US Global Investors Funds
08/27/2026 | Press release | Distributed by Public on 08/27/2026 06:50
Semi-Annual Report by Investment Company (Form N-CSRS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-01800
U.S. GLOBAL INVESTORS FUNDS
190 Middle Street, Suite 101
Portland, Maine 04101
Zachary Tackett, Principal Executive Officer
190 Middle Street, Suite 101
Portland, Maine 04101
207-347-2000
Date of fiscal year end: December 31
Date of reporting period: January 1, 2026 - June 30, 2026
ITEM 1. REPORT TO SHAREHOLDERS.
(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act, as amended ("Act"), is attached hereto.
Global Luxury Goods Fund
USLUX
: Investor Class
Semi-Annual Shareholder Report - June 30, 2026
Fund Overview
This semi-annual shareholder report contains important information about the USGI Global Luxury Goods Fund for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Fund at www.usfunds.com/invest-with-us/prospectus-2/. You can also request this information by contacting us at (800) 873-8637.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor Class
|
$85
|
1.75%
|
Fund Statistics
Table Summary
|
Total Net Assets
|
$51,392,148
|
|
# of Portfolio Holdings
|
52
|
|
Portfolio Turnover Rate
|
45%
|
|
Management Fee (Net of fees waived)
|
$222,167
|
Top Ten Holdings
(% net assets)
Table Summary
|
LVMH Moet Hennessy Louis Vuitton SE, ADR
|
6.78%
|
|
Hermes International SCA
|
6.26%
|
|
Cie Financiere Richemont SA
|
6.01%
|
|
Ferrari NV
|
5.74%
|
|
Tesla, Inc.
|
5.28%
|
|
Royal Caribbean Cruises, Ltd.
|
5.27%
|
|
Viking Holdings, Ltd.
|
3.85%
|
|
Amazon.com, Inc.
|
3.48%
|
|
Mercedes-Benz Group AG, ADR
|
3.21%
|
|
Carnival Corp., Ltd.
|
2.92%
|
Sector Weightings
(% total investments)
Table Summary
|
Value
|
Value
|
|
Consumer Discretionary
|
60.7%
|
|
Consumer Staples
|
22.7%
|
|
Financials
|
6.4%
|
|
Materials
|
4.4%
|
|
Communication Services
|
3.6%
|
|
Other
|
2.2%
|
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy information, please visit www.usfunds.com/invest-with-us/prospectus-2/.
U.S. Global Investors Funds
Global Luxury Goods Fund
USLUX
: Investor Class
Semi-Annual Shareholder Report - June 30, 2026
252S-USLUX-26
Global Resources Fund
PSPFX
: Investor Class
Semi-Annual Shareholder Report - June 30, 2026
Fund Overview
This semi-annual shareholder report contains important information about the USGI Global Resources Fund for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Fund at www.usfunds.com/invest-with-us/prospectus-2/. You can also request this information by contacting us at (800) 873-8637.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor Class
|
$84
|
1.75%
|
Fund Statistics
Table Summary
|
Total Net Assets
|
$54,244,348
|
|
# of Portfolio Holdings
|
114
|
|
Portfolio Turnover Rate
|
24%
|
|
Management Fee (Net of fees waived)
|
$278,370
|
Top Ten Holdings
(% net assets)
Table Summary
|
Abaxx Technologies, Inc.
|
11.01%
|
|
Montage Gold Corp.
|
8.39%
|
|
Woodside Energy Group, Ltd., ADR
|
4.45%
|
|
Sunrise Energy Metals, Ltd.
|
3.89%
|
|
TotalEnergies SE
|
3.16%
|
|
Nutrien, Ltd.
|
2.90%
|
|
Cheniere Energy, Inc.
|
2.73%
|
|
Shell PLC, ADR
|
2.57%
|
|
K92 Mining, Inc.
|
2.32%
|
|
Coeur Mining, Inc.
|
2.26%
|
Sector Weightings
(% total investments)
Table Summary
|
Value
|
Value
|
|
Gold Mining
|
18.9%
|
|
Metal - Diversified
|
13.1%
|
|
Enterprise Software/Services
|
11.5%
|
|
Oil Companies - Integrated
|
8.7%
|
|
Oil Companies - Exploration & Production
|
7.5%
|
|
Metal - Copper
|
5.1%
|
|
Diversified Minerals
|
4.3%
|
|
Precious Metals
|
3.4%
|
|
Silver Mining
|
3.3%
|
|
Agricultural Chemicals
|
3.0%
|
|
Other
|
21.2%
|
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy information, please visit www.usfunds.com/invest-with-us/prospectus-2/.
U.S. Global Investors Funds
Global Resources Fund
PSPFX
: Investor Class
Semi-Annual Shareholder Report - June 30, 2026
252S-PSPFX-26
Gold and Precious Metals Fund
USERX
: Investor Class
Semi-Annual Shareholder Report - June 30, 2026
Fund Overview
This semi-annual shareholder report contains important information about the USGI Gold and Precious Metals Fund for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Fund at www.usfunds.com/invest-with-us/prospectus-2/. You can also request this information by contacting us at (800) 873-8637.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor Class
|
$72
|
1.53%
|
Fund Statistics
Table Summary
|
Total Net Assets
|
$243,450,950
|
|
# of Portfolio Holdings
|
80
|
|
Portfolio Turnover Rate
|
20%
|
|
Management Fee Paid
|
$1,343,363
|
Top Ten Holdings
(% net assets)
Table Summary
|
K92 Mining, Inc.
|
6.45%
|
|
Aya Gold & Silver, Inc.
|
6.03%
|
|
Discovery Silver Corp.
|
5.03%
|
|
Americas Gold & Silver Corp.
|
4.66%
|
|
Mineros SA
|
4.58%
|
|
DPM Metals, Inc.
|
4.00%
|
|
IAMGOLD Corp.
|
3.74%
|
|
Vox Royalty Corp.
|
2.94%
|
|
Barrick Mining Corp.
|
2.57%
|
|
Aris Mining Corp.
|
2.45%
|
Sector Weightings
(% total investments)
Table Summary
|
Value
|
Value
|
|
Gold Mining
|
51.1%
|
|
Silver Mining
|
18.2%
|
|
Precious Metals
|
17.1%
|
|
Metal - Diversified
|
3.6%
|
|
Other
|
10.0%
|
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy information, please visit www.usfunds.com/invest-with-us/prospectus-2/.
U.S. Global Investors Funds
Gold and Precious Metals Fund
USERX
: Investor Class
Semi-Annual Shareholder Report - June 30, 2026
252S-USERX-26
Near-Term Tax Free Fund
NEARX
: Investor Class
Semi-Annual Shareholder Report - June 30, 2026
Fund Overview
This semi-annual shareholder report contains important information about the USGI Near-Term Tax Free Fund for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Fund at www.usfunds.com/invest-with-us/prospectus-2/. You can also request this information by contacting us at (800) 873-8637.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor Class
|
$22
|
0.45%
|
Fund Statistics
Table Summary
|
Total Net Assets
|
$20,643,444
|
|
# of Portfolio Holdings
|
37
|
|
Portfolio Turnover Rate
|
30%
|
|
Management Fee (Net of fees waived)
|
$(58,234)
|
Top Ten Area Concentrations
(% of net assets)
Table Summary
|
Texas
|
17.76%
|
|
Tennessee
|
11.50%
|
|
Kentucky
|
10.23%
|
|
California
|
9.97%
|
|
Pennsylvania
|
6.08%
|
|
Wisconsin
|
5.93%
|
|
Alabama
|
5.15%
|
|
Illinois
|
4.99%
|
|
Kansas
|
3.25%
|
|
New Mexico
|
2.99%
|
Maturity Weightings
(% total investments)
Table Summary
|
Value
|
Value
|
|
Less than 1 Month
|
41.5%
|
|
1-3 Months
|
5.9%
|
|
3-12 Months
|
23.2%
|
|
1-3 Years
|
29.4%
|
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy information, please visit www.usfunds.com/invest-with-us/prospectus-2/.
U.S. Global Investors Funds
Near-Term Tax Free Fund
NEARX
: Investor Class
Semi-Annual Shareholder Report - June 30, 2026
252S-NEARX-26
U.S. Government Securities Ultra-Short Bond Fund
UGSDX
: Investor Class
Semi-Annual Shareholder Report - June 30, 2026
Fund Overview
This semi-annual shareholder report contains important information about the USGI U.S. Government Securities Ultra-Short Bond Fund for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Fund at www.usfunds.com/invest-with-us/prospectus-2/. You can also request this information by contacting us at (800) 873-8637.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor Class
|
$22
|
0.45%
|
Fund Statistics
Table Summary
|
Total Net Assets
|
$30,994,869
|
|
# of Portfolio Holdings
|
12
|
|
Portfolio Turnover Rate
|
8%
|
|
Management Fee (Net of fees waived)
|
$(44,904)
|
Top Ten Holdings
(% net assets)
Table Summary
|
U.S. Treasury Bill
|
15.54%
|
|
U.S. Treasury Note/Bond
|
14.48%
|
|
Federal Home Loan Mortgage Corp.
|
11.23%
|
|
U.S. Treasury Bill
|
9.66%
|
|
U.S. Treasury Bill
|
7.92%
|
|
U.S. Treasury Bill
|
6.43%
|
|
U.S. Treasury Note/Bond
|
6.40%
|
|
U.S. Treasury Bill
|
6.24%
|
|
Federal Home Loan Mortgage Corp.
|
5.28%
|
|
Federal Home Loan Bank
|
4.80%
|
Sector Weightings
(% total investments)
Table Summary
|
Value
|
Value
|
|
U.S. Treasury Bill
|
55.2%
|
|
U.S. Treasury Note/Bond
|
22.2%
|
|
Federal Home Loan Mortgage Corp.
|
17.5%
|
|
Federal Home Loan Bank
|
5.1%
|
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy information, please visit www.usfunds.com/invest-with-us/prospectus-2/.
U.S. Global Investors Funds
U.S. Government Securities Ultra-Short Bond Fund
UGSDX
: Investor Class
Semi-Annual Shareholder Report - June 30, 2026
252S-UGSDX-26
World Precious Minerals Fund
UNWPX
: Investor Class
Semi-Annual Shareholder Report - June 30, 2026
Fund Overview
This semi-annual shareholder report contains important information about the USGI World Precious Minerals Fund for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Fund at www.usfunds.com/invest-with-us/prospectus-2/. You can also request this information by contacting us at (800) 873-8637.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor Class
|
$85
|
1.75%
|
Fund Statistics
Table Summary
|
Total Net Assets
|
$66,748,228
|
|
# of Portfolio Holdings
|
158
|
|
Portfolio Turnover Rate
|
19%
|
|
Management Fee (Net of fees waived)
|
$367,915
|
Top Ten Holdings
(% net assets)
Table Summary
|
Omai Gold Mines Corp.
|
7.47%
|
|
Radisson Mining Resources, Inc.
|
6.64%
|
|
Montage Gold Corp.
|
5.01%
|
|
G2 Goldfields, Inc.
|
4.97%
|
|
TriStar Gold, Inc.
|
4.95%
|
|
Vizsla Silver Corp.
|
3.94%
|
|
K92 Mining, Inc.
|
3.53%
|
|
Vizsla Royalties Corp.
|
2.79%
|
|
Tolu Minerals, Ltd.
|
2.44%
|
|
Highlander Silver Corp.
|
2.29%
|
Sector Weightings
(% total investments)
Table Summary
|
Value
|
Value
|
|
Gold Mining
|
57.9%
|
|
Precious Metals
|
16.8%
|
|
Silver Mining
|
8.9%
|
|
Metal - Diversified
|
6.2%
|
|
Diversified Minerals
|
4.5%
|
|
Other
|
5.7%
|
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy information, please visit www.usfunds.com/invest-with-us/prospectus-2/.
U.S. Global Investors Funds
World Precious Minerals Fund
UNWPX
: Investor Class
Semi-Annual Shareholder Report - June 30, 2026
252S-UNWPX-26
(b) Not applicable.
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. INVESTMENTS.
(a) Included as part of financial statements filed under Item 7(a).
(b) Not applicable.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
(a)
U.S.
Global
Investors
Funds
Semi-Annual
Financials
and
Other
Information
June
30,
2026
(unaudited)
U.S.
Global
Investors
Funds
Semi-Annual
Financials
and
Other
Information
June
30,
2026
Table
of
Contents
(unaudited)
Portfolios
of
Investments
5
Notes
to
Portfolios
of
Investments
28
Statements
of
Assets
and
Liabilities
38
Statements
of
Operations
40
Statements
of
Changes
in
Net
Assets
42
Notes
to
Financial
Statements
46
Financial
Highlights
57
Other
Information
63
Apex
Fund
Services
190
Middle
Street,
Suite
101
Portland,
ME
04101
Nasdaq
Symbols
(unaudited)
U.S.
Global
Investors
Funds
Investor
Class
U.S.
Government
Securities
Ultra-Short
Bond
Fund
UGSDX
Near-Term
Tax
Free
Fund
NEARX
Global
Luxury
Goods
Fund
USLUX
Global
Resources
Fund
PSPFX
World
Precious
Minerals
Fund
UNWPX
Gold
and
Precious
Metals
Fund
USERX
Portfolio
of
Investments
(unaudited)
5
See
notes
to
portfolios
of
investments.
June
30,
2026
U.S.
Government
Securities
Ultra-Short
Bond
Fund
United
States
Government
and
Agency
Obligations
94.32%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Federal
Home
Loan
Bank
4.80%
Fixed
Rates:
1.11
10/28/26
$
1,500,000
$
1,486,205
Federal
Home
Loan
Mortgage
Corp.
16.51%
‡
Fixed
Rates:
2.53
10/25/26
1,644,656
1,636,177
3.44
11/25/26
3,500,000
3,482,080
5,118,257
U.S.
Treasury
Bill
52.13%
◊
Yield
to
Maturity:
3.65
07/21/26
3,000,000
2,994,006
3.83
-
3.88
08/06/26
2,000,000
1,992,780
3.54
08/13/26
1,000,000
995,649
3.83
-
3.89
12/24/26
2,500,000
2,453,169
3.72
04/15/27
1,000,000
969,906
3.77
05/13/27
2,000,000
1,933,959
3.90
06/10/27
5,000,000
4,817,675
16,157,144
U.S.
Treasury
Note/Bond
20.88%
Fixed
Rates:
3.75
04/30/28
2,000,000
1,985,781
4.00
05/31/28
4,500,000
4,487,168
6,472,949
Total
United
States
Government
and
Agency
Obligations
29,234,555
Investments,
at
value
94.32%
29,234,555
(cost
$29,256,910
)
Other
assets
and
liabilities,
net
5.68%
1,760,314
Net
Assets
100.00%
$
30,994,869
Portfolio
of
Investments
(unaudited)
6
See
notes
to
portfolios
of
investments.
June
30,
2026
Near-Term
Tax
Free
Fund
Municipal
Bonds
98.11%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Alabama
5.15%
Black
Belt
Energy,
Alabama,
RB
‡
5.00
12/01/55
$
500,000
$
532,922
Black
Belt
Energy
Gas
District,
Alabama,
RB
5.00
12/01/34
500,000
529,578
1,062,500
California
9.97%
California
Community
Choice
Financing
Authority,
California,
RB
‡
5.00
01/01/55
2,000,000
2,059,270
Colorado
1.99%
City
of
Greeley
CO
Water
Revenue,
Colorado,
Refunding,
RB
5.00
08/01/27
400,000
411,010
Connecticut
1.82%
City
of
New
London
CT,
Connecticut,
GO
Unlimited
1.25
03/15/31
200,000
175,432
State
of
Connecticut,
Connecticut,
Refunding,
GO
Unlimited
5.00
05/15/27
200,000
200,277
375,709
Hawaii
0.85%
State
of
Hawaii,
Hawaii,
Refunding,
GO
Unlimited
5.00
10/01/27
175,000
176,113
Illinois
4.99%
State
of
Illinois,
Illinois,
GO
Unlimited
5.00
11/01/28
1,000,000
1,030,150
Kansas
3.25%
City
of
Bel
Aire
KS,
Kansas,
GO
Unlimited
3.00
12/01/28
500,000
500,693
City
of
Lawrence
KS,
Kansas,
GO
Unlimited
3.25
09/01/27
170,000
170,044
670,737
Kentucky
10.23%
Kentucky
Public
Energy
Authority,
Kentucky,
Refunding,
RB
5.00
05/01/36
1,000,000
1,054,534
Kentucky
Public
Energy
Authority,
Kentucky,
Refunding,
RB
‡
5.00
01/01/55
1,000,000
1,057,845
2,112,379
Maryland
2.46%
County
of
Howard
MD,
Maryland,
Refunding,
GO
Unlimited
5.00
02/15/28
500,000
507,763
Portfolio
of
Investments
(unaudited)
7
See
notes
to
portfolios
of
investments.
