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, 2025 – December 31, 2025

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

Annual Shareholder Report - December 31, 2025

Fund Overview

This annual shareholder report contains important information about the USGI Global Luxury Goods Fund for the period of January 1, 2025, to December 31, 2025. 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 year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$186	1.71%

How did the Fund perform in the last year? 

The fund was influenced by mixed global luxury demand, with resilient spending from ultra-high-net-worth consumers offset by weaker discretionary demand in China and Europe. Market performance was driven by company-specific fundamentals, pricing power, and margin discipline across leading luxury brands. The Fund’s investment adviser focused on stock selection, emphasizing companies with strong brand equity, balance-sheet strength, and cash-flow resilience. Active portfolio positioning and selective exposure to higher-quality names helped navigate volatility in the luxury sector during the year.

Total Return Based on a $10,000 Investment 

Date	Investor Class	S&P 500® Index	S&P Composite 1500 TR	S&P Global Luxury Index
12/31/15	$10,000	$10,000	$10,000	$10,000
03/31/16	$9,661	$10,135	$10,156	$10,127
06/30/16	$9,543	$10,384	$10,420	$9,148
09/30/16	$10,145	$10,784	$10,835	$9,851
12/31/16	$10,866	$11,196	$11,303	$10,008
03/31/17	$11,099	$11,875	$11,951	$11,048
06/30/17	$11,553	$12,242	$12,305	$12,018
09/30/17	$11,880	$12,790	$12,851	$12,765
12/31/17	$12,949	$13,640	$13,691	$13,968
03/31/18	$13,002	$13,537	$13,592	$14,201
06/30/18	$12,949	$14,002	$14,089	$14,655
09/30/18	$13,168	$15,081	$15,125	$14,550
12/31/18	$11,885	$13,042	$13,012	$12,393
03/31/19	$13,191	$14,822	$14,787	$14,061
06/30/19	$13,122	$15,460	$15,402	$14,560
09/30/19	$13,006	$15,723	$15,638	$13,972
12/31/19	$13,513	$17,149	$17,033	$16,028
03/31/20	$9,945	$13,788	$13,529	$11,460
06/30/20	$12,033	$16,620	$16,338	$14,540
09/30/20	$13,212	$18,105	$17,737	$17,167
12/31/20	$16,317	$20,304	$20,085	$21,946
03/31/21	$17,117	$21,558	$21,473	$23,395
06/30/21	$18,804	$23,401	$23,220	$25,666
09/30/21	$18,353	$23,537	$23,303	$24,062
12/31/21	$20,381	$26,132	$25,799	$27,050
03/31/22	$18,451	$24,931	$24,602	$23,777
06/30/22	$14,419	$20,916	$20,662	$18,840
09/30/22	$14,063	$19,895	$19,679	$18,269
12/31/22	$15,520	$21,399	$21,212	$20,751
03/31/23	$18,352	$23,004	$22,730	$24,546
06/30/23	$19,325	$25,015	$24,637	$25,585
09/30/23	$17,282	$24,196	$23,809	$22,008
12/31/23	$19,207	$27,025	$26,613	$24,091
03/31/24	$20,975	$29,878	$29,357	$25,430
06/30/24	$20,386	$31,157	$30,432	$23,160
09/30/24	$21,695	$32,992	$32,271	$24,425
12/31/24	$21,938	$33,786	$32,988	$23,827
03/31/25	$21,345	$32,343	$31,507	$22,173
06/30/25	$23,366	$35,882	$34,837	$24,747
09/30/25	$24,740	$38,797	$37,629	$26,575
12/31/25	$25,844	$39,827	$38,601	$27,463

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.   Effective May 1, 2024, the Fund changed its primary benchmark from the S&P Composite 1500 Index to the S&P 500 Index due to regulatory requirements. The Fund retained the S&P Global Luxury Index as a secondary benchmark because the S&P Global Luxury Index more closely aligns with the Fund's investment strategies and investment restrictions. The Fund retained the S&P Composite 1500 Index as a secondary benchmark because it served as a basis for the Fund's performance adjustment, which phased out entirely April 1, 2025. 

Average Annual Total Returns 

	One Year	Five Year	Ten Year
Investor Class	17.80%	9.63%	9.96%
S&P 500® Index	17.88%	14.42%	14.82%
S&P Composite 1500 TR	17.02%	13.96%	14.46%
S&P Global Luxury Index	15.26%	4.59%	10.63%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Fund Statistics

Total Net Assets	$53,990,895
# of Portfolio Holdings	56
Portfolio Turnover Rate	122%
Management Fee (Net of fees waived)	$401,319

Top Ten Holdings 

(% net assets)

LVMH Moet Hennessy Louis Vuitton SE, ADR	8.49%
Hermes International SCA	6.52%
Royal Caribbean Cruises, Ltd.	4.87%
Tesla, Inc.	4.86%
Cie Financiere Richemont SA	4.79%
Industria de Diseno Textil SA	4.78%
Hilton Worldwide Holdings, Inc.	3.99%
Carnival Corp.	3.99%
Ferrari NV	3.98%
The Goldman Sachs Group, Inc.	3.87%

Sector Weightings

(% total investments)

Value	Value
Consumer Discretionary	63.6%
Consumer Staples	18.6%
Materials	11.3%
Financials	6.2%
Other	0.3%

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

Annual Shareholder Report - December 31, 2025

252A-USLUX-25

Global Resources Fund

PSPFX

:  Investor  Class

Annual Shareholder Report - December 31, 2025

Fund Overview

This annual shareholder report contains important information about the USGI Global Resources Fund for the period of January 1, 2025, to December 31, 2025. 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 year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$245	1.75%

How did the Fund perform in the last year? 

The Fund’s strong year was shaped by exposure to commodities and companies tied to major structural trends such as electrification, energy transition and constrained supply in key resource markets. Significant contributors included technology-driven commodity platforms and miners advancing high-quality development projects that gained investor traction. Detractors were mostly linked to softer agricultural markets, energy price volatility and early-stage transition metal projects experiencing financing or regulatory delays. Overall, the Fund’s positioning throughout the year benefited from its focus on resource segments exhibiting clear operational momentum and improving fundamentals.

Total Return Based on a $10,000 Investment 

Date	Investor Class	S&P 500® Index	S&P Global Natural Resources Index (Net Total Return)
12/31/15	$10,000	$10,000	$10,000
03/31/16	$10,678	$10,135	$10,911
06/30/16	$10,805	$10,384	$11,649
09/30/16	$12,246	$10,784	$12,334
12/31/16	$11,499	$11,196	$13,145
03/31/17	$11,959	$11,875	$13,509
06/30/17	$11,806	$12,242	$13,362
09/30/17	$12,660	$12,790	$14,782
12/31/17	$13,750	$13,640	$16,034
03/31/18	$13,276	$13,537	$15,749
06/30/18	$13,027	$14,002	$16,578
09/30/18	$12,147	$15,081	$16,771
12/31/18	$10,318	$13,042	$13,937
03/31/19	$10,649	$14,822	$15,641
06/30/19	$10,957	$15,460	$15,810
09/30/19	$10,223	$15,723	$14,833
12/31/19	$11,123	$17,149	$16,225
03/31/20	$7,262	$13,788	$10,872
06/30/20	$10,037	$16,620	$13,065
09/30/20	$11,533	$18,105	$13,321
12/31/20	$15,231	$20,304	$16,217
03/31/21	$16,330	$21,558	$18,097
06/30/21	$16,790	$23,401	$19,384
09/30/21	$15,921	$23,537	$18,822
12/31/21	$17,306	$26,132	$20,173
03/31/22	$19,565	$24,931	$23,519
06/30/22	$14,925	$20,916	$19,824
09/30/22	$14,651	$19,895	$18,885
12/31/22	$15,212	$21,399	$22,108
03/31/23	$15,353	$23,004	$22,198
06/30/23	$15,000	$25,015	$21,337
09/30/23	$14,115	$24,196	$22,095
12/31/23	$14,044	$27,025	$22,856
03/31/24	$14,044	$29,878	$23,313
06/30/24	$14,009	$31,157	$22,864
09/30/24	$14,717	$32,992	$23,644
12/31/24	$13,521	$33,786	$20,831
03/31/25	$13,853	$32,343	$22,275
06/30/25	$15,885	$35,882	$23,002
09/30/25	$20,576	$38,797	$25,155
12/31/25	$24,373	$39,827	$26,844

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.   Effective May 1, 2024, the Fund changed its primary benchmark from the S&P Global Natural Resources Index to the S&P 500 Index due to regulatory requirements. The Fund retained the S&P Global Natural Resources Index as a secondary benchmark because the S&P Global Natural Resources Index more closely aligns with the Fund's investment strategies and investment  restrictions. 

Average Annual Total Returns 

	One Year	Five Year	Ten Year
Investor Class	80.27%	9.86%	9.32%
S&P 500® Index	17.88%	14.42%	14.82%
S&P Global Natural Resources Index (Net Total Return)	28.86%	10.61%	10.38%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Fund Statistics

Total Net Assets	$63,199,442
# of Portfolio Holdings	132
Portfolio Turnover Rate	60%
Management Fee (Net of fees waived)	$277,896

Top Ten Holdings 

(% net assets)

Abaxx Technologies, Inc.	17.64%
Montage Gold Corp.	6.83%
Hudbay Minerals, Inc.	2.98%
Vizsla Silver Corp.	2.71%
K92 Mining, Inc.	2.62%
Exxon Mobil Corp.	2.57%
Nutrien, Ltd.	2.44%
Torex Gold Resources, Inc.	2.19%
Coeur Mining, Inc.	1.83%
Aris Gold Corp.	1.80%

Sector Weightings

(% total investments)

Value	Value
Gold Mining	21.5%
Enterprise Software/Services	18.3%
Metal - Diversified	9.9%
Metal - Copper	7.1%
Oil Companies - Integrated	6.0%
Diversified Minerals	4.8%
Silver Mining	4.5%
Oil Companies - Exploration & Production	4.0%
Precious Metals	3.0%
Other	20.9%

Where can I find additional information about the fund?

If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy information, please visit www.usfunds.com/invest-with-us/prospectus-2/.

U.S. Global Investors Funds

Global Resources Fund

PSPFX

:  Investor  Class

Annual Shareholder Report - December 31, 2025

252A-PSPFX-25

Gold and Precious Metals Fund

USERX

:  Investor Class

Annual Shareholder Report - December 31, 2025

Fund Overview

This annual shareholder report contains important information about the USGI Gold and Precious Metals Fund for the period of January 1, 2025, to December 31, 2025. 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 year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$294	1.60%

How did the Fund perform in the last year? 

The Fund’s results for the year were shaped by strong stock selection in miners that benefited from leverage to rising precious metal prices. Avoiding certain names that struggled operationally or lagged peers also contributed meaningfully to relative performance. Some positions hindered results, including holdings in royalty companies with less upside during a sharp metals rally and companies facing sentiment overhangs or cost pressures. Overall, the year reflected the advantages of focusing on operationally improving producers and developers while managing exposures to higher risk or higher premium names.

Total Return Based on a $10,000 Investment 

Date	Investor Class	S&P 500® Index	FTSE Gold Mines Index
12/31/15	$10,000	$10,000	$10,000
03/31/16	$13,333	$10,135	$15,299
06/30/16	$18,712	$10,384	$21,124
09/30/16	$19,468	$10,784	$19,856
12/31/16	$14,536	$11,196	$16,072
03/31/17	$15,713	$11,875	$17,494
06/30/17	$14,908	$12,242	$16,681
09/30/17	$16,209	$12,790	$17,447
12/31/17	$16,436	$13,640	$17,716
03/31/18	$14,867	$13,537	$16,629
06/30/18	$15,775	$14,002	$16,644
09/30/18	$13,525	$15,081	$13,727
12/31/18	$14,087	$13,042	$15,936
03/31/19	$15,118	$14,822	$17,010
06/30/19	$16,821	$15,460	$19,963
09/30/19	$17,746	$15,723	$20,900
12/31/19	$21,320	$17,149	$22,738
03/31/20	$14,529	$13,788	$19,060
06/30/20	$24,117	$16,620	$29,122
09/30/20	$28,006	$18,105	$31,349
12/31/20	$29,222	$20,304	$28,411
03/31/21	$25,507	$21,558	$25,233
06/30/21	$28,704	$23,401	$25,905
09/30/21	$23,736	$23,537	$22,818
12/31/21	$26,060	$26,132	$25,462
03/31/22	$28,730	$24,931	$30,067
06/30/22	$21,117	$20,916	$21,400
09/30/22	$19,308	$19,895	$18,348
12/31/22	$21,515	$21,399	$22,193
03/31/23	$23,125	$23,004	$24,883
06/30/23	$21,051	$25,015	$23,365
09/30/23	$19,021	$24,196	$20,544
12/31/23	$21,824	$27,025	$24,947
03/31/24	$22,684	$29,878	$24,599
06/30/24	$24,802	$31,157	$26,695
09/30/24	$29,370	$32,992	$32,560
12/31/24	$25,482	$33,786	$27,185
03/31/25	$33,946	$32,343	$37,456
06/30/25	$39,343	$35,882	$43,042
09/30/25	$57,548	$38,797	$64,940
12/31/25	$68,155	$39,827	$74,622

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.   Effective May 1, 2024, the Fund changed its primary benchmark from the FTSE Gold Mines Index to the S&P 500 Index due to regulatory requirements. The Fund retained the FTSE Gold Mines Index as a secondary benchmark because the FTSE Gold Mines Index more closely aligns with the Fund's investment strategies and investment restrictions. 

Average Annual Total Returns 

	One Year	Five Year	Ten Year
Investor Class	167.46%	18.46%	21.16%
S&P 500® Index	17.88%	14.42%	14.82%
FTSE Gold Mines Index	174.50%	21.30%	22.26%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Fund Statistics

Total Net Assets	$275,902,243
# of Portfolio Holdings	90
Portfolio Turnover Rate	76%
Management Fee Paid	$1,535,522

Top Ten Holdings 

(% net assets)

K92 Mining, Inc.	6.59%
Barrick Mining Corp.	4.74%
Discovery Silver Corp.	4.54%
Mineros SA	4.45%
Aya Gold & Silver, Inc.	4.04%
Torex Gold Resources, Inc.	3.46%
IAMGOLD Corp.	3.44%
Americas Gold & Silver Corp.	3.35%
DPM Metals, Inc.	3.03%
Anglogold Ashanti PLC	2.78%

Sector Weightings

(% total investments)

Value	Value
Gold Mining	62.3%
Silver Mining	14.7%
Precious Metals	11.3%
Platinum	3.8%
Other	7.9%

Where can I find additional information about the fund?

If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy information, please visit www.usfunds.com/invest-with-us/prospectus-2/.

U.S. Global Investors Funds

Gold and Precious Metals Fund

USERX

:  Investor Class

Annual Shareholder Report - December 31, 2025

252A-USERX-25

Near-Term Tax Free Fund

NEARX

:  Investor Class

Annual Shareholder Report - December 31, 2025

Fund Overview

This annual shareholder report contains important information about the USGI Near-Term Tax Free Fund for the period of January 1, 2025, to December 31, 2025. 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 year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$46	0.45%

How did the Fund perform in the last year? 

The Fund’s performance for the year was shaped by strong municipal bond selection in several states and key sectors, along with beneficial exposure to longer-duration holdings. However, significant overweighting in certain regions—especially Texas—and heavy short-duration positioning detracted from results and limited participation in stronger parts of the municipal curve. Sector allocation also weighed performance when key overweight areas lagged, while underweight in outperforming categories reduced relative gains. Overall, the year illustrated how regional concentration and duration structure played central roles in the fund’s return pattern.

Total Return Based on a $10,000 Investment 

Date	Investor Class	Bloomberg Municipal Bond Index	Bloomberg 3 Year Municipal Bond Index
12/31/15	$10,000	$10,000	$10,000
03/31/16	$10,037	$10,167	$10,077
06/30/16	$10,112	$10,433	$10,146
09/30/16	$10,098	$10,401	$10,120
12/31/16	$9,955	$10,025	$10,008
03/31/17	$10,029	$10,183	$10,135
06/30/17	$10,059	$10,382	$10,189
09/30/17	$10,130	$10,492	$10,243
12/31/17	$10,074	$10,571	$10,164
03/31/18	$10,013	$10,454	$10,175
06/30/18	$10,087	$10,545	$10,241
09/30/18	$10,070	$10,529	$10,229
12/31/18	$10,147	$10,707	$10,343
03/31/19	$10,222	$11,017	$10,481
06/30/19	$10,254	$11,252	$10,597
09/30/19	$10,332	$11,429	$10,630
12/31/19	$10,368	$11,513	$10,723
03/31/20	$10,401	$11,441	$10,684
06/30/20	$10,524	$11,752	$10,928
09/30/20	$10,596	$11,897	$11,005
12/31/20	$10,673	$12,113	$11,041
03/31/21	$10,604	$12,071	$11,057
06/30/21	$10,628	$12,242	$11,087
09/30/21	$10,603	$12,209	$11,096
12/31/21	$10,623	$12,297	$11,086
03/31/22	$10,212	$11,531	$10,691
06/30/22	$10,134	$11,193	$10,703
09/30/22	$9,960	$10,805	$10,491
12/31/22	$10,068	$11,249	$10,709
03/31/23	$10,164	$11,561	$10,854
06/30/23	$10,162	$11,549	$10,805
09/30/23	$10,115	$11,093	$10,695
12/31/23	$10,373	$11,969	$11,080
03/31/24	$10,386	$11,923	$11,050
06/30/24	$10,448	$11,920	$11,089
09/30/24	$10,616	$12,244	$11,354
12/31/24	$10,580	$12,095	$11,307
03/31/25	$10,693	$12,068	$11,422
06/30/25	$10,759	$12,053	$11,542
09/30/25	$10,928	$12,414	$11,717
12/31/25	$10,946	$12,608	$11,771

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.   Effective May 1, 2024, the Fund changed its primary benchmark from the Bloomberg 3-Year Municipal Bond Index to the Bloomberg Municipal Bond Index due to regulatory requirements. The Fund retained the Bloomberg 3-Year Municipal Bond Index as a secondary benchmark as the Bloomberg 3-Year Municipal Bond Index more closely aligns with the Fund's investment strategies and investment restrictions.  

Average Annual Total Returns 

	One Year	Five Year	Ten Year
Investor Class	3.47%	0.51%	0.91%
Bloomberg Municipal Bond Index	4.25%	0.80%	2.34%
Bloomberg 3 Year Municipal Bond Index	4.11%	1.29%	1.64%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Fund Statistics

Total Net Assets	$22,751,059
# of Portfolio Holdings	40
Portfolio Turnover Rate	62%
Management Fee (Net of fees waived)	$(135,297)

Top Ten Area Concentrations 

(% of net assets)

Texas	26.12%
Illinois	9.01%
Minnesota	7.52%
Pennsylvania	5.58%
Wisconsin	5.39%
Kentucky	4.73%
Alabama	4.71%
Tennessee	4.03%
Kansas	2.95%
New Mexico	2.74%

Maturity Weightings

(% total investments)

Value	Value
Less than 1 Month	29.5%
1-3 Months	5.8%
3-12 Months	15.2%
1-3 Years	49.5%

Where can I find additional information about the fund?

If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy information, please visit www.usfunds.com/invest-with-us/prospectus-2/.

U.S. Global Investors Funds

Near-Term Tax Free Fund

NEARX

:  Investor Class

Annual Shareholder Report - December 31, 2025

252A-NEARX-25

U.S. Government Securities Ultra-Short Bond Fund

UGSDX

:  Investor Class

Annual Shareholder Report - December 31, 2025

Fund Overview

This annual shareholder report contains important information about the USGI U.S. Government Securities Ultra-Short Bond Fund for the period of January 1, 2025, to December 31, 2025. 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 year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$46	0.45%

How did the Fund perform in the last year? 

The Fund’s results for the year reflected its emphasis on highly liquid, high-quality short-term government securities, which delivered stability but limited the Fund's ability to capture broader benchmark gains. The most positive contribution came from concentrated holdings in Treasury bills and select agency notes that maintained steady performance. At the same time, the short maturity profile created reinvestment challenges and restricted participation in longer-duration segments that outperformed. The year ultimately showcased the fund’s defensive stance, prioritizing capital preservation and liquidity over higher-yielding opportunities.

Total Return Based on a $10,000 Investment 

Date	Investor Class	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Treasury Bills 6-9 Months Total Return Index
12/31/15	$10,000	$10,000	$10,000
03/31/16	$10,061	$10,303	$10,022
06/30/16	$10,072	$10,531	$10,035
09/30/16	$10,083	$10,580	$10,042
12/31/16	$10,047	$10,265	$10,049
03/31/17	$10,060	$10,349	$10,060
06/30/17	$10,076	$10,498	$10,076
09/30/17	$10,095	$10,587	$10,103
12/31/17	$10,117	$10,628	$10,122
03/31/18	$10,091	$10,473	$10,153
06/30/18	$10,167	$10,456	$10,194
09/30/18	$10,199	$10,458	$10,241
12/31/18	$10,233	$10,629	$10,305
03/31/19	$10,276	$10,942	$10,378
06/30/19	$10,315	$11,279	$10,459
09/30/19	$10,354	$11,535	$10,516
12/31/19	$10,387	$11,556	$10,573
03/31/20	$10,411	$11,920	$10,688
06/30/20	$10,420	$12,265	$10,690
09/30/20	$10,420	$12,341	$10,696
12/31/20	$10,420	$12,423	$10,700
03/31/21	$10,420	$12,005	$10,705
06/30/21	$10,420	$12,224	$10,705
09/30/21	$10,368	$12,230	$10,707
12/31/21	$10,375	$12,232	$10,704
03/31/22	$10,218	$11,506	$10,680
06/30/22	$10,219	$10,966	$10,657
09/30/22	$10,136	$10,445	$10,655
12/31/22	$10,203	$10,641	$10,721
03/31/23	$10,335	$10,956	$10,835
06/30/23	$10,373	$10,863	$10,907
09/30/23	$10,474	$10,512	$11,040
12/31/23	$10,628	$11,229	$11,213
03/31/24	$10,738	$11,142	$11,324
06/30/24	$10,790	$11,149	$11,460
09/30/24	$10,958	$11,728	$11,647
12/31/24	$11,086	$11,369	$11,761
03/31/25	$11,201	$11,685	$11,881
06/30/25	$11,314	$11,826	$11,989
09/30/25	$11,420	$12,067	$12,128
12/31/25	$11,520	$12,199	$12,249

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.   Effective May 1, 2024, the Fund changed its primary benchmark from the Bloomberg U.S. Treasury Bills 6-9 Months Total Return Index to the Bloomberg U.S. Aggregate Bond Index due to regulatory requirements. The Fund retained the Bloomberg U.S. Treasury Bills 6-9 Months Total Return Index as a secondary benchmark as the Bloomberg U.S. Treasury Bills 6-9 Months Total Return Index more closely aligns with the Fund's investment strategies and investment restrictions.  

Average Annual Total Returns 

	One Year	Five Year	Ten Year
Investor Class	3.92%	2.03%	1.43%
Bloomberg U.S. Aggregate Bond Index	7.30%	-0.36%	2.01%
Bloomberg U.S. Treasury Bills 6-9 Months Total Return Index	4.15%	2.74%	2.05%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Fund Statistics

Total Net Assets	$28,003,407
# of Portfolio Holdings	13
Portfolio Turnover Rate	25%
Management Fee (Net of fees waived)	$(110,420)

Top Ten Holdings 

(% net assets)

U.S. Treasury Bill	14.04%
U.S. Treasury Bill	10.69%
U.S. Treasury Bill	10.66%
U.S. Treasury Bill	8.81%
U.S. Treasury Bill	7.12%
U.S. Treasury Bill	7.09%
Federal Home Loan Mortgage Corp.	7.07%
U.S. Treasury Bill	7.00%
Federal Home Loan Bank	5.25%
U.S. Treasury Bill	3.55%

Sector Weightings

(% total investments)

Value	Value
U.S. Treasury Bill	86.4%
Federal Home Loan Mortgage Corp	7.8%
Federal Home Loan Bank	5.8%

Where can I find additional information about the fund?

If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy information, please visit www.usfunds.com/invest-with-us/prospectus-2/.

U.S. Global Investors Funds

U.S. Government Securities Ultra-Short Bond Fund

UGSDX

:  Investor Class

Annual Shareholder Report - December 31, 2025

252A-UGSDX-25

World Precious Minerals Fund

UNWPX

:  Investor Class

Annual Shareholder Report - December 31, 2025

Fund Overview

This annual shareholder report contains important information about the USGI World Precious Minerals Fund for the period of January 1, 2025, to December 31, 2025. 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 year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$285	1.70%

How did the Fund perform in the last year? 

The Fund’s performance reflected notable strength in exploration driven companies that delivered substantial drilling success and resource growth, especially in Guyana. Weaknesses came from overweight positions in early-stage miners navigating permitting challenges or companies without direct leverage to precious metal prices. The year overall highlighted how concentrated exploration breakthroughs and selective positioning powered much of the Fund’s return profile.

