Fund Financial Statements

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Muzinich Funds

Muzinich Americayield Fund

Muzinich €uropeyield Fund

Muzinich Transatlanticyield Fund

Muzinich Enhancedyield Short-Term Fund

Muzinich ShortDurationHighYield Fund

Muzinich Bondyield ESG Fund

Muzinich LongShortCreditYield Fund

Muzinich EmergingMarketsShortDuration Fund

Muzinich Global Tactical Credit Fund

New York London Cologne Paris Zurich Milan

email: info@muzinich.com web: www.muzinich.com

Fund Financial Statements

2013

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Investment Manager’s Report 12

Independent Auditors’ Report 15

Portfolio of Investments 16

Profit and Loss Account 93

Statement of Movement in Net Assets Attributable to Unitholders 97

Balance Sheet 101

Notes to the Financial Statements 109

Directory 171

Schedule of Significant Portfolio Changes (Unaudited) 173

Appendix I – Total Expense Ratio (Unaudited) 182

Appendix II – Portfolio Turnover Rate (Unaudited) 184

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General Information

The following information is derived from and should be read in conjunction with the full text and definitions section of the Prospectus.

Muzinich Funds (the ―Fund‖) was constituted on 8 May 1998 as an open-ended umbrella unit trust.

The Fund is authorised by the Central Bank of Ireland (the ―Central Bank‖) pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the ―UCITS Regulations‖).

At 30 November 2013, the Fund comprised of nine Sub-Funds. The names and initial trading dates are as follows:

Sub-Fund Launch Date

Americayield Fund 13 May 1998

€uropeyield Fund 15 June 2000

Transatlanticyield Fund 25 July 2003

Enhancedyield Short-Term Fund 26 November 2003

ShortDurationHighYield Fund 4 October 2010

Bondyield ESG Fund 14 May 2011

LongShortCreditYield Fund 19 June 2012

EmergingMarketsShortDuration Fund 22 July 2013

Global Tactical Credit Fund 14 November 2013

All of the Sub-Funds are registered for sale in Switzerland. There is no cross liability between the Sub-Funds.

The following Units of the Sub-Funds are listed on the Irish Stock Exchange:

Sub-Fund Unit Class

Americayield Fund Hedged US$ Accumulation Units

Hedged US$ Accumulation R Units Hedged US$ Income Units Hedged Euro Discretionary Units Hedged Euro Accumulation Units Hedged Euro Accumulation R Units Hedged Euro Income Units Hedged GBP Income Units Hedged GBP Accumulation Units

€uropeyield Fund Hedged Euro Income Units

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may at its sole discretion waive such fee or fees or differentiate between applicants as to the amount of such fee or fees within the permitted limits. There is no current intention to charge a subscription fee unless requested by an intermediary.

Minimum subscriptions

The minimum initial subscription for the launched units is set out below:

Sub-Fund and Unit Class Minimum Initial Subscription

Americayield Fund

Hedged US$ Accumulation Units US$100,000

Hedged US$ Accumulation R Units US$1,000

Hedged US$ Accumulation S Units* US$100,000,000

Hedged US$ Income Units US$100,000

Hedged US$ Income R Units* US$1,000

Hedged Euro Discretionary Units €100,000

Hedged Euro Accumulation Units €100,000

Hedged Euro Accumulation R Units €1,000

Hedged Euro Income Units €100,000

Hedged GBP Income Units GBP100,000

Hedged GBP Accumulation Units GBP100,000

Hedged GBP Accumulation H Units* GBP8,000,000

Hedged CHF Accumulation R Units CHF1,000

Hedged CHF Income R Units CHF1,000

€uropeyield Fund

Hedged Euro Income Units €100,000

Hedged Euro Accumulation Units €100,000

Hedged GBP Accumulation Units GBP100,000

Hedged SEK Accumulation R Units SEK5,000

Transatlanticyield Fund

Hedged GBP Accumulation Units GBP100,000

Hedged GBP Income Units GBP100,000

Hedged Euro Accumulation Units €100,000

Hedged Euro Accumulation R Units €1,000

Hedged Euro Discretionary S Units €100,000,000

Hedged US$ Accumulation Units US$100,000

Hedged NOK Accumulation R Units* NOK5,000

Hedged SEK Accumulation R Units* SEK5,000

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General Information cont/d…

Minimum subscriptions cont/d…

Sub-Fund and Unit Class Minimum Initial Subscription

Enhancedyield Short-Term Fund

Hedged Euro Accumulation Units €100,000

Hedged Euro Accumulation R Units €1,000

Hedged Euro Income Units €100,000

Hedged US$ Accumulation Units US$100,000

Hedged US$ Accumulation R Units US$1,000

Hedged GBP Income Units GBP75,000

Hedged CHF Accumulation R Units CHF1,000

ShortDurationHighYield Fund

Hedged CAD Accumulation Units CAD100,000

Hedged CHF Accumulation Units CHF100,000

Hedged CHF Accumulation R Units CHF1,000

Hedged CHF Accumulation S Units* CHF100,000,000

Hedged CHF Income S Units* CHF100,000,000

Hedged Euro Accumulation Units €100,000

Hedged Euro Accumulation H Units* €10,000,000

Hedged Euro Accumulation R Units €1,000

Hedged Euro Income Units* €100,000

Hedged Euro Income H Units* €10,000,000

Hedged Euro Income R Units* €1,000

Hedged Euro Income S Units* €100,000,000

Hedged GBP Accumulation R Units GBP1,000

Hedged GBP Income Units GBP75,000

Hedged GBP Income H Units* GBP8,000,000

Hedged GBP Income R Units GBP1,000

Hedged GBP Income S Units US$100,000,000 or GBP equivalent

Hedged JPY Income S Units US$100,000,000

Hedged NOK Accumulation R Units NOK5,000

Hedged SEK Accumulation R Units SEK5,000

Hedged US$ Accumulation Units US$100,000

Hedged US$ Accumulation H Units* US$10,000,000

Hedged US$ Accumulation R Units US$1,000

Hedged US$ Accumulation S Units* US$100,000,000

Hedged US$ Income Units US$100,000

Hedged US$ Income H Units* US$10,000,000

Hedged US$ Income R Units* US$1,000

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LongShortCreditYield Fund

Hedged CHF Accumulation Units CHF100,000

Hedged Euro Accumulation Units €100,000

Hedged Euro Accumulation Non-Equalisation Units* €100,000

Hedged GBP Accumulation Units GBP75,000

Hedged US$ Accumulation Units US$100,000

EmergingMarketsShortDuration Fund

Hedged Euro Accumulation A Units* €100,000

Hedged GBP Accumulation A Units* GBP75,000

Hedged Euro Accumulation S Units* €100,000,000

Hedged US$ Accumulation S Units* US$100,000,000

Hedged US$ Accumulation A Units* US$100,000

Hedged US$ Accumulation R Units* US$1,000

Global Tactical Credit Fund

Hedged CHF Accumulation S Units* CHF100,000,000

Hedged CHF Income S Units* CHF100,000,000

Hedged Euro Income Founder Units* €100,000,000

Hedged GBP Income Founder Units* US$100,000,000

Hedged US$ Income Founder Units* US$100,000,000 or GBP equivalent * These Units launched during the year.

There is no minimum subscription requirement for subsequent investments.

Dealing

The Dealing Day for all Sub-Funds except the LongShortCreditYield Fund, is each Business Day. The Dealing Day for the LongShortCreditYield Fund is every Friday and the last Business Day of each calendar month. Applications for subscriptions and requests for redemptions of Units in the Sub-Fund must be received by the Administrator at its registered office no later than 4.00pm (Irish time) on the Business Day immediately prior to the relevant Dealing Day. Any application received after the time aforesaid shall be deemed to be made in respect of the next Dealing Day following such relevant Dealing Day. The deadline for receipt of subscription monies is 4.00pm (Irish time), three Business Days after the relevant Dealing Day.

Application and redemption requests should be addressed to the Administrator:

State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay

Dublin 2 Ireland

Tel: +353-1-853-8693

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General Information cont/d…

Distributions

The Manager will determine the distribution policy of each Class of Units in accordance with the criteria as set out in the Supplement of the Sub-Fund. The distributions will normally be paid in or around June and December of each year. Please refer to Note 12 for total distributions made by each Sub-Fund during the year.

