

01/27

382,500

85

94,350

192,225

Total

Purchased

Call

Options

192,225

(premiums

paid

$175,855

)

Investments,

at

value

95.39%

43,017,530

(cost

$55,700,665

)

Other

assets

and

liabilities,

net

4.61%

2,080,523

Net

Assets

100.00%

$

45,098,053

Portfolio

of

Investments

(Unaudited)

21

See

notes

to

portfolios

of

investments.

March

31,

2025

Gold

and

Precious

Metals

Fund

Common

Stocks

88.80%

Shares

Value

Diversified

Minerals

2.35%

Calibre

Mining

Corp.

*

1,225,000

$

2,724,020

Culico

Metals,

Inc.

*

180,000

15,635

Leo

Lithium,

Ltd.

#*@

3,500,000

448,330

Lithium

Royalty

Corp.

*

679

2,364

3,190,349

Enterprise

Software/Services

0.15%

Abaxx

Technologies,

Inc.

*

30,000

202,842

Gold

Mining

62.81%

Agnico

Eagle

Mines,

Ltd.

30,000

3,252,300

Alamos

Gold,

Inc.

260,000

6,952,400

Anglogold

Ashanti

PLC

60,000

2,227,200

B2Gold

Corp.

425,000

1,211,250

Black

Cat

Syndicate,

Ltd.

*

4,294,104

2,611,337

Borealis

Mining

Co.,

Ltd.

*

900,000

381,502

Catalyst

Metals,

Ltd.

*

1,500,000

5,468,837

Dundee

Precious

Metals,

Inc.

140,000

1,856,225

Endeavour

Mining

PLC

60,000

1,441,784

Evolution

Mining,

Ltd.

500,000

2,237,194

Firefinch,

Ltd.

#*@

5,000,000

210,262

Franco-Nevada

Corp.

13,000

2,048,280

Genesis

Minerals,

Ltd.

*

1,000,000

2,348,568

Gold

Fields,

Ltd.,

ADR

65,000

1,435,850

Harmony

Gold

Mining

Co.,

Ltd.,

ADR

150,000

2,215,500

IAMGOLD

Corp.

*

200,000

1,250,000

K92

Mining,

Inc.

*

1,500,000

12,935,617

Kaiser

Reef,

Ltd.

*

1,589,902

163,415

Kinross

Gold

Corp.

200,000

2,522,000

Lundin

Gold,

Inc.

50,000

1,548,244

Mineros

SA

3,400,000

5,434,141

New

Gold,

Inc.

*

500,000

1,855,000

OceanaGold

Corp.

327,000

1,090,719

Osisko

Gold

Royalties,

Ltd.

150,000

3,168,000

Osisko

Gold

Royalties,

Ltd.

120,000

2,532,504

Pantoro,

Ltd.

*

11,000,000

1,171,253

Petropavlovsk

PLC

#*@+

4,886,855

0

Ramelius

Resources,

Ltd.

1,200,000

1,798,576

Resolute

Mining,

Ltd.

*

5,000,000

1,460,890

Royal

Gold,

Inc.

8,000

1,308,080

Sandstorm

Gold,

Ltd.

250,000

1,887,500

St

Barbara,

Ltd.

*

3,831,691

602,401

St

Barbara,

Ltd.

*

668,309

105,068

Torex

Gold

Resources,

Inc.

*

180,000

4,984,538

Westgold

Resources,

Ltd.

2,000,000

3,624,139

85,340,574

Portfolio

of

Investments

(Unaudited)

22

See

notes

to

portfolios

of

investments.

March

31,

2025

Gold

and

Precious

Metals

Fund

Common

Stocks (cont’d)

Shares

Value

Metal

-

Diversified

3.94%

Aclara

Resources,

Inc.

*

137,400

$

50,604

Ivanhoe

Mines,

Ltd.

*

50,000

424,586

Mandalay

Resources

Corp.

*

200,000

739,377

Vox

Royalty

Corp.

1,415,000

4,131,800

5,346,367

Mining

Services

0.89%

Empress

Royalty

Corp.

*

2,000,000

625,413

Orexplore

Technologies,

Ltd.

#*@

1,007,351

0

Star

Royalties,

Ltd.

