Birmiwal Oasis Fund

For Investors Seeking Capital Appreciation

Prospectus

April 1, 2003

Birmiwal Investment Trust

As with all mutual funds, the Securities and Exchange Commission has not approved or

disapproved of these securities, nor has the Commission determined that this Prospectus

is complete or accurate. Any representation to the contrary is a criminal offense.

Table of Contents

The Fund

4

The Objective of the Fund

4

The Principal Investment Strategies and Policies of the Fund

4

The Investment Selection Process Used by the Fund

5

The Principal Risks of Investing in the Fund

6

Who May Consider Investing

7

Performance History

7

Costs of Investing in the Funds

8

Expense Example

8

Performance-Based Management Fee

9

Additional Investment Strategies and Risk Considerations

10

Who Manages the Fund

11

The Investment Adviser

11

How to Buy and Sell Shares

12

Pricing of Fund Shares

12

Investing in the Fund.

13

Minimum Investments

13

Types of Account Ownership.

14

Instructions For Opening and Adding to an Account.

15

Telephone and Wire Transactions

16

Tax-Deferred Plans

17

Types of Tax-Deferred Accounts

18

Automatic Investment Plans

18

Instructions For Selling Fund Shares

19

Additional Redemption Information

20

Shareholder Communications

22

Dividends and Distributions.

22

Taxes

23

Privacy Policy

24

Board Of Trustees

25

Other Fund Service Providers

25

Where To Go for Information

27

Statement of Additional Information

27

Prospectus  2

Your Guide

to the Prospectus

This Prospectus is designed to help you make an informed decision about whether investing in the Birmiwal Oasis Fund is appropriate for you.  Please read it carefully before investing and keep it on file for future reference.  To make this Prospectus easy for you to read and understand, we have divided it into three sections: The Fund, Who Manages the Fund and How to Buy and Sell Shares.  Each section is organized to help you quickly identify the information that you are looking for.  The first section, The Fund, tells you four important things about the Fund that you should know before you invest:

•

The Fund’s investment objective – what the Fund is trying to achieve.

•

The primary investment strategies of the Fund – how the Fund tries to meet its investment objective.

•

The Fund’s method of selecting investments – how the Fund chooses its primary investments.

•

Risks you should be aware of – the principal risks of investing in the Fund.

The other sections of the Prospectus – Who Manages the Fund and How to Buy and Sell Shares – provide you with information about the Fund’s management, the services and privileges available to you, how we price shares of the Fund and how to buy and sell shares of the Fund.

Prospectus  3

The Fund

Birmiwal Oasis Fund

The Objective of the Fund

•

The Birmiwal Oasis Fund seeks capital appreciation.

The Principal Investment Strategies and Policies of the Fund

•

The Fund invests primarily in common stocks under normal market conditions.  In addition, the Fund may invest in exchange traded funds.

•

The Fund invests in companies without regard to market capitalization.

•

The Fund’s investment strategy includes both growth and value style investing.

•

The Fund is a “non-diversified” portfolio, which means it can invest in fewer securities at any one time than diversified portfolios.  Also, the Fund may participate in a limited number of industry sectors.

•

The Fund may hold all or a portion of its assets in cash or cash-equivalents like money market funds, certificates of deposit, short-tem debt obligations, and repurchase agreements, either due to pending investments or when investment opportunities are limited.  Under these circumstances, the Fund may not participate in stock market advances or declines to the same extent it would had it remained more fully invested in common stocks.

[Side panel: THE FUND’S daily share price can be found at the Birmiwal Oasis Fund website at http://www.birmiwal.com or by calling 1-800-417-5525.]

[Side panel: MARKET CAPITALIZATION is the most commonly used measure of the size and value of a company. A company’s market capitalization is computed by multiplying the current share price by the total number of shares outstanding.]

[Side panel: ALL MUTUAL FUNDS must elect to be “diversified” or “non-diversified.” As a non-diversified portfolio, the Fund may invest half of its total assets in two or more securities, while the other half is spread out among investments not exceeding 5% of the Fund’s total assets at the time of purchase. As a result, the Fund has the ability to take larger positions in a smaller number of securities than a diversified portfolio. These limitations do not apply to U.S. Government securities.]  

