U.S. Global Investors Gold and Precious Metals Fund USERX Strategy

The investment seeks long-term growth of capital plus protection against inflation and monetary instability; current income is a secondary objective. Under normal market conditions, the fund will invest at least 80% of its net assets in equity and equity-related securities of companies principally involved in the mining, fabrication, processing, marketing or distribution of precious metals including gold, silver, platinum group, palladium, as well as diamonds. The fund may also short positions in the fund's portfolio that are considered by the Adviser to be overvalued in an effort to realize a valuation discrepancy. The fund is non-diversified.