[LINEAR GRAPH PLOTTED FROM DATA IN TABLE BELOW]
UNITED SERVICES NEAR-TERM TAX FREE FUND VS. S&P 500
MONTHLY VOLATILITY
<TABLE>
<CAPTION>
US Glob Inv:
Near Tm Tx Fr S&P 500
------------- -------
<S> <C> <C>
12/31/93 ..... 1.3005% 1.2090%
1/31/94 ..... 0.6536% 3.3965%
2/28/94 ..... -1.0204% -2.7118%
3/31/94 ..... -1.5933% -4.3513%
4/29/94 ..... 0.1905% 1.2811%
5/31/94 ..... 0.3881% 1.6348%
6/30/94 ..... 0.0947% -2.4471%
7/29/94 ..... 0.8672% 3.2814%
8/31/94 ..... 0.2814% 4.0905%
9/30/94 ..... -0.0935% -2.4434%
10/31/94 ..... -0.2886% 2.2434%
11/30/94 ..... -0.1956% -3.6373%
12/30/94 ..... 0.6820% 1.4813%
1/31/95 ..... 0.6774% 2.5916%
2/28/95 ..... 0.5800% 3.8933%
3/31/95 ..... 0.6766% 2.9462%
4/28/95 ..... 0.2902% 2.9423%
5/31/95 ..... 1.0509% 3.9909%
6/30/95 ..... 0.3843% 2.3187%
7/31/95 ..... 0.5780% 3.3146%
8/31/95 ..... 0.4702% 0.2497%
9/29/95 ..... 0.2897% 4.2178%
10/31/95 ..... 0.3778% -0.3573%
11/30/95 ..... 0.6642% 4.3849%
12/29/95 ..... 0.2859% 1.9263%
1/31/96 ..... 0.7602% 3.3995%
2/29/96 ..... 0.0000% 0.9304%
3/29/96 ..... -0.4716% 0.9628%
4/30/96 ..... 0.0000% 1.4729%
5/31/96 ..... 0.0948% 2.5746%
6/28/96 ..... 0.5826% 0.3812%
7/31/96 ..... 0.5720% -4.4156%
8/30/96 ..... 0.2880% 2.1126%
9/30/96 ..... 0.6748% 5.6232%
10/31/96 ..... 0.4848% 2.7570%
11/29/96 ..... 1.2418% 7.5522%
12/31/96 ..... 0.0000% -1.9810%
1/31/97 ..... 0.3855% 6.2442%
2/28/97 ..... 0.4748% 0.7851%
3/31/97 ..... -0.6671% -4.1011%
</TABLE>
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For more information, including charges and expenses, call 1-800-US-FUNDS.
Please read the prospectus carefully before investing. Past performance is no
guarantee of future results. Investment returns and principal will fluctuate so
that you may have a gain or loss when you sell shares. U.S. stands for United
Services. This chart illustrates that the volatility of the NAV of our municipal
bond fund is significantly less than that of the S&P 500, a measure of large-cap
American stocks. The expected long-term returns of the S&P 500, however, may be
higher than those of investment-grade municipal bonds.