Prospectus  4

The Investment Selection Process Used by the Fund

Birmiwal Asset Management, Inc., the Fund's investment adviser, invests in companies that the adviser believes have potential for capital appreciation.

The Fund's adviser is research driven.  The adviser uses both aspects of fundamental analysis - quantitative and qualitative - for identifying securities.  Technical analysis (or chart analysis) is also used, primarily for timing of purchasing and selling of securities.

The adviser seeks to find the best use of the Fund's assets in changing market environments. Potential gains are weighed against associated risks. The adviser focuses investments in securities and/or industries it believes have favorable risk-return profiles.

The Fund has the flexibility to take advantage of opportunities as they arise in all areas of the markets. In the growth area, the Fund invests primarily in companies having above average growth or growth potential as compared with the overall economy; preferably investing in companies that the adviser considers to be positioned for accelerating growth in revenue and/or earnings.  Companies growing much faster than the economy tend to be smaller capitalization companies.  In the value area, the Fund invests primarily in securities that the adviser believes are undervalued.  This can be due to the industry being currently out of favor, overreaction to adverse developments, or failure to appreciate positive changes such as change in management, product introductions, new markets or new industries, significant cost cutting measures, mergers or acquisitions, or change in industry outlook.

The Fund invests in an exchange traded fund if the adviser believes that the area of the market represented by the underlying index or benchmark is undervalued.

[Side panel: QUANTITATIVE AND QUALITATIVE RESEARCH.  Quantitative research is used to measure value by analyzing certain metrics, such as price to earning ratio, growth rate, debt to equity ratio, return on equity, etc. Qualitative measurements include analyzing business models, quality of management, competitive advantages, company and industry prospects, insider transactions, etc. The adviser uses both quantitative and qualitative research for the investment selection process of the Fund.]

[Side panel: MUTUAL FUNDS GENERALLY emphasize either “growth” or “value” styles of investing. Growth funds invest in companies that exhibit faster-than-average growth in revenues and earnings. Value funds invest in companies that appear underpriced according to certain financial measurements of their worth or business prospects. The Fund focuses on both “growth” and “value” investing.]

[Side panel: AN EXCHANGE TRADED FUND (ETF) is an investment company each share of which tracks a basket of securities in an index or benchmark. Examples of ETFs include the Standard and Poor Depository Receipt (SPDR), Nasdaq-100 Index Tracking Stock (QQQ), Merrill Lynch Semiconductor HOLDRS (SMH), and the Financial Select Sector SPDR Fund (XLF).]

Prospectus  5

The Principal Risks of Investing in the Fund

Risks in General

Domestic economic growth and market conditions, interest rate levels, and political events are among the factors affecting the securities markets of the Fund's investments.  There is risk that these and other factors may adversely affect the Fund's performance.  You should consider your own investment goals, time horizon, and risk tolerance before investing in the Fund.  An investment in the Fund may not be appropriate for all investors and is not intended to be a complete investment program.  An investment in the Fund is not a deposit in the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.  You may lose money by investing in the Fund.

Risks of Investing in Common Stocks

The Fund invests primarily in common stocks, which subjects the Fund and its shareholders to the risks associated with common stock investing.  These risks include the financial risk of selecting individual companies that do not perform as anticipated, the risk that the stock markets in which the Fund invests may experience periods of turbulence and instability, and the general risk that domestic and global economies may go through periods of decline and cyclical change.  Many factors affect the performance of each company that the Fund invests in, including the strength of the company’s management or the demand for its product or services.  You should be aware that the value of a company's share price may decline as a result of poor decisions made by management or lower demand for the company's products or services.  In addition, a company's share price may also decline if its earnings or revenues fall short of expectations.

There are overall stock market risks that may also affect the value of the Fund.  Over time, the stock markets tend to move in cycles, with periods when stock prices rise generally and periods when stock prices decline generally.  The value of the Fund's investments may increase or decrease more than the stock markets in general.

