Portfolio
of
Investments
(unaudited)
1
See
notes
to
portfolios
of
investments.
March
31,
2026
U.S.
Government
Securities
Ultra-Short
Bond
Fund
United
States
Government
and
Agency
Obligations
97.13%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Federal
Home
Loan
Bank
9.56%
Fixed
Rates:
1.11
10/28/26
$
1,500,000
$
1,477,282
4.00
03/25/27
1,500,000
1,500,005
2,977,287
Federal
Home
Loan
Mortgage
Corp.
17.54%
Fixed
Rates:
2.53
10/25/26
2,000,000
1,985,000
3.44
11/25/26
3,500,000
3,481,323
5,466,323
U.S.
Treasury
Bill
70.03%
◊
Yield
to
Maturity:
3.73
-
3.75
05/14/26
2,500,000
2,489,154
3.73
05/21/26
1,000,000
994,969
3.60
-
3.61
06/02/26
5,000,000
4,968,943
3.63
06/04/26
1,000,000
993,587
3.61
06/09/26
1,000,000
993,125
3.62
06/23/26
1,500,000
1,487,652
3.53
06/25/26
4,000,000
3,966,165
3.65
07/21/26
3,000,000
2,966,746
3.83
-
3.88
08/06/26
2,000,000
1,974,753
3.54
08/13/26
1,000,000
986,640
21,821,734
Total
United
States
Government
and
Agency
Obligations
30,265,344
Investments,
at
value
97.13%
30,265,344
(cost
$30,267,972
)
Other
assets
and
liabilities,
net
2.87%
892,930
Net
Assets
100.00%
$
31,158,274
Portfolio
of
Investments
(unaudited)
2
See
notes
to
portfolios
of
investments.
March
31,
2026
Near-Term
Tax
Free
Fund
Municipal
Bonds
97.59%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Alabama
4.81%
Black
Belt
Energy,
Alabama,
RB
‡
5.00
12/01/55
$
1,000,000
$
1,058,416
California
4.64%
California
Community
Choice
Financing
Authority,
California,
RB
‡
5.00
01/01/55
1,000,000
1,021,605
Colorado
1.88%
City
of
Greeley
CO
Water
Revenue,
Colorado,
Refunding,
RB
5.00
08/01/27
400,000
413,069
Connecticut
1.70%
City
of
New
London
CT,
Connecticut,
GO
Unlimited
1.25
03/15/31
200,000
173,079
State
of
Connecticut,
Connecticut,
Refunding,
GO
Unlimited
5.00
05/15/27
200,000
200,601
373,680
Hawaii
0.80%
State
of
Hawaii,
Hawaii,
Refunding,
GO
Unlimited
5.00
10/01/27
175,000
177,104
Illinois
4.68%
State
of
Illinois,
Illinois,
GO
Unlimited
5.00
11/01/28
1,000,000
1,029,764
Kansas
3.04%
City
of
Bel
Aire
KS,
Kansas,
GO
Unlimited
3.00
12/01/28
500,000
500,150
City
of
Lawrence
KS,
Kansas,
GO
Unlimited
3.25
09/01/27
170,000
170,059
670,209
Kentucky
9.60%
Kentucky
Public
Energy
Authority,
Kentucky,
Refunding,
RB
5.00
05/01/36
1,000,000
1,053,347
Kentucky
Public
Energy
Authority,
Kentucky,
Refunding,
RB
‡
5.00
01/01/55
1,000,000
1,059,119
2,112,466
Maryland
2.32%
County
of
Howard
MD,
Maryland,
Refunding,
GO
Unlimited
5.00
02/15/28
500,000
510,467
Massachusetts
2.46%
New
Bedford
Housing
Authority,
Massachusetts,
RB
2.45
10/01/27
550,000
542,491
Portfolio
of
Investments
(unaudited)
3
See
notes
to
portfolios
of
investments.
March
31,
2026
Near-Term
Tax
Free
Fund
Municipal
Bonds (cont’d)
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Michigan
1.67%
Great
Lakes
Water
Authority
Water
Supply
System
Revenue,
Michigan,
Refunding,
RB
5.00
07/01/26
$
365,000
$
367,298
Minnesota
7.79%
City
of
Woodbury
MN,
Minnesota,
GO
Unlimited
3.00
02/01/28
550,000
550,000
County
of
Chisago
MN,
Minnesota,
GO
Unlimited
2.00
02/01/27
1,175,000
1,164,305
1,714,305
New
Mexico
2.82%
City
of
Rio
Rancho
NM,
New
Mexico,
GO
Unlimited
5.00
08/01/27
600,000
620,004
New
York
0.91%
City
of
New
York
NY,
New
York,
Refunding,
GO
Unlimited
5.00
08/01/26
200,000
201,613
North
Carolina
1.83%
City
of
Cherryville
NC,
North
Carolina,
GO
Unlimited
2.00
11/01/31
440,000
402,012
Oregon
2.25%
City
of
Ashland
OR,
Oregon,
GO
Limited
2.38
10/01/26
200,000
199,190
City
of
Lincoln
City
OR,
Oregon,
Refunding,
GO
Unlimited
2.50
06/01/28
300,000
295,213
494,403
Pennsylvania
5.74%
Delaware
River
Port
Authority,
Pennsylvania,
Refunding,
RB
5.00
01/01/27
500,000
509,402
Williamsport
Sanitary
Authority,
Pennsylvania,
Refunding,
RB
BAM
5.00
01/01/27
740,000
753,193
1,262,595
Tennessee
10.74%
City
of
Manchester
TN,
Tennessee,
Refunding,
GO
Unlimited
3.00
06/01/36
450,000
412,767
County
of
Jefferson
TN,
Tennessee,
Refunding,
GO
Unlimited
5.00
06/01/27
500,000
513,996
Paris
Utility
Authority
Electric
System
Revenue,
Tennessee,
RB
5.00
06/01/28
155,000
162,329
Tennessee
Energy
Acquisition
Corp.,
Tennessee,
RB
5.00
11/01/34
500,000
533,945
Portfolio
of
Investments
(unaudited)
4
See
notes
to
portfolios
of
investments.
March
31,
2026
Near-Term
Tax
Free
Fund
Municipal
Bonds (cont’d)
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Tennessee
(cont’d)
Tennessee
Energy
Acquisition
Corp.,
Tennessee,
Refunding,
RB
5.00
12/01/35
$
700,000
$
741,797
2,364,834
Texas
21.66%
Board
of
Regents
of
the
University
of
Texas
System,
Texas,
RB
5.00
08/15/26
1,000,000
1,009,238
City
of
Dallas
TX
Waterworks
&
Sewer
System
Revenue,
Texas,
Refunding,
RB
5.00
10/01/26
750,000
759,362
City
of
Denton
TX,
Texas,
Refunding,
GO
Limited
5.00
02/15/27
400,000
408,560
Rockwall
Independent
School
District,
Texas,
GO
Unlimited
PSF-GTD
5.00
02/15/27
270,000
275,707
Texas
Department
of
Transportation
State
Highway
Fund,
Texas,
RB
5.00
10/01/26
695,000
703,780
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
V,
Texas,
RB
‡
5.00
01/01/55
540,000
574,011
Texas
Water
Development
Board,
Texas,
RB
5.00
10/15/27
345,000
358,225
Westwood
Independent
School
District,
Texas,
GO
Unlimited
PSF-GTD
5.00
02/15/27
665,000
678,244
4,767,127
Washington
0.69%
King
County
Housing
Authority,
Washington,
Refunding,
RB
4.00
06/01/27
150,000
151,330
Wisconsin
5.56%
Bayside
WI
Promissory
Note,
Wisconsin,
GO
Unlimited
5.00
03/01/27
225,000
229,791
Elmbrook
School
District,
Wisconsin,
Refunding,
GO
Unlimited
2.75
04/01/28
1,000,000
993,364
1,223,155
Total
Municipal
Bonds
21,477,947
Investments,
at
value
97.59%
21,477,947
(cost
$21,576,211
)
Other
assets
and
liabilities,
net
2.41%
530,958
Net
Assets
100.00%
$
22,008,905
Portfolio
of
Investments
(unaudited)
5
See
notes
to
portfolios
of
investments.
March
31,
2026
Global
Luxury
Goods
Fund
Common
Stocks
86.33%
Shares
Value
Apparel
Manufacturers
12.56%
Burberry
Group
PLC
*
40,000
$
585,284
Christian
Dior
SE
1,560
814,966
Hermes
International
SCA
1,758
3,330,271
Kering
SA,
ADR
20,200
612,464
PRADA
SpA
47,000
224,033
Tapestry,
Inc.
