Aaron S. Dunn

AARON S. DUNN is Portfolio Manager/Analyst for U.S. Global Investors. He
joined the firm in September 2000. As part of the portfolio management
team, Mr. Dunn is responsible for research coverage of the natural
resource and healthcare sectors. He is also responsible for setting
asset allocation and buy/sell decisions for the US Global Natural
Resource Fund (PSPFX) and All American Equity Fund (GBTFX). Prior to
joining U.S. Global Investors, Mr. Dunn was an Associate Portfolio
Manager for Firstar Private Client Group where he was responsible for
investment operations and private portfolio management. He earned a BS
degree in Finance from the University of Arkansas where he was a member
of the National Honor Society. In addition, Mr. Dunn is a CFA
charterholder. He is a member of the Association for Investment
Management and Research, San Antonio Society of Financial Analysts, and
World Affairs Council. Mr. Dunn is also a member of the Board of
Directors of the Family Service Association of San Antonio.

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January 26, 2004