# EDGAR Filing Document

**Accession Number:** 0000101507
**File Stem:** 0001435109-25-000275
**Filing Date:** 2025-8
**Character Count:** 179407
**Document Hash:** 4f65f49380965d2a8f0fc07449d0a4c1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001435109-25-000275.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001435109-25-000275

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** US GLOBAL INVESTORS FUNDS
- **CENTRAL INDEX KEY:** 0000101507

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01800
- **FILM NUMBER:** 251259946

**BUSINESS ADDRESS:**
- **STREET 1:** THREE CANAL PLAZA
- **STREET 2:** SUITE 600
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101
- **BUSINESS PHONE:** 2103081234

**MAIL ADDRESS:**
- **STREET 1:** THREE CANAL PLAZA
- **STREET 2:** SUITE 600
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** US GLOBAL INVESTORS INC/ TX
- **DATE OF NAME CHANGE:** 19970224

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNITED SERVICES FUNDS
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNITED SERVICES GOLD SHARES INC
- **DATE OF NAME CHANGE:** 19841106

## Series and Classes Contracts Data

### Global Resources Fund (Series ID: S000004782)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000012993 | Global Resources Fund | PSPFX           |

### Gold and Precious Metals Fund (Series ID: S000004783)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000012994 | Gold and Precious Metals Fund | USERX           |

### World Precious Minerals Fund (Series ID: S000004784)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000012995 | World Precious Minerals Fund | UNWPX           |

### U.S. Government Securities Ultra-Short Bond Fund (Series ID: S000004787)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000012998 | U.S. Government Securities Ultra-Short Bond Fund | UGSDX           |

### Near-Term Tax Free Fund (Series ID: S000004789)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000013000 | Near-Term Tax Free Fund | NEARX           |

### Global Luxury Goods Fund (Series ID: S000023574)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000069385 | Global Luxury Goods Fund | USLUX           |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT**

# INVESTMENT COMPANIES
Investment Company Act file number 811-01800

**U.S. GLOBAL INVESTORS FUNDS**

190 Middle Street, Suite 101

Portland, Maine 04101

Zachary Tackett, Principal Executive Officer

190 Middle Street, Suite 101

Portland, Maine 04101

207-347-2000

Date of fiscal year end: December 31

Date of reporting period: January 1, 2025 – June 30, 2025

ITEM 1. REPORT TO SHAREHOLDERS.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act, as amended ("Act"), is attached hereto.

#### Global Luxury Goods Fund
![Image](i1aeaa87613960103b1af97ad.jpg)

#### USLUX

#### : Investor Class

#### Semi-Annual Shareholder Report - June 30, 2025

# **Fund Overview** 
This semi-annual shareholder report contains important information about the USGI Global Luxury Goods Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at www.usfunds.com/invest-with-us/prospectus-2/. You can also request this information by contacting us at (800) 873-8637.

# **What were the Fund's costs for the last six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Investor Class** | **$85** | **1.67%** |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $50934199 |
| # of Portfolio Holdings | 62 |
| Portfolio Turnover Rate | 79% |
| Management Fee (Net of fees waived) | $189868 |

---

# **Top Ten Holdings** 

# (% net assets)

---

| | |
|:---|:---|
| Hermes International SCA | 6.91% |
| Ferrari NV | 6.09% |
| LVMH Moet Hennessy Louis Vuitton SE, ADR | 6.01% |
| Royal Caribbean Cruises, Ltd. | 4.32% |
| Carnival Corp. | 4.20% |
| Mercedes-Benz Group AG, ADR | 4.01% |
| Tesla, Inc. | 3.95% |
| Industria de Diseno Textil SA | 3.91% |
| Volkswagen AG | 3.56% |
| The Goldman Sachs Group, Inc. | 3.51% |

---

# **Sector Weightings** 

# (% total investments)
![Group By Sector Chart](i5e7765d298b4be9bbdba40da.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 62.4% |
| Consumer Staples | 20.8% |
| Financials | 6.9% |
| Materials | 5.5% |
| Other | 4.4% |

---

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

# U.S. Global Investors Funds

#### Global Luxury Goods Fund

#### USLUX

#### : Investor Class

#### Semi-Annual Shareholder Report - June 30, 2025

#### 252S-USLUX-25

#### Global Resources Fund
![Image](ia4d145ada86e4d90cfb6a35b.jpg)

#### PSPFX

#### : Investor Class

#### Semi-Annual Shareholder Report - June 30, 2025

# **Fund Overview** 
This semi-annual shareholder report contains important information about the USGI Global Resources Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at www.usfunds.com/invest-with-us/prospectus-2/. You can also request this information by contacting us at (800) 873-8637.

# **What were the Fund's costs for the last six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Investor Class** | **$94** | **1.75%** |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $40612414 |
| # of Portfolio Holdings | 130 |
| Portfolio Turnover Rate | 42% |
| Management Fee (Net of fees waived) | $100537 |

---

# **Top Ten Holdings** 

# (% net assets)

---

| | |
|:---|:---|
| Abaxx Technologies, Inc. | 6.83% |
| Montage Gold Corp. | 4.89% |
| Cheniere Energy, Inc. | 3.60% |
| Nutrien, Ltd. | 3.59% |
| Exxon Mobil Corp. | 2.79% |
| K92 Mining, Inc. | 2.78% |
| GE Vernova, Inc. | 2.61% |
| Aris Gold Corp. | 2.56% |
| Hudbay Minerals, Inc. | 2.48% |
| Coeur Mining, Inc. | 2.42% |

---

# **Sector Weightings** 

# (% total investments)
![Group By Sector Chart](i42b9f672f0ffdf9254dac9db.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Gold Mining | 21.5% |
| Oil Companies - Integrated | 8.3% |
| Oil Companies - Exploration & Production | 7.5% |
| Enterprise Software/Services | 7.2% |
| Metal - Copper | 5.7% |
| Metal - Diversified | 5.6% |
| Silver Mining | 4.4% |
| Diversified Minerals | 4.0% |
| Precious Metals | 4.0% |
| Agricultural Chemicals | 3.8% |
| Pipelines | 3.8% |
| Other | 24.2% |

---

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

# U.S. Global Investors Funds

#### Global Resources Fund

#### PSPFX

#### : Investor Class

#### Semi-Annual Shareholder Report - June 30, 2025

#### 252S-PSPFX-25

#### Gold and Precious Metals Fund
![Image](i349cfea56409674e12fc2ad7.jpg)

#### USERX

#### : Investor Class

#### Semi-Annual Shareholder Report - June 30, 2025

# **Fund Overview** 
This semi-annual shareholder report contains important information about the USGI Gold and Precious Metals Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at www.usfunds.com/invest-with-us/prospectus-2/. You can also request this information by contacting us at (800) 873-8637.

# **What were the Fund's costs for the last six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Investor Class** | **$105** | **1.67%** |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $156586423 |
| # of Portfolio Holdings | 83 |
| Portfolio Turnover Rate | 36% |
| Management Fee Paid | $573848 |

---

# **Top Ten Holdings** 

# (% net assets)

---

| | |
|:---|:---|
| K92 Mining, Inc. | 8.10% |
| Alamos Gold, Inc. | 5.34% |
| Torex Gold Resources, Inc. | 5.31% |
| Aya Gold & Silver, Inc. | 5.13% |
| Catalyst Metals, Ltd. | 3.32% |
| Mineros SA | 3.03% |
| Agnico Eagle Mines, Ltd. | 2.96% |
| Vox Royalty Corp. | 2.86% |
| OR Royalties, Inc. | 2.79% |
| Aris Gold Corp. | 2.61% |

---

# **Sector Weightings** 

# (% total investments)
![Group By Sector Chart](iafadfff5af9fbf6bbdc96cc7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Gold Mining | 70.7% |
| Silver Mining | 13.0% |
| Precious Metals | 8.3% |
| Metal - Diversified | 3.4% |
| Other | 4.6% |

---

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

# U.S. Global Investors Funds

#### Gold and Precious Metals Fund

#### USERX

#### : Investor Class

#### Semi-Annual Shareholder Report - June 30, 2025

#### 252S-USERX-25

#### Near-Term Tax Free Fund
![Image](ic3fef354aaca5d4dc7b20466.jpg)

#### NEARX

#### : Investor Class

#### Semi-Annual Shareholder Report - June 30, 2025

# **Fund Overview** 
This semi-annual shareholder report contains important information about the USGI Near-Term Tax Free Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at www.usfunds.com/invest-with-us/prospectus-2/. You can also request this information by contacting us at (800) 873-8637.

# **What were the Fund's costs for the last six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Investor Class** | **$23** | **0.45%** |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $24895444 |
| # of Portfolio Holdings | 52 |
| Portfolio Turnover Rate | 23% |
| Management Fee (Net of fees waived) | $(62055) |

---

# **Top Ten Area Concentrations** 

# (% of net assets)

---

| | |
|:---|:---|
| Texas | 28.20% |
| Georgia | 7.22% |
| Minnesota | 6.82% |
| Pennsylvania | 6.40% |
| Kentucky | 4.91% |
| New Mexico | 4.62% |
| Colorado | 4.17% |
| Illinois | 4.16% |
| Wisconsin | 3.96% |
| Michigan | 3.24% |

---

# **Maturity Weightings** 

# (% total investments)
![Group By Sector Chart](i5dbbdafb02876a5818c6150c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Less than 1 Month | 23.1% |
| 1-3 Months | 12.3% |
| 3-12 Months | 10.1% |
| 1-3 Years | 50.2% |
| 3-5 Years | 4.3% |

---

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

# U.S. Global Investors Funds

#### Near-Term Tax Free Fund

#### NEARX

#### : Investor Class

#### Semi-Annual Shareholder Report - June 30, 2025

#### 252S-NEARX-25

#### U.S. Government Securities Ultra-Short Bond Fund
![Image](id17cfc78b969c0bf8c08c3d8.jpg)

#### UGSDX

#### : Investor Class

#### Semi-Annual Shareholder Report - June 30, 2025

# **Fund Overview** 
This semi-annual shareholder report contains important information about the USGI U.S. Government Securities Ultra-Short Bond Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at www.usfunds.com/invest-with-us/prospectus-2/. You can also request this information by contacting us at (800) 873-8637.

# **What were the Fund's costs for the last six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Investor Class** | **$23** | **0.45%** |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $28783085 |
| # of Portfolio Holdings | 17 |
| Portfolio Turnover Rate | 0% |
| Management Fee (Net of fees waived) | $(47538) |

---

# **Top Ten Holdings** 

# (% net assets)

---

| | |
|:---|:---|
| Federal Home Loan Mortgage Corp. | 10.41% |
| U.S. Treasury Bill | 8.63% |
| U.S. Treasury Bill | 6.93% |
| U.S. Treasury Bill | 6.89% |
| U.S. Treasury Bill | 6.87% |
| U.S. Treasury Bill | 6.86% |
| U.S. Treasury Bill | 6.83% |
| U.S. Treasury Bill | 6.75% |
| U.S. Treasury Note/Bond | 5.21% |
| U.S. Treasury Bill | 5.18% |

---

# **Sector Weightings** 

# (% total investments)
![Group By Sector Chart](i4f11b29d31ece6b4647babce.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Bill | 70.5% |
| Federal Home Loan Mortgage Corp. | 11.1% |
| Federal Home Loan Bank | 9.1% |
| U.S. Treasury Note/Bond | 5.6% |
| Federal Farm Credit Bank | 3.7% |

---

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

# U.S. Global Investors Funds

#### U.S. Government Securities Ultra-Short Bond Fund

#### UGSDX

#### : Investor Class

#### Semi-Annual Shareholder Report - June 30, 2025

#### 252S-UGSDX-25

#### World Precious Minerals Fund
![Image](if93d21ba28e91e6367c2a057.jpg)

#### UNWPX

#### : Investor Class

#### Semi-Annual Shareholder Report - June 30, 2025

# **Fund Overview** 
This semi-annual shareholder report contains important information about the USGI World Precious Minerals Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at www.usfunds.com/invest-with-us/prospectus-2/. You can also request this information by contacting us at (800) 873-8637.

# **What were the Fund's costs for the last six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Investor Class** | **$97** | **1.63%** |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $48622881 |
| # of Portfolio Holdings | 166 |
| Portfolio Turnover Rate | 17% |
| Management Fee (Net of fees waived) | $103515 |

---

# **Top Ten Holdings** 

# (% net assets)

---

| | |
|:---|:---|
| TriStar Gold, Inc. | 8.65% |
| K92 Mining, Inc. | 5.69% |
| Vizsla Silver Corp. | 5.24% |
| Radisson Mining Resources, Inc. | 4.63% |
| G2 Goldfields, Inc. | 4.02% |
| Omai Gold Mines Corp. | 3.32% |
| Nano One Materials Corp. | 2.98% |
| Dolly Varden Silver Corp. | 2.84% |
| Montage Gold Corp. | 2.72% |
| Black Cat Syndicate, Ltd. | 2.64% |

---

# **Sector Weightings** 

# (% total investments)
![Group By Sector Chart](i968d9b0419f565e8adafed94.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Gold Mining | 64.2% |
| Precious Metals | 12.9% |
| Silver Mining | 8.5% |
| Diversified Minerals | 4.7% |
| Advanced Materials/Production | 3.1% |
| Other | 6.6% |

---

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

# U.S. Global Investors Funds

#### World Precious Minerals Fund

#### UNWPX

#### : Investor Class

#### Semi-Annual Shareholder Report - June 30, 2025

#### 252S-UNWPX-25
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

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

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

(a)&nbsp;&nbsp;&nbsp;&nbsp;

U.S.

Global

Investors

Funds

Semi-Annual

Financials

and

Other

Information

*June* 

*30,* 

*2025*

(Unaudited)

U.S.

Global

Investors

Funds

Semi-Annual

Financials

and

Other

Information

June

30,

2025

Table

of

Contents

(unaudited)

Portfolios

of

Investments

Notes

to

Portfolios

of

Investments

Statements

of

Assets

and

Liabilities

Statements

of

Operations

Statements

of

Changes

in

Net

Assets

Notes

to

Financial

Statements

Financial

Highlights

Other

Information

Apex

Fund

Services

Middle

Street,

Suite

Portland,

ME

04101

Nasdaq

Symbols

(unaudited)

#### U.S.

#### Global

#### Investors

#### Funds

#### Investor

#### Class
U.S.

Government

Securities

Ultra-Short

Bond

Fund

UGSDX

Near-Term

Tax

Free

Fund

NEARX

Global

Luxury

Goods

Fund

USLUX

Global

Resources

Fund

PSPFX

World

Precious

Minerals

Fund

UNWPX

Gold

and

Precious

Metals

Fund

USERX

Portfolio

of

Investments

(Unaudited)

*See* 

*notes* 

*to* 

*portfolios* 

*of* 

*investments.*

June

30,

2025

#### U.S.

#### Government

#### Securities

#### Ultra-Short

#### Bond

#### Fund

#### United

#### States

#### Government

#### and

#### Agency

#### Obligations

#### 93.74%

#### Coupon

#### Rate

#### %

#### Maturity

#### Date

#### Principal

#### Amount

#### Value

#### Federal

#### Farm

#### Credit

#### Bank

#### 3.45%
Fixed

Rates:

2.35 12/05/25

$

1,000,000

$

991,727

#### Federal

#### Home

#### Loan

#### Bank

#### 8.48%
Fixed

Rates:

2.63 09/12/25

1,000,000

996,428

1.11 10/28/26

1,500,000

1,444,305

2,440,733

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.

#### 10.41%
Fixed

Rates:

4.05 08/28/25

3,000,000

2,997,520

#### U.S.

#### Treasury

#### Bill

#### 66.19%

#### ◊
Yield

to

Maturity:

4.83 07/10/25

1,000,000

998,953

4.24 07/29/25

2,000,000

1,993,552

4.24 07/31/25

1,250,000

1,245,680

4.29 08/14/25

500,000

497,373

4.32 -

4.42 08/19/25

2,500,000

2,485,343

4.26 08/21/25

1,500,000

1,490,845

4.26 09/04/25

2,000,000

1,984,657

4.25 09/30/25

2,000,000

1,978,737

4.16 10/02/25

500,000

494,548

4.13 10/23/25

2,000,000

1,973,543

4.17 -

4.23 11/28/25

2,000,000

1,965,658

3.70 03/19/26

2,000,000

1,943,523

19,052,412

#### U.S.

#### Treasury

#### Note/Bond

#### 5.21%
Fixed

Rates:

4.25 12/31/25

1,500,000

1,500,088

#### Investments,

#### at

#### value

#### 93.74%

#### 26,982,480
(cost

$26,973,933)

Other

assets

and

liabilities,

net

6.26%

1,800,605

#### Net

#### Assets

#### 100.00%

#### $

#### 28,783,085
Portfolio

of

Investments

(Unaudited)

*See* 

*notes* 

*to* 

*portfolios* 

*of* 

*investments.*

June

30,

2025

#### Near-Term

#### Tax

#### Free

#### Fund

#### Municipal

#### Bonds

#### 94.28%

#### Coupon

#### Rate

#### %

#### Maturity

#### Date

#### Principal

#### Amount

#### Value

#### Arizona

#### 1.61%
City

of

Mesa

AZ,

Arizona,

Refunding,

GO

Limited

4.00 07/01/25

$

400,000

$

400,000

#### Colorado

#### 4.17%
City

of

Glendale

CO,

Colorado,

Refunding,

COP

5.00 12/01/25

265,000

267,047

City

of

Greeley

CO

Water

Revenue,

Colorado,

Refunding,

RB

5.00 08/01/27

400,000

419,715

Colorado

Health

Facilities

Authority,

Colorado,

Refunding,

RB

5.00 10/01/25

350,000

351,520

1,038,282

#### Connecticut

#### 0.82%
State

of

Connecticut,

Connecticut,

Refunding,

GO

Unlimited

5.00 05/15/27

200,000

203,841

#### Delaware

#### 0.50%
The

Delaware

Municipal

Electric

Corp.,

Delaware,

Refunding,

RB

5.00 07/01/25

125,000

125,000

#### Georgia

#### 7.22%
Barrow

County

School

District,

Georgia,

GO

Unlimited

2.13 02/01/26

500,000

495,948

Carroll

City-County

Hospital

Authority,

Georgia,

RB

5.00 07/01/41

1,000,000

1,000,000

Grady

County

School

District,

Georgia,

GO

Unlimited

5.00 10/01/25

300,000

301,416

1,797,364

#### Hawaii

#### 0.72%
State

of

Hawaii,

Hawaii,

Refunding,

GO

Unlimited

5.00 10/01/27

175,000

179,930

#### Illinois

#### 4.16%
State

of

Illinois,

Illinois,

GO

Unlimited

5.00 11/01/28

1,000,000

1,035,973

#### Indiana

#### 1.29%
County

of

Warrick

IN

Redevelopment

District,

Indiana,

Refunding,

Tax

Allocation

Bond

4.00 08/01/25

170,000

170,101

Northwestern

School

Corp.,

Indiana,

GO

Limited

5.00 01/15/26

150,000

151,398

321,499

Portfolio

of

Investments

(Unaudited)

*See* 

*notes* 

*to* 

*portfolios* 

*of* 

*investments.*

June

30,

2025

#### Near-Term

#### Tax

#### Free

#### Fund

#### Municipal

#### Bonds (cont'd)

#### Coupon

#### Rate

#### %

#### Maturity

#### Date

#### Principal

#### Amount

#### Value

#### Kansas

#### 1.89%
City

of

Lawrence

KS,

Kansas,

GO

Unlimited

3.25 09/01/27

$

170,000

$

170,009

Sedgwick

County

Unified

School

District

No.

