PRINCIPAL GLOBAL
INVESTORS FUNDS
An umbrella trust governed by the laws of Ireland
Annual Report and Audited Financial Statements
For the year ended 30 September 2013
PRINCIPAL GLOBAL INVESTORS FUNDS
ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2013
CONTENTS
General Information.............................................................................................................................................................3
Investment Advisers’ Report...........................................................................................................................................7
Independent Auditor’s Report ...................................................................................................................................18
Trustee’s Report .....................................................................................................................................................................19
Statement of Manager’s and Trustee’s Responsibilities ...........................................................................20
Portfolio of Investments
Global Equity Fund ...................................................................................................................................................21
Asian Equity Fund ......................................................................................................................................................23
European Equity Fund ............................................................................................................................................26
Emerging Markets Equity Fund ......................................................................................................................29
Japanese Equity Fund ...............................................................................................................................................31
Preferred Securities Fund .......................................................................................................................................33
US Equity Fund............................................................................................................................................................40
High Yield Fund...........................................................................................................................................................42
Global Property Securities Fund......................................................................................................................48
Global Equity (ex-Japan) Fund ........................................................................................................................50
Post Global Limited Term High Yield Fund ..........................................................................................54
Multi Strategy Currency Fund ..........................................................................................................................58
EDGE Equity Income Fund ..............................................................................................................................60
Global Small Cap Equity Fund ........................................................................................................................62
Origin Global Emerging Markets Fund ....................................................................................................65
Origin Global Equity Fund .................................................................................................................................67
Origin Global Smaller Companies Fund ..................................................................................................69
Long/Short Global Opportunities Equity Fund .................................................................................73
Claritas Latin American Equity Fund .........................................................................................................76
Statement of Total Return for the year ended 30 September 2013 ..............................................78
Statement of Total Return for the year ended 30 September 2012 ..............................................80
Statement of Movement in Net Assets attributable to redeemable
participating unitholders for the year ended 30 September 2013 .................................................81
Statement of Movement in Net Assets attributable to redeemable
participating unitholders for the year ended 30 September 2012 .................................................83
Balance Sheet as at 30 September 2013 .............................................................................................................84
Balance Sheet as at 30 September 2012 .............................................................................................................90
Notes to the Annual Report and Financial Statements..........................................................................93
Supplementary Information
Fund Performance............................................................................................................................................................183
Portfolio Turnover Ratios ...........................................................................................................................................193
Total Expense Ratios ......................................................................................................................................................194
1
PRINCIPAL GLOBAL INVESTORS FUNDS
ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2013 (continued)
CONTENTS (continued)
Statement of Portfolio Changes
Global Equity Fund................................................................................................................................................195
Asian Equity Fund ...................................................................................................................................................195
European Equity Fund .........................................................................................................................................196
Emerging Markets Equity Fund ...................................................................................................................196
Japanese Equity Fund............................................................................................................................................197
Preferred Securities Fund....................................................................................................................................197
US Equity Fund ........................................................................................................................................................198
High Yield Fund .......................................................................................................................................................198
Global Property Securities Fund...................................................................................................................199
Global Equity (ex-Japan) Fund .....................................................................................................................199
Post Global Limited Term High Yield Fund.......................................................................................200
Multi Strategy Currency Fund .......................................................................................................................200
EDGE Equity Income Fund ...........................................................................................................................201
Global Small Cap Equity Fund .....................................................................................................................201
Origin Global Emerging Markets Fund .................................................................................................202
Origin Global Equity Fund ..............................................................................................................................202
Origin Global Smaller Companies Fund ...............................................................................................203
Long/Short Global Opportunities Equity Fund ..............................................................................203
Claritas Latin American Equity Fund ......................................................................................................204
Directory .................................................................................................................................................................................205
Information for Investors in Switzerland .......................................................................................................206
Enquiries..................................................................................................................................................................................207
2
PRINCIPAL GLOBAL INVESTORS FUNDS
GENERAL INFORMATION
The following information is derived from and should be read in conjunction with the full text and definitions section of the
Prospectus.
The Principal Global Investors Funds (the “Trust”), was constituted on 13 October 1992 as an open-ended umbrella unit trust
established as a UCITS under the laws of Ireland. Units of certain classes of the Trust are listed on the Irish Stock Exchange. The
Trust has been 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 September 2013, the Trust comprised the following separate investment portfolios (“Funds”):
FUND
TYPE OF UNITS
• Global Equity Fund (GEF)
Investor: Income
Investor: Accumulation
Institutional: Accumulation
Investor: Income
Investor: Accumulation
Institutional: Accumulation
Investor: Income
Investor: Accumulation
Institutional: Accumulation
Institutional: Accumulation (Euro Hedged)
Investor: Accumulation
Institutional: Accumulation
Investor: Accumulation
Institutional: Accumulation
Institutional: Accumulation (JPY Hedged)
Investor: Accumulation (Euro Hedged)
Institutional: Accumulation
Investor: Income
Investor: D Class Accumulation
Investor: F Class Accumulation
Institutional: Accumulation (Euro Hedged)
Institutional: Accumulation (JPY Hedged)
Institutional: Income (Euro Hedged)
Institutional: Income (JPY Hedged)
Investor: D Class Income
Investor: F Class Income
Investor: Accumulation
Institutional: Income (GBP Hedged)
Investor: I Class Income
Institutional: Accumulation (CHF Hedged)
Investor: Income (Euro Hedged)
P Class Income
P Class Accumulation
Institutional: Accumulation (GBP Hedged)
Investor: Accumulation (CHF Hedged)
Investor: Accumulation
Institutional: Accumulation
Institutional Accumulation (GBP Hedged)
Institutional: Accumulation
Investor: Accumulation
Institutional: Accumulation (BRL Hedged)
Institutional: Accumulation (Euro Hedged)
Institutional Accumulation (USD Hedged)
Institutional: Accumulation (GBP Hedged)
Institutional: Accumulation
Institutional: Accumulation (JPY Hedged)
Institutional: Accumulation (JPY Hedged)
Institutional: Accumulation
• Asian Equity Fund (AEF)
• European Equity Fund (EEF)
• Emerging Markets Equity Fund (EMEF)
• Japanese Equity Fund (JEF)
• Preferred Securities Fund (PSF)
• US Equity Fund (USEF)
• High Yield Fund (HYF)
• Global Property Securities Fund (GPSF)
• Global Equity (ex-Japan) Fund (GEJF)
3
PRINCIPAL GLOBAL INVESTORS FUNDS
GENERAL INFORMATION (continued)
TYPE OF UNITS
FUND
• Post Global Limited Term High Yield Fund (GLTHY)
• Multi Strategy Currency Fund (MSCF)
• EDGE Equity Income Fund (EEIF)
• Global Small Cap Equity Fund (GSCEF)
• Origin Global Emerging Markets Fund (OGEMF)
• Origin Global Equity Fund (OGEF)
• Origin Global Smaller Companies Fund (OGSCF)
• Long/Short Global Opportunities Equity Fund (LSGOF)
• Claritas Latin American Equity Fund (CLAF)
Institutional: Accumulation
Institutional: Accumulation (JPY Hedged)
Institutional: Accumulation (Euro Hedged)
Institutional: Accumulation (GBP Hedged)
Investor: Income (GBP Hedged)
Institutional: Accumulation
Investor: Income
Institutional: Accumulation
Investor: Accumulation
Institutional: Accumulation
Institutional: Accumulation (GBP Hedged)
Institutional: Accumulation (GBP Hedged)
Institutional: Accumulation
Institutional: Accumulation (GBP Hedged)
Institutional: Accumulation
Institutional: Accumulation
All units are unhedged, except where otherwise noted.
Principal Global Investors (Ireland) Limited (the “Manager”) may, with the prior consent of the Central Bank and approval of
the Trustee and the Board of Directors of the Manager, add additional Funds.
PRICES
There will be a single price for buying, selling and switching units in each of the Funds. This will be represented by the Net Asset
Value per Unit rounded to the nearest cent (less/plus duties and charges where applicable).
DEALING
The dealing deadline (being the time by which subscription and redemption requests for units must be received in Dublin in order
for such requests to be dealt with in normal circumstances on a particular dealing day) is 10.00a.m. (Dublin time) on that
dealing day. The dealing deadline for requests from Hong Kong investors is 5.00p.m. (Hong Kong time) on that dealing day. All
dealing requests should be addressed to:
Hong Kong-based investors:
Principal Global Investors (Asia) Limited
27/F, Hopewell Centre
183 Queen’s Road East
Hong Kong
Tel : 852-2117 8383
Fax : 852-2918 1461
All other investors:
BNY Mellon Fund Services (Ireland) Limited
Guild House, Guild Street
International Financial Services Centre
Dublin 1
Ireland
Tel : 353-1-900 8081
Fax : 44 207 964 2667
4
PRINCIPAL GLOBAL INVESTORS FUNDS
GENERAL INFORMATION (continued)
MINIMUM SUBSCRIPTION
The minimum subscription amounts in the Unit Classes are as follows:
Investor
Institutional
US$10,000*
US$2,000,000
The minimum subscription and subsequent subscription amounts in the five unit classes for the Asian Equity Fund, Emerging
Markets Equity Fund, European Equity Fund,Global Equity Fund, Global Equity (ex-Japan) Fund, Global Propery Securities
Fund, High Yield Fund, Japanese Equity Fund, Multi Strategy Currency Fund, Post Global Limited Term High Yield Fund,
Preferred Securities Fund, U.S Equity Fund, EDGE Equity Income Fund, Global Small Cap Equity Fund, Origin Global
Equity Fund,Origin Emerging Markets Fund and Origin Global Smaller Companies Fund are as follows:
Investor
Institutional
Investor D Class
Investor F Class
P Class
Minimum Subscription
Additional Subscription
US$10,000
US$10,000
US$10,000
US$10,000
US$10,000
US$1,000
US$1,000
US$1,000
US$1,000
US$1,000
The minimum subscription and subsequent subscription amounts in the five unit classes for the Long Short Global
Opportunities Fund are as follows:
Investor
Institutional
Investor D Class
Investor F Class
P Class
Minimum Subscription
Additional Subscription
US$10,000
US$2,000,000
US$10,000
US$10,000
US$10,000
US$1,000
US$100,000
US$1,000
US$1,000
US$1,000
The minimum subscription and subsequent subscription amounts in the five unit classes for the Claritas Latin American
Equity Fund are as follows:
Investor
Institutional
Investor D Class
Investor F Class
P Class
Minimum Subscription
Additional Subscription
US$10,000
US$300,000
US$10,000
US$10,000
US$10,000
US$1,000
US$100,000
US$1,000
US$1,000
US$1,000
*The minimum initial investment amount for Hong Kong-based investors is US$2,000.
5
PRINCIPAL GLOBAL INVESTORS FUNDS
GENERAL INFORMATION (continued)
DISTRIBUTIONS AND DISTRIBUTOR STATUS
The Trust Deed provides for the Manager to decide to make, and for the Trustee on each distribution date to make, distributions
among holders of income units in each of the Funds. It is the intention of the Manager to make distributions to the extent that
they are covered by income received from underlying investments. It is also the intention of the Manager that distributions will
be declared on 30 September each year. Quarterly distributions will be payable in respect of the Institutional and Investor Class
Income Units in the Preferred Securities Fund.
SIGNIFICANT EVENTS DURING THE YEAR
The following significant events took place during the year:
On 17 April 2013, the Origin Funds merged onto the platform via a Scheme of Amalgamation from an existing Irish
Funds platform from within the Principal Group. The funds transferred are; Origin Global Emerging Markets Fund
(OGEMF) Institutional : Accumulation (GBP) unit class, the Origin Global Equity Fund (OGEF) Institutional
Accumulation share class and the Origin Smaller Companies Fund (OGSCF) Institutional: Accumulation and
Institutional: Accumulation (GBP) share class.
Launches during the year:
• On 23 October 2012 the Global Small Cap Equity Fund (GSCEF) launched the - Institutional: Accumulation unit class.
• On 17 January 2013 the Preferred Securities Fund (PSF) launched the - Investor: I Class Income unit class.
• On 1 March 2013 the Preferred Securities Fund (PSF) launched the - Institutional: Accumulation (CHF Hedged) unit
class.
• On 20 March 2013 the High Yield Fund (HYF) launched the - Institutional: Accumulation (BRL Hedged) unit class.
• On 3 April 2013 the Preferred Securities Fund (PSF) launched the – Investor: Income (EUR Hedged) unit class.
• On 8 April 2013 the Preferred Securities Fund (PSF) launched the – P Class: Income unit class.
• On 8 April 2013 the Preferred Securities Fund (PSF) launched the – P Class: Accumulation unit class.
• On 15 April 2013 the Preferred Securities Fund (PSF) launched the – Institutional: Income (GBP Hedged) unit class.
• On 17 April 2013, the Origin Global Emerging Markets Fund (OGEMF) launched the Institutional: Accumulation
(GBP) unit class.
• On 17 April 2013, the Origin Global Equity Fund (OGEF) launched the Institutional: Accumulation (GBP) unit class.
• On 17 April 2013, the Origin Smaller Companies Fund (OGSCF) launched the Institutional: Accumulation unit class.
• On 17 April 2013, the Origin Smaller Companies Fund (OGSCF) launched the Institutional: Accumulation (GBP) unit
class.
• On 9 July 2013, the Global Property Securities Fund (GPSF) Fund launched the Institutional: Accumulation (JPY
Hedged) unit class.
• On 8 August 2013, the Long Short Opportunities Fund (LSGOF) launched the Institutional: Accumulation unit
class.
• On 20 September 2013 the Preferred Securities Fund (PSF) launched the Investor: Accumulation (CHF Hedged) unit
class.
• On 23 September 2013, the Claritas Latin American Equity Fund (CLAF) launched the Institutional: Accumulation unit
classes.
Mr Chris Henderson was appointed as director to the Manager on 12 December 2012.
SIGNIFICANT EVENTS AFTER THE YEAR
The following significant event took place after the year:
• On 4 October 2013 Finisterre Emerging Markets Debt Fund (FEMDF) launched the - Institutional: Accumulation unit
class.
On 14 December 2013 the Prospectus was updated for the Key investor information documents for the Unit Trust .
6
INVESTMENT ADVISERS’ REPORT
for the year ended 30 September 2013
GLOBAL EQUITY FUND
The Global Equity Fund returned (net) 17.12% and the MSCI World Index returned 20.21% over the 12 month period to 30
September 2013.
Stock selection contributed to performance most positively in the industrials, consumer staples and materials sectors, while stock
selection in the information technology, utilities and financials sectors lagged the most. From a country perspective, stock
selection contributed most positively to performance in Brazil, Ireland and France. Stock selection in Switzerland, Norway and
China detracted from performance this past year.
The portfolio continues to overweight stocks with improving business fundamentals, rising investor expectations and attractive
relative valuations. Stock selection remains the primary source of outperformance.
ASIAN EQUITY FUND
The Asian Equity Fund returned (net) 5.78% and the MSCI AC Far East ex-Japan Index returned 7.18% over the 12 month
period to 30 September 2013.
During the period stock selection was most positive in Taiwan and Singapore while stock selection was most negative in South
Korea. Within Taiwan we saw the consumer discretionary and IT sectors performed the best. Out performance came from Eclat
Textile and Merida Industry in the discretionary sector and Chipbond Technology and King Yuan Electronics in the tech sector.
In Singapore our positioning in the energy sector benefitted us as we were overweight Ezion Holdings and Kreuz Holdings.
Negative relative performance came from our positioning within South Korea, where the tech and discretionary sectors detracted
the most. In the tech sector our overweight position in Com2Us and Partron along with our underweight position in Naver
Corporation led to the underperformance in the sector. Kia Motors and Hyundai Mobis contributed to the underperformance
in the discretionary sector.
EUROPEAN EQUITY FUND
The European Equity Fund returned (net) 23.87% and the MSCI Europe Index returned 24.23% over the 12 month period to
30 September 2013.
Stock selection was especially strong in the UK, and the Consumer Durables sector, especially in the house building sector. We
saw a strong contribution from the French auto parts manufacturer Plastic Omnium which has exceeded market expectations as
the strength of the auto cycle has continued, British budget airline Easyjet which has continued to grow profits ahead of
expectations as they continue to add additional services which they are able to monetise quickly, and Irish packaging group
Smurfit Kappa, which continues to see healthy price increases.
Our stock selection was negative in the financial sector, especially with banks as the more risky banks in the periphery performed
well. We have concerns that many of these banks have a need to raise more capital, and are concerned this will not be on
favourable terms for them. Our exposure to Yara detracted from performance during the year.
Regardless of the region, sector or general market conditions, our bottom-up focus on sustainable earnings trends and valuations
relative to expectations remains a constant across all portfolios, and helps rise above the fray of short-term “risk-on/risk-off ”
tendencies of many investors.
EMERGING MARKETS EQUITY FUND
The Emerging Markets Equity Fund declined (net) 2.79% and the MSCI Emerging Markets Index returned 0.98% over the 12
month period to 30 September 2013.
Our stock selection added value relative to the benchmark in EEMEA and Latin American; however the underperformance in
the Asian region was more than the outperformance in EEMEA and Latin American.
Within Asia, the primary source of our relative underperformance for the period was strong stock selection in the technology,
telecom and utilities sectors. Within technology, our positions in Tencent Holdings and China Wireless detracted from our
relative performance. China Telecom and Far Eastone Telecommunications were the main reasons behind the underperformance
in the telecom sector, while China Oil & Gas detracted in the utilities sector. We saw positive relative performance come from
the financials and industrial sectors. The biggest positive contributors were Shimao Property in the financial sector and China
Railway Construction Corp in the industrials sector.
7
INVESTMENT ADVISERS’ REPORT
for the year ended 30 September 2013 (continued)
EMERGING MARKETS EQUITY FUND (continued)
Within EEMEA, stock selections within the materials and industrials sectors were positive while the discretionary and financials
sectors underperformed for the period. Positive stock selection in the materials came from our overweight position in Mondi PLC
(+68.96%) along with our underweight position in Anglogold (-62.08%). While Turkish Airlines led the way in the industrial
sector gaining 86.63% for the Fund during the period. The top detractors for the period were Woolworths in the discretionary
sector and Nedbank in the financials.
We also saw positive relative returns in Latin America for the period. Solid stock selection in discretionary and financials sectors
contributed to the favourable relative results. Overweight positions to Kroton and Even Construtora drove our relative
outperformance within consumer discretionary, while Banco Bradesco led the way in financials. The materials sector was the
biggest detractor in the period. This was primarily driven by our positions in Sociedad Quimica Y Minera and Southern Copper
as both of these stocks declined over 12% for the period.
JAPANESE EQUITY FUND
The Japanese Equity Fund returned (net) 27.70% and the MCSI Japan Index returned 31.50% over the 12 month period to 30
September 2013.
Stock selection in the industrials and information technology sectors was most effective. However, stock selection in consumer
discretionary and financial sectors was less effective.
An overweight position in Fuji Heavy Industries Ltd., primarily a Japanese automaker selling Subaru branded passenger vehicles,
contributed to performance in the quarter as the stock was up 239.04% in USD terms.
An overweight position in Foster Electric Co. Ltd. had a negative impact on the portfolio in the period as it was down 22.82%
in USD terms. The company is mainly engaged in the manufacture and sale of electronic equipment and components.
At the end of September, the portfolio’s most overweight positions included Fuji Heavy Industries Ltd., Toagosei Co., Central
Glass Co. and Sumitomo Forestry.
The portfolio continues to overweight stocks with improving business fundamentals, rising investor expectations and attractive
relative valuations. Our portfolio construction strategies minimize market, sector and industry exposures relative to the index in
order to isolate superior stock selection as the primary source of outperformance.
PREFERRED SECURITIES FUND
The preferred Securities Fund returned 4.85% and the Merrill Lynch Preferred Stock blended Index returned 2.84% of the 12
month period to September 2013.
The preferred securities market rallied to start the period on the heels of coordinated bond buying from the European Central
Bank and from the US Federal Reserve Bank (Fed). Not even the risk of a Eurozone divorce or a US cascade over a “fiscal cliff ”
could hold back the money flows from causing a storm like surge to lift up corporate credit and preferred securities through the
first quarter of 2013. But by May, the tidal surge of money inflows receded when the Fed hinted that its bond buying program
may end soon. The Bank of America Merrill Lynch US Preferred Stock, Fixed Rate $25 Par Index (p0p1) declined 3.06% and
the Barclays Capital Securities US Dollar Tier1 Index rose 9.04%. The retail ($25 par) sector underperformed the institutional
(Tier1 capital securities) sector this period due to its more perpetual structure (i.e., longer effective duration) during a significant
rate rise. The $25 par sector price slipped by $-9.55 (on a $100 par basis) according to the BofA Merrill Lynch US Preferred Stock,
Fixed Rate (p0p1) Index. Institutional hybrid prices rose by $2.57 according to the Barclays Capital Securities Tier1 Index. The
total return for Fund assets rose (net) 4.09% during the 12 months period compared to a 2.84% rise in the combined 50/50
benchmark. The Fund being overweight capital securities and underweight $25 par helped it outperform the benchmark.
On a yield-to-worst basis, hybrids yield 5.54% on average – this is 234 basis points (bps) of additional yield over (5-7 yr) senior
global financial debt which still indicates a positive funding incentive, in general, for banks to either tender for or call hybrids
once the phase-in requirements of Basel-3 are effective in 2013. For the investor, hybrids yield 321 bps more than similar
duration (7-10 yr) US Treasury notes.
8
INVESTMENT ADVISERS’ REPORT
for the year ended 30 September 2013 (continued)
PREFERRED SECURITIES FUND (continued)
The leading event for the preferred securities market by the end of the period was relief from the pervasive decline in the long
term sector of the US Treasury market. Indeed, the bond market was quite surprised by the Fed’s decision to not taper the use of
its balance sheet and to continue purchasing long term US Treasuries and mortgage securities. The US Treasury bond futures
market broke out of a 4 month long down trend that forced long bond prices down over 16pts by the end of September, but up
3 points off the lows once the Fed surprised the markets with continued support. The fund flows that are out of credit and into
equity at this time are based more on the macro rate themes (fears) than on the sector fundamentals – especially as they relate to
hybrids because overall credit performance is improving. We believe that the structural evolution in hybrids should foster higher
yields for much of the sector because of the regulatory changes in Alternative Tier1 bank capital. This theme should pick up pace
in 2014 (for the European banks, in particular) which will only add more income to defend against the Fed’s Great (Taper)
Escape that is yet to come.
US EQUITY FUND
The U.S. Equity Fund returned (net) 16.16% and the S&P 500 Index returned 19.34% over the 12 month period to 30
September 2013.
During the period, stock selection in the energy, health care, and industrials sectors contributed positively to performance, while
stock selection in information technology, financials, and materials detracted from performance.
At the end of September, the Fund’s main overweight positions were Comcast Corp, Allstate Corp, and Discover Financial
Services. The Fund’s main underweight positions included Exxon Mobile Corp, Johnson & Johnson, and Chevron Corp.
An overweight position in Gilead Sciences, Inc contributed to performance. Gilead, a leading biotech company focused on
infectious diseases, outperformed during the quarter, benefiting from strong product sales in 4Q12 and 2Q13, along with
significant progress in HepC development.
An overweight position in Hanesbrands Inc contributed to performance. The apparel company beat 2Q13 EPS estimates by 29%,
driven by stronger gross and operating margins, and management raised FY13 EPS guidance. Hanesbrands also announced it
was acquiring Maidenform.
An underweight position in Exxon Mobil Corporation contributed to performance as the company underperformed the energy
sector due to struggling upstream performance and a reduction in share buyback guidance. Exxon missed 2Q13 EPS estimates
by 18% driven by lower than expected downstream performance, lower chemicals results, lower international upstream results,
and higher corporate charges.
An overweight position in Apple Inc detracted from performance. Apple underperformed during the last 12 months, driven by
concerns over supply constraints and sustainability of Apple’s premium pricing, lower revenue and gross margin guidance by
management in 1Q13, and most recently, concerns over weak growth in China.
Our position in Oracle Corporation negatively impacted performance. The company missed 3Q EPS estimates and management
guidance was lower than expected, although the miss was primarily due to new sales rep execution as the company has increased
its sales reps 30% over the last 18 months. Oracle reported Q4 earnings that were in-line with consensus, slightly missing on
revenue, but announced a $12B buyback and doubled the dividend. We no longer hold this stock.
An overweight position in CF Industries Holdings Inc detracted from performance. The company beat consensus 4Q12 EPS by
5% driven by the Core Nitrogen segment, while 1Q13 earnings were in line with consensus. The company reported solid 2Q13
EPS results that were better than expected, driven by gross margins and strong performance from the Nitrogen segment. The stock
underperformed over the period as continued pressure from Chinese urea exports and indications of soft demand for fall
applications weighed on the stock. We no longer hold this stock.
HIGH YIELD FUND
The High Yield Fund returned (net) 10.83% and the Merrill Lynch Global High Yield index 8.75% over the 12 month period
to 30 September 2013.
Security selection was the largest contributor to the Fund’s outperformance, while Sector allocation was a small drag. Currency
movements had no impact on performance during the period.
9
INVESTMENT ADVISERS’ REPORT
for the year ended 30 September 2013 (continued)
HIGH YIELD FUND (continued)
The Fund’s holdings in Altice Financing S.A., an Israel based cable, internet, and wireless provider that was taken private during
2012, was the single largest positive contributor to performance during the last year as the company continued to post strong
operating results. Royal Bank of Scotland was another positive contributor to performance, as subordinated securities in their
capital structure continued their strong performance, supported by further stabilization of the European banking sector. A final
positive contributor to performance was the Fund’s overweight in Sprint. Sprint’s acquisition by Softbank Corp was completed
on August 5th, which was a positive credit event for the wireless operator.
Negatively impacting returns over the past year was an underweight to the Banking sector. Many of the banks in peripheral
Europe rallied as tail-risk events don’t appear as prevalent as they did earlier in the year. Another negative contributor to
performance was an overweight in the Media Cable Sector. Media Cable is a defensive sector, which posted solid returns but was
unable to match the performance of the overall global high yield market. A few other negative contributors were overweight
positions in Continental Resources, Digicel, and Softbank Corp.
The Portfolio's disciplined investment process, focused on bottom-up security selection has not changed in spite of the strong
rally in high yield bonds. We continue to underwrite each and every security held in the Portfolio and will not take risks that are
unwarranted.
GLOBAL PROPERTY SECURITIES FUND
The Global Property Securities Fund returned (net) 13.35% and the FTSE EPRA/NAREIT Developed Index returned 10.95%
over the 12 month period to 30 September 2013.
While Japan was an overall detractor during the quarter, the portfolio benefited from a non-benchmark position in Japan Hotel
REIT Investment Corporation, which rallied over 90% since being added to the portfolio. Forecasts for foreign travel to Japan
have increased due to improving macro-economic conditions.
The top contributor during the trailing 12 months was stock selection within U.S. shopping centers. The portfolio held
overweights to Kite Realty Group, Ramco-Gershenson Properties and Retail Properties of America. All three strongly
outperformed due to improving economic conditions in the U.S. and an increase in financial markets which helped to spark
increases in secondary market pricing toward the end of 2012.
Stock selection within the U.S. net lease sector was also a large contributor due to a non-benchmark position in Corrections
Corporation of America, an owner and operator of correctional facilities. The company converted to a REIT at the start of 2013,
has been added to a couple of major REIT indices, and appears to be gaining favour with investors, some of which may be
looking at the stock for the first time. The company’s above average dividend yield also likely helped performance, as investors
have favoured stocks delivering higher current income.
The largest detractor was the portfolio’s underweight to Japan. Japanese REITs and Developers rallied strongly in early 2013 on
the back of Prime Minister Abe’s reflationary policies, which are positive for real estate fundamentals, and are causing investors
to view the new policies as a positive catalyst for the Japanese equity markets.
A second detractor was the portfolio’s non-benchmark position in mortgage REIT CYS Investments, which largely
underperformed during the past 12 months. Quantitative easing (QE) by the U.S. Federal reserve (Fed) has been unfavourable
to CYS’s business, as lower long term rates result in accelerating prepayments and reducing spreads.
A third detractor during the trailing twelve months was the portfolio’s non-benchmark position to South African security Hyprop
Investments. Most of the drag on performance is attributed to the depreciating value of the South African Rand relative to the
U.S. Dollar.
GLOBAL EQUITY (EX JAPAN) FUND
The Global Equity (ex-Japan) Fund returned (net) 18.91% and the MSCI Kokusai Index returned 19.92% over the 12 month
period to 30 September 2013.
Stock selection in the industrials, health care, and consumer staples sectors positively contributed to performance during the
period, while stock selection in the financials, information technology, and utilities sectors lagged relative to performance. From
a country perspective, stock selection contributed most positively to performance in the United Kingdom, France, and Ireland.
Negative performance during the period came from the Europe Ex Euro region with Norway lagging the most.
10
INVESTMENT ADVISERS’ REPORT
for the year ended 30 September 2013 (continued)
GLOBAL EQUITY (EX JAPAN) FUND (continued)
An overweight position in Smurfit Kappa Group contributed positively to the portfolio’s performance during the past year as it
was up 94.91%.
An overweight position in Mosaic Company detracted from performance for the period as it was down 28.12%.
We continue to have an overweight exposure to distributors and managed care companies as these companies are benefitting
from the generic wave trend, which is expanding margins, and low utilization rates. Our favourite ideas include Express Scripts
Holding, McKesson Corp., and Omnicare Inc. The portfolio also remains overweight in biotechnology as our holdings of Gilead
Sciences, Biogen Idec, and Celgene should benefit from strong pipelines, new product cycles and high growth potential.
POST GLOBAL LIMITED TERM HIGH YIELD FUND
The Post Global Limited Term High Yield Fund returned 3.80% and the U.S. Government Index returned 0.39% over the 12month period to 30 September 2013.
Treasury securities showed recent signs of weakness which has trickled down into the high yield market. In May, June and
August, the Barclays High Yield Index was down -0.58%, -2.62% and -0.61%, respectively. The Post Global Limited Term High
Yield Fund showed considerable downside protection during the same period; posting gross returns of 0.10%, -0.57% and 0.31%.
During these volatile months, we were able to find attractive opportunities to reinvest bonds that were called/tendered as well as
sourcing attractive relative value opportunities.
MULTI STRATEGY CURRENCY FUND
The Multi Strategy Currency Fund returned a 13.36% over the 12 month period to 30 September 2013.
October 2012
Discretionary Approach
The performance in October was 0.67%. Through the month the portfolio saw positive returns with four positive and two
negative themes. Much of the thematics were consistent with those of last month (September 2012) as we maintained our EM
Negative Scorecard Theme, as well as our JPY Macro Theme and the Euro Diversification theme. In the EUR theme there was
some rotation as we switched the funding of the EUR shorts from NOK to GBP after the Bank of England shifted rhetoric and
data there improved. Through the month we closed off the USD Structural Theme as well as the declining CAPEX theme, where
despite the fundamentals playing out, the impact it had on markets was negligible. Finally we opened a new theme, the Canada
Re-rating theme. Here, as the Bank of Canada shifted to neutral we expect the CAD to reverse some of its recent
outperformance versus other commodity based currencies.
November 2012
Discretionary Approach
The performance in November was 0.95%. In the Fund we ran six themes during the month, ending the month with three, the
EUR diversification and USD structural themes and the Negative EM score theme. The three themes that were closed out
during the month were the Canada re-rating theme, the Norway policy mix theme and the Japan macro theme. The closing of
the Japan macro theme was a tactical reaction to the surge in USD/JPY during the month and we look for opportunities to
e-establish that in the portfolios. The Canada re-rating theme, while we think is still supported by the data, is having little
impact on USD/CAD and was closed early in the month. The Norway policy mix theme which was expressed by a long
NOK/SEK position was closed at the very end of the month as temporary inflows related to EU agricultural payments looked
to be supporting the SEK. The majority of the portfolio returns for the month were generated by the Japan macro theme and the
Negative EM score theme with the USD structural and EUR diversification themes small detractors from performance. The
portfolio ended the month with long positions in USD, GBP and BRL (established after the move higher in USD/BRL) and short
positions in CLP, NZD and EUR.
December 2012
The performance in December was 0.26%. Overall the Fund had a positive performance for December; the discretionary
component detracted from the Fund’s performance and the systematic component positively contributed to the performance for
the month.
Discretionary Approach
Though political uncertainties dominated through December, with US Fiscal Cliff negotiations and the election in Japan of
particular note, few unexpected outcomes and quiet trading due to the holiday period meant that in general risk assets rallied.
That said the rally was not very correlated. Stocks advanced tentatively, while commodities remained softer in general, overall
however ranges were tight and there were only a few standout movers in the month.
11
INVESTMENT ADVISERS’ REPORT
for the year ended 30 September 2013 (continued)
MULTI STRATEGY CURRENCY FUND (continued)
December 2012 (continued)
Discretionary Approach (continued)
Our performance was negative with three themes stronger and three weaker through the month. Profits were taken in the Japan
Macro theme after the JPY weakened off the back of the election results, which were won on a pro-growth, pro-inflation agenda.
The long running Negative EM Score Theme and the new Relative G10 Monetary Policy Theme were also positive contributors
to growth. The former contained relative value EM trades such as a long BRLLP where fundamentals, such as current account
positions and asset valuations looked at odds with current market positioning.
The latter theme had a short GBP trade funded with a long SEK. On the negative side of the ledger was the USD structural theme
which declined marginally, however the majority of our losses were centered in the Euro Diversification theme. There we felt that
the EUR had once again begun to move ahead of fundamentals. In a quieter period for European politics and for news on Euro
Area integration/disintegration we believed that lower rates and continued economic under-performance would mean that the
EUR should have under-performed and drifted lower, rather than higher given how much break-up, and Euro-stress premium
had already been priced out through the rest of the fourth quarter.
As we move into 2013 we are more optimistic than we have been in previous years. We think that it will be a year that has clearer
economic out-performance; where systemic risks are lower and thus that more opportunities to exploit relative growth and
policy trends will exist. Overall we remain bullish on the USD as we think that the domestic drivers for growth there are
attractive, while asset valuations remain reasonable. Conversely we remain cautious on Japan and Europe as they both search for
new growth models and believe that in the Emerging market relative stories will remain most important and broad EM block
performance cannot be assured.
January 2013
The performance in January was -0.35%. Overall the Fund had a negative performance for January; the discretionary
component detracted from the Fund’s performance and the systematic component positively contributed to the performance for
the month.
Discretionary Approach
We ran seven themes in the portfolio this month with 3 producing positive performance and 4 producing negative performance.
The biggest detractor was the EUR diversification theme where we used long JPY funding for the EUR short. We were stopped
out of this theme very late in the month but continue to hold the view that the JPY move has overextended. The biggest
contributions to the portfolio came from the Year-end Mean Reversion theme (positioning for a reversal of some of the sharp moves
in to end of December, in particular, the outperformance of Asian currencies over commodity currencies) and the Relative G10
Monetary Policy theme (short GBP and CAD against a basket of currencies whose central banks’ were overpriced for easing). The
USD Structural theme and the Japan macro theme did not contribute significantly to portfolio performance while the EM RV
Score theme and Global Growth Beta themes both detracted as the strength of the risk and EUR rally overwhelmed some of our
relative value positions (eg, long CLP/INR).
February 2013
The performance in February was 0.85%. Overall the Fund had a positive performance with the systematic and discretionary
components both positive.
Discretionary Approach
In the portfolio we ran six themes with just one, the USD Structural Theme, performing negatively. In the first half this theme
dominated our volatility budget and for the most part it performed well. It just could not overcome the loss generated early on
as risk had its last gasp on the first of February. All other themes contributed to performance.
Given how stretched JPY remained though the month we expressed our Japan Macro Theme through a long USD/CNY as we
believe Japanese reflation and a weaker JPY will drive CNY under-performance. Later in the month the portfolio was tilted
towards Emerging Market currencies in the EM RV Score Theme. Here we continued to sell overbought markets with
deteriorating fundamentals and mispriced liquidity premium against their more fundamentally sound peers. Crosses traded here
included MXN/CLP, PLN/HUF and TRY/ZAR. The major contributors to performance were the EUR MCI theme where the
Short EUR position was justified by Governor Draghi’s more dovish stance, and the G10 Monetary Policy Theme where the
relative discounting of economic conditions between GBP and SEK became too stretched and provided an opportunity for
reversion. Going forward we do not envisage many changes to our position, though we remain ready to trade the peak in the global
production cycle, and particularly that of China in the coming months.
12
INVESTMENT ADVISERS’ REPORT
for the year ended 30 September 2013 (continued)
MULTI STRATEGY CURRENCY FUND (continued)
March 2013
The performance in March was 1.38%. Overall the Fund had a positive performance for March with the systematic
strategyending the month positively but the discretionary component was negative.
Discretionary Approach
We ran seven themes over the month, with three delivering positive returns and four negative returns (although with the
exception of the China macro flattening theme, the negative returns were only slight). There were two new themes in the
portfolio from February, the China macro flattening theme (representing the view that after the acceleration into Chinese New
Year, the improvement in Chinese economic data would flatten out and China would not be a source of growth to its trading
partners) and the (reintroduced at the end of the month) EUR diversification theme. The China theme was represented by long
CAD and USD exposure versus short CLP while the Euro diversification theme was represented by a short EUR/SGD position
and while there was some turnover in other themes, with ZAR and HUF traded reasonably actively in the USD structural theme
and some rotation in funding in the EM RV score theme, the portfolio remained consistent with the structure at the start of the
month – neutral Asian currencies, long $-bloc and Latin American currencies and short European currencies.
April 2013
The performance in April was -4.66%. Overall the Fund had a positive performance for April with the systematic strategy
ending the month positively but the discretionary component was negative.
Discretionary Approach
In the month the portfolio performed negatively with 8 themes traded. Almost all of these themes were carried over from March.
There were two factors that dominated our performance. The first was the BOJ, while the second was the global downturn.
While we have been Japan bears for around 18 months now and remain in this camp, the BOJ provided the biggest shock to our
P&L in April. Here we did not anticipate the aggressive response from the market to the amount of liquidity provided and so a
number of the short legs in our relative G10 Monetary Policy Theme and in our USD Structural Theme were squeezed viciously
towards hard stop levels (which were executed). This was a case of the lowest quality ‘credits’ rallying the hardest despite their own
fundamental weaknesses. Following this drawdown we ran a very low tracking error for the remainder of the month and there
were no further losses. The EM Relative Value theme was the other under-performer, though not nearly to the same extent. Here,
while the relative economic data printed in our favour, and the broad structural superiority of the LATAM block over that of
Eastern Europe remains valid, these factors were dominated by the commodity sensitivity of LATAM and the expectation of
Japanese liquidity flowing into Eastern European debt.
May 2013
The performance in May was 1.47%. Overall the Fund had a positive performance with the systematic component negative but
the discretionary positive.
Discretionary Approach
Our portfolio was well positioned through the month and with a number of new themes initiated, six of our seven themes
contributed positively to performance. The only detractor was the Relative G10 Monetary Policy Theme, which was closed
mid-month.
Elsewhere a re-initiation of the Japan Macro Theme via a long USD/KRW and then a re-entry into short JPY following the
aforementioned selloff in USD/JPY was profitable, as was our long held USD structural theme. We closed the ECB rate cut
theme after Draghi delivered a cut along with some dovish rhetoric and reversed our views on the EUR by buying EUR/CHF in
a new Europe Reflation theme. Finally, an Illiquid Local Debt Theme was initiated. This is a strategic theme that is likely to be
a feature of our portfolio for much of the next year. In it we expect the peak in global liquidity and the continued rise in US rates
to drive a selloff in bond markets, both developed and emerging where valuations are stretched, where foreign ownership is at a
peak and where liquidity is inadequate to cope with a broad withdrawal of capital in an orderly way. Currently this theme is
primarily focused in developed markets, with a long AUD/NZD and a long EUR/SEK; however emerging markets also fit the
profile and currently we are short both the MYR and the TRY.
June 2013
The performance in June was -4.65%. Overall the Fund had a negative performance with the systematic and discretionary
components both negative.
13
INVESTMENT ADVISERS’ REPORT
for the year ended 30 September 2013 (continued)
MULTI STRATEGY CURRENCY FUND (continued)
June 2013 (continued)
Discretionary Approach
In the portfolio performance was negative in June with five of the seven themes contributing negatively. That said the major
detractor was the USD structural theme. Here, fundamentals, most notably the revision in the outlook from the Fed and the rise
in interest rates played proved correct, however the theme did not work as the liquidation of carry trades elsewhere dominated
price action in the two funders, the JPY and CHF.
July 2013
The performance in July was -2.25%. Overall the Fund had a negative performance with the systematic and discretionary
components both negative for July.
Discretionary Approach
Through July the fund performed negatively with the High Beta AUD theme dominating the losses. Here, concerns
surrounding China’s growth, and a very dovish central bank offset the improvements in broader global growth and so while we
were right about the AUD regaining its beta to global growth, we were wrong on the direction of the move. Elsewhere we
maintained a relatively static thematic portfolio with the same six themes. Our bias was for USD out-performance over other low
yielders driven by economic outperformance and rising yields (in the USD Structural Theme and the Japan Macro Theme). We
also expected differentiation in Emerging Markets to continue and for markets with deteriorating current accounts, weak fiscal
positions and high concentration of foreign participants in their capital markets (like TRY and MYR) to underperform more
structurally sound countries (like SGD and CLP).
August 2013
The performance in August was -2.35%. Overall the Fund had a negative performance for August; the discretionary component
positively contributed and the systematic component detracted from the Fund’s performance.
Discretionary Approach
Performance in the portfolios was positive with four of the seven themes contributing. The primary detractors were the Japan
Macro theme and the Syria Hedge theme however both remain in our Portfolio. Going forward we expect that the Japan Macro
theme will bear fruit as we enter a period of fresh policy impetus from both the Abe Government and the Bank of Japan (BOJ),
while the Syria Hedge theme will also remain relevant as action there has simply been delayed, not discarded. Positive
contributors included the USD Structural theme, the High beta AUD theme, an EM Fixed Income rotation theme and the
Europe Reflation theme. While the AUD and EM theme is closed, the others all remain active in the portfolio. The USD theme
in particular will remain a cornerstone of the portfolio for the remainder of the year as the US economy out-performs much of
the rest of the developed world, and as policy there is tightened first.
September 2013
The performance in September was -2.47%. Overall the Fund had a negative performance for September; the discretionary
component negatively contributed and the systematic component positively contributed to the Fund’s performance.
Discretionary Approach
In FX markets the shock decision from the US Federal Reserve (Fed) dominated the Dollar. While the slightly weaker payrolls
report early in the month, together with the decision by Larry Summers not to run for Chairman of the Federal Open Market
Committee (FOMC) helped put a cap on the USD, it was the Fed announcement that drove a real acceleration in the losses.
That said, the momentum was short-lived as fears about a government shutdown grew and risk assets stalled, but the damage was
done and the USD finished the month weaker than almost all G10 currencies.
European currencies rallied in line with our EZ Reflation theme. The GBP lead the pack after the minutes from the MPC
meeting highlighted that no board members saw a need for further stimulus as the economy continued to pick up pace. EUR
gains were more measured as strengthening growth there had to be weighed against a rise in Italian yields as the risks of a
breakdown of the government grew and as Draghi said that the board considered a rate cut in their policy review.
14
INVESTMENT ADVISERS’ REPORT
for the year ended 30 September 2013 (continued)
MULTI STRATEGY CURRENCY FUND (continued)
September 2013 (continued)
Discretionary Approach (continued)
Going forward we continue to think that the USD will outperform as growth broadens and rates begin to rise. We also think that
the allocation into emerging markets made over the past five years will continue to reverse as investors recognise that structural
premiums were priced too richly, and that emerging markets remain a beta to the developed world.
Systematic Approach
The SCP Investment Strategy is longer term in nature, with positions set once per calendar year.
The weights for 2013 are long AUD, NZD, NOK, BRL, INR and IDR vs. CHF, EUR and JPY on Forward Bias considerations
and long EUR, GBP, CAD, INR, TRY and THB vs. NOK, AUD, CHF, JPY and BRL on PPP Considerations and long ZAR
vs. TRY on Valuation considerations.
EDGE EQUITY INCOME FUND
The EDGE Equity Income Fund returned (net) 14.86% and the Russell 1000 Value Index returned 22.30% over the 12 month
period to 30 September 2013.
Within the portfolio, stock selection within the financial sector was the largest detractor from performance as the portfolio’s
exposure to REITs detracted as investors worried about the impact of higher interest rates. Digital Realty Trust, American
Capital Agency Corporation and Annually Capital Management all underperformed during the period. Stock selection within
the Information Technology sector lagged as Apple and Intel underperformed. Finally, within the Materials sector, an allocation
to Barrick Gold Corporation detracted from results as declining gold prices caused investors to lower profit expectations for gold
producers.
On the positive side, stock selection within the utilities sector aided results. The portfolio held Sempra Energy, which outpaced
its peers during the period, and did not own The Southern Company or Exelon Corporation, which underperformed. Stock
selection within the Industrial sector aided results as defensive companies Lockheed Martin and Raytheon outpaced the broader
sector. Finally, stock selection within the Consumer Staples sector aided results as the Kroger Company continued to beat Wall
Street expectations.
We continue to believe that U.S. economic growth should be positive though muted throughout the balance of the year and into
2014 due to the removal of QE and soft global demand. In addition, the recent increase in interest rates could dampen the
uptick in housing and slow the benefit of refinancing. The Fed latest statements point to a tapering of QE3 by the end of the
year. Investors are anxious about its effect, although no policy change has been mandated yet. We believe that this will cause the
equity and bond markets to be volatile over the coming months. Given this weak economic backdrop and increased volatility,
we look to take advantage of any sell-offs and add to the companies we believe can take share and grow cash flows in this anaemic
economy. We believe that high quality companies should perform well in this environment and that investors will shift from
the “risk-on” trade to focusing on companies that can return capital to shareholders through both dividends and stock buybacks.
GLOBAL SMALL CAP EQUITY
The Global Small Cap Equity Fund returned (net) 32.15% and the MSCI ACWI Small Cap Index returned 24.84% from 17
April 2013 to 30 September 2013. Despite scattered headwind, most notably during the third quarter of 2013, our process was
generally rewarded during the year as a whole across most regions and sectors. Companies with strong fundamental profiles and
attractive relative valuation tended to outperform.
The portfolio outperformed across nearly every sector during the period with the consumer discretionary, materials and
financials sectors provided the biggest contributions. The information technology sector was the sole negative contributing
sector.
Regionally, the majority of the portfolio's relative outperformance came from the U.S. and Asian markets. Within the U.S.,
strong stock selection in consumer and financial stocks drove outperformance. Within Asia, the Australia, South Korea, and
Chinese markets were notable contributors.
Sprouts Farmers Markets, Red Robin Gourmet Burgers, Plastic Omnium, Rite Aid and Smurfit Kappa were the biggest individual
contributors to performance during the second quarter. Argonaut Gold, Harbin Electric, Orthofix International, Valid Solucoes
e Servicos and Capital Property Fund were the biggest detractors from portfolio performance during the period
15
INVESTMENT ADVISERS’ REPORT
for the year ended 30 September 2013 (continued)
ORIGIN GLOBAL EMERGING MARKETS FUND
The Origin Global Emerging Markets Fund was launched during April 2013. The Origin Global Emerging Markets Fund
declined (net) 0.94% and the MSCI EM Index declined 6.47% since inception to 30 September 2013. Returns are in Sterling.
Market Review
The big geographic theme of the last year or two has been relative weakness from shares in emerging markets relative to
developed market returns. This effect was evident for the review period as a whole although this trend has moderated of late.
Regional differences in return over the five month period saw the best performance come from North Asia, in particular from
Korea, while Chinese shares also did better than average. Marked weakness on the other hand was seen both from Brazil and also
from India where severe currency weakness has hurt equity returns for the foreign investor. Smaller South Asian markets (e.g.
Indonesia) also did poorly, again driven by currency volatility.
Looking across sectors, technology shares held up relatively well over the period with the vast majority of these being domiciled
in Asia. More industrially cyclical sectors, particularly mining, lagged badly over the period.
Strategy Review
We added considerable value over the benchmark return during the period helped by our strong preference for faster growing
technology businesses over lower quality heavy industry and mining shares. Our investment style has proven very effective in
Emerging Markets over the past few years and this trend has continued into the recent period.
The period under review was marked by particularly strong stock selection in China where our holdings rose in value by around
some 11% on average compared to a zero return from the Chinese market itself. Individual stock selection (rather than sector
bias) was key here with winners including Tencent, Great Wall Motor, Giant Interactive and Netease. All these businesses have
in common our favoured characteristics of high quality (Cash Flow Return), good value, strong near term operating performance
and a rising share price trend.
ORIGIN GLOBAL EQUITY FUND
The Origin Global Equity Fund was launched during April 2013. The Origin Global Equity Fund returned (net) 2.89% and the
MSCI World Index returned 1.67% since inception to 30 September 2013. Returns are in Sterling.
Market Review
Global equity markets marked time over the summer rising by just 2.0% from mid-April to the end of September. The year 2013
as a whole is still shaping up to be a very good one though, with equity returns as measured by the MSCI World Index up by
18.3% on the start of the year.
Looking across the regions, European shares have given the best returns recently, rising by some 5% during the period under
review while Asian equities including Japan have been more disappointing.
Now turning to sectors, shares in the more defensive consumer goods sectors were somewhat weaker. Food, Drink, Tobacco and
Healthcare companies fell in value by an average of 5%. These companies tend to do better in times of financial stress. Their very
stable business models are less vulnerable to sharp changes in the economic cycle and as a result investors treat them as a safe haven.
The fact that they have started to lag recently perhaps shows that investors have become more comfortable with the near term
outlook for the global economy.
The big geographic theme of the last twelve months or so has been relative weakness from shares in emerging markets. This
effect was evident for the review period as a whole although this trend has moderated of late, perhaps a further sign that investors
are becoming slightly less pessimistic regarding the economic outlook.
Strategy Review
We have seen very positive stock selection from US equities since the Fund was launched in April. Mid-sized companies have
outperformed the very largest over the period and the more defensive sectors (utilities, consumer staples) which had in our view
become too expensive, began to lag. Offsetting this positive effect has been less good stock selection in Europe and also a drag
from our meaningful weighting to Emerging Markets which, as mentioned above, have continued to lag developed market
returns. The MSCI World benchmark does not include Emerging Markets.
16
INVESTMENT ADVISERS’ REPORT
for the year ended 30 September 2013 (continued)
ORIGIN GLOBAL SMALLER COMPANIES FUND
The Origin Global Smaller Companies Fund was launched during April 2013. The Origin Global Smaller Companies Fund
returned (net) 5.73% and the MSCI AC World Small Cap Index returned 4.39% since inception to 30 September 2013. Returns
are in Sterling.
Market Review
Smaller company returns outstripped their larger competitors modestly over the review period showing single digit positive
returns.
Regional differences in return were really quite marked with European companies performing particularly strongly (~13%) while
smaller companies in the US also did well (~10%). In Asia and other emerging market areas things were much more
disappointing with the average company falling in value by between 5% and 10%.
This regional difference was considerably more marked than was the case for larger companies where returns were more
uniform.
Sector returns were also highly differentiated over the period with investors clearly favouring faster growing companies in the
technology and biopharmaceutical areas over more defensive food and drink businesses and also the heavy industrial mining
companies which did poorly.
Strategy Review
We have added a modest amount of value over and above the benchmark return over the period helped by strong stock selection
from some of our financial shares and also from shares in the health and biopharmaceutical area. Stock selection in US equities
as a whole was good, offset to some extent from poorer choices in Europe. We maintain a fairly diversified approach to stock
selection in our smaller company portfolio with around 200 holdings currently.
Long/Short Global Opportunities Equity Fund - Due to the Funds launching immediately prior to the year end, the Investment
Adviser has not presented a report.
Claritas Latin American Equity Fund - Due to the Funds launching immediately prior to the year end, the Investment Adviser
has not presented a report.
Principal Global Investors, LLC
31 October 2013
17
INDEPENDENT AUDITORS’ REPORT TO THE UNITHOLDERS OF
PRINCIPAL GLOBAL INVESTORS FUNDS
We have audited the financial statements of the funds of Principal Global Investors Funds for the year ended 30 September 2013
which comprise the Balance Sheets, the Statements of Total Return, the Statements of Movements in Net Assets Attributable to
Redeemable Participating Unitholders, the Portfolio of Investments and the related notes for each of the funds of the trust. The
financial reporting framework that has been applied in their preparation is Irish law and accounting standards issued by the
Financial Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland (Generally Accepted
Accounting Practice in Ireland).
Respective responsibilities of Manager and the auditors
As explained more fully in the Statement of Manager’s Responsibilities set out on page 20, 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 Ethical Standards for Auditors.
This report, including the opinions, has been prepared for and only for the unit holders of each of the funds and for no other
purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to
whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
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 funds’ circumstances and have been consistently applied and
adequately disclosed; the reasonableness of significant accounting estimates made by the manager; 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 funds’ affairs as at 30 September 2013 and of their results for the year then ended;
and
have been properly prepared in accordance with the requirements of the European Communities
(Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended).
Report on other legal and regulatory requirements
–
We report that the financial statements of the funds have been properly prepared in accordance with the
requirements of the Hong Kong Code on Unit Trusts and Mutual Funds and the Trust Deed.
Opinions on other matters
–
We have obtained all the information and explanations which we consider necessary for the purposes of our
audit.
–
In our opinion proper books of account have been kept by the Manager.
–
The financial statements of the funds are in agreement with the books of account.
PricewaterhouseCoopers
Chartered Accountants and Registered Auditors
One Spencer Dock
North Wall Quay
Dublin 1
Ireland
Date: 21 January 2014
18
TRUSTEE'S REPORT
TO THE UNITHOLDERS OF PRINCIPAL GLOBAL INVESTORS FUNDS
for the year ended 30 September 2013
Report of the Trustee to the Unitholders
We have enquired into the conduct of the Manager in respect of Principal Global Investors Fund (‘the Trust’) for the year ended
30 September 2013, in our capacity as Trustee to the Trust.
This report including the opinion has been prepared for and solely for the unitholders in the Trust, in accordance with the
Central Bank’s UCITS Notice 4, and for no other purpose. We do not, in giving this opinion, accept or assume
responsibility for any other purpose or to any other person to whom this report is shown.
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 Trust in each annual accounting period and report thereon to the unitholders.
Our report shall state whether, in our opinion, the Trust has been managed in that period in accordance with the provisions of
the Trust’s Trust Deed and the UCITS Regulations. 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 Trust 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 Trust’s constitutional documentation and the appropriate
regulations.
Opinion
In our opinion, the Trust 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 Regulations’); and
(ii)
otherwise in accordance with the provisions of the Trust Deed and the Regulations.
BNY Mellon Trust Company (Ireland) Limited
Date: 21 January 2014
19
PRINCIPAL GLOBAL INVESTORS FUNDS
STATEMENT OF MANAGER’S & TRUSTEE’S RESPONSIBILITIES
1. Manager
The Manager of the Trust is required by the UCITS Regulations to prepare Financial Statements for each accounting period
which gives a true and fair view of the financial position of the Trust at the end of that period, the results of its operations and
the movement in net assets 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 judgments 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 Trust will continue
in operation.
The Manager is responsible for keeping proper books of account which disclose with reasonable accuracy at any time the
financial position of the Trust and to enable it to ensure that the Financial Statements are prepared in accordance with
accounting standards generally accepted in Ireland and comply with the provisions of the Trust Deed, the UCITS Regulations
and the Hong Kong Securities and Futures Commission's Code on Unit Trusts and Mutual Funds. The Manager is also
responsible with respect to its duties under the UCITS Regulations to take reasonable steps for the prevention and detection of
fraud and other irregularities.
Principal Global Investors (Ireland) Limited
2. Trustee
The Trustee is required by the UCITS Regulations, to:
• maintain the assets of a Unit Trust in safekeeping;
• report to the Unitholders for each accounting period on the conduct of the Manager in the management of a Unit Trust.
BNY Mellon Trust Company (Ireland) Limited
20
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013
GLOBAL EQUITY FUND
Nominal Security
GLOBAL EQUITY FUND (continued)
Value
US$
% Net
Asset
Nominal Security
TRANSFERABLE SECURITIES 96.64% (30 September 2012: 99.45%)
JAPAN 11.96% (30 September 2012: 6.58%)
Audio/Video Products
20,300
Sony Corp
Auto-Cars/Light Trucks
16,500
Toyota Motor Corp
Commercial Banks Non-US
12,300
Sumitomo Mitsui Financial Group Inc
Electric-Integrated
40,200
Tokyo Electric Power Co Inc
Electronic Component-Miscellaneous
7,100
Omron Corp
Finance-Investment Banker/Broker
34,000
Daiwa Securities Group Inc
Forestry
18,700
Sumitomo Forestry Co Ltd
Medical-Generic Drugs
2,700
Sawai Pharmaceutical Co Ltd
Real Estate Operation/Development
15,000
Mitsui Fudosan Co Ltd
Telephone-Integrated
7,900
Softbank Corp
Tobacco
35,000
Japan Tobacco Inc
Transport-Truck
23,000
Seino Holdings Co Ltd
AUSTRALIA 0.00% (30 September 2012: 1.76%)
BERMUDA 0.00% (30 September 2012: 0.81%)
BRAZIL 0.00% (30 September 2012: 1.13%)
CANADA 5.83% (30 September 2012: 6.51%)
Commercial Banks Non-US
11,300
Royal Bank of Canada
Oil Company-Exploration & Production
21,900
Canadian Natural Resources Ltd
Oil Company-Integrated
23,400
Husky Energy Inc
Real Estate Operation/Development
20,600
Brookfield Asset Management Inc
CHINA 0.49% (30 September 2012: 3.09%)
Electric-Generation
240,000
Huaneng Power International Inc
729,643
1.49
689,404
1.41
676,676
1.38
756,627
1.55
239,555
0.49
CHINA, REPUBLIC OF (TAIWAN) 0.62% (30 September 2012: 0.00%)
Power Conversion/Supply Equipment
62,000
Delta Electronics Inc
300,910
0.62
DENMARK 2.65% (30 September 2012: 3.18%)
Medical-Drugs
2,827
Novo Nordisk A/S
Telephone-Integrated
96,878
TDC A/S
FRANCE 3.98% (30 September 2012: 2.04%)
Advertising Services
10,747
Publicis Groupe SA
Electronics-Military
10,520
Safran SA
Multi-Line Insurance
19,356
AXA SA
GERMANY 2.93% (30 September 2012: 2.99%)
Auto-Cars/Light Trucks
7,709
Daimler AG
Diversified Manufacturing Operations
4,272
Siemens AG
Transport-Services
9,627
Deutsche Post AG
476,982
0.97
820,788
1.68
852,469
1.74
642,856
1.32
449,890
0.92
600,769
1.23
513,801
1.05
318,450
0.65
HONG KONG 0.65% (30 September 2012: 1.39%)
Diversified Operations
370,000
Guangdong Investment Ltd
317,781
IRELAND 2.34% (30 September 2012: 2.30%)
Computer Services
10,229
Accenture Plc
Paper & Related Products
17,172
Smurfit Kappa Group Plc
JERSEY 2.01% (30 September 2012: 0.96%)
Medical-Drugs
24,564
Shire Plc
Value
US$
% Net
Asset
435,096
0.89
1,056,904
2.16
596,246
1.22
250,929
0.51
257,133
0.53
305,665
0.63
203,267
0.42
190,050
0.39
504,929
1.03
548,000
1.12
1,262,195
2.58
234,970
0.48
983,653
2.01
KOREA, REPUBLIC OF (SOUTH KOREA) 2.76%
(30 September 2012: 2.45%)
Cellular Telecom
1,720
SK Telecom Co Ltd
349,705
Electronic Component-Semiconductor
787
Samsung Electronics Co Ltd
1,001,074
MALAYSIA 0.59% (30 September 2012: 1.42%)
Electric-Integrated
104,900
Tenaga Nasional Bhd
290,611
NETHERLANDS 2.43% (30 September 2012: 0.00%)
Aerospace/Defense
8,654
European Aeronautic Defence
and Space Co NV
548,400
Chemicals-Diversified
8,716
LyondellBasell Industries NV
639,667
0.71
2.05
0.59
1.12
1.31
NORWAY 0.00% (30 September 2012: 0.54%)
0.65
RUSSIA 0.00% (30 September 2012: 1.03%)
SINGAPORE 0.00% (30 September 2012: 0.37%)
757,867
1.55
388,694
0.79
SWEDEN 0.94% (30 September 2012: 0.00%)
Commercial Banks Non-US
19,988
Swedbank AB
ITALY 0.00% (30 September 2012: 2.61%)
21
457,774
0.94
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
GLOBAL EQUITY FUND (continued)
Nominal Security
GLOBAL EQUITY FUND (continued)
Value
US$
SWITZERLAND 3.85% (30 September 2012: 1.34%)
Electronic Security Devices
19,771
Tyco International Ltd
690,996
Medical-Drugs
4,444
Roche Holding AG
1,190,248
UNITED KINGDOM 4.82% (30 September 2012: 4.61%)
Building-Residential/Commercial
58,005
Barratt Developments Plc
289,457
Chemicals-Diversified
5,939
Johnson Matthey Plc
268,728
Commercial Banks Non-US
229,314
Lloyds Banking Group Plc
272,837
Life/Health Insurance
26,062
Prudential Plc
483,915
Television
119,943
ITV Plc
335,904
Tobacco
13,310
British American Tobacco Plc
704,418
UNITED STATES 47.79% (30 September 2012: 52.34%)
Agricultural Chemicals
4,822
Monsanto Co
509,252
Appliances
2,455
Whirlpool Corp
361,892
Building Production-Air & Heating
5,527
Lennox International Inc
413,364
Cable TV
23,991
Comcast Corp
1,073,357
Commer Banks-Southern US
49,024
Regions Financial Corp
455,923
Computers-Memory Devices
35,939
EMC Corp/MA
936,930
Consumer Products-Miscellaneous
9,836
Jarden Corp
477,144
Diversified Banking Institutions
18,161
JPMorgan Chase & Co
948,731
Diversified Manufacturing Operations
7,552
Danaher Corp
527,658
Electronic Design Automation
12,489
Synopsys Inc
469,711
Finance-Credit Card
6,456
Discover Financial Services
331,128
Funeral Services & Related Items
38,512
Service Corp International/US
717,479
Medical-Biomedical/Genetics
2,083
Biogen Idec Inc
509,960
3,675
Celgene Corp
568,192
16,260
Gilead Sciences Inc
1,033,160
Medical-Drugs
10,028
AbbVie Inc
444,541
1,552
Zoetis Inc
48,345
Medical-Generic Drugs
9,890
Mylan Inc/PA
379,183
Medical-Hospitals
16,537
HCA Holdings Inc
695,712
Medical-Wholesale Drug Distribution
9,109
Cardinal Health Inc
476,219
8,222
McKesson Corp
1,063,022
% Net
Asset
Nominal Security
Value
US$
% Net
Asset
UNITED STATES 47.79% (30 September 2012: 52.34%)(continued)
Multi-Line Insurance
14,489
Allstate Corp
739,953
1.51
Oil Company-Exploration & Production
5,023
Anadarko Petroleum Corp
474,824
0.97
Oil Company-Integrated
10,423
ConocoPhillips
732,841
1.50
Pharmacy Services
17,731
Express Scripts Holding Co
1,098,081
2.25
13,644
Omnicare Inc
753,831
1.54
Reinsurance
4,589
Berkshire Hathaway Inc
527,047
1.08
Reits-Apartments
3,691
Camden Property Trust
232,422
0.47
Reits-Storage
6,420
Extra Space Storage Inc
295,384
0.60
Retail-Building Products
22,498
Lowe's Cos Inc
1,074,730
2.20
Retail-Discount
6,605
Costco Wholesale Corp
764,330
1.56
12,460
Wal-Mart Stores Inc
926,526
1.90
Retail-Drug Store
8,475
CVS Caremark Corp
489,855
1.00
Super-Regional Banks-US
19,678
Fifth Third Bancorp
355,778
0.73
13,796
Wells Fargo & Co
573,776
1.17
Tobacco
21,606
Altria Group Inc
749,944
1.53
Toys
11,069
Hasbro Inc
524,449
1.07
Web Portals/Internet Service Provider
693
Google Inc
607,338
1.24
1.41
2.44
0.59
0.55
0.56
0.99
0.69
1.44
1.04
0.74
0.85
2.20
0.93
1.92
0.98
Total Value of Transferable
Securities at Mid Market Prices
1.94
UNLISTED 0.00% (30 September 2012: 0.34%)
1.08
CANADA 0.00% (30 September 2012: 0.34%)
0.96
Total Value of Unlisted at Mid Market Prices
0.68
Adjustment from Mid Market Prices to Bid Market Prices
1.47
Total Value of Transferable Securities at
Bid Market Prices (Cost: US$42,092,725)
1.04
1.16
2.12
0.91
0.10
0.78
1.42
0.97
2.18
22
47,247,945
96.64
–
–
(16,470)
(0.03)
47,231,475
96.61
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
ASIAN EQUITY FUND
GLOBAL EQUITY FUND (continued)
Nominal Security
Value
US$
Nominal Security
% Net
Asset
Open Forward Foreign Exchange Contracts 0.00%
(30 September 2012: 0.00%)
Settlement
Date
Buy
Amount
Bought
02/10/2013
02/10/2013
02/10/2013
02/10/2013
02/10/2013
02/10/2013
02/10/2013
02/10/2013
02/10/2013
EUR
22,614
JPY 1,020,947
JPY 1,021,541
JPY 3,080,544
JPY 6,946,047
JPY 11,735,859
JPY 24,117,660
USD
9,622
USD
4,892
Sell
Unrealised
Gain/Loss
% Net
Assets
USD (30,578)
USD (10,393)
USD (10,400)
USD (31,361)
USD (70,713)
USD (119,474)
USD (245,524)
GBP
(5,989)
JPY (482,836)
(46)
37
37
110
249
420
864
(57)
(41)
(0.00)
0.00
0.00
0.00
0.00
0.00
0.00
(0.00)
(0.00)
Total Gains on Forward Foreign Exchange Contracts
Total Loss on Forward Foreign Exchange Contracts
1,717
(144)
0.00
(0.00)
Total Foreign Currency Exchange Contracts
1,573
0.00
BERMUDA 1.33% (30 September 2012: 0.00%)
Agricultural Chemicals
254,000
Sinofert Holdings Ltd
42,255
Gas-Distribution
62,000
China Gas Holdings Ltd
67,562
Medical-Drugs
41,000
Sihuan Pharmaceutical Holdings Group Ltd 28,128
Miscellaneous Manufacturing
266,000
Peace Mark Holdings Ltd
–
CAYMAN ISLANDS 7.19% (30 September 2012: 5.04%)
Auto/Truck Parts & Equipment-Replica
40,000
Xinyi Glass Holdings Ltd
36,831
Casino Hotels
26,400
MGM China Holdings Ltd
87,666
Cellular Telecom
172,000
Hutchison Telecommunications
Hong Kong Holdings Ltd
74,528
Internet Application Software
5,200
Tencent Holdings Ltd
272,795
Real Estate Operation/Development
44,000
Agile Property Holdings Ltd
48,458
126,000
Country Garden Holdings Co Ltd
80,594
39,000
Shimao Property Holdings Ltd
89,725
Retail-Apparel/Shoe
11,000
Anta Sports Products Ltd
14,171
Wireless Equipment
104,000
China Wireless Technologies Ltd
41,576
Open Spot Currency Contracts 0.00% (30 September 2012: 0.00%)
Buy
Amount
Sold
Unrealised
Gain/Loss
% Net
Assets
(63,529)
(96)
(0.00)
Total Loss on Currency Contracts
(96)
(0.00)
Total Open Currency Contracts
(96)
(0.00)
1,230,738
425,449
2.52
0.87
01/10/2013 EUR
Amount
Bought
Sell
46,982
USD
Cash
Net Current Assets
Net Assets Attributable to Holders
of Redeemable Participating Units
at Mid Market Prices
CHINA 15.04% (30 September 2012: 17.19%)
Airlines
140,000
China Southern Airlines Co Ltd
52,177
Airport Development/Maintenance
58,000
Beijing Capital International Airport Co Ltd 37,997
Auto-Cars/Light Trucks
19,000
Great Wall Motor Co Ltd
103,032
Building Production-Cement/Aggregate
8,500
Anhui Conch Cement Co Ltd
27,294
Building-Heavy Construction
68,325
China Railway Construction Corp Ltd
72,251
Commercial Banks Non-US
56,787
China Merchants Bank Co Ltd
103,257
131,000
Chongqing Rural Commercial Bank
63,182
Commercial Banks Non-US
186,000
Agricultural Bank of China Ltd
85,632
461,200
Bank of China Ltd
210,545
336,137
China Construction Bank Corp
258,787
234,785
Industrial & Commercial Bank of China Ltd 163,802
Electric-Generation
70,000
Huaneng Power International Inc
69,870
Metal-Copper
31,000
Jiangxi Copper Co Ltd
60,926
Oil-Field Services
20,000
China Oilfield Services Ltd
50,139
Property/Casualty Insurance
40,000
PICC Property & Casualty Co Ltd
54,266
Public Thoroughfares
48,000
Jiangsu Expressway Co Ltd
56,639
48,889,139 100.00%
Analysis of Total Assets
Transferable Securities and Money Market Instruments
admitted to an official stock exchange listing or traded
on a regulated market
Financial Derivative instruments dealt in or on a
regulated market
% Net
Asset
TRANSFERABLE SECURITIES 93.07% (30 September 2012: 99.05%)
Amount
Sold
Settlement
Date
Value
US$
% of Total Assets
94.84
–
Other Assets
5.16
Total Assets
100.00
The counterparty for the foreign currency contracts is The Bank of New
York Mellon.
The counterparty for the spot currency contracts is The Bank of New
York Mellon.
Except where stated above all securities are transferable securities admitted
to an official stock exchange listing.
23
0.41
0.65
0.27
0.00
0.35
0.84
0.72
2.63
0.47
0.78
0.86
0.14
0.40
0.50
0.37
0.99
0.26
0.70
1.00
0.61
0.83
2.03
2.49
1.58
0.67
0.59
0.48
0.52
0.55
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
ASIAN EQUITY FUND (continued)
Nominal Security
ASIAN EQUITY FUND (continued)
Value
US$
CHINA 15.04% (30 September 2012: 17.18%)(continued)
Steel-Producers
142,000
Maanshan Iron & Steel
34,793
Transport-Marine
46,000
China Shipping Development Co Ltd
24,262
Transport-Rail
60,000
Guangshen Railway Co Ltd
31,492
% Net
Asset
Nominal Security
HONG KONG 13.64% (30 September 2012: 13.37%)(continued)
Diversified Operations
10,000
Hutchison Whampoa Ltd
119,803
Swire Pacific Ltd
53,911
4,500
Electric-Generation
129,000
China Power International Development Ltd 48,743
Life/Health Insurance
26,600
AIA Group Ltd
125,035
Oil Company-Exploration & Production
100,996
CNOOC Ltd
205,524
Real Estate Operation/Development
7,744
Cheung Kong Holdings Ltd
117,942
13,000
Hysan Development Co Ltd
57,922
34,000
New World Development Co Ltd
51,125
20,000
Wheelock & Co Ltd
106,133
0.34
0.23
0.30
CHINA, REPUBLIC OF (TAIWAN) 16.59% (30 September 2012: 15.34%)
Apparel Manufacturers
8,000
Makalot Industrial Co Ltd
40,180
0.39
Appliances
42,000
Teco Electric and Machinery Co Ltd
44,462
0.43
Bicycle Manufacturing
9,000
Merida Industry Co Ltd
58,444
0.56
Cellular Telecom
23,000
Far EasTone Telecommunications Co Ltd
57,331
0.55
22,000
Taiwan Mobile Co Ltd
78,128
0.76
Chemicals-Diversified
86,000
Grand Pacific Petrochemical
61,082
0.59
140
Nan Ya Plastics Corp
294
0.00
Diversified Financial Services
141,077
Mega Financial Holding Co Ltd
115,707
1.11
80,898
SinoPac Financial Holdings Co Ltd
37,211
0.36
Electronic Component-Miscellaneous
15,000
Kinsus Interconnect Technology Corp
52,761
0.51
7,000
Pegatron Corp
9,991
0.10
Electronic Component-Miscellaneous
12,643
Hon Hai Precision Industry Co Ltd
32,455
0.31
Electronic Component-Semiconductor
9,000
MediaTek Inc
111,256
1.07
Food-Miscellaneous/Diversified
48,240
Uni-President Enterprises Corp
89,898
0.87
Audio/Video Products
13,960
Merry Electronics Co Ltd
38,716
0.37
Life/Health Insurance
81,668
Cathay Financial Holding Co Ltd
116,286
1.12
Networking Products
45,000
Sercomm Corp
63,694
0.61
Photo Equipment & Supplies
2,000
Largan Precision Co Ltd
67,305
0.65
Power Conversion/Supply Equipment
16,000
Delta Electronics Inc
77,654
0.75
Rubber-Tires
23,600
Kenda Rubber Industrial Co Ltd
47,333
0.46
Semicon Component-Integrated Circuits
57,000
King Yuan Electronics Co Ltd
39,232
0.38
112,670
Taiwan Semiconductor Manufacturing Co Ltd382,972
3.69
Textile-Apparel
11,220
Eclat Textile Co Ltd
98,474
0.95
HONG KONG 13.64% (30 September 2012: 13.37%)
Airlines
13,000
Cathay Pacific Airways Ltd
Casino Hotels
6,000
Galaxy Entertainment Group Ltd
Cellular Telecom
30,524
China Mobile Ltd
Commercial Banks Non-US
37,500
BOC Hong Kong Holdings Ltd
25,482
0.25
42,092
0.41
341,085
3.29
120,416
1.16
Value
US$
INDONESIA 2.49% (30 September 2012: 4.00%)
Commercial Banks Non-US
61,577
Bank Rakyat Indonesia Persero Tbk PT
38,552
Gas-Distribution
128,500
Perusahaan Gas Negara Persero Tbk PT
58,813
Soap & Cleaning Prepar
19,700
Unilever Indonesia Tbk PT
51,887
Telecom Services
595,000
Telekomunikasi Indonesia Persero Tbk PT 109,186
KOREA, REPUBLIC OF (SOUTH KOREA) 22.53%
(30 September 2012: 23.49%)
Auto/Truck Parts & Equipment-Original
1,600
Halla Visteon Climate Control Corp
60,670
486
Hyundai Mobis
129,338
265
Hyundai Wia Corp
41,796
Auto-Cars/Light Trucks
1,001
Hyundai Motor Co
233,793
2,497
Kia Motors Corp
151,724
Building-Heavy Construction
1,069
Daelim Industrial Co Ltd
96,488
Cellular Telecom
2,170
LG Uplus Corp
23,322
392
SK Telecom Co Ltd
79,700
Diversified Financial Services
1,850
Hana Financial Group Inc
63,435
Diversified Operations
1,149
LG Corp
70,778
Electronic Component-Semiconductor
4,920
SK Hynix Inc
138,488
Electronic Component-Semiconductor
536
Samsung Electronics Co Ltd
681,799
Medical-Drugs
784
Chong Kun Dang Pharm Corp
49,389
367
Daewoong Pharmaceutical Co Ltd
27,012
187
Dong-A Socio Holdings Co Ltd
26,710
Metal Products-Distribution
443
Hyosung Corp
29,556
Non-Ferrous Metals
166
Korea Zinc Co Ltd
50,201
Oil Refining & Marketing
507
SK Holdings Co Ltd
91,524
Petrochemicals
443
LG Chem Ltd
126,757
24
% Net
Asset
1.15
0.52
0.47
1.20
1.98
1.14
0.56
0.49
1.02
0.37
0.57
0.50
1.05
0.59
1.25
0.40
2.26
1.46
0.93
0.22
0.77
0.61
0.68
1.34
6.57
0.47
0.26
0.26
0.29
0.48
0.88
1.22
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
ASIAN EQUITY FUND (continued)
ASIAN EQUITY FUND (continued)
Nominal Security
Value
US$
KOREA, REPUBLIC OF (SOUTH KOREA) 22.53%
(30 September 2012: 23.49%)(continued)
Retail-Miscellaneous/Diversified
GS Home Shopping Inc
81,029
350
Steel Pipe & Tube
1,950
Hyundai Hysco Co Ltd
83,558
MALAYSIA 2.66% (30 September 2012: 2.98%)
Airlines
57,307
AirAsia BHD
Commercial Banks Non-US
16,500
AMMB Holdings Bhd
Commercial Banks Non-US
13,200
Malayan Banking Bhd
Electric-Integrated
45,600
Tenaga Nasional Bhd
Tobacco
1,400
British American Tobacco Malaysia Bhd
45,009
Nominal Security
% Net
Asset
0.78
SINGAPORE 5.28% (30 September 2012: 6.94%)
Commercial Banks Non-US
15,000
DBS Group Holdings Ltd
Engineering/Research & Development Services
17,000
Sembcorp Industries Ltd
Marine Services
48,000
Ezion Holdings Ltd
Oil-Field Services
91,000
Kreuz Holdings Ltd
Real Estate Operation/Development
15,000
UOL Group Ltd
Transport-Services
44,000
ComfortDelGro Corp Ltd
THAILAND 5.23% (30 September 2012: 5.80%)
Building-Residential/Commercial
319,024
Quality Houses PCL
Cellular Telecom
8,300
Advanced Info Service PCL
Chemicals-Diversified
32,600
PTT Global Chemical PCL
Commercial Banks Non-US
9,700
Bangkok Bank PCL
Diversified Operations
2,600
Siam Cement PCL
Oil Company-Exploration & Production
13,100
PTT Exploration & Production PCL
Oil Company-Integrated
7,800
PTT PCL
Public Thoroughfares
59,400
Bangkok Expressway PCL
% Net
Asset
THAILAND 5.23% (30 September 2012: 5.80%)(continued)
Real Estate Operation/Development
82,100
LPN Development PCL
53,796
0.52
Total Value of Transferable Securities
at Mid Market Prices
0.81
0.43
9,656,043
93.07
Adjustment from Mid Market Prices to Bid Market Prices (15,071)
(0.14)
Total Value of Transferable Securities at
Bid Market Prices (Cost: US$8,903,246)
92.93
9,640,972
Open Forward Foreign Exchange Contracts (0.00%) (30 September 2012: 0.00%)
37,561
0.36
39,849
0.38
126,328
1.22
27,575
0.27
39,409
0.38
Total Gains on Forward Foreign Exchange Contracts
Total Loss on Forward Foreign Exchange Contracts
1
(2)
0.00
(0.00)
73,716
0.71
Total Foreign Currency Exchange Contracts
(1)
(0.00)
Settlement
Date
02/10/2013
02/10/2013
02/10/2013
02/10/2013
02/10/2013
03/10/2013
03/10/2013
03/10/2013
MAURITIUS 0.00% (30 September 2012: 1.25%)
PHILIPPINES 1.09% (30 September 2012: 1.96%)
Food-Miscellaneous/Diversified
13,950
Universal Robina Corp
Real Estate Operation/Development
2,006,000 Filinvest Land Inc
Value
US$
Buy
Amount
Bought
HKD 91,558
USD
11,457
USD
299
USD
2,741
USD
4,682
USD
518
USD
903
USD
6,697
Sell
USD
HKD
HKD
HKD
SGD
HKD
HKD
HKD
Amount Unrealised
Sold Gain/Loss
(11,806)
1
(88,847)
(1)
(2,322)
0
(21,255)
0
(5,880)
(1)
(4,019)
(0)
(7,000)
(0)
(51,934)
(0)
% Net
Assets
0.00
(0.00)
0.00
0.00
(0.00)
(0.00)
(0.00)
(0.00)
Open Spot Currency Contracts 0.00% (30 September 2012: 0.00%)
196,610
1.89
Settlement
Date
71,342
0.69
01/10/2013 MYR
84,855
0.82
52,899
0.51
73,938
0.71
68,499
0.66
31,816
0.31
67,652
0.65
76,589
0.74
61,546
0.59
36,235
0.35
69,091
0.66
79,533
0.77
65,979
0.64
Buy
Amount
Bought
Sell
Amount
Sold
Unrealised
Gain/Loss
% Net
Assets
18,339
USD
(5,703)
(77)
(0.00)
(77)
(0.00)
–
(0.00)
671,748
61,989
6.47
0.60
Total Loss on Currency Contracts
Total Open Currency Contracts
Cash
Net Current Assets
Net Assets Attributable to Holders of Redeemable
Participating Units at Mid Market Prices
10,374,631 100.00%
Analysis of Total Assets
Transferable Securities and Money Market Instruments
admitted to an official stock exchange listing or traded
on a regulated market
% of Total Assets
Financial Derivative instruments dealt in or on a regulated market
Other Assets
Total Assets
91.94
–
8.06
100.00
The counterparty for the foreign currency contracts is The Bank of New
York Mellon.
