Pearl Total
Return Fund
Performance
Comparison
of change in value of $10,000 investment in
Pearl Total Return Fund and its comparison indexes*
(as of June 30 each year - with dividends reinvested)
The value of an investment in
Pearl Total Return Fund
was up + 12.53% in the past 12 months, down
(24.99%) in the past 3 years, up + 7.99% in 5
years, and up + 65.51% in 10 years
through June 30, 2010.
Pearl Total Return Fund
outperformed all 3 comparison indexes during the 3 months, YTD, 5
years and 10 years through June 30, 2010.
All Pearl Funds performance figures are
net ― after deduction of
all expenses (all fees, transaction costs,
etc.), including all expenses of each Pearl Fund and all
expenses of the mutual funds in its portfolio.
Performance of
Pearl Total Return Fund
and Comparison Indexes:
Average Annual Total Returns *
for years ended June 30, 2010 |
1 year |
3 years |
5 years |
10 years |
|
Pearl Total
Return Fund |
+ 12.53% |
- 9.14% |
+ 1.55% |
+ 5.17% |
|
Dow Jones Wilshire 5000 Index (Full Cap) |
+ 16.20% |
- 9.08% |
- 0.08% |
- 0.67% |
|
MSCI World Index |
+ 10.20% |
- 11.46% |
+ 0.06% |
- 1.02% |
|
Standard
& Poor’s 500 Index |
+ 14.43% |
- 9.81% |
- 0.79% |
- 1.59% |
|
* |
|
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
Total Return Fund has not paid any
sales charge, commission, or redemption fee since 1998.
Limit on Expense.
Pearl Management Company,
the Funds’ Manager, has
contractually agreed to reimburse
the Fund for all ordinary operating
expenses (including all management
and administrative fees) exceeding 1.20% on a Fund's average net assets. When the Manager has
reimbursed a Fund for expenses in excess of this limit, the Manager may
recover the amounts reimbursed under this limit, for a period that does not exceed five
years, to the extent this can be done without exceeding the expense
limit. The Manager may continue to recover amounts reimbursed
under the Funds' previous contractual expense limit, but only to the
extent that the reimbursement does not exceed 0.98%, which was the
previous contractual expense limit. The agreement to limit the
Funds' ordinary operating expenses is limited to the Funds' direct
operating
expenses and does not apply to the acquired fund (portfolio fund) fees
and expenses, which are indirect expenses incurred by the Funds through
their investments in the underlying portfolio funds.
This 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
Total Return Fund
invests in
many mutual funds, that investment
strategy cannot eliminate risk.
From July 1, 1972
through July 1, 2001,
Pearl Total
Return Fund’s shares
were not registered under the
Securities Act of 1933 and sales
were made only on a private basis.
The Fund began offering its shares
to the public pursuant to an
effective registration statement on
July 2, 2001.
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 Total
Return 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.
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