Who Should Invest in the Fund?

Investors who are seeking more income from a portfolio comprised primarily of U.S. Treasuries. The Fund works well as a core holding in any portfolio.

Investment Objective:

A mutual fund with the investment objectives of a high level of current income, consistent with prudent investment risk, by investing primarily in a portfolio consisting of fixed income securities issued or guaranteed by the governments of the United States, Canada, and Mexico.

Investment Strategy:

The three North American economies (U.S., Canada & Mexico) have grown closer together because of the trade link established by NAFTA Agreement. Higher government interest rates outside the U.S., especially in Mexico, presents an investment opportunity. By blending the three countries together the advisor seeks to reduce the risks normally associated with international investing and produce a higher return than a U.S. only portfolio.

The country mix is actively managed according to where we see the best investment opportunity. The Fund cannot be more than 33% in either Canada or Mexico.

Fund Facts:

Gross Expense Ratio: NOAMX: 1.18%; NORCX: 1.78%; NORIX: 0.77%
Minimum Initial Investment: NOAMX and NORCX: $5,000 for a regular account & $1,000 for an IRA; NORIX: $100,000
Minimum Subsequent Investment: $100 for all accounts.
Fund Management: Al Medaugh - Portfolio Manager
                                    Ed Hyman - Senior Economic Advisor
Fund Inception Date: NOAMX: 01/15/93; NORCX: 05/16/03; NORIX: 09/16/10

A Word About Risk

Bond prices fluctuate based on changes in interest rates and bond prices can decline due to general market, political, regulatory and economic conditions. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks. Fund shares are not guaranteed by the U.S. Government. An investor should consider the investment objectives, risk and charges and expenses of the fund carefully before investing. The North American Government Bond Fund prospectus and summary prospectus contains this and other information about the fund and should be read before investing.