# EDGAR Filing Document

**Accession Number:** 0000101507
**File Stem:** 0000101507-25-000042
**Filing Date:** 2025-8
**Character Count:** 31111
**Document Hash:** d0e5e37f66c42cd01a5d783fed9f40f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000101507-25-000042.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0000101507-25-000042

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**PERIOD START**: 20251231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01800
- **FILM NUMBER:** 251241341

**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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** U.S. GLOBAL INVESTORS FUNDS

- **b. Investment Company Act file number:** 811-01800

- **c. CIK number of Registrant:** 0000101507

- **d. LEI of Registrant:** 254900I1ONHL0TVFXN37

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** THREE CANAL PLAZA, SUITE 600

  - **City:** PORTLAND

  - **State:** ME

  - **Foreign country:** US

  - **Zip / Postal Code:** 04101

  - **Telephone number:** 207-347-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** USGI GOLD AND PRECIOUS METALS FUND

- **b. EDGAR series identifier (if any):** S000004783

- **c. LEI of Series:** 254900JI6NGFC9EL1N92

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $157126325.36

**Total Liabilities:** $244476.00

**Net Assets:** $156881849.36

**Cash Not Reported:** $3606095.47

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012994 | 5.41%                | 7.45%                | 2.33%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2261229.31              | $4963267.00                                |
| Month 2  | $2201430.54              | $7791728.64                                |
| Month 3  | $4420693.41              | $-415987.61                                |

