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?

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?

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?

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?

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?

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

Contents

(unaudited)

Portfolios

Investments

Notes

Portfolios

Investments

Statements

Assets

and

Liabilities

Statements

Operations

Statements

Changes

Net

Assets

Notes

Financial

Statements

Financial

Highlights

Other

Information

Apex

Fund

Services

190

Middle

Street,

Suite

101

Portland,

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

Investments

(unaudited)

See

notes

portfolios

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

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,

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

Investments

(unaudited)

See

notes

portfolios

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,

‡

5.00

12/01/55

500,000

532,922

Black

Belt

Energy

Gas

District,

Alabama,

5.00

12/01/34

500,000

529,578

1,062,500

California

9.97%

California

Community

Choice

Financing

Authority,

California,

‡

5.00

01/01/55

2,000,000

2,059,270

Colorado

1.99%

City

Greeley

Water

Revenue,

Colorado,

Refunding,

5.00

08/01/27

400,000

411,010

Connecticut

1.82%

City

New

London

CT,

Connecticut,

Unlimited

1.25

03/15/31

200,000

175,432

State

Connecticut,

Refunding,

Unlimited

5.00

05/15/27

200,000

200,277

375,709

Hawaii

0.85%

State

Hawaii,

Refunding,

Unlimited

5.00

10/01/27

175,000

176,113

Illinois

4.99%

State

Illinois,

Unlimited

5.00

11/01/28

1,000,000

1,030,150

Kansas

3.25%

City

Bel

Aire

KS,

Kansas,

Unlimited

3.00

12/01/28

500,000

500,693

City

Lawrence

KS,

Kansas,

Unlimited

3.25

09/01/27

170,000

170,044

670,737

Kentucky

10.23%

Kentucky

Public

Energy

Authority,

Kentucky,

Refunding,

5.00

05/01/36

1,000,000

1,054,534

Kentucky

Public

Energy

Authority,

Kentucky,

Refunding,

‡

5.00

01/01/55

1,000,000

1,057,845

2,112,379

Maryland

2.46%

County

Howard

MD,

Maryland,

Refunding,

Unlimited

5.00

02/15/28

500,000

507,763

Portfolio

Investments

(unaudited)

See

notes

portfolios

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,

2.45

10/01/27

550,000

544,720

Michigan

1.77%

Great

Lakes

Water

Authority

Water

Supply

System

Revenue,

Michigan,

Refunding,

5.00

07/01/26

365,000

Minnesota

2.66%

City

Woodbury

MN,

Minnesota,

Unlimited

3.00

02/01/28

550,000

550,133

New

Mexico

2.99%

City

Rio

Rancho

NM,

New

Mexico,

Unlimited

5.00

08/01/27

600,000

616,319

New

York

0.97%

City

New

York

NY,

New

York,

Refunding,

Unlimited

5.00

08/01/26

200,000

200,374

North

Carolina

1.97%

City

Cherryville

NC,

North

Carolina,

Unlimited

2.00

11/01/31

440,000

406,812

Oregon

2.40%

City

Ashland

OR,

Oregon,

Limited

2.38

10/01/26

200,000

199,455

City

Lincoln

City

OR,

Oregon,

Refunding,

Unlimited

2.50

06/01/28

300,000

296,628

496,083

Pennsylvania

6.08%

Delaware

River

Port

Authority,

Pennsylvania,

Refunding,

5.00

01/01/27

500,000

506,112

Williamsport

Sanitary

Authority,

Pennsylvania,

Refunding,

BAM

5.00

01/01/27

740,000

748,566

1,254,678

Tennessee

11.50%

City

Manchester

TN,

Tennessee,

Refunding,

Unlimited

3.00

06/01/36

450,000

424,618

County

Jefferson

TN,

Tennessee,

Refunding,

Unlimited

5.00

06/01/27

500,000

511,282

Paris

Utility

Authority

Electric

System

Revenue,

Tennessee,

5.00

06/01/28

155,000

161,792

Portfolio

Investments

(unaudited)

See

notes

portfolios

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,

5.00

11/01/34

500,000

534,719

Tennessee

Energy

Acquisition

Corp.,

Tennessee,

Refunding,

5.00

12/01/35

700,000

740,817

2,373,228

Texas

17.76%

Board

Regents

the

University

Texas

System,

Texas,

5.00

08/15/26

1,000,000

1,002,641

City

Dallas

Waterworks

Sewer

System

Revenue,

Texas,

Refunding,

5.00

10/01/26

750,000

754,441

City

Denton

TX,

Texas,

Refunding,

Limited

5.00

02/15/27

400,000

406,011

Rockwall

Independent

School

District,

Texas,

Unlimited

PSF-GTD

5.00

02/15/27

270,000

274,108

Texas

Department

Transportation

State

Highway

Fund,

Texas,

5.00

10/01/26

695,000

699,081

Texas

Municipal

Gas

Acquisition

Supply

Corp.

Texas,

5.00

04/01/36

500,000

529,322

3,665,604

Washington

0.73%

King

County

Housing

Authority,

Washington,

Refunding,

4.00

06/01/27

150,000

151,326

Wisconsin

5.93%

Bayside

Promissory

Note,

Wisconsin,

Unlimited

5.00

03/01/27

225,000

228,459

Elmbrook

School

District,

Wisconsin,

Refunding,

Unlimited

2.75

04/01/28

1,000,000

995,727

1,224,186

Total

Municipal

Bonds

20,254,094

Investments,

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

Investments

(unaudited)

See

notes

portfolios

investments.

June

30,

2026

Global

Luxury

Goods

Fund

Common

Stocks

95.20%

Value

Apparel

Manufacturers

11.65%

Burberry

Group

PLC

40,000

565,092

Christian

Dior

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

2,400

157,557

Ferrari

7,925

2,950,398

Mercedes-Benz

Group

AG,

ADR

132,200

1,649,856

Tesla,

Inc.

6,450

2,712,870

Volkswagen

14,860

1,225,044

8,695,725

Beverages

Wine/Spirits

0.94%

Constellation

Brands,

Inc.,

Class A

1,000

139,090

Pernod

Ricard

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

Investments

(unaudited)

See

notes

portfolios

investments.

June

30,

2026

Global

Luxury

Goods

Fund

Common

Stocks (cont’d)

Value

Diversified

Banking

Institution

2.15%

UBS

Group

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

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

Gold

Mining

2.10%

Franco-Nevada

Corp.

2,090

435,640

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

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

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

Diseno

Textil

22,850

1,440,289

Sports

Fashion

PLC

590,000

663,141

Moncler

SpA

15,600

907,877

Portfolio

Investments

(unaudited)

See

notes

portfolios

investments.

June

30,

2026

Global

Luxury

Goods

Fund

Common

Stocks (cont’d)

Value

Retail

Apparel/Shoe

(cont’d)

Zalando

32,900

953,312

4,527,474

Retail

Jewelry

6.01%

Cie

Financiere

Richemont

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

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%

Global

MSCI

China

Consumer

Discretionary

ETF

4,500

71,145

(cost

$104,090)

Investments,

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

Investments

(unaudited)

See

notes

portfolios

investments.

June

30,

2026

Global

Resources

Fund

Common

Stocks

92.58%

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

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

Lithium,

Ltd.

100,000

78,970

IberAmerican

Lithium

Corp.

1,000,000

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

Solv

Energy,

Inc.,

Class A

12,000

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

Investments

(unaudited)

See

notes

portfolios

investments.

June

30,

2026

Global

Resources

Fund

Common

Stocks (cont’d)

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

PECOY

COPPER

CORP

125,000

163,053

Sunrise

Energy

Metals,

Ltd.

175,000

2,111,932

Torq

Resources,

Inc.

900,000

34,902

Portfolio

Investments

(unaudited)

See

notes

portfolios

investments.

June

30,

2026

Global

Resources

Fund

Common

Stocks (cont’d)

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

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

1,347,229

Oil

Companies

Exploration

Production

7.11%

Antero

Resources

Corp.

10,000

351,400

LNG

Energy

Group

Corp.

100,000

Energy

International

Corp.

500,000

500,617

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%

PLC,

ADR

7,000

258,650

Exxon

Mobil

Corp.

8,500

1,162,120

Shell

PLC,

ADR

18,000

1,395,720

Portfolio

Investments

(unaudited)

See

notes

portfolios

investments.

June

30,

2026

Global

Resources

Fund

Common

Stocks (cont’d)

Value

Oil

Companies

Integrated

(cont’d)

TotalEnergies

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

Revival

Gold,

Inc.

