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 entered into an expense reimbursement agreement to reimburse the American Opportunities Fund to the extent that the Fund’s operating expenses exceed 0.35% of the Fund’s average daily net assets. Operating expenses include, without limitation, any fees or expenses incurred during the course of the ordinary operations of the Fund (other than the Management Fee), but shall exclude interest, taxes, brokerage commissions, litigation, indemnification or any extraordinary expenses (as determined under generally accepted accounting principles) not incurred in the ordinary course of the Fund’s business. The expense reimbursement agreement expires February 28, 2011 and automatically renews for one-year terms unless the Advisor provides written notice to Fund at least 30 days prior to the expiration date. The expense reimbursement agreement may only be amended or terminated by the Fund’s Board.

Cost Comparison Examples

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions you costs would be:

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.