Net Asset Value as
of 11/11/2025:
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 11/11/2025 | |||||
|---|---|---|---|---|---|
| Fund | Symbol | Close | Previous | Change | YTD |
| Global Luxury Goods Fund (USLUX) | USLUX | 22.42 | 22.12 |
0.30
|
12.27%
|
| Gold and Precious Metals Fund (USERX) | USERX | 25.89 | 25.74 |
0.15
|
127.5%
|
| World Precious Minerals Fund (UNWPX) | UNWPX | 2.96 | 2.94 |
0.02
|
100%
|
| Global Resources Fund (PSPFX) | PSPFX | 5.76 | 5.78 |
-0.02
|
57.38%
|
| Near-Term Tax Free Fund (NEARX) | NEARX | 2.12 | 2.11 |
0.01
|
3.51%
|
| U.S. Government Securities Ultra-Short Bond Fund (UGSDX) | UGSDX | 1.95 | 1.95 |
0.00
|
3.33%
|
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 10/31/2025
| 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 | 2.16% | 3.65% | 0.99% |
| U.S. Government Securities Ultra-Short Bond Fund (UGSDX) | 11/01/1990 | 3.03% | N/A | 2.06% |
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 10/31/2025
| 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 | -2.40% | 10.06% | 13.87% | 13.41% | 8.94% | 8.40% | 1.95% | 1.75% |
| Global Resources Fund (PSPFX) | 8/3/1983 | 2.69% | 56.28% | 45.33% | 13.40% | 7.29% | 4.06% | 2.06% | 1.58% |
| Gold and Precious Metals Fund (USERX) | 7/1/1974 | -4.32% | 116.08% | 79.39% | 15.48% | 18.09% | 2.40% | 1.73% | 1.73% |
| Near-Term Tax Free Fund (NEARX) | 12/4/1990 | -0.26% | 3.03% | 2.95% | 0.64% | 0.88% | 3.17% | 1.42% | 0.45% |
| U.S. Government Securities Ultra-Short Bond Fund (UGSDX) | 11/1/1990 | 0.30% | 3.33% | 4.16% | 1.91% | 1.32% | 2.46% | 1.30% | 0.45% |
| World Precious Minerals Fund (UNWPX) | 11/27/1985 | -1.67% | 98.65% | 75.00% | 3.95% | 8.57% | 3.37% | 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 | 10/31/25 | $ 0.004423 | $2.11 |
| U.S. Government Securities Ultra-Short Bond Fund | 10/31/25 | $ 0.005895 | $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: $22.42
Change as of 11/11/2025
$0.30
Ticker:
USLUX
Inception Date:
10/17/1994
AUM
$51996549.41 as of 11/11/2025
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 5.88% in the third quarter of 2025, underperforming its benchmark, the S&P 1500 Composite Index, which gained 8.01%. The Fund also underperformed the S&P Global Luxury Index, which increased by 7.39%. The Fund’s investment strategy is more closely aligned with the performance of the S&P Global Luxury Index, as both focus on high-end products and services. 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 was positively impacted by its overweight position in the materials sector, particularly in precious metals stocks. The Luxury Fund allocated a portion of its assets to gold miners, as they symbolize wealth and prosperity—aligning with the fund’s luxury focus. Precious metals stocks rallied strongly, with gold rising nearly 16.83% in the third quarter and surpassing $4,000 per ounce in October for the first time, supported by global central bank purchases.
- The Fund’s stock selection in the financial sector had the second most positive effect on performance relative to the index. Shares of Goldman Sachs gained 13.12%, largely due to stronger-than-expected earnings driven by gains in deal-making, trading, and its asset and wealth management businesses. The S&P 1500 Index had significantly less exposure to this stock.
- The strongest contributor to the fund’s performance was LVMH Moet Hennessy Louis Vuitton, contributing a positive 1.03% to the fund’s performance. Shares gained 16.40% in the third quarter, supported by strong sales momentum in fashion and leather goods and successful new product launches across key brands like Louis Vuitton and Dior. In addition, Giorgio Armani named the group as a potential buyer after his death, fueling investor optimism about future expansion opportunities.
Weaknesses
- The fund’s stock selection in the consumer discretionary sector had the most negative effect on its performance relative to the S&P 1500 Index. According to its investment objective, the fund allocated assets to luxury apparel, which underperformed the broader market. Shares of Lululemon declined 25.11%, Hermes dropped 9.31% and Adidas fell 9.3%.
