WITH DOLLAR COST-AVERAGING YOU COME OUT AHEAD.
<TABLE>
<CAPTION>
(LINEAR GRAPH PLOTTED FROM DATA IN TABLE BELOW)
SINCE INCEPTION
DOLLAR COST AVERAGING VS. LUMP SUM INVESTMENT - U.S. GOLD SHARES FUND
JUNE 30, 1970 TO AUGUST 25, 1995
United Services: United Services:
Gold Shares (US) Gold Shares (US)
Dollar Cost Averaging Single Investment
($55/month) ($16,500)
--------------------- -----------------
<S> <C> <C>
6/30/70 ....................... 0 16500
7/31/70 ....................... 55 16270.83
8/31/70 ....................... 111.549 16729.17
9/30/70 ....................... 174.745 17958.33
10/30/70 ....................... 223.664 17333.33
11/30/70 ....................... 282.427 17625
12/31/70 ....................... 355.121 18729.17
1/29/71 ....................... 448.042 20729.17
2/26/71 ....................... 518.411 21440.23
3/31/71 ....................... 590.743 22157.02
4/30/71 ....................... 663.729 22831.64
5/31/71 ....................... 697.279 22093.77
6/30/71 ....................... 738.972 21672.13
7/30/71 ....................... 731.433 19838.01
8/31/71 ....................... 805.865 20365.06
9/30/71 ....................... 850.854 20112.08
10/29/71 ....................... 864.828 19142.31
11/30/71 ....................... 899.826 18699.59
12/31/71 ....................... 1097.865 21672.13
1/31/72 ....................... 1270.341 23991.14
2/29/72 ....................... 1374.458 24918.74
3/31/72 ....................... 1512.018 26415.55
4/28/72 ....................... 1655.109 27954.52
5/31/72 ....................... 1762.533 28839.96
6/30/72 ....................... 1751.825 27764.79
7/31/72 ....................... 1738.986 26689.61
8/31/72 ....................... 1707.449 25361.46
9/29/72 ....................... 1699.999 24433.86
10/31/72 ....................... 1666.992 23168.94
11/30/72 ....................... 1668.903 22431.08
12/29/72 ....................... 1736.451 22599.74
1/31/73 ....................... 1726.658 21756.46
2/28/73 ....................... 1557.46 18931.49
3/30/73 ....................... 1550.023 18172.55
4/30/73 ....................... 1486.344 16781.15
5/31/73 ....................... 1298.599 14040.51
6/29/73 ....................... 1297.054 13429.13
7/31/73 ....................... 1504.768 15010.27
8/31/73 ....................... 1500.592 14419.98
9/28/73 ....................... 1759.62 16380.59
10/31/73 ....................... 1796.503 16211.94
11/30/73 ....................... 1557.147 13555.62
12/31/73 ....................... 1604.882 13492.38
1/31/74 ....................... 1730.096 14082.67
2/28/74 ....................... 1779.916 14040.51
3/29/74 ....................... 1968.543 15094.6
4/30/74 ....................... 1721.113 12775.6
5/31/74 ....................... 1526.183 10920.39
6/28/74 ....................... 1492.794 10287.94
7/31/74 ....................... 1859.812 12438.29
8/30/74 ....................... 1665.786 10772.82
9/30/74 ....................... 1375.242 8538.146
10/31/74 ....................... 1732.455 10414.43
11/29/74 ....................... 1766.413 10287.94
12/31/74 ....................... 1622.33 9128.437
1/31/75 ....................... 1579.915 8580.31
2/28/75 ....................... 1933.818 10203.61
3/31/75 ....................... 2000.804 10266.86
4/30/75 ....................... 1755.889 8727.882
5/30/75 ....................... 2005.988 9697.647
6/30/75 ....................... 2069.71 9739.811
7/31/75 ....................... 1994.793 9128.437
8/29/75 ....................... 1722.702 7631.627
9/30/75 ....................... 1417.366 6035.327
10/31/75 ....................... 1467.231 6013.46
11/28/75 ....................... 1260.797 4941.971
12/31/75 ....................... 1494.317 5641.719
1/30/76 ....................... 1375.559 4985.705
2/27/76 ....................... 1364.194 4745.167
3/31/76 ....................... 1219.84 4051.74
4/30/76 ....................... 1470.284 4700.914
5/31/76 ....................... 1455.271 4477.061
6/30/76 ....................... 1364.744 4029.355
7/30/76 ....................... 1184.705 3335.411
