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New fund - initiated 5/8/08

Why invest in the EMEA Region?

The EMEA region makes up only 3% of the world capitalization as measured by the MSCI All Country World Index , yet the EMEA region has broad coverage across many different market sectors, including energy, financials, telecommunications, materials, and healthcare.

Natural Resources – The EMEA region is rich with natural resources which are in high demand in fast expanding economies. The region benefits from strong oil reserves, industrial metals, and precious metals.

Rapid Expansion/Urbanization – The region is growing quickly; there is significant investment in infrastructure, improving road and railways, while a nascent consumer also contributes to the growth of the region.

Attractive Demographics – The EMEA region has a young and rapidly growing population that is driving consumer spending and providing a growing workforce.

Low Correlation - The EMEA region has historically had low correlation to US and Developed (Europe, Australia and Far East) markets, as well as low inter-market correlation.

Normally invests at least 80% of assets in securities of Latin American issuers and other investments that are tied economically to Latin America. Latin America includes Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, Panama, and Venezuela. Normally invests primarily in common stocks. May invest up to 35% of total assets in any industry that accounts for more than 20% of the Latin American market. Allocates investments across countries considering the size of the market in each country relative to the size of the market in Latin America as a whole.

Top Ten Holdings

Geographical Diversification (%)

²  as of 03/31/2008  

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