Launch of the Thomas White Emerging Markets Fund

June 28, 2010

THOMAS S. WHITE, JR.

Thomas White is the Chairman and President of Thomas White International, Ltd. which he founded in 1992. As Chief Investment Officer, he heads the firm’s Investment Committee, which is comprised of four other senior analysts who confirm all portfolio decisions.

Mr. White has over 40 years of investment experience, commencing in 1966 when he began his career at Goldman Sachs after graduating from Duke University. He was an officer of Lehman Brothers and Blyth Eastman Dillon. As Managing Director of Morgan Stanley, Mr. White was the CIO for the institutional value style portfolios and funds at Morgan Stanley Asset Management for 14 years.

Mr. White, as head of the firm’s Global Investment Committee, is responsible for the management of the firm’s domestic, international and global portfolios. The Investment Committee is supported by the firm’s security analysts in the United States and Asia who produce investment research covering over 4,000 companies in 48 countries around the world.

Fund Updates

Ticker: TWEMX

Thomas White Emerging Markets Fund

Hypothetical Growth of a $10,000 Investment Since Inception

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This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund and its benchmark, the MSCI Emerging Markets Index, since inception through December 31, 2011. It assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable redemption fees. This chart does not imply future performance.

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Performance

Average Annual Returns as of December 31, 2011
	YTD	1Yr	3Yrs	5Yrs	10Yrs	Since Inception (6/28/10)
TW Emerging Markets Fund	-17.88%	-17.88%	N/A	N/A	N/A	2.46%
MSCI Emerging Markets Index	-18.42%	-18.42%	N/A	N/A	N/A	0.12%

Average Annual Returns as of the Most Recent Quarter End - December 31, 2011
	4^th Qtr	YTD	1Yr	3Yrs	5Yrs	10Yrs	Since Inception (6/28/10)
TW Emerging Markets Fund	7.87%	-17.88%	-17.88%	N/A	N/A	N/A	2.46%
MSCI Emerging Markets Index	4.42%	-18.42%	-18.42%	N/A	N/A	N/A	0.12%

Performance data is based upon past performance, which is no guarantee of 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 may be higher or lower than the performance data quoted. Please call 1-800-811-0535 to obtain performance data as of the most recent month-end. The Fund imposes a 2% redemption fee on share held less than 60 days. Performance data does not reflect the redemption fee. If reflected, total returns would be lower.

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Fund Strategy

The Emerging Markets Fund invests at least 80% of its net assets in securities of companies located in or whose businesses are closely associated with the world’s emerging markets countries. The Fund may invest up to 20% of its net assets in securities of companies in other less developed countries, sometimes known as “frontier market” countries, as well as developed market countries, including the U.S.

Inception Date:	06/28/2010
Portfolio Manager:	Thomas S. White, Jr.
Fund Assets:	$27.19 million (as of December 31, 2011)

Fund Price:	$11.44 (February 3, 2012)
CUSIP:	543917405
Benchmark:	MSCI Emerging Markets Index¹
Minimum Initial Investment:	Non-Retirement Plan $2500 Retirement Plan $1000
Sales charge:	None. A no load fund
Redemption Fee:	0 - 60 days: 2.00% More than 60 days: 0.00%
Fees and Expenses:	Gross Annual Operating Expenses: 1.72% Net Annual Operating Expenses: 1.50%²

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Fund Rankings

morningstar-america

Morningstar rankings are typically available only for Funds with minimum performance history of three years. The Thomas White Emerging Markets Fund was launched on June 28, 2010.

lipper-america

Lipper® Rankings as of December 31, 2011
Lipper® Category: Emerging Markets

1-year	5-year	10-year
122 out of 428 funds	NA	NA

Lipper Rankings represent the funds' ranking within its Lipper asset class peer group and are based on total return performance and do not reflect the effect of sales charges. Lipper fund data for all time periods shown as of December 31, 2011. Although a fund may outperform peers when compared to Lipper peer groups, the returns for that time period may still be negative. Rankings shown include management fees and are provided by Lipper Inc., a leading independent performance analysis service. This information is provided for educational purposes only and should not be considered investment advice. Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. Past performance is no guarantee of future results.

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Reports and Publications


Summary Prospectus(3/11)	Prospectus(3/11)	Statement of Additional Information(3/11)	Application


Annual Report (10/11)	Semi-Annual Report (4/11)	Risk/Return Information (3/11)

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1. The MSCI Emerging Markets Index is a free float-adjusted market capitalization-weighted index of 21 emerging market countries. The index is unmanaged and returns assume the reinvestment of dividends. It is not possible to invest directly in an index.

2. Gross Expenses are based on the most recent prospectus. The Advisor has contractually agreed to reimburse the Emerging Markets Fund to the extent that the Fund’s total operating expenses exceed 1.50% of the Fund’s average daily net assets. This agreement expires on February 28, 2012 and automatically renews, unless terminated by the Fund’s Board of Trustees. The Emerging Markets Fund has contractually agreed to repay the Advisor for amounts waived or reimbursed by the Advisor pursuant to the fee waiver/expense reimbursement agreement provided that such repayment does not cause the Fund to exceed this limit and the repayment is made within three years after the year in which the Advisor incurred the expense. In the absence of this reimbursement, performance would have been lower.

Mutual fund investing involves risk. Principal loss is possible. Investing in international markets may involve additional risks, such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. These risks are greater for emerging markets. Investments in smaller companies involved additional risks such as limited liquidity and greater volatility.

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