- The Fund’s underweight position in the information technology sector had a significant negative impact on its performance relative to the index, making it the second-largest detractor. Nvidia shares rose 18.10% in the third quarter, while Apple gained 24.25%. Technology stocks continued to climb, driven by strong growth in artificial intelligence opportunities. Due to the Fund’s strategy of allocating a larger portion of assets to consumer discretionary holdings, it maintained an underweight position in technology relative to its benchmark, the S&P 1500 Index, which remains heavily concentrated in tech stocks.
- The biggest detractor to the fund’s performance was Hermes, contributing a negative 0.71% to the fund’s overall performance. Shares declined 9.31% in the third quarter. Shares declined mainly due to slowing demand in Asia, particularly in China, where consumer spending on high-end goods softened. The decline also reflected broader weakness across the luxury sector as investors shifted toward growth and technology stocks.
Outlook
In the third quarter of 2025, the luxury sector experienced a continued rebound following a sharp sell-off earlier in the year, marking its second consecutive quarter of growth. However, overall sentiment across the sector remained cautious, weighed down by the lack of new economic stimulus in China and the slower-than-expected recovery of consumer confidence in the region. Despite these challenges, investor optimism gradually improved as leading brands reported resilient earnings and steady demand in the U.S. and Europe.
We continue to believe that stock selection will remain key to performance for the remainder of the year. Luxury stocks are expected to face a mixed outlook as global consumer confidence gradually recovers but remains uneven across regions. Continued strength in the U.S. and Middle East may help offset sluggish demand in China, where weak stimulus measures and slower economic growth persist. Brands with strong pricing power, diversified product lines, and exposure to high-end travel and experiences are likely to outperform.
A notable source of optimism within the sector is the robust growth in global business travel spending, projected to exceed 2019 levels by 2024 with a continued upward trajectory. According to the World Travel & Tourism Council, this trend indicates that the travel industry is set to expand significantly, reaching an estimated $15.5 trillion by 2033, up from $10 trillion in 2019. This growth would constitute approximately 11.6% of the global economy, underscoring the sector’s substantial economic impact and potential for continued expansion.
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 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.
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 9/30/2025: The Goldman Sachs Co. Inc. 3.15%, LVMH Moet Hennessy Louis Vuitton 7.89%, Lululemon Athletica Inc. 1.08%, Hermes International SCA 6.64%, Adidas AG 1.98%, NVIDIA Corp. 0.00%, Apple Inc. 0.00%.
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.
Stock markets can be volatile and share prices can fluctuate in response to sector-related and other risks as described in the fund prospectus.
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 10/31/2025
| YTD | 1 Year | 5 Year | 10 Year | Since Inception | Gross Expense Ratio | Net Expense Ratio |
| 10.06% | 13.87% | 13.41% | 8.94% | 8.40% | 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 11/11/2025
$0.15
Ticker:
USERX
Inception Date:
07/01/1974
AUM
$229668891.48 as of 11/11/2025
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.
The Gold and Precious Metals Fund rose 46.27% in the third quarter of 2025, slightly underperforming its secondary benchmark, the FTSE Gold Mines Index, which gained 50.38% on a total return basis. Our primary equity benchmark, the S&P 500 Index, gained only 8.42%, 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.
Strengths
- Silver led all precious metals, rising 29.42% in the third quarter of 2025. Gains were driven by a mix of industrial demand, monetary inflows, safe-haven buying and tightening physical supply. On the industrial side, the global green-energy transition continued to support strong silver consumption across solar, electronics, electric vehicles (EV) and semiconductor applications. Supply growth remained constrained, as most silver is produced as a byproduct of gold or base-metal mining, limiting the ability to ramp up production in response to higher prices.
- The top three dollar-contributing stock decisions were: overweighting Andean Precious Metals, underweighting Agnico Eagle Mines and overweighting Hecla Mining, contributing net total returns of 166 basis points (bps), 123 bps and 116 bps, respectively. Overweighting Andean Precious Metals was a strong call because the company reported higher realized silver and gold prices as well as higher operating income as a result. Underweighting Agnico Eagle proved prudent as despite the gold rally, the company’s valuation compared to less senior operators lacked the same marginal operating leverage. Overweighting Hecla contributed a net contribution benefit as the stock was selected for inclusion in the S&P SmallCap 600 Index, boosting flows as well as operational leverage to the silver price.
