Second Quarter 2021

The U.S. Government Securities Ultra-Short Bond Fund had a total return of 0.00% in the first quarter of 2021, underperforming its benchmark, the Bloomberg Barclays US Treasury Bills 6-9 Months Index, which returned 0.01%. See complete fund performance here. Performance data quoted represents past performance, which does not guarantee future results.

The main source of underperformance came from allocations to bonds with maturities between one and three years, as they underperformed the benchmark. These longer dated bonds were hit hard by the large spike in real yields in mid-June.

Past performance does not guarantee future results. 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.


The yield on the 10-year Treasury, a bellwether used in the fixed-income markets, ended the quarter at 1.47%, a substantial decrease from 1.74% at the end of first quarter of 2021. The Treasury yield curve has given up about 30% of the sharp rise in yields from the 7-to-10-year maturities and 50% of the 30-year maturity yield pickup. Growth expectations are tempered a bit more now with potential COVID-19 variants emerging and slowing down the growth, but not substantially. Work is not returning to normal yet.  Many employers are having difficulty finding labor, which has caused bottlenecks in the economy. Inflation expectations are the most topical issues with the Fed holding it will be transitory, while some counterviewpoints believe there are wage and equity issues to be addressed, where the latter is less quantifiable.


The Barclays U.S. Treasury Bills 6-9 Months Total Return Index tracks the performance of U.S. Treasury Bills with a maturity of six to nine months. Gross domestic product is the total value of goods produced and services provided in a country for one year. The personal consumption expenditures index reflects changes in the prices of goods and services purchased by consumers in the U.S.

Standard Disclosure

Please consider carefully a 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. Foreside Fund Services, LLC, Distributor. U.S. Global Investors is the investment adviser.

Bond funds are subject to interest-rate risk; their value declines as interest rates rise.

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


Net Asset Value
as of 09/17/2021

Global Resources Fund PSPFX $6.25 -0.08 Gold and Precious Metals Fund USERX $11.49 -0.10 World Precious Minerals Fund UNWPX $4.44 -0.06 China Region Fund USCOX $8.76 0.11 Emerging Europe Fund EUROX $6.85 -0.09 Global Luxury Goods Fund USLUX $23.83 -0.14 Near-Term Tax Free Fund NEARX $2.25 0.01 U.S. Government Securities Ultra-Short Bond Fund UGSDX $1.99 No Change