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<p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0">FUND INVESTMENT OBJECTIVE</p>
<p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0">FUND INVESTMENT OBJECTIVE</p>
<p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0">FUND INVESTMENT OBJECTIVE</p>
<p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0">FUND INVESTMENT OBJECTIVE</p>
<p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0">FUND INVESTMENT OBJECTIVE</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">FUND INVESTMENT OBJECTIVE</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">FUND INVESTMENT OBJECTIVE</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">FUND INVESTMENT OBJECTIVE</p>
<p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify">The investment objective of the Westwood Global Equity
Fund (the "Fund") is to seek long-term capital appreciation.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The investment objective of the Westwood
Global Dividend Fund (the "Fund") is to seek long-term capital appreciation and dividend income.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The investment objective of the Westwood
Emerging Markets Fund (the "Fund") is to seek long-term capital appreciation.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The investment objective of the Westwood
Emerging Markets Plus Fund (the "Fund") is to seek long-term capital appreciation.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">The investment objective of the Westwood Global Equity Fund (the
"Fund") is to seek long-term capital appreciation.</p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The investment objective of the Westwood
Global Dividend Fund (the "Fund") is to seek long-term capital appreciation and dividend income.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The investment objective of the Westwood
Emerging Markets Fund (the "Fund") is to seek long-term capital appreciation.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The investment objective of the Westwood
Emerging Markets Plus Fund (the "Fund") is to seek long-term capital appreciation.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">FUND FEES AND EXPENSES</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">FUND FEES AND EXPENSES</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">FUND FEES AND EXPENSES</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">FUND FEES AND EXPENSES</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">FUND FEES AND EXPENSES</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">FUND FEES AND EXPENSES</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">FUND FEES AND EXPENSES</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">FUND FEES AND EXPENSES</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">This table describes the fees and expenses
that you may pay if you buy and hold Institutional Shares of the Fund.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">This table describes the fees and expenses
that you may pay if you buy and hold Institutional Shares of the Fund.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">This table describes the fees and expenses
that you may pay if you buy and hold Institutional Shares of the Fund.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">This table describes the fees and expenses
that you may pay if you buy and hold Institutional Shares of the Fund.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">This table describes the fees and expenses
that you may pay if you buy and hold A Class Shares of the Fund. You may qualify for sales charge discounts if you and your family
invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available
from your financial professional and in the section "Sales Charges" on page 33 of this prospectus.</p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">This table describes the fees and expenses
that you may pay if you buy and hold A Class Shares of the Fund. You may qualify for sales charge discounts if you and your family
invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available
from your financial professional and in the section "Sales Charges" on page 33 of this prospectus.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">This table describes the fees and expenses
that you may pay if you buy and hold A Class Shares of the Fund. You may qualify for sales charge discounts if you and your family
invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available
from your financial professional and in the section "Sales Charges" on page 33 of this prospectus.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">This table describes the fees and expenses
that you may pay if you buy and hold A Class Shares of the Fund. You may qualify for sales charge discounts if you and your family
invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available
from your financial professional and in the section "Sales Charges" on page 33 of this prospectus.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">SHAREHOLDER FEES (FEES PAID DIRECTLY FROM
YOUR INVESTMENT)</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">SHAREHOLDER FEES (FEES PAID DIRECTLY FROM
YOUR INVESTMENT)</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">SHAREHOLDER FEES (FEES PAID DIRECTLY FROM
YOUR INVESTMENT)</p>
0.05
0.05
0.05
0.05
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">ANNUAL FUND OPERATING EXPENSES (EXPENSES
THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">ANNUAL FUND OPERATING EXPENSES (EXPENSES
THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">ANNUAL FUND OPERATING EXPENSES (EXPENSES
THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">ANNUAL FUND OPERATING EXPENSES (EXPENSES
THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR
AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">ANNUAL FUND OPERATING EXPENSES (EXPENSES
THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">ANNUAL FUND OPERATING EXPENSES (EXPENSES
THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">ANNUAL FUND OPERATING EXPENSES (EXPENSES
THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</p>
0.0080
0.0080
0.0095
0.0095
0.0080
0.0095
0.0095
0.0080
0.0025
0.0025
0.0025
0.0025
0.0001
0.0001
0.0001
0.0001
0.0001
0.0001
0.0001
0.0001
0.0186
0.0186
0.0202
0.0202
0.0211
0.0227
0.0227
0.0211
-0.0086
-0.0086
-0.0082
-0.0082
-0.0086
-0.0082
-0.0082
-0.0086
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<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">EXAMPLE</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">EXAMPLE</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">EXAMPLE</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">EXAMPLE</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">EXAMPLE</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">EXAMPLE</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">EXAMPLE</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">EXAMPLE</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">This Example is intended to help you compare
the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Example assumes that you invest
$10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The
Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses (including one
year of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">This Example is intended to help you compare
the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Example assumes that you invest
$10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The
Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses (including one
year of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">This Example is intended to help you compare
the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Example assumes that you invest
$10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The
Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses (including one
year of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">This Example is intended to help you compare
the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Example assumes that you invest
$10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The
Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses (including one
year of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">This Example is intended to help you compare
the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Example assumes that you invest $10,000
in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes
that your investment has a 5% return each year and that the Fund's operating expenses (including one year of capped expenses in
each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">This Example is intended to help you compare
the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Example assumes that you invest $10,000
in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes
that your investment has a 5% return each year and that the Fund's operating expenses (including one year of capped expenses in
each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">This Example is intended to help you compare
the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Example assumes that you invest $10,000
in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes
that your investment has a 5% return each year and that the Fund's operating expenses (including one year of capped expenses in
each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">This Example is intended to help you compare
the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Example assumes that you invest $10,000
in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes
that your investment has a 5% return each year and that the Fund's operating expenses (including one year of capped expenses in