*

3,500,000

583,718

1,209,131

Platinum

1.27%

Impala

Platinum

Holdings,

Ltd.,

ADR

*

250,000

1,725,000

Precious

Metals

8.47%

Americas

Gold

&

Silver

Corp.

*

400,000

214,030

Coeur

Mining,

Inc.

*

350,000

2,072,000

EMX

Royalty

Corp.

*

1,000,000

2,043,014

Hecla

Mining

Co.

500,000

2,780,000

Luca

Mining

Corp.

*

2,500,000

2,162,885

Pan

African

Resources

PLC

1,250,000

686,520

Wheaton

Precious

Metals

Corp.

20,000

1,552,600

11,511,049

Real

Estate

Operating/Development

0.34%

Emerald

Resources

NL

*

200,000

468,445

Retail

-

Jewelry

0.48%

Mene,

Inc.

*

1,025,000

99,719

Mene,

Inc.,

144A

#*∆

5,714,285

555,922

655,641

Silver

Mining

8.10%

Andean

Precious

Metals

Corp.

*

1,000,000

1,118,794

Aya

Gold

&

Silver,

Inc.

*

650,000

5,022,758

Endeavour

Silver

Corp.

*

320,000

1,365,345

MAG

Silver

Corp.

*

75,000

1,146,000

Santacruz

Silver

Mining,

Ltd.

*

3,000,000

1,125,743

Silver

Crown

Royalties,

Inc.

*

60,000

256,002

Silvercorp

Metals,

Inc.

250,000

967,500

11,002,142

Total

Common

Stocks

120,651,540

(cost

$75,663,523)

Portfolio

of

Investments

(Unaudited)

23

See

notes

to

portfolios

of

investments.

March

31,

2025

Gold

and

Precious

Metals

Fund

Corporate

Non-Convertible

Bonds

2.90%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Coal

0.00%

Caribbean

Resources

Corp.

#@^

19.25

06/15/15

$

485,766

$

0

Gold

Mining

2.90%

Aris

Gold

Corp.

7.50

08/26/27

2,334,912

3,946,001

Total

Corporate

Non-Convertible

Bonds

3,946,001

(cost

$2,820,664)

Exchange

Traded

Fund

0.26%

Shares

T-Rex

2X

Inverse

MSTR

Daily

Target

ETF

*

25,000

350,750

(cost

$494,791)

Warrants

0.74%

Exercise

Price

Exp.

Date

Gold

Mining

0.00%

Borealis

Mining

Co.,

144A

#*@∆

$

0.78

02/25/27

450,000

0

Mining

Services

0.48%

Aris

Mining

Corp.

*

2.75

07/29/25

1,605,000

658,038

Precious

Metals

0.25%

Luca

Mining

Corp.,

144A

#*@∆

0.60

03/26/26

750,000

338,765

Silver

Mining

0.01%

Silver

Crown

Royalties,

Inc.

#*

16.00

06/28/27

60,000

10,424

Total

Warrants

1,007,227

(cost

$67,744

)

Call

Options

Purchased

0.42%

Strike

Price

Exp.

Date

Notional

Contract

Value

Contracts

Value

Gold

Mining

0.42%

Barrick

Gold

Corp.

$

18.00

01/27

$

1,197,000

665

289,275

Newmont

Corp.

45.00

01/27

1,125,000

250

277,500

566,775

Total

Purchased

Call

Options

566,775

(premiums

paid

$518,649

)

Investments,

at

value

93.12%

126,522,293

(cost

$79,565,371

)

Other

assets

and

liabilities,

net

6.88%

9,348,867

Net

Assets

100.00%

$

135,871,160

Notes

to

Portfolios

of

Investments

March

31,

2025

24

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,

2025.

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,

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

◊

Zero

coupon

bond.

Interest

rate

presented

is

yield

to

maturity.

*

Non-income

producing

security.