1,340,000

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

Investments

(unaudited)

See

notes

portfolios

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

Advanced

Materials/Production

0.00%

Nano

One

Materials

Corp.,

144A

#*@∆

1.75

12/10/27

82,500

Diamonds/Precious

Stones

0.00%

Barksdale

Resources

Corp.,

144A

#*@∆

0.60

01/09/27

177,500

Diversified

Minerals

0.17%

IberAmerican

Lithium

Corp.,

144A

#*@∆

0.40

09/01/26

500,000

LibertyStream

Infrastructure

Partners,

Inc.,

144A

#*@∆

0.44

11/19/26

250,000

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

3,525

Metal

Diversified

0.00%

Electra

Battery

Materials

Corp.,

144A

#*@∆

1.25

10/22/28

250,000

Torq

Resources,

Inc.,

144A

#*@∆

0.30

01/04/27

1,000,000

Mining

Services

0.00%

Canada

Nickel

Co.,

Inc.,

144A

#*@∆

1.80

12/11/28

97,500

Oil

Companies

Exploration

Production

0.08%

LNG

Energy

Group

Corp.,

144A

#*@∆

0.60

08/15/26

1,000,000

Energy

International

Corp.

1.40

05/20/27

300,000

44,421

Real

Estate

Operating/Development

0.04%

Revival

Gold,

Inc.,

144A

#*@∆

0.45

05/30/27

137,500

19,390

Portfolio

Investments

(unaudited)

See

notes

portfolios

investments.

June

30,

2026

Global

Resources

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Value

Silver

Mining

0.19%

Blackrock

Silver

Corp.,

144A

#*@∆

0.50

01/30/27

375,000

103,120

Total

Warrants

263,881

(cost

)

Investments,

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

Investments

(unaudited)

See

notes

portfolios

investments.

June

30,

2026

World

Precious

Minerals

Fund

Common

Stocks

95.29%

Value

Advanced

Materials/Production

2.25%

Nano

One

Materials

Corp.

2,760,500

1,498,738

Coal

0.00%

Caribbean

Resources

Corp.

#*@

505,453

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

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

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

Goldfields,

Inc.

500,000

3,317,469

Gemdale

Gold,

Inc.

200,000

219,989

Gold

Reserve,

Ltd.

50,000

230,000

Gold

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

Investments

(unaudited)

See

notes

portfolios

investments.

June

30,

2026

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

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

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

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

Investments

(unaudited)

See

notes

portfolios

investments.

June

30,

2026

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Value

Metal

Diversified

(cont’d)

Orsu

Metals

Corp.,

144A

#*@∆

186,922

RTG

Mining,

Inc.

3,000,000

75,000

Silver

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

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

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

Investments

(unaudited)

See

notes

portfolios

investments.

June

30,

2026

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

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

Advanced

Materials/Production

0.00%

Nano

One

Materials

Corp.,

144A

#*@∆

1.75

12/10/27

87,500

Diamonds/Precious

Stones

0.00%

Barksdale

Resources

Corp.,

144A

#*@∆

0.60

01/09/27

147,500

Portfolio

Investments

(unaudited)

See

notes

portfolios

investments.

June

30,

2026

World

Precious

Minerals

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Value

Diversified

Minerals

0.00%

Minaurum

Gold,

Inc.,

144A

#*@∆

0.50

12/11/27

200,000

Western

Exploration,

Inc.,

144A

#*@∆

0.95

06/06/28

100,000

Gold

Mining

0.12%

Compass

Gold

Corp.,

144A

#*@∆

0.25

02/12/29

1,000,000

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

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

Visionary

Copper

and

Gold

Mines,

Inc.,

144A

#*@∆

1.10

12/18/27

133,588

64,993

Non-Ferrous

Metals

0.00%

Arizona

Eagle

Mining

Corp.,

144A

#*@∆

1.50

11/26/28

100,000

Precious

Metals

0.04%

1911

Gold

Corp.,

144A

#*@∆

1.20

12/04/27

22,500

Chesapeake

Gold

Corp.,

144A

#*@∆

5.65

01/27/29

7,500

Denarius

Metals

Corp.,

144A

#*@∆

0.70

11/19/28

100,000

GFG

Resources,

Inc.,

144A

#*@∆

0.28

02/05/27

1,000,000

GFG

Resources,

Inc.,

144A

#*@∆

0.24

11/03/27

500,000

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

Stillwater

Critical

Minerals

Corp.,

144A

#*@∆

0.34

06/25/28

150,000

Stillwater

Critical

Minerals

Corp.,

144A

#*@∆

0.64

12/24/28

290,000

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

Metallic

Minerals

Corp.,

144A

#*@∆

0.34

07/30/27

220,000

Metallic

Minerals

Corp.,

144A

#*@∆

0.40

06/22/29

125,000

Portfolio

Investments

(unaudited)

See

notes

portfolios

investments.

June

30,

2026

World

Precious

Minerals

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Value

Silver

Mining

(cont’d)

Southern

Silver

Exploration

Corp.,

144A

#*@∆

0.40

07/31/28

187,500

6,610

Total

Warrants

194,307

(cost

)

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

833,333

5,769

(premiums

paid

)

Investments,

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

Investments

(unaudited)

See

notes

portfolios

investments.

June

30,

2026

Gold

and

Precious

Metals

Fund

Common

Stocks

91.25%

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

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

Royalties,

Inc.

70,000

2,214,100

Petropavlovsk

PLC

#*@+

4,886,855

Silver

Storm

Mining,

Ltd.

3,000,000

951,877

Barbara,

Ltd.

1,331,691

429,977

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

Investments

(unaudited)

See

notes

portfolios

investments.

June

30,

2026

Gold

and

Precious

Metals

Fund

Common

Stocks (cont’d)

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

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

650,000

2,494,482

Portfolio

Investments

(unaudited)

See

notes

portfolios

investments.

June

30,

2026

Gold

and

Precious

Metals

Fund

Common

Stocks (cont’d)

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

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

Gold

Mining

0.01%

Borealis

Mining

Co.,

144A

#*@∆

0.78

02/25/27

450,000

28,556

Metal

Diversified

0.00%

Silver

Mining

Corp.,

144A

#*@∆

0.70

09/29/28

500,000

Precious

Metals

0.00%

Guanajuato

Silver

Co.,

Ltd.,

144A

#*@∆

0.65

10/09/28

350,000

Portfolio

Investments

(unaudited)

See

notes

portfolios

investments.

June

30,

2026

Gold

and

Precious

Metals

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

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,

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

Portfolios

Investments

(

unaudited

)

June

30,

2026

Legend

General

The

yields

reflect

the

effective

yield

from

the

date

purchase.

Fair

Valuation

Securities

For

the

Funds’

policies

regarding

the

valuation

investments

and

other

significant

accounting

policies,

please

refer

the

Notes

Financial

Statements.

Pursuant

Rule

2a-5

under

the

Investment

Company

Act,

the

Trust’s

Board

Trustees

(the

“Board”)

has

designated

the

Adviser,

defined

Note

the

Notes

Financial

Statements,

the

Funds’

valuation

designee

perform

any

fair

value

determinations

for

securities

and

other

assets

held

the

Funds.

The

Funds

are

required

disclose

information

regarding

the

fair

value

measurements

Fund’s

assets

and

liabilities.

Fair

value

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

measurement

requirements

established

three-tier

hierarchy

maximize

the

use

observable

market

data

and

minimize

the

use

unobservable

inputs

and

establish

classification

fair

value

measurements

for

disclosure

purposes.

Inputs

refer

broadly

the

assumptions

that

market

participants

would

use

pricing

the

asset

liability,

including

assumptions

about

risk,

for

example,

the

risk

inherent

particular

valuation

technique

used

measure

fair

value

including

such

pricing

model

and/or

the

risk

inherent

‡

Variable

rate

security,

the

interest

rate

which

adjusts

periodically

based

changes

the

current

interest

rates.

Rate

presented

June

30,

2026.

◊

Zero

coupon

bond.

Interest

rate

presented

yield

maturity.

‡

Adjustable

rate

security,

the

interest

rate

which

adjusts

periodically

based

changes

the

current

interest

rates.

Rate

presented

June

30,

2026.

Non-income

producing

security.

Security

was

fair

valued

June

30,

2026,

U.S.

Global

Investors,

Inc.

(Adviser)

(other

than

international

securities

fair

valued

pursuant

systematic

fair

value

models)

accordance

with

valuation

procedures

approved

the

Board

Trustees.

These

securities,

percentage

net

assets

June

30,

2026,

were

0.00%

Global

Luxury

Goods

Fund,

2.88%

Global

Resources

Fund,

1.18%

World

Precious

Minerals

Fund

and

0.10%

Gold

And

Precious

Metals

Fund,

respectively.

See

the

Fair

Valuation

Securities

section

these

Notes

Portfolios

Investments

for

further

discussion

fair

valued

securities.

