Form N-CEN/A US GLOBAL INVESTORS FUND For: Dec 31
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E-mailX0404 N-CEN/A 0001752724-21-049232 LIVE 0000101507 XXXXXXXX 811-01800 false false false N-1A true US Global Investors Funds 811-01800 0000101507 254900I1ONHL0TVFXN37 Three Canal Plaza, Suite 600 Portland 04101 US-ME US 207-347-2000 Apex Fund Services Three Canal Plaza, Suite 600 Portland 04101 207-347-2000 Fund and shareholder records N N N-1A 9 Y David Tucker N/A N Jennifer Brown-Strabley N/A N Mark D. Moyer N/A N Jessica Chase N/A Y Carlyn Edgar N/A Three Canal Plaza, Suite 600 Portland 04101 XXXXXX N N N N N N Foreside Fund Services, LLC 008-51293 000046106 N/A N N BBD LLP 552 N/A N N N N N N USGI ALL AMERICAN EQUITY FUND S000004790 254900YNPORVEPBLIN60 N 1 0 1 N/A N N N N N/A N/A N/A Rule 17a-8 (17 CFR 270.17a-8) N N N N U.S. Global Investors, Inc. 801-4868 000111097 N/A N Apex Fund Services 84-06277 N/A Y N N Bloomberg L.P. 549300B56MD0ZC402L06 N ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N Thomson Reuters Global Markets Inc. 801-55328 SEC File Number N N Brown Brothers Harriman & Co. 5493006KMX1VFTPYPW14 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Apex Fund Services 84-06277 SEC File Number Y N N Apex Fund Services N/A Y N N Foreside Fund Services, LLC 8-51293 000046106 N/A 0 CREDIT SUISSE SECURITIES (USA) LLC 8-68376 000015654 1V8Y6QCX6YMJ2OELII46 251.85000000 M PARTNERS 8-51911 000047815 549300IL2L90RF5SCM17 100.00000000 BMO CAPITAL MARKETS CORP. 8-34344 000016686 RUC0QBLBRPRCU4W1NE59 300.00000000 BLOOMBERG TRADEBOOK LLC 8-49219 000040881 549300P0PVQNO43T7K36 8304.78000000 OPPENHEIMER 8-4077 000000249 N/A 734.00000000 CORNERSTONE MACRO 8-69293 000168152 25490003PASAH33YSQ08 578.45000000 GOLDMAN SACHS & CO 8-129 000000361 FOR8UP27PHTHYVLBNG30 593.37000000 COWEN AND COMPANY, LLC 8-22522 000007616 549300WR155U7DVMIW58 10355.25000000 MORGAN STANLEY & CO. LLC 8-15869 000008209 9R7GPTSO7KV3UQJZQ078 13149.75000000 BANC OF AMERICA SECURITIES 8-42263 000026091 N/A 412.60000000 34780.05 0 Y 12188197 Uncommitted 10000000.00000000 N N N N USGI GOLD AND PRECIOUS METALS FUND S000004783 254900JI6NGFC9EL1N92 N 1 0 0 N/A Y N N N N/A N/A N/A N/A N N N N U.S. Global Investors, Inc. 801-4868 000111097 N/A N Apex Fund Services 84-06277 N/A Y N N ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N Thomson Reuters Global Markets Inc. 801-55328 SEC File Number N Bloomberg L.P. 549300B56MD0ZC402L06 N N Brown Brothers Harriman & Co. 5493006KMX1VFTPYPW14 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Apex Fund Services 84-06277 SEC File Number Y N N Apex Fund Services N/A Y N N Foreside Fund Services, LLC 8-51293 000046106 N/A 0 MORGAN STANLEY & CO. LLC 8-15869 000008209 9R7GPTSO7KV3UQJZQ078 7550.00000000 RBC CAPITAL MARKETS, LLC 8-45411 000031194 549300LCO2FLSSVFFR64 19188.76000000 GRIFFITHS MCBURNEY & PARTNERS 8-49139 000040620 N/A CA 72098.93000000 BANC OF AMERICA SECURITIES 8-42263 000026091 N/A 30225.96000000 DESJARDIN TORONTO N/A N/A 549300B4CXC1UJNQTQ42 CA 17075.89000000 PACIFIC INTERNATIONAL BROKERS 8-65995 000127404 N/A CA 15654.41000000 CANACCORD CAPITAL CORPORATION 8-21025 000007449 5493002DR5KW4JP7YS87 CA 35291.68000000 GOLDMAN SACHS & CO 8-129 000000361 FOR8UP27PHTHYVLBNG30 38105.94000000 CIBC WORLD MARKETS CORP 8-18333 000000630 BVRCO19C4GKNSAXXHE82 28582.06000000 BLOOMBERG TRADEBOOK LLC 8-49219 000040881 549300P0PVQNO43T7K36 10951.50000000 322327.52 0 Y 31341564 Uncommitted 10000000.00000000 N N N N USGI NEAR-TERM TAX FREE FUND S000004789 254900VJCDPYLDSOM983 N 1 0 0 N/A N N N N N/A N/A N/A N/A Y Y N N