usfunds Dollar Tracks Iron Ore 5. usfunds.com ... Each Asset Class Has Its Own DNA of Volatility Daily Rolling 1 ... historical volatility

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usfunds.com November 2016 | 16-438

Be Sure to Participate in Our Polls You Could Be a Winner!

24 Carat Gold Plated Horseshoe

2

Three opportunities to win:

We’ll select one person at

random from each poll

question.

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Poll Question #1

How is gold included in your portfolio?

3

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Facebook Use Around the World 1.7 Billion People Connected Without Passports!

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Australian Dollar Tracks Iron Ore

5

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Brazilian Real Tracks Iron Ore

6

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The Peruvian Sol Tracks Copper Prices

7

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Canadian Dollar and Russian

Ruble Track Oil Prices

8

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Colombian Peso Tracks Oil Prices

9

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Global PMI — Upturn May Be

Good for Commodity Demand

10

11

The Periodic Table of Commodity Returns The Periodic Table of Commodity Returns

12

The Periodic Table of Commodity Returns The Periodic Table of Commodity Returns

13

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Each Asset Class Has Its Own DNA of Volatility

Daily Rolling 1

Year

Gold Bullion ±1% ±19%

NYSE Arca Exchange Gold BUGS Index ±3% ±39%

WTI Crude Oil ±3% ±38%

S&P 500 Index (SPX) ±1% ±18%

Euro ±1% ±10%

Canadian Dollar ±1% ±10%

U.S. Dollar Index ±1% ±9%

Source: Bloomberg, U.S. Global Investors

Standard deviation based on 10-year daily data as of 9/30/2016

14

Standard deviation is a measure of the dispersion of a set of data from its mean. The more

spread apart the data, the higher the deviation. Standard deviation is also known as

historical volatility. Past performance is no guarantee of future results.

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Sharing Gold Insights with CNBC

and Bloomberg Television

15

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Gold’s Heartbeat:

Historically Gold Reverts to the Mean

16

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Gold’s Heartbeat:

Historically Gold Reverts to the Mean

17

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Driver: The Fear Trade

President Barack Obama Janet Yellen, Chairman of the Federal Reserve

18

Nominal Interest Rates

19

Real Interest Rates

Investors Focus on Tip of Interest Rates

INVESTORS NEED TO FOCUS ON REAL INTEREST RATES (Nominal Rates – CPI = Real Rates)

Historically, when CPI inflation has been greater than

nominal rates, real interest rates became negative,

and gold rose in value.

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Historically Gold Corrects on Rise of

10-Year Treasury Yield

20

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Fear Trade: The Inverse Relation Between Real Interest Rates

and the Price of Gold

21

Aug 2015

vs

Aug 2016

Compare

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Fear Trade: The Inverse Relation Between Real Interest Rates

and the Price of Gold

22

Nov 2015

vs

Nov 2016

Compare

23

usfunds.com


“Chindia” Accounts for More Than Half of Total Global

Gold Jewelry Demand in 2015

24

usfunds.com

usfunds.com June 2016 | 16-196

Understanding Various Market Cycles Managing Expectations — Cycles

DAY MONTH ANNUAL SEASONAL

PRESIDENTIAL 4-YEAR

LIFE CYCLE OF MINE

8-YEAR

25

26

The seasonal pattern shows historical tendency of when the highest and lowest prices occurred, based on analysis of daily prices collected over the last 5, 15 and 30 years by Moore Research Center, Inc.

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Gold’s Love Trade: Cultural Celebrations

Prompting the Purchase of Gold

27

28

29

30

31

32

33

Indian Households Own More

Gold Than Top Six

Central Banks In Tonnes

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Gold Is Among Indian Households’

Regular Expenditures

34

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Indians Use Gold Jewelry to Help Protect

Their Wealth Against Currency Devaluation

35

36

usfunds.com


India’s Spot Gold Premium/Discount

Through U.S. Election Day

37

This index calculates the Premium/Discount of the Gold Spot price in India to Gold Spot in the

U.S. dollar (USD/troy oz). The index uses a 10% import duty which came into effect in 2013.

