# EDGAR Filing Document

**Accession Number:** 0000101507
**File Stem:** 0001752724-23-048761
**Filing Date:** 2023-3
**Character Count:** 23940
**Document Hash:** 1ce27ad320f4778edc0a9a2e38d9eff8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-048761.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-048761

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** US GLOBAL INVESTORS FUNDS
- **CENTRAL INDEX KEY:** 0000101507
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01800
- **FILM NUMBER:** 23690431

**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

### Emerging Europe Fund (Series ID: S000023572)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000069383 | Emerging Europe Fund | EUROX           |

## 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 EMERGING EUROPE FUND

- **b. EDGAR series identifier (if any):** S000023572

- **c. LEI of Series:** 254900EY9403EP693506

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

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $14025987.89

**Total Liabilities:** $2189458.93

**Net Assets:** $11836528.96

**Cash Not Reported:** $1621625.31

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000069383 | 9.35%                | 13.39%               | 2.17%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-355429.34              | $1343449.95                                |
| Month 2  | $-327022.60              | $1919560.57                                |
| Month 3  | $81510.83                | $366731.65                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                            | Exxon Mobil Corp.                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        50 | NC      | $16250.00     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Global X MSCI Greece ETF       | Global X MSCI Greece ETF                        | CUSIP: 37954Y319<br>LEI: 549300B7LODJBKXXYU77 | Long             | EC               | RF                | US        |      5000 | NS      | $133200.00    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Asseco Poland SA               | Asseco Poland SA                                | CUSIP: N/A<br>LEI: 259400O79EWIK4XZPL40       | Long             | EC               | CORP              | PL        |     12000 | NS      | $199401.43    | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Migros Ticaret AS              | Migros Ticaret AS                               | CUSIP: N/A<br>LEI: 5493002IOWNT1QZMAA74       | Long             | EC               | CORP              | TR        |     26000 | NS      | $203752.28    | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Polski Koncern Naftowy ORLEN S | Polski Koncern Naftowy ORLEN SA                 | CUSIP: N/A<br>LEI: 259400VVMM70CQREJT74       | Long             | EC               | CORP              | PL        |     26062 | NS      | $382885.39    | 3.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Anadolu Efes Biracilik Ve Malt | Anadolu Efes Biracilik Ve Malt Sanayii AS       | CUSIP: N/A<br>LEI: 7890006LGARYVIPOJX03       | Long             | EC               | CORP              | TR        |     12000 | NS      | $43419.74     | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Forward Currency Contract                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $2098451.76   | 17.73%            |  |  |  | No            |                  2 | On Loan: No      |
| Sunrisemezz PLC                | Sunrisemezz PLC                                 | CUSIP: N/A<br>LEI: 213800ZHKUVSY51WLW40       | Long             | EC               | CORP              | CY        |     22142 | NS      | $2685.43      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Haci Omer Sabanci Holding AS   | Haci Omer Sabanci Holding AS                    | CUSIP: N/A<br>LEI: 78900090FFOWNLGP0F20       | Long             | EC               | CORP              | TR        |     20000 | NS      | $48277.78     | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| JUMBO SA                       | JUMBO SA                                        | CUSIP: N/A<br>LEI: 549300TGIVUUMY40MZ05       | Long             | EC               | CORP              | GR        |     15300 | NS      | $262409.31    | 2.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Akbank TAS                     | Akbank TAS                                      | CUSIP: N/A<br>LEI: 789000TUMN63Z28TJ497       | Long             | EC               | CORP              | TR        |    270000 | NS      | $282117.80    | 2.