1. WHV in Brief
• Assets under management as of March 31, 2013: $14.3 billion
• Total staff as of March 31, 2013: 71 employees, 22 investment professionals
Market Highlights:
• Developed international equities, as measured by the EAFE index, posted another strong quarter, although the
strong U.S. dollar muted those returns for U.S. based investors. In local currency terms, the EAFE returned 9.7%
but the strengthening dollar reduced that to 5.1%, significantly lagging the S&P 500’s 10.6% return.
• U.S. equities, particularly the smaller market cap segments, outperformed foreign equity markets, and several
indices reached new all time highs.
• The strong equity market rally thus far has signaled a return to equities by investors who were encouraged by
hopes of a European recovery and the aversion of the fiscal cliff in the U.S. at the end of 2012. However, a strong
degree of risk aversion remains, as evidenced by the leadership of the more defensive and yield oriented health
care and consumer staples sectors, which posted strong returns of 11.2% and 11.5%, respectively.
• Despite many concerns about austerity’s impact on what is still a fragile economic recovery, there are several
macroeconomic developments that bode well for the intermediate- and perhaps long-term. These include
continuing improvement in the housing market, the improved balance sheets and debt service ratios of
households and the U.S. energy revolution, to name a few.
Strategy Highlight:
The center and pace of global economic activity has been shifting over the past several decades from the United
States, Europe and Japan to the Emerging Markets with an emphasis on the Asia Pacific region. The velocity of this
transition has accelerated noticeably since the late 1980’s. Just 20 years ago, emerging markets accounted for roughly
30% of global GDP on a purchasing power parity basis; in 2012, they accounted for 49%, or almost half of global
GDP. The International Monetary Fund forecasts that this portion of global GDP generated by the developing world will
continue to grow in the near future.
Exhibit 1: GDP based on PPP, (Percent of World GDP)
Advanced Econ. EM & Developed Econ.
0
10
20
30
40
50
60
70
80
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
First Quarter 2013 Update Volume 32 | Issue 1
Source: IMF Estimates

2. While GDP estimates for many developed economies have been decelerating, and 2012 growth rates for many
emerging market countries were disappointing, GDP growth for the emerging markets as a whole is expected to
continue to outpace growth in the developed countries.
Exhibit 2: Emerging Markets GDP Growth Continues to Outpace Developed Markets
Adv. Econ. EM Dev. Econ. World
-6
-4
-2
0
2
4
6
8
10
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
Source: IMF Estimates
However, in spite of these optimistic prospects, the recent returns of emerging market equities have not been reflective
of this continuing trend. WHV believes an unsustainable imbalance exists which has created a compelling investment
opportunity: emerging markets account for only 14% of the world’s market capitalization of publicly traded companies.
As urbanization and industrialization take hold in the developing world, the share of global market cap for emerging
market companies is expected to grow as well. This will create more opportunities for investment in their capital
markets.
Companies within these countries are also becoming increasingly competitive with their developed market counterparts.
For example, industrial production has grown faster in the emerging economies than in the developed economies for
the past decade.1
As noted in the International Monetary Fund’s April 2013 Economic Outlook, “Emerging market
risks have declined, growth has stabilized and external funding conditions for emerging market economies are very
favorable.”
The more favorable demographic trends within the emerging markets are yet another compelling reason to invest in
these countries with their expanding populations and consumer consumption. With increased urbanization, millions
of people around the developing world are moving to cities at an unprecedented speed and scale in search of higher
paying jobs. The world’s middle class consumption is becoming increasingly driven by these emerging economies.
WHV believes in investing in companies that are positioned to benefit from this growing consumer trend in the emerging
economies.
Exhibit 3: Spending by the Global Middle Class
Sub-Saharan
Africa
1%
Middle East
North Africa
5%
North
America
26%
Europe
38%
Central
South America
7%
Asia Pacific
23%
2009
Sub-Saharan
Africa
1%
Middle East
North Africa
4%North
America
10%
Europe
20%
Central
South America
6%
Asia Pacific
59%
2030E
Source: OECD Factbook 2011-2012
Lastly, emerging market equity valuations are indicative of an attractive investment opportunity on both an absolute and
relative basis. Exhibit 3 shows that price-to-book and price-to-earnings valuations in emerging market economies are
currently cheaper relative to their historical averages. While the U.S. equity markets have had a strong run during the
first quarter of 2013, investors seem to be increasingly focused on the relative attractiveness of the U.S. economy and

3. capital markets compared to the other developed international markets. WHV believes that this is a short-term “sweet
spot” of earnings re-acceleration and cheaper valuations in the U.S. Over the longer term, emerging markets will still
continue to grow at significantly faster rates than the U.S. and other developed economies.
Exhibit 5: Relative Indices Valuations
As of 3/31/2012
MSCI
Emerging
Markets
Index
MSCI
EAFE
Index
SP
500
Index
P/E Forward 12 Mo. 10.5x 12.6x 13.7x
P/B 1.4x 1.5x 2.3x
Dividend Yield 2.8% 3.2% 2.1%
3 Year EPS Growth 14.1% 22.5% 16.9%
Source: FactSet
Exhibit 4: Global Equity Valuations
–2.5
–2.0
–1.5
–1.0
–0.5
0.0
0.5
1.0
1.5
2.0
Cheaper
Richer
Maximum
Minimum
2006 2007 2008 2009 2010 2011 2012
(In z-scores)
10th–90th Percentile Advanced Economies Emerging Market Economies
Sources: IMF Financial Stability Report (Bloomberg L.P.; IBES; and IMF staff
estimates.)
Note: Based on GDP-weighted average of z-scores of price-to-book (P/B)
and forward price-to-earnings (P/E) ratios. The z-scores represent the
deviation from the period average expressed in the number of standard
deviations. Values above zero denote richer valuations relative to historical
averages, while those below zero denote cheaper valuations. P/B and P/E
ratios are monthly series beginning in 1996 and 1987, respectively, or earliest
available. Advanced economies include 22 countries, and emerging market
economies include 17 countries.
WHV believes institutional investors can take advantage of this investment opportunity by having exposure to a well
diversified emerging markets equity strategy in their portfolio. A strategy that allows for diverse exposure across different
countries, sectors and market-capitalizations is a sensible way to implement broad exposure to the emerging markets
asset class.
WHV does not guarantee the future performance of any client’s account or any specific level of performance, the success of any investment decision or
strategy that we may use, or the success of our overall management of any account. Certain statements contained in this commentary are forward-looking,
including those that discuss strategies, goals, outlook or other non-historical matters; or project revenues, income, returns or other financial measures. These
forward-looking statements are made only as of the date on which they are made, and WHV undertakes no obligation to update or revise any forward-looking
statements.
1
FactSet Economic Data

