<SEC-DOCUMENT>0000949377-13-000306.txt : 20131127 <SEC-HEADER>0000949377-13-000306.hdr.sgml : 20131127 <ACCEPTANCE-DATETIME>20131127085948 ACCESSION NUMBER: 0000949377-13-000306 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 19 CONFORMED PERIOD OF REPORT: 20130930 FILED AS OF DATE: 20131127 DATE AS OF CHANGE: 20131127 EFFECTIVENESS DATE: 20131127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IVA Fiduciary Trust CENTRAL INDEX KEY: 0001437921 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-22211 FILM NUMBER: 131245735 BUSINESS ADDRESS: STREET 1: 717 FIFTH AVENUE, 10TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-584-3570 MAIL ADDRESS: STREET 1: 717 FIFTH AVENUE, 10TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 <SERIES-AND-CLASSES-CONTRACTS-DATA> <EXISTING-SERIES-AND-CLASSES-CONTRACTS> <SERIES> <OWNER-CIK>0001437921 <SERIES-ID>S000023282 <SERIES-NAME>IVA International Fund <CLASS-CONTRACT> <CLASS-CONTRACT-ID>C000068088 <CLASS-CONTRACT-NAME>Class A <CLASS-CONTRACT-TICKER-SYMBOL>IVIOX </CLASS-CONTRACT> <CLASS-CONTRACT> <CLASS-CONTRACT-ID>C000068089 <CLASS-CONTRACT-NAME>Class C <CLASS-CONTRACT-TICKER-SYMBOL>IVICX </CLASS-CONTRACT> <CLASS-CONTRACT> <CLASS-CONTRACT-ID>C000068090 <CLASS-CONTRACT-NAME>Class I <CLASS-CONTRACT-TICKER-SYMBOL>IVIQX </CLASS-CONTRACT> </SERIES> <SERIES> <OWNER-CIK>0001437921 <SERIES-ID>S000023283 <SERIES-NAME>IVA Worldwide Fund <CLASS-CONTRACT> <CLASS-CONTRACT-ID>C000068091 <CLASS-CONTRACT-NAME>Class A <CLASS-CONTRACT-TICKER-SYMBOL>IVWAX </CLASS-CONTRACT> <CLASS-CONTRACT> <CLASS-CONTRACT-ID>C000068092 <CLASS-CONTRACT-NAME>Class C <CLASS-CONTRACT-TICKER-SYMBOL>IVWCX </CLASS-CONTRACT> <CLASS-CONTRACT> <CLASS-CONTRACT-ID>C000068093 <CLASS-CONTRACT-NAME>Class I <CLASS-CONTRACT-TICKER-SYMBOL>IVWIX </CLASS-CONTRACT> </SERIES> </EXISTING-SERIES-AND-CLASSES-CONTRACTS> </SERIES-AND-CLASSES-CONTRACTS-DATA> </SEC-HEADER> <DOCUMENT> <TYPE>N-CSR <SEQUENCE>1 <FILENAME>e26153.htm <TEXT> <html> <body> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">UNITED STATES</font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">SECURITIES AND EXCHANGE COMMISSION</font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">Washington, D.C. 20549</font></td> </tr> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">FORM N-CSR</font></td> </tr> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">CERTIFIED SHAREHOLDER REPORT OF REGISTERED</font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">MANAGEMENT INVESTMENT COMPANIES</font></td> </tr> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">Investment Company Act file number: 811-22211</font></td> </tr> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="bottom"><hr size="1" color="#000000" noshade width="50%" align="center"></td> </tr> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">IVA FIDUCIARY TRUST</font></td> </tr> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="bottom"><hr size="1" color="#000000" noshade></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">(Exact name of registrant as specified in charter)</font></td> </tr> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">717 Fifth Avenue, 10th Floor, New York, NY 10022</font></td> </tr> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="bottom"><hr size="1" color="#000000" noshade></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">(Address of principal executive offices) (zip code)</font></td> </tr> <td><font face="Arial" size="1"> </font></td> </tr> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">Michael W. Malafronte</font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">International Value Advisers, LLC</font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">717 Fifth Avenue</font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">10th Floor</font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">New York, NY 10022</font></td> </tr> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">(Name and address of agent for service)</font></td> </tr> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">Copy to:</font></td> </tr> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">Michael S. Caccese, Esq.</font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">K&L Gates LLP</font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">State Street Financial Center</font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">One Lincoln Street</font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">Boston, Massachusetts 02111-2950</font></td> </tr> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">Brian F. Link, Esq.</font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">State Street Bank and Trust Company</font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">Mail Code: JHT 1593</font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">200 Clarendon Street</font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">Boston, MA 02116</font></td> </tr> <td><font face="Arial" size="1"> </font></td> </tr> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Arial" size="2">Registrant’s telephone number, including area code: (212) 584-3570</font></td> </tr> <td><font face="Arial" size="1"> </font></td> </tr> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2">Date of fiscal year end: September 30</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2">Date of reporting period: September 30, 2013</font></td> </tr> </table><br> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Arial" size="2"><u><b>Item 1. Report to Shareholders.</b></u></font></td> </tr> </table> <br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td bgcolor="#E2EDF7" valign="bottom" align="center"><br><br><br><br><img src="logo.jpg"><br><br><br><br></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> </tr> <tr> <td bgcolor="#E2EDF7" align="left"><hr size="1" color="#000000" noshade></td> <td valign="bottom" align="left"><hr size="1" color="#000000" noshade></td> <td valign="bottom" align="left"><hr size="1" color="#000000" noshade></td> </tr> <tr> <td bgcolor="#E2EDF7" width="25%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="5%" valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="6" color="#000000"><br>IVA Worldwide Fund</font></td> </tr> <tr> <td bgcolor="#E2EDF7" align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="6" color="#000000">IVA International Fund</font></td> </tr> <tr> <td bgcolor="#E2EDF7" align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> </tr> <tr> <td bgcolor="#E2EDF7" align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> </tr> <tr> <td bgcolor="#E2EDF7" align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> </tr> <tr> <td bgcolor="#E2EDF7" align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="6" color="#000000">Annual Report</font></td> </tr> <tr> <td bgcolor="#E2EDF7" align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="4" color="#000000">September 30, 2013</font></td> </tr> <tr> <td bgcolor="#E2EDF7" align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> </tr> <tr> <td bgcolor="#E2EDF7" align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> </tr> <tr> <td bgcolor="#E2EDF7" align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> </tr> <tr> <td bgcolor="#E2EDF7" align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> </tr> <tr> <td bgcolor="#E2EDF7" align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> </tr> <tr> <td bgcolor="#E2EDF7" align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> </tr> <tr> <td bgcolor="#E2EDF7" align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> </tr> <tr> <td nowrap bgcolor="#000000" valign="middle" align="left"><p style="margin-left:10px; margin-right:10px;"><font face="Arial" size="2" color="#ffffff">Advised by International Value Advisers, LLC</font></p></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> </font></td> <td valign="top" align="left"><font face="Arial" size="2" color="#000000">An investment in the Funds is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <p align="center"><img src="biglogo.jpg"></p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="2" cellspacing="0" width="100%" bgcolor="#000000"> <tr> <td valign="bottom" align="left"><font face="arial" size="4" color="#ffffff"><b> Contents</b></font></td> <td valign="bottom" align="right"><font face="arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> </table><br><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr bgcolor="#cceeff"> <td bgcolor="#ffffff" width="45%" align="left"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000; border-top: 1px solid #000000;" width="1%" valign="bottom" align="right"><font face="Arial" size="2"><b>2</b></font></td> <td style="border-bottom: 1px solid #000000; border-top: 1px solid #000000;" width="5%"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000; border-top: 1px solid #000000;" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>An Owner’s Manual</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="right"><font face="Arial" size="2"><b>3</b></font></td> <td style="border-bottom: 1px solid #000000;"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Letter from the President</b></font></td> </tr> <tr bgcolor="#cceeff"> <td bgcolor="#ffffff" align="left"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="right"><font face="Arial" size="2"><b>4</b></font></td> <td style="border-bottom: 1px solid #000000;"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Letter from the Portfolio Managers</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="right"><font face="Arial" size="2"><b>7</b></font></td> <td style="border-bottom: 1px solid #000000;"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Management’s Discussion of Fund Performance</b></font></td> </tr> <tr bgcolor="#cceeff"> <td bgcolor="#ffffff" align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>IVA Worldwide Fund</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Arial" size="2"><b>10</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Performance</font></td> </tr> <tr bgcolor="#cceeff"> <td bgcolor="#ffffff" align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Arial" size="2"><b>11</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Portfolio Composition</font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="right"><font face="Arial" size="2"><b>12</b></font></td> <td style="border-bottom: 1px solid #000000;"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="left"><font face="Times New Roman" size="2">Schedule of Investments</font></td> </tr> <tr bgcolor="#cceeff"> <td bgcolor="#ffffff" align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>IVA International Fund</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Arial" size="2"><b>22</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Performance</font></td> </tr> <tr bgcolor="#cceeff"> <td bgcolor="#ffffff" align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Arial" size="2"><b>23</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Portfolio Composition</font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="right"><font face="Arial" size="2"><b>24</b></font></td> <td style="border-bottom: 1px solid #000000;"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="left"><font face="Times New Roman" size="2">Schedule of Investments</font></td> </tr> <tr bgcolor="#cceeff"> <td bgcolor="#ffffff" align="left"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="right"><font face="Arial" size="2"><b>32</b></font></td> <td style="border-bottom: 1px solid #000000;"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Statements of Assets and Liabilities</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="right"><font face="Arial" size="2"><b>33</b></font></td> <td style="border-bottom: 1px solid #000000;"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Statements of Operations</b></font></td> </tr> <tr bgcolor="#cceeff"> <td bgcolor="#ffffff" align="left"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="right"><font face="Arial" size="2"><b>34</b></font></td> <td style="border-bottom: 1px solid #000000;"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Statements of Changes in Net Assets</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="right"><font face="Arial" size="2"><b>35</b></font></td> <td style="border-bottom: 1px solid #000000;"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Financial Highlights</b></font></td> </tr> <tr bgcolor="#cceeff"> <td bgcolor="#ffffff" align="left"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="right"><font face="Arial" size="2"><b>41</b></font></td> <td style="border-bottom: 1px solid #000000;"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Notes to Financial Statements</b></font></td> </tr> <tr> <td bgcolor="#ffffff" align="left"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="right"><font face="Arial" size="2"><b>49</b></font></td> <td style="border-bottom: 1px solid #000000;"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Report of Independent Registered Public Accounting Firm</b></font></td> </tr> <tr bgcolor="#cceeff"> <td bgcolor="#ffffff" align="left"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="right"><font face="Arial" size="2"><b>50</b></font></td> <td style="border-bottom: 1px solid #000000;"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Trustees and Officers</b></font></td> </tr> <tr> <td bgcolor="#ffffff" align="left"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="right"><font face="Arial" size="2"><b>52</b></font></td> <td style="border-bottom: 1px solid #000000;"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Additional Information</b></font></td> </tr> <tr bgcolor="#cceeff"> <td bgcolor="#ffffff" align="left"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="right"><font face="Arial" size="2"><b>55</b></font></td> <td style="border-bottom: 1px solid #000000;"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Fund Expenses</b></font></td> </tr> <tr> <td bgcolor="#ffffff" align="left"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="right"><font face="Arial" size="2"><b>56</b></font></td> <td style="border-bottom: 1px solid #000000;"><font face="Times New Roman" size="1"> </font></td> <td style="border-bottom: 1px solid #000000;" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Important Tax Information</b></font></td> </tr> </table> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2"> </font></td> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-left: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>1</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="2" cellspacing="0" width="100%" bgcolor="#000000"> <tr> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> An Owner’s Manual</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> </table><br> <p align="justify" style="margin-left:50px;"><font face="Arial" size="2"><b>An Atypical Investment Strategy</b></font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">We manage both the IVA Worldwide and IVA International Funds with a dual attempt that is unusual in the mutual fund world: in the short-term (12-18 months), our attempt is to try to preserve capital, while in the longer-term (5-10 years, i.e., over a full economic cycle), we attempt to perform better than the MSCI All Country World Index, in the case of your IVA Worldwide Fund, and the MSCI All Country World Ex-U.S. Index, in the case of your IVA International Fund.</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">The Worldwide Fund is typically used by investors who are looking for an “all weather fund” where we are given the latitude to decide how much we should have in the U.S. versus outside the U.S. The International Fund is typically used by investors who practice asset allocation and want to decide for themselves how much should be allocated to a domestic manager and how much should be allocated to a pure “international” (i.e., non-U.S.) manager, yet at the same time are looking for a lower risk – and lower volatility – exposure to international markets than may be obtained from a more traditional international fund.</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">We believe our investment approach is very different from the traditional approach of most mutual funds. We are trying to deliver returns that are as absolute as possible, i.e., returns that try to be as resilient as possible in down markets, while many of our competitors try to deliver good relative performance, i.e., try to beat an index, and thus would be fine with being down 15% if their benchmark is down 20%.</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">Why do we have such an unusual strategy (which, incidentally, is not easy to carry out)? Because we believe this strategy makes sense for many investors. We are fond of the quote by Mark Twain: “There are two times in a man’s life when he should not speculate: the first time is when he cannot afford to; the second time is when he can.” We realize that many investors cannot tolerate high volatility and appreciate that “life’s bills do not always come at market tops.” This strategy also appeals to us at International Value Advisers since we “eat our own cooking” for a significant part of our savings (invested in IVA products) and we have an extreme aversion to losing money.</font></p> <p align="justify" style="margin-left:50px;"><font face="Arial" size="2"><b>An Eclectic Investment Approach</b></font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">Here is how we try to implement our strategy:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="2%" valign="top" align="left"><div style="margin-top:4px;"><img src="box.jpg"></div></td> <td valign="bottom" align="left"><p align="justify"><font face="Times New Roman" size="2">We don’t hug benchmarks. In practical terms, this means we are willing to make big “negative bets,” i.e., having nothing or little in what has become big in the benchmark. Conversely, we will generally seek to avoid overly large positive bets.</font></p></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="left"><div style="margin-top:4px;"><img src="box.jpg"></div></td> <td valign="bottom" align="left"><p align="justify"><font face="Times New Roman" size="2">We prefer having diversified portfolios (100 to 150 names). Because we invest on a global basis, we believe that diversification helps protect against weak corporate governance or insufficient disclosure, or simply against “unknown unknowns.”</font></p></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="left"><div style="margin-top:4px;"><img src="box.jpg"></div></td> <td valign="bottom" align="left"><p align="justify"><font face="Times New Roman" size="2">We like the flexibility to invest in small, medium and large companies, depending on where we see value.</font></p></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="left"><div style="margin-top:4px;"><img src="box.jpg"></div></td> <td valign="bottom" align="left"><p align="justify"><font face="Times New Roman" size="2">We attempt to capture equity-type returns through fixed income securities but predominantly when credit markets (or sub-sets of them) are depressed and offer this potential.</font></p></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="left"><div style="margin-top:4px;"><img src="box.jpg"></div></td> <td valign="bottom" align="left"><p align="justify"><font face="Times New Roman" size="2">We hold some gold, either in bullion form or via gold mining securities, as we feel it provides a good hedge in either an inflationary or deflationary period, and it can help mitigate currency debasement over time.</font></p></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="left"><div style="margin-top:4px;"><img src="box.jpg"></div></td> <td valign="bottom" align="left"><p align="justify"><font face="Times New Roman" size="2">We are willing to hold cash when we cannot find enough cheap securities that we like or when we find some, yet the broader market (Mr. Market) seems fully priced. We will seek to use that cash as ammunition for future bargains.</font></p></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="left"><div style="margin-top:4px;"><img src="box.jpg"></div></td> <td valign="bottom" align="left"><p align="justify"><font face="Times New Roman" size="2">At the individual security level, we ask a lot of questions about “what can go wrong?” and will establish not only a “base case intrinsic value” but also a “worst case scenario” (What could prove us wrong? If we were wrong, are we likely to lose 25%, 30%, or even more of the money invested?). As a result, we will miss some opportunities, yet hopefully, we will also avoid instances where we experience a permanent impairment of value.</font></p></td> </tr> </table> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>2</b></font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"> </font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="2" cellspacing="0" width="100%" bgcolor="#000000"> <tr> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> Letter from the President</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> </table> <br> <table border="0" cellpadding="1" cellspacing="0" width="100%"> <tr> <td valign="top" align="left"><img src="malafronte.jpg"><font face="Arial" size="2"> </font></td> <td valign="top"><div align="justify" style="margin-right:3px;"><font face="Times New Roman" size="2">Dear Shareholder,<br><br>Your two mutual funds, the IVA Worldwide Fund and the IVA International Fund (“the Funds”), recently completed their fifth year of operation with both Funds outperforming their respective benchmark. The Funds’ investment adviser, International Value Advisers, LLC, (“IVA”) is pleased with the performance of both Funds since inception October 1, 2008 through September 30, 2013. Both the IVA Worldwide Fund Class A shares, at net asset value, and the IVA International Fund Class A shares, at net asset value, have significantly outperformed their benchmarks since inception (the MSCI All Country World Index (Net) and the MSCI All Country World (ex-U.S.) Index (Net); respectively). You can find a newsletter on the IVA website (www.ivafunds.com) titled “Five Years in Review” that describes this period of time for the Funds.<br><br>When IVA was founded in October of 2007, our primary objective was to build a firm where each of our employees understood that all of the work they do is to benefit the shareholder or client. We then are able to manage our firm and our clients’ assets with a very simple philosophy; which is, there is a pecking order to everything we do: client, firm, colleague, and then partner. This is always the progression. We have learned that if the client is taken care of, the other three fall into place; i.e., everything has to benefit the client.</font></div></td> </tr> </table> <p align="justify" style="margin-left:120px;"><font face="Times New Roman" size="2">This client focus is the reason why we soft closed our products in 2011. We want our investment team to be market capitalization and asset class agnostic. So while our soft close, in some cases, may pose some operational challenges for a few of our existing advisors and shareholders, we are confident that the long term benefits far outweigh the risk and mediocrity that seem inevitable if a firm with our investment strategy grows too large. History suggests that money management firms whose asset size gets too big can experience unintended negative consequences, such as seeing their performance revert to the mean.<br><br>On a personal level, it has been a rewarding experience to help build IVA. We hope that in the process we are shaping a culture where everyone associated with IVA respects the work we are doing for our clients.</font></p> <p align="justify" style="margin-left:120px;"><font face="Times New Roman" size="2">I want to offer thanks to all of my colleagues and to our shareholders for their continued support.</font></p> <p align="justify" style="margin-left:120px;"><font face="Times New Roman" size="2">Sincerely,</font></p> <p align="justify" style="margin-left:120px;"><img src="sign.jpg"></p> <p align="justify" style="margin-left:120px;"><font face="Times New Roman" size="2">Michael W. Malafronte, President</font></p> <p align="justify" style="margin-left:120px;"><font face="Times New Roman" size="2"><i>Effective February 22, 2011, the IVA Worldwide Fund and IVA International Fund are closed to new investors</i>.</font></p> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2"> </font></td> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-left: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>3</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="2" cellspacing="0" width="100%" bgcolor="#000000"> <tr> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> Letter from the Portfolio Managers</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="top" align="left"><img src="vaulx_lardemelle.jpg"></td> <td valign="top" align="left"><div align="justify"><font face="Times New Roman" size="2">October 31, 2013<br><br>Dear Shareholder,<br><br>First and foremost, we are proud and honored that we celebrated the five year anniversary of your IVA Funds at the close of this past quarter. As we explained in a recent newsletter (“Five Years in Review” October 2013, available on our website), our ability to protect on the downside was a large contributor to both our absolute and relative outperformance over this five-year period. Overall good stock picking equally played a significant part in achieving our goals. We are also privileged to work with a great team, both our investment team where we are helped by ten analysts and four traders, as well as our colleagues who support our overall business in operations, compliance, accounting, sales and marketing, human resources and technology. As for our clients who have entrusted their capital with our stewardship, we thank you for your support and allowing us to do what we love to do, and doing it in our idiosyncratic way. Come to think of it, we, too, are clients as the forty three of us working for International Value Advisers, LLC (“IVA”) have well north of $100 million of our own money in the Funds and other products we manage.<br><br>Over the period under review, October 1, 2012 to September 30, 2013, central banks around the world continued to drown markets in liquidity and manipulate government debt prices. In Japan, in particular, political changes led to the Bank of Japan (BoJ) announcing very aggressive “quantitative easing” exercises, buying long term Japanese government bonds as well as other assets.<br><br>Central banks have indeed been successful in lifting asset prices. As a result of both corporate profits reaching new highs around the world and price/earnings multiple expansion, the MSCI All Country World Index returned 17.73% over this same period, in spite of a correction late May and June 2013.<br><br>Even though we argued over the past year that equities would probably be the best house in a bad neighborhood, we have not been fully invested in equities and, in fact, we have reduced our allocation to equities and simultaneously raised our cash levels as the year progressed. We have refused to “walk the walk” because the “best house” argument remains a <i>relative</i> argument and we, at IVA, try to deliver returns that are as <i>absolute</i> as possible. Today there is a school of thought that holds that ultra-low interest rates (often negative in real terms, i.e. adjusted for inflation) eliminates the need for a value investor to insist on a reasonable margin of safety, justifying holding on to stocks when they become fully priced or buying new ones without much of a discount. The seductive appeal of this argument does not sit well with us and we accept the challenge of that heightened tension that exists today between protecting capital on one hand and preserving purchasing power on the other. We recently penned a newsletter (“The Optionality of Cash” June 2013, on our website) where we argue that cash can help protect the portfolio on the downside but can also act as dry powder to “pounce” once we find compelling bargains again. We welcomed the brief correction that took place from May 22, 2013 through late June 2013 and were able to do a little buying. But the rally has resumed and we have again become net sellers. Let us be clear: we do not intend to be “long term owners of cash” (Dylan Grice) and hope to exploit some of the volatility which we believe will be with us for a while.<br><br>In the “Management’s Discussion of Fund Performance” (pages 7-9 in this Annual Report) we quantify for both the IVA Worldwide Fund and the IVA International Fund how their respective equity components performed during this past fiscal year ended September 30, 2013. The significant outperformance this year, in contrast to the underperformance the previous year, illustrates vividly that individual stock picking is “alive and well,” even in</font></div></td> </tr> </table> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>4</b></font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"> </font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="2" cellspacing="0" width="100%" bgcolor="#000000"> <tr> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> Letter from the Portfolio Managers</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> </table><br> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">today’s world of globalization and increased correlations. We will simply reiterate what we wrote in last year’s Annual Report:</font></p> <p align="justify" style="margin-left:70px; margin-right:50px"><font face="Times New Roman" size="2">“…we believe that stock picking will make a big difference in this low return world for the foreseeable future, with a particular emphasis on trying to identify those companies that may maintain their high margins going forward and those that may not. That requires having a team of analysts whose work goes way beyond the number crunching and increasingly studies the finer qualitative aspects of a business. As Albert Einstein said, ‘not everything that can be counted counts, and not everything that counts can be counted.’”</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">We reckon that the economic prospects may be slowly improving for the U.S. economy, but note that the “patient” may no longer be on “life support” yet still needs “training wheels” (in the form of quantitative easing). Given the continued appreciation of U.S. stock indices, valuation is now quite steep among U.S. equities, especially if one allows for the fact that corporate profits are rather elevated.</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">In a recent speech to the Economic Club of New York, former Fed Chairman Paul Volcker recalled that he entered the system as a neophyte economist in 1949: “Most striking then, as now, the Federal Reserve was committed to maintaining a pattern of very low interest rates, ranging from close to zero at the short end to 2½ percent or less for Treasury bonds. If you feel a bit impatient about the situation now, quite understandably so, recall that the earlier episode lasted 15 years.” A propos today, Paul Volcker noted: “Beneficial effects of the actual and potential monetization of public and private debt, the essence of the quantitative easing program, appear limited and diminishing over time. The old “pushing on a string” analogy is relevant. The risks of encouraging speculative distortions and the inflationary potential of the current approach plainly deserve attention.”</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">In a story on Bloomberg News November 1, 2013 (“Federal Reserve’s bubble alarm stuck on snooze”), Jonathan Weil quotes Larry Fink (CEO of BlackRock Inc.): “…it is imperative that the Fed begins to taper… we have seen real bubble-like markets again”; Bill Gross (Pimco): “All risk asset prices are artificially high”; Netflix’s CEO Reed Hastings comparing his company’s stock performance with the “momentum – investor – fueled euphoria”; and Tesla’s CEO Elon Musk saying that his company had “a higher valuation than we have any right to deserve.”</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">We commented on Japan earlier (particularly a newsletter in March, “The Real Game Changer for Japanese Equities”). We are agnostic as to whether “Abenomics” will be successful but are very intrigued by the big changes we have seen in corporate Japan in terms of capital allocation: more and more dividends being raised; more and more stock buybacks and hopefully more corporate activity and willingness by management to pay a little more attention to shareholders than they have in the past. We trimmed our exposure there as the rally unfolded, and remain well hedged on our yen exposure.</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">Europe remains difficult for us. The eurozone economics are witnessing some degree of stability but many weaknesses remain (worsening public debt, costly credit, vulnerable banks…). While many crisis-hit economies have been able to go from big current account deficit situations to current account surplus, it remains unclear how sustainable these are. Additionally, in a Union where each Member carries veto powers, political changes play a large role that we find difficult, if not impossible, to handicap. We believe that the risk of an anti-euro government taking over in one member country continues to grow. Also, while job cuts have been significant, unit labor costs remain higher in Spain and Italy compared to those in Germany. Even Mario Draghi, the head of the European Central Bank (ECB), recently confessed to remaining “very, very cautious about the recovery. I cannot share the enthusiasm.” He added that the recovery was “weak, fragile and uneven and from low levels.” From a valuation level, what we find is a tale of two markets: banks,</font></p> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2"> </font></td> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-left: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>5</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="2" cellspacing="0" width="100%" bgcolor="#000000"> <tr> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> Letter from the Portfolio Managers</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> </table><br> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">utilities and telecom companies have suffered tremendous and very fundamental setbacks since 2007 and are therefore down substantially, dragging indices down; while high quality, global companies headquartered in Europe tend to trade at all-time highs and be very pricey. In the middle you’ll find a number of cyclical companies with debt, usually not that cheap, and where balance sheets are far from pristine. We continue to look for opportunities in the Old Continent but without much success over the period.</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">Emerging markets have performed poorly over the period, which did not come as a surprise to us. We have had almost no direct investments in the BRIC countries (Brazil, Russia, India and China) in recent time. However, we made our first investment in Brazil over the period; we also added a few names listed in Hong Kong doing business exclusively in China. But these markets are not cheap enough for us to make large commitments. In China, in particular, we worry about massive misallocation of capital and a potentially moribund banking sector.</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">Despite the recent correction, we are finding no opportunities in high yield debt either. In fact, we are witnessing the mirror image of 2008-2009. At that time high yield bonds were offering very attractive opportunities, many with returns better than equities and with less risk. Our remaining high yield exposure is of short duration (overall less than 3 years) and is comprised mostly of remnants of investments made in previous years.</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">Gold has acted poorly since September 2011 – it topped around $1900/oz. Gold may be flagging more disinflation in the next few months, especially if China’s economic growth keeps decelerating. Gold is also reacting to the possibility that real interest rates may rise in the future in various currencies. We trimmed our gold exposure earlier in 2013 as our equity exposure kept going down while our cash levels were increasing. We are keeping our options open as to what to do next there, if anything. We are pleased to have avoided gold mining stocks as we grew increasingly alarmed by rising production costs in the industry.</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">In conclusion, we are encouraged by the performance of your Funds over the period despite being underinvested in equities. Stock picking has been good and our big picture views (being wary of China and emerging markets, for instance) were vindicated. Our focus remains on preservation of capital during these uncertain times, believing that one of the most effective ways to compound wealth over time is to minimize losses and drawdowns. Like Ulysses during his odyssey, we are determined to ignore the sirens. We will keep insisting on appropriate discounts when we buy and hold securities. While we realize that “the purgatory of low returns” (James Montier) is not fun, we think that the challenges associated with that environment are much harder for our end clients and for the advisers that help those clients than they are for us. On our end, we are simply trying to remain disciplined and opportunistic but certainly will not change our ways on the basis that “this time is different.” On the contrary, we think that following time tested rules and principles will help us navigate the environment we are in.</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">We appreciate your continued confidence and thank you for your support.</font></p> <p align="justify" style="margin-left:50px;"><img src="sign2.jpg"></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">Charles de Vaulx, Chief Investment Officer and Portfolio Manager</font></p> <p align="justify" style="margin-left:50px;"><img src="sign3.jpg"></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">Chuck de Lardemelle, Portfolio Manager</font></p> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>6</b></font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"> </font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="2" cellspacing="0" width="100%" bgcolor="#000000"> <tr> <td nowrap valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> Management’s Discussion of Fund Performance</b></font><font face="Arial" size="2" color="#ffffff"> <b>(unaudited)</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> </table><br> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">Global equity markets delivered double-digit gains over this one year period, propelled by artificially low interest rates resulting from quantitative easing, and record high corporate profit margins. Equity markets temporarily corrected from May 22, 2013 to late June 2013 when the Federal Reserve indicated it might scale back its bond buying program later this year if the U.S. economy continues to improve and the unemployment rate falls below 7%. This boosted the yield on the 10-year U.S. Treasury note from 1.63% in early-May 2013 to 2.62% on September 30, 2013.</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">As global equity markets appreciated over this period and some of our holdings got closer to or even reached our intrinsic value estimate, we trimmed or sold out of those positions. This brought our total equity exposure down to 52.8% on September 30, 2013 from 63.0% on September 30, 2012 in the IVA Worldwide Fund, and to 54.3% from 57.1%, respectively, in the IVA International Fund. As a result, our total cash exposure rose in both Funds, to 30.6% in the IVA Worldwide Fund and to 27.5% in the IVA International Fund at period end. Even though both Funds were, on average, less than 60% invested in equities over this one year period, both Funds delivered solid absolute returns and kept close pace with their respective equity benchmark due to good stock picking.</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">Our Japanese equity exposure fell to 8.6% on September 30, 2013 from 12.1% on September 30, 2012 in the IVA Worldwide Fund and to 16.9% from 21.0%, respectively, in the IVA International Fund. Japanese equity markets have been rising since November 2012 when Shinzo Abe was reelected as Prime Minister with an agenda to pursue aggressive monetary policies to weaken the Japanese yen and engineer inflation. Over the period, we sold or reduced our exposure to a number of holdings (such as Temp Holdings Co., Ltd.).</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">In the IVA Worldwide Fund, our U.S. equity exposure fell to 24.1% at period end from 30.7% on September 30, 2012. We sold a few positions that we believe reached full valuation such as Applied Materials, Inc. and Texas Instruments Inc.</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">Even though we were net sellers of equities over the year, primarily in the U.S. and Japan, we found a few opportunities in emerging market equities, specifically in Brazil and China (through Hong Kong listed equities) and we increased our exposure to a South Korean holding, E-Mart Co., Ltd. We also increased our exposure to a few holdings that we view as high quality yet reasonably priced such as Nestlé SA in Switzerland and Oracle Corp. in the U.S.</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">We still view gold as a hedge against extreme outcomes, inflation or deflation, and it also helps to protect against the effects of currency debasement. Over the period we sold our small allocation to gold mining stocks, therefore our exposure at period end consisted solely of gold bullion. As our equity exposure came down and cash levels increased, we reduced our gold exposure over the period to 3.3% in IVA Worldwide and 3.2% in IVA International on September 30, 2013, from 5.2% in IVA Worldwide and 5.1% in IVA International on September 30, 2012. Over the year our exposure to gold was one of the largest detractors from both Funds’ returns. It detracted -1.9% from the IVA Worldwide Fund return and -2.0% from the IVA International Fund return.</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">Within fixed income, a few of our corporate bonds were called over the period, predominantly in the U.S., as most of our exposure is comprised of remnants of our investments from 2008/2009. Our corporate bond exposure totaled 6.8% of the IVA Worldwide Fund as of September 30, 2013 compared to 9.2% on September 30, 2012, and in the IVA International Fund, our exposure totaled 6.2% versus 7.3%, respectively.</font></p> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2"> </font></td> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-left: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>7</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="2" cellspacing="0" width="100%" bgcolor="#000000"> <tr> <td nowrap valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> Management’s Discussion of Fund Performance</b></font><font face="Arial" size="2" color="#ffffff"> <b>(unaudited)</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> </table><br> <p align="justify" style="margin-left:50px;"><font face="Arial" size="2"><b>IVA Worldwide Fund</b></font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">The IVA Worldwide Fund Class A, at net asset value, returned 14.02% over the one year period ending September 30, 2013 compared to the MSCI All Country World Index (Net) (the “Index”) return of 17.73% over the same period.</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">Because of good stock picking, particularly in the technology sector as well as the U.S. and France, our equities (ex-gold mining stocks) averaged a gain of 29.0% over the period versus the Index (ex-gold mining stocks) average return of 18.3%. By sector, our technology and industrials stocks contributed meaningfully to our return, adding 7.1%, due, in part, to solid gains from Bollore SA (industrials, France) and Temp Holdings Co., Ltd. (industrials, Japan). MasterCard Inc. Class ‘A’ (technology, U.S.) was also a key contributor to our return. There were no equity sectors that detracted from our return over the year, however, our significant underweight exposure to financials and health care stocks weighed on relative results. These two sectors added 7.4% to the Index return versus only 1.2% to the IVA Worldwide Fund return.</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">Geographically, our stocks in the U.S. and France added the most to our return, together 11.8% versus those in the Index adding 10.0%. We benefited from strong security selection in both countries (in particular our U.S. stocks averaged a return of 31.1% versus the Index at 19.2%) as well as overweight exposure to stocks in France. Berkshire Hathaway Inc. Class ‘A’, Class ‘B’ (holding company, U.S.) and The Washington Post Company Class ‘B’ (consumer discretionary, U.S.) were among our top five contributors to return. All equity countries contributed positively to our return this period, however, our Japanese equities underperformed those in the benchmark as we own mostly local, non-exporting stocks.</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">Within fixed income, our corporate bonds averaged a gain of 11.3% due to good performance from our Wendel bonds, which were among our top five contributors to return as they collectively added 0.6%. Our sovereign bonds averaged a return of -1.9% over the period and detracted about -0.1% from our return.</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">Our forward foreign currency contracts, which are used to hedge currency risk, contributed about 0.6% to our return, mainly due to our Japanese yen hedge which averaged 40% of our total yen exposure over the year.</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">The largest individual detractors from our return this period included: gold bullion (gold), IAMGOLD Corporation (gold mining), Benesse Holdings Inc. (consumer discretionary, Japan), Singapore government bonds (sovereign debt), Newcrest Mining Limited (gold mining), and Devon Energy Corp. (energy, U.S.).</font></p> <p align="justify" style="margin-left:50px;"><font face="Arial" size="2"><b>IVA International Fund</b></font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">The IVA International Fund Class A, at net asset value, returned 14.09% over the one year period ending September 30, 2013 compared to the MSCI All Country World (ex-U.S.) Index (Net) (the “Index”) return of 16.48% over the same period.</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">Our equities (ex-gold mining stocks) averaged a return of 28.6% versus the Index (ex-gold mining stocks) average return of 17.5%. Security selection within the industrials sector was a significant plus, as these stocks collectively averaged a gain of 47.0% compared to the Index at 24.3%, and added 4.6% to our return. A number of the Fund’s top contributors to return were in this sector and included: Temp Holdings Co., Ltd. (industrials, Japan), Teleperformance SA (industrials, France), Bollore SA (industrials, France), and Financière de I’Odet SA (industrials, France). Because of our overweight exposure and strong performance, our consumer discretionary stocks added 3.7% to our return. All equity sectors contributed positively to our return over the period, however, our underweight exposure to the financials and health care sectors detracted from relative results as these two sectors added 7.4% to the Index return versus 1.4% to our return.</font></p> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>8</b></font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"> </font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="2" cellspacing="0" width="100%" bgcolor="#000000"> <tr> <td nowrap valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> Management’s Discussion of Fund Performance</b></font><font face="Arial" size="2" color="#ffffff"> <b>(unaudited)</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> </table><br> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">Our allocation to France provided the largest contribution to return, with our holdings averaging a return of 43.5% versus the Index average return of 32.0%, and added 6.5% to performance. This was led by good performance from a few industrials stocks mentioned above. Even though our Japanese equities underperformed those in the Index with an average return of 20.1% versus 31.5% respectively, as we own mostly local, non-exporting stocks, they still added 3.7% to our return in U.S. dollars. The only countries to detract from our return this period were India and Mexico, together almost -0.1%.</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">Within fixed income, our corporate bonds averaged a gain of 11.9% due to good performance from our Wendel bonds, which were among our top five contributors to return as they collectively added 0.5%. Our sovereign bonds averaged a return of -1.7% over the period and detracted about -0.2% from our return.</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">Our forward foreign currency contracts, which are used to hedge currency risk, contributed about 1.8% to our return, mainly due to our Japanese yen hedge which averaged 50% of our total yen exposure over the year.</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2">The largest individual detractors from our return this period included: gold bullion (gold), IAMGOLD Corporation (gold mining), Benesse Holdings Inc. (consumer discretionary, Japan), Newcrest Mining Limited (gold mining), and Singapore government bonds (sovereign debt).</font></p> <p align="justify" style="margin-left:50px;"><font face="Times New Roman" size="2"><i>Investment Risks: There are risks associated with investing in funds that invest in securities of foreign countries, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates. Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.</i></font></p> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2"> </font></td> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-left: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>9</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> IVA Worldwide Fund</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> <tr bgcolor="#A3B0C5"> <td valign="bottom" align="left"><font face="Arial" size="4"><b> Performance</b></font><font face="Arial" size="2"> <b>(unaudited)</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4"><b> As of September 30, 2013</b></font></td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td nowrap valign="bottom" style="border-bottom: 2pt solid black;" align="left"><font face="Times New Roman" size="2"><b>Average Annual Total Returns as of September 30, 2013<sup>(a)</sup></b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" align="center" style="border-bottom: 2pt solid black;" colspan="4"><font face="Times New Roman" size="2"> One Year</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" align="center" style="border-bottom: 2pt solid black;" colspan="4"><font face="Times New Roman" size="2"> Five Year/<br>Since Inception<sup>(a)</sup></font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" style="border-top: 1px solid #000000;"> </td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="4" style="border-top: 1px solid #000000;"> </td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="4" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Class A</font></td> <td width="30%"><font face="Times New Roman" size="1"> </font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="2%" valign="bottom" align="right"><font face="Times New Roman" size="2">14.02</font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="8%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="3%" valign="bottom" align="right"><font face="Times New Roman" size="2">11.73</font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Class A (with a 5% maximum initial sales charge)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">8.33</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10.60</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Class C</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">13.13</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10.89</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Class I</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">14.28</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">12.00</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">MSCI All Country World Index (Net)<sup>(b)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">17.73</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">7.71</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Consumer Price Index<sup>(c)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.18</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.36</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="10%" nowrap valign="bottom" style="border-bottom: 2pt solid black;" align="left"><font face="Times New Roman" size="2"><b>Growth of a $10,000 Initial Investment</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table><br> <p><img src="page10.jpg"></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="font-size:1px;"> <td valign="bottom" colspan="2" style="border-top: 2px solid #000000;"> </td> </tr> <tr> <td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><sup>(a)</sup></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">The Fund commenced investment operations on October 1, 2008.</font></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(b)</sup></font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">The MSCI All Country World Index (Net) is an unmanaged, free float-adjusted market capitalization weighted index composed of stocks of companies located in countries throughout the world. It is designed to measure equity market performance in global developed and emerging markets. The index includes reinvestment of dividends, net of foreign withholding taxes. Please note that an investor cannot invest directly in an index.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(c)</sup></font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">The Consumer Price Index examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. Please note that an investor cannot invest directly in an index.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(d)</sup></font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">Hypothetical illustration of $10,000 invested in Class A shares on October 1, 2008, assuming the deduction of the maximum initial sales charge of 5% at the time of investment for Class A shares and the reinvestment of all distributions, including returns of capital, if any, at net asset value through September 30, 2013. The performance of the Fund’s other classes may be greater or less than the Class A shares’ performance indicated on this chart depending on whether greater or lesser sales charges and fees were incurred by shareholders investing in the other classes.</font></div></td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2"><b>Past performance is no guarantee of future results.</b>  The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. To obtain performance information current to the most recent month-end, please call 866-941-4482.</font></p> <p align="justify"><font face="Times New Roman" size="2">The maximum sales charge for Class A shares is 5.00%. Class C shares may include a 1.00% contingent deferred sales charge for the first year only. Shares redeemed within 30 days of purchase may be subject to a 2.00% redemption fee. The expense ratios for the Fund are as follows: 1.28% (Class A shares); 2.03% (Class C shares); and 1.03% (Class I shares). These expense ratios are as stated in the most recent Prospectus dated January 31, 2013. More recent expense ratios can be found in the Financial Highlights section of this Annual Report.</font></p> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #043455 1px solid; BORDER-right: #043455 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>10</b></font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"> </font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> IVA Worldwide Fund</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> <tr bgcolor="#A3B0C5"> <td valign="bottom" align="left"><font face="Arial" size="4"><b> Portfolio Composition</b></font><font face="Arial" size="2"> <b>(unaudited)</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4"><b> As of September 30, 2013</b></font></td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td nowrap width="20%" style="border-bottom: 2pt solid black;" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Asset Allocation </b>(As a Percent of Total Net Assets)</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table> <p align="center"><img src="page11a.jpg"></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td nowrap width="20%" style="border-bottom: 2pt solid black;" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Sector Allocation</b> (As a Percent of Total Net Assets)</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table> <p align="center"><img src="page11b.jpg"></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td nowrap width="20%" style="border-bottom: 2pt solid black;" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Top 10 Positions</b> (As a Percent of Total Net Assets)<sup>(b)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="70%"> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Government of Singapore, 3.625% due 7/1/2014, 2.875% due 7/1/2015, 3.75% due 9/1/2016</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">4.8</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Wendel, 4.875% due 5/26/2016, 4.375% due 8/9/2017, 6.75% due 4/20/2018</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3.9</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Gold Bullion</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="5%" valign="bottom" align="right"><font face="Times New Roman" size="2">3.3</font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Nestlé SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3.2</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Astellas Pharma Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.8</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Berkshire Hathaway Inc., Class ‘A’, Class ‘B’</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.6</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Devon Energy Corp.