Total Return Based on a $10,000 Investment 

Date	Investor Class	S&P 500® Index	NYSE Arca Gold Miners Index
12/31/15	$10,000	$10,000	$10,000
03/31/16	$13,984	$10,135	$14,632
06/30/16	$21,264	$10,384	$20,261
09/30/16	$24,588	$10,784	$19,375
12/31/16	$17,508	$11,196	$15,452
03/31/17	$18,473	$11,875	$16,776
06/30/17	$17,205	$12,242	$16,282
09/30/17	$17,839	$12,790	$16,996
12/31/17	$16,779	$13,640	$17,364
03/31/18	$15,384	$13,537	$16,407
06/30/18	$13,595	$14,002	$16,671
09/30/18	$12,450	$15,081	$13,908
12/31/18	$11,465	$13,042	$15,906
03/31/19	$11,508	$14,822	$16,959
06/30/19	$12,187	$15,460	$19,402
09/30/19	$13,207	$15,723	$20,391
12/31/19	$14,056	$17,149	$22,469
03/31/20	$9,512	$13,788	$17,991
06/30/20	$16,986	$16,620	$28,042
09/30/20	$21,232	$18,105	$30,117
12/31/20	$23,979	$20,304	$27,882
03/31/21	$22,110	$21,558	$25,128
06/30/21	$24,070	$23,401	$26,397
09/30/21	$19,466	$23,537	$22,965
12/31/21	$20,576	$26,132	$25,415
03/31/22	$20,974	$24,931	$30,534
06/30/22	$14,515	$20,916	$21,933
09/30/22	$13,079	$19,895	$19,207
12/31/22	$13,797	$21,399	$23,360
03/31/23	$14,435	$23,004	$26,513
06/30/23	$12,680	$25,015	$24,527
09/30/23	$11,404	$24,196	$22,122
12/31/23	$11,564	$27,025	$25,972
03/31/24	$11,325	$29,878	$26,336
06/30/24	$12,282	$31,157	$28,546
09/30/24	$13,478	$32,992	$33,469
12/31/24	$11,883	$33,786	$28,851
03/31/25	$14,435	$32,343	$39,071
06/30/25	$16,508	$35,882	$44,376
09/30/25	$23,845	$38,797	$65,035
12/31/25	$27,906	$39,827	$74,743

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.   Effective May 1, 2024, the Fund changed its primary benchmark from the NYSE Arca Gold Miners Index to the S&P 500 Index  due to regulatory requirements. The Fund retained the NYSE Arca Gold Miners Index as a secondary benchmark because the NYSE Arca Gold Miners Index more closely aligns with the Fund's investment strategies and investment restrictions.  

Average Annual Total Returns 

	One Year	Five Year	Ten Year
Investor Class	134.84%	3.08%	10.81%
S&P 500® Index	17.88%	14.42%	14.82%
NYSE Arca Gold Miners Index	159.06%	21.80%	22.28%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Fund Statistics

Total Net Assets	$75,773,253
# of Portfolio Holdings	164
Portfolio Turnover Rate	28%
Management Fee (Net of fees waived)	$381,726

Top Ten Holdings 

(% net assets)

Radisson Mining Resources, Inc.	7.25%
G2 Goldfields, Inc.	6.89%
Vizsla Silver Corp.	6.24%
TriStar Gold, Inc.	5.96%
K92 Mining, Inc.	5.02%
Omai Gold Mines Corp.	4.37%
Montage Gold Corp.	3.80%
Nano One Materials Corp.	2.97%
Black Cat Syndicate, Ltd.	2.71%
Tolu Minerals, Ltd.	2.37%

Sector Weightings

(% total investments)

Value	Value
Gold Mining	59.2%
Precious Metals	15.9%
Silver Mining	9.9%
Diversified Minerals	4.3%
Metal - Diversified	4.1%
Other	6.6%

Where can I find additional information about the fund?

If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy information, please visit www.usfunds.com/invest-with-us/prospectus-2/.

U.S. Global Investors Funds

World Precious Minerals Fund

UNWPX

:  Investor Class

Annual Shareholder Report - December 31, 2025

252A-UNWPX-25

(b)          Not applicable.

ITEM 2. CODE OF ETHICS.

(a)           As of the end of the period covered by this report, U.S. Global Investors Funds (the “Registrant”) has adopted a code of ethics, which applies to its Principal Executive Officer and Principal Financial Officer (the “Code of Ethics”).

(c)       There have been no amendments to the Registrant’s Code of Ethics during the period covered by this report.

(d)       There have been no waivers to the Registrant’s Code of Ethics during the period covered by this report.

(e)        Not applicable.

(f) (1)  A copy of the Code of Ethics is being filed under Item 19(a)(1) hereto.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that Mr. Mark Moyer is an "audit committee financial expert" as that term is defined under applicable regulatory guidelines. Mr. Moyer is a non- “interested” Trustee (as defined in Section 2(a)(19) under the Investment Company Act of 1940, as amended (the “Act”)), and serves as Chairman of the Audit Committee.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees - The aggregate fees billed for each of the last two fiscal years (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant for the audit of the Registrant’s annual financial statements, or services that are normally provided by the principal accountant in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $118,600 in 2024 and $118,600 in 2025.

(b) Audit-Related Fees – The aggregate fees billed in the Reporting Periods for assurance and related services rendered by the principal accountant that were reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item 4 were $0 in 2024 and $0 in 2025. 

(c) Tax Fees - The aggregate fees billed in the Reporting Periods for professional services rendered by the principal accountant to the Registrant for tax compliance, tax advice and tax planning were $26,000 in 2024 and $26,000 in 2025.  These services consisted of review or preparation of U.S. federal, state, local and excise tax returns. 

(d) All Other Fees - The aggregate fees billed in the Reporting Periods for products and services provided by the principal accountant to the Registrant, other than the services reported in paragraphs (a) through (c) of this Item, were $0 in 2024 and $0 in 2025. 

(e) (1) The Audit Committee reviews and approves in advance all audit and “permissible non-audit services” (as that term is defined by the rules and regulations of the Securities and Exchange Commission) to be rendered to a series of the Registrant (each, a “Series”).  In addition, the Audit Committee reviews and approves in advance all “permissible non-audit services” to be provided to an investment adviser (not including any sub-adviser) of a Series, or an affiliate of such investment adviser, that is controlling, controlled by or under common control with the investment adviser and provides on-going services to the Registrant (“Affiliate”), by the Series’ principal accountant if the engagement relates directly to the operations and financial reporting of the Series.  The Audit Committee considers whether fees paid by a Series’ investment adviser or an Affiliate to the Series’ principal accountant for audit and permissible non-audit services are consistent with the principal accountant’s independence.

(e) (2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the Registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) The aggregate fees billed by the Registrant’s principal accountant for non-audit services rendered to the Registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $26,000 in 2024 and $26,000 in 2025.  These fees related to tax services rendered to the Registrant.

(h) All non-audit services rendered in (g) above were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.

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

Annual

Financials

and

Other

Information

December

31,

2025

U.S.

Global

Investors

Funds

Annual

Financials

and

Other

Information

December

31,

2025

Table

of

Contents

Portfolios

of

Investments

5

Notes

to

Portfolios

of

Investments

28

Statements

of

Assets

and

Liabilities

40

Statements

of

Operations

42

Statements

of

Changes

in

Net

Assets

44

Notes

to

Financial

Statements

48

Financial

Highlights

61

Report

of

Independent

Registered

Public

Accounting

Firm

67

Important

Tax

Information

(unaudited)

68

Other

Information

(unaudited)

69

Apex

Fund

Services

190

Middle

Street,

Suite

101

Portland,

ME

04101

Nasdaq

Symbols

U.S.

Global

Investors

Funds

Investor

Class

U.S.

Government

Securities

Ultra-Short

Bond

Fund

UGSDX

Near-Term

Tax

Free

Fund

NEARX

Global

Luxury

Goods

Fund

USLUX

Global

Resources

Fund

PSPFX

World

Precious

Minerals

Fund

UNWPX

Gold

and

Precious

Metals

Fund

USERX

Portfolio

of

Investments

5

See

notes

to

portfolios

of

investments.

December

31,

2025

U.S.

Government

Securities

Ultra-Short

Bond

Fund

United

States

Government

and

Agency

Obligations

90.45%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Federal

Home

Loan

Bank

5.25%

Fixed

Rates:

1.11

10/28/26

$

1,500,000

$

1,470,134

Federal

Home

Loan

Mortgage

Corp

7.07%

Fixed

Rates:

2.53

10/25/26

2,000,000

1,980,313

U.S.

Treasury

Bill

78.13%

◊

Yield

to

Maturity:

3.80

01/22/26

3,000,000

2,994,086

3.87

02/10/26

2,000,000

1,992,347

3.99

02/12/26

600,000

597,551

3.73

02/24/26

1,000,000

994,813

3.94

02/26/26

3,000,000

2,983,580

3.70

03/19/26

2,000,000

1,985,215

3.73

-

3.75

05/14/26

2,500,000

2,468,189

3.73

05/21/26

1,000,000

986,570

3.63

06/04/26

1,000,000

985,264

3.53

06/25/26

4,000,000

3,932,676

3.83

-

3.88

08/06/26

2,000,000

1,959,434

21,879,725

Total

United

States

Government

and

Agency

Obligations

25,330,172

Investments,

at

value

90.45%

25,330,172

(cost

$25,305,058

)

Other

assets

and

liabilities,

net

9.55%

2,673,235

Net

Assets

100.00%

$

28,003,407

Portfolio

of

Investments

6

See

notes

to

portfolios

of

investments.

December

31,

2025

Near-Term

Tax

Free

Fund

Municipal

Bonds

89.44%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Alabama

4.71%

Black

Belt

Energy,

Alabama,

RB

5.00

12/01/55

$

1,000,000

$

1,070,197

Colorado

1.83%

City

of

Greeley

CO

Water

Revenue,

Colorado,

Refunding,

RB

5.00

08/01/27

400,000

415,658

Connecticut

1.66%

City

of

New

London

CT,

Connecticut,

GO

Unlimited

1.25

03/15/31

200,000

175,411

State

of

Connecticut,

Connecticut,

Refunding,

GO

Unlimited

5.00

05/15/27

200,000

201,655

377,066

Georgia

2.20%

Barrow

County

School

District,

Georgia,

GO

Unlimited

2.13

02/01/26

500,000

499,570

Hawaii

0.78%

State

of

Hawaii,

Hawaii,

Refunding,

GO

Unlimited

5.00

10/01/27

175,000

177,990

Illinois

9.01%

State

of

Illinois,

Illinois,

GO

Unlimited

5.00

11/01/28

1,000,000

1,037,480

Village

of

Hoffman

Estates

IL,

Illinois,

Refunding,

GO

Unlimited

4.00

12/01/35

1,000,000

1,013,089

2,050,569

Indiana

0.66%

Northwestern

School

Corp.,

Indiana,

GO

Limited

5.00

01/15/26

150,000

150,106

Kansas

2.95%

City

of

Bel

Aire

KS,

Kansas,

GO

Unlimited

3.00

12/01/28

500,000

501,299

City

of

Lawrence

KS,

Kansas,

GO

Unlimited

3.25

09/01/27

170,000

170,062

671,361

Kentucky

4.73%

Kentucky

Public

Energy

Authority,

Kentucky,

Refunding,

RB

‡

5.00

01/01/55

1,000,000

1,076,352

Massachusetts

2.38%

New

Bedford

Housing

Authority,

Massachusetts,

RB

2.45

10/01/27

550,000

541,646

Portfolio

of

Investments

7

See

notes

to

portfolios

of

investments.

December

31,

2025

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Michigan

1.62%

Great

Lakes

Water

Authority

Water

Supply

System

Revenue,

Michigan,

Refunding,

RB

5.00

07/01/26

$

365,000

$

369,357

Minnesota

7.52%

City

of

Woodbury

MN,

Minnesota,

GO

Unlimited

3.00

02/01/28

550,000

550,027

County

of

Chisago

MN,

Minnesota,

GO

Unlimited

2.00

02/01/27

1,175,000

1,161,161

1,711,188

New

Mexico

2.74%

City

of

Rio

Rancho

NM,

New

Mexico,

GO

Unlimited

5.00

08/01/27

600,000

623,961

New

York

0.89%

City

of

New

York

NY,

New

York,

Refunding,

GO

Unlimited

5.00

08/01/26

200,000

202,904

North

Carolina

1.80%

City

of

Cherryville

NC,

North

Carolina,

GO

Unlimited

2.00

11/01/31

440,000

409,955

Oregon

2.17%

City

of

Ashland

OR,

Oregon,

GO

Limited

2.38

10/01/26

200,000

198,729

City

of

Lincoln

City

OR,

Oregon,

Refunding,

GO

Unlimited

2.50

06/01/28

300,000

295,307

494,036

Pennsylvania

5.58%

Delaware

River

Port

Authority,

Pennsylvania,

Refunding,

RB

5.00

01/01/27

500,000

511,343

Williamsport

Sanitary

Authority,

Pennsylvania,

Refunding,

RB

BAM

5.00

01/01/27

740,000

757,450

1,268,793

Tennessee

4.03%

Paris

Utility

Authority

Electric

System

Revenue,

Tennessee,

RB

5.00

06/01/28

155,000

163,465

Tennessee

Energy

Acquisition

Corp.,

Tennessee,

Refunding,

RB

5.00

12/01/35

700,000

753,283

916,748

Portfolio

of

Investments

8

See

notes

to

portfolios

of

investments.

December

31,

2025

Near-Term

Tax

Free

Fund

Municipal

Bonds (cont’d)

Coupon

Rate

%

Maturity

Date

Principal

Amount

Value

Texas

26.12%

Board

of

Regents

of

the

University

of

Texas

System,

Texas,

RB

5.00

08/15/26

$

1,000,000

$

1,015,371

City

of

Dallas

TX

Waterworks

&

Sewer

System

Revenue,

Texas,

Refunding,

RB

5.00

10/01/26

750,000

763,760

City

of

Denton

TX,

Texas,

GO

Limited

4.00

02/15/26

265,000

265,466

City

of

Denton

TX,

Texas,

Refunding,

GO

Limited

5.00

02/15/27

400,000

410,904

City

of

San

Antonio

TX

Electric

&

Gas

Systems

Revenue,

Texas,

Refunding,

RB

5.00

02/01/26

500,000

500,971

City

of

San

Antonio

TX

Electric

&

Gas

Systems

Revenue,

Texas,

Refunding,

RB

5.00

02/01/27

375,000

375,676

Rockwall

Independent

School

District,

Texas,

GO

Unlimited

PSF-GTD

5.00

02/15/27

270,000

277,300

Texas

Department

of

Transportation

State

Highway

Fund,

Texas,

RB

5.00

10/01/26

695,000

708,011

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

V,

Texas,

RB

‡

5.00

01/01/55

540,000

583,144

Texas

Water

Development

Board,

Texas,

RB

5.00

10/15/27

345,000

359,978

Westwood

Independent

School

District,

Texas,

GO

Unlimited

PSF-GTD

5.00

02/15/27

665,000

681,939

5,942,520

Washington

0.67%

King

County

Housing

Authority,

Washington,

Refunding,

RB

4.00

06/01/27

150,000

151,607

Wisconsin

5.39%

Bayside

WI

Promissory

Note,

Wisconsin,

GO

Unlimited

5.00

03/01/27

225,000

230,672

Elmbrook

School

District,

Wisconsin,

Refunding,

GO

Unlimited

2.75

04/01/28

1,000,000

996,053

1,226,725

Total

Municipal

Bonds

20,348,309

(cost

$20,269,805)

Exchange

Traded

Fund

4.88%

Shares

iShares

Short-Term

California

Muni

Active

ETF

22,000

1,110,120

(cost

$1,112,646)

Investments,

at

value

94.32%

21,458,429

(cost

$21,382,451

)

Other

assets

and

liabilities,

net

5.68%

1,292,630

Net

Assets

100.00%

$

22,751,059

Portfolio

of

Investments

9

See

notes

to

portfolios

of

investments.

December

31,

2025

Global

Luxury

Goods

Fund

Common

Stocks

94.15%

Shares

Value

Apparel

Manufacturers

10.92%

Christian

Dior

SE

810

$

563,756

Hermes

International

SCA

1,418

3,520,682

Kering

SA,

ADR

20,200

710,434

PRADA

SpA

47,000

272,277

Tapestry,

Inc.

6,500

830,505

5,897,654

Athletic

Footwear

1.03%

adidas

AG,

ADR

5,600

553,560

Automotive

-

Cars

&

Light

Trucks

15.96%

Ferrari

NV

5,815

2,148,991

Mercedes-Benz

Group

AG,

ADR

116,200

2,041,681

Tesla,

Inc.

*

5,840

2,626,365

Volkswagen

AG

14,760

1,802,586

8,619,623

Beverages

-

Wine/Spirits

0.95%

Davide

Campari-Milano

NV

16,300

105,303

Pernod

Ricard

SA

4,760

407,581

512,884

Casino

Hotels

1.47%

Las

Vegas

Sands

Corp.

12,200

794,098

Cosmetics

&

Toiletries

2.92%

L'Oreal

SA,

ADR

10,450

895,043

The

Estee

Lauder

Cos.,

Inc.

6,500

680,680

1,575,723

Cruise

Lines

10.94%

Carnival

Corp.

*

70,500

2,153,070

Royal

Caribbean

Cruises,

Ltd.

9,435

2,631,610

Viking

Holdings,

Ltd.

*

15,700

1,121,137

5,905,817

Diversified

Banking

Institution

5.97%

The

Goldman

Sachs

Group,

Inc.

2,375

2,087,625

UBS

Group

AG

24,500

1,134,595

3,222,220

Diversified

Minerals

0.15%

Caledonia

Mining

Corp.

PLC

3,000

78,510

Energy

-

Alternate

Sources

0.00%

Pacific

Green

Energy

Corp.

#*@

100,000

0

Portfolio

of

Investments

10

See

notes

to

portfolios

of

investments.

December

31,

2025

Global

Luxury

Goods

Fund

Common

Stocks (cont’d)

Shares

Value

Finance

-

Mortgage

Loan/Banker

0.00%

Lendified

Holdings,

Inc.

#*@

1,116,560

$

0

Footwear

&

Related

Apparel

0.11%

Birkenstock

Holding

PLC

*

1,500

61,350

Gold

Mining

7.37%

DPM

Metals,

Inc.

11,200

346,147

Franco-Nevada

Corp.

2,610

541,001

OceanaGold

Corp.

8,333

236,169

OR

Royalties,

Inc.

15,000

530,850

Ramelius

Resources,

Ltd.

209,000

574,833

Regis

Resources,

Ltd.

107,000

533,661

Resolute

Mining,

Ltd.

*

430,000

348,273

Royal

Gold,

Inc.

3,305

734,668

Vault

Minerals,

Ltd.

*

36,923

132,891

3,978,493

Hotels

&

Motels

7.41%

Hilton

Worldwide

Holdings,

Inc.

7,500

2,154,375

HUGO

BOSS

AG

1,100

46,350

Marriott

International,

Inc.,

Class A

5,800

1,799,392

4,000,117

Oil

Companies

-

Exploration

&

Production

0.07%

NG

Energy

International

Corp.

*

47,500

38,760

Precious

Metals

1.60%

Integra

Resources

Corp.

*

65,000

260,650

Metalla

Royalty

&

Streaming,

Ltd.

*

17,000

132,260

Triple

Flag

Precious

Metals

Corp.

3,600

119,592

Wheaton

Precious

Metals

Corp.

3,000

352,560

865,062

Real

Estate

Operating/Development

0.00%

Infrastructure

Ventures,

Inc.

#*@+

426,533

0

Recreational

Centers

1.65%

Life

Time

Group

Holdings,

Inc.

*

33,600

893,088

Retail

-

Apparel/Shoe

10.93%

Brunello

Cucinelli

SpA

5,950

682,451

Industria

de

Diseno

Textil

SA

39,100

2,579,219

JD

Sports

Fashion

PLC

800,000

906,790

Moncler

SpA

11,900

760,650

Zalando

SE

*

32,900

970,783

5,899,893

Portfolio

of

Investments

11

See

notes

to

portfolios

of

investments.

December

31,

2025

Global

Luxury

Goods

Fund

Common

Stocks (cont’d)

Shares

Value

Retail

-

Jewelry

6.21%

Chow

Tai

Fook

Jewellery

Group,

Ltd.

155,000

$

247,636

Cie

Financiere

Richemont

SA

11,979

2,583,284

Laopu

Gold

Co.,

Ltd.

800

63,936

Signet

Jewelers,

Ltd.

5,500

455,840

3,350,696

Textile

-

Apparel

8.49%

LVMH

Moet

Hennessy

Louis

Vuitton

SE,

ADR

30,391

4,583,267

Total

Common

Stocks

50,830,815

(cost

$41,468,800)

Preferred

Stock

0.17%

Rate

Automotive

-

Cars

&

Light

Trucks

0.17%

Porsche

Automobil

Holding

SE

1.91

%

2,000

93,311

(cost

$79,236)

Corporate

Non-Convertible

Bond

1.71%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

1.71%

Aris

Gold

Corp.

7.50

08/26/27

$

336,994

926,734

(cost

$336,957)

Exchange

Traded

Fund

0.18%

Shares

Global

X

MSCI

China

Consumer

Discretionary

ETF

4,500

95,692

(cost

$104,090)

Investments,

at

value

96.21%

51,946,552

(cost

$41,989,083

)

Other

assets

and

liabilities,

net

3.79%

2,044,343

Net

Assets

100.00%

$

53,990,895

Portfolio

of

Investments

12

See

notes

to

portfolios

of

investments.

December

31,

2025

Global

Resources

Fund

Common

Stocks

92.44%

Shares

Value

Advanced

Materials/Production

0.62%

Nano

One

Materials

Corp.

*

500,000

$

389,785

Agricultural

Chemicals

2.44%

Nutrien,

Ltd.

25,000

1,543,000

Agricultural

Operations

0.56%

Bunge

Global

SA

4,000

356,320

Building

-

Heavy

Construction

0.66%

Worley,

Ltd.

50,000

417,541

Chemicals

-

Diversified

1.13%

Base

Carbon,

Inc.

*

990,000

714,072

Coal

0.00%

Caribbean

Resources

Corp.

#*@

2,148,176

0

Diamonds/Precious

Stones

0.19%

Barksdale

Resources

Corp.

*

1,955,000

117,509

Diversified

Minerals

4.48%

Allied

Critical

Metals,

Inc.

*

500,000

218,571

Anson

Resources,

Ltd.

*

1,000,000

43,150

Arianne

Phosphate,

Inc.

*

600,000

89,614

BHP

Group,

Ltd.,

ADR

3,500

211,295

E3

Lithium,

Ltd.

*

100,000

67,757

IberAmerican

Lithium

Corp.

*

1,000,000

1

Legacy

Lithium

Corp.

#*@

20,000

729

Leo

Lithium,

Ltd.

#*@

700,000

12,426

LibertyStream

Infrastructure

Partners,

Inc.

*

975,000

745,874

Lundin

Mining

Corp.

25,000

537,321

Neotech

Metals

Corp.

*

300,000

53,550

Nio

Strategic

Metals,

Inc.

*

3,200,000

338,057

Nio

Strategic

Metals,

Inc.,

144A

#∆

362,069

38,250

Standard

Lithium,

Ltd.

*

75,000

335,250

Wolfden

Resources

Corp.

*

2,000,000

138,429

2,830,274

Electric

-

Distribution

0.32%

Eversource

Energy

3,000

201,990

Electric

-

Integrated

0.37%

American

Electric

Power

Co.,

Inc.

2,000

230,620

Portfolio

of

Investments

13

See

notes

to

portfolios

of

investments.

December

31,

2025

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Energy

-

Alternate

Sources

1.13%

First

Solar,

Inc.

*

1,500

$

391,845

Pacific

Green

Energy

Corp.

#*@~

2,400,000

0

Vestas

Wind

Systems

A/S

12,000

324,567

716,412

Engineering/R&D

Services

0.73%

Jacobs

Solutions,

Inc.

3,500

463,610

Enterprise

Software/Services

17.64%

Abaxx

Technologies,

Inc.

*

300,000

11,147,135

Finance

-

Other

Services

0.48%

CME

Group,

Inc.

461

125,890

TMX

Group,

Ltd.

4,600

175,045

300,935

Gold

Mining

19.05%

Black

Cat

Syndicate,

Ltd.

*

800,000

656,201

Collective

Mining,

Ltd.

*

20,000

291,428

EnviroGold

Global,

Ltd.,

144A

#*∆

75,000

7,923

Firefinch,

Ltd.

#*@

1,000,000

42,377

Franco-Nevada

Corp.

2,500

518,200

K92

Mining,

Inc.

*

100,000

1,653,127

Larvotto

Resources,

Ltd.

*

200,000

154,715

Montage

Gold

Corp.

*

600,000

4,318,968

New

Gold,

Inc.

*

20,000

174,200

OR

Royalties,

Inc.

20,000

707,800

Perpetua

Resources

Corp.

*

30,000

726,300

Royal

Road

Minerals,

Ltd.

*

5,500,000

781,392

Seabridge

Gold,

Inc.

*

20,000

591,800

Seasif

Exploration,

Inc.

#*@

2,000,000

29,143

Torex

Gold

Resources,

Inc.

29,000

1,384,766

12,038,340

Investment

Companies

0.18%

Contango

Holdings

PLC

*

10,502,248

116,664

Machinery

-

Construction

&

Mining

0.91%

Caterpillar,

Inc.

1,000

572,870

Metal

-

Copper

6.81%

Arizona

Sonoran

Copper

Co.,

Inc.

*

200,000

696,514

Axo

Copper

Corp.

*

175,000

66,300

Hudbay

Minerals,

Inc.

95,000

1,885,750

Kutcho

Copper

Corp.

*

1,000,000

112,928

Locksley

Resources,

Ltd.

*

315,146

41,327

NGEx

Minerals,

Ltd.

*

50,000

932,571

Portfolio

of

Investments

14

See

notes

to

portfolios

of

investments.

December

31,

2025

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Metal

-

Copper

(cont’d)

Taseko

Mines,

Ltd.

*

100,000

$

566,100

4,301,490

Metal

-

Diversified

9.51%

Aclara

Resources,

Inc.

*

35,000

55,080

Amarc

Resources,

Ltd.

*

825,000

811,446

Electra

Battery

Materials

Corp.