June
30,
2026
Near-Term
Tax
Free
Fund
Municipal
Bonds (cont'd)
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Massachusetts
2.64%
New
Bedford
Housing
Authority,
Massachusetts,
RB
2.45
10/01/27
$
550,000
$
544,720
Michigan
1.77%
Great
Lakes
Water
Authority
Water
Supply
System
Revenue,
Michigan,
Refunding,
RB
5.00
07/01/26
365,000
365,000
Minnesota
2.66%
City
of
Woodbury
MN,
Minnesota,
GO
Unlimited
3.00
02/01/28
550,000
550,133
New
Mexico
2.99%
City
of
Rio
Rancho
NM,
New
Mexico,
GO
Unlimited
5.00
08/01/27
600,000
616,319
New
York
0.97%
City
of
New
York
NY,
New
York,
Refunding,
GO
Unlimited
5.00
08/01/26
200,000
200,374
North
Carolina
1.97%
City
of
Cherryville
NC,
North
Carolina,
GO
Unlimited
2.00
11/01/31
440,000
406,812
Oregon
2.40%
City
of
Ashland
OR,
Oregon,
GO
Limited
2.38
10/01/26
200,000
199,455
City
of
Lincoln
City
OR,
Oregon,
Refunding,
GO
Unlimited
2.50
06/01/28
300,000
296,628
496,083
Pennsylvania
6.08%
Delaware
River
Port
Authority,
Pennsylvania,
Refunding,
RB
5.00
01/01/27
500,000
506,112
Williamsport
Sanitary
Authority,
Pennsylvania,
Refunding,
RB
BAM
5.00
01/01/27
740,000
748,566
1,254,678
Tennessee
11.50%
City
of
Manchester
TN,
Tennessee,
Refunding,
GO
Unlimited
3.00
06/01/36
450,000
424,618
County
of
Jefferson
TN,
Tennessee,
Refunding,
GO
Unlimited
5.00
06/01/27
500,000
511,282
Paris
Utility
Authority
Electric
System
Revenue,
Tennessee,
RB
5.00
06/01/28
155,000
161,792
Portfolio
of
Investments
(unaudited)
8
See
notes
to
portfolios
of
investments.
June
30,
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,
RB
5.00
11/01/34
$
500,000
$
534,719
Tennessee
Energy
Acquisition
Corp.,
Tennessee,
Refunding,
RB
5.00
12/01/35
700,000
740,817
2,373,228
Texas
17.76%
Board
of
Regents
of
the
University
of
Texas
System,
Texas,
RB
5.00
08/15/26
1,000,000
1,002,641
City
of
Dallas
TX
Waterworks
&
Sewer
System
Revenue,
Texas,
Refunding,
RB
5.00
10/01/26
750,000
754,441
City
of
Denton
TX,
Texas,
Refunding,
GO
Limited
5.00
02/15/27
400,000
406,011
Rockwall
Independent
School
District,
Texas,
GO
Unlimited
PSF-GTD
5.00
02/15/27
270,000
274,108
Texas
Department
of
Transportation
State
Highway
Fund,
Texas,
RB
5.00
10/01/26
695,000
699,081
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
V,
Texas,
RB
5.00
04/01/36
500,000
529,322
3,665,604
Washington
0.73%
King
County
Housing
Authority,
Washington,
Refunding,
RB
4.00
06/01/27
150,000
151,326
Wisconsin
5.93%
Bayside
WI
Promissory
Note,
Wisconsin,
GO
Unlimited
5.00
03/01/27
225,000
228,459
Elmbrook
School
District,
Wisconsin,
Refunding,
GO
Unlimited
2.75
04/01/28
1,000,000
995,727
1,224,186
Total
Municipal
Bonds
20,254,094
Investments,
at
value
98.11%
20,254,094
(cost
$20,292,190
)
Other
assets
and
liabilities,
net
1.89%
389,350
Net
Assets
100.00%
$
20,643,444
Portfolio
of
Investments
(unaudited)
9
See
notes
to
portfolios
of
investments.
June
30,
2026
Global
Luxury
Goods
Fund
Common
Stocks
95.20%
Shares
Value
Apparel
Manufacturers
11.65%
Burberry
Group
PLC
*
40,000
$
565,092
Christian
Dior
SE
1,560
801,014
Hermes
International
SCA
1,758
3,214,845
Kering
SA,
ADR
20,200
573,276
PRADA
SpA
47,000
238,948
Tapestry,
Inc.
4,045
592,107
5,985,282
Athletic
Footwear
1.12%
adidas
AG,
ADR
5,600
574,392
Automotive
-
Cars
&
Light
Trucks
16.92%
Bayerische
Motoren
Werke
AG
2,400
157,557
Ferrari
NV
7,925
2,950,398
Mercedes-Benz
Group
AG,
ADR
132,200
1,649,856
Tesla,
Inc.
*
6,450
2,712,870
Volkswagen
AG
14,860
1,225,044
8,695,725
Beverages
-
Wine/Spirits
0.94%
Constellation
Brands,
Inc.,
Class A
1,000
139,090
Pernod
Ricard
SA
4,760
345,994
485,084
Building
-
Residential/Commercial
2.02%
Toll
Brothers,
Inc.
6,300
1,037,925
Casino
Hotels
2.19%
Las
Vegas
Sands
Corp.
17,700
817,563
Melco
Resorts
&
Entertainment,
Ltd.,
ADR
*
12,000
63,240
MGM
Resorts
International
*
5,100
243,831
1,124,634
Computers
1.12%
Apple,
Inc.
2,000
578,720
Cosmetics
&
Toiletries
4.28%
L'Oreal
SA,
ADR
10,450
916,570
Shiseido
Co.,
Ltd.
2,300
37,124
The
Estee
Lauder
Cos.,
Inc.
15,800
1,247,410
2,201,104
Cruise
Lines
12.04%
Carnival
Corp.,
Ltd.
52,500
1,499,925
Royal
Caribbean
Cruises,
Ltd.
8,530
2,708,531
Viking
Holdings,
Ltd.
*
18,935
1,981,926
6,190,382
Portfolio
of
Investments
(unaudited)
10
See
notes
to
portfolios
of
investments.
June
30,
2026
Global
Luxury
Goods
Fund
Common
Stocks (cont'd)
Shares
Value
Diversified
Banking
Institution
2.15%
UBS
Group
AG
22,300
$
1,105,188
E-Commerce/Products
4.21%
Amazon.com,
Inc.
*
7,500
1,787,550
The
RealReal,
Inc.
*
32,000
377,280
2,164,830
Energy
-
Alternate
Sources
0.00%
Pacific
Green
Energy
Corp.
#*@
100,000
0
Finance
-
Credit
Card
2.59%
American
Express
Co.
3,930
1,329,322
Finance
-
Mortgage
Loan/Banker
0.00%
Lendified
Holdings,
Inc.
#*@
1,116,560
0
Gold
Mining
2.10%
Franco-Nevada
Corp.
2,090
435,640
OR
Royalties,
Inc.
12,500
395,375
Royal
Gold,
Inc.
1,255
250,510
1,081,525
Hotels
&
Motels
5.31%
Hilton
Worldwide
Holdings,
Inc.
3,950
1,305,317
HUGO
BOSS
AG
11,100
476,866
Marriott
International,
Inc.,
Class A
2,550
945,005
2,727,188
Photo
Equipment
&
Supplies
0.14%
Nikon
Corp.
5,000
70,386
Precious
Metals
0.87%
Metalla
Royalty
&
Streaming,
Ltd.
*
58,500
445,185
Private
Equity
1.44%
Blackstone,
Inc.,
Class A
6,300
741,321
Real
Estate
Operating/Development
0.00%
Infrastructure
Ventures,
Inc.
#*@+
426,533
0
Recreational
Centers
2.51%
Life
Time
Group
Holdings,
Inc.
*
31,600
1,290,544
Retail
-
Apparel/Shoe
8.81%
Brunello
Cucinelli
SpA
5,950
562,855
Industria
de
Diseno
Textil
SA
22,850
1,440,289
JD
Sports
Fashion
PLC
590,000
663,141
Moncler
SpA
15,600
907,877
Portfolio
of
Investments
(unaudited)
11
See
notes
to
portfolios
of
investments.
June
30,
2026
Global
Luxury
Goods
Fund
Common
Stocks (cont'd)
Shares
Value
Retail
-
Apparel/Shoe
(cont'd)
Zalando
SE
*
32,900
$
953,312
4,527,474
Retail
-
Jewelry
6.01%
Cie
Financiere
Richemont
SA
13,379
3,088,253
Textile
-
Apparel
6.78%
LVMH
Moet
Hennessy
Louis
Vuitton
SE,
ADR
31,491
3,482,905
Total
Common
Stocks
48,927,369
(cost
$45,836,144)
Preferred
Stock
0.12%
Rate
Automotive
-
Cars
&
Light
Trucks
0.12%
Porsche
Automobil
Holding
SE
1.51
%
2,000
61,775
(cost
$79,236)
Corporate
Non-Convertible
Bond
1.30%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Gold
Mining
1.30%
Aris
Gold
Corp.
7.50
08/26/27
$
238,142
666,798
(cost
$238,115)
Exchange
Traded
Fund
0.14%
Shares
Global
X
MSCI
China
Consumer
Discretionary
ETF
4,500
71,145
(cost
$104,090)
Investments,
at
value
96.76%
49,727,087
(cost
$46,257,585
)
Other
assets
and
liabilities,
net
3.24%
1,665,061
Net
Assets
100.00%
$
51,392,148
Portfolio
of
Investments
(unaudited)
12
See
notes
to
portfolios
of
investments.
June
30,
2026
Global
Resources
Fund
Common
Stocks
92.58%
Shares
Value
Advanced
Materials/Production
1.24%
Nano
One
Materials
Corp.
*
395,000
$
214,454
Neo
Performance
Materials,
Inc.
17,500
458,770
673,224
Agricultural
Chemicals
2.90%
Nutrien,
Ltd.
25,000
1,573,750
Chemicals
-
Diversified
0.79%
Base
Carbon,
Inc.
*
990,000
425,806
Coal
0.00%
Caribbean
Resources
Corp.
#*@
2,148,176
0
Commercial
Services
0.36%
Paragon
Advanced
Labs,
Inc.
*
125,000
193,901
Diversified
Minerals
3.89%
Allied
Critical
Metals,
Inc.
*
500,000
754,451
Arianne
Phosphate,
Inc.
*
600,000
150,185
E3
Lithium,
Ltd.
*
100,000
78,970
IberAmerican
Lithium
Corp.
#*
1,000,000
1
LibertyStream
Infrastructure
Partners,
Inc.
*
975,000
666,843
Nio
Strategic
Metals,
Inc.
*
2,873,000
324,118
Nio
Strategic
Metals,
Inc.,
144A
#∆
362,069
40,847
Northern
Discovery
Metals,
Inc.
#*@
20,000
705
Wolfden
Resources
Corp.
*
2,000,000
95,188
2,111,308
Electric
-
Generation
0.54%
Fervo
Energy
Co.,
Class A
*
10,000
292,300
Electric
-
Integrated
0.50%
American
Electric
Power
Co.,
Inc.
2,000
273,620
Energy
-
Alternate
Sources
0.75%
Pacific
Green
Energy
Corp.
#*@~
2,400,000
0
Solv
Energy,
Inc.,
Class A
*
12,000
408,600
408,600
Enterprise
Software/Services
11.01%
Abaxx
Technologies,
Inc.
*
300,000
5,973,559
Finance
-
Other
Services
0.47%
CME
Group,
Inc.
461
101,802
TMX
Group,
Ltd.
4,600
150,593
252,395
Portfolio
of
Investments
(unaudited)
13
See
notes
to
portfolios
of
investments.
June
30,
2026
Global
Resources
Fund
Common
Stocks (cont'd)
Shares
Value
Gold
Mining
16.50%
Black
Cat
Syndicate,
Ltd.
*
400,000
$
247,797
Collective
Mining,
Ltd.
*
20,000
246,078
Firefinch,
Ltd.
#*@
1,000,000
43,964
K92
Mining,
Inc.
*
80,000
1,255,632
Larvotto
Resources,
Ltd.
*
200,000
170,063
Montage
Gold
Corp.
*
400,000
4,549,268
Panoro
Minerals,
Ltd.
*
300,000
325,754
Perpetua
Resources
Corp.
*
30,000
622,800
Royal
Road
Minerals,
Ltd.
*
5,500,000
891,944
Torex
Gold
Resources,
Inc.
15,000
597,039
8,950,339
Investment
Companies
0.11%
Contango
Holdings
PLC
*
9,700,000
57,900
Machinery
-
Construction
&
Mining
1.96%
Caterpillar,
Inc.
1,000
1,064,900
Metal
-
Copper
4.84%
Andina
Copper
Corp.
*
275,000
224,925
Coyote
Copper
Mines,
Inc.
*
1,000,000
176,274
Errington
Metals
Corp.
*
65,000
178,283
Getty
Copper,
Inc.
*
1,400,000
167,812
Gunnison
Copper
Corp.
*
1,500,000
391,327
Kutcho
Copper
Corp.
*
500,000
112,815
Lumina
Metals
Corp.
*
20,000
144,262
NGEx
Minerals,
Ltd.
*
50,000
894,765
Selkirk
Copper
Mines,
Inc.
*
300,000
334,215
2,624,678
Metal
-
Diversified
12.55%
Aclara
Resources,
Inc.
*
35,000
101,675
Amarc
Resources,
Ltd.
*
825,000
552,618
Barksdale
Resources
Corp.
*
1,750,000
481,227
Blue
Moon
Metals,
Inc.
*
100,000
634,585
Electra
Battery
Materials
Corp.,
144A
#*∆
13,889
8,520
FireFly
Metals,
Ltd.
*
300,000
368,909
Glencore
PLC
20,000
136,368
Hannan
Metals,
Ltd.
*
625,000
290,851
Ivanhoe
Electric,
Inc./US
*
51,499
494,905
Juno
Corp.,
144A
#*@∆
200,000
564,075
Leviathan
Metals
Corp.
*
312,500
152,036
Orsu
Metals
Corp.,
144A
#*@∆
14,761
0
PECOY
COPPER
CORP
*
125,000
163,053
Sunrise
Energy
Metals,
Ltd.
*
175,000
2,111,932
Torq
Resources,
Inc.
*
900,000
34,902
Portfolio
of
Investments
(unaudited)
14
See
notes
to
portfolios
of
investments.
June
30,
2026
Global
Resources
Fund
Common
Stocks (cont'd)
Shares
Value
Metal
-
Diversified
(cont'd)
Vox
Royalty
Corp.
150,000
$
709,500
6,805,156
Metal
-
Iron
0.00%
Consolidated
Growth
Holdings,
Ltd.
#*@
19,859,173
0
Mining
Services
2.29%
King
Copper
Discovery
Corp.
*
800,000
406,135
LunR
Royalties
Corp.
*
25,000
333,157
Major
Drilling
Group
International,
Inc.
*
35,000
371,902
Sendero
Resources
Corp.
*
175,000
129,561
1,240,755
Natural
Resource
Technology
0.37%
I-Pulse,
Inc.,
144A
#*@+∆
15,971
202,832
Non-Ferrous
Metals
2.48%
Cameco
Corp.
2,500
254,650
CanAlaska
Uranium,
Ltd.
*
90,000
28,239
Fireweed
Metals
Corp.
*
350,000
858,805
InZinc
Mining,
Ltd.
*
1,800,000
69,804
Manhattan
Uranium
Discovery
Corp.
*
550,000
135,731
Sterling
Group
Ventures,
Inc.,
144A
#*@∆
500,000
0
1,347,229
Oil
Companies
-
Exploration
&
Production
7.11%
Antero
Resources
Corp.
*
10,000
351,400
LNG
Energy
Group
Corp.
#*
100,000
0
NG
Energy
International
Corp.
*
500,000
500,617
NG
Energy
International
Corp.,
144A
#∆
200,000
200,247
Range
Resources
Corp.
10,500
390,495
Woodside
Energy
Group,
Ltd.,
ADR
125,000
2,415,000
3,857,759
Oil
Companies
-
Field
Services
2.66%
Baker
Hughes
Co.
5,000
277,500
Enerflex,
Ltd.
17,000
416,670
Halliburton
Co.
10,000
339,500
Select
Water
Solutions,
Inc.,
Class A
10,000
199,800
SLB,
Ltd.
4,500
209,205
1,442,675
Oil
Companies
-
Integrated
8.35%
BP
PLC,
ADR
7,000
258,650
Exxon
Mobil
Corp.
8,500
1,162,120
Shell
PLC,
ADR
18,000
1,395,720
Portfolio
of
Investments
(unaudited)
15
See
notes
to
portfolios
of
investments.
June
30,
2026
Global
Resources
Fund
Common
Stocks (cont'd)
Shares
Value
Oil
Companies
-
Integrated
(cont'd)
TotalEnergies
SE
22,000
$
1,710,720
4,527,210
Oil
Refining
&
Marketing
0.72%
Valero
Energy
Corp.
1,500
390,660
Pipelines
2.73%
Cheniere
Energy,
Inc.
6,200
1,481,862
Precious
Metals
3.20%
Coeur
Mining,
Inc.
74,918
1,222,662
Vizsla
Royalties
Corp.
*
182,966
490,232
Vizsla
Royalties
Corp.,
144A
#∆
8,749
23,442
1,736,336
Real
Estate
Operating/Development
1.13%
Infrastructure
Ventures,
Inc.
#*@+
7,443,544
0
Revival
Gold,
Inc.
*
1,340,000
614,137
614,137
Recycling
0.02%
NVRO
Metals,
Ltd.,
144A
#*∆
75,000
8,461
Retail
-
Jewelry
0.18%
Mene,
Inc.
*
750,000
97,832
Silver
Mining
2.93%
Blackrock
Silver
Corp.
*
500,000
313,767
Endeavour
Silver
Corp.
*
30,000
248,969
Vizsla
Silver
Corp.
