NPORT-P false 0000101507 XXXXXXXX S000004783 C000012994 U.S. GLOBAL INVESTORS FUNDS 811-01800 0000101507 254900I1ONHL0TVFXN37 THREE CANAL PLAZA, SUITE 600 PORTLAND 04101 207-347-2000 USGI GOLD AND PRECIOUS METALS FUND S000004783 254900JI6NGFC9EL1N92 2026-12-31 2026-06-30 N 244343411.32 345454.72 243997956.60 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 17729237.49000000 N Tolu Minerals Ltd 529900GTAE7MCGHVUG46 N/A 3805669.00000000 NS 3050603.80000000 1.250257929414 Long EC CORP PG N 2 N N N Metalla Royalty & Streaming Lt 549300RPR0O774QEKV20 59124U605 500000.00000000 NS USD 3805000.00000000 1.559439289173 Long EC CORP CA N 1 N N N Andean Silver Ltd 529900L4ISGTAPAUNP20 N/A 575000.00000000 NS 770699.04000000 0.315862907517 Long EC CORP AU N 2 N N N Kaiser Reef Ltd 529900XRN3TOQKNA4168 N/A 5107143.00000000 NS 679167.46000000 0.278349650736 Long EC CORP AU N 2 N N N Avino Silver & Gold Mines Ltd 549300DZZNDMPML1VJ37 053906103 100000.00000000 NS USD 634000.00000000 0.259838241612 Long EC CORP CA N 1 N N N Gold Fields Ltd 5299003KXIBJQYCBBD72 38059T106 25000.00000000 NS USD 839750.00000000 0.344162718287 Long EC CORP ZA N 1 N N N Aclara Resources Inc N/A N/A 137400.00000000 NS 399145.43000000 0.163585562584 Long EC CORP CA N 1 N N N Silver Crown Royalties Inc N/A N/A 85000.00000000 NC 344614.84000000 0.141236772964 N/A DE CORP CA N 3 The Depository Trust & Clearing Corporation MLDY5N6PZ58ZE60QU102 Call Purchased Silver Crown Royalties Inc Silver Crown Royalties Inc 1.00000000 16.00000000 CAD 2027-06-28 XXXX 338480.16000000 N N N Abaxx Technologies Inc 5299002EIVMNJ21B5K89 N/A 30000.00000000 NS 597355.90000000 0.244820042070 Long EC CORP CA N 1 N N N Silvercorp Metals Inc 52990092RT3UCQ7G3177 82835P103 250000.00000000 NS USD 2525000.00000000 1.034844731974 Long EC CORP CA N 1 N N N Guanajuato Silver Co Ltd N/A BMDM727W2 350000.00000000 NC 0.00000000 0.000000 N/A DE CORP CA Y 3 The Depository Trust & Clearing Corporation MLDY5N6PZ58ZE60QU102 Call Purchased Guanajuato Silver Co Ltd Guanajuato Silver Co Ltd 1.00000000 0.65000000 CAD 2028-10-09 XXXX 0.00000000 N N N Caribbean Resources Corp. N/A N/A 485765.85000000 PA USD 0.00000000 0.000000 Long DBT CORP US N 3 2015-06-15 Fixed 19.25000000 N N N N N N Hecla Mining Co 5493009Y6HOBZD1QD537 422704106 75000.00000000 NS USD 1157250.00000000 0.474286758842 Long EC CORP US N 1 N N N Lundin Gold Inc 549300ZOV16K515FC525 N/A 40000.00000000 NS 2157870.62000000 0.884380611243 Long EC CORP CA N 1 N N N Silver X Mining Corp N/A N/A 500000.00000000 NC 0.01000000 0.000000004098 N/A DE CORP CA Y 3 The Depository Trust & Clearing Corporation MLDY5N6PZ58ZE60QU102 Call Purchased Silver X Mining Corp Silver X Mining Corp 1.00000000 