Strategy. Under normal circumstances, the fund will invest at least 80% of the value of its net assets in zero-coupon securities. Typically, other than during the funds target maturity year, the fund intends to exceed this 80% requirement and be fully invested in zero-coupon securities. The fund invests primarily in zero-coupon U.S. Treasury securities and their equivalents (including certain zero-coupon U.S. government agency securities), and may invest up to 20% of its assets in other zero-coupon U.S. government agency securities that are AAA-rated. Zero-coupon securities make no periodic interest or principal payments. Instead, they trade at a deep discount to their face value and all of the interest and principal is paid when the securities mature. The fund is managed to … Show more… Under normal circumstances, the fund will invest at least 80% of the value of its net assets in zero-coupon securities. Typically, other than during the funds target maturity year, the fund intends to exceed this 80% requirement and be fully invested in zero-coupon securities. The fund invests primarily in zero-coupon U.S. Treasury securities and their equivalents (including certain zero-coupon U.S. government agency securities), and may invest up to 20% of its assets in other zero-coupon U.S. government agency securities that are AAA-rated. Zero-coupon securities make no periodic interest or principal payments. Instead, they trade at a deep discount to their face value and all of the interest and principal is paid when the securities mature. The fund is managed to mature in the year 2025 and will be liquidated near the end of its target maturity year. Because Zero Coupon 2025 has reached its target maturity year, the portfolio managers may begin buying traditional coupon-bearing securities consistent with the funds investment objective and strategy. Additionally, as the funds zero-coupon securities mature, the proceeds from the retirement of these securities may be invested in zero-coupon securities, traditional coupon-bearing debt securities and cash equivalent securities. If shares of the fund are held until the fund is liquidated and all distributions are reinvested, the funds performance should be similar to an investment in a zero-coupon U.S. Treasury security with the same term to maturity as the fund. The advisor expects that shareholders who hold their shares until the fund is liquidated and reinvest all distributions will realize an investment return and maturity value that do not differ significantly from the anticipated growth rate (AGR) and anticipated value at maturity (AVM) calculated on the day the shares were purchased. The funds anticipated growth rate is an estimate of the annualized rate of growth of the fund that an investor may expect from the purchase date to the funds weighted average maturity date. The anticipated value at maturity is an estimate of the funds net asset value as of the funds weighted average maturity date. It is based on the maturity values of the zero-coupon securities held by the fund. As of the funds most recent fiscal year end, September 30, 2024, the funds Investor Class AGR was 3.44% and its AVM was $115.86. The AGR and AVM for the Advisor Class will differ from that of the Investor Class, depending on the expenses of that class. When determining whether to buy or sell a security, the portfolio managers consider, among other things, the funds average maturity, current and anticipated changes in interest rates, current valuation relative to alternatives in the market, general market conditions and any other factors deemed relevant by the portfolio managers. Securities issued or guaranteed by the U.S. Treasury and certain U.S. government agencies or instrumentalities are supported by the full faith and credit of the U.S. government. Zero-coupon U.S. government agency securities that are ultimately backed by securities or payment obligations of the U.S. Treasury and are considered by the market to be of comparable credit quality, such as Resolution Funding Corporation (REFCORP) bonds, are considered to be zero-coupon U.S. Treasury equivalents by the funds managers. Securities issued or guaranteed by other U.S. government agencies or instrumentalities, such as the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Federal Home Loan Bank, are not guaranteed by the U.S. Treasury or supported by the full faith and credit of the U.S. government. However, these agencies or instrumentalities are authorized to borrow from the U.S. Treasury to meet their obligations. Show less