Risks of Exchange Traded Funds

Investment in an exchange traded fund (ETF) carries security specific risk and the market risk.  Also, if the area of the market representing the underlying index or benchmark does not perform as expected for any reason, the value of the investment in the ETF may decline. In addition, due to transactions via market prices rather than at net asset value, the performance based on an ETF may not completely replicate the performance of the underlying index.  The Fund will indirectly pay its proportionate share of any fees and expenses paid by the ETF in which it invests in addition to the fees and expenses paid directly by the Fund, many of which may be duplicative.

Risks of Small and Medium Sized Companies

To the extent the Fund invests in the stocks of small and medium capitalization companies, the Fund may be subject to additional risks.  The earnings and prospects of these

Prospectus 6

companies are more volatile than larger companies.  Small and medium sized companies may experience higher failure rates than do larger companies.  The trading volume of securities of small and medium sized  companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger companies.  Small and medium sized companies may have limited markets, product lines or financial resources and may lack management experience.

Risk of Non-Diversification

The Fund is a non-diversified portfolio, which means that it has the ability to take larger positions in a smaller number of securities than a portfolio that is "diversified".  Non-diversification increases the risk that the value of the Fund could go down because of the poor performance of a single investment.

Sector Risk

Sector risk is the possibility that stocks within the same group of industries will decline in price due to sector-specific market or economic developments.  If the adviser invests a significant portion of its assets in a particular sector, the Fund is subject to the risk that companies in the same sector are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition affecting that market segment.  The sectors in which the Fund may be overweighted will vary.

Management Risk

The adviser's strategy may fail to produce the intended results.  Additionally, the Fund has no operating history; and the Fund’s adviser does not have experience managing the assets of a mutual fund.

Who May Consider Investing

The Fund may be suitable for you if:

•

You are seeking long-term growth of capital – at least five years.

•

You can tolerate risks associated with common stock investments.

•

You are not looking for current income.

•

You can tolerate significant fluctuations in the share price.

Performance History

Although past performance of a fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risk of investing in the Fund because it demonstrates how its returns have varied over time.  There is no performance information for the Fund since the Fund has not completed one full calendar year of operation as of the date of this prospectus.

Prospectus 7

Costs of Investing in the Fund

The following table describes the estimated expenses and fees that you may pay if you buy and hold shares of the Fund.  Annual fund operating expenses are paid out of the assets of the Fund, so their effect is already included in the Fund’s daily share price.

[Side panel:  The Fund is a no-load fund, which means you do not pay any fees when you buy or sell shares of the Fund. As a result, all of your investment goes to work for you.]

Shareholder Fees

The  Fund

(fees paid directly from your investment)

Sales Charge (Load) Imposed on Purchases

None

Deferred Sales Charge (Load)

None

Sales Charge (Load) Imposed on Reinvested Dividends

None

Exchange Fee

None

Redemption Fee

None

Annual Fund Operating Expenses

(expenses that are deducted from Fund assets)

Management Fees (see below for explanation of performance-based fee)

2.90%

12b-1 Distribution Fees

None

Other Expenses

None

Total Annual Fund Operating Expenses

2.90%

Fee Waiver/Expense Reimbursement(a)

1.40%

Net Annual Fund Operating Expenses

1.50%

(a)Birmiwal Asset Management, Inc. pays all operating expenses of the Fund, with the exception of taxes, borrowing expenses (such as (i) interest and (ii) dividend expenses on securities sold short), brokerage commissions and extraordinary expenses and has agreed to waive management fees and reimburse expenses to the extent necessary to maintain the total annual operating expenses of the Fund (excluding brokerage fees and commissions, interest and other borrowing expenses, taxes and extraordinary expenses) at 1.50% of its average daily net assets for the first 12 months of operation.  After the initial 12 months, the Fund pays a variable performance-based management fee as shown on page 9.

Expense Example

The following 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 (except for year one).  Although your actual costs maybe higher or lower, based on these assumptions your costs would be:

[Side panel: UNDERSTANDING EXPENSES: Operating a mutual fund involves a variety of expenses including those for portfolio management, shareholder statements, tax reporting and other services. These expenses are paid from the Fund’s assets in the form of management fees and service fees. Their effect is already factored into the Fund’s daily share price and returns.]

Prospectus 8  

Performance-Based Management Fee

After the initial 12 months, the Fund pays a variable performance-based management fee.  This fee is comprised of an annual base rate of 2.90% of average daily net assets (fulcrum fee), subject to a performance incentive fee adjustment (performance adjustment fee), in accordance with a rate schedule. The performance adjustment fee increases or decreases, depending on how well the Fund has performed relative to the S&P 500® over a performance period.  The performance period is the most recent 12 month period (rolling 12 month period).

As illustrated in the table below, the management fee will be the fulcrum fee if the Fund’s performance is within positive or negative 2.00% (two percentage points) of the investment record of the S&P 500® over the performance period.  If the Fund’s performance exceeds the investment record of the S&P 500® by more than two percentage points, the fee rate will be adjusted upward to a maximum of 5.30%.  In order to reach the 5.30% maximum, the Fund’s total return for the rolling 12 month period must be at least 14 percentage points better than the investment record of the S&P 500®.  If the Fund’s total return for a rolling 12 month period is exceeded by the investment record of the S&P 500® by more than two percentage points for the same period, the management fee is adjusted downward to a minimum rate of 0.50%.  Though not detailed in the table, the upward or downward adjustment of the fulcrum fee will be made at a rate of 0.01% in the management fee for each increment of 0.05% in differential performance.  The fee rate calculated in regard to each 12 month period will apply only for the next succeeding month and then will be subject to recalculation for the following month.

MANAGEMENT FEE SCHEDULE

REFLECTING FULCRUM FEE AND PERFORMANCE ADJUSTMENT

 (EFFECTIVE APRIL 1, 2004)

Performance Difference

Investment

Between the Fund

Management Fee

and the S&P 500® Index

(Annual Rate)

_____________________________________________________________________________________________

14% or more

5.3%

12%

4.9%

10%

4.5%

8%

4.1%

Outperformance

7%

3.9%

6%

3.7%

5%

3.5%

4%

3.3%

3%

3.1%

_____________________________________________________________________________________________

2%

2.9%

1%

2.9%

0%

2.9%

Neutral Performance

-1%

2.9%

-2%

2.9%

_____________________________________________________________________________________________

-3%

2.7%

-4%

2.5%

-5%

2.3%

-6%

2.1%

-7%

1.9%

-8%

1.7%

Underperformance

-10%

1.3%

-12%

0.9%

-14% or less

0.5%

Prospectus 9

Additional Investment Strategies and Risk Considerations

General

The objective of the Birmiwal Oasis Fund is capital appreciation.  This objective may be changed by the Board of Trustees without shareholder approval.  The Board does not anticipate making any change to the Fund's objective.

Options

The Fund may engage in option transactions involving securities and stock indices in order to gain exposure to particular securities or markets, in connection with hedging transactions, or to try to enhance returns.  Purchasing and selling of options require additional skills and techniques beyond normal portfolio management. The Fund's use of options involves risk that such instruments may not work as intended due to unanticipated developments, especially in abnormal market conditions, or if the adviser makes an error in judgment, or other causes.

Portfolio Turnover

The Fund may engage in short-term trading to try to achieve its objective and may have portfolio turnover rates significantly in excess of 100%.  A portfolio turnover rate of 100% is equivalent to a fund buying and selling all of the securities in its portfolio once during the course of a year.  How long the Fund holds a security in its portfolio is generally not a factor in making buy and sell decisions.  Increased portfolio turnover may cause the Fund to incur higher brokerage costs, which may adversely affect the Fund's performance, and may produce increased taxable distributions.

Short Sales

The Fund may short stocks (or stock indices).  In a short sale, the Fund sells stock it does not own and makes delivery with securities borrowed from a broker.  The Fund then becomes obligated to replace the borrowed security by purchasing the stock at the market price prior to the time of replacement.  If the Fund uses short sales at inappropriate times or judges market conditions incorrectly, such investments may result in a substantial loss and lower the Fund’s returns.