8/31/76 ....................... 1009.124 2686.237
9/30/76 ....................... 1173.446 2977.246
10/29/76 ....................... 1369.613 3335.41
11/30/76 ....................... 1539.545 3615.305
12/31/76 ....................... 1465.422 3312.086
1/31/77 ....................... 1448.183 3148.814
2/28/77 ....................... 1857.183 3918.524
3/31/77 ....................... 1801.637 3685.279
4/29/77 ....................... 1742.609 3452.033
5/31/77 ....................... 1821.645 3499.648
6/30/77 ....................... 1889.037 3523.455
7/29/77 ....................... 2131.665 3873.419
8/31/77 ....................... 2279.925 4042.881
9/30/77 ....................... 2840.058 4938.61
10/31/77 ....................... 2658.386 4527.059
11/30/77 ....................... 2869.762 4793.357
12/30/77 ....................... 2924.762 4793.357
1/31/78 ....................... 3277.333 5281.042
2/28/78 ....................... 3301.415 5231.221
3/31/78 ....................... 3230.647 5031.937
4/28/78 ....................... 2949.788 4508.814
5/31/78 ....................... 3249.245 4882.473
6/30/78 ....................... 3155.045 4658.278
7/31/78 ....................... 3998.376 5822.212
8/31/78 ....................... 4124.458 5925.718
9/29/78 ....................... 4071.394 5770.459
10/31/78 ....................... 3742.989 5227.053
11/30/78 ....................... 3297.688 4528.387
12/29/78 ....................... 3710.723 5020.041
1/31/79 ....................... 4138.576 5524.453
2/28/79 ....................... 4497.883 5930.663
3/30/79 ....................... 4655.574 6066.066
4/30/79 ....................... 4752.142 6120.227
5/31/79 ....................... 6279.044 8015.873
6/29/79 ....................... 6206.766 7853.389
7/31/79 ....................... 6004.934 7528.421
8/31/79 ....................... 7567.772 9418.806
9/28/79 ....................... 8929.933 11045.69
10/31/79 ....................... 8177.317 10046.73
11/30/79 ....................... 9812.025 11987.57
12/31/79 ....................... 11759.35 14299.46
1/31/80 ....................... 14369.93 17407.07
2/29/80 ....................... 15759.97 19024.28
3/31/80 ....................... 11381.72 13672.79
4/30/80 ....................... 13150.1 15731.05
5/30/80 ....................... 15564.74 18553.82
6/30/80 ....................... 16927.08 20112.23
7/31/80 ....................... 18169.95 21523.61
8/29/80 ....................... 19659.36 23222.78
9/30/80 ....................... 25942.03 30579.26
10/31/80 ....................... 25838.36 30392.23
11/28/80 ....................... 26184.87 30735.12
12/31/80 ....................... 22097.03 25872.36
1/30/81 ....................... 17329.86 20226.31
2/27/81 ....................... 17500.78 20361.6
3/31/81 ....................... 18834.91 21849.83
4/30/81 ....................... 19064.84 22052.77
5/29/81 ....................... 18915.16 21816
6/30/81 ....................... 14659.26 16843.99
7/31/81 ....................... 16598.18 19008.67
8/31/81 ....................... 19280.15 22017.14
9/30/81 ....................... 18292.12 20826.05
10/30/81 ....................... 17396.06 19743.24
11/30/81 ....................... 17133.03 19382.3
12/31/81 ....................... 16677.55 18804.8
1/29/82 ....................... 15691.91 17631.43
2/26/82 ....................... 13776.93 15417.96
3/31/82 ....................... 13593.22 15150.82
4/30/82 ....................... 13066.14 14502.04
5/31/82 ....................... 13189.91 14578.37
6/30/82 ....................... 11483.96 12632.04
7/30/82 ....................... 13863.5 15188.98
8/31/82 ....................... 17703.11 19335.43
9/30/82 ....................... 19221.17 20933.4
10/29/82 ....................... 21220.3 23050.71
11/30/82 ....................... 25247.21 27365.22
12/31/82 ....................... 29946.22 32398.82
1/31/83 ....................... 34120.64 36855.62
2/28/83 ....................... 26748.27 28832.9
3/31/83 ....................... 28692.27 30869.13
4/29/83 ....................... 32721.8 35145.19