The following table illustrates the distributions that were paid over the last 3 financial years by each Sub-Fund: Americayield Fund Date paid Distribution per Hedged US$ Income Units Distribution per Hedged US$ Income R Units Distribution per Hedged Euro Income Units Distribution per Hedged GBP Income Units Distribution per Hedged CHF Income

R Units Distribution Total

10 June 2011 US$3.0810 - US$5.7785 US$5.1414 - US$26,794,147 8 December 2011 US$3.0573 - US$5.8388 US$5.0640 - US$30,178,211 7 June 2012 US$2.9330 - US$5.2371 US$4.9266 US$1.3275 US$33,468,815 10 December 2012 US$2.8690 - US$4.9223 US$4.7712 US$2.4726 US$40,793,246 11 June 2013 US$2.7931 US$2.3417 US$4.9736 US$4.5710 US$2.8377 US$65,109,676 9 December 2013* US$2.7277 US$2.5332 US$4.9325 US$4.5061 US$2.7886 US$58,297,539

€uropeyield Fund

Date paid

Distribution per Income

Unit Distribution Total

10 June 2011 €2.508 €265,088 8 December 2011 €2.675 €258,525 7 June 2012 €2.360 €495,315 10 December 2012 €2.265 €608,330 11 June 2013 €2.169 €795,840 9 December 2013* €2.165 €816,639 Transatlanticyield Fund Date paid Distribution per Hedged GBP Income Units Distribution per Hedged Euro Discretionary

S Units Distribution Total

10 December 2012 US$2.6549 - US$233,467

17 December 2012 - US$2.8073 US$280,729

11 June 2013 US$4.7063 US$8.2871 US$2,842,910

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10 June 2011 €2.9734 - €1,182,365 08 December 2011 €3.1587 - €1,889,649 07 June 2012 €3.1627 - €2,038,129 10 December 2012 €3.2249 €2.3017 €2,728,780 11 June 2013 €2.9548 €2.5100 €3,357,937 9 December 2013* €2.8160 €2.3906 €3,434,852 ShortDurationHighYield Fund Date paid Distribution per Hedged GBP Income S Units Distribution per Hedged GBP Income R Units Distribution per Hedged GBP Income Units Distribution per Hedged US$ Income Units Distribution per Hedged JPY Income S Units Distribution per Hedged EUR Income Units 10 June 2011 - - US$5.154 - - -

8 December 2011 US$1.163 US$2.353 US$3.341 - - -

7 June 2012 US$5.857 US$5.062 US$5.345 US$2.260 - - 10 December 2012 US$5.683 US$5.023 US$5.208 US$3.492 US$0.00005 - 11 June 2013 US$5.346 US$4.640 US$4.869 US$3.198 US$0.00036 US$4.085 9 December 2013* US$4.8863 US$4.2065 US$4.4309 US$2.8770 US$0.0003 US$3.8505

Date paid Distribution per Hedged EUR Income H Units Distribution per Hedged EUR Income R Units Distribution per Hedged EUR Income S Units Distribution per Hedged GBP Income H Units Distribution per Hedged US$ Income H Units Distribution per Hedged US$ Income R Units 10 June 2011 - - - - 8 December 2011 - - - - 7 June 2012 - - - - 10 December 2012 - - - -

11 June 2013 US$2.802 US$1.372 US$0.187 US$3.995 US$2.144 US$1.428 9 December 2013* US$3.9989 US$3.6762 US$4.0819 US$4.6783 US$3.0030 US$2.7760

Date paid

Distribution per Hedged US$ Income

S Units Distribution Total

10 June 2011 - US$2,588,944

8 December 2011 - US$11,479,482

7 June 2012 - US$22,407,131

10 December 2012 - US$29,596,570

11 June 2013 - US$33,356,325

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General Information cont/d…

Distributions cont/d…

Bondyield ESG Fund

There were no distributions paid during the year ended 30 November 2013 or during the year ended 30 November 2012, as the Sub-Fund did not have any income class units.

LongShortCreditYield Fund

The Sub-Fund will only issue Accumulation Units. Accumulation Units will accumulate income, realised and unrealised net capital gains/losses and will not pay any distributions in respect of any accounting period.

EmergingMarketsShortDuration Fund

There were no distributing Unit Classes in issue during the period ended 30 November 2013.

Global Tactical Credit Fund

Date paid Distribution per Hedged US$ Income Founder Units US$ Distribution per Hedged Euro Income Founder Units US$ Distribution per Hedged GBP Income Units US$ Distribution per Hedged CHF Income Units US$ Total Distribution US$

9 December 2013* US$0.0658 US$0.0935 US$0.1065 US$0.0708 US$76,782

Significant events during the year

On 14 December 2011, the IFIA published a corporate governance code (―IFIA Code‖ or the ―Code‖) that may be adopted on a voluntary basis by Irish authorised collective investment schemes and management companies. The Directors adopted all corporate governance practices and procedures in the IFIA Code with effect from 31 December 2012.

On 1 July 2013 the trustee fee was reduced to 0.01% p.a. of the Net Asset Value of the Sub-Fund.

The Fund issued a revised Prospectus on 9 July 2013. The principle amendments incorporated into this revised Prospectus were as follows:

Consolidation of all Supplements in issue.

Appointment of Muzinich & Co. Inc. as Sub-Investment Manager and Muzinich & Co. Limited as Investment Manager.

Incorporation of the Central Bank’s required disclosures in relation to cross investments between Sub-Funds, Efficient Portfolio Management techniques and management of collateral.

Revision of each Sub-Fund's investment policy to provide for cross-investment between Sub-Funds, subject to a 2% investment limit.

Establishment of additional Unit Classes within each of the Sub-Funds. Provision for an Anti-Dilution Levy Charge inserted in each Supplement.

Mr. George Muzinich resigned as a director on 3 September 2013. Ms Aiga Ronmanovsky was appointed as a Director on 3 September 2013.

The Central Bank approved the launch of a new Sub-Fund, "EmergingMarketsShortDuration Fund" on 9 July 2013.

The Central Bank approved the launch of a new Sub-Fund, "Global Tactical Credit Fund" on 14 November 2013. A revised Prospectus was issued on 27 September 2013. This was to provide for the launch of Global Tactical Credit Fund which launched on 14 November 2013.

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Europeyield Fund €816,639

Transatlanticyield Fund US$4,676,723

Enhancedyield Short-Term Fund €3,434,852

ShortDurationHighYield Fund US$42,563,765

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Statement of Responsibilities of the Manager

The Manager of the Fund is required by the UCITS Regulations, 2011 (as amended) to prepare financial statements for each annual accounting period which give a true and fair view of the financial position of the Fund at the end of that period, the profit or loss and the movement in net assets attributable to Unitholders resulting from operations for the period then ended. In preparing these financial statements the Manager is required to:

select suitable accounting policies and then apply them consistently; make judgements and estimates that are prudent and reasonable; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Fund will continue in operation.

The Manager is also required to manage the Fund in accordance with the Trust Deed, the UCITS Regulations, 2011 (as amended) and any applicable regulations made by the Central Bank pursuant to the UCITS Regulations, 2011 (as amended) and to maintain proper accounting records to enable them to ensure that the financial statements comply with accounting standards generally accepted in Ireland, the UCITS Regulations, 2011 (as amended) the Listing Rules of the Irish Stock Exchange and the Trust Deed. The Manager is also responsible with respect to its duties under the Unit Trusts Act, 1990 for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Under UCITS Regulations, 2011 (as amended) the assets of the Fund shall be entrusted to the Trustee for safe-keeping. The Manager has appointed State Street Custodial Services (Ireland) Limited to act as Trustee for the Sub-Fund.

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Responsibilities of the Trustee

Our duties and responsibilities are outlined in the Central Bank's UCITS Notice 4. One of those duties is to enquire into the conduct of the Fund in each annual accounting period and report thereon to the Unitholders. Our report shall state whether, in our opinion, the Fund has been managed in that period in accordance with the provisions of the Fund’s Trust Deed and the UCITS Regulations (as amended). It is the overall responsibility of the Manager to comply with these provisions. If the Manager has not so complied, we as Trustee must state why this is the case and outline the steps which we have taken to rectify the situation.

Basis of Trustee Opinion

The Trustee conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in UCITS Notice 4 and to ensure that, in all material respects, the Fund has been managed (i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of its constitutional documentation and the appropriate regulations and (ii) otherwise in accordance with the Fund’s constitutional documentation and the appropriate regulations.

Opinion

In our opinion, the Fund has been managed during the period in all material respects:

(i) in accordance with the limitations imposed on the investment and borrowing powers of the Manager and the Trustee by the Trust Deed and by the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the ―UCITS Regulations‖); and

(ii) otherwise in accordance with the provisions of the Trust Deed and the Regulations.

State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay

Dublin 2 Ireland

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Investment Manager’s Report for the year ended 30 November 2013

Credit Markets during the Fiscal Year: 1 December 2012 to 30 November 2013

During the first half of the fiscal year, US and European corporate credit markets, led by high yield, generated strong, positive performance for the period despite macro headwinds like the looming US fiscal cliff, the Cyprus bank crisis and the Italian elections. Starting in late May, however, the back half of the fiscal year saw corporate credit markets largely driven not by credit quality—which generally remains attractive across both the US and Europe—but by investor responses to broader macroeconomic trends.