The counterparty for the spot currency contract is The Bank of New
York Mellon.
All securities are transferable securities admitted to an official stock
exchange listing.
25
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
EUROPEAN EQUITY FUND (continued)
EUROPEAN EQUITY FUND
Nominal Security
Value
US$
Nominal Security
% Net
Asset
FRANCE 11.36% (30 September 2012: 12.41%)(continued)
Building Production-Cement/Aggregate
Lafarge SA
643,247
9,338
Building-Heavy Construction
4,957
Vinci SA
286,013
Computer Services
7,087
AtoS
552,966
7,112
Cap Gemini SA
422,213
Computers-Integrated Systems
6,801
Ingenico
492,085
Consulting Services
37,069
Altran Technologies SA
301,294
Diversified Banking Institutions
11,680
BNP Paribas SA
788,490
87,510
Natixis
419,085
Diversified Operations
547
Bollore SA
281,382
1,599
Wendel SA
214,162
Entertainment Software
28,269
UBISOFT Entertainment
437,781
Food-Retail
19,590
Carrefour SA
669,438
Medical-Drugs
9,532
Sanofi
968,186
Multi-Line Insurance
32,253
AXA SA
749,654
Oil Company-Integrated
18,419
Total SA
1,073,946
Retail-Major Deptment Store
1,979
Kering
438,869
Retail-Miscellaneous/Diversified
308
Groupe Fnac
8,184
TRANSFERABLE SECURITIES 96.52% (30 September 2012: 99.69%)
AUSTRIA 1.46% (30 September 2012: 0.65%)
Oil Company-Integrated
13,159
OMV AG
Real Estate Management/Services
61,527
IMMOFINANZ AG
Steel-Producers
10,393
Voestalpine AG
BELGIUM 0.96% (30 September 2012: 2.00%)
Chemicals-Diversified
2,688
Solvay SA
Food-Retail
8,315
Delhaize Group SA
BERMUDA 0.23% (30 September 2012: 0.74%)
Oil & Gas Drilling
4,805
Seadrill Ltd
DENMARK 4.58% (30 September 2012: 2.87%)
Brewery
3,245
Royal UNIBREW
Chemicals-Specialty
13,844
Auriga Industries
Diversified Operations
10,880
Schouw & Co
Medical Products
11,595
Coloplast A/S
Medical-Drugs
8,335
Novo Nordisk A/S
Retail-Jewelry
9,220
Pandora A/S
Telephone-Integrated
31,737
TDC A/S
Transport-Marine
52
AP Moeller - Maersk A/S
FINLAND 2.39% (30 September 2012: 2.99%)
Containers-Paper/Plastic
15,694
Huhtamaki OYJ
Machinery-General Industry
4,674
Kone OYJ
Multi-Line Insurance
21,308
Sampo
Oil Refining & Marketing
29,915
Neste Oil OYJ
FRANCE 11.36% (30 September 2012: 12.41%)
Advertising Sales
7,380
Teleperformance
Advertising Services
7,550
Publicis Groupe SA
Auto/Truck Parts & Equipment-Original
26,781
Plastic Omnium SA
Building & Construction Production-Miscellaneous
4,256
Imerys SA
Building & Construction Production-Miscellaneous
6,394
Cie de St-Gobain
647,329
0.67
267,073
0.28
495,125
0.51
401,573
0.42
524,728
0.54
218,245
0.23
385,371
0.40
466,159
0.48
396,884
0.41
655,336
0.68
1,406,312
1.45
380,062
0.39
268,888
0.28
480,573
0.49
327,375
0.34
415,555
0.43
914,282
0.94
661,586
0.68
359,705
0.37
598,878
0.62
682,311
0.70
296,220
0.31
317,820
0.33
Value
US$
GERMANY 12.12% (30 September 2012: 11.57%)
Auto-Cars/Light Trucks
6,332
Bayerische Motoren Werke AG
680,344
3,761
Daimler AG
293,098
Building Production-Cement/Aggregate
7,409
HeidelbergCement AG
570,588
Chemicals-Diversified
12,979
BASF SE
1,239,974
Diversified Manufacturing Operations
4,347
Siemens AG
522,821
Engineering/Research & Development Services
2,768
Bilfinger SE
287,094
Machinery-General Industry
28,911
Deutz AG
260,984
7,754
Duerr AG
563,970
Medical Products
4,423
Fresenius SE & Co KGaA
548,563
Medical-Drugs
13,220
Bayer AG
1,559,114
Multi-Line Insurance
7,321
Allianz SE
1,148,083
Real Estate Management/Services
14,883
Deutsche Wohnen AG
265,045
Reinsurance
9,386
Hannover Rueck SE
687,993
Rubber-Tires
4,114
Continental AG
699,872
26
% Net
Asset
0.66
0.30
0.57
0.44
0.51
0.31
0.82
0.43
0.29
0.22
0.45
0.69
1.00
0.77
1.11
0.45
0.01
0.70
0.30
0.59
1.28
0.54
0.30
0.27
0.58
0.57
1.61
1.19
0.27
0.71
0.72
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
EUROPEAN EQUITY FUND (continued)
Nominal Security
EUROPEAN EQUITY FUND (continued)
Value
US$
GERMANY 12.12% (30 September 2012: 11.57%)(continued)
Soap & Cleaning Prepar
9,458
Henkel AG & Co KGaA
974,575
Sugar
13,050
Suedzucker AG
378,555
Telephone-Integrated
10,894
Freenet AG
258,724
Television
9,696
ProSiebenSat.1 Media AG
413,613
Web Portals/ISP
10,184
United Internet AG
381,424
IRELAND 1.16% (30 September 2012: 0.82%)
Airlines
53,595
Ryanair Holdings Plc
Paper & Related Products
29,342
Smurfit Kappa Group Plc
ITALY 1.78% (30 September 2012: 2.93%)
Apparel Manufacturers
29,500
Prada SpA
Investment Management/Advisory Service
25,012
Azimut Holding SpA
Oil Company-Integrated
23,186
Eni SpA
Television
83,769
Mediaset SpA
JERSEY 1.59% (30 September 2012: 1.60%)
Advertising Agencies
30,073
WPP Plc
Medical-Drugs
23,090
Shire Plc
Nominal Security
1.01
0.39
0.27
0.39
0.47
664,166
0.69
285,893
0.29
565,311
0.58
528,423
0.55
344,732
0.36
610,877
0.63
924,627
0.96
0.27
0.44
0.39
0.21
0.59
0.81
647,161
0.67
268,882
405,518
0.28
0.42
NORWAY 2.74% (30 September 2012: 3.27%)(continued)
Oil-Field Services
8,045
Fred Olsen Energy ASA
362,600
Telecom Services
23,643
Telenor ASA
539,492
0.37
0.29
0.34
0.56
0.52
0.25
0.44
863,449
872,959
760,467
929,152
0.89
0.90
0.79
0.96
267,641
0.28
497,190
0.51
350,627
0.36
495,791
0.51
UNITED KINGDOM 31.73% (30 September 2012: 34.47%)
Aerospace/Defense
95,529
BAE Systems Plc
708,812
46,335
Rolls-Royce Holdings Plc
830,660
27
0.56
426,821
SWITZERLAND 12.51% (30 September 2012: 10.73%)
Building Production-Cement/Aggregate
9,928
Holcim Ltd
736,611
Building & Construction Production-Miscellaneous
4,663
Implenia AG
280,797
Chemicals-Specialty
348
Givaudan SA
507,940
Diversified Banking Institutions
41,213
UBS AG
843,346
Food-Miscellaneous/Diversified
25,987
Nestle SA
1,816,132
Life/Health Insurance
2,077
Swiss Life Holding AG
393,808
Medical-Drugs
31,488
Novartis AG
2,418,023
12,127
Roche Holding AG
3,248,005
Retail-Jewelry
13,136
Cie Financiere Richemont SA
1,312,812
866
Swatch Group AG/The
554,022
0.87
0.44
% Net
Asset
SWEDEN 5.64% (30 September 2012: 6.77%)
Building-Heavy Construction
22,144
Skanska AB
Commercial Banks Non-US
71,698
Nordea Bank AB
82,698
Skandinaviska Enskilda Banken AB
17,755
Svenska Handelsbanken AB
40,570
Swedbank AB
Home Furnishings
33,218
Nobia AB
Machinery-Construction & Mining
17,077
Atlas Copco AB
Medical Instruments
21,801
Elekta AB
Telephone-Integrated
65,201
TeliaSonera AB
0.73
431,317
Value
US$
SPAIN 1.96% (30 September 2012: 2.23%)
Building-Heavy Construction
7,425
Obrascon Huarte Lain SA
282,050
Commercial Banks Non-US
39,814
Banco Santander SA
322,584
Food-Retail
63,232
Distribuidora Internacional de Alimentacion SA 544,680
Gas-Distribution
24,553
Gas Natural SDG SA
506,371
Medical-Biomedical/Genetics
68,471
Zeltia SA
242,210
0.43
457,253
NETHERLANDS 4.31% (30 September 2012: 3.64%)
Aerospace/Defense
11,225
European Aeronautic Defence and Space Co NV 711,323
Brewery
13,349
Heineken Holding NV
839,071
Building & Construction Production-Miscellaneous
5,970
Koninklijke Boskalis Westminster NV
262,891
Computer Data Security
3,937
Gemalto NV
425,244
Food-Miscellaneous/Diversified
7,236
Nutreco NV
374,131
5,153
Unilever NV
200,580
Food-Retail
33,283
Koninklijke Ahold NV
575,870
Semiconductor Equipment
7,984
ASML Holding NV
788,207
NORWAY 2.74% (30 September 2012: 3.27%)
Agricultural Chemicals
10,448
Yara International ASA
Commercial Banks Non-US
41,939
DNB ASA
Fisheries
9,517
Leroy Seafood Group ASA
380,366
Marine Harvest ASA
% Net
Asset
0.76
0.29
0.52
0.87
1.88
0.41
2.50
3.35
1.36
0.57
0.73
0.86
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
EUROPEAN EQUITY FUND (continued)
Nominal Security
EUROPEAN EQUITY FUND (continued)
Value
US$
% Net
Asset
UNITED KINGDOM 31.73% (30 September 2012: 34.47%)(continued)
Airlines
32,165
easyJet Plc
654,671
Audio/Video Products
76,132
Pace Plc
315,816
Beverages-Non-Alcoholic
50,256
Britvic Plc
462,512
Building-Residential/Commercial
164,924
Barratt Developments Plc
823,005
11,888
Bellway Plc
246,477
31,816
Persimmon Plc
554,796
387,841
Taylor Wimpey Plc
617,538
Cellular Telecom
425,646
Vodafone Group Plc
1,494,031
Chemicals-Diversified
8,199
Johnson Matthey Plc
370,988
Chemicals-Plastics
19,972
Essentra Plc
238,833
Commercial Banks Non-US
896,572
Lloyds Banking Group Plc
1,066,739
Computers-Peripheral Equipment
12,249
Xaar Plc
157,167
Diversified Banking Institutions
263,062
Barclays Plc
963,933
237,973
HSBC Holdings Plc
2,586,195
Diversified Minerals
32,659
BHP Billiton Plc
959,749
Electronic Component-Semiconductor
47,554
ARM Holdings Plc
764,630
Finance-Management Loan/Banker
88,179
Paragon Group of Cos Plc
440,032
Finance-Other Services
55,783
Intermediate Capital Group Plc
397,090
Food-Miscellaneous/Diversified
9,754
Associated British Foods Plc
295,546
34,796
Unilever Plc
1,374,167
Gambling (Non-Hotel)
83,407
William Hill Plc
550,195
Gas-Distribution
98,216
Centrica Plc
580,587
Hotels & Motels
10,761
Whitbread Plc
520,650
Investment Management/Advisory Service
79,607
Aberdeen Asset Management Plc
483,962
11,883
Schroders Plc
489,099
Life/Health Insurance
188,488
Legal & General Group Plc
600,893
71,338
Prudential Plc
1,324,593
116,961
Standard Life Plc
652,122
Medical-Drugs
57,253
BTG Plc
354,077
45,808
GlaxoSmithKline Plc
1,156,282
Oil Company-Integrated
127,651
BP Plc
900,873
54,315
Royal Dutch Shell Plc
1,843,861
Paper & Related Products
132,720
DS Smith Plc
604,821
33,189
Mondi Plc
558,324
Rental Auto/Equipment
27,841
Ashtead Group Plc
275,098
Nominal Security
Value
US$
% Net
Asset
UNITED KINGDOM 31.73% (30 September 2012: 34.47%)(continued)
Semicon Component-Integrated Circuits
49,313
CSR Plc
407,613
Sugar
10,018
Tate & Lyle Plc
121,337
Telephone-Integrated
232,415
BT Group Plc
1,290,171
Television
230,714
ITV Plc
646,121
Tobacco
11,467
British American Tobacco Plc
606,880
Travel Services
72,872
TUI Travel Plc
431,006
0.68
0.33
0.48
0.85
0.26
0.57
0.64
0.42
0.13
1.33
0.67
0.63
0.45
1.54
0.38
Total Value of Transferable Securities
at Mid Market Prices
93,457,828
96.52
0.25
Adjustment from Mid Market Prices to Bid Market Prices (42,325)
(0.04)
1.10
Total Value of Transferable Securities at
Bid Market Prices (Cost: US$71,458,804)
96.48
0.16
Open Forward Foreign Exchange Contracts 0.00% (30 September 2012: (0.00%))
1.00
2.67
Settlement
Date
01/10/2013
01/10/2013
01/10/2013
01/10/2013
01/10/2013
02/10/2013
02/10/2013
02/10/2013
02/10/2013
02/10/2013
0.99
0.79
0.45
0.41
0.30
1.42
Buy
GBP
GBP
USD
USD
USD
GBP
SEK
USD
USD
USD
Amount
Bought
8,823
92,881
95,357
7,989
10,262
12,129
1,818,519
100,227
9,595
11,280
Sell
USD
USD
GBP
GBP
EUR
USD
USD
GBP
GBP
GBP
93,415,503
Amount Unrealised
Sold Gain/Loss
(14,137)
120
(148,831)
1,265
(59,510)
(810)
(4,986)
(68)
(7,607)
(9)
(19,561)
39
(283,088)
43
(62,146)
(200)
(5,972)
(57)
(6,994)
(22)
Total Gains on Forward Foreign Exchange Contracts
Total Loss on Forward Foreign Exchange Contracts
0.57
Total Foreign Currency Exchange Contracts
0.60
% Net
Assets
0.00
0.00
(0.00)
(0.00)
(0.00)
0.00
0.00
(0.00)
(0.00)
(0.00)
1,467
(1,166)
0.00
(0.00)
301
0.00
2,331,522
1,077,703
2.41
1.11
0.54
Cash
Net Current Assets
0.50
0.50
Net Assets Attributable to Holders of Redeemable
Participating Units at Mid Market Prices
0.62
1.37
0.67
Analysis of Total Assets
% of Total Assets
Transferable Securities and Money Market Instruments
admitted to an official stock exchange listing or traded
on a regulated market
95.88
Financial Derivative instruments dealt in or on a regulated market
Other Assets
–
4.12
0.37
1.19
0.93
1.90
Total Assets
96,825,029 100.00%
100.00
The counterparty for the foreign currency contracts is The Bank of New
York Mellon.
0.62
0.58
All securities are transferable securities admitted to an official stock
exchange listing.
0.28
28
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
EMERGING MARKETS EQUITY FUND
Nominal Security
EMERGING MARKETS EQUITY FUND (continued)
Value
US$
% Net
Asset
Nominal Security
CHINA 12.99% (30 September 2012: 11.67%)
Auto-Cars/Light Trucks
Great Wall Motor Co Ltd
72,500
Building & Construction Production-Miscellaneous
China National Building Material Co Ltd
204,000
Building-Heavy Construction
381,024
China Railway Construction Corp Ltd
Commercial Banks Non-US
737,000
Agricultural Bank of China Ltd
1,143,318 Bank of China Ltd
865,000
China Construction Bank Corp
200,338
China Merchants Bank Co Ltd
724,390
Industrial & Commercial
Bank of China Ltd
Metal-Copper
86,000
Jiangxi Copper Co Ltd
Oil Company-Integrated
268,382
PetroChina Co Ltd
Property/Casualty Insurance
138,000
PICC Property & Casualty Co Ltd
Telecom Services
692,000
China Telecom Corp Ltd
TRANSFERABLE SECURITIES 100.76% (30 September 2012: 99.01%)
BERMUDA 0.66% (30 September 2012: 1.68%)
Telecom Services
19,757
VimpelCom Ltd
BRAZIL 12.23% (30 September 2012: 10.78%)
Brewery
8,691
Cia de Bebidas das Americas
Commercial Banks Non-US
41,700
Banco do Brasil SA
32,510
Itau Unibanco Holding SA
Diversified Minerals
35,178
Vale SA
Food-Meat Products
12,800
BRF SA
83,100
JBS SA
Food-Retail
5,042
Cia Brasileira de Distribuicao Grupo
Pao de Acucar
Oil Company-Integrated
31,008
Petroleo Brasileiro SA
Paper & Related Products
35,300
Suzano Papel e Celulose SA
Schools
23,300
Kroton Educacional SA
Steel-Producers
42,909
Cia Siderurgica Nacional SA
25,741
Gerdau SA
Telephone-Integrated
5,600
Telefonica Brasil SA
222,464
0.66
335,994
0.99
489,520
465,242
1.45
1.38
548,777
1.62
315,245
284,203
0.94
0.84
234,856
0.70
477,523
1.41
140,795
0.42
331,164
0.98
187,084
194,087
0.55
0.58
125,185
0.37
BRITISH VIRGIN ISLANDS 0.73% (30 September 2012: 0.00%)
Web Portals/ISP
6,486
Mail.ru Group Ltd
246,533
CAYMAN ISLANDS 6.64% (30 September 2012: 1.85%)
Auto/Truck Parts & Equipment-Repair
328,000
Xinyi Glass Holdings Ltd
302,012
Internet Application Software
13,500
Tencent Holdings Ltd
708,218
Oil-Field Services
6,797
Eurasia Drilling Co Ltd
267,462
Real Estate Operation/Development
473,000
Country Garden Holdings Co Ltd
302,548
110,500
Shimao Property Holdings Ltd
254,220
Research & Development
7,443
WuXi PharmaTech Cayman Inc
207,660
Retail-Apparel/Shoe
155,000
Anta Sports Products Ltd
199,687
Value
US$
% Net
Asset
393,148
1.17
195,992
0.58
402,920
1.19
339,303
521,942
665,952
364,280
1.00
1.55
1.97
1.08
505,384
1.50
169,019
0.50
296,264
0.88
187,218
0.55
344,465
1.02
CHINA, REPUBLIC OF (TAIWAN) 10.14% (30 September 2012: 10.36%)
Apparel Manufacturers
34,000
Makalot Industrial Co Ltd
170,765
0.51
Bicycle Manufacturing
16,000
Merida Industry Co Ltd
103,900
0.31
Cellular Telecom
37,000
Taiwan Mobile Co Ltd
131,396
0.39
Diversified Financial Services
485,888
SinoPac Financial Holdings Co Ltd
223,495
0.66
Electronic Component-Miscellaneous
105,000
Kinsus Interconnect Technology Corp
369,331
1.09
27,000
Phison Electronics Corp
194,507
0.58
Food-Miscellaneous/Diversified
159,000
Uni-President Enterprises Corp
296,307
0.88
Life/Health Insurance
222,354
Cathay Financial Holding Co Ltd
316,607
0.94
Power Conversion/Supply Equipment
72,000
Delta Electronics Inc
349,444
1.03
Rubber-Tires
75,920
Kenda Rubber Industrial Co Ltd
152,266
0.45
Semicon Component-Integrated Circuits
298,000
King Yuan Electronics Co Ltd
205,104
0.61
Taiwan Semiconductor Manufacturing Co Ltd 908,378
2.69
267,244
0.73
0.89
2.10
0.79
0.90
0.75
COLOMBIA 0.84% (30 September 2012: 0.70%)
Oil Company-Integrated
6,111
Ecopetrol SA
0.62
282,267
0.84
HONG KONG 4.15% (30 September 2012: 3.85%)
Cellular Telecom
66,989
China Mobile Ltd
748,556
Oil Company-Exploration & Production
321,000
CNOOC Ltd
653,227
2.22
0.59
EGYPT 0.00% (30 September 2012: 0.31%)
CHILE 2.07% (30 September 2012: 0.77%)
Cellular Telecom
17,539
ENTEL Chile SA
Commercial Banks Non-US
1,850,140 Banco de Chile
Steel-Producers
5,841
CAP SA
GUERNSEY 0.00% (30 September 2012: 0.20%)
290,052
0.86
275,175
0.81
134,832
0.40
29
1.93
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
EMERGING MARKETS EQUITY FUND (continued)
Nominal Security
INDIA 5.23% (30 September 2012: 5.95%)
Applications Software
17,433
HCL Technologies Ltd
Commercial Banks Non-US
6,001
HDFC Bank Ltd
Commercial Banks Non-US
4,976
ICICI Bank Ltd
Communications Software
13,362
Tech Mahindra Ltd
Finance-Management Loan/Banker
50,522
Indiabulls Housing Finance Ltd
Medical-Drugs
38,540
Sun Pharmaceutical Industries Ltd
Oil Refining & Marketing
24,073
Reliance Industries Ltd
INDONESIA 1.16% (30 September 2012: 2.61%)
Commercial Banks Non-US
305,000
Bank Rakyat Indonesia Persero Tbk PT
Telecom Services
1,100,000 Telekomunikasi Indonesia Persero Tbk PT
Value
US$
EMERGING MARKETS EQUITY FUND (continued)
% Net
Asset
Nominal Security
304,789
0.90
188,131
0.56
154,654
0.46
286,243
0.85
146,686
0.43
367,663
1.09
MEXICO 4.88% (30 September 2012: 6.70%)(continued)
Beverages-Non-Alcoholic
16,900
Fomento Economico Mexicano SAB de CV 165,393
Broadcast Service/Program
10,023
Grupo Televisa SAB
280,444
Commercial Banks Non-US
36,300
Grupo Financiero Banorte SAB de CV
225,101
Diversified Operations
96,720
Alfa SAB de CV
268,905
Non-Ferrous Metals
85,300
Grupo Mexico SAB de CV
262,053
Public Thoroughfares
123,434
OHL Mexico SAB de CV
326,237
318,573
0.94
PERU 0.00% (30 September 2012: 0.60%)
% Net
Asset
0.49
0.83
0.67
0.80
0.77
0.96
PHILIPPINES 0.00% (30 September 2012: 0.74%)
190,954
0.56
201,857
0.60
KOREA, REPUBLIC OF (SOUTH KOREA) 15.65%
(30 September 2012: 16.66%)
Auto/Truck Parts & Equipment-Original
10,780
Halla Visteon Climate Control Corp
408,761
Auto-Cars/Light Trucks
3,037
Hyundai Motor Co
709,318
8,273
Kia Motors Corp
502,689
Cellular Telecom
8,130
LG Uplus Corp
87,377
1,666
SK Telecom Co Ltd
338,726
Diversified Financial Services
10,530
Hana Financial Group Inc
361,068
Electronic Component-Semiconductor
1,233
Samsung Electronics Co Ltd
1,568,391
10,010
SK Hynix Inc
281,762
Metal Products-Distribution
632
Hyosung Corp
42,166
Oil Refining & Marketing
1,869
SK Holdings Co Ltd
337,391
Petrochemicals
1,106
LG Chem Ltd
316,463
Steel-Producers
1,111
POSCO
330,300
POLAND 1.16% (30 September 2012: 0.93%)
Food-Wholesale/Distribution
5,301
Eurocash SA
Property/Casualty Insurance
2,253
Powszechny Zaklad Ubezpieczen SA
RUSSIA 7.62% (30 September 2012: 7.04%)
Cellular Telecom
8,932
MegaFon OAO
Food-Retail
4,939
Magnit OJSC
Oil Company-Exploration & Production
83,856
Gazprom OAO
1,386
NovaTek OAO
Oil Company-Integrated
9,351
Lukoil OAO
33,715
Rosneft OAO
3,549
Tatneft OAO
1.21
2.10
1.49
0.26
1.00
1.07
4.65
0.83
0.12
1.00
0.94
0.98
236,748
0.70
352,000
1.04
551,580
1.64
THAILAND 2.90% (30 September 2012: 3.63%)
Building-Residential/Commercial
1,639,500 Quality Houses PCL
Chemicals-Diversified
121,300
PTT Global Chemical PCL
Commercial Banks Non-US
40,800
Bangkok Bank PCL
Oil Company-Exploration & Production
51,300
PTT Exploration & Production PCL
MAURITIUS 0.00% (30 September 2012: 0.48%)
MEXICO 4.88% (30 September 2012: 6.70%)
Airport Development/Maintenance
Grupo Aeroportuario del Sureste SAB de CV 120,671
10,853
83,149
0.25
306,706
0.91
317,443
0.94
305,724
0.91
745,899
184,893
2.21
0.55
603,326
272,586
141,392
1.78
0.81
0.42
SOUTH AFRICA 5.17% (30 September 2012: 6.05%)
Commercial Banks Non-US
112,433
FirstRand Ltd
380,992
Life/Health Insurance
10,502
Liberty Holdings Ltd
120,531
75,140
Sanlam Ltd
355,814
Medical-Hospitals
29,792
Mediclinic International Ltd
220,700
Metal-Iron
4,810
Kumba Iron Ore Ltd
221,497
Multimedia
4,830
Naspers Ltd
446,018
LUXEMBOURG 0.00% (30 September 2012: 0.06%)
MALAYSIA 3.38% (30 September 2012: 1.84%)
Commercial Banks Non-US
104,000
AMMB Holdings Bhd
Commercial Banks Non-US
116,600
Malayan Banking Bhd
Electric-Integrated
199,100
Tenaga Nasional Bhd
Value
US$
0.36
30
1.13
0.36
1.05
0.65
0.66
1.32
163,505
0.49
284,978
0.84
258,872
0.77
270,561
0.80
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
EMERGING MARKETS EQUITY FUND (continued)
Nominal Security
Value
US$
TURKEY 1.69% (30 September 2012: 2.32%)
Commercial Banks Non-US
26,727
Turkiye Halk Bankasi AS
75,826
Turkiye Is Bankasi
Diversified Operations
37,853
KOC Holding AS
JAPANESE EQUITY FUND
% Net
Asset
192,922
199,570
0.57
0.59
176,952
0.53
0.79
UNITED STATES 0.68% (30 September 2012: 0.59%)
Metal-Copper
8,278
Southern Copper Corp
230,460
0.68
34,015,355
JAPAN 95.08% (30 September 2012: 97.18%)
Applications Software
31,100
Nihon Unisys Ltd
268,473
Audio/Video Products
23,000
Sony Corp
492,966
Auto/Truck Parts & Equipment-Original
7,900
Aisin Seiki Co Ltd
337,758
Koito Manufacturing Co Ltd
152,342
8,000
6,300
Nissin Kogyo Co Ltd
119,841
21,900
Showa Corp
294,879
Auto-Cars/Light Trucks
20,000
Fuji Heavy Industries Ltd
553,711
10,700
Honda Motor Co Ltd
408,280
60,000
Mazda Motor Corp
267,865
14,600
Suzuki Motor Corp
350,812
29,290
Toyota Motor Corp
1,876,164
Auto-Medium & Heavy Duty Trucks
10,000
Hino Motors Ltd
147,520
Building Production-Doors & Windows
113,000
Central Glass Co Ltd
375,185
Cellular Telecom
31,700
NTT DOCOMO Inc
515,568
Chemicals-Diversified
45,000
Nippon Soda Co Ltd
268,018
87,000
Toagosei Co Ltd
388,405
Commercial Banks Non-US
77,000
Aozora Bank Ltd
228,912
10,000
Bank of the Ryukyus Ltd
125,658
339,900
Mizuho Financial Group Inc
739,630
70,700
Resona Holdings Inc
362,583
19,600
Sumitomo Mitsui Financial Group Inc
950,115
61,000
Sumitomo Mitsui Trust Holdings Inc
302,242
Computer Services
NEC Networks & System Integration Corp 201,384
8,300
Distribution/Wholesale
11,000
Canon Marketing Japan Inc
146,539
Diversified Banking Institutions
138,100
Mitsubishi UFJ Financial Group Inc
884,596
Electric Products-Miscellaneous
83,700
Hitachi Ltd
553,240
Electric-Integrated
20,800
Tokyo Electric Power Co Inc
129,834
Electronic Component-Miscellaneous
9,700
Omron Corp
351,295
Electronic Connectors
2,200
Hirose Electric Co Ltd
338,479
Electronic Parts Distribution
13,000
Kuroda Electric Co Ltd
173,980
Finance-Investment Banker/Broker
56,000
Daiwa Securities Group Inc
503,448
Finance-Leasing Companies
24,700
ORIX Corp
402,478
Fisheries
6,000
Toyo Suisan Kaisha Ltd
176,411
Forestry
34,500
Sumitomo Forestry Co Ltd
375,012
Gas-Distribution
70,000
Tokyo Gas Co Ltd
384,737
100.76
UNLISTED 1.05% (30 September 2012: 0.00%)
RUSSIA 1.05% (30 September 2012: 0.00%)
Commercial Banks Non-US
29,334
Sberbank of Russia
353,181
1.05
Total Value of Unlisted at Mid Market Prices
353,181
1.05
Adjustment from Mid Market Prices to Bid Market Prices (33,911)
(0.10)
Total Value of Transferable Securities at
Bid Market Prices (Cost: US$32,297,559)
34,334,625
101.71
Open Spot Currency Contract 0.00% (30 September 2012: 0.00%)
Settlement
Date
Buy
03/10/2013 USD
Amount
Bought
13,186
Sell
Amount
Sold
Unrealised
Gain/Loss
% Net
Assets
HKD (102,252)
-
(0.00)
Total Loss on Currency Contracts
(0.00)
Total Foreign Currency Exchange Contracts
Cash
Net Current Liabilities
Net Assets Attributable to Holders
of Redeemable Participating Units
at Mid Market Prices
Analysis of Total Assets
Value
US$
% Net
Asset
TRANSFERABLE SECURITIES 95.08% (30 September 2012: 97.18%)
UNITED KINGDOM 0.79% (30 September 2012: 0.64%)
Paper & Related Products
Mondi Plc
265,796
15,800
Total Value of Transferable Securities
at Mid Market Prices
Nominal Security
-
(0.00)
(247,419)
(330,149)
(0.73)
(0.98)
33,757,057 100.00%
% of Total Assets
Transferable Securities and Money Market Instruments
admitted to an official stock exchange listing or traded
on a regulated market
99.12
Total Transferable Securities other than those admitted to an
official stock exchange listing or traded on a regulated market
1.02
Other Assets
0.86
Total Assets
100.00
Except where stated above all securities are transferable securities admitted
to an official stock exchange listing.
The counterparty for the foreign currency contract is The Bank of New
York Mellon.
31
1.03
1.89
1.30
0.58
0.46
1.13
2.12
1.57
1.03
1.35
7.19
0.56
1.44
1.98
1.03
1.49
0.88
0.48
2.84
1.39
3.64
1.16
0.77
0.56
3.39
2.12
0.50
1.35
1.30
0.67
1.93
1.54
0.68
1.44
1.47
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
JAPANESE EQUITY FUND (continued)
Nominal Security
JAPANESE EQUITY FUND (continued)
Value
US$
JAPAN 95.08% (30 September 2012: 97.18%)(continued)
Import/Export
30,500
ITOCHU Corp
374,531
51,000
Marubeni Corp
402,227
63,000
Sojitz Corp
123,574
7,000
Toyota Tsusho Corp
183,358
Internet Content-Entertainment
10,400
Nexon Co Ltd
127,072
Leisure & Recreational Products
Daiichikosho Co Ltd
139,581
5,100
Life/Health Insurance
14,800
T&D Holdings Inc
183,554
Machinery-General Industry
60,000
Mitsubishi Heavy Industries Ltd
345,099
Machinery-Material Handling
27,500
Daifuku Co Ltd
298,079
Medical Products
4,000
Hogy Medical Co Ltd
222,302
Medical-Drugs
12,000
Kaken Pharmaceutical Co Ltd
182,541
6,550
Takeda Pharmaceutical Co Ltd
310,152
Office Automation & Equipment
18,500
Canon Inc
591,562
Oil Refining & Marketing
70,500
JX Holdings Inc
366,599
Property/Casualty Insurance
13,200
MS&AD Insurance Group Holdings
345,222
Real Estate Management/Services
15,000
Mitsubishi Estate Co Ltd
443,786
Real Estate Operation/Development
13,000
Mitsui Fudosan Co Ltd
437,605
Retail-Convenience Store
2,100
Lawson Inc
164,979
Retail-Drug Store
2,500
Tsuruha Holdings Inc
221,178
Retail-Miscellaneous/Diversified
13,100
Valor Co Ltd
199,006
Rubber-Tires
13,900
Bridgestone Corp
507,662
18,000
Yokohama Rubber Co Ltd/The
178,005
Semiconductor Equipment
8,000
Tokyo Electron Ltd
429,892
Steel-Producers
8,200
Kyoei Steel Ltd
150,203
Storage/Warehousing
25,000
Sumitomo Warehouse Co Ltd/The
155,795
Telephone-Integrated
9,700
KDDI Corp
499,443
8,497
Nippon Telegraph & Telephone Corp
440,974
9,400
Softbank Corp
652,051
Tobacco
16,677
Japan Tobacco Inc
601,418
Transport-Marine
100,000
Nippon Yusen KK
316,698
Transport-Rail
3,600
Central Japan Railway Co
462,666
5,000
East Japan Railway Co
431,118
Transport-Truck
31,000
Senko Co Ltd
156,449
% Net
Asset
Nominal Security
1.44
1.54
0.48
0.70
Value
US$
% Net
Asset
Total Value of Transferable Securities
at Mid Market Prices
24,792,741
95.08
Adjustment from Mid Market Prices to
Bid Market Prices
(24,985)
(0.10)
24,767,756
94.98
Amount Unrealised
Sold Gain/Loss
JPY (222,847)
(19)
% Net
Assets
(0.00)
Total Value of Transferable Securities at
Bid Market Prices (Cost: US$21,490,019)
0.49
0.53
Open Forward Foreign Exchange Contract (0.00%)
(30 September 2012: (0.00%))
0.70
Settlement Buy
Date
02/10/2013 USD
1.32
1.14
0.85
0.70
1.19
Amount
Bought
2,258
Sell
Total Loss on Forward Foreign Exchange Contracts
(19)
(0.00)
Total Foreign Currency Exchange Contracts
(19)
(0.00)
777,294
530,819
2.98
2.04
26,075,850
100.00%
Cash
Net Current Assets
2.27
Net Assets Attributable to Holders
of Redeemable Participating Units
at Mid Market Prices
1.41
1.32
1.70
Analysis of Total Assets
1.68
Transferable Securities and Money Market Instruments
admitted to an official stock exchange listing or traded
on a regulated market
0.63
0.85
Financial Derivative instruments dealt in or on a
regulated market
0.76
1.95
0.68
1.65
% of Total Assets
94.89
–
Other Assets
5.11
Total Assets
100.00
The counterparty for the foreign currency contract is The Bank of New
York Mellon.
0.58
All securities are transferable securities admitted to an official stock
exchange listing.
0.60
1.92
1.69
2.50
2.31
1.21
1.78
1.65
0.60
32
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
PREFERRED SECURITIES FUND
Nominal
Security
Coupon Rate
Value
US$
% Net
Asset
20/06/2049
12,770,750
1.32
6.750%
Perpetual
3,089,820
0.32
11,500,000
TRANSFERABLE SECURITIES 96.35% (30 September 2012: 104.32%)
AUSTRALIA 1.32% (30 September 2012: 2.44%)
Corporate Bond
Macquarie Bank Ltd/London
10.250%
3,000,000
BELGIUM 0.32% (30 September 2012: 0.00%)
Corporate Bond
AG Insurance SA/NV
Maturity
Date
7.249%
Perpetual
7,937,437
0.82
493,236
7,300
262,342
395,000
181,600
291,529
339,230
42,791
152,246
BERMUDA 5.98% (30 September 2012: 7.99%)
Corporate Bond
Catlin Insurance Co Ltd
Preferred Security
Arch Capital Group Ltd
Aspen Insurance Holdings Ltd
Aspen Insurance Holdings Ltd
Axis Capital Holdings Ltd
Axis Capital Holdings Ltd
PartnerRe Ltd
PartnerRe Ltd
RenaissanceRe Holdings Ltd
RenaissanceRe Holdings Ltd
6.750%
5.950%
7.250%
5.500%
6.875%
5.875%
7.250%
5.375%
6.080%
Perpetual
Perpetual
Perpetual
Perpetual
Perpetual
Perpetual
Perpetual
Perpetual
Perpetual
11,842,596
171,185
6,576,914
7,766,688
4,296,656
6,209,568
8,528,242
844,266
3,489,478
1.23
0.02
0.68
0.80
0.45
0.64
0.89
0.09
0.36
9,000,000
BRAZIL 0.77% (30 September 2012: 0.00%)
Corporate Bond
Banco do Brasil SA/Cayman
6.250%
Perpetual
7,447,500
0.77
Perpetual
3,165,000
0.33
3,000
CAYMAN ISLANDS 0.71% (30 September 2012: 0.54%)
Corporate Bond
Hutchison Whampoa International 12 Ltd
6.000%
Preferred Security
Centaur Funding Corp
9.080%
21/04/2020
3,705,056
0.38
1,650,000
DENMARK 0.17% (30 September 2012: 0.42%)
Corporate Bond
Danske Bank A/S
7.125%
21/09/2037
1,675,773
0.17
11,121,000
4,000,000
500,000
6,950,000
1,564,000
8,866,000
26,000,000
800,000
2,200,000
3,000,000
7,790,000
FRANCE 7.09% (30 September 2012: 3.67%)
Corporate Bond
AXA SA
AXA SA
BNP Paribas SA
BPCE SA
BPCE SA
Credit Agricole SA
Electricite de France SA
Societe Generale SA
Societe Generale SA
Societe Generale SA
Societe Generale SA
2.838%
6.379%
7.195%
2.960%
6.750%
9.750%
5.250%
0.994%
5.922%
8.250%
8.750%
Perpetual
Perpetual
Perpetual
Perpetual
Perpetual
Perpetual
Perpetual
Perpetual
Perpetual
Perpetual
Perpetual
8,879,006
3,865,000
505,000
5,277,344
1,548,751
9,460,022
24,640,460
672,000
2,250,651
2,992,650
8,269,085
0.92
0.40
0.05
0.55
0.16
0.98
2.55
0.07
0.24
0.31
0.860
11,750,000
GERMANY 1.30% (30 September 2012: 2.69%)
Corporate Bond
RWE AG
7.000%
10/12/2072
12,563,923
1.30
7,725,000
CANADA 0.00% (30 September 2012: 1.36%)
3,000,000
GREAT BRITAIN 0.00% (30 September 2012: 1.37%)
33
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
PREFERRED SECURITIES FUND (continued)
Nominal
Security
Coupon Rate
Maturity
Date
Value
US$
% Net
Asset
6,000,000
GUERNSEY 0.67% (30 September 2012: 1.06%)
Corporate Bond
Credit Suisse Group Guernsey I Ltd
7.875%
24/02/2041
6,427,500
0.67
6,000,000
HONG KONG 0.58% (30 September 2012: 0.43%)
Corporate Bond
Sinochem Global Capital Co Ltd
5.000%
Perpetual
5,565,000
0.58
715,000
5,000,000
6,700,000
19,400,000
3,000,000
JAPAN 3.65% (30 September 2012: 1.29%)
Corporate Bond
Dai-ichi Life Insurance Co Ltd/The
Fukoku Mutual Life Insurance Co
Mitsui Sumitomo Insurance Co Ltd
Sompo Japan Insurance Inc
Sumitomo Life Insurance Co
7.250%
6.500%
7.000%
5.325%
6.500%
Perpetual
Perpetual
15/03/2072
28/03/2073
20/09/2073
791,268
4,962,500
7,420,250
18,969,107
3,051,342
0.08
0.51
0.77
1.97
0.32
3,600,000
13,920,000
3,000,000
1,660,000
3,900,000
16,200,000
7,000,000
JERSEY 5.29% (30 September 2012: 4.35%)
Corporate Bond
Claudius Ltd for Credit Suisse
Claudius Ltd for Credit Suisse
HBOS Capital Funding LP
HBOS Capital Funding LP
QBE Capital Funding II LP
QBE Capital Funding III Ltd
Swiss Re Capital I LP
7.875%
8.250%
6.071%
6.850%
6.797%
7.250%
6.854%
Perpetual
Perpetual
Perpetual
Perpetual
Perpetual
24/05/2041
Perpetual
3,847,860
14,172,648
2,955,000
1,598,165
3,972,945
17,099,886
7,352,268
0.40
1.47
0.31
0.17
0.41
1.77
0.76
2.922%
Perpetual
10,000,911
1.03
11.000%
5.775%
Perpetual
Perpetual
32,506,258
6,581,250
3.37
0.68
6.375%
6.500%
6.875%
8.000%
6.375%
7.050%
7.200%
7.375%
8.500%
Perpetual
Perpetual
Perpetual
15/02/2042
Perpetual
Perpetual
Perpetual
Perpetual
Perpetual
3,828,292
327,830
1,474,063
205,821
141,733
163,020
1,367,685
420,000
1,014,165
0.40
0.04
0.15
0.02
0.01
0.02
0.14
0.04
0.11
IRELAND 0.00% (30 September 2012: 0.42%)
LUXEMBOURG 0.00% (30 September 2012: 0.58%)
165,369
14,076
60,736
7,623
6,125
6,600
54,861
16,800
39,865
NETHERLANDS 6.01% (30 September 2012: 6.24%)
Corporate Bond
Aegon NV
Cooperatieve Centrale Raiffeisen-Boerenleenbank
BA/Netherlands
ING Groep NV
Preferred Security
Aegon NV
Aegon NV
Aegon NV
Aegon NV
ING Groep NV
ING Groep NV
ING Groep NV
ING Groep NV
ING Groep NV
2,000,000
NORWAY 0.12% (30 September 2012: 0.14%)
Corporate Bond
Den Norske Creditbank
0.511%
Perpetual
1,184,412
0.12
5,000
SPAIN 0.01% (30 September 2012: 0.35%)
Preferred Security
Santander Finance Preferred SAU
6.410%
Perpetual
115,250
0.01
9,518,000
SWEDEN 1.07% (30 September 2012: 1.87%)
Corporate Bond
Nordea Bank AB
8.375%
Perpetual
10,279,440
1.07
12,405,000
24,835,000
6,500,000
34
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
PREFERRED SECURITIES FUND (continued)
Nominal
Security
14,000,000
Coupon Rate
SWITZERLAND 1.48% (30 September 2012: 0.52%)
Corporate Bond
Credit Suisse AG
6.500%
Maturity
Date
Value
US$
% Net
Asset
08/08/2023
14,230,559
1.48
Perpetual
Perpetual
Perpetual
Perpetual
Perpetual
Perpetual
11/01/2020
19/03/2020
Perpetual
Perpetual
Perpetual
Perpetual
16/03/2022
Perpetual
Perpetual
1,756,096
6,751,500
3,911,200
607,000
1,788,162
1,247,500
4,173,000
3,201,291
10,082,587
10,844,875
5,656,505
3,708,000
1,152,755
2,242,625
6,040,125
0.18
0.70
0.41
0.06
0.19
0.13
0.43
0.33
1.05
1.12
0.59
0.38
0.12
0.23
0.63
10,000
55,500
31,970
12,750
88,400
2,400
387,796
24,956
106,560
UNITED KINGDOM 8.44% (30 September 2012: 12.05%)
Corporate Bond
Barclays Bank Plc
6.278%
Barclays Bank Plc
6.860%
Barclays Bank Plc
7.434%
HSBC Bank Plc
0.538%
HSBC Bank Plc
0.618%
HSBC Bank Plc
0.625%
LBG Capital No.1 Plc
7.875%
LBG Capital No.2 Plc
7.875%
Prudential Plc
6.500%
Prudential Plc
7.750%
Prudential Plc
11.750%
Royal Bank of Scotland Group Plc
7.648%
Royal Bank of Scotland Plc/The
9.500%
Standard Chartered Plc
6.409%
Standard Chartered Plc
7.014%
Preferred Security
Barclays Bank Plc
6.625%
Barclays Bank Plc
7.100%
Barclays Bank Plc
7.750%
Barclays Bank Plc
8.125%
HSBC Holdings Plc
8.000%
HSBC Holdings Plc
8.125%
Lloyds Banking Group Plc
7.750%
Prudential Plc
6.750%
Royal Bank of Scotland Group Plc
5.750%
Perpetual
Perpetual
Perpetual
Perpetual
Perpetual
Perpetual
15/07/2050
Perpetual
Perpetual
244,600
1,389,720
806,603
323,595
2,389,443
61,464
10,284,350
617,162
2,128,003
0.03
0.14
0.08
0.03
0.25
0.01
1.07
0.06
0.22
8,810,000
1,437,000
1,500,000
5,700,000
750,000
22,800,000
5,500,000
200,000
7,700,000
2,130,000
6,600,000
1,900,000
5,900,000
4,033,000
2,300,000
500,000
4,542,000
9,300,000
31,700,000
5,000,000
200,000
3,000,000
2,095,000
11,500,000
600,000
7,600,000
UNITED STATES 51.37% (30 September 2012: 54.54%)
Corporate Bond
Abbey National Capital Trust I
8.963%
ACE Capital Trust II
9.700%
AIG Life Holdings Inc
7.570%
Allstate Corp/The
6.500%
American International Group Inc
6.250%
American International Group Inc
8.175%
BNSF Funding Trust I
6.613%
CA Preferred Funding Trust
7.000%
Citigroup Capital III
7.625%
Countrywide Capital III
8.050%
Deutsche Bank Capital Trust V
4.901%
Dominion Resources Inc/VA
7.500%
Everest Reinsurance Holdings Inc
6.600%
Fifth Third Capital Trust IV
6.500%
First Hawaiian Capital I
8.343%
First Union Capital II
7.950%
GE Capital Trust I
6.375%
General Electric Capital Corp
6.375%
Goldman Sachs Capital I
6.345%
Great-West Life & Annuity Insurance Capital LP
6.625%
HSBC Finance Capital Trust IX
5.911%
HSBC USA Capital Trust III
7.750%
ING Capital Funding Trust III
3.848%
ING US Inc
5.650%
KeyCorp Capital III
7.750%
Liberty Mutual Group Inc
7.000%
Perpetual
04/01/2030
12/01/2045
15/05/2057
15/03/2037
15/05/2058
15/12/2055
Perpetual
12/01/2036
15/06/2027
Perpetual
30/06/2066
15/05/2037
15/04/2037
07/01/2027
15/11/2029
15/11/2067
15/11/2067
15/02/2034
15/11/2034
30/11/2035
15/11/2026
Perpetual
15/05/2053
15/07/2029
15/03/2037
10,979,462
2,026,170
1,680,000
5,842,500
742,260
26,961,000
6,146,330
196,900
8,624,000
2,548,012
5,874,000
2,034,263
5,804,125
4,027,959
2,346,000
600,366
4,837,230
9,916,125
30,729,489
5,236,275
204,000
3,049,950
2,048,659
10,600,527
651,565
7,752,000
1.14
0.21
0.17
0.61
0.08
2.80
0.64
0.02
0.89
0.26
0.61
0.21
0.60
0.42
0.24
0.06
0.50
1.03
3.19
0.54
0.02
0.32
0.21
1.10
0.07
0.08
1,900,000
6,600,000
3,600,000
1,000,000
3,000,000
2,000,000
3,900,000
3,000,000
10,070,000
10,100,000
5,050,000
3,600,000
1,000,000
2,200,000
5,900,000
35
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
PREFERRED SECURITIES FUND (continued)
Nominal
Security
4,400,000
5,670,000
4,400,000
13,636,000
2,800,000
2,000,000
1,800,000
4,100,000
15,500,000
3,726,000
6,900,000
8,900,000
7,400,000
23,300,000
2,250,000
120,000
12,100,000
2,691,000
4,600,000
4,430,000
57,757
55,907
174,600
123,032
2,910
13,548
12,320
226,735
54,271
7,148
143,100
3,738
2,354
5,700
82,539
630,600
88,600
15,500
108,305
559,516
119,184
150,421
108,097
81,100
115,872
58,835
196,472
67,226
4,738
711,076
223,798
178,257
478,200
3,500
68,111
357,087
Coupon Rate
UNITED STATES 51.37% (30 September 2012: 54.54%)(continued)
Corporate Bond
Liberty Mutual Group Inc
7.800%
Lincoln National Corp
6.050%
Lincoln National Corp
7.000%
M&T Capital Trust I
8.234%
M&T Capital Trust III
9.250%
Macquarie PMI LLC
8.375%
MetLife Capital Trust IV
7.875%
MetLife Capital Trust X
9.250%
Nationwide Financial Services Inc
6.750%
NextEra Energy Capital Holdings Inc
6.650%
PPL Capital Funding Inc
6.700%
Provident Financing Trust I
7.405%
Prudential Financial Inc
5.200%
Prudential Financial Inc
5.625%
Prudential Financial Inc
5.875%
RBS Capital Trust B
6.800%
Reinsurance Group of America Inc
6.750%
Wisconsin Energy Corp
6.250%
ZFS Finance USA Trust II
6.450%
ZFS Finance USA Trust V
6.500%
Preferred Security
Affiliated Managers Group Inc
5.250%
Affiliated Managers Group Inc
6.375%
Aflac Inc
5.500%
American Financial Group Inc/OH
5.750%
American Financial Group Inc/OH
6.375%
Ameriprise Financial Inc
7.750%
Citigroup Capital IX
6.000%
Citigroup Capital XI
6.000%
Citigroup Capital XIII
7.875%
Citigroup Capital XVII
6.350%
Comcast Corp
5.000%
Corporate-Backed Trust Certificates
6.000%
Corporate-Backed Trust Certificates
6.300%
Countrywide Capital V
7.000%
Delphi Financial Group Inc
7.376%
Deutsche Bank Contingent Capital Trust II
6.550%
Deutsche Bank Contingent Capital Trust III
7.600%
Deutsche Bank Contingent Capital Trust V
8.050%
DTE Energy Co
6.500%
Duke Energy Corp
5.125%
Entergy Arkansas Inc
4.750%
Entergy Arkansas Inc
4.900%
Entergy Arkansas Inc
5.750%
Entergy Louisiana LLC
4.700%
Entergy Louisiana LLC
5.875%
Entergy Louisiana LLC
6.000%
Entergy Mississippi Inc
6.000%
Entergy New Orleans Inc
5.000%
General Electric Capital Corp
4.700%
General Electric Capital Corp
4.875%
General Electric Capital Corp
4.875%
Goldman Sachs Group Inc/The
6.125%
Hartford Financial Services Group Inc
7.875%
Integrys Energy Group Inc
6.000%
JPMorgan Chase Capital XXIX
6.700%
Merrill Lynch Capital Trust I
6.450%
36
Maturity
Date
Value
US$
% Net
Asset
15/03/2037
20/04/2067
17/05/2066
02/01/2027
02/01/2027
Perpetual
15/12/2037
04/08/2038
15/05/2037
15/06/2067
30/03/2067
15/03/2038
15/03/2044
15/06/2043
15/09/2042
Perpetual
15/12/2065
15/05/2067
15/12/2065
05/09/2037
4,774,000
5,584,950
4,477,000
13,875,455
2,856,050
2,086,010
2,034,000
5,227,500
15,422,500
3,803,613
7,077,961
9,745,500
6,845,000
22,062,304
2,216,250
111,420
12,039,500
2,747,025
4,887,500
4,673,650
0.50
0.58
0.46
1.44
0.30
0.22
0.21
0.54
1.60
0.39
0.73
1.01
0.71
2.29
0.23
0.01
1.25
0.28
0.51
0.48
15/10/2022
15/08/2042
15/09/2052
25/08/2042
06/12/2042
15/06/2039
14/02/2033
27/09/2034
30/10/2040
15/03/2067
15/12/2061
15/02/2034
15/02/2034
11/01/2036
15/05/2037
Perpetual
Perpetual
Perpetual
12/01/2061
15/01/2073
06/01/2063
12/01/2052
11/01/2040
06/01/2063
15/06/2041
15/03/2040
05/01/2051
12/01/2052
16/05/2053
29/01/2053
15/10/2052
11/01/2060
15/04/2042
08/01/2073
04/02/2040
15/12/2066
1,443,925
1,280,969
3,851,676
2,671,209
68,822
350,351
308,000
5,731,861
1,495,709
177,342
3,076,650
84,703
54,966
143,241
2,100,618
15,544,290
2,287,652
410,285
2,710,874
11,794,597
2,331,537
2,972,319
2,591,085
1,579,017
2,787,880
1,466,168
4,814,546
1,423,847
96,276
15,579,675
4,823,966
4,297,776
13,303,524
84,910
1,734,787
8,777,199
0.15
0.13
0.40
0.28
0.01
0.04
0.03
0.59
0.15
0.02
0.32
0.01
0.01
0.01
0.22
1.61
0.24
0.04
0.28
1.22
0.24
0.31
0.27
0.16
0.29
0.15
0.50
0.15
0.01
1.61
0.50
0.45
1.38
0.01
0.18
0.91
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
PREFERRED SECURITIES FUND (continued)
Nominal
Security
Value
US$
% Net
Asset
61,131
12,600
493,654
889,505
164,780
57,224
109,362
856,776
2,490,398
954,485
1,091,569
8,136,953
219,451
1,316,385
897,577
3,879,345
5,001,499
1,758,318
4,315,980
3,486,144
51,514
43,240
452,457
1,807,471
9,914,100
88,595
5,517,662
1,911,735
2,720,197
4,279,388
5,747,620
8,513,199
0.01
0.00
0.05
0.09
0.02
0.01
0.01
0.09
0.26
0.10
0.11
0.84
0.02
0.14
0.09
0.40
0.52
0.18
0.45
0.36
0.01
0.00
0.05
0.19
1.03
0.01
0.57
0.20
0.28
0.44
0.60
0.88
929,374,331
96.35
21/05/2023
15/03/2037
2,760,001
640,150
0.28
0.07
30/09/2033
1,016,943
0.11
Total Value of Unlisted at Mid Market Prices
4,417,094
0.46
Adjustment from Mid Market Prices to Bid Market Prices
(4,337,758)
(0.45)
2,485
500
19,986
36,500
7,000
2,300
4,442
34,800
130,524
47,772
51,930
370,704
9,140
58,450
40,196
164,798
207,402
73,539
173,437
139,223
2,054
2,000
17,158
87,912
438,677
4,239
224,113
86,700
114,294
197,571
220,131
405,922
Coupon Rate
UNITED STATES 51.37% (30 September 2012: 54.54%)(continued)
Preferred Security
Merrill Lynch Capital Trust II
6.450%
Merrill Lynch Capital Trust III
7.375%
Morgan Stanley Capital Trust III
6.250%
Morgan Stanley Capital Trust IV
6.250%
Morgan Stanley Capital Trust V
5.750%
Morgan Stanley Capital Trust VI
6.600%
Morgan Stanley Capital Trust VII
6.600%
Morgan Stanley Capital Trust VIII
6.450%
NextEra Energy Capital Holdings Inc
5.000%
NextEra Energy Capital Holdings Inc
5.125%
NextEra Energy Capital Holdings Inc
5.625%
NextEra Energy Capital Holdings Inc
5.700%
PreferredPlus TR
5.750%
PreferredPlus TR
6.000%
Protective Life Corp
6.000%
Protective Life Corp
6.250%
Qwest Corp
7.000%
Qwest Corp
7.000%
Qwest Corp
7.375%
Qwest Corp
7.500%
Raymond James Financial Inc
6.900%
RBS Capital Funding Trust VII
6.080%
SCANA Corp
7.700%
Senior Housing Properties Trust
5.625%
Stanley Black & Decker Inc
5.750%
Telephone & Data Systems Inc
5.875%
Telephone & Data Systems Inc
7.000%
Torchmark Corp
5.875%
United States Cellular Corp
6.950%
Ventas Realty LP / Ventas Capital Corp
5.450%
Vornado Realty LP
7.875%
WR Berkley Corp
5.625%
Maturity
Date
15/06/2062
15/09/2062
03/01/2033
04/01/2033
15/07/2033
02/01/2046
15/10/2066
15/04/2067
15/01/2073
15/11/2072
15/06/2072
03/01/2072
15/02/2033
15/02/2034
09/01/2042
15/05/2042
04/01/2052
07/01/2052
06/01/2051
15/09/2051
15/03/2042
Perpetual
30/01/2065
08/01/2042
25/07/2052
12/01/2061
15/03/2060
15/12/2052
15/05/2060
15/03/2043
10/01/2039
30/04/2053
Total Value of Transferable Securities at Mid Market Prices
UNLISTED 0.46% (30 September 2012: 0.00%)
3,000,000
590,000
40,694
UNITED STATES 0.46% (30 September 2012: 0.00%)
Corporate Bond
DCP Mainstream LLC
5.850%
Liberty Mutual Group Inc
7.800%
Preferred Security
Citigroup Capital X
6.100%
Total Value of Transferable Securities at Bid Market Prices (Cost: US$931,763,882)
Interest Receivable on Transferable Securities
Total Value of Transferable Securities
37
929,453,667
96.36
10,995,141
1.14
940,448,808
97.50
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
PREFERRED SECURITIES FUND (continued)
Nominal
Security
Coupon Rate
Maturity
Date
Value
US$
% Net
Asset
Open Forward Foreign Exchange Contracts 0.26% (30 September 2012: (0.17%))
Settlement
Date
Buy
Amount
Bought
03/10/2013
03/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
EUR
EUR
CHF
CHF
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
JPY
JPY
JPY
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
1,016,562
23,540
50,000
3,406,715
1,611,326
9,282
66,219
48,946
1,197,109
4,441,751
7,632,584
13,732,766
1,100
17,000
35,689
26,868
10,376
17,080
29,015
30,000
28,522
124,882
1,193,672
6,174,938
405,724
1,266,500,476
9,435,547,988
13,147,166
1,581,475
544,389
212,274
67,957
41,034
16,025
15,961
23,359
30,914
2,669
81
936
31,794
96,029
1,372,999
155,361
1,158,008
Sell
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
EUR
JPY
EUR
JPY
EUR
EUR
CHF
GBP
EUR
GBP
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Amount
Sold
Unrealised
Gain/Loss
% Net Assets
(1,372,968)
(31,793)
(54,939)
(3,658,194)
(2,184,459)
(12,559)
(89,363)
(65,043)
(1,590,798)
(5,930,271)
(10,142,690)
(18,249,020)
(1,768)
(27,267)
(57,373)
(43,104)
(16,399)
(27,169)
(46,395)
(47,970)
(45,026)
(197,141)
(1,884,334)
(9,747,775)
(4,092)
(12,729,798)
(94,838,198)
(9,877,987)
(157,345,675)
(407,742)
(21,119,743)
(50,843)
(30,880)
(14,924)
(10,111)
(17,578)
(19,347)
(2,008)
(61)
(692)
(23,540)
(71,007)
(1,016,562)
(114,738)
(854,183)
(449)
(10)
314
106,419
(8,838)
(26)
47
1,044
25,544
67,005
162,866
293,034
9
202
293
310
366
429
488
504
1,061
4,644
44,411
229,743
53
210,038
1,564,800
(190,144)
(26,126)
(6,147)
(3,507)
(692)
(659)
(467)
(376)
(375)
(348)
(43)
(1)
1
10
156
432
441
4,685
(0.00)
(0.00)
0.00
0.01
(0.00)
(0.00)
0.00
0.00
0.00
0.01
0.02
0.03
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.02
0.00
0.02
0.16
(0.02)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
0.00
0.00
0.00
0.00
0.00
0.00
Total Gains on Forward Foreign Exchange Contracts
Total Loss on Forward Foreign Exchange Contracts
2,719,349
(238,208)
0.28
(0.02)
Total Foreign Currency Exchange Contracts
2,481,141
0.26
23,293,886
(1,653,880)
2.41
(0.17)
Cash
Net Current Liabilities
38
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
PREFERRED SECURITIES FUND (continued)
Nominal
Security
Coupon Rate
Net Assets Attributable to Holders
of Redeemable Participating Units
at Mid Market Prices
Analysis of Total Assets
Maturity
Date
Value
US$
% Net
Asset
964,569,955
100.00%
% of Total Assets
Transferable Securities and Money Market Instruments admitted to an
official stock exchange listing or traded on a regulated market
95.96
Total Transferable Securities other than those admitted to an
official stock exchange listing or traded on a regulated market
0.45
Financial Derivative instruments dealt in or on a regulated market
0.26
Other Assets
3.33
Total Assets
100.00
The counterparty for the foreign currency contract is State Street Global Markets.
39
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
US EQUITY FUND
US EQUITY FUND (continued)
Nominal Security
Value
US$
% Net
Asset
Nominal Security
TRANSFERABLE SECURITIES 98.86% (30 September 2012: 100.36%)
1,037,408
0.80
1,241,083
0.96
NETHERLANDS 0.89% (30 September 2012: 0.00%)
Chemicals-Diversified
15,688
LyondellBasell Industries NV
1,151,342
0.89
SWITZERLAND 0.00% (30 September 2012: 1.90%)
UNITED STATES 96.21% (30 September 2012: 96.72%)
Aerospace/Defense
19,625
Alliant Techsystems Inc
1,927,764
11,685
Boeing Co/The
1,387,477
Agricultural Chemicals
7,952
Monsanto Co
839,811
Apparel Manufacturers
30,444
Hanesbrands Inc
1,906,099
Appliances
8,673
Whirlpool Corp
1,278,487
Applications Software
22,658
Microsoft Corp
754,285
Auto/Truck Parts & Equipment-Original
38,373
Johnson Controls Inc
1,632,004
19,082
Lear Corp
1,371,232
Auto-Medium & Heavy Duty Trucks
27,027
Oshkosh Corp
1,315,945
Building Production-Air & Heating
13,942
Lennox International Inc
1,042,722
Building Production-Wood
32,889
Masco Corp
694,616
Cable TV
83,568
Comcast Corp
3,738,832
Chemicals-Diversified
8,557
Westlake Chemical Corp
896,346
Commercial Banks-Southern US
129,574
Regions Financial Corp
1,205,038
Computer Services
9,866
Manhattan Associates Inc
936,579
Computers
7,967
Apple Inc
3,846,069
31,405
Hewlett-Packard Co
664,844
Computers-Memory Devices
33,036
EMC Corp/MA
861,249
33,214
NetApp Inc
1,414,252
18,438
SanDisk Corp
1,105,174
18,707
Western Digital Corp
1,184,527
Consumer Products-Miscellaneous
14,578
Jarden Corp
707,179
Diversified Banking Institutions
13,446
Goldman Sachs Group Inc/The
2,149,343
76,308
JPMorgan Chase & Co
3,986,330
Diversified Manufacturing Operations
39,749
General Electric Co
955,963
35,887
Honeywell International Inc
2,999,436
% Net
Asset
UNITED STATES 96.21% (30 September 2012: 96.72%)(continued)
Electronic Design Automation
38,351
Synopsys Inc
1,442,381
1.12
Enterprise Software/Services
44,091
CA Inc
1,325,375
1.02
Entertainment Software
55,616
Activision Blizzard Inc
935,461
0.72
48,935
Electronic Arts Inc
1,269,863
0.98
Finance-Credit Card
Discover Financial Services
2,751,708
2.13
53,650
Food-Meat Products
43,745
Tyson Foods Inc
1,251,107
0.97
Food-Miscellaneous/Diversified
31,033
General Mills Inc
1,492,067
1.15
Food-Retail
37,431
Kroger Co
1,523,067
1.18
Funeral Services & Related Items
55,818
Service Corp International/US
1,039,889
0.80
Gas-Distribution
12,429
NiSource Inc
381,197
0.29
Human Resources
14,353
Manpowergroup Inc
1,049,204
0.81
Internet Security
6,963
FireEye Inc
286,249
0.22
63,028
Symantec Corp
1,558,682
1.21
Investment Management/Advisory Service
18,957
Waddell & Reed Financial Inc
983,300
0.76
Life/Health Insurance
31,782
Lincoln National Corp
1,339,611
1.04
Medical-Biomedical/Genetics
5,267
Biogen Idec Inc
1,289,467
1.00
9,639
Celgene Corp
1,490,286
1.15
42,542
Gilead Sciences Inc
2,703,118
2.09
Medical-Drugs
53,165
AbbVie Inc
2,356,804
1.82
46,717
Eli Lilly & Co
2,359,209
1.83
Medical-Generic Drugs
37,733
Mylan Inc/PA
1,446,683
1.12
Medical-Health Maintenance Organization
13,659
Aetna Inc
880,732
0.68
30,284
Cigna Corp
2,351,553
1.82
Medical-Hospitals
18,971
HCA Holdings Inc
798,110
0.62
Medical-Wholesale Drug Distribution
14,902
McKesson Corp
1,926,680
1.49
Multilevel Direct Selling
13,788
Nu Skin Enterprises Inc
1,361,703
1.05
Multi-Line Insurance
55,024
Allstate Corp
2,810,076
2.17
Networking Products
127,429
Cisco Systems Inc
2,975,467
2.30
Office Supplies & Forms
19,601
Avery Dennison Corp
854,016
0.66
Oil Company-Exploration & Production
15,023
Anadarko Petroleum Corp
1,420,124
1.10
15,986
Cimarex Energy Co
1,539,452
1.19
45,088
Denbury Resources Inc
836,383
0.65
13,280
EOG Resources Inc
2,267,294
1.75
14,358
Whiting Petroleum Corp
861,193
0.66
Oil Company-Integrated
43,865
ConocoPhillips
3,084,148
2.38
8,010
Exxon Mobil Corp
696,069
0.54
CAYMAN ISLANDS 0.00% (30 September 2012: 0.46%)
IRELAND 1.76% (30 September 2012: 1.28%)
Computer Services
14,002
Accenture Plc
Diversified Manufacturing Operations
18,971
Ingersoll-Rand Plc
Value
US$
1.49
1.07
0.65
1.47
0.99
0.58
1.26
1.06
1.02
0.81
0.54
2.89
0.69
0.93
0.72
2.97
0.52
0.67
1.09
0.85
0.92
0.55
1.66
3.08
0.74
2.32
40
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
US EQUITY FUND (continued)
Nominal Security
US EQUITY FUND (continued)
Value
US$
% Net
Asset
Nominal Security
UNITED STATES 96.21% (30 September 2012: 96.72%)(continued)
Oil Company-Integrated(continued)
25,473
Hess Corp
1,995,300
1.54
Paper & Related Products
17,583
International Paper Co
798,971
0.62
Pharmacy Services
16,618
Omnicare Inc
918,144
0.71
Physical Practice Management
8,433
Envision Healthcare Holdings Inc
219,933
0.17
Property/Casualty Insurance
22,077
Travelers Cos Inc
1,885,597
1.46
Retail-Apparel/Shoe
18,868
Gap Inc/The
767,362
0.59
Retail-Building Products
39,098
Home Depot Inc/The
2,969,884
2.29
29,482
Lowe's Cos Inc
1,408,355
1.09
Retail-Discount
24,037
Wal-Mart Stores Inc
1,787,391
1.38
Retail-Drug Store
34,633
CVS Caremark Corp
2,001,788
1.55
266,616
Rite Aid Corp
1,253,095
0.97
Software Tools
5,333
Rocket Fuel Inc
280,462
0.22
Super-Regional Banks-US
69,833
Fifth Third Bancorp
1,262,581
0.97
89,527
Wells Fargo & Co
3,723,428
2.88
Telephone-Integrated
38,476
Verizon Communications Inc
1,808,372
1.40
Textile-Home Furnishings
11,921
Mohawk Industries Inc
1,550,803
1.20
Tobacco
4,287
Philip Morris International Inc
374,384
0.29
Web Portals/ISP
2,678
Google Inc
2,346,973
1.81
40,815
Yahoo! Inc
1,369,343
1.06
Total Value of Transferable Securities at
Mid Market Prices
Adjustment from Mid Market Prices to
Bid Market Prices
Fair value Adjustment
Total Value of Transferable Securities at
Bid Market Prices (Cost: US$108,032,083)
127,891,330
98.86
(22,575)
(0.02)
(1,288,930)
(1.00)
126,579,825
97.84
Value
US$
% Net
Asset
Amount Unrealised
Sold Gain/Loss
(58,068)
(158)
% Net
Assets
(0.00)
Open Forward Foreign Exchange Contract (0.00%)
(30 September 2012: 0.00%)
Settlement Buy
Date
02/10/2013 USD
Amount
Bought
93,680
Sell
GBP
Total Loss on Forward Foreign Exchange Contracts
(158)
(0.00)
Total Foreign Currency Exchange Contracts
(158)
(0.00)
889,097
1,899,947
0.69
1.47
Cash
Net Current Assets
Net Assets Attributable to Holders
of Redeemable Participating Units
at Mid Market Prices
129,368,711 100.00%
Analysis of Total Assets
Transferable Securities and Money Market Instruments
admitted to an official stock exchange listing or traded
on a regulated market
Financial Derivative instruments dealt in or on a
regulated market
% of Total Assets
98.86
–
Other Assets
1.14
Total Assets
100.00
The counterparty for the foreign currency contract is The Bank of New
York Mellon.
All securities are transferable securities admitted to an official stock
exchange listing.
