PERFORMANCE Average Annual Returns (%) for Period Ended 12/31/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
I Shares -1.70 -1.03 -1.03 n/a n/a n/a 6.98 10/29/2012
MSCI Emerging Markets Index -4.44 -1.82 -1.82 4.41 2.11 n/a 1.11  
Lipper Emerging Markets Funds Average -5.32 -3.23 -3.23 4.46 1.81 7.68 n/a  
Characteristics
  December 31, 2014
  Portfolio Benchmark
Number of Holdings N/A 834
W. Avg Cap. (mils) $33,685.9 $44,386.9
W. Median Cap (mils) $7,782.4 $17,810.0
P/E 1-year trailing 14.5 12.3
P/E 1-year forward 14.5 12.0
EPS Growth, past 3 years 20.8% 11.6%
EPS Growth, next 3 - 5 years 18.8% 13.8%
Price to Book 2.0 1.5
Price to Sales 1.5 1.0
Dividend Yield 2.0% 2.7%
Active Share 90.6% N/A
September 30, 2014
Portfolio Benchmark
N/A 834
$28,058.6 $42,076.5
$6,461.3 $18,393.9
13.8 11.9
12.9 11.5
19.8% 9.1%
17.2% 13.8%
1.7 1.5
1.2 1.0
2.1% 2.7%
89.3% N/A
December 31, 2013
Portfolio Benchmark
N/A 824
$18,453.2 $21,550.2
$4,257.2 $8,926.2
11.9 11.2
11.3 11.3
9.5% 13.5%
13.7% 13.4%
1.6 1.5
1.0 1.0
2.7% 2.6%
82.0% N/A
Sector Weights / Percentage of Holdings (ex-cash)
  December 31, 2014
  Portfolio Benchmark + / -
Consumer Disc. 20.80% 9.15% 11.65%
Consumer Staples 10.88% 8.18% 2.70%
Energy 1.32% 8.04% -6.72%
Financials 37.09% 29.29% 7.79%
Health Care 2.82% 2.25% 0.57%
Industrials 3.11% 6.68% -3.57%
Information Tech 18.78% 18.03% 0.76%
Materials 0.00% 7.39% -7.39%
Telecomm Services 0.27% 7.51% -7.25%
Utilities 4.07% 3.47% 0.60%
September 30, 2014
Portfolio Benchmark + / -
22.55% 8.97% 13.58%
8.65% 8.32% 0.34%
4.59% 10.18% -5.58%
38.64% 27.53% 11.11%
2.66% 2.11% 0.55%
3.79% 6.63% -2.84%
16.59% 16.70% -0.12%
0.00% 8.30% -8.30%
0.00% 7.71% -7.71%
2.53% 3.55% -1.02%
December 31, 2013
Portfolio Benchmark + / -
20.00% 8.89% 11.12%
11.45% 8.60% 2.85%
8.06% 11.26% -3.20%
32.19% 26.66% 5.53%
2.15% 1.67% 0.48%
7.05% 6.49% 0.56%
12.40% 15.99% -3.59%
2.68% 9.70% -7.02%
0.00% 7.38% -7.38%
4.02% 3.36% 0.66%
Top Ten Holdings / Percentage of Net Assets
December 31, 2014
INDIA FUND INC/THE 5.92%
TAIWAN SEMICONDUCTOR SP ADR 5.19%
TENCENT HOLDINGS LTD 4.86%
CHINAAMC ETF SERIES CHINAAMC 4.45%
TECHTRONIC INDUSTRIES CO LTD 3.89%
HDFC BANK LTD ADR 3.76%
CHINA MENGNIU DAIRY CO 3.67%
SHOPRITE HOLDINGS LTD 3.44%
ITAU UNIBANCO HOLDING S PREF 3.16%
BANK RAKYAT INDONESIA PERSER 3.09%
Total 41.43%
September 30, 2014
TENCENT HOLDINGS LTD 5.10%
INDIA FUND INC/THE 4.69%
CHINAAMC ETF SERIES CHINAAMC 3.73%
TAIWAN SEMICONDUCTOR SP ADR 3.53%
HDFC BANK LTD ADR 3.38%
KB FINANCIAL GROUP INC 3.34%
TECHTRONIC INDUSTRIES CO 3.13%
BANGKOK BANK PUBLIC CO NVDR 3.05%
GALAXY ENTERTAINMENT GROUP L 3.04%
SAMSUNG CARD CO 2.99%
Total 36.00%
December 31, 2013
PING AN INSURANCE GROUP CO H 3.85%
BANK RAKYAT INDONESIA PERSER 3.50%
INVESTEC PLC 3.24%
HYUNDAI MOTOR CO 3.22%
SBERBANK SPONSORED ADR 3.22%
CHINA MERCHANTS HLDGS INTL 3.17%
FRANSHION PROPERTIES 2.86%
IND + COMM BK OF CHINA H 2.71%
CIA SANEAMENTO BASICO DE SP 2.58%
PETROBRAS PETROLEO BRAS PR 2.48%
Total 30.84%
Regions
  December 31, 2014
