RISKS ASSOCIATED WITH INVESTING IN THE FUNDS:

The Funds invest in international securities, which involve a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. The Funds also invest in bonds, which are subject to interest rate risks. Bond prices generally fall when interest rates rise. The Funds may also use derivatives as a tool in the management of Fund assets. The use of derivatives for hedging, risk management or to increase income or gain may not be successful and could result in losses. Derivatives also expose the Fund to the credit risk of the derivative counterparty. The Funds invest in real estate, which is subject to declines in the value of real estate, risks related to general and economic conditions, changes in the value of the underlying property owned by the trust and defaults by borrower. Structured investments, in which the Funds may also invest, may involve a high degree of risk, and may be appropriate investments only for sophisticated investors who are capable of understanding and assuming the risks involved. The manager of the Funds participates in short selling, which involves certain risks, including additional costs associated with covering short positions and a possibility of unlimited loss on certain short sale positions. The Funds invest in high yield securities rated below investment grade. Although these securities tend to provide higher yields than higher rated securities, there is a greater risk that the Funds’ share price will decline. Portfolio turnover may vary greatly from year to year, as well as within a particular year. High rates of portfolio turnover may result in short-term capital gain that will generally be taxable to shareholders as ordinary income.