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Welcome to U.S. Global Investors, Inc. - Family of Mutual Funds
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2nd 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 and CEO Frank Holmes discusses reasons the economy and the markets may not be recovering as quickly as we would hope.

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 quarterly column answers questions about changes in custodianship of U.S. Global Investors IRAs.

The welcome mat is out
The advantages of using company websites are discussed in this sidebar.

New tax law gives boost to the Education IRA
How Coverdell education savings plans will benefit from the Economic Growth and Tax Relief Reconciliation Act of 2001.

Children and Investing: So just how are you going to invest for your children or grandchildren's future?
Suggestions for saving and investing for a child's college education.

Women & Investing: You have come a long way, but have your investments kept up?
Shareholders are advised to take a long-term approach to investing for retirement and are introduced to U.S. Global Investors' new online bill management system.

Did you know...
The IRA "catch-up" provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 are discussed.

Retirement: 5 ways your retirement can benefit from the new tax laws
Five provisions within the new Economic Growth and Tax Relief Reconciliation Act of 2001 are highlighted.

Market Conditions: The pulse of cycles
What the current economic and business cycles may be telling us about a potential recovery.

No-load outperforms!
Recent studies support theory that no-load mutual funds outperform load funds.

Expert Insight: The value of gold in investment portfolios
World Gold Council Chief Portfolio Strategist Richard Scott-Ram lists the advantages of including gold and gold equities.

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
1st 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