Interim Report. Standard Life Investments Global SICAV Societe d Investissement a Capital Variable. Unaudited Semi-Annual Report as at 30 June 2014

Transcription

1 Interim Report Standard Life Investments Global SICAV Societe d Investissement a Capital Variable Unaudited Semi-Annual Report No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual and the most recent semi-annual report, if published thereafter. R.C.S. Luxembourg B

2 Registered Office 2-4, rue Eugène Ruppert L-2453 Luxembourg Grand Duchy of Luxembourg Board of Directors Members Mr Alan Stephen Acheson Chairman Executive Director, Global Strateglc Partnerships (Standard Life) Standard Life Investments Limited 1 George Street Edinburgh EH2 2LL Scotland Mr Michael Evans Chief Operating Officer Standard Life Investments Inc. Suite de Maisonneuve Boulevard West Montreal, Quebec Canada, H3A 3C8 Mr Manuel Hauser Independent Director 23, Avenue Monterey L-1263 Luxembourg Grand Duchy of Luxembourg Ms Jennifer Richards Head of Standard Life Investments Limited Ireland 90 St Stephens Green Dublin 2 Ireland Mr Stephen Campbell Investment Director, Product Management and Governance Standard Life Investments Limited 1 George Street Edinburgh EH2 2LL Scotland Administration and Advisors Registrar, Transfer Agent, Corporate and Domiciliary Agent, Central Administrator, Custodian and Depositary Agent The Bank of New York Mellon (Luxembourg) S.A. 2-4, rue Eugène Ruppert L-2453 Luxembourg Grand Duchy of Luxembourg Investment Manager Standard Life Investments Limited 1 George Street Edinburgh EH2 2LL Scotland Management Company Standard Life Investments (Mutual Funds) Limited 1 George Street Edinburgh EH2 2LL Scotland Auditor PricewaterhouseCoopers, Société coopérative 400, route d'esch L-1471 Luxembourg Grand Duchy of Luxembourg Legal Advisor Clifford Chance 2-4, place de Paris L-1011 Luxembourg Grand Duchy of Luxembourg Sub-Investment Manager Standard Life Investments (USA) Limited Registered office: 1 George Street Edinburgh EH2 2LL Scotland Principal place of business: One Beacon Street 34th Floor Boston MA United States of America Sumitomo Mitsui Trust Bank Limited * Marunouchi Chiyoda-ku Tokyo Japan Principal Distributor Standard Life Investments Limited 1 George Street Edinburgh EH2 2LL Scotland *Sumitomo Mitsui Trust Bank Limited is the Sub-Investment Manager for the Japanese Equities Fund only.

3 Contents Page Report of the Board of Directors... 2 General Information... 3 Investment Markets Overview... 4 Statement of Net Assets... 5 Statement of Operations and Changes in Net Assets Statement of Changes in Number of Shares Statistics Notes to the Financial Statements Appendix 1: Share classes issued in the Sub-funds Sub-fund Objective and Investment Policy Sub-fund Performance Review and Outlook Geographical/Industry Classification Ten Largest Holdings Schedule of Investments Global Equities Fund Asian Equities Fund China Equities Fund Japanese Equities Fund^ European Equities Fund Global REIT Focus Fund European Smaller Companies Fund Indian Equities Fund European Equity Unconstrained Fund Global Emerging Markets Equity Unconstrained Fund^ Continental European Equity Income Fund^ Global Bond Fund Global Inflation-Linked Bond Fund European High Yield Bond Fund European Corporate Bond Fund Euro Government All Stocks Fund^ Emerging Market Debt Fund^ Emerging Market Local Currency Debt Fund^ Global High Yield Bond Fund^ Global Corporate Bond Fund^ European Corporate Bond Sustainable and Responsible Investment Fund^ Emerging Market Corporate Bond Fund^ Global Absolute Return Strategies Fund^ Global Focused Strategies Fund^ Absolute Return Global Bond Strategies Fund^ ^This Sub-fund is not authorised in Hong Kong and is not available to Hong Kong residents. 1

4 Report of the Board of Directors At the period end, the total net assets of the Sub-funds (the Sub-funds ) of Standard Life Investments Global SICAV (the Company ) stood at USD 24,373,376,044. The Company's objective continues to be to provide the shareholder with a choice of professionally managed Sub-funds investing in a wide range of transferable securities in order to achieve an optimum return from capital invested, while reducing investment risk through diversification. The Board of Directors adheres to the Association of the Luxembourg Fund Industry ( ALFI ) code of conduct for Luxembourg investment funds (revised June 2013). The code of conduct sets a framework of high-level principles and best practice recommendations for the governance of Luxembourg investment funds. The Board of Directors Luxembourg, 13 August 2014 The figures stated in this report are historical and not necessarily indicative of future performance. 2

5 General Information The Company's articles of incorporation may be amended from time to time by a meeting of shareholders, subject to the quorum and majority requirements provided by Luxembourg law. Any amendment thereto shall be published in the Recueil des Sociétés et Associations (the Mémorial ), in a Luxembourg daily newspaper and, if necessary, in the official publications specified for the respective countries in which Company shares are sold. Such amendments become legally binding on all shareholders, following their approval by the general meeting of shareholders. Any amendments affecting the rights of the holders of shares of any class vis-à-vis those of any other class shall be subject further to the said quorum and majority requirements in respect of each relevant class. The Company is a single legal entity. However, each Sub-fund is regarded as being separate from the others and is liable for all of its own obligations, unless other terms have been specifically agreed with its creditors. The first annual general meeting of shareholders was held at the registered office of the Company on the first Thursday in May 2002 and will be held on the same day each year thereafter (unless such date falls on a legal bank holiday, in which case on the next Luxembourg business day) at midday. Notices of all general meetings are sent by mail to all registered shareholders at their registered address at least 8 days prior to each such meeting. Such notice will indicate the time and place of such meeting and the conditions of admission thereto, will contain the agenda and will refer to the requirements of Luxembourg law with regard to the necessary quorum and majorities at such meeting. To the extent required by Luxembourg law, further notices will be published in the Mémorial and in one Luxembourg newspaper. Audited annual reports and unaudited semi-annual reports will be made available on the Standard Life Investments Website ( and at the registered office of the Company. The accounting year of the Company terminates on 31 December in each year. The net asset value per share and the issue and redemption price can be obtained from the registered office of the Company. Statement of Changes in Portfolio A statement giving the changes in the Schedule of Investment for the period ended 30 June 2014 can be obtained free of charge from the registered office of the Company. 3

