PERFORMANCE Average Annual Returns (%) for Period Ended 6/30/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
A Shares (NAV) 2.40 5.17 25.80 10.91 13.80 n/a 2.80 5/31/2007
MSCI EAFE Small/Mid Cap Index 3.14 6.07 26.95 9.48 14.26 n/a 1.90  
Lipper International Small/Mid Cap Core Funds Average 2.51 5.10 25.37 7.63 14.15 8.24 1.83  
Characteristics
  June 30, 2014
  Portfolio Benchmark
Number of Holdings 105 2,691
W. Avg Cap. (mils) $2,996.8 $4,679.3
W. Median Cap (mils) $1,841.7 $3,682.2
P/E 1-year trailing 14.6 16.5
P/E 1-year forward 15.0 16.6
EPS Growth, past 3 years 14.2% 10.7%
EPS Growth, next 3 - 5 years 17.0% 14.0%
Price to Book 1.4 1.6
Price to Sales 1.0 0.8
Dividend Yield 2.5% 2.4%
Active Share 95.6% N/A
March 31, 2014
Portfolio Benchmark
106 2,668
$3,317.6 $4,669.7
$2,098.7 $3,503.8
14.3 16.5
15.0 16.3
16.2% 12.3%
20.5% 14.9%
1.4 1.6
1.0 0.8
2.6% 2.4%
95.5% N/A
December 31, 2013
Portfolio Benchmark
104 2,683
$3,208.3 $4,431.4
$2,298.1 $3,412.1
15.7 17.0
15.3 17.2
15.8% 15.1%
17.3% 14.7%
1.4 1.6
1.1 0.8
2.5% 2.4%
95.6% N/A
Returns Based Statistics (3 Year)
  June 30, 2014
  Portfolio Benchmark
Average Annual Return 10.91% 9.48%
Standard Deviation 16.06% 15.96%
Beta vs. Market 0.97 1.00
Excess Return 1.43% 0.00%
R-Squared 93.78% 100.00%
Tracking Error 4.03% 0.00%
Information Ratio 0.35 0.00
Sharpe Ratio 0.68 0.59
March 31, 2014
Portfolio Benchmark
10.26% 8.74%
16.40% 16.35%
0.97 1.00
1.51% 0.00%
94.09% 100.00%
4.01% 0.00%
0.38 0.00
0.62 0.53
December 31, 2013
Portfolio Benchmark
9.42% 8.99%
16.10% 16.05%
0.97 1.00
0.43% 0.00%
93.35% 100.00%
4.18% 0.00%
0.10 0.00
0.58 0.56
Sector Weights / Percentage of Holdings (ex-cash)
  June 30, 2014
  Portfolio Benchmark + / -
Consumer Disc. 20.91% 17.04% 3.87%
Consumer Staples 7.58% 5.67% 1.91%
Energy 1.63% 3.19% -1.56%
Financials 32.05% 22.01% 10.05%
Health Care 0.68% 6.04% -5.37%
Industrials 18.12% 23.20% -5.09%
Information Tech 8.15% 7.73% 0.42%
Materials 9.09% 9.61% -0.51%
Telecomm Services 1.78% 2.27% -0.50%
Utilities 0.00% 3.23% -3.23%
March 31, 2014
Portfolio Benchmark + / -
19.00% 17.73% 1.27%
8.92% 5.40% 3.52%
2.61% 3.25% -0.63%
31.53% 21.26% 10.27%
3.29% 5.65% -2.36%
17.26% 23.42% -6.16%
7.10% 8.11% -1.01%
8.62% 9.67% -1.05%
1.68% 2.32% -0.64%
0.00% 3.21% -3.21%
December 31, 2013
Portfolio Benchmark + / -
18.89% 17.95% 0.94%
7.75% 5.44% 2.31%
2.53% 3.35% -0.82%
34.45% 21.00% 13.45%