5/31/83 ....................... 32473.47 34819.4
6/30/83 ....................... 34123.66 36529.82
7/29/83 ....................... 34102.57 36448.37
8/31/83 ....................... 35254.67 37620.93
9/30/83 ....................... 29701.86 31636.74
10/31/83 ....................... 24335.09 25861.78
11/30/83 ....................... 30099.78 31929.67
12/30/83 ....................... 31062.12 32892.16
1/31/84 ....................... 28469.33 30088.38
2/29/84 ....................... 36443.47 38457.89
3/30/84 ....................... 34880.56 36750.54
4/30/84 ....................... 34773.51 36579.81
5/31/84 ....................... 35071.97 36835.91
6/29/84 ....................... 32241.56 33805.38
7/31/84 ....................... 24399.01 25524.77
8/31/84 ....................... 28769.11 30038.98
9/28/84 ....................... 26928.64 28059.83
10/31/84 ....................... 24197.92 25157.09
11/30/84 ....................... 26114.3 27092.25
12/31/84 ....................... 22226.72 23002.03
1/31/85 ....................... 22218.11 22936.2
2/28/85 ....................... 20909.22 21528.23
3/29/85 ....................... 26522.37 27250.93
4/30/85 ....................... 25428.07 26070.06
5/31/85 ....................... 24907.17 25479.62
6/28/85 ....................... 23719.03 24207.91
7/31/85 ....................... 19056.93 19393.58
8/30/85 ....................... 18130.07 18394.38
9/30/85 ....................... 18347.1 18558.77
10/31/85 ....................... 15721.67 15847.41
11/29/85 ....................... 18744.77 18839.26
12/31/85 ....................... 16799.71 16829.11
1/31/86 ....................... 22034.62 22018.09
2/28/86 ....................... 22943.64 22871.47
3/31/86 ....................... 19852.36 19735.09
4/30/86 ....................... 18839.51 18673.54
5/30/86 ....................... 15876.29 15681.92
6/30/86 ....................... 16273.24 16019.68
7/31/86 ....................... 15151.87 14861.63
8/29/86 ....................... 19929.53 19493.83
9/30/86 ....................... 23929.44 23352.5
10/31/86 ....................... 20030.44 19493.83
11/28/86 ....................... 24101.82 23402.62
12/31/86 ....................... 23950.38 23202.17
1/30/87 ....................... 25544.28 24692.99
2/27/87 ....................... 27273.43 26311.35
3/31/87 ....................... 38638.25 37222.2
4/30/87 ....................... 40048.03 38527.33
5/29/87 ....................... 34188.08 32836.98
6/30/87 ....................... 34406.14 32993.59
7/31/87 ....................... 41157.27 39414.82
8/31/87 ....................... 39057.64 37351.41
9/30/87 ....................... 38611.18 36871.86
10/30/87 ....................... 30464.1 29039.25
11/30/87 ....................... 34655.51 32982.2
12/31/87 ....................... 32135.14 30531.18
1/29/88 ....................... 25797.98 24458.07
2/29/88 ....................... 25620.04 24237.23
3/31/88 ....................... 27250.76 25727.9
4/29/88 ....................... 24264.9 22856.98
5/31/88 ....................... 25023.23 23519.5
6/30/88 ....................... 22361.73 20966.24
7/29/88 ....................... 22117.78 20685.95
8/31/88 ....................... 20973.98 19564.76
9/30/88 ....................... 19286.16 17939.03
10/31/88 ....................... 20667.08 19172.34
11/30/88 ....................... 22837.14 21134.42
12/30/88 ....................... 21256.58 19620.82
1/31/89 ....................... 21247.94 19562.07
2/28/89 ....................... 22642.9 20795.71
3/31/89 ....................... 24552.83 22499.32
4/28/89 ....................... 24030.87 21970.61
5/31/89 ....................... 22029.75 20090.78
6/30/89 ....................... 24661.33 22440.57
7/31/89 ....................... 25239.65 22916.77
8/31/89 ....................... 25097.98 22738.19
9/29/89 ....................... 27518.23 24881.06
10/31/89 ....................... 27770.73 25059.63
11/30/89 ....................... 32838.97 29583.46
12/29/89 ....................... 35933.4 32321.57
1/31/90 ....................... 39439.63 35425.9
2/28/90 ....................... 34005.61 30495.49