On both sides of the Atlantic, statements by the US Federal Reserve came to the forefront in initiating and driving market behavior, temporarily interrupting generally strong, positive performance. After a dubious late May and June in which global fixed income sold off after Federal Reserve (the ―Fed‖) comments regarding a potential reduction in quantitative easing (―QE‖), the market rebounded strongly in July. Investors turned to both riskier and longer-duration investments as the Federal Reserve made clear that they were not yet applying the brake pedal to QE and would, instead, look for further signs of a strong economic recovery before changing course. Markets once again dipped in August as investors feared a potential reduction of QE as a result of increasingly strong economic data, but quickly surged ahead in September and October as the Fed made clear that distractions such as the debt ceiling talks would keep QE flowing in the near term. November saw high yield returns stay positive, but muted, as investors began positioning in shorter duration and less interest rate sensitive credit risk. European credit markets saw further technical support toward year end in the form of an ECB rate cut and rhetoric from Mario Draghi suggesting the possibility of another LTRO (Long Term Refinancing Operation) facility if needed, even as talk of tapering resurfaced in the US. In the end, European credit outperformed US credit as a result of strong demand, even as European credit markets continued to grow through new issuance.

Americayield Fund

The Sub-Fund delivered attractive gross returns during the fiscal year, ahead of the BB/B high yield market in which the Sub-Fund is invested. The Sub-Fund underperformed its broad market benchmark, the BofA Merrill Lynch High Yield Constrained Index (JUC0), which included CCC credits in which the Sub-Fund does not typically invest. CCC bonds outperformed in a year in which credit concerns have remained muted and default rates benign while investors hunted for yield.

The Sub-Fund derived its outperformance of similarly-rated credit markets largely from outperformance amongst credits in the BB spectrum. From an industry perspective, outperformance was concentrated in energy, wireless telecommunications, and utilities—all sectors in which the Sub-Fund’s high credit selectivity and underweighting was rewarded with attractive outperformance—and in chemicals, a sector in which the Sub-Fund was both overweight and outperforming. In a year in which duration mattered a great deal at short-lived inflection points, the Sub-Fund outperformed incrementally across every part of the duration spectrum.

€uropeyield Fund

The Sub-Fund delivered attractive gross returns during the fiscal year, ahead of the European BB/B non-financial high yield market in which the Sub-Fund is invested. The Sub-Fund, however, underperformed its broad market benchmark, the BofA Merrill Lynch Euro High Yield Constrained Index (HEC0), which included CCC and banking credits in which the Sub-Fund is underweight. The Sub-Fund underperformance versus the broader European high yield market was primarily a function of a relative underweight of the outperforming banking sector as well as an overweight of the metals/mining sector which exhibited volatility during the year. On a duration basis, the Sub-Fund benefitted from strong credit selection in short duration bonds. From a ratings perspective, a relative underweight of CCC- credits detracted from performance while an overweight and superior credit selection of B rated credits bolstered the Sub-Fund’s performance.

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duration bonds. From a ratings perspective, superior credit selection of B and B- credits further bolstered performance.

Enhancedyield Short-Term Fund

The Sub-Fund delivered attractive gross returns during the fiscal year, significantly ahead of its German Government 1 to 3 year benchmark. On a sector basis, absolute Sub-Fund performance was bolstered by exposure to the automotive/auto parts and utilities sectors. The Sub-Fund further benefitted from exposure to 1 to 3 year duration bonds and BBB rated credits.

ShortDurationHighYield Fund

The Sub-Fund generated attractive, positive performance over the fiscal year. Throughout the period, the Sub-Fund performed as expected, underperforming the broad market during strong markets and outperforming during periods of volatility, including the delivery of modest positive performance when the broad market dipped into negative territory in August. The Sub-Fund continued to be positioned with a very short duration, higher quality high yield mix a posture we believe will become increasingly important in distinguishing this Sub-Fund’s performance as the Fed becomes less accommodating. The better the broad economic indicators, the more important this Sub-Fund’s short duration stance is likely to become to investors.

Bondyield ESG Fund

The Sub-Fund delivered attractive gross returns during the fiscal year, outpacing similar duration, high quality European government paper and the EMU Corporate, Non-Financial BBB rated market. Outperformance was primarily a result of the Sub-Fund’s minority allocation to high yield. The Sub-Fund also benefitted from superior credit selection in the automotive/auto parts, transportation (excluding air/rail) and energy sectors. While telecom contributed positively to absolute Sub-Fund performance for the year, on a relative basis, it was the greatest detractor. On a duration basis, the Sub-Fund benefitted from superior credit selection of 1 to 3 year duration bonds.

LongShortCreditYield Fund

The Sub-Fund delivered attractive returns well ahead of the broad high yield market fully net of fees and expenses during the year. As may be expected in a year in which the market delivered a coupon-like return, the Fund benefitted most from its allocation to core long holdings. Even though less than 100% of the Sub-Fund’s NAV was typically devoted to core long positions throughout the year, strong credit selection executed particularly nimbly around brief episodes of market dislocation in names we believe were oversold led the Sub-Fund’s holdings to deliver returns far better than the market.

The Sub-Fund benefitted as well on the long side from its short maturity holdings which tend to remain more price stable than other parts of the portfolio, even in challenged markets. Short maturity holdings are selected targeting steady, incremental returns that help mitigate the cost of any shorting done in the portfolio.

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Investment Manager’s Report for the year ended 30 November 2013 cont/d…

LongShortCreditYield Fund cont/d…

In the past fiscal year, the portfolio’s arbitrage and credit short portfolios were positioned fairly conservatively, to provide protection and insurance against moments of market volatility in a benign default environment. In this respect, both portfolios succeeded admirably, with the arbitrage selections producing a modest positive contribution while outright shorts declined slightly. Overall, the contribution of short positions was positive again in fiscal year 2013 as holding short exposure provided the portfolio with the risk protection necessary to ―enable‖ or ―afford‖ the holding of more outperforming core long exposure than might otherwise feel prudent.

EmergingMarketsShortDuration Fund

The Sub- Fund was launched in July 2013, completing four full months of performance within the 2013 financial year. The Sub-Fund generated attractive gross and net returns during this period, outperforming broad Emerging Market credit markets. The Sub-Fund maintained an approximate 50%-50% split between Investment Grade and High Yield rated bonds and a duration of approximately two years. The Sub-Fund benefited from this short duration positioning as well as from a consistent regional overweight in Asia. The Sub-Fund’s largest positions by country moved between Brazil, Russia and China, with a focus on the energy and homebuilder/real estate sectors. The Sub-Fund avoided investing in banks and financial services. Relatively small positions in underperforming countries such as Turkey, Ukraine and Indonesia helped performance.

Global Tactical Credit Fund

The Sub-Fund was launched just days before the end of the financial year. The Sub-Fund was invested relatively quickly, approaching just 15% cash by year end, with a portfolio well-diversified by geography, currency, and rating. Overall, holdings were skewed toward shorter duration higher yielding instruments.

Outlook

As we move into 2014, it behooves us to look back at the key trends of 2013. European corporates outperformed their US counterparts, with European high yield leading the way. 2013 US high yield new issuance surpassed 2012’s record, but the European high yield market grew much faster than that of the US and at EUR370 billion, now weighs in at approximately 35% of the size of the US high yield market. Many of Europe’s record new issuance came from first time issuers as disintermediation—a trend to which we have pointed since the credit crisis accelerated. As in the previous year, new issue proceeds on both sides of the Atlantic were primarily used for lender-friendly refinancing of existing debt, pushing out the debt maturity wall beyond 2016. Corporate fundamentals remain strong and the default outlook for Muzinich portfolio companies remains benign given the limited refinancing risk facing most companies. As we move into the New Year, Central Bank policy in Europe and US Federal Reserve policy should remain key drivers of rate movements and fixed income performance in 2014. We anticipate increased volatility around economic releases with downturns potentially representing attractive buying opportunities based on our positive view of credit fundamentals.

Soft Commission Arrangements

There were no soft commission arrangements in place during the period and there are no plans to introduce such programs.

Muzinich & Co. Ltd Investment Manager Date: January 2014

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This report is made solely to the Fund’s Unitholders, as a body, in accordance with the requirements of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended), and the Trust Deed. Our audit work has been undertaken so that we might state to the Unitholders those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the Fund’s Unitholders as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors

As explained more fully in the Statement of Responsibilities of the Manager, the Manager is responsible for the preparation of the financial statements giving a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with Irish law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (―APB’s‖) Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on financial statements

In our opinion the financial statements:

give a true and fair view, in accordance with Generally Accepted Accounting Practice in Ireland of the state of the affairs of the Fund as at 30 November 2013 and of the profit for the year then ended; and have been properly prepared in accordance with the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, (as amended) and the Trust Deed.

