The Fund is designed to benefit from opportunities for future economic growth in developed countries outside the United States, as well as the world’s emerging market countries. Portfolio holdings are principally in securities issued by large companies located in non-U.S. markets, or whose businesses are closely associated with overseas markets. The investment portfolio of the Fund may also include securities issued by smaller companies.

1. The MSCI All Country World ex US Index is a free float-adjusted market capitalization-weighted index of 46 countries, which includes developed and emerging markets. The index is unmanaged and returns assume the reinvestment of dividends. It is not possible to invest directly in an index.

2. Gross Expenses are based on the most recent prospectus. The Advisor has contractually agreed to reimburse the International Fund I Shares to the extent that the Fund’s total operating expenses exceed 0.99% of the Fund’s average daily net assets. This agreement expires on February 28, 2023 and automatically renews, unless terminated by the Fund’s Board of Trustees.

While there are no sales charges, management fees and other expenses still apply. Please refer to the prospectus for further details.

Mutual fund investing involves risk. Principal loss is possible. Investing in international markets may involve additional risks, such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. These risks are greater for emerging markets.