NPORT-P false 0000101507 XXXXXXXX S000023574 C000069385 U.S. GLOBAL INVESTORS FUNDS 811-01800 0000101507 254900I1ONHL0TVFXN37 THREE CANAL PLAZA, SUITE 600 PORTLAND 04101 207-347-2000 USGI GLOBAL LUXURY GOODS FUND S000023574 254900P0NNQNKUTFN386 2025-12-31 2025-03-31 N 47993162.81 86902.95 47906259.86 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 1810586.63000000 N Carlyle Group Inc/The 529900NGGVF94UK6PG95 14316J108 17000.00000000 NS USD 741030.00000000 1.546833341124 Long EC CORP US N 1 N N N HUGO BOSS AG 529900LFVU534EBRXD13 N/A 12276.00000000 NS 466710.23000000 0.974215543780 Long EC CORP DE N 2 N N N Northern Trust Corp 549300GLF98S992BC502 665859104 11950.00000000 NS USD 1178867.50000000 2.460779663127 Long EC CORP US N 1 N N N Centerra Gold Inc 549300K0HXTMP5JJ0E62 152006102 78900.00000000 NS USD 501015.00000000 1.045823659505 Long EC CORP CA N 1 N N N Industria de Diseno Textil SA 549300TTCXZOGZM2EY83 N/A 25700.00000000 NS 1279650.92000000 2.671155969469 Long EC CORP ES N 2 N N N Catalyst Metals Ltd N/A N/A 116000.00000000 NS 422923.39000000 0.882814461483 Long EC CORP AU N 2 N N N Remy Cointreau SA 5493004V6A3Z027YT216 N/A 5700.00000000 NS 266390.29000000 0.556065722472 Long EC CORP FR N 2 N N N Moncler SpA 815600EBD7FB00525B20 N/A 7500.00000000 NS 461978.03000000 0.964337502760 Long EC CORP IT N 2 N N N Osisko Gold Royalties Ltd 549300TJZTXZMPQ6K004 68827L101 25700.00000000 NS USD 542784.00000000 1.133012682656 Long EC CORP CA N 1 N N N Norwegian Cruise Line Holdings N/A G66721104 24000.00000000 NS USD 455040.00000000 0.949854990412 Long EC CORP BM N 1 N N N Ramelius Resources Ltd 254900E44AIGW7KKNR98 N/A 260000.00000000 NS 389691.49000000 0.813445865193 Long EC CORP AU N 2 N N N American Express Co R4PP93JZOLY261QX3811 025816109 5305.00000000 NS USD 1427310.25000000 2.979381513336 Long EC CORP US N 1 N N N Viking Holdings Ltd N/A G93A5A101 10800.00000000 NS USD 429300.00000000 0.896125060179 Long EC CORP BM N 1 N N N Aya Gold & Silver Inc 549300BWX8KJOTUL4M51 N/A 25000.00000000 NS 193183.00000000 0.403252102260 Long EC CORP CA N 1 N N N Royal Caribbean Cruises Ltd K2NEH8QNVW44JIWK7Z55 V7780T103 5855.00000000 NS USD 1202851.20000000 2.510843475393 Long EC CORP LR N 1 N N N Goldman Sachs Group Inc/The 784F5XWPLTWKTBV3E584 38141G104 2825.00000000 NS USD 1543269.25000000 3.221435475259 Long EC CORP US N 1 N N N LVMH Moet Hennessy Louis Vuitt IOG4E947OATN0KJYSD45 502441306 15441.00000000 NS USD 1912676.67000000 3.992540172389 Long EC CORP FR N 1 N N N Infrastructure Ventures, Inc. N/A N/A 426533.00000000 NS USD 0.00000000 0.000000 Long EC CORP US Y 3 N N N VF Corp CWAJJ9DJ5Z7P057HV541 918204108 11000.00000000 NS USD 170720.00000000 