*
250,000
821,434
Vizsla
Silver
Corp.,
144A
#∆
62,500
205,358
1,589,528
Total
Common
Stocks
50,218,712
(cost
$72,436,146)
Corporate
Convertible
Bond
0.98%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Investment
Companies
0.98%
Contango
Holdings
PLC,
144A
#@∆
0.00
09/30/26
$
400,000
530,580
(cost
$508,120)
Portfolio
of
Investments
(unaudited)
16
See
notes
to
portfolios
of
investments.
June
30,
2026
Global
Resources
Fund
Corporate
Non-Convertible
Bond
1.50%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Value
Gold
Mining
1.50%
Aris
Gold
Corp.
7.50
08/26/27
$
291,737
$
816,864
(cost
$291,718)
Warrants
0.49%
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
0.17%
IberAmerican
Lithium
Corp.,
144A
#*@∆
0.40
09/01/26
500,000
0
LibertyStream
Infrastructure
Partners,
Inc.,
144A
#*@∆
0.44
11/19/26
250,000
93,425
93,425
Metal
-
Copper
0.01%
Axo
Copper
Corp.,
144A
#*@∆
0.70
12/31/27
125,000
3,525
Trigon
Metals,
Inc.,
144A
#*@∆
1.50
07/12/26
625,000
0
3,525
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
Mining
Services
0.00%
Canada
Nickel
Co.,
Inc.,
144A
#*@∆
1.80
12/11/28
97,500
0
Oil
Companies
-
Exploration
&
Production
0.08%
LNG
Energy
Group
Corp.,
144A
#*@∆
0.60
08/15/26
1,000,000
0
NG
Energy
International
Corp.
#*
1.40
05/20/27
300,000
44,421
44,421
Real
Estate
Operating/Development
0.04%
Revival
Gold,
Inc.,
144A
#*@∆
0.45
05/30/27
137,500
19,390
Portfolio
of
Investments
(unaudited)
17
See
notes
to
portfolios
of
investments.
June
30,
2026
Global
Resources
Fund
Warrants (cont'd)
Exercise
Price
Exp.
Date
Shares
Value
Silver
Mining
0.19%
Blackrock
Silver
Corp.,
144A
#*@∆
$
0.50
01/30/27
375,000
$
103,120
Total
Warrants
263,881
(cost
$0
)
Investments,
at
value
95.55%
51,830,037
(cost
$73,235,984
)
Other
assets
and
liabilities,
net
4.45%
2,414,311
Net
Assets
100.00%
$
54,244,348
Portfolio
of
Investments
(unaudited)
18
See
notes
to
portfolios
of
investments.
June
30,
2026
World
Precious
Minerals
Fund
Common
Stocks
95.29%
Shares
Value
Advanced
Materials/Production
2.25%
Nano
One
Materials
Corp.
*
2,760,500
$
1,498,738
Coal
0.00%
Caribbean
Resources
Corp.
#*@
505,453
0
Commercial
Services
0.29%
Paragon
Advanced
Labs,
Inc.
*
125,000
193,901
Diversified
Minerals
4.35%
Avanti
Gold
Corp.
*
600,000
228,451
Cambria
Gold
Mines,
Inc.,
144A
#*∆
128
82
Erdene
Resource
Development
Corp.
*
25,000
92,720
Gossan
Resources,
Ltd.
*
1,250,000
22,034
Highlander
Silver
Corp.
*
325,000
1,526,177
Kenorland
Minerals,
Ltd.
*
200,000
304,601
Kootenay
Resources,
Inc.
*
40,000
2,256
Minaurum
Gold,
Inc.
*
1,650,000
375,198
Minaurum
Gold,
Inc.,
144A
#∆
250,000
56,848
Summit
Gold,
Ltd.
#*@
10,000
0
Waraba
Gold,
Ltd.,
144A
#*∆
335,834
82,878
Westward
Gold,
Inc.
*
3,040,000
214,349
2,905,594
Gold
Mining
54.68%
Adamera
Minerals
Corp.
*
750,000
50,238
Adamera
Minerals
Corp.,
144A
#∆
11,954
801
Alpha
Exploration,
Ltd.
*
800,000
321,523
Atex
Resources,
Inc.
*
75,000
129,032
Awale
Resources,
Ltd.
*
750,000
380,751
Belo
Sun
Mining
Corp.
*
250,000
183,325
Black
Cat
Syndicate,
Ltd.
*
750,000
464,619
Blue
Jay
Gold
Corp.
*
300,000
154,416
Borealis
Mining
Co.,
Ltd.
*
75,000
46,007
Collective
Mining,
Ltd.
*
15,000
184,558
Compass
Gold
Corp.
*
2,975,000
314,648
Drummond
Ventures
Corp.
*
74,300
178,121
Founders
Metals,
Inc.
*
250,000
676,891
Freegold
Ventures,
Ltd.
*
150,000
101,534
G2
Goldfields,
Inc.
*
500,000
3,317,469
Gemdale
Gold,
Inc.
*
200,000
219,989
Gold
Reserve,
Ltd.
*
50,000
230,000
Gold
X2
Mining,
Inc.
*
1,000,000
839,062
Gorilla
Gold
Mines,
Ltd.
*
675,000
136,782
Heliostar
Metals,
Ltd.
*
1,000,000
1,255,068
K92
Mining,
Inc.
*
150,000
2,354,310
Karus
Mining,
Inc.
#*@
37,500
22,475
Larvotto
Resources,
Ltd.
*
1,000,000
850,315
Portfolio
of
Investments
(unaudited)
19
See
notes
to
portfolios
of
investments.
June
30,
2026
World
Precious
Minerals
Fund
Common
Stocks (cont'd)
Shares
Value
Gold
Mining
(cont'd)
McFarlane
Lake
Mining,
Ltd.
*
1,000,000
$
186,850
Medallion
Metals,
Ltd.
*
1,000,000
272,295
Montage
Gold
Corp.
*
294,200
3,345,987
Newcore
Gold,
Ltd.,
144A
#*∆
600,000
137,493
Omai
Gold
Mines
Corp.
*
3,200,000
4,986,427
Orosur
Mining,
Inc.
*
1,000,000
225,630
Osisko
Development
Corp.
*
250,000
608,144
Pacifica
Silver
Corp.
*
450,000
383,924
PC
Gold,
Ltd.
*
400,000
358,986
Radisson
Mining
Resources,
Inc.
*
8,500,000
4,435,043
Radius
Gold,
Inc.,
144A
#*∆
125,000
11,458
Roscan
Gold
Corp.
*
500,000
58,170
Royal
Road
Minerals,
Ltd.
*
1,500,000
243,258
Rua
Gold,
Inc.
*
265,000
207,404
San
Lorenzo
Gold
Corp.
*
150,000
448,440
Sanu
Gold
Corp.
*
1,000,000
211,528
Sanu
Gold
Corp.,
144A
#∆
700,000
148,070
Scottie
Resources
Corp.
*
400,000
558,435
Silver
Tiger
Metals,
Inc.
*
300,000
167,107
Snowline
Gold
Corp.
*
35,000
316,376
South
Pacific
Metals
Corp.
*
103,000
30,502
Stardust
Metal
Corp.
*
225,000
166,579
Taurus
Gold,
Ltd.,
144A
#*@∆
2,448,381
0
Tolu
Minerals,
Ltd.
*
2,030,932
1,627,984
Trident
Resources
Corp.
*
250,000
706,857
TriStar
Gold,
Inc.
*~
30,225,000
3,303,279
Valkea
Resources
Corp.
*
687,500
179,358
Viva
Gold
Corp.
*
470,000
39,767
White
Gold
Corp.
*
600,000
719,196
36,496,481
Metal
-
Copper
0.59%
Faraday
Copper
Corp.,
144A
#*∆
43,500
183,723
Sun
Summit
Minerals
Corp.
*
2,500,000
211,528
395,251
Metal
-
Diversified
5.90%
Altair
Minerals,
Ltd.
*
5,000,000
112,164
Amex
Exploration,
Inc.
*
75,000
222,105
Barksdale
Resources
Corp.
*
3,250,000
893,707
Blue
Moon
Metals,
Inc.
*
100,000
634,585
Cartier
Resources,
Inc.
*
1,250,000
215,935
Hannan
Metals,
Ltd.
*
375,000
174,511
Juno
Corp.,
144A
#*@∆
200,000
564,075
Leviathan
Metals
Corp.
*
312,500
152,036
Mithril
Silver
and
Gold,
Ltd.
*
1,347,500
213,776
Orex
Minerals,
Inc.
*
500,000
54,645
Portfolio
of
Investments
(unaudited)
20
See
notes
to
portfolios
of
investments.
June
30,
2026
World
Precious
Minerals
Fund
Common
Stocks (cont'd)
Shares
Value
Metal
-
Diversified
(cont'd)
Orsu
Metals
Corp.,
144A
#*@∆
186,922
$
0
RTG
Mining,
Inc.
*
3,000,000
75,000
Silver
X
Mining
Corp.
*
150,000
67,689
Troilus
Mining
Corp.
*
100,000
117,751
Visionary
Copper
and
Gold
Mines,
Inc.
*
350,000
441,741
3,939,720
Mining
Services
0.00%
SUA
Holdings,
Ltd.
#*@
25,000
740
Non-Ferrous
Metals
0.66%
Arizona
Eagle
Mining
Corp.
*
200,000
133,968
InZinc
Mining,
Ltd.
*
1,800,000
69,804
Solitario
Resources
Corp.
*
310,000
233,244
437,016
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
107
Platinum
0.01%
New
Age
Metals,
Inc.,
144A
#*∆
35,880
6,704
Precious
Metals
16.16%
Americas
Gold
&
Silver
Corp.
*
225,000
1,064,516
Blossom
Gold,
Inc.
*
300,000
408,250
Canex
Metals,
Inc.
*
2,000,000
352,547
Capitan
Silver
Corp.
*
850,000
1,048,828
Coeur
Mining,
Inc.
15,000
244,800
GFG
Resources,
Inc.
*
5,000,000
793,231
Gold
Terra
Resource
Corp.
*
3,500,000
456,549
Goldsky
Resources
Corp.
*
200,000
458,311
GR
Silver
Mining,
Ltd.
*
2,500,000
546,448
Kuya
Silver
Corp.
*
200,000
111,405
Nevgold
Corp.
*
500,000
729,773
Olive
Resource
Capital,
Inc.
*
4,000,000
282,038
Paramount
Gold
Nevada
Corp.
*
200,000
228,000
Prospector
Metals
Corp.
*
273,400
231,327
Stillwater
Critical
Minerals
Corp.
*
403,000
72,459
Thesis
Gold
&
Silver,
Inc.
*
100,000
205,182
Visionary
Metals
Corp.
*
250,000
44,068
Vizsla
Royalties
Corp.
*
695,000
1,862,154
Vizsla
Royalties
Corp.,
144A
#∆
28,749
77,029
West
Point
Gold
Corp.
*
500,000
500,617
Western
Exploration,
Inc.
*
500,000
193,901
Portfolio
of
Investments
(unaudited)
21
See
notes
to
portfolios
of
investments.
June
30,
2026
World
Precious
Minerals
Fund
Common
Stocks (cont'd)
Shares
Value
Precious
Metals
(cont'd)
Xali
Gold
Corp.,
144A
#*∆
4,875,000
$
876,520
10,787,953
Real
Estate
Operating/Development
1.35%
Mammoth
Resources
Corp.
*~
5,500,000
116,341
Revival
Gold,
Inc.
*
1,703,400
780,687
897,028
Retail
-
Jewelry
0.41%
Mene,
Inc.
*
2,115,000
275,886
Silver
Mining
8.64%
Argenta
Silver
Corp.
*
1,225,000
380,046
Bayhorse
Silver,
Inc.
*
3,750,000
118,985
Endeavour
Silver
Corp.
*
30,000
248,969
Kootenay
Silver,
Inc.
*
400,000
363,829
Kootenay
Silver,
Inc.,
144A
#∆
125,000
113,696
Metallic
Minerals
Corp.
*
1,000,000
132,205
Sinda,
Ltd.
*
35,000
420,000
Southern
Silver
Exploration
Corp.
*
1,350,000
428,345
Sunshine
Silver
Mining
&
Refining
Co.
*
55,000
727,100
Vizsla
Silver
Corp.
*
800,000
2,628,591
Vizsla
Silver
Corp.,
144A
#∆
62,500
205,359
5,767,125
Total
Common
Stocks
63,602,244
(cost
$53,862,670)
Corporate
Non-Convertible
Bond
1.23%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Gold
Mining
1.23%
Aris
Gold
Corp.
7.50
08/26/27
$
294,716
825,205
(cost
$294,716)
Warrants
0.29%
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)
22
See
notes
to
portfolios
of
investments.
June
30,
2026
World
Precious
Minerals
Fund
Warrants (cont'd)
Exercise
Price
Exp.
Date
Shares
Value
Diversified
Minerals
0.00%
Minaurum
Gold,
Inc.,
144A
#*@∆
$
0.50
12/11/27
200,000
$
0
Western
Exploration,
Inc.,
144A
#*@∆
0.95
06/06/28
100,000
0
0
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
37,018
Gemdale
Gold,
Inc.,
144A
#*@∆
1.30
02/02/28
100,000
18,332
Orosur
Mining,
Inc.,
144A
#*@∆
0.45
03/27/27
375,000
17,187
STLLR
Gold,
Inc.,
144A
#*@∆
2.19
12/31/27
21,000
0
Westhaven
Gold
Corp.,
144A
#*@∆
0.22
10/17/26
350,000
11,105
83,642
Metal
-
Diversified
0.10%
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
64,993
64,993
Non-Ferrous
Metals
0.00%
Arizona
Eagle
Mining
Corp.,
144A
#*@∆
1.50
11/26/28
100,000
0
Precious
Metals
0.04%
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
0
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
7,403
Kuya
Silver
Corp.,
144A
#*@∆
0.65
08/14/28
200,000
19,743
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
27,146
Real
Estate
Operating/Development
0.02%
Revival
Gold,
Inc.,
144A
#*@∆
0.45
05/30/27
50,000
7,051
TDG
Gold
Corp.,
144A
#*@∆
0.42
07/06/26
115,000
4,865
11,916
Silver
Mining
0.01%
Bayhorse
Silver,
Inc.,
144A
#*@∆
0.10
04/29/29
3,750,000
0
Metallic
Minerals
Corp.,
144A
#*@∆
0.34
07/30/27
220,000
0
Metallic
Minerals
Corp.,
144A
#*@∆
0.40
06/22/29
125,000
0
Portfolio
of
Investments
(unaudited)
23
See
notes
to
portfolios
of
investments.
June
30,
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
$
6,610
6,610
Total
Warrants
194,307
(cost
$0
)
Call
Option
Purchased
0.01%
Strike
Price
Exp.
Date
Notional
Contract
Value
Contracts
Value
Gold
Mining
0.01%
Pacgold,
Ltd.,
144A
#@∆
$
0.10
12/27
$
0
833,333
5,769
(premiums
paid
$0
)
Investments,
at
value
96.82%
64,627,525
(cost
$54,157,386
)
Other
assets
and
liabilities,
net
3.18%
2,120,703
Net
Assets
100.00%
$
66,748,228
Portfolio
of
Investments
(unaudited)
24
See
notes
to
portfolios
of
investments.
June
30,
2026
Gold
and
Precious
Metals
Fund
Common
Stocks
91.25%
Shares
Value
Commercial
Services
0.70%
Paragon
Advanced
Labs,
Inc.
*
1,100,000
$
1,706,328
Diversified
Minerals
1.43%
Alkane
Resources,
Ltd.
*
2,000,000
1,926,532
Andean
Silver,
Ltd.
*
575,000
770,699
Culico
Metals,
Inc.
*
180,000
53,305
Mako
Mining
Corp.
*
100,000
735,414
3,485,950
Enterprise
Software/Services
0.25%
Abaxx
Technologies,
Inc.
*
30,000
597,356
Gold
Mining
46.06%
Agnico
Eagle
Mines,
Ltd.
30,000
4,653,900
Alamos
Gold,
Inc.
100,000
3,034,000
Anglogold
Ashanti
PLC
10,000
808,900
Aris
Mining
Corp.
*
400,000
5,965,098
Aura
Minerals,
Inc.
50,000
3,147,500
Barrick
Mining
Corp.
170,000
6,244,100
Black
Cat
Syndicate,
Ltd.
*
2,344,104
1,452,154
Black
Cat
Syndicate,
Ltd.
*
155,896
96,576
Borealis
Mining
Co.,
Ltd.
*
1,000,000
613,432
Centerra
Gold,
Inc.
300,000
4,757,271
DPM
Metals,
Inc.
300,000
9,742,993
Evolution
Mining,
Ltd.
200,000
1,653,751
Firefinch,
Ltd.
#*@
5,000,000
219,821
Gold
Fields,
Ltd.,
ADR
25,000
839,750
Heliostar
Metals,
Ltd.
*
1,500,000
1,882,602
Hemlo
Mining
Corp.
*
750,000
2,786,885
IAMGOLD
Corp.
*
575,000
9,108,000
K92
Mining,
Inc.
*
1,000,000
15,695,399
Kaiser
Reef,
Ltd.
*
5,107,143
679,168
Lundin
Gold,
Inc.
40,000
2,157,871
McEwen,
Inc.
*
100,000
1,820,554
Meeka
Metals,
Ltd.