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.6</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Genting Malaysia Berhad</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.1</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Oracle Corp.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.1</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Expeditors International of Washington Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.6</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2"> Top 10 positions represent 29.0% of total net assets.</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><sup>(a)</sup></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Other represents unrealized gains and losses on options, forward foreign currency contracts and other assets and liabilities.</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><sup>(b)</sup></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Short-Term Investments are not included.</font></td> </tr> </table> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2"> </font></td> <td width="3%" STYLE="BORDER-top: #043455 1px solid; BORDER-left: #043455 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>11</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%" bgcolor="#000000"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> IVA Worldwide Fund</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Schedule of Investments<br>September 30, 2013</font></td> </tr> <tr> <td valign="bottom" align="left"><hr size="1" color="#000000" noshade></td> </tr> </table> <DIV STYLE="position:relative;float:right; width:93%;padding-right:0px;padding-bottom:8px;overflow:hidden;padding-top:3px"> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>SHARES </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>DESCRIPTION </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2"><b>FAIR VALUE </b></font></td> </tr> <tr bgcolor="#cceeff"> <td colspan="5" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>COMMON STOCKS – 51.7%</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td STYLE="BORDER-top:2px solid #000000;" valign="bottom" align="left"><font face="Times New Roman" size="2">Belgium | 0.3%</font></td> <td STYLE="BORDER-top:2px solid #000000;"><font face="Times New Roman" size="1"> </font></td> <td STYLE="BORDER-top:2px solid #000000;"><font face="Times New Roman" size="1"> </font></td> <td STYLE="BORDER-top:2px solid #000000;"><font face="Times New Roman" size="1"> </font></td> <td STYLE="BORDER-top:2px solid #000000;"><font face="Times New Roman" size="1"> </font></td> <td STYLE="BORDER-top:2px solid #000000;"><font face="Times New Roman" size="1"> </font></td> <td STYLE="BORDER-top:2px solid #000000;"><font face="Times New Roman" size="1"> </font></td> <td STYLE="BORDER-top:2px solid #000000;"><font face="Times New Roman" size="1"> </font></td> <td STYLE="BORDER-top:2px solid #000000;"><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td width="25%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="1%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="1%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">281,848</font></td> <td width="4%"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Sofina SA</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">27,705,127</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Brazil | 0.5%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,105,414</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Itaú Unibanco Holding SA, ADR</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">43,848,446</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">China | 0.6%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15,826,640</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Clear Media Ltd. (a)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10,407,027</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">17,593,000</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Digital China Holdings Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">21,549,208</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">25,576,000</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Uni-President China Holdings Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">25,655,473</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">57,611,708</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="2" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Denmark | 0.0%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">105,523</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">D/S Norden A/S</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">4,450,145</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">France | 7.2%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">647,987</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Alten</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">27,745,324</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">175,516</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Bolloré</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">91,725,738</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">434,240</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Cap Gemini SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">25,830,695</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">603,762</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Carrefour SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">20,726,292</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">257,540</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Ciments Français SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">17,755,132</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">340,256</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Eutelsat Communications Group, SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10,757,573</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">38,935</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Financière de l’Odet SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">39,238,925</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">69,300</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Financière Marc de Lacharriere SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,693,850</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,724,875</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">GDF Suez SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">93,577,922</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">850,843</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Lagardère SCA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">27,631,275</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">81,709</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Publicis Groupe SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6,501,966</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">92,497</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Robertet SA (a)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">18,645,057</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">60,007</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Séché Environnement SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,228,405</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">912,717</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Sodexo SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">85,162,060</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">935,034</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Teleperformance</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">45,235,011</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">672,369</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Thales SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">36,962,194</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,106,048</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Total SA, ADR</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">64,062,300</font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,010,186</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Vivendi SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">46,244,775</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">663,724,494</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="2" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Germany | 0.6%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">432,232</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Siemens AG</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">52,077,413</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">63,350</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Wincor Nixdorf AG</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,956,054</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">56,033,467</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="2" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Japan | 8.6%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5,095,800</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Astellas Pharma Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">259,209,522</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,428,700</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Azbil Corp.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">33,124,852</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,182,600</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Benesse Holdings Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">42,951,137</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,535,700</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Cosel Co., Ltd. (a)(b)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">30,724,032</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">944,700</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Icom Inc. (a)(b)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">22,326,040</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">770,470</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Kose Corp.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">22,260,896</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">213,800</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Medikit Co., Ltd. (a)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">7,177,781</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> </table> </DIV> <div style="clear:both; height:0px; font-size:0px"> </div> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>12</b></font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">See Notes to Financial Statements.</font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%" bgcolor="#000000"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> IVA Worldwide Fund</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Schedule of Investments<br>September 30, 2013</font></td> </tr> <tr> <td valign="bottom" align="left"><hr size="1" color="#000000" noshade></td> </tr> </table> <DIV STYLE="position:relative;float:right; width:93%;padding-right:0px;padding-bottom:8px;overflow:hidden;padding-top:3px"> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>SHARES</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>DESCRIPTION </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2"><b>FAIR VALUE </b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Japan | 8.6% (continued)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td width="25%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="1%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="1%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">1,074,100</font></td> <td width="4%"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Meitec Corp.</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">30,902,435</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">42,300</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Milbon Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,732,107</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,128,504</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Miura Co., Ltd. (b)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">86,030,279</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">578,400</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Nifco Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15,440,476</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">96,000</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Nintendo Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10,870,136</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">183,800</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Nitto Kohki Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,444,322</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,184,300</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">NTT DoCoMo, Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">19,181,094</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">436,900</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Okinawa Cellular Telephone Co.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">11,103,069</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,162,900</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Secom Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">72,640,582</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">367,488</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Shofu Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,308,682</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">113,200</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Sugi Holdings Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">4,848,385</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">262,500</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Techno Medica Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5,776,362</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,072,200</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Temp Holdings Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">27,029,977</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,110,600</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Toho Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">43,931,915</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6,060,600</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Yahoo Japan Corp.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">34,343,092</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">788,357,173</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="2" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Malaysia | 2.1%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">148,186,000</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Genting Malaysia Berhad</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">191,853,020</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Norway | 0.7%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">8,931,624</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Orkla ASA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">65,057,187</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Singapore | 0.0%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">148,325</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">United Overseas Bank Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,443,807</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">South Africa | 0.8%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6,006,359</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Net 1 U.E.P.S. Technologies Inc. (b)(c)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">72,136,372</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">South Korea | 2.6%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">397,058</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">E-Mart Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">89,411,251</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,745,970</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Kangwon Land, Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">46,302,506</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">37,054</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Lotte Chilsung Beverage Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">58,511,306</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">27,171</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Lotte Confectionery Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">43,107,502</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">237,332,565</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="2" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Switzerland | 4.1%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">68,115</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">APG SGA SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">18,076,630</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">4,220,716</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Nestlé SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">295,195,761</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">116,420</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Schindler Holding AG</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">17,481,988</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,172,472</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">UBS AG</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">44,441,568</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">375,195,947</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="2" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Taiwan | 0.1%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,561,000</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Taiwan Secom Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6,132,472</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">United Kingdom | 0.5%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5,149,695</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Millennium & Copthorne Hotels Plc</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">46,269,497</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> </table> </DIV> <div style="clear:both; height:0px; font-size:0px"> </div> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2">See Notes to Financial Statements.</font></td> <td width="3%" STYLE="BORDER-top: #043455 1px solid; BORDER-left: #043455 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>13</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%" bgcolor="#000000"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> IVA Worldwide Fund</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Schedule of Investments<br>September 30, 2013</font></td> </tr> <tr> <td valign="bottom" align="left"><hr size="1" color="#000000" noshade></td> </tr> </table> <DIV STYLE="position:relative;float:right; width:93%;padding-right:0px;padding-bottom:8px;overflow:hidden;padding-top:3px"> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>SHARES</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>DESCRIPTION </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2"><b>FAIR VALUE </b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">United States | 23.0%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td width="25%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="1%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="1%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">1,237,876</font></td> <td width="4%"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Amdocs Ltd.</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">45,355,777</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,398,368</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Annaly Capital Management Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">27,773,101</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,177,836</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Aon Plc</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">87,678,112</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,400,704</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Baker Hughes Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">68,774,566</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,339</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Berkshire Hathaway Inc., Class ‘A’ (c)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">228,178,990</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">100,464</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Berkshire Hathaway Inc., Class ‘B’ (c)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">11,403,669</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">505,024</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Cimarex Energy Co.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">48,684,314</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">899,866</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">CVS Caremark Corp.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">51,067,395</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">4,088,040</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Devon Energy Corp.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">236,125,190</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,847,155</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">DeVry Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">56,449,057</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,044,320</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Energen Corp.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">79,775,605</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,278,171</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Expeditors International of Washington Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">144,436,214</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">266,653</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Goldman Sachs Group, Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">42,187,171</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">79,863</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Google Inc., Class ‘A’ (c)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">69,952,800</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,341,896</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Hewlett-Packard Co.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">28,152,978</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,032,782</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Ingram Micro Inc., Class ‘A’ (c)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">69,905,625</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,363,042</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Liberty Interactive Corp., Series ‘A’ (c)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">31,990,596</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">690,229</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Marsh & McLennan Cos., Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">30,059,473</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">183,660</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">MasterCard Inc., Class ‘A’</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">123,562,775</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,999,705</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Microsoft Corp.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">99,920,173</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">32,046</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">National CineMedia, Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">604,387</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">273,079</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">News Corp., Class ‘B’ (c)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">4,486,688</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,082,005</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Occidental Petroleum Corp.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">101,210,748</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5,687,640</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Oracle Corp.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">188,659,019</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">388,589</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">SEACOR Holdings Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">35,143,989</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">668,659</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Sealed Air Corp.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">18,180,838</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,645,033</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Spansion, Inc., Class ‘A’ (b)(c)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">36,778,383</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">780,047</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Telephone & Data Systems, Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">23,050,389</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">149,199</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">The Washington Post Co., Class ‘B’</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">91,212,809</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,092,319</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Twenty-First Century Fox Inc., Class ‘B’</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">36,483,455</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,117,244,286</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="2" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>TOTAL COMMON STOCKS</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">(Cost — $3,665,267,691)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">4,755,395,713</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr bgcolor="#cceeff"> <td valign="bottom" align="left" colspan="9"><font face="Times New Roman" size="2"><b>PREFERRED STOCKS – 0.7%</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">United States | 0.7%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">American Capital Agency Corp.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">197,675</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Series ‘A’, 8% due 4/5/2017 (d)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5,060,480</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Annaly Capital Management Inc.:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td width="23%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="6%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="3%" valign="bottom" align="left"><font face="Times New Roman" size="2">592,037</font></td> <td width="4%" valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td width="4%"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Series ‘C’, 7.625% due 5/16/2017 (d)</font></p></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">14,179,286</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">722,129</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Series ‘D’, 7.5% due 9/13/2017 (d)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">16,933,925</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Apollo Residential Mortgage Inc., Series ‘A’,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">371,500</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">8% due 9/20/2017 (d)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">8,574,220</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Capstead Mortgage Corp., Series ‘E’,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">99,109</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">7.5% due 5/13/2018 (d)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,369,696</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">CYS Investments Inc.:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">13,221</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Series ‘A’, 7.75% due 8/3/2017 (d)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">298,530</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">88,918</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Series ‘B’, 7.5% due 4/30/2018 (d)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,853,051</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> </table> </DIV> <div style="clear:both; height:0px; font-size:0px"> </div> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #043455 1px solid; BORDER-right: #043455 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>14</b></font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">See Notes to Financial Statements.</font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%" bgcolor="#000000"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> IVA Worldwide Fund</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Schedule of Investments<br>September 30, 2013</font></td> </tr> <tr> <td valign="bottom" align="left"><hr size="1" color="#000000" noshade></td> </tr> </table> <DIV STYLE="position:relative;float:right; width:93%;padding-right:0px;padding-bottom:8px;overflow:hidden;padding-top:3px"> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>SHARES</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>DESCRIPTION </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2"><b>FAIR VALUE </b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 2px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">United States | 0.7% (continued)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Hatteras Financial Corp., Series ‘A’,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td width="25%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="6%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="3%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="4%" valign="bottom" align="right"><font face="Times New Roman" size="2">556,125</font></td> <td width="4%" valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td width="4%"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">7.625% due 8/27/2017 (d)</font></p></td> <td width="2%" ><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">12,679,650</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">MFA Financial Inc., Series ‘B’,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">74,302</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">7.5% due 4/15/2018 (d)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,708,946</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>TOTAL PREFERRED STOCKS</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">(Cost — $64,989,926)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">63,657,784</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td colspan="10" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>CONVERTIBLE PREFERRED STOCK – 0.4%</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 2px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">United States | 0.4%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Bank of America Corp.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">36,288</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Series ‘L’, 7.25%</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">39,191,040</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>TOTAL CONVERTIBLE </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> PREFERRED STOCK</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">(Cost — $28,023,838)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">39,191,040</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td colspan="2" valign="bottom" align="right"><font face="Times New Roman" size="2"><b>PRINCIPAL </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td colspan="2" valign="bottom" align="right"><font face="Times New Roman" size="2"><b>AMOUNT</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td colspan="10" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>CORPORATE NOTES & BONDS – 6.8%</b></font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 2px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">France | 3.9%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Wendel:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">35,100,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>EUR</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">4.875% due 5/26/2016 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">50,220,190</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">116,950,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>EUR</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">4.375% due 8/9/2017</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">165,572,898</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">95,400,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>EUR</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">6.75% due 4/20/2018</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">145,549,596</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">361,342,684</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="2" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 2px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Norway | 0.3%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Golden Close Maritime Corp. Ltd.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">24,489,696</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">11% due 12/9/2015 (a)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">25,928,466</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 2px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Switzerland | 0.3%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">8,800,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>EUR</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">UBS AG, 7.152% due 12/21/2017 (f)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">13,169,999</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">UBS Preferred Funding Trust V,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">8,892,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">6.243% due 5/15/2016 (f)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9,503,325</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">22,673,324</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="2" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 2px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">United Kingdom | 0.2%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Inmarsat Finance Plc,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">19,300,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">7.375% due 12/1/2017 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">20,313,250</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 2px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">United States | 2.1%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Brandywine Operating Partnership, LP,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6,070,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">5.7% due 5/1/2017</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6,697,893</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Cloud Peak Energy Resources LLC,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">18,309,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">8.5% due 12/15/2019</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">19,865,265</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Intelsat Luxembourg SA,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">24,975,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">7.75% due 6/1/2021 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">25,942,781</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Leucadia National Corp.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,418,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">8.125% due 9/15/2015</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,802,525</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Level 3 Financing Inc.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,740,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">10% due 2/1/2018</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,870,500</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> </table> </DIV> <div style="clear:both; height:0px; font-size:0px"> </div> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2">See Notes to Financial Statements.</font></td> <td width="3%" STYLE="BORDER-top: #043455 1px solid; BORDER-left: #043455 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>15</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%" bgcolor="#000000"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> IVA Worldwide Fund</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Schedule of Investments<br>September 30, 2013</font></td> </tr> <tr> <td valign="bottom" align="left"><hr size="1" color="#000000" noshade></td> </tr> </table> <DIV STYLE="position:relative;float:right; width:93%;padding-right:0px;padding-bottom:8px;overflow:hidden;padding-top:3px"> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td colspan="2" valign="bottom" align="right"><font face="Times New Roman" size="2"><b>PRINCIPAL </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td colspan="2" valign="bottom" align="right"><font face="Times New Roman" size="2"><b>AMOUNT</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>DESCRIPTION </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2"><b>FAIR VALUE </b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 2px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">United States | 2.1% (continued)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">MetroPCS Wireless Inc.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td width="4%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="2%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="8%" valign="bottom" align="right"><font face="Times New Roman" size="2">6,961,000</font></td> <td width="4%" valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td width="7%"><font face="Times New Roman" size="1"> </font></td> <td width="32%" valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">7.875% due 9/1/2018</font></td> <td width="4%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="8%" valign="bottom" align="right"><font face="Times New Roman" size="2">7,552,685</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid gray;"> </td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">MFA Financial Inc.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">26,434</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">8% due 4/15/2042 (g)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">671,159</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Mohawk Industries Inc.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">37,016,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">6.375% due 1/15/2016 (h)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">40,856,410</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">QVC Inc.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">31,121,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">7.5% due 10/1/2019 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">33,499,765</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Sealed Air Corp.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">38,288,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">8.125% due 9/15/2019 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">42,882,560</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Vulcan Materials Co.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6,660,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">7% due 6/15/2018</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">7,542,450</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">191,183,993</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="2" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2"><b>TOTAL CORPORATE NOTES & BONDS</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">(Cost — $544,981,242)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">621,441,717</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td colspan="5" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>SOVEREIGN GOVERNMENT BONDS – 5.9%</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 2px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Hong Kong | 1.0%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Government of Hong Kong,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">669,700,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>HKD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">1.52% due 12/21/2015</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">88,517,936</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 2px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Singapore | 4.8%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Government of Singapore:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">146,342,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>SGD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">3.625% due 7/1/2014</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">119,553,791</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">194,412,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>SGD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">2.875% due 7/1/2015</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">161,841,811</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">188,328,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>SGD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">3.75% due 9/1/2016</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">164,558,936</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">445,954,538</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="2" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 2px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Taiwan | 0.1%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Government of Taiwan,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">349,300,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>TWD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">2% due 7/20/2015</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">12,074,507</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td nowrap colspan="2" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>TOTAL SOVEREIGN GOVERNMENT BONDS</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">(Cost — $541,346,663)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">546,546,981</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>OUNCES </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>COMMODITIES – 3.3%</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">226,914</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Gold Bullion (c)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">301,344,659</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>TOTAL COMMODITIES </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">(Cost — $337,823,164)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">301,344,659</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>PRINCIPAL </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>AMOUNT </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td colspan="5" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>SHORT-TERM INVESTMENTS – 30.6%</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 2px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Commercial Paper | 30.2%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Air Liquide US LLC:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">63,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.09% due 10/7/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">62,999,055</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">65,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.08% due 10/23/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">64,996,822</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> </table> </DIV> <div style="clear:both; height:0px; font-size:0px"> </div> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>16</b></font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">See Notes to Financial Statements.</font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%" bgcolor="#000000"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> IVA Worldwide Fund</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Schedule of Investments<br>September 30, 2013</font></td> </tr> <tr> <td valign="bottom" align="left"><hr size="1" color="#000000" noshade></td> </tr> </table> <DIV STYLE="position:relative;float:right; width:93%;padding-right:0px;padding-bottom:8px;overflow:hidden;padding-top:3px"> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td colspan="2" valign="bottom" align="right"><font face="Times New Roman" size="2"><b>PRINCIPAL </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td colspan="2" valign="bottom" align="right"><font face="Times New Roman" size="2"><b>AMOUNT</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>DESCRIPTION </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2"><b>FAIR VALUE </b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 2px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Commercial Paper | 30.2% (continued)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">American Honda Finance Corp.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td width="4%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="1%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="8%" valign="bottom" align="right"><font face="Times New Roman" size="2">35,000,000</font></td> <td width="4%" valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td width="7%"><font face="Times New Roman" size="1"> </font></td> <td width="32%" valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.09% due 10/7/2013 (e)</font></p></td> <td width="4%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="8%" valign="bottom" align="right"><font face="Times New Roman" size="2">34,999,475</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">AT&T Inc., 0.24% due 10/28/2013 (e)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">14,997,300</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15,200,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Coca-Cola Co., 0.04% due 10/4/2013 (e)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15,199,949</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Coca-Cola Enterprises, Inc.:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">13,500,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.16% due 10/1/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">13,500,000</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">13,100,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.16% due 10/7/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">13,099,651</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">30,700,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.16% due 10/28/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">30,696,316</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Consolidated Edison Co. Inc.:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">38,700,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.2% due 10/3/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">38,699,570</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">58,600,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.2% due 10/7/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">58,598,047</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">19,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.2% due 10/9/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">18,999,156</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">19,300,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.2% due 10/10/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">19,299,035</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Devon Energy Corp.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">40,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.16% due 10/21/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">39,996,444</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Diageo Capital Plc:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">60,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.17% due 10/7/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">59,998,300</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">65,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.19% due 10/10/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">64,996,913</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">40,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.18% due 10/15/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">39,997,200</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">E.I. du Pont de Nemours & Co.:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">25,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.05% due 10/9/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">24,999,722</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10,200,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.05% due 10/21/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10,199,717</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Electricité de France SA:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">50,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.13% due 10/9/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">49,998,556</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">33,796,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.18% due 10/28/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">33,791,438</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">50,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.1% due 10/30/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">49,995,972</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">50,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.14% due 11/27/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">49,988,917</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">4,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.21% due 1/10/2014 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,997,439</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">GDF Suez SA:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">25,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.19% due 10/7/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">24,999,208</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">11,500,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.18% due 10/15/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">11,499,195</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">36,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.18% due 10/16/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">35,997,300</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Google Inc.:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">11,300,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.03% due 10/16/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">11,299,859</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">24,100,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.03% due 10/25/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">24,099,518</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Johnson & Johnson:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.03% due 10/4/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5,999,985</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">20,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.03% due 10/7/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">19,999,900</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">20,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.03% due 10/10/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">19,999,850</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">50,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.03% due 10/18/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">49,999,292</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">13,500,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.03% due 10/21/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">13,499,775</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">L’Oréal USA Inc.:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.04% due 10/8/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">14,999,883</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">20,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.04% due 10/9/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">19,999,822</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">17,500,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.04% due 10/16/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">17,499,708</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">14,600,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.04% due 10/17/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">14,599,740</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">20,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.04% due 10/22/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">19,999,533</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> </table> </DIV> <div style="clear:both; height:0px; font-size:0px"> </div> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2">See Notes to Financial Statements.</font></td> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-left: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>17</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%" bgcolor="#000000"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> IVA Worldwide Fund</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Schedule of Investments<br>September 30, 2013</font></td> </tr> <tr> <td valign="bottom" align="left"><hr size="1" color="#000000" noshade></td> </tr> </table> <DIV STYLE="position:relative;float:right; width:93%;padding-right:0px;padding-bottom:8px;overflow:hidden;padding-top:3px"> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td colspan="2" valign="bottom" align="right"><font face="Times New Roman" size="2"><b>PRINCIPAL </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td colspan="2" valign="bottom" align="right"><font face="Times New Roman" size="2"><b>AMOUNT</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>DESCRIPTION </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td NOWRAP valign="bottom" align="left"><font face="Times New Roman" size="2"><b>FAIR VALUE </b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 2px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Commercial Paper | 30.2% (continued)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Merck & Co. Inc.