Additional Disclosure for the Eastern European Fund, the SPDR S&P 500 and iShares S&P Europe 350 ETFs

Foreign and emerging market investing involves special risks such as currency fluctuation and less public disclosure, as well as economic and political risk. By investing in a specific geographic region, a regional fund’s returns and share price may be more volatile than those of a less concentrated portfolio. The Eastern European Fund invests more than 25% of its investments in companies principally engaged in the oil & gas or banking industries.  The risk of concentrating investments in this group of industries will make the fund more susceptible to risk in these industries than funds which do not concentrate their investments in an industry and may make the fund’s performance more volatile.

The S&P 500 Stock Index is a widely recognized capitalization-weighted index of 500 common stock prices in U.S. companies. CLSA China PMI is based upon monthly replies to questionnaires sent to purchasing executives in over 400 industrial companies in China and measures China’s manufacturing activity. The Purchasing Manager’s Index is an indicator of the economic health of the manufacturing sector. The PMI index is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment.

All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.

Investment Objective: The Eastern European Fund is an actively managed fund that takes a non-diversified approach to the Eastern European market. The fund invests in companies located in the emerging markets of Eastern Europe.

The SPDR S&P 500 ETF is a passively managed fund that seeks to replicate as closely as possible, before fees and expenses, the performance of the S&P 500 Index.

The iShares S&P Europe 350 ETF is a passively managed fund that seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of 350 stocks providing geographic and economic diversity over 10 market sectors, as represented by the S&P Europe 350 Index.

Liquidity: The Eastern European Fund can be purchased or sold at a net asset value (NAV) determined at the end of each trading day.

The SPDR S&P 500 ETF and the iShares S&P Europe 350 ETF can be purchased or sold intraday. These purchases and redemptions may generate brokerage commissions and other charges not reflected in the ETF’s published expense ratio.

Safety/Fluctuations of principal/return: Loss of money is a risk of investing in the Eastern European Fund, as well as the SPDR S&P 500 ETF and iShares S&P Europe 350 ETF. Shares of the three securities are subject to sudden fluctuations in value. The SPDR S&P 500 ETF and iShares S&P Europe 350 ETF may also be subject to bid-ask premiums or discounts to net asset value (NAV) that could adversely affect a shareholder’s actual returns.

Tax features: The Eastern European Fund may make distributions that may be taxed as ordinary income or capital gains. Under current federal law, long-term capital gains for individual investors in the fund are taxed at a maximum rate of 15%.

For the SPDR S&P 500 ETF and the iShares S&P Europe 350 ETF, long-term capital gain distributions will result from gains on the sale or exchange of capital assets held by a Fund for more than one year. Any long-term capital gains distributions you receive from a Fund are taxable as long-term capital gain regardless of how long you have owned your Shares. Long-term capital gains are currently taxed at a maximum of 15%. Information provided here is neither tax nor legal advice and is general in nature. Federal and state laws and regulations are subject to change.

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