U.S. Global Investors, Inc. | Family of No-Load Mutual Funds

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Ticker Symbol USUTX	Fund Name Tax Free Fund	Category General Municipal Debt
Current NAV $ 11.98 as of 8/7/2008	NAV Change 0.04	Assets $17.8 m as of 6/30/08

Morningstar Rating	As of 6/30/2008
3-year Rating

Morningstar 3-year Rating™. Among 231, 231, 213 and 133 Municipal National Intermediate funds, the Tax Free Fund earned 4 stars, 5 stars, 4 stars and 3 stars for the overall, 3-, 5- and 10-year periods. Ratings are based on risk-adjusted return as of 6/30/08. The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating. Past performance does not guarantee future results.

Quarterly Yields as of Quarter End	6/30/2008
30 Day SEC Yield	3.54%
Tax Equivalent Yield	5.69%

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The Effect of Interest Rates

Average Annual Total Returns

	Month End 7/31/2008	Quarter End 6/30/2008
1 Year	3.43 %	3.54 %
3 Years	3.31 %	2.99 %
5 Years	3.61 %	2.67 %
10 Years	3.97 %	3.94 %
Since Inception	6.13 %	6.13 %
Inception Date	11/1/1984
Gross Expense Ratio	2.00%
Capped Expense Ratio	0.70%

Gross expense ratio as stated in the most recent prospectus. The Adviser for the Tax Free Fund has contractually limited total fund operating expenses (as a percentage of net assets) to not exceed 0.70% through November 1, 2008, or until such later date as the Adviser determines. Performance data quoted above is historical. Past performance is no guarantee of future results. Results reflect the reinvestment of dividends and other earnings. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance does not include the effect of any direct fees described in the fund’s prospectus which, if applicable, would lower your total returns. Obtain performance data current to the most recent month-end at www.usfunds.com or 1-800-US-FUNDS.

Initial Investment Requirements

To Open an Account	$5,000
To Open an IRA Account	no minimum
To Open a Business Account	$5,000
To Open a Trust Account	$5,000
UGMA/UTMA	$50

ABC Investment Plan

$100 with regular $50 per month subsequent investments.

Disclosure

Please consider carefully the 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.

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. Bond funds are subject to interest-rate risk; their value declines as interest rates rise.

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.)

A program of regular investing doesn’t assure a profit or protect against loss in a declining market. You should evaluate your ability to continue in such a program in view of the possibility that you may have to redeem fund shares in periods of declining share prices as well as in periods of rising prices.