0.70000000 CAD 2028-09-29 XXXX 0.01000000 N N N Borealis Mining Co Ltd N/A N/A 1000000.00000000 NS 613432.05000000 0.251408683313 Long EC CORP CA N 1 N N N Westgold Resources Ltd 2549003AMX9BL7CKBQ74 N/A 1750000.00000000 NS 5805685.54000000 2.379399246165 Long EC CORP AU N 2 N N N Summit Royalties Ltd N/A N/A 1250000.00000000 NS 1242728.71000000 0.509319310422 Long EC CORP CA N 1 N N N Mene Inc N/A N/A 6739285.00000000 NS 879088.83000000 0.360285324618 Long EC CORP CA N 1 N N N Americas Gold & Silver Corp 5493005AKGOT669Z4P51 N/A 2400000.00000000 NS 11354838.71000000 4.653661394638 Long EC CORP CA N 1 N N N McEwen Inc 5493000FX50GEWAF3U70 N/A 100000.00000000 NS 1820553.50000000 0.746134732179 Long EC CORP US N 1 N N N DPM Metals Inc 549300LATVTU0EIUMD45 N/A 300000.00000000 NS 9742993.13000000 3.993063411581 Long EC CORP CA N 1 N N N OR Royalties Inc 549300TJZTXZMPQ6K004 68390D106 70000.00000000 NS USD 2214100.00000000 0.907425632104 Long EC CORP CA N 1 N N N IAMGOLD Corp 254900E7II30XAB9LA72 450913108 575000.00000000 NS USD 9108000.00000000 3.732818146068 Long EC CORP CA N 1 N N N Meeka Metals Ltd 529900KOA7NX3J2DL230 N/A 4000000.00000000 NS 266599.09000000 0.109262837162 Long EC CORP AU N 2 N N N Discovery Silver Corp 98450041CCB3E8QD3F53 N/A 2050000.00000000 NS 12257359.42000000 5.023550029189 Long EC CORP CA N 1 N N N Mineros SA 549300991PEKFIGLDE07 N/A 2500000.00000000 NS 11158117.40000000 4.573037231738 Long EC CORP CO N 1 N N N Luca Mining Corp 875500QZ1JRZS7VYL982 N/A 3750000.00000000 NS 2564780.54000000 1.051148368510 Long EC CORP CA N 1 N N N Heliostar Metals Ltd 529900BF6RCFL9WNSB18 N/A 1500000.00000000 NS 1882601.80000000 0.771564576291 Long EC CORP CA N 1 N N N Black Cat Syndicate Ltd N/A N/A 155896.00000000 NS 96576.33000000 0.039580794587 Long EC CORP AU N 2 N N N Star Royalties Ltd 529900X8I0KC9ISF8312 N/A 3500000.00000000 NS 1215406.31000000 0.498121511727 Long EC CORP CA N 1 N N N Agnico Eagle Mines Ltd 254900BFJ2DOHPMEXN45 008474108 30000.00000000 NS USD 4653900.00000000 1.907352038865 Long EC CORP CA N 1 N N N Culico Metals Inc 2549005B5ATUIJJB6L88 N/A 180000.00000000 NS 53305.13000000 0.021846547709 Long EC CORP CA N 1 N N N LunR Royalties Corp 529900Q168TQRO7FZ844 N/A 58353.00000000 NS 777628.56000000 0.318702898514 Long EC CORP CA N 1 N N N Aura Minerals Inc 549300YIRI8PSDM2FV20 G06973112 50000.00000000 NS USD 3147500.00000000 1.289969819362 Long EC CORP VG N 1 N N N Aris Mining Corp 5493001GJ5TILX6L1F82 N/A 400000.00000000 NS 5965097.83000000 2.444732699044 Long EC CORP CA N 1 N N N Northern Star Resources Ltd 254900XFXCRYYZAX6M78 N/A 300000.00000000 NS 3971902.70000000 1.627842607924 Long EC CORP AU N 2 N N N Triple Flag Precious Metals