1irstfund - Conservative Investor Fund

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CONSERVATIVE INVESTOR FUND
FOR DISCERNING
INTERNATIONAL INVESTORS

OVERVIEW
The Conservative Investor Fund invests in international "Blue-Chip" or "Large-Cap" companies where the investment risk is far less of a consideration to an investor and where long-term capital appreciation is expected to exceed market averages. Furthermore, within this Fund, investors, relative to their personal preferences, may select one or more of the following "investment areas" in which to allocate their resources: 1. "Bonds"; 2. "Environment*"; and/or, 3. "Shares." (*In the "Environmental Investment Area," portfolio holdings will consist of securities issued by companies that are "acting responsibly to enhance, restore, and/or protect" global resources and natural environments.) Selected Registered Investment Advisors (RIAs) with proven market track records serve this Fund in selecting assets and managing the Fund's portfolio.

THE CONSERVATIVE INVESTOR
This Fund appeals to discerning international investors who are "conservative" or "moderate" in their investment approach. Generally, their personal preferences are for securities that have "matured" over periods of time in their unique markets and in which there now might be fewer "downside" risks when viewed relative to "historical performance" records and the "expected future growth" of the respective companies and their specific industry segments. Also, such securities are preferred relative to the inherent "ease" of effecting a "timely" purchase and of a later, subsequent sale, all of which comprises the inherent "liquidity" of the respective marketplace.

"Conservative" or "moderate" investors, depending on their personal preferences and objectives, may elect to place all or a major part of their discretionary monies in the Conservative Investor Fund. Others may "balance" available assets between this Fund and the other FIRST FUND funds to gain significant "diversification" advantages. Further, they are convinced that "TIME" or "CONSISTENCY" in the financial marketplace - not the "TIMING" of a purchase therein - achieves positive investment results.

MARKETPLACE ALTERNATIVES
Among other alternatives not listed, securities owned by the Conservative Investor Fund might include a diversified portfolio with some or all of the following general "industry groupings" represented:

BIOLOGICAL

COMMUNICATION