Valley

Center,

Kansas,

Refunding,

GO

Unlimited

4.00 09/01/25

300,000

300,135

470,144

#### Kentucky

#### 4.91%
Campbellsville

Independent

School

District

Finance

Corp.,

Kentucky,

RB

4.00 08/01/25

165,000

165,083

Kentucky

Public

Energy

Authority,

Kentucky,

Refunding,

RB

‡

5.00 01/01/55

1,000,000

1,057,157

1,222,240

#### Massachusetts

#### 2.16%
New

Bedford

Housing

Authority,

Massachusetts,

RB

2.45 10/01/27

550,000

537,515

#### Michigan

#### 3.24%
Great

Lakes

Water

Authority

Water

Supply

System

Revenue,

Michigan,

Refunding,

RB

5.00 07/01/26

365,000

373,281

Wayne

State

University,

Michigan,

RB

5.00 11/15/27

430,000

433,303

806,584

#### Minnesota

#### 6.82%
City

of

Woodbury

MN,

Minnesota,

GO

Unlimited

3.00 02/01/28

550,000

545,832

County

of

Chisago

MN,

Minnesota,

GO

Unlimited

2.00 02/01/27

1,175,000

1,152,292

1,698,124

#### Mississippi

#### 0.50%
County

of

Madison

MS,

Mississippi,

GO

Unlimited

4.50 11/01/25

125,000

125,135

#### Missouri

#### 0.80%
St

Louis

Land

Clearance

for

Redevelopment

Authority,

Missouri,

RB

4.00 07/15/25

200,000

200,063

#### New

#### Jersey

#### 1.71%
Middlesex

County

Improvement

Authority,

New

Jersey,

RB

5.00 07/01/25

425,000

425,000

Portfolio

of

Investments

(Unaudited)

*See* 

*notes* 

*to* 

*portfolios* 

*of* 

*investments.*

June

30,

2025

#### Near-Term

#### Tax

#### Free

#### Fund

#### Municipal

#### Bonds (cont'd)

#### Coupon

#### Rate

#### %

#### Maturity

#### Date

#### Principal

#### Amount

#### Value

#### New

#### Mexico

#### 4.62%
City

of

Rio

Rancho

NM,

New

Mexico,

GO

Unlimited

5.00 08/01/27

$

600,000

$

628,948

Los

Alamos

Public

School

District,

New

Mexico,

GO

Unlimited

5.00 08/01/25

520,000

520,809

1,149,757

#### New

#### York

#### 2.70%
City

of

New

York

NY,

New

York,

Refunding,

GO

Unlimited

5.00 08/01/25

250,000

250,406

City

of

New

York

NY,

New

York,

Refunding,

GO

Unlimited

5.00 08/01/26

200,000

205,029

Port

Authority

of

New

York

&

New

Jersey,

New

York,

Refunding,

RB

5.00 10/01/25

215,000

215,782

671,217

#### North

#### Carolina

#### 1.59%
City

of

Cherryville

NC,

North

Carolina,

GO

Unlimited

2.00 11/01/31

440,000

395,887

#### Oregon

#### 1.97%
City

of

Ashland

OR,

Oregon,

GO

Limited

2.38 10/01/26

200,000

197,495

City

of

Lincoln

City

OR,

Oregon,

Refunding,

GO

Unlimited

2.50 06/01/28

300,000

292,609

490,104

#### Pennsylvania

#### 6.40%
Commonwealth

of

Pennsylvania,

Pennsylvania,

Refunding,

GO

Unlimited,

First

Series

5.00 08/15/25

310,000

310,789

Delaware

River

Port

Authority,

Pennsylvania,

Refunding,

RB

5.00 01/01/27

500,000

517,889

Williamsport

Sanitary

Authority,

Pennsylvania,

Refunding,

RB

BAM

5.00 01/01/27

740,000

764,926

1,593,604

#### Tennessee

#### 0.66%
Paris

Utility

Authority

Electric

System

Revenue,

Tennessee,

RB

5.00 06/01/28

155,000

164,133

#### Texas

#### 28.20%
Board

of

Regents

of

the

University

of

Texas

System,

Texas,

RB

5.00 08/15/26

1,000,000

1,026,177

City

of

Dallas

TX

Waterworks

&

Sewer

System

Revenue,

Texas,

Refunding,

RB

5.00 10/01/26

750,000

771,645

City

of

Denton

TX,

Texas,

GO

Limited

4.00 02/15/26

265,000

267,040

City

of

Denton

TX,

Texas,

Refunding,

GO

Limited

5.00 02/15/27

400,000

415,057

Portfolio

of

Investments

(Unaudited)

*See* 

*notes* 

*to* 

*portfolios* 

*of* 

*investments.*

June

30,

2025

#### Near-Term

#### Tax

#### Free

#### Fund

#### Municipal

#### Bonds (cont'd)

#### Coupon

#### Rate

#### %

#### Maturity

#### Date

#### Principal

#### Amount

#### Value

#### Texas

#### (cont'd)
City

of

San

Antonio

TX,

Texas,

Refunding,

GO

Limited

5.00 08/01/25

$

1,250,000

$

1,252,084

City

of

San

Antonio

TX

Electric

&

Gas

Systems

Revenue,

Texas,

Refunding,

RB

5.00 02/01/27

375,000

379,433

Rockwall

Independent

School

District,

Texas,

GO

Unlimited

PSF-GTD

5.00 02/15/27

270,000

280,120

Texas

Department

of

Transportation

State

Highway

Fund,

Texas,

RB

5.00 10/01/26

695,000

715,665

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

V,

Texas,

RB

‡

5.00 01/01/55

540,000

574,372

Westwood

Independent

School

District,

Texas,

GO

Unlimited

PSF-GTD

5.00 02/15/27

665,000

688,314

Ysleta

Independent

School

District,

Texas,

Prefunding,

GO

Unlimited

PSF-GTD

5.00 08/15/45

650,000

651,592

7,021,499

#### Washington

#### 1.66%
King

County

Fire

Protection

District

No.

45,

Washington,

GO

Unlimited

4.00 12/01/25

260,000

260,888

King

County

Housing

Authority,

Washington,

Refunding,

RB

4.00 06/01/27

150,000

151,907

412,795

#### Wisconsin

#### 3.96%
Elmbrook

School

District,

Wisconsin,

Refunding,

GO

Unlimited

2.75 04/01/28

1,000,000

985,560

#### Total

#### Municipal

#### Bonds

#### 23,471,250
(cost

$23,502,079)

#### Exchange

#### Traded

#### Fund

#### 3.07%

#### Shares
JPMorgan

Ultra-Short

Municipal

Income

ETF

15,000

763,800

(cost

$761,411)

#### Investments,

#### at

#### value

#### 97.35%

#### 24,235,050
(cost

$24,263,490)

Other

assets

and

liabilities,

net

2.65%

660,394

#### Net

#### Assets

#### 100.00%

#### $

#### 24,895,444
Portfolio

of

Investments

(Unaudited)

*See* 

*notes* 

*to* 

*portfolios* 

*of* 

*investments.*

June

30,

2025

#### Global

#### Luxury

#### Goods

#### Fund

#### Common

#### Stocks

#### 93.33%

#### Shares

#### Value

#### Apparel

#### Manufacturers

#### 10.38%
Christian

Dior

SE

585

$

293,135

Hermes

International

SCA

1,298

3,518,706

Kering

SA,

ADR

29,200

636,268

PRADA

SpA

22,000

136,676

Tapestry,

Inc.

6,500

570,765

VF

Corp.

11,000

129,250

5,284,800

#### Athletic

#### Footwear

#### 3.14%
adidas

AG,

ADR

9,800

1,146,796

On

Holding

AG,

Class A

\*

8,650

450,233

1,597,029

#### Automotive

#### -

#### Cars

#### &

#### Light

#### Trucks

#### 18.12%
Ferrari

NV

6,315

3,099,023

Mercedes-Benz

Group

AG,

ADR

141,200

2,043,164

Rivian

Automotive,

Inc.,

Class A

\*

19,000

261,060

Tesla,

Inc.

\*æ

6,340

2,013,964

Volkswagen

AG

16,760

1,812,770

9,229,981

#### Beverages

#### -

#### Wine/Spirits

#### 4.18%
Constellation

Brands,

Inc.,

Class A

1,800

292,824

Davide

Campari-Milano

NV

16,300

109,738

Diageo

PLC

53,000

1,336,453

Pernod

Ricard

SA

1,000

99,752

Remy

Cointreau

SA

5,700

291,350

2,130,117

#### Building

#### -

#### Residential/Commercial

#### 0.98%
Toll

Brothers,

Inc.

4,350

496,465

#### Casino

#### Hotels

#### 0.40%
MGM

China

Holdings,

Ltd.

40,000

65,767

MGM

Resorts

International

\*

4,000

137,560

203,327

#### Cosmetics

#### &

#### Toiletries

#### 2.76%
L'Oreal

SA,

ADR

7,450

637,049

The

Estee

Lauder

Cos.,

Inc.

9,500

767,600

1,404,649

#### Cruise

#### Lines

#### 10.47%
Carnival

Corp.

\*

76,000

2,137,120

Norwegian

Cruise

Line

Holdings,

Ltd.

\*

49,000

993,720

Royal

Caribbean

Cruises,

Ltd.

7,035

2,202,940

5,333,780

Portfolio

of

Investments

(Unaudited)

*See* 

*notes* 

*to* 

*portfolios* 

*of* 

*investments.*

June

30,

2025

#### Global

#### Luxury

#### Goods

#### Fund

#### Common

#### Stocks (cont'd)

#### Shares

#### Value

#### Diversified

#### Banking

#### Institution

#### 3.51%
The

Goldman

Sachs

Group,

Inc.

2,525

$

1,787,069

#### E-Commerce/Products

#### 1.35%
Amazon.com,

Inc.

\*

3,125

685,594

#### Energy

#### -

#### Alternate

#### Sources

#### 0.00%
Pacific

Green

Energy

Corp.

#\*@

100,000

#### Fiduciary

#### Banks

#### 2.60%
Northern

Trust

Corp.

10,450

1,324,955

#### Finance

#### -

#### Mortgage

#### Loan/Banker

#### 0.00%
Lendified

Holdings,

Inc.

#\*@

1,116,560

#### Footwear

#### &

#### Related

#### Apparel

#### 0.72%
Birkenstock

Holding

PLC

\*

7,500

368,850

#### Gold

#### Mining

#### 4.16%
Allied

Gold

Corp.

\*

8,200

110,076

Catalyst

Metals,

Ltd.

\*

70,000

242,287

Dundee

Precious

Metals,

Inc.

6,200

99,619

Franco-Nevada

Corp.

1,980

324,562

OceanaGold

Corp.

8,333

117,614

OR

Royalties,

Inc.

7,700

197,967

Ramelius

Resources,

Ltd.

260,000

437,808

Regis

Resources,

Ltd.

\*

107,000

314,052

Royal

Gold,

Inc.

1,530

272,095

2,116,080

#### Hotels

#### &

#### Motels

#### 3.63%
Hilton

Worldwide

Holdings,

Inc.

5,150

1,371,651

HUGO

BOSS

AG

10,276

476,159

1,847,810

#### Investment

#### Management/Advisory

#### Services

#### 0.49%
Julius

Baer

Group,

Ltd.

3,700

250,989

#### Oil

#### Companies

#### -

#### Exploration

#### &

#### Production

#### 0.06%
NG

Energy

International

Corp.,

144A

#\*∆

50,000

31,944

#### Precious

#### Metals

#### 1.51%
Integra

Resources

Corp.

\*

150,000

225,000

Orla

Mining,

Ltd.

\*

23,000

231,056

Wheaton

Precious

Metals

Corp.

3,500

314,300

770,356

#### Real

#### Estate

#### Operating/Development

#### 0.00%
Infrastructure

Ventures,

Inc.

#\*@+

426,533

Portfolio

of

Investments

(Unaudited)

*See* 

*notes* 

*to* 

*portfolios* 

*of* 

*investments.*

June

30,

2025

#### Global

#### Luxury

#### Goods

#### Fund

#### Common

#### Stocks (cont'd)

#### Shares

#### Value

#### Recreational

#### Centers

#### 2.00%
Life

Time

Group

Holdings,

Inc.

\*

33,600

$

1,019,088

#### Retail

#### -

#### Apparel/Shoe

#### 11.75%
Brunello

Cucinelli

SpA

6,950

843,751

Industria

de

Diseno

Textil

SA

38,200

1,992,771

Lululemon

Athletica,

Inc.

\*

3,200

760,256

Moncler

SpA

25,300

1,443,151

Zalando

SE

\*

28,700

947,024

5,986,953

#### Retail

#### -

#### Jewelry

#### 4.53%
Cie

Financiere

Richemont

SA

8,930

1,689,849

Laopu

Gold

Co.,

Ltd.

4,800

618,422

2,308,271

#### Silver

#### Mining

#### 0.58%
Silvercorp

Metals,

Inc.

70,000

295,400

#### Textile

#### -

#### Apparel

#### 6.01%
LVMH

Moet

Hennessy

Louis

Vuitton

SE,

ADR

29,141

3,061,553

#### Total

#### Common

#### Stocks

#### 47,535,060
(cost

$43,158,771)

#### Corporate

#### Non-Convertible

#### Bond

#### 1.67%

#### Coupon

#### Rate

#### %

#### Maturity

#### Date

#### Principal

#### Amount

#### Gold

#### Mining

#### 1.67%
Aris

Gold

Corp.

7.50 08/26/27

$

435,846

849,900

(cost

$435,798)

#### Call

#### Options

#### Purchased

#### 0.00%

#### Strike

#### Price

#### Exp.

#### Date

#### Notional

#### Contract

#### Value

#### Contracts

#### Apparel

#### Manufacturers

#### 0.00%
Deckers

Outdoor

Corp.

$

135.00 07/25

$

1,012,500

Portfolio

of

Investments

(Unaudited)

*See* 

*notes* 

*to* 

*portfolios* 

*of* 

*investments.*

June

30,

2025

#### Global

#### Luxury

#### Goods

#### Fund

#### Call

#### Options

#### Purchased (cont'd)

#### Strike

#### Price

#### Exp.

#### Date

#### Notional

#### Contract

#### Value

#### Contracts

#### Value

#### Automotive

#### -

#### Cars

#### &

#### Light

#### Trucks

#### 0.00%
Tesla,

Inc.

$

475.00 07/25

$

2,375,000

$

900

#### Total

#### Purchased

#### Call

#### Options

#### 975
(premiums

paid

$58,949)

#### Investments,

#### at

#### value

#### 95.00%

#### 48,385,935
(cost

$43,653,518)

#### Total

#### Written

#### Option
(900) (premiums

received

$

(40,339))

Other

assets

and

liabilities,

net

5.00%

2,549,164

#### Net

#### Assets

#### 100.00%

#### $

#### 50,934,199

#### Call

#### Option

#### Written

#### -

#### 0.00%

#### Strike

#### Price

#### Exp.

#### Date

#### Notional

#### Contract

#### Value

#### Contracts

#### Value

#### Automotive

#### -

#### Cars

#### &

#### Light

#### Trucks

#### -

#### 0.00%
Tesla,

Inc.

(premiums

received

$(40,399))

$

475.00 07/25

$

1,588,300

(50) $

(900) Portfolio

of

Investments

(Unaudited)

*See* 

*notes* 

*to* 

*portfolios* 

*of* 

*investments.*

June

30,

2025

#### Global

#### Resources

#### Fund

#### Common

#### Stocks

#### 89.65%

#### Shares

#### Value

#### Advanced

#### Materials/Production

#### 0.44%
Nano

One

Materials

Corp.

\*

335,000

$

179,585

#### Agricultural

#### Biotech

#### 1.10%
Corteva,

Inc.

6,000

447,180

#### Agricultural

#### Chemicals

#### 3.59%
Nutrien,

Ltd.

25,000

1,456,000

#### Building

#### -

#### Heavy

#### Construction

#### 1.13%
Perma-Pipe

International

Holdings,

Inc.

\*

1,178

26,941

Worley,

Ltd.

50,000

430,552

457,493

#### Building

#### Products

#### -

#### Wood

#### 0.32%
Boise

Cascade

Co.

1,500

130,230

#### Chemicals

#### -

#### Diversified

#### 2.37%
Base

Carbon,

Inc.

\*

990,000

625,225

ICL

Group,

Ltd.

49,300

339,184

964,409

#### Chemicals

#### -

#### Specialty

#### 0.15%
Albemarle

Corp.

1,000

62,670

#### Coal

#### 0.90%
Alliance

Resource

Partners

LP

14,000

365,960

Caribbean

Resources

Corp.

#\*@

2,148,176

365,960

#### Diamonds/Precious

#### Stones

#### 0.40%
Barksdale

Resources

Corp.

\*

1,955,000

161,511

#### Diversified

#### Minerals

#### 3.83%
Arianne

Phosphate,

Inc.

\*

600,000

68,294

BHP

Group,

Ltd.,

ADR

3,500

168,315

Core

Silver

Corp.

\*

60,000

12,778

E3

Lithium,

Ltd.

\*

100,000

63,888

IberAmerican

Lithium

Corp.

#\*@

1,000,000

18,359

Legacy

Lithium

Corp.

#\*@

20,000

734

Leo

Lithium,

Ltd.

#\*@

700,000

94,444

LibertyStream

Infrastructure

Partners,

Inc.

\*

975,000

178,998

Lithium

Royalty

Corp.

\*

821

3,051

Neotech

Metals

Corp.

\*

1,000,000

110,152

NGEX

Minerals,

Ltd.

\*

20,000

233,523

Nio

Strategic

Metals,

Inc.

\*

3,250,000

250,597

Nio

Strategic

Metals,

Inc.,

144A

#\*∆

362,069

27,918

Sigma

Lithium

Corp.

\*

10,000

45,000

Standard

Lithium,

Ltd.

\*

75,000

147,000

Portfolio

of

Investments

(Unaudited)

*See* 

*notes* 

*to* 

*portfolios* 

*of* 

*investments.*

June

30,

2025

#### Global

#### Resources

#### Fund

#### Common

#### Stocks (cont'd)

#### Shares

#### Value

#### Diversified

#### Minerals

#### (cont'd)
Wolfden

Resources

Corp.

\*

2,000,000

$

132,183

1,555,234

#### Electric

#### -

#### Integrated

#### 0.42%
PPL

Corp.

5,000

169,450

#### Energy

#### -

#### Alternate

#### Sources

#### 0.00%
Pacific

Green

Energy

Corp.

#\*@~

2,400,000

#### Enterprise

#### Software/Services

#### 6.83%
Abaxx

Technologies,

Inc.

\*

300,000

2,775,840

#### Finance

#### -

#### Other

#### Services

#### 0.79%
CME

Group,

Inc.

127,061

TMX

Group,

Ltd.

4,600

194,978

322,039

#### Gold

#### Mining

#### 17.87%
Black

Cat

Syndicate,

Ltd.

\*

800,000

410,393

Collective

Mining,

Ltd.

\*

35,000

382,963

EnviroGold

Global,

Ltd.,

144A

#\*∆

75,000

5,232

Firefinch,

Ltd.

#\*@

1,000,000

44,293

Franco-Nevada

Corp.

2,500

409,800

K92

Mining,

Inc.

\*

100,000

1,127,960

Larvotto

Resources,

Ltd.

\*

200,000

91,957

Montage

Gold

Corp.

\*

600,000

1,987,149

New

Gold,

Inc.

\*

25,000

123,750

OR

Royalties,

Inc.

20,000

514,200

Perpetua

Resources

Corp.

\*

30,000

364,200

Royal

Road

Minerals,

Ltd.

\*

5,500,000

525,060

Seabridge

Gold,

Inc.

\*

20,000

290,400

Seasif

Exploration,

Inc.

#\*@

2,000,000

33,046

Torex

Gold

Resources,

Inc.

\*

29,000

945,974

7,256,377

#### Industrial

#### Gases

#### 0.92%
Linde

PLC

800

375,344

#### Investment

#### Companies

#### 0.35%
Contango

Holdings

PLC

\*

10,502,248

140,901

#### Machinery

#### -

#### Electric

#### Utilities

#### 2.61%
GE

Vernova,

Inc.

2,000

1,058,300

#### Metal

#### -

#### Copper

#### 5.41%
Arizona

Sonoran

Copper

Co.,

Inc.

\*

200,000

333,394

Axo

Copper

Corp.

\*

250,000

78,942

Freeport-McMoRan,

Inc.

15,000

650,250

Portfolio

of

Investments

(Unaudited)

*See* 

*notes* 

*to* 

*portfolios* 

*of* 

*investments.*

June

30,

2025

#### Global

#### Resources

#### Fund

#### Common

#### Stocks (cont'd)

#### Shares

#### Value

#### Metal

#### -

#### Copper

#### (cont'd)
Hudbay

Minerals,

Inc.

95,000

$

1,007,950

Kutcho

Copper

Corp.

\*

1,223,500

125,787

2,196,323

#### Metal

#### -

#### Diversified

#### 5.37%
Electra

Battery

Materials

Corp.,

144A

#\*∆

13,889

15,095

Glencore

PLC

20,000

77,933

GoviEx

Uranium,

Inc.,

144A

#\*∆

58,000

2,981

Ivanhoe

Electric,

Inc./US

\*

40,000

362,800

Ivanhoe

Mines,

Ltd.

\*

15,000

112,686

Juno

Corp.,

144A

#\*@∆

200,000

367,175

Orsu

Metals

Corp.,

144A

#\*@∆

14,761

Sovereign

Metals,

Ltd.

\*

600,000

264,953

Teck

Resources,

Ltd.,

Class B

8,500

343,230

Torq

Resources,

Inc.

\*

900,000

47,916

Vox

Royalty

Corp.

185,000

584,600

2,179,369

#### Metal

#### -

#### Iron

#### 0.00%
Consolidated

Growth

Holdings,

Ltd.

#\*@

19,859,173

#### Mining

#### Services

#### 0.08%
Cordoba

Minerals

Corp.

\*

58,823

32,398

#### Natural

#### Resource

#### Technology

#### 0.36%
I-Pulse,

Inc.,

144A

#\*@+∆

15,971

145,017

#### Non-Ferrous

#### Metals

#### 2.44%
Cameco

Corp.

2,500

185,575

CanAlaska

Uranium,

Ltd.

\*

90,000

58,821

Encore

Energy

Corp.

\*

50,000

142,831

Fireweed

Metals

Corp.

\*

275,000

535,157

InZinc

Mining,

Ltd.

\*

2,000,000

40,389

Peninsula

Energy,

Ltd.

#\*@

95,000

27,511

Sterling

Group

Ventures,

Inc.,

144A

#\*@∆

500,000

990,284

#### Oil

#### -

#### US

#### Royalty

#### Trusts

#### 0.64%
PrairieSky

Royalty,

Ltd.

15,000

260,180

#### Oil

#### Companies

#### -

#### Exploration

#### &

#### Production

#### 5.70%
Antero

Resources

Corp.

\*

10,000

402,800

Devon

Energy

Corp.

10,000

318,100

LNG

Energy

Group

Corp.

#\*@

1,100,000

30,292

NG

Energy

International

Corp.

\*

900,000

574,995

NG

Energy

International

Corp.,

144A

#\*∆

200,000

127,777

Permian

Resources

Corp.

15,000

204,300

Portfolio

of

Investments

(Unaudited)

*See* 

*notes* 

*to* 

*portfolios* 

*of* 

*investments.*

June

30,

2025

#### Global

#### Resources

#### Fund

#### Common

#### Stocks (cont'd)

#### Shares

#### Value

#### Oil

#### Companies

#### -

#### Exploration

#### &

#### Production

#### (cont'd)
Range

Resources

Corp.

10,500

$

427,035

Woodside

Energy

Group,

Ltd.,

ADR

15,000

231,450

2,316,749

#### Oil

#### Companies

#### -

#### Field

#### Services

#### 1.07%
Baker

Hughes

Co.

3,500

134,190

Halliburton

Co.

3,000

61,140

Schlumberger

NV

4,500

152,100

Select

Water

Solutions,

Inc.,

Class A

10,000

86,400

433,830

#### Oil

#### Companies

#### -

#### Integrated

#### 7.85%
BP

PLC,

ADR

12,000

359,160

Exxon

Mobil

Corp.

10,500

1,131,900

Shell

PLC,

ADR

11,000

774,510

TotalEnergies

SE,

ADR

15,000

920,850

3,186,420

#### Oil

#### Refining

#### &

#### Marketing

#### 0.33%
Valero

Energy

Corp.

1,000

134,420

#### Paper

#### &

#### Related

#### Products

#### 0.86%
International

Paper

Co.

7,500

351,225

#### Pipelines

#### 3.60%
Cheniere

Energy,

Inc.

6,000

1,461,120

#### Platinum

#### 0.20%
Impala

Platinum

Holdings,

Ltd.,

ADR

\*

8,840

79,737

#### Pollution

#### Control

#### 0.87%
BluMetric

Environmental,

Inc.

\*

355,000

351,937

#### Precious

#### Metals

#### 3.80%
Arizona

Metals

Corp.

\*

75,000

55,076

Brixton

Metals

Corp.

\*

2,000,000

176,244

Coeur

Mining,

Inc.

\*

111,000

983,460

Vizsla

Royalties

Corp.

