EMERGING EUROPE FUND (EUROX)...Consumer Discretionary 12.05% Telecommunication Services 11.70% Energy 9.72% Materials 8.86% Industrials 3.55% Utilities 2.78% Health Care 1.92% Consumer

Corporate Overview

• Boutique investment management firm specializing in commodity-related equity strategies. Offers strategies focused in gold and precious metals, global natural resources and emerging markets.

• Originally founded as an investment club in the 1960s. The company became a registered investment adviser in 1968 and went on to launch the nation’s first no-load gold mutual fund in 1974.

• Publicly traded company, listed on Nasdaq under the symbol GROW.

EMERGING EUROPE FUND (EUROX)

www.usfunds.com | First Quarter 2014 2

• Boutique investment management firm specializing in actively managed equity and bond strategies. Longstanding history as experts in gold and precious metals, natural resources and emerging markets.

• Originally founded as an investment club in the 1960s. The company became a registered investment adviser in 1968 and went on to launch the nation’s first no-load gold mutual fund in 1974.

• Publicly traded company, listed on Nasdaq under the symbol GROW, based in San Antonio.

Corporate Overview


• We look at emerging European countries, including the Czech Republic, Greece, Hungary, Poland, Russia and Turkey

• Active money management with hands-on approach through travel; not tied to benchmark names or weightings

• Regional expertise; Portfolio Manager Tim Steinle has native ties to Azerbaijan and is a native Russian speaker

• We have over 15 years experience investing in emerging Europe, as the fund was established in 1997

How EUROX is Different


Portfolio Management Team

John Derrick, Portfolio Manager

• Joined U.S. Global Investors in 1999

• 20 years industry experience

• BA Finance, University of Texas at Arlington; CFA Charterholder

Tim Steinle, Portfolio Manager

• Joined U.S. Global Investors in 2008

• 15+ years industry experience

• MBA Computational Finance, University of Texas at Austin; Completed undergraduate studies in Electrical Engineering, Azeri Petroleum Institute in Baku; CFA Charterholder

• Native of Baku, Azerbaijan and fluent in Russian

Frank Holmes, Investment Team Leader

• CEO and CIO

• Selected as 2006 mining fund manager of the year by Mining Journal

• 30+ years industry experience


Investment Strategy: Top-Down Macro Selection

Macro Indicators

GDP PMI Inflation GovernmentPolicy

IndustrialProduction


Investment Strategy: Portfolio Construction

Robust Fundamentals

SectorLeadership

CountryLeadership

Sweet Spot


Investment Strategy: Top-Down Macro Selection

• Emerging European countries have established export trade to established Europe

• Opportunity — as the established economies recover, emerging European economies are positioned to benefit

• More than 80 percent of Czech and Hungarian exports go to Western Europe

• About 50 percent of Polish and Turkish exports go to Western Europe

• Emerging European countries are becoming part of the supply chain of Western European manufacturing

• Outsourcing to emerging Europe becomes attractive with more competitive labor and production capabilities

• Western European goods still highly desirable in the global economy

Global factors

These top-down factors impact our decision to overweight or underweight a country, sector or individual stock.


Investment Strategy: Bottom-Up Stock Selection

• Relative value

• Within mature industries, particularly financials and telecommunications

• Examine value relative to company peers

• Long-term growth stories

• Within younger industries, particularly consumer staples and discretionary

• As GDP per capita rises, living standards rise and consumption grows

• Preference for dividend-paying stocks

• Greater total return potential in slow growth environment

• Better risk-return balance, and align interests of all investors

• Corporate governance

• Transparency

• Fair treatment of minority shareholders

Fundamental stock selection factors


Sector-related factors impacting stock selection

Investment Strategy: Bottom-Up Stock Selection

• Energy and natural resources

• Production growth

• Reserve growth

• Cash flow growth

• Corporate execution

• Consumer staples and discretionary

• Revenue growth

• Same store sales growth

• Margin expansion

• Banks and financials

• Loan growth

• Net interest margins

• Relative valuation

• Return on equity


Investment Themes for EUROXKrakow, Poland

Santorini, Greece

Prague, Czech Republic

Istanbul, Turkey

Budapest, Hungary


Current Investment Themes for EUROX

Convergence of European countries

Turkey offers a great growth story

• Emerging European countries tied economically to established European countries, through export trade and development funding

• Integration process underway, as emerging countries attempting to meet EU standards, such as living standards, GDP, environmental standards, regulatory standards, infrastructure

• Emerging consumer trends with rising income: Consumer staples and discretionary sectors are biggest beneficiaries

