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) 2.41 2.41 25.41 -4.46 1.40 n/a -9.02 5/31/2007
Ardour Global Alternative Energy Index (Composite) 10.29 10.29 59.59 -3.00 3.97 0.57 -8.13  
Lipper Global Natural Resources Funds Average 3.11 3.11 13.33 -3.37 11.97 9.94 -0.09  
Characteristics
  March 31, 2014
  Portfolio Benchmark
Number of Holdings 49 124
W. Avg Cap. (mils) $9,337.8 $7,758.1
W. Median Cap (mils) $3,017.5 $2,690.3
P/E 1-year trailing 20.4 23.4
P/E 1-year forward 17.3 22.7
EPS Growth, past 3 years 0.8% -10.9%
EPS Growth, next 3 - 5 years 22.3% 29.0%
Price to Book 1.6 2.3
Price to Sales 1.3 1.5
Dividend Yield 2.6% 0.8%
Active Share 72.2% N/A
December 31, 2013
Portfolio Benchmark
49 119
$9,096.7 $7,009.6
$2,226.5 $2,874.9
20.8 21.9
17.1 24.1
2.7% -6.0%
15.4% 18.2%
1.6 2.1
1.1 1.3
2.1% 0.8%
73.9% N/A
December 31, 2012
Portfolio Benchmark
46 110
$4,921.0 $4,009.6
$1,760.5 $1,557.3
17.4 13.3
16.2 15.3
29.4% 30.6%
10.5% 11.3%
1.4 1.2
0.7 0.7
1.6% 1.4%
66.0% N/A
Returns Based Statistics (3 Year)
  March 31, 2014
  Portfolio Benchmark
Average Annual Return -4.46% -3.50%
Standard Deviation 22.37% 24.99%
Beta vs. Market 0.82 1.00
Excess Return -0.95% 0.00%
R-Squared 84.00% 100.00%
Tracking Error 10.01% 0.00%
Information Ratio -0.10 0.00
Sharpe Ratio -0.20 -0.14
December 31, 2013
Portfolio Benchmark
-1.46% -3.79%
22.67% 24.50%
0.86 1.00
2.33% 0.00%
85.64% 100.00%
9.29% 0.00%
0.25 0.00
-0.07 -0.16
December 31, 2012
Portfolio Benchmark
-16.99% -22.43%
26.89% 25.88%
1.00 1.00
5.43% 0.00%
93.07% 100.00%
7.08% 0.00%
0.77 0.00
-0.64 -0.87
Sector Weights / Percentage of Holdings (ex-cash)
  March 31, 2014
  Portfolio Benchmark + / -
Biofuel 9.39% 3.15% 6.24%
Biomass Energy 2.61% 2.42% 0.19%
Efficiency 27.66% 8.49% 19.17%
Energy Conserv 0.00% 0.00% 0.00%
Fuelcell 2.52% 1.62% 0.90%
Geothermal 0.00% 1.45% -1.45%
GICS Energy 0.00% 0.00% 0.00%
GICS Industrials 0.00% 0.00% 0.00%
GICS Info Tech 0.00% 0.00% 0.00%
GICS Materials 0.00% 0.00% 0.00%
GICS Utilities 0.00% 0.00% 0.00%
Hybrid 0.00% 0.00% 0.00%
Hydro 2.86% 0.12% 2.74%
Hydrogen 0.00% 0.00% 0.00%
Not Applicable 0.00% 0.00% 0.00%
Other 14.62% 34.82% -20.20%
Solar 10.71% 24.49% -13.79%
Storage 0.00% 4.35% -4.35%
Utilities 12.67% 4.42% 8.25%
Wave/Tidal 0.00% 0.00% 0.00%
Wind 16.96% 14.68% 2.29%
December 31, 2013
Portfolio Benchmark + / -
9.27% 3.55% 5.72%
2.03% 2.71% -0.69%
20.02% 10.38% 9.64%
0.00% 0.00% 0.00%
2.50% 0.64% 1.86%
0.00% 1.59% -1.59%
0.00% 0.00% 0.00%
6.95% 0.00% 6.95%
1.88% 0.00% 1.88%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.12% -0.12%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
14.45% 37.03% -22.58%
8.77% 19.70% -10.93%
0.00% 4.73% -4.73%
12.30% 4.75% 7.55%
0.00% 0.00% 0.00%
21.83% 14.79% 7.04%
December 31, 2012
Portfolio Benchmark + / -
7.19% 5.83% 1.36%
4.50% 3.33% 1.17%
15.56% 12.31% 3.25%
2.39% 0.00% 2.39%
5.51% 0.54% 4.96%
3.06% 3.44% -0.38%
0.71% 0.00% 0.71%
2.72% 0.00% 2.72%
3.87% 0.00% 3.87%
1.90% 0.00% 1.90%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.11% -0.11%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
17.30% 35.46% -18.16%
5.47% 15.35% -9.88%
1.88% 6.89% -5.01%
16.61% 7.29% 9.32%
0.00% 0.00% 0.00%
11.32% 9.43% 1.88%
Top Ten Holdings / Percentage of Net Assets
March 31, 2014