See

further

information

and

detail

restricted

securities

the

Restricted

Securities

section

these

Notes

Portfolios

Investments.

Illiquid

Security.

∆

Pursuant

Rule

144A

the

Securities

Act

1933,

these

securities

may

resold

transactions

exempt

from

registration,

normally

qualified

institutional

buyers.

The

market

value

these

securities

and

percentage

net

assets

June

30,

2026

amounted

$2,003,822,

3.69%,

Global

Resources

Fund,

$2,664,919,

3.99%,

World

Precious

Minerals

Fund

and

$773,941,

0.32%,

Gold

And

Precious

Metals

Fund.

Affiliated

Company.

(see

following)

See

"Restricted

Securities"

Notes

Portfolios

Investments.

Security

currently

default

and

scheduled

interest

principal

payment.

ADR

American

Depositary

Receipt

BAM

Build

American

Mutual

Assurance

Company

ETF

Exchange

Traded

Fund

General

Obligation

PLC

Public

Limited

Company

PSF-GTD

Public

School

Fund

Guarantee

Revenue

Bond

Notes

Portfolios

Investments

(

unaudited

)

June

30,

2026

the

inputs

the

valuation

technique.

Inputs

may

observable

unobservable.

Observable

inputs

are

inputs

that

reflect

the

assumptions

market

participants

would

use

pricing

the

asset

liability

developed

based

market

data

obtained

from

sources

independent

the

reporting

entity.

Unobservable

inputs

are

inputs

that

reflect

the

reporting

entity’s

own

assumptions

about

the

assumptions

market

participants

would

use

pricing

the

asset

liability

developed

based

the

best

information

available

the

circumstances.

The

inputs

methodology

used

for

valuing

securities

are

not

necessarily

indication

the

risk

associated

with

investing

those

securities.

Because

the

inherent

uncertainties

valuation,

the

values

reflected

the

portfolios

may

materially

differ

from

the

values

received

upon

actual

sale

those

investments.

The

three

levels

defined

the

fair

value

hierarchy

are

follows:

Level

–

Quoted

prices

active

markets

for

identical

securities.

Level

–

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

sixty

days

less

are

valued

amortized

cost,

which

approximates

market

value,

and

are

categorized

Level

the

hierarchy.

Municipal

securities,

long-

term

U.S.

government

obligations

and

corporate

debt

securities

are

valued

accordance

with

the

evaluated

price

supplied

pricing

service

and

generally

categorized

Level

the

hierarchy.

Other

securities

that

are

categorized

Level

the

hierarchy

include,

but

are

not

limited

to,

warrants

that

not

trade

exchange,

securities

valued

the

mean

between

the

last

reported

bid

and

ask

quotation

and

international

equity

securities

valued

independent

third

party

order

adjust

for

stale

pricing.

Level

–

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

determining

fair

value.

The

following

table

summarizes

the

valuation

each

Fund’s

securities

June

30,

2026,

using

the

fair

value

hierarchy:

Quoted

Prices

Active

Markets

for

Identical

Investments

(Level

Significant

Other

Observable

Inputs

(Level

Significant

Unobservable

Inputs

(Level

Total

U.S.

Government

Securities

Ultra-Short

Bond

Fund

Investments

Securities*

United

States

Government

and

Agency

Obligations

–‌

29,234,555‌

–‌

29,234,555‌

Investments,

Value

–‌

29,234,555‌

–‌

29,234,555‌

Notes

Portfolios

Investments

(

unaudited

)

June

30,

2026

Quoted

Prices

Active

Markets

for

Identical

Investments

(Level

Significant

Other

Observable

Inputs

(Level

Significant

Unobservable

Inputs

(Level

Total

Near-Term

Tax

Free

Fund

Investments

Securities*

Municipal

Bonds

–‌

20,254,094‌

–‌

20,254,094‌

Investments,

Value

–‌

20,254,094‌

–‌

20,254,094‌

Quoted

Prices

Active

Markets

for

Identical

Investments

(Level

Significant

Other

Observable

Inputs

(Level

Significant

Unobservable

Inputs

(Level

Total

Global

Luxury

Goods

Fund

Investments

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

Finance

Credit

Card

1,329,322‌

–‌

1,329,322‌

Finance

Mortgage

Loan/

Banker

–‌

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

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

Portfolios

Investments

(

unaudited

)

June

30,

2026

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,

Value

34,249,917‌

15,477,170‌

0‌

49,727,087‌

Quoted

Prices

Active

Markets

for

Identical

Investments

(Level

Significant

Other

Observable

Inputs

(Level

Significant

Unobservable

Inputs

(Level

Total

Global

Resources

Fund

Investments

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

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

Mining

Services

1,240,755‌

–‌

1,240,755‌

Natural

Resource

Technology

–‌

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

Portfolios

Investments

(

unaudited

)

June

30,

2026

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

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,

Value

46,314,167‌

4,173,714‌

1,342,156‌

51,830,037‌

Quoted

Prices

Active

Markets

for

Identical

Investments

(Level

Significant

Other

Observable

Inputs

(Level

Significant

Unobservable

Inputs

(Level

Total

World

Precious

Minerals

Fund

Investments

Securities*

Common

Stocks

Advanced

Materials/

Production

1,498,738‌

–‌

1,498,738‌

Coal

–‌

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

Non-Ferrous

Metals

437,016‌

–‌

437,016‌

Oil

Companies

Exploration

Production

–‌

0‌

Optical

Recognition

Equipment

–‌

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

Portfolios

Investments

(

unaudited

)

June

30,

2026

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,

Value

58,929,852‌

5,110,276‌

587,397‌

64,627,525‌

Quoted

Prices

Active

Markets

for

Identical

Investments

(Level

Significant

Other

Observable

Inputs

(Level

Significant

Unobservable

Inputs

(Level

Total

Gold

And

Precious

Metals

Fund

Investments

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

Portfolios

Investments

(

unaudited

)

June

30,

2026

The

following

reconciliation

assets

for

which

unobservable

inputs

(Level

were

used

determining

fair

value

during

the

period

January

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,

Value

196,618,748‌

28,883,137‌

219,821‌

225,721,706‌

Refer

the

Portfolio

Investments

for

detailed

list

the

Fund’s

investments.

Common

Stocks

Total

Global

Luxury

Goods

Fund

Beginning

Balance

12/31/25

0‌

Net

change

unrealized

appreciation

(depreciation)

—‌

Ending

Balance

06/30/26

0‌

Net

change

unrealized

appreciation

(depreciation)

from

Investments

held

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

unrealized

appreciation

(depreciation)

133,259‌

‌-

(8,600‌)

124,659‌

Ending

Balance

06/30/26

811,576‌

‌-

530,580‌

1,342,156‌

Net

change

unrealized

appreciation

(depreciation)

from

Investments

held

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

unrealized

appreciation

(depreciation)

(33,219‌)

(4,414‌)

74,275‌

36,642‌

Transfers

—‌

(219,989‌)

Ending

Balance

06/30/26

587,397‌

—‌

587,397‌

Net

change

unrealized

appreciation

(depreciation)

from

Investments

held

06/30/26

(1)

(33,219‌)

—‌

(33,219‌)

Notes

Portfolios

Investments

(

unaudited

)

June

30,

2026

Significant

unobservable

inputs

developed

the

Adviser

for

Level

investments

held

year

end

are

follows:

The

majority

securities

classified

Level

are

private

companies.

The

initial

valuation

usually

cost,

which

then

adjusted

determined

the

Valuation

Committee

for

subsequent

known

market

transactions

and

evaluated

for

progress

against

anticipated

milestones

and

current

operations.

evaluation

that

the

holding

longer

meets

expectations

could

result

the

application

discounts

and

significantly

lower

fair

valuation.

For

certain

securities,

the

last

known

market

transaction

increased

decreased

changes

market

index

industry

peers

approved

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

unrealized

appreciation

(depreciation)

(54,193‌)

—‌

(54,193‌)

Ending

Balance

06/30/26

219,821‌

0‌

219,821‌

Net

change

unrealized

appreciation

(depreciation)

from

Investments

held

06/30/26

(1)

(54,193‌)

—‌

(54,193‌)

(1)

The

amounts

shown

represent

the

net

change

unrealized

appreciation

(depreciation)

attributable

only

those

investments

still

held

and

classified

Level

June

30,

2026.