4. 901 5th Avenue, Suite 3130
Seattle, WA 98164-2008
Tel: (800) 258-1388
Fax: (206) 219-2479
301 Battery Street, Suite 400
San Francisco, CA 94111-3203
Tel: (800) 204-2650
Fax: (415) 288-6153
whv.com
WHV Performance Highlights1
Annualized
1Q13 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
International Equity
Gross of Fees 4.01% 8.65% 5.39% 0.34% 15.81%
Net of Fees 3.80% 7.78% 4.43% -0.62% 14.69%
MSCI EAFE 5.13% 11.25% 5.00% -0.89% 9.69%
Global Equity
Gross of Fees 4.36% 9.27% 5.26% 0.88% n/a
Net of Fees 4.17% 8.43% 4.31% -0.07% n/a
MSCI World 7.73% 11.85% 8.46% 2.23% n/a
Small Cap Equity
Gross of Fees 11.76% 11.32% 11.50% 6.92% 13.85%
Net of Fees 11.59% 10.63% 10.57% 5.95% 12.78%
Russell 2000 12.39% 16.30% 13.45% 8.24% 11.52%
Micro Cap Equity
Gross of Fees 9.04% -2.46% 10.58% n/a n/a
Net of Fees 8.78% -3.44% 9.48% n/a n/a
Dow Jones Micro 15.03% 7.40% 12.92% n/a n/a
Emerging Markets
Gross of Fees -1.39% -1.28% 3.82% n/a n/a
Net of Fees -1.64% -2.26% 2.79% n/a n/a
MSCI Emerging -1.62% 1.96% 3.27% n/a n/a
Select World Equity
Gross of Fees 8.43% 9.33% 9.43% 5.42% n/a
Net of Fees 8.17% 8.25% 8.35% 4.38% n/a
MSCI All Country World ex 6.50% 10.55% 10.79% 5.30% n/a
International Small Cap
Gross of Fees 11.44% 9.40% n/a n/a n/a
Net of Fees 11.17% 8.32% n/a n/a n/a
MSCI All Country World ex 6.54% 10.48% n/a n/a n/a
Large Cap Core
Gross of Fees 8.26% 8.93% 10.51% 6.16% 8.60%
Net of Fees 8.15% 8.49% 9.81% 5.42% 7.79%
SP 500 10.61% 13.96% 12.67% 5.81% 8.53%
1
This information is supplemental to the GIPS-compliant presentations, which are attached.

5. International Equity Composite
Definition of the Firm
WHV is an investment adviser, registered under the
Investment Advisers Act of 1940. WHV manages a
variety of equity and balanced portfolios working from
offices in San Francisco and Seattle. WHV is “the firm”
for purposes of determining the Total Firm Assets under
management and firm-wide compliance. Registration with
the SEC does not imply a certain level of skill or training.
Year Ended
Total Return
(%)
Gross of
Fees
Total Return
(%)
Net of Fees
Benchmark
Returns
(%)
Composite
Dispersion
(%)
Ex-Post Standard
Deviation (%) Number of
Portfolios
at End of
Period
Total Assets
at End of
Period
($ millions)
Non-Fee-
Paying
Portfolios
(% of
Composite
Assets)
Total Firm
Assets
($ millions)Composite Benchmark
Y 12/31/12 15.24 14.32 17.32 1.34 22.54 19.37 413 4,091.4 0.01 13,404
Y 12/31/11 -14.82 -15.68 -12.14 1.63 25.98 22.43 446 4,006.5 n/a 13,250
Y 12/31/10 18.62 17.46 7.75 1.82 n/a n/a 404 4,335.0 n/a 15,213
Y 12/31/09 62.10 60.55 31.78 5.19 n/a n/a 415 3,371.7 n/a 12,646
Y 12/31/08 -49.17 -49.71 -43.38 2.43 n/a n/a 456 2,252.5 n/a 8,376
Y 12/31/07 44.35 42.95 11.17 3.82 n/a n/a 414 4,040.1 n/a 14,400
Y 12/31/06 23.73 22.51 26.34 4.41 n/a n/a 310 2,000.4 n/a 9,013
Y 12/31/05 40.92 39.56 13.54 4.77 n/a n/a 148 830.5 n/a 6,630
Y 12/31/04 30.20 28.93 20.25 3.19 n/a n/a 54 292.9 n/a 5,700
Y 12/31/03 29.26 28.00 38.59 6.59 n/a n/a 40 177.6 n/a 5,424
WHV Investment Management
Compliance Statement
WHV Investment Management (WHV) claims compliance
with the Global Investment Performance Standards
(GIPS®) and has prepared and presented this report in
compliance with the GIPS standards. WHV has been
independently verified for the periods from October 1,
1994 through December 31, 2011.
Verification assesses whether (1) the firm has complied
with all the composite construction requirements of
the GIPS standards on a firm-wide basis and (2) the
firm’s policies and procedures are designed to calculate
and present performance in compliance with the GIPS
standards. The International Equity composite has been
examined for the periods from January 1, 1995 through
December 31, 2011. The verification and performance
examination reports are available upon request.