Chartered Accountants and Statutory Audit Firm Dublin

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Portfolio of Investments as at 30 November 2013

Americayield Fund

NOMINAL SECURITY COUPON % MATURITY

FAIR VALUE US$

% of NET ASSETS

TRANSFERABLE SECURITIES (CORPORATE BONDS) - 94.46% (2012: 93.78%)

Aerospace and Defence - 1.98% (2012: 0.85%)

21,775,000 Bombardier Inc 7.500 15/03/2018 24,714,625 0.58 19,975,000 Bombardier Inc 7.750 15/03/2020 22,721,563 0.54 11,650,000 Bombardier Inc 6.125 15/01/2023 11,591,750 0.27 24,082,000 Meccanica Holdings USA 6.250 15/07/2019 25,041,210 0.59

Airlines - 0.27% (2012: Nil)

11,575,000 American Airlines 2013-2 Class B Pass Through Trust 5.600 15/01/2022 11,575,000 0.27

Apparel and Textiles - 2.08% (2012: 1.39%)

19,775,000 Hanesbrands Inc 6.375 15/12/2020 21,604,187 0.51 10,900,000 Levi Strauss & Co 7.625 15/05/2020 11,949,125 0.28 23,100,000 Levi Strauss & Co 6.875 01/05/2022 25,236,750 0.59 15,810,000 Phillips-van Heusen 7.375 15/05/2020 17,272,425 0.41 11,725,000 Wolverine World Wide 6.125 15/10/2020 12,516,438 0.29

Automotive and Auto Parts - 3.46% (2012: 5.12%)

9,825,000 American Axle & Manufacturing Inc 6.250 15/03/2021 10,316,250 0.24 16,475,000 American Axle & Manufacturing Inc 6.625 15/10/2022 17,422,312 0.41 16,121,000 Cooper-Standard Automotive Inc 8.500 01/05/2018 17,249,470 0.41 3,225,000 General Motors Financial Co 2.750 15/05/2016 3,265,313 0.08 3,700,000 General Motors Financial Co 3.250 15/05/2018 3,709,250 0.09 7,549,000 General Motors Financial Co 6.750 01/06/2018 8,549,243 0.20 1,050,000 General Motors Financial Co 4.250 15/05/2023 1,000,125 0.02 21,010,000 Gestamp Fund Lux SA 5.625 31/05/2020 21,220,100 0.50 10,900,000 Goodyear Tire & Rubber Co 8.250 15/08/2020 12,262,500 0.29 16,022,000 Oshkosh Corp 8.500 01/03/2020 17,664,255 0.41 11,100,000 Schaeffler Finance BV 8.500 15/02/2019 12,515,250 0.29 22,075,000 Schaeffler Finance BV 4.750 15/05/2021 22,019,812 0.52 Broadcasting - 2.59% (2012: 2.80%) 17,725,000 Allbritton Communications 8.000 15/05/2018 18,921,437 0.45 2,000,000 Belo Corp 8.000 15/11/2016 2,085,000 0.05 8,845,000 Belo Corp 7.750 01/06/2027 9,331,475 0.22 2,190,000 Belo Corp 7.250 15/09/2027 2,206,425 0.05 17,750,000 Lin Television Corp 8.375 15/04/2018 18,903,750 0.44 10,675,000 Lin Television Corp 6.375 15/01/2021 10,955,219 0.26 14,175,000 Sinclair Television Group 8.375 15/10/2018 15,450,750 0.36 16,575,000 Sinclair Television Group 5.375 01/04/2021 16,326,375 0.38 5,650,000 Sinclair Television Group 6.375 01/11/2021 5,805,375 0.14 5,475,000 Sirius XM Radio 5.750 01/08/2021 5,543,438 0.13 5,050,000 Sirius XM Radio 4.625 15/05/2023 4,507,125 0.11

(18)

Building Materials - 2.90% (2012: 2.69%)

19,750,000 Building Materials Corp 6.875 15/08/2018 21,083,125 0.50 1,500,000 Building Materials Corp 7.000 15/02/2020 1,612,500 0.04 17,800,000 Building Materials Corp 7.500 15/03/2020 19,179,500 0.45 8,600,000 Cemex Finance Llc 9.375 12/10/2022 9,524,500 0.22 11,100,000 Cemex Sab De Cv 9.500 15/06/2018 12,459,750 0.29 3,500,000 Cemex Sab De Cv 5.875 25/03/2019 3,430,000 0.08 2,200,000 Cemex Sab De Cv 6.500 10/12/2019 2,227,500 0.05 13,980,000 Masco Corp 6.125 03/10/2016 15,587,700 0.37 11,950,000 Vulcan Materials 6.500 01/12/2016 13,324,250 0.31 5,682,000 Vulcan Materials 6.400 30/11/2017 6,250,200 0.15 16,484,000 Vulcan Materials 7.000 15/06/2018 18,626,920 0.44

Cable and Satellite TV - 6.18% (2012: 6.25%)

21,650,000 Cablevision Systems Corp 8.625 15/09/2017 25,059,875 0.59 20,925,000 Cablevision Systems Corp 7.750 15/04/2018 23,436,000 0.55 14,284,000 Cco Holdings Llc & Capital Corp 7.000 15/01/2019 15,087,475 0.35 12,550,000 Cco Holdings Llc & Capital Corp 8.125 30/04/2020 13,710,875 0.32 8,425,000 Cco Holdings Llc & Capital Corp 7.375 01/06/2020 9,162,188 0.22 5,150,000 Cco Holdings Llc & Capital Corp 5.250 15/03/2021 4,969,750 0.12 9,775,000 Cco Holdings Llc & Capital Corp 5.125 15/02/2023 9,139,625 0.21 21,425,000 Cequel Communications Holdings I Llc 6.375 15/09/2020 22,121,312 0.52 3,382,000 CSC Holdings Inc 8.625 15/02/2019 3,990,760 0.09 11,704,000 Dish DBS Corp 7.125 01/02/2016 12,932,920 0.30 33,774,000 Dish DBS Corp 7.875 01/09/2019 39,093,405 0.92 5,275,000 Dish DBS Corp 5.000 15/03/2023 5,024,438 0.12 8,575,000 Iac/Interactivecorp 4.875 30/11/2018 8,757,219 0.21 10,550,000

Midcontinent Communications &

Midcontinent Finance 6.250 01/08/2021 10,708,250 0.25 14,700,000 Nara Cable Funding Ltd 8.875 01/12/2018 15,765,750 0.37 32,370,000 Upc Holding BV 9.875 15/04/2018 34,757,287 0.82 8,975,000 Virgin Media Finance 6.375 15/04/2023 9,266,687 0.22

Capital Goods - 1.42% (2012: 1.85%)

12,710,000 Amsted Industries 8.125 15/03/2018 13,409,050 0.32 20,320,000 Case New Holland Inc 7.875 01/12/2017 24,028,400 0.56 2,075,000 CNH Capital Llc 3.875 01/11/2015 2,139,844 0.05 10,375,000 CNH Capital Llc 6.250 01/11/2016 11,386,562 0.27 8,750,000 Griffon Corp 7.125 01/04/2018 9,340,625 0.22 Chemicals - 3.20% (2012: 2.44%) 23,000,000 Celanese US Holdings Llc 5.875 15/06/2021 24,552,500 0.57 22,805,000 Ferro Corp 7.875 15/08/2018 24,173,300 0.57 13,775,000 Huntsman International Llc 8.625 15/03/2020 15,221,375 0.36

(19)

Portfolio of Investments as at 30 November 2013 cont/d…

Americayield Fund

NOMINAL SECURITY COUPON % MATURITY

FAIR VALUE US$

% of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) - 94.46% (2012: 93.78%) CONT/D…

Chemicals - 3.20% (2012: 2.44%) cont/d…

7,075,000 Lsb Industries Inc 7.750 01/08/2019 7,375,687 0.17 16,831,000 Orion Engineered Carbons Bondco GmbH 9.625 15/06/2018 18,598,255 0.44 10,053,000 Petrologistics Finance 6.250 01/04/2020 10,090,699 0.24 34,300,000 Tpc Group Inc 8.750 15/12/2020 36,229,375 0.85

Consumer Products - 1.95% (2012: 2.00%)

11,280,000 Jarden Corp 7.500 01/05/2017 13,056,600 0.31 15,608,000 Libbey Glass Inc 6.875 15/05/2020 16,661,540 0.39 21,756,000 Nbty Inc 9.000 01/10/2018 23,931,600 0.56 17,625,000 Spectrum Brands Holdings 6.375 15/11/2020 18,770,625 0.44 10,100,000 Spectrum Brands Holdings 6.625 15/11/2022 10,756,500 0.25

Containers - 4.17% (2012: 2.56%)

21,125,000 Ardagh Packaging Finance 7.375 15/10/2017 22,728,437 0.54 20,702,000 Ball Corp 7.375 01/09/2019 22,358,160 0.52 6,950,000 Ball Corp 4.000 15/11/2023 6,237,625 0.15 20,250,000 Crown Americas Llc 4.500 15/01/2023 18,781,875 0.44 20,798,000 Greif Inc 7.750 01/08/2019 23,605,730 0.55 27,100,000 Reynolds Group Issuer Inc 7.125 15/04/2019 28,997,000 0.68 12,600,000 Reynolds Group Issuer Inc 5.750 15/10/2020 12,915,000 0.30 19,850,000 Sealed Air Corp 8.125 15/09/2019 22,380,875 0.53 3,100,000 Sealed Air Corp 6.500 01/12/2020 3,363,500 0.08 14,150,000 Sealed Air Corp 8.375 15/09/2021 16,201,750 0.38

Diversified Financial Services - 2.80% (2012: 2.43%)

