Worldwide Investors Portfolio Audited Annual Reportonline.stockselection.de/annual/507222.pdf · Amarin’s shares fell after the U.S. Food and Drug Administration (FDA) announced

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

Audited Annual Report

WorldwideInvestors Portfolio

Société d’Investissement à Capital Variable

organized under the laws of the Grand Duchy of Luxembourg

R.C.S. Luxembourg B 39 048

31 March 2014

2

(This page has been left blank intentionally)

3

BOARD OF DIRECTORSMr Austin J. O’ConnorMr Robert F. GuniaMr Alexander v. Ungern-Sternberg Mr 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 LLC 466 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 AGENT Sal. 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 GmbH Unter Sachsenhausen 4, D-50667 Cologne

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

LEGAL ADVISER for Luxembourg lawArendt & Medernach14, rue Erasme, L-2082 Luxembourg

Page

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

Report of the Investment Advisers ...................................................... 5

Audit report ...................................................................................... 13

I. Opportunistic Equity Fund Schedule of Investments .......................................................... 15

II. Global Real Estate Securities Fund Schedule of Investments .......................................................... 16

III. Emerging Markets Fixed Income Fund Schedule of Investments .......................................................... 18 Forward Foreign Exchange Contracts ........................................ 22

IV. U.S. High Yield Fund Schedule of Investments .......................................................... 24 Forward Foreign Exchange Contracts ........................................ 29

V. Combined Statements Statement of Assets and Liabilities ............................................ 30 Statement of Operations ........................................................... 32 Statement of Changes in Net Assets and Statistical Information .................................................... 34

Economic Classification of Investments .............................................. 36

Notes to the Financial Statements ...................................................... 37

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

17 April 2014

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 12-month period that ended 31 March 2014.

Cordially,

Chris Cooper Anthony PreviteDirector Director

LETTER TO SHAREHOLDERS

5


For the 12-month period ended 31 March 2014, the Worldwide Investors Portfolio: Opportunistic Equity Fund Class A (USD) shares returned 25.35%.

Opportunistic Equity Fund Total Returns As of 31 March 2014

One Year Since Inception** NAV per Share

Class A (USD)* 25.35% 747.66% $84.45Class I (USD)* 27.01% 144.19% $99.63Class A (EUR)* 16.37% 23.42% €59.29Lipper Equity US Average*** 20.33% 421.25%

Past performance is no guarantee of future results. All share classes share a common portfolio of holdings. Total returns represent the cumulative change in net asset value over the specified time period, including reinvestment of dividends, and do not reflect the effect of any sales charges. The Fund charges a maximum front-end sales load of up to 5% on Class A shares. If sales charges were applied, returns for the Fund would have been lower. * The performance calculation is based on the Net Asset Value per share at the end of the period under review compared to the Net Asset Value per share at the beginning of the period under review by considering the dividends reinvested on ex-dividend date.** Inception dates: Class A (USD), 13 January 1992; Class I (USD), 1 March 2001; and Class A (EUR), 4 February 2002.*** Lipper averages are equally weighted averages that measure the performance of funds possessing similar investment objectives. Lipper returns are in U.S. dollars. The Lipper since inception return begins with the closest month-end date for the Class A (USD) share class.Source: Oppenheim Asset Management Services S.à r.l. and Lipper Inc.

Presentation of the Value at Risk (VaR) figures and leveraging effect in accordance with the regulations in force in Luxembourg (CSSF Circular 11/512): The total risk attached to the investment Opportunistic Equity Fund is calculated on the basis of the relative value at risk approach. The presentation relates to the year under review between 1 April 2013 and 31 March 2014.

The composition of the benchmark: 100% – S&P 500

The following potential value at risk amounts arose as at the relevant calculation dates during the period under review between 1 April 2013 and 31 March 2014.

Smallest potential value at risk 91.32%Largest potential value at risk 110.50%Average value at risk 101.01%

The fund may use derivatives to seek to achieve excess returns, hedge market and currency risk, and for efficient portfolio management.

The average leveraging effect reached as a result of the use of derivatives during the period under review between 1 April 2013 and 31 March 2014 amounted to 0.00%.

The value at risk is depending on the volatility of the investments and is defined as the maximum loss that will not be exceeded during a time horizon of 20 business days with a probability of 99%. The VaR is calculated on the basis of a variance-covariance approach which is supplemented with Monte Carlo simulations for the purposes of recognizing asynchronous, non-linear risks. A 99% confidence level over a 20-day holding period is used as a statistical parameter set. Risk is measured by comparison with a derivative-free benchmark. Market risk constitutes the risk arising out of unfavourable developments in market prices for the Fund assets.

Transaction feesFor the fiscal year ended 31 March 2014 the fund paid the amount of USD 21,740 as transaction fees for the sales and purchases of securities.

Portfolio StrategyThe Investment Adviser uses an intensive “value with a catalyst” bottom-up approach to research and an opportunistic approach to stock selection based on valuations and earnings prospects. The strategy is not restricted by market capitalization, style, or benchmarks. Rigorous risk-reward analysis drives the buy-sell decisions. In researching prospective stocks, the Investment Adviser looks for companies expected to experience dynamic earnings cycles over the intermediate term, usually in the next 12-18 months. The Investment Adviser also seeks companies with sound growth characteristics that it believes are mispriced by the market. In order for a stock to be included in the Fund, it should have at least a 3:1 reward-to-risk outlook for the following 12-24 month period. Positions are typically reduced or eliminated once the reward-to-risk ratio approaches 1:1.

Investment Activity The broad U.S. equity markets and the Fund posted strong gains for the 12-month period ending 31 March 2014. Within the Fund, all sectors advanced with financials, telecom services, and consumer discretionary leading other sectors with the largest returns.

Many of the Fund’s strongest contributors to total return were consumer discretionary companies.

REPORT OF THE INVESTMENT ADVISERS

The information stated in this report is historical and not necessarily indicative of future performance.

6



Live Nation Entertainment, a producer of live music concerts worldwide, reported several successive strong quarters, driven particularly by its sponsorship business and concert revenue. The Investment Adviser believes that Live Nation is making astute investments to build its business, and that GameStop, the leading video game retailer, is well positioned, to benefit from the new console cycle. GameStop continues to take significant market share in both the new and used software categories, and the Investment Adviser believes that sales growth will improve. Shares of Pinnacle Entertainment reached a five-year high during the fiscal year. Pinnacle closed on its acquisition of Ameristar Casinos in August, a major deal that substantially increases Pinnacle’s size.

Constellium is a manufacturer of aluminum products for the aerospace, automotive, and packaging industries, and has several catalysts that the Investment Adviser believes drove stock performance. It announced a major investment to expand its European body-in-white (BIW) auto manufacturing capacity and its entrance, through a joint venture, into the United States. Constellium is also a leading supplier to the aerospace industry of aluminum lithium.

Positions that were not as successful were more diverse and included oil exploration and production, biotech, and semiconductors.

Shares of Cobalt International Energy fell on disappointing results for wells in the Gulf of Mexico and offshore Gabon in West Africa. The Investment Adviser believes that Cobalt possesses some of the most promising offshore acreage, and sells at a discount to the value of its current discoveries and exploration acreage.

Amarin’s shares fell after the U.S. Food and Drug Administration (FDA) announced it would not approve a label expansion of the company’s triglyceride-lowering drug, Vascepa. The decision was a surprise because it represented a policy shift in the agency. The position was eliminated during the period.

Broadcom, a provider of semiconductors, suffered from delays in LTE revenue and lower- than-expected 3G revenues. The Investment Adviser exited the position.

Outlook The Investment Adviser continues to believe that macroeconomic factors are likely to play a lesser role in the near term, enabling the company-specific, microeconomic drivers that are at the core of the investment process to assume a more dominant role.

In addition, the robust performance of the markets in the past year has led to the normalization of valuations. As a result, the importance of identifying companies that are likely to experience catalyst-driven growth will be especially crucial in the year ahead. On a fundamental level, the earnings season is providing key readings on business trends so far in 2014 as well as a gauge of businesses’ confidence in further recovery and their plans for increasing capital expenditures to drive their growth.

7


For the 12-month period ended 31 March 2014, the Worldwide Investors Portfolio: Global Real Estate Securities Fund Class A (USD) shares declined by 4.37%.

Global Real Estate Securities Fund Total ReturnsAs of 31 March 2014


Class A (USD)* (4.37%) 31.71% $12.69Class I (USD)* (3.22%) 47.22% $12.72Class A (EUR)* (11.17%) 21.75% € 9.05Class IX (USD)* (3.27%) (14.26%) $14.50Lipper Equity Sector Real Estate Global Average*** 1.03% 47.59%

Past performance is no guarantee of future results. All share classes share a common portfolio of holdings. Total returns represent the cumulative change in net asset value over the specified time period, including reinvestment of dividends, and do not reflect the effect of any sales charges. The Fund charges a maximum front-end sales load of up to 5% on Class A shares. If sales charges were applied, returns for the Fund would have been lower.* The performance calculation is based on the Net Asset Value per share at the end of the period under review compared to the Net Asset Value per share at the beginning of the

period under review by considering the dividends reinvested on ex-dividend date.** Inception dates: Class A (USD), 31 January 2005; Class I (USD), 31 January 2005; Class A (EUR), 25 February 2005; and Class IX (USD), 12 April 2006.*** Lipper averages are equally weighted averages that measure the performance of funds possessing similar investment objectives. Lipper returns are in U.S. dollars. The Lipper since inception return begins with the closest month-end date for the Class A (USD) share class.Source: Oppenheim Asset Management Services S.à r.l. and Lipper Inc.

Presentation of the Value at Risk (VaR) figures and leveraging effect in accordance with the regulations in force in Luxembourg (CSSF Circular 11/512): The total risk attached to the investment Global Real Estate Securities Fund is calculated on the basis of the relative value at risk approach. The presentation relates to the period under review between 1 April 2013 and 31 March 2014.

The composition of the benchmark: 100% – S&P/Citi BMI World Prop







Portfolio Strategy The Fund seeks to achieve total return, which includes current income and capital appreciation, from a global portfolio of diversified real estate equity securities.

Investment Activity Over the trailing 12-month reporting period, global real estate securities underperformed the broader global equity markets. Regionally, Europe led performance followed by North America and Asia.

For 2013, Europe’s positive performance reflected an improving economic climate throughout the region with generally good corporate results and robust investor demand that is now reaching into more peripheral markets. The United Kingdom (UK) recovery continued to gain strength as GDP growth forecasts for this year and next year were again revised up, while Switzerland finally began reversing a long period of underperformance. France was once again the major lagging market as business and consumer sentiment remained weak.

In the U.S., small capitalization real estate investment trusts (REITs) outperformed large capitalization REITs for much of 2013 until the trend reversed in the first quarter of 2014. REITs continued to take advantage of the availability and relatively low cost of capital. REITs issued a record USD71 billion in equity and debt capital during 2013. Through the first quarter of 2014, REITs have issued USD14 billion of capital. Many companies used the opportunity to refinance into longer-term, lower-rate debt and to redevelop, develop, or acquire properties to improve earnings per share growth rates.



8



In Asia, Japan has seen a good deal of momentum under President Shinzo Abe’s economic initiatives, but there has been increasing concern that the momentum could be slowing. In Singapore, developers underperformed REITs as property transactions have collapsed with sellers refusing to cut prices and buyers being patient. The slowing or absence of transactions not only negatively impacted developers’ earnings but, more importantly, the value of equities when transactions eventually took place at lower prices. In Hong Kong, the vacancy rate in Central was higher than in decentralized locations, as rents in Central have been soft. Additionally, China’s first ever corporate bond default rattled the market and triggered concerns about the risks of further defaults and credit availability.

The U.S. contributed positively to the Fund’s performance. In the U.S., the main contributors included stock selection in the office sector and an overweight to the storage sector. To a lesser extent, an underweight to healthcare and an overweight to hotels also benefitted performance. Conversely, the most meaningful detractors included the underweight of the specialty sector as well as stock selection in the retail sector.

In Europe, stock selection and an underweight to the region had a negative impact on relative performance. Most of the negative performance can be attributed to underweights to Austria and the UK. On the positive side, both of the overweights to and stock selection in Netherlands and Germany benefitted the Fund.

In Asia, stock selection had a negative effect on relative performance. Most of this stemmed from stock selection in Hong Kong. Part of the underperformance in the region is attributed to an overweight to Japan. On the positive side, an underweight to Singapore added meaningfully to performance.

OutlookIn the U.S., REITs ended the quarter trading at a 9.0% discount to their underlying real estate value. Implied capitalization rates (the rate of return on a real estate investment property based on the expected income that the property will generate) spread between REITs relative to 10-year Treasuries remain wide at roughly 3.30%. This spread provides REITs with a cushion if interest rates increase, as spreads could contract without any deterioration in real estate values. Additionally, REIT cash flow indicators are lower than the S&P 500 for the first time since 2010. REIT occupancies and rental rates are expected to continue to improve in 2014. Supply is expected to remain muted in most markets and property types, with the exception of apartments and some industrial hotel markets. Employment centers that focus on technology, housing, media/entertainment, and energy are expected to deliver relatively strong jobs growth, while markets that are dependent on the government and financial sectors are being monitored for any signs of bottoming or improvement. In an environment of rising interest rates, the Investment Adviser is positioned to focus on companies with strong relative cash flow growth that trade at reasonable valuations relative to their private market value. The Investment Adviser is currently finding the best opportunities in the regional mall sector, with select opportunities in the office, apartment, hotel, and industrial sectors.

In Europe, the Investment Adviser maintained a broadly neutral weight for the European region as it is expected that the region’s good performance should continue throughout the year, though at a more moderate rate as valuations have now largely caught up with improving overall economic and real estate fundamentals. Despite the good share price performance in the region, investor sentiment is expected to remain positive for the region and could push share prices through fair value levels in the coming months. The European sector is trading at a discount of around a negative 4.0%, with the UK on a premium and the European continent still at a larger discount. The European sector average dividend yield is approximately 3.6%. At the end of the quarter, Europe looks on track in to meet or exceed an expected total return of 8-10% as real estate fundamentals continue improving in line with the widening economic recovery, and financing conditions remain favorable and new supply stays generally under control. In the first quarter, the Investment Adviser has added positions to the Fund’s European allocation, despite still being underweight the region. Major overweight positions remain concentrated in core markets that offer good rental growth potential, including Germany, France, and the Netherlands.

9


For the 12-month period ended 31 March 2014, the Worldwide Investors Portfolio: Emerging Markets Fixed Income Fund Class A (USD) shares declined by 0.48%.

Emerging Markets Fixed Income Fund Total ReturnsAs of 31 March 2014


Class A (USD)* (0.48%) 426.10% $19.53Class AX (USD)* (0.43%) 141.38% $22.14Class I (USD)* 0.18% 93.19% $19.58Class IX (USD)* 0.16% 78.83% $31.76Class AX 1 (USD)* (0.48%) 73.46% $33.13Class A (EUR)* (0.57%) 54.34% €16.01Lipper Bond Emerging Markets Global HC Average*** 0.04% 416.64%

Past performance is no guarantee of future results. Total returns represent the cumulative change in net asset value over the specified time period, including reinvestment of dividends, and do not reflect the effect of any sales charges. The Fund charges a maximum front-end sales load of up to 3.5% on Class A shares. If sales charges were applied, returns for the Fund would have been lower. * The performance calculation is based on the Net Asset Value per share at the end of the period under review compared to the Net Asset Value per share at the beginning of the

period under review by considering the dividends reinvested on ex-dividend date.** Inception dates: Class A (USD), 10 September 1998; Class AX (USD), 14 August 2003; Class I (USD), 7 March 2005; Class IX (USD), 4 October 2005; Class AX 1 (USD), 21 October

2005; and Class A (EUR), 2 May 2006.*** Lipper averages are equally weighted averages that measure the performance of funds possessing similar investment objectives. Lipper returns are in U.S. dollars. The Lipper since inception return begins with the closest month-end date for the Class A (USD) share class.Source: Oppenheim Asset Management Services S.à r.l. and Lipper Inc.

Presentation of the Value at Risk (VaR) figures and leveraging effect in accordance with the regulations in force in Luxembourg (CSSF Circular 11/512):The total risk attached to the investment Emerging Markets Fixed Income Fund is calculated on the basis of the relative value at risk approach. The presentation relates to the period under review between 1 April 2013 and 31 March 2014.

The composition of the benchmark:100% – JP Morgan EM Bond Global Diversified







Portfolio StrategyThe Emerging Markets Fixed Income Fund seeks high current income, with capital appreciation as a secondary goal. The Fund tries to take advantage of the significant potential of emerging market economies by investing in high-yielding, transferable debt securities and other instruments issued by governments and corporations in developing markets throughout the world.



10



Investment ActivityIt was a volatile year for Emerging Markets (EM) debt, with a sharp selloff in the first quarter of the period. The immediate catalyst for the sell-off was the rise in U.S. Treasury rates resulting from stronger U.S. economic data and the Federal Reserve’s (“Fed”) discussions to begin tapering its quantitative easing initiatives. This led to outflows from all fixed income sectors, with EM hit particularly hard. The sell-off coincided with political unrest and weaker-than-expected economic reports from a number of EM countries. Emerging markets debt found more solid ground late in the third quarter of 2013, buoyed by the Federal Reserve’s decision to maintain the current pace of its bond purchases, a modest recovery in commodities from the lows during the third quarter, and data that suggested the slowdown in China’s economic growth may be leveling out. EM debt continued to stabilize through the third quarter of 2013 and the first quarter of 2014 amid strong equity markets and demand for yield, with the recovery paring the losses from the sell-off earlier in the period.

