WHV '11AR_Final_PressQuality_Crop&Bleed

T WO T H O U S A N D E l e v en A N N UA L R E P O RT 1
Dear Shareholders,
As reflected on the cover of this annual report, Wentworth Hauser and Violich
began 2012 with a name change. Going forward, the firm will be known as
WHV Investment Management with the logo displayed on the front cover. We
feel that the name change better describes the firm’s activities and will assist
in the marketing and distribution of our products, which include fixed income
and a number of equity asset classes - micro cap, small cap, large cap core,
large cap growth, mid cap, international, global, and emerging markets.
WHV Investment Management is owned by the
Laird Norton family through its ownership of
Laird Norton Investment Management (LNIM).
Since the date of acquisition in 1994 for $13.7
million, WHV has returned to the Laird Norton
family $28.1 million in dividends and other cash
distributions. At year-end 2011, WHV had no
debt and a cash balance of $24.3 million. KPMG
International, the global accounting firm, is com-
pleting its annual valuation of the firm. This will
be available for the Laird Norton family summit
in June 2012.
Financial Results
Despite a decline in assets under management
(AUM) at year-end 2011 to $13.5 billion from
$15.2 billion at the end of 2010, other measures
of the financial performance of the firm improved.
With regard to AUM, we were not immune to the
sharp decline in the equity markets in the second
half of 2011. As to the financial results, earnings
before interest, taxes, depreciation, and amorti-
zation (EBITDA) increased 19 percent in 2011 to
$8.43 million from $7.06 million in 2010. Net
income increased 26 percent to $4.78 million
from $3.80 million in 2010 while earnings per
share rose 26 percent to $32.99 from $26.28.
Accomplishments
Perhaps the biggest accomplishment in 2011 was
the establishment of Management by Objectives
(MBOs) between the Board and the top three
management members: Judith R. Stevens, Jef-
frey S. Romrell, and Reiner M. Triltsch. Working
together, the Board and Management set forth
specific goals for the firm’s performance in terms
of AUM growth, asset class diversification, client
risk mitigation, expense control, and net income.
A corollary to the MBOs was the implementa-
tion of salary and bonus remuneration tied to the
MBOs. Each year in the future, Management and
the Board will set MBOs for the ensuing year.
WHV hired a consulting firm, Casey Quirk, in
2010 to provide an independent review of WHV
to identify our strengths and weaknesses. Many
of the recommendations of Casey Quirk were
implemented in 2011, including MBOs. We are
confident that the strategic plan and road map
for future growth will reward shareholders in the
years ahead.
On investment offerings,WHV opened the WHV
Emerging Market Mutual Fund at the beginning
of 2011. This fund is available through Charles
Schwab, Fidelity, Wells Fargo Advisors, Credit
Suisse, and RBC Wealth Management. This
compliments our WHV International Mutual
Fund which was launched in December 2008.
Both are part of the FundAdvantage Family of
mutual funds.
The Outlook
In 2011, the United States economy as mea-
sured by Gross Domestic Product - the total
output of goods and services within the country
- grew at a tepid annual rate of 1.7 percent. The
economy strengthened at year-end with annual-
ized growth of 3.0 percent. For the ten quarters
that the economy has expanded since the end of
the recession in June 2009, the growth rate has
been about half the rate that is the average of
past economic recoveries of the same duration
in the post-World War II period. For 2012, the
consensus forecast of the Blue Chip Economic
Indicators is for growth to remain below average
at 2.3 percent.
The reasons for the slow pace of economic
growth are several fold. The housing market
remains depressed as home prices are continu-
ing to fall and banks have tightened their lend-

2 L A I R D N O RTO N I N V E S T M E N T M A NAG E M E N T, I N C .
ing standards. Consumers are deleveraging after
several decades of debt accumulation. There has
been a slow-down in the growth rate of several
developing economies and Europe has slid into
a recession. The sovereign debt crisis in Europe
remains a risk to the global economy. Over the
past decade the increase in regulations, as well as
the numerous mandates and regulations handed
down by various government agencies, have
spawned incomprehensibly complex laws that
have resulted in uncertainty, anxiety, and caution
as to the future course of the economy. When
uncertainty increases, the willingness of consum-
ers to spend and companies to commit capital to
long-term investment diminishes.
On a brighter note, U.S. corporate earnings of
domestic-based companies are at a record level,
propelled by productivity gains, exports, and
earnings from foreign operations. Valuations
for common stocks are at the lower end of their
range of the past several decades.
MANAGEMENT AND BOARD CHANGES
There were no significant management changes
in 2011. Reiner M. Triltsch who joined the firm
in 2009 as Chief Investment Office (CIO) was
elected to the Board of Directors of WHV and
LNIM in May 2011. Sebastian V. Mickle became
an Associate Director in August 2011, replacing
Scott C. Altonian from the Laird Norton family.
We thank Scott for his contribution and wisdom.
Looking Forward
The firm has gained strength during the past year
and is well focused on pursuing a growth path
that will provide value to the shareholders. In
this regard, I would like to thank our sharehold-
ers for their continued support and partnership.
from the CHIEF
INVESTMENT
OFFICER
Reiner M. Triltsch, CFA®
Chief Investment Officer,
Executive Vice President,
Managing Director
2011 turned out to be highly volatile and more
entertaining than most investors had bargained
for. For most of the world’s equity markets, a
somewhat muted performance in the first half
was followed by the traditional third quarter
seasonal weakness, which culminated in a mini
panic in September. Just as investors’ consensus
opinion shifted to an excessively bearish stance,
the U.S. stock market surprised with a double
digit S&P 500 return for October and a positive
result for the year. However, smaller capitaliza-
tion U.S., International and Emerging Markets
(EM) stocks finished down for the year as the
degree of their negative returns reflected the per-
ceived risk of their respective asset class.
The equity markets around the world reflected
the economic, social, and geopolitical events
affecting the world economy. The disasters in
Japan – tsunami and meltdown of a nuclear
power plant – disrupted the global industrial
supply chain and caused an untimely slowdown
to the nascent rebound of the world economy.
We observed a continued strengthening of oil
prices primarily due to the persistence of high
consumption growth in most EM countries and
geopolitical surprises in the Middle East and
North Africa, namely unrest, regime changes,
revolutions, and civil war.
Apart from the persistent fear of an economic
hard landing in China, the most notable effect
on the world’s capital markets was the extended
Eurozone debt crisis, which has long since spread
from Greece to the core of the European com-
munity. The astonishing lack of adequate policy
responses to the developed world’s debt dynam-
ics appeared to contribute more to the gloomy
sentiment in the world’s capital markets than the
underlying problem itself, which led to a flight
to quality in the form of U.S. Treasury securi-
ties. As the Eurozone debt crisis began to turn

