Risks and Additional Information

• International investing is subject to certain factors such as currency exchange-rate volatility, possible political, social or economic instability, foreign taxation, and differences in auditing and other financial standards that can involve increased risk and share-price volatility.
• * Information above is for A Shares. Other classes may vary slightly.
• ** The Portfolio Turnover Rate represents the fund’s portfolio turnover for the fiscal year ending 7/31/11.
• The P/E (Price-to-Earnings) Ratio equals the price of a stock divided by its earnings per share. P/E multiples enable investors to compare the relative value of stocks within a portfolio. They show how much an investor must pay for one dollar of earnings.
• The P/B (Price-to-Book) Ratio compares the market’s valuation of a company to the value of that company as indicated on its financial statement.
  
  An investor cannot invest directly in an index.
• Beta rating attempts to measure relative risk in relation to the fund’s benchmark.
• Alpha is a coefficient which measures risk-adjusted performance, factoring in the risk due to the specific security, rather than the overall market.
• Sharpe Ratio is calculated using standard deviation and excess return to determine reward per unit of risk.
• R² (R-squared) is a measurement of how closely a portfolio’s performance correlates with the performance of a benchmark index.
• Standard Deviation is a statistical measure of the historical volatility of a mutual fund.
• The risk reward metrics shown in the Portfolio Characteristics section above are for a trailing five-year period in relation to the fund’s benchmark. Source: Zephyr Style Advisor.