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International Equity Fund

Summary

Summary

What is the International Equity Fund?

The Fund seeks to deliver long-term growth of capital by investing primarily in stocks of international companies.

Fund Basicsas of 02/28/2019

Total Net Assets
$543.48 M
Inception Date
09/28/2007
Dividend Frequency
Annually
Fund Expense Ratio
1.42%
Number of Holdings
92
CUSIP
543915474

Fund Expense Ratio :

1.42%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 8.16% -11.29% 5.44% -0.99% 7.39% -0.67%
Lipper Category Avg. International Multi-Cap Core 9.31% -6.96% 8.56% 1.74% 9.27% -
MSCI ACWI ex USA Index (Net) 9.66% -6.47% 10.72% 2.50% 9.63% 1.01%

Fund Expense Ratio :

1.42%

Fund Expense Ratio :

1.42%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge -18.39% -18.39% -0.10% -2.64% 4.26% -1.37%
Lipper Category Avg. International Multi-Cap Core -15.05% -15.08% 2.49% 0.13% 6.03% -
MSCI ACWI ex USA Index (Net) -14.20% -14.20% 4.48% 0.67% 6.57% 0.20%

Fund Expense Ratio :

1.42%

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Countryas of 02/28/2019View Portfolio

Country Assets
Japan 13.6%
France 11.5%
Germany 10.5%
United Kingdom 10.1%
Netherlands 5.4%
Switzerland 4.7%
Hong Kong 4.4%
Canada 3.9%
China 3.3%
Australia 3.0%
Cayman Islands 2.9%
Brazil 2.8%
Indonesia 2.6%
Ireland 2.4%
India 2.2%
Republic of Korea 1.6%
Sweden 1.6%
Singapore 1.5%
Philippines 1.4%
Denmark 1.2%
Israel 1.1%
Turkey 1.1%
Finland 1.0%
Taiwan 0.9%
United States 0.9%
Russian Federation 0.9%
New Zealand 0.7%
Luxembourg 0.5%
Norway 0.3%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowDown4.5%
Asia/Pacific arrowUp3.6%
Japan arrowDown1.6%
Americas arrowUp1.7%
United Kingdom arrowDown0.4%
EMEA arrowUp1.2%
Cash 0.0%

INVESTMENT TEAM

Todd D. Jacobson
Todd D. Jacobson, CFA

Partner & Portfolio Manager

31 Years of Industry Experience

Supported By 39 Investment Professionals with 18 Years Avg. Industry Experience

YOUR REPRESENTATIVE

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Fund Expense Ratio :

1.42%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 8.16% -11.29% 5.44% -0.99% 7.39% -0.67%
Lipper Category Avg. International Multi-Cap Core 9.31% -6.96% 8.56% 1.74% 9.27% -
MSCI ACWI ex USA Index (Net) 9.66% -6.47% 10.72% 2.50% 9.63% 1.01%

Fund Expense Ratio :

1.42%

Fund Expense Ratio :

1.42%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge -18.39% -18.39% -0.10% -2.64% 4.26% -1.37%
Lipper Category Avg. International Multi-Cap Core -15.05% -15.08% 2.49% 0.13% 6.03% -
MSCI ACWI ex USA Index (Net) -14.20% -14.20% 4.48% 0.67% 6.57% 0.20%

Fund Expense Ratio :

1.42%

Year Fund Returns MSCI ACWI ex USA Index (Net)
2018 -18.39% -14.20%
2017 24.71% 27.19%
2016 -2.04% 4.50%
2015 -2.90% -5.66%
2014 -9.64% -3.87%
2013 22.17% 15.29%
2012 14.47% 16.83%
2011 -12.35% -13.71%
2010 6.35% 11.15%
2009 33.06% 41.45%
2008 -42.70% -
2007 13.50% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 - - - - 8.61%
2018 -1.07% -5.17% 0.30% -13.28% -18.39%
2017 5.66% 5.28% 7.36% 4.43% 24.71%
2016 -3.01% -2.93% 6.93% -2.70% -2.04%
2015 3.78% -0.39% -9.01% 3.24% -2.90%
2014 -1.94% 3.88% -6.14% -5.50% -9.64%
2013 3.88% -0.50% 10.68% 6.80% 22.17%
2012 11.20% -7.81% 6.03% 5.32% 14.47%
2011 4.39% 1.67% -20.14% 3.41% -12.35%
2010 0.00% -14.98% 18.24% 5.80% 6.35%
2009 -13.69% 28.40% 20.66% -0.49% 33.06%
2008 -9.99% -1.85% -20.67% -18.24% -42.70%
2007 3.43% 8.11% 3.13% -1.58% 13.50%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Countryas of 02/28/2019

