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long-term capital appreciation and current income.</p> <p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify">The Frost Kempner Multi-Cap Deep Value Equity Fund (the &#34;Fund&#34;) seeks to generate a total pre-tax return, including capital growth and dividends, greater than the rate of inflation over a three-to-five year period.</p> <p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify">The Frost Small Cap Equity Fund (the &#34;Fund&#34;) seeks to maximize total return.</p> <p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify">The Frost International Equity Fund (the &#34;Fund&#34;) seeks to achieve long-term capital appreciation and current income.</p> <p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify">The Frost Low Duration Bond Fund (the &#34;Fund&#34;) seeks to maximize total return, consisting of income and capital appreciation, consistent with the preservation of principal.</p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Frost Total Return Bond Fund (the &#34;Fund&#34;) seeks to maximize total return, consisting of income and capital appreciation, consistent with the preservation of principal.</p> <p style="margin: 0pt; text-align: justify"></p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">The Frost Municipal Bond Fund (the &#34;Fund&#34;) seeks to provide a consistent level of current income exempt from federal income tax with a secondary emphasis on maximizing total return through capital appreciation.</font></p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font-family: Courier New, Courier, Monospace">The Frost Kempner Treasury and Income Fund (the &#34;Fund&#34;) seeks to provide current income consistent with the preservation of capital.</font></p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">The Frost Mid Cap Equity Fund (the &#34;Fund&#34;) seeks to maximize long-term capital appreciation.</font></p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">The Frost Diversified Strategies Fund (the &#34;Fund&#34;) seeks capital growth with reduced correlation to the stock and bond markets.</font></p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font-family: Courier New, Courier, Monospace">The Frost Natural Resources Fund (the &#34;Fund&#34;) seeks long-term capital growth with a secondary goal of current income.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">The Frost Growth Equity Fund (the &#34;Fund&#34;) seeks to achieve long-term capital appreciation.</font></p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Frost Dividend Value Equity Fund (the &#34;Fund&#34;) seeks long-term capital appreciation and current income.</p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Frost Strategic Balanced Fund (the &#34;Fund&#34;) seeks long-term capital appreciation and current income.</p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Frost Kempner Multi-Cap Deep Value Equity Fund (the &#34;Fund&#34;) seeks to generate a total pre-tax return, including capital growth and dividends, greater than the rate of inflation over a three-to-five year period.</p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Frost Small Cap Equity Fund (the &#34;Fund&#34;) seeks to maximize total return.</p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Frost International Equity Fund (the &#34;Fund&#34;) seeks to achieve long-term capital appreciation and current income.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">The Frost Low Duration Bond Fund (the &#34;Fund&#34;) seeks to maximize total return, consisting of income and capital appreciation, consistent with the preservation of principal.</font></p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Frost Total Return Bond Fund (the &#34;Fund&#34;) seeks to maximize total return, consisting of income and capital appreciation, consistent with the preservation of principal.</p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Frost Municipal Bond Fund (the &#34;Fund&#34;) seeks to provide a consistent level of current income exempt from federal income tax with a secondary emphasis on maximizing total return through capital appreciation.</p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Frost Low Duration Municipal Bond Fund (the &#34;Fund&#34;) seeks to provide a consistent level of current income exempt from federal income tax with a secondary emphasis on maximizing total return.</p> <p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify">The Frost Kempner Treasury and Income Fund (the &#34;Fund&#34;) seeks to provide current income consistent with the preservation of capital.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Courier New, Courier, Monospace">The Frost Mid Cap Equity Fund (the &#34;Fund&#34;) seeks to maximize long-term capital appreciation.</font></p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Frost Natural Resources Fund (the &#34;Fund&#34;) seeks long-term capital growth with a secondary goal of current income.</p> <p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify">The Frost Cinque Large Cap Buy-Write Equity Fund (the &#34;Fund&#34;) seeks long-term capital appreciation and current income.</p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Frost Credit Fund (the &#34;Fund&#34;) seeks to maximize total return, consisting of income and capital appreciation.</p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Frost Cinque Large Cap Buy-Write Equity Fund (the &#34;Fund&#34;) seeks long-term capital appreciation and current income.</p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Frost Credit Fund (the &#34;Fund&#34;) seeks to maximize total return, consisting of income and capital appreciation.