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GOLD SHARES FUND [Graphic: USGI Logo]
a U.S. Global Investors Fund
NATURAL RESOURCES
About the Portfolio Manager
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The portfolio management team is comprised of Ralph Aldis, C.F.A. (Charted
Financial Analyst), Michael Chapman, and Matthew Ford.
Mr. Aldis, C.F.A. holds an M.A. in Energy and Mineral Resources from the
University of Texas at Austin and a B.S. with honors in Geology from Stephen F.
Austin State University. He has been a fund manager with the company since 1992.
Mr.Chapman holds an M.A. in Energy and Mineral Resources and a B.S. in Petroleum
Engineering from the University of Texas at Austin.
Mr. Ford holds an M.S. in Mineral Resources Engineering management from
Nottingham University and a B.S. in Exploration and Minning Geology from the
University of Wales.
Investment Profile
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The Gold Shares Fund invests in gold mining stocks globally, though its holdings
are focused in the United States, Canada and Australia. The Fund seeks companies
with the greatest potential for creating wealth for stockholders by discovering
new deposits, developing promising properties, and/or profitability mining gold.
The Fund's goal is capital appreciation and protection against inflation and
monetary instability.
SECTORS %
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Gold & Silver Ores 51.87%
Mineral Royalty 8.56%
Investment Advice 7.40%
Metals Mining 7.35%
FUND PROFILE
For Portfolio
Management
Commentary
call our portfolio
direct hotline at
1-800-873-8637
option 6
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EQUITY PORTFOLIO HIGHLIGHTS (QUARTER ENDED JUNE 30, 1998)
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TOTAL RETURNS
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Year To Date -33.33%
1 Year (annualized) -58.71%
5 Year (annualized) -29.32%
10 Year (annualized) -17.72%
Total Assets: $38.500 million
Expense Ratio: as of Dec. 31, 1997 1.70%
CUSIP: 911478105
Ticker Symbol: USERX
Inception Date: 7/01/74
TOP TEN HOLDINGS
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Franco Nevada 8.79%
Meridian Gold 8.64%
Pioneer Group 8.10%
Freeport McMoran 5.39%
Anglogold 5.12%
Barrick Gold 4.88%
Placer Dome 4.67%
Normandy Mining Limited 4.31%
Newmont Mining 4.25%
Homestake Mining 4.17%
Must be accompanied or preceded by a prospectus. Past performance is no
guarantee of future results. Please read the prospectus carefully before
investing. Investment returns and principal value will vary, and you may have a
gain or loss when you sell shares. Call 1-800-US-FUNDS to receive additional
information. The Fund's portfolio will change. There can be no guarantee that
the Fund will continue to hold these securities in the future.