4,045
570,790
6,137,808
Athletic
Footwear
0.92%
adidas
AG,
ADR
5,600
449,064
Automotive
-
Cars
&
Light
Trucks
18.88%
Bayerische
Motoren
Werke
AG
11,500
1,063,828
Ferrari
NV
7,925
2,682,216
Mercedes-Benz
Group
AG,
ADR
116,200
1,772,050
Tesla,
Inc.
*
7,100
2,639,425
Volkswagen
AG
10,260
1,073,098
9,230,617
Beverages
-
Wine/Spirits
1.03%
Constellation
Brands,
Inc.,
Class A
1,000
150,000
Pernod
Ricard
SA
4,760
353,963
503,963
Building
-
Residential/Commercial
1.51%
Toll
Brothers,
Inc.
5,400
736,938
Casino
Hotels
1.67%
Las
Vegas
Sands
Corp.
12,200
657,336
Melco
Resorts
&
Entertainment,
Ltd.,
ADR
*
12,000
68,160
MGM
Resorts
International
*
2,500
92,525
818,021
Cosmetics
&
Toiletries
3.66%
L'Oreal
SA,
ADR
10,450
856,168
The
Estee
Lauder
Cos.,
Inc.
13,000
933,010
1,789,178
Cruise
Lines
9.44%
Carnival
Corp.
52,500
1,358,700
Royal
Caribbean
Cruises,
Ltd.
8,530
2,347,285
Viking
Holdings,
Ltd.
*
12,335
906,376
4,612,361
Diversified
Banking
Institution
2.22%
UBS
Group
AG
27,800
1,086,146
Portfolio
of
Investments
(unaudited)
6
See
notes
to
portfolios
of
investments.
March
31,
2026
Global
Luxury
Goods
Fund
Common
Stocks (cont’d)
Shares
Value
E-Commerce/Products
4.64%
Amazon.com,
Inc.
*
9,500
$
1,978,565
The
RealReal,
Inc.
*
32,000
290,560
2,269,125
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
2.57%
Franco-Nevada
Corp.
1,540
380,457
OR
Royalties,
Inc.
11,000
418,220
Ramelius
Resources,
Ltd.
30,000
78,104
Regis
Resources,
Ltd.
13,000
61,617
Royal
Gold,
Inc.
1,255
319,385
1,257,783
Hotels
&
Motels
5.57%
Hilton
Worldwide
Holdings,
Inc.
4,250
1,292,340
HUGO
BOSS
AG
11,100
480,474
Marriott
International,
Inc.,
Class A
2,900
948,503
2,721,317
Precious
Metals
0.83%
Integra
Resources
Corp.
*
43,000
117,390
Metalla
Royalty
&
Streaming,
Ltd.
*
43,500
288,405
405,795
Real
Estate
Operating/Development
0.00%
Infrastructure
Ventures,
Inc.
#*@+
426,533
0
Recreational
Centers
2.27%
Life
Time
Group
Holdings,
Inc.
*
41,100
1,107,234
Retail
-
Apparel/Shoe
6.06%
Brunello
Cucinelli
SpA
5,950
519,995
Industria
de
Diseno
Textil
SA
4,200
244,477
JD
Sports
Fashion
PLC
590,000
559,591
Moncler
SpA
13,900
836,899
Zalando
SE
*
32,900
803,772
2,964,734
Retail
-
Jewelry
5.46%
Cie
Financiere
Richemont
SA
13,379
2,362,278
Laopu
Gold
Co.,
Ltd.
3,800
307,628
2,669,906
Portfolio
of
Investments
(unaudited)
7
See
notes
to
portfolios
of
investments.
March
31,
2026
Global
Luxury
Goods
Fund
Common
Stocks (cont’d)
Shares
Value
Textile
-
Apparel
7.04%
LVMH
Moet
Hennessy
Louis
Vuitton
SE,
ADR
31,491
$
3,440,077
Total
Common
Stocks
42,200,067
(cost
$42,528,583)
Preferred
Stock
0.15%
Rate
Automotive
-
Cars
&
Light
Trucks
0.15%
Porsche
Automobil
Holding
SE
1.51
%
2,000
73,234
(cost
$79,236)
Corporate
Non-Convertible
Bond
2.09%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Gold
Mining
2.09%
Aris
Gold
Corp.
7.50
08/26/27
$
287,568
1,020,867
(cost
$287,536)
Exchange
Traded
Fund
0.18%
Shares
Global
X
MSCI
China
Consumer
Discretionary
ETF
4,500
89,460
(cost
$104,090)
Investments,
at
value
88.75%
43,383,628
(cost
$42,999,445
)
Other
assets
and
liabilities,
net
11.25%
5,499,583
Net
Assets
100.00%
$
48,883,211
Portfolio
of
Investments
(unaudited)
8
See
notes
to
portfolios
of
investments.
March
31,
2026
Global
Resources
Fund
Common
Stocks
95.38%
Shares
Value
Advanced
Materials/Production
0.37%
Nano
One
Materials
Corp.
*
395,000
$
244,195
Agricultural
Chemicals
3.38%
Nutrien,
Ltd.
30,000
2,263,800
Agricultural
Operations
0.76%
Bunge
Global
SA
4,000
508,800
Chemicals
-
Diversified
0.84%
Base
Carbon,
Inc.
*
990,000
562,217
Coal
1.38%
Caribbean
Resources
Corp.
#*@
2,148,176
0
Core
Natural
Resources,
Inc.
3,100
324,663
Peabody
Energy
Corp.
8,600
283,370
Yancoal
Australia,
Ltd.
55,000
317,211
925,244
Commercial
Services
0.35%
Paragon
Advanced
Labs,
Inc.
*
100,000
233,628
Diversified
Minerals
3.47%
Allied
Critical
Metals,
Inc.
*
500,000
521,170
Anson
Resources,
Ltd.
*
1,000,000
33,423
Arianne
Phosphate,
Inc.
*
600,000
107,828
E3
Lithium,
Ltd.
*
100,000
74,761
IberAmerican
Lithium
Corp.
#*
1,000,000
1
Legacy
Lithium
Corp.
#*@
20,000
719
Leo
Lithium,
Ltd.
#*@
700,000
0
LibertyStream
Infrastructure
Partners,
Inc.
*
975,000
637,805
Neotech
Metals
Corp.
*
300,000
56,071
Nio
Strategic
Metals,
Inc.
*
2,873,000
459,523
Nio
Strategic
Metals,
Inc.,
144A
#∆
362,069
57,911
Standard
Lithium,
Ltd.
*
75,000
255,750
Wolfden
Resources
Corp.
*
2,000,000
115,017
2,319,979
Electric
-
Integrated
0.39%
American
Electric
Power
Co.,
Inc.
2,000
262,160
Energy
-
Alternate
Sources
1.08%
Pacific
Green
Energy
Corp.
#*@~
2,400,000
0
Solv
Energy,
Inc.
*
12,000
360,360
Vestas
Wind
Systems
A/S
12,000
362,051
722,411
Enterprise
Software/Services
15.47%
Abaxx
Technologies,
Inc.
*
300,000
10,351,520
Portfolio
of
Investments
(unaudited)
9
See
notes
to
portfolios
of
investments.
March
31,
2026
Global
Resources
Fund
Common
Stocks (cont’d)
Shares
Value
Finance
-
Other
Services
0.45%
CME
Group,
Inc.
461
$
136,157
TMX
Group,
Ltd.
4,600
163,121
299,278
Gold
Mining
16.26%
Black
Cat
Syndicate,
Ltd.
*
400,000
283,059
Collective
Mining,
Ltd.
*
20,000
351,233
Firefinch,
Ltd.
#*@
1,000,000
43,812
Franco-Nevada
Corp.
2,500
617,625
K92
Mining,
Inc.
*
80,000
1,357,774
Larvotto
Resources,
Ltd.
*
200,000
147,392
Montage
Gold
Corp.
*
400,000
4,551,793
Perpetua
Resources
Corp.
*
30,000
843,600
Royal
Road
Minerals,
Ltd.
*
5,500,000
770,973
Seabridge
Gold,
Inc.
*
20,000
566,800
Seasif
Exploration,
Inc.
*
2,000,000
10,783
Torex
Gold
Resources,
Inc.
29,000
1,331,069
10,875,913
Investment
Companies
0.19%
Contango
Holdings
PLC
*
10,502,248
128,207
Machinery
-
Construction
&
Mining
1.06%
Caterpillar,
Inc.
1,000
708,460
Metal
-
Aluminum
0.20%
Alcoa
Corp.
2,000
132,660
Metal
-
Copper
2.44%
Andina
Copper
Corp.
*
275,000
158,148
Getty
Copper,
Inc.
*
1,400,000
166,056
Kutcho
Copper
Corp.
