worldwide investors portfolio unaudited semi-annual...

The views expressed in this report and the information about the SICAV’s portfolio holdings are for the period covered and are subject to change thereafter.

No subscriptions can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual report or the most recent semi-annual report, if published thereafter.

OPPORTUNISTIC EQUITY FUND

GLOBAL REAL ESTATE SECURITIES FUND

EMERGING MARKETS FIXED INCOME FUND

U.S. HIGH YIELD FUND

Unaudited Semi-Annual Report

Worldwide Investors Portfolio

Société d’Investissement à Capital Variable

organized under the laws of the Grand Duchy of Luxembourg

30 September 2013

2

(This page has been left blank intentionally)

3

BOARD OF DIRECTORSMr Austin J. O’ConnorMr Robert F. GuniaMr Alexander v. Ungern-SternbergMr Christopher Steven Cooper (from 20 September 2013)Mr Richard Nicholas Didio (from 20 September 2013)Mr Anthony Previte Jr. (from 20 September 2013)Ms Susan M. Scheader, Chairman (until 20 September 2013)Mr Stanford L. Kutler (until 20 September 2013)Ms Rebecca Condit (until 20 September 2013)

REGISTERED OFFICE4, rue Jean Monnet, L-2180 Luxembourg

MANAGERPrudential Investments LLC*Gateway Center Three, 100 Mulberry Street,Newark, New Jersey 07102, U.S.A.

INVESTMENT ADVISERSJennison Associates LLC466 Lexington Avenue, New York, New York 10017, U.S.A.

Prudential Investment Management, Inc.*Gateway Center Two, 100 Mulberry Street,Newark, New Jersey 07102, U.S.A.

CUSTODIAN AND PAYING AGENTSal. Oppenheim jr. & Cie. Luxembourg S.A.4, rue Jean Monnet, L-2180 Luxembourg

DOMICILIARY, CORPORATE AND ADMINISTRATIVE AGENTOppenheim Asset Management Services S.à r.l.4, rue Jean Monnet, L-2180 Luxembourg

REGISTRAR AND TRANSFER AGENTSal. Oppenheim jr. & Cie. Luxembourg S.A.4, rue Jean Monnet, L-2180 Luxembourg

DISTRIBUTOROppenheim Fonds Trust GmbHUnter Sachsenhausen 4, D-50667 Cologne

AUDITORPricewaterhouseCoopers, Société coopérative400, route d’Esch, B.P. 1443, L-1014 Luxembourg

LEGAL ADVISERfor Luxembourg lawArendt & Medernach14, rue Erasme, L-2082 Luxembourg

Page

Letter to Shareholders ....................................................................... 4

I. Opportunistic Equity Fund

Schedule of Investments .......................................................... 5

II. Global Real Estate Securities Fund


III. Emerging Markets Fixed Income Fund


Forward Foreign Exchange Contracts ........................................ 14

IV. U.S. High Yield Fund


Forward Foreign Exchange Contracts ........................................ 20

V. Combined Statements

Statement of Assets and Liabilities ............................................ 22

Statement of Operations ........................................................... 24

Statement of Changes in Net Assets

and Statistical Information .................................................... 26

Economic Classification of Investments .............................................. 28

Notes to the Financial Statements ...................................................... 29

GENERAL INFORMATION

* None of these companies is affiliated with Prudential plc, a company headquartered in the United Kingdom.

R.C.S. Luxembourg B 39 048

4

15 October 2013

Dear Shareholders

Worldwide Investors Portfolio SICAV, incorporated in Luxembourg, currently offers four Sub-Funds to those who wish to pursue global investment opportunities. The Sub-Funds are the Opportunistic Equity Fund, the Global Real Estate Securities Fund, the Emerging Markets Fixed Income Fund, and the U.S. High Yield Fund.

The Opportunistic Equity Fund invests primarily in major established U.S. companies that have prospects for greater price appreciation than the broadly based U.S. stock indices. The Global Real Estate Securities Fund seeks total return by investing primarily in equity securities of companies that are engaged principally in the real estate industry throughout the world.

The Emerging Markets Fixed Income Fund seeks high current income, with capital appreciation as a secondary objective. It seeks to achieve these objectives primarily through investment in a portfolio of high-yielding, transferable debt securities and other instruments issued by governments and corporations in emerging markets throughout the world. (Emerging markets include countries that are defined as emerging or developing economies by the International Finance Corporation, the International Bank for Reconstruction and Development (World Bank), or the United Nations or its authorities.) The U.S. High Yield Fund seeks high current income by investing primarily in high-yielding, U.S. transferable debt securities that are either rated below investment grade by major rating agencies or are unrated securities of comparable quality in the view of the Investment Adviser.

There can be no assurance that these funds will achieve their respective investment objectives.

We are pleased to present the following investment results for the six-month period that ended 30 September 2013.

Cordially,

Chris Cooper Anthony PreviteDirector Director

LETTER TO SHAREHOLDERS

5 The accompanying notes are an integral part of the financial statements.

Schedule of Investments as of 30 September 2013

Currency

Nominal

or

Quantity Description

Market

Value

(USD)

% of

Net

Assets


Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets

Transferable Securities admitted to an Official Exchange Listing or Dealt in on another Regulated Market

Common/preferred stocks (shares)

CanadaUSD 8,842 Thomson Reuters Corp. 309,558 1.16 111111111

FranceEUR 7,423 Accor S.A. 308,024 1.15EUR 20,385 Vivendi S.A. 467,938 1.75 111111111

775,962 2.90 111111111

JapanUSD 3,564 Toyota Motor Corp. ADR 456,299 1.71 111111111

NetherlandsUSD 16,952 Constellium B.V. -A- 328,869 1.23 111111111

PanamaUSD 7,534 Carnival Corp. 245,910 0.92 111111111

United KingdomUSD 15,956 Amarin Corp. PLC ADR 100,842 0.38 111111111

USAUSD 7,250 21st Century Fox -A- 242,875 0.91USD 16,994 Activision Blizzard Inc. 283,290 1.06USD 6,973 Agilent Technologies Inc. 357,366 1.34USD 12,264 AllScripts Healthcare Solutions Inc. 182,366 0.68USD 9,358 Altera Corp. 347,743 1.30USD 1,082 Apple Inc. 515,843 1.93USD 3,741 Boeing Co. 439,567 1.64USD 10,961 Brink’s Co. 310,196 1.16USD 52,896 Brocade Communications Systems Inc. 425,813 1.59USD 3,575 Bunge Ltd. 271,378 1.01USD 29,734 Cadence Design Systems Inc. 401,409 1.50USD 21,939 Calpine Corp. 426,275 1.59USD 7,885 Cameron Intl. Corp. 460,247 1.72USD 15,311 Charles Schwab Corp. 323,675 1.21USD 10,126 Cobalt Intl. Energy Inc. 251,732 0.94USD 6,869 Comcast Corp. -A- Special 297,909 1.11USD 15,176 CONSOL Energy Inc. 510,672 1.91USD 5,461 CVS Caremark Corp. 309,912 1.16USD 9,843 Delta Air Lines Inc. 232,196 0.87USD 11,188 Diebold Inc. 328,480 1.23USD 2,630 Dover Corp. 236,253 0.88USD 2,238 EOG Resources Inc. 378,849 1.42USD 4,764 Evercore Partners Inc. -A- 234,532 0.88USD 6,259 Express Scripts Holding Co. 386,681 1.45USD 3,242 FedEx Corp. 369,945 1.38USD 13,802 Fortinet Inc. 279,629 1.05USD 8,234 GameStop Corp. -A- 408,818 1.53USD 2,021 Goldman Sachs Group Inc. 319,742 1.20USD 408 Google Inc. -A- 357,371 1.34USD 18,191 Hologic Inc. 375,644 1.40USD 9,168 Hyatt Hotels Corp. -A- 393,857 1.47USD 7,856 Impax Laboratories Inc. 161,127 0.60USD 12,186 ING U.S. Inc. 355,953 1.33USD 26,596 International Game Technology 503,462 1.88USD 14,059 International Rectifier Corp. 348,241 1.30USD 8,430 JPMorgan Chase & Co. 435,747 1.63USD 15,203 Juniper Networks Inc. 301,932 1.13USD 2,578 Kirby Corp. 223,126 0.83USD 6,247 Lear Corp. 447,098 1.67USD 25,688 Live Nation Entertainment Inc. 476,512 1.78USD 10,156 Merck & Co. Inc. 483,527 1.81

USD 11,474 MetLife Inc. 538,704 2.01USD 12,494 Microsoft Corp. 416,175 1.56USD 15,685 Mondelez Intl. Inc. 492,823 1.84USD 3,843 Monsanto Co. 401,094 1.50USD 11,150 Newfield Exploration Co. 305,176 1.14USD 19,259 Pfizer Inc. 552,926 2.07USD 22,192 Pinnacle Entertainment Inc. 555,910 2.08USD 7,074 PNC Financial Services Group Inc. 512,511 1.92USD 1,647 PPG Industries Inc. 275,148 1.03USD 6,430 Schlumberger Ltd. 568,155 2.13USD 5,339 Silver Spring Networks Inc. 92,525 0.35USD 6,953 Southwestern Energy Co. 252,950 0.95USD 14,995 Superior Energy Services Inc. 375,475 1.40USD 18,809 Symetra Financial Corp. 335,176 1.25USD 4,538 Teradata Corp. 251,587 0.94USD 6,452 Terex Corp. 216,787 0.81USD 74,442 The Wendy’s Co. 631,268 2.36USD 8,650 Tyson Foods Inc. -A- 244,622 0.91USD 4,396 United Technologies Corp. 473,977 1.77USD 5,870 Universal Health Services Inc. -B- 440,191 1.65USD 1,989 Viacom Inc. -B- 166,241 0.62USD 5,214 Wal-Mart Stores Inc. 385,627 1.44USD 10,380 Wells Fargo & Co. 428,902 1.60USD 8,107 Xilinx Inc. 379,894 1.42 111111111

23,690,834 88.57 111111111

Total common/preferred stocks (shares) 25,908,274 96.87 111111111

Total investments 25,908,274 96.87

Other assets and liabilities 837,462 3.13 111111111

Net assets 26,745,736 100.00 111111111 111111111

OPPORTUNISTIC EQUITY FUND



Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Real Estate Equity Securities

AustraliaAUD 5,000 Australand Property Group -Stapled- 17,010 0.13AUD 26,100 CFS Retail Property Trust Group 48,653 0.36AUD 5,065 Charter Hall Retail REIT 17,750 0.13AUD 41,427 Commonwealth Property Office Fund 44,018 0.33AUD 72,808 Dexus Property Group 68,201 0.51AUD 17,000 Federation Centres 36,127 0.27AUD 24,940 Goodman Group – Stapled Security 113,438 0.85AUD 31,380 GPT Group 101,783 0.76AUD 13,455 Investa Office Fund 36,995 0.28AUD 44,195 Mirvac Group -Stapled- 71,675 0.54AUD 6,779 Stockland 24,452 0.18AUD 30,564 Westfield Group 313,647 2.35 111111111

893,749 6.70 111111111

CanadaCAD 1,068 Boardwalk Real Estate Investment Trust 59,658 0.45CAD 633 Canadian Apartment Properties REIT 12,564 0.09CAD 3,342 Chartwell Retirement Residences 32,729 0.25CAD 1,697 RioCan Real Estate Investment Trust 39,984 0.30 111111111

144,935 1.09 111111111

FranceEUR 227 Foncière Des Régions 18,787 0.14EUR 242 ICADE S.A. 22,054 0.17EUR 1,476 Klepierre 63,858 0.48EUR 811 Unibail-Rodamco SE 200,781 1.50 111111111

305,480 2.29 111111111

GermanyEUR 3,354 Alstria Office REIT-AG 41,604 0.31EUR 12,847 Prime Office REIT-AG 57,229 0.43 111111111

98,833 0.74 111111111

JapanJPY 85 GLP J-REIT 95,357 0.71JPY 4 Japan Real Estate Investment Corp. 46,960 0.35JPY 2 Nippon Building Fund Inc. 24,953 0.19JPY 7 Nippon Prologis REIT Inc. 70,226 0.53JPY 2,100 NTT Urban Development Corp. 27,639 0.21JPY 28 United Urban Investment Corp. 42,951 0.32 111111111

308,086 2.31 111111111

NetherlandsEUR 402 Corio N.V. 17,281 0.13EUR 8,731 Eurocommercial 352,813 2.65EUR 761 Wereldhave N.V. 55,082 0.41 111111111

425,176 3.19 111111111

SingaporeSGD 17,733 Ascendas Real Estate Investment Trust 32,188 0.24SGD 125,950 Keppel REIT 123,334 0.92SGD 7,000 Mapletree Commercial Trust 6,771 0.05SGD 9,560 Mapletree Industrial Trust 10,275 0.08 111111111

172,568 1.29 111111111

United KingdomGBP 4,274 Big Yellow Group PLC 30,377 0.23GBP 10,823 British Land Co. PLC 100,960 0.76GBP 6,329 Great Portland Estates PLC 55,103 0.41GBP 11,995 Hammerson PLC 97,071 0.73GBP 9,856 Land Securities Group PLC 146,308 1.09


GBP 12,040 Segro PLC 60,289 0.45 111111111

490,108 3.67 111111111

USAUSD 4,065 American Campus Communities Inc. 138,820 1.04USD 1,916 Apartment Investment &

Management Co. -A- 53,533 0.40USD 1,391 Avalonbay Communities Inc. 176,782 1.33USD 4,317 BioMed Realty Trust Inc. 80,253 0.60USD 1,689 Boston Properties Inc. 180,554 1.35USD 1,503 Camden Property Trust 92,344 0.69USD 3,766 CBL & Associates Properties Inc. 71,931 0.54USD 2,513 Chesapeake Lodging Trust 59,156 0.44USD 3,050 Corporate Office Properties Trust 70,455 0.53USD 2,762 CubeSmart 49,274 0.37USD 8,673 DCT Industrial Trust Inc. 62,359 0.47USD 4,558 DDR Corp. 71,606 0.54USD 3,099 Douglas Emmett Inc. 72,733 0.55USD 6,011 Duke Realty Corp. 92,810 0.70USD 1,317 Equity Residential 70,552 0.53USD 561 Essex Property Trust Inc. 82,860 0.62USD 2,163 Excel Trust Inc. 25,956 0.19USD 9,526 General Growth Properties Inc. 183,756 1.38USD 4,910 Glimcher Realty Trust 47,872 0.36USD 1,029 HCP Inc. 42,138 0.32USD 3,305 Health Care REIT Inc. 206,166 1.55USD 2,462 Healthcare Realty Trust 56,897 0.43USD 1,386 Home Properties Inc. 80,041 0.60USD 12,567 Host Hotels & Resorts Inc. 222,059 1.65USD 2,741 Hudson Pacific Properties Inc. 53,312 0.40USD 6,070 Kimco Realty Corp. 122,493 0.92USD 5,694 Kite Realty Group Trust 33,765 0.25USD 2,588 Liberty Property Trust 92,133 0.69USD 1,347 LTC Properties Inc. 51,159 0.38USD 2,294 Macerich Co. 129,473 0.97USD 4,151 Mack-Cali Realty Corp. 91,073 0.68USD 2,000 Physicians Realty Trust REIT 24,240 0.18USD 1,858 Post Properties Inc. 83,647 0.63USD 7,268 ProLogis Inc. 273,422 2.05USD 1,839 Public Storage 295,251 2.21USD 1,759 Regency Centers Corp. 85,048 0.64USD 3,643 Simon Property Group Inc. 540,002 4.05USD 1,734 SL Green Realty Corp. 154,049 1.15USD 1,138 Sovran Self Storage Inc. 86,124 0.65USD 44,384 Strategic Hotels & Resorts Inc. 385,253 2.89USD 5,281 Sunstone Hotel Investors Inc. 67,280 0.50USD 7,420 UDR Inc. 175,854 1.32USD 4,558 Ventas Inc. 280,317 2.10USD 2,026 Vornado Realty Trust 170,306 1.28USD 1,336 Weingarten Realty Investors 39,185 0.29 111111111

5,524,293 41.41 111111111

Total Real Estate Equity Securities 8,363,228 62.69 111111111

Common/preferred stocks (shares)

BermudaHKD 8,000 Kerry Properties Ltd. 34,099 0.26USD 18,000 Hongkong Land Holdings Ltd. 118,800 0.89 111111111

152,899 1.15 111111111

FinlandEUR 7,577 Sponda OYJ 39,072 0.29 111111111

GermanyEUR 14,539 DIC ASSET AG NA 159,953 1.20EUR 1,181 GSW Immobilien AG 51,773 0.39EUR 604 LEG Immobilien AG NA 34,709 0.26 111111111

246,435 1.85 111111111



Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets

Hong KongHKD 12,050 Cheung Kong (Holdings) Ltd. 183,533 1.38HKD 45,446 Hang Lung Properties Ltd. 154,731 1.16HKD 35,824 Henderson Land Development Co. Ltd. 221,303 1.66HKD 72,200 Sino Land Co. Ltd. 106,336 0.80HKD 34,910 Sun Hung Kai Properties Ltd. 474,985 3.55HKD 16,000 Wheelock & Company Ltd. 84,912 0.64 111111111

1,225,800 9.19 111111111

JapanJPY 5,900 AEON Mall Co. Ltd. 175,820 1.32JPY 900 Daito Trust Construction Co. Ltd. 90,290 0.68JPY 7,000 Daiwa House Industry Co. Ltd. 132,290 0.99JPY 7,200 Hulic Co. Ltd. 108,090 0.81JPY 20,922 Mitsubishi Estate Co. Ltd. 619,626 4.64JPY 15,612 Mitsui Fudosan Co. Ltd. 526,068 3.94JPY 3,500 Nomura Real Estate Holdings Inc. 86,440 0.65JPY 6,114 Sumitomo Realty & Development Co. Ltd. 291,053 2.18 111111111

2,029,677 15.21 111111111

JerseyEUR 6,502 Atrium European Real Estate Ltd. 36,714 0.28 111111111

NorwayNOK 13,716 Norwegian Property ASA 18,133 0.14 111111111

SingaporeSGD 39,000 CapitaLand Ltd. 95,940 0.72SGD 1,000 CapitaMalls Asia Ltd. 1,556 0.01SGD 57,000 Global Logistic Properties Ltd. 131,145 0.98 111111111

228,641 1.71 111111111

SwedenSEK 3,406 Hufvudstaden AB -A- 43,438 0.32SEK 915 Klovern AB Vz. 21,077 0.16 111111111

64,515 0.48 111111111

USAUSD 4,497 American Assets Trust Inc. 137,203 1.03USD 3,685 Forest City Enterprises Inc. -A- 69,794 0.52USD 3,451 Stag Industrial Inc 69,434 0.52USD 1,008 Starwood Hotels & Resorts Worldwide Inc. 66,982 0.50 111111111

343,413 2.57 111111111

Total common/preferred stocks (shares) 4,385,299 32.87 111111111



Net assets 13,341,102 100.00 111111111 111111111




Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Bonds

ArgentinaEUR 1,465,000 Argentina 05-38 Step-Up Par Fac.