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Aksa Akrilik Kimya Sanayii AS  | Aksa Akrilik Kimya Sanayii AS                   | CUSIP: N/A<br>LEI: 789000OKY3ICX0Y2NY41       | Long             | EC               | CORP              | TR        |     38000 | NS      | $186264.54    | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Dino Polska SA                 | Dino Polska SA                                  | CUSIP: N/A<br>LEI: 259400H4L81SMPRTW956       | Long             | EC               | CORP              | PL        |      1500 | NS      | $128826.46    | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Turkiye Sise ve Cam Fabrikalar | Turkiye Sise ve Cam Fabrikalari AS              | CUSIP: N/A<br>LEI: 789000KWOK751Q6R8875       | Long             | EC               | CORP              | TR        |    116000 | NS      | $265278.24    | 2.24%             |  |  |  | No            |                  2 | On Loan: No      |
| AG Anadolu Grubu Holding AS    | AG Anadolu Grubu Holding AS                     | CUSIP: N/A<br>LEI: 789000K5XY4AZWGQQU40       | Long             | EC               | CORP              | TR        |      6500 | NS      | $38361.17     | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Allegro.eu SA                  | Allegro.eu SA                                   | CUSIP: N/A<br>LEI: 222100VRLXV3FPMG4982       | Long             | EC               | CORP              | LU        |     43000 | NS      | $248177.19    | 2.10%             |  |  |  | No            |                  2 | On Loan: No      |
| PGE Polska Grupa Energetyczna  | PGE Polska Grupa Energetyczna SA                | CUSIP: N/A<br>LEI: 259400MP9VXR0E69MJ89       | Long             | EC               | CORP              | PL        |    190000 | NS      | $299787.68    | 2.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                     | Siemens AG                                      | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |       920 | NS      | $126823.15    | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Handlowy w Warszawie SA   | Bank Handlowy w Warszawie SA                    | CUSIP: N/A<br>LEI: XLEZHWWOI4HFQDGL4793       | Long             | EC               | CORP              | PL        |      2000 | NS      | $34600.61     | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Alpha Services and Holdings SA | Alpha Services and Holdings SA                  | CUSIP: N/A<br>LEI: 5299009N55YRQC69CN08       | Long             | EC               | CORP              | GR        |    230000 | NS      | $246158.33    | 2.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Ford Otomotiv Sanayi AS        | Ford Otomotiv Sanayi AS                         | CUSIP: N/A<br>LEI: 7890006XJG6ZE2H34671       | Long             | EC               | CORP              | TR        |      5200 | NS      | $145666.12    | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Turk Hava Yollari AO           | Turk Hava Yollari AO                            | CUSIP: N/A<br>LEI: 789000EV8M3BL7ZPFB03       | Long             | EC               | CORP              | TR        |     42500 | NS      | $320148.34    | 2.70%             |  |  |  | No            |                  2 | On Loan: No      |
| ROMGAZ SA                      | Societatea Nationala de Gaze Naturale ROMGAZ SA | CUSIP: N/A<br>LEI: 2549009R7KJ38D9RW354       | Long             | EC               | CORP              | RO        |     11000 | NS      | $89775.90     | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Turkcell Iletisim Hizmetleri A | Turkcell Iletisim Hizmetleri AS                 | CUSIP: N/A<br>LEI: 7890003EX1LTLS2FFL84       | Long             | EC               | CORP              | TR        |     65000 | NS      | $131059.88    | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Motor Oil Hellas Corinth Refin | Motor Oil Hellas Corinth Refineries SA          | CUSIP: N/A<br>LEI: 213800U3Y9UL7Y4QVM11       | Long             | EC               | CORP              | GR        |     11000 | NS      | $256197.60    | 2.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Turk Telekomunikasyon AS       | Turk Telekomunikasyon AS                        | CUSIP: N/A<br>LEI: 789000A2TXOI10JZLF90       | Long             | EC               | CORP              | TR        |    175000 | NS      | $229616.35    | 1.94%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | TotalEnergies SE                                | CUSIP: 3T6997NB6<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       100 | NC      | $38000.00     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Orsu Metals Corp.              | Orsu Metals Corp.                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VG        |    402500 | NS      | $7431.68      | 0.06%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Orange Polska SA               | Orange Polska SA                                | CUSIP: N/A<br>LEI: 259400TOMPUOLS65II22       | Long             | EC               | CORP              | PL        |    161000 | NS      | $244867.58    | 2.07%             |  |  |  | No            |                  2 | On Loan: No      |