6 Investment Markets Overview Global overview Global equities moved higher, as central bank policy remained supportive and economic data was generally encouraging Fixed income markets performed well: core government bond yields declined and credit spreads tightened Economic indicators in the US and UK remained strong, raising expectations of a turn in the interest rate cycle Equity markets made a disappointing start to 2014, largely driven by worries over emerging markets, an apparent slowdown in China and geopolitical unrest in the Ukraine. Most markets subsequently recovered, despite periodic concerns about earlier-than-expected US interest rate hikes and mounting deflationary pressures in the Euro-zone. Favourable political developments in emerging economies and buoyant corporate activity from around the world (including headline-grabbing takeover and IPO announcements) were also well received by traders. The period wasn t without drama, however, as rising tensions in the Middle East caused the price of oil to spike and prompted investors to lock in profits. By the end of the review period, sentiment was broadly positive, given encouraging US results, sound economic data and supportive central bank intervention. The commitment of central banks to maintain low interest rates and rising geopolitical risks provided support for government bond markets. Contrary to market expectations and in spite of favourable domestic growth indicators, UK gilt and US Treasury yields continued to decline. Corporate bonds also performed well. Returns were driven by declines in government bond yields and credit spread tightening. European corporate bonds were particularly strong, helped by the introduction of further monetary stimulus from the European Central Bank ( ECB ). UK At the start of 2014, news that UK 2013 Gross Domestic Product ( GDP ) grew at the fastest rate since the financial crisis was taken positively by the market. However, volatility continued due to concerns over capital outflows from emerging markets and ongoing tension between Russia and the Ukraine. Strong purchasing managers index data demonstrated ongoing recovery as the period drew to a close but, at market level, interest rate policy speculation prompted the period to end on a slightly weaker note. The conflict in Iraq also gave investors a new variable to ponder, despite further strong UK industrial output data. US US equities delivered their sixth successive quarter of positive performance, with the S&P 500 index hitting an all-time high during the period. Investors were encouraged by US Federal Reserve Chair Janet Yellen s confirmation that interest rates would remain low for some time to come. Data releases showed an improvement in economic growth in recent months with industrial production, employment and manufacturing numbers beating analyst estimates. More encouraging macroeconomic data and a reasonable corporate earnings season have supported positive sentiment, helping equities to make progress. The favourable backdrop was maintained as the review period drew to a close. Europe In line with other global equity markets, Europe suffered a disappointing start to 2014 before rebounding strongly in February. Continued weak inflation data resulted in concerns over the threat of deflation and prompted speculation that the ECB would have to act to stimulate activity and prices. Equities rallied hard on this view, which eventually resulted in the ECB announcing in June a further round of policies aimed at tackling the general economic malaise in the region. Euro-zone GDP growth for the first quarter proved disappointing with the Italian economy contracting and France showing no growth. Mario Draghi, the ECB President, has indicated a willingness to use further stimulus measures if need be. Japan Japanese equities experienced sharp falls in early 2014, largely driven by global macro concerns and poor fourth-quarter Japanese GDP figures. Japan s ongoing economic experiment continued apace, with the government announcing a hike in the consumption tax rate in April and plans to slash corporation tax next year. On the whole, the economic picture remained a mixed one as the review period drew to a close. Despite this, Japanese equities enjoyed a strong May and June. Asia Pacific In the Pacific Basin, equities had a disappointing start to 2014 as emerging market currency weakness once again prompted investors to reduce their exposure to the region. Encouragingly, markets bounced back strongly over the second quarter. A resounding election victory by marketfriendly Narendra Modi in India boosted hopes about the country s growth and reform prospects. A series of targeted stimulus measures in China was also well received, including increased infrastructure investment. The improving US economic backdrop was a further factor supporting regional markets. Government bonds Government bonds delivered positive returns over the six months. The ECB finally announced a series of policy measures aimed at stimulating bank lending and growth, providing a boost to European sovereign bonds. By contrast, further signs of economic improvement in the UK prompted the Bank of England to warn of an earlier-than-expected rise in interest rates. More surprising was the move in US Treasury yields, which confounded expectations and moved lower, even though the growing strength of the US economy suggests that, as in the UK, interest rates are set to rise. Corporate bonds With tapering by the Federal Reserve finally commencing in January, credit markets endured some volatility as a result of fears over the impact this would have on some of the emerging economies. However, the strong technical backdrop of relatively subdued new issuance and robust cash inflows to the asset class allowed credit to maintain its positive momentum. This settled backdrop was further enhanced by the announcement from the ECB of a further easing of monetary policy aimed at tackling subdued economic growth and falling prices in the Euro-zone. 4

7 Statement of Net Assets As at 30 June 2014 Global Asian China Japanese European Equities Equities Equities Equities Equities Fund Fund Fund Fund^ Fund (USD) (USD) (USD) (JPY) (EUR) Assets Investments in securities at market value (note 2b) 319,679,717 23,056, ,431,038 9,940,141,500 50,878,446 Acquisition cost: 260,626,149 20,163, ,751,469 9,049,319,649 49,316,264 Cash and cash equivalents 4,641, ,799 1,378, ,006, ,459 Interest and dividends receivable, net 321,616 80, ,037 5,528,914 29,223 Receivables resulting from sale of securities 783, ,713 Receivables resulting from subscriptions 2,093,496 1, ,628 24,986, Receivable from Investment Manager (note 3e) 53,015 32,789 Other receivables Other assets (note 12) 971, ,172 25,289,111 Unrealised appreciation on swap contracts (notes 2g, 7) Unrealised appreciation on forward foreign exchange contracts (notes 2f, 6) 946 Unrealised appreciation on future contracts (notes 2h, 8) Option contracts at market value (notes 2i, 9) Total assets 328,491,841 23,415, ,781,237 10,144,952,209 51,785,265 Liabilities Bank overdraft 980 Payables resulting from purchases of securities 3,491, ,815 Payables resulting from redemptions Fees payable 81,439 32,894 84,177 4,018,988 16,058 Unrealised depreciation on swap contracts (notes 2g, 7) Unrealised depreciation on forward foreign exchange contracts (notes 2f, 6) Unrealised depreciation on future contracts (notes 2h, 8) Option contracts at market value (notes 2i, 9) Other liabilities (note 12) Total liabilities 3,573,411 33, ,238 4,018,988 16,058 Total Net Assets 324,918,430 23,381, ,016,999 10,140,933,221 51,769,207 ^This Sub-fund is not authorised in Hong Kong and is not available to Hong Kong residents. The accompanying notes form an integral part of these financial statements. 5