each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PORTFOLIO TURNOVER</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PORTFOLIO TURNOVER</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PORTFOLIO TURNOVER</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PORTFOLIO TURNOVER</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">PORTFOLIO TURNOVER</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PORTFOLIO TURNOVER</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PORTFOLIO TURNOVER</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PORTFOLIO TURNOVER</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund pays transaction costs, such as
commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in total annual fund operating expenses or in the example, affect the Fund's performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund pays transaction costs, such as
commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in total annual fund operating expenses or in the example, affect the Fund's performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund pays transaction costs, such as
commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in total annual fund operating expenses or in the example, affect the Fund's performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund pays transaction costs, such as
commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in total annual fund operating expenses or in the example, affect the Fund's performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund pays transaction costs, such as
commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which
are not reflected in total annual fund operating expenses or in the example, affect the Fund's performance.</p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund pays transaction costs, such as
commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which
are not reflected in total annual fund operating expenses or in the example, affect the Fund's performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund pays transaction costs, such as
commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which
are not reflected in total annual fund operating expenses or in the example, affect the Fund's performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund pays transaction costs, such as
commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which
are not reflected in total annual fund operating expenses or in the example, affect the Fund's performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PRINCIPAL INVESTMENT STRATEGIES</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PRINCIPAL INVESTMENT STRATEGIES</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PRINCIPAL INVESTMENT STRATEGIES</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PRINCIPAL INVESTMENT STRATEGIES</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">PRINCIPAL INVESTMENT STRATEGIES</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PRINCIPAL INVESTMENT STRATEGIES</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PRINCIPAL INVESTMENT STRATEGIES</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PRINCIPAL INVESTMENT STRATEGIES</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Under normal circumstances, the Fund invests
at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies organized or located
throughout the world, including the United States. This investment policy may be changed by the Fund upon 60 days' prior notice
to shareholders. The equity securities in which the Fund invests are primarily common stocks, but may also include exchange-traded
funds ("ETFs"), American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), preferred
stock, warrants and real estate investment trusts ("REITs"). Equity securities also include participatory notes, which
are derivative instruments with economic characteristics similar to equity securities designed to replicate equity market exposure
in certain foreign markets where direct investment is either impossible or difficult due to local investment restrictions. The
Fund typically invests in companies with market capitalizations exceeding $1 billion. The Fund invests at least 40% of its net
assets, plus any borrowings for investment purposes, in companies organized or located or doing a substantial amount of business
outside the United States in both developed and emerging market countries, and will generally have exposure to the United States,
the United Kingdom and Japan. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund invests in approximately
65-85 securities to achieve its investment objective. The Adviser utilizes a fundamental, bottom-up investment process and
seeks to invest in securities of sound businesses that it believes are currently undervalued in the market and can generate
positive and sustainable earnings growth and, thus, economic profits over time. Key characteristics that the Adviser looks
for in evaluating an investment may include management aligned with an Economic Value Added ("EVA") philosophy,
strong core franchise value, above average cash flow generation and consistency of earnings growth. The Adviser has
disciplines in place that serve as sell signals, such as a security reaching its estimated fair value, an adverse change in a
company's fundamentals, or when more attractive alternatives exist.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Under normal circumstances, the Fund
invests at least 80% of its net assets, plus any borrowings for investment purposes, in dividend-paying equity securities of
companies organized or located throughout the world, including the United States. This investment policy may be changed by
the Fund upon 60 days' prior notice to shareholders. The equity securities in which the Fund invests are primarily common
stocks, but may also include exchange-traded funds ("ETFs"), American Depositary Receipts ("ADRs"), Global
Depositary Receipts ("GDRs"), preferred stock, warrants and real estate investment trusts ("REITs"). Equity
securities also include participatory notes, which are derivative instruments with economic characteristics similar to equity
securities designed to replicate equity market exposure in certain foreign markets where direct investment is either
impossible or difficult due to local investment restrictions. The Fund typically invests in companies with market
capitalizations exceeding $500 million. The Fund invests at least 40% of its net assets, plus any borrowings for investment
purposes, in companies organized or located or doing a substantial amount of business outside the United States in both
developed and emerging market countries, and will generally have exposure to the United States, the United Kingdom and
Japan.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">  </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund invests in approximately
65-90 securities to achieve its investment objective. The Adviser utilizes a fundamental, bottom-up investment process and
seeks to invest in securities of sound businesses that it believes are currently undervalued in the market, offer an
attractive opportunity for price appreciation and dividend growth, and can generate positive and sustainable earnings growth
and, thus, economic profits over time. Key characteristics that the Adviser looks for in evaluating an investment may include
management aligned with an Economic Value Added ("EVA") philosophy, strong core franchise value, above average cash
flow generation, consistency of earnings growth and the ability, or prospective ability, to pay dividends. The Adviser has
disciplines in place that serve as sell signals, such as a security reaching its estimated fair value, an adverse change in a
company's fundamentals, or when more attractive alternatives exist.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Under normal circumstances, the Fund invests
at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of emerging market companies.
This investment policy may be changed by the Fund upon 60 days' prior notice to shareholders. The Fund considers a company to
be an emerging market company if (i) at least 50% of the company's assets are located in emerging markets; (ii) at least 50% of
the company's revenues are generated in emerging markets; or (iii) the company is domiciled in an emerging market. "Emerging
markets" include countries in the MSCI Emerging Markets Index, and other countries that the Fund considers to be equivalent
to those in that index based on their level of economic development or the size and experience of their securities markets. The
equity securities in which the Fund invests are primarily common stocks, but may also include exchange-traded funds ("ETFs"),
American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), preferred stock, warrants and
real estate investment trusts ("REITs"). Equity securities also include participatory notes, which are derivative instruments
with economic characteristics similar to equity securities designed to replicate equity market exposure in certain foreign markets
where direct investment is either impossible or difficult due to local investment restrictions. The Fund typically invests in
companies with market capitalizations exceeding $500 million. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund invests in approximately
70-90 securities to achieve its investment objective. The Adviser utilizes a fundamental, bottom-up investment process and
seeks to invest in securities of sound businesses that it believes are currently undervalued in the market and can generate
positive and sustainable earnings growth and, thus, economic profits over time. Key characteristics that the Adviser looks
for in evaluating an investment may include management aligned with an Economic Value Added ("EVA") philosophy,
strong core franchise value, above average cash flow generation and consistency of earnings growth. The Adviser has
disciplines in place that serve as sell signals, such as a security reaching its estimated fair value, an adverse change in a
company's fundamentals, or when more attractive alternatives exist.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Under normal circumstances, the Fund invests
at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of emerging market companies.