1,00, 2.26%, 31/12/2038 692,754 0.30EUR 950,000 Argentina 09-33 Disc. Fac. 1,3599879,

7.82%, 31/12/2033 1,088,290 0.47USD 2,510,000 Argentina 03-33 Disc. Fac. 1,3846606,

5.77%, 31/12/2033 2,224,319 0.97USD 258,388 Argentina 05-35 GDP, 0.06244%,

15/12/2035 23,255 0.01USD 300,000 Argentina 05-38 Step-Up Par Fac.

1,00, 2.50%, 31/12/2038 106,500 0.05USD 1,000,000 Argentina 10-17, 8.75%, 02/06/2017 817,500 0.36USD 300,000 Buenos Aires 12-17 EMTN, 9.95%,

01/03/2017 280,500 0.12USD 250,000 Buenos Aires City 10-15, 12.50%,

06/04/2015 260,000 0.11USD 165,000 Provincia de Buenos Aires

10-15 -144A-, 11.75%, 05/10/2015 155,925 0.07 111111111

5,649,043 2.46 111111111

ArmeniaUSD 1,315,000 Armenia 13-20 -144A-, 6.00%,

30/09/2020 1,280,547 0.56 111111111

AzerbaijanUSD 200,000 State Oil Company of Azerbaijan

(SOCAR) 13-23, 4.75%, 13/03/2023 187,750 0.08 111111111

BahrainUSD 600,000 Bahrain 13-23 -144A-, 6.125%,

01/08/2023 598,500 0.26 111111111

BelarusUSD 750,000 Belarus 10-15 Reg. -S-, 8.75%,

03/08/2015 723,750 0.32USD 540,000 Belarus 11-18 Reg. -S-, 8.95%,

26/01/2018 507,600 0.22 111111111

1,231,350 0.54 111111111

BelizeUSD 106,800 Belize 13-38 -144A- VAR, 5.00%,

20/02/2038 64,080 0.03USD 850,000 Belize 13-38 VAR, 5.00%, 20/02/2038 510,000 0.22 111111111

574,080 0.25 111111111

BermudaUSD 450,000 China Oil & Gas Group Ltd. 13-18,

5.25%, 25/04/2018 428,258 0.19USD 400,000 Digicel Group Ltd. 10-18 Reg. -S-,

10.50%, 15/04/2018 433,000 0.19USD 225,000 Digicel Group Ltd. 12-20 -144A-,

8.25%, 30/09/2020 232,875 0.10 111111111

1,094,133 0.48 111111111

BoliviaUSD 300,000 Bolivia 13-23 -144A-, 5.95%,

22/02/2023 286,500 0.12 111111111

BrazilBRL 30 Brazil 03-15, 6.00%, 15/05/2015 32,371 0.01BRL 497 Brazil 07-17, 10.00%, 01/01/2017 218,338 0.10BRL 44 Brazil 09-14, 6.00%, 15/08/2014 46,368 0.02BRL 1,221 Brazil 10-21 S. –F-, 10.00%, 01/01/2021 515,592 0.22BRL 4,963 Brazil 12-23, 10.00%, 01/01/2023 2,057,198 0.90BRL 650,000 CESP 07-15 -144A-, 9.75%, 15/01/2015 422,719 0.18USD 250,000 Bertin Ltda. 06-16 -144A-, 10.25%,

05/10/2016 270,938 0.12USD 1,976,000 Brazil 04-34, 8.25%, 20/01/2034 2,573,740 1.11USD 795,000 Brazil 06-37, 7.125%, 20/01/2037 934,125 0.41USD 350,000 Brazil 09-41, 5.625%, 07/01/2041 349,125 0.15USD 1,300,000 Brazil 12-23, 2.625%, 05/01/2023 1,140,750 0.50USD 370,000 Brazil 97-27, 10.125%, 15/05/2027 562,400 0.25USD 200,000 BRF S.A. 12-22 -144A-, 5.875%,

06/06/2022 199,000 0.09USD 750,000 Caixa Economica Federal 13-18

-144A-, 4.50%, 03/10/2018 744,563 0.32USD 100,000 JBS S.A. 06-16, 10.50%, 04/08/2016 108,750 0.05USD 400,000 Votorantim Cimentos S.A. 11-41,

7.25%, 05/04/2041 366,500 0.16 111111111

10,542,477 4.59 111111111

British Virgin IslandsUSD 460,000 CNOOC Finance 2013 Ltd. 13-23,

3.00%, 09/05/2023 413,451 0.18USD 750,000 Sinochem Overseas Capital Co. Ltd.

10-20 Reg. -S-, 4.50%, 12/11/2020 753,721 0.33USD 1,000,000 Sinopec Group Overseas Development (2012)

Ltd. 12-22 Reg. -S-, 3.90%, 17/05/2022 978,645 0.43USD 400,000 Sinopec Group Overseas Development (2012)

Ltd. 12-42 -144A-, 4.875%, 17/05/2042 376,090 0.16USD 900,000 Sinopec Group Overseas Development (2012)

Ltd. 12-42 Reg. -S-, 4.875%, 17/05/2042 846,204 0.37 111111111

3,368,111 1.47 111111111

CanadaUSD 200,000 First Quantum Minerals Ltd. 12-19-144A-,

7.25%, 15/10/2019 188,000 0.08USD 300,000 Pacific Rubiales Energy Corp. 11-21,

7.25%, 12/12/2021 315,000 0.14USD 400,000 Pacific Rubiales Energy Corp. 13-23,

5.125%, 28/03/2023 358,500 0.16 111111111

861,500 0.38 111111111

Cayman IslandsUSD 200,000 Agile Property Holdings Ltd.

13-perpetual VAR, 8.25%, 31/12/2050 172,500 0.08USD 200,000 Amber Circle Funding Ltd. 12-22

Reg. -S-, 3.25%, 04/12/2022 183,370 0.08USD 350,000 BFF Intl. Ltd. 10-20 Reg. -S-, 7.25%,

28/01/2020 385,000 0.17USD 250,000 JBS Fin. II Ltd. 10-18 -144A-, 8.25%,

29/01/2018 253,750 0.11USD 500,000 JBS Fin. II Ltd. 10-18 Reg. -S-, 8.25%,

29/01/2018 507,500 0.22USD 420,000 Longfor Properties Co. Ltd. 11-16 Reg.

-S-, 9.50%, 07/04/2016 448,896 0.20USD 205,000 MCE Finance Ltd. 13-21 -144A-, 5.00%,

15/02/2021 196,800 0.09USD 200,000 Odebrecht Fin. Ltd. 12-22 -144A-,

5.125%, 26/06/2022 193,500 0.08USD 300,000 Odebrecht Fin. Ltd. 12-22, 5.125%,

26/06/2022 290,250 0.13USD 500,000 Odebrecht Fin. Ltd. 12-42 Reg. -S-,

7.125%, 26/06/2042 476,250 0.21USD 750,000 Odebrecht Offshore Drilling Financial Ltd.

13-22 -144A-, 6.75%, 01/10/2022 768,750 0.32




Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets

USD 500,000 Schahin II Fin. Co. SPV Ltd. 12-22 -144A- Fac. 0,958, 5.875%, 25/09/2022 457,445 0.20

USD 200,000 TGI Intl. Ltd. 12-22 -144A-, 5.70%, 20/03/2022 200,500 0.09 111111111

4,534,511 1.98 111111111

ChileUSD 460,000 Embotelladora Andina S.A. 13-23

-144A-, 5.00%, 01/10/2023 460,230 0.20USD 325,000 Inversiones Alsacia S.A. 11-18 -144A-

Fac. 0,825215517, 8.00%, 18/08/2018 214,958 0.09 111111111

675,188 0.29 111111111

ColombiaUSD 300,000 Colombia 04-24, 8.125%, 21/05/2024 387,375 0.18USD 115,000 Colombia 06-37, 7.375%, 18/09/2037 143,577 0.06USD 2,325,000 Colombia 09-41, 6.125%, 18/01/2041 2,534,250 1.10USD 1,200,000 Colombia 96-16 Tr. 2, 8.66%,

07/10/2016 1,432,716 0.62 111111111

4,497,918 1.96 111111111

CongoUSD 1,125,000 Congo 07-29 VAR Fac. 0,931095, 3.00%,

30/06/2029 879,885 0.38 111111111

Costa-RicaUSD 375,000 Banco De Costa Rica 13-18 SRN Reg.S.,

5.25%, 12/08/2018 379,875 0.16USD 200,000 Costa Rica 13-25, 4.375%, 30/04/2025 174,000 0.08USD 300,000 Republic Costa Rica 12-23, 4.25%,

26/01/2023 268,500 0.11USD 200,000 Republic Costa Rica 13-25 -144A-,

4.375%, 30/04/2025 174,000 0.08USD 205,000 Republic Costa Rica 13-43 -144A-,

5.625%, 30/04/2043 175,019 0.08 111111111

1,171,394 0.51 111111111

CroatiaUSD 1,445,000 Croatia 09-19 Reg. -S-, 6.75%,

05/11/2019 1,540,731 0.67USD 585,000 Croatia 10-20 Reg. -S-, 6.625%,

14/07/2020 620,100 0.27USD 1,150,000 Croatia 11-21 Reg. -S-, 6.375%,

24/03/2021 1,187,662 0.52USD 485,000 Croatia 12-17 -144A-, 6.25%,

27/04/2017 509,648 0.22USD 400,000 Croatia 13-23 -144A-, 5.50%,

04/04/2023 383,000 0.17USD 300,000 Republic Croatia 10-20 -144A-,

6.625%, 14/07/2020 318,000 0.14 111111111

4,559,141 1.99 111111111

Czech RepublicEUR 140,000 EP Energy a.s. 12-19 -144A-,

5.875%, 01/11/2019 201,742 0.09 111111111

Dominican RepublicUSD 1,455,000 Dominican Republic 05-18 Reg. -S-

Fac. 0.9836792, 9.04%, 23/01/2018 1,556,488 0.68USD 1,725,000 Dominican Republic 10-21 Reg.

-S- Fac. 1,00, 7.50%, 06/05/2021 1,839,281 0.80USD 155,000 Dominican Republic 13-24 -144A-

Fac. 1,00, 5.875%, 18/04/2024 143,763 0.06 111111111

3,539,532 1.54 111111111

EcuadorUSD 730,000 Ecuador 05-15 Reg. -S-, 9.375%,

15/12/2015 759,200 0.33 111111111

EgyptUSD 320,000 Egypt Government Bond 10-40 -144A-,

6.875%, 30/04/2040 260,800 0.11USD 550,000 Egypt Government Bond 10-40 Reg. -S-,

6.875%, 30/04/2040 448,250 0.20 111111111

709,050 0.31 111111111

El SalvadorUSD 750,000 El Salvador 02-23 Reg. -S-, 7.75%,

24/01/2023 815,625 0.36USD 815,000 El Salvador 04-34 -144A-, 7.625%,

21/09/2034 855,750 0.37USD 400,000 El Salvador 09-19 Reg. -S-, 7.375%,

01/12/2019 435,000 0.19USD 500,000 El Salvador 12-25, 5.875%,

30/01/2025 473,750 0.21USD 300,000 Republic El Salvador 02-32, 8.25%,

10/04/2032 323,250 0.14 111111111

2,903,375 1.27 111111111

Georgian RepublicUSD 600,000 Georgian Railway JSC 12-22

Reg. -S-, 7.75%, 11/07/2022 627,000 0.28USD 200,000 Georgian 11-21, 6.875%,

12/04/2021 213,000 0.09 111111111

840,000 0.37 111111111

GermanyUSD 200,000 ESAL GmbH 13-23 -144A-, 6.25%,

05/02/2023 176,500 0.08 111111111

GhanaGHS 305,000 Ghana 13-16, 16.90%, 07/03/2016 132,420 0.06USD 330,000 Ghana 07-17, 8.50%, 04/10/2017 360,113 0.16USD 665,000 Ghana 13-23 -144A-, 7.875%,

07/08/2023 645,050 0.28 111111111

1,137,583 0.50 111111111

GreeceEUR 1,290,000 Greece 12-23 S.1 PSI Step Cpn,

2.00%, 24/02/2023 1,076,097 0.47 111111111

GuatemalaUSD 200,000 Guatemala 12-22, 5.75%, 06/06/2022 205,750 0.09USD 200,000 Guatemala 13-28 -144A-, 4.875%,

13/02/2028 182,000 0.08USD 200,000 Guatemala 13-28, 4.875%, 13/02/2028 182,000 0.08 111111111

569,750 0.25 111111111

Hong KongUSD 295,000 CNOOC Ltd. 13-23, 4.50%, 03/10/2023 294,174 0.13 111111111

HungaryEUR 1,304,000 Hungary 08-18, 5.75%, 11/06/2018 1,830,679 0.80EUR 200,000 Hungary 11-19, 6.00%, 11/01/2019 283,479 0.12USD 330,000 Magyar Export-Import Bank 12-18

-144A-, 5.50%, 12/02/2018 332,063 0.15USD 800,000 Magyar Export-Import Bank 12-18 Reg.

-S-, 5.50%, 12/02/2018 805,000 0.35USD 1,221,000 Hungary 10-20, 6.25%, 29/01/2020 1,303,417 0.57USD 1,196,000 Hungary 11-21, 6.375%, 29/03/2021 1,272,245 0.55USD 2,136,000 Hungary 11-41, 7.625%, 29/03/2041 2,285,520 1.00USD 694,000 Hungary 13-23, 5.375%, 21/02/2023 674,915 0.29 111111111

8,787,318 3.83 111111111




Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets

IndonesiaUSD 300,000 Indonesia 05-35 Reg. -S-, 8.50%,

12/10/2035 363,750 0.16USD 750,000 Indonesia 08-18 Reg. -S-, 6.875%,

17/01/2018 834,375 0.37USD 1,010,000 Indonesia 08-38, 7.75%, 17/01/2038 1,146,350 0.50USD 500,000 Indonesia 10-20 Reg. -S-, 5.875%,

13/03/2020 525,625 0.23USD 2,000,000 Indonesia 11-21 Reg. -S-, 4.875%,

05/05/2021 1,980,000 0.86USD 300,000 Indonesia 12-22 Reg. -S-, 3.75%,

25/04/2022 270,000 0.12USD 500,000 Indonesia 12-42 Reg. -S-, 5.25%,

17/01/2042 423,750 0.18USD 985,000 Indonesia 13-23, 3.375%, 15/04/2023 839,712 0.37USD 1,250,000 Indonesia 13-23, 5.375%, 17/10/2023 1,243,750 0.54USD 375,000 Indonesia 13-43 -144A-, 4.625%,

15/04/2043 296,250 0.13USD 500,000 Indonesia 13-43, 4.625%, 15/04/2043 395,000 0.17USD 700,000 Perusahaan Penerbit SBSN Indonesia III

TR 13-19 -144A-, 6.125%, 15/03/2019 729,750 0.32USD 400,000 PT Adaro Indonesia 09-19 Reg. -S-,

7.625%, 22/10/2019 416,800 0.18USD 1,000,000 PT Pertamina (Persero) 11-21 Reg. -S-,

5.25%, 23/05/2021 947,500 0.41USD 350,000 PT Pertamina (Persero) 11-41 -144A-,

6.50%, 27/05/2041 304,500 0.13USD 1,060,000 PT Pertamina (Persero) 12-42, 6.00%,

03/05/2042 858,600 0.37USD 200,000 PT Pertamina (Persero) 13-23, 4.30%,

20/05/2023 171,000 0.08 111111111

11,746,712 5.12 111111111

IraqUSD 3,755,000 Iraq 06-28, 5.80%, 15/01/2028 3,182,363 1.39 111111111

IrelandUSD 500,000 EDC Financial Ltd 13-20, 4.875%,

17/04/2020 477,500 0.21USD 200,000 EDC Financial Ltd. 13-20, 4.875%,

17/04/2020 191,000 0.08USD 200,000 PhosAgro Bond Funding Ltd. 13-18

-144A-, 4.20%, 13/02/2018 196,500 0.09USD 350,000 Sibur Securities Limited 13-18 Reg.S.,

3.914%, 31/01/2018 332,500 0.15USD 200,000 Sibur Securities Ltd. 13-18 -144A-,

3.914%, 31/01/2018 190,000 0.08USD 200,000 Steel Funding Ltd. 12-19 -144A-,

4.95%, 26/09/2019 194,500 0.08USD 100,000 VEB Finance Ltd. 10-25 Reg. -S-,

6.80%, 22/11/2025 105,750 0.05USD 400,000 VEB Finance PLC 10-20 Reg. -S-,

6.90%, 09/07/2020 438,520 0.19USD 165,000 VIP Fin. Ireland Ltd. 08-18, 9.125%,

30/04/2018 190,988 0.08 111111111

2,317,258 1.01 111111111

Isle of ManUSD 850,000 Sasol Financing Intl. PLC 12-22,

4.50%, 14/11/2022 777,750 0.34 111111111

Ivory CoastUSD 4,803,000 Ivory Coast 09-32 Fac. 1,00, 5.75%,

31/12/2032 4,226,640 1.84 111111111

JamaicaUSD 350,000 Jamaica 07-39, 8.00%, 15/03/2039 294,000 0.13USD 300,000 Jamaica 08-19, 8.00%, 24/06/2019 295,500 0.13 111111111

589,500 0.26 111111111


KazakhstanUSD 450,000 Development Bank of Kazakhstan JSC

12-22 -144A-, 4.125%, 10/12/2022 415,125 0.18USD 200,000 Development Bank of Kazakhstan JSC

12-22, 4.125%, 10/12/2022 184,500 0.08USD 200,000 Eurasian Development Bank 12-22,

4.767%, 20/09/2022 187,040 0.08USD 480,000 Eurasian Development Bank 13-20

-144A-, 5.00%, 26/09/2020 475,330 0.21USD 1,190,000 JSC NC KazMunayGas 10-20 Reg.