26,790,000 Aircastle Ltd 6.250 01/12/2019 28,933,200 0.68 20,313,000 FTI Consulting Inc 6.750 01/10/2020 21,684,128 0.51 18,200,000 International Lease Finance Corp 8.750 15/03/2017 21,407,750 0.50 12,875,000 International Lease Finance Corp 6.250 15/05/2019 14,082,031 0.33 27,925,000 International Lease Finance Corp 8.250 15/12/2020 33,160,937 0.78

Diversified Media - 1.44% (2012: 3.68%)

9,625,000 Block Communications Inc 7.250 01/02/2020 10,202,500 0.24 15,525,000 Clear Channel Worldwide Holdings 7.625 15/03/2020 16,287,125 0.38 19,363,000 Clear Channel Worldwide Holdings 6.500 15/11/2022 19,998,955 0.47 5,525,000 Nielsen Luxembourg Sarl 5.500 01/10/2021 5,649,313 0.13 9,571,000 Quebecor Media Inc 5.750 15/01/2023 9,283,870 0.22

(20)

Energy - 14.53% (2012: 13.99%)

9,450,000 Amerigas Finance Llc & Corp 6.750 20/05/2020 10,300,500 0.24 11,750,000 Amerigas Finance Llc & Corp 7.000 20/05/2022 12,719,375 0.30 8,575,000 Antero Resources Finance 6.000 01/12/2020 8,982,313 0.21 5,825,000 Antero Resources Finance 5.375 01/11/2021 5,883,250 0.14 14,850,000 Atlas Pipeline Finance Corp 4.750 15/11/2021 13,736,250 0.32 32,175,000 Atlas Pipeline Finance Corp 5.875 01/08/2023 31,209,750 0.73 13,040,000 Basic Energy Services 7.750 15/02/2019 13,594,200 0.32 10,775,000 Basic Energy Services 7.750 15/10/2022 11,044,375 0.26 14,395,000 Berry Petroleum Co 6.750 01/11/2020 14,970,800 0.35 7,700,000 Berry Petroleum Co 6.375 15/09/2022 7,854,000 0.19 8,735,000 Calumet Specialty Products Parteners Lp 9.375 01/05/2019 9,674,013 0.22 16,575,000 Calumet Specialty Products Parteners Lp 9.625 01/08/2020 18,439,687 0.43 3,225,000 Calumet Specialty Products Parteners Lp 7.625 15/01/2022 3,249,188 0.08 13,503,000 Chesapeake Energy Corp 7.250 15/12/2018 15,528,450 0.37 4,325,000 Chesapeake Energy Corp 6.625 15/08/2020 4,844,000 0.11 16,550,000 Chesapeake Energy Corp 6.875 15/11/2020 18,598,062 0.44 9,825,000 Chesapeake Energy Corp 5.750 15/03/2023 10,168,875 0.24 6,225,000 Concho Resources Inc 5.500 01/04/2023 6,318,375 0.15 19,600,000 Crestwood Midstream Partners LP 6.000 15/12/2020 20,065,500 0.47 12,586,000 Crosstex Energy Lp 8.875 15/02/2018 13,278,230 0.31 28,911,000 Eagle Rock Energy Partners Lp 8.375 01/06/2019 29,778,330 0.70 836,000 El Paso Corp 7.000 15/06/2017 946,105 0.02 9,988,000 El Paso Corp 6.500 15/09/2020 10,785,542 0.25 13,950,000 Energy XXI Gulf Coast 7.500 15/12/2021 14,612,625 0.34 26,932,000 Expo Finance Luxembourg 8.500 15/12/2016 28,177,605 0.66 8,700,000 Ferrellgas Partners Lp 9.125 01/10/2017 9,096,981 0.21 8,450,000 Forum Energy Technologies 6.250 01/10/2021 8,809,125 0.21 16,325,000 Genesis Energy Lp 7.875 15/12/2018 17,590,187 0.41 10,675,000 Gibson Energy 6.750 15/07/2021 11,315,500 0.27 4,300,000 Kinder Morgan Inc/Delawa 5.000 15/02/2021 4,264,086 0.10 10,100,000 Kinder Morgan Inc/Delawa 5.625 15/11/2023 9,936,451 0.23 4,700,000 Linn Energy Llc 6.500 15/05/2019 4,735,250 0.11 15,150,000 Linn Energy Llc 7.000 01/11/2019 15,074,250 0.35 14,500,000 Linn Energy Llc 8.625 15/04/2020 15,515,000 0.37 4,455,000 Linn Energy Llc 7.750 01/02/2021 4,622,063 0.11 8,604,000 Newfield Exploration Co 5.750 30/01/2022 8,969,670 0.21 8,550,000 Nustar Logistics 6.750 01/02/2021 8,806,500 0.21 11,600,000 Offshore Group Investment Ltd 7.500 01/11/2019 12,586,000 0.30 7,100,000 Offshore Group Investment Ltd 7.125 01/04/2023 7,313,000 0.17

(21)

Portfolio of Investments as at 30 November 2013 cont/d…

Americayield Fund

NOMINAL SECURITY COUPON % MATURITY

FAIR VALUE US$

% of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) - 94.46% (2012: 93.78%) CONT/D…

Energy - 14.53% (2012: 13.99%) cont/d…

14,300,000 Pacific Drilling SA 5.375 01/06/2020 14,443,000 0.34 9,450,000 Penn Virginia Resource Partners Lp 8.250 15/04/2018 10,017,000 0.23 13,915,000 Penn Virginia Resource Partners Lp 8.375 01/06/2020 15,376,075 0.36 14,200,000 RKI Exploration & Production Llc / RKI Finance 8.500 01/08/2021 14,839,000 0.35 24,225,000 Sabine Pass Liquefaction Llc 6.250 15/03/2022 24,164,437 0.57 3,550,000 Sandridge Energy Inc 7.500 15/03/2021 3,718,625 0.09 14,000,000 Sandridge Energy Inc 7.500 15/02/2023 14,280,000 0.34 9,997,000 Sm Energy Co 6.625 15/02/2019 10,596,820 0.25 6,700,000 Sm Energy Co 6.500 01/01/2023 7,102,000 0.17 6,494,000 Suburban Propane Partners Lp 7.500 01/10/2018 6,972,933 0.16 3,421,000 Suburban Propane Partners Lp 7.375 01/08/2021 3,698,956 0.09 19,037,000 Unit Corp 6.625 15/05/2021 19,988,850 0.47

Entertainment - 1.18% (2012:1.21%)

19,050,000 Live Nation Entertainment Inc 7.000 01/09/2020 20,574,000 0.48 4,400,000 Nai Entertainment Holdings Llc 5.000 01/08/2018 4,543,000 0.11 17,033,000 National Cinemedia Llc 7.875 15/07/2021 18,736,300 0.44 6,125,000 National Cinemedia Llc 6.000 15/04/2022 6,339,375 0.15

Environmental – 0.47% (2012: 0.27%)

900,000 Covanta Holding Corp 7.250 01/12/2020 983,032 0.02 18,675,000 Covanta Holding Corp 6.375 01/10/2022 19,243,971 0.45

Food and Drug Retail - 0.60% (2012: Nil)

23,230,000 Tops Holding Corp / Tops Markets 8.875 15/12/2017 25,494,925 0.60

Food, Beverage and Tobacco - 1.07% (2012: 0.47%)

13,175,000 B&G Foods Inc 4.625 01/06/2021 12,582,125 0.29 9,675,000 Barry Callebaut Services NV 5.500 15/06/2023 9,847,602 0.23 5,161,000

Chiquita Brands International /

Chiquita Brands Llc 7.875 01/02/2021 5,528,721 0.13 6,775,000 Jbs Investments GmbH 7.750 28/10/2020 6,825,813 0.16 10,500,000 Jbs Usa Llc 7.250 01/06/2021 10,893,750 0.26 Gaming - 0.67% (2012: 0.82%) 1,700,000 GLP Capital / GLP Financing II 4.375 01/11/2018 1,734,000 0.04 3,575,000 GLP Capital / GLP Financing II 4.875 01/11/2020 3,566,062 0.08 7,150,000 GLP Capital / GLP Financing II 5.375 01/11/2023 6,989,125 0.17 15,160,000 Scientific Games Corp 8.125 15/09/2018 16,240,150 0.38

Healthcare - 6.65% (2012: 7.26%)

30,200,000 Biomet 6.500 01/08/2020 32,012,000 0.75 5,900,000 CHS/Community Health Systems 5.125 15/08/2018 6,136,000 0.14

(22)