- Gold achieved a new all-time high, surpassing $3,850 per ounce, marking its best September performance in 14 years on a monthly basis. The rally in bullion helped lift gold-mining equities sharply higher, reinforcing their historical 2–3x leverage to the underlying metal price.
Weaknesses
- Palladium was the weakest-performing precious metal in the third quarter, though it still gained 15.14% as industrial demand remained firm despite geopolitical volatility. Prices were supported by renewed buying after Sibanye-Stillwater petitioned the U.S. government to impose tariffs on Russian palladium imports, citing below-market dumping. Meanwhile, Russia restricted certain palladium exports to “friendly” nations, tightening Western supply. The resulting uncertainty in trade flows—combined with fresh inflows into physically backed palladium ETFs and thin spot-market liquidity—helped sustain prices across the platinum-group metals complex.
- The bottom three dollar-contributing stock decisions were overweighting K92 Mining, underweighting Gold Fields and overweighting Aya Gold & Silver, which detracted ~212 bps, ~155 bps and ~112 bps, respectively.
- While the silver price moved roughly 2:1 relative to gold, the gold miners outperformed, showing nearly 3:1 leverage to bullion, whereas silver miners gained less than 2:1. Historically, silver equities have tended to outperform more dramatically in such environments. This relative underperformance suggests silver-mining equities may have greater potential upside in the coming quarters.
Outlook for Gold and Precious Metals
Gold’s investor base expanded significantly in Q3. Global physically backed gold ETFs recorded their strongest quarter on record, with $26 billion in net inflows—$17.3 billion in September alone—driving total AUM to new highs. Average daily market turnover reached approximately $388 billion, reflecting robust liquidity and institutional participation. North America and Europe led the surge, while India also posted a record $902 million in September inflows, lifting its gold ETF AUM to roughly $10 billion. Year-to-date, ETF flows reversed multi-year outflows into about $64 billion of net inflows, signaling a transition from tactical trading to strategic allocation.
Central banks continued net gold purchases through the quarter, adding +10 metric tons in July and +19 tons in August, broadly consistent with the post-2022 run rate of over 1,000 tons per year in gross buying. Demand remained geographically diversified, led by China, Turkey and Poland, as nations sought to reduce exposure to U.S. duration and currency risk amid persistent fiscal and geopolitical strains. This ongoing official-sector accumulation serves as a price-insensitive floor for gold heading into 2026.
Spot gold held above $3,500/oz for most of the quarter and briefly approached $4,000/oz in early October. Momentum was amplified by record ETF inflows and heightened options activity in SPDR Gold Shares (GLD). Retail investment in India accelerated alongside record domestic prices, while jewelry demand moderated somewhat—typical at record price levels—but was more than offset by institutional and central-bank buying. Overall, gold reaffirmed its role as the primary macro hedge amid de-globalization, fiscal uncertainty, and declining real yields.
We remain constructive on gold, expecting persistent central-bank accumulation, ongoing geopolitical tension and sticky inflation to sustain upward pressure. Market consensus supports this. Goldman Sachs recently raised its 2026 target to ~$4,900/oz, citing continued ETF and official-sector demand. However, we note near-term overextension—the World Gold Council (WGC) highlighted signs of froth as gold neared $4,000, suggesting the potential for short-term consolidation before resuming its uptrend. Overall, we expect range-bound trading with an upside bias, supported by dips being met with renewed allocation, aided by softer real yields, a weaker U.S. dollar, and continued diversification of reserve holdings.
The FTSE Gold Mines Index 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. 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 SmallCap 600 is a market-capitalization-weighted stock market index that tracks the performance of approximately 600 publicly traded U.S. small-cap companies.
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.
Fund portfolios are actively managed, and holdings may change daily. Holdings are reported as of the most recent quarter-end. Holdings in the Gold and Precious Metals Fund as a percentage of net assets as of 9/30/2025: Andean Precious Metals Corp. 2.31%, Agnico Eagle Mines Ltd. 2.17%, Hecla Mining Co. 0.00%, Sibanye-Stillwater Ltd. 0.07%, K92 Mining Inc. 5.85%, Gold Fields Ltd. 2.71%, Aya Gold & Silver Inc. 4.44%, SPDR Gold Shares 0.00%.
A basis point is a unit of measurement used in finance equal to one-hundredth of one percent.