@

Security

was

fair

valued

at

March

31,

2025,

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,

2025,

were

0.00%

of

Global

Luxury

Goods

Fund,

3.15%

of

Global

Resources

Fund,

1.09%

of

World

Precious

Minerals

Fund

and

0.73%

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,

2025

amounted

to

$33,008,

0.07%,

of

Global

Luxury

Goods

Fund,

$1,194,510,

3.28%,

of

Global

Resources

Fund,

$871,951,

1.93%,

of

World

Precious

Minerals

Fund

and

$894,687,

0.66%,

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

GO

General

Obligation

LP

Limited

Partnership

PLC

Public

Limited

Company

PSF-GTD

Public

School

Fund

Guarantee

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

Notes

to

Portfolios

of

Investments

March

31,

2025

25

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

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,

2025,

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

$

–‌

$

25,527,734‌

$

–‌

$

25,527,734‌

Investments,

at

Value

$

–‌

$

25,527,734‌

$

–‌

$

25,527,734‌

Notes

to

Portfolios

of

Investments

March

31,

2025

26

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

$

–‌

$

19,837,715‌

$

–‌

$

19,837,715‌

Exchange

Traded

Funds

2,057,745‌

–‌

–‌

2,057,745‌

Investments,

at

Value

$

2,057,745‌

$

19,837,715‌

$

–‌

$

21,895,460‌

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

$

776,036‌

$

4,324,808‌

$

–‌

$

5,100,844‌

Athletic

Footwear

1,886,552‌

–‌

–‌

1,886,552‌

Automotive

-

Cars

&

Light

Trucks

6,859,467‌

1,844,866‌

–‌

8,704,333‌

Beverages

-

Wine/Spirits

330,336‌

365,183‌

–‌

695,519‌

Building

-

Residential/

Commercial

459,317‌

–‌

–‌

459,317‌

Casino

Hotels

88,920‌

390,799‌

–‌

479,719‌

Computers

1,232,821‌

–‌

–‌

1,232,821‌

Cosmetics

&

Toiletries

2,042,172‌

–‌

–‌

2,042,172‌

Cruise

Lines

3,522,646‌

–‌

–‌

3,522,646‌

Diversified

Banking

Institution

2,892,419‌

–‌

–‌

2,892,419‌

E-Commerce/Products

713,475‌

–‌

–‌

713,475‌

Energy

-

Alternate

Sources

–‌

–‌

0‌

0‌

Fiduciary

Banks

1,178,867‌

–‌

–‌

1,178,867‌

Finance

-

Credit

Card

1,427,310‌

–‌

–‌

1,427,310‌

Finance

-

Mortgage

Loan/

Banker

–‌

–‌

0‌

0‌

Gold

Mining

2,693,856‌

1,340,427‌

–‌

4,034,283‌

Hotels

&

Motels

1,661,883‌

466,710‌

–‌

2,128,593‌

Oil

Companies

-

Exploration

&

Production

33,008‌

–‌

–‌

33,008‌

Precious

Metals

333,809‌

–‌

–‌

333,809‌

Private

Equity

741,030‌

–‌

–‌

741,030‌

Real

Estate

Operating/

Development

–‌

–‌

0‌

0‌

Resorts/Theme

Parks

104,013‌

–‌

–‌

104,013‌

Retail

-

Apparel/Shoe

–‌

2,983,633‌

–‌

2,983,633‌

Retail

-

Jewelry

–‌

1,930,136‌

–‌

1,930,136‌

Silver

Mining

464,083‌

–‌

–‌

464,083‌

Notes

to

Portfolios

of

Investments

March

31,

2025

27

Global

Luxury

Goods

Fund

Common

Stocks

(continued)

