Net Asset Value as
of 10/10/2025:
Our Mutual Funds
Explore our no-load mutual funds, ranging from natural resources, emerging markets, and infrastructure, to precious metals and bond funds. We believe that we are specially qualified to be an integral part of your investment strategy.
Net Asset Values
| (NAV) As of 10/10/2025 | |||||
|---|---|---|---|---|---|
| Fund | Symbol | Close | Previous | Change | YTD |
| Global Luxury Goods Fund (USLUX) | USLUX | 21.55 | 22.03 |
-0.48
|
7.91%
|
| Gold and Precious Metals Fund (USERX) | USERX | 25.89 | 26.04 |
-0.15
|
127.5%
|
| World Precious Minerals Fund (UNWPX) | UNWPX | 3.03 | 3.04 |
-0.01
|
104.73%
|
| Global Resources Fund (PSPFX) | PSPFX | 5.64 | 5.70 |
-0.06
|
54.1%
|
| Near-Term Tax Free Fund (NEARX) | NEARX | 2.12 | 2.12 |
0.00
|
3.3%
|
| U.S. Government Securities Ultra-Short Bond Fund (UGSDX) | UGSDX | 1.95 | 1.95 |
0.00
|
3.02%
|
Occasionally one or more of the above prices may be different than those reported elsewhere. With our global investments and the early deadline imposed by reporting services, occasionally a price is provided to the services before it has been fully verified. The prices above are always the most current and accurate available.
Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.
Annualized Monthly Yields as of 09/30/2025
| Bond Funds | Inception Date | 30 Day SEC | Tax Equivalent (40.8% Tax Rate) | SEC Yield W/O Waivers |
|---|---|---|---|---|
| Near-Term Tax Free Fund (NEARX) | 12/04/1990 | 2.21% | 3.74% | 1.19% |
| U.S. Government Securities Ultra-Short Bond Fund (UGSDX) | 11/01/1990 | 2.75% | N/A | 1.81% |
Occasionally one or more of the above prices may be different than those reported elsewhere. With our global investments and the early deadline imposed by reporting services, occasionally a price is provided to the services before it has been fully verified. The prices above are always the most current and accurate available.
Performance data quoted above is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.
Quarterly Yields as of 09/30/2025
| Bond Funds | Inception Date | 30-day SEC | Tax Equivalent (40.8% Tax Rate) | SEC Yield w/o Waiver & Reimbursement | Maturity |
|---|---|---|---|---|---|
| Near-Term Tax Free Fund NEARX | 12/04/1990 | 2.21% | 3.74% | 1.19% | 1.20 |
| U.S. Government Securities Ultra-Short Bond Fund (UGSDX) | 11/01/1990 | 2.75% | N/A | 1.81% | 0.29 |
Occasionally one or more of the above prices may be different than those reported elsewhere. With our global investments and the early deadline imposed by reporting services, occasionally a price is provided to the services before it has been fully verified. The prices above are always the most current and accurate available.
Performance data quoted above is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.
Annualized Quarterly Returns as of 09/30/2025
| Fund | Inception Date | YTD | 1 Year | 5 Year | 10 Year | Since Inception | Gross Expense Ratio | Net Expense Ratio |
|---|---|---|---|---|---|---|---|---|
| U.S. Global Luxury Goods Fund (USLUX) | 10/17/1994 | 12.77% | 14.03% | 13.37% | 9.93% | 8.51% | 1.95% | 1.75% |
| Global Resources Fund (PSPFX) | 8/3/1983 | 52.19% | 39.82% | 12.28% | 7.86% | 4.00% | 2.06% | 1.58% |
| Gold and Precious Metals Fund (USERX) | 7/1/1974 | 125.83% | 95.94% | 15.49% | 19.40% | 2.49% | 1.73% | 1.73% |
| Near-Term Tax Free Fund (NEARX) | 11/1/1990 | 3.30% | 2.94% | 0.62% | 0.92% | 3.19% | 1.42% | 0.45% |
| U.S. Government Securities Ultra-Short Bond Fund (UGSDX) | 12/4/1990 | 3.02% | 4.22% | 1.85% | 1.30% | 2.46% | 1.30% | 0.45% |
| World Precious Minerals Fund (UNWPX) | 11/27/1985 | 102.03% | 76.92% | 2.35% | 9.35% | 3.42% | 2.18% | 1.75% |
Expense ratios as stated in the most recent prospectus.
The Adviser of the Global Luxury Goods Fund has contractually limited total fund operating expenses (exclusive of acquired fund fees and expenses, extraordinary expenses, taxes, brokerage commissions and interest) to not exceed 1.75% on an annualized basis through April 30, 2026. Total annual expenses after waiver or reimbursement of (0.20%) were 1.75%.
The Adviser of the Gold & Precious Metals Fund has contractually limited total fund operating expenses (exclusive of acquired fund fees and expenses, extraordinary expenses, taxes, brokerage commissions and interest) to not exceed 1.75% on an annualized basis through April 30, 2026. Total annual expenses were 1.73%.
The Adviser of the World Precious Minerals Fund has contractually limited total fund operating expenses (exclusive of acquired fund fees and expenses, extraordinary expenses, taxes, brokerage commissions and interest) to not exceed 1.75% on an annualized basis through April 30, 2026. Total annual expenses after waiver or reimbursement of (0.43%) were 1.75%.
The Adviser of the Near-Term Tax Free Fund has contractually limited the total fund operating expenses (exclusive of acquired fund fees and expenses, extraordinary expenses, taxes, brokerage commissions and interest) to not exceed 0.45% on an annualized basis through April 30, 2026. Total annual expenses after waiver or reimbursement of (0.97%) were 0.45%. The fund’s yield calculation is based on the holdings’ yield to maturity for prior 30 days; distribution may differ.
The Adviser of the U.S. Government Securities Ultra-Short Bond Fund has voluntarily limited total fund operating expenses (exclusive of acquired fund fees and expenses, extraordinary expenses, taxes, brokerage commissions and interest) to not exceed 0.45%. Total annual expenses after waiver or reimbursement of (0.80%) were 1.30%. U.S. Global Investors, Inc. can modify or terminate the voluntary limit at any time, which may lower a fund’s yield or return. The fund’s yield calculation is based on the holdings’ yield to maturity for prior 30 days; distribution may differ.
The Adviser of the Global Resources Fund has contractually limited total fund operating expenses (exclusive of acquired fund fees and expenses, extraordinary expenses, taxes, brokerage commissions and interest, and advisory fee performance adjustments, as applicable) to not exceed 1.75%. Total annual expenses after performance adjustment of (0.17%) and waiver or reimbursement of (0.48%) were 1.58%.
U.S. Global Investors, Inc. can modify or terminate the voluntary limits at any time, which may lower a fund’s yield or return.
Performance data quoted above is historical. Past performance is no guarantee of future results. Results reflect the reinvestment of dividends and other earnings. For a portion of periods, the fund had expense limitations, without which returns would have been lower. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance does not include the effect of any direct fees described in the fund’s prospectus which, if applicable, would lower your total returns. Performance quoted for periods of one year or less is cumulative and not annualized. Obtain performance data current to the most recent month-end at www.usfunds.com or 1-800-US-FUNDS. High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Month End Average Annual Total Returns as of 09/30/2025
| Fund | Inception Date | One Month Return | YTD | 1 Year | 5 Year | 10 Year | Since Inception | Gross Expense Ratio | Net Expense Ratio |
|---|---|---|---|---|---|---|---|---|---|
| USGI Global Luxury Goods Fund (USLUX) | 10/17/1994 | 2.36% | 12.77% | 14.03% | 13.37% | 9.93% | 8.51% | 1.95% | 1.75% |
| Global Resources Fund (PSPFX) | 8/3/1983 | 14.14% | 52.19% | 39.82% | 12.28% | 7.86% | 4.00% | 2.06% | 1.58% |
| Gold and Precious Metals Fund (USERX) | 7/1/1974 | 22.67% | 125.83% | 95.94% | 15.49% | 19.40% | 2.49% | 1.73% | 1.73% |
| Near-Term Tax Free Fund (NEARX) | 12/4/1990 | 0.68% | 3.30% | 2.94% | 0.62% | 0.92% | 3.19% | 1.42% | 0.45% |
| U.S. Government Securities Ultra-Short Bond Fund (UGSDX) | 11/1/1990 | 0.31% | 3.02% | 4.22% | 1.85% | 1.30% | 2.46% | 1.30% | 0.45% |
| World Precious Minerals Fund (UNWPX) | 11/27/1985 | 22.04% | 102.03% | 76.92% | 2.35% | 9.35% | 3.42% | 2.18% | 1.75% |
Expense ratios as stated in the most recent prospectus.
The Adviser of the Global Luxury Goods Fund has contractually limited total fund operating expenses (exclusive of acquired fund fees and expenses, extraordinary expenses, taxes, brokerage commissions and interest) to not exceed 1.75% on an annualized basis through April 30, 2026. Total annual expenses after waiver or reimbursement of (0.20%) were 1.75%.