*
1,000,000
208,468
NGEx
Minerals,
Ltd.
*
50,000
909,352
Selkirk
Copper
Mines,
Inc.
*
225,000
192,474
1,634,498
Metal
-
Diversified
7.54%
Aclara
Resources,
Inc.
*
35,000
84,034
Amarc
Resources,
Ltd.
*
825,000
587,125
Barksdale
Resources
Corp.
*
1,955,000
210,804
Blue
Moon
Metals,
Inc.
*
50,000
323,844
Electra
Battery
Materials
Corp.,
144A
#*∆
13,889
8,087
FireFly
Metals,
Ltd.
*
300,000
371,127
Glencore
PLC
20,000
151,478
Hannan
Metals,
Ltd.
*
975,000
420,531
Ivanhoe
Electric,
Inc./US
*
26,499
313,218
Juno
Corp.,
144A
#*@∆
200,000
575,085
Portfolio
of
Investments
(unaudited)
10
See
notes
to
portfolios
of
investments.
March
31,
2026
Global
Resources
Fund
Common
Stocks (cont’d)
Shares
Value
Metal
-
Diversified
(cont’d)
Orsu
Metals
Corp.,
144A
#*@∆
14,761
$
0
PECOY
COPPER
CORP
*
125,000
146,467
Sunrise
Energy
Metals,
Ltd.
*
165,000
1,013,166
Torq
Resources,
Inc.
*
900,000
51,758
Vox
Royalty
Corp.
150,000
786,000
5,042,724
Metal
-
Iron
0.00%
Consolidated
Growth
Holdings,
Ltd.
#*@
19,859,173
0
Mining
Services
2.36%
King
Copper
Discovery
Corp.
*
700,000
437,783
LunR
Royalties
Corp.
*
25,000
546,510
Major
Drilling
Group
International,
Inc.
*
35,000
403,062
Sendero
Resources
Corp.
*
175,000
188,700
1,576,055
Natural
Resource
Technology
0.30%
I-Pulse,
Inc.,
144A
#*@+∆
15,971
202,832
Non-Ferrous
Metals
3.21%
Cameco
Corp.
5,000
543,050
CanAlaska
Uranium,
Ltd.
*
90,000
49,170
Encore
Energy
Corp.
*
50,000
90,576
Fireweed
Metals
Corp.
*
350,000
1,086,910
InZinc
Mining,
Ltd.
*
1,800,000
84,106
Korea
Zinc
Co.,
Ltd.
300
292,689
Sterling
Group
Ventures,
Inc.,
144A
#*@∆
500,000
0
2,146,501
Oil
-
Field
Services
0.53%
Enerflex,
Ltd.
17,000
355,640
Oil
Companies
-
Exploration
&
Production
9.79%
Antero
Resources
Corp.
*
10,000
424,400
Coterra
Energy,
Inc.
20,000
702,800
EQT
Corp.
12,000
763,680
Expand
Energy
Corp.
7,500
823,350
LNG
Energy
Group
Corp.
*
100,000
530
NG
Energy
International
Corp.
*
1,325,000
1,362,051
NG
Energy
International
Corp.,
144A
#∆
200,000
205,593
Range
Resources
Corp.
10,500
474,390
Woodside
Energy
Group,
Ltd.,
ADR
75,000
1,791,000
6,547,794
Portfolio
of
Investments
(unaudited)
11
See
notes
to
portfolios
of
investments.
March
31,
2026
Global
Resources
Fund
Common
Stocks (cont’d)
Shares
Value
Oil
Companies
-
Field
Services
1.93%
Baker
Hughes
Co.
8,500
$
518,925
Halliburton
Co.
10,000
389,900
Select
Water
Solutions,
Inc.,
Class A
10,000
153,000
SLB,
Ltd.
4,500
231,255
1,293,080
Oil
Companies
-
Integrated
10.43%
BP
PLC,
ADR
7,000
329,000
Exxon
Mobil
Corp.
17,500
2,969,050
Shell
PLC,
ADR
18,000
1,674,000
TotalEnergies
SE
22,000
2,001,560
6,973,610
Oil
Refining
&
Marketing
1.11%
Valero
Energy
Corp.
3,000
741,240
Pipelines
2.63%
Cheniere
Energy,
Inc.
6,200
1,759,312
Platinum
0.19%
Impala
Platinum
Holdings,
Ltd.,
ADR
8,840
130,125
Pollution
Control
0.27%
BluMetric
Environmental,
Inc.
*
150,000
106,750
BluMetric
Environmental,
Inc.
*
100,000
71,167
177,917
Precious
Metals
2.88%
Brixton
Metals
Corp.
*
200,000
163,180
Coeur
Mining,
Inc.
*
74,918
1,406,211
Vizsla
Royalties
Corp.
*
182,966
339,338
Vizsla
Royalties
Corp.,
144A
#∆
8,749
16,226
1,924,955
Real
Estate
Operating/Development
1.26%
Atomic
Eagle,
Ltd.
*
14,697
4,487
Infrastructure
Ventures,
Inc.
#*@+
7,443,544
0
Revival
Gold,
Inc.
*
1,500,000
841,061
845,548
Recycling
0.01%
EnviroGold
Global,
Ltd.,
144A
#*∆
75,000
7,548
Retail
-
Jewelry
0.16%
Mene,
Inc.
*
750,000
107,828
Portfolio
of
Investments
(unaudited)
12
See
notes
to
portfolios
of
investments.
March
31,
2026
Global
Resources
Fund
Common
Stocks (cont’d)
Shares
Value
Silver
Mining
2.69%
Blackrock
Silver
Corp.
*
500,000
$
481,633
Endeavour
Silver
Corp.
*
30,000
279,923
Vizsla
Silver
Corp.
*
250,000
828,480
Vizsla
Silver
Corp.,
144A
#∆
62,500
207,120
1,797,156
Total
Common
Stocks
63,802,835
(cost
$82,205,139)
Corporate
Convertible
Bond
0.79%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Investment
Companies
0.79%
Contango
Holdings
PLC,
144A
#@∆
0.00
06/30/26
$
400,000
529,440
(cost
$508,120)
Corporate
Non-Convertible
Bond
1.87%
Gold
Mining
1.87%
Aris
Gold
Corp.
7.50
08/26/27
352,286
1,250,615
(cost
$352,263)
Warrants
0.64%
Exercise
Price
Exp.
Date
Shares
Advanced
Materials/Production
0.00%
Nano
One
Materials
Corp.,
144A
#*@∆
$
1.75
12/10/27
82,500
0
Diamonds/Precious
Stones
0.00%
Barksdale
Resources
Corp.,
144A
#*@∆
0.60
01/09/27
177,500
0
Diversified
Minerals
0.13%
IberAmerican
Lithium
Corp.,
144A
#*@∆
0.40
09/01/26
500,000
0
LibertyStream
Infrastructure
Partners,
Inc.,
144A
#*@∆
0.44
11/19/26
250,000
86,263
86,263
Metal
-
Copper
0.01%
Axo
Copper
Corp.,
144A
#*@∆
0.70
12/31/27
125,000
5,391
Trigon
Metals,
Inc.,
144A
#*@∆
1.50
07/12/26
625,000
0
5,391
Metal
-
Diversified
0.00%
Electra
Battery
Materials
Corp.,
144A
#*@∆
1.25
10/22/28
250,000
0
Torq
Resources,
Inc.,
144A
#*@∆
0.30
01/04/27
1,000,000
0
0
Portfolio
of
Investments
(unaudited)
13
See
notes
to
portfolios
of
investments.
March
31,
2026
Global
Resources
Fund
Warrants (cont’d)
Exercise
Price
Exp.
Date
Shares
Value
Mining
Services
0.00%
Canada
Nickel
Co.,
Inc.,
144A
#*@∆
$
1.80
12/11/28
97,500
$
0
Oil
Companies
-
Exploration
&
Production
0.10%
LNG
Energy
Group
Corp.,
144A
#*@∆
0.60
05/05/26
1,000,000
0
NG
Energy
International
Corp.
#*
1.40
05/20/27
300,000
64,697
64,697
Real
Estate
Operating/Development
0.06%
Revival
Gold,
Inc.,
144A
#*@∆
0.72
05/16/26
250,000
10,783
Revival
Gold,
Inc.,
144A
#*@∆
0.45
05/30/27
137,500
32,618
43,401
Silver
Mining
0.34%
Blackrock
Silver
Corp.,
144A
#*@∆
0.50
01/30/27
375,000
226,440
Total
Warrants
426,192
(cost
$0
)
Investments,
at
value
98.68%
66,009,082
(cost
$83,065,522
)
Other
assets
and
liabilities,
net
1.32%
883,802
Net
Assets
100.00%
$
66,892,884
Portfolio
of
Investments
(unaudited)
14
See
notes
to
portfolios
of
investments.