U.S. Global Investors, Inc. 801-4868 000111097 N/A N Apex Fund Services 84-06277 N/A Y N N ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N Bloomberg L.P. 549300B56MD0ZC402L06 N Thomson Reuters Global Markets Inc. 801-55328 SEC File Number N N Brown Brothers Harriman & Co. 5493006KMX1VFTPYPW14 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Apex Fund Services 84-06277 SEC File Number Y N N Apex Fund Services N/A Y N N Foreside Fund Services, LLC 8-51293 000046106 N/A 0 MORGAN STANLEY & CO. LLC 8-15869 000008209 9R7GPTSO7KV3UQJZQ078 708.75000000 BANC OF AMERICA SECURITIES 8-42263 000026091 N/A 166.25000000 COWEN AND COMPANY, LLC 8-22522 000007616 549300WR155U7DVMIW58 1750.00000000 2625.00 RAYMOND JAMES & ASSOCIATES, INC. 8-10999 000000705 U4ONQX15J3RO8XCKE979 7263230.15000000 INTL FCSTONE FINANCIAL INC. 8-51269 000045993 549300LNKU6K5TJCRG93 1480269.45000000 8743499.60 Y 42093437 Uncommitted 10000000.00000000 N N N N USGI U.S. GOVERNMENT SECURITIES ULTRA-SHORT BOND FUND S000004787 254900RSRL7J4DLFJX82 N 1 0 0 N/A N N N N N/A N/A N/A N/A Y Y N N U.S. Global Investors, Inc. 801-4868 000111097 N/A N Apex Fund Services 84-06277 N/A Y N N ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N Thomson Reuters Global Markets Inc. 801-55328 SEC File Number N Bloomberg L.P. 549300B56MD0ZC402L06 N N Brown Brothers Harriman & Co. 5493006KMX1VFTPYPW14 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Apex Fund Services 84-06277 SEC File Number Y N N Apex Fund Services N/A Y N N Foreside Fund Services, LLC 8-51293 000046106 N/A 0 COWEN AND COMPANY, LLC 8-22522 000007616 549300WR155U7DVMIW58 1188.00000000 OPPENHEIMER 8-4077 000000249 N/A 700.00000000 1888.00 INTL FCSTONE FINANCIAL INC. 8-51269 000045993 549300LNKU6K5TJCRG93 33736714.55000000 RAYMOND JAMES & ASSOCIATES, INC. 8-10999 000000705 U4ONQX15J3RO8XCKE979 30309219.45000000 64045934.00 Y 42109804 Uncommitted 10000000.00000000 N N N N USGI GLOBAL RESOURCES FUND S000004782 2549001M564NPG8TIZ85 N 2 0 1 N/A Y N N N N/A N/A N/A N/A Y Y N N U.S. Global Investors, Inc. 801-4868 000111097 N/A N Apex Fund Services 84-06277 N/A Y N N Bloomberg L.P. 549300B56MD0ZC402L06 N Thomson Reuters Global Markets Inc. 801-55328 SEC File Number N ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N N Brown Brothers Harriman & Co. 5493006KMX1VFTPYPW14 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Apex Fund Services 84-06277 SEC File Number Y N N Apex Fund Services N/A Y N N Foreside Fund Services, LLC 8-51293 000046106 N/A 0 BANC OF AMERICA SECURITIES 8-42263 000026091 N/A 21780.91000000 PARADIGM FUNDS N/A 000136481 549300PJ2B0KCKLXZR09 8398.30000000 GOLDMAN SACHS & CO 8-129 000000361 FOR8UP27PHTHYVLBNG30 12461.92000000 GRIFFITHS MCBURNEY & PARTNERS 8-49139 000040620 N/A CA 10352.61000000 CANACCORD CAPITAL CORPORATION 8-21025 000007449 5493002DR5KW4JP7YS87 CA 8645.83000000 COWEN AND COMPANY, LLC 8-22522 000007616 549300WR155U7DVMIW58 37690.07000000 BLOOMBERG TRADEBOOK LLC 8-49219 000040881 549300P0PVQNO43T7K36 47850.12000000 CREDIT SUISSE SECURITIES (USA) LLC 8-68376 000015654 1V8Y6QCX6YMJ2OELII46 15315.33000000 MORGAN STANLEY & CO. LLC 8-15869 000008209 9R7GPTSO7KV3UQJZQ078 18977.80000000 TUDOR PICKERING HOLT & CO 8-66251 000129772 254900QNRC4536M3YW31 17147.91000000 248975.92 0 Y 134280858 Uncommitted 10000000.00000000 N N N N USGI GLOBAL LUXURY GOODS FUND S000023574 254900P0NNQNKUTFN386 N 1 0 0 N/A N N N N N/A N/A N/A Rule 17a-8 (17 CFR 270.17a-8) N N N N U.S. Global Investors, Inc. 801-4868 000111097 N/A N Apex Fund Services 84-06277 N/A Y N N Thomson Reuters Global Markets Inc. 801-55328 