into a liquidity and solvency crisis for Euro-
pean banks, Mario Draghi, the new head of
the European Central Bank (ECB), devised
an almost genial solution to circumvent regu-
lations prohibiting the ECB from purchas-
ing sovereign debt directly. By lending almost
500 billion Euros to European banks through
a three-year repurchase agreement, the ECB
appeared to have severed the link between sov-
ereign debt issues and banking system liquidity.
Overall, 2011 was characterized by alternating
attitudes of investors – from risk-on to risk-off
and back again – leading to great frustrations
with most investment results. WHV was not
immune to this environment. With the excep-
tion of our Emerging Markets ADR and U.S.
Micro Cap strategies, our investment products
underperformed their respective benchmarks
to varying degrees for the year. However, as of
this writing, almost all of our equity strategies
are outperforming their respective benchmarks
(on a year-to-date basis) in the much more
constructive equity markets environment of
Q1/2012.
Over the last decade, asset growth in domes-
tic equity strategies has been consistently
challenged by persistent outflows. Continued
diversification in International and EM equities
as well as alternative investments, and more
recently the flight to the safety of U.S. Trea-
sury securities played into this observed trend.
Although we expect some normalization of
asset flows in the future based on the increas-
ing relative attractiveness of U.S. equities,
WHV needs to adapt to the changing invest-
ment landscape in order to continue to prosper
in the future. With this in mind, we discontin-
ued the WHV Socially Responsible Investment
(SRI) strategy in the first half of 2011, as we
felt that we were unable to develop this prod-
uct to scale due to a highly constrained market
place dominated by competitors who specialize
in this asset class.
In a more constructive move, our EM invest-
ment team conceived and developed an Inter-
national Small Cap strategy, which is consistent
in philosophy with other WHV equity strate-
gies. The international small cap asset class
displays attractive investment characteristics:
relative quality, growth, and valuation. It is also
in high demand among institutional investors
and is significantly capacity constrained, since
most successful offerings are currently closed
to new investments. The WHV International
Small Cap strategy is being implemented as of
this writing. The initial funding was provided
by an existing client in March 2012.
Additionally, under the leadership of Jeffrey
S. Romrell, Managing Director of Business
Development, WHV completed the conversion
of the Institutional Business Development team
into a functional specialization structure with
separate departments for sales, consultant
relations, and client service. David A.
Schwarzenberger leads the sales effort, while
Brian Forth conducts and oversees client
service functions. Jeff A. Stabler joined WHV
as Global Consultant Relations Officer. With
his extensive global experience, Jeff has already
made significant contributions to our consultant
relationship development effort. To round out
our team WHV also welcomed Crystal Kwok,
a well credentialed senior sales professional
with vast experience in institutional sales, as
Business Development Officer.
In closing, we would like to highlight the posi-
tive aspects of today’s investment environment.
Although Europe has slipped into a recession
and the U.S. continues to suffer from weak
economic growth, emerging market econo-
mies appear to be reaccelerating as EM cen-
tral banks have been able to contain inflation
and are becoming more accommodative. We
do anticipate further choppiness in the finan-
cial markets; however, the valuations of equity
securities are historically attractive on a global
basis. Given this outlook, we are very construc-
tive for global equity market returns over the
foreseeable future.
Under the strong leadership of our President
and CEO, Judith Stevens,WHV’s business func-
tions have been strengthened and streamlined,
while maintaining WHV’s unique business cul-
ture. WHV’s management team believes that
we can successfully manage the firm to above
industry benchmarks in terms of investment
performance, sales growth, and operational
excellence.
We thank you, the shareholders, for your con-
tinued loyalty.

Apple Computer
Freeport-McMoran Copper & Gold
National Oilwell Varco Inc.
Occidental Petroleum Corporation
CF Industries Holdings Inc.
Baker Hughes Inc.
EMC Corp.
Deere & Company
Philip Morris International
FedEx Corp.
Representative HoldinGS
INVESTMENT OBJECTIVE
The objective of the WHV Large Cap Core Equity strategy is to create a high-quality, focused, domestic
large capitalization, GARP-oriented (Growth-at-a-Reasonable-Price) equity portfolio that is expected to
outperform the Standard and Poor’s 500 Index over a full market cycle.
INVESTMENT STRATEGY
WHV utilizes a bottom-up/top-down overlay approach to construct a large cap core portfolio. Emphasis is
first placed on individual stock attributes using fundamental research and disciplined valuation techniques
to identify portfolio candidates. WHV then assesses macroeconomic factors and economic sector exposure
to ensure construction of a diversified, well-positioned portfolio.
Disclosures
The computations of performance numbers are size weighted and include
cash. As of December 31, 2011 the WHV Large Cap Core Equity composite
consisted of six tax-exempt accounts with $262 million in assets. Net of fees
performance is calculated using the highest annual fee for this product, 0.80%.
Management fees are fully described in the firm’s ADV Part II. Results reflect
reinvestment of income. Comparison of the composite to the S&P 500 is for
illustrative purposes only and the volatility of each may be materially different
due to varying degrees of diversification and/or other factors. The performance
of actual client accounts may vary due to client restrictions, timing of initial
investment, actual fees paid and/or other factors. Past performance does not
guarantee future results.
ANNUALIZED PERFORMANCE
The representative holdings are the ten largest positions
held in a representative account and are subject to change
without notice at WHV’s sole discretion.
All data is for the period ending December 31, 2011.
10 Years5 Years3 Years1 Year
-2.53
-3.31
2.11
14.26
13.36
14.11
0.76
-0.05 -0.25
3.02
2.20
2.92
WHV Net of Fees WHV Gross of Fees S&P 500
For the period ending December 31, 2011
Large Cap Core Equity

