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GROW Fiscal Year 2014 Earnings Webcast
Frank Holmes, CEO and Chief Investment Officer
Susan McGee, President and General Counsel
Lisa Callicotte, Chief Financial Officer
Susan Filyk, Investor Relations
usfunds.com
1.800.US.FUNDS
August 28, 2014 • 14-388
Today’s Presenters
Frank Holmes
www.usfunds.com
August 2014 14-388
Susan McGee
Lisa Callicotte
Susan Filyk
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Forward-Looking Statements
During this webcast we may make forward-looking statements
about our relative business outlook. Any forward-looking statements
and all other statements made during this webcast that don’t pertain
to historical facts are subject to risks and uncertainties that may
materially affect actual results. Please refer to our press release and
the corresponding Form 10-K filing for more detail on factors that
could cause actual results to differ materially from any described today
in forward-looking statements. Any such statements are made as of
today, and U.S. Global Investors accepts no obligation to update them
in the future.
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About U.S.
Global Investors (GROW)
A boutique publicly listed investment
adviser specializing in gold, natural
resources, emerging markets, domestic
equities and municipal bonds.
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GROW Strengths
  Go-to stock for exposure to
emerging markets and resources
  Debt-free, strong balance sheet
with a reflexive cost structure
  Monthly dividend and return on
equity discipline
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Top Institutional Holders of GROW
Source: NASDAQ
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1. Financial and Investment
Management Group
19%
2. Royce and Associates
16%
3. The Vanguard Group
4%
4. BlackRock Fund Advisors
3%
5. Sentry Investment Management
2%
Percentage of shares outstanding as of 8/18/2014
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GROW Dividends — Paid Monthly
*At share price of $3.52 as of 8/15/2014
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Share Repurchase Program in Motion
  The board approved a repurchase of up to $2.75 million
of its outstanding common stock on the open market
through calendar year 2014
  During the fourth fiscal quarter 2014, the company
repurchased 16,840 class A shares using cash of $59,000
  Since January 2013, the company repurchased 148,403
class A shares using cash of $463,000
  Algorithm is used to buy back shares on down days, in
accordance with all applicable rules and regulations that
restrict amounts and times of repurchases
  May be suspended or discontinued at any time
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A Transition Year: Streamlined
Operations and Product Lineup
  Shifted out of costly money market fund business
  Provided shareholders a new ultra-short bond fund alternative
  Closed, merged or reorganized small funds for a more
focused product lineup
  Successfully transitioned client accounts to new
transfer agency while retaining service relationships
with key client accounts
  Streamlined company with staff of about 50 employees
Fewer Distractions Allow Company
to Focus on Core Competencies
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Why We Shifted Out of Money Market Fund
Business — Look at U.S. Fed Funds Rate
Fee waivers for the
industry rose to a
record high of $5.8
billion in 2013.
— Ignites
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Current Lineup of Funds
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Building for Future Growth
  Increased ownership of Canadian asset
management company
  Developing innovative and dynamic ETF
products to expand product line
  Earning valuable exposure for our brand in over
170 countries through publishing of our financial
commentary and other content
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Growth of ETF Products
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Strategic Partnership with Galileo
  Increased GROW ownership to 65 percent of Galileo
  Toronto-based company with $267 million in assets
under management
  Accretive to GROW
  Flagship fund consistently rated four or five stars
  2013 Lipper fund award for best small/mid
cap fund in Canada over five years
  CEO Michael Waring is a seasoned veteran
The Galileo Funds are not offered for sale in the United States.
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Quarterly Average Assets
Under Management
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Asset Breakdown — U.S. Global Investors Funds
Data for SEC-registered funds as of June 30, 2014.
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Balance Sheet Strength – No Debt
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Earnings Per Share Quarterly
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GROW Peer Comparison
Growth
Value
Income
3 Year Average
EPS Growth
3 Year Average
Return on Equity
Dividend
Yield
GROW
-204.0%
-130.3%
1.7%
Peers*
16.0%
22.2%
2.2%
Data as of 06/30/2014.
