PERFORMANCE Average Annual Returns (%) for Period Ended 3/31/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
A Shares (NAV) -0.87 -0.87 15.94 6.16 13.37 3.20 4.06 7/2/1992
MSCI EAFE Investable Market Index 1.10 1.10 18.73 7.96 17.18 7.28 n/a  
Lipper International Multi-Cap Growth Funds Average -0.15 -0.15 14.78 5.70 15.88 6.22 6.51  
Characteristics
  March 31, 2014
  Portfolio Benchmark
Number of Holdings 225 3,068
W. Avg Cap. (mils) $49,614.7 $48,081.4
W. Median Cap (mils) $29,721.0 $24,729.3
P/E 1-year trailing 17.3 15.3
P/E 1-year forward 15.1 14.4
EPS Growth, past 3 years 11.0% 8.7%
EPS Growth, next 3 - 5 years 12.1% 11.7%
Price to Book 2.1 1.6
Price to Sales 1.3 1.0
Dividend Yield 2.4% 3.0%
Active Share 73.2% N/A
December 31, 2013
Portfolio Benchmark
225 3,083
$48,413.1 $49,502.7
$26,707.1 $25,710.3
18.9 15.9
16.6 15.2
14.5% 10.4%
13.0% 11.9%
2.2 1.7
1.4 0.9
2.3% 2.9%
74.7% N/A
December 31, 2012
Portfolio Benchmark
255 3,086
$37,250.1 $42,029.3
$18,952.8 $21,742.2
15.3 13.1
14.2 12.9
23.7% 25.6%
12.3% 10.2%
1.9 1.4
1.2 0.8
2.6% 3.4%
76.3% N/A
Returns Based Statistics (3 Year)
  March 31, 2014
  Portfolio Benchmark
Average Annual Return 6.16% 7.96%
Standard Deviation 15.86% 16.68%
Beta vs. Market 0.93 1.00
Excess Return -1.80% 0.00%
R-Squared 96.51% 100.00%
Tracking Error 3.16% 0.00%
Information Ratio -0.57 0.00
Sharpe Ratio 0.39 0.47
December 31, 2013
Portfolio Benchmark
7.41% 8.78%
15.32% 16.37%
0.92 1.00
-1.37% 0.00%
96.75% 100.00%
3.05% 0.00%
-0.45 0.00
0.48 0.53
December 31, 2012
Portfolio Benchmark
2.32% 4.43%
18.39% 19.57%
0.93 1.00
-2.11% 0.00%
97.58% 100.00%
3.19% 0.00%
-0.66 0.00
0.12 0.22
Sector Weights / Percentage of Holdings (ex-cash)
  March 31, 2014
  Portfolio Benchmark + / -
Consumer Disc. 20.20% 12.67% 7.53%
Consumer Staples 10.10% 10.32% -0.22%
Energy 4.16% 6.51% -2.35%
Financials 25.11% 24.97% 0.14%
Health Care 10.29% 9.89% 0.40%
Industrials 12.87% 14.18% -1.31%
Information Tech 6.02% 5.10% 0.92%
Materials 4.11% 8.34% -4.23%
Telecomm Services 5.15% 4.51% 0.64%
Utilities 1.99% 3.51% -1.53%
December 31, 2013
Portfolio Benchmark + / -
21.59% 12.86% 8.73%
9.17% 10.29% -1.12%
2.65% 6.86% -4.20%
25.53% 25.00% 0.54%
9.97% 9.55% 0.42%
14.19% 14.07% 0.12%
7.61% 5.09% 2.52%
4.05% 7.86% -3.81%
4.22% 5.15% -0.92%
1.01% 3.28% -2.27%
December 31, 2012
Portfolio Benchmark + / -
23.07% 11.64% 11.43%
8.58% 10.96% -2.38%
4.25% 7.36% -3.11%
21.64% 24.21% -2.57%
9.05% 9.29% -0.23%
12.16% 13.63% -1.47%
8.98% 4.86% 4.12%
6.51% 9.97% -3.46%
4.35% 4.47% -0.12%
1.41% 3.61% -2.20%
Top Ten Holdings / Percentage of Net Assets
March 31, 2014
ROCHE HOLDING AG GENUSSCHEIN 2.23%
TOYOTA MOTOR CORP 1.97%
PERSIMMON PLC 1.38%
AIA GROUP LTD 1.26%
ASSA ABLOY AB B 1.26%
SCHNEIDER ELECTRIC SA 1.20%
SOFTBANK CORP 1.16%
AIR LIQUIDE SA 1.16%
MIZUHO FINANCIAL GROUP INC 1.02%