Fair

Value

06/30/26

Valuation

Technique(s)

Unobservable

Input

Range

(Weighted

Average)

Global

Luxury

Goods

Fund

Investments

Securities

Common

Stocks

Market

Transaction

(1)

Discount

100%

Global

Resources

Fund

Investments

Securities

100%

discount

(98%

discount)

Common

Stocks

811,576

Market

Transaction

(1)

Discount

Corporate

Convertible

Bond

530,580

Market

Transaction

(1)

Discount

World

Precious

Minerals

Fund

Investments

Securities

100%

discount

(94%

discount)

Common

Stocks

587,397

Market

Transaction

(1)

Discount

Gold

and

Precious

Metals

Fund

Investments

Securities

100%

discount

(24%

discount)

Common

Stocks

219,821

Market

Transaction

(1)

Discount

Corporate

Non-Convertible

Bond

Market

Transaction

(1)

Discount

100%

(1)

Market

Transaction

refers

most

recent

known

market

transaction,

including

transactions

which

the

Fund

participated,

adjusted

for

any

discount

premium

discussed

below.

Notes

Portfolios

Investments

(

unaudited

)

June

30,

2026

Affiliated

Companies

The

Investment

Company

Act

1940

defines

affiliates

companies

which

the

Fund

owns

least

the

outstanding

voting

securities.

The

following

summary

transactions

with

each

affiliated

company

during

the

period

ended

June

30,

2026.

June

30,

2026,

the

value

investments

affiliated

companies

was

$0,

representing

net

assets,

and

the

total

cost

was

$2,400,000.

June

30,

2026,

the

value

investments

affiliated

companies

was

$3,419,620,

representing

5.12%

net

assets,

and

the

total

cost

was

$4,345,484.

Restricted

Securities

The

following

securities

are

subject

contractual

and

regulatory

restrictions

resale

transfer.

These

investments

may

involve

high

degree

business

and

financial

risk.

Because

the

thinly

traded

markets

for

these

investments,

Fund

may

unable

liquidate

its

securities

timely

manner,

especially

there

negative

news

regarding

the

specific

securities

the

markets

overall.

These

securities

could

decline

significantly

value

before

the

Fund

could

liquidate

these

securities.

The

issuer

bears

the

cost

registration,

any,

involved

the

disposition

these

securities.

Affiliated

Companies

Global

Resources

Fund

December

31,

2025

Additions

Reductions

June

202

Pacific

Green

Energy

Corp.

2,400,000‌

—‌

2,400,000‌

Values

Affiliated

Companies

Global

Resources

Fund

December

31,

202

Purchases

Cost

Sales

Proceeds

June

202

Income

Realized

Gain

(Loss)

Investments

Change

Unrealized

Appreciation

(Depreciation)

Pacific

Green

Energy

Corp.

0‌

—‌

0‌

—‌

Affiliated

Companies

World

Precious

Minerals

Fund

December

31,

2025

Additions

Corporate

Action

Reductions

June

202

Mammoth

Resources

Corp.

5,500,000‌

—‌

5,500,000‌

TriStar

Gold,

Inc.

30,225,000‌

—‌

30,225,000‌

Values

Affiliated

Companies

World

Precious

Minerals

Fund

December

31,

202

Purchases

Cost

Corporate

Action

Sales

Proceeds

June

202

Income

Realized

Gain

(Loss)

Investments

Change

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

Portfolios

Investments

(

unaudited

)

June

30,

2026

June

30,

2026,

the

total

cost

restricted

securities

was

$426,625,

and

the

total

value

was

$0,

representing

0.00%

net

assets.

June

30,

2026,

the

total

cost

restricted

securities

was

$7,473,544,

and

the

total

value

was

$202,832,

representing

0.37%

net

assets.

June

30,

2026,

the

total

cost

restricted

securities

was

$1,362,590,

and

the

total

value

was

$0,

representing

0.00%

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

Assets

and

Liabilities

(unaudited)

See

accompanying

notes

financial

statements.

U.S.

Government

Securities

Ultra-

Short

Bond

Fund

Investments,

identified

cost

29,256,910‌

Assets

Investments,

value:

Securities

unaffiliated

issuers

29,234,555‌

Securities

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

sold

3,584‌

Investments

sold

–‌

From

adviser

7,035‌

Prepaid

expenses

17,965‌

Total

Assets

31,145,965‌

Liabilities

Due

custodian

–‌

Payables:

Capital

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

capital

outstanding

30,994,869‌

class

Net

Assets

Investor

Class

30,994,869‌

Capital

outstanding,

unlimited

number

par

authorized

Investor

Class

15,938,777‌

Net

Asset

Value,

Public

Offering

Price

and

Redemption

Price

per

Investor

Class

1.94‌

June

30,

2026

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

Operations

(unaudited)

See

accompanying

notes

financial

statements.

U.S.

Government

Securities

Ultra-

Short

Bond

Fund

Net

Investment

Income

Dividends

from

unaffiliated

issuers

–‌

Foreign

tax

withheld

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

(1,490‌)

Expenses

reimbursed

Note

(119,509‌)

Net

expenses

67,145‌

Net

Investment Income

(Loss)

489,296‌

Net

Realized

and

Unrealized

Gain

(Loss)

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

unrealized

depreciation

of:

Investments

unaffiliated

issuers

(47,469‌)

Investments

affiliated

issuers

–‌

Other

assets

and

liabilities

denominated

foreign

currencies

–‌

Net

change

unrealized

depreciation

(47,469‌)

Net

Realized

and

Unrealized

Gain

(Loss)

Investments

(45,378‌)

Net

Increase

(Decrease)

Net

Assets

Resulting

From

Operations

443,918‌

For

the

six

months

ended

June

30,

2026

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

Changes

Net

Assets

See

accompanying

notes

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)

Net

Assets

(Unaudited)

From

operations:

Net

investment

income

489,296

1,097,310

Net

realized

gain

(loss)

2,091

2,337

Net

change

unrealized

appreciation

(depreciation)

(47,469)

(22,301)

Net

increase

(decrease)

net

assets

from

operations

443,918

1,077,346

Distributions

shareholders

Investor

Class

(489,297)

(1,097,324)

Total

distributions

paid

(489,297)

(1,097,324)

From

capital

transactions:

Proceeds

from

sold

Investor

Class

6,898,006

9,747,522

Distributions

reinvested

Investor

Class

395,444

870,626

7,293,450

10,618,148

Cost

redeemed

Investor

Class

(4,256,609)

(12,515,773)

Net

increase

(decrease)

net

assets

from

capital

transactions

3,036,841

(1,897,625)

Net

Increase

(Decrease)

Net

Assets

2,991,462

(1,917,603)

Net

Assets

Beginning

period

28,003,407

29,921,010

End

period

30,994,869

28,003,407

Capital

Activity

Investor

Class

sold

3,537,448

4,998,728

reinvested

202,988

446,475

redeemed

(2,183,141)

(6,418,345)

Net

capital

activity

1,557,295

(973,142)

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)

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

Changes

Net

Assets

See

accompanying

notes

financial

statements.

Global

Resources

Fund

For

the

Six

Months

Ended

June

30,

2026

Year

Ended

December

31,

2025

Increase

(Decrease)

Net

Assets

(Unaudited)

From

operations:

Net

investment

income

(loss)

(161,538)

411,534

Net

realized

gain

(loss)

(623,729)

2,638,597

Net

change

unrealized

appreciation

(depreciation)

(2,070,913)

24,708,914

Net

increase

(decrease)

net

assets

from

operations

(2,856,180)

27,759,045

Distributions

shareholders

Investor

Class

(19,491,214)

(513,252)

Total

distributions

paid

(19,491,214)

(513,252)

From

capital

transactions:

Proceeds

from

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

redeemed

Investor

Class

(12,494,972)

(9,427,482)

Net

increase

(decrease)

net

assets

from

capital

transactions

13,392,300

(583,764)

Net

Increase

(Decrease)

Net

Assets

(8,955,094)

26,662,029

Net

Assets

Beginning

period

63,199,442

36,537,413

End

period

54,244,348

63,199,442

Capital

Activity

Investor

Class

sold

1,043,129

1,529,282

reinvested

3,708,502

81,460

redeemed

(2,113,817)

(1,931,964)

Net

capital

activity

2,637,814

(321,222)

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)

(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

Financial

Statements

June

30,

2026

Note

Organization

and

Significant

Accounting

Policies

U.S.

Global

Investors

Funds

(“Trust”),

consisting

the

six

separate

funds

(“Funds”)

included

this

report,

organized

Delaware

statutory

trust.

Each

Fund

open-

end

management

investment

company

registered

under

the

Investment

Company

Act

1940,

amended,

and

follows

the

specialized

accounting

and

reporting

guidance

FASB

Accounting

Standards

Codiﬁcation

Topic

946.

All

Funds

are

diversiﬁed

with

the

exception

World

Precious

Minerals

and

Gold

and

Precious

Metals.

non-diversiﬁed

fund

may

invest

greater

percentage

its

assets

smaller

number

issuers

comparison

diversiﬁed

fund.

