Who Should Invest in the Fund?

Investors seeking a core fixed income portfolio holding. The Fund can be used in combination with other fixed holdings such as individual bonds or as a portion of an investor's fixed income allocation. The active maturity management makes it a solid long term investment.

Investment Objective:

To provide a high level of total return with relative stability of principal and, secondarily, high current income consistent with an investment in securities issued by the U.S. Treasury.

Investment Strategy:

The key element of the Fund’s investment program is the degree of flexibility the Fund’s advisor has to adjust the average maturity of the portfolio. This flexibility allows the Fund’s advisor to position the portfolio in an attempt to benefit from the trends in interest rates. As illustrated in the chart above, the Fund’s portfolio manager seeks to position the Fund to capture capital appreciation when lower rates are expected and to preserve capital when higher rates are expected.

Fund Facts:

Gross Expense Ratio: .84%
Minimum Initial Investment: $5,000 for a regular account & $1,000 for an IRA.
Minimum Subsequent Investment: $100 for all accounts.
Fund Management: Al Medaugh - Portfolio Manager
                                    Ed Hyman - Senior Economic Advisor
Fund Inception Date: 08/10/88

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. 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 Total Return U.S. Treasury Fund prospectus and summary prospectus contains this and other information about the fund and should be read before investing.