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td width="4%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="1%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="8%" valign="bottom" align="right"><font face="Times New Roman" size="2">19,000,000</font></td> <td width="4%" valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td width="7%"><font face="Times New Roman" size="1"> </font></td> <td width="32%" valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.04% due 10/22/2013, (e)</font></p></td> <td width="4%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="8%" valign="bottom" align="right"><font face="Times New Roman" size="2">18,999,557</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Mondelez International Inc.:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">35,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.23% due 10/23/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">34,995,081</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">64,200,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.23% due 10/24/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">64,190,566</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">38,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.23% due 10/25/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">37,994,173</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">20,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.27% due 11/6/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">19,994,600</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">29,700,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.26% due 11/7/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">29,692,063</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">20,300,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.27% due 11/7/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">20,294,367</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Nestlé Capital Corp.:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">75,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.01% due 10/29/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">74,999,417</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">80,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.03% due 12/3/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">79,995,592</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">20,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.03% due 12/4/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">19,998,844</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">25,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.02% due 12/5/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">24,998,532</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">31,600,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.03% due 12/6/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">31,598,117</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Nestle Finance International Ltd.:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">20,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.05% due 10/16/2013</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">19,999,583</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.06% due 10/25/2013</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9,999,600</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">76,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.05% due 10/28/2013</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">75,997,150</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">NetJets Inc.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">16,500,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.03% due 10/2/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">16,499,986</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Novartis Finance Corp.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">60,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.05% due 10/2/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">59,999,917</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Orange & Rockland Utilities Inc.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,300,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.2% due 10/3/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,299,963</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Philip Morris International Inc.:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">25,700,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.06% due 10/16/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">25,699,357</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">50,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.04% due 10/17/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">49,999,111</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Praxair Inc.:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">20,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.02% due 10/3/2013</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">19,999,978</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">47,447,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.02% due 10/4/2013</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">47,446,921</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,500,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.05% due 10/16/2013</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,499,948</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">52,900,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.03% due 10/17/2013</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">52,899,295</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Procter & Gamble Co.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">25,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.05% due 10/2/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">24,999,965</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Reed Elsevier Plc:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">25,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.12% due 10/1/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">25,000,000</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">25,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.17% due 10/4/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">24,999,646</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">11,700,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.2% due 10/7/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">11,699,610</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">35,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.17% due 10/15/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">34,997,686</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Roche Holding Inc.:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">50,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.03% due 10/15/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">49,999,417</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">50,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.03% due 10/16/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">49,999,375</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15,900,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.03% due 10/17/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15,899,788</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">25,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.02% due 10/18/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">24,999,764</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">30,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.05% due 10/24/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">29,999,042</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> </table> </DIV> <div style="clear:both; height:0px; font-size:0px"> </div> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>18</b></font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">See Notes to Financial Statements.</font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%" bgcolor="#000000"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> IVA Worldwide Fund</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Schedule of Investments<br>September 30, 2013</font></td> </tr> <tr> <td valign="bottom" align="left"><hr size="1" color="#000000" noshade></td> </tr> </table> <DIV STYLE="position:relative;float:right; width:93%;padding-right:0px;padding-bottom:8px;overflow:hidden;padding-top:3px"> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td colspan="2" valign="bottom" align="right"><font face="Times New Roman" size="2"><b>PRINCIPAL </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td colspan="2" valign="bottom" align="right"><font face="Times New Roman" size="2"><b>AMOUNT</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>DESCRIPTION </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td NOWRAP valign="bottom" align="left"><font face="Times New Roman" size="2"><b>FAIR VALUE </b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 2px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Commercial Paper | 30.2% (continued)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Telstra Corp. Ltd.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td width="4%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="1%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="8%" valign="bottom" align="right"><font face="Times New Roman" size="2">20,000,000</font></td> <td width="4%" valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td width="7%"><font face="Times New Roman" size="1"> </font></td> <td width="32%" valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.12% due 11/25/2013 (e)</font></p></td> <td width="4%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="8%" valign="bottom" align="right"><font face="Times New Roman" size="2">19,996,333</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">United Parcel Service, Inc.:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">50,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.02% due 10/1/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">50,000,000</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">50,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.01% due 10/10/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">49,999,875</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">35,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.055% due 10/11/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">34,999,465</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">50,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.001% due 10/15/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">49,999,981</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Vodafone Group Plc:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.2% due 10/22/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9,998,833</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.3% due 1/2/2014 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">4,995,887</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,500,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.3% due 1/3/2014 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,497,909</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Wal-Mart Stores, Inc.:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">80,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.05% due 10/2/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">79,999,889</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">80,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.04% due 10/8/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">79,999,378</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10,300,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.04% due 10/17/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10,299,817</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">12,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.05% due 10/28/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">11,999,550</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">55,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.06% due 10/28/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">54,997,525</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">29,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.05% due 10/30/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">28,998,832</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">14,700,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.06% due 11/13/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">14,698,946</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Walt Disney Co.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">24,927,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.06% due 11/20/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">24,924,923</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,781,630,716</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="2" style="border-top: 2px solid gray;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 2px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Treasury Bills | 0.4%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">United States Treasury Bill,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">34,281,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">due 12/5/2013 (i)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">34,280,691</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td nowrap colspan="2" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>TOTAL SHORT-TERM INVESTMENTS</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">(Cost — $2,815,912,368)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,815,911,407</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>TOTAL INVESTMENTS — 99.4%</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">(Cost — $7,998,344,892)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9,143,489,301</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Other Assets In Excess of Liabilities — 0.6%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">59,028,482</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>TOTAL NET ASSETS — 100.0%</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9,202,517,783</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="2" style="border-top: 2px solid gray;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="font-size:1px;"> <td valign="bottom" colspan="15" style="border-top: 2px solid #000000;"> </td> </tr> <tr> <td colspan="5" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Schedule of Written Put Options – (0.0%)</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>EXPIRATION </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>STRIKE</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>FAIR</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>CONTRACTS </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>DESCRIPTION </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>DATE</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>PRICE</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>VALUE</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="15" style="border-top: 2px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td width="9%" valign="bottom" align="right"><font face="Times New Roman" size="2">(327)</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Apple, Inc.</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="18%" valign="bottom" align="center"><font face="Times New Roman" size="2">1/17/2015</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="3%" valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td width="5%" valign="bottom" align="right"><font face="Times New Roman" size="2">430.00</font></td> <td width="8%"><font face="Times New Roman" size="1"> </font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="6%" valign="bottom" align="right"><font face="Times New Roman" size="2">(1,536,083</font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="15" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(422)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Apple, Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">1/17/2015</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">440.00</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(2,185,960</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="15" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td colspan="4" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Total Written Put Options</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td colspan="4" valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">(Premiums received — $5,976,952)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(3,722,043</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="15" style="border-top: 1px solid #000000;"> </td> </tr> </table> </DIV> <div style="clear:both; height:0px; font-size:0px"> </div> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2">See Notes to Financial Statements.</font></td> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-left: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>19</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%" bgcolor="#000000"> <tr> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> IVA Worldwide Fund</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> </table><br> <p align="right"><font face="Times New Roman" size="2"></font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Schedule of Investments</font></td> </tr> <tr> <td valign="bottom" align="left" nowrap><font face="Times New Roman" size="2">September 30, 2013</font></td> </tr> <tr> <td valign="bottom" align="left"><hr size="1" color="#000000" noshade></td> </tr> </table> <DIV STYLE="position:relative;float:right; width:93%;padding-right:0px;padding-bottom:8px;overflow:hidden;padding-top:3px"> <p><font face="Times New Roman" size="2">The IVA Worldwide Fund had the following open forward foreign currency contracts at September 30, 2013:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>USD</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>SETTLEMENT </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>LOCAL </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>VALUE AT</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>NET</b></font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>FOREIGN </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>DATES </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>CURRENCY </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="2" align="center"><font face="Times New Roman" size="2"> <b>USD</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2"> <b>SEPTEMBER 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>UNREALIZED</b></font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>CURRENCY </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>COUNTERPARTY </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>THROUGH </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>AMOUNT </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="2" align="center"><font face="Times New Roman" size="2"> <b>EQUIVALENT</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2013</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>DEPRECIATION</b></font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="20" style="border-top: 2px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left" colspan="5"><font face="Times New Roman" size="2"><b>Contracts to Sell:</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">State Street</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td width="10%" valign="bottom" align="left"><font face="Times New Roman" size="2">euro</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="12%" valign="bottom" align="left"><font face="Times New Roman" size="2">   Bank & Trust Co.</font></td> <td width="1%" ><font face="Times New Roman" size="1"> </font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="10%" valign="bottom" align="right"><font face="Times New Roman" size="2">12/05/2013</font></td> <td width="4%"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>EUR</sup> 338,980,000</font></td> <td width="4%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td width="8%" valign="bottom" align="right"><font face="Times New Roman" size="2">446,327,045</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="3%" valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td width="8%" valign="bottom" align="right"><font face="Times New Roman" size="2">458,667,104</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="3%" valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td width="8%" valign="bottom" align="right"><font face="Times New Roman" size="2">(12,340,059</font></td> <td width="2%" valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="20" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">State Street</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Japanese yen</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">   Bank & Trust Co.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">12/05/2013</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>JPY </sup> 39,674,200,000</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">397,804,692</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">403,773,208</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(5,968,516</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="20" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">South Korean won</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">State Street <br>   Bank & Trust Co.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10/07/2013</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>KRW </sup> 76,229,000,000</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">69,136,488</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">70,899,406</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(1,762,918</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="20" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" colspan="15" align="left"><font face="Times New Roman" size="2"> <b>Net Unrealized Depreciation on Open Forward Foreign Currency Contracts</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(20,071,493</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="20" style="border-top: 2px solid gray;"> </td> </tr> </table> <p><font face="Times New Roman" size="2"><u>Abbreviations used in this schedule:</u></font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="bottom" align="left"><font face="Times New Roman" size="2">ADR</font></td> <td width="4%" align="center"><font face="Times New Roman" size="1">—</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> American Depositary Receipt</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">EUR</font></td> <td align="center"><font face="Times New Roman" size="1">—</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"> euro</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">HKD</font></td> <td align="center"><font face="Times New Roman" size="1">—</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Hong Kong dollar</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">JPY</font></td> <td align="center"><font face="Times New Roman" size="1">—</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Japanese yen</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">KRW</font></td> <td align="center"><font face="Times New Roman" size="1">—</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">South Korean won</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">SGD</font></td> <td align="center"><font face="Times New Roman" size="1">—</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Singapore dollar</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">TWD </font></td> <td align="center"><font face="Times New Roman" size="1">—</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Taiwan dollar</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">USD</font></td> <td align="center"><font face="Times New Roman" size="1">—</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">United States dollar</font></td> </tr> </table> <br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="3%" valign="bottom" align="left"><font face="Arial" size="2">(a)</font></td> <td width="1%"><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Security is deemed illiquid. As of September 30, 2013, the value of these illiquid securities amounted to 1.3% of total net assets.</font></td> </tr> </table> </DIV> <div style="clear:both; height:0px; font-size:0px"> </div> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>20</b></font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">See Notes to Financial Statements.</font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%" bgcolor="#000000"> <tr> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> IVA Worldwide Fund</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Schedule of Investments</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">September 30, 2013</font></td> </tr> <tr> <td valign="bottom" align="left"><hr size="1" color="#000000" noshade></td> </tr> </table> <DIV STYLE="position:relative;float:right; width:93%;padding-right:0px;padding-bottom:8px;overflow:hidden;padding-top:3px"> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td WIDTH="3%" valign="TOP" align="center"><font face="Arial" size="2">(b)</font></td> <td WIDTH="1%"><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Issuer of the security is an affiliate of the IVA Worldwide Fund as defined by the Investment Company Act of 1940. An affiliate is deemed as a company in which the IVA Worldwide Fund indirectly or directly has ownership of at least 5% of the company’s outstanding voting securities. See Schedule of Affiliates below for additional information.</font></td> </tr> </table> <BR> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="font-size:1px;"> <td valign="bottom" colspan="25" style="border-top: 2px solid #000000;"> </td> </tr> <tr> <td valign="bottom" colspan="5" align="left"><font face="Arial" size="3"> <b>Schedule of Affiliates</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td NOWRAP><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>SHARES </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>SHARES </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>HELD AT</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>HELD AT</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" nowrap colspan="4" align="center"><font face="Times New Roman" size="2"> <b>FAIR VALUE AT</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center" NOWRAP><font face="Times New Roman" size="2"><b>SEPTEMBER 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>SHARE </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>SHARE </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center" NOWRAP><font face="Times New Roman" size="2"><b>SEPTEMBER 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="4" align="center" NOWRAP><font face="Times New Roman" size="2"> <b>SEPTEMBER 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="4" align="center"><font face="Times New Roman" size="2"> <b>REALIZED</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="4" align="center"><font face="Times New Roman" size="2"> <b>DIVIDEND</b></font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>SECURITY </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>2012</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>ADDITIONS </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>REDUCTIONS </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>2013</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="4" align="center"><font face="Times New Roman" size="2"> <b>2013</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="4" align="center" nowrap><font face="Times New Roman" size="2"> <b>GAIN/(LOSS)</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="4" align="center"><font face="Times New Roman" size="2"> <b>INCOME*</b></font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="25" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Cosel Co., Ltd.</font></p></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="10%" valign="bottom" align="right"><font face="Times New Roman" size="2">3,187,600</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="8%" valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="8%" valign="bottom" align="right"><font face="Times New Roman" size="2">651,900</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="8%" valign="bottom" align="right"><font face="Times New Roman" size="2">2,535,700</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="2%" valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2"> 30,724,032</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="3%" valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td width="6%" valign="bottom" align="right"><font face="Times New Roman" size="2"> (2,068,468</font></td> <td width="2%" valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="3%" valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td width="6%" valign="bottom" align="right"><font face="Times New Roman" size="2">606,900</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="25" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Icom Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,306,300</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">361,600</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">944,700</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">22,326,040</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(1,627,934</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">304,645</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="25" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Milbon Co., Ltd.**</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">951,200</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">908,900</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">42,300</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9,774,495</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">591,698</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="25" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Miura Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,271,704</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">143,200</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,128,504</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">86,030,279</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(709,849</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,263,228</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="25" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Net 1 U.E.P.S. Technologies Inc.</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6,324,803</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">318,444</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6,006,359</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">72,136,372</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(2,830,689</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="25" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Spansion, Inc., Class ‘A’***</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,368,809</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,283,744</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">7,520</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,645,033</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">36,778,383</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(21,255</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="25" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Teleperformance**</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,928,862</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">19,444</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,013,272</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">935,034</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">21,007,798</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">698,267</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="25" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Temp Holdings Co., Ltd.**</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,016,200</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">941,500</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,885,500</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,072,200</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">40,928,064</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">488,317</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="25" style="border-top: 2px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Total</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">247,995,106</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">64,452,162</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,953,055</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="25" style="border-top: 2px solid #000000;"> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="3%" valign="bottom" align="left"><font face="Arial" size="2">*</font></td> <td width="1%"><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Dividend income is net of withholding taxes.</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2">**</font></td> <td><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Non-affiliated at September 30, 2013.</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2">***</font></td> <td><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Non-affiliated at September 30, 2012.</font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2">(c)</font></td> <td><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Non-income producing investment.</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2">(d)</font></td> <td><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Cumulative redeemable preferred stock. The date shown represents the first optional call date.</font></td> </tr> <tr> <td valign="top" align="left"><font face="Arial" size="2">(e)</font></td> <td><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Security is exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933 (the “1933 Act”). Any resale of these securities must generally be effected through a sale that is registered under the 1933 Act or otherwise exempted from such registration requirements.</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2">(f)</font></td> <td><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Fixed-to-float perpetual bond. The security has no maturity date. The date shown represents the next call date.</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2">(g)</font></td> <td><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Senior unsecured note. The first call date is April 15, 2017.</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2">(h)</font></td> <td><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Variable rate security. The interest rate shown reflects the rate currently in effect.</font></td> </tr> <tr> <td valign="top" align="left"><font face="Arial" size="2">(i)</font></td> <td><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">This security is held at the custodian as collateral for written put options. As of September 30, 2013, portfolio securities valued at $34,280,691 were segregated to cover collateral requirements.</font></td> </tr> </table> </DIV> <div style="clear:both; height:0px; font-size:0px"> </div> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2">See Notes to Financial Statements.</font></td> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-left: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>21</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> IVA International Fund</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> <tr bgcolor="#A3B0C5"> <td valign="bottom" align="left"><font face="Arial" size="4"><b> Performance</b></font><font face="Arial" size="2"> <b>(unaudited)</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4"><b> As of September 30, 2013</b></font></td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="4" align="center"><font face="Times New Roman" size="2"> Five Year/</font></td> </tr> <tr> <td nowrap valign="bottom" style="border-bottom: 2pt solid black;" align="left"><font face="Times New Roman" size="2"><b>Average Annual Total Returns as of September 30, 2013<sup>(a)</sup></b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" style="border-bottom: 2pt solid black;" colspan="4" align="center"><font face="Times New Roman" size="2">One Year</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" style="border-bottom: 2pt solid black;" colspan="4" align="center"><font face="Times New Roman" size="2"> Since Inception<sup>(a)</sup></font></td> </tr> <tr bgcolor="#cceeff"> <td width="20%" valign="bottom" align="left"><font face="Times New Roman" size="2">Class A</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td width="8%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="3%" valign="bottom" align="right"><font face="Times New Roman" size="2">14.09</font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="8%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="3%" valign="bottom" align="right"><font face="Times New Roman" size="2">11.44</font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Class A (with a 5% maximum initial sales charge)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">8.38</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10.31</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Class C</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">13.18</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10.59</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Class I</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">14.34</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">11.72</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">MSCI All Country World (ex-U.S.) Index (Net)<sup>(b)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">16.48</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6.26</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Consumer Price Index(c)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.18</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.36</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table> <br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="10%" nowrap valign="bottom" style="border-bottom: 2pt solid black;" align="left"><font face="Times New Roman" size="2"><b>Growth of a $10,000 Initial Investment</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table><br> <p><img src="page22.jpg"></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="font-size:1px;"> <td valign="bottom" colspan="2" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><sup>(a)</sup></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">The Fund commenced investment operations on October 1, 2008.</font></td> </tr> <tr> <td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><sup>(b)</sup></font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">The MSCI All Country World (ex-U.S.) Index (Net) is an unmanaged, free float-adjusted, market capitalization weighted index composed of stocks of companies located in countries throughout the world, excluding the United States. It is designed to measure equity market performance in global developed and emerging markets outside the United States. The index includes reinvestment of dividends, net of foreign withholding taxes. Please note that an investor cannot invest directly in an index.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(c)</sup></font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">The Consumer Price Index examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. Please note that an investor cannot invest directly in an index.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(d)</sup></font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">Hypothetical illustration of $10,000 invested in Class A shares on October 1, 2008, assuming the deduction of the maximum initial sales charge of 5% at the time of investment for Class A shares and the reinvestment of all distributions, including returns of capital, if any, at net asset value through September 30, 2013. The performance of the Fund’s other classes may be greater or less than the Class A shares’ performance indicated on this chart depending on whether greater or lesser sales charges and fees were incurred by shareholders investing in the other classes.</font></div></td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2"><b>Past performance is no guarantee of future results.</b>    The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. To obtain performance information current to the most recent month-end, please call 866-941-4482.</font></p> <p align="justify"><font face="Times New Roman" size="2">The maximum sales charge for Class A shares is 5.00%. Class C shares may include a 1.00% contingent deferred sales charge for the first year only. Shares redeemed within 30 days of purchase may be subject to a 2.00% redemption fee. The gross and net expense ratios for the Fund are as follows: 1.27% (Class A shares); 2.02% (Class C shares); and 1.02% (Class I shares). These expense ratios are as stated in the most recent Prospectus dated January 31, 2013. More recent expense ratios can be found in the Financial Highlights section of this Annual Report.</font></p> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #043455 1px solid; BORDER-right: #043455 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>22</b></font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="1"> </font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> IVA International Fund</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> <tr bgcolor="#A3B0C5"> <td valign="bottom" align="left"><font face="Arial" size="4"><b> Portfolio Composition</b></font><font face="Arial" size="2"> <b>(unaudited)</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4"><b> As of September 30, 2013</b></font></td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td nowrap width="20%" style="border-bottom: 2pt solid black;" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Asset Allocation</b> (As a Percent of Total Net Assets)</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table> <p align="center"><img src="page23.jpg"></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td nowrap width="20%" style="border-bottom: 2pt solid black;" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Sector Allocation</b> (As a Percent of Total Net Assets)</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table> <p align="center"><img src="page23b.jpg"></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td nowrap width="20%" style="border-bottom: 2pt solid black;" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Top 10 Positions</b> (As a Percent of Total Net Assets)<sup>(b)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="70%"> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Government of Singapore, 3.625% due 7/1/2014, 2.875% due 7/1/2015, 3.75% due 9/1/2016</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="5%" valign="bottom" align="right"><font face="Times New Roman" size="2">6.3</font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Nestlé SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3.9</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Wendel, 4.875% due 5/26/2016, 4.375% due 8/9/2017, 6.75% due 4/20/2018</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3.4</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Gold Bullion</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3.2</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Astellas Pharma Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3.1</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Genting Malaysia Berhad</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.9</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">E-Mart Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.7</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">GDF Suez SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.5</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Sodexo SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.4</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Total SA, ADR</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.4</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2"> Top 10 positions represent 28.8% of total net assets.</font></td> </tr> <tr> <td nowrap valign="top" align="left"><font face="Times New Roman" size="2"><sup>(a)</sup></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Other represents unrealized gains and losses on forward foreign currency contracts and other assets and liabilities.</font></td> </tr> <tr> <td nowrap valign="top" align="left"><font face="Times New Roman" size="2"><sup>(b)</sup></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Short-Term Investments are not included.</font></td> </tr> </table> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2"> </font></td> <td width="3%" STYLE="BORDER-top: #043455 1px solid; BORDER-left: #043455 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>23</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%" bgcolor="#000000"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> IVA International Fund</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Schedule of Investments <br>September 30, 2013</font></td> </tr> <tr> <td valign="bottom" align="left"><hr size="1" color="#000000" noshade></td> </tr> </table> <DIV STYLE="position:relative;float:right; width:93%;padding-right:0px;padding-bottom:8px;overflow:hidden;padding-top:3px"> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>SHARES</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>DESCRIPTION </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left" nowrap><font face="Times New Roman" size="2"><b>FAIR VALUE </b></font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>COMMON STOCKS – 54.3%</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Argentina | 0.0%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td width="25%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="1%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="1%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">871</font></td> <td width="4%" ><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Nortel Inversora SA, Series ‘B’, ADR (a)</font></td> <td width="2%" ><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">16,715</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Australia | 0.1%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,337,089</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Programmed Maintenance Services Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,505,111</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Belgium | 0.4%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">125,166</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Sofina SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">12,303,582</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Brazil | 1.0%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,226,335</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Itaú Unibanco Holding SA, ADR</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">31,435,850</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">China | 2.3%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">39,557,030</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Clear Media Ltd. (b)(c)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">26,011,276</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">11,394,000</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Digital China Holdings Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">13,956,214</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">27,368,000</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Phoenix Satellite Television Holdings Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9,774,412</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">24,303,000</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Springland International Holdings Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">13,160,639</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">12,132,000</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Uni-President China Holdings Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">12,169,698</font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:1px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">75,072,239</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="2" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Denmark | 0.1%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">56,392</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">D/S Norden A/S</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,378,179</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">France | 14.9%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">916,276</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Alten</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">39,232,846</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">62,585</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Bolloré</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">32,707,305</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">310,700</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Cap Gemini SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">18,481,938</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">323,157</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Carrefour SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">11,093,521</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">105,330</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Ciments Français SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">7,261,583</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">517,541</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">CNP Assurances</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9,322,572</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">202,661</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Eutelsat Communications Group, SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6,407,354</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">29,687</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Financière de l’Odet SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">29,918,735</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">492,234</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Financière Marc de Lacharriere SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">26,237,208</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,962,917</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">GDF Suez SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">49,313,251</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">505,143</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Lagardère SCA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">16,404,607</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">230,121</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">M6-Métropole Télévision SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">4,935,968</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">47,926</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Publicis Groupe SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,813,695</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">73,288</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Robertet SA (b)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">14,773,008</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">562,656</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Saft Groupe SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15,520,652</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">298,912</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Séché Environnement SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">11,100,320</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">226,778</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Securidev SA (b)(c)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9,351,164</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,181,095</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Societe d’Edition de Canal Plus</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">16,523,894</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">488,374</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Sodexo SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">45,568,271</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">565,590</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Teleperformance</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">27,362,075</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">482,674</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Thales SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">26,534,076</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">787,575</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Total SA, ADR</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">45,616,344</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,078,962</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Vivendi SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">24,821,760</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">492,302,147</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="2" style="border-top: 1px solid #000000;"> </td> </tr> </table> </DIV> <div style="clear:both; height:0px; font-size:0px"> </div> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>24</b></font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">See Notes to Financial Statements.</font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%" bgcolor="#000000"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> IVA International Fund</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Schedule of Investments <br>September 30, 2013</font></td> </tr> <tr> <td valign="bottom" align="left"><hr size="1" color="#000000" noshade></td> </tr> </table> <DIV STYLE="position:relative;float:right; width:93%;padding-right:0px;padding-bottom:8px;overflow:hidden;padding-top:3px"> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>SHARES </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>DESCRIPTION </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2"><b>FAIR VALUE </b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Germany | 0.9%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td width="25%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="1%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="1%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">220,979</font></td> <td width="4%" ><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Siemens AG</font></td> <td width="2%" ><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">26,624,625</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">54,199</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Wincor Nixdorf AG</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,384,596</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">30,009,221</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="2" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Hong Kong | 1.1%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">20,767,761</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Hongkong & Shanghai Hotels Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">31,382,323</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">13,962,000</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Midland Holdings Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5,742,568</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">37,124,891</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="2" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">India | 0.2%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">17,614,307</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">South Indian Bank Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5,570,853</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Indonesia | 0.1%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">88,168,000</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">PT Bank Bukopin Tbk</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">4,872,843</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Japan | 16.9%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">295,600</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Arcs Co. Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5,479,253</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">764,900</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">As One Corp.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15,757,897</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,986,500</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Astellas Pharma Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">101,047,865</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">955,200</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Azbil Corp.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">22,146,608</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">60,900</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">The Bank of Okinawa Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,425,591</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">627,200</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Benesse Holdings Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">22,779,429</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">71,400</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Canon Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,273,585</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,398,400</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Cosel Co., Ltd. (b)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">16,943,836</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">864,500</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Daiichikosho Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">23,561,682</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,401,300</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Hi Lex Corp.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">30,693,310</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">650,000</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Icom Inc. (b)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15,361,412</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">491,140</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Kose Corp.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">14,190,321</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">95,400</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Medikit Co., Ltd. (b)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,202,808</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">174,500</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Meitec Corp.