41
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
HIGH YIELD FUND
Nominal
Security
Coupon Rate
Maturity
Date
Value
US$
% Net
Asset
95,000
220,000
200,000
TRANSFERABLE SECURITIES 93.39% (30 September 2012: 96.85%)
AUSTRALIA 0.87% (30 September 2012: 0.68%)
Corporate Bond
Bluescope Steel Ltd / Bluescope Steel Finance
7.125%
FMG Resources August 2006 Pty Ltd
8.250%
St Barbara Ltd
8.875%
05/01/2018
11/01/2019
15/04/2018
97,375
239,800
175,500
0.16
0.41
0.30
120,000
200,000
AUSTRIA 0.51% (30 September 2012: 1.01%)
Corporate Bond
Sappi Papier Holding GmbH
Sappi Papier Holding GmbH
7.500%
8.375%
15/06/2032
15/06/2019
93,300
210,250
0.16
0.35
15,000
310,000
200,000
200,000
BERMUDA 1.28% (30 September 2012: 2.64%)
Corporate Bond
Aircastle Ltd
Aircastle Ltd
Digicel Group Ltd
Digicel Ltd
7.625%
9.750%
8.250%
6.000%
15/04/2020
08/01/2018
30/09/2020
15/04/2021
16,763
344,875
209,000
190,100
0.03
0.58
0.35
0.32
80,000
270,000
120,000
125,000
150,000
20,000
CANADA 1.71% (30 September 2012: 1.58%)
Corporate Bond
Brookfield Residential Properties Inc /
Brookfield Residential US Corp
Kodiak Oil & Gas Corp
Kodiak Oil & Gas Corp
Kodiak Oil & Gas Corp
Mattamy Group Corp
NOVA Chemicals Corp
Taseko Mines Ltd
6.125%
5.500%
5.500%
8.125%
6.500%
5.250%
7.750%
07/01/2022
02/01/2022
15/01/2021
12/01/2019
15/11/2020
08/01/2023
15/04/2019
238,875
79,000
267,300
132,000
124,062
151,594
19,800
0.41
0.13
0.45
0.22
0.21
0.26
0.03
610,000
150,000
CAYMAN ISLANDS 1.27% (30 September 2012: 2.16%)
Corporate Bond
Seagate HDD Cayman
UPCB Finance VI Ltd
4.750%
6.875%
06/01/2023
15/01/2022
594,750
160,500
1.00
0.27
750,000
FRANCE 1.71% (30 September 2012: 0.17%)
Corporate Bond
Holding Medi-Partenaires SAS
7.000%
15/05/2020
1,010,449
1.71
400,000
500,000
200,000
GERMANY 2.42% (30 September 2012: 4.87%)
Corporate Bond
Trionista Holdco GmbH
Trionista TopCo GmbH
Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH
5.000%
6.875%
5.500%
30/04/2020
30/04/2021
15/01/2023
545,230
697,105
190,500
0.92
1.18
0.32
300,000
110,000
IRELAND 0.88% (30 September 2012: 1.81%)
Corporate Bond
AG Spring Finance Ltd
XL Group Plc
7.500%
6.500%
06/01/2018
Perpetual
414,160
106,150
0.70
0.18
485,000
ITALY 1.15% (30 September 2012: 0.00%)
Corporate Bond
Cerved Group SpA
8.000%
15/01/2021
679,381
1.15
400,000
JAPAN 0.65% (30 September 2012: 0.00%)
Corporate Bond
Softbank Corp
4.500%
15/04/2020
385,100
0.65
245,000
42
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
HIGH YIELD FUND (continued)
Nominal
Security
100,000
JERSEY 0.17% (30 September 2012: 0.13%)
Corporate Bond
HBOS Capital Funding LP
250,000
330,000
250,000
200,000
655,000
249,295
100,000
350,000
250,000
200,000
370,000
385,000
515,000
385,000
1,150,000
200,000
800,000
300,000
50,000
285,000
350,000
200,000
250,000
145,000
280,354
LUXEMBOURG 16.67% (30 September 2012: 5.97%)
Corporate Bond
Aguila 3 SA
Altice Financing SA
Altice Finco SA
Altice Finco SA
ArcelorMittal
ARD Finance SA
CHC Helicopter SA
ConvaTec Finance International SA
Gestamp Funding Luxembourg SA
INEOS Group Holdings SA
Intelsat Jackson Holdings SA
Intelsat Jackson Holdings SA
Intelsat Luxembourg SA
Intelsat Luxembourg SA
Matterhorn Financing & CY SCA
Matterhorn Midco & Cy SCA
Mobile Challenger Intermediate Group SA
Nielsen Co Luxembourg SARL
NII International Telecom SCA
NII International Telecom SCA
Pacific Drilling SA
Wind Acquisition Finance SA
Wind Acquisition Finance SA
Wind Acquisition Finance SA
Wind Acquisition Holdings Finance SA
345,000
MARSHALL ISLANDS 0.61% (30 September 2012: 0.69%)
Corporate Bond
Navios Maritime Acquisition Corp /
Navios Acquisition Finance US Inc
Coupon Rate
Maturity
Date
Value
US$
% Net
Asset
6.071%
Perpetual
98,500
0.17
7.875%
8.000%
9.000%
9.875%
7.500%
11.125%
9.375%
8.250%
5.875%
6.125%
5.500%
7.250%
7.750%
8.125%
9.000%
7.750%
8.750%
5.500%
7.875%
11.375%
5.375%
6.500%
7.375%
11.750%
12.250%
31/01/2018
15/12/2019
15/06/2023
15/12/2020
15/10/2039
06/01/2018
06/01/2021
15/01/2019
31/05/2020
15/08/2018
08/01/2023
15/10/2020
06/01/2021
06/01/2023
15/04/2019
15/02/2020
15/03/2019
10/01/2021
15/08/2019
15/08/2019
06/01/2020
30/04/2020
15/02/2018
15/07/2017
15/07/2017
262,812
474,735
348,509
216,500
631,256
265,499
100,250
350,875
342,602
196,000
348,725
413,875
538,819
408,581
1,568,205
275,431
1,090,698
301,500
45,500
297,112
343,875
206,500
353,572
209,026
278,953
0.44
0.80
0.59
0.37
1.07
0.44
0.17
0.59
0.58
0.33
0.59
0.70
0.91
0.69
2.65
0.46
1.84
0.51
0.08
0.50
0.58
0.35
0.60
0.35
0.48
8.625%
11/01/2017
359,663
0.61
11.000%
6.875%
15/01/2021
15/08/2018
349,352
316,875
0.59
0.53
9.500%
03/01/2018
451,289
0.76
14.250%
12.400%
10.750%
7.375%
15/08/2020
12/01/2019
29/09/2019
15/12/2020
477,047
299,929
294,334
690,266
0.81
0.51
0.50
1.16
MEXICO 0.00% (30 September 2012: 0.97%)
250,000
300,000
NETHERLANDS 1.12% (30 September 2012: 6.07%)
Corporate Bond
Polish Television Holding BV
Schaeffler Holding Finance BV
PERU 0.00% (30 September 2012: 0.45%)
350,000
SOUTH AFRICA 0.76% (30 September 2012: 0.00%)
Corporate Bond
Edcon Pty Ltd
SPAIN 0.00% (30 September 2012: 0.41%)
443,765
213,088
200,000
500,000
SWEDEN 2.98% (30 September 2012: 3.04%)
Corporate Bond
Eileme 1 AB
NorCell 1B AB
Norcell Sweden Holding 2 AB
TVN Finance Corp III AB
43
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
HIGH YIELD FUND (continued)
Nominal
Security
Coupon Rate
Maturity
Date
Value
US$
% Net
Asset
500,000
SWITZERLAND 0.94% (30 September 2012: 0.83%)
Corporate Bond
UBS AG/Stamford CT
7.625%
17/08/2022
553,635
0.94
600,000
150,000
250,000
300,000
500,000
300,000
UNITED KINGDOM 5.34% (30 September 2012: 3.40%)
Corporate Bond
Arqiva Broadcast Finance Plc
Jaguar Land Rover Automotive Plc
Jaguar Land Rover Automotive Plc
LBG Capital No.1 Plc
R&R Pik Plc
Vougeot Bidco Plc
9.500%
5.625%
8.250%
8.000%
9.250%
7.875%
31/03/2020
02/01/2023
15/03/2020
Perpetual
15/05/2018
15/07/2020
1,041,690
147,375
450,993
314,820
700,393
506,616
1.76
0.25
0.76
0.53
1.18
0.86
80,000
135,000
60,000
345,000
115,000
160,000
200,000
340,000
80,000
25,000
40,000
120,000
85,000
105,000
55,000
140,000
205,000
155,000
100,000
165,000
220,000
270,000
215,000
180,000
84,000
400,000
315,000
120,000
90,000
120,000
135,000
260,000
160,000
135,000
155,000
690,000
460,000
150,000
100,000
275,000
220,000
146,000
40,000
85,000
UNITED STATES 52.35% (30 September 2012: 59.97%)
Corporate Bond
Access Midstream Partners LP / ACMP Finance Corp
Activision Blizzard Inc
Activision Blizzard Inc
AK Steel Corp
Ally Financial Inc
Ally Financial Inc
American Airlines 2013-2 Class A Pass Through Trust
Antero Resources Finance Corp
Ashton Woods USA LLC / Ashton Woods Finance Co
Axiall Corp
BakerCorp International Inc
Basic Energy Services Inc
Beazer Homes USA Inc
Boise Cascade Co
Building Materials Holding Corp
Cablevision Systems Corp
Caesars Entertainment Operating Co Inc
Carrizo Oil & Gas Inc
Carrizo Oil & Gas Inc
CCM Merger Inc
Centene Corp
Chaparral Energy Inc
Chesapeake Energy Corp
Chesapeake Energy Corp
Choctaw Resort Development Enterprise
Chrysler Group LLC / CG Co-Issuer Inc
Cinemark USA Inc
CIT Group Inc
Claire's Stores Inc
Claire's Stores Inc
Claire's Stores Inc
Clearwire Communications LLC / Clearwire Finance Inc
Commercial Metals Co
Constellation Brands Inc
Constellation Brands Inc
Continental Resources Inc/OK
Continental Resources Inc/OK
Continental Rubber of America Corp
Cornerstone Chemical Co
Credit Acceptance Corp
Crescent Resources LLC / Crescent Ventures Inc
Crown Cork & Seal Co Inc
CSC Holdings LLC
Cumulus Media Holdings Inc
5.875%
5.625%
6.125%
8.375%
5.500%
8.000%
4.950%
6.000%
6.875%
4.875%
8.250%
7.750%
7.250%
6.375%
9.000%
8.000%
11.250%
7.500%
8.625%
9.125%
5.750%
7.625%
5.750%
6.125%
7.250%
8.250%
4.875%
5.000%
6.125%
8.875%
9.000%
12.000%
4.875%
3.750%
4.250%
4.500%
5.000%
4.500%
9.375%
9.125%
10.250%
7.375%
6.750%
7.750%
15/04/2021
15/09/2021
15/09/2023
04/01/2022
15/02/2017
15/03/2020
15/01/2023
12/01/2020
15/02/2021
15/05/2023
06/01/2019
15/02/2019
02/01/2023
11/01/2020
15/09/2018
15/04/2020
06/01/2017
15/09/2020
15/10/2018
05/01/2019
06/01/2017
15/11/2022
15/03/2023
15/02/2021
15/11/2019
15/06/2021
06/01/2023
15/08/2022
15/03/2020
15/03/2019
15/03/2019
12/01/2015
15/05/2023
05/01/2021
05/01/2023
15/04/2023
15/09/2022
15/09/2019
15/03/2018
02/01/2017
15/08/2017
15/12/2026
15/11/2021
05/01/2019
83,200
135,844
60,600
292,387
121,633
186,800
201,000
346,800
78,600
23,906
40,000
121,800
81,600
109,331
56,512
156,800
209,612
165,075
109,500
173,250
233,475
277,425
217,150
188,550
83,160
451,000
293,737
118,116
89,775
129,450
150,862
273,000
144,800
125,887
142,600
683,100
466,325
157,440
106,000
293,562
237,600
161,330
43,000
88,612
0.14
0.23
0.10
0.49
0.21
0.32
0.34
0.59
0.13
0.04
0.07
0.21
0.14
0.18
0.10
0.27
0.35
0.28
0.19
0.29
0.39
0.47
0.37
0.32
0.14
0.76
0.50
0.20
0.15
0.22
0.26
0.46
0.24
0.21
0.24
1.15
0.79
0.27
0.18
0.50
0.40
0.27
0.07
0.15
44
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
HIGH YIELD FUND (continued)
Nominal
Security
60,000
115,000
300,000
95,000
50,000
350,000
390,000
240,000
150,000
125,000
205,000
135,000
139,552
95,000
50,000
165,000
205,000
90,000
140,000
65,000
40,000
175,000
50,000
25,000
140,000
100,000
30,000
20,000
295,000
265,000
135,000
120,000
170,000
75,000
71,101
520,000
215,000
245,000
105,000
210,000
413,145
205,000
500,000
250,000
405,000
65,000
275,000
30,000
75,000
92,000
149,000
340,000
325,000
75,000
140,000
311,774
310,000
Coupon Rate
UNITED STATES 52.35% (30 September 2012: 59.97%)(continued)
Corporate Bond (continued)
Dana Holding Corp
5.375%
Dana Holding Corp
6.000%
Denali Borrower LLC / Denali Finance Corp
5.625%
DISH DBS Corp
4.250%
DISH DBS Corp
5.000%
DISH DBS Corp
5.875%
DISH DBS Corp
6.750%
DISH DBS Corp
7.875%
DreamWorks Animation SKG Inc
6.875%
DuPont Fabros Technology LP
5.875%
Dynegy Inc
5.875%
Eagle Spinco Inc
4.625%
Elwood Energy LLC
8.159%
EP Energy LLC / EP Energy Finance Inc
9.375%
Equinix Inc
4.875%
Equinix Inc
5.375%
Exopack Holding Corp
10.000%
Fidelity & Guaranty Life Holdings Inc
6.375%
Forum Energy Technologies Inc
6.250%
Fresenius Medical Care US Finance II Inc
5.875%
Fresenius Medical Care US Finance Inc
6.500%
Goodman Networks Inc
12.125%
Goodman Networks Inc
13.125%
Gymboree Corp/The
9.125%
Halcon Resources Corp
8.875%
Halcon Resources Corp
9.250%
Halcon Resources Corp
9.750%
HCA Holdings Inc
6.250%
HCA Inc
4.750%
HCA Inc
8.500%
HD Supply Inc
7.500%
Hornbeck Offshore Services Inc
5.000%
Icahn Enterprises LP / Icahn Enterprises Finance Corp
8.000%
Igloo Holdings Corp
8.250%
Indiantown Cogeneration LP
9.770%
ING US Inc
5.650%
Ingles Markets Inc
5.750%
International Lease Finance Corp
6.250%
iStar Financial Inc
4.875%
iStar Financial Inc
7.125%
Jazz Technologies Inc
8.000%
Key Energy Services Inc
6.750%
Landry's Inc
9.375%
Lennar Corp
4.125%
Lennar Corp
4.750%
Level 3 Communications Inc
11.875%
Level 3 Financing Inc
8.125%
Level 3 Financing Inc
10.000%
Liberty Mutual Group Inc
7.000%
MarkWest Energy Partners LP / MarkWest Energy Finance Corp 6.250%
MarkWest Energy Partners LP / MarkWest Energy Finance Corp 6.500%
MDC Holdings Inc
6.000%
MetroPCS Wireless Inc
6.250%
MGM Resorts International
6.625%
MGM Resorts International
10.000%
Mirant Mid Atlantic Pass Through Trust C
10.060%
Morgan Stanley
4.875%
45
Maturity
Date
15/09/2021
15/09/2023
15/10/2020
04/01/2018
15/03/2023
15/07/2022
06/01/2021
09/01/2019
15/08/2020
15/09/2021
06/01/2023
15/02/2021
07/05/2026
05/01/2020
04/01/2020
04/01/2023
06/01/2018
04/01/2021
10/01/2021
31/01/2022
15/09/2018
07/01/2018
07/01/2018
12/01/2018
15/05/2021
15/02/2022
15/07/2020
15/02/2021
05/01/2023
15/04/2019
15/07/2020
03/01/2021
15/01/2018
15/12/2017
15/12/2020
15/05/2053
15/06/2023
15/05/2019
07/01/2018
15/02/2018
30/06/2015
03/01/2021
05/01/2020
12/01/2018
15/11/2022
02/01/2019
07/01/2019
02/01/2018
15/03/2037
15/06/2022
15/08/2021
15/01/2043
04/01/2021
15/12/2021
11/01/2016
30/12/2028
11/01/2022
Value
US$
% Net
Asset
59,475
115,000
296,625
95,950
46,875
347,375
413,400
275,400
156,375
125,625
188,087
130,781
146,181
107,587
48,750
156,750
217,300
92,250
140,000
67,112
44,300
185,500
53,000
24,562
145,075
104,250
32,100
20,400
280,987
286,200
140,484
115,800
178,500
77,438
78,342
479,328
209,088
259,115
102,900
226,275
386,291
204,487
532,500
241,250
377,156
75,400
297,688
32,288
76,500
97,520
160,175
296,114
328,250
78,234
168,350
338,275
312,728
0.10
0.19
0.50
0.16
0.08
0.59
0.70
0.47
0.26
0.21
0.32
0.22
0.25
0.18
0.08
0.27
0.37
0.16
0.24
0.11
0.07
0.31
0.09
0.04
0.25
0.18
0.05
0.03
0.47
0.48
0.24
0.20
0.30
0.13
0.13
0.81
0.35
0.44
0.17
0.38
0.65
0.35
0.90
0.41
0.64
0.13
0.50
0.05
0.13
0.16
0.27
0.50
0.55
0.13
0.28
0.57
0.53
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
HIGH YIELD FUND (continued)
Nominal
Security
250,000
155,000
255,000
454,000
285,000
170,000
180,000
210,000
85,000
215,000
60,000
325,000
85,000
90,000
85,000
275,000
115,000
205,000
500,000
185,000
95,000
67,000
150,000
205,000
225,000
509,000
250,000
100,000
145,000
345,000
265,000
85,000
61,000
210,000
240,000
115,000
330,000
100,000
125,000
630,000
740,000
90,000
115,000
360,000
115,000
235,000
37,770
340,000
155,000
125,000
180,000
485,000
59,000
165,000
Coupon Rate
UNITED STATES 52.35% (30 September 2012: 59.97%)(continued)
Corporate Bond (continued)
MPH Intermediate Holding Co 2
8.375%
MultiPlan Inc
9.875%
Navistar International Corp
8.250%
NCR Corp
4.625%
New Academy Finance Co LLC / New Academy Finance Corp 8.000%
NII Capital Corp
7.625%
NRG Energy Inc
8.250%
Oasis Petroleum Inc
6.500%
Oasis Petroleum Inc
6.875%
Oasis Petroleum Inc
6.875%
Par Pharmaceutical Cos Inc
7.375%
PDC Energy Inc
7.750%
Peninsula Gaming LLC / Peninsula Gaming Corp
8.375%
Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp
4.875%
Pinnacle Operating Corp
9.000%
Plains Exploration & Production Co
6.500%
Plains Exploration & Production Co
6.875%
Radnet Management Inc
10.375%
RBS Capital Trust I
2.113%
RCN Telecom Services LLC / RCN Capital Corp
8.500%
Regal Entertainment Group
5.750%
Regal Entertainment Group
9.125%
Resolute Forest Products Inc
5.875%
Reynolds Group Issuer Inc / Reynolds Group Issuer LLC /
Reynolds Group Issuer Lu
5.750%
Reynolds Group Issuer Inc / Reynolds Group Issuer LLC /
Reynolds Group Issuer Lu
9.000%
Reynolds Group Issuer Inc / Reynolds Group Issuer LLC /
Reynolds Group Issuer Lu
9.875%
RKI Exploration & Production LLC / RKI Finance Corp
8.500%
Sabine Pass Liquefaction LLC
5.625%
Sprint Capital Corp
6.875%
Sprint Communications Inc
6.000%
Sprint Communications Inc
7.000%
Sprint Communications Inc
9.000%
Sprint Communications Inc
9.125%
Sprint Corp
7.875%
SquareTwo Financial Corp
11.625%
Standard Pacific Corp
6.250%
Suburban Propane Partners LP/Suburban Energy Finance Corp 7.375%
Sun Merger Sub Inc
5.250%
Sun Merger Sub Inc
5.875%
Swift Services Holdings Inc
10.000%
Taminco Global Chemical Corp
9.750%
Tesoro Logistics LP / Tesoro Logistics Finance Corp
6.125%
Titan International Inc
6.875%
Universal Hospital Services Inc
7.625%
Univision Communications Inc
7.875%
Univision Communications Inc
8.500%
US Airways 2001-1G Pass Through Trust
7.076%
Valeant Pharmaceuticals International
7.500%
Verso Paper Holdings LLC / Verso Paper Inc
11.750%
Viasystems Inc
7.875%
WCI Communities Inc
6.875%
WideOpenWest Finance LLC / WideOpenWest Capital Corp 13.375%
WMG Acquisition Corp
6.000%
WMG Acquisition Corp
11.500%
46
Maturity
Date
Value
US$
% Net
Asset
08/01/2018
09/01/2018
11/01/2021
15/02/2021
15/06/2018
04/01/2021
09/01/2020
11/01/2021
15/03/2022
15/01/2023
15/10/2020
15/10/2022
15/02/2018
05/01/2021
15/11/2020
15/11/2020
15/02/2023
04/01/2018
Perpetual
15/08/2020
02/01/2025
15/08/2018
15/05/2023
257,188
172,244
259,463
429,030
293,550
122,188
199,350
223,650
90,100
230,050
61,800
346,125
92,650
84,150
87,656
296,825
124,200
218,325
440,000
183,150
87,638
74,203
132,750
0.43
0.29
0.44
0.73
0.50
0.21
0.34
0.38
0.15
0.39
0.10
0.58
0.16
0.14
0.15
0.50
0.21
0.37
0.74
0.31
0.15
0.13
0.22
15/10/2020
208,075
0.35
15/04/2019
238,500
0.40
15/08/2019
08/01/2021
02/01/2021
15/11/2028
15/11/2022
15/08/2020
15/11/2018
03/01/2017
15/09/2023
04/01/2017
15/12/2021
15/03/2020
08/01/2018
08/01/2021
15/11/2018
31/03/2020
15/10/2021
10/01/2020
15/08/2020
11/01/2020
15/05/2021
20/03/2021
15/07/2021
15/01/2019
05/01/2019
15/08/2021
15/10/2019
15/01/2021
10/01/2018
557,355
252,813
98,750
131,950
322,575
272,288
100,300
70,608
215,775
252,600
115,647
353,925
103,000
127,656
705,600
841,750
90,900
116,725
372,150
126,500
258,500
39,658
369,750
160,813
133,438
173,700
552,900
61,508
191,400
0.94
0.43
0.17
0.22
0.55
0.46
0.17
0.12
0.36
0.43
0.20
0.60
0.17
0.22
1.19
1.42
0.15
0.20
0.63
0.21
0.44
0.07
0.62
0.27
0.23
0.29
0.93
0.10
0.32
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
HIGH YIELD FUND (continued)
Nominal
Security
Coupon Rate
UNITED STATES 52.35% (30 September 2012: 59.97%)(continued)
Corporate Bond (continued)
WMG Holdings Corp
13.750%
Zayo Group LLC / Zayo Capital Inc
8.125%
Zayo Group LLC / Zayo Capital Inc
10.125%
310,000
70,000
210,000
Maturity
Date
10/01/2019
01/01/2020
07/01/2020
Total Value of Transferable Securities at Mid Market Prices
Value
US$
% Net
Asset
368,125
76,913
242,550
0.62
0.13
0.41
55,290,042
93.39
UNLISTED 2.38% (30 September 2012: 0.56%)
770,000
CAYMAN ISLANDS 1.43% (30 September 2012: 0.00%)
Corporate Bond
Seagate HDD Cayman
6.875%
05/01/2020
845,075
1.43
500,000
17,449
UNITED STATES 0.95% (30 September 2012: 0.56%)
Corporate Bond
Energy Future Intermediate Holding Co LLC / EFIH Finance Inc 12.250%
Tower Semiconductor
0.000%
03/01/2022
31/12/2010
565,000
1,134
0.95
0.00
1,411,209
2.38
(256,728)
(0.43)
56,444,523
95.34
1,115,015
1.88
57,559,538
97.22
Unrealised
Gain/Loss
17,324
(1,162)
(443)
41,667
(2,251)
% Net
Assets
0.03
(0.00)
(0.00)
0.07
(0.00)
Total Gains on Forward Foreign Exchange Contracts
Total Loss on Forward Foreign Exchange Contracts
58,991
(3,856)
0.10
(0.00)
Total Foreign Currency Exchange Contracts
55,135
0.10
1,713,982
(122,398)
2.89
(0.21)
59,206,257
100.00%
Total Value of Unlisted at Mid Market Prices
Adjustment from Mid Market Prices to Bid Market Prices
Total Value of Transferable Securities at Bid Market Prices (Cost: US$55,286,668)
Interest Receivable on Transferable Securities
Total Value of Transferable Securities
Open Forward Foreign Exchange Contracts 0.10% (30 September 2012: 0.00%)
Settlement
Date
03/10/2013
03/10/2013
16/10/2013
05/11/2013
05/11/2013
Buy
BRL
USD
BRL
BRL
USD
Amount
Bought
1,652,092
46,193
66,340
1,585,128
34,610
Sell
USD
BRL
USD
USD
BRL
Amount
Sold
(716,277)
(106,645)
(29,802)
(656,368)
(83,705)
Cash
Net Current Liabilities
Net Assets Attributable to Holders of Redeemable Participating Units at Mid Market Prices
Analysis of Total Assets
% of Total Assets
Transferable Securities and Money Market Instruments admitted to an official stock exchange listing or tradedon a regulated market
92.99
Total Transferable Securities other than those admitted to an official stock exchange listing or traded on a regulated market
2.38
Financial Derivative instruments dealt in or on a regulated market
0.09
Other Assets
4.54
Total Assets
100.00
The counterparty for the foreign currency contract is State Street Global Markets.
47
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
GLOBAL PROPERTY SECURITIES FUND
Nominal Security
GLOBAL PROPERTY SECURITIES FUND (continued)
Value
US$
% Net
Asset
Nominal Security
TRANSFERABLE SECURITIES 99.26% (30 September 2012: 97.43%)
AUSTRALIA 6.24% (30 September 2012: 11.03%)
Reits-Diversified
30,269
Astro Japan Property Group
48,000
Goodman Group
208,282
Mirvac Group
Reits-Shopping Centers
138,075
Federation Centres Ltd
Westfield Group
63,727
BERMUDA 2.35% (30 September 2012: 0.53%)
Real Estate Operation/Development
66,947
Hongkong Land Holdings Ltd
38,500
Kerry Properties Ltd
97,401
218,476
338,021
0.38
0.85
1.32
293,625
654,416
1.14
2.55
437,833
164,091
Value
US$
JAPAN 15.20% (30 September 2012: 8.31%) (continued)
Reits-Apartments
52
Kenedix Residential Investment Corp
113,950
Reits-Diversified
40
Kenedix Realty Investment Corp
197,374
194
Nomura Real Estate Master Fund Inc
198,192
Reits-Hotels
359
Japan Hotel REIT Investment Corp
167,975
Reits-Office Property
Orix JREIT Inc
210,538
165
Reits-Warehouse/Industrial
20
Nippon Prologis REIT Inc
200,439
JERSEY 0.49% (30 September 2012: 0.57%)
Real Estate Management/Services
22,039
Atrium European Real Estate Ltd
1.71
0.64
% Net
Asset
0.45
0.77
0.77
0.66
0.82
0.78
126,463
0.49
NETHERLANDS 1.17% (30 September 2012: 0.81%)
Reits-Diversified
3,348
Wereldhave NV
241,656
Reits-Shopping Centers
1,395
Vastned Retail NV
58,906
0.94
BRAZIL 0.00% (30 September 2012: 0.84%)
CANADA 2.02% (30 September 2012: 4.45%)
Reits-Apartments
4,330
Boardwalk Real Estate Investment Trust
1,550
Northern Property
Real Estate Investment Trust
Reits-Diversified
5,975
Canadian Real Estate Investment Trust
240,722
0.94
42,371
0.16
235,925
0.92
CAYMAN ISLANDS 3.87% (30 September 2012: 1.66%)
Real Estate Operation/Development
164,000
Agile Property Holdings Ltd
180,615
523,000
Country Garden Holdings Co Ltd
334,530
250,500
KWG Property Holding Ltd
157,968
139,000
Shimao Property Holdings Ltd
319,788
FINLAND 1.31% (30 September 2012: 0.56%)
Real Estate Management/Services
47,001
Citycon OYJ
34,946
Sponda OYJ
FRANCE 2.54% (30 September 2012: 2.57%)
Reits-Diversified
2,658
Unibail-Rodamco SE
GERMANY 0.60% (30 September 2012: 0.00%)
Real Estate Operation/Development
2,712
LEG Immobilien AG
HONG KONG 5.62% (30 September 2012: 7.55%)
Diversified Operations
51,784
Wharf Holdings Ltd
Real Estate Operation/Development
51,000
Henderson Land Development Co Ltd
170,000
Sino Land Co Ltd
31,544
Sun Hung Kai Properties Ltd
157,377
179,294
653,145
154,520
0.70
1.30
0.62
1.25
0.61
0.70
2.54
1.75
315,035
250,361
429,162
1.23
0.97
1.67
213,253
0.83
275,342
1.07
131,392
0.51
132,586
0.52
SOUTH AFRICA 0.49% (30 September 2012: 0.92%)
Real Estate Management/Services
17,039
Hyprop Investments Ltd
124,605
0.49
SWEDEN 1.77% (30 September 2012: 1.92%)
Real Estate Management/Services
25,747
Fabege AB
13,292
Hufvudstaden AB
1.11
0.66
285,214
169,179
UNITED KINGDOM 6.21% (30 September 2012: 6.46%)
Building-Residential/Commercial
89,236
Taylor Wimpey Plc
142,086
Real Estate Operation/Development
42,910
Unite Group Plc
268,772
Reits-Diversified
38,846
Land Securities Group Plc
578,159
Reits-Office Property
47,286
Great Portland Estates Plc
411,108
26,941
Workspace Group Plc
192,911
0.60
448,763
JAPAN 15.20% (30 September 2012: 8.31%)
Real Estate Management/Services
39,200
Mitsubishi Estate Co Ltd
1,159,761
9,000
Nomura Real Estate Holdings Inc
222,046
Real Estate Operation/Development
28,355
Mitsui Fudosan Co Ltd
954,485
10,000
Sumitomo Realty & Development Co Ltd 475,558
SINGAPORE 2.93% (30 September 2012: 3.60%)
Hotels & Motels
26,000
City Developments Ltd
Real Estate Operation/Development
111,900
CapitaLand Ltd
Reits-Diversified
100,000
Suntec Real Estate Investment Trust
Reits-Warehouse/Industrial
111,000
AIMS AMP Capital Industrial REIT
UNITED STATES 46.45% (30 September 2012: 45.65%)
Real Estate Management/Services
1,302
Jones Lang LaSalle Inc
114,511
Reits-Apartments
10,077
Apartment Investment & Management Co 284,071
3,770
AvalonBay Communities Inc
487,461
4,500
BRE Properties Inc
231,120
4,233
Camden Property Trust
266,552
7,750
Campus Crest Communities Inc
83,855
4.52
0.86
3.72
1.85
48
0.23
0.56
1.05
2.25
1.60
0.75
0.45
1.11
1.90
0.90
1.04
0.33
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
GLOBAL PROPERTY SECURITIES FUND (continued)
GLOBAL PROPERTY SECURITIES FUND (continued)
Nominal Security
Nominal Security
Value
US$
% Net
Asset
UNITED STATES 46.45% (30 September 2012: 45.65%) (continued)
Reits-Apartments (continued)
6,260
Equity Residential
341,483
1.33
2,568
Essex Property Trust Inc
384,147
1.49
Reits-Diversified
9,572
Corrections Corp of America
337,222
1.31
14,161
Duke Realty Corp
222,752
0.87
1,576
DuPont Fabros Technology Inc
40,503
0.16
5,253
EPR Properties
259,446
1.01
Vornado Realty Trust
466,450
1.82
5,526
Reits-Health Care
1,618
HCP Inc
67,228
0.26
3,660
Health Care REIT Inc
231,239
0.90
2,135
Medical Properties Trust Inc
26,154
0.10
11,643
Senior Housing Properties Trust
274,658
1.07
2,682
Ventas Inc
168,054
0.66
Reits-Hotels
24,421
Host Hotels & Resorts Inc
435,182
1.69
8,727
Pebblebrook Hotel Trust
250,727
0.98
16,648
Strategic Hotels & Resorts Inc
145,004
0.56
11,530
Sunstone Hotel Investors Inc
148,161
0.58
Reits-Office Property
5,593
Boston Properties Inc
598,954
2.33
4,300
Kilroy Realty Corp
216,548
0.85
5,071
SL Green Realty Corp
449,240
1.75
Reits-Regional Malls
28,202
General Growth Properties Inc
546,555
2.13
Pennsylvania Real Estate Investment Trust 124,702
0.49
6,619
9,254
Simon Property Group Inc
1,389,025
5.41
2,576
Taubman Centers Inc
174,189
0.68
Reits-Shopping Centers
17,988
DDR Corp
287,808
1.12
5,990
Equity One Inc
131,720
0.51
2,738
Federal Realty Investment Trust
280,070
1.09
3,870
Saul Centers Inc
179,684
0.70
Reits-Storage
18,292
CubeSmart
323,768
1.26
7,916
Extra Space Storage Inc
364,215
1.42
2,259
Public Storage
367,291
1.43
Reits-Warehouse/Industrial
18,755
First Industrial Realty Trust Inc
310,583
1.21
20,369
Prologis Inc
780,133
3.04
Retirement/Aged Care
4,910
Brookdale Senior Living Inc
130,753
0.51
Total Value of Transferable Securities at
Mid Market Prices
Adjustment from Mid Market Prices to
Bid Market Prices
Total Value of Transferable Securities at
Bid Market Prices (Cost: US$23,568,683)
25,476,607
99.26
(23,074)
(0.09)
25,453,533
99.17
Value
US$
% Net
Asset
Open Forward Foreign Exchange Contracts 0.56%
(30 September 2012: (0.05%))
Settlement
Date
01/10/2013
01/10/2013
01/10/2013
01/10/2013
02/10/2013
03/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
Buy
Amount
Bought
AUD
87,601
USD
8,892
USD
33,108
USD
27,743
USD
3,584
USD
3,339
AUD
54,626
AUD
41,718
CAD
11,169
EUR
90,888
EUR 2,453,559
GBP
31,506
GBP
17,192
GBP
834,725
HKD 423,490
HKD 411,703
HKD 436,116
JPY
9,559,920
JPY 37,788,564
JPY 1,011,156,415
SGD
18,274
SGD
38,909
USD 3,552,826
USD 1,389,361
USD 1,285,829
USD 1,332,704
USD
394,907
USD
676,927
USD
163,099
USD
230,774
USD
458,453
USD
29,220
USD
29,563
USD
31,050
USD
17,048
USD
48,495
USD
3,449
USD
54,240
USD
29,487
USD
74,375
USD
10,608
USD
18,877
USD
9,906
USD
29,160
USD
75,181
USD 2,392,242
USD
61,041
USD
46,376
USD
35,855
USD
114,051
Sell
Amount Unrealised
Sold Gain/Loss
USD
(82,015)
(309)
EUR
(6,600)
(18)
SGD
(41,563)
11
AUD
(29,633)
105
ZAR
(36,293)
(9)
HKD
25,892
(0)
USD
(51,016)
(118)
USD
(38,484)
387
USD
(10,837)
(3)
USD
(122,953)
(235)
USD (3,260,461)
52,347
USD
(50,503)
405
USD
(27,140)
639
USD (1,317,705)
31,051
USD
(54,618)
(4)
USD
(53,098)
(3)
USD
(56,243)
(1)
USD
(96,877)
797
USD
(380,373)
5,712
USD (10,163,193) 167,792
USD
(14,573)
(21)
USD
(30,991)
(7)
JPY (352,072,082) (44,295)
GBP
(878,149) (29,560)
EUR
(966,091) (18,592)
AUD (1,439,468)
(8,527)
SEK (2,578,960)
(6,476)
SGD
(857,552)
(5,960)
JPY (16,227,187)
(2,694)
JPY (22,750,623)
(1,669)
CAD
(473,298)
(676)
EUR
(22,035)
(532)
GBP
(18,556)
(420)
GBP
(19,320)
(167)
SGD
(21,488)
(63)
AUD
(52,110)
(59)
EUR
(2,595)
(55)
EUR
(40,199)
(37)
EUR
(21,853)
(19)
HKD
(576,610)
13
CAD
(10,918)
17
SGD
(23,616)
71
SEK
(63,158)
76
AUD
(31,192)
97
EUR
(55,600)
110
HKD (18,548,712)
150
EUR
(45,071)
186
AUD
(49,569)
189
AUD
(38,016)
433
ZAR (1,136,916)
1,717
Total Gains on Forward Foreign Exchange Contracts
Total Loss on Forward Foreign Exchange Contracts
Total Foreign Currency Exchange Contracts
49
% Net
Assets
(0.00)
(0.00)
0.00
0.00
(0.00)
(0.00)
(0.00)
0.00
(0.00)
(0.00)
0.20
0.00
0.00
0.12
(0.00)
(0.00)
(0.00)
0.00
0.02
0.65
(0.00)
(0.00)
(0.17)
(0.11)
(0.07)
(0.03)
(0.02)
(0.02)
(0.01)
(0.01)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
262,305
(120,529)
1.02
(0.47)
141,776
0.55
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
GLOBAL PROPERTY SECURITIES FUND (continued)
GLOBAL EQUITY (EX JAPAN) FUND
Nominal Security
Value
US$
% Net
Asset
Nominal Security
Cash
Net Current Liabilities
81,833
(11,153)
0.32
(0.04)
TRANSFERABLE SECURITIES 98.66% (30 September 2012: 99.64%)
Net Assets Attributable to Holders
of Redeemable Participating Units
at Mid Market Prices
AUSTRALIA 1.78% (30 September 2012: 2.33%)
Containers-Paper/Plastic
39,616
Amcor Ltd/Australia
Metal-Iron
62,373
Fortescue Metals Group Ltd
Oil Company-Exploration & Production
158,736
Beach Energy Ltd
Travel Services
7,113
Flight Centre Ltd
25,665,989 100.00%
Analysis of Total Assets
Transferable Securities and Money Market Instruments
admitted to an official stock exchange listing or traded
on a regulated market
% of Total Assets
Financial Derivative instruments dealt in or on a
regulated market
0.55
Other Assets
1.19
Total Assets
100.00
% Net
Asset
386,496
0.58
276,334
0.42
197,651
0.30
320,437
0.48
317,392
0.48
575,836
539,909
0.87
0.81
289,644
0.44
475,342
0.71
442,442
0.66
194,487
0.29
411,370
0.62
278,487
0.42
CAYMAN ISLANDS 1.16% (30 September 2012: 0.46%)
Auto/Truck Parts & Equipment-Repair
374,000
Xinyi Glass Holdings Ltd
344,367
Casino Hotels
128,800
MGM China Holdings Ltd
427,706
0.52
DENMARK 1.22% (30 September 2012: 1.99%)
Medical-Drugs
2,370
Novo Nordisk A/S
Telephone-Integrated
48,619
TDC A/S
399,875
0.60
411,919
0.62
348,284
0.52
329,740
0.50
336,178
0.51
488,479
0.73
420,117
0.63
AUSTRIA 0.48% (30 September 2012: 0.75%)
Oil Company-Integrated
6,452
OMV AG
98.26
Value
US$
BELGIUM 0.00% (30 September 2012: 0.71%)
BERMUDA 0.00% (30 September 2012: 0.67%)
CANADA 4.82% (30 September 2012: 6.38%)
Commercial Banks Non-US
8,918
Royal Bank of Canada
6,000
Toronto-Dominion Bank/The
Food-Retail
4,000
Empire Co Ltd
Oil Company-Exploration & Production
15,100
Canadian Natural Resources Ltd
Oil Company-Integrated
15,300
Husky Energy Inc
Pipelines
4,400
TransCanada Corp
Real Estate Operation/Development
11,200
Brookfield Asset Management Inc
Transport-Rail
2,741
Canadian National Railway Co
The counterparty for the foreign currency contracts is State Street Global
Markets.
All securities are transferable securities admitted to an official stock
exchange listing.
FINLAND 0.52% (30 September 2012: 0.00%)
Multi-Line Insurance
8,117
Sampo
FRANCE 3.44% (30 September 2012: 4.30%)
Advertising Services
4,157
Publicis Groupe SA
Auto/Truck Parts & Equipment-Original
3,946
Valeo SA
Building-Heavy Construction
8,466
Vinci SA
Electronics-Military
6,875
Safran SA
50
0.64
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
GLOBAL EQUITY (EX JAPAN) FUND (continued)
Nominal Security
Value
US$
FRANCE 3.44% (30 September 2012: 4.30%) (continued)
Entertainment Software
22,987
UBISOFT Entertainment
355,983
Multi-Line Insurance
15,341
AXA SA
356,570
GERMANY 6.60% (30 September 2012: 4.82%)
Auto-Cars/Light Trucks
7,004
Daimler AG
Building Production-Cement/Aggregate
4,198
HeidelbergCement AG
Diversified Manufacturing Operations
5,195
Siemens AG
Electronic Component-Semiconductor
31,035
Infineon Technologies AG
Machinery-General Industry
3,198
Duerr AG
Medical-Drugs
3,119
Bayer AG
Multi-Line Insurance
4,319
Allianz SE
Reinsurance
3,819
Hannover Rueck SE
Telephone-Integrated
12,389
Freenet AG
Television
7,491
ProSiebenSat.1 Media AG
Transport-Services
12,346
Deutsche Post AG
ITALY 0.52% (30 September 2012: 1.15%)
Investment Management/Advisory Service
15,338
Azimut Holding SpA
323,300
0.49
624,812
0.94
312,254
0.47
232,600
0.35
367,842
0.55
677,307
1.02
279,932
0.42
294,229
0.44
319,552
0.48
408,391
0.62
JERSEY 0.72% (30 September 2012: 0.90%)
Medical-Drugs
11,910
Shire Plc
0.79
448,519
0.67
439,126
0.66
476,930
NETHERLANDS 1.55% (30 September 2012: 1.28%)
Aerospace/Defense
7,380
European Aeronautic Defence and Space Co NV
467,667
Chemicals-Diversified
7,713
LyondellBasell Industries NV
566,057
NORWAY 0.93% (30 September 2012: 1.50%)
Commercial Banks Non-US
25,418
DNB ASA
Oil Company-Integrated
9,848
Statoil ASA
0.70
0.85
224,551
0.34
0.69
367,637
0.56
201,315
0.30
422,176
311,768
401,961
0.64
0.47
0.60
334,049
0.50
394,832
0.59
SWITZERLAND 2.28% (30 September 2012: 2.81%)
Electronic Security Devices
12,534
Tyco International Ltd
438,063
Medical-Drugs
4,015
Roche Holding AG
1,075,348
0.66
UNITED KINGDOM 9.59% (30 September 2012: 9.57%)
Aerospace/Defense
73,065
BAE Systems Plc
542,132
Airlines
International Consolidated Airlines Group SA 333,906
61,535
Beverages-Non-Alcoholic
35,725
Britvic Plc
328,782
Building-Residential/Commercial
75,984
Barratt Developments Plc
379,176
19,878
Persimmon Plc
346,625
Chemicals-Diversified
8,407
Johnson Matthey Plc
380,400
Commercial Banks Non-US
428,706
Lloyds Banking Group Plc
510,073
Finance-Other Services
47,153
Intermediate Capital Group Plc
335,658
Food-Miscellaneous/Diversified
6,919
Unilever Plc
273,246
Life/Health Insurance
26,686
Prudential Plc
495,501
Oil Company-Integrated
9,765
Royal Dutch Shell Plc
338,881
Paper & Related Products
24,458
Mondi Plc
411,446
Telephone-Integrated
120,308
BT Group Plc
667,848
Television
154,396
ITV Plc
432,390
Tobacco
11,382
British American Tobacco Plc
602,381
0.72
0.59
458,757
SWEDEN 2.80% (30 September 2012: 0.55%)
Commercial Banks Non-US
39,994
Skandinaviska Enskilda Banken AB
7,279
Svenska Handelsbanken AB
17,551
Swedbank AB
Security Services
29,251
Securitas AB
Telephone-Integrated
51,924
TeliaSonera AB
0.52
392,225
% Net
Asset
SPAIN 0.86% (30 September 2012: 0.36%)
Gas-Distribution
17,826
Gas Natural SDG SA
Oil Company-Integrated
8,119
Repsol SA
0.63
522,112
Value
US$
SINGAPORE 0.69% (30 September 2012: 0.46%)
Commercial Banks Non-US
35,000
DBS Group Holdings Ltd
0.54
0.82
346,663
Nominal Security
0.53
545,828
HONG KONG 0.63% (30 September 2012: 1.13%)
Diversified Operations
35,000
Hutchison Whampoa Ltd
419,311
IRELAND 2.12% (30 September 2012: 1.29%)
Computer Services
7,047
Accenture Plc
Diversified Manufacturing Operations
6,856
Ingersoll-Rand Plc
Paper & Related Products
19,400
Smurfit Kappa Group Plc
GLOBAL EQUITY (EX JAPAN) FUND (continued)
% Net
Asset
UNITED STATES 55.95% (30 September 2012: 56.23%)
Aerospace/Defense
3,039
Boeing Co/The
360,851
3,604
Northrop Grumman Corp
346,885
51
1.62
0.82
0.50
0.49
0.57
0.52
0.57
0.77
0.50
0.41
0.75
0.51
0.62
1.00
0.65
0.91
0.54
0.52
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
GLOBAL EQUITY (EX JAPAN) FUND (continued)
Nominal Security
Value
US$
GLOBAL EQUITY (EX JAPAN) FUND (continued)
% Net
Asset
Nominal Security
UNITED STATES 55.95% (30 September 2012: 56.23%) (continued)
Agricultural Chemicals
4,846
Monsanto Co
511,786
0.77
Apparel Manufacturers
7,374
Hanesbrands Inc
461,686
0.69
Appliances
3,063
Whirlpool Corp
451,517
0.68
Applications Software
29,482
Microsoft Corp
981,456
1.48
Auto/Truck Parts & Equipment-Original
9,501
Johnson Controls Inc
404,077
0.61
4,587
Lear Corp
329,622
0.49
Auto-Cars/Light Trucks
12,127
Ford Motor Co
206,765
0.31
Building Production-Air & Heating
5,062
Lennox International Inc
378,587
0.57
Building Production-Wood
13,427
Masco Corp
283,578
0.43
Cable TV
15,540
Comcast Corp
695,260
1.04
Casino Hotels
16,234
MGM Resorts International
328,251
0.49
Commer Banks-Southern US
44,241
Regions Financial Corp
411,441
0.62
Computer Aided Design
8,739
Aspen Technology Inc
303,418
0.46
Computer Services
3,594
DST Systems Inc
273,467
0.41
2,250
International Business Machines Corp
420,570
0.63
Computers
1,599
Apple Inc
771,917
1.16
Computers-Memory Devices
18,379
EMC Corp/MA
479,141
0.72
7,914
NetApp Inc
336,978
0.51
Diversified Banking Institutions
3,696
Goldman Sachs Group Inc/The
590,806
0.89
17,283
JPMorgan Chase & Co
902,864
1.36
Diversified Manufacturing Operations
6,773
Danaher Corp
473,229
0.71
22,041
General Electric Co
530,086
0.80
5,379
Honeywell International Inc
449,577
0.67
Electric Products-Miscellaneous
8,573
Emerson Electric Co
556,388
0.84
Electric-Integrated
9,772
Avista Corp
257,394
0.39
5,033
Edison International
230,562
0.35
7,928
UNS Energy Corp
367,384
0.55
Electronic Design Automation
8,153
Synopsys Inc
306,634
0.46
Enterprise Software/Services
10,688
CA Inc
321,281
0.48
Entertainment Software
11,703
Electronic Arts Inc
303,693
0.46
Finance-Credit Card
7,400
Discover Financial Services
379,546
0.57
Food-Miscellaneous/Diversified
5,572
Ingredion Inc
373,659
0.56
8,814
Kraft Foods Group Inc
466,084
0.70
Food-Retail
11,031
Kroger Co
448,851
0.67
Funeral Services & Related Items
20,631
Service Corp International/US
384,356
0.58
Value
US$
% Net
Asset
UNITED STATES 55.95% (30 September 2012: 56.23%) (continued)
Internet Security
15,767
Symantec Corp
389,918
0.59
Medical Products
2,138
Johnson & Johnson
185,429
0.28
Medical-Biomedical/Genetics
2,302
Biogen Idec Inc
563,576
0.85
4,111
Celgene Corp
635,602
0.96
9,873
Gilead Sciences Inc
627,330
0.94
Medical-Drugs
13,057
AbbVie Inc
578,817
0.87
9,581
Eli Lilly & Co
483,840
0.73
548
Zoetis Inc
17,070
0.02
Medical-Generic Drugs
8,667
Mylan Inc/PA
332,293
0.50
Medical-Health Maintenance Organization
6,154
Aetna Inc
396,810
0.60
3,703
Cigna Corp
287,538
0.43
Medical-Hospitals
12,126
HCA Holdings Inc
510,141
0.77
Medical-Wholesale Drug Distribution
7,359
Cardinal Health Inc
384,728
0.58
4,209
McKesson Corp
544,182
0.82
Multi-Line Insurance
11,188
Allstate Corp
571,371
0.86
Networking Products
29,049
Cisco Systems Inc
678,294
1.02
Office Supplies & Forms
7,645
Avery Dennison Corp
333,093
0.50
Oil Company-Exploration & Production
5,389
Anadarko Petroleum Corp
509,422
0.77
4,999
Cimarex Energy Co
481,404
0.72
20,358
Denbury Resources Inc
377,641
0.57
Oil Company-Integrated
2,161
Chevron Corp
265,025
0.40
8,784
ConocoPhillips
617,603
0.93
5,263
Exxon Mobil Corp
457,355
0.68
6,031
Hess Corp
472,408
0.71
Paper & Related Products
7,916
International Paper Co
359,703
0.54
Pharmacy Services
8,667
Express Scripts Holding Co
536,747
0.81
7,936
Omnicare Inc
438,464
0.66
Property/Casualty Insurance
5,580
Travelers Cos Inc
476,588
0.72
Reits-Apartments
5,062
Camden Property Trust
318,754
0.48
Reits-Storage
7,336
Extra Space Storage Inc
337,529
0.51
Research & Development
5,872
PAREXEL International Corp
293,248
0.44
Retail-Apparel/Shoe
8,724
Gap Inc/The
354,805
0.53
Retail-Building Products
6,258
Home Depot Inc/The
475,358
0.72
11,044
Lowe's Cos Inc
527,572
0.79
Retail-Discount
4,553
Costco Wholesale Corp
526,873
0.79
11,082
Wal-Mart Stores Inc
824,058
1.24
Retail-Drug Store
10,198
CVS Caremark Corp
589,444
0.89
69,665
Rite Aid Corp
327,426
0.49
52
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
GLOBAL EQUITY (EX JAPAN) FUND (continued)
Nominal Security
Value
US$
GLOBAL EQUITY (EX JAPAN) FUND (continued)
% Net
Asset
Nominal Security
UNITED STATES 55.95% (30 September 2012: 56.23%) (continued)
Super-Regional Banks-US
24,157
Fifth Third Bancorp
436,759
0.66
19,855
Wells Fargo & Co
825,769
1.24
Telephone-Integrated
7,186
Verizon Communications Inc
337,742
0.51
Tobacco
20,875
Altria Group Inc
724,571
1.09
Toys
Hasbro Inc
407,184
0.61
8,594
Web Portals/ISP
787
Google Inc
689,719
1.04
18,233
Yahoo! Inc
611,717
0.92
Total Value of Transferable Securities at
Mid Market Prices
65,599,171
Value
US$
% Net
Asset
Open Spot Currency Contracts 0.00% (30 September 2012:(0.00%))
Settlement
Date
01/10/2013
01/10/2013
01/10/2013
Buy
EUR
EUR
USD
Amount
Bought
146,290
42,476
2,953
Sell
Amount Unrealised
Sold Gain/Loss
USD (197,813)
(299)
USD (57,435)
(87)
AUD
(3,175)
(8)
% Net
Assets
(0.00)
(0.00)
(0.00)
(394)
(0.00)
–
(0.00)
401,029
510,481
0.60
0.77
Total Loss on Currency Contracts
Total Open Currency Contracts
Cash
Net Current Assets
98.66
Net Assets Attributable to Holders
of Redeemable Participating Units
at Mid Market Prices
UNLISTED 0.00% (30 September 2012: 0.20%)
66,488,482 100.00%
CANADA 0.00% (30 September 2012: 0.20%)
Analysis of Total Assets
Total Value of Unlisted at Mid Market Prices
–
–
Adjustment from Mid Market Prices to Bid Market Prices (19,059)
(0.03)
Total Value of Transferable Securities at
Bid Market Prices (Cost: US$56,888,369)
65,580,112
Transferable Securities and Money Market Instruments
admitted to an official stock exchange listing or traded
on a regulated market
98.63
Open Forward Foreign Exchange Contracts (0.00%)
(30 September 2012: 0.00%)
Settlement Buy
Amount
Sell Amount Unrealised
Date
Bought
Sold Gain/Loss
01/10/2013 CAD 138,027
USD (133,851)
90
01/10/2013 USD 223,396
GBP (139,414)
(1,898)
01/10/2013 USD 209,647
EUR (155,594)
(429)
01/10/2013 USD 380,485
CAD (392,357)
(256)
01/10/2013 USD
9,390
GBP
(5,863)
(85)
02/10/2013 EUR
62,408
USD (84,388)
(128)
02/10/2013 SEK 400,887
USD (62,406)
10
02/10/2013 USD
8,228
GBP
(5,122)
(49)
02/10/2013 USD
6,688
SGD
(8,400)
(1)
% Net
Assets
0.00
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
0.00
(0.00)
(0.00)
Total Gains on Forward Foreign Exchange Contracts
Total Loss on Forward Foreign Exchange Contracts
100
(2,846)
0.00
(0.00)
Total Foreign Currency Exchange Contracts
(2,746)
(0.00)
% of Total Assets
97.32
Financial Derivative instruments dealt in or on a
regulated market
–
Other Assets
2.68
Total Assets
100.00
The counterparty for the foreign currency contracts is The Bank of New
York Mellon.
The counterparty for the spot currency contracts is The Bank of New
York Mellon.
All securities are transferable securities admitted to an official stock
exchange listing.
53
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
POST GLOBAL LIMITED TERM HIGH YIELD FUND
Nominal
Security
4,700,000
3,400,000
4,000,000
Coupon Rate
TRANSFERABLE SECURITIES 87.29% (30 September 2012: 93.32%)
AUSTRALIA 1.26% (30 September 2012: 1.07%)
Corporate Bond
Barminco Finance Pty Ltd
9.000%
Bluescope Steel Ltd / Bluescope Steel Finance
7.125%
FMG Resources August 2006 Pty Ltd
6.000%
Maturity
Date
Value
US$
% Net
Asset
06/01/2018
05/01/2018
04/01/2017
4,335,750
3,485,000
4,140,000
0.46
0.37
0.43
BERMUDA 0.00% (30 September 2012: 0.48%)
7,027,000
11,500,000
14,054,000
5,150,000
2,000,000
CANADA 4.42% (30 September 2012: 6.76%)
Corporate Bond
National Money Mart Co
Novelis Inc/GA
Quebecor Media Inc
Thompson Creek Metals Co Inc
Videotron Ltd
10.375%
8.375%
7.750%
9.750%
9.125%
15/12/2016
15/12/2017
15/03/2016
12/01/2017
15/04/2018
7,413,485
12,376,875
14,352,647
5,619,938
2,105,000
0.78
1.31
1.52
0.59
0.22
8,253,000
FRANCE 0.92% (30 September 2012: 0.73%)
Corporate Bond
CGG
9.500%
15/05/2016
8,717,231
0.92
4.250%
5.000%
8.250%
8.500%
11.750%
03/01/2016
25/02/2017
15/01/2019
11/01/2019
15/07/2017
5,671,875
9,322,750
4,060,125
7,952,308
4,126,916
0.60
0.98
0.43
0.84
0.44
IRELAND 0.00% (30 September 2012: 1.54%)
5,500,000
8,900,000
4,050,000
7,279,000
2,850,000
LUXEMBOURG 3.29% (30 September 2012: 2.96%)
Corporate Bond
ArcelorMittal
ArcelorMittal
ConvaTec Finance International SA
Intelsat Jackson Holdings SA
Wind Acquisition Finance SA
5,500,000
MARSHALL ISLANDS 0.60% (30 September 2012: 0.72%)
Corporate Bond
Drill Rigs Holdings Inc
6.500%
10/01/2017
5,720,000
0.60
2,000,000
5,500,000
NETHERLANDS 0.97% (30 September 2012: 0.74%)
Corporate Bond
Royal Bank of Scotland NV
Royal Bank of Scotland NV
0.958%
0.975%
03/09/2015
06/08/2015
1,951,700
7,225,062
0.21
0.76
7,600,000
SPAIN 1.15% (30 September 2012: 0.37%)
Corporate Bond
Abengoa SA
9.625%
25/02/2015
10,895,213
1.15
1,000,000
3,700,000
UNITED KINGDOM 0.49% (30 September 2012: 0.30%)
Corporate Bond
Inmarsat Finance Plc
Royal Bank of Scotland Plc/The
7.375%
0.988%
12/01/2017
29/09/2015
1,053,750
3,570,500
0.11
0.38
6,875,000
8,000,000
14,640,000
18,125,000
1,500,000
401,000
358,000
426,000
UNITED STATES 74.19% (30 September 2012: 77.65%)
Corporate Bond
Air Lease Corp
Air Lease Corp
Air Medical Group Holdings Inc
Ally Financial Inc
Ally Financial Inc
Ally Financial Inc
Ally Financial Inc
Ally Financial Inc
4.500%
5.625%
9.250%
3.500%
5.500%
6.350%
6.400%
6.500%
15/01/2016
04/01/2017
11/01/2018
18/07/2016
15/02/2017
15/04/2019
15/11/2019
15/12/2018
7,201,562
8,580,000
15,884,400
18,434,267
1,586,514
401,047
356,020
422,382
0.76
0.91
1.68
1.95
0.17
0.04
0.04
0.04
54
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
POST GLOBAL LIMITED TERM HIGH YIELD FUND (continued)
Nominal
Security
Coupon Rate
329,000
128,000
192,000
1,015,000
500,000
338,000
5,750,000
14,850,000
6,380,000
8,393,000
5,000,000
3,200,000
8,450,000
3,000,000
15,209,000
4,800,000
2,000,000
2,850,000
2,350,000
8,100,000
9,635,000
1,405,000
21,600,000
7,299,000
13,000,000
10,250,000
2,650,000
17,000,000
14,773,000
9,265,000
2,243,000
8,500,000
5,000,000
16,450,000
8,447,000
4,535,000
4,225,000
2,500,000
2,075,000
14,599,000
18,272,000
3,786,000
4,011,000
6,100,000
12,155,000
8,000,000
4,158,000
18,646,000
3,000,000
4,500,000
9,000,000
4,500,000
300,000
1,000,000
4,232,000
15,270,000
UNITED STATES 74.19% (30 September 2012: 77.65%) (continued)
Corporate Bond (continued)
Ally Financial Inc
6.600%
Ally Financial Inc
6.650%
Ally Financial Inc
6.700%
Ally Financial Inc
6.850%
Ally Financial Inc
6.850%
Ally Financial Inc
7.000%
Alpha Appalachia Holdings Inc
3.250%
American Airlines Inc
10.500%
American Tire Distributors Inc
9.750%
Antero Resources Finance Corp
9.375%
Ashland Inc
3.875%
Atkore International Inc
9.875%
Audatex North America Inc
6.750%
Avis Budget Car Rental LLC / Avis Budget Finance Inc
4.875%
Avis Budget Car Rental LLC / Avis Budget Finance Inc
8.250%
Berry Petroleum Co
6.375%
Berry Petroleum Co
10.250%
Cantor Commercial Real Estate Co LP / CCRE Finance Corp
7.750%
Carrizo Oil & Gas Inc
8.625%
Cash America International Inc
5.750%
Catalent Pharma Solutions Inc
7.875%
Catalina Marketing Corp
10.500%
CCO Holdings LLC / CCO Holdings Capital Corp
7.250%
CDW LLC / CDW Finance Corp
12.535%
Chesapeake Energy Corp
2.750%
CIT Group Inc
4.250%
CIT Group Inc
5.000%
CityCenter Holdings LLC / CityCenter Finance Corp
7.625%
Cloud Peak Energy Resources LLC /
Cloud Peak Energy Finance Corp
8.250%
Credit Acceptance Corp
9.125%
Dave & Buster's Inc
11.000%
Dean Foods Co
9.750%
Dell Inc
2.300%
DISH DBS Corp
4.625%
Express LLC / Express Finance Corp
8.750%
Fiesta Restaurant Group Inc
8.875%
General Motors Financial Co Inc
2.750%
General Motors Financial Co Inc
4.750%
Geon Co
7.500%
Greektown Superholdings Inc
13.000%
Grifols Inc
8.250%
Hanesbrands Inc
8.000%
Hanger Inc
7.125%
HCA Inc
6.500%
HCA Inc
8.500%
Hertz Corp/The
4.250%
Host Hotels & Resorts LP
6.750%
Icahn Enterprises LP / Icahn Enterprises Finance Corp
7.750%
Icahn Enterprises LP / Icahn Enterprises Finance Corp
8.000%
International Lease Finance Corp
4.875%
International Lease Finance Corp
5.750%
International Lease Finance Corp
8.750%
Iron Mountain Inc
6.750%
Knowledge Universe Education LLC
7.750%
Lear Corp
7.875%
Level 3 Financing Inc
4.146%
55
Maturity
Date
Value
US$
% Net
Asset
15/06/2019
15/06/2018
15/06/2018
15/04/2016
15/05/2016
15/05/2018
08/01/2015
01/10/2015
06/01/2017
12/01/2017
15/04/2018
01/01/2018
15/06/2018
15/11/2017
15/01/2019
15/09/2022
06/01/2014
15/02/2018
15/10/2018
15/05/2018
15/10/2018
10/01/2015
30/10/2017
10/12/2017
15/11/2035
15/08/2017
15/05/2017
15/01/2016
329,139
128,055
191,998
1,015,064
500,614
337,990
5,412,187
18,265,500
6,770,775
8,917,562
4,937,500
3,472,000
8,999,250
3,082,500
16,634,844
4,848,000
2,115,000
2,914,125
2,573,250
7,897,500
9,767,481
1,412,025
22,923,000
7,590,960
13,601,250
10,493,437
2,802,889
17,935,000
0.03
0.01
0.02
0.11
0.05
0.04
0.57
1.93
0.71
0.94
0.52
0.37
0.95
0.33
1.76
0.51
0.22
0.31
0.27
0.83
1.03
0.15
2.42
0.80
1.44
1.11
0.30
1.89
15/12/2017
02/01/2017
06/01/2018
15/12/2018
09/10/2015
15/07/2017
03/01/2018
15/08/2016
15/05/2016
15/08/2017
15/12/2015
07/01/2015
02/01/2018
15/12/2016
15/11/2018
15/02/2016
15/04/2019
04/01/2018
06/01/2016
15/01/2016
15/01/2018
04/01/2015
15/05/2016
15/03/2017
15/10/2018
02/01/2015
15/03/2018
15/02/2015
15,567,049
9,890,387
2,489,730
9,679,375
5,011,795
16,964,062
9,038,290
4,852,450
4,227,641
2,612,500
2,308,437
15,255,955
19,779,440
3,999,000
4,296,784
6,641,375
13,127,400
7,940,000
4,217,351
19,298,610
3,150,000
4,685,117
9,517,500
5,186,250
411,673
980,000
4,496,500
15,296,722
1.64
1.04
0.26
1.02
0.53
1.79
0.95
0.51
0.45
0.28
0.24
1.61
2.09
0.42
0.45
0.70
1.39
0.84
0.44
2.04
0.33
0.49
1.00
0.55
0.04
0.10
0.47
1.61
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
POST GLOBAL LIMITED TERM HIGH YIELD FUND (continued)
Nominal
Security
Coupon Rate
Value
US$
% Net
Asset
11/01/2018
11/01/2016
08/01/2018
08/01/2018
04/01/2015
15/05/2018
15/08/2020
15/01/2018
12/01/2018
08/01/2014
09/01/2017
04/01/2018
04/01/2018
15/05/2019
3,561,425
7,914,251
2,057,500
3,948,750
14,288,820
19,992,023
1,193,750
4,491,375
4,330,313
15,136,875
845,625
7,980,813
18,895,901
5,828,760
0.38
0.84
0.22
0.42
1.51
2.11
0.13
0.47
0.46
1.60
0.09
0.84
1.99
0.62
15/05/2018
15/04/2018
10/01/2017
15/11/2018
15/08/2014
10/01/2014
15/11/2018
11/01/2018
07/01/2014
15/06/2018
15/07/2018
15/01/2017
8,703,750
17,577,000
14,771,075
12,685,000
1,920,000
5,014,730
15,122,813
4,638,600
6,359,063
16,134,465
9,564,750
5,954,539
0.92
1.85
1.56
1.34
0.20
0.53
1.60
0.49
0.67
1.70
1.01
0.63
02/01/2019
5,400,000
0.57
02/01/2018
15/02/2017
1,709,563
4,548,544
0.18
0.48
10/08/2013
2,683,125
0.29
827,005,803
87.29
3,517,253
6,387,450
1,281,343
12,158,851
0.37
0.67
0.14
1.28
Total Value of Unlisted at Mid Market Prices
23,344,897
2.46
Adjustment from Mid Market Prices to Bid Market Prices
(3,147,802)
(0.33 )
847,202,898
89.42
17,841,003
1.88
865,043,901
91.30
3,290,000
7,693,000
2,000,000
3,900,000
13,650,000
19,177,000
1,250,000
4,350,000
3,875,000
14,625,000
825,000
7,450,000
18,191,000
5,397,000
8,250,000
16,200,000
14,135,000
10,750,000
2,000,000
4,970,000
14,250,000
4,320,000
5,985,000
14,438,000
8,775,000
5,234,760
5,000,000
1,609,000
4,400,000
2,650,000
UNITED STATES 74.19% (30 September 2012: 77.65%) (continued)
Corporate Bond (continued)
Michaels Stores Inc
7.750%
Michaels Stores Inc
11.375%
MPH Intermediate Holding Co 2
8.375%
Nationstar Mortgage LLC / Nationstar Capital Corp
6.500%
Nationstar Mortgage LLC / Nationstar Capital Corp
10.875%
Newfield Exploration Co
7.125%
Nuance Communications Inc
5.375%
Oxford Finance LLC / Oxford Finance Co-Issuer Inc
7.250%
PAETEC Holding Corp
9.875%
Petrohawk Energy Corp
10.500%
PetroQuest Energy Inc
10.000%
Prestige Brands Inc
8.250%
Qwest Communications International Inc
7.125%
Range Resources Corp
8.000%
Reynolds Group Issuer Inc / Reynolds Group Issuer LLC /
Reynolds Group Issuer Lu
8.500%
Rosetta Resources Inc
9.500%
Spirit Aerosystems Inc
7.500%
Sprint Communications Inc
9.000%
Stanadyne Corp
10.000%
Stream Global Services Inc
11.250%
SunGard Data Systems Inc
7.375%
Tenet Healthcare Corp
6.250%
Tenet Healthcare Corp
9.875%
TransUnion LLC / TransUnion Financing Corp
11.375%
Triumph Group Inc
8.625%
UAL 2009-2A Pass Through Trust
9.750%
Vanguard Health Holding Co II LLC /
Vanguard Holding Co II Inc
7.750%
Vanguard Health Holding Co II LLC /
Vanguard Holding Co II Inc
8.000%
Yankee Candle Co Inc/The
9.750%
Term Loans
Revlon Consumer Products Corp Tranche Loan
0.000%
Maturity
Date
Total Value of Transferable Securities at Mid Market Prices
UNLISTED 2.46% (30 September 2012: 0.00%)
UNITED STATES 2.46% (30 September 2012: 0.00%)
Term Loans
3,484,585
Energysolutions LLC
6,352,385
Fortescue Metals
1,274,309
Fortescue Metals Tl
12,185,477
Hilton Hotels Corp
6.250%
5.250%
0.000%
0.000%
Total Value of Transferable Securities at Bid Market Prices (Cost: US$845,274,584)
Interest Receivable on Transferable Securities
Total Value of Transferable Securities
56
13/08/2016
10/05/2017
18/10/2017
11/12/2015
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
POST GLOBAL LIMITED TERM HIGH YIELD FUND (continued)
Nominal
Security
Coupon Rate
Maturity
Date
Value
US$
% Net
Asset
Unrealised
Gain/Loss
(9,677)
14,800
151,430
4,341,600
546
3,070
6,261
35,471
52,449
148,776
1,708,546
22,177
6,294,157
(104,954)
(1,631)
(501)
(184,323)
(846)
% Net
Assets
(0.00)
0.00
0.02
0.46
0.00
0.00
0.00
0.00
0.01
0.02
0.18
0.00
0.66
(0.01)
(0.00)
(0.00)
(0.02)
(0.00)
Total Gains on Forward Foreign Exchange Contracts
Total Loss on Forward Foreign Exchange Contracts
12,779,283
(301,932)
1.35
(0.03)
Total Foreign Currency Exchange Contracts
12,477,351
1.32
Cash
Net Current Assets
61,127,561
8,811,135
6.45
0.93
947,459,948
100.00%
Open Forward Foreign Exchange Contracts 1.32% (30 September 2012: (0.14%)
Settlement
Date
11/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
16/10/2013
20/11/2013
18/12/2013
Buy
USD
EUR
EUR
EUR
GBP
GBP
GBP
GBP
GBP
GBP
GBP
JPY
JPY
USD
USD
USD
USD
USD
Amount
Bought
294,116
759,538
10,005,076
203,465,100
15,827
82,555
181,317
953,816
2,348,960
3,998,734
45,921,658
149,712,755
37,952,981,614
6,353,130
101,488
49,153
21,488,543
910,703
Sell
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
JPY
EUR
JPY
EUR
EUR
Amount
Sold
(225,000)
(1,010,733)
(13,357,477)
(270,378,057)
(25,027)
(130,323)
(286,713)
(1,505,713)
(3,743,021)
(6,312,413)
(72,492,067)
(1,507,438)
(381,471,472)
(632,091,929)
(76,373)
(4,860,000)
(16,050,000)
(675,000)
Net Assets Attributable to Holders of Redeemable Participating Units at Mid Market Prices
Analysis of Total Assets
% of Total Assets
Transferable Securities and Money Market Instruments admitted to an official stock exchange listing or tradedon a regulated market
86.93
Total Transferable Securities other than those admitted to an official stock exchange listing or traded on a regulated market
2.46
Financial Derivative instruments dealt in or on a regulated market
1.31
Other Assets
9.31
Total Assets
100.00
The counterparty for the foreign currency contracts is State Street Global Markets.
Except where stated above all securities are transferable securities admitted to an official stock exchange listing.
57
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
MULTI STRATEGY CURRENCY FUND
Nominal
Security
600,000
600,000
600,000
600,000
600,000
600,000
600,000
600,000
Coupon Rate
TRANSFERABLE SECURITIES 98.19% (30 September 2012: 92.20%)
UNITED STATES 98.19% (30 September 2012: 92.20%)
Government Bond
United States Treasury Bill
0.000%
United States Treasury Bill
0.000%
United States Treasury Bill
0.000%
United States Treasury Bill
0.000%
United States Treasury Bill
0.000%
United States Treasury Bill
0.000%
United States Treasury Bill
0.000%
United States Treasury Bill
0.000%
Maturity
Date
12/12/2013
10/03/2013
11/07/2013
21/11/2013
23/01/2014
13/02/2014
20/02/2014
20/03/2014
Total Value of Transferable Securities at Mid Market Prices
Adjustment from Mid Market Prices to Bid Market Prices
Total Value of Transferable Securities at Bid Market Prices (Cost: US$1,822,206)
Value
US$
% Net
Asset
599,994
600,000
599,987
599,996
599,990
599,988
599,976
599,929
12.28
12.28
12.27
12.28
12.27
12.27
12.27
12.27
4,799,860
98.19
(59)
–
4,799,801
98.19
Unrealised
Gain/Loss
200
5,228
26,922
(37,048)
(5,178)
(50)
(11,135)
(6,188)
263
(8,713)
(8,459)
(8,428)
(53)
885
(3,444)
(3,157)
(734)
1,220
2,161
2,807
6,445
10,444
18,772
(3,375)
(795)
372
16
56
2,409
9,036
(12,085)
2,365
58
% Net
Assets
0.00
0.11
0.55
(0.76)
(0.11)
(0.00)
(0.23)
(0.13)
0.01
(0.18)
(0.17)
(0.17)
(0.00)
0.02
(0.07)
(0.06)
(0.01)
0.03
0.04
0.06
0.13
0.21
0.38
(0.07)
(0.02)
0.01
0.00
0.00
0.05
0.18
(0.25)
0.05
0.00
Open Forward Foreign Exchange Contracts (1.26%) (30 September 2012: 1.43%)
Settlement
Date
08/10/2013
08/10/2013
08/10/2013
08/10/2013
08/10/2013
08/10/2013
08/11/2013
08/11/2013
08/11/2013
08/11/2013
08/11/2013
08/11/2013
08/11/2013
08/11/2013
08/11/2013
08/11/2013
08/11/2013
08/11/2013
08/11/2013
08/11/2013
08/11/2013
08/11/2013
08/11/2013
19/12/2013
19/12/2013
19/12/2013
19/12/2013
19/12/2013
19/12/2013
19/12/2013
19/12/2013
19/12/2013
19/12/2013
Buy
CNY
CNY
CNY
USD
USD
USD
EUR
EUR
JPY
NOK
NOK
NOK
SEK
TRY
USD
USD
USD
USD
USD
USD
USD
USD
USD
AUD
BRL
CAD
CHF
CHF
EUR
GBP
IDR
INR
JPY
Amount
Bought
95,781
10,018,645
9,922,864
1,597,360
1,613,605
15,575
672,000
445,000
63,791,910
2,981,002
2,892,831
2,893,018
40,155
266,640
478,000
430,000
177,966
106,555
641,000
132,873
307,037
418,550
965,297
486,896
259,411
449,809
43,600
154,800
578,000
583,000
7,457,208,780
101,886,159
3,900,000
Sell
USD
USD
USD
CNY
CNY
CNY
GBP
GBP
USD
EUR
EUR
EUR
USD
USD
JPY
JPY
EUR
BRL
JPY
TRY
TRY
ZAR
ZAR
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
58
Amount
Sold
(15,425)
(1,629,180)
(1,591,861)
(10,018,645)
(9,922,864)
(95,781)
(568,835)
(375,952)
(650,000)
(372,000)
(361,000)
(361,000)
(6,299)
(130,000)
(47,230,558)
(42,493,460)
(132,000)
(236,750)
(62,671,211)
(264,971)
(612,368)
(4,131,580)
(9,582,431)
(456,249)
(115,226)
(436,335)
(48,235)
(171,256)
(780,165)
(934,516)
(643,973)
(1,583,559)
(39,709)
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
MULTI STRATEGY CURRENCY FUND (continued)
Nominal
Security
Coupon Rate
Maturity
Date
Value
US$
% Net
Asset
Unrealised
Gain/Loss
(172)
(2,140)
80
(2,374)
(13,331)
(11,813)
(5,775)
(4,240)
(683)
(573)
(472)
(142)
8,428
(9,409)
% Net
Assets
(0.00)
(0.04)
0.00
(0.05)
(0.27)
(0.24)
(0.12)
(0.09)
(0.01)
(0.01)
(0.01)
(0.00)
0.17
(0.19)
98,167
(159,966)
2.00
(3.26)
(61,799)
(1.26)
No of contracts
Value
US$
% Net
Assets
3,770,000
(3,770,000)
1,906
(274)
0.04
(0.01)
Total Gains on Option Contracts
Total Loss on Option Contracts
1,906
(274)
0.04
(0.01)
Total Option Contracts
1,632
0.03
127,431
21,257
2.61
0.43
4,888,322
100.00%
Open Forward Foreign Exchange Contracts (1.26%) (30 September 2012: 1.43%) (continued)
Settlement
Date
19/12/2013
19/12/2013
19/12/2013
19/12/2013
19/12/2013
19/12/2013
19/12/2013
19/12/2013
19/12/2013
19/12/2013
19/12/2013
19/12/2013
19/12/2013
19/12/2013
Buy
NOK
NZD
THB
TRY
USD
USD
USD
USD
USD
USD
USD
USD
USD
ZAR
Amount
Bought
422,922
823,000
7,151,003
271,503
1,826,378
1,618,312
861,658
632,634
85,452
111,500
104,727
38,923
783,696
4,075,422
Sell
EUR
USD
USD
USD
CHF
CHF
JPY
JPY
NZD
INR
GBP
AUD
NOK
USD
Amount
Sold
(51,906)
(683,762)
(227,427)
(134,656)
(1,662,393)
(1,473,009)
(85,068,365)
(62,457,660)
(104,000)
(7,200,000)
(65,000)
(42,000)
(4,676,950)
(409,470)
Total Gains on Forward Foreign Exchange Contracts
Total Loss on Forward Foreign Exchange Contracts
Total Foreign Currency Exchange Contracts
Options 0.03% (30 September 2012: 0.05%)
Call Currency Option EUR CHF 1.275 strike 12/11/2013
Call Currency Option EUR CHF 1.335 strike 12/11/2013
Cash
Net Current Assets
Net Assets Attributable to Holders of Redeemable Participating Units at Mid Market Prices
Analysis of Total Assets
% of Total Assets
Transferable Securities and Money Market Instruments admitted to an official stock exchange listing or tradedon a regulated market
94.23
Financial Derivative instruments dealt in or on a regulated market
(1.18)
Other Assets
6.95
Total Assets
100.00
The counterparty for the foreign currency contract is Barclays, Citi, Deutsche Bank, JP Morgan, RBS, UBS and Goldman Sachs.
The counterparty for the option currency contract is UBS.
