Expense Information

The following tables describe the various fees and expenses that you may pay if you invest in the Fund. Shareholder fees are charges you pay when buying, selling or exchanging shares of the Fund. Operating expenses, which include fees of the Adviser, are paid out of the Fund’s assets and are factored into the Fund’s share price rather than charged directly to shareholder accounts.

(1) Each of the Fund’s Share Classes has adopted a Rule 12b-1 Plan that allows the Fund to pay an annual fee of up to 0.25% to financial institutions that provide distribution and/or shareholder servicing to shareholders. However, the Fund’s I Shares Class has temporarily suspended the making of any payments under the Rule 12b-1 Plan. The Fund’s I Shares Class may remove the suspension and make payments under the Rule 12b-1 plan at any time, subject to Board approval. For the period ended September 30, 2007, the Fund did not accrue or pay any 12b-1 related expenses.
(2) Based on actual amounts for the I Shares Class’ fiscal year ended September 30, 2007 and based on estimated amounts for the Investor Class’ fiscal year ending September 30, 2008.
(3) The Fund’s Adviser has agreed to voluntarily waive its fees and/or reimburse Fund expenses to the extent that Total Annual Fund Operating Expenses (excluding taxes, interest, portfolio transaction expenses and extraordinary expenses) exceed 0.99% of the Fund’s I Shares Class’ average daily net assets and 1.25% of the Fund’s Investor Class’ average daily assets. Voluntary fee waivers and expense reimbursements may be reduced or eliminated at any time.

Example:
The following is a hypothetical example intended to help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time period indicated and then redeem all of your shares at the end of each period. The example also
assumes that your investment has a 5% annual return, that the Fund’s Total Annual Fund Operating Expenses remain as stated in the previous table and that distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions your costs would be: