Fund Description

The fund was incepted in February 2000 and is managed by David W. Tice & Associates. The fund seeks current income and capital appreciation. The fund is a no-load, high quality international fixed income fund with a precious metals component. The fund is currently structured to benefit from a declining US dollar and rising gold prices. A significant portion of the fund's assets are typically invested in foreign government securities. The fund may also hold U.S. Treasury Notes and common stocks of gold and silver mining companies and/or gold bullion. Debt issues typically have a maturity of 1 to 3 years. Foreign debt issues are primarily those issued by the fund's major European trading partners and/or countries with currencies the fund's advisors expect to increase in value against the dollar. The fund offers dividends at the end of each calendar quarter. Capital gains, if any, are distributed annually in December.