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 10/31/2025
| YTD | 1 Year | 5 Year | 10 Year | Since Inception | Gross Expense Ratio | Net Expense Ratio |
| 116.08% | 79.39% | 15.48% | 18.09% | 2.40% | 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: $2.96
Change as of 11/11/2025
$0.02
Ticker:
UNWPX
Inception Date:
11/27/1985
AUM
$65800202.8 as of 11/11/2025
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 third quarter of 2025, the World Precious Minerals Fund rose 44.44%, slightly underperforming its secondary benchmark, the NYSE Arca Gold Miners Index, which gained 46.55% on a total return basis. Our primary equity benchmark, the S&P 500 Index, gained 8.12%, which we outperformed. The S&P/TSX Venture Precious Metals & Minerals Index, which better reflects how small-cap junior mining companies, returned 71.06%. 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
- Silver led all precious metals in Q3 2025, rising 29.42%, driven by a mix of industrial demand, monetary flows, safe-haven demand and tightening physical supply. On the industrial side, green energy transition drove strong silver consumption as an indispensable resource for solar, electronics and electric vehicles (EVs). Silver production is largely driven as a byproduct of gold mining as there are few mines where production could be targeted to increase silver production.
- Our top dollar-performing stock for the quarter was Omai Gold Mines, adding 312 basis points (bps) of performance. Omai Gold surged more than 140%, driven by its robust Preliminary Economic Assessment (PEA) for Guyana’s Wenot Project. The stock outperformed peers on the strength of its updated Mineral Resource Estimate and brownfield development potential, which attracted investor confidence. With drilling expanding high-grade zones and gold prices stabilizing near record highs, Omai leveraged its low-cost, scalable project to deliver exceptional returns.
- Our second-biggest dollar-gaining stock was Felix Gold, which surged 331%, yielding 153 bps, on exceptional drill assays for antimony on their Treasury Creek Antimony project near Fairbanks, Alaska. Antimony exports from China have been banned and this is a critical metal for military and defense applications. This discovery is significant enough for U.S. government backing. Our next best dollar-gaining positions were our LEAPs (long-term equity anticipation securities) on Barrick Mining and Newmont, combining for 102 bps of gains on their triple digit price change.
Weaknesses
- Palladium was the weakest-performing precious metal in the third quarter, though still ending the period up 15.14% as industrial demand remained firm despite ongoing geopolitical turbulence. Prices were supported by renewed buying on supply fears after Sibanye-Stillwater petitioned the U.S. government to impose tariffs on Russian palladium imports, alleging below-market dumping, while Russia itself moved to restrict select palladium exports to “friendly” nations only, tightening Western supply. The resulting uncertainty in trade flows, coupled with fresh inflows into physically-backed palladium ETFs and lean spot-market liquidity, helped offset macro headwinds and maintain upward momentum across the platinum-group metals complex.
- TriStar Gold was our largest underperformer by dollar value in the third quarter of 2025, detracting 531 basis points from overall performance. The decline was mainly due to the stock’s position size and a $0.025 drop in its share price, representing a 14.8% decrease. The weakness followed news that Brazil’s Federal Prosecutor’s Office (MPF) filed a civil public action in August challenging the environmental licensing process for TriStar’s flagship Castelo de Sonhos project. The judge dismissed the prosecutor’s claim of urgency, noting that the investigation has been ongoing since 2019. Both the State Environmental Secretariat of Pará and TriStar filed their responses at the end of September. We expect the existing environmental permit to remain valid, which could help pave the way for a potential acquirer of this shovel-ready asset.
- The two other major stock decisions that impacted performance in the third quarter of 2025 were our overweight position in K92 Mining and our underweight position in Gold Fields, which detracted approximately 202, 137 and 112 basis points, respectively. K92’s share price lagged as investors questioned the company’s ability to meet production targets, though it reported stronger-than-expected results after the quarter ended. Meanwhile, our underweight position in Gold Fields relative to its benchmark held back performance, as the stock was a strong performer during the quarter.
Outlook for World Precious Minerals
According to BMO, gold stocks—despite gaining roughly 100% year-to-date—are still trading at only 0.9 times their net present value (NPV) at spot prices, with free cash flow yields in the high single digits. This suggests there’s still significant room for revaluation as companies maintain strong capital discipline and avoid the excesses typical of past market peaks.
