IMPORTANT ADDITIONAL INFORMATION FOR SHAREHOLDERS
OF
U.S. GLOBAL INVESTORS FUNDS
U.S. GOLD SHARES FUND
U.S. WORLD GOLD FUND
AND
U.S. GLOBAL RESOURCES FUND
MAY 29, 1997, SUPPLEMENT TO
PROSPECTUS DATED NOVEMBER 1, 1996,
AMENDED MARCH 27, 1997
THE INVESTMENT ADVISOR -- PAGE 28
Delete the second paragraph and replace with the following two paragraphs:
The Advisor uses a team approach to manage the assets of the GOLD
SHARES and WORLD GOLD FUNDS. Ralph Aldis, Michael Chapman and Naijiang
Zhou lead the team that meets regularly to review portfolio holdings
and discuss buy and sell activity. Mr. Aldis is a Chartered Financial
Analyst who holds a masters degree in energy and mineral resources.
He has been the Advisor's director of research since April 1989 and
has served as portfolio manager of the GLOBAL RESOURCES FUND since
November 1992. Mr. Chapman joined the Advisor as a senior research
analyst in November 1995. Before joining the Advisor, he was a
petroleum engineer for UNOCAL Corporation. Mr. Chapman holds a masters
degree in energy and mineral resources. Dr. Zhou joined the Advisor as
a senior research analyst in January 1995. Before joining the Advisor,
he worked for the Bureau of Economic Geology at The University of
Texas. Dr. Zhou holds both an M.B.A. in operations management and a
Ph.D. in energy and mineral resources management.
Ralph Aldis is the portfolio manager for the GLOBAL RESOURCES FUND.
Mr. Aldis' background is discussed above.
================================================================================
IMPORTANT ADDITIONAL INFORMATION FOR SHAREHOLDERS
OF
U.S. GLOBAL INVESTORS FUNDS
U.S. INCOME FUND
AND
U.S. REAL ESTATE FUND
MAY 29, 1997, SUPPLEMENT TO
PROSPECTUS DATED NOVEMBER 1, 1996,
AMENDED MARCH 20, 1997
THE INVESTMENT ADVISOR -- PAGE 24
Delete the fifth paragraph and replace with the following:
The Advisor uses a team approach to manage the assets of the U.S.
Income and the U.S. Real Estate Funds. Ralph Aldis and Naijiang Zhou
lead the team that meets regularly to review portfolio holdings and to
discuss buy and sell activity. Mr. Aldis is a Chartered Financial
Analyst who holds a masters degree in energy and mineral resources. He
has been the Advisor's director of research since April 1989 and has
served as portfolio manager of the Global Resources Fund since
November 1992. Dr. Zhou joined the Advisor as a senior research
analyst in January 1995. Before joining the Advisor, he worked for the
Bureau of Economic Geology at The University of Texas. Dr. Zhou holds
both an M.B.A. in operations management and a Ph.D. in energy and
mineral resources management.