-S-, 7.00%, 05/05/2020 1,341,725 0.58USD 420,000 KazAgro National Management Holding

JSC 13-23 -144A-, 4.625%, 24/05/2023 382,200 0.17USD 450,000 KazAgro National Management Holding

JSC 13-23, 4.625%, 24/05/2023 409,500 0.18USD 1,000,000 KazMunaiGaz National Co. 13-43,

5.75%, 30/04/2043 877,500 0.38USD 815,000 KazMunayGas National Co.13-43

-144A-, 5.75%, 30/04/2043 715,162 0.31 111111111

4,988,082 2.17 111111111

LebanonUSD 1,105,000 Lebanon 06-21 EMTN, 8.25%,

12/04/2021 1,191,742 0.52USD 875,000 Lebanon 11-19, 5.45%, 28/11/2019 824,688 0.36USD 650,000 Lebanon 11-19, 6.00%, 20/05/2019 640,250 0.28USD 175,000 Lebanon 11-26, 6.60%, 27/11/2026 165,375 0.07USD 75,000 Lebanon 12-27, 6.75%, 29/11/2027 72,203 0.03 111111111

2,894,258 1.26 111111111

LithuaniaUSD 200,000 Lithuania 10-20 -144A-, 7.375%,

11/02/2020 242,500 0.11USD 250,000 Lithuania 10-20 Reg. -S-, 7.375%,

11/02/2020 303,125 0.13USD 75,000 Lithuania 11-21 -144A-, 6.125%,

09/03/2021 85,594 0.04USD 1,000,000 Lithuania 11-21 Reg. -S-, 6.125%,

09/03/2021 1,141,250 0.49USD 265,000 Lithuania 12-22 -144A-, 6.625%,

01/02/2022 310,712 0.14 111111111

2,083,181 0.91 111111111

LuxembourgEUR 225,000 Wind Acquisition Finance S.A. 09-17,

11.75%, 15/07/2017 323,090 0.14EUR 540,000 Wind Acquisition Holdings Fin. S.A .

09-17, 12.25%, 15/07/2017 723,479 0.32USD 200,000 Dufry Finance SCA 12-20 -144A-,

5.50%, 15/10/2020 201,682 0.09USD 200,000 Evraz Group S.A. 12-17, 7.40%,

24/04/2017 204,500 0.09USD 775,000 Gaz Capital S.A. 04-34 Reg. -S-,

8.625%, 28/04/2034 926,125 0.40USD 1,325,000 Gaz Capital S.A. 09-19, 9.25%,

23/04/2019 1,630,015 0.71USD 200,000 GPN Capital S.A. 12-22 -144A-,

4.375%, 19/09/2022 184,000 0.08USD 550,000 Millicom Intl. Cellular S.A. 13-20

-144A-, 4.75%, 22/05/2020 511,500 0.22USD 200,000 Minerva Luxembourg S.A. 12-22

-144A-, 12.25%, 10/02/2022 225,000 0.10USD 675,000 Minerva Luxembourg S.A. 13-23 -144A-,

7.75%, 31/01/2023 636,187 0.28USD 200,000 Offshore Drilling Holding S.A. 13-20

-144A-, 8.375%, 20/09/2020 202,250 0.09USD 205,000 Rosneft Finance S.A. 10-20, 7.25%,

02/02/2020 231,650 0.10



Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets

USD 1,200,000 RSHB Capital S.A. 08-18 Reg. -S-, 7.75%, 29/05/2018 1,350,000 0.59

USD 200,000 RSHB Capital S.A. 11-21 VAR, 6.00%, 03/06/2021 198,000 0.09

USD 850,000 SB Capital S.A. 12-19, 5.18%, 28/06/2019 885,275 0.39

USD 945,000 VTB Capital S.A. 08-18, 6.875%, 29/05/2018 1,015,875 0.43

USD 500,000 Wind Acquisition Finance S.A. 09-17, 11.75%, 15/07/2017 531,250 0.23

USD 300,000 Wind Acquisition Finance S.A. 09-17 -144A-, 11.75%, 15/07/2017 318,750 0.14 111111111

10,298,628 4.49 111111111

MexicoMXN 65,300 Mexico 11-22, 6.50%, 09/06/2022 512,208 0.22USD 250,000 BBVA Bancomer S.A. 11-21 -144A-,

6.50%, 10/03/2021 260,000 0.11USD 500,000 Cemex SAB de CV 13-19, 5.875%,

25/03/2019 480,000 0.21USD 200,000 Cemex SAB de CV 13-19 SRN -144A-,

6.50%, 10/12/2019 197,000 0.09USD 200,000 Comision Federal De Electricidad 12-42

-144A-, 5.75%, 14/02/2042 185,000 0.08USD 450,000 Comision Federal de Electricidad 12-42,

5.75%, 14/02/2042 416,250 0.18USD 400,000 Mexichem SAB de CV 12-22 -144A-,

4.875%, 19/09/2022 388,000 0.17USD 200,000 Mexichem SAB de CV 12-42 -144A-,

6.75%, 19/09/2042 186,000 0.08USD 680,000 Mexico 12-44, 4.75%, 08/03/2044 615,400 0.27USD 200,000 Mexico 01-31 MTN, 8.30%, 15/08/2031 273,000 0.12USD 750,000 Mexico 03-33, 7.50%, 08/04/2033 952,500 0.42USD 800,000 Mexico 04-34, 6.75%, 27/09/2034 948,000 0.41USD 2,404,000 Mexico 08-40, 6.05%, 11/01/2040 2,628,774 1.15USD 770,000 Mexico 10-2110, 5.75%, 12/10/2110 723,800 0.32USD 1,046,000 Petroleos Mexicanos 10-21, 5.50%,

21/01/2021 1,119,220 0.48USD 1,175,000 Petroleos Mexicanos 11-41, 6.50%,

02/06/2041 1,217,744 0.52USD 400,000 Petroleos Mexicanos 12-44, 5.50%,

27/06/2044 363,136 0.16USD 380,000 Petroleos Mexicanos 13-23, 3.50%,

30/01/2023 344,428 0.15USD 200,000 Tenedora Nemak S.A. 13-23 -144A-,

5.50%, 28/02/2023 189,000 0.08USD 500,000 Tenedora Nemak S.A. de CV 13-23

Reg. -S-, 5.50%, 28/02/2023 472,500 0.21 111111111

12,471,960 5.43 111111111

MicronesiaUSD 1,350,000 JSC NC KazMunayGas 08-18

Reg. -S-, 9.125%, 02/07/2018 1,653,750 0.72 111111111

MongoliaUSD 200,000 Mongolia 12-18 Reg. -S-, 4.125%,

05/01/2018 181,500 0.08USD 200,000 Mongolia 12-22 Reg. -S-, 5.125%,

05/12/2022 169,000 0.07 111111111

350,500 0.15 111111111

MoroccoUSD 445,000 Koenigreich Marokko 12-22 Reg.S.,

4.25%, 11/12/2022 405,039 0.18USD 375,000 Morocco 12-42 -144A-, 5.50%,

11/12/2042 312,188 0.14USD 505,000 Morocco 12-42, 5.50%, 11/12/2042 420,412 0.18 111111111

1,137,639 0.50 111111111

NetherlandsUSD 250,000 Bharti Airtel Intl. Netherlands B.V.

13-23, 5.125%, 11/03/2023 223,750 0.10USD 200,000 Bharti Airtel Intl.Netherlands B.V.

13-23 -144A-, 5.125%, 11/03/2023 179,000 0.08USD 90,000 DTEK Fin. B.V. 10-15 Reg. -S-,

9.50%, 28/04/2015 88,200 0.04USD 450,000 Indosat Palapa Company B.V.

10-20 Reg. -S-, 7.375%, 29/07/2020 470,250 0.20USD 600,000 Kazakhstan Temir Zholy Finance B.V.

12-42 -144A-, 6.95%, 10/07/2042 605,220 0.26USD 875,000 Kazakhstan Temir Zholy Finance B.V.

12-42 Reg. -S-, 6.95%, 10/07/2042 882,613 0.39USD 740,000 KazMunaiGaz Finance Sub B.V.

10-21 Reg. -S-, 6.375%, 09/04/2021 810,300 0.35USD 455,000 Lukoil Intl. Fin. B.V. 10-20 Reg. -S-,

6.125%, 09/11/2020 484,575 0.21USD 130,000 Majapahit Holdings B.V. 07-37,

7.875%, 29/06/2037 135,200 0.06USD 200,000 Majapahit Holdings B.V. 09-19,

8.00%, 07/08/2019 222,000 0.10USD 1,000,000 Majapahit Holdings B.V. 09-20,

7.75%, 20/01/2020 1,097,500 0.48USD 200,000 Marfrig Holdings Europe B.V. 13-21

-144A-, 11.25%, 20/09/2021 197,260 0.09USD 700,000 Myriad International Holdings B.V.

13-20 -144A-, 6.00%, 18/07/2020 735,000 0.32USD 2,135,000 Northern Lights III B.V. 12-19 Reg. -S-,

7.00%, 16/08/2019 2,289,787 1.00USD 280,000 Petrobras Global Fin. B.V. 13-23,

4.375%, 20/05/2023 256,140 0.11USD 420,000 Petrobras Global Fin. B.V. 13-43,

5.625%, 20/05/2043 351,746 0.15USD 350,000 Petrobras Global Finance B.V. 13-19,

3.00%, 15/01/2019 329,147 0.14USD 250,000 VimpelCom Holdings B.V. 13-19,

5.20%, 13/02/2019 248,125 0.11 111111111

9,605,813 4.19 111111111

NigeriaNGN 32,014,000 Nigeria 09-19, 7.00%, 23/10/2019 148,109 0.06NGN 38,547,000 Nigeria 10-15, 4.00%, 23/04/2015 208,770 0.09NGN 8,500,000 Nigeria 10-30, 10.00%, 23/07/2030 40,887 0.02NGN 11,735,000 Nigeria 11-14, 10.50%, 18/03/2014 71,760 0.03NGN 18,555,000 Nigeria 13-08.05.14 Treas. Bill, 0.00%,

08/05/2014 107,007 0.05NGN 40,430,000 Nigeria 13-22.05.14 Treas. Bill, 0.00%,

22/05/2014 231,887 0.10USD 200,000 Nigeria 11-21, 6.75%, 28/01/2021 214,500 0.09USD 400,000 Nigeria 13-23 -144A-, 6.375%,

12/07/2023 408,000 0.18 111111111

1,430,920 0.62 111111111

PakistanUSD 900,000 Pakistan 06-16 Reg. -S-, 7.125%,

31/03/2016 875,250 0.38 111111111

PanamaUSD 330,000 Panama 02-23, 9.375%, 16/01/2023 436,425 0.19USD 865,000 Panama 04-34, 8.125%, 28/04/2034 1,087,738 0.48USD 400,000 Panama 05-26, 7.125%, 29/01/2026 489,000 0.21USD 850,000 Panama 06-36 Fac. 1,00, 6.70%,

26/01/2036 971,125 0.42USD 1,025,000 Panama 97-27, 8.875%, 30/09/2027 1,409,375 0.62USD 150,000 Panama 99-29, 9.375%, 01/04/2029 214,125 0.09 111111111

4,607,788 2.01 111111111


Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets




Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets

PeruUSD 750,000 Corporacion Pesquera Inca 10-17

Reg. -S-, 9.00%, 10/02/2017 750,000 0.33USD 165,000 Fondo Mivivienda S.A. 13-23 -144A-,

3.50%, 31/01/2023 143,138 0.06USD 1,450,000 Peru 03-33, 8.75%, 21/11/2033 2,088,000 0.91USD 1,235,000 Peru 05-25, 7.35%, 21/07/2025 1,577,712 0.69USD 1,150,000 Peru 07-37 Fac. 1,00, 6.55%,

14/03/2037 1,359,875 0.59USD 165,000 Peru 10-50, 5.625%, 18/11/2050 170,363 0.07 111111111

6,089,088 2.65 111111111

PhilippinesPHP 6,000,000 Philippines 10-21, 4.95%, 15/01/2021 148,612 0.06USD 500,000 Philippines 00-25, 10.625%, 16/03/2025 757,500 0.33USD 495,000 Philippines 05-30, 9.50%, 02/02/2030 735,075 0.32USD 450,000 Philippines 06-31, 7.75%, 14/01/2031 586,125 0.26USD 450,000 Philippines 07-32, 6.375%, 15/01/2032 527,062 0.23USD 1,000,000 Philippines 09-34, 6.375%, 23/10/2034 1,178,750 0.52USD 1,240,000 Philippines 11-26, 5.50%, 30/03/2026 1,381,050 0.60USD 160,000 Power Sector Assets & Liabilities

Management Corp. 09-24, 7.39%, 02/12/2024 192,000 0.08 111111111

5,506,174 2.40 111111111

PolandUSD 1,290,000 Poland 11-21, 5.125%, 21/04/2021 1,402,875 0.61USD 915,000 Poland 11-22, 5.00%, 23/03/2022 984,083 0.43USD 444,000 Poland 12-23, 3.00%, 17/03/2023 406,704 0.18 111111111

2,793,662 1.22 111111111

RomaniaEUR 55,000 Romania 12-19, 4.875%, 07/11/2019 77,147 0.03USD 1,548,000 Romania 12-22 Reg. -S-, 6.75%,

07/02/2022 1,765,030 0.77USD 234,000 Romania 13-23 -144A-, 4.375%,

22/08/2023 223,763 0.10USD 1,502,000 Romania 13-23, 4.375%, 22/08/2023 1,436,287 0.63 111111111

3,502,227 1.53 111111111

RussiaUSD 200,000 EuroChem Mineral & Chemical Co.

12-17 -144A-, 5.125%, 12/12/2017 199,000 0.09USD 200,000 EuroChem Mineral and Chemical Co.

OJSC 12-17 Reg.S., 5.125%, 12/12/2017 199,000 0.09USD 2,600,000 Russia 00-30 Reg. -S- Step-Up Fac.