Country selection was the most prominent contributor to performance over the 12-month period. An overweight in Argentina was among the largest contributors as it recovered sharply in response to positive policy steps and potential negotiations with defaulted debt holdouts. An overweight in Hungary helped as its bonds performed well amid lower inflation and improving economic fundamentals. Security selection was positive as well, with Venezuela the most notable example. Shorter dated positions in Petroleos de Venezuela and sovereign debt held up better than the longer-dated benchmark issues as Venezuela performed poorly due to economic contraction and high inflation.

An overweight in Brazil was a notable detractor from performance during the period. Brazil has battled during the period with growth that is below potential and the threat of a downgrade (which materialized to BBB- by S&P in the first quarter of 2014), along with investor concern over government intervention. Longer-dated positions in Mexico, which were impacted by rising U.S. Treasury rates, detracted as well. Note that in the first quarter of 2014, Mexico was upgraded by Moody’s to A3, and has outperformed the benchmark on a year-to-date basis. Currency positioning also had a minor negative impact.

OutlookThe majority of EM countries are expected to grow at a faster pace in 2014 than in 2013. The Investment Adviser expects China’s growth to slow, but this slowdown is necessary to rebalance the Chinese economy and ultimately avoid a hard landing. Recent data show signs that global trade has stabilized, and from this vantage point, the risk of a broad-based balance of payment crisis in EM seems low. The Investment Adviser foresees only a few countries vulnerable to a recession, including Argentina and Venezuela, primarily due to idiosyncratic factors, and asset prices currently reflect this risk. The large non-oil commodity exporters are largely insulated from a negative shock, even with weaker commodity prices.

The Investment Adviser believes valuations still offer an attractive entry point. For example, some investment grade EM spreads (the difference between interest rates on investment grade bonds and other bonds with similar maturities) have traded near the widest level seen in seven years when compared to BBB-rated U.S. corporates, and the overall EM index has traded wider than the BB-rated high yield index for the first time since 2008. In this context, overall, the Investment Adviser likes EM hard currency and local currency bonds. Spreads remain cheap relative to developed market spreads, with the most attractive opportunities in long-maturity sovereign/quasi-sovereigns and in short corporate and lower-rated sovereigns. Local rates in Brazil, Mexico, and South Africa remain attractive. The Fund’s positions in EM foreign exchange markets remain tactical (short-term), given the more modest outlook for EM growth.

11


For the 12-month period ended 31 March 2014, the Worldwide Investors Portfolio: U.S. High Yield Fund Class A shares returned 3.72%.

U.S. High Yield Fund Total ReturnsAs of 31 March 2014


Class A (USD)* 3.72% 188.27% $8.31Class I (USD)* (until Nov. 8, 2013, date of last NAV calculation) 2.22% 156.19% Class AX (USD)* 3.69% 109.03% $9.05Class IX (USD)* 4.32% 84.36% $14.73Lipper Bond USD High Yield Average*** 6.03% 159.45%

Past performance is no guarantee of future results. All share classes share a common portfolio of holdings. Total returns represent the cumulative change in net asset value over the specified time period, including reinvestment of dividends, and do not reflect the effect of any sales charges. The Fund charges a maximum front-end sales load of up to 3.5% on Class A shares. If sales charges were applied, returns for the Fund would have been lower.* The performance calculation is based on the Net Asset Value per share at the end of the period under review compared to the Net Asset Value per share at the beginning of the

period under review by considering the dividends reinvested on ex-dividend date.** Inception dates: Class A (USD), 31 October 1996; Class I (USD), 26 February 2002; Class AX (USD), 10 June 2003; and Class IX (USD), 7 April 2005.*** Lipper averages are equally weighted averages that measure the performance of funds possessing similar investment objectives. Lipper returns are in U.S. dollars. The Lipper since inception return begins with the closest month-end date for the Class A (USD) share class.Source: Oppenheim Asset Management Services S.à r.l. and Lipper Inc.

Presentation of the Value at Risk (VaR) figures and leveraging effect in accordance with the regulations in force in Luxembourg (CSSF Circular 11/512): The total risk attached to the investment U.S. High Yield Fund is calculated on the basis of the relative value at risk approach. The presentation relates to the period under review between 1 April 2013 and 31 March 2014.

The composition of the benchmark:100% – Barclays U.S. High Yield







Portfolio StrategyThe U.S. High Yield Fund seeks to provide high current income with capital appreciation as a secondary objective. The Fund invests in a diversified portfolio of transferable high yield debt securities, which are rated below investment grade or are unrated securities believed to be of comparable quality by the Investment Adviser.

Investment ActivityHigh yield bonds delivered strong results during the one-year reporting period. The broad global high yield market, as measured by the Barclays High Yield Index, returned 7.54%. High yield bonds outpaced all other fixed income sectors during the period, as the sector’s high income and solid fundamentals overshadowed the rise in interest rates. As concerns about a surge in long-term rates have subsided, high yield fund flows turned positive in the first quarter of 2014.

Regarding sector positions, the fund’s overweight positions to technology and media and entertainment were notable contributors, as was an underweight to pipelines, which underperformed. However, an overweight to the gaming industry hurt performance.



12



The Fund’s selection of individual companies within the technology and gaming industries turned out to be very strong contributors. However, selected companies within telecommunications and the media and entertainment industries detracted from the Fund’s performance. The Fund’s overweight positions to technology company First Data Holdings and gaming company MTR Gaming Group were the two largest contributors. However, positioning in technology company Avaya Holdings, which outperformed, as well as an overweight to Latin American telecom company NII International Telecom Sca, which underperformed, were notable detractors from performance.

Outlook Looking ahead, several factors are influencing the Investment Adviser’s market outlook. On the positive side, high yield credit spreads, which are the difference in interest rates between investment grade bonds and other bonds with similar maturities, remain attractive from a risk/return perspective, when compared with other spread sectors. The positive credit environment is expected to continue, with Moody’s Investors Service anticipating a U.S. default rate of 2.3% by the end of 2014. Given the attractive fundamentals, institutional investors’ search for yield should continue to provide long-term support for the high yield sector.

On the negative side, corporate profits remain solid, yet the pace of earnings growth has slowed, and profit outlooks are generally stagnant. Companies sensitive to global demand, particularly in the emerging markets, are facing the greatest challenges. Although long-term rates stabilized recently, 2013’s increase had a significant market impact, and further rate-driven turbulence could re-emerge.

With that backdrop, the Fund’s positioning involves seeking credits with companies poised for long-term growth, rather than firms with more sensitivity to cyclical growth patterns. From a quality perspective, spread compression is at historically tight levels, and, as a result, the Investment Adviser sees attractively valued spreads in the BB/B-rated segment of the market, rather than the CCC-rated segment. In addition, the market’s mid-quality range offers an appropriate balance between credit and interest-rate risk. The Investment Adviser continues to prefer more defensive, domestically oriented sectors.

13

Audit report

To the Shareholders of Worldwide Investors Portfolio

PricewaterhouseCoopers, Société coopérative, 400 Route d’Esch, B.P. 1443, L-1014 Luxembourg T: +352 494848 1, F: +352 494848 2900, www.pwc.lu

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256) R.C.S. Luxembourg B 65 477 – TVA LU25482518

We have audited the accompanying financial statements of Worldwide Investors Portfolio and of each of its sub-funds, which comprise the statement of assets and liabilities and the schedule of investments as at 31 March, 2014 and the statement of operations and the statement of changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements.

Responsibility of the Board of Directors of the SICAV for the financial statements

The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Responsibility of the “Réviseur d’entreprises agréé”

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier”. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the “Réviseur d’entreprises agréé”, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the “Réviseur d’entreprises agréé” considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements.

pwc

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of Worldwide Investors Portfolio and of each of its sub-funds as of 31 March 2014, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

Other matters

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole.

PricewaterhouseCoopers, Societe cooperative Luxembourg, 17 July 2014 Represen ed by

Alain Maechling

14

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

Schedule of Investments as of 31 March 2014

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 9,194 Potash Corp. of Saskatchewan Inc. 333,007 1.07 USD 10,409 Suncor Energy Inc. 363,794 1.15 USD 9,559 Thomson Reuters Corp. 326,918 1.05 111111111

1,023,719 3.27 111111111

Cayman Islands USD 6,216 CHC Group Ltd. 45,936 0.15 111111111

France EUR 7,423 Accor S.A. 380,654 1.22 EUR 20,385 Vivendi S.A. 568,732 1.82 111111111

949,386 3.04 111111111

GermanyEUR 2,517 Siemens AG NA 339,308 1.09 111111111

NetherlandsUSD 20,078 Constellium B.V. -A- 589,289 1.89 111111111

PanamaUSD 14,184 Carnival Corp. 537,006 1.72 111111111

USAUSD 9,227 21st Century Fox -A- 294,987 0.94 USD 18,372 Activision Blizzard Inc. 375,524 1.20 USD 5,125 Agilent Technologies Inc. 286,590 0.92 USD 2,951 Allergan Inc. 366,219 1.17 USD 19,375 AllScripts Healthcare Solutions Inc. 349,331 1.12 USD 10,117 Altera Corp. 366,640 1.17 USD 4,527 Anadarko Petroleum Corp. 383,709 1.23 USD 924 Apple Inc. 495,948 1.59 USD 7,878 Benchmark Electronics Inc. 178,437 0.57 USD 2,419 Boeing Co. 303,560 0.97 USD 11,626 Brink’s Co. 331,922 1.06 USD 38,862 Brocade Communications Systems Inc. 412,326 1.32 USD 2,938 Bunge Ltd. 233,600 0.75USD 34,301 Cadence Design Systems Inc. 533,038 1.71USD 23,718 Calpine Corp. 495,943 1.59USD 5,563 Cameron Intl. Corp. 343,627 1.10USD 11,817 Charles Schwab Corp. 322,959 1.03USD 16,298 Cobalt Intl. Energy Inc. 298,579 0.96USD 7,426 Comcast Corp. -A- Special 362,092 1.16USD 16,407 CONSOL Energy Inc. 655,460 2.10USD 4,067 CVS Caremark Corp. 304,456 0.97USD 7,858 Delta Air Lines Inc. 272,280 0.87USD 9,743 Diamond Foods Inc. 340,323 1.09USD 13,560 Diebold Inc. 540,908 1.73USD 1,721 EOG Resources Inc. 337,609 1.08USD 6,002 Evercore Partners Inc. -A- 331,611 1.06USD 6,767 Express Scripts Holding Co. 508,134 1.63USD 1,939 FedEx Corp. 257,034 0.82USD 16,384 Fortinet Inc. 360,940 1.15USD 5,218 GameStop Corp. -A- 214,460 0.69USD 1,830 Goldman Sachs Group Inc. 299,845 0.96USD 441 Google Inc. -A- 491,499 1.57USD 19,189 Hologic Inc. 412,563 1.32USD 9,911 Hyatt Hotels Corp. -A- 533,311 1.71USD 15,273 Impax Laboratories Inc. 403,513 1.29USD 11,994 ING U.S. Inc. 435,022 1.39USD 28,753 International Game Technology 404,267 1.29

USD 10,147 International Rectifier Corp. 278,028 0.89USD 9,114 JPMorgan Chase & Co. 553,311 1.77USD 18,745 Juniper Networks Inc. 482,871 1.54USD 12,523 Laredo Petroleum Inc. 323,845 1.04USD 4,325 Lear Corp. 362,089 1.16USD 6,298 Liquidity Services Inc. 164,063 0.52USD 22,014 Live Nation Entertainment Inc. 478,805 1.53USD 12,565 Merck & Co. Inc. 713,315 2.28USD 11,261 MetLife Inc. 594,581 1.90USD 13,507 Microsoft Corp. 553,652 1.77USD 16,957 Mondelez Intl. Inc. 585,864 1.87USD 4,155 Monsanto Co. 472,714 1.51USD 16,303 Pfizer Inc. 523,652 1.68USD 19,846 Pinnacle Entertainment Inc. 470,350 1.50USD 7,648 PNC Financial Services Group Inc. 665,376 2.13USD 24,616 Polycom Inc. 337,732 1.08USD 11,635 PPL Corp. 385,584 1.23USD 8,443 Rice Energy Inc. 222,811 0.71USD 17,118 Rovi Corp. 389,948 1.25USD 5,226 Schlumberger Ltd. 509,535 1.63USD 16,211 Superior Energy Services Inc. 498,650 1.60USD 16,426 Symetra Financial Corp. 325,563 1.04USD 8,708 Terex Corp. 385,764 1.23USD 46,674 The Wendy’s Co. 425,667 1.36USD 4,931 United Technologies Corp. 576,138 1.84USD 3,835 Universal Health Services Inc. -B- 314,738 1.01USD 5,637 Wal-Mart Stores Inc. 430,836 1.38USD 11,222 Wells Fargo & Co. 558,182 1.79USD 8,764 Xilinx Inc. 475,622 1.51USD 8,184 Zions Bancorp 253,540 0.81 111111111

27,151,092 86.84 111111111

Total common/preferred stocks (shares) 30,635,736 98.00 111111111

Total investments 30,635,736 98.00

Other assets and liabilities 625,307 2.00 111111111

Net assets 31,261,043 100.00 111111111 111111111




Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Real Estate Equity Securities

Australia AUD 4,500 Australand Property Group -Stapled- 17,529 0.14AUD 23,650 CFS Retail Property Trust Group 41,260 0.34AUD 4,615 Charter Hall Retail REIT 15,251 0.13AUD 80,291 Dexus Property Group 78,561 0.65AUD 17,525 Federation Centres 38,177 0.32AUD 23,365 Goodman Group - Stapled Security 102,014 0.84AUD 28,480 GPT Group 96,217 0.80AUD 11,405 Investa Office Fund 34,109 0.28AUD 40,095 Mirvac Group -Stapled- 62,918 0.52AUD 5,754 Stockland 19,917 0.16AUD 27,689 Westfield Group 261,978 2.17 111111111

767,931 6.35 111111111

CanadaCAD 1,430 Boardwalk Real Estate Investment Trust 78,474 0.65CAD 976 Brookfield Canada Office Properties Trust 24,687 0.20CAD 708 Canadian Apartment Properties REIT 13,660 0.11CAD 3,542 Chartwell Retirement Residences 33,368 0.28CAD 2,424 RioCan Real Estate Investment Trust 58,417 0.48 111111111

208,606 1.72 111111111

FranceEUR 1,042 Foncière Des Régions 96,675 0.80EUR 579 ICADE S.A. 57,369 0.47EUR 1,476 Klepierre 66,148 0.55EUR 1,244 Unibail-Rodamco SE 323,555 2.67 111111111

543,747 4.49 111111111

GermanyEUR 4,214 Alstria Office REIT-AG 56,575 0.47 111111111

Hong KongHKD 11,000 The Link Real Estate Investment Trust 54,086 0.45 111111111

JapanJPY 5 Activia Properties Inc. 40,169 0.33JPY 20 AEON REIT Investment Corp. 23,878 0.20JPY 5 Daiwa House REIT Investment Corp. 19,988 0.17JPY 21 GLP J-REIT 21,145 0.17JPY 13 Hulic Reit Inc. 17,763 0.15JPY 3 Japan Excellent Inc. 3,826 0.03JPY 15 Japan Logistics Fund Inc. 33,724 0.28JPY 4 Japan Real Estate Investment Corp. 20,080 0.17JPY 15 Japan Retail Fund Investment Corp. 29,538 0.24JPY 4 Nippon Building Fund Inc. 20,894 0.17JPY 13 Nippon Prologis REIT Inc. 26,230 0.22JPY 1,100 NTT Urban Development Corp. 10,362 0.09JPY 28 United Urban Investment Corp. 41,136 0.33 111111111

308,733 2.55 111111111

NetherlandsEUR 402 Corio N.V. 18,398 0.15EUR 444 Eurocommercial 19,540 0.16EUR 519 Wereldhave N.V. 44,249 0.37 111111111

82,187 0.68 111111111

SingaporeSGD 53,733 Ascendas Real Estate Investment Trust 96,425 0.80SGD 17,000 Cache Logistics Trust 15,321 0.13SGD 25,000 CapitaMall Trust 37,518 0.31SGD 161,950 Keppel REIT 146,598 1.21


SGD 73,000 Mapletree Commercial Trust 70,717 0.58SGD 55,560 Mapletree Industrial Trust 60,219 0.50SGD 70,000 Suntec Real Estate Investment Trust 92,267 0.76 111111111

519,065 4.29 111111111

United KingdomGBP 4,274 Big Yellow Group PLC 38,891 0.32GBP 14,070 British Land Co. PLC 153,211 1.27GBP 6,329 Great Portland Estates PLC 66,494 0.55GBP 15,575 Hammerson PLC 143,667 1.19GBP 9,959 Land Securities Group PLC 169,301 1.40GBP 12,040 Segro PLC 66,555 0.54 111111111