3/30/90 ....................... 31684.96 28365.07
4/30/90 ....................... 28340.29 25321.61
5/31/90 ....................... 29076.55 25930.3
6/29/90 ....................... 26606.12 23678.14
7/31/90 ....................... 28193.41 25041.8
8/31/90 ....................... 27899.48 24731.88
9/28/90 ....................... 26625.93 23554.17
10/31/90 ....................... 24859.16 21942.57
11/30/90 ....................... 23931.03 21074.78
12/31/90 ....................... 24197.19 21260.73
1/31/91 ....................... 21579.66 18912.53
2/28/91 ....................... 23445.04 20499.16
3/29/91 ....................... 21540.23 18785.61
4/30/91 ....................... 22104.63 19229.86
5/31/91 ....................... 24858.88 21578.06
6/28/91 ....................... 26303.05 22783.89
7/31/91 ....................... 25473.91 22018.05
8/30/91 ....................... 21098.67 18188.82
9/30/91 ....................... 22412.18 19273.77
10/31/91 ....................... 23209.31 19911.97
11/29/91 ....................... 24305.75 20805.46
12/31/91 ....................... 21005.66 17933.54
1/31/92 ....................... 20984.28 17868.33
2/28/92 ....................... 18435.39 15651.09
3/31/92 ....................... 18720.83 15846.73
4/30/92 ....................... 17466.15 14738.11
5/29/92 ....................... 18680.4 15716.3
6/30/92 ....................... 17262.67 14477.26
7/31/92 ....................... 16454.54 13753.39
8/31/92 ....................... 15092.4 12568.89
9/30/92 ....................... 13646.06 11318.58
10/30/92 ....................... 11796.96 9739.246
11/30/92 ....................... 11054.87 9081.189
12/31/92 ....................... 10789.44 8817.965
1/29/93 ....................... 11420.97 9289.155
2/26/93 ....................... 12469.1 10096.91
3/31/93 ....................... 14851.67 11981.66
4/30/93 ....................... 17326.32 13933.73
5/31/93 ....................... 20729.4 16626.24
6/30/93 ....................... 21120.1 16895.49
7/30/93 ....................... 24058.97 19202.51
8/31/93 ....................... 19778.26 15741.98
9/30/93 ....................... 18895.49 14995.6
10/29/93 ....................... 21258.99 16827.64
11/30/93 ....................... 21142.55 16691.93
12/31/93 ....................... 25065.09 19745.33
1/31/94 ....................... 22596.17 17757.09
2/28/94 ....................... 21255.27 16660.13
3/31/94 ....................... 21047.86 16454.45
4/29/94 ....................... 21716.76 16934.37
5/3/94 ....................... 21277.15 16591.57
5/4/94 ....................... 19958.31 15563.16
5/5/94 ....................... 19430.78 15151.8
5/31/94 ....................... 21068.38 16385.89
6/30/94 ....................... 22181.21 17208.61
7/29/94 ....................... 23041.17 17833.11
8/31/94 ....................... 25606.49 19776.02
9/30/94 ....................... 28716.3 22135.27
10/31/94 ....................... 27240.97 20955.64
11/4/94 ....................... 27240.97 20955.64
11/11/94 ....................... 26429.15 20331.14
11/18/94 ....................... 25707.53 19776.02
11/25/94 ....................... 24534.91 18873.96
11/30/94 ....................... 23868.3 18318.84
12/2/94 ....................... 22964.19 17624.94
12/9/94 ....................... 23235.42 17833.11
12/16/94 ....................... 23235.42 17833.11
12/23/94 ....................... 24049.12 18457.62
12/30/94 ....................... 25098.63 19220.9
1/6/95 ....................... 22892.15 17531.15
1/13/95 ....................... 22340.54 17108.72
1/20/95 ....................... 21880.86 16756.69
1/27/95 ....................... 19214.7 14714.9
1/31/95 ....................... 19269.7 14714.9
2/3/95 ....................... 21113.69 16123.03
2/10/95 ....................... 21113.69 16123.03
2/17/95 ....................... 20929.29 15982.22
2/24/95 ....................... 20929.29 15982.22
2/28/95 ....................... 20431.09 15559.78
3/3/95 ....................... 19968.85 15207.75
3/10/95 ....................... 21263.13 16193.44
3/17/95 ....................... 21170.68 16123.03