  Portfolio Benchmark + / -
Africa/Mideast 6.77% 9.42% -2.66%
Asia/Pacific 67.64% 66.36% 1.29%
Europe 6.93% 7.47% -0.54%
Latin America 7.45% 11.54% -4.09%
North America 0.00% 4.93% -4.93%
  September 30, 2014
  Portfolio Benchmark + / -
Africa/Mideast 5.16% 8.63% -3.46%
Asia/Pacific 68.11% 63.45% 4.66%
Europe 10.58% 9.03% 1.56%
Latin America 11.42% 13.17% -1.75%
North America 0.88% 5.44% -4.56%
  December 31, 2013
  Portfolio Benchmark + / -
Africa/Mideast 5.64% 7.42% -1.78%
Asia/Pacific 51.02% 62.98% -11.95%
Europe 21.70% 10.29% 11.41%
Latin America 13.65% 13.59% 0.06%
North America 7.98% 5.52% 2.46%
Countries
  December 31, 2014
  Portfolio Benchmark + / -
Austria 0.85% 0.00% 0.85%
Brazil 7.45% 8.85% -1.40%
Chile 0.00% 1.43% -1.43%
China Free 22.55% 21.83% 0.71%
Colombia 0.00% 0.81% -0.81%
Czech Republic 0.00% 0.21% -0.21%
Greece 0.00% 0.48% -0.48%
Hong Kong 9.20% 0.00% 9.20%
Hungary 0.00% 0.18% -0.18%
India 11.21% 7.15% 4.06%
Indonesia 3.50% 2.77% 0.73%
Korea 7.00% 14.68% -7.68%
Malaysia 0.00% 3.61% -3.61%
Mexico 0.00% 4.93% -4.93%
Peru 0.00% 0.46% -0.46%
Philippines 0.00% 1.28% -1.28%
Poland 0.00% 1.58% -1.58%
Qatar 0.00% 0.89% -0.89%
Russia 2.35% 3.20% -0.85%
Saudi Arabia 0.59% 0.00% 0.59%
South Africa 6.18% 7.89% -1.71%
Taiwan 10.97% 12.63% -1.65%
Thailand 3.22% 2.42% 0.80%
Turkey 2.88% 1.81% 1.07%
U.A.E 0.00% 0.65% -0.65%
United Kingdom 0.86% 0.00% 0.86%
  September 30, 2014
  Portfolio Benchmark + / -
Austria 1.92% 0.00% 1.92%
Brazil 11.42% 10.25% 1.17%
Chile 0.00% 1.46% -1.46%
China Free 20.54% 19.24% 1.30%
Colombia 0.00% 1.01% -1.01%
Czech Republic 0.00% 0.24% -0.24%
Greece 0.00% 0.65% -0.65%
Hong Kong 9.34% 0.00% 9.34%
Hungary 0.00% 0.20% -0.20%
India 10.71% 7.05% 3.65%
Indonesia 2.83% 2.66% 0.17%
Korea 11.39% 15.02% -3.63%
Korea, South 1.71% 0.00% 1.71%
Malaysia 0.00% 3.92% -3.92%
Mexico 0.00% 5.44% -5.44%
Peru 0.00% 0.44% -0.44%
Philippines 0.00% 1.23% -1.23%
Poland 0.00% 1.74% -1.74%
Qatar 0.00% 0.64% -0.64%
Russia 5.42% 4.64% 0.79%
Saudi Arabia 1.14% 0.00% 1.14%
South Africa 4.03% 7.38% -3.35%
Taiwan 8.46% 11.95% -3.50%
Thailand 3.13% 2.37% 0.76%
Turkey 1.99% 1.56% 0.43%
U.A.E 0.00% 0.61% -0.61%
United Kingdom 1.25% 0.00% 1.25%
United States 0.88% 0.00% 0.88%
  December 31, 2013
  Portfolio Benchmark + / -
Bermuda 1.57% 0.00% 1.57%
Brazil 13.65% 10.70% 2.95%
Canada 1.64% 0.00% 1.64%
Chile 0.00% 1.56% -1.56%
China Free 14.56% 13.77% 0.80%
Colombia 0.00% 1.04% -1.04%
Czech Republic 0.00% 0.24% -0.24%
Greece 0.00% 0.47% -0.47%
Hong Kong 11.01% 6.04% 4.96%
Hungary 0.00% 0.25% -0.25%
India 0.00% 6.33% -6.33%
Indonesia 3.66% 2.19% 1.47%
Korea, South 13.12% 16.14% -3.02%
Luxembourg 2.53% 0.00% 2.53%
Malaysia 0.00% 3.83% -3.83%
Mexico 0.00% 5.39% -5.39%
Nigeria 1.53% 0.00% 1.53%
Peru 0.00% 0.29% -0.29%
Philippines 0.00% 0.87% -0.87%
Poland 0.00% 1.70% -1.70%
Russia 13.09% 6.11% 6.98%
South Africa 4.11% 7.42% -3.31%
Taiwan 7.72% 11.66% -3.94%
Thailand 0.96% 2.15% -1.19%
Turkey 2.69% 1.51% 1.19%
United Kingdom 3.39% 0.00% 3.39%
