[FRONT OF POSTCARD]
REGENT EASTERN EUROPEAN FUND [Graphic: USGI Logo]
a U.S. Global Investors Fund
EASTERN EUROPE
About the Portfolio Manager
- --------------------------------------------------------------------------------
Dominic Bokor-Ingram is the portfolio manager and leads the investment team from
his office in London. Regent also has offices in Kiev, Warsaw, Moscow, Hong Kong
and Tokyo.
Regent Pacific Group Ltd., the sub-advisor is a specialist in emerging
markets with extensive experience in Asia and Eastern Europe. Regent Pacific's
wholly owned subsidiary, Regent Fund Management Ltd., serves as the sub-advisor
and portfolio manager of the Regent Eastern European Fund.
Investment Profile
- --------------------------------------------------------------------------------
The Fund searches throughout the region for the best opportunities to achieve
maximum long-term capital gains.
Economic reform in Eastern Europe and the former Soviet Union has given rise to
many investments with outstanding potential. The stock prices of many companies
in the region understate the true value of the underlying assets they control.
SECTORS %
- --------------------------------------------------------------------------------
Commercial Banks 12.93%
Oil & Gas Extraction 10.63%
Finance Services 5.79%
Metals Mining 5.61%
Chemicals 5.61%
Electric Services 5.59%
Manufacturing 4.86%
Communications 3.23%
Drugs 2.99%
Conglomerates 2.81%
FUND PROFILE
For Portfolio
Management
Commentary
call our portfolio
direct hotline at
1-800-873-8637
option 6
<PAGE>
[BACK OF POSTCARD]
EQUITY PORTFOLIO HIGHLIGHTS (QUARTER ENDED JUNE 30, 1998)
[Graphic: Save with a FREE
Lifetime IRA icon]
TOTAL RETURNS
- --------------------------------------------------------------------------------
Year To Date -12.61%
Since Inception -1.43%
Total Assets: $7.703 million
Expense Ratio: as of Dec. 31, 1997 3.25%
CUSIP: 90330L402
Ticker Symbol: EUROX
Inception Date: 3/31/97
TOP TEN HOLDINGS
- --------------------------------------------------------------------------------
MOL Magyar Olaj-es Gazipari 8.15%
Hungarian Inv. Co. Lt 4.44%
BorsodChem Rt. 4.30%
Bank Peako 4.09%
KGHM Polska Miedz 4.05%
Unified Energy Sys. 2.70%
Rostelecom 2.48%
Graboplast 2.46%
Budimex 2.34%
Big Bank Gdanski 2.41%
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.
