EXHIBIT 21

LIST OF SUBSIDIARIES OF THE REGISTRANT

     1.   United  Shareholder  Services,   Inc.,  Texas,  wholly  owned  by  the
          Registrant

     2.   A & B Mailers, Inc., Texas, wholly owned by the Registrant

     3.   Securities  Trust and Financial  Company,  Texas,  wholly owned by the
          Registrant

     4.   U.S. Advisors (Guernsey) Limited,  Guernsey,  Channel Islands,  wholly
          owned by the Registrant

     5.   United Services  Advisors Wealth  Management Inc.,  Montreal,  Quebec,
          Canada, 50% owned by the Registrant

     6.   U.S. Global Strategies Fund Limited,  Guernsey, Channel Islands, $100%
          owned by Registrant