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.
• 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.
• 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. There are risks associated with investing in small and mid cap stocks, which tend to be more volatile and less liquid than the stocks of large companies, including the risk of price fluctuations.