Apple Computer
Google Inc.
AmBev
Oceaneering Int’l Inc.
Philip Morris International
Freeport-McMoran Copper & Gold
Qualcomm Inc.
Endo Pharmaceuticals Hldgs Inc.
Intercontinental Exchange Inc.
Dollar Tree Inc.
Representative Holdings
Investment Objective
The objective of the WHV Large Cap Growth Equity strategy is to create a portfolio of companies that
offers long-term revenue, earnings growth and investment performance greater than the Russell 1000®
Growth Index.
Investment Strategy
Investments for the WHV Large Cap Growth are made in accordance with the fundamental philosophy
that revenue-driven earnings growth drives stock prices. We believe that the key to successful growth
investing is determining which companies will have sustainable growth.
Investments are selected for the strategy after undergoing rigorous fundamental and quantitative analysis
by the firm’s investment professionals. Specific company characteristics sought include:
»» Above average earnings and revenue growth
»» Sustainable growth driven primarily through internal development rather than by acquisition
»» Strong management
»» A strategic, dominant or proprietary position in their industry
»» Sound financial structure, high quality earnings, strong and/or improving returns on capital and
conservative accounting practices
Disclosures
The computations of performance numbers are size weighted and include cash.
As of December 31, 2011 the WHV Large Cap Growth Equity composite
consisted of four accounts with $3 million in assets. Net of fees performance is
calculated using the highest annual fee for this product, 0.80%. Management
fees are fully described in the firm’s ADV Part II. Results reflect reinvestment of
income. Comparison of the composite to the Russell 1000®
Growth Index is for
1
Russell 1000®
Growth Index
Annualized Performance
-5.92
-6.68
2.64
17.82
16.89
18.02
6.94
6.09
9.45
3.52
2.70
2.50
WHV Net of Fees WHV Gross of Fees Benchmark1
Large Cap Growth Equity

Kirby Corp.
Rockwell Automation
PetSmart Inc.
GNC Holdings Inc.
Varian Medical Systems Inc
Chicago Bridge & Iron
Plantronics
Affiliated Managers Group
Ball Corp.
The objective of the WHV MidCap Equity, GARP-oriented (Growth-at-a-Reasonable-Price) strategy is to
provide a highly diversified portfolio of Mid Cap companies that will outperform the S&P MidCap 400
Index over a market cycle.
Investment Strategy
The firm’s investment professionals, through strong fundamental research and industry knowledge, seek
to identify:
»» Companies with strong growth in sales and earnings
»» Companies with high reinvestment rates
»» Companies that benefit from favorable economic and demographic trends
WHV emphasizes companies demonstrating:
»» Growth through new and innovative products and services
»» Improved manufacturing processes and/or distribution
»» Successful new marketing and/or sales strategies
»» Increasing volume and/or improving pricing
»» Sustainable increases in profitability
Disclosures
As of December 31, 2011 the WHV MidCap Equity composite consisted of
eight accounts with $6 million in assets. Net of fees performance is calculated
using the highest annual fee for this product, 1.00%. Management fees are
fully described in the firm’s ADV Part II. Results reflect reinvestment of income.
Comparison of the composite to the S&P MidCap 400®
Index is for illustrative
purposes only and the volatility of each may be materially different due to
varying degrees of diversification and/or other factors. The performance of
actual client accounts may vary due to client restrictions, timing of initial
-5.79
-6.73
-1.73
21.07
19.88
19.57
3.14
2.11 3.32
9.71
8.62
9.74
WHV Net of Fees WHV Gross of Fees S&P MidCap 400
MidCap Equity

Chart Industries Inc.
DRIL-QUIP
Atwood Oceanics Inc.
Bristow Group Inc.
Gulfmark Offshore Inc.
Lufkin Industries, Inc.
Knight Capital Group Inc.
Leap Wireless Int’l Inc.
Vishay Intertechnology
Conmed Corp.
The objective of theWHV Small Cap Equity strategy is to create a diversified portfolio of small capitalization
companies that offers potentially higher investment returns than the Russell 2000 Index, measured over
statistically significant periods of five years of more.
Investment Strategy
The firm seeks to identify small capitalization companies utilizing a bottom-up approach. Specifically,
WHV targets companies demonstrating:
»» Strong management
»» Growth through introduction of innovative products and technology
»» An improvement in the manufacturing process
»» A successful new marketing or sales strategy
»» A sustainable increase in the profitability of their business
Disclosures
As of December 31, 2011 the WHV Small Cap Equity composite consisted
of 33 accounts with $1,174 million in assets. Net of fees performance is
fees are fully described in the firm’s ADV Part II. Results reflect reinvestment
of income. Comparison of the composite to the Russell 2000®
Index is for
-7.06
-7.99
-4.18
21.80
20.61
15.63
2.88
1.86
0.15
8.60
7.52
5.62
WHV Net of Fees WHV Gross of Fees Russell 2000®
Small Cap Equity