The Fund may also sell short (i) “against the box” (selling a security that the Fund owns or has the right to acquire) to protect unrealized gains at the expense of losing the opportunity to profit if the price rises; and (ii) to hedge the Fund's portfolio against the market risk at the cost of lowering the Fund's performance.  There is no assurance that a short position will achieve a perfect correlation with the security that is being hedged.  Short selling will also result in higher transaction costs (such as interest and dividends), and may result in higher taxes, which reduce the Fund’s returns.

Prospectus 10

Other Investment Strategies

The Fund may utilize other investment techniques and strategies that are not described in this Prospectus, such as investing in foreign securities or in fixed-income securities, buying and selling stock index futures contracts and options on futures contracts, using leverage, etc. These techniques may subject the Fund to additional risks, please see the Statement of Additional Information for further details.

Who Manages the Fund

The Investment Adviser

Birmiwal Asset Management, Inc. (BAM) is the investment adviser of the Fund and has responsibility for the management of the Fund's affairs, under the supervision of the Trust's Board of Trustees. The Fund's investment portfolio  is managed on a day-to-day basis by Kailash Birmiwal, Ph.D. Dr. Birmiwal is also the President of BAM. The firm was organized in 2002 and its address is 5270 Highland Drive, Bellevue, WA  98006.

Dr. Kailash Birmiwal graduated from the Indian Institute of Technology (IIT), Kanpur, India in 1979 where he obtained his Bachelor of Technology degree in Electrical Engineering.  He received his Master of Science in Electrical Engineering in 1981, Master of Science in Mathematics in 1986, and Ph.D. in Electrical Engineering in 1988, all from the University of Connecticut.  From 1987 to 1994, Dr. Birmiwal taught at the Southern Illinois University at Carbondale in the Department of Electrical Engineering.  He has published many research journal articles.   Since 1994 he has been primarily engaged in managing his personal assets in the equity markets.

Under the Management Agreement, the adviser, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the Fund. BAM pays all operating expenses of the Fund, with the exception of taxes, borrowing expenses (such as (i) interest and (ii) dividend expenses on securities sold short), brokerage commissions and extraordinary expenses. For its services, and for the first 12 months of the Fund's operation, the adviser receives an annual investment management fee of 2.90% of the average daily net assets of the Fund.  BAM has agreed to waive management fees and reimburse expenses to the extent necessary to maintain the total annual operating expenses of the Fund (excluding brokerage fees and commissions, interest and other borrowing expenses, taxes and extraordinary expenses) at 1.50% of its average daily net assets for the first 12 months of operation.  After the initial 12 months, the Fund pays a variable performance-based management fee as shown on page 9.

Prospectus 11

How to Buy and Sell Shares

Pricing of Fund Shares

The price you pay for a share of the Fund, and the price you receive upon selling or redeeming a share of the Fund, is called the Fund’s net asset value (“NAV”).  The NAV is calculated by taking the total value of the Fund’s assets, subtracting its liabilities, and then dividing by the total number of shares outstanding, rounded to the nearest cent:

Net Asset Value  =   Total Assets – Liabilities / Number of Shares Outstanding

The NAV is generally calculated as of the close of trading on the New York Stock Exchange (normally 4:00 p.m.  Eastern time) every day the Exchange is open.  All purchases, redemptions or reinvestments of Fund shares will be priced at the next NAV calculated after your order is received in proper form by the Fund’s Transfer Agent, Mutual Shareholder Services.  Your order must be placed with the Transfer Agent prior to the close of the trading of the New York Stock Exchange in order to be confirmed for that day’s NAV.  The Fund’s investments are valued at market value or, if a market quotation is not readily available, at the fair value determined in good faith by the adviser, subject to the review and oversight of the Fund’s Board of Trustees.  The Fund may use pricing services to determine market value.

Prospectus 12

Investing in the Fund

You may purchase shares directly through the Fund’s Transfer Agent or through a brokerage firm or other financial institution that has agreed to sell the Fund’s shares.  If you are investing directly in the Fund for the first time, you will need to establish an account by completing a Shareholder Account Application (To establish an IRA, complete an IRA Application).  To request an application, call toll-free 1-800-417-5525. Your initial investment minimum can be found in the table below.  The Fund  reserves the right to change the amount of these minimums from time to time or to waive them in whole or in part for certain accounts.  Investment minimums may be higher or lower to investors purchasing shares through a brokerage firm or other financial institution.