0,715, 7.50%, 31/03/2030 2,190,794 0.95USD 200,000 Russia 12-42 -144A-, 5.625%,

04/04/2042 205,000 0.09USD 200,000 Russia 13-23 -144A-, 4.875%,

16/09/2023 204,500 0.09USD 400,000 Russia 13-43 -144A-, 5.875%,

16/09/2043 414,000 0.18USD 1,555,000 Russia 98-28 Reg. -S-, 12.75%,

24/06/2028 2,667,136 1.15 111111111

6,079,430 2.64 111111111

SenegalUSD 400,000 Senegal 11-21 Reg. -S-, 8.75%,

13/05/2021 421,000 0.18 111111111

SerbiaUSD 295,000 Serbia 05-24 Step-Up Fac. 0,394787578,

6.75%, 01/11/2024 113,260 0.05USD 755,000 Serbia 11-21 -144A-, 7.25%,

28/09/2021 784,256 0.34USD 600,000 Serbia 11-21 Reg. -S-, 7.25%,

28/09/2021 623,250 0.27


USD 450,000 Serbia 12-17, 5.25%, 21/11/2017 446,625 0.19USD 1,000,000 Serbia 13-20, 4.875%, 25/02/2020 933,750 0.41 111111111

2,901,141 1.26 111111111

SingaporeUSD 850,000 Berau Capital Resources Pte. Ltd.10-15

Reg. -S-, 12.50%, 08/07/2015 888,250 0.39USD 400,000 Ottawa Holdings Pte. Ltd. 13-18,

5.875%, 16/05/2018 314,000 0.14USD 200,000 TBG Global Pte. Ltd. 13-18 -144A-,

4.625%, 03/04/2018 189,000 0.08USD 400,000 TBG Global Pte. Ltd. 13-18, 4.625%,

03/04/2018 378,000 0.16USD 450,000 Theta Capital Pte. Ltd. 12-19, 7.00%,

16/05/2019 443,334 0.19 111111111

2,212,584 0.96 111111111

SloveniaUSD 955,000 Slovenia 13-23 -144A-, 5.85%,

10/05/2023 907,250 0.39USD 670,000 Slovenia 13-23, 5.85%, 10/05/2023 636,500 0.28 111111111

1,543,750 0.67 111111111

South AfricaUSD 600,000 Eskom Holdings Ltd. 11-21, 5.75%,

26/01/2021 595,500 0.26USD 900,000 Eskom Holdings SOC Ltd. 13-23

-144A-, 6.75%, 06/08/2023 924,930 0.41USD 360,000 South Africa 10-20, 5.50%,

09/03/2020 386,550 0.17USD 530,000 South Africa 11-41, 6.25%,

08/03/2041 555,175 0.24USD 1,275,000 South Africa 12-24, 4.665%,

17/01/2024 1,236,750 0.54USD 400,000 Transnet SOC Ltd. 12-22 -144A-,

4.00%, 26/07/2022 353,000 0.15ZAR 3,460,000 South Africa 06-36 R. 209, 6.25%,

31/03/2036 259,078 0.11 111111111

4,310,983 1.88 111111111

Sri LankaUSD 1,000,000 Bank Of Ceylon 12-17 Reg. -S-,

6.875%, 03/05/2017 997,500 0.43USD 1,145,000 National Savings Bank 13-18

-144A-, 8.875%, 19/09/2018 1,173,625 0.51USD 1,220,000 Sri Lanka 10-20 Reg. -S-, 6.25%,

04/10/2020 1,181,875 0.52USD 400,000 Sri Lanka 11-21 Reg. -S-, 6.25%,

27/07/2021 381,000 0.17USD 250,000 Sri Lanka 12-22, 5.875%,

25/07/2022 228,750 0.10 111111111

3,962,750 1.73 111111111

SwedenEUR 200,000 EILEME 2 AB 12-20 -144A-, 11.75%,

31/01/2020 315,876 0.14EUR 220,000 TVN Fin. Corp. II AB 09-17 Reg. -S-

redeemable at 100% on 16.10.13, 10.75%, 16/10/2013 316,014 0.14

EUR 300,000 TVN Fin. Corp. III AB 13-20 -144A-, 7.375%, 15/12/2020 412,057 0.18

USD 500,000 EILEME 2 AB 12-20, 11.625%, 31/01/2020 580,000 0.25 111111111

1,623,947 0.71 111111111



Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets

TanzaniaUSD 250,000 Tanzania 13-20 FRN, 6.3921%,

08/03/2020 258,125 0.11 111111111

TurkeyUSD 500,000 Coca-Cola Icecek A.S. 13-18

-144A-, 5.25%, 01/10/2018 504,295 0.22USD 600,000 Export Credit Bank of Turkey 12-19,

5.875%, 24/04/2019 615,750 0.27USD 668,000 Turkey 04-34, 8.00%, 14/02/2034 792,582 0.35USD 1,931,000 Turkey 05-25, 7.375%, 05/02/2025 2,180,099 0.95USD 1,173,000 Turkey 06-36, 6.875%, 17/03/2036 1,246,606 0.53USD 570,000 Turkey 08-38, 7.25%, 05/03/2038 633,914 0.28USD 700,000 Turkey 11-22, 5.125%, 25/03/2022 695,625 0.30USD 1,490,000 Turkey 11-41, 6.00%, 14/01/2041 1,438,222 0.63USD 200,000 Turkiye Is Bankasi A.S. 12-22

-144A-, 6.00%, 24/10/2022 182,500 0.08 111111111

8,289,593 3.61 111111111

UkraineUSD 230,000 Financing of Infrastructural Projects

State Enterp. 11-18 -144A-, 7.40%, 20/04/2018 181,700 0.08

USD 200,000 Financing of Infrastructural Projects State Enterp. 11-18 Reg. S, 7.40%, 20/04/2018 158,000 0.07

USD 570,000 Financing of Infrastructural Projects State Enterp. 12-17 -144A-, 9.00%, 07/12/2017 475,950 0.21

USD 950,000 Financing of Infrastructural Projects State Enterp. 12-17, 9.00%, 07/12/2017 793,250 0.35

USD 1,900,000 Naftogaz of Ukraine JSC 09-14, 9.50%, 30/09/2014 1,767,380 0.76

USD 1,535,000 Ukraine 06-16 Reg. -S-, 6.58%, 21/11/2016 1,320,100 0.58

USD 600,000 Ukraine 10-20 Reg. -S-, 7.75%, 23/09/2020 511,500 0.22

USD 265,000 Ukraine 11-16, 6.25%, 17/06/2016 227,900 0.10USD 875,000 Ukraine 11-21, 7.95%, 23/02/2021 748,125 0.33USD 400,000 Ukraine 12-17 Reg. -S-, 9.25%,

24/07/2017 369,620 0.16 111111111

6,553,525 2.86 111111111

United Arab EmiratesUSD 300,000 DP World 07-37, 6.85%, 02/07/2037 301,500 0.13USD 200,000 Dubai 10-20 EMTN, 7.75%, 05/10/2020 237,250 0.10USD 500,000 Dubai 11-21 ETMN, 5.591%,

22/06/2021 540,000 0.24 111111111

1,078,750 0.47 111111111

United KingdomUSD 200,000 Afren PLC 11-16 Reg. -S-, 11.50%,

01/02/2016 229,500 0.10USD 400,000 Afren PLC 12-19, 10.25%,

08/04/2019 458,000 0.20USD 350,000 Biz Finance PLC 13-18, 8.75%,

22/01/2018 286,475 0.12USD 325,000 Credit Suisse Intl. 06-16, 5.79275%,

09/02/2016 253,500 0.11USD 625,000 SSB No.1 PLC 11-16, 8.25%, 10/03/2016 522,000 0.23USD 215,000 Vedanta Resources PLC 13-19, 6.00%,

31/01/2019 204,250 0.09 111111111

1,953,725 0.85 111111111

UruguayUSD 1,310,000 Uruguay 06-36 Fac. 1,00, 7.625%,

21/03/2036 1,650,600 0.72USD 1,931,346 Uruguay 13-24 Fac. 1,00, 4.50%,

14/08/2024 1,960,316 0.85 111111111

3,610,916 1.57 111111111

USAEUR 150,000 Cemex Finance LLC 09-17 Repurchase

offer, 9.625%, 14/12/2017 213,500 0.09USD 500,000 Brazil Loan Trust 1 13-23 -144A-,

5.477%, 24/07/2023 515,325 0.22USD 400,000 Brazil Loan Trust 1 13-23, 5.477%,

24/07/2023 410,000 0.18USD 1,000,000 CBBC-BSP-1997-5 Tiers, 0.00%,

15/06/2097 918,570 0.40USD 980,000 Pemex Project Funding Master Trust

08-38, 6.625%, 15/06/2038 1,033,226 0.45USD 500,000 Reliance Holdings USA Inc. 12-22

Reg. -S-, 5.40%, 14/02/2022 501,057 0.22USD 200,000 Southern Copper Corp. 12-42, 5.25%,

08/11/2042 161,297 0.07 111111111

3,752,975 1.63 111111111

VenezuelaUSD 500,000 Petroleos De Venezuela S.A. 07-27,

5.375%, 12/04/2027 287,500 0.13USD 200,000 Petroleos De Venezuela S.A. 07-37,

5.50%, 12/04/2037 111,000 0.05USD 3,785,000 Petroleos De Venezuela S.A. 09-14,

4.90%, 28/10/2014 3,561,685 1.55USD 3,265,000 Petroleos De Venezuela S.A. 10-17,

8.50%, 02/11/2017 2,958,090 1.28USD 20,000 Petroleos De Venezuela S.A. 11-21,

9.00%, 17/11/2021 16,300 0.01USD 200,000 Venezuela 03-18, 7.00%, 01/12/2018 167,300 0.07USD 1,000,000 Venezuela 05-16, 5.75%, 26/02/2016 902,500 0.39USD 2,320,000 Venezuela 05-25, 7.65%, 21/04/2025 1,670,400 0.72USD 755,000 Venezuela 08-23, 9.00%, 07/05/2023 612,683 0.27USD 500,000 Venezuela 08-28, 9.25%, 07/05/2028 392,500 0.17USD 1,741,000 Venezuela 09-19, 7.75%, 13/10/2019 1,447,641 0.63USD 220,000 Venezuela 10-22 Fac. 1,00, 12.75%,

23/08/2022 219,120 0.10USD 1,615,000 Venezuela 11-31 Fac. 1,00, 11.95%,

05/08/2031 1,489,838 0.65USD 2,500 Venezuela 90-20 Oil Linked, 0.00%,

15/04/2020 62,500 0.03USD 970,000 Venezuela 97-27, 9.25%, 15/09/2027 788,125 0.34 111111111

14,687,182 6.39 111111111

VietnamUSD 830,000 Vietnam 10-20 Reg. -S-, 6.75%,

29/01/2020 883,950 0.39 111111111

ZambiaUSD 600,000 Zambia 12-22, 5.375%, 20/09/2022 525,000 0.23 111111111

Total Bonds 220,764,818 96.20 111111111

Other Markets

Bonds

BarbadosUSD 450,000 Columbus Intl. Inc. 09-14 -144A-,

11.50%, 20/11/2014 483,750 0.21 111111111

Total other Markets 483,750 0.21 111111111


Other assets and liabilities 8,237,361 3.59 111111111

Net assets 229,485,929 100.00 111111111 111111111




Forward Foreign Exchange Contracts as of 30 September 2013Forward

Contract to

Purchase

Value Payable

at Settlement

Date (USD)

Expiration

Date

Unrealised

Gain/(Loss)

(USD)

PHP 10,607,964 242,856 08/10/2013 1,088INR 93,410,030 1,498,000 17/10/2013 (12,806)KRW 2,304,561,220 2,027,105 17/10/2013 116,585MYR 9,420,477 2,920,199 17/10/2013 (32,111)PHP 91,394,666 2,091,288 17/10/2013 10,622RUB 147,695,169 4,470,812 17/10/2013 69,608COP 1,314,783,000 694,000 18/10/2013 (5,964)CAD 361,640 351,000 22/10/2013 (552)MXN 93,390,578 7,238,635 22/10/2013 (177,771)NZD 1,378,000 1,084,115 22/10/2013 54,252HUF 143,248,512 640,000 24/10/2013 7,424PLN 1,910,580 599,000 24/10/2013 11,420AUD 1,126,352 1,034,841 25/10/2013 13,087EUR 2,547,972 3,378,728 25/10/2013 61,010GBP 41,736 66,251 25/10/2013 1,151JPY 458,589,462 4,725,800 25/10/2013 (35,304)MXN 5,001,370 388,155 25/10/2013 (10,128)NZD 1,329,000 1,092,304 25/10/2013 5,340IDR 3,111,564,203 260,884 30/10/2013 6,313NGN 477,947,844 2,914,483 30/10/2013 35,417TRY 4,627,778 2,288,000 30/10/2013 (32,389)ZAR 5,729,363 569,000 30/10/2013 (3,753)PEN 216,821 77,032 04/11/2013 567MYR 3,820,894 1,181,640 18/11/2013 (12,714)RUB 43,354,827 1,333,584 18/11/2013 (8,753)THB 102,403,908 3,258,750 18/11/2013 2,882CLP 811,401,330 1,587,490 11/12/2013 6,993ARS 3,379,200 512,000 18/12/2013 (3,773)MYR 3,992,348 1,243,342 16/01/2014 (26,479) 1111144444444 1111144444444

49,769,294 Net unrealised gain: 41,259 1111144444444 1111144444444


Contract to

Sell

Value Payable

at Settlement

Date (USD)

Expiration

Date

Unrealised

Gain/(Loss)

(USD)

PHP 17,271,480 395,604 08/10/2013 (1,576)INR 11,283,150 185,000 15/10/2013 5,504BRL 1,638,104 707,986 17/10/2013 (14,839)INR 81,835,633 1,328,547 17/10/2013 27,471KRW 708,635,400 627,000 17/10/2013 (32,163)MYR 2,951,950 899,574 17/10/2013 (5,441)RUB 50,878,298 1,522,923 17/10/2013 (41,221)BRL 8,047,195 3,543,309 18/10/2013 (6,364)COP 378,762,500 193,000 18/10/2013 (5,219)CAD 2,117,964 2,026,892 22/10/2013 (25,544)MXN 28,594,347 2,198,194 22/10/2013 36,474CHF 3,107,477 3,336,104 24/10/2013 (97,317)HUF 255,768,611 1,135,026 24/10/2013 (20,958)NZD 100,179 79,300 24/10/2013 (3,446)PLN 1,605,607 498,231 24/10/2013 (14,760)RON 118,783 35,214 24/10/2013 (679)AUD 1,122,432 1,015,725 25/10/2013 (28,556)CHF 833,638 897,000 25/10/2013 (24,086)EUR 6,726,165 8,884,793 25/10/2013 (195,465)GBP 477,442 730,967 25/10/2013 (40,079)JPY 844,199,423 8,523,304 25/10/2013 (111,219)NZD 5,640,955 4,534,457 25/10/2013 (124,505)EUR 352,149 475,761 30/10/2013 357ILS 2,762,056 772,112 30/10/2013 (8,036)NGN 112,518,000 684,000 30/10/2013 (10,477)TRY 805,590 411,326 30/10/2013 18,752ZAR 24,362,206 2,805,630 30/10/2013 (5,374)PHP 98,002,410 2,267,000 17/03/2014 14,683NGN 118,229,019 655,732 20/08/2014 (4,555) 1111144444444 1111144444444

51,369,712 Net unrealised loss: (718,639) 1111144444444 1111144444444

Total commitment: (51,369,712) 1111144444444


Contract to

Sell

Value Payable

at Settlement

Date

Expiration

Date

Unrealised

Gain/(Loss)

(USD)

GBP 1,453,368 EUR 1,695,000 25/10/2013 (58,898)CHF 2,231,437 EUR 1,807,000 25/10/2013 (26,091)HUF 133,158,848 EUR 441,000 25/10/2013 (6,426) 1111144444444 1111144444444

Total commitment in EUR: 3,943,000 Net unrealised loss: (91,416) 1111144444444 1111144444444


Contract to

Purchase

Value Payable

at Settlement

Date

Expiration

Date

Unrealised

Gain/(Loss)

(USD)

HUF 407,395,989 EUR 1,357,800 24/10/2013 8,224GBP 1,864,165 EUR 2,182,300 25/10/2013 64,465PLN 5,178,347 EUR 1,226,000 25/10/2013 (792)CHF 5,724,944 EUR 4,644,000 25/10/2013 56,160HUF 231,763,154 EUR 774,000 25/10/2013 2,475TRY 616,763 EUR 230,000 30/10/2013 (9,920) 1111144444444 1111144444444

Total commitment in EUR: 10,414,100 Net unrealised gain: 120,612 1111144444444 1111144444444

Total Net unrealised loss on forward foreign exchange contracts: (648,183) 1111144444444 1111144444444

Forward Foreign Exchange Contracts as of 30 September 2013 (Hedge for EUR-Class)

Forward

Contract to

Sell

Value Payable

at Settlement

Date (USD)

Expiration

Date

Unrealised

Gain/(Loss)

(USD)

EUR 4,979,350 6,743,573 23/10/2013 (21,534) 1111144444444 1111144444444

6,743,573 Net unrealised loss: (21,534) 1111144444444 1111144444444

Forward Foreign Exchange Contracts as of 30 September 2013 (Hedge for EUR-Class)

Forward

Contract to

Purchase

Value Payable

at Settlement

Date (USD)

Expiration

Date

Unrealised

Gain/(Loss)

(USD)

EUR 526,624 710,087 25/10/2013 (850) 1111144444444 1111144444444

710,087 Net unrealised loss: (850) 1111144444444 1111144444444

Net unrealised loss on forward foreign exchange contracts (Hedge): (22,385) 1111144444444 1111144444444



Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets



Bonds

AustraliaUSD 25,000 FMG Resources (August 06) Pty Ltd.10-18

-144A-, 6.875%, 01/02/2018 26,125 0.19USD 50,000 FMG Resources (August 06) Pty Ltd.11-19

-144A-, 8.25%, 01/11/2019 53,875 0.40USD 25,000 Nufarm Australia Ltd. 12-19 -144A-,

6.375%, 15/10/2019 24,875 0.18 111111111

104,875 0.77 111111111

CanadaUSD 50,000 Bombardier Inc. 10-20 -144A-, 7.75%,

15/03/2020 56,500 0.42USD 25,000 Brookfield Residential Prop. Inc. /

US Corp. 13-32 -144A-, 6.125%, 01/07/2022 24,500 0.18

USD 75,000 Harvest Operations Corp. 12-17, 6.875%, 01/10/2017 80,250 0.59

USD 25,000 IAMGOLD Corp. 12-20 -144A-, 6.75%, 01/10/2020 21,812 0.16

USD 25,000 Inmet Mining Corp. 12-21 -144A-, 7.50%, 01/06/2021 25,625 0.19

USD 25,000 MEG Energy Corp. 11-21 -144A-, 6.50%, 15/03/2021 25,187 0.19

USD 50,000 MEG Energy Corp. 13-24 -144A-, 7.00%, 31/03/2024 50,313 0.37

USD 50,000 New Gold Inc. 12-20 -144A-, 7.00%, 15/04/2020 51,500 0.38

USD 25,000 New Gold Inc. 12-22 -144A-, 6.25%, 15/11/2022 24,313 0.18

USD 25,000 Nova Chemicals Corp. 13-23 -144A-, 5.25%, 01/08/2023 25,063 0.18

USD 25,000 Telesat Canada / Telesat LLC 12-17 -144A-, 6.00%, 15/05/2017 26,000 0.19

USD 50,000 Videotron Ltd. 12-22, 5.00%, 15/07/2022 47,500 0.35 111111111

458,563 3.38 111111111

Cayman IslandsUSD 50,000 Offshore Group Investment Ltd.