Textile

-

Apparel

$

1,912,677‌

$

–‌

$

–‌

$

1,912,677‌

Corporate

Non-Convertible

Bond

–‌

820,111‌

–‌

820,111‌

Investments,

at

Value

31,354,697‌

14,466,673‌

0‌

45,821,370‌

Other

Financial

Instruments

†

Currency

Contract

–‌

4,684‌

–‌

4,684‌

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

Assets

Investments

in

Securities*

Common

Stocks

Advanced

Materials/

Production

$

149,057‌

$

–‌

$

–‌

$

149,057‌

Agricultural

Biotech

377,580‌

–‌

–‌

377,580‌

Agricultural

Chemicals

869,225‌

–‌

–‌

869,225‌

Building

Products

-

Wood

147,135‌

–‌

–‌

147,135‌

Chemicals

-

Specialty

72,020‌

–‌

–‌

72,020‌

Coal

691,575‌

–‌

0‌

691,575‌

Diamonds/Precious

Stones

156,231‌

–‌

–‌

156,231‌

Diversified

Minerals

1,164,131‌

30,584‌

92,851‌

1,287,566‌

Energy

-

Alternate

Sources

–‌

–‌

0‌

0‌

Enterprise

Software/

Services

2,028,422‌

277,961‌

–‌

2,306,383‌

Finance

-

Other

Services

242,782‌

–‌

–‌

242,782‌

Gold

Mining

5,922,323‌

612,648‌

42,052‌

6,577,023‌

Industrial

Gases

372,512‌

–‌

–‌

372,512‌

Investment

Companies

–‌

139,136‌

–‌

139,136‌

Metal

-

Aluminum

152,500‌

–‌

–‌

152,500‌

Metal

-

Copper

1,259,372‌

–‌

–‌

1,259,372‌

Metal

-

Diversified

1,311,010‌

354,024‌

347,451‌

2,012,485‌

Metal

-

Iron

–‌

–‌

0‌

0‌

Mining

Services

127,126‌

–‌

–‌

127,126‌

Natural

Resource

Technology

–‌

–‌

145,017‌

145,017‌

Non-Ferrous

Metals

567,457‌

131,173‌

0‌

698,630‌

Oil

-

US

Royalty

Trusts

609,116‌

–‌

–‌

609,116‌

Oil

Companies

-

Exploration

&

Production

2,980,960‌

–‌

–‌

2,980,960‌

Oil

Companies

-

Field

Services

575,535‌

–‌

–‌

575,535‌

Oil

Companies

-

Integrated

2,229,490‌

–‌

–‌

2,229,490‌

Paper

&

Related

Products

400,125‌

–‌

–‌

400,125‌

Pipelines

1,157,000‌

–‌

–‌

1,157,000‌

Notes

to

Portfolios

of

Investments

March

31,

2025

28

Global

Resources

Fund

Assets

(continued)

Common

Stocks

(continued)

Platinum

$

60,996‌

$

–‌

$

–‌

$

60,996‌

Pollution

Control

203,259‌

–‌

–‌

203,259‌

Precious

Metals

1,087,390‌

–‌

–‌

1,087,390‌

Real

Estate

Operating/

Development

400,264‌

–‌

0‌

400,264‌

REITS

-

Diversified

380,640‌

–‌

–‌

380,640‌

Retail

-

Jewelry

72,965‌

–‌

–‌

72,965‌

Silver

Mining

1,312,862‌

–‌

–‌

1,312,862‌

Steel

-

Producers

579,430‌

–‌

–‌

579,430‌

Corporate

Convertible

Bond

–‌

–‌

516,700‌

516,700‌

Corporate

Non-Convertible

Bonds

–‌

1,541,487‌

–‌

1,541,487‌

Exchange

Traded

Fund

71,553‌

–‌

–‌

71,553‌

Warrants

Diamonds/Precious

Stones

–‌

0‌

–‌

0‌

Diversified

Minerals

–‌

1,737‌

–‌

1,737‌

Gold

Mining

–‌

0‌

–‌

0‌

Investment

Companies

–‌

0‌

–‌

0‌

Metal

-

Copper

–‌

0‌

–‌

0‌

Metal

-

Diversified

–‌

0‌

–‌

0‌

Mining

Services

196,796‌

–‌

–‌

196,796‌

Oil

Companies

-

Exploration

&

Production

–‌

2,085‌

–‌

2,085‌

Real

Estate

Operating/

Development

–‌

0‌

–‌

0‌

Silver

Mining

–‌

0‌

–‌

0‌

Investments,

at

Value

27,928,839‌

3,090,835‌

1,144,071‌

32,163,745‌

Total

Assets

$

27,928,839‌

$

3,090,835‌

$

1,144,071‌

$

32,163,745‌

Liabilities

Other

Financial

Instruments

‡

Currency

Contracts

–‌

(51,022‌)

–‌

(51,022‌)

Total

Liabilities

$

–‌

$

(51,022‌)

$

–‌

$

(51,022‌)