June

14,

2019,

the

Institutional

the

Global

Resources

Fund

and

the

World

Precious

Minerals

Fund

were

liquidated

and

terminated

pursuant

Board

approved

Plan

Class

Termination.

the

Liquidation

Date,

each

Fund

made

liquidating

distribution

shareholders

the

Institutional

equal

each

Shareholder’s

proportionate

interest

the

Institutional

Shares.

Effective

July

2020,

the

Holmes

Macro

Trends

Fund

changed

its

name

Global

Luxury

Goods

Fund.

The

Fund

also

changed

its

investment

strategy

July

2020.

Prior

that

date,

the

Fund

invested

diversified

portfolio

equity

and

equity-related

securities

companies

the

S&P

Composite

1500

Index,

with

focus

companies

achieving

high

return

invested

capital

metrics

and

emphasis

mid-capitalization

companies.

Different

investment

strategies

may

lead

different

performance

results.

The

Fund’s

performance

for

periods

prior

July

2020

reflects

the

investment

strategy

effect

prior

that

date.

Each

Fund

included

herein

deemed

individual

reporting

segment

and

not

part

consolidated

reporting

entity.

The

objective

and

strategy

each

Fund

used

the

Adviser,

defined

Note

make

investment

decisions,

and

the

results

the

operations,

shown

the

Statements

Operations

and

the

Financial

Highlights

for

each

Fund

the

information

utilized

for

the

day-to-day

management

the

Funds.

Each

Fund

party

the

expense

agreements

disclosed

the

Notes

the

Financial

Statements

and

there

are

resources

allocated

the

Funds

based

performance

measurements.

Due

the

significance

oversight

and

its

role,

the

Adviser

deemed

the

Chief

Operating

Decision

Maker.

The

following

summary

signiﬁcant

accounting

policies

consistently

followed

the

Funds

the

preparation

their

ﬁnancial

statements.

The

policies

are

conformity

with

U.S.

generally

accepted

accounting

principles.

Security

Valuations

The

Funds

value

investments

traded

national

international

securities

exchanges

over-the-counter

the

last

sales

price

reported

the

security’s

primary

exchange

its

market

the

time

daily

valuation.

Options

and

securities

for

which

sale

was

reported

are

valued

the

mean

between

the

last

reported

bid

and

asked

quotation.

Debt

securities

having

days

less

maturity

that

are

expected

valued

par

maturity

may

priced

the

amortized

cost

method

the

Adviser

determines

would

approximate

market

value.

Municipal

securities,

long-term

U.S.

government

obligations

and

corporate

debt

securities

are

valued

independent

pricing

service

using

evaluated

quote

based

such

factors

institutional-size

trading

similar

groups

securities,

yield,

quality,

maturity,

coupon

rate,

type

issue,

individual

trading

characteristics

and

other

market

data.

For

information

please

see

Notes

Portfolio

Investments.

Notes

Financial

Statements

June

30,

2026

Cash-Concentration

Uninsured

Account

For

cash

management

purposes

the

Funds

may

concentrate

cash

with

the

Funds’

custodian.

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,

cash

reserves

Brown

Brothers

Harriman

Co.

(BBH).

Fair

Valued

Securities

Pursuant

Rule

2a-5

under

the

Investment

Company

Act,

the

Trust’s

Board

has

designated

the

Adviser

the

Funds’

valuation

designee

perform

any

fair

value

determinations

for

securities

and

other

assets

held

the

Funds.

The

Adviser

subject

the

oversight

the

Board

and

certain

reporting

and

other

requirements

intended

provide

the

Board

the

information

needed

oversee

the

Adviser’s

fair

value

determinations.

The

Adviser

responsible

for

determining

the

fair

value

investments

for

which

market

quotations

are

not

readily

available

accordance

with

policies

and

procedures

that

have

been

approved

the

Board.

Under

these

procedures,

the

Adviser

convenes

regular

and

hoc

basis

review

such

investments

and

considers

number

factors,

including

valuation

methodologies

and

significant

unobservable

inputs,

when

arriving

fair

value.

The

Board

has

approved

the

Adviser’s

fair

valuation

procedures

part

the

Funds’

compliance

program

and

will

review

any

changes

made

the

procedures.

The

Adviser

provides

fair

valuation

inputs.

determining

fair

valuations,

the

Adviser

considers

number

factors

including

nature

and

duration

any

trading

restrictions,

trading

volume,

market

values

unrestricted

the

same

similar

class,

investment

management’s

judgment

regarding

the

market

experience

the

issuer,

financial

status

and

other

operational

and

market

factors

affecting

the

issuer,

issuer’s

management,

quality

the

underlying

property

based

review

independent

geological

studies

and

other

relevant

matters.

The

fair

values

may

differ

from

what

would

have

been

used

had

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

the

Trust’s

Board

Trustees.

For

securities

traded

international

exchanges,

events

which

may

materially

affect

the

value

Fund’s

securities

occur

after

the

primary

exchange

and

before

Fund’s

net

asset

value

determined,

then

those

securities

will

valued

their

fair

value

determined

good

faith

accordance

with

the

policies

approved

the

Board

Trustees.

The

Adviser

uses

systematic

fair

value

model

provided

independent

third

party

value

international

securities

primarily

traded

exchange

market

outside

the

Western

Hemisphere

order

adjust

for

stale

pricing,

which

may

occur

between

the

certain

foreign

exchanges

and

the

New

York

Stock

Exchange.

Fair

valuation

based

subjective

factors

and,

result,

the

fair

value

price

investment

may

differ

from

the

security’s

market

price

and

may

not

the

price

which

the

asset

may

sold.

Fair

valuation

could

result

different

Net

Asset

Value

(“NAV”)

than

NAV

determined

using

market

quotes.

Security

Transactions

and

Investment

Income

Security

transactions

are

accounted

for

trade

date.

Realized

gains

and

losses

from

security

transactions

are

determined

identiﬁed

cost

basis.

Dividend

income

recorded

the

ex-dividend

date

except

that

certain

dividends

from

foreign

securities

where

the

ex-dividend

Notes

Financial

Statements

June

30,

2026

date

may

have

passed

are

recorded

soon

the

Fund

has

conﬁrmed

the

ex-dividend

date.

Interest

income,

which

may

include

original

issue

discount,

recorded

accrual

basis.

Discounts

and

premiums

securities

purchased

are

accreted

and

amortized,

respectively,

yield-to-worst

basis

adjustments

interest

income.

Investment

income

recorded

net

foreign

taxes

withheld

where

recovery

such

taxes

uncertain.

The

Funds

may

purchase

securities

when-issued

delayed-delivery

basis

and

segregate

collateral

their

books

with

value

least

equal

the

amount

the

commitment.

Losses

may

arise

due

the

changes

the

value

the

underlying

securities

the

counterparty

does

not

perform

under

the

contract.

Foreign

Currency

Transactions

Some

Funds

may

invest

securities

foreign

issuers.

The

accounting

records

these

Funds

are

maintained

U.S.

dollars.

each

net

asset

value

determination

date,

the

value

assets

and

liabilities

denominated

foreign

currencies

are

translated

into

U.S.

dollars

using

the

current

prevailing

exchange

rate.

Security

transactions,

income

and

expenses

are

converted

the

prevailing

rate

exchange

the

respective

dates

the

transactions.

The

effect

changes

foreign

exchange

rates

foreign

denominated

securities

included

with

the

net

realized

and

unrealized

gain

loss

securities.

Other

foreign

currency

gains

losses

are

reported

separately.

Federal

Income

Taxes

The

Funds

intend

continue

comply

with

the

requirements

Subchapter

the

Internal

Revenue

Code

applicable

regulated

investment

companies

and

distribute

substantially

all

their

taxable

income

shareholders.

Accordingly,

provision

for

federal

income

taxes

required.

Each

Fund

may

subject

foreign

taxes

income

and

gains

investments,

which

are

accrued

based

the

Fund’s

understanding

the

tax

rules

and

regulations

the

foreign

markets.

The

Funds

recognize

the

tax

beneﬁts

uncertain

tax

positions

only

where

the

position

“more

likely

than

not”

sustained

assuming

examination

tax

authorities.

Management

has

analyzed

the

Funds’

tax

positions,

and

has

concluded

that

liability

for

unrecognized

tax

beneﬁts

should

recorded

uncertain

tax

positions

taken

returns

ﬁled

for

open

tax

years

expected

taken

2025

tax

returns.

The

Funds

ﬁle

U.S.

federal

and

excise

tax

returns

required.

The

Funds’

2022,

2023,

2024

and

2025

(when

ﬁled)

tax

returns

are

open

examination

the

federal

and

applicable

state

tax

authorities.