United States 4.77% 0.13% 4.64%
PERFORMANCE ATTRIBUTIONRelative to the MSCI Emerging Markets Index for the quarter ending 12/31/2014
Performance Attribution Chart
Latest Quarter Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Financials 39.73% 28.35% 4.44% 1.68% 0.73% 1.05% 1.78%
Consumer Disc. 20.66% 9.06% -3.45% -2.62% 0.21% -0.18% 0.03%
Information Tech 17.40% 17.27% -0.52% 1.46% 0.04% -0.35% -0.31%
Consumer Staples 10.36% 8.31% -7.14% -4.92% -0.03% -0.28% -0.30%
Industrials 3.44% 6.59% 7.50% -4.27% 0.01% 0.38% 0.38%
Utilities 2.87% 3.52% -7.80% -5.90% 0.01% -0.07% -0.06%
Health Care 2.81% 2.19% -4.72% -0.90% 0.02% -0.09% -0.07%
Energy 2.67% 9.22% -34.31% -24.45% 1.51% -0.41% 1.10%
Telecomm Services 0.06% 7.68% -0.70% -6.65% 0.17% 0.01% 0.18%
Materials 0.00% 7.81% 0.00% -12.20% 0.65% 0.00% 0.65%
Total 100.00% 100.00% -1.05% -4.44% 3.32% 0.06% 3.39%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
ChinaAMC CSI 300 Index ETF HKD Financials 2.04%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR Information Tech 0.83%
Ping An Insurance (Group) Company of China, Ltd. Class H Financials 0.73%
Techtronic Industries Co., Ltd. Consumer Disc. 0.55%
HDFC Bank Limited Sponsored ADR Financials 0.50%
Shoprite Holdings Limited Consumer Staples 0.44%
PT Bank Rakyat Indonesia (Persero) Tbk Class B Financials 0.42%
Shenzhen International Holdings Limited Industrials 0.38%
Tong Yang Industry Co., Ltd. Consumer Disc. 0.38%
Alibaba Group Holding Ltd. Sponsored ADR Information Tech 0.36%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Underweight 1.51%
Financials Overweight 0.73%
Materials Underweight 0.65%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
ChinaAMC CSI 300 Index ETF HKD Financials 1.79%
Ping An Insurance (Group) Company of China, Ltd. Class H Financials 0.79%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR Information Tech 0.58%
Shoprite Holdings Limited Consumer Staples 0.38%
Techtronic Industries Co., Ltd. Consumer Disc. 0.38%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Magnit PJSC Consumer Staples -0.64%
Mail.ru Group Ltd. Sponsored GDR RegS Information Tech -0.62%
Cosan Limited Class A Energy -0.46%
Taiwan Semiconductor Manufacturing Co., Ltd. Information Tech -0.44%
Samsung Electronics Co., Ltd. Information Tech -0.41%
Samsung Card Co., Ltd Financials -0.35%
Grendene S.A. Consumer Disc. -0.28%
China Construction Bank Corporation Class H Financials -0.28%
Bank of China Limited Class H Financials -0.28%
Naspers Limited Class N Consumer Disc. -0.27%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Staples Overweight -0.03%
Industrials Underweight 0.01%
Utilities Underweight 0.01%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Magnit PJSC Consumer Staples -0.75%
Mail.ru Group Ltd. Sponsored GDR RegS Information Tech -0.67%
Petroleo Brasileiro SA Pfd Energy -0.53%
Cosan Limited Class A Energy -0.53%
Grendene S.A. Consumer Disc. -0.41%
PERFORMANCE ATTRIBUTIONRelative to the MSCI Emerging Markets Index for the period ending 12/31/2014