59
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
EDGE EQUITY INCOME FUND (continued)
EDGE EQUITY INCOME FUND
Nominal Security
Value
US$
Nominal Security
% Net
Asset
TRANSFERABLE SECURITIES 96.68% (30 September 2012: 97.50%)
AUSTRALIA 0.84% (30 September 2012: 0.73%)
Commercial Banks Non-US
497
Australia &
New Zealand Banking Group Ltd
Diversified Minerals
511
BHP Billiton Ltd
CANADA 4.09% (30 September 2012: 3.28%)
Commercial Banks Non-US
Bank of Nova Scotia
924
Oil Company-Exploration & Production
1,997
Crescent Point Energy Corp
5,223
Penn West Petroleum
Telecom Services
1,199
BCE Inc
14,552
0.25
34,314
0.59
53,019
0.91
75,500
58,289
1.30
1.00
51,437
0.88
71,222
1.22
ISRAEL 0.93% (30 September 2012: 0.52%)
Medical-Generic Drugs
1,417
Teva Pharmaceutical Industries Ltd
53,874
0.93
MEXICO 0.41% (30 September 2012: 0.00%)
Commercial Banks Non-US
1,708
Grupo Financiero Santander
Mexico SAB de CV
23,690
0.41
SWITZERLAND 2.88% (30 September 2012: 2.42%)
Medical-Drugs
882
Novartis AG
67,985
1,178
Roche Holding AG
79,432
Reinsurance
245
Swiss Re AG
20,534
1.17
1.36
SWEDEN 0.00% (30 September 2012: 0.98%)
UNITED KINGDOM 4.28% (30 September 2012: 2.84%)
Cellular Telecom
1,946
Vodafone Group Plc
68,110
Medical-Drugs
1,409
GlaxoSmithKline Plc
71,126
Oil Company-Integrated
1,590
Royal Dutch Shell Plc
110,124
0.35
1.17
1.22
1.89
TAIWAN 0.00% (30 September 2012: 0.96%)
UNITED STATES 81.31% (30 September 2012: 84.38%)
Aerospace/Defense
713
Lockheed Martin Corp
92,148
889
Raytheon Co
70,000
Apparel Manufacturers
373
VF Corp
74,033
Applications Software
2,622
Microsoft Corp
87,286
% Net
Asset
UNITED STATES 81.31% (30 September 2012: 84.38%) (continued)
Auto/Truck Parts & Equipment-Original
664
Autoliv Inc
58,259
1.00
663
Johnson Controls Inc
28,198
0.48
Auto-Medium & Heavy Duty Trucks
927
PACCAR Inc
51,727
0.89
Beverages-Non-Alcoholic
1,169
Coca-Cola Co
44,890
0.77
130
Dr Pepper Snapple Group Inc
5,847
0.10
Chemicals-Diversified
585
EI du Pont de Nemours & Co
34,521
0.59
Commercial Banks-Eastern US
471
M&T Bank Corp
52,790
0.91
Computers
198
Apple Inc
95,584
1.64
Distribution/Wholesale
841
Genuine Parts Co
67,608
1.16
Diversified Banking Institutions
2,183
JPMorgan Chase & Co
114,040
1.96
Diversified Manufacturing Operations
285
3M Co
34,263
0.59
471
Honeywell International Inc
39,366
0.67
674
Parker Hannifin Corp
73,432
1.26
Electric Products-Miscellaneous
398
Emerson Electric Co
25,830
0.44
Electric-Integrated
813
Nextera Energy Inc
65,097
1.12
1,128
Northeast Utilities
46,745
0.80
965
Wisconsin Energy Corp
38,899
0.67
1,796
Xcel Energy Inc
49,731
0.85
Electronic Component-Semiconductor
4,022
Intel Corp
92,425
1.59
1,596
Microchip Technology Inc
64,319
1.10
Finance-Credit Card
1,042
Discover Financial Services
53,444
0.92
Financial Sponsor
2,884
KKR & Co LP
60,247
1.03
Food-Miscellaneous/Diversified
1,057
Kraft Foods Group Inc
55,894
0.96
Food-Retail
2,285
Kroger Co
92,977
1.60
Gas-Distribution
651
Sempra Energy
56,390
0.97
Industrial Gases
240
Air Products & Chemicals Inc
25,680
0.44
Investment Management/Advisory Service
430
BlackRock Inc
116,508
2.00
Machinery-Farm
1,375
Deere & Co
113,259
1.94
Medical Instruments
1,043
Medtronic Inc
55,279
0.95
Medical Products
401
Becton Dickinson and Co
40,056
0.69
628
Johnson & Johnson
54,466
0.93
Medical-Drugs
1,394
Abbott Laboratories
46,197
0.79
1,447
AbbVie Inc
64,145
1.10
2,335
Merck & Co Inc
111,590
1.92
3,837
Pfizer Inc
110,813
1.90
Multi-Line Insurance
1,261
ACE Ltd
118,937
2.04
1,194
Allstate Corp
60,978
1.05
CHINA, REPUBLIC OF (TAIWAN) 0.72% (30 September 2012: 0.96%)
Semicon Component-Integrated Circuits
2,468
Taiwan Semiconductor
Manufacturing Co Ltd
42,129
0.72
FRANCE 1.22% (30 September 2012: 1.39%)
Oil Company-Integrated
1,209
Total SA
Value
US$
1.58
1.20
1.27
1.50
60
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
EDGE EQUITY INCOME FUND (continued)
Nominal Security
EDGE EQUITY INCOME FUND (continued)
Value
US$
% Net
Asset
Nominal Security
UNITED STATES 81.31% (30 September 2012: 84.38%) (continued)
Multi-Line Insurance (continued)
2,596
MetLife Inc
122,557
2.10
Multimedia
382
Walt Disney Co
24,903
0.43
Oil Company-Exploration & Production
1,242
Occidental Petroleum Corp
117,319
2.01
Oil Company-Integrated
710
Chevron Corp
87,074
1.49
Exxon Mobil Corp
83,250
1.43
958
1,635
Marathon Oil Corp
57,062
0.98
1,193
Marathon Petroleum Corp
77,473
1.33
Pipelines
1,323
Enterprise Products Partners LP
80,571
1.38
768
Kinder Morgan Energy Partners LP
61,309
1.05
2,203
Kinder Morgan Inc
78,956
1.36
Property/Casualty Insurance
456
Chubb Corp
40,881
0.70
2,732
Fidelity National Financial Inc
72,425
1.24
Reits-Diversified
2,163
Digital Realty Trust Inc
118,208
2.03
Reits-Mortgage
3,564
American Capital Agency Corp
81,544
1.40
6,182
Annaly Capital Management Inc
71,897
1.23
Retail-Discount
216
Costco Wholesale Corp
24,995
0.43
Retail-Jewelry
684
Tiffany & Co
52,593
0.90
Retail-Restaurants
563
McDonald's Corp
54,678
0.94
Semicon Component-Integrated Circuits
1,779
Maxim Integrated Products Inc
52,463
0.90
Semiconductor Equipment
3,793
Applied Materials Inc
66,757
1.15
Super-Regional Banks-US
1,212
PNC Financial Services Group Inc
88,028
1.51
2,073
US Bancorp
75,664
1.30
1,879
Wells Fargo & Co
78,148
1.34
Telephone-Integrated
1,484
CenturyLink Inc
47,161
0.81
480
Verizon Communications Inc
22,560
0.39
Toys
1,879
Hasbro Inc
89,027
1.53
2,799
Mattel Inc
117,810
2.02
Transport-Rail
581
Norfolk Southern Corp
45,196
0.78
283
Union Pacific Corp
44,315
0.76
Transport-Services
653
United Parcel Service Inc
59,586
1.02
Total Value of Transferable Securities at
Mid Market Prices
Adjustment from Mid Market Prices to
Bid Market Prices
Total Value of Transferable Securities at
Bid Market Prices (Cost: US$4,930,326)
5,633,645
96.68
(1,176)
(0.02)
5,632,469
96.66
Cash
Net Current Assets
Net Assets Attributable to Holders
of Redeemable Participating Units
at Mid Market Prices
Analysis of Total Assets
Transferable Securities and Money Market Instruments
admitted to an official stock exchange listing or traded
on a regulated market
Value
US$
% Net
Asset
134,649
60,264
2.31
1.03
5,827,382
100.00%
% of Total Assets
95.98
Other Assets
4.02
Total Assets
100.00
All securities are transferable securities admitted to an official stock
exchange listing.
61
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
GLOBAL SMALL CAP EQUITY FUND (continued)
GLOBAL SMALL CAP EQUITY FUND
Nominal Security
Value
US$
Nominal Security
% Net
Asset
TRANSFERABLE SECURITIES 99.28%
AUSTRALIA 1.27%
Engineering/Research & Development Services
7,371
Downer EDI Ltd
Travel Services
1,234
Flight Centre Ltd
BRAZIL 0.58%
Footwear & Related Apparel
4,400
Grendene SA
CANADA 6.48%
Electric-Integrated
1,100
Atco Ltd/Canada
Forestry
500
West Fraser Timber Co Ltd
Non-Hazardous Waste Disposal
1,800
Progressive Waste Solutions Ltd
Oil Company-Exploration & Production
5,135
Kodiak Oil & Gas Corp
7,300
RMP Energy Inc
3,100
Whitecap Resources Inc
Oil Field Machinery & Equipment
900
ShawCor Ltd
Reits-Apartments
2,100
Canadian Apartment Properties REIT
Reits-Diversified
2,400
Artis Real Estate Investment Trust
Retail-Discount
600
Dollarama Inc
CAYMAN ISLANDS 1.68%
Auto/Truck Parts & Equipment-Original
22,000
Minth Group Ltd
Electronic Component-Miscellaneous
70,000
Truly International Holdings
Real Estate Operation/Development
45,000
Sunac China Holdings Ltd
CHINA 1.06%
Auto-Cars/Light Trucks
8,500
Great Wall Motor Co Ltd
Power Conversion/Supply Equipment
42,000
Harbin Electric Co Ltd
CHINA, REPUBLIC OF (TAIWAN) 1.48%
Semicon Component-Integrated Circuits
24,000
Chipbond Technology Corp
74,000
King Yuan Electronics Co Ltd
DENMARK 0.61%
Wireless Equipment
1,998
GN Store Nord A/S
FRANCE 2.88%
Auto/Truck Parts & Equipment-Original
1,995
Plastic Omnium SA
Computers-Integrated Systems
642
Ingenico
Entertainment Software
2,893
UBISOFT Entertainment
FRANCE 2.88% (continued)
Reinsurance
1,637
SCOR SE
30,800
0.45
55,591
0.82
39,086
0.58
48,248
0.71
44,289
0.65
46,323
0.68
61,312
41,157
36,370
0.90
0.61
0.54
38,061
0.56
41,816
0.62
33,141
0.49
49,082
0.72
43,862
0.65
40,622
0.60
29,190
0.43
46,093
0.68
25,890
0.38
49,433
50,932
41,343
GERMANY 3.29%
Machinery Tools & Related Products
746
KUKA AG
Machinery-General Industry
527
Krones AG
Machinery-General Industry
848
Duerr AG
Steel-Producers
980
Salzgitter AG
Telephone-Integrated
1,868
Freenet AG
HONG KONG 1.41%
Electric-Generation
130,000
China Power International
Development Ltd
Machinery Tools & Related Products
18,000
Techtronic Industries Co
IRELAND 0.82%
Paper & Related Products
2,472
Smurfit Kappa Group Plc
ITALY 1.34%
Investment Management/Advisory Service
2,017
Azimut Holding SpA
Lottery Services
1,634
Gtech Spa
JAPAN 9.36%
Auto/Truck Parts & Equipment-Original
2,100
Tokai Rika Co Ltd
Commercial Banks Non-US
10,000
77 Bank Ltd
8,000
Gunma Bank Ltd
Electronic Parts Distribution
3,000
Kuroda Electric Co Ltd
Food-Miscellaneous/Diversified
2,800
Fuji Oil Co Ltd/Osaka
Forestry
3,800
Sumitomo Forestry Co Ltd
Metal Processors & Fabricators
11,000
UACJ Corp
Office Automation & Equipment
3,600
Seiko Epson Corp
Retail-Apparel/Shoe
1,700
Aoyama Trading Co Ltd
Rubber-Tires
8,000
Toyo Tire & Rubber Co Ltd
Steel-Producers
1,700
Kyoei Steel Ltd
Transport-Truck
2,600
Nippon Konpo Unyu Soko Co Ltd
5,000
Seino Holdings Co Ltd
9,000
Senko Co Ltd
0.73
0.75
0.61
50,827
0.75
46,452
0.68
44,802
0.66
62
Value
US$
% Net
Asset
53,388
0.79
32,322
0.48
44,499
0.66
61,677
0.91
40,177
0.59
44,364
0.65
49,120
0.72
46,890
0.69
55,955
0.82
45,587
0.67
45,557
0.67
44,538
0.66
49,344
46,912
0.73
0.69
40,149
0.59
48,771
0.72
41,306
0.61
36,972
0.54
59,102
0.87
46,475
0.69
48,301
0.71
31,140
0.46
45,633
51,080
45,421
0.67
0.75
0.67
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
GLOBAL SMALL CAP EQUITY FUND
Nominal Security
JERSEY 0.74%
Property/Casualty Insurance
14,960
Beazley Plc
KOREA, REPUBLIC OF (SOUTH KOREA) 0.91%
Medical-Drugs
979
Chong Kun Dang Pharm Corp
LUXEMBOURG 1.43%
Enterprise Software/Services
1,714
Intelsat Luxembourg SA
Medical Laboratries & Testing Services
169
Eurofins Scientific
NEW ZEALAND 0.61%
Respiratory Products
13,731
Fisher & Paykel Healthcare Corp Ltd
NORWAY 1.10%
Airlines
899
Norwegian Air Shuttle AS
Fisheries
39,694
Marine Harvest ASA
SWEDEN 0.67%
Building-Heavy Construction
1,527
NCC AB
UNITED KINGDOM 8.65%
Airlines
2,241
easyJet Plc
Building-Residential/Commercial
1,866
Bellway Plc
2,818
Persimmon Plc
Chemicals-Plastics
3,944
Essentra Plc
Commercial Banks Non-US
1,371
Bank of Georgia Holdings Plc
E-Commerce/Services
1,280
Rightmove Plc
Engineering/Research & Development Services
2,637
Keller Group Plc
E-Services/Consulting
135,837
Quindell Portfolio Plc
Finance-Management Loan/Banker
6,292
Paragon Group of Cos Plc
Finance-Other Services
6,639
Intermediate Capital Group Plc
Food-Miscellaneous/Diversified
15,194
Premier Foods Plc
Medical-Biomedical/Genetics
3,981
Abcam Plc
Oil Company-Exploration & Production
17,154
Afren Plc
Paper & Related Products
2,966
Mondi Plc
UNITED STATES 52.91%
Aerospace/Defense
654
Esterline Technologies Corp
GLOBAL SMALL CAP EQUITY FUND (continued)
Value
US$
50,381
61,673
% Net
Asset
0.91
0.81
42,327
0.62
41,145
0.61
32,645
0.48
42,319
0.62
0.67
45,612
0.67
38,688
49,139
0.57
0.72
47,164
0.69
41,874
0.62
47,678
0.70
43,296
0.64
36,220
0.53
31,398
0.46
47,260
0.70
37,874
0.56
32,536
0.48
38,492
0.57
49,896
0.74
52,000
UNITED STATES 52.91% (continued)
Batteries/Battery System
1,109
EnerSys Inc
Building Production-Air & Heating
696
Lennox International Inc
Building-Maintenace & Service
2,340
ABM Industries Inc
Chemicals-Plastics
3,432
Landec Corp
Chemicals-Specialty
1,449
OM Group Inc
Commercial Banks-Eastern US
3,994
Susquehanna Bancshares Inc
1,740
Webster Financial Corp
Commer Banks-Southern US
1,735
WesBanco Inc
Commer Banks-Western US
2,342
BBCN Bancorp Inc
1,690
First Interstate Bancsystem Inc
2,724
Hanmi Financial Corp
Commercial Services
2,926
RPX Corp
Computer Aided Design
1,686
Aspen Technology Inc
Computer Services
727
Manhattan Associates Inc
Computers-Integrated Systems
1,945
Netscout Systems Inc
Consulting Services
942
Huron Consulting Group Inc
Data Processing/Management
2,099
Acxiom Corp
681
CommVault Systems Inc
Diversified Minerals
1,742
US Silica Holdings Inc
E-Commerce/Products
1,488
Overstock.com Inc
Electric-Integrated
1,713
Avista Corp
1,172
UNS Energy Corp
Electronic Component-Miscellaneous
3,014
Stoneridge Inc
Energy-Alternate Sources
2,500
Pattern Energy Group Inc
Engineering/Research & Development Services
1,449
EMCOR Group Inc
Enterprise Software/Services
1,500
MedAssets Inc
766
SYNNEX Corp
Finance-Consumer Loans
1,141
Nelnet Inc
Food-Retail
1,700
Sprouts Farmers Market Inc
Human Resources
2,717
Korn/Ferry International
Independent Power Producer
1,147
NRG Yield Inc
Internet Content-Information/News
1,005
Travelzoo Inc
Internet Security
1,549
FireEye Inc
0.74
54,831
45,219
Nominal Security
0.77
63
Value
US$
% Net
Asset
67,150
0.99
52,054
0.77
62,127
0.92
41,905
0.62
48,570
0.72
50,165
44,161
0.74
0.65
50,992
0.75
32,530
41,084
44,265
0.48
0.61
0.65
51,615
0.76
58,538
0.86
69,014
1.02
50,337
0.74
49,907
0.74
58,478
59,390
0.86
0.88
43,463
0.64
44,685
0.66
45,120
54,311
0.66
0.80
33,516
0.49
58,175
0.86
55,772
0.82
38,070
47,423
0.56
0.70
43,689
0.64
76,789
1.13
58,334
0.86
34,961
0.51
27,105
0.40
63,679
0.94
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
GLOBAL SMALL CAP EQUITY FUND (continued)
Nominal Security
UNITED STATES 52.91% (continued)
Investment Management/Advisory Service
3,141
Medley Capital Corp
Life/Health Insurance
3,575
CNO Financial Group Inc
Machinery-Construction & Mining
1,795
Terex Corp
Medical Laser Systems
978
Cynosure Inc
Medical-Biomedical/Genetics
1,300
BIND Therapeutics Inc
394
Bluebird Bio Inc
382
Epizyme Inc
1,200
Foundation Medicine Inc
980
Medicines Co
Medical-Drugs
1,200
Achillion Pharmaceuticals Inc
223
Clovis Oncology Inc
Medical-Health Maintenance Organization
700
Centene Corp
Metal Processors & Fabricators
864
Mueller Industries Inc
Multi-Line Insurance
2,207
Horace Mann Educators Corp
Oil Company-Exploration & Production
1,740
EPL Oil & Gas Inc
Physical Practice Management
2,000
Envision Healthcare Holdings Inc
Physical Therapy/Rehab Centers
1,745
HealthSouth Corp
Reits-Diversified
1,478
American Assets Trust Inc
5,028
CapLease Inc
Reits-Hotels
2,222
RLJ Lodging Trust
Reits-Mortgage
2,049
Starwood Property Trust Inc
Reits-Storage
1,146
Extra Space Storage Inc
Research & Development
1,075
PAREXEL International Corp
Retail-Apparel/Shoe
1,402
ANN INC
2,090
Brown Shoe Co Inc
3,536
Stein Mart Inc
Retail-Appliances
1,007
Conn's Inc
Retail-Convenience Store
898
Susser Holdings Corp
Retail-Drug Store
18,414
Rite Aid Corp
Retail-Home Furnishings
2,504
Haverty Furniture Cos Inc
Retail-Office Supplies
11,088
Office Depot Inc
Retail-Restaurants
1,124
Red Robin Gourmet Burgers Inc
4,853
Wendy's Co
Semiconductor Equipment
5,017
Entegris Inc
Value
US$
GLOBAL SMALL CAP EQUITY FUND (continued)
% Net
Asset
Nominal Security
UNITED STATES 52.91% (continued)
Software Tools
984
Rocket Fuel Inc
Telecommunication Equipment
2,905
ARRIS Group Inc
1,114
Plantronics Inc
Therapeutics
500
Agios Pharmaceuticals Inc
300
Pharmacyclics Inc
Transport-Marine
1,007
Gulfmark Offshore Inc
Wireless Equipment
9,200
RF Micro Devices Inc
Value
US$
% Net
Asset
51,749
0.76
49,414
51,756
0.73
0.76
13,930
39,747
0.20
0.59
51,236
0.75
52,532
0.77
6,738,295
99.27
(6,926)
(0.10)
6,731,369
99.17
43,628
0.64
51,444
0.76
60,994
0.90
22,259
0.33
19,045
10,693
15,093
42,780
33,320
0.28
0.16
0.22
0.63
0.49
8,688
13,512
0.13
0.20
45,241
0.67
48,228
0.71
Total Value of Transferable Securities at
Bid Market Prices (Cost: US$5,528,984)
61,619
0.91
Open Spot Currency Contracts 0.00% (30 September 2012:0.00%)
64,711
0.95
52,160
0.77
Settlement Buy
Date
01/10/2013 USD
02/10/2013 USD
59,906
0.88
45,907
42,637
0.67
0.63
53,039
0.78
49,504
0.73
52,727
0.78
53,685
0.79
50,963
48,551
48,443
0.75
0.72
0.71
51,266
0.76
Transferable Securities and Money Market Instruments
admitted to an official stock exchange listing or traded
on a regulated market
48,654
0.72
Other Assets
2.29
86,546
1.27
Total Assets
100.00
62,149
0.92
All securities are transferable securities admitted to an official stock
exchange listing.
52,446
0.77
78,984
41,493
1.15
0.61
51,173
0.75
Total Value of Transferable Securities at
Mid Market Prices
Adjustment from Mid Market Prices to
Bid Market Prices
Amount
Bought
150
232
Sell
CAD
HKD
Amount Unrealised
Sold Gain/Loss
(155)
0
(1,800)
0
% Net
Assets
(0.00)
0.00
(0)
(0.00)
-
(0.00)
45,639
10,825
0.67
0.16
Total Loss on Currency Contracts
Total Open Currency Contracts
Cash
Net Current Assets
Net Assets Attributable to Holders
of Redeemable Participating Units
at Mid Market Prices
Analysis of Total Assets
6,787,833 100.00%
% of Total Assets
97.71
Global Small Cap Equity Fund was launced on 23 October 2012.
The counterparty for the spot currency contracts is The Bank of New
York Mellon.
64
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
ORIGIN GLOBAL EMERGING MARKETS FUND
Nominal Security
Value
US$
ORIGIN GLOBAL EMERGING MARKETS FUND (continued)
% Net
Asset
Nominal Security
TRANSFERABLE SECURITIES 96.49%
BERMUDA 1.83%
Appliances
2,500
Haier Electronics Group Co Ltd
Audio/Video Products
19,837
Skyworth Digital Holdings Ltd
4,842
0.62
9,466
1.21
BRAZIL 5.18%
Commercial Service-Finance
420
Cielo SA
11,342
Real Estate Operation/Development
615
Ez Tec Empreendimentos e Participacoes SA 8,375
Schools
650
Kroton Educacional SA
9,239
Water
1,155
Cia de Saneamento
Basico do Estado de Sao Paulo
11,455
CAYMAN ISLANDS 17.53%
Auto/Truck Parts & Equipment-Repair
6,200
Xinyi Glass Holdings Ltd
Auto-Cars/Light Trucks
32,000
Geely Automobile Holdings Ltd
Casino Hotels
5,000
NagaCorp Ltd
Electronic Component-Miscellaneous
2,317
AAC Technologies Holdings Inc
6,500
Truly International Holdings
Internet Application Software
216
Tencent Holdings Ltd
Internet Content-Entertainment
1,200
Giant Interactive Group Inc
202
NetEase Inc
Medical-Drugs
22,000
Sino Biopharmaceutical
Oil-Field Services
190
Eurasia Drilling Co Ltd
Real Estate Operation/Development
24,942
Country Garden Holdings Co Ltd
Research & Development
450
WuXi PharmaTech Cayman Inc
Schools
340
New Oriental Education &
Technology Group Inc
CHINA 13.82%
Auto-Cars/Light Trucks
4,811
Great Wall Motor Co Ltd
Commercial Banks Non-US
5,100
China Merchants Bank Co Ltd
Commercial Banks Non-US
43,000
Bank of China Ltd
16,388
China CITIC Bank Corp Ltd
7,500
China Construction Bank Corp
13,108
China Minsheng Banking Corp Ltd
16,573
Industrial & Commercial Bank of China Ltd
Real Estate Operation/Development
7,300
Guangzhou R&F Properties Co Ltd
CHINA, REPUBLIC OF (TAIWAN) 11.28%
Computers-Peripheral Equipment
3,046
Chicony Electronics Co Ltd
Electric Products-Miscellaneous
250
Hermes Microvision Inc
Electronic Component-Miscellaneous
4,800
Pegatron Corp
450
Phison Electronics Corp
Photo Equipment & Supplies
Largan Precision Co Ltd
540
Power Conversion/Supply Equipment
1,250
Delta Electronics Inc
Semicon Component-Integrated Circuits
4,646
Realtek Semiconductor Corp
1,613
Taiwan Semiconductor
Manufacturing Co Ltd
1.45
1.07
1.19
1.47
5,709
0.73
16,466
2.11
4,217
0.54
10,533
3,772
1.35
0.48
11,332
1.45
10,920
14,482
1.40
1.86
14,895
1.91
7,503
0.96
15,954
2.04
12,555
1.61
8,466
1.09
26,089
3.34
9,274
1.19
19,631
8,496
5,774
15,670
11,563
2.51
1.09
0.74
2.01
1.48
11,410
1.46
HONG KONG 8.75%
Casino Hotels
1,888
Galaxy Entertainment Group Ltd
Cellular Telecom
1,026
China Mobile Ltd
Computers
11,000
Lenovo Group Ltd
Electric-Generation
2,417
China Resources Power Holdings Co Ltd
Machinery Tools & Related Products
2,000
Techtronic Industries Co
Oil Company-Exploration & Production
3,301
CNOOC Ltd
Real Estate Operation/Development
4,901
China Overseas Land & Investment Ltd
INDIA 0.89%
Auto-Cars/Light Trucks
256
Tata Motors Ltd
INDONESIA 1.05% (30 September 2012: 0.00%)
Commercial Banks Non-US
4,500
Bank Rakyat Indonesia Persero Tbk PT
Real Estate Operation/Development
43,000
Bumi Serpong Damai PT
KOREA, REPUBLIC OF (SOUTH KOREA) 16.11%
Auto/Truck Parts & Equipment-Original
450
Halla Visteon Climate Control Corp
40
Hyundai Wia Corp
Auto-Cars/Light Trucks
50
Hyundai Motor Co
180
Kia Motors Corp
Casino Hotels
250
Grand Korea Leisure Co Ltd
Cellular Telecom
85
SK Telecom Co Ltd
Electronic Component-Semiconductor
21
Samsung Electronics Co Ltd
Retail-Miscellaneous/Diversified
16
CJ O Shopping Co Ltd
Rubber-Tires
140
Hankook Tire Co Ltd
65
Value
US$
% Net
Asset
7,592
0.97
7,272
0.93
6,851
3,242
0.88
0.41
18,172
2.33
6,067
0.78
11,345
1.45
27,534
3.53
13,245
1.70
11,465
1.47
11,505
1.47
5,748
0.73
5,210
0.67
6,718
0.86
14,442
1.85
6,963
0.89
2,818
0.36
5,347
0.69
17,063
6,309
2.18
0.81
11,678
10,937
1.50
1.40
8,049
1.03
17,282
2.21
26,712
3.42
5,215
0.67
7,999
1.03
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
ORIGIN GLOBAL EMERGING MARKETS FUND (continued)
ORIGIN GLOBAL EMERGING MARKETS FUND (continued)
Nominal Security
Nominal Security
Value
US$
KOREA, REPUBLIC OF (SOUTH KOREA) 16.11% (continued)
Television
200
CJ E&M Corp
7,323
Transport-Truck
20
Hyundai Glovis Co Ltd
3,918
Wireless Equipment
200
Partron Co Ltd
3,285
PANAMA 2.82%
Airlines
159
Copa Holdings SA
POLAND 0.59%
Metal-Diversified
115
KGHM Polska Miedz SA
RUSSIA 5.64%
Food-Retail
90
Magnit OJSC
Oil Company-Integrated
242
Lukoil OAO
930
Rosneft OAO
Telecom Services
600
Sistema JSFC
SOUTH AFRICA 2.25%
Cellular Telecom
463
Vodacom Group Ltd
Diversified Operations
195
Imperial Holdings Ltd
Oil Company-Integrated
160
Sasol Ltd
SWITZERLAND 0.98%
Retail-Jewelry
763
Cie Financiere Richemont SA
THAILAND 2.16%
Chemicals-Diversified
3,500
PTT Global Chemical PCL
Commercial Banks Non-US
5,500
Krung Thai Bank PCL
1,023
Siam Commercial Bank PCL
TURKEY 2.37%
Airport Development/Maintenance
650
TAV Havalimanlari Holding AS
Cellular Telecom
1,336
Turkcell Iletisim Hizmetleri AS
Oil Refining & Marketing
305
Tupras Turkiye Petrol Rafinerileri AS
UNITED KINGDOM 0.84%
Paper & Related Products
390
Mondi Plc
UNITED STATES 2.40%
Commercial Banks Non-US
930
Sberbank-Sponsored
Television
700
CTC Media Inc
22,033
% Net
Asset
Total Value of Transferable Securities at
Mid Market Prices
0.94
Adjustment from Mid Market Prices to
Bid Market Prices
0.50
0.42
Total Value of Transferable Securities at
Bid Market Prices (Cost: US$725,002)
Value
US$
% Net
Asset
753,148
96.49
(965)
(0.12)
752,183
96.37
Open Forward Foreign Exchange Contracts 0.00% (30 September 2012: 0.00%)
2.82
4,582
0.59
5,611
0.72
Settlement
Date
02/10/2013
02/10/2013
02/10/2013
02/10/2013
02/10/2013
03/10/2013
Buy
15,464
7,505
1.98
0.96
Total Gain on Forward Foreign Exchange Contracts
Total Loss on Forward Foreign Exchange Contracts
15,450
1.98
Total Foreign Currency Exchange Contracts
USD
USD
USD
USD
USD
USD
Amount
Bought
75
128
26
28
96
202
Sell
HKD
HKD
HKD
HKD
HKD
HKD
Amount Unrealised
Sold Gain/Loss
(579)
0
(991)
0
(200)
0
(220)
0
(748)
0
(1,566)
(0)
% Net
Assets
0.00
0.00
0.00
0.00
0.00
(0.00)
0
(0)
0.00
(0.00)
-
(0.00)
Open Spot Currency Contracts 0.00% (30 September 2012: 0.00%)
5,712
0.73
4,196
0.54
Settlement Buy
Date
01/10/2013 USD
Amount
Bought
53
Sell
7,644
0.98
Total Loss on Forward Foreign Exchange Contracts
HKD
Amount Unrealised
Sold Gain/Loss
(536)
(0)
Total Foreign Currency Exchange Contracts
% Net
Assets
(0.00)
(0)
(0.00)
-
(0.00)
7,020
21,302
0.90
2.73
7,615
0.98
8,336
1.07
3,429
5,085
0.44
0.65
Analysis of Total Assets
4,258
0.55
Transferable Securities and Money Market Instruments
admitted to an official stock exchange listing or traded
on a regulated market
7,800
1.00
Other Assets
5.81
6,435
0.82
Total Assets
100.00
6,558
Cash
Net Current Assets
Net Assets Attributable to Holders
of Redeemable Participating Units
at Mid Market Prices
780,505 100.00%
% of Total Assets
94.19
All securities are transferable securities admitted to an official stock
exchange listing.
0.84
Origin Global Emerging Markets Fund was launced on 17 April 2013.
11,160
1.43
7,539
0.97
The counterparty for the open foreign exchange contracts is The Bank of
New York Mellon.
The counterparty for the spot currency contracts is The Bank of New
York Mellon.
66
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
ORIGIN GLOBAL EQUITY FUND
Nominal Security
ORIGIN GLOBAL EQUITY FUND (continued)
Value
US$
% Net
Asset
Nominal Security
TRANSFERABLE SECURITIES 98.07%
BERMUDA 0.61%
Appliances
59,341
Haier Electronics Group Co Ltd
HONG KONG 1.80% (continued)
Real Estate Operation/Development
70,000
China Overseas Land & Investment Ltd
114,945
CANADA 2.44%
Auto/Truck Parts & Equipment-Original
2,500
Magna International Inc
208,408
Medical-Drugs
2,360
Valeant Pharmaceuticals International Inc 247,078
CAYMAN ISLANDS 3.84%
Auto-Cars/Light Trucks
156,000
Geely Automobile Holdings Ltd
Electronic Component-Miscellaneous
42,400
AAC Technologies Holdings Inc
Internet Content-Entertainment
11,500
Giant Interactive Group Inc
2,029
NetEase Inc
Medical-Drugs
141,000
Sino Biopharmaceutical
Real Estate Operation/Development
154,000
Country Garden Holdings Co Ltd
CHINA 3.71%
Auto-Cars/Light Trucks
42,828
Great Wall Motor Co Ltd
Commercial Banks Non-US
510,000
Bank of China Ltd
125,730
China Minsheng Banking Corp Ltd
Real Estate Operation/Development
50,000
Guangzhou R&F Properties Co Ltd
CHINA, REPUBLIC OF (TAIWAN) 2.55%
Electronic Component-Miscellaneous
54,000
Pegatron Corp
Photo Equipment & Supplies
4,400
Largan Precision Co Ltd
Semicon Component-Integrated Circuits
14,690
Taiwan Semiconductor
Manufacturing Co Ltd
FRANCE 1.75%
Aerospace/Defense
730
Zodiac Aerospace
Computers-Integrated Systems
2,950
Ingenico
GERMANY 4.30%
Auto-Cars/Light Trucks
1,600
Daimler AG
Reinsurance
2,427
Hannover Rueck SE
Rubber-Tires
2,106
Continental AG
Telephone-Integrated
6,080
Freenet AG
HONG KONG 1.80%
Computers
124,000
Lenovo Group Ltd
IRELAND 1.75%
Computers-Memory Devices
2,350
Seagate Technology Plc
Medical-Drugs
2,500
Jazz Pharmaceuticals Plc
0.61
1.12
JAPAN 13.14%
Chemicals-Diversified
6,837
Nissan Chemical Industries Ltd
3,300
Nitto Denko Corp
Commercial Banks Non-US
3,500
Sumitomo Mitsui Financial Group Inc
Computer Services
5,515
Nomura Research Institute Ltd
Computers
16,000
Wacom Co Ltd/Japan
Computers-Integrated Systems
850
Otsuka Corp
Engineering/Research & Development Services
5,889
COMSYS Holdings Corp
2,600
JGC Corp
Medical Instruments
2,200
Nihon Kohden Corp
Medical-Drugs
3,414
Astellas Pharma Inc
1,917
Miraca Holdings Inc
6,800
Shionogi & Co Ltd
Retail-Automobile
7,980
USS Co Ltd
Rubber-Tires
5,630
Bridgestone Corp
Telephone-Integrated
6,800
KDDI Corp
Toys
9,000
Namco Bandai Holdings Inc
1.32
80,271
0.43
192,747
1.03
104,650
145,459
0.56
0.78
95,465
0.51
98,507
0.53
232,251
1.24
232,829
150,308
1.25
0.80
78,151
0.42
77,072
0.42
148,071
0.79
250,758
1.34
114,760
0.61
212,941
1.14
0.66
177,679
0.95
355,951
1.91
145,443
0.78
129,690
% Net
Asset
206,276
1.10
102,248
0.55
224,450
1.20
103,270
215,646
0.55
1.16
169,837
0.91
192,321
1.03
153,643
0.82
108,831
0.58
82,386
94,125
0.44
0.51
90,331
0.48
174,567
85,866
143,323
0.93
0.46
0.77
115,964
0.62
205,832
1.10
350,483
1.88
168,891
0.90
KOREA, REPUBLIC OF (SOUTH KOREA) 2.32%
Auto-Cars/Light Trucks
2,200
Kia Motors Corp
133,678
Cellular Telecom
970
SK Telecom Co Ltd
197,218
Electronic Component-Semiconductor
162
Samsung Electronics Co Ltd
103,315
NORWAY 0.96%
Commercial Banks Non-US
11,600
DNB ASA
124,047
Value
US$
PANAMA 0.50%
Airlines
670
Copa Holdings SA
SWEDEN 0.93%
Commercial Banks Non-US
7,540
Swedbank AB
0.70
67
0.71
1.06
0.55
179,418
0.96
92,842
0.50
173,258
0.93
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
ORIGIN GLOBAL EQUITY FUND (continued)
Nominal Security
SWITZERLAND 3.03%
Diversified Banking Institutions
3,073
Credit Suisse Group AG
Engineering/Research & Development Services
6,900
ABB Ltd
Life/Health Insurance
480
Swiss Life Holding AG
Medical-Drugs
1,500
Actelion Ltd
Retail-Jewelry
1,150
Cie Financiere Richemont SA
UNITED KINGDOM 6.35%
Aerospace/Defense
11,790
Meggitt Plc
Building-Residential/Commercial
4,300
Bellway Plc
5,300
Berkeley Group Holdings Plc
6,470
Persimmon Plc
92,838
Taylor Wimpey Plc
Finance-Other Services
4,500
London Stock Exchange Group Plc
Gambling (Non-Hotel)
35,071
William Hill Plc
Investment Management/Advisory Service
18,150
Aberdeen Asset Management Plc
Travel Services
42,000
Thomas Cook Group Plc
UNITED STATES 48.09%
Aerospace/Defense
1,360
Teledyne Technologies Inc
2,400
Triumph Group Inc
Auto/Truck Parts & Equipment-Original
2,800
Lear Corp
Batteries/Battery System
2,026
EnerSys Inc
Commercial Service-Finance
1,135
Alliance Data Systems Corp
Computer Services
962
Syntel Inc
Computers
297
Apple Inc
Computers-Memory Devices
2,300
NetApp Inc
1,600
SanDisk Corp
2,170
Western Digital Corp
Computers-Peripheral Equipment
2,300
Synaptics Inc
Diversified Banking Institutions
1,600
Goldman Sachs Group Inc
5,400
JPMorgan Chase & Co
Diversified Manufacturing Operations
1,810
Dover Corp
2,100
Trinity Industries Inc
Electric Products-Miscellaneous
4,175
AMETEK Inc
Electronic Component-Miscellaneous
2,700
Plexus Corp
Electronic Design Automation
4,566
Mentor Graphics Corp
4,570
Synopsys Inc
Value
US$
ORIGIN GLOBAL EQUITY FUND (continued)
% Net
Asset
93,013
0.50
162,430
0.87
90,883
0.49
105,137
0.56
114,842
0.61
104,550
0.56
91,126
175,754
113,256
149,132
0.49
0.94
0.60
0.80
112,518
0.60
228,860
1.23
110,759
0.59
101,082
0.54
115,342
168,552
0.62
0.90
201,208
1.08
122,674
0.66
237,533
1.27
76,719
0.41
143,377
0.77
97,934
95,904
137,404
0.52
0.51
0.74
100,096
0.54
255,760
282,096
1.37
1.51
161,742
94,962
0.86
0.51
190,547
1.02
99,630
0.53
105,703
171,878
0.56
0.92
Nominal Security
UNITED STATES 48.09% (continued)
Electronic Measuring Instruments
3,300
FLIR Systems Inc
3,200
Trimble Navigation Ltd
Finance-Credit Card
3,630
Discover Financial Services
560
Visa Inc
Healthcare
2,830
Aetna Inc
Cigna Corp
2,950
1,600
Humana Inc
Investment Management/Advisory Service
750
BlackRock Inc
5,000
Eaton Vance Corp
8,400
WisdomTree Investments Inc
Life/Health Insurance
2,630
Aflac Inc
2,900
Lincoln National Corp
3,200
Protective Life Corp
1,720
Torchmark Corp
Machinery-Farm
3,800
AGCO Corp
1,700
Lindsay Corp
Machinery-General Industry
1,855
Applied Industrial Technologies Inc
730
Middleby Corp
830
Roper Industries Inc
Medical Products
850
Cooper Cos Inc
Medical-Biomedical/Genetics
1,180
Celgene Corp
2,734
United Therapeutics Corp
Medical-Wholesale Drug Distribution
1,671
McKesson Corp
Multilevel Direct Selling
1,810
Nu Skin Enterprises Inc
Multi-Line Insurance
2,500
Allstate Corp
2,000
MetLife Inc
Networking Products
6,530
Cisco Systems Inc
Oil Company-Exploration & Production
2,200
SM Energy Co
Oil Company-Integrated
1,191
Chevron Corp
Oil & Gas Drilling
1,400
Helmerich & Payne Inc
Oil-Field Services
4,800
Halliburton Co
Paper & Related Products
2,000
Schweitzer-Mauduit International Inc
Printing-Commercial
2,394
Deluxe Corp
Property/Casualty Insurance
2,970
Amtrust Financial Services Inc
Recreational Vehicles
1,580
Polaris Industries Inc
Retail-Drug Store
1,600
CVS Caremark Corp
Semicon Component-Integrated Circuits
4,541
QUALCOMM Inc
68
Value
US$
% Net
Asset
103,356
95,776
0.56
0.51
186,183
108,108
0.99
0.58
182,478
229,068
150,208
0.98
1.23
0.80
203,212
195,550
95,676
1.09
1.05
0.51
163,612
122,235
138,176
125,285
0.88
0.65
0.74
0.67
232,636
140,114
1.24
0.75
95,180
153,475
110,747
0.51
0.82
0.59
110,950
0.59
182,440
215,220
0.98
1.15
216,044
1.16
178,756
0.96
127,675
94,420
0.68
0.51
152,475
0.82
170,434
0.91
146,064
0.78
96,698
0.52
232,272
1.24
120,720
0.65
98,681
0.53
115,949
0.62
202,556
1.08
92,480
0.49
305,973
1.64
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
ORIGIN GLOBAL EQUITY FUND (continued)
Nominal Security
Value
US$
UNITED STATES 48.09% (continued)
Super-Regional Banks-US
3,400
Wells Fargo & Co
Telecom Services
1,800
NeuStar Inc
Telecommunication Equipment
5,000
ARRIS Group Inc
Tools-Hand Held
1,200
Snap-on Inc
ORIGIN GLOBAL SMALLER COMPANIES FUND
% Net
Asset
Nominal Security
141,406
0.76
89,298
0.48
85,050
0.45
119,664
0.64
18,324,203
98.07
Adjustment from Mid Market Prices to
Bid Market Prices
Total Value of Transferable Securities at
Bid Market Prices (Cost: US$16,591,845)
(10,885)
(0.06)
18,313,318
98.01
Amount Unrealised
Sold Gain/Loss
% Net
Assets
(3,127)
(1,410)
(6,788)
(10,600)
(43)
(0)
(0)
(0)
(0.00)
(0.00)
(0.00)
(0.00)
Total Loss on Forward Foreign Exchange Contracts
(43)
(0.00)
Total Foreign Currency Exchange Contracts
(43)
(0.00)
373,625
(2,706)
2.00
(0.01)
01/10/2013
02/10/2013
02/10/2013
02/10/2013
Sell
5,008
182
875
1,367
GBP
HKD
HKD
HKD
USD
USD
USD
USD
110,612
0.36
102,458
0.33
131,499
0.43
162,189
0.53
152,891
0.49
BERMUDA 0.41%
Appliances
66,000
Haier Electronics Group Co Ltd
127,843
0.41
BRITISH VIRGIN ISLANDS 0.46%
Industrial Automat/Robot
9,523
Hollysys Automation Technologies Ltd
141,036
0.46
139,884
0.45
114,602
0.37
121,486
0.40
132,643
0.43
113,938
0.37
124,384
0.40
131,832
108,463
0.43
0.35
159,361
0.52
149,076
0.48
127,474
0.41
126,080
0.41
118,288
0.38
169,545
0.55
117,572
0.38
192,377
0.62
113,589
0.37
AUSTRALIA 2.14%
Engineering/Research & Development Services
33,143
RCR Tomlinson Ltd
Mining Services
10,083
Mineral Resources Ltd
Retail-Consumer Electronics
6,733
JB Hi-Fi Ltd
Travel Services
3,602
Flight Centre Ltd
Web Portals/ISP
26,624
iiNET Ltd
Open Forward Foreign Exchange Contracts (0.00%)
(30 September 2012: 0.00%)
Amount
Bought
% Net
Asset
TRANSFERABLE SECURITIES 97.44%
Total Value of Transferable Securities at
Mid Market Prices
Settlement Buy
Date
Value
US$
Cash
Net Current Liabilities
Net Assets Attributable to Holders
of Redeemable Participating Units
at Mid Market Prices
CANADA 1.22%
Enterprise Software/Services
1,853
Open Text Corp
Financial Guarantee Insurance
4,041
Genworth MI Canada Inc
Multimedia
5,150
Quebecor Inc
CAYMAN ISLANDS 4.73%
Auto/Truck Parts & Equipment-Repair
144,053
Xinyi Glass Holdings Ltd
Auto-Cars/Light Trucks
221,428
Geely Automobile Holdings Ltd
Consumer Products-Miscellaneous
16,445
Biostime International Holdings Ltd
Electronic Component-Miscellaneous
29,000
AAC Technologies Holdings Inc
186,898
Truly International Holdings
Electronic Measuring Instruments
262,918
Wasion Group Holdings Ltd
Medical-Drugs
220,184
Sino Biopharmaceutical
Oil-Field Services
3,228
Eurasia Drilling Co Ltd
Satellite Telecom
337,121
China All Access Holdings Ltd
Textile-Apparel
65,610
Texhong Textile Group Ltd
Wireless Equipment
424,090
China Wireless Technologies Ltd
18,684,194 100.00%
Analysis of Total Assets
% of Total Assets
Transferable Securities and Money Market Instruments
admitted to an official stock exchange listing or traded
on a regulated market
Financial Derivative instruments dealt in or on a
regulated market
97.89
–
Other Assets
2.11
Total Assets
100.00
The counterparty for the foreign currency contracts is The Bank of New
York Mellon.
CHINA 0.38%
Applications Software
146,336
Travelsky Technology Ltd
All securities are transferable securities admitted to an official stock
exchange listing.
CHINA, REPUBLIC OF (TAIWAN) 3.30%
Circuit Boards
116,082
Taiflex Scientific Co Ltd
Computers
20,293
Advantech Co Ltd
Origin Global Equity Fund was launced on 17 April 2013.
69
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
ORIGIN GLOBAL SMALLER COMPANIES FUND (continued)
ORIGIN GLOBAL SMALLER COMPANIES FUND (continued)
Nominal Security
Nominal Security
Value
US$
CHINA, REPUBLIC OF (TAIWAN) 3.30% (continued)
Electric Products-Miscellaneous
5,472
Hermes Microvision Inc
159,161
Electronic Component-Miscellaneous
27,787
Actron Technology Corp
107,137
Metal Processors & Fabricators
31,437
Catcher Technology Co Ltd
166,398
Photo Equipment & Supplies
5,211
Largan Precision Co Ltd
175,363
Semicon Component-Integrated Circuits
21,192
Tong Hsing Electronic Industries Ltd
105,003
DENMARK 0.95%
Retail-Jewelry
7,148
Pandora A/S
FRANCE 2.02%
Audio/Video Products
29,607
Technicolor SA
Auto/Truck Parts & Equipment-Original
6,762
Plastic Omnium SA
Computers-Integrated Systems
2,377
Ingenico
Medical-Drugs
3,352
Ipsen SA
GERMANY 5.40%
Computer Services
7,141
CANCOM SE
Consulting Services
913
Bertrandt AG
Energy-Alternate Sources
26,320
PNE Wind AG
Gambling (Non-Hotel)
1,925
Tipp24 SE
Lasers-Systems/Components
10,081
LPKF Laser & Electronics AG
Machinery Tools & Related Products
6,083
Gildemeister AG
Machinery-General Industry
5,450
Duerr AG
Telecom Services
30,493
QSC AG
Telephone-Integrated
7,353
Freenet AG
GIBRALTAR 0.38%
Internet Gambling
43,655
888 Holdings Plc
HONG KONG 0.57%
Advertising Services
202,674
SinoMedia Holding Ltd
IRELAND 0.68%
Medical-Drugs
2,341
Jazz Pharmaceuticals Plc
ISLE OF MAN 0.39%
Computer Software
10,030
Playtech Plc
293,177
% Net
Asset
0.51
0.35
0.54
0.34
0.95
0.49
170,704
0.55
171,580
0.56
128,333
0.42
226,014
0.73
112,444
0.36
114,766
0.37
124,998
0.41
187,806
0.61
163,499
0.53
396,122
1.28
165,895
0.54
175,896
0.57
176,166
210,175
119,158
JAPAN 13.32%
Auto/Truck Parts & Equipment-Original
4,419
FCC Co Ltd
Showa Corp
9,887
3,981
TS Tech Co Ltd
Building-Residential/Commercial
3,100
Hajime Construction Co Ltd
Building & Construction Production-Miscellaneous
11,917
Totetsu Kogyo Co Ltd
Casino Services
2,309
Sankyo Co Ltd
Chemicals-Diversified
8,600
Nissan Chemical Industries Ltd
Computers
14,000
Wacom Co Ltd/Japan
Computers-Integrated Systems
1,300
Otsuka Corp
Consulting Services
2,646
Nihon M&A Center Inc
Cosmetics & Toiletries
4,200
Pigeon Corp
E-Commerce/Services
6,743
Gurunavi Inc
Electronic Component-Miscellaneous
2,394
Enplas Corp
16,733
Fujitsu General Ltd
Electronic Connectors
6,623
Iriso Electronics Co Ltd
17,099
Japan Aviation Electronics Industry Ltd
E-Marketing/Information
3,900
CyberAgent Inc
Engineering/Research & Development Services
8,675
COMSYS Holdings Corp
Health Care Services
3,721
BML Inc
Internet Content-Information/News
57
M3 Inc
Medical Instruments
4,047
Nihon Kohden Corp
Real Estate Management/Services
7,846
Arnest One Corp
Toys
6,300
Namco Bandai Holdings Inc
Travel Services
2,636
HIS Co Ltd
Web Portals/ISP
17,300
GMO internet Inc
0.57
152,281
116,436
ISRAEL 0.78%
Aerospace/Defense
2,377
Elbit Systems Ltd
Chemicals-Specialty
6,227
Frutarom Industries Ltd
0.38
0.57
JERSEY 0.83%
Investment Management/Advisory Service
48,039
Henderson Group Plc
Oil-Field Services
14,194
Kentz Corp Ltd
0.68
0.39
70
Value
US$
% Net
Asset
128,928
0.42
112,026
0.36
102,222
133,263
157,147
0.33
0.43
0.51
200,992
0.65
268,234
0.87
113,224
0.37
129,899
0.42
134,438
0.44
166,447
0.54
203,486
0.66
207,025
0.67
122,813
0.40
152,280
193,366
0.49
0.63
268,212
198,120
0.87
0.64
108,164
0.35
121,362
0.39
122,340
0.40
158,377
0.51
166,168
0.54
185,348
0.60
118,224
0.38
154,734
0.50
225,748
0.73
145,879
0.47
109,560
0.36
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
ORIGIN GLOBAL SMALLER COMPANIES FUND (continued)
ORIGIN GLOBAL SMALLER COMPANIES FUND (continued)
Nominal Security
Nominal Security
Value
US$
KOREA, REPUBLIC OF (SOUTH KOREA) 2.90%
Applications Software
12,787
Infraware Inc
138,022
Electronic Component-Miscellaneous
7,608
KH Vatec Co Ltd
190,435
Lighting Products & Systems
19,180
Lumens Co Ltd
157,948
Metal Processors & Fabricators
3,996Sung Kwang Bend Co Ltd
113,409
Retail-Miscellaneous/Diversified
531
GS Home Shopping Inc
122,933
Wireless Equipment
10,403
Partron Co Ltd
170,854
% Net
Asset
0.45
0.62
0.51
0.37
0.40
0.55
MALAYSIA 0.71%
Disposable Medical Products
105,455
Kossan Rubber Industries
220,002
0.71
NETHERLANDS 0.36%
Applications Software
15,831
TomTom NV
111,004
0.36
NORWAY 0.60%
Fisheries
16,002
Salmar ASA
POLAND 1.12%
Television
28,131
Cyfrowy Polsat SA
33,961
TVN SA
SOUTH AFRICA 0.88%
Chemicals-Specialty
6,732
Omnia Holdings Ltd
Investment Management/Advisory Service
20,429
Coronation Fund Managers Ltd
SWEDEN 0.37%
Diversified Manufacturing Operations
2,988
Indutrade AB
SWITZERLAND 2.10%
Enterprise Software/Services
4,837
Temenos Group AG
Life/Health Insurance
830
Swiss Life Holding AG
Machinery-General Industry
661
Bucher Industries AG
Wireless Equipment
2,462
U-Blox AG
THAILAND 0.89%
Electronic Component-Miscellaneous
174,741
Delta Electronics Thailand PCL
UNITED KINGDOM 8.87%
Aerospace/Defense
39,605
Cobham Plc
Audio/Video Products
40,008
Pace Plc
183,632
192,291
152,153
0.60
0.63
0.49
133,368
0.43
138,560
0.45
115,287
UNITED STATES 40.68%
Aerospace/Defense
12,875
Kratos Defense & Security Solutions Inc
1,250
Teledyne Technologies Inc
Aerospace/Defense
1,625
Alliant Techsystems Inc
4,018
Astronics Corp
2,088
B/E Aerospace Inc
1,400
Triumph Group Inc
Alternative Waste Technology
8,627
Darling International Inc
Apparel Manufacturers
2,100
G-III Apparel Group Ltd
Applications Software
2,920
Verint Systems Inc
Audio/Video Products
4,815
Universal Electronics Inc
Auto/Truck Parts & Equipment-Original
6,429
Gentherm Inc
Auto/Truck Parts & Equipment-Repair
4,058
Dorman Products Inc
Batteries/Battery System
2,245
EnerSys Inc
Chemicals-Diversified
2,468
Innospec Inc
1,400
Westlake Chemical Corp
0.37
118,087
0.38
157,153
0.51
168,235
0.54
206,153
0.67
275,127
UNITED KINGDOM 8.87% (continued)
Building-Residential/Commercial
6,887
Bellway Plc
4,195
Berkeley Group Holdings Plc
114,396
Taylor Wimpey Plc
Computers-Peripheral Equipment
8,979
Xaar Plc
Decision Support Software
369,601
Innovation Group Plc
Distribution/Wholesale
22,818
Diploma Plc
Diversified Manufacturing Operations
26,270
Senior Plc
E-Services/Consulting
4,423
Quindell Portfolio Plc
Finance-Investment Banker/Broker
31,641
Brewin Dolphin Holdings Plc
17,239 I CAP Plc
Finance-Other Services
5,095
London Stock Exchange Group Plc
Food-Miscellaneous/Diversified
6,339
Cranswick Plc
Gambling (Non-Hotel)
29,313
William Hill Plc
Instruments-Controls
3,321
Rotork Plc
Internet Gambling
6,615
Betfair Group Plc
Investment Management/Advisory Service
19,569
Jupiter Fund Management Plc
Semicon Component-Integrated Circuits
14,323
CSR Plc
Wire & Cable Products
25,696
HellermannTyton Group Plc
0.89
183,408
0.59
165,260
0.54
71
Value
US$
% Net
Asset
145,950
139,111
183,762
0.47
0.45
0.60
114,351
0.37
176,114
0.57
237,726
0.77
113,999
0.37
1,175
0.00
137,634
103,501
0.45
0.33
127,396
0.41
119,592
0.39
191,285
0.62
144,727
0.47
109,947
0.36
114,930
0.37
118,105
0.38
111,135
0.36
108,923
106,012
0.35
0.35
159,624
200,096
154,074
98,322
0.51
0.65
0.50
0.32
176,681
0.57
114,513
0.37
108,624
0.35
175,314
0.57
125,044
0.41
201,601
0.65
135,935
0.44
112,467
146,650
0.36
0.48
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
ORIGIN GLOBAL SMALLER COMPANIES FUND (continued)
ORIGIN GLOBAL SMALLER COMPANIES FUND (continued)
Nominal Security
Nominal Security
UNITED STATES 40.68% (continued)
Computer Services
1,644
CACI International Inc
2,841
j2 Global Inc
1,331
Syntel Inc
Computer Software
3,769
SS&C Technologies Holdings Inc
Computers-Integrated Systems
16,200
Brocade Communications Systems Inc
Computers-Peripheral Equipment
2,876
Synaptics Inc
Consulting Services
1,973
Towers Watson & Co
Consumer Products-Miscellaneous
5,516
Prestige Brands Holdings Inc
Cosmetics & Toiletries
4,990
Inter Parfums Inc
Data Processing/Management
4,735
CSG Systems International Inc
Distribution/Wholesale
4,929
Ingram Micro Inc
1,653
MWI Veterinary Supply Inc
Diversified Manufacturing Operations
4,534
GP Strategies Corp
2,336
Trinity Industries Inc
Electronic Component-Miscellaneous
3,116
Plexus Corp
Electronic Component-Semiconductor
8,852
Applied Micro Circuits Corp
Electronic Design Automation
5,279
Mentor Graphics Corp
2,698
Synopsys Inc
Electronic Measuring Instruments
3,952
FLIR Systems Inc
3,543
Measurement Specialties Inc
Engineering/Research & Development Services
1,856
URS Corp
Enterprise Software/Services
3,650
Advent Software Inc
Finance-Consumer Loans
1,911Portfolio Recovery Associates Inc
Finance-Investment Banker/Broker
3,505
Evercore Partners Inc
8,494
Investment Technology Group Inc
Finance-Management Loan/Banker
2,054
Nationstar Mortgage Holdings Inc
Finance-Other Services
3,204
CBOE Holdings Inc
1,289
Outerwall Inc
Firearms & Ammunition
9,500
Smith & Wesson Holding Corp
Footwear & Related Apparel
4,468
Iconix Brand Group Inc
Gambling (Non-Hotel)
4,563
Pinnacle Entertainment Inc
Health Care Facilities
3,284
Ensign Group Inc
Health Care Services
3,858
Bio-Reference Labs Inc
1,271
MEDNAX Inc
Housewares
5,237
Libbey Inc
Value
US$
% Net
Asset
113,781
140,857
106,147
0.37
0.46
0.34
145,107
0.47
132,516
0.43
125,164
0.41
213,400
0.69
166,914
0.54
150,349
0.49
117,996
0.38
112,627
247,537
0.37
0.80
120,332
105,634
0.39
0.34
114,980
0.37
111,978
0.36
122,209
101,472
0.39
0.33
123,776
192,208
0.40
0.62
100,076
0.32
116,763
0.38
113,876
0.37
176,161
135,989
0.57
0.44
116,770
0.38
145,333
65,855
0.47
0.21
106,685
0.35
147,623
0.48
114,623
0.37
135,695
0.44
116,280
126,871
0.38
0.41
123,803
0.40
UNITED STATES 40.68% (continued)
Human Resources
6,165
On Assignment Inc
Investment Management/Advisory Service
2,602
Eaton Vance Corp
15,157
Fortress Investment Group LLC
2,458
Waddell & Reed Financial Inc
10,753
WisdomTree Investments Inc
Life/Health Insurance
Protective Life Corp
2,686
Machinery-General Industry
3,350
DXP Enterprises Inc
993
Middleby Corp
2,070
Wabtec Corp/DE
Medical Products
6,661
Cantel Medical Corp
Medical-Biomedical/Genetics
1,639
United Therapeutics Corp
Medical-Drugs
7,511
Santarus Inc
Miscellaneous Manufacturing
3,799Trimas Corp
Multilevel Direct Selling
2,598Nu Skin Enterprises Inc
Multi-Line Insurance
2,403
Assurant Inc
Networking Products
2,167
Anixter International Inc
Oil Field Machinery & Equipment
6,354
Flotek Industries Inc
Oil-Field Services
15,001
Newpark Resources Inc
Patient Monitoring Equipment
4,222
Masimo Corp
Pipelines
5,244
Primoris Services Corp
Poultry
1,719
Sanderson Farms Inc
Power Conversion/Supply Equipment
3,055
Generac Holdings Inc
Printing-Commercial
3,271
Deluxe Corp
Property/Casualty Insurance
3,280
Amtrust Financial Services Inc
5,356
HCI Group Inc
Radio
21,532
Cumulus Media Inc
Semicon Component-Integrated Circuits
13,008
MaxLinear Inc
Semiconductor Equipment
7,581
Magnachip Semiconductor Corp
Telecom Equipment Fiber Optics
4,777
Finisar Corp
Telecom Services
13,605
Inteliquent Inc
2,600
NeuStar Inc
Therapeutics
2,166
Questcor Pharmaceuticals Inc
Tools-Hand Held
1,223
Snap-on Inc
Transport-Equipment & Leasing
6,763
Greenbrier Cos Inc
72
Value
US$
% Net
Asset
204,986
0.66
101,764
122,317
127,496
122,477
0.33
0.40
0.41
0.40
115,981
0.38
261,669
208,768
129,499
0.85
0.67
0.42
203,827
0.66
129,022
0.42
171,777
0.56
141,665
0.46
256,578
0.83
130,483
0.42
188,724
0.61
145,189
0.47
188,413
0.61
112,010
0.36
132,726
0.43
112,388
0.36
131,426
0.43
134,831
0.44
128,051
223,131
0.42
0.72
115,196
0.37
106,275
0.34
165,342
0.54
111,925
0.36
130,064
128,986
0.42
0.42
123,245
0.40
121,958
0.40
165,694
0.54
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
ORIGIN GLOBAL SMALLER COMPANIES FUND (continued)
LONG/SHORT GLOBAL OPPORTUNITIES EQUITY FUND
Nominal Security
Nominal Security
Value
US$
UNITED STATES 40.68% (continued)
Vitamins & Nutrition Production
3,082
USANA Health Sciences Inc
Web Hosting/Design
8,688
Web.com Group Inc
Wire & Cable Products
8,741
Coleman Cable Inc
% Net
Asset
268,750
0.87
277,060
0.90
185,047
0.60
30,075,428
97.44
Adjustment from Mid Market Prices to
Bid Market Prices
Total Value of Transferable Securities at
Bid Market Prices (Cost: US$25,962,073)
(37,201)
(0.12)
30,038,227
97.32
CANADA 6.08%
Commercial Banks Non-US
1,800
Royal Bank of Canada
Oil Company-Exploration & Production
3,500
Canadian Natural Resources Ltd
Oil Company-Integrated
3,700
Husky Energy Inc
Real Estate Operation/Development
3,200
Brookfield Asset Management Inc
CHINA 0.51%
Electric-Generation
38,000
Huaneng Power International Inc
DENMARK 2.80%
Medical-Drugs
443
Novo Nordisk A/S
Telephone-Integrated
15,718
TDC A/S
Open Forward Foreign Exchange Contracts (0.00%) (30 September 2012: 0.00%)
Buy
USD
USD
USD
USD
USD
USD
Amount
Bought
3,964
960
2,741
284
935
1,750
Sell
GBP
GBP
AUD
HKD
HKD
JPY
Amount Unrealised
Sold Gain/Loss
(2,475)
(34)
(599)
(8)
(2,929)
11
(2,202)
0
(7,250)
(0)
(172,707)
(17)
% Net
Assets
(0.00)
(0.00)
0.00
0.00
(0.00)
(0.00)
Total Gains on Forward Foreign Exchange Contracts
Total Loss on Forward Foreign Exchange Contracts
11
(59)
0.00
(0.00)
Total Foreign Currency Exchange Contracts
(48)
(0.00)
830,012
(1,323)
2.68
–
Cash
Net Current Liabilities
Net Assets Attributable to Holders
of Redeemable Participating Units
at Mid Market Prices
Analysis of Total Assets
% Net
Asset
116,226
1.57
110,179
1.49
106,996
1.44
117,534
1.58
37,930
0.51
74,745
1.01
133,169
1.79
133,260
1.80
99,300
1.34
70,101
0.94
93,907
1.27
81,424
1.10
48,460
0.65
49,814
0.67
118,989
1.61
63,288
0.85
68,587
0.92
153,731
2.07
96,951
1.31
38,076
0.51
39,838
0.54
44,951
0.61
TRANSFERABLE SECURITIES 97.28%
Total Value of Transferable Securities at
Mid Market Prices
Settlement
Date
01/10/2013
01/10/2013
01/10/2013
02/10/2013
02/10/2013
02/10/2013
Value
US$
FRANCE 4.08%
Advertising Services
1,680
Publicis Groupe SA
Electronics-Military
1,625
Safran SA
Multi-Line Insurance
3,016
AXA SA
GERMANY 3.02%
Auto-Cars/Light Trucks
1,205
Daimler AG
Diversified Manufacturing Operations
677
Siemens AG
Transport-Services
1,465
Deutsche Post AG
30,866,868 100.00%
HONG KONG 0.67%
Diversified Operations
58,000
Guangdong Investment Ltd
% of Total Assets
Transferable Securities and Money Market Instruments
admitted to an official stock exchange listing or traded
on a regulated market
Financial Derivative instruments dealt in or on a
regulated market
IRELAND 2.46%
Computer Services
1,606
Accenture Plc
Paper & Related Products
2,796
Smurfit Kappa Group Plc
97.32
–
Other Assets
2.68
Total Assets
100.00
JAPAN 11.98%
Audio/Video Products
3,200
Sony Corp
Auto-Cars/Light Trucks
2,400
Toyota Motor Corp
Commercial Banks Non-US
2,000
Sumitomo Mitsui Financial Group Inc
Electric-Integrated
6,100Tokyo Electric Power Co Inc
Electronic Component-Miscellaneous
1,100
Omron Corp
Finance-Investment Banker/Broker
5,000
Daiwa Securities Group Inc
The counterparty for the foreign currency contracts is The Bank of New
York Mellon.
All securities are transferable securities admitted to an official stock
exchange listing.
Origin Global Smaller Companies Fund was launced on 17 April 2013.
73
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
LONG/SHORT GLOBAL OPPORTUNITIES EQUITY FUND (continued)
LONG/SHORT GLOBAL OPPORTUNITIES EQUITY FUND (continued)
Nominal Security
Nominal Security
JAPAN 11.98% (continued)
Forestry
2,900
Sumitomo Forestry Co Ltd
Medical-Generic Drugs
500
Sawai Pharmaceutical Co Ltd
Real Estate Operation/Development
2,000
Mitsui Fudosan Co Ltd
Telephone-Integrated
1,300
Softbank Corp
Tobacco
5,300
Japan Tobacco Inc
Transport-Truck
3,000
Seino Holdings Co Ltd
JERSEY 1.97%
Medical-Drugs
3,652
Shire Plc
Value
US$
31,523
0.43
35,194
0.47
67,324
0.91
90,177
1.22
191,132
2.58
30,648
0.41
146,242
KOREA, REPUBLIC OF (SOUTH KOREA) 2.78%
Cellular Telecom
268
SK Telecom Co Ltd
54,489
Electronic Component-Semiconductor
119
Samsung Electronics Co Ltd
151,370
MALAYSIA 0.62%
Electric-Integrated
16,500
Tenaga Nasional Bhd
NETHERLANDS 2.50%
Aerospace/Defense
1,360
European Aeronautic
Defence and Space Co NV
Chemicals-Diversified
1,355
LyondellBasell Industries NV
SWEDEN 0.97%
Commercial Banks Non-US
3,126
Swedbank AB
SWITZERLAND 3.87%
Electronic Security Devices
3,208
Tyco International Ltd
Medical-Drugs
654
Roche Holding AG
UNITED KINGDOM 5.02%
Building-Residential/Commercial
9,117
Barratt Developments Plc
Chemicals-Diversified
930
Johnson Matthey Plc
Commercial Banks Non-US
35,510
Lloyds Banking Group Plc
Life/Health Insurance
4,059
Prudential Plc
Television
18,790
ITV Plc
Tobacco
2,159
British American Tobacco Plc
% Net
Asset
UNITED STATES 47.95%
Agricultural Chemicals
751
Monsanto Co
Appliances
384
Whirlpool Corp
Building Production-Air & Heating
836
Lennox International Inc
Cable TV
3,590
Comcast Corp
Commer Banks-Southern US
7,954
Regions Financial Corp
Computers-Memory Devices
5,304
EMC Corp/MA
Consumer Products-Miscellaneous
1,596
Jarden Corp
Diversified Banking Institutions
2,661
JPMorgan Chase & Co
Diversified Manufacturing Operations
1,225
Danaher Corp
Electronic Design Automation
2,026
Synopsys Inc
Finance-Credit Card
1,047
Discover Financial Services
Funeral Services & Related Items
6,042
Service Corp International/US
Medical-Biomedical/Genetics
338
Biogen Idec Inc
596
Celgene Corp
2,462
Gilead Sciences Inc
Medical-Drugs
1,627
AbbVie Inc
252
Zoetis Inc
Medical-Generic Drugs
1,538
Mylan Inc/PA
Medical-Hospitals
2,586
HCA Holdings Inc
Medical-Wholesale Drug Distribution
1,398
Cardinal Health Inc
1,226
McKesson Corp
Multi-Line Insurance
2,351
Allstate Corp
Oil Company-Exploration & Production
785
Anadarko Petroleum Corp
Oil Company-Integrated
1,630
ConocoPhillips
Pharmacy Services
2,661
Express Scripts Holding Co
2,214
Omnicare Inc
Reinsurance
745
Berkshire Hathaway Inc
Retail-Building Products
3,299
Lowe's Cos Inc
Retail-Discount
1,035
Costco Wholesale Corp
1,887
Wal-Mart Stores Inc
Retail-Drug Store
1,375
CVS Caremark Corp
Super-Regional Banks-US
3,077
Fifth Third Bancorp
2,238
Wells Fargo & Co
1.97
0.74
2.04
45,711
0.62
86,183
1.16
99,443
1.34
71,593
0.97
112,120
1.51
175,162
2.36
45,496
0.61
42,080
0.57
42,250
0.57
75,367
1.02
52,622
0.71
114,263
1.54
74
Value
US$
% Net
Asset
79,313
1.07
56,605
0.76
62,524
0.84
160,617
2.17
73,972
1.00
138,275
1.87
77,422
1.04
139,011
1.87
85,591
1.15
76,198
1.03
53,701
0.72
112,562
1.52
82,749
92,148
156,435
1.12
1.24
2.11
72,125
7,850
0.97
0.11
58,967
0.80
108,793
1.47
73,087
158,510
0.98
2.14
120,066
1.62
74,206
1.00
114,605
1.55
164,796
122,323
2.22
1.65
85,563
1.15
157,593
2.13
119,770
140,318
1.62
1.89
79,475
1.07
55,632
93,079
0.75
1.26
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
LONG/SHORT GLOBAL OPPORTUNITIES EQUITY FUND (continued)
LONG/SHORT GLOBAL OPPORTUNITIES EQUITY FUND (continued)
Nominal Security
Nominal Security
UNITED STATES 47.95% (continued)
Tobacco
3,392
Altria Group Inc
Toys
1,796
Hasbro Inc
Web Portals/ISP
112
Google Inc
Total Value of Transferable Securities at
Mid Market Prices
Value
US$
% Net
Asset
117,736
1.59
85,094
1.15
98,156
1.32
7,212,712
Adjustment from Mid Market Prices to
Bid Market Prices
(0.03)
7,210,183
97.25
Amount Unrealised
Sold Gain/Loss
(9,333)
(14)
(14,142)
50
(21,084)
74
(37,256)
131
% Net
Assets
(0.00)
0.00
0.00
0.00
Total Value of Transferable Securities at
Bid Market Prices (Cost: US$7,051,746)
The counterparty for the future contracts is The Bank of New York
Mellon.
All securities are transferable securities admitted to an official stock
exchange listing.
Long/Short Global Opportunities Equity Fund was launced on 08 August
2013.
Open Forward Foreign Exchange Contracts 0.00%
Settlement
Date
01/10/2013
02/10/2013
02/10/2013
02/10/2013
Buy
Amount
Bought
EUR
6,902
JPY 1,389,208
JPY 2,071,034
JPY 3,659,644
Sell
USD
USD
USD
USD
Total Gains on Forward Foreign Exchange Contracts
Total Loss on Forward Foreign Exchange Contracts
255
(14)
0.00
(0.00)
Total Foreign Currency Exchange Contracts
241
0.00
Unrealised
Gain/(Loss)
% Net
Assets
Open Future Contracts 0.77% (30 September 2012: 0.00%)
No. of Cost Price
Contracts
Description
(25)
(20)
S&p500 Emini Future December 2013 20/12/2013
Mini MSCI EAFE Future December 2013 20/12/2013
(2,149,062)
(1,844,720)
Maturity
40,937
16,120
0.55
0.22
Total Gains on Future Contracts
57,057
0.77
Total Future Contracts
57,057
0.77
138,172
8,369
1.86
0.12
Cash
Net Current Assets
Net Assets Attributable to Holders
of Redeemable Participating Units
at Mid Market Prices
Analysis of Total Assets
Transferable Securities and Money Market Instruments
admitted to an official stock exchange listing or traded
on a regulated market
Financial Derivative instruments dealt in or on a
regulated market
Other Assets
Total Assets
% Net
Asset
The counterparty for the foreign currency contracts is The Bank of New
York Mellon.
97.28
(2,529)
Value
US$
7,414,022 100.00%
% of Total Assets
94.39
0.75
4.86
100.00
75
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
CLARITAS LATIN AMERICAN EQUITY FUND
Nominal Security
Value
US$
CLARITAS LATIN AMERICAN EQUITY FUND (continued)
% Net
Asset
Nominal Security
TRANSFERABLE SECURITIES 94.72%
BERMUDA 1.45%
Commercial Banks Non-US
290
Credicorp Ltd
BRAZIL 52.84%
Aerospace/Defense
1,900
Embraer SA
Brewery
2,000
Cia de Bebidas das Americas
Commercial Banks Non-US
9,400
Banco Bradesco SA
5,200
Itau Unibanco Holding SA
Commercial Service-Finance
900
Cielo SA
Consulting Services
4,100
Qualicorp SA
Diversified Minerals
2,100
Vale SA
Diversified Operations
30,300
Itausa - Investimentos Itau SA
Electric-Integrated
12,000
Centrais Eletricas Brasileiras SA
Finance-Other Services
7,400
BM&FBovespa SA
Food-Meat Products
2,000
BRF SA
Insurance Brokers
2,300
Brasil Insurance Participacoes e
Administracao SA
Investment Companies
2,500
Bradespar SA
Metal-Iron
8,100
Vale SA
Multi-Line Insurance
4,100
BB Seguridade Participacoes SA
Oil Company-Integrated
23,500
Petroleo Brasileiro SA
Paper & Related Products
9,900
Klabin SA
6,500
Suzano Papel e Celulose SA
Real Estate Management/Services
5,700
BR Malls Participacoes SA
Real Estate Operation/Development
2,000
Cyrela Brazil Realty SA
Empreendimentos e Participacoes
9,500
Direcional Engenharia SA
Steel-Producers
4,400
Metalurgica Gerdau SA
Sugar
500
Cosan SA Industria e Comercio
1,700
Sao Martinho SA
Water
1,200
Cia de Saneamento Basico do
Estado de Sao Paulo
CHILE 8.23%
Airlines
1,100
Latam Airlines Group SA
Beverages-Non-Alcoholic
4,200
Embotelladora Andina SA
37,007
CHILE 8.23% (continued)
Cellular Telecom
1,400
ENTEL Chile SA
Commercial Banks Non-US
162,800
Banco de Chile
Diversified Operations
1,400
Empresas COPEC SA
Electric-Integrated
8,900
Empresa Nacional de Electricidad SA/Chile
Enersis SA
107,400
Paper & Related Products
7,500
Empresas CMPC SA
Retail-Major Deptment Store
2,300
SACI Falabella
Steel-Producers
400
CAP SA
1.45
15,696
0.62
77,461
3.04
132,350
74,416
5.19
2.92
24,304
0.95
36,822
1.44
29,978
1.18
124,352
4.88
54,365
2.13
41,249
1.62
49,257
1.93
20,636
0.81
27,982
1.10
126,494
4.96
40,354
1.58
191,088
7.49
50,655
25,926
1.98
1.02
51,900
2.03
14,941
51,520
0.59
2.02
42,095
1.65
9,545
21,972
0.38
0.86
11,902
0.47
16,917
0.66
23,109
0.91
COLOMBIA 5.07%
Building Production-Cement/Aggregate
600
Cementos Argos SA
800
Grupo Argos SA/Colombia
Commercial Banks Non-US
700
Banco Davivienda SA
2,200
Bancolombia SA
Investment Companies
1,200
Grupo de Inversiones Suramericana SA
Oil Company-Integrated
16,500
Ecopetrol SA
Retail-Hypermarkets
800
Almacenes Exito SA
MEXICO 25.87%
Airport Development/Maintenance
5,600
Grupo Aeroportuario del
Centro Norte Sab de CV
2,300
Grupo Aeroportuario del Pacifico SAB de CV
Grupo Aeroportuario del Sureste SAB de CV
1,700
Beverages-Non-Alcoholic
4,400
Fomento Economico Mexicano SAB de CV
Building Production-Cement/Aggregate
49,800
Cemex SAB de CV
Broadcast Service/Program
3,400
Grupo Televisa SAB
Building-Heavy Construction
8,800
Empresas ICA SAB de CV
Cellular Telecom
100,400
America Movil SAB de CV
Commercial Banks Non-US
5,500
Compartamos SAB de CV
13,000
Grupo Financiero Inbursa SAB de CV
7,500
Grupo Financiero Santander
Mexico SAB de CV
Commercial Banks Non-US
9,800
Grupo Financiero Banorte SAB de CV
Diversified Operations
15,500
Alfa SAB de CV
4,500
Grupo Carso SAB de CV
Non-Ferrous Metals
21,000
Grupo Mexico SAB de CV
400
Industrias Penoles SAB de CV
76
Value
US$
% Net
Asset
23,153
0.91
24,213
0.95
20,214
0.79
12,592
34,915
0.49
1.37
23,401
0.92
22,176
0.87
9,233
0.36
3,150
9,484
0.12
0.37
9,389
31,367
0.37
1.23
23,950
0.94
38,256
1.50
13,808
0.54
19,017
11,842
18,902
0.75
0.46
0.74
43,061
1.69
56,183
2.20
18,939
0.74
19,355
0.76
100,480
3.94
10,325
30,387
0.40
1.19
20,823
0.82
60,771
2.38
43,094
23,214
1.69
0.91
64,515
12,020
2.53
0.47
PORTFOLIO OF INVESTMENTS
AS AT 30 SEPTEMBER 2013 (continued)
CLARITAS LATIN AMERICAN EQUITY FUND (continued)
Nominal Security
MEXICO 25.87% (continued)
Petrochemicals
3,300
Alpek SA de CV
8,300
Mexichem SAB de CV
Public Thoroughfares
5,000
OHL Mexico SAB de CV
Reits-Diversified
4,500
Fibra Uno Administracion SA de CV
Retail-Hypermarkets
Controladora Comercial
3,800
Mexicana SAB de CV
4,000
Wal-Mart de Mexico SAB de CV
Retail-Major Deptment Store
900
El Puerto de Liverpool SAB de CV
PERU 0.41%
Gold Mining
870
Cia de Minas Buenaventura SAA
SPAIN 0.15%
Building Production-Cement/Aggregate
500
Cemex Latam Holdings SA
UNITED STATES 0.70%
Metal-Copper
640
Southern Copper Corp
Total Value of Transferable Securities at
Mid Market Prices
Adjustment from Mid Market Prices to
Bid Market Prices
Total Value of Transferable Securities at
Bid Market Prices (Cost: US$2,480,801)
Cash
Net Current Assets
Net Assets Attributable to Holders
of Redeemable Participating Units
at Mid Market Prices
Analysis of Total Assets
Transferable Securities and Money Market Instruments
admitted to an official stock exchange listing or traded
on a regulated market
Value
US$
% Net
Asset
7,261
36,996
0.29
1.45
13,215
0.52
12,398
0.49
16,042
10,590
0.63
0.42
10,166
0.40
10,344
0.41
3,925
0.15
17,818
0.70
2,415,277
94.72
(5,056)
(0.20)
2,410,221
94.52
139,541
50
5.48
–
2,549,812 100.00%
% of Total Assets
92.36
Other Assets
7.64
Total Assets
100.00
All securities are transferable securities admitted to an official stock
exchange listing.
