Semi-Annual Report June 30, 2013 Cheswold Lane International High Dividend Fund - Semi-Annual Report - June 30, 2013 Cheswold Lane International High Dividend Fund

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• Financial services
• Funds
• Generally Accepted Accounting Principles
• Net asset value
• Dividend
• Income statement
• Financial economics
• Finance
• Investment

Contact: Colleen Quinn Scharpf, CFA President & Chief Operating Officer Cheswold Lane Asset Management, LLC[removed]removed]

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• Cheswold Lane Asset Management
• Montgomery County
• Pennsylvania
• West Conshohocken
• Pennsylvania

CHESWOLD LANE ASSET MANAGEMENT, LLC 100 FRONT STREET, SUITE 960 WEST CONSHOHOCKEN, PA[removed]PHONE[removed]FAX[removed]

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• MSCI EAFE
• MSCI
• Ian Bremmer
• Emerging markets
• G-Zero
• Developed market
• Index
• Late-2000s financial crisis
• P/E ratio
• Economics
• Investment
• Financial economics

Cheswold Lane International High Dividend Strategy Objective March 31, 2014 Outperform the MSCI EAFE Index over market cycles, while maintaining lower volatility and higher dividend yields

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• Cheswold Lane Asset Management
• MSCI EAFE
• MSCI
• P/E ratio
• Asset allocation
• Investment management
• Collective investment scheme
• Portfolio
• Financial economics
• Investment
• Finance

Cheswold Lane Funds PO BOX 2175 Milwaukee, WI[removed]June 28, 2013 Cheswold Lane International High Dividend Fund 2013 Mid-Year Distribution

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Cheswold Lane Funds PO BOX 2175 Milwaukee, WI[removed]December 30, 2013 Cheswold Lane International High Dividend Fund 2013 Year-End Distribution

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