March
31,
2026
World
Precious
Minerals
Fund
Common
Stocks
96.91%
Shares
Value
Advanced
Materials/Production
2.45%
Nano
One
Materials
Corp.
*
2,760,500
$
1,706,585
Coal
0.00%
Caribbean
Resources
Corp.
#*@
505,453
0
Commercial
Services
0.38%
Paragon
Advanced
Labs,
Inc.
*
112,000
261,663
Diversified
Minerals
4.98%
Avanti
Gold
Corp.
*
600,000
310,546
Cambria
Gold
Mines,
Inc.,
144A
#*∆
128
137
Erdene
Resource
Development
Corp.
*
25,000
112,321
Gossan
Resources,
Ltd.
*
1,250,000
24,711
Highlander
Silver
Corp.
*
280,000
1,636,403
Kenorland
Minerals,
Ltd.
*
200,000
356,552
Kootenay
Resources,
Inc.
*
40,000
2,444
Minaurum
Gold,
Inc.
*
1,650,000
480,375
Summit
Gold,
Ltd.
#*@
10,000
0
Waraba
Gold,
Ltd.,
144A
#*∆
335,834
118,294
Western
Exploration,
Inc.
*
500,000
230,034
Westward
Gold,
Inc.
*
3,040,000
185,752
3,457,569
Gold
Mining
59.89%
Adamera
Minerals
Corp.
*
750,000
88,958
Adamera
Minerals
Corp.,
144A
#∆
11,954
1,418
African
Gold,
Ltd.
*
1,500,000
1,009,018
Alpha
Exploration,
Ltd.
*
800,000
273,165
Asante
Gold
Corp.
*
18,680
15,442
Aurum
Resources,
Ltd.
*
1,000,000
414,277
Awale
Resources,
Ltd.
*
750,000
490,619
Belo
Sun
Mining
Corp.
*
250,000
230,034
Black
Cat
Syndicate,
Ltd.
*
750,000
530,736
Borealis
Mining
Co.,
Ltd.
*
75,000
76,558
Carolina
Rush
Corp.
*
1,000,000
89,857
Collective
Mining,
Ltd.
*
15,000
263,425
Compass
Gold
Corp.
*
2,975,000
406,333
Founders
Metals,
Inc.
*
250,000
749,407
Freegold
Ventures,
Ltd.
*
150,000
124,003
Fury
Gold
Mines,
Ltd.
*
350,000
213,859
G2
Goldfields,
Inc.
*
1,000,000
3,874,632
GoGold
Resources,
Inc.
*
230,000
439,796
Gold
X2
Mining,
Inc.
*
1,500,000
1,649,774
Heliostar
Metals,
Ltd.
*
900,000
1,552,728
K92
Mining,
Inc.
*
150,000
2,545,827
Karus
Mining,
Inc.
#*@
37,500
22,913
Larvotto
Resources,
Ltd.
*
1,000,000
736,958
Portfolio
of
Investments
(unaudited)
15
See
notes
to
portfolios
of
investments.
March
31,
2026
World
Precious
Minerals
Fund
Common
Stocks (cont’d)
Shares
Value
Gold
Mining
(cont’d)
McFarlane
Lake
Mining,
Ltd.
*
1,000,000
$
97,045
Medallion
Metals,
Ltd.
*
1,000,000
265,701
Meeka
Metals,
Ltd.
*
1,000,000
124,134
Miata
Metals
Corp.
*
385,000
125,925
Montage
Gold
Corp.
*
200,000
2,275,897
Newcore
Gold,
Ltd.,
144A
#*∆
600,000
284,667
Omai
Gold
Mines
Corp.
*
3,200,000
3,910,574
Orosur
Mining,
Inc.
*
1,000,000
262,382
Osisko
Development
Corp.
*
250,000
810,510
Pacifica
Silver
Corp.
*
250,000
212,062
PC
Gold,
Ltd.
*
400,000
247,931
Radisson
Mining
Resources,
Inc.
*
8,375,000
4,816,332
Radius
Gold,
Inc.,
144A
#*∆
125,000
11,232
Roscan
Gold
Corp.
*
750,000
124,003
Royal
Road
Minerals,
Ltd.
*
1,500,000
210,265
Rua
Gold,
Inc.
*
265,000
283,840
San
Lorenzo
Gold
Corp.
*
150,000
354,755
Sanu
Gold
Corp.
*
1,442,175
259,179
Sanu
Gold
Corp.,
144A
#∆
700,000
125,800
Scottie
Resources
Corp.
*
400,000
701,603
Seabridge
Gold,
Inc.
*
20,000
566,800
Silver
Tiger
Metals,
Inc.
*
300,000
181,152
Snowline
Gold
Corp.
*
35,000
349,220
South
Pacific
Metals
Corp.
*
525,000
171,717
Taurus
Gold,
Ltd.,
144A
#*@∆
2,448,381
0
Tolu
Minerals,
Ltd.
*
2,042,000
2,216,106
Torque
Metals,
Ltd.
*
600,000
180,106
Trident
Resources
Corp.
*
213,000
381,259
TriStar
Gold,
Inc.
*~
30,225,000
5,866,401
Viva
Gold
Corp.
*
470,000
48,990
White
Gold
Corp.
*
300,000
340,738
41,606,063
Metal
-
Copper
0.31%
C3
Metals,
Inc.
*
123,000
84,882
Faraday
Copper
Corp.,
144A
#*∆
43,500
131,335
216,217
Metal
-
Diversified
5.63%
Amex
Exploration,
Inc.
*
75,000
212,961
Aurion
Resources,
Ltd.
*
600,000
797,930
Barksdale
Resources
Corp.
*
3,570,000
384,947
Blue
Moon
Metals,
Inc.
*
50,000
323,844
Cartier
Resources,
Inc.
*
1,250,000
215,657
Hannan
Metals,
Ltd.
*
575,000
248,005
Juno
Corp.,
144A
#*@∆
200,000
575,085
Mithril
Silver
and
Gold,
Ltd.
*
1,400,000
354,755
Portfolio
of
Investments
(unaudited)
16
See
notes
to
portfolios
of
investments.
March
31,
2026
World
Precious
Minerals
Fund
Common
Stocks (cont’d)
Shares
Value
Metal
-
Diversified
(cont’d)
Orex
Minerals,
Inc.
*
500,000
$
100,640
Orsu
Metals
Corp.,
144A
#*@∆
186,922
0
RTG
Mining,
Inc.
*
3,000,000
67,353
Silver
X
Mining
Corp.
*
150,000
79,793
Troilus
Mining
Corp.
*
325,000
355,115
Visionary
Copper
and
Gold
Mines,
Inc.
*
367,176
195,320
3,911,405
Mining
Services
0.00%
SUA
Holdings,
Ltd.
#*@
25,000
755
Non-Ferrous
Metals
0.63%
Arizona
Eagle
Mining
Corp.
*
100,000
100,640
InZinc
Mining,
Ltd.
*
1,800,000
84,106
Solitario
Resources
Corp.
*
310,000
254,200
438,946
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
108
Platinum
0.01%
New
Age
Metals,
Inc.,
144A
#*∆
35,880
8,382
Precious
Metals
13.41%
Blossom
Gold,
Inc.
*
180,000
273,021
Brixton
Metals
Corp.
*
250,000
203,975
Canex
Metals,
Inc.
*
2,750,000
454,676
Capitan
Silver
Corp.
*
850,000
1,258,716
Coeur
Mining,
Inc.
*
15,000
281,550
GFG
Resources,
Inc.
*
5,000,000
539,142
Gold
Terra
Resource
Corp.
*
3,500,000
503,199
Goldsky
Resources
Corp.
*
200,000
444,253
GR
Silver
Mining,
Ltd.
*
1,500,000
372,008
Hycroft
Mining
Holding
Corp.,
Class A
*
9,000
316,800
Kuya
Silver
Corp.
*
200,000
119,330
Metalla
Royalty
&
Streaming,
Ltd.
*
35,000
232,050
Nevgold
Corp.
*
500,000
474,445
Olive
Resource
Capital,
Inc.
*
4,000,000
287,542
Paramount
Gold
Nevada
Corp.
*
170,000
282,200
Prospector
Metals
Corp.
*
500,000
420,531
Stillwater
Critical
Minerals
Corp.
*
1,350,000
315,398
Visionary
Metals
Corp.
*
1,000,000
57,508
Vizsla
Royalties
Corp.
*
495,000
918,051
Vizsla
Royalties
Corp.,
144A
#∆
28,749
53,319
Portfolio
of
Investments
(unaudited)
17
See
notes
to
portfolios
of
investments.