*
4,000,000
266,599
Mineros
SA
2,500,000
11,158,117
Mining
Americas,
Inc.
*
425,000
1,507,315
Northern
Star
Resources,
Ltd.
300,000
3,971,903
OceanaGold
Corp.
50,000
1,253,305
OR
Royalties,
Inc.
70,000
2,214,100
Petropavlovsk
PLC
#*@+
4,886,855
0
Silver
Storm
Mining,
Ltd.
*
3,000,000
951,877
St
Barbara,
Ltd.
*
1,331,691
429,977
St
Barbara,
Ltd.
*
668,309
215,784
Tolu
Minerals,
Ltd.
*
3,768,893
3,021,124
Torex
Gold
Resources,
Inc.
100,000
3,980,257
Portfolio
of
Investments
(unaudited)
25
See
notes
to
portfolios
of
investments.
June
30,
2026
Gold
and
Precious
Metals
Fund
Common
Stocks (cont'd)
Shares
Value
Gold
Mining
(cont'd)
Westgold
Resources,
Ltd.
1,750,000
$
5,805,686
112,135,769
Investment
Companies
1.26%
Versamet
Royalties
Corp.
*
250,000
3,068,923
Metal
-
Copper
0.20%
Silverco
Mining,
Ltd.
*
94,000
491,126
Metal
-
Diversified
3.39%
Aclara
Resources,
Inc.
*
137,400
399,145
Silver
X
Mining
Corp.
*
1,550,000
699,454
Vox
Royalty
Corp.
1,512,000
7,151,760
8,250,359
Mining
Services
2.02%
Empress
Royalty
Corp.
*
2,742,000
1,682,031
LunR
Royalties
Corp.
*
58,353
777,628
Star
Royalties,
Ltd.
*
3,500,000
1,215,406
Summit
Royalties,
Ltd.
*
1,250,000
1,242,729
4,917,794
Platinum
2.04%
Impala
Platinum
Holdings,
Ltd.,
ADR
250,000
2,620,000
Sibanye
Stillwater,
Ltd.,
ADR
275,000
2,334,750
4,954,750
Precious
Metals
15.82%
Americas
Gold
&
Silver
Corp.
*
2,400,000
11,354,839
Avino
Silver
&
Gold
Mines,
Ltd.
*
100,000
634,000
Coeur
Mining,
Inc.
349,385
5,701,963
Galantas
Gold
Corp.
*
4,000,000
1,297,373
Guanajuato
Silver
Co.,
Ltd.
*
2,507,999
813,453
Integra
Resources
Corp.
*
350,000
794,500
Luca
Mining
Corp.
*
3,750,000
2,564,781
Metalla
Royalty
&
Streaming,
Ltd.
*
500,000
3,805,000
Pan
American
Silver
Corp.
73,555
3,294,528
SSR
Mining,
Inc.
*
110,000
3,110,800
Triple
Flag
Precious
Metals
Corp.
60,000
1,798,200
Vizsla
Royalties
Corp.
*
1,250,000
3,349,198
38,518,635
Real
Estate
Operating/Development
1.03%
Emerald
Resources
NL
*
650,000
2,494,482
Portfolio
of
Investments
(unaudited)
26
See
notes
to
portfolios
of
investments.
June
30,
2026
Gold
and
Precious
Metals
Fund
Common
Stocks (cont'd)
Shares
Value
Retail
-
Jewelry
0.36%
Mene,
Inc.
*
1,025,000
$
133,704
Mene,
Inc.,
144A
#∆
5,714,285
745,385
879,089
Silver
Mining
16.69%
Andean
Precious
Metals
Corp.
*
800,000
3,282,919
Aya
Gold
&
Silver,
Inc.
*
775,000
14,677,596
Discovery
Silver
Corp.
*
2,050,000
12,257,359
Endeavour
Silver
Corp.
*
235,200
1,951,915
Hecla
Mining
Co.
75,000
1,157,250
Santacruz
Silver
Mining,
Ltd.
*
350,000
2,270,404
Silver
Crown
Royalties,
Inc.
*
150,000
2,517,187
Silvercorp
Metals,
Inc.
250,000
2,525,000
40,639,630
Total
Common
Stocks
222,140,191
(cost
$140,574,233)
Corporate
Non-Convertible
Bonds
1.32%
Coupon
Rate
%
Maturity
Date
Principal
Amount
Coal
0.00%
Caribbean
Resources
Corp.
#@^
19.25
06/15/15
$
485,766
0
Gold
Mining
1.32%
Aris
Gold
Corp.
7.50
08/26/27
1,145,837
3,208,344
Total
Corporate
Non-Convertible
Bonds
3,208,344
(cost
$1,631,596)
Warrants
0.15%
Exercise
Price
Exp.
Date
Shares
Gold
Mining
0.01%
Borealis
Mining
Co.,
144A
#*@∆
$
0.78
02/25/27
450,000
28,556
Metal
-
Diversified
0.00%
Silver
X
Mining
Corp.,
144A
#*@∆
0.70
09/29/28
500,000
0
Precious
Metals
0.00%
Guanajuato
Silver
Co.,
Ltd.,
144A
#*@∆
0.65
10/09/28
350,000
0
Portfolio
of
Investments
(unaudited)
27
See
notes
to
portfolios
of
investments.
June
30,
2026
Gold
and
Precious
Metals
Fund
Warrants (cont'd)
Exercise
Price
Exp.
Date
Shares
Value
Silver
Mining
0.14%
Silver
Crown
Royalties,
Inc.
#*
$
16.00
06/28/27
85,000
$
344,615
Total
Warrants
373,171
(cost
$6,135
)
Investments,
at
value
92.72%
225,721,706
(cost
$142,211,964
)
Other
assets
and
liabilities,
net
7.28%
17,729,244
Net
Assets
100.00%
$
243,450,950
Notes
to
Portfolios
of
Investments
(
unaudited
)
June
30,
2026
28
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
‡
Variable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
the
current
interest
rates.
Rate
presented
is
as
of
June
30,
2026.
◊
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
June
30,
2026.
*
Non-income
producing
security.
@
Security
was
fair
valued
at
June
30,
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
June
30,
2026,
were
0.00%
of
Global
Luxury
Goods
Fund,
2.88%
of
Global
Resources
Fund,
1.18%
of
World
Precious
Minerals
Fund
and
0.10%
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
June
30,
2026
amounted
to
$2,003,822,
3.69%,
of
Global
Resources
Fund,
$2,664,919,
3.99%,
of
World
Precious
Minerals
Fund
and
$773,941,
0.32%,
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
)
June
30,
2026
29
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
June
30,
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
$
-
$
29,234,555
$
-
$
29,234,555
Investments,
at
Value
$
-
$
29,234,555
$
-
$
29,234,555
Notes
to
Portfolios
of
Investments
(
unaudited
)
June
30,
2026
30
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
$
-
$
20,254,094
$
-
$
20,254,094
Investments,
at
Value
$
-
$
20,254,094
$
-
$
20,254,094
Quoted
Prices
in
Active
Markets
for
Identical
Investments
(Level
1)
Significant
Other
Observable
Inputs
(Level
2)
Significant
Unobservable
Inputs
(Level
3)
Total
Global
Luxury
Goods
Fund
Investments
in
Securities*
Common
Stocks
Apparel
Manufacturers
$
1,165,383
$
4,819,899
$
-
$
5,985,282
Athletic
Footwear
574,392
-
-
574,392
Automotive
-
Cars
&
Light
Trucks
7,313,124
1,382,601
-
8,695,725
Beverages
-
Wine/Spirits
139,090
345,994
-
485,084
Building
-
Residential/
Commercial
1,037,925
-
-
1,037,925
Casino
Hotels
1,124,634
-
-
1,124,634
Computers
578,720
-
-
578,720
Cosmetics
&
Toiletries
2,163,980
37,124
-
2,201,104
Cruise
Lines
6,190,382
-
-
6,190,382
Diversified
Banking
Institution
1,105,188
-
-
1,105,188
E-Commerce/Products
2,164,830
-
-
2,164,830
Energy
-
Alternate
Sources
-
-
0
0
Finance
-
Credit
Card
1,329,322
-
-
1,329,322
Finance
-
Mortgage
Loan/
Banker
-
-
0
0
Gold
Mining
1,081,525
-
-
1,081,525
Hotels
&
Motels
2,250,322
476,866
-
2,727,188
Photo
Equipment
&
Supplies
-
70,386
-
70,386
Precious
Metals
445,185
-
-
445,185
Private
Equity
741,321
-
-
741,321
Real
Estate
Operating/
Development
-
-
0
0
Recreational
Centers
1,290,544
-
-
1,290,544
Retail
-
Apparel/Shoe
-
4,527,474
-
4,527,474
Retail
-
Jewelry
-
3,088,253
-
3,088,253
Textile
-
Apparel
3,482,905
-
-
3,482,905
Notes
to
Portfolios
of
Investments
(
unaudited
)
June
30,
2026
31
Global
Luxury
Goods
Fund
Preferred
Stock
Automotive
-
Cars
&
Light
Trucks
$
-
$
61,775
$
-
$
61,775
Corporate
Non-Convertible
Bond
-
666,798
-
666,798
Exchange
Traded
Fund
71,145
-
-
71,145
Investments,
at
Value
34,249,917
15,477,170
0
49,727,087
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
$
673,224
$
-
$
-
$
673,224
Agricultural
Chemicals
1,573,750
-
-
1,573,750
Chemicals
-
Diversified
425,806
-
-
425,806
Coal
-
-
0
0
Commercial
Services
193,901
-
-
193,901
Diversified
Minerals
2,110,603
-
705
2,111,308
Electric
-
Generation
292,300
-
-
292,300
Electric
-
Integrated
273,620
-
-
273,620
Energy
-
Alternate
Sources
408,600
-
0
408,600
Enterprise
Software/
Services
5,973,559
-
-
5,973,559
Finance
-
Other
Services
252,395
-
-
252,395
Gold
Mining
8,488,515
417,860
43,964
8,950,339
Investment
Companies
-
57,900
-
57,900
Machinery
-
Construction
&
Mining
1,064,900
-
-
1,064,900
Metal
-
Copper
2,624,678
-
-
2,624,678
Metal
-
Diversified
3,623,872
2,617,209
564,075
6,805,156
Metal
-
Iron
-
-
0
0
Mining
Services
1,240,755
-
-
1,240,755
Natural
Resource
Technology
-
-
202,832
202,832
Non-Ferrous
Metals
1,347,229
-
0
1,347,229
Oil
Companies
-
Exploration
&
Production
3,857,759
-
-
3,857,759
Oil
Companies
-
Field
Services
1,442,675
-
-
1,442,675
Oil
Companies
-
Integrated
4,527,210
-
-
4,527,210
Oil
Refining
&
Marketing
390,660
-
-
390,660
Pipelines
1,481,862
-
-
1,481,862
Precious
Metals
1,736,336
-
-
1,736,336
Real
Estate
Operating/
Development
614,137
-
0
614,137
Notes
to
Portfolios
of
Investments
(
unaudited
)
June
30,
2026
32
Global
Resources
Fund
Common
Stocks
(continued)
Recycling
$
8,461
$
-
$
-
$
8,461
Retail
-
Jewelry
97,832
-
-
97,832
Silver
Mining
1,589,528
-
-
1,589,528
Corporate
Convertible
Bond
-
-
530,580
530,580
Corporate
Non-Convertible
Bond
-
816,864
-
816,864
Warrants
Advanced
Materials/
Production
-
0
-
0
Diamonds/Precious
Stones
-
0
-
0
Diversified
Minerals
-
93,425
-
93,425
Metal
-
Copper
-
3,525
-
3,525
Metal
-
Diversified
-
0
-
0
Mining
Services
-
0
-
0
Oil
Companies
-
Exploration
&
Production
-
44,421
-
44,421
Real
Estate
Operating/
Development
-
19,390
-
19,390
Silver
Mining
-
103,120
-
103,120
Investments,
at
Value
46,314,167
4,173,714
1,342,156
51,830,037
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
$
1,498,738
$
-
$
-
$
1,498,738
Coal
-
-
0
0
Commercial
Services
193,901
-
-
193,901
Diversified
Minerals
2,905,594
-
0
2,905,594
Gold
Mining
32,576,175
3,897,831
22,475
36,496,481
Metal
-
Copper
395,251
-
-
395,251
Metal
-
Diversified
3,188,481
187,164
564,075
3,939,720
Mining
Services
-
-
740
740
Non-Ferrous
Metals
437,016
-
-
437,016
Oil
Companies
-
Exploration
&
Production
-
-
0
0
Optical
Recognition
Equipment
-
-
107
107
Platinum
6,704
-
-
6,704
Precious
Metals
10,787,953
-
-
10,787,953
Real
Estate
Operating/
Development
897,028
-
-
897,028
Retail
-
Jewelry
275,886
-
-
275,886
Notes
to
Portfolios
of
Investments
(
unaudited
)
June
30,
2026
33
World
Precious
Minerals
Fund
Common
Stocks
(continued)
Silver
Mining
$
5,767,125
$
-
$
-
$
5,767,125
Corporate
Non-Convertible
Bond
-
825,205
-
825,205
Warrants
Advanced
Materials/
Production
-
0
-
0
Diamonds/Precious
Stones
-
0
-
0
Diversified
Minerals
-
0
-
0
Gold
Mining
-
83,642
-
83,642
Metal
-
Diversified
-
64,993
-
64,993
Non-Ferrous
Metals
-
0
-
0
Precious
Metals
-
27,146
-
27,146
Real
Estate
Operating/
Development
-
11,916
-
11,916
Silver
Mining
-
6,610
-
6,610
Call
Option
-
5,769
-
5,769
Investments,
at
Value
58,929,852
5,110,276
587,397
64,627,525
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
$
1,706,328
$
-
$
-
$
1,706,328
Diversified
Minerals
788,719
2,697,231
-
3,485,950
Enterprise
Software/
Services
597,356
-
-
597,356
Gold
Mining
94,323,226
17,592,722
219,821
112,135,769
Investment
Companies
3,068,923
-
-
3,068,923
Metal
-
Copper
491,126
-
-
491,126
Metal
-
Diversified
8,250,359
-
-
8,250,359
Mining
Services
4,917,794
-
-
4,917,794
Platinum
4,954,750
-
-
4,954,750
Precious
Metals
38,518,635
-
-
38,518,635
Real
Estate
Operating/
Development
-
2,494,482
-
2,494,482
Retail
-
Jewelry
879,089
-
-
879,089
Silver
Mining
38,122,443
2,517,187
-
40,639,630
Corporate
Non-Convertible
Bonds
-
3,208,344
0
3,208,344
Notes
to
Portfolios
of
Investments
(
unaudited
)
June
30,
2026
34
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
June
30,
2026:
Gold
And
Precious
Metals
Fund
Warrants
Gold
Mining
$
-
$
28,556
$
-
$
28,556
Metal
-
Diversified
-
0
-
0
Precious
Metals
-
0
-
0
Silver
Mining
-
344,615
-
344,615
Investments,
at
Value
$
196,618,748
$
28,883,137
$
219,821
$
225,721,706
*
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
06/30/26
$
0
$
0
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
06/30/26
(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)
133,259
-
(8,600)
124,659
Ending
Balance
06/30/26
$
811,576
$
-
$
530,580
$
1,342,156
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
06/30/26
(1)
$
133,259
$
-
$
(8,600)
$
124,659
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)
(33,219)
(4,414)
74,275
36,642
Transfers
-
-
(219,989)
(219,989)
Ending
Balance
06/30/26
$
587,397
$
-
$
-
$
587,397
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
06/30/26
(1)
$
(33,219)
$
-
$
-
$
(33,219)
Notes
to
Portfolios
of
Investments
(
unaudited
)
June
30,
2026
35
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)
(54,193)
-
(54,193)
Ending
Balance
06/30/26
$
219,821
$
0
$
219,821
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
held
as
of
06/30/26
(1)
$
(54,193)
$
-
$
(54,193)
(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
June
30,
2026.
Fair
Value
at
06/30/26
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
811,576
Market
Transaction
(1)
Discount
Corporate
Convertible
Bond
530,580
Market
Transaction
(1)
Discount
0%
World
Precious
Minerals
Fund
Investments
in
Securities
0%
-
100%
discount
(94%
discount)
Common
Stocks
587,397
Market
Transaction
(1)
Discount
Gold
and
Precious
Metals
Fund
Investments
in
Securities
0%
-
100%
discount
(24%
discount)
Common
Stocks
219,821
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
)
June
30,
2026
36
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
June
30,
2026.
At
June
30,
2026,
the
value
of
investments
in
affiliated
companies
was
$0,
representing
0%
of
net
assets,
and
the
total
cost
was
$2,400,000.
At
June
30,
2026,
the
value
of
investments
in
affiliated
companies
was
$3,419,620,
representing
5.12%
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
June
30
,
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
June
30
,
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
June
30
,
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
June
30
,
202
6
Income
Realized
Gain
(Loss)
on
Investments
Change
in
Unrealized
Appreciation
(Depreciation)
Mammoth
Resources
Corp.
$
210,375
$
-
$
-
$
-
$
116,341
$
-
$
-
$
(
94,034
)
TriStar
Gold,
Inc.