6. Polices
WHV’s policies for valuing portfolios, calculating
performance, and preparing compliant presentations are
available upon request.
Composite Description
The composite was created on October 31, 2004. The
composite includes all non-wrap accounts, excluding
mutual funds, invested in the firm’s International Equity
strategy, a portfolio of international equity growth
stocks that is expected to generate long-term capital
appreciation. A list of composite descriptions is available
upon request.
Since August 2008, WHV has used the services of its
affiliated sub-advisor Hirayama Investments, LLC in the
management of this strategy.
Minimum Account Size
Currently there is no minimum asset level for inclusion in
the composite. Prior to January 1, 2012, the minimum
asset level for inclusion was $100,000. Prior to January 1,
2010, the minimum asset level for inclusion was $50,000.
Benchmark
The benchmark for the International Equity composite
is the MSCI-EAFE (Net) Index, which measures the
equity performance of developed markets in Europe,
Australia and the Far East. Previously, the benchmark
presented was the MSCI-EAFE (Gross) Index. In June
2011, the benchmark was changed for all periods
since the composite’s inception to better reflect how
composite returns are calculated. The returns of the
benchmark are provided to represent the investment
environment that existed during the time period shown
and are not covered by the report of the independent
verifiers. For comparison purposes, the index includes
the reinvestment of income and other earnings but does
not include any trading expenses, management fees or
other costs. The volatility of the composite and that of
the benchmark may be materially different due to varying
degrees of diversification and/or other factors.
A large percentage of the equity assets in the composite
is invested in countries or regions not included in the
benchmark.
Dispersion
Composite dispersion is measured by the standard
deviation across returns of portfolios represented within
the composite for the full period. Standard deviation
is calculated on asset-weighted portfolio returns.
Composite dispersion is not presented for quarterly
periods or for years where the composite consisted of
five or fewer accounts as it is not considered statistically
meaningful. Ex-post standard deviation is the annualized
standard deviation of monthly returns for the trailing 36
months of both the composite and benchmark.
Returns and Fees
Returns reflect the deduction of all trading expenses
and the reinvestment of dividends and other earnings.
Gross returns do not reflect the deduction of investment
advisory fees or any other expenses that may be incurred
in the management of the account. Net returns are
net of model investment advisory fees in effect for the
respective time period. Actual fees may vary depending
on, among other things, the applicable fee schedule and
portfolio size. Further, the impact of management fees
over time may be different from the actual management
fees used in the calculation during periods of significant
volatility. WHV’s investment advisory fees are described
in Form ADV Part II. Valuations and returns are computed
and stated in U.S. dollars. Past performance is not a
guarantee of future results.
The Management Fee Schedule is as follows:
Incremental Annual Fee Rate as a Percentage of Market
Value
First $10 million @ 1.00% | Next $15 million @ 0.80% |
Next $25 million @ 0.75% | Next $50 million @ 0.60% |
All over $100 million @ 0.50%
901 5th Avenue, Suite 3130
Seattle, WA 98164-2008
Tel: (800) 258-1388
Fax: (206) 219-2479
301 Battery Street, Suite 400
San Francisco, CA 94111-3203
Tel: (800) 204-2650
Fax: (415) 288-6153
whv.com

7. Global Equity Composite
WHV Investment Management
Definition of the Firm
WHV is an investment adviser, registered under the
Investment Advisers Act of 1940. WHV manages a variety of
equity and balanced portfolios working from offices in San
Francisco and Seattle. WHV is “the firm” for purposes of
determining the Total Firm Assets under management and
firm-wide compliance. Registration with the SEC does not
imply a certain level of skill or training.
Year Ended
Total Return
(%)
Gross of
Fees
Total Return
(%)
Net of Fees
Benchmark
Returns
(%)
Composite
Dispersion
(%)
Ex-Post Standard Deviation
(%)
Number of
Portfolios at
End of Period
Total Assets
at End of
Period
($ millions)
Total Firm
Assets
($ millions)Composite Benchmark
Y 12/31/12 14.92 14.03 15.83 1.21 22.68 16.74 80 578.6 13,404
Y 12/31/11 -15.22 -16.08 -5.54 1.45 25.93 20.15 102 553.2 13,250
Y 12/31/10 17.96 16.80 11.76 2.12 n/a n/a 91 372.9 15,213
Y 12/31/09 62.92 61.36 29.99 5.69 n/a n/a 80 296.2 12,646
Y 12/31/08 -48.26 -48.80 -40.71 2.17 n/a n/a 67 124.1 8,376
Y 12/31/07 44.94 43.54 9.04 n/m n/a n/a 23 128.7 14,400
Y 12/31/06 23.28 22.07 20.07 n/m n/a n/a 3 40.2 9,013
Y 12/31/05^ 9.63 9.45 5.62 n/m n/a n/a 1 27.9 6,630
^ Returns are for the period from 11/01/2005 through 12/31/2005
Compliance Statement
WHV Investment Management (WHV) claims compliance
with the Global Investment Performance Standards (GIPS®)
and has prepared and presented this report in compliance
with the GIPS standards. WHV has been independently
verified for the periods from October 1, 1994 through
December 31, 2011.
Verification assesses whether (1) the firm has complied with
all the composite construction requirements of the GIPS
standards on a firm-wide basis and (2) the firm’s policies
and procedures are designed to calculate and present
performance in compliance with the GIPS standards. The
Global Equity composite has been examined for the periods
from November 1, 2005 through December 31, 2011.
The verification and performance examination reports are
available upon request.

8. Polices
WHV’s policies for valuing portfolios, calculating
performance, and preparing compliant presentations are
available upon request.
Composite Description
The composite was created on October 31, 2005. The
composite includes all non-wrap accounts invested in the
firm’s Global Equity strategy, a portfolio of international
and U.S. companies that are industry leaders in the global
marketplace. The strategy seeks to identify stocks of
companies that are poised for long-term growth and have
the potential to sustain a high growth rate in regions and
countries around the world. A list of composite descriptions
is available upon request.
Since August 2008, WHV has used the services of its
affiliated sub-advisor Hirayama Investments, LLC in the
management of this strategy.
Minimum Account Size
Currently there is no minimum asset level for inclusion in the
composite. Prior to January 1, 2012, the minimum asset
level for inclusion was $100,000. Prior to January 1, 2010,
the minimum asset level for inclusion was $50,000.
Benchmark
The benchmark for the Global Equity composite is the
MSCI World (Net) Index which measures the equity market
performance of 24 developed countries. Previously,
the benchmark presented was the MSCI World (Gross)
Index. In June 2011, the benchmark was changed for all
periods since the composite’s inception to better reflect
how composite returns are calculated. The returns of
the benchmark are provided to represent the investment
environment that existed during the time period shown
and are not covered by the report of the independent
verifiers. For comparison purposes, the index includes
the reinvestment of income and other earnings but does
not include any trading expenses, management fees or
other costs. The volatility of the composite and that of
the benchmark may be materially different due to varying
degrees of diversification and/or other factors.
A large percentage of the equity assets in the composite
is invested in countries or regions not included in the
benchmark.
Dispersion
Composite dispersion is measured by the standard
deviation across returns of all portfolios represented within
the composite for the full period. Standard deviation is
calculated on asset-weighted portfolio returns. Composite
dispersion is not presented for quarterly periods or for years
where the composite consists of five or fewer accounts as it
is not considered statistically meaningful. Ex-post standard
deviation is the annualized standard deviation of monthly
returns for the trailing 36 months of both the composite and
benchmark.
Returns and Fees
Returns reflect the deduction of all trading expenses and
the reinvestment of dividends and other earnings. Gross
returns do not reflect the deduction of investment advisory
fees or any other expenses that may be incurred in the
management of the account. Net returns are net of model
investment advisory fees in effect for the respective time
period. Actual fees may vary depending on, among other
things, the applicable fee schedule and portfolio size.
Further, the impact of management fees over time may
be different from the actual management fees used in the
calculation during periods of significant volatility. WHV’s
investment advisory fees are described in Form ADV Part
II. Valuations and returns are computed and stated in U.S.
dollars. Past performance is not a guarantee of future
results.
The Management Fee Schedule is as follows:
Incremental Annual Fee Rate as a Percentage of Market
Value
First $10 million @ 1.00% | Next $15 million @ .80% | Next
$25 million @ .75% | Next $50 million @ .60% | All over $100
million @ .50%
901 5th
Avenue, Suite 3130
Seattle, WA 98164-2008
Tel: (800) 258-1388
Fax:(206) 219-2479
301 Battery Street, Suite 400
San Francisco, CA 94111-3203
Tel: (800) 204-2650
Fax:(415) 288-6153
whv.com