Southwest Bancorp Inc.
Limelight Networks
Cambrex Corp.
Flow Int’l Corp.
Skilled Healthcare Group
Banner Corp.
Digirad Corp.
Pixelworks Inc.
Columbia Banking
Network Engines Inc.
Representative Holdings Performance
3 Years2 Years1 Year
-11.29
-12.18 -11.33
11.79
10.69
7.40
44.54
43.14
19.14
WHV Net of Fees WHV Gross of Fees DJ Micro Cap
Disclosures
As of December 31, 2011 the WHV Micro Cap Equity composite consisted of
five accounts with $6 million in assets. Net of fees performance is calculated
using the highest annual fee for this product,1.00%. Management fees are
Comparison of the composite to the Dow Jones U.S. Micro Cap Total Stock
Market Indexsm
is for illustrative purposes only and the volatility of each may
be materially different due to varying degrees of diversification and/or other
factors. The performance of actual client accounts may vary due to client
restrictions, timing of initial investment, actual fees paid and/or other factors.
Past performance does not guarantee future results.
1
Composite and benchmark returns for the period ending December 31,
2008 is for a one-month period only.
Micro Cap Equity
The objective of the Micro Cap Equity strategy is to provide a diversified portfolio of micro cap companies
that is expected to generate above-benchmark returns. The firm seeks to buy stocks that are selling at a
meaningful discount to their perceived future value.
Most large, and even many small, capitalization companies tend to be widely followed by a number of Wall
Street analysts. As a result, the fundamentals and consensus valuations of these companies are broadly
disseminated throughout the market.
Micro cap securities on the other hand may have minimal to no sell side research coverage. Therefore,
the information available to the broad market is often limited and fragmented. WHV uses fundamental
analysis in the search for undiscovered value in such companies and capitalize on the market’s relative
inefficiency in their valuation. These investment opportunities that have yet to be efficiently priced by the
marketplace can have the potential for significant appreciation.
Investment Strategy
The firm seeks to identify micro cap companies utilizing a bottom-up approach that places equal merit
on valuation and growth potential. Each company’s fundamentals and valuations are evaluated in the
same manner in which a businessperson in that industry would. Specifically, WHV targets companies
demonstrating:
»» Unique goods or services that have not been realized by the market
»» A competitive advantage within their industry
»» Long term growth potential

BHP Billiton Ltd.
Nabors Industries Ltd.
Noble Corp.
Potash Corp. of Saskatchewan
Rio Tinto
Schlumberger Ltd.
Suncor Energy Inc.
Tenaris S.A.
Transocean Ltd.
Weatherford International Ltd.
The objective of the WHV International Equity strategy is to provide a portfolio of primarily large
capitalization international equity growth stocks with the objective of generating long-term capital
appreciation. The portfolio invests in American Depository Receipts (ADRs), U.S. Dollar denominated
equity securities and foreign equity securities.
Investment Strategy
WHVutilizesafive-step,top-downinvestmentprocess.First,therelativeattractivenessof10globaleconomic
sectors is analyzed. Second, the potential of 67 industry groups is examined. Third, the attractiveness of 51
countries is analyzed. Fourth, a universe of 1,500 foreign equity securities is researched. Lastly, a portfolio
of 30 to 60 stocks is constructed representing economic sectors that have the potential for long-term
earnings growth.
Disclosures
As of December 31, 2011 the WHV International Equity composite consisted
of 446 accounts with assets of $4,006 million. Net of fees performance is
calculated using the highest annual fee for this product,1.00%. Management
of income. Comparison of the composite to the MSCI EAFE (Net) Index is for
-14.82
-15.68
-12.14
17.88
16.72
7.65 3.74
2.71
-4.72
12.43
11.33
4.67
WHV Net of Fees WHV Gross of Fees MSCI EAFE (Net)
International Equity

Schlumberger Ltd.
Canadian National Railway Co.
Canadian Pacific Railway Ltd.
Noble Corp.
BHP Billiton Ltd.
Nestle S.A.
Potash Corp. of Saskatchewan Inc.
British American Tobacco
Diageo
The investment objective of the WHV International Equity Fund is to seek to achieve long-term capital
appreciation by creating a portfolio of primarily large capitalization international equity growth stocks.
The portfolio invests in American Depository Receipts (ADRs), U.S. Dollar denominated equity securities
and foreign equity securities.
Investment Strategy
The investment philosophy of the WHV International Equity Fund is grounded in the belief that investing
in the most attractive global economic sectors can generate superior investment performance. The mutual
fund employs the same top-down sector allocation approach as the long-running WHV International
Equity strategy and is managed by Mr. Richard K. Hirayama.
Disclosures
The performance data quoted represents past performance.
Past performance does not guarantee 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 and current
performance may be lower or higher than the performance
quoted. Sales charges would reduce performance of the
Fund’s A shares.
For performance data current to the most recent month end,
please call 888-948-4685.
The Maximum Sales Charge for the A Class of the fund is
5.75%. The fund charges a 2.0% redemption fee on shares
redeemed within 60 days. It is possible to lose money by
investing in the Fund.
The Fund invests in the securities of foreign and emerging
markets which are subject to currency fluctuation, political
instability, social and economic risks. Emerging markets
may be more volatile and less liquid than more developed
markets and therefore may involve greater risks.
WHVAX
WHVAX
(w max load 5.75%) WHVIX
MSCI
EAFE3
4Q11 10.91% 4.53% 11.07% 3.38%
1 Year -15.05% -19.94% -14.73% -11.73%
2 Year -0.69% -3.58% -0.40% -2.27%
Since Inception
(Annualized)
6.33% 3.75% 20.91%
8.43%4
/
2.80%5
A Share I Share
Class Retail Institutional
Ticker WHVAX WHVIX
Inception 7/31/2009 12/19/2008
Gross Expense Ratio1
1.57% 1.32%
Investor Expense Ratio2
1.50% 1.25%
Minimum Investment $5,000 $500,000
The Fund is also subject to valuation risk where securities held by the Fund may
not appreciate as anticipated.
You should carefully consider the investment objectives, risks, charges and
expenses of the WHV International Equity Fund before investing. For a copy
of the prospectus with this and other information about the funds, please call
888-948-4685. You should read the prospectus carefully before investing.
1,2
WHV has agreed to contractually limit expenses to 1.50% (Class A) and
1.25% (Class I) through August 31, 2013.
3
The benchmark referenced is as follows: MSCI EAFE Index (Europe,
Australasia, Far East) is a free float-adjusted market capitalization index
that is designed to measure the equity market performance of developed
markets, excluding the U.S. and Canada. As of December 2011, the MSCI
EAFE Index consisted of the following twenty-one developed markets
countries indices: Australia, Austria, Belgium, Denmark, Finland, France,
Germany, Greece, Hong Kong, Ireland, Italy, Japan, the Netherlands, New
Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the
United Kingdom. It is not possible to invest directly in an index.
Inception: 4
WHVAX - 07/31/09 | 5
WHVIX - 12/19/08
WHV International Equity Fund