8 Statement of Net Assets (continued) As at 30 June 2014 Global Emerging Global European European Markets REIT Smaller Indian Equity Equity Focus Companies Equities Unconstrained Unconstrained Fund Fund Fund Fund Fund^ (EUR) (EUR) (USD) (EUR) (USD) Assets Investments in securities at market value (note 2b) 90,750, ,749,088 13,617,234 76,009, ,258,855 Acquisition cost: 81,425, ,836,949 9,592,823 56,898, ,404,337 Cash and cash equivalents 491,703 10,641,678 2,431,905 1,960, ,861 Interest and dividends receivable, net 210, ,941 55, ,862 Receivables resulting from sale of securities 4,565,579 10,176,864 1,172,288 Receivables resulting from subscriptions 220, ,523 1,187, ,110 Receivable from Investment Manager (note 3e) 50,038 Other receivables 1,570 3,640 3,588 Other assets (note 12) 332, ,206 Unrealised appreciation on swap contracts (notes 2g, 7) Unrealised appreciation on forward foreign exchange contracts (notes 2f, 6) 4, ,481 Unrealised appreciation on future contracts (notes 2h, 8) Option contracts at market value (notes 2i, 9) Total assets 96,575, ,363,168 17,346,367 77,973, ,984,663 Liabilities Bank overdraft 102,408 5,035,231 82,898 Payables resulting from purchases of securities 3,600,790 4,425, ,178 Payables resulting from redemptions 138, , ,382 Fees payable 49, ,751 54,085 24,835 87,837 Unrealised depreciation on swap contracts (notes 2g, 7) Unrealised depreciation on forward foreign exchange contracts (notes 2f, 6) 1,925 7, Unrealised depreciation on future contracts (notes 2h, 8) Option contracts at market value (notes 2i, 9) Other liabilities (note 12) 1,439,634 Total liabilities 3,893,076 12,051,275 55,015 24,835 1,364,329 Total Net Assets 92,682, ,311,893 17,291,352 77,948, ,620,334 ^This Sub-fund is not authorised in Hong Kong and is not available to Hong Kong residents. The accompanying notes form an integral part of these financial statements. 6

9 Statement of Net Assets (continued) As at 30 June 2014 Continental Global European European Inflation- High European Equity Global Linked Yield Corporate Income Bond Bond Bond Bond Fund^1 Fund Fund Fund Fund (EUR) (USD) (USD) (EUR) (EUR) Assets Investments in securities at market value (note 2b) 22,375, ,111, ,907,536 68,427,762 2,761,649,832 Acquisition cost: 22,094, ,421, ,214,768 66,352,724 2,594,521,423 Cash and cash equivalents 1,072,489 10,802,455 4,744,213 2,202,796 23,387,441 Interest and dividends receivable, net 48,823 2,850, ,297 1,186,115 44,828,596 Receivables resulting from sale of securities 1,001, ,637 28,231,958 Receivables resulting from subscriptions 2,641,177 1, ,897,014 Receivable from Investment Manager (note 3e) 6,286 Other receivables Other assets (note 12) 86, ,936 Unrealised appreciation on swap contracts (notes 2g, 7) 984, ,678 1,028,911 Unrealised appreciation on forward foreign exchange contracts (notes 2f, 6) 74,335 1,338, ,192 24, ,331 Unrealised appreciation on future contracts (notes 2h, 8) 415,042 13,735 8, ,806 Option contracts at market value (notes 2i, 9) Total assets 27,306, ,719, ,192,781 72,304,117 2,864,245,889 Liabilities Bank overdraft 346, , ,528 Payables resulting from purchases of securities 4,364,629 1,611,779 15,456,337 Payables resulting from redemptions 21,066,145 Fees payable 27,617 57, ,156 25,020 1,090,678 Unrealised depreciation on swap contracts (notes 2g, 7) 819, , ,281 Unrealised depreciation on forward foreign exchange contracts (notes 2f, 6) 1, ,377 2,975, ,757 1,829,348 Unrealised depreciation on future contracts (notes 2h, 8) 662, ,140 Option contracts at market value (notes 2i, 9) Other liabilities (note 12) 442,924 Total liabilities 4,393,374 2,350,835 3,987,092 2,441,620 40,263,317 Total Net Assets 22,913, ,369, ,205,689 69,862,497 2,823,982,572 1 This Sub-fund was launched on 11 March ^This Sub-fund is not authorised in Hong Kong and is not available to Hong Kong residents. The accompanying notes form an integral part of these financial statements. 7

10 Statement of Net Assets (continued) As at 30 June 2014 Euro Government All Stocks Fund^ Emerging Market Local Currency Debt Global High Yield Bond Emerging Market Debt Fund^2 Fund^ Fund^ Global Corporate Bond Fund^ (EUR) (USD) (USD) (USD) (USD) Assets Investments in securities at market value (note 2b) 4,269,130,050 16,433,521 40,489, ,895, ,676,676 Acquisition cost: 4,011,331,843 15,846,941 39,809, ,738, ,822,856 Cash and cash equivalents 8,754, , ,896 13,235,809 19,819,718 Interest and dividends receivable, net 71,513, , ,466 6,997,225 5,671,665 Receivables resulting from sale of securities 314, ,850 3,864,779 1,164,530 Receivables resulting from subscriptions 14,773,844 3,905 Receivable from Investment Manager (note 3e) 8,006 32,863 Other receivables Other assets (note 12) 35, ,944 Unrealised appreciation on swap contracts (notes 2g, 7) Unrealised appreciation on forward foreign exchange contracts (notes 2f, 6) 1,628,335 1, ,567 2,801,445 8,141,164 Unrealised appreciation on future contracts (notes 2h, 8) 8,385,182 39,866 Option contracts at market value (notes 2i, 9) Total assets 4,359,411,743 17,464,298 56,887, ,798, ,513,619 Liabilities Bank overdraft 3,224,862 3, Payables resulting from purchases of securities 365,432 11,768,744 5,838,704 1,051,198 Payables resulting from redemptions Fees payable 415,978 23,826 30,943 79,414 85,151 Unrealised depreciation on swap contracts (notes 2g, 7) 511,688 Unrealised depreciation on forward foreign exchange contracts (notes 2f, 6) 4,140 11,510 86, ,380 1,210,820 Unrealised depreciation on future contracts (notes 2h, 8) 2,537,760 42,358 Option contracts at market value (notes 2i, 9) Other liabilities (note 12) 2,728,755 Total liabilities 6,182, ,768 11,889,570 9,079,828 2,901,215 Total Net Assets 4,353,229,003 17,063,530 44,997, ,718, ,612,404 2 This Sub-fund was launched on 18 March ^This Sub-fund is not authorised in Hong Kong and is not available to Hong Kong residents. The accompanying notes form an integral part of these financial statements. 8