638,119 5.27 111111111

USAUSD 1,195 Alexandria Real Estate Equities Inc. 86,709 0.72USD 1,865 American Campus Communities Inc. 69,658 0.58USD 1,735 Avalonbay Communities Inc. 227,840 1.88USD 1,829 Boston Properties Inc. 209,475 1.73USD 1,937 Camden Property Trust 130,438 1.08USD 2,600 CBL & Associates Properties Inc. 46,150 0.38USD 3,558 Cedar Realty Trust Inc. 21,739 0.18USD 3,059 Chesapeake Lodging Trust 78,708 0.65USD 2,725 Corporate Office Properties Trust 72,594 0.60USD 3,005 CubeSmart 51,566 0.43USD 4,929 DDR Corp. 81,230 0.67USD 1,097 Digital Realty Trust Inc. 58,229 0.48USD 2,817 Douglas Emmett Inc. 76,453 0.63USD 6,471 Duke Realty Corp. 109,230 0.90USD 8,434 Empire State Realty Trust Inc 127,438 1.05USD 925 Equity Residential 53,641 0.44USD 637 Essex Property Trust Inc. 108,322 0.90USD 3,819 Excel Trust Inc. 48,425 0.40USD 5,132 First Potomac Realty Trust 66,305 0.55USD 8,646 General Growth Properties Inc. 190,212 1.57USD 7,586 Glimcher Realty Trust 76,088 0.63USD 1,270 Health Care REIT Inc. 75,692 0.63USD 2,557 Healthcare Realty Trust 61,751 0.51USD 3,824 Healthcare Trust of America Inc. REIT -A- 43,555 0.36USD 1,124 Home Properties Inc. 67,575 0.56USD 10,642 Host Hotels & Resorts Inc. 215,394 1.78USD 4,942 Hudson Pacific Properties Inc. 114,012 0.94USD 542 Kilroy Realty Corp. 31,750 0.26USD 4,820 Kimco Realty Corp. 105,462 0.87USD 6,795 Kite Realty Group Trust 40,770 0.34USD 1,222 LTC Properties Inc. 45,984 0.38USD 2,145 Macerich Co. 133,698 1.11USD 3,218 Mack-Cali Realty Corp. 66,902 0.55USD 1,009 National Health Investors Inc. 61,004 0.50USD 1,434 Pebblebrook Hotel Trust 48,426 0.40USD 3,923 Physicians Realty Trust REIT 54,608 0.45USD 2,667 Post Properties Inc. 130,950 1.08USD 6,782 ProLogis Inc. 276,909 2.29USD 595 PS Business Parks Inc. 49,754 0.41USD 1,689 Public Storage 284,580 2.35USD 2,272 Regency Centers Corp. 116,008 0.96USD 3,668 Simon Property Group Inc. 601,552 4.97USD 655 SL Green Realty Corp. 65,906 0.54USD 819 Sovran Self Storage Inc. 60,156 0.50USD 6,449 Spirit Realty Capital Inc. 70,810 0.59USD 8,791 Strategic Hotels & Resorts Inc. 89,580 0.74USD 6,270 UDR Inc. 161,954 1.34USD 4,208 Ventas Inc. 254,879 2.11USD 2,085 Vornado Realty Trust 205,498 1.70 111111111

5,525,569 45.67 111111111

Total Real Estate Equity Securities 8,704,618 71.95 111111111



Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets

Common/preferred stocks (shares)

AustriaEUR 3,136 CA-Immobilien-Anlagen AG 56,749 0.47 111111111

BermudaHKD 6,000 Kerry Properties Ltd. 19,951 0.16USD 11,000 Hongkong Land Holdings Ltd. 71,170 0.59 111111111

91,121 0.75 111111111

FinlandEUR 7,577 Sponda OYJ 35,964 0.30 111111111

GermanyEUR 2,372 Deutsche Wohnen AG Em. 2013 49,617 0.41EUR 781 LEG Immobilien AG NA 51,305 0.42EUR 7,739 Prime Office AG when delivered 30,903 0.26 111111111

131,825 1.09 111111111

Hong KongHKD 12,050 Cheung Kong (Holdings) Ltd. 199,723 1.65HKD 10,446 Hang Lung Properties Ltd. 30,023 0.25HKD 16,824 Henderson Land Development Co. Ltd. 98,118 0.81HKD 7,000 Hysan Development Co. Ltd. 30,449 0.25HKD 52,200 Sino Land Co. Ltd. 76,697 0.63HKD 35,910 Sun Hung Kai Properties Ltd. 439,682 3.63HKD 1,800 Swire Properties Ltd. 5,127 0.04HKD 5,000 The Wharf (Holdings) Ltd. 31,963 0.27HKD 5,000 Wheelock & Company Ltd. 19,526 0.17 111111111

931,308 7.70 111111111

JapanJPY 2,000 AEON Mall Co. Ltd. 51,091 0.42JPY 7,000 Daiwa House Industry Co. Ltd. 118,782 0.98JPY 7,200 Hulic Co. Ltd. 98,662 0.82JPY 1 Industrial & Infrastructure Fund

Investment Corp. 8,227 0.07JPY 20,922 Mitsubishi Estate Co. Ltd. 495,937 4.10JPY 15,612 Mitsui Fudosan Co. Ltd. 476,429 3.94JPY 1,600 Nomura Real Estate Holdings Inc. 30,546 0.25JPY 6,114 Sumitomo Realty & Development Co. Ltd. 239,491 1.98JPY 4,000 Tokyo Tatemono Co. Ltd. 34,306 0.28JPY 4,800 Tokyu Fudosan Holdings Corp 35,818 0.30 111111111

1,589,289 13.14 111111111

JerseyEUR 6,502 Atrium European Real Estate Ltd. 36,738 0.30 111111111

LuxembourgEUR 3,298 Gagfah S.A. 50,147 0.41 111111111

NorwayNOK 13,716 Norwegian Property ASA 16,605 0.14 111111111

SingaporeSGD 12,000 CapitaLand Ltd. 27,537 0.23SGD 1,000 CapitaMalls Asia Ltd. 1,422 0.01 111111111

28,959 0.24 111111111

SwedenSEK 2,589 Fabege AB 33,695 0.28SEK 3,406 Hufvudstaden AB -A- 47,951 0.40SEK 915 Klovern AB Vz. 21,658 0.17 111111111

103,304 0.85 111111111

USAUSD 3,700 Forest City Enterprises Inc. -A- 70,670 0.58USD 3,242 Hilton Worldwide Holdings Inc. 72,102 0.60USD 2,951 Stag Industrial Inc 71,119 0.59USD 700 Starwood Hotels & Resorts

Worldwide Inc. 55,720 0.46 111111111

269,611 2.23 111111111

Total common/preferred stocks (shares) 3,341,621 27.62 111111111



Net assets 12,097,776 100.00 111111111 111111111




Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Bonds

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

1.00, 2.26%, 31/12/2038 811,190 0.98 EUR 350,000 Argentina 09-33 Disc. Fac. 1.3761037,

7.82%, 31/12/2033 493,437 0.60 USD 250,000 Argentina 10-17, 8.75%, 02/06/2017 232,500 0.28 USD 230,000 YPF S.A. 13-18 -144A-, 8.875%,

19/12/2018 240,063 0.29 USD 258,388 Argentina 05-35 GDP, 0.00%, 15/12/2035 17,441 0.02 USD 660,000 Argentina 03-33 Disc. Fac. 1.402038,

8.28%, 31/12/2033 732,411 0.88 USD 300,000 Argentina 05-38 Step-Up Par Fac. 1.00,

2.50%, 31/12/2038 126,000 0.15 111111111

2,653,042 3.20 111111111

ArmeniaUSD 440,000 Armenia 13-20 -144A-, 6.00%,

30/09/2020 455,400 0.55 111111111

AzerbaijanUSD 350,000 State Oil Company of Azerbaijan (SOCAR)

13-23, 4.75%, 13/03/2023 333,725 0.40 111111111

BelarusUSD 275,000 Belarus 10-15 Reg. -S-, 8.75%,

03/08/2015 278,438 0.34USD 405,000 Belarus 11-18 Reg. -S-, 8.95%,

26/01/2018 415,125 0.50 111111111

693,563 0.84 111111111

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

20/02/2038 74,360 0.09USD 185,000 Belize 13-38 VAR, 5.00%, 20/02/2038 128,806 0.16 111111111

203,166 0.25 111111111

BermudaUSD 250,000 China Oil & Gas Group Ltd. 13-18,

5.25%, 25/04/2018 251,250 0.30 111111111

BoliviaUSD 200,000 Bolivia 12-22 Reg. -S-, 4.875%,

29/10/2022 198,000 0.24 111111111

BrazilBRL 44 Brazil 09-14, 6.00%, 15/08/2014 47,338 0.06BRL 651 Brazil 10-21 S. -F-, 10.00%, 01/01/2021 261,821 0.32BRL 1,743 Brazil 12-23, 10.00%, 01/01/2023 683,045 0.82BRL 650,000 CESP 07-15 -144A-, 9.75%, 15/01/2015 436,244 0.53USD 250,000 Bertin Ltda. 06-16 -144A-, 10.25%,

05/10/2016 281,250 0.34USD 1,226,000 Brazil 04-34, 8.25%, 20/01/2034 1,624,450 1.96USD 795,000 Brazil 06-37, 7.125%, 20/01/2037 953,006 1.15USD 100,000 JBS S.A. 06-16, 10.50%, 04/08/2016 112,125 0.13USD 200,000 Votorantim Cimentos S.A. 11-41, 7.25%,

05/04/2041 198,000 0.23 111111111

4,597,279 5.54 111111111

British Virgin IslandsUSD 600,000 Sinochem Overseas Capital Co. Ltd.

10-20 Reg. -S-, 4.50%, 12/11/2020 619,659 0.75USD 400,000 Sinopec Group Overseas

Development (2012) Ltd. 12-42 Reg. -S-, 4.875%, 17/05/2042 390,933 0.47 111111111

1,010,592 1.22 111111111

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

-144A-, 7.25%, 15/10/2019 205,500 0.25USD 460,000 Pacific Rubiales Energy Corp. 13-19

-144A-, 5.375%, 26/01/2019 477,250 0.57 111111111

682,750 0.82 111111111

Cayman IslandsUSD 200,000 Agile Property Holdings Ltd.

13-perpetual VAR, 8.25%, 31/12/2050 168,000 0.20USD 205,000 MCE Finance Ltd. 13-21 -144A-,

5.00%, 15/02/2021 205,000 0.25USD 200,000 Odebrecht Offshore Drilling Fin. Ltd.

13-22 -144A- Fac. 0.9729, 6.75%, 01/10/2022 201,877 0.24

USD 250,000 Schahin II Fin. Co. SPV Ltd. 12-22 -144A- Fac. 0.928666667, 5.875%, 25/09/2022 223,750 0.27 111111111

798,627 0.96 111111111

ColombiaUSD 370,000 Colombia 03-33, 10.375%, 28/01/2033 559,625 0.67USD 615,000 Colombia 06-37, 7.375%, 18/09/2037 787,200 0.95USD 225,000 Colombia 09-41, 6.125%, 18/01/2041 252,000 0.31 111111111

1,598,825 1.93 111111111

CongoUSD 414,000 Congo 07-29 VAR Fac. 0.9124731,

3.50%, 30/06/2029 340,460 0.41 111111111

Costa-RicaUSD 600,000 Banco Nacional de Costa Rica

13-18-144A-, 4.875%, 01/11/2018 605,250 0.73USD 300,000 Costa Rica 12-23, 4.25%, 26/01/2023 277,500 0.33USD 205,000 Costa Rica 13-43 -144A-, 5.625%,

30/04/2043 176,812 0.22 111111111

1,059,562 1.28 111111111

CroatiaUSD 300,000 Hrvatska elektroprivredna d.d. HEP 12-17,

6.00%, 09/11/2017 312,000 0.38USD 375,000 Croatia 09-19 Reg. -S-, 6.75%,

05/11/2019 412,969 0.50USD 420,000 Croatia 10-20 Reg. -S-, 6.625%,

14/07/2020 459,480 0.55USD 430,000 Croatia 11-21 Reg. -S-, 6.375%,

24/03/2021 463,325 0.56USD 200,000 Croatia 13-23 -144A-, 5.50%,

04/04/2023 202,100 0.24USD 300,000 Republic of Croatia 10-20 -144A-,

6.625%, 14/07/2020 328,200 0.40 111111111

2,178,074 2.63 111111111

CyprusEUR 110,000 Cyprus 10-20 EMTN, 4.625%,

03/02/2020 141,912 0.17 111111111




Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets

Dominican RepublicUSD 425,000 Dominican Republic 10-21 Reg.

-S- Fac. 1.00, 7.50%, 06/05/2021 473,875 0.57USD 505,000 Dominican Republic 05-18 Reg.

-S- Fac. 0.874381509, 9.04%, 23/01/2018 485,719 0.59 111111111

959,594 1.16 111111111

EcuadorUSD 200,000 Ecuador 05-15 Reg. -S-, 9.375%,

15/12/2015 211,600 0.26 111111111

EgyptUSD 100,000 Egypt Government Bond 10-40 -144A-,

6.875%, 30/04/2040 90,000 0.11USD 210,000 Egypt Government Bond 10-40 Reg.

-S-, 6.875%, 30/04/2040 189,000 0.23 111111111

279,000 0.34 111111111

El SalvadorUSD 325,000 El Salvador 02-23, Reg. -S-, 7.75%,

24/01/2023 348,562 0.42USD 415,000 El Salvador 04-34 -144A-, 7.625%,

21/09/2034 437,825 0.53USD 200,000 El Salvador 09-19 Reg. -S-, 7.375%,

01/12/2019 213,000 0.26 111111111

999,387 1.21 111111111

GabonUSD 190,000 Gabon 13-24 -144A-, 6.375%,

12/12/2024 200,925 0.24 111111111

Georgian RepublicUSD 250,000 Georgian Railway JSC 12-22 Reg.

-S-, 7.75%, 11/07/2022 267,250 0.32 111111111

GhanaGHS 55,000 Ghana 13-16, 16.90%, 07/03/2016 17,894 0.02USD 100,000 Ghana 07-17, 8.50%, 04/10/2017 101,375 0.12USD 265,000 Ghana 13-23 -144A-, 7.875%,

07/08/2023 243,138 0.30 111111111

362,407 0.44 111111111

GreeceEUR 310,000 Greece 12-23 S.1 PSI Step Cpn,

2.00%, 24/02/2023 335,261 0.40 111111111

GuatemalaUSD 200,000 Guatemala 12-22, 5.75%, 06/06/2022 217,000 0.26USD 200,000 Guatemala 13-28, 4.875%, 13/02/2028 193,000 0.23 111111111

410,000 0.49 111111111

HungaryEUR 150,000 Hungary 11-19, 6.00%, 11/01/2019 231,724 0.28USD 330,000 Magyar Export-Import Bank

12-18-144A-, 5.50%, 12/02/2018 346,500 0.42USD 216,000 Hungary 10-20, 6.25%, 29/01/2020 235,710 0.28USD 376,000 Hungary 11-21, 6.375%, 29/03/2021 411,250 0.50USD 1,284,000 Hungary 11-41, 7.625%, 29/03/2041 1,479,810 1.78USD 200,000 Hungary 13-23, 5.75%, 22/11/2023 206,500 0.25 111111111

2,911,494 3.51 111111111

IndonesiaUSD 1,000,000 Indonesia 08-38, 7.75%, 17/01/2038 1,192,500 1.44USD 700,000 Indonesia 11-21 Reg. -S-,

4.875%, 05/05/2021 717,500 0.87USD 200,000 PT Pertamina (Persero) 11-21 Reg.

-S-, 5.25%, 23/05/2021 200,500 0.24

USD 350,000 PT Pertamina (Persero) 11-41 -144A-, 6.50%, 27/05/2041 330,312 0.40

USD 310,000 PT Pertamina (Persero) 12-42, 6.00%, 03/05/2042 274,350 0.32 111111111

2,715,162 3.27 111111111

IraqUSD 1,450,000 Iraq 06-28, 5.80%, 15/01/2028 1,276,000 1.54 111111111

IrelandUSD 290,000 Alfa Bond Issuance PLC 11-21,

7.75%, 28/04/2021 295,075 0.36USD 300,000 EDC Financial Ltd. 13-20, 4.875%,

17/04/2020 271,500 0.33USD 250,000 PhosAgro Bond Funding Ltd.

13-18-144A-, 4.20%, 13/02/2018 238,750 0.29USD 200,000 Steel Funding Ltd. 12-19 -144A-,

4.95%, 26/09/2019 192,000 0.23USD 250,000 VEB Finance PLC 10-20 Reg.

-S-, 6.90%, 09/07/2020 261,550 0.31 111111111

1,258,875 1.52 111111111

Isle of ManUSD 200,000 Sasol Financing Intl. PLC 12-22,

4.50%, 14/11/2022 194,000 0.23 111111111

Ivory CoastUSD 1,668,000 Ivory Coast 09-32 Fac. 1.00,

7.77433%, 31/12/2032 1,563,750 1.89 111111111

JamaicaUSD 200,000 Jamaica 07-39, 8.00%, 15/03/2039 182,000 0.22USD 300,000 Jamaica 08-19, 8.00%, 24/06/2019 312,000 0.38 111111111

494,000 0.60 111111111

KazakhstanUSD 250,000 Development Bank of Kazakhstan JSC

12-22 -144A-, 4.125%, 10/12/2022 225,625 0.27USD 710,000 JSC NC KazMunayGaz 10-20 Reg.

-S-, 7.00%, 05/05/2020 800,525 0.97USD 250,000 KazAgro National Management Holding

JSC 13-23, 4.625%, 24/05/2023 231,250 0.28USD 700,000 KazMunayGaz National Co. 13-43,

5.75%, 30/04/2043 630,000 0.76USD 190,000 KazMunayGas National Co.13-43-144A-,

5.75%, 30/04/2043 171,000 0.20 111111111

2,058,400 2.48 111111111

LebanonUSD 620,000 Lebanon 06-21 EMTN, 8.25%,

12/04/2021 696,725 0.84USD 434,000 Lebanon 11-19, 5.45%, 28/11/2019 429,703 0.52 111111111

1,126,428 1.36 111111111

LithuaniaUSD 75,000 Lithuania 11-21 -144A-, 6.125%,

09/03/2021 85,703 0.10USD 265,000 Lithuania 12-22 -144A-, 6.625%,

01/02/2022 312,899 0.38 111111111

398,602 0.48 111111111

LuxembourgEUR 373,075 Wind Acquisition Holdings Fin. S.A.