* Median calculations based from quarterly results ended 6/30/2014 by Affiliated Managers Group Inc., Alliance Benstein,
Blackrock Inc., Calamos Asset Management Inc., Cohen & Steers Inc., Eaton Vance Corp., Hennessy Advisors, Inc.,
Federated Investors Inc., Franklin Resources Inc., GAMCO Investors Inc., INVESCO Ltd., Janus Capital Group Inc.,
Legg Mason Inc., Pzena Investment Management., T. Rowe Price Group Inc., Virtus Investment Partners Inc. and
Waddell & Reed Financial Inc.
Source: FactSet
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Company Snapshot
  NASDAQ: GROW
  Price on 06/30/14: $3.52
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  Market Cap: $54 million
  52-wk Range: $2.10 - $4.05
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GROW Performance — Past Twelve Months
Outperformed Gold Stocks
Past performance does not guarantee future results.
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GROW Performance — Year to Date
Past performance does not guarantee future results.
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GROW Performance – Three Months
Past performance does not guarantee future results.
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GROW Above 200-Day Moving Average
Past performance does not guarantee future results.
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Women in Key Leadership Positions
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Industry Recognition of Leadership
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Income Statement – Financial Analysis
Lisa Callicotte
CFO
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Consolidated Statements of Operations
(dollars in thousands, except per share data)
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Consolidated Statements of Operations
(dollars in thousands, except per share data)
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Consolidated Statements of Operations
(dollars in thousands, except per share data)
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Consolidated Statements of Operations
(dollars in thousands, except per share data)
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Consolidated Balance Sheets
(dollars in thousands)
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Consolidated Balance Sheets
(dollars in thousands)
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Consolidated Statements of
Comprehensive Income (Loss)
(dollars in thousands)
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Significant Events
Susan McGee
President and General Counsel
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Performance and Results Oriented
Investment leadership results in performance
Winner of 29 Lipper performance awards,
certificates and top rankings since 2000
(4 of the U.S. Global Investors Funds received Lipper performance awards from 2005 to 2008. 6 of the U.S. Global Investors Funds
received certificates from 2000 to 2007, and 2 of the U.S. Global Investors Funds received top rankings from 2009 to 2010. During
the years mentioned, there were 13 U.S. Global Investors Funds, while currently the fund family consists of 9 funds.)
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Recognition for the Global Resources Fund:
Top 5 Percent for 10-Year Period
See Performance page for complete fund performance.
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Fund Recognition: Lipper Leaders
Near-Term Tax
Free Fund
All American
Equity Fund
U.S. Government
Securities UltraShort Bond Fund
Lipper ratings for Preservation reflect funds’ historical loss avoidance relative to other funds within the same asset class, as of 6/30/2014.
Preservation ratings are relative, rather than absolute, measures, and funds named Lipper Leaders for Preservation may still experience
losses periodically; those losses may be larger for equity and mixed equity funds than for fixed income funds. Lipper ratings for Tax Efficiency
reflect funds’ historical success in postponing taxable distributions relative to peers as of 6/30/2014. Tax Efficiency offers no benefit to investors
in tax-sheltered accounts such as retirement plans. Lipper ratings for Expense reflect funds’ expense minimization relative to peers with similar
load structures as of 6/30/2014. Past performance does not guarantee future results.
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Based on Risk-Adjusted Return
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Near-Term Tax Free Fund (NEARX)
A track record of performance
The Near-Term Tax Free Fund has
generated consistent positive annual
total returns (yield + appreciation)
for investors for over 10 years in
a row.
Past performance is no guarantee of future results.
See Performance page for complete fund performance.
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Source: U.S. Global Investors
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NEARX vs S&P 500 Index
A Stable Record of Performance and Low Volatility
See Performance page for complete fund performance. Past performance is no guarantee of future results.
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Focus on Education
54 MFEA STAR Awards for Excellence in Education
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Branding – Education
  Investor Alert and Advisor
Alert are key communication
tools
  Our original, award-winning
educational content is in high
demand from investors via
email, website, social media
platforms, apps
  usfunds.com/subscribe
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Research from U.S. Global Investors
Download our latest research
at www.usfunds.com.
