Mutual Funds – International/Global Styles Definitions

CAI Mutual Fund International Core Style
Managers whose well-diversified portfolio holdings are mostly large issues in developed countries with liquid markets, resulting in characteristics similar to that of an index such as the Morgan Stanley Capital International( MSCI) EAFE Index. The objective of adding value over and above the index is achieved through stock selection and/or changes in the weighting of individual countries versus the index.

CAI Mutual Fund Europe Style
Managers who invest predominantly in the well developed stock markets of Europe. These products will exhibit risk/return profiles similar to the MSCI Europe Index.

CAI Mutual Fund Pacific Basin Style
Managers who invest predominantly in Pacific Basin equities. Countries include Japan, Hong Kong, Singapore, Malaysia, Australia, and New Zealand. These products will exhibit risk/return profiles similar to the MSCI Pacific Index.

CAI Mutual Fund Emerging Markets Style
Managers who primarily concentrate on investments in newly emerging second and third world countries in the regions of the Far East, Africa, Europe, and Central and South America. These portfolios are characterized by aggressive risk/return profiles that generate high volatility in search of high returns.

CAI Mutual Fund Global Equity Style
Managers who invest in both foreign and domestic equity securities in varying proportions. These products will exhibit risk/return profiles similar to the MSCI World Index.

CAI Mutual Fund Non-US Equity Style
Managers who employ various strategies to invest assets in a well-diversified portfolio of non-U.S., developed market equity securities. This group consists of core international products, top-down country selectors, bottom-up security selectors, and products using various mixtures of these strategies. Regional specialists, index products, and emerging market products are excluded.

CAI Mutual Fund Global Fixed Income Style
Managers who invest in both foreign and domestic fixed-income securities. These funds seek to take advantage of international currency and interest rate movements, differing bond yields, and/or international diversification.