| HELLENIQ ENERGY HOLDINGS S.A.  | HELLENIQ ENERGY HOLDINGS S.A.                   | CUSIP: N/A<br>LEI: 213800YUBJMZYR1SNG35       | Long             | EC               | CORP              | GR        |      8200 | NS      | $66622.87     | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares MSCI Poland ETF        | iShares MSCI Poland ETF                         | CUSIP: 46429B606<br>LEI: 549300AWENQCY4VS9S36 | Long             | EC               | RF                | US        |      4000 | NS      | $61840.00     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Jastrzebska Spolka Weglowa SA  | Jastrzebska Spolka Weglowa SA                   | CUSIP: N/A<br>LEI: 259400D4E0H5BGXNIK97       | Long             | EC               | CORP              | PL        |     15700 | NS      | $210793.96    | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| MOL Hungarian Oil & Gas PLC    | MOL Hungarian Oil & Gas PLC                     | CUSIP: N/A<br>LEI: 213800R83KX5FQFGXS67       | Long             | EC               | CORP              | HU        |     72200 | NS      | $503180.54    | 4.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Budimex SA                     | Budimex SA                                      | CUSIP: N/A<br>LEI: 25940093SDJZW2C1V355       | Long             | EC               | CORP              | PL        |      2000 | NS      | $130076.30    | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Koza Anadolu Metal Madencilik  | Koza Anadolu Metal Madencilik Isletmeleri AS    | CUSIP: N/A<br>LEI: 789000DVKGVEC9701443       | Long             | EC               | CORP              | TR        |     12000 | NS      | $34059.61     | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurobank Ergasias Services and | Eurobank Ergasias Services and Holdings SA      | CUSIP: N/A<br>LEI: JEUVK5RWVJEN8W0C9M24       | Long             | EC               | CORP              | GR        |    220000 | NS      | $247799.23    | 2.09%             |  |  |  | No            |                  2 | On Loan: No      |
| KRUK SA                        | KRUK SA                                         | CUSIP: N/A<br>LEI: 259400T1FZYBIW8XUJ78       | Long             | EC               | CORP              | PL        |      3750 | NS      | $265495.35    | 2.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Dogan Sirketler Grubu Holding  | Dogan Sirketler Grubu Holding AS                | CUSIP: N/A<br>LEI: 789000J24Q4JM3H6UX22       | Long             | EC               | CORP              | TR        |     70000 | NS      | $39504.94     | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| PZU                            | Powszechny Zaklad Ubezpieczen SA                | CUSIP: N/A<br>LEI: QLPCKOOKVX32FUELX240       | Long             | EC               | CORP              | PL        |     70000 | NS      | $568461.93    | 4.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Volkswagen AG                  | Volkswagen AG                                   | CUSIP: N/A<br>LEI: 529900NNUPAGGOMPXZ31       | Long             | EC               | CORP              | DE        |       400 | NS      | $62750.31     | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Turkiye Petrol Rafinerileri AS | Turkiye Petrol Rafinerileri AS                  | CUSIP: N/A<br>LEI: 789000RCNG97UV50EE03       | Long             | EC               | CORP              | TR        |      9450 | NS      | $267819.03    | 2.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Banca Transilvania SA          | Banca Transilvania SA                           | CUSIP: N/A<br>LEI: 549300RG3H390KEL8896       | Long             | EC               | CORP              | RO        |     20000 | NS      | $86059.86     | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| KOC Holding AS                 | KOC Holding AS                                  | CUSIP: N/A<br>LEI: 7890005U0H950VH19H45       | Long             | EC               | CORP              | TR        |     76000 | NS      | $340962.26    | 2.88%             |  |  |  | No            |                  2 | On Loan: No      |
