Gross operating expenses: Class A: 2.01%; Class C: 3.38%; Class W: 2.02%. Net operating expenses: Class A: 1.72%; Class C: 2.37%; Class W: 1.52%. The net expense ratio includes the contractual expense cap (Class A: 1.72%; Class C: 2.37%; Class W: 1.52%) 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 each respective class share (Class A: 1.72%; Class C: 2.37%; Class W: 1.52%).  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.

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.

Investments in stocks are subject to risk, including the possible loss of principal. Stocks of small-cap and micro-cap companies may be subject to additional risks. Companies with smaller market capitalizations tend to be at early stages of development with limited product lines, market access for products, financial resources, access to new capital, or depth in management. It may be difficult to obtain reliable information and financial data about these companies. Consequently, the securities of smaller companies may not be as readily marketable and may be subject to more abrupt or erratic market movements.

In attempting to track the performance of the Russell 2000 Index, the Fund may be more susceptible to adverse developments concerning a particular security, company or industry because the Fund’s index component generally will not use any defensive strategies to mitigate its risk exposure. Please see the prospectus for additional risks.