Country Assets
Japan 13.6%
France 11.5%
Germany 10.5%
United Kingdom 10.1%
Netherlands 5.4%
Switzerland 4.7%
Hong Kong 4.4%
Canada 3.9%
China 3.3%
Australia 3.0%
Cayman Islands 2.9%
Brazil 2.8%
Indonesia 2.6%
Ireland 2.4%
India 2.2%
Republic of Korea 1.6%
Sweden 1.6%
Singapore 1.5%
Philippines 1.4%
Denmark 1.2%
Israel 1.1%
Turkey 1.1%
Finland 1.0%
Taiwan 0.9%
United States 0.9%
Russian Federation 0.9%
New Zealand 0.7%
Luxembourg 0.5%
Norway 0.3%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowDown4.5%
Asia/Pacific arrowUp3.6%
Japan arrowDown1.6%
Americas arrowUp1.7%
United Kingdom arrowDown0.4%
EMEA arrowUp1.2%
Cash 0.0%

Portfolio Positioningas of 12/31/2018

  • Over the course of the fourth quarter, we increased the portfolio’s allocation to the financials sector with the purchase of shares of an Indonesian bank and a Philippines-based bank. The portfolio has an overweight position in the financials sector, relative to its benchmark, the MSCI ACWI ex U.S.A. Index.
  • We also added to the portfolio’s allocation to the consumer staples sector with the purchases of shares in a Japanese convenience store operating company and a French dairy food products company. The portfolio shifted from an underweight to an overweight position in the sector, relative to the benchmark.
  • We decreased the portfolio’s allocation to the materials sector by selling its positions in a global Japanese chemical company and a Luxembourg-based steel manufacturing company. The portfolio shifted from an overweight to an underweight in the materials sector, relative to the portfolio’s benchmark.
  • We also decreased the portfolio’s exposure to the industrials sector by selling its position in a Japanese human resources services company. The portfolio shifted from an overweight to an underweight in the industrials sector, relative to the benchmark.
  • Geographically, we significantly increased the portfolio’s allocation to Emerging Markets, reducing the portfolio’s underweight position relative to the benchmark. We decreased the portfolio’s allocation to the United Kingdom, but remain overweight, relative to the benchmark. The portfolio is underweight in Emerging Markets, North America, Japan, and Asia Developed. Emerging Markets represented approximately 15.8% of the portfolio at quarter end.

Portfolio Details as of 02/28/2019

Weighted Average Market Cap.
84.1 B
P/E Ratio
15.1x
P/B Ratio
1.9x
Portfolio Turnover Ratio as of 10/31/2018
124.0%
Number of Holdings
92
Total Net Assets
$543.48 M

Contributors & Detractors as of  12/31/2018

Contributors

Holding Contribution
Metropolitan Bank & Trust 0.3%
ICICI Bank Ltd. 0.3%
Bank Rakyat Indonesia Persero Tbk PT 0.3%
Pernod Ricard S.A. 0.1%
Coca-Cola European Partners plc 0.0%

Detractors

Holding Contribution
Grupo Financiero Banort -0.5%
Ashtead Group PLC -0.4%
Sony Corp. -0.4%
Koninklijke Philips NV -0.4%
Mondi Plc -0.4%

Attribution Analysis 

International Equity Fund Benchmark Variance
Sector Avg. Weight Base Return Avg. Weight Base Return Stock Selection Group Weight Total

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 03/22/2019
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
12/17/2018 12/18/2018 12/18/2018 $0.21250 $11.29

Upcoming Dividend Payment Dates

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date Reinvest & Payable Date
12/17/2019 12/18/2019 12/18/2019

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/17/2007 12/18/2007 $0.1644 $1.3663 $1.5307 $15.11

Upcoming Capital Gain Distribution

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date
12/17/2019 12/18/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 02/28/2019

1.42%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
Publish Date:11/03/2015
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Prospectus (XBRL)
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015

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Class R3 - The performance quotations for Class R3 reflect the following methods of calculation: (a) for periods prior to the inception date for Class R3, a restated figure is used based on the Fund's Class A performance, excluding the effect of Class A's maximum sales charge (which does not apply to Class R3, adjusted to reflect the Rule 12b-1 rate differential between Class A and Class R3, which has a higher 12b-1 fee than Class A; and (b) for periods after the inception date for Class R3, actual Class R3 performance is used reflecting all charges and fees applicable to Class R3 shares. Hypothetical performance data for Class R3, as measured from since inception of the Fund using the methodology described above, is not available if the Class A inception date is equal or greater than ten years old. Please refer to the Class R3 performance information for the inception date for Class R3. Please refer to the Class A performance information for the inception date for Class A.

Class R3 shares are only offered to certain eligible investors.  For additional information, see the Fund’s current prospectus.

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