Performance Attribution Chart
1-Year Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Financials 36.40% 27.29% 10.83% 5.61% 0.81% 1.93% 2.74%
Consumer Disc. 20.64% 9.09% -14.08% -1.27% 0.07% -2.88% -2.81%
Information Tech 15.34% 16.93% 11.71% 10.28% -0.12% 0.23% 0.11%
Consumer Staples 10.64% 8.35% -12.37% -4.70% -0.07% -0.80% -0.87%
Energy 5.67% 10.34% -40.78% -26.43% 1.77% -0.84% 0.94%
Industrials 4.93% 6.53% 6.64% -2.64% -0.01% -0.28% -0.29%
Utilities 3.14% 3.50% -18.95% 2.81% 0.03% -0.88% -0.85%
Health Care 2.51% 1.90% -2.64% 19.57% 0.12% -0.44% -0.32%
Materials 0.72% 8.77% 6.98% -19.19% 1.57% 0.26% 1.83%
Telecomm Services 0.02% 7.31% -0.70% -1.31% 0.03% 0.02% 0.05%
Total 100.00% 100.00% -1.28% -1.82% 4.19% -3.69% 0.54%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
ChinaAMC CSI 300 Index ETF HKD Financials 2.33%
PT Bank Rakyat Indonesia (Persero) Tbk Class B Financials 2.00%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR Information Tech 1.33%
India Fund Inc Financials 1.24%
HDFC Bank Limited Sponsored ADR Financials 0.97%
Techtronic Industries Co., Ltd. Consumer Disc. 0.76%
Commercial International Bank (Egypt) SAE Financials 0.72%
Amorepacific Corp. Consumer Staples 0.62%
Shenzhen International Holdings Limited Industrials 0.59%
Gazprom OAO Energy 0.55%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Underweight 1.77%
Materials Underweight 1.57%
Financials Overweight 0.81%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
ChinaAMC CSI 300 Index ETF HKD Financials 1.90%
PT Bank Rakyat Indonesia (Persero) Tbk Class B Financials 1.88%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR Information Tech 1.32%
India Fund Inc Financials 1.16%
HDFC Bank Limited Sponsored ADR Financials 0.87%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Mail.ru Group Ltd. Sponsored GDR RegS Information Tech -1.36%
Sollers OJSC Consumer Disc. -1.35%
Sberbank Russia OJSC Sponsored ADR Financials -1.27%
Cosan Limited Class A Energy -1.05%
China Child Care Corporation Limited Consumer Staples -1.00%
Magnit PJSC Consumer Staples -0.97%
Galaxy Entertainment Group Limited Consumer Disc. -0.74%
Taiwan Semiconductor Manufacturing Co., Ltd. Information Tech -0.70%
M.video OJSC Consumer Disc. -0.63%
Hyundai Motor Company Consumer Disc. -0.55%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Information Tech Underweight -0.12%
Consumer Staples Overweight -0.07%
Industrials Underweight -0.01%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Sollers OJSC Consumer Disc. -1.36%
Mail.ru Group Ltd. Sponsored GDR RegS Information Tech -1.31%
Cosan Limited Class A Energy -1.10%
Sberbank Russia OJSC Sponsored ADR Financials -1.10%
Magnit PJSC Consumer Staples -0.97%

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, and/or the Fund's portfolio management practices may not achieve the desired result. 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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