3/24/95 ....................... 19783.96 15066.94
3/31/95 ....................... 21410.58 16263.84
4/7/95 ....................... 22059.38 16756.69
4/14/95 ....................... 20947.15 15911.81
4/21/95 ....................... 21039.83 15982.22
4/28/95 ....................... 20446.03 15489.37
5/5/95 ....................... 20817.77 15771
5/12/95 ....................... 19609.6 14855.72
5/19/95 ....................... 19330.79 14644.5
5/26/95 ....................... 20074.28 15207.75
5/31/95 ....................... 19943.41 15066.94
6/2/95 ....................... 20036.6 15137.34
6/9/95 ....................... 19757.02 14926.12
6/16/95 ....................... 20968.54 15841.4
6/23/95 ....................... 21061.73 15911.81
6/30/95 ....................... 20277.99 15278.16
7/7/95 ....................... 21320.31 16063.48
7/14/95 ....................... 21509.83 16206.27
7/21/95 ....................... 21604.59 16277.66
7/28/95 ....................... 21699.34 16349.05
7/31/95 ....................... 21943.86 16491.84
8/4/95 ....................... 22513.83 16920.2
8/11/95 ....................... 22513.83 16920.2
8/18/95 ....................... 22798.81 17134.38
8/25/95 ....................... 22513.83 16920.2
Source: Micropal
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(LINEAR GRAPH PLOTTED FROM DATA IN TABLE BELOW)
OVER 5 YEARS
DOLLAR COST AVERAGING VS. LUMP SUM INVESTMENT - U.S. GOLD SHARES FUND
AUGUST 25, 1990 TO AUGUST 25, 1995
United Services: United Services:
Gold Shares (US) Gold Shares (US)
Single Investment Dollar Cost Averaging
($3,300) ($55/month)
--------------------- -----------------
<S> <C> <C>
8/31/90 ......................... 3300 0
9/28/90 ......................... 3142.857 55
10/31/90 ........................ 2927.82 106.237
11/30/90 ........................ 2812.03 157.035
12/31/90 ........................ 2836.842 213.421
1/31/91 ......................... 2523.519 244.849
2/28/91 ......................... 2735.224 320.39
3/29/91 ......................... 2506.583 348.608
4/30/91 ......................... 2565.86 411.852
5/31/91 ......................... 2879.183 517.145
6/28/91 ......................... 3040.078 601.044
7/31/91 ......................... 2937.891 635.841
8/30/91 ......................... 2426.953 580.26
9/30/91 ......................... 2571.719 669.872
10/31/91 ........................ 2656.875 747.053
11/29/91 ........................ 2776.094 835.575
12/31/91 ........................ 2392.891 775.234
1/31/92 ......................... 2384.19 827.415
2/28/92 ......................... 2088.341 779.743
3/31/92 ......................... 2114.446 844.49
4/30/92 ......................... 1966.521 840.411
5/29/92 ......................... 2097.043 951.19
6/30/92 ......................... 1931.716 931.2
7/31/92 ......................... 1835.13 939.64
8/31/92 ......................... 1677.08 913.714
9/30/92 ......................... 1510.25 877.821
10/30/92 ........................ 1299.518 810.334
11/30/92 ........................ 1211.713 810.582
12/31/92 ........................ 1176.59 842.087
1/29/93 ......................... 1239.462 942.084
2/26/93 ......................... 1347.241 1079.004
3/31/93 ......................... 1598.726 1335.418
4/30/93 ......................... 1859.192 1607.987
5/31/93 ......................... 2218.457 1973.709
6/30/93 ......................... 2254.383 2060.672
7/30/93 ......................... 2562.211 2397.048
8/31/93 ......................... 2100.469 2020.071
9/30/93 ......................... 2000.878 1979.292
10/29/93 ........................ 2245.329 2276.106
11/30/93 ........................ 2227.222 2312.751
12/31/93 ........................ 2634.641 2790.815
1/31/94 ......................... 2369.347 2564.795
2/28/94 ......................... 2222.978 2461.352
3/31/94 ......................... 2195.534 2485.965
4/29/94 ......................... 2259.57 2613.472
5/3/94 .......................... 2213.83 2560.568
5/4/94 .......................... 2076.609 2401.855
5/5/94 .......................... 2021.721 2338.37