9. Small Cap Equity Composite
WHV Investment Management
Definition of the Firm
WHV is an investment adviser, registered under the
Investment Advisers Act of 1940. WHV manages a variety of
equity and balanced portfolios working from offices in San
Francisco and Seattle. WHV is “the firm” for purposes of
determining the Total Firm Assets under management and
firm-wide compliance. Registration with the SEC does not
imply a certain level of skill or training.
Year Ended
Total Return
(%)
Gross of
Fees
Total Return
(%)
Net of Fees
Benchmark
Returns
(%)
Composite
Dispersion
(%)
Ex-Post Standard Deviation
(%)
Number of
Portfolios at
End of Period
Total Assets
at End of
Period
($ millions)
Total Firm
Assets
($ millions)Composite Benchmark
Y 12/31/12 13.33 12.63 16.35 1.10 22.16 20.20 31 1,295.2 13,404
Y 12/31/11 -7.06 -7.99 -4.18 0.69 28.24 24.99 33 1,174.0 13,250
Y 12/31/10 26.40 25.16 26.85 0.93 n/a n/a 35 1,165.5 15,213
Y 12/31/09 53.82 52.34 27.17 1.36 n/a n/a 43 1,057.8 12,646
Y 12/31/08 -43.46 -44.06 -33.79 0.65 n/a n/a 47 713.9 8,376
Y 12/31/07 12.82 11.71 -1.57 1.78 n/a n/a 47 1,374.7 14,400
Y 12/31/06 16.88 15.73 18.37 0.75 n/a n/a 51 1,283.0 9,013
Y 12/31/05 16.48 15.33 4.55 4.13 n/a n/a 51 1,027.0 6,630
Y 12/31/04 20.36 19.18 18.33 2.56 n/a n/a 43 727.9 5,700
Y 12/31/03 47.78 46.36 47.25 2.51 n/a n/a 37 598.2 5,424
Compliance Statement
WHV Investment Management (WHV) claims compliance
with the Global Investment Performance Standards (GIPS®)
and has prepared and presented this report in compliance
with the GIPS standards. WHV has been independently
verified for the periods from October 1, 1994 through
December 31, 2011.
Verification assesses whether (1) the firm has complied with
all the composite construction requirements of the GIPS
standards on a firm-wide basis and (2) the firm’s policies
and procedures are designed to calculate and present
performance in compliance with the GIPS standards. The
Small Cap Equity composite has been examined for the
periods from January 1, 2000 through December 31, 2011.
The verification and performance examination reports are
available upon request.

10. Polices
WHV’s policies for valuing portfolios, calculating
performance, and preparing compliant presentations are
available upon request.
Composite Description
The composite was created on October 31, 2004. The
composite includes all non-wrap accounts invested in the
firm’s Small Cap Equity strategy. The Small Cap Equity
strategy is a diversified portfolio of companies having, at the
time of purchase, a minimum market cap of the lower bound
and a maximum cap of the upper bound of the market cap
range of the Russell 2000® Index, as of that index’s most
recent reconstitution. Securities eligible for purchase shall
be marketable with quotations available on recognized
exchanges. The investment style can be defined as GARP-
oriented (growth at a reasonable rate). A list of composite
descriptions is available upon request.
Minimum Account Size
Currently, there is no minimum asset level for inclusion in the
composite. Prior to January 1, 2012, the minimum asset
level for inclusion was $100,000. Prior to January 1, 2010,
the minimum asset level for inclusion was $50,000.
Benchmark
The benchmark for the Small Cap Equity strategy is the
Russell 2000® Index, which measures the performance
of the small cap segment of the U.S. equity universe. The
returns of the benchmark are provided to represent the
investment environment that existed during the time period
shown and are not covered by the report of the independent
verifiers. For comparison purposes, the index includes
the reinvestment of income and other earnings but does
not include any trading expenses, management fees or
other costs. The volatility of the composite and that of
the benchmark may be materially different due to varying
degrees of diversification and/or other factors.
Dispersion
Composite dispersion is measured by the standard
deviation across returns of portfolios represented within
the composite for the full period. Standard deviation is
calculated on asset-weighted portfolio returns. Composite
dispersion is not presented for quarterly periods or for years
where the composite consisted of five or fewer accounts
as it is not considered statistically meaningful. Ex-post
standard deviation is the annualized standard deviation
of monthly returns for the trailing 36 months of both the
composite and benchmark.
Returns and Fees
Returns reflect the deduction of all trading expenses and
the reinvestment of dividends and other earnings. Gross
returns do not reflect the deduction of investment advisory
fees or any other expenses that may be incurred in the
management of the account. Net returns are net of model
investment advisory fees in effect for the respective time
period. Actual fees may vary depending on, among other
things, the applicable fee schedule and portfolio size.
Further, the impact of management fees over time may
be different from the actual management fees used in the
calculation during periods of significant volatility. WHV’s
investment advisory fees are described in Form ADV Part
II. Valuations and returns are computed and stated in
U.S. dollars. Past performance is not a guarantee of future
results.
The Management Fee Schedule is as follows:
Incremental Annual Fee Rate as a Percentage of Market
Value
First $10 million @ 1.00% | Next $15 million @ .80% | Next
$25 million @ .75% | Next $50 million @ .60% | All over $100
million @ .50%
901 5th
Avenue, Suite 3130
Seattle, WA 98164-2008
Tel: (800) 258-1388
Fax:(206) 219-2479
301 Battery Street, Suite 400
San Francisco, CA 94111-3203
Tel: (800) 204-2650
Fax:(415) 288-6153
whv.com