*

250,000

202,178

Electra

Battery

Materials

Corp.,

144A

#∆

13,889

11,232

Glencore

PLC

20,000

109,333

Hannan

Metals,

Ltd.

*

1,019,375

698,126

Ivanhoe

Electric,

Inc./US

*

51,499

822,954

Ivanhoe

Mines,

Ltd.

*

60,000

682,380

Juno

Corp.,

144A

#*@∆

200,000

582,857

Orsu

Metals

Corp.,

144A

#*@∆

14,761

0

PECOY

COPPER

CORP

*

250,000

240,428

Sunrise

Energy

Metals,

Ltd.

*

150,000

789,345

Teck

Resources,

Ltd.,

Class B

5,000

239,450

Torq

Resources,

Inc.

*

900,000

55,736

Vox

Royalty

Corp.

150,000

711,000

6,011,545

Metal

-

Iron

0.00%

Consolidated

Growth

Holdings,

Ltd.

#*@

19,859,173

0

Mining

Services

1.31%

Cordoba

Minerals

Corp.

*

58,823

33,857

King

Copper

Discovery

Corp.

*

500,000

346,071

LunR

Royalties

Corp.

*

12,500

118,848

Major

Drilling

Group

International,

Inc.

*

35,000

328,950

827,726

Natural

Resource

Technology

0.06%

I-Pulse,

Inc.,

144A

#*@+∆

15,971

39,928

Non-Ferrous

Metals

2.19%

Cameco

Corp.

5,000

457,450

CanAlaska

Uranium,

Ltd.

*

90,000

38,687

Encore

Energy

Corp.

*

50,000

119,121

Fireweed

Metals

Corp.

*

350,000

691,050

InZinc

Mining,

Ltd.

*

1,800,000

78,686

Sterling

Group

Ventures,

Inc.,

144A

#*@∆

500,000

0

1,384,994

Oil

-

Field

Services

0.42%

Enerflex,

Ltd.

17,000

262,310

Portfolio

of

Investments

15

See

notes

to

portfolios

of

investments.

December

31,

2025

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Oil

Companies

-

Exploration

&

Production

3.11%

Antero

Resources

Corp.

*

5,000

$

172,300

LNG

Energy

Group

Corp.

*

1,100,000

26,510

NG

Energy

International

Corp.

*

750,000

612,000

NG

Energy

International

Corp.,

144A

#∆

200,000

163,200

Range

Resources

Corp.

10,500

370,230

Woodside

Energy

Group,

Ltd.,

ADR

40,000

623,600

1,967,840

Oil

Companies

-

Field

Services

1.50%

Baker

Hughes

Co.

8,500

387,090

Halliburton

Co.

10,000

282,600

Select

Water

Solutions,

Inc.,

Class A

10,000

105,200

SLB,

Ltd.

4,500

172,710

947,600

Oil

Companies

-

Integrated

5.79%

BP

PLC,

ADR

7,000

243,110

Exxon

Mobil

Corp.

13,500

1,624,590

Shell

PLC,

ADR

11,000

808,280

TotalEnergies

SE

15,000

981,300

3,657,280

Oil

Refining

&

Marketing

0.26%

Valero

Energy

Corp.

1,000

162,790

Pipelines

0.92%

Cheniere

Energy,

Inc.

3,000

583,170

Platinum

0.22%

Impala

Platinum

Holdings,

Ltd.,

ADR

8,840

138,611

Pollution

Control

0.45%

BluMetric

Environmental,

Inc.

*

150,000

171,578

BluMetric

Environmental,

Inc.

*

100,000

114,386

285,964

Precious

Metals

2.93%

Brixton

Metals

Corp.

*

2,000,000

80,143

Coeur

Mining,

Inc.

*

65,000

1,158,950

Vizsla

Royalties

Corp.

*

191,715

614,584

1,853,677

Real

Estate

Operating/Development

1.28%

Atomic

Eagle,

Ltd.,

144A

#*∆

14,697

3,825

Infrastructure

Ventures,

Inc.

#*@+

7,443,544

0

Revival

Gold,

Inc.

*

1,600,000

804,343

808,168

Portfolio

of

Investments

16

See

notes

to

portfolios

of

investments.

December

31,

2025

Global

Resources

Fund

Common

Stocks (cont’d)

Shares

Value

Retail

-

Jewelry

0.13%

Mene,

Inc.

*

750,000

$

81,964

Silver

Mining

3.95%

Blackrock

Silver

Corp.

*

500,000

502,714

Endeavour

Silver

Corp.

*

30,000

282,175

Vizsla

Silver

Corp.

*

312,500

1,712,140

2,497,029

Specialty

Mining

and

Metals

0.31%

Canada

Nickel

Co.,

Inc.,

144A

#*@∆

195,000

198,900

Steel

-

Producers

0.40%

Steel

Dynamics,

Inc.

1,500

254,175

Total

Common

Stocks

58,422,238

(cost

$78,726,110)

Subscription

Receipt

0.07%

Specialty

Mining

and

Metals

0.07%

Getty

Copper,

Inc.

#*@

834,000

45,572

(cost

$71,596)

Corporate

Convertible

Bond

0.85%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Investment

Companies

0.85%

Contango

Holdings

PLC,

144A

#@∆

0.00

03/31/26

$

400,000

539,180

(cost

$508,120)

Corporate

Non-Convertible

Bonds

2.45%

Gold

Mining

1.80%

Aris

Gold

Corp.

7.50

08/26/27

412,835

1,135,296

Oil

Companies

-

Exploration

&

Production

0.65%

NG

Energy

International

Corp.

#

8.00

05/20/27

750,000

409,821

Total

Corporate

Non-Convertible

Bonds

1,545,117

(cost

$999,969)

Warrants

0.66%

Exercise

Price

Exp.

Date

Shares

Advanced

Materials/Production

0.00%

Nano

One

Materials

Corp.,

144A

#*@∆

$

1.75

12/10/27

82,500

0

Portfolio

of

Investments

17

See

notes

to

portfolios

of

investments.

December

31,

2025

Global

Resources

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Diamonds/Precious

Stones

0.00%

Barksdale

Resources

Corp.,

144A

#*@∆

$

0.60

01/09/27

177,500

$

0

Diversified

Minerals

0.17%

IberAmerican

Lithium

Corp.,

144A

#*@∆

0.40

09/01/26

500,000

0

LibertyStream

Infrastructure

Partners,

Inc.,

144A

#*@∆

0.44

11/19/26

250,000

111,107

111,107

Metal

-

Copper

0.00%

Axo

Copper

Corp.,

144A

#*@∆

0.70

12/31/27

125,000

0

Trigon

Metals,

Inc.,

144A

#*@∆

1.50

07/12/26

625,000

0

0

Metal

-

Diversified

0.00%

Electra

Battery

Materials

Corp.,

144A

#*@∆

1.25

10/22/28

250,000

0

Torq

Resources,

Inc.,

144A

#*@∆

0.30

01/04/27

1,000,000

0

0

Oil

Companies

-

Exploration

&

Production

0.07%

LNG

Energy

Group,

144A

#*@∆

0.60

05/05/26

1,000,000

0

NG

Energy

International

Corp.

#*

1.40

05/20/27

300,000

42,622

42,622

Real

Estate

Operating/Development

0.04%

Revival

Gold,

Inc.,

144A

#*@∆

0.72

05/16/26

250,000

0

Revival

Gold,

Inc.,

144A

#*@∆

0.45

05/30/27

137,500

24,043

24,043

Silver

Mining

0.38%

Blackrock

Silver

Corp.,

144A

#*@∆

0.50

01/30/27

375,000

240,428

Specialty

Mining

and

Metals

0.00%

Canada

Nickel

Co.,

Inc.,

144A

#@∆

1.80

12/11/28

97,500

0

Total

Warrants

418,200

(cost

$0

)

Investments,

at

value

96.47%

60,970,307

(cost

$80,305,795

)

Other

assets

and

liabilities,

net

3.53%

2,229,135

Net

Assets

100.00%

$

63,199,442

Portfolio

of

Investments

18

See

notes

to

portfolios

of

investments.

December

31,

2025

World

Precious

Minerals

Fund

Common

Stocks

97.42%

Shares

Value

Advanced

Materials/Production

2.97%

Nano

One

Materials

Corp.

*

2,882,500

$

2,247,113

Coal

0.00%

Caribbean

Resources

Corp.

#*@

505,453

0

Commercial

Services

0.27%

Paragon

Advanced

Labs,

Inc.

*

102,000

207,337

Diamonds/Precious

Stones

0.28%

Barksdale

Resources

Corp.

*

3,570,000

214,582

Diversified

Minerals

4.28%

Ascot

Resources,

Ltd.,

144A

#*∆

128

70

Avanti

Gold

Corp.

*

600,000

212,014

Erdene

Resource

Development

Corp.

*

50,000

300,535

Gossan

Resources,

Ltd.

*

1,250,000

31,875

Highlander

Silver

Corp.

*

210,000

812,429

Kenorland

Minerals,

Ltd.

*

200,000

383,228

Kootenay

Resources,

Inc.

*

40,000

2,186

Meeka

Metals,

Ltd.

*

2,000,000

350,754

Miata

Metals

Corp.

*

385,000

115,005

Minaurum

Gold,

Inc.

*

1,650,000

492,878

Summit

Gold,

Ltd.

#*@

10,000

0

Waraba

Gold,

Ltd.,

144A

#*∆

335,834

24,468

Western

Exploration,

Inc.

*

550,000

252,450

Westward

Gold,

Inc.

*

3,040,000

265,783

3,243,675

Gold

Mining

57.54%

Adamera

Minerals

Corp.

*

1,047,000

41,955

Adamera

Minerals

Corp.,

144A

#∆

11,954

479

African

Gold,

Ltd.

*

1,500,000

657,018

Alpha

Exploration,

Ltd.

*

350,000

127,500

Asante

Gold

Corp.

*

145,000

174,311

Aurum

Resources,

Ltd.

*

1,000,000

472,222

Awale

Resources,

Ltd.

*

935,000

415,540

Barrick

Mining

Corp.

15,000

653,250

Black

Cat

Syndicate,

Ltd.

*

2,500,000

2,050,630

Borealis

Mining

Co.,

Ltd.

*

75,000

92,893

Carolina

Rush

Corp.

*

1,000,000

98,357

Collective

Mining,

Ltd.

*

15,000

218,571

Compass

Gold

Corp.

*

1,975,000

237,423

Dryden

Gold

Corp.

*

700,000

175,950

Faraday

Copper

Corp.,

144A

#*∆

43,500

86,521

Felix

Gold,

Ltd.

*

3,916,667

920,307

Founders

Metals,

Inc.

*

250,000

810,535

Freegold

Ventures,

Ltd.

*

150,000

175,950

Portfolio

of

Investments

19

See

notes

to

portfolios

of

investments.

December

31,

2025

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

G2

Goldfields,

Inc.

*

1,125,000

$

5,221,121

Gold

X2

Mining,

Inc.

*

2,000,000

976,285

Heliostar

Metals,

Ltd.

*

900,000

1,658,956

K92

Mining,

Inc.

*

230,000

3,802,193

Karus

Mining,

Inc.

#*@

37,500

36,884

Larvotto

Resources,

Ltd.

*

1,000,000

773,574

McFarlane

Lake

Mining,

Ltd.

*

1,000,000

80,143

Medallion

Metals,

Ltd.

*

1,000,000

288,033

Montage

Gold

Corp.

*

400,000

2,879,312

Newcore

Gold,

Ltd.

*

600,000

271,028

Omai

Gold

Mines

Corp.

*

3,250,000

3,314,998

Ongold

Resources,

Ltd.

*

86,000

62,657

OR

Royalties,

Inc.

10,000

353,900

Orosur

Mining,

Inc.

*

1,000,000

324,214

Osisko

Development

Corp.

*

250,000

846,964

Pacgold,

Ltd.

*

1,666,667

94,155

Pacifica

Silver

Corp.

*

175,000

218,025

Perpetua

Resources

Corp.

*

7,000

169,470

Radisson

Mining

Resources,

Inc.

*

8,375,000

5,491,603

Radius

Gold,

Inc.,

144A

#*∆

125,000

12,750

Roscan

Gold

Corp.

*

1,500,000

163,928

Royal

Road

Minerals,

Ltd.

*

1,500,000

213,107

Sanu

Gold

Corp.

*

2,075,000

423,300

Sanu

Gold

Corp.,

144A

#∆

700,000

142,800

Scottie

Resources

Corp.

*

500,000

590,142

Seabridge

Gold,

Inc.

*

20,000

591,800

Silver

Tiger

Metals,

Inc.

*

300,000

198,900

Sranan

Gold

Corp.

*

500,000

105,643

Storm

Exploration,

Inc.

*

134,375

27,902

Sua

Holdings

Limited

#*@

500,000

765

Taurus

Gold,

Ltd.,

144A

#*@∆

2,448,381

0

Tolu

Minerals,

Ltd.

*

2,042,000

1,795,127

Torex

Gold

Resources,

Inc.

10,000

477,505

TriStar

Gold,

Inc.

*~

30,225,000

4,514,316

Viva

Gold

Corp.

*

470,000

65,061

43,595,973

Metal

-

Copper

0.14%

C3

Metals,

Inc.

*

123,000

103,953

Metal

-

Diversified

3.92%

Amex

Exploration,

Inc.

*

150,000

437,143

Aurion

Resources,

Ltd.

*

450,000

442,607

Cartier

Resources,

Inc.

*

750,000

136,607

Hannan

Metals,

Ltd.

*

611,625

418,875

Ivanhoe

Mines,

Ltd.

*

10,000

113,730

Juno

Corp.,

144A

#*@∆

200,000

582,857

Portfolio

of

Investments

20

See

notes

to

portfolios

of

investments.

December

31,

2025

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Metal

-

Diversified

(cont’d)

Mithril

Silver

and

Gold,

Ltd.

*

1,100,000

$

396,707

Orex

Minerals,

Inc.

*

700,000

112,200

Orsu

Metals

Corp.,

144A

#*@∆

186,922

0

RTG

Mining,

Inc.

*

3,000,000

54,139

Troilus

Mining

Corp.

*

200,000

228,771

Visionary

Copper

and

Gold

Mines,

Inc.

*

100,000

48,086

2,971,722

Mining

Services

0.04%

Cordoba

Minerals

Corp.

*

58,823

33,857

Orexplore

Technologies,

Ltd.

#*@

267,284

0

33,857

Non-Ferrous

Metals

0.39%

InZinc

Mining,

Ltd.

*

1,800,000

78,686

Solitario

Resources

Corp.

*

310,000

216,008

294,694

Oil

Companies

-

Exploration

&

Production

0.27%

Big

Sky

Energy

Corp.

#*@

2,000,000

0

Goliath

Resources,

Ltd.

*

112,500

204,911

204,911

Optical

Recognition

Equipment

0.00%

Nexoptic

Technology

Corp.,

144A

#*@∆

12,083

110

Platinum

0.01%

New

Age

Metals,

Inc.,

144A

#*∆

35,880

10,587

Precious

Metals

15.66%

1911

Gold

Corp.

*

45,000

28,851

Brixton

Metals

Corp.

*

2,500,000

100,179

Canex

Metals,

Inc.

*

3,100,000

485,593

Capitan

Silver

Corp.

*

850,000

1,362,428

Coeur

Mining,

Inc.

*

15,000

267,450

Dolly

Varden

Silver

Corp.

*

350,000

1,529,999

GFG

Resources,

Inc.

*

6,000,000

612,000

Gold

Terra

Resource

Corp.

*

4,000,000

553,714

Goldsky

Resources

Corp.

*

287,500

439,875

GR

Silver

Mining,

Ltd.

*

1,500,000

437,143

Hycroft

Mining

Holding

Corp.

*

10,000

237,700

Kuya

Silver

Corp.

*

200,000

157,371

Metalla

Royalty

&

Streaming,

Ltd.

*

35,000

272,300

Metallium,

Ltd.

*

127,493

90,566

Metallium,

Ltd.

*

122,507

87,024

Metallium,

Ltd.

*

75,000

53,277

Nevgold

Corp.

*

500,000

313,285

Portfolio

of

Investments

21

See

notes

to

portfolios

of

investments.

December

31,

2025

World

Precious

Minerals

Fund

Common

Stocks (cont’d)

Shares

Value

Precious

Metals

(cont’d)

Olive

Resource

Capital,

Inc.

*

4,000,000

$

247,714

Paramount

Gold

Nevada

Corp.

*

170,000

214,200

Prospector

Metals

Corp.

*

500,000

448,071

Rua

Gold,

Inc.

*

265,000

241,339

Silver

Viper

Minerals

Corp.

*

150,000

241,521

Stillwater

Critical

Minerals

Corp.

*

770,000

218,790

Triple

Flag

Precious

Metals

Corp.

5,000

166,100

Visionary

Metals

Corp.

*

1,000,000

43,714

Vizsla

Royalties

Corp.

*

523,749

1,678,988

West

Point

Gold

Corp.

*

933,800

945,672

Xali

Gold

Corp.,

144A

#*∆

4,875,000

390,696

11,865,560

Real

Estate

Operating/Development

1.54%

Mammoth

Resources

Corp.

*~

5,500,000

210,375

Revival

Gold,

Inc.

*

1,908,400

959,379

1,169,754

Retail

-

Jewelry

0.31%

Mene,

Inc.

*

2,115,000

231,139

Silver

Mining

9.80%

Argenta

Silver

Corp.

*

725,000

390,878

Aya

Gold

&

Silver,

Inc.

*

45,000

643,911

Blackrock

Silver

Corp.

*

30,000

30,163

Endeavour

Silver

Corp.

*

40,000

376,234

Kootenay

Silver,

Inc.

*

200,000

313,286

Metallic

Minerals

Corp.

*

1,000,500

244,193

Southern

Silver

Exploration

Corp.

*

1,350,000

698,335

Vizsla

Silver

Corp.

*

862,500

4,725,511

7,422,511

Total

Common

Stocks

73,817,478

(cost

$53,226,290)

Subscription

Receipts

0.29%

Mining

Services

0.29%

Arizona

Copper

and

Gold,

Ltd.,

144A

#*@∆

100,000

87,428

Investmin

Resources,

Inc.,

144A

#*@∆

180,000

131,143

218,571

Total

Subscription

Receipts

218,571

(cost

$214,157)

Units

0.58%

Gold

Mining

0.19%

Gemdale

Gold

Corp.,

144A

#*@∆

200,000

145,714

Portfolio

of

Investments

22

See

notes

to

portfolios

of

investments.

December

31,

2025

World

Precious

Minerals

Fund

Units (cont’d)

Shares

Value

Metal

-

Diversified

0.17%

Visionary

Copper

and

Gold

Mines,

Inc.,

144A

#*@∆

267,176

$

128,473

Precious

Metals

0.22%

Stillwater

Critical

Minerals

Corp.,

144A

#*@∆

580,000

164,803

Total

Units

438,990

(cost

$485,566)

Corporate

Non-Convertible

Bond

1.51%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Gold

Mining

1.51%

Aris

Gold

Corp.

7.50

08/26/27

$

417,050

1,146,888

(cost

$417,050)

Warrants

0.76%

Exercise

Price

Exp.

Date

Shares

Advanced

Materials/Production

0.00%

Nano

One

Materials

Corp.,

144A

#*@∆

$

1.75

12/10/27

87,500

0

Diamonds/Precious

Stones

0.00%

Barksdale

Resources

Corp.,

144A

#*@∆

0.60

01/09/27

147,500

0

Diversified

Minerals

0.02%

Minaurum

Gold,

Inc.,

144A

#*@∆

0.34

05/02/26

250,000

12,750

Minaurum

Gold,

Inc.,

144A

#*@∆

0.50

12/11/27

200,000

0

Western

Exploration,

Inc.,

144A

#*@∆

2.15

12/31/49

50,000

0

Western

Exploration,

Inc.,

144A

#*@∆

0.95

06/06/28

100,000

0

12,750

Gold

Mining

0.32%

Dryden

Gold

Corp.,

144A

#*@∆

0.18

10/02/26

500,000

58,286

Freegold

Ventures,

Ltd.,

144A

#*@∆

0.52

12/31/49

150,000

119,121

Orosur

Mining,

Inc.,

144A

#*@∆

0.45

03/27/27

375,000

53,277

Pacgold,

Ltd.,

144A

#*@∆

0.10

12/31/27

833,333

0

STLLR

Gold,

Inc.,

144A

#*@∆

2.19

12/31/27

21,000

0

Westhaven

Gold

Corp.,

144A

#*@∆

0.22

10/17/26

350,000

12,750

243,434

Metal

-

Diversified

0.00%

Visionary

Copper

and

Gold

Mines,

Inc.,

144A

#*@∆

2.00

07/24/26

50,000

0

Portfolio

of

Investments

23

See

notes

to

portfolios

of

investments.

December

31,

2025

World

Precious

Minerals

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Precious

Metals

0.17%

1911

Gold

Corp.,

144A

#*@∆

$

1.20

12/04/27

22,500

$

0

Denarius

Metals

Corp.,

144A

#*@∆

0.60

03/02/26

75,000

6,011

Denarius

Metals

Corp.,

144A

#*@∆

0.70

11/19/28

100,000

729

GFG

Resources,

Inc.,

144A

#*@∆

0.28

02/05/27

1,000,000

0

GR

Silver

Mining,

Ltd.,

144A

#*@∆

0.28

08/12/28

300,000

26,228

Kuya

Silver

Corp.,

144A

#*@∆

0.65

08/14/28

200,000

62,657

Silver

Viper

Minerals

Corp.,

144A

#*@∆

1.50

04/12/27

50,000

25,864

Stillwater

Critical

Minerals

Corp.,

144A

#*@∆

0.34

06/25/28

150,000

6,011

127,500

Real

Estate

Operating/Development

0.07%

Revival

Gold,

Inc.,

144A

#*@∆

0.45

05/30/27

50,000

8,743

TDG

Gold

Corp.,

144A

#*@∆

0.42

07/06/26

115,000

48,595

57,338

Silver

Mining

0.18%

Kootenay

Silver,

Inc.,

144A

#*@∆

1.68

04/25/26

64,000

21,915

Kootenay

Silver,

Inc.,

144A

#*@∆

1.40

05/24/26

1,250,000

68,304

Metallic

Minerals

Corp.,

144A

#*@∆

0.34

07/30/27

220,000

0

Southern

Silver

Exploration

Corp.,

144A

#*@∆

0.40

07/31/28

187,500

45,080

135,299

Total

Warrants

576,321

(cost

$0

)

Investments,

at

value

100.56%

76,198,248

(cost

$54,343,063

)

Other

assets

and

liabilities,

net

(0.56)%

(424,995)

Net

Assets

100.00%

$

75,773,253

Portfolio

of

Investments

24

See

notes

to

portfolios

of

investments.

December

31,

2025

Gold

and

Precious

Metals

Fund

Common

Stocks

96.12%

Shares

Value

Commercial

Services

0.67%

Paragon

Advanced

Labs,

Inc.

*

914,430

$

1,858,774

Diversified

Minerals

1.19%

Alkane

Resources,

Ltd.

*

2,000,000

1,781,524

Culico

Metals,

Inc.

*

180,000

34,097

Leo

Lithium,

Ltd.

#*@

3,500,000

62,130

Mako

Mining

Corp.

*

100,000

580,671

Meeka

Metals,

Ltd.

*

4,666,667

818,426

3,276,848

Enterprise

Software/Services

0.40%

Abaxx

Technologies,

Inc.

*

30,000

1,114,714

Gold

Mining

59.41%

Agnico

Eagle

Mines,

Ltd.

30,000

5,085,900

Alamos

Gold,

Inc.

35,000

1,350,300

Anglogold

Ashanti

PLC

90,000

7,675,200

Aris

Mining

Corp.

*

340,000

5,514,116

Artemis

Gold,

Inc.

*

40,000

1,069,251

Asante

Gold

Corp.

*

750,000

901,606

Aura

Minerals,

Inc.

100,000

5,041,500

Barrick

Mining

Corp.

300,000

13,065,000

Black

Cat

Syndicate,

Ltd.

*

4,844,104

3,973,386

Black

Cat

Syndicate,

Ltd.

*

155,896

127,874

Borealis

Mining

Co.,

Ltd.

*

1,000,000

1,238,571

Catalyst

Metals,

Ltd.

*

400,000

1,945,312

Catalyst

Metals,

Ltd.

*

100,000

486,328

Centerra

Gold,

Inc.

210,000

3,023,278

DPM

Metals,

Inc.

270,000

8,344,614

DRDGOLD,

Ltd.,

ADR

50,000

1,550,500

Eldorado

Gold

Corp.

*

50,000

1,796,000

Endeavour

Mining

PLC

30,000

1,544,862

Equinox

Gold

Corp.

*

200,000

2,808,000

Evolution

Mining,

Ltd.

500,000

4,184,371

Firefinch,

Ltd.

#*@

5,000,000

211,884

Genesis

Minerals,

Ltd.

*

250,000

1,195,890

Gold

Fields,

Ltd.,

ADR

150,000

6,549,000

Heliostar

Metals,

Ltd.

*

1,000,000

1,843,284

Hemlo

Mining

Corp.

*

616,411

2,326,333

IAMGOLD

Corp.

*

575,000

9,481,750

K92

Mining,

Inc.

*

1,100,000

18,184,401

Kaiser

Reef,

Ltd.

*

5,107,143

991,798

Kinross

Gold

Corp.

100,000

2,816,000

Lundin

Gold,

Inc.

40,000

3,322,866

McEwen,

Inc.

*

100,000

1,856,399

Mineros

SA

3,000,000

12,283,706

New

Gold,

Inc.

*

150,000

1,306,500

Portfolio

of

Investments

25

See

notes

to

portfolios

of

investments.