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5,020,459</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">325,300</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Milbon Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">13,320,438</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,497,276</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Miura Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">41,173,376</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">406,400</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Nifco Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10,848,910</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">57,000</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Nintendo Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6,454,143</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">472,700</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Nitto Kohki Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">8,858,166</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">843,100</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">NTT DoCoMo, Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">13,654,969</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">724,900</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Okinawa Cellular Telephone Co.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">18,422,099</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,101,000</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">San-A Co. Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">30,970,700</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">129,900</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Sankyo Co. Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6,336,747</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">650,500</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Secom Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">40,633,501</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10,600</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Secom Joshinetsu Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">270,999</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">353,900</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Shingakukai Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,382,548</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">306,950</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Shofu Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,763,627</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">4,500</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">SK Kaken Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">267,816</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">190,900</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Sugi Holdings Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">8,176,296</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">172,800</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Techno Medica Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,802,497</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">643,800</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Temp Holdings Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">16,230,087</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> </table> </DIV> <div style="clear:both; height:0px; font-size:0px"> </div> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2"> </font></td> <td width="3%" STYLE="BORDER-top: #043455 1px solid; BORDER-left: #043455 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>25</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%" bgcolor="#000000"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> IVA International Fund</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Schedule of Investments <br>September 30, 2013</font></td> </tr> <tr> <td valign="bottom" align="left"><hr size="1" color="#000000" noshade></td> </tr> </table> <DIV STYLE="position:relative;float:right; width:93%;padding-right:0px;padding-bottom:8px;overflow:hidden;padding-top:3px"> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>SHARES </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>DESCRIPTION </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2"><b>FAIR VALUE </b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Japan | 16.9% (continued)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td width="25%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="1%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="1%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">1,015,900</font></td> <td width="4%" ><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Toho Co., Ltd.</font></td> <td width="2%" ><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">21,145,851</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">521,700</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Transcosmos Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9,139,503</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">4,372,100</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Yahoo Japan Corp.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">24,775,011</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">559,511,340</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="2" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Malaysia | 2.9%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">74,143,900</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Genting Malaysia Berhad</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">95,992,409</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Mexico | 0.1%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">213,675</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Corporativo Fragua, SAB de CV</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,619,554</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Netherlands | 0.1%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">18,272</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Hal Trust NV</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,377,748</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Norway | 1.0%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">4,692,937</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Orkla ASA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">34,182,953</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Singapore | 1.0%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5,455,420</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Haw Par Corp. Ltd. (b)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">32,178,955</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">South Africa | 1.0%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,720,423</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Net 1 U.E.P.S. Technologies Inc. (a)(c)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">32,672,280</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">South Korea | 3.7%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">247,873</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">E-Mart Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">55,817,122</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">61,768</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Fursys Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,753,018</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,057,970</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Kangwon Land, Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">28,056,989</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">12,273</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Lotte Chilsung Beverage Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">19,380,074</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">11,268</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Lotte Confectionery Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">17,876,977</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">122,884,180</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="2" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Switzerland | 5.1%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">23,288</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">APG SGA SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6,180,262</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,862,826</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Nestlé SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">130,285,558</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">55,573</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Schindler Holding AG</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">8,345,014</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,212,065</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">UBS AG</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">24,794,828</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">169,605,662</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="2" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Taiwan | 0.4%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5,904,000</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Taiwan Secom Co., Ltd.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">14,137,491</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">United Kingdom | 1.0%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,647,823</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Millennium & Copthorne Hotels Plc</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">32,775,327</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>TOTAL COMMON STOCKS</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">(Cost — $1,435,243,111)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,794,529,530</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> </table> </DIV> <div style="clear:both; height:0px; font-size:0px"> </div> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>26</b></font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">See Notes to Financial Statements.</font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%" bgcolor="#000000"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> IVA International Fund</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Schedule of Investments <br>September 30, 2013</font></td> </tr> <tr> <td valign="bottom" align="left"><hr size="1" color="#000000" noshade></td> </tr> </table> <DIV STYLE="position:relative;float:right; width:93%;padding-right:0px;padding-bottom:8px;overflow:hidden;padding-top:3px"> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>SHARES </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>DESCRIPTION </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2"><b>FAIR VALUE </b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" colspan="5" align="left"><font face="Times New Roman" size="2"><b>PREFERRED STOCK – 0.0%</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Switzerland | 0.0%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">UBS Preferred Funding Trust IV, Series ‘D’,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td width="25%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">42,664</font></td> <td width="4%" valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.8823% due 10/30/2013 (d)</font></p></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">624,601</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>TOTAL PREFERRED STOCK</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">(Cost — $684,965)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">624,601</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>PRINCIPAL </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>AMOUNT </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" colspan="5" align="left"><font face="Times New Roman" size="2"> <b>CORPORATE NOTES & BONDS – 6.2%</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">France | 3.4%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Wendel:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">23,950,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>EUR</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">4.875% due 5/26/2016 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">34,267,053</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">36,400,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>EUR</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">4.375% due 8/9/2017</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">51,533,591</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">17,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>EUR</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">6.75% due 4/20/2018</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">25,936,511</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">111,737,155</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="2" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Norway | 1.6%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Golden Close Maritime Corp. Ltd.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10,575,096</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">11% due 12/9/2015 (b)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">11,196,383</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Stolt-Nielsen Ltd. SA:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">107,500,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>NOK</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">6.48% due 6/22/2016 (b)(f)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">18,614,622</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">77,500,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>NOK</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">6.49% due 3/19/2018 (b)(f)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">13,371,513</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">62,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>NOK</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">6.72% due 9/4/2019 (b)(f)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10,697,210</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">53,879,728</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="2" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Singapore | 0.4%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">DBS Capital Funding II Corp.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">7,500,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>SGD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">5.75% due 6/15/2018 (g)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6,449,833</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">United Overseas Bank Ltd.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">7,750,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>SGD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">4.9% due 7/23/2018 (g)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6,349,625</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">12,799,458</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="2" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Switzerland | 0.3%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">4,400,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>EUR</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">UBS AG, 7.152% due 12/21/2017 (g)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6,585,000</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">UBS Preferred Funding Trust V,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">4,338,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">6.243% due 5/15/2016 (g)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">4,636,237</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">11,221,237</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="2" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">United Kingdom | 0.2%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Inmarsat Finance Plc,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">7,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">7.375% due 12/1/2017 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">7,367,500</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">United States | 0.3%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Intelsat Luxembourg SA,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">8,622,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">7.75% due 6/1/2021 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">8,956,102</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>TOTAL CORPORATE NOTES & BONDS</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">(Cost — $186,406,209)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">205,961,180</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> </table> </DIV> <div style="clear:both; height:0px; font-size:0px"> </div> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2">See Notes to Financial Statements.</font></td> <td width="3%" STYLE="BORDER-top: #043455 1px solid; BORDER-left: #043455 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>27</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%" bgcolor="#000000"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> IVA International Fund</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Schedule of Investments <br>September 30, 2013</font></td> </tr> <tr> <td valign="bottom" align="left"><hr size="1" color="#000000" noshade></td> </tr> </table> <DIV STYLE="position:relative;float:right; width:93%;padding-right:0px;padding-bottom:8px;overflow:hidden;padding-top:3px"> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>PRINCIPAL </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>AMOUNT </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>DESCRIPTION </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2"><b>FAIR VALUE </b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" colspan="5" align="left"><font face="Times New Roman" size="2"> <b>SOVEREIGN GOVERNMENT BONDS – 8.0%</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Hong Kong | 1.1%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Government of Hong Kong,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td width="25%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">279,650,000</font></td> <td width="4%" valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>HKD</sup></font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">1.52% due 12/21/2015</font></p></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">36,962,880</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Singapore | 6.3%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Government of Singapore:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">100,001,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>SGD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">3.625% due 7/1/2014</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">81,695,608</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">75,410,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>SGD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">2.875% due 7/1/2015</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">62,776,428</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">73,093,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>SGD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">3.75% due 9/1/2016</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">63,867,860</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">208,339,896</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="2" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Taiwan | 0.2%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Government of Taiwan,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">171,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>TWD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">2% due 7/20/2015</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5,911,081</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Thailand | 0.4%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Government of Thailand,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">362,607,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>THB</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">5.25% due 5/12/2014</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">11,777,575</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>TOTAL SOVEREIGN GOVERNMENT BONDS</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">(Cost — $262,819,838)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">262,991,432</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>OUNCES </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>COMMODITIES – 3.2%</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">80,861</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Gold Bullion (a)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">107,384,464</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>TOTAL COMMODITIES </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">(Cost — $122,368,458)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">107,384,464</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>PRINCIPAL </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>AMOUNT </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" colspan="5" align="left"><font face="Times New Roman" size="2"> <b>SHORT-TERM INVESTMENTS – 27.5%</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr> <td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2"> Commercial Paper | 27.5%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Abbott Laboratories,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">36,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.05% due 10/17/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">35,999,200</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">American Honda Finance Corp.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">16,100,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.05% due 10/4/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">16,099,933</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Coca-Cola Co.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.04% due 10/4/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,999,990</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Coca-Cola Enterprises, Inc.:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">8,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.16% due 10/1/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">8,000,000</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">26,900,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.16% due 10/7/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">26,899,283</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">29,300,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.16% due 10/28/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">29,296,484</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Consolidated Edison Co. Inc.:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">30,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.2% due 10/2/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">29,999,833</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">23,500,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.2% due 10/7/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">23,499,217</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">70,600,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.2% due 10/8/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">70,597,254</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Devon Energy Corp.:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">20,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.15% due 10/21/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">19,998,333</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5,900,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.16% due 10/21/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5,899,476</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Diageo Capital Plc,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">26,300,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.18% due 10/15/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">26,298,159</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> </table> </DIV> <div style="clear:both; height:0px; font-size:0px"> </div> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>28</b></font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">See Notes to Financial Statements.</font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%" bgcolor="#000000"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> IVA International Fund</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Schedule of Investments <br>September 30, 2013</font></td> </tr> <tr> <td valign="bottom" align="left"><hr size="1" color="#000000" noshade></td> </tr> </table> <DIV STYLE="position:relative;float:right; width:93%;padding-right:0px;padding-bottom:8px;overflow:hidden;padding-top:3px"> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>PRINCIPAL </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>AMOUNT </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>DESCRIPTION </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2"><b>FAIR VALUE </b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="9" valign="middle" align="left"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" colspan="5" align="left"><font face="Times New Roman" size="2"> Commercial Paper | 27.5% (continued)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">E.I. du Pont de Nemours & Co.:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td width="25%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">21,800,000</font></td> <td width="4%" valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.05% due 10/21/2013 (e)</font></p></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">21,799,394</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10,198,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.07% due 10/3/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10,197,960</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Electricité de France SA,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">16,204,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.18% due 10/28/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">16,201,813</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Florida Power & Light Co.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">29,400,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.16% due 10/2/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">29,399,869</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Google Inc.:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">36,800,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.03% due 10/16/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">36,799,540</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">60,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.03% due 10/25/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">59,998,800</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Johnson & Johnson,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">30,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.03% due 10/10/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">29,999,775</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">L’Oréal USA Inc.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.04% due 10/23/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">14,999,633</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Merck & Co. Inc.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.04% due 10/22/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9,999,767</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Mondelez International Inc.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.23% due 10/23/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">14,997,892</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">NetJets Inc.,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">26,500,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.03% due 10/2/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">26,499,978</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Praxair Inc.:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">33,500,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.02% due 10/3/2013</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">33,499,963</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">11,803,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.02% due 10/4/2013</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">11,802,980</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.02% due 10/7/2013</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9,999,967</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Roche Holding Inc.:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.02% due 10/17/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9,999,911</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9,100,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.03% due 10/17/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9,099,879</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">United Parcel Service, Inc.:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">33,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.001% due 10/7/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">32,999,995</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">20,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.001% due 10/8/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">19,999,996</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">40,300,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.001% due 10/9/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">40,299,991</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">31,200,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.001% due 10/10/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">31,199,992</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.055% due 10/11/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">14,999,771</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Wal-Mart Stores, Inc.:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">48,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.03% due 10/2/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">47,999,960</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6,600,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.05% due 10/3/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6,599,982</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9,200,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.04% due 10/8/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9,199,928</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">26,300,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.04% due 10/17/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">26,299,532</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">20,700,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.04% due 10/21/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">20,699,540</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">18,000,000</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>USD</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">0.05% due 10/28/2013 (e)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">17,999,325</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>TOTAL SHORT-TERM INVESTMENTS</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">(Cost — $909,182,295)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">909,182,295</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>TOTAL INVESTMENTS — 99.2%</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">(Cost — $2,916,704,876)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,280,673,502</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Other Assets In Excess of Liabilities — 0.8%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">25,553,894</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>TOTAL NET ASSETS — 100.0%</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,306,227,396</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="2" style="border-top: 1px solid #000000;"> </td> </tr> </table> </DIV> <div style="clear:both; height:0px; font-size:0px"> </div> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2">See Notes to Financial Statements.</font></td> <td width="3%" STYLE="BORDER-top: #043455 1px solid; BORDER-left: #043455 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>29</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%" bgcolor="#000000"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> IVA International Fund</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds</b></font></td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Schedule of Investments <br>September 30, 2013</font></td> </tr> <tr> <td valign="bottom" align="left"><hr size="1" color="#000000" noshade></td> </tr> </table> <DIV STYLE="position:relative;float:right; width:93%;padding-right:0px;padding-bottom:8px;overflow:hidden;padding-top:3px"> <p><font face="Times New Roman" size="2">The IVA International Fund had the following open forward foreign currency contracts at September 30, 2013:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="2" align="center"><font face="Times New Roman" size="2"> <b>USD</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>SETTLEMENT </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>LOCAL </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="2" align="center"><font face="Times New Roman" size="2"> <b>VALUE AT</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td colspan="3" valign="bottom" align="center"><font face="Times New Roman" size="2"><b>NET</b></font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>FOREIGN </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>DATES </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>CURRENCY </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="2" align="center"><font face="Times New Roman" size="2"> <b>USD</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" nowrap colspan="2" align="center"><font face="Times New Roman" size="2"> <b>SEPTEMBER 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td colspan="3" valign="bottom" align="center"><font face="Times New Roman" size="2"><b>UNREALIZED</b></font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>CURRENCY </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>COUNTERPARTY </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>THROUGH </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>AMOUNT </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="2" align="center"><font face="Times New Roman" size="2"> <b>EQUIVALENT</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="2" align="center"><font face="Times New Roman" size="2"> <b>2013</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td colspan="3" valign="bottom" align="center"><font face="Times New Roman" size="2"><b>DEPRECIATION</b></font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="20" valign="middle" align="left"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Contracts to Sell:</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Australian dollar</font></p></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="22%" valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">State Street Bank & Trust Co.</font></p></td> <td width="4%"><font face="Times New Roman" size="1"> </font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="5%" valign="bottom" align="center"><font face="Times New Roman" size="2">12/05/2013</font></td> <td width="4%"><font face="Times New Roman" size="1"> </font></td> <td width="10%" valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>AUD</sup> 680,000</font></td> <td width="4%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td width="3%" valign="bottom" align="right"><font face="Times New Roman" size="2">610,416</font></td> <td width="4%"><font face="Times New Roman" size="1"> </font></td> <td width="2%" valign="bottom" align="right"><font face="Times New Roman" size="2"> $</font></td> <td width="5%" valign="bottom" align="right"><font face="Times New Roman" size="2">631,736</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="2%" valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td width="5%" valign="bottom" align="right"><font face="Times New Roman" size="2">(21,320</font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="20" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">euro</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">State Street Bank & Trust Co.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">12/05/2013</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>EUR</sup> 145,898,000</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">192,115,221</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">197,411,686</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(5,296,465</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="20" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Japanese yen</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">State Street Bank & Trust Co.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">12/05/2013</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><sup>JPY</sup> 33,100,400,000</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">331,936,184</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">336,870,175</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(4,933,991</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="20" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">South Korean won</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">State Street Bank & Trust Co.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">10/07/2013</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right" nowrap><font face="Times New Roman" size="2"><sup>KRW</sup> 26,725,000,000</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">24,239,136</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">24,856,506</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(617,370</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="20" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" colspan="15" align="left"><font face="Times New Roman" size="2"> <b>Net Unrealized Depreciation on Open Forward Foreign Currency Contracts</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(10,869,146</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td STYLE="BORDER-bottom:2px solid #000000" colspan="20" valign="middle" align="left"> </td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><u>Abbreviations used in this schedule:</u></font></td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="bottom" align="left"><font face="Times New Roman" size="2">ADR</font></td> <td width="3%" valign="bottom" align="center"><font face="Times New Roman" size="2">—</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">American Depositary Receipt</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">AUD</font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">—</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Australian dollar</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">EUR</font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">—</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">euro</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">HKD</font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">—</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Hong Kong dollar</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">JPY</font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">—</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Japanese yen</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">KRW</font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">—</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">South Korean won</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">NOK</font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">—</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Norwegian krone</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">SGD</font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">—</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Singapore dollar</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">THB</font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">—</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Thai baht</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">TWD</font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">—</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Taiwan dollar</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">USD</font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">—</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">United States dollar</font></td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="3%" valign="bottom" align="left"><font face="Arial" size="2">(a)</font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Non-income producing investment.</font></td> </tr> <tr> <td valign="top" align="left"><font face="Arial" size="2">(b)</font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Security is deemed illiquid. As of September 30, 2013, the value of these illiquid securities amounted to 5.2% of total net assets.</font></td> </tr> </table> </DIV> <div style="clear:both; height:0px; font-size:0px"> </div> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>30</b></font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">See Notes to Financial Statements.</font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%" bgcolor="#000000"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> IVA International Fund</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b> IVA Funds </b></font></td> </tr> </table><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Schedule of Investments <br>September 30, 2013</font></td> </tr> <tr> <td valign="bottom" align="left"><hr size="1" color="#000000" noshade></td> </tr> </table> <DIV STYLE="position:relative;float:right; width:93%;padding-right:0px;padding-bottom:8px;overflow:hidden;padding-top:3px"> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="top" align="left"><font face="Arial" size="2">(c)</font></td> <td><font face="Arial" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Arial" size="2">Issuer of the security is an affiliate of the IVA International Fund as defined by the Investment Company Act of 1940. An affiliate is deemed as a company in which the IVA International Fund indirectly or directly has ownership of at least 5% of the company’s outstanding voting securities. See Schedule of Affiliates below for additional information.</font></div></td> </tr> </table> <br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="font-size:1px;"> <td valign="bottom" colspan="25" style="border-top: 2px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left" colspan="5"><font face="Times New Roman" size="3"><b>Schedule of Affiliates</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>SHARES </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>SHARES </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>HELD AT</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>HELD AT</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="4" align="center" nowrap><font face="Times New Roman" size="2"> <b>FAIR VALUE AT</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>SEPTEMBER 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>SHARE </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>SHARE </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>SEPTEMBER 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="4" align="center" nowrap><font face="Times New Roman" size="2"> <b>SEPTEMBER 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="4" align="center"><font face="Times New Roman" size="2"> <b>REALIZED</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="4" align="center"><font face="Times New Roman" size="2"> <b>DIVIDEND</b></font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>SECURITY </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>2012</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>ADDITIONS </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>REDUCTIONS </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>2013</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="4" align="center"><font face="Times New Roman" size="2"> <b>2013</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="4" align="center" nowrap><font face="Times New Roman" size="2"> <b>GAIN/(LOSS)</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="4" align="center"><font face="Times New Roman" size="2"> <b>INCOME*</b></font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="25" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Clear Media Ltd.</font></p></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="10%" valign="bottom" align="right"><font face="Times New Roman" size="2">36,621,030</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="9%" valign="bottom" align="right"><font face="Times New Roman" size="2">2,936,000</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="10%" valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="8%" valign="bottom" align="right"><font face="Times New Roman" size="2">39,557,030</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="2%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="8%" valign="bottom" align="right"><font face="Times New Roman" size="2">26,011,276</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="8%" valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">7,498,148</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="25" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Icom Inc.**</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">765,600</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">115,600</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">650,000</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(149,066</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">210,182</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="25" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Net 1 U.E.P.S. Technologies Inc.***</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,230,235</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">490,188</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,720,423</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">32,672,280</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="25" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Securidev SA</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">226,778</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">226,778</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9,351,164</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">317,923</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="25" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Temp Holdings Co., Ltd.**</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,405,900</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">120,500</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,882,600</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">643,800</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">33,640,300</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">383,422</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="25" style="border-top: 2px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Total</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">68,034,720</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">33,491,234</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">8,409,675</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="25" style="border-top: 2px solid #000000;"> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="3%" valign="bottom" align="left"><font face="Arial" size="2">*</font></td> <td width="1%"><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Dividend income is net of withholding taxes.</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2">**</font></td> <td><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Non-affiliated at September 30, 2013.</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2">***</font></td> <td><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Non-affiliated at September 30, 2012.</font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="top" align="left"><font face="Arial" size="2">(d)</font></td> <td><font face="Arial" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Arial" size="2">Floating rate perpetual preferred stock. The rate shown reflects the rate currently in effect. The preferred stock has no maturity date. The date shown reflects the next call date.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Arial" size="2">(e)</font></td> <td><font face="Arial" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Arial" size="2">Security is exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933 (the “1933 Act”). Any resale of these securities must generally be effected through a sale that is registered under the 1933 Act or otherwise exempted from such registration requirements.</font></div></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2">(f)</font></td> <td><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Variable rate security. The interest rate shown reflects the rate currently in effect.</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2">(g)</font></td> <td><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Fixed-to-float perpetual bond. The security has no maturity date. The date shown represents the next call date.</font></td> </tr> </table> </DIV> <div style="clear:both; height:0px; font-size:0px"> </div> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2">See Notes to Financial Statements.</font></td> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-left: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>31</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="top" align="left"><font face="Arial" size="4" color="#ffffff"><b>  Statements of Assets and Liabilities</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="right"><font face="Arial" size="4" color="#ffffff"><b>IVA Funds  </b></font></td> </tr> </table> <br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>September 30, 2013</b></font></td> </tr> <tr> <td valign="bottom" align="left"><hr size="1" color="#000000" noshade></td> </tr> </table> <DIV STYLE="position:relative;float:right; width:93%;padding-right:0px;padding-bottom:8px;overflow:hidden;padding-top:3px"> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="2" align="center"><font face="Times New Roman" size="2"> <b>IVA</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="2" align="center"><font face="Times New Roman" size="2"> <b>IVA</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="2" align="center"><font face="Times New Roman" size="2"> <b>Worldwide</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="2" align="center"><font face="Times New Roman" size="2"> <b>International</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="2" align="center"><font face="Times New Roman" size="2"> <b>Fund</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="2" align="center"><font face="Times New Roman" size="2"> <b>Fund</b></font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Assets: </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Long-term investments, at cost:</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Non-affiliated investments</font></p></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="10%" valign="bottom" align="right"><font face="Times New Roman" size="2">4,942,194,116</font></td> <td width="6%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="10%" valign="bottom" align="right"><font face="Times New Roman" size="2">1,949,339,349</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Affiliated investments</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">240,238,408</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">58,183,232</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Short-term investments, at cost</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,815,912,368</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">909,182,295</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Foreign currency, at cost</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">779,336</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">571,199</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Long-term investments, at fair value:</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Non-affiliated investments</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6,079,582,788</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,303,456,487</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Affiliated investments</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">247,995,106</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">68,034,720</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Short-term investments, at fair value</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,815,911,407</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">909,182,295</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Foreign currency, at fair value</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">779,682</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">571,388</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Cash</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">275,083</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">314,576</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Receivable for investments sold</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">59,188,348</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">17,056,106</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Dividends and interest receivable</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">30,625,492</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">17,222,384</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Receivable for fund shares sold</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15,138,481</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10,953,683</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Total assets </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9,249,496,387</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,326,791,639</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Liabilities: </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Payable for investments purchased</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">8,754,004</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,285,433</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Payable for fund shares repurchased</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">4,574,822</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">4,410,149</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Unrealized depreciation on open forward foreign currency contracts</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">20,071,493</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10,869,146</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Written options, at value (premiums received: $5,976,952 and $0)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,722,043</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Accrued investment advisory fees</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6,733,100</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,406,152</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Accrued distribution and service fees</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,611,379</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">143,498</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Accrued expenses and other liabilities</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,511,763</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">449,865</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Total liabilities </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">46,978,604</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">20,564,243</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Net Assets </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>$</b></font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>9,202,517,783 </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>$</b></font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>3,306,227,396 </b></font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Net Assets Consist of:</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Par value ($0.001 per share)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">514,103</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">189,798</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Additional paid-in-capital</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">7,776,450,711</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,836,250,856</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Undistributed net investment income</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">78,916,001</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">70,476,339</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Accumulated net realized gain on investments and foreign currency transactions</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">219,114,838</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">46,168,260</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Unrealized appreciation from investments, written options and foreign currency translation</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,127,522,130</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">353,142,143</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Net Assets </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>$</b></font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>9,202,517,783 </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>$</b></font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>3,306,227,396 </b></font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Net Asset Value Per Share:</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Class A </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net assets</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,378,044,845</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">377,043,133</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Shares outstanding</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">132,754,964</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">21,680,596</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net asset value per share</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">17.91</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">17.39</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Maximum offering price per share (with a maximum initial sales charge of 5.00%)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">18.85</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">18.31</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Class C </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net assets</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,380,607,552</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">81,804,414</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Shares outstanding</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">77,936,776</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">4,771,931</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net asset value per share</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">17.71</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">17.14</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Class I </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net assets</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5,443,865,386</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,847,379,849</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Shares outstanding</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">303,410,806</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">163,345,521</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net asset value per share</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">17.94</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">17.43</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="5" style="border-top: 2pt solid black;"> </td> </tr> </table> </DIV> <div style="clear:both; height:0px; font-size:0px"> </div> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>32</b></font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">See Notes to Financial Statements.