\*

191,715

328,031

1,542,811

#### Real

#### Estate

#### Operating/Development

#### 1.43%
Infrastructure

Ventures,

Inc.

#\*@+

7,443,544

Revival

Gold,

Inc.

\*

1,600,000

581,605

581,605

#### REITS

#### -

#### Diversified

#### 0.82%
Weyerhaeuser

Co.

REIT

13,000

333,970

Portfolio

of

Investments

(Unaudited)

*See* 

*notes* 

*to* 

*portfolios* 

*of* 

*investments.*

June

30,

2025

#### Global

#### Resources

#### Fund

#### Common

#### Stocks (cont'd)

#### Shares

#### Value

#### Retail

#### -

#### Jewelry

#### 0.20%
Mene,

Inc.

\*

750,000

$

79,861

#### Silver

#### Mining

#### 4.13%
Aya

Gold

&

Silver,

Inc.

\*

10,000

89,958

Blackrock

Silver

Corp.

\*

750,000

272,627

Endeavour

Silver

Corp.

\*

80,000

394,199

Vizsla

Silver

Corp.

\*

312,500

922,525

1,679,309

#### Steel

#### -

#### Producers

#### 0.47%
Steel

Dynamics,

Inc.

1,500

192,015

#### Total

#### Common

#### Stocks

#### 36,407,103
(cost

$77,844,451)

#### Corporate

#### Convertible

#### Bond

#### 1.35%

#### Coupon

#### Rate

#### %

#### Maturity

#### Date

#### Principal

#### Amount

#### Investment

#### Companies

#### 1.35%
Contango

Holdings

PLC,

144A

#@∆

0.00 09/30/25

$

400,000

549,060

(cost

$508,120)

#### Corporate

#### Non-Convertible

#### Bonds

#### 3.96%

#### Gold

#### Mining

#### 2.56%
Aris

Gold

Corp.

7.50 08/26/27

533,933

1,041,169

#### Oil

#### Companies

#### -

#### Exploration

#### &

#### Production

#### 1.40%
NG

Energy

International

Corp.

#

8.00 05/20/27

750,000

567,285

#### Total

#### Corporate

#### Non-Convertible

#### Bonds

#### 1,608,454
(cost

$1,121,060)

#### Exchange

#### Traded

#### Fund

#### 0.00%

#### Shares
T-Rex

2X

Inverse

MSTR

Daily

Target

ETF

\*

(cost

$1,371)

#### Warrants

#### 0.02%

#### Exercise

#### Price

#### Exp.

#### Date

#### Diamonds/Precious

#### Stones

#### 0.00%
Barksdale

Resources

Corp.,

144A

#\*@∆

$

0.60 01/09/27

177,500

Portfolio

of

Investments

(Unaudited)

*See* 

*notes* 

*to* 

*portfolios* 

*of* 

*investments.*

June

30,

2025

#### Global

#### Resources

#### Fund

#### Warrants (cont'd)

#### Exercise

#### Price

#### Exp.

#### Date

#### Shares

#### Value

#### Diversified

#### Minerals

#### 0.00%
IberAmerican

Lithium

Corp.,

144A

#\*@∆

$

0.40 09/01/26

500,000

$

1,836

LibertyStream

Infrastructure

Partners,

Inc.,

144A

#\*@∆

0.33 08/04/25

500,000

LibertyStream

Infrastructure

Partners,

Inc.,

144A

#\*@∆

0.44 11/19/26

250,000

1,836

#### Investment

#### Companies

#### 0.00%
Contango

Holdings

PLC,

144A

#\*@∆

0.09 11/07/25

4,583,333

#### Metal

#### -

#### Copper

#### 0.00%
Axo

Copper

Corp.,

144A

#\*@∆

0.70 12/31/27

125,000

Trigon

Metals,

Inc.,

144A

#\*@∆

1.50 07/12/26

625,000

#### Metal

#### -

#### Diversified

#### 0.00%
Electra

Battery

Materials

Corp.,

144A

#\*@∆

1.74 08/11/25

250,000

Torq

Resources,

Inc.,

144A

#\*@∆

0.30 01/04/27

1,000,000

#### Oil

#### Companies

#### -

#### Exploration

#### &

#### Production

#### 0.01%
LNG

Energy

Group,

144A

#\*@∆

0.60 05/05/26

1,000,000

NG

Energy

International

Corp.

#\*

1.40 05/20/27

300,000

2,203

2,203

#### Real

#### Estate

#### Operating/Development

#### 0.01%
Revival

Gold,

Inc.,

144A

#\*@∆

0.72 05/16/26

250,000

Revival

Gold,

Inc.,

144A

#\*@∆

0.45 05/30/27

137,500

4,544

4,544

#### Silver

#### Mining

#### 0.00%
Blackrock

Silver

Corp.,

144A

#\*@∆

0.50 01/30/27

375,000

#### Total

#### Warrants

#### 8,583
(cost

$0)

#### Investments,

#### at

#### value

#### 94.98%

#### 38,573,618
(cost

$79,475,002)

Other

assets

and

liabilities,

net

5.02%

2,038,796

#### Net

#### Assets

#### 100.00%

#### $

#### 40,612,414
Portfolio

of

Investments

(Unaudited)

*See* 

*notes* 

*to* 

*portfolios* 

*of* 

*investments.*

June

30,

2025

#### World

#### Precious

#### Minerals

#### Fund

#### Common

#### Stocks

#### 94.11%

#### Shares

#### Value

#### Advanced

#### Materials/Production

#### 2.98%
Nano

One

Materials

Corp.

\*

2,707,500

$

1,451,423

#### Coal

#### 0.00%
Caribbean

Resources

Corp.

#\*@

505,453

#### Diamonds/Precious

#### Stones

#### 0.61%
Barksdale

Resources

Corp.

\*

3,570,000

294,933

#### Diversified

#### Minerals

#### 4.56%
Ascot

Resources,

Ltd.,

144A

#\*∆

6,412

AuMega

Metals,

Ltd.

\*

1,500,000

30,292

Erdene

Resource

Development

Corp.

\*

395,000

255,260

Gossan

Resources,

Ltd.

\*

1,250,000

20,653

Highlander

Silver

Corp.

\*

210,000

390,160

Kenorland

Minerals,

Ltd.

\*

200,000

280,521

Kootenay

Resources,

Inc.

\*

40,000

1,616

Max

Resource

Corp.

\*

2,000,000

66,091

Meeka

Metals,

Ltd.

\*

2,000,000

192,829

Miata

Metals

Corp.

\*

385,000

76,336

Minaurum

Gold,

Inc.

\*

1,250,000

211,125

Summit

Gold,

Ltd.

#\*@

10,000

Waraba

Gold,

Ltd.

\*~

2,155,000

23,738

Waraba

Gold,

Ltd.,

144A

#\*~∆

6,045,000

66,587

Western

Exploration,

Inc.

\*

550,000

258,491

Westward

Gold,

Inc.

\*

3,000,000

341,472

2,215,477

#### Food

#### -

#### Meat

#### Products

#### 0.41%
African

Gold,

Ltd.

\*

1,500,000

198,970

#### Gold

#### Mining

#### 59.46%
Adamera

Minerals

Corp.

\*

1,047,000

61,509

Adamera

Minerals

Corp.,

144A

#\*∆

11,954

702

Agnico

Eagle

Mines,

Ltd.

2,500

297,325

Allegiant

Gold,

Ltd.

\*

150,000

57,279

Alpha

Exploration,

Ltd.

\*

507,500

260,878

Angus

Gold,

Inc.

\*

350,000

204,333

Asante

Gold

Corp.

\*

150,000

167,432

Aurum

Resources,

Ltd.

\*

1,000,000

324,369

Awale

Resources,

Ltd.

\*

935,000

411,970

Black

Cat

Syndicate,

Ltd.

\*

2,500,000

1,282,478

Borealis

Mining

Co.,

Ltd.

\*

93,000

43,025

Carolina

Rush

Corp.

\*

1,000,000

58,748

Collective

Mining,

Ltd.

\*

25,000

273,545

Compass

Gold

Corp.

\*

1,975,000

246,558

Dryden

Gold

Corp.

\*

1,000,000

165,229

Faraday

Copper

Corp.,

144A

#\*∆

43,500

29,069

Portfolio

of

Investments

(Unaudited)

*See* 

*notes* 

*to* 

*portfolios* 

*of* 

*investments.*

June

30,

2025

#### World

#### Precious

#### Minerals

#### Fund

#### Common

#### Stocks (cont'd)

#### Shares

#### Value

#### Gold

#### Mining

#### (cont'd)
Felix

Gold,

Ltd.

\*

2,895,579

$

249,494

Felix

Gold,

Ltd.

\*

975,389

84,043

Founders

Metals,

Inc.

\*

250,000

756,380

Freegold

Ventures,

Ltd.

\*

200,000

183,587

G2

Goldfields,

Inc.

\*

937,500

1,955,205

Goldshore

Resources,

Inc.

\*

2,000,000

572,792

Hayasa

Metals,

Inc.

\*

400,000

39,655

Heliostar

Metals,

Ltd.

\*

950,000

879,016

K92

Mining,

Inc.

\*

245,400

2,768,015

Karus

Mining,

Inc.

#\*@

37,500

37,176

Kesselrun

Resources,

Ltd.

\*~

5,000,000

183,587

Kinross

Gold

Corp.

10,000

156,300

Lahontan

Gold

Corp.

\*

2,000,000

146,870

Larvotto

Resources,

Ltd.

\*

500,000

229,892

Loncor

Gold,

Inc.

\*

2,400,000

934,092

Maple

Gold

Mines,

Ltd.

\*

950,000

55,811

McFarlane

Lake

Mining,

Ltd.

\*

2,500,000

55,076

Medallion

Metals,

Ltd.

\*

1,000,000

165,745

Montage

Gold

Corp.

\*

400,000

1,324,766

Newcore

Gold,

Ltd.

\*

400,000

179,181

Omai

Gold

Mines

Corp.

\*

4,000,000

1,615,568

OR

Royalties,

Inc.

20,000

514,200

OR

Royalties,

Inc.

15,000

385,533

Orosur

Mining,

Inc.

\*

1,250,000

142,280

Osisko

Development

Corp.

\*

250,000

536,075

Pacgold,

Ltd.

\*

509,332

21,229

Perpetua

Resources

Corp.

\*

5,000

60,700

Probe

Gold,

Inc.

\*

325,000

513,126

Provenance

Gold

Corp.

\*

192,500

31,100

Radisson

Mining

Resources,

Inc.

\*

8,180,000

2,252,616

Radius

Gold,

Inc.,

144A

#\*∆

125,000

10,097

Renegade

Gold,

Inc.

\*

650,000

57,279

Roscan

Gold

Corp.

\*

1,500,000

71,599

Royal

Road

Minerals,

Ltd.

\*

1,500,000

143,198

Sanu

Gold

Corp.

\*

2,075,000

365,706

Sanu

Gold

Corp.,

144A

#\*∆

700,000

123,371

Scottie

Resources

Corp.

\*

541,666

346,062

Seabridge

Gold,

Inc.

\*

20,000

290,400

Silver

Tiger

Metals,

Inc.

\*

350,000

110,520

Spartan

Resources,

Ltd./Australia

\*

175,000

231,440

Spartan

Resources,

Ltd./Australia

\*

87,500

115,720

Sranan

Gold

Corp.

\*

500,000

209,290

Storm

Exploration,

Inc.

\*

537,500

25,656

Sua

Holdings

Limited

#\*@

500,000

771

Taurus

Gold,

Ltd.,

144A

#\*@∆

2,448,381

Tolu

Minerals,

Ltd.

\*

2,042,000

1,174,082

Torex

Gold

Resources,

Inc.

\*

10,000

326,198

Portfolio

of

Investments

(Unaudited)

*See* 

*notes* 

*to* 

*portfolios* 

*of* 

*investments.*

June

30,

2025

#### World

#### Precious

#### Minerals

#### Fund

#### Common

#### Stocks (cont'd)

#### Shares

#### Value

#### Gold

#### Mining

#### (cont'd)
TriStar

Gold,

Inc.

\*~

30,130,000

$

4,203,929

Valkea

Resources

Corp.

\*

350,000

82,247

Viva

Gold

Corp.

\*

470,000

55,223

Westhaven

Gold

Corp.

\*

500,000

53,240

28,909,587

#### Metal

#### -

#### Copper

#### 0.13%
C3

Metals,

Inc.

\*

123,000

63,227

#### Metal

#### -

#### Diversified

#### 2.13%
Aurion

Resources,

Ltd.

\*

400,000

208,555

Callinex

Mines,

Inc.

\*

100,000

52,873

Cartier

Resources,

Inc.

\*

750,000

63,338

Ivanhoe

Mines,

Ltd.

\*

10,000

75,124

Juno

Corp.,

144A

#\*@∆

200,000

367,175

Mithril

Silver

and

Gold,

Ltd.

\*

13,000

3,819

Orex

Minerals,

Inc.

\*

700,000

59,115

Orsu

Metals

Corp.,

144A

#\*@∆

186,922

RTG

Mining,

Inc.

\*

3,000,000

65,295

Sterling

Metals

Corp.

\*

100,000

36,717

Troilus

Gold

Corp.

\*

200,000

104,277

1,036,288

#### Mining

#### Services

#### 0.22%
Britannia

Mining

Solutions,

Inc.,

144A

#\*@∆

5,700

73,251

Cordoba

Minerals

Corp.

\*

58,823

32,398

Orexplore

Technologies,

Ltd.

#\*@

267,284

105,649

#### Non-Ferrous

#### Metals

#### 0.50%
InZinc

Mining,

Ltd.

\*

2,000,000

40,389

Solitario

Resources

Corp.

\*

310,000

201,500

241,889

#### Oil

#### Companies

#### -

#### Exploration

#### &

#### Production

#### 0.36%
Big

Sky

Energy

Corp.

#\*@

2,000,000

Goliath

Resources,

Ltd.

\*

112,500

177,621

177,621

#### Optical

#### Recognition

#### Equipment

#### 0.00%
Nexoptic

Technology

Corp.,

144A

#\*∆

12,083

#### Platinum

#### 0.01%
New

Age

Metals,

Inc.,

144A

#\*∆

35,880

7,246

Portfolio

of

Investments

(Unaudited)

*See* 

*notes* 

*to* 

*portfolios* 

*of* 

*investments.*

June

30,

2025

#### World

#### Precious

#### Minerals

#### Fund

#### Common

#### Stocks (cont'd)

#### Shares

#### Value

#### Precious

#### Metals

#### 12.49%
Arizona

Metals

Corp.

\*

300,000

$

220,305

Brixton

Metals

Corp.

\*

2,500,000

220,305

Canex

Metals,

Inc.

\*

3,150,000

150,358

Capitan

Silver

Corp.

\*

750,000

429,594

Coeur

Mining,

Inc.

\*

18,000

159,480

Dolly

Varden

Silver

Corp.

\*

412,500

1,381,311

First

Nordic

Metals

Corp.

\*

2,000,000

572,792

GFG

Resources,

Inc.

\*

5,000,000

642,555

Gold

Terra

Resource

Corp.

\*

7,580,000

333,982

GR

Silver

Mining,

Ltd.

\*

900,000

112,355

MTM

Critical

Metals,

Ltd.

\*

122,507

57,649

MTM

Critical

Metals,

Ltd.

\*

75,000

35,400

Olive

Resource

Capital,

Inc.

\*

4,000,000

110,152

Paramount

Gold

Nevada

Corp.

\*

170,000

104,210

Rua

Gold,

Inc.

\*

265,000

132,330

Silver

Viper

Minerals

Corp.

\*

300,000

88,122

Stillwater

Critical

Minerals

Corp.

\*

770,000

113,090

Visionary

Metals

Corp.

\*

1,500,000

44,061

Vizsla

Royalties

Corp.

\*

441,715

755,789

West

Point

Gold

Corp.

\*

960,000

264,366

Xali

Gold

Corp.,

144A

#\*∆

4,875,000

143,198

6,071,404

#### Real

#### Estate

#### Operating/Development

#### 1.52%
Mammoth

Resources

Corp.

\*~

5,500,000

121,168

Revival

Gold,

Inc.

\*

1,700,000

617,955

739,123

#### Retail

#### -

#### Jewelry

#### 0.46%
Mene,

Inc.

\*

2,115,000

225,207

#### Silver

#### Mining

#### 8.27%
Argenta

Silver

Corp.

\*

725,000

189,003

Aya

Gold

&

Silver,

Inc.

\*

69,000

620,709

Blackrock

Silver

Corp.

\*

30,000

10,905

Endeavour

Silver

Corp.

\*

52,500

258,693

Kootenay

Silver,

Inc.

\*

200,000

168,900

Metallic

Minerals

Corp.

\*

560,500

102,901

Southern

Silver

Exploration

Corp.

\*

750,000

123,921

Vizsla

Silver

Corp.

\*

862,500

2,546,172

4,021,204

#### Total

#### Common

#### Stocks

#### 45,759,337
(cost

$55,423,915)

Portfolio

of

Investments

(Unaudited)

*See* 

*notes* 

*to* 

*portfolios* 

*of* 

*investments.*

June

30,

2025

#### World

#### Precious

#### Minerals

#### Fund

#### Corporate

#### Non-Convertible

#### Bond

#### 2.16%

#### Coupon

#### Rate

#### %

#### Maturity

#### Date

#### Principal

#### Amount

#### Value

#### Gold

#### Mining

#### 2.16%
Aris

Gold

Corp.

7.50 08/26/27

$

539,385

$

1,051,801

(cost

$539,385)

#### Exchange

#### Traded

#### Fund

#### 0.00%

#### Shares
T-Rex

2X

Inverse

MSTR

Daily

Target

ETF

\*

(cost

$1,362)

#### Warrants

#### 0.36%

#### Exercise

#### Price

#### Exp.

#### Date

#### Diamonds/Precious

#### Stones

#### 0.00%
Barksdale

Resources

Corp.,

144A

#\*@∆

$

0.60 01/09/27

147,500

#### Diversified

#### Minerals

#### 0.00%
Minaurum

Gold,

Inc.,

144A

#\*@∆

0.34 05/02/26

250,000

Western

Exploration,

Inc.,

144A

#\*@∆

2.15 12/31/49

50,000

Western

Exploration,

Inc.,

144A

#\*@∆

0.95 06/06/28

100,000

#### Gold

#### Mining

#### 0.32%
Dryden

Gold

Corp.,

144A

#\*@∆

0.18 10/02/26

500,000

16,523

Freegold

Ventures,

Ltd.,

144A

#\*@∆

0.52 12/31/49

150,000

80,411

Loncor

Gold,

Inc.,

144A

#\*@∆

0.80 05/23/28

200,000

Newcore

Gold,

Ltd.,

144A

#\*@∆

0.40 09/26/25

200,000

30,843

Orosur

Mining,

Inc.,

144A

#\*@∆

0.45 03/27/27

375,000

Radisson

Mining

Resources,

Inc.,

144A

#\*@∆

0.27 11/17/25

375,000

30,292

Silver

Viper

Minerals

Corp.,

144A

#\*@∆

1.50 04/12/27

500,000

STLLR

Gold,

Inc.,

144A

#\*@∆

2.19 12/31/27

21,000

Westhaven

Gold

Corp.,

144A

#\*@∆

0.22 10/17/26

350,000

158,069

#### Metal

#### -

#### Diversified

#### 0.00%
Callinex

Mines,

Inc.,

144A

#\*@∆

2.00 07/24/26

50,000

#### Precious

#### Metals

#### 0.00%
Denarius

Metals

Corp.,

144A

#\*@∆

0.60 03/02/26

75,000

GFG

Resources,

Inc.,

144A

#\*@∆

0.28 02/05/27

1,000,000

Stillwater

Critical

Minerals

Corp.,

144A

#\*@∆

0.34 06/25/28

150,000

#### Real

#### Estate

#### Operating/Development

#### 0.04%
Revival

Gold,

Inc.,

144A

#\*@∆

0.45 05/30/27

50,000

1,652

TDG

Gold

Corp.,

144A

#\*@∆

0.42 07/06/26

115,000

16,046

17,698

Portfolio

of

Investments

(Unaudited)

*See* 

*notes* 

*to* 

*portfolios* 

*of* 

*investments.*

June

30,

2025

#### World

#### Precious

#### Minerals

#### Fund

#### Warrants (cont'd)

#### Exercise

#### Price

#### Exp.

#### Date

#### Shares

#### Value

#### Silver

#### Mining

#### 0.00%
Kootenay

Silver,

Inc.,

144A

#\*@∆

$

1.68 04/25/26

64,000

$

Kootenay

Silver,

Inc.,

144A

#\*@∆

1.40 05/24/26

1,250,000

Southern

Silver

Exploration

Corp.,

144A

#\*@∆

0.35 08/14/25

875,000

#### Total

#### Warrants

#### 175,767
(cost

$62,612)

#### Call

#### Options

#### Purchased

#### 0.64%

#### Strike

#### Price

#### Exp.

#### Date

#### Notional

#### Contract

#### Value

#### Contracts

#### Value

#### Gold

#### Mining

#### 0.64%
Barrick

Mining

Corp.

$

18.00 01/27

$

540,000

153,000

Newmont

Corp.

45.00 01/27

382,500

155,125

308,125

#### Total

#### Purchased

#### Call

#### Options

#### 308,125
(premiums

paid

$215,749)

#### Investments,

#### at

#### value

#### 97.27%

#### 47,295,448
(cost

$56,243,023)

Other

assets

and

liabilities,

net

2.73%

1,327,433

#### Net

#### Assets

#### 100.00%

#### $

#### 48,622,881
Portfolio

of

Investments

(Unaudited)

*See* 

*notes* 

*to* 

*portfolios* 

*of* 

*investments.*

June

30,

2025

#### Gold

#### and

#### Precious

#### Metals

#### Fund

#### Common

#### Stocks

#### 94.12%

#### Shares

#### Value

#### Diversified

#### Minerals

#### 0.85%
Culico

Metals,

Inc.

\*

180,000

$

23,793

Leo

Lithium,

Ltd.

#\*@

3,500,000

472,223

Lithium

Royalty

Corp.

\*

679

2,523

Mako

Mining

Corp.

\*

100,000

381,861

Meeka

Metals,

Ltd.

\*

4,666,667

449,934

1,330,334

#### Enterprise

#### Software/Services

#### 0.18%
Abaxx

Technologies,

Inc.