December

31,

2025

Gold

and

Precious

Metals

Fund

Common

Stocks (cont’d)

Shares

Value

Gold

Mining

(cont’d)

OceanaGold

Corp.

50,000

$

1,417,070

OR

Royalties,

Inc.

100,000

3,539,000

Pantoro

Gold,

Ltd.

*

200,000

645,805

Petropavlovsk

PLC

#*@+

4,886,855

0

Ramelius

Resources,

Ltd.

1,200,000

3,300,478

Resolute

Mining,

Ltd.

*

1,000,000

809,937

St

Barbara,

Ltd.

*

1,331,691

511,564

St

Barbara,

Ltd.

*

668,309

256,728

Tolu

Minerals,

Ltd.

*

3,805,669

3,345,572

Torex

Gold

Resources,

Inc.

200,000

9,550,107

Westgold

Resources,

Ltd.

1,750,000

7,432,588

163,904,629

Investment

Companies

0.84%

Versamet

Royalties

Corp.

*

250,000

2,331,427

Investment

Management/Advisory

Services

0.03%

Aurelion,

Inc.

*

300,000

74,940

Metal

-

Diversified

2.79%

Aclara

Resources,

Inc.

*

137,400

216,228

Silver

X

Mining

Corp.

*

1,000,000

786,857

Vox

Royalty

Corp.

1,412,000

6,692,880

7,695,965

Mining

Services

1.50%

Empress

Royalty

Corp.

*

2,500,000

1,912,499

Orexplore

Technologies,

Ltd.

#*@

1,007,351

0

Star

Royalties,

Ltd.

*

3,500,000

866,999

Summit

Royalties,

Ltd.

250,000

273,214

Summit

Royalties,

Ltd.,

144A

#*∆

1,000,000

1,092,856

4,145,568

Platinum

3.73%

Impala

Platinum

Holdings,

Ltd.,

ADR

300,000

4,704,000

Northam

Platinum

Holdings,

Ltd.

40,000

811,719

Sibanye

Stillwater,

Ltd.,

ADR

*

275,000

3,918,750

Valterra

Platinum,

Ltd.

10,000

846,885

10,281,354

Precious

Metals

10.91%

Americas

Gold

&

Silver

Corp.

*

1,800,000

9,232,451

Coeur

Mining,

Inc.

*

275,000

4,903,250

Elemental

Royalty

Corp.

*

150,000

2,538,705

Guanajuato

Silver

Co.,

Ltd.

*

700,000

341,700

Luca

Mining

Corp.

*

2,000,000

2,171,141

Metalla

Royalty

&

Streaming,

Ltd.

*

500,000

3,890,000

Portfolio

of

Investments

26

See

notes

to

portfolios

of

investments.

December

31,

2025

Gold

and

Precious

Metals

Fund

Common

Stocks (cont’d)

Shares

Value

Precious

Metals

(cont’d)

Pan

African

Resources

PLC

750,000

$

1,220,922

Pan

American

Silver

Corp.

73,555

3,810,884

Triple

Flag

Precious

Metals

Corp.

60,000

1,993,200

30,102,253

Retail

-

Jewelry

0.27%

Mene,

Inc.

*

1,025,000

112,018

Mene,

Inc.,

144A

#∆

5,714,285

624,489

736,507

Silver

Mining

14.38%

Andean

Precious

Metals

Corp.

*

900,000

6,399,767

Aya

Gold

&

Silver,

Inc.

*

780,000

11,161,123

Discovery

Silver

Corp.

*

2,050,000

12,516,120

Endeavour

Silver

Corp.

*

275,000

2,586,609

Santacruz

Silver

Mining,

Ltd.

*

425,000

4,096,572

Silver

Crown

Royalties,

Inc.

*

150,000

819,642

Silvercorp

Metals,

Inc.

250,000

2,085,000

39,664,833

Total

Common

Stocks

265,187,812

(cost

$132,710,745)

Corporate

Non-Convertible

Bonds

1.62%

Coupon

Rate

%

Maturity

Date

Principal

Amount

Coal

0.00%

Caribbean

Resources

Corp.

#@^

19.25

06/15/15

$

485,766

0

Gold

Mining

1.62%

Aris

Gold

Corp.

7.50

08/26/27

1,621,467

4,459,034

Total

Corporate

Non-Convertible

Bonds

4,459,034

(cost

$2,107,223)

Warrants

0.34%

Exercise

Price

Exp.

Date

Shares

Gold

Mining

0.11%

Borealis

Mining

Co.,

144A

#*@∆

$

0.78

02/25/27

450,000

301,628

Metal

-

Diversified

0.05%

Silver

X

Mining

Corp.,

144A

#*@∆

0.70

09/29/28

500,000

138,429

Portfolio

of

Investments

27

See

notes

to

portfolios

of

investments.

December

31,

2025

Gold

and

Precious

Metals

Fund

Warrants (cont’d)

Exercise

Price

Exp.

Date

Shares

Value

Precious

Metals

0.18%

Guanajuato

Silver

Co.,

Ltd.,

144A

#*@∆

$

0.65

10/09/28

350,000

$

5,100

Luca

Mining

Corp.,

144A

#*@∆

0.60

03/26/26

750,000

486,321

491,421

Silver

Mining

0.00%

Silver

Crown

Royalties,

Inc.

#*

16.00

06/28/27

85,000

15,482

Total

Warrants

946,960

(cost

$6,135

)

Investments,

at

value

98.08%

270,593,806

(cost

$134,824,103

)

Other

assets

and

liabilities,

net

1.92%

5,308,437

Net

Assets

100.00%

$

275,902,243

Notes

to

Portfolios

of

Investments

December

31,

2025

28

Legend

General

The

yields

reflect

the

effective

yield

from

the

date

of

purchase.

Fair

Valuation

of

Securities

For

the

Funds’

policies

regarding

the

valuation

of

investments

and

other

significant

accounting

policies,

please

refer

to

the

Notes

to

Financial

Statements.

Pursuant

to

Rule

2a-5

under

the

Investment

Company

Act,

the

Trust’s

Board

of

Trustees

(the

“Board”)

has

designated

the

Adviser,

as

defined

in

Note

3

in

the

Notes

to

Financial

Statements,

as

the

Funds’

valuation

designee

to

perform

any

fair

value

determinations

for

securities

and

other

assets

held

by

the

Funds.

The

Funds

are

required

to

disclose

information

regarding

the

fair

value

measurements

of

a

Fund’s

assets

and

liabilities.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

measurement

requirements

established

a

three-tier

hierarchy

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Inputs

refer

broadly

to

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability,

including

assumptions

about

risk,

for

example,

the

risk

inherent

in

a

particular

valuation

technique

used

to

measure

fair

value

including

such

a

pricing

model

and/or

the

risk

inherent

in

the

inputs

to

the

valuation

technique.

Inputs

may

be

observable

or

unobservable.

Observable

◊

Zero

coupon

bond.

Interest

rate

presented

is

yield

to

maturity.

‡

Adjustable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

the

current

interest

rates.

Rate

presented

is

as

of

December

31,

2025.

*

Non-income

producing

security.

@

Security

was

fair

valued

at

December

31,

2025,

by

U.S.

Global

Investors,

Inc.

(Adviser)

(other

than

international

securities

fair

valued

pursuant

to

systematic

fair

value

models)

in

accordance

with

valuation

procedures

approved

by

the

Board

of

Trustees.

These

securities,

as

a

percentage

of

net

assets

at

December

31,

2025,

were

0.00%

of

Global

Luxury

Goods

Fund,

2.95%

of

Global

Resources

Fund,

2.45%

of

World

Precious

Minerals

Fund

and

0.44%

of

Gold

And

Precious

Metals

Fund,

respectively.

See

the

Fair

Valuation

of

Securities

section

of

these

Notes

to

Portfolios

of

Investments

for

further

discussion

of

fair

valued

securities.

See

further

information

and

detail

on

restricted

securities

in

the

Restricted

Securities

section

of

these

Notes

to

Portfolios

of

Investments.

#

Illiquid

Security.

∆

Pursuant

to

Rule

144A

of

the

Securities

Act

of

1933,

these

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

The

market

value

of

these

securities

and

percentage

of

net

assets

as

of

December

31,

2025

amounted

to

$1,960,873,

3.10%,

of

Global

Resources

Fund,

$2,485,220,

3.28%,

of

World

Precious

Minerals

Fund

and

$2,648,823,

0.96%,

of

Gold

And

Precious

Metals

Fund.

~

Affiliated

Company.

(see

following)

+

See

"Restricted

Securities"

in

Notes

to

Portfolios

of

Investments.

^

Security

is

currently

in

default

and

is

on

scheduled

interest

or

principal

payment.

ADR

American

Depositary

Receipt

BAM

Build

American

Mutual

Assurance

Company

ETF

Exchange

Traded

Fund

GO

General

Obligation

PLC

Public

Limited

Company

PSF-GTD

Public

School

Fund

Guarantee

RB

Revenue

Bond

Notes

to

Portfolios

of

Investments

December

31,

2025

29

inputs

are

inputs

that

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

inputs

that

reflect

the

reporting

entity’s

own

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

the

best

information

available

in

the

circumstances.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Because

of

the

inherent

uncertainties

of

valuation,

the

values

reflected

in

the

portfolios

may

materially

differ

from

the

values

received

upon

actual

sale

of

those

investments.

The

three

levels

defined

by

the

fair

value

hierarchy

are

as

follows:

Level

1

–

Quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

determined

using

significant

other

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Short-term

securities

with

maturities

of

sixty

days

or

less

are

valued

at

amortized

cost,

which

approximates

market

value,

and

are

categorized

as

Level

2

in

the

hierarchy.

Municipal

securities,

long-

term

U.S.

government

obligations

and

corporate

debt

securities

are

valued

in

accordance

with

the

evaluated

price

supplied

by

a

pricing

service

and

generally

categorized

as

Level

2

in

the

hierarchy.

Other

securities

that

are

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

warrants

that

do

not

trade

on

an

exchange,

securities

valued

at

the

mean

between

the

last

reported

bid

and

ask

quotation

and

international

equity

securities

valued

by

an

independent

third

party

in

order

to

adjust

for

stale

pricing.

Level

3

–

Prices

determined

using

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions).

For

restricted

equity

securities

and

private

placements

where

observable

inputs

are

limited,

assumptions

about

market

activity

and

risk

are

used

in

determining

fair

value.

The

following

table

summarizes

the

valuation

of

each

Fund’s

securities

as

of

December

31,

2025,

using

the

fair

value

hierarchy:

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

U.S.

Government

Securities

Ultra-Short

Bond

Fund

Investments

in

Securities*

United

States

Government

and

Agency

Obligations

$

–‌

$

25,330,172‌

$

–‌

$

25,330,172‌

Investments,

at

Value

$

–‌

$

25,330,172‌

$

–‌

$

25,330,172‌

Notes

to

Portfolios

of

Investments

December

31,

2025

30

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Near-Term

Tax

Free

Fund

Investments

in

Securities*

Municipal

Bonds

$

–‌

$

20,348,309‌

$

–‌

$

20,348,309‌

Exchange

Traded

Fund

1,110,120‌

–‌

–‌

1,110,120‌

Investments,

at

Value

$

1,110,120‌

$

20,348,309‌

$

–‌

$

21,458,429‌

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Global

Luxury

Goods

Fund

Investments

in

Securities*

Common

Stocks

Apparel

Manufacturers

$

1,540,939‌

$

4,356,715‌

$

–‌

$

5,897,654‌

Athletic

Footwear

553,560‌

–‌

–‌

553,560‌

Automotive

-

Cars

&

Light

Trucks

6,817,037‌

1,802,586‌

–‌

8,619,623‌

Beverages

-

Wine/Spirits

–‌

512,884‌

–‌

512,884‌

Casino

Hotels

794,098‌

–‌

–‌

794,098‌

Cosmetics

&

Toiletries

1,575,723‌

–‌

–‌

1,575,723‌

Cruise

Lines

5,905,817‌

–‌

–‌

5,905,817‌

Diversified

Banking

Institution

3,222,220‌

–‌

–‌

3,222,220‌

Diversified

Minerals

78,510‌

–‌

–‌

78,510‌

Energy

-

Alternate

Sources

–‌

–‌

0‌

0‌

Finance

-

Mortgage

Loan/

Banker

–‌

–‌

0‌

0‌

Footwear

&

Related

Apparel

61,350‌

–‌

–‌

61,350‌

Gold

Mining

2,388,835‌

1,589,658‌

–‌

3,978,493‌

Hotels

&

Motels

3,953,767‌

46,350‌

–‌

4,000,117‌

Oil

Companies

-

Exploration

&

Production

38,760‌

–‌

–‌

38,760‌

Precious

Metals

865,062‌

–‌

–‌

865,062‌

Real

Estate

Operating/

Development

–‌

–‌

0‌

0‌

Recreational

Centers

893,088‌

–‌

–‌

893,088‌

Retail

-

Apparel/Shoe

–‌

5,899,893‌

–‌

5,899,893‌

Retail

-

Jewelry

455,840‌

2,894,856‌

–‌

3,350,696‌

Textile

-

Apparel

4,583,267‌

–‌

–‌

4,583,267‌

Notes

to

Portfolios

of

Investments

December

31,

2025

31

Global

Luxury

Goods

Fund

Preferred

Stock

Automotive

-

Cars

&

Light

Trucks

$

–‌

$

93,311‌

$

–‌

$

93,311‌

Corporate

Non-Convertible

Bond

–‌

926,734‌

–‌

926,734‌

Exchange

Traded

Fund

95,692‌

–‌

–‌

95,692‌

Investments,

at

Value

$

33,823,565‌

$

18,122,987‌

$

0‌

$

51,946,552‌

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Global

Resources

Fund

Investments

in

Securities*

Common

Stocks

Advanced

Materials/

Production

$

389,785‌

$

–‌

$

–‌

$

389,785‌

Agricultural

Chemicals

1,543,000‌

–‌

–‌

1,543,000‌

Agricultural

Operations

356,320‌

–‌

–‌

356,320‌

Building

-

Heavy

Construction

–‌

417,541‌

–‌

417,541‌

Chemicals

-

Diversified

714,072‌

–‌

–‌

714,072‌

Coal

–‌

–‌

0‌

0‌

Diamonds/Precious

Stones

117,509‌

–‌

–‌

117,509‌

Diversified

Minerals

2,773,969‌

43,150‌

13,155‌

2,830,274‌

Electric

-

Distribution

201,990‌

–‌

–‌

201,990‌

Electric

-

Integrated

230,620‌

–‌

–‌

230,620‌

Energy

-

Alternate

Sources

391,845‌

324,567‌

0‌

716,412‌

Engineering/R&D

Services

463,610‌

–‌

–‌

463,610‌

Enterprise

Software/

Services

11,147,135‌

–‌

–‌

11,147,135‌

Finance

-

Other

Services

300,935‌

–‌

–‌

300,935‌

Gold

Mining

11,155,904‌

810,916‌

71,520‌

12,038,340‌

Investment

Companies

–‌

116,664‌

–‌

116,664‌

Machinery

-

Construction

&

Mining

572,870‌

–‌

–‌

572,870‌

Metal

-

Copper

4,260,163‌

41,327‌

–‌

4,301,490‌

Metal

-

Diversified

4,518,778‌

909,910‌

582,857‌

6,011,545‌

Metal

-

Iron

–‌

–‌

0‌

0‌

Mining

Services

827,726‌

–‌

–‌

827,726‌

Natural

Resource

Technology

–‌

–‌

39,928‌

39,928‌

Non-Ferrous

Metals

1,384,994‌

–‌

0‌

1,384,994‌

Oil

-

Field

Services

262,310‌

–‌

–‌

262,310‌

Oil

Companies

-

Exploration

&

Production

1,967,840‌

–‌

–‌

1,967,840‌

Oil

Companies

-

Field

Services

947,600‌

–‌

–‌

947,600‌

Oil

Companies

-

Integrated

2,675,980‌

981,300‌

–‌

3,657,280‌

Notes

to

Portfolios

of

Investments

December

31,

2025

32

Global

Resources

Fund

Common

Stocks

(continued)

Oil

Refining

&

Marketing

$

162,790‌

$

–‌

$

–‌

$

162,790‌

Pipelines

583,170‌

–‌

–‌

583,170‌

Platinum

138,611‌

–‌

–‌

138,611‌

Pollution

Control

114,386‌

171,578‌

–‌

285,964‌

Precious

Metals

1,853,677‌

–‌

–‌

1,853,677‌

Real

Estate

Operating/

Development

804,343‌

3,825‌

0‌

808,168‌

Retail

-

Jewelry

81,964‌

–‌

–‌

81,964‌

Silver

Mining

2,497,029‌

–‌

–‌

2,497,029‌

Specialty

Mining

and

Metals

198,900‌

–‌

–‌

198,900‌

Steel

-

Producers

254,175‌

–‌

–‌

254,175‌

Subscription

Receipt

Specialty

Mining

and

Metals

–‌

–‌

45,572‌

45,572‌

Corporate

Convertible

Bond

–‌

–‌

539,180‌

539,180‌

Corporate

Non-Convertible

Bonds

–‌

1,545,117‌

–‌

1,545,117‌

Warrants

Advanced

Materials/

Production

–‌

0‌

–‌

0‌

Diamonds/Precious

Stones

–‌

0‌

–‌

0‌

Diversified

Minerals

–‌

111,107‌

–‌

111,107‌

Metal

-

Copper

–‌

0‌

0‌

0‌

Metal

-

Diversified

–‌

0‌

0‌

0‌

Oil

Companies

-

Exploration

&

Production

–‌

42,622‌

–‌

42,622‌

Real

Estate

Operating/

Development

–‌

24,043‌

–‌

24,043‌

Silver

Mining

–‌

240,428‌

–‌

240,428‌

Specialty

Mining

and

Metals

–‌

0‌

–‌

0‌

Investments,

at

Value

$

53,894,000‌

$

5,784,095‌

$

1,292,212‌

$

60,970,307‌

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

World

Precious

Minerals

Fund

Investments

in

Securities*

Common

Stocks

Advanced

Materials/

Production

$

2,247,113‌

$

–‌

$

–‌

$

2,247,113‌

Coal

–‌

–‌

0‌

0‌

Commercial

Services

207,337‌

–‌

–‌

207,337‌

Diamonds/Precious

Stones

214,582‌

–‌

–‌

214,582‌

Notes

to

Portfolios

of

Investments

December

31,

2025

33

World

Precious

Minerals

Fund

Common

Stocks

(continued)

Diversified

Minerals

$

2,892,921‌

$

350,754‌

$

0‌

$

3,243,675‌

Gold

Mining

36,507,258‌

7,051,066‌

37,649‌

43,595,973‌

Metal

-

Copper

103,953‌

–‌

–‌

103,953‌

Metal

-

Diversified

2,334,726‌

54,139‌

582,857‌

2,971,722‌

Mining

Services

33,857‌

–‌

0‌

33,857‌

Non-Ferrous

Metals

294,694‌

–‌

–‌

294,694‌

Oil

Companies

-

Exploration

&

Production

204,911‌

–‌

0‌

204,911‌

Optical

Recognition

Equipment

–‌

–‌

110‌

110‌

Platinum

10,587‌

–‌

–‌

10,587‌

Precious

Metals

11,634,693‌

230,867‌

–‌

11,865,560‌

Real

Estate

Operating/

Development

1,169,754‌

–‌

–‌

1,169,754‌

Retail

-

Jewelry

231,139‌

–‌

–‌

231,139‌

Silver

Mining

7,422,511‌

–‌

–‌

7,422,511‌

Subscription

Receipts

Mining

Services

–‌

–‌

218,571‌

218,571‌

Units

Gold

Mining

–‌

–‌

145,714‌

145,714‌

Metal

-

Diversified

–‌

128,473‌

–‌

128,473‌

Precious

Metals

–‌

164,803‌

–‌

164,803‌

Corporate

Non-Convertible

Bond

–‌

1,146,888‌

–‌

1,146,888‌

Warrants

Advanced

Materials/

Production

–‌

–‌

0‌

0‌

Diamonds/Precious

Stones

–‌

0‌

–‌

0‌

Diversified

Minerals

–‌

12,750‌

0‌

12,750‌

Gold

Mining

–‌

243,434‌

–‌

243,434‌

Metal

-

Diversified

–‌

0‌

–‌

0‌

Precious

Metals

–‌

127,500‌

–‌

127,500‌

Real

Estate

Operating/

Development

–‌

57,338‌

–‌

57,338‌

Silver

Mining

–‌

135,299‌

0‌

135,299‌

Investments,

at

Value

$

65,510,036‌

$

9,703,311‌

$

984,901‌

$

76,198,248‌

Notes

to

Portfolios

of

Investments

December

31,

2025

34

The

following

is

a

reconciliation

of

assets

for

which

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

during

the

period

January

1,

2025

through

December

31,

2025:

Quoted

Prices

in

Active

Markets

for

Identical

Investments

(Level

1)

Significant

Other

Observable

Inputs

(Level

2)

Significant

Unobservable

Inputs

(Level

3)

Total

Gold

And

Precious

Metals

Fund

Investments

in

Securities*

Common

Stocks

Commercial

Services

$

1,858,774‌

$

–‌

$

–‌

$

1,858,774‌

Diversified

Minerals

614,768‌

2,599,950‌

62,130‌

3,276,848‌

Enterprise

Software/

Services

1,114,714‌

–‌

–‌

1,114,714‌

Gold

Mining

134,485,114‌

29,207,631‌

211,884‌

163,904,629‌

Investment

Companies

2,331,427‌

–‌

–‌

2,331,427‌

Investment

Management/

Advisory

Services

74,940‌

–‌

–‌

74,940‌

Metal

-

Diversified

7,695,965‌

–‌

–‌

7,695,965‌

Mining

Services

4,145,568‌

–‌

0‌

4,145,568‌

Platinum

8,622,750‌

1,658,604‌

–‌

10,281,354‌

Precious

Metals

28,881,331‌

1,220,922‌

–‌

30,102,253‌

Retail

-

Jewelry

736,507‌

–‌

–‌

736,507‌

Silver

Mining

39,664,833‌

–‌

–‌

39,664,833‌

Corporate

Non-Convertible

Bonds

–‌

4,459,034‌

0‌

4,459,034‌

Warrants

Gold

Mining

–‌

301,628‌

–‌

301,628‌

Metal

-

Diversified

–‌

138,429‌

–‌

138,429‌

Precious

Metals

–‌

491,421‌

–‌

491,421‌

Silver

Mining

–‌

15,482‌

–‌

15,482‌

Investments,

at

Value

$

230,226,691‌

$

40,093,101‌

$

274,014‌

$

270,593,806‌

*

Refer

to

the

Portfolio

of

Investments

for

a

detailed

list

of

the

Fund’s

investments.

Common

Stocks

Total

Global

Luxury

Goods

Fund

Beginning

Balance

12/31/24

$

0‌

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

—‌

—‌

Ending

Balance

12/31/25

$

0‌

$

0‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

12/31/25

(1)

$

—‌

$

—‌

Notes

to

Portfolios

of

Investments

December

31,

2025

35

Significant

unobservable

inputs

developed

by

the

Adviser

for

Level

3

investments

held

at

year

end

are

as

follows:

Common

Stocks

Subscription

Receipts

Corporate

Convertible

Bond

Total

Global

Resources

Fund

Beginning

Balance

12/31/24

$

701,040‌

$

0‌

$

500,760‌

$

1,201,800‌

Return

of

Capital

(30,477‌)

‌-

‌-

(30,477‌)

Transfers

29,143‌

45,572‌

‌-

74,715‌

Net

change

in

unrealized

appreciation

(depreciation)

7,754‌

‌-

38,420‌

46,174‌

Ending

Balance

12/31/25

$

707,460‌

$

45,572‌

$

539,180‌

$

1,292,212‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

12/31/25

(1)

$

7,754‌

$

‌-

$

38,420‌

$

46,174‌

Common

Stocks

Subscription

Receipts

Units

Total

World

Precious

Minerals

Fund

Beginning

Balance

12/31/24

$

360,955‌

$

0‌

$

0‌

$

360,955‌

Corporate

Action

731‌

—‌

—‌

731‌

Transfers

110‌

218,571‌

145,714‌

364,395‌

Net

change

in

unrealized

appreciation

(depreciation)

258,820‌

—‌

—‌

258,820‌

Ending

Balance

12/31/25

$

620,616‌

$

218,571‌

$

145,714‌

$

984,901‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

12/31/25

(1)

$

258,820‌

$

—‌

$

—‌

$

258,820‌

Common

Stocks

Corporate

Non-

Convertible

Bond

Total

Gold

and

Precious

Metals

Fund

Beginning

Balance

12/31/24

$

1,024,982‌

$

0‌

$

1,024,982‌

Return

of

Capital

(217,428‌)

—‌

(217,428‌)

Net

change

in

unrealized

appreciation

(depreciation)

(533,540‌)

—‌

(533,540‌)

Ending

Balance

12/31/25

$

274,014‌

$

0‌

$

274,014‌

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

12/31/25

(1)

$

(533,540‌)

$

—‌

$

(533,540‌)

(1)

The

amounts

shown

represent

the

net

change

in

unrealized

appreciation

(depreciation)

attributable

to

only

those

investments

still

held

and

classified

as

Level

3

at

December

31,

2025.

Fair

Value

at

12/31/25

Valuation

Technique(s)

Unobservable

Input

Range

(Weighted

Average)

Global

Luxury

Goods

Fund

Investments

in

Securities

Common

Stocks

$

0

Market

Transaction

(1)

Discount

100%

Global

Resources

Fund

Investments

in

Securities

0%

-

100%

discount

(98%

discount)

Common

Stocks

707,460

Market

Transaction

(1)

Discount

Subscription

Receipts

45,572

Market

Transaction

(1)

Discount

0%

Corporate

Convertible

Bond

539,180

Market

Transaction

(1)

Discount

0%

Notes

to

Portfolios

of

Investments

December

31,

2025

36

The

majority

of

securities

classified

as

Level

3

are

private

companies.