### Schedule of Portfolio Investments

| Name                           | Title                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Agnico Eagle Mines Ltd         | Agnico Eagle Mines, Ltd.               | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |     39000 | NS      | $4638270.00   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold Inc                | Alamos Gold, Inc.                      | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | CA        |    250000 | NS      | $6640000.00   | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ARIS MINING CORP               | Aris Gold Corp.                        | CUSIP: 04041BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   2097097 | PA      | $4089339.15   | 2.61%             | 2027-08-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Pan African Resources PLC      | Pan African Resources PLC              | CUSIP: N/A<br>LEI: 213800EAXURCXMX6RL85       | Long             | EC               | CORP              | GB        |   1250000 | NS      | $786632.93    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| B2Gold Corp                    | B2Gold Corp.                           | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |    425000 | NS      | $1534250.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc               | Coeur Mining, Inc.                     | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |    335000 | NS      | $2968100.00   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Rex 2X Inverse MSTR Daily Ta | T-Rex 2X Inverse MSTR Daily Target ETF | CUSIP: 26923N413<br>LEI: 254900FIJG81260G5N49 | Long             | EC               | RF                | US        |       400 | NS      | $1672.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mandalay Resources Corp        | Mandalay Resources Corp.               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    200000 | NS      | $704975.22    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavour Silver Corp          | Endeavour Silver Corp.                 | CUSIP: N/A<br>LEI: 549300IF2E29780PPV02       | Long             | EC               | CORP              | CA        |    320000 | NS      | $1576794.57   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Petropavlovsk PLC              | Petropavlovsk PLC                      | CUSIP: N/A<br>LEI: 213800ZZOU5P76L8XB92       | Long             | EC               | CORP              | GB        |   4886855 | NS      | $0.07         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Caribbean Resources Corp.      | Caribbean Resources Corp.              | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    485766 | PA      | $0.00         | 0.00%             | 2015-06-15      | Fixed         | 19.25%                | No            |                  3 | On Loan: No      |
| Franco-Nevada Corp             | Franco-Nevada Corp.                    | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |     13000 | NS      | $2130960.00   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd                | Gold Fields, Ltd.                      | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |    100000 | NS      | $2367000.00   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Gold Corp              | Barrick Mining Corp.                   | CUSIP: 400991L60<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       865 | NC      | $441150.00    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Harmony Gold Mining Co Ltd     | Harmony Gold Mining Co., Ltd.          | CUSIP: 413216300<br>LEI: 378900986D05F0C29811 | Long             | EC               | CORP              | ZA        |     50000 | NS      | $698500.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Hecla Mining Co                | Hecla Mining Co.                       | CUSIP: 422704106<br>LEI: 5493009Y6HOBZD1QD537 | Long             | EC               | CORP              | US        |    550000 | NS      | $3294500.00   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                   | Newmont Corp.                          | CUSIP: 43899QK13<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       250 | NC      | $456250.00    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| IAMGOLD Corp                   | IAMGOLD Corp.                          | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | CA        |    500000 | NS      | $3675000.00   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Impala Platinum Holdings Ltd   | Impala Platinum Holdings, Ltd.         | CUSIP: 452553308<br>LEI: 254900BZFIFB4PD2Z778 | Long             | EC               | CORP              | ZA        |    250000 | NS      | $2255000.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp              | Kinross Gold Corp.                     | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | CA        |    250000 | NS      | $3907500.00   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| MAG Silver Corp                | MAG Silver Corp.                       | CUSIP: 55903Q104<br>LEI: 254900LGL904N7F3EL14 | Long             | EC               | CORP              | CA        |    125000 | NS      | $2641250.00   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerald Resources NL           | Emerald Resources NL                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    150000 | NS      | $391465.24    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Pantoro Gold Ltd               | Pantoro Gold, Ltd.                     | CUSIP: N/A<br>LEI: 254900ZMQXTNJJIP4K51       | Long             | EC               | CORP              | AU        |    647058 | NS      | $1314234.54   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| St Barbara Ltd                 | St Barbara, Ltd.                       | CUSIP: N/A<br>LEI: 2549001WR6XSXNOD1F93       | Long             | EC               | CORP              | AU        |   3831691 | NS      | $729360.63    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Resolute Mining Ltd            | Resolute Mining, Ltd.                  | CUSIP: N/A<br>LEI: 254900MP8JONT590XY28       | Long             | EC               | CORP              | AU        |   5000000 | NS      | $2036971.59   | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| New Gold Inc                   | New Gold, Inc.                         | CUSIP: 644535106<br>LEI: 5493005G0GNCHP0H6L96 | Long             | EC               | CORP              | CA        |    250000 | NS      | $1237500.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                   | Newmont Corp.                          | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     20000 | NS      | $1165200.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Ramelius Resources Ltd         | Ramelius Resources, Ltd.               | CUSIP: N/A<br>LEI: 254900E44AIGW7KKNR98       | Long             | EC               | CORP              | AU        |   1200000 | NS      | $2020653.54   | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| OR Royalties Inc               | OR Royalties, Inc.                     | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |    150000 | NS      | $3856500.00   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Perpetua Resources Corp        | Perpetua Resources Corp.               | CUSIP: 714266103<br>LEI: 529900BQBMS383SEPY05 | Long             | EC               | CORP              | CA        |     15000 | NS      | $182100.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold Inc                 | Royal Gold, Inc.                       | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |      8000 | NS      | $1422720.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandstorm Gold Ltd             | Sandstorm Gold, Ltd.                   | CUSIP: 80013R206<br>LEI: 549300QWJPV45VQF1B33 | Long             | EC               | CORP              | CA        |    150000 | NS      | $1410000.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Silvercorp Metals Inc          | Silvercorp Metals, Inc.                | CUSIP: 82835P103<br>LEI: 52990092RT3UCQ7G3177 | Long             | EC               | CORP              | CA        |    250000 | NS      | $1055000.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Vox Royalty Corp               | Vox Royalty Corp.                      | CUSIP: 92919F103<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   1415000 | NS      | $4471400.00   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Dundee Precious Metals Inc     | Dundee Precious Metals, Inc.           | CUSIP: N/A<br>LEI: 549300LATVTU0EIUMD45       | Long             | EC               | CORP              | CA        |    140000 | NS      | $2249458.42   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesdome Gold Mines Ltd         | Wesdome Gold Mines, Ltd.               | CUSIP: N/A<br>LEI: 254900D63U62QS84H719       | Long             | EC               | CORP              | CA        |     77400 | NS      | $1078228.75   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Metals Ltd            | Catalyst Metals, Ltd.                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   1500000 | NS      | $5191874.15   | 3.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Genesis Minerals Ltd           | Genesis Minerals, Ltd.                 | CUSIP: N/A<br>LEI: 894500AK5BVRCNP0FP48       | Long             | EC               | CORP              | AU        |   1000000 | NS      | $2874893.54   | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Evolution Mining Ltd           | Evolution Mining, Ltd.                 | CUSIP: N/A<br>LEI: 254900BCFW5QO5LW8F27       | Long             | EC               | CORP              | AU        |    500000 | NS      | $2603148.59   | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Santacruz Silver Mining Ltd    | Santacruz Silver Mining, Ltd.          | CUSIP: N/A<br>LEI: 549300KR50UPLTF0XY61       | Long             | EC               | CORP              | CA        |   2250000 | NS      | $1701854.23   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Torex Gold Resources Inc       | Torex Gold Resources, Inc.             | CUSIP: N/A<br>LEI: 549300QL07027186GQ85       | Long             | EC               | CORP              | CA        |    180000 | NS      | $5871562.33   | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Mines Ltd              | Ivanhoe Mines, Ltd.                    | CUSIP: N/A<br>LEI: 5299006XZISURYIA4G32       | Long             | EC               | CORP              | CA        |     50000 | NS      | $375619.61    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| EMX Royalty Corp               | EMX Royalty Corp.                      | CUSIP: N/A<br>LEI: 5299009B3YOKQ9FW5S21       | Long             | EC               | CORP              | CA        |    500000 | NS      | $1259408.85   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Cat Syndicate Ltd        | Black Cat Syndicate, Ltd.              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   4294104 | NS      | $2202837.68   | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Mene Inc                       | Mene, Inc.                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   6739285 | NS      | $717603.33    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Americas Gold & Silver Corp    | Americas Gold & Silver Corp.           | CUSIP: N/A<br>LEI: 5493005AKGOT669Z4P51       | Long             | EC               | CORP              | CA        |   1500000 | NS      | $1211676.15   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Aya Gold & Silver Inc          | Aya Gold & Silver, Inc.                | CUSIP: N/A<br>LEI: 549300BWX8KJOTUL4M51       | Long             | EC               | CORP              | CA        |    613500 | NS      | $5518909.49   | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Artemis Gold Inc               | Artemis Gold, Inc.                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |     20000 | NS      | $363796.59    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Firefinch Ltd                  | Firefinch, Ltd.                        | CUSIP: N/A<br>LEI: 52990065EGEF8FEI8S51       | Long             | EC               | CORP              | AU        |   5000000 | NS      | $221467.54    | 0.14%             |  |  |  | No            |                  3 | On Loan: No      |
| Kaiser Reef Ltd                | Kaiser Reef, Ltd.                      | CUSIP: N/A<br>LEI: 529900XRN3TOQKNA4168       | Long             | EC               | CORP              | AU        |   5107143 | NS      | $554313.30    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Star Royalties Ltd             | Star Royalties, Ltd.                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   3500000 | NS      | $591151.09    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Borealis Mining Co Ltd         | Borealis Mining Co., Ltd.              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    900000 | NS      | $416375.99    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Borealis Mining Co             | Borealis Mining Co.                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |    450000 | NC      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Lithium Royalty Corp           | Lithium Royalty Corp.                  | CUSIP: N/A<br>LEI: 549300PNTZ1SGOX9FY92       | Long             | EC               | CORP              | CA        |       679 | NS      | $2523.03      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Aclara Resources Inc           | Aclara Resources, Inc.                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    137400 | NS      | $98881.59     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Angus Gold Inc                 | Angus Gold, Inc.                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   1825000 | NS      | $1065448.87   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Luca Mining Corp               | Luca Mining Corp.                      | CUSIP: N/A<br>LEI: 875500QZ1JRZS7VYL982       | Long             | EC               | CORP              | CA        |   2500000 | NS      | $2441711.03   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Luca Mining Corp               | Luca Mining Corp.                