09-17, 12.25%, 15/07/2017 541,151 0.65USD 250,000 Cemex Espana Luxembourg Branch

12-19, 9.875%, 30/04/2019 290,000 0.35




Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets

USD 200,000 Dufry Finance SCA 12-20 -144A-, 5.50%, 15/10/2020 208,352 0.25

USD 200,000 Evraz Group S.A. 12-17, 7.40%, 24/04/2017 196,000 0.24

USD 425,000 Gaz Capital S.A. 04-34 Reg. -S-, 8.625%, 28/04/2034 484,500 0.58

USD 225,000 Gaz Capital S.A. 09-19, 9.25%, 23/04/2019 265,500 0.32

USD 200,000 GPN Capital S.A. 12-22 -144A-, 4.375%, 19/09/2022 177,500 0.21

USD 300,000 Millicom Intl. Cellular S.A. 13-20 -144A-, 4.75%, 22/05/2020 293,250 0.35

USD 200,000 Minerva Luxembourg S.A. 12-22 -144A-, 12.25%, 10/02/2022 223,000 0.27

USD 140,000 RSHB Capital S.A. 08-18 Reg. -S-, 7.75%, 29/05/2018 149,799 0.18

USD 245,000 VTB Capital S.A. 08-18, 6.875%, 29/05/2018 260,312 0.31

USD 200,000 RSHB Capital S.A. 11-21 VAR, 6.00%, 03/06/2021 195,500 0.25 111111111

3,284,864 3.96 111111111

MexicoMXN 33,300 Mexico 11-22, 6.50%, 09/06/2022 262,754 0.32USD 250,000 BBVA Bancomer S.A. 11-21 -144A-,

6.50%, 10/03/2021 270,313 0.33USD 200,000 Cemex SAB de CV 13-19 SRN

-144A-, 6.50%, 10/12/2019 212,750 0.26USD 200,000 Comision Federal de Electricidad

12-42, 5.75%, 14/02/2042 195,000 0.24USD 400,000 Mexico 01-31 MTN, 8.30%, 15/08/2031 559,000 0.67USD 200,000 Mexico 03-33, 7.50%, 08/04/2033 262,500 0.32USD 200,000 Mexico 04-34, 6.75%, 27/09/2034 244,000 0.29USD 770,000 Mexico 10-2110, 5.75%, 12/10/2110 756,525 0.91USD 386,000 Petroleos Mexicanos 10-21, 5.50%,

21/01/2021 421,705 0.51USD 550,000 Petroleos Mexicanos 11-41, 6.50%,

02/06/2041 602,250 0.72USD 250,000 Tenedora Nemak S.A. de CV 13-23 Reg.

-S-, 5.50%, 28/02/2023 254,062 0.30 111111111

4,040,859 4.87 111111111

MongoliaUSD 350,000 Mongolia 12-18 Reg. -S-, 4.125%,

05/01/2018 315,000 0.38 111111111

MoroccoUSD 375,000 Morocco 12-42 -144A-, 5.50%,

11/12/2042 347,813 0.42 111111111

MozambiqueUSD 370,000 Mozambique Ematum Finance B.V.

13-20, 6.31%, 11/09/2020 353,350 0.43 111111111

NetherlandsUSD 200,000 AE-Rotor Holding B.V. 13-18, 4.969%,

28/03/2018 202,522 0.24USD 350,000 Bharti Airtel Intl. Netherlands B.V.

13-23, 5.125%, 11/03/2023 347,812 0.42USD 90,000 DTEK Fin. B.V. 10-15 Reg. -S-, 9.50%,

28/04/2015 85,500 0.10USD 200,000 Indosat Palapa Company B.V. 10-20 Reg.

-S-, 7.375%, 29/07/2020 217,000 0.26USD 200,000 Kazakhstan Temir Zholy Finance B.V.

12-42 -144A-, 6.95%, 10/07/2042 204,000 0.25


USD 525,000 Kazakhstan Temir Zholy Finance B.V. 12-42 Reg. -S-, 6.95%, 10/07/2042 535,500 0.65

USD 130,000 Majapahit Holdings B.V. 07-37, 7.875%, 29/06/2037 143,325 0.17



USD 300,000 Myriad International Holdings B.V. 13-20 -144A-, 6.00%, 18/07/2020 325,500 0.39

USD 610,000 Northern Lights III B.V. 12-19 Reg. -S-, 7.00%, 16/08/2019 667,188 0.80

USD 155,000 Petrobras Global Fin. B.V. 13-23, 4.375%, 20/05/2023 141,828 0.18 111111111

4,041,225 4.87 111111111

NigeriaNGN 8,500,000 Nigeria 10-30, 10.00%, 23/07/2030 39,180 0.05NGN 18,555,000 Nigeria 13-08.05.14 Treas. Bill, 0.00%,

08/05/2014 111,209 0.13USD 200,000 Nigeria 11-21, 6.75%, 28/01/2021 213,500 0.26 111111111

363,889 0.44 111111111

PakistanUSD 450,000 Pakistan 06-16 Reg. -S-, 7.125%,

31/03/2016 460,125 0.55USD 200,000 Pakistan 07-17 Reg. -S-, 6.875%,

01/06/2017 203,000 0.25 111111111

663,125 0.80 111111111

PanamaUSD 230,000 Panama 02-23, 9.375%, 16/01/2023 305,325 0.37USD 465,000 Panama 04-34, 8.125%, 28/04/2034 588,225 0.71USD 400,000 Panama 97-27, 8.875%, 30/09/2027 553,000 0.67USD 150,000 Panama 99-29, 9.375%, 01/04/2029 212,700 0.25 111111111

1,659,250 2.00 111111111

PeruUSD 750,000 Corporacion Pesquera Inca 10-17 Reg.

-S-, 9.00%, 10/02/2017 757,500 0.91USD 165,000 Fondo Mivivienda S.A. 13-23 -144A-,

3.50%, 31/01/2023 151,800 0.18USD 350,000 Peru 03-33, 8.75%, 21/11/2033 511,000 0.62USD 200,000 Peru 05-25, 7.35%, 21/07/2025 257,250 0.31USD 650,000 Peru 07-37 Fac. 1.00, 6.55%,

14/03/2037 781,625 0.95 111111111

2,459,175 2.97 111111111

PhilippinesUSD 450,000 Philippines 00-25, 10.625%, 16/03/2025 700,312 0.84USD 495,000 Philippines 05-30, 9.50%, 02/02/2030 770,344 0.93 111111111

1,470,656 1.77 111111111

PolandUSD 150,000 Poland 11-21, 5.125%, 21/04/2021 165,637 0.20USD 240,000 Poland 11-22, 5.00%, 23/03/2022 261,900 0.32 111111111

427,537 0.52 111111111

RomaniaEUR 200,000 Romania 13-20 GMTN, 4.625%,

18/09/2020 293,621 0.35USD 518,000 Romania 13-23, 4.375%, 22/08/2023 508,288 0.61USD 774,000 Romania 14-44 -144A- Tranche 3,

6.125%, 22/01/2044 816,957 0.99 111111111

1,618,866 1.95 111111111


RussiaUSD 200,000 EuroChem Mineral & Chemical Co.

12-17 -144A-, 5.125%, 12/12/2017 195,000 0.24USD 200,000 EuroChem Mineral & Chemical Co. OJSC

12-17 Reg. S., 5.125%, 12/12/2017 195,000 0.24USD 400,000 Russia 13-43, 5.875%, 16/09/2043 393,000 0.47USD 955,000 Russia 98-28 Reg. -S-, 12.75%,

24/06/2028 1,556,650 1.88USD 645,000 Russia 00-30 Reg. -S- Step-Up Fac.

0.685, 7.50%, 31/03/2030 502,576 0.60 111111111

2,842,226 3.43 111111111

SenegalUSD 200,000 Senegal 11-21 Reg. -S-, 8.75%,

13/05/2021 227,250 0.27 111111111

SerbiaUSD 555,000 Serbia 11-21 -144A-, 7.25%,

28/09/2021 621,655 0.75USD 145,000 Serbia 11-21 Reg. -S-, 7.25%,

28/09/2021 162,414 0.20USD 400,000 Serbia 13-20, 4.875%, 25/02/2020 400,000 0.48USD 295,000 Serbia 05-24 Step-Up Fac.

0.377622887, 6.75%, 01/11/2024 111,817 0.13 111111111

1,295,886 1.56 111111111

SingaporeUSD 650,000 Berau Capital Resources Pte. Ltd.

10-15 Reg. -S-, 12.50%, 08/07/2015 678,437 0.82USD 400,000 Ottawa Holdings Pte. Ltd.

13-18, 5.875%, 16/05/2018 326,000 0.39USD 400,000 TBG Global Pte. Ltd. 13-18, 4.625%,

03/04/2018 395,500 0.48 111111111

1,399,937 1.69 111111111

SloveniaUSD 300,000 Slowenia 13-23, 5.85%, 10/05/2023 327,000 0.39USD 355,000 Slowenia 13-23 -144A-, 5.85%,

10/05/2023 386,950 0.47 111111111

713,950 0.86 111111111

South AfricaUSD 200,000 Eskom Holdings Ltd. 11-21, 5.75%,

26/01/2021 204,000 0.25USD 360,000 Eskom Holdings SOC Ltd. 13-23,

6.75%, 06/08/2023 376,348 0.45USD 300,000 South Africa 12-24, 4.665%, 17/01/2024 297,000 0.36USD 250,000 South Africa 13-25, 5.875%, 16/09/2025 268,750 0.32ZAR 3,460,000 South Africa 06-36 R. 209, 6.25%,

31/03/2036 243,313 0.30 111111111

1,389,411 1.68 111111111

Sri LankaUSD 200,000 Bank Of Ceylon 12-17 Reg.

-S-, 6.875%, 03/05/2017 209,250 0.25USD 645,000 National Savings Bank 13-18

-144A-, 8.875%, 18/09/2018 719,175 0.87USD 700,000 Sri Lanka 10-20 Reg. -S-, 6.25%,

04/10/2020 733,250 0.88USD 220,000 Sri Lanka 14-19 -144A-, 6.00%,

14/01/2019 230,175 0.28 111111111

1,891,850 2.28 111111111

SwedenEUR 300,000 TVN Fin. Corp. III AB 13-20 -144A-,

7.375%, 15/12/2020 454,299 0.55USD 200,000 EILEME 2 AB 12-20, 11.625%,

31/01/2020 238,250 0.29 111111111

692,549 0.84 111111111

TanzaniaUSD 250,000 Tanzania 13-20 FRN, 6.332%,

09/03/2020 264,688 0.32 111111111

TurkeyUSD 300,000 Export Credit Bank of Turkey 12-19,

5.875%, 24/04/2019 311,310 0.38USD 332,000 Turkey 04-34, 8.00%, 14/02/2034 402,550 0.49USD 530,000 Turkey 05-20, 7.00%, 05/06/2020 595,773 0.72USD 286,000 Turkey 05-25, 7.375%, 05/02/2025 328,042 0.40USD 523,000 Turkey 06-36, 6.875%, 17/03/2036 566,932 0.68USD 270,000 Turkey 08-38, 7.25%, 05/03/2038 305,775 0.37USD 380,000 Turkey 09-19, 7.50%, 07/11/2019 435,290 0.52USD 115,000 Turkey 10-21, 5.625%, 30/03/2021 119,945 0.14USD 705,000 Turkey 11-41, 6.00%, 14/01/2041 692,662 0.83 111111111

3,758,279 4.53 111111111

UkraineUSD 230,000 Financing of Infrastructural Projects

State Enterp. 11-18 -144A-, 7.40%, 20/04/2018 197,225 0.24

USD 200,000 Financing of Infrastructural Projects State Enterp. 11-18 Reg. S, 7.40%, 20/04/2018 171,500 0.21

USD 500,000 Financing of Infrastructural Projects State Enterp. 12-17, 9.00%, 07/12/2017 441,250 0.53

USD 500,000 Naftogaz of Ukraine JSC 09-14, 9.50%, 30/09/2014 472,500 0.57

USD 335,000 Ukraine 06-16 Reg. -S-, 6.58%, 21/11/2016 314,900 0.38

USD 295,000 Ukraine 10-20 Reg. -S-, 7.75%, 23/09/2020 275,825 0.33

USD 200,000 Ukraine 11-16, 6.25%, 17/06/2016 189,000 0.23 111111111

2,062,200 2.49 111111111

United Arab EmiratesUSD 250,000 DP World 07-37, 6.85%, 02/07/2037 270,375 0.33 111111111

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

-S-, 11.50%, 01/02/2016 226,500 0.27USD 200,000 Afren PLC 12-19, 10.25%,

08/04/2019 227,750 0.27USD 335,000 Bank of Baroda London Branch

14-19 -144A-, 4.875%, 23/07/2019 343,847 0.41USD 350,000 Biz Finance PLC 13-18, 8.75%,

22/01/2018 295,750 0.36USD 325,000 Credit Suisse Intl. 06-16, 5.79275%,

09/02/2016 253,565 0.31USD 425,000 SSB No. 1 PLC 11-16, 8.25%,

10/03/2016 367,625 0.44USD 220,000 Tullow Oil PLC 13-20 -144A-, 6.00%,

01/11/2020 223,300 0.28 111111111

1,938,337 2.34 111111111

UruguayUSD 810,000 Uruguay 06-36 Fac. 1.00, 7.625%,

21/03/2036 1,036,800 1.25 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


USAUSD 220,000 Hungarian Development Bank

Private Ltd. Co. 13-20 -144A-, 6.25%, 21/10/2020 231,963 0.28

USD 480,000 Pemex Project Funding Master Trust 08-38, 6.625%, 15/06/2038 523,200 0.63

USD 150,000 Reliance Holdings USA Inc. 12-22 Reg. -S-, 5.40%, 14/02/2022 157,085 0.19

USD 1,000,000 CBBC-BSP-1997-5 Tiers, 0.00%, 15/06/2097 1,229,211 1.48

USD 400,000 Brazil Loan Trust 1 13-23, 5.477%, 24/07/2023 408,000 0.49 111111111

2,549,459 3.07 111111111

VenezuelaUSD 200,000 Petroleos De Venezuela S.A.

07-37, 5.50%, 12/04/2037 103,500 0.12USD 1,675,000 Petroleos De Venezuela S.A.

10-17, 8.50%, 02/11/2017 1,402,812 1.69USD 20,000 Petroleos De Venezuela S.A.

11-21, 9.00%, 17/11/2021 14,900 0.02USD 200,000 Venezuela 03-18, 7.00%, 01/12/2018 153,500 0.19USD 1,535,000 Venezuela 05-25, 7.65%, 21/04/2025 951,400 1.15USD 500,000 Venezuela 08-28, 9.25%, 07/05/2028 365,000 0.44USD 841,000 Venezuela 09-19, 7.75%, 13/10/2019 639,160 0.77USD 420,000 Venezuela 97-27, 9.25%, 15/09/2027 312,900 0.37USD 2,500 Venezuela 90-20 Oil Linked, 0.00%,

15/04/2020 55,000 0.07 111111111

3,998,172 4.82 111111111

VietnamUSD 430,000 Vietnam 10-20 Reg.