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Branding – Education
  Audience for our popular content
continues to grow through
subscription, syndication and
social media sharing
  Content-rich media includes
weekly investment commentaries,
slideshows, quizzes, infographics
and interviews
  Focus on earned media generates
reach to millions of viewers and
potential investors
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Gold Game Film Show Launched on Kitco
Kitco News launched a new weekly show featuring Frank
Holmes’ gold market analysis at the end of the first quarter.
Since the show’s beginning, 16 episodes have been aired.
Kitco’s audience = 10 million monthly visitors, and with the
launching of their new email newsletter, additional
exposure has been added for each Gold Game Film.
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Branding and Marketing of GROW
  46 TV/Radio/Podcasts
  60 Total Interviews
  1,961 Web Mentions
  60 Frank Talk Blog Entries
  165 Newsletter
Recommendations
Data from 12/31/2013 – 08/28/2014
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Newsletter Recommendations for U.S. Global
Investors Funds FY 2014
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Recent Insights from Investor Alert
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Year-Over-Year Percent Change Oscillator:
NYSE Arca Gold BUGS Index
June 20, 2014
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Energy Sector Rising
April 17, 2014
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Gold Seasonality Holidays
June 20, 2014
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China’s Gold Share of Total Reserves and
Foreign Exchange Reserves
April 25, 2014
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Year-Over-Year Percent Change
Oscillator: Gold Bullion
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June 20, 2014
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Global Industrial Production is Rising
May 09, 2014
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Chinese Jewelry Consumption Triples Since 2004
 
April 25, 2014
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Greek 10-Year Government Bond Yields
Back to Pre-Crisis Levels
 
April 11, 2014
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Top Global Oil Consumers
May 16, 2014
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Dramatic Increase in
Market Risk in Ukraine
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April 11, 2014
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Health Care Sector Could Soon
Take a Leadership Role
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June 26, 2014
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Greece Posts Current Account
Surplus in 2013
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April 11, 2014
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Are We in a New Commodity
Bull Market?
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April 4, 2014
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Largest One-Month Jump in China’s
Manufacturing Activity since August 2013
May 23, 2014
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Turkish Banks Rally After Central Bank
Stabilizes the Lira
May 30, 2014
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North American Natural Gas
Boom is a Global Bargain
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April 1, 2014
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Are YOU Reading U.S. Global’s Investor Alert?
Jim Cramer Is.
Tweeted to his loyal 600,000 readers
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Sign up at
usfunds.com/subscribe
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Fund Performance
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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 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.
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.
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.
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 specific industries, the fund may be subject to greater risks and fluctuations than a portfolio representing a
broader range of industries.
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 Near-Term Tax Free Fund 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.
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Disclosure
Stock markets can be volatile and can fluctuate in response to sector-related or foreign-market developments. For details about these and other
risks the Holmes Macro Trends Fund may face, please refer to the fund’s prospectus.
Morningstar Ratings are based on risk-adjusted return. The 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.)
The Lipper ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for the Preservation, Tax
Efficiency and Expense metrics over three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named
Lipper Leader or a score of 5, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20%
are scored 1. The Near-Term Tax Free Fund, in Lipper’s Short-Intermediate Municipal Debt Funds classification, received the following ratings for
the 3-, 5-, and 10-year periods, respectively. Preservation (in Fixed Income asset class): 5 (4,944 funds), 5 (4,079 funds), and 5 (2,838 funds). Tax
Efficiency: 5 (48 funds), 5 (41 funds), and 5 (34 funds). All American Equity Fund, in Lipper’s Multi-Cap Core classification, received the following
ratings for the 3-, 5-, and 10-year periods, respectively: Preservation: 5 (10,893 funds), 5 (9,123 funds) and 4 (5,423 funds). The U.S. Government
Securities Ultra-Short Bond Fund, in Lipper’s Short U.S. Treasury classification, received the following ratings for the 3-, 5-, and 10-year periods,
respectively: Preservation: 5 (4,944 funds), 5 (4,079 funds) and 5 (2,838 funds). Expense: 5 (13 funds), 5 (13 funds), and 5 (10 funds). Tax
Efficiency: 4 (26 funds), 5 (23 funds), and 5 (16 funds). Lipper ratings are not intended to predict future results, and Lipper does not guarantee the
accuracy of this information. More information is available at www.lipperweb.com. Lipper Leader Copyright 2014, Reuters, All Rights Reserved.
