Directed Account Plan

as of 12/30/11

This Fund’s investment objective is to seek long term capital appreciation by investing in equity securities of small capitalization companies that are domiciled outside the United States or whose primary business operations are outside the United States. In selecting securities, the Fund’s portfolio manager evaluates investment opportunities on a company-by-company basis. This approach includes fundamental analysis of a company’s financial statements and management structure and consideration of the company’s operations and product development as well as its position in the industry.