11. Micro Cap Equity Composite
WHV Investment Management
Definition of the Firm
WHV is an investment adviser, registered under the
Investment Advisers Act of 1940. WHV manages a
variety of equity and balanced portfolios working from
offices in San Francisco and Seattle. WHV is “the firm”
for purposes of determining the Total Firm Assets under
management and firm-wide compliance. Registration with
the SEC does not imply a certain level of skill or training.
Year Ended
Total Return
(%)
Gross of
Fees
Total Return
(%)
Net of Fees
Benchmark
Returns
(%)
Composite
Dispersion
(%)
Ex-Post Standard
Deviation (%)
Number of
Portfolios
at End of
Period
Total Assets
at End of
Period
($ millions)
Non-Fee-
Paying
Portfolios
(% of
Composite
Assets)
Total Firm
Assets
($ millions)Composite Benchmark
Y 12/31/12 12.90 11.79 21.11 n/m 26.06 20.23 5 6.6 79 13,404
Y 12/31/11 -11.29 -12.18 -11.33 n/m 34.60 25.51 5 6.4 n/a 13,250
Y 12/31/10 40.88 39.51 30.08 n/m n/a n/a 3 6.0 n/a 15,213
Y 12/31/09 141.62 139.37 46.62 n/m n/a n/a 3 6.0 n/a 12,646
Y 12/31/08^ 4.56 4.48 1.92 n/m n/a n/a 2 2.1 n/a 8,376
^ Returns are for the period from 12/01/2008 through 12/31/2008.
Compliance Statement
WHV Investment Management (WHV) claims compliance
with the Global Investment Performance Standards
(GIPS®) and has prepared and presented this report in
compliance with the GIPS standards. WHV has been
independently verified for the periods from October 1,
1994 through December 31, 2011.
Verification assesses whether (1) the firm has complied
with all the composite construction requirements of
the GIPS standards on a firm-wide basis and (2) the
firm’s policies and procedures are designed to calculate
and present performance in compliance with the GIPS
standards. The Micro Cap Equity composite has been
examined for the periods from December 1, 2008 through
December 31, 2011. The verification and performance
examination reports are available upon request.

12. Polices
WHV’s policies for valuing portfolios, calculating
performance, and preparing compliant presentations are
available upon request.
Composite Description
The composite was created on November 30, 2008. The
composite includes all non-wrap accounts invested in
the firm’s Micro Cap Equity strategy, a portfolio of equity
securities with market capitalization between $10 million
and $500 million upon purchase that seeks to generate
long-term capital appreciation. A list of composite
descriptions is available upon request.
Minimum Account Size
Currently, there is no minimum asset level for inclusion in
the composite. Prior to January 1, 2012, the minimum
asset level for inclusion was $100,000. Prior to January 1,
2010, the minimum asset level for was $50,000.
Benchmark
The benchmark for the Micro Cap Equity composite is
the Dow Jones U.S. Micro-Cap Total Stock Market Index�
which is comprised of stocks with market capitalization
rankings ranked below 2,501 and below within the Dow
Jones U.S. Total Stock Market Index�. The returns of
the benchmark are provided to represent the investment
environment that existed during the time period shown
and are not covered by the report of the independent
verifiers. For comparison purposes, the index includes
the reinvestment of income and other earnings but does
not include any trading expenses, management fees or
other costs. The volatility of the composite and that of
the benchmark may be materially different due to varying
degrees of diversification and/or other factors.
Dispersion
Composite dispersion is measured by the standard
deviation across returns of portfolios represented within
the composite for the full period. Standard deviation
is calculated on asset-weighted portfolio returns.
Composite dispersion is not presented for quarterly
periods or for years where the composite consisted of
five or fewer accounts as it is not considered statistically
meaningful. Ex-post standard deviation is the annualized
standard deviation of monthly returns for the trailing 36
months of both the composite and benchmark.
Returns and Fees
Returns reflect the deduction of all trading expenses
and the reinvestment of dividends and other earnings.
Gross returns do not reflect the deduction of investment
advisory fees or any other expenses that may be incurred
in the management of the account. Net returns are
net of model investment advisory fees in effect for the
respective time period. Actual fees may vary depending
on, among other things, the applicable fee schedule and
portfolio size. Further, the impact of management fees
over time may be different from the actual management
fees used in the calculation during periods of significant
volatility. WHV’s investment advisory fees are described
in Form ADV Part II. Valuations and returns are computed
and stated in U.S. dollars. Past performance is not a
guarantee of future results.
The Management Fee Schedule is as follows:
1.00% Annual Fee Rate as a Percentage of Market Value
+ Performance Fee
901 5th Avenue, Suite 3130
Seattle, WA 98164-2008
Tel: (800) 258-1388
Fax: (206) 219-2479
301 Battery Street, Suite 400
San Francisco, CA 94111-3203
Tel: (800) 204-2650
Fax: (415) 288-6153
whv.com