• Young, growing demographic

• Fiscal and monetary policies geared toward growth

• Entrepreneurial mindset and pro-business policies

• Exports to Europe and Middle East

• Government policy determined to achieve investment grade; would lower borrowing costs, both government and corporate, and would attract foreign investment

• Banking regulation strengthened, and banks well capitalized


Emerging Europe Fund Portfolio Characteristics

Regional BreakdownTurkey 22.55%Russia 14.46%Poland 11.66%Greece 11.18%Austria 7.10%Italy 5.12%France 4.10%Hungary 3.25%Germany 2.36%Kazakhstan 1.93%Romania 1.60%Czech Republic 1.57%Others 4.95%Cash and Equivalents 8.29%

As of March 31, 2014



Industry Breakdown■ Financials 39.67%■ Consumer Discretionary 12.05%■ Telecommunication Services 11.70%■ Energy 9.72%■ Materials 8.86%■ Industrials 3.55%■ Utilities 2.78%■ Health Care 1.92%■ Consumer Staples 1.57%■ Cash and Equivalents 8.29%




Market Capitalization BreakdownLarge Cap (over $10 Billion) 51.06%Mid Cap ($1 – $10 Billion) 45.65%Small Cap (under $1 Billion) 3.29%

Average Weighted Market Capitalization $14.69 Billion

Top 10 Holdings Erste Group Bank AG 5.76%MMC Norilsk Nickel OJSC 4.17%Turkcell Iletisim Hizmetleri AS 3.74%

Powszechna Kasa Oszczednosci Bank Polski SA 3.63%

Lukoil OAO 3.62%Tofas Turk Otomobil Fabrikasi AS 3.00%Genel Energy Plc 2.99%Powszechny Zaklad Ubezpieczen SA 2.68%UniCredit SpA 2.59%Turkiye Garanti Bankasi AS 2.58%

Percentage of total net assets in top 20 holdings 57.18%

Total number of holdings 55 Total Net Assets $105.90 Million P/E Ratio 10.43



Fund Performance

Average Annual

As of 03/31/14 1-year 3-year 5-year 10-yearSince

InceptionGross

Expense Ratio

Emerging Europe Fund (EUROX) -9.38% -10.30% 11.80% 4.17% 8.78%* 2.13%

Expense ratio as stated in the most recent prospectus. 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 beeen 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. *Inception 3/31/1997.


Investment leadership results in performance

Performance and Results Oriented

Winner of 29 Lipper performance awards, certificates and top rankings since 2000(4 of the U.S. Global Investors Funds received Lipper performance awards from 2005 to 2008. 6 of the U.S. Global Investors Funds received certificates from 2000 to 2007, and 2 of the U.S. Global Investors Funds received top rankings from 2009 to 2010. During

the years mentioned, there were 13 U.S. Global Investors Funds, while currently the fund family consists of 9 funds.)


Focus on Education

Best Overall Advisor and Best Overall Retail

Communications

2013 Mutual Fund Education Alliance

STAR AwardsMFEA


Contact Us

It’s easy to begin investing directly with U.S. Global Investors.

You can apply online, print an application and mail it to us, or request that an investment kit be sent to you.

First, please be sure to review our prospectus.

For more information, please contact us:

Financial Advisors

1-800-873-3639 [email protected]

Individual Investors

1-800-386-3847 [email protected]


Please consider carefully the 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. Distributed by U.S. Global Brokerage, Inc.

Foreign and emerging market investing involves special risks such as currency fluctuation and less public disclosure, as well as economic and political risk. By investing in a specific geographic region, a regional fund’s returns and share price may be more volatile than those of a less concentrated portfolio. The Emerging Europe Fund invests more than 25% of its investments in companies principally engaged in the oil & gas or banking industries. The risk of concentrating investments in this group of industries will make the fund more susceptible to risk in these industries than funds which do not concentrate their investments in an industry and may make the fund’s performance more volatile.

Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Users acknowledge that they have not relied upon any warranty, condition, guarantee, or representation made by Lipper. Any use of the data for analyzing, managing, or trading financial instruments is at the user’s own risk. This is not an offer to buy or sell securities.

The Purchasing Manager’s Index is an indicator of the economic health of the manufacturing sector. The PMI index is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment. 14-255

Disclosures

Documents

EMERGING EUROPE FUND (EUROX)...Consumer Discretionary 12.05% Telecommunication Services 11.70% Energy 9.72% Materials 8.86% Industrials 3.55% Utilities 2.78% Health Care 1.92% Consumer