Claritas Latin American Equity Fund was launced on 23 September 2013.
77
78
(180,358)
–
Withholding Tax on dividends
Withholding Tax on coupon income
5,712,920
(136,766)
5,576,154
Increase / (Decrease) in Net Assets
Attributable to Redeemable
Participating Unitholders at
Bid Market Prices
Movement in Adjustment from Bid Market Prices
to Mid Market Prices
Increase / (Decrease) in Net Assets
Attributable to Redeemable
Participating Unitholders at Mid Market Prices
2
2
(275)
(17,401)
5,893,278
Finance Costs
Bank Interest
Distributions
7
Gain / (Loss) for the period before taxation
481,036
37,669
18,221
29,543
–
196
43,435
7,650
10,066
–
627,816
895,465
–
5,643,305
6,538,770
5,910,954
8
8
8
8
6
2
GEF
US$
Net Income / (Loss)
Expenses
Management Fee
Custodian Fee
Audit Fee
Administration Fee
Publishing Fee
Professional Expenses
Other Expenses
Trustee Fee
Legal Fee
Rebate to the Fund due to capping
Total Operating Expenses
Income
Dividend Income
Deposit Interest
Net Gain / (Loss) on investment activities
Total investment income / (loss)
Notes
616,475
(11,925)
628,400
(41,004)
–
(919)
(18,444)
669,404
688,767
182,280
67,487
18,471
14,091
–
3,196
46,636
2,706
9,344
(61,770)
282,441
342,016
8
629,184
971,208
AEF
US$
17,180,834
(914,281)
18,095,115
(628,952)
–
(237)
(64,815)
18,724,067
18,789,119
974,192
32,875
19,456
25,579
–
196
50,099
17,777
19,943
–
1,140,117
2,847,991
272
17,080,973
19,929,236
EEF
US$
3,755,128
(718,524)
4,473,652
(212,349)
–
(1,579)
–
4,686,001
4,687,580
797,677
313,929
19,591
5,434
–
4,000
63,011
13,616
14,804
(50,009)
1,182,053
1,769,477
1
4,100,155
5,869,633
EMEF
US$
4,791,846
(16,489)
4,808,335
(32,833)
–
(1,409)
–
4,841,168
4,842,577
202,230
18,565
18,459
318
–
–
40,644
4,023
12,107
(31,933)
264,413
459,612
–
4,647,378
5,106,990
JEF
US$
PSF
US$
(13,984,944)
(2,067,635)
(11,917,309)
(107,230)
(84,971)
(2,022)
(19,966,441)
(11,725,108)
8,243,355
8,678,969
140,732
36,139
879,780
–
196
152,175
98,941
66,917
(245,179)
9,808,670
16,679,837
–
1,372,188
18,052,025
STATEMENT OF TOTAL RETURN
for the year ended 30 September 2013
17,101,126
(295,955)
17,397,081
(633,126)
–
(11)
–
18,030,207
18,030,218
1,158,102
18,075
18,039
264
–
–
48,897
21,619
21,938
–
1,286,934
2,296,892
111
17,020,149
19,317,152
USEF
US$
4,161,063
256,583
3,904,480
–
(6,513)
–
–
3,910,993
3,910,993
391,387
20,725
21,667
23,124
–
–
41,882
9,409
13,711
–
521,905
–
652
4,432,246
4,432,898
HYF
US$
2,250,534
(17,953)
2,268,487
(122,934)
–
(53)
–
2,391,421
2,391,474
170,497
67,229
24,666
–
–
–
37,992
3,445
12,242
(36,105)
279,966
565,656
3
2,105,781
2,671,440
GPSF
US$
10,225,106
(328,482)
10,553,588
(360,166)
–
(10)
–
10,913,754
10,913,764
612,363
33,779
17,639
–
–
–
22,569
12,246
7,979
–
706,575
1,615,545
9
10,004,785
11,620,339
GEJF
US$
79
7,144,112
1,429,477
8,573,589
Increase / (Decrease) in Net Assets Attributable to Redeemable
Participating Unitholders at Bid Market Prices
Movement in Adjustment from Bid Market Prices
to Mid Market Prices
Increase / (Decrease) in Net Assets Attributable to Redeemable
Participating Unitholders at Mid Market Prices
(680,711)
(159)
(680,552)
–
–
(930)
–
(680,552)
(679,622)
33,126
29,992
11,705
–
–
–
17,619
9,082
14,134
(39,611)
76,047
–
4
(603,579)
(603,575)
MSCF
US$
745,873
(19,473)
765,346
(52,244)
–
(157)
–
817,590
817,747
68,386
27,329
17,426
4,096
–
–
19,049
(1,464)
12,148
(38,818)
108,152
200,337
–
725,562
925,899
EEIF
US$
1,599,833
6,925
1,592,908
(27,064)
–
–
–
1,619,972
1,619,972
68,861
17,511
13,611
4,061
53
–
17,257
1,106
20,871
(41,560)
101,771
140,363
53
1,581,327
1,721,743
GSCEF*
US$
36,185
Director:_______________________________
Director:_______________________________
Signed on behalf of Principal Global Investors (Ireland) Limited on 21 January 2014.
965
35,220
(1,596)
–
(5)
–
36,816
36,821
2,323
6,062
13,541
–
–
–
6,880
68
19,274
(39,320)
8,828
15,402
–
30,247
45,649
OGEMF**
US$
Gains and losses arose solely from continuing investment activities. There were no gains or losses other than those dealt with in the Statement of Total Return.
*Global Small Cap Equity Fund launched on 23 October 2012.
**Origin Global Emerging Markets Fund, ***Origin Global Equity Fund and ****Origin Global Small Companies Fund launched on 17 April 2013.
*****Long/Short Global Opportunities Equity Fund launched on 8 August 2013.
******Claritas Latin American Equity Fund launched on 23 September 2013.
–
(31,190)
2
2
Withholding Tax on dividends
Withholding Tax on coupon income
(1,693)
(327,109)
7,175,302
7
Finance Costs
Bank Interest
Distributions
Gain / (Loss) for the period before taxation
5,315,747
54,826
24,005
–
–
–
105,892
85,989
54,567
–
5,641,026
845,768
238,872
12,060,490
13,145,130
7,504,104
8
8
8
8
6
2
GLTHY
US$
Net Income / (Loss)
Expenses
Management Fee
Custodian Fee
Audit Fee
Administration Fee
Publishing Fee
Professional Expenses
Other Expenses
Trustee Fee
Legal Fee
Rebate to the Fund due to capping
Total Operating Expenses
Income
Dividend Income
Deposit Interest
Net Gain / (Loss) on investment activities
Total investment income / (loss)
Notes
STATEMENT OF TOTAL RETURN
for the year ended 30 September 2013 (continued)
1,645,577
10,885
1,634,692
(37,681)
–
(26)
–
1,672,373
1,672,399
52,015
10,381
14,820
–
–
–
6,881
1,633
19,274
(13,578)
91,426
227,394
5
1,536,426
1,763,825
OGEF***
US$
3,455,544
37,201
3,418,343
(55,237)
–
(107)
–
3,473,580
3,473,687
129,981
4,521
13,506
–
–
–
6,881
2,621
19,274
–
176,784
303,880
–
3,346,591
3,650,471
OGSCF****
US$
(85,978)
2,529
(88,507)
(2,934)
–
(122)
–
(85,573)
(85,451)
10,627
5,823
14,110
574
–
–
4,082
208
9,361
(16,414)
28,371
17,516
–
(74,596)
(57,080)
LSGOF*****
US$
(50,188)
5,056
(55,244)
(101)
–
–
–
(55,143)
(55,143)
547
776
14,901
29
–
–
3,433
11
13,071
(27,561)
5,207
435
–
(50,371)
(49,936)
CLAF******
US$
80
2,800,174
Increase/(decrease) in Net Assets Attributable
to Redeemable Participating
Unitholders at Mid Market Prices
5,378,177
15,844,889
920,163
14,924,726
(126)
(72,951)
15,509,734
(585,008)
-
15,582,811
888,284
46,951
10,847
24,260
19,654
160
16,147
19,269
19,803
9,742
1,055,117
3,052,872
818
13,584,238
16,637,928
EEF
US$
33,289,483
473,058
32,816,425
(227)
33,538,203
(721,778)
-
33,538,430
2,153,745
341,152
20,870
6,336
45,055
17,505
426
31,276
36,883
42,370
42,104
2,737,722
6,667,210
5
29,608,937
36,276,152
EMEF
US$
(400,334)
(6,243)
(394,091)
(65)
(362,500)
(31,591)
-
(362,435)
165,029
19,678
14,083
380
4,064
32
3,275
15,410
7,187
(23,874)
205,264
451,339
(608,510)
(157,171)
JEF
US$
82,465,465
4,059,565
78,405,900
(52)
(10,867,481)
78,608,587
(200,678)
(2,009)
89,476,120
5,039,311
118,142
26,973
467,733
103,204
1,480
67,928
47,442
92,426
33,287
5,997,926
11,287,721
4,567
84,181,758
95,474,046
PSF
US$
24,407,473
(267,744)
24,675,217
(81)
25,407,347
(732,130)
-
25,407,428
1,015,371
42,154
14,639
1,418
21,837
209
19,929
27,460
21,532
22,576
1,187,125
1,989,364
24,605,189
26,594,553
USEF
US$
4,824,483
21,022
4,803,461
(58)
4,809,060
(5,599)
4,809,118
242,825
23,396
22,986
14,774
6,242
60
5,818
14,591
9,006
(14,586)
325,112
205
5,134,025
5,134,230
HYF
US$
Gains and losses arose solely from continuing investment activities. There were no gains or losses other than those dealt with in the Statement of Total Return.
456
100,644
Movement in Adjustment from Bid
Market Prices to Mid Market Prices
2,799,718
Increase/(decrease) in Net Assets
Attributable to Redeemable Participating
Unitholders at Bid Market Prices
5,277,533
(761)
(12,915)
2,840,737
(41,019)
-
169,780
119,653
14,387
13,200
3,072
1,000
26
2,515
15,538
6,517
(88,397)
257,291
Finance Costs
Bank Interest
(238)
Distributions
7
(21,167)
Gain/(loss) for the year before taxation
5,465,576
Withholding Tax on dividends
2 (188,043)
Withholding Tax on coupon income
2
-
359,231
10,632
3,653
24,070
6,830
1,000
57
5,579
16,299
9,234
(7,034)
429,551
363,213
2,748,491
3,111,704
AEF
US$
2,854,413
8
8
8
8
8
802,355
6 5,114,177
5,916,532
2
GEF
US$
5,486,981
Net Income/(Loss)
Expenses
Management Fee
Custodian Fee
Audit Fee
Administration Fee
Publishing Fee
Professional Expenses
Other Expenses
Trustee Fee
Listing Expense
Legal Fee
Rebate/Recharge to the Fund due to capping
Total Operating Expenses
Income
Dividend Income
Deposit Interest
Net Gain/(loss) on Investment Activites
Total investment income
Notes
STATEMENT OF TOTAL RETURN
for the year ended 30 September 2012
1,864,831
30,830
1,834,001
(1,273)
1,899,226
(65,225)
-
1,900,499
79,189
56,024
17,772
1,744
20
1,584
13,993
5,353
(52,782)
122,897
292,025
26
1,731,345
2,023,396
GPSF
US$
10,255,361
323,745
9,931,616
(50)
10,251,683
(320,067)
-
10,251,733
477,996
35,176
14,766
7,612
107
9,559
6,190
7,990
4,441
563,837
1,331,827
582
9,483,161
10,815,570
GEJF
US$
29,309,330
1,730,221
27,579,109
(102)
(28,733)
27,588,863
(9,754)
27,617,698
1,797,813
26,930
15,397
23,328
497
22,249
36,597
10,998
30,280
1,964,089
140,399
29,441,388
29,581,787
GLTHY
US$
(46,741)
218
(46,959)
(1,118)
(46,959)
-
(45,841)
51,027
6,062
22,797
446
4,936
12,347
105
4,420
(20,355)
81,785
8
35,936
35,944
MSCF
US$
81,509
20,649
60,860
69,356
(8,496)
-
69,356
8,432
1,205
14,984
506
9,479
935
2,677
931
(18,282)
20,867
29,242
60,981
90,223
EEIF
US$
81
21,386,335
(7,519,808)
5,576,154
48,889,139
Less: Amounts paid on cancellation of units
Increase / (Decrease) in Net Assets Attributable
to Redeemable Participating
Unitholders resulting from operations
Net Assets Attributable to Redeemable
Participating Unitholders at the end of the year
10,374,631
616,475
(8,805,649)
5,429,821
13,133,984
Net assets attributable to redeemable participating
unitholders at the start of the year
29,446,458
Movement due to sales and repurchases of units
Add: Amounts received on creation of units
AEF
US$
GEF
US$
96,825,029
17,180,834
(13,648,666)
8,200,917
85,091,944
EEF
US$
33,757,057
3,755,128
(226,953,335)
38,136,849
218,818,415
EMEF
US$
26,075,850
4,791,846
(3,716,337)
8,847,596
16,152,745
JEF
US$
964,569,955
(13,984,944)
(479,327,138)
734,728,923
723,153,114
PSF
US$
129,368,711
17,101,126
(12,033,638)
15,144,853
109,156,370
USEF
US$
59,206,257
4,161,063
(7,335,018)
30,972,513
31,407,699
HYF
US$
25,665,989
2,250,534
(11,370,718)
23,513,741
11,272,432
GPSF
US$
66,488,482
10,225,106
–
253,645
56,009,731
GEJF
US$
STATEMENT OF MOVEMENT IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING UNITHOLDERS
for the year ended 30 September 2013
82
(122,377,343)
Less: Amounts paid on cancellation of units
947,459,948
4,888,322
(680,711)
(52,446)
416,816
5,204,663
MSCF
US$
5,827,382
745,873
–
–
5,081,509
EEIF
US$
6,787,833
1,599,833
–
5,188,000
–
GSCEF*
US$
Director ______________________________
Director ______________________________
Signed on behalf of Principal Global Investors (Ireland) Limited on 21 January 2014.
*Global Small Cap Equity Fund launched on 23 October 2012.
**Origin Global Emerging Markets Fund, ***Origin Global Equity Fund and ****Origin Global Small Companies Fund launched on 17 April 2013.
*****Long/Short Global Opportunities Equity Fund launched on 8 August 2013.
******Claritas Latin American Equity Fund launched on 23 September 2013.
Net Assets Attributable to Redeemable Participating
Unitholders at the end of the year
8,573,589
508,911,402
Movement due to sales and repurchases of units
Add: Amounts received on creation of units
Increase / (Decrease) in Net Assets Attributable
to Redeemable Participating Unitholders
resulting from operations
552,352,300
Net assets attributable to redeemable participating
unitholders at the start of the year
GLTHY
US$
780,505
36,185
–
744,320
–
OGEMF**
US$
18,684,194
1,645,577
(345,070)
17,383,687
–
OGEF***
US$
30,866,868
3,455,544
–
27,411,324
–
OGSCF****
US$
7,414,022
(85,978)
–
7,500,000
–
LSGOF*****
US$
2,549,812
(50,188)
(4,500,010)
7,100,010
–
CLAF******
US$
STATEMENT OF MOVEMENT IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING UNITHOLDERS
for the year ended 30 September 2013 (continued)
83
29,446,458
Net Assets Attributable
to Redeemable Participating
Unitholders at
the end of the year
(11,421,578)
Less: Amounts paid on
cancellation of units
5,378,177
3,852,162
Movement due to sales
and repurchases of units
Add: Amounts received
on creation of units
Increase/(decrease) in Net Assets
Attributable to Redeemable
Participating Unitholders
resulting from operations
31,637,697
Net assets attributable to
redeemable participating
unitholders at the start
of the year
GEF
US$
13,133,984
2,800,174
(1,607,118)
83,116
11,857,812
AEF
US$
85,091,944
15,844,889
(9,962,486)
2,156,328
77,053,213
EEF
US$
218,818,415
33,289,483
(21,641,371)
11,271,564
195,898,739
EMEF
US$
451,378,182
431,098,980
PSF
US$
16,152,745
(400,334)
723,153,114
82,465,465
(1,379,745) (241,789,513)
682,663
17,250,161
JEF
US$
109,156,370
24,407,473
(43,113,925)
29,499,170
98,363,652
USEF
US$
31,407,699
4,824,483
(5,333,314)
6,495,689
25,420,841
HYF
US$
11,272,432
1,864,831
(461,576)
3,566,179
6,302,998
GPSF
US$
56,009,731
10,255,361
-
15,183,270
30,571,100
GEJF
US$
552,352,300
29,309,330
(51,809,891)
512,200,901
62,651,960
GLTHY
US$
5,204,663
(46,741)
-
5,251,404
-
MSCF*
US$
5,081,509
81,509
-
5,000,000
-
EEIF**
US$
STATEMENT OF MOVEMENT IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING UNITHOLDERS
for the year ended 30 September 2012
84
Net Assets Attributable to Redeemable
participating Unitholders at Mid Market Prices
Adjustment from Bid Market Prices
to Mid Market Prices
Net Assets Attributable to Redeemable
participating Unitholders at Bid Market Prices
Current Liabilities:
Bank Overdraft
Due to Broker
Management Fees Payable
Trustee Fees Payable
Custodian Fees Payable
Audit Fees Payable
Legal Fees Payable
Purchase of Securities Payable
Unrealised Loss on Currency Contracts
Unrealised Loss on Open Forward
Currency Exchange Contracts
Unrealised Loss on Option Contracts
Administration Fees Payable
Due to Unitholders
Other Payables
Total Current Liabilities
Current Assets:
Cash at Bank
Sale of Securities Receivable
Investments in Securities at Fair Value (Bid prices)
Dividends Receivable
Due from Unitholders
Unrealised Gains on Open Forward
Currency Exchange Contracts
Unrealised Gains on Open Futures Contracts
Unrealised Gains on Option Contracts
Other Assets
Total Current Assets
8
8
5
Note
5
48,889,139
16,470
10,374,631
15,071
10,359,560
(2)
–
(1,650)
–
(3,000)
(143,141)
(144)
–
(4,978)
(49,875)
–
(945,199)
48,872,669
–
–
(22,647)
(657)
(60,496)
(14,008)
(3,437)
(37,167)
(77)
1
–
–
151,288
10,502,701
1,717
–
–
–
49,817,868
–
–
(92,768)
(2,081)
(14,890)
(14,010)
(3,430)
(762,927)
(96)
AEF
US$
671,748
25,799
9,640,972
12,893
–
GEF
US$
1,230,738
1,275,187
47,231,475
78,751
–
96,825,029
42,325
96,782,704
(1,166)
–
(9,336)
–
–
(690,760)
–
–
(169,541)
(6,672)
(11,603)
(14,283)
(11,075)
(467,084)
–
1,467
–
–
–
97,473,464
EEF
US$
2,331,522
215,955
93,415,503
71,317
1,437,700
33,757,057
33,911
33,723,146
–
–
(1,107)
(2,811)
(4,001)
(942,034)
(247,419)
–
(44,527)
(3,220)
(77,234)
(13,887)
(5,000)
(542,828)
–
–
–
–
50,009
34,665,180
EMEF
US$
–
231,228
34,334,625
49,318
–
26,075,850
24,985
26,050,865
(19)
–
(65)
(6,224)
–
(77,133)
–
–
(42,969)
(1,201)
(9,224)
(13,996)
(3,435)
–
–
–
–
–
31,933
26,127,998
JEF
US$
777,294
–
24,767,756
186,657
364,358
Balance Sheet as at 30 September 2013
964,569,955
4,337,758
960,232,197
(238,208)
–
(171,247)
(3,939,534)
–
(8,295,471)
–
–
(1,579,218)
(21,062)
(39,149)
(23,594)
(22,000)
(2,261,459)
–
2,719,349
–
–
245,178
968,527,668
PSF
US$
23,293,886
–
940,448,808
–
1,820,447
129,368,711
22,575
129,346,136
(158)
–
(41)
–
–
(767,280)
–
–
(207,380)
(4,912)
(9,101)
(13,727)
(12,219)
(519,742)
–
–
–
–
–
130,113,416
USEF
US$
889,097
641,190
126,579,825
49,866
1,953,438
59,206,257
256,728
58,949,529
(3,856)
–
(5,792)
(48,484)
–
(507,517)
–
–
(82,150)
(2,990)
(7,109)
(17,958)
(4,178)
(335,000)
–
58,991
–
–
–
59,457,046
HYF
US$
1,713,982
124,535
57,559,538
–
–
25,665,989
23,074
25,642,915
(120,529)
–
–
–
–
(285,055)
–
–
(41,036)
(1,171)
(17,497)
(19,401)
(3,716)
(81,705)
–
262,305
–
–
39,957
25,927,970
GPSF
US$
81,833
42,007
25,453,533
48,335
–
66,488,482
19,059
66,469,423
(2,846)
–
–
–
–
(935,922)
–
–
(107,864)
(2,711)
(8,719)
(13,979)
(6,115)
(793,294)
(394)
100
–
–
–
67,405,345
GEJF
US$
401,029
1,382,858
65,580,112
41,246
–
85
Net Assets Attributable to Redeemable
participating Unitholders at Mid Market Prices
Adjustment from Bid Market Prices
to Mid Market Prices
Net Assets Attributable to Redeemable
participating Unitholders at Bid Market Prices
Current Liabilities:
Bank Overdraft
Due to Broker
Management Fees Payable
Trustee Fees Payable
Custodian Fees Payable
Audit Fees Payable
Legal Fees Payable
Purchase of Securities Payable
Unrealised Loss on Currency Contracts
Unrealised Loss on Open Forward Currency Exchange Contracts
Unrealised Loss on Option Contracts
Administration Fees Payable
Due to Unitholders
Other Payables
Total Current Liabilities
8
8
5
Current Assets:
Note
Cash at Bank
5
Sale of Securities Receivable
Investments in Securities at Fair Value (Bid prices)
Dividends Receivable
Due from Unitholders
Unrealised Gains on Open Forward Currency Exchange Contracts
Unrealised Gains on Open Futures Contracts
Unrealised Gains on Option Contracts
Other Assets
Total Current Assets
947,459,948
3,147,802
944,312,146
–
–
(1,059,893)
(23,071)
(12,621)
(18,188)
(5,000)
(5,612,176)
–
(301,932)
–
–
–
–
(7,032,881)
US$
61,127,561
12,294,611
865,043,901
–
–
12,779,283
–
–
99,671
951,345,027
GLTHY
4,888,322
59
4,888,263
–
–
(7,574)
(2,039)
(12,064)
(15,158)
(8,619)
–
–
(159,966)
(274)
–
–
–
(205,694)
US$
127,431
–
4,799,801
–
–
98,167
–
1,906
66,652
5,093,957
MSCF
5,827,382
1,176
5,826,206
–
–
(12,012)
(268)
(7,882)
(13,928)
(3,536)
(1,404)
–
–
–
(719)
–
(3,478)
(43,227)
US$
134,649
–
5,632,469
11,295
–
–
–
–
91,020
5,869,433
EEIF
6,787,833
6,926
6,780,907
–
–
(13,571)
(317)
(4,653)
(13,611)
(15,422)
(55,150)
–
–
–
(792)
–
(11,475)
(114,991)
US$
45,639
30,417
6,731,369
9,017
–
–
–
–
79,456
6,895,898
GSCEF*
780,505
965
779,540
–
–
(1,338)
(37)
(3,400)
(14,007)
(1,268)
(53)
–
–
–
–
–
–
(20,103)
US$
7,020
53
752,183
1,068
–
–
–
–
39,319
799,643
OGEMF**
Balance Sheet as at 30 September 2013 (continued)
18,684,194
10,885
18,673,309
–
–
(21,100)
(914)
(8,185)
(15,286)
(1,268)
–
–
(43)
–
–
–
–
(46,796)
US$
373,625
–
18,313,318
19,584
–
–
–
–
13,578
18,720,105
OGEF***
30,866,868
37,201
30,829,667
–
–
(53,068)
(1,488)
(2,580)
(13,972)
(1,268)
–
–
(59)
–
–
–
–
(72,435)
US$
830,012
–
30,038,227
33,852
–
11
–
–
–
30,902,102
OGSCF****
7,414,022
2,529
7,411,493
–
(57,182)
(10,627)
(208)
(5,823)
(14,110)
(3,329)
(120,090)
–
(14)
–
(574)
–
(17,554)
(229,511)
US$
138,172
181,591
7,210,183
11,905
–
255
57,057
–
41,841
7,583,822
LSGOF*****
2,549,812
5,056
2,544,756
–
–
(547)
(11)
(776)
(14,901)
(13,071)
(12,566)
–
–
–
(29)
–
(28,351)
(70,252)
US$
139,541
12,513
2,410,222
254
–
–
–
–
52,478
2,615,008
CLAF******
86
158,194
–
–
322,772
–
–
–
791,088
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
461
–
–
267,291
–
–
–
608,203
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Number of redeemable participating Units in issue
Investor income units in issue at beginning of year
Investor income (GBP hedged) units in issue at beginning of year
Investor Income (EUR Hedged) units in issue at beginning of year
Investor accumulation units in issue at beginning of year
Investor accumulation (Euro hedged) units in issue at beginning of year
Investor accumulation (CHF Hedged) units in issue at beginning of year
Institutional accumulation (USD hedged) units in issue at beginning of year
Institutional accumulation units in issue at beginning of year
Institutional accumulation (Euro hedged) units in issue at beginning of year
Institutional accumulation (GBP hedged) units in issue at beginning of year
Institutional accumulation (JPY) units in issue at beginning of year
Institutional accumulation (JPY hedged) units in issue at beginning of year
Institutional accumulation (BRL hedged) units in issue at beginning of year
Institutional accumulation (CHF hedged) units in issue at beginning of year
Institutional Income (Euro hedged) units in issue at beginning of year
Institutional income (GBP hedged) units in issue at beginning of year
Institutional income (JPY hedged) units in issue at beginning of year
Investor D Class accumulation units in issue at beginning of year
Investor F Class accumulation units in issue at beginning of year
Investor P Class Accumulation units in issue at beginning of year
Investor D Class income units in issue at beginning of year
Investor F Class income units in issue at beginning of year
Investor I Class income units in issue at beginning of year
Investor P Class Income units in issue at beginning of year
Investor income units issued during year
Investor income (GBP hedged) units issued during year
Investor Income (EUR Hedged) units issued during year
Investor accumulation units issued during year
Investor accumulation (Euro hedged) units issued during year
Investor accumulation (CHF Hedged) units issued during year
Institutional accumulation (USD hedged) units issued during year
Institutional accumulation units issued during year
Institutional accumulation (Euro hedged) units issued during year
Institutional accumulation (GBP hedged) units issued during year
Institutional accumulation (JPY) units issued during year
Institutional accumulation (JPY hedged) units issued during year
Institutional accumulation (BRL hedged) units issued during year
Institutional accumulation (CHF hedged) units issued during year
Institutional income (Euro hedged) units issued during year
Institutional income (GBP hedged) units issued during year
Institutional income (JPY hedged) units issued during year
Investor D Class accumulation units issued during year
Investor F Class accumulation units issued during year
Investor P Class Accumulation units issued during year
Investor D Class income units issued during year
Investor F Class income units issued during year
Investor I Class income units issued during year
Investor P Class Income units issued during year
GEF
65,755
–
–
96,819
–
–
–
484
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
184,439
–
–
108,099
–
–
–
78,342
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
AEF
1,238
–
–
9,961
–
–
–
279,530
107,036
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
122,292
–
–
205,657
–
–
–
3,004,485
1,024,834
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
EEF
–
–
–
2,354
–
–
–
672,279
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
87,065
–
–
–
4,114,200
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
EMEF
–
–
–
49,167
–
–
–
984,134
–
–
682
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
38,132
–
–
–
1,903,801
–
–
233,663
–
–
–
–
–
–
–
–
–
–
–
–
–
JEF
17,064,643
–
12,854
2,877,281
1,208,474
5,495
–
6,498,019
1,232,239
334,308
–
2,818,565
–
407,778
125,332
683,620
1,511,043
3,148,010
2,139,111
454,761
11,152,857
4,724,764
4,320,105
1,252,547
7,032,627
–
–
1,227,779
406,941
–
–
10,655,834
3,065,082
–
–
4,748,501
–
–
6,412,175
337,779
1,254,040
3,187,673
3,650,992
–
8,027,657
7,479,099
–
–
PSF
Balance Sheet as at 30 September 2013 (continued)
–
–
–
10,349
–
–
–
482,712
–
304,577
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
12,036
–
–
–
4,850,233
–
1,527,938
–
–
–
–
–
–
–
–
–
–
–
–
–
–
USEF
–
–
–
669,739
–
–
–
890,717
–
–
–
–
394,303
–
–
–
–
–
–
–
–
–
–
–
–
–
–
774,664
–
–
–
1,145,095
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
HYF
–
–
–
–
–
–
457,966
–
–
–
–
1,971,576
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
725,097
80,710
397,533
200,734
–
–
–
–
–
–
–
–
–
–
–
–
–
–
GPSF
–
–
–
–
–
–
–
17,576
–
–
2
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
3,833,850
–
–
500,000
–
–
–
–
–
–
–
–
–
–
–
–
–
GEJF
87
–
611,621
–
–
–
–
–
17,784,945
16,222,923
7,585,406
–
9,558,083
–
–
–
–
–
–
–
–
–
–
–
–
–
280,269
–
–
–
–
–
3,591,754
14,426,902
1,098,940
–
31,498,056
–
–
–
–
–
–
–
–
–
–
–
–
Number of redeemable participating Units in issue
Investor income units in issue at beginning of year
Investor income (GBP hedged) units in issue at beginning of year
Investor Income (EUR Hedged) units in issue at beginning of year
Investor accumulation units in issue at beginning of year
Investor accumulation (Euro hedged) units in issue at beginning of year
Investor accumulation (CHF Hedged) units in issue at beginning of year
Institutional accumulation (USD hedged) units in issue at beginning of year
Institutional accumulation units in issue at beginning of year
Institutional accumulation (Euro hedged) units in issue at beginning of year
Institutional accumulation (GBP hedged) units in issue at beginning of year
Institutional accumulation (JPY) units in issue at beginning of year
Institutional accumulation (JPY hedged) units in issue at beginning of year
Institutional accumulation (BRL hedged) units in issue at beginning of year
Institutional accumulation (CHF hedged) units in issue at beginning of year
Institutional Income (Euro hedged) units in issue at beginning of year
Institutional income (GBP hedged) units in issue at beginning of year
Institutional income (JPY hedged) units in issue at beginning of year
Investor D Class accumulation units in issue at beginning of year
Investor F Class accumulation units in issue at beginning of year
Investor P Class Accumulation units in issue at beginning of year
Investor D Class income units in issue at beginning of year
Investor F Class income units in issue at beginning of year
Investor I Class income units in issue at beginning of year
Investor P Class Income units in issue at beginning of year
Investor income units issued during year
Investor income (GBP hedged) units issued during year
Investor Income (EUR Hedged) units issued during year
Investor accumulation units issued during year
Investor accumulation (Euro hedged) units issued during year
Investor accumulation (CHF Hedged) units issued during year
Institutional accumulation (USD hedged) units issued during year
Institutional accumulation units issued during year
Institutional accumulation (Euro hedged) units issued during year
Institutional accumulation (GBP hedged) units issued during year
Institutional accumulation (JPY) units issued during year
Institutional accumulation (JPY hedged) units issued during year
Institutional accumulation (BRL hedged) units issued during year
Institutional accumulation (CHF hedged) units issued during year
Institutional income (Euro hedged) units issued during year
Institutional income (GBP hedged) units issued during year
Institutional income (JPY hedged) units issued during year
Investor D Class accumulation units issued during year
Investor F Class accumulation units issued during year
Investor P Class Accumulation units issued during year
Investor D Class income units issued during year
Investor F Class income units issued during year
Investor I Class income units issued during year
Investor P Class Income units issued during year
GLTHY
–
–
–
–
–
–
–
41,185
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
524,729
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
MSCF
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
250,000
–
–
–
–
–
–
250,000
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
EEIF
–
–
–
250,001
–
–
–
266,166
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
GSCEF*
–
–
–
–
–
–
–
–
–
74,483
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
OGEMF**
Balance Sheet as at 30 September 2013 (continued)
–
–
–
–
–
–
–
–
–
1,748,610
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
OGEF***
–
–
–
–
–
–
–
907,200
–
1,858,245
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
OGSCF****
–
–
–
–
–
–
–
750,000
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
LSGOF*****
–
–
–
–
–
–
–
710,001
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
CLAF******
88
GEF
(22,100)
–
–
(126,941)
–
–
–
(91,200)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
136,555
–
–
463,122
–
–
–
1,308,091
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Investor income units redeemed during year
Investor income (GBP hedged) units redeemed during year
Investor Income (EUR Hedged) units redeemed during year
Investor accumulation units redeemed during year
Investor accumulation (Euro hedged) units redeemed during year
Investor accumulation (CHF Hedged) units redeemed during year
Institutional accumulation (USD hedged) units redeemed during year
Institutional accumulation units redeemed during year
Institutional accumulation (Euro hedged) units redeemed during year
Institutional accumulation (GBP hedged) units redeemed during year
Institutional accumulation (JPY) units redeemed during year
Institutional accumulation (JPY hedged) units redeemed during year
Institutional accumulation (BRL hedged) units redeemed during year
Institutional accumulation (CHF hedged) units redeemed during year
Institutional income (Euro hedged) units redeemed during year
Institutional income (GBP hedged) units redeemed during year
Institutional income (JPY hedged) units redeemed during year
Investor D Class accumulation units redeemed during year
Investor F Class accumulation units redeemed during year
Investor P Class Accumulation units redeemed during year
Investor D Class income units redeemed during year
Investor F Class income units redeemed during year
Investor I Class income units redeemed during year
Investor P Class Income units redeemed during year
Investor income units in issue at end of year
Investor income (GBP hedged) units in issue at end of year
Investor Income (EUR Hedged) units in issue at end of year
Investor accumulation units in issue at end of year
Investor accumulation (Euro hedged) units in issue at end of year
Investor accumulation (CHF Hedged) units in issue at end of year
Institutional accumulation (USD hedged) units in issue at end of year
Institutional accumulation units in issue at end of year
Institutional accumulation (Euro hedged) units in issue at end of year
Institutional accumulation (GBP hedged) units in issue at end of year
Institutional accumulation (JPY) units in issue at end of year
Institutional accumulation (JPY hedged) units in issue at end of year
Institutional accumulation (BRL hedged) units in issue at end of year
Institutional accumulation (CHF hedged) units in issue at end of year
Institutional income (Euro hedged) units in issue at end of year
Institutional income (GBP hedged) units in issue at end of year
Institutional income (JPY hedged) units in issue at end of year
Investor D Class accumulation units in issue at end of year
Investor F Class accumulation units in issue at end of year
Investor P Class Accumulation units in issue at end of year
Investor D Class income units in issue at end of year
Investor F Class income units in issue at end of year
Investor I Class income units in issue at end of year
Investor P Class Income units in issue at end of year
115,452
–
–
86,924
–
–
–
68,033
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
AEF
(134,742)
–
–
(117,994)
–
–
–
(10,793)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
93,665
–
–
188,399
–
–
–
2,948,677
862,108
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
EEF
(29,865)
–
–
(27,219)
–
–
–
(335,338)
(269,762)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
74,215
–
–
–
600,820
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
EMEF
–
–
–
(15,204)
–
–
–
(4,185,659)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
52,424
–
–
–
2,491,712
–
–
234,345
–
–
–
–
–
–
–
–
–
–
–
–
–
JEF
–
–
–
(34,875)
–
–
–
(396,223)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
20,638,836
–
6,427
2,750,470
589,067
5,495
–
8,191,237
1,467,086
206,704
–
7,567,066
–
365,179
171,071
976,912
1,402,565
4,708,303
4,102,923
374,776
15,431,137
8,801,791
2,062,404
1,154,558
PSF
(3,458,434)
–
(6,427)
(1,354,580)
(1,026,348)
–
–
(8,962,616)
(2,830,235)
(127,604)
–
–
–
(42,599)
(6,366,436)
(44,487)
(1,362,518)
(1,627,380)
(1,687,180)
(79,985)
(3,749,377)
(3,402,072)
(2,257,701)
(97,989)
Balance Sheet as at 30 September 2013 (continued)
–
–
–
10,681
–
–
–
4,823,759
–
1,701,573
–
–
–
–
–
–
–
–
–
–
–
–
–
–
USEF
–
–
–
(11,704)
–
–
–
(509,186)
–
(130,942)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
1,356,010
–
–
–
1,855,824
–
–
–
–
147,362
–
–
–
–
–
–
–
–
–
–
–
HYF
–
–
–
(88,393)
–
–
–
(179,988)
–
–
–
–
(246,941)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
1,006,930
80,710
397,533
200,734
–
985,691
–
–
–
–
–
–
–
–
–
–
–
–
GPSF
–
–
–
–
–
–
(176,133)
–
–
–
–
(985,885)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
3,851,426
–
–
500,002
–
–
–
–
–
–
–
–
–
–
–
–
–
GEJF
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
89
–
–
–
16,295,009
26,753,565
6,755,419
–
41,043,263
–
–
–
–
–
–
–
–
–
–
–
–
GLTHY
–
(280,269)
–
–
–
–
–
(5,081,690)
(3,896,260)
(1,928,927)
–
(12,876)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
611,621
–
–
–
–
–
–
–
–
560,785
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
MSCF
–
–
–
–
–
–
–
(5,129)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
250,000
–
–
–
–
–
–
250,000
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
EEIF
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
250,000
–
–
–
266,165
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
GSCEF*
–
–
–
(1)
–
–
–
(1)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Director ______________________________
Director ______________________________
Signed on behalf of Principal Global Investors (Ireland) Limited on 21 January 2014.
*Global Small Cap Equity Fund launched on 23 October 2012.
**Origin Global Emerging Markets Fund, ***Origin Global Equity Fund and ****Origin Global Small Companies Fund launched on 17 April 2013.
*****Long/Short Global Opportunities Equity Fund launched on 8 August 2013.
******Claritas Latin American Equity Fund launched on 23 September 2013.
Investor income units in issue at end of year
Investor income (GBP hedged) units in issue at end of year
Investor Income (EUR Hedged) units in issue at end of year
Investor accumulation units in issue at end of year
Investor accumulation (Euro hedged) units in issue at end of year
Investor accumulation (CHF Hedged) units in issue at end of year
Institutional accumulation (USD hedged) units in issue at end of year
Institutional accumulation units in issue at end of year
Institutional accumulation (Euro hedged) units in issue at end of year
Institutional accumulation (GBP hedged) units in issue at end of year
Institutional accumulation (JPY) units in issue at end of year
Institutional accumulation (JPY hedged) units in issue at end of year
Institutional accumulation (BRL hedged) units in issue at end of year
Institutional accumulation (CHF hedged) units in issue at end of year
Institutional income (Euro hedged) units in issue at end of year
Institutional income (GBP hedged) units in issue at end of year
Institutional income (JPY hedged) units in issue at end of year
Investor D Class accumulation units in issue at end of year
Investor F Class accumulation units in issue at end of year
Investor P Class Accumulation units in issue at end of year
Investor D Class income units in issue at end of year
Investor F Class income units in issue at end of year
Investor I Class income units in issue at end of year
Investor P Class Income units in issue at end of year
Investor income units redeemed during year
Investor income (GBP hedged) units redeemed during year
Investor Income (EUR Hedged) units redeemed during year
Investor accumulation units redeemed during year
Investor accumulation (Euro hedged) units redeemed during year
Investor accumulation (CHF Hedged) units redeemed during year
Institutional accumulation (USD hedged) units redeemed during year
Institutional accumulation units redeemed during year
Institutional accumulation (Euro hedged) units redeemed during year
Institutional accumulation (GBP hedged) units redeemed during year
Institutional accumulation (JPY) units redeemed during year
Institutional accumulation (JPY hedged) units redeemed during year
Institutional accumulation (BRL hedged) units redeemed during year
Institutional accumulation (CHF hedged) units redeemed during year
Institutional income (Euro hedged) units redeemed during year
Institutional income (GBP hedged) units redeemed during year
Institutional income (JPY hedged) units redeemed during year
Investor D Class accumulation units redeemed during year
Investor F Class accumulation units redeemed during year
Investor P Class Accumulation units redeemed during year
Investor D Class income units redeemed during year
Investor F Class income units redeemed during year
Investor I Class income units redeemed during year
Investor P Class Income units redeemed during year
–
–
–
–
–
–
–
–
–
74,483
–
–
–
–
–
–
–
–
–
–
–
–
–
–
OGEMF**
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Balance Sheet as at 30 September 2013 (continued)
–
–
–
–
–
–
–
–
–
1,715,653
–
–
–
–
–
–
–
–
–
–
–
–
–
–
OGEF***
–
–
–
–
–
–
–
–
–
(32,957)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
907,200
–
1,858,245
–
–
–
–
–
–
–
–
–
–
–
–
–
–
OGSCF****
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
750,000
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
LSGOF*****
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
260,000
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
CLAF******
–
–
–
–
–
–
–
(450,001)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
90
Net Assets Attributable to Redeemable
participating Unitholders at Mid Market Prices
29,446,458
153,236
29,293,222
Net Assets Attributable to Redeemable
participating Unitholders at Bid Market Prices
Adjustment from Bid Market Prices
to Mid Market Prices
(922)
(200,610)
(287,410)
(1,137)
(1,167)
(650,620)
(1,318,297)
13,133,984
26,996
13,106,988
(12,284)
(515)
(26,103)
(18,997)
(27,979)
-
(25,698)
(869)
(6,040)
(18,400)
(614,366)
-
8
8
8
85,091,944
956,606
84,135,338
(452)
(6,939)
(115,494)
(72,724)
(4,798)
(9,796)
(20,785)
-
84,250,832
77,589
13,394,398
Current Liabilities:
Options
Management Fees Payable
Trustee Fees Payable
Custodian Fees Payable
Audit Fees Payable
Legal Fees Payable
Purchase of Securities Payable
Unrealised Loss on Currency Contracts
Unrealised Loss on Open Forward
Currency Exchange Contracts
Administration Fees Payable
Due to Unitholders
Other Payables
Total Current Liabilities
US$
304,154
83,872,842
73,836
-
US$
89,895
22,605
13,180,483
23,826
-
EEF
AEF
GEF
Current Assets:
Note
US$
Cash at Bank
5
769,300
Sale of Securities Receivable
462,731
Investments in Securities at Fair Value (Bid prices)
29,232,833
Options
Dividends Receivable
41,985
Due from Unitholders
104,669
Unrealised Gains on Currency Contracts
Unrealised Gains on Open Forward
Currency Exchange Contracts
1
Other Assets
Total Current Assets
30,611,519
218,818,415
752,435
218,065,980
(1,418)
(757)
(525,049)
(2,653,962)
(153,613)
(5,658)
(75,948)
(26,554)
(1,864,965)
-
3,595
220,719,942
US$
2,892,742
1,575,176
215,891,573
356,856
-
EMEF
16,152,745
41,474
16,111,271
(3)
(37)
(40,085)
(13,366)
(537)
(7,146)
(18,996)
-
15,973
16,151,356
US$
302,010
15,655,245
178,128
-
JEF
723,153,114
6,405,392
716,747,722
(1,827,535)
(56,019)
(112,324,911)
(114,791,614)
(526,485)
(9,061)
(22,739)
(24,864)
-
573,415
831,539,336
US$
51,804,582
12,339,672
758,277,824
8,543,843
-
PSF
109,156,370
318,530
108,837,840
(14)
(150,346)
(266,226)
(83,875)
(2,681)
(11,011)
(18,299)
-
19
109,104,066
US$
118,247
174,336
108,748,497
62,967
-
USEF
31,407,699
153,561
31,254,138
(2,014)
(77,455)
(341,627)
(20,596)
(1,243)
(5,148)
(28,246)
(206,925)
-
8,890
31,595,765
US$
575,475
52,000
30,911,880
47,520
-
HYF
Balance Sheet as at 30 September 2012
11,272,432
41,027
11,231,405
(38,722)
(235,844)
(8,205)
(291)
(15,425)
(18,997)
(154,204)
-
33,432
46,578
11,467,249
US$
73,617
56,122
10,941,831
31,603
284,000
66
GPSF
56,009,731
347,541
55,662,190
(428)
(960,520)
(41,395)
(1,247)
(8,534)
(18,997)
(889,917)
(2)
773
56,622,710
US$
416,335
590,906
55,571,420
43,276
-
GEJF
552,352,300
1,718,325
550,633,975
(1,299,221)
(19,539,078)
(291,737)
(8,334)
(9,372)
(18,400)
(17,912,014)
-
548,078
570,173,053
US$
37,238,658
6,454,759
525,931,558
-
GLTHY
5,204,663
218
5,204,445
(71,922)
(4,117)
(108,288)
(821)
(3,014)
(3,224)
(2,292)
(22,898)
-
146,471
55,430
5,312,733
US$
308,856
4,798,698
3,278
-
MSCF
5,081,509
20,649
5,060,860
(291)
(410)
(31,299)
(4,846)
(2,677)
(1,205)
(14,984)
(930)
(5,956)
-
37,756
5,092,159
US$
89,513
21,291
4,933,846
9,753
-
EEIF
91
Investor income units issued during year
Investor income (GBP hedged) units issued during year
Investor accumulation units issued during year
Investor accumulation (Euro hedged) units issued during year
Institutional accumulation (USD hedged) units issued during year
Institutional accumulation units issued during year
Institutional accumulation (Euro hedged) units issued during year
Institutional accumulation (GBP hedged) units issued during year
Institutional accumulation (JPY) units issued during year
Institutional accumulation (JPY hedged) units issued during year
Institutional income (Euro hedged) units issued during year
Institutional income (GBP hedged) units issued during year
Institutional income (JPY hedged) units issued during year
Investor D Class accumulation units issued during year
Investor F Class accumulation units issued during year
Investor D Class income units issued during year
Investor F Class income units issued during year
Number of redeemable participating Units in issue
Investor income units in issue at beginning of year
Investor income (GBP hedged) units in issue at beginning of year
Investor accumulation units in issue at beginning of year
Investor accumulation (Euro hedged) units in issue at beginning of year
Institutional accumulation (USD hedged) units in issue at beginning of year
Institutional accumulation units in issue at beginning of year
Institutional accumulation (Euro hedged) units in issue at beginning of year
Institutional accumulation (GBP hedged) units in issue at beginning of year
Institutional accumulation (JPY) units in issue at beginning of year
Institutional accumulation (JPY hedged) units in issue at beginning of year
Institutional income (Euro hedged) units in issue at beginning of year
Institutional income (GBP hedged) units in issue at beginning of year
Institutional income (JPY hedged) units in issue at beginning of year
Investor D Class accumulation units in issue at beginning of year
Investor F Class accumulation units in issue at beginning of year
Investor D Class income units in issue at beginning of year
Investor F Class income units in issue at beginning of year
511
–
1,459
–
–
518
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
766
–
37,963
–
–
166,442
–
–
–
–
–
–
–
–
–
–
–
194,395
–
135,849
–
–
87,114
–
–
–
–
–
AEF
164,483
–
391,548
–
–
1,201,373
–
–
–
–
–
GEF
1,567
–
14,113
–
–
34,175
75,791
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
126,848
–
227,476
–
–
3,417,018
957,233
–
–
–
–
EEF
–
–
12,221
–
–
224,337
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
106,425
–
–
4,294,450
–
–
–
–
–
EMEF
–
–
3,695
–
–
87,126
–
–
858
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
41,536
–
–
2,000,968
–
–
232,805
–
–
JEF
7,154,464
–
1,244,199
4,869,867
–
8,439,331
1,836,206
–
–
912,759
424,590
337,779
–
1,399,984
1,187,189
5,898,322
3,556,472
1,254,040
2,756,617
3,103,922
3,183,395
4,448,602
1,288,108
–
–
4,016,215
–
3,437,976
4,445,562
–
–
3,835,742
5,987,585
PSF
–
–
1,525,738
–
–
236,102
–
209,795
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
12,706
–
–
5,840,595
–
1,482,883
–
–
–
USEF
HYF
–
–
169,016
–
–
259,650
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
800,998
–
–
1,056,504
–
–
–
–
–
Balance Sheet as at 30 September 2012 (continued)
–
–
–
–
487,725
837
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
311,275
79,873
397,533
200,734
–
–
–
GPSF
–
–
–
–
–
1,328,512
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
2,505,338
–
–
500,000
–
–
GEJF
–
611,621
–
–
–
16,971,734
15,293,263
8,997,712
–
8,511,861
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
1,261,346
2,711,534
–
–
2,477,087
–
GLTHY
–
–
–
–
–
524,729
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
MSCF
250,000
–
–
–
–
250,000
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
EEIF
92
GEF
(7,055)
–
(106,739)
–
–
(576,727)
–
–
–
–
–
–
–
–
–
–
–
158,194
–
322,772
–
–
791,088
–
–
–
–
–
–
–
–
–
–
–
Investor income units redeemed during year
Investor income (GBP hedged) units redeemed during year
Investor accumulation units redeemed during year
Investor accumulation (Euro hedged) units redeemed during year
Institutional accumulation (USD hedged) units redeemed during year
Institutional accumulation units redeemed during year
Institutional accumulation (Euro hedged) units redeemed during year
Institutional accumulation (GBP hedged) units redeemed during year
Institutional accumulation (JPY) units redeemed during year
Institutional accumulation (JPY hedged) units redeemed during year
Institutional income (Euro hedged) units redeemed during year
Institutional income (GBP hedged) units redeemed during year
Institutional income (JPY hedged) units redeemed during year
Investor D Class accumulation units redeemed during year
Investor F Class accumulation units redeemed during year
Investor D Class income units redeemed during year
Investor F Class income units redeemed during year
Investor income units in issue at end of year
Investor income (GBP hedged) units in issue at end of year
Investor accumulation units in issue at end of year
Investor accumulation (Euro hedged) units in issue at end of year
Institutional accumulation (USD hedged) units in issue at end of year
Institutional accumulation units in issue at end of year
Institutional accumulation (Euro hedged) units in issue at end of year
Institutional accumulation (GBP hedged) units in issue at end of year
Institutional accumulation (JPY) units in issue at end of year
Institutional accumulation (JPY hedged) units in issue at end of year
Institutional income (Euro hedged) units in issue at end of year
Institutional income (GBP hedged) units in issue at end of year
Institutional income (JPY hedged) units in issue at end of year
Investor D Class accumulation units in issue at end of year
Investor F Class accumulation units in issue at end of year
Investor D Class income units in issue at end of year
Investor F Class income units in issue at end of year
184,439
–
108,099
–
–
78,342
–
–
–
–
–
–
–
–
–
–
–
AEF
(10,467)
–
(29,209)
–
–
(9,290)
–
–
–
–
–
–
–
–
–
–
–
122,292
–
205,657
–
–
3,004,485
1,024,834
–
–
–
–
–
–
–
–
–
–
EEF
(6,123)
–
(35,932)
–
–
(446,708)
(8,190)
–
–
–
–
–
–
–
–
–
–
–
–
87,065
–
–
4,114,200
–
–
–
–
–
–
–
–
–
–
–
EMEF
–
–
(31,581)
–
–
(404,587)
–
–
–
–
–
–
–
–
–
–
–
–
–
38,132
–
–
1,903,801
–
–
233,663
–
–
–
–
–
–
–
–
JEF
–
–
(7,099)
–
–
(184,293)
–
–
–
–
–
–
–
–
–
–
–
7,032,627
–
1,227,719
406,941
–
10,655,834
3,065,082
–
–
4,748,501
6,412,175
337,779
1,254,040
3,187,673
3,650,992
8,027,657
7,479,099
PSF
(1,409,945)
–
(16,420)
(8,479,141)
–
(1,351,007)
(3,216,686)
–
–
–
–
–
–
(968,928)
(640,119)
(1,054,060)
(525,975)
–
–
12,036
–
–
4,850,233
–
1,527,938
–
–
–
–
–
–
–
–
–
USEF
–
–
(1,526,408)
–
–
(1,226,464)
–
(164,740)
–
–
–
–
–
–
–
–
–
Balance Sheet as at 30 September 2012 (continued)
–
–
774,664
–
–
1,145,095
–
–
–
–
–
–
–
–
–
–
–
HYF
–
–
(195,350)
–
–
(171,059)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
725,097
80,710
397,533
200,734
–
–
–
–
–
–
–
–
–
GPSF
–
–
–
–
(73,903)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
3,833,850
–
–
500,000
–
–
–
–
–
–
–
–
GEJF
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
611,621
–
–
–
17,784,945
16,222,923
7,585,406
–
9,558,083
–
–
–
–
–
–
–
GLTHY
–
–
–
–
–
(448,135)
(1,781,874)
(1,412,306)
–
(1,430,865)
–
–
–
–
–
–
–
–
–
–
–
–
524,729
–
–
–
–
–
–
–
–
–
–
–
MSCF
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
250,000
–
–
–
–
250,000
–
–
–
–
–
–
–
–
–
–
EEIF
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013
1. FORMATION
The Financial Statements have been prepared for the year ended 30 September 2013. The Principal Global
Investors Funds (the “Trust”) is authorised as an undertaking for collective investment in transferable securities pursuant to the
European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended),
hereafter referred to as ‘The Regulations’. It is an Umbrella Fund in that different classes of units may be issued from time to
time by the Manager. The Trust was constituted under the laws of Ireland by a Trust Deed dated 13 October 1992.
At 30 September 2013, the Trust comprised the following separate investment portfolios (“Funds”):
Fund
• Global Equity Fund (GEF)
• Asian Equity Fund (AEF)
• European Equity Fund (EEF)
• Emerging Markets Equity Fund (EMEF)
• Japanese Equity Fund (JEF)
• Preferred Securities Fund (PSF)
• US Equity Fund (USEF)
• High Yield Fund (HYF)
• Global Property Securities Fund (GPSF)
• Global Equity (ex-Japan) Fund (GEJF)
Launched
4 December 1992
24 June 1996
1 April 1998
6 November 1992
24 June 1996
16 November 1998
24 November 1992
24 June 1996
1 April 1998
19 February 2011
19 February 1998
13 August 1998
1 August 2000
1 August 2000
15 April 2011
22 April 2003
22 April 2003
3 February 2005
12 January 2009
7 January 2009
22 April 2010
6 April 2010
8 June 2011
21 January 2011
6 October 2009
8 October 2009
28 March 2012
28 March 2012
17 January 2013
1 March 2013
3 April 2013
8 April 2013
8 April 2013
15 April 2013
20 September 2013
1 December 2003
1 December 2003
18 November 2008
15 March 2004
26 November 2009
20 March 2013
18 April 2007
18 April 2007
18 April 2007
28 November 2008
9 July 2013
1 August 2008
30 August 2010
93
Type of Units
Investor: Income
Investor: Accumulation
Institutional: Accumulation
Investor: Income
Investor: Accumulation
Institutional: Accumulation
Investor: Income
Investor: Accumulation
Institutional: Accumulation
Institutional: Accumulation (Euro Hedged)
Investor: Accumulation
Institutional: Accumulation
Investor: Accumulation
Institutional: Accumulation
Institutional: Accumulation (JPY Hedged)
Investor: Accumulation (Euro Hedged)
Institutional: Accumulation
Investor: Income
Investor: D Class Accumulation
Investor: F Class Accumulation
Institutional: Accumulation (Euro Hedged)
Institutional: Accumulation (JPY Hedged)
Institutional: Income (Euro Hedged)
Institutional: Income (JPY Hedged)
Investor: D Class Income
Investor: F Class Income
Investor: Accumulation
Institutional: Income (GBP Hedged)
Investor: I Class Income
Institutional: Accumulation (CHF Hedged)
Investor: Income (Euro Hedged)
Investor: P Class Income
Investor: P Class Accumulation
Institutional: Accumulation (GBP Hedged)
Investor: Accumulation (CHF Hedged)
Investor: Accumulation
Institutional: Accumulation
Institutional Accumulation (GBP Hedged)
Institutional: Accumulation
Investor: Accumulation
Institutional: Accumulation (BRL Hedged)
Institutional: Accumulation (Euro Hedged)
Institutional Accumulation (USD Hedged)
Institutional: Accumulation (GBP Hedged)
Institutional: Accumulation
Institutional: Accumulation (JPY Hedged)
Institutional: Accumulation (JPY Hedged)
Institutional: Accumulation
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
1. FORMATION (continued)
At 30 September 2013, the Trust comprised the following separate investment portfolios (“Funds”): (continued)
Fund
• Post Global Limited Term
High Yield Fund (GLTHY)
• Multi Strategy Currency Fund (MSCF)
• EDGE Equity Income Fund (EEIF)
• Global Small Cap Equity Fund (GSCEF)
• Origin Global
Emerging Markets Fund (OGEMF)
• Origin Global Equity Fund (OGEF)
• Origin Global
Smaller Companies Fund (OGSCF)
• Long/Short Global
Opportunities Equity Fund (LSGOF)
• Claritas Latin American Equity Fund (CLAF)
Launched
Type of Units
15 July 2011
18 May 2011
1 July 2011
3 January 2012
5 June 2012
16 February 2012
10 August 2012
10 August 2012
23 October 2012
23 October 2012
Institutional: Accumulation
Institutional: Accumulation (JPY Hedged)
Institutional: Accumulation (Euro Hedged)
Institutional: Accumulation (GBP Hedged)
Investor: Income (GBP Hedged)
Institutional: Accumulation
Investor: Income
Institutional: Accumulation
Investor: Accumulation
Institutional: Accumulation
17 April 2013
17 April 2013
Institutional: Accumulation (GBP Hedged)
Institutional: Accumulation (GBP Hedged)
17 April 2013
17 April 2013
Institutional: Accumulation
Institutional: Accumulation (GBP Hedged)
8 August 2013
23 September 2013
Institutional: Accumulation
Institutional: Accumulation
2. PRINCIPAL ACCOUNTING POLICIES
Basis of Accounting
The Financial Statements have been prepared under the historical cost convention as modified by the revaluation of financial
assets and financial liabilities held at fair value through profit or loss.
The Financial Statements have been prepared in accordance with accounting standards generally accepted in Ireland, the
European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (‘The
Regulations’) and the Hong Kong Securities and Futures Commission’s Code on Unit Trusts and Mutual Funds.
Accounting standards generally accepted in Ireland in preparing Financial Statements giving a true and fair view are those
published by the Institute of Chartered Accountants in Ireland and issued by the Financial Reporting Council.
Financial Instruments at fair value through Profit or Loss
This category has two sub-categories: financial assets and liabilities held for trading, and those designated by the Fund Manager
at fair value through profit or loss at inception. All instruments on the Portfolio of Investments are classified as held at fair value
through profit or loss. Subsequent to initial recognition, all instruments classified at fair value through profit or loss are
measured at fair value with changes in their fair value recognised in the Statement of Total Return. Financial assets are
derecognised when the rights to receive the cashflow from the investments have expired or the Funds have transferred
substantially all of the risks or rewards of ownership.
Accounting for Investments
Investments are recognised at the trade date at mid prices. Realised gains and losses on investment disposals are
calculated using the average cost method. Realised gains and losses on investment transactions in debt instruments are calculated
using the amortised cost method based on the effective interest rate.
Valuation of Investments
The period end valuation was 30 September 2013, the last business day of the year. Securities listed on a recognised stock
exchange or traded on any other organised market, are valued at the current bid price at each valuation point on the stock
exchange or market which constitutes the principal market for such securities. If trades are received after 10am they will be
accounted for in the next valuation. If for specific assets the current bid prices do not, in the opinion of the Manager, reflect their
fair value or are not available, the price of the most recent transaction provides evidence of the current fair value as long as there
has not been a significant change in economic circumstances since the time of the transaction or the Manager may also apply a
fair value adjustment where they deem appropriate in order to reflect fair value. In the case of any security not listed, quoted or
dealt on a regulated market or for which no quotation or value is available which would provide a fair
valuation, or in respect of which the price is unrepresentative, the fair value of such security is determined on the basis of the
probable realisation value and is determined by the Manager, a stockbroker or other competent person appointed by the
Manager and approved for the purpose by the Trustee, using valuation techniques.
94
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
2. PRINCIPAL ACCOUNTING POLICIES (continued)
Futures
A future contract obligates one party to sell and the other party to purchase a specific instrument for an agreed price at an agreed
future date. Futures may be used subject to the conditions and limits laid down by the Central Bank of Ireland and the Trust Deed
and subject to any other restrictions or regulations which may affect the portfolio management of the Funds or the Adviser.
Certain Funds may buy or sell futures to provide an efficient, liquid and effective method for the management of risks by
“locking in” gains and/or protecting against future declines in value. The fair value of open future contracts is calculated as the
difference between the contracted rate and the current rate that would close out the contract on the Balance Sheet date. Gains
or losses on open currency contracts are included in the unrealised gain/(loss) on open future contracts on the Balance Sheet and
are shown in the Portfolio of Investments. When the contract is terminated, the Fund will recognise a realised gain or loss in the
Statement of Total Return equal to the difference between the value of the contract at the time it was entered into and the time
it was closed.
Forward Foreign Currency Contracts
In a Forward Currency Contract, the Fund agrees to receive or deliver a fixed quantity of one currency for another, at a
pre-determined price at a future date. The fair value of open forward foreign currency exchange contracts is calculated as the
difference between the contracted rate and the current forward rate that would close out the contract on the Balance Sheet date.
Gains or losses on open forward foreign currency exchange contracts are included in the unrealised gain/(loss) foreign currency
exchange contracts on the Balance Sheet and are shown in the Portfolio of Investments. Any realised gains or losses are recognised
in the Statement of Total Return on trade date. The Funds may enter into these contracts to hedge against changes in currency
exchange rates.
Spot Currency Contracts
In a Spot Currency Contract the Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined
price at a future date (the spot date) this date its typically within three business days of inception of the contract. The fair value
of open currency contracts is calculated as the difference between the contracted rate and the current forward rate that would close
out the contract on the Balance Sheet date. Gains or losses on open currency contracts are included in the unrealised gain/(loss)
foreign currency exchange contracts on the Balance Sheet and are shown in the Portfolio of Investments. Any realised gains or
losses are recognised in the Statement of Total Return on trade date. The Funds may enter into these contracts to hedge against
changes in currency exchange rates.
Options
Options are derivative financial instruments that give the buyer, in exchange for a premium payment, the right, but not the
obligation, to either purchase (call option) or sell to (put option) the writer a specified underlying instrument at a specified price
on or before a specified date. The Funds enter into exchange-traded contracts to meet the requirements of its risk management
and trading activities. All open option positions are in unrealised gains/unrealised (loss) on option contracts in the Balance Sheet.
When options are closed, the difference between the premium and the amount paid or received, net of brokerage commissions,
or the full amount of premium if the option expires worthless, is treated as a realised gain or loss and is included in net gain/loss
on financial assets at fair value through profit and loss in the Statement of Total Return. The Funds may enter into these
contracts to hedge against changes in currency exchange rates.
Foreign Currency Transactions
In accordance with FRS 23, items included in the individual Fund’s financial statements are measured using the currency of the
primary economic environment in which it operates (functional currency). The Fund’s selection of the functional currency is
attributable to the functional currency being: a) the major component of the Fund’s benchmarks and b) the common proxy for
most clients in the Fund’s varied client base. The functional currency assessment was completed at a Fund level. The Funds’
presentation currencies equated to their respective functional currencies when assessed under FRS 23. The functional currency
of each Fund of the Trust is United States Dollars.
95
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
2. PRINCIPAL ACCOUNTING POLICIES (continued)
Foreign Currency Transactions (continued)
For each Fund:
(i)
Currency gains and losses can arise where there is a difference between the amounts of foreign dividends and interest
recorded on the Fund’s books and the Fund’s functional currency equivalent of the amounts actually received or paid.
These gains or losses are included where appropriate in the dividend and interest income figure in the individual Fund’s
Statement of Total Return on pages 78 and 79;
(ii)
Currency gains and losses realised on securities purchase and sales transactions are included in net gain/(loss) on
investment activities in the individual Fund’s Statement of Total Return on pages 78 and 79;
(iii)
Unrealised currency gains and losses on securities held at period end are included in net gain/(loss) on investment
activities in the individual Fund’s Statement of Total Return on pages 78 and 79; and
(iv)
Monetary assets and liabilities denominated in currencies other than the Fund’s functional currency are translated at
the rate of exchange ruling at the close of business on the Balance Sheet date and exchange differences are included in
net gain/(loss) on investment activities in the individual Fund’s Statement of Total Return on pages 78 and 79.
Income from Investments
Dividends are credited to the Statement of Total Return on the dates on which the relevant securities are listed as “ex-dividend”.
Interest income is accounted for daily on an effective yield basis. Income is shown gross of any non-recoverable withholding taxes,
which is disclosed separately in the Statement of Total Return, and net of any tax credits. Realised gains and losses on investment
transactions in debt instruments are calculated using the amortised cost method based on the effective interest rate.
Net gain / (loss) on Investment Activities
In respect of each instrument type classified as financial instruments at fair value through profit or loss, the movement in
unrealised gains/(losses) since the prior period end and realised gains/(losses) are included in net gain/(loss) on investment
activities in the Statement of Total Return. Interest earned on fixed income securities such as bonds are included here.
Expenses
Operating expenses are recognised on an accruals basis in the Statement of Total Returns.
Anti Dilution Levy
The Manager may exercise its discretion to apply an anti dilution levy in relation to redemptions of Units. The levy is an allowance
for fiscal and other charges that may be deducted from the Net Asset Value per Unit of the relevant class to reflect the costs of
disposing of underlying assets to fund redemptions from the Fund. The levy is intended to be used to ensure that all investors in
the Trust are treated equitably by allocating transaction costs to the investors whose transactions give rise to those costs.
Cash and Cash Equivalent
Cash is valued at amortised cost, which approximates fair value. Cash is held with the Bank of New York Mellon Trust Company
(Ireland) Limited and JP Morgan Securities PLC.
Distributions
The Preferred Securities Fund will declare and pay quarterly distributions to Unitholders holding: Investor Income Unit Class,
D Income Unit Class, F Income Unit Class, JPY Hedged Institutional Income Unit Class and EUR Hedged Institutional Income
Unit Class.
The Post Global Limited Term High Yield Fund will declare and pay quarterly distributions to Unitholders holding GBP Hedged
Income Unit Class.
The European Equity Fund, Asian Equity Fund and the Global Equity Fund will declare and pay annual distributions to
Unitholders holding Investor Income Class Units.
Distributions are recorded by each Fund on ex-dividend date in the Statement of Total Return.
96
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
2. PRINCIPAL ACCOUNTING POLICIES (continued)
Offsetting
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is a legally enforceable right
to set-off the recognised amounts and there is an intention to settle on a net basis, or realise the assets and settle the liability
simultaneously.
Participating Units
All participating units issued by the Funds provide the investors the right to require redemption for cash at the value proportionate
to the investor's share in the Fund's net assets at the redemption date. Such instruments give rise to a financial liability for the
present value of the redemption amount. In accordance with the issued prospectus the Funds are contractually obliged to redeem
shares at the traded Net Asset Value per unit which is calculated at 10am at each valuation point.
3. BASIS OF PRESENTATION OF FINANCIAL STATEMENTS
The information required by Financial Reporting Standard No.3, “Reporting Financial Performance”, to be included in a
Statement of Total Recognised Gains and Losses and a Reconciliation of Movements in Unitholders’ Funds is, in the opinion of
the Manager, contained in the Statement of Total Return and the Statement of Movement in Net Assets attributable to
Redeemable Participating Unitholders’ on pages 81 and 82.
In arriving at the results for the year, all amounts in the Statement of Total Return on pages 78 and 79 relate to continuing
activities.
The Trust has availed of the exemption available to open-ended investment funds under FRS 1 not to prepare a cash flow
statement.
4. TAXATION
Under current law and practice the Trust qualifies as an investment undertaking as defined in Section 739B of the Taxes
Consolidation Act, 1997, as amended. On that basis, it is not chargeable to Irish tax on its income or gains.
However, Irish tax may arise on the happening of a "chargeable event". A chargeable event includes any distribution payments
to unitholders, any encashment, redemption, cancellation or transfer of shares and the holding of shares at the end of each
eight year period beginning with the acquisition of such shares.
No Irish tax will arise on the Trust in respect of chargeable events in respect of:
(a)
a unitholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the
chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation
Act, 1997, as amended, are held by the Trust or the Trust has been authorised by the Irish Revenue to make gross
payments in the absence of appropriate declarations; and
(b)
certain exempted Irish tax resident unitholders who have provided the Trust with the necessary signed statutory
declarations.
Dividends, interest and capital gains (if any) received on investments made by the Trust may be subject to taxes imposed by the
country from which the investment income/gains are received and such taxes may not be recoverable by the Trust or its
unitholders.
Redeeming Units
When a redemption request has been submitted by a Unitholder who is or is deemed to be an Irish resident, or is acting on
behalf of an Irish resident, the Manager shall deduct from the redemption proceeds an amount which is equal to the tax payable
by the Unit Trust to the Revenue Commissioners in Ireland in respect of the relevant transaction.
97
98
GEF
US$
769,300
769,300
At 30 September 2012
AEF
US$
89,895
89,895
EEF
EMEF
US$
US$
304,154 2,892,742
304,154 2,892,742
AEF
EEF
EMEF
US$
US$
US$
671,748 2,331,522
- (247,419)
671,748 2,331,522 (247,419)
JEF
PSF
US$
US$
302,010 51,804,582
302,010 51,804,582
JEF
PSF
US$
US$
777,294 23,293,886
777,294 23,293,886
USEF
US$
118,247
118,247
-
6,896,671
10,231,575
(47,273)
17,080,973
-
1,406,419
(738,823)
(38,412)
629,184
Interest Income from Fixed Interest Securities
Gains/Losses realised on investments
sold during the year
3,853,447
Net unrealised
appreciation/(depreciation) for the year 1,856,725
Other Foreign Exchange Gains/(Losses)
(66,867)
Net Gains/Losses on
investment activities
5,643,305
EEF
4,100,155
(15,532,793)
(183,266)
19,816,214
-
US$
EMEF
JEF
4,647,378
3,611,416
(11,968)
1,047,930
-
US$
667,598
271
667,869
Investments in Equities and
Preferred Shares
5,707,463
Investments in Fixed Interest Securities
Forward Foreign Exchange Contracts
(5,582)
5,701,881
17,127,493
34,367
17,161,860
EEF
US$
4,285,598
(107,203)
4,178,395
EMEF
US$
4,659,362
(15,776)
4,643,586
JEF
US$
PSF
(34,577,331)
(5,509,804)
(18,703,952)
(58,791,084)
PSF
US$
1,372,188
(27,799,894)
(620,488)
(7,848,456)
37,641,026
US$
17,021,600
3,900
17,025,500
USEF
US$
17,020,049
2,922,903
(1,374)
14,098,520
-
US$
USEF
Unrealised Gains/(Losses)
1,719,959
GEF
US$
(750,748)
AEF
US$
EMEF
US$
9,317,294 (16,251,317)
EEF
US$
3,594,927
JEF
US$
4,006,282
PSF
US$
2,626,948
USEF
US$
HYF
US$
367,914
HYF
US$
1,155,933
(146,767)
1,009,166
HYF
US$
4,432,246
732,970
46,155
946,321
2,706,800
Total unrealised gains or losses for the year included in the Statement of Total Return for assets held at 30 September 2013 are as follows:
AEF
US$
GEF
US$
Realised/Unrealised gains/losses by security type for the period ended 30 September 2013 are as follows:
US$
AEF
US$
GEF
US$
For the period ended 30 September 2013
6. NET GAIN/(LOSSES) ON INVESTMENT ACTIVITIES
HYF
US$
575,475
575,475
USEF
HYF
US$
US$
889,097 1,713,982
889,097 1,713,982
All cash balances are held with BNY Mellon Trust Company (Ireland) Limited.
Cash & bank balances
Cash & bank balances
Bank Overdraft
GEF
US$
1,230,738
1,230,738
At 30 September 2013
5. CASH AND BANK BALANCES
725,882
US$
GPSF
1,997,247
766,626
2,763,873
US$
GPSF
2,105,781
743,835
(38,532)
1,400,478
-
US$
GPSF
GPSF
US$
73,617
73,617
GPSF
US$
81,833
81,833
1,876,363
GEJF
US$
10,045,924
21,920
10,067,844
GEJF
US$
10,004,785
2,204,845
(38,048)
7,837,988
-
US$
GEJF
14,597,296
US$
GLTHY
(40,429,488)
(29,105,517)
(69,535,005)
US$
GLTHY
12,060,490
18,806,422
(2,845,284)
(40,368,813)
36,468,165
US$
GLTHY
GEJF GLTHY
US$
US$
416,335 37,238,658
416,335 37,238,658
GEJF GLTHY
US$
US$
401,029 61,127,561
401,029 61,127,561
(136,356)
US$
MSCF
(463,147)
(565,447)
(1,028,594)
US$
MSCF
(603,579)
(136,197)
(4,084)
(463,298)
-
US$
MSCF
MSCF
US$
308,856
308,856
MSCF
US$
127,431
127,431
628,321
US$
EEIF
725,669
69
725,738
US$
EEIF
725,562
647,794
(107)
77,875
-
US$
EEIF
EEIF
US$
89,513
89,513
EEIF
US$
134,649
134,649
1,209,311
US$
GSCEF
1,586,269
4,894
1,591,163
US$
GSCEF
1,581,327
1,202,385
(4,942)
383,884
-
US$
GSCEF
GSCEF
US$
45,639
45,639
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
28,145
US$
OGEMF
30,247
1,196
31,443
US$
OGEMF
30,247
27,180
-
3,067
-
US$
OGEMF
OGEMF
US$
7,020
7,020
1,732,358
US$
OGEF
1,536,469
(356,148)
1,180,321
US$
OGEF
1,536,426
1,721,430
-
(185,004)
-
US$
OGEF
OGEF
US$
373,625
373,625
4,113,355
US$
OGSCF
3,346,639
(1,045,292)
2,301,347
US$
OGSCF
3,346,591
4,076,106
-
(729,515)
-
US$
OGSCF
OGSCF
US$
830,012
830,012
218,024
US$
LSGOF
(148,293)
(18,729)
(167,022)
US$
LSGOF
(74,596)
215,736
16,398
(306,730)
-
US$
LSGOF
LSGOF
US$
138,172
138,172
(65,524)
US$
CLAF
(71,216)
(71,217)
US$
CLAF
(50,371)
(70,580)
20,846
(637)
-
US$
CLAF
CLAF
US$
139,541
139,541
99
–
845,791
4,187,586
80,800
5,114,177
GEF
US$
EEF
US$
EMEF
US$
–
–
–
(53,392) (375,699) (8,061,691)
2,811,209 13,965,122 37,800,132
(9,326)
(5,185) (129,504)
2,748,491 13,584,238 29,608,937
AEF
US$
–
(184,830)
(421,762)
(1,918)
(608,510)
JEF
US$
5,034,513
–
(1,136)
5,033,377
EEF
US$
EMEF
US$
2,757,793 13,589,379 29,730,657
–
–
–
24
44
7,784
2,757,817 13,589,423 29,738,441
AEF
US$
PSF
US$
USEF
US$
(606,654) 15,234,506 24,530,501
– 41,371,948
–
62 (626,826)
202
(606,592) 55,979,628 24,530,703
JEF
US$
USEF
US$
–
2,929,590
–
2,929,590
HYF
US$
2,157,014
26,584
2,971,591
(21,164)
5,134,025
HYF
US$
Unrealised Gains/(Losses)
4,288,230
GEF
US$
EEF
US$
EMEF
US$
2,811,665 14,885,285 38,273,190
AEF
US$
PSF
US$
USEF
US$
(428,005) 63,052,974 18,677,458
JEF
US$
2,924,028
HYF
US$
US$
GPSF
1,629,673
US$
GPSF
1,777,474
–
(42,512)
1,734,962
US$
GPSF
–
136,119
1,598,843
(3,617)
1,731,345
Total unrealised gains or losses for the year included in the Statement of Total Return for assets held at 30 September 2012 are as follows:
Investments in Equities and Preferred Shares
Investments in Fixed Interest Securities
Forward Foreign Exchange Contracts
GEF
US$
PSF
US$
24,456,546
–
(3,013,781) 6,120,989
63,295,714 18,409,714
(556,721)
19,687
84,181,758 24,550,390
Realised/Unrealised gains/losses by security type for the period ended 30 September 2012 are as follows:
Interest Income from Fixed Interest Securities
Gains/Losses realised on investments sold during the year
Net unrealised appreciation/(depreciation) for the year
Other Foreign Exchange Gains/(Losses)
Net Gains/Losses on investment activities
For the period ended 30 September 2012
6. NET GAIN/(LOSSES) ON INVESTMENT ACTIVITIES (continued)
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
US$
GLTHY
US$
GLTHY
8,297,909
GEJF
US$
5,315,688
US$
GLTHY
9,418,169
–
– 11,841,986
304 (417,348)
9,418,473 11,424,638
GEJF
US$
– 5,553,215
1,557,801 7,839,171
7,860,672 14,441,787
64,688 1,607,215
9,483,161 29,441,388
GEJF
US$
74,825
US$
MSCF
(34,883)
–
74,549
39,666
US$
MSCF
–
(35,159)
74,825
(3,730)
35,936
US$
MSCF
74,998
US$
EEIF
60,981
–
–
60,981
US$
EEIF
–
6,632
54,349
–
60,981
US$
EEIF
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
7. DISTRIBUTIONS
For the year ended 30 September 2013
Distributions reflect income earned in the Funds below during the year to 30 September 2013 and were declared on 1
October 2013.
