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Bonnel Growth Fund Changes Name, Manager

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June 8, 2004 — U.S. Global Investors Inc. (GROW) said the US Global Accolade Fds:Bonnel Growth (ACBGX) is now managed by a team led by Frank Holmes, U.S Global’s chief executive officer and chief investment officer, following Art Bonnel’s decision to take an “extended sabbatical.”

Both changes became effective June 1, according to a company spokesman. The fund’s name was also changed to Holmes Growth Fund. The ticker symbol will remain the same.

U.S. Global noted that the fund’s objectives will remain “focused on stocks with strong revenue and earnings growth.” In addition to using earnings momentum and relative value as critical drivers for picking stocks, Holmes plans to implement a “more comprehensive quantitative matrix of models.”

Bonnel had managed the fund since its inception in October 1994.

For the one-year period ended in April, the $79-million portfolio gained 25.7%, versus 28.7% for the average mid-cap growth fund. For the three years period, the fund fell 2.5% on average, versus a loss of 3.7% for the peer group. The fund is ranked 3-Stars by Standard & Poor’s.

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