Risks and Additional Information

• * 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.
• 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.
• There is no guarantee asset allocation will produce favorable results or protect against a loss. Stocks have historically provided greater return potential than other investments over the long term, but may be subject to wide swings in value over shorter time periods. Bond funds tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund are subject to fluctuations in price due to issuer and credit quality, rising or falling interest rates, inflation, and call risks associated with the underlying bonds owned by the fund. Small company investing is subject to a greater degree of risk and market volatility, and small companies have a higher risk of failure.