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.
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Disclosure
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. 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 Purchasing Manager’s 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/TSX Venture Composite Index is a broad market indicator for the Canadian venture capital market. The index is market capitalization
weighted and, at its inception, included 531 companies. A quarterly revision process is used to remove companies that comprise less than 0.05%
of the weight of the index, and add companies whose weight, when included, will be greater than 0.05% of the index. FTSE Gold Mines Index
Series encompasses all gold mining companies that have a sustainable and attributable gold production of at least 300,000 ounces a year, and
that derive 75% or more of their revenue from mined gold. The Morgan Stanley Commodity Related Index (CRX) is an equal-dollar weighted
index of 20 stocks involved in commodity related industries such as energy, non-ferrous metals, agriculture, and forest products. The index was
developed with a base value of 200 as of March 15, 1996.
The S&P 500 Stock Index is a widely recognized capitalization-weighted index of 500 common stock prices in U.S. companies. 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 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 Reuters/Jefferies CRB Index is an
unweighted geometric average of commodity price levels relative to the base year average price.
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Disclosure
Holdings in U.S. Global Investors Funds as a percentage of net assets as of 6/30/2014: iShares Russell 2000 ETF 0.00%, SPDR S&P Global
Natural Resources ETF 0.00%, Sprott Inc. 0.00%,
There is no guarantee that the issuers of any securities will declare dividends in the future or that, if declared, will remain at current levels or
increase over time. Note that stocks and Treasury bonds differ in investment objectives, costs and expenses, liquidity, safety, guarantees or
insurance, fluctuation of principal or return, and tax features.
All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.
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.
The Consumer Price Index (CPI) is one of the most widely recognized price measures for tracking the price of a market basket of goods and
services purchased by individuals. The weights of components are based on consumer spending patterns. 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.
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Disclosure
Investment Objective: The Gold and Precious Metals Fund is an actively managed mutual fund that focuses on gold and precious metals
producing companies. The World Precious Minerals Fund is an actively managed fund that focuses on junior and intermediate precious metals
exploration companies around the world. The Market Vectors Gold Miners ETF is a passively managed fund that seeks to replicate as closely as
possible, before fees and expenses, the price and yield performance of the NYSE Arca Gold Miners Index. The Market Vectors Junior Gold
Miners ETF is a passively managed fund that seeks to replicate as closely as possible, before fees and expenses, the price and yield
performance of the Market Vectors Global Junior Gold Miners Index.
Liquidity: The Gold and Precious Metals Fund and the World Precious Minerals Fund can be purchased or sold at a net asset value (NAV)
determined at the end of each trading day. The Market Vectors Gold Miners ETF and the Market Vectors Junior Gold Miners ETF can be
purchased or sold intraday. These purchases and redemptions may generate brokerage commissions and other charges not reflected in the
ETF’s published expense ratio.
Safety/Fluctuations of principal/return: Loss of money is a risk of investing in the Gold and Precious Metals Fund, the World Precious
Minerals Fund, the Market Vectors Gold Miners ETF and the Market Vectors Junior Gold Miners ETF. Shares of all of these securities are
subject to sudden fluctuations in value.
Tax features: The Gold and Precious Metals Fund and the World Precious Minerals Fund intend to make distributions that may be taxed as
ordinary income or capital gains. Under current federal law, long-term capital gains for individual investors in the fund are taxed at a maximum
rate of 15%. The Market Vectors Gold Miners ETF and the Market Vectors Junior Gold Miners ETF are designed to not generate taxable gains
for shareholders. Information provided here is neither tax nor legal advice and is general in nature. Federal and state laws and regulations are
subject to change.
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