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Performance data quoted represents past performance; past performance is not a guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Portfolio may be lower or higher than the performance quoted. The Portfolio imposes a 2% redemption fee on shares held 90 days or less. Performance data does not reflect the redemption fee. If reflected, total returns would be reduced.

Investment performance reflects fee waivers and in the absence of these waivers investment performance would be reduced. Fee waivers are not reflected for the Institutional Class of the International Equity and Frontier Emerging Markets Portfolios, or the Investor Class of the International Small Companies Portfolio.

Mutual fund investing involves risk. Principal loss is possible. Investments in foreign securities involve greater volatility and political, economic, and currency risks and differences in accounting methods. Investments in emerging markets countries involve greater risks such as immature economic structures, national policies restricting investments by foreigners, and different legal systems which may cause larger price changes than with other foreign securities. Such risks may be magnified for securities in frontier emerging markets. The portfolio can have significant concentration in a single industry, such as the banking industry, making it vulnerable to factors affecting the industry. When interest rates rise investments in debt securities and longer-term debt securities typically decrease in value, Investments in lower rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. Investments in smaller companies involve additional risks such as limited liquidity and greater volatility.