page 1 of 14

Frank HolmesWelcome to
U.S. Global Investors

Dear Investor,

Thank you for inquiring about our gold funds. If you are seeking growth for your portfolio, the gold and natural resources sectors present excellent opportunities for capital appreciation. To manage your money in these specialized sectors, we employ fund managers and analysts with professional experience in geology, engineering, mineral economics and mining finance. This investment team is one of the most qualified in the business.

We introduced the nation’s first no-load gold fund in 1974 and have been a recognized leader in gold fund management ever since.

Our flagship fund, the World Precious Minerals Fund (UNWPX), invests in all tiers of mining companies, including exploration companies. The Gold Shares Fund (USERX) focuses on mid- and large-capitalization senior gold producers. Both funds seek gold companies with a strong growth profile evidenced by increasing reserves, production
and cash flow.

Everything you need to open an account is inside this booklet. In three easy steps you can become a fund shareholder. Simply:
1. Review the enclosed investor’s guide and prospectus carefully;
2. Complete the enclosed new account application; and
3. Mail the application with your check in the postage-paid envelope provided.

Historically, gold-related funds have demonstrated price volatility, so please read the prospectus carefully before you invest.

If there is anything we can do to help you with this investment decision, please call our Investment Center at 1-800-US-FUNDS (1-800-873-8637). An investor representative will be happy to answer your questions or provide additional information.

I look forward to welcoming you as a fellow shareholder.

Sincerely,

Frank Holmes

Frank Holmes
Chairman & CEO

P.S. Call 1-800-US-FUNDS to learn about qualifying for a free lifetime IRA.

Not part of prospectus

page 1 of 14