The Adviser of the Gold & Precious Metals Fund has contractually limited total fund operating expenses (exclusive of acquired fund fees and expenses, extraordinary expenses, taxes, brokerage commissions and interest) to not exceed 1.75% on an annualized basis through April 30, 2026. Total annual expenses were 1.73%.
The Adviser of the World Precious Minerals Fund has contractually limited total fund operating expenses (exclusive of acquired fund fees and expenses, extraordinary expenses, taxes, brokerage commissions and interest) to not exceed 1.75% on an annualized basis through April 30, 2026. Total annual expenses after waiver or reimbursement of (0.43%) were 1.75%.
The Adviser of the Near-Term Tax Free Fund has contractually limited the total fund operating expenses (exclusive of acquired fund fees and expenses, extraordinary expenses, taxes, brokerage commissions and interest) to not exceed 0.45% on an annualized basis through April 30, 2026. Total annual expenses after waiver or reimbursement of (0.97%) were 0.45%. The fund’s yield calculation is based on the holdings’ yield to maturity for prior 30 days; distribution may differ.
The Adviser of the U.S. Government Securities Ultra-Short Bond Fund has voluntarily limited total fund operating expenses (exclusive of acquired fund fees and expenses, extraordinary expenses, taxes, brokerage commissions and interest) to not exceed 0.45%. Total annual expenses after waiver or reimbursement of (0.80%) were 1.30%. U.S. Global Investors, Inc. can modify or terminate the voluntary limit at any time, which may lower a fund’s yield or return. The fund’s yield calculation is based on the holdings’ yield to maturity for prior 30 days; distribution may differ.
The Adviser of the Global Resources Fund has contractually limited total fund operating expenses (exclusive of acquired fund fees and expenses, extraordinary expenses, taxes, brokerage commissions and interest, and advisory fee performance adjustments, as applicable) to not exceed 1.75%. Total annual expenses after performance adjustment of (0.17%) and waiver or reimbursement of (0.48%) were 1.58%.
U.S. Global Investors, Inc. can modify or terminate the voluntary limits at any time, which may lower a fund’s yield or return.
Performance data quoted above is historical. Past performance is no guarantee of future results. Results reflect the reinvestment of dividends and other earnings. For a portion of periods, the fund had expense limitations, without which returns would have been lower. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance does not include the effect of any direct fees described in the fund’s prospectus which, if applicable, would lower your total returns. Performance quoted for periods of one year or less is cumulative and not annualized. Obtain performance data current to the most recent month-end at www.usfunds.com or 1-800-US-FUNDS. High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
| Fund | Date | Dividend/Distribution Per Share | Reinvest Price Per Share |
|---|---|---|---|
| Near-Term Tax Free Fund | 09/30/25 | $ 0.004448 | $2.12 |
| U.S. Government Securities Ultra-Short Bond Fund | 09/30/25 | $ 0.006066 | $1.95 |
The Fund’s closing Net Asset Value (NAV) on the ex-dividend date will be reduced by the amount of the distribution. There is no guarantee that the fund will continue to distribute income.
Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.
Global Luxury Goods Fund (USLUX)
Fact Sheet
Fund Vitals:
NAV: $21.55
Change as of 10/10/2025
$-0.48
Ticker:
USLUX
Inception Date:
10/17/1994
AUM
$50124423.14 as of 10/10/2025
How to Invest Request Info Download Prospectus
About The Global Luxury Goods Fund
The Global Luxury Goods Fund provides investors access to companies around the world that are involved in the design, manufacture and sale of products and services that are not considered to be essential but are highly desired within a culture or society.
Investments in luxury goods companies may expose the fund to consumer discretionary industries. These include but are not limited to apparel, automotive, home and office products, leisure products, recreation facilities, retail discretionary, travel and more.
Fund Objective
The Global Luxury Goods Fund’s primary objective is to seek long-term capital appreciation.
Fund Strategy
Under normal market conditions, the Global Luxury Goods Fund will invest at least 80 percent of its net assets in securities of companies producing, processing, distributing, and manufacturing luxury products, services or equipment. The securities in which the fund may invest include common stocks, preferred stocks, convertible securities, rights and warrants, exchange-traded funds (“ETFs”) that represent interests in, or related to, luxury goods companies, and depository receipts (American Depository Receipts (ADRs) and Global Depository Receipts (GDRs).
The fund’s benchmark is the S&P Composite 1500 Index.
The fund changed its name and investment strategy on May 1, 2020, and prior to that date, the performance shown reflects the strategy of the Holmes Macro Trends Fund (MEGAX). Prior to May 1, 2020, 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 S&P Global Luxury Index is comprised of 80 of the largest publicly-traded companies engaged in the production or distribution of luxury goods or the provision of luxury services that meet specific investibility requirements.
Companies in the consumer discretionary sector are subject to risks associated with fluctuations in the performance of domestic and international economies, interest rate changes, increased competition and consumer confidence. The performance of such companies may also be affected by factors relating to levels of disposable household income, reduced consumer spending, changing demographics and consumer tastes, among others.
The Global Luxury Goods Fund gained 9.47% in the second quarter of 2025, underperforming its benchmarks. The fund trailed the S&P 1500 Composite Index, which returned 10.57%, as well as the S&P Global Luxury Index, which gained 11.61%. It also lagged its regulatory benchmark, the S&P 500 Index, which rose 10.94% during the same period. See complete fund performance here.
The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.
Strengths
- The fund’s performance relative to the S&P 1500 Index benefited from its lack of exposure to the health care sector, which was among the weakest performers during the quarter. In line with its investment strategy, the fund does not allocate assets to health care stocks, as it focuses on global luxury companies and providers of high-end products and services.
- The fund’s strong stock selection in the financial sector had the second most positive impact on its performance relative to the index. In particular, overweight positions in Goldman Sachs and Northern Trust Corporation—whose shares surged 30% during the quarter—contributed significantly to the fund’s outperformance versus the S&P 1500 Index.
- The strongest contributor to the fund’s performance was Carnival Corporation, a cruise line that benefited from strong demand for its offerings. The company contributed 1.54% to the fund’s overall return, with its shares increasing by 44% during the quarter. Shares of another major cruise line, Royal Caribbean, also performed well, gaining 52% over the same period. Cruise operators benefited from exceptionally strong bookings and expansion plans, including trips to private islands that continue to attract travelers.
Weaknesses
- The fund’s underweight position in the information technology sector had the most negative impact on its performance relative to the S&P 1500 Index. While over 35% of the S&P 1500’s assets are allocated to information technology, the Luxury Fund held only Apple shares during the quarter. The sector was the best performer, gaining over 20%, whereas Apple shares declined by 8% over the same period.
- The fund’s stock selection in the consumer discretionary sector had the second most negative impact on performance relative to the index. In line with its investment strategy, the fund allocated more assets to high-end luxury brands such as LVMH Moet Hennessy Louis Vuitton, Lululemon, Moncler and Zalando. However, shares of these companies significantly underperformed the broader S&P 1500 Index. For example, LVMH’s market capitalization declined by 14% during the quarter due to weaker demand for luxury goods, while the S&P 1500 gained 10.57% over the same period.
- The largest detractor from the fund’s performance was LVMH, which negatively impacted overall performance by 0.62%. LVMH shares fell 14% in the second quarter due to weaker-than-expected sales, especially in its Wines & Spirits and Fashion & Leather Goods divisions, driven by soft demand in the U.S. and China. Ongoing trade tensions and slowing global luxury spending further pressured investor confidence.
Outlook
In the second quarter, luxury stocks rebounded as economic data improved, especially in China, where stimulus measures boosted consumer confidence. Easing inflation and signals of potential interest rate cuts in major markets also supported increased spending on luxury goods, boosting investor confidence in the sector.
Following a surge in post-COVID overconsumption, the U.S. luxury sector experienced rapid growth, expanding by 18% in the first quarter of 2023—significantly higher than its pre-pandemic growth rate of 6%. However, this boom was followed by a period of normalization, marked by a widely anticipated slowdown. According to Bank of America, 2025 is expected to be the sector’s worst year in two decades, with a decline of approximately 2%, driven by weakening demand and broader macroeconomic headwinds.
Looking ahead, the outlook is cautiously optimistic. Economic indicators from China and Europe—two of the industry’s largest markets—are showing signs of recovery, and potential interest rate cuts in the U.S. may help restore consumer confidence. Nonetheless, trade tensions remain a concern. A 20% tariff imposed by former President Trump on goods from Vietnam threatens to impact brands that shifted production there, while ongoing U.S.–EU trade negotiations could result in tariffs on European-made luxury goods exported to the U.S., putting additional pressure on profit margins.
Please consider carefully a fund’s investment objectives, risks, charges, and expenses. For this and other important information, obtain a fund prospectus by visiting www.usfunds.com or by calling 1-800-US-FUNDS (1-800-873-8637). Read it carefully before investing. Foreside Fund Services, LLC, Distributor. U.S. Global Investors is the investment adviser.
The S&P 1500 Composite is a broad-based capitalization-weighted index of 1500 U.S. companies and is comprised of the S&P 400, S&P 500, and the S&P 600. The S&P 500 is a stock market index weighted by market capitalization that is made up of 500 of the largest public companies in the United States. The S&P Global Luxury Index measures the performance of 80 companies engaged in the production, distribution, or provision of luxury goods and services drawn from the S&P Global BMI. Stock markets can be volatile and share prices can fluctuate in response to sector-related and other risks as described in the fund prospectus.