</font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="top" align="left"><font face="Arial" size="4" color="#ffffff"><b>  Statements of Operations</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="right"><font face="Arial" size="4" color="#ffffff"><b>IVA Funds  </b></font></td> </tr> </table> <br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>For the Year Ended September 30, 2013</b></font></td> </tr> <tr> <td valign="bottom" align="left"><hr size="1" color="#000000" noshade></td> </tr> </table> <DIV STYLE="position:relative;float:right; width:93%;padding-right:0px;padding-bottom:8px;overflow:hidden;padding-top:3px"> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>IVA</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>IVA</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Worldwide</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>International</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Fund</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Fund</b></font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Investment Income:</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Interest</font></p></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="9%" valign="bottom" align="right"><font face="Times New Roman" size="2">60,058,291</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="6%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="9%" valign="bottom" align="right"><font face="Times New Roman" size="2">15,931,527</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Dividends:</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Non-affiliated investments</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">120,499,923</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">51,417,346</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Affiliated investments</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">4,326,803</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">8,511,469</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Less: Foreign taxes withheld</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(11,005,968</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(6,858,087</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Total income </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">173,879,049</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">69,002,255</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Expenses: </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Investment advisory fees</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">78,649,516</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">26,946,250</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Distribution and service fees:</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Class A</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5,847,894</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">975,613</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Class C</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">13,720,302</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">786,699</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Trustee fees</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">186,673</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">57,911</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Other expenses</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10,173,543</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,230,045</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Total expenses </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">108,577,928</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">31,996,518</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Net investment income</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>65,301,121 </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>37,005,737 </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Net Realized and Change in Unrealized Gain (Loss) on Investments, Written Options and Foreign Currency:</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Net realized gain on:</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Investments on:</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Non-affiliated investments</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">205,434,426</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">31,099,103</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2"> Affiliated investments</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">64,452,162</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">33,491,234</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Foreign currency transactions</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">65,194,624</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">55,854,410</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Net realized gain</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">335,081,212</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">120,444,747</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Net change in unrealized appreciation (depreciation) from:</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Investments from:</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Non-affiliated investments</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">766,678,716</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">258,944,615</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Affiliated investments</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,880,296</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(3,056,248</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Written options</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,254,909</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Foreign currency translation</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(24,508,950</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(12,139,361</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Net change in unrealized appreciation</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">748,304,971</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">243,749,006</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Net realized and change in unrealized gain on investments, written options and foreign currency</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>1,083,386,183 </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>364,193,753 </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Increase in net assets resulting from operations</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>$</b></font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>1,148,687,304 </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>$</b></font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>401,199,490 </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> </tr> </table> </DIV> <div style="clear:both; height:0px; font-size:0px"> </div> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2">See Notes to Financial Statements.</font></td> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-left: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>33</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="top" align="left"><font face="Arial" size="4" color="#ffffff"><b>  Statements of Changes in Net Assets</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="right"><font face="Arial" size="4" color="#ffffff"><b>IVA Funds  </b></font></td> </tr> </table> <br> <DIV STYLE="position:relative;float:right; width:93%;padding-right:0px;padding-bottom:8px;overflow:hidden;padding-top:3px"> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="7" align="center"><font face="Times New Roman" size="2"><b>IVA Worldwide Fund</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="7" align="center"><font face="Times New Roman" size="2"><b>IVA International Fund</b></font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> <td><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2013</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2012</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2013</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2012</b></font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> <td><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Operations: </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net investment income</font></p></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="9%" valign="bottom" align="right"><font face="Times New Roman" size="2">65,301,121</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="8%" valign="bottom" align="right"><font face="Times New Roman" size="2">110,312,554</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="8%" valign="bottom" align="right"><font face="Times New Roman" size="2">37,005,737</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="8%" valign="bottom" align="right"><font face="Times New Roman" size="2">42,902,576</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> <td><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net realized gain</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">335,081,212</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">166,223,459</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">120,444,747</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">76,113,235</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> <td><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net change in unrealized appreciation</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">748,304,971</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">549,740,260</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">243,749,006</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">115,990,550</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> <td><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Increase in net assets resulting from operations</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>1,148,687,304 </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>826,276,273 </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>401,199,490 </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>235,006,361 </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> <td><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Distributions to Shareholders:</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net investment income:</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Class A</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(43,202,437</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(20,111,017</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(10,873,855</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(4,961,283</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> <td><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Class C</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(15,835,870</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(1,539,440</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(540,056</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> <td><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Class I</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(99,833,588</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(49,104,499</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(68,274,470</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(32,039,991</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> <td><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net realized gain on investments:</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Class A</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(24,482,371</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(143,027,372</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(7,046,076</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(16,874,933</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> <td><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Class C</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(14,678,576</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(88,435,829</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(1,354,841</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(3,985,245</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> <td><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Class I</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(50,090,292</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(258,845,189</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(40,660,017</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(92,344,215</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> <td><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Decrease in net assets resulting from distributions</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>(248,123,134</b></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>)</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>(559,523,906</b></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>)</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>(129,748,699</b></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>)</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>(150,745,723</b></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>)</b></font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> <td><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Capital Share Transactions:</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Proceeds from shares sold</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,482,931,105</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,799,582,994</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">644,494,005</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">687,721,006</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> <td><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Reinvestment of distributions</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">188,114,438</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">403,223,168</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">105,046,580</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">122,389,472</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> <td><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Cost of shares repurchased</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(2,251,063,484</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(2,764,328,546</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(482,749,158</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(390,174,647</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> <td><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Increase (decrease) in net assets from capital share transactions</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>(580,017,941</b></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>)</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>(561,522,384</b></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>)</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>266,791,427 </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>419,935,831 </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> <td><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Increase (decrease) in net assets</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>320,546,229 </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(294,770,017</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>538,242,218 </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"><b>504,196,469 </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> <td><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Net Assets:</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Beginning of year</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">8,881,971,554</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9,176,741,571</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,767,985,178</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,263,788,709</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> <td><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">End of year</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9,202,517,783</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">8,881,971,554</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,306,227,396</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,767,985,178</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> <td><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="1">Undistributed net investment income</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="1">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="1">78,916,001</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="1">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="1">100,173,874</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="1">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="1">70,476,339</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="1">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="1">61,430,573</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> <td><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> </table> </DIV> <div style="clear:both; height:0px; font-size:0px"> </div> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>34</b></font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">See Notes to Financial Statements.</font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="top" align="left"><font face="Arial" size="4" color="#ffffff"><b>  Financial Highlights</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="right"><font face="Arial" size="4" color="#ffffff"><b>IVA Funds  </b></font></td> </tr> </table> <p align="justify"><font face="Arial" size="2"><b>IVA Worldwide Fund — Class A</b></font></p> <p align="justify"><font face="Times New Roman" size="2">For a share of each class of beneficial interest outstanding:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2013</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2012</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2011</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2010</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2009</b></font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b>Net asset value, beginning of year</b></font></p></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">16.18</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">15.71</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">16.03</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">15.00</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">12.00</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Increase from investment operations:<sup>(a)</sup></b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net investment income<sup>(b)</sup></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.12</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.18</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.16</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.21</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.34</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net realized and unrealized gain</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.08</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.26</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.00</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.27</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.70</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Increase from investment operations</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.20</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.44</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.16</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.48</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3.04</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Decrease from distributions:</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net investment income</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.30</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.12</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.06</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.10</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.04</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net realized gain on investments</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.17</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.85</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.42</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.35</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Decrease from distributions</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.47</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.97</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.48</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.45</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.04</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Net asset value, end of year</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">17.91</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">16.18</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15.71</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">16.03</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15.00</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Total return<sup>(c)</sup></b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">14.02</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9.62</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.86</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10.16</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">25.39</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Ratios to average net assets:</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net operating expenses</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.27</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.28</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.29</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.31</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.36</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net investment income</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.72</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.16</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.93</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.41</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.51</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Supplemental data:</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Portfolio turnover rate</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">26.3</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">27.9</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">50.8</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">28.9</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">54.8</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net assets, end of year (000’s)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,378,045</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,408,396</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,714,773</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,931,625</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">755,238</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="21" style="border-top: 2pt solid black;"> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><sup>(a)</sup></font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">The amounts shown for a share outstanding may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of fund shares in relation to income earned and/or gains (losses) both realized and unrealized during the period.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(b)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">Calculated using average daily shares outstanding.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(c)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">Total return assumes reinvestment of all distributions and does not reflect an initial sales charge.</font></div></td> </tr> </table> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2">See Notes to Financial Statements.</font></td> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-left: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>35</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="top" align="left"><font face="Arial" size="4" color="#ffffff"><b>  Financial Highlights</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="right"><font face="Arial" size="4" color="#ffffff"><b>IVA Funds  </b></font></td> </tr> </table> <p align="justify"><font face="Arial" size="2"><b>IVA Worldwide Fund — Class C</b></font></p> <p align="justify"><font face="Times New Roman" size="2">For a share of each class of beneficial interest outstanding:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2013</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2012</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2011</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2010</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2009</b></font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Net asset value, beginning of year</b></font></p></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">16.01</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">15.54</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">15.92</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">14.92</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">12.00</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Increase from investment operations:<sup>(a)</sup></b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net investment income (loss)<sup>(b)</sup></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.01</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.06</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.03</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.10</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.23</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net realized and unrealized gain</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.07</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.26</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.01</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.25</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.71</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Increase from investment operations</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.06</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.32</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.04</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.35</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.94</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Decrease from distributions:</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net investment income</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.19</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.00</font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">)<sup>(c)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.02</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net realized gain on investments</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.17</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.85</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.42</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.35</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Decrease from distributions</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.36</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.85</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.42</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.35</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.02</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Net asset value, end of year</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">17.71</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">16.01</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15.54</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15.92</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">14.92</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Total return<sup>(d)</sup></b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">13.13</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">8.87</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.09</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9.26</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">24.51</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Ratios to average net assets:</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net operating expenses</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.02</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.03</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.04</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.06</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.12</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net investment income (loss)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.03</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.41</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.18</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.67</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.75</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Supplemental data:</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Portfolio turnover rate</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">26.3</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">27.9</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">50.8</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">28.9</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">54.8</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net assets, end of year (000’s)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,380,608</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,469,720</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,631,750</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,055,144</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">340,393</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="21" style="border-top: 2pt solid black;"> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><sup>(a)</sup></font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">The amounts shown for a share outstanding may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of fund shares in relation to income earned and/or gains (losses) both realized and unrealized during the period.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(b)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">Calculated using average daily shares outstanding.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(c)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">Amount represents less than $0.005 per share.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(d)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">Total return assumes reinvestment of all distributions and does not reflect a contingent deferred sales charge.</font></div></td> </tr> </table> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>36</b></font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">See Notes to Financial Statements.</font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="top" align="left"><font face="Arial" size="4" color="#ffffff"><b>  Financial Highlights</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="right"><font face="Arial" size="4" color="#ffffff"><b>IVA Funds  </b></font></td> </tr> </table> <p align="justify"><font face="Arial" size="2"><b>IVA Worldwide Fund — Class I</b></font></p> <p align="justify"><font face="Times New Roman" size="2">For a share of each class of beneficial interest outstanding:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2013</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2012</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2011</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2010</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2009</b></font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Net asset value, beginning of year</b></font></p></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">16.21</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">15.73</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">16.05</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">15.02</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">12.00</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Increase from investment operations:<sup>(a)</sup></b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net investment income<sup>(b)</sup></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.16</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.23</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.20</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.25</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.37</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net realized and unrealized gain</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.08</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.26</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.00</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.27</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.69</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Increase from investment operations</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.24</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.49</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.20</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.52</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3.06</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Decrease from distributions:</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net investment income</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.34</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.16</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.10</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.14</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.04</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net realized gain on investments</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.17</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.85</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.42</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.35</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Decrease from distributions</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.51</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(1.01</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.52</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.49</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.04</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Net asset value, end of year</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">17.94</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">16.21</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15.73</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">16.05</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15.02</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Total return<sup>(c)</sup></b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">14.28</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9.97</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.09</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10.40</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">25.62</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Ratios to average net assets:</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net operating expenses</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.02</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.03</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.04</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.06</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.14</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net investment income</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.97</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.43</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.18</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.65</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.78</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Supplemental data:</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Portfolio turnover rate</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">26.3</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">27.9</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">50.8</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">28.9</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">54.8</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net assets, end of year (000’s)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5,443,865</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5,003,855</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">4,830,219</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,877,664</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,267,395</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="21" style="border-top: 2pt solid black;"> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><sup>(a)</sup></font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">The amounts shown for a share outstanding may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of fund shares in relation to income earned and/or gains (losses) both realized and unrealized during the period.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(b)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">Calculated using average daily shares outstanding.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(c)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">Total return assumes reinvestment of all distributions.</font></div></td> </tr> </table> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2">See Notes to Financial Statements.</font></td> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-left: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>37</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="top" align="left"><font face="Arial" size="4" color="#ffffff"><b>  Financial Highlights</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="right"><font face="Arial" size="4" color="#ffffff"><b>IVA Funds  </b></font></td> </tr> </table> <p align="justify"><font face="Arial" size="2"><b>IVA International Fund — Class A</b></font></p> <p align="justify"><font face="Times New Roman" size="2">For a share of each class of beneficial interest outstanding:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2013</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2012</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2011</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2010</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2009</b></font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Net asset value, beginning of year</b></font></p></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">15.95</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">15.56</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">15.59</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">14.59</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">12.00</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Increase from investment operations:<sup>(a)</sup></b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net investment income<sup>(b)</sup></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.16</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.23</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.20</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.17</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.27</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net realized and unrealized gain</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.00</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.16</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.20</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.25</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.36</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Increase from investment operations</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.16</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.39</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.40</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.42</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.63</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Decrease from distributions:</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net investment income</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.44</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.23</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.02</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.16</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.04</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net realized gain on investments</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.28</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.77</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.41</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.26</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Decrease from distributions</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.72</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(1.00</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.43</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.42</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.04</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Net asset value, end of year</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">17.39</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15.95</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15.56</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15.59</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">14.59</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Total return<sup>(c)</sup></b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">14.09</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9.53</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.56</font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">%<sup>(d)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9.96</font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">%<sup>(d)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">21.96</font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">%<sup>(d)</sup></font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Ratios to average net assets:</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net operating expenses</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.26</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.27</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.30</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.39</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.40</font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">%<sup>(e)</sup></font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net investment income</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.97</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.52</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.19</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.13</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.14</font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">%<sup>(f)</sup></font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Supplemental data:</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Portfolio turnover rate</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">40.1</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">29.9</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">54.3</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">28.1</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">46.6</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net assets, end of year (000’s)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">377,043</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">409,163</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">371,560</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">240,245</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">104,420</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="21" style="border-top: 2pt solid black;"> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><sup>(a)</sup></font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">The amounts shown for a share outstanding may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of fund shares in relation to income earned and/or gains (losses) both realized and unrealized during the period.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(b)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">Calculated using average daily shares outstanding.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(c)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">Total return assumes reinvestment of all distributions and does not reflect an initial sales charge.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(d)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">The total returns include the effect of certain contractual fee waivers and/or expense reimbursements.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(e)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">Reflects certain contractual fee waivers and/or expense reimbursements (exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses) to limit the amount of total operating expenses to 1.40%. The ratio of expenses to average net assets without the effect of fee waivers and/or reimbursements was 1.55% for the year ended September 30, 2009.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(f)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">The ratio of net investment income to average net assets without the effect of certain contractual fee waivers and/or expense reimbursements was 1.99% for the year ended September 30, 2009.</font></div></td> </tr> </table> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>38</b></font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">See Notes to Financial Statements.</font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="top" align="left"><font face="Arial" size="4" color="#ffffff"><b>  Financial Highlights</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="right"><font face="Arial" size="4" color="#ffffff"><b>IVA Funds  </b></font></td> </tr> </table> <p align="justify"><font face="Arial" size="2"><b>IVA International Fund — Class C</b></font></p> <p align="justify"><font face="Times New Roman" size="2">For a share of each class of beneficial interest outstanding:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2013</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2012</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2011</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2010</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2009</b></font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Net asset value, beginning of year</b></font></p></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">15.74</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">15.35</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">15.48</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">14.51</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">12.00</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Increase from investment operations:<sup>(a)</sup></b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net investment income<sup>(b)</sup></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.04</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.11</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.07</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.06</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.17</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net realized and unrealized gain</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.96</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.15</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.21</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.23</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.36</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Increase from investment operations</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.00</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.26</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.28</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.29</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.53</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Decrease from distributions:</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net investment income</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.32</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.10</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.06</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.02</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net realized gain on investments</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.28</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.77</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.41</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.26</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Decrease from distributions</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.60</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.87</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.41</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.32</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.02</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Net asset value, end of year</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">17.14</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15.74</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15.35</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15.48</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">14.51</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Total return<sup>(c)</sup></b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">13.18</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">8.76</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.76</font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">%<sup>(d)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9.05</font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">%<sup>(d)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">21.10</font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">%<sup>(d)</sup></font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Ratios to average net assets:</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net operating expenses</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.01</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.02</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.06</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.15</font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">%<sup>(e)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.15</font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">%<sup>(e)</sup></font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net investment income</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.26</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.74</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.42</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.41</font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">%<sup>(f)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.38</font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">%<sup>(f)</sup></font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Supplemental data:</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Portfolio turnover rate</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">40.1</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">29.9</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">54.3</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">28.1</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">46.6</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net assets, end of year (000’s)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">81,804</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">77,882</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">79,196</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">55,824</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"> 19,028</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="21" style="border-top: 2pt solid black;"> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><sup>(a)</sup></font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">The amounts shown for a share outstanding may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of fund shares in relation to income earned and/or gains (losses) both realized and unrealized during the period.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(b)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">Calculated using average daily shares outstanding.