Investment objective & strategy
As of April 25, 2025 · prospectusObjective. The U.S. Government Securities Ultra-Short Bond Fund (Government Securities Ultra-Short Bond Fund) seeks to provide current income and preserve capital.
Strategy. Under normal market conditions, the Government Securities Ultra-Short Bond Fund invests at least 80% of its net assets in United States Treasury debt securities and obligations of agencies and instrumentalities of the United States, including repurchase agreements collateralized with such securities. For purposes of the Funds 80% policy, the Fund may invest in U.S. Treasury securities and obligations of the agencies and instrumentalities of the U.S. directly, or indirectly via exchange-traded funds (ETFs) that represent interests in, or relate to, such investments. Although the value of the funds shares will fluctuate, the Adviser seeks to manage the magnitude of fluctuations by limiting the funds dollar-weighted average effective maturity to two years or less. In selecting investments, the Advisers analysis encompasses … Under normal market conditions, the Government Securities Ultra-Short Bond Fund invests at least 80% of its net assets in United States Treasury debt securities and obligations of agencies and instrumentalities of the United States, including repurchase agreements collateralized with such securities. For purposes of the Funds 80% policy, the Fund may invest in U.S. Treasury securities and obligations of the agencies and instrumentalities of the U.S. directly, or indirectly via exchange-traded funds (ETFs) that represent interests in, or relate to, such investments. Although the value of the funds shares will fluctuate, the Adviser seeks to manage the magnitude of fluctuations by limiting the funds dollar-weighted average effective maturity to two years or less. In selecting investments, the Advisers analysis encompasses an interest rate forecast that considers such factors as economic growth, inflation expectations and expected monetary policy actions. After establishing an interest rate outlook, the Adviser applies a process of selecting bonds for the funds portfolio, which analyzes yields, maturities and bond ratings of particular bonds.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| U.S. Treasury Bills | — | $4.97M | 15.95% |
| U.S. Treasury Bills | — | $3.97M | 12.73% |
| FHMS K061 AM | FHLMC | $3.48M | 11.17% |
| U.S. Treasury Bill | — | $2.97M | 9.52% |
| UST BILLS 0% 05/14/2026 | — | $2.49M | 7.99% |
| FHMS K737 A2 | — | $1.99M | 6.37% |
| U.S. Treasury Bills | B | $1.97M | 6.34% |
| Federal Home Loan Bank | — | $1.50M | 4.81% |
| U.S. Treasury Bills | — | $1.49M | 4.77% |
| Federal Home Loan Bank | — | $1.48M | 4.74% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| American Beacon AHL Managed Futures Strategy Fund · AHLAX, AHLCX, AHLYX, AHLIX, AHLPX | 30% | 1.53% |
| State Street(R) SPDR(R) Bloomberg 1-3 Month T-Bill ETF · BIL | 29% | 0.14% |
| Simplify Chinese Commodities Strategy No K-1 ETF | 28% | 0.99% |
Advisers
| Firm | Role |
|---|---|
| U.S. Global Investors, Inc. | Adviser |
Footnotes
- Expense ratio as of April 25, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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