0.356362614194 Long EC CORP US N 1 N N N Regis Resources Ltd 213800XH9YUXBLYBD749 N/A 173000.00000000 NS 427887.52000000 0.893176635476 Long EC CORP AU N 2 N N N Royal Gold Inc 5493001NGRU6SFL04184 780287108 3150.00000000 NS USD 515056.50000000 1.075134025292 Long EC CORP US N 1 N N N Brunello Cucinelli SpA 5493003CX2RZ0FOBH256 N/A 4350.00000000 NS 499738.06000000 1.043158162337 Long EC CORP IT N 2 N N N Toll Brothers Inc 529900JB6IS9MSZGVR44 889478103 4350.00000000 NS USD 459316.50000000 0.958781798750 Long EC CORP US N 1 N N N Volkswagen AG 529900NNUPAGGOMPXZ31 N/A 17660.00000000 NS 1844865.66000000 3.850990800349 Long EC CORP DE N 2 N N N N/A N/A N/A 1.00000000 NC N/A 3248276.00000000 6.780483405493 N/A DFE N/A N 2 BROWN BROTHERS HARRIMAN & CO 5493006KMX1VFTPYPW14 3000000.00000000 EUR 3252960.00000000 USD 2025-04-25 4684.00000000 N N N Franco-Nevada Corp 98450064C1B5D3E94864 351858105 3180.00000000 NS USD 501040.80000000 1.045877514680 Long EC CORP CA N 1 N N N JPMorgan Chase & Co 8I5DZWZKVSZI1NUHU748 46625H100 5500.00000000 NS USD 1349150.00000000 2.816229035501 Long EC CORP US N 1 N N N Resolute Mining Ltd 254900MP8JONT590XY28 N/A 342000.00000000 NS 99924.87000000 0.208584160591 Long EC CORP AU N 2 N N N Ferrari NV 549300RIVY5EX8RCON76 N3167Y103 6485.00000000 NS USD 2774801.80000000 5.792148683927 Long EC CORP NL N 1 N N N Allied Gold Corp 894500S5G4JFSRGK8L37 N/A 51000.00000000 NS 173656.23000000 0.362491729697 Long EC CORP CA N 1 N N N Christian Dior SE 969500WESYQMQ1F2C272 N/A 585.00000000 NS 335579.25000000 0.700491440952 Long EC CORP FR N 2 N N N Lendified Holdings Inc N/A N/A 1116560.00000000 NS 0.01000000 0.000000020874 Long EC CORP CA N 3 N N N adidas AG 549300JSX0Z4CW0V5023 00687A107 14000.00000000 NS USD 1651580.00000000 3.447524404590 Long EC CORP DE N 1 N N N Cie Financiere Richemont SA 549300YIPGJ6UX2QPS51 N/A 10530.00000000 NS 1838179.25000000 3.837033522073 Long EC CORP CH N 2 N N N Tesla Inc 54930043XZGB27CTOV49 88160R101 7440.00000000 NS USD 1928150.40000000 4.024840189225 Long EC CORP US N 1 N N N Mercedes-Benz Group AG 529900R27DL06UVNT076 233825207 140000.00000000 NS USD 2048200.00000000 4.275432909990 Long EC CORP DE N 1 N N N Hilton Worldwide Holdings Inc 549300HVGPK36ICB0B89 43300A203 5150.00000000 NS USD 1171882.50000000 2.446199105137 Long EC CORP US N 1 N N N Amazon.com Inc ZXTILKJKG63JELOEG630 023135106 3750.00000000 NS USD 713475.00000000 1.489314761964 Long EC CORP US N 1 N N N Rivian Automotive Inc 25490004LNKJ84MFYY24 76954A103 8700.00000000 NS USD 108315.00000000 0.226097800822 Long EC CORP US N 1 N N N On Holding AG N/A H5919C104 5350.00000000 NS USD 234972.00000000 0.490482873609 Long EC CORP CH N 1 N