</p> <p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0">FUND FEES AND EXPENSES</p> <p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0">FUND FEES AND EXPENSES</p> <p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0">FUND FEES AND EXPENSES</p> <p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0">FUND FEES AND EXPENSES</p> <p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0">FUND FEES AND EXPENSES</p> <p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0">FUND FEES AND EXPENSES</p> <p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0">FUND FEES AND EXPENSES</p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0">FUND FEES AND EXPENSES</p> <p style="margin: 0pt"><font style="font: 10pt Courier New, Courier, Monospace">FUND FEES AND EXPENSES</font></p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font-family: Courier New, Courier, Monospace">FUND FEES AND EXPENSES</font></p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 10pt Courier New, Courier, Monospace">FUND FEES AND EXPENSES</font></p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font-family: Courier New, Courier, Monospace">FUND FEES AND EXPENSES</font></p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 10pt Courier New, Courier, Monospace">FUND FEES AND EXPENSES</font></p> <p style="font: 10pt/normal 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; 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="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Courier New, Courier, Monospace">FUND FEES AND EXPENSES</font></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/normal Courier New, Courier, Monospace; margin: 0; text-align: justify">FUND FEES AND EXPENSES</p> <p style="margin: 0pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">FUND FEES AND EXPENSES</font></p> <p style="margin: 0pt"></p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 10pt Courier New, Courier, Monospace">FUND FEES AND EXPENSES</font></p> <p style="font: 10pt/normal 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/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"></p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The table below describes the fees and expenses that you may pay if you buy and hold Class A 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 $500,000 in Class A Shares of the Frost Funds. More information about these and other discounts is available from your financial professional, in the section &#34;Sales Charges&#34; on page 105 of this prospectus, and in the Fund's Statement of Additional Information.</p> <p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"></p> <p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify">The table below describes the fees and expenses that you may pay if you buy and hold Class A 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 $500,000 in Class A Shares of the Frost Funds. More information about these and other discounts is available from your financial professional, in the section &#34;Sales Charges&#34; on page 105 of this prospectus, and in the Fund's Statement of Additional Information.</p> <p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify">The table below describes the fees and expenses that you may pay if you buy and hold Class A 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 $500,000 in Class A Shares of the Frost Funds. More information about these and other discounts is available from your financial professional, in the section &#34;Sales Charges&#34; on page 105 of this prospectus, and in the Fund's Statement of Additional Information.</p> <p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify">The table below describes the fees and expenses that you may pay if you buy and hold Class A 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 $500,000 in Class A Shares of the Frost Funds. More information about these and other discounts is available from your financial professional, in the section &#34;Sales Charges&#34; on page 105 of this prospectus, and in the Fund's Statement of Additional Information.</p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The table below describes the fees and expenses that you may pay if you buy and hold Class A 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 $500,000 in Class A Shares of the Frost Funds. More information about these and other discounts is available from your financial professional, in the section &#34;Sales Charges&#34; on page 105 of this prospectus, and in the Fund's Statement of Additional Information.</p> <p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify">The table below describes the fees and expenses that you may pay if you buy and hold Class A 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 $500,000 in Class A Shares of the Frost Funds. More information about these and other discounts is available from your financial professional, in the section &#34;Sales Charges&#34; on page 105 of this prospectus, and in the Fund's Statement of Additional Information.</p> <p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify">The table below describes the fees and expenses that you may pay if you buy and hold Class A 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 $1,000,000 in Class A Shares of the Frost Funds. More information about these and other discounts is available from your financial professional, in the section &#34;Sales Charges&#34; on page 105 of this prospectus, and in the Fund's Statement of Additional Information.</p> <p style="margin: 0pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">The table below describes the fees and expenses that you may pay if you buy and hold Class A 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 $1,000,000 in Class A Shares of the Frost Funds. More information about these and other discounts is available from your financial professional, in the section &#34;Sales Charges&#34; on page 105 of this prospectus, and in the Fund's Statement of Additional Information.</font></p> <p style="margin: 0pt; text-align: justify"></p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">The table below describes the fees and expenses that you may pay if you buy and hold Class A 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 $1,000,000 in Class A Shares of the Frost Funds. More information about these and other discounts is available from your financial professional, in the section &#34;Sales Charges&#34; on page 105 of this prospectus, and in the Fund's Statement of Additional Information.</font></p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font-family: Courier New, Courier, Monospace">The table below describes the fees and expenses that you may pay if you buy and hold Class A 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 $1,000,000 in Class A Shares of the Frost Funds. More information about these and other discounts is available from your financial professional, in the section &#34;Sales Charges&#34; on page 105 of this prospectus, and in the Fund's Statement of Additional Information.</font></p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">The table below describes the fees and expenses that you may pay if you buy and hold Class A 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 $500,000 in Class A Shares of the Frost Funds. More information about these and other discounts is available from your financial professional, in the section &#34;Sales Charges&#34; on page 105 of this prospectus, and in the Fund's Statement of Additional Information.