page 1 of 14

Frank HolmesWelcome to U.S. Global Investors

Dear Investor,

Thank you for inquiring about the dynamic Eastern European Fund. The political and economic reform initiated after the fall of the Berlin Wall has created exciting investment opportunities throughout Eastern Europe.

To capitalize on these opportunities, U.S. Global Investors and Charlemagne Capital Ltd. formed a joint venture to make Eastern European assets available to investors in a no-load mutual fund.

The Eastern European Fund invests in dynamic companies in the emerging markets of Eastern Europe, including Poland, the Czech Republic, Hungary, Russia and other countries within the former Soviet Union. The fund seeks to achieve long-term growth of capital. Please remember that investing in foreign markets involves special risks. Read the prospectus carefully to determine the suitability of this fund for your portfolio.

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.

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