Healthcare - 6.65% (2012: 7.26%) cont/d…

28,671,000 CHS/Community Health Systems 8.000 15/11/2019 31,179,712 0.73 1,950,000 CHS/Community Health Systems 7.125 15/07/2020 2,018,250 0.05 16,400,000 Davita Inc 6.375 01/11/2018 17,220,000 0.41 11,700,000 Fresenius Medical Care Us Finance II Inc 5.625 31/07/2019 12,636,000 0.30 17,540,000 HCA Inc 8.500 15/04/2019 18,745,875 0.44 8,575,000 HCA Inc 6.500 15/02/2020 9,464,656 0.22 7,950,000 HCA Inc 7.250 15/09/2020 8,685,375 0.20 10,297,000 HCA Inc 6.250 15/02/2021 10,786,108 0.25 10,875,000 HCA Inc 7.500 15/02/2022 12,098,438 0.29 11,925,000 Healthsouth Corp 8.125 15/02/2020 13,117,500 0.31 4,314,000 Healthsouth Corp 7.750 15/09/2022 4,745,400 0.11 12,525,000 Ims Health Inc 6.000 01/11/2020 13,182,562 0.31 3,950,000 Lifepoint Hospitals 5.500 01/12/2021 3,969,750 0.09 9,625,000 Tenet Healthcare 6.000 01/10/2020 10,058,125 0.24 21,075,000 Universal Hospital Services Inc 7.625 15/08/2020 22,128,750 0.52 9,650,000 Valeant Pharmaceuticals International 6.875 01/12/2018 10,349,625 0.24 27,625,000 Valeant Pharmaceuticals International 6.375 15/10/2020 29,109,844 0.69 8,075,000 Valeant Pharmaceuticals International 5.625 01/12/2021 8,115,375 0.19 6,875,000 Wellcare Health Plans 5.750 15/11/2020 7,064,063 0.17

Homebuilders and Real Estate - 1.38% (2012: 0.71%)

5,450,000 Aviv Healthcare Properties 7.750 15/02/2019 5,858,750 0.14 5,050,000

Aviv Healthcare Properties / Aviv

Healthcare Capital 6.000 15/10/2021 5,176,250 0.12 23,235,000 CB Richard Ellis Services 6.625 15/10/2020 24,745,275 0.58 7,725,000 Sabra Health Capital Corp 8.125 01/11/2018 8,362,313 0.20 13,362,000 Taylor Morrison Communities Inc 7.750 15/04/2020 14,631,390 0.34

Hotels - 0.20% (2012: Nil%)

8,300,000 Hilton Worldwide Finance Llc 5.625 15/10/2021 8,466,000 0.20

Leisure - 0.53% (2012: Nil%)

6,625,000 Activision Blizzard 5.625 15/09/2021 6,881,719 0.16 3,025,000 Activision Blizzard 6.125 15/09/2023 3,168,688 0.08 12,575,000 Six Flags Entertainment 5.250 15/01/2021 12,323,500 0.29

Metals and Mining - 6.45% (2012: 6.83%)

29,975,000 Alcoa Inc 6.150 15/08/2020 32,017,616 0.75 14,325,000 Aleris International Inc 7.875 01/11/2020 15,256,125 0.36 14,525,000 Arch Coal Inc 7.250 01/10/2020 10,966,375 0.26 3,073,000 Consol Energy Inc 8.000 01/04/2017 3,249,698 0.08

(23)

Portfolio of Investments as at 30 November 2013 cont/d…

Americayield Fund

NOMINAL SECURITY COUPON % MATURITY

FAIR VALUE US$

% of NET ASSETS

TRANSFERABLE SECURITIES (CORPORATE BONDS) - 94.46% (2012: 93.78%) CONT/D…

Metals and Mining - 6.45% (2012: 6.83%) cont/d…

23,300,000 Consol Energy Inc 8.250 01/04/2020 25,338,750 0.60 4,550,000 FMG Resources August 2006 6.375 01/02/2016 4,726,313 0.11 5,100,000 FMG Resources August 2006 6.000 01/04/2017 5,406,000 0.13 20,225,000 FMG Resources August 2006 6.875 01/02/2018 21,387,937 0.50 16,200,000 FMG Resources August 2006 8.250 01/11/2019 18,103,500 0.43 5,625,000 FMG Resources August 2006 6.875 01/04/2022 6,075,000 0.14 5,575,000 Kaiser Aluminum Corp 8.250 01/06/2020 6,313,688 0.15 29,075,000 Novelis Inc 8.375 15/12/2017 31,037,562 0.73 16,450,000 Novelis Inc 8.750 15/12/2020 18,424,000 0.43 9,450,000 Peabody Energy Corp 6.000 15/11/2018 10,040,625 0.24 13,335,000 Peabody Energy Corp 6.500 15/09/2020 14,068,425 0.33 13,200,000 Peabody Energy Corp 6.250 15/11/2021 13,497,000 0.32 3,539,000 Plains Exploration & Production Co 6.125 15/06/2019 3,861,590 0.09 9,349,000 Plains Exploration & Production Co 6.625 01/05/2021 10,224,487 0.24 23,425,000 Rain CII Carbon Llc 8.250 15/01/2021 24,010,625 0.56

Paper - 0.70% (2012: 0.49%)

20,630,000 Clearwater Paper Corp 7.125 01/11/2018 22,177,250 0.52 7,100,000 Sappi Papier Holding GmbH 8.375 15/06/2019 7,739,000 0.18

Publishing and Printing - 0.46% (2012: Nil%)

9,125,000 Gannett 5.125 15/07/2020 9,307,500 0.22

9,800,000 Gannett 6.375 15/10/2023 10,216,500 0.24

Restaurants - 0.25% (2012: 0.30%)

10,850,000 Seminole Hard Rock Ent I 5.875 15/05/2021 10,633,000 0.25

Services - 3.63% (2012: 2.97%)

6,525,000 Adt Corp 6.250 15/10/2021 6,810,469 0.16 12,000,000 Adt Corp 3.500 15/07/2022 10,505,268 0.25 3,900,000 Adt Corp 4.125 15/06/2023 3,452,799 0.08 8,675,000 Algeco Scotsman Global Finance Plc 8.500 15/10/2018 9,369,000 0.22 5,075,000 Apx Group 6.375 01/12/2019 5,125,750 0.12 5,100,000 Digitalglobe Inc 5.250 01/02/2021 4,972,500 0.12 7,175,000 Geo Group 5.875 15/01/2022 7,175,000 0.17 25,240,000 H&E Equipment Services Inc 7.000 01/09/2022 27,574,700 0.65 20,025,000 Iron Mountain Inc 5.750 15/08/2024 18,723,375 0.44 8,525,000 PHH Corp 7.375 01/09/2019 9,207,000 0.22 9,650,000 PHH Corp 6.375 15/08/2021 9,710,312 0.23 23,110,000 Reliance Intermediate Holdings 9.500 15/12/2019 25,189,900 0.59 15,350,000 Safway Group Holding Finance 7.000 15/05/2018 16,079,125 0.38

(24)

Steel - 2.31% (2012: 2.93%) 14,925,000 Arcelormittal 6.125 01/06/2018 16,212,281 0.38 29,275,000 Arcelormittal 10.350 01/06/2019 36,959,687 0.87 7,250,000 Arcelormittal 6.750 25/02/2022 7,857,188 0.19 14,650,000 Steel Dynamics 6.125 15/08/2019 15,895,250 0.37 3,975,000 Steel Dynamics 6.375 15/08/2022 4,322,812 0.10 2,800,000 US Steel Corp 7.000 01/02/2018 3,031,000 0.07 6,299,000 US Steel Corp 7.375 01/04/2020 6,708,435 0.16 7,000,000 US Steel Corp 7.500 15/03/2022 7,428,750 0.17 Super Retail - 2.52% (2012: 2.66%)

20,100,000 Claire's Stores Inc 9.000 15/03/2019 22,486,875 0.53 20,031,000 Limited Brands Inc 8.500 15/06/2019 24,087,278 0.57 2,725,000 Limited Brands Inc 6.625 01/04/2021 3,000,906 0.07 25,370,000 Michaels Stores Inc 7.750 01/11/2018 27,463,025 0.64 13,000,000 Rent-a-center Inc 6.625 15/11/2020 13,747,500 0.32 3,425,000 Rent-a-center Inc 4.750 01/05/2021 3,210,937 0.07 12,364,000 Sally Holdings Llc 6.875 15/11/2019 13,677,675 0.32

Technology - 2.92% (2012: 4.81%)

14,950,000 Advanced Micro Devices 7.500 15/08/2022 14,389,375 0.34 14,875,000 Audatex North America 6.000 15/06/2021 15,544,375 0.37 5,300,000 Audatex North America 6.125 01/11/2023 5,472,250 0.13 10,625,000 Corelogic Inc 7.250 01/06/2021 11,554,687 0.27 10,700,000 Denali Borrower Llc / Denali Finance 5.625 15/10/2020 10,539,500 0.25 4,725,000 Equinix Inc 7.000 15/07/2021 5,173,875 0.12 20,138,000 Lender Processing Services Inc 5.750 15/04/2023 20,943,520 0.49 32,565,000 Rexel SA 6.125 15/12/2019 33,867,600 0.80 6,425,000 Rexel SA 5.250 15/06/2020 6,505,312 0.15 Telecommunications - 10.11% (2012: 9.67%) 3,075,000 Centurylink Inc 5.625 01/04/2020 3,128,813 0.07 21,025,000 Centurylink Inc 5.800 15/03/2022 20,762,187 0.49 7,650,000 Centurylink Inc 6.750 01/12/2023 7,822,125 0.18 10,050,000 Cyrusone / Cyrusone Finance 6.375 15/11/2022 10,301,250 0.24 9,430,000 Frontier Communications Corp 8.250 15/04/2017 10,974,163 0.26 8,625,000 Frontier Communications Corp 8.125 01/10/2018 9,961,875 0.23 14,025,000 Frontier Communications Corp 7.125 15/03/2019 15,357,375 0.36 7,325,000 Frontier Communications Corp 8.500 15/04/2020 8,387,125 0.20 10,850,000 Frontier Communications Corp 9.000 15/08/2031 10,931,375 0.26 20,610,000 GCI Inc 8.625 15/11/2019 21,898,125 0.51