This investment policy may be changed by the Fund upon 60 days' prior notice to shareholders. The Fund considers a company to
be an emerging market company if (i) at least 50% of the company's assets are located in emerging markets; (ii) at least 50% of
the company's revenues are generated in emerging markets; or (iii) the company is domiciled in an emerging market. "Emerging
markets" include countries in the MSCI Emerging Markets Index, and other countries that the Fund considers to be equivalent
to those in that index based on their level of economic development or the size and experience of their securities markets. The
equity securities in which the Fund invests are primarily common stocks, but may also include exchange-traded funds ("ETFs"),
American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), preferred stock, warrants and
real estate investment trusts ("REITs"). Equity securities also include participatory notes, which are derivative instruments
with economic characteristics similar to equity securities designed to replicate equity market exposure in certain foreign markets
where direct investment is either impossible or difficult due to local investment restrictions. The Fund typically invests in
companies with market capitalizations exceeding $1.5 billion. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund invests in approximately
50-70 securities to achieve its investment objective. The Adviser utilizes a fundamental, bottom-up investment process and
seeks to invest in securities of sound businesses that it believes are currently undervalued in the market and can generate
positive and sustainable earnings growth and, thus, economic profits over time. Key characteristics that the Adviser looks
for in evaluating an investment may include management aligned with an Economic Value Added ("EVA") philosophy,
strong core franchise value, above average cash flow generation and consistency of earnings growth. The Adviser has
disciplines in place that serve as sell signals, such as a security reaching its estimated fair value, an adverse change in a
company's fundamentals, or when more attractive alternatives exist.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Under normal circumstances, the Fund invests
at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies organized or located
throughout the world, including the United States. This investment policy may be changed by the Fund upon 60 days' prior notice
to shareholders. The equity securities in which the Fund invests are primarily common stocks, but may also include exchange-traded
funds ("ETFs"), American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), preferred
stock, warrants and real estate investment trusts ("REITs"). Equity securities also include participatory notes, which
are derivative instruments with economic characteristics similar to equity securities designed to replicate equity market exposure
in certain foreign markets where direct investment is either impossible or difficult due to local investment restrictions. The
Fund typically invests in companies with market capitalizations exceeding $1 billion. The Fund invests at least 40% of its net
assets, plus any borrowings for investment purposes, in companies organized or located or doing a substantial amount of business
outside the United States in both developed and emerging market countries, and will generally have exposure to the United States,
the United Kingdom and Japan. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund invests in approximately 65-85 securities
to achieve its investment objective. The Adviser utilizes a fundamental, bottom-up investment process and seeks to invest in securities
of sound businesses that it believes are currently undervalued in the market and can generate positive and sustainable earnings
growth and, thus, economic profits over time. Key characteristics that the Adviser looks for in evaluating an investment may include
management aligned with an Economic Value Added ("EVA") philosophy, strong core franchise value, above average cash flow
generation and consistency of earnings growth. The Adviser has disciplines in place that serve as sell signals, such as a security
reaching its estimated fair value, an adverse change in a company's fundamentals, or when more attractive alternatives exist.</p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Under normal circumstances, the Fund invests
at least 80% of its net assets, plus any borrowings for investment purposes, in dividend-paying equity securities of companies
organized or located throughout the world, including the United States. This investment policy may be changed by the Fund upon
60 days' prior notice to shareholders. The equity securities in which the Fund invests are primarily common stocks, but may also
include exchange-traded funds ("ETFs"), American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"),
preferred stock, warrants and real estate investment trusts ("REITs"). Equity securities also include participatory notes,
which are derivative instruments with economic characteristics similar to equity securities designed to replicate equity market
exposure in certain foreign markets where direct investment is either impossible or difficult due to local investment restrictions.
The Fund typically invests in companies with market capitalizations exceeding $500 million. The Fund invests at least 40% of its
net assets, plus any borrowings for investment purposes, in companies organized or located or doing a substantial amount of business
outside the United States in both developed and emerging market countries, and will generally have exposure to the United States,
the United Kingdom and Japan.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"></p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund invests in approximately 65-90 securities
to achieve its investment objective. The Adviser utilizes a fundamental, bottom-up investment process and seeks to invest in securities
of sound businesses that it believes are currently undervalued in the market, offer an attractive opportunity for price appreciation
and dividend growth, and can generate positive and sustainable earnings growth and, thus, economic profits over time. Key characteristics
that the Adviser looks for in evaluating an investment may include management aligned with an Economic Value Added ("EVA")
philosophy, strong core franchise value, above average cash flow generation, consistency of earnings growth and the ability, or
prospective ability, to pay dividends. The Adviser has disciplines in place that serve as sell signals, such as a security reaching
its estimated fair value, an adverse change in a company's fundamentals, or when more attractive alternatives exist.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Under normal circumstances, the Fund invests
at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of emerging market companies.
This investment policy may be changed by the Fund upon 60 days' prior notice to shareholders. The Fund considers a company to
be an emerging market company if (i) at least 50% of the company's assets are located in emerging markets; (ii) at least 50% of
the company's revenues are generated in emerging markets; or (iii) the company is domiciled in an emerging market. "Emerging
markets" include countries in the MSCI Emerging Markets Index, and other countries that the Fund considers to be equivalent
to those in that index based on their level of economic development or the size and experience of their securities markets. The
equity securities in which the Fund invests are primarily common stocks, but may also include exchange-traded funds ("ETFs"),
American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), preferred stock, warrants and real
estate investment trusts ("REITs"). Equity securities also include participatory notes, which are derivative instruments
with economic characteristics similar to equity securities designed to replicate equity market exposure in certain foreign markets
where direct investment is either impossible or difficult due to local investment restrictions. The Fund typically invests in
companies with market capitalizations exceeding $500 million. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund invests in approximately 70-90 securities
to achieve its investment objective. The Adviser utilizes a fundamental, bottom-up investment process and seeks to invest in securities
of sound businesses that it believes are currently undervalued in the market and can generate positive and sustainable earnings
growth and, thus, economic profits over time. Key characteristics that the Adviser looks for in evaluating an investment may include
management aligned with an Economic Value Added ("EVA") philosophy, strong core franchise value, above average cash flow
generation and consistency of earnings growth. The Adviser has disciplines in place that serve as sell signals, such as a security
reaching its estimated fair value, an adverse change in a company's fundamentals, or when more attractive alternatives exist.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Under normal circumstances, the Fund invests
at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of emerging market companies.
This investment policy may be changed by the Fund upon 60 days' prior notice to shareholders. The Fund considers a company to
be an emerging market company if (i) at least 50% of the company's assets are located in emerging markets; (ii) at least 50% of
the company's revenues are generated in emerging markets; or (iii) the company is domiciled in an emerging market. "Emerging
markets" include countries in the MSCI Emerging Markets Index, and other countries that the Fund considers to be equivalent
to those in that index based on their level of economic development or the size and experience of their securities markets. The
equity securities in which the Fund invests are primarily common stocks, but may also include exchange-traded funds ("ETFs"),
American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), preferred stock, warrants and real
estate investment trusts ("REITs"). Equity securities also include participatory notes, which are derivative instruments
with economic characteristics similar to equity securities designed to replicate equity market exposure in certain foreign markets
where direct investment is either impossible or difficult due to local investment restrictions. The Fund typically invests in
companies with market capitalizations exceeding $1.5 billion. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund invests in approximately 50-70 securities
to achieve its investment objective. The Adviser utilizes a fundamental, bottom-up investment process and seeks to invest in securities
of sound businesses that it believes are currently undervalued in the market and can generate positive and sustainable earnings
growth and, thus, economic profits over time. Key characteristics that the Adviser looks for in evaluating an investment may include
management aligned with an Economic Value Added ("EVA") philosophy, strong core franchise value, above average cash flow
generation and consistency of earnings growth. The Adviser has disciplines in place that serve as sell signals, such as a security
reaching its estimated fair value, an adverse change in a company's fundamentals, or when more attractive alternatives exist.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PRINCIPAL RISKS</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PRINCIPAL RISKS</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PRINCIPAL RISKS</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PRINCIPAL RISKS</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">PRINCIPAL RISKS</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PRINCIPAL RISKS</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PRINCIPAL RISKS</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PRINCIPAL RISKS</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">As with all mutual funds, a
shareholder is subject to the risk that his or her investment could lose money. A Fund share is not a bank deposit and it is
not insured or guaranteed by the FDIC or any government agency. The principal risk factors affecting shareholders'
investments in the Fund are set forth below.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">EQUITY RISK -- Since it purchases equity
securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically,
the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day.
Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The
prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility,
which is the principal risk of investing in the Fund. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">FOREIGN COMPANY RISK -- Investing in foreign
companies, including direct investments and through ADRs and GDRs, which are traded on exchanges and represent an ownership in
a foreign security, poses additional risks since political and economic events unique to a country or region will affect those
markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States.
In addition, investments in foreign companies are generally denominated in a foreign currency. As a result, changes in the value
of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments. These
currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security
in the issuer's home country. Differences in tax and accounting standards and difficulties obtaining information about foreign
companies can negatively affect investment decisions. The Fund's investments in foreign securities are also subject to the risk
that the securities may be difficult to value and/or valued incorrectly. While ADRs and GDRs provide an alternative to directly
purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs and GDRs
continue to be subject to many of the risks associated with investing directly in foreign securities. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">EMERGING MARKETS SECURITIES RISK --
Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the
general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that
are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of
emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative
illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of
investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future
economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure,
nationalization or creation of government monopolies.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">FOREIGN CURRENCY RISK -- As a result of
the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the
Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the
U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">SMALL- AND MID-CAPITALIZATION COMPANY RISK
-- The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic
events than larger, more established companies. In particular, these small- and mid-sized companies may pose additional risks,
including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may
depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger
companies. These securities may be traded over-the-counter or listed on an exchange.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">  </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">ETF RISK -- ETFs are pooled investment vehicles,
such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. stock exchanges or otherwise
traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially
the same risks as those associated with the direct ownership of the securities comprising the index on which the ETF is based
and the value of the Fund's investment will fluctuate in response to the performance of the underlying index. ETFs typically incur
fees that are separate from those of the Fund. Accordingly, the Fund's investments in ETFs will result in the layering of expenses
such that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund
expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium and the
Adviser may not be able to liquidate the Fund's holdings at the most optimal time, which could adversely affect the Fund's performance. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">REIT RISK -- REITs are pooled investment
vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct
ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses,
interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees
that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses
such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund
expenses. REIT operating expenses are not reflected in the fee table and example in this prospectus. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">DERIVATIVES RISK -- The Fund's use of participatory
notes is subject to market risk, correlation risk, liquidity risk, credit risk and valuation risk. Liquidity risk and credit risk
are described below. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and
unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying
asset, rate or index. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each
of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">  </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">LIQUIDITY RISK -- The risk that
certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may
have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a
negative effect on Fund management or performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">CREDIT RISK -- The risk that the issuer
of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">NEW FUND RISK -- Investors in the Fund bear
the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy,
or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund
being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation
could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">As with all mutual funds, a
shareholder is subject to the risk that his or her investment could lose money. A Fund share is not a bank deposit and it is
not insured or guaranteed by the FDIC or any government agency. The principal risk factors affecting shareholders'
investments in the Fund are set forth below.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">EQUITY RISK -- Since it purchases
equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time.
Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate
drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or
economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These
factors contribute to price volatility, which is the principal risk of investing in the Fund.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">DIVIDEND PAYING STOCKS RISK -- The Fund's
emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the
market. Also, a company may reduce or eliminate its dividend after the Fund's purchase of such company.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">FOREIGN COMPANY RISK -- Investing in foreign
companies, including direct investments and through ADRs and GDRs, which are traded on exchanges and represent an ownership in
a foreign security, poses additional risks since political and economic events unique to a country or region will affect those
markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States.
In addition, investments in foreign companies are generally denominated in a foreign currency. As a result, changes in the value
of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments. These
currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security
in the issuer's home country. Differences in tax and accounting standards and difficulties obtaining information about foreign
companies can negatively affect investment decisions. The Fund's investments in foreign securities are also subject to the risk
that the securities may be difficult to value and/or valued incorrectly. While ADRs and GDRs provide an alternative to directly
purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs and GDRs
continue to be subject to many of the risks associated with investing directly in foreign securities. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">EMERGING MARKETS SECURITIES RISK --
Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the
general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that
are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of
emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative
illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of
investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future
economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure,
nationalization or creation of government monopolies.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">FOREIGN CURRENCY RISK -- As a result of
the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the
Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the
U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">SMALL- AND MID-CAPITALIZATION COMPANY RISK
-- The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic
events than larger, more established companies. In particular, these small- and mid-sized companies may pose additional risks,
including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may
depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger
companies. These securities may be traded over-the-counter or listed on an exchange.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">ETF RISK -- ETFs are pooled investment
vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. stock
exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be
subject to substantially the same risks as those associated with the direct ownership of the securities comprising the index
on which the ETF is based and the value of the Fund's investment will fluctuate in response to the performance of the
underlying index. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in
ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs'
operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market,
shares may trade at a discount or premium and the Adviser may not be able to liquidate the Fund's holdings at the most
optimal time, which could adversely affect the Fund's performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">REIT RISK -- REITs are pooled investment
vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct
ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses,
interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees
that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses
such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund
expenses. REIT operating expenses are not reflected in the fee table and example in this prospectus. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">DERIVATIVES RISK -- The Fund's use of participatory
notes is subject to market risk, correlation risk, liquidity risk, credit risk and valuation risk. Liquidity risk and credit risk
are described below. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and
unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying
asset, rate or index. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each
of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.  </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">LIQUIDITY RISK -- The risk that
certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may
have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a
negative effect on Fund management or performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">CREDIT RISK -- The risk that the issuer
of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">NEW FUND RISK -- Investors in the Fund bear
the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy,
or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund
being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation
could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">As with all mutual funds, a
shareholder is subject to the risk that his or her investment could lose money. A Fund share is not a bank deposit and it is
not insured or guaranteed by the FDIC or any government agency. The principal risk factors affecting shareholders'
investments in the Fund are set forth below.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">EQUITY RISK -- Since it purchases
equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time.
Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate
drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or
economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These
factors contribute to price volatility, which is the principal risk of investing in the Fund.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">FOREIGN COMPANY RISK -- Investing in foreign
companies, including direct investments and through ADRs and GDRs, which are traded on exchanges and represent an ownership in
a foreign security, poses additional risks since political and economic events unique to a country or region will affect those
markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States.
In addition, investments in foreign companies are generally denominated in a foreign currency. As a result, changes in the value
of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments. These
currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security
in the issuer's home country. Differences in tax and accounting standards and difficulties obtaining information about foreign
companies can negatively affect investment decisions. The Fund's investments in foreign securities are also subject to the risk
that the securities may be difficult to value and/or valued incorrectly. While ADRs and GDRs provide an alternative to directly
purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs and GDRs
continue to be subject to many of the risks associated with investing directly in foreign securities. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">EMERGING MARKETS SECURITIES RISK --
Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the
general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that
are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of
emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative
illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of
investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future
economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure,
nationalization or creation of government monopolies.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">FOREIGN CURRENCY RISK -- As a result of
the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the
Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the
U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">SMALL- AND MID-CAPITALIZATION COMPANY RISK
-- The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic
events than larger, more established companies. In particular, these small- and mid-sized companies may pose additional risks,
including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may
depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger
companies. These securities may be traded over-the-counter or listed on an exchange.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">ETF RISK -- ETFs are pooled investment
vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. stock
exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be
subject to substantially the same risks as those associated with the direct ownership of the securities comprising the index
on which the ETF is based and the value of the Fund's investment will fluctuate in response to the performance of the
underlying index. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in
ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs'
operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market,
shares may trade at a discount or premium and the Adviser may not be able to liquidate the Fund's holdings at the most
optimal time, which could adversely affect the Fund's performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">REIT RISK -- REITs are pooled investment
vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct
ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses,
interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees
that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses
such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund
expenses. REIT operating expenses are not reflected in the fee table and example in this prospectus. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">DERIVATIVES RISK -- The Fund's use of participatory
notes is subject to market risk, correlation risk, liquidity risk, credit risk and valuation risk. Liquidity risk and credit risk
are described below. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and
unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying
asset, rate or index. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each
of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">LIQUIDITY RISK -- The risk that
certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may
have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a
negative effect on Fund management or performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">CREDIT RISK -- The risk that the issuer
of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">NEW FUND RISK -- Investors in the Fund bear
the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy,
or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund
being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation
could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">As with all mutual funds, a
shareholder is subject to the risk that his or her investment could lose money. A Fund share is not a bank deposit and it is
not insured or guaranteed by the FDIC or any government agency. The principal risk factors affecting shareholders'
investments in the Fund are set forth below.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">EQUITY RISK -- Since it purchases
equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time.
Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate
drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or
economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These
factors contribute to price volatility, which is the principal risk of investing in the Fund.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">FOREIGN COMPANY RISK -- Investing in foreign
companies, including direct investments and through ADRs and GDRs, which are traded on exchanges and represent an ownership in
a foreign security, poses additional risks since political and economic events unique to a country or region will affect those
markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States.
In addition, investments in foreign companies are generally denominated in a foreign currency. As a result, changes in the value
of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments. These
currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security
in the issuer's home country. Differences in tax and accounting standards and difficulties obtaining information about foreign
companies can negatively affect investment decisions. The Fund's investments in foreign securities are also subject to the risk
that the securities may be difficult to value and/or valued incorrectly. While ADRs and GDRs provide an alternative to directly
purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs and GDRs
continue to be subject to many of the risks associated with investing directly in foreign securities. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">EMERGING MARKETS SECURITIES RISK --
Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the
general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that
are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of
emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative
illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of
investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future
economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure,
nationalization or creation of government monopolies.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">FOREIGN CURRENCY RISK -- As a result of
the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the
Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the
U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">SMALL- AND MID-CAPITALIZATION COMPANY RISK
-- The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic
events than larger, more established companies. In particular, these small- and mid-sized companies may pose additional risks,
including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may
depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger
companies. These securities may be traded over-the-counter or listed on an exchange. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">ETF RISK -- ETFs are pooled investment
vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. stock
exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be
subject to substantially the same risks as those associated with the direct ownership of the securities comprising the index
on which the ETF is based and the value of the Fund's investment will fluctuate in response to the performance of the
underlying index. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in
ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs'
operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market,
shares may trade at a discount or premium and the Adviser may not be able to liquidate the Fund's holdings at the most
optimal time, which could adversely affect the Fund's performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">REIT RISK -- REITs are pooled investment
vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct
ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses,
interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees
that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses
such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund
expenses. REIT operating expenses are not reflected in the fee table and example in this prospectus. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">DERIVATIVES RISK -- The Fund's use of participatory
notes is subject to market risk, correlation risk, liquidity risk, credit risk and valuation risk. Liquidity risk and credit risk
are described below. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and
unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying
asset, rate or index. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each
of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">LIQUIDITY RISK -- The risk that
certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may
have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a
negative effect on Fund management or performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">CREDIT RISK -- The risk that the issuer
of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">NEW FUND RISK -- Investors in the Fund bear
the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy,
or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund
being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation
could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">As with all mutual funds, a shareholder is
subject to the risk that his or her investment could lose money. A Fund share is not a bank deposit and it is not insured or guaranteed
by the FDIC or any government agency. The principal risk factors affecting shareholders' investments in the Fund are set forth
below.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">EQUITY RISK -- Since it purchases equity
securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically,
the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day.
Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The
prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility,
which is the principal risk of investing in the Fund. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">FOREIGN COMPANY RISK -- Investing in foreign
companies, including direct investments and through ADRs and GDRs, which are traded on exchanges and represent an ownership in
a foreign security, poses additional risks since political and economic events unique to a country or region will affect those
markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States.
In addition, investments in foreign companies are generally denominated in a foreign currency. As a result, changes in the value
of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments. These
currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security
in the issuer's home country. Differences in tax and accounting standards and difficulties obtaining information about foreign
companies can negatively affect investment decisions. The Fund's investments in foreign securities are also subject to the risk
that the securities may be difficult to value and/or valued incorrectly. While ADRs and GDRs provide an alternative to directly
purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs and GDRs
continue to be subject to many of the risks associated with investing directly in foreign securities. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">EMERGING MARKETS SECURITIES RISK -- Investments
in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing
in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that
are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist
of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility;
restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign
investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls,
forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">FOREIGN CURRENCY RISK -- As a result of the
Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund
will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S.
dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">SMALL- AND MID-CAPITALIZATION COMPANY RISK
-- The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic
events than larger, more established companies. In particular, these small- and mid-sized companies may pose additional risks,
including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may
depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger
companies. These securities may be traded over-the-counter or listed on an exchange. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">ETF RISK -- ETFs are pooled investment vehicles,
such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. stock exchanges or otherwise
traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially
the same risks as those associated with the direct ownership of the securities comprising the index on which the ETF is based
and the value of the Fund's investment will fluctuate in response to the performance of the underling index. ETFs typically incur
fees that are separate from those of the Fund. Accordingly, the Fund's investments in ETFs will result in the layering of expenses
such that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund
expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium and the
Adviser may not be able to liquidate the Fund's holdings at the most optimal time, which could adversely affect the Fund's performance. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">REIT RISK -- REITs are pooled investment
vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct
ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses,
interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees
that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses
such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund
expenses. REIT operating expenses are not reflected in the fee table and example in this prospectus. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">DERIVATIVES RISK -- The Fund's use of participatory
notes is subject to market risk, correlation risk, liquidity risk, credit risk and valuation risk. Liquidity risk and credit risk
are described below. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and
unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying
asset, rate or index. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each
of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">LIQUIDITY RISK -- The risk that certain securities
may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price,
sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management
or performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">CREDIT RISK -- The risk that the issuer
of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">NEW FUND RISK -- Investors in the Fund bear
the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy,
or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund
being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation
could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">As with all mutual funds, a shareholder is
subject to the risk that his or her investment could lose money. A Fund share is not a bank deposit and it is not insured or guaranteed
by the FDIC or any government agency. The principal risk factors affecting shareholders' investments in the Fund are set forth
below.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">EQUITY RISK -- Since it purchases equity
securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the
equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual
companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of
securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is the
principal risk of investing in the Fund.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">DIVIDEND PAYING STOCKS RISK -- The Fund's
emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the
market. Also, a company may reduce or eliminate its dividend after the Fund's purchase of such company. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">FOREIGN COMPANY RISK -- Investing in foreign
companies, including direct investments and through ADRs and GDRs, which are traded on exchanges and represent an ownership in
a foreign security, poses additional risks since political and economic events unique to a country or region will affect those
markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States.
In addition, investments in foreign companies are generally denominated in a foreign currency. As a result, changes in the value
of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments. These
currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security
in the issuer's home country. Differences in tax and accounting standards and difficulties obtaining information about foreign
companies can negatively affect investment decisions. The Fund's investments in foreign securities are also subject to the risk
that the securities may be difficult to value and/or valued incorrectly. While ADRs and GDRs provide an alternative to directly
purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs and GDRs
continue to be subject to many of the risks associated with investing directly in foreign securities. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">EMERGING MARKETS SECURITIES RISK -- Investments
in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing
in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that
are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist
of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility;
restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign
investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls,
forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">FOREIGN CURRENCY RISK -- As a result of the
Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund
will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S.
dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">SMALL- AND MID-CAPITALIZATION COMPANY RISK
-- The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic
events than larger, more established companies. In particular, these small- and mid-sized companies may pose additional risks,
including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may
depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger
companies. These securities may be traded over-the-counter or listed on an exchange. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">ETF RISK -- ETFs are pooled investment vehicles,
such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. stock exchanges or otherwise
traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially
the same risks as those associated with the direct ownership of the securities comprising the index on which the ETF is based
and the value of the Fund's investment will fluctuate in response to the performance of the underlying index. ETFs typically incur
fees that are separate from those of the Fund. Accordingly, the Fund's investments in ETFs will result in the layering of expenses
such that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund
expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium and the
Adviser may not be able to liquidate the Fund's holdings at the most optimal time, which could adversely affect the Fund's performance. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">REIT RISK -- REITs are pooled investment
vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct
ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses,
interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees
that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses
such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund
expenses. REIT operating expenses are not reflected in the fee table and example in this prospectus. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">DERIVATIVES RISK -- The Fund's use of participatory
notes is subject to market risk, correlation risk, liquidity risk, credit risk and valuation risk. Liquidity risk and credit risk
are described below. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and
unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying
asset, rate or index. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each
of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">LIQUIDITY RISK -- The risk that certain securities
may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price,
sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management
or performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">CREDIT RISK -- The risk that the issuer of
a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">NEW FUND RISK -- Investors in the Fund bear
the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy,
or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund
being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation
could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">As with all mutual funds, a shareholder is
subject to the risk that his or her investment could lose money. A Fund share is not a bank deposit and it is not insured or guaranteed
by the FDIC or any government agency. The principal risk factors affecting shareholders' investments in the Fund are set forth
below.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">EQUITY RISK -- Since it purchases equity
securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically,
the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day.
Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The
prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility,
which is the principal risk of investing in the Fund. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">FOREIGN COMPANY RISK -- Investing in foreign
companies, including direct investments and through ADRs and GDRs, which are traded on exchanges and represent an ownership in
a foreign security, poses additional risks since political and economic events unique to a country or region will affect those
markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States.