</font></p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font-family: Courier New, Courier, Monospace">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charges discounts if you and your family invest, or agree to invest in the future, at least $500,000 in Class A Shares of the Frost Funds. More information about these and other discounts is available from your financial professional, in the section &#34;Sales Charges&#34; on page 105 of the prospectus, and in the Fund's Statement of Additional Information.</font></p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">This table describes the fees and expenses that you may pay if you buy and hold Class A 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 $500,000 in Class A Shares of the Frost Funds. More information about these and other discounts is available from your financial professional, in the section &#34;Sales Charges&#34; on page 105 of the prospectus, and in the Fund's Statement of Additional Information.</font></p> <p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify">The table below describes the fees and expenses that you may pay if you buy and hold Institutional Class Shares of the Fund.</p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The table below describes the fees and expenses that you may pay if you buy and hold Institutional Class Shares of the Fund.</p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The table below describes the fees and expenses that you may pay if you buy and hold Institutional Class Shares of the Fund.</p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The table below describes the fees and expenses that you may pay if you buy and hold Institutional Class Shares of the Fund.</p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The table below describes the fees and expenses that you may pay if you buy and hold Institutional Class Shares of the Fund.</p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The table below describes the fees and expenses that you may pay if you buy and hold Institutional Class Shares of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">The table below describes the fees and expenses that you may pay if you buy and hold Institutional Class Shares of the Fund.</font></p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The table below describes the fees and expenses that you may pay if you buy and hold Institutional Class Shares of the Fund.</p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The table below describes the fees and expenses that you may pay if you buy and hold Institutional Class Shares of the Fund.</p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The table below describes the fees and expenses that you may pay if you buy and hold Institutional Class Shares of the Fund.</p> <p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify">The table below describes the fees and expenses that you may pay if you buy and hold Institutional Class Shares of the Fund.</p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">The table below describes the fees and expenses that you may pay if you buy and hold Institutional Class Shares of the Fund.</font></p> <p style="margin: 0pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">This table describes the fees and expenses that you may pay if you buy and hold Institutional Class Shares of the Fund.</font></p> <p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify">The table below describes the fees and expenses that you may pay if you buy and hold Class A 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 $500,000 in Class A Shares of the Frost Funds. More information about these and other discounts is available from your financial professional and in the section &#34;Sales Charges&#34; on page 105 of this prospectus.</p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The table below describes the fees and expenses that you may pay if you buy and hold Class A 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 $1,000,000 in Class A Shares of the Frost Funds. More information about these and other discounts is available from your financial professional and in the section &#34;Sales Charges&#34; on page 105 of this prospectus.</p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The table below describes the fees and expenses that you may pay if you buy and hold Institutional Class Shares of the Fund.</p> <p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The table below describes the fees and expenses that you may pay if you buy and hold Institutional Class Shares of the Fund.</p> <p style="font: 10pt/normal 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/normal 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/normal Courier New, Courier, Monospace; 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As a shareholder of another investment company, the Fund relies on that investment company to achieve its investment objective. If the investment company fails to achieve its objective, the value of the Fund's investment could decline, which could adversely affect the Fund's performance. By investing in another investment company, Fund shareholders indirectly bear the Fund's proportionate share of the fees and expenses of the other investment company, in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund's own operations. The Fund may invest in ETFs that are not registered or regulated under the Investment Company Act of 1940, as amended (the &#34;1940 Act&#34;). These instruments typically hold commodities, such as gold or oil, currency or other property that is itself not a security. 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The value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in the underlying market, changes in the applicable interest rates, and changes in the issuer's credit rating and economic, legal, political or geographic events that affect the referenced market. It is expected that the issuer's credit rating will be investment grade at the time of investment, however, the credit rating may be revised or withdrawn at any time and there is no assurance that a credit rating will remain in effect for any given time period. If a rating agency lowers the issuer's credit rating, the value of the ETN will decline and a lower credit rating reflects a greater risk that the issuer will default on its obligation. When the Fund invests in ETNs, it will bear its proportionate share of any fees and expenses associated with investment in such securities. Such fees reduce the amount of return on investment at maturity or upon redemption. There may be restrictions on the Fund's right to redeem its investment in an ETN, which are meant to be held until maturity. There are no periodic interest payments for ETNs, and principal is not protected. As is the case with ETFs, an investor could lose some of or the entire amount invested in ETNs. The Fund's decision to sell its ETN holdings may be limited by the availability of a secondary market.