The

Funds

have

examinations

progress.

Dividends

and

Distributions

Shareholders

The

Funds

record

dividends

and

distributions

shareholders

the

ex-dividend

date.

Distributions

are

determined

accordance

with

income

tax

regulations,

which

may

differ

from

accounting

principles

generally

accepted

the

United

States.

Accordingly,

periodic

reclassiﬁcations

permanent

book

and

tax

basis

differences

are

made

within

the

Funds’

capital

accounts

reﬂect

income

and

gains

available

for

distribution

under

income

tax

regulations.

The

Funds,

except

noted

below,

generally

pay

income

dividends

and

distribute

capital

gains,

any,

annually.

The

U.S.

Government

Securities

Ultra-Short

Bond

Fund

and

the

Near-Term

Tax

Free

Fund

pay

income

dividends

monthly.

Fund

may

elect

designate

portion

the

earnings

and

proﬁts

distributed

shareholders

the

redemption

Fund

during

the

year

distributions

for

federal

income

tax

purposes.

Notes

Financial

Statements

June

30,

2026

Expenses

Fund

speciﬁc

expenses

are

allocated

that

Fund.

Expenses

that

are

not

fund

speciﬁc

are

allocated

among

Funds.

Expense

offset

arrangements

have

been

made

with

the

Funds’

custodian

the

custodian

fees

may

paid

indirectly

credits

earned

the

Funds’

cash

balances.

Such

deposit

arrangements

are

alternative

overnight

investments.

Custodian

fees

are

presented

the

Statements

Operations

gross

such

credits,

and

the

credits

are

presented

offsets

expenses.

For

the

U.S.

Government

Securities

Ultra-Short

Bond

Fund,

credits

earned

its

cash

balance

are

included

interest

and

other

income.

Use

Estimates

Financial

Statement

Preparation

The

Funds

are

investment

companies

accounted

for

conformity

with

accounting

principles

generally

accepted

the

United

States

America

(“GAAP”).

Therefore

they

the

accounting

and

reporting

guidelines

for

investment

companies.

The

preparation

ﬁnancial

statements

conformity

with

GAAP

requires

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

and

disclosure

contingent

assets

and

liabilities

the

date

the

ﬁnancial

statements

and

the

reported

amounts

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Note

Financial

Derivative

Instruments

Options

Contracts

Global

Luxury

Goods

Fund,

Gold

and

Precious

Metals

Fund,

Global

Resources

Fund

and

World

Precious

Minerals

Fund

(the

“Equity

Funds”)

may

purchase

write

(sell)

options

securities

manage

their

exposure

stock

commodity

markets

well

ﬂuctuations

interest

and

currency

conversion

rates.

The

use

options

carries

the

risks

change

value

the

underlying

instruments,

illiquid

secondary

market,

failure

the

counterparty

perform

its

obligations.

put

option

gives

the

purchaser

the

option,

upon

payment

premium,

the

right

sell,

and

the

issuer

the

option

the

obligation

buy,

the

underlying

security,

commodity,

index,

currency

other

instrument

the

exercise

price.

call

option,

upon

payment

premium,

gives

the

purchaser

the

option

the

right

buy,

and

the

issuer

the

obligation

sell,

the

underlying

instrument

the

exercise

price.

Purchasing

put

option

tends

decrease

Fund’s

exposure

the

underlying

instrument,

whereas

purchasing

call

option

tends

increase

Fund’s

exposure

the

underlying

instrument.

Fund

pays

premium

which

included

the

Statement

Assets

and

Liabilities

investment

and

subsequently

marked

market

reﬂect

the

current

value

the

option.

Premiums

paid

purchase

options

which

expire

are

treated

realized

losses.

Premiums

paid

purchase

options

which

are

exercised

closed

are

added

the

cost

securities

acquired

the

proceeds

from

securities

sold.

The

risk

associated

with

purchasing

put

and

call

options

limited

the

premium

paid.

The

Funds

will

realize

loss

equal

all

part

the

premium

paid

for

option

the

price

the

underlying

security

other

instrument

decreases

does

not

increase

than

the

premium

(in

the

case

call

option),

the

price

the

underlying

security

other

instrument

increases

does

not

decrease

than

the

premium

(in

the

case

put

option).

Writing

(selling)

put

option

tends

increase

Fund’s

exposure

the

underlying

instrument,

whereas

writing

call

option

tends

decrease

Fund’s

exposure

the

Notes

Financial

Statements

June

30,

2026

underlying

instrument.

The

premium

received

recorded

liability

the

Statement

Assets

and

Liabilities

and

subsequently

marked

market

reﬂect

the

current

value

the

option

written.

Premiums

received

from

writing

options

which

expire

are

treated

realized

gains.

Premiums

received

from

options

which

are

exercised

closed

are

added

the

proceeds

offset

against

amounts

paid

the

underlying

transaction

determine

the

realized

gain

loss.

Written

options

include

risk

loss

excess

the

option

premium.

Fund

writer

option

has

control

over

whether

the

underlying

instrument

may

sold

(call)

purchased

(put)

and

thus

bears

the

market

risk

unfavorable

change

the

price

the

instrument

underlying

the

written

option.

There

also

the

risk

Fund

may

not

able

enter

into

closing

transaction

because

illiquid

market.

Fund’s

ability

out

its

position

purchaser

seller

put

call

option

dependent,

part,

upon

the

liquidity

the

market

for

that

particular

option.

There

can

guarantee

that

Fund

will

able

out

option

position

when

desired.

inability

out

its

options

positions

may

reduce

Fund’s

anticipated

proﬁts

increase

its

losses.

June

30,

2026,

there

were

securities

held

escrow

the

custodian

cover

for

call

options

written.

Forward

Foreign

Currency

Contracts

The

Funds

enter

into

forward

foreign

currency

contracts

lock

the

U.S.

dollar

cost

purchase

and

sale

transactions

hedge

the

portfolio

against

currency

ﬂuctuations.

forward

foreign

currency

contract

commitment

purchase

sell

foreign

currency

future

date

negotiated

rate.

These

contracts

are

valued

daily,

and

the

Fund’s

net

equity

therein,

representing

unrealized

gain

loss

the

contracts

measured

the

difference

between

the

forward

foreign

exchange

rates

the

dates

entry

into

the

contracts

and

the

forward

rates

the

reporting

date,

included

the

Statement

Assets

and

Liabilities.

Realized

and

unrealized

gains

and

losses

are

included

the

Statement

Operations.

Risks

may

arise

upon

entering

into

these

contracts

from

the

potential

inability

counterparties

meet

the

terms

the

contracts

and

from

unanticipated

movements

the

value

foreign

currencies

relative

the

U.S.

dollar.

June

30,

2026,

there

were

open

forward

foreign

currency

contracts.

Notes

Financial

Statements

June

30,

2026

Summary

Derivative

Instruments

The

following

summary

the

effect

derivative

instruments

the

Statements

Operations

June

30,

2026:

The

total

value

transactions

forward

currency

contracts

during

the

period

ended

June

30,

2026,

were

approximately

follows:

Note

Investment

Advisory

and

Other

Agreements

U.S.

Global

Investors,

Inc.

(the

“Adviser”)

the

investment

adviser

the

Funds.

Pursuant

investment

advisory

agreement

with

the

Trust

effect

through

October

2026,

the

Adviser

furnishes

management

and

investment

advisory

services

and,

subject

the

supervision

the

Trustees,

directs

the

investments

each

Fund

according

each

Fund’s

investment

objectives,

policies

and

limitations.

For

the

services

the

Adviser,

each

Fund

pays

base

management

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)

derivatives

recognized

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

unrealized

appreciation

(depreciation)

derivatives

recognized

income

Net

change

unrealized

appreciation

(depreciation)

investments

Purchased

options

–

Equity

risk

–

5,769

–

5,769

Total

(29,042)

5,769

Location

Gold

and

Precious

Metals

Fund

Realized

gain

(loss)

derivatives

recognized

income

Realized

gain

(loss)

from

securities

Purchased

options

–

Net

realized

gain

(loss)

from

foreign

currency

transactions

Foreign

exchange

contracts

–

Currency

contract

risk

(559)

Total

(559)

Fund

Forward

Currency

Contracts

Global

Luxury

Goods

Fund

6,119,620

Gold

and

Precious

Metals

Fund

858,887

Notes

Financial

Statements

June

30,

2026

Atlantic

Fund

Administration,

LLC,

wholly

owned

subsidiary

Apex

Holdings,

LLC

(d/b/a

Apex

Fund

Services)

(“Apex”)

and

the

Adviser

act

co-administrators

the

Trust.

