International Fund ( TWWIX )

The Fund is designed to benefit from opportunities for future economic growth in developed countries outside the United States, as well as the world’s emerging market countries. Portfolio holdings are principally in securities issued by large companies located in non-U.S. markets, or whose businesses are closely associated with overseas markets. The investment portfolio of the Fund may also include securities issued by smaller companies.

1. The MSCI All Country World ex US Index is a free float-adjusted market capitalization-weighted index of 47 countries, which includes developed and emerging markets. 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 International Fund I Shares to the extent that the Fund’s total operating expenses exceed 0.99% of the Fund’s average daily net assets. This agreement expires on February 28, 2016 and automatically renews, unless terminated by the Fund’s Board of Trustees.

While there are no sales charges, management fees and other expenses still apply. Please refer to the prospectus for further details.

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.

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.

1.The MSCI All Country World ex US Index is a free float-adjusted market capitalization-weighted index of 47 countries, which includes developed and emerging markets. The index is unmanaged and returns assume the reinvestment of dividends. It is not possible to invest directly in an index.

Represents the performance of the Class I shares after August 31, 2012 (inception of the share class) and Investor Class for periods prior to that date.

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.

1.The MSCI All Country World ex US Index is a free float-adjusted market capitalization-weighted index of 47 countries, which includes developed and emerging markets. The index is unmanaged and returns assume the reinvestment of dividends. It is not possible to invest directly in an index.

Represents the performance of the Class I shares after August 31, 2012 (inception of the share class) and Investor Class for periods prior to that date.

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.

1.The MSCI All Country World ex US Index is a free float-adjusted market capitalization-weighted index of 47 countries, which includes developed and emerging markets. The index is unmanaged and returns assume the reinvestment of dividends. It is not possible to invest directly in an index.

Represents the performance of the Class I shares after August 31, 2012 (inception of the share class) and Investor Class for periods prior to that date.

This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund and its benchmark, the MSCI All Country World ex US Index¹, since inception through December 31, 2018. 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.

Represents the performance of the Class I shares after August 31, 2012 (inception of the share class) and Investor Class for periods prior to that date.

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.

1.The MSCI All Country World ex US Index is a free float-adjusted market capitalization-weighted index of 47 countries, which includes developed and emerging markets. The index is unmanaged and returns assume the reinvestment of dividends. It is not possible to invest directly in an index.

December 31, 2018

All data as on December 31, 2018

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

The MSCI All Country World ex US Index is a free float-adjusted market capitalization-weighted index of 47 countries, which includes developed and emerging markets. The index is unmanaged and returns assume the reinvestment of dividends. It is not possible to invest directly in an index.

Wei Li, Ph.D, CFA

Chairman
Investment Committee Member

Dr. Li joined Thomas White International in 1994. As a member of the Thomas White Investment Committee, he participates in the development and management of the overall investment strategies, especially in the area of quantitative research, as well as the review of each portfolio adjustment suggested by the firm’s security analysts. He has been instrumental in building the analytical framework for the firm’s investment process. In the past, as an analyst, he covered companies in developed and emerging Asian markets.

Dr. Li was earlier a research associate in Operations Research at Rensselaer Polytechnic Institute. Prior to that, he was a postdoctoral fellow at McGill University in Montreal. He received his PhD in Mathematics from Purdue University, his B.S. degree from Nanjing Normal University and M.S. degree from Nanjing University. He is a native of Nanjing, China and is fluent in Mandarin. He is a member of the CFA Society Chicago, a grader of the CFA exam and a contributor to the CFA curriculum. He is also a member of Chicago Quantitative Alliance (CQA).

Douglas M. Jackman, CFA

President
Investment Committee Member

Doug Jackman is President at Thomas White International where he assumed the role as of September 28, 2018. He was also elected as the President of the Thomas White Funds Family. He joined the firm in May 1995. He is an active member of the firm’s Investment Committee since 1996.