Fund portfolios are actively managed, and holdings may change daily. Holdings are reported as of the most recent quarter-end. Holdings in the Global Luxury Goods Fund as a percentage of net assets as of 6/30/2025: The Goldman Sachs Group Inc. 3.51%, Northern Trust Corp. 2.60%, Carnival Corp. 4.75%, Royal Caribbean Cruises Ltd. 4.83%, Apple Inc. 0.00%, LVMH Moet Hennessy Louis Vuitton SA 4.01%, Lululemon Athletica Inc. 1.49%, Moncler SpA 2.83%, Zalando SE 1.86%.
All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.
Top 10 Equity and Debt Holdings as of 09-30-2025
| Holding | Percentage |
|---|---|
| LMVH Moët Hennessy Louis Vuitton SE | 7.89% |
| Ferrari NV | 7.54% |
| Hermes International SCA | 6.64% |
| Royal Caribbean Cruises, Ltd. | 4.83% |
| Industria de Diseno Textil SA | 4.29% |
| Mercedes-Benz Group AG | 4.22% |
| Volkswagen AG | 3.53% |
| Diageo PLC | 3.36% |
| Carnival Corp. | 3.27% |
| CIE Financiere Richemont SA | 3.26% |
Industry Breakdown as of 09-30-2025
| Sector | Percentage |
|---|---|
| Consumer Discretionary | 59.07% |
| Consumer Staples | 20.73% |
| Materials | 11.62% |
| Financial | 5.85% |
| Cash Equivalents | 2.66% |
| Energy | 0.07% |
Regional Breakdown as of 09-30-2025
| Region | Percentage |
|---|---|
| United States | 28.47% |
| France | 19.95% |
| Italy | 12.33% |
| Germany | 11.46% |
| Canada | 9.18% |
| Switzerland | 4.47% |
| Other | 14.14% |
Growth of $10,000 Over 10 Years as of 09/30/2025
The chart illustrates the performance of a hypothetical $10,000 investment made in the fund during the depicted time frame. Figures include reinvestment of capital gains and dividends, but the performance does not include the effect of any direct fees described in the fund’s prospectus (e.g., short-term trading fees) which, if applicable, would lower your total returns.
Month End Average Annual Total Returns as of 09/30/2025
| YTD | 1 Year | 5 Year | 10 Year | Since Inception | Gross Expense Ratio | Net Expense Ratio |
| 12.77% | 14.03% | 13.37% | 9.93% | 8.51% | 1.95% | 1.75% |
Quarter End Average Annual Total Returns as of 09/30/2025
| YTD | 1 Year | 5 Year | 10 Year | Since Inception | Gross Expense Ratio | Net Expense Ratio |
| 12.77% | 14.03% | 13.37% | 9.93% | 8.51% | 1.95% | 1.75% |
Expense ratio as stated in the most recent prospectus.
The Adviser of the Global Luxury Goods Fund has contractually limited total fund operating expenses (exclusive of acquired fund fees and expenses, extraordinary expenses, taxes, brokerage commissions and interest) to not exceed 1.75% on an annualized basis through April 30, 2026. Total annual expenses after waiver or reimbursement of (0.20%) were 1.75%.
U.S. Global Investors, Inc. can modify or terminate the voluntary limits at any time, which may lower a fund’s yield or return.
Performance data quoted above is historical. Past performance is no guarantee of future results. Results reflect the reinvestment of dividends and other earnings. For a portion of periods, the fund had expense limitations, without which returns would have been lower. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance does not include the effect of any direct fees described in the fund’s prospectus which, if applicable, would lower your total returns. Performance quoted for periods of one year or less is cumulative and not annualized. Obtain performance data current to the most recent month-end at www.usfunds.com or 1-800-US-FUNDS. High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Gold and Precious Metals Fund (USERX)
Fact Sheet
Fund Vitals:
NAV: $25.89
Change as of 10/10/2025
$-0.15
Ticker:
USERX
Inception Date:
07/01/1974
AUM
$237357309.77 as of 10/10/2025
How to Invest Request Info Download Prospectus
About the Gold and Precious Metals Fund
The Gold and Precious Metals Fund is the first no-load gold fund in the U.S. We have a history as pioneers in portfolio management in this specialized sector. Our team brings valuable background in geology and mining finance, important to understanding the technical side of the business. The fund focuses on producers, companies currently pulling gold or other precious minerals out of the ground. These companies, often called “seniors,” generally have the largest market caps in the mining sector.
Fund Objective
The Gold and Precious Metals Fund seeks capital appreciation while protecting against inflation and monetary instability. The fund also pursues current income as a secondary objective.
Fund Strategy
Under normal market conditions, the Gold and Precious Metals Fund will invest at least 80 percent of its net assets in equity securities of companies predominately involved in the mining, fabrication, processing, marketing, or distribution of metals including gold, silver, platinum group, palladium and diamonds. Gold companies include mining companies that exploit gold deposits that are supported by by-products and co-products such as copper, silver, lead and zinc, and also have diversified mining companies which produce a meaningful amount of gold. The fund focuses on selecting companies with established producing mines. The fund’s benchmark is the FTSE Gold Mines Index. Read more about U.S. Global Investors’ investment process.
The FTSE Gold Mines Index Series encompasses all gold mining companies that have a sustainable and attributable gold production of at least 300,000 ounces a year, and that derive 75% or more of their revenue from mined gold.
For the first quarter ending June 30, 2025, the World Precious Minerals Fund rose 14.36%, outperforming its secondary benchmark, the NYSE Arca Gold Miners Index, which gained 13.58% on a total return basis. Our primary equity benchmark, the S&P 500 Index, gained 10.94%, which we outperformed. See complete fund performance here.
The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.
Our primary equity benchmark, the S&P 500 Index fell 4.27%, which we outperformed. The S&P/TSX Venture Precious Metals & Minerals Index, which better reflects the mix of small-cap junior mining companies the fund typically invests in, returned 21.23%, which we slightly outperformed.
Strengths
- Platinum led all precious metals in Q2 2025, gaining 29.42%, driven by a surge of structural supply constraints, renewed physical and investor demand (especially from China), technical and psychological momentum and increased appeal compared to overheated gold markets. The combination of tight lease markets, widespread ETF/fund interest and near-term supply risks created an attractive price environment for platinum.
- Our top dollar-performing stock for the quarter was K92, adding 79 basis points (bps) of performance. The company outperformed peers following a strong operational update from its high-grade Kainantu Mine in Papua New Guinea, where record mill throughput and rising gold head grades supported robust cash flow. Investor sentiment was further boosted by progress on its Phase 3 Expansion, which aims to double production by 2026. With exploration success extending known mineralized zones and gold prices holding above $3,000/oz, K92 leveraged its low-cost, high-margin profile to deliver standout returns.
- Our next two top dollar-gaining stocks for the quarter were Aris Mining and Vizsla Silver, adding 75bps and 72bps, respectively. Aris advanced on strong Segovia production and steady progress at Marmato, supported by a buyback that tightened the float. Vizsla gained on high-grade drill results at Panuco and growing investor interest in near-term silver developers.
Weaknesses
- Rare earths came under pressure in Q2 2025 as China reversed its export restrictions and flooded the market with supply. Prices dropped sharply, catching Western producers off guard and squeezing margins across the sector. The move reinforced China’s grip on the rare earth supply chain, highlighting how vulnerable Western markets remain despite ongoing efforts to diversify. Several developers delayed projects or faced financing setbacks as falling prices and policy uncertainty weighed on sentiment.
- Our largest dollar-underperforming stock for the quarter was Founders Metals, detracting 118bps from performance, with the share price down around 24% in the second quarter with limited new exploration results. Following positive metallurgical results, Radisson Mining and the last of the 2024 drill season results were released, a toll milling agreement utilizing IAMGOLD’s mill facilities helped further de-risk the capital requirements to bring the O’Brien Mine back into production. We expect Radisson to resume its gains in 2025.
- The two worst dollar-performing stock decisions in the second quarter were allocations in G2 Goldfields and Black Cat Syndicate, which detracted 103 basis points and 102 basis points, respectively. G2 Goldfields, focused on high-grade gold exploration in Guyana, underperformed as political uncertainty and permitting delays overshadowed otherwise strong drill results. Likewise, Black Cat Syndicate struggled during the quarter despite advancing development at its Coyote and Paulsens gold projects in Western Australia, with investor sentiment hurt by financing concerns and weak short-term gold recoveries. In hindsight, both stocks remain highly dependent on exploration success and rising gold prices, but timing significantly impacted performance this quarter.
