Average Annual Total Returns * for periods ended December 31, 2007	1 year	3 years	5 years	6 1/2 years (since inception)
Pearl Aggressive Growth Fund	+ 2.51%	+ 15.11%	+ 23.55%	+ 12.91%
Dow Jones Wilshire 5000 Index (Full Cap)	- 5.82%	+ 6.45%	+ 12.49%	+ 4.03%
MSCI World Index	- 3.25%	+ 9.65%	+ 15.96%	+ 6.01%
Standard & Poor’s 500 Index	- 5.08%	+ 5.85%	+ 11.32%	+ 3.50%

*		All total returns include dividends reinvested.  The returns do not reflect the deduction of taxes that a shareholder would pay on fund dividends or on redemption of fund shares. Likewise, the total returns of indexes do not reflect the deduction of taxes that an investor in stocks would pay on dividends or on sale of stocks.  Also, total returns of indexes do not reflect any deduction for taxes, sales charges, commissions, fees, or expenses.

Performance is historical and does not guarantee future results.  Investment return and principal value of an investment in the Fund will fluctuate and, when redeemed, the investment may be worth more or less than the investor’s cost.

The Fund is no-load ― no sales charge or commission.  To help protect long-term shareholders and discourage frequent trading of Fund shares, a 2% redemption fee is charged if a shareholder sells shares owned for 30 days or less.

 

The Fund avoids transaction costs.  Pearl Aggressive Growth Fund has never paid any sales charge, commission, or redemption fee.

Limit on Expenses.  Pearl Management Company, the Funds’ Manager, has contractually agreed to reimburse the Fund for all ordinary operating expenses (including management and administrative fees) exceeding these expense ratios: 0.98% of the Fund's average net assets up to $100 million; 0.78% in excess of $100 million.  When the Manager has reimbursed the Fund for expenses in excess of this limit, the Manager may recover the reimbursed amounts, for a period that does not exceed five years, to the extent this can be done without exceeding the expense limit.  The expense limit does not have an expiration date, and will continue unless a change is approved by the Funds' Board of Trustees.  The Manager's reimbursement of expenses that exceed the expense limit lowers the expense ratio and increases the overall return to investors. 

All investments involve risk.  Even though Pearl Aggressive Growth Fund invests in many mutual funds, that investment strategy cannot eliminate risk.

The Dow Jones Wilshire 5000 Index (Full Cap) is an unmanaged index that is market-capitalization weighted, includes all publicly-traded U.S. common stocks headquartered in the U.S. with readily available price data, and is generally representative of the performance of the average dollar invested in U.S. common stocks.  The MSCI World Index is an unmanaged index that is market-capitalization weighted and is generally representative of the performance of the global (including U.S. and international) market for common stocks.  The Standard & Poor’s (S & P) 500 Index is an unmanaged index of 500 stocks that is market-capitalization weighted and is generally representative of the performance of larger companies in the U.S.  Pearl Aggressive Growth Fund’s holdings are not identical to any index.  Therefore, the Fund's performance will not mirror the returns of any particular index.  It is not possible to invest directly in an index.