NOVO NORDISK A/S B 1.02%
Total 13.65%
December 31, 2013
ROCHE HOLDING AG 2.25%
TOYOTA MOTOR CORP 2.06%
ASSA ABLOY AB B 1.65%
NOVARTIS AG REG 1.60%
AIA GROUP LTD 1.51%
NOVO NORDISK A/S B 1.29%
AIR LIQUIDE SA 1.25%
FANUC CORP 1.24%
PERSIMMON PLC 1.19%
RECKITT BENCKISER GROUP PLC 1.16%
Total 15.19%
December 31, 2012
TOYOTA MOTOR CORP 2.15%
NOVARTIS AG REG 2.06%
AIR LIQUIDE SA 1.85%
ADIDAS AG 1.81%
PUBLICIS GROUPE 1.66%
RECKITT BENCKISER GROUP PLC 1.65%
CHECK POINT SOFTWARE TECH 1.56%
KINGFISHER PLC 1.50%
SAP AG 1.47%
PEARSON PLC 1.45%
Total 17.15%
Regions
  March 31, 2014
  Portfolio Benchmark + / -
Africa 1.60% 0.00% 1.60%
Asia 0.00% 0.15% -0.15%
Central Asia 0.56% 0.00% 0.56%
Eastern Europe 0.64% 0.01% 0.63%
Middle East 0.93% 0.60% 0.33%
North America 5.81% 0.19% 5.62%
Pacific Rim 23.95% 32.54% -8.59%
South America 0.62% 0.00% 0.61%
Western Europe 65.88% 66.50% -0.62%
  December 31, 2013
  Portfolio Benchmark + / -
Africa 1.20% 0.00% 1.20%
Eastern Europe 1.48% 0.00% 1.48%
Middle East 0.62% 0.53% 0.09%
North America 11.06% 0.21% 10.86%
Pacific Rim 22.09% 33.68% -11.59%
South America 1.45% 0.00% 1.45%
Western Europe 62.09% 65.58% -3.49%
  December 31, 2012
  Portfolio Benchmark + / -
Africa 1.49% 0.00% 1.49%
Eastern Europe 0.68% 0.01% 0.67%
Middle East 1.65% 0.61% 1.05%
North America 11.25% 0.14% 11.11%
Pacific Rim 23.77% 34.97% -11.20%
South America 2.59% 0.00% 2.59%
Western Europe 58.57% 64.27% -5.70%
Countries
  March 31, 2014
  Portfolio Benchmark + / -
Argentina 0.16% 0.00% 0.16%
Australia 3.66% 7.67% -4.01%
Austria 0.74% 0.35% 0.38%
Belgium 0.36% 1.18% -0.82%
Bermuda 0.01% 0.16% -0.15%
Brazil 0.46% 0.00% 0.46%
Canada 2.67% 0.01% 2.66%
China 0.00% 0.07% -0.07%
Cyprus 0.64% 0.01% 0.63%
Denmark 1.12% 1.50% -0.39%
Faroe Islands 0.00% 0.00% -0.00%
Finland 0.60% 1.00% -0.40%
France 11.25% 9.06% 2.19%
Germany 6.11% 8.97% -2.86%
Gibraltar 0.00% 0.01% -0.01%
Hong Kong 2.93% 2.60% 0.33%
India 0.56% 0.00% 0.56%
Indonesia 0.00% 0.00% -0.00%
Ireland 2.12% 0.84% 1.29%
Israel 0.93% 0.59% 0.34%
Italy 1.58% 2.73% -1.15%
Japan 15.08% 20.42% -5.34%
Luxembourg 0.00% 0.39% -0.39%
Macau 0.00% 0.15% -0.15%
Malta 0.00% 0.01% -0.01%
Mauritius 0.00% 0.00% -0.00%
Mexico 0.00% 0.02% -0.02%
Netherlands 4.78% 4.57% 0.21%
New Zealand 0.07% 0.24% -0.17%
Norway 2.37% 0.83% 1.54%
Peru 0.00% 0.00% -0.00%
Philippines 0.60% 0.00% 0.60%
Portugal 0.04% 0.25% -0.20%
Singapore 0.20% 1.53% -1.33%
South Africa 1.60% 0.00% 1.60%
Spain 3.62% 3.38% 0.24%
Sweden 2.61% 3.35% -0.74%
Switzerland 9.69% 9.25% 0.44%
Taiwan 1.40% 0.00% 1.40%
United Arab Emirates 0.00% 0.01% -0.01%
United Kingdom 18.90% 18.83% 0.07%
United States 3.13% 0.01% 3.12%
  December 31, 2013
  Portfolio Benchmark + / -
Argentina 0.44% 0.00% 0.44%
Australia 2.10% 7.35% -5.24%
Austria 0.52% 0.33% 0.19%
Belgium 0.49% 1.21% -0.72%