Outlook for World Precious Minerals
Scotia believes that the outlook of flat production, fewer multi-million-ounce discoveries, and the need for diversification make a strong case for increased M&A activity, especially in Tier-1 jurisdictions (Canada, United States and Australia). The ratio of the S&P/TSX Gold Index (in USD) to gold broke out from its last cyclical high dating back to August 2024. Since February 2024, the S&P/TSX Gold Index has increased by 104%, and gold by 64%. Although equities have performed well, the ratio remains below its average, and producer valuations are still inexpensive; Canaccord notes that the senior producers are trading at 0.62x net asset value (NAV) compared to their historical average of 0.80x, within about 1.5 standard deviations. Gold equities at spot gold prices are trading in line with their 1-year historical average price-to-NAV (P/NAV) but at larger discounts compared to longer-term historical levels, according to RBC. Currently, equities are trading at 0.99x P/NAV, while on a 1-year basis, the sector has averaged 1.06x, and on a 3-year basis, 1.26x. Mid-cap and senior equities have started to outperform gold, with some emerging companies trading well following positive exploration and development results, strategic investments and M&A sentiment. P/NAVs for Canaccord’s senior and intermediate covered precious metal stocks now average 0.77x, while their developer/explorer names average 0.45x. Although 0.77x remains below historic averages, the spread compared to developers may encourage larger producers to leverage their currency for acquisitions.
The NYSE Arca Gold Miners Index is a modified market capitalization weighted index comprised of publicly traded companies involved primarily in the mining for gold and silver. The S&P 500 is a market-capitalization-weighted index that tracks the performance of 500 of the largest publicly traded companies in the United States, serving as a leading indicator of U.S. equities. The S&P/TSX Venture Precious Metals & Minerals Index is a sector-specific benchmark that tracks the performance of early-stage Canadian companies listed on the TSX Venture Exchange that are primarily involved in the exploration and production of precious metals and minerals. The S&P/TSX Gold Index is a benchmark that tracks the performance of Canada-listed companies primarily involved in gold mining and related activities.
A basis point is a unit of measure equal to one one-hundredth of a percentage point, or 0.01%, commonly used to express changes in interest rates, yields, or other financial percentages.
Fund portfolios are actively managed, and holdings may change daily. Holdings are reported as of the most recent quarter-end. Holdings in the World Precious Minerals Fund as a percentage of net assets as of 6/30/2025: K92 Mining Inc. 5.69%, Aris Mining Corp. 2.16%, Vizsla Royalties Corp. 1.55%, Founders Metals Inc. 1.56%, Radisson Mining Resources Inc. 4.69%, IAMGOLD Corp. 0.00%, G2 Goldfields Inc. 4.02%, Black Cat Syndicate Ltd. 2.64%,
Standard Disclosure
Please consider carefully a fund’s investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus by visiting www.usfunds.com or by calling 1-800-US-FUNDS (1-800-873-8637). Read it carefully before investing. Foreside Fund Services, LLC, Distributor. U.S. Global Investors is the investment adviser.
All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.
Standard deviation is a statistical measure that quantifies the amount of variation or dispersion of a set of values, commonly used in finance to assess the volatility or risk of an investment’s returns. Price-to-NAV (net asset value) is a financial metric that compares the market price of a fund or investment to its per-share net asset value, helping investors assess whether it is trading at a premium or discount.
Gold, precious metals, and precious minerals funds may be susceptible to adverse economic, political or regulatory developments due to concentrating in a single theme. The prices of gold, precious metals, and precious minerals are subject to substantial price fluctuations over short periods of time and may be affected by unpredicted international monetary and political policies. We suggest investing no more than 5% to 10% of your portfolio in these sectors.
Top 10 Equity Holdings as of 09-30-2025
| Holding | Percentage |
|---|---|
| K92 Mining, Inc. | 5.85% |
| Aya Gold & Silver, Inc. | 4.45% |
| OR Royalties | 4.31% |
| Alamos Gold, Inc. | 3.75% |
| Mineros SA | 3.5% |
| Hecla Mining Co. | 3.13% |
| OR Royalties | 2.93% |
| Coeur Mining Inc. | 2.83% |
| IAMGOLD Corp. | 2.78% |
| Anglogold Ashanti PLC | 2.73% |
Industry Breakdown as of 09-30-2025
| Sector | Percentage |
|---|---|
| Gold, Precious Metals and Minerals | 98.20% |
| Cash Equivalents | 1.51% |
| Other | 0.29% |
Regional Breakdown as of 09-30-2025
| Region | Percentage |
|---|---|
| Canada | 58.72% |
| United States | 14.43% |
| Australia | 13.04% |
| South Africa | 4.81% |
| Other | 7.49% |
| Cash Equivalents | 1.51% |
Growth of $10,000 Over 10 Years as of 09/30/2025
The chart illustrates the performance of a hypothetical $10,000 investment made in the fund during the depicted time frame. Figures include reinvestment of capital gains and dividends, but the performance does not include the effect of any direct fees described in the fund’s prospectus (e.g., short-term trading fees) which, if applicable, would lower your total returns.
Month End Average Annual Total Returns as of 09/30/2025
| YTD | 1 Year | 5 Year | 10 Year | Since Inception | Gross Expense Ratio | Net Expense Ratio |
| 125.83% | 95.94% | 15.49% | 19.40% | 2.49% | 1.73% | 1.73% |
Quarter End Average Annual Total Returns as of 09/30/2025
| YTD | 1 Year | 5 Year | 10 Year | Since Inception | Gross Expense Ratio | Net Expense Ratio |
| 125.83% | 95.94% | 15.49% | 19.40% | 2.49% | 1.73% | 1.73% |
Expense ratio as stated in the most recent prospectus.
The Adviser of the Gold & Precious Metals Fund has contractually limited total fund operating expenses (exclusive of acquired fund fees and expenses, extraordinary expenses, taxes, brokerage commissions and interest) to not exceed 1.75% on an annualized basis through April 30, 2026. Total annual expenses were 1.73%.
Performance data quoted above is historical. Past performance is no guarantee of future results. Results reflect the reinvestment of dividends and other earnings. For a portion of periods, the fund had expense limitations, without which returns would have been lower. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance does not include the effect of any direct fees described in the fund’s prospectus which, if applicable, would lower your total returns. Performance quoted for periods of one year or less is cumulative and not annualized. Obtain performance data current to the most recent month-end at www.usfunds.com or 1-800-US-FUNDS. High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
World Precious Minerals Fund (UNWPX)
Fact Sheet
Fund Vitals:
NAV: $3.03
Change as of 10/10/2025
$-0.01
Ticker:
UNWPX
Inception Date:
11/27/1985
AUM
$69266195.85 as of 10/10/2025
How to Invest Request Info Download Prospectus
About the World Precious Minerals Fund
The World Precious Minerals Fund complements our Gold and Precious Metals Fund by giving investors increased exposure to junior and intermediate mining companies for added growth potential. With a high level of expertise in this specialized sector, our portfolio management team includes professionals with experience in geology, mineral resources and mining finance.
Fund Objective
The World Precious Minerals Fund seeks long-term growth of capital while providing protection against inflation and monetary instability.
Fund Strategy
Under normal market conditions, the World Precious Minerals Fund will invest at least 80% of its net assets in common stock, preferred stock, convertible securities, rights and warrants, and depository receipts of companies principally engaged in the exploration for, or mining and processing of, precious minerals such as gold, silver, platinum group, palladium and diamonds. The fund focuses on selecting junior and intermediate exploration companies from around the world.
The fund’s benchmark is the NYSE Arca Gold Miners Index.
Read more about U.S. Global Investors’ investment process
The NYSE Arca Gold Miners Index is a modified market capitalization weighted index comprised of publicly traded companies involved primarily in the mining for gold and silver. The index benchmark value was 500.0 at the close of trading on December 20, 2002.
For the quarter ending June 30, 2025, the World Precious Minerals Fund rose 14.36%, outperforming its secondary benchmark, the NYSE Arca Gold Miners Index, which gained 13.58% on a total return basis. Our primary equity benchmark, the S&P 500 Index, gained 10.94%, which we outperformed. See complete fund performance here.
The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.
The S&P/TSX Venture Precious Metals & Minerals Index, which better reflects the mix of small-cap junior mining companies the fund typically invests in, returned 21.23%, which we slightly outperformed.
Strengths
- Platinum led all precious metals in Q2 2025, gaining 29.42%, driven by a surge of structural supply constraints, renewed physical and investor demand (especially from China), technical and psychological momentum and increased appeal compared to overheated gold markets. The combination of tight lease markets, widespread ETF/fund interest and near-term supply risks created an attractive price environment for platinum.
- Our top dollar-performing stock for the quarter was K92, adding 79 basis points (bps) of performance. The company outperformed peers following a strong operational update from its high-grade Kainantu Mine in Papua New Guinea, where record mill throughput and rising gold head grades supported robust cash flow. Investor sentiment was further boosted by progress on its Phase 3 Expansion, which aims to double production by 2026. With exploration success extending known mineralized zones and gold prices holding above $3,000/oz, K92 leveraged its low-cost, high-margin profile to deliver standout returns.
- Our next two top dollar-gaining stocks for the quarter were Aris Mining and Vizsla Silver, adding 75bps and 72bps, respectively. Aris advanced on strong Segovia production and steady progress at Marmato, supported by a buyback that tightened the float. Vizsla gained on high-grade drill results at Panuco and growing investor interest in near-term silver developers.