-S-, 6.75%, 29/01/2020 479,988 0.58 111111111

ZambiaUSD 390,000 Zambia 12-22, 5.375%, 20/09/2022 332,963 0.40 111111111

Total Bonds 83,408,291 100.60 111111111

Other Markets

Bonds

GreeceJPY 30,000,000 Greece 96-16, 5.25%, 01/02/2016 275,102 0.33 111111111

Total other Markets 275,102 0.33 111111111


Other assets and liabilities (768,801) (0.93) 111111111

Net assets 82,914,592 100.00 111111111 111111111

Forward Foreign Exchange Contracts as of 31 March 2014Forward

Contract to

Purchase

Value Payable

at Settlement

Date (USD)

Expiration

Date

Unrealised

Gain/(Loss)

(USD)

Counter-

party

KRW 416,667,045 387,345 08/04/2014 4,167 5)KRW 723,569,287 673,871 08/04/2014 6,015 8)MYR 3,481,225 1,062,223 10/04/2014 3,309 4)MYR 7,473,574 2,266,822 10/04/2014 20,697 5)MYR 3,429,267 1,038,794 10/04/2014 10,840 7)MYR 322,749 98,700 10/04/2014 87 8)BRL 2,998,626 1,234,582 14/04/2014 85,433 1)BRL 1,253,660 533,522 14/04/2014 18,284 2)BRL 145,514 61,076 14/04/2014 2,976 3)BRL 3,872,572 1,643,178 14/04/2014 61,375 4)BRL 3,520,429 1,463,485 14/04/2014 86,183 7)BRL 2,343,061 969,057 14/04/2014 62,360 8)COP 3,967,982,290 1,950,578 14/04/2014 68,249 2)COP 1,621,206,278 798,821 14/04/2014 26,015 3)COP 556,875,858 271,930 14/04/2014 11,397 4)COP 2,476,476,041 1,215,445 14/04/2014 44,535 7)COP 235,644,955 117,062 14/04/2014 2,829 8)AUD 143,058 128,670 15/04/2014 3,246 1)AUD 1,150,713 1,036,492 15/04/2014 24,599 2)AUD 4,078,874 3,644,757 15/04/2014 116,437 4)NZD 369,849 305,988 15/04/2014 13,574 1)NZD 853,000 705,175 15/04/2014 31,845 2)IDR 4,257,467,345 359,431 17/04/2014 14,273 2)IDR 1,378,906,279 117,055 17/04/2014 3,978 4)IDR 8,981,648,712 760,392 17/04/2014 27,976 7)IDR 20,474,323,158 1,709,281 17/04/2014 87,934 8)RUB 20,938,152 617,326 17/04/2014 (27,814) 3)CHF 85,472 96,325 24/04/2014 424 7)CHF 327,159 368,920 24/04/2014 1,403 8)HUF 304,789,832 1,362,768 24/04/2014 3,912 1)PLN 2,063,947 667,598 24/04/2014 13,616 2)RON 2,172,924 648,818 24/04/2014 22,390 5)CAD 153,022 137,552 25/04/2014 845 1)CAD 2,164,880 1,962,811 25/04/2014 (4,852) 2)CAD 116,893 104,645 25/04/2014 1,076 3)CAD 877,133 795,492 25/04/2014 (2,196) 4)CAD 2,221,030 2,000,853 25/04/2014 7,897 7)MXN 44,919,087 3,353,046 25/04/2014 80,146 1)MXN 214,583 15,934 25/04/2014 467 2)MXN 333,220 250,543 25/04/2014 4,214 3)MXN 9,427,281 704,527 25/04/2014 16,004 5)ZAR 741,009 68,000 25/04/2014 1,656 2)ZAR 16,777,198 1,531,888 25/04/2014 45,233 4)ZAR 7,099,325 644,202 25/04/2014 23,178 7)CNY 15,924,061 2,595,397 28/04/2014 (35,662) 2)EUR 773,975 1,050,340 28/04/2014 17,528 1)EUR 4,993,225 6,842,950 28/04/2014 46,300 2)EUR 1,591,147 2,194,894 28/04/2014 443 3)EUR 3,530,761 4,844,306 28/04/2014 27,154 4)EUR 3,039,288 4,155,175 28/04/2014 38,190 7)EUR 628,000 853,540 28/04/2014 12,924 8)GBP 1,086,000 1,781,951 28/04/2014 25,878 3)JPY 43,159,107 425,736 28/04/2014 (7,417) 1)JPY 88,401,217 862,272 28/04/2014 (5,446) 2)JPY 119,996,514 1,182,200 28/04/2014 (19,136) 3)JPY 65,188,926 638,000 28/04/2014 (6,158) 4)JPY 158,643,944 1,555,323 28/04/2014 (17,670) 7)JPY 7,548,784 73,127 28/04/2014 39 8)PEN 1,490,980 527,781 29/04/2014 737 2)ILS 927,009 264,941 30/04/2014 699 1)ILS 7,191,798 2,033,954 30/04/2014 26,910 2)ILS 551,231 157,525 30/04/2014 433 4)ILS 547,406 154,623 30/04/2014 2,240 7)INR 41,584,547 653,537 30/04/2014 34,653 2)NGN 104,142,100 636,371 30/04/2014 (10,615) 2)TRY 1,776,818 790,864 30/04/2014 28,351 1)TRY 4,607,330 2,017,000 30/04/2014 107,563 2)TRY 587,047 254,000 30/04/2014 16,731 3)TRY 415,000 182,853 30/04/2014 8,503 4)CLP 238,250,410 423,556 30/05/2014 5,778 7)PHP 12,562,801 282,323 09/06/2014 (2,203) 2)PHP 50,046,848 1,124,017 09/06/2014 (8,098) 5)CNY 2,660,018 429,278 26/06/2014 (2,097) 1)NGN 118,229,019 671,756 20/08/2014 7,067 1) 111144444444 111144444444

79,544,570 Net unrealised gain: 1,319,831 111144444444 111144444444



Contract to

Sell

Value Payable

at Settlement

Date (USD)

Expiration

Date

Unrealised

Gain/(Loss)

(USD)

Counter-

party

KRW 52,374,250 48,788 08/04/2014 (424) 4)KRW 293,573,884 274,488 08/04/2014 (1,362) 7)KRW 106,497,030 99,159 08/04/2014 (908) 8)MYR 684,868 209,921 10/04/2014 298 1)MYR 695,097 210,570 10/04/2014 (2,186) 2)MYR 3,573,186 1,076,307 10/04/2014 (17,383) 4)MYR 4,242,039 1,275,214 10/04/2014 (23,203) 7)MYR 1,271,230 383,302 10/04/2014 (5,799) 8)BRL 3,741,374 1,558,581 14/04/2014 (88,333) 1)BRL 3,741,374 1,551,922 14/04/2014 (95,017) 2)BRL 6,180,590 2,549,590 14/04/2014 (171,136) 3)BRL 2,934,020 1,218,700 14/04/2014 (72,839) 5)BRL 181,031 79,226 14/04/2014 (448) 7)COP 3,434,639,820 1,717,000 14/04/2014 (30,462) 1)COP 2,942,251,282 1,464,013 14/04/2014 (32,936) 2)COP 495,415,683 242,068 14/04/2014 (9,990) 4)COP 536,037,843 261,749 14/04/2014 (10,977) 7)COP 167,540,679 81,947 14/04/2014 (3,294) 8)NZD 50,507 43,729 15/04/2014 89 2)NZD 296,000 253,198 15/04/2014 (2,556) 3)NZD 666,000 563,136 15/04/2014 (12,310) 4)NZD 77,794 64,362 15/04/2014 (2,854) 7)NZD 132,548 111,394 15/04/2014 (3,132) 8)AUD 66,000 59,454 15/04/2014 (1,406) 1)AUD 2,094,692 1,892,429 15/04/2014 (39,119) 2)AUD 1,020,000 916,776 15/04/2014 (23,782) 5)AUD 1,311,142 1,176,329 15/04/2014 (32,695) 7)AUD 236,000 215,608 15/04/2014 (2,012) 8)IDR 9,278,875,583 767,166 17/04/2014 (47,346) 2)IDR 15,624,640,000 1,256,000 17/04/2014 (115,661) 5)IDR 14,480,685,000 1,173,000 17/04/2014 (98,208) 7)RUB 21,283,920 618,000 17/04/2014 18,714 4)MXN 2,690,422 205,000 22/04/2014 (668) 2)HUF 121,443,858 536,833 24/04/2014 (7,731) 2)HUF 19,642,557 86,237 24/04/2014 (1,843) 4)HUF 67,768,733 296,737 24/04/2014 (7,148) 7)PLN 646,866 211,642 24/04/2014 (1,856) 2)RON 1,257,787 383,362 24/04/2014 (5,154) 1)RON 267,791 81,184 24/04/2014 (1,534) 7)CHF 802,813 883,338 24/04/2014 (25,392) 3)MXN 3,216,608 242,884 25/04/2014 (2,958) 1)MXN 6,200,900 464,213 25/04/2014 (9,723) 2)MXN 5,801,239 430,389 25/04/2014 (13,008) 3)MXN 2,776,100 211,598 25/04/2014 (573) 4)MXN 21,377,063 1,601,019 25/04/2014 (32,833) 7)MXN 9,432,742 707,102 25/04/2014 (13,842) 8)CAD 5,530,831 5,034,575 25/04/2014 32,396 7)ZAR 3,022,299 278,331 25/04/2014 (5,768) 4)ZAR 24,249,030 2,174,417 25/04/2014 (105,236) 8)CNY 406,215 66,366 28/04/2014 1,069 1)CNY 1,010,784 163,545 28/04/2014 1,064 2)CNY 2,904,741 472,352 28/04/2014 5,425 7)CNY 847,447 137,959 28/04/2014 1,735 8)EUR 2,510,404 3,419,990 28/04/2014 (43,664) 2)EUR 7,304,731 9,968,204 28/04/2014 (110,276) 3)EUR 1,926,000 2,678,641 28/04/2014 21,301 4)EUR 3,813,392 5,255,074 28/04/2014 (36,337) 7)EUR 232,044 320,553 28/04/2014 397 8)GBP 1,048,182 1,742,672 28/04/2014 (2,202) 2)GBP 89,124 146,967 28/04/2014 (1,395) 7)JPY 175,409,158 1,715,000 28/04/2014 14,851 2)JPY 62,154,628 607,000 28/04/2014 4,568 3)JPY 359,732,974 3,480,247 28/04/2014 (6,450) 4)JPY 72,292,243 706,676 28/04/2014 5,985 8)PEN 352,000 124,712 29/04/2014 (63) 5)INR 41,584,547 644,822 30/04/2014 (43,438) 8)ILS 9,217,444 2,638,304 30/04/2014 (3,003) 2)NGN 144,583,419 865,772 30/04/2014 (3,146) 2)TRY 1,289,396 579,077 30/04/2014 (15,359) 1)TRY 457,016 211,533 30/04/2014 899 2)TRY 453,505 209,000 30/04/2014 (24) 3)TRY 4,867,196 2,069,707 30/04/2014 (175,268) 4)TRY 300,066 133,793 30/04/2014 (4,552) 7)PHP 11,344,828 252,897 09/06/2014 (67) 2)PHP 2,968,925 66,300 09/06/2014 100 4)PHP 1,593,477 35,052 09/06/2014 (479) 7)PHP 9,063,142 201,942 09/06/2014 (145) 8)THB 58,287,690 1,787,966 18/06/2014 (2,966) 1)CNY 946,289 152,080 26/06/2014 113 1)NGN 118,229,019 655,732 20/08/2014 (24,003) 2) 111144444444 111144444444

78,751,922 Net unrealised loss: (1,546,878) 111144444444 111144444444

Total commitment: 78,751,922 111144444444


Contract to

Sell

Value Payable

at Settlement

Date

Expiration

Date

Unrealised

Gain/(Loss)

(USD)

Counter-

party

PLN 1,037,241 EUR 249,200 24/04/2014 1,496 3)GBP 253,228 EUR 306,000 28/04/2014 655 1) 111144444444 111144444444

Total commitment in EUR: 555,200 Net unrealised gain: 2,151 111144444444 111144444444


Contract to

Purchase

Value Payable

at Settlement

Date

Expiration

Date

Unrealised

Gain/(Loss)

(USD)

Counter-

party

GBP 315,442 EUR 377,000 28/04/2014 4,952 3) 111144444444 111144444444

Total commitment in EUR: 377,000 Net unrealised gain: 4,952 111144444444 111144444444

Total Net unrealised loss on forward 111144444444

foreign exchange contracts: (219,944) 111144444444 111144444444

Forward Foreign Exchange Contracts as of 31 March 2014 (Hedge for EUR-Class)

Forward

Contract to

Purchase

Value Payable

at Settlement

Date (USD)

Expiration

Date

Unrealised

Gain/(Loss)

(USD)

Counter-

party

EUR 492,631 679,452 25/04/2014 245 6) 111144444444 111144444444

679,452 Net unrealised gain: 245 111144444444 111144444444

Net unrealised gain on forwardforeign exchange contracts (Hedge): 245 111144444444 111144444444

The abovementioned outstanding foreign forward exchange contracts were entered into with the following counterparties

1) Barclays Bank PLC2) Citibank N.A.3) Credit Suisse International4) Goldman Sachs International Ltd.5) HSBC Bank USA, N.A.6) Sal. Oppenheim jr. & Cie. Luxembourg S.A. (Member of Deutsche Bank AG Group)7) The Toronto-Dominion Bank8) UBS AG




Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Bonds

AustraliaUSD 50,000 FMG Resources (August 06) Pty Ltd.

11-19 -144A-, 8.25%, 01/11/2019 55,000 0.43USD 25,000 FMG Resources (August 06) Pty Ltd.

10-18 -144A-, 6.875%, 01/02/2018 26,344 0.21 111111111

81,344 0.64 111111111

CanadaUSD 50,000 Bombardier Inc.

10-20 -144A-, 7.75%, 15/03/2020 56,000 0.44USD 25,000 Brookfield Residential Prop. Inc. / US Corp.

13-32 -144A-, 6.125%, 01/07/2022 25,812 0.20USD 25,000 Catamaran Corp. 14-21, 4.75%, 15/03/2021 25,344 0.20USD 50,000 Harvest Operations Corp.

12-17, 6.875%, 01/10/2017 54,000 0.43USD 25,000 MEG Energy Corp.

11-21 -144A-, 6.50%, 15/03/2021 26,313 0.21USD 25,000 MEG Energy Corp. 13-24 -144A-,

7.00%, 31/03/2024 26,437 0.21USD 50,000 New Gold Inc. 12-20 -144A-, 7.00%,

15/04/2020 52,625 0.42USD 25,000 New Gold Inc. 12-22 -144A-, 6.25%,

15/11/2022 25,375 0.20USD 25,000 Nova Chemicals Corp.

13-23 -144A-, 5.25%, 01/08/2023 26,750 0.21USD 25,000 Quebecor Media Inc.

12-23, 5.75%, 15/01/2023 25,063 0.20USD 50,000 Telesat Canada / Telesat LLC

12-17 -144A-, 6.00%, 15/05/2017 51,750 0.41USD 25,000 Ultra Petroleum Corp.

13-18 -144A-, 5.75%, 15/12/2018 26,250 0.21USD 50,000 Videotron Ltd. 12-22,

5.00%, 15/07/2022 50,125 0.39 111111111

471,844 3.73 111111111

Cayman IslandsUSD 25,000 UPCB Finance Ltd.

11-21 -144A-, 7.25%, 15/11/2021 27,563 0.22 111111111

IrelandUSD 25,000 Grifols Worldwide Operations Ltd.

14-22 -144A-, 5.25%, 01/04/2022 25,562 0.20USD 100,000 SSI Investments II Ltd. / Co-Issuer LLC

10-18, 11.125%, 01/06/2018 106,625 0.84 111111111

132,187 1.04 111111111

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

7.875%, 31/01/2018 26,562 0.21USD 50,000 ArcelorMittal S.A.

08-18, 6.125%, 01/06/2018 54,813 0.43USD 50,000 ArcelorMittal S.A. 10-20 VAR Ratings Linked,

5.75%, 05/08/2020 53,125 0.42USD 25,000 ArcelorMittal S.A. 11-21 VAR Ratings Linked,

6.00%, 01/03/2021 26,656 0.21USD 25,000 ArcelorMittal S.A.

12-22 VAR, 6.75%, 25/02/2022 27,438 0.22USD 50,000 Intelsat Jackson Holdings S.A.

11-20, 7.25%, 15/10/2020 54,250 0.43USD 100,000 Intelsat Jackson Holdings S.A.

13-23 -144A-, 5.50%, 01/08/2023 98,000 0.77USD 25,000 Mallinckrodt Intl. Fin. S.A. 13-23 -144A-

Exchange offer, 4.75%, 15/04/2023 23,812 0.19

USD 25,000 NII Intl. Telecom SCA 13-19 -144A-, 7.875%, 15/08/2019 16,938 0.13

USD 100,000 Wind Acquisition Finance S.A. 09-17 -144A-, 11.75%, 15/07/2017 105,375 0.84 111111111

486,969 3.85 111111111

Marshall IslandsUSD 25,000 Ocean Rig UDW Inc. 14-19 -144A-,

7.25%, 01/04/2019 24,969 0.20 111111111

NetherlandsUSD 75,000 Sensata Technologies B.V.

11-19 -144A-, 6.50%, 15/05/2019 80,344 0.64USD 25,000 Sensata Technologies B.V.

13-23 -144A-, 4.875%, 15/10/2023 24,562 0.19 111111111

104,906 0.83 111111111

USAUSD 32,000 Acadia Healthcare Co. Inc.

11-18, 12.875%, 01/11/2018 38,560 0.30USD 25,000 Access Midstream Partners LP

14-24, 4.875%, 15/03/2024 24,937 0.20USD 25,000 Activision Blizzard Inc.

13-21 -144A-, 5.625%, 15/09/2021 26,750 0.21USD 25,000 Activision Blizzard Inc. 13-23 -144A-,

6.125%, 15/09/2023 27,219 0.22USD 25,000 ADS Waste Holdings Inc.

13-20, 8.25%, 01/10/2020 27,187 0.21USD 25,000 Advanced Micro Devices Inc.

14-19 -144A-, 6.75%, 01/03/2019 25,094 0.20USD 50,000 AES Corp. 08-20, 8.00%, 01/06/2020 59,000 0.47USD 50,000 AES Corp. 12-21, 7.375%, 01/07/2021 57,000 0.45USD 25,000 Affinity Gaming LLC / Financial Corp.

13-18, 9.00%, 15/05/2018 26,750 0.21USD 50,000 Ally Financial Inc. 10-20,

8.00%, 15/03/2020 60,250 0.48USD 50,000 AMC Entertainment Inc.

11-20, 9.75%, 01/12/2020 57,625 0.46USD 50,000 AMC Networks Inc. 12-21,

7.75%, 15/07/2021 56,375 0.45USD 50,000 American Axle & Manufacturing Inc.

12-22, 6.625%, 15/10/2022 54,187 0.43USD 12,000 Amerigas Partners LP / Amerigas

Financial Corp. 11-21, 6.50%, 20/05/2021 12,810 0.10USD 20,000 Ancestry.com Holdings LLC 13-18 -144A-

Pay in Kind, 9.625%, 15/10/2018 21,000 0.17USD 25,000 Aramark Corp.13-20, 5.75%, 15/03/2020 26,406 0.21USD 50,000 Ashtead Capital Inc. 12-22 -144A-,

6.50%, 15/07/2022 54,375 0.43USD 50,000 Athlon Holdings LP / Athlon Financial Corp.