13-23, 7.125%, 01/04/2023 48,750 0.36USD 10,000 Seagate Technology HDD Holdings

06-16, 6.80%, 01/10/2016 11,300 0.08USD 25,000 UPCB Finance Ltd. 11-21 -144A-,

7.25%, 15/11/2021 27,250 0.20 111111111

87,300 0.64 111111111

IrelandUSD 100,000 SSI Investments II Ltd. / Co-Issuer

LLC 10-18, 11.125%, 01/06/2018 110,000 0.81 111111111

LuxembourgUSD 25,000 Aguila 3 S.A. 11-18 -144A-, 7.875%,

31/01/2018 26,125 0.19USD 75,000 ArcelorMittal S.A. 08-18, 6.125%,

01/06/2018 79,500 0.59USD 25,000 ArcelorMittal S.A. 11-21 VAR Ratings

Linked, 6.00%, 01/03/2021 25,625 0.19USD 25,000 ArcelorMittal S.A. 12-22 VAR, 6.75%,

25/02/2022 26,312 0.19USD 50,000 Intelsat Jackson Holdings S.A. 11-20,

7.25%, 15/10/2020 53,375 0.39USD 100,000 Intelsat Jackson Holdings S.A. 13-23

-144A-, 5.50%, 01/08/2023 93,500 0.69

USD 25,000 Mallinckrodt Intl. Fin. S.A. 13-23 -144A-, 4.75%, 15/04/2023 23,770 0.18

USD 25,000 NII Intl. Telecom SCA 13-19 -144A-, 7.875%, 15/08/2019 22,688 0.17

USD 100,000 Wind Acquisition Finance S.A. 09-17 -144A-, 11.75%, 15/07/2017 106,250 0.78 111111111

457,145 3.37 111111111

NetherlandsUSD 75,000 Sensata Technologies B.V. 11-19

-144A-, 6.50%, 15/05/2019 80,625 0.60USD 25,000 Sensata Technologies B.V. 13-23

-144A-, 4.875%, 15/10/2023 23,250 0.17 111111111

103,875 0.77 111111111

USAUSD 32,000 Acadia Healthcare Co. Inc. 11-18,

12.875%, 01/11/2018 38,560 0.28USD 25,000 Accellent Inc. 10-17, 8.375%, 01/02/2017 26,031 0.19USD 50,000 Accellent Inc. 11-17, 10.00%, 01/11/2017 46,000 0.34USD 25,000 Activision Blizzard Inc. 13-21 -144A-,

5.625%, 15/09/2021 25,031 0.18USD 25,000 Activision Blizzard Inc. 13-23 -144A-,

6.125%, 15/09/2023 25,125 0.18USD 25,000 ADS Waste Escrow Corp. 12-20 -144A-,

8.25%, 01/10/2020 26,375 0.19USD 50,000 AES Corp. 08-20, 8.00%, 01/06/2020 57,000 0.42USD 50,000 AES Corp. 12-21, 7.375%, 01/07/2021 55,000 0.40USD 50,000 Affinity Gaming LLC / Financial Corp.

13-18, 9.00%, 15/05/2018 54,000 0.40USD 50,000 Ally Financial Inc. 10-20, 8.00%,

15/03/2020 57,500 0.42USD 175,000 AMC Entertainment Inc. 11-20,

9.75%, 01/12/2020 199,500 1.47USD 50,000 AMC Networks Inc. 12-21, 7.75%,

15/07/2021 55,625 0.41USD 50,000 American Axle & Manufacturing Inc.

12-22, 6.625%, 15/10/2022 51,250 0.38USD 12,000 Amerigas Partners LP / AmerigasFinancial

Corp. 11-21, 6.50%, 20/05/2021 12,360 0.09USD 25,000 Ancestry.com Holdings LLC 13-18

-144A- Pay in Kind, 9.625%, 15/10/2018 25,000 0.18USD 12,000 Apria Healthcare Group Inc. 10-14,

12.375%, 01/11/2014 12,075 0.09USD 25,000 ARAMARK Corp. 13-20 -144A-,

5.75%, 15/03/2020 25,250 0.19USD 25,000 Arch Coal Inc. 10-20, 7.25%,

01/10/2020 18,875 0.14USD 50,000 Ashtead Capital Inc. 12-22 -144A-,

6.50%, 15/07/2022 52,875 0.39USD 50,000 Athlon Holdings LP / AthlonFinancial

Corp. 13-21 -144A-, 7.375%, 15/04/2021 51,000 0.38USD 25,000 Audatex North America Inc. 13-21

-144A-, 6.00%, 15/06/2021 25,500 0.19USD 50,000 Aviv Healthcare Properties Ltd. Part. /

Cap. Corp. 11-19, 7.75%, 15/02/2019 53,625 0.39USD 25,000 Axiall Corp. 13-23 -144A-, 4.875%,

15/05/2023 23,687 0.17USD 25,000 B&G Foods Inc. 13-21, 4.625%,

01/06/2021 23,875 0.18USD 75,000 Bank of America Corp. 08-perpetual

VAR, 8.00%, 31/12/2050 81,562 0.60USD 25,000 Beazer Homes USA Inc. 10-18,

9.125%, 15/06/2018 26,250 0.19USD 25,000 Beazer Homes USA Inc. 12-18,

6.625%, 15/04/2018 26,250 0.19USD 25,000 Beazer Homes USA Inc. 13-21

-144A-, 7.50%, 15/09/2021 24,375 0.18



Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets

USD 25,000 Belden Inc. 12-22 -144A-, 5.50%, 01/09/2022 24,125 0.18

USD 50,000 Belo Corp. 97-27, 7.25%, 15/09/2027 50,500 0.37USD 50,000 Biomet Inc. 13-20, 6.50%, 01/08/2020 51,625 0.38USD 25,000 Blackstone Holdings Fin. Co. LLC

12-23 -144A-, 4.75%, 15/02/2023 26,178 0.19USD 25,000 Bristow Group Inc. 12-22, 6.25%,

15/10/2022 26,000 0.19USD 50,000 Cablevision Systems Corp. 10-17,

8.625%, 15/09/2017 57,375 0.42USD 25,000 Caesars Entertainment Corp.

13-20 -144A-, 8.00%, 01/10/2020 25,000 0.18USD 25,000 Caesars Entertainment Operating Co.

09-17, 11.25%, 01/06/2017 25,375 0.19USD 75,000 Caesars Entertainment Operating Co.

Inc. 11-18, 12.75%, 15/04/2018 46,500 0.34USD 25,000 Caesars Entertainment Operating Co.

Inc. 12-20 -144A- Exch. Offer, 9.00%, 15/02/2020 23,625 0.17

USD 125,000 Calpine Corp. 10-20 -144A-, 7.875%, 31/07/2020 134,687 0.99

USD 85,000 Capella Healthcare Inc. 11-17, 9.25%, 01/07/2017 90,950 0.67

USD 50,000 Carmike Cinemas Inc. 12-19, 7.375%, 15/05/2019 53,875 0.40

USD 100,000 Case New Holland Inc. 11-17, 7.875%, 01/12/2017 116,250 0.86

USD 25,000 CBRE Services Inc. 13-23, 5.00%, 15/03/2023 23,437 0.17

USD 25,000 CCO Holdings LLC / Capital Corp. 12-23, 5.125%, 15/02/2023 22,937 0.17

USD 50,000 CCO Holdings LLC / Capital Corp. 13-24, 5.75%, 15/01/2024 47,250 0.35

USD 50,000 CCO Holdings LLC 13-23 -144A-, 5.75%, 01/09/2023 47,375 0.35

USD 10,000 CDW LLC / CDW Fin. Corp. 10-17, 12.535%, 12/10/2017 10,400 0.08

USD 16,000 CDW LLC / CDW Fin. Corp. 10-17 called 18.10.2013 at 104,178%, 12.535%, 18/10/2013 16,668 0.12

USD 100,000 CDW LLC / CDW Fin. Corp. 11-19, 8.50%, 01/04/2019 110,500 0.81

USD 50,000 Cedar Fair LP / Canada’s Wonderland 11-18, 9.125%, 01/08/2018 54,812 0.40

USD 50,000 CenturyLink Inc. 09-19, 6.15%, 15/09/2019 51,875 0.38

USD 25,000 Cequel Communications Holdings ILLC 12-20 -144A-, 6.375%, 15/09/2020 25,500 0.19

USD 50,000 Ceridian Corp. 08-15, 11.25%, 15/11/2015 50,500 0.37

USD 25,000 Ceridian Corp. 13-21 -144A-, 11.00%, 15/03/2021 28,937 0.21

USD 25,000 Chemtura Corp. 13-21, 5.75%, 15/07/2021 24,937 0.18

USD 50,000 CHS/Community Health Systems Inc. 12-19, 8.00%, 15/11/2019 52,437 0.39

USD 25,000 CHS/Community Health Systems Inc. 12-20, 7.125%, 15/07/2020 25,250 0.19

USD 25,000 Cinemark USA Inc. 12-22, 5.125%, 15/12/2022 23,437 0.17

USD 25,000 CIT Group Inc. 12-17, 4.25%, 15/08/2017 25,469 0.19USD 50,000 CIT Group Inc. 12-18, 5.25%, 15/03/2018 52,375 0.39USD 125,000 CIT Group Inc. 12-22, 5.00%, 15/08/2022 122,187 0.90USD 25,000 Claire`s Stores Inc. 13-20 -144A-,

7.75%, 01/06/2020 24,437 0.18USD 25,000 Claire’s Stores Inc. 12-19 -144A-, 9.00%,

15/03/2019 27,687 0.20

USD 50,000 Clean Harbors Inc. 12-20, 5.25%, 01/08/2020 49,500 0.36

USD 50,000 Clear Channel Communications Inc. 09-16, 10.75%, 01/08/2016 44,875 0.33

USD 23,271 Clear Channel Communications Inc. 09-16, 11.00%, 01/08/2016 20,944 0.15

USD 50,000 Clear Channel Worldwide Holdings Inc. 13-22, 6.50%, 15/11/2022 50,750 0.37

USD 75,000 Columbus McKinnon Corp. 11-19, 7.875%, 01/02/2019 80,250 0.59

USD 100,000 Commscope Inc. 11-19 -144A-, 8.25%, 15/01/2019 109,250 0.80

USD 50,000 Compiler Fin Sub Inc. 13-21 -144A-, 7.00%, 01/05/2021 49,250 0.36

USD 25,000 Consol Energy Inc. 10-17, 8.00%, 01/04/2017 26,562 0.20

USD 25,000 Constellation Brands Inc. 13-23, 4.25%, 01/05/2023 22,937 0.17

USD 50,000 Continental Resources Inc. 12-22, 5.00%, 15/09/2022 50,312 0.37

USD 50,000 Continental Resources Inc. 13-23, 4.50%, 15/04/2023 49,062 0.36

USD 25,000 CoreLogic Inc. 12-21, 7.25%, 01/06/2021 26,625 0.20USD 25,000 Cott Beverages Inc. 10-18, 8.125%,

01/09/2018 27,062 0.20USD 60,000 Covanta Holding Corp. 10-20, 7.25%,

01/12/2020 64,338 0.47USD 25,000 Covanta Holding Corp. 12-22, 6.375%,

01/10/2022 25,610 0.19USD 25,000 Crown Castle Intl. Corp. 12-23, 5.25%,

15/01/2023 23,000 0.17USD 25,000 Crown Media Holdings Inc. 11-19,

10.50%, 15/07/2019 27,937 0.21USD 25,000 CSC Holdings LLC 12-21, 6.75%,

15/11/2021 26,750 0.20USD 25,000 CST Brands Inc. 13-23 -144A-, 5.00%,

01/05/2023 23,562 0.17USD 65,000 D.R. Horton Inc. 06-16, 6.50%,

15/04/2016 70,850 0.52USD 50,000 D.R. Horton Inc. 13-23, 4.75%,

15/02/2023 46,750 0.34USD 50,000 Dana Holding Corp. 11-19, 6.50%,

15/02/2019 53,125 0.39USD 30,000 Darling Intl. Inc. 11-18, 8.50%,

15/12/2018 33,150 0.24USD 25,000 Del Monte Corp. 11-19, 7.625%,

15/02/2019 25,937 0.19USD 25,000 Delphi Corp. 11-19, 5.875%,

15/05/2019 26,531 0.20USD 25,000 Delphi Corp. 11-21, 6.125%,

15/05/2021 27,312 0.20USD 75,000 Delphi Corp. 13-23, 5.00%, 15/02/2023 77,437 0.57USD 25,000 Denbury Resources Inc. 13-23,

4.625%, 15/07/2023 22,875 0.17USD 25,000 DS Waters of America 13-21

-144A-, 10.00%, 01/09/2021 25,750 0.19USD 30,000 Ducommun Inc. 12-18, 9.75%,

15/07/2018 33,300 0.25USD 25,000 Dycom Investments Inc. 11-21,

7.125%, 15/01/2021 26,187 0.19USD 50,000 Dynegy Inc. 13-23 -144A-, 5.875%,

01/06/2023 45,625 0.34USD 25,000 Eagle Spinco Inc. 13-21 -144A-,

4.625%, 15/02/2021 24,000 0.18USD 75,000 Energy Future Intermediate Holding Co.

LLC / Fin. Inc. 12-22 -144A-, 12.25%, 01/03/2022 84,375 0.62




Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets

USD 50,000 Entercom Radio LLC 11-19, 10.50%, 01/12/2019 56,750 0.42

USD 25,000 EP Energy / EP Finance Inc. 12-20, 9.375%, 01/05/2020 28,125 0.21

USD 830 FairPoint Communications Inc. 09-18 In Default Escrow, 13.125%, 02/04/2018 0 0.00

USD 25,000 Felcor Lodging LP 13-23, 5.625%, 01/03/2023 23,344 0.17

USD 25,000 Fiesta Restaurant Group Inc. 12-16, 8.875%, 15/08/2016 26,625 0.20

USD 50,000 First Data Corp. (New) 13-21 -144A-, 10.625%, 15/06/2021 50,750 0.37

USD 60,000 First Data Corp. 11-21, 12.625%, 15/01/2021 66,000 0.49

USD 50,000 First Data Corp. 12-20 -144A-, 6.75%, 01/11/2020 51,750 0.38

USD 25,000 First Quality Finance Co. Inc. 13-21 -144A-, 4.625%, 15/05/2021 22,687 0.17

USD 27,000 Freescale Semiconductor Inc. 10-18 -144A- redeemable at 100 %, 9.25%, 11/10/2013 29,227 0.22

USD 8,000 Freescale Semiconductor Inc. 10-18 -144A-, 9.25%, 15/04/2018 8,660 0.06

USD 15,000 Freescale Semiconductor Inc. 11-20, 8.05%, 01/02/2020 15,787 0.12

USD 25,000 Fresenius Medical Care US Fin. II Inc. 12-19 -144A-, 5.625%, 31/07/2019 26,062 0.19

USD 50,000 Frontier Communications Corp. 10-22, 8.75%, 15/04/2022 54,625 0.40

USD 25,000 Frontier Communications Corp. 12-23, 7.125%, 15/01/2023 24,937 0.18

USD 25,000 General Cable Corp. 12-22 -144A-, 5.75%, 01/10/2022 23,937 0.18

USD 25,000 General Motors Co. 13-18 -144A-, 3.50%, 02/10/2018 24,937 0.18



USD 50,000 Getty Images Inc. 12-20 -144A-, 7.00%, 15/10/2020 37,500 0.28

USD 25,000 Graftech International Ltd. 13-20, 6.375%, 15/11/2020 25,250 0.19

USD 80,000 Griffon Corp. 11-18, 7.125%, 01/04/2018 84,800 0.62

USD 25,000 H & E Equipment Services Inc. 13-22, 7.00%, 01/09/2022 26,625 0.20

USD 25,000 HCA Holdings Inc. 12-21, 6.25%, 15/02/2021 25,406 0.19

USD 25,000 HCA Inc. 04-15, 6.375%, 15/01/2015 26,375 0.19USD 75,000 HCA Inc. 11-18, 8.00%, 01/10/2018 86,250 0.64USD 50,000 HCA Inc. 12-23, 4.75%, 01/05/2023 47,062 0.35USD 40,000 HD Supply Inc. 13-20 -144A-, 7.50%,

15/07/2020 41,450 0.31USD 25,000 Hercules Offshore Inc. 12-17 -144A-,

7.125%, 01/04/2017 26,594 0.20USD 25,000 Hercules Offshore Inc. 13-21 -144A-,

8.75%, 15/07/2021 26,500 0.20USD 50,000 Hexion US Fin. Corp. / Nova Scotia Fin.