Weaknesses
- Rare earths came under pressure in Q2 2025 as China reversed its export restrictions and flooded the market with supply. Prices dropped sharply, catching Western producers off guard and squeezing margins across the sector. The move reinforced China’s grip on the rare earth supply chain, highlighting how vulnerable Western markets remain despite ongoing efforts to diversify. Several developers delayed projects or faced financing setbacks as falling prices and policy uncertainty weighed on sentiment.
- Our largest dollar-underperforming stock for the quarter was Founders Metals, detracting 118bps from performance, with the share price down around 24% in the second quarter with limited new exploration results. Following positive metallurgical results, Radisson Mining and the last of the 2024 drill season results were released, a toll milling agreement utilizing IAMGOLD’s mill facilities helped further de-risk the capital requirements to bring the O’Brien Mine back into production. We expect Radisson to resume its gains in 2025.
- The two worst dollar-performing stock decisions in the second quarter were allocations in G2 Goldfields and Black Cat Syndicate, which detracted 103 basis points and 102 basis points, respectively. G2 Goldfields, focused on high-grade gold exploration in Guyana, underperformed as political uncertainty and permitting delays overshadowed otherwise strong drill results. Likewise, Black Cat Syndicate struggled during the quarter despite advancing development at its Coyote and Paulsens gold projects in Western Australia, with investor sentiment hurt by financing concerns and weak short-term gold recoveries. In hindsight, both stocks remain highly dependent on exploration success and rising gold prices, but timing significantly impacted performance this quarter.
Outlook for World Precious Minerals
Scotia believes that the outlook of flat production, fewer multi-million-ounce discoveries, and the need for diversification make a strong case for increased M&A activity, especially in Tier-1 jurisdictions (Canada, United States and Australia). The ratio of the S&P/TSX Gold Index (in USD) to gold broke out from its last cyclical high dating back to August 2024. Since February 2024, the S&P/TSX Gold Index has increased by 104%, and gold by 64%. Although equities have performed well, the ratio remains below its average, and producer valuations are still inexpensive; Canaccord notes that the senior producers are trading at 0.62x net asset value (NAV) compared to their historical average of 0.80x, within about 1.5 standard deviations. Gold equities at spot gold prices are trading in line with their 1-year historical average price-to-NAV (P/NAV) but at larger discounts compared to longer-term historical levels, according to RBC. Currently, equities are trading at 0.99x P/NAV, while on a 1-year basis, the sector has averaged 1.06x, and on a 3-year basis, 1.26x. Mid-cap and senior equities have started to outperform gold, with some emerging companies trading well following positive exploration and development results, strategic investments and M&A sentiment. P/NAVs for Canaccord’s senior and intermediate covered precious metal stocks now average 0.77x, while their developer/explorer names average 0.45x. Although 0.77x remains below historic averages, the spread compared to developers may encourage larger producers to leverage their currency for acquisitions.
The NYSE Arca Gold Miners Index is a modified market capitalization weighted index comprised of publicly traded companies involved primarily in the mining for gold and silver. The S&P 500 is a market-capitalization-weighted index that tracks the performance of 500 of the largest publicly traded companies in the United States, serving as a leading indicator of U.S. equities. The S&P/TSX Venture Precious Metals & Minerals Index is a sector-specific benchmark that tracks the performance of early-stage Canadian companies listed on the TSX Venture Exchange that are primarily involved in the exploration and production of precious metals and minerals. The S&P/TSX Gold Index is a benchmark that tracks the performance of Canada-listed companies primarily involved in gold mining and related activities.
A basis point is a unit of measure equal to one one-hundredth of a percentage point, or 0.01%, commonly used to express changes in interest rates, yields, or other financial percentages.
Fund portfolios are actively managed, and holdings may change daily. Holdings are reported as of the most recent quarter-end. Holdings in the World Precious Minerals Fund as a percentage of net assets as of 6/30/2025: K92 Mining Inc. 5.69%, Aris Mining Corp. 2.16%, Vizsla Royalties Corp. 1.55%, Founders Metals Inc. 1.56%, Radisson Mining Resources Inc. 4.69%, IAMGOLD Corp. 0.00%, G2 Goldfields Inc. 4.02%, Black Cat Syndicate Ltd. 2.64%.
Standard Disclosure
Please consider carefully a fund’s investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus by visiting www.usfunds.com or by calling 1-800-US-FUNDS (1-800-873-8637). Read it carefully before investing. Foreside Fund Services, LLC, Distributor. U.S. Global Investors is the investment adviser.
All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.
Standard deviation is a statistical measure that quantifies the amount of variation or dispersion of a set of values, commonly used in finance to assess the volatility or risk of an investment’s returns. Price-to-NAV (net asset value) is a financial metric that compares the market price of a fund or investment to its per-share net asset value, helping investors assess whether it is trading at a premium or discount.
Gold, precious metals, and precious minerals funds may be susceptible to adverse economic, political or regulatory developments due to concentrating in a single theme. The prices of gold, precious metals, and precious minerals are subject to substantial price fluctuations over short periods of time and may be affected by unpredicted international monetary and political policies. We suggest investing no more than 5% to 10% of your portfolio in these sectors.
Top 10 Equity and Debt Holdings as of 09-30-2025
| Holding | Percentage |
|---|---|
| Omai Gold Mines Corp. | 5.45% |
| Vizsla Silver Corp. | 5.36% |
| Radisson Mining Resources, Inc. | 5.31% |
| TriStar Gold, Inc. | 5.16% |
| G2 Goldfields, Inc. | 4.33% |
| K92 Mining, Inc. | 4.27% |
| Nano One Materials Corp. | 3.50% |
| Black Cat Syndicate, Ltd. | 3.34% |
| Loncor Gold, Inc. | 2.90% |
| Montage Gold Corp. | 2.80% |
Industry Breakdown as of 09-30-2025
| Sector | Percentage |
|---|---|
| Gold, Precious Metals and Minerals | 97.97% |
| Other | 2.03% |
Regional Breakdown as of 09-30-2025
| Region | Percentage |
|---|---|
| Canada | 78.60% |
| Australia | 11.92% |
| United States | 8.12% |
| Other | 1.36% |
Growth of $10,000 Over 10 Years as of 09/30/2025
The chart illustrates the performance of a hypothetical $10,000 investment made in the fund during the depicted time frame. Figures include reinvestment of capital gains and dividends, but the performance does not include the effect of any direct fees described in the fund’s prospectus (e.g., short-term trading fees) which, if applicable, would lower your total returns.
Month End Average Annual Total Returns as of 09/30/2025
| YTD | 1 Year | 5 Year | 10 Year | Since Inception | Gross Expense Ratio | Net Expense Ratio |
| 102.03% | 76.92% | 2.35% | 9.35% | 3.42% | 2.18% | 1.75% |
Quarter End Average Annual Total Returns as of 09/30/2025
| YTD | 1 Year | 5 Year | 10 Year | Since Inception | Gross Expense Ratio | Net Expense Ratio |
| 102.03% | 76.92% | 2.35% | 9.35% | 3.42% | 2.18% | 1.75% |
Expense ratios as stated in the most recent prospectus.
The Adviser of the World Precious Minerals Fund has contractually limited total fund operating expenses (exclusive of acquired fund fees and expenses, extraordinary expenses, taxes, brokerage commissions and interest) to not exceed 1.75% on an annualized basis through April 30, 2026. Total annual expenses after waiver or reimbursement of (0.43%) were 1.75%.
U.S. Global Investors, Inc. can modify or terminate the voluntary limits at any time, which may lower a fund’s yield or return.
Performance data quoted above is historical. Past performance is no guarantee of future results. Results reflect the reinvestment of dividends and other earnings. For a portion of periods, the fund had expense limitations, without which returns would have been lower. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance does not include the effect of any direct fees described in the fund’s prospectus which, if applicable, would lower your total returns. Performance quoted for periods of one year or less is cumulative and not annualized. Obtain performance data current to the most recent month-end at www.usfunds.com or 1-800-US-FUNDS. High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Global Resources Fund (PSPFX)
Fact Sheet
Fund Vitals:
NAV: $5.64
Change as of 10/10/2025
$-0.06
Ticker:
PSPFX
Inception Date:
08/03/1983
AUM
$54357208.88 as of 10/10/2025
How to Invest Request Info Download Prospectus
About the Global Resources Fund
The Global Resources Fund takes a multi-faceted approach to the natural resources sector by investing in energy and basic materials. The fund invests in companies involved in the exploration, production and processing of petroleum, natural gas, coal, alternative energies, chemicals, mining, iron and steel, and paper and forest products, and can invest in any part of the world.
Fund Objective
The Global Resources Fund seeks long-term growth of capital while providing protection against inflation and monetary instability.
Fund Strategy
Under normal market conditions, the Global Resources Fund normally invests at least 80 percent of its net assets in the common stock, preferred stock, convertible securities, rights and warrants, and depository receipts of companies involved in the natural resources industries. The fund may invest without limitation in any of the various natural resources industries.
Read more about U.S. Global Investors’ investment process.
For the second quarter, the Global Resources Fund returned 14.67%, outperforming the fund’s primary equity benchmark, the S&P 500, which gained 10.94%. Our sub-benchmark, the S&P Global Natural Resources Index, only gained 3.26%. The Global Resources Fund invests in exploration and development companies and the junior mining and energy sector, unlike our benchmark, which is principally invested in large capitalization natural resources companies with established revenue streams; as a result, there can be timing swings where money flows first to the most liquid names before investors go down market. See complete fund performance here.