3.68% 5.85% -2.17%
19.49% 23.43% -3.94%
6.19% 8.18% -1.99%
5.42% 9.48% -4.06%
1.60% 2.21% -0.61%
0.00% 3.10% -3.10%
Top Ten Holdings / Percentage of Net Assets
June 30, 2014
AOZORA BANK LTD 1.85%
BUZZI UNICEM SPA 1.74%
IMMOFINANZ AG 1.65%
PURECIRCLE LTD 1.58%
CERMAQ ASA 1.54%
UNIPRES CORP 1.47%
CATLIN GROUP LTD 1.46%
MAKITA CORP 1.40%
DELTA LLOYD NV 1.39%
SL CORP 1.33%
Total 15.42%
March 31, 2014
IMMOFINANZ AG 2.02%
BUZZI UNICEM SPA 1.96%
CATLIN GROUP LTD 1.78%
DELTA LLOYD NV 1.62%
AOZORA BANK LTD 1.55%
UNIPRES CORP 1.52%
MICHELIN (CGDE) 1.50%
NAMCO BANDAI HOLDINGS INC 1.46%
KONINKLIJKE DSM NV 1.44%
INDUSTRIVARDEN AB C SHS 1.43%
Total 16.27%
December 31, 2013
IMMOFINANZ AG 2.23%
GAM HOLDING AG 2.06%
CATLIN GROUP LTD 1.98%
BUZZI UNICEM SPA 1.97%
AOZORA BANK LTD 1.70%
DELTA LLOYD NV 1.65%
D/S NORDEN 1.58%
NAMCO BANDAI HOLDINGS INC 1.56%
INDUSTRIVARDEN AB C SHS 1.52%
RHOEN KLINIKUM AG 1.48%
Total 17.73%
Regions
  June 30, 2014
  Portfolio Benchmark + / -
Africa/Mideast 0.25% 0.77% -0.53%
Asia/Pacific 36.42% 38.54% -2.12%
Europe 60.00% 60.67% -0.67%
Latin America 2.82% 0.00% 2.82%
North America 0.52% 0.02% 0.51%
  March 31, 2014
  Portfolio Benchmark + / -
Africa/Mideast 0.20% 0.85% -0.65%
Asia/Pacific 31.50% 36.05% -4.55%
Europe 58.51% 62.80% -4.29%
Latin America 1.29% 0.00% 1.29%
North America 3.85% 0.31% 3.54%
  December 31, 2013
  Portfolio Benchmark + / -
Africa/Mideast 0.19% 0.86% -0.67%
Asia/Pacific 33.20% 37.85% -4.66%
Europe 57.44% 61.02% -3.58%
Latin America 1.51% 0.00% 1.51%
North America 7.66% 0.27% 7.39%
Countries
  June 30, 2014
  Portfolio Benchmark + / -
Australia 2.10% 6.98% -4.87%
Austria 4.63% 0.83% 3.80%
Belgium 1.49% 1.63% -0.14%
Brazil 1.72% 0.00% 1.72%
Denmark 0.73% 2.14% -1.41%
Finland 1.22% 1.56% -0.35%
France 3.37% 7.35% -3.98%
Germany 4.11% 5.21% -1.10%
Hong Kong 0.40% 2.52% -2.12%
India 0.29% 0.00% 0.29%
Ireland 1.35% 0.86% 0.48%
Israel 0.00% 0.77% -0.77%
Italy 4.79% 3.27% 1.52%
Japan 26.82% 25.97% 0.85%
Korea 1.73% 0.00% 1.73%
Malaysia 1.66% 0.00% 1.66%
Mexico 0.52% 0.00% 0.52%
Netherlands 3.50% 3.00% 0.50%
New Zealand 0.00% 0.88% -0.88%
Norway 6.10% 1.55% 4.56%
Panama 1.09% 0.00% 1.09%
Portugal 0.00% 0.44% -0.44%
Russia 0.36% 0.00% 0.36%
Singapore 0.44% 2.19% -1.76%
South Africa 0.25% 0.00% 0.25%
South Korea 2.46% 0.00% 2.46%
Spain 0.00% 2.90% -2.90%
Sweden 3.23% 3.95% -0.71%
Switzerland 2.17% 5.03% -2.86%
Taiwan 0.52% 0.00% 0.52%