The investment adviser (not the Fund) may pay certain financial institutions (which may include banks, brokers, securities dealers and other industry professionals) a fee for providing distribution related services and/or for performing certain administrative servicing functions for Fund shareholders to the extent these institutions are allowed to do so by applicable statute, rule or regulation.

[Side panel: INVESTMENTS MADE THROUGH BROKERAGE FIRMS OR OTHER FINANCIAL INSTITUTIONS:  If you invest through a brokerage firm or other financial institution, the policies and fees may be different than those described here. Financial advisers, financial supermarkets, brokerage firms, and other financial institutions may charge transaction and other fees and may set different minimum investments or limitations on buying or selling shares. Consult a representative of your financial institution if you have any questions. Your financial institution is responsible for transmitting your order in a timely manner.]

Minimum Investments

Initial

Additional

Regular Account

$1,000

$100

Automatic Investment Plan

$250

$100*

IRA Account

$500

$100

*An Automatic Investment Plan requires a $100 minimum automatic monthly or

quarterly investment.

All purchases must be made in U.S.  dollars and checks must be drawn on U.S. banks.  No cash, credit cards or third party checks will be accepted.  A $20 fee will be charged against your account for any payment check returned to the Transfer Agent or for any incomplete electronic fund transfer, or for insufficient funds, stop payment, closed account or other reasons.  If a check does not clear your bank or the Fund is unable to

Prospectus 13

debit your predesignated bank account on the day of purchase, the Fund reserves the right to cancel the purchase.  If your purchase is canceled, you will be responsible for any losses or fees imposed by your bank and losses that may be incurred as a result of a decline in the value of the canceled purchase.  The Fund (or Fund agent) has the authority to redeem shares in your account(s) to cover any losses due to fluctuations in share price.  Any profit on such cancellation will accrue to the Fund.  Your investment in the Fund should be intended to serve as a long-term investment vehicle.  The Fund is not designed to provide you with a means of speculating on the short-term fluctuations in the stock market.  The Fund reserves the right to reject any purchase request that it regards as disruptive to the efficient management of the Fund, which includes investors with a history of excessive trading.  The Fund also reserves the right to stop offering shares at any time.

Types of Account Ownership

You can establish the following types of accounts by completing a Shareholder Account Application:

•

Individual or Joint Ownership

Individual accounts are owned by one person.  Joint accounts have two or more owners.

•

A Gift or Transfer to Minor (UGMA or UTMA) A UGMA/UTMA account is a custodial account managed for the benefit of a minor.  To open an UGMA or UTMA account, you must include the minor’s social security number on the application.

•

Trust

An established trust can open an account.  The names of each trustee, the name of the trust and the date of the trust agreement must be included on the application.

•

Business Accounts

Corporation and partnerships may also open an account.  The application must be signed by an authorized officer of the corporation or a general partner of a partnership.

•

IRA Accounts

See “Tax-Deferred Plans” on page 17.

Prospectus 14

Instructions For Opening and Adding to an Account

Prospectus 15

Telephone and Wire Transactions

With respect to all transactions made by telephone, the Fund and its Transfer Agent will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.  Such procedures may include, among others, requiring some form of personal identification prior to acting upon telephone instructions, providing written confirmation of all such transactions, and/or tape recording all telephone instructions.  If reasonable procedures are followed, then neither the Fund nor the Transfer Agent will be liable for any loss, cost, or expense for acting upon an investor's telephone instructions or for any unauthorized telephone redemption.  In any instance where the Fund’s Transfer Agent is not reasonably satisfied that instructions received by telephone are genuine, neither the Fund nor the Transfer Agent shall be liable for any losses which may occur because of delay in implementing a transaction.  

Prospectus 16

If you purchase your initial shares by wire, the Transfer Agent first must have received a completed account application and issued an account number to you.  The account number must be included in the wiring instructions as set forth on the previous page.  The Transfer Agent must receive your account application to establish shareholder privileges and to verify your account information.  Payment of redemption proceeds may be delayed and taxes may be withheld unless the Fund receives a properly completed and executed account application.

