As of July 31, 2010

Class A: IVWAX Class C: IVWCX Class I: IVWIX

Geographic Breakdown
EQUITIES
U.S. 26.2%
Europe 16.1%
Belgium 0.3% France 10.6% Switzerland 3.2%
Germany 0.6% UK 1.4%
Asia 22.9%
Hong Kong 0.2% Japan 13.6% South Korea 5.5%
India 0.2% Malaysia 3.0% Taiwan 0.1%
Thailand 0.3%
Other Countries 0.6%
South Africa 0.6%
Total Equities 65.8%

FIXED INCOME
Commercial Mortgage Backed Securities (USD) 0.5%
Corporate 14.8%
Euro 5.1% U.S. Dollar 9.7%
Convertible 0.6%
Swiss Franc 0.6%
Sovereign
g 4.3%
Hong Kong Dollar 1.1% Singapore Dollar 3.2%
Total Fixed Income 20.2%

GOLD 6.1%

*OTHER -1.3%

CASH
T-Bills and Cash Held as Collateral 1.8%
Cash and Cash Equivalents 7.4%
Total Cash 9.2%

TOTAL PORTFOLIO 100.0%

*Includes options and unrealized gains or losses on currency forwards and futures contracts.

Top 10 Positions
Position Names Country Sector % of Total
1 Gold bullion Gold 6.1%
2 SIGB (Singapore Government) 2.25% 2013 Singapore Sovereign 3.2%
3 Genting Malaysia Bhd. Malaysia Consumer Discretionary 3.0%
4 Wendel 4.375% 2017; 4.875% 2016 France Holding Company 2.9%
5 Astellas Pharma Inc. Japan Health Care 2.7%
6 Secom Co. Ltd. Japan Industrials 2.5%
7 MasterCard Inc. U.S. Technology 2.4%
8 Cricket Communications, Inc. U.S. Telecommunication Services 2.3%
9.375% 2014; 7.75% 2016; 10.0% 2015
9 Nestle S.A. Switzerland Consumer Staples 2.3%
10 Marsh & McLennan Cos. U.S. Financials 2.2%

Total number of positions: 142 Top positions in aggregate, % of total net assets: 29.6%

Portfolio holdings are as of July 31, 2010 and are subject to change. 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. An investor should consider the funds’ investment
objectives, risks, and charges and expenses carefully before investing or sending any money. This and other important information about
the investment company can be found in the funds’ prospectus. To obtain a prospectus, call 1‐866‐941‐4482 or visit www.ivafunds.com.
Please read the prospectus carefully before investing. The IVA Funds are offered by IVA Funds Distributors, LLC.
 As of July 31, 2010

Class A: IVIOX Class C: IVICX Class I: IVIQX

Geographic Breakdown
EQUITIES
Europe 23.9%
Belgium 0.4% Germany 0.9% Netherlands 0.3%
France 15.5% Italy 0.3% Switzerland 3.6%
UK 2.9%
Asia 39.8%
Hong Kong 0.6% Japan 24.9% South Korea 8.4%
India 0.4% Malaysia 3.3% Taiwan 0.5%
Singapore 1.1% Thailand 0.6%
Other Countries 1.1%
Argentina 0.3% South Africa 0.8%
Total Equities 64.8%

FIXED INCOME
Corporate 7.8%
Euro 6.6% U.S. Dollar 1.2%
Convertible 0.6%
Swiss Franc 0.6%
Sovereign 6.4%
C
Canadian
di Dollar
D ll 0 6%
0.6% H
Hong Kong
K Dollar
D ll 1 5%
1.5% Si
Singapore Dollar
D ll 4 3%
4.3%
Total Fixed Income 14.8%

GOLD 6.1%

*OTHER -1.3%

CASH
T-Bills and Cash Held as Collateral 1.1%
Cash and Cash Equivalents 14.5%

Total Cash 15.6%

TOTAL PORTFOLIO 100.0%

*Includes options and unrealized gains or losses on currency forwards and futures contracts.

Top 10 Positions
Position Names Country Sector % of Total
1 Gold bullion Gold 6.1%
2 SIGB (Singapore Government) 2.25% 2013; 3.125% 2011 Singapore Sovereign 4.3%
3 Genting Malaysia Bhd. Malaysia Consumer Discretionary 3.2%
4 Wendel 4.375% 2017; 4.875% 2016 France Holding Company 3.1%
5 Astellas Pharma Inc. Japan Health Care 2.8%
6 Secom Co. Ltd. Japan Industrials 2.7%
7 Total S.A. France Energy 2.5%
8 SK Telecom Co. Ltd. ADS; SK Telecom Co. Ltd. South Korea Telecommunication Services 2.4%
9 Sodexo S.A. France Consumer Discretionary 2.3%
10 Nestle S.A. Switzerland Consumer Staples 2.2%

Total number of positions: 110 Top positions in aggregate, % of total net assets: 31.6%

Portfolio holdings are as of July 31, 2010 and are subject to change. 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. An investor should consider the funds’ investment
objectives, risks, and charges and expenses carefully before investing or sending any money. This and other important information about
the investment company can be found in the funds’ prospectus. To obtain a prospectus, call 1‐866‐941‐4482 or visit www.ivafunds.com.
Please read the prospectus carefully before investing. The IVA Funds are offered by IVA Funds Distributors, LLC.