The

initial

valuation

is

usually

cost,

which

is

then

adjusted

as

determined

by

the

Valuation

Committee

for

subsequent

known

market

transactions

and

evaluated

for

progress

against

anticipated

milestones

and

current

operations.

An

evaluation

that

the

holding

no

longer

meets

expectations

could

result

in

the

application

of

discounts

and

a

significantly

lower

fair

valuation.

For

certain

securities,

the

last

known

market

transaction

is

increased

or

decreased

by

changes

in

a

market

index

or

industry

peers

as

approved

by

the

Valuation

Committee.

Affiliated

Companies

The

Investment

Company

Act

of

1940

defines

affiliates

as

companies

in

which

the

Fund

owns

at

least

5%

of

the

outstanding

voting

securities.

The

following

is

a

summary

of

transactions

with

each

affiliated

company

during

the

year

ended

December

31,

2025.

At

December

31,

2025,

the

value

of

investments

in

affiliated

companies

was

$0,

representing

0%

of

net

assets,

and

the

total

cost

was

$2,400,000.

Fair

Value

at

12/31/25

Valuation

Technique(s)

Unobservable

Input

Range

(Weighted

Average)

World

Precious

Minerals

Fund

Investments

in

Securities

0%

-

100%

discount

(93%

discount)

Common

Stocks

620,616

Market

Transaction

(1)

Discount

Subscription

Receipts

218,571

Market

Transaction

(1)

Discount

0%

Units

145,714

Market

Transaction

(1)

Discount

0%

Gold

and

Precious

Metals

Fund

Investments

in

Securities

0%

-

100%

discount

(23%

discount)

Common

Stocks

274,014

Market

Transaction

(1)

Discount

Corporate

Non-Convertible

Bond

0

Market

Transaction

(1)

Discount

100%

(1)

Market

Transaction

refers

to

most

recent

known

market

transaction,

including

transactions

in

which

the

Fund

participated,

as

adjusted

for

any

discount

or

premium

as

discussed

below.

Shares

of

Affiliated

Companies

Global

Resources

Fund

December

31,

202

4

Additions

Reductions

December

31

,

202

5

Pacific

Green

Energy

Corp.

2,400,000‌

—‌

—‌

2,400,000‌

Values

of

Affiliated

Companies

Global

Resources

Fund

December

31,

202

4

Purchases

Cost

Sales

Proceeds

December

31

,

202

5

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Pacific

Green

Energy

Corp.

$

0‌

$

—‌

$

—‌

$

0‌

$

—‌

$

—‌

$

—‌

Notes

to

Portfolios

of

Investments

December

31,

2025

37

At

December

31,

2025,

the

value

of

investments

in

affiliated

companies

was

$4,724,691,

representing

6.24%

of

net

assets,

and

the

total

cost

was

$4,345,484.

Restricted

Securities

The

following

securities

are

subject

to

contractual

and

regulatory

restrictions

on

resale

or

transfer.

These

investments

may

involve

a

high

degree

of

business

and

financial

risk.

Because

of

the

thinly

traded

markets

for

these

investments,

a

Fund

may

be

unable

to

liquidate

its

securities

in

a

timely

manner,

especially

if

there

is

negative

news

regarding

the

specific

securities

or

the

markets

overall.

These

securities

could

decline

significantly

in

value

before

the

Fund

could

liquidate

these

securities.

The

issuer

bears

the

cost

of

registration,

if

any,

involved

in

the

disposition

of

these

securities.

As

of

December

31,

2025,

the

total

cost

of

restricted

securities

was

$426,625,

and

the

total

value

was

$0,

representing

0.00%

of

net

assets.

Shares

of

Affiliated

Companies

World

Precious

Minerals

Fund

December

31,

2024

Additions

Corporate

Action

Reductions

December

31,

202

5

Gold

X2

Mining,

Inc.

(formerly

Kesselrun

Resources,

Ltd.)

5,000,000‌

—‌

1,655,080‌

(4,655,080‌)

2,000,000‌

(a)

Mammoth

Resources

Corp.

5,500,000‌

—‌

—‌

—‌

5,500,000‌

TriStar

Gold,

Inc.

28,800,000‌

1,455,000‌

—‌

(30,000‌)

30,225,000‌

Waraba

Gold

Ltd.

8,200,000‌

—‌

—‌

(7,864,166‌)

335,834‌

(a)

Values

of

Affiliated

Companies

World

Precious

Minerals

Fund

December

31,

2024

Purchases

Cost

Corporate

Action

Sales

Proceeds

December

31,

2025

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Gold

X2

Mining,

Inc.

(formerly

Kesselrun

Resources,

Ltd.)

$

121,743‌

$

—‌

$

627,133‌

$

(431,082‌)

$

976,285

(a)‌

$

—‌

$

(310,000‌)

$

968,491‌

Mammoth

Resources

Corp.

57,393‌

—‌

—‌

—‌

210,375‌

—‌

—‌

152,982‌

TriStar

Gold,

Inc.

2,604,612‌

139,747‌

—‌

(4,116‌)

4,514,316‌

—‌

(3,917‌)

1,777,990‌

Waraba

Gold,

Ltd.

57,046‌

—‌

—‌

(7,647‌)

24,468

(a)‌

—‌

(337,085‌)

312,154‌

$

2,840,794‌

$

139,747‌

$

627,133‌

$

(442,845‌)

$

5,725,444‌

$

—‌

$

(651,002‌)

$

3,211,617‌

(a)

At

December

31,

2025,

the

company

was

no

longer

defined

as

an

affiliate,

although

it

was

an

affiliate

company

during

the

year.

Global

Luxury

Goods

Fund

Acquisition

Date

Cost

per

Share/Unit

Infrastructure

Ventures,

Inc.

08/06/10-11/22/10

$

1.00

Notes

to

Portfolios

of

Investments

December

31,

2025

38

As

of

December

31,

2025,

the

total

cost

of

restricted

securities

was

$7,473,544,

and

the

total

value

was

$39,928,

representing

0.06%

of

net

assets.

As

of

December

31,

2025,

the

total

cost

of

restricted

securities

was

$1,362,590,

and

the

total

value

was

$0,

representing

0.00%

of

net

assets.

Global

Resources

Fund

Acquisition

Date

Cost

per

Share/Unit

I-Pulse,

Inc.,

144A

10/04/07

$

1.88

Infrastructure

Ventures,

Inc.

08/06/10-11/22/10

$

1.00

Gold

and

Precious

Metals

Fund

Acquisition

Date

Cost

per

Share/Unit

Petropavlovsk

PLC

09/15/21-10/07/21

$

0.28

Statements

of

Assets

and

Liabilities

40

See

accompanying

notes

to

financial

statements.

U.S.

Government

Securities

Ultra-

Short

Bond

Fund

Investments,

at

identified

cost

$

25,305,058‌

Assets

Investments,

at

value:

Securities

of

unaffiliated

issuers

$

25,330,172‌

Securities

of

affiliated

issuers

–‌

Cash

2,689,820‌

Foreign

currencies

(Cost

$0,

$0,

$581,

$19,336,

$25

and

$7,063)

–‌

Receivables:

Dividends

and

interest

21,230‌

Capital

shares

sold

275‌

From

adviser

8,968‌

Prepaid

expenses

13,439‌

Total

Assets

28,063,904‌

Liabilities

Due

to

custodian

–‌

Payables:

Capital

shares

redeemed

3‌

Distributions

payable

17,865‌

Investments

purchased

–‌

Accrued

expenses

and

other

payables:

Adviser

–‌

Administration

and

Transfer

Agent

fees

7,894‌

Other

expenses

34,735‌

Total

Liabilities

60,497‌

Net

Assets

$

28,003,407‌

Net

Assets

Consist

of:

Paid-in

capital

$

28,782,750‌

Distributable

earnings

(779,343‌)

Net

assets

applicable

to

capital

shares

outstanding

$

28,003,407‌

By

share

class

Net

Assets

Investor

Class

$

28,003,407‌

Capital

shares

outstanding,

an

unlimited

number

of

no

par

shares

authorized

Investor

Class

14,381,482‌

Net

Asset

Value,

Public

Offering

Price

and

Redemption

Price

per

share

Investor

Class

$

1.95‌

December

31,

2025

41

Near-Term

Tax

Free

Fund

Global

Luxury

Goods

Fund

Global

Resources

Fund

World

Precious

Minerals

Fund

Gold

and

Precious

Metals

Fund

$

21,382,451‌

$

41,989,083‌

$

80,305,795‌

$

54,343,063‌

$

134,824,103‌

$

21,458,429‌

$

51,946,552‌

$

60,970,307‌

$

71,473,557‌

$

270,593,806‌

–‌

–‌

–‌

4,724,691‌

–‌

951,277‌

1,850,743‌

2,045,745‌

–‌

5,437,470‌

–‌

596‌

20,570‌

49‌

7,243‌

275,754‌

278,444‌

58,803‌

13,752‌

251,022‌

96,141‌

8,453‌

215,685‌

82,905‌

619,067‌

16,273‌

–‌

–‌

–‌

–‌

11,635‌

14,675‌

15,105‌

14,628‌

17,238‌

22,809,509‌

54,099,463‌

63,326,215‌

76,309,582‌

276,925,846‌

–‌

–‌

–‌

174,112‌

–‌

4,768‌

5,529‌

10,711‌

194,952‌

311,453‌

11,254‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

24,482‌

319,286‌

–‌

41,295‌

47,078‌

62,442‌

204,790‌

7,225‌

12,322‌

15,491‌

17,948‌

41,101‌

35,203‌

49,422‌

53,493‌

62,393‌

146,973‌

58,450‌

108,568‌

126,773‌

536,329‌

1,023,603‌

$

22,751,059‌

$

53,990,895‌

$

63,199,442‌

$

75,773,253‌

$

275,902,243‌

$

25,465,524‌

$

45,416,979‌

$

329,026,544‌

$

433,845,216‌

$

157,211,898‌

(2,714,465‌)

8,573,916‌

(265,827,102‌)

(358,071,963‌)

118,690,345‌

$

22,751,059‌

$

53,990,895‌

$

63,199,442‌

$

75,773,253‌

$

275,902,243‌

$

22,751,059‌

$

53,990,895‌

$

63,199,442‌

$

75,773,253‌

$

275,902,243‌

10,775,509‌

2,475,545‌

9,666,952‌

23,035,111‌

9,337,720‌

$

2.11‌

$

21.81‌

$

6.54‌

$

3.29‌

$

29.55‌

Statements

of

Operations

42

See

accompanying

notes

to

financial

statements.

U.S.

Government

Securities

Ultra-

Short

Bond

Fund

Net

Investment

Income

Income

Dividends

from

unaffiliated

issuers

$

–‌

Foreign

tax

withheld

on

dividends

–‌

Net

dividends

–‌

Interest

and

other

1,225,562‌

Total

income

1,225,562‌

Expenses:

Management

fee

142,501‌

Administrative

services

fee

63,551‌

Distribution

plan

fee

–‌

Transfer

agent

fees

and

expenses

31,210‌

Professional

fees

27,953‌

Custodian

fees

3,235‌

Shareholder

reporting

expenses

21,721‌

Registration

fees

21,193‌

Trustee

fees

and

expenses

10,554‌

Chief

compliance

officer

fees

3,156‌

Miscellaneous

expenses

59,334‌

Total

expenses

before

reductions

384,408‌

Expenses

offset

-

Note

1

H

(3,235‌)

Expenses

reimbursed

-

Note

3

(252,921‌)

Net

expenses

128,252‌

Net

Investment  Income

(Loss)

1,097,310‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Realized

gain

(loss)

from:

Securities

from

unaffiliated

issuers

2,337‌

Securities

from

affiliated

issuers

–‌

Foreign

currency

transactions

–‌

Forward

currency

contract

transactions

–‌

Written

options

–‌

Net

realized

gain

(loss)

2,337‌

Net

change

in

unrealized

appreciation

(depreciation)

of:

Investments

in

unaffiliated

issuers

(22,301‌)

Investments

in

affiliated

issuers

–‌

Other

assets

and

liabilities

denominated

in

foreign

currencies

–‌

Forward

currency

contracts

–‌

Written

options

–‌

Net

change

in

unrealized

appreciation

(depreciation)

(22,301‌)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

(19,964‌)

Net

Increase

(Decrease)

In

Net

Assets

Resulting

From

Operations

$

1,077,346‌

Year

Ended

December

31,

2025

43

Near-Term

Tax

Free

Fund

Global

Luxury

Goods

Fund

Global

Resources

Fund

World

Precious

Minerals

Fund

Gold

and

Precious

Metals

Fund

$

31,454‌

$

932,384‌

$

706,754‌

$

22,907‌

$

2,594,473‌

–‌

(139,075‌)

(20,582‌)

(5,320‌)

(257,033‌)

31,454‌

793,309‌

686,172‌

17,587‌

2,337,440‌

656,237‌

373,121‌

492,444‌

414,184‌

1,657,672‌

687,691‌

1,166,430‌

1,178,616‌

431,771‌

3,995,112‌

118,217‌

487,505‌

416,415‌

508,078‌

1,535,522‌

58,322‌

104,569‌

104,483‌

116,819‌

272,209‌

–‌

127,055‌

109,583‌

133,304‌

433,005‌

29,034‌

37,160‌

56,817‌

67,958‌

77,172‌

26,483‌

33,934‌

34,529‌

37,564‌

79,671‌

3,198‌

13,572‌

12,947‌

21,331‌

32,888‌

21,067‌

24,444‌

22,473‌

24,392‌

41,633‌

21,065‌

21,602‌

23,119‌

22,665‌

31,138‌

9,973‌

13,321‌

12,198‌

13,223‌

26,781‌

2,625‌

5,606‌

4,696‌

5,686‌

18,230‌

73,123‌

99,659‌

121,288‌

104,653‌

253,900‌

363,107‌

968,427‌

918,548‌

1,055,673‌

2,802,149‌

(3,198‌)

(13,572‌)

(12,947‌)

(21,331‌)

(32,888‌)

(253,514‌)

(86,186‌)

(138,519‌)

(126,352‌)

–‌

106,395‌

868,669‌

767,082‌

907,990‌

2,769,261‌

581,296‌

297,761‌

411,534‌

(476,219‌)

1,225,851‌

(2,875‌)

1,771,590‌

2,729,577‌

2,085,714‌

52,301,991‌

–‌

–‌

–‌

(651,002‌)

–‌

–‌

(119,687‌)

44,051‌

48,447‌

(102,583‌)

–‌

(226,611‌)

(135,031‌)

(262,923‌)

(544,305‌)

–‌

82,496‌

–‌

–‌

–‌

(2,875‌)

1,507,788‌

2,638,597‌

1,220,236‌

51,655,103‌

225,959‌

6,534,186‌

24,700,961‌

43,096,685‌

117,400,007‌

–‌

–‌

–‌

3,211,617‌

–‌

–‌

16,804‌

7,953‌

316‌

7,539‌

–‌

–‌

–‌

–‌

–‌

–‌

(23,893‌)

–‌

–‌

–‌

225,959‌

6,527,097‌

24,708,914‌

46,308,618‌

117,407,546‌

223,084‌

8,034,885‌

27,347,511‌

47,528,854‌

169,062,649‌

$

804,380‌

$

8,332,646‌

$

27,759,045‌

$

47,052,635‌

$

170,288,500‌

Statements

of

Changes

in

Net

Assets

44

See

accompanying

notes

to

financial

statements.

U.S.

Government

Securities

Ultra-Short

Bond

Fund

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Increase

(Decrease)

in

Net

Assets

From

operations:

Net

investment

income

$

1,097,310

$

1,272,322

Net

realized

gain

(loss)

2,337

(16,249)

Net

change

in

unrealized

appreciation

(depreciation)

(22,301)

(40,095)

Net

increase

in

net

assets

from

operations

1,077,346

1,215,978

Distributions

to

shareholders

Investor

Class

(1,097,324)

(1,272,327)

Total

distributions

paid

(1,097,324)

(1,272,327)

From

capital

share

transactions:

Proceeds

from

shares

sold

Investor

Class

9,747,522

10,366,457

Distributions

reinvested

Investor

Class

870,626

1,019,499

10,618,148

11,385,956

Cost

of

shares

redeemed

Investor

Class

(12,515,773)

(12,736,545)

Net

increase

(decrease)

in

net

assets

from

capital

share

transactions

(1,897,625)

(1,350,589)

Net

Increase

(Decrease)

in

Net

Assets

(1,917,603)

(1,406,938)

Net

Assets

Beginning

of

year

29,921,010

31,327,948

End

of

year

$

28,003,407

$

29,921,010

Capital

Share

Activity

Investor

Class

Shares

sold

4,998,728

5,318,937

Shares

reinvested

446,475

523,433

Shares

redeemed

(6,418,345)

(6,528,040)

Net

capital

share

activity

(973,142)

(685,670)

45

Near-Term

Tax

Free

Fund

Global

Luxury

Goods

Fund

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

$

581,296

$

611,257

$

297,761

$

332,605

(2,875)

(8,027)

1,507,788

4,602,010

225,959

(63,168)

6,527,097

1,574,874

804,380

540,062

8,332,646

6,509,489

(581,299)

(611,265)

(3,966,066)

(4,538,212)

(581,299)

(611,265)

(3,966,066)

(4,538,212)

6,906,803

4,424,691

3,738,366

2,905,844

450,139

479,678

3,801,571

4,342,302

7,356,942

4,904,369

7,539,937

7,248,146

(8,287,230)

(6,768,529)

(7,525,552)

(6,854,090)

(930,288)

(1,864,160)

14,385

394,056

(707,207)

(1,935,363)

4,380,965

2,365,333

23,458,266

25,393,629

49,609,930

47,244,597

$

22,751,059

$

23,458,266

$

53,990,895

$

49,609,930

3,277,620

2,110,113

175,167

140,431

213,857

229,053

173,826

217,332

(3,925,606)

(3,228,243)

(357,510)

(332,070)

(434,129)

(889,077)

(8,517)

25,693

Statements

of

Changes

in

Net

Assets

46

See

accompanying

notes

to

financial

statements.

Global

Resources

Fund

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Increase

(Decrease)

in

Net

Assets

From

operations:

Net

investment

income

(loss)

$

411,534

$

89,889

Net

realized

gain

(loss)

2,638,597

790,056

Net

change

in

unrealized

appreciation

(depreciation)

24,708,914

(2,319,601)

Net

increase

(decrease)

in

net

assets

from

operations

27,759,045

(1,439,656)

Distributions

to

shareholders

Investor

Class

(513,252)

(1,528,790)

Total

distributions

paid

(513,252)

(1,528,790)

From

capital

share

transactions:

Proceeds

from

shares

sold

Investor

Class

8,345,184

1,349,796

Distributions

reinvested

Investor

Class

498,534

1,479,732

8,843,718

2,829,528

Cost

of

shares

redeemed

Investor

Class

(9,427,482)

(8,662,789)

Net

increase

(decrease)

in

net

assets

from

capital

share

transactions

(583,764)

(5,833,261)

Net

Increase

(Decrease)

in

Net

Assets

26,662,029

(8,801,707)

Net

Assets

Beginning

of

year

36,537,413

45,339,120

End

of

year

$

63,199,442

$

36,537,413

Capital

Share

Activity

Investor

Class

Shares

sold

1,529,282

339,728

Shares

reinvested

81,460

412,182

Shares

redeemed

(1,931,964)

(2,181,034)

Net

capital

share

activity

(321,222)

(1,429,124)

47

World

Precious

Minerals

Fund

Gold

and

Precious

Metals

Fund

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

$

(476,219)

$

(290,891)

$

1,225,851

$

170,757

1,220,236

(8,278,959)

51,655,103

3,984,098

46,308,618

9,309,898

117,407,546

10,599,964

47,052,635

740,048

170,288,500

14,754,819

(4,343,911)

–

(7,859,715)

(1,523,716)

(4,343,911)

–

(7,859,715)

(1,523,716)

14,831,948

10,344,809

74,277,070

28,642,133

4,100,226

–

7,214,474

1,393,229

18,932,174

10,344,809

81,491,544

30,035,362

(22,983,440)

(16,713,400)

(71,658,503)

(37,528,208)

(4,051,266)

(6,368,591)

9,833,041

(7,492,846)

38,657,458

(5,628,543)

172,261,826

5,738,257

37,115,795

42,744,338

103,640,417

97,902,160

$

75,773,253

$

37,115,795

$

275,902,243

$

103,640,417

6,246,561

6,841,781

3,697,787

2,452,328

1,331,242

–

248,696

121,892

(9,533,545)

(11,235,174)

(3,715,034)

(3,360,936)

(1,955,742)

(4,393,393)

231,449

(786,716)

Notes

to

Financial

Statements

December

31,

2025

48

Note

1:

Organization

and

Significant

Accounting

Policies

U.S.

Global

Investors

Funds

(“Trust”),

consisting

of

the

six

separate

funds

(“Funds”)

included

in

this

report,

is

organized

as

a

Delaware

statutory

trust.

Each

Fund

is

an

open-

end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

and

follows

the

specialized

accounting

and

reporting

guidance

in

FASB

Accounting

Standards

Codification

Topic

946.

All

Funds

are

diversified

with

the

exception

of

World

Precious

Minerals

and

Gold

and

Precious

Metals.

A

non-diversified

fund

may

invest

a

greater

percentage

of

its

assets

in

a

smaller

number

of

issuers

in

comparison

to

a

diversified

fund.

On

June

14,

2019,

the

Institutional

Shares

of

the

Global

Resources

Fund

and

the

World

Precious

Minerals

Fund

were

liquidated

and

terminated

pursuant

to

a

Board

approved

Plan

of

Share

Class

Termination.

On

the

Liquidation

Date,

each

Fund

made

a

liquidating

distribution

to

shareholders

of

the

Institutional

Shares

equal

to

each

Shareholder’s

proportionate

interest

in

the

Institutional

Shares.

Effective

July

1,

2020,

the

Holmes

Macro

Trends

Fund

changed

its

name

to

Global

Luxury

Goods

Fund.

The

Fund

also

changed

its

investment

strategy

on

July

1,

2020.

Prior

to

that

date,

the

Fund

invested

in

a

diversified

portfolio

of

equity

and

equity-related

securities

of

companies

in

the

S&P

Composite

1500

Index,

with

a

focus

on

companies

achieving

high

return

on

invested

capital

metrics

and

an

emphasis

on

mid-capitalization

companies.

Different

investment

strategies

may

lead

to

different

performance

results.

The

Fund’s

performance

for

periods

prior

to

July

1,

2020

reflects

the

investment

strategy

in

effect

prior

to

that

date.

Each

Fund

included

herein

is

deemed

to

be

an

individual

reporting

segment

and

is

not

part

of

a

consolidated

reporting

entity.

The

objective

and

strategy

of

each

Fund

is

used

by

the

Adviser,

as

defined

in

Note

3,

to

make

investment

decisions,

and

the

results

of

the

operations,

as

shown

on

the

Statements

of

Operations

and

the

Financial

Highlights

for

each

Fund

is

the

information

utilized

for

the

day-to-day

management

of

the

Funds.

Each

Fund

is

party

to

the

expense

agreements

as

disclosed

in

the

Notes

to

the

Financial

Statements

and

there

are

no

resources

allocated

to

the

Funds

based

on

performance

measurements.

Due

to

the

significance

of

oversight

and

its

role,

the

Adviser

is

deemed

to

be

the

Chief

Operating

Decision

Maker.

The

following

is

a

summary

of

significant

accounting

policies

consistently

followed

by

the

Funds

in

the

preparation

of

their

financial

statements.

The

policies

are

in

conformity

with

U.S.

generally

accepted

accounting

principles.

A.

Security

Valuations

The

Funds

value

investments

traded

on

national

or

international

securities

exchanges

or

over-the-counter

at

the

last

sales

price

reported

by

the

security’s

primary

exchange

of

its

market

at

the

time

of

daily

valuation.

Options

and

securities

for

which

no

sale

was

reported

are

valued

at

the

mean

between

the

last

reported

bid

and

asked

quotation.

Debt

securities

having

60

days

or

less

to

maturity

that

are

expected

to

be

valued

at

par

at

maturity

may

be

priced

by

the

amortized

cost

method

if

the

Adviser

determines

it

would

approximate

market

value.

Municipal

securities,

long-term

U.S.

government

obligations

and

corporate

debt

securities

are

valued

by

an

independent

pricing

service

using

an

evaluated

quote

based

on

such

factors

as

institutional-size

trading

in

similar

groups

of

securities,

yield,

quality,

maturity,

coupon

rate,

type

of

issue,

individual

trading

characteristics

and

other

market

data.

For

more

information

please

see

Notes

to

Portfolio

of

Investments.

Notes

to

Financial

Statements

December

31,

2025

49

B.

Cash-Concentration

in

Uninsured

Account

For

cash

management

purposes

the

Funds

may

concentrate

cash

with

the

Funds’

custodian.

As

of

December

31,

2025,

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

$2,689,820,

$951,277,

$1,850,743,

$2,045,745,

$0

and

$5,437,470,

respectively,

as

cash

reserves

at

Brown

Brothers

Harriman

&

Co.

(BBH).

C.

Fair

Valued

Securities

Pursuant

to

Rule

2a-5

under

the

Investment

Company

Act,

the

Trust’s

Board

has

designated

the

Adviser

as

the

Funds’

valuation

designee

to

perform

any

fair

value

determinations

for

securities

and

other

assets

held

by

the

Funds.