BHP Billiton Ltd.
Canadian Pacific Railway Ltd.
Nabors Industries Ltd.
Nestle S.A.
Noble Corp.
Schlumberger Ltd.
Suncor Energy Inc.
Tenaris S.A.
All data is for period ending December 31, 2011.
The objective of the WHV Global Equity strategy is to provide a portfolio of primarily large capitalization
global equity growth stocks that is expected to generate long-term capital appreciation.
Investment Strategy
WHV utilizes a top-down sector allocation strategy to generate superior performance. First, the relative
attractiveness of 10 global economic sectors is analyzed. Second, the potential of 67 industry groups is
examined. Third, the attractiveness of 52 countries is analyzed. Fourth, our universe of 2,500 global
equity securities is researched. Finally, a portfolio of 30 to 60 stocks is constructed, representing primarily
economic sectors that have the potential to deliver superior long-term earnings growth.
Disclosures
As of December 31, 2011 the WHV Global Equity composite consisted of 102
accounts with assets of $553 million. Net of fees performance is calculated
using the highest annual fee for this product,1.00%. Management fees are
Comparison of the composite to the MSCI World (Net) Index is for illustrative
purposes only and the volatility of each may be materially different due to
varying degrees of diversification and/or other factors. The performance of
actual client accounts may vary due to client restrictions, timing of initial
Performance
-15.22
-16.08
-5.54
17.67
16.51
11.13
4.09
3.05
-2.37
7.07
6.00
1.06
WHV Net of Fees WHV Gross of Fees MSCI World (Net)
Global Equity

Eurocash S.A.
Tenaris S.A.
SOQUIMICH
Itau Unibanco Holding
Credicorp Ltd.
BIM Birlesik Magazalar A.S.
Kazakhmys
Eurasia Drilling
Bancolombia S.A.
China Oilfield Services Ltd.
All data is for period ending December 31, 2011.
The objective of the WHV Emerging Markets Equity strategy is to provide a portfolio of primarily large
capitalization equity growth stocks primarily domiciled in Emerging Markets. The portfolio invests in
foreign equity securities, U.S. Dollar denominated equity securities, Global Depositary Receipts and
American Depositary Receipts.
Investment Strategy
WHV utilizes a top-down country allocation process utilizing a multi-factor scoring model to identify the
relative attractiveness of various emerging markets. Subsequently, emphasis is placed on individual stock
attributes using fundamental research and disciplined valuation techniques to identify portfolio candidates.
WHV then assesses macroeconomic factors and economic sector exposure to ensure construction of a
diversified, well-positioned portfolio. The stock selection process itself is three dimensional and constitutes
a search for strong fundamentals, compelling valuations, and identifiable growth catalysts.
Disclosures
cash. As of December 31, 2011 the WHV Emerging Markets Equity composite
consisted of two accounts with assets of $9 million. Net of fees performance is
calculated using the highest annual fee for this product,1.00%. Management
of income. Comparison of the composite to the MSCI Emerging Markets
(Net) Index is for illustrative purposes only and the volatility of each may
be materially different due to varying degrees of diversification and/or other
factors. The performance of actual client accounts may vary due to client
1
Inception is June 1, 2009
2
MSCI Emerging Markets (Net) Index
Performance
4Q11201120102009*
29.90
29.27
31.24
19.74
18.56
18.88
-18.76
-19.59 -18.42
7.25
6.98
4.42
Emerging Markets Equity