March
31,
2026
World
Precious
Minerals
Fund
Common
Stocks (cont’d)
Shares
Value
Precious
Metals
(cont’d)
West
Point
Gold
Corp.
*
500,000
$
492,416
Xali
Gold
Corp.,
144A
#*∆
4,875,000
1,016,282
9,316,412
Real
Estate
Operating/Development
1.76%
Mammoth
Resources
Corp.
*~
5,500,000
207,570
Revival
Gold,
Inc.
*
1,808,400
1,013,983
1,221,553
Retail
-
Jewelry
0.44%
Mene,
Inc.
*
2,115,000
304,076
Silver
Mining
7.02%
Argenta
Silver
Corp.
*
1,225,000
528,359
Blackrock
Silver
Corp.
*
30,000
28,898
Endeavour
Silver
Corp.
*
30,000
279,922
Kootenay
Silver,
Inc.
*
400,000
425,563
Metallic
Minerals
Corp.
*
750,000
163,090
Southern
Silver
Exploration
Corp.
*
1,350,000
591,978
Vizsla
Silver
Corp.
*
800,000
2,651,139
Vizsla
Silver
Corp.,
144A
#∆
62,500
207,120
4,876,069
Total
Common
Stocks
67,325,803
(cost
$51,234,262)
Units
0.39%
Gold
Mining
0.39%
Gemdale
Gold
Corp.,
144A
#*@∆
200,000
273,165
(cost
$145,322)
Corporate
Non-Convertible
Bond
1.82%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Gold
Mining
1.82%
Aris
Gold
Corp.
7.50
08/26/27
$
355,883
1,263,385
(cost
$355,883)
Warrants
0.32%
Exercise
Price
Exp.
Date
Shares
Advanced
Materials/Production
0.00%
Nano
One
Materials
Corp.,
144A
#*@∆
$
1.75
12/10/27
87,500
0
Diamonds/Precious
Stones
0.00%
Barksdale
Resources
Corp.,
144A
#*@∆
0.60
01/09/27
147,500
0
Portfolio
of
Investments
(unaudited)
18
See
notes
to
portfolios
of
investments.
March
31,
2026
World
Precious
Minerals
Fund
Warrants (cont’d)
Exercise
Price
Exp.
Date
Shares
Value
Diversified
Minerals
0.02%
Minaurum
Gold,
Inc.,
144A
#*@∆
$
0.34
05/02/26
250,000
$
11,681
Minaurum
Gold,
Inc.,
144A
#*@∆
0.50
12/11/27
200,000
0
Western
Exploration,
Inc.,
144A
#*@∆
2.15
12/31/49
50,000
0
Western
Exploration,
Inc.,
144A
#*@∆
0.95
06/06/28
100,000
0
11,681
Gold
Mining
0.12%
Compass
Gold
Corp.,
144A
#*@∆
0.25
02/12/29
1,000,000
0
Dryden
Gold
Corp.,
144A
#*@∆
0.18
10/02/26
500,000
44,928
Orosur
Mining,
Inc.,
144A
#*@∆
0.45
03/27/27
375,000
31,001
STLLR
Gold,
Inc.,
144A
#*@∆
2.19
12/31/27
21,000
0
Westhaven
Gold
Corp.,
144A
#*@∆
0.22
10/17/26
350,000
11,322
87,251
Metal
-
Diversified
0.00%
Visionary
Copper
and
Gold
Mines,
Inc.,
144A
#*@∆
2.00
07/24/26
50,000
0
Visionary
Copper
and
Gold
Mines,
Inc.,
144A
#*@∆
1.10
12/18/27
133,588
0
0
Non-Ferrous
Metals
0.00%
Arizona
Eagle
Mining
Corp.,
144A
#*@∆
1.50
11/26/28
100,000
0
Precious
Metals
0.09%
1911
Gold
Corp.,
144A
#*@∆
1.20
12/04/27
22,500
0
Chesapeake
Gold
Corp.,
144A
#*@∆
5.65
01/27/29
7,500
0
Denarius
Metals
Corp.,
144A
#*@∆
0.70
11/19/28
100,000
22,284
GFG
Resources,
Inc.,
144A
#*@∆
0.28
02/05/27
1,000,000
0
GFG
Resources,
Inc.,
144A
#*@∆
0.24
11/03/27
500,000
0
GR
Silver
Mining,
Ltd.,
144A
#*@∆
0.28
08/12/28
300,000
14,018
Kuya
Silver
Corp.,
144A
#*@∆
0.65
08/14/28
200,000
25,879
Silver
Viper
Minerals
Corp.,
144A
#*@∆
1.50
04/12/27
50,000
0
Stillwater
Critical
Minerals
Corp.,
144A
#*@∆
0.34
06/25/28
150,000
0
Stillwater
Critical
Minerals
Corp.,
144A
#*@∆
0.64
12/24/28
290,000
0
62,181
Real
Estate
Operating/Development
0.04%
Revival
Gold,
Inc.,
144A
#*@∆
0.45
05/30/27
50,000
11,861
TDG
Gold
Corp.,
144A
#*@∆
0.42
07/06/26
115,000
15,707
27,568
Silver
Mining
0.05%
Kootenay
Silver,
Inc.,
144A
#*@∆
1.68
04/25/26
64,000
0
Kootenay
Silver,
Inc.,
144A
#*@∆
1.40
05/24/26
1,250,000
7,189
Metallic
Minerals
Corp.,
144A
#*@∆
0.34
07/30/27
220,000
0
Portfolio
of
Investments
(unaudited)
19
See
notes
to
portfolios
of
investments.
March
31,
2026
World
Precious
Minerals
Fund
Warrants (cont’d)
Exercise
Price
Exp.
Date
Shares
Value
Silver
Mining
(cont’d)
Southern
Silver
Exploration
Corp.,
144A
#*@∆
$
0.40
07/31/28
187,500
$
28,305
35,494
Total
Warrants
224,175
(cost
$0
)
Call
Option
Purchased
0.00%
Strike
Price
Exp.
Date
Notional
Contract
Value
Contracts
Value
Gold
Mining
0.00%
Pacgold,
Ltd.,
144A
#@∆
$
0.10
12/27
$
0
833,333
0
(premiums
paid
$0
)
Investments,
at
value
99.44%
69,086,528
(cost
$51,735,467
)
Other
assets
and
liabilities,
net
0.56%
386,170
Net
Assets
100.00%
$
69,472,698
Portfolio
of
Investments
(unaudited)
20
See
notes
to
portfolios
of
investments.
March
31,
2026
Gold
and
Precious
Metals
Fund
Common
Stocks
89.95%
Shares
Value
Commercial
Services
0.78%
Paragon
Advanced
Labs,
Inc.
*
954,430
$
2,229,816
Diversified
Minerals
0.95%
Alkane
Resources,
Ltd.
*
2,000,000
2,025,131
Culico
Metals,
Inc.
*
180,000
54,992
Leo
Lithium,
Ltd.
#*@
3,500,000
0
Mako
Mining
Corp.
*
100,000
644,095
2,724,218
Enterprise
Software/Services
0.36%
Abaxx
Technologies,
Inc.
*
30,000
1,035,152
Gold
Mining
50.15%
Agnico
Eagle
Mines,
Ltd.
30,000
6,089,400
Alamos
Gold,
Inc.
70,000
3,110,100
Anglogold
Ashanti
PLC
90,000
8,762,400
Aris
Mining
Corp.
*
340,000
6,313,134
Artemis
Gold,
Inc.
*
40,000
1,085,472
Asante
Gold
Corp.
*
96,620
79,874
Aura
Minerals,
Inc.
100,000
8,160,000
Black
Cat
Syndicate,
Ltd.
*
2,344,104
1,658,799
Black
Cat
Syndicate,
Ltd.
*
155,896
110,319
Borealis
Mining
Co.,
Ltd.
*
1,000,000
1,020,775
Catalyst
Metals,
Ltd.
*
400,000
1,803,461
Catalyst
Metals,
Ltd.
*
100,000
450,865
Centerra
Gold,
Inc.
210,000
3,734,742
DPM
Metals,
Inc.
270,000
9,506,578
DRDGOLD,
Ltd.,
ADR
50,000
1,468,500
Evolution
Mining,
Ltd.
500,000
4,502,357
Firefinch,
Ltd.
#*@
5,000,000
219,059
Gold
Fields,
Ltd.,
ADR
150,000
6,810,000
Heliostar
Metals,
Ltd.
*
1,500,000
2,587,880
Hemlo
Mining
Corp.
*
750,000
3,499,030
IAMGOLD
Corp.
*
575,000
10,821,500
K92
Mining,
Inc.