11 Statement of Net Assets (continued) As at 30 June 2014 European Corporate Bond Absolute Sustainable Emerging Global Return and Market Absolute Global Global Responsible Corporate Return Focused Bond Investment Bond Strategies Strategies Strategies Fund^ Fund^3 Fund^ Fund^ Fund^ (EUR) (USD) (EUR) (EUR) (GBP) Assets Investments in securities at market value (note 2b) 257,510,611 60,711,805 6,544,793, ,237, ,431,013 Acquisition cost: 247,387,834 58,577,128 6,150,456, ,732, ,529,266 Cash and cash equivalents 6,050,217 3,980, ,083, ,557,640 77,274,627 Interest and dividends receivable, net 4,110, ,043 32,657, ,672 4,874,772 Receivables resulting from sale of securities 1,254, ,057 26,512,741 13,944,328 Receivables resulting from subscriptions 95,468 24,964,237 1,241, ,348 Receivable from Investment Manager (note 3e) 135 Other receivables Other assets (note 12) 796, ,467 25,477,775 1,221,362 1,109,015 Unrealised appreciation on swap contracts (notes 2g, 7) 57, ,794, ,877 12,250,275 Unrealised appreciation on forward foreign exchange contracts (notes 2f, 6) 8,744 1,246,083 43,490,022 7,609,534 2,715,688 Unrealised appreciation on future contracts (notes 2h, 8) 10,718 1,939 29,165,394 1,959,060 1,071,375 Option contracts at market value (notes 2i, 9) 126,760,145 5,544,342 Total assets 269,894,538 67,408,925 7,653,698, ,796, ,374,455 Liabilities Bank overdraft 17,815, ,697 6,299,868 Payables resulting from purchases of securities 3,318, ,242 34,171,239 18,912,057 Payables resulting from redemptions 33,388,566 8,235 Fees payable 157,715 31,326 4,582, , ,668 Unrealised depreciation on swap contracts (notes 2g, 7) 33, ,354,073 3,314,057 13,842,410 Unrealised depreciation on forward foreign exchange contracts (notes 2f, 6) 144,467 64,450 86,543,201 3,642,777 4,315,071 Unrealised depreciation on future contracts (notes 2h, 8) 24,451,107 1,172,726 1,084,950 Option contracts at market value (notes 2i, 9) 12,550,038 1,503,537 Other liabilities (note 12) Total liabilities 3,654, , ,856,749 27,614,127 27,167,504 Total Net Assets 266,240,533 66,825,907 7,304,841, ,182, ,206,951 3 This Sub-fund was launched on 15 January ^This Sub-fund is not authorised in Hong Kong and is not available to Hong Kong residents. The accompanying notes form an integral part of these financial statements. 9

12 Statement of Net Assets (continued) As at 30 June 2014 Combined (USD) Assets Investments in securities at market value (note 2b) 22,672,174,320 Acquisition cost: 21,291,256,880 Cash and cash equivalents 1,326,480,402 Interest and dividends receivable, net 240,090,620 Receivables resulting from sale of securities 125,714,373 Receivables resulting from subscriptions 64,574,773 Receivable from Investment Manager (note 3e) 197,431 Other receivables 10,685 Other assets (note 12) 43,238,908 Unrealised appreciation on swap contracts (notes 2g, 7) 266,165,126 Unrealised appreciation on forward foreign exchange contracts (notes 2f, 6) 92,103,424 Unrealised appreciation on future contracts (notes 2h, 8) 57,218,926 Option contracts at market value (notes 2i, 9) 182,602,256 Total assets 25,070,571,244 Liabilities Bank overdraft 48,563,760 Payables resulting from purchases of securities 141,891,990 Payables resulting from redemptions 76,013,916 Fees payable 10,511,601 Unrealised depreciation on swap contracts (notes 2g, 7) 215,179,063 Unrealised depreciation on forward foreign exchange contracts (notes 2f, 6) 138,961,473 Unrealised depreciation on future contracts (notes 2h, 8) 41,066,560 Option contracts at market value (notes 2i, 9) 19,706,606 Other liabilities (note 12) 5,300,231 Total liabilities 697,195,200 Total Net Assets 24,373,376,044 The accompanying notes form an integral part of these financial statements. 10

13 Statement of Operations and Changes in Net Assets For the period ended 30 June 2014 Global Asian China Japanese European Equities Equities Equities Equities Equities Fund Fund Fund Fund^ Fund (USD) (USD) (USD) (JPY) (EUR) Net assets at the beginning of the period 295,213,117 22,065, ,817,773 9,581,047,681 8,789,403 Income Dividend income, net (note 2d) 2,474, ,670 2,105,517 62,352, ,089 Interest income, net (note 2d) Bank interest, net Total income 2,475, ,670 2,105,754 62,352, ,089 Expenses Annual management charges (note 3a) 110,882 14, ,031 3,817,850 2,784 Management company fees (note 3f) 7, , , Central administration fees (note 3d) 18,042 10,974 13,176 1,336,958 7,731 Custody fees (note 3b) 35,114 18,520 19,291 2,587,444 7,716 Professional fees 4,337 2,985 3, ,001 2,153 Transfer agency fees 17,628 6,180 21, ,000 2,977 Taxe d'abonnement (note 5a) 16,548 1,522 8, , Bank interest, net 146 4, Sundry expenses 26,250 27,483 28,494 1,870,487 (66,552) Total expenses before reimbursement 236,338 82, ,716 11,062,013 (42,232) Expense reimbursement (note 3e) 44,688 27,725 Total expenses after reimbursement 236,338 37, ,716 11,062,013 (69,957) Net investment income/(loss) 2,239, ,818 1,813,038 51,290, ,046 Net realised gain/(loss) on: Sale of Investments 11,096, ,253 7,945, ,833, ,639 Forward foreign exchange contracts (note 2f) (14,264) 338 (35,769) (13,782) Foreign exchange contracts (note 2c) (1,409) (1,464) 49,992 34,743 Swap contracts (note 2g) Future contracts (note 2h) Option contracts (note 2i) Net realised gain/(loss) for the period 11,080, ,127 7,959, ,833, ,600 Change in net unrealised appreciation/(depreciation) on: Investments 3,291, ,917 (9,161,052) (827,324,481) (1,068,827) Forward foreign exchange contracts (note 2f) 802 (246) Swap contracts (note 2g) Future contracts (note 2h) Option contracts (note 2i) Change in net unrealised appreciation/(depreciation) for the period 3,292, ,917 (9,161,298) (827,324,481) (1,068,827) Increase/(decrease) in net assets as a result of operations 16,612,857 1,341, ,015 (570,200,388) (395,181) Movements in share capital Subscriptions 23,998, ,366 18,463,730 2,538,637,908 52,583,394 Redemptions (10,905,920) (147,095) (8,875,519) (1,408,551,980) (9,208,409) Increase/(decrease) in net assets as a result of movements in share capital 13,092,456 (25,729) 9,588,211 1,130,085,928 43,374,985 Dividend distribution (note 4) Net assets at the end of the period 324,918,430 23,381, ,016,999 10,140,933,221 51,769,207 ^This Sub-fund is not authorised in Hong Kong and is not available to Hong Kong residents. The accompanylng notes form an integral part of these financial statements. 11