Shares purchased by wire will be purchased at the NAV next determined after the Transfer Agent receives your wired funds and all required information is provided in the wire instructions.  If the Transfer Agent is notified no later than 3:00 p.m. Eastern time of the wire instructions, and the wired funds are received by the Transfer Agent no later than 5:00 p.m. Eastern time, then the shares purchased will be priced at the NAV determined on that business day.  If the wire is not received by 5:00 p.m. Eastern time, the purchase will be effective at the NAV next calculated after receipt of the wire.

Tax-Deferred Plans

If you are eligible, you may set up one or more tax-deferred accounts.  A tax-deferred account allows you to shelter your investment income and capital gains from current income taxes.  A contribution to certain of these plans may also be tax deductible.  Tax-deferred accounts include retirement plans described below.  Distributions from these plans are generally subject to an additional tax if withdrawn prior to age 59 1/2 or used for a nonqualifying purpose.  Investors should consult their tax adviser or legal counsel before selecting a tax-deferred account.

US Bank N.A., serves as the custodian for the tax-deferred accounts offered by the Fund.  You will be charged an annual account maintenance fee of $8 for each tax-deferred account you have with the Fund.  You may pay the fee by check or have it automatically deducted from your account (usually in December).  The custodian reserves the right to change the amount of the fee or to waive it in whole or part for certain types of accounts.

Prospectus 17

 Types of Tax-Deferred Accounts

•

Traditional IRA

An individual retirement account.  Your contribution may or may not be deductible depending on your circumstances.  Assets can grow tax-deferred and distributions are taxable as income.

•

Roth IRA

An IRA with non-deductible contributions, tax-free growth of assets, and tax-free distributions for qualified distributions.

•

Spousal IRA

An IRA funded by a working spouse in the name of a non-earning spouse.

•

SEP-IRA

An individual retirement account funded by employer contributions.  Your assets grow tax-deferred and distributions are taxable as income.

•

Keogh or Profit Sharing Plans

These plans allow corporations, partnerships and individuals who are self-employed to make tax-deductible contributions of up to $35,000 for each person covered by the plans.

•

403(b) Plans

An arrangement that allows employers of charitable or educational organizations to make voluntary salary reduction contributions to a tax-deferred account.

•

401(k) Plans

Allows employees of corporations of all sizes to contribute a percentage of their wages on a tax-deferred basis.  These accounts need to be established by the trustee of the plan.

Automatic Investment Plans

By completing the Automatic Investment Plan section of the account application, you may make automatic monthly or quarterly investments ($100 minimum per purchase) in the Fund from your bank or savings account.  Your initial investment minimum is $250 if you select this option.  Shares of the Fund may also be purchased through direct deposit plans offered by certain employers and government agencies.  These plans enable a shareholder to have all or a portion of their payroll or Social Security checks transferred automatically to purchase shares of the Fund.

Prospectus 18

FOR INVESTING

Instructions For Selling Fund Shares

You may sell all or part of your shares on any day that the New York Stock Exchange is open for trading.  Your shares will be sold at the next NAV per share calculated after your order is received in proper form by the Transfer Agent.  The proceeds of your sale may be more or less than the purchase price of your shares, depending on the market value of the Fund's securities at the time of your sale.  Your order will be processed promptly and you will generally receive the proceeds within seven days after receiving your properly completed request.  The Fund will not mail any proceeds unless your investment check has cleared the bank, which may take up to fifteen calendar days.  This procedure is intended to protect the Fund and its shareholders from loss.  If the dollar or share amount requested is greater than the current value of your account, your entire account balance will be redeemed.  If you choose to redeem your account in full, any automatic services currently in effect for the account will be terminated unless you indicate otherwise in writing.

TO SELL SHARES

By Mail

Write a letter of instruction that includes:

•

The names(s) and signature(s) of all account owners.

•

Your account number.

•

The dollar or share amount you want to sell.

•

Where to send the proceeds.

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If redeeming from your IRA, please note applicable withholding requirements.  

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Obtain a signature guarantee or other documentation, if required.

Prospectus 19