4,514,316
-
-
-
3,303,279
-
-
(1,211,037)
$
4,724,691
$
-
$
-
$
-
$
3,419,620
$
-
$
-
$
(1,305,071)
Notes
to
Portfolios
of
Investments
(
unaudited
)
June
30,
2026
37
As
of
June
30,
2026,
the
total
cost
of
restricted
securities
was
$426,625,
and
the
total
value
was
$0,
representing
0.00%
of
net
assets.
As
of
June
30,
2026,
the
total
cost
of
restricted
securities
was
$7,473,544,
and
the
total
value
was
$202,832,
representing
0.37%
of
net
assets.
As
of
June
30,
2026,
the
total
cost
of
restricted
securities
was
$1,362,590,
and
the
total
value
was
$0,
representing
0.00%
of
net
assets.
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
Statements
of
Assets
and
Liabilities
(unaudited)
38
See
accompanying
notes
to
financial
statements.
U.S.
Government
Securities
Ultra-
Short
Bond
Fund
Investments,
at
identified
cost
$
29,256,910
Assets
Investments,
at
value:
Securities
of
unaffiliated
issuers
$
29,234,555
Securities
of
affiliated
issuers
-
Cash
1,827,483
Deposits
with
brokers
-
Foreign
currencies
(Cost
$0,
$3,609,
$15,693,
$16,149,
$18,005
and
$0)
-
Receivables:
Dividends
and
interest
55,343
Capital
shares
sold
3,584
Investments
sold
-
From
adviser
7,035
Prepaid
expenses
17,965
Total
Assets
31,145,965
Liabilities
Due
to
custodian
-
Payables:
Capital
shares
redeemed
100,003
Distributions
payable
16,806
Investments
purchased
-
Accrued
expenses
and
other
payables:
Adviser
-
Administration
and
Transfer
Agent
fees
9,021
Trustees
182
Other
expenses
25,084
Total
Liabilities
151,096
Net
Assets
$
30,994,869
Net
Assets
Consist
of:
Paid-in
capital
$
31,819,591
Distributable
earnings
(824,722)
Net
assets
applicable
to
capital
shares
outstanding
$
30,994,869
By
share
class
Net
Assets
Investor
Class
$
30,994,869
Capital
shares
outstanding,
an
unlimited
number
of
no
par
shares
authorized
Investor
Class
15,938,777
Net
Asset
Value,
Public
Offering
Price
and
Redemption
Price
per
share
Investor
Class
$
1.94
June
30,
2026
39
Near-Term
Tax
Free
Fund
Global
Luxury
Goods
Fund
Global
Resources
Fund
World
Precious
Minerals
Fund
Gold
and
Precious
Metals
Fund
$
20,292,190
$
46,257,585
$
73,235,984
$
54,157,386
$
142,211,964
$
20,254,094
$
49,727,087
$
51,830,037
$
61,207,905
$
225,721,706
-
-
-
3,419,620
-
82,797
1,389,695
2,350,254
1,515,455
17,711,214
-
-
-
-
-
-
3,613
16,656
16,173
18,023
226,318
314,841
63,338
6,036
289,280
101,583
9,683
12,182
425,661
147,500
-
-
75,964
278,034
440,689
9,084
-
-
-
-
18,669
18,259
19,475
21,775
37,204
20,692,545
51,463,178
54,367,906
66,890,659
244,365,616
-
-
-
-
-
6,567
9,831
38,565
14,427
569,211
11,213
-
-
-
-
-
-
-
14,466
-
-
35,554
42,056
56,574
190,114
6,486
11,465
18,213
17,360
48,953
-
83
400
62
1,802
24,856
14,097
24,324
39,542
104,586
49,122
71,030
123,558
142,431
914,666
$
20,643,423
$
51,392,148
$
54,244,348
$
66,748,228
$
243,450,950
$
23,457,411
$
45,137,210
$
342,418,844
$
457,881,312
$
160,236,246
(2,813,967)
6,254,938
(288,174,496)
(391,133,084)
83,214,704
$
20,643,444
$
51,392,148
$
54,244,348
$
66,748,228
$
243,450,950
$
20,643,444
$
51,392,148
$
54,244,348
$
66,748,228
$
243,450,950
9,823,803
2,460,621
12,304,766
36,401,757
9,354,556
$
2.10
$
20.89
$
4.41
$
1.83
$
26.02
Statements
of
Operations
(unaudited)
40
See
accompanying
notes
to
financial
statements.
U.S.
Government
Securities
Ultra-
Short
Bond
Fund
Net
Investment
Income
Income
Dividends
from
unaffiliated
issuers
$
-
Foreign
tax
withheld
on
dividends
-
Net
dividends
-
Interest
and
other
556,441
Total
income
556,441
Expenses:
Management
fee
74,605
Administrative
services
fee
33,068
Distribution
plan
fee
-
Transfer
agent
fees
and
expenses
14,953
Professional
fees
12,899
Custodian
fees
1,504
Shareholder
reporting
expenses
11,319
Registration
fees
11,937
Trustee
fees
and
expenses
4,825
Chief
compliance
officer
fees
1,154
Miscellaneous
expenses
21,880
Total
expenses
before
reductions
188,144
Expenses
offset
-
Note
1
H
(1,490)
Expenses
reimbursed
-
Note
3
(119,509)
Net
expenses
67,145
Net
Investment Income
(Loss)
489,296
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Realized
gain
(loss)
from:
Securities
from
unaffiliated
issuers
2,091
Foreign
currency
transactions
-
Forward
currency
contract
transactions
-
Net
realized
gain
(loss)
2,091
Net
change
in
unrealized
depreciation
of:
Investments
in
unaffiliated
issuers
(47,469)
Investments
in
affiliated
issuers
-
Other
assets
and
liabilities
denominated
in
foreign
currencies
-
Net
change
in
unrealized
depreciation
(47,469)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
(45,378)
Net
Increase
(Decrease)
In
Net
Assets
Resulting
From
Operations
$
443,918
For
the
six
months
ended
June
30,
2026
41
Near-Term
Tax
Free
Fund
Global
Luxury
Goods
Fund
Global
Resources
Fund
World
Precious
Minerals
Fund
Gold
and
Precious
Metals
Fund
$
4,012
$
642,723
$
238,051
$
300
$
1,651,707
-
(95,344)
(17,857)
(2)
(241,932)
4,012
547,379
220,194
298
1,409,775
325,220
172,593
202,895
175,164
810,279
329,232
719,972
423,089
175,462
2,220,054
55,228
257,642
317,370
388,731
1,343,363
28,327
55,311
68,527
74,209
216,058
-
64,410
83,518
97,182
373,156
13,222
16,910
28,477
31,940
42,023
11,581
14,790
17,187
17,597
43,426
1,336
6,043
8,687
14,953
23,591
10,654
12,723
12,716
12,763
22,692
11,570
11,035
12,832
11,816
17,776
4,337
5,567
6,524
6,647
16,964
856
1,986
2,575
3,016
11,529
27,381
45,951
73,868
57,173
194,687
164,492
492,368
632,281
716,027
2,305,265
(1,325)
(6,018)
(8,654)
(14,933)
(23,444)
(113,462)
(35,475)
(39,000)
(20,816)
-
49,705
450,875
584,627
680,278
2,281,821
279,527
269,097
(161,538)
(504,816)
(61,767)
14,572
3,944,532
(613,998)
9,587,597
24,372,532
-
(10,689)
(9,731)
(17,604)
(34,607)
-
(29,042)
-
-
(559)
14,572
3,904,801
(623,729)
9,569,993
24,337,366
(114,074)
(6,487,967)
(2,070,459)
(10,079,975)
(52,259,961)
-
-
-
(1,305,071)
-
-
(4,909)
(454)
(16)
(938)
(114,074)
(6,492,876)
(2,070,913)
(11,385,062)
(52,260,899)
(99,502)
(2,588,075)
(2,694,642)
(1,815,069)
(27,923,533)
$
180,025
$
(2,318,978)
$
(2,856,180)
$
(2,319,885)
$
(27,985,300)
Statements
of
Changes
in
Net
Assets
42
See
accompanying
notes
to
financial
statements.
U.S.
Government
Securities
Ultra-Short
Bond
Fund
For
the
Six
Months
Ended
June
30,
2026
Year
Ended
December
31,
2025
Increase
(Decrease)
in
Net
Assets
(Unaudited)
From
operations:
Net
investment
income
$
489,296
$
1,097,310
Net
realized
gain
(loss)
2,091
2,337
Net
change
in
unrealized
appreciation
(depreciation)
(47,469)
(22,301)
Net
increase
(decrease)
in
net
assets
from
operations
443,918
1,077,346
Distributions
to
shareholders
Investor
Class
(489,297)
(1,097,324)
Total
distributions
paid
(489,297)
(1,097,324)
From
capital
share
transactions:
Proceeds
from
shares
sold
Investor
Class
6,898,006
9,747,522
Distributions
reinvested
Investor
Class
395,444
870,626
7,293,450
10,618,148
Cost
of
shares
redeemed
Investor
Class
(4,256,609)
(12,515,773)
Net
increase
(decrease)
in
net
assets
from
capital
share
transactions
3,036,841
(1,897,625)
Net
Increase
(Decrease)
in
Net
Assets
2,991,462
(1,917,603)
Net
Assets
Beginning
of
period
28,003,407
29,921,010
End
of
period
$
30,994,869
$
28,003,407
Capital
Share
Activity
Investor
Class
Shares
sold
3,537,448
4,998,728
Shares
reinvested
202,988
446,475
Shares
redeemed
(2,183,141)
(6,418,345)
Net
capital
share
activity
1,557,295
(973,142)
43
Near-Term
Tax
Free
Fund
Global
Luxury
Goods
Fund
For
the
Six
Months
Ended
June
30,
2026
Year
Ended
December
31,
2025
For
the
Six
Months
Ended
June
30,
2026
Year
Ended
December
31,
2025
(Unaudited)
(Unaudited)
$
279,527
$
581,296
$
269,097
$
297,761
14,572
(2,875)
3,904,801
1,507,788
(114,074)
225,959
(6,492,876)
6,527,097
180,025
804,380
(2,318,978)
8,332,646
(279,527)
(581,299)
-
(3,966,066)
(279,527)
(581,299)
-
(3,966,066)
3,375,243
6,906,803
3,399,971
3,738,366
216,034
450,139
-
3,801,571
3,591,277
7,356,942
3,399,971
7,539,937
(5,599,390)
(8,287,230)
(3,679,740)
(7,525,552)
(2,008,113)
(930,288)
(279,769)
14,385
(2,107,615)
(707,207)
(2,598,747)
4,380,965
22,751,059
23,458,266
53,990,895
49,609,930
$
20,643,444
$
22,751,059
$
51,392,148
$
53,990,895
1,595,156
3,277,620
159,553
175,167
102,494
213,857
-
173,826
(2,649,356)
(3,925,606)
(174,477)
(357,510)
(951,706)
(434,129)
(14,924)
(8,517)
Statements
of
Changes
in
Net
Assets
44
See
accompanying
notes
to
financial
statements.
Global
Resources
Fund
For
the
Six
Months
Ended
June
30,
2026
Year
Ended
December
31,
2025
Increase
(Decrease)
in
Net
Assets
(Unaudited)
From
operations:
Net
investment
income
(loss)
$
(161,538)
$
411,534
Net
realized
gain
(loss)
(623,729)
2,638,597
Net
change
in
unrealized
appreciation
(depreciation)
(2,070,913)
24,708,914
Net
increase
(decrease)
in
net
assets
from
operations
(2,856,180)
27,759,045
Distributions
to
shareholders
Investor
Class
(19,491,214)
(513,252)
Total
distributions
paid
(19,491,214)
(513,252)
From
capital
share
transactions:
Proceeds
from
shares
sold
Investor
Class
6,973,911
8,345,184
Distributions
reinvested
Investor
Class
18,913,361
498,534
25,887,272
8,843,718
Cost
of
shares
redeemed
Investor
Class
(12,494,972)
(9,427,482)
Net
increase
(decrease)
in
net
assets
from
capital
share
transactions
13,392,300
(583,764)
Net
Increase
(Decrease)
in
Net
Assets
(8,955,094)
26,662,029
Net
Assets
Beginning
of
period
63,199,442
36,537,413
End
of
period
$
54,244,348
$
63,199,442
Capital
Share
Activity
Investor
Class
Shares
sold
1,043,129
1,529,282
Shares
reinvested
3,708,502
81,460
Shares
redeemed
(2,113,817)
(1,931,964)
Net
capital
share
activity
2,637,814
(321,222)
45
World
Precious
Minerals
Fund
Gold
and
Precious
Metals
Fund
For
the
Six
Months
Ended
June
30,
2026
Year
Ended
December
31,
2025
For
the
Six
Months
Ended
June
30,
2026
Year
Ended
December
31,
2025
(Unaudited)
(Unaudited)
$
(504,816)
$
(476,219)
$
(61,767)
$
1,225,851
9,569,993
1,220,236
24,337,366
51,655,103
(11,385,062)
46,308,618
(52,260,899)
117,407,546
(2,319,885)
47,052,635
(27,985,300)
170,288,500
(30,741,236)
(4,343,911)
(7,490,341)
(7,859,715)
(30,741,236)
(4,343,911)
(7,490,341)
(7,859,715)
13,685,648
14,831,948
66,937,231
74,277,070
28,959,737
4,100,226
6,897,454
7,214,474
42,645,385
18,932,174
73,834,685
81,491,544
(18,609,289)
(22,983,440)
(70,810,337)
(71,658,503)
24,036,096
(4,051,266)
3,024,348
9,833,041
(9,025,025)
38,657,458
(32,451,293)
172,261,826
75,773,253
37,115,795
275,902,243
103,640,417
$
66,748,228
$
75,773,253
$
243,450,950
$
275,902,243
5,465,479
6,246,561
2,022,809
3,697,787
15,005,045
1,331,242
231,847
248,696
(7,103,878)
(9,533,545)
(2,237,820)
(3,715,034)
13,366,646
(1,955,742)
16,836
231,449
Notes
to
Financial
Statements
June
30,
2026
46
Note
1:
Organization
and
Significant
Accounting
Policies
U.S.
Global
Investors
Funds
("Trust"),
consisting
of
the
six
separate
funds
("Funds")
included
in
this
report,
is
organized
as
a
Delaware
statutory
trust.
Each
Fund
is
an
open-
end
management
investment
company
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
and
follows
the
specialized
accounting
and
reporting
guidance
in
FASB
Accounting
Standards
Codification
Topic
946.
All
Funds
are
diversified
with
the
exception
of
World
Precious
Minerals
and
Gold
and
Precious
Metals.
A
non-diversified
fund
may
invest
a
greater
percentage
of
its
assets
in
a
smaller
number
of
issuers
in
comparison
to
a
diversified
fund.
On
June
14,
2019,
the
Institutional
Shares
of
the
Global
Resources
Fund
and
the
World
Precious
Minerals
Fund
were
liquidated
and
terminated
pursuant
to
a
Board
approved
Plan
of
Share
Class
Termination.
On
the
Liquidation
Date,
each
Fund
made
a
liquidating
distribution
to
shareholders
of
the
Institutional
Shares
equal
to
each
Shareholder's
proportionate
interest
in
the
Institutional
Shares.
Effective
July
1,
2020,
the
Holmes
Macro
Trends
Fund
changed
its
name
to
Global
Luxury
Goods
Fund.
The
Fund
also
changed
its
investment
strategy
on
July
1,
2020.
Prior
to
that
date,
the
Fund
invested
in
a
diversified
portfolio
of
equity
and
equity-related
securities
of
companies
in
the
S&P
Composite
1500
Index,
with
a
focus
on
companies
achieving
high
return
on
invested
capital
metrics
and
an
emphasis
on
mid-capitalization
companies.
Different
investment
strategies
may
lead
to
different
performance
results.
The
Fund's
performance
for
periods
prior
to
July
1,
2020
reflects
the
investment
strategy
in
effect
prior
to
that
date.
Each
Fund
included
herein
is
deemed
to
be
an
individual
reporting
segment
and
is
not
part
of
a
consolidated
reporting
entity.
The
objective
and
strategy
of
each
Fund
is
used
by
the
Adviser,
as
defined
in
Note
3,
to
make
investment
decisions,
and
the
results
of
the
operations,
as
shown
on
the
Statements
of
Operations
and
the
Financial
Highlights
for
each
Fund
is
the
information
utilized
for
the
day-to-day
management
of
the
Funds.
Each
Fund
is
party
to
the
expense
agreements
as
disclosed
in
the
Notes
to
the
Financial
Statements
and
there
are
no
resources
allocated
to
the
Funds
based
on
performance
measurements.
Due
to
the
significance
of
oversight
and
its
role,
the
Adviser
is
deemed
to
be
the
Chief
Operating
Decision
Maker.
The
following
is
a
summary
of
significant
accounting
policies
consistently
followed
by
the
Funds
in
the
preparation
of
their
financial
statements.
The
policies
are
in
conformity
with
U.S.
generally
accepted
accounting
principles.
A.
Security
Valuations
The
Funds
value
investments
traded
on
national
or
international
securities
exchanges
or
over-the-counter
at
the
last
sales
price
reported
by
the
security's
primary
exchange
of
its
market
at
the
time
of
daily
valuation.
Options
and
securities
for
which
no
sale
was
reported
are
valued
at
the
mean
between
the
last
reported
bid
and
asked
quotation.
Debt
securities
having
60
days
or
less
to
maturity
that
are
expected
to
be
valued
at
par
at
maturity
may
be
priced
by
the
amortized
cost
method
if
the
Adviser
determines
it
would
approximate
market
value.