Apex

provides

Principal

Executive

Officer,

Principal

Financial

Officer,

Chief

Compliance

Officer

and

Anti-Money

Laundering

Officer

each

Fund,

well

certain

additional

compliance

and

administrative

support

functions.

Apex

also

provides

fund

accounting

services

each

Fund.

The

fees

these

services

are

included

Administration

Fees

within

the

Statement

Operations.

Apex

also

provides

certain

shareholder

report

production

and

EDGAR

conversion

and

filing

services.

Pursuant

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

annual

rate

0.05%

the

average

daily

net

assets

each

Fund

for

administrative

services

provided.

The

Equity

Funds

the

Trust

have

adopted

distribution

plan

pursuant

Rule

12b-1

the

Investment

Company

Act

1940

which

the

Distributor

paid

fee

annual

rate

0.25%

the

average

daily

net

assets

the

Fund

for

sales

and

promotional

services

the

distribution

shares.

The

Adviser

has

contractually

limited

the

total

operating

expenses

the

Global

Luxury

Goods

Fund,

Gold

and

Precious

Metals

Fund,

World

Precious

Minerals

Fund,

and

Global

Resources

Fund

1.75%

annualized

basis

through

April

30,

2027.

The

Adviser

has

also

contractually

limited

the

total

operating

expenses

the

Near-Term

Tax

Free

Fund

0.45%

annual

basis

through

April

30,

2027.

Amounts

waived

reimbursed

the

Adviser

pursuant

this

contractual

waiver

arrangement

are

not

eligible

for

recoupment

the

Adviser.

The

Adviser

has

voluntarily

agreed

reimburse

the

U.S.

Government

Securities

Ultra-

Short

Bond

Fund

that

total

operating

expenses

will

not

exceed

0.45%

average

net

assets

through

April

30,

2027.

The

expense

limitation

will

continue

voluntary

basis

the

Adviser’s

discretion.

The

Adviser

may

temporarily

agree

additional

reimbursements

limitations.

Amounts

waived

reimbursed

the

Adviser

pursuant

this

voluntary

waiver

arrangement

are

not

eligible

for

recoupment

the

Adviser.

Apex

the

transfer

agent

for

the

Funds.

Each

Fund’s

class

pays

annual

fee

based

the

number

shareholder

accounts,

certain

base

fees

and

transaction-

and

activity-based

fees

for

transfer

agency

services.

Certain

account

fees

are

paid

directly

shareholders

the

transfer

agent,

which,

turn,

reduces

its

charge

the

Funds.

Brown

Brothers

Harriman

Co.

(BBH)

serves

the

custodian.

Fund

Average

Percentage

Average

Daily

Net

Assets

U.S.

Government

Securities

Ultra-Short

Bond

.50%

the

first

$250,000,000

and

.375%

the

excess

Near-Term

Tax

Free

.50%

Global

Luxury

Goods

1.00%

Global

Resources

.95%

the

first

$500,000,000;

.90%

$500,000,001

$1,000,000,000

and

.85%

the

excess

World

Precious

Minerals

1.00%

the

first

$500,000,000;

.95%

$500,000,001

$1,000,000,000

and

.90%

the

excess

Gold

and

Precious

Metals

.90%

the

first

$500,000,000

and

.85%

the

excess

Note

Investment

Advisory

and

Other

Agreements

Notes

Financial

Statements

June

30,

2026

Foreside

Fund

Services,

LLC

(the

“Distributor”),

wholly

owned

subsidiary

Foreside

Financial

Group,

LLC

(d/b/a

ACA

Group),

acts

the

agent

the

Trust

connection

with

the

continuous

offering

the

Funds.

The

Distributor

continually

distributes

the

Funds

best

efforts

basis.

Note

Investments

Cost

purchases

and

proceeds

from

sales

long-term

securities

for

the

period

ended

June

30,

2026,

are

summarized

follows:

Note

Tax

Information

The

following

table

presents

the

income

tax

basis

securities

owned

June

30,

2026,

and

the

tax

basis

components

net

unrealized

appreciation

(depreciation):

December

31,

2025,

the

components

distributable

earnings

tax

basis

were

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

Investment

Advisory

and

Other

Agreements

Notes

Financial

Statements

June

30,

2026

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

the

tax

deferral

losses

wash

sales,

and

investment

passive

foreign

investment

companies

(PFIC).

Reclassiﬁcations

are

made

the

Funds’

capital

accounts

reﬂect

income

and

gains

available

for

distribution

(or

available

capital

loss

carryovers)

and

due

over

distributions

necessary

meet

excise

tax

reporting

requirements

under

income

tax

regulations.

For

the

year

ended

December

31,

2025,

the

Funds

recorded

the

following

reclassiﬁcations

increase

(decrease)

the

accounts

listed

below:

The

tax

character

distributions

paid

during

the

ﬁscal

year

ended

December

31,

2025,

were

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

Capital

U.S.

Government

Securities

Ultra-Short

Bond

(14)

Near-Term

Tax

Free

(3)

Global

Luxury

Goods

84,278

(84,278)

Global

Resources

(12)

World

Precious

Minerals

–

Gold

and

Precious

Metals

–

Fund

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

Return

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

Financial

Statements

June

30,

2026

The

tax

character

distributions

paid

during

the

ﬁscal

year

ended

December

31,

2024,

were

follows:

Capital

loss

carryforwards

may

used

offset

current

future

taxable

capital

gains.

The

loss

carryforwards

for

each

Fund,

December

31,

2025,

are

follows:

For

tax

purposes,

the

Funds

have

current

year

deferred

post

October

losses

follows:

These

losses

were

recognized

for

tax

purposes

the

first

day

the

current

tax

year.

The

Global

Luxury

Goods

Fund

has

Section

382

loss

limitation.

The

remaining

loss

limit

December

31,

2025

$1,080,871

and

the

yearly

amount

loss

that

can

drawn

down

utilized

from

this

amount

$117,889.

During

the

year

ended

December

31,

2025,

the

following

Funds

utilized

capital

loss

carryforwards

offset

capital

gains

amounting

to:

Fund

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

Return

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

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

Financial

Statements

June

30,

2026

Note

Risks

Concentrations

and

Foreign

Investments

The

Near-Term

Tax

Free

Fund

may

exposed

risks

concentration

investments

particular

state

geographic

area.

These

investments

present

risks

resulting

from

changes

economic

conditions

the

region

the

issuer.

The

Global

Resources

Fund

concentrates

its

investments

the

natural

resources

industries

and

may

subject

greater

risks

and

ﬂuctuations

than

portfolio

representing

broader

range

industries.

The

World

Precious

Minerals

and

Gold

and

Precious

Metals

Funds

concentrate

their

investments

gold

and

other

precious

metals

and

minerals

and,

therefore,

may

subject

greater

risks

and

market

ﬂuctuations

than

portfolio

representing

broader

range

industries.

The

funds

invest

securities

that

typically

respond

changes

the

price

gold

and

other

precious

metals

and

minerals,

which

can

inﬂuenced

variety

global

economic,

ﬁnancial

and

political

factors;

increased

environmental

and

labor

costs

mining;

and

changes

laws

relating

mining

gold

production

sales.

Fluctuations

the

prices

gold

and

other

precious

metals

and

minerals

will

affect

the

market

values

the

securities

held

these

funds.

Note

Credit

Arrangements

Each

the

Funds

has

uncommitted

credit

facility

with

BBH,

which

will

remain

effect

through

least

April

17,

2027.

The

continuance

the

credit

facility

with

BBH

subject

annual

renewal

the

Board.

Borrowings

each

Fund

are

collateralized

any

all

the

securities

held

BBH

the

Funds’

custodian

the

amount

the

borrowing.

Interest

borrowings

charged

the

current

overnight

Federal

Funds

Rate

plus

percent.

Each

Fund

has

maximum

borrowing

limit

percent

qualiﬁed

assets.

The

aggregate

borrowings

all

Funds

under

the

agreement

cannot

exceed

$10,000,000

any

one

time.

There

were

borrowings

under

the

credit

facility

during

the

period

ended

June

30,

2026.

Note

Commitments

and

Contingencies

the

normal

course

business,

each

Fund

enters

into

contracts

that

provide

general

indemnifications

each

Fund

the

counterparty

the

contract.

Each

Fund’s

maximum

exposure

under

these

arrangements

dependent

future

claims

that

may

made

against

each

Fund

and,

therefore,

cannot

estimated;

however,

based

experience,

the

risk

loss

from

such

claims

considered

remote.

Each

Fund

has

determined

that

none

these

arrangements

requires

disclosure

each

Fund’s

Statement

Assets

and

Liabilities.

