# EDGAR Filing Document

**Accession Number:** 0000101507
**File Stem:** 0000101507-25-000093
**Filing Date:** 2025-11
**Character Count:** 30284
**Document Hash:** 9148c9b5a98abff619971ba1e5660c93
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000101507-25-000093.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000101507-25-000093

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**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:** 251510405

**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:** 2025-09-30

**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:** $233045084.58

**Total Liabilities:** $448392.61

**Net Assets:** $232596691.97

**Cash Not Reported:** $3501084.60

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012994 | -1.88%               | 21.52%               | 22.67%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5225552.63              | $-8318612.43                               |
| Month 2  | $3929279.64              | $28599551.23                               |
| Month 3  | $1099173.58              | $40371047.77                               |

### 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        |     30000 | NS      | $5056800.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold Inc                | Alamos Gold, Inc.                | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | CA        |    250000 | NS      | $8715000.00   | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ARIS MINING CORP               | Aris Gold Corp.                  | CUSIP: 04041BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1859281 | PA      | $3672079.98   | 1.58%             | 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        |    750000 | NS      | $885010.09    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Barrick Mining Corp            | Barrick Mining Corp.             | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     90000 | NS      | $2949300.00   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| B2Gold Corp                    | B2Gold Corp.                     | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |   1000000 | NS      | $4950000.00   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cango Inc/KY                   | Cango, Inc./KY                   | CUSIP: 137586103<br>LEI: 5299003TQHBB4QUSZB86 | Long             | EC               | CORP              | KY        |     40000 | NS      | $169600.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc               | Coeur Mining, Inc.               | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |    350000 | NS      | $6566000.00   | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavour Silver Corp          | Endeavour Silver Corp.           | CUSIP: N/A<br>LEI: 549300IF2E29780PPV02       | Long             | EC               | CORP              | CA        |    320000 | NS      | $2506287.27   | 1.08%             |  |  |  | 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%             |  |  |  | Yes           |                  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      |
| Gold Fields Ltd                | Gold Fields, Ltd.                | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |    150000 | NS      | $6294000.00   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Gold Corp              | Barrick Mining Corp.             | CUSIP: 400991L60<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       865 | NC      | $1357185.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Hecla Mining Co                | Hecla Mining Co.                 | CUSIP: 422704106<br>LEI: 5493009Y6HOBZD1QD537 | Long             | EC               | CORP              | US        |    600000 | NS      | $7260000.00   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                   | Newmont Corp.                    | CUSIP: 43899QK13<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       250 | NC      | $1027500.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| IAMGOLD Corp                   | IAMGOLD Corp.                    | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | CA        |    500000 | NS      | $6465000.00   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Impala Platinum Holdings Ltd   | Impala Platinum Holdings, Ltd.   | CUSIP: 452553308<br>LEI: 254900BZFIFB4PD2Z778 | Long             | EC               | CORP              | ZA        |    300000 | NS      | $3822600.00   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp              | Kinross Gold Corp.               | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |    135000 | NS      | $3354750.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkane Resources Ltd           | Alkane Resources, Ltd.           | CUSIP: N/A<br>LEI: 529900R65IIVLPW4ZS42       | Long             | EC               | CORP              | AU        |   2000000 | NS      | $1512757.24   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Pantoro Gold Ltd               | Pantoro Gold, Ltd.               | CUSIP: N/A<br>LEI: 254900ZMQXTNJJIP4K51       | Long             | EC               | CORP              | AU        |    300000 | NS      | $1195484.49   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| St Barbara Ltd                 | St Barbara, Ltd.                 | CUSIP: N/A<br>LEI: 2549001WR6XSXNOD1F93       | Long             | EC               | CORP              | AU        |   3831691 | NS      | $1348906.93   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Resolute Mining Ltd            | Resolute Mining, Ltd.            | CUSIP: N/A<br>LEI: 254900MP8JONT590XY28       | Long             | EC               | CORP              | AU        |   2500000 | NS      | $1698434.88   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| New Gold Inc                   | New Gold, Inc.                   | CUSIP: 644535106<br>LEI: 5493005G0GNCHP0H6L96 | Long             | EC               | CORP              | CA        |    250000 | NS      | $1795000.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                   | Newmont Corp.                    | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     20000 | NS      | $1686200.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Ramelius Resources Ltd         | Ramelius Resources, Ltd.         | CUSIP: N/A<br>LEI: 254900E44AIGW7KKNR98       | Long             | EC               | CORP              | AU        |   1200000 | NS      | $3056570.18   | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| OR Royalties Inc               | OR Royalties, Inc.               | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |    250000 | NS      | $10020000.00  | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp       | Pan American Silver Corp.        | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |     73555 | NS      | $2848785.15   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Perpetua Resources Corp        | Perpetua Resources Corp.         | CUSIP: 714266103<br>LEI: 529900BQBMS383SEPY05 | Long             | EC               | CORP              | CA        |     15000 | NS      | $303450.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| SSR Mining Inc                 | SSR Mining, Inc.                 | CUSIP: 784730103<br>LEI: 549300JD2KR7AB9DYJ38 | Long             | EC               | CORP              | CA        |    200000 | NS      | $4884000.00   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Sibanye Stillwater Ltd         | Sibanye Stillwater, Ltd.         | CUSIP: 82575P107<br>LEI: 378900F238434B74D281 | Long             | EC               | CORP              | ZA        |     15000 | NS      | $168600.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Silvercorp Metals Inc          | Silvercorp Metals, Inc.          | CUSIP: 82835P103<br>LEI: 52990092RT3UCQ7G3177 | Long             | EC               | CORP              | CA        |    250000 | NS      | $1580000.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Vox Royalty Corp               | Vox Royalty Corp.                | CUSIP: 92919F103<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   1412000 | NS      | $6071600.00   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesdome Gold Mines Ltd         | Wesdome Gold Mines, Ltd.         | CUSIP: N/A<br>LEI: 254900D63U62QS84H719       | Long             | EC               | CORP              | CA        |     50000 | NS      | $778903.50    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Metals Ltd            | Catalyst Metals, Ltd.            | CUSIP: N/A<br>LEI: 9845002GB72C3J4A3E64       | Long             | EC               | CORP              | AU        |    400000 | NS      | $2084151.56   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Genesis Minerals Ltd           | Genesis Minerals, Ltd.           | CUSIP: N/A<br>LEI: 894500AK5BVRCNP0FP48       | Long             | EC               | CORP              | AU        |    500000 | NS      | $1934092.70   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Evolution Mining Ltd           | Evolution Mining, Ltd.           | CUSIP: N/A<br>LEI: 254900BCFW5QO5LW8F27       | Long             | EC               | CORP              | AU        |    500000 | NS      | $3564268.60   | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Asante Gold Corp               | Asante Gold Corp.                | CUSIP: N/A<br>LEI: 529900F9PV1G9S5YD446       | Long             | EC               | CORP              | CA        |    750000 | NS      | $1266436.73   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Santacruz Silver Mining Ltd    | Santacruz Silver Mining, Ltd.    | CUSIP: N/A<br>LEI: 549300KR50UPLTF0XY61       | Long             | EC               | CORP              | CA        |   1800000 | NS      | $3569734.86   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Torex Gold Resources Inc       | Torex Gold Resources, Inc.       | CUSIP: N/A<br>LEI: 549300QL07027186GQ85       | Long             | EC               | CORP              | CA        |    150000 | NS      | $6234102.18   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| EMX Royalty Corp               | EMX Royalty Corp.                | CUSIP: N/A<br>LEI: 5299009B3YOKQ9FW5S21       | Long             | EC               | CORP              | CA        |    500000 | NS      | $2558022.56   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Cat Syndicate Ltd        | Black Cat Syndicate, Ltd.        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   4844104 | NS      | $4493939.47   | 1.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Mene Inc                       | Mene, Inc.                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   6739285 | NS      | $774797.44    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Aya Gold & Silver Inc          | Aya Gold & Silver, Inc.          | CUSIP: N/A<br>LEI: 549300BWX8KJOTUL4M51       | Long             | EC               | CORP              | CA        |    893500 | NS      | $10336530.86  | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Artemis Gold Inc               | Artemis Gold, Inc.               | CUSIP: N/A<br>LEI: 529900GXBX7DGL5YMO49       | Long             | EC               | CORP              | CA        |     40000 | NS      | $1048789.25   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Firefinch Ltd                  | Firefinch, Ltd.                  | CUSIP: N/A<br>LEI: 52990065EGEF8FEI8S51       | Long             | EC               | CORP              | AU        |   5000000 | NS      | $222662.03    | 0.10%             |  |  |  | No            |                  3 | On Loan: No      |
| Kaiser Reef Ltd                | Kaiser Reef, Ltd.                | CUSIP: N/A<br>LEI: 529900XRN3TOQKNA4168       | Long             | EC               | CORP              | AU        |   5107143 | NS      | $927573.30    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Star Royalties Ltd             | Star Royalties, Ltd.             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   3500000 | NS      | $666451.10    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Borealis Mining Co Ltd         | Borealis Mining Co., Ltd.        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   1045570 | NS      | $879009.05    | 0.38%             |  |  |  | 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      | $126104.76    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Silver X Mining Corp           | Silver X Mining Corp.            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   1000000 | NS      | $346698.28    | 0.15%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Lithium Royalty Corp           | Lithium Royalty Corp.            | CUSIP: N/A<br>LEI: 549300PNTZ1SGOX9FY92       | Long             | EC               | CORP              | CA        |       679 | NS      | $3005.42      | 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      | $255705.97    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Versamet Royalties Corp        | Versamet Royalties Corp.         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |     45000 | NS      | $355680.10    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Luca Mining Corp               | Luca Mining Corp.                | CUSIP: N/A<br>LEI: 875500QZ1JRZS7VYL982       | Long             | EC               | CORP              | CA        |   2500000 | NS      | $2892146.30   | 1.24%             |  |  |  | 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      | $544298.34    | 0.23%             |  |  |  | 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      | $1228713.08   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavour Mining PLC           | Endeavour Mining PLC             | CUSIP: N/A<br>LEI: 529900NI5MXQ91GHXR07       | Long             | EC               | CORP              | GB        |     60000 | NS      | $2520370.77   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Discovery Silver Corp          | Discovery Silver Corp.           | CUSIP: N/A<br>LEI: 98450041CCB3E8QD3F53       | Long             | EC               | CORP              | CA        |   1000000 | NS      | $3707695.62   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Andean Precious Metals Corp    | Andean Precious Metals Corp.     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    900000 | NS      | $5367536.11   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| St Barbara Ltd                 | St Barbara, Ltd.                 | CUSIP: N/A<br>LEI: 2549001WR6XSXNOD1F93       | Long             | EC               | CORP              | AU        |    668309 | NS      | $235271.23    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Mako Mining Corp               | Mako Mining Corp.                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    100000 | NS      | $582021.99    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Culico Metals Inc              | Culico Metals, Inc.              | CUSIP: N/A<br>LEI: 2549005B5ATUIJJB6L88       | Long             | EC               | CORP              | CA        |    180000 | NS      | $25220.95     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mineros SA                     | Mineros SA                       | CUSIP: N/A<br>LEI: 549300991PEKFIGLDE07       | Long             | EC               | CORP              | CO        |   2500000 | NS      | $8119566.00   | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| DPM Metals Inc                 | DPM Metals, Inc.                 | CUSIP: N/A<br>LEI: 549300LATVTU0EIUMD45       | Long             | EC               | CORP              | CA        |    200000 | NS      | $4433426.74   | 1.91%             |  |  |  | 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      | $475102.39    | 0.20%             |  |  |  | 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      | $15269.10     | 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      | $6813681.11   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Leo Lithium Ltd                | Leo Lithium, Ltd.                | CUSIP: N/A<br>LEI: 984500LD0A57A68EZ677       | Long             | EC               | CORP              | AU        |   3500000 | NS      | $474769.71    | 0.20%             |  |  |  | No            |                  3 | On Loan: No      |
| Abaxx Technologies Inc         | Abaxx Technologies, Inc.         | CUSIP: N/A<br>LEI: 5299002EIVMNJ21B5K89       | Long             | EC               | CORP              | CA        |     30000 | NS      | $687432.64    | 0.30%             |  |  |  | No            |                  3 | On Loan: No      |
| Aris Mining Corp               | Aris Mining Corp.                | CUSIP: N/A<br>LEI: 5493001GJ5TILX6L1F82       | Long             | EC               | CORP              | CA        |    300000 | NS      | $2940288.86   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| OceanaGold Corp                | OceanaGold Corp.                 | CUSIP: N/A<br>LEI: 549300CBMSE8I9N3E232       | Long             | EC               | CORP              | CA        |    225000 | NS      | $4803298.12   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Meeka Metals Ltd               | Meeka Metals, Ltd.               | CUSIP: N/A<br>LEI: 529900KOA7NX3J2DL230       | Long             | EC               | CORP              | AU        |   4666667 | NS      | $692784.01    | 0.30%             |  |  |  | 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      | $646872.53    | 0.28%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Black Cat Syndicate Ltd        | Black Cat Syndicate, Ltd.        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    155896 | NS      | $144626.78    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Catalyst Metals Ltd            | Catalyst Metals, Ltd.            | CUSIP: N/A<br>LEI: 9845002GB72C3J4A3E64       | Long             | EC               | CORP              | AU        |    100000 | NS      | $521037.89    | 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      | $2591650.50   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Tolu Minerals Ltd              | Tolu Minerals, Ltd.              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | PG        |   1250000 | NS      | $1022713.51   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Americas Gold & Silver Corp    | Americas Gold & Silver Corp.     | CUSIP: N/A<br>LEI: 5493005AKGOT669Z4P51       | Long             | EC               | CORP              | CA        |    580000 | NS      | $2162966.16   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Westgold Resources Ltd         | Westgold Resources, Ltd.         | CUSIP: N/A<br>LEI: 2549003AMX9BL7CKBQ74       | Long             | EC               | CORP              | AU        |   1750000 | NS      | $5159115.18   | 2.22%             |  |  |  | No            |                  2 | On Loan: No      |
| K92 Mining Inc                 | K92 Mining, Inc.                 | CUSIP: N/A<br>LEI: 254900EA8H0X9FEVZU11       | Long             | EC               | CORP              | CA        |   1125000 | NS      | $13596680.32  | 5.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti Plc          | Anglogold Ashanti PLC            | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |     90000 | NS      | $6329700.00   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Aura Minerals Inc              | Aura Minerals, Inc.              | CUSIP: G06973112<br>LEI: 549300YIRI8PSDM2FV20 | Long             | EC               | CORP              | VG        |    100000 | NS      | $3721000.00   | 1.60%             |  |  |  | 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    | 0.28%             |  |  |  | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-21

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

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer