Fund Manager David Giroux discusses the benefits, risks, and uses of the Capital Appreciation Fund.

23.88%, 4.81%, and 9.71% were the fund's 1-, 5-, and 10-year average annual total returns for the period ended 9/30/12, respectively. Current performance may be higher or lower than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. For the fund’s most recent month-end performance, call 888-292-1290 or click here.

Average annual total returns include changes in principal value, reinvested dividends, and capital gain distributions.

The following table includes one-year returns for each year since the fund's inception (6/30/86).

Year Ended 12/31/86* 12/31/87 12/31/88 12/31/89 12/31/90
CAF 8.50 5.74 21.21 21.42 -1.25
Year Ended 12/31/91 12/31/92 12/31/93 12/31/94 12/31/95
CAF 21.59 9.36 15.66 3.80 22.57
Year Ended 12/31/96 12/31/97 12/31/98 12/31/99 12/31/00
CAF 16.82 16.20 5.77 7.07 22.17
Year Ended 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05
CAF 10.26 0.54 25.47 15.29 6.85
Year Ended 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10
CAF 14.54 4.56 -27.17 33.05 14.07
Year Ended 12/31/11        
CAF 3.19        
*Returns for 1986 cover the period 6/30/86 through 12/31/86.

The information presented was current as of August 12, 2011. The manager’s views and the fund’s portfolio may have changed since that time. This material should not be deemed a recommendation to buy or sell shares of any of the securities discussed.

Stocks and sectors may not perform in line with the manager's expectations. All funds are subject to market risk, including possible loss of principal. The value approach carries the risk that the market will not recognize a security's intrinsic value for a long time or that a stock judged to be undervalued may actually be appropriately priced. Fixed income investing is subject to currency risk and interest rate risk. High yield bonds and leveraged loans carry a greater default risk than higher-quality bonds. Investing in foreign securities entails additional risks, including currency risk and political risk. Diversification cannot assure a profit or protect against loss in a declining market.

Multiple or Price/Earnings (P/E) Ratio—The price of a stock divided by its earnings per share. This ratio gives investors an idea of how much they are paying for a company’s future earnings power.

S&P 500 Index—Tracks the stocks of 500 U.S. companies.

Call 1-800-638-5660 to request a prospectus, which includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.