page 5 of 14

How to balance risk and reward

The most important decision any investor can make is how to manage the risks of investing. Diversification can reduce risk but will not eliminate it. Investing in emerging markets involves a higher level of risk than investing in more established markets. While currency risk is present in any international investment, investments in emerging markets involve risks not typically associated with more established securities markets, including political and business risk. These risks are discussed thoroughly in the prospectus, which we urge you to read carefully. The Eastern European Fund is designed for those seeking a long-term investment who can weather periods of volatility. We suggest you use our ABC Investment Plan® to dollar-cost average your investment over time. Of course, no investment plan can guarantee a profit. However, a program of dollar-cost averaging can help reduce your average share cost in a volatile market.The ABC Investment Plan® eliminates second-guessing the market and can take the emotional sting out of investing. See page 11 for more information.

Charlemagne Capital Ltd.: A specialist in emerging-market fund management

Charlemagne Capital Ltd. is a specialist in the emerging markets of Eastern Europe. Established in 1991 to
provide quality investment management and advisory services to professional investors, it has extensive experience in the markets of Asia and Eastern Europe. Charlemagne Capital Ltd. serves as the sub-adviser and portfolio manager of the Eastern European Fund. Stefan Böttcher and Andrew Wiles lead the investment team from their office in London. The team first identifies those countries in Eastern Europe and the former Soviet Union that they believe offer the greatest potential based on macroeconomic conditions. They then select undervalued stocks that have the highest potential for growth. The fund invests primarily in a diversified portfolio of the common stocks of companies located in the emerging markets of Eastern Europe. While the fund may invest in any size company, it targets larger capitalized companies relative to the size of their local markets, which generally have local brand name recognition in their industry.

Our Eastern European Fund gives you all of
these shareholder benefits:

You save money with a no-load investment

Investing in growth stocks on your own can be very expensive. As an institutional investor, the fund can
negotiate lower commissions on its portfolio transactions. Because our funds are no-load, you never pay
loads or sales charges. Please read the prospectus, which includes charges and ongoing expenses, carefully before investing.

Not part of prospectus

page 5 of 14