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">EQUITY RISK -- 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.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">INTEREST RATE RISK -- The value of a debt security is affected by changes in interest rates. Rising interest rates tend to cause the prices of debt securities (especially those with longer maturities) and the Fund's share price to fall.</font></p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">The concept of duration is useful in assessing the sensitivity of a fixed income fund to interest rate movements, which are usually the main source of risk for most fixed-income funds. Duration measures price volatility by estimating the change in price of a debt security for a 1% change in its yield. For example, a duration of five years means the price of a debt security will change about 5% for every 1% change in its yield. Thus, the higher duration, the more volatile the security.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">Debt securities have a stated maturity date when the issuer must repay the principal amount of the bond. Some debt securities, known as callable bonds, may repay the principal earlier than the stated maturity date. Debt securities are most likely to be called when interest rates are falling because the issuer can refinance at a lower rate.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">CREDIT RISK - The credit rating or financial condition of an issuer may affect the value of a debt security. Generally, the lower the quality rating of a security, the greater the risk that the issuer will fail to pay interest fully and return principal in a timely manner. If an issuer defaults or becomes unable to honor its financial obligations, the security may lose some or all of its value. The issuer of an investment-grade security is more likely to pay interest and repay principal than an issuer of a lower rated bond. Adverse economic conditions or changing circumstances, however, may weaken the capacity of the issuer to pay interest and repay principal.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">DERIVATIVES RISK -- Derivatives are often more volatile than other investments and may magnify the Fund's gains or losses. There are various factors that affect the Fund's ability to achieve its investment objective with derivatives. Successful use of a derivative depends upon the degree to which prices of the underlying assets correlate with price movements in the derivatives the Fund buys or sells. The Fund could be negatively affected if the change in market value of its securities fails to correlate perfectly with the values of the derivatives it purchased or sold.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">The lack of a liquid secondary market for a derivative may prevent the Fund from closing its derivative positions and could adversely impact its ability to achieve its investment objective or to realize profits or limit losses.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">Because derivative instruments may be purchased by the Fund for a fraction of the market value of the investments underlying such instruments, a relatively small price movement in the underlying investment may result in an immediate and substantial gain or loss to the Fund. Derivatives are often more volatile than other investments and the Fund may lose more in a derivative than it originally invested in it.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">Additionally, derivative instruments, particularly market access products, are subject to counterparty risk, meaning that the party that issues the derivative may experience a significant credit event and may be unwilling or unable to make timely settlement payments or otherwise honor its obligations.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">The Fund may purchase or sell options, which involve the payment or receipt of a premium by the investor and the corresponding right or obligation, as the case may be, to either purchase or sell the underlying security for a specific price at a certain time or during a certain period. In particular, the Fund may engage in option collars. An option collar involves the purchase of a put option on a security owned by the Fund while writing a call option on the same security. The put option leg of the collar enables the Fund to sell the instrument underlying the option at a fixed price (i.e., the strike price), thereby hedging against a decline in the market value of the underlying security. The call option leg of the collar obligates the Fund to deliver the underlying security at a higher strike price than the strike price of the put option leg. Although the Fund receives a premium for writing the call option contract, the Fund's upside potential is limited if the security's market price exceeds the call option's strike price. Therefore, an option collar provides protection from extreme downward price movement, but limits the asset's upward price movement at the call option strike price.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">Purchasing options involves the risk that the underlying instrument will not change price in the manner expected, so that the investor loses its premium. Selling options involves potentially greater risk because the investor is exposed to the extent of the actual price movement in the underlying security rather than only the premium payment received (which could result in a potentially unlimited loss). Over-the-counter options also involve counterparty solvency risk.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">LEVERAGING RISK -- The Fund may invest in ETPs designed to provide investment results that match a positive or negative multiple of the performance of an underlying index (&#34;Enhanced ETPs&#34;). To the extent the Fund invests in such Enhanced ETPs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leveraging risk. The more an Enhanced ETP invests in derivative instruments that give rise to leverage, the more this leverage will magnify any losses on those investments. Leverage will cause the value of an Enhanced ETP's shares to be more volatile than if the Enhanced ETP did not use leverage. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of an Enhanced ETP's portfolio securities or other investments. An Enhanced ETP will engage in transactions and purchase instruments that give rise to forms of leverage. Such transactions and instruments may include, among others, the use of reverse repurchase agreements and other borrowings, the investment of collateral from loans of portfolio securities, the use of when issued, delayed-delivery or forward commitment transactions or short sales. The use of leverage may also cause an Enhanced ETP to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet segregation requirements. Certain types of leveraging transactions could theoretically be subject to unlimited losses in cases where an Enhanced ETP, for any reason, is unable to close out the transaction. In addition, to the extent an Enhanced ETP borrows money, interest costs on such borrowed money may not be recovered by any appreciation of the securities purchased with the borrowed funds and could exceed the Enhanced ETP's investment income, resulting in greater losses. The value of an Enhanced ETP's shares will tend to increase or decrease more than the value of any increase or decrease in its underlying index due to the fact that the Enhanced ETP's investment strategies involve consistently applied leverage.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">SMALL- AND MID-CAPITALIZATION COMPANY RISK -- Small- and mid-capitalization companies 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.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">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: declines in property values; increases in property taxes, operating expenses, rising 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.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">MLP RISK -- MLPs are limited partnerships in which the ownership units are publicly traded. MLP units are registered with the U.S. Securities and Exchange Commission (the &#34;SEC&#34;) and are freely traded on a securities exchange or in the over-the-counter market. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting that industry. The risks of investing in a MLP are generally those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation; for example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">FOREIGN COMPANY RISK -- Investing in foreign companies, whether through investments made in foreign markets or made through the purchase of American Depository Receipts (&#34;ADRs&#34;), which are traded on U.S. 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. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">EMERGING MARKET SECURITIES RISK -- Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in non-U.S. 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, emerging markets securities may be subject to smaller market capitalization of securities markets, which 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.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">FOREIGN CURRENCY RISK -- Because non-U.S. securities are usually denominated in currencies other than the dollar, the value of the Fund's portfolio may be influenced by currency exchange rates and exchange control regulations. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by the Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">INVERSE CORRELATION RISK -- To the extent the Fund invests in Enhanced ETPs that seek to provide investment results that match a negative multiple of the performance of an underlying index, the Fund will indirectly be subject to the risk that the performance of such Enhanced ETP will fall as the performance of that Enhanced ETP's benchmark rises -- a result that is the opposite from traditional mutual funds.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">MANAGEMENT RISK -- The risk that the investment techniques and risk analyses applied by the Adviser will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the Adviser and the individual portfolio managers in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved.</font></p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">As with all mutual funds, a shareholder is subject to the risk that his or her investment could lose money. </font>A FUND SHARE IS NOT A BANK DEPOSIT AND IT IS NOT INSURED OR GUARANTEED BY THE FDIC OR ANY GOVERNMENT AGENCY. <font style="font: 10pt Courier New, Courier, Monospace"> The principal risk factors affecting shareholders' investments in the Fund are set forth below.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">EQUITY RISK -- 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.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">CONCENTRATION RISK -- Due to the Fund's concentration in securities of companies in the natural resources industries, events that affect the natural resources industries will have a greater effect on the Fund than they would on a fund that is more widely diversified among a number of unrelated industries. Such factors include warehousing and delivery constraints, changes in supply and demand dynamics, a potential lack of fungibility, weather, monetary and currency exchange processes, domestic and foreign political and economic events and policies, disease, technological developments, and changes in interest rates. In addition, certain natural resources sub-sectors are subject to greater governmental regulation than are other industries; therefore, changes in tax and other government regulations may be more likely to adversely affect the Fund.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">INVESTMENTS IN INVESTMENT COMPANIES AND OTHER POOLED VEHICLES -- To the extent the Fund invests in other investment companies, such as exchange-traded funds (&#34;ETFs&#34;), closed-end funds and other mutual funds, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities held by such other investment companies. Such risks are described below. As a shareholder of another investment company, the Fund relies on that investment company to achieve its investment objective. If the investment company fails to achieve its objective, the value of the Fund's investment could decline, which could adversely affect the Fund's performance. By investing in another investment company, Fund shareholders indirectly bear the Fund's proportionate share of the fees and expenses of the other investment company, in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund's own operations. The Fund does not intend to invest in other investment companies unless the Adviser believes that the potential benefits of the investment justify the payment of any additional fees or expenses. Federal securities laws impose limitations on the Fund's ability to invest in other investment companies.