Northern Cross LLC was added as a sub-advisor in September 2007 and as a result the target asset allocations for the fund’s managers were adjusted. The new target allocations have been set with the goal of maintaining a similar balance across investment styles as was in place prior to the addition of Northern Cross. In addition to the new allocation for Northern Cross, the target allocation to Marsico was increased, while the target allocations to Thornburg and Mastholm have decreased correspondingly. The Advisor will seek to execute the allocation changes by directing the majority of new cash flows into the underweighted managers until such time as the target weights are reached. Another consideration in allocating new cash flows will be to maintain the fund’s current and target style balance. The target allocations listed in the table for Northern Cross and Marsico are likely to be achieved by or before 12/31/08, though this timing is not certain. Longer term it is likely that Northern Cross LLC will be raised to a higher allocation in line with other sub-advisors, with the other sub-advisors allocations dropping by a corresponding amount.

References to other mutual funds should not be deemed an offer to sell or solicitation of an offer to buy shares of such funds.