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Please note: The Frank Talk articles listed below contain historical material. The data provided was current at the time of publication. For current information regarding any of the funds mentioned in these presentations, please visit the appropriate fund performance page.

Resources Boost Russian Investments

June 19, 2009

Tim Steinle, co-manager of our Eastern European Fund (EUROX), appeared on CNBC Asia’s “Squawk Box Asia” earlier this week to discuss the rebound in Russian markets. Tim discussed how Russian oil companies have benefited from changes to the tax structure.

“If you look at oil companies in Russia, their earnings this year are going to be in line with what they were back in the banner year of 2008. Russian majors right now are making 17 rubles per barrel before taxes. And if you remember, at the end of last year there was a tax change to where Russian governments actually cut the lag with which taxes were calculated. So now with that tax relief, Russian oil companies are going to do extremely well.”

Please consider carefully the fund’s investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus by visiting 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. The Russian Trading Systems Index is a capitalization-weighted index that is calculated in USD. The index is comprised of stocks traded on the Russian Trading System. 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 Eastern European 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. 09-424

Net Asset Value
as of 09/28/2020

Global Resources Fund PSPFX $4.71 0.03 Gold and Precious Metals Fund USERX $13.14 0.11 World Precious Minerals Fund UNWPX $5.02 0.09 China Region Fund USCOX $9.33 0.14 Emerging Europe Fund EUROX $5.44 0.01 All American Equity Fund GBTFX $23.65 0.29 Global Luxury Goods Fund USLUX $16.64 0.31 Near-Term Tax Free Fund NEARX $2.25 No Change U.S. Government Securities Ultra-Short Bond Fund UGSDX $2.00 No Change