The

Adviser

is

subject

to

the

oversight

of

the

Board

and

certain

reporting

and

other

requirements

intended

to

provide

the

Board

the

information

needed

to

oversee

the

Adviser’s

fair

value

determinations.

The

Adviser

is

responsible

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

in

accordance

with

policies

and

procedures

that

have

been

approved

by

the

Board.

Under

these

procedures,

the

Adviser

convenes

on

a

regular

and

ad

hoc

basis

to

review

such

investments

and

considers

a

number

of

factors,

including

valuation

methodologies

and

significant

unobservable

inputs,

when

arriving

at

fair

value.

The

Board

has

approved

the

Adviser’s

fair

valuation

procedures

as

a

part

of

the

Funds’

compliance

program

and

will

review

any

changes

made

to

the

procedures.

The

Adviser

provides

fair

valuation

inputs.

In

determining

fair

valuations,

the

Adviser

considers

a

number

of

factors

including

nature

and

duration

of

any

trading

restrictions,

trading

volume,

market

values

of

unrestricted

shares

of

the

same

or

similar

class,

investment

management’s

judgment

regarding

the

market

experience

of

the

issuer,

financial

status

and

other

operational

and

market

factors

affecting

the

issuer,

issuer’s

management,

quality

of

the

underlying

property

based

on

review

of

independent

geological

studies

and

other

relevant

matters.

The

fair

values

may

differ

from

what

would

have

been

used

had

a

broader

market

for

these

securities

existed.

The

Adviser

regularly

reviews

inputs

and

assumptions

and

performs

transactional

back-testing

and

disposition

analysis.

The

Adviser

reports

quarterly

to

the

Trust’s

Board

of

Trustees.

For

securities

traded

on

international

exchanges,

if

events

which

may

materially

affect

the

value

of

a

Fund’s

securities

occur

after

the

close

of

the

primary

exchange

and

before

a

Fund’s

net

asset

value

is

next

determined,

then

those

securities

will

be

valued

at

their

fair

value

as

determined

in

good

faith

in

accordance

with

the

policies

approved

by

the

Board

of

Trustees.

The

Adviser

uses

a

systematic

fair

value

model

provided

by

an

independent

third

party

to

value

international

securities

primarily

traded

on

an

exchange

or

market

outside

the

Western

Hemisphere

in

order

to

adjust

for

stale

pricing,

which

may

occur

between

the

close

of

certain

foreign

exchanges

and

the

New

York

Stock

Exchange.

Fair

valuation

is

based

on

subjective

factors

and,

as

a

result,

the

fair

value

price

of

an

investment

may

differ

from

the

security’s

market

price

and

may

not

be

the

price

at

which

the

asset

may

be

sold.

Fair

valuation

could

result

in

a

different

Net

Asset

Value

(“NAV”)

than

a

NAV

determined

by

using

market

quotes.

D.

Security

Transactions

and

Investment

Income

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

from

security

transactions

are

determined

on

an

identified

cost

basis.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

that

certain

dividends

from

foreign

securities

where

the

ex-dividend

Notes

to

Financial

Statements

December

31,

2025

50

date

may

have

passed

are

recorded

as

soon

as

the

Fund

has

confirmed

the

ex-dividend

date.

Interest

income,

which

may

include

original

issue

discount,

is

recorded

on

an

accrual

basis.

Discounts

and

premiums

on

securities

purchased

are

accreted

and

amortized,

respectively,

on

a

yield-to-worst

basis

as

adjustments

to

interest

income.

Investment

income

is

recorded

net

of

foreign

taxes

withheld

where

recovery

of

such

taxes

is

uncertain.

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis

and

segregate

collateral

on

their

books

with

a

value

at

least

equal

to

the

amount

of

the

commitment.

Losses

may

arise

due

to

the

changes

in

the

value

of

the

underlying

securities

or

if

the

counterparty

does

not

perform

under

the

contract.

E.

Foreign

Currency

Transactions

Some

Funds

may

invest

in

securities

of

foreign

issuers.

The

accounting

records

of

these

Funds

are

maintained

in

U.S.

dollars.

At

each

net

asset

value

determination

date,

the

value

of

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

the

current

prevailing

exchange

rate.

Security

transactions,

income

and

expenses

are

converted

at

the

prevailing

rate

of

exchange

on

the

respective

dates

of

the

transactions.

The

effect

of

changes

in

foreign

exchange

rates

on

foreign

denominated

securities

is

included

with

the

net

realized

and

unrealized

gain

or

loss

on

securities.

Other

foreign

currency

gains

or

losses

are

reported

separately.

F.

Federal

Income

Taxes

The

Funds

intend

to

continue

to

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies

and

to

distribute

substantially

all

of

their

taxable

income

to

shareholders.

Accordingly,

no

provision

for

federal

income

taxes

is

required.

Each

Fund

may

be

subject

to

foreign

taxes

on

income

and

gains

on

investments,

which

are

accrued

based

on

the

Fund’s

understanding

of

the

tax

rules

and

regulations

in

the

foreign

markets.

The

Funds

recognize

the

tax

benefits

of

uncertain

tax

positions

only

where

the

position

is

“more

likely

than

not”

to

be

sustained

assuming

examination

by

tax

authorities.

Management

has

analyzed

the

Funds’

tax

positions,

and

has

concluded

that

no

liability

for

unrecognized

tax

benefits

should

be

recorded

related

to

uncertain

tax

positions

taken

on

returns

filed

for

open

tax

years

or

expected

to

be

taken

in

2025

tax

returns.

The

Funds

file

U.S.

federal

and

excise

tax

returns

as

required.

The

Funds’

2022,

2023,

2024

and

2025

(when

filed)

tax

returns

are

open

to

examination

by

the

federal

and

applicable

state

tax

authorities.

The

Funds

have

no

examinations

in

progress.

G.

Dividends

and

Distributions

to

Shareholders

The

Funds

record

dividends

and

distributions

to

shareholders

on

the

ex-dividend

date.

Distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

accounting

principles

generally

accepted

in

the

United

States.

Accordingly,

periodic

reclassifications

related

to

permanent

book

and

tax

basis

differences

are

made

within

the

Funds’

capital

accounts

to

reflect

income

and

gains

available

for

distribution

under

income

tax

regulations.

The

Funds,

except

as

noted

below,

generally

pay

income

dividends

and

distribute

capital

gains,

if

any,

annually.

The

U.S.

Government

Securities

Ultra-Short

Bond

Fund

and

the

Near-Term

Tax

Free

Fund

pay

income

dividends

monthly.

A

Fund

may

elect

to

designate

a

portion

of

the

earnings

and

profits

distributed

to

shareholders

on

the

redemption

of

Fund

shares

during

the

year

as

distributions

for

federal

income

tax

purposes.

Notes

to

Financial

Statements

December

31,

2025

51

H.

Expenses

Fund

specific

expenses

are

allocated

to

that

Fund.

Expenses

that

are

not

fund

specific

are

allocated

among

Funds.

Expense

offset

arrangements

have

been

made

with

the

Funds’

custodian

so

the

custodian

fees

may

be

paid

indirectly

by

credits

earned

on

the

Funds’

cash

balances.

Such

deposit

arrangements

are

an

alternative

to

overnight

investments.

Custodian

fees

are

presented

in

the

Statements

of

Operations

gross

of

such

credits,

and

the

credits

are

presented

as

offsets

to

expenses.

For

the

U.S.

Government

Securities

Ultra-Short

Bond

Fund,

credits

earned

on

its

cash

balance

are

included

in

interest

and

other

income.

I.

Use

of

Estimates

in

Financial

Statement

Preparation

The

Funds

are

investment

companies

accounted

for

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“GAAP”).

Therefore

they

follow

the

accounting

and

reporting

guidelines

for

investment

companies.

The

preparation

of

financial

statements

in

conformity

with

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Note

2:

Financial

Derivative

Instruments

A.

Options

Contracts

Global

Luxury

Goods

Fund,

Gold

and

Precious

Metals

Fund,

Global

Resources

Fund

and

World

Precious

Minerals

Fund

(the

“Equity

Funds”)

may

purchase

or

write

(sell)

options

on

securities

to

manage

their

exposure

to

stock

or

commodity

markets

as

well

as

fluctuations

in

interest

and

currency

conversion

rates.

The

use

of

options

carries

the

risks

of

a

change

in

value

of

the

underlying

instruments,

an

illiquid

secondary

market,

or

failure

of

the

counterparty

to

perform

its

obligations.

A

put

option

gives

the

purchaser

of

the

option,

upon

payment

of

a

premium,

the

right

to

sell,

and

the

issuer

of

the

option

the

obligation

to

buy,

the

underlying

security,

commodity,

index,

currency

or

other

instrument

at

the

exercise

price.

A

call

option,

upon

payment

of

a

premium,

gives

the

purchaser

of

the

option

the

right

to

buy,

and

the

issuer

the

obligation

to

sell,

the

underlying

instrument

at

the

exercise

price.

Purchasing

a

put

option

tends

to

decrease

a

Fund’s

exposure

to

the

underlying

instrument,

whereas

purchasing

a

call

option

tends

to

increase

a

Fund’s

exposure

to

the

underlying

instrument.

A

Fund

pays

a

premium

which

is

included

in

the

Statement

of

Assets

and

Liabilities

as

an

investment

and

subsequently

marked

to

market

to

reflect

the

current

value

of

the

option.

Premiums

paid

to

purchase

options

which

expire

are

treated

as

realized

losses.

Premiums

paid

to

purchase

options

which

are

exercised

or

closed

are

added

to

the

cost

of

securities

acquired

or

the

proceeds

from

securities

sold.

The

risk

associated

with

purchasing

put

and

call

options

is

limited

to

the

premium

paid.

The

Funds

will

realize

a

loss

equal

to

all

or

a

part

of

the

premium

paid

for

an

option

if

the

price

of

the

underlying

security

or

other

instrument

decreases

or

does

not

increase

by

more

than

the

premium

(in

the

case

of

a

call

option),

or

if

the

price

of

the

underlying

security

or

other

instrument

increases

or

does

not

decrease

by

more

than

the

premium

(in

the

case

of

a

put

option).

Writing

(selling)

a

put

option

tends

to

increase

a

Fund’s

exposure

to

the

underlying

instrument,

whereas

writing

a

call

option

tends

to

decrease

a

Fund’s

exposure

to

the

Notes

to

Financial

Statements

December

31,

2025

52

underlying

instrument.

The

premium

received

is

recorded

as

a

liability

in

the

Statement

of

Assets

and

Liabilities

and

subsequently

marked

to

market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

are

treated

as

realized

gains.

Premiums

received

from

options

which

are

exercised

or

closed

are

added

to

the

proceeds

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss.

Written

options

include

a

risk

of

loss

in

excess

of

the

option

premium.

A

Fund

as

a

writer

of

an

option

has

no

control

over

whether

the

underlying

instrument

may

be

sold

(call)

or

purchased

(put)

and

thus

bears

the

market

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

There

is

also

the

risk

a

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

A

Fund’s

ability

to

close

out

its

position

as

a

purchaser

or

seller

of

a

put

or

call

option

is

dependent,

in

part,

upon

the

liquidity

of

the

market

for

that

particular

option.

There

can

be

no

guarantee

that

a

Fund

will

be

able

to

close

out

an

option

position

when

desired.

An

inability

to

close

out

its

options

positions

may

reduce

a

Fund’s

anticipated

profits

or

increase

its

losses.

As

of

December

31,

2025,

there

were

no

securities

held

in

escrow

by

the

custodian

as

cover

for

call

options

written.

B.

Forward

Foreign

Currency

Contracts

The

Funds

enter

into

forward

foreign

currency

contracts

to

lock

in

the

U.S.

dollar

cost

of

purchase

and

sale

transactions

or

to

hedge

the

portfolio

against

currency

fluctuations.

A

forward

foreign

currency

contract

is

a

commitment

to

purchase

or

sell

a

foreign

currency

at

a

future

date

at

a

negotiated

rate.

These

contracts

are

valued

daily,

and

the

Fund’s

net

equity

therein,

representing

unrealized

gain

or

loss

on

the

contracts

as

measured

by

the

difference

between

the

forward

foreign

exchange

rates

at

the

dates

of

entry

into

the

contracts

and

the

forward

rates

at

the

reporting

date,

is

included

in

the

Statement

of

Assets

and

Liabilities.

Realized

and

unrealized

gains

and

losses

are

included

in

the

Statement

of

Operations.

Risks

may

arise

upon

entering

into

these

contracts

from

the

potential

inability

of

counterparties

to

meet

the

terms

of

the

contracts

and

from

unanticipated

movements

in

the

value

of

foreign

currencies

relative

to

the

U.S.

dollar.

As

of

December

31,

2025,

there

were

no

open

forward

foreign

currency

contracts.

Notes

to

Financial

Statements

December

31,

2025

53

C.

Summary

of

Derivative

Instruments

The

following

is

a

summary

of

the

effect

of

derivative

instruments

on

the

Statements

of

Operations

as

of

December

31,

2025:

Location

Global

Luxury

Goods

Fund

Global

Resources

Fund

World

Precious

Minerals

Fund

Realized

gain

(loss)

on

derivatives

recognized

in

income

Realized

gain

(loss)

from

securities

from

unaffiliated

issuers

Purchased

options

–

Equity

risk

$

(129,458)

$

–

$

561,737

Net

realized

gain

(loss)

from

foreign

currency

transactions

Foreign

exchange

contracts

–

Currency

contract

risk

(226,611)

(135,031)

(262,923)

Realized

gain

(loss)

from

written

options

–

Equity

risk

82,496

–

0

(273,573)

(135,031)

298,814

Change

in

unrealized

appreciation

(depreciation)

on

derivatives

recognized

in

income

Net

change

in

unrealized

appreciation

(depreciation)

of

investments

in

unaffiliated

issuers

Purchased

options

–

Equity

risk

97,565

–

88,679

Net

change

in

unrealized

gain

(loss)

from

foreign

currency

–

–

–

Written

options

–

Equity

risk

(23,893)

–

–

73,672

–

88,679

Total

$

(199,901)

$

(135,031)

$

387,493

Location

Gold

and

Precious

Metals

Fund

Realized

gain

(loss)

on

derivatives

recognized

in

income

Realized

gain

(loss)

from

securities

Purchased

options

–

Equity

risk

$

1,103,083

Net

realized

gain

(loss)

from

foreign

currency

transactions

Foreign

exchange

contracts

–

Currency

contract

risk

(544,305)

558,778

Change

in

unrealized

appreciation

(depreciation)

on

derivatives

recognized

in

income

Net

change

in

unrealized

appreciation

(depreciation)

of

investments

Purchased

options

–

Equity

risk

501,530

501,530

Total

$

1,060,308

Notes

to

Financial

Statements

December

31,

2025

54

The

total

value

of

transactions

in

purchased

options,

written

options

and

forward

currency

contracts

during

the

year

ended

December

31,

2025,

were

approximately

as

follows:

Note

3:

Investment

Advisory

and

Other

Agreements

U.S.

Global

Investors,

Inc.

(the

“Adviser”)

is

the

investment

adviser

to

the

Funds.

Pursuant

to

an

investment

advisory

agreement

with

the

Trust

in

effect

through

October

1,

2026,

the

Adviser

furnishes

management

and

investment

advisory

services

and,

subject

to

the

supervision

of

the

Trustees,

directs

the

investments

of

each

Fund

according

to

each

Fund’s

investment

objectives,

policies

and

limitations.

For

the

services

of

the

Adviser,

each

Fund

pays

a

base

management

or

advisory

fee

based

upon

its

net

assets.

Fees

are

accrued

daily

and

paid

monthly.

The

contractual

management

fee

for

each

Fund

is:

The

advisory

agreement

also

provides

that

the

base

advisory

fee

of

the

Equity

Funds

will

be

adjusted

upwards

or

downwards

by

0.25

percent

if

there

is

a

performance

difference

of

5

percent

or

more

between

a

Fund’s

performance

and

that

of

its

designated

benchmark

index

over

the

prior

12

months.

The

performance

adjustment

is

calculated

separately

for

each

share

class.

The

benchmarks

are

as

follows:

No

performance

adjustment

is

applied

unless

the

difference

between

the

class’s

investment

performance

and

the

benchmark

is

5

percent

or

greater

(positive

or

negative)

during

the

applicable

performance

measurement

period.

The

performance

fee

adjustment

is

calculated

monthly

in

arrears

and

is

accrued

ratably

during

the

month.

The

management

fee,

net

of

any

performance

fee

adjustment,

is

paid

monthly

in

arrears.

At

a

special

meeting

of

shareholders

of

the

World

Precious

Minerals

Fund

held

on

March

8,

2024,

the

shareholders

of

the

World

Precious

Minerals

Fund

approved

the

elimination

of

the

performance

adjustment,

effective

April

1,

2024.

At

a

special

meeting

of

the

shareholders

of

the

Global

Luxury

Goods

Fund

and

Gold

and

Precious

Metals

Fund

held

on

March

28,

Fund

Purchased

Options

Written

Options

Forward

Currency

Contracts

Global

Luxury

Goods

Fund

$

600,630

$

(40,399)

$

19,823,552

Global

Resources

Fund

–

–

17,668,376

World

Precious

Minerals

Fund

352,689

–

32,139,259

Gold

and

Precious

Metals

Fund

1,319,190

–

76,253,951

Fund

Average

Percentage

of

Average

Daily

Net

Assets

U.S.

Government

Securities

Ultra-Short

Bond

.50%

of

the

first

$250,000,000

and

.375%

of

the

excess

Near-Term

Tax

Free

.50%

Global

Luxury

Goods

1.00%

Global

Resources

.95%

of

the

first

$500,000,000;

.90%

of

$500,000,001

to

$1,000,000,000

and

.85%

of

the

excess

World

Precious

Minerals

1.00%

of

the

first

$500,000,000;

.95%

of

$500,000,001

to

$1,000,000,000

and

.90%

of

the

excess

Gold

and

Precious

Metals

.90%

of

the

first

$500,000,000

and

.85%

of

the

excess

Fund

Benchmark

Index

Global

Luxury

Goods

S&P

Composite

1500

TR

Index

Global

Resources

S&P

Global

Natural

Resources

Index

(Net

Total

Return)

World

Precious

Minerals

NYSE

Arca

Gold

Miners

Index

Gold

and

Precious

Metals

FTSE

Gold

Mines

Index

C.

Summary

of

Derivative

Instruments

Notes

to

Financial

Statements

December

31,

2025

55

2024,

the

shareholders

of

the

Global

Luxury

Goods

Fund

and

Gold

and

Precious

Metals

Fund

each

approved

the

elimination

of

the

performance

adjustment,

effective

April

1,

2024.

At

a

special

meeting

of

shareholders

of

the

Global

Resources

Fund

held

on

May

24,

2024,

the

shareholders

of

the

Global

Resources

Fund

approved

the

elimination

of

the

performance

adjustment,

effective

June

1,

2024.

The

Adviser

agreed

to

phase

in

the

removal

of

the

performance

adjustment

such

that,

until

12

months

after

the

elimination

of

the

performance

adjustment

was

approved,

each

Fund

will

pay

advisory

fees

equal

to

the

lesser

of

the

base

rate

fee

or

the

fee

as

determined

with

the

performance

adjustment.

In

particular,

during

this

phase

in

period,

the

advisory

fee

rate

may

be

adjusted

downward

if

a

Fund’s

cumulative

performance

falls

below

the

performance

of

its

designated

benchmark

index

by

5%

or

more

but

would

not

be

correspondingly

adjusted

upward.

The

performance

adjustment

ceased

entirely

on

April

1,

2025

for

each

of

the

World

Precious

Minerals

Fund,

Global

Luxury

Goods

Fund,

and

Gold

and

Precious

Metals

Fund,

and

on

June

1,

2025

for

the

Global

Resources

Fund.

The

amounts

shown

as

Management

fee

on

the

Statements

of

Operations

reflects

the

base

fee

plus/minus

any

performance

adjustment.

During

the

year

ended

December

31,

2025,

the

Funds

recorded

performance

adjustments

as

follows:

Atlantic

Fund

Administration,

LLC,

a

wholly

owned

subsidiary

of

Apex

US

Holdings,

LLC

(d/b/a

Apex

Fund

Services)

(“Apex”)

and

the

Adviser

act

as

co-administrators

to

the

Trust.

Apex

provides

a

Principal

Executive

Officer,

a

Principal

Financial

Officer,

a

Chief

Compliance

Officer

and

a

Anti-Money

Laundering

Officer

to

each

Fund,

as

well

as

certain

additional

compliance

and

administrative

support

functions.

Apex

also

provides

fund

accounting

services

to

each

Fund.

The

fees

related

to

these

services

are

included

in

Administration

Fees

within

the

Statement

of

Operations.

Apex

also

provides

certain

shareholder

report

production

and

EDGAR

conversion

and

filing

services.

Pursuant

to

an

Apex

services

agreement,

each

Fund

pays

Apex

customary

fees

for

its

services.

The

U.S.

Government

Securities

Ultra-Short

Bond,

Near-Term

Tax

Free,

Global

Luxury

Goods,

Global

Resources,

World

Precious

Minerals

and

Gold

and

Precious

Metals

Funds

compensate

the

Adviser

at

an

annual

rate

of

0.05%

of

the

average

daily

net

assets

of

each

Fund

for

administrative

services

provided.

The

Equity

Funds

in

the

Trust

have

adopted

a

distribution

plan

pursuant

to

Rule

12b-1

of

the

Investment

Company

Act

of

1940

in

which

the

Distributor

is

paid

a

fee

at

an

annual

rate

of

0.25%

of

the

average

daily

net

assets

of

the

Fund

for

sales

and

promotional

services

related

to

the

distribution

of

shares.

The

Adviser

has

contractually

limited

the

total

operating

expenses

of

the

Global

Luxury

Goods

Fund,

Gold

and

Precious

Metals

Fund,

World

Precious

Minerals

Fund,

and

Global

Resources

Fund

at

1.75%

on

an

annualized

basis

through

April

30,

2026.

The

Adviser

has

also

contractually

limited

the

total

operating

expenses

of

the

Near-Term

Tax

Free

Fund

at

Fund

Investor

Class

Performance

Fee

Adjustment

Global

Luxury

Goods

$

(20,717)

World

Precious

Minerals

(25,140)

Gold

and

Precious

Metals

(23,297)

Note

3:

Investment

Advisory

and

Other

Agreements

Notes

to

Financial

Statements

December

31,

2025

56

0.45%

on

an

annual

basis

through

April

30,

2026.

Amounts

waived

or

reimbursed

by

the

Adviser

pursuant

to

this

contractual

waiver

arrangement

are

not

eligible

for

recoupment

by

the

Adviser.

The

Adviser

has

voluntarily

agreed

to

reimburse

the

U.S.

Government

Securities

Ultra-

Short

Bond

Fund

so

that

total

operating

expenses

will

not

exceed

0.45%

of

average

net

assets

through

April

30,

2026.

The

expense

limitation

will

continue

on

a

voluntary

basis

at

the

Adviser’s

discretion.

The

Adviser

may

temporarily

agree

to

additional

reimbursements

or

limitations.

Amounts

waived

or

reimbursed

by

the

Adviser

pursuant

to

this

voluntary

waiver

arrangement

are

not

eligible

for

recoupment

by

the

Adviser.

Apex

is

the

transfer

agent

for

the

Funds.

Each

Fund’s

share

class

pays

an

annual

fee

based

on

the

number

of

shareholder

accounts,

certain

base

fees

and

transaction-

and

activity-based

fees

for

transfer

agency

services.

Certain

account

fees

are

paid

directly

by

shareholders

to

the

transfer

agent,

which,

in

turn,

reduces

its

charge

to

the

Funds.

Brown

Brothers

Harriman

&

Co.

(BBH)

serves

as

the

custodian.

Foreside

Fund

Services,

LLC

(the

“Distributor”),

a

wholly

owned

subsidiary

of

Foreside

Financial

Group,

LLC

(d/b/a

ACA

Group),

acts

as

the

agent

of

the

Trust

in

connection

with

the

continuous

offering

of

shares

of

the

Funds.

The

Distributor

continually

distributes

shares

of

the

Funds

on

a

best

efforts

basis.

Note

4:

Investments

Cost

of

purchases

and

proceeds

from

sales

of

long-term

securities

for

the

year

ended

December

31,

2025,

are

summarized

as

follows:

Note

5:

Tax

Information

The

following

table

presents

the

income

tax

basis

of

securities

owned

at

December

31,

2025,

and

the

tax

basis

components

of

net

unrealized

appreciation

(depreciation):

Fund

Purchases

Sales

U.S.

Government

Securities

Ultra-Short

Bond

$

1,967,188

$

9,500,000

Near-Term

Tax

Free

13,526,498

15,205,814

Global

Luxury

Goods

59,292,365

61,255,527

Global

Resources

25,192,003

26,006,492

World

Precious

Minerals

14,665,150

22,230,526

Gold

and

Precious

Metals

132,924,966

127,824,195

Fund

Aggregate

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

U.S.

Government

Securities

Ultra-Short

Bond

$

25,305,058

$

25,114

$

–

$

25,114

Near-Term

Tax

Free

21,383,474

119,075

(44,120)

74,955

Global

Luxury

Goods

42,150,196

12,034,848

(2,238,492)

9,796,356

Global

Resources

102,541,503

9,656,698

(51,227,894)

(41,571,196)

World

Precious

Minerals

98,779,690

(1,515,580)

(21,065,862)

(22,581,442)

Gold

and

Precious

Metals

150,592,146

127,000,998

(6,999,338)

120,001,660

Note

3:

Investment

Advisory

and

Other

Agreements

Notes

to

Financial

Statements

December

31,

2025

57

As

of

December

31,

2025,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

for

Global

Luxury

Goods,

Global

Resources,

World

Precious

Minerals

and

Gold

and

Precious

Metals

Funds

are

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales,

and

investment

in

passive

foreign

investment

companies

(PFIC).

