Notes to Financial Statements
7. Shares of Beneficial Interest
The capitalization of the Trust consists of an unlimited number of shares of beneficial interest with no par value per share. The
Board of Trustees may establish additional Funds and classes of shares at any time in the future without shareholder approval.
Holders of shares of the Funds of the Trust have one vote for each share held and a proportionate fraction of a vote for each
fractional share. All shares issued and outstanding are fully paid and are non-assessable, transferable and redeemable at the
option of the shareholder. Shares have no pre-emptive rights.
At a Regular meeting of the Board of Trustees held on September 10, 2007, the Trustees, including all of the Independent
Trustees, on behalf of the Global Emerging Markets Fund, International Equity Fund, International Small Companies Fund,
Large Cap Fund, Legato Fund, Opportunities Fund, Long/Short Credit Analysis Fund and Real Estate Fund, approved a
proposal to eliminate the 2.00% redemption fee imposed on shares sold or exchanged within 180 days of purchase effective
November 1, 2007. Prior to that date shares exchanged or redeemed within 180 days of purchase incurred a fee of 2.00% of the
total redemption amount. Such redemption fees are reflected in the “cost of shares redeemed” in the Statement of Changes in
Net Assets. The redemption fees retained by Global Emerging Markets Fund, International Equity Fund, International Small
Companies Fund, Large Cap Fund, Banking and Finance Fund, Growth Fund, Opportunities Fund, Long/Short Credit Analysis
Fund and Real Estate Fund for the year ended December 31, 2007, were $17,035, $63,595, $462,114, $13,767, $45,213, $14,635,
$3,878, $4,869 and $11,066, respectively. During that same period there were no redemption fees retained by the Legato Fund
and International Fixed Income Fund.
The following entities owned of record or beneficially, as of December 31, 2007, 5% or greater of any class of the Funds’