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India’s Spot Gold Premium/Discount

After U.S. Election Day

38

This index calculates the Premium/Discount of the Gold Spot price in India to Gold Spot in the

U.S. dollar (USD/troy oz). The index uses a 10% import duty which came into effect in 2013.

usfunds.com


Who’s Best For Markets: Trump or Clinton? Frank

Holmes Speaks with Kitco News

39

40

41

42

Even Gold-Colored Phones Have Become Popular Purchases

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The Great Tectonic Shift of Physical

Gold From West to East

43

February 8, 2016

In December 2015, China imported 180 tonnes of

gold from Switzerland alone.

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Gold Price in Chinese Yuan

44

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China Surpasses U.S. on Purchasing Power Parity Valuation of GDP

45

46

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Poll Question #2

What do you think the price of gold will be by year end?

47

48

Source: Kitco.com

49

*Three Hedge Fund Managers’ Thoughts on Gold

*

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Gold-Coin Sales In U.S. Climb to

Highest Since January

50

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Near-Record Gold ETF Inflows

in First Quarter

The price of gold is subject to substantial price fluctuations over short periods of time and

may be affected by unpredicted international monetary and political policies.

51

Visit usfunds.com to watch a replay

of our webcast, All Eyes on Gold:

What’s Attracting

Investors to the Yellow Metal

usfunds.com


Gold Cycle 2001 to 2007: Gold Stocks

Outperformed Bullion

52

Past performance does not guarantee future results.

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Gold Cycle 2009 to 2016: Bullion

Outperformed Gold Stocks

53


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Gold Cycle Year-to-Date: Bullion

Outperformed Gold Stocks

54

Past performance does not guarantee future results. Note: Canadian Imperial Bank of Commerce is commonly referred to as CIBC.

usfunds.com


Gold’s Performance in Various World Currencies

Since 2011 Peak

55

+80%

+20%

+18%

-20%

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Gold’s Performance in Various World Currencies Past 12 Months

56

+30%

+22%

+21%

+20%

usfunds.com


Global Gross Debt at an

All-Time High – $152 Trillion

57

$152 Trillion

58

As of October 2016

Source: IMF, World Gold Council, U.S. Global Investors

59

60

61

The Portfolio Manager’s

Cube: A Look at the Value

Drivers Behind Superior

Resource Stock Performance

62

63

64

65

66

67

68

69

70

71

usfunds.com


Top 10 Gold Names Based

on SG&A-to-Revenue

72

88%

Combined

Return

usfunds.com


Top Performing Australian Gold Producers Based

on Relative Valuations

73

usfunds.com


Royalty Companies Have Had a Greater

Revenue Per Employee Model than Producers

Royalty companies serve as

specialized financiers that help fund

miners’ exploration and production

projects. In return, they receive either

royalties on whatever the mine

produces or a “stream,” which is a

commitment to an agreed-upon

number of ounces of gold or other

precious metal per year.

74

As of 11/4/2016

usfunds.com


World Precious Minerals Fund (UNWPX)

Beat Benchmark Over 1 Year

75

usfunds.com


World Precious Minerals Fund (UNWPX)

Beat Benchmark Over 3 Years

76

usfunds.com


World Quarterly Mine Production

Is Trending Down

77

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Where Have All the Gold Discoveries Gone?

78

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Long-Term Diversification Has Benefitted

from Resource Stocks

79

80

Are you tuning in? Don’t miss Frank Holmes’ weekly gold commentary on Kitco News

with Daniela Cambone!

Kitco.com on July 14, 2016

81

usfunds.com


Recognition As an Industry Leader

in Investor Education — 80 Awards

82

80 Mutual Fund Education Alliance STAR Awards

2007 - 2016

MFEA

The Mutual Fund Education Alliance (MFEA) is a national industry association committed to investor education, and its

STAR Awards program recognizes marketing communications efforts in the mutual fund industry. The awards competition is

judged by industry professionals, and based on criteria including educational value, content, design and functionality.

usfunds.com


Poll Question #3

Do you plan on adding to your gold allocation in the next 12 months?

83

usfunds.com


Total Annualized Returns as of 9/30/2016

84

Expense cap is 1.90% for the World Precious Minerals Fund. Expense ratios as stated in the most recent prospectus. The

expense cap is a voluntary limit on total fund operating expenses (exclusive of any acquired fund fees and expenses,

performance fees, extraordinary expenses, taxes, brokerage commissions and interest) that U.S. Global Investors, Inc.

can modify or terminate at any time, which may lower a fund’s yield or return.