\*

30,000

277,584

#### Gold

#### Mining

#### 65.77%
Agnico

Eagle

Mines,

Ltd.

39,000

4,638,270

Alamos

Gold,

Inc.

315,000

8,366,400

Allied

Gold

Corp.

\*

100,000

1,342,390

Anglogold

Ashanti

PLC

65,000

2,962,050

Angus

Gold,

Inc.

\*

1,825,000

1,065,449

Aris

Mining

Corp.

\*

250,000

1,683,495

Artemis

Gold,

Inc.

\*

20,000

363,797

B2Gold

Corp.

425,000

1,534,250

Black

Cat

Syndicate,

Ltd.

\*

4,294,104

2,202,838

Black

Cat

Syndicate,

Ltd.

\*

155,896

79,973

Borealis

Mining

Co.,

Ltd.

\*

900,000

416,376

Catalyst

Metals,

Ltd.

\*

1,500,000

5,191,874

Catalyst

Metals,

Ltd.

\*

100,000

346,125

Dundee

Precious

Metals,

Inc.

140,000

2,249,458

Endeavour

Mining

PLC

60,000

1,850,119

Evolution

Mining,

Ltd.

500,000

2,603,149

Firefinch,

Ltd.

#\*@

5,000,000

221,468

Genesis

Minerals,

Ltd.

\*

1,000,000

2,874,894

Gold

Fields,

Ltd.,

ADR

100,000

2,367,000

IAMGOLD

Corp.

\*

500,000

3,675,000

K92

Mining,

Inc.

\*

1,125,000

12,689,554

Kaiser

Reef,

Ltd.

\*

5,107,143

554,313

Kinross

Gold

Corp.

135,000

2,110,050

Lundin

Gold,

Inc.

40,000

2,111,988

Mineros

SA

2,603,100

4,740,729

New

Gold,

Inc.

\*

250,000

1,237,500

Newmont

Corp.

20,000

1,165,200

OceanaGold

Corp.

166,666

2,352,356

OR

Royalties,

Inc.

170,000

4,369,378

OR

Royalties,

Inc.

150,000

3,856,500

Pantoro

Gold,

Ltd.

\*

647,058

1,314,234

Perpetua

Resources

Corp.

\*

15,000

182,100

Petropavlovsk

PLC

#\*@+

4,886,855

Ramelius

Resources,

Ltd.

1,200,000

2,020,653

Resolute

Mining,

Ltd.

\*

5,000,000

2,036,972

Sandstorm

Gold,

Ltd.

150,000

1,410,000

Portfolio

of

Investments

(Unaudited)

*See* 

*notes* 

*to* 

*portfolios* 

*of* 

*investments.*

June

30,

2025

#### Gold

#### and

#### Precious

#### Metals

#### Fund

#### Common

#### Stocks (cont'd)

#### Shares

#### Value

#### Gold

#### Mining

#### (cont'd)
St

Barbara,

Ltd.

\*

3,831,691

$

729,361

St

Barbara,

Ltd.

\*

668,309

127,212

Tolu

Minerals,

Ltd.

\*

1,250,000

718,708

Torex

Gold

Resources,

Inc.

\*

255,000

8,318,047

Wesdome

Gold

Mines,

Ltd.

\*

77,400

1,078,229

Westgold

Resources,

Ltd.

2,000,000

3,826,578

102,984,037

#### Metal

#### -

#### Diversified

#### 3.37%
Aclara

Resources,

Inc.

\*

137,400

98,882

Ivanhoe

Mines,

Ltd.

\*

Mandalay

Resources

Corp.

\*

200,000

704,975

Vox

Royalty

Corp.

1,415,000

4,471,400

5,275,257

#### Mining

#### Services

#### 1.30%
Britannia

Mining

Solutions,

Inc.,

144A

#\*@∆

51,443

661,100

Empress

Royalty

Corp.

\*

1,800,000

793,097

Orexplore

Technologies,

Ltd.

#\*@

1,007,351

Star

Royalties,

Ltd.

\*

3,500,000

591,151

2,045,348

#### Platinum

#### 1.44%
Impala

Platinum

Holdings,

Ltd.,

ADR

\*

250,000

2,255,000

#### Precious

#### Metals

#### 7.81%
Americas

Gold

&

Silver

Corp.

\*

1,500,000

1,211,676

Coeur

Mining,

Inc.

\*

310,000

2,746,600

EMX

Royalty

Corp.

\*

500,000

1,259,409

Hecla

Mining

Co.

550,000

3,294,500

Luca

Mining

Corp.

\*

2,500,000

2,441,711

Pan

African

Resources

PLC

1,000,000

629,307

Summit

Royalty

Corp.,

144A

#\*@∆

1,000,000

650,000

12,233,203

#### Real

#### Estate

#### Operating/Development

#### 0.25%
Emerald

Resources

NL

\*

150,000

391,465

#### Retail

#### -

#### Jewelry

#### 0.46%
Mene,

Inc.

\*

1,025,000

109,142

Mene,

Inc.,

144A

#\*∆

5,714,285

608,461

717,603

#### Silver

#### Mining

#### 12.69%
Andean

Precious

Metals

Corp.

\*

1,000,000

2,107,582

Aya

Gold

&

Silver,

Inc.

\*

893,500

8,037,727

Discovery

Silver

Corp.

\*

1,000,000

2,188,361

Portfolio

of

Investments

(Unaudited)

*See* 

*notes* 

*to* 

*portfolios* 

*of* 

*investments.*

June

30,

2025

#### Gold

#### and

#### Precious

#### Metals

#### Fund

#### Common

#### Stocks (cont'd)

#### Shares

#### Value

#### Silver

#### Mining

#### (cont'd)
Endeavour

Silver

Corp.

\*

320,000

$

1,576,795

MAG

Silver

Corp.

125,000

2,641,250

Santacruz

Silver

Mining,

Ltd.

\*

2,250,000

1,701,854

Silver

Crown

Royalties,

Inc.

\*

120,000

559,574

Silvercorp

Metals,

Inc.

250,000

1,055,000

19,868,143

#### Total

#### Common

#### Stocks

#### 147,377,974
(cost

$93,367,344)

#### Corporate

#### Non-Convertible

#### Bonds

#### 2.61%

#### Coupon

#### Rate

#### %

#### Maturity

#### Date

#### Principal

#### Amount

#### Coal

#### 0.00%
Caribbean

Resources

Corp.

#@^

19.25 06/15/15

$

485,766

#### Gold

#### Mining

#### 2.61%
Aris

Gold

Corp.

7.50 08/26/27

2,097,097

4,089,339

#### Total

#### Corporate

#### Non-Convertible

#### Bonds

#### 4,089,339
(cost

$2,582,850)

#### Exchange

#### Traded

#### Fund

#### 0.00%

#### Shares
T-Rex

2X

Inverse

MSTR

Daily

Target

ETF

\*

1,672

(cost

$5,371)

#### Warrants

#### 0.27%

#### Exercise

#### Price

#### Exp.

#### Date

#### Gold

#### Mining

#### 0.00%
Borealis

Mining

Co.,

144A

#\*@∆

$

0.78 02/25/27

450,000

#### Precious

#### Metals

#### 0.26%
Luca

Mining

Corp.,

144A

#\*@∆

0.60 03/26/26

750,000

402,056

Portfolio

of

Investments

(Unaudited)

*See* 

*notes* 

*to* 

*portfolios* 

*of* 

*investments.*

June

30,

2025

#### Gold

#### and

#### Precious

#### Metals

#### Fund

#### Warrants (cont'd)

#### Exercise

#### Price

#### Exp.

#### Date

#### Shares

#### Value

#### Silver

#### Mining

#### 0.01%
Silver

Crown

Royalties,

Inc.

#\*

$

16.00 06/28/27

85,000

$

12,484

#### Total

#### Warrants

#### 414,540
(cost

$6,135)

#### Call

#### Options

#### Purchased

#### 0.57%

#### Strike

#### Price

#### Exp.

#### Date

#### Notional

#### Contract

#### Value

#### Contracts

#### Value

#### Gold

#### Mining

#### 0.57%
Barrick

Mining

Corp.

$

18.00 01/27

$

1,557,000

865

441,150

Newmont

Corp.

45.00 01/27

1,125,000

456,250

897,400

#### Total

#### Purchased

#### Call

#### Options

#### 897,400
(premiums

paid

$625,033)

#### Investments,

#### at

#### value

#### 97.57%

#### 152,780,925
(cost

$96,586,733)

Other

assets

and

liabilities,

net

2.43%

3,805,498

#### Net

#### Assets

#### 100.00%

#### $

#### 156,586,423
Notes

to

Portfolios

of

Investments

(unaudited)

June

30,

2025

#### Legend

#### General
The

yields

reflect

the

effective

yield

from

the

date

of

purchase.

Variable

and

Floating

Rate

Notes

have

periodic

reset

features,

which

effectively

shorten

the

maturity

dates

and

reset

the

interest

rates

as

tied

to

various

interest-bearing

instruments.

Rates

shown

are

current

rates

at

June

30,

2025. #### Fair

#### Valuation

#### of

#### Securities
For

the

Funds'

policies

regarding

the

valuation

of

investments

and

other

significant

accounting

policies,

please

refer

to

the

Notes

to

Financial

Statements.

Pursuant

to

Rule

2a-5

under

the

Investment

Company

Act,

the

Trust's

Board

of

Trustees

(the

"Board")

has

designated

the

Adviser,

as

defined

in

Note

in

the

Notes

to

Financial

Statements,

as

the

Funds'

valuation

designee

to

perform

any

fair

value

determinations

for

securities

and

other

assets

held

by

the

Funds.

The

Funds

are

required

to

disclose

information

regarding

the

fair

value

measurements

of

a

Fund's

assets

and

liabilities.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

◊

Zero

coupon

bond.

Interest

rate

presented

is

yield

to

maturity.

‡

Adjustable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

the

current

interest

rates.

Rate

presented

is

as

of

June

30,

2025. \*

Non-income

producing

security.

@

Security

was

fair

valued

at

June

30,

2025,

by

U.S.

Global

Investors,

Inc.

(Adviser)

(other

than

international

securities

fair

valued

pursuant

to

systematic

fair

value

models)

in

accordance

with

valuation

procedures

approved

by

the

Board

of

Trustees.

These

securities,

as

a

percentage

of

net

assets

at

June

30,

2025,

were

0.00%

of

Global

Luxury

Goods

Fund,

3.24%

of

Global

Resources

Fund,

1.35%

of

World

Precious

Minerals

Fund

and

1.54%

of

Gold

And

Precious

Metals

Fund,

respectively.

See

the

Fair

Valuation

of

Securities

section

of

these

Notes

to

Portfolios

of

Investments

for

further

discussion

of

fair

valued

securities.

See

further

information

and

detail

on

restricted

securities

in

the

Restricted

Securities

section

of

these

Notes

to

Portfolios

of

Investments.

#

Illiquid

Security.

∆

Pursuant

to

Rule

144A

of

the

Securities

Act

of

1933,

these

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

The

market

value

of

these

securities

and

percentage

of

net

assets

as

of

June

30,

2025

amounted

to

$31,944,

0.06%,

of

Global

Luxury

Goods

Fund,

$1,246,635,

3.07%,

of

Global

Resources

Fund,

$996,858,

2.05%,

of

World

Precious

Minerals

Fund

and

$2,321,617,

1.48%,

of

Gold

And

Precious

Metals

Fund.

~

Affiliated

Company.

(see

following)

+

See

"Restricted

Securities"

in

Notes

to

Portfolios

of

Investments.

^

Security

is

currently

in

default

and

is

on

scheduled

interest

or

principal

payment.

æ

Subject

to

call

option

written

by

the

Fund.

ADR

American

Depositary

Receipt

BAM

Build

American

Mutual

Assurance

Company

COP

Certificate

of

Participation

ETF

Exchange

Traded

Fund

GO

General

Obligation

LP

Limited

Partnership

PLC

Public

Limited

Company

PSF-GTD

Public

School

Fund

Guarantee

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

Notes

to

Portfolios

of

Investments

(unaudited)

June

30,

2025

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

measurement

requirements

established

a

three-tier

hierarchy

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Inputs

refer

broadly

to

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability,

including

assumptions

about

risk,

for

example,

the

risk

inherent

in

a

particular

valuation

technique

used

to

measure

fair

value

including

such

a

pricing

model

and/or

the

risk

inherent

in

the

inputs

to

the

valuation

technique.

Inputs

may

be

observable

or

unobservable.

Observable

inputs

are

inputs

that

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

inputs

that

reflect

the

reporting

entity's

own

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

the

best

information

available

in

the

circumstances.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Because

of

the

inherent

uncertainties

of

valuation,

the

values

reflected

in

the

portfolios

may

materially

differ

from

the

values

received

upon

actual

sale

of

those

investments.

The

three

levels

defined

by

the

fair

value

hierarchy

are

as

follows:

Level

–

Quoted

prices

in

active

markets

for

identical

securities.

Level

–

Prices

determined

using

significant

other

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Short-term

securities

with

maturities

of

sixty

days

or

less

are

valued

at

amortized

cost,

which

approximates

market

value,

and

are

categorized

as

Level

in

the

hierarchy.

Municipal

securities,

long-

term

U.S.

government

obligations

and

corporate

debt

securities

are

valued

in

accordance

with

the

evaluated

price

supplied

by

a

pricing

service

and

generally

categorized

as

Level

in

the

hierarchy.

Other

securities

that

are

categorized

as

Level

in

the

hierarchy

include,

but

are

not

limited

to,

warrants

that

do

not

trade

on

an

exchange,

securities

valued

at

the

mean

between

the

last

reported

bid

and

ask

quotation

and

international

equity

securities

valued

by

an

independent

third

party

in

order

to

adjust

for

stale

pricing.

Level

–

Prices

determined

using

significant

unobservable

inputs

(including

the

Fund's

own

assumptions).

For

restricted

equity

securities

and

private

placements

where

observable

inputs

are

limited,

assumptions

about

market

activity

and

risk

are

used

in

determining

fair

value.

Notes

to

Portfolios

of

Investments

(unaudited)

June

30,

2025

The

following

table

summarizes

the

valuation

of

each

Fund's

securities

as

of

June

30,

2025,

using

the

fair

value

hierarchy:

#### Quoted

#### Prices

#### in

#### Active

#### Markets

#### for

#### Identical

#### Investments

#### (Level

#### 1)

#### Significant

#### Other

#### Observable

#### Inputs

#### (Level

#### 2)

#### Significant

#### Unobservable

#### Inputs

#### (Level

#### 3)

#### Total

#### U.S.

#### Government

#### Securities

#### Ultra-Short

#### Bond

#### Fund

#### Investments

#### in

#### Securities\*
United

States

Government

and

Agency

Obligations

$

–

$

26,982,480

$

–

$

26,982,480

#### Investments,

#### at

#### Value

#### $

#### –

#### $

#### 26,982,480

#### $

#### –

#### $

#### 26,982,480

#### Quoted

#### Prices

#### in

#### Active

#### Markets

#### for

#### Identical

#### Investments

#### (Level

#### 1)

#### Significant

#### Other

#### Observable

#### Inputs

#### (Level

#### 2)

#### Significant

#### Unobservable

#### Inputs

#### (Level

#### 3)

#### Total

#### Near-Term

#### Tax

#### Free

#### Fund

#### Investments

#### in

#### Securities\*
Municipal

Bonds

$

–

$

23,471,250

$

–

$

23,471,250

Exchange

Traded

Fund

763,800

–

–

763,800

#### Investments,

#### at

#### Value

#### $

#### 763,800

#### $

#### 23,471,250

#### $

#### –

#### $

#### 24,235,050

#### Quoted

#### Prices

#### in

#### Active

#### Markets

#### for

#### Identical

#### Investments

#### (Level

#### 1)

#### Significant

#### Other

#### Observable

#### Inputs

#### (Level

#### 2)

#### Significant

#### Unobservable

#### Inputs

#### (Level

#### 3)

#### Total

#### Global

#### Luxury

#### Goods

#### Fund

#### Assets

#### Investments

#### in

#### Securities\*
Common

Stocks

Apparel

Manufacturers

$

1,336,283

$

3,948,517

$

–

$

5,284,800

Athletic

Footwear

1,597,029

–

–

1,597,029

Automotive

-

Cars

&

Light

Trucks

7,417,211

1,812,770

–

9,229,981

Beverages

-

Wine/Spirits

292,824

1,837,293

–

2,130,117

Building

-

Residential/

Commercial

496,465

–

–

496,465

Casino

Hotels

137,560

65,767

–

203,327

Cosmetics

&

Toiletries

1,404,649

–

–

1,404,649

Cruise

Lines

5,333,780

–

–

5,333,780

Diversified

Banking

Institution

1,787,069

–

–

1,787,069

E-Commerce/Products

685,594

–

–

685,594

Energy

-

Alternate

Sources

–

–

Notes

to

Portfolios

of

Investments

(unaudited)

June

30,

2025

#### Global

#### Luxury

#### Goods

#### Fund

#### Assets
(continued)

Common

Stocks

(continued)

Fiduciary

Banks

$

1,324,955

$

–

$

–

$

1,324,955

Finance

-

Mortgage

Loan/

Banker

–

–

Footwear

&

Related

Apparel

368,850

–

–

368,850

Gold

Mining

1,121,933

994,147

–

2,116,080

Hotels

&

Motels

1,371,651

476,159

–

1,847,810

Investment

Management/

Advisory

Services

–

250,989

–

250,989

Oil

Companies

-

Exploration

&

Production

31,944

–

–

31,944

Precious

Metals

770,356

–

–

770,356

Real

Estate

Operating/

Development

–

–

Recreational

Centers

1,019,088

–

–

1,019,088

Retail

-

Apparel/Shoe

760,256

5,226,697

–

5,986,953

Retail

-

Jewelry

–

2,308,271

–

2,308,271

Silver

Mining

295,400

–

–

295,400

Textile

-

Apparel

3,061,553

–

–

3,061,553

Corporate

Non-Convertible

Bond

–

849,900

–

849,900

Purchased

Call

Options

900

–

975

#### Investments,

#### at

#### Value

#### 30,615,350

#### 17,770,585

#### 0

#### 48,385,935

#### Total

#### Assets

#### $

#### 30,615,350

#### $

#### 17,770,585

#### $

#### 0

#### $

#### 48,385,935

#### Liabilities

#### Written

#### Option\*
Written

Call

Option

(900) –

–

(900) #### Written

#### Option

#### $

#### (900)

#### $

#### –

#### $

#### –

#### $

#### (900)

#### Total

#### Liabilities

#### $

#### (900)

#### $

#### –

#### $

#### –

#### $

#### (900)

#### Quoted

#### Prices

#### in

#### Active

#### Markets

#### for

#### Identical

#### Investments

#### (Level

#### 1)

#### Significant

#### Other

#### Observable

#### Inputs

#### (Level

#### 2)

#### Significant

#### Unobservable

#### Inputs

#### (Level

#### 3)

#### Total

#### Global

#### Resources

#### Fund

#### Investments

#### in

#### Securities\*
Common

Stocks

Advanced

Materials/

Production

$

179,585

$

–

$

–

$

179,585

Agricultural

Biotech

447,180

–

–

447,180

Agricultural

Chemicals

1,456,000

–

–

1,456,000

Building

-

Heavy

Construction

26,941

430,552

–

457,493

Building

Products

-

Wood

130,230

–

–

130,230

Chemicals

-

Diversified

964,409

–

–

964,409

Chemicals

-

Specialty

62,670

–

–

62,670

Notes

to

Portfolios

of

Investments

(unaudited)

June

30,

2025

#### Global

#### Resources

#### Fund
Common

Stocks

(continued)

Coal

$

365,960

$

–

$

$

365,960

Diamonds/Precious

Stones

161,511

–

–

161,511

Diversified

Minerals

1,441,697

–

113,537

1,555,234

Electric

-

Integrated

169,450

–

–

169,450

Energy

-

Alternate

Sources

–

–

Enterprise

Software/

Services

2,775,840

–

–

2,775,840

Finance

-

Other

Services

322,039

–

–

322,039

Gold

Mining

6,671,456

507,582

77,339

7,256,377

Industrial

Gases

375,344

–

–

375,344

Investment

Companies

–

140,901

–

140,901

Machinery

-

Electric

Utilities

1,058,300

–

–

1,058,300

Metal

-

Copper

2,196,323

–

–

2,196,323

Metal

-

Diversified

1,469,308

342,886

367,175

2,179,369

Metal

-

Iron

–

–

Mining

Services

32,398

–

–

32,398

Natural

Resource

Technology

–

–

145,017

145,017

Non-Ferrous

Metals

962,773

–

27,511

990,284

Oil

-

US

Royalty

Trusts

260,180

–

–

260,180

Oil

Companies

-

Exploration

&

Production

2,286,457

–

30,292

2,316,749

Oil

Companies

-

Field

Services

433,830

–

–

433,830

Oil

Companies

-

Integrated

3,186,420

–

–

3,186,420

Oil

Refining

&

Marketing

134,420

–

–

134,420

Paper

&

Related

Products

351,225

–

–

351,225

Pipelines

1,461,120

–

–

1,461,120

Platinum

79,737

–

–

79,737

Pollution

Control

351,937

–

–

351,937

Precious

Metals

1,542,811

–

–

1,542,811

Real

Estate

Operating/

Development

581,605

–

581,605

REITS

-

Diversified

333,970

–

–

333,970

Retail

-

Jewelry

79,861

–

–

79,861

Silver

Mining

1,679,309

–

–

1,679,309

Steel

-

Producers

192,015

–

–

192,015

Corporate

Convertible

Bond

–

–

549,060

549,060

Corporate

Non-Convertible

Bonds

–

1,608,454

–

1,608,454

Exchange

Traded

Fund

–

–

Warrants

Diamonds/Precious

Stones

–

–

Diversified

Minerals

–

1,836

–

1,836

Investment

Companies

–

–

Metal

-

Copper

–

–

Metal

-

Diversified

–

–

Oil

Companies

-

Exploration

&

Production

–

2,203

–

2,203

Notes

to

Portfolios

of

Investments

(unaudited)

June

30,

2025

#### Global

#### Resources

#### Fund
Warrants

(continued)

