Brandes Emerging Markets Fund

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 0.0 0.0 0.0
Stocks 3.04 0.0 3.04
Bonds 0.0 0.0 0.0
Other 0.06 0.0 0.06
Foreign Bonds 0.0 0.0 0.0
Foreign Stocks 93.89 0.0 93.89
Convertible 0.0 0.0 0.0
Preferred 3.01 0.0 3.01

Updated 03.31.2013

Top 10 Holdings

Performance as of 04.30.2013

Portfolio as of 03.31.2013

Ticker YTD Return % % Net Assets
Tim Holding Company ADR TSU 2.98 3.74
Flextronics International, Ltd. FLEX 10.14 3.24
Embraer S.A. ADR ERJ 20.54 3.18
Hyundai Motor Pfd --- --- 3.01
Petroleo Brasileiro SA Petrobras ADR PBR.A 3.59 2.77
Erste Bank der oesterreichischen Sparkassen AG EBS --- 2.77
Hsbc Bank Palms992 30/03/15(Etihad Et --- --- 2.67
First Pacific Co., Ltd. FPAFF 26.86 2.67
OAO Lukoil ADR LUKOY -7.23 2.65
Yingde Gases Group Co., Ltd. 02168 --- 2.65
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