*
900,000
15,274,962
Kaiser
Reef,
Ltd.
*
5,107,143
965,846
Lundin
Gold,
Inc.
40,000
3,056,862
McEwen,
Inc.
*
100,000
2,046,582
Meeka
Metals,
Ltd.
*
4,000,000
496,535
Minera
Alamos,
Inc.
*
425,000
1,872,799
Mineros
SA
3,000,000
10,351,520
OceanaGold
Corp.
50,000
1,576,450
OR
Royalties,
Inc.
70,000
2,661,400
Pantoro
Gold,
Ltd.
*
200,000
466,724
Petropavlovsk
PLC
#*@+
4,886,855
0
Resolute
Mining,
Ltd.
*
1,000,000
988,833
Silver
Storm
Mining,
Ltd.
*
1,750,000
578,679
Portfolio
of
Investments
(unaudited)
21
See
notes
to
portfolios
of
investments.
March
31,
2026
Gold
and
Precious
Metals
Fund
Common
Stocks (cont’d)
Shares
Value
Gold
Mining
(cont’d)
St
Barbara,
Ltd.
*
1,331,691
$
574,995
St
Barbara,
Ltd.
*
668,309
288,561
Tolu
Minerals,
Ltd.
*
3,805,669
4,130,151
Torex
Gold
Resources,
Inc.
200,000
9,179,786
Westgold
Resources,
Ltd.
1,750,000
7,362,272
143,667,202
Investment
Companies
0.83%
Versamet
Royalties
Corp.
*
250,000
2,372,223
Metal
-
Copper
0.25%
Silverco
Mining,
Ltd.
*
94,000
728,431
Metal
-
Diversified
3.17%
Aclara
Resources,
Inc.
*
137,400
329,894
Silver
X
Mining
Corp.
*
1,550,000
824,528
Vox
Royalty
Corp.
1,512,000
7,922,880
9,077,302
Mining
Services
1.97%
Empress
Royalty
Corp.
*
2,742,000
1,872,547
LunR
Royalties
Corp.
*
50,000
1,093,020
Star
Royalties,
Ltd.
*
3,500,000
1,308,317
Summit
Royalties,
Ltd.
*
1,250,000
1,374,811
5,648,695
Platinum
3.30%
Impala
Platinum
Holdings,
Ltd.,
ADR
300,000
4,416,000
Northam
Platinum
Holdings,
Ltd.
40,000
816,189
Sibanye
Stillwater,
Ltd.,
ADR
275,000
3,388,000
Valterra
Platinum,
Ltd.
10,000
840,579
9,460,768
Precious
Metals
13.59%
Americas
Gold
&
Silver
Corp.
*
1,800,000
9,394,005
Avino
Silver
&
Gold
Mines,
Ltd.
*
100,000
632,000
Coeur
Mining,
Inc.
*
349,385
6,557,956
Elemental
Royalty
Corp.
150,000
2,824,024
Guanajuato
Silver
Co.,
Ltd.
*
4,000,000
1,754,008
Integra
Resources
Corp.
*
350,000
955,500
Luca
Mining
Corp.
*
2,750,000
2,767,594
Metalla
Royalty
&
Streaming,
Ltd.
*
500,000
3,315,000
Pan
African
Resources
PLC
750,000
1,389,686
Pan
American
Silver
Corp.
73,555
4,018,310
SSR
Mining,
Inc.
*
110,000
3,234,000
Triple
Flag
Precious
Metals
Corp.
60,000
2,082,600
38,924,683
Portfolio
of
Investments
(unaudited)
22
See
notes
to
portfolios
of
investments.
March
31,
2026
Gold
and
Precious
Metals
Fund
Common
Stocks (cont’d)
Shares
Value
Retail
-
Jewelry
0.34%
Mene,
Inc.
*
1,025,000
$
147,365
Mene,
Inc.,
144A
#∆
5,714,285
821,549
968,914
Silver
Mining
14.26%
Andean
Precious
Metals
Corp.
*
800,000
3,996,837
Aya
Gold
&
Silver,
Inc.
*
775,000
11,821,940
Discovery
Silver
Corp.
*
2,050,000
13,174,466
Endeavour
Silver
Corp.
*
235,200
2,194,591
First
Majestic
Silver
Corp.
50,000
1,074,000
Hecla
Mining
Co.
75,000
1,397,250
Santacruz
Silver
Mining,
Ltd.
*
350,000
3,041,838
Silver
Crown
Royalties,
Inc.
*
150,000
1,454,604
Silvercorp
Metals,
Inc.
250,000
2,685,000
40,840,526
Total
Common
Stocks
257,677,930
(cost
$130,790,284)
Corporate
Non-Convertible
Bonds
1.71%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Coal
0.00%
Caribbean
Resources
Corp.
#@^
19.25
06/15/15
$
485,766
0
Gold
Mining
1.71%
Aris
Gold
Corp.
7.50
08/26/27
1,383,652
4,911,965
Total
Corporate
Non-Convertible
Bonds
4,911,965
(cost
$1,869,409)
Warrants
0.16%
Exercise
Price
Exp.
Date
Shares
Gold
Mining
0.07%
Borealis
Mining
Co.,
144A
#*@∆
$
0.78
02/25/27
450,000
207,030
Metal
-
Diversified
0.00%
Silver
X
Mining
Corp.,
144A
#*@∆
0.70
09/29/28
500,000
14,377
Precious
Metals
0.00%
Guanajuato
Silver
Co.,
Ltd.,
144A
#*@∆
0.65
10/09/28
350,000
0
Portfolio
of
Investments
(unaudited)
23
See
notes
to
portfolios
of
investments.
March
31,
2026
Gold
and
Precious
Metals
Fund
Warrants (cont’d)
Exercise
Price
Exp.
Date
Shares
Value
Silver
Mining
0.09%
Silver
Crown
Royalties,
Inc.
#*
$
16.00
06/28/27
85,000
$
244,411
Total
Warrants
465,818
(cost
$6,135
)
Investments,
at
value
91.82%
263,055,713
(cost
$132,665,828
)
Other
assets
and
liabilities,
net
8.18%
23,426,495
Net
Assets
100.00%
$
286,482,208
Notes
to
Portfolios
of
Investments
(
unaudited
)
March
31,
2026
24
Legend
General
The
yields
reflect
the
effective
yield
from
the
date
of
purchase.
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
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
◊
Zero
coupon
bond.
Interest
rate
presented
is
yield
to
maturity.
‡
Adjustable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
the
current
interest
rates.
Rate
presented
is
as
of
March
31,
2026.
*
Non-income
producing
security.