13-21 -144A-, 7.375%, 15/04/2021 53,250 0.42USD 25,000 Audatex North America Inc. 13-21 -144A-,

6.00%, 15/06/2021 26,687 0.21USD 25,000 Avaya Inc. (New) 11-19 -144A-,

7.00%, 01/04/2019 24,812 0.20USD 50,000 Avaya Inc. (New) 13-21 -144A-,

10.50%, 01/03/2021 46,375 0.37USD 50,000 Aviv Healthcare Properties Ltd. Part. /

Cap. Corp. 11-19, 7.75%, 15/02/2019 54,000 0.43USD 25,000 Axiall Corp. 13-23 -144A-,

4.875%, 15/05/2023 24,531 0.19USD 25,000 B&G Foods Inc. 13-21,

4.625%, 01/06/2021 24,719 0.20USD 75,000 Bank of America Corp. 08-perpetual VAR,

8.00%, 31/12/2050 84,937 0.67USD 25,000 Beazer Homes USA Inc. 10-18,

9.125%, 15/06/2018 26,437 0.21USD 25,000 Beazer Homes USA Inc. 12-18,

6.625%, 15/04/2018 26,875 0.21




Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets

USD 25,000 Beazer Homes USA Inc. 13-21, 7.50%, 15/09/2021 26,875 0.21

USD 25,000 Belden Inc. 12-22 -144A-, 5.50%, 01/09/2022 25,312 0.20

USD 50,000 Belo Corp. 97-27, 7.25%, 15/09/2027 51,875 0.41USD 50,000 Biomet Inc. 13-20, 6.50%, 01/08/2020 53,850 0.43USD 35,000 Blackboard Inc. 13-19 -144A-,

7.75%, 15/11/2019 36,662 0.29USD 40,000 BMC Software Finance Inc.

13-21 SRN -144A-, 8.125%, 15/07/2021 42,100 0.33USD 25,000 Brand Energy & Infrastructure Services Inc.

13-21 -144A-, 8.50%, 01/12/2021 26,500 0.21USD 25,000 Bristow Group Inc. 12-22,

6.25%, 15/10/2022 26,500 0.21USD 50,000 Cablevision Systems Corp. 10-17,

8.625%, 15/09/2017 59,375 0.47USD 25,000 Caesars Entertainment Operating Co. Inc.

09-17, 11.25%, 01/06/2017 24,062 0.19USD 25,000 Caesars Entertainment Operating Co. Inc.

13-20, 9.00%, 15/02/2020 22,437 0.18USD 50,000 Caesars Entertainment Resort Prop.

13-20 -144A-, 8.00%, 01/10/2020 52,624 0.42USD 111,000 Calpine Corp. 10-20 -144A-,

7.875%, 31/07/2020 122,100 0.97USD 35,000 Capella Healthcare Inc. 11-17,

9.25%, 01/07/2017 37,187 0.29USD 50,000 Carmike Cinemas Inc. 12-19,

7.375%, 15/05/2019 54,563 0.43USD 25,000 CBRE Services Inc. 13-23,

5.00%, 15/03/2023 25,031 0.20USD 25,000 CBS Outdoor Americas Capital LLC /

Capital Corp. 14-24 -144A-, 5.625%, 15/02/2024 25,625 0.20

USD 50,000 CCO Holdings LLC / Capital Corp. 13-24, 5.75%, 15/01/2024 49,625 0.39

USD 50,000 CCO Holdings LLC 14-23, 5.75%, 01/09/2023 49,625 0.39

USD 3,000 CDW LLC / CDW Fin. Corp. 10-17, 12.535%, 12/10/2017 3,135 0.02

USD 50,000 Cedar Fair LP / Canada’s Wonderland 11-18, 9.125%, 01/08/2018 53,390 0.42

USD 50,000 Century Link Inc. 09-19, 6.15%, 15/09/2019 54,062 0.43

USD 25,000 Cequel Communications Holdings ILLC 12-20 -144A-, 6.375%, 15/09/2020 26,125 0.21

USD 25,000 Chemtura Corp. 13-21, 5.75%, 15/07/2021 25,937 0.21

USD 50,000 CHS/Community Health Systems Inc. 12-19, 8.00%, 15/11/2019 54,937 0.43

USD 25,000 CHS/Community Health Systems Inc. 14-21 -144A-, 5.125%, 01/08/2021 25,625 0.20

USD 50,000 CHS/Community Health Systems Inc. 14-22 -144A-, 6.875%, 01/02/2022 52,250 0.41

USD 25,000 Cinemark USA Inc. 12-22, 5.125%, 15/12/2022 25,000 0.20

USD 25,000 CIT Group Inc. 12-17, 4.25%, 15/08/2017 26,187 0.21

USD 25,000 CIT Group Inc. 12-18, 5.25%, 15/03/2018 26,875 0.21

USD 75,000 CIT Group Inc. 12-22, 5.00%, 15/08/2022 77,812 0.62

USD 25,000 Claire’s Stores Inc. 13-20 -144A-, 7.75%, 01/06/2020 19,250 0.15

USD 50,000 Claire’s Stores Inc. 12-19 -144A-, 9.00%, 15/03/2019 51,937 0.41

USD 50,000 Clean Harbors Inc. 12-20, 5.25%, 01/08/2020 51,500 0.41

USD 50,000 Clear Channel Worldwide Holdings Inc. 13-22, 6.50%, 15/11/2022 53,062 0.42

USD 75,000 Columbus McKinnon Corp. 11-19, 7.875%, 01/02/2019 80,812 0.64

USD 100,000 Commscope Holding Co. Inc. 13-20 -144A-, 6.625%, 01/06/2020 105,750 0.84

USD 25,000 Constellation Brands Inc. 13-23, 4.25%, 01/05/2023 24,438 0.19

USD 25,000 CoreLogic Inc. 12-21, 7.25%, 01/06/2021 27,062 0.21

USD 25,000 Cott Beverages Inc. 10-18, 8.125%, 01/09/2018 26,531 0.21

USD 60,000 Covanta Holding Corp. 10-20, 7.25%, 01/12/2020 65,550 0.52

USD 25,000 Covanta Holding Corp. 12-22, 6.375%, 01/10/2022 26,563 0.21

USD 25,000 Crown Castle Intl. Corp. 12-23, 5.25%, 15/01/2023 25,406 0.20

USD 25,000 Crown Media Holdings Inc. 11-19, 10.50%, 15/07/2019 28,313 0.22

USD 25,000 CSC Holdings LLC 12-21, 6.75%, 15/11/2021 27,937 0.22

USD 25,000 CST Brands Inc. 13-23, 5.00%, 01/05/2023 24,562 0.19

USD 65,000 D.R. Horton Inc. 06-16, 6.50%, 15/04/2016 70,931 0.56

USD 25,000 D.R. Horton Inc. 13-23, 4.75%, 15/02/2023 24,875 0.20

USD 25,000 Darling Escrow Corp. 14-22 -144A-, 5.375%, 15/01/2022 25,688 0.20

USD 17,000 Del Monte Corp. 11-19, 7.625%, 15/02/2019 17,712 0.14

USD 25,000 Denbury Resources Inc. 13-23, 4.625%, 15/07/2023 23,250 0.18

USD 25,000 DS Waters of America 13-21 -144A-, 10.00%, 01/09/2021 27,750 0.22

USD 30,000 Ducommun Inc. 12-18, 9.75%, 15/07/2018 33,600 0.27

USD 25,000 Dycom Investments Inc. 11-21, 7.125%, 15/01/2021 26,969 0.21

USD 50,000 Dynegy Inc. 13-23 -144A-, 5.875%, 01/06/2023 49,125 0.39

USD 25,000 Eagle Spinco Inc. 13-21 -144A-, 4.625%, 15/02/2021 24,719 0.20

USD 20,000 Emdeon Inc. 12-19, 11.00%, 31/12/2019 23,175 0.18

USD 25,000 Endo Finance LLC 13-22 -144A-, 5.75%, 15/01/2022 25,625 0.20

USD 50,000 Entercom Radio LLC 11-19, 10.50%, 01/12/2019 57,500 0.45

USD 25,000 EP Energy / EP Finance Inc. 12-20, 9.375%, 01/05/2020 28,906 0.23

USD 25,000 Felcor Lodging LP 13-23, 5.625%, 01/03/2023 25,312 0.20

USD 10,000 Ferrellgas LP / Finance Corp. 13-22-144A-, 6.75%, 15/01/2022 10,425 0.08

USD 25,000 Ferrellgas LP / Financial Corp. 11-21, 6.50%, 01/05/2021 26,188 0.21

USD 50,000 First Data Corp. (New) 14-21, 10.625%, 15/06/2021 56,250 0.44

USD 140,000 First Data Corp. (New) 14-21, 11.75%, 15/08/2021 147,000 1.16

USD 60,000 First Data Corp. 11-21, 12.625%, 15/01/2021 71,400 0.56

USD 50,000 First Data Corp. 12-20 -144A-, 6.75%, 01/11/2020 53,750 0.42

USD 25,000 First Quality Finance Co. Inc. 13-21 -144A-, 4.625%, 15/05/2021 24,312 0.19




Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets

USD 25,000 Forest Laboratories Inc. 13-21 -144A-, 5.00%, 15/12/2021 26,437 0.21

USD 13,000 Freescale Semiconductor Inc. 11-20, 8.05%, 01/02/2020 14,284 0.11

USD 25,000 Freescale Semiconductor Inc. 13-22 -144A-, 6.00%, 15/01/2022 26,531 0.21

USD 25,000 Fresenius Medical Care US Fin. II Inc. 12-19 -144A-, 5.625%, 31/07/2019 26,938 0.21

USD 50,000 Frontier Communications Corp. 10-22, 8.75%, 15/04/2022 57,063 0.45

USD 25,000 Frontier Communications Corp. 12-23, 7.125%, 15/01/2023 25,938 0.21

USD 25,000 General Cable Corp. 12-22 -144A-, 6.5%, 01/10/2022 25,375 0.20

USD 25,000 General Motors Co. 13-18 -144A-, 3.50%, 02/10/2018 25,469 0.20

USD 25,000 General Motors Co. 13-23 -144A-, 4.875%, 02/10/2023 25,625 0.20

USD 25,000 Golden Nugget Escrow Inc. 13-21 -144A-, 8.50%, 01/12/2021 25,500 0.20

USD 25,000 Graftech International Ltd. 13-20, 6.375%, 15/11/2020 25,750 0.20

USD 30,000 Gray Television Inc. 12-20, 7.50%, 01/10/2020 32,550 0.26

USD 75,000 Griffon Corp. 14-22 -144A-, 5.25%, 01/03/2022 74,250 0.59

USD 45,000 H & E Equipment Services Inc. 13-22, 7.00%, 01/09/2022 49,500 0.39

USD 25,000 HCA Holdings Inc. 12-21, 6.25%, 15/02/2021 26,763 0.21

USD 25,000 HCA Inc. 04-15, 6.375%, 15/01/2015 25,938 0.21USD 75,000 HCA Inc. 11-18, 8.00%, 01/10/2018 88,875 0.70USD 50,000 HCA Inc. 12-23, 4.75%, 01/05/2023 49,437 0.39USD 25,000 HCA Inc. 14-24, 5.00%, 15/03/2024 25,047 0.20USD 40,000 HD Supply Inc. 13-20,

7.50%, 15/07/2020 43,650 0.35USD 25,000 Hexion US Fin. Corp. / Nova Scotia Fin. ULC

10-18, 8.875%, 01/02/2018 26,000 0.21USD 70,000 Hexion US Fin. Corp. / Nova Scotia Fin. ULC

10-20, 9.00%, 15/11/2020 69,300 0.55USD 40,000 Hexion US Fin. Corp. / Nova Scotia Fin. ULC

12-20, 6.625%, 15/04/2020 41,400 0.33USD 25,000 Hilton Worldwide Finance LLC 13-21 -144A-,

5.625%, 15/10/2021 26,125 0.21USD 17,000 Hornbeck Offshore Services Inc. 13-21,

5.00%, 01/03/2021 16,703 0.13USD 50,000 Hornbeck Offshore Services Inc.12-20,

5.875%, 01/04/2020 52,250 0.41USD 25,000 Huntsman International LLC 10-20,

8.625%, 15/03/2020 27,437 0.22USD 25,000 Icahn Enterprises LP / Fin. Corp. 14-19

-144A-, 4.875%, 15/03/2019 25,437 0.20USD 25,000 Icahn Enterprises LP / Fin. Corp. 14-22

-144A-, 5.875%, 01/02/2022 25,375 0.20USD 75,000 Igloo Holdings Corp. 12-17 -144A-,

8.25%, 15/12/2017 76,687 0.61USD 50,000 Ingles Markets Inc. 13-23,

5.75%, 15/06/2023 50,000 0.40USD 45,000 International Lease Fin. Corp. 11-19,

6.25%, 15/05/2019 49,613 0.39USD 25,000 International Lease Fin. Corp. 13-18,

3.875%, 15/04/2018 25,500 0.20USD 25,000 Intl. Wire Group Inc. 12-17 -144A-,

8.50%, 15/10/2017 27,250 0.22USD 50,000 Iron Mountain Inc. 13-23 SRN,

6.00%, 15/08/2023 53,125 0.42USD 50,000 Isle Capri Casinos Inc. 12-20,

8.875%, 15/06/2020 54,313 0.43

USD 50,000 JBS USA LLC / Finance Inc. 13-21 -144A-, 7.25%, 01/06/2021 53,125 0.42

USD 25,000 KB Home 13-21, 7.00%, 15/12/2021 26,906 0.21USD 25,000 Kenan Advantage Group Inc.

12-18-144A-, 8.375%, 15/12/2018 26,250 0.21USD 25,000 Kennedy Wilson Inc. 14-24,

5.875%, 01/04/2024 25,000 0.20USD 25,000 Kinder Morgan Inc. 13 -23 -144A-,

5.625%, 15/11/2023 24,725 0.20USD 25,000 Kinder Morgan Inc. 13-21 -144A-,

5.00%, 15/02/2021 25,035 0.20USD 25,000 Kindred Healthcare Inc. 14-22 -144A-,

6.375%, 15/04/2022 25,063 0.20USD 50,000 Koppers Inc. 10-19, 7.875%, 01/12/2019 53,625 0.42USD 25,000 L Brands Inc. 13-23, 5.625%, 15/10/2023 25,937 0.21USD 14,000 Laredo Petroleum Inc. 14-22 -144A-,

5.625%, 15/01/2022 14,175 0.11USD 50,000 Laureate Education Inc. 12-19 -144A-,

9.25%, 01/09/2019 53,250 0.42USD 35,000 Lear Corp. 10-20, 8.125%, 15/03/2020 38,237 0.30USD 25,000 Level 3 Financing Inc. 12-20,

7.00%, 01/06/2020 27,094 0.21USD 25,000 Level 3 Financing Inc. 12-20,

8.625%, 15/07/2020 28,031 0.22USD 25,000 Lifepoint Hospitals Inc. 13-21-144A-,

5.50%, 01/12/2021 25,938 0.21USD 50,000 Limited Brands Inc. 12-22,

5.625%, 15/02/2022 52,812 0.42USD 50,000 LIN Television Corp. 10-18,

8.375%, 15/04/2018 53,000 0.42USD 25,000 Mariposa Borrower Inc. / Merger Sub LLC

13-21 -144A-, 8.00%, 15/10/2021 27,469 0.22USD 50,000 MedAssets Inc. 11-18,

8.00%, 15/11/2018 53,500 0.42USD 50,000 Mediacom Broadband LLC / Corp.

14-21 -144A-, 5.50%, 15/04/2021 50,250 0.40USD 25,000 Meritor Inc. 13-21, 6.75%, 15/06/2021 26,437 0.21USD 75,000 MGM Resorts Intl. 11-16,

10.00%, 01/11/2016 89,531 0.71USD 25,000 MGM Resorts Intl. 12-21,

6.625%, 15/12/2021 27,500 0.22USD 50,000 Michael Foods Inc. 11-18,

9.75%, 15/07/2018 53,375 0.42USD 50,000 Michaels Finco Holdings LLC / Inc.

13-18 -144A-, 7.50%, 01/08/2018 51,500 0.41USD 25,000 Midstates Petroleum Co. Inc. / LLC

13-21, 9.25%, 01/06/2021 26,125 0.21USD 25,000 Modular Space Corp. 14-19 -144A-,

10.25%, 31/01/2019 26,000 0.21USD 25,375 MTR Gaming Group Inc. 12-19,

11.50%, 01/08/2019 28,674 0.23USD 50,000 National Cinemedia LLC 12-22,

6.00%, 15/04/2022 52,750 0.42USD 25,000 National Financial Partners Corp.

13-21 -144A-, 9.00%, 15/07/2021 26,750 0.21USD 50,000 Newfield Exploration Co. 11-22,

5.75%, 30/01/2022 53,125 0.42USD 50,000 NRG Energy Inc. 11-18,

7.625%, 15/01/2018 56,125 0.44USD 75,000 NRG Energy Inc. 11-21,

7.875%, 15/05/2021 82,500 0.65USD 25,000 Nuance Communications Inc.

12-20-144A-, 5.375%, 15/08/2020 24,875 0.20USD 75,000 Pantry Inc. 13-20,

8.375%, 01/08/2020 81,000 0.64USD 35,000 Parker Drilling Co. 14-22 -144A-,

6.75%, 15/07/2022 36,050 0.28




Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets

USD 25,000 Peabody Energy Corp. 12-18, 6.00%, 15/11/2018 26,219 0.21

USD 37,000 Penn National Gaming Inc. 13-21 -144A-, 5.875%, 01/11/2021 36,353 0.29

USD 25,000 Penske Automotive Group Inc. 13-22, 5.75%, 01/10/2022 26,125 0.21

USD 25,000 PHI Inc. 14-19 -144A-, 5.25%, 15/03/2019 25,250 0.20USD 75,000 PNK Financial Corp. 13-21 -144A-,

6.375%, 01/08/2021 78,000 0.62USD 25,000 Post Holdings Inc. 12-22,

7.375%, 15/02/2022 26,875 0.21USD 25,000 PVH Corp. 12-22, 4.50%, 15/12/2022 24,688 0.20USD 50,000 QEP Resources Inc. 12-23,

5.25%, 01/05/2023 49,750 0.39USD 25,000 Regency Energy Partners LP / Finance Corp.

