Fund Description

The fund was incepted in October1993 and is managed by Arnhold and S. Bleichroeder Advisers, LLC. The investment objective of the fund is growth of capital in the context of investing primarily in gold and/or securities directly related to gold or of companies engaged in mining, processing, dealing in or holding gold, both in the United States and in foreign countries. Under normal circumstances, at least 80% of the value of the fund's total assets are invested in gold and/or securities (which may include both equity and, to a limited extent, debt securities) directly related to gold or of issuers principally engaged in the gold industry, including securities of gold mining finance companies as well as operating companies with long, medium or short-life mines. Up to 20% of the fund's assets may be invested in equity and, to a limited extent, debt securities unrelated to gold or the gold industry where the adviser believes such securities are consistent with the fund's investment objective. The fund may invest up to 20% of its total assets in debt securities, and there are no restrictions as to the rating of these securities. The fund distributes dividends and capital gains, if any, annually.