Accumulation Classes
The Accumulation Unit Classes did not declare distributions on 30 September 2013.
Income Classes
The Preferred Securities Income Classes offer quarterly distributions to investors.
The following distributions were declared for the Investor Income Class of the Preferred Securities Fund.
31 December 2012
US$0.11733/unit
31 March 2013
US$0.10683/unit
30 June 2013
US$0.11000/unit
30 September 2013
US$0.11460/unit
The following distributions were declared for the D Income Unit Class of the Preferred Securities Fund.
31 December 2012
US$0.14816/unit
31 March 2013
US$0.13882/unit
30 June 2013
US$0.14000/unit
30 September 2013
US$0.14600/unit
The following distributions were declared for the F Income Unit Class of the Preferred Securities Fund.
31 December 2012
US$0.13210/unit
31 March 2013
US$0.12343/unit
30 June 2013
US$0.12000/unit
30 September 2013
US$0.12980/unit
The following distributions were declared for the Institutional Income (JPY Hedged) Unit Class of the Preferred Securities Fund.
31 December 2012
US$0.16764/unit
31 March 2013
US$0.13346/unit
30 June 2013
US$0.15040/unit
30 September 2013
US$0.13490/unit
The following distributions were declared for the Institutional Income (Euro Hedged) Unit Class of the Preferred Securities Fund.
31 December 2012
US$0.13477/unit
31 March 2013
US$0.12865/unit
30 June 2013
US$0.13500/unit
30 September 2013
US$0.13790/unit
The following distributions were declared for the Institutional Income (GBP Hedged) Unit Class of the Preferred Securities Fund.
31 December 2012
US$0.14266/unit
31 March 2013
US$0.12702/unit
30 June 2013
US$0.12910/unit
30 September 2013
US$0.14530/unit
The following distributions were declared for the Investor I Class Income Unit Class of the Preferred Securities Fund.
31 March 2013
US$0.11384/unit
30 June 2013
US$0.14000/unit
30 September 2013
US$0.14570/unit
The following distributions were declared for the P Class Income of the Preferred Securities Fund.
30 June 2013
US$0.12000/unit
30 September 2013
US$0.13650/unit
The following distributions were declared for the Investor Income (Euro Hedged) Unit Class of the Preferred Securities Fund.
30 June 2013
US$0.12150/unit
30 September 2013
US$0.13280/unit
The following distributions were declared for the Investor Income (GBP Hedged) Unit Class of the Preferred Securities Fund.
30 June 2013
US$0.12910/unit
30 September 2013
US$0.13390/unit
100
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
7. DISTRIBUTIONS (continued)
For the year ended 30 September 2013 (continued)
The Post Global Limited Term High Yield Fund Investor Income Class offers Quarterly distributions to investors.
The following distributions were declared for the Investor Income Unit Class of the Post Global Limited Term High Yield Fund.
30 June 2013
US$0.12910/unit
30 September 2013
US$0.11930/unit
The following distributions were declared for the (GBP Hedged) Income Unit Class of the Post Global Limited Term High Yield
Fund.
31 December 2012
US$0.14110/unit
31 March 2013
US$0.13415/unit
30 June 2013
US$0.04960/unit
30 September 2013
US$0.04550/unit
The Global Equity, Asian Equity and European Equity Income Unit Classes offer annual distributions to investors.
The Asian Equity Income Unit Class offers annual distributions to investors.
The following distributions were declared for the Investor Income Class of the Asian Equity Fund.
30 September 2013
US$0.00000/unit
The Global Equity Income Unit Class offers annual distributions to investors.
The following distributions were declared for the Investor Income Class of the Global Equity Fund.
30 September 2013
US$0.00000/unit
The European Equity Income Unit Class offers annual distributions to investors.
The following distributions were declared for the Investor Income Class of the European Equity Fund.
30 September 2013
US$0.32420/unit
For the year ended 30 September 2012
Distributions reflect income earned in the Funds below during the year to 30 September 2012 and were declared on 1
October 2012.
Accumulation Classes
The Accumulation Unit Classes did not declare distributions on 30 September 2012.
Income Classes
The Preferred Securities Income Classes offer quarterly distributions to investors.
The following distributions were declared for the Investor Income Class of the Preferred Securities Fund.
31 December 2011
31 March 2012
30 June 2012
30 September 2012
US$0.11876/unit
US$0.11628/unit
US$0.12107/unit
US$0.11168/unit
The following distributions were declared for the D Income Unit Class of the Preferred Securities Fund.
31 December 2011
31 March 2012
30 June 2012
30 September 2012
US$0.15073/unit
US$0.14710/unit
US$0.15341/unit
US$0.14057/unit
The following distributions were declared for the F Income Unit Class of the Preferred Securities Fund.
31 December 2011
31 March 2012
30 June 2012
30 September 2012
US$0.13683/unit
US$0.13625/unit
US$0.13868/unit
US$0.12551/unit
101
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
7. DISTRIBUTIONS (continued)
For the period ended 30 September 2012 (continued)
Income Classes (continued)
The Preferred Securities Income Classes offer quarterly distributions to investors. (continued)
The following distributions were declared for the JPY Hedged Institutional Income Unit Class of the Preferred Securities Fund.
31 December 2011
31 March 2012
30 June 2012
30 September 2012
US$0.17136/unit
US$0.16694/unit
US$0.16849/unit
US$0.15984/unit
The following distributions were declared for the EUR Hedged Institutional Income Unit Class of the Preferred Securities Fund.
31 December 2011
31 March 2012
30 June 2012
30 September 2012
US$0.14323/unit
US$0.13594/unit
US$0.13960/unit
US$0.12414/unit
The following distributions were declared for the GBP Hedged Institutional Income Unit Class of the Preferred Securities Fund.
31 March 2012
30 June 2012
30 September 2012
US$0.00451/unit
US$0.14629/unit
US$0.13176/unit
The European Equity Income Unit Class offers annual distributions to investors.
The following distributions were declared for the Investor Income Class of the European Equity Fund.
30 September 2012
US$0.52664/unit
The Asian Equity Income Unit Class offers annual distributions to investors.
The following distributions were declared for the Investor Income Class of the Asian Equity Fund.
30 September 2012
US$0.09534/unit
The Global Equity Income Unit Class offers annual distributions to investors.
The following distributions were declared for the Investor Income Class of the Global Equity Fund.
30 September 2012
US$0.11184/unit
The Post Global Limited Term High Yield Fund Investor Income Class offers quarterly distributions to investors.
The following distributions were declared for the GBP Hedged Income Unit Class of the Post Global Limited Term High Yield Fund.
30 June 2012
US$0.04414/unit
30 September 2012
US$0.13729/unit
8. SIGNIFICANT CONTRACTS AND TRANSACTIONS WITH RELATED PARTIES
Management Fee
Pursuant to the Trust Deed dated 29 October 1992, Principal Global Investors (Ireland) Limited (“the Manager”) acts as
Manager to the Trust. and is responsible for its management and administration. For services rendered, the Trust will pay to the
Manager an annual fee, accrued daily in the Unit price and payable monthly in arrears. The management fee is currently
calculated as a percentage of the Net Asset Value of each Fund at the following rates attributable to “Investor” and “Institutional”
Units. These related party transactions have been entered into in the ordinary course of business. The Manager’s fee expense is
shown in the Statement of Total Return and the accrued amount is shown in the Balance Sheet.
102
103
1.50 %
1.50 %
1.50 %
1.50 %
0.90 %
1.50 %
1.00 %
1.50 %
1.50 %
1.00 %
1.50 %
1.50 %
1.50 %
1.50 %
1.50 %
1.50 %
1.50 %
1.50 %
Global Equity Fund
Asian Equity Fund
European Equity Fund
Emerging Markets Equity Fund
Japanese Equity Fund
Preferred Securities Fund**
US Equity Fund
High Yield Fund
Global Property Securities Fund
Global Equity (ex-Japan) Fund
Post Global Limited Term High Yield Fund
Multi Strategy Currency Fund
EDGE Equity Income Fund
Global Small Cap Equity Fund
Origin Global Emerging Markets Fund
Origin Global Equity Fund
Origin Global Smaller Companies Fund
Long/Short Global Opportunities Equity Fund**
Claritas Latin American Equity Fund***
Management fee Percentage of Net Asset Value attributable to
Institutional I Class Units*
Investor*
Investor*
D Class Units
F Class Units
1.00 % (US$0 to US$5 million)
0.50 % (US$5 million to US$50 million)
0.40 % (over US$50 million)
1.00 % (US$0 to US$5 million)
0.70 % (US$5 million to US$50 million)
0.60 % (over US$50 million)
1.00 % (US$0 to US$5 million)
0.50 % (US$5 million to US$50 million)
0.40 % (over US$50 million)
1.00 % (US$0 to US$5 million)
0.90 % (US$5 million to US$50 million)
0.80 % (over US$50 million)
1.00 % (US$0 to US$5 million)
0.50 % (US$5 million to US$50 million)
0.40 % (over US$50 million)
0.40 %
0.60 %
0.60 %
1.00 % (US$0 to US$5 million)
0.50 % (US$5 million to US$50 million)
0.40 % (over US$50 million)
0.75 %
0.75 %
0.75 %
1.00 % (US$0 to US$5 million)
1.00 %
1.00 %
0.85 % (US$5 million to US$50 million)
0.65 % (over US$50 million)
1.00 % (US$0 to US$5 million)
0.50 % (US$5 million to US$50 million)
0.40 % (over US$50 million)
0.70 %
1.00 %
1.00 %
1.00 %(US$0 to US$5 million)
1.00 %
1.00 %
0.08 % (US$5 million to US$50 million)
0.70 % (over US$50 million)
1.00 %
0.65 %
1.00 %
1.00 %
1.00 %
1.00 %
1.00 %
1.00 %
1.00 %
1.00 %
1.00 %
1.00 %
Investor*
P Class Units
*** The Claritas Latin American Equity Fund Investor D Class Units, Investor F Class Units and Investor P Class Units are subject to Marketing and Distribution fees of 0.65%, 1.15% and 0.15% respectively.
** The Preferred Securities Fund and Long/Short Global Opportunities Equity Fund Investor D Class Units, Investor F Class Units and Investor P Class Units are subject to Marketing and Distribution fees of 0.60%,
1.10% and 0.10% respectively.
*Institutional Investors in certain Funds, with unitholdings over certain amounts, are entitled to a reduction in their effective Annual Management Fee. This fee reduction is effected by way of a Management Fee Rebate,
paid as additional units purchased on the investor’s behalf by the Manager of the Fund.
Investor A
Class units
1.50 %
Principal Global Investors Funds
8. SIGNIFICANT CONTRACTS AND TRANSACTIONS WITH RELATED PARTIES (continued)
Management Fee (continued)
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
8. SIGNIFICANT CONTRACTS AND TRANSACTIONS WITH RELATED PARTIES (continued)
Management Fee Rebate
Institutional Investors in certain Funds, with agreement by the Investment advisor, are entitled to a reduction in their effective
Annual Management fee. This fee reduction is effected by way of a Management Fee Rebate, paid as additional units purchased
on the investors behalf by the Manager of the Fund.
The effective management fees paid by these investors are disclosed in the table above.
Expense Cap
The Manager has capped the total annual fees and expenses excluding Management Fees for each Fund. The Manager may
absorb (directly by waiving a portion of its fees or by reimbursement to the account of each Fund), any additional fees, costs or
expenses over the applicable capped rate for each Fund that may arise in respect of the management and operation of the Trust
attributable to each Fund. The Expense Cap fee expense is shown in the Statement of Total Return and the accrual/prepaid
amount is shown in the Balance Sheet.
Administration Fee
In addition to the management fee, the Trust Deed permits the Manager to charge an administration fee of up to 0.15% per
annum of the Value of the Units in the Funds for administering the Trust. Currently the Manager only charges this fee on the
Net Asset Value of the Funds attributable to A, F and D Class Units. This fee is calculated as a percentage of the Net Asset Value
of each Fund attributable to A, F and D Class Units, and is accrued every Business Day, and the total accrued amount is paid
monthly in arrears. All fees and expenses payable to the Administrator in respect of the administration services it provides to the
Manager will be met by the Manager. Administrator’s fee expense is shown in the Statement of Total Return and the accrued
amount is shown in the Balance Sheet.
Trustee
The Manager appointed BNY Mellon Trust Company (Ireland) Limited to act as the Trustee to the Trust. The principal activity
of the Trustee is to act as the custodian and trustee of the assets of collective investment schemes. The Trustee receives a fee for
its services payable out of the assets of each Fund of up to 0.02% per annum of the Net Asset Value of the Units up to US$100
million, and thereafter, a fee of 0.01% calculated on each Business Day during the month, accrued and deducted from the Fund
the following month - subject to a minimum fee of US$20,000 per annum which may be waived. The Trustee fee expense is
shown in the Statement of Total Return and the accrued amount is shown in the Balance Sheet.
Directors Remuneration
Mr. David Shubotham, Mr. David Kingston, Mr. Denis Murphy and Ms. Bronwyn Wright are independent non executive
Directors of the Manager and have no executive function with the Investment Adviser or its related party companies. The
Manager pays each independent non executive Director an annual fee of €20,000 for their services as a Director of the Trust.
Mr. Christopher J. Reddy, Mr. Nicholas Lyster and Mr. Christopher Henderson are related parties to the Investment Adviser and
receive no compensation from the Trust.
Custodian Fee
The Custodian will be paid a fee at normal commercial rates and such fee shall be paid out of the Fund. The level of
sub-custodian fees and expenses will vary depending on the investment profile ofthe Fund including, in particular, the nature of
the securities markets in which the Fund invests, the size of the Fund and the amount of trading in the assets of the Fund. Such
fees will be charged at normal commercial rates and will only be reimbursed from a Fund where they are less than 0.50% per
annum of the Net Asset Value of the Fund. The Manager will pay any fees that exceed this level.
104
105
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
Asian Equity Fund
European Equity Fund
Emerging Markets Equity Fund
Japanese Equity Fund
Preferred Securities Fund
US Equity Fund
High Yield Fund
Global Property Securities Fund
Period
Ended
Global Equity Fund
Fund
-
9,011,953
10,302,002
19,908,349
159,903
192,088
196,238
232,448,774
379,764,172
689,703,186
271,264
241,779
421,369
4,107,493
3,905,004
3,219,377
15,297,815
16,952,883
17,672,287
8,247,155
9,054,637
6,625,241
-
-
-
7.76
8.73
8.61
-
-
38.24
45.42
54.16
23.67
29.46
30.87
-
11.25
13.30
14.68
12.58
15.96
18.37
10.72
11.13
6.53
6.34
8.04
38.60
44.85
43.38
45.93
55.43
66.88
26.83
33.49
35.21
-
-
-
14.56
16.57
17.90
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
14.68
17.49
18.12
-
-
-
-
-
-
-
14.45
17.14
17.66
-
-
-
-
-
-
-
10.35
11.66
11.50
-
-
-
-
Total
Investor
Investor
Investor
Investor
Investor
Investor
Investor
Investor
Income
Accumulation
Accumulation
Accumulation
D Class
F Class
D Class
Net Asset Value Net Asset Value Net Asset Value (Euro Hedged) (USD Hedged)
Accumulation
Accumulation
Income
per Unit
per Unit
per Unit Net Asset Value Net Asset Value Net Asset Value Net Asset Value Net Asset Value
per Unit
per Unit
per Unit
per Unit
per Unit
US$
US$
US$
US$
US$
US$
US$
US$
16,200,414
26.44
30.27
16,978,230
32.06
36.89
24,847,211
37.01
42.74
-
9. COMPARATIVE NET ASSET VALUES AT DEALING PRICES
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
106
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
European Equity Fund
Emerging Markets Equity Fund
Japanese Equity Fund
Preferred Securities Fund
US Equity Fund
High Yield Fund
Global Property Securities Fund
-
9,011,953
10,302,002
19,908,349
159,903
192,088
196,238
232,448,774
379,764,172
689,703,186
271,264
241,779
421,369
4,107,493
3,905,004
3,219,377
15,297,815
16,952,883
17,672,288
8,247,155
9,054,637
6,625,241
-
-
-
10.27
11.56
11.41
-
-
-
-
-
-
-
10.19
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10.06
-
-
-
-
-
-
-
9.73
-
-
-
-
-
-
-
9.83
-
-
-
-
-
-
-
9.70
-
-
-
-
Total
Investor
Investor
Investor
Investor
Investor
Investor
Investor
Investor
F Class
Income
Income
Accumulation
I Class
P Class
P Class
Net Asset Value
Income (Euro Hedged) (GBP Hedged) (CHF Hedged)
Income
Accumulation
Income
per Unit Net Asset Value Net Asset Value Net Asset Value Net Asset Value Net Asset Value Net Asset Value Net Asset Value
per Unit
per Unit
per Unit
per Unit
per Unit
per Unit
per Unit
US$
US$
US$
US$
US$
US$
US$
US$
30/09/2011
16,200,414
30/09/2012
16,978,230
30/09/2013
24,847,211
-
Period
Ended
Asian Equity Fund
Global Equity Fund
Fund
9. COMPARATIVE NET ASSET VALUES AT DEALING PRICES (continued)
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
107
30/09/2012
30/09/2013
30/09/2013
30/09/2013
30/09/2013
30/09/2013
30/09/2013
30/09/2013
Global Small Cap Equity Fund*
Origin Global Emerging
Markets Fund**
Origin Global Equity Fund***
Origin Global Smaller
Companies Fund****
Long/Short Global
Opportunities Equity Fund*****
Claritas Latin American
Equity Fund******
30/09/2012
30/09/2013
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
Period
Ended
EDGE Equity Income Fund
Multi Strategy Currency Fund
Post Global Limited
Term High Yield Fund
Global Equity (ex-Japan) Fund
Fund
-
-
-
-
-
3,277,278
2,539,650
2,902,913
-
192,454,502
192,573,064
-
-
-
-
-
-
-
10.16
11.61
-
-
-
-
-
-
-
-
13.11
-
-
10.82
11.41
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total
Investor
Investor
Investor
Investor
Investor
Investor
Investor
Investor
Income
Accumulation
Accumulation
Accumulation
D Class
F Class
D Class
Net Asset Value Net Asset Value Net Asset Value (Euro Hedged) (USD Hedged)
Accumulation
Accumulation
Income
per Unit
per Unit
per Unit Net Asset Value Net Asset Value Net Asset Value Net Asset Value Net Asset Value
per Unit
per Unit
per Unit
per Unit
per Unit
US$
US$
US$
US$
US$
US$
US$
US$
9. COMPARATIVE NET ASSET VALUES AT DEALING PRICES (continued)
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
108
30/09/2012
30/09/2013
30/09/2013
30/09/2013
30/09/2013
30/09/2013
30/09/2013
30/09/2013
EDGE Equity Income Fund
Global Small Cap Equity Fund*
Origin Global Emerging
Markets Fund**
Origin Global Equity Fund***
Origin Global Smaller
Companies Fund****
Long/Short Global
Opportunities Equity Fund*****
Claritas Latin American
Equity Fund******
-
-
-
-
-
3,277,278
2,539,650
2,902,913
-
192,454,502
192,573,064
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10.87
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total
Investor
Investor
Investor
Investor
Investor
Investor
Investor
Investor
F Class
Income
Income
Accumulation
I Class
P Class
P Class
Net Asset Value
Income (Euro Hedged) (GBP Hedged) (CHF Hedged)
Income
Accumulation
Income
per Unit Net Asset Value Net Asset Value Net Asset Value Net Asset Value Net Asset Value Net Asset Value Net Asset Value
per Unit
per Unit
per Unit
per Unit
per Unit
per Unit
per Unit
US$
US$
US$
US$
US$
US$
US$
US$
-
*Global Small Cap Equity Fund launched on 23 October 2012.
**Origin Global Emerging Markets Fund launched on 17 April 2013.
***Origin Global Equity Fund launched on 17 April 2013.
****Origin Global Small Companies Fund launched on 17 April 2013.
*****Long/Short Global Opportunities Equity Fund launched on 8 August 2013.
******Claritas Latin American Equity Fund launched on 23 September 2013.
30/09/2012
30/09/2013
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
Period
Ended
Multi Strategy Currency Fund
Post Global Limited Term
High Yield Fund
Global Equity (ex-Japan) Fund
Fund
9. COMPARATIVE NET ASSET VALUES AT DEALING PRICES (continued)
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
109
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
US Equity Fund
High Yield Fund
Global Property Securities Fund
30/09/2011
30/09/2012
30/09/2013
Emerging Markets Equity Fund
Preferred Securities Fund
30/09/2011
30/09/2012
30/09/2013
European Equity Fund
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
Asian Equity Fund
Japanese Equity Fund
30/09/2011
30/09/2012
30/09/2013
Period
Ended
Global Equity Fund
Fund
6,302,998
11,272,432
25,665,989
16,408,888
21,105,697
39,297,908
98,203,749
108,964,282
129,172,473
198,650,206
343,388,942
274,866,769
16,978,897
15,910,966
25,654,481
191,791,246
214,913,411
30,537,680
61,755,398
68,139,061
79,152,742
3,610,657
4,079,347
3,749,390
15.03
19.69
21.71
15.53
18.43
20.43
13.40
17.07
19.78
12.88
15.44
16.14
7.27
7.10
9.07
44.66
52.24
50.83
15.33
18.61
22.61
41.45
52.07
55.11
12.85
15.76
18.38
US$
US$
15,437,283
12,468,228
24,041,928
Institutional
Accumulation
Net Asset
Value per Unit
Total
Institutional
Net Asset
Value
9. COMPARATIVE NET ASSET VALUES AT DEALING PRICES (continued)
5.83
8.44
-
-
9.45
11.77
-
-
9.81
14.49
-
-
4.58
6.14
6.96
-
13.44
17.12
19.83
10.20
-
-
-
-
-
5.99
7.74
8.78
-
-
-
-
-
-
-
-
10.47
-
-
12.77
15.14
12.55
-
-
-
-
-
-
-
-
8.45
9.04
9.41
-
-
-
-
-
Institutional
Institutional
Institutional
Institutional
Institutional
Accumulation
Accumulation
Accumulation
Accumulation
Income
(Euro Hedged) (GBP Hedged) (USD Hedged)
(JPY Hedged) (Euro Hedged)
Net Asset
Net Asset
Net Asset
Net Asset
Net Asset
Value per Unit Value per Unit Value per Unit Value per Unit Value per Unit
US$
US$
US$
US$
US$
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
110
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
30/09/2011
30/09/2012
30/09/2013
Asian Equity Fund
European Equity Fund
Emerging Markets Equity Fund
Japanese Equity Fund
Preferred Securities Fund
US Equity Fund
High Yield Fund
Global Property Securities Fund
Period
Ended
Global Equity Fund
Fund
9. COMPARATIVE NET ASSET VALUES AT DEALING PRICES (continued)
6,302,998
11,272,432
25,665,989
16,408,888
21,105,697
39,297,908
98,203,749
108,964,282
129,172,472
198,650,206
343,388,942
274,866,769
16,978,897
15,910,966
25,654,482
191,791,246
214,913,411
30,537,680
61,755,398
68,139,061
79,152,742
3,610,657
4,079,347
3,749,390
US$
15,437,283
12,468,228
24,041,928
Total
Institutional
Net Asset
Value
-
-
-
10.73
10.57
-
-
-
-
-
-
-
10.20
11.31
9.02
-
-
-
-
-
-
-
-
10.46
10.23
13.05
-
-
-
-
9.39
-
-
-
-
-
-
-
-
-
10.21
-
-
-
-
Institutional
Institutional
Institutional
Institutional
Institutional
Income
Income
Accumulation
Accumulation
Accumulation
(GBP Hedged)
(JPY Hedged)
(JPY) (BRL Hedged) (CHF Hedged)
Net Asset
Net Asset
Net Asset
Net Asset
Net Asset
Value per Unit Value per Unit Value per Unit Value per Unit Value per Unit
US$
US$
US$
US$
US$
-
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
111
7,414,022
2,549,812
Long/Short Global Opportunities Equity Fund***** 30/09/2013
Claritas Latin American Equity Fund******
30/09/2013
30,866,868
18,684,194
30/09/2013
780,505
3,510,555
Origin Global Smaller Companies Fund****
30/09/2013
Global Small Cap Equity Fund*
2,541,859
2,924,469
30/09/2013
30/09/2012
30/09/2013
EDGE Equity Income Fund
5,204,663
4,888,322
Origin Global Equity Fund***
30/09/2012
30/09/2013
Multi Strategy Currency Fund
359,897,789
754,886,884
30/09/2013
30/09/2012
30/09/2013
Post Global Limited Term High Yield Fund
9.81
9.89
11.14
-
-
13.19
10.17
11.70
9.92
8.72
-
10.61
13.30
15.72
US$
US$
30,571,100
56,009,731
66,488,482
Institutional
Accumulation
Net Asset
Value per Unit
Total
Institutional
Net Asset
Value
Origin Global Emerging Markets Fund**
30/09/2011
30/09/2012
30/09/2013
Period
Ended
Global Equity (ex-Japan) Fund
Fund
9. COMPARATIVE NET ASSET VALUES AT DEALING PRICES (continued)
-
-
-
-
-
-
-
-
10.85
-
-
-
11.17
10.89
10.48
-
-
-
11.27
11.86
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11.22
9.37
-
-
-
-
-
-
-
-
-
-
-
Institutional
Institutional
Institutional
Institutional
Institutional
Accumulation
Accumulation
Accumulation
Accumulation
Income
(Euro Hedged) (GBP Hedged) (USD Hedged)
(JPY Hedged) (Euro Hedged)
Net Asset
Net Asset
Net Asset
Net Asset
Net Asset
Value per Unit Value per Unit Value per Unit Value per Unit Value per Unit
US$
US$
US$
US$
US$
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the period ended 30 September 2013 (continued)
112
30/09/2013
30/09/2013
Long/Short Global Opportunities Equity Fund*****
Claritas Latin American Equity Fund******
*Global Small Cap Equity Fund launched on 23 October 2012.
**Origin Global Emerging Markets Fund launched on 17 April 2013.
***Origin Global Equity Fund launched on 17 April 2013.
****Origin Global Small Companies Fund launched on 17 April 2013.
*****Long/Short Global Opportunities Equity Fund launched on 8 August 2013.
******Claritas Latin American Equity Fund launched on 23 September 2013.
30/09/2013
Origin Global Smaller Companies Fund****
30/09/2013
Global Small Cap Equity Fund*
30/09/2013
30/09/2012
30/09/2013
EDGE Equity Income Fund
Origin Global Equity Fund***
30/09/2012
30/09/2013
Multi Strategy Currency Fund
30/09/2013
30/09/2012
30/09/2013
Post Global Limited Term High Yield Fund
Origin Global Emerging Markets Fund**
30/09/2011
30/09/2012
30/09/2013
Period
Ended
Global Equity (ex-Japan) Fund
Fund
9. COMPARATIVE NET ASSET VALUES AT DEALING PRICES (continued)
2,549,812
7,414,022
30,866,868
18,684,194
780,505
3,510,555
2,541,859
2,924,469
5,204,663
4,888,322
353,249,571
754,886,884
30,571,100
56,009,731
66,488,482
US$
Total
Institutional
Net Asset
Value
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7.99
10.02
11.85
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Institutional
Institutional
Institutional
Institutional
Institutional
Income
Income
Accumulation
Accumulation
Accumulation
(GBP Hedged)
(JPY Hedged)
(JPY) (BRL Hedged) (CHF Hedged)
Net Asset
Net Asset
Net Asset
Net Asset
Net Asset
Value per Unit Value per Unit Value per Unit Value per Unit Value per Unit
US$
US$
US$
US$
US$
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the period ended 30 September 2013 (continued)
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
10. EFFICIENT PORTFOLIO MANAGEMENT
The Global Equity, Asian Equity, European Equity, Emerging Markets Equity, Japanese Equity, Preferred Securities, US Equity,
High Yield, Global Property Securities, Global Equity (Ex Japan), Post Global Limited Term High Yield, Multi Strategy Currency,
EDGE Equity Income, Global Small Cap Equity, Origin Global Emerging Markets, Origin Global Equity, Origin Global Smaller
Companies, Long/Short Global Opportunities Equity and Claritas Latin American Equity Funds are denominated in US
Dollars but purchase assets denominated in a range of currencies. During the year, transactions were entered into which are
economically appropriate to the reduction of relevant risks or costs to improve investment performance.
Subject to the conditions and within the limits from time to time laid down by the Central Bank of Ireland, and except as
otherwise stated in the investment objective and policies of a Fund, the Investment Manager and/or Sub-Investment Manager(s)
may employ, for certain Funds, investment techniques and instruments such as futures, options, forward foreign currency
contracts and other derivatives for efficient portfolio management purposes. Furthermore, new techniques and instruments may
be developed which may be suitable for use by a Fund in the future, and a Fund may employ such techniques and instruments
subject to the prior approval of, and any restrictions imposed by, the Central Bank of Ireland.
For UCITS which have engaged in efficient portfolio management techniques, new disclosures are required under UCITS
Notice 8.4. The Investment Managers of the Funds have identified all financial derivative instruments which are used for
Efficient Portfolio Management. A UCITS is required to disclose the revenues arising from efficient portfolio management
techniques for the entire reporting period together with the direct and indirect operational costs and fees incurred.
The Investment Manager considers only repurchase agreements, reverse repurchase agreements and securities lending to be
efficient portfolio management techniques. None of the Funds held repurchase agreements, reverse repurchase agreements or
took part in securities lending as at year end date 30 September 2013.
Details of all open transactions at the year end are disclosed in the Portfolio of Investments.
11. SOFT COMMISSIONS
The Investment Adviser appointed in relation to each Fund is responsible for the selection of brokers with whom they deal and,
in some instances, have entered into soft commission arrangements with these brokers whereby the relevant investment advisers
obtain services or benefits from third parties which are paid for by the brokers out of commissions they receive. Such services or
benefits relate primarily to performance measurement, valuation and research services. The relevant investment advisers are
satisfied that bargains generating soft commissions comply with the requirements for best execution both as to price and
settlement.
12. FINANCIAL RISK MANAGEMENT
Strategy in Using Financial Instruments
The activities of each Fund expose it to a variety of financial risks such as market risk (including currency risk, interest rate risk
and price risk), credit risk and liquidity risk. The Funds’ overall risk management programme focuses on the unpredictability of
financial markets and seeks to minimise potential adverse effects on the Funds’ financial performance. The Funds make use of
derivative financial instruments to moderate certain risk exposures. The general risk factors set out in the "Special Investment
Considerations and Risks" section of the Prospectus apply to the Funds and risks specific to these Funds are set out below. These
risk factors do not purport to be an exhaustive or complete explanation of all the risks associated with an investment in the Funds
and persons considering purchasing Units should inform themselves as to (i) the legal requirements within their own countries
for the purchase of Units, (ii) any foreign exchange restrictions which may be applicable and (iii) the income and other tax
consequences of purchase and repurchase of Units.
The risk management process operates at a number of levels. In addition to the Investment Manager monitoring investment
activity and exposure at the point of execution ensuring a Fund is managed according to its guidelines and objectives, the
Custodian and the Trustee of the Funds also provide an independent analysis of financial instrument exposure by monitoring
investment limits in accordance with the Regulations and the Funds’ Prospectus.
113
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Strategy in Using Financial Instruments (continued)
The Funds’ overall market positions are monitored on a daily basis by the Investment Manager and compliance with the Funds’
investment guidelines are monitored on an ongoing basis by the Investment Manager and Trustee. The Board of Directors of
the Manager have oversight of the risk management process and receive monthly and quarterly reports from the Investment
Manager and the Trustee. The Funds’ investments in securities are subject to normal market fluctuations and other risks
inherent in investing in securities. The value of investments and the income from them, and therefore the value of the Units can
go down as well as up and an investor may not get back the amount they invest.
Global Equity Fund
The Global Equity Fund will seek to achieve capital appreciation by investing principally in equity securities from investment
markets around the world. Investments can also include unlisted securities (limited to 10% of the net assets), bank deposits, debt
securities, and fixed interest and money market securities. The Fund may also invest in real estate investment trusts (REITS) and
in other Funds of the Trust. No more than 15% of the net assets will be invested in Russia.
Asian Equity Fund
The Asian Equity Fund will seek to achieve capital appreciation by investing principally in the equity securities of companies
domiciled or with their core business in the Asian region (excluding Japan). Investments can also include unlisted securities
(limited to 10% of the net assets), bank deposits, debt securities, fixed interest and money market securities. The Fund may also
invest in real estate investment trusts (REITS) and in other Funds of the Trust. No more than 30% of the net assets will be
invested in Pakistan.
European Equity Fund
The European Equity Fund will seek to achieve capital appreciation by investing principally in the equity securities of
companies domiciled or with their core business in Europe (including Eastern Europe). Investments can also include unlisted
securities (limited to 10% of the net assets), bank deposits, debt securities, and fixed interest and money market securities. The
Fund may also invest in real estate investment trusts (REITS) and in other Funds of the Trust. No more than 15% of the net
assets will be invested in Russia.
Emerging Markets Equity Fund
The Emerging Markets Equity Fund will seek to achieve capital appreciation by investing principally in the equity securities of
companies domiciled or with their core business in the world’s emerging investment markets as identified by the International
Finance Corporation (a division of the World Bank). Investments can also include unlisted securities (limited to 10% of the net
assets), bank deposits, debt securities, fixed interest, money market securities and other collective investment schemes. The Fund
may also invest in real estate investment trusts (REITS) and in other Funds of the Trust. No more than 15% of the net
assets will be invested in Russia.
Japanese Equity Fund
The Japanese Equity Fund will seek to achieve capital appreciation by investing principally in the equity securities of companies
domiciled or with their core business in Japan. Investments can also include unlisted securities (limited to 10% of the net assets),
bank deposits, debt securities, fixed interest and money market securities. The Fund may also invest in real estate investment trusts
(REITS) and in other Funds of the Trust.
Preferred Securities Fund
The Preferred Securities Fund will seek to provide a return consisting of income and capital preservation by investing primarily
in a portfolio of US Dollar denominated preferred securities and debt securities. Investments can also include ancillary liquid
assets such as bank deposits. The Fund’s investment universe will include real estate investment trusts (REITs).
US Equity Fund
The US Equity Fund will seek to achieve capital appreciation by investing principally in the equity securities of companies
domiciled or with their core business in the United States. Investments can also include unlisted securities (limited to 10% of the
net assets), bank deposits, debt securities, fixed interest and money market securities. The Fund may also invest in real estate
investment trusts (REITS) and in other Funds of the Trust.
114
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Strategy in Using Financial Instruments (continued)
High Yield Fund
The High Yield Fund will seek to provide a return consisting of income and, over the long term, capital appreciation by
investing primarily in a portfolio of US dollar denominated public and private issued high-yield fixed income securities. The
Fund may also hold ancillary liquid assets such as bank deposits as well as invest in real estate investment trusts (REITS) and in
other Funds of the Trust.
Global Property Securities Fund
The Global Property Securities Fund will seek to provide a total return primarily through investment in a global portfolio of
publicly traded securities of companies engaged in the property industry or whose value is derived from property assets. The
Fund’s investments will include no less than 80% of the net assets in real estate investment trusts (REITs) or real estate
operating companies (REOCs). The Fund may also invest in common and preferred equity securities, debt securities, options,
warrants (up to 5% of the Fund), convertible securities, exchange traded funds (ETFs) and depository receipts.
Global Equity (ex-Japan) Fund
The Global Equity (ex-Japan) Fund will seek to achieve capital appreciation by investing in equity securities from investment
markets around the world, with the exception of Japan. Investments can also include unlisted securities (limited to 10% of the
net assets), bank deposits, debt securities, fixed interest and money market securities. The Fund may also invest in real estate
investment trusts (REITS) and in other Funds of the Trust.
Post Global Limited Term High Yield Fund
The Post Global Limited Term High Yield Fund will seek to provide a high rate of return with low volatility and low duration
relative to typical high yield investments. The portfolio will be diversified, consisting from time to time of securities including,
but not limited to, global corporate bonds, bank debt, convertible bonds, commercial paper, eligible private placements, preferred
securities, Funds of the Trust. The Fund may also hold ancillary liquid assets such as bank deposits. However, no more than 1/3
of the assets of the Fund may be held in aggregate in ancillary liquid assets or non high yield fixed income securities or
instruments.
Multi Strategy Currency Fund
The Multi Strategy Currency Fund will seek to provide a consistent stream of positive returns in excess of USD 3 months LIBOR
(London Inter-Bank OfferRate) over a 3-5 year horizon by investing primarily in financial derivative instruments to gain
exposure to a portfolio of cross currency positions on a leveraged basis. The financial derivative instruments will gain exposure to
an investible currency universe which will primarily comprise 30 currencies which the Sub-Investment Adviser considers to be
the most tradable currencies in the world at any given time but may include all developed market currencies together with both
Asian and emerging market currencies.
EDGE Equity Income Fund
The EDGE Equity Income Fund will seek to achieve its objective by investing primarily in dividend paying equity securities. It
is anticipated that the majority of the portfolio will be invested in the equity securities of US listed companies, but the Fund may
also invest in the equity securities of non-US listed companies. The Fund may hold securities throughout the capitalisation
spectrum including large, mid and small cap securities. The Fund may also invest in real estate investment trusts and Master
Limited Partnerships that are eligible for investment by the Fund. Master Limited Partnerships are limited partnerships that will
be listed/traded on the exchanges and markets. The Fund may also hold ancillary liquid assets such as bank deposits, and a range
of non-equity securities, including but not limited to; commercial paper, floating rate notes, certificates of deposit, freely
transferable promissory notes, debentures, asset backed securities, government or corporate bonds and debt and preferred
securities issued by companies. These non-equity securities may or may not be of investment grade as classified by a recognised
rating agency such as Moody’s or Standard & Poor’s and may be fixed or floating rate.
115
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Strategy in Using Financial Instruments (continued)
Global Small Cap Equity Fund
The Global Small Cap Equity Fund will seek to provide medium to long-term capital growth. The Fund seeks to achieve its
objective by investing primarily in publicly listed equity securities of smaller capitalisation companies in markets globally. It is
anticipated that the Fund will usually hold at least 70% in such securities. When investing in emerging markets, the Fund will
adopt a policy of diversification and the percentage of the Fund’s assets invested in a single emerging market will not, in the
Adviser’s opinion, be imprudent. The Fund can also invest in real estate investment trusts (REITS) and equity securities of issuers
that derive income or profits from products or services related to the global property industry. It may also invest in other Funds
of the Unit Trust in order to seek to meet its objective.
The Fund may also hold ancillary liquid assets such as bank deposits, and a range of non-equity securities, including but not
limited to; commercial paper, floating rate notes, certificates of deposit, freely transferable promissory notes, warrants, debentures,
asset backed securities, government or corporate bonds and debt and preferred securities issued by companies, the equity
securities of which would be eligible for purchase by the Fund. These non-equity securities may or may not be of investment grade.
Origin Global Emerging Markets Fund
The Origin Global Emerging Market Fund will seek to achieve capital growth through investment in global emerging market
equities. The Fund will invest in transferable equity and equity-related securities of a diversified range of companies in what the
Sub-Investment Adviser considers to be emerging economies of the world, normally with a minimum market capitalisation on
purchase of $250 million. These securities will primarily be common stocks and other securities with equity characteristics,
including but not limited to preferred stocks, warrants (only held where an existing holding is subject to an issuance of warrants
and, in aggregate, normally not more than 5% of the Fund's Net Asset Value) and rights (which are issued by a company to allow
holders to subscribe for additional securities issued by that company, as well as depository receipts (such as ADRs and GDRs) for
such securities, all of which are traded on securities exchanges or regulated markets. On occasion, in markets where local
restrictions exist, which hinder direct ownership of equities, the Sub-Investment Adviser on behalf of the Fund may access these
equities indirectly through purchasing participation notes. The Fund will not seek to be leveraged in any way through the use of
any of the above instruments.
Origin Global Equity Fund
The Origin Global Equity Fund will seek to achieve capital growth through investment in global equities. The Fund will invest
in transferable equity and equity-related securities of a diversified range of companies throughout the globe, normally with a
minimum market capitalisation on purchase of US$1 billion. The Fund is constructed with very limited regard to the
characteristics of any market capitalisation weighted global equity indices. These securities will primarily be common stocks and
other securities with equity characteristics, including but not limited to preferred stocks, warrants (only held where an existing
holding is subject to an issuance of warrants and, in aggregate, normally not more than 5% of the Fund's Net Asset Value) and
rights (which are issued by a company to allow holders to subscribe for additional securities issued by that company), as well as
depository receipts (such as ADRs and GDRs) for such securities, all of which are traded on securities exchanges or regulated
markets. On occasion, in markets where local restrictions exist, which hinder direct ownership of equities, the Sub-Investment
Adviser on behalf of the Fund may access these equities indirectly through purchasing participation notes. The Fund will not seek
to be leveraged in any way through the use of any of the above instruments.
Origin Global Smaller Companies Fund
The Origin Global Smaller Companies Fund seeks to achieve capital growth through investment in global smaller companies.
The Fund will invest in transferable equity and equity-related securities of a diversified range of companies throughout the globe,
normally with a maximum market capitalisation on purchase of up to US$5 billion. These securities will primarily be common
stocks and other securities with equity characteristics, including but not limited to preferred stocks, warrants (only held where
an existing holding is subject to an issuance of warrants and, in aggregate, normally not more than 5% of the Fund's Net Asset
Value) and rights (which are issued by a company to allow holders to subscribe for additional securities issued by that company),
as well as depository receipts (such as ADRs and GDRs) for such securities, all of which are traded on securities exchanges or
regulated markets. On occasion, in markets where local restrictions exist, which hinder direct ownership of equities, the
Sub-Investment Adviser on behalf of the Fund may access these equities indirectly through purchasing participation notes. The
Fund will not seek to be leveraged in any way through the use of any of the above instruments.
116
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Strategy in Using Financial Instruments (continued)
Long/Short Global Opportunities Equity Fund
The Long/Short Global Opportunities Fund will seek capital growth over the medium to long term with the secondary
objective of seeking to limit volatility. The Fund seeks to achieve its objective by investing principally in both long and short
positions in equity securities and equity related securities (comprising American Depository Receipts and Global Depository
Receipts) from investment markets around the world. The Fund will hold short positions synthetically through the use of the
financial derivative instruments (FDIs) described below.
The Fund may select publicly listed equity securities from markets around the world. However, when investing in emerging
markets, the Fund adopts a policy of diversification.
The Fund will invest in both long and short investment positions. The Adviser will adjust the long and short exposures of the
Fund on an unconstrained basis, seeking to limit volatility within the Fund. It is intended that the Fund will be in a net notional
long position. The short investment positions will be taken as a means of reducing the Fund's exposure to market fluctuations,
thereby seeking to limit volatility within the Fund.
The Fund may also invest in eligible real estate investment trusts (REITS) or other REIT-like structures which will be the
equivalent of REITS. It may also invest in other Funds of the Unit Trust and eligible exchange traded funds (ETFs) the constituents
of which may comprise the instruments and techniques described above and therefore is an alternative means through which the
Fund may gain exposure to these types of instruments and techniques.
The Fund may also hold ancillary liquid assets such as bank deposits, bonds, commercial paper, floating rate notes, certificates
of deposit, freely transferable promissory notes, warrants, debentures, asset backed securities, government or corporate bonds and
debt and preferred securities issued by companies, the equity securities of which would be eligible for purchase Any bonds may
or may not be of investment grade and may be fixed or floating rate.
Claritas Latin American Equity Fund
The Claritas Latin American Equity Fund will seek to provide capital growth over the medium to long term. the Fund will
invest primarily in equity securities of Latin American companies, which are, companies with their principal place of business or
principal office in Latin American countries and/or companies for which their principal securities trading market is a Latin
American country.
“Latin American” is defined as all countries located in the American continent, except Canada and the United States of America.
The Fund may also invest in depository receipts or shares of eligible investment funds, the underlying securities of which would
be eligible for investment by the Fund as consistent with those described above.
The Fund may also hold ancillary liquid assets such as bank deposits, commercial paper, floating rate notes, certificates of deposit,
freely transferable promissory notes, debentures, asset backed securities and government or corporate bonds and debt and
preferred securities issued by companies, the equity securities of which would be eligible for purchase by the Fund. Any bonds
may or may not be of investment grade as classified by a recognised rating agency such as Moody’s or Standard & Poor’s and may
be fixed or floating rate.
The Funds’ market risk is affected by volatility in three main components: market prices, interest rate and foreign currency
exchange rates. Interest rate and foreign currency movements are covered under interest rate risk and currency risk respectively.
117
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Market Price Risk
All securities and investments present a risk of loss of capital. The Investment Manager moderates this risk through
diversification and a careful selection of securities and other financial instruments within the limits defined in the Prospectus.
Except for derivatives, the maximum risk resulting from financial instruments is determined by the fair value of the financial
instruments. Possible losses from written options can be unlimited and losses on forwards and futures can result from the
movement in currency exchange rates in the time between the forward trade date and the settlement date depending on the
volatility of the currencies. The Funds’ overall market positions are monitored on a daily basis by the Funds’ Sub-Investment
Adviser.
The Investment Manager reviews the portfolio characteristics of each Fund in its entirety. This review may include as
appropriate a review of country allocations, country weights, capitalization, distribution, industry sector weights, price/book
levels, currency exposure, portfolio maturity, portfolio duration, sector exposure, quality exposure and other key risk measures.
The Funds may employ investment techniques and financial derivative instruments for efficient portfolio management and/or
investment purposes within the limits set out in the Prospectus as described in the sections ‘General Information’ and ‘Special
Investment Considerations and Risks’. The Funds may hold a combination of financial derivatives instruments such as options,
futures, options on futures, forward foreign exchange contracts, repurchase contracts, reverse repurchase agreements, sale and
buyback agreements, stock lending agreements, credit default swaps, total return swaps and other over the counter derivative
instruments may be used subject to the conditions and limits laid down by the Central Bank of Ireland and the Trust Deed and
subject to any other restrictions or regulations which may affect the portfolio management of the Funds.
Sensitivity Analysis
Sensitivity Analysis is an indication based on historical data showing what an impact of 5% movement in the Benchmark would
do to the net asset of the Funds at the Balance Sheet date.
Limitations of Sensitivity Analysis:
Some limitations of sensitivity analysis are;
•
the models are based on historical data and cannot take account of the fact that future market price movements,
correlations between markets and levels of market liquidity in conditions of market stress may bear no relation to
historical patterns;
•
the market price risk information is a relative estimate of risk rather than a precise and accurate number;
•
the market price information represents a hypothetical outcome and is not intended to be predictive; and
future market conditions could vary significantly from those experienced in the past.
118
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Market Price Risk (continued)
Change in Net Asset Value due to Increase or Decrease in Benchmark Return
As at 30 September 2013
Fund Name
Net Asset Value as a result of
5% Increase/Decrease in Benchmark *
Currency
5% Increase 5% Decrease
Benchmark
Global Equity Fund
Asian Equity Fund
European Equity Fund
Emerging Markets Equity Fund
Japanese Equity Fund
Preferred Securities Fund
MSCI World Index
MSCI AC Far East ex-Japan Index
MSCI Europe Index
MSCI Emerging Markets Index
MSCI Japan Growth Index
65% Merrill Lynch Fixed Rate Preferred Securities Index
35% Barclays Capital CapSec US Dollar Tier 1 Index.
US Equity Fund
S&P 500 Index
High Yield Fund
BofA Merrill Lynch Global High Yield Index
Global Property Securities Fund
FTSE-EPRA-NAREIT
Global Real Estate Index
Global Equity (ex-Japan) Fund
MSCI Kokusai (World ex-Japan) Index
Post Global Limited Term High Yield Fund Barclays Capital Mutual Fund (1-2)
U.S. Government Index
Multi Strategy Currency Fund
N/A
EDGE Equity Income Fund
Russell 100 Value Index
Global Small Cap Equity Fund
MSCI AC World Small Cap Index
Origin Global Equity Fund
MSCI World Index
Origin Global Emerging Markets Fund
MSCI EM Index
Origin Global Small Company Fund
MSCI World Small Cap Index
119
US$
US$
US$
US$
US$
50,808,153
10,744,650
100,957,434
39,289,150
27,185,683
46,970,125
10,004,612
92,692,624
28,224,964
24,966,017
US$
US$
US$
1,183,222,471
134,429,582
62,898,780
745,917,439
124,307,830
55,513,734
US$
US$
26,862,842
69,639,759
24,469,136
63,337,205
US$
US$
US$
US$
GBP
GBP
GBP
1,593,256,353
5,039,791
6,013,854
7,158,341
19,054,320
795,777
32,144,787
301,663,541
4,559,811
5,640,910
6,417,325
18,314,068
765,233
29,588,949
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Market Price Risk (continued)
Change in Net Asset Value due to Increase or Decrease in Benchmark Return (continued)
As at 30 September 2012
Net Asset Value as a result of
5% Increase/Decrease in Benchmark *
Currency
5% Increase 5% Decrease
Fund Name
Benchmark
Global Equity Fund
Asian Equity Fund
European Equity Fund
Emerging Markets Equity Fund
Japanese Equity Fund
Preferred Securities Fund
MSCI World Index
US$
MSCI AC Far East ex-Japan Index
US$
MSCI Europe Index
US$
MSCI Emerging Markets Index
US$
MSCI Japan Growth Index
US$
65% Merrill Lynch Fixed Rate Preferred Securities Index
35% Barclays Capital CapSec US Dollar Tier 1 Index.
US$
S&P 500 Index
US$
BofA Merrill Lynch Global High Yield Index US$
FTSE-EPRA-NAREIT
Global Real Estate Index
US$
MSCI Kokusai (World ex-Japan) Index
US$
US Equity Fund
High Yield Fund
Global Property Securities Fund
Global Equity (ex-Japan) Fund
Post Global Limited
Term High Yield Fund
Multi Strategy Currency Fund
EDGE Equity Income
Barclays Capital Mutual Fund (1-2)
U.S. Government Index
N/A
Russell 1000 Value Index
30,685,956
13,945,015
89,004,887
228,792,535
16,795,834
28,206,960
12,724,173
81,179,001
208,844,295
15,509,656
785,530,526
114,519,916
32,781,713
720,733,532
103,792,824
30,033,685
11,775,273
58,540,655
10,769,591
53,478,807
US$
583,880,683
520,823,917
US$
5,168,916
4,994,103
* The changes in Net Asset Value have been calculated by applying a beta calculation based on performance for the year
multiplied by a 5% increase/(decrease) in the index. The Investment Manager considers this movement to be reasonable.
120
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Market Price Risk (continued)
The Funds’ market price risk is managed through investment selection and diversification in accordance with ‘The Regulations’
and the limits set out in the Prospectus. The Investment Manager uses their portfolio management selection tool and makes use
of tracking error to monitor deviation with the benchmark. Monthly performance reports are reviewed by the
Investment Manager and quarterly by the Board of Directors of the Manager. Each Fund’s overall market exposures were as
follows:
As at 30 September 2013
GEF
US$
Securities held at fair value
through Profit or Loss
Derivative assets held at fair value
through Profit or Loss
Net Asset Value
AEF
Fund %
US$
9,640,972
92.93
93,415,503
96.48
1,717
47,233,192
48,889,139
-
1
9,640,973
10,374,631
92.93
1,467
93,416,970
96,825,029
96.48
JEF
Fund %
US$
940,448,808
97.50
34,334,625 101.71
33,757,057
24,767,756
26,075,850
94.98
2,719,349
943,168,157
964,569,955
0.26
97.76
HYF
Fund %
US$
GPSF
Fund %
US$
Fund %
126,579,825
97.84
57,559,538
97.22
25,453,533
99.17
126,579,825
129,368,711
97.84
58,991
57,618,529
59,206,257
0.10
97.32
262,305
25,715,838
25,665,989
1.02
100.19
US$
Net Asset Value
Fund %
94.98
GEJF
Securities held at fair value
through Profit or Loss
Derivative assets held at fair value
through Profit or Loss
US$
24,767,756
USEF
Net Asset Value
PSF
Fund %
34,334,625 101.71
US$
Securities held at fair value
through Profit or Loss
Derivative assets held at fair value
through Profit or Loss
Fund %
96.61
EMEF
Net Asset Value
US$
47,231,475
US$
Securities held at fair value
through Profit or Loss
Derivative assets held at fair value
through Profit or Loss
EEF
Fund %
Fund %
US$
GLTHY
Fund %
MSCF
US$
Fund %
65,580,112 98.63
865,043,901
91.30
4,799,801
98.19
100
65,580,212
66,488,482
12,779,283
877,823,184
947,459,948
1.35
92.65
100,073
4,899,874
4,888,322
2.04
100.23
98.63
121
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Market Price Risk (continued)
As at 30 September 2013 (continued)
EEIF
US$
Securities held at fair value
through Profit or Loss
Derivative assets held at fair value
through Profit or Loss
Net Asset Value
Net Asset Value
Net Asset Value
Fund %
96.66
6,731,369
99.17
752,183
96.37
5,632,469
5,827,382
96.66
6,731,369
6,787,833
99.17
752,183
780,505
96.37
OGEF***
Fund %
US$
OGSCF****
Fund %
LSGOF*****
US$
Fund %
18,313,318
98.01
30,038,227
97.32
7,210,183
97.25
18,313,318
18,684,194
98.01
11
30,038,238
30,866,868
97.32
57,312
7,267,495
7,414,022
0.77
98.02
US$
Securities held at fair value
through Profit or Loss
Derivative assets held at fair value
through Profit or Loss
US$
OGEMF**
US$
5,632,469
US$
Securities held at fair value
through Profit or Loss
Derivative assets held at fair value
through Profit or Loss
Fund %
GSCEF*
Fund %
CLAF******
Fund %
2,410,221
94.52
2,410,221
2,549,812
94.52
*Global Small Cap Equity Fund launched on 23 October 2012.
**Origin Global Emerging Markets Fund launched on 17 April 2013.
***Origin Global Equity Fund launched on 17 April 2013.
****Origin Global Small Companies Fund launched on 17 April 2013.
*****Long/Short Global Opportunities Equity Fund launched on 8 August 2013.
******Claritas Latin American Equity Fund launched on 23 September 2013.
122
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Market Price Risk (continued)
As at 30 September 2012
GEF
US$
Fund %
Securities held at fair value
through Profit or Loss
29,232,833 99.27
Derivative assets held at fair value
through Profit or Loss
1
29,232,834 99.27
Net Asset Value
29,446,458
AEF
Fund %
13,180,483
100.35
83,872,842
98.57
13,180,483
13,133,984
100.35
83,872,842
85,091,944
99.25
EMEF
US$
Securities held at fair value
through Profit or Loss
Derivative assets held at fair value
through Profit or Loss
Net Asset Value
US$
Fund %
758,277,824
104.86
3,595
215,895,168
218,818,415
98.66
15,655,245
16,152,745
96.92
573,415
758,851,239
723,153,114
0.08
100.19
HYF
Fund %
US$
GPSF
Fund %
US$
Fund %
108,748,497
99.63
30,911,880
98.42
10,941,831
97.07
19
108,748,516
109,156,370
99.63
30,911,880
31,407,699
98.42
33,432
10,975,263
11,272,432
0.29
97.36
Fund %
US$
GLTHY
Fund %
MSCF
US$
Fund %
55,571,420
99.22
525,931,558
95.22
4,798,698
92.20
773
55,572,193
56,009,731
99.12
548,078
526,479,636
552,352,300
0.10
95.32
149,749
4,948,447
5,204,663
2.89
95.05
EEIF
Net Asset Value
US$
96.92
US$
Securities held at fair value
through Profit or Loss
Derivative assets held at fair value
through Profit or Loss
Fund %
15,655,245
GEJF
Net Asset Value
PSF
98.66
US$
Securities held at fair value
through Profit or Loss
Derivative assets held at fair value
through Profit or Loss
Fund %
215,891,573
USEF
Net Asset Value
US$
JEF
Fund %
US$
Securities held at fair value
through Profit or Loss
Derivative assets held at fair value
through Profit or Loss
EEF
US$
Fund %
4,933,846
97.09
4,933,846
5,081,509
97.09
123
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Fair Value Estimation of Financial Assets and Liabilities
The Trust adopted the amendment to FRS 29, effective 1 October 2009. This requires the Trust to classify fair value measurements using
a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the
following levels:
•
Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).
•
Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is,
as prices) or indirectly (that is, derived from prices) (level 2).
•
Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).
The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of
the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is
assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant
adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input
to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.
There are no financial assets and liabilities held in level 3 for the year ended 30 September 2013. The Global Equity Fund and the Global
Equity (ex-Japan) Fund held financial assets in level 3 for the year ended 30 September 2012.
As at 30 September 2013
Global Equity Fund
Level 1
Quoted prices in
active markets
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
47,231,475
47,231,475
1,717
1,717
-
-
(250)
(250)
-
Level 1
Quoted prices in
active markets
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
9,640,972
9,640,972
1
1
-
-
(79)
(79)
-
Assets
Financial Assets at fair value through profit or loss
Total Assets
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
Asian Equity Fund
Assets
Financial Assets at fair value through profit or loss
Total Assets
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
124
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Fair Value Estimation of Financial Assets and Liabilities (continued)
As at 30 September 2013 (continued)
European Equity Fund
Level 1
Quoted prices in
active markets
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
93,415,503
93,415,503
1,467
1,467
-
-
(1,166)
(1,166)
-
Level 1
Quoted prices in
active markets
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
34,334,625
34,334,625
-
-
-
-
-
Level 1
Quoted prices in
active markets
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
24,767,756
24,767,756
-
-
-
(19)
(19)
-
Assets
Financial Assets at fair value through profit or loss
Total Assets
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
Emerging Markets Equity Fund
Assets
Financial Assets at fair value through profit or loss
Total Assets
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
Japanese Equity Fund
Assets
Financial Assets at fair value through profit or loss
Total Assets
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
125
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Fair Value Estimation of Financial Assets and Liabilities (continued)
As at 30 September 2013 (continued)
Level 1
Quoted prices in
active markets
Preferred Securities Fund
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
Assets
Financial Assets at fair value through profit or loss
Total Assets
-
932,173,016
932,173,016
-
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
-
(238,208)
(238,208)
-
Level 1
Quoted prices in
active markets
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
126,579,825
126,579,825
-
-
-
(158)
(158)
-
Level 1
Quoted prices in
active markets
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
Assets
Financial Assets at fair value through profit or loss
Total Assets
-
56,503,514
56,503,514
-
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
-
(3,856)
(3,856)
-
Level 1
Quoted prices in
active markets
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
25,453,533
25,453,533
262,305
262,305
-
-
(120,529)
(120,529)
-
US Equity Fund
Assets
Financial Assets at fair value through profit or loss
Total Assets
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
High Yield Fund
Global Property Securities Fund
Assets
Financial Assets at fair value through profit or loss
Total Assets
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
126
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Fair Value Estimation of Financial Assets and Liabilities (continued)
As at 30 September 2013 (continued)
Level 1
Quoted prices in
active markets
Global Equity (ex-Japan) Fund
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
65,580,112
65,580,112
100
100
-
-
(3,240)
(3,240)
-
Level 1
Quoted prices in
active markets
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
Assets
Financial Assets at fair value through profit or loss
Total Assets
-
859,982,181
859,982,181
-
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
-
(301,932)
(301,932)
-
Level 1
Quoted prices in
active markets
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
Assets
Financial Assets at fair value through profit or loss
Total Assets
-
4,899,874
4,899,874
-
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
-
(160,240)
(160,240)
-
Level 1
Quoted prices in
active markets
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
5,632,469
5,632,469
-
-
-
-
-
Assets
Financial Assets at fair value through profit or loss
Total Assets
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
Post Global Limited Term High Yield Fund
Multi Strategy Currency Fund
EDGE Equity Income Fund
Assets
Financial Assets at fair value through profit or loss
Total Assets
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
127
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Fair Value Estimation of Financial Assets and Liabilities (continued)
As at 30 September 2013 (continued)
Level 1
Quoted prices in
active markets
Global Small Cap Equity Fund*
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
6,731,369
6,731,369
-
-
-
-
-
Level 1
Quoted prices in
active markets
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
752,183
752,183
-
-
-
-
-
Level 1
Quoted prices in
active markets
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
18,313,318
18,313,318
-
-
-
(43)
(43)
-
Assets
Financial Assets at fair value through profit or loss
Total Assets
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
Origin Global Emerging Markets Fund**
Assets
Financial Assets at fair value through profit or loss
Total Assets
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
Origin Global Equity Fund***
Assets
Financial Assets at fair value through profit or loss
Total Assets
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
128
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Fair Value Estimation of Financial Assets and Liabilities (continued)
As at 30 September 2013 (continued)
Level 1
Quoted prices in
active markets
Origin Global Smaller Companies Fund****
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
30,038,227
30,038,227
11
11
-
-
(59)
(59)
-
Level 1
Quoted prices in
active markets
Long/Short Global Opportunities Equity Fund*****
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
7,267,240
7,267,240
255
255
-
-
(14)
(14)
-
Level 1
Quoted prices in
active markets
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
2,410,221
2,410,221
-
-
-
-
-
Assets
Financial Assets at fair value through profit or loss
Total Assets
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
Assets
Financial Assets at fair value through profit or loss
Total Assets
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
Claritas Latin American Equity Fund******
Assets
Financial Assets at fair value through profit or loss
Total Assets
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
*Global Small Cap Equity Fund launched on 23 October 2012.
**Origin Global Emerging Markets Fund launched on 17 April 2013.
***Origin Global Equity Fund launched on 17 April 2013.
****Origin Global Small Companies Fund launched on 17 April 2013.
*****Long/Short Global Opportunities Equity Fund launched on 8 August 2013.
******Claritas Latin American Equity Fund launched on 23 September 2013.
129
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Fair Value Estimation of Financial Assets and Liabilities (continued)
As at 30 September 2012
Global Equity Fund
Level 1
Quoted prices in
active markets
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
29,132,436
29,132,436
1
1
100,397
100,397
-
(1,137)
(1,137)
-
Level 1
Quoted prices in
active markets
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
13,180,483
13,180,483
-
-
-
-
-
Level 1
Quoted prices in
active markets
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
82,279,435
82,279,435
1,593,407
1,593,407
-
-
(452)
(452)
-
Assets
Financial Assets at fair value through profit or loss
Total Assets
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
Asian Equity Fund
Assets
Financial Assets at fair value through profit or loss
Total Assets
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
European Equity Fund
Assets
Financial Assets at fair value through profit or loss
Total Assets
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
130
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Fair Value Estimation of Financial Assets and Liabilities (continued)
As at 30 September 2012 (continued)
Level 1
Quoted prices in
active markets
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
206,330,795
206,330,795
9,564,373
9,564,373
-
-
(1,418)
(1,418)
-
Level 1
Quoted prices in
active markets
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
15,655,245
15,655,245
-
-
-
(3)
(3)
-
Level 1
Quoted prices in
active markets
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
Assets
Financial Assets at fair value through profit or loss
Total Assets
-
758,277,824
758,277,824
-
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
-
(1,827,535)
(1,827,535)
-
Emerging Markets Equity Fund
Assets
Financial Assets at fair value through profit or loss
Total Assets
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
Japanese Equity Fund
Assets
Financial Assets at fair value through profit or loss
Total Assets
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
Preferred Securities Fund
131
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Fair Value Estimation of Financial Assets and Liabilities (continued)
As at 30 September 2012 (continued)
Level 1
Quoted prices in
active markets
US Equity Fund
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
108,748,497
108,748,497
19
19
-
-
-
-
Level 1
Quoted prices in
active markets
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
Assets
Financial Assets at fair value through profit or loss
Total Assets
-
30,911,880
30,911,880
-
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
-
-
-
Level 1
Quoted prices in
active markets
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
10,939,530
10,939,530
35,799
35,799
-
-
(38,722)
(38,722)
-
Assets
Financial Assets at fair value through profit or loss
Total Assets
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
High Yield Fund
Global Property Securities Fund
Assets
Financial Assets at fair value through profit or loss
Total Assets
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
132
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Fair Value Estimation of Financial Assets and Liabilities (continued)
As at 30 September 2012 (continued)
Level 1
Quoted prices in
active markets
Global Equity (ex-Japan) Fund
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
54,900,889
54,900,889
557,812
557,812
113,492
113,492
-
(430)
(430)
-
Level 1
Quoted prices in
active markets
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
Assets
Financial Assets at fair value through profit or loss
Total Assets
-
525,931,558
525,931,558
-
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
-
(1,299,221)
(1,299,221)
-
Level 1
Quoted prices in
active markets
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
4,798,698
4,798,698
149,749
149,749
-
-
(72,743)
(72,743)
-
Level 1
Quoted prices in
active markets
USD
Level 2
Other observable
inputs
USD
Level 3
Unobservable
inputs
USD
4,933,846
4,933,846
-
-
Assets
Financial Assets at fair value through profit or loss
Total Assets
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
Post Global Limited Term High Yield Fund
Multi Strategy Currency Fund
Assets
Financial Assets at fair value through profit or loss
Total Assets
Liabilities
Financial Liabilities at fair value through profit or loss
Total Liabilities
EDGE Equity Income Fund
Assets
Financial Assets at fair value through profit or loss
Total Assets
133
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Fair Value Estimation of Financial Assets and Liabilities (continued)
As at 30 September 2012 (continued)
The transfer into or out of Level 3 for the year ended 30 September 2013 and year ended 30 September 2012 are detailed in the
tables below.
Financial Assets measured at
fair value based on Level 3
Global Equity Fund
As at 30 September 2013
Balance at 31
September 2012
US$
Purchases
US$
Issues
US$
Settlements
US$
Transfer out
of level 3
US$
Transfer out
of level 3
US$
Total gains
or losses
in the period
recognised in
Statement of
Total Return
US$
100,397
-
-
-
-
-
(100,397)
Financial Assets at
fair value through
profit or loss
Common Stocks
Total gains or
losses in the
period included
for those assets
Closing
held at 30
Balance September 2013
US$
US$
-
-
Financial Assets measured at
fair value based on Level 3
Global Equity (ex-Japan) Fund
As at 30 September 2013
Financial Assets at
fair value through
profit or loss
Common Stocks
Balance at 31
January 2012
US$
Purchases
US$
Issues
US$
Settlements
US$
Transfer out
of level 3
US$
Transfer out
of level 3
US$
Total gains
or losses
in the period
recognised in
Statement of
Total Return
US$
113,492
-
-
-
-
-
(113,492)
134
Total gains or
losses in the
period included
for those assets
Closing
held at 30
Balance September 2012
US$
US$
-
-
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Fair Value Estimation of Financial Assets and Liabilities (continued)
As at 30 September 2012 (continued)
The transfer into or out of Level 3 for the year ended 30 September 2012 and period ended 30 September 2011 are detailed in the
tables below.
The positions listed below were disposed of during the year ended 30 September 2013.
Financial Assets measured at
fair value based on Level 3
Global Equity Fund
As at 30 September 2012
Balance at 31
September 2011
US$
Purchases
US$
Issues
US$
Settlements
US$
Transfer out
of level 3
US$
Transfer out
of level 3
US$
-
100,397
-
-
-
-
Financial Assets at
fair value through
profit or loss
Common Stocks
Total gains
or losses
in the period
recognised in
Statement of
Total Return
US$
Total gains or
losses in the
period included
for those assets
Closing
held at 30
Balance September 2012
US$
US$
100,397
-
Financial Assets measured at
fair value based on Level 3
High Yield Fund
As at 30 September 2012
Balance at 31
January 2011
US$
Purchases
US$
Issues
US$
Settlements
US$
Transfer out
of level 3
US$
Transfer out
of level 3
US$
Total gains
or losses
in the period
recognised in
Statement of
Total Return
US$
872
-
-
-
-
-
(872)
Total gains
or losses
in the period
recognised in
Statement of
Total Return
US$
Financial Assets at
fair value through
profit or loss
Corporate bonds
Total gains or
losses in the
period included
for those assets
Closing
held at 30
Balance September 2011
US$
US$
-
(872)
Financial Assets measured at
fair value based on Level 3
Global Equity (ex-Japan) Fund
As at 30 September 2012
Financial Assets at
fair value through
profit or loss
Common Stocks
Balance at 31
January 2011
US$
Purchases
US$
Issues
US$
Settlements
US$
Transfer out
of level 3
US$
Transfer out
of level 3
US$
-
113,492
-
-
-
-
135
Total gains or
losses in the
period included
for those assets
Closing
held at 30
Balance September 2011
US$
US$
113,492
-
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Interest Rate Risk
Funds which hold interest bearing financial assets and liabilities are exposed to interest rate risk, where the value of the securities
may fluctuate as a result of a change in interest rate.
This risk is managed by the setting of limits on the level of cash holdings in the Funds and such limits are set out in the Funds’
Prospectus. With the fixed income Funds, the Investment Manager has set limits of exposure and uses an internal process to
monitor macroeconomic factors affecting interest rate risk.
The Global Equity Fund, Asian Equity Fund, European Equity Fund, Emerging Markets Equity Fund, Japanese Equity Fund,
US Equity Fund, Global Property Securities Fund, Global Equity (ex-Japan) Fund, EDGE Equity Income Fund, Global Small
Cap Equity Fund, Origin Global Emerging Markets Fund, Origin Global Equity Fund, Orogon Global Smaller Companies
Fund, Long/Short Global Opportunities Equity Fund and Claritas Latin American Equity Fund are not
included in the below chart as the majority of the financial assets and liabilities of those Funds are non-interest bearing or have
a very short time to maturity. As a result, those Funds are not subject to significant amounts of risk due to fluctuations in the
market interest rates.
The tables below summarize the exposure to interest rate risk for Preferred Securities Fund, High Yield Fund, Post Global
Limited Term High Yield Fund and the Multi Strategy Currency Fund. They include each Fund’s assets and trading liabilities at
fair values, categorized by the earlier of contractual re-pricing or maturity dates.
As at 30 September 2013
Preferred Securities Fund
Assets
Cash and cash equivalents
Transferable securities
Financial Derivative Instruments
Other assets
Total assets
Up to
1 year
US$
-
Liabilities
Financial Derivative Instruments
Creditors
Total Liabilities
Total interest sensitivity gap
US$
18,046,128
18,046,128
Over
5 years
US$
915,745,297
915,745,297
Non-interest
bearing
US$
23,293,886
2,719,349
13,060,766
39,074,001
US$
23,293,886
933,791,425
2,719,349
13,060,766
972,865,426
-
-
-
238,208
8,057,263
8,295,471
238,208
8,057,263
8,295,471
-
18,046,128
915,745,297
1 - 5 years
Assets
Cash and cash equivalents
Transferable securities
Financial Derivative Instruments
Other assets
Total assets
Up to
1 year
US$
1,134
1,134
US$
9,259,846
9,259,846
Over
5 years
US$
47,440,271
47,440,271
Non-interest
bearing
US$
1,713,982
58,991
1,239,550
3,012,523
US$
1,713,982
56,701,251
58,991
1,239,550
59,713,774
Liabilities
Financial Derivative Instruments
Creditors
Total Liabilities
-
-
-
3,856
503,661
507,517
3,856
503,661
507,517
1,134
9,259,846
47,440,271
High Yield Fund
Total interest sensitivity gap
136
1 - 5 years
Total
Total
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Interest Rate Risk (continued)
As at 30 September 2013 (continued)
Post Global Limited Term High Yield Fund
1 - 5 years
Assets
Cash and cash equivalents
Transferable securities
Financial Derivative Instruments
Other assets
Total assets
Up to
1 year
US$
Non-interest
bearing
US$
Total
US$
Over
5 years
US$
46,479,563
46,479,563
646,764,998
646,764,998
157,106,139
157,106,139
61,127,561
12,779,283
30,235,285
104,142,129
61,127,561
850,350,700
12,779,283
30,235,285
954,492,829
Liabilities
Financial Derivative Instruments
Creditors
Total Liabilities
-
-
-
301,932
6,730,949
7,032,881
301,932
6,730,949
7,032,881
46,479,563
646,764,998
157,106,139
Up to
1 year
US$
1 - 5 years
US$
Over
5 years
US$
Non-interest
bearing
US$
Assets
Cash and cash equivalents
Transferable securities
Financial Derivative Instruments
Other assets
Total assets
4,799,860
4,799,860
-
-
127,431
100,073
66,652
294,156
127,431
4,799,860
100,073
66,652
5,094,016
Liabilities
Financial Derivative Instruments
Creditors
Total Liabilities
-
-
-
160,240
45,454
205,694
160,240
45,454
205,694
4,799,860
-
-
Up to
1 year
US$
1 - 5 years
Non-interest
bearing
US$
Total
US$
Over
5 years
US$
Assets
Cash and cash equivalents
Transferable securities
Financial Derivative Instruments
Other assets
Total assets
90,064,261
90,064,261
13,541,347
13,541,347
650,785,988
650,785,988
51,804,582
573,415
31,175,135
83,553,132
51,804,582
754,391,596
573,415
31,175,135
837,944,728
Liabilities
Financial Derivative Instruments
Creditors
Total Liabilities
-
-
-
1,827,535
112,964,079
114,791,614
1,827,535
112,964,079
114,791,614
90,064,261
13,541,347
650,785,988
Total interest sensitivity gap
Multi Strategy Currency Fund
Total interest sensitivity gap
US$
Total
US$
As at 30 September 2012
Preferred Securities Fund
Total interest sensitivity gap
137
US$
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Interest Rate Risk (continued)
As at 30 September 2012 (continued)
High Yield Fund
US$
Over
5 years
US$
Non-interest
bearing
US$
1,134
1,134
5,018,810
5,018,810
25,397,114
25,397,114
575,475
756,793
1,332,268
575,475
30,417,058
756,793
31,749,326
-
-
-
341,627
341,627
341,627
341,627
Total interest sensitivity gap
1,134
5,018,810
25,397,114
Post Global Limited Term High Yield Fund
1 - 5 years
US$
Over
5 years
US$
Non-interest
bearing
US$
Total
Assets
Cash and cash equivalents
Transferable securities
Financial Derivative Instruments
Other assets
Total assets
Up to
1 year
US$
37,697,556
37,697,556
371,145,719
371,145,719
106,604,208
106,604,208
37,238,658
548,078
18,657,159
56,443,895
37,238,658
515,447,483
548,078
18,657,159
571,891,378
Liabilities
Financial Derivative Instruments
Creditors
Total Liabilities
-
-
-
1,299,221
18,239,857
19,539,078
1,299,221
18,239,857
19,539,078
37,697,556
371,145,719
106,604,208
Up to
1 year
US$
1 - 5 years
US$
Over
5 years
US$
Non-interest
bearing
US$
Assets
Cash and cash equivalents
Transferable securities
Financial Derivative Instruments
Other assets
Total assets
4,798,916
4,798,916
-
-
308,856
149,749
55,430
514,035
308,856
4,798,916
149,749
55,430
5,312,951
Liabilities
Financial Derivative Instruments
Creditors
Total Liabilities
-
-
-
72,743
35,545
108,288
72,743
35,545
108,288
4,798,916
-
-
Assets
Cash and cash equivalents
Transferable securities
Other assets
Total assets
Liabilities
Creditors
Total Liabilities
Total interest sensitivity gap
Multi Strategy Currency Fund
Total interest sensitivity gap
Up to
1 year
US$
1 - 5 years
138
Total
US$
US$
Total
US$
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Interest Rate Risk (continued)
The below interest rate sensitivity information is a relative estimate of risk and is not intended to be a precise and accurate number.
The calculations are based on historical data. Future price movements and correlations between securities could vary significantly
from those experienced in the past.
Approximate increase or decrease in net asset value due to a 1% change in market interest rates
Fund Name
Preferred Securities Fund
High Yield Fund
Post Global Limited Term High Yield Fund
Multi Strategy Currency Fund
Currency
US$
US$
US$
US$
Change in Net Asset Value
As at 30 September 2013
As at 30 September 2012
9,337,914
7,304,335
567,013
314,071
8,503,507
5,506,712
47,999
51,896
The Investment Manager considers a 1% movement to be reasonable.
Currency Risk
The Funds may hold assets denominated in currencies other than the functional currency of a Fund. They are therefore exposed to
currency risk, as the value of the securities denominated in other currencies will fluctuate due to changes in exchange rates. A Fund may
utilize financial instruments to hedge against fluctuations in the relative values of their portfolio positions.
The Investment Manager monitors the currency positions on a daily basis utilizing quantitative and fundamental models.
The following tables detail the material monetary currency exposures. The Forward FX Contracts amounts shown are the notional
amount of the receipt.
