Performance Bulletin (as of 7/31/2010)

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. The fund imposes a 2.00% redemption fee on shares held for less than 90 days. Performance data does not reflect the redemption fee which if reflected would reduce the performance quoted. For the most current month-end performance data please call (866) 759-5679.

There is a 1% Contingent Deferred Sales Charge on any Class C shares you sell within 12 months of purchase. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account.

The fund is subject to the underlying risks of Listed Private Equity companies in which the fund invests. Please refer to the Fund Update for additional information concerning the risks of investing in the fund.

¹ NAV as of 07/31/2010.

Expense ratios for Class C are: 0.02% Gross, 0.02% Net. Effective September 1, 2009 through August 31, 2010, the Adviser and the Sub-Adviser have given a contractual agreement to the Fund to limit the amount of the Fund’s total annual expenses, exclusive of Distribution and service (12b-1) fees, Acquired Fund Fees and Expenses, brokerage expenses, interest expense, taxes and extraordinary expenses, to 1.25% of the Fund’s average daily net assets. This agreement is reevaluated on an annual basis. Without this agreement expenses could be higher.

² Fund inception date of 12/31/2007; Class C inception date of 06/30/2010.

The performance shown reflects the performance of the Fund’s Class A shares, the initial share class, calculated using the fees and expenses of Class C shares.

The recent growth rate in the stock market has helped to produce short-term returns for some asset classes that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

Index return does not represent fund return. An investor can not invest directly in an index.

³ S&P Listed Private Equity Index: The S&P Listed Private Equity Index is comprised of 30 leading listed private equity companies that meet size, liquidity, exposure, and activity requirements. The index is designed to provide tradable exposure to the leading publicly listed companies in the private equity space.

⁴ MSCI World Index: Morgan Stanley Capital International’s market capitalization weighted index is composed of companies representative of the market structure of 22 developed market countries in North America, Europe, and the Asia/Pacific Region.