Scotiabank points out that the valuation gap between established producers (around 0.77× price-to-NAV) and developers (about 0.45×) continues to widen. With major miners facing flat production levels, few new large discoveries, and rising costs, the bank expects them to acquire new projects rather than build them from scratch.
CIBC echoes this outlook, noting that the Federal Reserve’s September rate cut and its move toward “flexible inflation targeting” have boosted investor demand for wealth preservation assets. The bank now forecasts gold reaching $4,500 per ounce and silver $55 per ounce by 2026, creating upside potential for mid-sized and junior miners such as Skeena Resources, Snowline Gold and Wesdome Gold Mines, which have promising growth and permitting catalysts.
With inflows to specialist funds still modest, royalty and streaming firms holding ample capital to invest, and major producers selling non-core assets to fund strategic acquisitions, the landscape heading into 2026 appears to favor under-owned junior miners. As larger players look to “fill the mill” through mergers, acquisitions and partnerships, juniors and intermediates are positioned to be key beneficiaries of this next growth cycle.
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.
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 9/30/2025: Omai Gold Mines Corp. 5.45%, Felix Gold Ltd. 1.93%, Barrick Mining Corp. 1.69%, Newmont Corp. 0.52%, Sibanye Stillwater Ltd. 0.00%, TriStar Gold Inc. 5.16%, K92 Mining Inc. 4.27%, Gold Fields Ltd. 0.00%, Skeena Resources Ltd. 0.00%, Snowline Gold Corp. 0.00%, Wesdome Gold Mines Ltd. 0.00%.
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.
A basis point is a unit of measurement used in finance equal to one-hundredth of one percent.
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 10/31/2025
| YTD | 1 Year | 5 Year | 10 Year | Since Inception | Gross Expense Ratio | Net Expense Ratio |
| 98.65% | 75.00% | 3.95% | 8.57% | 3.37% | 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: $5.76
Change as of 11/11/2025
$-0.02
Ticker:
PSPFX
Inception Date:
08/03/1983
AUM
$54490936.41 as of 11/11/2025
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 third quarter, the Global Resources Fund returned 29.53%, outperforming the S&P 500, our primary equity benchmark, which gained 8.12%. Our sub-benchmark, the S&P Global Natural Resources Index, gained 9.36% for the quarter. 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 significant timing swings where money flows first invest in the most liquid names before investors go down market to smaller capitalization companies which the fund has exposure to. 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 third quarter of 2025 were coffee, lithium carbonate and molybdenum, up 27.24%, 19.44% and 13.09%, respectively. Coffee prices surged as severe drought in Brazil and heavy rains in Colombia damaged crops, while global inventories fell to multi-year lows. Weather volatility tied to lingering El Niño patterns amplified supply risks and spurred speculative buying, keeping futures near record highs. Lithium carbonate rebounded on renewed restocking by Chinese cathode and battery producers, coupled with project delays in South America and Western Australia that tightened near-term supply. BloombergNEF noted that electric vehicle (EV) sales in China hit a record high in September, reinforcing demand for battery-grade lithium as spot prices crossed back above ¥110,000 per ton. Meanwhile, molybdenum extended its rally on sustained demand from the aerospace and energy-infrastructure sectors, while environmental inspections in China curtailed production and further squeezed a market already constrained by limited mine output. Additional momentum came after Terra Uranium agreed to acquire Dundee Resources’ undeveloped tungsten-molybdenum project in New South Wales, signaling continued consolidation and investor appetite for critical-metal assets.
- The three best sector calls for the fund were:
- Continued overweight in Abaxx Technologies, classified as a packaged-software company, adding 965 basis points (bps) of direct contribution;
- Overweight position in precious metals, adding 605 bps of direct return contribution; and
- Overweight in other metals/minerals, adding another 163 bps of return, supported by tariffs and resource nationalism.
- The three best dollar-performing stock decisions were overweighting Abaxx Technologies (+965 bps), Coeur Mining (+252 bps) and Montage Gold (+189 bps). These gains were driven by a broad precious-metals rally and company-specific value creation—particularly at Abaxx, whose trading-platform milestones were achieved in line with guidance.