@
Security
was
fair
valued
at
March
31,
2026,
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,
2026,
were
0.00%
of
Global
Luxury
Goods
Fund,
2.56%
of
Global
Resources
Fund,
1.58%
of
World
Precious
Minerals
Fund
and
0.15%
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,
2026
amounted
to
$2,171,337,
3.25%,
of
Global
Resources
Fund,
$3,030,519,
4.36%,
of
World
Precious
Minerals
Fund
and
$1,042,956,
0.36%,
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
BAM
Build
American
Mutual
Assurance
Company
ETF
Exchange
Traded
Fund
GO
General
Obligation
PLC
Public
Limited
Company
PSF-GTD
Public
School
Fund
Guarantee
RB
Revenue
Bond
Notes
to
Portfolios
of
Investments
(
unaudited
)
March
31,
2026
25
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,
2026,
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
$
–‌
$
30,265,344‌
$
–‌
$
30,265,344‌
Investments,
at
Value
$
–‌
$
30,265,344‌
$
–‌
$
30,265,344‌
Notes
to
Portfolios
of
Investments
(
unaudited
)
March
31,
2026
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
$
–‌
$
21,477,947‌
$
–‌
$
21,477,947‌
Investments,
at
Value
$
–‌
$
21,477,947‌
$
–‌
$
21,477,947‌
Quoted
Prices
in
Active
Markets
for
Identical
Investments
(Level
1)
Significant
Other
Observable
Inputs
(Level
2)
Significant
Unobservable
Inputs
(Level
3)
Total
Global
Luxury
Goods
Fund
Assets
Investments
in
Securities*
Common
Stocks
Apparel
Manufacturers
$
1,183,254‌
$
4,954,554‌
$
–‌
$
6,137,808‌
Athletic
Footwear
449,064‌
–‌
–‌
449,064‌
Automotive
-
Cars
&
Light
Trucks
7,093,691‌
2,136,926‌
–‌
9,230,617‌
Beverages
-
Wine/Spirits
150,000‌
353,963‌
–‌
503,963‌
Building
-
Residential/
Commercial
736,938‌
–‌
–‌
736,938‌
Casino
Hotels
818,021‌
–‌
–‌
818,021‌
Cosmetics
&
Toiletries
1,789,178‌
–‌
–‌
1,789,178‌
Cruise
Lines
4,612,361‌
–‌
–‌
4,612,361‌
Diversified
Banking
Institution
1,086,146‌
–‌
–‌
1,086,146‌
E-Commerce/Products
2,269,125‌
–‌
–‌
2,269,125‌
Energy
-
Alternate
Sources
–‌
–‌
0‌
0‌
Finance
-
Mortgage
Loan/
Banker
–‌
–‌
0‌
0‌
Gold
Mining
1,118,062‌
139,721‌
–‌
1,257,783‌
Hotels
&
Motels
2,240,843‌
480,474‌
–‌
2,721,317‌
Precious
Metals
405,795‌
–‌
–‌
405,795‌
Real
Estate
Operating/
Development
–‌
–‌
0‌
0‌
Recreational
Centers
1,107,234‌
–‌
–‌
1,107,234‌
Retail
-
Apparel/Shoe
–‌
2,964,734‌
–‌
2,964,734‌
Retail
-
Jewelry
–‌
2,669,906‌
–‌
2,669,906‌
Textile
-
Apparel
3,440,077‌
–‌
–‌
3,440,077‌
Notes
to
Portfolios
of
Investments
(
unaudited
)
March
31,
2026
27
Global
Luxury
Goods
Fund
Assets
(continued)
Preferred
Stock
Automotive
-
Cars
&
Light
Trucks
$
–‌
$
73,234‌
$
–‌
$
73,234‌
Corporate
Non-Convertible
Bond
–‌
1,020,867‌
–‌
1,020,867‌
Exchange
Traded
Fund
89,460‌
–‌
–‌
89,460‌
Investments,
at
Value
28,589,249‌
14,794,379‌
0‌
43,383,628‌
Total
Assets
$
28,589,249‌
$
14,794,379‌
$
0‌
$
43,383,628‌
Liabilities
Other
Financial
Instruments
†
Currency
Contracts
–‌
(29,042‌)
–‌
(29,042‌)
Total
Liabilities
$
–‌
$
(29,042‌)
$
–‌
$
(29,042‌)
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
$
244,195‌
$
–‌
$
–‌
$
244,195‌
Agricultural
Chemicals
2,263,800‌
–‌
–‌
2,263,800‌
Agricultural
Operations
508,800‌
–‌
–‌
508,800‌
Chemicals
-
Diversified
562,217‌
–‌
–‌
562,217‌
Coal
608,033‌
317,211‌
0‌
925,244‌
Commercial
Services
233,628‌
–‌
–‌
233,628‌
Diversified
Minerals
2,285,837‌
33,423‌
719‌
2,319,979‌
Electric
-
Integrated
262,160‌
–‌
–‌
262,160‌
Energy
-
Alternate
Sources
360,360‌
362,051‌
0‌
722,411‌
Enterprise
Software/
Services
10,351,520‌
–‌
–‌
10,351,520‌
Finance
-
Other
Services
299,278‌
–‌
–‌
299,278‌
Gold
Mining
10,401,650‌
430,451‌
43,812‌
10,875,913‌
Investment
Companies
–‌
128,207‌
–‌
128,207‌
Machinery
-
Construction
&
Mining
708,460‌
–‌
–‌
708,460‌
Metal
-
Aluminum
132,660‌
–‌
–‌
132,660‌
Metal
-
Copper
1,634,498‌
–‌
–‌
1,634,498‌
Metal
-
Diversified
2,931,868‌
1,535,771‌
575,085‌
5,042,724‌
Metal
-
Iron
–‌
–‌
0‌
0‌
Mining
Services
1,576,055‌
–‌
–‌
1,576,055‌
Natural
Resource
Technology
–‌
–‌
202,832‌
202,832‌
Non-Ferrous
Metals
1,853,812‌
292,689‌
0‌
2,146,501‌
Oil
-
Field
Services
355,640‌
–‌
–‌
355,640‌
Notes
to
Portfolios
of
Investments
(
unaudited
)
March
31,
2026
28
Global
Resources
Fund
Common
Stocks
(continued)
Oil
Companies
-
Exploration
&
Production
$
6,547,794‌
$
–‌
$
–‌
$
6,547,794‌
Oil
Companies
-
Field
Services
1,293,080‌
–‌
–‌
1,293,080‌
Oil
Companies
-
Integrated
6,973,610‌
–‌
–‌
6,973,610‌
Oil
Refining
&
Marketing
741,240‌
–‌
–‌
741,240‌
Pipelines
1,759,312‌
–‌
–‌
1,759,312‌
Platinum
130,125‌
–‌
–‌
130,125‌
Pollution
Control
177,917‌
–‌
–‌
177,917‌
Precious
Metals
1,924,955‌
–‌
–‌
1,924,955‌
Real
Estate
Operating/
Development
841,061‌
4,487‌
0‌
845,548‌
Recycling
7,548‌
–‌
–‌
7,548‌
Retail
-
Jewelry
107,828‌
–‌
–‌
107,828‌
Silver
Mining
1,797,156‌
–‌
–‌
1,797,156‌
Corporate
Convertible
Bond
–‌
–‌
529,440‌
529,440‌
Corporate
Non-Convertible
Bond
–‌
1,250,615‌
–‌
1,250,615‌
Warrants
Advanced
Materials/
Production
–‌
0‌
–‌
0‌
Diamonds/Precious
Stones
–‌
0‌
–‌
0‌
Diversified
Minerals
–‌
86,263‌
–‌
86,263‌
Metal
-
Copper
–‌
5,391‌
–‌
5,391‌
Metal
-
Diversified
–‌
0‌
–‌
0‌
Mining
Services
–‌
0‌
–‌
0‌
Oil
Companies
-
Exploration
&
Production
–‌
64,697‌
–‌
64,697‌
Real
Estate
Operating/
Development
–‌
43,401‌
–‌
43,401‌
Silver
Mining
–‌
226,440‌
–‌
226,440‌
Investments,
at
Value
59,876,097‌
4,781,097‌
1,351,888‌
66,009,082‌
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
$
1,706,585‌
$
–‌
$
–‌
$
1,706,585‌
Coal
–‌
–‌
0‌
0‌
Commercial
Services
261,663‌
–‌
–‌
261,663‌
Diversified
Minerals
3,457,569‌
–‌
0‌
3,457,569‌
Gold
Mining
35,858,183‌
5,724,967‌
22,913‌
41,606,063‌
Metal
-
Copper
216,217‌
–‌
–‌
216,217‌
Notes
to
Portfolios
of
Investments
(
unaudited
)
March
31,
2026
29
World
Precious
Minerals
Fund
Common
Stocks
(continued)
Metal
-
Diversified
$
3,268,967‌
$
67,353‌
$
575,085‌
$
3,911,405‌
Mining
Services
–‌
–‌
755‌
755‌
Non-Ferrous
Metals
438,946‌
–‌
–‌
438,946‌
Oil
Companies
-
Exploration
&
Production
–‌
–‌
0‌
0‌
Optical
Recognition
Equipment
–‌
–‌
108‌
108‌
Platinum
8,382‌
–‌
–‌
8,382‌
Precious
Metals
9,316,412‌
–‌
–‌
9,316,412‌
Real
Estate
Operating/
Development
1,221,553‌
–‌
–‌
1,221,553‌
Retail
-
Jewelry
304,076‌
–‌
–‌
304,076‌
Silver
Mining
4,876,069‌
–‌
–‌
4,876,069‌
Units
Gold
Mining
–‌
–‌
273,165‌
273,165‌
Corporate
Non-Convertible
Bond
–‌
1,263,385‌
–‌
1,263,385‌
Warrants
Advanced
Materials/
Production
–‌
0‌
–‌
0‌
Diamonds/Precious
Stones
–‌
0‌
–‌
0‌
Diversified
Minerals
–‌
11,681‌
–‌
11,681‌
Gold
Mining
–‌
87,251‌
–‌
87,251‌
Metal
-
Diversified
–‌
0‌
–‌
0‌
Non-Ferrous
Metals
–‌
0‌
–‌
0‌
Precious
Metals
–‌
62,181‌
–‌
62,181‌
Real
Estate
Operating/
Development
–‌
27,568‌
–‌
27,568‌
Silver
Mining
–‌
35,494‌
–‌
35,494‌
Call
Option
–‌
0‌
–‌
0‌
Investments,
at
Value
60,934,622‌
7,279,880‌
872,026‌
69,086,528‌
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
Commercial
Services
$
2,229,816‌
$
–‌
$
–‌
$
2,229,816‌
Diversified
Minerals
699,087‌
2,025,131‌
0‌
2,724,218‌
Enterprise
Software/
Services
1,035,152‌
–‌
–‌
1,035,152‌
Gold
Mining
119,648,425‌
23,799,718‌
219,059‌
143,667,202‌
Investment
Companies
2,372,223‌
–‌
–‌
2,372,223‌
Metal
-
Copper
728,431‌
–‌
–‌
728,431‌
Metal
-
Diversified
9,077,302‌
–‌
–‌
9,077,302‌
Notes
to
Portfolios
of
Investments
(
unaudited
)
March
31,
2026
30
The
following
is
a
reconciliation
of
assets
for
which
unobservable
inputs
(Level
3)
were
used
in
determining
fair
value
during
the
period
January
1,
2026
through
March
31,
2026:
Gold
And
Precious
Metals
Fund
Common
Stocks
(continued)
Mining
Services
$
5,648,695‌
$
–‌
$
–‌
$
5,648,695‌
Platinum
7,804,000‌
1,656,768‌
–‌
9,460,768‌
Precious
Metals
37,534,997‌
1,389,686‌
–‌
38,924,683‌
Retail
-
Jewelry
968,914‌
–‌
–‌
968,914‌
Silver
Mining
40,840,526‌
–‌
–‌
40,840,526‌
Corporate
Non-Convertible
Bonds
–‌
4,911,965‌
0‌
4,911,965‌
Warrants
Gold
Mining
–‌
207,030‌
–‌
207,030‌
Metal
-
Diversified
–‌
14,377‌
–‌
14,377‌
Precious
Metals
–‌
0‌
–‌
0‌
Silver
Mining
–‌
244,411‌
–‌
244,411‌
Investments,
at
Value
$
228,587,568‌
$
34,249,086‌
$
219,059‌
$
263,055,713‌
*
Refer
to
the
Portfolio
of
Investments
for
a
detailed
list
of
the
Fund’s
investments.