13. Emerging Markets Equity Composite
WHV Investment Management
Definition of the Firm
WHV is an investment adviser, registered under the
Investment Advisers Act of 1940. WHV manages a variety of
equity and balanced portfolios working from offices in San
Francisco and Seattle. WHV is “the firm” for purposes of
determining the Total Firm Assets under management and
firm-wide compliance. Registration with the SEC does not
imply a certain level of skill or training.
Year Ended
Total Return
(%)
Gross of
Fees
Total Return
(%)
Net of Fees
Benchmark
Returns
(%)
Composite
Dispersion
(%)
Ex-Post Standard Deviation
(%)
Number of
Portfolios at
End of Period
Total Assets
at End of
Period
($ millions)
Total Firm
Assets
($ millions)Composite Benchmark
Y 12/31/12 17.27 16.12 18.22 n/m 23.91 21.50 2 10.5 13,404
Y 12/31/11 -18.76 -19.59 -18.42 n/m n/a n/a 2 9.0 13,250
Y 12/31/10 19.74 18.56 18.88 n/m n/a n/a 2 11.2 15,213
Y 12/31/09^ 29.90 29.27 31.24 n/m n/a n/a 1 2.5 12,646
^ Returns are for the period from 7/1/2009 through 12/31/2009.
Compliance Statement
WHV Investment Management (WHV) claims compliance
with the Global Investment Performance Standards (GIPS®)
and has prepared and presented this report in compliance
with the GIPS standards. WHV has been independently
verified for the periods from October 1, 1994 through
December 31, 2011.
Verification assesses whether (1) the firm has complied with
all the composite construction requirements of the GIPS
standards on a firm-wide basis and (2) the firm’s policies
and procedures are designed to calculate and present
performance in compliance with the GIPS standards. The
Emerging Markets Equity composite has been examined for
the periods from July 1, 2009 through December 31, 2011.
The verification and performance examination reports are
available upon request.

14. Polices
WHV’s policies for valuing portfolios, calculating
performance, and preparing compliant presentations are
available upon request.
Composite Description
The composite was created on June 1, 2009. The
composite includes all non-wrap accounts, excluding
mutual funds, invested in the firm’s Emerging Markets
Equity strategy. The strategy seeks to generate long-term
capital appreciation by investing in international companies
in countries that are in the process of rapid growth and
industrialization. A list of composite descriptions is available
upon request.
Minimum Account Size
Currently there is no minimum asset level for inclusion in the
composite. Prior to January 1, 2012, the minimum asset
level for inclusion was $100,000. Prior to January 1, 2010,
the minimum asset level for inclusion was $50,000.
Benchmark
The benchmark for the Emerging Markets Equity composite
is the MSCI Emerging Markets (Net) Index, which measures
the equity market performance of 21 emerging market
countries. The returns of the benchmark are provided to
represent the investment environment that existed during the
time period shown and are not covered by the report of the
independent verifiers. For comparison purposes, the index
includes the reinvestment of income and other earnings but
does not include any trading expenses, management fees
or other costs. The volatility of the composite and that of
the benchmark may be materially different due to varying
degrees of diversification and/or other factors.
A large percentage of the equity assets in the composite
is invested in countries or regions not included in the
benchmark.
Dispersion
Composite dispersion is measured by the standard
deviation across returns of all portfolios represented within
the composite for the full period. Standard deviation is
calculated on asset-weighted portfolio returns. Composite
dispersion is not presented for quarterly periods or for years
where the composite consisted of five or fewer accounts
as it is not considered statistically meaningful. Three-year
annualized ex-post standard deviation is not presented
because the composite does not have 36 monthly returns
as of December 31, 2011.
Returns and Fees
Returns reflect the deduction of all trading expenses and
the reinvestment of dividends and other earnings. Gross
returns do not reflect the deduction of investment advisory
fees or any other expenses that may be incurred in the
management of the account. Net returns are net of model
investment advisory fees in effect for the respective time
period. Actual fees may vary depending on, among other
things, the applicable fee schedule and portfolio size.
Further, the impact of management fees over time may
be different from the actual management fees used in the
calculation during periods of significant volatility. WHV’s
investment advisory fees are described in Form ADV Part
II. Valuations and returns are computed and stated in U.S.
dollars. Past performance is not a guarantee of future
results.
The Management Fee Schedule is as follows:
Incremental Annual Fee Rate as a Percentage of Market
Value
First $10 million @ 1.00% | Next $15 million @ .80% | Next
$25 million @ .75% | Next $50 million @ .60% | All over $100
million @ .50%
901 5th
Avenue, Suite 3130
Seattle, WA 98164-2008
Tel: (800) 258-1388
Fax:(206) 219-2479
301 Battery Street, Suite 400
San Francisco, CA 94111-3203
Tel: (800) 204-2650
Fax:(415) 288-6153
whv.com

15. International Small Cap Equity Composite
WHV Investment Management
Year Ended
Total Return (%)
Gross of Fees
Total Return (%)
Net of Fees
Benchmark
Returns
(%)
Composite
Dispersion (%)
Number of
Portfolios at End
of Period
Total Assets at
End of Period
($ millions)
Total Firm Assets
($ millions)
Y 12/31/12^ -1.83 -2.57 3.70 n/m 1 1.9 13,404
^ Returns are for the period from 4/1/2012 through 12/31/2012.
Compliance Statement
WHV Investment Management (WHV) claims compliance
with the Global Investment Performance Standards (GIPS®)
and has prepared and presented this report in compliance
with the GIPS standards. WHV has been independently
verified for the periods from October 1, 1994 through
December 31, 2011. The verification reports are available
upon request.
Verification assesses whether (1) the firm has complied with
all the composite construction requirements of the GIPS
standards on a firm-wide basis and (2) the firm’s policies
and procedures are designed to calculate and present
performance in compliance with the GIPS standards.
Verification does not ensure the accuracy of any specific
composite presentation.
Definition of the Firm
WHV is an investment adviser, registered under the
Investment Advisers Act of 1940. WHV manages a variety of
equity and balanced portfolios working from offices in San
Francisco and Seattle. WHV is “the firm” for purposes of
determining the Total Firm Assets under management and
firm-wide compliance. Registration with the SEC does not
imply a certain level of skill or training.
Policies
WHV’s policies for valuing portfolios, calculating
performance, and preparing compliant presentations are
available upon request.

16. Composite Description
The composite was created on March 19, 2012. The
composite includes all non-wrap accounts invested in the
firm’s International Small Cap Equity strategy, a portfolio of
primarily small cap growth stocks domiciled in international
developed and emerging markets countries. The portfolio
invests in foreign equity securities, U.S. dollar denominated
equity securities, depository receipts such as Global
Depository Receipts and American Depository Receipts,
and Non-Voting Depository Receipts. A list of composite
descriptions is available upon request.
Benchmark
The benchmark for the International Small Cap Equity
composite is the MSCI ACWI Ex-USA Small Cap (Net)
Index, which measures the performance of small cap
stocks of 23 developed countries and 21 emerging markets
countries. The returns of the benchmark are provided to
represent the investment environment that existed during
the time period shown. For comparison purposes, the index
includes the reinvestment of income and other earnings but
does not include any trading expenses, management fees
or other costs. The volatility of the composite and that of
the benchmark may be materially different due to varying
degrees of diversification and/or other factors.
Dispersion
Composite dispersion is measured by the standard
deviation across returns of all portfolios represented within
the composite for the full period. Standard deviation is
calculated on asset-weighted portfolio returns. Composite
dispersion is not presented for quarterly periods or for years
where the composite consisted of five or fewer accounts
as it is not considered statistically meaningful. Three-year
annualized ex-post standard deviation is not presented
because the composite does not have 36 monthly returns
as of December 31, 2012.
Returns and Fees
Returns reflect the deduction of all trading expenses and
the reinvestment of dividends and other earnings. Gross
returns do not reflect the deduction of investment advisory
fees or any other expenses that may be incurred in the
management of the account. Net returns are net of model
investment advisory fees in effect for the respective time
period. Actual fees may vary depending on, among other
things, the applicable fee schedule and portfolio size.
Further, the impact of management fees over time may
be different from the actual management fees used in the
calculation during periods of significant volatility. WHV’s
investment advisory fees are described in Form ADV Part
II. Valuations and returns are computed and stated in U.S.
dollars. Past performance is not a guarantee of future
results.
The management fee schedule is as follows:
Incremental Annual Fee Rate as a Percentage of Market
Value
First $50 million @ 1.00% | Next $50 million @ .80% | Next
$100 million @ .70% | Fees for assets over $200 million are
negotiable.
301 Battery Street, Suite 400
San Francisco, CA 94111-3203
Tel: (800) 204-2650
Fax:(415) 288-6153
whv.com
901 5th
Avenue, Suite 3130
Seattle, WA 98164-2008
Tel: (800) 258-1388
Fax:(206) 219-2479

17. Select World Equity Composite
WHV Investment Management
Definition of the Firm
WHV is an investment adviser, registered under the
Investment Advisers Act of 1940. WHV manages a variety of
equity and balanced portfolios working from offices in San
Francisco and Seattle. WHV is “the firm” for purposes of
determining the Total Firm Assets under management and
firm-wide compliance. Registration with the SEC does not
imply a certain level of skill or training.
Year Ended
Total Return
(%)
Gross of
Fees
Total Return
(%)
Net of Fees
Benchmark
Returns
(%)
Composite
Dispersion
(%)
Ex-Post Standard Deviation
(%)
Number of
Portfolios at
End of Period
Total Assets
at End of
Period
($ millions)
Total Firm
Assets
($ millions)Composite Benchmark
Y 12/31/12 16.46 15.32 16.13 0.72 20.02 16.94 9 19.2 13,404
Y 12/31/11 -4.70 -5.62 -1.20 1.26 21.81 20.16 11 18.4 13,250
Y 12/31/10 15.39 14.25 17.96 0.82 n/a n/a 13 24.3 15,213
Y 12/31/09 41.69 40.32 29.59 0.90 n/a n/a 11 20.8 12,646
Y 12/31/08 -38.98 -39.61 -37.13 0.87 n/a n/a 13 16.0 8,376
Y 12/31/07 15.79 14.65 5.88 n/m n/a n/a 4 5.6 14,400
Y 12/31/06^ 6.81 5.92 11.44 n/m n/a n/a 3 4.0 9,013
^ Returns are for the period from 3/1/2006 through 12/31/2006.
Compliance Statement
WHV Investment Management (WHV) claims compliance
with the Global Investment Performance Standards (GIPS®)
and has prepared and presented this report in compliance
with the GIPS standards. WHV has been independently
verified for the periods from October 1, 1994 through
December 31, 2011. The verification reports are available
upon request.
Verification assesses whether (1) the firm has complied with
all the composite construction requirements of the GIPS
standards on a firm-wide basis and (2) the firm’s policies
and procedures are designed to calculate and present
performance in compliance with the GIPS standards.
Verification does not ensure the accuracy of any specific
composite presentation.

18. Polices
WHV’s policies for valuing portfolios, calculating
performance, and preparing compliant presentations are
available upon request.
Composite Description
The composite was created on February 28, 2006. The
composite includes all non-wrap accounts invested in the
firm’s Select World Equity strategy, formerly called All Cap
Plus International Equity strategy. The strategy, which
encompasses multiple distinct equity strategies, was
redefined effective January 1, 2012 with the addition of
emerging markets to large cap core, mid cap, small cap,
and international strategies. A list of composite descriptions
is available upon request.
Minimum Account Size
Currently, there is no minimum asset level for inclusion in the
composite. Prior to January 1, 2012, the minimum asset
level for inclusion was $100,000. Prior to January 1, 2010,
the minimum asset level for inclusion was $50,000.
Benchmark
The design of this strategy which combines several distinct
equity strategies, permits changing the mix from time
to time. Prior to January 2012, the strategy combined
55% large cap core, 20% mid cap, 12.5% small cap,
and 12.5% international equities and was benchmarked
against corresponding weightings of the SP 500®
, SP
MidCap 400®
, Russell 2000®
, and MSCI EAFE (Gross)
indices. Beginning January 2012, with the addition of
emerging markets, the benchmark for the strategy was
changed to the MSCI ACWI (Net) index which measures
the equity market performance of 24 developed and 21
emerging market countries. The benchmark is weighted
monthly. The returns of the benchmark are provided to
represent the investment environment that existed during
the time period shown. For comparison purposes, the index
includes the reinvestment of income and other earnings but
does not include any trading expenses, management fees
or other costs. The volatility of the composite and that of
the benchmark may be materially different due to varying
degrees of diversification and/or other factors.
Dispersion
Composite dispersion is measured by the standard
deviation across returns of all portfolios represented within
the composite for the full period. Standard deviation is
calculated on asset-weighted portfolio returns. Composite
dispersion is not presented for quarterly periods or for years
where the composite consisted of five or fewer accounts
as it is not considered statistically meaningful. Ex-post
standard deviation is the annualized standard deviation
of monthly returns for the trailing 36 months of both the
composite and benchmark.
Returns and Fees
Returns reflect the deduction of all trading expenses and
the reinvestment of dividends and other earnings. Gross
returns do not reflect the deduction of investment advisory
fees or any other expenses that may be incurred in the
management of the account. Net returns are net of model
investment advisory fees in effect for the respective time
period. Actual fees may vary depending on, among other
things, the applicable fee schedule and portfolio size.
Further, the impact of management fees over time may
be different from the actual management fees used in the
calculation during periods of significant volatility. WHV’s
investment advisory fees are described in Form ADV Part
II. Valuations and returns are computed and stated in U.S.
dollars. Past performance is not a guarantee of future
results.
The Management Fee Schedule is as follows:
Incremental Annual Fee Rate as a Percentage of Market
Value
First $10 million @ 1.00% | Next $15 million @ 0.80% |
Next $25 million @ 0.75% | Next $50 million @ 0.60% | All
over $100 million @ 0.50%
901 5th
Avenue, Suite 3130
Seattle, WA 98164-2008
Tel: (800) 258-1388
Fax:(206) 219-2479
301 Battery Street, Suite 400
San Francisco, CA 94111-3203
Tel: (800) 204-2650
Fax:(415) 288-6153
whv.com