SEC File Number N ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N Bloomberg L.P. 549300B56MD0ZC402L06 N N Brown Brothers Harriman & Co. 5493006KMX1VFTPYPW14 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Apex Fund Services 84-06277 SEC File Number Y N N Apex Fund Services N/A Y N N Foreside Fund Services, LLC 8-51293 000046106 N/A 0 ISI GROUP, INC. 8-43515 000028195 5493003NKALVX2ISD253 10557.03000000 COWEN AND COMPANY, LLC 8-22522 000007616 549300WR155U7DVMIW58 46551.39000000 CLSA JAPAN N/A 000161379 353800X5IPPFD6V3IM19 JP 4785.22000000 GOLDMAN SACHS & CO 8-129 000000361 FOR8UP27PHTHYVLBNG30 22442.66000000 BLOOMBERG TRADEBOOK LLC 8-49219 000040881 549300P0PVQNO43T7K36 42522.74000000 MORGAN STANLEY & CO. LLC 8-15869 000008209 9R7GPTSO7KV3UQJZQ078 30078.10000000 CREDIT SUISSE SECURITIES (USA) LLC 8-68376 000015654 1V8Y6QCX6YMJ2OELII46 30750.96000000 BANC OF AMERICA SECURITIES 8-42263 000026091 N/A 33204.60000000 CORNERSTONE MACRO 8-69293 000168152 25490003PASAH33YSQ08 16233.90000000 OPPENHEIMER 8-4077 000000249 N/A 10283.75000000 252440.35 0 Y 48744465 Uncommitted 10000000.00000000 N N N N USGI WORLD PRECIOUS MINERALS FUND S000004784 254900VHFCA926PWYI69 N 2 0 1 N/A Y N N N N/A N/A N/A N/A Y Y N N U.S. Global Investors, Inc. 801-4868 000111097 N/A N Apex Fund Services 84-06277 N/A Y N N Thomson Reuters Global Markets Inc. 801-55328 SEC File Number N Bloomberg L.P. 549300B56MD0ZC402L06 N ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N N Brown Brothers Harriman & Co. 5493006KMX1VFTPYPW14 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Apex Fund Services 84-06277 SEC File Number Y N N Apex Fund Services N/A Y N N Foreside Fund Services, LLC 8-51293 000046106 N/A 0 GOLDMAN SACHS & CO 8-129 000000361 FOR8UP27PHTHYVLBNG30 38040.18000000 CORE CAPITAL MANAGEMENT, LLC N/A N/A 529900J9KE3EKLUUU168 LU 13064.32000000 HAYWOOD SECURITIES INC. 8-49696 000042072 549300UUZ6SLQGGQTD76 CA 12333.09000000 PACIFIC INTERNATIONAL BROKERS 8-65995 000127404 N/A CA 16125.18000000 DESJARDIN TORONTO N/A N/A 549300B4CXC1UJNQTQ42 CA 31162.90000000 GRIFFITHS MCBURNEY & PARTNERS 8-49139 000040620 N/A CA 86219.90000000 PARADIGM FUNDS N/A 000136481 549300PJ2B0KCKLXZR09 19495.32000000 CANACCORD CAPITAL CORPORATION 8-21025 000007449 5493002DR5KW4JP7YS87 CA 20353.77000000 CIBC WORLD MARKETS CORP 8-18333 000000630 BVRCO19C4GKNSAXXHE82 20362.51000000 RAYMOND JAMES & ASSOCIATES, INC. 8-10999 000000705 U4ONQX15J3RO8XCKE979 20327.97000000 362537.63 0 Y 87641491 Uncommitted 10000000.00000000 N N N N USGI EMERGING EUROPE FUND S000023572 254900EY9403EP693506 N 1 0 0 N/A Y N N N N/A N/A N/A N/A N N N N U.S. Global Investors, Inc. 801-4868 000111097 N/A N Apex Fund Services 84-06277 N/A Y N N Bloomberg L.P. 549300B56MD0ZC402L06 N Thomson Reuters Global Markets Inc. 801-55328 SEC File Number N ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N N Brown Brothers Harriman & Co. 5493006KMX1VFTPYPW14 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Apex Fund Services 84-06277 SEC File Number Y N N Apex Fund Services N/A Y N N Foreside Fund Services, LLC 8-51293 000046106 N/A 0 COWEN AND COMPANY, LLC 8-22522 000007616 549300WR155U7DVMIW58 21310.00000000 J.P. MORGAN SECURITIES LLC 8-35008 000000079 ZBUT11V806EZRVTWT807 8416.81000000 GOLDMAN SACHS & CO 8-129 000000361 FOR8UP27PHTHYVLBNG30 23051.94000000 CREDIT SUISSE SECURITIES (USA) LLC 8-68376 000015654 1V8Y6QCX6YMJ2OELII46 84382.23000000 WOOD & COMPANY N/A N/A 315700RB91HSADSGVM06 LU 56078.57000000 BLOOMBERG TRADEBOOK LLC 8-49219 000040881 549300P0PVQNO43T7K36 14927.50000000 OPPENHEIMER 8-4077 000000249 