N N PRADA SpA 8156000FE0A2DC5B7852 N/A 22000.00000000 NS 153056.97000000 0.319492630915 Long EC CORP IT N 2 N N N Carnival Corp F1OF2ZSX47CR0BCWA982 143658300 73500.00000000 NS USD 1435455.00000000 2.996382944932 Long EC CORP PA N 1 N N N Vail Resorts Inc 529900PSZHRNU9HKH870 91879Q109 650.00000000 NS USD 104013.00000000 0.217117763532 Long EC CORP US N 1 N N N Silvercorp Metals Inc 52990092RT3UCQ7G3177 82835P103 70000.00000000 NS USD 270900.00000000 0.565479335668 Long EC CORP CA N 1 N N N Estee Lauder Cos Inc/The 549300VFZ8XJ9NUPU221 518439104 11000.00000000 NS USD 726000.00000000 1.515459570673 Long EC CORP US N 1 N N N Kering SA 549300VGEJKB7SVUZR78 492089107 29200.00000000 NS USD 605316.00000000 1.263542597082 Long EC CORP FR N 1 N N N ARIS MINING CORP N/A 04041BAA6 485273.00000000 PA USD 820111.37000000 1.711908573945 Long DBT CORP CA N 2 2027-08-26 Fixed 7.50000000 N N N N N N Pernod Ricard SA 52990097YFPX9J0H5D87 N/A 1000.00000000 NS 98792.60000000 0.206220649010 Long EC CORP FR N 2 N N N Zalando SE 529900YRFFGH5AXU4S86 N/A 21400.00000000 NS 742265.49000000 1.549412315152 Long EC CORP DE Y 2 N N N Pacific Green Energy Corp. 6X064LF7Y6B4DKF2GZ26 N/A 100000.00000000 NS USD 0.00000000 0.000000 Long EC CORP US N 3 N N N MGM Resorts International 54930066VBP7DZEGGJ87 552953101 3000.00000000 NS USD 88920.00000000 0.185612486259 Long EC CORP US N 1 N N N Apple Inc HWUPKR0MPOU8FGXBT394 037833100 5550.00000000 NS USD 1232821.50000000 2.573403775629 Long EC CORP US N 1 N N N OceanaGold Corp 549300CBMSE8I9N3E232 N/A 138000.00000000 NS 460303.67000000 0.960842427159 Long EC CORP CA N 1 N N N Galaxy Entertainment Group Ltd 549300ZSEBV3HR826S10 N/A 100000.00000000 NS 390798.80000000 0.815757275024 Long EC CORP HK N 2 N N N Pandora A/S 5299007OWYZ6I1E46843 N/A 600.00000000 NS 91956.78000000 0.191951490825 Long EC CORP DK N 2 N N N Constellation Brands Inc 5493005GKEG8QCVY7037 21036P108 1800.00000000 NS USD 330336.00000000 0.689546629115 Long EC CORP US N 1 N N N L'Oreal SA 529900JI1GG6F7RKVI53 502117203 17700.00000000 NS USD 1316172.00000000 2.747390432578 Long EC CORP FR N 1 N N N NG Energy International Corp. N/A N/A 50000.00000000 NS 33007.89000000 0.068900995603 Long EC CORP CA Y 1 N N N Hermes International SCA 969500Y4IJGHJE2MTJ13 N/A 1458.00000000 NS 3836171.53000000 8.007662341436 Long EC CORP FR N 2 N N N Wheaton Precious Metals Corp 549300XSFG5ZCGVYD886 962879102 4300.00000000 NS USD 333809.00000000 0.696796203618 Long EC CORP CA N 1 N N N Hyatt Hotels Corp T27JQIMTYSH41TCD5186 448579102 4000.00000000 NS USD 490000.00000000 1.022830839710 Long EC CORP US N 1 N N N 2025-05-27 US Global Investors Funds /s/ Karen Shaw Karen Shaw Treasurer XXXX