JOHNSON CONTROLS INC 5.04%
EATON CORP PLC 5.00%
COSAN LTD CLASS A SHARES 4.24%
CREE INC 3.74%
QUANTA SERVICES INC 3.12%
EDP RENOVAVEIS SA 3.05%
GREENCOAT UK WIND PLC/FUND 3.01%
CAPSTONE INFRASTRUCTURE CORP 2.96%
ITRON INC 2.63%
CALGON CARBON CORP 2.60%
Total 35.39%
December 31, 2013
EATON CORP PLC 5.70%
JOHNSON CONTROLS INC 4.95%
EDP RENOVAVEIS SA 4.65%
COSAN LTD CLASS A SHARES 4.26%
CREE INC 3.70%
NEXTERA ENERGY INC 3.24%
GREENCOAT UK WIND PLC/FUND 3.07%
QUANTA SERVICES INC 2.85%
CHINA SUNTIEN GREEN ENERGY H 2.78%
AMERESCO INC CL A 2.76%
Total 37.95%
December 31, 2012
ITRON INC 4.67%
CALGON CARBON CORP 4.45%
JOHNSON CONTROLS INC 4.27%
COVANTA HOLDING CORP 4.15%
NOVOZYMES A/S B SHARES 4.07%
SECHILIENNE SIDEC 3.76%
CREE INC 3.35%
ORMAT TECHNOLOGIES INC 2.96%
CHINA SUNTIEN GREEN ENERGY H 2.95%
COSAN LTD CLASS A SHARES 2.90%
Total 37.53%
Regions
  March 31, 2014
  Portfolio Benchmark + / -
North America 47.87% 52.09% -4.22%
Pacific Rim 9.46% 18.11% -8.64%
South America 4.51% 1.49% 3.02%
Western Europe 38.16% 28.32% 9.84%
  December 31, 2013
  Portfolio Benchmark + / -
North America 48.62% 60.81% -12.19%
Pacific Rim 11.25% 21.36% -10.11%
South America 4.34% 2.03% 2.31%
Western Europe 33.41% 15.80% 17.61%
  December 31, 2012
  Portfolio Benchmark + / -
North America 44.26% 60.05% -15.79%
Pacific Rim 18.14% 21.98% -3.84%
South America 3.00% 4.27% -1.27%
Western Europe 34.59% 13.70% 20.89%
Countries
  March 31, 2014
  Portfolio Benchmark + / -
Australia 0.90% 0.63% 0.27%
Austria 0.00% 0.66% -0.66%
Bermuda 1.83% 0.00% 1.83%
Brazil 4.51% 1.49% 3.02%
Canada 4.13% 3.05% 1.08%
Cayman Islands 0.00% 0.15% -0.15%
China 4.62% 7.11% -2.50%
Denmark 0.74% 7.11% -6.36%
France 4.39% 0.67% 3.73%
Germany 8.11% 1.87% 6.23%
Greece 0.00% 0.17% -0.17%
Hong Kong 3.17% 4.02% -0.85%
Ireland 5.32% 10.59% -5.26%
Italy 3.27% 3.35% -0.08%
Japan 0.78% 1.96% -1.18%
Netherlands 2.60% 0.00% 2.60%
Norway 0.00% 0.89% -0.89%
Philippines 0.00% 0.83% -0.83%
Singapore 0.00% 0.03% -0.03%
Spain 4.99% 2.75% 2.24%
Switzerland 0.00% 0.11% -0.11%
Taiwan 0.00% 3.53% -3.53%
United Kingdom 8.72% 0.15% 8.58%
United States 41.91% 48.90% -6.98%
  December 31, 2013
  Portfolio Benchmark + / -
Australia 1.68% 0.83% 0.85%
Austria 0.00% 0.78% -0.78%
Belgium 1.48% 0.00% 1.48%
Bermuda 2.79% 0.23% 2.56%
Brazil 4.34% 2.03% 2.31%
Canada 3.30% 2.60% 0.70%
Cayman Islands 0.00% 0.18% -0.18%
China 5.86% 10.29% -4.43%
Denmark 0.71% 5.42% -4.70%
France 5.54% 0.82% 4.72%
Germany 8.02% 1.65% 6.37%
Greece 0.00% 0.17% -0.17%
Hong Kong 1.64% 3.02% -1.39%
Italy 3.66% 3.36% 0.30%
Japan 2.05% 2.13% -0.08%
Netherlands 2.72% 0.00% 2.72%
Norway 0.00% 0.62% -0.62%
Philippines 0.00% 0.90% -0.90%
Portugal 4.74% 0.93% 3.81%
Singapore 0.00% 0.02% -0.02%
Spain 1.60% 1.79% -0.19%
Switzerland 0.00% 0.11% -0.11%
Taiwan 0.02% 4.15% -4.14%
United Kingdom 4.93% 0.16% 4.77%
United States 42.52% 57.80% -15.27%
  December 31, 2012
  Portfolio Benchmark + / -
Australia 3.30% 0.13% 3.17%
Austria 1.98% 1.80% 0.18%
Belgium 4.39% 0.00% 4.39%
Bermuda 0.00% 0.18% -0.18%
Brazil 3.00% 4.27% -1.27%
Canada 1.21% 4.31% -3.10%
Cayman Islands 0.00% 0.15% -0.15%
China 7.52% 8.12% -0.60%
Denmark 4.19% 1.72% 2.47%
France 6.65% 1.00% 5.65%
Germany 1.00% 1.34% -0.33%
Greece 0.00% 0.20% -0.20%