Co 254900R7NJ1TEYIM4E61 89679M104 60000.00000000 NS USD 1798200.00000000 0.736973384964 Long EC CORP CA N 1 N N N Galantas Gold Corp 213800JKVPLLKO4KVB93 N/A 4000000.00000000 NS 1297373.52000000 0.531714911910 Long EC CORP CA N 1 N N N Silver Storm Mining Ltd 894500WPVRSDR8BLH071 N/A 3000000.00000000 NS 951877.31000000 0.390116918708 Long EC CORP CA N 1 N N N St Barbara Ltd 2549001WR6XSXNOD1F93 N/A 1331691.00000000 NS 429976.70000000 0.176221434798 Long EC CORP AU N 2 N N N Anglogold Ashanti Plc 2138005YDSA7A82RNU96 G0378L100 10000.00000000 NS USD 808900.00000000 0.331519169779 Long EC CORP GB N 1 N N N Guanajuato Silver Co Ltd 549300C1VGZKX7N1GH74 N/A 2702499.00000000 NS 876537.66000000 0.359239754387 Long EC CORP CA N 1 N N N Petropavlovsk PLC 213800ZZOU5P76L8XB92 N/A 4886855.00000000 NS 0.07000000 0.000000028688 Long EC CORP GB N 3 N N N Alkane Resources Ltd 529900R65IIVLPW4ZS42 N/A 2000000.00000000 NS 1926531.96000000 0.789568891004 Long EC CORP AU N 2 N N N Barrick Mining Corp 0O4KBQCJZX82UKGCBV73 06849F108 170000.00000000 NS USD 6244100.00000000 2.559078808285 Long EC CORP CA N 1 N N N Paragon Advanced Labs Inc 529900I49O1IZX5SDV24 N/A 1100000.00000000 NS 1706328.22000000 0.699320700786 Long EC CORP CA N 1 N N N Centerra Gold Inc 549300K0HXTMP5JJ0E62 N/A 300000.00000000 NS 4757271.29000000 1.949717676447 Long EC CORP CA N 1 N N N Sibanye Stillwater Ltd 378900F238434B74D281 82575P107 275000.00000000 NS USD 2334750.00000000 0.956872767515 Long EC CORP ZA N 1 N N N Aya Gold & Silver Inc 549300BWX8KJOTUL4M51 N/A 775000.00000000 NS 14677595.63000000 6.015458422080 Long EC CORP CA N 1 N N N St Barbara Ltd 2549001WR6XSXNOD1F93 N/A 668309.00000000 NS 215783.77000000 0.088436711932 Long EC CORP AU N 2 N N N Pan American Silver Corp 549300MKTF5851TYIB83 697900108 73555.00000000 NS USD 3294528.45000000 1.350227885474 Long EC CORP CA N 1 N N N Silverco Mining Ltd N/A N/A 94000.00000000 NS 491126.39000000 0.201282993039 Long EC CORP CA N 1 N N N Santacruz Silver Mining Ltd 549300KR50UPLTF0XY61 N/A 350000.00000000 NS 2270403.67000000 0.930501099942 Long EC CORP CA N 1 N N N Empress Royalty Corp 254900BKH28GZ49I9F93 N/A 2742000.00000000 NS 1682030.67000000 0.689362605096 Long EC CORP CA N 1 N N N K92 Mining Inc 254900EA8H0X9FEVZU11 N/A 1000000.00000000 NS 15695399.26000000 6.432594550670 Long EC CORP CA N 1 N N N Integra Resources Corp 529900MC191X8CY3P306 45826T509 350000.00000000 NS USD 794500.00000000 0.325617481011 Long EC CORP CA N 1 N N N Black Cat Syndicate Ltd N/A N/A 2344104.00000000 NS 1452153.69000000 0.595149939054 Long EC CORP AU N 2 N N N Coeur Mining Inc 5493003AVK173D48DR70 192108504 349385.00000000 NS USD 5701963.20000000 2.336889734428 Long EC CORP US N 