Real

Estate

Operating/

Development

$

–

$

4,544

$

–

$

4,544

Silver

Mining

–

–

#### Investments,

#### at

#### Value

#### 34,224,729

#### 3,038,958

#### 1,309,931

#### 38,573,618

#### Quoted

#### Prices

#### in

#### Active

#### Markets

#### for

#### Identical

#### Investments

#### (Level

#### 1)

#### Significant

#### Other

#### Observable

#### Inputs

#### (Level

#### 2)

#### Significant

#### Unobservable

#### Inputs

#### (Level

#### 3)

#### Total

#### World

#### Precious

#### Minerals

#### Fund

#### Investments

#### in

#### Securities\*
Common

Stocks

Advanced

Materials/

Production

$

1,451,423

$

–

$

–

$

1,451,423

Coal

–

–

Diamonds/Precious

Stones

294,933

–

–

294,933

Diversified

Minerals

1,932,323

283,154

2,215,477

Food

-

Meat

Products

–

198,970

–

198,970

Gold

Mining

24,273,723

4,597,917

37,947

28,909,587

Metal

-

Copper

63,227

–

–

63,227

Metal

-

Diversified

603,818

65,295

367,175

1,036,288

Mining

Services

32,398

–

73,251

105,649

Non-Ferrous

Metals

241,889

–

–

241,889

Oil

Companies

-

Exploration

&

Production

177,621

–

177,621

Optical

Recognition

Equipment

–

–

Platinum

7,246

–

–

7,246

Precious

Metals

6,036,004

35,400

–

6,071,404

Real

Estate

Operating/

Development

739,123

–

–

739,123

Retail

-

Jewelry

225,207

–

–

225,207

Silver

Mining

4,021,204

–

–

4,021,204

Corporate

Non-Convertible

Bond

–

1,051,801

–

1,051,801

Exchange

Traded

Fund

–

–

Warrants

Diamonds/Precious

Stones

–

–

Diversified

Minerals

–

–

Gold

Mining

–

158,069

–

158,069

Metal

-

Diversified

–

–

Precious

Metals

–

–

Real

Estate

Operating/

Development

–

17,698

–

17,698

Silver

Mining

–

–

Notes

to

Portfolios

of

Investments

(unaudited)

June

30,

2025

The

following

is

a

reconciliation

of

assets

for

which

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

during

the

period

January

1,

2025

through

June

30,

2025:

#### World

#### Precious

#### Minerals

#### Fund
Warrants

(continued)

Purchased

Call

Options

$

–

$

308,125

$

–

$

308,125

#### Investments,

#### at

#### Value

#### 40,100,646

#### 6,716,429

#### 478,373

#### 47,295,448

#### Quoted

#### Prices

#### in

#### Active

#### Markets

#### for

#### Identical

#### Investments

#### (Level

#### 1)

#### Significant

#### Other

#### Observable

#### Inputs

#### (Level

#### 2)

#### Significant

#### Unobservable

#### Inputs

#### (Level

#### 3)

#### Total

#### Gold

#### And

#### Precious

#### Metals

#### Fund

#### Investments

#### in

#### Securities\*
Common

Stocks

Diversified

Minerals

$

408,177

$

449,934

$

472,223

$

1,330,334

Enterprise

Software/

Services

–

277,584

–

277,584

Gold

Mining

78,135,685

24,626,884

221,468

102,984,037

Metal

-

Diversified

5,275,257

–

–

5,275,257

Mining

Services

1,384,248

–

661,100

2,045,348

Platinum

2,255,000

–

–

2,255,000

Precious

Metals

10,953,896

629,307

650,000

12,233,203

Real

Estate

Operating/

Development

–

391,465

–

391,465

Retail

-

Jewelry

717,603

–

–

717,603

Silver

Mining

19,308,569

559,574

–

19,868,143

Corporate

Non-Convertible

Bonds

–

4,089,339

–

4,089,339

Exchange

Traded

Fund

1,672

–

–

1,672

Warrants

Gold

Mining

–

–

Precious

Metals

–

402,056

–

402,056

Silver

Mining

–

12,484

–

12,484

Purchased

Call

Options

–

897,400

–

897,400

#### Investments,

#### at

#### Value

#### $

#### 118,440,107

#### $

#### 32,336,027

#### $

#### 2,004,791

#### $

#### 152,780,925
\*

Refer

to

the

Portfolio

of

Investments

for

a

detailed

list

of

the

Fund's

investments.

#### Common

#### Stocks

#### Total

#### Global

#### Luxury

#### Goods

#### Fund
Beginning

Balance

12/31/24

$

$

Net

change

in

unrealized

appreciation

(depreciation)

—

—

Ending

Balance

06/30/25

$

$

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

06/30/25

(1) $

—

$

—

Notes

to

Portfolios

of

Investments

(unaudited)

June

30,

2025

(Significant

unobservable

inputs

developed

by

the

Adviser

for

Level

investments

held

at

period

end

are

as

follows:

#### Common

#### Stocks

#### Corporate

#### Convertible

#### Bond

#### Total
Global

Resources

Fund

Beginning

Balance

12/31/24

$

701,040

$

500,760

$

1,201,800

Transfers

109,208

-

109,208

Net

change

in

unrealized

appreciation

(depreciation)

(49,377)

48,300

(1,077)

Ending

Balance

06/30/25

$

760,871

$

549,060

$

1,309,931

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

06/30/25

(1) $

(49,377)

$

48,300

$

(1,077)

#### Common

#### Stock

#### Total

#### World

#### Precious

#### Minerals

#### Fund
Beginning

Balance

12/31/24

$

360,955

$

360,955

Corporate

Action

731

731

Purchases

72,356

72,356

Net

change

in

unrealized

appreciation

(depreciation)

44,331

44,331

Ending

Balance

06/30/25

$

478,373

$

478,373

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

06/30/25

(1) $

44,331

$

44,331

#### Common

#### Stocks

#### Corporate

#### Non-

#### Convertible

#### Bond

#### Total

#### Gold

#### and

#### Precious

#### Metals

#### Fund
Beginning

Balance

12/31/24

$

1,024,982

$

$

1,024,982

Purchases

1,303,019

—

1,303,019

Corporate

Action

31,404

—

31,404

Net

change

in

unrealized

appreciation

(depreciation)

(354,614)

—

(354,614)

Ending

Balance

06/30/25

$

2,004,791

$

$

2,004,791

Net

change

in

unrealized

appreciation

(depreciation)

from

Investments

held

as

of

06/30/25

(1) $

(354,614)

$

—

$

(354,614)

(1) The

amounts

shown

represent

the

net

change

in

unrealized

appreciation

(depreciation)

attributable

to

only

those

investments

still

held

and

classified

as

Level

at

June

30,

2025

#### Fair

#### Value

#### at

#### 06/30/25

#### Valuation

#### Technique(s)

#### Unobservable

#### Input

#### Range

#### (Weighted

#### Average)

#### Global

#### Luxury

#### Goods

#### Fund
Investments

in

Securities

Common

Stocks

$

Market

Transaction

(1) Discount

100%

#### Global

#### Resources

#### Fund
Investments

in

Securities

0%

-

100%

discount

(98%

discount)

Common

Stocks

760,871

Market

Transaction

(1) Discount

Notes

to

Portfolios

of

Investments

(unaudited)

June

30,

2025

The

majority

of

securities

classified

as

Level

are

private

companies.

The

initial

valuation

is

usually

cost,

which

is

then

adjusted

as

determined

by

the

Valuation

Committee

for

subsequent

known

market

transactions

and

evaluated

for

progress

against

anticipated

milestones

and

current

operations.

An

evaluation

that

the

holding

no

longer

meets

expectations

could

result

in

the

application

of

discounts

and

a

significantly

lower

fair

valuation.

For

certain

securities,

the

last

known

market

transaction

is

increased

or

decreased

by

changes

in

a

market

index

or

industry

peers

as

approved

by

the

Valuation

Committee.

#### Affiliated

#### Companies
The

Investment

Company

Act

of

1940

defines

affiliates

as

companies

in

which

the

Fund

owns

at

least

5%

of

the

outstanding

voting

securities.

The

following

is

a

summary

of

transactions

with

each

affiliated

company

during

the

period

ended

June

30,

2025. At

June

30,

2025,

the

value

of

investments

in

affiliated

companies

was

$0,

representing

0%

of

net

assets,

and

the

total

cost

was

$2,400,000.

#### Fair

#### Value

#### at

#### 06/30/25

#### Valuation

#### Technique(s)

#### Unobservable

#### Input

#### Range

#### (Weighted

#### Average)
Corporate

Convertible

Bond

549,060

Market

Transaction

(1) Discount

0%

World

Precious

Minerals

Fund

Investments

in

Securities

0%

-

100%

discount

(95%

discount)

Common

Stocks

478,373

Market

Transaction

(1) Discount

Gold

and

Precious

Metals

Fund

Investments

in

Securities

0%

-

100%

discount

(4%

discount)

Common

Stocks

2,004,791

Market

Transaction

(1) Discount

Corporate

Non-Convertible

Bond

Market

Transaction

(1) Discount

100%

(1) Market

Transaction

refers

to

most

recent

known

market

transaction,

including

transactions

in

which

the

Fund

participated,

as

adjusted

for

any

discount

or

premium

as

discussed

below.

#### Shares

#### of

#### Affiliated

#### Companies

#### Global

#### Resources

#### Fund
December

31,

Additions

Reductions

June

,

Pacific

Green

Energy

Corp.

2,400,000

—

—

2,400,000

#### Values

#### of

#### Affiliated

#### Companies

#### Global

#### Resources

#### Fund
December

31,

Purchases

Cost

Sales

Proceeds

June

,

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Pacific

Green

Energy

Corp.

$

$

—

$

—

$

$

—

$

—

$

—

Notes

to

Portfolios

of

Investments

(unaudited)

June

30,

2025

At

June

30,

2025,

the

value

of

investments

in

affiliated

companies

was

$4,599,009,

representing

9.46%

of

net

assets,

and

the

total

cost

was

$5,790,278.

#### Restricted

#### Securities
The

following

securities

are

subject

to

contractual

and

regulatory

restrictions

on

resale

or

transfer.

These

investments

may

involve

a

high

degree

of

business

and

financial

risk.

Because

of

the

thinly

traded

markets

for

these

investments,

a

Fund

may

be

unable

to

liquidate

its

securities

in

a

timely

manner,

especially

if

there

is

negative

news

regarding

the

specific

securities

or

the

markets

overall.

These

securities

could

decline

significantly

in

value

before

the

Fund

could

liquidate

these

securities.

The

issuer

bears

the

cost

of

registration,

if

any,

involved

in

the

disposition

of

these

securities.

As

of

June

30,

2025,

the

total

cost

of

restricted

securities

was

$426,625,

and

the

total

value

was

$0,

representing

0.00%

of

net

assets.

As

of

June

30,

2025,

the

total

cost

of

restricted

securities

was

$7,473,544,

and

the

total

value

was

$145,017,

representing

0.36%

of

net

assets.

#### Shares

#### of

#### Affiliated

#### Companies

#### World

#### Precious

#### Minerals

#### Fund
December

31,

Additions

Reductions

June

,

Kesselrun

Resources,

Ltd.

5,000,000

—

—

5,000,000

Mammoth

Resources

Corp.

5,500,000

—

—

5,500,000

TriStar

Gold,

Inc.

28,800,000

1,3

0,000

(30,000)

30,13

0,000

Waraba

Gold

Ltd.

8,200,000

—

—

8,200,000

#### Values

#### of

#### Affiliated

#### Companies

#### World

#### Precious

#### Minerals

#### Fund
December

31,

2024

Purchases

Cost

Sales

Proceeds

June

,

2025

Income

Realized

Gain

(Loss)

on

Investments

Change

in

Unrealized

Appreciation

(Depreciation)

Kesselrun

Resources,

Ltd.

$

121,743

$

—

$

—

$

183,587

$

—

$

–

$

61,844

Mammoth

Resources

Corp.

57,393

—

—

121,168

—

–

63,775

TriStar

Gold,

Inc.

2,604,612

127,999

(4,116)

4,203,929

—

(1,896)

1,477,330

Waraba

Gold,

Ltd.

57,046

—

—

90,325

—

–

33,279

$

2,840,794

$

127,999

$

(4,116)

$

4,599,009

$

—

$

(1,896)

$

1,636,228

#### Global

#### Luxury

#### Goods

#### Fund

#### Acquisition

#### Date

#### Cost

#### per

#### Share/Unit
Infrastructure

Ventures,

Inc.

08/06/10-11/22/10

$

1.00 #### Global

#### Resources

#### Fund

#### Acquisition

#### Date

#### Cost

#### per

#### Share/Unit
I-Pulse,

Inc.,

144A

10/04/07

$

1.88 Infrastructure

Ventures,

Inc.

08/06/10-11/22/10

$

1.00 Notes

to

Portfolios

of

Investments

(unaudited)

June

30,

2025

As

of

June

30,

2025,

the

total

cost

of

restricted

securities

was

$1,362,590,

and

the

total

value

was

$0,

representing

0.00%

of

net

assets.

#### Gold

#### and

#### Precious

#### Metals

#### Fund

#### Acquisition

#### Date

#### Cost

#### per

#### Share/Unit
Petropavlovsk

PLC

09/15/21-10/07/21

$

0.28 Statements

of

Assets

and

Liabilities

(unaudited)

*See* 

*accompanying* 

*notes* 

*to* 

*financial* 

*statements.*

#### U.S.

#### Government

#### Securities

#### Ultra-

#### Short

#### Bond

#### Fund
*Investments,* 

*at* 

*identified* 

*cost*

$

26,973,933

#### Assets
Investments,

at

value:

Securities

of

unaffiliated

issuers

$

26,982,480

Securities

of

affiliated

issuers

–

Cash

1,762,455

Foreign

currencies

(Cost

$0,

$0,

$584,

$19,360,

$21,248,

and

$7.041)

–

Receivables:

Dividends

and

interest

62,511

Capital

shares

sold

4,936

Investments

sold

–

From

adviser

8,263

Prepaid

expenses

21,702

#### Total

#### Assets
28,842,347

#### Liabilities
Call

options

written,

at

value

(Premiums

received

$40,399,

respectively)

–

Due

to

broker

–

Payables:

Capital

shares

redeemed

17,851

Distributions

payable

18,925

Investments

purchased

–

Accrued

expenses

and

other

payables:

Adviser

–

Administration

and

Transfer

Agent

fees

5,046

Trustees

–

Other

expenses

17,440

#### Total

#### Liabilities
59,262

#### Net

#### Assets

#### $

#### 28,783,085

#### Net

#### Assets

#### Consist

#### of:
Paid-in

capital

$

29,580,736

Distributable

earnings

(797,651)

Net

assets

applicable

to

capital

shares

outstanding

$

28,783,085

#### By

#### share

#### class

#### Net

#### Assets
Investor

Class

$

28,783,085

#### Capital

#### shares

#### outstanding,

#### an

#### unlimited

#### number

#### of

#### no

#### par

#### shares

#### authorized
Investor

Class

14,790,699

#### Net

#### Asset

#### Value,

#### Public

#### Offering

#### Price

#### and

#### Redemption

#### Price

#### per

#### share
Investor

Class

#### $

#### 1.95
June

30,

2025

#### Near-Term

#### Tax

#### Free

#### Fund

#### Global

#### Luxury

#### Goods

#### Fund

#### Global

#### Resources

#### Fund

#### World

#### Precious

#### Minerals

#### Fund

#### Gold

#### and

#### Precious

#### Metals

#### Fund
$

24,263,490

$

43,653,518

$

79,475,002

$

56,243,023

$

96,586,733

$

24,235,050

$

48,385,935

$

38,573,618

$

42,696,439

$

152,780,925

–

–

–

4,599,009

–

305,380

2,702,394

1,949,875

1,365,931

3,540,351

–

598

20,908

–

7,525

366,090

309,701

90,454

25,151

243,028

14,435

3,332

6,629

164,119

–

1,760,119

24,601

89,267

7,111,927

10,974

–

–

–

–

21,070

20,408

21,283

20,226

29,514

24,938,663

53,193,590

40,684,071

48,802,652

163,877,389

–

900

–

–

–

–

–

–

21,248

–

7,277

20,236

15,941

375,964

10,943

–

–

–

–

–

2,193,668

3,941

48,539

6,672,561

–

34,771

16,271

24,810

117,903

5,623

8,747

12,256

18,999

35,939

–

549

1,184

19,256

21,260

18,764

49,685

87,415

43,219

2,259,391

71,657

179,771

7,290,966

#### $

#### 24,895,444

#### $

#### 50,934,199

#### $

#### 40,612,414

#### $

#### 48,622,881

#### $

#### 156,586,423
$

27,711,771

$

43,724,335

$

327,551,405

$

435,333,803

$

144,695,457

(2,816,327)

7,209,864

(286,938,991)

(386,710,922)

11,890,966

$

24,895,444

$

50,934,199

$

40,612,414

$

48,622,881

$

156,586,423

$

24,895,444

$

50,934,199

$

40,612,414

$

48,622,881

$

156,586,423

11,838,652

2,394,436

9,451,536

23,537,052

8,913,135

#### $

#### 2.10

#### $

#### 21.27

#### $

#### 4.30

#### $

#### 2.07

#### $

#### 17.57
Statements

of

Operations

(unaudited)

*See* 

*accompanying* 

*notes* 

*to* 

*financial* 

*statements.*

#### U.S.

#### Government

#### Securities

#### Ultra-

#### Short

#### Bond

#### Fund

#### Net

#### Investment

#### Income
Dividends

from

unaffiliated

issuers

$

–

Foreign

tax

withheld

on

dividends

–

Net

dividends

–

Interest

and

other

649,117

#### Total

#### income
649,117

#### Expenses:
Management

fee

71,037

Administrative

services

fee

31,242

Distribution

plan

fee

–

Transfer

agent

fees

and

expenses

14,339

Professional

fees

14,384

Custodian

fees

1,540

Shareholder

reporting

expenses

11,783

Registration

fees

9,697

Trustee

fees

and

expenses

5,477

Chief

compliance

officer

fees

1,904

Miscellaneous

expenses

22,631

Total

expenses

before

reductions

184,034

Expenses

offset

-

Note

H

(1,526)

Expenses

reimbursed

-

Note

(118,575)

#### Net

#### expenses
63,933

#### Net

#### Investment Income
(Loss)

#### 585,184

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### on

#### Investments
Realized

gain

(loss)

from:

Securities

from

unaffiliated

issuers

604

Foreign

currency

transactions

–

Forward

currency

contract

transactions

–

Written

options

–

#### Net

#### realized

#### gain
(loss)

604

Net

change

in

unrealized

appreciation

(depreciation)

of:

Investments

in

unaffiliated

issuers

(38,868)

Investments

in

affiliated

issuers

–

Other

assets

and

liabilities

denominated

in

foreign

currencies

–

Written

options

–

#### Net

#### change

#### in

#### unrealized

#### appreciation
(depreciation)

(38,868)

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### on

#### Investments

#### (38,264)

#### Net

#### Increase
(Decrease)

#### In

#### Net

#### Assets

#### Resulting

#### From

#### Operations

#### $

#### 546,920
For

the

Six

Months

Ended

June

30,

2025

#### Near-Term

#### Tax

#### Free

#### Fund

#### Global

#### Luxury

#### Goods

#### Fund

#### Global

#### Resources

#### Fund

#### World

#### Precious

#### Minerals

#### Fund

#### Gold

#### and

#### Precious

#### Metals

#### Fund
$

18,665

$

643,637

$

267,461

$

6,420

$

1,010,124

–

(100,950)

(9,132)

(853) (105,641)

18,665

542,687

258,329

5,567

904,483

328,339

179,787

226,844

184,390

715,726

347,004

722,474

485,173

189,957

1,620,209

59,921

226,680

175,122

193,114

573,848

29,349

50,680

48,011

54,329

113,238

–

61,849

46,085

54,564

165,873

13,642

17,303

28,488

37,061

43,200

13,926

18,147

16,528

18,622

35,992

1,587

8,040

6,493

10,065

13,278

12,034

15,146

14,016

15,363

21,970

10,342

10,129

10,307

11,313

13,411

5,297

7,001

6,243

7,040

13,719

1,606

3,316

2,470

2,924

8,884

29,776

38,764

49,891

52,054

115,270

177,480

457,055

403,654

456,449

1,118,683

(1,575)

(8,016)

(6,475)

(10,044)

(13,213)

(121,976)

(36,812)

(74,585)

(89,599)

–

53,929

412,227

322,594

356,806

1,105,470

#### 293,075

#### 310,247

#### 162,579

#### (166,849)

#### 514,739
(313) 1,725,181

2,910,653

(1,064,432)

17,864,351

–

(111,575)

62,768

58,075

(10,203)

–

(226,611)

(145,395)

(262,493)

(569,791)

–

47,643

–

–

–

(313) 1,434,638

2,828,026

(1,268,850)

17,284,357

121,541

1,309,134

3,135,065

13,867,294

37,824,496

–

–

–

1,638,248

–

–

17,181

8,246

(78) 5,814

–

15,606

–

–

–

121,541

1,341,921

3,143,311

15,505,464

37,830,310

#### 121,228

#### 2,776,559

#### 5,971,337

#### 14,236,614

#### 55,114,667

#### $

#### 414,303

#### $

#### 3,086,806

#### $

#### 6,133,916

#### $

#### 14,069,765

#### $

#### 55,629,406
Statements

of

Changes

in

Net

Assets

*See* 

*accompanying* 

*notes* 

*to* 

*financial* 

*statements.*

#### U.S.

#### Government

#### Securities

#### Ultra-Short

#### Bond

#### Fund

#### For

#### the

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets
(Unaudited)

#### From

#### operations:
Net

investment

income

$

585,184

$

1,272,322

Net

realized

gain

(loss)

604

(16,249)

Net

change

in

unrealized

appreciation

(depreciation)

(38,868)

(40,095)

#### Net

#### increase

#### in

#### net

#### assets

#### from

#### operations
546,920

1,215,978

#### Distributions

#### to

#### shareholders
Investor

Class

(585,192)

(1,272,327)

#### Total

#### distributions

#### paid
(585,192)

(1,272,327)

#### From

#### capital

#### share

#### transactions:
Proceeds

from

shares

sold

Investor

Class

6,912,999

10,366,457

Distributions

reinvested

Investor

Class

464,825

1,019,499

7,377,824

11,385,956

Cost

of

shares

redeemed

Investor

Class

(8,477,477)

(12,736,545)

#### Net

#### increase
(decrease)

#### in

#### net

#### assets

#### from

#### capital

#### share

#### transactions
(1,099,653)

(1,350,589)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### (1,137,925)

#### (1,406,938)

#### Net

#### Assets
Beginning

of

period

29,921,010

31,327,948

#### End

#### of

#### period

#### $

#### 28,783,085

#### $

#### 29,921,010

#### Capital

#### Share

#### Activity
Investor

Class

Shares

sold

3,545,127

5,318,937

Shares

reinvested

238,372

523,433

Shares

redeemed

(4,347,424)

(6,528,040)

#### Net

#### capital

#### share

#### activity
(563,925)

(685,670)

#### Near-Term

#### Tax

#### Free

#### Fund

#### Global

#### Luxury

#### Goods

#### Fund

#### For

#### the

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### For

#### the

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
(Unaudited)

(Unaudited)

$

293,075

$

611,257

$

310,247

$

332,605

(313) (8,027)

1,434,638

4,602,010

121,541

(63,168)

1,341,921

1,574,874

414,303

540,062

3,086,806

6,509,489

(293,081)

(611,265)

–

(4,538,212)

(293,081)

(611,265)

–

(4,538,212)

2,871,113

4,424,691

1,911,461

2,905,844

228,063

479,678

–

4,342,302

3,099,176

4,904,369

1,911,461

7,248,146

(1,783,220)

(6,768,529)

(3,673,998)

(6,854,090)

1,315,956

(1,864,160)

(1,762,537)

394,056

#### 1,437,178

#### (1,935,363)

#### 1,324,269

#### 2,365,333
23,458,266

25,393,629

49,609,930

47,244,597

#### $

#### 24,895,444

#### $

#### 23,458,266

#### $

#### 50,934,199

#### $

#### 49,609,930
1,370,348

2,110,113

92,963

140,431

108,691

229,053

–

217,332

(850,025)

(3,228,243)

(182,589)

(332,070)

629,014

(889,077)

(89,626)

25,693

Statements

of

Changes

in

Net

Assets

*See* 

*accompanying* 

*notes* 

*to* 

*financial* 

*statements.*

#### Global

#### Resources

#### Fund

#### For

#### the

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets
(Unaudited)

#### From

#### operations:
Net

investment

income

(loss)

$

162,579

$

89,889

Net

realized

gain

(loss)

2,828,026

790,056

Net

change

in

unrealized

appreciation

(depreciation)

3,143,311

(2,319,601)

#### Net

#### increase
(decrease)

#### in

#### net

#### assets

#### from

#### operations
6,133,916

(1,439,656)

#### Distributions

#### to

#### shareholders
Investor

Class

–

(1,528,790)

#### Total

#### distributions

#### paid
–

(1,528,790)

#### From

#### capital

#### share

#### transactions:
Proceeds

from

shares

sold

Investor

Class

801,882

1,349,796

Distributions

reinvested

Investor

Class

–

1,479,732

801,882

2,829,528

Cost

of

shares

redeemed

Investor

Class

(2,860,797)

(8,662,789)

#### Net

#### decrease

#### in

#### net

#### assets

#### from

#### capital

#### share

#### transactions
(2,058,915)

(5,833,261)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### 4,075,001

#### (8,801,707)

#### Net

#### Assets
Beginning

of

period

36,537,413

45,339,120

#### End

#### of

#### period

#### $

#### 40,612,414

#### $

#### 36,537,413

#### Capital

#### Share

#### Activity
Investor

Class

Shares

sold

213,845

339,728

Shares

reinvested

–

412,182

Shares

redeemed

(750,483)

(2,181,034)

#### Net

#### capital

#### share

#### activity
(536,638)

(1,429,124)

#### World

#### Precious

#### Minerals

#### Fund

#### Gold

#### and

#### Precious

#### Metals

#### Fund

#### For

#### the

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### For

#### the

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
(Unaudited)

(Unaudited)

$

(166,849)

$

(290,891)

$

514,739

$

170,757

(1,268,850)

(8,278,959)

17,284,357

3,984,098

15,505,464

9,309,898

37,830,310

10,599,964

14,069,765

740,048

55,629,406

14,754,819

–

–

–

(1,523,716)

–

–

–

(1,523,716)

4,545,409

10,344,809

27,039,541

28,642,133

–

–

–

1,393,229

4,545,409

10,344,809

27,039,541

30,035,362

(7,108,088)

(16,713,400)

(29,722,941)

(37,528,208)

(2,562,679)

(6,368,591)

(2,683,400)

(7,492,846)

#### 11,507,086

#### (5,628,543)

#### 52,946,006

#### 5,738,257
37,115,795

42,744,338

103,640,417

97,902,160

#### $

#### 48,622,881

#### $

#### 37,115,795

#### $

#### 156,586,423

#### $

#### 103,640,417
2,569,651

6,841,781

1,780,040

2,452,328

–

–

121,892

(4,023,452)

(11,235,174)

(1,973,182)

(3,360,936)

(1,453,801)

(4,393,393)

(193,136)

(786,716)

Notes

to

Financial

Statements

(unaudited)

June

30,

2025

#### Note

#### 1:

#### Organization

#### and

#### Significant

#### Accounting

#### Policies
U.S.

Global

Investors

Funds

("Trust"),

consisting

of

the

six

separate

funds

("Funds")

included

in

this

report,

is

organized

as

a

Delaware

statutory

trust.

Each

Fund

is

an

open-

end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

and

follows

the

specialized

accounting

and

reporting

guidance

in

FASB

Accounting

Standards

Codiﬁcation

Topic

946. All

Funds

are

diversiﬁed

with

the

exception

of

World

Precious

Minerals

and

Gold

and

Precious

Metals.

A

non-diversiﬁed

fund

may

invest

a

greater

percentage

of

its

assets

in

a

smaller

number

of

issuers

in

comparison

to

a

diversiﬁed

fund.

On

June

14,

2019,

the

Institutional

Shares

of

the

Global

Resources

Fund

and

the

World

Precious

Minerals

Fund

were

liquidated

and

terminated

pursuant

to

a

Board

approved

Plan

of

Share

Class

Termination.

On

the

Liquidation

Date,

each

Fund

made

a

liquidating

distribution

to

shareholders

of

the

Institutional

Shares

equal

to

each

Shareholder's

proportionate

interest

in

the

Institutional

Shares.

Effective

July

1,

2020,

the

Holmes

Macro

Trends

Fund

changed

its

name

to

Global

Luxury

Goods

Fund.

The

Fund

also

changed

its

investment

strategy

on

July

1,

2020. Prior

to

that

date,

the

Fund

invested

in

a

diversified

portfolio

of

equity

and

equity-related

securities

of

companies

in

the

S&P

Composite

1500

Index,

with

a

focus

on

companies

achieving

high

return

on

invested

capital

metrics

and

an

emphasis

on

mid-capitalization

companies.

Different

investment

strategies

may

lead

to

different

performance

results.

The

Fund's

performance

for

periods

prior

to

July

1,

2020

reflects

the

investment

strategy

in

effect

prior

to

that

date.

Each

Fund

included

herein

is

deemed

to

be

an

individual

reporting

segment

and

is

not

part

of

a

consolidated

reporting

entity.

The

objective

and

strategy

of

each

Fund

is

used

by

the

Adviser,

as

defined

in

Note

3,

to

make

investment

decisions,

and

the

results

of

the

operations,

as

shown

on

the

Statements

of

Operations

and

the

Financial

Highlights

for

each

Fund

is

the

information

utilized

for

the

day-to-day

management

of

the

Funds.

Each

Fund

is

party

to

the

expense

agreements

as

disclosed

in

the

Notes

to

the

Financial

Statements

and

there

are

no

resources

allocated

to

the

Funds

based

on

performance

measurements.

Due

to

the

significance

of

oversight

and

its

role,

the

Adviser

is

deemed

to

be

the

Chief

Operating

Decision

Maker.

The

following

is

a

summary

of

signiﬁcant

accounting

policies

consistently

followed

by

the

Funds

in

the

preparation

of

their

ﬁnancial

statements.

The

policies

are

in

conformity

with

U.S.

generally

accepted

accounting

principles.

A. #### Security

#### Valuations
The

Funds

value

investments

traded

on

national

or

international

securities

exchanges

or

over-the-counter

at

the

last

sales

price

reported

by

the

security's

primary

exchange

of

its

market

at

the

time

of

daily

valuation.

Options

and

securities

for

which

no

sale

was

reported

are

valued

at

the

mean

between

the

last

reported

bid

and

asked

quotation.

Debt

securities

having

days

or

less

to

maturity

that

are

expected

to

be

valued

at

par

at

maturity

may

be

priced

by

the

amortized

cost

method

if

the

Adviser

determines

it

would

approximate

market

value.

Municipal

securities,

long-term

U.S.

government

obligations

and

corporate

debt

securities

are

valued

by

an

independent

pricing

service

using

an

evaluated

quote

based

on

such

factors

as

institutional-size

trading

in

similar

groups

of

securities,

yield,

quality,

maturity,

coupon

rate,

type

of

issue,

individual

trading

characteristics

and

other

market

data.

For

more

information

please

see

Notes

to

Portfolio

of

Investments.

Notes

to

Financial

Statements

(unaudited)

June

30,

2025

B. #### Cash-Concentration

#### in

#### Uninsured

#### Account
For

cash

management

purposes

the

Funds

may

concentrate

cash

with

the

Funds'

custodian.

As

of

June

30,

2025,

The

U.S.

Government

Securities

Ultra-Short

Bond

Fund,

Near-Term

Tax

Free

Fund,

Global

Luxury

Goods

Fund,

Global

Resources

Fund,

World

Precious

Minerals

Fund

and

Gold

and

Precious

Metals

Fund

held

$1,762,455,

$305,380,

$2,702,394,

$1,949,875,

$1,365,931

and

$3,540,351,

respectively,

as

cash

reserves

at

Brown

Brothers

Harriman

&

Co.

(BBH).

C. #### Fair

#### Valued

#### Securities
Pursuant

to

Rule

2a-5

under

the

Investment

Company

Act,

the

Trust's

Board

has

designated

the

Adviser

as

the

Funds'

valuation

designee

to

perform

any

fair

value

determinations

for

securities

and

other

assets

held

by

the

Funds.

The

Adviser

is

subject

to

the

oversight

of

the

Board

and

certain

reporting

and

other

requirements

intended

to

provide

the

Board

the

information

needed

to

oversee

the

Adviser's

fair

value

determinations.

The

Adviser

is

responsible

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

in

accordance

with

policies

and

procedures

that

have

been

approved

by

the

Board.

Under

these

procedures,

the

Adviser

convenes

on

a

regular

and

ad

hoc

basis

to

review

such

investments

and

considers

a

number

of

factors,

including

valuation

methodologies

and

significant

unobservable

inputs,

when

arriving

at

fair

value.

The

Board

has

approved

the

Adviser's

fair

valuation

procedures

as

a

part

of

the

Funds'

compliance

program

and

will

review

any

changes

made

to

the

procedures.

The

Adviser

provides

fair

valuation

inputs.

In

determining

fair

valuations,

the

Adviser

considers

a

number

of

factors

including

nature

and

duration

of

any

trading

restrictions,

trading

volume,

market

values

of

unrestricted

shares

of

the

same

or

similar

class,

investment

management's

judgment

regarding

the

market

experience

of

the

issuer,

financial

status

and

other

operational

and

market

factors

affecting

the

issuer,

issuer's

management,

quality

of

the

underlying

property

based

on

review

of

independent

geological

studies

and

other

relevant

matters.

The

fair

values

may

differ

from

what

would

have

been

used

had

a

broader

market

for

these

securities

existed.

The

Adviser

regularly

reviews

inputs

and

assumptions

and

performs

transactional

back-testing

and

disposition

analysis.

The

Adviser

reports

quarterly

to

the

Trust's

Board

of

Trustees.

For

securities

traded

on

international

exchanges,

if

events

which

may

materially

affect

the

value

of

a

Fund's

securities

occur

after

the

close

of

the

primary

exchange

and

before

a

Fund's

net

asset

value

is

next

determined,

then

those

securities

will

be

valued

at

their

fair

value

as

determined

in

good

faith

in

accordance

with

the

policies

approved

by

the

Board

of

Trustees.

The

Adviser

uses

a

systematic

fair

value

model

provided

by

an

independent

third

party

to

value

international

securities

primarily

traded

on

an

exchange

or

market

outside

the

Western

Hemisphere

in

order

to

adjust

for

stale

pricing,

which

may

occur

between

the

close

of

certain

foreign

exchanges

and

the

New

York

Stock

Exchange.

Fair

valuation

is

based

on

subjective

factors

and,

as

a

result,

the

fair

value

price

of

an

investment

may

differ

from

the

security's

market

price

and

may

not

be

the

price

at

which

the

asset

may

be

sold.

Fair

valuation

could

result

in

a

different

Net

Asset

Value

("NAV")

than

a

NAV

determined

by

using

market

quotes.

D. #### Security

#### Transactions

#### and

#### Investment

#### Income
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

from

security

transactions

are

determined

on

an

identiﬁed

cost

basis.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

that

certain

dividends

from

foreign

securities

where

the

ex-dividend

Notes

to

Financial

Statements

(unaudited)

June

30,

2025

date

may

have

passed

are

recorded

as

soon

as

the

Fund

has

conﬁrmed

the

ex-dividend

date.

Interest

income,

which

may

include

original

issue

discount,

is

recorded

on

an

accrual

basis.

Discounts

and

premiums

on

securities

purchased

are

accreted

and

amortized,

respectively,

on

a

yield-to-worst

basis

as

adjustments

to

interest

income.

Investment

income

is

recorded

net

of

foreign

taxes

withheld

where

recovery

of

such

taxes

is

uncertain.

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis

and

segregate

collateral

on

their

books

with

a

value

at

least

equal

to

the

amount

of

the

commitment.

Losses

may

arise

due

to

the

changes

in

the

value

of

the

underlying

securities

or

if

the

counterparty

does

not

perform

under

the

contract.

E. #### Foreign

#### Currency

#### Transactions
Some

Funds

may

invest

in

securities

of

foreign

issuers.

The

accounting

records

of

these

Funds

are

maintained

in

U.S.

dollars.

At

each

net

asset

value

determination

date,

the

value

of

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

the

current

prevailing

exchange

rate.

Security

transactions,

income

and

expenses

are

converted

at

the

prevailing

rate

of

exchange

on

the

respective

dates

of

the

transactions.

The

effect

of

changes

in

foreign

exchange

rates

on

foreign

denominated

securities

is

included

with

the

net

realized

and

unrealized

gain

or

loss

on

securities.

Other

foreign

currency

gains

or

losses

are

reported

separately.

F. #### Federal

#### Income

#### Taxes
The

Funds

intend

to

continue

to

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies

and

to

distribute

substantially

all

of

their

taxable

income

to

shareholders.

Accordingly,

no

provision

for

federal

income

taxes

is

required.

Each

Fund

may

be

subject

to

foreign

taxes

on

income

and

gains

on

investments,

which

are

accrued

based

on

the

Fund's

understanding

of

the

tax

rules

and

regulations

in

the

foreign

markets.

The

Funds

recognize

the

tax

beneﬁts

of

uncertain

tax

positions

only

where

the

position

is

"more

likely

than

not"

to

be

sustained

assuming

examination

by

tax

authorities.

Management

has

analyzed

the

Funds'

tax

positions,

and

has

concluded

that

no

liability

for

unrecognized

tax

beneﬁts

should

be

recorded

related

to

uncertain

tax

positions

taken

on

returns

ﬁled

for

open

tax

years

or

expected

to

be

taken

in

2024

tax

returns.

The

Funds

ﬁle

U.S.

federal

and

excise

tax

returns

as

required.

The

Funds'

2021,

2022,

2023

and

2024

(when

ﬁled)

tax

returns

are

open

to

examination

by

the

federal

and

applicable

state

tax

authorities.

The

Funds

have

no

examinations

in

progress.

G. #### Dividends

#### and

#### Distributions

#### to

#### Shareholders
The

Funds

record

dividends

and

distributions

to

shareholders

on

the

ex-dividend

date.

Distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

accounting

principles

generally

accepted

in

the

United

States.

Accordingly,

periodic

reclassiﬁcations

related

to

permanent

book

and

tax

basis

differences

are

made

within

the

Funds'

capital

accounts

to

reﬂect

income

and

gains

available

for

distribution

under

income

tax

regulations.

The

Funds,

except

as

noted

below,

generally

pay

income

dividends

and

distribute

capital

gains,

if

any,

annually.

The

U.S.

Government

Securities

Ultra-Short

Bond

Fund

and

the

Near-Term

Tax

Free

Fund

pay

dividends

monthly.

A

Fund

may

elect

to

designate

a

portion

of

the

earnings

and

proﬁts

distributed

to

shareholders

on

the

redemption

of

Fund

shares

during

the

year

as

distributions

for

federal

income

tax

purposes.

Notes

to

Financial

Statements

(unaudited)

June

30,

2025

H. #### Expenses
Fund

speciﬁc

expenses

are

allocated

to

that

Fund.

Expenses

that

are

not

fund

speciﬁc

are

allocated

among

Funds.

Expense

offset

arrangements

have

been

made

with

the

Funds'

custodian

so

the

custodian

fees

may

be

paid

indirectly

by

credits

earned

on

the

Funds'

cash

balances.

Such

deposit

arrangements

are

an

alternative

to

overnight

investments.

Custodian

fees

are

presented

in

the

Statements

of

Operations

gross

of

such

credits,

and

the

credits

are

presented

as

offsets

to

expenses.

For

the

U.S.

Government

Securities

Ultra-Short

Bond

Fund,

credits

earned

on

its

cash

balance

are

included

in

interest

and

other

income.

I. #### Use

#### of

#### Estimates

#### in

#### Financial

#### Statement

#### Preparation
The

Funds

are

investment

companies

accounted

for

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

("GAAP").

Therefore

they

follow

the

accounting

and

reporting

guidelines

for

investment

companies.

The

preparation

of

ﬁnancial

statements

in

conformity

with

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

ﬁnancial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

#### Note

#### 2:

#### Financial

#### Derivative

#### Instruments
A. #### Options

#### Contracts
Global

Luxury

Goods

Fund,

Gold

and

Precious

Metals

Fund,

Global

Resources

Fund

and

World

Precious

Minerals

Fund

(the

"Equity

Funds")

may

purchase

or

write

(sell)

options

on

securities

to

manage

their

exposure

to

stock

or

commodity

markets

as

well

as

ﬂuctuations

in

interest

and

currency

conversion

rates.

The

use

of

options

carries

the

risks

of

a

change

in

value

of

the

underlying

instruments,

an

illiquid

secondary

market,

or

failure

of

the

counterparty

to

perform

its

obligations.

A

put

option

gives

the

purchaser

of

the

option,

upon

payment

of

a

premium,

the

right

to

sell,

and

the

issuer

of

the

option

the

obligation

to

buy,

the

underlying

security,

commodity,

index,

currency

or

other

instrument

at

the

exercise

price.

A

call

option,

upon

payment

of

a

premium,

gives

the

purchaser

of

the

option

the

right

to

buy,

and

the

issuer

the

obligation

to

sell,

the

underlying

instrument

at

the

exercise

price.

Purchasing

a

put

option

tends

to

decrease

a

Fund's

exposure

to

the

underlying

instrument,

whereas

purchasing

a

call

option

tends

to

increase

a

Fund's

exposure

to

the

underlying

instrument.

A

Fund

pays

a

premium

which

is

included

in

the

Statement

of

Assets

and

Liabilities

as

an

investment

and

subsequently

marked

to

market

to

reﬂect

the

current

value

of

the

option.

Premiums

paid

to

purchase

options

which

expire

are

treated

as

realized

losses.

Premiums

paid

to

purchase

options

which

are

exercised

or

closed

are

added

to

the

cost

of

securities

acquired

or

the

proceeds

from

securities

sold.

The

risk

associated

with

purchasing

put

and

call

options

is

limited

to

the

premium

paid.

The

Funds

will

realize

a

loss

equal

to

all

or

a

part

of

the

premium

paid

for

an

option

if

the

price

of

the

underlying

security

or

other

instrument

decreases

or

does

not

increase

by

more

than

the

premium

(in

the

case

of

a

call

option),

or

if

the

price

of

the

underlying

security

or

other

instrument

increases

or

does

not

decrease

by

more

than

the

premium

(in

the

case

of

a

put

option).

Writing

(selling)

a

put

option

tends

to

increase

a

Fund's

exposure

to

the

underlying

instrument,

whereas

writing

a

call

option

tends

to

decrease

a

Fund's

exposure

to

the

Notes

to

Financial

Statements

(unaudited)

June

30,

2025

underlying

instrument.

The

premium

received

is

recorded

as

a

liability

in

the

Statement

of

Assets

and

Liabilities

and

subsequently

marked

to

market

to

reﬂect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

are

treated

as

realized

gains.

Premiums

received

from

options

which

are

exercised

or

closed

are

added

to

the

proceeds

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss.

Written

options

include

a

risk

of

loss

in

excess

of

the

option

premium.

A

Fund

as

a

writer

of

an

option

has

no

control

over

whether

the

underlying

instrument

may

be

sold

(call)

or

purchased

(put)

and

thus

bears

the

market

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

There

is

also

the

risk

a

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

A

Fund's

ability

to

close

out

its

position

as

a

purchaser

or

seller

of

a

put

or

call

option

is

dependent,

in

part,

upon

the

liquidity

of

the

market

for

that

particular

option.

There

can

be

no

guarantee

that

a

Fund

will

be

able

to

close

out

an

option

position

when

desired.

An

inability

to

close

out

its

options

positions

may

reduce

a

Fund's

anticipated

proﬁts

or

increase

its

losses.

As

of

June

30,

2025,

there

were

no

securities

held

in

escrow

by

the

custodian

as

cover

for

call

options

written.

B. #### Forward

#### Foreign

#### Currency

#### Contracts
The

Funds

enter

into

forward

foreign

currency

contracts

to

lock

in

the

U.S.

dollar

cost

of

purchase

and

sale

transactions

or

to

hedge

the

portfolio

against

currency

ﬂuctuations.

A

forward

foreign

currency

contract

is

a

commitment

to

purchase

or

sell

a

foreign

currency

at

a

future

date

at

a

negotiated

rate.

These

contracts

are

valued

daily,

and

the

Fund's

net

equity

therein,

representing

unrealized

gain

or

loss

on

the

contracts

as

measured

by

the

difference

between

the

forward

foreign

exchange

rates

at

the

dates

of

entry

into

the

contracts

and

the

forward

rates

at

the

reporting

date,

is

included

in

the

Statement

of

Assets

and

Liabilities.

