Important Information

Shares in the Funds carry risks including possible loss of principal. Funds invested in a limited number of holdings may expose an investor to greater volatility. There are special risks associated with international investing, including currency fluctuations, government regulation, political developments, and differences in liquidity. Additionally, the Equity Funds invest a portion of the assets in small capitalization companies which may increase the risk of greater price fluctuations. With regard to the International Value Fund, risks may be associated with the Fund’s investments in emerging markets including illiquidity and volatility.

As with direct bond ownership, Funds that invest in bonds are subject to certain risks including interest-rate risk, credit risk, and inflation risk. The principal value of bond funds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. Investments with shorter average maturities are less exposed to interest rate risk than investments with longer average maturities. The U.S. Government Fund invests a portion of the assets in Mortgage Backed Securities which are subject to pre-payment risk. This may reduce the potential for capital appreciation and may cause greater volatility in the Fund. Unlike bonds, bond funds have ongoing fees and expenses.

Shares in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any government agency.

There is no guarantee that the Fund will meet its investment objectives.

Carefully consider the Fund’s investment objectives, risks, sales charges, and expenses; these are found in the prospectus, which is available from your financial advisor or from our download library. Read it carefully before you invest or send money.