Weaknesses
- The three weakest commodities for the quarter were natural gas, wheat and copper, down 17.11%, 9.29% and 5.66%, respectively. Natural-gas prices declined as record U.S. production and above-average storage levels outpaced muted summer demand. Weaker-than-expected liquified natural gas (LNG) exports and mild weather further pressured prices, despite ongoing geopolitical risk premiums tied to Russian supply. Wheat futures slumped to one-year lows as record North American harvests, easing Black Sea export restrictions, and improved logistics erased prior war-related premiums. Copper retreated as global manufacturing momentum slowed and new U.S. tariffs on imported industrial goods dampened near-term demand from construction and renewable sectors. Weak Chinese factory data and ample refined-metal inventories added to the downward pressure, making copper one of the most oversold industrial metals heading into the fourth quarter.
- The worst-performing sector calls were:
- An overweight position in oil & gas pipelines, detracting 46 bps due to weak natural-gas prices; and
- Underweighting steel, detracting 42 bps as steel companies rallied following the Nippon Steel / U.S. Steel merger in the second quarter.
- The three worst dollar-performing stock decisions relative to benchmark weights were underweighting Newmont, Barrick Gold and Gold Fields, which detracted 109 bps, 90 bps and 83 bps, respectively, from total performance. In these cases, the fund was underweight large-cap gold stocks but diversified across a broader portfolio of mid- and small-cap gold-mining companies.
Outlook for Global Resources
A new energy crisis is emerging—not from a shortage of oil or natural gas, but from surging demand for electricity and the challenge of delivering reliable, low-cost generation. This build-out will likely be a key driver for the natural-resources sector. Precious metals are expected to remain beneficiaries of market uncertainty as the U.S. government navigates budget gridlock, geopolitical risks and persistent inflationary pressures.
The third quarter of 2025 saw sharp divergence across commodities, shaped by weather shocks, trade policy and geopolitics. Coffee rose over 20% amid drought in Brazil and heavy rains in Colombia; lithium carbonate climbed about 25% on Chinese EV restocking and delayed supply from South America and Australia; and molybdenum stayed firm on tight output and defense demand.
In contrast, natural gas, wheat and copper all weakened—natural gas due to high storage and mild weather; wheat on record harvests; and copper on soft manufacturing data and new U.S. tariffs. Oil slipped below $65 per barrel as OPEC+ output rose, with Goldman Sachs warning that Brent could drop toward $58 under a recession scenario. Policy actions added volatility as the Trump administration doubled steel and aluminum tariffs and Republicans advanced early renewable-tax-credit cuts.
Looking ahead, we recognize the administration’s push to create a more productive environment for permitting, offtakes and capital investment across the natural-resources value chain. We expect continued upgrades to electrification infrastructure and renewed focus on legacy energy sources such as coal and natural gas, alongside a more positive outlook for nuclear energy, which is benefiting uranium.
We also remain constructive on clean energy exposure, as large corporations seeking cost advantages will prefer owning renewable assets over purchasing power off the grid.
Beyond energy, the administration’s actions have confirmed a long-standing thesis among resource investors: the U.S. must diversify its rare-earth-element supply chains away from China. Through new equity stakes, offtake agreements and streamlined permitting, the government has accelerated development at MP Materials and other operators, while adding more minerals to the U.S. critical-minerals list. We expect favorable terms for projects that rebuild a Western rare-earth ecosystem—either on U.S. soil or in allied nations such as Australia and Canada.
Outside the re-domestication trade, we remain optimistic about the flight to safety in precious metals. All major precious metals posted gains through the first three quarters of 2025, with miners delivering two-to-three-times the performance of the underlying metals. As geopolitical uncertainty persists, inflation remains elevated, and global trade continues to diversify away from the U.S. dollar, gold remains sought after as a parallel trade currency—evidenced by record central-bank purchases, gold’s growing role as a reserve asset, and its increasing use for transactions in oil, natural gas, and other commodities.
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 9/30/2025: Abaxx Technologies Inc. 12.72%, Coeur Mining Inc. 3.85%, Montage Gold Corp. 5.40%, Newmont Corp. 0.00%, Barrick Gold Corp. 0.00%, Gold Fields Ltd. 0.00%, MP Materials Corp. 0.00%, Nippon Steel Corp. 0.00%, U.S. Steel Corp. 0.00%, Terra Uranium Ltd. 0.00%, Dundee Corp. 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 measurement used in finance equal to one-hundredth of one percent.