As at 30 September 2013
Global Equity Fund
Foreign Currency Exposure
Canadian Dollar
Danish Krone
Euro
Hong Kong Dollar
Japanese Yen
Malaysian Ringgit
New Zealand Dollar
Pound Sterling
South African Rand
South Korean Won
Swedish Krona
Swiss Franc
Taiwan Dollar
Thailand Baht
US Dollar
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
Net Financial
Assets
US$
15,686
–
(92,064)
3,340
(439,687)
–
3,572
18,850
1
178,447
–
–
1,763
7,257
1,942,552
1,639,717
2,852,350
1,297,770
4,315,329
557,336
5,845,384
290,611
–
3,338,912
–
1,350,779
457,774
1,190,248
300,910
–
25,450,542
47,247,945
–
–
93,965
–
484,648
–
–
(9,679)
–
–
–
–
–
–
(567,457)
1,477
2,868,036
1,297,770
4,317,230
560,676
5,890,345
290,611
3,572
3,348,083
1
1,529,226
457,774
1,190,248
302,673
7,257
26,825,637
48,889,139
139
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Currency Risk (continued)
As at 30 September 2013 (continued)
Asian Equity Fund
Foreign Currency Exposure
Chinese Renminbi
Euro
Hong Kong Dollar
Indonesian Rupiah
Malaysian Ringgit
Philippines Peso
Singapore Dollar
South Korean Won
Taiwan Dollar
Thailand Baht
US Dollar
European Equity Fund
Foreign Currency Exposure
Danish Krone
Euro
Hong Kong Dollar
Norweigan Krone
Pound Sterling
Swedish Krona
Swiss Franc
US Dollar
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
Net Financial
Assets
US$
3,939
(12)
15,832
–
(8,166)
–
4,682
(2,863)
528,421
1,292
175,541
718,666
–
–
3,859,845
258,437
276,322
113,125
548,143
2,337,067
1,720,866
542,238
–
9,656,043
–
–
(10,809)
–
5,626
–
(4,682)
–
–
–
9,787
(78)
3,939
(12)
3,864,868
258,437
273,782
113,125
548,143
2,334,204
2,249,287
543,530
185,328
10,374,631
Monetary
Assets
US$
–
118,658
–
(4,430)
69,796
(283,131)
–
3,466,007
3,366,900
Non-Monetary
Assets
US$
4,439,585
36,026,086
285,893
2,873,215
32,257,456
5,464,097
12,111,496
–
93,457,828
Forward FX
Contracts
US$
–
(10,271)
–
–
(41,653)
283,131
–
(230,906)
301
Net Financial
Assets
US$
4,439,585
36,134,473
285,893
2,868,785
32,285,599
5,464,097
12,111,496
3,235,101
96,825,029
140
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Currency Risk (continued)
As at 30 September 2013 (continued)
Emerging Markets Equity Fund
Foreign Currency Exposure
Monetary
Assets
US$
Brazilian Real
(259,626)
Chilean Peso
–
Chinese Renminbi
11,286
Colombian Peso
3,853
Euro
6,216
Hong Kong Dollar
25,464
Indian Rupee
7,195
Indonesian Rupiah
126,333
Malaysian Ringgit
8,049
Mexican Peso
–
Polish Zloty
–
Pound Sterling
4,793
South African Rand
93
South Korean Won
32,333
Taiwan Dollar
703,723
Thailand Baht
612
Turkish Yeni
6,926
US Dollar
(1,288,729)
(611,479)
Japanese Equity Fund
Foreign Currency Exposure
Euro
Japanese Yen
US Dollar
Preferred Securities Fund
Foreign Currency Exposure
Euro
Japanese Yen
Pound Sterling
Swiss Franc
US Dollar
Non-Monetary
Assets
US$
2,151,354
700,059
–
–
–
7,554,355
1,423,954
392,811
1,140,328
1,368,361
389,855
265,796
1,745,552
5,284,412
3,421,500
977,916
569,444
6,982,839
34,368,536
Forward FX
Contracts
US$
–
–
–
–
–
(13,186)
–
–
–
–
–
–
–
–
–
–
–
13,186
–
Net Financial
Assets
US$
1,891,728
700,059
11,286
3,853
6,216
7,566,633
1,431,149
519,144
1,148,377
1,368,361
389,855
270,589
1,745,645
5,316,745
4,125,223
978,528
576,370
5,707,296
33,757,057
Monetary
Assets
US$
–
188,934
1,094,194
1,283,128
Non-Monetary
Assets
US$
–
24,792,741
–
24,792,741
Forward FX
Contracts
US$
–
(2,277)
2,258
(19)
Net Financial
Assets
US$
–
24,979,398
1,096,452
26,075,850
Monetary
Assets
US$
7,517,185
1,868
25,716
–
20,752,621
28,297,390
Non-Monetary
Assets
US$
–
–
–
–
933,791,424
933,791,424
Forward FX
Contracts
US$
23,375,061
107,523,598
12,376,583
3,803,375
(144,597,476)
2,481,141
Net Financial
Assets
US$
30,892,246
107,525,466
12,402,299
3,803,375
809,946,569
964,569,955
141
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Currency Risk (continued)
As at 30 September 2013 (continued)
U.S. Equity Fund
Foreign Currency Exposure
Monetary
Assets
US$
116
–
2,766,353
2,766,469
Non-Monetary
Assets
US$
–
–
126,602,400
126,602,400
Forward FX
Contracts
US$
–
(93,838)
93,680
(158)
Net Financial
Assets
US$
116
(93,838)
129,462,433
129,368,711
Monetary
Assets
US$
–
271,101
128,083
2,050,687
2,449,871
Non-Monetary
Assets
US$
–
10,794,666
1,999,299
43,907,286
56,701,251
Forward FX
Contracts
US$
1,376,778
–
–
(1,321,643)
55,135
Net Financial
Assets
US$
1,376,778
11,065,767
2,127,382
44,636,330
59,206,257
Global Property Securities Fund
Foreign Currency Exposure
Monetary
Assets
US$
Australian Dollar
(54,067)
Canadian Dollar
1,647
Euro
10,398
Hong Kong Dollar
5,444
Japanese Yen
24,918
Pound Sterling
4,324
Singapore Dollar
33,329
South African Rand
3,235
Swedish Krona
–
US Dollar
18,378
47,606
Non-Monetary
Assets
US$
1,601,939
519,018
1,571,361
2,600,313
3,900,318
1,593,036
752,573
124,605
454,393
12,359,051
25,476,607
Forward FX
Contracts
US$
(1,356,619)
(458,885)
1,869,229
(2,305,841)
6,819,388
(52,677)
(706,366)
(115,929)
(411,212)
(3,139,312)
141,776
Net Financial
Assets
US$
191,253
61,780
3,450,988
299,916
10,744,624
1,544,683
79,536
11,911
43,181
9,238,117
25,665,989
Euro
Pound Sterling
US Dollar
High Yield Fund
Foreign Currency Exposure
Brazilian Real
Euro
Pound Sterling
US Dollar
142
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Currency Risk (continued)
As at 30 September 2013 (continued)
Global Equity (ex-Japan) Fund
Foreign Currency Exposure
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
Net Financial
Assets
US$
14,087
253,343
–
(126,899)
–
–
243,350
6,689
(62,415)
–
564,296
892,451
1,180,918
3,207,517
811,794
9,495,104
1,191,384
616,776
6,521,469
458,757
1,864,786
1,075,347
39,175,319
65,599,171
(2,961)
(246,800)
–
129,047
–
–
(243,046)
(6,689)
62,415
–
304,894
(3,140)
1,192,044
3,214,060
811,794
9,497,252
1,191,384
616,776
6,521,773
458,757
1,864,786
1,075,347
40,044,509
66,488,482
Post Global Limited Term High Yield Fund
Foreign Currency Exposure
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
Net Financial
Assets
US$
467,423
–
–
84,164,474
84,631,897
22,658,864
–
–
827,691,836
850,350,700
266,262,770
382,787,506
86,450,396
(723,023,321)
12,477,351
289,389,057
382,787,506
86,450,396
188,832,989
947,459,948
Monetary
Assets
US$
–
–
–
(274)
–
–
–
–
–
–
–
–
–
–
–
148,630
148,356
Non-Monetary
Assets
US$
–
–
–
1,905
–
–
–
–
–
–
–
–
–
–
–
4,799,860
4,801,765
Forward FX
Contracts
US$
413,809
9,096
436,707
564,733
1,473,851
631,888
(2,367,717)
595,487
750,288
(691,156)
(954,570)
6,246
(3,250,273)
227,507
(167,491)
2,259,796
(61,799)
Net Financial
Assets
US$
413,809
9,096
436,707
566,364
1,473,851
631,888
(2,367,717)
595,487
750,288
(691,156)
(954,570)
6,246
(3,250,273)
227,507
(167,491)
7,208,286
4,888,322
Australian Dollar
Canadian Dollar
Danish Krone
Euro
Hong Kong Dollar
Norweigan Krone
Pound Sterling
Singapore Dollar
Swedish Krona
Swiss Franc
US Dollar
Euro
Japanese Yen
Pound Sterling
US Dollar
Multi Strategy Currency Fund
Foreign Currency Exposure
Australian Dollar
Brazilian Real
Canadian Dollar
Euro
Indian Rupee
Indonesian Rupiah
Japanese Yen
New Zealand Dollar
Norweigan Krone
Pound Sterling
South African Rand
Swedish Krona
Swiss Franc
Thailand Baht
Turkish Yeni
US Dollar
143
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Currency Risk (continued)
As at 30 September 2013 (continued)
EDGE Equity Income Fund
Foreign Currency Exposure
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
Net Financial
Assets
US$
1,259
192,478
193,737
75,500
5,558,145
5,633,645
–
–
–
76,759
5,750,623
5,827,382
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
Net Financial
Assets
US$
890
–
814
–
274
503
4,458
–
–
491
–
–
–
–
42,108
49,538
86,391
39,086
378,487
41,343
607,933
281,667
635,145
41,145
74,964
637,508
–
61,673
45,219
100,365
3,707,369
6,738,295
–
–
(150)
–
–
(232)
–
–
–
–
–
–
–
–
382
–
87,281
39,086
379,151
41,343
608,207
281,938
639,603
41,145
74,964
637,999
–
61,673
45,219
100,365
3,749,859
6,787,833
Origin Global Emerging Markets Fund**
Foreign Currency Exposure
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
Net Financial
Assets
US$
40,411
–
273,427
8,164
4,582
6,558
25,167
125,770
–
60,541
16,850
18,493
173,185
753,148
–
–
(555)
–
–
–
(53)
–
–
–
–
–
608
–
40,844
129
273,638
8,164
4,735
6,558
25,191
125,770
55
61,033
16,858
18,493
199,037
780,505
Canadian Dollar
US Dollar
Global Small Cap Equity Fund*
Foreign Currency Exposure
Australian Dollar
Brazilian Real
Canadian Dollar
Danish Krone
Euro
Hong Kong Dollar
Japanese Yen
New Zealand Dollar
Norweigan Krone
Pound Sterling
South African Rand
South Korean Won
Swedish Krona
Taiwan Dollar
US Dollar
Brazilian Real
Chinese Renminbi
Hong Kong Dollar
Indonesian Rupiah
Polish Zloty
Pound Sterling
South African Rand
South Korean Won
Swiss Franc
Taiwan Dollar
Thailand Baht
Turkish Yeni
US Dollar
433
129
766
–
153
–
77
–
55
492
8
–
25,244
27,357
144
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Currency Risk (continued)
As at 30 September 2013 (continued)
Origin Global Equity Fund***
Foreign Currency Exposure
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
Net Financial
Assets
US$
–
882
–
1,549
17,140
–
5,803
–
–
–
3
334,657
360,034
455,486
–
1,130,821
1,611,440
2,455,316
179,418
1,187,037
330,895
173,258
566,305
225,143
10,009,084
18,324,203
–
–
–
(2,424)
–
–
(5,051)
–
–
–
–
7,432
(43)
455,486
882
1,130,821
1,610,565
2,472,456
179,418
1,187,789
330,895
173,258
566,305
225,146
10,351,173
18,684,194
Origin Global Smaller Companies Fund****
Foreign Currency Exposure
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
Net Financial
Assets
US$
659,649
375,972
293,177
2,401,342
1,755,191
240,954
4,111,633
220,002
183,632
344,444
3,230,142
271,928
893,601
115,287
649,628
1,019,028
275,127
13,034,691
30,075,428
(2,730)
–
–
–
(1,219)
–
(1,766)
–
–
–
(4,966)
–
–
–
–
–
–
10,633
(48)
661,837
375,972
293,177
2,427,014
1,756,285
240,954
4,132,549
220,002
183,632
347,677
3,230,141
271,928
893,601
115,287
649,628
1,024,132
275,127
13,767,925
30,866,868
Canadian Dollar
Chinese Renminbi
Euro
Hong Kong Dollar
Japanese Yen
Norweigan Krone
Pound Sterling
South Korean Won
Swedish Krona
Swiss Franc
Taiwan Dollar
US Dollar
Australian Dollar
Canadian Dollar
Danish Krone
Euro
Hong Kong Dollar
Israeli Shekel
Japanese Yen
Malaysian Ringgit
Norweigan Krone
Polish Zloty
Pound Sterling
South African Rand
South Korean Won
Swedish Krona
Swiss Franc
Taiwan Dollar
Thailand Baht
US Dollar
4,918
–
–
25,672
2,313
–
22,682
–
–
3,233
4,965
–
–
–
–
5,104
–
722,601
791,488
145
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Currency Risk (continued)
As at 30 September 2013 (continued)
Long/Short Global Opportunities Equity Fund*****
Foreign Currency Exposure
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
Net Financial
Assets
US$
1,017
–
(9,009)
524
(66,257)
–
1,690
22,780
–
–
250,324
201,069
450,935
207,914
675,923
87,744
888,132
45,711
518,320
205,859
71,593
175,162
3,885,419
7,212,712
–
–
9,319
–
72,737
–
–
–
–
–
(81,815)
241
451,952
207,914
676,233
88,268
894,612
45,711
520,010
228,639
71,593
175,162
4,053,928
7,414,022
Claritas Latin American Equity Fund******
Foreign Currency Exposure
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
Net Financial
Assets
US$
1,347,260
209,923
133,329
659,596
–
65,169
2,415,277
–
–
–
–
–
–
–
1,347,292
209,870
133,628
659,582
23,933
175,507
2,549,812
Canadian Dollar
Danish Krone
Euro
Hong Kong Dollar
Japanese Yen
Malaysian Ringgit
Pound Sterling
South Korean Won
Swedish Krona
Swiss Franc
US Dollar
Brazilian Real
Chilean Peso
Colombian Peso
Mexican Peso
Peruvian New Sol
US Dollar
32
(53)
299
(14)
23,933
110,338
134,535
*Global Small Cap Equity Fund launched on 23 October 2012.
**Origin Global Emerging Markets Fund launched on 17 April 2013.
***Origin Global Equity Fund launched on 17 April 2013.
****Origin Global Small Companies Fund launched on 17 April 2013.
*****Long/Short Global Opportunities Equity Fund launched on 8 August 2013.
******Claritas Latin American Equity Fund launched on 23 September 2013.
146
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Currency Risk (continued)
As at 30 September 2012
Global Equity Fund
Foreign Currency Exposure
Australian Dollar
Canadian Dollar
Chinese Renminbi
Danish Krone
Euro
Hong Kong Dollar
Japanese Yen
Malaysian Ringgit
New Zealand Dollar
Norweigan Krone
Pound Sterling
Singapore Dollar
South Korean Won
Swiss Franc
US Dollar
Asian Equity Fund
Foreign Currency Exposure
Chinese Renminbi
Hong Kong Dollar
Indonesian Rupiah
Malaysian Ringgit
Philippines Peso
Singapore Dollar
South Korean Won
Taiwan Dollar
Thailand Baht
US Dollar
European Equity Fund
Foreign Currency Exposure
Danish Krone
Euro
Norweigan Krone
Pound Sterling
Swedish Krona
Swiss Franc
US Dollar
Monetary
Assets
US$
–
6,144
4,499
5,305
115,479
(568)
311,684
4,175
3,599
–
(49,504)
–
–
–
(339,288)
61,525
Non-Monetary
Assets
US$
519,390
2,018,490
–
935,264
2,253,872
1,322,075
1,938,769
417,523
–
159,630
1,877,825
108,454
721,574
395,633
16,717,570
29,386,069
Forward FX
Contracts
US$
–
–
–
–
(106,182)
4,269
(285,767)
–
–
–
45,968
–
–
–
340,576
(1,136)
Net Financial
Assets
US$
519,390
2,024,634
4,499
940,569
2,263,169
1,325,776
1,964,686
421,698
3,599
159,630
1,874,289
108,454
721,574
395,633
16,718,858
29,446,458
Monetary
Assets
US$
8,463
18,157
(16,971)
5,635
15,678
5,029
5,416
32,542
361
52,805
127,115
Non-Monetary
Assets
US$
–
4,773,461
532,744
396,698
262,266
1,146,291
3,131,489
2,042,613
721,307
–
13,006,869
Forward FX
Contracts
US$
–
(15,502)
–
–
–
–
–
–
–
15,502
-
Net Financial
Assets
US
8,463
4,776,116
515,773
402,333
277,944
1,151,320
3,136,905
2,075,155
721,668
68,307
13,133,984
Monetary
Assets
US$
–
90,853
–
54,653
–
–
117,442
262,948
Non-Monetary
Assets
US$
2,442,649
33,089,466
3,414,744
30,668,580
5,753,333
9,460,676
–
84,829,448
Forward FX
Contracts
US$
–
(40,238)
–
(30,342)
–
–
70,128
(452)
Net Financial
Assets
US$
2,442,649
33,140,081
3,414,744
30,692,891
5,753,333
9,460,676
187,570
85,091,944
147
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Currency Risk (continued)
As at 30 September 2012 (continued)
Emerging Markets Equity Fund
Foreign Currency Exposure
Brazilian Real
Chilean Peso
Chinese Renminbi
Colombian Peso
Euro
Hong Kong Dollar
Indian Rupee
Indonesian Rupiah
Malaysian Ringgit
Mexican Peso
Peruvian New Sol
Philippines Peso
Polish Zloty
Pound Sterling
Singapore Dollar
South African Rand
South Korean Won
Taiwan Dollar
Thailand Baht
Turkish Yeni
US Dollar
Monetary
Assets
US$
(192,028)
–
100,703
436,904
6,847
93,094
(331,227)
–
45,889
(185,070)
–
2,652
(134,520)
4,812
–
29,955
14,888
346,491
–
7,861
1,924,979
2,172,230
Non-Monetary
Assets
US$
16,042,373
578,158
–
–
–
38,594,076
8,317,559
5,710,073
4,032,925
7,433,144
503,540
1,614,932
2,020,302
1,390,499
1,058,280
13,252,195
34,669,564
22,669,803
7,954,250
5,088,431
45,713,904
216,644,008
Forward FX
Contracts
US$
–
–
–
–
–
(49,088)
–
–
–
85,966
–
–
219,001
–
–
1,670
–
–
–
–
(255,372)
2,177
Net Financial
Assets
US$
15,850,345
578,158
100,703
436,904
6,847
38,638,082
7,986,332
5,710,073
4,078,814
7,334,040
503,540
1,617,584
2,104,783
1,395,311
1,058,280
13,283,820
34,684,452
23,016,294
7,954,250
5,096,292
47,383,511
218,818,415
Monetary
Assets
US$
179,854
276,174
456,028
Non-Monetary
Assets
US$
15,696,720
–
15,696,720
Forward FX
Contracts
US$
(1,726)
1,723
(3)
Net Financial
Assets
US$
15,874,848
277,897
16,152,745
Monetary
Assets
US$
319,125
–
329
(324,901)
(5,447)
Non-Monetary
Assets
US$
–
–
–
724,412,681
724,412,681
Forward FX
Contracts
US$
201,535,227
84,950,776
3,603,988
(291,344,111)
(1,254,120)
Net Financial
Assets
US$
201,854,352
84,950,776
3,604,317
432,743,669
723,153,114
Japanese Equity Fund
Foreign Currency Exposure
Japanese Yen
US Dollar
Preferred Securities Fund
Foreign Currency Exposure
Euro
Japanese Yen
Pound Sterling
US Dollar
148
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Currency Risk (continued)
As at 30 September 2012 (continued)
U.S. Equity Fund
Foreign Currency Exposure
Pound Sterling
US Dollar
Monetary
Assets
US$
–
89,323
89,323
Non-Monetary
Assets
US$
–
109,067,028
109,067,028
Forward FX
Contracts
US$
150,346
(150,327)
19
Net Financial
Assets
US$
150,346
109,006,024
109,156,370
Monetary
Assets
US$
69,196
98,692
822,752
990,640
Non-Monetary
Assets
US$
4,574,952
610,653
25,231,454
30,417,059
Forward FX
Contracts
US$
–
–
–
–
Net Financial
Assets
US$
4,644,148
709,345
26,054,206
31,407,699
Monetary
Assets
US$
(6,241)
–
(9,794)
(10,253)
3,988
–
31,723
–
–
(20,385)
–
–
(1,741)
–
–
307,501
294,798
Non-Monetary
Assets
US$
1,242,339
94,695
503,143
509,061
1,038,594
–
936,695
–
–
727,384
407,377
103,156
215,607
–
–
5,204,807
10,982,858
Forward FX
Contracts
US$
(1,104,696)
(86,903)
(411,191)
2,474,402
(874,384)
1,345
(839,188)
1,373
2,748
652,780
(322,369)
(105,466)
(184,829)
33,057
(471)
758,568
(5,224)
Net Financial
Assets
US$
131,402
7,792
82,158
2,973,210
168,198
1,345
129,230
1,373
2,748
1,359,779
85,008
(2,310)
29,037
33,057
(471)
6,270,876
11,272,432
High Yield Fund
Foreign Currency Exposure
Euro
Pound Sterling
US Dollar
Global Property Securities Fund
Foreign Currency Exposure
Australian Dollar
Brazilian Real
Canadian Dollar
Euro
Hong Kong Dollar
Israeli Shekel
Japanese Yen
New Zealand Dollar
Norweigan Krone
Pound Sterling
Singapore Dollar
South African Rand
Swedish Krona
Swiss Franc
Thailand Baht
US Dollar
149
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Currency Risk (continued)
As at 30 September 2012 (continued)
Global Equity (ex-Japan) Fund
Foreign Currency Exposure
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
Net Financial
Assets
US$
Australian Dollar
Canadian Dollar
Danish Krone
Euro
Hong Kong Dollar
Norweigan Krone
Pound Sterling
Singapore Dollar
Swedish Krona
Swiss Franc
US Dollar
(605)
(147,672)
4,613
159,046
–
–
9,386
5,029
(305,658)
–
366,287
90,426
1,300,842
3,686,676
1,113,488
6,966,329
635,693
834,537
6,102,564
399,092
308,018
1,410,948
33,160,773
55,918,960
(4,547)
109,776
–
(158,349)
–
–
(2,304)
–
307,949
–
(252,180)
345
1,295,690
3,648,780
1,118,101
6,967,026
635,693
834,537
6,109,646
404,121
310,309
1,410,948
33,274,880
56,009,731
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
Net Financial
Assets
US$
227,204
–
–
37,428,755
37,655,959
10,806,773
–
–
504,640,711
515,447,484
147,757,311
107,375,810
90,989,856
(346,874,120)
(751,143)
158,791,288
107,375,810
90,989,856
195,195,346
552,352,300
Monetary
Assets
US$
–
–
–
(821)
–
–
–
–
–
–
–
–
–
–
–
328,742
327,921
Non-Monetary
Assets
US$
–
–
–
3,278
–
–
–
–
–
–
–
–
–
–
–
4,798,915
4,802,193
Forward FX
Contracts
US$
(1,242,205)
349,479
1,601,078
(2,320,049)
898,603
648,401
(2,790,845)
557,801
1,564,042
340,443
1,264,296
929,305
(972,869)
(3,510,668)
833,163
1,924,574
74,549
Net Financial
Assets
US$
(1,242,205)
349,479
1,601,078
(2,317,592)
898,603
648,401
(2,790,845)
557,801
1,564,042
340,443
1,264,296
929,305
(972,869)
(3,510,668)
833,163
7,052,231
5,204,663
Post Global Limited Term High Yield Fund
Foreign Currency Exposure
Euro
Japanese Yen
Pound Sterling
US Dollar
Multi Strategy Currency Fund
Foreign Currency Exposure
Australian Dollar
Brazilian Real
Danish Krone
Euro
Indian Rupee
Indonesian Rupiah
Japanese Yen
New Zealand Dollar
Norweigan Krone
Polish Zloty
Pound Sterling
Singapore Dollar
South African Rand
Swiss Franc
Turkish Yeni
US Dollar
150
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Currency Risk (continued)
As at 30 September 2012 (continued)
EDGE Equity Income Fund
Foreign Currency Exposure
Canadian Dollar
US Dollar
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
Net Financial
Assets
US$
504
126,510
127,014
87
4,954,408
4,954,495
–
–
–
591
5,080,918
5,081,509
The tables below detail the approximate increase or decrease in net assets attributable to redeemable participating unitholders had
the exchange rate between the base currency of the relevant Fund and the relevant foreign currency increased by 5% (or 10% for
emerging market currencies identified with an asterisk), for forward exchange contracts the 5% (or 10% for emerging market
currencies identified with an asterisk) has been applied to the contract price. The Investment Manager considers this movement
to be reasonable.
Emerging market countries are those that have low or middle per capita income as determined by the World Bank for at least two
consecutive years based on data lagging one year, or those countries that either had restructured external/local debt during the
past 10 years or currently have restructured external/local debt outstanding. Investments denominated in emerging market
currencies may experience more volatility, can be subject to significant depreciation and may not be freely convertible. Emerging
market currencies are identified by an asterix in the table below.
As at 30 September 2013
Global Equity Fund
Currency Sensitivity Analysis
Canadian Dollar
Danish Krone
Euro
Hong Kong Dollar*
Japanese Yen
Malaysian Ringgit*
New Zealand Dollar
Pound Sterling
South African Rand*
South Korean Won*
Swedish Krona
Swiss Franc
Taiwan Dollar*
Thailand Baht*
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
784
–
(4,603)
334
(43,969)
–
179
943
–
17,845
–
–
176
726
(27,585)
142,618
64,889
215,766
55,734
584,538
29,061
–
166,946
–
135,078
22,889
59,512
30,091
–
1,507,122
–
–
4,698
–
48,465
–
–
(484)
–
–
–
–
–
–
52,679
151
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Currency Risk (continued)
As at 30 September 2013 (continued)
Asian Equity Fund
Currency Sensitivity Analysis
Chinese Renminbi*
Euro
Hong Kong Dollar*
Indonesian Rupiah*
Malaysian Ringgit*
Philippines Peso*
Singapore Dollar*
South Korean Won*
Taiwan Dollar*
Thailand Baht*
European Equity Fund
Currency Sensitivity Analysis
Danish Krone
Euro
Hong Kong Dollar*
Norweigan Krone
Pound Sterling
Swedish Krona
Swiss Franc
Emerging Markets Equity Fund
Currency Sensitivity Analysis
Brazilian Real*
Chilean Peso*
Chinese Renminbi*
Euro
Hong Kong Dollar*
Indian Rupee*
Indonesian Rupiah*
Malaysian Ringgit*
Mexican Peso*
Polish Zloty*
Pound Sterling
South African Rand*
South Korean Won*
Taiwan Dollar*
Thailand Baht*
Turkish Yeni*
Monetary
Assets
US$
394
(1)
1,583
–
(817)
–
468
(286)
52,842
129
54,312
Non-Monetary
Assets
US$
–
–
385,985
25,844
27,632
11,313
54,814
233,707
172,087
54,224
965,606
Forward FX
Contracts
US$
–
–
(1,081)
–
563
–
(468)
–
–
–
(986)
Monetary
Assets
US$
–
5,933
–
(222)
3,490
(14,157)
–
(4,956)
Non-Monetary
Assets
US$
221,979
1,801,304
28,589
143,661
1,612,873
273,205
605,575
4,687,186
Forward FX
Contracts
US$
–
(514)
–
–
(2,083)
14,157
–
11,560
Monetary
Assets
US$
(25,963)
–
1,129
311
2,546
720
12,633
805
–
–
240
9
3,233
70,372
61
693
66,789
Non-Monetary
Assets
US$
215,135
70,006
–
–
755,436
142,395
39,281
114,033
136,836
38,986
13,290
174,555
528,441
342,150
97,792
56,944
2,725,280
Forward FX
Contracts
US$
–
–
–
–
(1,319)
–
–
–
–
–
–
–
–
–
–
–
(1,319)
152
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Currency Risk (continued)
As at 30 September 2013 (continued)
Japanese Equity Fund
Currency Sensitivity Analysis
Japanese Yen
Preferred Securities Fund
Currency Sensitivity Analysis
Euro
Japanese Yen
Pound Sterling
Swiss Franc
U.S. Equity Fund
Currency Sensitivity Analysis
Euro
Pound Sterling
High Yield Fund
Foreign Currency Exposure
Brazilian Real*
Euro
Pound Sterling
Global Property Securities Fund
Currency Sensitivity Analysis
Australian Dollar
Canadian Dollar
Euro
Hong Kong Dollar*
Japanese Yen
Pound Sterling
Singapore Dollar*
South African Rand*
Swedish Krona
Monetary
Assets
US$
18,893
18,893
Non-Monetary
Assets
US$
2,479,274
2,479,274
Forward FX
Contracts
US$
(228)
(228)
Monetary
Assets
US$
375,859
187
1,286
–
377,332
Non-Monetary
Assets
US$
–
–
–
–
–
Forward FX
Contracts
US$
1,168,753
10,752,360
618,829
190,169
12,730,111
Monetary
Assets
US$
6
–
6
Non-Monetary
Assets
US$
–
–
–
Forward FX
Contracts
US$
–
(4,692)
(4,692)
Monetary
Assets
US$
–
13,555
6,404
19,959
Non-Monetary
Assets
US$
–
539,733
99,965
639,698
Forward FX
Contracts
US$
137,678
–
–
137,678
Monetary
Assets
US$
(2,703)
82
520
544
2,492
216
3,333
324
–
4,808
Non-Monetary
Assets
US$
80,097
25,951
78,568
260,031
390,032
79,652
75,257
12,461
22,720
1,024,769
Forward FX
Contracts
US$
(67,831)
(22,944)
93,461
(230,584)
681,939
(2,634)
(70,637)
(11,593)
(20,561)
348,616
153
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Currency Risk (continued)
As at 30 September 2013 (continued)
Global Equity (ex-Japan) Fund
Currency Sensitivity Analysis
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
704
12,667
–
(6,345)
–
–
12,168
669
(3,121)
–
16,742
59,046
160,376
40,590
474,755
119,138
30,839
326,073
45,876
93,239
53,767
1,403,699
(148)
(12,340)
–
6,452
–
–
(12,152)
(669)
3,121
–
(15,736)
Post Global Limited Term High Yield Fund
Currency Sensitivity Analysis
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
23,371
–
–
23,371
1,132,943
–
–
1,132,943
13,313,139
38,278,751
4,322,520
55,914,410
Monetary
Assets
US$
–
–
–
(14)
–
–
–
–
–
–
–
–
–
–
–
(14)
Non-Monetary
Assets
US$
–
–
–
95
–
–
–
–
–
–
–
–
–
–
–
95
Forward FX
Contracts
US$
20,690
910
21,835
28,237
147,385
63,189
(236,772)
29,774
37,514
(34,558)
(95,457)
312
(162,514)
22,751
(16,749)
(173,453)
Australian Dollar
Canadian Dollar
Danish Krone
Euro
Hong Kong Dollar*
Norweigan Krone
Pound Sterling
Singapore Dollar*
Swedish Krona
Swiss Franc
Euro
Japanese Yen
Pound Sterling
Multi Strategy Currency Fund
Currency Sensitivity Analysis
Australian Dollar
Brazilian Real*
Canadian Dollar
Euro
Indian Rupee*
Indonesian Rupiah*
Japanese Yen
New Zealand Dollar
Norweigan Krone
Pound Sterling
South African Rand*
Swedish Krona
Swiss Franc
Thailand Baht*
Turkish Yeni*
154
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Currency Risk (continued)
As at 30 September 2013 (continued)
EDGE Equity Income Fund
Currency Sensitivity Analysis
Canadian Dollar
Global Small Cap Equity Fund*
Currency Sensitivity Analysis
Australian Dollar
Brazilian Real*
Canadian Dollar
Danish Krone
Euro
Hong Kong Dollar*
Japanese Yen
New Zealand Dollar
Norweigan Krone
Pound Sterling
South Korean Won*
Swedish Krona
Taiwan Dollar*
Origin Global Emerging Markets Fund**
Currency Sensitivity Analysis
Brazilian Real*
Chinese Renminbi*
Hong Kong Dollar*
Indonesian Rupiah*
Polish Zloty*
Pound Sterling
South African Rand*
South Korean Won*
Swiss Franc
Taiwan Dollar*
Thailand Baht*
Turkish Yeni*
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
63
63
3,775
3,775
–
–
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
45
–
41
–
14
50
446
–
–
25
–
–
–
621
4,320
3,909
18,924
2,067
30,397
28,167
63,515
2,057
3,748
31,875
6,167
2,261
10,037
207,444
–
–
(8)
–
–
(23)
–
–
–
–
–
–
–
(31)
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
43
13
77
–
15
–
8
–
3
49
1
–
209
4,041
–
27,343
816
458
328
2,517
12,577
–
6,054
1,685
1,849
57,668
–
–
(56)
–
–
–
(5)
–
–
–
–
–
(61)
155
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Currency Risk (continued)
As at 30 September 2013 (continued)
Origin Global Equity Fund***
Currency Sensitivity Analysis
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
88
–
–
155
1,714
–
290
–
–
–
–
2,247
–
22,774
56,541
161,144
245,532
8,971
59,352
33,090
8,663
28,315
22,514
646,896
–
–
–
(242)
–
–
(253)
–
–
–
–
(495)
Origin Global Smaller Companies Fund****
Currency Sensitivity Analysis
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
32,982
18,799
14,659
120,067
175,519
24,095
411,163
22,000
9,182
34,444
161,507
27,193
89,360
5,764
32,481
101,903
27,513
1,308,631
(137)
–
–
–
(122)
–
(177)
–
–
–
(248)
–
–
–
–
–
–
(684)
Chinese Renminbi*
Canadian Dollar
Euro
Hong Kong Dollar*
Japanese Yen
Norweigan Krone
Pound Sterling
South Korean Won*
Swedish Krona
Swiss Franc
Taiwan Dollar*
Australian Dollar
Canadian Dollar
Danish Krone
Euro
Hong Kong Dollar*
Israeli Shekel*
Japanese Yen
Malaysian Ringgit*
Norweigan Krone
Polish Zloty*
Pound Sterling
South African Rand*
South Korean Won*
Swedish Krona
Swiss Franc
Taiwan Dollar*
Thailand Baht*
246
–
–
1,284
231
–
2,268
–
–
323
248
–
–
–
–
510
–
5,110
156
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Currency Risk (continued)
As at 30 September 2013 (continued)
Long/Short Global Opportunities Equity Fund*****
Currency Sensitivity Analysis
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
51
–
(450)
52
(6,626)
–
85
2,278
–
–
(4,610)
22,547
10,396
33,796
8,774
88,813
4,571
25,916
20,586
3,580
8,758
227,737
–
–
466
–
7,274
–
–
–
–
–
7,740
Claritas Latin American Equity Fund******
Currency Sensitivity Analysis
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
134,726
20,992
6,666
65,960
–
228,344
–
–
–
–
–
–
Canadian Dollar
Danish Krone
Euro
Hong Kong Dollar*
Japanese Yen
Malaysian Ringgit*
Pound Sterling
South Korean Won*
Swedish Krona
Swiss Franc
Brazilian Real*
Chilean Peso*
Colombian Peso
Mexican Peso*
Peruvian New Sol
3
(5)
15
(1)
1,197
1,208
*Global Small Cap Equity Fund launched on 23 October 2012.
**Origin Global Emerging Markets Fund launched on 17 April 2013.
***Origin Global Equity Fund launched on 17 April 2013.
****Origin Global Small Companies Fund launched on 17 April 2013.
*****Long/Short Global Opportunities Equity Fund launched on 8 August 2013.
******Claritas Latin American Equity Fund launched on 23 September 2013.
157
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Currency Risk (continued)
As at 30 September 2012
Global Equity Fund
Currency Sensitivity Analysis
Australian Dollar
Chinese Renminbi*
Canadian Dollar
Danish Krone
Euro
Hong Kong Dollar*
Japanese Yen
Malaysian Ringgit*
New Zealand Dollar
Norweigan Krone
Pound Sterling
Singapore Dollar*
South Korean Won*
Swiss Franc
Monetary
Assets
US$
450
307
265
5,774
(57)
31,168
418
180
(2,475)
36,030
Non-Monetary
Assets
US$
25,970
100,925
46,763
112,694
132,208
193,877
41,752
7,982
93,891
10,845
72,157
19,782
858,846
Forward FX
Contracts
US$
427
(28,577)
2,298
(25,852)
Monetary
Assets
US$
846
1,816
(1,697)
564
1,568
530
542
3,254
36
7,459
Non-Monetary
Assets
US$
497,407
53,274
39,670
26,227
114,629
313,149
204,261
72,131
1,320,748
Forward FX
Contracts
US$
(1,550)
(1,550)
Monetary
Assets
US$
4,543
2,733
7,276
Non-Monetary
Assets
US$
122,132
1,654,473
170,737
1,533,429
287,667
473,034
4,241,472
Forward FX
Contracts
US$
(2,012)
(1,517)
(3,529)
Asian Equity Fund
Currency Sensitivity Analysis
Chinese Renminbi*
Hong Kong Dollar*
Indonesian Rupiah*
Malaysian Ringgit*
Philippines Peso*
Singapore Dollar*
South Korean Won*
Taiwan Dollar*
Thailand Baht*
European Equity Fund
Currency Sensitivity Analysis
Danish Krone
Euro
Norweigan Krone
Pound Sterling
Swedish Krona
Swiss Franc
158
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Currency Risk (continued)
As at 30 September 2012 (continued)
Emerging Markets Equity Fund
Currency Sensitivity Analysis
Brazilian Real*
Chilean Peso*
Chinese Renminbi*
Euro
Hong Kong Dollar*
Indian Rupee*
Indonesian Rupiah*
Malaysian Ringgit*
Mexican Peso*
Peruvian New Sol
Philippines Peso*
Polish Zloty*
Pound Sterling
Singapore Dollar*
South African Rand*
South Korean Won*
Taiwan Dollar*
Thailand Baht*
Turkish Yeni*
Monetary
Assets
US$
(19,203)
10,070
342
9,309
(33,123)
4,589
(18,507)
265
(13,452)
241
2,996
1,489
34,649
786
(19,549)
Non-Monetary
Assets
US$
1,604,237
57,816
3,859,408
831,756
571,007
403,293
743,314
25,177
161,493
202,030
69,525
105,828
1,325,220
3,466,956
2,266,980
795,425
508,843
16,998,308
Forward FX
Contracts
US$
(4,909)
8,597
21,900
167
25,755
Monetary
Assets
US$
17,985
17,985
Non-Monetary
Assets
US$
1,569,672
1,569,672
Forward FX
Contracts
US$
(173)
(173)
Monetary
Assets
US$
15,956
16
15,972
Non-Monetary
Assets
US$
-
Forward FX
Contracts
US$
10,076,761
8,495,078
180,199
18,752,038
Monetary
Assets
US$
-
Non-Monetary
Assets
US$
-
Forward FX
Contracts
US$
7,517
7,517
Japanese Equity Fund
Currency Sensitivity Analysis
Japanese Yen
Preferred Securities Fund
Currency Sensitivity Analysis
Euro
Japanese Yen
US Dollar
U.S. Equity Fund
Currency Sensitivity Analysis
Pound Sterling
159
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Currency Risk (continued)
As at 30 September 2012 (continued)
High Yield Fund
Currency Sensitivity Analysis
Euro
Pound Sterling
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
3,460
4,935
8,395
228,748
30,533
259,281
-
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
(312)
(490)
(513)
399
3,172
(1,019)
(87)
1,150
62,117
9,470
25,157
25,453
103,859
93,670
36,369
40,738
10,316
10,780
417,929
(55,235)
(8,690)
(20,560)
123,720
(87,438)
135
(83,919)
69
137
32,639
(32,237)
(10,547)
(9,241)
1,653
(47)
(149,561)
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
(30)
(7,384)
231
7,952
469
503
(15,283)
(13,542)
64,042
184,334
55,674
348,316
63,569
41,727
305,128
39,909
15,401
70,547
1,188,647
(227)
5,489
(7,918)
(115)
15,397
12,626
Global Property Securities Fund
Currency Sensitivity Analysis
Australian Dollar
Brazilian Real*
Canadian Dollar
Euro
Hong Kong Dollar*
Israeli Shekel*
Japanese Yen
New Zealand Dollar
Norweigan Krone
Pound Sterling
Singapore Dollar*
South African Rand*
Swedish Krona
Swiss Franc
Thailand Baht*
Global Equity (ex-Japan) Fund
Currency Sensitivity Analysis
Australian Dollar
Canadian Dollar
Danish Krone
Euro
Hong Kong Dollar*
Norweigan Krone
Pound Sterling
Singapore Dollar*
Swedish Krona
Swiss Franc
160
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Currency Risk (continued)
As at 30 September 2012 (continued)
Post Global Limited Term High Yield Fund
Currency Sensitivity Analysis
Euro
Japanese Yen
Pound Sterling
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
11,360
11,360
540,339
540,339
7,387,866
10,737,581
4,549,493
22,674,940
Monetary
Assets
US$
–
–
–
(41)
–
–
–
–
–
–
–
–
–
–
–
(41)
Non-Monetary
Assets
US$
–
–
–
164
–
–
–
–
–
–
–
–
–
–
–
164
Forward FX
Contracts
US$
(62,110)
34,948
80,054
(116,002)
89,860
64,840
(279,085)
27,890
78,202
34,044
63,215
92,931
(97,287)
(175,533)
83,316
(80,717)
Monetary
Assets
US$
Non-Monetary
Assets
US$
Forward FX
Contracts
US$
25
25
4
4
-
Multi Strategy Currency Fund
Currency Sensitivity Analysis
Australian Dollar
Brazilian Real*
Danish Krone
Euro
Indian Rupee*
Indonesian Rupiah*
Japanese Yen
New Zealand Dollar
Norweigan Krone
Polish Zloty*
Pound Sterling
Singapore Dollar*
South African Rand*
Swiss Franc
Turkish Yeni*
EDGE Equity Income Fund
Currency Sensitivity Analysis
Canadian Dollar
161
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Custodian Risk
The Trust’s Custodian is Bank of New York Mellon Trust Company (Ireland) Limited (“the Custodian”). Substantially all of the
cash, certificates of deposit and investments in debt securities of the Trust are held by the Custodian. The Trust is exposed to credit
risk through the use of the Custodian for their cash and investments. Bankruptcy or insolvency of the Custodian may cause the
Trust’s rights with respect to its cash and investments in debt securities held by the Custodian to be delayed or limited. The
maximum exposure to this risk at 30 September 2013 and 30 September 2012 is the amount of cash disclosed in note 5 and the
investments in securities, liquidity instruments and forwards disclosed in relevant Funds’ Portfolio of Investments.
To mitigate the risks the Trust is exposed to from the use of the Custodian, the Investment Manager employs appropriate
procedures to ensure that the counterparties are reputable institutions and that the credit risk is acceptable to the Trust. The Trust
only transacts with Custodians that are regulated entities subject to prudential supervision, or with high credit-ratings assigned
by international credit-rating agencies. In addition, the Trust’s non cash assets are maintained by the Custodian in segregated
accounts. Thus in the event of insolvency or bankruptcy of the Custodian the Trust’s non cash assets are segregated and protected
and this further reduces counterparty risk. The Trust will, however, be exposed to the credit risk of the Custodian or counterparty
used by the Custodian, in relation to the Trust's cash held by the Custodian. In the event of the insolvency or bankruptcy of the
Custodian, the Trust will be treated as a general creditor of the Custodian in relation to cash holdings of the Trust. To mitigate
risks the Investment Adviser ensures that the Trust transacts only with Custodians that are regulated entities subject to
prudential supervision or with high credit-ratings assigned by international credit-rating agencies.
Credit Risk
The Funds will be exposed to credit risk, which is the risk that a counterparty or issuer will be unable to pay amounts in full when
due. Impairment provisions are provided for losses that have been incurred by the balance sheet date, if any. The carrying amount
of financial assets best represents its maximum exposure to credit risk at the reporting date.
The Funds’ main credit risk concentrations arise from trading equity and debt securities and financial derivative instruments in
addition to cash balances held at the Custodian and Trustee. The Funds’ Prospectus lists various investment restrictions with
regard to issuer and counterparty concentration limits.
All transactions in listed securities are settled/paid for upon delivery using approved brokers. The risk of default is considered
minimal, as delivery of securities sold is only made once the broker has received payment. Payment is made on a purchase once
the securities have been received by the broker. The trade will fail if either party fails to meet their obligation.
The Funds minimize concentration of credit risk by undertaking transactions with several counterparties. The Investment
Manager maintains an approved list of counterparties that have been through a due diligence process, been subjected to in-depth
credit research and who are recognized on a reputable exchange. The counterparty list is regularly monitored by the Investment
Manager. The Funds restrict their exposure to credit losses on the trading of derivative instruments held by entering into
master netting arrangements with counterparties. Netting arrangements do not result in an offset of Balance Sheet assets and
liabilities, as transactions are usually disclosed on a gross basis and settled on a net basis. However, the credit risk associated with
favorable contracts is reduced by a netting arrangement to the extent that if an event of default occurs, all amounts with the
counterparty are terminated and settled on a net basis.
The Investment Manager may utilise over-the-counter and exchange traded derivatives. Derivatives traded on exchanges will
usually be supported by daily margin calls and therefore not carry the same degree of counterparty risk.
The Investment Manager may use futures and options as part of its investment strategy. The Funds’ ability to use these strategies
may be limited by market conditions, regulatory requirements and tax considerations.
There were no assets held by the Funds with counterparties that were past due or impaired at year end.
The Funds reduce issuer risk by having investment restrictions in place and subjecting issuers to a selection process that includes
a review of their rating.
The Funds’ exposure and the credit quality of financial assets invested in are continuously monitored by the Investment
Manager.
162
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Credit Risk (continued)
The Preferred Securities Fund, High Yield Fund, the Post Global Limited Term High Yield Fund and the Multi Strategy
Currency Fund has the following exposure to counterparty and issuer credit risk for 30 September 2013:
PSF
Credit Rating
A
AA
BB
BBB
NR
Rating %
16.69 %
3.65 %
16.80 %
59.66 %
0.01 %
HYF
Credit Rating Rating %
B
38.70 %
BB
28.93 %
BBB
8.01 %
CCC
19.48 %
NR
0.65 %
GLTHY
Credit Rating Rating %
B
37.60 %
BB
30.51 %
BBB
9.34 %
CCC
5.90 %
NR
6.40 %
MSCF*
Credit Rating Rating %
BB
98.19 %
Total Portfolio
96.81 %
Total Portfolio 95.77 %
Total Portfolio 89.75 %
Total Portfolio 98.19 %
The Preferred Securities Fund, High Yield Fund and the Post Global Limited Term High Yield Fund has the following exposure
to counterparty and issuer credit risk for 30 September 2012:
PSF
Credit Rating
A
AA
BB
BBB
CCC
NR
Rating %
18.71%
1.54%
16.47%
66.68%
0.50%
0.42%
Total Portfolio
104.32%
HYF
Credit Rating Rating %
B
37.88%
BB
38.79%
BBB
1.98%
CCC
16.75%
NR
0.96%
GLTHY
Credit Rating Rating %
B
50.85%
BB
15.97%
BBB
3.95%
CC
1.12%
CCC
12.26%
NR
8.86%
MSCF*
Credit Rating Rating %
A
92.20%
Total Portfolio 96.36%
Total Portfolio 93.01%
Total Portfolio 92.20%
These ratings are based on Standard & Poors, Moodys and Fitch bond rating service.
Liquidity Risk
Liquidity risk is the risk that the Funds will experience difficulty in either realizing assets or otherwise raising sufficient funds to
satisfy commitments associated with financial instruments. This arises when trading volume, lack of a market maker or legal
restrictions impair the Funds’ ability to sell particular securities at an advantageous time or price.
The Funds, with the exception of the Post Global Limited Term High Yield Fund which is exposed to bi-monthly cash
redemptions, are exposed to daily cash redemptions by unitholders. Therefore, the Funds invest the majority of their assets in
investments that are traded in an active market and can be readily disposed of; only a limited proportion of the assets are invested
in assets not actively traded on a stock exchange. In addition, the Funds may restrict redemptions and have the ability to borrow
in the short term to ensure settlement.
The Investment Manager monitors the Funds’ liquidity positions on a daily basis.
The table below analyses the Funds’ financial liabilities and net settled derivative financial liabilities into relevant maturity
groupings based on the remaining period at the balance sheet date to the earliest possible contractual maturity date.
163
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Liquidity Risk (continued)
As at 30 September 2013
Global Equity Fund
Creditors
Redeemable participating units
Total liabilities
Asian Equity Fund
Creditors
Redeemable participating units
Total liabilities
European Equity Fund
Creditors
Redeemable participating units
Total liabilities
Emerging Markets Equity Fund
Creditors
Redeemable participating units
Total liabilities
Japanese Equity Fund
Creditors
Redeemable participating units
Total liabilities
Preferred Securities Fund
Creditors
Redeemable participating units
Total liabilities
U.S. Equity Fund
Creditors
Redeemable participating units
Total liabilities
Less than
1 month
US$
(945,199)
(48,889,139)
(49,834,338)
Less than
3 months
US$
-
3 months
to a year
US$
-
Total
US$
(945,199)
(48,889,139)
(49,834,338)
Less than
3 months
US$
(143,141)
(10,374,631)
(10,517,772)
3 months
to a year
US$
-
1 year
to 5 years
US$
-
Total
US$
(143,141)
(10,374,631)
(10,517,772)
Less than
1 month
US$
(690,760)
(96,825,029)
(97,515,789)
Less than
3 months
US$
-
3 months
to a year
US$
-
Total
US$
(690,760)
(96,825,029)
(97,515,789)
Less than
1 month
US$
(942,034)
(33,757,057)
(34,699,091)
Less than
3 months
US$
-
3 months
to a year
US$
-
Total
US$
(942,034)
(33,757,057)
(34,699,091)
Less than
1 month
US$
(77,133)
(26,075,850)
(26,152,983)
Less than
3 months
US$
-
3 months
to a year
US$
-
Total
US$
(77,133)
(26,075,850)
(26,152,983)
Less than
3 months
US$
(8,295,471)
(964,569,955)
(972,865,426)
3 months
to a year
US$
-
1 year
to 5 years
US$
-
Total
US$
(8,295,471)
(964,569,955)
(972,865,426)
Less than
1 month
US$
(767,280)
(129,368,711)
(130,135,991)
Less than
3 months
US$
-
3 months
to a year
US$
-
Total
US$
(767,280)
(129,368,711)
(130,135,991)
164
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Liquidity Risk (continued)
As at 30 September 2013 (continued)
High Yield Fund
Less than
1 month
US$
(507,517)
(59,206,257)
(59,713,774)
Less than
3 months
US$
-
3 months
to a year
US$
-
Total
US$
(507,517)
(59,206,257)
(59,713,774)
Less than
1 month
US$
(285,055)
(25,665,989)
(25,951,044)
Less than
3 months
US$
-
3 months
to a year
US$
-
Total
US$
(285,055)
(25,665,989)
(25,951,044)
Less than
1 month
US$
(935,922)
(66,488,482)
(67,424,404)
Less than
3 months
US$
-
3 months
to a year
US$
-
Total
US$
(935,922)
(66,488,482)
(67,424,404)
Less than
1 month
US$
(7,032,881)
(947,459,948)
(954,492,829)
Less than
3 months
US$
-
3 months
to a year
US$
-
Total
US$
(7,032,881)
(947,459,948)
(954,492,829)
Less than
1 month
US$
(205,694)
(4,888,322)
(5,094,016)
Less than
3 months
US$
-
3 months
to a year
US$
-
Total
US$
(205,694)
(4,888,322)
(5,094,016)
Less than
3 months
US$
(43,227)
(5,827,382)
(5,870,609)
3 months
to a year
US$
-
1 year
to 5 years
US$
-
Total
US$
(43,227)
(5,827,382)
(5,870,609)
Creditors
Redeemable participating units
Total liabilities
Global Property Securities Fund
Creditors
Redeemable participating units
Total liabilities
Global Equity (ex-Japan) Fund
Creditors
Redeemable participating units
Total liabilities
Post Global Limited Term High Yield Fund
Creditors
Redeemable participating units
Total liabilities
Multi Strategy Currency Fund
Creditors
Redeemable participating units
Total liabilities
EDGE Equity Income Fund
Creditors
Redeemable participating units
Total liabilities
165
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Liquidity Risk (continued)
As at 30 September 2013 (continued)
Global Small Cap Equity Fund*
Less than
1 month
US$
(114,991)
(6,787,833)
(6,902,824)
Less than
3 months
US$
-
3 months
to a year
US$
-
Total
US$
(114,991)
(6,787,833)
(6,902,824)
Less than
1 month
US$
(20,103)
(780,505)
(800,608)
Less than
3 months
US$
-
3 months
to a year
US$
-
Total
US$
(20,103)
(780,505)
(800,608)
Less than
1 month
US$
(46,796)
(18,684,194)
(18,730,990)
Less than
3 months
US$
-
3 months
to a year
US$
-
Total
US$
(46,796)
(18,684,194)
(18,730,990)
Less than
1 month
US$
(72,435)
(30,866,868)
(30,939,303)
Less than
3 months
US$
-
3 months
to a year
US$
-
Total
US$
(72,435)
(30,866,868)
(30,939,303)
Long/Short Global Opportunities Equity Fund***** Less than
1 month
US$
Creditors
(229,511)
Redeemable participating units
(7,414,022)
Total liabilities
(7,586,351)
Less than
3 months
US$
-
3 months
to a year
US$
-
Total
US$
(229,511)
(7,414,022)
(7,586,351)
Claritas Latin American Equity Fund******
3 months
to a year
US$
-
1 year
to 5 years
US$
-
Total
US$
(70,252)
(2,549,812)
(2,620,064)
Creditors
Redeemable participating units
Total liabilities
Origin Global Emerging Markets Fund**
Creditors
Redeemable participating units
Total liabilities
Origin Global Equity Fund***
Creditors
Redeemable participating units
Total liabilities
Origin Global Smaller Companies Fund****
Creditors
Redeemable participating units
Total liabilities
Creditors
Redeemable participating units
Total liabilities
Less than
3 months
US$
(70,252)
(2,549,812)
(2,620,064)
*Global Small Cap Equity Fund launched on 23 October 2012.
**Origin Global Emerging Markets Fund launched on 17 April 2013.
***Origin Global Equity Fund launched on 17 April 2013.
****Origin Global Small Companies Fund launched on 17 April 2013.
*****Long/Short Global Opportunities Equity Fund launched on 8 August 2013.
******Claritas Latin American Equity Fund launched on 23 September 2013.
166
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Liquidity Risk (continued)
As at 30 September 2012
Global Equity Fund
Creditors
Redeemable participating units
Total liabilities
Asian Equity Fund
Creditors
Redeemable participating units
Total liabilities
European Equity Fund
Creditors
Redeemable participating units
Total liabilities
Emerging Markets Equity Fund
Creditors
Redeemable participating units
Total liabilities
Japanese Equity Fund
Creditors
Redeemable participating units
Total liabilities
Preferred Securities Fund
Creditors
Redeemable participating units
Total liabilities
U.S. Equity Fund
Creditors
Redeemable participating units
Total liabilities
Less than
1 month
US$
(1,318,297)
(29,446,458)
( 30,764,755)
Less than
3 months
US$
-
3 months
to a year
US$
-
Total
US$
(1,318,297)
(29,446,458)
(30,764,755)
Less than
3 months
US$
(287,410)
(13,133,984)
(13,421,394)
3 months
to a year
US$
-
1 year
to 5 years
US$
-
Total
US$
(287,410)
(13,133,984)
(13,421,394)
Less than
1 month
US$
(115,494)
(85,091,944)
(85,207,438)
Less than
3 months
US$
-
3 months
to a year
US$
-
Total
US$
(115,494)
(85,091,944)
(85,207,438)
Less than
1 month
US$
(2,653,962)
(218,818,415)
(221,472,377)
Less than
3 months
US$
-
3 months
to a year
US$
-
Total
US$
(2,653,962)
(218,818,415)
(221,472,377)
Less than
1 month
US$
(40,085)
(16,152,745)
(16,192,830)
Less than
3 months
US$
-
3 months
to a year
US$
-
Total
US$
(40,085)
(16,152,745)
(16,192,830)
Less than
3 months
US$
(114,791,614)
(723,153,114)
(837,944,728)
3 months
to a year
US$
-
1 year
to 5 years
US$
-
Total
US$
(114,791,614)
(723,153,114)
(837,944,728)
Less than
1 month
US$
(266,226)
(109,156,370)
(109,422,596)
Less than
3 months
US$
-
3 months
to a year
US$
-
Total
US$
(266,226)
(109,156,370)
(109,422,596)
167
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Liquidity Risk (continued)
As at 30 September 2012 (continued)
High Yield Fund
Less than
1 month
US$
(341,627)
(31,407,699)
(31,749,326)
Less than
3 months
US$
-
3 months
to a year
US$
-
Total
US$
(341,627)
(31,407,699)
(31,749,326)
Less than
1 month
US$
(235,844)
(11,272,432)
(11,508,276)
Less than
3 months
US$
-
3 months
to a year
US$
-
Total
US$
(235,844)
(11,272,432)
(11,508,276)
Less than
1 month
US$
(960,520)
(56,009,731)
(56,970,251)
Less than
3 months
US$
-
3 months
to a year
US$
-
Total
US$
(960,520)
(56,009,731)
(56,970,251)
Less than
1 month
US$
(19,539,078)
(552,352,300)
(571,891,378)
Less than
3 months
US$
-
3 months
to a year
US$
-
Total
US$
(19,539,078)
(552,352,300)
(571,891,378)
Less than
1 month
US$
(108,288)
(5,204,663)
(5,312,951)
Less than
3 months
US$
-
3 months
to a year
US$
-
Total
US$
(108,288)
(5,204,663)
(5,312,951)
Less than
3 months
US$
(31,299)
(5,081,509)
(5,112,808)
3 months
to a year
US$
-
1 year
to 5 years
US$
-
Total
US$
(31,299)
(5,081,509)
(5,112,808)
Creditors
Redeemable participating units
Total liabilities
Global Property Securities Fund
Creditors
Redeemable participating units
Total liabilities
Global Equity (ex-Japan) Fund
Creditors
Redeemable participating units
Total liabilities
Post Global Limited Term High Yield Fund
Creditors
Redeemable participating units
Total liabilities
Multi Strategy Currency Fund
Creditors
Redeemable participating units
Total liabilities
EDGE Equity Income Fund
Creditors
Redeemable participating units
Total liabilities
168
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Liquidity Risk (continued)
The tables below analyse where held each Funds’ financial derivative instruments that will be settled on a net basis into
relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date.
Global Equity Fund
Forwards - Inflow
Forwards - Outflow
Net
Asian Equity Fund
Forwards - Inflow
Forwards - Outflow
Net
European Equity Fund
Forwards - Inflow
Forwards - Outflow
Net
Emerging Markets Equity Fund
Forwards - Inflow
Forwards - Outflow
Net
30-Sept-13
Less than
1 month
US$
1,717
(144)
1,573
30-Sept-13
1-3
months
US$
-
30-Sept-12
Less than
1 month
US$
1
(1,137)
(1,136)
30-Sept-12
1-3
months
US$
-
30-Sept-13
Less than
1 month
US$
1
(2)
(1)
30-Sept-13
1-3
months
US$
-
30-Sept-12
Less than
1 month
US$
-
30-Sept-12
1-3
months
US$
-
30-Sept-13
Less than
1 month
US$
1,467
(1,166)
301
30-Sept-13
1-3
months
US$
-
30-Sept-12
Less than
1 month
US$
(452)
(452)
30-Sept-12
1-3
months
US$
-
30-Sept-13
Less than
1 month
US$
-
30-Sept-13
1-3
months
US$
-
30-Sept-12
Less than
1 month
US$
3,595
(1,418)
2,177
30-Sept-12
1-3
months
US$
-
30-Sept-13
Less than
1 month
US$
(19)
(19)
30-Sept-13
1-3
months
US$
-
30-Sept-12
Less than
1 month
US$
(3)
(3)
30-Sept-12
1-3
months
US$
-
30-Sept-13
Less than
1 month
US$
2,719,349
(238,208)
2,481,141
30-Sept-13
1-3
months
US$
-
30-Sept-12
Less than
1 month
US$
573,415
(1,827,535)
(1,254,120)
30-Sept-12
1-3
months
US$
-
Japanese Equity Fund
Forwards - Inflow
Forwards - Outflow
Net
Preferred Securities Fund
Forwards - Inflow
Forwards - Outflow
Net
169
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Liquidity Risk (continued)
U.S. Equity Fund
Forwards - Inflow
Forwards - Outflow
Net
High Yield Fund
Forwards - Inflow
Forwards - Outflow
Net
Global Property Securities Fund
Forwards - Inflow
Forwards - Outflow
Net
Global Equity ex-Japan Fund
Forwards - Inflow
Forwards - Outflow
Net
Post Global Limited Term High Yield Fund
Forwards - Inflow
Forwards - Outflow
Net
Multi Strategy Currency Fund
Forwards - Inflow
Forwards - Outflow
Options - Inflow
Options - Outflow
Net
EDGE Equity Income Fund
Forwards - Inflow
Forwards - Outflow
Net
30-Sept-13
Less than
1 month
US$
(158)
(158)
30-Sept-13
1-3
months
US$
-
30-Sept-12
Less than
1 month
US$
19
19
30-Sept-12
1-3
months
US$
-
30-Sept-13
Less than
1 month
US$
58,991
(3,856)
55,135
30-Sept-13
1-3
months
US$
-
30-Sept-12
Less than
1 month
US$
-
30-Sept-12
1-3
months
US$
-
30-Sept-13
Less than
1 month
US$
262,305
(120,529)
141,776
30-Sept-13
1-3
months
US$
-
30-Sept-12
Less than
1 month
US$
33,432
(38,722)
(5,290)
30-Sept-12
1-3
months
US$
-
30-Sept-13
Less than
1 month
US$
100
(2,846)
(2,746)
30-Sept-13
1-3
months
US$
-
30-Sept-12
Less than
1 month
US$
773
(428)
345
30-Sept-12
1-3
months
US$
-
30-Sept-13
Less than
1 month
US$
12,779,283
(301,932)
12,477,351
30-Sept-13
1-3
months
US$
-
30-Sept-12
Less than
1 month
US$
548,078
(1,299,221)
(751,143)
30-Sept-12
1-3
months
US$
-
30-Sept-13
Less than
1 month
US$
98,167
(159,966)
(61,799)
30-Sept-13
1-3
months
US$
1,906
(274)
1,632
30-Sept-12
Less than
1 month
US$
146,471
(71,922)
(74,549)
30-Sept-12
1-3
months
US$
-
30-Sept-13
Less than
1 month
US$
-
30-Sept-13
1-3
months
US$
-
30-Sept-12
Less than
1 month
US$
-
30-Sept-12
1-3
months
US$
-
170
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Liquidity Risk (continued)
Global Small Cap Equity Fund*
30-Sept-13
Less than
1 month
US$
-
30-Sept-13
1-3
months
US$
-
30-Sept-12
Less than
1 month
US$
-
30-Sept-12
1-3
months
US$
-
30-Sept-13
Less than
1 month
US$
-
30-Sept-13
1-3
months
US$
-
30-Sept-12
Less than
1 month
US$
-
30-Sept-12
1-3
months
US$
-
30-Sept-13
Less than
1 month
US$
(43)
(43)
30-Sept-13
1-3
months
US$
-
30-Sept-12
Less than
1 month
US$
-
30-Sept-12
1-3
months
US$
-
30-Sept-13
Less than
1 month
US$
11
(59)
(48)
30-Sept-13
1-3
months
US$
-
30-Sept-12
Less than
1 month
US$
-
30-Sept-12
1-3
months
US$
-
Long/Short Global Opportunities Equity Fund*****
30-Sept-13
Less than
1 month
US$
Forwards - Inflow
255
Forwards - Outflow
(14)
Futures - Inflow
Futures - Outflow
Net
241
30-Sept-13
1-3
months
US$
57,057
241
30-Sept-12
Less than
1 month
US$
-
30-Sept-12
1-3
months
US$
-
30-Sept-13
1-3
months
US$
-
30-Sept-12
Less than
1 month
US$
-
30-Sept-12
1-3
months
US$
-
Forwards - Inflow
Forwards - Outflow
Net
Origin Global Emerging Markets Fund**
Forwards - Inflow
Forwards - Outflow
Net
Origin Global Equity Fund***
Forwards - Inflow
Forwards - Outflow
Net
Origin Global Smaller Companies Fund****
Forwards - Inflow
Forwards - Outflow
Net
Claritas Latin American Equity Fund******
Forwards - Inflow
Forwards - Outflow
Net
30-Sept-13
Less than
1 month
US$
-
*Global Small Cap Equity Fund launched on 23 October 2012.
**Origin Global Emerging Markets Fund, ***Origin Global Equity Fund & ****Origin Global Small Companies Fund launched on 17 April 2013.
*****Long/Short Global Opportunities Equity Fund launched on 8 August 2013.
******Claritas Latin American Equity Fund launched on 23 September 2013.
171
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Liquidity Risk (continued)
The following tables set forth details of unitholders with holdings greater than 10% of the units of each class of each Fund:
Global Equity Fund
Investor
Income
Unitholder 1
Unitholder 2
Unitholder 3
Other Unitholders
Total
Asian Equity Fund
Investor
Income
Unitholder 1
Unitholder 2
Other Unitholders
Total
European Equity Fund
Investor
Income
Unitholder 1
Unitholder 2
Unitholder 3
Other Unitholders
Total
Institutional
Accumulation
(Euro Hedged)
Unitholder 1
Total
30-Sept-13
29.13 %
18.83 %
13.18 %
38.86 %
Investor
Accumulation
Unitholder 1
Unitholder 2
Other Unitholders
100.00 %
30-Sept-13
15.79 %
11.45 %
72.76 %
23.24 %
19.54 %
16.52 %
40.70 %
100.00 %
70.21 %
16.07 %
13.72 %
Investor
Accumulation
Unitholder 1
Other Unitholders
30-Sept-13
0.00 %
100.00 %
Investor
Accumulation
Unitholder 1
Other Unitholders
30-Sept-13
65.60 %
34.40 %
100.00 %
100.00 %
100.00 %
Institutional
Accumulation
Unitholder 1
Unitholder 2
Other Unitholders
30-Sept-13
40.95 %
14.08 %
44.97 %
100.00 %
172
30-Sept-13
24.61 %
24.35 %
24.01 %
27.03 %
100.00 %
Institutional
Accumulation
Unitholder 1
Unitholder 2
Other Unitholders
100.00 %
30-Sept-13
Emerging Markets Equity Fund
Investor
30-Sept-13
Accumulation
Unitholder 1
22.11 %
Unitholder 21
14.02 %
Unitholder 3
11.62 %
Unitholder 4
10.25 %
Other Unitholders
42.00 %
Total
100.00 %
Institutional
Accumulation
Unitholder 11
Unitholder 21
Unitholder 3
Other Unitholders
100.00 %
100.00 %
30-Sept-13
30-Sept-13
30-Sept-13
68.86 %
20.92 %
10.22 %
100.00 %
Institutional
Accumulation
Unitholder 1
Unitholder 2
Unitholder 3
Other Unitholders
30-Sept-13
48.41 %
28.19 %
11.04 %
12.36 %
100.00 %
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Liquidity Risk (continued)
Japanese Equity Fund
Investor
Accumulation
Unitholder 1
Unitholder 2
Other Unitholders
Total
30-Sept-13
58.04 %
16.19 %
25.77 %
Unitholder 1
Unitholder 2
Unitholder 3
Other Unitholders
Total
53.72 %
20.65 %
16.91 %
8.72 %
100.00 %
Institutional
Accumulation
(Euro Hedged)
Unitholder 1
Unitholder 2
Unitholder 3
Other Unitholders
Total
30-Sept-13
Institutional
Income
(JPY Hedged)
Unitholder 1
30-Sept-13
Investor
D Class
Income
Unitholder 1
Unitholder 2
Other Unitholders
Total
30-Sept-13
Unitholder 1
Unitholder 2
Unitholder 3
Unitholder 4
Other Unitholders
100.00 %
Preferred Securities Fund
Investor
30-Sept-13
Income
Total
Institutional
Accumulation
59.76 %
24.22 %
13.27 %
2.75 %
100.00 %
100.00 %
Investor
Accumulation
(Euro Hedged)
Unitholder 1
Unitholder 2
Other Unitholders
32.12 %
21.77 %
46.11 %
30-Sept-13
63.40 %
20.29 %
16.31 %
Institutional
Accumulation
(JPY Hedged)
Unitholder 1
Unitholder 2
30-Sept-13
87.94 %
12.06 %
Institutional
Accumulation
30-Sept-13
44.00 %
56.00 %
100.00%
30-Sept-13
56.85 %
18.78 %
24.37 %
100.00%
173
30-Sept-13
35.28 %
28.15 %
20.94 %
15.63 %
100.00 %
Institutional
Income
(Euro Hedged)
Unitholder 1
Unitholder 2
Other Unitholders
30-Sept-13
54.42 %
42.86 %
2.72 %
100.00 %
Investor
F Class
Accumulation
Unitholder 1
Other Unitholder
100.00%
Investor
F Class
Income
Unitholder 1
Unitholder 2
Other Unitholders
100.00 %
Unitholder 1
Unitholder 2
Unitholder 3
Other Unitholders
100.00 %
Investor
D Class
Accumulation
Unitholder 1
Other Unitholder
30-Sept-13
100.00 %
100.00 %
100.00%
30-Sept-13
45.46 %
16.83 %
16.34 %
11.72 %
9.65 %
100.00 %
Institutional
Accumulation
(JPY)
Unitholder 1
30-Sept-13
63.11 %
36.89 %
100.00%
Institutional
Income
(GBP Hedged)
Unitholder 1
Other Unitholders
30-Sept-13
90.63 %
9.37 %
100.00%
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Liquidity Risk (continued)
Preferred Securities Fund (continued)
Institutional
Accumulation
(GBP Hedged)
Unitholder 1
Other Unitholders
Total
30-Sept-13
Investor
Accumulation
(CHF Hedged)
Unitholder 1
30-Sept-13
Total
P Class
Income
91.67 %
8.33 %
100.00%
100.00 %
30-Sept-13
100.00 %
Total
100.00%
30-Sept-13
Unitholder 1
Unitholder 2
Unitholder 3
Unitholder 4
Unitholder 5
Other Unitholders
Total
32.94 %
28.83 %
14.38 %
10.71 %
10.67 %
2.47 %
100.00 %
High Yield Fund
Investor
Accumulation
30-Sept-13
Unitholder 1
Other Unitholders
Total
Investor
Accumulation
49.36 %
50.64 %
30-Sept-13
96.97 %
3.03 %
100.00 %
Investor
Income
(Euro Hedged)
Unitholder 1
30-Sept-13
100.00 %
100.00 %
30-Sept-13
Unitholder 1
Unitholder 2
Other Unitholders
100.00 %
Unitholder 1
US Equity Fund
Investor
Accumulation
Investor
I Class
Income
Unitholder 1
Other Unitholders
48.72 %
45.51 %
5.77 %
100.00 %
P Class
Accumulation
30-Sept-13
Unitholder 1
100.00 %
Institutional
Accumulation
(CHF Hedged)
Unitholder 1
Unitholder 2
30-Sept-13
Institutional
Accumulation
(GBP Hedged)
Unitholder 11
30-Sept-13
100.00 %
Institutional
Accumulation
30-Sept-13
Unitholder 1
Other Unitholders
61.41 %
38.59 %
100.00 %
Institutional
Accumulation
30-Sept-13
Unitholder 1
Unitholder 2
Other Unitholders
100.00 %
174
65.95 %
23.60 %
10.45 %
100.00 %
88.33 %
11.67 %
100.00 %
100.00 %
100.00 %
Institutional
Accumulation
(BRL Hedged)
Unitholder 1
30-Sept-13
100.00 %
100.00 %
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Liquidity Risk (continued)
Global Property Securities Fund
Institutional
30-Sept-13
Accumulation
(USD Hedged)
Unitholder 1
56.59 %
Unitholder 2
21.08 %
Unitholder 3
16.50 %
Other Unitholders
5.83 %
Total
100.00 %
Institutional
Accumulation
(GBP Hedged)
Unitholder 1
Total
30-Sept-13
100.00 %
100.00 %
Global Equity (ex-Japan) Fund
Institutional
30-Sept-13
Accumulation
Unitholder 1
Total
100.00 %
100.00 %
Institutional
Accumulation
30-Sept-13
Unitholder 1
Other Unitholders
100.00 %
Institutional
Accumulation
(EUR Hedged)
Unitholder 1
30-Sept-13
Institutional
Accumulation
(JPY)
Unitholder 1
30-Sept-13
Institutional
Accumulation
(GBP Hedged)
Unitholder 1
Unitholder 2
Unitholder 3
Other Unitholders
Total
100.00 %
30-Sept-13
37.21 %
33.06 %
13.63 %
16.10 %
30-Sept-13
100.00 %
100.00 %
100.00 %
100.00 %
100.00 %
100.00 %
Post Global Limited Term High Yield Fund Fund
Institutional
30-Sept-13
Institutional
Accumulation
Accumulation
(Euro Hedged)
Unitholder 1
29.19 %
Unitholder 1
Unitholder 2
28.02 %
Unitholder 2
Unitholder 3
22.32 %
Unitholder 3
Other Unitholders
20.47 %
Unitholder 4
Other Unitholders
Total
98.96 %
1.04 %
Institutional
Accumulation
(JPY Hedged)
Unitholder 1
30-Sept-13
24.79 %
19.28 %
18.35 %
15.23 %
22.35 %
100.00 %
Investor
Income
(GBP Hedged)
Unitholder 1
100.00 %
30-Sept-13
100.00 %
100.00 %
175
Institutional
Accumulation
(JPY Hedged)
Unitholder 1
Unitholder 2
Other Unitholders
30-Sept-13
52.38 %
38.52 %
9.10 %
100.00 %
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Liquidity Risk (continued)
Multi Strategy Currency Fund
Institutional
30-Sept-13
Accumulation
Unitholder 1
95.29 %
Other Unitholders
4.71 %
Total
100.00 %
EDGE Equity Income Fund
Institutional
30-Sept-13
Accumulation
Unitholder 1
100.00 %
Total
100.00 %
Global Small Cap Equity Fund*
Investor
30-Sept-13
Accumulation
Unitholder 1
100.00 %
Total
Investor
Income
Unitholder 1
30-Sept-13
Institutional
Accumulation
Unitholder 11
Other Unitholders
30-Sept-13
100.00 %
100.00 %
100.00 %
93.93 %
6.07 %
100.00 %
Origin Global Emerging Markets Fund**
Institutional
30-Sept-13
Accumulation
(GBP Hedged)
Unitholder 1
30.20 %
Unitholder 2
20.40 %
Unitholder 3
20.00 %
Unitholder 4
15.30 %
Unitholder 5
14.10 %
Total
100.00 %
Origin Global Equity Fund***
Institutional
30-Sept-13
Accumulation
(GBP Hedged)
Unitholder 1
87.26 %
Unitholder 2
10.78 %
Other Unitholders
1.96 %
Total
100.00 %
Origin Global Smaller Companies Fund****
Institutional
30-Sept-13
Institutional
Accumulation
Accumulation
(GBP Hedged)
Unitholder 1
64.41 %
Unitholder 1
Unitholder 2
29.24 %
Unitholder 3
Other Unitholders
6.35 %
Total
100.00 %
30-Sept-13
95.69 %
4.31 %
100.00 %
176
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Liquidity Risk (continued)
Long/Short Global Opportunities Equity Fund*****
Institutional
30-Sept-13
Accumulation
Unitholder 11
Total
100.00 %
100.00 %
Claritas Latin American Equity Fund******
Institutional
30-Sept-13
Accumulation
Unitholder 1
Unitholder 2
Unitholder 3
Total
1
39.42 %
37.50 %
23.08 %
100.00%
Unitholder is a related party fund.
*Global Small Cap Equity Fund launched on 23 October 2012.