N/A 1400.00000000 MORGAN STANLEY & CO. LLC 8-15869 000008209 9R7GPTSO7KV3UQJZQ078 1804.42000000 BANC OF AMERICA SECURITIES 8-42263 000026091 N/A 3765.00000000 223834.74 0 Y 25233135 Uncommitted 10000000.00000000 N N N N USGI CHINA REGION FUND S000004785 254900PN9E3SK3TA4B25 N 1 0 0 N/A Y N N N N/A N/A N/A N/A Y Y N N U.S. Global Investors, Inc. 801-4868 000111097 N/A N Apex Fund Services 84-06277 N/A Y N N ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N Bloomberg L.P. 549300B56MD0ZC402L06 N Thomson Reuters Global Markets Inc. 801-55328 SEC File Number N N Brown Brothers Harriman & Co. 5493006KMX1VFTPYPW14 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Apex Fund Services 84-06277 SEC File Number Y N N Apex Fund Services N/A Y N N Foreside Fund Services, LLC 8-51293 000046106 N/A 0 ISI GROUP, INC. 8-43515 000028195 5493003NKALVX2ISD253 550.00000000 CLSA JAPAN N/A 000161379 353800X5IPPFD6V3IM19 JP 65818.23000000 MACQUARIE CAPITAL (USA) INC. 8-47198 000036368 549300670K07JRB5UQ40 200.00000000 MORGAN STANLEY & CO. LLC 8-15869 000008209 9R7GPTSO7KV3UQJZQ078 325.00000000 COWEN AND COMPANY, LLC 8-22522 000007616 549300WR155U7DVMIW58 3977.50000000 BLOOMBERG TRADEBOOK LLC 8-49219 000040881 549300P0PVQNO43T7K36 8861.75000000 BANC OF AMERICA SECURITIES 8-42263 000026091 N/A 784.50000000 VIRTU FINANCIAL BD LLC 8-68015 000148390 54930088MP91YZQJT494 15.00000000 CREDIT SUISSE SECURITIES (USA) LLC 8-68376 000015654 1V8Y6QCX6YMJ2OELII46 41903.61000000 J.P. MORGAN SECURITIES LLC 8-35008 000000079 ZBUT11V806EZRVTWT807 7730.20000000 130165.79 0 Y 12957742 Uncommitted 10000000.00000000 N N N N false false true false false false
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees and Shareholders of U.S. Global Investors Funds
In planning and performing our audits of the financial statements of U.S. Government Securities Ultra-Short Bond Fund, Near-Term Tax Free Fund, Global Luxury Goods
Fund (formerly, Holmes Macro Trends Fund), Global Resources Fund, World Precious Minerals Fund, Gold and Precious Metals Fund, Emerging Europe Fund, and China Region Fund, each a series of shares of beneficial interest in U.S. Global Investors Funds
(the “Funds”), as of December 31, 2020, and for the year then ended, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we
express no such opinion.
The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A
fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with
authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial
statements.
Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course
of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable
possibility that a material misstatement of the Funds' annual or interim financial statements will not be prevented or detected on a timely basis.
Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily
disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls
over safeguarding securities, that we consider to be a material weakness, as defined above, as of December 31, 2020.
This report is intended solely for the information and use of management and the shareholders of U.S. Government Securities Ultra-Short Bond Fund, Near-Term Tax Free
Fund, Global Luxury Goods Fund, Global Resources Fund, World Precious Minerals Fund, Gold and Precious Metals Fund, Emerging Europe Fund, and China Region Fund, the Board of Trustees of U.S. Global Investors Funds and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other than these specified parties.
/s/ BBD, LLP
BBD, LLP
Philadelphia, Pennsylvania
February 26, 2021
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