Bermuda 0.01% 0.08% -0.07%
Brazil 1.01% 0.00% 1.01%
Canada 3.15% 0.00% 3.15%
China 0.00% 0.04% -0.04%
Denmark 1.34% 1.32% 0.02%
Faroe Islands 0.00% 0.00% -0.00%
Finland 0.71% 0.99% -0.27%
France 10.33% 8.77% 1.56%
Germany 5.32% 8.98% -3.65%
Hong Kong 3.36% 2.88% 0.48%
Indonesia 0.00% 0.01% -0.01%
Ireland 0.65% 0.43% 0.22%
Israel 0.62% 0.52% 0.10%
Italy 1.17% 2.29% -1.12%
Japan 14.29% 21.63% -7.34%
Luxembourg 0.00% 0.34% -0.34%
Mexico 0.00% 0.02% -0.02%
Netherlands 4.21% 3.02% 1.19%
New Zealand 0.04% 0.23% -0.19%
Norway 2.30% 0.96% 1.34%
Philippines 0.42% 0.00% 0.42%
Portugal 0.03% 0.21% -0.18%
Russia 1.48% 0.00% 1.48%
Singapore 0.15% 1.54% -1.40%
South Africa 1.20% 0.00% 1.20%
Spain 3.60% 3.18% 0.42%
Sweden 3.55% 3.28% 0.27%
Switzerland 9.13% 8.21% 0.92%
Taiwan 1.48% 0.01% 1.48%
Thailand 0.24% 0.00% 0.24%
United Arab Emirates 0.00% 0.01% -0.01%
United Kingdom 18.74% 22.05% -3.31%
United States 7.90% 0.12% 7.79%
  December 31, 2012
  Portfolio Benchmark + / -
Argentina 0.44% 0.00% 0.44%
Australia 1.59% 8.93% -7.34%
Austria 0.03% 0.38% -0.35%
Belgium 0.03% 1.19% -1.16%
Bermuda 0.00% 0.08% -0.08%
Brazil 2.15% 0.00% 2.15%
Bv Islands 0.00% 0.01% -0.01%
Canada 4.95% 0.00% 4.95%
China 0.39% 0.06% 0.33%
Cyprus 0.00% 0.01% -0.01%
Denmark 1.52% 1.22% 0.30%
Finland 0.05% 0.88% -0.83%
France 9.67% 8.53% 1.14%
Germany 10.71% 8.42% 2.29%
Greece 0.03% 0.15% -0.12%
Hong Kong 4.73% 3.12% 1.61%
Indonesia 0.47% 0.01% 0.46%
Ireland 0.67% 0.40% 0.26%
Israel 1.65% 0.60% 1.05%
Italy 0.66% 2.27% -1.62%
Japan 13.95% 20.74% -6.79%
Luxembourg 0.00% 0.34% -0.34%
Mexico 0.57% 0.04% 0.53%
Netherlands 2.05% 2.66% -0.61%
New Zealand 0.00% 0.20% -0.20%
Norway 2.13% 1.08% 1.05%
Philippines 0.58% 0.00% 0.58%
Portugal 0.05% 0.20% -0.16%
Russia 0.68% 0.00% 0.68%
Singapore 0.78% 1.93% -1.15%
South Africa 1.49% 0.00% 1.49%
Spain 0.33% 2.83% -2.50%
Sweden 3.12% 3.14% -0.02%
Switzerland 7.53% 8.12% -0.59%
Taiwan 0.71% 0.00% 0.71%
Thailand 0.58% 0.00% 0.58%
United Arab Emirates 0.00% 0.00% -0.00%
United Kingdom 20.00% 22.44% -2.44%
United States 5.73% 0.00% 5.73%
PERFORMANCE ATTRIBUTIONRelative to the MSCI EAFE Investable Market Index for the quarter ending 3/31/2014
Performance Attribution Chart
Latest Quarter Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Financials 25.36% 25.01% -3.40% 0.20% -0.01% -0.94% -0.95%
Consumer Disc. 21.19% 12.80% -1.93% -1.25% -0.19% -0.10% -0.30%
Industrials 13.53% 14.10% -0.64% 1.15% 0.00% -0.26% -0.25%
Health Care 10.22% 9.80% 8.64% 5.90% 0.02% 0.28% 0.29%
Consumer Staples 9.37% 10.18% 3.30% 0.84% 0.01% 0.26% 0.27%
Information Tech 6.80% 5.11% -3.68% 0.90% -0.01% -0.33% -0.34%
Telecomm Services 4.86% 4.88% -3.66% -1.61% -0.00% -0.09% -0.09%
Materials 4.04% 8.31% -1.18% 1.18% -0.01% -0.10% -0.11%
Energy 3.28% 6.44% 1.86% 1.32% 0.01% 0.07% 0.08%
Utilities 1.35% 3.38% 9.69% 7.37% -0.13% 0.04% -0.09%
Total 100.00% 100.00% -0.39% 1.10% -0.31% -1.16% -1.49%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Mediobanca S.p.A. Financials 0.21%
Novo Nordisk A/S Class B Health Care 0.21%
Compagnie Generale des Etablissements Michelin SCA Consumer Disc. 0.14%
Persimmon Plc Consumer Disc. 0.11%
Statoil ASA Sponsored ADR Energy 0.11%
Roche Holding Ltd Genusssch. Health Care 0.10%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR Information Tech 0.10%
Mitsubishi UFJ Financial Group, Inc. Financials 0.09%
Aryzta AG Consumer Staples 0.09%
Vodafone Group PLC Telecomm Services 0.09%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Health Care Overweight 0.02%
Consumer Staples Underweight 0.01%
Energy Underweight 0.01%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Novo Nordisk A/S Class B Health Care 0.35%
Roche Holding Ltd Genusssch. Health Care 0.26%
Mediobanca S.p.A. Financials 0.24%
Compagnie Generale des Etablissements Michelin SCA Consumer Disc. 0.17%
Intesa Sanpaolo S.p.A. Financials 0.15%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Yandex NV Class A Information Tech -0.25%
Kubota Corporation Industrials -0.19%
Mitsubishi Estate Company, Limited Financials -0.19%
Sberbank Russia OJSC Sponsored ADR Financials -0.16%
Orix Corporation Financials -0.15%
Pearson PLC Consumer Disc. -0.12%
Sumitomo Mitsui Trust Holdings, Inc. Financials -0.12%
SoftBank Corp. Telecomm Services -0.12%
adidas AG Consumer Disc. -0.10%
Lululemon Athletica Inc. Consumer Disc. -0.10%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Disc. Overweight -0.19%
Utilities Underweight -0.13%
Materials Underweight -0.01%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Yandex NV Class A Information Tech -0.25%
Mitsubishi Estate Company, Limited Financials -0.23%
Kubota Corporation Industrials -0.21%
SoftBank Corp. Telecomm Services -0.19%
Orix Corporation Financials -0.17%
PERFORMANCE ATTRIBUTIONRelative to the MSCI EAFE Investable Market Index for the period ending 3/31/2014
Performance Attribution Chart
1-Year Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Financials 24.05% 24.89% 16.29% 18.04% -0.09% -0.39% -0.49%
Consumer Disc. 22.83% 12.65% 24.52% 24.78% 0.76% 0.06% 0.81%
Industrials 13.01% 13.84% 19.86% 20.68% -0.01% -0.07% -0.08%
Health Care 9.95% 9.66% 24.54% 21.52% -0.00% 0.30% 0.30%
Consumer Staples 8.30% 10.70% 9.02% 6.63% 0.37% 0.25% 0.62%
Information Tech 7.99% 4.96% 21.21% 24.51% 0.18% -0.12% 0.05%
Materials 6.10% 8.42% 11.39% 10.03% 0.13% 0.22% 0.34%
Telecomm Services 3.88% 4.83% 33.08% 35.85% -0.24% -0.07% -0.32%
Energy 2.94% 6.60% 11.87% 14.21% 0.17% -0.04% 0.12%
Utilities 0.95% 3.44% 9.09% 25.06% -0.13% -0.11% -0.24%
Total 100.00% 100.00% 19.71% 18.60% 1.13% 0.04% 1.11%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Tesla Motors, Inc. Consumer Disc. 0.46%