In addition, investments in foreign companies are generally denominated in a foreign currency. As a result, changes in the value
of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments. These
currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security
in the issuer's home country. Differences in tax and accounting standards and difficulties obtaining information about foreign
companies can negatively affect investment decisions. The Fund's investments in foreign securities are also subject to the risk
that the securities may be difficult to value and/or valued incorrectly. While ADRs and GDRs provide an alternative to directly
purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs and GDRs
continue to be subject to many of the risks associated with investing directly in foreign securities. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">EMERGING MARKETS SECURITIES RISK -- Investments
in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing
in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that
are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist
of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility;
restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign
investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls,
forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">FOREIGN CURRENCY RISK -- As a result of the
Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund
will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S.
dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">SMALL- AND MID-CAPITALIZATION COMPANY RISK
-- The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic
events than larger, more established companies. In particular, these small- and mid-sized companies may pose additional risks,
including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may
depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger
companies. These securities may be traded over-the-counter or listed on an exchange. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">ETF RISK -- ETFs are pooled investment vehicles,
such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. stock exchanges or otherwise
traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially
the same risks as those associated with the direct ownership of the securities comprising the index on which the ETF is based
and the value of the Fund's investment will fluctuate in response to the performance of the underlying index. ETFs typically incur
fees that are separate from those of the Fund. Accordingly, the Fund's investments in ETFs will result in the layering of expenses
such that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund
expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium and the
Adviser may not be able to liquidate the Fund's holdings at the most optimal time, which could adversely affect the Fund's performance. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">REIT RISK -- REITs are pooled investment
vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct
ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses,
interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees
that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses
such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund
expenses. REIT operating expenses are not reflected in the fee table and example in this prospectus. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">DERIVATIVES RISK -- The Fund's use of participatory
notes is subject to market risk, correlation risk, liquidity risk, credit risk and valuation risk. Liquidity risk and credit risk
are described below. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and
unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying
asset, rate or index. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each
of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">LIQUIDITY RISK -- The risk that certain securities
may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price,
sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management
or performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">CREDIT RISK -- The risk that the issuer
of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">NEW FUND RISK -- Investors in the Fund bear
the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy,
or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund
being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation
could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">As with all mutual funds, a shareholder is
subject to the risk that his or her investment could lose money. A Fund share is not a bank deposit and it is not insured or guaranteed
by the FDIC or any government agency. The principal risk factors affecting shareholders' investments in the Fund are set forth
below.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">EQUITY RISK -- Since it purchases equity
securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically,
the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day.
Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The
prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility,
which is the principal risk of investing in the Fund. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">FOREIGN COMPANY RISK -- Investing in foreign
companies, including direct investments and through ADRs and GDRs, which are traded on exchanges and represent an ownership in
a foreign security, poses additional risks since political and economic events unique to a country or region will affect those
markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States.
In addition, investments in foreign companies are generally denominated in a foreign currency. As a result, changes in the value
of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments. These
currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security
in the issuer's home country. Differences in tax and accounting standards and difficulties obtaining information about foreign
companies can negatively affect investment decisions. The Fund's investments in foreign securities are also subject to the risk
that the securities may be difficult to value and/or valued incorrectly. While ADRs and GDRs provide an alternative to directly
purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs and GDRs
continue to be subject to many of the risks associated with investing directly in foreign securities. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">EMERGING MARKETS SECURITIES RISK -- Investments
in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing
in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that
are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist
of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility;
restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign
investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls,
forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">FOREIGN CURRENCY RISK -- As a result of the
Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund
will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S.
dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">SMALL- AND MID-CAPITALIZATION COMPANY RISK
-- The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic
events than larger, more established companies. In particular, these small- and mid-sized companies may pose additional risks,
including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may
depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger
companies. These securities may be traded over-the-counter or listed on an exchange.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">ETF RISK -- ETFs are pooled investment vehicles,
such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. stock exchanges or otherwise
traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the
same risks as those associated with the direct ownership of the securities comprising the index on which the ETF is based and the
value of the Fund's investment will fluctuate in response to the performance of the underlying index. ETFs typically incur fees
that are separate from those of the Fund. Accordingly, the Fund's investments in ETFs will result in the layering of expenses such
that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund expenses.
Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium and the Adviser
may not be able to liquidate the Fund's holdings at the most optimal time, which could adversely affect the Fund's performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">REIT RISK -- REITs are pooled investment
vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct
ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses,
interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees
that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses
such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund
expenses. REIT operating expenses are not reflected in the fee table and example in this prospectus. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">DERIVATIVES RISK -- The Fund's use of participatory
notes is subject to market risk, correlation risk, liquidity risk, credit risk and valuation risk. Liquidity risk and credit risk
are described below. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and
unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying
asset, rate or index. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each
of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">LIQUIDITY RISK -- The risk that certain securities
may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price,
sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management
or performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">CREDIT RISK -- The risk that the issuer
of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">NEW FUND RISK -- Investors in the Fund bear
the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy,
or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund
being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation
could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.</p>
102
102
122
122
621
640
640
621
483
483
536
536
1032
1082
1082
1032
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<p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0">WESTWOOD GLOBAL EQUITY FUND</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">WESTWOOD GLOBAL DIVIDEND FUND</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">WESTWOOD EMERGING MARKETS FUND</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">WESTWOOD EMERGING MARKETS PLUS FUND</p>
<p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0">WESTWOOD GLOBAL EQUITY FUND</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">WESTWOOD GLOBAL DIVIDEND FUND</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">WESTWOOD EMERGING MARKETS FUND</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">WESTWOOD EMERGING MARKETS PLUS FUND</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">February 28, 2014</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">February 28, 2014</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">February 28, 2014</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">February 28, 2014</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">February 28, 2014</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">February 28, 2014</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">February 28, 2014</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">February 28, 2014</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">You may qualify for sales charge
discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information
about these and other discounts is available from your financial professional and in the section "Sales Charges" on
page 33 of this prospectus.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">You may qualify for sales charge
discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information
about these and other discounts is available from your financial professional and in the section "Sales Charges" on
page 33 of this prospectus.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">You may qualify for sales charge
discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information
about these and other discounts is available from your financial professional and in the section "Sales Charges" on
page 33 of this prospectus.</p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">You may qualify for sales charge
discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information
about these and other discounts is available from your financial professional and in the section "Sales Charges" on
page 33 of this prospectus.</p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"> </p>
50000
50000
50000
50000
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Other Expenses are based on estimated amounts for the current