SOQUIMICH
Tenaris S.A.
Credicorp Ltd.
AmBev
Itau Unibanco Holding S.A.
Coca-Cola FEMSA
TSM Co. Ltd.
Ecopetrol S.A.
CNOOC Ltd.
Arcos Dorados Holdings Inc.
The investment objective of the WHV Emerging Markets Equity Fund is to seek to achieve long-term
capital appreciation by creating a portfolio of primarily large capitalization equity growth stocks mainly
domiciled in Emerging Markets. The Fund’s holdings can be comprised of the following: foreign equity
securities, U.S. Dollar-denominated equity securities, Global Depositary Receipts and American Depositary
Receipts.
Investment Strategy
The investment philosophy is grounded in the conviction that superior investment performance results are
obtainable by identifying attractively valued companies that can grow their earnings faster than the overall
market.
Disclosures
The performance data quoted represents past performance.
Past performance does not guarantee 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 and current
performance may be lower or higher than the performance
quoted. Performance would have been lower without
expense limitations in effect.
For performance data current to the most recent month end,
please call 888-948-4685.
The Maximum Sales Charge for the A Class of the fund is
5.75%. The fund charges a 2.0% redemption fee on shares
redeemed within 60 days. It is possible to lose money by
investing in the Fund.
The Fund invests in the securities of foreign and emerging
markets which are subject to currency fluctuation, political
instability, social and economic risks. Emerging markets
may be more volatile and less liquid than more developed
markets and therefore may involve greater risks.
WHEAX
WHEAX
(w max load 5.75%) WHEIX
MSCI
EM2
4Q11 8.21% 2.04% 8.36% 4.44%
1 Year -19.49% -24.12% -19.38% -18.41%
Since
Inception3 -19.49% -24.12% -19.38% -18.41%
A Share I Share
Class Retail Institutional
Ticker WHEAX WHEIX
Inception 12/31/2010 12/31/2010
Gross Expense Ratio1
113.39% 104.44%
Investor Expense Ratio1
1.75% 1.50%
Minimum Investment $5,000 $500,000
The Fund is also subject to valuation risk where securities held by the Fund may
not appreciate as anticipated.
You should carefully consider the investment objectives, risks, charges and
expenses of the WHV Emerging Markets Equity Fund before investing. For a
copy of the prospectus with this and other information about the funds, please
call 888-948-4685. You should read the prospectus carefully before investing.
1
WHV has agreed to contractually limit expenses to 1.75% (Class A) and
1.50% (Class I) through December 31, 2013.
2
The benchmark referenced is as follows: MSCI Emerging Markets Index is
a free float-adjusted market capitalization index that is designed to measure
the equity market performance of emerging markets. As of December 2011,
the MSCI Emerging Markets Index consisted of the following twenty-one
Emerging Markets countries indices: Brazil, Chile, China, Colombia, Czech
Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico,
Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand,
and Turkey. It is not possible to invest directly in an index.
3
Inception: The Fund began operations on 12/31/10.
WHV Emerging Markets Equity Fund

Apple Computer
Pfizer Inc.
Texas Capital Bancshares Inc.
Gilead Sciences Inc.
Google Inc.
Nestle S.A. ADS
Danaher Corp.
PVH Corp.
The objective of WHV’s Select World Equity strategy is to provide clients with an investment portfolio
that encompasses multiple distinct equity strategies in a single portfolio. The portfolio currently consists of
what we believe to be WHV’s “best ideas” within each of five strategies:
»» Large Capitalization Core Equity
»» Mid Capitalization Equity
»» Small Capitalization Equity
»» International Equity
»» Emerging Markets Equity
Investment Strategy
The investment philosophy of this strategy mirrors the firm’s large cap core characteristics insofar as
GARP (Growth-at-Reasonable-Price) valuation is employed with a bottom-up emphasis on stock selection.
However, a top-down overview is incorporated to ensure that individual stock selection is suitable to the
current, broad economic perspective.
Annualized Performance1
Disclosures
The computations of performance numbers are size weighted
and include cash. As of December 31, 2011 the WHV Select
World Equity composite consisted of 11 accounts with
assets of $18 million. Net of fees performance is calculated
using the highest annual fee for this product, 1.00%.
Management fees are fully described in the firm’s ADV Part
II. Results reflect reinvestment of income. Comparison of the
composite to the blended benchmark Index is for illustrative
purposes only and the volatility of each may be materially
different due to varying degrees of diversification and/or
-4.66
-5.62
-1.20
4.88
3.84
7.95
15.95
14.80
14.73
1.95
0.93
0.11
other factors. The performance of actual client accounts may vary due to client
1
Returns reported are for the strategy before the addition of emerging
markets, which was added in January 2012.
2
The portfolio combines 55% large cap core, 20% mid cap, 12.5%
small cap, and 12.5% international equities and is benchmarked against
corresponding percentages of the S&P 500, S&P 400, Russell 2000,
and MSCI EAFE indices. Comparison of the WHV Select World Equity
composite to the blended benchmark is for illustrative purposes only and
the volatility of each may be materially different due to varying degrees of
diversification and/or other factors.
Select World Equity

Coupon Maturity
FNMA 2.625% Due 11-20-14
FNMA 4.750% Due 11-19-12
FHLMC 4.625% Due 10-25-12
FHLMC 4.125% Due 12-21-12
FNMA 2.125% Due 02-17-17
JP Morgan 4.650% Due 06-01-14
Chase & Co.
Wells Fargo Co. 3.750% Due 10-01-14
FNMA 4.000% Due 03-27-13
FNMA 4.000% Due 04-08-13
FHLMC 5.500% Due 08-20-12
The objective of the WHV Short-to-Intermediate Term Fixed Income strategy is to achieve a stable rate of
return with minimum risk of loss of capital. The fixed income team accomplishes this by positioning the
portfolio towards those sectors and areas of yield curve perceived to be most attractive and maintaining a
relatively high level of coupon income to provide stability of returns over time.
Investment Strategy
Emphasis in the Short-to-Intermediate Term Fixed product is in the one-to-five year area of the yield curve,
using sector rotation to take advantage of better relative values. The portfolio is normally laddered with
incremental returns derived primarily from sector selection. When a cyclical decline in interest rates is
anticipated, maturities between five and seven years may be purchased.
Disclosures
cash. As of December 31, 2011 the WHV Short-to-Intermediate Fixed Income
composite consisted of two accounts with assets of $35 million. Net of fees
performance is calculated using the highest annual fee for this product, 0.375%.
Management fees are fully described in the firm’s ADV Part II. Results reflect
reinvestment of income. Comparison of the composite to the Merrill Lynch
Government Corporate 1-5 Year Index is for illustrative purposes only and
the volatility of each may be materially different due to varying degrees of
diversification and/or other factors. The performance of actual client accounts
may vary due to client restrictions, timing of initial investment, actual fees paid
and/or other factors. Past performance does not guarantee future results.
1
Merrill Lynch U.S. Corporate & Government 1-5 Years Index
10 Year5 Year3 Year1 Year
1.87
1.49
3.10
3.27
2.89
4.05
5.06
4.66
4.81
4.52
4.13
4.26
Short-to-Intermediate Term Fixed Income