ULC 10-20, 9.00%, 15/11/2020 48,875 0.36USD 25,000 Hexion US Fin. Corp. / Nova Scotia Fin.

ULC 12-20, 6.625%, 15/04/2020 25,000 0.18USD 25,000 Hilton Worldwide Finance LLC 13-21

-144A-, 5.625%, 15/10/2021 25,062 0.18USD 50,000 Hornbeck Offshore Services Inc. 12-20,

5.875%, 01/04/2020 50,500 0.37USD 17,000 Hornbeck Offshore Services Inc.13-21,

5.00%, 01/03/2021 16,277 0.12

USD 25,000 Huntsman International LLC 10-20, 8.625%, 15/03/2020 27,500 0.20

USD 75,000 Igloo Holdings Corp. 12-17 -144A-, 8.25%, 15/12/2017 76,500 0.56

USD 50,000 Ingles Markets Inc. 13-23 -144A-, 5.75%, 15/06/2023 48,250 0.36

USD 50,000 Interline Brands Inc. 10-18, 7.50%, 15/11/2018 52,938 0.39

USD 25,000 International Lease Fin. Corp. 10-16 -144A-, 6.75%, 01/09/2016 27,438 0.20

USD 45,000 International Lease Fin. Corp. 11-19, 6.25%, 15/05/2019 47,250 0.35

USD 25,000 International Lease Fin. Corp. 13-18, 3.875%, 15/04/2018 24,156 0.18

USD 25,000 Intl. Wire Group Inc. 12-17 -144A-, 8.50%, 15/10/2017 26,250 0.19

USD 50,000 Iron Mountain Inc. 13-23 SRN, 6.00%, 15/08/2023 49,625 0.37

USD 50,000 Isle Capri Casinos Inc. 12-20, 8.875%, 15/06/2020 52,000 0.38

USD 25,000 JBS USA LLC / Finance Inc. 13-21 -144A-, 7.25%, 01/06/2021 24,750 0.18

USD 50,000 JBS USA LLC / JBS USA Fin. Inc. 12-20 -144A-, 8.25%, 01/02/2020 52,625 0.39

USD 25,000 Kaiser Aluminum Corp. 12-20, 8.25%, 01/06/2020 27,938 0.21

USD 25,000 KB Home 12-22, 7.50%, 15/09/2022 26,000 0.19USD 25,000 Kenan Advantage Group Inc. 12-18

-144A-, 8.375%, 15/12/2018 26,219 0.19USD 50,000 Koppers Inc. 10-19, 7.875%,

01/12/2019 54,125 0.40USD 50,000 Laureate Education Inc. 12-19

-144A-, 9.25%, 01/09/2019 54,000 0.40USD 40,000 Lear Corp. 10-20, 8.125%, 15/03/2020 43,800 0.32USD 50,000 Lender Processing Services Inc. 12-23,

5.75%, 15/04/2023 51,313 0.38USD 25,000 Level 3 Financing Inc. 12-20, 7.00%,

01/06/2020 25,250 0.19USD 25,000 Level 3 Financing Inc. 12-20, 8.625%,

15/07/2020 27,313 0.20USD 50,000 Limited Brands Inc. 12-22, 5.625%,

15/02/2022 51,250 0.38USD 50,000 LIN Television Corp. 10-18, 8.375%,

15/04/2018 53,250 0.39USD 5,000 LKQ Corp. 13-23 -144A-, 4.75%,

15/05/2023 4,638 0.03USD 35,000 Manitowoc Co. Inc. 10-18, 9.50%,

15/02/2018 37,538 0.28USD 23,000 Marina District Fin. Co. Inc. 11-15,

9.50%, 15/10/2015 24,121 0.18USD 50,000 MedAssets Inc. 11-18, 8.00%,

15/11/2018 53,875 0.40USD 25,000 Meritor Inc. 13-21, 6.75%,

15/06/2021 24,750 0.18USD 25,000 MetroPCS Wireless Inc. 10-20,

6.625%, 15/11/2020 25,906 0.19USD 25,000 MetroPCS Wireless Inc. 13-23 -144A-,

6.625%, 01/04/2023 25,063 0.18USD 75,000 MGM Resorts Intl. 11-16, 10.00%,

01/11/2016 89,250 0.66USD 25,000 MGM Resorts Intl. 12-19, 8.625%,

01/02/2019 28,750 0.21USD 25,000 MGM Resorts Intl. 12-21, 6.625%,

15/12/2021 25,875 0.19USD 50,000 Michael Foods Inc. 11-18, 9.75%,

15/07/2018 54,688 0.40USD 50,000 Michaels Finco HoldingsLLC / Inc.

13-18 -144A-, 7.50%, 01/08/2018 50,625 0.37




Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets

USD 25,000 Midstates Petroleum Co. Inc. / LLC 13-21 -144A-, 9.25%, 01/06/2021 24,688 0.18

USD 25,000 Mirant Mid-Atlantic LLC 00-17 S. -B- Fac. 0,668263067, 9.125%, 30/06/2017 17,024 0.13

USD 75,375 MTR Gaming Group Inc. 12-19, 11.50%, 01/08/2019 82,724 0.61

USD 50,000 National Cinemedia LLC 12-22, 6.00%, 15/04/2022 51,000 0.38

USD 25,000 National Financial Partners Corp. 13-21 -144A-, 9.00%, 15/07/2021 25,750 0.19

USD 25,000 Nationstar Mortgage LLC / Capital Corp. 13-21, 6.50%, 01/07/2021 23,938 0.18

USD 25,000 Newfield Exploration Co. 08-18, 7.125%, 15/05/2018 26,000 0.19

USD 50,000 Newfield Exploration Co. 11-22, 5.75%, 30/01/2022 49,875 0.37

USD 25,000 Nexstar Broadcasting Inc. 12-20 -144A-, 6.875%, 15/11/2020 25,438 0.19

USD 50,000 NRG Energy Inc. 11-18, 7.625%, 15/01/2018 55,375 0.41

USD 75,000 NRG Energy Inc. 11-21, 7.875%, 15/05/2021 80,250 0.59

USD 25,000 Nuance Communications Inc. 12-20 -144A-, 5.375%, 15/08/2020 23,625 0.17

USD 75,000 Pantry Inc. 13-20, 8.375%, 01/08/2020 79,125 0.58USD 50,000 Parker Drilling Co. 10-18, 9.125%,

01/04/2018 53,500 0.39USD 25,000 Peabody Energy Corp. 12-18, 6.00%,

15/11/2018 24,938 0.18USD 25,000 Penske Automotive Group Inc. 13-22,

5.75%, 01/10/2022 24,500 0.18USD 25,000 PetroHawk Energy Corp. 08-15, 7.875%,

01/06/2015 25,503 0.19USD 25,000 PNK Financial Corp. 13-21 -144A-,

6.375%, 01/08/2021 25,500 0.19USD 50,000 PVH Corp. 10-20, 7.375%, 15/05/2020 54,500 0.40USD 25,000 PVH Corp. 12-22, 4.50%, 15/12/2022 23,625 0.17USD 50,000 QEP Resources Inc. 12-23, 5.25%,

01/05/2023 46,625 0.34USD 25,000 Regency Energy Partners LP /

Finance Corp. 12-23, 5.50%, 15/04/2023 24,000 0.18USD 25,000 Renaissance Acquisition Corp. 13-21

-144A-, 6.875%, 15/08/2021 24,688 0.18USD 50,000 Rentech Nitrogen Partners LP 13-21

-144A-, 6.50%, 15/04/2021 49,000 0.36USD 50,000 Res-Care Inc. 10-19, 10.75%,

15/01/2019 55,875 0.41USD 100,000 Reynolds Group Issuer Inc. / LLC

S.A. 12-19, 7.125%, 15/04/2019 106,250 0.78USD 50,000 Reynolds Group Issuer Inc. / LLC

S.A. 12-20, 5.75%, 15/10/2020 50,188 0.37USD 25,000 Rockwood Specialities Group Inc.12-20,

4.625%, 15/10/2020 25,125 0.18USD 25,000 Sabra Health Care LP / Sabra Capital

Corp. 13-23, 5.375%, 01/06/2023 23,875 0.18USD 50,000 Safway Group Holding LLC / Fin. Corp.

13-18 -144A-, 7.00%, 15/05/2018 50,750 0.37USD 75,000 Samson Investment Co. 12-20 -144A-,

10.00%, 15/02/2020 79,500 0.59USD 25,000 Sealed Air Corp. 11-21 -144A-,

8.375%, 15/09/2021 28,313 0.21USD 25,000 Select Medical Corp. 13-21 -144A-

Exchange offer, 6.375%, 01/06/2021 23,688 0.17USD 25,000 Seminole Hard Rock Entertainment Inc. / Intl.

LLC 13-21 -144A-, 5.875%, 15/05/2021 24,000 0.18USD 50,000 Service Corp. Intl. 04-16, 6.75%,

01/04/2016 54,188 0.40

USD 50,000 Service Corp. Intl. 05-17, 7.00%, 15/06/2017 55,375 0.41

USD 25,000 Service Corp. Intl. 13-22 -144A-, 5.375%, 15/01/2022 23,844 0.18

USD 25,000 Sinclair Television Group Inc. 09-17 -144A- redeemable at 100 Pct, 9.25%, 12/10/2013 26,303 0.19

USD 25,000 Sinclair Television Group Inc. 13-21 -144A-, 6.375%, 01/11/2021 25,000 0.18

USD 25,000 Sinclair Television Group Inc .13-21, 5.375%, 01/04/2021 23,750 0.17

USD 25,000 Sinclair Television Group Inc. 13-22, 6.125%, 01/10/2022 24,813 0.18

USD 25,000 Smithfield Foods Inc. 12-22, 6.625%, 15/08/2022 25,781 0.19

USD 75,000 Sophia L.P. / Fin. Inc. 12-19 -144A-, 9.75%, 15/01/2019 81,375 0.60

USD 50,000 Spectrum Brands Escrow Corp. 12-20 -144A-, 6.375%, 15/11/2020 52,125 0.38

USD 75,000 Sprint Capital Corp. 98-28, 6.875%, 15/11/2028 66,938 0.49

USD 50,000 Sprint Capital Corp. 99-19, 6.90%, 01/05/2019 51,375 0.38

USD 25,000 Sprint Nextel Corp. 12-20, 7.00%, 15/08/2020 25,438 0.19

USD 25,000 Sprint Nextel Corp. 12-22, 6.00%, 15/11/2022 23,000 0.17

USD 25,000 Standard Pacific Corp. 10-21, 8.375%, 15/01/2021 28,125 0.21

USD 25,000 Standard Pacific Corp. 13-21 SRN, 6.25%, 15/12/2021 25,000 0.18

USD 25,000 Station Casinos LLC 13-21, 7.50%, 01/03/2021 26,438 0.19

USD 50,000 Stewart Enterprises Inc. 11-19, 6.50%, 15/04/2019 53,000 0.39

USD 75,000 SugarHouse HSP Gaming Prop Mezz LP Fin. Corp. 13-21 -144A-, 6.375%, 01/06/2021 71,625 0.53

USD 25,000 SunGard Data Systems Inc. 13-19, 6.625%, 01/11/2019 25,500 0.19

USD 25,000 Syniverse Holdings Inc. 11-19, 9.125%, 15/01/2019 26,938 0.20

USD 50,000 Taminco Global Chemical Corp. 12-20 -144A-, 9.75%, 31/03/2020 56,500 0.42

USD 50,000 Targa Resources Partners LP / Fin. 11-21, 6.875%, 01/02/2021 53,375 0.39

USD 19,000 Targa Resources Partners LP / Fin. 12-22, 6.375%, 01/08/2022 19,760 0.15

USD 18,000 Taylor Morrison Communities Inc. / Monarch Comm. Inc. 12-20 -144A-, 7.75%, 15/04/2020 19,665 0.14

USD 18,000 Taylor Morrison Communities Inc. / Monarch Comm. Inc. 12-20 -144A-, 7.75%, 15/04/2020 19,665 0.14

USD 40,000 Tempur Sealy Intl. Inc. 13-20, 6.875%, 15/12/2020 41,800 0.31

USD 75,000 Tenet Healthcare Corp. 12-18, 6.25%, 01/11/2018 80,063 0.59

USD 25,000 Tenet Healthcare Corp. 13-21 -144A-, 4.375%, 01/10/2021 23,063 0.17

USD 25,000 Tenet Healthcare Corp. 13-21, 4.50%, 01/04/2021 23,438 0.17

USD 25,000 Terex Corp. 12-20, 6.50%, 01/04/2020 26,250 0.19USD 25,000 Terex Corp. 12-21, 6.00%, 15/05/2021 25,281 0.19USD 25,000 Tesoro Logistics LP / Fin. Corp. 13-21,

6.125%, 15/10/2021 25,125 0.18




Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets

USD 50,000 Texas Competitive Electric Hold. Co. LLC / Fin. Inc. 11-20 -144A-, 11.50%, 01/10/2020 34,563 0.25

USD 25,000 THC Escrow Corp. 13-14 -144A-, 8.125%, 01/04/2022 26,094 0.19

USD 15,000 The Ryland Group Inc. 12-22, 5.375%, 01/10/2022 14,025 0.10

USD 20,000 The Scotts Miracle-Gro Co. 10-18, 7.25%, 15/01/2018 20,925 0.15

USD 25,000 Titan Intl. Inc. 13-20 -144A-, 6.875%, 01/10/2020 25,000 0.18

USD 25,000 Toys ‘R’ Us Inc. 12-17, 10.375%, 15/08/2017 24,063 0.18

USD 100,000 Toys ‘R’ Us Property Co. II LLC 10-17, 8.50%, 01/12/2017 104,750 0.77

USD 50,000 TPC Group Inc. 12-20 -144A-, 8.75%, 15/12/2020 51,125 0.38

USD 50,000 TransDigm Inc. 13-21 -144A- Exchange offer, 7.50%, 15/07/2021 53,750 0.40

USD 25,000 TransUnion Holding Co. Inc. 12-18 -144A- Exchange Offer, 8.125%, 15/06/2018 26,438 0.19

USD 75,000 TransUnion Holding Co. Inc. 12-18 Toggle PIK Note 10,375%, 9.625%, 15/06/2018 81,188 0.60

USD 50,000 TW Telecom Holdings Inc. 12-22, 5.375%, 01/10/2022 47,750 0.35

USD 25,000 United Rentals NA Inc. 12-20, 7.375%, 15/05/2020 26,938 0.20

USD 100,000 United Rentals NA Inc. 12-22, 7.625%, 15/04/2022 108,750 0.80

USD 25,000 Univision Communications Inc. 13-23 -144A-, 5.125%, 15/05/2023 23,938 0.18

USD 25,000 US Coating Acquisition / Flash Dutch 2 B.V. 13-21 -144A-, 7.375%, 01/05/2021 26,125 0.19

USD 25,000 Vail Resorts Inc. 11-19, 6.50%, 01/05/2019 26,500 0.20

USD 25,000 Valeant Pharmaceuticals Intl. 10-17 -144A-, 6.75%, 01/10/2017 26,687 0.20

USD 25,000 Valeant Pharmaceuticals Intl. 10-20 -144A-, 7.00%, 01/10/2020 26,500 0.20

USD 75,000 Vector Group Ltd. 13-21, 7.75%, 15/02/2021 77,625 0.57

USD 50,000 Verisign Inc. 13-23 -144A- Exchange offer, 4.625%, 01/05/2023 47,000 0.35

USD 20,000 Visant Corp. 10-17, 10.00%, 01/10/2017 18,600 0.14USD 25,000 VPII Escrow Corp. 13-21 -144A-, 7.50%,

15/07/2021 26,938 0.20USD 75,000 Wavedivision Escrow LLC / Corp. 12-20

-144A-, 8.125%, 01/09/2020 78,375 0.58USD 25,000 WCI Communities Inc. 13-21 -144A-,

6.875%, 15/08/2021 24,000 0.18USD 25,000 Westmoreland Coal Co. 11-18, 10.75%,

01/02/2018 26,875 0.20USD 25,000 Whiting Petroleum Corp. 13-21 -144A-,

5.75%, 15/03/2021 25,563 0.19USD 50,000 Windstream Corp. 10-20, 7.75%,

15/10/2020 51,625 0.39USD 25,000 Windstream Corp. 13-23, 6.375%,

01/08/2023 22,875 0.17USD 50,000 WireCo WorldGroup 11-17, 9.50%,

15/05/2017 51,750 0.38USD 25,000 WMG Acquisition Corp. 12-18, 11.50%,

01/10/2018 28,813 0.21USD 25,000 Wok Acquisition Corp. / P.F. Changs

China 12-20 -144A-, 10.25%, 30/06/2020 27,188 0.20USD 25,000 WPX Energy Inc. 11-22, 6.00%,

15/01/2022 25,344 0.19 111111111

10,785,769 79.41 111111111

Total Bonds 12,107,527 89.15 111111111

Common/preferred stocks (shares) and warrants/rights

USAUSD 221 Dex One Corp. 1,797 0.01USD 5 FairPoint Communications Inc. WTS

Call 24/01/2018 FairPoint USD 48,81 0 0.00USD 168 NRG Energy Inc. 4,591 0.03 111111111

6,388 0.04 111111111

Total common/preferred stocks (shares) and warrants/rights 6,388 0.04 111111111

Other Markets

Bonds

USAUSD 25,000 Amsted Industries Inc. 10-18 -144A-,

8.125%, 15/03/2018 26,500 0.20USD 25,000 BOE Merger Corp. 12-17 -144A-, 9.50%,

01/11/2017 26,000 0.19USD 50,000 Brightstar Corp. 10-16 -144A-, 9.50%,

01/12/2016 52,250 0.38USD 50,000 Brightstar Corp. 13-18 -144A-, 7.25%,

01/08/2018 48,750 0.36USD 75,000 Building Materials Corp. America 10-20

-144A-, 7.00%, 15/02/2020 80,625 0.59USD 50,000 BWAY Holding Co. 10-18, 10.00%,

15/06/2018 54,500 0.40USD 75,000 CCM Merger Inc. 12-19 -144A-, 9.125%,

01/05/2019 78,187 0.58USD 25,000 Cleaver-Brooks Inc. 12-19 -144A-, 8.75%,

15/12/2019 27,000 0.20USD 100,000 Commscope Holding Co. Inc. 13-20 -144A-,

6.625%, 01/06/2020 99,500 0.73USD 25,000 Hot Topic Inc. 13-21 -144A-, 9.25%,

15/06/2021 25,688 0.19USD 25,000 JBS USA LLC / JBS USA Fin. Inc. 11-21

-144A-, 7.25%, 01/06/2021 25,125 0.18USD 75,000 Landry’s Inc. 12-20 -144A-, 9.375%,

01/05/2020 79,125 0.58USD 25,000 Legend Acquisition Sub Inc. 12-20

-144A-, 10.75%, 15/08/2020 20,000 0.15USD 25,000 MPH Intl. Holding Co. 13-18 -144A-

Pay in kind, 8.375%, 01/08/2018 25,609 0.19USD 25,000 Murray Energy Corp. 13-21 -144A-,

8.625%, 15/06/2021 25,063 0.18USD 25,000 Nai Entertainment Holdings LLC / Fin.