fiscal year.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Other Expenses are based on estimated amounts for the current
fiscal year.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Other Expenses are based on estimated amounts for the current
fiscal year.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Other Expenses are based on estimated amounts for the current
fiscal year.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Other Expenses are based on estimated amounts for the current
fiscal year.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Other Expenses are based on estimated amounts for the current
fiscal year.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Other Expenses are based on estimated amounts for the current
fiscal year.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Other Expenses are based on estimated amounts for the current
fiscal year.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">As with all mutual funds, a shareholder
is subject to the risk that his or her investment could lose money. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">As with all mutual funds, a shareholder
is subject to the risk that his or her investment could lose money. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">As with all mutual funds, a shareholder
is subject to the risk that his or her investment could lose money. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">As with all mutual funds, a shareholder
is subject to the risk that his or her investment could lose money. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">As with all mutual funds, a shareholder
is subject to the risk that his or her investment could lose money. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">As with all mutual funds, a shareholder
is subject to the risk that his or her investment could lose money. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">As with all mutual funds, a shareholder
is subject to the risk that his or her investment could lose money. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">As with all mutual funds, a shareholder
is subject to the risk that his or her investment could lose money. </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">A Fund share is not a bank deposit and
it is not insured or guaranteed by the FDIC or any government agency.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">A Fund share is not a bank deposit and
it is not insured or guaranteed by the FDIC or any government agency.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">A Fund share is not a bank deposit and
it is not insured or guaranteed by the FDIC or any government agency.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">A Fund share is not a bank deposit and
it is not insured or guaranteed by the FDIC or any government agency.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">A Fund share is not a bank deposit and
it is not insured or guaranteed by the FDIC or any government agency.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">A Fund share is not a bank deposit and
it is not insured or guaranteed by the FDIC or any government agency.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">A Fund share is not a bank deposit and
it is not insured or guaranteed by the FDIC or any government agency.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">A Fund share is not a bank deposit and
it is not insured or guaranteed by the FDIC or any government agency.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PERFORMANCE INFORMATION</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PERFORMANCE INFORMATION</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PERFORMANCE INFORMATION</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PERFORMANCE INFORMATION</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund is new, and therefore has no performance
history. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide
some indication of the risks of investing in the Fund by showing the variability of the Fund's return based on net assets and comparing
the Fund's performance to a broad measure of market performance.</p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PERFORMANCE INFORMATION</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PERFORMANCE INFORMATION</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PERFORMANCE INFORMATION</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Under normal circumstances, the Fund invests
at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies organized or located
throughout the world, including the United States. This investment policy may be changed by the Fund upon 60 days' prior notice
to shareholders.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Under normal circumstances, the Fund invests
at least 80% of its net assets, plus any borrowings for investment purposes, in dividend-paying equity securities of companies
organized or located throughout the world, including the United States. This investment policy may be changed by the Fund upon
60 days' prior notice to shareholders.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Under normal circumstances, the Fund invests
at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of emerging market companies.
This investment policy may be changed by the Fund upon 60 days' prior notice to shareholders.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Under normal circumstances, the Fund invests
at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of emerging market companies.
This investment policy may be changed by the Fund upon 60 days' prior notice to shareholders.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Under normal circumstances, the Fund invests
at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies organized or located
throughout the world, including the United States. This investment policy may be changed by the Fund upon 60 days' prior notice
to shareholders.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Under normal circumstances, the Fund invests
at least 80% of its net assets, plus any borrowings for investment purposes, in dividend-paying equity securities of companies
organized or located throughout the world, including the United States. This investment policy may be changed by the Fund upon
60 days' prior notice to shareholders.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Under normal circumstances, the Fund invests
at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of emerging market companies.
This investment policy may be changed by the Fund upon 60 days' prior notice to shareholders.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Under normal circumstances, the Fund invests
at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of emerging market companies.
This investment policy may be changed by the Fund upon 60 days' prior notice to shareholders.</p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PERFORMANCE INFORMATION</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PERFORMANCE INFORMATION</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PERFORMANCE INFORMATION</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PERFORMANCE INFORMATION</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">PERFORMANCE INFORMATION</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PERFORMANCE INFORMATION</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PERFORMANCE INFORMATION</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">PERFORMANCE INFORMATION</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund is new, and therefore has no
performance history. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included
that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund's return based
on net assets and comparing the Fund's performance to a broad measure of market performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund is new, and therefore has no
performance history. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included
that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund's return based
on net assets and comparing the Fund's performance to a broad measure of market performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund is new, and therefore has no
performance history. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included
that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund's return based
on net assets and comparing the Fund's performance to a broad measure of market performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund is new, and therefore has no
performance history. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included
that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund's return based
on net assets and comparing the Fund's performance to a broad measure of market performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund is new, and therefore has no performance
history. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide
some indication of the risks of investing in the Fund by showing the variability of the Fund's return based on net assets and comparing
the Fund's performance to a broad measure of market performance.</p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund is new, and therefore has no performance
history. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide
some indication of the risks of investing in the Fund by showing the variability of the Fund's return based on net assets and comparing
the Fund's performance to a broad measure of market performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund is new, and therefore has no performance
history. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide
some indication of the risks of investing in the Fund by showing the variability of the Fund's return based on net assets and comparing
the Fund's performance to a broad measure of market performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund is new, and therefore has no performance
history. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide
some indication of the risks of investing in the Fund by showing the variability of the Fund's return based on net assets and comparing
the Fund's performance to a broad measure of market performance.</p>
Other Expenses are based on estimated amounts for the current fiscal year.
Westwood Management Corp. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements for A Class Shares (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 1.25% of the Fund's A Class Shares' average daily net assets until February 28, 2014. In addition, if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap, the Adviser may retain the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recover all or a portion of its prior fee reductions or expense reimbursements made during the preceding three-year period during which this Agreement was in place. This Agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2014.
Westwood Management Corp. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements for A Class Shares (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 1.45% of the Fund's A Class Shares' average daily net assets until February 28, 2014. In addition, if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap, the Adviser may retain the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recover all or a portion of its prior fee reductions or expense reimbursements made during the preceding three-year period during which this Agreement was in place. This Agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2014.
Westwood Management Corp. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements for Institutional Shares (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 1.00% of the Fund's Institutional Shares' average daily net assets until February 28, 2014. In addition, if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap, the Adviser may retain the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recover all or a portion of its prior fee reductions or expense reimbursements made during the preceding three-year period during which this Agreement was in place. This Agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2014.
Westwood Management Corp. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements for Institutional Shares (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 1.20% of the Fund's Institutional Shares' average daily net assets until February 28, 2014. In addition, if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap, the Adviser may retain the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recover all or a portion of its prior fee reductions or expense reimbursements made during the preceding three-year period during which this Agreement was in place. This Agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2014.