Notes

to

Portfolios

of

Investments

March

31,

2025

29

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

Assets

Investments

in

Securities*

Common

Stocks

Advanced

Materials/

Production

$

1,238,317‌

$

–‌

$

–‌

$

1,238,317‌

Coal

–‌

–‌

0‌

0‌

Diamonds/Precious

Stones

285,292‌

–‌

–‌

285,292‌

Diversified

Minerals

2,780,831‌

252,489‌

0‌

3,033,320‌

Food-Meat

Products

–‌

45,452‌

–‌

45,452‌

Gold

Mining

21,389,056‌

4,454,967‌

13,832‌

25,857,855‌

Metal

-

Copper

183,454‌

–‌

–‌

183,454‌

Metal

-

Diversified

820,471‌

48,365‌

347,452‌

1,216,288‌

Mining

Services

22,891‌

–‌

0‌

22,891‌

Non-Ferrous

Metals

218,220‌

–‌

–‌

218,220‌

Oil

Companies

-

Exploration

&

Production

–‌

–‌

0‌

0‌

Optical

Recognition

Equipment

–‌

84‌

–‌

84‌

Platinum

3,491‌

–‌

–‌

3,491‌

Precious

Metals

5,286,824‌

–‌

–‌

5,286,824‌

Real

Estate

Operating/

Development

501,720‌

–‌

–‌

501,720‌

Retail

-

Jewelry

205,761‌

–‌

–‌

205,761‌

Silver

Mining

3,238,161‌

–‌

–‌

3,238,161‌

Corporate

Non-Convertible

Bond

–‌

1,014,933‌

–‌

1,014,933‌

Exchange

Traded

Fund

77,165‌

–‌

–‌

77,165‌

Warrants

Diamonds/Precious

Stones

–‌

0‌

–‌

0‌

Diversified

Minerals

–‌

0‌

–‌

0‌

Gold

Mining

–‌

71,749‌

–‌

71,749‌

Metal

-

Diversified

–‌

0‌

–‌

0‌

Mining

Services

264,445‌

–‌

–‌

264,445‌

Oil

Companies

-

Exploration

&

Production

–‌

56,287‌

–‌

56,287‌

Precious

Metals

–‌

0‌

–‌

0‌

Real

Estate

Operating/

Development

–‌

3,596‌

–‌

3,596‌

Silver

Mining

–‌

0‌

–‌

0‌

Purchased

Call

Options

192,225‌

–‌

–‌

192,225‌

Investments,

at

Value

36,708,324‌

5,947,922‌

361,284‌

43,017,530‌

Total

Assets

$

36,708,324‌

$

5,947,922‌

$

361,284‌

$

43,017,530‌

Notes

to

Portfolios

of

Investments

March

31,

2025

30

World

Precious

Minerals

Fund

Liabilities

Other

Financial

Instruments

‡

Currency

Contracts

$

–‌

$

(90,298‌)

$

–‌

$

(90,298‌)

Total

Liabilities

$

–‌

$

(90,298‌)

$

–‌

$

(90,298‌)