Note

Subsequent

Events

Subsequent

events

occurring

after

the

date

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/

adjustments

resulting

from

subsequent

events.

Based

this

evaluation,

additional

disclosures

adjustments

were

required

the

financial

statements

the

date

the

financial

statements

were

issued.

Financial

Highlights

U.S.

Government

Securities

Ultra-Short

Bond

Fund

For

capital

outstanding

during

the

See

accompanying

notes

financial

statements.

Investor

Class

Six

Months

Ended

June

30,

2026

(unaudited)

Year

Ended

December

31,

2025

2024

2023

2022

2021

Ratios

Average

Net

Assets:

Expense

offset

(0.01)%

–

Six

Months

Ended

June

30,

2026

Year

Ended

December

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

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

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

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

reimbursed

(c)

(0.81

(0.90

(0.85

(0.72

(0.68

(0.61

Net

expenses

(d)

0.45

Portfolio

turnover

rate

143

Net

assets,

end

period

(in

thousands)

$30,995

‌

$28,003

‌

$29,921

‌

$31,328

‌

$34,117

‌

$38,004

‌

Based

average

outstanding.

(a)

The

per

amount

does

not

round

full

penny.

(b)

Assumes

investment

the

net

asset

value

the

beginning

the

period,

reinvestment

all

distributions

and

complete

redemption

the

investment

the

net

asset

value

the

end

the

period.

(c)

Expenses

waived

reimbursed

reflect

reductions

total

expenses,

discussed

the

notes

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

decrease

the

net

investment

income

ratio,

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

reductions

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

discussed

the

notes

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

expenses

offset

are

follows:

Financial

Highlights

Near-Term

Tax

Free

Fund

For

capital

outstanding

during

the

See

accompanying

notes

financial

statements.

Investor

Class

Six

Months

Ended

June

30,

2026

(unaudited)

Year

Ended

December

31,

2025

2024

2023

2022

2021

Ratios

Average

Net

Assets:

Expense

offset

(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

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

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

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

reimbursed

(b)

(1.04

(1.09

(0.97

(0.84

(0.75

(0.68

Net

expenses

(c)

0.45

Portfolio

turnover

rate

Net

assets,

end

period

(in

thousands)

$20,643

‌

$22,751

‌

$23,458

‌

$25,394

‌

$30,878

‌

$35,389

‌

Based

average

outstanding.

(a)

Assumes

investment

the

net

asset

value

the

beginning

the

period,

reinvestment

all

distributions

and

complete

redemption

the

investment

the

net

asset

value

the

end

the

period.

(b)

Expenses

waived

reimbursed

reflect

reductions

total

expenses,

discussed

the

notes

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

decrease

the

net

investment

income

ratio,

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

reductions

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

discussed

the

notes

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

expenses

offset

are

follows:

(d)

Effect

the

expense

ratio

was

not

greater

than

0.005%.

Financial

Highlights

Global

Luxury

Goods

Fund

For

capital

outstanding

during

the

See

accompanying

notes

financial

statements.

Investor

Class

Six

Months

Ended

June

30,

2026

(unaudited)

Year

Ended

December

31,

2025

2024

2023

2022

2021

Ratios

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

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

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

Average

Net

Assets:

Net

investment

income

(loss)

1.04

0.59

0.68

0.64

2.03

(0.60

Total

expenses

1.91

1.71

2.05

1.75

1.99

Expenses

waived

reimbursed

(c)

(0.16

(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

122

195

248

177

Net

assets,

end

period

(in

thousands)

$51,392

‌

$53,991

‌

$49,610

‌

$47,245

‌

$40,321

‌

$57,667

‌

Based

average

outstanding.

(a)

The

per

amount

does

not

round

full

penny.

(b)

Assumes

investment

the

net

asset

value

the

beginning

the

period,

reinvestment

all

distributions

and

complete

redemption

the

investment

the

net

asset

value

the

end

the

period.

(c)

Expenses

waived

reimbursed

reflect

reductions

total

expenses,

discussed

the

notes

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

decrease

the

net

investment

income

ratio,

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

reductions

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

discussed

the

notes

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

expenses

offset

are

follows:

(e)

Effect

the

expense

ratio

was

not

greater

than

0.005%.

Financial

Highlights

Global

Resources

Fund

For

capital

outstanding

during

the

See

accompanying

notes

financial

statements.

Investor

Class

Six

Months

Ended

June

30,

2026

(unaudited)

Year

Ended

December

31,

2025

2024

2023

2022

2021

Ratios

Average

Net

Assets:

Expense

offset

(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

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

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

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

reimbursed

(b)

(0.14

(0.35

(0.47

(0.22

(0.06

–

‌

Net

expenses

(c)

1.75

1.57

1.47

1.54

1.90

Portfolio

turnover

rate

135

Net

assets,

end

period

(in

thousands)

$54,244

‌

$63,199

‌

$36,537

‌

$45,339

‌

$55,053

‌

$67,821

‌

Based

average

outstanding.

(a)

Assumes

investment

the

net

asset

value

the

beginning

the

period,

reinvestment

all

distributions

and

complete

redemption

the

investment

the

net

asset

value

the

end

the

period.

(b)

Expenses

waived

reimbursed

reflect

reductions

total

expenses,

discussed

the

notes

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

decrease

the

net

investment

income

ratio,

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

reductions

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

discussed

the

notes

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

expenses

offset

are

follows:

(d)

Effect

the

expense

ratio

was

not

greater

than

0.005%.

Financial

Highlights

World

Precious

Minerals

Fund

For

capital

outstanding

during

the

See

accompanying

notes

financial

statements.

Investor

Class

Six

Months

Ended

June

30,

2026

(unaudited)

Year

Ended

December

31,

2025

2024

2023

2022

2021

Ratios

Average

Net

Assets:

Expense

offset

(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

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

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

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

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

Net

assets,

end

period

(in

thousands)

$66,748

‌

$75,773

‌

$37,116

‌

$42,744

‌

$54,500

‌

$89,313

‌

Based

average

outstanding.

(a)

Assumes

investment

the

net

asset

value

the

beginning

the

period,

reinvestment

all

distributions

and

complete

redemption

the

investment

the

net

asset

value

the

end

the

period.

(b)

Expenses

waived

reimbursed

reflect

reductions

total

expenses,

discussed

the

notes

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

decrease

the

net

investment

income

ratio,

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

reductions

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

discussed

the

notes

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

expenses

offset

are

follows:

(d)

Effect

the

expense

ratio

was

not

greater

than

0.005%.

Financial

Highlights

Gold

and

Precious

Metals

Fund

For

capital

outstanding

during

the

See

accompanying

notes

financial

statements.

Investor

Class

Six

Months

Ended

June

30,

2026

(unaudited)

Year

Ended

December

31,

2025

2024

2023

2022

2021

Ratios

Average

Net

Assets:

Expense

offset

(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

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

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

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

reimbursed

(b)

(0.01

(0.02

(0.03

–

‌

Net

expenses

(c)

1.53

1.60

1.69

1.46

1.52

1.82

Portfolio

turnover

rate

Net

assets,

end

period

(in

thousands)

$243,451

‌

$275,902

‌

$103,640

‌

$97,902

‌

$110,089

‌

$141,228

‌

Based

average

outstanding.

(a)

Assumes

investment

the

net

asset

value

the

beginning

the

period,

reinvestment

all

distributions

and

complete

redemption

the

investment

the

net

asset

value

the

end

the

period.

(b)

Expenses

waived

reimbursed

reflect

reductions

total

expenses,

discussed

the

notes

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

decrease

the

net

investment

income

ratio,

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

reductions

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

discussed

the

notes

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

expenses

offset

are

follows:

(d)

Effect

the

expense

ratio

was

not

greater

than

0.005%.

Other

Information

(

unaudited

)

June

30,

2026

Changes

and

Disagreements

with

Accountants

(Item

Form

N-CSR)

N/A

Proxy

Disclosure

(Item

Form

N-CSR)

N/A

Remuneration

Paid

Directors,

Officers,

and

Others

(Item

Form

N-CSR)

Please

see

financial

statements

Item

Statement

Regarding

the

Basis

for

the

Board’s

Approval

Investment

Advisory

Contract

(Item

Form

N-CSR)

N/A

Apex

Fund

Services

190

Middle

Street,

Suite

101

Portland,

04101

Want

reduce

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waste?

You

can

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report

and

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documents

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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

By:	/s/ Zachary Tackett
	Zachary Tackett, Principal Executive Officer

Date:	August 26, 2026

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.

By:	/s/ Zachary Tackett
	Zachary Tackett, Principal Executive Officer

Date:	August 26, 2026

By:	/s/ Karen Shaw
	Karen Shaw, Principal Financial Officer

Date:	August 26, 2026

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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