Performance
| Frontier Emerging Markets Portfolio Institutional Class Performance As of October 31, 2008 | |||
| Ticker: HLFMX | NAV (10/31/2008): $4.98 | Gross Expense Ratio: 3.35% Net Expense Ratio: 2.00%6 |
Minimum Investment: $1,000,000 |
| Last Month | Last Quarter | Since Inception1 |
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| Frontier Emerging Markets Portfolio (net)2 | -27.72% | -43.09% | -50.20% | |||
| Frontier Emerging Markets Portfolio (gross)3 | -27.60% | -42.80% | -49.77% | |||
| Comparable Index4 | -24.41% | -40.14% | -43.20% | |||
| 1 Inception Date: May 27, 2008; 2 Performance results are net of all investment advisory fees; 3 Performance results are gross of all investment advisory fees; 4 Benchmark Index. The Comparable Index comprises 70% S&P/IFC Global Frontier Markets Index and 30% the 17 smaller countries in the MSCI Emerging Markets 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. Performance data shown does not reflect the 2.00% redemption fee imposed on shares held less than 90 days. If it did, total returns would be reduced.
Short-term performance, in particular, is not a good indication of the fund's future performance and an investment should not be made solely on returns.
Foreign investments involve additional risks, including greater volatility and political, economic, and currency risks and differences in accounting methods. Emerging markets countries involve greater risks, such as immature economic structures, national policies restricting investments by foreigners, and different legal systems. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment in lower-rated and non-rated securities presents a greater risk of loss of principal and interest than higher-rated securities. Mutual fund investing involves risk. Principal loss is possible.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The Index consists of 25 emerging markets countries. The S&P/IFC Global Frontier Markets Index, a subset of the S&P Emerging Markets Index, is designed to measure the equity market performance of less liquid stocks in the global emerging markets. The Index covers 24 lesser developed emerging markets counties. You cannot invest directly in these Indices.
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.