The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.
Strengths
- The three strongest commodities for the quarter were uranium, lumber and molybdenum, increasing by 20.78%, 11.25% and 8.65%, respectively. Uranium prices surged in Q2 2025 due to the Trump administration’s executive orders to accelerate nuclear expansion and licensing, along with supply constraints and uncertainty caused by heightened geopolitical concerns, particularly regarding Iran’s nuclear stockpile. Lumber prices in the U.S. rose sharply in Q2 2025, driven by a global supply-demand imbalance, tariffs (especially on Canadian imports, which account for about 25-30% of softwood in the U.S.), widespread sawmill shutdowns that further constrained supply and historically low inventories that continued to decline amid tariff uncertainty and anticipations of peak construction season during summertime. Molybdenum surged due to ongoing stainless steel and aerospace demand, while Chinese environmental inspections disrupted supply.
- The three top sector calls for the fund were an overweight position in precious metals, contributing 4.48% of the direct return (benefiting from the rally in all precious metals following gold’s breakout in Q1 2025); overweighting other metals and minerals adding, another 2.38% of return (impacted by tariffs); and overweighting packaged software, providing 1.9% of return (benefiting from new developments in futures exchange technology).
- The three best dollar-driven stock decisions were overweighting Abaxx Tech (1.90% contribution to return), Montage Gold (1.61% contribution to return) and Coeur Mining (0.85% contribution to outperformance). These gains were fueled by a gold rally and company-specific value creation: Abaxx Technologies rallying around milestones hit in line with guidance, Montage Gold and Coeur Mining rallying with the gold price as well as strong operational performance.
Weaknesses
- The three weakest commodities for the quarter were natural gas, lithium carbonate, and coffee, falling by 23.96%, 20.53%, and 18.97%, respectively. Natural gas prices declined as record U.S. production and above-average storage levels outpaced soft seasonal demand and weaker-than-expected LNG exports, putting pressure on prices despite early-summer heat. Lithium carbonate continued to slide amid a global supply glut from Australia, Argentina and Africa, with prices hitting four-year lows as electric vehicle (EV) demand growth lagged expectations and inventories built up in China. Coffee prices relinquished their top performer position in Q1 2025 due to heavy harvests in Brazil and Vietnam, which flooded the market and drove Arabica prices down, alongside weakening demand from the U.S. and Europe amid economic pressures.
- The worst-performing sector calls for the fund were an underweight position in Agricultural Chemicals (detracting 88 basis points (bps) from performance which surged amid accelerating demand globally, amid supply constraints), underweighting oil refining/marketing (detracting 53bps as oil companies caught a bid from oil volatility amid geopolitical tensions), and overweighting investment trusts (detracting 17bpx as PraireSky Royalty lagged from natural gas selling off).
- The three worst dollar-performing stock decisions were underweighting Newmont, Reliance, and Yara International, which contributed 44bps, 41bps and 22bps, respectively, to the S&P Global Natural Resources Index’s overall performance. We generated alpha from our allocations in other sectors or names within a sector that continued to show stronger relative momentum and fundamental tailwinds. In each case, our capital was allocated toward higher-conviction ideas with clearer near-term catalysts, helping to offset the performance drag from these underweight positions.
Outlook for Global Resources
Uranium was the best-performing commodity in the quarter. Bank of America anticipates a significant recovery for uranium in 2026. With the supply of uranium in all forms becoming increasingly limited, they believe U.S. utilities will turn to purchasing uranium through the spot and term markets, which means fundamentals remain very strong in the medium to long term. They are raising the long-term price to $65 per pound due to further input cost inflation. Copper also performed well during the quarter and seems poised to continue its upward trend. UBS is optimistic about the long-term outlook for copper. Reduced short-term demand following Trump tariffs has tempered expectations for deficits in 2025 and has impacted short-term price prospects, but it will only worsen long-term supply challenges. Limited growth in mine supply, pressure on smelters and tight scrap supplies suggest that refined supply growth will be limited (2025 <1%). Demand growth is expected to return to a 3% compound annual growth rate (CAGR), leading to increasing deficits and higher prices needed to meet demand.
Policy changes also played a significant role this quarter. President Donald Trump increased steel and aluminum tariffs to 50% from 25%, fulfilling a pledge to raise U.S. import taxes to support domestic manufacturers. This move is expected to boost U.S. production. Trump described the move as essential for protecting national security. Senate Republicans introduced a bill that would end tax credits for wind and solar energy earlier than for other sources and make only minor adjustments to most other incentives, dashing the hopes of those seeking relief from the major cuts passed by the House. Shares of solar stocks were the worst performers after the bill’s proposed text was released, according to Bloomberg.
Oil was weak during the quarter, which benefited our performance by prompting us to allocate more assets to gold and metals. Assuming a typical U.S. recession and Goldman’s OPEC (Organization of Petroleum Exporting Countries) baseline, they estimate that Brent would decline to $ 58 and $50 by December 2025/26, respectively. In a global GDP slowdown scenario and keeping their OPEC baseline unchanged, they estimate that Brent would fall to $54/$45 by Dec 2025/26. Finally, in a more extreme and less likely scenario with both a global GDP slowdown and a full unwind of OPEC+ cuts—which would discipline non-OPEC supply—they estimate that Brent would drop just below $40 per barrel in late 2026.
The S&P 500 is a market-capitalization-weighted index that tracks the performance of 500 of the largest publicly traded companies in the United States, serving as a leading indicator of U.S. equities. The S&P Global Natural Resources Index includes 90 of the largest publicly traded companies in natural resources and commodities businesses that meet specific investability requirements, offering investors diversified, liquid and investable equity exposure across 3 primary commodity-related sectors: Agribusiness, Energy, and Metals & Mining.
Standard Disclosure
Please consider carefully a fund’s investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus by visiting www.usfunds.com or by calling 1-800-US-FUNDS (1-800-873-8637). Read it carefully before investing. Foreside Fund Services, LLC, Distributor. U.S. Global Investors is the investment adviser.
Fund portfolios are actively managed, and holdings may change daily. Holdings are reported as of the most recent quarter-end. Holdings in the Global Resources Fund as a percentage of net assets as of 6/30/2025: Abaxx Technologies Inc. 6.83%, Montage Gold Corp. 4.89%, Coeur Mining Inc. 2.42%, PrairieSky Royalty Ltd. 0.00%, Newmont Corp. 0.00%, Reliance Industries Ltd. 0.00%, Yara International ASA 0.00%.
All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. A basis point is a unit of measure equal to one one-hundredth of a percentage point, or 0.01%, commonly used to express changes in interest rates, yields, or other financial percentages. Alpha is a risk-adjusted performance metric that measures the excess return of an investment relative to its benchmark index. The compound annual growth rate (CAGR) is the rate at which an investment would have grown if it had increased at the same steady pace each year, calculated on a compounded basis over a specified time period.
Foreign and emerging market investing involves special risks such as currency fluctuation and less public disclosure, as well as economic and political risk. Because the Global Resources Fund concentrates its investments in specific industries, the fund may be subject to greater risks and fluctuations than a portfolio representing a broader range of industries.
Top 10 Equity and Debt Holdings as of 09-30-2025
| Holding | Percentage |
|---|---|
| Abaxx Technologies, Inc. | 6.83% |
| Montage Gold Corp. | 4.89% |
| Couer Mining, Inc. | 3.60% |
| Nutrien, Ltd. | 3.58% |
| Hudbay Minerals, Inc. | 2.79% |
| Cheniere Energy, Inc. | 2.78% |
| Vizsla Silver Corp. | 2.60% |
| K92 Mining, Inc. | 2.56% |
| Torex Gold Resources, Inc. | 2.48% |
| Exxon Mobil Corp. | 2.42% |
Industry Breakdown as of 09-30-2025
| Sector | Percentage |
|---|---|
| Basic Materials | 54.94% |
| Energy | 16.18% |
| Technology | 12.82% |
| Cash Equivalents | 7.23% |
| Financial | 4.03% |
| Industrial | 3.53% |
| Consumer Staples | 0.76% |
| Utilities | 0.35% |
| Communications | 0.16% |
Regional Breakdown as of 09-30-2025
| Region | Percentage |
|---|---|
| Canada | 56.97% |
| United States | 30.65% |
| Australia | 4.44% |
| United Kingdom | 3.46% |
| France | 1.67% |
| Jersey | 1.66% |
| Israel | 0.57% |
| Other | 0.58% |
Growth of $10,000 Over 10 Years as of 09/30/2025
The chart illustrates the performance of a hypothetical $10,000 investment made in the fund during the depicted time frame. Figures include reinvestment of capital gains and dividends, but the performance does not include the effect of any direct fees described in the fund’s prospectus (e.g., short-term trading fees) which, if applicable, would lower your total returns.