Corp. 13-18 -144A-, 5.00%, 01/08/2018 25,500 0.19USD 25,000 Petco Holdings Inc. 12-17 -144A-,

8.50%, 15/10/2017 25,375 0.19USD 50,000 Plastipak Holdings Inc. 09-19 -144A-

Tender, 10.625%, 15/08/2019 56,920 0.42USD 50,000 Sequa Corp. 12-17 -144A-, 7.00%,

15/12/2017 50,000 0.37USD 400,000 Southern Energy 99-49 (Mirant) In

Default Escrow, 7.40%, 15/07/2049 400 0.00USD 57,000 Tops Holding Corp. / Tops Markets LLC

12-17 -144A-, 8.875%, 15/12/2017 62,415 0.46 111111111

914,532 6.73 111111111

Total Bonds 914,532 6.73 111111111




Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets

Common/preferred stocks (shares) and warrants/rights

USAUSD 140 Medianews Group Inc. WTS Call

17/03/2017 0 0.00 111111111

Total common/preferred stocks (shares) and warrants/rights 0 0.00 111111111

Total other Markets 914,532 6.73 111111111



Net assets 13,582,300 100.00 111111111 111111111


Contract to

Purchase

Value Payable

at Settlement

Date (USD)

Expiration

Date

Unrealised

Gain/(Loss)

(USD)

EUR 82,376 109,908 25/10/2013 1,298 1111144444444 1111144444444

109,908 Net unrealised gain: 1,298 1111144444444 1111144444444


Contract to

Sell

Value Payable

at Settlement

Date (USD)

Expiration

Date

Unrealised

Gain/(Loss)

(USD)

EUR 42,907 56,747 25/10/2013 (1,177) 1111144444444 1111144444444

56,747 Net unrealised loss: (1,177) 1111144444444 1111144444444

Total Net unrealised gain on forward foreign exchange contracts: 121 1111144444444 1111144444444


21

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22

Statement of Assets and Liabilities as of 30 September 2013

Opportunistic Equity Fund

Global Real Estate Securities Fund

Emerging Markets Fixed Income Fund

U.S. High Yield Fund Combined

ASSETSInvestments in securities at market value* (Note 2) USD 25,908,274 USD 12,748,527 USD 221,248,568 USD 13,028,447 USD 272,933,816Cash and equivalents 1,057,542 770,099 5,763,614 285,218 7,876,473Dividends receivable (Note 2) 11,489 26,999 – – 38,488Interest receivable – – 3,446,996 231,625 3,678,621Net unrealised gain on forward foreign exchange contracts (Note 2) – – – 121 121Other assets – 171,785 416,754 139,759 728,298 11111111114 11111111114 11111111114 11111111114 11111111114

TOTAL ASSETS 26,977,305 13,717,410 230,875,932 13,685,170 285,255,817 11111111114 11111111114 11111111114 11111111114 11111111114

LIABILITIESDistribution fee payable (Note 5) (35,468) (14,488) (75,525) (8,009) (133,490)Taxe d’abonnement payable (Note 2) (3,363) (1,683) (28,842) (1,701) (35,589)Net unrealised loss on forward foreign exchange contracts (Note 2) – – (670,568) – (670,568)Other Liabilities (192,738) (360,137) (615,068) (93,160) (1,261,103) 11111111114 11111111114 11111111114 11111111114 11111111114

TOTAL LIABILITIES (231,569) (376,308) (1,390,003) (102,870) (2,100,750) 11111111114 11111111114 11111111114 11111111114 11111111114

NET ASSETS USD 26,745,736 USD 13,341,102 USD 229,485,929 USD 13,582,300 USD 283,155,067 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114

Net Asset Value per Share: Class A (USD) 75.13 12.48 18.91 8.14 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114

Class AX (USD) – – 20.96 8.71 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114

Class AX1 (USD) – – 31.37 – 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114

Class A (EUR) 53.92 9.10 15.15 – 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114

Class I (USD) 88.06 12.44 18.96 8.30 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114

Class IX (USD) – 14.18 29.97 14.14 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114

Number of Shares Outstanding: Class A (USD) 348,181 454,489 574,411 1,419,152 Class AX (USD) – – 13,535 41,510 Class AX1 (USD) – – 340,333 – Class A (EUR) 1,160 542,623 289,173 – Class I (USD) 5,715 58,432 487,733 23 Class IX (USD) – 19,475 6,422,518 118,188 11111111114 11111111114 11111111114 111111111144

Total Number of Shares Outstanding 355,056 1,075,019 8,127,702 1,578,874 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114

*Average Cost of Investments in Securities USD 20,169,168 USD 11,162,285 USD 219,183,542 USD 13,003,447 USD 263,518,442 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114

WORLDWIDE INVESTORS PORTFOLIO


Statement of Assets and Liabilities as of 30 September 2013

Opportunistic Equity Fund




ASSETSInvestments in securities at market value* (Note 2) USD 25,908,274 USD 12,748,527 USD 221,248,568 USD 13,028,447 USD 272,933,816Cash and equivalents 1,057,542 770,099 5,763,614 285,218 7,876,473Dividends receivable (Note 2) 11,489 26,999 – – 38,488Interest receivable – – 3,446,996 231,625 3,678,621Net unrealised gain on forward foreign exchange contracts (Note 2) – – – 121 121Other assets – 171,785 416,754 139,759 728,298 11111111114 11111111114 11111111114 11111111114 11111111114

TOTAL ASSETS 26,977,305 13,717,410 230,875,932 13,685,170 285,255,817 11111111114 11111111114 11111111114 11111111114 11111111114

LIABILITIESDistribution fee payable (Note 5) (35,468) (14,488) (75,525) (8,009) (133,490)Taxe d’abonnement payable (Note 2) (3,363) (1,683) (28,842) (1,701) (35,589)Net unrealised loss on forward foreign exchange contracts (Note 2) – – (670,568) – (670,568)Other Liabilities (192,738) (360,137) (615,068) (93,160) (1,261,103) 11111111114 11111111114 11111111114 11111111114 11111111114

TOTAL LIABILITIES (231,569) (376,308) (1,390,003) (102,870) (2,100,750) 11111111114 11111111114 11111111114 11111111114 11111111114

NET ASSETS USD 26,745,736 USD 13,341,102 USD 229,485,929 USD 13,582,300 USD 283,155,067 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114

Net Asset Value per Share: Class A (USD) 75.13 12.48 18.91 8.14 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114

Class AX (USD) – – 20.96 8.71 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114

Class AX1 (USD) – – 31.37 – 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114

Class A (EUR) 53.92 9.10 15.15 – 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114

Class I (USD) 88.06 12.44 18.96 8.30 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114

Class IX (USD) – 14.18 29.97 14.14 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114

Number of Shares Outstanding: Class A (USD) 348,181 454,489 574,411 1,419,152 Class AX (USD) – – 13,535 41,510 Class AX1 (USD) – – 340,333 – Class A (EUR) 1,160 542,623 289,173 – Class I (USD) 5,715 58,432 487,733 23 Class IX (USD) – 19,475 6,422,518 118,188 11111111114 11111111114 11111111114 111111111144

Total Number of Shares Outstanding 355,056 1,075,019 8,127,702 1,578,874 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114

*Average Cost of Investments in Securities USD 20,169,168 USD 11,162,285 USD 219,183,542 USD 13,003,447 USD 263,518,442 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114 11111111114


24

Statement of Operations for the period ended 30 September 2013 (expressed in USD)Opportunistic Equity Fund




INCOMEInterest on bank deposits USD 162 USD – USD – USD – USD 162Interest from securities – – 3,763,250 511,512 4,274,762Dividends (Note 2) 145,359 684,279 – 28 829,666 1111111111 1111111111 1111111111 1111111111 1111111111

TOTAL INCOME 145,521 684,279 3,763,250 511,540 5,104,590 1111111111 1111111111 1111111111 1111111111 1111111111

EXPENSESInterest on bank overdraft – (116) (4,493) (69) (4,678)Management fees (Note 3) (169,954) (221,016) (467,266) (37,126) (895,362)Distribution fees (Note 5) (100,951) (50,983) (84,873) (31,881) (268,688)Custodian fees (Note 4) (8,485) (18,424) (58,546) (6,888) (92,343)Administration fees (Note 4) (20,555) (35,705) (94,673) (11,138) (162,071)Taxe d’abonnement (Note 2) (6,741) (8,850) (38,896) (3,526) (58,013)Other expenses (162,958) (353,466) (551,507) (90,266) (1,158,197) 1111111111 1111111111 1111111111 1111111111 1111111111

TOTAL EXPENSES (469,644) (688,560) (1,300,254) (180,894) (2,639,352) 1111111111 1111111111 1111111111 1111111111 1111111111

Net Investment Income/(Loss) (324,123) (4,281) 2,462,996 330,646 2,465,238 1111111111 1111111111 1111111111 1111111111 1111111111

Net realised profit/(loss) on: Investments 1,572,379 5,902,447 (3,849,592) 151,520 3,776,754 Futures contracts – 638 (260,994) 582 (259,774) Foreign currencies transactions (3,046) (22,161) 411,502 (150) 386,145 1111111111 1111111111 1111111111 1111111111 1111111111

Net realised profit/(loss) on investments, futures and foreign currencies transactions 1,569,333 5,880,924 (3,699,084) 151,952 3,903,125 1111111111 1111111111 1111111111 1111111111 1111111111

Net change in unrealised appreciation/(depreciation) on: Investments 1,637,693 (7,979,361) (4,269,746) (508,178) (11,119,592) Futures contracts – – (670,567) (2,070) (672,637) Foreign currencies transactions – (47) (71,729) 714 (71,062) 1111111111 1111111111 1111111111 1111111111 1111111111

Net change in unrealised appreciation/(depreciation) on investments, futures and foreign currencies 1,637,693 (7,979,408) (5,012,042) (509,534) (11,863,291) 1111111111 1111111111 1111111111 1111111111 1111111111

Net increase/(decrease) in net assets as a result of operations USD 2,882,903 USD (2,102,765) USD (6,248,130) USD (26,936) USD (5,494,928) 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111



Statement of Operations for the period ended 30 September 2013 (expressed in USD)Opportunistic Equity Fund




INCOMEInterest on bank deposits USD 162 USD – USD – USD – USD 162Interest from securities – – 3,763,250 511,512 4,274,762Dividends (Note 2) 145,359 684,279 – 28 829,666 1111111111 1111111111 1111111111 1111111111 1111111111

TOTAL INCOME 145,521 684,279 3,763,250 511,540 5,104,590 1111111111 1111111111 1111111111 1111111111 1111111111

EXPENSESInterest on bank overdraft – (116) (4,493) (69) (4,678)Management fees (Note 3) (169,954) (221,016) (467,266) (37,126) (895,362)Distribution fees (Note 5) (100,951) (50,983) (84,873) (31,881) (268,688)Custodian fees (Note 4) (8,485) (18,424) (58,546) (6,888) (92,343)Administration fees (Note 4) (20,555) (35,705) (94,673) (11,138) (162,071)Taxe d’abonnement (Note 2) (6,741) (8,850) (38,896) (3,526) (58,013)Other expenses (162,958) (353,466) (551,507) (90,266) (1,158,197) 1111111111 1111111111 1111111111 1111111111 1111111111

TOTAL EXPENSES (469,644) (688,560) (1,300,254) (180,894) (2,639,352) 1111111111 1111111111 1111111111 1111111111 1111111111

Net Investment Income/(Loss) (324,123) (4,281) 2,462,996 330,646 2,465,238 1111111111 1111111111 1111111111 1111111111 1111111111

Net realised profit/(loss) on: Investments 1,572,379 5,902,447 (3,849,592) 151,520 3,776,754 Futures contracts – 638 (260,994) 582 (259,774) Foreign currencies transactions (3,046) (22,161) 411,502 (150) 386,145 1111111111 1111111111 1111111111 1111111111 1111111111

Net realised profit/(loss) on investments, futures and foreign currencies transactions 1,569,333 5,880,924 (3,699,084) 151,952 3,903,125 1111111111 1111111111 1111111111 1111111111 1111111111

Net change in unrealised appreciation/(depreciation) on: Investments 1,637,693 (7,979,361) (4,269,746) (508,178) (11,119,592) Futures contracts – – (670,567) (2,070) (672,637) Foreign currencies transactions – (47) (71,729) 714 (71,062) 1111111111 1111111111 1111111111 1111111111 1111111111

Net change in unrealised appreciation/(depreciation) on investments, futures and foreign currencies 1,637,693 (7,979,408) (5,012,042) (509,534) (11,863,291) 1111111111 1111111111 1111111111 1111111111 1111111111

Net increase/(decrease) in net assets as a result of operations USD 2,882,903 USD (2,102,765) USD (6,248,130) USD (26,936) USD (5,494,928) 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111


26


Statement of Changes in Net Assets for the period ended 30 September 2013 (expressed in USD)Opportunistic Equity Fund




Net assets at the beginning of the period USD 27,257,092 USD 58,883,289 USD 92,023,701 USD 14,834,473 USD 192,998,555 1111111111 1111111111 1111111111 1111111111 1111111111

Subscriptions 475,896 1,194,840 190,839,890 1,396,030 193,906,656Redemptions (3,870,155) (44,070,611) (46,538,560) (2,330,393) (96,809,719) 1111111111 1111111111 1111111111 1111111111 1111111111

Net increase/(decrease) in net assets from Fund share transactions (3,394,259) (42,875,771) 144,301,330 (934,363) 97,096,937 1111111111 1111111111 1111111111 1111111111 1111111111

Dividends paid to shareholders – (563,651) (590,972) (290,874) (1,445,497) 1111111111 1111111111 1111111111 1111111111 1111111111

Net investment income/(loss) (324,123) (4,281) 2,462,996 330,646 2,465,238Net realised profit/(loss) on Investments, futures and foreign currencies transactions 1,569,333 5,880,924 (3,699,084) 151,952 3,903,125Net change in unrealised appreciation/(depreciation) on investments, futures and foreign currencies 1,637,693 (7,979,408) (5,012,042) (509,534) (11,863,291) 1111111111 1111111111 1111111111 1111111111 1111111111

Net assets at the end of the period USD 26,745,736 USD 13,341,102 USD 229,485,929 USD 13,582,300 USD 283,155,067 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Statistical InformationNet asset value: 31 March 2011 USD 61,065,200 USD 58,798,824 USD 94,290,449 USD 14,868,268

1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

31 March 2012 USD 48,992,813 USD 52,962,847 USD 73,483,710 USD 14,480,424 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111


30 September 2013 USD 26,745,736 USD 13,341,102 USD 229,485,929 USD 13,582,300 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Net asset value per share Class A (USD):31 March 2011 USD 58.99 USD 11.41 USD 18.25 USD 8.15

1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

31 March 2012 USD 60.90 USD 11.41 USD 18.97 USD 8.01 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111


30 September 2013 USD 75.13 USD 12.48 USD 18.91 USD 8.14 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Net asset value per share Class AX (USD):31 March 2011 USD – USD – USD 20.31 USD 8.64

1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

31 March 2012 USD – USD – USD 21.18 USD 8.75 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111


30 September 2013 USD – USD – USD 20.96 USD 8.71 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Net asset value per share Class AX1 (USD):31 March 2011 USD – USD – USD 27.33 USD –

1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

31 March 2012 USD – USD – USD 29.79 USD – 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111


30 September 2013 USD – USD – USD 31.37 USD – 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Net asset value per share Class A (EUR):31 March 2011 EUR 40.28 EUR 7.91 EUR 14.70 EUR –

1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

31 March 2012 EUR 44.25 EUR 8.42 EUR 15.44 EUR – 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111


30 September 2013 EUR 53.92 EUR 9.10 EUR 15.15 EUR – 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Net asset value per share Class I (USD):31 March 2011 USD 66.92 USD 11.26 USD 18.30 USD 8.23

1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111




Net asset value per share Class IX (USD):31 March 2011 USD – USD 12.55 USD 25.69 USD 12.39

1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

31 March 2012 USD – USD 12.70 USD 28.19 USD 12.90 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111


30 September 2013 USD – USD 14.18 USD 29.97 USD 14.14 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111



Statement of Changes in Net Assets for the period ended 30 September 2013 (expressed in USD)Opportunistic Equity Fund




Net assets at the beginning of the period USD 27,257,092 USD 58,883,289 USD 92,023,701 USD 14,834,473 USD 192,998,555 1111111111 1111111111 1111111111 1111111111 1111111111

Subscriptions 475,896 1,194,840 190,839,890 1,396,030 193,906,656Redemptions (3,870,155) (44,070,611) (46,538,560) (2,330,393) (96,809,719) 1111111111 1111111111 1111111111 1111111111 1111111111

Net increase/(decrease) in net assets from Fund share transactions (3,394,259) (42,875,771) 144,301,330 (934,363) 97,096,937 1111111111 1111111111 1111111111 1111111111 1111111111

Dividends paid to shareholders – (563,651) (590,972) (290,874) (1,445,497) 1111111111 1111111111 1111111111 1111111111 1111111111

Net investment income/(loss) (324,123) (4,281) 2,462,996 330,646 2,465,238Net realised profit/(loss) on Investments, futures and foreign currencies transactions 1,569,333 5,880,924 (3,699,084) 151,952 3,903,125Net change in unrealised appreciation/(depreciation) on investments, futures and foreign currencies 1,637,693 (7,979,408) (5,012,042) (509,534) (11,863,291) 1111111111 1111111111 1111111111 1111111111 1111111111

Net assets at the end of the period USD 26,745,736 USD 13,341,102 USD 229,485,929 USD 13,582,300 USD 283,155,067 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Statistical InformationNet asset value: 31 March 2011 USD 61,065,200 USD 58,798,824 USD 94,290,449 USD 14,868,268

1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111



30 September 2013 USD 26,745,736 USD 13,341,102 USD 229,485,929 USD 13,582,300 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Net asset value per share Class A (USD):31 March 2011 USD 58.99 USD 11.41 USD 18.25 USD 8.15

1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111




Net asset value per share Class AX (USD):31 March 2011 USD – USD – USD 20.31 USD 8.64

1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111



30 September 2013 USD – USD – USD 20.96 USD 8.71 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Net asset value per share Class AX1 (USD):31 March 2011 USD – USD – USD 27.33 USD –

1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111



30 September 2013 USD – USD – USD 31.37 USD – 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Net asset value per share Class A (EUR):31 March 2011 EUR 40.28 EUR 7.91 EUR 14.70 EUR –

1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111



30 September 2013 EUR 53.92 EUR 9.10 EUR 15.15 EUR – 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Net asset value per share Class I (USD):31 March 2011 USD 66.92 USD 11.26 USD 18.30 USD 8.23

1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111




Net asset value per share Class IX (USD):31 March 2011 USD – USD 12.55 USD 25.69 USD 12.39

1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111



30 September 2013 USD – USD 14.18 USD 29.97 USD 14.14 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111


Economic Classification of Investments as of 30 September 2013 (% of net assets)Opportunistic Equity Fund



U.S. High Yield Fund

Aerospace industry 3.41% –% –% 0.64%Agriculture and fishery – – 0.76 –Banks and credit institutions 7.67 – 3.03 0.60Building materials and trade – – 0.30 4.52Chemicals 2.53 – 0.42 2.26Coal mining and steel industry 1.23 – 0.44 1.86Computer hardware and networking 6.01 – – 1.65Consulting and advertising – – – 0.47Electrical appliances and components 1.50 – 0.19 0.95Electronics and Semiconductors 3.83 – 1.00 0.76Environmental services and recycling – – – 0.56Financial, invest. and divers. comp. 2.09 0.65 14.12 18.15Food and soft drinks 3.77 – 1.01 1.92Graphics and publishing 0.91 – – 1.05Healthcare and social services 4.43 – – 6.36Insurances 3.27 – – 1.33Internet, software and IT services 6.28 – – 4.25Lodging and catering, leisure 11.65 0.50 – 6.96Machine and apparatus construction 1.69 – – 3.04Media 2.91 – – 3.07Medical technology 2.09 – – 1.06Miscellaneous consumer goods – – – 1.43Miscellaneous sectors – – 0.41 0.37Miscellaneous services – – 0.40 1.68Non-ferrous metals – – 0.07 0.21Packaging industries – – 0.20 0.82Paper and forest products – – – 0.40Petroleum and natural gas 8.75 – 9.04 5.95Pharmaceuticals and cosmetics 6.01 – 0.32 0.76Precious metals and stones – – – 0.72Public entities – – 60.52 –Real estate companies – 94.41 0.27 0.70Retail trade, department stores 1.44 – – 3.66Road vehicles 3.38 – 0.29 3.61Supranational institutions – – 0.29 –Telecommunications 3.33 – 1.23 8.26Textiles and garments – – – 0.58Tobacco and alcoholic beverages – – – 0.74Transportation 4.24 – 0.74 0.39Utilities 4.45 – 1.36 4.18

111111111111111111111111111112111

Total Investments 96.87 95.56 96.41 95.92Cash and other Net Assets 3.13 4.44 3.59 4.08

111111111111111111111111111112111

Net Assets 100.00% 100.00% 100.00% 100.00%111111111111111111111111111112111111111111111111111111111111112111


29

Note 1 – The Fund

Worldwide Investors Portfolio (the “SICAV”) is an investment company organised under the laws of the Grand Duchy of Luxembourg as a Société d’Investissement à Capital Variable. The SICAV was incorporated on 3 January 1992 and is registered with the Luxembourg Regulatory authorities pursuant to Part l of the law of 17 December 2010 on undertakings for collective investments, as amended (the “Law of 17 December 2010”).

The original language of the financial statements is English. In case of any doubt on translation in other languages, the English version shall prevail.

The SICAV is currently comprised of the following four Sub-Funds (“Series”) that are operational as of 30 September 2013:

Equity Series Inception DateOpportunistic Equity Fund 13 January 1992Global Real Estate Securities Fund 31 January 2005

Debt Series Inception DateEmerging Markets Fixed Income Fund 10 September 1998U.S. High Yield Fund 31 October 1996

Shares of the SICAV are listed on the Luxembourg Stock Exchange.

Shares of each series are offered and sold only in those jurisdictions where such offers for sales can legally be made. Shares of each series may not be offered, sold, transferred or delivered, directly or indirectly, in the United States or to a U.S. Person at any time. The term “United States” means United States of America, its territories or possessions or any area subject to its jurisdiction. The term “U.S. Person” means any national or resident of the United States (including any corporation, partnership or other entity created or organised in or under the laws of the United States or any political sub-division thereof) or any estate or trust that is subject to United States federal income taxation regardless of the source of its income.

Each series is categorised as a recognised scheme for the purpose of sec-tion 264 of the UK Financial Services and Markets Act 2000 and shares may be marketed to the general public in the United Kingdom. Pramerica Investment Management Limited has been appointed to act as facilities agent for the SICAV. Shares of the SICAV may also be distributed publicly in Austria, Belgium (Class A and Class AX only), the Federal Republic of Germany, France, Italy (Class A and Class AX only), Korea (Class A, I and IX only), the Netherlands, Spain and Taiwan. BNP Paribas – Italian Branch has been appointed as paying agent in Italy; BNP Paribas Securities Services Brussels Branch has been appointed as paying agent in Belgium; Deutsche Bank Österreich AG, Vienna, Austria has been appointed as paying agent in Austria; LeitnerLeitner GmbH, Linz, Austria has been appointed as tax representative in Austria; State Street Banque S.A. has been appointed as paying agent in France; Sal. Oppenheim jr. & Cie. AG & Co. KGaA, Cologne has been appointed as paying agent in Germany. Allfunds Bank S.A. is the registered distributor in Spain.

Note 2 – Significant Accounting Policies

These financial statements are presented in accordance with Luxembourg legal and regulatory requirements.

Monetary Denomination:

All monetary amounts are expressed in United States Dollars (USD) unless otherwise noted.

Financial Statements and Currency Translations:

During the period, transactions, income and expenses expressed in cur-rencies other than USD are translated into USD on the basis of exchange rates prevailing on the transaction date on which they occur or accrue to each Series. At the end of the period, assets and liabilities denominated in currencies other than USD are translated into USD on the basis of exchange rates prevailing as of 30 September 2013 with foreign exchange gains (losses) included in the statements of operations.

Securities Valuation:

Securities that are listed or dealt on any stock exchange are valued based on the last available price. Securities that are dealt on any other regulated market are valued based on the last available price. In the event that any security is not listed or dealt in on any stock exchange, or on any regulated market, or if the value of any security as determined above is deemed not representative of the fair market value of such security, the value of such security will be based on the reasonably foreseeable sales price deter-mined prudently and in good faith.

The Fund has invested in some products for which, as at the reporting date, a liquid market for their valuation did not exist, or only to a limited extent. Consequently, the valuation of these securities which constitute 0.21% of the net asset value of the Emerging Markets Fixed Income Fund and 10.18% of the net asset value of U.S. High Yield Fund was carried out using estimated market values based on the indicative broker pricing. Consequently, the actual sales price of these securities could be signifi-cantly different from the price resulting from the valuation performed at period end.

Forward Foreign Exchange Contracts:

The unrealised gain or loss on open forward foreign exchange contracts is calculated as the difference between the contract rate and the applicable forward rate based upon published rates on the last business day of the period applied to the face amount of the contract.

Futures Contracts:

Upon entering into a futures contract, the SICAV is required to deposit with a broker an amount (“initial margin”) equal to a certain percentage of the purchase price indicated in the futures contract. Subsequent pay-ments (“variation margin”) are made or received by the SICAV each day, dependent on the daily fluctuations in the value of the underlying security, and are recorded for financial reporting purposes as unrealised gains or losses by the SICAV. Futures contracts are valued at the last available price on any other Regulated Market. The liquidating value of futures shall be based upon the last available settlement prices of these contracts on exchanges and organised markets on which the particular futures are traded by the SICAV. If no settlement prices are available the basis of the liquidating value shall be such as the Board of Directors may deem fair and reasonable.

Securities Transactions and Net Investment Income:

Securities transactions are recorded on the trade date. Realised gains and losses on sales of portfolio securities are calculated on an average cost basis. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Expenses are recorded on the accrual basis, which may require the use of certain estimates by manage-ment. Such estimates may differ from the actual expenses incurred.

NOTES TO THE FINANCIAL STATEMENTS

30

Dividends and Distributions:

The Board of Directors has adopted a policy of paying an annual distribu-tion of net investment income, if any, to the shareholders of Opportunistic Equity Fund and Global Real Estate Securities Fund. Holders of Class A (USD) and Class I (USD) Shares of Emerging Markets Fixed Income Fund and U.S. High Yield Fund are expected to receive a monthly distribution of net investment income. Holders of Class AX (USD), Class A (EUR) and Class I (EUR) Shares of the Emerging Markets Fixed Income Fund and U.S. High Yield Fund are expected to receive an annual distribution of net investment income. Class AX 1 (USD) and Class IX (USD) Shares of the Debt Series Sub-Fund are dividend roll-up Shares; the Board of Directors has adopted an accumulation policy and will therefore not recommend paying any distributions with respect to Class AX 1 (USD) and Class IX (USD) Shares.

Taxation:

The SICAV is not liable for any Luxembourg tax on profits, income or realised capital appreciation of the assets of the SICAV, nor are dividends paid by the SICAV liable to any Luxembourg withholding tax. The SICAV is, however, liable in Luxembourg to a tax of 0.05% per annum of its Net Asset Value, such tax being payable quarterly on the basis of the value of the aggregate net assets of each sub-fund at the end of the relevant calendar quarter. No stamp duty or other tax is payable in Luxembourg on the issuance of shares.

Withholding taxes on foreign interest and dividends have been provided for in accordance with the SICAV’s understanding of the applicable country’s tax rules and rates.

Note 3 – The Manager

By appointment of the Board of Directors, the SICAV has entered into a management agreement with Prudential Investments LLC (the “Manager”), Newark, New Jersey, U.S.A. The Manager is responsible for the daily investment management of the SICAV. For its services, the Manager is entitled to receive a maximum fee, payable monthly, at an annual rate of 1.25% of the average daily net asset value of Classes A, AX and AX1 shares and 1.00% of the average daily net asset value of Classes I and IX shares of each Series. The Manager received an effective management fee as reflected in the following table:

Effective Management FeeEquity Series Class A Class I Class IXOpportunistic Equity Fund 1.25% 0.70% n/aGlobal Real Estate Securities Fund 1.25% 0.80% 0.80%

Debt Series Class A/AX Class I/IX Class AX1Emerging Markets Fixed Income Fund 0.85% 0.70% 0.85%U.S. High Yield Fund 0.50% 0.50% n/a

A trailer fee may be paid to the distributor for the distribution of the investment fund, to be taken out of the management fee. Institutional shareholders, who are holding fund shares for third parties, may receive reimbursements out of the management fee.

The Manager has entered into an investment advisory agreement with Prudential Investment Management, Inc., (“Pramerica Investment Management”), Newark, New Jersey, U.S.A., and with Jennison Associates LLC (“Jennison”), New York, New York, U.S.A., and is responsible for the fees payable to the Investment Advisers. The Manager and Investment Advisers are indirect, wholly-owned subsidiaries of Prudential Financial, Inc., Newark, New Jersey, United States. Prudential Financial, Inc. of the United States is not affiliated with Prudential plc of the United Kingdom.

Note 4 – The Custodian, Registrar, Transfer, Paying, Domiciliary, Corporate and Administrative Agent

Sal. Oppenheim jr. & Cie. Luxembourg S.A. acts as Custodian, Registrar, Transfer and Paying Agent to the SICAV. The SICAV has further appointed Oppenheim Asset Management Services S.à r.l. as its Domiciliary, Corporate and Administrative Agent. The SICAV paid out of the assets of the relevant Sub-Funds all expenses payable for such services.

Note 5 – The Distributor

The SICAV has entered into a distribution agreement with Oppenheim Fonds Trust GmbH, Cologne, Germany (“OPFT”). OPFT and certain sub-distributors provide a nominee service for investors purchasing shares.

For its services, OPFT is entitled to receive a distribution fee based on the average daily Net Asset Value of the relevant class of each Sub-Fund, payable monthly in arrears, at the following annual rates:

Class % of Average Daily Net AssetsClass A Equity Sub-Funds 0.75%Class A, AX and AX 1 Debt Sub-Funds 0.50%

Note 6 – Distributor Status

The SICAV will not seek certification as a distributing Fund for the purposes of UK taxation, for its fiscal year beginning 1 April 2003 and thereafter.

Note 7 – Rebates and Soft Commissions

No cash rebates have been retained by the Manager, the Investment Advisers or their respective connected persons.

The Investment Advisers have entered into soft commission arrangements with brokers under whom certain business services are obtained from third parties and are paid for by the brokers out of the commission they receive from transactions of the SICAV. These soft commission arrange-ments applied to the Opportunistic Equity Fund for the period ended 30 September 2013. Consistent with obtaining best execution, brokerage commissions on the portfolio transactions for the SICAV may be directed by the Manager and/or Investment Advisers to broker-dealers in recogni-tion of research services furnished by them as well as for services ren-dered in the execution of orders by such broker-dealers.

The receipt of investment research and information and related services permits the Manager and/or Investment Advisers to supplement their own research and analysis and makes available to them the views and information of individuals and research staff of other firms. The Investment Advisers are satisfied that such soft commission arrangements comply with relevant regulatory requirements.


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Such services do not include travel, accommodation, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payment, which are paid by the Manager and/or Investment Advisers.

Note 8 – Statements of changes in portfolio

Statements of changes in portfolio are available to shareholders, free of charge, upon request from the SICAV’s registered office or in Germany, from Oppenheim Fonds Trust GmbH, Unter Sachsenhausen 4, D-50667 Cologne, or in France, from State Street Banque S.A., 21, rue Balzac, F-75007 Paris, France, or in the United Kingdom, from Pramerica Investment Management Limited, Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N 5HR, or in Italy from BNP Paribas – Italian Branch, Via Ansperto 5, Milan, or in Belgium, from BNP Paribas Securities Services Brussels Branch, Avenue Louise 489, B-1050 Brussels, or in Austria from Deutsche Bank Österreich AG, Palais Equitable, Stock im Eisen-Platz 3, A-1010 Vienna, Austria.


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