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

Assets

Investments

in

Securities*

Common

Stocks

Diversified

Minerals

$

2,742,019‌

$

–‌

$

448,330‌

$

3,190,349‌

Enterprise

Software/

Services

202,842‌

–‌

–‌

202,842‌

Gold

Mining

63,538,634‌

21,591,678‌

210,262‌

85,340,574‌

Metal

-

Diversified

5,346,367‌

–‌

–‌

5,346,367‌

Mining

Services

1,209,131‌

–‌

0‌

1,209,131‌

Platinum

1,725,000‌

–‌

–‌

1,725,000‌

Precious

Metals

10,824,529‌

686,520‌

–‌

11,511,049‌

Real

Estate

Operating/

Development

–‌

468,445‌

–‌

468,445‌

Retail

-

Jewelry

655,641‌

–‌

–‌

655,641‌

Silver

Mining

10,746,140‌

256,002‌

–‌

11,002,142‌

Corporate

Non-Convertible

Bonds

–‌

3,946,001‌

0‌

3,946,001‌

Exchange

Traded

Fund

350,750‌

–‌

–‌

350,750‌

Warrants

Gold

Mining

–‌

–‌

0‌

0‌

Mining

Services

658,038‌

–‌

–‌

658,038‌

Precious

Metals

–‌

338,765‌

–‌

338,765‌

Silver

Mining

–‌

10,424‌

–‌

10,424‌

Purchased

Call

Options

566,775‌

–‌

–‌

566,775‌

Investments,

at

Value

$

98,565,866‌

$

27,297,835‌

$

658,592‌

$

126,522,293‌

Total

Assets

$

98,565,866‌

$

27,297,835‌

$

658,592‌

$

126,522,293‌

Liabilities

Other

Financial

Instruments

‡

Currency

Contracts

–‌

(217,291‌)

–‌

(217,291‌)

Total

Liabilities

$

–‌

$

(217,291‌)

$

–‌

$

(217,291‌)

*

Refer

to

the

Portfolio

of

Investments

for

a

detailed

list

of

the

Fund’s

investments.

Notes

to

Portfolios

of

Investments

March

31,

2025

31

The

following

is

a

reconciliation

of

assets

for

which

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

during

the

period

January

1,

2025

through

March

31,

2025:

(

Common

Stocks

Total

Global

Luxury

Goods

Fund

Beginning

Balance

12/31/24

$

0‌

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

—‌

—‌

Ending

Balance

03/31/25

$

0‌

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/25

$

—‌

$

—‌

Common

Stocks

Corporate

Convertible

Bond

Total

Global

Resources

Fund

Beginning

Balance

12/31/24

$

701,040‌

$

500,760‌

$

1,201,800‌

Net

change

in

unrealized

appreciation

(depreciation)

(73,669‌)

15,940‌

(57,729‌)

Ending

Balance

03/31/25

$

627,371‌

$

516,700‌

$

1,144,071‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/25

$

(73,669‌)

$

15,940‌

$

(57,729‌)

Common

Stock

Total

World

Precious

Minerals

Fund

Beginning

Balance

12/31/24

$

360,955‌

$

360,955‌

Corporate

Action

731‌

731‌

Net

change

in

unrealized

appreciation

(depreciation)

(402‌)

(402‌)

Ending

Balance

03/31/25

$

361,284‌

$

361,284‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/25

$

(402‌)

$

(402‌)

Common

Stocks

Corporate

Non-

Convertible

Bond

Total

Gold

and

Precious

Metals

Fund

Beginning

Balance

12/31/24

$

1,024,982‌

$

0‌

$

1,024,982‌

Net

change

in

unrealized

appreciation

(depreciation)

(366,390‌)

—‌

(366,390‌)

Ending

Balance

03/31/25

$

658,592‌

$

0‌

$

658,592‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

03/31/25

$

(366,390‌)

$

—‌

$

(366,390‌)

Notes

to

Portfolios

of

Investments

March

31,

2025

32

Significant

unobservable

inputs

developed

by

the

Adviser

for

Level

3

investments

held

at

year

end

are

as

follows:

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

March

31,

2025.

Fair

Value

at

03/31/25

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

627,371

Market

Transaction

(1)

Discount

World

Precious

Minerals

Fund

Investments

in

Securities

0%

-

100%

discount

(96%

discount)

Common

Stocks

361,284

Market

Transaction

(1)

Discount

Gold

and

Precious

Metals

Fund

Investments

in

Securities

0%

-

100%

discount

(7%

discount)

Common

Stocks

658,592

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,

202

4

Additions

Reductions

March

31

,

202

5

Pacific

Green

Energy

Corp.

2,400,000‌

—‌

—‌

2,400,000‌

Values

of

Affiliated

Companies

Global

Resources

Fund

December

31,

202

4

Purchases

Cost

Sales

Proceeds

March

31

,

202

5

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Pacific

Green

Energy

Corp.

$

0‌

$

—‌

$

—‌

$

0‌

$

—‌

$

—‌

$

—‌

Notes

to

Portfolios

of

Investments

March

31,

2025

33

At

March

31,

2025,

the

value

of

investments

in

affiliated

companies

was

$0,

representing

0%

of

net

assets,

and

the

total

cost

was

$2,400,000.