Municipal
securities,
long-term
U.S.
government
obligations
and
corporate
debt
securities
are
valued
by
an
independent
pricing
service
using
an
evaluated
quote
based
on
such
factors
as
institutional-size
trading
in
similar
groups
of
securities,
yield,
quality,
maturity,
coupon
rate,
type
of
issue,
individual
trading
characteristics
and
other
market
data.
For
more
information
please
see
Notes
to
Portfolio
of
Investments.
Notes
to
Financial
Statements
June
30,
2026
47
B.
Cash-Concentration
in
Uninsured
Account
For
cash
management
purposes
the
Funds
may
concentrate
cash
with
the
Funds'
custodian.
As
of
June
30,
2026,
The
U.S.
Government
Securities
Ultra-Short
Bond
Fund,
Near-Term
Tax
Free
Fund,
Global
Luxury
Goods
Fund,
Global
Resources
Fund,
World
Precious
Minerals
Fund
and
Gold
and
Precious
Metals
Fund
held
$1,827,483,
$82,797,
$1,389,695,
$2,350,254,
$1,515,455
and
$17,711,214,
respectively,
as
cash
reserves
at
Brown
Brothers
Harriman
&
Co.
(BBH).
C.
Fair
Valued
Securities
Pursuant
to
Rule
2a-5
under
the
Investment
Company
Act,
the
Trust's
Board
has
designated
the
Adviser
as
the
Funds'
valuation
designee
to
perform
any
fair
value
determinations
for
securities
and
other
assets
held
by
the
Funds.
The
Adviser
is
subject
to
the
oversight
of
the
Board
and
certain
reporting
and
other
requirements
intended
to
provide
the
Board
the
information
needed
to
oversee
the
Adviser's
fair
value
determinations.
The
Adviser
is
responsible
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
in
accordance
with
policies
and
procedures
that
have
been
approved
by
the
Board.
Under
these
procedures,
the
Adviser
convenes
on
a
regular
and
ad
hoc
basis
to
review
such
investments
and
considers
a
number
of
factors,
including
valuation
methodologies
and
significant
unobservable
inputs,
when
arriving
at
fair
value.
The
Board
has
approved
the
Adviser's
fair
valuation
procedures
as
a
part
of
the
Funds'
compliance
program
and
will
review
any
changes
made
to
the
procedures.
The
Adviser
provides
fair
valuation
inputs.
In
determining
fair
valuations,
the
Adviser
considers
a
number
of
factors
including
nature
and
duration
of
any
trading
restrictions,
trading
volume,
market
values
of
unrestricted
shares
of
the
same
or
similar
class,
investment
management's
judgment
regarding
the
market
experience
of
the
issuer,
financial
status
and
other
operational
and
market
factors
affecting
the
issuer,
issuer's
management,
quality
of
the
underlying
property
based
on
review
of
independent
geological
studies
and
other
relevant
matters.
The
fair
values
may
differ
from
what
would
have
been
used
had
a
broader
market
for
these
securities
existed.
The
Adviser
regularly
reviews
inputs
and
assumptions
and
performs
transactional
back-testing
and
disposition
analysis.
The
Adviser
reports
quarterly
to
the
Trust's
Board
of
Trustees.
For
securities
traded
on
international
exchanges,
if
events
which
may
materially
affect
the
value
of
a
Fund's
securities
occur
after
the
close
of
the
primary
exchange
and
before
a
Fund's
net
asset
value
is
next
determined,
then
those
securities
will
be
valued
at
their
fair
value
as
determined
in
good
faith
in
accordance
with
the
policies
approved
by
the
Board
of
Trustees.
The
Adviser
uses
a
systematic
fair
value
model
provided
by
an
independent
third
party
to
value
international
securities
primarily
traded
on
an
exchange
or
market
outside
the
Western
Hemisphere
in
order
to
adjust
for
stale
pricing,
which
may
occur
between
the
close
of
certain
foreign
exchanges
and
the
New
York
Stock
Exchange.
Fair
valuation
is
based
on
subjective
factors
and,
as
a
result,
the
fair
value
price
of
an
investment
may
differ
from
the
security's
market
price
and
may
not
be
the
price
at
which
the
asset
may
be
sold.
Fair
valuation
could
result
in
a
different
Net
Asset
Value
("NAV")
than
a
NAV
determined
by
using
market
quotes.
D.
Security
Transactions
and
Investment
Income
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
from
security
transactions
are
determined
on
an
identified
cost
basis.
Dividend
income
is
recorded
on
the
ex-dividend
date
except
that
certain
dividends
from
foreign
securities
where
the
ex-dividend
Notes
to
Financial
Statements
June
30,
2026
48
date
may
have
passed
are
recorded
as
soon
as
the
Fund
has
confirmed
the
ex-dividend
date.
Interest
income,
which
may
include
original
issue
discount,
is
recorded
on
an
accrual
basis.
Discounts
and
premiums
on
securities
purchased
are
accreted
and
amortized,
respectively,
on
a
yield-to-worst
basis
as
adjustments
to
interest
income.
Investment
income
is
recorded
net
of
foreign
taxes
withheld
where
recovery
of
such
taxes
is
uncertain.
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis
and
segregate
collateral
on
their
books
with
a
value
at
least
equal
to
the
amount
of
the
commitment.
Losses
may
arise
due
to
the
changes
in
the
value
of
the
underlying
securities
or
if
the
counterparty
does
not
perform
under
the
contract.
E.
Foreign
Currency
Transactions
Some
Funds
may
invest
in
securities
of
foreign
issuers.
The
accounting
records
of
these
Funds
are
maintained
in
U.S.
dollars.
At
each
net
asset
value
determination
date,
the
value
of
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
the
current
prevailing
exchange
rate.
Security
transactions,
income
and
expenses
are
converted
at
the
prevailing
rate
of
exchange
on
the
respective
dates
of
the
transactions.
The
effect
of
changes
in
foreign
exchange
rates
on
foreign
denominated
securities
is
included
with
the
net
realized
and
unrealized
gain
or
loss
on
securities.
Other
foreign
currency
gains
or
losses
are
reported
separately.
F.
Federal
Income
Taxes
The
Funds
intend
to
continue
to
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies
and
to
distribute
substantially
all
of
their
taxable
income
to
shareholders.
Accordingly,
no
provision
for
federal
income
taxes
is
required.
Each
Fund
may
be
subject
to
foreign
taxes
on
income
and
gains
on
investments,
which
are
accrued
based
on
the
Fund's
understanding
of
the
tax
rules
and
regulations
in
the
foreign
markets.
The
Funds
recognize
the
tax
benefits
of
uncertain
tax
positions
only
where
the
position
is
"more
likely
than
not"
to
be
sustained
assuming
examination
by
tax
authorities.
Management
has
analyzed
the
Funds'
tax
positions,
and
has
concluded
that
no
liability
for
unrecognized
tax
benefits
should
be
recorded
related
to
uncertain
tax
positions
taken
on
returns
filed
for
open
tax
years
or
expected
to
be
taken
in
2025
tax
returns.
The
Funds
file
U.S.
federal
and
excise
tax
returns
as
required.
The
Funds'
2022,
2023,
2024
and
2025
(when
filed)
tax
returns
are
open
to
examination
by
the
federal
and
applicable
state
tax
authorities.
The
Funds
have
no
examinations
in
progress.
G.
Dividends
and
Distributions
to
Shareholders
The
Funds
record
dividends
and
distributions
to
shareholders
on
the
ex-dividend
date.
Distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
accounting
principles
generally
accepted
in
the
United
States.
Accordingly,
periodic
reclassifications
related
to
permanent
book
and
tax
basis
differences
are
made
within
the
Funds'
capital
accounts
to
reflect
income
and
gains
available
for
distribution
under
income
tax
regulations.
The
Funds,
except
as
noted
below,
generally
pay
income
dividends
and
distribute
capital
gains,
if
any,
annually.
The
U.S.
Government
Securities
Ultra-Short
Bond
Fund
and
the
Near-Term
Tax
Free
Fund
pay
income
dividends
monthly.
A
Fund
may
elect
to
designate
a
portion
of
the
earnings
and
profits
distributed
to
shareholders
on
the
redemption
of
Fund
shares
during
the
year
as
distributions
for
federal
income
tax
purposes.
Notes
to
Financial
Statements
June
30,
2026
49
H.
Expenses
Fund
specific
expenses
are
allocated
to
that
Fund.
Expenses
that
are
not
fund
specific
are
allocated
among
Funds.
Expense
offset
arrangements
have
been
made
with
the
Funds'
custodian
so
the
custodian
fees
may
be
paid
indirectly
by
credits
earned
on
the
Funds'
cash
balances.
Such
deposit
arrangements
are
an
alternative
to
overnight
investments.
Custodian
fees
are
presented
in
the
Statements
of
Operations
gross
of
such
credits,
and
the
credits
are
presented
as
offsets
to
expenses.
For
the
U.S.
Government
Securities
Ultra-Short
Bond
Fund,
credits
earned
on
its
cash
balance
are
included
in
interest
and
other
income.
I.
Use
of
Estimates
in
Financial
Statement
Preparation
The
Funds
are
investment
companies
accounted
for
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
("GAAP").
Therefore
they
follow
the
accounting
and
reporting
guidelines
for
investment
companies.
The
preparation
of
financial
statements
in
conformity
with
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Note
2:
Financial
Derivative
Instruments
A.
Options
Contracts
Global
Luxury
Goods
Fund,
Gold
and
Precious
Metals
Fund,
Global
Resources
Fund
and
World
Precious
Minerals
Fund
(the
"Equity
Funds")
may
purchase
or
write
(sell)
options
on
securities
to
manage
their
exposure
to
stock
or
commodity
markets
as
well
as
fluctuations
in
interest
and
currency
conversion
rates.
The
use
of
options
carries
the
risks
of
a
change
in
value
of
the
underlying
instruments,
an
illiquid
secondary
market,
or
failure
of
the
counterparty
to
perform
its
obligations.
A
put
option
gives
the
purchaser
of
the
option,
upon
payment
of
a
premium,
the
right
to
sell,
and
the
issuer
of
the
option
the
obligation
to
buy,
the
underlying
security,
commodity,
index,
currency
or
other
instrument
at
the
exercise
price.
A
call
option,
upon
payment
of
a
premium,
gives
the
purchaser
of
the
option
the
right
to
buy,
and
the
issuer
the
obligation
to
sell,
the
underlying
instrument
at
the
exercise
price.
Purchasing
a
put
option
tends
to
decrease
a
Fund's
exposure
to
the
underlying
instrument,
whereas
purchasing
a
call
option
tends
to
increase
a
Fund's
exposure
to
the
underlying
instrument.
A
Fund
pays
a
premium
which
is
included
in
the
Statement
of
Assets
and
Liabilities
as
an
investment
and
subsequently
marked
to
market
to
reflect
the
current
value
of
the
option.
Premiums
paid
to
purchase
options
which
expire
are
treated
as
realized
losses.
Premiums
paid
to
purchase
options
which
are
exercised
or
closed
are
added
to
the
cost
of
securities
acquired
or
the
proceeds
from
securities
sold.
The
risk
associated
with
purchasing
put
and
call
options
is
limited
to
the
premium
paid.
The
Funds
will
realize
a
loss
equal
to
all
or
a
part
of
the
premium
paid
for
an
option
if
the
price
of
the
underlying
security
or
other
instrument
decreases
or
does
not
increase
by
more
than
the
premium
(in
the
case
of
a
call
option),
or
if
the
price
of
the
underlying
security
or
other
instrument
increases
or
does
not
decrease
by
more
than
the
premium
(in
the
case
of
a
put
option).
Writing
(selling)
a
put
option
tends
to
increase
a
Fund's
exposure
to
the
underlying
instrument,
whereas
writing
a
call
option
tends
to
decrease
a
Fund's
exposure
to
the
Notes
to
Financial
Statements
June
30,
2026
50
underlying
instrument.
The
premium
received
is
recorded
as
a
liability
in
the
Statement
of
Assets
and
Liabilities
and
subsequently
marked
to
market
to
reflect
the
current
value
of
the
option
written.
Premiums
received
from
writing
options
which
expire
are
treated
as
realized
gains.
Premiums
received
from
options
which
are
exercised
or
closed
are
added
to
the
proceeds
or
offset
against
amounts
paid
on
the
underlying
transaction
to
determine
the
realized
gain
or
loss.
Written
options
include
a
risk
of
loss
in
excess
of
the
option
premium.
A
Fund
as
a
writer
of
an
option
has
no
control
over
whether
the
underlying
instrument
may
be
sold
(call)
or
purchased
(put)
and
thus
bears
the
market
risk
of
an
unfavorable
change
in
the
price
of
the
instrument
underlying
the
written
option.
There
is
also
the
risk
a
Fund
may
not
be
able
to
enter
into
a
closing
transaction
because
of
an
illiquid
market.
A
Fund's
ability
to
close
out
its
position
as
a
purchaser
or
seller
of
a
put
or
call
option
is
dependent,
in
part,
upon
the
liquidity
of
the
market
for
that
particular
option.
There
can
be
no
guarantee
that
a
Fund
will
be
able
to
close
out
an
option
position
when
desired.
An
inability
to
close
out
its
options
positions
may
reduce
a
Fund's
anticipated
profits
or
increase
its
losses.
As
of
June
30,
2026,
there
were
no
securities
held
in
escrow
by
the
custodian
as
cover
for
call
options
written.
B.
Forward
Foreign
Currency
Contracts
The
Funds
enter
into
forward
foreign
currency
contracts
to
lock
in
the
U.S.
dollar
cost
of
purchase
and
sale
transactions
or
to
hedge
the
portfolio
against
currency
fluctuations.
A
forward
foreign
currency
contract
is
a
commitment
to
purchase
or
sell
a
foreign
currency
at
a
future
date
at
a
negotiated
rate.
These
contracts
are
valued
daily,
and
the
Fund's
net
equity
therein,
representing
unrealized
gain
or
loss
on
the
contracts
as
measured
by
the
difference
between
the
forward
foreign
exchange
rates
at
the
dates
of
entry
into
the
contracts
and
the
forward
rates
at
the
reporting
date,
is
included
in
the
Statement
of
Assets
and
Liabilities.
Realized
and
unrealized
gains
and
losses
are
included
in
the
Statement
of
Operations.
Risks
may
arise
upon
entering
into
these
contracts
from
the
potential
inability
of
counterparties
to
meet
the
terms
of
the
contracts
and
from
unanticipated
movements
in
the
value
of
foreign
currencies
relative
to
the
U.S.
dollar.
As
of
June
30,
2026,
there
were
no
open
forward
foreign
currency
contracts.
Notes
to
Financial
Statements
June
30,
2026
51
C.
Summary
of
Derivative
Instruments
The
following
is
a
summary
of
the
effect
of
derivative
instruments
on
the
Statements
of
Operations
as
of
June
30,
2026:
The
total
value
of
transactions
in
forward
currency
contracts
during
the
period
ended
June
30,
2026,
were
approximately
as
follows:
Note
3:
Investment
Advisory
and
Other
Agreements
U.S.
Global
Investors,
Inc.
(the
"Adviser")
is
the
investment
adviser
to
the
Funds.
Pursuant
to
an
investment
advisory
agreement
with
the
Trust
in
effect
through
October
1,
2026,
the
Adviser
furnishes
management
and
investment
advisory
services
and,
subject
to
the
supervision
of
the
Trustees,
directs
the
investments
of
each
Fund
according
to
each
Fund's
investment
objectives,
policies
and
limitations.
For
the
services
of
the
Adviser,
each
Fund
pays
a
base
management
or
advisory
fee
based
upon
its
net
assets.
Fees
are
accrued
daily
and
paid
monthly.
The
contractual
management
fee
for
each
Fund
is:
Location
Global
Luxury
Goods
Fund
World
Precious
Minerals
Fund
Realized
gain
(loss)
on
derivatives
recognized
in
income
Realized
gain
(loss)
from
securities
Purchased
options
$
-
$
-
Net
realized
gain
(loss)
from
foreign
currency
transactions
Foreign
exchange
contracts
-
Currency
contract
risk
(29,042)
-
(29,042)
-
Change
in
unrealized
appreciation
(depreciation)
on
derivatives
recognized
in
income
Net
change
in
unrealized
appreciation
(depreciation)
of
investments
Purchased
options
-
Equity
risk
-
5,769
-
5,769
Total
$
(29,042)
$
5,769
Location
Gold
and
Precious
Metals
Fund
Realized
gain
(loss)
on
derivatives
recognized
in
income
Realized
gain
(loss)
from
securities
Purchased
options
$
-
Net
realized
gain
(loss)
from
foreign
currency
transactions
Foreign
exchange
contracts
-
Currency
contract
risk
(559)
(559)
Total
$
(559)
Fund
Forward
Currency
Contracts
Global
Luxury
Goods
Fund
$
6,119,620
Gold
and
Precious
Metals
Fund
858,887
Notes
to
Financial
Statements
June
30,
2026
52
Atlantic
Fund
Administration,
LLC,
a
wholly
owned
subsidiary
of
Apex
US
Holdings,
LLC
(d/b/a
Apex
Fund
Services)
("Apex")
and
the
Adviser
act
as
co-administrators
to
the
Trust.
Apex
provides
a
Principal
Executive
Officer,
a
Principal
Financial
Officer,
a
Chief
Compliance
Officer
and
a
Anti-Money
Laundering
Officer
to
each
Fund,
as
well
as
certain
additional
compliance
and
administrative
support
functions.