United Kingdom 22.96% 20.96% 2.00%
United States 0.00% 0.02% -0.02%
  March 31, 2014
  Portfolio Benchmark + / -
Australia 2.36% 6.78% -4.42%
Austria 3.50% 0.88% 2.62%
Belgium 1.41% 1.52% -0.12%
Bermuda 1.88% 0.24% 1.64%
Brazil 1.29% 0.00% 1.29%
Canada 0.76% 0.03% 0.74%
China 0.66% 0.10% 0.56%
Denmark 1.81% 1.97% -0.17%
Finland 0.74% 1.76% -1.02%
France 4.64% 6.91% -2.27%
Germany 4.65% 5.16% -0.51%
Gibraltar 0.00% 0.04% -0.04%
Hong Kong 0.28% 2.49% -2.21%
India 0.19% 0.00% 0.19%
Indonesia 0.00% 0.01% -0.01%
Ireland 1.93% 1.37% 0.56%
Israel 0.00% 0.82% -0.82%
Italy 4.99% 3.40% 1.59%
Japan 26.23% 23.88% 2.34%
Luxembourg 0.00% 0.67% -0.67%
Malaysia 1.37% 0.00% 1.37%
Malta 0.00% 0.03% -0.03%
Netherlands 4.35% 3.38% 0.98%
New Zealand 0.00% 0.91% -0.91%
Norway 6.16% 1.25% 4.92%
Portugal 0.00% 0.51% -0.51%
Singapore 0.43% 1.89% -1.46%
South Africa 0.20% 0.01% 0.19%
Spain 0.00% 3.18% -3.18%
Sweden 3.08% 4.22% -1.14%
Switzerland 3.68% 5.69% -2.01%
United Arab Emirates 0.00% 0.02% -0.02%
United Kingdom 17.57% 20.86% -3.29%
United States 1.21% 0.04% 1.17%
  December 31, 2013
  Portfolio Benchmark + / -
Australia 1.53% 6.73% -5.20%
Austria 3.34% 0.82% 2.52%
Belgium 0.51% 1.67% -1.17%
Bermuda 2.18% 0.27% 1.91%
Brazil 0.32% 0.00% 0.32%
China 0.76% 0.13% 0.64%
Denmark 2.60% 1.87% 0.73%
Faroe Islands 0.00% 0.01% -0.01%
Finland 0.76% 1.76% -0.99%
France 4.25% 6.77% -2.52%
Germany 5.39% 5.09% 0.29%
Hong Kong 0.31% 2.71% -2.39%
India 0.16% 0.00% 0.16%
Indonesia 0.00% 0.03% -0.03%
Ireland 0.69% 1.11% -0.42%
Israel 0.00% 0.84% -0.84%
Italy 4.84% 2.96% 1.88%
Japan 24.48% 25.52% -1.04%
Luxembourg 0.00% 0.45% -0.45%
Malaysia 1.32% 0.00% 1.32%
Mexico 0.00% 0.00% 0.00%
Netherlands 3.98% 3.23% 0.74%
New Zealand 0.00% 0.83% -0.83%
Norway 4.57% 1.47% 3.10%
Panama 1.19% 0.00% 1.19%
Portugal 0.00% 0.46% -0.46%
Russia 0.39% 0.00% 0.39%
Singapore 0.41% 1.89% -1.48%
South Africa 0.19% 0.00% 0.19%
South Korea 4.14% 0.00% 4.14%
Spain 0.00% 2.83% -2.83%
Sweden 2.27% 4.27% -2.00%
Switzerland 4.15% 4.74% -0.59%
Taiwan 0.09% 0.02% 0.07%
United Arab Emirates 0.00% 0.02% -0.02%
United Kingdom 19.70% 21.51% -1.81%
United States 5.48% 0.00% 5.48%

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 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. The Fund is non-diversified and may be more volatile than a diversified fund.

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