Coupon Maturity
Bottling Group 5.125% Due 01-15-19
(Pepsi)
FHLB 2.000% Due 07-12-16
FFCB 3.300% Due 06-14-19
FNMA 1.500% Due 03-30-17
FNMA 3.000% Due 10-20-17
FNMA 3.000% Due 12-06-18
Freddie MAC 4.500% Due 01-15-15
FNMA 5.000% Due 03-15-16
FHLMC 5.000% Due 07-15-14
FHLB 5.250% Due 06-18-14
The objective of the Intermediate Term Fixed Income strategy is to provide a high relative rate of return
while reducing portfolio volatility over the credit cycle.
Investment Strategy
This strategy adds value primarily through yield curve and fixed income sector positioning. Maturities
are generally limited to one-to-ten years and portfolio duration will remain within one year shorter or two
years longer than that of the Barclays Capital Government/Credit - Intermediate Bond Index. Securities at
the time of purchase are of investment grade (A/BBB) or better.
Disclosures
As of December 31, 2011 the WHV Intermediate Term Fixed Income composite
consisted of three accounts with assets of $4 million. Net of fees performance is
of income. Comparison of the composite to the Barclays Capital U.S.
Government/Credit Intermediate Bond Index is for illustrative purposes only
and the volatility of each may be materially different due to varying degrees of
diversification and/or other factors. The performance of actual client accounts
may vary due to client restrictions, timing of initial investment, actual fees paid
and/or other factors. Past performance does not guarantee future results.
1
Barclays Capital U.S. Government/Credit Intermediate Bond Index
10 Year5 Year3 Year1 Year
3.20
2.81
5.80
3.38
2.99
5.65
4.65
4.26
5.88
4.59
4.20
5.20
Intermediate Term Fixed Income

The objective of the WHV Fixed Income Plus Preferred Stock strategy is to achieve significantly enhanced
income characteristics while striving for only a moderate increase in portfolio volatility. The fixed income
team accomplishes this by positioning the portfolio towards those sectors and areas of the yield curve
perceived to be the most rewarding going forward.
Investment Strategy
The WHV Fixed Income Plus Preferred Stock strategy utilizes the firm’s short-to-intermediate fixed income
strategy as well as a preferred stock component. The firm’s fixed income discipline is utilized in order
to determine issues relating to relative value and appropriate entry/exit points. The skills of the firm’s
fundamental equity analysts are utilized in order to determine attractive preferred equity positions for
inclusion in the portfolio.
Disclosures
As of December 31,2011 theWHV Fixed Income Plus Preferred Stock composite
consisted of five accounts with assets of $7 million. Net of fees performance is
of income. Comparison of the composite to the blended benchmark is for
1
Inception date is September 30, 2007
2
67% Merrill Lynch U.S. Corporate & Government 1-5 Year/33% Merrill
Lynch U.S. Preferred Stock Fixed Rate Index
Performance
The representative holdings are the seven largest positions
3.79
3.40
3.46
4.67
4.28
5.34 5.30
4.90
7.24
4.67
4.28
4.07
WHV Net of Fees WHV Gross of Fees
Benchmark2
Preferred
Stock Coupon Maturity
G E Capital 6.10% 11/15/32
G E Capital 6.00% 04/24/47
Viacom Inc. 6.85% 12/15/55
Bank of 6.00% 08/15/34
America Corp.
Georgia 6.375% 07/15/47
Power Co.
Wells Fargo 6.25% 6/15/67
Capital
AT&T 6.375% 2/15/56
Fixed Income Plus Preferred Stock

Consolidated
Financial
Statements

LAIRD NORTON INVESTMENT MANAGEMENT, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
as of December 31, 2011 and 2010
ASSETS
CURRENT ASSETS 2011 2010
Cash and cash equivalents $24,281,313   $22,328,706
Fees receivable - billed 594,693   798,480
Fees receivable - unbilled 12,667,590   13,507,043
Other receivables 502,980   538,564
Prepaid expenses 930,132   1,021,631
Deferred income taxes 3,303,512   3,153,543
Income taxes receivable 1,065,103   —
Investment in securities 2,777,963   3,095,835
Total current assets 46,123,286   44,443,802
FIXED ASSETS - AT COST
Furniture and equipment 1,397,390   1,327,614
Computer equipment and software 2,193,054   1,735,495
Leasehold improvements 4,079,280   4,095,144
Total fixed assets - at cost 7,669,724   7,158,253
Less accumulated depreciation (4,118,998) (3,331,639)
Net fixed assets 3,550,726   3,826,614
OTHER ASSETS
Long-term investment in affiliated entity 50,000   50,000
Goodwill 8,656,655   8,656,655
Other 1,043,078   985,680
Total other assets 9,749,733   9,692,335
TOTAL $59,423,745   $57,962,751
Audited financial statements and their accompanying footnotes will be provided upon request when available.

CONSOLIDATED BALANCE SHEETS
as of December 31, 2011 and 2010
LIABILITIES AND SHAREHOLDERS’ INVESTMENT
CURRENT LIABILITIES 2011 2010
Accounts payable and accrued expenses $23,829,740   $23,591,937
Current maturities of deferred compensation 148,427   144,743
Income taxes payable —     1,153,331
Deferred rent 212,073   205,883
Total current liabilities 24,190,240   25,095,894
NONCURRENT LIABILITIES
Deferred compensation - net of current maturities 1,122,882   1,231,708
Deferred income taxes 3,645,406   3,152,012
Deferred rent 1,107,172   1,319,245
Total noncurrent liabilities 5,875,460   5,702,965
SHAREHOLDERS’ INVESTMENT
Common stock – $10 par. Authorized 200,000 shares; outstanding
144,852 shares and 144,414 shares, respectively 1,448,520   1,444,140
Additional paid-in capital 2,375,232   2,201,462
Retained earnings 25,379,502   22,802,309
Accumulated other comprehensive income, net of tax effect of
$99,632 and $462,200, respectively 154,791   715,981
Total shareholders' investment 29,358,045   27,163,892
TOTAL $59,423,745   $57,962,751