Reclassifications

are

made

to

the

Funds’

capital

accounts

to

reflect

income

and

gains

available

for

distribution

(or

available

capital

loss

carryovers)

and

due

to

over

distributions

necessary

to

meet

excise

tax

reporting

requirements

under

income

tax

regulations.

For

the

year

ended

December

31,

2025,

the

Funds

recorded

the

following

reclassifications

to

increase

(decrease)

the

accounts

listed

below:

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)

Fund

(continued)

Net

Unrealized

Appreciation

(Depreciation)

Other

Temporary

Differences

Total

U.S.

Government

Securities

Ultra-Short

Bond

$

25,114‌

$

–‌

$

(779,343‌)

Near-Term

Tax

Free

74,955‌

–‌

(2,714,465‌)

Global

Luxury

Goods

9,796,356‌

11,397‌

8,573,916‌

Global

Resources

(41,571,196‌)

15,501‌

(265,827,102‌)

World

Precious

Minerals

(22,581,442‌)

17‌

(358,071,963‌)

Gold

and

Precious

Metals

120,001,660‌

(1,159‌)

118,690,345‌

Fund

Distributable

Earnings

Paid

in

Capital

U.S.

Government

Securities

Ultra-Short

Bond

$

14

$

(14)

Near-Term

Tax

Free

3

(3)

Global

Luxury

Goods

84,278

(84,278)

Global

Resources

12

(12)

World

Precious

Minerals

–

–

Gold

and

Precious

Metals

–

–

Notes

to

Financial

Statements

December

31,

2025

58

The

tax

character

of

distributions

paid

during

the

fiscal

year

ended

December

31,

2025,

were

as

follows:

The

tax

character

of

distributions

paid

during

the

fiscal

year

ended

December

31,

2024,

were

as

follows:

Capital

loss

carryforwards

may

be

used

to

offset

current

or

future

taxable

capital

gains.

The

loss

carryforwards

for

each

Fund,

as

of

December

31,

2025,

are

as

follows:

For

tax

purposes,

the

Funds

have

current

year

deferred

post

October

losses

as

follows:

These

losses

were

recognized

for

tax

purposes

on

the

first

day

of

the

current

tax

year.

Fund

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Total

U.S.

Government

Securities

Ultra-Short

Bond

$

–

$

1,097,324

$

–

$

–

$

1,097,324

Near-Term

Tax

Free

503,256

78,043

–

–

581,299

Global

Luxury

Goods

–

2,091,395

1,790,393

84,278

3,966,066

Global

Resources

–

513,252

–

–

513,252

World

Precious

Minerals

–

4,343,911

–

–

4,343,911

Gold

and

Precious

Metals

–

7,859,715

–

–

7,859,715

Fund

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Total

U.S.

Government

Securities

Ultra-Short

Bond

$

–

$

1,272,327

$

–

$

–

$

1,272,327

Near-Term

Tax

Free

516,001

95,264

–

–

611,265

Global

Luxury

Goods

–

2,721,384

1,816,828

–

4,538,212

Global

Resources

–

1,528,790

–

–

1,528,790

World

Precious

Minerals

–

–

–

–

–

Gold

and

Precious

Metals

–

1,523,716

–

–

1,523,716

No

Expiration

Fund

Short-Term

Long-Term

Total

U.S.

Government

Securities

Ultra-Short

Bond

$

418,828

$

385,629

$

804,457

Near-Term

Tax

Free

1,043,573

1,745,847

2,789,420

Global

Luxury

Goods

1,080,871

–

1,080,871

Global

Resources

168,412,763

75,342,866

243,755,629

World

Precious

Minerals

87,664,895

278,566,859

366,231,754

Gold

and

Precious

Metals

8,800,491

–

8,800,491

Fund

Post

October

31,

2025

Capital

Loss

Deferral

Post

October

31,

2025

Ordinary

Loss

Deferral

Global

Luxury

Goods

$

152,966

$

–

Notes

to

Financial

Statements

December

31,

2025

59

The

Global

Luxury

Goods

Fund

has

a

Section

382

loss

limitation.

The

remaining

loss

limit

at

December

31,

2025

is

$1,080,871

and

the

yearly

amount

of

loss

that

can

be

drawn

down

or

utilized

from

this

amount

is

$117,889.

During

the

year

ended

December

31,

2025,

the

following

Funds

utilized

capital

loss

carryforwards

to

offset

capital

gains

amounting

to:

Note

6:

Risks

of

Concentrations

and

Foreign

Investments

The

Near-Term

Tax

Free

Fund

may

be

exposed

to

risks

related

to

concentration

of

investments

in

a

particular

state

or

geographic

area.

These

investments

present

risks

resulting

from

changes

in

economic

conditions

of

the

region

or

the

issuer.

The

Global

Resources

Fund

concentrates

its

investments

in

the

natural

resources

industries

and

may

be

subject

to

greater

risks

and

fluctuations

than

a

portfolio

representing

a

broader

range

of

industries.

The

World

Precious

Minerals

and

Gold

and

Precious

Metals

Funds

concentrate

their

investments

in

gold

and

other

precious

metals

and

minerals

and,

therefore,

may

be

subject

to

greater

risks

and

market

fluctuations

than

a

portfolio

representing

a

broader

range

of

industries.

The

funds

invest

in

securities

that

typically

respond

to

changes

in

the

price

of

gold

and

other

precious

metals

and

minerals,

which

can

be

influenced

by

a

variety

of

global

economic,

financial

and

political

factors;

increased

environmental

and

labor

costs

in

mining;

and

changes

in

laws

relating

to

mining

or

gold

production

or

sales.

Fluctuations

in

the

prices

of

gold

and

other

precious

metals

and

minerals

will

affect

the

market

values

of

the

securities

held

by

these

funds.

Note

7:

Credit

Arrangements

Each

of

the

Funds

has

an

uncommitted

credit

facility

with

BBH,

which

will

remain

in

effect

through

at

least

April

19,

2026.

The

continuance

of

the

credit

facility

with

BBH

is

subject

to

annual

renewal

by

the

Board.

Borrowings

of

each

Fund

are

collateralized

by

any

or

all

of

the

securities

held

by

BBH

as

the

Funds’

custodian

up

to

the

amount

of

the

borrowing.

Interest

on

borrowings

is

charged

at

the

current

overnight

Federal

Funds

Rate

plus

2

percent.

Each

Fund

has

a

maximum

borrowing

limit

of

10

percent

of

qualified

assets.

The

aggregate

of

borrowings

by

all

Funds

under

the

agreement

cannot

exceed

$10,000,000

at

any

one

time.

There

were

no

borrowings

under

the

credit

facility

during

the

year

ended

December

31,

2025.

Note

8:

Commitments

and

Contingencies

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

provide

general

indemnifications

by

each

Fund

to

the

counterparty

to

the

contract.

Each

Fund’s

maximum

exposure

under

these

arrangements

is

dependent

on

future

claims

that

may

be

made

against

Fund

U.S.

Government

Securities

Ultra-Short

Bond

$

2,337

Global

Luxury

Goods

117,889

Global

Resources

633,131

Gold

and

Precious

Metals

51,503,456

Notes

to

Financial

Statements

December

31,

2025

60

each

Fund

and,

therefore,

cannot

be

estimated;

however,

based

on

experience,

the

risk

of

loss

from

such

claims

is

considered

remote.

Each

Fund

has

determined

that

none

of

these

arrangements

requires

disclosure

on

each

Fund’s

Statement

of

Assets

and

Liabilities.

Note

9:

Subsequent

Events

Subsequent

events

occurring

after

the

date

of

this

report

through

the

date

these

financial

statements

were

issued

have

been

evaluated

for

potential

impact,

and

the

Funds

have

had

not

such

events.

Management

has

evaluated

the

need

for

additional

disclosures

and/

or

adjustments

resulting

from

subsequent

events.

Based

on

this

evaluation,

no

additional

disclosures

or

adjustments

were

required

to

the

financial

statements

as

of

the

date

the

financial

statements

were

issued.

Financial

Highlights

61

U.S.

Government

Securities

Ultra-Short

Bond

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Investor

Class

Year

Ended

December

31,

2025

2024

2023

2022

2021

Ratios

to

Average

Net

Assets:

Expense

offset

(0.01)%

(0.01)%

–

–

–

Year

Ended

December

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

of

year

$

1.95

‌

$

1.95

‌

$

1.94

‌

$

1.99

‌

$

2.00

‌

Investment

Activities

Net

investment

income

(loss)

*

0.08

‌

0.08

‌

0.07

‌

0.02

‌

(0.01

)

Net

realized

and

unrealized

gain

(loss)

(0.00

)

(a)

(0.00

)

(a)

0.01

‌

(0.05

)

(0.00

)

(a)

Total

from

investment

activities

0.08

‌

0.08

‌

0.08

‌

(0.03

)

(0.01

)

Distributions

From

net

investment

income

(0.08

)

(0.08

)

(0.07

)

(0.02

)

–

‌

From

net

realized

gains

–

‌

–

‌

–

‌

(0.00

)

(a)

(0.00

)

(a)

Net

asset

value,

end

of

year

$

1.95

‌

$

1.95

‌

$

1.95

‌

$

1.94

‌

$

1.99

‌

Total

Return

(b)

3.92

%

4.31

%

4.17

%

(1.66

)%

(0.44

)%

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

3.85

%

4.20

%

3.56

%

0.82

%

(0.32

)%

Total

expenses

1.35

%

1.30

%

1.17

%

1.13

%

1.06

%

Expenses

waived

or

reimbursed

(c)

(0.90

)%

(0.85

)%

(0.72

)%

(0.68

)%

(0.61

)%

Net

expenses

(d)

0.45

%

0.45

%

0.45

%

0.45

%

0.45

%

Portfolio

turnover

rate

25

%

38

%

143

%

46

%

78

%

Net

assets,

end

of

year

(in

thousands)

$28,003

‌

$29,921

‌

$31,328

‌

$34,117

‌

$38,004

‌

*

Based

on

average

shares

outstanding.

(a)

The

per

share

amount

does

not

round

to

a

full

penny.

(b)

Assumes

investment

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

distributions

and

a

complete

redemption

of

the

investment

at

the

net

asset

value

at

the

end

of

the

period.

(c)

Expenses

waived

or

reimbursed

reflect

reductions

to

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

or

decrease

the

net

investment

income

ratio,

as

applicable,

and

decrease

the

total

returns

had

such

reductions

not

occurred.

(d)

The

net

expense

ratios

shown

above

reflect

expenses

after

waivers

and

reimbursements

and

include

the

effect

of

reductions

to

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

of

expenses

offset

are

as

follows:

Financial

Highlights

62

Near-Term

Tax

Free

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Investor

Class

Year

Ended

December

31,

2025

2024

2023

2022

2021

Ratios

to

Average

Net

Assets:

Expense

offset

(0.01)%

(0.02)%

(0.01)%

(0.02)%

(–)%

Year

Ended

December

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

of

year

$

2.09

‌

$

2.10

‌

$

2.09

‌

$

2.23

‌

$

2.26

‌

Investment

Activities

Net

investment

income

*

0.05

‌

0.05

‌

0.05

‌

0.02

‌

0.02

‌

Net

realized

and

unrealized

gain

(loss)

0.02

‌

(0.01

)

0.01

‌

(0.14

)

(0.03

)

Total

from

investment

activities

0.07

‌

0.04

‌

0.06

‌

(0.12

)

(0.01

)

Distributions

From

net

investment

income

(0.05

)

(0.05

)

(0.05

)

(0.02

)

(0.02

)

Net

asset

value,

end

of

year

$

2.11

‌

$

2.09

‌

$

2.10

‌

$

2.09

‌

$

2.23

‌

Total

Return

(a)

3.47

%

1.99

%

3.04

%

(5.23

)%

(0.46

)%

Ratios

to

Average

Net

Assets:

Net

investment

income

2.46

%

2.44

%

2.42

%

1.08

%

0.86

%

Total

expenses

1.54

%

1.42

%

1.29

%

1.20

%

1.13

%

Expenses

waived

or

reimbursed

(b)

(1.09

)%

(0.97

)%

(0.84

)%

(0.75

)%

(0.68

)%

Net

expenses

(c)

0.45

%

0.45

%

0.45

%

0.45

%

0.45

%

Portfolio

turnover

rate

62

%

53

%

14

%

57

%

20

%

Net

assets,

end

of

year

(in

thousands)

$22,751

‌

$23,458

‌

$25,394

‌

$30,878

‌

$35,389

‌

*

Based

on

average

shares

outstanding.

(a)

Assumes

investment

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

distributions

and

a

complete

redemption

of

the

investment

at

the

net

asset

value

at

the

end

of

the

period.

(b)

Expenses

waived

or

reimbursed

reflect

reductions

to

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

or

decrease

the

net

investment

income

ratio,

as

applicable,

and

decrease

the

total

returns

had

such

reductions

not

occurred.

(c)

The

net

expense

ratios

shown

above

reflect

expenses

after

waivers

and

reimbursements

and

include

the

effect

of

reductions

to

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

of

expenses

offset

are

as

follows:

Financial

Highlights

63

Global

Luxury

Goods

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Investor

Class

Year

Ended

December

31,

2025

2024

2023

2022

2021

Ratios

to

Average

Net

Assets:

Expense

offset

(0.03)%

(0.02)%

(0.04)%

(0.06)%

(

–

)%

Year

Ended

December

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

of

year

$

19.97

‌

$

19.22

‌

$

15.95

‌

$

22.30

‌

$

20.59

‌

Investment

Activities

Net

investment

income

(loss)

*

0.12

‌

0.14

‌

0.12

‌

0.36

‌

(0.14

)

Net

realized

and

unrealized

gain

(loss)

3.44

‌

2.60

‌

3.67

‌

(5.69

)

5.28

‌

Total

from

investment

activities

3.56

‌

2.74

‌

3.79

‌

(5.33

)

5.14

‌

Distributions

From

net

investment

income

(0.00

)

(a)

(0.13

)

(0.01

)

(0.57

)

(0.21

)

From

net

realized

gains

(1.72

)

(1.86

)

(0.51

)

(0.45

)

(3.22

)

Net

asset

value,

end

of

year

$

21.81

‌

$

19.97

‌

$

19.22

‌

$

15.95

‌

$

22.30

‌

Total

Return

(b)

17.80

%

14.22

%

23.75

%

(23.88

)%

25.02

%

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

0.59

%

0.68

%

0.64

%

2.03

%

(0.60

)%

Total

expenses

1.91

%

1.71

%

2.05

%

1.75

%

1.99

%

Expenses

waived

or

reimbursed

(c)

(0.20

)%

(0.20

)%

(0.18

)%

(0.20

)%

(0.06

)%

Net

expenses

(d)

1.71

%

1.51

%

1.87

%

1.55

%

1.93

%

Portfolio

turnover

rate

122

%

195

%

195

%

248

%

177

%

Net

assets,

end

of

year

(in

thousands)

$53,991

‌

$49,610

‌

$47,245

‌

$40,321

‌

$57,667

‌

*

Based

on

average

shares

outstanding.

(a)

The

per

share

amount

does

not

round

to

a

full

penny.

(b)

Assumes

investment

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

distributions

and

a

complete

redemption

of

the

investment

at

the

net

asset

value

at

the

end

of

the

period.

(c)

Expenses

waived

or

reimbursed

reflect

reductions

to

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

or

decrease

the

net

investment

income

ratio,

as

applicable,

and

decrease

the

total

returns

had

such

reductions

not

occurred.

(d)

The

net

expense

ratios

shown

above

reflect

expenses

after

waivers

and

reimbursements

and

include

the

effect

of

reductions

to

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

of

expenses

offset

are

as

follows:

Financial

Highlights

64

Global

Resources

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Investor

Class

Year

Ended

December

31,

2025

2024

2023

2022

2021

Ratios

to

Average

Net

Assets:

Expense

offset

(0.03)%

(0.03)%

(0.04)%

(0.03)%

(

–

)%

Year

Ended

December

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

of

year

$

3.66

‌

$

3.97

‌

$

4.30

‌

$

5.67

‌

$

5.97

‌

Investment

Activities

Net

investment

income

(loss)

*

0.04

‌

0.01

‌

0.01

‌

0.01

‌

(0.01

)

Net

realized

and

unrealized

gain

(loss)

2.89

‌

(0.16

)

(0.34

)

(0.71

)

0.78

‌

Total

from

investment

activities

2.93

‌

(0.15

)

(0.33

)

(0.70

)

0.77

‌

Distributions

From

net

investment

income

(0.05

)

(0.16

)

–

‌

(0.67

)

(1.07

)

Net

asset

value,

end

of

year

$

6.54

‌

$

3.66

‌

$

3.97

‌

$

4.30

‌

$

5.67

‌

Total

Return

(a)

80.27

%

(3.73

)%

(7.67

)%

(12.10

)%

13.43

%

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

0.94

%

0.22

%

0.35

%

0.25

%

(0.22

)%

Total

expenses

2.10

%

2.04

%

1.69

%

1.60

%

1.90

%

Expenses

waived

or

reimbursed

(b)

(0.35

)%

(0.47

)%

(0.22

)%

(0.06

)%

–

‌

Net

expenses

(c)

1.75

%

1.57

%

1.47

%

1.54

%

1.90

%

Portfolio

turnover

rate

60

%

85

%

84

%

46

%

135

%

Net

assets,

end

of

year

(in

thousands)

$63,199

‌

$36,537

‌

$45,339

‌

$55,053

‌

$67,821

‌

*

Based

on

average

shares

outstanding.

(a)

Assumes

investment

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

distributions

and

a

complete

redemption

of

the

investment

at

the

net

asset

value

at

the

end

of

the

period.

(b)

Expenses

waived

or

reimbursed

reflect

reductions

to

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

or

decrease

the

net

investment

income

ratio,

as

applicable,

and

decrease

the

total

returns

had

such

reductions

not

occurred.

(c)

The

net

expense

ratios

shown

above

reflect

expenses

after

waivers

and

reimbursements

and

include

the

effect

of

reductions

to

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

of

expenses

offset

are

as

follows:

Financial

Highlights

65

World

Precious

Minerals

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Investor

Class

Year

Ended

December

31,

2025

2024

2023

2022

2021

Ratios

to

Average

Net

Assets:

Expense

offset

(0.04)%

(0.03)%

(0.04)%

(0.02)%

(

–

)%

Year

Ended

December

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

of

year

$

1.49

‌

$

1.45

‌

$

1.73

‌

$

2.58

‌

$

5.26

‌

Investment

Activities

Net

investment

loss

*

(0.02

)

(0.01

)

(0.01

)

(0.03

)

(0.09

)

Net

realized

and

unrealized

gain

(loss)

2.02

‌

0.05

‌

(0.27

)

(0.82

)

(0.74

)

Total

from

investment

activities

2.00

‌

0.04

‌

(0.28

)

(0.85

)

(0.83

)

Distributions

From

net

investment

income

(0.20

)

–

‌

–

‌

–

‌

(1.85

)

Net

asset

value,

end

of

year

$

3.29

‌

$

1.49

‌

$

1.45

‌

$

1.73

‌

$

2.58

‌

Total

Return

(a)

134.84

%

2.76

%

(16.18

)%

(32.95

)%

(14.19

)%

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.89

)%

(0.72

)%

(0.90

)%

(1.31

)%

(1.77

)%

Total

expenses

1.98

%

1.92

%

1.74

%

1.62

%

1.93

%

Expenses

waived

or

reimbursed

(b)

(0.28

)%

(0.43

)%

(0.27

)%

(0.09

)%

–

‌

Net

expenses

(c)

1.70

%

1.49

%

1.47

%

1.53

%

1.93

%

Portfolio

turnover

rate

28

%

31

%

21

%

25

%

41

%

Net

assets,

end

of

year

(in

thousands)

$75,773

‌

$37,116

‌

$42,744

‌

$54,500

‌

$89,313

‌

*

Based

on

average

shares

outstanding.

(a)

Assumes

investment

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

distributions

and

a

complete

redemption

of

the

investment

at

the

net

asset

value

at

the

end

of

the

period.

(b)

Expenses

waived

or

reimbursed

reflect

reductions

to

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

or

decrease

the

net

investment

income

ratio,

as

applicable,

and

decrease

the

total

returns

had

such

reductions

not

occurred.

(c)

The

net

expense

ratios

shown

above

reflect

expenses

after

waivers

and

reimbursements

and

include

the

effect

of

reductions

to

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

of

expenses

offset

are

as

follows:

Financial

Highlights

66

Gold

and

Precious

Metals

Fund

For

a

capital

share

outstanding

during

the

See

accompanying

notes

to

financial

statements.

Investor

Class

Year

Ended

December

31,

2025

2024

2023

2022

2021

Ratios

to

Average

Net

Assets:

Expense

offset

(0.02)%

(0.01)%

(0.02)%

(0.03)%

(

–

)%

Year

Ended

December

31,

2025

2024

2023

2022

2021

Net

asset

value,

beginning

of

year

$

11.38

‌

$

9.90

‌

$

9.75

‌

$

11.81

‌

$

13.53

‌

Investment

Activities

Net

investment

income

(loss)

*

0.14

‌

0.02

‌

0.04

‌

(0.01

)

(0.01

)

Net

realized

and

unrealized

gain

(loss)

18.90

‌

1.63

‌

0.11

‌

(2.05

)

(1.46

)

Total

from

investment

activities

19.04

‌

1.65

‌

0.15

‌

(2.06

)

(1.47

)

Distributions

From

net

investment

income

(0.87

)

(0.17

)

–

‌

–

‌

(0.25

)

Net

asset

value,

end

of

year

$

29.55

‌

$

11.38

‌

$

9.90

‌

$

9.75

‌

$

11.81

‌

Total

Return

(a)

167.46

%

16.65

%

1.54

%

(17.44

)%

(10.82

)%

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

0.71

%

0.16

%

0.38

%

(0.11

)%

(0.07

)%

Total

expenses

1.62

%

1.71

%

1.48

%

1.55

%

1.82

%

Expenses

waived

or

reimbursed

(b)

(0.02

)%

(0.02

)%

(0.02

)%

(0.03

)%

–

‌

Net

expenses

(c)

1.60

%

1.69

%

1.46

%

1.52

%

1.82

%

Portfolio

turnover

rate

76

%

58

%

50

%

55

%

56

%

Net

assets,

end

of

year

(in

thousands)

$275,902

‌

$103,640

‌

$97,902

‌

$110,089

‌

$141,228

‌

*

Based

on

average

shares

outstanding.

(a)

Assumes

investment

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

distributions

and

a

complete

redemption

of

the

investment

at

the

net

asset

value

at

the

end

of

the

period.

(b)

Expenses

waived

or

reimbursed

reflect

reductions

to

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

or

decrease

the

net

investment

income

ratio,

as

applicable,

and

decrease

the

total

returns

had

such

reductions

not

occurred.

(c)

The

net

expense

ratios

shown

above

reflect

expenses

after

waivers

and

reimbursements

and

include

the

effect

of

reductions

to

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

of

expenses

offset

are

as

follows:

67

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

and

Shareholders

of

U.S.

Global

Investors

Funds

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

portfolios

of

investments,

of

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,

each

a

series

of

shares

of

beneficial

interest

in

U.S.

Global

Investors

Funds

(the

“Funds”)

as

of

December

31,

2025,

the

related

statements

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2025,

the

results

of

their

operations

for

the

year

then

ended,

the

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

Funds’

financial

highlights

for

the

years

ended

December

31,

2022,

and

prior,

were

audited

by

other

auditors

whose

report

dated

February

28,

2023,

expressed

an

unqualified

opinion

on

those

financial

statements

and

financial

highlights.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(“PCAOB”)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025,

by

correspondence

with

the

custodian,

issuer

and

brokers.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

Funds’

auditor

since

2023.

COHEN

&

COMPANY,

LTD.

Philadelphia,

Pennsylvania

February

27,

2026

Important

Tax

Information

(

unaudited

)

December

31,

2025

68

The

percentage

of

tax-exempt

dividends

paid

by

the

Near-Term

Tax

Free

Fund

for

the

year

ended

December

31,

2025,

was

86.57%.

The

percentage

of

ordinary

income

dividends

paid

by

the

Funds

during

the

year

ended

December

31,

2025,

which

qualify

as

Qualified

Dividends

Income

(QDI)

and

the

Dividends

Received

Deduction

(DRD)

available

to

corporate

shareholders

was:

The

amounts

which

represent

foreign

source

income

and

foreign

taxes

paid

during

the

year

ended

December

31,

2025,

are

as

follows:

Qualified

Dividend

Income

Dividend

Received

Deduction

Qualified

Investment

Income

Qualified

Short

Term

Gain

Dividends

U.S.

Government

Securities

Ultra-Short

Bond

–%

–%

86.12%

–%

Near-Term

Tax

Free

–%

–%

7.22%

–%

Global

Luxury

Goods

46.53%

8.66%

1.76%

97.16%

Global

Resources

52.04%

30.10%

4.92%

–%

World

Precious

Minerals

0.45%

–%

0.58%

–%

Gold

and

Precious

Metals

13.79%

0.15%

0.96%

–%

Foreign

Source

Income

Foreign

Tax

Credit

Global

Luxury

Goods

$

1,107,850

$

103,751

Global

Resources

948,258

12,701

World

Precious

Minerals

407,974

5,320

Gold

and

Precious

Metals

4,068,399

253,746

Other

Information

(

unaudited

)

December

31,

2025

69

Changes

in

and

Disagreements

with

Accountants

(Item

8

of

Form

N-CSR)

N/A

Proxy

Disclosure

(Item

9

of

Form

N-CSR)

N/A

Remuneration

Paid

to

Directors,

Officers,

and

Others

(Item

10

of

Form

N-CSR)

Please

see

financial

statements

in

Item

7.