5/31/94 ......................... 2186.386 2583.826
6/30/94 ......................... 2296.162 2768.557
7/29/94 ......................... 2379.491 2924.029
8/31/94 ......................... 2638.735 3297.6
9/30/94 ......................... 2953.532 3745.999
10/31/94 ........................ 2796.133 3601.368
11/4/94 ......................... 2796.133 3601.368
11/11/94 ........................ 2712.805 3494.043
11/18/94 ........................ 2638.735 3398.642
11/25/94 ........................ 2518.372 3243.617
11/30/94 ........................ 2444.302 3203.216
12/2/94 ......................... 2351.715 3081.882
12/9/94 ......................... 2379.491 3118.282
12/16/94 ........................ 2379.491 3118.282
12/23/94 ........................ 2462.819 3227.483
12/30/94 ........................ 2564.665 3415.95
1/6/95 .......................... 2339.2 3115.647
1/13/95 ......................... 2282.834 3040.571
1/20/95 ......................... 2235.862 2978.008
1/27/95 ......................... 1963.425 2615.141
1/31/95 ......................... 1963.425 2670.141
2/3/95 .......................... 2151.313 2925.657
2/10/95 ......................... 2151.313 2925.657
2/17/95 ......................... 2132.524 2900.106
2/24/95 ......................... 2132.524 2900.106
2/28/95 ......................... 2076.158 2878.451
3/3/95 .......................... 2029.186 2813.328
3/10/95 ......................... 2160.707 2995.673
3/17/95 ......................... 2151.313 2982.648
3/24/95 ......................... 2010.397 2787.278
3/31/95 ......................... 2170.101 3063.698
4/7/95 .......................... 2235.862 3156.537
4/14/95 ......................... 2123.13 2997.384
4/21/95 ......................... 2132.524 3010.647
4/28/95 ......................... 2066.763 2972.807
5/5/95 .......................... 2104.341 3026.858
5/12/95 ......................... 1982.214 2851.192
5/19/95 ......................... 1954.031 2810.654
5/26/95 ......................... 2029.186 2918.756
5/31/95 ......................... 2010.397 2946.731
6/2/95 .......................... 2019.791 2960.501
6/9/95 .......................... 1991.608 2919.191
6/16/95 ......................... 2113.735 3098.198
6/23/95 ......................... 2123.13 3111.968
6/30/95 ......................... 2038.58 3043.04
7/7/95 .......................... 2143.367 3199.458
7/14/95 ......................... 2162.419 3227.898
7/21/95 ......................... 2171.945 3242.117
7/28/95 ......................... 2181.471 3256.337
7/31/95 ......................... 2200.523 3339.777
8/4/95 .......................... 2257.68 3426.524
8/11/95 ......................... 2257.68 3426.524
8/18/95 ......................... 2286.258 3469.898
8/25/95 ......................... 2257.68 3426.524
Source: Micropal
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(LINEAR GRAPH PLOTTED FROM DATA IN TABLE BELOW)
OVER 1 YEAR
DOLLAR COST AVERAGING VS. LUMP SUM INVESTMENT - U.S. GOLD SHARES FUND
AUGUST 25, 1994 TO AUGUST 25, 1995
United Services: United Services:
Gold Shares (US) Gold Shares (US)
Single Investment Dollar Cost Averaging
($660) ($55/month)
--------------------- -----------------
<S> <C> <C>
8/31/94 .......................... 660 0
9/30/94 .......................... 738.737 55
10/31/94 ......................... 699.368 107.069
11/4/94 .......................... 699.368 107.069
11/11/94 ......................... 678.526 103.878
11/18/94 ......................... 660 101.042
11/25/94 ......................... 629.895 96.433
11/30/94 ......................... 611.368 148.597
12/2/94 .......................... 588.211 142.968
12/9/94 .......................... 595.158 144.657
12/16/94 ......................... 595.158 144.657
12/23/94 ......................... 616 149.722
12/30/94 ......................... 641.474 210.914
1/6/95 ........................... 585.08 192.372
1/13/95 .......................... 570.982 187.737
1/20/95 .......................... 559.234 183.874
1/27/95 .......................... 491.092 161.469