</font></p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">Because closed-end funds and ETFs are listed on national stock exchanges and are traded like stocks listed on an exchange, their shares potentially may trade at a discount or premium. Investments in closed-end funds and ETFs are also subject to brokerage and other trading costs, which could result in greater expenses to the Fund. In addition, because the value of closed-end funds and ETF shares depends on the demand in the market, the Adviser may not be able to liquidate the Fund's holdings at the most optimal time, which could adversely affect Fund performance.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">INVESTMENTS IN ETNS -- An exchange-traded note (&#34;ETN&#34;) is a debt security of an issuer that is listed and traded on U.S. stock exchanges or otherwise traded in the over-the-counter market. Similar to other debt securities, ETNs tend to have a maturity date and are backed only by the credit of the issuer. ETNs are designed to provide investors access to the returns of various market benchmarks, such as a securities index, currency or investment strategy, less fees and expenses. The value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in the underlying market, changes in the applicable interest rates, and changes in the issuer's credit rating and economic, legal, political or geographic events that affect the referenced market. It is expected that the issuer's credit rating will be investment grade at the time of investment, however, the credit rating may be revised or withdrawn at any time and there is no assurance that a credit rating will remain in effect for any given time period. If a rating agency lowers the issuer's credit rating, the value of the ETN will decline and a lower credit rating reflects a greater risk that the issuer will default on its obligation. When the Fund invests in ETNs, it will bear its proportionate share of any fees and expenses associated with investment in such securities. Such fees reduce the amount of return on investment at maturity or upon redemption. There may be restrictions on the Fund's right to redeem its investment in an ETN, which are meant to be held until maturity. There are no periodic interest payments for ETNs, and principal is not protected. As is the case with ETFs, an investor could lose some of or the entire amount invested in ETNs. The Fund's decision to sell its ETN holdings may be limited by the availability of a secondary market.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">FOREIGN COMPANY RISK -- Investing in foreign companies, whether through investments made in foreign markets or made through the purchase of American Depository Receipts (&#34;ADRs&#34;), which are traded on U.S. 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. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">EMERGING MARKET SECURITIES RISK -- Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in non-U.S. 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, emerging markets securities may be subject to smaller market capitalization of securities markets, which 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.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">FOREIGN CURRENCY RISK -- Because non-U.S. securities are usually denominated in currencies other than the dollar, the value of the Fund's portfolio may be influenced by currency exchange rates and exchange control regulations. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by the Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">SMALL- AND MID-CAPITALIZATION COMPANY RISK -- Small- and mid-capitalization companies 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.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">MLP RISK -- MLPs are limited partnerships in which the ownership units are publicly traded. MLP units are registered with the U.S. Securities and Exchange Commission (the &#34;SEC&#34;) and are freely traded on a securities exchange or in the over-the-counter market. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting that industry. The risks of investing in a MLP are generally those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation; for example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">COMMODITY RISK -- Exposure to the commodities markets, through a company or an ETF, may subject the Fund to greater volatility than investments in traditional securities. Commodities are subject to substantial price fluctuations over short periods of time and may be affected by unpredictable economic, political and environmental events.</font></p> <p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Courier New, Courier, Monospace">MANAGEMENT RISK -- The risk that the investment techniques and risk analyses applied by the Adviser will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the Adviser and the individual portfolio managers in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved.</font></p> <p style="font: 10pt/normal 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 risks affecting shareholders' investments in the Fund are set forth below.</p> <p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal 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/normal Courier New, Courier, Monospace; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal 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-capitalization 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/normal Courier New, Courier, Monospace; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify">FOREIGN COMPANY RISK -- Investing in foreign companies, whether through investments made in foreign markets or made through the purchase of ADRs, which are traded on U.S. 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. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.</p> <p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify">GROWTH STYLE RISK-- The price of equity securities rises and falls in response to many factors, including the historical and prospective earnings of the issuer of the stock, the value of its assets, general economic conditions, interest rates, investor perceptions, and market liquidity. The Fund may invest in securities of companies that the Adviser believes have superior prospects for robust and sustainable growth of revenues and earnings. These may be companies with new, limited or cyclical product lines, markets or financial resources, and the management of such companies may be dependent upon one or a few key people. 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