| VanEck Russia ETF              | VanEck Russia ETF                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |      1000 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OMV Petrom SA                  | OMV Petrom SA                                   | CUSIP: N/A<br>LEI: 549300UKYDM6L8HEPU79       | Long             | EC               | CORP              | RO        |   2665000 | NS      | $242189.23    | 2.05%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | BP PLC                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       100 | NC      | $15350.00     | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Dogus Otomotiv Servis ve Ticar | Dogus Otomotiv Servis ve Ticaret AS             | CUSIP: N/A<br>LEI: 789000PVDP82LTUNS694       | Long             | EC               | CORP              | TR        |      5000 | NS      | $52595.62     | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| AP Moller - Maersk A/S         | AP Moller - Maersk A/S                          | CUSIP: N/A<br>LEI: 549300D2K6PKKKXVNN73       | Long             | EC               | CORP              | DK        |        41 | NS      | $90358.20     | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| ARIS MINING CORP               | Aris Mining Corp.                               | CUSIP: N/A<br>LEI: 5493001GJ5TILX6L1F82       | N/A              | DE               | CORP              | CA        |    100000 | NC      | $19571.64     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Polska Kasa Opieki SA     | Bank Polska Kasa Opieki SA                      | CUSIP: N/A<br>LEI: 5493000LKS7B3UTF7H35       | Long             | EC               | CORP              | PL        |     12500 | NS      | $248669.07    | 2.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Richter Gedeon Nyrt            | Richter Gedeon Nyrt                             | CUSIP: N/A<br>LEI: 549300J6ZJW5IH4WEE46       | Long             | EC               | CORP              | HU        |     10400 | NS      | $230937.52    | 1.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Hellenic Telecommunications Or | Hellenic Telecommunications Organization SA     | CUSIP: N/A<br>LEI: ELPUFM0XZRZO4LFXW404       | Long             | EC               | CORP              | GR        |     16500 | NS      | $257715.28    | 2.18%             |  |  |  | No            |                  2 | On Loan: No      |
| OTP Bank Nyrt                  | OTP Bank Nyrt                                   | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | EC               | CORP              | HU        |     12800 | NS      | $347790.22    | 2.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Yapi ve Kredi Bankasi AS       | Yapi ve Kredi Bankasi AS                        | CUSIP: N/A<br>LEI: B85ZYWEZ5IZCZ2WNIO12       | Long             | EC               | CORP              | TR        |     50000 | NS      | $31719.08     | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Gazprom Neft PJSC              | Gazprom Neft PJSC                               | CUSIP: N/A<br>LEI: 253400KXA9P2AN72P004       | Long             | EC               | CORP              | RU        |      7370 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Moneta Money Bank AS           | Moneta Money Bank AS                            | CUSIP: N/A<br>LEI: I6USJ58BDV2BO5KP3C31       | Long             | EC               | CORP              | CZ        |     58000 | NS      | $195073.52    | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Vestel Beyaz Esya Sanayi ve Ti | Vestel Beyaz Esya Sanayi ve Ticaret AS          | CUSIP: N/A<br>LEI: 789000VRFVY3D0YO2710       | Long             | EC               | CORP              | TR        |     45000 | NS      | $33173.48     | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Powszechna Kasa Oszczednosci B | Powszechna Kasa Oszczednosci Bank Polski SA     | CUSIP: N/A<br>LEI: P4GTT6GF1W40CVIMFR43       | Long             | EC               | CORP              | PL        |     27000 | NS      | $187399.53    | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| ARIS MINING CORP               | Aris Gold Corp.                                 | CUSIP: 04041BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    451688 | PA      | $446041.90    | 3.77%             | 2027-08-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Alior Bank SA                  | Alior Bank SA                                   | CUSIP: N/A<br>LEI: 259400QHDOZWMJ103294       | Long             | EC               | CORP              | PL        |     26500 | NS      | $208397.55    | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |
| National Bank of Greece SA     | National Bank of Greece SA                      | CUSIP: N/A<br>LEI: 5UMCZOEYKCVFAW8ZLO05       | Long             | EC               | CORP              | GR        |     33000 | NS      | $132333.15    | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

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

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer