The Morgan Stanley Capital International (MSCI) All Country (AC) World ex-U.S. Index (Net) is a free float-adjusted market capitalization-weighted index designed to measure the equity market performance of 45 global developed and emerging markets, excluding the U.S. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

Source: Lipper, Inc. Lipper rankings are based on cumulative total returns and do not take into account sales charges. If they had, the return would be lower.

Gross operating expenses: Class A: 1.88%, Class C: 2.63%, Class W: 1.87%. Net operating expenses: Class A: 1.90%, Class C: 2.55%, Class W: 1.70%, after contractual waiver of fees and/or reimbursement of expenses which will continue indefinitely subject to termination by the Board. The net expense ratio includes the contractual expense cap (which is 1.90%, 2.55% and 1.70%, for Class A, C and W, respectively) and other management fee waivers, as more fully described in the Fund’s prospectus, and it also reflects any acquired fund fees and expenses (“AFFEs”). AFFEs are not subject to the contractual expense cap, which is why the net expense ratio may exceed the contractual expense cap of exceed 1.90%, 2.55% and 1.70%, for Class A, C and W, respectively.  Pursuant to an Expense Limitation Agreement, the Fund’s contractual fee waiver and expense reimbursement will continue in effect indefinitely, unless terminated by the Board of Trustees, including a majority of the Independent Trustees. Waivers and/or reimbursements may be subject to recoupment within two years.

Performance data quoted represents past performance and is not a guarantee of future results. The data assumes reinvestment of all distributions at net asset value. Maximum sales charge (Class A): 5.75%. The Fund’s daily net asset value is not guaranteed and shares are not insured by the FDIC, the Federal Reserve Board or any other agency. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be higher or lower than the original cost. Current performance may be higher or lower than that shown.