International Value Fund II — Currency Unhedged: Risk Factors

The Fund’s investment techniques involve potential risks. These risks include the special economic, currency exchange and political risks of investing in non-U.S. securities, unrated and lower credit quality debt obligations, smaller capitalization stocks, illiquid securities and ancillary portfolio practices such as hedging currency risk, short sales and lending of securities. Value investing involves the risk that the market will not recognize a security's intrinsic value for a long time, or that a security thought to be undervalued may actually be appropriately priced when purchased. Please click on the prospectus icon above for further information regarding these factors.