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1.800.US.FUNDS
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The Ups & Downs, Twists & Turns
in the World of Commodities
Frank Holmes, CEO and Chief Investment Officer




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Performance and Results Oriented
Winner of 29 Lipper performance awards,
certificates and top rankings since 2000
(Four out of 13 U.S. Global Investors Funds received Lipper performance awards
from 2005 to 2008, six out of 13 received certificates from 2000 to 2007,
and two out of 13 received top rankings from 2009 to 2010.)
Investment leadership results in performance
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Focus on Education
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54 MFEA STAR Awards for Excellence in Education
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Tipping Points, Melting Points
H
2
O is Like Money
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Ice Turns to Water at 32, but Still H
2
O
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7 Billion People Tipping Point
Centuries to Decades to a Decade for a Billion People
1970
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Facebook Use Around the World
1.2 Billion People Connected Without Passports!
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See Disclosures pages for any holdings in U.S. Global Investors Funds.
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Every American Born Will Need
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November 22, 2013
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Did You Know?
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India has
600 million people
under the age of 25

Thats 2 times
the entire population
of the U.S.
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New Freedoms in Myanmar Create
Opportunity for Neighboring Thailand
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President Barack Obama
Hillary Rodham Clinton (Secretary of State)
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Thailand Stock Market Up 42 Percent
Under New Prime Minister
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Yingluck Shinawatra
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President Obama Meets with Prime Minister
Yingluck Shinawatra of Thailand
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President Obama is Asked by Prime Minister Yingluck
Shinawatra of Thailand to Attend Dinner Function
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President Obama Follows Prime Minister
Yingluck Shinawatra of Thailand to Dinner
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President Obama Enjoys Dinner with Prime
Minister Yingluck Shinawatra of Thailand
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Government Policy Model
Precursor for Change
President Barack Obama
Ben Bernanke, Chairman
of the Federal Reserve
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Emerging World Holds 50% of the
Global Population, Just 23% of GDP
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Compare E7 vs G7 Money Supply Growth
Emerging Worlds Money Supply is Robust
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Follow the Money
Presidential Election Cycle
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Government Policy Is a
Precursor to Change
March 2009
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Follow the Money
Equities and Gold Have Outperformed Bonds
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See Disclosures pages for any holdings in U.S. Global Investors Funds.
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S&P 500 Index Analysis Buybacks
and Dividends Help Drive Performance
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Past performance does not guarantee future results.
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Holmes Macro Trends Fund 2013 Performance
659 Basis Points of Outperformance
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See performance page for complete fund performance.
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Its Not the Political Party,
Its the Political Policies
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Its Not the Political Party,
Its the Political Policies
Declining Value of the U.S. Dollar Since 1970
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Alan Greenspan Ben Bernanke Richard Nixon
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The Spotty Track Record of the Federal
Reserves Economic Projections
Alan Greenspan Ben Bernanke
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Gordon Brown vs. Gold
Never Held Accountable for $10 Billion Error
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Gordon Brown
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The New Camelot: China
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President Xi Jinping and Peng Liyuan
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Chinas PMI Continues to Expand
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August 26, 2013
August 2, 2013
March 5, 2013
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Germany Participating in Global
Recovery Good for Energy Demand
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Backdrop of Rising Global PMIs
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The Trend is Your Friend
G3 PMIs and Base Metal Demand
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Global Trend is Your Friend
PMI and Commodities Relationship
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Past performance is no guarantee of future results.
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Contrarian Thinking Energy and Materials
Fund Holdings in Europe at 6-Year Lows
Energy and Materials Fund Holdings in Europe at 6-Year Lows
Active Weight
Source: HSBC, EPFR, U.S. Global Investors
-4%
-2%
0%
2%
4%
6%
AUG-06
Energy
Materials
AUG-07 AUG-08 AUG-09 AUG-10 AUG-11 AUG-12
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Europes GDP Expected to Rise Over
Next 12 Months Good for Energy Demand
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Contrarian Ideas Global Materials
Similar to 2008, Shortly Before Global Materials Stocks Took Off
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Source: Bank of America Merrill Lynch, U.S. Global Investors
Opportunity
Past performance does not guarantee future results.
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Energy and Materials Rose 25 Percent in 2013
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Past performance does not guarantee future results.
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Euroland and U.S. Lead in
Positive Economic Surprises
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Demand for Oil Remains Strong
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Cleaner, Greener China
August 7, 2013
See Disclosures pages for any holdings in U.S. Global Investors Funds.
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Record Crude Imports into China
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Global Oil Demand and Global
PMIs Are Highly Correlated
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OPECs Spare Capacity Is Below
5 Percent of Global Production
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Chinas Changing Urban Consumption
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How they spend it in China
February 13, 2013
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Emerging High-Speed
Rail Hub Cities
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Frank Holmes
High Speed Train, China
2014
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High-Speed Rail is a Growth
Opportunity for U.S. Companies
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2014
See Disclosures pages for any holdings in U.S. Global Investors Funds.
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Gold Demand Drivers
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Elvis Presley
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Driver: The Fear Trade
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Monetary
Fiscal
President Barack Obama
Ben Bernanke, Chairman
of the Federal Reserve
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Follow the Money Global Liquidity
Boom Good for Gold and Emerging Markets
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Global Money Supply Influencing Gold Prices
Lending Regulations Slow the Velocity of Money,
Which Prevents Money Supply from Growing
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Major Divergence in the Price of Gold
Compared to Feds Balance Sheet with 3 QEs
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ShadowStats Economists Suggest the
Real Inflation Rate is 5%, Not 1.5%
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Low Real Interest Rates Historically
Fuel Gold, Silver and Oil
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Tipping Point for Gold
2%
Gold & silver perform well in
low or negative real interest
rate environments
+2%
Source: Bloomberg Finance LP, Deutsche Bank, U.S. Global Investors
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Great Roll Over or Rip Off Creates Opportunity
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March 2013
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Short Term Headwind for Gold
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December 2013
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Massive Liquidation of Financial Gold
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See Disclosures pages for any holdings in U.S. Global Investors Funds.
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Gold ETF Observations
Selling Declining with Lower Prices
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Chinas Increasing
Appetite for Gold
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Indian Premiums and Import Taxes Bring
Equivalent Gold Price to $1,632 Per Ounce
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October 25, 2013
Source: www.goldchartsrus.com, U.S. Global Investors
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Silver ETF Observations
Buying with Lower Prices
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Platinum ETF Observations
Buying Rises with Lower Prices
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Gold Would Need to Be Much Higher
to Cover U.S. Money Supply
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Driver: The Love Trade
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Gold Love Trade
Strong Correlation Between Rising Incomes and Gold Price
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Chinas Increasing Jewelry Demand
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Managing Expectations
Gold Seasonality
Past performance is no guarantee of future results.
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Holidays Drive Gold Demand
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Gold Does Not Look Like a Bubble
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Predicting Attractive Tops and Bottoms
Easier in South Beach vs. Markets
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Priority
Reading
Money
Magazine
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Managing Expectations Gold Oversold
in the Year-over-Year Rolling Oscillator
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Contrarian Mode
Short Squeeze to Drive Gold Rally?
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Contrarian
Gold Stocks Poised to Bounce
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?
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Golds Double Bottom Forming?
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Only 3 Times in 3 Decades Gold
Stocks Declined 3 Consecutive Years
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Gold Stocks/Gold Ratio Shows
Gold Stocks Undervalued
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Gold Stocks at Historically
Low Cash Flow Multiples
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Managing Expectations Yearly Volatility
The Math
View the presentation Anticipate Before You Participate at
www.usfunds.com/investor-resources/publications/research
Rolling 1 Year
NYSE Arca Gold
BUGS Index (HUI)
36.4%
WTI Crude Oil 34.7%
MSCI Emerging Markets (MXEF) 30.5%
S&P 500 Index (SPX) 17.7%
Gold Bullion 17.6%
12-month rolling volatility of
price action over 10-year period
Standard Deviation (as of 12/31/13) based on 10-Year Data
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Reasons for Active Management
Annual Rotation in Leadership
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An American Energy Renaissance
Download Your Free
Copy of Our New
Special Energy Report
at usfunds.com

