August 24, 2005
Spot gold closed the month of July at $429.80, down $5.70 or 1.31 percent. Equity markets, as measured by the S&P 500 Index were up, gaining 3.60 percent. The U.S. trade-weighted dollar continued its rebound for the fifth consecutive month, climbing 0.29 percent.
For the month of July, the Philadelphia Gold & Silver Index fell 2.42 percent.
*** Returns are quotes as price return in the home currencies of each index. Ex. S&P/TSX Canadian Gold Capped Sector Index is calculated using Canadian Dollars.
Please consider carefully the fund's investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus by visiting www.usfunds.com or by calling 1-800-US-FUNDS (1-800-873-8637). Read it carefully before investing. Distributed by U.S. Global Brokerage, Inc.
The S&P 500 Stock Index is a widely recognized capitalization-weighted index of 500 common stock prices in U.S. companies.
The Philadelphia Stock Exchange Gold and Silver Index (XAU) is a capitalization-weighted index that includes the leading companies involved in the mining of gold and silver.
The S&P/TSX Canadian Gold Capped Sector Index is a modified capitalization-weighted index, whose equity weights are capped 25 percent and index constituents are derived from a subset stock pool of S&P/TSX Composite Index stocks.
The FTSE/JSE African Gold Mining Index is a market capitalization weighted index.
in the Gold Shares and World Precious Minerals Fund as a percentage
of net assets as of June 30, 2005:
Gold funds may be susceptible to adverse economic, political or regulatory developments due to concentrating in a single theme. The price of gold is subject to substantial price fluctuations over short periods of time and may be affected by unpredicted international monetary and political policies. We suggest investing no more than 3% to 5% of your portfolio in gold or gold stocks.