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 10/31/2025
| YTD | 1 Year | 5 Year | 10 Year | Since Inception | Gross Expense Ratio | Net Expense Ratio |
| 56.28% | 45.33% | 13.40% | 7.29% | 4.06% | 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 11/11/2025
$0.01
Ticker:
NEARX
Inception Date:
12/04/1990
AUM
$22647711.85 as of 11/11/2025
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 September 30, 2025, the Near-Term Tax Free Fund returned 1.57%, underperforming 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 3.00%. Our subindex for the fund is the Bloomberg Municipal Bond 3-Year Index, and it returned 1.52%, thus we outperformed our sector specific benchmark but underperformed the average short-intermediate municipal fund average, where those peers on average run a higher duration than our sub-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.
Strengths
- The fund is underweight New York, which was the biggest state contribution to our performance. After that, our underweight position in Tennessee and Kentucky and overweight position in New Mexico were the next three contributors to performance, respectively. New York is considered at risks of federal budget cuts, and the Southeastern U.S. is ill-prepared for weather and hence insurance. Our avoidance of Virgina, Florida and Maryland also benefited the fund.
- The fund is overweight general obligation bonds and underweight general bonds, which we deemed as safer offerings and benefit from broader taxing authority. Underweight education, multifamily housing and transportation municipal bonds also were a benefit.
- Our shorter option-adjusted duration of approximately 1.52 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 modified option adjusted duration is 2.21 years.
Weaknesses
- The fund is overweight bonds in Texas, Illinois and Minnesota and underweight in California, which performed better than Texas. Texas was an underperforming state, despite being very pro-growth business; the gain from underweight New York was offset by Texas. Our gains in Illinois were almost offset by the weakness in Minnesota. Our avoidance of Alabama and Louisiana also underperformed.
- The fund is overweight general obligation bonds while underweight general bonds; however, over the quarter we sacrificed some performance as latter delivered slightly better returns. The funds outweigh allocations in water, higher education and utilities which detracted from performance as these offerings slightly underperformed expectations relative to the benchmark. Underweight airports and overweight utilities were a wash.
- Our shorter option-adjusted duration of approximately 1.52 years at the start of the quarter provided higher current income with less volatility compared to positioning further out on the municipal yield curve but we gave up some price appreciation from the drop in 2-year yields. We extended our duration during the quarter to 2.01 years, relative to the subindex at 2.28 years.
Outlook
The next six months remain highly uncertain for the municipal bond market amid ongoing fiscal debates, political infighting and the recent government shutdown in October 2025 that temporarily disrupted federal operations and heightened market volatility. Market participants are increasingly aware that political divisions, particularly between parties controlling Congress and the executives, are likely to influence fiscal policy, with some states and jurisdictions responding differently based on their alignment with the current administration. For example, states like California, which have historically been at odds with this administration’s federal policy and actively pushed back against recent spending initiatives, are expected to face larger funding cuts, further complicating the fiscal landscape.
The recent federal shutdown has increased policy uncertainty and potential delays in debt issuance. Meanwhile, the legislative battles over the expiration of the 2017 Tax Cuts and Jobs Act at the end of 2025 continue to underpin market jitters, though some analysts believe rising yields and increased municipal issuance could support short-term demand for tax-exempt bonds. However, political gridlock and partisan battles over spending and tax reforms could result in continued volatility or even temporary yield spikes if negotiations again falter.
In the municipal sector, states such as Ohio, Texas and Wisconsin are expected to sustain or increase capital expenditures, especially on infrastructure projects, leveraging newly available exemptions to attract investment. Conversely, states like California—whose fiscal authority is strained by the political pushback against federal policies—may implement larger budget cuts, which could temper issuance and demand in those regions.
Amid this backdrop, demand for short-term municipal bonds, as measured by the Barclays 3-Year Municipal Bond Index, could remain supported by stable reserves and rising tax collections (up 5.8% in Q1 2025), but yields are likely to remain elevated or even rise if political conflicts deepen or fiscal stability is compromised further.
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.
