Thomas White Emerging Markets Fund

Ticker: TWEMX

Thomas White Emerging Markets Fund

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Portfolio Review

March 31, 2012

Top Holdings

Security Country Sector Weight

Samsung Electronics Co. Ltd.

Korea

Technology

3.87%

China Petroleum & Chemical Corp.

China

Energy

2.66%

Sabesp

Brazil

Utilities

2.22%

China Minsheng Banking Corp. Ltd

China

Financials

1.85%

OAO Tatneft

Russia

Energy

1.84%

Banco Bradesco S/A

Brazil

Financials

1.77%

Gazprom OAO

Russia

Energy

1.67%

Lukoil Holdings

Russia

Energy

1.66%

Hon Hai Precision Industry Co. Ltd

Taiwan

Technology

1.64%

Cia Vale do Rio Doce Ord Sh

Brazil

Materials

1.61%



Country Asset Allocation

Portfolio Sector Weightings

Emerging Markets Fund Portfolio

Emerging Markets Fund Portfolio


All data as on March 31, 2012

Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.