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CHINA REGION OPPORTUNITY FUND [Graphics: USGI Logo]
a U.S. Global Investors Fund
ASIA - EX JAPAN
About the Portfolio Manager
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Portfolio manager Bin Shi, C.F.A., (Chartered Financial Analyst), has been
managing the China Region Opportunity Fund since January 1996. A native of
Shanghai and fluent in Chinese, Bin has worked in international banking in China
at the Bank of Communications in Shanghai and has a number of contacts in the
Chinese business community. An honors graduate in international finance and
trade from the prestigious Fudan University in Shanghai, Mr. Shi was a Ph.D.
student at Tulane University in New Orleans, Louisiana, where he received his
M.B.A.
Investment Profile
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As the most populated country on earth awakens to the calls of capitalism, a
dynamic new economic energy emerges from the East. The China Region Opportunity
Fund offers a rare opportunity to take part in the growth of this region. It
invests in the stocks of companies of The People's Republic of China and
neighboring countries. The Fund's objective is to achieve growth of capital.
SECTORS %
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Conglomerates 9.40%
Holdings 8.54%
Real Estate Development 6.61%
Household Appliances 6.46%
Manufacturing 3.95%
Taxicabs 3.15%
Groceries 3.09%
Electric Services 3.06%
Motor Vehicles 2.89%
Plastics 2.76%
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 -29.48%
1 Year (annualized) -52.05%
Since Inception (annualized) -17.26%
Total Assets: $18.164 million
Expense Ratio: as of Dec. 31, 1997 2.49%
CUSIP: 911473828
Ticker Symbol: USCOX
Inception Date: 2/17/94
Top Ten Holdings
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HSBC Holding 8.85%
Guangdong Kelon Elec. Hldg. 4.67%
Varitronix 3.38%
Shanghai Dazhong B 3.26%
Qingling Motors 2.99%
Hutchison Whampoa 2.69%
China Intl. Marine Container "B" 2.50%
Li & Fung 2.29%
NG Fung Hong Limited 2.24%
Citic Pacific Ltd. 2.17%
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 in-
formation. The Fund's portfolio will change. There can be no guarantee that
the Fund will continue to hold these securities in the future.
