*The number of securities or other investments held by the Funds may occasionally exceed the stated ranges at times such as when the portfolio manager is accumulating new positions, phasing out and replacing existing positions, or responding to exceptional market conditions. A redemption fee of 2.00% may be imposed on redemptions or exchanges of Fund shares you have owned for 30 days or less.

**The Adviser has entered into a written expense limitation and fee waiver agreement under which it has agreed to limit the total expenses of each Fund (excluding interest, taxes, acquired fund fees and expenses, litigation, brokerage and extraordinary expenses) to an annual rate of 1.50% of the average net assets of the Growth Fund and the 21st Century Fund, 1.60% of the average net assets of the Focus Fund, the International Opportunities Fund, the Flexible Capital Fund and the Global Fund, and 1.75% of the average net assets of the Emerging Markets Fund until January 31, 2013. This expense limitation and fee waiver agreement may be terminated by the Adviser at any time after January 31, 2013 upon 15 days prior notice to the Fund and its administrator. The Adviser may recoup from a Fund fees previously waived or expenses previously reimbursed by the Adviser with respect to that Fund pursuant to this agreement (or a previous expense limitation agreement) if such reimbursement does not cause the Fund to exceed the expense limitation currently in effect and the reimbursement is made within three years after the year in which the Adviser waived the fee or incurred the expense. Net Expenses for the Flexible Capital Fund have been restated to reflect the current expense limitation that became effective February 1, 2011. Certain expenses for the Global Fund have been restated to reflect current fund net asset levels. The Net Expenses are reflective of the information disclosed in the Funds' current prospectus. Please see the prospectus for more information.