Statement

Regarding

the

Basis

for

the

Board’s

Approval

of

Investment

Advisory

Contract

(Item

11

of

Form

N-CSR)

At

the

September

24,

2025

Board

meeting

(“September

meeting”),

the

Board

of

Trustees

(the

“Board”)

of

U.S.

Global

Investors

Funds

(the

“Trust”),

including

all

the

trustees

who

are

not

“interested

persons”

of

the

Trust

(the

“Independent

Trustees”),

met

and

considered

the

approval

of

the

continuance

of

the

investment

advisory

agreement

between

the

Adviser

and

the

Trust

(the

“Advisory

Agreement”),

on

behalf

of

each

series

of

the

Trust

(each,

a

“Fund”

and

together,

the

“Funds”)

for

an

additional

one-year

term.

In

preparation

for

its

deliberations,

the

Board

requested

and

reviewed

written

responses

from

the

Adviser

to

a

due

diligence

questionnaire

circulated

on

the

Board's

behalf

concerning

the

Adviser’s

personnel,

operations,

financial

condition,

projected

performance,

and

the

services

to

be

provided

by

the

Adviser

to

each

Fund.

During

its

deliberations,

the

Board

received

a

presentation

from

senior

representatives

of

the

Adviser

and

discussed

the

materials

with

the

Adviser,

independent

legal

counsel

to

the

Independent

Trustees

(“Independent

Legal

Counsel”)

and,

as

necessary,

with

the

Trust’s

administrator.

The

Independent

Trustees

also

met

in

executive

session

with

Independent

Legal

Counsel

while

deliberating.

At

the

September

meeting,

the

Board

reviewed,

among

other

matters,

the

topics

discussed

below:

Nature,

Extent

and

Quality

of

Services

Based

on

written

materials

received

from

the

Adviser,

a

presentation

from

senior

representatives

of

the

Adviser,

and

a

discussion

with

the

Adviser

about

the

Adviser’s

personnel,

operations

and

financial

condition,

the

Board

considered

the

quality

of

services

provided

by

the

Adviser

under

the

Advisory

Agreement.

In

this

regard,

the

Board

considered

information

regarding,

among

other

things,

the

experience,

qualifications

and

professional

background

of

the

portfolio

managers

and

other

personnel

at

the

Adviser

with

principal

responsibility

for

the

Funds’

investments;

the

investment

philosophy

and

decision-making

process

of

those

professionals;

the

capability

and

integrity

of

the

Adviser’s

senior

management

and

staff;

and

the

quality

of

the

Adviser’s

services

with

respect

to

regulatory

compliance.

The

Board

also

considered

the

adequacy

of

the

Adviser’s

resources.

The

Board

noted

the

Adviser’s

representation

that

the

firm

is

financially

stable

and

has

the

operational

capability

needed

to

provide

high-quality

investment

advisory

services

to

the

Funds.

Based

on

the

presentation

and

the

materials

provided

by

the

Adviser,

the

Board

concluded

that,

overall,

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

Funds

by

the

Adviser

under

the

Advisory

Agreement.

Other

Information

(

unaudited

)

December

31,

2025

70

Performance

In

connection

with

a

presentation

by

the

Adviser

regarding

its

approach

to

managing

the

Funds,

including

the

investment

objective

and

strategy

of

each

Fund,

the

Board

reviewed

the

performance

of

each

Fund

compared

to

their

respective

benchmarks

and

compared

to

independent

peer

groups

of

funds

identified

by

Strategic

Insight,

Inc.

(“Strategic

Insight”)

as

having

characteristics

similar

to

those

of

the

Funds.

With

respect

to

performance,

the

Board

noted

the

Adviser’s

overall

representation

that

the

Funds’

relatively

small

asset

size

meant

that

fund

expenses

also

served

as

a

disproportionate

drag

on

performance

relative

to

the

larger

peers

in

each

Fund’s

respective

Strategic

Insight

peer

group.

Global

Luxury

Goods

Fund

For

the

Global

Luxury

Goods

Fund,

the

information

presented

showed

that

the

Fund

outperformed

the

S&P

Global

Luxury

Index

for

each

of

the

one-,

three-,

and

five-year

periods

ended

June

30,

2025,

and

underperformed

the

S&P

Global

Luxury

Index

for

the

10-year

period

ended

June

30,

2025.

The

information

presented

also

showed

that

the

Global

Luxury

Goods

Fund

underperformed

each

of

the

S&P

500

Index

and

the

S&P

Composite

1500

Total

Return

Index

for

each

of

the

three-,

five-,

and

10-year

periods

ended

June

30,

2025.

The

information

presented

showed

that

for

the

one-year

period

ended

June

30,

2025,

the

Global

Luxury

Goods

Fund

outperformed

the

S&P

1500

Index

and

underperformed

the

S&P

500

Index,

respectively.

The

information

presented

further

showed

that

the

Global

Luxury

Goods

Fund

underperformed

the

average

of

its

Strategic

Insight

peer

group

for

the

one-,

three-,

and

10-year

periods

ended

June

30,

2025,

and

outperformed

the

average

of

its

Strategic

Insight

peer

group

for

the

five-year

period

ended

June

30,

2025.

With

respect

to

the

Global

Luxury

Goods

Fund’s

performance

relative

to

the

benchmark

indices,

the

Board

noted

the

Adviser’s

representation

that

the

Global

Luxury

Goods

Fund

had

only

been

operating

under

its

new

luxury

goods-oriented

investment

strategy

since

July

2020

and

that

earlier

periods

of

performance

reflected

the

performance

of

the

predecessor

investment

strategy.

The

Board

also

noted

the

Adviser’s

representation

that

the

Fund’s

performance

more

closely

approximated

that

of

the

S&P

Global

Luxury

Index,

which

the

Adviser

believed

to

align

more

closely

with

the

Fund’s

investment

strategies

than

the

S&P

500

Index

or

the

S&P

Composite

1500

Index,

given

the

similarities

between

the

Global

Luxury

Goods

Fund’s

portfolio

and

the

constituents

of

the

S&P

Global

Luxury

Index.

The

Board

noted

the

Adviser’s

representation

that

the

Global

Luxury

Goods

Fund’s

underperformance

over

the

longer-term

relative

to

the

Strategic

Insight

peers

could

be

attributed,

at

least

in

part,

to

differences

in

the

Global

Luxury

Goods

Fund’s

investment

strategy

compared

to

those

of

the

peers.

Specifically,

the

Board

noted

the

Adviser’s

representation

that

the

funds

in

the

Strategic

Insight

peer

group

employed

broad,

large

capitalization

growth

strategies

and,

although

some

of

the

peer

funds

appeared

to

have

above-average

allocations

to

the

consumer

discretionary

sector,

the

peer

funds

did

not

appear

to

be

subject

to

the

same

investment

constraints

as

the

Global

Luxury

Goods

Fund

with

respect

to

luxury

goods

investments

and

did

not

approach

the

levels

of

consumer

discretionary

investment

exposure

in

the

Global

Luxury

Goods

Fund

portfolio.

Other

Information

(

unaudited

)

December

31,

2025

71

Global

Resources

Fund

For

the

Global

Resources

Fund,

the

information

presented

showed

that

the

Global

Resources

Fund

underperformed

the

S&P

500

Index

for

the

one-,

three-,

five-,

and

10-year

periods

ended

June

30,

2025.

The

information

presented

also

showed

that

the

Fund

outperformed

each

of

the

Global

Natural

Resources

Index

and

the

average

of

its

Strategic

Insight

peer

group

for

the

one-year

period

ended

June

30,

2025

and

underperformed

each

of

the

Global

Natural

Resources

Index

and

the

average

of

its

Strategic

Insight

peer

group

for

the

three-,

five-,

and

10-year

periods

ended

June

30,

2025.

The

Board

noted

the

Adviser’s

representation

that

the

Fund’s

performance

relative

to

the

peers

and

benchmark

for

the

one-year

period

was

attributed

to,

at

least

in

part,

the

Fund’s

overweight

position

in

precious

metals,

which

performed

well

during

the

period,

and

the

Fund’s

underweight

allocation

to

steel

and

integrated

oil,

noting

that

broader

market

factors,

including

increased

domestic

energy

production

and

increased

global

oil

production,

among

others,

lowered

energy

prices.

The

Board

also

noted

the

Adviser’s

representation

that

the

Global

Resources

Fund

had

greater

exposure

to

junior

and

microcap

resources

companies

that

its

peers,

which

has

detracted

from

long-term

performance.

Gold

and

Precious

Metals

Fund

For

the

Gold

and

Precious

Metals

Fund,

the

information

presented

showed

that

the

Fund

outperformed

the

S&P

500

Index

for

the

one-

and

three-year

periods

ended

June

30,

2025

and

underperformed

the

S&P

500

Index

for

the

five-

and

10-year

periods

ended

June

30,

2025.

The

information

presented

also

showed

that

the

Fund

underperformed

the

FTSE

Gold

Mines

Index

for

one-

and

three-year

periods

ended

June

30,

2025

and

outperformed

the

FTSE

Gold

Mines

Index

for

the

five-and

10-year

periods

ended

June

30,

2025.

The

information

presented

also

showed

that

the

Fund

outperformed

the

average

of

its

Strategic

Insight

peers

for

the

one-,

three-,

five-,

and

10-year

periods

ended

June

30,

2025.

The

Board

observed

that

the

Gold

and

Precious

Metals

Fund

changed

its

primary

benchmark

index

from

the

FTSE

Gold

Mines

Index

to

the

S&P

500

Index,

effective

May

1,

2024,

due

to

regulatory

requirements

and

that

the

Fund

retained

FTSE

Gold

Mines

Index

as

a

secondary

benchmark

index

because

the

FTSE

Gold

Mines

Index

more

closely

aligns

with

the

Fund’s

investment

strategies

and

investment

restrictions.

The

Board

noted

the

Adviser’s

representation

that

securities

selection,

among

other

factors,

contributed

positively

to

relative

performance

over

the

one-year

period.

World

Precious

Minerals

Fund

For

the

World

Precious

Minerals

Fund,

the

information

presented

showed

that

the

Fund

outperformed

the

S&P

500

Index

for

the

one-year

period

ended

June

30,

2025

and

underperformed

the

S&P

500

Index

for

the

three-,

five-,

and

10-year

periods

ended

June

30,

2025.

The

information

presented

also

showed

that

the

Fund

underperformed

the

NYSE

Arca

Gold

Miners

Index

and

the

average

of

its

Strategic

Insight

peers

for

each

of

the

one-,

three-,

five-,

and

10-year

periods

ended

June

30,

2025.

The

Board

noted

that

the

Fund’s

underperformance

relative

to

the

index

and

peers

during

the

periods

under

review

could

be

attributed,

at

least

in

part,

to

the

underperformance

of

the

junior

gold

exploration

and

development

companies

in

which

the

Fund

invested

relative

to

larger

capitalization

gold

companies.

At

the

Adviser’s

request,

the

Board

also

considered

Other

Information

(

unaudited

)

December

31,

2025

72

the

performance

of

the

Fund

compared

to

that

of

the

S&P

TSX

Venture

Precious

Metals

&

Minerals

Index

(the

“Comparable

Index”),

which

was

believed

to

be

a

more

appropriate

measure

of

comparison.

The

Board

noted

that

the

information

presented

showed

that

the

World

Precious

Minerals

Fund

still

underperformed,

but

more

closely

aligned

with,

the

Comparable

Index

during

the

period

shown

and

that

the

Fund’s

performance

was

expected

to

more

closely

approximate

that

of

the

Comparable

Index

in

the

future.

The

Board

noted

the

Adviser’s

conviction

in

the

Fund’s

portfolio,

and

the

Adviser’s

representation

that

it

would

remain

patient

for

investment

opportunities

in

the

junior

mining

space

with

an

expectation

that

junior

mining

companies

would

return

to

favor

as

liquidity

and

capital

formation

returned

to

the

sector.

Near-Term

Tax-Free

Fund

For

the

Near-Term

Tax-Free

Fund,

the

information

presented

showed

that

the

Fund

underperformed

the

average

of

its

Strategic

Insight

peer

group

for

the

one-,

three-,

five-,

and

10-year

periods

ended

June

30,

2025.

The

Board

observed

that

the

Near-Term

Tax-Free

Fund

changed

its

primary

benchmark

index

from

the

Bloomberg

3-year

Municipal

Bond

Index

to

the

Bloomberg

Municipal

Bond

Index,

effective

May

1,

2024,

due

to

regulatory

requirements

and

that

the

Fund

retained

Bloomberg

3-year

Municipal

Bond

Index

as

a

secondary

benchmark

index

because

the

Bloomberg

3-year

Municipal

Bond

Index

more

closely

aligns

with

the

Fund’s

investment

strategies

and

investment

restrictions.

The

Board

observed

that

the

Fund

outperformed

its

regulatory

benchmark

index,

the

Bloomberg

Municipal

Bond

Index,

for

the

one-year

period

ended

June

30,

2025

and

underperformed

the

Bloomberg

Municipal

Bond

Index

for

the

three-,

five-,

and

10-year

periods

ended

June

30,

2025.

At

the

Adviser’s

request,

the

Board

also

considered

the

performance

of

the

Near-Term

Tax-Free

Fund

compared

to

the

Fund’s

secondary

benchmark

index,

the

Bloomberg

3-year

Municipal

Bond

Index,

and

observed

that

the

Fund

underperformed

the

Bloomberg

3-year

Municipal

Bond

Index

for

the

one-,

three-,

five-,

and

10-year

periods

ended

June

30,

2025.

The

Board

noted

the

Adviser’s

representation

that

the

Fund’s

relative

underperformance

was

a

result

of

the

Fund’s

exposure

to

investments

with

relatively

shorter

duration

than

the

constituents

of

the

benchmark

and

peer

fund

portfolios,

noting

that

longer-dates

bonds

experienced

greater

price

appreciation

during

the

period.

U.S.

Government

Securities

Ultra-Short

Bond

Fund

For

the

U.S.

Government

Securities

Ultra-Short

Bond

Fund,

the

information

presented

showed

that

the

Fund

underperformed

the

average

of

its

Strategic

Insight

peer

group

for

the

one-,

three-,

and

five-year

periods

ended

June

30,

2025.

The

Board

observed

that

the

U.S.

Government

Securities

Ultra-Short

Bond

Fund

changed

its

primary

benchmark

index

from

the

Bloomberg

U.S.

Treasury

Bills

6-9

Months

Total

Return

Index

to

the

Bloomberg

U.S.

Aggregate

Bond

Index,

effective

May

1,

2024,

due

to

regulatory

requirements

and

that

the

Fund

retained

Bloomberg

U.S.

Treasury

Bills

6-9

Months

Total

Return

Index

as

a

secondary

benchmark

index

because

the

Bloomberg

U.S.

Treasury

Bills

6-9

Months

Total

Return

Index

more

closely

aligns

with

the

Fund’s

investment

strategies

and

investment

restrictions.

The

Board

observed

that

the

Fund

underperformed

its

regulatory

benchmark

index,

the

Bloomberg

U.S.

Aggregate

Bond

Index,

for

the

one-

and

10-year

periods

ended

June

30,

2025

and

outperformed

the

Bloomberg

U.S.

Aggregate

Bond

Index

for

the

three-

and

five-year

periods

ended

June

30,

2025.

At

the

Adviser’s

request,

the

Board

Other

Information

(

unaudited

)

December

31,

2025

73

also

considered

the

performance

of

the

U.S.

Government

Securities

Ultra-Short

Bond

Fund

compared

to

the

Fund’s

secondary

benchmark

index,

the

Bloomberg

U.S.

Treasury

Bills

6-9

Months

Total

Return

Index,

and

observed

that

the

Fund

outperformed

the

Bloomberg

U.S.

Treasury

Bills

6-9

Months

Total

Return

Index

for

the

one-year

period

ended

June

30,

2025

and

underperformed

the

Bloomberg

U.S.

Treasury

Bills

6-9

Months

Total

Return

Index

for

the

three-,

five-,

and

10-year

periods

ended

June

30,

2025.

The

Board

noted

the

Adviser’s

representation

that

the

Fund’s

relatively

shorter

duration

and

security

selection

contributed

to

relative

underperformance

during

the

period.

In

consideration

of

the

Funds’

investment

strategies,

the

unique

nature

of

the

markets

in

which

the

Funds

invested,

and

the

foregoing

performance

information,

including

the

Adviser’s

representations

regarding

each

Funds’

recent

performance

relative

to

peers

and

benchmarks,

among

other

relevant

considerations,

the

Board

determined

that

the

Funds

and

their

shareholders

could

benefit

from

the

Adviser’s

continued

management

of

each

Fund.

Compensation

The

Board

evaluated

the

Adviser’s

compensation

for

providing

advisory

services

to

the

Funds

and

analyzed

comparative

information

on

actual

advisory

fee

rates

and

actual

total

expense

ratios

of

the

Funds’

respective

Strategic

Insight

peer

groups.

For

the

Global

Luxury

Goods

Fund

and

Gold

and

Precious

Metals

Fund,

the

information

showed

that,

as

of

June

30,

2025,

each

Fund’s

net

advisory

fee

rate

and

net

total

expense

ratio

were

higher

than

the

median

of

their

Strategic

Insight

peer

group.

For

the

Global

Resources

Fund

and

World

Precious

Minerals

Fund,

the

information

showed

that,

as

of

June

30,

2025,

each

Fund’s

net

advisory

fee

rate

was

less

than

the

median

of

their

respective

Strategic

Insight

peers

and

each

Fund’s

net

total

expense

ratio

was

higher

than

the

median

of

their

respective

Strategic

Insight

peer

group.

For

the

Near-Term

Tax-Free

Fund

and

U.S.

Government

Securities

Ultra-Short

Bond

Fund,

the

information

showed

that,

as

of

June

30,

2025,

each

Fund’s

net

advisory

fee

rate

and

net

total

expense

ratio

were

lower

than

the

median

of

their

respective

Strategic

Insight

peer

group.

The

Board

considered

the

Adviser’s

representation

that

higher

expenses

are

inherent

in

small

fund

complexes,

such

as

the

Trust,

noting

the

difficulty

that

small

complexes

face

in

spreading

increasing

overhead

over

a

small

asset

base.

The

Board

also

noted

the

Adviser’s

representation

that

the

nature

of

the

Funds’

shareholder

composition,

which

generally

comprised

a

significant

number

of

small,

retail

accounts,

resulted

in

significantly

more

operational

and

administrative

expense

than

the

expense

borne

by

the

larger

fund

complexes

against

which

the

Funds

were

compared.

The

Board

noted

further

the

Adviser’s

representation

that

the

Adviser

continues

to

evaluate

opportunities

to

reduce

expenses

that

negatively

affect

the

Funds’

investment

results.

The

Board

noted

that,

with

respect

to

each

of

the

Global

Luxury

Goods

Fund,

Global

Resources

Fund,

Gold

and

Precious

Metals

Fund,

and

World

Precious

Minerals

Fund

(the

“Equity

Funds”),

the

shareholders

of

each

Fund

had

approved

the

elimination

of

the

performance-

based

adjustment

to

the

management

fee

arrangements

in

2024

and

that

the

Adviser

had

agreed

that

each

Fund

will

pay

advisory

fees

equal

to

the

lesser

of

the

base

fee

rate

or

the

fee

as

determined

with

the

downward

performance

adjustment

until

March

31,

2025.

Other

Information

(

unaudited

)

December

31,

2025

74

In

addition,

the

Board

noted

that

the

Adviser

is

contractually

limiting

expenses

(exclusive

of

acquired

fund

fees

and

expenses,

extraordinary

expenses,

taxes,

brokerage

commissions

and

interest)

for

certain

of

the

Funds

to

ensure

that

Fund

expenses

do

not

exceed

the

following

levels

through

at

least

April

30,

2026:

The

Board

also

noted

that

the

Adviser

is

currently

voluntarily

limiting

expenses

for

the

U.S.

Government

Bond

Fund

(all

voluntary

expense

limitations

may

be

modified

or

removed

by

the

Adviser

at

any

time

and

are

exclusive

of

acquired

fund

fees

and

expenses,

extraordinary

expenses,

taxes,

brokerage

commissions,

interest,

and

advisory

fee

performance

adjustments,

if

any)

to

ensure

that

Fund

expenses

do

not

exceed

0.45%

of

average

net

assets

for

the

U.S.

Government

Bond

Fund

through

at

least

April

30,

2026.

Based

on

the

foregoing

and

other

applicable

considerations,

the

Board

concluded

that

the

advisory

fee

rates

to

be

charged

to

the

Funds

under

the

Advisory

Agreement

appeared

to

be

reasonable

under

all

of

the

facts

and

circumstances.

Cost

of

Services

and

Profitability

The

Board

considered

information

provided

by

the

Adviser

regarding

the

costs

of

services

and

its

profitability

with

respect

to

the

Funds.

In

this

regard,

the

Board

considered

the

Adviser’s

resources

devoted

to

the

Funds,

as

well

as

the

Adviser’s

discussion

of

the

costs

and

profitability

of

its

mutual

fund

activities.

The

Board

noted

the

Adviser’s

representation

that

it

continued

to

waive

its

advisory

fee

as

necessary

to

ensure

each

Fund’s

expenses

did

not

exceed

the

voluntary

or

contractual

expense

cap,

as

applicable.

The

Board

also

noted

the

Adviser’s

representation

that

the

nature

of

the

Funds’

shareholder

composition,

which

generally

comprised

a

significant

number

of

small,

retail

accounts,

resulted

in

significantly

more

operational

and

administrative

expense

than

the

expense

borne

by

the

larger

fund

complexes

against

which

the

Funds

were

compared.

Based

on

these

and

other

applicable

considerations,

the

Board

concluded

that

the

Adviser’s

profits

attributable

to

management

of

the

Funds

appeared

to

be

reasonable

in

light

of

the

nature,

extent

and

quality

of

the

services

provided

by

the

Adviser.

Economies

of

Scale

As

part

of

its

review

of

the

Advisory

Agreement,

the

Board

considered

whether

the

Funds

would

benefit

from

any

economies

of

scale.

In

this

respect,

the

Board

considered

the

Funds’

fee

structures,

asset

sizes,

and

net

expense

ratios,

recognizing

that

an

analysis

of

economies

of

scale

is

generally

most

relevant

when

a

fund

has

achieved

a

substantial

size

and

has

growing

assets

and

that,

if

a

fund’s

assets

are

stable

or

decreasing,

the

significance

of

economies

of

scale

may

be

reduced.

The

Board

reviewed

relevant

materials,

including

information

and

representations

from

the

Adviser,

in

considering

whether

the

use

of

breakpoints

would

be

appropriate

at

this

time,

and

the

Board

noted

the

existence

of

the

Adviser’s

ongoing

expense

limitation

agreement

obligations

for

each

Fund.

The

Board

noted,

in

particular,

the

relatively

low

and

declining

asset

levels

for

the

majority

of

the

Funds.

The

Board

noted

the

Adviser’s

representation

that

economies

of

scale

could

be

experienced

by

shareholders

of

the

Funds

Funds

Expense

Cap

Global

Luxury

Goods

Fund

1.75%

Global

Resources

Fund

1.75%

Gold

and

Precious

Metals

Fund

1.75%

World

Precious

Minerals

Fund

1.75%

Near-Term

Tax

Free

Fund

0.45%

Other

Information

(

unaudited

)

December

31,

2025

75

upon

reaching

significantly

higher

asset

levels

but

that,

in

light

of

the

Funds’

current

asset

levels,

breakpoints

in

the

advisory

fee

were

not

believed

by

the

Adviser

to

be

appropriate

at

this

time.

Based

on

the

foregoing

information

and

other

applicable

considerations,

the

Board

concluded

that

the

information

presented

generally

supported

the

renewal

of

the

Advisory

Agreement.

Other

Benefits

The

Board

noted

the

Adviser’s

representation

that,

aside

from

its

contractual

advisory

fees,

it

does

not

benefit

in

a

material

way

from

its

relationship

with

the

Funds.

Based

on

the

foregoing

representation

and

other

applicable

considerations,

the

Board

concluded

that

other

benefits

received

by

the

Adviser

from

its

relationship

with

the

Funds

were

not

a

material

factor

in

approving

the

continuation

of

the

Advisory

Agreement.

Conclusion

The

Board

did

not

identify

any

single

factor

as

being

of

paramount

importance,

and

different

Trustees

may

have

given

different

weight

to

different

factors.

The

Board

reviewed

a

memorandum

from

Independent

Trustee

Counsel

discussing

the

legal

standards

applicable

to

its

consideration

of

the

Advisory

Agreement.

Based

on

its

review,

including

consideration

of

each

of

the

factors

referenced

above,

the

Board

determined,

in

the

exercise

of

its

reasonable

business

judgment,

that

the

advisory

arrangement,

as

outlined

in

the

Advisory

Agreement,

was

fair

and

reasonable

in

light

of

the

services

performed

or

to

be

performed,

expenses

incurred

or

to

be

incurred

and

such

other

matters

as

the

Board

considered

relevant.

Apex

Fund

Services

190

Middle

Street,

Suite

101

Portland,

ME

04101

Want

to

reduce

paper

waste?

You

can

receive

this

report

and

other

important

documents

electronically.

Please

visit

www.usfunds.com

and

sign

up

at

Access

My

Account.

If

you

need

further

assistance,

please

call

us

at

800-873-8637.

.

(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.

Included as part of financial statements filed under Item 7(a).

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) Code of Ethics.

(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:	February 23, 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:	February 23, 2026

By:	/s/ Karen Shaw
	Karen Shaw, Principal Financial Officer
Date:	February 23, 2026