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(c)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">Total return assumes reinvestment of all distributions and does not reflect a contingent deferred sales charge.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(d)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">The total returns include the effect of certain contractual fee waivers and/or expense reimbursements.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(e)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">Reflects certain contractual fee waivers and/or expense reimbursements (exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses) to limit the amount of total operating expenses to 2.15%. The ratio of expenses to average net assets without the effect of fee waivers and/or reimbursements was 2.17% and 2.49% for the years ended September 30, 2010 and 2009, respectively.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(f)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">The ratio of net investment income to average net assets without the effect of certain contractual fee waivers and/or expense reimbursements was 0.38% and 1.04% for the years ended September 30, 2010 and 2009, respectively.</font></div></td> </tr> </table> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2">See Notes to Financial Statements.</font></td> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-left: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>39</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="top" align="left"><font face="Arial" size="4" color="#ffffff"><b>  Financial Highlights</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="right"><font face="Arial" size="4" color="#ffffff"><b>IVA Funds  </b></font></td> </tr> </table> <p align="justify"><font face="Arial" size="2"><b>IVA International Fund — Class I</b></font></p> <p align="justify"><font face="Times New Roman" size="2">For a share of each class of beneficial interest outstanding:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Year Ended</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>September 30,</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2013</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2012</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2011</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2010</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>2009</b></font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Net asset value, beginning of year</b></font></p></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">15.99</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">15.60</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">15.62</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">14.62</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">12.00</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Increase from investment operations:<sup>(a)</sup></b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net investment income<sup>(b)</sup></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.21</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.27</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.24</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.21</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.31</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net realized and unrealized gain</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.99</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.16</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.21</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.24</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.35</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Increase from investment operations</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.20</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.43</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.45</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.45</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.66</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Decrease from distributions:</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net investment income</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.48</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.27</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.06</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.19</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.04</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net realized gain on investments</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.28</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.77</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.41</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.26</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Decrease from distributions</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.76</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(1.04</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.47</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.45</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(0.04</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Net asset value, end of year</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">17.43</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15.99</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15.60</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15.62</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">14.62</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td align="left"><font face="Times New Roman"> </font></td> <td align="left"><font face="Times New Roman"> </font></td> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Total return<sup>(c)</sup></b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">14.34</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9.81</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.86</font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">%<sup>(d)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10.19</font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">%<sup>(d)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">22.28</font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">%<sup>(d)</sup></font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Ratios to average net assets:</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net operating expenses</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.01</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.02</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.05</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.13</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.15</font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">%<sup>(e)</sup></font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net investment income</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.31</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.79</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.45</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.44</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.41</font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">%<sup>(f)</sup></font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2"><b> Supplemental data:</b></font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Portfolio turnover rate</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">40.1</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">29.9</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">54.3</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">28.1</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">46.6</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Net assets, end of year (000’s)</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,847,380</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,280,940</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,813,032</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,067,427</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">360,075</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="21" style="border-top: 2pt solid black;"> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><sup>(a)</sup></font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">The amounts shown for a share outstanding may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of fund shares in relation to income earned and/or gains (losses) both realized and unrealized during the period.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(b)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">Calculated using average daily shares outstanding.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(c)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">Total return assumes reinvestment of all distributions.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(d)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">The total returns include the effect of certain contractual fee waivers and/or expense reimbursements.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(e)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">Reflects certain contractual fee waivers and/or expense reimbursements (exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses) to limit the amount of total operating expenses to 1.15%. The ratio of expenses to average net assets without the effect of fee waivers and/or reimbursements was 1.28% for the year ended September 30, 2009.</font></div></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(f)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">The ratio of net investment income to average net assets without the effect of certain contractual fee waivers and/or expense reimbursements was 2.28% for the year ended September 30, 2009.</font></div></td> </tr> </table> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>40</b></font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">See Notes to Financial Statements.</font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="top" align="left"><font face="Arial" size="4" color="#ffffff"><b>  Notes to Financial Statements</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="right"><font face="Arial" size="4" color="#ffffff"><b>IVA Funds  </b></font></td> </tr> </table> <p align="justify"><font face="Arial" size="2"><b>Note 1 – Organization and Significant Accounting Policies</b></font></p> <p align="justify"><font face="Times New Roman" size="2">IVA Fiduciary Trust (the “Trust”) consists of the IVA Worldwide Fund (the “Worldwide Fund”) and IVA International Fund (the “International Fund”) (each, a “Fund” and, together, the “Funds”). The Worldwide Fund and the International Fund are each an investment portfolio of the Trust, an open-end series management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and organized as a Massachusetts business trust. The Funds commenced investment operations on October 1, 2008. The Worldwide Fund seeks long-term growth of capital by investing in a range of securities and asset classes from markets around the world, including U.S. markets. The International Fund seeks long-term growth of capital by investing in a range of securities and asset classes from markets around the world.</font></p> <p align="justify"><font face="Times New Roman" size="2">The following are significant accounting policies followed by the Funds in the preparation of their financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).</font></p> <p align="justify"><font face="Times New Roman" size="2"><b>Use of Estimates.</b> Preparation of these financial statements in conformity with U.S. GAAP requires the Funds’ management to make estimates and assumptions that may affect the amounts reported in the financial statements and related notes. Actual results could differ from these estimates.</font></p> <p align="justify"><font face="Times New Roman" size="2"><b>Valuation of the Funds.</b> The net asset value per share (“NAV”) of a Fund’s shares of a particular class is calculated each day that the New York Stock Exchange (“NYSE”) is open.</font></p> <p align="justify"><font face="Times New Roman" size="2">Listed equity securities are generally valued at the last sale price on the exchange that is the primary market for such securities. Equity securities listed on the NASDAQ Stock Exchange (“NASDAQ”) are generally valued using the NASDAQ Official Closing Price (“NOCP”). If no sales or NOCPs are reported during the day, equity securities are generally valued at the mean of the last available bid and asked quotations on the exchange or market on which the security is primarily traded, or using other market information obtained from a quotation reporting system, established market makers, or pricing services. If there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long and short positions, respectively. Over-the-counter (“OTC”) equity securities not listed on NASDAQ are generally valued at the mean of the last available bid and asked quotations on the market on which the security is primarily traded, or using other market information obtained from a quotation reporting system, established market makers or pricing services. If there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively.</font></p> <p align="justify"><font face="Times New Roman" size="2">Exchange-traded options are generally valued at the NBBO (National Best Bid and Offer from participant exchanges) reported by the Options Price Reporting Authority. Exchange-traded options may also be valued at the mean of the bid and asked quotations on an exchange at closing. OTC options not traded on an exchange are valued at the mean of the bid and asked quotations. If there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short options, respectively.</font></p> <p align="justify"><font face="Times New Roman" size="2">Precious metals, including gold bullion, are valued at the spot price at the time trading on the NYSE closes (normally 4:00 p.m. E.S.T.).</font></p> <p align="justify"><font face="Times New Roman" size="2">Debt securities (except for short-term investments having a maturity of 60 days or less as described below) for which market quotations are readily available are valued at the mean between the last bid and asked prices received from dealers in the OTC market in the U.S. or abroad, except that when no asked price is available, debt securities are valued at the last bid price alone. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost, which approximates fair value.</font></p> <p align="justify"><font face="Times New Roman" size="2">Forward foreign currency contracts are valued at the current cost of offsetting such contracts.</font></p> <p align="justify"><font face="Times New Roman" size="2">The value of any investment that is listed or traded on more than one exchange or market is based on the exchange or market determined by International Value Advisers, LLC (the “Adviser”) to be the primary trading venue for that investment. A quotation from the exchange or market deemed by the Adviser to be the secondary trading venue for a particular investment may be relied upon in instances where a quotation is not available on the primary exchange or market.</font></p> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2"> </font></td> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-left: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>41</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="top" align="left"><font face="Arial" size="4" color="#ffffff"><b>  Notes to Financial Statements</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="right"><font face="Arial" size="4" color="#ffffff"><b>IVA Funds  </b></font></td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2">The Board of Trustees of the Trust (the “Board”) has established a Pricing and Fair Valuation Committee (the “Committee”) comprised of officers of the Adviser to which it has delegated the responsibility for overseeing the implementation of the Funds’ valuation procedures and fair value determinations made on behalf of the Board. The Committee may determine that market quotations are not readily available due to events relating to a single issuer (e.g., corporate actions or announcements) or events relating to multiple issuers (e.g., governmental actions or natural disasters). The Committee may determine that there has been a significant decrease in the volume and level of activity for an asset or liability whereby transactions or quoted prices may not be determinative of fair value. The Committee may determine the fair value of investments based on information provided by pricing services and other third parties, including broker-dealers and other market intermediaries, which may recommend fair value prices or adjustments with reference to other securities, indices or assets. For securities that do not trade during NYSE hours or securities for which there is a foreign market holiday when the NYSE is open, fair valuation determinations are based on analyses of market movements after the close of those securities’ primary markets, and include reviews of developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities or baskets of foreign securities. Fair value pricing may require subjective determinations about the value of an asset or liability. Fair values used to determine the Funds’ NAVs may differ from quoted or published prices, or from prices that are used by others, for the same investments. The use of fair value pricing may not always result in adjustments to the prices of securities or other assets or liabilities held by the Funds.</font></p> <p align="justify"><font face="Times New Roman" size="2"><b>Fair Value Measurement.</b> The Funds adhere to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 820-10-65 (“ASC 820-10-65”),<i> Fair Value Measurements and Disclosures</i> and Accounting Standards Update No. 2011-04,<i> Fair Value Measurement and Disclosures - Amendments to Achieve Common Fair Value Measurement Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards</i> (ASU 2011 – 04). ASC 820-10-65 establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Funds’ assets and liabilities, and requires additional disclosure about fair value. ASU 2011-04 provides for the disclosure of any transfers between Level 1, Level 2 and Level 3 investments. The hierarchy of inputs is summarized below:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" align="left"><font face="Times New Roman" size="1"> </font></td> <td width="2%" valign="top" align="left"><font face="Times New Roman" size="2">•</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="4%" nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">Level 1 – </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">quoted prices in active markets for identical investments</font></div></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="left"><font face="Times New Roman" size="2">•</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="top" align="left"><font face="Times New Roman" size="2">Level 2 – </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">other significant observable inputs (including quoted prices for similar or identical investments, amortized cost, interest rates, prepayment speeds, credit risk, other observable market data, etc.)</font></div></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="left"><font face="Times New Roman" size="2">•</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">Level 3 – </font></td> <td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)</font></div></td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2">The following is a summary of the inputs used in valuing the Worldwide Fund’s assets and liabilities at fair value:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="4" align="center"><font face="Times New Roman" size="2"><b>Quoted Prices in</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="4" align="center"><font face="Times New Roman" size="2"><b>Other Significant</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Significant</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="4" align="center"><font face="Times New Roman" size="2"><b>Active Markets</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="4" align="center"><font face="Times New Roman" size="2"><b>Observable</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Unobservable</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="4" align="center"><font face="Times New Roman" size="2"><b>for Identical</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="4" align="center"><font face="Times New Roman" size="2"><b>Inputs</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Inputs</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>ASSETS</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="4" align="center"><font face="Times New Roman" size="2"> <b>Investments (Level 1)</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="4" align="center"><font face="Times New Roman" size="2"> <b>(Level 2)</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>(Level 3)</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Total</b></font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Common stocks:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Foreign</font></p></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">2,638,151,427</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="4%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td width="4%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">2,638,151,427</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">United States</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,117,244,286</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,117,244,286</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Preferred stocks</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">63,657,784</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">63,657,784</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Convertible preferred stock</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">39,191,040</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">39,191,040</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Corporate notes & bonds</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">621,441,717</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">621,441,717</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Sovereign government bonds</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">546,546,981</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">546,546,981</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Commodities</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">301,344,659</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">301,344,659</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Short-term investments</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,815,911,407</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,815,911,407</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Total assets</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5,159,589,196</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,983,900,105</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">9,143,489,301</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>LIABILITIES </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Unrealized depreciation on open forward foreign currency contracts</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(20,071,493</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(20,071,493</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Written options</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(3,722,043</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(3,722,043</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Total liabilities</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(3,722,043</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(20,071,493</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(23,793,536</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2">The Fund’s policy is to recognize transfers between levels as of the end of the reporting period. At September 30, 2013, there were no significant tranfers between any levels. For the years ended September 30, 2013 and September 30, 2012, there were no Level 3 assets or liabilities held in the Worldwide Fund.</font></p> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>42</b></font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"> </font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="top" align="left"><font face="Arial" size="4" color="#ffffff"><b>  Notes to Financial Statements</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="right"><font face="Arial" size="4" color="#ffffff"><b>IVA Funds  </b></font></td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2">The following is a summary of the inputs used in valuing the International Fund’s assets and liabilities at fair value:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="4" align="center"><font face="Times New Roman" size="2"><b>Quoted Prices in</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="4" align="center"><font face="Times New Roman" size="2"><b>Other Significant</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Significant</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="4" align="center"><font face="Times New Roman" size="2"><b>Active Markets</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="4" align="center"><font face="Times New Roman" size="2"><b>Observable</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Unobservable</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="4" align="center"><font face="Times New Roman" size="2"><b>for Identical</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="4" align="center"><font face="Times New Roman" size="2"><b>Inputs</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"><b>Inputs</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>ASSETS</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="4" align="center"><font face="Times New Roman" size="2"> <b>Investments (Level 1)</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="4" align="center"><font face="Times New Roman" size="2"> <b>(Level 2)</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>(Level 3)</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Total</b></font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Common stocks:</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Foreign</font></p></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">1,794,258,531</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">270,999</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="4%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td width="4%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">1,794,529,530</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Preferred stock</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">624,601</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">624,601</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Corporate notes & bonds</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">205,961,180</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">205,961,180</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Sovereign government bonds</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">262,991,432</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">262,991,432</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Commodities</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">107,384,464</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">107,384,464</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Short-term investments</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">909,182,295</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">909,182,295</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Total assets</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,902,267,596</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,378,405,906</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,280,673,502</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>LIABILITIES </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Times New Roman" size="2">Unrealized depreciation on open forward foreign currency contracts</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(10,869,146</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(10,869,146</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="19" style="border-top: 2pt solid black;"> </td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2">The Fund’s policy is to recognize transfers between levels as of the end of the reporting period. At September 30, 2013, the International Fund had transfers of $270,999 from Level 1 to Level 2 as a result of the Fund using quoted prices in the absence of a last price. For the years ended September 30, 2013 and September 30, 2012, there were no Level 3 assets or liabilities held in the International Fund.</font></p> <p align="justify"><font face="Times New Roman" size="2"><b>Foreign Currency Translation.</b> Portfolio securities and other assets and liabilities initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services.</font></p> <p align="justify"><font face="Times New Roman" size="2">The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of investments held. Such fluctuations are included with the net realized and change in unrealized gain or loss on investments.</font></p> <p align="justify"><font face="Times New Roman" size="2">Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net change in unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments, at the date of valuation, resulting from changes in exchange rates.</font></p> <p align="justify"><font face="Times New Roman" size="2"><b>Portfolio Transactions and Investment Income.</b> Portfolio transactions are recorded on a trade date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Realized gains and losses on investment transactions are determined by the specific identification method.</font></p> <p align="justify"><font face="Times New Roman" size="2"><b>Class Allocation.</b> Investment income, realized and unrealized gains and losses, and Fund expenses and expense reductions, if any, are allocated daily to the various classes of each Fund pro rata on the basis of relative net assets. Each class bears certain expenses unique to that class. Differences in class-level expenses may result in payment of different per share dividends by each share class.</font></p> <p align="justify"><font face="Times New Roman" size="2"><b>Distributions to Shareholders.</b> Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Accordingly, the nature of distributions and composition of net assets for tax purposes differ from those reflected in the accompanying financial statements.</font></p> <p align="justify"><font face="Times New Roman" size="2"><b>Federal and Other Taxes.</b> It is each Fund’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, each Fund intends to distribute substantially all of its taxable income and net realized gains, if any, to shareholders each year. Therefore, no federal income tax provision is required in the Funds’ financial statements.</font></p> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2"> </font></td> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-left: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>43</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b>  Notes to Financial Statements</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b>IVA Funds  </b></font></td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2">The Funds adhere to the provisions of the FASB Accounting Standards Codification 740-10 (“ASC 740-10”), <i>Accounting for Uncertainty in Income Taxes</i>. This standard defines the threshold for recognizing tax positions in the financial statements as “more-likely-than-not” to be sustained by the applicable taxing authority and requires measurement of a tax position meeting the “more-likely-than-not” criterion, based on the largest benefit that is more than fifty percent realized. Management has analyzed each Fund’s tax positions taken on federal and state tax returns for all open tax years (current, 2012, 2011 and 2010) and determined that no provision for income tax would be required in the Funds’ financial statements. Tax-related interest or penalties, if applicable, are to be disclosed in the Statement of Operations. For the year ended September 30, 2013, the Funds did not incur any tax-related interest or penalties.</font></p> <p align="justify"><font face="Times New Roman" size="2">Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.</font></p> <p align="justify"><font face="Times New Roman" size="2"><b>Forward Foreign Currency Contracts.</b> Each Fund engages in buying and selling forward foreign currency contracts to seek to manage the exposure of investments denominated in non-U.S. currencies against fluctuations in relative value. A forward foreign currency contract involves a privately negotiated obligation to purchase or sell (with delivery generally required) a specific currency at a future date, at a price set at the time of the contract.</font></p> <p align="justify"><font face="Times New Roman" size="2"><b>Options Transactions.</b> During the year ended September 30, 2013, the Worldwide Fund wrote covered puts on equity securities. Each Fund may write call options to seek to enhance investment return or to hedge against declines in the prices of portfolio securities or may write put options to hedge against increases in the prices of securities which it intends to purchase. A call option is covered if a Fund holds, on a share-for-share basis, either the underlying shares or a call on the same security as the call written where the exercise price of the call held is equal to or less than the exercise price of the call written (or greater than the exercise price of the call written if the difference is maintained by a Fund in cash, treasury bills or other high grade short-term obligations in a segregated account with its custodian). A put option is covered if a Fund maintains cash, treasury bills or other high grade short-term obligations with a value equal to the exercise price in a segregated account with its custodian, or holds on a share-for-share basis a put on the same equity security as the put written where the exercise price of the put held is equal to or greater than the exercise price of the put written, or lower than the exercise price of the put written if the difference is maintained in a segregated account with its custodian.</font></p> <p align="justify"><font face="Times New Roman" size="2">Premiums received for writing options that expire unexercised are recognized on the expiration date as realized gains. If an option is exercised, the premium received is subtracted from the cost of the purchase or added to the proceeds of the sale to determine whether the Fund has realized a gain or loss on the put or call. When a Fund enters into a closing transaction, the Fund will realize a gain or loss depending upon whether the amount from the closing transaction is greater or less than the premium received.</font></p> <p align="justify"><font face="Times New Roman" size="2"><b>Foreign Investment Risk.</b> Each Fund invests in foreign investments. Foreign investments can involve additional risks relating to political, economic or regulatory conditions in foreign countries. These risks include fluctuations in foreign currencies; withholding or other taxes; trading, settlement, custodial, and other operational risks; and the less stringent investor protection and disclosure standards of some foreign markets. Since foreign exchanges may be open on days when a Fund does not price its shares, the value of the investments in such Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.</font></p> <p align="justify"><font face="Times New Roman" size="2"><b>Custodian Risk.</b> Cash is held at the Funds’ custodian, State Street Bank and Trust Company (the “Custodian”). The Funds are subject to credit risk on any cash balance that exceeds the amount insured by the Federal Deposit Insurance Corporation to the extent that the Custodian may be unable to return cash held.</font></p> <p align="justify"><font face="Times New Roman" size="2"><b>Indemnification.</b> Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liability arising out of the performance of their duties to the Funds. The Funds have a variety of indemnification obligations under contracts with their service providers. The Funds’ maximum exposure under these arrangements is unknown. However, the Funds have not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.</font></p> <p align="justify"><font face="Arial" size="2"><b>Note 2 – Investment Advisory Agreement and Distribution Agreement</b></font></p> <p align="justify"><font face="Times New Roman" size="2">International Value Advisers, LLC is the investment adviser of the Funds. The Adviser’s primary business is to provide investment management services to a variety of investment vehicles, including the Funds. The Adviser is responsible for all business activities and oversight of the investment decisions made for the Funds.</font></p> <p align="justify"><font face="Times New Roman" size="2">In return for providing investment advisory services to the Funds, each Fund pays the Adviser an investment advisory fee, calculated daily and paid monthly, at an annual rate of 0.90% of each Fund’s average daily net assets. Investment advisory fees paid for the year ended September 30, 2013 are disclosed in the Statements of Operations.</font></p> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>44</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b>  Notes to Financial Statements</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b>IVA Funds  </b></font></td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2">The Funds have adopted Distribution and Services Plans (“12b-1 Plans”), pursuant to Rule 12b-1 under the 1940 Act. Under those 12b-1 Plans, the Funds pay a distribution fee with respect to Class A and C shares calculated at the annual rate of 0.25% and 0.75%, respectively, of the average daily net assets of each respective class. The Funds also pay a service fee with respect to Class C shares calculated at the annual rate of 0.25% of the average daily net assets. Class I shares do not participate in 12b-1 Plans. Fees paid under the 12b-1 Plans for the year ended September 30, 2013 are disclosed in the Statements of Operations.</font></p> <p align="justify"><font face="Times New Roman" size="2">IVA Funds Distributors, LLC serves as the Funds’ sole and exclusive distributor.</font></p> <p align="justify"><font face="Times New Roman" size="2">There is a maximum initial sales charge of 5.00% for Class A shares. Class A shares may be subject to a contingent deferred sales charge (“CDSC”) of 0.75% if $1,000,000 or more of Class A shares were initially purchased, a “finder’s fee” was paid to the dealer of record, and the Class A shares were subsequently redeemed within 18 months.</font></p> <p align="justify"><font face="Times New Roman" size="2">Class C shares may be subject to a CDSC of 1.00% if shares are redeemed within the first 12 months after purchase.</font></p> <p align="justify"><font face="Arial" size="2"><b>Note 3 – Investments</b></font></p> <p align="justify"><font face="Times New Roman" size="2">For the year ended September 30, 2013, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Worldwide</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>International</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Fund</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Fund</b></font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Purchases</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">1,769,929,316</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="7%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">894,480,276</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Sales</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,884,638,896</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">975,112,511</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 2pt solid black;"> </td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2">The cost basis of investments for federal income tax purposes is substantially similar to the cost basis under U.S. GAAP. The following information is presented on a federal tax basis as of September 30, 2013.</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Worldwide</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>International</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Fund</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Fund</b></font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Cost basis of investments</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">8,039,014,014</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="7%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">2,942,084,277</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Gross unrealized appreciation</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,264,021,216</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">387,613,253</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Gross unrealized depreciation</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"> (159,545,929</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(49,024,028</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Net unrealized appreciation</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,104,475,287</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">338,589,225</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 2pt solid black;"> </td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2">For the year ended September 30, 2013, written options transactions for the Worldwide Fund were as follows:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="1" align="right"><font face="Times New Roman" size="2"> <b>Number of Contracts</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="2" align="right"><font face="Times New Roman" size="2"> <b>Premiums</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="8" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Written Options, outstanding September 30, 2012</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Options written</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="13%" valign="bottom" align="right"><font face="Times New Roman" size="2">(749</font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td width="7%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">(5,976,952</font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Options exercised</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Options expired</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="8" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Written Options, outstanding September 30, 2013</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(749</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(5,976,952</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="8" style="border-top: 2pt solid black;"> </td> </tr> </table> <p align="justify"><font face="Arial" size="2"><b>Note 4 – Derivative Instruments and Hedging Activities</b></font></p> <p align="justify"><font face="Times New Roman" size="2">The Funds enter into transactions involving derivative financial instruments in connection with their investing activities. During the year ended September 30, 2013, these instruments included written put options and forward foreign currency contracts. These instruments are subject to various risks similar to non-derivative instruments including market, credit and liquidity risks.</font></p> <p align="justify"><font face="Times New Roman" size="2">The use of derivative instruments may involve risks different from, or potentially greater than, the risks associated with investing directly in investments. Specifically, derivative instruments expose a Fund to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise to honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction. If the counterparty defaults, a Fund will have contractual remedies, but there is no assurance that the counterparty will meet its contractual obligations or that, in the event of default, a Fund will succeed in enforcing them. During the year ended September 30, 2013, the Funds had exposure to OTC derivatives in the form of forward foreign currency contracts.</font></p> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td><font face="Times New Roman" size="1"> </font></td> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-left: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>45</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b>  Notes to Financial Statements</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b>IVA Funds  </b></font></td> </tr> </table> <br> <p align="justify"><font face="Times New Roman" size="2">Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The Funds bear the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract, movements in foreign investment security values and changes in interest rates. Credit risks may also arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts.</font></p> <p align="justify"><font face="Times New Roman" size="2">Options transactions involve elements of market risk in excess of the amounts reflected in the Statements of Assets and Liabilities. Price fluctuation on underlying equity or debt securities and on market indices may cause the written put or call options to be assigned on unfavorable terms to the Funds. Written put options involve elements of liquidity risk if a Fund is unable to enter into a closing transaction due to there being a lack of market makers for a particular equity or debt security. Counterparty risk associated with pledged collateral to the executing counterparty is limited to the extent that the pledged collateral is held at the Funds’ custodian. Pledged cash collateral is subject to counterparty risk at the Funds’ custodian.</font></p> <p align="justify"><font face="Times New Roman" size="2">The Funds adhere to FASB Accounting Standards Codification 815-10-50 (“ASC 815-10-50”), <i>Derivative Instruments and Hedging Activities</i>. ASC 815-10-50 requires enhanced disclosure about a Fund’s derivative and hedging activities, including how such activities are accounted for and their effect on a Fund’s financial positions, performance and cash flow.</font></p> <p align="justify"><font face="Times New Roman" size="2">The following summary for each Fund is grouped by risk-type and provides information about the fair value and location of derivatives within the Statements of Assets and Liabilities at September 30, 2013.</font></p> <p align="justify"><font face="Arial" size="2"><b>Worldwide Fund</b></font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Statements of Assets</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Risk-Type Category</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>and Liabilities Location</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Fair Value</b></font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td width="20%" valign="bottom" align="left"><font face="Times New Roman" size="2">Foreign exchange</font></td> <td width="6%"><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">Unrealized depreciation on open forward foreign currency contracts</font></td> <td width="25%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="5%" valign="bottom" align="right"><font face="Times New Roman" size="2"> (20,071,493</font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="7" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Equity</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Written options</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(3,722,043</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Total</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"> (23,793,536</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="2"> </font></td> </tr> <tr> <td valign="bottom" colspan="7" align="left"><font face="Arial" size="2"> <b>International Fund</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Statements of Assets</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Risk-Type Category</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>and Liabilities Location</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Fair Value</b></font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Foreign exchange</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">Unrealized depreciation on open forward foreign currency contracts</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2"> (10,869,146</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="7" style="border-top: 2pt solid black;"> </td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2">The following is a summary for each Fund grouped by risk-type that provides information about the effect of derivatives and hedging activities on the Funds’ Statements of Operations for the year ended September 30, 2013.</font></p> <p align="justify"><font face="Arial" size="2"><b>Worldwide Fund</b></font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Change in</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Unrealized</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Appreciation/</b></font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Risk-Type Category</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Derivative Instrument</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="2" align="center"><font face="Times New Roman" size="2"> <b>Realized Gain</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>(Depreciation)</b></font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td width="20%" valign="bottom" align="left"><font face="Times New Roman" size="2">Foreign exchange</font></td> <td width="6%"><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">Forward foreign currency contracts</font></td> <td width="25%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td width="8%" valign="bottom" align="right"><font face="Times New Roman" size="2">68,087,617</font></td> <td width="8%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td width="8%" valign="bottom" align="right"><font face="Times New Roman" size="2">(24,712,899</font></td> <td width="2%" valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Equity</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Written options</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">—</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,254,909</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Total</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">68,087,617</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(22,457,990</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="10" style="border-top: 2pt solid black;"> </td> </tr> </table> <p align="justify"><font face="Arial" size="2"><b>International Fund</b></font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Change in</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Unrealized</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Appreciation/</b></font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Risk-Type Category</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Derivative Instrument</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" colspan="2" align="center"><font face="Times New Roman" size="2"> <b>Realized Gain</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>(Depreciation)</b></font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="11" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td width="20%" valign="bottom" align="left"><font face="Times New Roman" size="2">Foreign exchange</font></td> <td width="6%"><font face="Times New Roman" size="1"> </font></td> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">Forward foreign currency contracts</font></td> <td width="25%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="8%" valign="bottom" align="right"><font face="Times New Roman" size="2">57,132,671</font></td> <td width="8%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="8%" valign="bottom" align="right"><font face="Times New Roman" size="2"> (12,183,989</font></td> <td width="2%" valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="11" style="border-top: 2pt solid black;"> </td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2">During the year ended September 30, 2013, the Worldwide Fund had average notional values of $968,541,000 and $17,569,462, on open forward foreign currency contracts to sell and written options, respectively.</font></p> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>46</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b>  Notes to Financial Statements</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b>IVA Funds  </b></font></td> </tr> </table> <br> <p align="justify"><font face="Times New Roman" size="2">During the year ended September 30, 2013, the International Fund had average notional values of $526,993,196 on open forward foreign currency contracts to sell.</font></p> <p align="justify"><font face="Arial" size="2"><b>Note 5 – Shares of Beneficial Interest </b></font></p> <p align="justify"><font face="Times New Roman" size="2">At September 30, 2013, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.001 per share. The Funds have the ability to issue multiple classes of shares. Each share of a class represents an identical interest and has the same rights, except that each class bears certain direct expenses specifically related to the distribution of its shares.