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Welcome to U.S. Global Investors, Inc. - Family of Mutual Funds
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1st Quarter 2001

Are you interested in learning more about investing in mutual funds, retirement planning, asset allocation or investing in general? Read some of the latest articles from our quarterly Shareholder Report. Our newsletter provides investors with financial solutions, insights from money managers and global perspectives on investing. If you would like to receive a current issue of our Shareholder Report, please call an investor representative at 1-800-US-FUNDS.

Chairman's Message
U.S. Global Investors Chairman & CEO Frank Holmes sees three reasons for hope that the markets could be on an upswing.

Potential risks and rewards of investing
This guide assists investors in selecting appropriate funds from our family of funds based on potential risks and rewards.

At your service!
This column answers your questions about IRS reporting, purchasing shares online and determining your personal identification number.

Did you know...
SEP IRA -- Contributions to Simplified Employee Pension individual retirement accounts can still be made for year 2000, if certain conditions are met.

Web links communities
"Glocalization" involves the increased use of the web in combination with face-to-face and telephone communications to stay in touch with one another.

Buy online for your IRA now!
Using the convenience and ease of U.S. Global Investors' online purchase option, you can purchase additional shares for your individual retirement account online 24/7.

Children & Investing
"Investing in education, American-style" examines the benefits of investing in the U.S. Government Securities Savings Fund, in addition to the money market fund's convenient check writing and liquidity features.

Women & Investing
This article encourages young adult workers, and women in particular, to start saving and investing by age 25 to take advantage of compounding.

Red flags
This reprint from Women and Investing/It's your money, published by the Nasdaq Stock Market, Inc., lists activities by brokers that potential investors should view with caution.

Alert! Pending IRA changes
Potential changes to federal tax laws could have a positive impact on various retirement plans.

Six steps to fine-tune your IRA
As economic markets change, financial planners recommend that investors continue to monitor and adjust their retirement plans.

Market Conditions
"Reality Check" explodes several myths and unrealistic images of the current stock market volatility.

Glossary of investing terms
Several terms that have crept into the current bear market are revisited.

Expert Insight
Guest contributor Scott Burns of the Dallas Morning News discusses why at least one financial analyst thinks this is not a bear market.

Past Issues
Would you like to read some of the articles in past issues of the Shareholder Report? You can read selected articles from several of the most recent Shareholder's Report by clicking on the specific quarter below.

1st Quarter 2002
4th Quarter 2001
3rd Quarter 2001
2nd Quarter 2001
4th Quarter 2000
3nd Quarter 2000
2nd Quarter 2000
1st Quarter 2000
4th Quarter 1999
3rd Quarter 1999
2nd Quarter 1999
1st Quarter 1999
4th Quarter 1998