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Fund Performance
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Disclosure
Please consider carefully a funds 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.

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

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 Bangkok SET Index is a capitalization-weighted index of all the stocks traded on the Stock Exchange of Thailand. The S&P 1500 Composite
is a broad-based capitalization-weighted index of 1500 U.S. companies and is comprised of the S&P 400, S&P 500, and the S&P 600. The index
was developed with a base value of 100 as of December 30, 1994. The S&P 500 Stock Index is a widely recognized capitalization-weighted
index of 500 common stock prices in U.S. companies. ZEW Germany Expectation of Economic Growth is a survey on the question of economic
growth in six months. The ISM manufacturing composite index is a diffusion index calculated from five of the eight sub-components of a monthly
survey of purchasing managers at roughly 300 manufacturing firms from 21 industries in all 50 states. The Purchasing Managers 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. The S&P 500 Materials Index is a capitalization-weighted index that tracks the
companies in the material sector as a subset of the S&P 500. The S&P 500 Energy Index is a capitalization-weighted index that tracks the
companies in the energy sector as a subset of the S&P 500. The Nasdaq Composite Index is a capitalization-weighted index of all Nasdaq
National Market and SmallCap stocks. The Philadelphia Stock Exchange Gold and Silver Index (XAU) is a capitalization-weighted index that
includes the leading companies involved in the mining of gold and silver. 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 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 MSCI Emerging Markets Index
is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.


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Disclosures
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M1 Money Supply includes funds that are readily accessible for spending. M2 Money Supply is a broad measure of money supply that includes M1
in addition to all time-related deposits, savings deposits, and non-institutional money-market funds. M3 money supply is the broadest monetary
aggregate, including physical currency, demand accounts, savings and money market accounts, certificates of deposit, deposits of eurodollars and
repurchase agreements. 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.

Holdings in the Holmes Macro Trends Fund as a percentage of net assets as of 12/31/2013: Facebook 0.88%, iShares Core Total US Bond ETF
0.00%, McDonalds 0.00%, Starbucks 2.10%, Enric 0.00%, SPDR Gold Trust 0.00%.