14 Statement of Operations and Changes in Net Assets (continued) For the period ended 30 June 2014 Global Emerging Global European European Markets REIT Smaller Indian Equity Equity Focus Companies Equities Unconstrained Unconstrained Fund Fund Fund Fund Fund^ (EUR) (EUR) (USD) (EUR) (USD) Net assets at the beginning of the period 74,718, ,892,401 9,288,177 74,293, ,581,067 Income Dividend income, net (note 2d) 1,012,800 5,034, ,149 1,021,683 1,274,273 Interest income, net (note 2d) Bank interest, net 9,533 3, Total income 1,012,800 5,044, ,149 1,025,318 1,275,148 Expenses Annual management charges (note 3a) 107,256 1,321,839 35,767 11, ,559 Management company fees (note 3f) 2,060 8, ,877 3,385 Central administration fees (note 3d) 9,868 14,188 28,453 9,439 19,785 Custody fees (note 3b) 13,270 37,545 15,806 11,818 75,193 Professional fees 2,498 3,662 15,124 2,464 3,531 Transfer agency fees 3,430 42,533 3,414 3,597 2,013 Taxe d'abonnement (note 5a) 6,613 40,624 1,011 4,013 7,222 Bank interest, net Sundry expenses 20,795 23,605 64,784 20,725 18,826 Total expenses before reimbursement 166,197 1,492, ,269 65, ,514 Expense reimbursement (note 3e) 42,096 Total expenses after reimbursement 166,197 1,492, ,173 65, ,514 Net investment income/(loss) 846,603 3,552,048 (14,024) 960,152 1,022,634 Net realised gain/(loss) on: Sale of Investments 1,387,148 18,352,971 (744,946) 4,250,379 4,907,301 Forward foreign exchange contracts (note 2f) 24,984 (26,252) (22,186) (5,533) (86,459) Foreign exchange contracts (note 2c) ,976 17, ,194 Swap contracts (note 2g) Future contracts (note 2h) Option contracts (note 2i) Net realised gain/(loss) for the period 1,412,485 18,436,695 (767,132) 4,262,730 4,929,036 Change in net unrealised appreciation/(depreciation) on: Investments 6,676,857 (16,073,549) 3,913,661 (1,842,165) 12,514,313 Forward foreign exchange contracts (note 2f) 2,159 (6,293) (930) 1,447 Swap contracts (note 2g) Future contracts (note 2h) Option contracts (note 2i) Change in net unrealised appreciation/(depreciation) for the period 6,679,016 (16,079,842) 3,912,731 (1,842,165) 12,515,760 Increase/(decrease) in net assets as a result of operations 8,938,104 5,908,901 3,131,575 3,380,717 18,467,430 Movements in share capital Subscriptions 12,600, ,891,573 6,349, ,088 49,286,680 Redemptions (3,575,489) (145,380,982) (1,477,612) (4,038) (17,714,843) Increase/(decrease) in net assets as a result of movements in share capital 9,025,435 60,510,591 4,871, ,050 31,571,837 Dividend distribution (note 4) Net assets at the end of the period 92,682, ,311,893 17,291,352 77,948, ,620,334 ^This Sub-fund is not authorised in Hong Kong and is not available to Hong Kong residents. The accompanying notes form an integral part of these financial statements. 12