1/31/95 .......................... 491.092 216.469
2/3/95 ........................... 538.086 237.184
2/10/95 .......................... 538.086 237.184
2/17/95 .......................... 533.387 235.112
2/24/95 .......................... 533.387 235.112
2/28/95 .......................... 519.288 283.898
3/3/95 ........................... 507.54 277.475
3/10/95 .......................... 540.436 295.459
3/17/95 .......................... 538.086 294.175
3/24/95 .......................... 502.84 274.906
3/31/95 .......................... 542.785 351.744
4/7/95 ........................... 559.234 362.403
4/14/95 .......................... 531.037 344.13
4/21/95 .......................... 533.387 345.653
4/28/95 .......................... 516.939 389.994
5/5/95 ........................... 526.337 397.085
5/12/95 .......................... 495.791 374.04
5/19/95 .......................... 488.742 368.722
5/26/95 .......................... 507.54 382.903
5/31/95 .......................... 502.84 434.358
6/2/95 ........................... 505.19 436.388
6/9/95 ........................... 498.141 430.298
6/16/95 ........................ 528.687 456.685
6/23/95 ........................ 531.037 458.714
6/30/95 ........................ 509.889 495.447
7/7/95 ......................... 536.099 520.914
7/14/95 ........................ 540.864 525.544
7/21/95 ........................ 543.247 527.859
7/28/95 ........................ 545.629 530.175
7/31/95 ........................ 550.395 589.805
8/4/95 ......................... 564.691 605.125
8/11/95 ........................ 564.691 605.125
8/18/95 ........................ 571.839 612.784
8/25/95 ........................ 564.691 605.125
Source: Micropal
</TABLE>
For a prospectus containing more complete information, including charges and
expenses, call 1-800-873-8637. Please read the prospectus carefully before
investing. Investment returns and principal value will fluctuate so that you may
have a gain or a loss when you sell shares. Past performance is no guarantee of
future results. U.S. Gold Shares Fund average annual total returns through
November 30, 1995: one year -23.12%; five year -8.23%; ten year -3.12%. U.S.
World Gold Fund average annual total returns through November 30, 1995: one year
16.45%; five year 12.21%; ten year 6.89%. *Of course, using the ABC Investment
Plan(R) does not guarantee a profit. If you sell at bottom, no system will give
you a gain.
<PAGE>
Our fourth quarter Shareholder Report included a study on the effect of
dollar-cost averaging versus making a lump-sum investment in the U.S. Gold
Shares Fund, our most volatile fund. You might remember that the investor who
used a dollar-cost averaging system came out ahead of the investor who made a
lump-sum purchase. In our comparison, the lump-sum investor invested $10,000.
For a more apt comparison, this amount should have been $16,500. Still, the
dollar-cost averaging investor comes out ahead.
Inside you'll find a revised version of the chart. Plus, you'll see how
dollar-cost averaging could have worked to your advantage over a five-year
period and a one-year period.
Investing in the gold market can be as easy as ABC!
- --------------------------------------------------------------------------------
Investing in the gold market can be as easy as ABC!
At United Services, dollar-cost averaging is as easy as ABC. With our ABC
Investment Plan(R), you can build a position in gold shares without trying to
outguess this unpredictable market. Your investment dollars will automatically
buy more shares when the market is undervalued and fewer shares when the market
is overvalued. By investing an equal amount at regular, periodic intervals, you
avoid the extremes in the market.*
The ABC Investment Plan(R)
* Minimum initial investment - $100
* Minimum monthly investment - $30
Does dollar-cost averaging really work? Yes.
Look inside to see how.
- --------------------------------------------------------------------------------
UPDATE
[GRAPHIC: United Services Funds logo] Investing In Gold
Lump Sum vs. Dollar-Cost Averaging
