NEW Diversification Options

Investing in foreign securities, especially emerging markets, will involve additional risks including exchange rate fluctuations, social and political instability, less liquidity, greater volatility and less regulation. Real Estate Investment Trust (REIT) funds will be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographic sector. Risks also include declines in the value of real estate, general and economic conditions. The Global Infrastructure Fund concentrates its investments in infrastructure-related entities and therefore has greater exposure to the potential adverse economic, regulatory, political and other changes affecting such entities. The International Real Estate, Select Income and Strategic Realty Funds will invest in lower-rated debt securities and may utilize derivatives for hedging purposes. The Funds use of short selling involves additional risks and transaction costs, and creates leverage, which can increase the volatility of the Funds. The Funds may invest in a larger percentage of its assets in the securities of a smaller number of issuers, since they are “non-diversified” mutual funds. The Global Infrastructure, International Real Estate, Select Income and Strategic Realty Funds are non-diversified funds. An investor will indirectly bear the expenses of the funds’ underlying investments.

There are risks involved with investing, including loss of principal. Past performance does not guarantee future results, share prices will fluctuate, and you may have a gain or loss when you redeem shares.