Target Program

Target International Equity Fund seeks capital appreciation. The fund normally invests at least 80 percent of total assets in stocks of companies in at least three different foreign countries. The foreign securities held by the fund normally will be denominated in foreign currencies, including the euro, a multinational currency unit. It may invest in large, mid or small capitalization companies. The minimum initial investment is 25000 dollars.

Target Small Capitalization Growth Fund seeks capital appreciation. The fund normally invests at least 80 percent of assets in common stocks of companies with a total market capitalization of less than 2.5 billion dollars measured at the time of purchase, because the portfolio invests in small capitalization companies. The risk is greater than with larger companies because shares of small companies tend to be less liquid and more volatile than those of large companies.

The Target Total Return Bond Fund seeks current income and capital appreciation. The fund typically invests in debt obligations issues or guaranteed by the U.S. government and its agencies as well as debt obligations issued by U.S. companies and foreign governments and their agencies. It may invest up to 20 percent of assets in foreign denominated debt obligations.

Target Large Capitalization Growth Fund seeks long-term capital appreciation. The fund normally invests at least 80 percent of total assets in common stocks of companies with a total market capitalization of 5 billion dollars or more measured at the time of purchase. It looks to invest in those securities that will experience earnings growth at a rate faster than that of the S&P 500 Index.

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