At

March

31,

2025,

the

value

of

investments

in

affiliated

companies

was

$3,697,578,

representing

8.20%

of

net

assets,

and

the

total

cost

was

$5,790,765.

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,

2025,

the

total

cost

of

restricted

securities

was

$426,625,

and

the

total

value

was

$0,

representing

0.00%

of

net

assets.

Shares

of

Affiliated

Companies

World

Precious

Minerals

Fund

December

31,

202

4

Additions

Reductions

March

31,

202

5

Kesselrun

Resources,

Ltd.

5,000,000‌

—‌

—‌

5,000,000‌

Mammoth

Resources

Corp.

5,500,000‌

—‌

—‌

5,500,000‌

TriStar

Gold,

Inc.

28,800,000‌

1,300,000‌

—‌

30,100,000‌

Waraba

Gold

Ltd.

8,200,000‌

—‌

—‌

8,200,000‌

Values

of

Affiliated

Companies

World

Precious

Minerals

Fund

December

31,

2024

Purchases

Cost

Sales

Proceeds

March

31,

2025

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Kesselrun

Resources,

Ltd.

$

121,743‌

$

—‌

$

—‌

$

112,922‌

$

—‌

$

–‌

$

(

8,821‌

)

Mammoth

Resources

Corp.

57,393‌

—‌

—‌

76,439‌

—‌

–‌

19,046‌

TriStar

Gold,

Inc.

2,604,612‌

120,454‌

—‌

3,451,235‌

—‌

–‌

726,169‌

Waraba

Gold,

Ltd.

57,046‌

—‌

—‌

56,982‌

—‌

–‌

(

64‌)

$

2,840,794‌

$

120,454‌

$

—‌

$

3,697,578‌

$

—‌

$

–‌

$

736,330‌

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

Notes

to

Portfolios

of

Investments

March

31,

2025

34

As

of

March

31,

2025,

the

total

cost

of

restricted

securities

was

$7,473,544,

and

the

total

value

was

$145,017,

representing

0.40%

of

net

assets.

As

of

March

31,

2025,

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

March

31,

2025,

were

as

follows:

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

March

31,

2025

Net

Unrealized

Appreciation

(Depreciation)

Global

Luxury

Goods

Fund

Brown

Brothers

Harriman

&

Co.

EUR

3,000,000‌

USD

3,252,960‌

4/25/2025

$

3,248,276‌

$

4,684‌

Global

Resources

Fund

Brown

Brothers

Harriman

&

Co.

USD

3,121,493‌

CAD

4,450,000‌

4/3/2025

3,092,772‌

(28,721‌)

Brown

Brothers

Harriman

&

Co.

CAD

8,900,000‌

USD

6,171,705‌

4/3/2025

6,185,542‌

(13,837‌)

Brown

Brothers

Harriman

&

Co.

USD

285,813‌

AUD

450,000‌

4/4/2025

281,192‌

(4,621‌)

Brown

Brothers

Harriman

&

Co.

AUD

900,000‌

USD

558,540‌

4/4/2025

562,383‌

(3,843‌)

Gold

And

Precious

Metals

Fund

Brown

Brothers

Harriman

&

Co.

USD

12,065,095‌

CAD

17,200,000‌

4/3/2025

11,954,082‌

(111,013‌)

Brown

Brothers

Harriman

&

Co.

USD

3,588,541‌

AUD

5,650,000‌

4/4/2025

3,530,517‌

(58,024‌)

Brown

Brothers

Harriman

&

Co.

AUD

11,300,000‌

USD

7,012,780‌

4/4/2025

7,061,034‌

(48,254‌)

World

Precious

Minerals

Fund

Brown

Brothers

Harriman

&

Co.

USD

6,278,058‌

CAD

8,950,000‌

4/3/2025

6,220,292‌

(57,766‌)

Brown

Brothers

Harriman

&

Co.

CAD

17,900,000‌

USD

12,412,755‌

4/3/2025

12,440,585‌

(27,830‌)

Brown

Brothers

Harriman

&

Co.

USD

158,785‌

AUD

250,000‌

4/4/2025

156,218‌

(2,567‌)

Brown

Brothers

Harriman

&

Co.

AUD

500,000‌

USD

310,300‌

4/4/2025

312,435‌

(2,135‌)