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Frank Talk, a CEO Blog by Frank Holmes

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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.

Airline Industry Highs and Lows: First Quarter 2021
April 22, 2021: The best performing stock for the first quarter of 2021 in the Bloomberg World Airlines Index was JetBlue, up 32.67%.

Manufacturers Expand at Fastest Pace in 50 Years, Boosting Commodity Prices
April 19, 2021: A raft of positive economic news was released last week, pointing to a robust ongoing recovery from the pandemic-triggered downturn and adding to the thesis that inflation is set to accelerate.

RANKED: Top 10 Countries with the Largest Shipping Fleets
April 14, 2021: Can you name the country with the largest fleet? The top 10 list may surprise you.

The Best Business Conditions of the 21st Century?
April 12, 2021: I expect to see another quarter of stock outperformance relative to bonds, though the debt selloff may not be as pronounced in this second quarter as it was in the first.

Fully Vaccinated People Are Free to Fly Commercial Again
April 7, 2021: Last month I forecasted we’d see a travel boom this summer as newly vaccinated Americans book their first big trips and vacations since the pandemic began.

Visa and PayPal Give the Green Light to Cryptos. Should You?
April 5, 2021: PayPal’s Checkout with Crypto, made available to select U.S. users last Wednesday, gives consumers the ability to purchase goods and services at as many as 29 million merchants using Bitcoin, Bitcoin Cash, Ether or Litecoin.

Gold Miners Recorded Record High Margins in 2020
March 30, 2021: Gold producers had their most profitable year ever in 2020, based on average all-in-sustaining cost (AISC) margin. For every ounce of gold a mining company produced last year, it got to pocket $828 on average.

Asset Managers Cite Inflation as the Number One Market Risk, Displacing COVID-19
March 29, 2021: There are many signs that inflation is already here, but are we measuring it wrong? The pandemic made millions of Americans take their spending online, where price volatility can be far greater and more rapid.

Container Ship Operators Are on a Tear as Freight Rates Skyrocket
March 25, 2021: As we come out of the pandemic, many assets are on the rise, including commodities, energy, home valuations and more. With so much economic activity coming back online, it only makes sense that container ship operators will see some of the biggest gains as a result.

What Are SPACs, and Why Is Everyone Talking About Them Right Now?
March 22, 2021: Also known as blank check companies, special purpose acquisition companies (SPACs) have no explicit business plan other than to acquire or merge with an unspecified private company at some point.

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Net Asset Value
as of 04/22/2021

Global Resources Fund PSPFX $6.61 -0.03

Gold and Precious Metals Fund USERX $13.38 -0.22

World Precious Minerals Fund UNWPX $5.20 -0.01

China Region Fund USCOX $10.02 0.02

Emerging Europe Fund EUROX $6.27 0.05

All American Equity Fund GBTFX $24.65 No Change

Global Luxury Goods Fund USLUX $22.49 -0.15

Near-Term Tax Free Fund NEARX $2.25 No Change

U.S. Government Securities Ultra-Short Bond Fund UGSDX $2.00 No Change

Please consider carefully a fund’s investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus by clicking here 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.

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Bond funds are subject to interest-rate risk; their value declines as interest rates rise. Tax-exempt income is federal income tax free. A portion of this income may be subject to state and local income taxes, and if applicable, may subject certain investors to the Alternative Minimum Tax as well. The Near-Term Tax Free Fund may invest up to 20% of its assets in securities that pay taxable interest. Income or fund distributions attributable to capital gains are usually subject to both state and federal income taxes. The tax free funds may be exposed to risks related to a concentration of investments in a particular state or geographic area. These investments present risks resulting from changes in economic conditions of the region or issuer.

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.

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.

Because the Global Resources Fund concentrates its investments in a specific industry, the fund may be subject to greater risks and fluctuations than a portfolio representing a broader range of industries.

Stock markets can be volatile and share prices can fluctuate in response to sector-related and other risks as described in the fund prospectus.

Morningstar Ratings are based on risk-adjusted return. The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Past performance does not guarantee future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating? based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

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Certain materials on the site may contain dated information. The information provided was current at the time of publication. For current information regarding any of the funds mentioned in such materials, please visit the fund performance page.

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

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