15 Statement of Operations and Changes in Net Assets (continued) For the period ended 30 June 2014 Continental Global European European Inflation- High European Equity Global Linked Yield Corporate Income Bond Bond Bond Bond Fund^1 Fund Fund Fund Fund (EUR) (USD) (USD) (EUR) (EUR) Net assets at the beginning of the period 210,400, ,713,022 76,522,883 2,789,479,740 Income Dividend income, net (note 2d) 329,010 25,313 Interest income, net (note 2d) 4,739 2,796, ,372 2,274,069 53,443,487 Bank interest, net 18 3,819 13,994 Total income 333,767 2,796, ,191 2,299,382 53,457,481 Expenses Annual management charges (note 3a) 32,072 17, ,463 11,938 4,688,599 Management company fees (note 3f) 246 5,580 3,360 1,715 70,902 Central administration fees (note 3d) 4,917 16,222 27,709 9,258 82,755 Custody fees (note 3b) 6,572 43,304 22,362 10, ,316 Professional fees 2,176 3,960 3,531 2,433 15,792 Transfer agency fees 2,226 4,927 17,411 2,845 68,250 Taxe d'abonnement (note 5a) ,032 15,563 3, ,469 Bank interest, net 1, Sundry expenses 4,791 29,966 24,236 20,668 54,709 Total expenses before reimbursement 53, , ,635 64,123 5,311,792 Expense reimbursement (note 3e) 6,286 Total expenses after reimbursement 47, , ,635 64,123 5,311,792 Net investment income/(loss) 286,333 2,662, ,556 2,235,259 48,145,689 Net realised gain/(loss) on: Sale of Investments (1,919) 23,887 1,093,239 1,636,825 29,592,033 Forward foreign exchange contracts (note 2f) (10,531) (1,153,795) (775,258) (288,468) 1,127,765 Foreign exchange contracts (note 2c) 43, ,852 9,868 29, ,789 Swap contracts (note 2g) 244, , ,111 Future contracts (note 2h) (46,629) 48,490 (98,643) 1,479,299 Option contracts (note 2i) Net realised gain/(loss) for the period 30,810 (828,325) 665,882 1,279,335 32,612,997 Change in net unrealised appreciation/(depreciation) on: Investments 280,428 9,335,502 6,216,713 (366,535) 65,387,906 Forward foreign exchange contracts (note 2f) 73,207 1,229,637 (3,075,207) (115,885) (2,748,821) Swap contracts (note 2g) (285,544) 46, ,676 Future contracts (note 2h) (628,699) (2,765) (18,710) 572,497 Option contracts (note 2i) Change in net unrealised appreciation/(depreciation) for the period 353,635 9,650,896 3,184,847 (501,130) 63,421,258 Increase/(decrease) in net assets as a result of operations 670,778 11,484,573 4,235,285 3,013, ,179,944 Movements in share capital Subscriptions 22,568,982 21,352,970 13,234,173 1,832, ,223,421 Redemptions (326,521) (869,037) (13,976,791) (11,506,645) (1,037,656,398) Increase/(decrease) in net assets as a result of movements in share capital 22,242,461 20,483,933 (742,618) (9,673,850) (92,432,977) Dividend distribution (note 4) (17,244,135) Net assets at the end of the period 22,913, ,369, ,205,689 69,862,497 2,823,982,572 1 This Sub-fund was launched on 11 March ^This Sub-fund is not authorised in Hong Kong and is not available to Hong Kong residents. The accompanying notes form an integral part of these financial statements. 13

16 Statement of Operations and Changes in Net Assets (continued) For the period ended 30 June 2014 Euro Government All Stocks Fund^ Emerging Market Local Currency Debt Global High Yield Bond Emerging Market Debt Fund^2 Fund^ Fund^ Global Corporate Bond Fund^ (EUR) (USD) (USD) (USD) (USD) Net assets at the beginning of the period 4,014,691,038 21,540, ,418, ,475,397 Income Dividend income, net (note 2d) 1,570 4,903 Interest income, net (note 2d) 59,126, , ,753 13,412,978 8,496,059 Bank interest, net 15, ,735 Total income 59,143, , ,753 13,418,407 8,500,794 Expenses Annual management charges (note 3a) ,850 10,142 40,622 Management company fees (note 3f) 103, ,795 10,294 Central administration fees (note 3d) 111,265 7,161 8,032 29,773 29,301 Custody fees (note 3b) 248,081 11,110 16,612 25,371 58,629 Professional fees 22,244 2,958 2,995 4,780 4,873 Transfer agency fees 1,919 2,446 7,800 11,887 5,271 Taxe d'abonnement (note 5a) 211, ,263 19,514 21,306 Bank interest, net 1,042 3,735 Sundry expenses 60,651 5,982 13,247 26,646 22,222 Total expenses before reimbursement 759,142 31,764 77, , ,518 Expense reimbursement (note 3e) 8,005 27,599 Total expenses after reimbursement 759,142 23,759 49, , ,518 Net investment income/(loss) 58,384, , ,214 13,280,499 8,308,276 Net realised gain/(loss) on: Sale of Investments (19,007,748) 305,476 (272,857) 2,253,631 4,705,677 Forward foreign exchange contracts (note 2f) 1,917,581 (25,677) 729,381 5,389,845 16,221,560 Foreign exchange contracts (note 2c) (137,762) (2,487) (56,409) 87,868 (74,464) Swap contracts (note 2g) (307,617) Future contracts (note 2h) 13,350,477 (400,430) Option contracts (note 2i) Net realised (loss)/gain for the period (3,877,452) 277, ,115 7,731,344 20,144,726 Change in net unrealised appreciation/(depreciation) on: Investments 181,107, ,580 1,292,300 3,340,751 11,731,991 Forward foreign exchange contracts (note 2f) (1,170,343) (10,289) (122,626) (1,121,557) (4,324,092) Swap contracts (note 2g) (7,351) (73,230) Future contracts (note 2h) 3,752,232 (203,113) Option contracts (note 2i) Change in net unrealised appreciation/(depreciation) for the period 183,689, ,291 1,162,323 2,219,194 7,131,556 Increase/(decrease) in net assets as a result of operations 238,196,403 1,061,530 2,206,652 23,231,037 35,584,558 Movements in share capital Subscriptions 204,032,100 16,002,000 21,541,571 23,505,199 76,628,114 Redemptions (46,000,124) (157,763) (17,435,791) (15,075,665) Increase/(decrease) in net assets as a result of movements in share capital 158,031,976 16,002,000 21,383,808 6,069,408 61,552,449 Dividend distribution (note 4) (57,690,414) (133,326) Net assets at the end of the period 4,353,229,003 17,063,530 44,997, ,718, ,612,404 2 This Sub-fund was launched on 18 March ^This Sub-fund is not authorised in Hong Kong and is not available to Hong Kong residents. The accompanying notes form an integral part of these financial statements. 14