19. Large Cap Core Equity Composite
WHV Investment Management
Definition of the Firm
WHV is an investment adviser, registered under the
Investment Advisers Act of 1940. WHV manages a variety of
equity and balanced portfolios working from offices in San
Francisco and Seattle. WHV is “the firm” for purposes of
determining the Total Firm Assets under management and
firm-wide compliance. Registration with the SEC does not
imply a certain level of skill or training.
Year Ended
Total Return
(%)
Gross of
Fees
Total Return
(%)
Net of Fees
Benchmark
Returns
(%)
Composite
Dispersion
(%)
Ex-Post Standard Deviation
(%)
Number of
Portfolios at
End of Period
Total Assets
at End of
Period
($ millions)
Total Firm
Assets
($ millions)Composite Benchmark
Y 12/31/12 16.80 16.32 16.00 0.20 19.46 15.09 11 305.4 13,404
Y 12/31/11 -2.53 -3.31 2.11 0.79 21.47 18.71 6 261.6 13,250
Y 12/31/10 13.79 12.89 15.06 0.46 n/a n/a 6 373.2 15,213
Y 12/31/09 34.51 33.46 26.46 0.39 n/a n/a 8 420.2 12,646
Y 12/31/08 -34.58 -35.12 -37.00 0.37 n/a n/a 9 314.6 8,376
Y 12/31/07 6.41 5.56 5.49 0.22 n/a n/a 9 500.6 14,400
Y 12/31/06 7.34 6.48 15.79 0.25 n/a n/a 12 555.4 9,013
Y 12/31/05 9.50 8.63 4.91 1.26 n/a n/a 14 512.0 6,630
Y 12/31/04 12.49 11.60 10.88 0.80 n/a n/a 14 457.8 5,700
Y 12/31/03 26.35 25.36 28.68 0.93 n/a n/a 10 380.9 5,424
For Tax-Exempt Accounts
Compliance Statement
WHV Investment Management (WHV) claims compliance
with the Global Investment Performance Standards (GIPS®)
and has prepared and presented this report in compliance
with the GIPS standards. WHV has been independently
verified for the periods from October 1, 1994 through
December 31, 2011.
Verification assesses whether (1) the firm has complied with
all the composite construction requirements of the GIPS
standards on a firm-wide basis and (2) the firm’s policies
and procedures are designed to calculate and present
performance in compliance with the GIPS standards. The
Large Cap Core Equity composite has been examined for
the periods from January 1, 2000 through December 31,
2011.
The verification and performance examination reports are
available upon request.

20. Polices
WHV’s policies for valuing portfolios, calculating
performance, and preparing compliant presentations are
available upon request.
Composite Description
The composite was created on October 31, 2004. The
composite includes all non-wrap, tax-exempt accounts
invested in the firm’s Large Cap Core Equity strategy. The
Large Cap Core Equity strategy is a high quality, focused
portfolio of domestic, large cap, GARP-oriented (growth at
a reasonable price) stocks expected to generate above-
benchmark returns over a market cycle. A list of composite
descriptions is available upon request.
Minimum Account Size
Currently, there is no minimum asset level for inclusion in the
composite. Prior to January 1, 2012, the minimum asset
level for inclusion was $2,000,000.
Benchmark
The benchmark for the Large Cap Core Equity composite
is SP 500®
Index. The returns of the benchmark are
provided to represent the investment environment that
existed during the time period shown and are not covered
by the report of the independent verifiers. For comparison
purposes, the index includes the reinvestment of income
and other earnings but does not include any trading
expenses, management fees or other costs. The volatility of
the composite and that of the benchmark may be materially
different due to varying degrees of diversification and/or
other factors.
Dispersion
Composite dispersion is measured by the standard
deviation across returns of all portfolios represented within
the composite for the full period. Standard deviation is
calculated on asset-weighted portfolio returns. Composite
dispersion is not presented for quarterly periods or for years
where the composite consists of five or fewer accounts as it
is not considered statistically meaningful. Ex-post standard
deviation is the annualized standard deviation of monthly
returns for the trailing 36 months of both the composite and
benchmark.
Returns and Fees
Returns reflect the deduction of all trading expenses and
the reinvestment of dividends and other earnings. Gross
returns do not reflect the deduction of investment advisory
fees or any other expenses that may be incurred in the
management of the account. Net returns are net of model
investment advisory fees in effect for the respective time
period. Actual fees may vary depending on, among other
things, the applicable fee schedule and portfolio size.
Further, the impact of management fees over time may
be different from the actual management fees used in the
calculation during periods of significant volatility. WHV’s
investment advisory fees are described in Form ADV Part
II. Valuations and returns are computed and stated in U.S.
dollars. Past performance is not a guarantee of future
results.
The Management Fee Schedule is as follows:
Incremental Annual Fee Rate as a Percentage of Market
Value
First $2 million @ .80% | Next $8 million @ 0.60% | Next $10
million @ 0.50% | Next $10 million @ 0.40% | All over $30
million @ 0.30%
901 5th
Avenue, Suite 3130
Seattle, WA 98164-2008
Tel: (800) 258-1388
Fax: (206) 219-2479
301 Battery Street, Suite 400
San Francisco, CA 94111-3203
Tel: (800) 204-2650
Fax: (415) 288-6153
whv.com