12-23, 5.50%, 15/04/2023 25,188 0.20USD 50,000 Rentech Nitrogen Partners LP 13-21 -144A-,

6.50%, 15/04/2021 49,000 0.39USD 50,000 Res-Care Inc. 10-19,

10.75%, 15/01/2019 55,500 0.44USD 100,000 Reynolds Group Issuer Inc. / LLCS.A.

12-19, 7.125%, 15/04/2019 105,750 0.84USD 50,000 Reynolds Group Issuer Inc. / LLCS.A.

12-20, 5.75%, 15/10/2020 52,375 0.41USD 25,000 Rockwood Specialities Group Inc.12-20,

4.625%, 15/10/2020 25,813 0.20USD 25,000 Sabra Health Care L.P / Sabra Capital Corp.

14-21, 5.50%, 01/02/2021 26,125 0.21USD 25,000 Sabra Health Care LP / Sabra Capital Corp.

13-23, 5.375%, 01/06/2023 25,625 0.20USD 50,000 Safway Group Holding LLC / Fin. Corp.

13-18 -144A-, 7.00%, 15/05/2018 53,250 0.42USD 50,000 Samson Investment Co. 12-20 -144A-,

10.50%, 15/02/2020 54,500 0.43USD 25,000 Sealed Air Corp. 11-21 -144A-,

8.375%, 15/09/2021 28,781 0.23USD 25,000 Select Medical Corp. 13-21,

6.375%, 01/06/2021 25,375 0.20USD 25,000 Select Medical Corp. 14 -21 -144A-,

6.375%, 01/06/2021 25,375 0.20USD 50,000 Service Corp. Intl. 04-16,



6.50%, 15/04/2019 26,275 0.21USD 25,000 Service Corp. Intl. 13-22 -144A-

Exchange offer, 5.375%, 15/01/2022 25,313 0.20USD 25,000 Sinclair Television Group Inc. 13-22,

6.125%, 01/10/2022 25,313 0.20USD 25,000 Smithfield Foods Inc. 12-22 Tender,

6.625%, 15/08/2022 27,000 0.21USD 25,000 Smithfield Foods Inc. 13-21 -144A-,

5.875%, 01/08/2021 25,938 0.21USD 50,000 Spectrum Brands Inc. 13-20,

6.375%, 15/11/2020 54,125 0.43USD 75,000 Sprint Capital Corp. 98-28,

6.875%, 15/11/2028 72,750 0.58USD 50,000 Sprint Capital Corp. 99-19,

6.90%, 01/05/2019 54,875 0.43USD 50,000 Sprint Corp. 13-24 -144A-,

7.125%, 15/06/2024 52,500 0.41USD 25,000 Sprint Nextel Corp. 12-20,

7.00%, 15/08/2020 27,250 0.22USD 25,000 Sprint Nextel Corp. 12-22,

6.00%, 15/11/2022 25,469 0.20USD 25,000 Standard Pacific Corp. 10-21,

8.375%, 15/01/2021 29,563 0.23


USD 25,000 Standard Pacific Corp. 13-21 SRN, 6.25%, 15/12/2021 26,625 0.21

USD 25,000 Station Casinos LLC 13-21, 7.50%, 01/03/2021 27,031 0.21

USD 93,000 SugarHouse HSP Gaming Prop Mezz LP Fin. Corp. 13-21 -144A-, 6.375%, 01/06/2021 91,605 0.72

USD 25,000 SunGard Availability Services Capital Inc. 14-22 -144A-, 8.75%, 01/04/2022 25,031 0.20

USD 35,000 SunGard Data Systems Inc. 13-19, 6.625%, 01/11/2019 37,013 0.29

USD 25,000 Syniverse Holdings Inc. 11-19, 9.125%, 15/01/2019 27,188 0.21

USD 50,000 Taminco Global Chemical Corp. 12-20 -144A-, 9.75%, 31/03/2020 56,375 0.45

USD 50,000 Targa Resources Partners LP / Fin. 11-21, 6.875%, 01/02/2021 53,625 0.42

USD 19,000 Targa Resources Partners LP / Fin. 12-22, 6.375%, 01/08/2022 20,188 0.16

USD 18,000 Taylor Morrison Communities Inc. / Monarch Comm. Inc. 12-20 -144A-, 7.75%, 15/04/2020 19,845 0.16



USD 40,000 Tempur Sealy Intl. Inc. 13-20, 6.875%, 15/12/2020 43,750 0.35

USD 50,000 Tenet Healthcare Corp. 12-18, 6.25%, 01/11/2018 55,156 0.44





USD 25,000 Tenet Healthcare Corp. 14-19 -144A-, 5.00%, 01/03/2019 24,969 0.20

USD 25,000 Terex Corp. 12-20, 6.50%, 01/04/2020 27,188 0.21USD 25,000 Terex Corp. 12-21, 6.00%, 15/05/2021 26,750 0.21USD 25,000 Tesoro Logistics LP / Fin. Corp. 13-21,

6.125%, 15/10/2021 26,500 0.21USD 50,000 The Sun Products Corp. 13-21 -144A-,

7.75%, 15/03/2021 42,500 0.34USD 25,000 Titan Intl. Inc. 13-20 -144A-,

6.875%, 01/10/2020 26,500 0.21USD 25,000 T-Mobile US Inc. 13-21,

6.633%, 28/04/2021 26,875 0.21USD 57,000 Tops Holding Corp. /

Markets LLC 13-17, 8.875%, 15/12/2017 62,273 0.49USD 50,000 TPC Group Inc. 12-20 -144A-,

8.75%, 15/12/2020 54,813 0.43USD 25,000 Transdigm Inc. 13-21,

7.50%, 15/07/2021 27,687 0.22USD 75,000 TransUnion Holding Co. Inc.

12-18 Toggle PIK Note 10,375%, 9.625%, 15/06/2018 79,687 0.63

USD 25,000 TransUnion Holding Co. Inc. 13-18 PIK, 8.125%, 15/06/2018 26,250 0.21

USD 50,000 TW Telecom Holdings Inc. 12-22, 5.375%, 01/10/2022 51,000 0.40

USD 25,000 United Rentals NA Inc. 12-20, 7.375%, 15/05/2020 27,594 0.22



Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


Currency

Nominal

or


Market

Value

(USD)

% of

Net

Assets


USD 100,000 United Rentals NA Inc. 12-22, 7.625%, 15/04/2022 112,125 0.89

USD 25,000 United Rentals North America Inc. 14-24, 5.75%, 15/11/2024 25,188 0.20

USD 25,000 US Coating Acquisition / Flash Dutch 2 B.V. 13-21 -144A-, 7.375%, 01/05/2021 27,188 0.21

USD 25,000 Vail Resorts Inc. 11-19, 6.50%, 01/05/2019 26,281 0.21

USD 25,000 Valeant Pharmaceuticals Intl. 10-17 -144A-, 6.75%, 01/10/2017 26,438 0.21

USD 25,000 Valeant Pharmaceuticals Intl. 10-20 -144A-, 7.00%, 01/10/2020 27,063 0.21

USD 25,000 Vector Group Ltd. 13-21, 7.75%, 15/02/2021 26,875 0.21

USD 20,000 Visant Corp. 10-17, 10.00%, 01/10/2017 19,925 0.16

USD 50,000 VPI Escrow Corp. 12-20 -144A-, 6.375%, 15/10/2020 54,000 0.43

USD 25,000 VPII Escrow Corp. 13-21 -144A-, 7.50%, 15/07/2021 28,125 0.22

USD 25,000 WCI Communities Inc. 13-21 -144A-, 6.875%, 15/08/2021 25,937 0.21

USD 25,000 Westmoreland Coal Co. 11-18, 10.75%, 01/02/2018 27,313 0.22

USD 25,000 Whiting Petroleum Corp. 13-21, 5.75%, 15/03/2021 26,875 0.21

USD 50,000 Windstream Holdings Inc. 10-20, 7.75%, 15/10/2020 53,625 0.41

USD 25,000 Windstream Holdings Inc. 13-23, 6.375%, 01/08/2023 24,375 0.18

USD 50,000 WireCo WorldGroup 11-17, 9.50%, 15/05/2017 51,500 0.40

USD 25,000 WMG Acquisition Corp. 12-18 Redeemed, 11.50%, 24/04/2014 28,413 0.21

USD 25,000 WMG Acquisition Corp. 14-22 -144A-, 6.75%, 15/04/2022 25,000 0.19

USD 50,000 Wok Acquisition Corp. / P.F. Changs China 12-20 -144A-, 10.25%, 30/06/2020 52,625 0.41

USD 50,000 WPX Energy Inc. 11-22, 6.00%, 15/01/2022 51,250 0.40 111111111

9,947,894 78.63 111111111

Total Bonds 11,277,676 89.14 111111111

Common/preferred stocks (shares) and warrants/rights

USAUSD 221 Dex Media Inc. 2,033 0.02USD 5 FairPoint Communications Inc.

WTS Call FairPoint USD 48,81, 0.00%, 24/01/2018 0 0.00 111111111

2,033 0.02 111111111

Total common/preferred stocks (shares) and warrants/rights 2,033 0.02 111111111

Other Markets

Bonds

USAUSD 25,000 BOE Merger Corp. 12-17 -144A-,

9.50%, 01/11/2017 26,500 0.21USD 50,000 Brightstar Corp. 13-18 -144A-,

7.25%, 01/08/2018 55,125 0.44USD 75,000 Building Materials Corp. America 10-20

-144A-, 7.00%, 15/02/2020 80,437 0.64

USD 50,000 BWAY Holding Co. 10-18, 10.00%, 15/06/2018 53,250 0.42

USD 75,000 CCM Merger Inc. 12-19 -144A-, 9.125%, 01/05/2019 79,875 0.63

USD 50,000 Ceridian Corp. 08-15, 11.25%, 15/11/2015 50,375 0.40USD 25,000 Ceridian HCM Holding Inc. 13-21 -144A-,

11.00%, 15/03/2021 28,813 0.23USD 25,000 Cleaver-Brooks Inc. 12-19 -144A-,

8.75%, 15/12/2019 27,625 0.22USD 830 FairPoint Communications Inc. 09-18

In Default Escrow, 13.125%, 02/04/2018 0 0.00USD 25,000 Hot Topic Inc. 13-21 -144A-,

9.25%, 15/06/2021 27,000 0.21USD 25,000 JBS USA LLC / JBS USA Fin. Inc.

11-21 -144A-, 7.25%, 01/06/2021 26,625 0.21USD 25,000 Landry’s Inc. 12-20 -144A-,

9.375%, 01/05/2020 27,531 0.22USD 25,000 Mirant Mid-Atlantic LLC 00-17 S. -B- Fac.

0.668190255, 9.125%, 30/06/2017 17,707 0.14USD 25,000 Murray Energy Corp. 13-21 -144A-,

8.625%, 15/06/2021 26,312 0.21USD 25,000 Nai Entertainment Holdings LLC / Fin. Corp.

13-18 -144A-, 5.00%, 01/08/2018 25,937 0.21USD 25,000 Rockies Express Pipeline LLC 10-15

-144A-, 3.90%, 15/04/2015 25,188 0.20USD 25,000 Seminole Hard Rock EntertainmentInc /

Intl. LLC 13-21 -144A-, 5.875%, 15/05/2021 25,188 0.20USD 50,000 Sequa Corp. 12-17 -144A-,

7.00%, 15/12/2017 50,625 0.40USD 400,000 Southern Energy 99-49 (Mirant)

In Default Escrow, 7.40%, 15/07/2049 400 0.00USD 50,000 Unifrax I LLC / Unifrax Holding Co.

13-19 -144A-, 7.50%, 15/02/2019 53,000 0.41USD 25,000 Univision Communications Inc. 13-23

-144A-, 5.125%, 15/05/2023 25,563 0.19 111111111

733,076 5.79 111111111

Total Bonds 733,076 5.79 111111111

Common/preferred stocks (shares) and warrants/rights

USAUSD 140 Medianews Group Inc. WTS Call,

0.00%, 17/03/2017 0 0.00 111111111

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

Total other Markets 732,676 5.79 111111111



Net assets 12,651,474 100.00 111111111 111111111



Contract to

Purchase

Value Payable

at Settlement

Date (USD)

Expiration

Date

Unrealised

Gain/(Loss)

(USD)

Counter-

party

EUR 39,469 53,964 28/04/2014 491 1) 111144444444 1111444444444

53,964 Net unrealised gain: 491 111144444444 111144444444

Total Net unrealised gain on forward foreign exchange contracts: 491 111144444444 111144444444

The abovementioned outstanding foreign forward exchange contracts were entered into with the following counterparties

1) Barclays Bank PLC2) Citibank N.A.3) Credit Suisse International4) Goldman Sachs International Ltd.5) HSBC Bank USA, N.A.6) Sal. Oppenheim jr. & Cie. Luxembourg S.A. (Member of Deutsche Bank AG Group)7) The Toronto-Dominion Bank8) UBS AG


30

Statement of Assets and Liabilities as of 31 March 2014

Opportunistic Equity Fund

Global Real Estate Securities Fund

Emerging Markets Fixed Income Fund

U.S. High Yield Fund Combined

ASSETS Investments in securities at market value* (Note 2) USD 30,635,736 USD 12,046,239 USD 83,683,393 USD 12,012,785 USD 138,378,153 Cash and equivalents 939,130 81,858 – 520,202 1,541,190 Interest receivable – – 1,288,037 222,886 1,510,923 Dividends receivable (Note 2) 16,278 31,006 – – 47,284 Receivable for investments sold 42,523 41,921 4,473,958 14,001 4,572,403 Receivable for Fund shares sold 32,728 1,035 16,079 98 49,940 Net unrealised gain on forward foreign exchange contracts (Note 2) – – – 491 491 1111111111 1111111111 1111111111 1111111111 1111111111

TOTAL ASSETS 31,666,395 12,202,059 89,461,467 12,770,463 146,100,384 1111111111 1111111111 1111111111 1111111111 1111111111

LIABILITIES Bank overdraft – – (5,079,218) – (5,079,218)Management fee payable (Note 3) (16,910) (8,495) (52,143) (4,335) (81,883)Distribution fee payable (Note 5) (17,844) (6,824) (8,528) (4,898) (38,094)Custodian fees payable (Note 4) (1,574) (771) (7,720) (995) (11,060)Administration fees payable (Note 4) (23,807) (7,553) (42,523) (4,256) (78,139)Taxe d’abonnement payable (Note 2) (7,601) (3,100) (43,700) (3,200) (57,601)Payable for investments purchased (244,254) (45,762) – (81,255) (371,271)Payable for Fund shares redeemed (58,362) (11,238) (1,002,604) – (1,072,204)Net unrealised loss on forward foreign exchange contracts (Note 2) – – (219,699) – (219,699)Other Liabilities (35,000) (20,540) (90,740) (20,050) (166,330) 1111111111 1111111111 1111111111 1111111111 1111111111

TOTAL LIABILITIES (405,352) (104,283) (6,546,875) (118,989) (7,175,499) 1111111111 1111111111 1111111111 1111111111 1111111111

NET ASSETS USD 31,261,043 USD 12,097,776 USD 82,914,592 USD 12,651,474 USD 138,924,885 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Net Asset Value per Share: Class A (USD) 84.45 12.69 19.53 8.31 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Class AX (USD) – – 22.14 9.05 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Class AX1 (USD) – – 33.13 – 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Class A (EUR) 59.29 9.05 16.01 – 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Class I (USD) 99.63 12.72 19.58 – 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Class IX (USD) – 14.50 31.76 14.73 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Number of Shares Outstanding: Class A (USD) 338,848 414,494 533,649 1,386,577 Class AX (USD) – – 12,622 22,718 Class AX1 (USD) – – 248,321 – Class A (EUR) 734 469,300 30,803 – Class I (USD) 25,964 58,432 399,924 – Class IX (USD) – 16,389 1,746,598 62,854 1111111111 1111111111 1111111111 1111111111

Total Number of Shares Outstanding 365,545 958,615 2,971,917 1,472,148 1111111111 1111111111 1111111111 1111111111

*Average Cost of Investments in Securities USD 22,994,305 USD 10,607,742 USD 80,944,056 USD 11,697,005 USD 126,243,108 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

WORLDWIDE INVESTORS PORTFOLIO


Statement of Assets and Liabilities as of 31 March 2014

Opportunistic Equity Fund




ASSETS Investments in securities at market value* (Note 2) USD 30,635,736 USD 12,046,239 USD 83,683,393 USD 12,012,785 USD 138,378,153 Cash and equivalents 939,130 81,858 – 520,202 1,541,190 Interest receivable – – 1,288,037 222,886 1,510,923 Dividends receivable (Note 2) 16,278 31,006 – – 47,284 Receivable for investments sold 42,523 41,921 4,473,958 14,001 4,572,403 Receivable for Fund shares sold 32,728 1,035 16,079 98 49,940 Net unrealised gain on forward foreign exchange contracts (Note 2) – – – 491 491 1111111111 1111111111 1111111111 1111111111 1111111111

TOTAL ASSETS 31,666,395 12,202,059 89,461,467 12,770,463 146,100,384 1111111111 1111111111 1111111111 1111111111 1111111111