Common
Stocks
Total
Global
Luxury
Goods
Fund
Beginning
Balance
12/31/25
$
0‌
$
0‌
Net
change
in
unrealized
appreciation
(depreciation)
—‌
—‌
Ending
Balance
03/31/26
$
0‌
$
0‌
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
03/31/26
(1)
$
—‌
$
—‌
Common
Stocks
Subscription
Receipts
Corporate
Convertible
Bond
Total
Global
Resources
Fund
Beginning
Balance
12/31/25
$
707,460‌
$
45,572‌
$
539,180‌
$
1,292,212‌
Transfers
(29,143‌)
(45,572‌)
‌-
(74,715‌)
Net
change
in
unrealized
appreciation
(depreciation)
144,131‌
‌-
(9,740‌)
134,391‌
Ending
Balance
03/31/26
$
822,448‌
$
‌-
$
529,440‌
$
1,351,888‌
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
03/31/26
(1)
$
144,131‌
$
‌-
$
(9,740‌)
$
134,391‌
Common
Stocks
Subscription
Receipts
Units
Total
World
Precious
Minerals
Fund
Beginning
Balance
12/31/25
$
620,616‌
$
218,571‌
$
145,714‌
$
984,901‌
Corporate
Action
—‌
(214,157‌)
—‌
(214,157‌)
Net
change
in
unrealized
appreciation
(depreciation)
(21,755‌)
(4,414‌)
127,451‌
101,282‌
Ending
Balance
03/31/26
$
598,861‌
$
—‌
$
273,165‌
$
872,026‌
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
03/31/26
(1)
$
(21,755‌)
$
—‌
$
127,451‌
$
105,696‌
Notes
to
Portfolios
of
Investments
(
unaudited
)
March
31,
2026
31
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.
Common
Stocks
Corporate
Non-
Convertible
Bond
Total
Gold
and
Precious
Metals
Fund
Beginning
Balance
12/31/25
$
274,014‌
$
0‌
$
274,014‌
Net
change
in
unrealized
appreciation
(depreciation)
(54,955‌)
—‌
(54,955‌)
Ending
Balance
03/31/26
$
219,059‌
$
0‌
$
219,059‌
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
03/31/26
(1)
$
(54,955‌)
$
—‌
$
(54,955‌)
(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
December
31,
2025.
Fair
Value
at
03/31/26
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
822,448
Market
Transaction
(1)
Discount
Corporate
Convertible
Bond
529,440
Market
Transaction
(1)
Discount
0%
World
Precious
Minerals
Fund
Investments
in
Securities
0%
-
100%
discount
(94%
discount)
Common
Stocks
598,861
Market
Transaction
(1)
Discount
Units
273,165
Market
Transaction
(1)
Discount
0%
Gold
and
Precious
Metals
Fund
Investments
in
Securities
0%
-
100%
discount
(85%
discount)
Common
Stocks
219,059
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.
Notes
to
Portfolios
of
Investments
(
unaudited
)
March
31,
2026
32
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,
2026.
At
March
31,
2026,
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,
2026,
the
value
of
investments
in
affiliated
companies
was
$6,073,971,
representing
8.74%
of
net
assets,
and
the
total
cost
was
$4,345,484.
Restricted
Securities
The
following
securities
are
subject
to
contractual
and
regulatory
restrictions
on
resale
or
transfer.
These
investments
may
involve
a
high
degree
of
business
and
financial
risk.
Because
of
the
thinly
traded
markets
for
these
investments,
a
Fund
may
be
unable
to
liquidate
its
securities
in
a
timely
manner,
especially
if
there
is
negative
news
regarding
the
specific
securities
or
the
markets
overall.
These
securities
could
decline
significantly
in
value
before
the
Fund
could
liquidate
these
securities.
The
issuer
bears
the
cost
of
registration,
if
any,
involved
in
the
disposition
of
these
securities.
Shares
of
Affiliated
Companies
Global
Resources
Fund
December
31,
2025
Additions
Reductions
March
3
1
,
202
6
Pacific
Green
Energy
Corp.
2,400,000‌
—‌
—‌
2,400,000‌
Values
of
Affiliated
Companies
Global
Resources
Fund
December
31,
202
5
Purchases
Cost
Sales
Proceeds
March
31
,
202
6
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,
2025
Additions
Corporate
Action
Reductions
March
31,
202
6
Mammoth
Resources
Corp.
5,500,000‌
—‌
—‌
—‌
5,500,000‌
TriStar
Gold,
Inc.
30,225,000‌
—‌
—‌
—‌
30,225,000‌
Values
of
Affiliated
Companies
World
Precious
Minerals
Fund
December
31,
202
5
Purchases
Cost
Corporate
Action
Sales
Proceeds
March
31,
202
6
Income
Realized
Gain
(Loss)
on
Investments
Change
in
Unrealized
Appreciation
(Depreciation)
Mammoth
Resources
Corp.
$
210,375‌
$
—‌
$
—‌
$
—‌
$
207,570‌
$
—‌
$
—‌
$
(2,805‌)
TriStar
Gold,
Inc.
4,514,316‌
—‌
—‌
—‌
5,866,401‌
—‌
—‌
)
1,352,085‌
$
4,724,691‌
$
—‌
$
—‌
$
—‌
$
6,073,971‌
$
—‌
$
—‌
$
1,349,280‌
Notes
to
Portfolios
of
Investments
(
unaudited
)
March
31,
2026
33
As
of
March
31,
2026,
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,
2026,
the
total
cost
of
restricted
securities
was
$7,473,544,
and
the
total
value
was
$202,832,
representing
0.30%
of
net
assets.
As
of
March
31,
2026,
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,
2026,
were
as
follows:
Global
Luxury
Goods
Fund
Acquisition
Date
Cost
per
Share/Unit
Infrastructure
Ventures,
Inc.
08/06/10-11/22/10
$
1.00
Global
Resources
Fund
Acquisition
Date
Cost
per
Share/Unit
I-Pulse,
Inc.,
144A
10/04/07
$
1.88
Infrastructure
Ventures,
Inc.
08/06/10-11/22/10
$
1.00
Gold
and
Precious
Metals
Fund
Acquisition
Date
Cost
per
Share/Unit
Petropavlovsk
PLC
09/15/21-10/07/21
$
0.28
Fund
Counterparty
Currency
to
Deliver
Currency
to
Receive
Settlement
Date
Settlement
Value
at
March
31,
2026
Net
Unrealized
Depreciation
Global
Luxury
Goods
Fund
Brown
Brothers
Harriman
&
Co.
USD
3,018,080‌
EUR
2,600,000‌
4/17/2026
$
3,007,805‌
$
(10,275‌)
Brown
Brothers
Harriman
&
Co.
EUR
2,600,000‌
USD
2,989,038‌
4/17/2026
3,007,805‌
(18,767‌)