</font></p> <p align="justify"><font face="Times New Roman" size="2">Transactions in shares of each class of each Fund were as follows:</font></p> <p align="justify"><font face="Arial" size="2"><b>Worldwide Fund</b></font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="6" align="center"><font face="Times New Roman" size="2"> <b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="6" align="center"><font face="Times New Roman" size="2"> <b>Year Ended</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="6" align="center"><font face="Times New Roman" size="2"> <b>September 30, 2013</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="6" align="center"><font face="Times New Roman" size="2"> <b>September 30, 2012</b></font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="15" style="border-top: 2pt solid black"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="1" align="center"><font face="Times New Roman" size="2"> <b>Shares</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="2" align="center"><font face="Times New Roman" size="2"> <b>Amount</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="1" align="center"><font face="Times New Roman" size="2"> <b>Shares</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="2" align="center"><font face="Times New Roman" size="2"> <b>Amount</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="15" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Class A </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Shares sold</font></p></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">18,413,860</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">310,105,285</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">24,252,544</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">386,175,025</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Shares reinvested</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,463,152</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">54,925,601</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">8,769,980</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">132,163,588</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Shares repurchased</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(37,967,036</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(632,874,677</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(56,993,255</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(900,593,106</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="15" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Net Decrease</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(16,090,024</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(267,843,791</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(23,970,731</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(382,254,493</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="15" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Class C </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Shares sold</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">4,319,841</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">71,921,490</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">8,010,244</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">125,497,599</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Shares reinvested</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,249,500</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">19,704,615</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,513,529</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">52,702,931</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Shares repurchased</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(19,450,429</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(319,036,601</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(24,677,438</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(385,997,451</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="15" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Net Decrease</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(13,881,088</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(227,410,496</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(13,153,665</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(207,796,921</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="15" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Class I </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Shares sold</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">65,641,694</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,100,904,330</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">80,993,175</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,287,910,370</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Shares reinvested</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">7,159,888</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">113,484,222</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">14,489,492</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">218,356,649</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Shares repurchased</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(78,164,919</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(1,299,152,206</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(93,682,460</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(1,477,737,989</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="15" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Net Increase (Decrease)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(5,363,337</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(84,763,654</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,800,207</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">28,529,030</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="15" style="border-top: 2pt solid black;"> </td> </tr> </table> <p align="justify"><font face="Arial" size="2"><b>International Fund</b></font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="6" align="center"><font face="Times New Roman" size="2"> <b>Year Ended</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="6" align="center"><font face="Times New Roman" size="2"> <b>Year Ended</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="6" align="center"><font face="Times New Roman" size="2"> <b>September 30, 2013</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="6" align="center"><font face="Times New Roman" size="2"> <b>September 30, 2012</b></font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="15" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="1" align="center"><font face="Times New Roman" size="2"> <b>Shares</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="2" align="center"><font face="Times New Roman" size="2"> <b>Amount</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="1" align="center"><font face="Times New Roman" size="2"> <b>Shares</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="2" align="center"><font face="Times New Roman" size="2"> <b>Amount</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="15" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Class A </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Shares sold</font></p></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">3,506,749</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">57,103,069</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">8,542,771</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">129,202,545</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Shares reinvested</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,008,489</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">15,641,658</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,298,458</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">18,879,577</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Shares repurchased</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(8,480,066</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(138,134,135</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(8,071,341</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(124,179,381</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="15" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Net Increase (Decrease)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(3,964,828</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(65,389,408</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,769,888</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">23,902,741</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="15" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Class C </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Shares sold</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">423,358</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6,803,977</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">522,825</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">7,869,318</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Shares reinvested</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">143,204</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,202,481</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">231,655</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,342,778</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Shares repurchased</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(743,382</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(11,968,860</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(964,507</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(14,616,018</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="15" style="border-top: 2pt solid black;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Net Decrease</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(176,820</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(2,962,402</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(210,027</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(3,403,922</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="15" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Class I </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Shares sold</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">35,416,832</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">580,586,959</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">35,950,689</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">550,649,143</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Shares reinvested</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5,622,337</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">87,202,441</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6,884,338</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">100,167,117</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Shares repurchased</font></p></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(20,345,539</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(332,646,163</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(16,417,956</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(251,379,248</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="15" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Net Increase</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">20,693,630</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">335,143,237</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">26,417,071</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">399,437,012</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="15" style="border-top: 2pt solid black;"> </td> </tr> </table><br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td><font face="Times New Roman" size="1"> </font></td> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-left: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>47</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b>  Notes to Financial Statements</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b>IVA Funds  </b></font></td> </tr> </table> <br> <p align="justify"><font face="Times New Roman" size="2"><b>Redemption Fees.</b> The Funds impose a redemption fee of 2% of the total redemption amount on the Funds’ shares redeemed within 30 days of buying them or acquiring them by exchange. The purpose of the redemption fee is to deter excessive, short-term trading and other abusive trading practices, and to help offset the costs associated with the sale of portfolio securities to satisfy redemption and exchange requests made by “market timers” and other short-term shareholders, thereby insulating longer-term shareholders from such costs.</font></p> <p align="justify"><font face="Arial" size="2"><b>Note 6 – Income Tax Information and Distributions to Shareholders</b></font></p> <p align="justify"><font face="Times New Roman" size="2">The tax character of distributions paid during the fiscal year ended September 30, 2013 was as follows:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Worldwide</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>International</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Fund</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Fund</b></font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Distributions Paid From:</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="7%"><font face="Times New Roman" size="1"> </font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="7%"><font face="Times New Roman" size="1"> </font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="7%"><font face="Times New Roman" size="1"> </font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Ordinary income</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">158,871,895</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">80,687,765</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Long-Term gains</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">89,251,239</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">49,060,934</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 2pt solid #000000;"> </td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2">As of September 30, 2013, the components of accumulated earnings on a tax basis were as follows:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Worldwide</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>International</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Fund</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Fund</b></font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Undistributed net investment income</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">149,800,713</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="7%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">84,503,572</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Undistributed realized gains</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">168,973,834</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">46,767,374</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Other book/tax temporary differences<sup>(a)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(156,979</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">(114,033</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Unrealized appreciation<sup>(b)</sup></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,106,935,401</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">338,629,829</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 2pt solid black;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Total accumulated earnings</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,425,552,969</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">469,786,742</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 2pt solid black;"> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="3%" valign="top" align="left"><font face="Times New Roman" size="2"><sup>(a)</sup></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Other book/tax temporary differences are attributable primarily to the tax treatment of offering costs.</font></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(b)</sup></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the treatment of passive foreign investment companies, the tax deferral of losses on wash sales and the treatment of forward foreign currency contracts.</font></td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2"><b>Reclassification.</b> U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV. For the fiscal year ended September 30, 2013, the following reclassifications have been made:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Worldwide</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>International</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Fund</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Fund</b></font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 2pt solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Undistributed net investment income</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">72,312,901</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">52,727,794</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Accumulated net realized loss</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">(86,650,555</font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> <td width="7%"><font face="Times New Roman" size="1"> </font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td width="7%" valign="bottom" align="right"><font face="Times New Roman" size="2">(58,251,916</font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">)</font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Paid-in-capital</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">14,337,654</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5,524,122</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 2pt solid #000000;"> </td> </tr> </table> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>48</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b>  Report of Independent Registered Public Accounting Firm</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b>IVA Funds  </b></font></td> </tr> </table> <br> <p align="justify"><font face="Times New Roman" size="2">The Board of Trustees and Shareholders of <br>IVA Fiduciary Trust:</font></p> <p align="justify"><font face="Times New Roman" size="2">We have audited the accompanying statements of assets and liabilities including the schedules of investments, of IVA Worldwide Fund and IVA International Fund (the “Funds”) (the Funds comprising IVA Fiduciary Trust), as of September 30, 2013, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.</font></p> <p align="justify"><font face="Times New Roman" size="2">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2013, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.</font></p> <p align="justify"><font face="Times New Roman" size="2">In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of IVA Fiduciary Trust at September 30, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.</font></p> <p align="right"><img src="sign_page49.jpg"></p> <p align="justify"><font face="Times New Roman" size="2">Boston, Massachusetts<br>November 25, 2013</font></p> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td><font face="Times New Roman" size="1"> </font></td> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-left: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>49</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b>  Trustees and Officers</b> </font> <font face="Arial" size="3" color="#ffffff"> <b>(unaudited)</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b>IVA Funds  </b></font></td> </tr> </table> <br> <p align="justify"><font face="Times New Roman" size="2">The business and affairs of each Fund are managed under the direction of its Board of Trustees (the “Board”). The Board approves all significant agreements between a Fund and the persons or companies that furnish services to a Fund, including agreements with its investment adviser, distributor, administrator, custodian and transfer agent. The day-to-day operations of the Funds are delegated to the Funds’ investment adviser and administrator. The name, address, age and principal occupations for the past five years of the Trustees and officers of the Trust are listed below, along with the number of portfolios in the Fund complex overseen by and the other directorships held by each Trustee. Each Trustee’s mailing address is c/o International Value Advisers, LLC, 717 Fifth Avenue, New York, NY 10022.</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" colspan="11" align="center"><font face="Arial" size="2"> <b>Independent Trustees<sup>(a)</sup></b></font></td> </tr> <tr> <td width="8%" align="left"><font face="Arial" size="1"> </font></td> <td width="3%" align="left"><font face="Arial" size="1"> </font></td> <td width="6%" align="left"><font face="Arial" size="1"> </font></td> <td width="3%" align="left"><font face="Arial" size="1"> </font></td> <td width="6%" align="left"><font face="Arial" size="1"> </font></td> <td width="3%" align="left"><font face="Arial" size="1"> </font></td> <td width="10%" align="left"><font face="Arial" size="1"> </font></td> <td width="3%" align="left"><font face="Arial" size="1"> </font></td> <td width="6%" valign="bottom" align="center"><font face="Arial" size="2"><b>Number of</b></font></td> <td width="3%"><font face="Arial" size="1"> </font></td> <td width="10%"><font face="Arial" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Portfolios</b></font></td> <td><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Term of</b></font></td> <td><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> <td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>in the Fund</b></font></td> <td><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Position(s)</b></font></td> <td><font face="Arial" size="1"> </font></td> <td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>Office<sup>(b)</sup> and</b></font></td> <td><font face="Arial" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Principal</b></font></td> <td><font face="Arial" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Complex</b></font></td> <td><font face="Arial" size="1"> </font></td> <td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>Other Directorships/</b></font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>Held with</b></font></td> <td><font face="Arial" size="1"> </font></td> <td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>Length of</b></font></td> <td><font face="Arial" size="1"> </font></td> <td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>Occupation(s) During</b></font></td> <td><font face="Arial" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Overseen</b></font></td> <td><font face="Arial" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Trusteeships</b></font></td> </tr> <tr> <td nowrap valign="bottom" align="left"><font face="Arial" size="2"><b>Name (Birth Year)</b></font></td> <td><font face="Arial" size="1"> </font></td> <td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>the Trust</b></font></td> <td><font face="Arial" size="1"> </font></td> <td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>Time Served</b></font></td> <td><font face="Arial" size="1"> </font></td> <td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>Past 5 Years</b></font></td> <td><font face="Arial" size="1"> </font></td> <td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>by Trustee</b></font></td> <td><font face="Arial" size="1"> </font></td> <td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>Held by Trustee</b></font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" style="border-top: 1px solid #000000;"> </td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" style="border-top: 1px solid #000000;"> </td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" style="border-top: 1px solid #000000;"> </td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" style="border-top: 1px solid #000000;"> </td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" style="border-top: 1px solid #000000;"> </td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" style="border-top: 1px solid #000000;"> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Adele R. Wailand</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Trustee and</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">since 2008</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Corporate Secretary,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">2</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">None.</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">(1949)</font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Chair of the</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Case, Pomeroy &</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#CCEEFF"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Board</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Company, Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#CCEEFF"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">(real estate and</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#CCEEFF"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">investments); Vice</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#CCEEFF"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">President & General</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#CCEEFF"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Counsel, Case,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#CCEEFF"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Pomeroy & Company,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#CCEEFF"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Inc. (prior to 2011).</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Manu Bammi</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Trustee</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">since 2008</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Founder and Chief</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">2</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">None.</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">(1962)</font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Executive Officer,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">SmartAnalyst, Inc.</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">(provider of research</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">and analytics and</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">decision support</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">to businesses).</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#CCEEFF"> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">Ronald S. Gutstein</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Trustee</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">since 2008</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Institutional Trader</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">2</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">None.</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">(1971)</font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">and Market Maker,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#CCEEFF"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Access Securities</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#CCEEFF"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">(an institutional</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#CCEEFF"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">broker-dealer).</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">William M. Rose</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Trustee</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">since 2013</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Member, Investment</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Times New Roman" size="2">2</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">None.</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">(1945)</font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Advisory Committee,</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">CYMI, Inc. (family</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">office) (since 2011);</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">President/ Chief</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Investment Officer/</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Strategist, Okabena</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Investment Services</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">(registered investment</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">advisor) (2006-2011).</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2"><br></font></p> <br> <hr size="1" width="15%" color="#000000" align="left"> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="3%" valign="bottom" align="left"><font face="Times New Roman" size="2"><sup>(a)</sup></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Trustees who are not “interested persons” of the Trust as defined in the 1940 Act.</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><sup>(b)</sup></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Each Trustee serves until resignation or removal from the Board.</font></td> </tr> </table><br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>50</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b>  Trustees and Officers</b> </font> <font face="Arial" size="3" color="#ffffff"> <b>(unaudited)</b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b>IVA Funds  </b></font></td> </tr> </table> <br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" colspan="9" align="center"><font face="Arial" size="2"> <b>Interested Trustee</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Number of</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Portfolios </b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Term of </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>in the Fund</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Position(s) </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Office<sup> (a)</sup> and</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Principal </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Complex </b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Held with </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Length of</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Occupation(s) During</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Overseen </b></font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2"><b>Name (Birth Year)</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>the Trust </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Time Served </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Past 5 Years</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>by Trustee </b></font></td> </tr> <tr STYLE="font-size:1px"> <td STYLE="BORDER-top:1px solid #000000" valign="middle" align="left"> </td> <td> </td> <td STYLE="BORDER-top:1px solid #000000" valign="middle" align="left"> </td> <td> </td> <td STYLE="BORDER-top:1px solid #000000" valign="middle" align="left"> </td> <td> </td> <td STYLE="BORDER-top:1px solid #000000" valign="middle" align="left"> </td> <td> </td> <td STYLE="BORDER-top:1px solid #000000" valign="middle" align="left"> </td> </tr> <tr bgcolor="#CCEEFF" valign="TOP"> <td width="8%" valign="top" align="left"><font face="Times New Roman" size="2">Michael W.<br> Malafronte<sup STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(b)<br></sup>(1974)</font></td> <td width="4%"><font face="Times New Roman" size="1"> </font></td> <td width="6%" valign="top" align="left"><font face="Times New Roman" size="2">President and Trustee</font></td> <td width="4%"><font face="Times New Roman" size="1"> </font></td> <td width="6%" valign="top" align="center"><font face="Times New Roman" size="2">since 2008</font></td> <td width="6%"><font face="Times New Roman" size="1"> </font></td> <td width="10%" valign="bottom" align="left"><font face="Times New Roman" size="2">Managing Partner, the Adviser (since 2010); CEO and Research Analyst, the Adviser (2007-2010).</font></td> <td width="6%"><font face="Times New Roman" size="1"> </font></td> <td width="6%" valign="top" align="center"><font face="Times New Roman" size="2">2</font></td> </tr> </table> <BR> <hr size="1" width="15%" color="#000000" align="left"> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><sup STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(a) </sup></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Each Trustee serves until resignation or removal from the Board.</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><sup STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(b) </sup></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Mr. Malafronte is considered an interested trustee due to his position as Managing Partner of the Adviser.</font></td> </tr> </table> <p align="CENTER"><font face="Arial" size="2"><b>Officers of the Trust</b></font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Term of </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Office and</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Position(s) </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Length of</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Held with </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Time</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td nowrap valign="bottom" align="left"><font face="Arial" size="2"><b>Name (Birth Year) and Address<sup>(a)</sup></b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>the Trust </b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Served<sup> (b)</sup></b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="center"><font face="Arial" size="2"><b>Principal Occupation(s) During Past 5 Years</b></font></td> </tr> <tr STYLE="font-size:1px"> <td STYLE="BORDER-top:1px solid #000000" valign="middle" align="left"> </td> <td> </td> <td STYLE="BORDER-top:1px solid #000000" valign="middle" align="left"> </td> <td> </td> <td STYLE="BORDER-top:1px solid #000000" valign="middle" align="left"> </td> <td> </td> <td STYLE="BORDER-top:1px solid #000000" valign="middle" align="left"> </td> </tr> <tr bgcolor="#CCEEFF" valign="TOP"> <td width="20%" valign="bottom" align="left"><font face="Times New Roman" size="2">Shanda Scibilia<br>(1971)</font></td> <td width="4%"><font face="Times New Roman" size="1"> </font></td> <td width="13%" valign="top" align="left"><font face="Times New Roman" size="2">Chief Compliance Officer and Secretary</font></td> <td width="4%"><font face="Times New Roman" size="1"> </font></td> <td width="8%" valign="top" align="center"><font face="Times New Roman" size="2">since 2008</font></td> <td width="4%"><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="left"><font face="Times New Roman" size="2">Chief Operating Officer and Chief Compliance Officer, the Adviser (since 2008).</font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Stefanie J. Hempstead<br>(1973)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="left"><font face="Times New Roman" size="2">Treasurer</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="center"><font face="Times New Roman" size="2">since 2008</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="left"><font face="Times New Roman" size="2">Chief Financial Officer, the Adviser (since 2008).</font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#CCEEFF" valign="TOP"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Christopher Hine<br>(1978)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="left"><font face="Times New Roman" size="2">Assistant Treasurer</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="center"><font face="Times New Roman" size="2">since 2010</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="left"><font face="Times New Roman" size="2">Director of Accounting, the Adviser (since 2009).</font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Philip F. Coniglio<br>(1981)</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="left"><font face="Times New Roman" size="2">Assistant Secretary</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="top" align="center"><font face="Times New Roman" size="2">since 2011</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Fund Operations Manager, the Adviser (since 2009); Director, Morgan Stanley (from 2007 to 2009).</font></td> </tr> </table> <BR> <hr size="1" width="15%" color="#000000" align="left"> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="2%" valign="bottom" align="left"><font face="Times New Roman" size="2"><sup STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(a)</sup></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Each officer’s mailing address is c/o International Value Advisers, LLC, 717 Fifth Avenue, New York, NY 10022.</font></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(b) </sup></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">The term of office of each officer is indefinite. Length of time served represents time served as an officer of the Trust, although various positions may have been held during the period.</font></td> </tr> </table> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2"> </font></td> <td width="3%" STYLE="BORDER-top: #043455 1px solid; BORDER-left: #043455 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>51</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b>  Additional Information</b></font> <font face="Arial" size="3" color="#ffffff"> <b>(unaudited) </b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b>IVA Funds  </b></font></td> </tr> </table> <br> <p align="justify"><font face="Times New Roman" size="2"><b>Board Approval of Investment Advisory Agreement.</b>  At telephonic and in-person meetings held on May 16, 2013 and May 21, 2013, respectively, the Board of Trustees of the Trust (the “Board”), including all of the Trustees who are not “interested persons” of the Trust (the “Independent Trustees”) discussed the Investment Advisory Agreement (the “Advisory Agreement”) related to the Funds.</font></p> <p align="justify"><font face="Times New Roman" size="2">To assist the Board in its evaluation of the Advisory Agreement, the Independent Trustees received comprehensive written materials and other information, in adequate time in advance of the meeting, which outlined, among other things, (i) information confirming the financial condition of the Adviser and the Adviser’s profitability derived from its relationship with each Fund, (ii) information as to the advisory fee rates paid to the Adviser by each Fund and each other fund or account managed by the Adviser, (iii) information as to the advisory fee rates paid by mutual funds to other advisers selected by Morningstar, Inc. (“Morningstar”), (iv) a description of the personnel and the nature and quality of the services provided by the Adviser, (v) information on compliance matters; (vi) comparative information on investment performance of the Funds, and (vii) information regarding brokerage and portfolio transactions of the Funds. The Independent Trustees reviewed the materials provided by the Adviser, which included, among other things, the Morningstar 15(c) Report to the Board of Trustees (the “Morningstar Report”) containing detailed advisory fee, expense ratio and performance comparisons for each Fund with other mutual funds in their “peer group” and “category” as determined by the Morningstar methodology. The Independent Trustees had reviewed the memorandum prepared by Sidley Austin LLP (“Sidley Austin”), Independent Trustee Counsel, outlining the legal duties of the Independent Trustees in evaluating investment advisory arrangements.</font></p> <p align="justify"><font face="Times New Roman" size="2">The Adviser also had provided the Independent Trustees with an analysis of its profitability with respect to providing investment advisory services to each Fund. In addition, it was noted, the Independent Trustees took into account information furnished throughout the year at regular Board meetings, including reports on investment performance, shareholder services, distribution fees and expenses, regulatory compliance and other services provided to each Fund. The Independent Trustees also considered other matters they deemed important to the approval process, such as allocation of Fund brokerage commissions, and other direct and indirect benefits to the Adviser from its relationship with the Funds. The Trustees met throughout the year with the Portfolio Managers of the Funds (the “Portfolio Managers”). It was noted that the Independent Trustees, in their deliberations, recognized that for many of the Funds’ shareholders, the decision to purchase Fund shares included a decision to select the Adviser as the investment adviser for their investments and that there was a strong association in the minds of Fund shareholders between the Adviser and each Fund.</font></p> <p align="justify"><font face="Times New Roman" size="2">In considering factors relating to the approval of the continuance of the Advisory Agreement, the Independent Trustees noted that Sidley Austin had provided the Independent Trustees with assistance and advice. The Independent Trustees stated that with respect to the Advisory Agreement, although it related to both Funds, the Independent Trustees had considered each Fund separately. The Independent Trustees were satisfied that the information requested, including the supplemental information requested, provided the Independent Trustees with the information that they believed, in the exercise of their business judgment, was pertinent, sufficient and comprehensive for the purposes of their evaluation of the continuation of the Advisory Agreement. Among other factors, the Trustees noted that they considered the following:</font></p> <p align="justify"><font face="Times New Roman" size="2"><u><i>The nature, extent and quality of services provided by the Adviser:</i></u>  The Independent Trustees reviewed the services that the Adviser provides to each Fund, including, but not limited to, making the day-to-day investment decisions for each Fund, and generally managing each Fund’s investments in accordance with the stated policies of the Fund. The Independent Trustees noted that throughout the year they discussed with officers and Portfolio Managers of the Funds the types of transactions that were being done on behalf of each Fund. Additionally, the Independent Trustees took into account the services provided by the Adviser to its other accounts that have investment mandates similar to the Funds. In particular, they noted the greater level of portfolio management, compliance and administrative oversight services required for the Funds, mutual funds registered under the 1940 Act, as compared to the Adviser’s institutional accounts. The Independent Trustees also considered the education, background and experience of the Adviser’s personnel, noting in particular that the favorable history and reputation of the Portfolio Managers for the Funds have had, and are likely to continue to have, a favorable impact on the Funds. In this regard, the significant growth of the Funds during the period since inception was noted, as well as the Funds imposition of a soft close and its subsequent impact on asset growth. The Independent Trustees additionally noted the Adviser’s ability to attract qualified and experienced personnel and its continued investment in the growth of its business. The Independent Trustees also considered the administrative services provided by the Adviser, including compliance and accounting services, and oversight of third party service providers. After considering the above factors, the Trustees concluded that the nature, quality and extent of services provided by the Adviser are adequate and appropriate and would continue to be suitable for each Fund. The Independent Trustees’ evaluation of the nature and quality of the services provided by the Adviser supported continuation of the Advisory Agreement.</font></p> <p align="justify"><font face="Times New Roman" size="2"><u><i>Investment performance of each Fund and the Adviser:</i></u>  The Independent Trustees considered the investment performance of each Fund compared to the Morningstar peer funds, the Morningstar category funds and the relevant benchmark index. The Independent Trustees noted that the Funds have been in operation since October 1, 2008, and that the Morningstar Report</font></p> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>52</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b>  Additional Information</b></font> <font face="Arial" size="3" color="#ffffff"> <b>(unaudited) </b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b>IVA Funds  </b></font></td> </tr> </table> <br> <p align="justify"><font face="Times New Roman" size="2">presented performance information since inception and for the one-year and three-year periods ended December 31, 2012. It was noted that, since inception and for the three-year period, the IVA Worldwide Fund outperformed the median of the Morningstar peer group and the Morningstar category on an absolute basis and most risk-adjusted performance bases as presented in the Morningstar Report. For the one-year period, it was noted that while absolute performance was positive, the IVA Worldwide Fund underperformed the median of the Morningstar peer group and Morningstar category on an absolute basis and on most riskadjusted performance bases in the Morningstar Report, but outperformed the median of the Morningstar peer group on two risk-adjusted performance measures (Standard Deviation and Morningstar Risk – an annualized measure of a fund’s downside volatility). Similarly, with respect to the IVA International Fund, the Independent Trustees noted that since inception and for the three-year period, the Fund outperformed the median of the Morningstar peer group and the Morningstar category on an absolute basis and most risk-adjusted performance bases in the Morningstar Report. It was noted that for the one-year period, that while absolute performance was positive, IVA International Fund underperformed the median of the Morningstar peer group and Morningstar category on an absolute basis and on most risk-adjusted performance bases in the Morningstar Report, but outperformed the median of the Morningstar peer group and Morningstar category on two risk-adjusted performance measures (Standard Deviation and Morningstar Risk). Since inception and for the three-year period ended December 31, 2012, the Independent Trustees also noted that the performance of the IVA Worldwide Fund and the IVA International Fund exceeded the performance of each Fund’s benchmark index (the MSCI All Country World Index in the case of the IVA Worldwide Fund and the MSCI All Country World (ex-U.S.) Index in the case of the IVA International Fund), but that each Fund underperformed the applicable benchmark index for the one-year period ended December 31, 2012. The Independent Trustees considered the performance of the Funds in light of the Adviser’s investment approach of focusing on preservation of capital over the short-term and seeking to outperform each Fund’s benchmark over the longer term representing a full market cycle, each Fund’s asset allocation and the overall financial market conditions. Each Fund’s performance on various risk-adjusted bases and upside and downside capture percentages as reported by Morningstar were noted. They also noted that the Adviser’s interests were wellaligned with the Funds’ shareholders as a result of the significant investment in the Funds by the Adviser’s partners. The Independent Trustees determined that each Fund’s performance, in light of all the considerations noted above, was satisfactory. The Independent Trustees determined that the Adviser continued to be an appropriate investment adviser for each Fund and concluded that each Fund’s performance supported the continuation of the Advisory Agreement.</font></p> <p align="justify"><font face="Times New Roman" size="2"><u><i>Cost of the services provided and profits realized by the Adviser from its relationship with each Fund:</i></u>  The Independent Trustees considered the investment advisory fee payable by each Fund as well as the expense ratio of each Fund. The Independent Trustees considered each Fund’s effective advisory fee rate at different asset levels compared to the Morningstar peer group and category funds. It was noted that each Fund’s effective advisory fee rate was above the median for the Morningstar peer group and category funds. It was noted that a number of advisers in the Morningstar peer group and category receive a separate payment from the funds for administrative services provided by the adviser, but that the Adviser does not receive such a payment from the Funds. The Independent Trustees noted that when these separate administrative fees are considered, the Adviser’s fee charged for management services for both Funds is closer to the Morningstar peer group and category medians as of December 31, 2012. The Independent Trustees also noted that the IVA Worldwide Fund’s net and gross expense ratios were lower than the median of the Morningstar category funds for both Class A and Class I shares, but higher than the median of the Morningstar peer group funds for Class A shares, and that the IVA International Fund’s net and gross expense ratios were lower than the median of the Morningstar peer group and category funds for Class A shares, but the net expense ratio was slightly higher and the gross expense ratio was lower than the medians of the Morningstar category funds for Class I shares. The Independent Trustees noted that the net and gross expense ratios for each Fund had declined since the Funds commenced operations and that this decline correlated with the growth in the assets of the Funds. The Independent Trustees concluded that each Fund’s current expense structure is satisfactory.</font></p> <p align="justify"><font face="Times New Roman" size="2">The Independent Trustees also reviewed the fee schedule in effect for the Adviser’s managed separate accounts, and considered that the fees charged to those accounts were lower than those charged to the Funds. The Independent Trustees were aware of the significant shareholder services, legal and regulatory requirements associated with the Adviser’s management of the Funds that was not required in servicing separate accounts.</font></p> <p align="justify"><font face="Times New Roman" size="2">The Independent Trustees had reviewed the portfolio transaction data for each Fund in the Morningstar Report, and noted that the brokerage fee and portfolio turnover ratio for each Fund were below the median of the applicable Morningstar peer group and category funds.</font></p> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td><font face="Times New Roman" size="1"> </font></td> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-left: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>53</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b>  Additional Information</b></font> <font face="Arial" size="3" color="#ffffff"> <b>(unaudited) </b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b>IVA Funds  </b></font></td> </tr> </table> <br> <p align="justify"><font face="Times New Roman" size="2">The Independent Trustees also reviewed information regarding the profitability to the Adviser of its relationship with each Fund. The Independent Trustees considered the level of the Adviser’s profits, the change in profitability over time, and whether the profits were reasonable. The Independent Trustees took into consideration other benefits to be derived by the Adviser in connection with the Advisory Agreement. Since the Adviser has no affiliates with business relationships with the Funds, the Independent Trustees noted that the Adviser receives no additional revenues from providing other services to the Funds. Moreover, the Independent Trustees noted that the Adviser’s interests are well-aligned with the Funds’ shareholders in the efficient management of the services and costs of the third-party service providers to the Funds. The Independent Trustees took into consideration the “soft dollar” research the Adviser receives from brokers which benefits the Funds and other Adviser clients and which might offset expenses the Adviser would otherwise incur. The Independent Trustees also noted the Adviser’s willingness to soft close both Funds and its other investment products to most new investors in order to best execute its investment strategy on behalf of the existing Fund shareholders and investors, and that this would be expected to limit the Adviser’s profitability while benefitting shareholders. The Independent Trustees further noted the continuing investment by the Adviser in both its infrastructure and staff. The Independent Trustees also considered the entrepreneurial risk and financial exposure assumed by the Adviser in developing and managing the Funds. They noted that the development and management of the Funds requires a high degree of knowledge, sophistication and judgment and potentially subjected the Adviser to substantial financial exposure. The Independent Trustees concluded that the profits realized by the Adviser from its relationship with each Fund were reasonable and consistent with fiduciary duties. The Independent Trustees’ evaluation of the Adviser’s profitability supported continuation of the Advisory Agreement.</font></p> <p align="justify"><font face="Times New Roman" size="2"><u><i>The extent to which economies of scale would be realized as the Funds grow and whether fee levels would reflect such economies of scale:</i></u>  The Independent Trustees noted that they considered whether there have been economies of scale in respect to the management of each Fund, whether each Fund appropriately benefitted from any economies of scale and whether there is potential for realization of any further economies of scale. The Independent Trustees noted that the expense ratio of each Fund had declined since the Funds commenced operations due to the growth in the assets of the Funds. They also noted, however, that since the Funds were closed to most new investors, it was not likely that there would be a significant further increase in Fund assets, or a significant decrease in the expense ratio, in the foreseeable future, as evidenced by the relatively stable size of the Funds’ assets since the imposition of the soft close. The Independent Trustees again noted the continuing investment by the Adviser in both its infrastructure and staff which are expected to benefit the Funds and their shareholders. The Independent Trustees concluded that the current fee structure for each Fund was reasonable, that shareholders sufficiently participated in economies of scale at the present time at current asset levels and that no changes were currently necessary. The Independent Trustees’ evaluation of the economies of scale supported continuation of the Advisory Agreement.</font></p> <p align="justify"><font face="Times New Roman" size="2"><u><i>Comparison of services rendered and fees paid to those under other investment advisory contracts, such as contracts of the same and other investment advisers or other clients:</i></u>  The Independent Trustees noted that they compared the services rendered and the fees paid under the Advisory Agreement with those under other investment advisory contracts of other investment advisers managing funds deemed comparable as set forth in the Morningstar Report. The Independent Trustees stated that they also considered the services rendered and fees paid under the Advisory Agreement as compared to the Adviser’s other management contracts with institutional and other accounts with similar investment mandates. As noted above, the Independent Trustees acknowledged the greater level of portfolio management, compliance and administrative oversight services required for the Funds, as well as the higher level of financial exposure assumed, as compared to the Adviser’s institutional accounts and other investment funds. The Independent Trustees determined that, on a comparative basis, the fee under the Advisory Agreement for each Fund was reasonable in relation to the services provided to the Funds, and was lower than the fees charged by the Adviser to its other investment funds. The Independent Trustees’ evaluation of the Adviser’s other fee arrangements and of comparable mutual funds advised by other advisers supported continuation of the Advisory Agreement.</font></p> <p align="justify"><font face="Times New Roman" size="2">No single factor was cited as determinative to the decision of the Trustees. Rather, after weighing all of the considerations and conclusions discussed above, the Trustees, including the Independent Trustees, unanimously recommended approval of the continuation of the Advisory Agreement for each Fund.</font></p> <p align="justify"><font face="Times New Roman" size="2"><b>Proxy Voting.</b>  Information on how the Funds voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio transactions are available (1) without charge, upon request, by calling 866-941-4482, and (2) on the Securities and Exchange Commission (“SEC”) website at www.sec.gov by accessing the Funds’ Form N-PX and Statement of Additional Information in the Funds’ registration statement on Form N-1A.</font></p> <p align="justify"><font face="Times New Roman" size="2"><b>Schedules of Portfolio Holdings.</b>   The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q is available on the SEC’s website at www.sec.gov. The Funds’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. To obtain the Funds’ Form N-Q, shareholders can call 866-941-4482.</font></p> <p align="justify"><font face="Times New Roman" size="2"><b>Trustees and Officers of the Funds. </b>  Additional information about Trustees and officers of the Funds is included in the Statement of Additional Information which is available, without charge, upon request, by calling 866-941-4482.</font></p> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>54</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b>  Fund Expenses</b></font> <font face="Arial" size="3" color="#ffffff"> <b>(unaudited) </b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b>IVA Funds  </b></font></td> </tr> </table> <br> <p align="justify"><font face="Times New Roman" size="2">As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs, including initial sales charges and/or redemption fees; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees and other operating fund expenses. The information on this page is intended to help you understand your ongoing costs of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.</font></p> <p align="justify"><font face="Times New Roman" size="2">This example is based on an investment of $1,000 invested on April 1, 2013 and held for the six months ended September 30, 2013.</font></p> <p align="justify"><font face="Arial" size="2"><b>ACTUAL EXPENSES</b></font></p> <p align="justify"><font face="Times New Roman" size="2">The table below titled “Based on Actual Total Return” provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading titled “Expenses Paid During the Period.”