Mr. Jackman earned his MBA with concentrations in Finance and Accounting from the University of Chicago Booth School of Business. Earlier, he worked with Morgan Stanley in New York developing equity and FX trading systems. He has a AB degree in Economics from the College at the University of Chicago where he also worked as a research assistant at the Center for Research in Security Prices

Doug has been an active speaker at industry and state conferences including FPPTA, IPPFA, Opal, KORIED, TEXPERS, and TLFFRA on global and emerging market equities. Doug is a member of the CFA Society Chicago and was a Board Member from 2014-2018, serving as its Chairman in 2016-17. CFASC is the oldest global investment society with over 4900 members. Doug has also been an active volunteer with the University of Chicago where he was awarded the Alumni Service Citation in 2005 for his activities. He is also a member of 100 Club of Chicago. Doug was born and raised in Grant, NE.

Jinwen Zhang, Ph.D, CFA

Executive Vice President
Director of Research and Investment Committee Member

Dr. Zhang is a member of the Thomas White Investment Committee and participates in the group’s review of portfolio adjustments recommended by security analysts at the firm. She specifically is responsible for companies in the healthcare industry both in the U.S. and internationally.

Prior to joining Thomas White, Dr. Zhang was a research scientist and instructor at Rush Medical College in Chicago. Earlier, she was a researcher at the Chinese Academy of Science in Beijing. In the field of Biochemistry, she has a B.S. from Beijing University and a PhD from Iowa State University. Dr. Zhang also has an MBA from the University of Chicago in Finance and Accounting. She is a member of the CFA Society Chicago.

Ramkumar Venkatramani, CFA, CIPM

Executive Vice President
Investment Committee Member

Ramkumar Venkatramani joined Thomas White International in 2007 and now serves as a member of the Thomas White Investment Committee. He covers Japanese companies for the firm’s global and international portfolios.

Prior to joining the firm, Mr. Venkatramani was a research analyst at Five Star Capital Management in New York, where he used a variety of quantitative methods to develop index options strategies for momentum and directional trading. He has a Bachelor of Engineering degree from the University of Madras and a Certificate in Financial Risk Management from New York University. He is a member of the CFA Society India. A native of Bangalore, India, Ram is fluent in Tamil, Kannada and Hindi and conversational in Malayalam, Telugu, and Spanish.

John Wu, Ph.D, CFA

Executive Vice President
Investment Committee Member

Dr. Wu joined Thomas White International in 1997 and is a member of the firm’s Investment Committee. He covers companies from several industries in both developed and emerging. He has more than two decades of experience in developing industry-specific stock valuation techniques.

Dr. Wu left the firm in 2007 to work with Crabel, a hedge fund, and returned to his former position in 2009. Prior to Thomas White, he was a research assistant at the University of Wisconsin System Trust Fund. Earlier he worked at the former Chinese Ministry of Nuclear Industry after receiving a B.S. in Nuclear Engineering from Tsinghua University in Beijing. He also earned a Ph.D. in Physics, and an M.S. in Finance, Banking and Investments from the University of Wisconsin-Madison. A native of Gansu province in north-central China, John is fluent in Mandarin. He is a member of CFA Society Chicago.

Rex Mathew, CMA, CFA

Senior Vice President
Investment Committee Member

Mr. Mathew is a member of the Thomas White Investment Committee, responsible for research on companies based in Asia and Latin America for the firm’s international and emerging markets portfolios. He leads the global markets, economy, and industry analysis efforts that supports the firm’s investment research as well as development of written content that highlight the firm’s investment and market insights. In addition, he is responsible for the portfolio reviews and commentary for the Thomas White Funds as well as institutional accounts at the firm.

Rex has been an active speaker at industry conferences including TEXPERS, KORIED and Schwab IMPACT on emerging market equities. He joined Thomas White’s Bangalore office in 2007 as the manager of Global Markets Research group. Prior to that, he was a financial columnist covering the financial markets and the economy for a pioneering online publication in India. A native of Kerala, India, Rex is fluent in Malayalam and conversational in Hindi as well as Tamil. He is a member of the CFA Society Chicago.