17 Statement of Operations and Changes in Net Assets (continued) For the period ended 30 June 2014 European Corporate Bond Absolute Sustainable Emerging Global Return and Market Absolute Global Global Responsible Corporate Return Focused Bond Investment Bond Strategies Strategies Strategies Fund^ Fund^3 Fund^ Fund^ Fund^ (EUR) (USD) (EUR) (EUR) (GBP) Net assets at the beginning of the period 201,053,584 6,106,091, ,390, ,498,539 Income Dividend income, net (note 2d) 39,029,064 1,978,136 Interest income, net (note 2d) 4,294,654 1,178,065 34,964, ,533 4,882,952 Bank interest, net 325 2,966,941 9, ,112 Total income 4,294,654 1,178,390 76,960,809 2,160,597 5,424,064 Expenses Annual management charges (note 3a) 643, ,973, , ,291 Management company fees (note 3f) 5,772 1, ,349 4,716 12,340 Central administration fees (note 3d) 14,485 9, ,829 11,394 24,534 Custody fees (note 3b) 24,497 19, ,135 23,901 32,483 Professional fees 3,225 3,146 10,638 2,997 8,736 Transfer agency fees 1,458 2, ,055 3,800 5,627 Taxe d'abonnement (note 5a) 12,569 2, ,757 12,076 26,093 Bank interest, net 3,585 Sundry expenses 12,229 16, ,572 18,050 28,165 Total expenses before reimbursement 721,180 55,579 21,727, , ,269 Expense reimbursement (note 3e) 135 Total expenses after reimbursement 721,180 55,444 21,727, , ,269 Net investment income/(loss) 3,573,474 1,122,946 55,233,332 1,405,526 4,968,795 Net realised gain/(loss) on: Sale of Investments 319, ,625 7,172,002 (2,577,751) (1,611,264) Forward foreign exchange contracts (note 2f) 2,265 1,124,545 (20,166,702) (1,210,021) 2,236,812 Foreign exchange contracts (note 2c) (7,153) (2,220) (1,088,873) (61,499) (142,300) Swap contracts (note 2g) 20,820, ,483 5,346,471 Future contracts (note 2h) 101,808 (167,912) (116,056,654) (4,418,582) (2,179,252) Option contracts (note 2i) (41,686,518) 149,393 (1,824,310) Net realised gain/(loss) for the period 416,531 1,574,038 (151,006,389) (7,462,977) 1,826,157 Change in net unrealised appreciation/(depreciation) on: Investments 7,560,353 2,134, ,712,827 4,824,965 5,564,444 Forward foreign exchange contracts (note 2f) (204,674) 1,181,633 (28,130,321) 2,437,849 (3,441,220) Swap contracts (note 2g) 23,932 26,869,442 (1,057,157) (3,855,360) Future contracts (note 2h) 67,898 1,939 35,789,248 2,083,784 (645,769) Option contracts (note 2i) 71,601,510 1,169,319 Change in net unrealised appreciation/(depreciation) for the period 7,447,509 3,318, ,842,706 8,289,441 (1,208,586) Increase/(decrease) in net assets as a result of operations 11,437,514 6,015, ,069,649 2,231,990 5,586,366 Movements in share capital Subscriptions 53,821,478 60,810,674 1,726,810, ,007,069 68,515,352 Redemptions (72,043) (672,879,226) (10,447,182) (46,393,306) Increase/(decrease) in net assets as a result of movements in share capital 53,749,435 60,810,674 1,053,931, ,559,887 22,122,046 Dividend distribution (note 4) (3,250,729) Net assets at the end of the period 266,240,533 66,825,907 7,304,841, ,182, ,206,951 3 This Sub-fund was launched on 15 January ^This Sub-fund is not authorised in Hong Kong and is not available to Hong Kong residents. The accompanying notes form an integral part of these financial statements. 15

18 Statement of Operations and Changes in Net Assets (continued) For the period ended 30 June 2014 Combined * (USD) Net assets at the beginning of the period 21,185,358,481 Income Dividend income, net (note 2d) 73,533,302 Interest income, net (note 2d) 247,309,440 Bank interest, net 5,054,018 Total income 325,896,760 Expenses Annual management charges (note 3a) 39,154,291 Management company fees (note 3f) 572,661 Central administration fees (note 3d) 925,749 Custody fees (note 3b) 1,845,514 Professional fees 169,839 Transfer agency fees 565,893 Taxe d'abonnement (note 5a) 1,565,558 Bank interest, net 13,609 Sundry expenses 784,668 Total expenses before reimbursement 45,597,782 Expense reimbursement (note 3e) 169,147 Total expenses after reimbursement 45,428,635 Net investment income/(loss) 280,468,125 Net realised gain/(loss) on: Sale of Investments 88,921,073 Forward foreign exchange contracts (note 2f) (478,665) Foreign exchange contracts (note 2c) (1,039,757) Swap contracts (note 2g) 38,729,055 Future contracts (note 2h) (149,023,402) Option contracts (note 2i) (59,986,092) Net realised (loss)/gain for the period (82,877,788) Change in net unrealised appreciation/(depreciation) on: Investments 573,411,174 Forward foreign exchange contracts (note 2f) (52,923,117) Swap contracts (note 2g) 28,949,732 Future contracts (note 2h) 56,003,576 Option contracts (note 2i) 100,106,483 Change in net unrealised appreciation/(depreciation) for the period 705,547,848 Increase/(decrease) in net assets as a result of operations 903,138,185 Movements in share capital Subscriptions 5,225,422,606 Redemptions (2,833,229,853) Increase/(decrease) in net assets as a result of movements in share capital 2,392,192,753 Dividend distribution (note 4) (107,313,375) Net assets at the end of the period 24,373,376,044 *The opening combined balance was based on the foreign exchange rates. The same combined net assets using the foreign exchange rates as at 31 December 2013 reflected a figure of USD 21,329,138,

19 Statement of Changes in Number of Shares For the period ended 30 June 2014 Number of shares in issue at the beginning of the period Number of shares subscribed Number of shares redeemed Number of shares in issue at the end of the period Global Equities Fund A Accumulation Shares 99,670 66,153 (82,877) 82,946 A Accumulation Unhedged EUR Shares 19,750 2,300 (100) 21,950 A Accumulation Unhedged GBP Shares 5,257 1,209 (190) 6,276 D Accumulation Shares 640, ,224 (45) 995,224 D Accumulation Unhedged EUR Shares D Accumulation Unhedged GBP Shares Z Accumulation Shares 19,498, ,853 (617,325) 19,673,118 Total number of shares in issue at the end of the period 20,779,714 Asian Equities Fund A Accumulation Shares 62,859 3,805 (4,480) 62,184 D Accumulation Shares Z Accumulation Shares 749, ,390 Total number of shares in issue at the end of the period 811,647 China Equities Fund A Accumulation Shares 280,192 53,165 (29,063) 304,294 A Accumulation Unhedged EUR Shares 1,719 1,027 (110) 2,636 A Accumulation Unhedged GBP Shares 97,927 72,003 (40,870) 129,060 D Accumulation Shares 288, ,134 (89,876) 365,280 D Accumulation Unhedged GBP Shares , ,513 Z Accumulation Shares 1,554,142 22,895 (50,723) 1,526,314 Total number of shares in issue at the end of the period 2,660,097 Japanese Equities Fund^ A Accumulation Shares 365, ,243 (789,917) 144,860 D Accumulation Shares 492,390 (207,225) 285,165 Z Accumulation Shares 5,529,785 1,337,989 (36,858) 6,830,916 Total number of shares in issue at the end of the period 7,260,941 European Equities Fund A Accumulation Shares 30,310 29,993 (22,004) 38,299 D Accumulation Shares 1,700 1,700 Z Accumulation Shares 380,513 2,215,402 (380,513) 2,215,402 Total number of shares in issue at the end of the period 2,255,401 Global REIT Focus Fund A Accumulation Shares 1,452, ,480 (249,334) 1,320,279 D Accumulation Shares 113, ,327 (3,704) 646,009 D Distribution Shares Z Accumulation Shares 6,985, ,577 (156,059) 7,584,608 Total number of shares in issue at the end of the period 9,550,996 ^This Sub-fund is not authorised in Hong Kong and is not available to Hong Kong residents. The accompanying notes form an integral part of these financial statements. 17