LIABILITIES Bank overdraft – – (5,079,218) – (5,079,218)Management fee payable (Note 3) (16,910) (8,495) (52,143) (4,335) (81,883)Distribution fee payable (Note 5) (17,844) (6,824) (8,528) (4,898) (38,094)Custodian fees payable (Note 4) (1,574) (771) (7,720) (995) (11,060)Administration fees payable (Note 4) (23,807) (7,553) (42,523) (4,256) (78,139)Taxe d’abonnement payable (Note 2) (7,601) (3,100) (43,700) (3,200) (57,601)Payable for investments purchased (244,254) (45,762) – (81,255) (371,271)Payable for Fund shares redeemed (58,362) (11,238) (1,002,604) – (1,072,204)Net unrealised loss on forward foreign exchange contracts (Note 2) – – (219,699) – (219,699)Other Liabilities (35,000) (20,540) (90,740) (20,050) (166,330) 1111111111 1111111111 1111111111 1111111111 1111111111

TOTAL LIABILITIES (405,352) (104,283) (6,546,875) (118,989) (7,175,499) 1111111111 1111111111 1111111111 1111111111 1111111111

NET ASSETS USD 31,261,043 USD 12,097,776 USD 82,914,592 USD 12,651,474 USD 138,924,885 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Net Asset Value per Share: Class A (USD) 84.45 12.69 19.53 8.31 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Class AX (USD) – – 22.14 9.05 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Class AX1 (USD) – – 33.13 – 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Class A (EUR) 59.29 9.05 16.01 – 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Class I (USD) 99.63 12.72 19.58 – 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Class IX (USD) – 14.50 31.76 14.73 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Number of Shares Outstanding: Class A (USD) 338,848 414,494 533,649 1,386,577 Class AX (USD) – – 12,622 22,718 Class AX1 (USD) – – 248,321 – Class A (EUR) 734 469,300 30,803 – Class I (USD) 25,964 58,432 399,924 – Class IX (USD) – 16,389 1,746,598 62,854 1111111111 1111111111 1111111111 1111111111

Total Number of Shares Outstanding 365,545 958,615 2,971,917 1,472,148 1111111111 1111111111 1111111111 1111111111

*Average Cost of Investments in Securities USD 22,994,305 USD 10,607,742 USD 80,944,056 USD 11,697,005 USD 126,243,108 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111


32

Statement of Operations for the year ended 31 March 2014 (expressed in USD)Opportunistic Equity Fund




INCOMEInterest on bank deposits USD 278 USD – USD – USD – USD 278Interest from securities – – 11,013,104 953,559 11,966,663Dividends (Note 2) 273,803 859,594 – 28 1,133,425 1111111111 1111111111 1111111111 1111111111 1111111111

TOTAL INCOME 274,081 859,594 11,013,104 953,587 13,100,366 1111111111 1111111111 1111111111 1111111111 1111111111

EXPENSES Interest on bank overdraft – (104) (34,310) (35) (34,449)Management fees (Note 3) (354,022) (301,946) (1,307,108) (74,902) (2,037,978)Distribution fees (Note 5) (206,349) (93,823) (139,759) (61,196) (501,127)Custodian fees (Note 4) (17,290) (23,281) (159,068) (12,974) (212,613)Administration fees (Note 4) (30,911) (40,629) (191,456) (16,141) (279,137)Taxe d’abonnement (Note 2) (14,328) (11,938) (82,493) (6,726) (115,485)Reports to Shareholders (35,383) (55,876) (392,481) (52,214) (535,954)Legal fees (19,861) (20,885) (376,103) (19,099) (435,948)Registration fees (Note 4) (3,436) (9,197) (27,293) (5,105) (45,031)Audit fees (8,712) (16,013) (97,087) (17,825) (139,637)Transfer agent fees (Note 4) (70,029) (99,171) (198,083) (156,644) (523,927)Transaction fees (21,740) (142,390) (93,100) (22,700) (279,930)Other expenses (39,809) (18,378) (163,562) (23,523) (245,272) 1111111111 1111111111 1111111111 1111111111 1111111111

TOTAL EXPENSES (821,870) (833,631) (3,261,903) (469,084) (5,386,488) 1111111111 1111111111 1111111111 1111111111 1111111111

Net Investment Income/(Loss) (547,789) 25,963 7,751,201 484,503 7,713,878 1111111111 1111111111 1111111111 1111111111 1111111111

Net realised profit/(loss) on: Investments 3,194,971 6,179,170 (1,584,075) 217,302 8,007,368 Futures contracts – 850 397,566 355 398,771 Foreign currencies transactions (3,700) (26,239) (308,930) 1,465 (337,404) 1111111111 1111111111 1111111111 1111111111 1111111111

Net realised profit/(loss) on investments, futures and foreign currencies transactions 3,191,271 6,153,781 (1,495,439) 219,122 8,068,735 1111111111 1111111111 1111111111 1111111111 1111111111

Net change in unrealised appreciation/(depreciation) on: Investments 3,540,017 (8,127,105) (3,595,435) (217,398) (8,399,921) Futures contracts – – (219,699) (1,700) (221,399) Foreign currencies transactions – – 9,304 – 9,304 1111111111 1111111111 1111111111 1111111111 1111111111

Net change in unrealised appreciation/(depreciation) on investments, futures and foreign currencies 3,540,017 (8,127,105) (3,805,830) (219,098) (8,612,016) 1111111111 1111111111 1111111111 1111111111 1111111111

Net increase/(decrease) in net assets as a result of operations USD 6,183,499 USD (1,947,361) USD 2,449,932 USD 484,527 USD 7,170,597 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111



Statement of Operations for the year ended 31 March 2014 (expressed in USD)Opportunistic Equity Fund




INCOMEInterest on bank deposits USD 278 USD – USD – USD – USD 278Interest from securities – – 11,013,104 953,559 11,966,663Dividends (Note 2) 273,803 859,594 – 28 1,133,425 1111111111 1111111111 1111111111 1111111111 1111111111

TOTAL INCOME 274,081 859,594 11,013,104 953,587 13,100,366 1111111111 1111111111 1111111111 1111111111 1111111111

EXPENSES Interest on bank overdraft – (104) (34,310) (35) (34,449)Management fees (Note 3) (354,022) (301,946) (1,307,108) (74,902) (2,037,978)Distribution fees (Note 5) (206,349) (93,823) (139,759) (61,196) (501,127)Custodian fees (Note 4) (17,290) (23,281) (159,068) (12,974) (212,613)Administration fees (Note 4) (30,911) (40,629) (191,456) (16,141) (279,137)Taxe d’abonnement (Note 2) (14,328) (11,938) (82,493) (6,726) (115,485)Reports to Shareholders (35,383) (55,876) (392,481) (52,214) (535,954)Legal fees (19,861) (20,885) (376,103) (19,099) (435,948)Registration fees (Note 4) (3,436) (9,197) (27,293) (5,105) (45,031)Audit fees (8,712) (16,013) (97,087) (17,825) (139,637)Transfer agent fees (Note 4) (70,029) (99,171) (198,083) (156,644) (523,927)Transaction fees (21,740) (142,390) (93,100) (22,700) (279,930)Other expenses (39,809) (18,378) (163,562) (23,523) (245,272) 1111111111 1111111111 1111111111 1111111111 1111111111

TOTAL EXPENSES (821,870) (833,631) (3,261,903) (469,084) (5,386,488) 1111111111 1111111111 1111111111 1111111111 1111111111

Net Investment Income/(Loss) (547,789) 25,963 7,751,201 484,503 7,713,878 1111111111 1111111111 1111111111 1111111111 1111111111

Net realised profit/(loss) on: Investments 3,194,971 6,179,170 (1,584,075) 217,302 8,007,368 Futures contracts – 850 397,566 355 398,771 Foreign currencies transactions (3,700) (26,239) (308,930) 1,465 (337,404) 1111111111 1111111111 1111111111 1111111111 1111111111

Net realised profit/(loss) on investments, futures and foreign currencies transactions 3,191,271 6,153,781 (1,495,439) 219,122 8,068,735 1111111111 1111111111 1111111111 1111111111 1111111111

Net change in unrealised appreciation/(depreciation) on: Investments 3,540,017 (8,127,105) (3,595,435) (217,398) (8,399,921) Futures contracts – – (219,699) (1,700) (221,399) Foreign currencies transactions – – 9,304 – 9,304 1111111111 1111111111 1111111111 1111111111 1111111111

Net change in unrealised appreciation/(depreciation) on investments, futures and foreign currencies 3,540,017 (8,127,105) (3,805,830) (219,098) (8,612,016) 1111111111 1111111111 1111111111 1111111111 1111111111

Net increase/(decrease) in net assets as a result of operations USD 6,183,499 USD (1,947,361) USD 2,449,932 USD 484,527 USD 7,170,597 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111


34

Statement of Changes in Net Assets for the year ended 31 March 2014 (expressed in USD)Opportunistic Equity Fund




Net assets at the beginning of the year 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 4,071,271 1,563,588 259,692,231 1,828,734 267,155,824Redemptions (6,250,819) (45,838,089) (270,116,101) (4,000,679) (326,205,688) 1111111111 1111111111 1111111111 1111111111 1111111111

Net increase/(decrease) in net assets from Fund share transactions (2,179,548) (44,274,501) (10,423,870) (2,171,945) (59,049,864) 1111111111 1111111111 1111111111 1111111111 1111111111

Dividends paid to shareholders – (563,651) (1,135,171) (495,581) (2,194,403) 1111111111 1111111111 1111111111 1111111111 1111111111

Net investment income/(loss) (547,789) 25,963 7,751,201 484,503 7,713,878Net realised profit/(loss) on Investments, futures and foreign currencies transactions 3,191,271 6,153,781 (1,495,439) 219,122 8,068,735Net change in unrealised appreciation/(depreciation) on investments, futures and foreign currencies 3,540,017 (8,127,105) (3,805,830) (219,098) (8,612,016) 1111111111 1111111111 1111111111 1111111111 1111111111

Net assets at the end of the year USD 31,261,043 USD 12,097,776 USD 82,914,592 USD 12,651,474 USD 138,924,885 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Statistical InformationNet asset value:

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



Net asset value per share Class A (USD): 31 March 2012 USD 60.90 USD 11.41 USD 18.97 USD 8.01 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

31 March 2013 USD 67.37 USD 13.31 USD 20.41 USD 8.34 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111


Net asset value per share Class AX (USD): 31 March 2012 USD – USD – USD 21.18 USD 8.75 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

31 March 2013 USD – USD – USD 22.65 USD 9.09 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111


Net asset value per share Class AX1 (USD): 31 March 2012 USD – USD – USD 29.79 USD – 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

31 March 2013 USD – USD – USD 33.29 USD – 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111


Net asset value per share Class A (EUR): 31 March 2012 EUR 44.25 EUR 8.42 EUR 15.44 EUR – 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

31 March 2013 EUR 50.95 EUR 10.22 EUR 16.42 EUR – 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111


Net asset value per share Class I (USD): 31 March 2012 USD 70.00 USD 11.31 USD 19.02 USD 8.17 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111


31 March 2014 USD 99.63 USD 12.72 USD 19.58 USD (*) 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Net asset value per share Class IX (USD): 31 March 2012 USD – USD 12.70 USD 28.19 USD 12.90 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

31 March 2013 USD – USD 14.99 USD 31.71 USD 14.12 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111



(*) until Nov. 8, 2013, date of last NAV calculation


Statement of Changes in Net Assets for the year ended 31 March 2014 (expressed in USD)Opportunistic Equity Fund




Net assets at the beginning of the year 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 4,071,271 1,563,588 259,692,231 1,828,734 267,155,824Redemptions (6,250,819) (45,838,089) (270,116,101) (4,000,679) (326,205,688) 1111111111 1111111111 1111111111 1111111111 1111111111

Net increase/(decrease) in net assets from Fund share transactions (2,179,548) (44,274,501) (10,423,870) (2,171,945) (59,049,864) 1111111111 1111111111 1111111111 1111111111 1111111111

Dividends paid to shareholders – (563,651) (1,135,171) (495,581) (2,194,403) 1111111111 1111111111 1111111111 1111111111 1111111111

Net investment income/(loss) (547,789) 25,963 7,751,201 484,503 7,713,878Net realised profit/(loss) on Investments, futures and foreign currencies transactions 3,191,271 6,153,781 (1,495,439) 219,122 8,068,735Net change in unrealised appreciation/(depreciation) on investments, futures and foreign currencies 3,540,017 (8,127,105) (3,805,830) (219,098) (8,612,016) 1111111111 1111111111 1111111111 1111111111 1111111111

Net assets at the end of the year USD 31,261,043 USD 12,097,776 USD 82,914,592 USD 12,651,474 USD 138,924,885 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Statistical InformationNet asset value:




Net asset value per share Class A (USD): 31 March 2012 USD 60.90 USD 11.41 USD 18.97 USD 8.01 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111



Net asset value per share Class AX (USD): 31 March 2012 USD – USD – USD 21.18 USD 8.75 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111



Net asset value per share Class AX1 (USD): 31 March 2012 USD – USD – USD 29.79 USD – 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111



Net asset value per share Class A (EUR): 31 March 2012 EUR 44.25 EUR 8.42 EUR 15.44 EUR – 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111



Net asset value per share Class I (USD): 31 March 2012 USD 70.00 USD 11.31 USD 19.02 USD 8.17 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111


31 March 2014 USD 99.63 USD 12.72 USD 19.58 USD (*) 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111

Net asset value per share Class IX (USD): 31 March 2012 USD – USD 12.70 USD 28.19 USD 12.90 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111 1111111111





Economic Classification of Investments as of 31 March 2014 (% of net assets)Opportunistic Equity Fund



U.S. High Yield Fund

Aerospace industry 2.81% –% –% 0.48%Agriculture and fishery – – 1.19 –Banks and credit institutions 8.85 – 4.57 0.88Building materials and trade – 1.39 0.50 4.72Chemicals 2.58 – 0.47 2.79Coal mining and steel industry 1.89 – 0.48 2.11Computer hardware and networking 6.59 – – 0.65Consulting and advertising – – – 0.21Electrical appliances and components 4.44 – 0.30 1.04Electronics and Semiconductors 3.79 – 0.81 1.03Environmental services & recycling – – – 0.41Financial, invest. and divers. comp. 3.13 0.85 16.52 19.36Food and soft drinks 3.71 – 0.74 2.23Graphics and publishing 0.94 – – 1.02Healthcare and social services 3.55 – – 8.68Insurances 2.94 – – 1.02Internet, software and IT services 6.22 – – 5.94Lodging and catering, leisure 10.33 0.46 – 6.11Machine and apparatus construction 1.23 – – 1.88Media 2.87 – – 1.99Medical technology 2.44 – – 0.43Miscellaneous consumer goods – – – 1.82Miscellaneous services – 0.26 1.48 1.65Packaging industries – – – 0.44Paper and forest products – – 0.84Petroleum and natural gas 9.46 – 8.02 5.28Pharmaceuticals and cosmetics 7.39 – 0.39 1.67Precious metals and stones – – – 0.62Public entities – – 61.40 –Real estate companies – 96.61 0.20 1.00Retail trade, department stores 1.38 – – 2.63Road vehicles 1.31 – 0.31 2.65Telecommunications 2.48 1.06 8.43Textiles and garments – – – 0.20Tobacco and alcoholic beverages – – – 0.41Transportation 2.75 – 0.65 0.42Utilities 4.92 – 1.84 3.91 111111111111111111111111111112111

Total Investments 98.00 99.57 100.93 94.95Cash and other Net Assets 2.00 0.43 (0.93) 5.05 111111111111111111111111111112111

Net Assets 100.00% 100.00% 100.00% 100.00%111111111111111111111111111112111111111111111111111111111111112111


37

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 authori-ties pursuant to Part 1 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 31 March 2014:

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 section 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; Deutsche Bank AG, Frankfurt 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 year, transactions, income and expenses expressed in currencies 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 31 March 2014 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 determined 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 0.33% of the net asset value of the Emerging Markets Fixed Income Fund and 5.79% 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 significantly 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

38

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 Fee Equity 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 – Total Expense Ratios

The following percentage rates represent the Total Expense Ratio (TER) for the year from 1 April 2013 to 31 March 2014:

Equity Sub-FundsA

(USD)A

(EUR)I

(USD)IX

(USD)Opportunistic Equity Fund 3.04% 3.16% 0.42% n/aGlobal Real Estate Securities Fund 3.54% 3.57% 2.32% 2.36%

Debt Sub-FundsA

(USD)A

(EUR)I

(USD)IX

(USD)AX

(USD)AX1

(USD)Emerging Markets Fixed Income Fund 2.76% 2.66% 1.98% 1.72% 2.93% 2.73%U.S. High Yield Fund 3.51% n/a *1.14% 2.67% 3.21% n/a

* (until Nov. 8, 2013, date of last NAV calculation)

Note 7 – 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 8 – 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 year ended 31 March 2014. Consistent with obtaining best execution, brokerage com-missions on the portfolio transactions for the SICAV may be directed by the Manager and/or Investment Advisers to broker-dealers in recognition


39

of research services furnished by them as well as for services rendered 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.

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 9 – 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.

Note 10 – Subsequent events

On 2 May 2014 the Board decided to initiate the relevant steps to change the status of the Fund from a self-managed SICAV to an investment fund managed by an external management company. Oppenheim Asset Management Services S.à r.l. (OPAM) will act as designated management company of the Fund.

The Promoter of the Fund Prudential International Investments, LLC resigned, the Board has accepted its resignation. It is intended that OPAM acts as new promoter of the Fund.

The Manager of the Fund Prudential Investments, LLC terminated the existing agreement. The termination has been accepted by the Board.

The current investment advisors, Jennison Associates LLC and Prudential Investment Management, Inc., will remain in place. Prudential Investments, LLC will assign its rights and obligations in their respective agreements to OPAM as designated management company of the Fund.


717607

Documents

Worldwide Investors Portfolio Audited Annual Reportonline.stockselection.de/annual/507222.pdf · Amarin’s shares fell after the U.S. Food and Drug Administration (FDA) announced