Month End Average Annual Total Returns as of 09/30/2025
| YTD | 1 Year | 5 Year | 10 Year | Since Inception | Gross Expense Ratio | Net Expense Ratio |
| 52.19% | 39.82% | 12.28% | 7.86% | 4.00% | 2.06% | 1.58% |
Quarter End Average Annual Total Returns as of 09/30/2025
| YTD | 1 Year | 5 Year | 10 Year | Since Inception | Gross Expense Ratio | Net Expense Ratio |
| 52.19% | 39.82% | 12.28% | 7.86% | 4.00% | 2.06% | 1.58% |
Expense ratios as stated in the most recent prospectus.
The Adviser of the Global Resources Fund has contractually limited total fund operating expenses (exclusive of acquired fund fees and expenses, extraordinary expenses, taxes, brokerage commissions and interest, and advisory fee performance adjustments, as applicable) to not exceed 1.75%. Total annual expenses after performance adjustment of (0.17%) and waiver or reimbursement of (0.48%) were 1.58%.
Performance data quoted above is historical. Past performance is no guarantee of future results. Results reflect the reinvestment of dividends and other earnings. For a portion of periods, the fund had expense limitations, without which returns would have been lower. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance does not include the effect of any direct fees described in the fund’s prospectus which, if applicable, would lower your total returns. Performance quoted for periods of one year or less is cumulative and not annualized. Obtain performance data current to the most recent month-end at www.usfunds.com or 1-800-US-FUNDS. High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Near-Term Tax Free Fund (NEARX)
Fact Sheet
Fund Vitals:
NAV: $2.12
Change as of 10/10/2025
$0.00
Ticker:
NEARX
Inception Date:
12/04/1990
AUM
$22297879.28 as of 10/10/2025
How to Invest Request Info Download Prospectus
About the Near-Term Tax Free Fund
The Near-Term Tax Free Fund invests in municipal bonds with relatively short maturity. The fund seeks to provide tax-free monthly income by investing in debt securities issued by state and local governments from across the country.
Fund Objective
The Near-Term Tax Free fund seeks current income that is exempt from federal income tax and also seeks preservation of capital.
Fund Strategy
Under normal market conditions, the Near-Term Tax Free Fund invests at least 80 percent of its net assets in investment grade municipal securities whose interest is free from federal income tax, including the federal alternative minimum tax. The Near-Term Tax Free Fund will maintain a weighted-average portfolio maturity of five years or less.
The fund’s portfolio team applies a two-step approach in choosing investment, beginning by analyzing various macroeconomic factors in an attempt to forecast interest rate movements, and then positioning the fund’s portfolio by selecting investments that it believes fit that forecast.
The fund’s benchmark is the Barclay’s Capital 3-Year Municipal Bond Index.
Read more about U.S. Global Investors’ investment process
The Barclay 3-Year Municipal Bond Index is a total return benchmark designed for long-term municipal assets. The index includes bonds with a minimum credit rating BAA3, are issued as part of a deal of at least $50 million, have an amount outstanding of at least $5 million and have a maturity of 8 to 12 years.
For the quarter ended March 31, 2025, the Near-Term Tax Free Fund returned 1.07%, outperforming its broad-based benchmark, the Bloomberg Municipal Bond Index Total Return Index Unhedged, which covers the USD-denominated long-term tax-exempt bond market and returned 0.22%. Our subindex for the fund is the Bloomberg Municipal Bond 3 Year Index, and it returned 1.01%, thus we also outperformed our sector specific benchmark. See complete fund performance here.
The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.
Municipal bonds faced significant headwinds in the first quarter of 2025, posting their worst monthly performance relative to U.S. Treasuries since the pandemic-driven selloff in March 2020. Demand weakened as investors pulled $573 million from municipal bond funds in late March, marking the third consecutive week of outflows, according to LSEG Lipper data. The underperformance pushed municipal bond valuations to their cheapest levels relative to Treasuries since November 2022, with AAA municipal yields rising to approximately 94% of Treasury yields. Market strategists attributed the pressure to a confluence of factors, including elevated net supply, Treasury rate volatility, ETF outflows, and tax-loss harvesting. JPMorgan analysts noted that an additional $10 billion in new issuance in early April could prolong near-term pressure on the market.
Strengths
- The fund is overweight bonds in Texas and Minnesota and underweight in New York, though New York remains our third-largest state exposure. Wisconsin, Minnesota and Washington were the fund’s best-performing states due to their longer-dated maturities.
- The fund is overweight general obligation bonds—which benefit from broad taxing authority—and school district bonds, which offer stability. It is significantly underweight general municipal bonds, which have more limited taxing authority and may rely on alternative revenue sources.
- Our shorter duration of approximately 1.65 years at the start of the quarter provided higher current income with less volatility compared to positioning further out on the municipal yield curve. In contrast, our benchmark duration is 2.52 years.
Weaknesses
- The fund is underweight bonds in California, New York and Florida due to budget concerns and environmental risks that may impact these states’ funding abilities. The fund’s overweight allocation to Texas bonds contributed stable but average returns. New York contributed less than Texas, while we maintain zero exposure to Florida amid concerns over lawmakers’ potential elimination of property taxes and elevated hurricane risk.
- The fund’s underweight positioning in the multifamily housing, airport and power bond subindustries detracted from performance, as multifamily housing and airport bonds slightly outperformed expectations.
- Our duration declined to 1.53 years at quarter-end, with several maturities rolling off. This leaves us with reduced exposure to potential interest rate cuts, should they occur in the coming quarters.
Outlook
Policy uncertainty remains a headwind. Republican-led efforts to extend the 2017 tax cuts have raised concerns about the future tax-exempt status of municipal bonds. In addition, significant shifts in federal spending policy and the reintroduction of tariffs are posing shocks to the broader economy. Despite these challenges, some institutions—such as Bank of America—expect conditions to improve after the April tax season, as reinvestment flows return and supply-demand dynamics normalize. We believe the short end of the municipal bond curve (1–1.5-year maturities) offers compelling opportunities in 2025, particularly for investors seeking stability amid elevated rate volatility. Goldman Sachs emphasizes that income will be the dominant driver of returns in 2025, favoring shorter maturities where reinvestment risk is lower and yields are near decade highs.
The Barclays 3-Year Municipal Bond Index is a total return benchmark designed for short-term municipal assets. The index includes bonds with a minimum credit rating BAA3, are issued as part of a deal of at least $50 million, have an amount outstanding of at least $5 million and have a maturity of 2 to 4 years. A bond’s credit quality is determined by private independent rating agencies such as Standard & Poor’s, Moody’s and Fitch. Credit quality designations range from high (AAA to AA) to medium (A to BBB) to low (BB, B, CCC, CC to C).
Standard Disclosure
Please consider carefully a fund’s investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus by visiting www.usfunds.com or by calling 1-800-US-FUNDS (1-800-873-8637). Read it carefully before investing. Foreside Fund Services, LLC, Distributor. U.S. Global Investors is the investment adviser.
All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.
Bond funds are subject to interest-rate risk; their value declines as interest rates rise. Though the Near-Term Tax Free Fund seeks minimal fluctuations in share price, it is subject to the risk that the credit quality of a portfolio holding could decline, as well as risk related to changes in the economic conditions of a state, region or issuer. These risks could cause the fund’s share price to decline. Tax-exempt income is federal income tax free. A portion of this income may be subject to state and local taxes and at times the alternative minimum tax. The Near-Term Tax Free Fund may invest up to 20% of its assets in securities that pay taxable interest. Income or fund distributions attributable to capital gains are usually subject to both state and federal income taxes.
Top 10 Holdings as of 09-30-2025
| Holding | Percentage |
|---|---|
| County of Chisago MN | 4.97% |
| Kentucky Public Energy Authority | 4.64% |
| State of Illinois | 4.48% |
| Board of Regents of the University of Texas System | 4.38% |
| Village of Hoffman Estates IL | 4.31% |
| Elmbrook School District | 4.28% |
| City of Dallas TX Waterworks & Sewer System Revenue | 3.30% |
| Williamsport Sanitary Authority | 3.27% |
| Tennesse Energy Acquisition Corp. | 3.24% |
| Texas Department of Transportation State Highway Fund | 3.05% |
Industry Breakdown as of 09-30-2025
| Sector | Percentage |
|---|---|
| General Obligation | 44.70% |
| School District | 12.58% |
| Cash Equivalents | 12.26% |
| Water | 10.03% |
| Higher Education | 6.27% |
| Transportation | 5.30% |
| Utilities | 4.52% |
| Medical Facilities | 1.51% |
| Promissory Note | 1.00% |
| Airport | 0.93% |
| Multi Family Homes | 0.66% |
| Funds | 0.24% |
Top 5 States as of 09-30-2025
| Sector | Percentage |
|---|---|
| Texas | 27.74% |
| Illinois | 10.12% |
| Minnesota | 8.44% |
| Pennsylvania | 6.30% |
| Wisconsin | 6.07% |
Growth of $10,000 Over 10 Years as of 09/30/2025
The chart illustrates the performance of a hypothetical $10,000 investment made in the fund during the depicted time frame. Figures include reinvestment of capital gains and dividends, but the performance does not include the effect of any direct fees described in the fund’s prospectus (e.g., short-term trading fees) which, if applicable, would lower your total returns.