Apex
also
provides
fund
accounting
services
to
each
Fund.
The
fees
related
to
these
services
are
included
in
Administration
Fees
within
the
Statement
of
Operations.
Apex
also
provides
certain
shareholder
report
production
and
EDGAR
conversion
and
filing
services.
Pursuant
to
an
Apex
services
agreement,
each
Fund
pays
Apex
customary
fees
for
its
services.
The
U.S.
Government
Securities
Ultra-Short
Bond,
Near-Term
Tax
Free,
Global
Luxury
Goods,
Global
Resources,
World
Precious
Minerals
and
Gold
and
Precious
Metals
Funds
compensate
the
Adviser
at
an
annual
rate
of
0.05%
of
the
average
daily
net
assets
of
each
Fund
for
administrative
services
provided.
The
Equity
Funds
in
the
Trust
have
adopted
a
distribution
plan
pursuant
to
Rule
12b-1
of
the
Investment
Company
Act
of
1940
in
which
the
Distributor
is
paid
a
fee
at
an
annual
rate
of
0.25%
of
the
average
daily
net
assets
of
the
Fund
for
sales
and
promotional
services
related
to
the
distribution
of
shares.
The
Adviser
has
contractually
limited
the
total
operating
expenses
of
the
Global
Luxury
Goods
Fund,
Gold
and
Precious
Metals
Fund,
World
Precious
Minerals
Fund,
and
Global
Resources
Fund
at
1.75%
on
an
annualized
basis
through
April
30,
2027.
The
Adviser
has
also
contractually
limited
the
total
operating
expenses
of
the
Near-Term
Tax
Free
Fund
at
0.45%
on
an
annual
basis
through
April
30,
2027.
Amounts
waived
or
reimbursed
by
the
Adviser
pursuant
to
this
contractual
waiver
arrangement
are
not
eligible
for
recoupment
by
the
Adviser.
The
Adviser
has
voluntarily
agreed
to
reimburse
the
U.S.
Government
Securities
Ultra-
Short
Bond
Fund
so
that
total
operating
expenses
will
not
exceed
0.45%
of
average
net
assets
through
April
30,
2027.
The
expense
limitation
will
continue
on
a
voluntary
basis
at
the
Adviser's
discretion.
The
Adviser
may
temporarily
agree
to
additional
reimbursements
or
limitations.
Amounts
waived
or
reimbursed
by
the
Adviser
pursuant
to
this
voluntary
waiver
arrangement
are
not
eligible
for
recoupment
by
the
Adviser.
Apex
is
the
transfer
agent
for
the
Funds.
Each
Fund's
share
class
pays
an
annual
fee
based
on
the
number
of
shareholder
accounts,
certain
base
fees
and
transaction-
and
activity-based
fees
for
transfer
agency
services.
Certain
account
fees
are
paid
directly
by
shareholders
to
the
transfer
agent,
which,
in
turn,
reduces
its
charge
to
the
Funds.
Brown
Brothers
Harriman
&
Co.
(BBH)
serves
as
the
custodian.
Fund
Average
Percentage
of
Average
Daily
Net
Assets
U.S.
Government
Securities
Ultra-Short
Bond
.50%
of
the
first
$250,000,000
and
.375%
of
the
excess
Near-Term
Tax
Free
.50%
Global
Luxury
Goods
1.00%
Global
Resources
.95%
of
the
first
$500,000,000;
.90%
of
$500,000,001
to
$1,000,000,000
and
.85%
of
the
excess
World
Precious
Minerals
1.00%
of
the
first
$500,000,000;
.95%
of
$500,000,001
to
$1,000,000,000
and
.90%
of
the
excess
Gold
and
Precious
Metals
.90%
of
the
first
$500,000,000
and
.85%
of
the
excess
Note
3:
Investment
Advisory
and
Other
Agreements
Notes
to
Financial
Statements
June
30,
2026
53
Foreside
Fund
Services,
LLC
(the
"Distributor"),
a
wholly
owned
subsidiary
of
Foreside
Financial
Group,
LLC
(d/b/a
ACA
Group),
acts
as
the
agent
of
the
Trust
in
connection
with
the
continuous
offering
of
shares
of
the
Funds.
The
Distributor
continually
distributes
shares
of
the
Funds
on
a
best
efforts
basis.
Note
4:
Investments
Cost
of
purchases
and
proceeds
from
sales
of
long-term
securities
for
the
period
ended
June
30,
2026,
are
summarized
as
follows:
Note
5:
Tax
Information
The
following
table
presents
the
income
tax
basis
of
securities
owned
at
June
30,
2026,
and
the
tax
basis
components
of
net
unrealized
appreciation
(depreciation):
As
of
December
31,
2025,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
Fund
Purchases
Sales
U.S.
Government
Securities
Ultra-Short
Bond
$
6,477,734
$
355,344
Near-Term
Tax
Free
6,229,360
6,708,597
Global
Luxury
Goods
22,802,998
22,479,038
Global
Resources
15,518,549
22,050,594
World
Precious
Minerals
14,376,373
24,395,580
Gold
and
Precious
Metals
58,098,675
75,528,286
Fund
Aggregate
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
U.S.
Government
Securities
Ultra-Short
Bond
$
29,256,910
$
2,172
$
(24,528)
$
(22,356)
Near-Term
Tax
Free
20,292,190
51,484
(89,580)
(38,096)
Global
Luxury
Goods
46,257,585
6,696,582
(3,227,080)
3,469,502
Global
Resources
73,235,984
23,000,463
(44,406,409)
(21,405,946)
World
Precious
Minerals
54,157,386
29,186,257
(18,716,118)
10,470,139
Gold
and
Precious
Metals
142,211,964
98,608,052
(15,098,309)
83,509,743
Fund
Undistributed
Tax-Exempt
Income
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Capital
and
Other
Losses
U.S.
Government
Securities
Ultra-Short
Bond
$
-
$
-
$
-
$
(804,457)
Near-Term
Tax
Free
-
-
-
(2,789,420)
Global
Luxury
Goods
-
-
-
(1,233,837)
Global
Resources
-
19,484,222
-
(243,755,629)
World
Precious
Minerals
-
30,741,216
-
(366,231,754)
Gold
and
Precious
Metals
-
7,490,335
-
(8,800,491)
Note
3:
Investment
Advisory
and
Other
Agreements
Notes
to
Financial
Statements
June
30,
2026
54
The
differences
between
book-basis
and
tax-basis
unrealized
appreciation
(depreciation)
for
Global
Luxury
Goods,
Global
Resources,
World
Precious
Minerals
and
Gold
and
Precious
Metals
Funds
are
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales,
and
investment
in
passive
foreign
investment
companies
(PFIC).
Reclassifications
are
made
to
the
Funds'
capital
accounts
to
reflect
income
and
gains
available
for
distribution
(or
available
capital
loss
carryovers)
and
due
to
over
distributions
necessary
to
meet
excise
tax
reporting
requirements
under
income
tax
regulations.
For
the
year
ended
December
31,
2025,
the
Funds
recorded
the
following
reclassifications
to
increase
(decrease)
the
accounts
listed
below:
The
tax
character
of
distributions
paid
during
the
fiscal
year
ended
December
31,
2025,
were
as
follows:
Fund
(continued)
Net
Unrealized
Appreciation
(Depreciation)
Other
Temporary
Differences
Total
U.S.
Government
Securities
Ultra-Short
Bond
$
25,114
$
-
$
(779,343)
Near-Term
Tax
Free
74,955
-
(2,714,465)
Global
Luxury
Goods
9,796,356
11,397
8,573,916
Global
Resources
(41,571,196)
15,501
(265,827,102)
World
Precious
Minerals
(22,581,442)
17
(358,071,963)
Gold
and
Precious
Metals
120,001,660
(1,159)
118,690,345
Fund
Distributable
Earnings
Paid
in
Capital
U.S.
Government
Securities
Ultra-Short
Bond
$
14
$
(14)
Near-Term
Tax
Free
3
(3)
Global
Luxury
Goods
84,278
(84,278)
Global
Resources
12
(12)
World
Precious
Minerals
-
-
Gold
and
Precious
Metals
-
-
Fund
Tax-Exempt
Income
Ordinary
Income
Long-Term
Capital
Gains
Return
of
Capital
Total
U.S.
Government
Securities
Ultra-Short
Bond
$
-
$
1,097,324
$
-
$
-
$
1,097,324
Near-Term
Tax
Free
503,256
78,043
-
-
581,299
Global
Luxury
Goods
-
2,091,395
1,790,393
84,278
3,966,066
Global
Resources
-
513,252
-
-
513,252
World
Precious
Minerals
-
4,343,911
-
-
4,343,911
Gold
and
Precious
Metals
-
7,859,715
-
-
7,859,715
Notes
to
Financial
Statements
June
30,
2026
55
The
tax
character
of
distributions
paid
during
the
fiscal
year
ended
December
31,
2024,
were
as
follows:
Capital
loss
carryforwards
may
be
used
to
offset
current
or
future
taxable
capital
gains.
The
loss
carryforwards
for
each
Fund,
as
of
December
31,
2025,
are
as
follows:
For
tax
purposes,
the
Funds
have
current
year
deferred
post
October
losses
as
follows:
These
losses
were
recognized
for
tax
purposes
on
the
first
day
of
the
current
tax
year.
The
Global
Luxury
Goods
Fund
has
a
Section
382
loss
limitation.
The
remaining
loss
limit
at
December
31,
2025
is
$1,080,871
and
the
yearly
amount
of
loss
that
can
be
drawn
down
or
utilized
from
this
amount
is
$117,889.
During
the
year
ended
December
31,
2025,
the
following
Funds
utilized
capital
loss
carryforwards
to
offset
capital
gains
amounting
to:
Fund
Tax-Exempt
Income
Ordinary
Income
Long-Term
Capital
Gains
Return
of
Capital
Total
U.S.
Government
Securities
Ultra-Short
Bond
$
-
$
1,272,327
$
-
$
-
$
1,272,327
Near-Term
Tax
Free
516,001
95,264
-
-
611,265
Global
Luxury
Goods
-
2,721,384
1,816,828
-
4,538,212
Global
Resources
-
1,528,790
-
-
1,528,790
World
Precious
Minerals
-
-
-
-
-
Gold
and
Precious
Metals
-
1,523,716
-
-
1,523,716
No
Expiration
Fund
Short-Term
Long-Term
Total
U.S.
Government
Securities
Ultra-Short
Bond
$
418,828
$
385,629
$
804,457
Near-Term
Tax
Free
1,043,573
1,745,847
2,789,420
Global
Luxury
Goods
1,080,871
-
1,080,871
Global
Resources
168,412,763
75,342,866
243,755,629
World
Precious
Minerals
87,664,895
278,566,859
366,231,754
Gold
and
Precious
Metals
8,800,491
-
8,800,491
Fund
Post
October
31,
2025
Capital
Loss
Deferral
Post
October
31,
2025
Ordinary
Loss
Deferral
Global
Luxury
Goods
$
152,966
$
-
Fund
U.S.
Government
Securities
Ultra-Short
Bond
$
2,337
Global
Luxury
Goods
117,889
Global
Resources
633,131
Gold
and
Precious
Metals
51,503,456
Notes
to
Financial
Statements
June
30,
2026
56
Note
6:
Risks
of
Concentrations
and
Foreign
Investments
The
Near-Term
Tax
Free
Fund
may
be
exposed
to
risks
related
to
concentration
of
investments
in
a
particular
state
or
geographic
area.
These
investments
present
risks
resulting
from
changes
in
economic
conditions
of
the
region
or
the
issuer.
The
Global
Resources
Fund
concentrates
its
investments
in
the
natural
resources
industries
and
may
be
subject
to
greater
risks
and
fluctuations
than
a
portfolio
representing
a
broader
range
of
industries.
The
World
Precious
Minerals
and
Gold
and
Precious
Metals
Funds
concentrate
their
investments
in
gold
and
other
precious
metals
and
minerals
and,
therefore,
may
be
subject
to
greater
risks
and
market
fluctuations
than
a
portfolio
representing
a
broader
range
of
industries.
The
funds
invest
in
securities
that
typically
respond
to
changes
in
the
price
of
gold
and
other
precious
metals
and
minerals,
which
can
be
influenced
by
a
variety
of
global
economic,
financial
and
political
factors;
increased
environmental
and
labor
costs
in
mining;
and
changes
in
laws
relating
to
mining
or
gold
production
or
sales.
Fluctuations
in
the
prices
of
gold
and
other
precious
metals
and
minerals
will
affect
the
market
values
of
the
securities
held
by
these
funds.
Note
7:
Credit
Arrangements
Each
of
the
Funds
has
an
uncommitted
credit
facility
with
BBH,
which
will
remain
in
effect
through
at
least
April
17,
2027.
The
continuance
of
the
credit
facility
with
BBH
is
subject
to
annual
renewal
by
the
Board.
Borrowings
of
each
Fund
are
collateralized
by
any
or
all
of
the
securities
held
by
BBH
as
the
Funds'
custodian
up
to
the
amount
of
the
borrowing.
Interest
on
borrowings
is
charged
at
the
current
overnight
Federal
Funds
Rate
plus
2
percent.
Each
Fund
has
a
maximum
borrowing
limit
of
10
percent
of
qualified
assets.
The
aggregate
of
borrowings
by
all
Funds
under
the
agreement
cannot
exceed
$10,000,000
at
any
one
time.
There
were
no
borrowings
under
the
credit
facility
during
the
period
ended
June
30,
2026.
Note
8:
Commitments
and
Contingencies
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
provide
general
indemnifications
by
each
Fund
to
the
counterparty
to
the
contract.
Each
Fund's
maximum
exposure
under
these
arrangements
is
dependent
on
future
claims
that
may
be
made
against
each
Fund
and,
therefore,
cannot
be
estimated;
however,
based
on
experience,
the
risk
of
loss
from
such
claims
is
considered
remote.
Each
Fund
has
determined
that
none
of
these
arrangements
requires
disclosure
on
each
Fund's
Statement
of
Assets
and
Liabilities.
Note
9:
Subsequent
Events
Subsequent
events
occurring
after
the
date
of
this
report
through
the
date
these
financial
statements
were
issued
have
been
evaluated
for
potential
impact,
and
the
Funds
have
had
not
such
events.
Management
has
evaluated
the
need
for
additional
disclosures
and/
or
adjustments
resulting
from
subsequent
events.
Based
on
this
evaluation,
no
additional
disclosures
or
adjustments
were
required
to
the
financial
statements
as
of
the
date
the
financial
statements
were
issued.
Financial
Highlights
57
U.S.
Government
Securities
Ultra-Short
Bond
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Investor
Class
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Ratios
to
Average
Net
Assets:
Expense
offset
(0.01)%
(0.01)%
(0.01)%
-
-
-
Six
Months
Ended
June
30,
2026
Year
Ended
December
31,
2025
2024
2023
2022
2021
Net
asset
value,
beginning
of
period
$
1.95
$
1.95
$
1.95
$
1.94
$
1.99
$
2.00
Investment
Activities
Net
investment
income
(loss)
*
0.03
0.08
0.08
0.07
0.02
(0.01
)
Net
realized
and
unrealized
gain
(loss)
(0.01
)
(0.00
)
(a)
(0.00
)
(a)
0.01
(0.05
)
(0.00
)
(a)
Total
from
investment
activities
0.02
0.08
0.08
0.08
(0.03
)
(0.01
)
Distributions
From
net
investment
income
(0.03
)
(0.08
)
(0.08
)
(0.07
)
(0.02
)
-
From
net
realized
gains
-
-
-
-
(0.00
)
(a)
(0.00
)
(a)
Net
asset
value,
end
of
period
$
1.94
$
1.95
$
1.95
$
1.95
$
1.94
$
1.99
Total
Return
(b)
1.10
%
3.92
%
4.31
%
4.17
%
(1.66
)%
(0.44
)%
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
3.28
%
3.85
%
4.20
%
3.56
%
0.82
%
(0.32
)%
Total
expenses
1.26
%
1.35
%
1.30
%
1.17
%
1.13
%
1.06
%
Expenses
waived
or
reimbursed
(c)
(0.81
)%
(0.90
)%
(0.85
)%
(0.72
)%
(0.68
)%
(0.61
)%
Net
expenses
(d)
0.45
%
0.45
%
0.45
%
0.45
%
0.45
%
0.45
%
Portfolio
turnover
rate
8
%
25
%
38
%
143
%
46
%
78
%
Net
assets,
end
of
period
(in
thousands)
$30,995
$28,003
$29,921
$31,328
$34,117
$38,004
*
Based
on
average
shares
outstanding.
(a)
The
per
share
amount
does
not
round
to
a
full
penny.
(b)
Assumes
investment
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
distributions
and
a
complete
redemption
of
the
investment
at
the
net
asset
value
at
the
end
of
the
period.
(c)
Expenses
waived
or
reimbursed
reflect
reductions
to
total
expenses,
as
discussed
in
the
notes
to
the
financial
statements.
These
amounts
would
increase
the
net
investment
loss
ratio
or
decrease
the
net
investment
income
ratio,
as
applicable,
and
decrease
the
total
returns
had
such
reductions
not
occurred.
(d)
The
net
expense
ratios
shown
above
reflect
expenses
after
waivers
and
reimbursements
and
include
the
effect
of
reductions
to
total
expenses
for
any
expenses
offset.