Hong Kong 2.72% 3.08% -0.36%
Italy 5.68% 4.57% 1.11%
Japan 1.91% 3.71% -1.80%
Norway 0.00% 0.41% -0.41%
Philippines 0.00% 2.48% -2.48%
Portugal 2.68% 1.76% 0.92%
South Korea 1.73% 0.00% 1.73%
Spain 2.62% 0.64% 1.99%
Switzerland 0.00% 0.14% -0.14%
Taiwan 0.96% 4.47% -3.51%
United Kingdom 5.39% 0.13% 5.27%
United States 43.05% 55.40% -12.35%
PERFORMANCE ATTRIBUTIONRelative to the Ardour Global Alternative Energy Index (Composite) 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
Efficiency 27.93% 9.81% -5.57% -7.54% -3.11% 0.45% -2.66%
Wind 17.80% 14.16% 3.30% 13.70% 0.28% -1.93% -1.65%
Other 15.81% 37.54% 2.00% 12.17% -0.29% -1.60% -1.89%
Utilities 12.91% 4.70% 12.38% 5.83% -0.42% 0.73% 0.31%
Biofuel 9.28% 3.25% -2.37% -5.17% -0.90% 0.26% -0.65%
Solar 8.35% 22.37% 22.93% 21.96% -1.51% -0.00% -1.51%
Fuelcell 2.76% 0.27% 3.99% 75.89% 1.52% -1.60% -0.08%
Not Applicable 2.75% 0.00% 5.21% 0.00% -0.14% 0.00% -0.14%
Biomass Energy 2.41% 1.86% 2.80% 3.56% -0.06% -0.02% -0.08%
Energy Conserv 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Storage 0.00% 4.75% 0.00% -5.14% 0.77% 0.00% 0.77%
Geothermal 0.00% 1.29% 0.00% 8.13% 0.04% 0.00% 0.04%
Hydro 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Wave/Tidal 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total 100.00% 100.00% 2.83% 10.38% -3.83% -3.71% -7.56%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
FuelCell Energy, Inc. Fuelcell 0.62%
China Longyuan Power Group Corp. Ltd. Class H Wind 0.58%
Eaton Corp. Plc Other 0.50%
Cree, Inc. Efficiency 0.44%
EDP Renovaveis SA Wind 0.42%
Polypore International, Inc. Storage 0.34%
EnerSys Storage 0.31%
Clean Energy Fuels Corp. Other 0.30%
Neo Solar Power Corp. Solar 0.23%
Franklin Electric Co., Inc. Other 0.22%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Fuelcell Overweight 1.52%
Storage Underweight 0.77%
Wind Overweight 0.28%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
SunEdison, Inc. Solar 1.13%
EDP Renovaveis SA Wind 1.04%
FuelCell Energy, Inc. Fuelcell 0.81%
Quanta Services, Inc. Biofuel 0.48%
Albioma Utilities 0.36%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Tesla Motors, Inc. Other -2.94%
Vestas Wind Systems A/S Wind -1.39%
Johnson Controls, Inc. Efficiency -0.89%
Ameresco, Inc. Class A Efficiency -0.85%
GT Advanced Technologies Inc. Solar -0.79%
Cosan Limited Class A Biofuel -0.74%
Ceramic Fuel Cells Limited Fuelcell -0.60%
First Solar, Inc. Solar -0.58%
China Suntien Green Energy Corp. Class H Wind -0.43%
Royal Philips NV Efficiency -0.39%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Efficiency Overweight -3.11%
Solar Underweight -1.51%
Biofuel Overweight -0.90%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Cosan Limited Class A Biofuel -0.82%
Ameresco, Inc. Class A Efficiency -0.63%
Ceramic Fuel Cells Limited Fuelcell -0.51%
Cree, Inc. Efficiency -0.40%
Itron, Inc. Efficiency -0.39%
PERFORMANCE ATTRIBUTIONRelative to the Ardour Global Alternative Energy Index (Composite) 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
Efficiency 25.03% 11.99% 14.68% -0.68% -6.10% 2.08% -4.10%
Other 17.24% 36.53% 33.65% 65.75% -0.70% -5.51% -6.29%
Wind 17.23% 12.77% 25.69% 133.04% 2.13% -12.36% -10.31%
Utilities 15.30% 5.40% 33.34% 32.22% -2.13% -0.39% -2.61%