CONSOLIDATED STATEMENTS OF INCOME
Years ended December 31, 2011 and 2010
OPERATING INCOME 2011 2010
Investment management fees:
Advisory fees earned from clients $83,656,863   $71,743,394
Subadvisor fees earned from affiliated entity 717,282   826,297
Subadvisor fees paid to affiliated entity (42,221,588) (34,105,609)
Total investment management fees, net of
subadvisor fees paid 42,152,557   38,464,082
Interest income 19,296   9,261
Total operating income 42,171,853   38,473,343
OPERATING EXPENSES
Compensation, benefits and related taxes 25,841,401   24,167,214
Occupancy 607,392   603,297
Travel and entertainment 1,046,026   947,246
Data processing 1,124,560   1,050,469
Depreciation and amortization 787,359   757,297
Professional services 1,193,319   1,206,678
Investment advisory 1,962,179   1,709,278
Marketing 146,060   117,319
Other 2,376,407   2,070,940
Total operating expenses 35,084,703   32,629,738
Net operating income 7,087,150   5,843,605
OTHER (EXPENSE) INCOME
Interest expense (12,598) (25,740)
Other expense, net (3,812) (5,296)
Realized gain on sale of investments, net 563,853   465,814
Total other income (expense) 547,443   434,778
Income before provision for income taxes 7,634,593   6,278,383
Provision for income taxes 2,855,964   2,483,060
NET INCOME $4,778,629   $3,795,323

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
2011 2010
NET INCOME $4,778,629   $3,795,323
OTHER COMPREHENSIVE INCOME
Change in unrealized gain on investment securities, net of tax
effect of $99,632 and $462,200, respectively (561,190) 279,337
COMPREHENSIVE INCOME $4,217,439   $4,074,660
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ INVESTMENT
Year ended December 31, 2011
Accumulated
Additional Other
Common Stock Paid-in Retained Comprehensive
Shares Amount Capital Earnings Income Total
BALANCE -
December 31, 2010 $144,414   $1,444,140   $2,201,462   $22,802,309   $715,981   $27,163,892
Net income —     —     —     4,778,629   — 4,778,629
Dividends declared
and paid —     —     —     (2,201,438) — (2,201,438)
Stock-based
compensation —     —     224,386   — — 224,386
Stock options
exercised 2,970   29,700   1,078,388   — — 1,108,088
Redemption of
common stock (2,532) (25,320) (1,189,508) — — (1,214,828)
Excess tax benefits
from stock-based
compensation
arrangements — — 60,504   — — 60,504
Decrease in
unrealized gain on
investment securities,
net of tax effect of
$99,632 — — — — (561,190) (561,190)
BALANCE -
December 31, 2011 $144,852   $1,448,520   $2,375,232   $25,379,500   $154,791   $29,358,043

CONSOLIDATED STATEMENTS OF CASH FLOWS
CASH FLOWS FROM OPERATING ACTIVITIES 2011 2010
Net income $4,778,629   $3,795,323
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 787,359   757,297
Stock-based compensation expense 224,386   263,827
Accretion of deferred compensation expense 7,477   19,611
Deferred income taxes 705,993   (1,447,378)
Deferred compensation (112,619) (52,850)
Deferred rent (205,883) (186,673)
Realized gain on sale of investments, net (563,852) (465,814)
Excess tax benefits from stock-based compensation arrangements 27,161   136,175
(Increase) decrease in:
Fees and other receivable 1,078,824   (2,120,828)
Prepaid expenses 91,499   (86,134)
Other assets (57,398) (97,098)
Income taxes receivable/payable (2,218,434) 1,361,681
Accounts payable and accrued expenses 237,803   5,544,148
Net cash provided by operating activities 4,780,945   7,421,287
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of fixed assets (511,471) (203,470)
Purchases of investments (3,782,030) (1,582,191)
Proceeds from sales of investments 3,739,996   1,512,295
Net cash used in investing activities (553,505) (273,366)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercised stock options 1,108,088   125,305
Redemption of common stock (1,214,828) (260,950)
Settlement of stock award —     (215,919)
Dividends paid on common stock (2,201,436) (1,110,193)
Excess tax benefits (deficiencies) from stock-based compensation
arrangements 33,343   (10,283)
Net cash used in financing activities (2,274,833) (1,472,040)
Increase in cash and cash equivalents 1,952,607   5,675,881
CASH AND CASH EQUIVALENTS - beginning of year 22,328,706   16,652,825
CASH AND CASH EQUIVALENTS - end of year $24,281,313   $22,328,706

W. Kurt Hauser
Chairman
Gary R. Severson Sebastian V. Mickle
(Associate Director)
Steven K. Buster
Theodore H. Smyth, Jr.
Dr. C. Budd Colby
Judith R. Stevens
Richard J. Forster Jeffrey K. Romrell
Jeffery S. Vincent
Management Team
Judith R. Stevens - President and Chief Executive Office, Chair
Reiner M. Triltsch - Executive Vice President, Chief Investment Officer
Jeffrey K. Romrell - Executive Vice President, Managing Director, Business Development
Deirdre J. G. Porter - Executive Vice President, Managing Director
John A. Gagliano - Senior Vice President, Managing Director, Broker-Sponsored Programs
Pavita Fleischer - Vice President, Chief Compliance Officer
Heather L. Hall - Vice President, Managing Director, Finance and Human Resources, Corporate Secretary
Kenneth E. Piper - Vice President, Managing Director, Operations
Board of Directors

801 Second Avenue, Suite 1210
Seattle, WA 98104-1576
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

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