Month End Average Annual Total Returns as of 09/30/2025
| YTD | 1 Year | 5 Year | 10 Year | Since Inception | Gross Expense Ratio | Net Expense Ratio |
| 3.30% | 2.94% | 0.62% | 0.92% | 3.19% | 1.42% | 0.45% |
Quarter End Average Annual Total Returns as of 09/30/2025
| YTD | 1 Year | 5 Year | 10 Year | Since Inception | Gross Expense Ratio | Net Expense Ratio |
| 3.30% | 2.94% | 0.62% | 0.92% | 3.19% | 1.42% | 0.45% |
Expense ratios as stated in the most recent prospectus.
The Adviser of the Near-Term Tax Free Fund has contractually limited the total fund operating expenses (exclusive of acquired fund fees and expenses, extraordinary expenses, taxes, brokerage commissions and interest) to not exceed 0.45% on an annualized basis through April 30, 2026. Total annual expenses after waiver or reimbursement of (0.97%) were 0.45%. The fund’s yield calculation is based on the holdings’ yield to maturity for prior 30 days; distribution may differ.
Performance data quoted above is historical. Past performance is no guarantee of future results. Results reflect the reinvestment of dividends and other earnings. For a portion of periods, the fund had expense limitations, without which returns would have been lower. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance does not include the effect of any direct fees described in the fund’s prospectus which, if applicable, would lower your total returns. Performance quoted for periods of one year or less is cumulative and not annualized. Obtain performance data current to the most recent month-end at www.usfunds.com or 1-800-US-FUNDS. High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
U.S. Government Securities Ultra-Short Bond Fund (UGSDX)
Fact Sheet
Fund Vitals:
NAV: $1.95
Change as of 10/10/2025
$0.00
Ticker:
UGSDX
Inception Date:
11/01/1990
AUM
$28345104.54 as of 10/10/2025
How to Invest Request Info Download Prospectus
About the U.S. Government Securities Ultra-Short Bond Fund
The U.S. Government Securities Ultra-Short Bond Fund is designed to be used as an investment that takes advantage of the security of U.S. Government bonds and obligations, while simultaneously pursuing a higher level of current income than money market funds offer.
Fund Objective
The U.S. Government Securities Ultra-Short Bond Fund seeks to provide current income and preserve capital.
Fund Strategy
Under normal market conditions, the fund invests at least 80% of its net assets in United States Treasury debt securities and obligations of agencies and instrumentalities of the United States, including repurchase agreements collateralized with such securities. The fund’s dollar-weighted average effective maturity will be two years or less.
The fund’s benchmark is the Barclays U.S. Treasury Bills 6-9 Months Total Return Index
Read more about U.S. Global Investors’ investment process
The Barclays U.S. Treasury Bills 6-9 Months Total Return Index tracks the performance of U.S. Treasury Bills with a maturity of six to nine months.
For the quarter ended June 31, 2025, the U.S. Government Securities Ultra-Short Bond Fund returned 1.01%, outperforming its broad-based benchmark, the Bloomberg U.S. Aggregate Index, which covers the USD-denominated long-term exempt bond market and declined by 2.78% as yields on longer-dated maturities rose. Our subindex, the Bloomberg U.S. Treasury Bills 6-9 months Total Return Unhedged Index which gained only 0.91%, where we outperformed with our slightly shorter duration. See complete fund performance here.
The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.
Strengths
- The funds’ allocation to agency offerings contributed to stronger performance relative to the benchmark. By prioritizing agency debt over Treasuries, the fund benefits from marginally higher yields while maintaining strong credit quality. Agency securities (e.g., Fannie Mae, Freddie Mac) typically offer better risk-adjusted returns than Treasuries due to their implicit government backing, although this assumption could change in the future.
- Staying at the front end of the curve mitigates interest rate sensitivity—a critical advantage in an environment where the Federal Reserve has signaled a higher bar for rate cuts. This strategy reduces exposure to potential yield spikes driven by persistent inflation or fiscal policy shifts, aligning with the fund’s ultra-short mandate.
- The fund’s long-only structure avoids speculative churn in ultra-short Treasuries, seeking to deliver consistent returns by holding high-quality agency and Treasury debt to maturity. USGDX seeks to minimize forced selling, maintaining portfolio stability amid ongoing Fed uncertainty.
Weaknesses
- Despite holding a mix of agency and Treasury debt, the fund remains exposed to U.S. Treasury market volatility. Concerns over the federal deficit—projected to be 6% of gross domestic product (GDP)—have triggered broader fixed-income sell-offs, pressuring valuations even in ultra-short instruments, which have shown an increased correlation with equity volatility.
- The fund’s emphasis on high-quality agency and Treasury credit limits its ability to capitalize on higher-yielding short-term opportunities in riskier segments. As noted above, agency securities may face future uncertainty if their implied government backing is challenged.
- The new administration’s fiscal expansion, immigration restrictions and tariff policies have amplified inflationary and labor market pressures, forcing the Fed to maintain restrictive rates. This environment has led to a flattening yield curve, reducing rolldown returns for ultra-short strategies.
Outlook
Navigating the short-term fixed-income space in the second quarter of 2025 continues to demand vigilance, especially as the new administration’s early fiscal initiatives begin to take shape. The Treasury’s elevated bill issuance to fund front-loaded spending has led to a surge in supply across the T-bill curve, steepening short-end yields and presenting selective opportunities for reinvestment. Meanwhile, agency discount notes have remained relatively stable amid still-elevated demand from money market funds and institutional cash pools.
The Fed’s policy stance has shifted from hawkish to cautious, with June Federal Open Market Committee (FOMC) minutes revealing growing internal debate over the timing and pace of potential rate cuts. Sticky core inflation and resilient labor markets have tempered expectations of rapid easing, keeping front-end rates anchored near cycle highs. While the risk of a policy misstep—either overtightening or easing too soon—remains a concern, short-dated government paper continues to offer attractive risk-adjusted yields relative to longer-dated alternatives.
The Bloomberg U.S. Aggregate Index is a broad benchmark that measures the performance of the U.S. investment-grade bond market, including government, corporate, mortgage-backed, and asset-backed securities. The Barclays U.S. Treasury Bills 6-9 Months Total Return Index tracks the performance of U.S. Treasury Bills with a maturity of six to nine months. Gross domestic product is the total value of goods produced and services provided in a country for one year. The personal consumption expenditures index reflects changes in the prices of goods and services purchased by consumers in the U.S.
Standard Disclosure
Please consider carefully a fund’s investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus by visiting www.usfunds.com or by calling 1-800-US-FUNDS (1-800-873-8637). Read it carefully before investing. Foreside Fund Services, LLC, Distributor. U.S. Global Investors is the investment adviser.
Bond funds are subject to interest-rate risk; their value declines as interest rates rise.
All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.
Issuer Breakdown as of 09-30-2025
| U.S. Treasury Bill | 57.57% |
| Cash Equivalents | 21.29% |
| Federal Farm Credit Bank | 8.76% |
| Federal Home Loan Mortage Company | 7.03% |
| U.S. Treasury Note | 5.35% |
U.S. Government Securities Ultra-Short Bond Fund
Growth of $10,000 Over 10 Years as of 09/30/2025
The chart illustrates the performance of a hypothetical $10,000 investment made in the fund during the depicted time frame. Figures include reinvestment of capital gains and dividends, but the performance does not include the effect of any direct fees described in the fund’s prospectus (e.g., short-term trading fees) which, if applicable, would lower your total returns.
Month End Average Annual Total Returns as of 09/30/2025
| YTD | 1 Year | 5 Year | 10 Year | Since Inception | Gross Expense Ratio | Net Expense Ratio |
| 3.02% | 4.22% | 1.85% | 1.30% | 2.46% | 1.30% | 0.45% |
Quarter End Average Annual Total Returns as of 09/30/2025
| YTD | 1 Year | 5 Year | 10 Year | Since Inception | Gross Expense Ratio | Net Expense Ratio |
| 3.02% | 4.22% | 1.85% | 1.30% | 2.46% | 1.30% | 0.45% |
Expense ratios as stated in the most recent prospectus.
The Adviser of the U.S. Government Securities Ultra-Short Bond Fund has voluntarily limited total fund operating expenses (exclusive of acquired fund fees and expenses, extraordinary expenses, taxes, brokerage commissions and interest) to not exceed 0.45%. Total annual expenses after waiver or reimbursement of (0.80%) were 1.30%. U.S. Global Investors, Inc. can modify or terminate the voluntary limit at any time, which may lower a fund’s yield or return. The fund’s yield calculation is based on the holdings’ yield to maturity for prior 30 days; distribution may differ.
U.S. Global Investors, Inc. can modify or terminate the voluntary limits at any time, which may lower a fund’s yield or return.
Performance data quoted above is historical. Past performance is no guarantee of future results. Results reflect the reinvestment of dividends and other earnings. For a portion of periods, the fund had expense limitations, without which returns would have been lower. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance does not include the effect of any direct fees described in the fund’s prospectus which, if applicable, would lower your total returns. Performance quoted for periods of one year or less is cumulative and not annualized. Obtain performance data current to the most recent month-end at www.usfunds.com or 1-800-US-FUNDS. High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.