Biofuel 7.64% 4.29% -7.27% -17.21% -2.35% 0.71% -1.72%
Solar 6.74% 19.06% 258.32% 134.12% -5.35% 2.82% -2.62%
Fuelcell 3.50% 0.23% 4.58% 161.77% 2.55% -5.20% -2.74%
Not Applicable 3.40% 0.00% 23.91% 0.00% -1.24% 0.00% -1.24%
Biomass Energy 2.68% 2.46% -7.08% -3.42% -0.27% -0.32% -0.67%
Geothermal 1.02% 1.76% 26.34% -5.03% 0.19% 0.51% 0.62%
Storage 0.22% 5.51% 3.99% 14.97% 1.89% -0.18% 1.63%
Energy Conserv 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Hydro 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Wave/Tidal 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total 100.00% 100.00% 28.84% 58.82% -11.37% -17.85% -30.04%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Cree, Inc. Efficiency 1.55%
Canadian Solar Inc. Solar 1.54%
Eaton Corp. Plc Other 1.27%
Energy Development Corp. Geothermal 1.21%
Polypore International, Inc. Storage 1.18%
Veeco Instruments Inc. Solar 0.81%
Clean Energy Fuels Corp. Other 0.70%
China Longyuan Power Group Corp. Ltd. Class H Wind 0.68%
SunEdison, Inc. Solar 0.63%
Simplo Technology Co., Ltd. Other 0.63%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Fuelcell Overweight 2.55%
Wind Overweight 2.13%
Storage Underweight 1.89%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
SunEdison, Inc. Solar 4.30%
Canadian Solar Inc. Solar 2.53%
Tesla Motors, Inc. Other 2.51%
Johnson Controls, Inc. Efficiency 1.95%
EDP Renovaveis SA Wind 1.60%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Tesla Motors, Inc. Other -9.19%
Vestas Wind Systems A/S Wind -5.46%
Ceramic Fuel Cells Limited Fuelcell -2.86%
First Solar, Inc. Solar -1.92%
Brookfield Renewable Energy Partners LP Utilities -1.67%
Cosan Limited Class A Biofuel -1.56%
GT Advanced Technologies Inc. Solar -1.32%
Regal Beloit Corporation Efficiency -1.23%
ESCO Technologies Inc. Other -1.22%
Gamesa Corporacion Tecnologica, S.A. Wind -1.20%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Efficiency Overweight -6.10%
Solar Underweight -5.35%
Biofuel Overweight -2.35%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Cosan Limited Class A Biofuel -2.30%
Ceramic Fuel Cells Limited Fuelcell -2.06%
Itron, Inc. Efficiency -1.00%
ESCO Technologies Inc. Other -0.63%
Westport Innovations Inc. Efficiency -0.44%

Investment in mutual funds involves risk, including the possible loss of principal invested. The Fund is subject to the risk that stocks that comprise the energy sector may fall in value, and the risk that prices of energy (including traditional sources such as oil, gas or electricity) or alternative energy may fall. The alternative energy sector can be significantly affected by a number of factors, including fluctuations in energy prices, supply and demand of alternative energy fuels, energy conservation, and government regulations and policies. A downturn in the alternative energy industry would impact the Fund more than a fund that does not concentrate in this industry, and the Fund therefore may be more volatile than a typical mutual fund. Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations. The Fund is non-diversified and may be more volatile than a diversified fund.

G200ATT FOR INSTITUTIONAL INVESTOR AND BROKER/DEALER USE ONLY. NOT FOR PUBLIC DISTRIBUTION.