OPPORTUNITIES [GRAPHIC: UNITED SERVICES ADVISORS, INC. LOGO]
MAXIMIZING GROWTH OPPORTUNITIES
Whether it is searching through hundreds of balance sheets, visiting an endless
array of companies in the Republic of China, or tracking through hundreds of
miles of gold mining tunnels in continents around the world, United Services'
portfolio managers Frank Holmes, Victor Flores, Tim Reynolds and Bin Shi seek
growth.
[GRAPHIC: PHOTOGRAPH OF FRANK HOLMES] Frank Holmes
Chairman & CEO
Portfolio Manager
GROWTH OPPORTUNITIES IN GLOBAL MARKETS
Frank Holmes uses his vast global network of analysts, fund managers and
precious metal specialists, combined with his corporate finance background, to
search for investment opportunities. He likes to characterize his approach as
"adventure investing," which means high risk emerging market investing. During
1995, Mr. Holmes traveled around the globe to a great number of countries,
searching for new growth opportunities.
[GRAPHIC: PHOTOGRAPH OF VICTOR FLORES] Victor Flores
Chief Investment Officer
Portfolio Manager
U.S. Gold Funds
GROWTH OF PRODUCTION AND RESERVES
Victor Flores, a mineral economist and geologist, has spent the past year
visiting mine sites in South Africa, Zimbabwe, Chile, Kenya, Mexico and Canada.
Bilingual in Spanish and schooled in mineral finance, Victor speaks often with
the front-line laborers in addition to top brass management. He is able to
inspect and evaluate the quality of the vein deposits, as well the caliber and
efficiency of the workforce. His experience and knowledge have enabled Victor to
manage one of the top performing gold funds of 1995. As of February 6, 1996, for
the one year period, the U.S. World Gold Fund was up over 58.11%.*
[GRAPHIC: PHOTOGRAPH OF TIM REYNOLDS] Tim Reynolds
Portfolio Manager
U.S. Real Estate Fund
HIGH QUALITY CASH FLOW COMBINED WITH SUSTAINED GROWTH
Tim Reynolds gained valuable experience as Senior Financial Analyst at a real
estate investment trust before joining United Services in 1995. Tim sees
tremendous opportunities in the REIT market and views real estate as an
important component of a diversified investment portfolio. He looks at real
estate as an inflation hedge as well as a source for income and capital
appreciation. Tim implements an active management style to keep up with today's
rapidly changing real estate environment. He has proven that he is a manager
worth observing. For 1995, the U.S. Real Estate Fund achieved a total return of
18.93%.**
[GRAPHIC: PHOTOGRAPH OF BIN SHI] Bin Shi
Portfolio Manager
China Region Opportunity Fund
SOLID STOCKS WITH EARNINGS GROWTH POTENTIAL
Portfolio Manager Bin Shi is a native of Shanghai, China, and a graduate of
Fudan University, one of the top universities in Shanghai. Before joining United
Services in 1994, he completed his U.S. studies at Tulane University in New
Orleans. Bin is committed to mainland China, and the China Region Opportunity
Fund is positioned accordingly. Bin has patiently built a portfolio that seeks
to outperform its competitors, especially when the China market eventually takes
off. When selecting the most favorable prospects, Bin focuses on three main
factors; stocks that have strong earnings and strong earnings growth potential,
stocks that generate sufficient cash to meet debt obligations and future capital
requirements, and stocks which are backed by dedicated and motivated management.
UNITED SERVICES GLOBAL FINANCIAL SOLUTIONS FOR GROWTH
*18.97% and 9.16% were the respective average annual total returns for the U.S.
World Gold Fund for the 5 and 10 year periods as of 2-6-96. **Average annual
total rate of return for 5 years 11.36%; life of the U.S. Real Estate Fund
(7/2/87 through 12/29/95), 4.38%. Investment return and principal value will
fluctuate. You may have a gain or loss when you sell shares. Past performance is
no guarantee of future results. For a free prospectus containing more complete
information, including charges and expenses, call 1-800-US-FUNDS
(1-800-873-8637). Please read the prospectus carefully before investing. "U.S."
stands for United Services. The China Fund is designed for investors seeking
long term capital appreciation and who are willing to accept the special risks
of investing in emerging markets.