Expense
offset
arrangements
reduce
total
expenses,
as
discussed
in
the
notes
to
the
financial
statements.
These
amounts
would
decrease
the
net
investment
income
(loss)
ratio
had
such
reductions
not
occurred.
The
effect
of
expenses
offset
are
as
follows:
Financial
Highlights
58
Near-Term
Tax
Free
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Investor
Class
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Ratios
to
Average
Net
Assets:
Expense
offset
(0.01)%
(0.01)%
(0.02)%
(0.01)%
(0.02)%
-
(d)
Six
Months
Ended
June
30,
2026
Year
Ended
December
31,
2025
2024
2023
2022
2021
Net
asset
value,
beginning
of
period
$
2.11
$
2.09
$
2.10
$
2.09
$
2.23
$
2.26
Investment
Activities
Net
investment
income
*
0.03
0.05
0.05
0.05
0.02
0.02
Net
realized
and
unrealized
gain
(loss)
(0.01
)
0.02
(0.01
)
0.01
(0.14
)
(0.03
)
Total
from
investment
activities
0.02
0.07
0.04
0.06
(0.12
)
(0.01
)
Distributions
From
net
investment
income
(0.03
)
(0.05
)
(0.05
)
(0.05
)
(0.02
)
(0.02
)
Net
asset
value,
end
of
period
$
2.10
$
2.11
$
2.09
$
2.10
$
2.09
$
2.23
Total
Return
(a)
0.80
%
3.47
%
1.99
%
3.04
%
(5.23
)%
(0.46
)%
Ratios
to
Average
Net
Assets:
Net
investment
income
2.53
%
2.46
%
2.44
%
2.42
%
1.08
%
0.86
%
Total
expenses
1.49
%
1.54
%
1.42
%
1.29
%
1.20
%
1.13
%
Expenses
waived
or
reimbursed
(b)
(1.04
)%
(1.09
)%
(0.97
)%
(0.84
)%
(0.75
)%
(0.68
)%
Net
expenses
(c)
0.45
%
0.45
%
0.45
%
0.45
%
0.45
%
0.45
%
Portfolio
turnover
rate
30
%
62
%
53
%
14
%
57
%
20
%
Net
assets,
end
of
period
(in
thousands)
$20,643
$22,751
$23,458
$25,394
$30,878
$35,389
*
Based
on
average
shares
outstanding.
(a)
Assumes
investment
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
distributions
and
a
complete
redemption
of
the
investment
at
the
net
asset
value
at
the
end
of
the
period.
(b)
Expenses
waived
or
reimbursed
reflect
reductions
to
total
expenses,
as
discussed
in
the
notes
to
the
financial
statements.
These
amounts
would
increase
the
net
investment
loss
ratio
or
decrease
the
net
investment
income
ratio,
as
applicable,
and
decrease
the
total
returns
had
such
reductions
not
occurred.
(c)
The
net
expense
ratios
shown
above
reflect
expenses
after
waivers
and
reimbursements
and
include
the
effect
of
reductions
to
total
expenses
for
any
expenses
offset.
Expense
offset
arrangements
reduce
total
expenses,
as
discussed
in
the
notes
to
the
financial
statements.
These
amounts
would
decrease
the
net
investment
income
(loss)
ratio
had
such
reductions
not
occurred.
The
effect
of
expenses
offset
are
as
follows:
(d)
Effect
on
the
expense
ratio
was
not
greater
than
0.005%.
Financial
Highlights
59
Global
Luxury
Goods
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Investor
Class
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Ratios
to
Average
Net
Assets:
Expense
offset
(0.02)%
(0.03)%
(0.02)%
(0.04)%
(0.06)%
-
(e)
Six
Months
Ended
June
30,
2026
Year
Ended
December
31,
2025
2024
2023
2022
2021
Net
asset
value,
beginning
of
period
$
21.81
$
19.97
$
19.22
$
15.95
$
22.30
$
20.59
Investment
Activities
Net
investment
income
(loss)
*
0.11
0.12
0.14
0.12
0.36
(0.14
)
Net
realized
and
unrealized
gain
(loss)
(1.03
)
3.44
2.60
3.67
(5.69
)
5.28
Total
from
investment
activities
(0.92
)
3.56
2.74
3.79
(5.33
)
5.14
Distributions
From
net
investment
income
-
(0.00
)
(a)
(0.13
)
(0.01
)
(0.57
)
(0.21
)
From
net
realized
gains
-
(1.72
)
(1.86
)
(0.51
)
(0.45
)
(3.22
)
Net
asset
value,
end
of
period
$
20.89
$
21.81
$
19.97
$
19.22
$
15.95
$
22.30
Total
Return
(b)
(4.22
)%
17.80
%
14.22
%
23.75
%
(23.88
)%
25.02
%
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
1.04
%
0.59
%
0.68
%
0.64
%
2.03
%
(0.60
)%
Total
expenses
1.91
%
1.91
%
1.71
%
2.05
%
1.75
%
1.99
%
Expenses
waived
or
reimbursed
(c)
(0.16
)%
(0.20
)%
(0.20
)%
(0.18
)%
(0.20
)%
(0.06
)%
Net
expenses
(d)
1.75
%
1.71
%
1.51
%
1.87
%
1.55
%
1.93
%
Portfolio
turnover
rate
45
%
122
%
195
%
195
%
248
%
177
%
Net
assets,
end
of
period
(in
thousands)
$51,392
$53,991
$49,610
$47,245
$40,321
$57,667
*
Based
on
average
shares
outstanding.
(a)
The
per
share
amount
does
not
round
to
a
full
penny.
(b)
Assumes
investment
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
distributions
and
a
complete
redemption
of
the
investment
at
the
net
asset
value
at
the
end
of
the
period.
(c)
Expenses
waived
or
reimbursed
reflect
reductions
to
total
expenses,
as
discussed
in
the
notes
to
the
financial
statements.
These
amounts
would
increase
the
net
investment
loss
ratio
or
decrease
the
net
investment
income
ratio,
as
applicable,
and
decrease
the
total
returns
had
such
reductions
not
occurred.
(d)
The
net
expense
ratios
shown
above
reflect
expenses
after
waivers
and
reimbursements
and
include
the
effect
of
reductions
to
total
expenses
for
any
expenses
offset.
Expense
offset
arrangements
reduce
total
expenses,
as
discussed
in
the
notes
to
the
financial
statements.
These
amounts
would
decrease
the
net
investment
income
(loss)
ratio
had
such
reductions
not
occurred.
The
effect
of
expenses
offset
are
as
follows:
(e)
Effect
on
the
expense
ratio
was
not
greater
than
0.005%.
Financial
Highlights
60
Global
Resources
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Investor
Class
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Ratios
to
Average
Net
Assets:
Expense
offset
(0.03)%
(0.03)%
(0.03)%
(0.04)%
(0.03)%
-
(d)
Six
Months
Ended
June
30,
2026
Year
Ended
December
31,
2025
2024
2023
2022
2021
Net
asset
value,
beginning
of
period
$
6.54
$
3.66
$
3.97
$
4.30
$
5.67
$
5.97
Investment
Activities
Net
investment
income
(loss)
*
(0.01
)
0.04
0.01
0.01
0.01
(0.01
)
Net
realized
and
unrealized
gain
(loss)
(0.08
)
2.89
(0.16
)
(0.34
)
(0.71
)
0.78
Total
from
investment
activities
(0.09
)
2.93
(0.15
)
(0.33
)
(0.70
)
0.77
Distributions
From
net
investment
income
(2.04
)
(0.05
)
(0.16
)
-
(0.67
)
(1.07
)
Net
asset
value,
end
of
period
$
4.41
$
6.54
$
3.66
$
3.97
$
4.30
$
5.67
Total
Return
(a)
(5.66
)%
80.27
%
(3.73
)%
(7.67
)%
(12.10
)%
13.43
%
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
(0.48
)%
0.94
%
0.22
%
0.35
%
0.25
%
(0.22
)%
Total
expenses
1.89
%
2.10
%
2.04
%
1.69
%
1.60
%
1.90
%
Expenses
waived
or
reimbursed
(b)
(0.14
)%
(0.35
)%
(0.47
)%
(0.22
)%
(0.06
)%
-
Net
expenses
(c)
1.75
%
1.75
%
1.57
%
1.47
%
1.54
%
1.90
%
Portfolio
turnover
rate
24
%
60
%
85
%
84
%
46
%
135
%
Net
assets,
end
of
period
(in
thousands)
$54,244
$63,199
$36,537
$45,339
$55,053
$67,821
*
Based
on
average
shares
outstanding.
(a)
Assumes
investment
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
distributions
and
a
complete
redemption
of
the
investment
at
the
net
asset
value
at
the
end
of
the
period.
(b)
Expenses
waived
or
reimbursed
reflect
reductions
to
total
expenses,
as
discussed
in
the
notes
to
the
financial
statements.
These
amounts
would
increase
the
net
investment
loss
ratio
or
decrease
the
net
investment
income
ratio,
as
applicable,
and
decrease
the
total
returns
had
such
reductions
not
occurred.
(c)
The
net
expense
ratios
shown
above
reflect
expenses
after
waivers
and
reimbursements
and
include
the
effect
of
reductions
to
total
expenses
for
any
expenses
offset.
Expense
offset
arrangements
reduce
total
expenses,
as
discussed
in
the
notes
to
the
financial
statements.
These
amounts
would
decrease
the
net
investment
income
(loss)
ratio
had
such
reductions
not
occurred.
The
effect
of
expenses
offset
are
as
follows:
(d)
Effect
on
the
expense
ratio
was
not
greater
than
0.005%.
Financial
Highlights
61
World
Precious
Minerals
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Investor
Class
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Ratios
to
Average
Net
Assets:
Expense
offset
(0.04)%
(0.04)%
(0.03)%
(0.04)%
(0.02)%
-
(d)
Six
Months
Ended
June
30,
2026
Year
Ended
December
31,
2025
2024
2023
2022
2021
Net
asset
value,
beginning
of
period
$
3.29
$
1.49
$
1.45
$
1.73
$
2.58
$
5.26
Investment
Activities
Net
investment
loss
*
(0.02
)
(0.02
)
(0.01
)
(0.01
)
(0.03
)
(0.09
)
Net
realized
and
unrealized
gain
(loss)
(0.03
)
2.02
0.05
(0.27
)
(0.82
)
(0.74
)
Total
from
investment
activities
(0.05
)
2.00
0.04
(0.28
)
(0.85
)
(0.83
)
Distributions
From
net
investment
income
(1.41
)
(0.20
)
-
-
-
(1.85
)
Net
asset
value,
end
of
period
$
1.83
$
3.29
$
1.49
$
1.45
$
1.73
$
2.58
Total
Return
(a)
(3.74
)%
-
%
2.76
%
(16.18
)%
(32.95
)%
(14.19
)%
Ratios
to
Average
Net
Assets:
Net
investment
loss
(1.30
)%
(0.89
)%
(0.72
)%
(0.90
)%
(1.31
)%
(1.77
)%
Total
expenses
1.84
%
1.98
%
1.92
%
1.74
%
1.62
%
1.93
%
Expenses
waived
or
reimbursed
(b)
(0.09
)%
(0.28
)%
(0.43
)%
(0.27
)%
(0.09
)%
-
Net
expenses
(c)
1.75
%
1.70
%
1.49
%
1.47
%
1.53
%
1.93
%
Portfolio
turnover
rate
19
%
28
%
31
%
21
%
25
%
41
%
Net
assets,
end
of
period
(in
thousands)
$66,748
$75,773
$37,116
$42,744
$54,500
$89,313
*
Based
on
average
shares
outstanding.
(a)
Assumes
investment
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
distributions
and
a
complete
redemption
of
the
investment
at
the
net
asset
value
at
the
end
of
the
period.
(b)
Expenses
waived
or
reimbursed
reflect
reductions
to
total
expenses,
as
discussed
in
the
notes
to
the
financial
statements.
These
amounts
would
increase
the
net
investment
loss
ratio
or
decrease
the
net
investment
income
ratio,
as
applicable,
and
decrease
the
total
returns
had
such
reductions
not
occurred.
(c)
The
net
expense
ratios
shown
above
reflect
expenses
after
waivers
and
reimbursements
and
include
the
effect
of
reductions
to
total
expenses
for
any
expenses
offset.
Expense
offset
arrangements
reduce
total
expenses,
as
discussed
in
the
notes
to
the
financial
statements.
These
amounts
would
decrease
the
net
investment
income
(loss)
ratio
had
such
reductions
not
occurred.
The
effect
of
expenses
offset
are
as
follows:
(d)
Effect
on
the
expense
ratio
was
not
greater
than
0.005%.
Financial
Highlights
62
Gold
and
Precious
Metals
Fund
For
a
capital
share
outstanding
during
the
See
accompanying
notes
to
financial
statements.
Investor
Class
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Ratios
to
Average
Net
Assets:
Expense
offset
(0.02)%
(0.02)%
(0.01)%
(0.02)%
(0.03)%
-
(d)
Six
Months
Ended
June
30,
2026
Year
Ended
December
31,
2025
2024
2023
2022
2021
Net
asset
value,
beginning
of
period
$
29.55
$
11.38
$
9.90
$
9.75
$
11.81
$
13.53
Investment
Activities
Net
investment
income
(loss)
*
(0.01
)
0.14
0.02
0.04
(0.01
)
(0.01
)
Net
realized
and
unrealized
gain
(loss)
(2.72
)
18.90
1.63
0.11
(2.05
)
(1.46
)
Total
from
investment
activities
(2.73
)
19.04
1.65
0.15
(2.06
)
(1.47
)
Distributions
From
net
investment
income
(0.80
)
(0.87
)
(0.17
)
-
-
(0.25
)
Net
asset
value,
end
of
period
$
26.02
$
29.55
$
11.38
$
9.90
$
9.75
$
11.81
Total
Return
(a)
(9.59
)%
167.46
%
16.65
%
1.54
%
(17.44
)%
(10.82
)%
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
(0.04
)%
0.71
%
0.16
%
0.38
%
(0.11
)%
(0.07
)%
Total
expenses
1.54
%
1.62
%
1.71
%
1.48
%
1.55
%
1.82
%
Expenses
waived
or
reimbursed
(b)
(0.01
)%
(0.02
)%
(0.02
)%
(0.02
)%
(0.03
)%
-
Net
expenses
(c)
1.53
%
1.60
%
1.69
%
1.46
%
1.52
%
1.82
%
Portfolio
turnover
rate
20
%
76
%
58
%
50
%
55
%
56
%
Net
assets,
end
of
period
(in
thousands)
$243,451
$275,902
$103,640
$97,902
$110,089
$141,228
*
Based
on
average
shares
outstanding.
(a)
Assumes
investment
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
distributions
and
a
complete
redemption
of
the
investment
at
the
net
asset
value
at
the
end
of
the
period.
(b)
Expenses
waived
or
reimbursed
reflect
reductions
to
total
expenses,
as
discussed
in
the
notes
to
the
financial
statements.
These
amounts
would
increase
the
net
investment
loss
ratio
or
decrease
the
net
investment
income
ratio,
as
applicable,
and
decrease
the
total
returns
had
such
reductions
not
occurred.
(c)
The
net
expense
ratios
shown
above
reflect
expenses
after
waivers
and
reimbursements
and
include
the
effect
of
reductions
to
total
expenses
for
any
expenses
offset.
Expense
offset
arrangements
reduce
total
expenses,
as
discussed
in
the
notes
to
the
financial
statements.
These
amounts
would
decrease
the
net
investment
income
(loss)
ratio
had
such
reductions
not
occurred.
The
effect
of
expenses
offset
are
as
follows:
(d)
Effect
on
the
expense
ratio
was
not
greater
than
0.005%.
Other
Information
(
unaudited
)
June
30,
2026
63
Changes
in
and
Disagreements
with
Accountants
(Item
8
of
Form
N-CSR)
N/A
Proxy
Disclosure
(Item
9
of
Form
N-CSR)
N/A
Remuneration
Paid
to
Directors,
Officers,
and
Others
(Item
10
of
Form
N-CSR)
Please
see
financial
statements
in
Item
7.
Statement
Regarding
the
Basis
for
the
Board's
Approval
of
Investment
Advisory
Contract
(Item
11
of
Form
N-CSR)
N/A
Apex
Fund
Services
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Street,
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(b) Included as part of financial statements filed under Item 7(a).
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Included as part of financial statements filed under Item 7(a).
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Not applicable.
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The Registrant does not accept nominees to the Board of Trustees from shareholders.
ITEM 16. CONTROLS AND PROCEDURES
(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act are effective, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of the filing date of this report.
(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Reporting Period that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable.
ITEM 19. EXHIBITS.
(a)(1) Not applicable.
(a)(2) Not applicable.
(a)(3) Certifications pursuant to Rule 30a-2(a) of the Act, and Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
(a)(4) Not applicable.
(a)(5) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) of the Act, and Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant U.S. Global Investors Funds
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By:
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/s/ Zachary Tackett
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Zachary Tackett, Principal Executive Officer
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Date:
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August 26, 2026
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
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By:
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/s/ Zachary Tackett
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Zachary Tackett, Principal Executive Officer
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Date:
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August 26, 2026
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By:
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/s/ Karen Shaw
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Karen Shaw, Principal Financial Officer
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Date:
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August 26, 2026
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US Global Investors Funds published this content on August 27, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 27, 2026 at 12:50 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]