The Bloomberg Municipal Bond Index Total Return Index measures the performance of the U.S. investment-grade, tax-exempt municipal bond market, including price changes and interest income, and is calculated on a total return basis. The Barclays 3-Year Municipal Bond Index is a total return benchmark designed for short-term municipal assets.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 10/31/2025
| YTD | 1 Year | 5 Year | 10 Year | Since Inception | Gross Expense Ratio | Net Expense Ratio |
| 3.03% | 2.95% | 0.64% | 0.88% | 3.17% | 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 11/11/2025
$0.00
Ticker:
UGSDX
Inception Date:
11/01/1990
AUM
$28581176.08 as of 11/11/2025
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 September 30, 2025, the U.S. Government Securities Ultra-Short Bond Fund returned 0.94%, underperforming its broad-based benchmark, the Bloomberg U.S. Aggregate Index, which represents the USD-denominated long-term bond market and gained 2.03%. Bonds with maturities greater than three years saw yields decline by roughly 7 basis points (bps), compared to a 38-bp drop in the nine-month T-bill, which was sufficient to lift their prices more than the decline in shorter-term yields. Our sub-benchmark, the Bloomberg U.S. Treasury Bills 6–9 Months Total Return Unhedged Index, gained 1.16%, relative to which we also underperformed. 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 largely maintained its exposure to Treasuries amid some uncertainty about potential changes in the market’s perception of agency debt, which relies on the implied credit backing of the U.S. government. Nevertheless, we added to our agency position as other agency bonds matured during the quarter.
- The fund’s average years to maturity stood at 0.32 years, compared to 0.54 years for the sub-benchmark. Remaining at the front end of the curve helps mitigate interest rate sensitivity. This strategy reduces exposure to potential yield spikes driven by persistent inflation or fiscal policy shifts, aligning with the fund’s ultra-short mandate.
- USGDX’s strategy is to avoid speculative churn in the ultra-short Treasury market, where transaction costs can significantly reduce net investment returns in fixed income portfolios. We aim to deliver consistent returns by holding high-quality agency and Treasury securities to maturity. Unlike funds affected by rate volatility and frequent trading, USGDX minimizes forced selling, maintaining portfolio stability amid ongoing Federal Reserve uncertainty.
Weaknesses
- Slightly higher returns may have been available in the agency market relative to Treasuries, but our discussions with the Street highlighted the potential policy risks associated with government actions. As a result, the fund largely maintained its exposure to Treasuries. We added modestly to our agency positions as other agency bonds matured during the quarter; however, on a net basis, our agency exposure declined by quarter-end.
- Our average years to maturity of 0.32 years, compared to 0.54 years for the sub-benchmark, likely limited some price appreciation as yields drifted lower during the quarter.
- The consensus view is that interest rates may be cut further to stimulate the economy as the midterm elections approach. However, inflation is likely to rise amid growing electricity demand—particularly from data centers—with limited capacity to add new generation in the near term. The Federal Reserve’s path forward may therefore be constrained by renewed inflationary pressures.
Outlook
The Federal Reserve cut interest rates by 25 bps in both September and October, citing signs that the job market is beginning to weaken. Investors are already anticipating additional rate cuts, as reflected in 10-year yield futures and the CME FedWatch Tool. The Fed also announced plans to end quantitative tightening, signaling that it will slow or stop reducing its balance sheet and resume Treasury purchases. While this adds a steady buyer to the Treasury market—a positive development in one sense—it also reflects underlying concern. If the Fed feels compelled to intervene to prevent yields from rising too sharply, it could mark the start of a new phase of yield curve control, where the focus shifts from fighting inflation to ensuring the smooth functioning of the bond market itself.
Meanwhile, Treasury financing needs continue to surge. The U.S. government borrowed an additional $1.007 trillion in the third quarter, with the rolling 12-month deficit exceeding $2 trillion. Treasury Secretary Scott Bessent, alongside President Trump, has launched a global investor outreach campaign to sustain foreign demand for U.S. debt and reassure markets of America’s fiscal resilience.
On the sidelines, liquidity remains abundant. Money market fund assets have reached a record $7.3–$7.4 trillion, underscoring both investor caution and the appeal of short-term yields. The front end of the curve is expected to drift lower as rate cuts take effect, while the two- to four-year sector remains pressured by signs of labor-market softening—reflected in ADP data and corporate headcount reductions, particularly in entry-level positions.
Given these conditions, we continue to favor high-quality credit exposure on the short end, while maintaining flexibility to extend duration should yield differentials justify the move. Our focus remains on discipline, liquidity, and credit quality.
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.
A basis point (bp) is a unit of measurement for percentage changes, representing 1/100th of 1% or 0.01%.
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 10/31/2025
| YTD | 1 Year | 5 Year | 10 Year | Since Inception | Gross Expense Ratio | Net Expense Ratio |
| 3.33% | 4.16% | 1.91% | 1.32% | 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.