Fees and Expenses

Annual fund operating expenses are charges paid when shareholders buy and hold shares of a Fund. A Fund’s expenses are subtracted daily and are therefore factored into the share price as reported; expenses are not charged directly to shareholder accounts.

The Funds are no load, so there are no sales charges or loads of any kind, but they do impose a 2% redemption fee, payable to the Funds, on most shares purchased and held less than sixty days. This is intended to benefit long term shareholders of the Funds, as short-term trading in the Funds increases transaction costs and can have a negative impact on the Funds’ performance.

Shareholder Fees

(paid directly from an investment)

Annual Fund Operating Expenses

(deducted from Fund assets)

* The Advisor has contractually agreed to reimburse the American Opportunities fund to the extent that the fund's total operating expenses exceed 1.35% of the Fund's average daily net assets through 10/31/2008.

The Advisor has contractually agreed to reimburse the International Fund to the extent that the fund's total operating expenses exceed 1.50% of the fund's average daily net assets through 10/31/2008.

Cost Comparison Examples

Assume that a Fund’s annual return is 5%, and that its operating expenses are exactly as shown (including the contractual waiver that is in place for the upcoming year). Use of this assumed 5% return is required by the Securities and Exchange Commission (“SEC”); it is not an illustration of past or future investment results. For every $10,000 invested, here’s how much a shareholder would pay in total expenses if the account was closed after the number of years indicated:

These examples illustrate the effect of expenses and are intended to help you compare the costs of investing in the Funds with the costs of investing in other mutual funds. The examples are not meant to suggest actual or expected cost or returns, all of which may vary.