1 N N N Borealis Mining Co N/A N/A 450000.00000000 NC 28556.32000000 0.011703507848 N/A DE CORP CA Y 3 The Depository Trust & Clearing Corporation MLDY5N6PZ58ZE60QU102 Call Purchased Borealis Mining Co Ltd Borealis Mining Co Ltd 1.00000000 0.78000000 CAD 2027-02-25 XXXX 28556.32000000 N N N Vox Royalty Corp N/A 92919F103 1512000.00000000 NS USD 7151760.00000000 2.931073726869 Long EC CORP CA N 1 N N N ARIS MINING CORP N/A 04041BAA6 1145837.00000000 PA USD 3208343.60000000 1.314905929831 Long DBT CORP CA N 2 2027-08-26 Fixed 7.50000000 N N N N N N Mako Mining Corp N/A N/A 100000.00000000 NS 735413.36000000 0.301401442146 Long EC CORP CA N 1 N N N Endeavour Silver Corp 549300IF2E29780PPV02 N/A 235200.00000000 NS 1951915.39000000 0.799972023208 Long EC CORP CA N 1 N N N Alamos Gold Inc 894500GIHFJZW7YS9660 011532108 100000.00000000 NS USD 3034000.00000000 1.243453036360 Long EC CORP CA N 1 N N N Andean Precious Metals Corp N/A N/A 800000.00000000 NS 3282919.09000000 1.345469911201 Long EC CORP CA N 1 N N N Impala Platinum Holdings Ltd 254900BZFIFB4PD2Z778 452553308 250000.00000000 NS USD 2620000.00000000 1.073779484266 Long EC CORP ZA N 1 N N N Mining Americas Inc 254900I6L38EFNS8Z440 N/A 425000.00000000 NS 1507315.35000000 0.617757366087 Long EC CORP CA N 1 N N N Torex Gold Resources Inc 549300QL07027186GQ85 N/A 108772.00000000 NS 4329405.53000000 1.774361388237 Long EC CORP CA N 1 N N N Versamet Royalties Corp 529900W4YMNK6YDBX055 N/A 250000.00000000 NS 3068922.97000000 1.257765848847 Long EC CORP CA N 1 N N N Emerald Resources NL 529900V79JFYUE9ZQB09 N/A 650000.00000000 NS 2494482.49000000 1.022337451001 Long EC CORP AU N 2 N N N Silver Crown Royalties Inc 254900FEQ9DH6PZ51S07 N/A 150000.00000000 NS 2517186.67000000 1.031642520730 Long EC CORP CA N 3 N N N Hemlo Mining Corp 529900LAXG9T9UEN3T86 N/A 750000.00000000 NS 2786885.25000000 1.142175651318 Long EC CORP CA N 1 N N N SSR Mining Inc 549300JD2KR7AB9DYJ38 784730103 110000.00000000 NS USD 3110800.00000000 1.274928709792 Long EC CORP CA N 1 N N N Firefinch Ltd 52990065EGEF8FEI8S51 N/A 5000000.00000000 NS 219821.15000000 0.090091389724 Long EC CORP AU N 3 N N N OceanaGold Corp 549300CBMSE8I9N3E232 N/A 50000.00000000 NS 1253305.13000000 0.513653945083 Long EC CORP CA N 1 N N N Silver X Mining Corp 894500TOVTJDJJ6WSU81 N/A 1550000.00000000 NS 699453.55000000 0.286663691674 Long EC CORP CA N 1 N N N Vizsla Royalties Corp 98450020ZFM00010C790 N/A 1250000.00000000 NS 3349197.96000000 1.372633609998 Long EC CORP CA N 1 N N N Evolution Mining Ltd 254900BCFW5QO5LW8F27 N/A 200000.00000000 NS 1653750.46000000 0.677772258032 Long EC CORP AU N 2 N N N 2026-08-20 US Global Investors Funds /s/ Karen Shaw Karen Shaw Treasurer