20 Statement of Changes in Number of Shares (continued) For the period ended 30 June 2014 Number of shares in issue at the beginning of the period Number of shares subscribed Number of shares redeemed Number of shares in issue at the end of the period European Smaller Companies Fund A Accumulation Shares 1,700,394 5,205,244 (2,827,965) 4,077,673 A Accumulation Unhedged GBP Shares 288, ,377 (104,122) 451,926 A Distribution Shares D Accumulation Shares 2,139,184 4,937,205 (4,058,018) 3,018,371 D Accumulation Unhedged GBP Shares 511, ,120 (281,295) 342,425 Z Accumulation Shares 5,558, ,549 (365,275) 5,635,304 Total number of shares in issue at the end of the period 13,525,799 Indian Equities Fund A Accumulation Shares 4, ,042 A Accumulation Unhedged GBP Shares 79, ,233 (64,524) 446,578 D Accumulation Shares D Accumulation Unhedged GBP Shares Z Accumulation Shares 1,322,107 77,590 (100,446) 1,299,251 Total number of shares in issue at the end of the period 1,751,071 European Equity Unconstrained Fund A Accumulation Shares 9,677 2,225 (243) 11,659 A Accumulation Unhedged GBP Shares 15,518 10,634 (38) 26,114 D Accumulation Shares 90,100 90,100 D Accumulation Unhedged GBP Shares 1,150 1,150 Z Accumulation Shares 5,000,000 5,000,000 Total number of shares in issue at the end of the period 5,129,023 Global Emerging Markets Equity Unconstrained Fund^ A Accumulation Shares 9,018 33,029 (14,566) 27,481 D Accumulation Shares 500 3,505,936 (1,357,844) 2,148,592 D Accumulation Unhedged GBP Shares 332, ,414 Z Accumulation Unhedged GBP Shares 5,472,968 57,428 5,530,396 Total number of shares in issue at the end of the period 8,038,883 Continental European Equity Income Fund^1 D Accumulation Shares 25,359 25,359 D Distribution Shares 10,714 10,714 D Accumulaton Unhedged GBP Shares 1,584,324 (100) 1,584,224 D Distribution Unhedged GBP Shares 13,261 13,261 D Accumulation Hedged GBP Shares D Distribution Hedged GBP Shares K Accumulation Unhedged GBP Shares K Distribution Unhedged GBP Shares K Accumulation Hedged GBP Shares 27,515 (24,000) 3,515 K Distribution Hedged GBP Shares 194,116 (2,013) 192,103 Total number of shares in issue at the end of the period 1,830,376 1 This Sub-fund was launched on 11 March ^This Sub-fund is not authorised in Hong Kong and is not available to Hong Kong residents. The accompanying notes form an integral part of these financial statements. 18

21 Statement of Changes in Number of Shares (continued) For the period ended 30 June 2014 Number of shares in issue at the beginning of the period Number of shares subscribed Number of shares redeemed Number of shares in issue at the end of the period Global Bond Fund A Accumulation Shares 136,252 36,303 (36,707) 135,848 A Accumulation Unhedged GBP Shares 59,118 11,825 (9,457) 61,486 D Accumulation Unhedged GBP Shares Z Accumulation Shares 18,256,998 1,758,588 (4,609) 20,010,977 Total number of shares in issue at the end of the period 20,208,411 Global Inflation-Linked Bond Fund A Accumulation Shares 314,055 39,543 (65,637) 287,961 A Accumulation Hedged EUR Shares 3,022,287 90,292 (714,359) 2,398,220 A Accumulation Hedged GBP Shares 35,450 1,098 (21,740) 14,808 A Accumulation Hedged SEK Shares D Accumulation Shares 644,039 66,199 (40,523) 669,715 D Accumulation Hedged EUR Shares 34,481 16,473 (100) 50,854 D Accumulation Hedged GBP Shares 8,600 18,300 26,900 D Accumulation Hedged SEK Shares 2,467,694 2,467,694 Z Accumulation Shares Z Accumulation Hedged EUR Shares 2,556, ,658 (121,171) 3,168,315 Z Accumulation Hedged GBP Shares Total number of shares in issue at the end of the period 9,084,732 European High Yield Bond Fund A Accumulation Shares 85, ,826 (151,742) 46,119 D Accumulation Shares 284,259 (213,508) 70,751 Z Accumulation Shares 3,919,502 (300,965) 3,618,537 Total number of shares in issue at the end of the period 3,735,407 European Corporate Bond Fund A Accumulation Shares 9,293, ,342 (1,741,212) 8,356,624 A Accumulation Hedged GBP Shares 38,652 38,077 (11,760) 64,969 A Accumulaton Hedged NOK Shares A Distribution Shares 8,891, ,031 (6,655,087) 2,701,358 A Distribution Hedged NOK Shares B Accumulation Shares B Distribution Shares D Accumulation Shares 83,571,807 12,011,410 (36,547,815) 59,035,402 D Accumulation Hedged GBP Shares 93, ,610 (169,293) 546,387 D Accumulaton Hedged NOK Shares D Accumulation Unhedged USD Shares 577, ,041 (141,384) 992,249 D Distribution Shares 22,274,518 9,534,532 (2,101,090) 29,707,960 D Distribution Hedged NOK Shares K Accumulation ,663,051 (28,655,312) 24,007,839 Z Accumulation Shares 40,178,645 1,898,654 (498,005) 41,579,294 Z Accumulation Hedged GBP Shares Z Distribution Shares 22,677,829 3,735,761 26,413,590 Total number of shares in issue at the end of the period 193,407,972 The accompanying notes form an integral part of these financial statements. 19