</font></p> <div align="justify"><font face="Arial" size="2"><b>BASED ON ACTUAL TOTAL RETURN FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2013<sup>(a)</sup></b></font></div> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2" color="#ffffff"> <b>Actual</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2" color="#ffffff"> <b>Annualized</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2" color="#ffffff"> <b>Expenses</b></font></td> </tr> <tr bgcolor="#000000"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2" color="#ffffff"> <b>Total</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2" color="#ffffff"> <b>Beginning</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2" color="#ffffff"> <b>Ending</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2" color="#ffffff"> <b>Expense</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2" color="#ffffff"> <b>Paid During</b></font></td> </tr> <tr bgcolor="#000000"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2" color="#ffffff"> <b>Return</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2" color="#ffffff"> <b>Account Value</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2" color="#ffffff"> <b>Account Value</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2" color="#ffffff"> <b>Ratio</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2" color="#ffffff"> <b>the Period<sup>(b)</sup></b></font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Arial" size="2"><b>Worldwide Fund</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Class A</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="3%" valign="bottom" align="right"><font face="Times New Roman" size="2">6.10</font></td> <td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td width="7%"><font face="Times New Roman" size="1"> </font></td> <td width="2%" valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td width="4%" valign="bottom" align="right"><font face="Times New Roman" size="2">1,000.00</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="7%"><font face="Times New Roman" size="1"> </font></td> <td width="2%" valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td width="4%" valign="bottom" align="right"><font face="Times New Roman" size="2">1,061.00</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="7%"><font face="Times New Roman" size="1"> </font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="3%" valign="bottom" align="right"><font face="Times New Roman" size="2">1.27</font></td> <td width="2%" valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td width="7%"><font face="Times New Roman" size="1"> </font></td> <td width="3%" valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td width="3%" valign="bottom" align="right"><font face="Times New Roman" size="2">6.56</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Class C</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5.73</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,000.00</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,057.30</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.02</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10.42</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Class I</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6.28</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,000.00</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,062.80</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.02</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5.27</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Arial" size="2"><b>International Fund</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Class A</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5.91</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,000.00</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,059.10</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.26</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6.50</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Class C</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5.48</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,000.00</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,054.80</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.01</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10.35</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Class I</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6.02</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,000.00</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,060.20</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.01</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5.22</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table> <p align="justify"><font face="Arial" size="2"><b>HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES </b></font></p> <p align="justify"><font face="Times New Roman" size="2">The table below titled “Based on Hypothetical Total Return” provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account values and expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Funds and other funds. To do so, compare the 5% hypothetical example relating to the Funds with the 5% hypothetical examples that appear in the shareholder reports of other funds.</font></p> <p align="justify"><font face="Times New Roman" size="2">Please note that expenses shown in the table below are meant to highlight your ongoing costs and do not reflect any transactional costs, such as initial sales charges (loads) or redemption fees, if any. Therefore, the table is useful in comparing ongoing costs only and will not help you determine your relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.</font></p> <div align="justify"><font face="Arial" size="2"><b>BASED ON HYPOTHETICAL TOTAL RETURN FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2013</b></font></div> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2" color="#ffffff"> <b>Hypothetical</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2" color="#ffffff"> <b>Annualized</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2" color="#ffffff"> <b>Expenses</b></font></td> </tr> <tr bgcolor="#000000"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2" color="#ffffff"> <b>Annualized</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2" color="#ffffff"> <b>Beginning</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2" color="#ffffff"> <b>Ending</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2" color="#ffffff"> <b>Expense</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2" color="#ffffff"> <b>Paid During</b></font></td> </tr> <tr bgcolor="#000000"> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2" color="#ffffff"> <b>Total Return</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2" color="#ffffff"> <b>Account Value</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2" color="#ffffff"> <b>Account Value</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2" color="#ffffff"> <b>Ratio</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2" color="#ffffff"> <b>the Period<sup>(b)</sup></b></font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Arial" size="2"><b>Worldwide Fund</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Class A</font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="1%"><font face="Times New Roman" size="1"> </font></td> <td width="4%" valign="bottom" align="right"><font face="Times New Roman" size="2">5.00</font></td> <td width="3%" valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td width="7%"><font face="Times New Roman" size="1"> </font></td> <td width="2%" valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td width="4%" valign="bottom" align="right"><font face="Times New Roman" size="2">1,000.00</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="7%"><font face="Times New Roman" size="1"> </font></td> <td width="2%" valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td width="4%" valign="bottom" align="right"><font face="Times New Roman" size="2">1,018.70</font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="7%"><font face="Times New Roman" size="1"> </font></td> <td width="2%"><font face="Times New Roman" size="1"> </font></td> <td width="3%" valign="bottom" align="right"><font face="Times New Roman" size="2">1.27</font></td> <td width="3%" valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td width="7%"><font face="Times New Roman" size="1"> </font></td> <td width="3%" valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td width="3%" valign="bottom" align="right"><font face="Times New Roman" size="2">6.43</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Class C</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5.00</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,000.00</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,014.94</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.02</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10.20</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Class I</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5.00</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,000.00</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,019.95</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.02</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5.16</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Arial" size="2"><b>International Fund</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Class A</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5.00</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,000.00</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,018.75</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.26</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">6.38</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Class C</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5.00</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,000.00</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,014.99</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">2.01</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">10.15</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Class I</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5.00</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,000.00</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,020.00</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">1.01</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">5.11</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table><br> <hr size="1" width="15%" color="#000000" align="left"> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="2%" valign="bottom" align="left"><font face="Times New Roman" size="2"><sup>(a)</sup></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Assumes reinvestment of all dividends and capital gain distributions, if any.</font></td> </tr> <tr> <td valign="top" align="left"><font face="Times New Roman" size="2"><sup>(b)</sup></font></td> <td valign="bottom" align="justify"><font face="Times New Roman" size="2">Expenses are equal to the Funds’ respective annualized expense ratio multiplied by the average account value over the period, multiplied by 183 days in the most recent fiscal half-year, then divided by 365.</font></td> </tr> </table> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td><font face="Times New Roman" size="1"> </font></td> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-left: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>55</b></font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b>  Important Tax Information</b></font> <font face="Arial" size="3" color="#ffffff"> <b>(unaudited) </b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b>IVA Funds  </b></font></td> </tr> </table> <br> <p align="justify"><font face="Times New Roman" size="2">For the fiscal year ended September 30, 2013, the Funds will designate up to the maximum amount allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. Complete information will be reported in conjunction with Form 1099-DIV.</font></p> <p align="justify"><font face="Times New Roman" size="2">The Funds may elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share on September 30, 2013 are as follows:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Foreign Source</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Foreign Tax</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Income</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2"> <b>Expense</b></font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 3px solid #000000;"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Worldwide Fund</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> <td width="5%" valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td width="2%" valign="bottom" align="right"><font face="Times New Roman" size="2">0.22</font></td> <td width="5%"><font face="Times New Roman" size="1"> </font></td> <td width="20%"><font face="Times New Roman" size="1"> </font></td> <td width="3%" valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td width="2%" valign="bottom" align="right"><font face="Times New Roman" size="2">0.02</font></td> <td width="3%"><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 1px solid #000000;"> </td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">International Fund</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.37</font></td> <td><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font face="Times New Roman" size="2">0.04</font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr style="font-size:1px;"> <td valign="bottom" colspan="9" style="border-top: 3px solid #000000;"> </td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2">If elected, the pass-through of the foreign tax credit will affect only those persons who are shareholders on the dividend record date in December 2013. These shareholders will receive more detailed information along with their 2013 Form 1099-DIV.</font></p> <br> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr> <td width="3%" STYLE="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid;" valign="middle" align="center"> <font face="Arial" color="#000000" size="2"><b>56</b></font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <br><br><br><br><br><br><br><br><br><br><br> <p align="center"><img src="biglogo.jpg"></p> <br><br><br><br><br><br><br><br><br><br><br> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="4" cellspacing="0" width="100%"> <tr bgcolor="#000000"> <td valign="bottom" align="left"><font face="Arial" size="4" color="#ffffff"><b> </b></font></td> <td valign="bottom" align="right"><font face="Arial" size="4" color="#ffffff"><b>IVA Funds  </b></font></td> </tr> </table> <br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Arial" size="2"><b>www.ivafunds.com </b></font></td> </tr> <tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2"><b>Investment Adviser</b></font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">International Value Advisers, LLC</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">717 Fifth Avenue</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">New York, NY 10022</font></td> </tr> <tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2"><b>Distributor </b></font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">IVA Funds Distributors, LLC</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">3 Canal Plaza, Suite 100</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Portland, ME 04101</font></td> </tr> <tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2"><b>Custodian </b></font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">State Street Bank and Trust Company</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">1200 Crown Colony Drive</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Quincy, MA 02169</font></td> </tr> <tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2"><b>Transfer Agent</b></font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Boston Financial Data Services, Inc.</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">2000 Crown Colony Drive</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Quincy, MA 02169</font></td> </tr> <tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2"><b>Counsel </b></font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">K&L Gates LLP</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">State Street Financial Center</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">One Lincoln Street</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Boston, MA 02111-2950</font></td> </tr> <tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2"><b>Independent Registered Public Accounting Firm</b></font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Ernst & Young LLP</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">200 Clarendon Street</font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Boston MA, 02116-5072</font></td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2">This report is submitted for the general information of the Funds’ shareholders. The report is not authorized for distribution to prospective investors in the Funds unless it is accompanied or preceded by the Funds’ current prospectus, which includes information regarding the Funds’ risks, objectives, fees and expenses, experience of its management, and other information.</font></p> <p align="justify"><font face="Times New Roman" size="2">The commentary within An Owner’s Manual, the Letter from the President, the Letter from the Portfolio Managers, and the Management’s Discussion of Fund Performance reflects their current views and opinions as of the date of this report. Any such views are subject to change at any time based upon market or other conditions and IVA Funds disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions are based on numerous factors, may not be relied on as an indication of trading intent. References to specific securities should not be construed as recommendations or investment advice.</font></p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <p align="right"><font face="Arial" size="2"></font></p> <p><font face="Arial" size="2"><u><b>Item 2. Code of Ethics.</b></u></font></p> <p><font face="Arial" size="2">(a) As of the end of the period covered by this Form N-CSR, the registrant has adopted a code of ethics, as defined in Item 2(b) of Form N-CSR, that applies to the registrant’s principal executive officer and principal financial officer.</font></p> <p><font face="Arial" size="2">(c) The registrant has not amended its code of ethics during the period covered by this Form N-CSR.</font></p> <p><font face="Arial" size="2">(d) The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this Form N-CSR.</font></p> <p><font face="Arial" size="2">(e) Not applicable.</font></p> <p><font face="Arial" size="2">(f) A copy of the registrant’s code of ethics is filed as Exhibit 12(a)(1) to this Form N-CSR.</font></p> <p><font face="Arial" size="2"><u><b>Item 3. Audit Committee Financial Expert.</b></u></font></p> <p><font face="Arial" size="2">(a)(1) The registrant’s Board of Trustees (the “Board”) has determined that the registrant has a member serving on the registrant’s Audit Committee that possess the attributes identified in Form N-CSR to qualify as an “audit committee financial expert.”</font></p> <p><font face="Arial" size="2">(a)(2) The audit committee financial expert is Manu Bammi and he has been deemed to be “independent” as that term is defined in Form N-CSR.<br><br><u><b>Item 4. Principal Accountant Fees and Services. </b></u></font></p> <p><font face="Arial" size="2">The firm of Ernst & Young LLP (“E&Y”) serves as the independent registered public accounting firm for the registrant.</font></p> <p><font face="Arial" size="2">(a) <u>Audit Fees</u>.<u><br></u>For the fiscal years ended September 30, 2012 and September 30, 2013, the aggregate fees billed for professional services rendered by E&Y for the audit of the registrant’s annual financial statements and/or for services that are normally provided by E&Y in connection with statutory and regulatory filings or engagements were $63,000 and $72,500, respectively.</font></p> <p><font face="Arial" size="2">(b) <u>Audit-Related Fees</u>.<u><br></u> For the fiscal years ended September 30, 2012 and September 30, 2013, the aggregate fees billed for assurance and related services rendered by E&Y that are reasonably related to the performance of the audit or review of the registrant’s financial statements and that are not reported under Audit Fees above were $0 and $0, respectively.</font></p> <p><font face="Arial" size="2">For the twelve month periods ended September 30, 2012 and September 30, 2013, the aggregate Audit-Related Fees billed by E&Y that were required to be approved by the registrant’s Audit Committee for audit-related services rendered to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant (the</font></p> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <p><font face="Arial" size="2">“Affiliated Service Providers”) that relate directly to the operations and financial reporting of the registrant were $0 and $0, respectively.</font></p> <p><font face="Arial" size="2">(c) <u>Tax Fees</u>.<u><br></u>For the fiscal years ended September 30, 2012 and September 30, 2013, the aggregate fees billed for tax compliance, tax advice and tax planning by E&Y were $18,000 and $28,525, respectively. Services for which fees in the Tax Fees category are billed include E&Y’s review of the registrant’s U.S. federal income tax returns and the required state corporate income tax returns, as well as E&Y’s review of excise tax distribution calculations.</font></p> <p><font face="Arial" size="2">For the twelve month periods ended September 30, 2012 and September 30, 2013, the aggregate Tax Fees billed by E&Y that were required to be approved by the registrant’s Audit Committee for tax compliance, tax advice and tax planning services rendered on behalf of Affiliated Service Providers that relate directly to the operations and financial reporting of the registrant were $0 and $0 respectively.</font></p> <p><font face="Arial" size="2">(d) <u>All Other Fees</u>.<br>For the fiscal years ended September 30, 2012 and September 30, 2013, the aggregate fees billed by E&Y to the registrant for all services other than services reported under Audit Fees, Audit-Related Fees, and Tax Fees were $30,000 and $0, respectively.</font></p> <p><font face="Arial" size="2">For the twelve month periods ended September 30, 2012 and September 30, 2013, the aggregate fees in this category billed by E&Y that were required to be approved by the registrant’s Audit Committee for services rendered on behalf of Affiliated Service Providers that relate directly to the operations and financial reporting of the registrant were $0 and $0, respectively.</font></p> <p><font face="Arial" size="2">(e)(1) <u>Audit Committee’s Pre-Approval Policies and Procedures</u>.<br>The registrant’s Audit Committee has the sole authority to pre-approve all audit and non-audit services to be provided by E&Y to the registrant, subject to the de minimis exceptions for non-audit services described in Section 10A(i)(1)B of the Securities Exchange Act of 1934, as amended (“Exchange Act”). Pre-approval of audit and non-audit services is not required if the engagement to render the services is entered into pursuant to pre-approval policies and procedures established by the Audit Committee (the “Pre-Approval Procedures”). The registrant’s Audit Committee adopted Pre-Approval Procedures on November 9, 2009, which generally permit:</font></p> <p><font face="Arial" size="2"><i>Audit-Related Services</i> consisting of: (i) consultations regarding accounting, operational or regulatory implications, or regulatory/compliance matters of proposed or actual transactions affecting the operations or financial reporting and (ii) other auditing procedures and issuance of special purpose reports;</font></p> <p><font face="Arial" size="2"><i>Tax Services</i> consisting of: (i) recurring tax services and (ii) consultations regarding tax consequences of proposed or actual transactions; and</font></p> <p><font face="Arial" size="2"><i>Other Non-Audit Services</i> including: (i) business support, (ii) other control and regulatory compliance projects and (iii) training.</font></p> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <p><font face="Arial" size="2">All such services are subject to a per calendar quarterly limitation.</font></p> <p><font face="Arial" size="2">(e)(2) <u>Percentage of Services</u>.<br> None of the services described in each of paragraphs (b) through (d) of this Item were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.</font></p> <p><font face="Arial" size="2">(f) Not applicable.</font></p> <p><font face="Arial" size="2">(g) For the fiscal years ended September 30, 2012 and September 30, 2013, the aggregate non-audit fees billed by E&Y for services rendered to the registrant were $48,000 and $28,525, respectively.</font></p> <p><font face="Arial" size="2">For the twelve month periods ended September 30, 2012 and September 30, 2013, the aggregate non-audit fees billed by E&Y for services rendered to the Affiliated Service Providers were $0 and $0, respectively.</font></p> <p><font face="Arial" size="2">(h) Not applicable.</font></p> <p><font face="Arial" size="2"><u><b>Item 5. Audit Committee of Listed Registrants.</b></u></font></p> <p><font face="Arial" size="2">Not applicable to the registrant.</font></p> <p><font face="Arial" size="2"><u><b>Item 6. Schedule of Investments.</b> </u></font></p> <p><font face="Arial" size="2">(a) The audited schedules of investments are included in the report to shareholders filed under Item 1 of this Form N-CSR.</font></p> <p><font face="Arial" size="2">(b) Not applicable.</font></p> <p><font face="Arial" size="2"><u><b>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</b></u></font></p> <p><font face="Arial" size="2">Not applicable to the registrant.</font></p> <p><font face="Arial" size="2"><u><b>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</b></u></font></p> <p><font face="Arial" size="2">Not applicable to the registrant.</font></p> <p><font face="Arial" size="2"><u><b>Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</b></u></font></p> <p><font face="Arial" size="2">Not applicable to the registrant.<br><br><u> <b>Item 10. Submission of Matters to a Vote of Security Holders.</b></u></font></p> <p><font face="Arial" size="2">The registrant does not have procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees. The Nominating and Governance</font></p> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <p><font face="Arial" size="2">Committee may, in its sole discretion, consider nominees recommended by each Fund’s shareholders.</font></p> <p><font face="Arial" size="2"><u><b>Item 11. Controls and Procedures.</b> </u></font></p> <p><font face="Arial" size="2">(a) Within 90 days of the filing date of this Form N-CSR, Michael W. Malafronte, the registrant’s President and Chief Executive Officer, and Stefanie J. Hempstead, the registrant’s Treasurer and Chief Financial Officer, reviewed the registrant’s Disclosure Controls and Procedures and Internal Control over Financial Reporting (the “Procedures”) (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) and evaluated their effectiveness. Based on their review, Mr. Malafronte and Ms. Hempstead determined that the Procedures are reasonably designed to ensure that information required to be disclosed by the registrant on Form N-CSR is accumulated and communicated to the registrant’s management to allow timely decisions regarding required disclosure.</font></p> <p><font face="Arial" size="2">(b) There were no changes in the registrant’s Procedures (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s Procedures.</font></p> <p><font face="Arial" size="2"><u><b>Item 12. Exhibits.</b></u></font></p> <p><font face="Arial" size="2">(a)(1) Code of Ethics referred to in Item 2 is filed herewith.</font></p> <p><font face="Arial" size="2">(a)(2) The certifications required by Rule 30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”) are filed herewith.</font></p> <p><font face="Arial" size="2">(a)(3) Not applicable.</font></p> <p><font face="Arial" size="2">(b) The certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act are filed herewith.</font></p> <p><font face="Arial" size="2">The certifications provided pursuant to Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act are not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates them by reference.</font></p> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <p><font face="Arial" size="2"><b>SIGNATURES</b></font></p> <p align="justify"><font face="Arial" size="2">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.<br><br>IVA FIDUCIARY TRUST</font></p> <table border="0" cellpadding="0" cellspacing="0" width="50%"> <tr> <td width="10%" valign="bottom" align="left"><font face="Arial" size="2">By:</font></td> <td valign="bottom" align="left"><font face="Arial" size="2"><u>/s/ Michael W. Malafronte                           </u></font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Michael W. Malafronte</font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">President and Chief Executive Officer</font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2">Date:</font></td> <td valign="bottom" align="left"><font face="Arial" size="2">November 27, 2013</font></td> </tr> </table> <p align="justify"><font face="Arial" size="2">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</font></p> <table border="0" cellpadding="0" cellspacing="0" width="50%"> <tr> <td width="10%" valign="bottom" align="left"><font face="Arial" size="2">By:</font></td> <td valign="bottom" align="left"><font face="Arial" size="2"><u>/s/ Michael W. Malafronte                           </u></font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Michael W. Malafronte</font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">President and Chief Executive Officer</font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2">Date:</font></td> <td valign="bottom" align="left"><font face="Arial" size="2">November 27, 2013</font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2">By:</font></td> <td valign="bottom" align="left"><font face="Arial" size="2"><u>/s/ Stefanie J. Hempstead                           </u></font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Stefanie J. Hempstead</font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Treasurer and Chief Financial Officer</font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2">Date:</font></td> <td valign="bottom" align="left"><font face="Arial" size="2">November 27, 2013</font></td> </tr> </table> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>EX-12 <SEQUENCE>2 <FILENAME>e26153_ex12a1.htm <TEXT> <p align="right"><font face="Times New Roman" size="2">Exhibit 12 (a)(1)</font></p> <p align="center"><font face="Times New Roman" size="2"><b>CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND<br>SENIOR FINANCIAL OFFICERS</b></font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="bottom" align="left"><font face="Times New Roman" size="2">I.</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Covered Officers/Purpose of the Code</b></font></td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2">          This Code of Ethics (the “Code”) shall apply to IVA Fiduciary Trust’s (the “Trust”) Principal Executive Officer and Principal Financial Officer (the “Covered Officers,” each of whom is named in Exhibit A attached hereto), consistent with and in furtherance of their fiduciary duties, and for the purpose of promoting:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="center"><font face="Times New Roman" size="2"><b>• </b></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;</font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="top" align="center"><font face="Times New Roman" size="2"><b>• </b></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Trust;</font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="top" align="center"><font face="Times New Roman" size="2"><b>• </b></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">compliance with applicable laws and governmental rules and regulations;</font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="top" align="center"><font face="Times New Roman" size="2"><b>• </b></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and</font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="top" align="center"><font face="Times New Roman" size="2"><b>• </b></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">accountability for adherence to the Code.</font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2">Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="bottom" align="left"><font face="Times New Roman" size="2">II.</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest</b></font></td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2">          <b>Overview. </b> A “conflict of interest” occurs when a Covered Officer’s private interest has the potential to interfere with the interests of, or his or her service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust. Covered Officers must avoid conduct that conflicts, or appears to conflict, with their duties to the Trust. All Covered Officers should conduct themselves such that any reasonable observer would have no grounds for belief that a conflict of interest has not been appropriately addressed and resolved. Covered Officers are not permitted to self-deal or otherwise to use their positions with the Trust to further their own or any other related person’s business opportunities.</font></p> <p align="justify"><font face="Times New Roman" size="2">          This Code does not, and is not intended to, repeat or replace the programs and procedures or codes of ethics of the Trust’s investment advisor.</font></p> <p align="justify"><font face="Times New Roman" size="2">          Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and its investment advisor of which the Covered Officers may be officers or employees. As a result,</font></p> <p align="right"><font face="Times New Roman" size="2">1</font></p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <p align="justify"><font face="Times New Roman" size="2">this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or the investment advisor), be involved in establishing policies and implementing decisions that will have different effects on the service providers and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and its service providers and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act of 1940, as amended (“Investment Company Act”) and the Investment Advisers Act of 1940, as amended, such activities will be deemed to have been handled ethically.</font></p> <p align="justify"><font face="Times New Roman" size="2">          The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should be properly disclosed to the Trust and resolved by persons who do not have a personal interest.</font></p> <p align="center"><font face="Times New Roman" size="2">*               *                *               *</font></p> <p align="justify"><font face="Times New Roman" size="2">Each Covered Officer must not:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="center"><font face="Times New Roman" size="2"><b>• </b></font></td> <td valign="top" align="left"><font face="Times New Roman" size="2">use his or her personal influence or personal relationship improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally;</font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="top" align="center"><font face="Times New Roman" size="2"><b>• </b></font></td> <td valign="top" align="left"><font face="Times New Roman" size="2">cause the Trust to take action, or fail to take action, for the improper personal benefit of the Covered Officer; or</font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="top" align="center"><font face="Times New Roman" size="2"><b>• </b></font></td> <td valign="top" align="left"><font face="Times New Roman" size="2">retaliate against any other Covered Officer or any employee of the Trust or its affiliated persons for reports that are made in good faith of actual or of potential violations by the Trust or such affiliated persons of applicable rules and regulations.</font></td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2">          Each Covered Officer must discuss certain material conflict of interest situations with the Trust’s Audit Committee. Examples of such situations include:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="center"><font face="Times New Roman" size="2"><b>• </b></font></td> <td valign="top" align="left"><font face="Times New Roman" size="2">service as a director on the Board of a publicly traded company;</font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="top" align="center"><font face="Times New Roman" size="2"><b>• </b></font></td> <td valign="top" align="left"><font face="Times New Roman" size="2">accepting directly or indirectly investment opportunities, gifts or other gratuities from individuals conducting or seeking to conduct business with the Trust or the Trust’s investment advisor. However, Covered Officers may accept gifts from a single giver in aggregate amounts not exceeding $100, and may attend business meals, sporting events and other entertainment events at the expense of a giver as long as the expense is reasonable and both the giver(s) and the Covered Officer(s) are present;</font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="top" align="center"><font face="Times New Roman" size="2"><b>• </b></font></td> <td valign="top" align="left"><font face="Times New Roman" size="2">any direct or indirect ownership interest in, financial relationships with, or any consulting or employment relationship with, any of the Trust’s service providers; and</font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="top" align="center"><font face="Times New Roman" size="2"><b>• </b></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares.</font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table> <p align="right"><font face="Times New Roman" size="2">2</font></p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td width="4%" valign="bottom" align="left"><font face="Times New Roman" size="2">III.</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Disclosure and Compliance</b></font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width=4%" valign="top" align="center"><font face="Times New Roman" size="2"><b>• </b></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust.</font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="top" align="center"><font face="Times New Roman" size="2"><b>• </b></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Each Covered Officer should not knowingly or negligently misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust’s Board, Audit Committee and independent auditors, and to governmental regulators, self-regulators and self-regulatory organizations.</font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="top" align="center"><font face="Times New Roman" size="2"><b>• </b></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust and its service providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents that the Trust files with, or submits to, the SEC and in other public communications made by the Trust.</font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="top" align="center"><font face="Times New Roman" size="2"><b>• </b></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">It is the responsibility of each Covered Officer to promote and encourage professional integrity in all aspects of the Trust’s operations.</font></td> </tr> </table> <br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="bottom" align="left"><font face="Times New Roman" size="2">IV.</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Reporting and Accountability</b></font></td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2">          Each Covered Officer must:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="center"><font face="Times New Roman" size="2"><b>• </b></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), sign and return a report in the form of Exhibit B to the person named in Exhibit A affirming that he or she has received, read and understands the Code;</font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="top" align="center"><font face="Times New Roman" size="2"><b>• </b></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">annually sign and return a report in the form of Exhibit C to the person named in Exhibit A affirming that he or she has complied with the requirements of the Code; and</font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="top" align="center"><font face="Times New Roman" size="2"><b>• </b></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">notify the Trust’s Audit Committee promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.</font></td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2">          The Trust’s Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation including any approvals or waivers sought by the Covered Officers.</font></p> <p align="justify"><font face="Times New Roman" size="2">          The Audit Committee will follow these procedures in investigating and enforcing this Code:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="center"><font face="Times New Roman" size="2"><b>• </b></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">The Audit Committee will take all appropriate actions to investigate any potential violations reported to the Committee.</font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="top" align="center"><font face="Times New Roman" size="2"><b>• </b></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">If, after such investigation, the Audit Committee believes that no violation has occurred, the Audit Committee is not required to take any further action.</font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="top" align="center"><font face="Times New Roman" size="2"><b>• </b></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Any matter that the Audit Committee believes is a violation of this Code will be reported to the full Board.</font></td> </tr> </table> <p align="right"><font face="Times New Roman" size="2">3</font></p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="center"><font face="Times New Roman" size="2"><b>• </b></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">If the Board concurs that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to the appropriate personnel of the investment advisor, administrator or its board; and possible dismissal of the Covered Officer as an officer of the Trust.</font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="top" align="center"><font face="Times New Roman" size="2"><b>• </b></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">The Audit Committee will be responsible for granting waivers of provisions of this Code, as appropriate.</font></td> </tr> <tr> <td align="left"><font face="Times New Roman" size="1"> </font></td> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="top" align="center"><font face="Times New Roman" size="2"><b>• </b></font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.</font></td> </tr> </table> <br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="bottom" align="left"><font face="Times New Roman" size="2">V.</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Other Policies and Procedures</b></font></td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2">          This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust or the Trust’s investment advisor govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust’s and the investment advisor’s code of ethics under Rule 17j-1 under the Investment Company Act and the investment advisor’s other policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="bottom" align="left"><font face="Times New Roman" size="2">VI.</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Amendments </b></font></td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2">          Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="bottom" align="left"><font face="Times New Roman" size="2">VII.</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Confidentiality </b></font></td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2">          All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trust’s Board or Audit Committee.</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="bottom" align="left"><font face="Times New Roman" size="2">VIII.</font></td> <td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Internal Use</b></font></td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2">          The Code is intended solely for internal use by the Trust and does not constitute an admission, by or on behalf of Trust, as to any fact, circumstance or legal conclusion.</font></p> <p align="justify"><font face="Times New Roman" size="2">Adopted: March 6, 2009</font></p> <p align="right"><font face="Times New Roman" size="2">4</font></p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2">EXHIBIT A</font></td> </tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Persons Covered by this Code of Ethics:</font></td> </tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:40px; text-indent:-10px;"><font face="Times New Roman" size="2">Michael W. Malafronte (Principal Executive Officer)</font></p></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:40px; text-indent:-10px;"><font face="Times New Roman" size="2">Stefanie Hempstead (Principal Financial Officer)</font></p></td> </tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">Recipient of reports under Article IV</font></td> </tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><p style="margin-left:40px; text-indent:-10px;"><font face="Times New Roman" size="2">Shanda Scibilia (Chief Compliance Officer)</font></p></td> </tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table> <p align="right"><font face="Times New Roman" size="2">5</font></p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2">EXHIBIT B</font></td> </tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2">INITIAL CERTIFICATION FORM</font></td> </tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2">          This is to certify that I have read and understand the Code of Ethics for Principal Executive and Senior Financial Officers of IVA Fiduciary Trust, dated _____________, and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">               Please sign your name here:  __________________________</font></td> </tr> <tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">               Please print your name here:  _________________________</font></td> </tr> <tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">               Please date here:   _________________________________</font></td> </tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table> <p align="right"><font face="Times New Roman" size="2">6</font></p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2">EXHIBIT C</font></td> </tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="center"><font face="Times New Roman" size="2">ANNUAL CERTIFICATION FORM</font></td> </tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table> <p align="justify"><font face="Times New Roman" size="2">          This is to certify that I have read and understand the Code of Ethics for Principal Executive and Senior Financial Officers of IVA Fiduciary Trust dated ____________, (the “Code”) and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.</font></p> <p align="justify"><font face="Times New Roman" size="2">          This is to further certify that I have complied with the requirements of the Code during the period of ___________ through ____________.</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">               Please sign your name here:  __________________________</font></td> </tr> <tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">               Please print your name here:  _________________________</font></td> </tr> <tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Times New Roman" size="2">               Please date here:   _________________________________</font></td> </tr> <td><font face="Times New Roman" size="1"> </font></td> </tr> </table> <p align="right"><font face="Times New Roman" size="2">7</font></p> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>EX-12 <SEQUENCE>3 <FILENAME>e26153_ex12a2.htm <TEXT> <html> <body> <p align="right"><font face="Arial" size="2">Exhibit 12(a)(2)</font></p> <p align="center"><font face="Arial" size="2"><u><b>CERTIFICATIONS</b></u></font></p> <p><font face="Arial" size="2">I, Michael W. Malafronte, certify that:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="bottom" align="left"><font face="Arial" size="2">1.</font></td> <td colspan="2" valign="bottom" align="left"><font face="Arial" size="2">I have reviewed this report on Form N-CSR of IVA Fiduciary Trust;</font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="top" align="left"><font face="Arial" size="2">2.</font></td> <td colspan="2" valign="bottom"><div align="justify"><font face="Arial" size="2">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></div></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="top" align="left"><font face="Arial" size="2">3.</font></td> <td colspan="2" valign="bottom"><div align="justify"><font face="Arial" size="2">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</font></div></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="top" align="left"><font face="Arial" size="2">4.</font></td> <td colspan="2" valign="bottom"><div align="justify"><font face="Arial" size="2">The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</font></div></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td width="4%" valign="top" align="left"><font face="Arial" size="2">a)</font></td> <td valign="bottom"><div align="justify"><font face="Arial" size="2">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></div></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="top" align="left"><font face="Arial" size="2">b)</font></td> <td valign="bottom"><div align="justify"><font face="Arial" size="2">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></div></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="top" align="left"><font face="Arial" size="2">c)</font></td> <td valign="bottom"><div align="justify"><font face="Arial" size="2">Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</font></div></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="top" align="left"><font face="Arial" size="2">d)</font></td> <td valign="bottom"><div align="justify"><font face="Arial" size="2">Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and</font></div></td> </tr> </table> <br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font face="Arial" size="2">5.</font></td> <td colspan="2" valign="bottom"><div align="justify"><font face="Arial" size="2">The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):</font></div></td> </tr> <tr> <td width="4%" align="left"><font face="Arial" size="1"> </font></td> <td width="4%" align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="top" align="left"><font face="Arial" size="2">a)</font></td> <td valign="bottom"><div align="justify"><font face="Arial" size="2">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and</font></div></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="top" align="left"><font face="Arial" size="2">b)</font></td> <td valign="bottom"><div align="justify"><font face="Arial" size="2">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.</font></div></td> </tr> </table><br><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="bottom" align="left"><font face="Arial" size="2">By:</font></td> <td valign="bottom" align="left"><font face="Arial" size="2"><u>/s/ Michael W. Malafronte                           </u></font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Michael W. Malafronte</font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">President and Chief Executive Officer</font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td nowrap valign="bottom" align="left"><font face="Arial" size="2">Date: </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">November 27, 2013</font></td> </tr> </table> <br> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <br clear="all" style="page-break-before:always;"> <!--page--> <p align="right"><font face="Arial" size="2">Exhibit 12(a)(2)</font></p> <p align="center"><font face="Arial" size="2"><u><b>CERTIFICATIONS</b></u></font></p> <p><font face="Arial" size="2"><b><br></b>I, Stefanie J. Hempstead, certify that:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="bottom" align="left"><font face="Arial" size="2">1.</font></td> <td colspan="2" valign="bottom" align="left"><font face="Arial" size="2">I have reviewed this report on Form N-CSR of IVA Fiduciary Trust;</font></td> </tr> <tr> <td width="4%" align="left"><font face="Arial" size="1"> </font></td> <td width="4%" align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="top" align="left"><font face="Arial" size="2">2.</font></td> <td colspan="2" valign="bottom"><div align="justify"><font face="Arial" size="2">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></div></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="top" align="left"><font face="Arial" size="2">3.</font></td> <td colspan="2" valign="bottom"><div align="justify"><font face="Arial" size="2">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</font></div></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="top" align="left"><font face="Arial" size="2">4.</font></td> <td colspan="2" valign="bottom"><div align="justify"><font face="Arial" size="2">The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</font></div></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="top" align="left"><font face="Arial" size="2">a)</font></td> <td valign="bottom"><div align="justify"><font face="Arial" size="2">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></div></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="top" align="left"><font face="Arial" size="2">b)</font></td> <td valign="bottom"><div align="justify"><font face="Arial" size="2">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></div></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="top" align="left"><font face="Arial" size="2">c)</font></td> <td valign="bottom"><div align="justify"><font face="Arial" size="2">Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</font></div></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="top" align="left"><font face="Arial" size="2">d)</font></td> <td valign="bottom"><div align="justify"><font face="Arial" size="2">Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and</font></div></td> </tr> </table> <br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td valign="top" align="left"><font face="Arial" size="2">5.</font></td> <td colspan="2" valign="bottom"><div align="justify"><font face="Arial" size="2">The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):</font></div></td> </tr> <tr> <td width="4%" align="left"><font face="Arial" size="1"> </font></td> <td width="4%" align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="top" align="left"><font face="Arial" size="2">a)</font></td> <td valign="bottom"><div align="justify"><font face="Arial" size="2">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and</font></div></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="top" align="left"><font face="Arial" size="2">b)</font></td> <td valign="bottom"><div align="justify"><font face="Arial" size="2">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.</font></div></td> </tr> </table><br><br> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="bottom" align="left"><font face="Arial" size="2">By:</font></td> <td valign="bottom" align="left"><font face="Arial" size="2"><u>/s/ Stefanie J. Hempstead                           </u></font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Stefanie J. Hempstead</font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Treasurer and Chief Financial Officer</font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td nowrap valign="bottom" align="left"><font face="Arial" size="2">Date: </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">November 27, 2013</font></td> </tr> </table> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>EX-12 <SEQUENCE>4 <FILENAME>e26153_ex12b.htm <TEXT> <html> <body> <p align="right"><font face="Arial" size="2">Exhibit 99.906CERT</font></p> <p align="right"><font face="Arial" size="2">Exhibit 12(b)</font></p><br> <p align="center"><font face="Arial" size="2"><u>Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u></font></p> <p align="justify"><font face="Arial" size="2">            Michael W. Malafronte, President and Chief Executive Officer, and Stefanie J. Hempstead, Treasurer and Chief Financial Officer of IVA Fiduciary Trust (the “Trust”), each certify that to his and her knowledge:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%" align="left"><font face="Arial" size="1"> </font></td> <td width="3%" valign="top" align="left"><font face="Arial" size="2">1.</font></td> <td valign="bottom"><div align="justify"><font face="Arial" size="2">The Trust’s periodic report on this Form N-CSR (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</font></div></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="top" align="left"><font face="Arial" size="2">2.</font></td> <td valign="bottom" align="left"><font face="Arial" size="2">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.</font></td> </tr> </table><br><br> <table border="0" cellpadding="0" cellspacing="0" width="50%"> <tr> <td width="10%" valign="bottom" align="left"><font face="Arial" size="2">By:</font></td> <td valign="bottom" align="left"><font face="Arial" size="2"><u>/s/ Michael W. Malafronte                           </u></font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Michael W. Malafronte</font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">President and Chief Executive Officer</font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2">Date:</font></td> <td valign="bottom" align="left"><font face="Arial" size="2">November 27, 2013</font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2">By:</font></td> <td valign="bottom" align="left"><font face="Arial" size="2"><u>/s/ Stefanie J. Hempstead                           </u></font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Stefanie J. Hempstead</font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td valign="bottom" align="left"><font face="Arial" size="2">Treasurer and Chief Financial Officer</font></td> </tr> <tr> <td align="left"><font face="Arial" size="1"> </font></td> <td><font face="Arial" size="1"> </font></td> </tr> <tr> <td valign="bottom" align="left"><font face="Arial" size="2">Date:</font></td> <td valign="bottom" align="left"><font face="Arial" size="2">November 27, 2013</font></td> </tr> </table> <p><font face="Arial" size="2">A signed original of this written statement has been provided to the Trust and will be retained by the Trust and furnished to the Commission or its staff upon request.</font></p> <p><font face="Arial" size="2">This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.</font></p> </body> </html> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>GRAPHIC <SEQUENCE>5 <FILENAME>vaulx_lardemelle.jpg <TEXT> begin 644 vaulx_lardemelle.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_ MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"`'"`*$#`2(``A$!`Q$!_\0` M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4% M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D* M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! 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