Performance
| International Small Companies Portfolio Investor Class Performance As of October 31, 2008 | |||
| Ticker: HLMSX | NAV (10/31/2008): $5.53 | Gross Expense Ratio: 9.94% Net Expense Ratio: 1.75%6 |
Minimum Investment: $25,000 |
| Last Month | 1 Year | Since Inception1 |
Volatility2 | |||
| International Small Companies Portfolio (net)3 | -23.72% | -52.17% | -30.52% | 23.91% | ||
| International Small Companies Portfolio (gross)4 | -23.61% | -51.32% | -29.22% | 23.94% | ||
| MSCI All Country World ex-US Small Cap5 | -25.77% | -56.03% | -34.70% | 27.25% | ||
| As of September 30, 2008 | |||
| NAV (09/30/2008): $7.25 | |||
| Last Quarter | 1 Year | Since Inception1 |
Volatility2 | |||
| International Small Companies Portfolio (net)3 | -21.45% | -35.35% | -18.61% | 17.48% | ||
| International Small Companies Portfolio (gross)4 | -21.10% | -34.21% | -17.13% | 17.50% | ||
| MSCI All Country World ex-US Small Cap5 | -25.28% | -37.29% | -22.39% | 20.91% | ||
| 1 Inception Date: March 26, 2007; 2 Variations of monthly returns from the average, since inception, annualized; 3 Performance results are net of all investment advisory fees; 4 Performance results are gross of all investment advisory fees; 5 Benchmark Index. Past performance is not indicative of future results; 6 The Fund has voluntarily agreed to cap the total annual fund operating expense indefinitely. | ||||||
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Portfolio may be lower or higher than the performance quoted. The Portfolio imposes a 2% redemption fee on shares held less than 90 days. Performance data does not reflect the redemption fee. If reflected, total returns would be reduced.
Currently, the investment advisor of the Portfolio is waiving a portion of its fee. Absent such waiver, the expense ratio of the Portfolio would be higher and the Portfolio's performance lower.
The Portfolio invests in foreign securities, which will involve greater volatility and political, economic, and currency risks, such as exposure to economies less diverse and mature than the U.S. or other more established foreign markets. Economic and political instability may cause larger price changes in emerging markets securities than other foreign securities. The portfolio invests in smaller companies which involve additional risks such as limited liquidity and greater volatility.
The MSCI All Country World ex-US Small Cap Index is a free-float market capitalization index that is designed to measure small cap developed and emerging market equity performance. The Index consists of 47 developed and emerging markets countries and targeting companies market capitalization range of USD 170—4,200 million in terms of the company's full market capitalization. You cannot invest directly in this Index.
The Portfolio's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and a hard copy may be obtained by calling 1-877-435-8105. Read it carefully before investing.
The Portfolios are distributed by Quasar Distributors, LLC.