Performance data quoted above is historical. Past performance is no guarantee of future results. Results reflect the

reinvestment of dividends and other earnings. For a portion of periods, the fund had expense limitations, without which

returns would have been lower. Current performance may be higher or lower than the performance data quoted. The

principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth

more or less than their original cost. Performance does not include the effect of any direct fees described in the fund’s

prospectus (e.g., short-term trading fees of 0.05%) which, if applicable, would lower your total returns. Performance

quoted for periods of one year or less is cumulative and not annualized. Obtain performance data current to the most

recent month-end at www.usfunds.com or 1-800-US-FUNDS. High double-digit returns are attributable, in part, to

unusually favorable market conditions and may not be repeated or consistently achieved in the future.

One-Year Five-Year Ten-Year Gross Expense

Ratio

World Precious Minerals Fund

(UNWPX) 151.98% -6.49% -0.75% 2.01%

NYSE Arca Gold Miners Index 95.49% -12.44% -1.75% N/A

http://www.usfunds.com/

usfunds.com


Disclosures

85

Please consider carefully a fund’s investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus by visiting www.usfunds.com or by calling 1-800-US-FUNDS (1-800-873-8637). Read it carefully before investing. Foreside Fund Services, LLC, Distributor. U.S. Global Investors is the investment adviser.

Gold, precious metals, and precious minerals funds may be susceptible to adverse economic, political or regulatory developments due to concentrating in a single theme. The prices of gold, precious metals, and precious minerals are subject to substantial price fluctuations over short periods of time and may be affected by unpredicted international monetary and political policies. We suggest investing no more than 5% to 10% of your portfolio in these sectors.

All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.


The Caixin China Manufacturing PMI is a composite indicator designed to provide an overall view of activity in the manufacturing sector and acts as a leading indicator for the whole economy.

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Disclosures

86

The J.P. Morgan Global Purchasing Manager’s Index is an indicator of the economic health of the global manufacturing sector. The

PMI index is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment

environment.

The NYSE Arca Gold BUGS (Basket of Unhedged Gold Stocks) Index (HUI) is a modified equal dollar weighted index of companies

involved in gold mining. The HUI Index was designed to provide significant exposure to near term movements in gold prices by

including companies that do not hedge their gold production beyond 1.5 years.

The NYSE Arca Gold Miners Index is a modified market capitalization weighted index comprised of publicly traded companies

involved primarily in the mining for gold and silver. The index benchmark value was 500.0 at the close of trading on December 20,

2002.

The S&P 500 Stock Index is a widely recognized capitalization-weighted index of 500 common stock prices in U.S. companies.

Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the

deviation. Standard deviation is also known as historical volatility.

The U.S. Trade Weighted Dollar Index provides a general indication of the international value of the U.S. dollar.

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Disclosures

87

Fund portfolios are actively managed, and holdings may change daily. Holdings are reported as of the most recent quarter-end.

Companies not held in a U.S. Global Investors fund at quarter end may have previously been held in a fund and may be held in a

fund in the future.

Holdings in the World Precious Minerals Fund (UNWPX) as a percentage of net assets as of 09/30/2016: Anglo American Platinum

0.00%, Aquarius Platinum 0.00%, Evolution Mining 0.00%, Facebook 0.00%, Franco Nevada 0.00%, Harmony Gold Mining 0.00%,

Impala Platinum Holdings 0.00%, Newcrest Mining 0.00%, Newmont 0.00%, Northern Star Resources 0.33%, Pan African

Resources 0.00%, Pan American Silver 0.00%, Ramelius Resources 0.00%, Regis Resources 0.00%, Resolute Mining 0.00%,

Royal Gold Inc. 0.00%, Saracen Minerals 0.00%, Sibanye Gold 0.00%, Silver Wheaton 0.00%, St. Barbara 1.67%

Documents

usfunds Dollar Tracks Iron Ore 5. usfunds.com ... Each Asset Class Has Its Own DNA of Volatility Daily Rolling 1 ... historical volatility