(25)

Portfolio of Investments as at 30 November 2013 cont/d…

Americayield Fund

NOMINAL SECURITY COUPON % MATURITY

FAIR VALUE US$

% of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) - 94.46% (2012: 93.78%) CONT/D…

Telecommunications - 10.11% (2012: 9.67%) cont/d…

19,075,000 Inmarsat Finance Plc 7.375 01/12/2017 19,838,000 0.47 33,075,000 Intelsat Jackson Holdings 7.250 01/04/2019 35,762,344 0.84 5,275,000 Intelsat Jackson Holdings 8.500 01/11/2019 5,782,719 0.14 19,400,000 Intelsat Jackson Holdings 7.250 15/10/2020 21,194,500 0.50 19,750,000 Metropcs Wireless Inc 6.625 15/11/2020 20,910,312 0.49 23,150,000 Metropcs Wireless Inc 6.250 01/04/2021 24,076,000 0.56 17,575,000 Metropcs Wireless Inc 6.625 01/04/2023 18,102,250 0.42 16,550,000 Softbank Corp 4.500 15/04/2020 16,446,562 0.39 7,800,000 Sprint Capital Corp 6.900 01/05/2019 8,463,000 0.20 11,470,000 Sprint Capital Corp 6.875 15/11/2028 10,896,500 0.26 10,775,000 Sprint Nextel Corp 9.125 01/03/2017 12,714,500 0.30 21,225,000 Sprint Nextel Corp 7.000 15/08/2020 22,816,875 0.54 15,425,000 Sprint Nextel Corp 6.000 15/11/2022 15,309,313 0.36 20,055,000 Telesat Canada 6.000 15/05/2017 20,907,337 0.49 9,500,000 Wind Acquisition Finance SA 11.750 15/07/2017 10,093,750 0.24 12,975,000 Windstream Corp 7.875 01/11/2017 14,888,813 0.35 14,825,000 Windstream Corp 8.125 01/09/2018 15,973,937 0.37 10,850,000 Windstream Corp 7.750 15/10/2020 11,609,500 0.27 5,375,000 Windstream Corp 6.375 01/08/2023 5,133,125 0.12

Transportation Excluding Air and Rail - 0.21% (2012: 0.81%)

8,615,200 Awas Aviation Capital Ltd 7.000 17/10/2016 8,938,270 0.21

Utilities - 3.18% (2012: 3.52%) 6,775,000 Aes Corp 9.750 15/04/2016 7,977,563 0.19 10,850,000 Aes Corp 8.000 15/10/2017 12,721,625 0.30 175,000 Aes Corp 7.375 01/07/2021 197,750 0.00 16,030,000 Calpine Corp 7.875 31/07/2020 17,552,850 0.41 5,246,000 Calpine Corp 7.500 15/02/2021 5,718,140 0.13 14,500,000 Dynegy Inc 5.875 01/06/2023 13,630,000 0.32 4,475,784 Indiantown Cogeneration 9.770 15/12/2020 4,838,654 0.11 17,950,000 Intergen NV 7.000 30/06/2023 18,533,375 0.44 7,750,515 Mirant Mid Atlantic Llc 9.125 30/06/2017 8,448,061 0.20 6,975,000 NRG Energy Inc 7.625 15/01/2018 7,951,500 0.19 13,100,000 NRG Energy Inc 7.625 15/05/2019 13,918,750 0.33 22,188,000 NSG Holdings Llc 7.750 15/12/2025 23,630,220 0.56

Total Transferable Securities (Corporate Bonds) 4,019,430,149 94.46

(26)

Total Collective Investment Schemes 10,152,000 0.24

Investments at fair value (Cost: US$3,953,055,033) 4,029,582,149 94.70

Financial Derivative Instruments* - 0.75% (2012: 0.33%)

Forward Foreign Currency Exchange Contracts – 0.75% (2012: 0.33%) MATURITY

DATE

SUB-FUND

COUNTERPARTY AMOUNT BOUGHT AMOUNT SOLD

NUMBER OF CONTRACTS UNREALISED GAIN/(LOSS) US$ % of NET ASSETS

09/12/2013 State Street Bank CHF 28,029,421 US$ 30,168,529 7 851,338 0.02 12/02/2014 State Street Bank CHF 41,322,889 US$ 45,375,965 7 382,469 0.01 15/01/2014 State Street Bank CHF 34,635,599 US$ 38,104,269 10 239,945 0.01 09/12/2013 State Street Bank EUR 660,320,414 US$ 879,558,860 12 19,497,908 0.46 15/01/2014 State Street Bank EUR 571,561,729 US$ 774,225,243 13 3,990,953 0.09 12/02/2014 State Street Bank EUR 291,933,213 US$ 394,508,365 10 2,997,414 0.07 09/12/2013 State Street Bank GBP 32,153,238 US$ 50,861,547 7 1,804,760 0.04 15/01/2014 State Street Bank GBP 37,941,832 US$ 60,492,623 9 1,638,373 0.04 12/02/2014 State Street Bank GBP 31,340,511 US$ 49,979,763 7 1,330,426 0.03 15/01/2014 State Street Bank US$ 26,837,587 EUR 19,583,292 6 173,738 0.00 12/02/2014 State Street Bank US$ 4,850,500 CHF 4,426,085 10 (50,675) (0.00) 15/01/2014 State Street Bank US$ 2,030,165 CHF 1,843,794 6 (11,054) (0.00) 09/12/2013 State Street Bank US$ 1,997,694 CHF 1,808,294 6 (3,526) (0.00) 12/02/2014 State Street Bank US$ 54,285,609 EUR 40,259,930 9 (533,625) (0.01) 09/12/2013 State Street Bank US$ 23,251,104 EUR 17,235,462 12 (215,775) (0.01) 09/12/2013 State Street Bank US$ 4,333,976 GBP 2,700,387 17 (89,199) (0.00) 12/02/2014 State Street Bank US$ 3,481,555 GBP 2,156,810 12 (49,541) (0.00) 15/01/2014 State Street Bank US$ 1,635,658 GBP 1,024,695 10 (42,314) (0.00)

Unrealised gain on forward foreign currency exchange contracts 32,907,324 0.77 Unrealised loss on forward foreign currency exchange contracts (995,709) (0.02)

Net unrealised gain on forward foreign currency exchange contracts 31,911,615 0.75

Total Financial Derivative Instruments 31,911,615 0.75

(27)

Portfolio of Investments as at 30 November 2013 cont/d…

Americayield Fund

FAIR VALUE US$ % of NET ASSETS Portfolio of Investments 4,061,493,764 95.45 Cash at bank (2012: 5.36%) 122,075,202 2.88 Debtors (2012: 6.50%) 88,142,680 2.07 Total Assets 4,271,711,646 100.40 Creditors (2012: (6.37%)) (34,070,011) (0.80)

Net Asset Value at fair value prices at 30/11/2013 4,237,641,635 99.60

Adjustments from bid market prices to last traded market prices 17,207,455 0.40

Net Asset Value at dealing prices at 30/11/2013 4,254,849,090 100.00

30/11/2013 30/11/2012 30/11/2011

Net Asset Value at 30/11/2013 US$4,254,849,090 US$3,142,162,757 US$2,193,359,096

Net Asset Value attributed to each Unit Class at dealing prices

-Hedged US$ Accumulation Units US$548,668,987 US$702,520,624 US$600,566,041 -Hedged US$ Accumulation R Units US$320,519,884 US$333,202,920 US$230,096,175

-Hedged US$ Accumulation S Units** US$510,162,386 - -

-Hedged US$ Income Units US$615,617,572 US$519,698,082 US$229,859,297

-Hedged US$ Income R Units** US$3,783,595 - -

-Hedged Euro Discretionary Units €9,685,814 €12,092,329 €9,415,328 -Hedged Euro Accumulation Units €294,633,017 €291,583,837 €250,208,469 -Hedged Euro Accumulation R Units €137,035,794 €132,130,983 €32,943,649 -Hedged Euro Income Units €1,020,676,073 €568,288,333 €426,443,580 -Hedged GBP Income Units GBP88,590,917 GBP100,804,958 GBP62,806,931 -Hedged GBP Accumulation Units GBP7,983,974 GBP9,763,005 GBP2,991,812

-Hedged GBP Accumulation H Units** GBP37,804 - -

-Hedged CHF Accumulation R Units CHF70,958,359 CHF72,685,551 CHF55,921,312 -Hedged CHF Income R Units CHF25,956,992 CHF23,262,340 -

Number of Units in issue

-Hedged US$ Accumulation Units 2,311,840 3,153,994 3,060,677 -Hedged US$ Accumulation R Units 1,435,828 1,582,611 1,234,554

-Hedged US$ Accumulation S Units** 4,887,081 - -

-Hedged US$ Income Units 6,123,720 5,202,183 2,449,481

-Hedged US$ Income R Units** 36,960 - -

-Hedged Euro Discretionary Units 39,563 52,409 46,183 -Hedged Euro Accumulation Units 1,126,273 1,182,656 1,148,272 -Hedged Euro Accumulation R Units 553,859 563,819 158,284

(28)

-Hedged GBP Accumulation Units 52,874 68,977 24,047

-Hedged GBP Accumulation H Units** 360 - -

-Hedged CHF Accumulation R Units 573,123 619,708 534,212

-Hedged CHF Income R Units 249,227 223,827 -

Net Asset Value per Unit

-Hedged US$ Accumulation Units US$237.33 US$222.74 US$196.22 -Hedged US$ Accumulation R Units US$223.23 US$210.54 US$186.38

-Hedged US$ Accumulation S Units** US$104.39 - -

-Hedged US$ Income Units US$100.53 US$99.90 US$93.84

-Hedged US$ Income R Units** US$102.37 - -

-Hedged Euro Discretionary Units €244.82 €230.73 €203.87 -Hedged Euro Accumulation Units €261.60 €246.55 €217.90 -Hedged Euro Accumulation R Units €247.42 €234.35 €208.13

-Hedged Euro Income Units €135.99 €135.59 €128.18

-Hedged GBP Income Units GBP105.82 GBP105.03 GBP98.57

-Hedged GBP Accumulation Units GBP151.00 GBP141.54 GBP124.41

-Hedged GBP Accumulation H Units** GBP105.01 - -

-Hedged CHF Accumulation R Units CHF123.81 CHF117.29 CHF104.68

-Hedged CHF Income R Units CHF104.15 CHF103.93 -

Classification:

* All Financial Derivative Instruments are Over the Counter (“OTC”) Financial Derivative Instruments. ** These Units launched during the year.

All transferable securities are admitted to official stock exchange listing or traded on a regulated market.

Analysis of Total Assets (unaudited)

% of TOTAL ASSETS

Transferable securities admitted to an official stock exchange listing or traded on a

regulated market 94.09

Collective Investment Schemes 0.24

OTC financial derivative instruments 0.75

Other current assets 4.92

(29)

Portfolio of Investments as at 30 November 2013

€uropeyield Fund

NOMINAL SECURITY COUPON % MATURITY

FAIR VALUE

% of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) - 95.05% (2012: 92.22%)

Aerospace and Defence - 2.19% (2012: 1.59%)

1,850,000 Bombardier Inc 6.125 15/05/2021 1,991,839 0.57 2,300,000 Finmeccanica Finance 8.000 16/12/2019 3,107,705 0.89 3,300,000 Meccanica Holdings USA 6.250 15/07/2019 2,520,247 0.73

Apparel and Textiles - 0.21% (2012: Nil)

700,000 Boardriders SA 8.875 15/12/2017 742,910 0.21

Automotive and Auto Parts - 8.30% (2012: 8.58%)

1,550,000 Banque PSA Finance SA 3.875 14/01/2015 1,581,047 0.45 575,000 Banque PSA Finance SA 4.875 25/09/2015 600,760 0.17 3,000,000 Banque PSA Finance SA 4.250 25/02/2016 3,120,600 0.89 3,242,000 Banque PSA Finance SA 4.375 04/04/2016 2,460,924 0.71 4,300,000 Continental Rubber of America 4.500 15/09/2019 3,342,286 0.96 750,000 Fiat Finance & Trade 6.375 01/04/2016 803,123 0.23 448,000 Fiat Finance & Trade 7.750 17/10/2016 499,632 0.14 3,612,000 Fiat Finance & Trade 7.000 23/03/2017 3,960,088 1.14 2,700,000 Gestamp Fund Lux SA 5.875 31/05/2020 2,846,367 0.82 880,000 Goodyear Dunlop Tires Europe 6.750 15/04/2019 960,300 0.28 1,250,000 Jaguar Land Rover Plc 8.250 15/03/2020 1,694,745 0.49 2,200,000 Peugeot SA 7.375 06/03/2018 2,444,310 0.70 4,325,000 Schaeffler Finance BV 6.875 15/08/2018 4,604,525 1.32

Banking – Nil (2012: 2.00%)

Broadcasting - 2.80% (2012: 3.14%)

1,500,000 CET 21 Spol Sro 9.000 01/11/2017 1,556,325 0.45 2,095,000 Cyfrowy Polsat Finance AB 7.125 20/05/2018 2,241,860 0.65 1,775,000 Polish Television Holding BV 11.000 15/01/2021 1,894,990 0.54 1,715,000 TVN Finance Corp III AB 7.875 15/11/2018 1,817,900 0.52 2,100,000 TVN Finance Corp III AB 7.375 15/12/2020 2,229,507 0.64

Building Materials - 6.65% (2012: 5.89%)

1,810,000 Buzzi Unicem SpA 6.250 28/09/2018 2,024,177 0.58 600,000 Cemex Finance LLC 9.625 14/12/2017 633,000 0.18 700,000 Cemex SAB de CV 9.000 11/01/2018 562,961 0.16 3,375,000 Grohe Holding GmbH 8.750 15/12/2017 3,463,661 0.99 5,625,000 Heidelberg Cement AG 8.500 31/10/2019 7,186,894 2.06 1,000,000 Lafarge SA 10.000 30/05/2017 1,434,140 0.41 800,000 Lafarge SA 5.875 09/07/2019 895,000 0.26 2,100,000 Lafarge SA 6.750 16/12/2019 2,407,902 0.69 1,175,000 Lafarge SA 4.750 30/09/2020 1,231,847 0.36 3,219,000 Xella Holdco Finance SA 9.125 15/09/2018 3,350,979 0.96

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Cable and Satellite TV - 12.65% (2012: 7.45%)

3,850,000 Altice Financing SA 8.000 15/12/2019 4,143,562 1.19 4,480,000 Nara Cable Funding Ltd 8.875 01/12/2018 4,851,482 1.39 900,000 Norcell Sweden Holding 10.750 29/09/2019 1,006,902 0.29 1,300,000 Numericable Finance 12.375 15/02/2019 1,545,024 0.44 3,900,000 Telenet Finance III Luxembourg 6.625 15/02/2021 4,192,500 1.20 3,550,000 Telenet Finance V Luxembourg 6.250 15/08/2022 3,747,557 1.07 3,015,000 Unitymedia Hessen GmbH 7.500 15/03/2019 3,270,129 0.94 3,425,000 Unitymedia Kabel BW GmbH 9.500 15/03/2021 3,967,212 1.14 4,070,000 UPC Holding BV 8.375 15/08/2020 4,483,919 1.28 1,405,000 UPC Holding BV 6.375 15/09/2022 1,420,272 0.41 2,125,000 UPCB Finance Ltd 6.375 01/07/2020 2,263,678 0.65 2,335,000 Virgin Media Secured Finance Plc 6.000 15/04/2021 2,882,674 0.83 4,705,000 Ziggo Bond Co BV 8.000 15/05/2018 5,012,378 1.44 1,275,000 Ziggo Finance BV 6.125 15/11/2017 1,314,359 0.38 Capital Goods - 1.52% (2012: 0.72%) 3,175,000 GCS Holdco Finance I SA 6.500 15/11/2018 3,254,851 0.93 1,925,000 Loxam SAS 7.375 24/01/2020 2,043,715 0.59 Chemicals - 0.92% (2012: 3.06%)

2,040,000 Ciech Group Financing AB 9.500 30/11/2019 2,295,857 0.66 810,000 Orion Engineered Carbons Bondco GmbH 10.000 15/06/2018 898,428 0.26

Consumer Products - 0.25% (2012: 0.60%)

825,000 Magnolia BC SA 9.000 01/08/2020 860,417 0.25

Containers - 4.51% (2012: 6.85%)

1,659,067 ARD Finance SA 11.125 01/06/2018 1,596,557 0.46 3,475,000 Ardagh Packaging Finance Ltd 7.375 15/10/2017 3,716,374 1.07 2,600,000 Beverage Packaging Holdings 9.500 15/06/2017 2,696,460 0.77 1,750,000 GCL Holdings SCA 9.375 15/04/2018 1,891,662 0.54 5,050,000 Greif Luxembourg Finance 7.375 15/07/2021 5,833,002 1.67

Diversified Financial Services - 3.08% (2012: 1.39%)

850,000 Galaxy Bidco Ltd 6.375 15/11/2020 1,021,787 0.29 1,725,000 Galaxy Finco Ltd 7.875 15/11/2021 2,071,594 0.59 4,025,000 International Personal Finance Plc 11.500 06/08/2015 4,553,281 1.31 2,375,000 Jerrold Finco Plc 9.750 15/09/2018 3,102,323 0.89

Diversified Media - 0.37% (2012: Nil)

1,275,000 Cable Communications Systems NV 7.500 01/11/2020 1,302,757 0.37

Figure

Updating...

References

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