**Origin Global Emerging Markets Fund launched on 17 April 2013.
***Origin Global Equity Fund launched on 17 April 2013.
****Origin Global Small Companies Fund launched on 17 April 2013.
*****Long/Short Global Opportunities Equity Fund launched on 8 August 2013.
******Claritas Latin American Equity Fund launched on 23 September 2013.
177
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Liquidity Risk (continued)
The following tables set forth details of unitholders with holdings greater than 10% of the units of each class of each Fund:
Global Equity Fund
Investor
Income
Unitholder 1
Unitholder 2
Unitholder 3
Other Unitholders
Total
Asian Equity Fund
Investor
Income
Unitholder 1
Other Unitholders
Total
European Equity Fund
Investor
Income
Unitholder 1
Unitholder 2
Unitholder 3
Unitholder 4
Other Unitholders
Total
Institutional
Accumulation
(Euro Hedged)
Unitholder 1
Total
30-Sept-12
25.09%
17.99%
13.26%
43.66%
100.00%
30-Sept-12
31.74%
68.26%
30-Sept-12
19.15%
17.60%
16.34%
12.84%
34.07%
100.00%
Unitholder 1
Unitholder 2
Unitholder 3
Other Unitholders
Total
30-Sept-12
42.69%
38.96%
18.35%
Institutional
Accumulation
Unitholder 11
Unitholder 21
Unitholder 3
Unitholder 4
Unitholder 51
Other Unitholders
30-Sept-12
Institutional
Accumulation
Unitholder 1
Unitholder 2
Other Unitholders
30-Sept-12
Institutional
Accumulation
Unitholder 1
Unitholder 2
Other Unitholders
30-Sept-12
100.00%
Investor
Accumulation
Unitholder 1
Other Unitholders
100.00%
30-Sept-12
19.47%
80.53%
100.00%
Investor
Accumulation
Unitholder 1
Other Unitholders
30-Sept-12
64.68%
35.32%
100.00%
27.24%
23.70%
15.64%
14.34%
10.44%
8.64%
100.00%
61.21%
29.96%
8.83%
100.00%
47.58%
30.00%
22.42%
100.00%
30-Sept-12
100.00%
100.00%
Emerging Markets Equity Fund
Investor
30-Sept-12
Accumulation
Unitholder 1
14.56%
Unitholder 21
12.04%
Unitholder 3
11.95%
Unitholder 4
11.86%
Other Unitholders
49.59%
Total
100.00%
Japanese Equity Fund
Investor
Accumulation
Investor
Accumulation
Unitholder 1
Unitholder 2
Other Unitholders
30-Sept-12
33.03%
15.34%
13.91%
37.72%
100.00%
Institutional
Accumulation
Unitholder 1
Unitholder 2
Other Unitholders
30-Sept-12
40.10%
18.94%
40.96%
100.00%
Institutional
Accumulation
30-Sept-12
Unitholder 1
Unitholder 2
Other Unitholders
60.19%
20.97%
18.84%
100.00%
178
Institutional
Accumulation
(JPY)
Unitholder 1
30-Sept-12
100.00%
100.00%
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Liquidity Risk (continued)
Preferred Securities Fund
Investor
30-Sept-12
Income
Unitholder 1
Unitholder 2
Other Unitholders
Total
Institutional
Accumulation
(Euro Hedged)
Unitholder 1
Unitholder 2
Unitholder 3
Unitholder 4
Other Unitholders
Total
Institutional
Income
(JPY Hedged)
Unitholder 1
Total
55.83%
33.95%
10.22%
100.00%
30-Sept-12
43.28%
19.32%
18.33%
10.35%
8.72%
30-Sept-12
100.00%
Institutional
Accumulation
(GBP Hedged)
Unitholder 1
Total
30-Sept-12
Unitholder 1
Unitholder 2
Unitholder 3
Other Unitholders
Total
Institutional
Accumulation
(JPY Hedged)
Unitholder 1
Unitholder 2
58.92%
41.08%
100.00%
89.34%
10.66%
30-Sept-12
80.78%
19.22%
Institutional
Accumulation
Investor
D Class
Accumulation
Unitholder 1
Other Unitholders
30-Sept-12
Investor
F Class
Income
Unitholder 1
Other Unitholders
30-Sept-12
Institutional
Accumulation
30-Sept-12
83.74%
16.26%
100.00%
82.89%
17.11%
100.00%
30-Sept-12
Unitholder 1
Unitholder 2
Unitholder 3
Other Unitholders
37.39%
35.89%
20.97%
5.75%
100.00%
Institutional
Income
(Euro Hedged)
Unitholder 1
Unitholder 2
Unitholder 3
Unitholder 4
Unitholder 5
Other Unitholders
30-Sept-12
Investor
F Class
Accumulation
Unitholder 1
Other Unitholder
30-Sept-12
Investor
Income
(GBP Hedged)
Unitholder 1
Other Unitholders
30-Sept-12
Institutional
Accumulation
(GBP Hedged)
Unitholder 1
30-Sept-12
100.00%
100.00%
30-Sept-12
30-Sept-12
100.00%
100.00%
Investor
D Class
Income
Unitholder 1
Other Unitholders
Total
US Equity Fund
Investor
Accumulation
Investor
Accumulation
(Euro Hedged)
Unitholder 1
Other Unitholders
31.72%
25.00%
12.87%
11.04%
10.69%
8.68%
100.00%
88.69%
11.31%
100.00%
69.04%
30.96%
100.00%
100.00%
100.00%
30-Sept-12
36.50%
34.95%
12.76%
15.79%
100.00%
Unitholder 1
Unitholder 2
Other Unitholders
61.16%
10.84%
28.00%
100.00%
179
100.00%
100.00%
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Liquidity Risk (continued)
High Yield Fund
Investor
Accumulation
Unitholder 1
Other Unitholders
Total
30-Sept-12
82.99%
17.01%
Institutional
Accumulation
30-Sept-12
Unitholder 11
Other Unitholders
Total
98.96%
1.04%
Institutional
Accumulation
(Euro Hedged)
Unitholder 11
100.00%
30-Sept-12
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
Institutional
Accumulation
(JPY)
Unitholder 11
30-Sept-12
100.00%
100.00%
Post Global Limited Term High Yield Fund Fund
Institutional
30-Sept-12
Institutional
Accumulation
Accumulation
(Euro Hedged)
Unitholder 1
26.70%
Unitholder 1
Unitholder 2
19.67%
Unitholder 2
Unitholder 3
12.67%
Other Unitholders
Unitholder
10.26%
Other Unitholders
30.70%
Total
100.00%
Institutional
Accumulation
(GBP Hedged)
Unitholder 1
60.01%
20.53%
19.46%
100.00%
30-Sept-12
Global Equity (ex-Japan) Fund
Institutional
30-Sept-12
Accumulation
Unitholder 1
Total
30-Sept-12
100.00%
Global Property Securities Fund
Institutional
30-Sept-12
Accumulation
(USD Hedged)
Unitholder 11
48.53%
1
Unitholder 2
29.28%
Unitholder 31
15.91%
Other Unitholders
6.28%
Total
100.00%
Institutional
Accumulation
(GBP Hedged)
Unitholder 11
Total
Investor
Accumulation
Unitholder 1
Unitholder 21
Other Unitholders
30-Sept-12
100.00%
Investor
Income
(GBP Hedged)
Unitholder 1
Unitholder 2
Unitholder 3
Unitholder 4
Other Unitholders
100.00%
180
30-Sept-12
34.05%
28.53%
37.42%
100.00%
30-Sept-12
26.70%
19.67%
12.67%
10.26%
30.70%
100.00%
Institutional
Accumulation
(JPY Hedged)
Unitholder 1
Other Unitholders
30-Sept-12
75.30%
24.70%
100.00%
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
12. FINANCIAL RISK MANAGEMENT (continued)
Liquidity Risk (continued)
Multi Strategy Currency Fund
Institutional
30-Sept-12
Accumulation
Unitholder 11
95.29%
Other Unitholders
4.71%
Total
100.00%
EDGE Equity Income Fund
Institutional
30-Sept-12
Accumulation
Unitholder 11
100.00%
Total
100.00%
1
Investor
Income
Unitholder 11
30-Sept-12
100.00%
100.00%
Unitholder is a related party fund.
13. TRANSACTIONS COSTS
Each Fund’s transaction costs incurred during the year ended 30 September 2013 relate to the purchase or sale of transferable
securities, derivatives or other eligible assets. Transaction costs include commission costs, settlement fees, broker fees and
custody transaction fees and are included within gain and losses in the Statement of Total Return.
The transaction costs incurred are as follows:
Global Equity Fund
Asian Equity Fund
European Equity Fund
Emerging Markets Equity Fund
Japanese Equity Fund
Preferred Securities Fund
US Equity Fund
High Yield Fund
Global Property Securities Fund
Global Equity (ex-Japan) Fund
Post Global Limited Term High Yield Fund
Multi Strategy Currency Fund
EDGE Equity Income Fund
Global Small Cap Equity Fund
Origin Global Emerging Markets Fund
Origin Global Equity Fund
Origin Global Smaller Companies Fund
Long/Short Global Opportunities Equity Fund
Claritas Latin American Equity Fund
30 September 2013
US$
194,652
113,207
173,912
899,357
39,764
106,532
170,987
45,674
202,850
2,889
2,190
51,085
1,022
8,538
27,231
4,927
9,793
30 September 2012
US$
113,681
82,997
135,212
1,322,019
21,282
89,348
195,557
34,190
178,203
3,927
-
14. GLOBAL EXPOSURE
The Funds and the Investment Adviser employ a risk-management process which enables them to monitor and measure at any
time the risk of the positions and their contribution to the overall risk profile of each Fund. The Funds and the Investment
Adviser employ, if applicable, a process for accurate and independent assessment of the value of any over the counter derivative
instrument.
The Investment Adviser will apply the commitment approach with respect to the determination of the global exposure of the
Fund.
181
NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 30 September 2013 (continued)
15. EXCHANGE RATES
The foreign exchange rates used in the Financial Statements as at 30 September 2013 expressed as US Dollars are as follows:
ARS
AUD
BRL
CAD
CHF
CNY
COP
CZK
DKK
EGP
EUR
GBP
5.791250
1.069470
2.226071
1.027912
0.904255
6.121990
1,906.300049
19.011949
5.509633
6.891534
0.738730
0.617513
HKD
HUF
IDR
INR
ILS
JPY
KRW
MAD
MXN
MYR
NOK
NZD
7.755125
219.739255
11,580.001235
62.605008
3.525997
98.124985
1,074.675034
8.281895
13.163764
3.259510
6.014265
1.200630
PHP
PLN
PKR
RUB
SEK
SGD
THB
TRY
TWD
ZAR
43.540015
3.121496
105.850006
32.388508
6.423089
1.254755
31.280011
2.022848
29.567000
10.063727
The foreign exchange rates used in the Financial Statements as at 30 September 2012 expressed as US Dollars are as follows:
ARS
AUD
BRL
CAD
CHF
CNY
COP
CZK
DKK
EGP
EUR
GBP
4.691621
0.961636
2.028796
0.983961
0.939776
6.284896
1800.900050
19.587255
5.794588
6.096761
0.777279
0.619272
HKD
HUF
IDR
INR
ILS
JPY
KRW
MAD
MXN
MYR
NOK
NZD
7.753251
221.585738
9570.000619
52.745015
3.922994
77.800006
1111.425037
8.618683
12.857258
3.056509
5.724796
1.203802
PHP
PLN
PKR
RUB
SEK
SGD
THB
TRY
TWD
ZAR
41.715011
3.203586
94.854998
31.201232
6.556601
1.226684
30.780004
1.795609
29.313506
8.251177
16. SIGNIFICANT EVENTS DURING THE YEAR
There have been no significant events affecting the Funds during the year other than those disclosed on page 5.
17. POST BALANCE SHEET EVENTS
There have been no significant events affecting the Funds since the year end other than those disclosed on page 5.
18. APPROVAL OF FINANCIAL STATEMENTS
The Financial Statements were approved by the Board of Directors of the Manager on 21 January 2014.
182
FUND PERFORMANCE
for the year ended 30 September 2013
FUND PERFORMANCE
GLOBAL EQUITY FUND
High US$
Period Ended
Investor - Income & Accumulation
30/09/95
16.8236
Investor – Accumulation
30/09/96
18.3976
30/09/97
25.0650
30/09/98
29.0465
30/09/99
32.7757
30/09/00
42.2047
30/09/01
36.3311
30/09/02
25.7546
30/09/03
22.2820
30/09/04
26.1700
30/09/05
32.8200
30/09/06
39.2600
30/09/07
59.4400
30/09/08
47.2600
30/09/09
32.4900
31/01/11
34.3100
30/09/11
34.4502
30/09/12
37.3021
30/09/13
43.4380
Investor - Income
30/09/96
30/09/97
30/09/98
30/09/99
30/09/00
30/09/01
30/09/02
30/09/03
30/09/04
30/09/05
30/09/06
30/09/07
30/09/08
30/09/09
31/01/11
30/09/11
30/09/12
30/09/13
18.5819
21.9225
25.4048
27.6050
36.7395
31.7913
22.5405
19.5032
22.9100
28.7300
24.3700
52.0300
41.3700
28.4400
29.9400
30.9598
32.4142
37.6150
GLOBAL EQUITY FUND (continued)
Period Ended
High US$
Institutional - Accumulation
30/09/98
10.7867
30/09/99
11.8438
30/09/00
15.1764
30/09/01
13.8485
30/09/02
9.9948
30/09/03
8.8083
30/09/04
10.4200
30/09/05
13.3500
30/09/06
16.0400
30/09/07
24.4900
30/09/08
19.5500
30/09/09
13.5200
31/01/11
14.5000
30/09/11
15.0083
30/09/12
15.9350
30/09/13
18.6764
Low US$
13.6140
18.5774
18.3812
21.8818
20.4698
32.7825
21.7937
18.2796
17.2253
21.5977
25.6200
30.9100
37.2519
31.4300
18.6700
28.8400
29.4456
28.8299
35.0714
15.6275
16.0767
19.1384
17.9034
27.9700
19.0736
16.0012
15.0768
18.9042
22.4300
27.0600
32.6091
25.5100
16.3500
25.2100
25.7157
25.0525
30.03709
183
Low US$
8.2889
7.6253
12.0031
8.4067
7.1383
6.7651
8.5412
10.2600
12.5400
15.2954
13.0700
7.7900
12.0800
12.4988
12.2392
14.9969
FUND PERFORMANCE
for the year ended 30 September 2013 (continued)
FUND PERFORMANCE (continued)
ASIAN EQUITY FUND
High US$
Period Ended
Investor - Income & Accumulation
30/09/94
16.5719
30/09/95
14.5308
Low US$
12.8048
11.8527
Investor - Accumulation
30/09/96
13.4588
30/09/97
14.0794
30/09/98
11.7456
30/09/99
12.5900
30/09/00
17.7082
30/09/01
11.6712
30/09/02
11.9377
30/09/03
12.3657
30/09/04
15.3800
30/09/05
17.9500
30/09/06
23.8700
30/09/07
33.6900
30/09/08
40.2700
30/09/09
26.5600
31/01/11
34.0700
30/09/11
35.3241
30/09/12
33.4933
30/09/13
37.6606
12.0464
11.6001
4.9606
5.5604
11.4800
7.2388
7.5685
8.2734
11.8300
13.5600
16.5700
22.0281
21.4600
14.1800
23.9900
25.6075
25.0041
31.9300
Investor - Income
30/09/96
30/09/97
30/09/98
30/09/99
30/09/00
30/09/01
30/09/02
30/09/03
30/09/04
30/09/05
30/09/06
30/09/07
30/09/08
30/09/09
31/01/11
30/09/11
30/09/12
30/09/13
11.0800
10.5352
4.5052
5.0499
10.4200
6.5734
6.8744
7.5128
10.7100
12.2700
14.9400
19.8745
19.2300
12.6700
21.2000
22.5918
21.9952
27.9958
13.8729
12.7869
10.6673
12.3225
16.0807
10.6002
10.8424
11.2253
13.9200
16.2400
21.5300
33.0100
36.0800
23.7300
30.0500
31.1640
29.4625
33.0203
ASIAN EQUITY FUND (continued)
Period Ended
High US$
Institutional - Accumulation
30/09/98
N/A
30/09/99
17.4536
30/09/00
23.4889
30/09/01
16.4669
30/09/02
17.0987
30/09/03
18.0044
30/09/04
22.5600
30/09/05
26.8100
30/09/06
33.3600
30/09/07
55.0500
30/09/08
60.6300
30/09/09
40.4800
31/01/11
52.3800
30/09/11
54.4998
30/09/12
52.0711
30/09/13
58.7902
184
Low US$
N/A
10.0000
15.3800
10.2891
10.7658
11.9146
17.3700
20.0200
25.0800
32.9506
32.5100
21.5000
36.7300
39.5520
38.6263
49.8861
FUND PERFORMANCE
for the year ended 30 September 2013 (continued)
FUND PERFORMANCE (continued)
EUROPEAN EQUITY FUND
High US$
Period Ended
Investor - Income & Accumulation
30/09/94
17.1257
30/09/95
17.9821
Low US$
13.6403
14.4685
Investor - Accumulation
30/09/96
19.9113
30/09/97
28.4976
30/09/98
39.5585
30/09/99
40.2675
30/09/00
55.2798
30/09/01
42.0912
30/09/02
32.2329
30/09/03
30.9905
30/09/04
38.6010
30/09/05
48.2300
30/09/06
61.5600
30/09/07
77.6200
30/09/08
79.6100
30/09/09
52.2100
31/01/11
57.3300
30/09/11
62.6694
30/09/12
56.5221
30/09/13
68.5398
18.5349
20.1078
24.9648
28.7698
41.6692
25.5232
23.0526
22.8111
30.2673
34.2600
44.5500
58.6099
51.5000
29.8300
40.4700
44.2458
42.9296
53.3458
Investor - Income
30/09/96
30/09/97
30/09/98
30/09/99
30/09/00
30/09/01
30/09/02
30/09/03
30/09/04
30/09/05
30/09/06
30/09/07
30/09/08
30/09/09
31/01/11
30/09/11
30/09/12
30/09/13
15.3934
17.5335
21.7650
25.0865
34.7650
22.3147
20.1579
19.9472
26.1353
32.5000
38.4300
50.5968
44.2900
25.3700
33.9500
36.8345
35.1792
43.2032
19.8374
24.8492
34.4941
34.7325
48.3840
36.8285
28.1867
27.1032
33.3301
41.6300
53.1100
67.0000
68.4600
44.4000
47.7300
52.1720
46.3178
55.5073
EUROPEAN EQUITY FUND (continued)
Period Ended
High US$
Institutional - Accumulation
30/09/98
11.5275
30/09/99
11.7133
30/09/00
15.6811
30/09/01
12.6226
30/09/02
9.8587
30/09/03
9.6358
30/09/04
12.0645
30/09/05
15.3600
30/09/06
19.7700
30/09/07
25.2000
30/09/08
25.8900
30/09/09
17.0900
31/01/11
19.0400
30/09/11
20.8542
30/09/12
18.9802
30/09/13
23.1650
Low US$
8.9394
8.4018
11.7507
7.7438
7.0814
7.0455
9.4149
11.8600
14.2100
18.9300
16.8500
9.7900
13.3800
14.7620
14.3257
17.9316
Institutional - Accumulation (EUR Hedged)
30/09/11
13.3479
9.4472
30/09/12
12.1515
9.1679
30/09/13
14.8469
11.4805
185
FUND PERFORMANCE
for the year ended 30 September 2013 (continued)
FUND PERFORMANCE (continued)
EMERGING MARKETS EQUITY FUND
High US$
Low US$
Period Ended
Investor - Income & Accumulation
30/09/98
10.7570
9.4588
30/09/99
16.1900
9.3706
30/09/00
23.2050
14.8300
30/09/01
14.8441
9.3479
30/09/02
13.8757
9.4992
30/09/03
14.6646
9.7674
30/09/04
18.9600
14.5235
30/09/05
26.4200
17.7500
30/09/06
37.0400
24.1200
30/09/07
52.0500
32.2339
Investor - Accumulation
30/09/08
58.5900
30/09/09
38.4600
31/01/11
49.3500
30/09/11
51.4657
30/09/12
47.0355
30/09/13
48.9823
32.2900
20.0100
35.6400
37.1612
36.3329
39.4535
Investor - Income
30/09/00
30/09/01
30/09/12
30/09/13
23.2023
14.8484
0.0000
14.8875
12.3767
0.0000
Institutional - Accumulation
30/09/98
10.8505
30/09/99
16.8538
30/09/00
23.1637
30/09/01
15.6620
30/09/02
14.8179
30/09/03
15.8849
30/09/04
20.6600
30/09/05
29.2800
30/09/06
41.3200
30/09/07
58.7000
30/09/08
66.1200
30/09/09
43.9400
31/01/11
55.4700
30/09/11
59.3884
30/09/12
54.5744
30/09/13
57.1693
9.5217
9.4814
15.0000
9.9509
9.9844
10.4816
15.7407
19.4500
26.7600
36.1172
36.6700
22.7300
42.6000
42.9981
42.0465
46.1471
JAPANESE EQUITY FUND
Period Ended
High US$
Investor - Accumulation
30/09/00
11.6400
30/09/01
10.6275
30/09/02
6.4523
30/09/03
5.6844
30/09/04
7.2900
30/09/05
8.9100
30/09/06
11.2300
30/09/07
10.5400
30/09/08
10.4100
30/09/09
6.6100
31/01/11
7.1100
30/09/11
7.4027
30/09/12
6.8592
30/09/13
8.1676
Institutional - Accumulation
30/09/00
10.5200
30/09/01
10.6331
30/09/02
6.5661
30/09/03
5.8798
30/09/04
7.6000
30/09/05
9.4500
30/09/06
12.0200
30/09/07
11.4100
30/09/08
11.2800
30/09/09
7.2100
31/01/11
7.8800
30/09/11
8.2053
30/09/12
7.6586
30/09/13
9.2142
Institutional - Accumulation ( JPY)
30/09/11
11.5669
30/09/12
11.0263
30/09/13
13.2639
186
Low US$
10.0000
5.6308
4.6168
4.0554
5.4685
6.4600
8.3900
9.0379
6.6000
4.3700
5.6100
5.8799
6.0022
6.0733
10.5200
5.6902
4.6878
4.1734
5.6672
6.7900
8.9100
9.7312
7.2000
4.7800
6.1700
6.5192
6.7157
6.8087
9.9698
9.6688
9.8028
FUND PERFORMANCE
for the year ended 30 September 2013 (continued)
FUND PERFORMANCE (continued)
US EQUITY FUND
Period Ended
High US$
Investor - Accumulation
30/09/04
11.0200
30/09/05
13.3600
30/09/06
14.3200
30/09/07
16.9500
30/09/08
17.4600
30/09/09
12.9800
31/01/11
14.0600
30/09/11
14.8473
30/09/12
16.2110
30/09/13
18.7785
Institutional - Accumulation
30/09/04
11.0900
30/09/05
13.6300
30/09/06
15.0100
30/09/07
17.6000
30/09/08
18.1300
30/09/09
13.5700
31/01/11
14.9300
30/09/11
15.7819
30/09/12
17.3386
30/09/13
20.2154
PREFERRED SECURITIES FUND
Period Ended
High US$
Investor - Accumulation (Euro Hedged)
30/09/03
11.3196
30/09/04
12.4155
30/09/05
12.2636
30/09/06
9.8900
30/09/07
13.7500
30/09/08
14.8000
30/09/09
13.7600
31/01/11
15.2800
30/09/11
17.2854
30/09/12
17.2854
30/09/13
18.1792
Low US$
6.6984
10.7000
13.3600
14.2225
12.3200
7.9600
11.0100
12.0846
11.9309
14.7574
Investor - Income
30/09/05
30/09/06
30/09/07
30/09/08
30/09/09
31/01/11
30/09/11
30/09/12
30/09/13
6.7228
10.8100
12.8700
14.6721
12.8800
8.3400
11.6400
12.8629
12.7061
15.7999
Institutional - Accumulation (GBP Hedged)
30/09/09
12.5800
8.3700
31/01/11
14.9700
11.6800
30/09/11
15.8258
12.8986
30/09/12
17.3863
12.7425
30/09/13
20.2675
15.8430
Low US$
9.7893
10.6104
11.8499
9.4500
12.3692
10.3300
5.8100
13.6700
14.4541
14.4541
16.4962
10.0200
9.6900
13.4500
9.0000
7.6000
8.3500
8.5998
17.2854
9.0838
9.7400
9.1000
8.6300
6.3100
3.8500
7.4100
7.7352
14.4541
8.5256
Institutional - Accumulation
30/09/03
10.4543
30/09/04
10.8096
30/09/05
11.1500
30/09/06
11.4100
30/09/07
12.1400
30/09/08
11.5600
30/09/09
11.1500
31/01/11
13.3300
30/09/11
14.0466
30/09/12
17.2854
30/09/13
16.7636
9.6298
9.9300
10.6500
10.8500
10.9400
8.4600
5.3900
11.0600
12.8371
14.4541
15.4389
Institutional - Accumulation (Euro Hedged)
30/09/04
10.5146
9.3856
30/09/05
11.1482
10.6561
30/09/06
8.9000
8.5100
30/09/07
12.4100
11.1253
30/09/08
13.4200
9.3900
30/09/09
9.5500
9.2600
31/01/11
10.2300
7.5800
30/09/11
11.1817
9.3789
30/09/12
17.2854
14.4541
30/09/13
11.9183
10.7842
Investor D Class Accumulation
30/09/09
12.9500
31/01/11
15.3100
30/09/11
16.0549
30/09/12
17.2854
30/09/13
18.8856
187
6.3000
12.8300
14.6259
14.4541
17.4876
FUND PERFORMANCE
for the year ended 30 September 2013 (continued)
FUND PERFORMANCE (continued)
PREFERRED SECURITIES FUND (continued)
High US$
Low US$
Period Ended
Investor F Class Accumulation
30/09/09
12.8800
6.2800
31/01/11
15.1400
12.7500
30/09/11
15.8385
14.4045
30/09/12
17.2854
14.4541
30/09/13
18.4482
17.1348
Investor D Class Income
31/01/11
11.2300
30/09/11
11.4707
30/09/12
17.2854
30/09/13
12.1311
9.9500
10.3149
14.4541
11.3844
Investor F Class Income
31/01/11
11.1400
30/09/11
11.3850
30/09/12
17.2854
30/09/13
12.0440
9.8800
10.2334
14.4541
11.3055
Institutional - Accumulation ( JPY Hedged)
31/01/11
12.6100
30/09/11
13.7718
30/09/12
17.2854
30/09/13
15.1396
9.6300
12.2321
14.4541
12.0823
Institutional - Income ( JPY Hedged)
31/01/11
10.5300
30/09/11
11.0024
30/09/12
17.2854
30/09/13
11.1480
9.9200
9.9326
14.4541
8.6820
Institutional - Income (Euro Hedged)
30/09/11
9.9857
30/09/12
17.2854
30/09/13
9.7762
8.3824
14.4541
8.8735
Investor - Accumulation
30/09/12
10.7317
30/09/13
11.5922
9.9265
10.7199
Institutional - Income (GBP Hedged)
30/09/12
10.7776
30/09/13
10.9087
9.5226
9.6985
Investor I Class Income
30/09/13
10.2546
9.6267
PREFERRED SECURITIES FUND (continued)
High US$
Low US$
Period Ended
Investor P Class Income
30/09/13
10.2171
9.6008
Investor P Class Accumulation
30/09/13
10.2180
Institutional - Income (GBP Hedged)
30/09/13
Institutional - Accumulation (CHF Hedged)
30/09/13
10.2732
9.5180
Investor - Income (Euro Hedged)
30/09/13
10.4611
9.6954
9.6696
188
Investor - Accumulation (CHF Hedged)
30/09/13
10.0567
9.9671
Investor - Accumulation (GBP Hedged)
30/09/13
10.3203
9.3483
FUND PERFORMANCE
for the year ended 30 September 2013 (continued)
FUND PERFORMANCE (continued)
HIGH YIELD FUND
Period Ended
High US$
Investor - Accumulation (Euro Hedged)
30/09/04
10.4841
30/09/05
10.8016
30/09/06
9.0100
30/09/07
11.0912
30/09/08
11.1702
30/09/09
11.3513
GLOBAL PROPERTY SECURITIES FUND
Period Ended
High US$
Low US$
Investor - Accumulation (USD Hedged)
30/09/07
10.0700
8.3500
30/09/08
9.7400
6.0800
30/09/09
6.3000
3.0900
Low US$
9.7656
10.6587
8.7000
10.5679
10.4006
8.0747
Investor - Accumulation
30/09/07
13.3260
30/09/08
15.1034
30/09/09
12.8190
31/01/11
11.8517
30/09/11
12.3484
30/09/12
13.4333
30/09/13
14.7514
12.3000
12.5574
8.6134
9.9868
11.2509
10.8980
13.3002
Institutional - Accumulation
30/09/04
10.4900
30/09/05
11.0700
30/09/06
11.6200
30/09/07
12.5000
30/09/08
12.6372
30/09/09
13.4163
31/01/11
16.3159
30/09/11
17.0341
30/09/12
18.6159
30/09/13
20.4948
9.8700
10.4400
10.8900
11.9173
11.7839
9.1563
13.3501
15.5313
15.0452
18.4341
Institutional - Accumulation (Euro Hedged)
30/09/06
7.9100
7.9000
30/09/07
11.6994
10.7978
30/09/08
13.3370
11.4431
30/09/09
11.6607
7.8647
Institutional - Income (Euro Hedged)
30/09/07
10.9700
30/09/08
12.0221
30/09/09
9.6881
10.3900
10.1322
6.7883
Institutional - Income (GBP Hedged)
30/09/07
10.0983
30/09/08
10.3507
30/09/09
7.7904
9.5078
8.1556
4.8234
Investor - Accumulation
30/09/09
12.9600
7.0900
Investor - Accumulation
30/09/09
14.1000
31/01/11
17.6000
30/09/11
18.8075
30/09/12
20.0921
30/09/13
23.6266
7.1000
13.0300
14.7481
14.0862
19.1917
Institutional - Accumulation (USD Hedged)
30/09/07
10.0700
30/09/08
9.7700
30/09/09
5.7500
31/01/11
7.0300
30/09/11
7.3675
30/09/12
7.8894
30/09/13
9.5905
8.3700
6.1400
2.1800
5.3900
5.8787
5.6513
7.6050
Investor - Accumulation (Euro Hedged)
30/09/07
10.0800
30/09/08
10.1700
30/09/09
6.5800
8.2800
6.4700
2.8600
Institutional - Accumulation (Euro Hedged)
30/09/07
10.0800
30/09/08
10.2000
30/09/09
6.6500
31/01/11
7.0800
30/09/11
7.7396
30/09/12
7.3729
30/09/13
8.8367
8.3000
6.5300
2.8900
4.8700
5.6882
5.3467
6.9042
Institutional - Accumulation (GBP Hedged)
30/09/07
10.0200
8.2400
30/09/08
9.9400
5.6500
30/09/09
6.3600
3.1300
31/01/11
5.5200
3.9600
30/09/11
5.9170
4.4596
30/09/12
6.2583
4.2561
30/09/13
7.1959
5.9002
Institutional - Accumulation (BRL Hedged)
30/09/13
10.3186
8.4000
Institutional - Accumulation ( JPY Hedged)
30/09/13
10.6003
9.7822
189
FUND PERFORMANCE
for the year ended 30 September 2013 (continued)
POST GLOBAL LIMITED TERM
HIGH YIELD FUND
Period Ended
High US$
Investor - Accumulation
30/09/12
10.8391
30/09/13
11.4202
FUND PERFORMANCE (continued)
GLOBAL EQUITY (EX JAPAN) FUND
Period Ended
High US$
Low US$
Institutional - Accumulation ( JPY)
30/09/08
8.3500
10.1900
30/09/09
8.6700
4.9200
31/01/11
9.3300
7.1800
30/09/11
9.9499
7.7805
30/09/12
10.2145
7.5481
30/09/13
12.0460
9.5440
Institutional - Accumulation
31/01/11
12.3900
30/09/11
13.2037
30/09/12
13.5542
30/09/13
15.9845
Low US$
9.7556
10.8305
Institutional - Accumulation (GBP Hedged)
30/09/12
10.9363
10.0011
30/09/13
11.8649
10.6384
Institutional - Accumulation
30/09/11
10.0723
9.9300
10.3249
10.0165
12.6645
9.8764
Institutional - Accumulation (Euro Hedged)
30/09/11
10.2355
9.6207
30/09/12
10.0258
9.1293
30/09/13
10.8850
9.7655
Institutional - Accumulation ( JPY Hedged)
30/09/11
10.5306
10.0332
30/09/12
11.2300
10.0432
30/09/13
11.1905
8.8011
Institutional - Accumulation (GBP Hedged)
30/09/12
11.3355
10.0432
30/09/13
Investor - Income (GBP Hedged)
30/09/13
10.9442
9.8062
MULTI STRATEGY CURRENCY FUND
Institutional - Accumulation
30/09/12
10.2720
0.7948
30/09/13
10.2537
8.7169
190
EDGE EQUITY INCOME FUND
Investor - Income
30/09/12
10.3388
30/09/13
11.7757
9.9018
9.5700
Institutional - Accumulation
30/09/12
10.3457
30/09/13
11.8608
9.9066
9.5867
FUND PERFORMANCE
for the year ended 30 September 2013 (continued)
ORIGIN GLOBAL SMALLER COMPANIES FUND
Period Ended
High US$
Low US$
Institutional - Accumulation
30/09/13
11.1695
9.7097
FUND PERFORMANCE (continued)
GLOBAL SMALL CAP EQUITY FUND
Period Ended
High US$
Low US$
Investor - Accumulation
30/09/13
13.1734
9.6244
Institutional - Accumulation
30/09/13
13.2533
Institutional - Accumulation (GBP Hedged)
30/09/13
11.2084
9.7440
9.6287
ORIGIN GLOBAL EMERGING MARKETS FUND
Institutional - Accumulation (GBP Hedged)
30/09/13
10.6758
9.0414
LONG/SHORT GLOBAL OPPORTUNITIES
EQUITY FUND
Institutional - Accumulation
30/09/13
10.0053
9.8734
ORIGIN GLOBAL EQUITY FUND
Institutional - Accumulation (GBP Hedged)
30/09/13
11.0200
9.7758
CLARITAS LATIN AMERICAN EQUITY FUND
Institutional - Accumulation
30/09/13
10.0000
9.8070
191
FUND PERFORMANCE
for the year ended 30 September 2013 (continued)
FUND PERFORMANCE
As at 30 September 2013
Calculated In US$
Asian Equity Fund
MSCI AC Far East ex-Japan Index
One Year
5.14
7.20
Three Years
15.44
12.60
Five Years
63.70
66.40
Emerging Markets Equity Fund
MSCI Emerging Markets Index
-3.28
1.00
-2.56
-1.00
34.30
41.70
European Equity Fund
MSCI Europe Index
20.66
24.20
29.46
28.50
29.90
34.00
Global Equity Fund
MSCI World Index
15.86
20.20
41.52
39.80
36.00
45.80
Global Equity ex-Japan Fund
MSCI Kokusai (World ex-Japan) Index
18.20
19.20
42.78
41.00
43.10
47.80
Global Property Securities Fund
FTSE EPRA/NAREIT Developed Index
10.26
11.00
34.10
34.90
N/A
N/A
High Yield Fund
BofA Merrill Lynch Global High Yield Index
10.85
8.70
31.64
30.00
73.40
91.60
Japanese Equity Fund
MSCI Japan Growth Index
26.81
31.50
30.94
29.20
21.80
28.60
3.82
21.62
81.20
1.00
18.30
82.00
15.10
19.30
47.55
57.20
49.10
61.20
5.45
0.40
N/A
N/A
N/A
N/A
Preferred Securities Fund
65% Merrill Lynch Fixed Rate Preferred Securities Index
35% Barclays Capital CapSec US Dollar Tier 1 Index.
US Equity Fund
S&P 500 Index
Post Global Limited Term High Yield Fund
Barclays 1-2 Year Government TR Index
Multi-Strategy Currency Fund
No benchmark for this Fund
EDGE Equity Income Fund
Russell 1000 Value Index
-10.52
14.27
22.30
*Blended index: 65%Merrill Lynch Fixed Rate Preferred Securities Index and 35%Barclays Capital Capsec US DollarTier 1
Index
192
PORTFOLIO TURNOVER RATIOS
for the year ended 30 September 2013
FUND PERFORMANCE (continued)
*Blended index: 65%Merrill Lynch Fixed Rate Preferred Securities Index and 35%Barclays Capital Capsec US DollarTier 1
Index
The data is based on the US Dollar institutional class of each Fund showing the total return over each time period.
Past performance is not indicative of future results.
The information above has been derived from sources believed to be accurate as of 30 September 2013. It contains general
information only on investment matters and should not be considered as a comprehensive statement on any matter and should
not be relied upon as such. The information it contains does not take account of any investor's investment objectives,
particular needs or financial situation. Past performance is not a reliable indicator of future performance and should not be
relied upon as a significant basis for an investment decision. Subject to any contrary provisions of applicable law, no company
in the Principal Financial Group nor any of their employees or directors gives any warranty of reliability or accuracy nor accepts
any responsibility arising in any other way (including by reason of negligence) for errors or omissions in this document. You
should consider whether an investment fits your investment objectives, particular needs and financial situation before making
any investment decision.
PORTFOLIO TURNOVER RATIOS
Outlined below are portfolio turnover rates for the period ended 30 September 2013 on a fund by fund basis. This disclosure
is a requirement for funds regulated in Switzerland.
Global Equity Fund
Asian Equity Fund
European Equity Fund
Emerging Markets Equity Fund
Japanese Equity Fund
Preferred Securities Fund
US Equity Fund
High Yield Fund
Global Property Securities Fund
Global Equity (ex-Japan) Fund
Post Global Limited Term High Yield Fund
Multi Strategy Currency Fund
EDGE Equity Income Fund
Global Small Cap Equity Fund
Origin Global Emerging Markets Fund
Origin Global Equity Fund
Origin Global Smaller Companies Fund
Long/Short Global Opportunities Equity Fund
Claritas Latin American Equity Fund
305.86 %
172.33 %
80.48 %
127.26 %
238.10 %
59.47 %
260.67 %
128.03 %
21.82 %
291.93 %
233.22 %
188.90 %
46.12 %
193.02 %
73.04 %
1.71 %
71.30 %
129.80 %
365.05 %
193
TOTAL EXPENSE RATIO
for the year ended 30 September 2013
TOTAL EXPENSE RATIOS
Outlined below are total expense ratios for the period ended 30 September 2013 on a fund by fund basis. This disclosure is a
requirement for funds regulated in Switzerland.
Average Monthly
NAV (US$)
Investor
Class
Global Equity Fund
38,114,535
Asian Equity Fund
13,482,753
European Equity Fund
88,557,695
Emerging Markets Equity Fund
77,085,970
Japanese Equity Fund
20049121.96
Preferred Securities Fund
768,865,576
US Equity Fund
115,265,209
High Yield Fund
47,563,041
Global Property Securities Fund
24,970,508
Global Equity (ex-Japan) Fund
60,996,271
Post Global High Yield Fund
756,580,629
Multi-Strategy Currency Fund
5,276,649
EDGE Equity Income Fund
5,450,902
Global Small Cap Fund
5,894,731
Origin Global Emerging Markets Fund
745,661
Origin Global Equity Fund
17,955,583
Origin Global Smaller Companies Fund
28,806,006
Claritas Latin America Equity Fund
2,842,792
Long Short Global Opportunities Fund
7,458,177
1.82%
2.33%
1.81%
2.40%
1.95%
1.11%
1.77%
1.38%
2.31%
2.16%
194
Total Expense Ratio %
Institutional
Investor Investor USD BRL
Class
‘D’ Class ‘F’ Class Hedge ‘I’
Class
1.16%
1.54%
1.16%
1.49%
1.30%
0.46%
1.35%
1.85%
1.12%
0.98%
1.00%
1.60%
1.15%
0.74%
1.44%
1.66%
1.52%
2.86%
1.13%
1.36%
3.37%
2.66%
STATEMENT OF PORTFOLIO CHANGES
for the year ended 30 September 2013
GLOBAL EQUITY FUND
MAJOR PURCHASES
Cost US$
Japan Tobacco Inc
1,234,206
Gilead Sciences Inc
1,206,184
Express Scripts Holding Co
1,193,511
HCA Holdings Inc
1,123,212
Brookfield Asset Management Inc
1,119,914
Accenture PLC
1,068,825
Siemens AG
1,043,866
Costco Wholesale Corp
1,032,661
Daimler AG
1,018,161
LyondellBasell Industries NV
983,445
European Aeronautic Defence and Space Co NV 912,530
Cardinal Health Inc
898,648
Toyota Motor Corp
893,932
Publicis Groupe SA
846,377
Samsung Electronics Co Ltd
840,137
Mitsui Fudosan Co Ltd
801,483
British American Tobacco PLC
790,021
Altria Group Inc
776,595
Sumitomo Mitsui Financial Group Inc
775,025
Tyson Foods Inc
771,335
MAJOR SALES
Proceeds US$
Tyson Foods Inc
1,169,964
Amgen Inc
1,108,160
Eni SpA
945,295
Agrium Inc
878,854
Accenture PLC
854,531
Chevron Corp
849,974
AmerisourceBergen Corp
831,166
Apple Inc
811,340
UnitedHealth Group Inc
806,187
Cisco Systems Inc
760,375
Sumitomo Mitsui Trust Holdings Inc
722,725
Philip Morris International Inc
721,739
DTE Energy Co
721,068
China Communications Construction Co Ltd
698,474
Hitachi Ltd
693,507
BASF SE
691,161
United Parcel Service Inc
690,867
CF Industries Holdings Inc
689,789
Brookfield Asset Management Inc
671,331
IAC/InterActiveCorp
627,305
ASIAN EQUITY FUND
MAJOR PURCHASES
Cost US$
Malayan Banking Bhd
389,174
China Construction Bank Corp
377,837
Samsung Electronics Co Ltd
342,737
Taiwan Semiconductor Manufacturing Co Ltd 293,557
AIA Group Ltd
258,011
Bank of China Ltd
249,748
China Mobile Ltd
240,445
Tencent Holdings Ltd
217,130
Hyundai Motor Co
211,210
Kia Motors Corp
196,816
SK Holdings Co Ltd
194,602
Chongqing Rural Commercial Bank
189,908
Hyundai Mobis
188,476
MediaTek Inc
184,965
Asustek Computer Inc
182,666
Guangzhou R&F Properties Co Ltd
170,311
PTT Exploration & Production PCL
166,442
Geely Automobile Holdings Ltd
165,197
Huaneng Power International Inc
164,681
China Petroleum & Chemical Corp
161,339
MAJOR SALES
Proceeds US$
Samsung Electronics Co Ltd
558,193
Malayan Banking Bhd
471,849
Taiwan Semiconductor Manufacturing Co Ltd
406,644
PetroChina Co Ltd
316,851
Industrial & Commercial Bank of China Ltd
316,116
China Petroleum & Chemical Corp
304,578
China Construction Bank Corp
300,041
Bank of China Ltd
280,091
Hon Hai Precision Industry Co Ltd
249,974
POSCO
241,734
Lenovo Group Ltd
239,066
Hyundai Mobis
232,848
Samsung Heavy Industries Co Ltd
224,877
Techtronic Industries Co
212,266
Chipbond Technology Corp
205,080
SK Holdings Co Ltd
204,390
United Overseas Bank NPV
204,110
Bangkok Bank PCL
203,531
DBS Group Holdings Ltd
202,924
Elan Microelectronics Corp
199,016
Note: Copies of all portfolio changes are available, free of charge, from the Administrator and the national representatives outlined on pages 205 and 206
of the report.
195
STATEMENT OF PORTFOLIO CHANGES
for the year ended 30 September 2013 (continued)
EUROPEAN EQUITY FUND
MAJOR PURCHASES
Cost US$
Unilever PLC
1,493,222
UBS AG
1,301,015
Bayer AG
1,261,459
Allianz SE
1,118,444
Lloyds Banking Group PLC
1,041,799
BT Group PLC
978,618
Muenchener Rueckversicherungs AG
810,842
Holcim Ltd
784,825
AXA SA
771,411
Bayerische Motoren Werke AG
716,826
Heineken Holding NV
710,875
European Aeronautic Defence and Space Co NV 682,491
Carrefour SA
670,039
Standard Life PLC
665,252
OMV AG
642,175
Legal & General Group PLC
612,731
Cie Generale des Etablissements Michelin
590,012
Wolseley Plc
574,659
DNB ASA
552,840
Adidas AG
549,467
Anheuser-Busch InBev NV
SAP AG
Sanofi
Standard Chartered PLC
UBS AG
Rio Tinto Plc
Statoil ASA
Vodafone Group PLC
Zurich Insurance Group AG
Legal & General Group PLC
Volkswagen AG
SABMiller Plc
Muenchener Rueckversicherungs AG
BG Group Plc
British American Tobacco PLC
BT Group PLC
Inditex SA
National Grid Plc
Vivendi SA
Wolseley Plc
MAJOR SALES
Proceeds US$
1,451,602
1,425,626
1,248,519
1,129,341
1,003,718
947,928
944,664
936,486
926,129
909,633
873,149
847,481
840,604
832,607
790,440
786,731
743,297
707,421
695,574
678,375
EMERGING MARKETS EQUITY FUND
MAJOR PURCHASES
Cost US$
Rosneft OAO
2,975,177
Bank of China Ltd
2,803,720
China Construction Bank Corp
1,746,411
Taiwan Semiconductor Manufacturing Co Ltd 1,641,418
Cia Brasileira de Distribuicao Grupo Pao de Acucar 1,601,941
Krung Thai Bank PCL
1,582,370
Novatek Microelectronics Corp
1,363,270
Hyundai Motor Co
1,237,885
China National Building Material Co Ltd
1,197,807
Eurasia Drilling Co Ltd
1,194,711
Advanced Info Service PCL
1,115,595
Globaltra Spons GDR REG
1,092,857
Daelim Industrial Co Ltd
1,084,251
Arca Continental SAB de CV
1,052,680
China Mobile Ltd
1,005,583
Cia de Saneamento Basico do Estado de Sao Paulo 989,524
Tech Mahindra Ltd
958,754
PTT Exploration & Production PCL
955,778
Lenovo Group Ltd
953,497
Longfor Properties Co Ltd
888,565
MAJOR SALES
Proceeds US$
Samsung Electronics Co Ltd
10,647,965
Taiwan Semiconductor Manufacturing Co Ltd
5,774,296
Lukoil OAO
5,100,327
Industrial & Commercial Bank of China Ltd
4,002,142
ICICI Bank Ltd
3,876,804
PetroChina Co Ltd
3,820,533
Gazprom OAO
3,534,362
Sberbank of Russia
3,512,821
Hon Hai Precision Industry Co Ltd
3,291,982
Vale SA
3,233,580
Itau Unibanco Holding SA
3,161,599
Cia de Bebidas das Americas
3,063,726
Petroleo Brasileiro SA
2,930,626
China Petroleum & Chemical Corp
2,841,520
Bank of China Ltd
2,797,952
Hyundai Mobis
2,769,789
China Mobile Ltd
2,741,789
Rosneft OAO
2,741,497
Hyundai Motor Co
2,689,421
Daelim Industrial Co Ltd
2,681,806
Note: Copies of all portfolio changes are available, free of charge, from the Administrator and the national representatives outlined on pages 205 and 206
of the report.
196
STATEMENT OF PORTFOLIO CHANGES
for the year ended 30 September 2013 (continued)
JAPANESE EQUITY FUND
MAJOR PURCHASES
Cost US$
Toyota Motor Corp
840,208
ITOCHU Corp
755,896
Astellas Pharma Inc
592,214
Daiwa Securities Group Inc
585,859
Yokohama Rubber Co Ltd
561,246
Tokyo Electron Ltd
560,423
Canon Inc
535,000
Bridgestone Corp
531,032
NTT DOCOMO Inc
522,317
Kao Corp
509,576
Japan Tobacco Inc
496,311
Sumitomo Mitsui Financial Group Inc
492,974
Inpex Corp
484,786
Mazda Motor Corp
476,245
Central Japan Railway Co
474,509
Mizuho Financial Group Inc
471,708
Marubeni Corp
470,863
Suzuki Motor Corp
453,264
Sumitomo Corp
440,261
Sony Corp
431,963
ITOCHU Corp
Astellas Pharma Inc
Sumitomo Corp
Sumitomo Chemical Co Ltd
Mitsui & Co Ltd
Kao Corp
Inpex Corp
Mitsubishi Chemical Holdings Corp
Dai Nippon Printing Co Ltd
Yaskawa Electric Corp
Daiichi Sankyo Co Ltd
Wacom Co Ltd/Japan
JTEKT Corp
Chiba Bank Ltd
Honda Motor Co Ltd
Suzuki Motor Corp
Mitsubishi Corp
Yokohama Rubber Co Ltd
Sohgo Security Services Co Ltd
Asahi Glass Co Ltd
MAJOR SALES
Proceeds US$
671,684
654,900
596,724
524,938
518,666
494,569
461,702
458,823
450,715
434,773
433,058
406,974
371,735
366,806
359,284
358,872
357,984
329,381
327,059
310,782
Allstate Corp
SSE Plc
Lloyds Bank PLC
Capital One Capital III
Integrys Energy Group Inc
Countrywide Capital III
TransCanada PipeLines Ltd
Deutsche Bank Capital Funding Trust I
ZFS Finance USA Trust V
Ageas Hybrid Financing SA
Allianz SE
North Fork Capital Trust II
MAJOR SALES
Proceeds US$
15,138,617
13,061,750
12,438,572
12,432,561
11,312,438
9,896,250
9,867,000
9,619,250
8,158,125
7,014,330
6,411,275
5,808,500
PREFERRED SECURITIES FUND
MAJOR PURCHASES
Cost US$
Goldman Sachs Capital I
32,639,100
American International Group Inc
27,783,750
Electricite de France SA
25,622,150
General Electric Capital Corp
23,314,067
Prudential Financial Inc
23,012,114
Sompo Japan Insurance Inc
19,397,000
Duke Energy Corp
14,069,383
Credit Suisse AG
14,000,000
M&T Capital Trust I
13,901,902
Claudius Ltd for Credit Suisse
12,308,500
ING US Inc
11,662,500
Lloyds Bank PLC
11,170,637
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/
Netherlands
10,117,750
WR Berkley Capital Trust II
10,106,776
Provident Financing Trust I
9,896,000
Axis Capital Holdings Ltd
9,868,565
Citigroup Capital III
9,673,125
Credit Agricole SA
9,564,198
Hartford Financial Services Group Inc
8,968,502
PartnerRe Ltd
8,237,479
LBG Capital No.1 Plc
NextEra Energy Capital Holdings Inc
Societe Generale SA
Rabobank Capital Funding Trust III
ING Groep NV
Westpac Capital Trust IV
Everest Re Capital Trust II
Dominion Resources Inc/VA
5,685,000
5,518,500
5,400,000
5,087,500
4,993,750
4,975,000
4,752,655
4,656,250
Note: Copies of all portfolio changes are available, free of charge, from the Administrator and the national representatives outlined on pages 205 and 206
of the report.
197
STATEMENT OF PORTFOLIO CHANGES
for the year ended 30 September 2013 (continued)
US EQUITY FUND
Wells Fargo & Co
Goldman Sachs Group Inc
EOG Resources Inc
AbbVie Inc
ConocoPhillips
Oracle Corp
Eli Lilly & Co
Ingersoll-Rand PLC
Regions Financial Corp
Express Scripts Holding Co
Travelers Cos Inc
Gilead Sciences Inc
Weyerhaeuser Co
McKesson Corp
Apple Inc
News Corp
Google Inc
Union Pacific Corp
General Mills Inc
DTE Energy Co
MAJOR PURCHASES
Cost US$
3,883,558
3,631,983
3,172,910
2,823,808
2,810,297
2,794,468
2,199,974
2,092,415
1,992,496
1,970,056
1,960,862
1,940,605
1,912,625
1,852,973
1,801,687
1,788,546
1,647,731
1,632,225
1,621,870
1,594,674
Chevron Corp
US Bancorp/MN
Microsoft Corp
Amgen Inc
Wells Fargo & Co
DTE Energy Co
Apple Inc
Philip Morris International Inc
Oracle Corp
Phillips 66
UnitedHealth Group Inc
Simon Property Group Inc
American Tower Corp
Macy's Inc
TJX Cos Inc
News Corp
Marathon Petroleum Corp
Pfizer Inc
Eli Lilly & Co
Tesoro Corp
MAJOR SALES
Proceeds US$
3,882,834
3,479,916
3,333,718
3,303,688
2,972,223
2,837,775
2,731,996
2,687,618
2,645,354
2,535,154
2,504,573
2,357,872
2,350,670
2,188,988
2,134,326
2,062,814
2,000,245
1,941,501
1,853,222
1,827,027
Nokia Siemens Networks Finance BV
Gestamp Funding Luxembourg SA
IVS Group
Sisal Holding
Numericable Finance & Co SCA
Magnolia BCSA
Rexel SA
Belden Inc
Enterprise Products Operating LLC
Intelsat Luxembourg SA
Nara Cable Funding Ltd
HD Supply Inc
LyondellBasell Industries NV
DFS Furniture Holdings Plc
CIT Group Inc
Virgin Media Finance PLC
La Financiere Atalian SA
WMG Acquisition Corp
Softbank Corp
Eileme 2 AB
MAJOR SALES
Proceeds US$
1,332,033
1,000,822
977,595
796,998
685,923
677,394
653,113
652,555
620,856
577,490
559,878
545,900
485,736
485,001
441,950
411,307
403,192
397,919
381,200
371,660
HIGH YIELD FUND
MAJOR PURCHASES
Cost US$
Matterhorn Financing & CY SCA
1,508,848
Gestamp Funding Luxembourg SA
1,317,290
Holding Medi-Partenaires SAS
1,308,740
Nokia Siemens Networks Finance BV
1,293,625
Mobile Challenger Intermediate Group SA
1,035,480
IVS Group
965,022
Arqiva Broadcast Finance Plc
949,803
Continental Resources Inc
835,906
Landry's Inc
816,105
Softbank Corp
800,000
Sisal Holding
787,357
Vougeot Bidco PLC
754,325
ArcelorMittal
675,181
R&R Pik PLC
658,645
Magnolia BCSA
657,951
TVN Finance Corp III AB
656,577
Trionista Holdco GmbH
656,131
Trionista TopCo GmbH
656,131
Numericable Finance & Co SCA
655,165
Belden Inc
647,698
Note: Copies of all portfolio changes are available, free of charge, from the Administrator and the national representatives outlined on pages 205 and 206
of the report.
198
STATEMENT OF PORTFOLIO CHANGES
for the year ended 30 September 2013 (continued)
GLOBAL PROPERTY SECURITIES FUND
MAJOR PURCHASES
Cost US$
Unibail-Rodamco SE
906,633
Simon Property Group Inc
874,964
Mitsubishi Estate Co Ltd
770,218
Vornado Realty Trust
600,378
Prologis Inc
558,399
Sumitomo Realty & Development Co Ltd
553,391
General Growth Properties Inc
519,466
Mitsui Fudosan Co Ltd
502,910
Westfield Group
473,270
Hongkong Land Holdings Ltd
462,755
Federation Centres Ltd
459,537
AvalonBay Communities Inc
438,941
Land Securities Group PLC
396,261
Kilroy Realty Corp
394,472
Nippon Building Fund Inc
387,431
Public Storage
369,199
Boston Properties Inc
364,921
Corrections Corp of America
350,572
CapitaLand Ltd
343,993
Equity Residential
338,823
Unibail-Rodamco SE
Nippon Building Fund Inc
Equity Residential
Greentown China Holdings Ltd
Stockland
Westfield Group
Hammerson Plc
Swire Properties Ltd
Sumitomo Realty & Development Co Ltd
Australand Property Group
Agile Property Holdings Ltd
Federation Centres Ltd
Kilroy Realty Corp
Macquarie Mexico Real Estate
Vornado Realty Trust
Top REIT Inc
Colonial Properties Trust
Sun Hung Kai Properties Ltd
Ramco-Gershenson Properties Trust
Dundee Real Estate Investment Trust
MAJOR SALES
Proceeds US$
611,149
393,835
314,018
263,531
254,068
232,399
220,074
206,619
196,956
177,492
166,717
165,030
154,586
151,797
147,684
139,102
135,415
134,477
133,116
130,898
Chevron Corp
Apple Inc
US Bancorp/MN
Microsoft Corp
Amgen Inc
Tyson Foods Inc
HSBC Holdings PLC
Philip Morris International Inc
Sanofi
Oracle Corp
General Electric Co
Barclays PLC
Boeing Co/The
Home Depot Inc/The
Mosaic Co/The
International Business Machines Corp
Anheuser-Busch InBev NV
Cisco Systems Inc
BHP Billiton Ltd
Renault SA
MAJOR SALES
Proceeds US$
1,173,194
1,052,906
1,028,734
955,275
817,349
814,169
791,231
774,445
744,916
715,796
689,079
668,753
646,504
606,927
601,172
601,124
592,882
589,339
588,642
584,394
GLOBAL EQUITY (EX JAPAN) FUND
MAJOR PURCHASES
Cost US$
Microsoft Corp
1,082,782
Goldman Sachs Group Inc/The
1,034,661
Gilead Sciences Inc
966,120
General Electric Co
957,490
Royal Dutch Shell PLC
833,089
Cisco Systems Inc
753,663
Mosaic Co/The
732,680
Oracle Corp
731,685
Altria Group Inc
709,331
Brookfield Asset Management Inc
708,925
ConocoPhillips
693,489
NetApp Inc
655,530
Allianz SE
646,071
British American Tobacco PLC
631,539
Siemens AG
624,553
Svenska Handelsbanken AB
615,619
Cimarex Energy Co
612,051
Regions Financial Corp
602,413
Johnson & Johnson
599,341
Apple Inc
591,022
Note: Copies of all portfolio changes are available, free of charge, from the Administrator and the national representatives outlined on pages 205 and 206
of the report.
199
STATEMENT OF PORTFOLIO CHANGES
for the year ended 30 September 2013 (continued)
POST GLOBAL LIMITED TERM HIGH YIELD FUND
MAJOR PURCHASES
Cost US$
CCO Holdings LLC / CCO Holdings Capital Corp 23,482,081
Tenet Healthcare Corp
22,704,000
Newfield Exploration Co
20,865,160
Grifols Inc
20,188,063
CDW LLC / CDW Finance Corp
19,725,246
Qwest Communications International Inc
19,007,166
Ally Financial Inc
18,125,000
DISH DBS Corp
18,113,500
Rosetta Resources Inc
18,090,750
Icahn Enterprises LP / Icahn Enterprises Finance Corp 17,881,801
CityCenter Holdings LLC / CityCenter Finance Corp 17,817,500
Avis Budget Car Rental LLC / Avis Budget Finance Inc 17,449,820
HCA Inc
17,388,070
TransUnion LLC / TransUnion Financing Corp 17,288,437
BioScrip Inc
16,667,188
American Airlines Inc
16,548,750
Spirit Aerosystems Inc
16,390,513
Air Medical Group Holdings Inc
16,143,663
Sealed Air Corp
15,946,875
Greektown Superholdings Inc
15,905,590
Harbinger Group Inc
Tops Holding Corp / Tops Markets LLC
Tenet Healthcare Corp
E*TRADE Financial Corp
Toys R Us Property Co I LLC
Biomet Inc
BioScrip Inc
Affinia Group Inc
Sealed Air Corp
PAETEC Holding Corp
ARAMARK Corp
Plains Exploration & Production Co
Apria Healthcare Group Inc
Intelsat Jackson Holdings SA
ITC Deltacom Inc
SanDisk Corp
Telesat Canada / Telesat LLC
Bankrate Inc
Clear Channel Worldwide Holdings Inc
Sabine Pass LNG LP
MAJOR SALES
Proceeds US$
24,456,544
24,092,615
22,483,600
21,376,160
19,757,813
19,247,385
16,462,575
16,345,000
15,843,750
15,537,165
15,322,750
15,203,414
14,578,883
14,259,375
14,101,738
14,000,000
13,812,500
13,771,161
13,471,986
13,419,375
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
MAJOR SALES
Proceeds US$
1,200,000
600,000
600,000
600,000
600,000
600,000
600,000
600,000
600,000
600,000
600,000
600,000
600,000
600,000
600,000
600,000
MULTI STRATEGY CURRENCY FUND
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
United States Treasury Bill
MAJOR PURCHASES
Cost US$
599,906
599,894
599,833
599,818
599,811
599,808
599,803
599,790
599,788
599,748
599,748
599,712
599,665
599,650
599,575
599,575
599,560
Note: Copies of all portfolio changes are available, free of charge, from the Administrator and the national representatives outlined on pages 205 and 206
of the report.
200
STATEMENT OF PORTFOLIO CHANGES
for the year ended 30 September 2013 (continued)
EDGE EQUITY INCOME FUND
MAJOR PURCHASES
Cost US$
Apple Inc
86,942
Crescent Point Energy Corp
74,575
Enterprise Products Partners LP
73,689
American Capital Agency Corp
72,837
Wells Fargo & Co
69,195
Occidental Petroleum Corp
67,522
KKR & Co LP
56,332
Discover Financial Services
54,158
Deere & Co
48,904
Teva Pharmaceutical Industries Ltd
44,039
Digital Realty Trust Inc
43,375
Barrick Gold Corp
42,670
Royal Dutch Shell PLC
39,597
BHP Billiton Ltd
35,900
Lockheed Martin Corp
29,276
Annaly Capital Management Inc
27,358
Banco Santander SA
27,118
Kraft Foods Group Inc
26,908
Grupo Financiero Santander Mexico SAB de CV 24,065
MetLife Inc
23,959
MAJOR SALES
Proceeds US$
NYSE Euronext
66,503
Banco Santander SA
61,150
Barrick Gold Corp
59,760
Mondelez International Inc
47,037
Genuine Parts Co
45,706
Carnival Corp
42,857
EnCana Corp
42,102
Marathon Petroleum Corp
39,844
Dr Pepper Snapple Group Inc
38,667
BHP Billiton Ltd
38,043
Emerson Electric Co
34,275
Taiwan Semiconductor Manufacturing Co Ltd
29,919
JPMorgan Chase & Co
27,221
Allianz SE
26,143
General Mills Inc
25,341
Annaly Capital Management Inc
24,203
Lockheed Martin Corp
20,139
Raytheon Co
19,381
Microsoft Corp
18,836
Sempra Energy
18,673
GLOBAL SMALL CAP EQUITY FUND
MAJOR PURCHASES
Cost US$
iShares MSCI Taiwan Index Fund
100,466
Regal-Beloit Corp
94,309
Huron Consulting Group Inc
84,563
Fresh Del Monte Produce Inc
80,696
Mueller Industries Inc
79,420
Gunma Bank Ltd
71,344
Starwood Property Trust Inc
69,324
Suedzucker AG
66,204
Arris Group Inc
63,980
Prospect Capital Corp
63,739
Crane Co
63,079
FireEye Inc
62,950
Cabot Corp
62,360
Avista Corp
61,332
Rocket Fuel Inc
61,018
Societe BIC SA
60,950
Sprouts Farmers Market Inc
60,075
EMCOR Group Inc
59,941
Corrections Corp of America
58,883
Persimmon PLC
57,755
iShares MSCI Taiwan Index Fund
Regal-Beloit Corp
Fresh Del Monte Produce Inc
Yokohama Rubber Co Ltd
Crane Co
Societe BIC SA
Suedzucker AG
WESCO International Inc
Cabot Corp
Prospect Capital Corp
Alaska Air Group Inc
Hot Topic Inc
Restoration Hardware Holdings Inc
Brinker International Inc
Home Loan Servicing
Portfolio Recovery Associates Inc
Ocwen Financial Corp
Flotek Industries Inc
Triumph Group Inc
CapitaCommercial Trust
MAJOR SALES
Proceeds US$
103,564
94,792
84,599
73,721
66,372
63,264
61,928
60,378
59,604
59,265
57,511
55,827
54,940
53,695
53,674
53,459
53,408
52,997
52,624
52,572
Note: Copies of all portfolio changes are available, free of charge, from the Administrator and the national representatives outlined on pages 205 and 206
of the report.
201
STATEMENT OF PORTFOLIO CHANGES
for the year ended 30 September 2013 (continued)
ORIGIN GLOBAL EMERGING MARKETS FUND
MAJOR PURCHASES
Cost US$
Samsung Electronics Co Ltd
34,479
UMW Holdings Bhd
27,945
Taiwan Semiconductor Manufacturing Co Ltd
21,166
Cia de Saneamento Basico do Estado de Sao Paulo 17,082
SK Telecom Co Ltd
16,701
Delta Electronics Inc
14,986
Sino Biopharmaceutical
14,744
TPK Holding Co Ltd
13,877
Ez Tec Empreendimentos e Participacoes SA
13,430
Sistema JSFC
13,302
Chicony Electronics Co Ltd
13,185
Largan Precision Co Ltd
12,919
Halla Visteon Climate Control Corp
12,830
Realtek Semiconductor Corp
11,580
Hyundai Motor Co
11,412
Cielo SA
11,275
Kia Motors Corp
11,228
Asustek Computer Inc
10,085
Giant Interactive Group Inc
10,045
WuXi PharmaTech Cayman Inc
10,006
MAJOR SALES
Proceeds US$
iShares MSCI Taiwan Index Fund
73,253
iShares MSCI Emerging Market Index Fund
72,286
iShares MSCI Brazil Cap Index Fund
69,843
iShares MSCI SK Cap Index Fund
67,927
UMW Holdings Bhd
27,146
Kasikornbank PCL
20,170
Cie Financiere Richemont SA
11,507
Turkiye Halk Bankasi AS
11,198
Hon Hai Precision Industry Co Ltd
9,707
Delta Electronics Inc
9,563
AAC Technologies Holdings Inc
9,080
Powszechny Zaklad Ubezpieczen SA
8,856
TPK Holding Co Ltd
8,282
Imperial Holdings Ltd
8,011
Asustek Computer Inc
7,871
PTT Global Chemical PCL
7,602
Alfa SAB de CV
7,578
BR Malls Participacoes SA
7,269
Great Wall Motor Co Ltd
6,081
Hyundai Mobis
5,976
ORIGIN GLOBAL EQUITY FUND
MAJOR PURCHASES
Cost US$
Goldman Sachs Group Inc/The
262,455
Ingenico
221,528
Halliburton Co
219,337
SK Telecom Co Ltd
185,933
Jazz Pharmaceuticals Plc
181,882
Lear Corp
180,341
TPK Holding Co Ltd
179,288
SM Energy Co
161,089
Wells Fargo & Co
148,711
Humana Inc
145,035
Taiwan Semiconductor Manufacturing Co Ltd 138,334
Kia Motors Corp
137,245
Largan Precision Co Ltd
125,110
Protective Life Corp
123,678
Lincoln National Corp
121,932
Snap-on Inc
114,476
AGCO Corp
112,204
Daimler AG
111,587
London Stock Exchange Group PLC
109,279
Cooper Cos Inc/The
108,027
iShares MSCI Taiwan Index Fund
Mattel Inc
TGS Nopec Geophysical Co ASA
Berkeley Group Holdings PLC
Eli Lilly & Co
HollyFrontier Corp
Samsung Electronics Co Ltd
MTU Aero Engines AG Npv
Turkcell Iletisim Hizmetleri AS
Western Refining Inc
SAP AG
Reckitt Benckiser
Playtech Plc
ValueClick Inc
Siam Commercial Bank PCL
Celgene Corp
ABB Ltd
US Bancorp/MN
TPK Holding Co Ltd
Copart Inc NPV
MAJOR SALES
Proceeds US$
550,225
271,751
240,628
177,723
176,864
175,201
172,686
164,353
159,860
152,905
146,752
139,663
135,303
132,807
116,990
116,141
112,428
109,169
105,936
98,551
Note: Copies of all portfolio changes are available, free of charge, from the Administrator and the national representatives outlined on pages 205 and 206
of the report.
202
STATEMENT OF PORTFOLIO CHANGES
for the year ended 30 September 2013 (continued)
ORIGIN GLOBAL SMALLER COMPANIES FUND
MAJOR PURCHASES
Cost US$
KH Vatec Co Ltd
180,994
Enplas Corp
175,881
SinoMedia Holding Ltd
175,771
Lumens Co Ltd
172,017
Eugene Technology Co Ltd
170,862
Partron Co Ltd
170,327
Largan Precision Co Ltd
169,712
Infraware Inc
169,222
SFA Engineering Co
168,851
Iriso Electronics Co Ltd
168,472
Brother Industries Ltd
167,349
Kossan Rubber Industries
166,397
CANCOM SE
166,028
Japan Aviation Electronics Industry Ltd
165,817
On Assignment Inc
165,702
Newpark Resources Inc
164,997
HCI Group Inc
164,952
Measurement Specialties Inc
164,651
Greenbrier Cos Inc
164,537
Salmar ASA
164,473
iShares Core S&P Small Cap Fund
iShares MSCI Taiwan Index Fund
Sinclair Broadcast
SHFL Entertainment Inc
World Acceptance Corp
National Financial Partners
OCH-ZIFF Capital Management
Brother Industries Ltd
LPN Development PCL
ITE Group Plc
Great Wall Motor Co Ltd
Synthomer Plc
Carsales.Com Ltd
Chong Hong Construction Co
Info Services International Dentsu
KUKA AG
Polaris Industries Inc
Eugene Technology Co Lrd
Playtech Plc
Kinsus Interconnect Technology Corp
MAJOR SALES
Proceeds US$
1,220,505
1,133,143
408,581
207,777
196,810
185,086
174,819
169,777
167,119
166,303
165,369
160,774
159,720
157,020
154,829
154,045
152,581
151,614
151,022
150,736
LONG/SHORT GLOBAL OPPORTUNITIES EQUITY FUND
Japan Tobacco Inc
Express Scripts Holding Co
Roche Holding AG
Wal-Mart Stores Inc
Comcast Corp
Toyota Motor Corp
Daimler AG
Lowe's Cos Inc
Samsung Electronics Co Ltd
McKesson Corp
Gilead Sciences Inc
JPMorgan Chase & Co
EMC Corp/MA
HCA Holdings Inc
Shire PLC
Tyson Foods Inc
Novo Nordisk A/S
TDC A/S
Publicis Groupe SA
Amgen Inc
MAJOR PURCHASES
Cost US$
190,014
179,338
176,283
176,124
165,310
164,894
163,980
158,453
158,069
157,511
152,743
152,520
148,402
143,008
141,699
139,973
135,483
133,934
130,598
127,840
Tyson Foods Inc
Amgen Inc
DTE Energy Co
CF Industries Holdings Inc
Agrium Inc
Zoetis Inc
Lear Corp
Calpine Corp
Daimler AG
Fidelity National Financial Inc
NRG Energy Inc
Telekomunikasi Indonesia Persero Tbk PT
HeidelbergCement AG
PTT PCL
Hitachi Ltd
Novo Nordisk A/S
HCA Holdings Inc
Bridgestone Corp
Envision Healthcare Holdings Inc
Siemens AG
MAJOR SALES
Proceeds US$
133,367
130,737
106,966
104,662
85,551
85,520
84,056
76,743
74,069
72,046
69,679
69,053
64,634
60,792
57,578
55,577
41,595
40,161
37,915
36,125
Note: Copies of all portfolio changes are available, free of charge, from the Administrator and the national representatives outlined on pages 205 and 206
of the report.
203
STATEMENT OF PORTFOLIO CHANGES
for the year ended 30 September 2013 (continued)
CLARITAS LATIN AMERICAN EQUITY FUND
MAJOR PURCHASES
Cost US$
Petroleo Brasileiro SA
169,428
Vale SA
131,902
Banco Bradesco SA
131,100
Itausa - Investimentos Itau SA
123,725
America Movil SAB de CV
102,431
Cia de Bebidas das Americas
78,243
Itau Unibanco Holding SA
74,455
Grupo Mexico SAB de CV
69,516
Grupo Financiero Banorte SAB de CV
64,943
Cemex SAB de CV
58,576
Centrais Eletricas Brasileiras SA
56,688
BR Malls Participacoes SA
54,765
Klabin SA
53,721
Direcional Engenharia SA
52,090
BRF SA
51,033
Fomento Economico Mexicano SAB de CV
45,007
Alfa SAB de CV
44,781
BM&FBovespa SA
42,888
Metalurgica Gerdau SA
41,825
BB Seguridade Participacoes SA
39,715
AES Gener SA
OHL Mexico SAB de CV
MAJOR SALES
Proceeds US$
12,572
6,543
Note: Copies of all portfolio changes are available, free of charge, from the Administrator and the national representatives outlined on pages 205 and 206
of the report.
204
DIRECTORY
Principal Global Investors (Japan) Limited
Japanese Equity Fund, Global Equity Fund
Imperial Tower 18th Floor
1-1-1 Uchisaiwai-cho
Chiyoda-ku, Tokyo 100-0011
Japan
Manager
Principal Global Investors (Ireland) Limited
Registered Office: 25-28 North Wall Quay
Dublin 1
Ireland
Head Office: Guild House
Guild Street
International Financial Services Centre
Dublin 1
Ireland
Post Advisory Group, LLC
Post Global Limited Term High Yield Fund
1620 26th Street
Suite 6500N
Santa Monica, California
CA 90404
USA
Investment Adviser
Principal Global Investors, LLC
801 Grand Avenue
Des Moines
Iowa 50392
USA
Directors of the Manager
Nicholas Lyster (British)
David Shubotham*
David Kingston*
Denis P. Murphy*
Christopher J. Reddy (American)
Bronwyn Wright
Christopher Henderson (American)
Sub-Investment Advisers
Principal Global Investors (Europe) Limited
Asian Equity Fund, European Equity Fund, Emerging
Markets Fund, Global Property Securities Fund, MCSF
1 Wood Street
London EC2V 7JB
United Kingdom
Administrator
BNY Mellon Fund Services (Ireland) Limited
Guild House, Guild Street
IFSC, Dublin 1
Ireland
Principal Global Investors (Australia) Limited
Global Property Securities Fund
Level 43, 50 Bridge Street
GPO Box 4169 Sydney
NSW 2000
Australia
Trustee
BNY Mellon Trust Company (Ireland) Limited
Guild House, Guild Street
IFSC, Dublin 1
Ireland
Spectrum Asset Management, Inc
Preferred Securities Fund,
4 High Ridge Park
Stamford, CT 0695
USA
Legal Advisers to the Manager as to Irish Law
A&L Goodbody
International Financial Services Centre
North Wall Quay
Dublin 1
Ireland
Principal Real Estate Investors, LLC
Global Property Securities Fund
801 Grand Avenue
Des Moines
Iowa 50392
USA
Legal Advisers to the Manager as to Hong Kong Law
Baker & McKenzie
14th Floor, Hutchison House
10 Harcourt Road
Hong Kong
* Denotes independent non-executive directors
205
DIRECTORY (continued)
The prospectus, the trust deed, the annual and semi annual reports may be obtained free of charge
during normal business hours from the following national representatives:
Sponsoring Broker
A&L Listing Limited
International Financial Services Centre
North Wall Quay
Dublin 1
Ireland
Italian Representative
BNP Paribas Securities Services – Milan Branch
Via Ansperto 5, Milan
Italy
Swiss Representative
ACOLIN Fund Services AG
Stadelhoferstrasse 18
CH-8001 Zürich
Switzerland
French Representative
Société Générale
29 Boulevard Hausmann
75009 Paris
France
Hong Kong Representative
Principal Global Investors (Asia) Limited
27/F, Hopewell Centre
183 Queen’s Road East
Hong Kong
UK Representative
Principal Global Investors (Europe) Limited
1 Wood Street
London EC2V 7JB
United Kingdom
Swedish Representative
SEB Merchant Banking
Rissneleden 110
SE-106 40 Stockholm
Sweden
German Representative
BHF – Bank Aktiengesellschaft
Bockenheimer Landstrasse 10
60323 Frankfurt am Main
Germany
Independent Auditors
PricewaterhouseCoopers
Chartered Accountants and Registered Auditors
One Spencer Dock
North Wall Quay
Dublin 1
Ireland
Spanish Representative
Selección e Inversion de Capital Global A.V , S.A
(“Selinca”)
Paseo de la Castellano 77
Edificio Urbagasa
Madrid 28046
Spain
Belgian Representative
BNP Paribas Securities Services- Brussels Branch
Avenue Louise 489
1050 Brussels
Belgium
Information for investors in Switzerland
Principal Global Investors Funds is an investment fund set up under the laws of the Republic of
Ireland. The Swiss Representative and Paying Agent is ACOLIN Fund Services AG, Zurich,
Switzerland. The Fund related activities of the Representative and Paying Agent are Stadelhoferstrasse
18, CH-8001, Zurich, Switzerland. Communications to the Swiss Representative are to be made to
the Zurich branch. Payments to the Swiss Paying Agent are also to be addressed to the Zurich branch.
The Trust Deed, the prospectus, the annual and semi-annual reports as well as a list of purchases and
sales made on behalf of Principal Global Investors Funds can be obtained free of charge at the Zurich
branch of the Representative and Paying Agent during ordinary business hours.
206
ENQUIRIES
Requests for subscriptions, conversion or redemption of Units, dealing and administration enquiries:-
All Other Investors
The Administrator
BNY Mellon Fund Services (Ireland) Limited
Guild House, Guild Street
International Financial Services Centre
Dublin 1
Ireland
Tel: + 353-1-900 8081
Fax:+ 353-1-829 0833
Hong Kong-Based Investors
Hong Kong Representative
Principal Global Investors (Asia) Limited
27/F, Hopewell Centre
183 Queen’s Road East
Hong Kong
Tel: 852 2117 8383
Fax: 852 2918 1461 (dealing)
Fax: 852 2801 5690 (general enquiries)
Sales and other enquiries
All Other Investors
UK Representative
Principal Global Investors (Europe) Limited
1 Wood Street
London EC2V 7JB
United Kingdom
Tel: 44 207 710 0220
Fax: 44 207 710 0221
Email: [email protected]
Hong Kong-Based Investors
Hong Kong Representative
Principal Global Investors (Asia) Limited
27/F, Hopewell Centre
183 Queen’s Road East
Hong Kong
Tel: 852 2117 8383
Fax: 852 2918 1461 (dealing)
Fax: 852 2801 5690 (general enquiries)
Email: [email protected]
207

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