IMPORTANT ADDITIONAL INFORMATION
FOR SHAREHOLDERS OF
UNITED SERVICES FUNDS
U.S. GOLD SHARES FUND, U.S. WORLD GOLD FUND AND
U.S. GLOBAL RESOURCES FUND
JUNE 10, 1996 SUPPLEMENT TO PROSPECTUS DATED NOVEMBER 1, 1995
1. TRADER'S FEE
U.S. GOLD SHARES FUND, U.S. WORLD GOLD FUND AND U.S. GLOBAL RESOURCES
FUND
The U.S. Gold Shares Fund, U.S. World Gold Fund and U.S. Global
Resources Fund are each designed as long-term investments, and
short-term trading is not recommended. Accordingly, if shares of a Fund
held for less than 14 days are redeemed or exchanged, the Fund will
deduct a redemption fee to offset the transaction costs that short-term
trading imposes on the Fund and its long-term shareholders. Effective
on August 1, 1996 the Trader's Fee paid to the Fund will be increased
from ten basis points (0.10%) to twenty-five basis points (0.25%) of
the net asset value of shares redeemed or exchanged for shares held
less than 14 days.
2. BORROWING LIMITATIONS
U.S. GOLD SHARES FUND AND U.S. WORLD GOLD FUND
At a special meeting of shareholders held on May 31, 1996, shareholders
of the U.S. Gold Shares Fund and U.S. World Gold Fund authorized
changes to each Fund's investment policies that permit each Fund to
borrow up to a limit of 33 1/3 % of the Fund's total assets (including
the amount borrowed) less liabilities (other than borrowings). Each
Fund may borrow only for temporary or emergency purposes (such as
borrowings to fund redemptions) and not for leveraging purposes. A Fund
will not purchase securities at any time when borrowings exceed 5% of
the Fund's total assets. Although the Funds will not borrow for
leveraging purposes, borrowing to meet shareholder redemptions prior to
selling securities involves an element of leverage. At such times, a
Fund may appreciate or depreciate in value to a greater extent than an
unleveraged portfolio.
3. FUTURES CONTRACTS AND OPTIONS ON FUTURES CONTRACTS
U.S. GOLD SHARES FUND AND U.S. WORLD GOLD FUND
At a special meeting of shareholders held on May 31, 1996, shareholders
of the U.S. Gold Shares Fund and U.S. World Gold Fund authorized
changes to each Fund's investment policies that permit each Fund to
purchase and sell futures contracts and options on futures contracts.
Currently, the Advisor does not intend to purchase or sell futures
contracts or options on futures contracts on behalf of either Fund.
Neither Fund will invest in such instruments without first amending the
Fund's prospectus to provide shareholders with additional disclosure
concerning these investment practices.