Realized

and

unrealized

gains

and

losses

are

included

in

the

Statement

of

Operations.

Risks

may

arise

upon

entering

into

these

contracts

from

the

potential

inability

of

counterparties

to

meet

the

terms

of

the

contracts

and

from

unanticipated

movements

in

the

value

of

foreign

currencies

relative

to

the

U.S.

dollar.

As

of

June

30,

2025,

there

were

no

open

forward

foreign

currency

contracts.

C. #### Summary

#### of

#### Derivative

#### Instruments
The

following

is

a

summary

of

the

valuations

of

derivative

instruments

categorized

by

location

in

the

Statements

of

Assets

and

Liabilities

as

of

June

30,

2025:

#### Location

#### Global

#### Luxury

#### Goods

#### Fund

#### World

#### Precious

#### Minerals

#### Fund

#### Asset

#### derivatives
Investments,

at

value

Purchased

options

–

Equity

risk

$

975

$

308,125

#### Liability

#### derivatives
Written

options

–

Equity

risk

$

(900) $

–

#### Total
$

$

308,125

Notes

to

Financial

Statements

(unaudited)

June

30,

2025

The

following

is

a

summary

of

the

effect

of

derivative

instruments

on

the

Statements

of

Operations

as

of

June

30,

2025:

#### Location

#### Gold

#### and

#### Precious

#### Metals

#### Fund

#### Asset

#### derivatives
Investments,

at

value

Purchased

options

–

Equity

risk

$

897,400

#### Total
$

897,400

#### Location

#### Global

#### Luxury

#### Goods

#### Fund

#### Global

#### Resources

#### Fund

#### World

#### Precious

#### Minerals

#### Fund

#### Realized

#### gain
(loss)

#### on

#### derivatives

#### recognized

#### in

#### income
Realized

gain

(loss)

from

securities

Purchased

options

–

Equity

risk

$

(34,144)

$

–

$

(89,029)

Net

realized

gain

(loss)

from

foreign

currency

transactions

Foreign

exchange

contracts

–

Currency

contract

risk

(226,611)

(135,419)

(262,494)

Realized

gain

(loss)

from

written

options

–

Equity

risk

47,643

–

–

(213,112)

(135,419)

(351,523)

#### Change

#### in

#### unrealized

#### appreciation
(depreciation)

#### on

#### derivatives

#### recognized

#### in

#### income
Net

change

in

unrealized

appreciation

(depreciation)

of

investments

Purchased

options

–

Equity

risk

39,591

–

181,055

Net

change

in

unrealized

gain

(loss)

from

foreign

currency

transactions

Written

options

–

Equity

risk

15,606

–

–

55,197

–

181,055

#### Total
$

(157,915)

$

(135,419)

$

(170,468)

#### Location

#### Gold

#### and

#### Precious

#### Metals

#### Fund

#### Realized

#### gain
(loss)

#### on

#### derivatives

#### recognized

#### in

#### income
Realized

gain

(loss)

from

securities

Purchased

options

–

Equity

risk

$

(794,032)

Net

realized

gain

(loss)

from

foreign

currency

transactions

Foreign

exchange

contracts

–

Currency

contract

risk

(544,305)

(1,338,337)

#### Change

#### in

#### unrealized

#### appreciation
(depreciation)

#### on

#### derivatives

#### recognized

#### in

#### income
Net

change

in

unrealized

appreciation

(depreciation)

of

investments

Purchased

options

–

Equity

risk

773,897

773,897

#### Total
$

(564,440)

Notes

to

Financial

Statements

(unaudited)

June

30,

2025

The

total

value

of

transactions

in

purchased

options,

written

options

and

forward

currency

contracts

outstanding

during

the

period

ended

June

30,

2025,

were

approximately

as

follows:

Asset

(Liability)

amounts

shown

in

the

table

below

represent

amounts

for

derivative

related

instruments

at

June

30,

2025. These

amounts

may

be

collateralized

by

cash

or

financial

instruments.

#### Note

#### 3:

#### Investment

#### Advisory

#### and

#### Other

#### Agreements
U.S.

Global

Investors,

Inc.

(the

"Adviser")

is

the

investment

adviser

to

the

Funds.

Pursuant

to

an

investment

advisory

agreement

with

the

Trust

in

effect

through

October

1,

2025,

furnishes

management

and

investment

advisory

services

and,

subject

to

the

supervision

#### Fund

#### Purchased

#### Options

#### Written

#### Options

#### Forward

#### Currency

#### Contracts
Global

Luxury

Goods

Fund

$

165,360

$

(40,399)

$

19,823,552

Global

Resources

Fund

–

–

17,480,488

World

Precious

Minerals

Fund

215,749

–

32,054,161

Gold

and

Precious

Metals

Fund

915,535

–

76,253,951

#### Gross

#### Asset
(Liability)

#### as

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments
(Received)

#### Pledged\*

#### Cash

#### Collateral
(Received)

#### Pledged\*

#### Net

#### Amount
Global

Luxury

Goods

#### Assets:
Over-the-counter

derivatives

$

975

$

–

$

–

$

975

#### Liabilities:
Over-the-counter

derivatives

(900) 900

–

–

World

Precious

Minerals

#### Assets:
Over-the-counter

derivatives

308,125

–

–

308,125

Gold

and

Precious

Metals

Over-the-counter

derivatives

897,400

–

–

897,400

\*

The

actual

financial

instruments

and

cash

collateral

(received)

pledged

may

be

in

excess

of

the

amounts

shown

in

the

table.

The

table

only

reflects

collateral

amounts

up

to

the

amount

of

the

financial

instrument

disclosed

on

the

Statements

of

Assets

and

Liabilities.

\*\*

Over-the-counter

derivatives

may

consist

of

forward

currency

contracts.

The

amounts

disclosed

above

represent

the

exposure

to

one

or

more

counterparties.

For

further

detail

on

individual

derivative

contracts,

see

the

Portfolios

of

Investments.

Notes

to

Financial

Statements

(unaudited)

June

30,

2025

of

the

Trustees,

directs

the

investments

of

each

Fund

according

to

each

Fund's

investment

objectives,

policies

and

limitations.

For

the

services

of

the

Adviser,

each

Fund

pays

a

base

management

or

advisory

fee

based

upon

its

net

assets.

Fees

are

accrued

daily

and

paid

monthly.

The

contractual

management

fee

for

each

Fund

is:

The

advisory

agreement

also

provides

that

the

base

advisory

fee

of

the

Equity

Funds

will

be

adjusted

upwards

or

downwards

by

0.25 percent

if

there

is

a

performance

difference

of

percent

or

more

between

a

Fund's

performance

and

that

of

its

designated

benchmark

index

over

the

prior

months.

The

performance

adjustment

is

calculated

separately

for

each

share

class.

The

benchmarks

are

as

follows:

No

performance

adjustment

is

applied

unless

the

difference

between

the

class's

investment

performance

and

the

benchmark

is

percent

or

greater

(positive

or

negative)

during

the

applicable

performance

measurement

period.

The

performance

fee

adjustment

is

calculated

monthly

in

arrears

and

is

accrued

ratably

during

the

month.

The

management

fee,

net

of

any

performance

fee

adjustment,

is

paid

monthly

in

arrears.

At

a

special

meeting

of

shareholders

of

the

World

Precious

Minerals

Fund

held

on

March

8,

2024,

the

shareholders

of

the

World

Precious

Minerals

Fund

approved

the

elimination

of

the

performance

adjustment,

effective

April

1,

2024. At

a

special

meeting

of

the

shareholders

of

the

Global

Luxury

Goods

Fund

and

Gold

and

Precious

Metals

Fund

held

on

March

28,

2024,

the

shareholders

of

the

Global

Luxury

Goods

Fund

and

Gold

and

Precious

Metals

Fund

each

approved

the

elimination

of

the

performance

adjustment,

effective

April

1,

2024. At

a

special

meeting

of

shareholders

of

the

Global

Resources

Fund

held

on

May

24,

2024,

the

shareholders

of

the

Global

Resources

Fund

approved

the

elimination

of

the

performance

adjustment,

effective

June

1,

2024. The

Adviser

has

agreed

to

phase

in

the

removal

of

the

performance

adjustment

such

that,

until

months

after

the

elimination

of

the

performance

adjustment

was

approved

(such

phase

in

currently

expected

until

March

31,

2025

with

respect

to

World

Precious

Minerals

Fund,

Global

Luxury

Goods

Fund,

and

Gold

and

Precious

Metals

Fund,

and

until

May

31,

2025

with

respect

to

Global

Resources

Fund),

each

Fund

will

pay

advisory

fees

equal

to

the

lesser

of

the

base

rate

fee

or

the

fee

as

determined

with

the

performance

adjustment.

In

particular,

during

this

phase

in

period,

the

advisory

fee

rate

may

be

adjusted

downward

if

#### Fund

#### Average

#### Percentage

#### of

#### Average

#### Daily

#### Net

#### Assets
U.S.

Government

Securities

Ultra-Short

Bond

.50%

of

the

first

$250,000,000

and

.375%

of

the

excess

Near-Term

Tax

Free

.50%

Global

Luxury

Goods

1.00%

Global

Resources

.95%

of

the

first

$500,000,000;

.90%

of

$500,000,001

to

$1,000,000,000

and

.85%

of

the

excess

World

Precious

Minerals

1.00%

of

the

first

$500,000,000;

.95%

of

$500,000,001

to

$1,000,000,000

and

.90%

of

the

excess

Gold

and

Precious

Metals

.90%

of

the

first

$500,000,000

and

.85%

of

the

excess

#### Fund

#### Benchmark

#### Index
Global

Luxury

Goods

S&P

Composite

1500

TR

Index

Global

Resources

S&P

Global

Natural

Resources

Index

(Net

Total

Return)

World

Precious

Minerals

NYSE

Arca

Gold

Miners

Index

Gold

and

Precious

Metals

FTSE

Gold

Mines

Index

#### Note

#### 3:

#### Investment

#### Advisory

#### and

#### Other

#### Agreements
Notes

to

Financial

Statements

(unaudited)

June

30,

2025

a

Fund's

cumulative

performance

falls

below

the

performance

of

its

designated

benchmark

index

by

5%

or

more

but

would

not

be

correspondingly

adjusted

upward.

The

amounts

shown

as

Management

fee

on

the

Statements

of

Operations

reﬂects

the

base

fee

plus/minus

any

performance

adjustment.

During

the

period

ended

June

30,

2025,

the

Funds

recorded

performance

adjustments

as

follows:

Atlantic

Fund

Administration,

LLC,

a

wholly

owned

subsidiary

of

Apex

US

Holdings,

LLC

(d/b/a

Apex

Fund

Services)

("Apex")

and

the

Adviser

act

as

co-administrators

to

the

Trust.

Apex

provides

a

Principal

Executive

Officer,

a

Principal

Financial

Officer,

a

Chief

Compliance

Officer

and

a

Anti-Money

Laundering

Officer

to

each

Fund,

as

well

as

certain

additional

compliance

and

administrative

support

functions.

Apex

also

provides

fund

accounting

services

to

each

Fund.

The

fees

related

to

these

services

are

included

in

Administration

Fees

within

the

Statement

of

Operations.

Apex

also

provides

certain

shareholder

report

production

and

EDGAR

conversion

and

filing

services.

Pursuant

to

an

Apex

services

agreement,

each

Fund

pays

Apex

customary

fees

for

its

services.

The

U.S.

Government

Securities

Ultra-Short

Bond,

Near-Term

Tax

Free,

Global

Luxury

Goods,

Global

Resources,

World

Precious

Minerals

and

Gold

and

Precious

Metals

Funds

compensate

the

Adviser

at

an

annual

rate

of

0.05%

of

the

average

daily

net

assets

of

each

Fund

for

administrative

services

provided.

The

Equity

Funds

in

the

Trust

have

adopted

a

distribution

plan

pursuant

to

Rule

12b-1

of

the

Investment

Company

Act

of

1940

in

which

the

Distributor

is

paid

a

fee

at

an

annual

rate

of

0.25%

of

the

average

daily

net

assets

of

the

Fund

for

sales

and

promotional

services

related

to

the

distribution

of

shares.

The

Adviser

has

contractually

limited

the

total

operating

expenses

of

the

Global

Luxury

Goods

Fund,

Gold

and

Precious

Metals

Fund,

World

Precious

Minerals

Fund,

and

Global

Resources

at

1.75%

on

an

annualized

basis

through

April

30,

2026. The

Adviser

has

also

contractually

limited

the

total

operating

expenses

of

the

Near-Term

Tax

Free

Fund

at

0.45%

on

an

annual

basis

through

April

30,

2026. The

Adviser

has

voluntarily

agreed

to

reimburse

the

U.S.

Government

Securities

Ultra-

Short

Bond

Fund

so

that

total

operating

expenses

will

not

exceed

0.45%

of

average

net

assets

through

April

30,

2026. The

expense

limitation

will

continue

on

a

voluntary

basis

at

the

Adviser's

discretion.

The

Adviser

may

temporarily

agree

to

additional

reimbursements

or

limitations.

Apex

is

the

transfer

agent

for

the

Funds.

Each

Fund's

share

class

pays

an

annual

fee

based

on

the

number

of

shareholder

accounts,

certain

base

fees

and

transaction-

and

activity-based

fees

for

transfer

agency

services.

Certain

account

fees

are

paid

directly

by

shareholders

to

the

transfer

agent,

which,

in

turn,

reduces

its

charge

to

the

Funds.

Brown

Brothers

Harriman

&

Co.

(BBH)

serves

as

the

custodian.

#### Fund

#### Investor

#### Class

#### Performance

#### Fee

#### Adjustment
Global

Luxury

Goods

$

(20,717)

World

Precious

Minerals

(25,142)

Gold

and

Precious

Metals

(23,297)

#### Note

#### 3:

#### Investment

#### Advisory

#### and

#### Other

#### Agreements
Notes

to

Financial

Statements

(unaudited)

June

30,

2025

Foreside

Fund

Services,

LLC

(the

"Distributor"),

a

wholly

owned

subsidiary

of

Foreside

Financial

Group,

LLC

(d/b/a

ACA

Group),

acts

as

the

agent

of

the

Trust

in

connection

with

the

continuous

offering

of

shares

of

the

Funds.

The

Distributor

continually

distributes

shares

of

the

Funds

on

a

best

efforts

basis.

#### Note

#### 4:

#### Investments
Cost

of

purchases

and

proceeds

from

sales

of

long-term

securities

for

the

period

ended

June

30,

2025,

are

summarized

as

follows:

#### Note

#### 5:

#### Tax

#### Information
The

following

table

presents

the

income

tax

basis

of

securities

owned

at

June

30,

2025,

and

the

tax

basis

components

of

net

unrealized

appreciation

(depreciation):

As

of

December

31,

2024,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

#### Fund

#### Purchases

#### Sales
U.S.

Government

Securities

Ultra-Short

Bond

$

–

$

3,000,000

Near-Term

Tax

Free

5,367,959

5,158,748

Global

Luxury

Goods

37,456,800

37,674,678

Global

Resources

14,441,524

15,600,274

World

Precious

Minerals

7,246,138

11,170,663

Gold

and

Precious

Metals

45,668,624

47,296,405

#### Fund

#### Aggregate

#### Tax

#### Cost

#### Gross

#### Unrealized

#### Appreciation

#### Gross

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

U.S.

Government

Securities

Ultra-Short

Bond

$

26,973,933

$

15,429

$

(6,881)

$

8,548

Near-Term

Tax

Free

24,263,490

42,393

(70,833)

(28,440)

Global

Luxury

Goods

43,653,518

8,100,843

(3,328,927)

4,771,916

Global

Resources

79,475,002

11,175,906

(52,077,291)

(40,901,385)

World

Precious

Minerals

56,243,023

16,918,702

(25,866,277)

(8,947,575)

Gold

and

Precious

Metals

96,586,733

63,986,094

(7,791,902)

56,194,192

#### Fund

#### Undistributed

#### Tax-Exempt

#### Income

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### Capital

#### and

#### Other

#### Losses
U.S.

Government

Securities

Ultra-Short

Bond

$

–

$

–

$

–

$

(806,794)

Near-Term

Tax

Free

–

–

–

(2,787,568)

Global

Luxury

Goods

–

1,575,346

823,907

(1,198,760)

Global

Resources

–

430,064

–

(244,305,589)

World

Precious

Minerals

–

4,341,083

–

(362,585,406)

Gold

and

Precious

Metals

–

–

–

(60,942,466)

#### Note

#### 3:

#### Investment

#### Advisory

#### and

#### Other

#### Agreements
Notes

to

Financial

Statements

(unaudited)

June

30,

2025

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

for

Global

Luxury

Goods,

Global

Resources,

World

Precious

Minerals

and

Gold

and

Precious

Metals

Funds

are

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales,

investment

in

passive

foreign

investment

companies

(PFIC),

and

equity

return

of

capital.

Reclassiﬁcations

are

made

to

the

Funds'

capital

accounts

to

reﬂect

income

and

gains

available

for

distribution

(or

available

capital

loss

carryovers)

under

income

tax

regulations.

For

the

year

ended

December

31,

2024,

the

Funds

recorded

the

following

reclassiﬁcations

to

increase

(decrease)

the

accounts

listed

below:

The

tax

character

of

distributions

paid

during

the

ﬁscal

year

ended

December

31,

2024,

were

as

follows:

#### Fund
(continued)

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

#### Other

#### Temporary

#### Differences

#### Total
U.S.

Government

Securities

Ultra-Short

Bond

$

47,415

$

–

$

(759,379)

Near-Term

Tax

Free

(149,981)

–

(2,937,549)

Global

Luxury

Goods

2,927,972

(5,407)

4,123,058

Global

Resources

(49,204,930)

7,548

(293,072,907)

World

Precious

Minerals

(42,536,065)

(299) (400,780,687)

Gold

and

Precious

Metals

17,212,724

(8,698)

(43,738,440)

#### Fund

#### Distributable

#### Earnings

#### Paid

#### in

#### Capital
U.S.

Government

Securities

Ultra-Short

Bond

$

$

(5) Near-Term

Tax

Free

(8) Global

Luxury

Goods

–

–

Global

Resources

(87) World

Precious

Minerals

–

–

Gold

and

Precious

Metals

–

–

#### Fund

#### Tax-Exempt

#### Income

#### Ordinary

#### Income

#### Long-Term

#### Capital

#### Gains

#### Return

#### of

#### Capital

#### Total
U.S.

Government

Securities

Ultra-Short

Bond

$

–

$

1,272,327

$

–

$

–

$

1,272,327

Near-Term

Tax

Free

516,001

95,264

–

–

611,265

Global

Luxury

Goods

–

2,721,384

1,816,828

–

4,538,212

Global

Resources

–

1,528,790

–

–

1,528,790

World

Precious

Minerals

–

–

–

–

–

Gold

and

Precious

Metals

–

1,523,716

–

–

1,523,716

Notes

to

Financial

Statements

(unaudited)

June

30,

2025

The

tax

character

of

distributions

paid

during

the

ﬁscal

year

ended

December

31,

2023,

were

as

follows:

Capital

loss

carryforwards

may

be

used

to

offset

current

or

future

taxable

capital

gains.

The

loss

carryforwards

for

each

Fund,

as

of

December

31,

2024,

are

as

follows:

For

tax

purposes,

the

Funds

have

current

year

deferred

post

October

losses

as

follows:

These

losses

were

recognized

for

tax

purposes

on

the

first

day

of

the

current

tax

year.

The

Global

Luxury

Goods

Fund

has

a

Section

loss

limitation.

The

remaining

loss

limit

at

December

31,

2024

is

$1,198,760

and

the

yearly

amount

of

loss

that

can

be

drawn

down

or

utilized

from

this

amount

is

$117,889.

During

the

year

ended

December

31,

2024,

the

following

Funds

utilized

capital

loss

carryforwards

to

offset

capital

gains

amounting

to:

#### Fund

#### Tax-Exempt

#### Income

#### Ordinary

#### Income

#### Long-Term

#### Capital

#### Gains

#### Return

#### of

#### Capital

#### Total
U.S.

Government

Securities

Ultra-Short

Bond

$

–

$

1,170,048

$

–

$

–

$

1,170,048

Near-Term

Tax

Free

550,450

146,197

–

–

696,647

Global

Luxury

Goods

–

397,483

854,127

–

1,251,610

Global

Resources

–

–

–

–

–

World

Precious

Minerals

–

–

–

–

–

Gold

and

Precious

Metals

–

–

–

–

–

#### No

#### Expiration

#### Fund

#### Short-Term

#### Long-Term

#### Total
U.S.

Government

Securities

Ultra-Short

Bond

$

419,432

$

387,362

$

806,794

Near-Term

Tax

Free

1,041,721

1,745,847

2,787,568

Global

Luxury

Goods

1,198,760

–

1,198,760

Global

Resources

167,352,287

76,953,302

244,305,589

World

Precious

Minerals

88,150,877

274,434,529

362,585,406

Gold

and

Precious

Metals

43,112,523

17,186,045

60,298,568

#### Fund

#### Post

#### October

#### 31,

#### 2024

#### Capital

#### Loss

#### Deferral

#### Post

#### October

#### 31,

#### 2024

#### Ordinary

#### Loss

#### Deferral
Gold

and

Precious

Metals

$

–

$

643,898

#### Fund
Gold

and

Precious

Metals

$

3,958,067

Global

Luxury

Goods

117,889

Notes

to

Financial

Statements

(unaudited)

June

30,

2025

#### Note

#### 6:

#### Risks

#### of

#### Concentrations

#### and

#### Foreign

#### Investments
The

Near-Term

Tax

Free

Fund

may

be

exposed

to

risks

related

to

concentration

of

investments

in

a

particular

state

or

geographic

area.

These

investments

present

risks

resulting

from

changes

in

economic

conditions

of

the

region

or

the

issuer.

The

Global

Resources

Fund

concentrates

its

investments

in

the

natural

resources

industries

and

may

be

subject

to

greater

risks

and

ﬂuctuations

than

a

portfolio

representing

a

broader

range

of

industries.

The

World

Precious

Minerals

and

Gold

and

Precious

Metals

Funds

concentrate

their

investments

in

gold

and

other

precious

metals

and

minerals

and,

therefore,

may

be

subject

to

greater

risks

and

market

ﬂuctuations

than

a

portfolio

representing

a

broader

range

of

industries.

The

funds

invest

in

securities

that

typically

respond

to

changes

in

the

price

of

gold

and

other

precious

metals

and

minerals,

which

can

be

inﬂuenced

by

a

variety

of

global

economic,

ﬁnancial

and

political

factors;

increased

environmental

and

labor

costs

in

mining;

and

changes

in

laws

relating

to

mining

or

gold

production

or

sales.

Fluctuations

in

the

prices

of

gold

and

other

precious

metals

and

minerals

will

affect

the

market

values

of

the

securities

held

by

these

funds.

#### Note

#### 7:

#### Credit

#### Arrangements
Each

of

the

Funds

has

an

uncommitted

credit

facility

with

BBH,

which

will

remain

in

effect

through

at

least

April

19,

2026. The

continuance

of

the

credit

facility

with

BBH

is

subject

to

annual

renewal

by

the

Board.

On

April

24,

2019,

the

Adviser

opted

to

convert

the

committed

line

of

credit

into

an

uncommitted

line

of

credit.

As

a

result,

the

Adviser

is

no

longer

obligated

to

pay

commitment

fees

to

BBH.

Borrowings

of

each

Fund

are

collateralized

by

any

or

all

of

the

securities

held

by

BBH

as

the

Funds'

custodian

up

to

the

amount

of

the

borrowing.

Interest

on

borrowings

is

charged

at

the

current

overnight

Federal

Funds

Rate

plus

percent.

Each

Fund

has

a

maximum

borrowing

limit

of

percent

of

qualiﬁed

assets.

The

aggregate

of

borrowings

by

all

Funds

under

the

agreement

cannot

exceed

$10,000,000

at

any

one

time.

There

were

no

borrowings

under

the

credit

facility

during

the

period

ended

June

30,

2025. #### Note

#### 8:

#### Commitments

#### and

#### Contingencies
In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

provide

general

indemnifications

by

each

Fund

to

the

counterparty

to

the

contract.

Each

Fund's

maximum

exposure

under

these

arrangements

is

dependent

on

future

claims

that

may

be

made

against

each

Fund

and,

therefore,

cannot

be

estimated;

however,

based

on

experience,

the

risk

of

loss

from

such

claims

is

considered

remote.

Each

Fund

has

determined

that

none

of

these

arrangements

requires

disclosure

on

each

Fund's

Statement

of

Assets

and

Liabilities.

#### Note

#### 9:

#### Subsequent

#### Events
Subsequent

events

occurring

after

the

date

of

this

report

through

the

date

these

financial

statements

were

issued

have

been

evaluated

for

potential

impact,

and

the

Funds

have

had

not

such

events.

Management

has

evaluated

the

need

for

additional

disclosures

and/

or

adjustments

resulting

from

subsequent

events.

Based

on

this

evaluation,

no

additional

disclosures

or

adjustments

were

required

to

the

financial

statements

as

of

the

date

the

financial

statements

were

issued.

Financial

Highlights

#### U.S.

#### Government

#### Securities

#### Ultra-Short

#### Bond

#### Fund

#### For

#### a

#### capital

#### share

#### outstanding

#### during

#### the
*See* 

*accompanying* 

*notes* 

*to* 

*financial* 

*statements.*

#### Investor

#### Class

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,
2024

2023

2022

2021

2020

Ratios

to

Average

Net

Assets:

Expense

offset

(0.01)%

(0.01)%

–

–

–

–

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

1.95 $

1.95 $

1.94 $

1.99 $

2.00 $

2.00 Investment

Activities

Net

investment

income

(loss)

\*

0.04 0.08 0.07 0.02 (0.01)

0.00 (a) Net

realized

and

unrealized

gain

(loss)

(0.00)

(a) (0.00)

(a) 0.01 (0.05)

(0.00)

(a) 0.01 Total

from

investment

activities

0.04 0.08 0.08 (0.03)

(0.01)

0.01 Distributions

From

net

investment

income

(0.04)

(0.08)

(0.07)

(0.02)

–

(0.01)

From

net

realized

gains

–

–

–

(0.00)

(a) (0.00)

(a) –

#### Net

#### asset

#### value,

#### end

#### of

#### period
$

1.95 $

1.95 $

1.95 $

1.94 $

1.99 $

2.00 #### Total

#### Return
(b) 2.06 %

4.31 %

4.17 %

(1.66)%

(0.44)%

0.32 %

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

4.12 %

4.20 %

3.56 %

0.82 %

(0.32)%

0.24 %

Total

expenses

1.30 %

1.30 %

1.17 %

1.13 %

1.06 %

1.05 %

Expenses

waived

or

reimbursed

(c) (0.85)%

(0.85)%

(0.72)%

(0.68)%

(0.61)%

(0.60)%

Net

expenses

(d) 0.45 %

0.45 %

0.45 %

0.45 %

0.45 %

0.45 %

Portfolio

turnover

rate

%

%

%

%

%

%

#### Net

#### assets,

#### end

#### of

#### period

#### (in

#### thousands)
$28,783

$29,921

$31,328

$34,117

$38,004

$40,262

\*

Based

on

average

shares

outstanding.

(a) The

per

share

amount

does

not

round

to

a

full

penny.

(b) Assumes

investment

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

distributions

and

a

complete

redemption

of

the

investment

at

the

net

asset

value

at

the

end

of

the

period.

(c) Expenses

waived

or

reimbursed

reflect

reductions

to

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

or

decrease

the

net

investment

income

ratio,

as

applicable,

and

decrease

the

total

returns

had

such

reductions

not

occurred.

(d) The

net

expense

ratios

shown

above

reflect

expenses

after

waivers

and

reimbursements

and

include

the

effect

of

reductions

to

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

of

expenses

offset

are

as

follows:

(e) Portfolio

turnover

is

not

shown

for

periods

that

the

Fund

was

a

money

market

fund.

Financial

Highlights

#### Near-Term

#### Tax

#### Free

#### Fund

#### For

#### a

#### capital

#### share

#### outstanding

#### during

#### the
*See* 

*accompanying* 

*notes* 

*to* 

*financial* 

*statements.*

#### Investor

#### Class

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,
2024

2023

2022

2021

2020

Ratios

to

Average

Net

Assets:

Expense

offset

(0.01)%

(0.02)%

(0.01)%

(0.02)%

–

(d) (0.01)%

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

2.09 $

2.10 $

2.09 $

2.23 $

2.26 $

2.22 Investment

Activities

Net

investment

income

\*

0.03 0.05 0.05 0.02 0.02 0.02 Net

realized

and

unrealized

gain

(loss)

0.01 (0.01)

0.01 (0.14)

(0.03)

0.04 Total

from

investment

activities

0.04 0.04 0.06 (0.12)

(0.01)

0.06 Distributions

From

net

investment

income

(0.03)

(0.05)

(0.05)

(0.02)

(0.02)

(0.02)

#### Net

#### asset

#### value,

#### end

#### of

#### period
$

2.10 $

2.09 $

2.10 $

2.09 $

2.23 $

2.26 #### Total

#### Return
(a) 1.70 %

1.99 %

3.04 %

(5.23)%

(0.46)%

2.93 %

Ratios

to

Average

Net

Assets:

Net

investment

income

2.45 %

2.44 %

2.42 %

1.08 %

0.86 %

1.11 %

Total

expenses

1.48 %

1.42 %

1.29 %

1.20 %

1.13 %

1.09 %

Expenses

waived

or

reimbursed

(b) (1.03)%

(0.97)%

(0.84)%

(0.75)%

(0.68)%

(0.64)%

Net

expenses

(c) 0.45 %

0.45 %

0.45 %

0.45 %

0.45 %

0.45 %

Portfolio

turnover

rate

%

%

%

%

%

%

#### Net

#### assets,

#### end

#### of

#### period

#### (in

#### thousands)
$24,895

$23,458

$25,394

$30,878

$35,389

$41,762

\*

Based

on

average

shares

outstanding.

(a) Assumes

investment

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

distributions

and

a

complete

redemption

of

the

investment

at

the

net

asset

value

at

the

end

of

the

period.

(b) Expenses

waived

or

reimbursed

reflect

reductions

to

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

or

decrease

the

net

investment

income

ratio,

as

applicable,

and

decrease

the

total

returns

had

such

reductions

not

occurred.

(c) The

net

expense

ratios

shown

above

reflect

expenses

after

waivers

and

reimbursements

and

include

the

effect

of

reductions

to

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

of

expenses

offset

are

as

follows:

(d) Effect

on

the

expense

ratio

was

not

greater

than

0.005%.

Financial

Highlights

#### Global

#### Luxury

#### Goods

#### Fund

#### For

#### a

#### capital

#### share

#### outstanding

#### during

#### the
*See* 

*accompanying* 

*notes* 

*to* 

*financial* 

*statements.*

#### Investor

#### Class

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,
2024

2023

2022

2021

2020

Ratios

to

Average

Net

Assets:

Expense

offset

(0.03)%

(0.02)%

(0.04)%

(0.06)%

–

(d) (0.01)%

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

19.97 $

19.22 $

15.95 $

22.30 $

20.59 $

17.09 Investment

Activities

Net

investment

income

(loss)

\*

0.13 0.14 0.12 0.36 (0.14)

(0.04)

Net

realized

and

unrealized

gain

(loss)

1.17 2.60 3.67 (5.69)

5.28 3.56 Total

from

investment

activities

1.30 2.74 3.79 (5.33)

5.14 3.52 Distributions

From

net

investment

income

–

(0.13)

(0.01)

(0.57)

(0.21)

(0.02)

From

net

realized

gains

–

(1.86)

(0.51)

(0.45)

(3.22)

–

#### Net

#### asset

#### value,

#### end

#### of

#### period
$

21.27 $

19.97 $

19.22 $

15.95 $

22.30 $

20.59 #### Total

#### Return
(a) 6.51 %

14.22 %

23.75 %

(23.88)%

25.02 %

20.62 %

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

1.25 %

0.68 %

0.64 %

2.03 %

(0.60)%

(0.25)%

Total

expenses

1.85 %

1.71 %

2.05 %

1.75 %

1.99 %

1.76 %

Expenses

waived

or

reimbursed

(b) (0.18)%

(0.20)%

(0.18)%

(0.20)%

(0.06)%

(0.01)%

Net

expenses

(c) 1.67 %

1.51 %

1.87 %

1.55 %

1.93 %

1.75 %

Portfolio

turnover

rate

%

%

%

%

%

%

#### Net

#### assets,

#### end

#### of

#### period

#### (in

#### thousands)
$50,934

$49,610

$47,245

$40,321

$57,667

$49,567

\*

Based

on

average

shares

outstanding.

(a) Assumes

investment

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

distributions

and

a

complete

redemption

of

the

investment

at

the

net

asset

value

at

the

end

of

the

period.

(b) Expenses

waived

or

reimbursed

reflect

reductions

to

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

or

decrease

the

net

investment

income

ratio,

as

applicable,

and

decrease

the

total

returns

had

such

reductions

not

occurred.

(c) The

net

expense

ratios

shown

above

reflect

expenses

after

waivers

and

reimbursements

and

include

the

effect

of

reductions

to

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

of

expenses

offset

are

as

follows:

(d) Effect

on

the

expense

ratio

was

not

greater

than

0.005%.

Financial

Highlights

#### Global

#### Resources

#### Fund

#### For

#### a

#### capital

#### share

#### outstanding

#### during

#### the
*See* 

*accompanying* 

*notes* 

*to* 

*financial* 

*statements.*

#### Investor

#### Class

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,
2024

2023

2022

2021

2020

Ratios

to

Average

Net

Assets:

Expense

offset

(0.04)%

(0.03)%

(0.04)%

(0.03)%

–

(d) (0.01)%

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

3.66 $

3.97 $

4.30 $

5.67 $

5.97 $

4.61 Investment

Activities

Net

investment

income

(loss)

\*

0.02 0.01 0.01 0.01 (0.01)

0.01 Net

realized

and

unrealized

gain

(loss)

0.62 (0.16)

(0.34)

(0.71)

0.78 1.68 Total

from

investment

activities

0.64 (0.15)

(0.33)

(0.70)

0.77 1.69 Distributions

From

net

investment

income

–

(0.16)

–

(0.67)

(1.07)

(0.33)

#### Net

#### asset

#### value,

#### end

#### of

#### period
$

4.30 $

3.66 $

3.97 $

4.30 $

5.67 $

5.97 #### Total

#### Return
(a) 17.49 %

(3.73)%

(7.67)%

(12.10)%

13.43 %

37.17 %

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

0.88 %

0.22 %

0.35 %

0.25 %

(0.22)%

0.22 %

Total

expenses

2.19 %

2.04 %

1.69 %

1.60 %

1.90 %

2.09 %

Expenses

waived

or

reimbursed

(b) (0.44)%

(0.47)%

(0.22)%

(0.06)%

–

(0.06)%

Net

expenses

(c) 1.75 %

1.57 %

1.47 %

1.54 %

1.90 %

2.03 %

Portfolio

turnover

rate

%

%

%

%

%

%

#### Net

#### assets,

#### end

#### of

#### period

#### (in

#### thousands)
$40,612

$36,537

$45,339

$55,053

$67,821

$63,891

\*

Based

on

average

shares

outstanding.

(a) Assumes

investment

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

distributions

and

a

complete

redemption

of

the

investment

at

the

net

asset

value

at

the

end

of

the

period.

(b) Expenses

waived

or

reimbursed

reflect

reductions

to

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

or

decrease

the

net

investment

income

ratio,

as

applicable,

and

decrease

the

total

returns

had

such

reductions

not

occurred.

(c) The

net

expense

ratios

shown

above

reflect

expenses

after

waivers

and

reimbursements

and

include

the

effect

of

reductions

to

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

of

expenses

offset

are

as

follows:

(d) Effect

on

the

expense

ratio

was

not

greater

than

0.005%.

Financial

Highlights

(unaudited)

#### World

#### Precious

#### Minerals

#### Fund

#### For

#### a

#### capital

#### share

#### outstanding

#### during

#### the
*See* 

*accompanying* 

*notes* 

*to* 

*financial* 

*statements.*

#### Investor

#### Class

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,
2024

2023

2022

2021

2020

Ratios

to

Average

Net

Assets:

Expense

offset

(0.05)%

(0.03)%

(0.04)%

(0.02)%

–

(d) –

(d) #### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

1.49 $

1.45 $

1.73 $

2.58 $

5.26 $

3.31 Investment

Activities

Net

investment

loss

\*

(0.01)

(0.01)

(0.01)

(0.03)

(0.09)

(0.07)

Net

realized

and

unrealized

gain

(loss)

0.59 0.05 (0.27)

(0.82)

(0.74)

2.38 Total

from

investment

activities

0.58 0.04 (0.28)

(0.85)

(0.83)

2.31 Distributions

From

net

investment

income

–

–

–

–

(1.85)

(0.36)

#### Net

#### asset

#### value,

#### end

#### of

#### period
$

2.07 $

1.49 $

1.45 $

1.73 $

2.58 $

5.26 #### Total

#### Return
(a) 38. 93

%

2.76 %

(16.18)%

(32.95)%

(14.19)%

70.60 %

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.76)%

(0.72)%

(0.90)%

(1.31)%

(1.77)%

(1.77)%

Total

expenses

2.09 %

1.92 %

1.74 %

1.62 %

1.93 %

1.81 %

Expenses

waived

or

reimbursed

(b) (0.46)%

(0.43)%

(0.27)%

(0.09)%

–

–

Net

expenses

(c) 1.63 %

1.49 %

1.47 %

1.53 %

1.93 %

1.81 %

Portfolio

turnover

rate

%

%

%

%

%

%

#### Net

#### assets,

#### end

#### of

#### period

#### (in

#### thousands)
$48,623

$37,116

$42,744

$54,500

$89,313

$116,247

\*

Based

on

average

shares

outstanding.

(a) Assumes

investment

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

distributions

and

a

complete

redemption

of

the

investment

at

the

net

asset

value

at

the

end

of

the

period.

(b) Expenses

waived

or

reimbursed

reflect

reductions

to

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

or

decrease

the

net

investment

income

ratio,

as

applicable,

and

decrease

the

total

returns

had

such

reductions

not

occurred.

(c) The

net

expense

ratios

shown

above

reflect

expenses

after

waivers

and

reimbursements

and

include

the

effect

of

reductions

to

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

of

expenses

offset

are

as

follows:

(d) Effect

on

the

expense

ratio

was

not

greater

than

0.005%.

Financial

Highlights

#### Gold

#### and

#### Precious

#### Metals

#### Fund

#### For

#### a

#### capital

#### share

#### outstanding

#### during

#### the
*See* 

*accompanying* 

*notes* 

*to* 

*financial* 

*statements.*

#### Investor

#### Class

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,
2024

2023

2022

2021

2020

Ratios

to

Average

Net

Assets:

Expense

offset

(0.02)%

(0.01)%

(0.02)%

(0.03)%

–

(d) (0.01)%

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Net

#### asset

#### value,

#### beginning

#### of

#### period
$

11.38 $

9.90 $

9.75 $

11.81 $

13.53 $

10.14 Investment

Activities

Net

investment

income

(loss)

\*

0.06 0.02 0.04 (0.01)

(0.01)

(0.09)

Net

realized

and

unrealized

gain

(loss)

6.13 1.63 0.11 (2.05)

(1.46)

3.84 Total

from

investment

activities

6.19 1.65 0.15 (2.06)

(1.47)

3.75 Distributions

From

net

investment

income

–

(0.17)

–

–

(0.25)

(0.36)

#### Net

#### asset

#### value,

#### end

#### of

#### period
$

17.57 $

11.38 $

9.90 $

9.75 $

11.81 $

13.53 #### Total

#### Return
(a) 54.39 %

16.65 %

1.54 %

(17.44)%

(10.82)%

37.06 %

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

0.78 %

0.16 %

0.38 %

(0.11)%

(0.07)%

(0.82)%

Total

expenses

1.69 %

1.71 %

1.48 %

1.55 %

1.82 %

1.60 %

Expenses

waived

or

reimbursed

(b) (0.02)%

(0.02)%

(0.02)%

(0.03)%

–

(0.01)%

Net

expenses

(c) 1.67 %

1.69 %

1.46 %

1.52 %

1.82 %

1.59 %

Portfolio

turnover

rate

%

%

%

%

%

%

#### Net

#### assets,

#### end

#### of

#### period

#### (in

#### thousands)
$156,586

$103,640

$97,902

$110,089

$141,228

$160,318

\*

Based

on

average

shares

outstanding.

(a) Assumes

investment

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

distributions

and

a

complete

redemption

of

the

investment

at

the

net

asset

value

at

the

end

of

the

period.

(b) Expenses

waived

or

reimbursed

reflect

reductions

to

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

increase

the

net

investment

loss

ratio

or

decrease

the

net

investment

income

ratio,

as

applicable,

and

decrease

the

total

returns

had

such

reductions

not

occurred.

(c) The

net

expense

ratios

shown

above

reflect

expenses

after

waivers

and

reimbursements

and

include

the

effect

of

reductions

to

total

expenses

for

any

expenses

offset.

Expense

offset

arrangements

reduce

total

expenses,

as

discussed

in

the

notes

to

the

financial

statements.

These

amounts

would

decrease

the

net

investment

income

(loss)

ratio

had

such

reductions

not

occurred.

The

effect

of

expenses

offset

are

as

follows:

(d) Effect

on

the

expense

ratio

was

not

greater

than

0.005%.

Other

Information

(unaudited)

June

30,

2025

#### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### (Item

#### 8

#### of

#### Form

#### N-CSR)
N/A

#### Proxy

#### Disclosure

#### (Item

#### 9

#### of

#### Form

#### N-CSR)
N/A

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers,

#### and

#### Others

#### (Item

#### 10

#### of

#### Form

#### N-CSR)
Please

see

financial

statements

in

Item

7. #### Statement

#### Regarding

#### the

#### Basis

#### for

#### the

#### Board's

#### Approval

#### of

#### Investment

#### Advisory

#### Contract

#### (Item

#### 11

#### of

#### Form

#### N-CSR)
N/A

Apex

Fund

Services

Middle

Street,

Suite

Portland,

ME

04101

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to

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and

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.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Included as part of financial statements filed under Item 7(a).

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

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

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Not applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Registrant does not accept nominees to the Board of Trustees from shareholders.

ITEM 16. CONTROLS AND PROCEDURES

(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act are effective, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Reporting Period that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) of the Act, and Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)](cert302.htm).

(a)(4) Not applicable.

(a)(5) Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; [Certifications pursuant to Rule 30a-2(b) of the Act, and Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith)](cert906.htm).

# SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>U.S. Global Investors Funds</u>

---

| | |
|:---|:---|
| By: | /s/ Zachary Tackett |
|  | Zachary Tackett, Principal Executive Officer |
| Date: | August 26, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Zachary Tackett |
|  | Zachary Tackett, Principal Executive Officer |
| Date: | August 26, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Karen Shaw |
|  | Karen Shaw, Principal Financial Officer |
| Date: | August 26, 2025 |

---

## Ex-99.Cert

**Exhibit 1A**

# U.S. Global Investors Funds
I, Zachary Tackett, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of U.S. Global Investors Funds;

2.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets of the Registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Date:  | &nbsp;&nbsp; August 26, 2025 | &nbsp;&nbsp; /s/ Zachary Tackett |
|  |  | &nbsp;&nbsp; Zachary Tackett |
|  |  | &nbsp;&nbsp; Principal Executive Officer |

---

**Exhibit 1A**

**U.S. Global Investors Funds**

I, Karen Shaw, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of U.S. Global Investors Funds;

2.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets of the Registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Date:  | &nbsp;&nbsp; August 26, 2025 | &nbsp;&nbsp; /s/ Karen Shaw |
|  |  | &nbsp;&nbsp; Karen Shaw |
|  |  | &nbsp;&nbsp; Principal Financial Officer |

---

## Exhibit 99.906

Exhibit 2

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)

## In connection with the attached Report of U.S. Global Investors Funds (the "Registrant") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Registrant does hereby certify that, to the best of such officer's knowledge:
1. &nbsp;&nbsp;&nbsp;&nbsp; The Report containing the financial statements fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

* The information contained
 in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant as of, and for, the
 periods presented in the Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Dated: August 26, 2025

<u>_/s/ Zachary Tackett________</u>

Zachary Tackett

Principal Executive Officer

Dated: August 26, 2025

<u>_/s/ Karen Shaw____________</u>

Karen Shaw

Principal Financial Officer

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.