Kingfisher Plc Consumer Disc. 0.45%
Mediobanca S.p.A. Financials 0.42%
Continental AG Consumer Disc. 0.36%
Yandex NV Class A Information Tech 0.26%
Persimmon Plc Consumer Disc. 0.23%
Amadeus IT Holding SA Class A Information Tech 0.22%
ASML Holding NV Information Tech 0.21%
Nestle S.A. Consumer Staples 0.20%
Compagnie Generale des Etablissements Michelin SCA Consumer Disc. 0.20%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Disc. Overweight 0.76%
Consumer Staples Underweight 0.37%
Information Tech Overweight 0.18%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Kingfisher Plc Consumer Disc. 0.75%
Roche Holding Ltd Genusssch. Health Care 0.71%
Continental AG Consumer Disc. 0.57%
Mediobanca S.p.A. Financials 0.54%
Novo Nordisk A/S Class B Health Care 0.52%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Itau Unibanco Holding S.A. Sponsored ADR Pfd Financials -0.32%
Natura Cosmeticos S.A. Consumer Staples -0.29%
Hong Kong Exchanges & Clearing Ltd. Financials -0.26%
Sumitomo Mitsui Trust Holdings, Inc. Financials -0.25%
Lululemon Athletica Inc. Consumer Disc. -0.24%
Sberbank Russia OJSC Sponsored ADR Financials -0.24%
Daimler AG Consumer Disc. -0.22%
Petroleum Geo-Services ASA Energy -0.21%
Vodafone Group PLC Telecomm Services -0.19%
Banco Santander S.A. Financials -0.19%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Telecomm Services Underweight -0.24%
Utilities Underweight -0.13%
Financials Underweight -0.09%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Itau Unibanco Holding S.A. Sponsored ADR Pfd Financials -0.21%
Natura Cosmeticos S.A. Consumer Staples -0.21%
Petroleum Geo-Services ASA Energy -0.16%
Sberbank Russia OJSC Sponsored ADR Financials -0.16%
Sumitomo Mitsui Trust Holdings, Inc. Financials -0.13%

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risks: the market prices of stocks held by the Fund may fall; individual investments of the Fund may not perform as expected; the Fund's portfolio management practices may not achieve the desired result; and/or the Advisor's allocation of Fund assets between the portions of the portfolio managed by the Advisor and each Sub-advisor may cause the Fund to underperform. Investing in foreign securities involves additional risks relating to political, social, and economic developments abroad; differences between the regulations that apply to U.S. and foreign issuers and markets; the potential for foreign markets to be less liquid and more volatile than U.S. markets; and currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar. In addition, the risks of investing in emerging market securities are greater than those of investing in securities of developed foreign countries.

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