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |    750000 | NC      | $402056.18    | 0.26%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Orexplore Technologies Ltd     | Orexplore Technologies, Ltd.           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   1007351 | NS      | $0.01         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Empress Royalty Corp           | Empress Royalty Corp.                  | CUSIP: N/A<br>LEI: 254900BKH28GZ49I9F93       | Long             | EC               | CORP              | CA        |   1800000 | NS      | $793097.12    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavour Mining PLC           | Endeavour Mining PLC                   | CUSIP: N/A<br>LEI: 529900NI5MXQ91GHXR07       | Long             | EC               | CORP              | GB        |     60000 | NS      | $1850119.33   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Discovery Silver Corp          | Discovery Silver Corp.                 | CUSIP: N/A<br>LEI: 98450041CCB3E8QD3F53       | Long             | EC               | CORP              | CA        |   1000000 | NS      | $2188360.57   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Andean Precious Metals Corp    | Andean Precious Metals Corp.           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   1000000 | NS      | $2107582.16   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| St Barbara Ltd                 | St Barbara, Ltd.                       | CUSIP: N/A<br>LEI: 2549001WR6XSXNOD1F93       | Long             | EC               | CORP              | AU        |    668309 | NS      | $127212.31    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Mako Mining Corp               | Mako Mining Corp.                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    100000 | NS      | $381861.58    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Culico Metals Inc              | Culico Metals, Inc.                    | CUSIP: N/A<br>LEI: 2549005B5ATUIJJB6L88       | Long             | EC               | CORP              | CA        |    180000 | NS      | $23792.91     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Mineros SA                     | Mineros SA                             | CUSIP: N/A<br>LEI: 549300991PEKFIGLDE07       | Long             | EC               | CORP              | CO        |   2803100 | NS      | $5104966.40   | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Silver Crown Royalties Inc     | Silver Crown Royalties, Inc.           | CUSIP: N/A<br>LEI: 254900FEQ9DH6PZ51S07       | Long             | EC               | CORP              | CA        |    120000 | NS      | $559574.08    | 0.36%             |  |  |  | No            |                  3 | On Loan: No      |
| Silver Crown Royalties Inc     | Silver Crown Royalties, Inc.           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |     85000 | NC      | $12483.94     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| OR Royalties Inc               | OR Royalties, Inc.                     | CUSIP: N/A<br>LEI: 549300TJZTXZMPQ6K004       | Long             | EC               | CORP              | CA        |    170000 | NS      | $4369377.64   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Leo Lithium Ltd                | Leo Lithium, Ltd.                      | CUSIP: N/A<br>LEI: 984500LD0A57A68EZ677       | Long             | EC               | CORP              | AU        |   3500000 | NS      | $472222.77    | 0.30%             |  |  |  | No            |                  3 | On Loan: No      |
| Abaxx Technologies Inc         | Abaxx Technologies, Inc.               | CUSIP: N/A<br>LEI: 5299002EIVMNJ21B5K89       | Long             | EC               | CORP              | CA        |     30000 | NS      | $277583.99    | 0.18%             |  |  |  | No            |                  3 | On Loan: No      |
| Aris Mining Corp               | Aris Mining Corp.                      | CUSIP: N/A<br>LEI: 5493001GJ5TILX6L1F82       | Long             | EC               | CORP              | CA        |    250000 | NS      | $1683495.50   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| OceanaGold Corp                | OceanaGold Corp.                       | CUSIP: N/A<br>LEI: 549300CBMSE8I9N3E232       | Long             | EC               | CORP              | CA        |    166666 | NS      | $2352355.81   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Meeka Metals Ltd               | Meeka Metals, Ltd.                     | CUSIP: N/A<br>LEI: 529900KOA7NX3J2DL230       | Long             | EC               | CORP              | AU        |   4666667 | NS      | $449933.89    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Britannia Mining Solutions Inc | Britannia Mining Solutions, Inc.       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |     51443 | NS      | $661099.69    | 0.42%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Allied Gold Corp               | Allied Gold Corp.                      | CUSIP: N/A<br>LEI: 894500S5G4JFSRGK8L37       | Long             | EC               | CORP              | CA        |    100000 | NS      | $1342390.31   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Cat Syndicate Ltd        | Black Cat Syndicate, Ltd.              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    155896 | NS      | $79973.28     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Catalyst Metals Ltd            | Catalyst Metals, Ltd.                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    100000 | NS      | $346124.94    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Lundin Gold Inc                | Lundin Gold, Inc.                      | CUSIP: N/A<br>LEI: 549300ZOV16K515FC525       | Long             | EC               | CORP              | CA        |     40000 | NS      | $2111988.25   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Tolu Minerals Ltd              | Tolu Minerals, Ltd.                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | PG        |   1250000 | NS      | $718708.25    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Westgold Resources Ltd         | Westgold Resources, Ltd.               | CUSIP: N/A<br>LEI: 2549003AMX9BL7CKBQ74       | Long             | EC               | CORP              | AU        |   2000000 | NS      | $3826577.42   | 2.44%             |  |  |  | No            |                  2 | On Loan: No      |
| K92 Mining Inc                 | K92 Mining, Inc.                       | CUSIP: N/A<br>LEI: 254900EA8H0X9FEVZU11       | Long             | EC               | CORP              | CA        |   1125000 | NS      | $12689553.88  | 8.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti Plc          | Anglogold Ashanti PLC                  | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |     65000 | NS      | $2962050.00   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Royalty Corp            | Summit Royalty Corp.                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   1000000 | NS      | $650000.00    | 0.41%             |  |  |  | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-21

**Name of Applicant:** US Global Investors Funds

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer