principal global investors funds...finisterre unconstrained emerging markets fixed income fund...

An umbrella trust governed by the laws of Ireland.

Principal Global Investors Funds Annual Report and Audited Financial Statements

For the year ended 30 September 2017

PRINCIPAL GLOBAL INVESTORS FUNDS

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017

CONTENTS

General Information 4 - 12

Investment Adviser’s Report 13 - 23

Independent Auditors’ Report 24 - 27

Depositary’s Report 28

Statement of Manager’s Responsibilities 29

Statement of Depositary’s Responsibilities 29

Portfolio of Investments

Global Equity Fund (“GEF”) 30 - 31

Asian Equity Fund (“AEF”) 32 - 33

European Equity Fund (“EEF”) 34 - 36

Emerging Markets Equity Fund (“EMEF”) 36 - 38

Japanese Equity Fund (“JEF”) 38 - 39

Preferred Securities Fund (“PSF”) 40 - 47

U.S. Equity Fund (“USEF”) 48 - 49

High Yield Fund (“HYF”) 50 - 57

Global Property Securities Fund (“GPSF”) 58 - 60

Post Global Limited Term High Yield Fund (“GLTHY”) 61 - 64

Global Time Diversified Absolute Return Fund (“GTDARF”) 65 - 66

Global Small Cap Equity Fund (“GSCEF”) 67 - 69

Origin Global Emerging Markets Fund (“OGEMF”) 70 - 71

Origin Global Smaller Companies Fund (“OGSCF”) 72 - 75

Claritas Latin American Equity Fund (“CLAF”) 75 - 77

Finisterre Emerging Market Debt Fund (“FEMDF”) 78 - 80

Spectrum Global Capital Securities Fund (“GCSF”) 81 - 82

Global Capital Structure Opportunities Fund (“CSOF”) 83 - 84

Real Estate Debt Fund (“REDF”) 85

Global Income Fund (“GIF”) 86 - 91

Finisterre Unconstrained Emerging Markets Fixed Income Fund (“FUEMF”) 92 - 95

Statement of Financial Position as at 30 September 2017 96 - 101

Statement of Financial Position as at 30 September 2016 102 - 107

Statement of Comprehensive Income for the year ended 30 September 2017 108 - 110

Statement of Comprehensive Income for the year ended 30 September 2016 111 - 113

Statement of Movement in Net Assets Attributable to Redeemable

Participating Unitholders for the year ended 30 September 2017 114 - 116

Statement of Movement in Net Assets Attributable to Redeemable

Participating Unitholders for the year ended 30 September 2016 117 - 119

Notes to the Financial Statements 120 - 199

Supplementary Information (Unaudited)

Fund Performance & Leverage 200 - 210

Total Expense Ratios 211 - 212

UCITS V Remuneration Policy 213


ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017

CONTENTS (continued)

Statement of Material Portfolio Changes (Unaudited)

Global Equity Fund (“GEF”) 214

Asian Equity Fund (“AEF”) 215

European Equity Fund (“EEF”) 216

Emerging Markets Equity Fund (“EMEF”) 217

Japanese Equity Fund (“JEF”) 218

Preferred Securities Fund (“PSF”) 219

U.S. Equity Fund (“USEF”) 220

High Yield Fund (“HYF”) 221

Global Property Securities Fund (“GPSF”) 222

Global Equity (ex-Japan) Fund (“GEJF”) 223

Post Global Limited Term High Yield Fund (“GLTHY”) 224

Global Time Diversified Absolute Return Fund (“GTDARF”) 225

Global Small Cap Equity Fund (“GSCEF”) 226

Origin Global Emerging Markets Fund (“OGEMF”) 227

Origin Global Equity Fund (“OGEF”) 228

Origin Global Smaller Companies Fund (“OGSCF”) 229

Long/Short Global Opportunities Equity Fund (“LSGOF”) 230

Claritas Latin American Equity Fund (“CLAF”) 231

Finisterre Emerging Market Debt Fund (“FEMDF”) 232

Spectrum Global Capital Securities Fund (“GCSF”) 233

Global Capital Structure Opportunities Fund (“CSOF”) 234

Global Credit Alpha Fund (“GCAF”) 235

Real Estate Debt Fund (“REDF”) 236

Global Income Fund (“GIF”) 237

Finisterre Unconstrained Emerging Markets Fixed Income Fund (“FUEMF”) 238

Securities Financing Transaction Regulation (Unaudited) 239

Directory 240 - 241

Information for Investors in Switzerland 241

Enquiries 242


4

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 an Undertaking for Collective Investment in Transferable Securities (“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 in Ireland pursuant to the European Communities (Undertakings for Collective Investments in Transferable Securities) Regulations, 2011, (as amended) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48 (1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015, (as amended) (the “UCITS Regulations”).

All units are unhedged, except where otherwise noted.

For the year to 30 September 2017, the Trust comprised the following separate investment portfolios (“Funds”):

Fund

Type of Units

Launch Date Global Equity Fund A Class Income 4 December 1992

A Class Accumulation 24 June 1996 I Class Accumulation 1 April 1998 F2 Class Accumulation 4 April 2016 Asian Equity Fund A Class Income 6 November 1992 A Class Accumulation 24 June 1996 I Class Accumulation 16 November 1998 European Equity Fund A Class Income 24 November 1992 A Class Accumulation 24 June 1996 I Class Accumulation 1 April 1998 I Class Accumulation (EUR) 19 February 2010 Emerging Markets Equity Fund A Class Accumulation 19 February 1998

I Class Accumulation 13 August 1998 Japanese Equity Fund A Class Accumulation 1 August 2000 I Class Accumulation 1 August 2000 I Class Accumulation (JPY) 11 April 2011 F2 Class Accumulation 5 April 2016 Preferred Securities Fund A Class Accumulation (EUR hedged) 22 April 2003

I Class Accumulation 22 April 2003

A Class Income 3 February 2005

F Class Accumulation 7 January 2009

D Class Accumulation 12 January 2009

D Class Income 6 October 2009

F Class Income 7 October 2009

I Class Accumulation (JPY hedged) 6 April 2010

I Class Accumulation (EUR hedged) 16 April 2010

I Class Income (JPY hedged) 1 October 2010

I Class Income (EUR hedged) 7 June 2011

A Class Income (GBP hedged) 26 March 2012

A Class Accumulation 27 March 2012

I Class Income 17 January 2013

I Class Accumulation (CHF hedged) 28 February 2013

A Class Income (EUR hedged) 3 April 2013

P Class Income 7 April 2013

P Class Accumulation 7 April 2013

I Class Income (GBP hedged) 12 April 2013

A Class Accumulation (CHF hedged) 22 September 2013

F2 Class Accumulation 16 March 2016

D2 Class Income 30 March 2016

A Class Accumulation (JPY hedged) 27 June 2016

N Class Income 19 September 2016


5

GENERAL INFORMATION (continued)

For the year to 30 September 2017, the Trust comprised the following separate investment portfolios (“Funds”): (continued)

Fund Type of Units Launch Date

Preferred Securities Fund (continued) I Class Income (CHF hedged) 28 February 2017 A Class Income (SGD hedged) 26 May 2017 I Class Income (SGD hedged) 26 May 2017 A Class Accumulation (SGD hedged) 26 May 2017 I Class Accumulation (SGD hedged) 29 May 2017 N Class Accumulation (GBP hedged) 6 July 2017 I Class Accumulation (AUD hedged) 11 July 2017 I Class Income (AUD hedged) 11 July 2017 N Class Accumulation (EUR hedged) 21 July 2017 A Class Income (AUD hedged) 7 September 2017

U.S. Equity Fund A Class Accumulation 1 December 2003 I Class Accumulation 1 December 2003 I Class Accumulation (GBP) 19 November 2008

High Yield Fund I Class Accumulation 15 March 2004 A Class Accumulation 25 November 2009 I Class Accumulation (BRL hedged) 20 March 2013 I Class Accumulation (EUR hedged) 10 October 2013 A Class Income 30 June 2014 A Class Income (AUD hedged) 9 January 2015 D Class Accumulation 6 February 2015 F Class Accumulation 10 March 2016

Global Property Securities Fund I Class Accumulation (USD hedged) 20 April 2007 I Class Accumulation 27 November 2008 I2 Class Income 26 June 2014 I Class Income (JPY hedged) 18 May 2015 F Class Accumulation 20 April 2016

Global Equity (ex-Japan) Fund* I Class Accumulation (JPY) 1 August 2008 I Class Accumulation 30 August 2010

Post Global Limited Term High Yield Fund

I Class Accumulation (EUR hedged) 1 June 2011 Fund I Class Accumulation (JPY hedged) 15 June 2011 I Class Accumulation 1 July 2011 I Class Accumulation (GBP hedged) 22 January 2015 I Class Accumulation (CHF hedged) 8 September 2015 I2 Class Accumulation 6 October 2015 I2 Class Accumulation (EUR hedged) 6 October 2015 I2 Class Accumulation (GBP hedged) 6 October 2015 A Class Accumulation 8 February 2016 I Class Income (GBP hedged) 9 February 2016 A Class Income 1 March 2016 I Class Accumulation (SGD hedged) 17 May 2016 I Class Income (EUR hedged) 23 August 2016 I Class Income 6 December 2016

Global Time Diversified Absolute Return Fund

I Class Accumulation 2 January 2015 Fund

Global Small Cap Equity Fund A Class Accumulation 22 October 2012 I Class Accumulation 22 October 2012

Origin Global Emerging Markets Fund I Class Accumulation (GBP) 15 April 2013 I Class Accumulation 31 January 2014 F2 Class Accumulation 4 April 2016

*Global Equity (ex-Japan) Fund terminated on 15 September 2017.


6


For the year to 30 September 2017, the Trust comprised the following separate investment portfolios (“Funds”): (continued)

Fund Type of Units Launch Date

Origin Global Equity Fund** I Class Accumulation (GBP) 15 April 2013

Origin Global Smaller Companies Fund I Class Accumulation 12 April 2013 I Class Accumulation (GBP) 12 April 2013

Long/Short Global Opportunities Equity I Class Accumulation 8 August 2013 Fund***

Claritas Latin American Equity Fund I Class Accumulation 23 September 2013

Finisterre Emerging Market Debt Fund I Class Accumulation 4 October 2013 I2 Class Income (EUR hedged) 24 April 2014 I Class Accumulation (GBP hedged) 26 March 2015 A Class Accumulation 26 March 2015 A Class Accumulation (EUR hedged) 26 March 2015 A Class Accumulation (GBP hedged) 26 March 2015 A Class Accumulation (CHF hedged) 26 March 2015 A Class Accumulation (SGD hedged) 26 March 2015 A Class Income 2 April 2015 I Class Accumulation (EUR hedged) 6 October 2016 N Class Accumulation 21 July 2017 N Class Accumulation (EUR hedged) 21 July 2017

Spectrum Global Capital Securities Fund I Class Accumulation 30 October 2014 I Class Accumulation (EUR hedged) 7 August 2015 A Class Accumulation 22 August 2016

Global Capital Structure Opportunities I Class Accumulation 11 December 2014 Fund

Global Credit Alpha Fund**** I Class Accumulation 23 June 2015

Real Estate Debt Fund I Class Income 21 March 2016 I Class Accumulation 21 March 2016

Global Income Fund***** A Class Accumulation 29 March 2017 I Class Accumulation 29 March 2017 D Class Income 29 March 2017

Finisterre Unconstrained Emerging I Class Accumulation 3 May 2017 Markets Fixed Income Fund****** I2 Class Accumulation 3 May 2017 I Class Accumulation (GBP hedged) 28 June 2017

**Origin Global Equity Fund terminated on 24 February 2017. ***Long/Short Global Opportunities Equity Fund terminated on 1 March 2017. ****Global Credit Alpha Fund terminated on 30 June 2017. *****Global Income Fund launched on 29 March 2017. ******Finisterre Unconstrained Emerging Markets Fixed Income Fund launched on 2 May 2017.


7


Principal Global Investors (Ireland) Limited (the “Manager”) may, with the prior consent of the Central Bank and approval of BNY Mellon Trust Company (Ireland) Limited (the “Depositary”) and the Board of Directors of the Manager (the “Directors”), add additional Funds.

The financial statements are published on the www.principalglobal.com website. The Directors, together with the Manager and Principal Global Investors, LLC (the “Investment Adviser”) are responsible for the maintenance and integrity of the financial information included on this website.

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 10.00 a.m. (Irish time) on that dealing day. The dealing deadline for requests from Hong Kong investors is 5.00 p.m. (Hong Kong time) on that dealing day. All dealing requests should be addressed to:

Hong Kong-Based Investors: All Other Investors: Principal Investment & Retirement Services Limited BNY Mellon Fund Services (Ireland)

27th Floor, Hopewell Centre Designated Activity Company

183 Queen’s Road East One Dockland Central, Guild Street Hong Kong International Financial Services Centre

Tel: 852 2117 8383 Dublin 1 Fax: 852 2918 1461 Ireland

Tel: 353 1 900 8081 Fax: 353 1 829 0833

MINIMUM SUBSCRIPTION The minimum subscription and subsequent subscription amounts of the unit classes authorised for the Global Equity Fund and Japanese Equity Fund are as follows: Minimum Subscription Additional Subscription

A Class USD10,000 USD1,000 I Class USD2,000,000 USD500,000

F2 Class USD10,000 USD1,000 N Class USD10,000 USD1,000

The minimum subscription and subsequent subscription amounts of the unit classes authorised for the Asian Equity Fund, European Equity Fund and Emerging Markets Equity Fund are as follows:

Minimum Subscription Additional Subscription

A Class USD10,000 USD1,000 I Class USD2,000,000 USD500,000 N Class USD10,000 USD1,000

The minimum subscription and subsequent subscription amounts of the unit classes authorised for the Preferred Securities Fund are as follows:


A Class USD10,000 USD1,000 I Class USD2,000,000 USD500,000 D Class USD10,000 USD1,000 D2 Class USD10,000 USD1,000 F Class USD10,000 USD1,000 F2 Class USD10,000 USD1,000 N Class USD10,000 USD1,000 P Class USD10,000 USD1,000

http://www.principalglobal.com/


8


MINIMUM SUBSCRIPTION (continued)

The minimum subscription and subsequent subscription amounts of the unit classes authorised for the U.S. Equity Fund and Global Capital Structure Opportunities Fund are as follows:


A Class USD10,000 USD1,000 I Class USD2,000,000 USD500,000 D Class USD10,000 USD1,000 F Class USD10,000 USD1,000 N Class USD10,000 USD1,000

The minimum subscription and subsequent subscription amounts of the unit classes authorised for the High Yield Fund are as follows: Minimum Subscription Additional Subscription

A Class USD10,000 USD1,000 I Class USD2,000,000 USD500,000 D Class USD10,000 USD1,000 D2 Class USD10,000 USD1,000 F Class USD10,000 USD1,000 N Class USD10,000 USD1,000 P Class USD10,000 USD1,000

The minimum subscription and subsequent subscription amounts of the unit classes authorised for the Global Property Securities Fund are as follows: Minimum Subscription Additional Subscription

A Class USD10,000 USD1,000 I Class USD2,000,000 USD500,000 I2 Class USD100,000,000 USD10,000,000 D Class USD10,000 USD1,000 D2 Class USD10,000 USD1,000 F Class USD10,000 USD1,000 N Class USD10,000 USD1,000 P Class USD10,000 USD1,000

The minimum subscription and subsequent subscription amounts of the unit classes authorised for the Post Global Limited Term High Yield Fund are as follows:


A Class USD10,000 USD1,000 I Class USD300,000 USD100,000 I2 Class USD100,000,000 USD100,000 D Class USD10,000 USD1,000 F Class USD10,000 USD1,000 N Class USD10,000 USD1,000

The minimum subscription and subsequent subscription amounts of the unit classes authorised for the Global Time Diversified Absolute Return Fund are as follows:




9



The minimum subscription and subsequent subscription amounts of the unit classes authorised for the Global Small Cap Equity Fund, Spectrum Global Capital Securities Fund and Global Income Fund are as follows:


A Class USD10,000 USD1,000 I Class USD2,000,000 USD500,000 D Class USD10,000 USD1,000 F Class USD10,000 USD1,000 N Class USD10,000 USD1,000

P Class USD10,000 USD1,000

The minimum subscription and subsequent subscription amounts of the unit classes authorised for the Origin Global Emerging Markets Fund are as follows:


A Class USD10,000 USD1,000 I Class USD2,000,000 USD100,000

F2 Class USD10,000 USD1,000 N Class USD10,000 USD1,000

The minimum subscription and subsequent subscription amounts of the unit classes authorised for the Origin Global Smaller Companies Fund are as follows:



The minimum subscription and subsequent subscription amounts of the unit classes authorised for the Claritas Latin American Equity Fund are as follows:


A Class USD10,000 USD1,000 I Class USD300,000 USD100,000 D Class USD10,000 USD1,000 F Class USD10,000 USD1,000 N Class USD10,000 USD1,000

P Class USD10,000 USD1,000

The minimum subscription and subsequent subscription amounts of the unit classes authorised for the Finisterre Emerging Market Debt Fund are as follows: Minimum Subscription Additional Subscription

A Class USD10,000 USD1,000 I Class USD2,000,000 USD100,000 I2 Class USD200,000,000 USD100,000 N Class USD10,000 USD1,000

The minimum subscription and subsequent subscription amounts of the unit classes authorised for the Real Estate Debt Fund are as follows:


A Class USD10,000 USD1,000 I Class USD2,000,000 USD500,000 D Class USD10,000 USD1,000 D2 Class USD10,000 USD1,000 F Class USD10,000 USD1,000 N Class USD10,000 USD1,000 P Class USD10,000 USD1,000


10



The minimum subscription and subsequent subscription amounts of the unit classes authorised for the Finisterre Unconstrained Emerging Markets Fixed Income Fund are as follows: Minimum Subscription Additional Subscription

A Class USD10,000 USD1,000 I Class USD2,000,000 USD100,000 I2 Class USD100,000,000 USD100,000 N Class USD10,000 USD1,000

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 or nearest business day for all income unit classes where possible. Quarterly distributions will be payable in respect of the A, I, D, F, N and P Income Unit Classes on the Preferred Securities Fund, the A Income Unit Classes on the High Yield Fund, the A and I Income Unit Classes on the Post Global Limited Term High Yield Fund and the I Income Unit Class on the Real Estate Debt Fund. Monthly distributions will be payable in respect of the D2 Income Unit Classes on the Preferred Securities Fund, High Yield Fund, Global Property Securities Fund and Real Estate Debt Fund. There are no D2 Income Unit Classes in issue currently on the High Yield Fund, Global Property Securities Fund or Real Estate Debt Fund. Monthly distributions will be payable in respect of the D Income Unit Class on the Global Income Fund.

CORPORATE GOVERNANCE The Board of Directors has adopted and applied the Irish Funds (“IF”) Corporate Governance Code for the year ended 30 September 2017.

CONNECTED PERSONS Irish UCITS Regulations 2015, Section 41(1), Restrictions on transactions with connected persons - requires that any transaction carried out with a UCITS by a distributor, manager, trustee, administrator, depositary, investment adviser, sub-adviser and/or associated or group companies of these (“connected persons”) must be carried out as if negotiated at arm’s length. Transactions must be in the best interests of the Unitholders of the UCITS.

The Board of Directors has been informed of the connected person transactions in relation to the Trust, and has been provided with sufficient information and comfort to conclude that they were conducted on an arm’s length basis and in Unitholders’ best interests.

SIGNIFICANT EVENTS DURING THE YEAR

Launches during the year:

Fund

Global Income Fund was launched on 29 March 2017.

Finisterre Unconstrained Emerging Markets Fixed Income Fund was launched on 2 May 2017. Share Class

Finisterre Emerging Market Debt Fund I Class Accumulation (EUR hedged) 6 October 2016.

Post Global Limited Term High Yield Fund I Class Income 6 December 2016.

Preferred Securities Fund I Class Income (CHF hedged) 1 March 2017.

Global Income Fund A Class Accumulation 30 March 2017.

Global Income Fund I Class Accumulation 30 March 2017.

Global Income Fund D Class Income 30 March 2017.

Finisterre Unconstrained Emerging Markets Fixed Income Fund I Class Accumulation 3 May 2017.

Finisterre Unconstrained Emerging Markets Fixed Income Fund I2 Class Accumulation 3 May 2017.

Preferred Securities Fund A Class Income (SGD hedged) 25 May 2017.

Preferred Securities Fund I Class Income (SGD hedged) 25 May 2017.

Preferred Securities Fund A Class Accumulation (SGD hedged) 26 May 2017.

Preferred Securities Fund I Class Accumulation (SGD hedged) 29 May 2017.

Finisterre Unconstrained Emerging Markets Fixed Income Fund I Class Accumulation (GBP hedged) 28 June 2017.

Preferred Securities Fund N Class Accumulation (GBP hedged) 6 July 2017.

Preferred Securities Fund I Class Income (AUD hedged) 11 July 2017.


11


SIGNIFICANT EVENTS DURING THE YEAR (continued)

Share Class (continued) Preferred Securities Fund I Class Accumulation (AUD hedged) 11 July 2017.

Finisterre Emerging Market Debt Fund N Class Accumulation 21 July 2017.

Finisterre Emerging Market Debt Fund N Class Accumulation (EUR hedged) 21 July 2017.

Preferred Securities Fund N Class Accumulation (EUR hedged) 24 July 2017.

Preferred Securities Fund A Class Income (AUD hedged) 4 September 2017.

Closures during the year

Fund

Origin Global Equity Fund was closed on 24 February 2017.

Long/Short Global Opportunities Equity Fund was closed on 1 March 2017.

Global Credit Alpha Fund was closed on 30 June 2017.

Global Equity (ex-Japan) Fund was closed on 15 September 2017.

Share Class

U.S. Equity Fund I Class Accumulation (GBP) 8 December 2016.

Finisterre Emerging Market Debt Fund A Class Accumulation (CHF hedged) 10 February 2017.

Finisterre Emerging Market Debt Fund A Class Accumulation (GBP hedged) 10 February 2017.

Finisterre Emerging Market Debt Fund A Class Accumulation (SGD hedged) 10 February 2017.

Finisterre Emerging Market Debt Fund I Class Accumulation (GBP hedged) 10 February 2017.

Origin Global Equity Fund I Class Accumulation (GBP) 23 February 2017.

Long/Short Global Opportunities Equity Fund I Class Accumulation 1 March 2017.

Global Credit Alpha Fund I Class Accumulation 30 June 2017.

Global Equity (ex-Japan) Fund I Class Accumulation 10 August 2017.

Finisterre Emerging Market Debt Fund N Class Accumulation (EUR hedged) 25 August 2017.

Finisterre Emerging Market Debt Fund N Class Accumulation 8 September 2017.

Global Equity (ex-Japan) Fund I Class Accumulation (JPY) 15 September 2017.

Finisterre Emerging Market Debt Fund I2 Class Income (EUR hedged) 15 September 2017.

Finisterre Emerging Market Debt Fund A Class Accumulation (EUR hedged) 29 September 2017. Supplement changes

Global Equity Fund - I class management fee rate change from a tiered structure to 0.75% effective from 1 December 2016.

Asian Equity Fund - I class management fee rate change from a tiered structure to 0.75% effective from 1 December 2016.

European Equity Fund - I class management fee rate change from a tiered structure to 0.75% effective from 1 December 2016.

Emerging Markets Equity Fund - I class management fee rate change from a tiered structure to 0.75% effective from 1 December 2016.

Japanese Equity Fund - I class management fee rate change from a tiered structure to 0.75% effective from 1 December 2016.

U.S. Equity Fund - I class management fee rate change from a tiered structure to 0.75% effective from 1 December 2016.

High Yield Fund - D, D2 and I class management fee rate change from 0.75% to 0.65% effective from 1 December 2016.

Global Property Securities Fund - I class management fee rate change from a tiered structure to 0.80% effective from 1 December 2016.

Global Equity Fund (ex-Japan) - I class management fee rate change from a tiered structure to 0.75% effective from 1 December 2016.

Global Time Diversified Absolute Return Fund - addition of N share class and changes to allowable leverage limits on 1 December 2016.

Global Time Diversified Absolute Return Fund - I class management fee rate change from 1.50% to 1.00% effective from 1 December 2016.

Global Small Cap Equity Fund - I class management fee rate change from a tiered structure to 0.75% effective from 1 December 2016.

Origin Global Emerging Markets Fund - I class management fee rate change from 1.00% to 0.85% effective from 1 December 2016.


12


SIGNIFICANT EVENTS DURING THE YEAR (continued)

Supplement changes (continued)

Origin Global Equity Fund - I class management fee rate change from 0.65% to 0.75% effective from 1 December 2016.

Origin Global Smaller Companies Fund - I class management fee rate change from 1.00% to 0.85% effective from 1 December 2016.

Long/Short Global Opportunities Equity Fund - I class management fee rate change from 1.00% to 0.85% effective from 1 December 2016.

On 1 December 2016 changes were made in the prospectus to comply with the CBI's gating language requirements.

Edge Asset Management, Inc is no longer listed as a sub-investment-adviser to the Global Income Fund in the Supplement dated 9 June 2017.

Update to reflect investment in Rule 144A Securities (including those which have not yet been issued with an undertaking to register them with the US SEC) for Global Capital Structure Opportunities Fund, Post Global Limited Term High Yield Fund and Real Estate Debt Fund effective from 17 August 2017.

Clarifying in the 31 August 2017 supplement that Preferred Securities Fund seeks to achieve its overall objective by investing primarily in a portfolio of U.S. dollar denominated preferred securities and debt securities issued by US and/or European issuers.

Other Events

The Directors took the decision to change the legal adviser and company secretary from A&L Goodbody to Maples and Calder on the 17 April 2017.

On 17 April 2017 the Registered address of the Trust changed to 75 St Stephens Green, Dublin 2, Ireland and on 8 May 2017 , it changed to 32 Molesworth Street, Dublin 2, Ireland.

On 11 August 2017 Mr. Greg Thornton was appointed and Mr. Nicholas Lyster retired as an executive Director.

Effective 1 September 2017, the registered address of BNY Mellon Fund Services (Ireland) Designated Activity Company and BNY Mellon Trust Company (Ireland) Limited was changed to One Dockland Central, Guild Street, International Financial Services Centre, Dublin 1, Ireland

SIGNIFICANT EVENTS AFTER THE YEAR END

Closures after the year end

Fund

Spectrum Global Capital Securities Fund was closed on 4 December 2017.

Finisterre Emerging Market Debt Fund was closed on 18 December 2017.

Share Class

Spectrum Global Capital Securities Fund A Class Accumulation 4 December 2017.

Spectrum Global Capital Securities Fund I Class Accumulation 4 December 2017.

Spectrum Global Capital Securities Fund I Class Accumulation (EUR hedged) 4 December 2017.

Finisterre Emerging Market Debt Fund A Class Income 18 December 2017.

Finisterre Emerging Market Debt Fund A Class Accumulation 18 December 2017.

Finisterre Emerging Market Debt Fund I Class Accumulation 18 December 2017.

Finisterre Emerging Market Debt Fund I Class Accumulation (EUR hedged) 18 December 2017.

Supplement changes

Global Income Fund - A class management fee rate change from 1.10% to 1.25% effective from 16 November 2017.

Finisterre Unconstrained Emerging Markets Fixed Income Fund - A class management fee rate change from 1.25% to 1.55% effective from 16 November 2017.

Origin Global Smaller Companies Fund and Origin Global Emerging Markets Fund - as part of MIFID II compliance, disclosures were included in respect of Research Payment Accounts effective from 3 January 2018.

The supplement of Finisterre Unconstrained Emerging Markets Fixed Income Fund dated 16 November 2017 has been updated to bring it in line with EU Regulations on transparency and re-use of securities financing transactions (SFTR).

Principal Global Investors (Europe) Ltd is no longer listed as sub-investment adviser to Global Capital Structure Opportunities Fund in the supplement dated 16 November 2017.

Other Events

The basis of calculation of the maximum management fee was updated from Gross Asset Value to Net Asset Value in the prospectus dated 16 November 2017 to bring it in line with the Trust Deed.

On 24 January 2018 the Board approved the operational closure of the Claritas Latin American Equity Fund by 30 April 2018.


INVESTMENT ADVISER’S REPORT

for the year ended 30 September 2017 (continued)

13

Global Equity Fund

For the 12 months to 30 September 2017, the Global Equity Fund reported net performance of 15.9%. From a sector perspective, strength in real estate and financials were more than offset by weakness in consumer staples and utilities. Top contributors were Qualicorp, CSX, and Tokyo Electron while JBS, Veolia Environnement, and Promotora y Operadora de Infraestructura were top detractors overall. Global equity investors enjoyed robust and broad-based gains over the period amid favourable market conditions. The markets advancement has been led by emerging markets and international shares. This synchronized global expansion remained on track. Despite a reversal in September, the U.S. dollar (“USD”) weakened while industrial commodity prices firmed, both consistent with signs of improving global growth trends. After a prolonged period of returns being driven by multiple rerating in recent years, 2017 has been defined by margin expansion and earnings growth. Corporate profits have returned to health with modest but meaningful top line growth and further extension of cost controls and capital redeployment. Much of the market action during the period conveyed a “risk-on” sentiment with sectoral leadership having a cyclical tilt. Led by emerging markets, equities have enjoyed broad-based gains through the third quarter of 2017 and many indicators remain favourable including the synchronized move higher in global Purchasing Manager’s Indices (“PMIs”) and positive leading economic indicators. Corporate profits have returned to health while moderation of the USD has spurred cyclical investment across the globe though the USD is likely to see a near-term bounce as upside risk is surfacing to a more reflationary environment. Valuation rerating is unlikely to push further advances in equity prices leaving earnings growth as the key upside catalyst. The latest earnings season concluded with earnings growth generally ahead of expectations helped by top-line growth and margin expansion. This in turn has begun carrying the next leg of the rally in equity markets though we are getting later in the cycle, particularly in the U.S.

Asian Equity Fund

For the 12 months to 30 September 2017, the Asian Equity Fund reported net performance of 25.47%. The top three contributors to performance were Alibaba Group, up 63.3%, Samsung Electronics, up 57.3%, and LARGAN Precision, up 47.1%. The top three detractors were China Communications Services, down 15.0%, Tong Yang, down 10.5%, and an underweight position in China Evergrande Group which was up 416.4%. Both the Asia and Pacific regions outperformed during the last 12 months. Within Asia, strong stock selection in India, South Korea, and Taiwan highlighted the outperformance while China and Thailand were the only markets to detract from results. In the Pacific region, stock selection in Singapore was a notable contributor and Hong Kong marginally outperformed. We remain positive on the semiconductor space with limited supply growth into next year. Financials stay as our largest overweight in India and the underlying momentum in housing and consumer finance remains robust. We maintain a relatively constructive view on China with the biggest overweight to the information technology sector, which has more sustainable growth driven by under levered consumers. We expect the uncertainty and the volatility to remain in Taiwan Apple supply chain stocks until we have more clarity on the sales volume of iPhone X. The bottom line for us at this point is to stick with the current stock picks, as we see still better chances of outperformance because of structural growth drivers.

European Equity Fund

For the 12 months ending 30 September 2017, the European Equity Fund reported net performance of 23.72%. Stock selection in the technology and healthcare sectors was the most effective. However, stock selections in the financials and materials sectors were less effective. The portfolio outperformed during the 12-month period on the back of positive stock selection. We saw very strong performance from the French listed computer games designer Ubisoft which rose 82% during the 12-month review period, also Austrian listed oil refiner OMV which rose 107% and Dutch listed semiconductor group BE Semiconductor which rose 111%. Our underweight exposure to United Kingdom (“UK”) listed banking giant HSBC was detrimental to performance as the stock rose 35% during the year, as was our exposure to UK listed pharmaceutical group Shire which fell 24% and German listed sugar group Suedzucker which fell 25%.




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European Equity Fund (continued)

Widely anticipated elections have cleared most hurdles and brought ease over the markets and economies though recent elections weren’t as promising as expected. The ever-evolving Brexit scenario remains, though it appears to be softening, paving the way for potential business investment acceleration and better prospects for growth. With moderate global growth, the region is likely to be reliant on better domestic spending, corporate profitability, and margin expansion leading to stable growth. From a relative standpoint, valuations coupled with earnings growth are particularly enticing, especially in comparison to the United States, though have compressed in 2017 following relative outperformance. Regardless of the region, sector, or general market conditions, our bottom up focus on sustainable earnings trends and valuations relative to expectations remain a constant across the portfolio, and helps rise above the fray of short-term “risk on/risk off” tendencies of many investors and bouts of volatility.

Emerging Markets Equity Fund

For the 12 months to 30 September 2017, the Emerging Markets Equity Fund reported net performance of 25.87%. The top three contributors for the Fund were Magazine Luiza, up 247.4%, Alibaba Group, up 63.3%, and Sunny Optical Technology, up 217.6%. The top three detractors were Tong Yang, down 21.1%, JD.com Inc., down 15.6%, and KT & G Corporation, down 16.6%. Our global emerging markets strategy outperformed the MSCI Emerging Markets Index during the last twelve months. All regions outperformed the index with Asia leading the way. Europe, the Middle East and Africa (“EMEA”) was the next best, followed by Latin America. China, India, and Brazil as the top relative performing countries while Mexico, Poland, and Thailand were the largest detractors. We remain positive on the semiconductor space with limited supply growth into next year. Financials stay as our largest overweight in India and the underlying momentum in housing and consumer finance remains robust. We maintain a relatively constructive view on China with the biggest overweight to the information technology sector, which has more sustainable growth driven by under levered consumers. Our recent meetings with Brazilian corporates indicated stabilization of consumption and some green shoots in consumer spending recovery, but far from a spending binge. We have not seen yet a recovery in bank lending to the private sector either. The bottom line for us at this point is to stick with the current stock picks, as we see still better chances of outperformance because of structural growth drivers

Japanese Equity Fund

For the 12 months to 30 September 2017, the Japanese Equity Fund reported net performance of 13.42%. The portfolio outperformed the MSCI Japan Index during the period. Stock selection in the consumer staples and consumer discretionary sectors were most effective. However, stock selection in the utilities and telecommunication services sectors were less effective. The portfolio outperformed for the 12-month period on the back of positive stock selection. Our investment process and portfolio style characteristics provided significant tailwinds. An overweight position in Tokyo Electron contributed strongly to performance in the period as the stock was up +79.41% in USD terms. An overweight position in TOHO Gas Co. had a negative impact on the portfolio in the period as the security was down 36.41% in USD terms. At the end of September, the portfolio’s most overweight positions included MS&AD Insurance Group, Haseko Corporation, DENSO Corporation, and K’s Holdings Corporation. Equity markets continued to rally over the past 12 months into the double digits for most regions led by emerging markets. Rising global growth prospects as seen in an upswing in more synchronized global expansion and further extension of a weak USD propelled commodity prices higher, particularly industrial metals, all contributing to broad investment into emerging markets. While emerging markets continues to top regional return tables, breadth in market returns remains apparent worldwide. Corporate profits are returning to health with further extension of cost controls driving earnings and margin expansion. The quarter was centred around a more risk-on sentiment with sectoral leadership having a cyclical tilt. 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 to isolate superior stock selection as the primary source of outperformance.




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Preferred Securities Fund

For the 12 months ending 30 September 2017, the Preferred Securities Fund reported net performance of 8.57%. Rising rates in the front end have benefited the extended insurance and utility issues. Rising front end rates have also buoyed fixed to float $1000 pars. Our allocation to Contingent Convertible securities (“CoCo’s”) in the Fund continues to perform strongly. The general upward trajectory in European bank equity given rising inflation and improved confidence in the Eurozone has helped CoCo’s. Longer duration legacy Tier 1 bonds have performed well given a flattening yield curve in 2017 combined with tightening spreads. The Fund has grown significantly this period with net inflows of $1.9 billion. We increased the concentration of legacy Tier 1 bonds in the portfolio from 10.44% to 14.06%. These bonds continue to offer attractive spreads and the possibility of capital return through liability management exercises. We also favoured Insurance hybrids, specifically high coupon dated issues taking the sector concentration to 31.09% from 27.16%. We increased our sector allocation to utility hybrids given the non-financial diversification benefits and issuance in the sector. In keeping with the evolution of the preferred universe, our $25 par holdings have decreased over the period. We do expect (real) longer term rates to move higher from here, not only because of central bank reflationary requirements that perpetuate the currency wars, but also because fiscal spending excess and entitlement overloads will ultimately not likely be cured without some combination of currency based inflation and absolute risk adjustments to debt loads. Indeed, our outlook is based on a fundamental backdrop of progress and scale back of global central bank interventions to allow markets to clear holistically. After all, unassisted pricing in financial markets is the ultimate goal of global bank reform which has been underway for years. Credit markets do appear fully priced, yet still anxious to buy whatever is in sight. Our assessment of risks and rate outlooks are predicated on a continuing theme which has appropriately played through 2016 and into 2017. We expect financial credit to maintain its constructive safe haven status by virtue of the Trump Administration’s propensity to loosen regulatory nooses. European regulatory change should be concluding with supportive timelines on capital restoration as well. Overall, we expect preferred securities to have another constructive year as some spread tightening against the backdrop of only moderately higher interest rates supports a total return outcome.

U.S. Equity Fund

For the 12 months to 30 September 2017, the U.S. Equity Fund reported net performance of 19.21%. The portfolio outperformed the S&P 500 Index during the period. Stock selection in the healthcare and industrials sectors was the most effective. However, stock selections in the consumer staples and financials sectors were less effective. The portfolio outperformed during the 12-month period on the back of positive stock selection. Our overweight positions in Boeing Company and JPMorgan Chase & Co, and underweight position in General Electric Company contributed positively to performance. Our overweight position in Tyson Foods, Inc., Ross Stores, Inc., and FootLocker detracted from performance. At the end of September, the Fund’s main overweight positions were Waste Management, Inc., Baxter International Inc., and Wal-Mart Stores, Inc. The Fund’s main underweight positions included Wells Fargo & Company, Procter & Gamble Company, and Exxon Mobil Corporation. Key market risks have evolved, but remain centred around potential policy changes. Corporate tax reform (more specifically the potential for deficit funded fiscal stimulus) and the commensurate reaction from the U.S. Federal Reserve (“Fed”) to dampen such changes with accelerated monetary tightening will likely be the key determinant of market risk as we look ahead to 2018. Corporate debt levels continue to rise to levels consistent with later stages of the business cycle. As a result, higher inflation and by extension interest rates are an area we are watching closely. Our portfolio is comprised of companies we believe offer superior fundamental change relative to their peers, rising investor expectations, and attractive relative valuations. High Yield Fund

For the 12 months to 30 September 2017, the High Yield Fund reported net performance of 9.85%. The Fund had a positive contribution from its allocation to Chaparral Energy, Jazz US Holdings, and Vander Intermediate Holding. The Fund was negatively impacted from its allocation to Agrokor, Petrobras Global Finance, and Goodman Networks.




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High Yield Fund (continued)

Market conditions changed rapidly following a surprising win by Donald Trump in the U.S. presidential election and a Republican sweep of Congress. The rally continued into 2017 where sentiment remained strong following a market friendly outcome of French elections. Heading into the third quarter, spreads moved close to multi-year tights as the combination of an improved macroeconomic backdrop and strong corporate fundamentals drove credit valuations higher. In addition, reduced expectations of monetary tightening helped risk assets outperform as central banks took a more dovish tone due to weak inflation data. Despite escalating tension with North Korea, volatility remained exceptionally low during the quarter. The Fed announced its intention to begin balance sheet normalisation in October and put a December rate increase back on the table, both of which could reintroduce volatility in an otherwise placid market. U.S. tax reform discussions may also be a near term catalyst to drive sentiment. While there are potential risks, the market remains constructive for high yield as the macro environment continues to improve and default rates remain benign. Technical pressures should also subside as new issuance is expected to slow relative to September’s high volume. By quality, we continue to find the best value in single B-rated names. Our top industries include finance companies, life insurance, and aerospace and defence as these should benefit in a rising rate environment and from stable commodities. From a European perspective, our top industry picks remain cable, wireless, and packaging.

Global Property Securities Fund

For the 12 months to 30 September 2017, the Global Property Securities Fund reported net performance of 1.97%. Good selection in the strong fundamentals driving stock returns in German residential and office stocks contributed to outperformance. Positive selection in malls, retail-focused net lease, and single-family rental also drove outperformance. Out of benchmark holdings also made a material contribution through holdings in technology stocks, industrial, and Japanese developers. Property stocks trailed broader equity markets with the FTSE EPRA/NAREIT Developed NTR Index advancing 0.6% while the MSCI World Index rallied 18.2%. Bonds trailed both declining 2.5%. Europe performed best with improving economic data and receding political risk. Asia followed as positive sentiment in Hong Kong office and accommodative property policies boosted returns for developers. Retail underperformed globally on the back of weak sentiment and the store closing landscape. Industrial was a strong performer globally. The Americas performance was driven by the surprise election of Donald Trump causing a pro-growth trade and the Fed remaining hawkish on its balance sheet normalisation plan. Since last year, global economies still appear to be in a coordinated global cyclical recovery. The Fed announced the start of balance sheet roll-off and remains hawkish on its policy path for rate hikes. Together with incremental traction the Trump administration has made on tax cuts, this could in the short term, extend the backup in bond yields seen in September. We do not anticipate a disruptive move up in yields as many uncertainties around tax reform and geopolitical risks continue to escalate. Although inflation may tick back up, longer term structural forces are likely to cap the upside for inflation, hence bond yields. Global Real Estate Investment Trusts (“REITs”) remained relatively resilient during the recent 20 basis points (“bps”) move up in U.S. bond yields that occurred in the latter half of September. Medium-term outlook for REITs remains constructive amid the backdrop of ongoing global growth recovery and likely gradual rise in interest rates.

Global Equity (ex-Japan) Fund (closed 15 September 2017)

For the period 30 September 2016 to close of the Fund on 15 September 2017, the Global Equity (Ex- Japan) Fund returned 9.6%. From a sector perspective, strength in healthcare and financials was more than offset by weakness in consumer discretionary and consumer staples. Top contributors were Anthem, CSX, and JPMorgan while Macy’s, Veolia Environnement, and CVS Health were top detractors overall. Global equity investors enjoyed robust and broad-based gains over the period amid favourable market conditions. The markets advancement has been led by emerging markets and international shares. The synchronized global expansion remained on track. Despite a reversal in September, the USD weakened, while industrial commodity prices firmed, both consistent with signs of improving global growth trends. After a prolonged period of returns being driven by multiple rerating in recent years, 2017 has been defined by margin expansion and earnings growth. Corporate profits have returned to health with modest but meaningful top line growth and further extension of cost controls and capital redeployment. Much of the market action during the period conveyed a “risk-on” sentiment with sectoral leadership having a cyclical tilt.




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Global Equity (ex-Japan) Fund (closed 15 September 2017) (continued)

Led by emerging markets, equities have enjoyed broad-based gains through the third quarter of 2017 and many indicators remain favourable, including the synchronized move higher in global PMIs and positive leading economic indicators. Corporate profits have returned to health while moderation of the USD has spurred cyclical investment across the globe though the USD is likely to see a near-term bounce as upside risk is surfacing to a more reflationary environment. Valuation re-rating is unlikely to push further advances in equity prices leaving earnings growth as the key upside catalyst. The latest earnings season concluded with earnings growth generally ahead of expectations helped by top-line growth and margin expansion. This in turn has begun carrying the next leg of the rally in equity markets though we are getting later in the cycle, particularly in the U.S.


For the 12 months to 30 September 2017, the Post Global Limited Term High Yield Fund reported net performance of 3.72%. The portfolio continued to maintain significant exposure to high quality businesses in more stable, defensive sectors during this period, including healthcare, technology/software, cable/satellite, and telecommunications. The portfolio continued to remain underweight in commodity related credits and other riskier sectors such as pharmaceuticals and retail. During a period of rising interest rates (the yield on the 5-year U.S. Treasury increased from 1.15% to 1.93% between September 2016 and September 2017), the Fund generated attractive and consistent returns through income and capital appreciation. Importantly, when the high yield market slowed in March and June of this year, the Fund continued to generate good performance as underlying value in higher quality credits continued to gradually “accrete” over time. Although yields and spreads have tightened materially over the last 18 months, we continue to believe short duration corporate credit remains attractive on both an absolute and relative basis. Driven by our focus on investing in high quality businesses in more stable, defensive sectors, underlying credit fundamentals remain strong and we have continued to demonstrate our ability to provide strong downside protection while generating total return in excess of the portfolio’s stated yield-to-worst. Technical conditions also remain robust as investors around the world, especially international investors, continue to seek attractive yields with relatively low levels of credit, market, and duration risk.


For the 12 months to 30 September 2017, the Global Time Diversified Absolute Return Fund reported net performance of -8.00%. Both the discretionary and systematic sub-components performed negatively, though the bulk of losses came from the discretionary side. Themes trading a persistent spike in financial market volatility by being long safe-haven currencies such as Japanese yen (“JPY”) and Swiss franc (“CHF”) underperformed the most as volatility generally remained subdued. Fourth quarter 2016 was marked by Donald Trump’s surprise victory which caused the USD to rally. The Fed also turned more hawkish and hiked rates in December helping cement USD strength. The early part of 2017 saw populist parties in Europe defeated in key elections, helping to drive a relief rally in the euro (“EUR”). The Fed hiked rates again in March, however dovish language in the accompanying statement caused the USD to underperform relative to higher yielding currencies. In the third, other central banks joined the Fed in normalising policy with the Bank of China (“BoC”) hiking twice, helping drive a strong rally in the Canadian dollar (“CAD”).

The USD’s positive fundamentals will reassert themselves in 2018, producing the final surge in the USD structural uptrend. The Fed will continue to hike at a faster pace than priced by the market and what other major central banks can deliver, causing the USD to appreciate. Our conviction on faster Fed tightening implies a less constructive backdrop for risk assets globally. It is possible that a 2.0-2.25% Fed rate would act as a risk asset tipping point, having generated sufficient tightening to cause a cycle peak. In non-Fed G10 space, assessing the sustainability of central banks’ reaction functions will be key this year, as major reversals are likely to prove good relative value trading opportunities.




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Global Small Cap Equity Fund

For the 12 months to 30 September 2017, the Global Small Cap Equity Fund reported net performance of 19.42%. Outperformance was consistent across all major regions during the period with the U.S. and Europe providing the biggest contribution to relative performance. Within Europe it was Germany and Italy with the strongest contributions. France and the UK were the biggest detractors from relative performance during the period. Outperformance was also consistently strong across most sectors during the month with the information technology and healthcare sectors posting the strongest contributions to relative returns. The telecommunications sector was the only detractor, modestly so, from relative performance. Led by emerging markets, equities have enjoyed broad-based gains through the third quarter of 2017 and many leading indicators remain favourable including the synchronized move higher in global PMIs. Corporate profits have returned to health while moderation of the USD has spurred cyclical investment across the globe. Valuation rerating is unlikely to push further advances in equity prices, however, leaving earnings growth as the key upside catalyst. The latest earnings season was generally ahead of expectations, boosted by both top-line growth and margin expansion. The market remains positioned favourably in an upgrade cycle where global earnings upgrades have outnumbered downgrades. Although most valuation readings for U.S. equities now stand above historical averages driven by earnings growth and low rates, broader global valuation metrics remain reasonable, particularly in terms of earnings and cash flow yields relative to bond yields. With bond yields remaining not too far above historical lows, long term accumulation and liability funding objectives have minimal opportunities to be met without meaningful equity exposure. Selectivity is key. Despite early signs of tighter monetary policies, yields have remained rather subdued on the lack of global inflation. However, during the last week of September yields began to inch higher as prospects of higher inflation in the near term seem to increase against the backdrop of synchronized global growth and higher commodity prices. Additionally, investors seem to be giving a higher probability for U.S. tax reform despite the Republican’s inability to change course on healthcare policy.

Origin Global Emerging Markets Fund

For the 12 months to 30 September 2017, the Origin Global Emerging Markets Fund reported net performance of 27.74%. At a sector level, performance was driven predominantly by strong stock selection in information technology and consumer discretionary stocks in China. Stock selection in utilities (in particular China) and financials (in particular Taiwan) detracted from relative performance. The emerging markets sector concluded the 12-month period to the end of September 2017 in firmly positive territory, with the MSCI Emerging Markets Index delivering strong double-digit returns. Over the fourth quarter 2016, the Fund fell behind the benchmark, however, over the year-to-date the market has recognised and rewarded those characteristics we value (capital management, undervaluation, improving earnings revisions and rising share price relative trend), meaning we have been able to generate significantly positive returns above the index. In fact, factor efficacy has been positive across most factors (Value, Earnings and Technical momentum) on aggregate over the 12-month period. At a sector level, the portfolio’s most sizeable position is in information technology stocks, which remains the largest overweight. Conversely, financials remains the most significant underweight although we have increased our exposure to this sector quite significantly over the year. Geographically, China represents the portfolio’s largest holding and overweight; a position we have added to over the year. India remains our largest underweight position relative to the benchmark. At Origin we do not attempt to forecast the future, preferring instead to follow the evidence, which for now is continuing to point in the same broad direction. Whatever the future holds, you can be certain that we will continue to build portfolios of companies exhibiting the aforementioned characteristics, and as long as the market continues to act in a rational manner rewarding those companies that best embody the balance of those characteristics then the strategy remains positioned to perform well.

Origin Global Equity Fund (closed 24 February 2017)

For the period 30 September 2016 to close of the Fund on 24 February 2017, the Origin Global Equity Fund reported net performance of 7.62%.




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Origin Global Equity Fund (closed 24 February 2017) (continued)

At a sector level, the top contributors to performance were information technology and healthcare over the period. The top detractor came from financials, in particular from the United States. Geographically, relative underperformance was driven by the Emerging Markets and Japan. The underweight allocation to and stock selection in Europe ex-UK benefitted relative performance. Following several years in which the market acted in what we would view as a rational manner and rewarded the characteristics we value, 2016 proved to be the exception, with the fourth quarter demonstrating this in microcosm. Not only did the market ignore the factors we target, indeed one might say that all the evidence has been resolutely eschewed as those stocks that experienced the strongest performance appeared actively bad on the measures that we consider most important, perhaps except for value. It is in this environment, the Fund started 2017 lagging the benchmark. However, as the underlying drivers of market performance rotated during Q1 2017; exhibiting greater rationality, rewarding three of our four target characteristics, in the form of fast growing companies demonstrating the strongest capital management while also being attractively valued and receiving positive earnings revisions; the Fund was able to narrow the gap between the Fund and the benchmark on the Fund’s closing in February 2017.

Origin Global Smaller Companies Fund

For the 12 months to 30 September 2017, the Origin Global Smaller Companies Fund reported net performance of 23.80%. At a sector level, performance was driven predominantly by strong stock selection and allocation to information technology in Taiwan, China, and the United States. Stock selection in healthcare (particularly in China and Australia) detracted from relative performance. The Global Smaller Companies sector concluded the 12-month period to the end of September 2017 in firmly positive territory, with the MSCI ACWI Small Cap Index delivering strong double digit returns. Over fourth quarter 2016, the Fund fell behind the benchmark, however, over year-to-date the market has recognised and rewarded those characteristics we value (capital management, undervaluation, improving earnings revisions and rising share price relative trend), meaning we have been able to generate significantly positive returns above the index. In fact, factor efficacy has been positive across most factors (Value, Earnings and Technical momentum) on aggregate over the 12-month period. At a sector level, the portfolio’s most sizeable position is in information technology stocks, which remains the largest overweight; however, we reduced our position to this sector over the year. Conversely, real estate remains the most significant underweight. Geographically, emerging markets is the portfolio’s largest holding and overweight; a position we have added to over the year. North America remains our largest underweight position relative to the benchmark. At Origin we do not attempt to forecast the future, preferring instead to follow the evidence, which for now is continuing to point in the same broad direction. Whatever the future holds, you can be certain that we will continue to build portfolios of companies exhibiting the aforementioned characteristics, and as long as the market continues to act in a rational manner rewarding those companies that best embody the balance of those characteristics then the strategy remains positioned to perform well.

Long/Short Global Opportunities Equity Fund (closed 1 March 2017)

For period from 30 September 2016 to close of the Fund on 1 March 2017, the Long/Short Global Opportunities Equity Fund returned 0.00%. From a sector perspective, strength in real estate and financials were more than offset by weakness in consumer staples and utilities. Global equity investors enjoyed robust and broad-based gains over the period amid favourable market conditions. The markets advancement has been led by emerging markets and international shares. The synchronized global expansion remained on track. Despite a reversal in September, the USD weakened, while industrial commodity prices firmed, both consistent with signs of improving global growth trends. After a prolonged period of returns being driven by multiple re-rating in recent years, 2017 has been defined by margin expansion and earnings growth. Corporate profits have returned to health with modest but meaningful top line growth and further extension of cost controls and capital redeployment. Much of the market action during the period conveyed a “risk-on” sentiment with sectoral leadership having a cyclical tilt.




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Claritas Latin American Equity Fund

For the 12 months to 30 September 2017, the Claritas Latin American Equity Fund reported net performance of 19.69%. Stock picking was entirely responsible for the alpha of the fund. The positive highlights during the period were the overweight allocations on CVC, Sanepar, and Itaú in Brazil. On the other hand, the underweight allocation in Brazil was the main detractor of the portfolio.

During the last year, a more benign scenario favoured emerging markets as developed countries posted solid growth accompanied by a benign inflation data, allowing a more gradual than expected monetary tightening. Additionally, we saw important improvements in Latin America, helped by political calming, stronger currencies and higher commodity prices. In Brazil, the political turmoil was not enough to bring down confidence in the economic recovery, which was supported by improving data and developments on the reform agenda. In Mexico, Donald Trump’s election had only limited effects on consumer confidence. Latin American equities (+22.5%) outperformed both emerging market (19.73%) and developed market (15.9%).

The outlook for the region improved with the stabilization on commodity prices, positive developments on the political front and expectations of lower interest rates for longer. Looking ahead, we should monitor the withdrawal of monetary stimulus by central banks in developed markets on the back of a rebound in inflation. The European Central Bank (“ECB”) is already signalling tapering quantitative easing in the Eurozone, and the Fed will soon start unwinding its balance sheet. China economic activity remains another important driver for the markets. In the geopolitical front, the main concern consists on North Korea tensions. In Brazil, the local drivers are the pace of economic recovery, the political scenario and the advance of the reform agenda. As for Mexico, it is important to track the outcome of the North American Free Trade Agreement (“NAFTA”) negotiations on the exit of the USA from the block.

Finisterre Emerging Market Debt Fund

For the twelve months ending 30 September 2017, the Finisterre Emerging Market Debt Fund reported an estimated net performance of 4.77%. One of the two portfolio managers left the firm in September 2017. The Finisterre Emerging Markets Debt Fund is mainly invested in liquid emerging market assets. The specific focus of the Fund was expressed in long rates positions in emerging markets via derivatives and government bonds. The risk in the portfolio continues to be low. The long credit positions performed well over the period, as did the hedges.

Spectrum Global Capital Securities Fund

For the 12 months to 30 September 2017, the Spectrum Global Capital Securities Fund reported net performance of 10.97%. Fund performance was aided by a significant rise in equity bank shares in Europe and a commensurately significant spread tightening in the CoCo sector. Bank shares benefited from relentless ECB accommodation. Since the U.S. election, the U.S. Treasury 10-year has been stuck in a +/-2pt sine wave – the longest “rut” in over 50 years. But, the sideways treasury market and rising stock market have combined to create an ideal support system for spreads to tighten 162bps in the CoCo market over the 12-month period. The higher quality sector of the CoCo market added to performance with names such as HSBC, UBS, and Societe Generale leading the way, respectively. The country allocation to Britain, France and Switzerland comprising 62% of the fund aided performance. The detracting elements had a function of doing less well this period. DNB Bank, Banco Santander and Credit Suisse trailed the most, but still finished as net contributors. The Fund had to rebalance significantly during the period as withdrawals of $24 million outweighed additions of $5 million over the 12-month period. The portfolio closed the period at $8.4m comprised of 19% cash and 10 individual names led by Credit Suisse, Australia New Zealand Bank, and Lloyds Bank. We believe that there is a moderate upward bias to interest rates impelled by not only the Fed, but also by expected changes in policies coming out of the White House. Spreads are likely to be stubbornly tight as the fund advances to closure because the ECB remains exceptionally accommodative.




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Global Capital Structure Opportunities Fund

For the 12 months to 30 September 2017, the Global Capital Structure Opportunities Fund reported net performance of 6.27%. The outperformance of the Fund was driven by positive performance across the capital structure, including allocations to lower tier 2, perpetual preferreds, contingent capital, and hybrids. Top performers included Banco Santander, RBS, Goldman Sachs and UBS. Market conditions changed rapidly following a surprising win by Donald Trump in the U.S. presidential election. The outcome raised inflation expectations due to expected fiscal stimulus such as reduced tax rates, infrastructure investment, and a pro-growth regulatory environment. By the end of the period, the synchronized global economic upturn was in full effect. However, inflation remains weak, causing global central banks to stay dovish and reduce fears of a rapid adjustment to monetary policy. Nevertheless, the Fed remains committed to a gradual reduction in monetary accommodation and announced plans to taper the size of its balance sheet beginning in October. Continued global economic strength remains supportive of valuations. Ongoing asset purchases by central banks globally will contribute to continued investor demand for yield. The outlook remains supportive of capital structure securities. The financial industrial basis remains wide of pre-crisis levels despite the fundamental improvement in banks and insurers compared with non-financials over this period. The improvement in credit quality of financials has come across several areas including higher capitalization ratios and improved balance sheet quality. Additionally, regulator stress tests serve as an annual check on balance sheet quality and risk exposure, and liquidity coverage ration requirements and liquidity stress testing mean that banks’ liquidity profiles are vastly improved. The technical picture could also strengthen into the rest of the year as market expectations for financial supply is waning.

Global Credit Alpha Fund (closed 30 June 2017)

For the period 30 September 2016 to close of the Fund on 30 June 2017, the Global Credit Alpha Fund reported net performance of 4.17%. The allocation to below investment grade corporate bonds was the largest contributor to total Fund return. The allocation to investment grade corporate bonds also contributed to performance while the allocation to U.S. Treasury securities detracted from performance. Market conditions changed rapidly in November following a surprising win by Donald Trump in the U.S. presidential election and a Republican sweep of Congress. The political outcomes raised inflation expectations due to expected fiscal stimulus such as reduced tax rates, infrastructure investment, and a pro-growth regulatory environment. The Fed raised its target rate in December, March, and June. The Fed also communicated its intention to begin tapering the size of its balance sheet later this year. Meanwhile, risk assets continued to rally, shrugging off headwinds of both political uncertainty and weakness in economic data.

Real Estate Debt Fund

For the 12 months to 30 September 2017, the Real Estate Debt Fund reported net performance of 0.56%. Over the year, the Fund benefitted from positive security selection which contributed over 175 bps of gross excess return compared to the Bloomberg Barclays CMBS Investment Grade Index. Holdings of shorter duration, higher yielding securities contributed most to overall portfolio performance while 2013-vintage BBB- bonds were also solid contributors. The Real Estate Debt Fund invests primarily in U.S. commercial mortgage-backed securities (CMBS) with an objective of providing attractive long-term risk-adjusted returns. The Sub-Investment Adviser has constructed a diversified portfolio with exposure to a wide range of vintage and credit segments, which to date has carried a higher yield profile compared to the Bloomberg Barclays CMBS Investment Grade Index. Demand for alternative sources of yield has benefitted the portfolio as investors have shown interest in the asset class. Meanwhile, the significant increase in the 10-year U.S. treasury rate experienced in the 4

th quarter 2016 negatively impacted total return from a mark-to-market perspective.




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Real Estate Debt Fund (continued)

CMBS represents a fixed income investment in an underlying pool of first mortgages secured by commercial real estate properties located throughout the United States. The health of the commercial real estate market is directly influenced by the health of the economy, and more specifically, the U.S. job market which has added over 1.75 million jobs over the past 12 months. A continuation of synchronized global economic growth, generally balanced real estate supply/demand fundamentals, and property-level income growth may benefit the credit performance of the portfolio. Conversely, heightened geopolitical risk, an emergence of growth concerns, rising rates (especially in longer maturities), and/or weak market technicals could negatively impact the portfolio. The CMBS market continues to evolve, having adapted to risk-retention regulation while overcoming the significant refinance maturity wave of 2016-2017. The yield enhancement offered by CMBS appears attractive given stable real estate fundamentals and the opportunity CMBS presents to diversify broader fixed income portfolios.

Global Income Fund (launched 29 March 2017)

From launch to 30 September 2017, the Global Income Fund reported net performance of 6.40%. Global high dividend equities continued their upward trend in September as the risk-on environment maintained momentum, and global high yield bonds were not far behind with another positive month and additional spread tightening. Once again, natural disasters, nationalism, geopolitical tensions, and political turmoil dominated headlines, but earnings growth and improving fundamentals provided support. In the U.S., Europe and around the globe, interest rates stayed near historical lows and the divergence in monetary policy between the U.S. tightening and Europe’s accommodative stance remained in effect, but to a lesser degree. The ECB indicated that it may start to taper its quantitative easing program while the U.S. Federal Open Market Committee held their target rate steady, as did Japan. The Fund’s allocation to equity and fixed income securities in the global industrials and services and global finance sectors aided performance as they outperformed the aggregate benchmark. Conversely, the Fund’s allocation to equity and fixed income securities in the global emerging markets and global real estate and infrastructure sectors hindered performance as they underperformed the aggregate benchmark. With elevated equity valuations, slightly reduced by earnings growth, and expectations for an uptick in volatility, the Fund is slightly overweight in fixed income and underweight in equities versus its long-term strategic asset allocation targets. Across the portfolio’s four economic income sectors, the Fund is tactically underweight in the global emerging markets sector and slightly overweight in the others. For the Global Industrials and Services sector, we have a slight tactical overweight. Within this space, the global earnings recovery bodes well for these cyclically oriented securities. In the global real estate and infrastructure sector, these defensive “rent” type securities serve as a key risk ballast for the portfolio. Lastly, in the Global Finance sector, the confluence of the spectre of rising rates and delayed regulatory implementation have resulted in a positive re-rating of financial assets.

Finisterre Unconstrained Emerging Markets Fixed Income Fund (launched 2 May 2017)

From launch to 30 September 2017, the Finisterre Unconstrained Emerging Markets Fixed Income Fund reported net performance of 3.33%. Most outperformance was from gains on Brazilian local rates, on Petrobras, and on the recovery of the oil operator Odebrecht. Our Mexican positions also contributed positively on the back of a strong appreciation of the peso. Finally, Iraq was a large contributor to performance, as recovering oil and constructive engagement with the International Monetary Fund benefited our sovereign and corporate positions. We incurred most of our losses on credit default swap (“CDS”) exposure in Qatar, on a five-year interest rates swap receiver that was not entirely compensated by our gains on Indian USD credits, and on the fluctuating situation in Venezuela. Finisterre’s total return strategy generated solid returns from its launch, having successfully captured the bulk of the positive momentum in emerging markets fixed income while avoiding much of the weakness around the U.S. election. The key generators of returns were positions in a range of Brazilian and Mexican assets (both local and credit) and positions in Iraq, Argentina, Egypt and Ukraine. Modest losses were taken on a small subset of positions, most notably credit in Venezuela and rates in India.




23

Finisterre Unconstrained Emerging Markets Fixed Income Fund (launched 2 May 2017) (continued)

We continue to believe that the broad emerging markets cycle remains friendly with a solid 5+% growth number largely baked in for 2017 and momentum remaining positive heading into 2018. Although overall momentum seems to be reaching a plateau, the quality of growth looks higher with a great contribution from internal sources. We are not particularly worried about a meaningful repricing of emerging market risk in the near term but we are cognisant that the move higher in U.S. yields may have further to go and that price dynamics at present are not particularly favourable. We are mindful of protecting the Profit & Loss we have generated so far this year by maintaining a significant cash allocation, remaining tactical in momentum assets in credit and local, and focusing long risk positions on our highest conviction views. We remain cautiously constructive. Principal Global Investors, LLC 3 November 2017


Independent auditors’ report to the unitholders of the Funds of Principal Global Investors Funds

24

Report on the audit of the financial statements

Opinion

In our opinion, Principal Global Investors Funds’ financial statements:

give a true and fair view of the Funds’ (as listed on pages 4-6) assets, liabilities and financial position as at 30 September 2017 and of their results for the year then ended;

have been properly prepared in accordance with Generally Accepted Accounting Practice in Ireland (accounting standards issued by the Financial Reporting Council of the UK, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and promulgated by the Institute of Chartered Accountants in Ireland and Irish law); 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).

We have audited the financial statements, included within the Annual Report and Audited Financial Statements, which comprise:

the Statement of Financial Position as at 30 September 2017;

the Statement of Comprehensive Income for the year then ended;

the Statement of Movement in Net Assets Attributable to Redeemable Participating Unitholders for the year then ended;

the Portfolio of Investments for each of the Funds as at 30 September 2017; and

the notes to the financial statements for each of the Funds, which include a description of the significant accounting policies.

Our opinion is consistent with our reporting to the Audit Committee.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (Ireland) (“ISAs (Ireland)”) and applicable law.

Our responsibilities under ISAs (Ireland) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in Ireland, which includes IAASA’s Ethical Standard as applicable to listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

To the best of our knowledge and belief, we declare that non-audit services prohibited by IAASA’s Ethical Standard were not provided to the Trust.

Other than those disclosed in note 7, we have provided no non-audit services to the Trust in the period from 1 October 2016 to 30 September 2017.

.


Independent auditors’ report to the unitholders of the Funds of Principal Global Investors Funds (continued)

25

Our audit approach

Overview

Materiality

Overall materiality: 50 basis points of Net Assets Value ("NAV") at 30 September 2017 for each of the Trust’s Funds with the exception of the fixed income funds where the materiality is 100 basis points of NAV at 30 September 2017.

Audit scope

The Trust is an open-ended umbrella Unit Trust. We tailored the scope of our audit taking into account the types of investments within the Funds, the involvement of the third parties referred to overleaf, the accounting processes and controls, and the industry in which the Trust operates. We look at each of the Funds at an individual level.

Key audit matters

Existence of Investments in Securities at Fair Value

Valuation of Investments in Securities at Fair Value

The scope of our audit

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. In particular, we looked at where the manager made subjective judgements, for example the selection of pricing sources to value the investment portfolio. As in all of our audits, we also addressed the risk of management override of internal controls, including evaluating whether there was evidence of bias by the manager that represented a risk of material misstatement due to fraud.

Key audit matters

Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance in the audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by the auditors, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. These matters, and any comments we make on the results of our procedures thereon, were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. This is not a complete list of all risks identified by our audit.

Key audit matter How our audit addressed the key audit matter

Existence and valuation of Investments in Securities at Fair Value

See the portfolio of investments for each Fund and refer to the Principal Accounting Policies of the financial statements of the Trust for further details.

The Investments in Securities at Fair Value in the Statement of Financial Position of each Fund are held in the Funds’ name at 30 September 2017 and are valued at fair value in line with Generally Accepted Accounting Practice in Ireland.

These areas are considered key audit matters as they represent the principal elements of the financial statements.

We obtained independent confirmation from the Depositary of the Investments in Securities at Fair Value, held at 30 September 2017, agreeing the amounts held to the accounting records.

We tested the valuation of the Investments in Securities at Fair Value, by independently agreeing the valuation of the investments to third party vendor sources.

How we tailored the audit scope

We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial statements as a whole, taking into account the structure of the Trust, the accounting processes and controls, and the industry in which it operates.



26

The manager controls the affairs of the Trust and is responsible for the overall investment policy which is determined by them. The manager has delegated certain responsibilities to Principal Global Investors, LLC (the ‘Investment Adviser’) and to BNY Mellon Fund Services (Ireland) Designated Activity Company (the ‘Administrator’). The financial statements, which remain the responsibility of the manager, are prepared on their behalf by the Administrator. The Trust has appointed BNY Mellon Trust Company (Ireland) Ltd (the “Depositary”) to act as Depositary of the Trust’s assets. In establishing the overall approach to our audit we assessed the risk of material misstatement at a fund level, taking into account the nature, likelihood and potential magnitude of any misstatement. As part of our risk assessment, we considered the Trust’s interaction with the Administrator, and we assessed the control environment in place at the Administrator.

Materiality

The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures on the individual financial statement line items and disclosures and in evaluating the effect of misstatements, both individually and in aggregate on the financial statements as a whole.

Based on our professional judgement, we determined materiality for the financial statements of each of the Trust’s Funds as follows:

Overall materiality and how we determined it

50 basis points (2016: 50 basis points) of Net Assets Value ("NAV") at 30 September 2017 for each of the Trust’s Funds with the exception of the fixed income Funds where the materiality is 100 basis points (2016: 100 basis points) of NAV at 30 September 2017.

Rationale for benchmark applied We have applied this benchmark because the main objective of the Trust is to provide investors with a total return at a fund level, taking account of the capital and income returns.

We agreed with the Audit Committee that we would report to them misstatements identified during our audit above 10% of overall materiality of each Fund’s NAV, for NAV per share impacting differences (2016: 5 basis points of each Fund’s NAV, for NAV per share impacting differences) as well as misstatements below that amount that, in our view, warranted reporting for qualitative reasons.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which ISAs (Ireland) require us to report to you where:

the manager’s use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

the manager has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Funds’ ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Funds’ ability to continue as going concerns.

Reporting on other information

The other information comprises all of the information in the Annual Report and Audited Financial Statements other than the financial statements and our auditors’ report thereon. The manager is responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.



27

Responsibilities for the financial statements and the audit

Responsibilities of the manager for the financial statements

As explained more fully in the Statement of Manager's Responsibilities set out on page 27, the manager is responsible for the preparation of the financial statements in accordance with the applicable framework giving a true and fair view.

The manager is also responsible for such internal control as the manager determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the manager is responsible for assessing the Funds’ ability to continue as going concerns, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the manager intends to cease operations, or has no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the IAASA website at:

https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_responsibilities_for_audit.pdf.

This description forms part of our auditors’ report.

Use of this report

This report, including the opinion, has been prepared for and only for the unitholders of each of the Funds as a body in accordance with the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) 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 or into whose hands it may come save where expressly agreed by our prior consent in writing.

Appointment

We were appointed by the Manager on 10 November 1999 to audit the financial statements for the year ended 30 September 2000 and subsequent financial periods. The period of total uninterrupted engagement is 18 years, covering the years ended 30 September 2000 to 30 September 2017.

Andrew O'Callaghan for and on behalf of PricewaterhouseCoopers Chartered Accountants and Statutory Audit Firm Dublin 24 January 2018

https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_responsibilities_for_audit.pdf


DEPOSITARY'S REPORT TO THE UNITHOLDERS OF PRINCIPAL GLOBAL INVESTORS FUNDS

for the year ended 30 September 2017

28

Report from the Depositary to the Unitholders dated 30 September 2017 For the period from 1 October 2016 to 30 September 2017 (the “Period”) BNY Mellon Trust Company (Ireland) Limited (the “Depositary” “us”, “we”, or “our”), has enquired into the conduct of the Principal Global Investors Funds (“The Trust”) for the Period, in its capacity as Depositary to the Trust. This report including the opinion has been prepared for and solely for the Unitholders in the Trust, in accordance with our role as depositary to the Trust 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 Depositary Our duties and responsibilities are outlined in Regulation 34 of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. No 352 of 2011), as amended (“the Regulations”). 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 Regulations. It is the overall responsibility of the Manager to comply with these provisions. If the Manager has not so complied, we as depositary must state in what respects it has not been so managed and the steps which we have taken in respect thereof. Basis of Depositary Opinion The Depositary conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties 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 Depositary by the Trust Deed and by the Regulations.

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

__________________________ Brian McFadden For and on behalf of BNY Mellon Trust Company (Ireland) Limited, One Dockland Central, Guild Street, International Financial Services Centre, Dublin 1. Date: 24 January 2018


STATEMENT OF MANAGER’S RESPONSIBILITIES

29

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 for ensuring that the financial statements are prepared in accordance with accounting standards generally accepted in Ireland and for ensuring that they 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

STATEMENT OF DEPOSITARY’S RESPONSIBILITIES Depositary The Depositary 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


PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2017

30

GLOBAL EQUITY FUND

Nominal Security Value USD

% Net Assets

TRANSFERABLE SECURITIES 100.52% (30 September 2016: 97.11%)

BRAZIL 0.47% (30 September 2016: 1.25%) Consulting Services 3,900 Qualicorp SA 44,925 0.47

CANADA 1.42% (30 September 2016: 5.88%) Pipelines 3,800 Pembina Pipeline Corp 135,014 1.42

CHINA 2.15% (30 September 2016: 2.48%) E-Commerce/Products 685 Alibaba Group Holding Ltd 116,614 1.22 Multi-Line Insurance

11,500 Ping An Insurance Group Co of China Ltd 88,266 0.93

DENMARK 2.20% (30 September 2016: 0.47%) Commercial Banks Non-US 2,483 Danske Bank A/S 98,790 1.04 Medical-Biomedical/Genetics 501 Genmab A/S 110,659 1.16

FRANCE 2.59% (30 September 2016: 6.96%) Computer Services 522 Atos SE 80,238 0.84 Investment Management/Advisory Service 771 Amundi SA 63,943 0.67 Textile-Apparel

375 LVMH Moet Hennessy Louis Vuitton SE 102,394 1.08

GERMANY 4.08% (30 September 2016: 2.70%) Lighting Products & Systems 1,122 OSRAM Licht AG 88,251 0.93 Medical Products 1,126 Fresenius SE & Co KGaA 90,504 0.95 Medical-Drugs 1,053 Bayer AG 141,122 1.48 Real Estate Management/Services 1,632 Vonovia SE 69,080 0.72

HONG KONG 2.12% (30 September 2016: 0.66%) Cable TV 2,218 I-CABLE Communications Ltd 72 0.00 Food-Meat Products 98,500 WH Group Ltd 104,670 1.10 Real Estate Operation/Development 6,000 Sun Hung Kai Properties Ltd 97,481 1.02

INDIA 3.39% (30 September 2016: 0.00%) Auto-Cars/Light Trucks 661 Maruti Suzuki India Ltd 80,648 0.84 Electric-Transmission 27,266 Power Grid Corp of India Ltd 86,550 0.91 Finance-Management Loan/Banker 4,596 Indiabulls Housing Finance Ltd 85,155 0.89 Warehousing and Harbor Transport Service

12,361 Adani Ports & Special Economic Zone Ltd 71,138 0.75

INDONESIA 0.00% (30 September 2016: 0.79%)

IRELAND 0.00% (30 September 2016: 1.36%)

ITALY 1.18% (30 September 2016: 0.00%) Electric-Integrated 18,888 Enel SpA 112,257 1.18

JAPAN 4.87% (30 September 2016: 6.65%) Airlines 2,600 ANA Holdings Inc 98,391 1.03

GLOBAL EQUITY FUND (continued)


% Net Assets

JAPAN 4.87% (30 September 2016: 6.65%) (continued) Auto-Cars/Light Trucks 1,500 Suzuki Motor Corp 78,662 0.83 Building Production-Doors &Windows 1,400 Asahi Glass Co Ltd 51,935 0.55 Electric Products-Miscellaneous 14,000 Hitachi Ltd 98,632 1.03 Import/Export 2,700 Mitsubishi Corp 62,747 0.66 Toys 200 Nintendo Co Ltd 73,855 0.77

MALAYSIA 0.00% (30 September 2016: 0.50%)

MEXICO 0.92% (30 September 2016: 0.47%) Commercial Banks Non-US

12,800 Grupo Financiero Banorte SAB de CV 87,712 0.92

NETHERLANDS 1.39% (30 September 2016: 1.90%) Life/Health Insurance 3,185 NN Group NV 133,013 1.39

RUSSIA 0.00% (30 September 2016: 0.66%)

SOUTH KOREA 1.36% (30 September 2016: 2.86%) Electronic Component-Semiconductor 58 Samsung Electronics Co Ltd 129,840 1.36

SPAIN 2.61% (30 September 2016: 1.77%) Electric-Integrated 16,609 Iberdrola SA 128,052 1.34 Oil Company-Integrated 6,599 Repsol SA 120,773 1.27

SWEDEN 1.20% (30 September 2016: 0.00%) Auto-Medium & Heavy Duty Trucks 2,830 Volvo AB 54,207 0.57 Commercial Banks Non-US 2,166 Swedbank AB 59,782 0.63

SWITZERLAND 2.82% (30 September 2016: 2.23%) Chemicals-Specialty 610 Lonza Group AG 158,156 1.66 Life/Health Insurance 184 Swiss Life Holding AG 64,056 0.67 Medical-Drugs 184 Roche Holding AG 46,797 0.49

TAIWAN 0.00% (30 September 2016: 0.58%)

UNITED KINGDOM 6.45% (30 September 2016: 8.39%) Beverages-Wine/Spirits 3,798 Diageo Plc 124,211 1.31 Commercial Banks Non-US 112,148 Lloyds Banking Group Plc 100,602 1.06 Food-Miscellaneous/Diversified 2,817 Unilever NV 165,098 1.73 Soap & Cleaning Prepar 1,208 Reckitt Benckiser Group Plc 109,812 1.15 Tobacco 1,826 British American Tobacco Plc 114,661 1.20

UNITED STATES 59.30% (30 September 2016: 48.55%) Aerospace/Defense 381 Boeing Co/The 96,877 1.02 800 L3 Technologies Inc 150,304 1.58 414 Lockheed Martin Corp 127,980 1.34 Airlines 2,063 Southwest Airlines Co 115,879 1.22 Applications Software 2,291 Microsoft Corp 169,236 1.77


PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2017 (continued)

31



% Net Assets

UNITED STATES 59.30% (30 September 2016: 48.55%) (continued) Commer Banks-Western US 1,688 East West Bancorp Inc 99,947 1.05 Commercial Service-Finance 563 Mastercard Inc 78,933 0.83 Commercial Services 3,014 Aramark 121,916 1.28 Computer Services 1,022 Accenture Plc 139,319 1.46 1,434 DXC Technology Co 121,589 1.28 1,331 Leidos Holdings Inc 78,409 0.82 Cosmetics & Toiletries 2,176 Colgate-Palmolive Co 159,174 1.67 Diversified Banking Institutions 4,696 Bank of America Corp 119,513 1.25 1,785 JPMorgan Chase & Co 170,254 1.79 E-Commerce/Products 81 Amazon.com Inc 77,468 0.81 Electric-Integrated 1,522 American Electric Power Co Inc 107,301 1.13 2,575 Exelon Corp 96,305 1.01 Electronic Design Automation 1,228 Synopsys Inc 98,093 1.03 Engines-Internal Combustion 788 Cummins Inc 132,644 1.39 Gas-Distribution 3,353 CenterPoint Energy Inc 97,740 1.02 Hotels & Motels 6,520 Extended Stay America Inc 130,465 1.37 Internet Content-Entertainment 555 Facebook Inc 93,645 0.98 Life/Health Insurance 1,925 Athene Holding Ltd 103,969 1.09 Medical Instruments 602 ICON Plc 67,249 0.70 Medical-Biomedical/Genetics 1,027 Celgene Corp 146,615 1.54 Medical-Drugs 2,668 AbbVie Inc 237,345 2.49 2,352 Merck & Co Inc 151,210 1.59 Medical-Health Maintenance Organization 486 Anthem Inc 92,233 0.97 525 Cigna Corp 98,175 1.03 405 Humana Inc 98,314 1.03 714 UnitedHealth Group Inc 140,015 1.47 Multi-Line Insurance

1,771 Hartford Financial Services Group Inc/The 97,618 1.02

Networking Products 5,735 Cisco Systems Inc 191,262 2.01 Non-Hazardous Waste Disposal 1,764 Waste Management Inc 138,315 1.45 Oil Company-Exploration & Production 718 EOG Resources Inc 69,517 0.73 Oil Company-Integrated 1,299 Chevron Corp 152,788 1.60 Reinsurance 815 Reinsurance Group of America Inc 114,059 1.20 Reits-Diversified 1,015 American Tower Corp 138,142 1.45 Reits-Hotels 5,422 Summit Hotel Properties Inc 86,698 0.91 Reits-Warehouse/Industrial 1,755 Prologis Inc 111,530 1.17 Retail-Discount 2,205 Wal-Mart Stores Inc 174,085 1.83 Tobacco 1,410 Philip Morris International Inc 157,638 1.65



% Net Assets

UNITED STATES 59.30% (30 September 2016: 48.55%) (continued) Transport-Rail 959 Norfolk Southern Corp 127,346 1.34 Web Hosting/Design 1,120 VeriSign Inc 118,294 1.24 Web Portals/ISP 266 Alphabet Inc 256,639 2.69

Total Value of Transferable Securities at Mid Market Prices (Cost: USD8,403,748) 9,580,812 100.52

Open Spot Currency Contracts (0.00%) (30 September 2016: (0.00%)) Settlement Buy Amount Sell Amount Unrealised % Net Date Bought Sold Gain/Loss Assets

02/10/2017 SEK 442,021 USD (54,422) (79) (0.00) 02/10/2017 USD 2,074 GBP (1,550) 1 0.00 02/10/2017 USD 1,079 GBP (804) 3 0.00 03/10/2017 USD 17,884 HKD (139,694) (1) (0.00) Unrealised Gain on Open Spot Currency Contracts 4 0.00 Unrealised Loss on Open Spot Currency Contracts (80) (0.00)

Net Unrealised Loss on Open Spot Currency Contracts (76) (0 .00)

Cash at Bank 253,040 2.65 Net Current Liabilities (302,739) (3.17)

Net Assets Attributable to Holders of Redeemable Participating Units at Mid Market Prices 9,531,037 100.00

Analysis of Total Assets % Total Assets

Transferable Securities and Money Market Instruments admitted to an official stock exchange listing or traded on a regulated market 96.28

Financial Derivative instruments dealt in or on a regulated market 0.00

Other Assets 3.72

Total Assets 100.00

All securities are transferable securities admitted to an official stock exchange listing.

The counterparty for the open spot currency contracts is The Bank of New York Mellon.



32

ASIAN EQUITY FUND


% Net Assets


CHINA 35.06% (30 September 2016: 29.37%) Auto-Cars/Light Trucks

16,000 Brilliance China Automotive Holdings Ltd 42,608 0.72

16,000 Guangzhou Automobile Group Co Ltd 37,036 0.62

Building & Construction Production-Miscellaneous

32,000 China Communications Construction Co Ltd 39,945 0.67

64,000 China National Building Material Co Ltd 44,328 0.75

Building-Heavy Construction

68,000 China Communications Services Corp Ltd 34,998 0.59

25,500 China Railway Construction Corp Ltd 32,321 0.54

Cellular Telecom 7,024 China Mobile Ltd 71,177 1.20 Coal 16,500 China Shenhua Energy Co Ltd 38,785 0.65 32,000 Yanzhou Coal Mining Co Ltd 31,505 0.53 Commercial Banks Non-US 213,000 Bank of China Ltd 104,989 1.76 16,500 BOC Hong Kong Holdings Ltd 80,168 1.35 230,137 China Construction Bank Corp 190,927 3.21 E-Commerce/Products 1,896 Alibaba Group Holding Ltd 322,775 5.43 755 JD.com Inc 29,181 0.49 Entertainment Software 126 NetEase Inc 32,426 0.55 Gas-Distribution 5,000 ENN Energy Holdings Ltd 36,232 0.61 Hotels & Motels 413 China Lodging Group Ltd 49,659 0.83 Internet Application Software 8,600 Tencent Holdings Ltd 370,170 6.22 Internet Content-Information/News 484 SINA Corp/China 54,915 0.92 Multi-Line Insurance


Oil Company-Exploration & Production 39,000 CNOOC Ltd 50,330 0.85 Oil Company-Integrated 106,000 China Petroleum & Chemical Corp 79,390 1.33 Photo Equipment & Supplies

2,000 Sunny Optical Technology Group Co Ltd 31,802 0.53

Real Estate Operation/Development 4,000 China Resources Land Ltd 12,240 0.21 13,000 Longfor Properties Co Ltd 32,788 0.55 Schools

928 New Oriental Education & Technology Group Inc 81,413 1.37

Telecom Services 60,000 China Telecom Corp Ltd 30,727 0.52

HONG KONG 10.39% (30 September 2016: 16.97%) Auto/Truck Parts & Equipment-Replica 52,000 Xinyi Glass Holdings Ltd 51,396 0.86 Casino Hotels

1,614 Melco Resorts & Entertainment Ltd 37,864 0.64

Chemicals-Other 6,000 Kingboard Chemical Holdings Ltd 31,764 0.53 Food-Meat Products 63,500 WH Group Ltd 67,477 1.14

ASIAN EQUITY FUND (continued)


% Net Assets

HONG KONG 10.39% (30 September 2016: 16.97%) (continued) Investment Companies 5,104 CK Hutchison Holdings Ltd 65,248 1.10 Life/Health Insurance 18,600 AIA Group Ltd 137,164 2.31 Real Estate Operation/Development 7,000 CK Asset Holdings Ltd 57,939 0.97 5,436 Hongkong Land Holdings Ltd 39,302 0.66 9,000 Kerry Properties Ltd 37,276 0.63 4,000 Sun Hung Kai Properties Ltd 64,987 1.09 Retail-Home Furnishings 30,800 Man Wah Holdings Ltd 27,603 0.46

INDIA 13.84% (30 September 2016: 11.60%) Auto/Truck Parts & Equipment-Replica 6,330 Motherson Sumi Systems Ltd 32,996 0.55 Auto-Cars/Light Trucks 923 Maruti Suzuki India Ltd 112,615 1.89 Commercial Banks Non-US 2,409 HDFC Bank Ltd 66,922 1.13 15,350 Yes Bank Ltd 82,188 1.38 Diversified Financial Services 1,370 Bajaj Finance Ltd 38,955 0.65 Electric-Transmission 17,826 Power Grid Corp of India Ltd 56,585 0.95 Finance-Management Loan/Banker

3,489 Housing Development Finance Corp Ltd 93,410 1.57

2,328 Indiabulls Housing Finance Ltd 43,133 0.73 Gas-Distribution 2,192 Indraprastha Gas Ltd 49,560 0.83 Metal-Aluminum 16,950 Hindalco Industries Ltd 62,400 1.05 Oil Company-Exploration & Production 6,108 Hindustan Petroleum Corp Ltd 40,202 0.68 Oil Refining & Marketing 5,477 Indian Oil Corp Ltd 33,640 0.57 Pipelines 15,568 Petronet LNG Ltd 55,407 0.93 Warehousing and Harbor Transport Service


INDONESIA 2.04% (30 September 2016: 2.99%) Coal 270,500 Adaro Energy Tbk PT 36,652 0.62 Commercial Banks Non-US

85,600 Bank Negara Indonesia Persero Tbk PT 47,188 0.79

Machinery-Construction & Mining 15,900 United Tractors Tbk PT 37,776 0.63

MALAYSIA 1.07% (30 September 2016: 0.00%) Airport Development/Maintenance 11,600 Malaysia Airports Holdings Bhd 23,348 0.39 Commercial Banks Non-US 26,900 CIMB Group Holdings Bhd 40,131 0.68

SINGAPORE 4.09% (30 September 2016: 1.84%) Commercial Banks Non-US 8,000 DBS Group Holdings Ltd 122,448 2.06

9,400 Oversea-Chinese Banking Corp Ltd 76,955 1.29

Real Estate Operation/Development 7,300 UOL Group Ltd 43,748 0.74

SOUTH KOREA 17.20% (30 September 2016: 17.53%) Building-Heavy Construction

525 Hyundai Engineering & Construction Co Ltd 17,579 0.29



33



% Net Assets

SOUTH KOREA 17.20% (30 September 2016: 17.53%) (continued) Cellular Telecom 2,624 LG Uplus Corp 30,585 0.51 271 SK Telecom Co Ltd 60,335 1.02 Chemicals-Diversified 1,616 Hanwha Chemical Corp 45,784 0.77 Commercial Banks Non-US 482 Woori Bank 7,512 0.13 Diversified Financial Services 862 Hana Financial Group Inc 35,636 0.60 Electric-Integrated 1,069 Korea Electric Power Corp 36,400 0.61 Electronic Component-Semiconductor 190 Samsung Electronics Co Ltd 425,337 7.15 1,106 SK Hynix Inc 80,052 1.35 Life/Health Insurance 6,075 Hanwha Life Insurance Co Ltd 36,333 0.61 Oil Refining & Marketing 209 SK Innovation Co Ltd 36,313 0.61 Petrochemicals 219 LG Chem Ltd 74,954 1.26 Property/Casualty Insurance

1,087 Hyundai Marine & Fire Insurance Co Ltd 42,992 0.72

Steel-Producers 337 POSCO 93,272 1.57

TAIWAN 11.63% (30 September 2016: 15.15%) Circuit Boards 5,000 Tripod Technology Corp 17,313 0.29 Electronic Component-Miscellaneous 9,000 Elite Material Co Ltd 42,738 0.72 16,000 Hon Hai Precision Industry Co Ltd 55,402 0.93 Food-Miscellaneous/Diversified 25,000 Uni-President Enterprises Corp 52,351 0.88 Photo Equipment & Supplies 1,000 Largan Precision Co Ltd 175,768 2.96 Semicon Component-Integrated Circuits 22,000 King Yuan Electronics Co Ltd 21,584 0.36 20,000 Powertech Technology Inc 57,644 0.97

37,670 Taiwan Semiconductor Manufacturing Co Ltd 268,947 4.52

THAILAND 3.13% (30 September 2016: 4.39%) Commercial Banks Non-US 10,600 Siam Commercial Bank PCL/The 48,939 0.82 Diversified Financial Services 9,800 Tisco Financial Group PCL 22,623 0.38 Diversified Operations 2,400 Siam Cement PCL/The 35,976 0.61 Oil Company-Integrated 6,400 PTT PCL 78,666 1.32

Total Value of Transferable Securities at Mid Market Prices 5,856,525 98.45

UNLISTED 0.00% (30 September 2016: 0.00%)

BELGIUM 0.00% (30 September 2016: 0.00%) Apparel, Footwear & Acc Design 266,000 Peace Mark Holdings Ltd – 0.00

Total Value of Unlisted at Mid Market Prices – 0.00


Open Spot Currency Contracts (0.00%) (30 September 2016: 0.00%) Settlement Buy Amount Sell Amount Unrealised % Net Date Bought Sold Gain/Loss Assets

03/10/2017 USD 3,903 HKD (30,489) (0) (0.00) 04/10/2017 USD 1,433 HKD (11,191) (0) (0.00)


Open Spot Currency Contracts (0.00%) (30 September 2016: 0.00%) (continued) Settlement Buy Amount Sell Amount Unrealised % Net Date Bought Sold Gain/Loss Assets Unrealised Loss on Open Spot Currency Contracts (0) (0.00)


Cash at Bank 66,834 1.12 Net Current Assets 25,535 0.43




Transferable Securities other than those admitted to an official stock exchange listing or traded on a regulated market 0.00


Other Assets 2.64

Total Assets 100.00

Except where stated above all securities are transferable securities admitted to an official stock exchange listing.




34

EUROPEAN EQUITY FUND


% Net Assets


AUSTRALIA 0.45% (30 September 2016: 0.42%) Diversified Minerals 21,222 BHP Billiton Plc 373,993 0.45

AUSTRIA 2.51% (30 September 2016: 2.05%) Chemicals-Fibers 2,029 Lenzing AG 298,843 0.36 Commercial Banks Non-US 13,193 Erste Group Bank AG 562,095 0.68 6,527 Raiffeisen Bank International AG 214,049 0.26 Oil Company-Integrated 17,215 OMV AG 999,086 1.21

BELGIUM 0.54% (30 September 2016: 0.54%) Commercial Banks Non-US 5,347 KBC Group NV 448,247 0.54

DENMARK 6.78% (30 September 2016: 7.84%) Brewery 5,856 Royal Unibrew A/S 316,777 0.38 Commercial Banks Non-US 19,847 Danske Bank A/S 789,642 0.95 Diversified Operations 6,797 Schouw & Co AB 733,420 0.89 Medical Products 13,143 William Demant Holding A/S 347,568 0.42 Medical-Biomedical/Genetics 3,184 Genmab A/S 703,274 0.85 Medical-Drugs 6,401 H Lundbeck A/S 369,281 0.45 21,900 Novo Nordisk A/S 1,045,172 1.26 Power Conversion/Supply Equipment 10,173 Vestas Wind Systems A/S 917,976 1.11 Retail-Jewelry 3,957 Pandora A/S 386,220 0.47

FINLAND 1.51% (30 September 2016: 2.21%) Paper & Related Products 29,027 Stora Enso OYJ 406,304 0.49 19,215 UPM-Kymmene OYJ 520,248 0.63 Telephone-Integrated 7,629 Elisa OYJ 325,938 0.39

FRANCE 14.58% (30 September 2016: 13.13%) Advertising Sales 4,605 Teleperformance 683,681 0.83 Aerospace/Defense 6,360 Thales SA 716,240 0.86 Appliances 2,261 SEB SA 411,534 0.50 Auto/Truck Parts & Equipment-Original 6,822 Valeo SA 495,956 0.60 Building-Heavy Construction 9,740 Vinci SA 924,713 1.12 Computer Services 5,327 Atos SE 818,827 0.99 Consulting Services 12,476 Altran Technologies SA 228,846 0.28 Diversified Banking Institutions 38,194 Credit Agricole SA 687,753 0.83 63,755 Natixis SA 503,192 0.61 Entertainment Software 11,137 Ubisoft Entertainment SA 760,668 0.92 Investment Management/Advisory Service 3,621 Amundi SA 300,308 0.36 Medical Laboratries & Testing Services 3,861 BioMerieux 312,791 0.38

EUROPEAN EQUITY FUND (continued)


% Net Assets

FRANCE 14.58% (30 September 2016: 13.13%) (continued) Medical-Drugs 3,881 Ipsen SA 516,239 0.62 Multi-Line Insurance 28,782 AXA SA 859,885 1.04 Oil Company-Integrated 17,693 TOTAL SA 944,727 1.14 Retail-Major Deptment Store 1,935 Kering 764,520 0.92 Telephone-Integrated 34,820 Orange SA 568,692 0.69 Textile-Apparel

5,722 LVMH Moet Hennessy Louis Vuitton SE 1,562,396 1.89

GERMANY 12.06% (30 September 2016: 14.82%) Athletic Footwear 3,876 adidas AG 863,861 1.04 Chemicals-Diversified 7,415 Covestro AG 635,251 0.77 Electronic Component-Semiconductor 44,907 Infineon Technologies AG 1,118,953 1.35 Enterprise Software/Services 10,328 SAP SE 1,123,520 1.36 Lighting Products & Systems 3,014 OSRAM Licht AG 237,065 0.29 Machinery-General Industry 2,891 Duerr AG 378,075 0.46 Machinery-Material Handling 5,880 KION Group AG 558,385 0.68 Medical Products 6,756 Fresenius SE & Co KGaA 543,022 0.66 Medical-Drugs 6,689 Bayer AG 896,456 1.08 Optical Recognition Equip 18,115 Jenoptik AG 593,857 0.72 Real Estate Management/Services 11,201 Vonovia SE 474,121 0.57 Reinsurance 6,042 Hannover Rueck SE 721,040 0.87 Research & Development 20,814 Evotec AG 481,440 0.58 Soap & Cleaning Prepar 2,608 Henkel AG & Co KGaA 351,060 0.42 Telephone-Integrated 35,105 Deutsche Telekom AG 650,345 0.79 Wire & Cable Products 5,365 Leoni AG 348,910 0.42

GREECE 0.42% (30 September 2016: 0.25%) Telephone-Integrated

28,916 Hellenic Telecommunications Organization SA 350,534 0.42

IRELAND 1.96% (30 September 2016: 3.46%) Airlines 10,491 Ryanair Holdings Plc 199,673 0.24 Building Production-Cement/Aggregate 18,872 CRH Plc 708,358 0.86 Building & Construction Production-Miscellaneous 13,687 Kingspan Group Plc 574,346 0.69 Commercial Banks Non-US 23,512 Allied Irish Banks Plc 140,321 0.17

ITALY 2.72% (30 September 2016: 1.89%) Apparel Manufacturers 10,289 Moncler SpA 295,198 0.36 Commercial Banks Non-US 37,350 Mediobanca SpA 399,041 0.48



35



% Net Assets

ITALY 2.72% (30 September 2016: 1.89%) (continued) Electric-Integrated 116,520 Enel SpA 692,515 0.84 Medical-Drugs 8,976 Recordati SpA 414,182 0.50 Wire & Cable Products 13,391 Prysmian SpA 447,992 0.54

JERSEY 0.45% (30 September 2016: 1.11%) Gold Mining 196,554 Centamin Plc 374,385 0.45

LUXEMBOURG 0.42% (30 September 2016: 0.00%) Medical Laboratries & Testing Services 553 Eurofins Scientific SE 347,186 0.42

MEXICO 0.00% (30 September 2016: 0.24%)

NETHERLANDS 9.26% (30 September 2016: 8.03%) Auto-Cars/Light Trucks 5,462 Ferrari NV 596,110 0.72 Commercial Banks Non-US 60,034 ING Groep NV 1,092,703 1.32 Electronic Component-Semiconductor 35,181 STMicroelectronics NV 672,288 0.81 Finance-Other Services 6,790 Euronext NV 405,953 0.49 Food-Miscellaneous/Diversified 12,079 Corbion NV 386,722 0.47 Life/Health Insurance 17,232 NN Group NV 719,650 0.87 Lighting Products & Systems 8,396 Philips Lighting NV 334,648 0.41 Multi-Line Insurance 8,434 ASR Nederland NV 333,377 0.40 Oil Company-Integrated 37,690 Royal Dutch Shell Plc 'A' 1,138,604 1.38 40,599 Royal Dutch Shell Plc 'B' 1,249,020 1.51 Semiconductor Equipment 10,474 BE Semiconductor Industries NV 727,859 0.88

NORWAY 1.28% (30 September 2016: 1.40%) Commercial Banks Non-US 25,803 DNB ASA 520,382 0.63 Fisheries 19,251 Marine Harvest ASA 379,047 0.46 Oil Company-Exploration & Production 8,156 Aker BP ASA 157,923 0.19

PORTUGAL 0.83% (30 September 2016: 1.15%) Food-Retail 16,858 Jeronimo Martins SGPS SA 329,800 0.40 Oil Company-Integrated 19,879 Galp Energia SGPS SA 352,566 0.43

SOUTH AFRICA 0.43% (30 September 2016: 0.38%) Paper & Related Products 13,252 Mondi Plc 357,176 0.43

SPAIN 4.03% (30 September 2016: 1.68%) Airport Development/Maintenance 2,123 Aena SME SA 381,409 0.46 Building-Heavy Construction

9,879 ACS Actividades de Construccion y Servicios SA 361,953 0.44

Commercial Banks Non-US 129,628 CaixaBank SA 640,641 0.77 Electric-Integrated 98,736 Iberdrola SA 761,235 0.92 Multi-Line Insurance 129,708 Mapfre SA 418,945 0.51



% Net Assets

SPAIN 4.03% (30 September 2016: 1.68%) (continued) Oil Company-Integrated 42,068 Repsol SA 769,914 0.93

SWEDEN 3.12% (30 September 2016: 4.55%) Auto-Medium & Heavy Duty Trucks 48,859 Volvo AB 935,857 1.13 Commercial Banks Non-US 20,429 Swedbank AB 563,846 0.68 Investment Companies 14,221 Investor AB 697,066 0.84 Metal-Diversified 11,411 Boliden AB 383,267 0.47

SWITZERLAND 13.55% (30 September 2016: 12.86%) Beverages-Non-Alcoholic 18,060 Coca-Cola HBC AG 607,067 0.73 Chemicals-Specialty 3,206 Lonza Group AG 831,227 1.00 Computers-Peripheral Equipment 16,350 Logitech International SA 595,798 0.72 Distribution/Wholesale 9,421 Ferguson Plc 618,735 0.75 Electronic Security Devices 444 dormakaba Holding AG 447,118 0.54 Engineering/Research & Development Services 29,226 ABB Ltd 716,822 0.87 Food-Miscellaneous/Diversified 30,227 Nestle SA 2,524,157 3.05 Human Resources 5,698 Adecco Group AG 436,805 0.53 Life/Health Insurance 2,011 Swiss Life Holding AG 700,096 0.85 Medical Products 757 Straumann Holding AG 484,437 0.59 Medical-Drugs 5,730 Novartis AG 489,704 0.59 7,280 Roche Holding AG 1,851,521 2.24 Metal-Diversified 196,871 Glencore Plc 900,604 1.09

UNITED KINGDOM 21.82% (30 September 2016: 19.73%) Aerospace/Defense 60,138 BAE Systems Plc 509,943 0.62 Beverages-Wine/Spirits 33,581 Diageo Plc 1,098,244 1.33 Building-Residential/Commercial 17,448 Bellway Plc 763,167 0.92 24,443 Persimmon Plc 841,241 1.02 51,040 Redrow Plc 403,824 0.49 210,668 Taylor Wimpey Plc 546,484 0.66 Commercial Banks Non-US 1,112,914 Lloyds Banking Group Plc 998,337 1.21 76,793 OneSavings Bank Plc 413,647 0.50 Commercial Services 4,014 Intertek Group Plc 265,879 0.32 Diversified Banking Institutions 99,154 HSBC Holdings Plc 972,471 1.18 Diversified Manufacturing Operations 26,659 Smiths Group Plc 563,413 0.68 54,094 Vesuvius Plc 424,007 0.51 Electronic Component-Miscellaneous 11,053 Spectris Plc 353,202 0.43 Electronic Parts Distribution 70,298 Electrocomponents Plc 581,579 0.70 Finance-Management Loan/Banker 73,700 Paragon Banking Group Plc 430,307 0.52 Food-Catering 22,678 Compass Group Plc 481,045 0.58



36



% Net Assets

UNITED KINGDOM 21.82% (30 September 2016: 19.73%) (continued) Food-Miscellaneous/Diversified 13,708 Associated British Foods Plc 582,896 0.70 15,906 Unilever NV 932,214 1.13 21,576 Unilever Plc 1,242,570 1.50 Life/Health Insurance 133,242 Legal & General Group Plc 464,809 0.56 Medical-Drugs 34,216 BTG Plc 309,845 0.38 115,224 Indivior Plc 523,095 0.63 Metal-Diversified 20,387 Rio Tinto Plc 940,803 1.14 Private Equity 83,267 3i Group Plc 1,020,870 1.23 43,310 Intermediate Capital Group Plc 537,894 0.65 Rental Auto/Equipment 42,706 Ashtead Group Plc 1,029,937 1.24 Retail-Apparel/Shoe 74,396 JD Sports Fashion Plc 374,862 0.45 Tobacco 7,076 British American Tobacco Plc 444,328 0.54

UNITED STATES 0.94% (30 September 2016: 1.59%) Medical-Drugs 15,221 Shire Plc 772,838 0.94


Open Spot Currency Contracts 0.00% (30 September 2016: 0.00%) Settlement Buy Amount Sell Amount Unrealised % Net Date Bought Sold Gain/Loss Assets

02/10/2017 USD 5,941 GBP (4,440) 2 0.00 02/10/2017 USD 126,193 EUR (107,010) 4 0.00 02/10/2017 USD 165,399 CHF (160,542) 92 0.00 Unrealised Gain on Open Spot Currency Contracts 98 0.00

Net Unrealised Gain on Open Spot Currency Contracts 98 0 .00






Other Assets 0.54

Total Assets 100.00



EMERGING MARKETS EQUITY FUND


% Net Assets


BRAZIL 9.84% (30 September 2016: 7.28%) Advertising Services 1,200 Smiles SA 29,011 0.48 Cellular Telecom 7,800 TIM Participacoes SA 28,651 0.48 Commercial Banks Non-US 7,500 Banco do Brasil SA 81,375 1.35 Consulting Services 5,000 Qualicorp SA 57,596 0.96 Diversified Minerals 1,500 Vale SA PFD 13,791 0.23 Diversified Operations 27,684 Itausa - Investimentos Itau SA 94,122 1.57 Medical-Drugs 5,000 Hypermarcas SA 50,055 0.83 Metal-Iron 6,724 Vale SA 67,082 1.12 Public Thoroughfares 8,284 CCR SA 45,318 0.75 Retail-Apparel/Shoe 6,300 Lojas Renner SA 69,305 1.15 Retail-Discount 2,500 Magazine Luiza SA 55,578 0.92

CHILE 1.29% (30 September 2016: 1.15%) Commercial Banks Non-US 628,915 Banco Santander Chile 46,861 0.78 Electric-Integrated 150,545 Enel Americas SA 30,789 0.51

CHINA 29.42% (30 September 2016: 25.12%) Applications Software 840 Momo Inc 27,250 0.45 Auto/Truck Parts & Equipment-Original 17,000 Nexteer Automotive Group Ltd 29,121 0.48 Auto-Cars/Light Trucks

16,000 Brilliance China Automotive Holdings Ltd 42,608 0.71

22,000 Guangzhou Automobile Group Co Ltd 50,924 0.85

Cellular Telecom 5,489 China Mobile Ltd 55,623 0.92 Coal 22,500 China Shenhua Energy Co Ltd 52,889 0.88 36,000 Yanzhou Coal Mining Co Ltd 35,443 0.59 Commercial Banks Non-US 171,000 China Construction Bank Corp 141,866 2.36

185,000 Industrial & Commercial Bank of China Ltd 137,374 2.28

E-Commerce/Products 1,885 Alibaba Group Holding Ltd 320,902 5.33 1,615 JD.com Inc 62,420 1.04 Entertainment Software 169 NetEase Inc 43,492 0.72 Hotels & Motels 284 China Lodging Group Ltd 34,148 0.57 Internet Application Software 8,200 Tencent Holdings Ltd 352,953 5.87 Internet Content-Entertainment 473 Weibo Corp 46,397 0.77 Internet Content-Information/News 404 YY Inc 34,671 0.58 Multi-Line Insurance


Oil Company-Exploration & Production 29,000 CNOOC Ltd 37,425 0.62



37

EMERGING MARKETS EQUITY FUND (continued)


% Net Assets

CHINA 29.42% (30 September 2016: 25.12%) (continued) Photo Equipment & Supplies

2,000 Sunny Optical Technology Group Co Ltd 31,802 0.53

Schools


2,146 TAL Education Group 72,127 1.20

HONG KONG 1.95% (30 September 2016: 2.31%) Auto/Truck Parts & Equipment-Replica 48,000 Xinyi Glass Holdings Ltd 47,442 0.79 Casino Hotels 5,000 Galaxy Entertainment Group Ltd 35,208 0.59 Chemicals-Other 6,500 Kingboard Chemical Holdings Ltd 34,411 0.57

HUNGARY 0.34% (30 September 2016: 1.04%) Oil Company-Integrated 1,760 MOL Hungarian Oil & Gas Plc 20,245 0.34

INDIA 13.25% (30 September 2016: 9.30%) Auto/Truck Parts & Equipment-Replica 8,345 Motherson Sumi Systems Ltd 43,500 0.72 Auto-Cars/Light Trucks 769 Maruti Suzuki India Ltd 93,825 1.56 Commercial Banks Non-US 3,007 HDFC Bank Ltd 83,535 1.39 15,020 Yes Bank Ltd 80,420 1.34 Diversified Financial Services 1,252 Bajaj Finance Ltd 35,599 0.59 Electric-Transmission 19,506 Power Grid Corp of India Ltd 61,918 1.03 Finance-Management Loan/Banker

2,249 Housing Development Finance Corp Ltd 60,212 1.00

2,902 Indiabulls Housing Finance Ltd 53,768 0.89 Gas-Distribution 1,596 Indraprastha Gas Ltd 36,085 0.60 Metal-Aluminum 14,035 Hindalco Industries Ltd 51,669 0.86 Motorcycle/Motor Scooter 572 Hero MotoCorp Ltd 33,161 0.55 Oil Company-Exploration & Production 2,939 Hindustan Petroleum Corp Ltd 19,344 0.32 Oil Refining & Marketing 4,499 Indian Oil Corp Ltd 27,633 0.46 Pipelines 11,364 Petronet LNG Ltd 40,445 0.67 Retail-Jewelry 1,784 Rajesh Exports Ltd 22,262 0.37 Warehousing and Harbor Transport Service


INDONESIA 2.90% (30 September 2016: 2.58%) Coal 177,900 Adaro Energy Tbk PT 24,105 0.40 Commercial Banks Non-US

57,400 Bank Negara Indonesia Persero Tbk PT 31,643 0.53

Machinery-Construction & Mining 8,900 United Tractors Tbk PT 21,145 0.35 Telecom Services

278,300 Telekomunikasi Indonesia Persero Tbk PT 97,319 1.62



% Net Assets

LUXEMBOURG 0.00% (30 September 2016: 0.42%)

MALAYSIA 1.09% (30 September 2016: 1.51%) Airport Development/Maintenance 11,700 Malaysia Airports Holdings Bhd 23,550 0.39 Commercial Banks Non-US 28,300 CIMB Group Holdings Bhd 42,219 0.70

MEXICO 3.65% (30 September 2016: 3.28%) Airport Development/Maintenance

1,080 Grupo Aeroportuario del Sureste SAB de CV 20,674 0.34

Beverages-Non-Alcoholic 496 Coca-Cola Femsa SAB de CV 37,840 0.63 Building Production-Cement/Aggregate 3,359 Cemex SAB de CV 30,264 0.50 Commercial Banks Non-US


Retail-Hypermarkets 15,000 Wal-Mart de Mexico SAB de CV 34,315 0.57

PERU 0.79% (30 September 2016: 0.80%) Commercial Banks Non-US 232 Credicorp Ltd 47,319 0.79

POLAND 0.98% (30 September 2016: 0.00%) Property/Casualty Insurance

4,730 Powszechny Zaklad Ubezpieczen SA 59,215 0.98

RUSSIA 3.78% (30 September 2016: 5.29%) Commercial Banks Non-US 6,781 Sberbank of Russia PJSC 96,290 1.60 Food-Retail 1,669 X5 Retail Group NV 75,105 1.25 Oil Company-Integrated 1,057 LUKOIL PJSC 56,021 0.93

SOUTH AFRICA 3.32% (30 September 2016: 6.39%) Commercial Banks Non-US 6,618 FirstRand Ltd 25,569 0.42 Multimedia 806 Naspers Ltd 174,212 2.90 Printing-Commercial 278 Novus Holdings Ltd 134 0.00

SOUTH KOREA 14.42% (30 September 2016: 14.16%) Cellular Telecom 3,794 LG Uplus Corp 44,222 0.73 232 SK Telecom Co Ltd 51,652 0.86 Chemicals-Diversified 1,581 Hanwha Chemical Corp 44,793 0.75 Commercial Banks Non-US 403 Woori Bank 6,281 0.11 Diversified Financial Services 871 Hana Financial Group Inc 36,008 0.60 1,026 KB Financial Group Inc 50,254 0.83 Electronic Component-Semiconductor 169 Samsung Electronics Co Ltd 378,326 6.29 710 SK Hynix Inc 51,390 0.85 Oil Refining & Marketing 305 SK Innovation Co Ltd 52,993 0.88 Petrochemicals 223 LG Chem Ltd 76,322 1.27 Steel-Producers 272 POSCO 75,282 1.25

TAIWAN 8.25% (30 September 2016: 14.00%) Circuit Boards 3,000 Tripod Technology Corp 10,388 0.17



38



% Net Assets

TAIWAN 8.25% (30 September 2016: 14.00%) (continued) Electronic Component-Miscellaneous 3,000 Elite Material Co Ltd 14,246 0.24 13,000 Hon Hai Precision Industry Co Ltd 45,014 0.75 Food-Miscellaneous/Diversified 18,000 Uni-President Enterprises Corp 37,693 0.63 Audio/Video Products 4,000 Merry Electronics Co Ltd 25,195 0.42 Networking Products 9,000 Accton Technology Corp 28,937 0.48 Semicon Component-Integrated Circuits 9,000 Powertech Technology Inc 25,940 0.43

43,244 Taiwan Semiconductor Manufacturing Co Ltd 308,743 5.13

THAILAND 1.47% (30 September 2016: 2.69%) Diversified Financial Services 11,700 Tisco Financial Group PCL 27,009 0.45 Oil Company-Integrated 5,000 PTT PCL 61,458 1.02

TURKEY 0.62% (30 September 2016: 0.00%) Commercial Banks Non-US 14,102 Akbank Turk AS 37,442 0.62



02/10/2017 BRL 51,246 USD (16,114) (11) (0.00) 02/10/2017 THB 69,694 USD (2,092) (3) (0.00) 03/10/2017 USD 3,050 HKD (23,826) (0) (0.00) 03/10/2017 USD 10,342 HKD (80,780) (0) (0.00) 04/10/2017 USD 649 HKD (5,067) (0) (0.00) Unrealised Loss on Open Spot Currency Contracts (14) (0.00)







Other Assets 6.30

Total Assets 100.00



JAPANESE EQUITY FUND


% Net Assets


JAPAN 99.08% (30 September 2016: 99.40%) Airlines 5,900 ANA Holdings Inc 223,272 1.22 7,200 Japan Airlines Co Ltd 243,614 1.33 Audio/Video Products 8,100 Panasonic Corp 117,349 0.64 7,900 Sony Corp 293,833 1.61 Auto/Truck Parts & Equipment-Original 3,000 Aisin Seiki Co Ltd 158,070 0.86 9,100 Denso Corp 460,316 2.52 11,700 JTEKT Corp 161,967 0.89 1,500 Koito Manufacturing Co Ltd 94,096 0.51 17,500 NHK Spring Co Ltd 188,614 1.03 8,800 Toyoda Gosei Co Ltd 207,910 1.14 4,900 TS Tech Co Ltd 164,574 0.90 Auto-Cars/Light Trucks 9,500 Subaru Corp 342,707 1.87 9,900 Honda Motor Co Ltd 293,099 1.60 6,100 Suzuki Motor Corp 319,892 1.75 7,990 Toyota Motor Corp 476,368 2.61 Beverages-Non-Alcoholic 2,800 Coca-Cola Bottlers Japan Inc 90,808 0.50 Building Production-Doors &Windows 2,100 Asahi Glass Co Ltd 77,902 0.43 Building-Residential/Commercial 25,100 Haseko Corp 334,533 1.83 5,500 Iida Group Holdings Co Ltd 98,032 0.54 8,200 Sekisui Chemical Co Ltd 161,312 0.88 6,100 Sekisui House Ltd 102,791 0.56 Brewery 14,500 Kirin Holdings Co Ltd 341,161 1.87 Building & Construction Production-Miscellaneous 18,000 Kajima Corp 178,808 0.98 9,500 Obayashi Corp 113,870 0.62 Cellular Telecom 15,100 NTT DoCoMo Inc 344,880 1.89 Chemicals-Diversified 17,100 Mitsubishi Chemical Holdings Corp 162,879 0.89 12,700 Toagosei Co Ltd 170,055 0.93 7,500 Tosoh Corp 168,999 0.93 Commercial Banks Non-US 16,000 Chiba Bank Ltd/The 114,443 0.62 158,900 Mizuho Financial Group Inc 278,281 1.52 31,900 Resona Holdings Inc 163,830 0.90 Computers-Integrated Systems 21,000 Fujitsu Ltd 155,972 0.85 Diversified Banking Institutions 68,600 Mitsubishi UFJ Financial Group Inc 445,386 2.44 Electric Products-Miscellaneous 6,200 Brother Industries Ltd 144,223 0.79 60,000 Hitachi Ltd 422,711 2.31 900 Mitsubishi Electric Corp 14,058 0.08 Electric-Integrated 7,500 Chubu Electric Power Co Inc 93,096 0.51

25,300 Tokyo Electric Power Co Holdings Inc 102,059 0.56

Electronic Component-Miscellaneous 3,800 Hoya Corp 205,118 1.12 Electronic Component-Semiconductor 1,500 Rohm Co Ltd 128,482 0.70 Finance-Leasing Companies 20,400 ORIX Corp 328,898 1.80 Fisheries 15,500 Nippon Suisan Kaisha Ltd 86,628 0.47 Food-Miscellaneous/Diversified 4,400 Nichirei Corp 110,445 0.60



39

JAPANESE EQUITY FUND (continued)


% Net Assets

JAPAN 99.08% (30 September 2016: 99.40%) (continued) Forestry 14,600 Sumitomo Forestry Co Ltd 228,318 1.25 Gas-Distribution 9,800 Osaka Gas Co Ltd 182,163 1.00 5,000 Toho Gas Co Ltd 146,386 0.80 10,600 Tokyo Gas Co Ltd 259,761 1.42 Import/Export 22,600 ITOCHU Corp 370,090 2.02 13,200 Mitsubishi Corp 306,763 1.68 23,700 Mitsui & Co Ltd 350,199 1.91 20,300 Sumitomo Corp 291,932 1.60 Leisure&Rec/Games 5,300 Koshidaka Holdings Co Ltd 158,230 0.87 Machinery-General Industry 3,000 Mitsubishi Heavy Industries Ltd 118,593 0.65 Medical-Drugs 10,300 Daiichi Sankyo Co Ltd 232,275 1.27 4,400 Otsuka Holdings Co Ltd 174,796 0.96 5,500 Shionogi & Co Ltd 300,595 1.64

11,200 Sumitomo Dainippon Pharma Co Ltd 145,691 0.80

7,300 Takeda Pharmaceutical Co Ltd 403,059 2.20 Metal Processors & Fabricators 8,600 NSK Ltd 115,920 0.63 Office Automation & Equipment 9,300 Canon Inc 317,726 1.74 Oil Refining & Marketing 10,500 Showa Shell Sekiyu KK 120,818 0.66 Property/Casualty Insurance

13,100 MS&AD Insurance Group Holdings Inc 421,709 2.31

2,400 Sompo Holdings Inc 93,360 0.51 Rental Auto/Equipment 7,100 Kanamoto Co Ltd 223,955 1.22 Retail-Consumer Electronics 13,900 K's Holdings Corp 307,901 1.68 Retail-Drug Store 1,300 Matsumotokiyoshi Holdings Co Ltd 86,979 0.48 Rubber-Tires 8,500 Bridgestone Corp 385,632 2.11 9,400 Sumitomo Rubber Industries Ltd 172,223 0.94 Semiconductor Equipment 2,700 Tokyo Electron Ltd 414,554 2.27 3,100 Ulvac Inc 194,740 1.06 Steel-Producers

12,400 Nippon Steel & Sumitomo Metal Corp 284,645 1.56

Telephone-Integrated 21,400 KDDI Corp 564,164 3.09

10,194 Nippon Telegraph & Telephone Corp 467,106 2.56

3,000 SoftBank Group Corp 242,143 1.32 Toys 600 Nintendo Co Ltd 221,565 1.21 Transport-Rail 2,100 Central Japan Railway Co 368,146 2.01 3,400 East Japan Railway Co 313,732 1.72 3,500 West Japan Railway Co 243,254 1.33

OPEN ENDED FUNDS 0.00% (30 September 2016: 2.10%)


Open Spot Currency Contracts 0.00% (30 September 2016: (0.00%)) Settlement Buy Amount Sell Amount Unrealised % Net Date Bought Sold Gain/Loss Assets

03/10/2017 JPY 12,000,000 USD (106,507) 117 0.00

JAPANESE EQUITY FUND (continued)

Open Spot Currency Contracts 0.00% (30 September 2016: (0.00%)) (continued) Settlement Buy Amount Sell Amount Unrealised % Net Date Bought Sold Gain/Loss Assets 03/10/2017 USD 1,618 JPY (182,410) (2) (0.00) 03/10/2017 USD 1,018 JPY (114,750) (2) (0.00) Unrealised Gain on Open Spot Currency Contracts 117 0.00 Unrealised Loss on Open Spot Currency Contracts (4) (0.00)







Other Assets 1.56

Total Assets 100.00





40

t

PREFERRED SECURITIES FUND

Nominal Security Coupon Rate

Maturity Date

Value USD

% Net Assets


AUSTRALIA 2.68% (30 September 2016: 2.84%) Corporate Bond

13,000,000 Australia & New Zealand Banking Group Ltd 4.400% 19/05/2026 13,570,811 0.29 14,326,000 Australia & New Zealand Banking Group Ltd/United Kingdom 6.750% Perpetual 16,206,288 0.35 12,000,000 BHP Billiton Finance USA Ltd 144A 6.750% 19/10/2075 14,190,000 0.30 14,000,000 BHP Billiton Finance USA Ltd REGS 6.750% 19/10/2075 16,555,000 0.36 9,200,000 Macquarie Bank Ltd 4.875% 10/06/2025 9,738,375 0.21 16,501,000 QBE Insurance Group Ltd 5.875% 17/06/2046 17,806,790 0.39 26,250,000 QBE Insurance Group Ltd 6.750% 02/12/2044 29,662,500 0.64 6,200,000 Westpac Banking Corp/New Zealand 5.000% Perpetual 6,216,811 0.14

BELGIUM 0.61% (30 September 2016: 0.68%) Corporate Bond

26,800,000 AG Insurance SA 6.750% Perpetual 28,342,742 0.61

BERMUDA 2.34% (30 September 2016: 1.13%) Corporate Bond

9,025,000 Catlin Insurance Co Ltd 144A 4.281% Perpetual 8,573,750 0.18 24,475,000 Catlin Insurance Co Ltd REGS 4.281% Perpetual 23,251,250 0.50 6,564,000 Oil Insurance Ltd 4.317% Perpetual 6,326,055 0.14 38,547,000 XLIT Ltd 3.761% Perpetual 35,437,414 0.77 7,000,000 XLIT Ltd 4.450% 31/03/2025 7,187,348 0.15 20,000,000 XLIT Ltd 5.500% 31/03/2045 21,109,490 0.46

Preferred Security 107,149 RenaissanceRe Holdings Ltd 5.375% Perpetual 2,690,511 0.06 151,140 RenaissanceRe Holdings Ltd 6.080% Perpetual 3,902,435 0.08

CANADA 3.95% (30 September 2016: 2.05%) Corporate Bond

71,221,000 Emera Inc 6.750% 15/06/2076 81,548,045 1.76 37,619,000 Enbridge Inc 6.000% 15/01/2077 39,932,568 0.86 6,000,000 Great-West Life & Annuity Insurance Capital LP 6.625% 15/11/2034 7,169,058 0.15 4,566,000 Great-West Life & Annuity Insurance Capital LP II 3.852% 16/05/2046 4,497,510 0.10 45,823,000 Transcanada Trust 5.875% 15/08/2076 49,832,513 1.08

CAYMAN ISLANDS 1.15% (30 September 2016: 2.24%) Preferred Security

45,857 Centaur Funding Corp 9.080% 21/04/2020 53,165,459 1.15

DENMARK 0.87% (30 September 2016: 0.00%) Corporate Bond

36,900,000 Danske Bank A/S 6.125% Perpetual 40,131,333 0.87

FRANCE 6.69% (30 September 2016: 9.09%) Corporate Bond

10,000,000 AXA SA 2.261% Perpetual 8,762,500 0.19 4,000,000 AXA SA 6.379% Perpetual 4,600,000 0.10 54,362,000 AXA SA 8.600% 15/12/2030 78,009,470 1.68 17,000,000 BNP Paribas SA 4.375% 12/05/2026 17,766,190 0.38 30,700,000 BNP Paribas SA 7.625% Perpetual 33,854,425 0.73 1,100,000 BNP Paribas SA 144A 7.195% Perpetual 1,298,000 0.03 27,400,000 BNP Paribas SA REGS 7.195% Perpetual 32,332,000 0.70 2,000,000 BPCE SA 5.150% 21/07/2024 2,164,280 0.04 4,000,000 BPCE SA 5.700% 22/10/2023 4,456,572 0.10 11,647,000 BPCE SA 12.500% Perpetual 13,845,371 0.30 29,600,000 Credit Agricole SA 8.125% Perpetual 35,080,617 0.76 32,728,000 Credit Agricole SA 144A 8.375% Perpetual 36,409,900 0.79 15,000,000 Societe Generale SA 4.250% 14/04/2025 15,421,890 0.33 9,705,000 Societe Generale SA 5.625% 24/11/2045 11,772,631 0.26 9,000,000 Societe Generale SA 7.375% Perpetual 9,753,750 0.21 4,000,000 Societe Generale SA 8.250% Perpetual 4,255,000 0.09

GERMANY 0.04% (30 September 2016: 1.20%) Corporate Bond

1,500,000 Commerzbank AG 8.125% 19/09/2023 1,819,732 0.04



41

PREFERRED SECURITIES FUND (continued)


Maturity Date

Value USD

% Net Assets

HONG KONG 0.00% (30 September 2016: 0.13%)


ITALY 0.35% (30 September 2016: 0.35%) Corporate Bond

13,250,000 Enel SpA 8.750% 24/09/2073 16,082,187 0.35

JAPAN 6.29% (30 September 2016: 3.22%) Corporate Bond

34,603,000 Dai-ichi Life Insurance Co Ltd/The 5.100% Perpetual 37,198,225 0.81 1,632,000 Dai-ichi Life Insurance Co Ltd/The 144A 7.250% Perpetual 1,867,620 0.04 25,224,000 Dai-ichi Life Insurance Co Ltd/The REGS 7.250% Perpetual 28,865,715 0.62 7,000,000 Fukoku Mutual Life Insurance Co 6.500% Perpetual 7,962,500 0.17 2,494,000 Meiji Yasuda Life Insurance Co 144A 5.200% 20/10/2045 2,721,578 0.06 29,900,000 Meiji Yasuda Life Insurance Co REGS 5.200% 20/10/2045 32,450,769 0.70 1,150,000 Mitsui Sumitomo Insurance Co Ltd 144A 7.000% 15/03/2072 1,318,188 0.03 23,089,000 Mitsui Sumitomo Insurance Co Ltd REGS 7.000% 15/03/2072 26,465,766 0.57 5,000,000 Nippon Life Insurance Co 4.700% 20/01/2046 5,250,000 0.11 13,000,000 Nippon Life Insurance Co 5.000% 18/10/2042 13,881,270 0.30 34,300,000 Nippon Life Insurance Co 5.100% 16/10/2044 36,918,805 0.80 5,000,000 SMFG Preferred Capital USD 3 Ltd 9.500% Perpetual 5,310,175 0.12 31,060,000 Sompo Japan Nipponkoa Insurance Inc 5.325% 28/03/2073 33,700,100 0.73 49,775,000 Sumitomo Life Insurance Co 6.500% 20/09/2073 56,917,712 1.23

NETHERLANDS 5.45% (30 September 2016: 5.27%) Corporate Bond

19,000,000 ABN AMRO Bank NV 4.400% 27/03/2028 19,626,164 0.42 5,000,000 ABN AMRO Bank NV 4.750% 28/07/2025 5,306,920 0.11 4,977,200 Aegon NV 2.397% Perpetual 4,260,881 0.09 6,000,000 Cooperatieve Rabobank UA 4.375% 04/08/2025 6,319,215 0.14 10,000,000 Cooperatieve Rabobank UA 144A 11.000% Perpetual 11,442,500 0.25 144,528,000 Cooperatieve Rabobank UA REGS 11.000% Perpetual 165,376,164 3.57 5,000,000 ING Bank NV 4.125% 21/11/2023 5,101,120 0.11 4,600,000 ING Groep NV 6.500% Perpetual 4,933,500 0.11 10,000,000 ING Groep NV 6.875% Perpetual 10,787,800 0.23 11,200,000 Koninklijke KPN NV 7.000% 28/03/2073 12,683,440 0.27

Preferred Security 165,369 Aegon NV 6.375% Perpetual 4,274,789 0.10 82,884 ING Groep NV 6.125% Perpetual 2,135,092 0.05 519 ING Groep NV 6.375% Perpetual 13,323 0.00

NORWAY 0.60% (30 September 2016: 0.05%) Corporate Bond

2,000,000 DNB Bank ASA 1.750% Perpetual 1,612,500 0.03 10,000,000 DNB Bank ASA 5.750% Perpetual 10,324,250 0.22 14,975,000 DNB Bank ASA 6.500% Perpetual 16,065,270 0.35

SPAIN 1.19% (30 September 2016: 1.13%) Corporate Bond

17,200,000 Banco Bilbao Vizcaya Argentaria SA 8.875% Perpetual 23,629,400 0.51 23,400,000 Banco Bilbao Vizcaya Argentaria SA 9.000% Perpetual 24,253,492 0.52 2,000,000 Banco Santander SA 6.375% Perpetual 2,039,378 0.05 4,800,000 Santander Issuances SAU 5.179% 19/11/2025 5,174,839 0.11

SWEDEN 3.20% (30 September 2016: 3.76%) Corporate Bond

200,000 Nordea Bank AB 5.250% Perpetual 205,799 0.00 9,645,000 Nordea Bank AB 5.500% Perpetual 9,953,158 0.21 41,655,000 Nordea Bank AB 6.125% Perpetual 44,831,194 0.97 14,600,000 Skandinaviska Enskilda Banken AB 5.625% Perpetual 15,147,500 0.33 15,570,000 Skandinaviska Enskilda Banken AB 5.750% Perpetual 16,115,495 0.35 28,121,000 Svenska Handelsbanken AB 5.250% Perpetual 28,824,616 0.62 31,200,000 Swedbank AB 6.000% Perpetual 33,149,126 0.72

SWITZERLAND 9.86% (30 September 2016: 5.86%) Corporate Bond

2,000,000 Cloverie Plc for Swiss Re Corporate Solutions Ltd 4.500% 11/09/2044 2,047,658 0.04 25,300,000 Cloverie Plc for Zurich Insurance Co Ltd 5.625% 24/06/2046 27,827,647 0.60 36,320,000 Cloverie Plc for Zurich Insurance Co Ltd 8.250% Perpetual 37,009,318 0.80 5,000,000 Credit Suisse AG 144A 6.500% 08/08/2023 5,663,260 0.12



42



Maturity Date

Value USD

% Net Assets

SWITZERLAND 9.86% (30 September 2016: 5.86%) (continued) Corporate Bond (continued)

30,555,000 Credit Suisse AG REGS 6.500% 08/08/2023 34,608,182 0.75 21,000,000 Credit Suisse Group AG 7.125% Perpetual 22,753,605 0.49 35,507,000 Credit Suisse Group AG 7.500% Perpetual 40,163,921 0.87 7,800,000 Credit Suisse Group AG 144A 6.250% Perpetual 8,298,342 0.18 8,000,000 Credit Suisse Group AG REGS 6.250% Perpetual 8,511,120 0.18 51,597,000 Demeter Investments BV for Swiss Re Ltd 5.625% 15/08/2052 55,344,851 1.19 67,210,000 Demeter Investments BV for Swiss Re Ltd 5.750% 15/08/2050 73,015,264 1.58 5,000,000 UBS AG 4.750% 22/05/2023 5,076,920 0.11 10,200,000 UBS AG 5.125% 15/05/2024 10,899,934 0.24 10,000,000 UBS AG/Stamford CT 7.625% 17/08/2022 11,830,000 0.26 51,110,000 UBS Group AG 6.875% Perpetual 54,851,393 1.18 3,000,000 UBS Group AG 7.000% Perpetual 3,365,949 0.07 13,250,000 UBS Group AG 7.125% Perpetual 14,136,061 0.31 40,854,000 Willow No 2 Ireland Plc for Zurich Insurance Co Ltd 4.250% 01/10/2045 41,167,636 0.89

UNITED KINGDOM 18.53% (30 September 2016: 15.49%) Corporate Bond

27,729,000 Aviva Plc 8.250% Perpetual 27,902,306 0.60 24,041,000 Barclays Bank Plc 7.750% 10/04/2023 24,792,281 0.53 14,986,000 Barclays Bank Plc 10.179% 12/06/2021 18,582,857 0.40 17,095,000 Barclays Bank Plc 14.000% Perpetual 27,140,664 0.59 20,500,000 Barclays Plc 7.875% Perpetual 22,345,123 0.48 25,221,000 Barclays Plc 8.250% Perpetual 26,683,188 0.58 37,268,000 Friends Life Holdings Plc 7.875% Perpetual 39,549,063 0.85 2,000,000 HSBC Bank Plc 1.750% Perpetual 1,665,352 0.04 3,000,000 HSBC Bank Plc 1.813% Perpetual 2,501,766 0.05 3,000,000 HSBC Capital Funding Dollar 1 LP 144A 10.176% Perpetual 4,770,000 0.10 40,389,000 HSBC Capital Funding Dollar 1 LP REGS 10.176% Perpetual 64,218,510 1.39 29,700,000 HSBC Holdings Plc 6.000% Perpetual 31,110,750 0.67 39,550,000 HSBC Holdings Plc 6.875% Perpetual 43,158,937 0.93 61,300,000 Legal & General Group Plc 5.250% 21/03/2047 65,017,845 1.41 118,645,000 Lloyds Bank Plc 12.000% Perpetual 160,909,196 3.48 13,500,000 Lloyds Banking Group Plc 6.413% Perpetual 15,356,250 0.33 21,658,000 Lloyds Banking Group Plc 7.500% Perpetual 24,306,773 0.53 7,750,000 Nationwide Building Society 4.000% 14/09/2026 7,736,782 0.17 14,500,000 Prudential Plc 7.750% Perpetual 15,027,075 0.33 10,260,000 RBS Capital Trust B 6.800% Perpetual 10,416,096 0.22 27,200,000 Royal Bank of Scotland Group Plc 3.655% Perpetual 26,152,800 0.57 10,000,000 Royal Bank of Scotland Group Plc 3.875% 12/09/2023 10,256,085 0.22 7,500,000 Royal Bank of Scotland Group Plc 4.800% 05/04/2026 8,026,103 0.18 24,300,000 Royal Bank of Scotland Group Plc 7.500% Perpetual 25,581,825 0.55 4,000,000 Royal Bank of Scotland Group Plc 8.000% Perpetual 4,450,000 0.10 26,404,000 Royal Bank of Scotland Group Plc 8.625% Perpetual 29,341,445 0.63 5,000,000 Standard Chartered Plc 4.300% 19/02/2027 5,094,790 0.11 13,300,000 Standard Chartered Plc 5.700% 26/03/2044 15,661,768 0.34 8,000,000 Standard Chartered Plc 6.500% Perpetual 8,163,000 0.18 50,700,000 Standard Chartered Plc 7.014% Perpetual 59,002,125 1.27 4,000,000 Standard Chartered Plc 7.500% Perpetual 4,296,000 0.09 15,000,000 Standard Chartered Plc 7.750% Perpetual 16,316,250 0.35 9,000,000 Standard Chartered Plc 144A 2.821% Perpetual 7,785,000 0.17 400,000 Standard Chartered Plc REGS 2.821% Perpetual 346,000 0.01

Preferred Security 72,564 HSBC Holdings Plc 8.000% Perpetual 1,957,777 0.04 43,551 Prudential Plc 6.500% Perpetual 1,152,795 0.03 22,856 Prudential Plc 6.750% Perpetual 607,284 0.01

UNITED STATES 31.11% (30 September 2016: 39.51%) Corporate Bond

7,484,000 ACE Capital Trust II 9.700% 01/04/2030 11,319,550 0.24 6,082,000 AIG Life Holdings Inc 8.500% 01/07/2030 8,180,290 0.18 17,712,000 Allstate Corp/The 5.750% 15/08/2053 19,483,200 0.42 5,700,000 Allstate Corp/The 6.500% 15/05/2057 6,740,250 0.15 750,000 American International Group Inc 6.250% 15/03/2087 823,125 0.02 43,715,000 American International Group Inc 8.175% 15/05/2058 59,670,975 1.29 9,000,000 Aon Corp 8.205% 01/01/2027 11,812,500 0.26 22,360,000 Bank of America Corp 4.183% 25/11/2027 23,240,514 0.50 14,000,000 Bank of America Corp 4.450% 03/03/2026 14,825,965 0.32



43



Maturity Date

Value USD

% Net Assets

UNITED STATES 31.11% (30 September 2016: 39.51%) (continued) Corporate Bond (continued)

15,000,000 Bank of America Corp 7.750% 14/05/2038 21,972,735 0.48 35,287,000 BNSF Funding Trust I 6.613% 15/12/2055 40,580,050 0.88 47,200,000 Capital One Financial Corp 3.750% 28/07/2026 46,796,086 1.01 10,000,000 Capital One Financial Corp 4.200% 29/10/2025 10,240,910 0.22 12,491,000 Central Fidelity Capital Trust I 2.304% 15/04/2027 11,991,360 0.26 3,285,000 Chubb Corp/The 3.554% 15/04/2037 3,278,758 0.07 7,700,000 Citigroup Capital III 7.625% 01/12/2036 9,985,518 0.22 32,300,000 Citigroup Inc 4.125% 25/07/2028 33,187,491 0.72 5,000,000 Citigroup Inc 4.450% 29/09/2027 5,279,888 0.11 7,690,000 Citigroup Inc 4.600% 09/03/2026 8,179,941 0.18 8,000,000 Citigroup Inc 5.500% 13/09/2025 9,005,152 0.20 7,000,000 Corestates Capital II 1.954% 15/01/2027 6,606,250 0.14 19,131,000 Corestates Capital III 1.885% 15/02/2027 18,174,450 0.39 6,630,000 Countrywide Capital III 8.050% 15/06/2027 8,558,077 0.19 10,262,000 Dominion Energy Inc 5.750% 01/10/2054 11,108,615 0.24 48,500,000 Enterprise Products Operating LLC 5.250% 16/08/2077 48,985,000 1.06 42,840,000 Enterprise Products Operating LLC 7.034% 15/01/2068 43,482,600 0.94 10,089,000 Everest Reinsurance Holdings Inc 3.700% 15/05/2037 9,458,438 0.21 7,061,000 First Maryland Capital I 2.304% 15/01/2027 6,707,950 0.14 500,000 First Union Capital II 7.950% 15/11/2029 656,559 0.01 15,000,000 Goldman Sachs Group Inc/The 6.750% 01/10/2037 19,626,060 0.42 3,000,000 Hartford Financial Services Group Inc/The 3.440% 12/02/2047 2,887,500 0.06 4,434,000 Hartford Financial Services Group Inc/The 8.125% 15/06/2038 4,609,143 0.10 5,000,000 JPMorgan Chase & Co 4.250% 01/10/2027 5,285,015 0.11 13,000,000 KeyCorp Capital I 2.075% 01/07/2028 12,285,000 0.27 8,200,000 KeyCorp Capital III 7.750% 15/07/2029 9,860,500 0.22 1,200,000 Liberty Mutual Group Inc 144A 4.225% 15/03/2037 1,176,000 0.02 14,187,000 Liberty Mutual Group Inc 144A 7.800% 15/03/2037 17,946,555 0.39 11,800,000 Liberty Mutual Group Inc REGS 4.225% 15/03/2037 11,564,000 0.25 15,620,000 Liberty Mutual Group Inc REGS 7.800% 15/03/2037 19,759,300 0.43 21,412,000 Lincoln National Corp 3.347% 20/04/2067 19,431,390 0.42 15,600,000 Lincoln National Corp 3.672% 17/05/2066 14,469,000 0.31 26,048,000 MetLife Capital Trust IV 7.875% 15/12/2037 34,936,880 0.76 35,675,000 MetLife Inc 9.250% 08/04/2038 52,932,781 1.14 48,619,000 MetLife Inc 10.750% 01/08/2039 81,436,825 1.76 9,000,000 National Rural Utilities Cooperative Finance Corp 5.250% 20/04/2046 9,650,245 0.21 20,084,000 Nationwide Financial Services Inc 6.750% 15/05/2037 22,443,870 0.49 10,389,000 NB Capital Trust III 1.854% 15/01/2027 9,869,550 0.21 9,159,000 NextEra Energy Capital Holdings Inc 3.403% 01/10/2066 8,723,948 0.19 4,126,000 NextEra Energy Capital Holdings Inc 3.445% 15/06/2067 3,919,931 0.08 14,305,000 NTC Capital I 1.824% 15/01/2027 13,428,819 0.29 241,000 NTC Capital II 1.894% 15/04/2027 225,636 0.00 6,900,000 PPL Capital Funding Inc 3.998% 30/03/2067 6,813,750 0.15 22,085,000 Provident Financing Trust I 7.405% 15/03/2038 25,508,175 0.55 34,900,000 Prudential Financial Inc 5.625% 15/06/2043 38,084,625 0.82 25,523,000 Prudential Financial Inc 5.875% 15/09/2042 28,298,626 0.61 13,786,000 Prudential Financial Inc 8.875% 15/06/2038 14,475,300 0.31 24,401,000 Reinsurance Group of America Inc 3.985% 15/12/2065 23,302,955 0.50 25,758,000 Southern Co/The 5.500% 15/03/2057 27,261,430 0.59 16,000,000 Stanley Black & Decker Inc 5.750% 15/12/2053 16,700,000 0.36 19,185,000 SunTrust Capital I 1.990% 15/05/2027 17,890,012 0.39 22,429,000 SunTrust Capital III 1.970% 15/03/2028 20,494,499 0.44 40,885,000 Voya Financial Inc 5.650% 15/05/2053 43,451,352 0.94 26,522,000 Wachovia Capital Trust II 1.804% 15/01/2027 24,798,070 0.54 2,691,000 WEC Energy Group Inc 3.428% 15/05/2067 2,597,003 0.06

Preferred Security 354,373 Aflac Inc 5.500% 15/09/2052 8,933,743 0.19 12,500 American Financial Group Inc/OH 6.000% 15/11/2055 335,500 0.01 66,023 American Financial Group Inc/OH 6.250% 30/09/2054 1,723,860 0.03 109,000 Arch Capital Group Ltd 5.250% Perpetual 2,690,120 0.06 17,618 Arch Capital Group Ltd 5.450% Perpetual 443,093 0.01 141,253 Arch Capital Group Ltd 6.750% Perpetual 3,603,364 0.08 399,494 Axis Capital Holdings Ltd D 5.500% Perpetual 10,063,254 0.22 25,670 Axis Capital Holdings Ltd E 5.500% Perpetual 648,681 0.01 229,361 Comcast Corp 5.000% 15/12/2061 5,809,714 0.13 330,000 Dominion Energy Inc 5.250% 30/07/2076 8,487,600 0.18



44



Maturity Date

Value USD

% Net Assets

UNITED STATES 31.11% (30 September 2016: 39.51%) (continued) Preferred Security (continued)

15,000 DTE Energy Co 5.250% 01/12/2062 379,200 0.01 20,000 DTE Energy Co 5.375% 01/06/2076 515,400 0.01 140,817 DTE Energy Co 6.000% 15/12/2076 3,825,998 0.08 563,924 Duke Energy Corp 5.125% 15/01/2073 14,301,113 0.31 133,884 Entergy Arkansas Inc 4.750% 01/06/2063 3,332,373 0.07 138,400 Entergy Arkansas Inc 4.875% 01/09/2066 3,439,240 0.07 150,421 Entergy Arkansas Inc 4.900% 01/12/2052 3,772,559 0.08 81,100 Entergy Louisiana LLC 4.700% 01/06/2063 2,024,256 0.04 483,515 Entergy Louisiana LLC 4.875% 01/09/2066 11,991,172 0.26 67,226 Entergy New Orleans Inc 5.000% 01/12/2052 1,679,305 0.04 8,190 Entergy Texas Inc 5.625% 01/06/2064 213,595 0.01 68,511 General Electric Co 4.700% 16/05/2053 1,744,290 0.04 242,711 General Electric Co 4.875% 15/10/2052 6,157,578 0.13 712,673 General Electric Co 4.875% 29/01/2053 18,201,669 0.39 422,381 Georgia Power Co 5.000% 01/10/2077 10,614,435 0.23 585,459 Hartford Financial Services Group Inc/The 7.875% 15/04/2042 17,552,061 0.38 346,267 Integrys Holding Inc 6.000% 01/08/2073 9,833,983 0.21 140,724 NextEra Energy Capital Holdings Inc 5.000% 15/01/2073 3,518,100 0.08 47,772 NextEra Energy Capital Holdings Inc 5.125% 15/11/2072 1,195,255 0.03 76,929 NextEra Energy Capital Holdings Inc 5.625% 15/06/2072 1,932,456 0.04 374,600 NextEra Energy Capital Holdings Inc 5.700% 01/03/2072 9,428,682 0.20 16,700 Qwest Corp 6.125% 01/06/2053 422,009 0.01 667,485 Qwest Corp 6.750% 15/06/2057 17,285,859 0.37 105,000 Qwest Corp 6.875% 01/10/2054 2,725,800 0.06 207,402 Qwest Corp 7.000% 01/04/2052 5,243,123 0.11 197,836 Qwest Corp 7.000% 01/07/2052 5,009,207 0.11 38,150 Qwest Corp 7.500% 15/09/2051 973,588 0.02 180,057 Reinsurance Group of America Inc 6.200% 15/09/2042 5,101,015 0.11 99,259 Senior Housing Properties Trust 5.625% 01/08/2042 2,507,282 0.05 51,779 Senior Housing Properties Trust 6.250% 01/02/2046 1,386,642 0.03 128,194 Southern Co/The 5.250% 01/10/2076 3,263,819 0.07 121,044 Southern Co/The 6.250% 15/10/2075 3,283,924 0.07 448,077 Stanley Black & Decker Inc 5.750% 25/07/2052 11,367,714 0.25 2,772 Telephone & Data Systems Inc 5.875% 01/12/2061 69,244 0.00 122,593 Torchmark Corp 5.875% 15/12/2052 3,110,185 0.07 9,751 United States Cellular Corp 7.250% 01/12/2063 257,085 0.00 9,733 United States Cellular Corp 7.250% 01/12/2064 260,942 0.01 214,881 Ventas Realty LP / Ventas Capital Corp 5.450% 15/03/2043 5,457,977 0.12 603,446 Verizon Communications Inc 5.900% 15/02/2054 16,317,180 0.35 421,833 WR Berkley Corp 5.625% 30/04/2053 10,845,326 0.23

Total Value of Transferable Securities at Mid Market Prices (Cost: USD4,247,008,430) 4,392,852,353 94.91

Interest Receivable on Transferable Securities 59,151,809 1.28

Total Value of Transferable Securities 4,452,004,162 96.19

Open Forward Foreign Currency Exchange Contracts (0.48%) (30 September 2016: (0.09%)) Settlement Date

Buy Amount Bought

Sell Amount Sold

Unrealised Gain/Loss

% Net Assets

16/10/2017 AUD 150,000 USD (120,320) (2,746) (0 .00)

16/10/2017 AUD 200,000 USD (159,144) (2,379) (0 .00)

16/10/2017 AUD 6,461 USD (5,185) (121) (0 .00)

16/10/2017 AUD 6,461 USD (5,185) (121) (0 .00)

16/10/2017 AUD 6,226 USD (4,997) (117) (0 .00)

16/10/2017 AUD 124 USD (99) (2) (0 .00)

16/10/2017 AUD 124 USD (99) (2) (0 .00)

16/10/2017 AUD 55 USD (44) (1) (0 .00)

16/10/2017 AUD 300,000 USD (234,792) 355 0 .00

16/10/2017 CHF 26,375,109 USD (27,625,523) (444,546) (0 .01)

16/10/2017 CHF 14,975,352 USD (15,685,317) (252,406) (0 .01)

16/10/2017 CHF 2,704,876 USD (2,833,111) (45,590) (0 .00)

16/10/2017 CHF 343,040 USD (358,126) (4,605) (0 .00)

16/10/2017 CHF 197,150 USD (206,491) (3,318) (0 .00)

16/10/2017 CHF 107,212 USD (112,292) (1,804) (0 .00)

16/10/2017 CHF 137,940 USD (143,956) (1,801) (0 .00)

16/10/2017 CHF 121,980 USD (127,202) (1,495) (0 .00)

16/10/2017 CHF 87,267 USD (90,996) (1,063) (0 .00)



45


Open Forward Foreign Currency Exchange Contracts (0.48%) (30 September 2016: (0.09%)) (continued) Settlement Date

Buy Amount Bought

Sell Amount Sold


% Net Assets

16/10/2017 CHF 50,160 USD (52,366) (673) (0 .00)

16/10/2017 CHF 35,520 USD (37,204) (599) (0 .00)

16/10/2017 CHF 260,041 USD (268,518) (532) (0 .00)

16/10/2017 CHF 154,584 USD (159,812) (505) (0 .00)

16/10/2017 CHF 33,535 USD (34,971) (411) (0 .00)

16/10/2017 CHF 19,491 USD (20,414) (328) (0 .00)

16/10/2017 CHF 6,903 USD (7,194) (80) (0 .00)

16/10/2017 CHF 94,620 USD (97,562) (51) (0 .00)

16/10/2017 CHF 9,590 USD (9,889) (5) (0 .00)

16/10/2017 CHF 84,873 USD (87,423) 43 0 .00

16/10/2017 CHF 26,538 USD (27,249) 100 0 .00

16/10/2017 CHF 651,680 USD (671,257) 334 0 .00

16/10/2017 CHF 100,000 USD (102,680) 376 0 .00

16/10/2017 CHF 145,223 USD (149,282) 378 0 .00

16/10/2017 EUR 493,277,717 USD (590,917,109) (8,814,198) (0 .19)

16/10/2017 EUR 193,590,385 USD (231,909,666) (3,459,195) (0 .08)

16/10/2017 EUR 75,149,657 USD (90,024,780) (1,342,822) (0 .03)

16/10/2017 EUR 52,012,851 USD (62,308,275) (929,399) (0 .02)

16/10/2017 EUR 9,304,568 USD (11,146,547) (166,493) (0 .00)

16/10/2017 EUR 3,564,316 USD (4,269,925) (63,779) (0 .00)

16/10/2017 EUR 2,378,719 USD (2,854,493) (47,436) (0 .00)

16/10/2017 EUR 1,152,406 USD (1,385,365) (25,444) (0 .00)

16/10/2017 EUR 1,233,816 USD (1,480,409) (24,418) (0 .00)

16/10/2017 EUR 1,324,793 USD (1,587,056) (23,705) (0 .00)

16/10/2017 EUR 975,986 USD (1,169,197) (17,464) (0 .00)

16/10/2017 EUR 858,620 USD (1,023,281) (10,048) (0 .00)

16/10/2017 EUR 557,710 USD (668,109) (9,971) (0 .00)

16/10/2017 EUR 769,227 USD (917,519) (9,776) (0 .00)

16/10/2017 EUR 475,812 USD (571,136) (9,644) (0 .00)

16/10/2017 EUR 785,390 USD (936,231) (9,416) (0 .00)

16/10/2017 EUR 594,023 USD (709,745) (8,755) (0 .00)

16/10/2017 EUR 554,911 USD (663,516) (8,681) (0 .00)

16/10/2017 EUR 427,605 USD (513,132) (8,527) (0 .00)

16/10/2017 EUR 2,676,573 USD (3,166,573) (8,026) (0 .00)

16/10/2017 EUR 650,714 USD (775,504) (7,615) (0 .00)

16/10/2017 EUR 350,000 USD (420,005) (6,980) (0 .00)

16/10/2017 EUR 294,881 USD (353,958) (5,977) (0 .00)

16/10/2017 EUR 468,155 USD (558,406) (5,950) (0 .00)

16/10/2017 EUR 368,000 USD (440,024) (5,757) (0 .00)

16/10/2017 EUR 200,500 USD (240,573) (3,968) (0 .00)

16/10/2017 EUR 150,372 USD (180,426) (2,976) (0 .00)

16/10/2017 EUR 902,867 USD (1,068,155) (2,707) (0 .00)

16/10/2017 EUR 107,595 USD (129,115) (2,146) (0 .00)

16/10/2017 EUR 114,701 USD (137,405) (2,050) (0 .00)

16/10/2017 EUR 98,983 USD (118,813) (2,006) (0 .00)

16/10/2017 EUR 147,907 USD (176,420) (1,880) (0 .00)

16/10/2017 EUR 144,753 USD (172,554) (1,735) (0 .00)

16/10/2017 EUR 69,184 USD (83,170) (1,527) (0 .00)

16/10/2017 EUR 64,838 USD (77,527) (1,014) (0 .00)

16/10/2017 EUR 60,558 USD (72,411) (947) (0 .00)

16/10/2017 EUR 63,296 USD (75,435) (741) (0 .00)

16/10/2017 EUR 49,980 USD (59,717) (737) (0 .00)

16/10/2017 EUR 37,387 USD (44,670) (551) (0 .00)

16/10/2017 EUR 26,034 USD (31,237) (515) (0 .00)

16/10/2017 EUR 27,616 USD (33,021) (432) (0 .00)

16/10/2017 EUR 34,912 USD (41,618) (419) (0 .00)

16/10/2017 EUR 25,772 USD (30,793) (380) (0 .00)

16/10/2017 EUR 20,242 USD (24,249) (362) (0 .00)

16/10/2017 EUR 17,260 USD (20,710) (342) (0 .00)

16/10/2017 EUR 90,607 USD (107,194) (272) (0 .00)

16/10/2017 EUR 12,699 USD (15,135) (149) (0 .00)

16/10/2017 EUR 2,180 USD (2,611) (39) (0 .00)

16/10/2017 EUR 8,620 USD (10,152) 20 0 .00

16/10/2017 EUR 50,944 USD (59,999) 119 0 .00

16/10/2017 EUR 62,923 USD (74,107) 147 0 .00

16/10/2017 EUR 122,739 USD (144,555) 286 0 .00

16/10/2017 EUR 515,796 USD (605,947) 2,729 0 .00

16/10/2017 EUR 545,728 USD (641,110) 2,888 0 .00



46



Buy Amount Bought

Sell Amount Sold


% Net Assets

16/10/2017 GBP 1,525,032 USD (2,058,046) (17,287) (0 .00)

16/10/2017 GBP 565,706 USD (768,219) (11,206) (0 .00)

16/10/2017 GBP 724,296 USD (977,977) (8,743) (0 .00)

16/10/2017 GBP 525,000 USD (711,046) (8,505) (0 .00)

16/10/2017 GBP 391,333 USD (529,982) (6,311) (0 .00)

16/10/2017 GBP 326,446 USD (442,105) (5,264) (0 .00)

16/10/2017 GBP 51,826 USD (70,191) (840) (0 .00)

16/10/2017 GBP 75,984 USD (102,500) (820) (0 .00)

16/10/2017 GBP 41,076 USD (55,778) (811) (0 .00)

16/10/2017 GBP 498,240 USD (667,532) (800) (0 .00)

16/10/2017 GBP 250,000 USD (334,945) (401) (0 .00)

16/10/2017 GBP 6,875 USD (9,310) (111) (0 .00)

16/10/2017 GBP 1,459 USD (1,939) 13 0 .00

16/10/2017 GBP 53,779 USD (71,899) 67 0 .00

16/10/2017 GBP 20,255 USD (26,921) 184 0 .00

16/10/2017 GBP 25,882 USD (34,396) 239 0 .00

16/10/2017 GBP 18,776 USD (24,807) 318 0 .00

16/10/2017 GBP 68,324 USD (90,811) 619 0 .00

16/10/2017 GBP 677,708 USD (906,048) 843 0 .00

16/10/2017 GBP 73,895 USD (97,630) 1,254 0 .00

16/10/2017 GBP 610,063 USD (810,835) 5,536 0 .00

16/10/2017 GBP 678,247 USD (901,469) 6,144 0 .00

16/10/2017 GBP 1,625,306 USD (2,160,218) 14,724 0 .00

16/10/2017 GBP 30,609,448 USD (40,683,629) 277,143 0 .01

16/10/2017 GBP 75,405,816 USD (100,223,378) 682,737 0 .01

16/10/2017 JPY 24,823,615,600 USD (226,582,748) (5,871,839) (0 .13)

16/10/2017 JPY 4,656,484,670 USD (42,503,039) (1,101,456) (0 .02)

16/10/2017 JPY 236,599,957 USD (2,159,616) (55,966) (0 .00)

16/10/2017 JPY 123,720,869 USD (1,129,283) (29,260) (0 .00)

16/10/2017 JPY 29,556,650 USD (268,053) (5,260) (0 .00)

16/10/2017 JPY 3,707,390 USD (33,840) (877) (0 .00)

16/10/2017 JPY 1,010,763 USD (9,142) (155) (0 .00)

16/10/2017 JPY 3,906,405 USD (34,618) 114 0 .00

16/10/2017 SGD 38,385,597 USD (28,529,063) (264,573) (0 .01)

16/10/2017 SGD 14,123,081 USD (10,496,600) (97,343) (0 .00)

16/10/2017 SGD 4,002,841 USD (2,965,331) (17,917) (0 .00)

16/10/2017 SGD 2,495,142 USD (1,854,448) (17,198) (0 .00)

16/10/2017 SGD 2,712,594 USD (2,011,498) (14,132) (0 .00)

16/10/2017 SGD 794,706 USD (590,640) (5,474) (0 .00)

16/10/2017 SGD 739,483 USD (549,601) (5,097) (0 .00)

16/10/2017 SGD 650,000 USD (483,345) (4,730) (0 .00)

16/10/2017 SGD 742,059 USD (550,496) (4,095) (0 .00)

16/10/2017 SGD 413,853 USD (307,788) (3,056) (0 .00)

16/10/2017 SGD 428,178 USD (318,225) (2,945) (0 .00)

16/10/2017 SGD 245,862 USD (182,317) (1,281) (0 .00)

16/10/2017 SGD 182,823 USD (135,876) (1,257) (0 .00)

16/10/2017 SGD 199,251 USD (147,607) (892) (0 .00)

16/10/2017 SGD 149,728 USD (111,076) (826) (0 .00)

16/10/2017 SGD 200,000 USD (148,085) (819) (0 .00)

16/10/2017 SGD 100,000 USD (74,154) (521) (0 .00)

16/10/2017 SGD 32,438 USD (24,108) (223) (0 .00)

16/10/2017 SGD 49,208 USD (36,435) (201) (0 .00)

16/10/2017 SGD 9,650 USD (7,172) (66) (0 .00)

16/10/2017 SGD 11 USD (8) (0) (0 .00)

16/10/2017 SGD 11 USD (8) (0) (0 .00)

16/10/2017 USD 28,010,486 GBP (21,091,439) (213,533) (0 .01)

16/10/2017 USD 810,835 GBP (610,063) (5,536) (0 .00)

16/10/2017 USD 211,336 EUR (179,894) (952) (0 .00)

16/10/2017 USD 188,005 EUR (160,034) (847) (0 .00)

16/10/2017 USD 91,245 CHF (88,764) (231) (0 .00)

16/10/2017 USD 63,717 EUR (54,101) (126) (0 .00)

16/10/2017 USD 59,999 EUR (50,944) (119) (0 .00)

16/10/2017 USD 33 JPY (3,679) (0) 0 .00

16/10/2017 USD 8 SGD (11) (0) 0 .00

16/10/2017 USD 33 JPY (3,585) 1 0 .00

16/10/2017 USD 5,361 EUR (4,475) 80 0 .00

16/10/2017 USD 9,078 JPY (1,011,758) 82 0 .00

16/10/2017 USD 26,694 JPY (2,990,001) 109 0 .00



47



Buy Amount Bought

Sell Amount Sold


% Net Assets

16/10/2017 USD 8,896 CHF (8,521) 114 0 .00

16/10/2017 USD 54,309 EUR (45,531) 579 0 .00

16/10/2017 USD 70,191 GBP (51,826) 840 0 .00

16/10/2017 USD 501,372 CHF (484,970) 1,585 0 .00

16/10/2017 USD 529,982 GBP (391,333) 6,311 0 .00

16/10/2017 USD 409,195 EUR (340,386) 7,515 0 .00

16/10/2017 USD 504,920 EUR (421,486) 7,536 0 .00

16/10/2017 USD 518,345 EUR (431,182) 9,520 0 .00

16/10/2017 USD 768,219 GBP (565,706) 11,206 0 .00

16/10/2017 USD 2,965,331 SGD (4,002,841) 17,917 0 .00

16/10/2017 USD 3,397,842 EUR (2,850,395) 34,172 0 .00

16/10/2017 USD 24,385,211 EUR (20,366,341) 351,475 0 .01

Unrealised Gain on Forward Foreign Currency Exchange Contracts 1,446,752 0 .03

Unrealised Loss on Forward Foreign Currency Exchange Contracts (23,612,574) (0 .51)

Net Unrealised Loss on Forward Foreign Currency Exchange Contracts (22,165,822) (0 .48)

Open Spot Currency Contracts (0.00%) (30 September 2016: 0.00%) Settlement Date Buy

Amount Bought Sell

Amount Sold


% Net Assets

02/10/2017 EUR 160,034 USD (187,856) 861 0.00 02/10/2017 EUR 179,894 USD (211,169) 968 0.00 02/10/2017 USD 640,603 EUR (545,728) (2,936) (0.00) 02/10/2017 USD 605,467 EUR (515,796) (2,775) (0.00) 02/10/2017 USD 102,580 CHF (100,000) (388) (0.00) 02/10/2017 USD 34,594 JPY (3,906,405) (115) (0.00) 02/10/2017 USD 27,223 CHF (26,538) (103) (0.00) 02/10/2017 USD 334,775 GBP (250,000) 375 0.00 02/10/2017 USD 667,193 GBP (498,240) 747 0.00 03/10/2017 CHF 88,765 USD (91,167) 232 0.00 03/10/2017 EUR 50,944 USD (59,955) 119 0.00 03/10/2017 EUR 54,102 USD (63,672) 126 0.00 03/10/2017 USD 905,655 GBP (677,708) (847) (0.00) 03/10/2017 USD 149,153 CHF (145,223) (379) (0.00) 03/10/2017 USD 234,825 AUD (300,000) (364) (0.00) 03/10/2017 USD 144,452 EUR (122,739) (286) (0.00) 03/10/2017 USD 74,054 EUR (62,923) (147) (0.00) 03/10/2017 USD 59,955 EUR (50,944) (119) (0.00) 03/10/2017 USD 71,868 GBP (53,780) (67) (0.00) 03/10/2017 USD 10,145 EUR (8,620) (20) (0.00)

Unrealised Gain on Open Spot Currency Contracts 3,428 0.00 Unrealised Loss on Open Spot Currency Contracts (8,546) (0.00)

Net Unrealised Loss on Open Spot Currency Contracts (5,118) (0 .00)

Cash at Bank 157,056,507 3.39 Net Current Assets 41,536,753 0.90

Net Assets Attributable to Holders of Redeemable Participating Units at Mid Market Prices 4,628,426,482 100.00




Other Assets 5.78

Total Assets 100.00


The counterparty for the forward foreign currency exchange contracts is State Street Global Markets.

The counterparty for the open spot currency contracts is State Street Global Markets.



48

U.S. EQUITY FUND


% Net Assets



UNITED STATES 99.97% (30 September 2016: 96.32%) Aerospace/Defense 5,930 Boeing Co/The 1,507,821 2.60 3,130 Raytheon Co 575,983 0.99 Applications Software 32,130 Microsoft Corp 2,373,443 4.09 Auto/Truck Parts & Equipment-Original 5,470 Delphi Automotive Plc 534,638 0.92 Broadcast Service/Program 6,820 Scripps Networks Interactive Inc 585,156 1.01 Cable TV 29,720 Comcast Corp 1,124,010 1.94 Chemicals-Diversified 10,800 Huntsman Corp 295,488 0.51 Commercial Services 6,740 Live Nation Entertainment Inc 290,898 0.50 Computer Services 6,310 Accenture Plc 860,179 1.48 7,700 DXC Technology Co 652,883 1.13 Computers 15,830 Apple Inc 2,426,423 4.18 38,120 HP Inc 761,256 1.31 Containers-Paper/Plastic 10,690 WestRock Co 606,978 1.05 Cosmetics & Toiletries 12,180 Colgate-Palmolive Co 890,967 1.54 Cruise lines 2,850 Royal Caribbean Cruises Ltd 336,898 0.58 Diversified Banking Institutions 61,790 Bank of America Corp 1,572,555 2.71 4,970 Citigroup Inc 361,071 0.62 15,700 JPMorgan Chase & Co 1,497,466 2.58 Diversified Manufacturing Operations 7,800 Ingersoll-Rand Plc 687,804 1.19 E-Commerce/Products 780 Amazon.com Inc 745,992 1.29 Electric-Integrated 23,520 PPL Corp 897,994 1.55 Electronic Component-Semiconductor 6,450 Texas Instruments Inc 578,243 1.00 Electronic Design Automation 9,780 Synopsys Inc 781,226 1.35 Engines-Internal Combustion 5,860 Cummins Inc 986,414 1.70 Enterprise Software/Services 13,430 Oracle Corp 645,714 1.11 Fiduciary Banks 9,180 Citizens Financial Group Inc 340,303 0.59 Finance-Other Services 21,600 BGC Partners Inc 295,920 0.51 Food-Miscellaneous/Diversified 6,010 Ingredion Inc 726,008 1.25 Gas-Distribution 20,400 CenterPoint Energy Inc 594,660 1.03 Hotels & Motels 37,570 Extended Stay America Inc 751,776 1.30 Internet Content-Entertainment 7,250 Facebook Inc 1,223,293 2.11 Investment Management/Advisory Service 14,100 Franklin Resources Inc 628,155 1.08 Life/Health Insurance 11,550 Aflac Inc 950,566 1.64 Medical Products 21,830 Baxter International Inc 1,360,882 2.35 5,940 Johnson & Johnson 769,052 1.32

U.S. EQUITY FUND (continued)


% Net Assets

UNITED STATES 99.97% (30 September 2016: 96.32%) (continued) Medical-Biomedical/Genetics 8,250 Amgen Inc 1,530,045 2.64 7,420 Gilead Sciences Inc 600,352 1.03 Medical-Drugs 15,360 AbbVie Inc 1,366,426 2.35 4,750 Eli Lilly & Co 403,750 0.70 24,750 Pfizer Inc 881,100 1.52 Medical-Health Maintenance Organization 4,430 Anthem Inc 840,725 1.45 3,900 Cigna Corp 729,300 1.26 5,600 UnitedHealth Group Inc 1,098,160 1.89 Multi-Line Insurance

11,510 Hartford Financial Services Group Inc/The 634,431 1.09

Multimedia 5,960 Time Warner Inc 609,350 1.05 Networking Products 31,080 Cisco Systems Inc 1,036,518 1.79 Non-Hazardous Waste Disposal 17,810 Waste Management Inc 1,396,482 2.41 Office Automation & Equipment 17,885 Xerox Corp 605,586 1.04 Oil Company-Integrated 6,880 Chevron Corp 809,226 1.39 4,060 Exxon Mobil Corp 333,691 0.58 Oil Refining & Marketing 2,030 Andeavor 208,034 0.36 11,000 Valero Energy Corp 844,140 1.45 Pipelines 11,340 ONEOK Inc 628,463 1.08 Reinsurance 4,360 Berkshire Hathaway Inc 798,795 1.38 1,420 Everest Re Group Ltd 316,490 0.54 Reits-Diversified 7,660 American Tower Corp 1,042,526 1.80 Reits-Warehouse/Industrial 15,290 Prologis Inc 971,680 1.67 Retail-Building Products 9,470 Home Depot Inc/The 1,537,549 2.65 Retail-Consumer Electronics 4,010 Best Buy Co Inc 227,888 0.39 Retail-Discount 19,370 Wal-Mart Stores Inc 1,529,262 2.64 Retail-Drug Store 8,730 CVS Health Corp 709,400 1.22 Ship Building 1,230 Huntington Ingalls Industries Inc 274,364 0.47 Super-Regional Banks-US 8,310 Comerica Inc 627,571 1.08 Telephone-Integrated 12,070 AT&T Inc 471,213 0.81 7,520 Verizon Communications Inc 371,563 0.64 Tobacco 10,360 Philip Morris International Inc 1,158,248 2.00 Transport-Rail 3,010 Norfolk Southern Corp 399,698 0.69 Web Portals/ISP 1,770 Alphabet Inc 'A' 1,707,714 2.95 1,132 Alphabet Inc 'C' 1,074,834 1.85


Open Spot Currency Contracts 0.00% (30 September 2016: (0.00%)) Cash at Bank 177,103 0.31 Net Current Liabilities (157,050) (0.28)



49

U.S. EQUITY FUND (continued)




Other Assets 1.53

Total Assets 100.00




50

HIGH YIELD FUND


Maturity Date

Value USD

% Net Assets



165,000 FMG Resources August 2006 Pty Ltd 5.125% 15/05/2024 168,506 0.10 310,000 FMG Resources August 2006 Pty Ltd 9.750% 01/03/2022 349,138 0.20


360,000 Catlin Insurance Co Ltd 4.281% Perpetual 342,000 0.20

BRAZIL 2.35% (30 September 2016: 1.35%) Corporate Bond

285,000 JBS USA LUX SA / JBS USA Finance Inc 5.750% 15/06/2025 283,575 0.16 420,000 JBS USA LUX SA / JBS USA Finance Inc 7.250% 01/06/2021 430,500 0.25 500,000 Petrobras Global Finance BV 5.299% 27/01/2025 498,625 0.29 1,820,000 Petrobras Global Finance BV 7.375% 17/01/2027 2,001,090 1.16 745,000 Vale Overseas Ltd 6.250% 10/08/2026 837,194 0.49

CANADA 3.45% (30 September 2016: 1.62%) Corporate Bond

335,000 1011778 BC ULC / New Red Finance Inc 5.000% 15/10/2025 340,863 0.20 395,000 1011778 BC ULC / New Red Finance Inc 144A 5.000% 15/10/2025 401,912 0.23 300,000 Bombardier Inc 6.125% 15/01/2023 289,500 0.17 415,000 Bombardier Inc 7.500% 15/03/2025 412,925 0.24 405,000 Bombardier Inc 8.750% 01/12/2021 433,856 0.25 230,000 Clearwater Seafoods Inc 6.875% 01/05/2025 244,663 0.14 370,000 GW Honos Security Corp 8.750% 15/05/2025 395,438 0.23 560,000 IAMGOLD Corp 7.000% 15/04/2025 590,800 0.34 300,000 MEG Energy Corp 6.500% 15/01/2025 292,875 0.17 250,000 Norbord Inc 5.375% 01/12/2020 265,625 0.16 495,000 NOVA Chemicals Corp 5.250% 01/06/2027 501,336 0.29 195,000 Seven Generations Energy Ltd 5.375% 30/09/2025 196,706 0.12 395,000 Taseko Mines Ltd 8.750% 15/06/2022 402,900 0.24 600,000 Teck Resources Ltd 6.250% 15/07/2041 677,250 0.39 80,000 Teck Resources Ltd 8.500% 01/06/2024 92,200 0.05 385,000 Tembec Industries Inc 9.000% 15/12/2019 396,309 0.23


300,000 Banijay Group SAS 4.000% 01/07/2022 372,640 0.22 400,000 Horizon Parent Holdings Sarl 8.250% 15/02/2022 506,664 0.29 500,000 La Financiere Atalian SAS 4.000% 15/05/2024 619,316 0.36 310,000 Loxam SAS 3.500% 03/05/2023 384,182 0.22 500,000 Loxam SAS 4.250% 15/04/2024 635,944 0.37 320,000 Mobilux Finance SAS 5.500% 15/11/2024 401,611 0.23 370,000 SFR Group SA 6.000% 15/05/2022 387,112 0.23


305,000 BMBG Bond Finance SCA 3.000% 15/06/2021 372,132 0.22 400,000 IHO Verwaltungs GmbH 3.750% 15/09/2026 500,625 0.29 250,000 Nidda BondCo GmbH 5.000% 30/09/2025 302,456 0.17 1,000,000 PrestigeBidCo GmbH 6.250% 15/12/2023 1,291,759 0.75 250,000 Unitymedia GmbH 6.125% 15/01/2025 267,188 0.16 877,500 Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH 5.500% 15/01/2023 908,213 0.53 385,000 WEPA Hygieneprodukte GmbH 3.750% 15/05/2024 474,541 0.28 625,000 ZF North America Capital Inc 4.500% 29/04/2022 660,156 0.38

GREECE 0.35% (30 September 2016: 0.00%) Corporate Bond

500,000 Intralot Capital Luxembourg SA 5.250% 15/09/2024 599,718 0.35

IRELAND 1.89% (30 September 2016: 1.80%) Corporate Bond

1,000,000 Ardagh Packaging Finance Plc / Ardagh Holdings USA Inc 4.750% 15/07/2027 1,353,066 0.79 500,000 Ardagh Packaging Finance Plc / Ardagh Holdings USA Inc 6.000% 15/02/2025 530,000 0.31 315,000 Park Aerospace Holdings Ltd 3.625% 15/03/2021 316,181 0.18 185,000 Park Aerospace Holdings Ltd 4.500% 15/03/2023 186,388 0.11 125,000 Park Aerospace Holdings Ltd 5.250% 15/08/2022 130,312 0.08 195,000 Park Aerospace Holdings Ltd 5.500% 15/02/2024 205,665 0.12



51

HIGH YIELD FUND (continued)


Maturity Date

Value USD

% Net Assets

IRELAND 1.89% (30 September 2016: 1.80%) (continued) Corporate Bond (continued)

425,000 Smurfit Kappa Acquisitions ULC 2.750% 01/02/2025 526,605 0.30

ISRAEL 0.00% (30 September 2016: 0.47%)


500,000 Limacorporate SpA 3.750% 15/08/2023 600,647 0.35 350,000 Manutencoop Facility Management SpA 8.500% 01/08/2020 420,457 0.24 1,025,000 Mercury Bondco Plc 7.125% 30/05/2021 1,268,470 0.74 500,000 Nuovo Trasporto Viaggiatori SpA 3.500% 01/06/2023 606,474 0.35 1,000,000 Officine Maccaferri-SpA 5.750% 01/06/2021 1,204,216 0.70 300,000 Saipem Finance International BV 3.000% 08/03/2021 371,591 0.22 100,000 Saipem Finance International BV 3.750% 08/09/2023 124,860 0.07 750,000 Telecom Italia Finance SA 7.750% 24/01/2033 1,354,016 0.79 565,000 Telecom Italia SpA/Milano 5.303% 30/05/2024 613,703 0.35 250,000 Wind Acquisition Finance SA 4.750% 15/07/2020 253,750 0.15 900,000 Wind Acquisition Finance SA 7.000% 23/04/2021 1,112,288 0.65 1,045,000 Wind Acquisition Finance SA 7.375% 23/04/2021 1,087,453 0.63

JERSEY 1.00% (30 September 2016: 0.00%) Corporate Bond

500,000 LHC3 Plc 4.125% 15/08/2024 603,954 0.35 855,000 Newday Bondco Plc 7.375% 01/02/2024 1,112,325 0.65

LUXEMBOURG 5.98% (30 September 2016: 6.07%) Corporate Bond

755,000 Altice Financing SA 6.500% 15/01/2022 785,200 0.45 675,000 Altice Financing SA 6.625% 15/02/2023 717,188 0.42 1,440,000 Altice Luxembourg SA 7.750% 15/05/2022 1,531,800 0.89 870,000 ArcelorMittal 7.500% 15/10/2039 1,046,175 0.61 660,000 ARD Finance SA 6.625% 15/09/2023 837,604 0.49 545,000 Coveris Holdings SA 7.875% 01/11/2019 541,594 0.32 660,000 Intelsat Jackson Holdings SA 5.500% 01/08/2023 565,950 0.33 435,000 Intelsat Jackson Holdings SA 8.000% 15/02/2024 469,408 0.27 1,200,000 Matterhorn Telecom Holding SA 4.875% 01/05/2023 1,449,787 0.84 750,000 Swissport Financing Sarl 9.750% 15/12/2022 962,035 0.56 200,000 Swissport Investments SA 9.750% 15/12/2022 256,247 0.15 300,000 Telenet Finance VI Luxembourg SCA 4.875% 15/07/2027 392,374 0.23 600,000 Unilabs Subholding AB 5.750% 15/05/2025 730,476 0.42

MEXICO 0.45% (30 September 2016: 0.71%) Corporate Bond

725,000 Cemex SAB de CV 6.125% 05/05/2025 782,130 0.45

MONACO 0.10% (30 September 2016: 0.00%) Corporate Bond

215,000 Navios Maritime Holdings Inc / Navios Maritime Finance II US Inc 7.375% 15/01/2022 178,450 0.10

NETHERLANDS 4.64% (30 September 2016: 3.36%) Corporate Bond

345,000 Constellium NV 6.625% 01/03/2025 356,212 0.21 750,000 Hema Bondco II BV 8.500% 15/01/2023 923,313 0.54 1,575,000 ING Groep NV 6.000% Perpetual 1,628,156 0.94 600,000 NXP BV / NXP Funding LLC 5.750% 15/03/2023 629,298 0.36 700,000 Schoeller Allibert Group BV 8.000% 01/10/2021 891,515 0.52 1,000,000 United Group BV 4.375% 01/07/2022 1,219,596 0.71 200,000 United Group BV 4.875% 01/07/2024 243,529 0.14 500,000 VimpelCom Holdings BV 4.950% 16/06/2024 513,125 0.30 500,000 Ziggo Bond Co BV 7.125% 15/05/2024 668,633 0.39 315,000 Ziggo Bond Finance BV 6.000% 15/01/2027 326,419 0.19 570,000 Ziggo Secured Finance BV 5.500% 15/01/2027 584,963 0.34

NEW ZEALAND 0.65% (30 September 2016: 0.26%) Corporate Bond

5,000 Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 4.804% 15/07/2021 5,100 0.00

985,000 Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 5.125% 15/07/2023 1,026,863 0.60



52



Maturity Date

Value USD

% Net Assets

NEW ZEALAND 0.65% (30 September 2016: 0.26%) (continued) Corporate Bond (continued)

75,000 Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 7.000% 15/07/2024 80,272 0.05

POLAND 0.00% (30 September 2016: 1.25%)

PUERTO RICO 0.22% (30 September 2016: 0.50%) Corporate Bond

360,000 Popular Inc 7.000% 01/07/2019 372,600 0.22

ROMANIA 0.00% (30 September 2016: 0.92%)

SOUTH AFRICA 0.07% (30 September 2016: 0.65%) Corporate Bond

120,000 Sappi Papier Holding GmbH 7.500% 15/06/2032 123,300 0.07


430,000 eDreams ODIGEO SA 8.500% 01/08/2021 553,607 0.32 150,000 Gestamp Funding Luxembourg SA 3.500% 15/05/2023 186,372 0.11 250,000 Grupo-Antolin Irausa SA 3.250% 30/04/2024 305,014 0.18


1,000,000 Intrum Justitia AB 3.125% 15/07/2024 1,200,407 0.70

TRINIDAD & TOBAGO 0.36% (30 September 2016: 0.21%) Corporate Bond

585,000 Consolidated Energy Finance SA 6.875% 15/06/2025 612,787 0.36

UNITED ARAB EMIRATES 0.24% (30 September 2016: 0.00%) Corporate Bond

235,000 DAE Funding LLC 4.500% 01/08/2022 241,169 0.14 170,000 DAE Funding LLC 5.000% 01/08/2024 174,675 0.10


300,000 Ashtead Capital Inc 4.125% 15/08/2025 309,375 0.18 1,180,000 Aston Martin Capital Holdings Ltd 5.750% 15/04/2022 1,685,866 0.98 200,000 Barclays Plc 4.836% 09/05/2028 207,540 0.12 500,000 CPUK Finance Ltd 4.250% 28/08/2022 684,762 0.40 315,000 Jaguar Land Rover Automotive Plc 2.200% 15/01/2024 376,926 0.22 810,000 Jaguar Land Rover Automotive Plc 5.625% 01/02/2023 844,425 0.49 600,000 Matalan Finance Plc 6.875% 01/06/2019 800,156 0.46 1,000,000 Mclaren Finance Plc 5.000% 01/08/2022 1,358,206 0.79 300,000 Royal Bank of Scotland Group Plc 3.655% Perpetual 288,450 0.17 450,000 Royal Bank of Scotland Group Plc 5.125% 28/05/2024 479,664 0.28 330,000 TalkTalk Telecom Group Plc 5.375% 15/01/2022 461,312 0.27 485,000 Thomas Cook Group Plc 6.250% 15/06/2022 624,833 0.36 500,000 Virgin Media Finance Plc 4.500% 15/01/2025 618,505 0.36 400,000 Virgin Media Finance Plc 6.000% 15/10/2024 422,220 0.25 1,250,000 Viridian Power & Energy Ltd 4.000% 15/09/2025 1,488,234 0.87 1,000,000 Wagamama Finance Plc 4.125% 01/07/2022 1,341,433 0.78

UNITED STATES 51.62% (30 September 2016: 53.83%) Common Stock

20,844 Chaparral Energy Inc 484,623 0.28 20,166 Patterson-UTI Energy Inc 420,259 0.24

Corporate Bond 560,000 A Schulman Inc 6.875% 01/06/2023 583,800 0.34 475,000 Ahern Rentals Inc 7.375% 15/05/2023 434,625 0.25 140,000 Aircastle Ltd 4.125% 01/05/2024 144,900 0.08 80,000 Aircastle Ltd 5.000% 01/04/2023 85,900 0.05 110,000 Aircastle Ltd 5.125% 15/03/2021 117,837 0.07 435,000 Aircastle Ltd 5.500% 15/02/2022 478,500 0.28 300,000 AK Steel Corp 6.375% 15/10/2025 297,000 0.17 210,000 AK Steel Corp 7.000% 15/03/2027 214,988 0.12 245,000 AK Steel Corp 7.500% 15/07/2023 267,662 0.16 60,000 AK Steel Corp 7.625% 01/10/2021 62,681 0.04 145,000 Aleris International Inc 144A 9.500% 01/04/2021 155,150 0.09



53



Maturity Date

Value USD

% Net Assets


85,000 Aleris International Inc REGS 9.500% 01/04/2021 90,950 0.05

275,000 Alliance Resource Operating Partners LP / Alliance Resource Finance Corp 7.500% 01/05/2025 286,344 0.17

340,000 Allison Transmission Inc 5.000% 01/10/2024 353,175 0.21 1,440,000 Ally Financial Inc 5.750% 20/11/2025 1,557,000 0.91 365,000 AMC Networks Inc 4.750% 01/08/2025 368,650 0.22 190,000 AMC Networks Inc 5.000% 01/04/2024 196,412 0.11 710,000 American Axle & Manufacturing Inc 6.250% 01/04/2025 725,975 0.42 210,000 American Builders & Contractors Supply Co Inc 5.750% 15/12/2023 224,175 0.13 490,000 American Equity Investment Life Holding Co 5.000% 15/06/2027 508,620 0.30 190,000 Andeavor Logistics LP / Tesoro Logistics Finance Corp 5.250% 15/01/2025 204,250 0.12 210,000 Andeavor Logistics LP / Tesoro Logistics Finance Corp 6.125% 15/10/2021 217,088 0.13 85,000 Andeavor Logistics LP / Tesoro Logistics Finance Corp 6.250% 15/10/2022 90,844 0.05 65,000 Andeavor Logistics LP / Tesoro Logistics Finance Corp 6.375% 01/05/2024 70,850 0.04 155,000 Antero Midstream Partners LP / Antero Midstream Finance Corp 5.375% 15/09/2024 161,200 0.09 375,000 Archrock Partners LP / Archrock Partners Finance Corp 6.000% 01/10/2022 366,562 0.21 250,000 Aruba Investments Inc 8.750% 15/02/2023 256,875 0.15 340,000 Ascent Resources Utica Holdings LLC / ARU Finance Corp 10.000% 01/04/2022 367,200 0.21 155,000 AssuredPartners Inc 7.000% 15/08/2025 158,875 0.09 325,000 Beazer Homes USA Inc 8.750% 15/03/2022 360,059 0.21 415,000 BI-LO LLC / BI-LO Finance Corp 9.250% 15/02/2019 379,725 0.22 260,000 Blue Cube Spinco Inc 9.750% 15/10/2023 317,307 0.19 330,000 BlueLine Rental Finance Corp / BlueLine Rental LLC 9.250% 15/03/2024 356,400 0.21 345,000 BMC East LLC 5.500% 01/10/2024 362,250 0.21 460,000 Boise Cascade Co 5.625% 01/09/2024 486,174 0.28 635,000 Boyd Gaming Corp 6.875% 15/05/2023 685,006 0.40 305,000 BWAY Holding Co 144A 7.250% 15/04/2025 314,150 0.18 410,000 BWAY Holding Co REGS 7.250% 15/04/2025 422,300 0.25 510,000 Carrizo Oil & Gas Inc 7.500% 15/09/2020 521,475 0.30 55,000 Carrizo Oil & Gas Inc 8.250% 15/07/2025 59,950 0.04 345,000 CCM Merger Inc 6.000% 15/03/2022 356,212 0.21 430,000 CCO Holdings LLC / CCO Holdings Capital Corp 5.125% 01/05/2027 437,654 0.25 1,355,000 CCO Holdings LLC / CCO Holdings Capital Corp 5.125% 01/05/2023 1,418,075 0.83 65,000 CCO Holdings LLC / CCO Holdings Capital Corp 5.750% 15/02/2026 68,250 0.04 810,000 Centene Corp 4.750% 15/05/2022 849,487 0.49 185,000 Centene Corp 5.625% 15/02/2021 192,400 0.11 205,000 Centene Corp 6.125% 15/02/2024 222,425 0.13 625,000 Century Communities Inc 5.875% 15/07/2025 629,687 0.37 160,000 CenturyLink Inc 5.625% 01/04/2025 154,000 0.09 155,000 CenturyLink Inc 7.500% 01/04/2024 160,812 0.09 560,000 CF Industries Inc 5.150% 15/03/2034 562,800 0.33 755,000 Cheniere Corpus Christi Holdings LLC 5.125% 30/06/2027 780,481 0.46 630,000 Chesapeake Energy Corp 8.000% 15/01/2025 642,600 0.37 385,000 CHS/Community Health Systems Inc 5.125% 01/08/2021 382,112 0.22 510,000 CHS/Community Health Systems Inc 6.250% 31/03/2023 504,875 0.29 1,220,000 CIT Group Inc 3.875% 19/02/2019 1,250,134 0.73 155,000 CIT Group Inc 5.800% Perpetual 161,200 0.09 110,000 Claire's Stores Inc 9.000% 15/03/2019 63,635 0.04 490,000 Cloud Crane LLC 10.125% 01/08/2024 541,450 0.31 150,000 CNO Financial Group Inc 4.500% 30/05/2020 156,562 0.09 25,000 CNO Financial Group Inc 5.250% 30/05/2025 26,781 0.01 500,000 Commercial Metals Co 4.875% 15/05/2023 525,000 0.31 505,000 Constellation Merger Sub Inc 8.500% 15/09/2025 493,637 0.29 575,000 Continental Resources Inc/OK 4.500% 15/04/2023 577,875 0.34 615,000 Credit Acceptance Corp 6.125% 15/02/2021 627,300 0.36 370,000 Crescent Communities LLC/Crescent Ventures Inc 8.875% 15/10/2021 394,050 0.23 459,000 Crown Americas LLC / Crown Americas Capital Corp V 4.250% 30/09/2026 463,590 0.27 306,000 Crown Cork & Seal Co Inc 7.375% 15/12/2026 361,463 0.21 100,000 Crown European Holdings SA 2.625% 30/09/2024 121,328 0.07 280,000 CSC Holdings LLC 6.625% 15/10/2025 307,300 0.18 720,000 CSC Holdings LLC 10.125% 15/01/2023 831,600 0.48 1,485,000 Dell International LLC / EMC Corp 7.125% 15/06/2024 1,643,014 0.96 195,000 DISH DBS Corp 4.250% 01/04/2018 197,161 0.12 370,000 DISH DBS Corp 5.875% 15/11/2024 388,962 0.23 620,000 DISH DBS Corp 6.750% 01/06/2021 683,357 0.40 725,000 DISH DBS Corp 7.750% 01/07/2026 831,792 0.48



54



Maturity Date

Value USD

% Net Assets


240,000 DISH DBS Corp 7.875% 01/09/2019 262,500 0.15 505,000 DJO Finco Inc / DJO Finance LLC / DJO Finance Corp 8.125% 15/06/2021 486,063 0.28 414,000 Dollar Tree Inc 5.750% 01/03/2023 437,805 0.25 355,000 Dynegy Inc 7.375% 01/11/2022 370,753 0.21 215,000 Dynegy Inc 8.125% 30/01/2026 222,686 0.13 100,000 Eldorado Resorts Inc 6.000% 01/04/2025 105,500 0.06 385,000 Eldorado Resorts Inc 7.000% 01/08/2023 416,763 0.24 115,910 Elwood Energy LLC 8.159% 05/07/2026 130,399 0.08 250,000 Energy Transfer Equity LP 5.875% 15/01/2024 269,375 0.16 210,000 EP Energy LLC / Everest Acquisition Finance Inc 6.375% 15/06/2023 130,200 0.08 135,000 EP Energy LLC / Everest Acquisition Finance Inc 8.000% 15/02/2025 104,287 0.06 120,000 EP Energy LLC / Everest Acquisition Finance Inc 8.000% 29/11/2024 122,400 0.07 200,000 EP Energy LLC / Everest Acquisition Finance Inc 9.375% 01/05/2020 169,000 0.10 105,000 Equinix Inc 5.375% 01/01/2022 110,355 0.06 165,000 Equinix Inc 5.375% 01/04/2023 171,806 0.10 295,000 Equinix Inc 5.875% 15/01/2026 324,869 0.19 270,000 Extraction Oil & Gas Inc 7.375% 15/05/2024 282,825 0.17 940,000 First Data Corp 5.000% 15/01/2024 979,057 0.57 190,000 First Data Corp 5.750% 15/01/2024 199,795 0.12 340,000 Flex Acquisition Co Inc 6.875% 15/01/2025 353,175 0.20 370,000 Freeport-McMoRan Inc 4.550% 14/11/2024 371,850 0.22 150,000 Freeport-McMoRan Inc 6.875% 15/02/2023 163,875 0.09 265,000 Frontier Communications Corp 7.125% 15/01/2023 204,050 0.12 310,000 Frontier Communications Corp 11.000% 15/09/2025 261,175 0.15 325,000 Global Partners LP / GLP Finance Corp 7.000% 15/06/2023 328,250 0.19 35,000 GLP Capital LP / GLP Financing II Inc 4.375% 15/04/2021 36,488 0.02 505,000 GLP Capital LP / GLP Financing II Inc 5.375% 15/04/2026 553,480 0.32 126,346 Goodman Networks Inc 8.000% 11/05/2022 106,762 0.06 320,000 GTT Communications Inc 144A 7.875% 31/12/2024 340,454 0.20 225,000 GTT Communications Inc REGS 7.875% 31/12/2024 239,382 0.14 345,000 Gulfport Energy Corp 6.375% 15/05/2025 349,744 0.20 500,000 H&E Equipment Services Inc 5.625% 01/09/2025 528,750 0.31 245,000 Halcon Resources Corp 6.750% 15/02/2025 253,575 0.15 37,000 Halcon Resources Corp 12.000% 15/02/2022 44,770 0.03 20,000 HCA Healthcare Inc 6.250% 15/02/2021 21,650 0.01 100,000 HCA Inc 4.500% 15/02/2027 102,125 0.06 1,260,000 HCA Inc 4.750% 01/05/2023 1,332,450 0.78 950,000 HCA Inc 5.250% 15/06/2026 1,026,000 0.60 125,000 Hill-Rom Holdings Inc 5.750% 01/09/2023 132,500 0.08 450,000 Huntington Ingalls Industries Inc 5.000% 15/11/2025 487,125 0.28 565,000 IASIS Healthcare LLC / IASIS Capital Corp 8.375% 15/05/2019 566,766 0.33 155,000 Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.875% 15/03/2019 156,162 0.09 495,000 Icahn Enterprises LP / Icahn Enterprises Finance Corp 6.000% 01/08/2020 511,125 0.30 162,000 IHS Markit Ltd 4.750% 15/02/2025 173,542 0.10 315,000 Ingles Markets Inc 5.750% 15/06/2023 310,275 0.18 345,000 International Lease Finance Corp 6.250% 15/05/2019 367,116 0.21 750,000 iStar Inc 5.250% 15/09/2022 763,125 0.44 250,000 iStar Inc 6.000% 01/04/2022 259,375 0.15 630,000 j2 Cloud Services LLC / j2 Global Co-Obligor Inc 6.000% 15/07/2025 663,075 0.39 265,000 JC Penney Corp Inc 5.650% 01/06/2020 262,019 0.15 1,135,000 JPMorgan Chase & Co 5.000% Perpetual 1,154,862 0.67 130,000 KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC 4.750% 01/06/2027 134,420 0.08 450,000 KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC 5.000% 01/06/2024 473,058 0.27 190,000 KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC 5.250% 01/06/2026 201,637 0.12 270,000 L Brands Inc 6.875% 01/11/2035 265,106 0.15 30,000 Lamb Weston Holdings Inc 4.625% 01/11/2024 31,500 0.02 385,000 Lamb Weston Holdings Inc 4.875% 01/11/2026 405,135 0.23 520,000 Landry's Inc 6.750% 15/10/2024 527,800 0.31 270,000 Lennar Corp 4.500% 30/04/2024 278,775 0.16 780,000 Lennar Corp 4.875% 15/12/2023 825,825 0.48 525,000 Level 3 Financing Inc 5.125% 01/05/2023 535,558 0.31 130,000 Level 3 Financing Inc 5.375% 15/01/2024 133,738 0.08 40,000 Level 3 Financing Inc 6.125% 15/01/2021 40,994 0.03 1,075,000 Liberty Mutual Group Inc 4.225% 15/03/2037 1,053,500 0.61 500,000 Lions Gate Entertainment Corp 5.875% 01/11/2024 527,500 0.31 310,000 LKQ Italia Bondco SpA 3.875% 01/04/2024 403,942 0.24



55



Maturity Date

Value USD

% Net Assets


405,000 MGM Resorts International 6.000% 15/03/2023 447,323 0.26 255,000 Micron Technology Inc 7.500% 15/09/2023 284,325 0.17 120,000 MPT Operating Partnership LP / MPT Finance Corp 5.000% 15/10/2027 122,850 0.07 125,000 MSCI Inc 5.750% 15/08/2025 137,088 0.08 255,000 Multi-Color Corp 4.875% 01/11/2025 257,869 0.15 210,000 Navient Corp 6.125% 25/03/2024 216,825 0.13 1,100,000 Navios Maritime Acquisition Corp / Navios Acquisition Finance US Inc 8.125% 15/11/2021 914,375 0.53 545,000 Navistar International Corp 8.250% 01/11/2021 547,384 0.32 700,000 Netflix Inc 3.625% 15/05/2027 844,972 0.49 380,000 Netflix Inc 4.375% 15/11/2026 382,850 0.22 215,000 NextEra Energy Operating Partners LP 4.500% 15/09/2027 219,880 0.13 105,000 NGL Energy Partners LP / NGL Energy Finance Corp 6.875% 15/10/2021 105,262 0.06 555,000 NGL Energy Partners LP / NGL Energy Finance Corp 7.500% 01/11/2023 550,838 0.32 210,000 NRG Energy Inc 6.250% 01/05/2024 220,500 0.13 255,000 NRG Energy Inc 7.250% 15/05/2026 274,763 0.16 385,000 NuStar Logistics LP 5.625% 28/04/2027 407,137 0.24 410,000 Oasis Petroleum Inc 6.500% 01/11/2021 418,712 0.24 85,000 Oasis Petroleum Inc 6.875% 15/03/2022 86,912 0.05 275,000 Park-Ohio Industries Inc 6.625% 15/04/2027 297,688 0.17 240,000 Penn National Gaming Inc 5.625% 15/01/2027 249,600 0.14 410,000 PHI Inc 5.250% 15/03/2019 400,775 0.23 600,000 PulteGroup Inc 5.500% 01/03/2026 653,250 0.38 1,500,000 Quintiles IMS Inc 3.250% 15/03/2025 1,806,262 1.05 400,000 Quintiles IMS Inc 5.000% 15/10/2026 424,000 0.25 725,000 Radiate Holdco LLC / Radiate Finance Inc 6.625% 15/02/2025 715,938 0.42 600,000 Rialto Holdings LLC / Rialto Corp 7.000% 01/12/2018 607,500 0.35 175,000 Scientific Games International Inc 7.000% 01/01/2022 185,719 0.11 300,000 Scientific Games International Inc 10.000% 01/12/2022 332,250 0.19 450,000 Sensata Technologies UK Financing Co Plc 6.250% 15/02/2026 494,438 0.29 585,000 Signode Industrial Group Lux SA/Signode Industrial Group US Inc 6.375% 01/05/2022 609,863 0.35 650,000 Silgan Holdings Inc 3.250% 15/03/2025 790,238 0.46 430,000 Silversea Cruise Finance Ltd 7.250% 01/02/2025 462,250 0.27 620,000 Southwestern Energy Co 7.750% 01/10/2027 643,250 0.38 150,000 Springleaf Finance Corp 5.250% 15/12/2019 155,812 0.09 280,000 Sprint Capital Corp 6.875% 15/11/2028 314,300 0.18 740,000 Sprint Communications Inc 6.000% 15/11/2022 794,575 0.46 32,000 Sprint Communications Inc 9.000% 15/11/2018 34,400 0.02 380,000 Sprint Corp 7.125% 15/06/2024 428,564 0.25 905,000 Sprint Corp 7.875% 15/09/2023 1,052,063 0.61 375,000 Summit Midstream Holdings LLC / Summit Midstream Finance Corp 5.750% 15/04/2025 382,500 0.22 270,000 Sunoco LP / Sunoco Finance Corp 5.500% 01/08/2020 277,762 0.16 345,000 Sunoco LP / Sunoco Finance Corp 6.375% 01/04/2023 368,288 0.22 265,000 Tenet Healthcare Corp 4.625% 15/07/2024 263,509 0.15 150,000 Tenet Healthcare Corp 6.750% 15/06/2023 143,625 0.08 160,000 Tenet Healthcare Corp 7.500% 01/01/2022 169,600 0.10 175,000 T-Mobile USA Inc 4.000% 15/04/2022 181,125 0.11 355,000 T-Mobile USA Inc 5.125% 15/04/2025 371,792 0.22 105,000 T-Mobile USA Inc 6.000% 15/04/2024 111,793 0.06 255,000 T-Mobile USA Inc 6.000% 01/03/2023 269,025 0.16 20,000 T-Mobile USA Inc 6.125% 15/01/2022 20,850 0.01 35,000 T-Mobile USA Inc 6.500% 15/01/2024 37,329 0.02 595,000 T-Mobile USA Inc 6.500% 15/01/2026 658,219 0.38 425,000 TMS International Corp 7.250% 15/08/2025 435,625 0.25 135,000 Tops Holding LLC / Tops Markets II Corp 8.000% 15/06/2022 89,775 0.05 365,000 TreeHouse Foods Inc 6.000% 15/02/2024 391,463 0.23 80,000 TRI Pointe Group Inc 5.250% 01/06/2027 81,100 0.05 1,015,000 Triumph Group Inc 7.750% 15/08/2025 1,065,750 0.62 400,000 Tutor Perini Corp 6.875% 01/05/2025 434,000 0.25 300,000 Ultra Resources Inc 6.875% 15/04/2022 306,750 0.18 380,000 Unit Corp 6.625% 15/05/2021 382,850 0.22 325,000 United Rentals North America Inc 4.625% 15/10/2025 329,469 0.19 90,000 United Rentals North America Inc 4.875% 15/01/2028 90,422 0.05 390,000 United States Steel Corp 6.875% 15/08/2025 399,629 0.23 625,000 Universal Hospital Services Inc 7.625% 15/08/2020 637,500 0.37 12,350 US Airways 2001-1G Pass Through Trust 7.076% 20/03/2021 13,246 0.01 235,000 Valeant Pharmaceuticals International 7.000% 01/10/2020 236,763 0.14



56



Maturity Date

Value USD

% Net Assets


580,000 Valeant Pharmaceuticals International Inc 5.375% 15/03/2020 577,100 0.34 335,000 Valeant Pharmaceuticals International Inc 5.625% 01/12/2021 313,225 0.18 420,000 Vector Group Ltd 6.125% 01/02/2025 435,750 0.25 165,000 ViaSat Inc 5.625% 15/09/2025 166,444 0.10 1,845,000 Voya Financial Inc 5.650% 15/05/2053 1,960,811 1.14 140,000 Weatherford International Ltd 4.500% 15/04/2022 130,507 0.08 190,000 Weatherford International Ltd 8.250% 15/06/2023 196,175 0.11 180,000 Weatherford International Ltd 9.875% 15/02/2024 198,900 0.12 580,000 WellCare Health Plans Inc 5.250% 01/04/2025 610,450 0.36 495,000 Whiting Petroleum Corp 6.250% 01/04/2023 487,575 0.28 395,000 WildHorse Resource Development Corp 6.875% 01/02/2025 395,000 0.23 140,000 WMG Acquisition Corp 6.750% 15/04/2022 146,825 0.09 195,000 WPX Energy Inc 5.250% 15/09/2024 195,975 0.11 305,000 WPX Energy Inc 7.500% 01/08/2020 333,213 0.19 405,000 Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp 5.250% 15/05/2027 412,594 0.24 350,000 Zayo Group LLC / Zayo Capital Inc 6.000% 01/04/2023 371,914 0.22

URUGUAY 0.26% (30 September 2016: 0.25%) Corporate Bond

455,000 Navios South American Logistics Inc / Navios Logistics Finance US Inc 7.250% 01/05/2022 451,587 0.26

ZAMBIA 0.24% (30 September 2016: 0.00%) Corporate Bond

280,000 First Quantum Minerals Ltd 7.000% 15/02/2021 289,100 0.17 115,000 First Quantum Minerals Ltd 7.250% 15/05/2022 118,450 0.07




NETHERLANDS 0.00% (30 September 2016: 0.54%)

UNITED KINGDOM 0.12% (30 September 2016: 0.10%) Term Loans

275,714 Seadrill Operating LP 4.296% 14/02/2021 202,650 0.12

UNITED STATES 0.55% (30 September 2016: 0.51%) Common Stock

159 Chaparral Energy Inc 1,895 0.00 4,383 Chaparral Energy NPV 118,341 0.07 350,241 Pinnacle Operating Corp 179,323 0.11

Corporate Bond 350,000 Esccbche 0.000% 15/11/2019 – 0.00 513,140 Pinnacle Operating Corp 9.000% 15/05/2023 490,049 0.28

Term Loans 156,747 iStar Financial 0.000% 15/10/2021 161,841 0.09

Total Value of Unlisted at Mid Market Prices 1,154,099 0.67



Total Value of Transferable Securities 162,885,783 94.72

Open Forward Foreign Currency Exchange Contracts 0.08% (30 September 2016: 0.42%) Settlement Date

Buy Amount Bought

Sell Amount Sold


% Net Assets

04/10/2017 BRL 3,000,000 USD (952,532) (7,260) (0 .00)

04/10/2017 BRL 3,450,000 USD (1,093,329) (6,266) (0 .00)

04/10/2017 BRL 1,726,858 USD (550,217) (6,101) (0 .00)

04/10/2017 BRL 4,500,000 USD (1,420,903) (2,994) (0 .00)

04/10/2017 BRL 3,000,000 USD (945,716) (444) (0 .00)

04/10/2017 BRL 2,354,004 USD (740,987) 738 0 .00

04/10/2017 BRL 2,000,000 USD (628,457) 1,725 0 .00

04/10/2017 BRL 1,020,000 USD (316,426) 4,967 0 .00

04/10/2017 BRL 5,000,000 USD (1,569,612) 5,842 0 .00

04/10/2017 BRL 50,552,015 USD (15,919,638) 8,837 0 .01

16/10/2017 AUD 492,592 USD (394,753) (8,302) (0 .01)



57


Open Forward Foreign Currency Exchange Contracts 0.08% (30 September 2016: 0.42%) (continued) Settlement Date

Buy Amount Bought

Sell Amount Sold


% Net Assets

16/10/2017 AUD 6,544 USD (5,244) (110) (0 .00)

16/10/2017 AUD 159 USD (128) (3) (0 .00)

16/10/2017 EUR 8,678,524 USD (10,371,617) (96,980) (0 .06)

16/10/2017 EUR 128,827 USD (153,964) (1,443) (0 .00)

16/10/2017 EUR 22,857 USD (27,405) (344) (0 .00)

16/10/2017 EUR 2,588 USD (3,099) (36) (0 .00)

16/10/2017 EUR 2,458 USD (2,928) (17) (0 .00)

16/10/2017 USD 8,825,855 GBP (6,645,725) (84,619) (0 .05)

16/10/2017 USD 17,865 EUR (15,169) (93) (0 .00)

16/10/2017 USD 27,716 EUR (23,475) (76) (0 .00)

16/10/2017 USD 843 EUR (718) (8) (0 .00)

16/10/2017 USD 16 AUD (20) (0) 0 .00

16/10/2017 USD 580 EUR (483) 8 0 .00

16/10/2017 USD 5,258 EUR (4,424) 20 0 .00

16/10/2017 USD 2,692 EUR (2,253) 25 0 .00

16/10/2017 USD 4,463 EUR (3,741) 35 0 .00

16/10/2017 USD 8,172 EUR (6,812) 108 0 .00

16/10/2017 USD 47,769 EUR (39,855) 583 0 .00

16/10/2017 USD 32,989,198 EUR (27,552,325) 369,580 0 .22

06/11/2017 BRL 65,120,462 USD (20,457,547) (30,444) (0 .02)

06/11/2017 BRL 3,000,000 USD (948,467) (7,421) (0 .01)

06/11/2017 BRL 1,156,190 USD (366,812) (4,136) (0 .00)

06/11/2017 BRL 4,500,000 USD (1,415,094) (3,526) (0 .00)

06/11/2017 BRL 2,828,482 USD (888,565) (1,322) (0 .00)

Unrealised Gain on Forward Foreign Currency Exchange Contracts 392,468 0 .23

Unrealised Loss on Forward Foreign Currency Exchange Contracts (261,945) (0 .15)

Net Unrealised Gain on Forward Foreign Currency Exchange Contracts 130,523 0 .08

Open Spot Currency Contracts 0.00% (30 September 2016: 0.00%) Settlement Date Buy

Amount Bought Sell

Amount Sold


% Net Assets

02/10/2017 EUR 718 USD (842) 8 0.00 03/10/2017 EUR 15,169 USD (17,853) 93 0.00

Unrealised Gain on Open Spot Currency Contracts 101 0.00


Cash at Bank 10,478,395 6.09 Net Current Liabilities (1,521,547) (0.89)






Other Assets 7.86

Total Assets 100.00



The counterparty for the open spot currency contracts is State Street Global Markets.



58

GLOBAL PROPERTY SECURITIES FUND


% Net Assets


AUSTRALIA 5.29% (30 September 2016: 6.75%) Reits-Diversified 558,460 Dexus 4,159,221 1.98 881,750 Goodman Group 5,695,987 2.72 Reits-Shopping Centers 401,641 Scentre Group 1,237,448 0.59

CANADA 0.74% (30 September 2016: 0.00%) Reits-Apartments 44,480 Canadian Apartment Properties REIT 1,217,485 0.58 Reits-Office Property

10,586 Allied Properties Real Estate Investment Trust 338,048 0.16

CHINA 0.51% (30 September 2016: 0.55%) Real Estate Operation/Development 1,869,000 SOHO China Ltd 1,069,602 0.51

FINLAND 0.00% (30 September 2016: 0.66%)

FRANCE 3.21% (30 September 2016: 4.36%) Reits-Diversified 17,768 Gecina SA 2,868,404 1.37 54,754 Klepierre SA 2,122,012 1.01 7,176 Unibail-Rodamco SE 1,733,472 0.83

GERMANY 5.77% (30 September 2016: 3.98%) Real Estate Management/Services 199,896 Deutsche Wohnen SE 8,411,784 4.02 Real Estate Operation/Development 20,323 LEG Immobilien AG 2,037,066 0.97 71,430 TLG Immobilien AG 1,634,108 0.78

HONG KONG 6.79% (30 September 2016: 6.81%) Real Estate Operation/Development 544,464 Hongkong Land Holdings Ltd 3,936,475 1.88 2,851,000 New World Development Co Ltd 4,095,394 1.95 155,000 Sun Hung Kai Properties Ltd 2,518,250 1.20 Reits-Shopping Centers 454,500 Link REIT 3,683,351 1.76

JAPAN 10.46% (30 September 2016: 12.67%) Real Estate Management/Services 80,800 Mitsubishi Estate Co Ltd 1,404,640 0.67 63,000 Nomura Real Estate Holdings Inc 1,342,343 0.64 Real Estate Operation/Development 31,900 Heiwa Real Estate Co Ltd 543,358 0.26 52,100 Leopalace21 Corp 362,934 0.17 289,955 Mitsui Fudosan Co Ltd 6,286,287 3.00 83,000 Tokyo Tatemono Co Ltd 1,061,238 0.51 Reits-Diversified 1,091 United Urban Investment Corp 1,597,555 0.76 Reits-Hotels 103 Hoshino Resorts REIT Inc 512,506 0.24 3,313 Japan Hotel REIT Investment Corp 2,092,979 1.00 Reits-Office Property 247 Daiwa Office Investment Corp 1,235,604 0.59 Reits-Shopping Centers 1,505 Japan Retail Fund Investment Corp 2,699,893 1.29 330 Kenedix Retail REIT Corp 685,539 0.33 Reits-Warehouse/Industrial

189 Industrial & Infrastructure Fund Investment Corp 801,039 0.38

697 Japan Logistics Fund Inc 1,297,450 0.62

LUXEMBOURG 0.54% (30 September 2016: 0.00%) Real Estate Management/Services 160,157 Aroundtown SA 1,127,505 0.54

GLOBAL PROPERTY SECURITIES FUND (continued)


% Net Assets

MEXICO 0.67% (30 September 2016: 0.72%) Reits-Diversified

219,350 PLA Administradora Industrial S de RL de CV 368,018 0.18

Reits-Warehouse/Industrial

462,230 Macquarie Mexico Real Estate Management SA de CV 611,913 0.29

207,710 Prologis Property Mexico SA de CV 419,261 0.20

NETHERLANDS 1.07% (30 September 2016: 0.70%) Computer Software 44,811 InterXion Holding NV 2,230,692 1.07

NORWAY 0.62% (30 September 2016: 0.00%) Real Estate Management/Services 94,956 Entra ASA 1,301,358 0.62

SINGAPORE 2.01% (30 September 2016: 0.52%) Real Estate Operation/Development

195,813 CapitaLand Commercial Trust Share Rights 20/10/2017 41,374 0.02

809,400 CapitaLand Ltd 2,133,307 1.02 Reits-Diversified 1,292,300 CapitaLand Commercial Trust 1,569,837 0.75 586,161 Frasers Logistics & Industrial Trust 461,751 0.22

SPAIN 2.72% (30 September 2016: 1.19%) Real Estate Operation/Development 201,945 Inmobiliaria Colonial Socimi SA 1,986,798 0.95 Reits-Diversified

50,411 Hispania Activos Inmobiliarios SOCIMI SA 908,634 0.43

202,390 Merlin Properties Socimi SA 2,801,918 1.34

SWEDEN 2.24% (30 September 2016: 2.63%) Real Estate Management/Services 114,882 Castellum AB 1,783,827 0.85 100,596 Fabege AB 2,028,252 0.97 36,713 Wihlborgs Fastigheter AB 890,521 0.42

UNITED KINGDOM 4.59% (30 September 2016: 4.19%) Real Estate Operation/Development 222,214 UNITE Group Plc/The 2,021,574 0.96 Reits-Diversified 649,203 Segro Plc 4,628,433 2.21 Reits-Office Property 153,639 Great Portland Estates Plc 1,258,733 0.60 Reits-Storage 61,108 Big Yellow Group Plc 617,940 0.30 Storage/Warehousing 189,682 Safestore Holdings Plc 1,096,826 0.52

UNITED STATES 50.39% (30 September 2016: 52.22%) Hotels & Motels 32,241 Extended Stay America Inc 645,142 0.31 20,732 Hilton Grand Vacations Inc 804,194 0.38 35,982 Hilton Worldwide Holdings Inc 2,495,712 1.19 Real Estate Management/Services 9,583 CBRE Group Inc 362,908 0.17 Reits-Apartments

83,079 Apartment Investment & Management Co 3,642,183 1.74

31,661 AvalonBay Communities Inc 5,654,655 2.70 25,273 Equity Residential 1,663,974 0.79 20,955 Essex Property Trust Inc 5,302,663 2.53 3,112 Essex Property Trust Inc 787,492 0.38 98,285 Invitation Homes Inc 2,204,532 1.05 100,066 Starwood Waypoint Homes 3,593,370 1.71 Reits-Diversified 16,811 American Tower Corp 2,287,977 1.09



59



% Net Assets

UNITED STATES 50.39% (30 September 2016: 52.22%) (continued) Reits-Diversified 30,544 Crown Castle International Corp 3,070,894 1.46 80,087 Duke Realty Corp 2,318,519 1.11 22,488 EPR Properties 1,568,763 0.75 8,521 Equinix Inc 3,763,896 1.80 131,085 STORE Capital Corp 3,250,908 1.55 13,433 Weyerhaeuser Co 456,856 0.22 Reits-Health Care 46,980 HCP Inc 1,308,393 0.63 45,861 Healthcare Trust of America Inc 1,367,116 0.65 86,499 Physicians Realty Trust 1,538,817 0.73 60,975 Senior Housing Properties Trust 1,189,013 0.57 48,570 Welltower Inc 3,428,071 1.64 Reits-Hotels 30,741 Host Hotels & Resorts Inc 568,401 0.27 158,185 Sunstone Hotel Investors Inc 2,546,779 1.22 Reits-Manufactured Homes 34,872 Sun Communities Inc 2,980,510 1.42 Reits-Office Property 32,109 Alexandria Real Estate Equities Inc 3,772,165 1.80 17,613 Boston Properties Inc 2,162,348 1.03 59,315 Hudson Pacific Properties Inc 1,960,361 0.94 40,220 Kilroy Realty Corp 2,818,618 1.35 24,824 SL Green Realty Corp 2,501,266 1.19 Reits-Regional Malls 29,444 GGP Inc 626,568 0.30 57,778 Simon Property Group Inc 9,336,347 4.46 29,005 Tanger Factory Outlet Centers Inc 722,225 0.34 Reits-Shopping Centers 23,080 Brixmor Property Group Inc 436,443 0.21 84,580 DDR Corp 779,828 0.37 30,025 Kite Realty Group Trust 611,909 0.29 61,255 Regency Centers Corp 3,806,386 1.82 4,935 Saul Centers Inc 308,388 0.15 REITS-Single Tenant 132,936 Spirit Realty Capital Inc 1,112,674 0.53 Reits-Storage 101,782 CubeSmart 2,647,350 1.26 31,711 Extra Space Storage Inc 2,507,706 1.20 6,530 Public Storage 1,389,257 0.66 Reits-Warehouse/Industrial 43,981 First Industrial Realty Trust Inc 1,330,425 0.63 87,038 Prologis Inc 5,531,265 2.64 85,000 Rexford Industrial Realty Inc 2,430,150 1.16


Open Forward Foreign Currency Exchange Contracts (0.11%) (30 September 2016: 0.07%) Settlement Buy Amount Sell Amount Unrealised % Net Date Bought Sold Gain/Loss Assets 16/10/2017 AUD 34,400 USD (27,445) (481) (0 .00)

16/10/2017 CAD 2,182 USD (1,790) (34) (0 .00)

16/10/2017 CAD 2,335 USD (1,899) (20) (0 .00)

16/10/2017 EUR 40,926 USD (49,044) (749) (0 .00)

16/10/2017 GBP 10,162 USD (13,671) (73) (0 .00)

16/10/2017 HKD 178,487 USD (22,866) (6) (0 .00)

16/10/2017 HKD 195,517 USD (25,040) 1 0 .00

16/10/2017 JPY 1,355,667,312 USD (12,374,137) (320,673) (0 .16)

16/10/2017 JPY 30,207,084 USD (274,852) (6,276) (0 .00)

16/10/2017 JPY 3,656,648 USD (33,322) (810) (0 .00)

16/10/2017 JPY 1,079,427 USD (9,853) (255) (0 .00)

16/10/2017 JPY 5,363,659 USD (47,622) 67 0 .00

16/10/2017 MXN 38,501 USD (2,145) (31) (0 .00)

16/10/2017 NOK 23,714 USD (3,037) (55) (0 .00)

16/10/2017 NOK 15,373 USD (1,937) (3) (0 .00)

16/10/2017 SGD 8,656 USD (6,437) (63) (0 .00)

16/10/2017 SGD 7,734 USD (5,694) 1 0 .00


Open Forward Foreign Currency Exchange Contracts (0.11%) (30 September 2016: 0.07%) (continued) Settlement Buy Amount Sell Amount Unrealised % Net Date Bought Sold Gain/Loss Assets 16/10/2017 USD 677,996 GBP (510,520) (5,169) (0 .00)

16/10/2017 USD 9,437 CAD (11,762) (28) (0 .00)

16/10/2017 USD 2,115 CAD (2,616) 10 0 .00

16/10/2017 USD 33,257 JPY (3,730,470) 89 0 .00

16/10/2017 USD 850,256 HKD (6,635,201) 446 0 .00

16/10/2017 USD 45,150 EUR (37,691) 672 0 .00

16/10/2017 USD 99,739 NOK (780,640) 1,558 0 .00

16/10/2017 USD 99,677 MXN (1,779,872) 1,923 0 .00

16/10/2017 USD 89,064 CAD (108,139) 2,049 0 .00

16/10/2017 USD 297,266 SGD (400,342) 2,482 0 .00

16/10/2017 USD 334,236 SEK (2,660,800) 6,875 0 .01

16/10/2017 USD 891,137 AUD (1,109,568) 21,431 0 .01

16/10/2017 USD 1,808,018 EUR (1,510,043) 26,060 0 .01

16/10/2017 USD 1,669,305 JPY (183,217,089) 40,291 0 .02

Unrealised Gain on Forward Foreign Currency Exchange Contracts 103,955 0.05 Unrealised Loss on Forward Foreign Currency Exchange Contracts (334,726) (0.16)

Net Unrealised Loss on Forward Foreign Currency Exchange Contracts (230,771) (0.11)


02/10/2017 CAD 104,285 USD (83,935) (30) (0.00) 02/10/2017 EUR 351,590 USD (414,620) (14) (0.00) 02/10/2017 GBP 70,934 USD (95,420) (539) (0.00) 02/10/2017 MXN 974,410 USD (53,713) (77) (0.00) 02/10/2017 SEK 700,153 USD (86,203) (125) (0.00) 02/10/2017 USD 24,022 SEK (196,408) (125) (0.00) 02/10/2017 USD 43,504 JPY (4,909,023) (114) (0.00) 03/10/2017 HKD 4,558,792 USD (583,632) 22 0.00 03/10/2017 SGD 306,446 USD (225,375) 236 0.00 03/10/2017 USD 725,502 AUD (927,502) (1,627) (0.00) 03/10/2017 USD 249,907 JPY (28,133,984) (73) (0.00) 03/10/2017 USD 43,748 GBP (32,612) 127 0.00 Unrealised Gain on Open Spot Currency Contracts 385 0.00 Unrealised Loss on Open Spot Currency Contracts (2,724) (0.00)







Other Assets 4.43

Total Assets 100.00




60




.

.



61

POST GLOBAL LIMITED TERM HIGH YIELD FUND


Maturity Date

Value USD

% Net Assets



13,317,000 SFR Group SA 6.000% 15/05/2022 13,932,911 1.43


4,000,000 IHO Verwaltungs GmbH 4.125% 15/09/2021 4,080,000 0.42

IRELAND 1.02% (30 September 2016: 1.21%) Corporate Bond

9,500,000 Park Aerospace Holdings Ltd 5.250% 15/08/2022 9,903,750 1.02



1,000,000 Wind Acquisition Finance SA 4.750% 15/07/2020 1,015,000 0.10


NEW ZEALAND 2.85% (30 September 2016: 0.00%) Corporate Bond

27,209,000 Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 5.750% 15/10/2020 27,719,169 2.85

UNITED ARAB EMIRATES 2.49% (30 September 2016: 0.00%) Corporate Bond

19,680,000 DAE Funding LLC 4.000% 01/08/2020 20,122,800 2.07 4,000,000 DAE Funding LLC 4.500% 01/08/2022 4,105,000 0.42


5,000,000 Acadia Healthcare Co Inc 5.125% 01/07/2022 5,202,000 0.53 6,000,000 Acadia Healthcare Co Inc 5.625% 15/02/2023 6,307,500 0.65 13,512,000 ADT Corp/The 3.500% 15/07/2022 13,562,670 1.39 8,883,000 ADT Corp/The 5.250% 15/03/2020 9,427,084 0.97 3,935,000 ADT Corp/The 6.250% 15/10/2021 4,387,525 0.45 6,479,000 AECOM 5.750% 15/10/2022 6,811,049 0.70 8,681,000 AECOM Global II LLC / URS Fox US LP 5.000% 01/04/2022 9,071,645 0.93 3,750,000 Aircastle Ltd 5.500% 15/02/2022 4,125,000 0.42 25,820,000 Alere Inc 7.250% 01/07/2018 25,956,846 2.67 11,560,000 Alliance Data Systems Corp 5.250% 01/12/2017 11,643,810 1.19 9,000,000 Alliance Data Systems Corp 5.875% 01/11/2021 9,337,500 0.96 23,500,000 Ally Financial Inc 3.750% 18/11/2019 24,058,125 2.47 11,204,000 AMC Entertainment Holdings Inc 5.875% 15/02/2022 11,372,060 1.17 10,000,000 AMC Networks Inc 4.750% 15/12/2022 10,300,000 1.06 1,875,000 American Airlines Group Inc 4.625% 01/03/2020 1,935,937 0.20 14,900,000 Antero Resources Corp 5.375% 01/11/2021 15,328,375 1.57 4,000,000 Arconic Inc 5.400% 15/04/2021 4,306,000 0.44 2,915,000 Arconic Inc 5.870% 23/02/2022 3,217,431 0.33 8,000,000 Arconic Inc 6.150% 15/08/2020 8,772,400 0.90 5,000,000 Ares Capital Corp 3.500% 10/02/2023 4,952,473 0.51 4,530,000 Ashland LLC 4.750% 15/08/2022 4,812,944 0.49 19,526,000 B&G Foods Inc 4.625% 01/06/2021 19,987,302 2.05 2,600,000 Ball Corp 4.375% 15/12/2020 2,739,750 0.28

12,000,000 Caesars Entertainment Resort Properties LLC / Caesars Entertainment Resort Prope 8.000% 01/10/2020 12,345,000 1.27

26,499,000 CCO Holdings LLC / CCO Holdings Capital Corp 5.250% 15/03/2021 27,310,532 2.80 15,787,000 Centene Corp 5.625% 15/02/2021 16,418,480 1.69 5,000,000 CenturyLink Inc 5.800% 15/03/2022 4,987,500 0.51 17,290,000 CenturyLink Inc 6.150% 15/09/2019 18,197,725 1.87 3,500,000 CenturyLink Inc 6.450% 15/06/2021 3,666,250 0.38 4,750,000 CHS/Community Health Systems Inc 5.125% 01/08/2021 4,714,375 0.48 13,000,000 Churchill Downs Inc 5.375% 15/12/2021 13,455,000 1.38 5,000,000 CIT Group Inc 3.875% 19/02/2019 5,123,500 0.53 7,450,000 CNH Industrial Capital LLC 3.375% 15/07/2019 7,589,687 0.78 7,250,000 CNH Industrial Capital LLC 3.875% 15/10/2021 7,494,688 0.77 9,000,000 CNO Financial Group Inc 4.500% 30/05/2020 9,393,750 0.96 8,000,000 CommScope Inc 5.000% 15/06/2021 8,230,000 0.84



62

POST GLOBAL LIMITED TERM HIGH YIELD FUND (continued)


Maturity Date

Value USD

% Net Assets


4,573,000 CoreCivic Inc 4.125% 01/04/2020 4,704,474 0.48 4,115,000 CoreCivic Inc 5.000% 15/10/2022 4,300,175 0.44 23,421,000 DaVita Inc 5.750% 15/08/2022 24,068,005 2.47 5,000,000 DISH DBS Corp 5.125% 01/05/2020 5,250,000 0.54 1,500,000 DISH DBS Corp 5.875% 15/07/2022 1,599,375 0.17 5,000,000 Edgewell Personal Care Co 4.700% 24/05/2022 5,387,500 0.55 3,000,000 Envision Healthcare Corp 5.125% 01/07/2022 3,120,000 0.32 18,366,000 Envision Healthcare Corp 5.625% 15/07/2022 19,215,427 1.97 7,500,000 Equinix Inc 5.375% 01/01/2022 7,882,500 0.81 15,650,000 GLP Capital LP / GLP Financing II Inc 4.375% 01/11/2018 15,982,562 1.64 15,244,000 HCA Inc 3.750% 15/03/2019 15,586,990 1.60 1,450,000 HCA Inc 4.250% 15/10/2019 1,502,562 0.15 2,500,000 Hologic Inc 5.250% 15/07/2022 2,634,375 0.27 1,500,000 HRG Group Inc 7.750% 15/01/2022 1,576,875 0.16 11,268,000 HRG Group Inc 7.875% 15/07/2019 11,482,092 1.18 1,000,000 HUB International Ltd 7.875% 01/10/2021 1,042,500 0.11 26,038,000 Hughes Satellite Systems Corp 6.500% 15/06/2019 27,763,018 2.85 2,500,000 Hughes Satellite Systems Corp 7.625% 15/06/2021 2,828,125 0.29 2,750,000 Kinetic Concepts Inc / KCI USA Inc 7.875% 15/02/2021 2,884,063 0.30 8,000,000 Leidos Holdings Inc 4.450% 01/12/2020 8,452,000 0.87 1,812,000 Level 3 Financing Inc 5.375% 15/08/2022 1,868,897 0.19 1,000,000 Level 3 Financing Inc 6.125% 15/01/2021 1,024,850 0.10 21,984,000 LifePoint Health Inc 5.500% 01/12/2021 22,794,660 2.34 17,755,000 MGM Resorts International 5.250% 31/03/2020 18,775,912 1.93 7,254,000 Netflix Inc 5.375% 01/02/2021 7,852,455 0.80 5,000,000 Netflix Inc 5.500% 15/02/2022 5,450,000 0.56 20,787,000 Nielsen Finance LLC / Nielsen Finance Co 4.500% 01/10/2020 21,072,821 2.16 3,500,000 Nielsen Finance LLC / Nielsen Finance Co 5.000% 15/04/2022 3,636,150 0.37 16,391,000 Orbital ATK Inc 5.250% 01/10/2021 17,005,662 1.75 3,000,000 Outfront Media Capital LLC / Outfront Media Capital Corp 5.250% 15/02/2022 3,117,150 0.32 13,059,000 Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp 4.875% 01/05/2021 13,303,856 1.37 15,966,000 Prestige Brands Inc 5.375% 15/12/2021 16,504,853 1.69 11,057,000 Regal Entertainment Group 5.750% 15/03/2022 11,443,995 1.17 5,000,000 RHP Hotel Properties LP / RHP Finance Corp 5.000% 15/04/2021 5,137,500 0.53 4,500,000 SBA Communications Corp 4.875% 15/07/2022 4,663,125 0.48 10,597,000 Sinclair Television Group Inc 5.375% 01/04/2021 10,899,756 1.12 11,250,000 Sirius XM Radio Inc 3.875% 01/08/2022 11,572,031 1.19 5,000,000 Sprint Communications Inc 6.000% 15/11/2022 5,368,750 0.55 19,000,000 Sprint Corp 7.250% 15/09/2021 21,090,000 2.17 10,518,000 Starwood Property Trust Inc 5.000% 15/12/2021 11,003,143 1.13 4,250,000 SunCoke Energy Inc 7.625% 01/08/2019 4,250,000 0.44 4,625,000 Surgery Center Holdings Inc 8.875% 15/04/2021 4,867,812 0.50 9,545,000 Symantec Corp 4.200% 15/09/2020 10,034,181 1.03 10,012,000 TEGNA Inc 5.125% 15/10/2019 10,174,695 1.04 2,340,000 TEGNA Inc 5.125% 15/07/2020 2,406,807 0.25 4,750,000 Tenet Healthcare Corp 4.375% 01/10/2021 4,839,063 0.50 2,950,000 Tenet Healthcare Corp 4.500% 01/04/2021 3,020,063 0.31 5,530,000 Tenet Healthcare Corp 4.750% 01/06/2020 5,737,375 0.59 8,050,000 Tenet Healthcare Corp 5.500% 01/03/2019 8,236,156 0.85 8,000,000 Tenet Healthcare Corp 6.000% 01/10/2020 8,538,400 0.88 7,265,000 T-Mobile USA Inc 4.000% 15/04/2022 7,519,275 0.77 28,270,000 TransDigm Inc 5.500% 15/10/2020 28,743,523 2.95 12,650,000 Tribune Media Co 5.875% 15/07/2022 13,265,106 1.36 8,500,000 United Continental Holdings Inc 4.250% 01/10/2022 8,563,750 0.88



UNITED STATES 1.76% (30 September 2016: 2.78%) Term Loans

13,000,000 Asurion LLC 0.000% 04/08/2025 13,322,270 1.37



63



Maturity Date

Value USD

% Net Assets

UNITED STATES 1.76% (30 September 2016: 2.78%) (continued) Term Loans (continued)

3,852,560 Sophia LP 4.546% 31/12/2049 3,852,868 0.39






Buy Amount Bought

Sell Amount Sold


% Net Assets

16/10/2017 CHF 443,594 USD (464,625) (7,477) (0 .00)

16/10/2017 CHF 3,344 USD (3,503) (56) (0 .00)

16/10/2017 CHF 1,829 USD (1,908) (23) (0 .00)

16/10/2017 EUR 147,481,622 USD (176,674,134) (2,635,295) (0 .27)

16/10/2017 EUR 44,187,043 USD (52,933,426) (789,562) (0 .08)

16/10/2017 EUR 37,256,052 USD (44,630,515) (665,715) (0 .07)

16/10/2017 EUR 2,931,947 USD (3,512,370) (52,463) (0 .01)

16/10/2017 EUR 2,000,000 USD (2,395,900) (35,757) (0 .01)

16/10/2017 EUR 780,536 USD (935,055) (13,967) (0 .00)

16/10/2017 EUR 731,572 USD (876,398) (13,090) (0 .00)

16/10/2017 EUR 615,194 USD (737,040) (11,068) (0 .00)

16/10/2017 EUR 177,351 USD (212,477) (3,191) (0 .00)

16/10/2017 EUR 156,517 USD (187,517) (2,816) (0 .00)

16/10/2017 GBP 5,000 USD (6,748) (57) (0 .00)

16/10/2017 GBP 48,625 USD (64,618) 450 0 .00

16/10/2017 GBP 62,256 USD (82,732) 577 0 .00

16/10/2017 GBP 251,215 USD (333,894) 2,276 0 .00

16/10/2017 GBP 321,671 USD (427,538) 2,914 0 .00

16/10/2017 GBP 505,478 USD (671,735) 4,683 0 .00

16/10/2017 GBP 2,483,188 USD (3,300,442) 22,496 0 .00

16/10/2017 GBP 11,762,293 USD (15,633,499) 106,498 0 .01

16/10/2017 GBP 15,055,041 USD (20,009,956) 136,311 0 .02

16/10/2017 GBP 117,586,879 USD (156,287,072) 1,064,651 0 .11

16/10/2017 JPY 34,225,938,458 USD (312,404,419) (8,095,887) (0 .83)

16/10/2017 JPY 142,298,273 USD (1,294,762) (29,565) (0 .00)

16/10/2017 JPY 26,629,803 USD (243,068) (6,298) (0 .00)

16/10/2017 SGD 1,546,622 USD (1,149,485) (10,660) (0 .00)

16/10/2017 SGD 86,895 USD (64,442) (459) (0 .00)

16/10/2017 SGD 20,101 USD (14,939) (138) (0 .00)

16/10/2017 SGD 6,356 USD (4,721) (40) (0 .00)

16/10/2017 USD 674,779 GBP (507,696) (4,607) (0 .00)

16/10/2017 USD 24,361 GBP (18,329) (166) (0 .00)

16/10/2017 USD 29,587 EUR (25,009) 75 0 .00

16/10/2017 USD 19,470 JPY (2,170,000) 176 0 .00

16/10/2017 USD 202,345 GBP (150,000) 1,619 0 .00

16/10/2017 USD 6,090,096 EUR (5,147,705) 15,436 0 .00

16/10/2017 USD 1,372,246 EUR (1,145,496) 20,480 0 .00

16/10/2017 USD 13,206,854 EUR (11,005,593) 219,469 0 .02



Net Unrealised Loss on Forward Foreign Currency Exchange Contracts (10,780,246) (1 .11)





64






Other Assets 5.80

Total Assets 100.00





65

GLOBAL TIME DIVERSIFIED ABSOLUTE RETURN FUND


Maturity Date

Value USD

% Net Assets


UNITED STATES 90.36% (30 September 2016: 86.11%) Government Bond

500,000 United States Treasury Bill 0.000% 12/10/2017 499,842 19.14 265,000 United States Treasury Bill 0.000% 09/11/2017 264,711 10.13 400,000 United States Treasury Bill 0.000% 07/12/2017 399,256 15.28 400,000 United States Treasury Bill* 0.000% 24/11/2017 399,392 15.29 400,000 United States Treasury Bill 0.000% 18/01/2018 398,788 15.27 400,000 United States Treasury Bill 0.000% 08/02/2018 398,437 15.25



Buy Amount Bought

Sell Amount Sold


% Net Assets

06/10/2017 AUD 365,362 GBP (217,000) (4,494) (0 .17)

06/10/2017 AUD 128,200 USD (102,187) (1,597) (0 .06)

06/10/2017 CAD 396,501 USD (327,224) (10,176) (0 .39)

06/10/2017 CAD 359,991 USD (293,200) (5,345) (0 .21)

06/10/2017 CAD 47,752 USD (39,097) (914) (0 .04)

06/10/2017 CAD 418,266 EUR (279,250) 4,275 0 .16

06/10/2017 CHF 1,018,765 EUR (892,112) (1,654) (0 .06)

06/10/2017 CHF 310,689 CAD (403,618) (1,563) (0 .06)

06/10/2017 CHF 283,094 EUR (247,100) 485 0 .02

06/10/2017 CHF 320,737 SEK (2,696,157) 1,190 0 .05

06/10/2017 EUR 271,505 USD (327,745) (6,725) (0 .26)

06/10/2017 EUR 225,269 USD (271,019) (4,667) (0 .18)

06/10/2017 EUR 250,000 SEK (2,412,229) 11 0 .00

06/10/2017 EUR 273,086 AUD (409,191) 1,826 0 .07

06/10/2017 EUR 274,443 NOK (2,552,306) 3,843 0 .15

06/10/2017 EUR 285,460 SEK (2,720,933) 4,111 0 .16

06/10/2017 GBP 249,716 USD (335,903) (839) (0 .03)

06/10/2017 GBP 113,353 USD (151,997) 98 0 .00

06/10/2017 GBP 60,100 USD (80,368) 273 0 .01

06/10/2017 GBP 159,000 USD (212,699) 645 0 .02

06/10/2017 GBP 115,745 USD (150,895) 4,409 0 .17

06/10/2017 GBP 244,202 SEK (2,621,823) 6,402 0 .25

06/10/2017 GBP 388,843 USD (510,983) 10,762 0 .41

06/10/2017 GBP 260,213 USD (333,991) 15,159 0 .58

06/10/2017 JPY 35,617,186 CHF (311,518) (5,571) (0 .21)

06/10/2017 JPY 35,486,518 CHF (310,248) (5,419) (0 .21)

06/10/2017 JPY 36,795,975 CHF (320,737) (4,627) (0 .18)

06/10/2017 NOK 2,558,390 GBP (247,300) (10,408) (0 .40)

06/10/2017 NOK 538,400 USD (68,923) (1,283) (0 .05)

06/10/2017 NZD 477,667 USD (343,461) 1,820 0 .07

06/10/2017 SEK 2,784,201 USD (346,014) (4,852) (0 .19)

06/10/2017 SEK 1,401,948 USD (176,584) (4,797) (0 .18)

06/10/2017 SEK 2,789,136 NOK (2,756,139) (4,493) (0 .17)

06/10/2017 SEK 1,282,833 USD (161,451) (4,259) (0 .16)

06/10/2017 SEK 263,000 USD (33,096) (870) (0 .03)

06/10/2017 USD 680,091 GBP (525,882) (25,529) (0 .98)

06/10/2017 USD 676,756 CAD (861,003) (11,716) (0 .45)

06/10/2017 USD 154,076 GBP (119,301) (6,001) (0 .23)

06/10/2017 USD 154,206 GBP (119,300) (5,869) (0 .23)

06/10/2017 USD 150,174 GBP (113,749) (2,452) (0 .09)

06/10/2017 USD 328,648 GBP (246,400) (1,968) (0 .08)

06/10/2017 USD 290,509 NZD (403,364) (1,062) (0 .04)

06/10/2017 USD 679,540 AUD (866,871) (632) (0 .02)

06/10/2017 USD 186,345 EUR (158,128) (621) (0 .02)

06/10/2017 USD 72,981 JPY (8,136,294) 689 0 .03

06/10/2017 USD 143,003 GBP (105,770) 1,083 0 .04

06/10/2017 USD 143,746 GBP (106,200) 1,248 0 .05

06/10/2017 USD 347,780 NZD (477,949) 2,295 0 .09

06/10/2017 USD 326,011 NOK (2,567,870) 3,405 0 .13

06/10/2017 USD 274,335 JPY (30,215,418) 5,868 0 .22

06/10/2017 USD 740,572 CHF (709,209) 7,424 0 .28

06/10/2017 USD 358,500 SEK (2,839,812) 10,524 0 .40

22/11/2017 AUD 1,008,375 USD (799,154) (8,420) (0 .32)



66

GLOBAL TIME DIVERSIFIED ABSOLUTE RETURN FUND (continued)


Buy Amount Bought

Sell Amount Sold


% Net Assets

22/11/2017 CHF 80,000 USD (83,651) (694) (0 .03)

22/11/2017 EUR 51,300 USD (61,532) (719) (0 .03)

22/11/2017 EUR 34,534 USD (41,227) (289) (0 .01)

22/11/2017 GBP 442,868 USD (572,215) 22,879 0 .88

22/11/2017 JPY 40,564,329 USD (373,853) (12,644) (0 .48)

22/11/2017 NOK 268,600 USD (34,416) (637) (0 .02)

22/11/2017 NOK 118,562 USD (14,910) (0) (0 .00)

22/11/2017 NZD 455,850 USD (333,187) (3,990) (0 .15)

22/11/2017 SEK 222,600 USD (28,084) (735) (0 .03)

22/11/2017 USD 642,596 EUR (542,921) (999) (0 .04)

22/11/2017 USD 38,735 GBP (28,829) (3) (0 .00)

22/11/2017 USD 33,148 NZD (45,700) 145 0 .01

22/11/2017 USD 36,812 JPY (4,095,600) 342 0 .01

22/11/2017 USD 60,337 GBP (44,500) 541 0 .02

22/11/2017 USD 72,051 AUD (90,930) 747 0 .03

22/11/2017 USD 73,366 AUD (92,100) 1,145 0 .04

22/11/2017 USD 274,959 SEK (2,211,488) 3,254 0 .12

22/11/2017 USD 339,388 NOK (2,672,112) 3,342 0 .13

22/11/2017 USD 824,411 CHF (790,839) 4,340 0 .17



Net Unrealised Loss on Forward Foreign Currency Exchange Contracts (44,953) (1 .72)

Options 1.20% (30 September 2016: 0.19%)

No. of

contracts Fair Value

USD % Net

Assets

Put Currency Option AUD 0.65 03/01/2018 2,757,500 1,325 0.05 Call Currency Option EUR 1.78 03/01/2018 850,000 2,027 0.08 Call Currency Option EUR 140.80 03/01/2018 990,000 3,721 0.14 Put Currency Option GBP 9.88 03/01/2018 700,000 1,153 0.05 Put Currency Option GBP 10.32 03/01/2018 575,000 2,163 0.08 Put Currency Option USD 104.50 22/12/2017 (352,000) (1,086) (0.04) Call Currency Option USD 1.30 21/12/2017 4,090,302 10,983 0.42 Call Currency Option USD 1.30 21/12/2017 (338,000) (908) (0.04) Put Currency Option USD 104.50 22/12/2017 3,898,000 12,029 0.46

Market Value Gain on Option Contracts 33,401 1.28 Market Value Loss on Option Contracts (1,994) (0.08)

Total Value of Option Contracts 31,407 1.20






Other Assets 11.63

Total Assets 100.00


The counterparties for the forward foreign currency exchange contracts are Barclays, Citigroup, Goldman Sachs, JPMorgan Chase & Co, Royal Bank of Canada, Standard Chartered, State Street Global Markets, The Australia and New Zealand Banking Group and UBS.

The counterparties for the option contracts are Barclays, Goldman Sachs, JPMorgan Chase & Co, Royal Bank of Canada, Skandinaviska Enskilda Banken AB and Standard Chartered.

* United States Treasury Bill 24/11/2017- 215,000 nominal pledged as collateral in relation to the forward foreign currency exchange contracts held with Goldman Sachs at 30 September 2017.



67

GLOBAL SMALL CAP EQUITY FUND


% Net Assets


AUSTRALIA 0.59% (30 September 2016: 2.15%) Engineering/Research & Development Services 12,963 Downer EDI Ltd 68,800 0.59

AUSTRIA 0.91% (30 September 2016: 0.00%) Real Estate Operation/Development 3,596 BUWOG AG 106,161 0.91

BRAZIL 0.98% (30 September 2016: 0.00%) Consulting Services 10,000 Qualicorp SA 115,193 0.98

CANADA 4.41% (30 September 2016: 4.62%) Auto-Medium & Heavy Duty Trucks 3,200 New Flyer Industries Inc 133,597 1.14 Enterprise Software/Services 2,300 Open Text Corp 73,262 0.63 Multimedia 6,500 Corus Entertainment Inc 67,306 0.57 Oil Company-Exploration & Production 6,400 Enerplus Corp 62,666 0.54 Oil-Field Services 5,886 CES Energy Solutions Corp 30,214 0.26 Paper & Related Products 5,600 Cascades Inc 68,035 0.58 Reits-Diversified 4,700 H&R Real Estate Investment Trust 80,924 0.69

CHINA 1.79% (30 September 2016: 1.77%) Commercial Banks Non-US

79,000 Chongqing Rural Commercial Bank Co Ltd 50,065 0.43

Real Estate Operation/Development 79,000 Times Property Holdings Ltd 81,116 0.69 Schools


FINLAND 0.74% (30 September 2016: 0.00%) Machinery-General Industry 4,473 Valmet OYJ 87,033 0.74

FRANCE 3.19% (30 September 2016: 3.60%) Computer Services 349 Sopra Steria Group 64,552 0.55 Gas-Distribution 1,955 Rubis SCA 123,569 1.06 Medical-Nursing Homes 933 Orpea 110,242 0.94 Wire & Cable Products 1,294 Nexans SA 74,412 0.64

GERMANY 2.51% (30 September 2016: 0.96%) Auto/Truck Parts & Equipment-Original 918 Rheinmetall AG 102,581 0.88 Machinery-General Industry 10,087 Deutz AG 81,290 0.69 Semiconductor Equipment 888 Siltronic AG 110,213 0.94

HONG KONG 2.80% (30 September 2016: 0.00%) Auto/Truck Parts & Equipment-Replica 78,000 Xinyi Glass Holdings Ltd 77,093 0.66 Chemicals-Other 21,000 Kingboard Chemical Holdings Ltd 111,173 0.95 Real Estate Operation/Development 16,000 Hysan Development Co Ltd 75,281 0.64 Textile-Apparel 47,500 Texhong Textile Group Ltd 64,584 0.55

GLOBAL SMALL CAP EQUITY FUND (continued)


% Net Assets

INDIA 0.62% (30 September 2016: 0.42%) Metal-Diversified 6,376 Vedanta Resources Plc 73,047 0.62


ISRAEL 1.51% (30 September 2016: 0.00%) Commercial Banks Non-US 5,031 Mizrahi Tefahot Bank Ltd 90,320 0.77 Web Hosting/Design 1,222 Wix.com Ltd 86,273 0.74

ITALY 3.38% (30 September 2016: 2.50%) Building Production-Cement/Aggregate 3,566 Buzzi Unicem SpA 95,036 0.81 Diversified Financial Services 10,144 Anima Holding SpA 80,924 0.69 Medical-Drugs 2,411 Recordati SpA 111,251 0.95 Retail-Miscellaneous/Diversified 7,029 Amplifon SpA 107,920 0.93

JAPAN 11.24% (30 September 2016: 10.49%) Beverages-Non-Alcoholic 3,200 Coca-Cola Bottlers Japan Inc 103,781 0.89 Building & Construction Production-Miscellaneous 3,000 Nichiha Corp 112,488 0.96 17,000 Toda Corp 132,472 1.13 Building-Residential/Commercial 5,700 Haseko Corp 75,970 0.65 Chemicals-Diversified 1,700 DIC Corp 61,553 0.53 5,000 Tosoh Corp 112,666 0.96 Distribution/Wholesale 2,000 Hitachi High-Technologies Corp 72,504 0.62 Diversified Financial Services 20,900 Mebuki Financial Group Inc 80,781 0.69 Electronic Component-Miscellaneous 2,900 Sumida Corp 56,482 0.48 Finance-Management Loan/Banker 2,000 Zenkoku Hosho Co Ltd 83,966 0.72 Food-Miscellaneous/Diversified 3,600 Nichirei Corp 90,364 0.77 Forestry 4,500 Sumitomo Forestry Co Ltd 70,372 0.60 Machinery-General Industry 2,200 Sumitomo Heavy Industries Ltd 88,160 0.75 Retail-Drug Store 1,600 Sogo Medical Co Ltd 73,073 0.63 Rubber-Tires 4,500 Toyo Tire & Rubber Co Ltd 101,120 0.86

MEXICO 0.45% (30 September 2016: 1.60%) Building-Heavy Construction

4,980 Promotora y Operadora de Infraestructura SAB de CV 52,763 0.45

NETHERLANDS 1.02% (30 September 2016: 0.00%) Multi-Line Insurance 3,015 ASR Nederland NV 119,176 1.02

NEW ZEALAND 0.00% (30 September 2016: 0.88%)

NORWAY 0.73% (30 September 2016: 0.51%) Oil Company-Exploration & Production 4,419 Aker BP ASA 85,564 0.73

SINGAPORE 1.16% (30 September 2016: 0.59%) Finance-Leasing Companies 12,300 BOC Aviation Ltd 66,769 0.57 Real Estate Operation/Development 11,600 UOL Group Ltd 69,517 0.59



68



% Net Assets

SOUTH AFRICA 0.66% (30 September 2016: 0.68%) Paper & Related Products 11,248 Sappi Ltd 76,999 0.66

SOUTH KOREA 1.52% (30 September 2016: 2.39%) Building-Residential/Commercial

1,474 Hyundai Development Co-Engineering & Construction 45,944 0.39

Cellular Telecom 5,304 LG Uplus Corp 61,822 0.53 Metal Products-Distribution 551 Hyosung Corp 69,997 0.60

SPAIN 0.60% (30 September 2016: 1.72%) Food-Miscellaneous/Diversified 2,969 Ebro Foods SA 70,198 0.60

SWEDEN 2.30% (30 September 2016: 1.68%) Hotels & Motels 5,367 Scandic Hotels Group AB 72,746 0.62 Real Estate Management/Services 6,583 Castellum AB 102,217 0.88 Real Estate Operation/Development 7,469 Hemfosa Fastigheter AB 93,661 0.80

SWITZERLAND 0.69% (30 September 2016: 1.02%) Retail-Convenience Store 231 Valora Holding AG 80,157 0.69

TAIWAN 2.45% (30 September 2016: 3.26%) Auto/Truck Parts & Equipment-Original 26,000 Tong Yang Industry Co Ltd 53,074 0.45 Electronic Component-Miscellaneous 16,000 Elite Material Co Ltd 75,979 0.65 Electronic Component-Semiconductor 13,872 Win Semiconductors Corp 88,747 0.76 Semicon Component-Integrated Circuits 24,000 Powertech Technology Inc 69,173 0.59

UNITED KINGDOM 4.51% (30 September 2016: 6.52%) Apparel Manufacturers 36,623 boohoo.com plc 103,362 0.88 Building-Residential/Commercial 2,403 Bellway Plc 105,106 0.90 Commercial Banks Non-US 16,673 Virgin Money Holdings UK Plc 63,516 0.54 Diversified Operations/Commercial Services 24,715 Rentokil Initial Plc 98,548 0.84 Retail-Convenience Store 12,765 Conviviality Plc 69,493 0.60 Transport-Services 18,575 National Express Group Plc 87,483 0.75

UNITED STATES 47.29% (30 September 2016: 50.65%) Auto/Truck Parts & Equipment-Original 923 Visteon Corp 114,157 0.98 Auto-Medium & Heavy Duty Trucks 1,216 Oshkosh Corp 100,539 0.86 Building & Construction Production-Miscellaneous 1,914 MasTec Inc 89,384 0.76 Building-Heavy Construction 2,174 Tutor Perini Corp 62,176 0.53 Chemicals-Diversified 2,627 Huntsman Corp 71,875 0.61 Chemicals-Specialty 1,358 Cabot Corp 76,510 0.65 2,531 Univar Inc 73,171 0.63 Commercial Banks-Central US 2,991 First Busey Corp 93,379 0.80 2,209 First Merchants Corp 94,457 0.81 Commercial Banks-Eastern US 1,567 Sandy Spring Bancorp Inc 64,858 0.55



% Net Assets

UNITED STATES 47.29% (30 September 2016: 50.65%) (continued) Commer Banks-Southern US 3,514 CenterState Bank Corp 93,929 0.80 2,419 Union Bankshares Corp 83,988 0.72 Commer Banks-Western US 3,001 Central Pacific Financial Corp 96,092 0.82 Commercial Services 1,005 Medifast Inc 59,918 0.51 2,374 SP Plus Corp 94,367 0.81 Computer Aided Design 1,744 Aspen Technology Inc 109,244 0.93 Computer Services 938 CACI International Inc 131,039 1.12 1,642 ExlService Holdings Inc 95,318 0.81 Computer Software 1,078 Blackbaud Inc 93,948 0.80 Consumer Products-Miscellaneous 2,642 Central Garden & Pet Co 97,410 0.83 Containers-Paper/Plastic 5,494 Graphic Packaging Holding Co 76,147 0.65 E-Commerce/Services 2,612 Carvana Co 38,919 0.33 Electric-Integrated 2,085 Avista Corp 107,628 0.92 Electronic Component-Miscellaneous 3,769 Vishay Intertechnology Inc 70,480 0.60 Enterprise Software/Services 1,447 Alteryx Inc 29,562 0.25 1,907 Apptio Inc 34,689 0.30 780 SYNNEX Corp 98,974 0.84 Finance-Investment Banker/Broker 1,933 Moelis & Co 83,699 0.72 Finance-Other Services 5,633 BGC Partners Inc 77,172 0.66 Gas-Distribution 1,249 Southwest Gas Holdings Inc 97,909 0.84 Health Care Services 1,187 Teladoc Inc 38,756 0.33 Human Resources 1,951 AMN Healthcare Services Inc 88,673 0.76 1,045 Insperity Inc 91,072 0.78 1,517 On Assignment Inc 81,554 0.69 Lasers-Systems/Components 2,951 II-VI Inc 121,876 1.04 Leisure Clubs & Facilities 4,090 Planet Fitness Inc 110,389 0.94 Machinery-Electrical 942 Regal Beloit Corp 75,172 0.64 Medical Products 2,539 K2M Group Holdings Inc 52,481 0.45 1,104 Nevro Corp 98,157 0.84 Medical-Biomedical/Genetics 485 Spark Therapeutics Inc 43,276 0.37 Medical-Drugs 1,503 FibroGen Inc 80,335 0.68 1,266 PRA Health Sciences Inc 96,077 0.82 1,678 Prestige Brands Holdings Inc 82,742 0.71 Multi-Line Insurance 1,187 American Financial Group Inc/OH 123,341 1.05 Non-Hazardous Waste Disposal 4,080 Casella Waste Systems Inc 76,867 0.66 Oil Company-Exploration & Production 2,268 Carrizo Oil & Gas Inc 39,168 0.33 1,137 Resolute Energy Corp 34,679 0.30 2,705 Ring Energy Inc 38,573 0.33 Oil Refining & Marketing 1,641 Delek US Holdings Inc 43,405 0.37 1,354 Murphy USA Inc 93,358 0.80 Oil-Field Services 3,370 Mammoth Energy Services Inc 57,088 0.49 4,408 MRC Global Inc 76,831 0.65



69



% Net Assets

UNITED STATES 47.29% (30 September 2016: 50.65%) (continued) Oil-Field Services 1,709 NCS Multistage Holdings Inc 40,743 0.35 Physical Therapy/Rehab Centers 2,071 HealthSouth Corp 95,929 0.82 Power Conversion/Supply Equipment 1,403 Advanced Energy Industries Inc 109,883 0.94 Reinsurance

1,345 Argo Group International Holdings Ltd 83,121 0.71

Reits-Apartments 4,534 American Homes 4 Rent 98,660 0.84 Reits-Diversified 849 CoreSite Realty Corp 93,373 0.80 Reits-Hotels 5,154 Summit Hotel Properties Inc 82,412 0.70 Reits-Office Property 2,800 Hudson Pacific Properties Inc 92,540 0.79 Reits-Warehouse/Industrial 3,159 First Industrial Realty Trust Inc 95,560 0.82

6,304 Monmouth Real Estate Investment Corp 101,998 0.87

Resorts/Theme Parks 451 Vail Resorts Inc 100,027 0.86 Retail-Restaurants 2,562 Ruth's Hospitality Group Inc 54,058 0.46 Rubber/Plastic Products 1,105 Trinseo SA 74,477 0.64 Schools 3,283 K12 Inc 59,225 0.51 Steel-Producers 1,979 Steel Dynamics Inc 68,434 0.59 Telecommunication Equipment 1,996 Plantronics Inc 88,343 0.76 Therapeutics 701 Neurocrine Biosciences Inc 41,639 0.36



02/10/2017 USD 1,409 SEK (11,520) (8) (0.00) 02/10/2017 USD 325 CAD (406) (1) (0.00) 02/10/2017 USD 371 CAD (463) (1) (0.00) Unrealised Loss on Open Spot Currency Contracts (10) (0.00)








Other Assets 2.53

Total Assets 100.00





70

ORIGIN GLOBAL EMERGING MARKETS FUND


% Net Assets


BRAZIL 3.83% (30 September 2016: 4.46%) Advertising Services 30,700 Smiles SA 742,203 0.63 Consulting Services 57,500 Qualicorp SA 662,358 0.56 Rental Auto/Equipment 32,655 Localiza Rent a Car SA 595,128 0.51 Schools 243,500 Kroton Educacional SA 1,461,385 1.24 Water

102,700 Cia de Saneamento Basico do Estado de Sao Paulo 1,052,980 0.89

CHINA 45.20% (30 September 2016: 41.10%) Applications Software 205,400 TravelSky Technology Ltd 535,146 0.46 Auto/Truck Parts & Equipment-Original 121,000 Minth Group Ltd 633,602 0.54 Auto-Cars/Light Trucks 603,900 Geely Automobile Holdings Ltd 1,700,965 1.44 1,245,900 Great Wall Motor Co Ltd 1,531,306 1.30 Building Production-Cement/Aggregate 446,000 Anhui Conch Cement Co Ltd 1,778,691 1.51 Cellular Telecom 66,800 China Mobile Ltd 676,916 0.58 Coal 1,056,900 China Shenhua Energy Co Ltd 2,484,358 2.11 Commercial Banks Non-US 4,842,400 China Construction Bank Corp 4,017,383 3.41 497,000 China Merchants Bank Co Ltd 1,746,652 1.48

4,555,300 Industrial & Commercial Bank of China Ltd 3,382,615 2.87

E-Commerce/Products 32,600 Alibaba Group Holding Ltd 5,549,824 4.71 E-Commerce/Services 13,000 Autohome Inc 792,610 0.67 Electronic Component-Miscellaneous 157,067 AAC Technologies Holdings Inc 2,638,313 2.24 Enterprise Software/Services 794,000 Chinasoft International Ltd 440,165 0.37 Entertainment Software 7,102 NetEase Inc 1,827,700 1.55 Gas-Distribution 82,000 ENN Energy Holdings Ltd 594,207 0.51 Internet Application Software 135,630 Tencent Holdings Ltd 5,837,959 4.96 Internet Content-Entertainment 16,400 Weibo Corp 1,608,676 1.37 Internet Content-Information/News 26,000 YY Inc 2,231,320 1.89 Medical-Drugs 352,000 CSPC Pharmaceutical Group Ltd 589,465 0.50 Medical-Wholesale Drug Distribution 142,500 Sinopharm Group Co Ltd 627,597 0.53 Multi-Line Insurance

409,700 Ping An Insurance Group Co of China Ltd 3,144,581 2.67

Photo Equipment & Supplies

143,200 Sunny Optical Technology Group Co Ltd 2,277,048 1.93

Public Thoroughfares 362,800 Zhejiang Expressway Co Ltd 451,018 0.38 Real Estate Operation/Development 311,200 China Vanke Co Ltd 1,023,954 0.87 Retail-Apparel/Shoe 362,500 ANTA Sports Products Ltd 1,524,583 1.30 Schools

26,900 New Oriental Education & Technology Group Inc 2,359,937 2.00

ORIGIN GLOBAL EMERGING MARKETS FUND (continued)


% Net Assets

CHINA 45.20% (30 September 2016: 41.10%) (continued) Telecommunication Equipment 417,900 BYD Electronic International Co Ltd 1,235,924 1.05

HONG KONG 1.78% (30 September 2016: 1.28%) Appliances 201,000 Haier Electronics Group Co Ltd 489,971 0.42 Auto/Truck Parts & Equipment-Replica 482,500 Xinyi Glass Holdings Ltd 476,895 0.40 Medical-Drugs 580,000 Sino Biopharmaceutical Ltd 613,360 0.52 Retail-Home Furnishings 580,000 Man Wah Holdings Ltd 519,797 0.44

HUNGARY 1.46% (30 September 2016: 1.06%) Commercial Banks Non-US 16,000 OTP Bank Plc 603,325 0.51 Medical-Drugs 44,600 Richter Gedeon Nyrt 1,121,631 0.95

INDIA 0.00% (30 September 2016: 0.98%)

MEXICO 0.98% (30 September 2016: 1.05%) Airport Development/Maintenance

133,200 Grupo Aeroportuario del Centro Norte SAB de CV 744,987 0.63

Non-Ferrous Metals 133,000 Grupo Mexico SAB de CV 409,321 0.35

POLAND 1.06% (30 September 2016: 0.00%) Oil Refining & Marketing

21,500 Polski Koncern Naftowy ORLEN SA 716,645 0.61

Property/Casualty Insurance

42,000 Powszechny Zaklad Ubezpieczen SA 528,233 0.45

RUSSIA 4.69% (30 September 2016: 1.21%) Commercial Banks Non-US 190,600 Sberbank of Russia PJSC 2,705,567 2.29 Food-Retail 35,600 X5 Retail Group NV 1,598,796 1.36 Oil Company-Exploration & Production 7,000 Novatek PJSC 821,100 0.70 Steel-Producers 27,000 Severstal PJSC 404,460 0.34

SOUTH AFRICA 2.40% (30 September 2016: 4.54%) Cellular Telecom 33,500 Vodacom Group Ltd 399,786 0.34 Metal-Iron 45,000 Kumba Iron Ore Ltd 734,326 0.62 Paper & Related Products 63,190 Mondi Plc 1,692,316 1.44

SOUTH KOREA 16.65% (30 September 2016: 21.97%) Diversified Financial Services 14,000 Hana Financial Group Inc 578,775 0.49 28,000 KB Financial Group Inc 1,371,459 1.16 11,500 Shinhan Financial Group Co Ltd 505,042 0.43 Electronic Component-Semiconductor 2,900 Samsung Electronics Co Ltd 6,491,989 5.51 Finance-Investment Banker/Broker 128,000 Meritz Securities Co Ltd 491,727 0.42 Internet Content-Entertainment 7,400 NCSoft Corp 3,001,091 2.55 Life/Health Insurance 4,200 Samsung Life Insurance Co Ltd 414,371 0.35 Oil Refining & Marketing 5,600 SK Innovation Co Ltd 972,978 0.83 Petrochemicals 6,500 LG Chem Ltd 2,224,647 1.89 5,200 Lotte Chemical Corp 1,716,157 1.46



71



% Net Assets

SOUTH KOREA 16.65% (30 September 2016: 21.97%) (continued) Television 13,700 CJ E&M Corp 923,421 0.78 Tobacco 10,000 KT&G Corp 921,116 0.78

SWITZERLAND 0.00% (30 September 2016: 0.60%)

TAIWAN 13.12% (30 September 2016: 16.15%) Diversified Financial Services 1,190,344 Taishin Financial Holding Co Ltd 512,267 0.44 Electronic Component-Miscellaneous 791,671 Hon Hai Precision Industry Co Ltd 2,741,242 2.33 90,800 Phison Electronics Corp 1,077,958 0.91 Electronic Component-Semiconductor 96,915 Win Semiconductors Corp 620,021 0.53 Metal Processors & Fabricators 150,000 Catcher Technology Co Ltd 1,397,408 1.19 Photo Equipment & Supplies 14,500 Largan Precision Co Ltd 2,548,641 2.16 Semicon Component-Integrated Circuits 286,000 Nanya Technology Corp 809,220 0.69 157,300 Powertech Technology Inc 453,371 0.38

142,863 Taiwan Semiconductor Manufacturing Co Ltd 5,293,074 4.49

THAILAND 4.95% (30 September 2016: 3.52%) Chemicals-Diversified 552,700 PTT Global Chemical PCL 1,276,099 1.08 Commercial Banks Non-US 230,000 Kiatnakin Bank PCL 481,034 0.41 319,000 Thanachart Capital PCL 466,304 0.39 Diversified Operations 85,500 Siam Cement PCL/The 1,281,859 1.09 Oil Company-Integrated 85,300 PTT PCL 1,043,550 0.89 8,000 PTT PCL (Foreign) 97,871 0.08 Oil Refining & Marketing 1,148,000 Star Petroleum Refining PCL 609,283 0.52 209,000 Thai Oil PCL 579,685 0.49

TURKEY 1.76% (30 September 2016: 0.74%) Commercial Banks Non-US 192,000 Turkiye Garanti Bankasi AS 528,316 0.45 Diversified Operations 75,400 KOC Holding AS 350,735 0.30 Food-Retail 27,000 BIM Birlesik Magazalar AS 555,881 0.47 Oil Refining & Marketing

19,000 Tupras Turkiye Petrol Rafinerileri AS 636,027 0.54


SWITZERLAND 0.00% (30 September 2016: 0.49%)



02/10/2017 THB 9,782,902 USD (293,666) (326) (0.00) 03/10/2017 USD 6,012 HKD (46,941) 2 0.00 03/10/2017 USD 37,136 HKD (289,959) 13 0.00 Unrealised Gain on Open Spot Currency Contracts 15 0.00 Unrealised Loss on Open Spot Currency Contracts (326) (0.00)

Net Unrealised Loss on Open Spot Currency Contracts (311) (0.00)


Value % Net

USD Assets

Cash at Bank 3,045,899 2.59 Net Current Liabilities (547,632) (0.47)





Other Assets 2.67

Total Assets 100.00





72

ORIGIN GLOBAL SMALLER COMPANIES FUND


% Net Assets


AUSTRALIA 1.24% (30 September 2016: 4.65%) Building & Construction Production-Miscellaneous 87,685 CSR Ltd 325,210 0.43 Insurance Brokers 133,273 Steadfast Group Ltd 291,558 0.38 Mining Services 25,915 Mineral Resources Ltd 330,407 0.43

AUSTRIA 0.64% (30 September 2016: 0.68%) Chemicals-Fibers 3,359 Lenzing AG 488,079 0.64

BRAZIL 2.65% (30 September 2016: 2.63%) Advertising Services 19,068 Smiles SA 460,988 0.61 Consulting Services 34,316 Qualicorp SA 395,295 0.52 Rental Auto/Equipment 19,402 Localiza Rent a Car SA 353,596 0.46 Schools 48,617 Ser Educacional SA 464,402 0.61

5,408 Ser Educacional SA Rights 18/11/2017 3,025 0.00

Travel Services

27,145 CVC Brasil Operadora e Agencia de Viagens SA 342,885 0.45

CANADA 3.86% (30 September 2016: 3.24%) Airlines 16,872 Air Canada 361,450 0.48 Building Production-Wood 12,223 Norbord Inc 505,603 0.66 Financial Guarantee Insurance 13,552 Genworth MI Canada Inc 405,212 0.53 Forestry 150,412 Western Forest Products Inc 326,952 0.43 Gold Mining 40,751 Kirkland Lake Gold Ltd 529,844 0.70 Metal Processors & Fabricators 29,471 Martinrea International Inc 273,566 0.36 Recreational Vehicles 15,834 BRP Inc/CA 532,084 0.70

CHINA 5.48% (30 September 2016: 4.82%) Auto/Truck Parts & Equipment-Original 61,199 Minth Group Ltd 320,461 0.42 237,000 Nexteer Automotive Group Ltd 405,987 0.53 Building Production-Cement/Aggregate

763,294 China Resources Cement Holdings Ltd 469,073 0.62

Circuits 22,146 Silergy Corp 507,567 0.67 Entertainment Software 93,000 Kingsoft Corp Ltd 216,702 0.28 Gas-Distribution 48,765 ENN Energy Holdings Ltd 353,372 0.46 Audio/Video Products 321,000 Q Technology Group Co Ltd 580,293 0.76 Machinery-General Industry 158,000 Haitian International Holdings Ltd 454,131 0.60 Ship Building

293,000 Yangzijiang Shipbuilding Holdings Ltd 308,687 0.41

Telecommunication Equipment

186,500 BYD Electronic International Co Ltd 551,567 0.73

CYPRUS 0.63% (30 September 2016: 0.00%) Transport-Rail 51,049 Globaltrans Investment Plc 476,287 0.63

ORIGIN GLOBAL SMALLER COMPANIES FUND (continued)


% Net Assets

DENMARK 0.69% (30 September 2016: 0.00%) Diversified Operations 4,843 Schouw & Co AB 521,988 0.69

FRANCE 1.05% (30 September 2016: 0.57%) Computer Services 4,751 Alten SA 428,069 0.56 Leisure & Recreational Products 2,415 Trigano SA 374,591 0.49

GERMANY 3.46% (30 September 2016: 3.07%) Computer Services 6,085 CANCOM SE 452,657 0.60 Computers-Integrated Systems 5,530 Bechtle AG 410,130 0.54 Machinery-General Industry 3,803 Stabilus SA 344,406 0.45 Metal Processors & Fabricators 5,045 Norma Group SE 330,176 0.43 Optical Recognition Equip 17,848 Jenoptik AG 588,787 0.77 Private Equity 9,557 Deutsche Beteiligungs AG 507,940 0.67

GREECE 1.79% (30 September 2016: 0.60%) Building-Heavy Construction 45,429 Mytilineos Holdings SA 445,437 0.59 Oil Refining & Marketing

25,227 Motor Oil Hellas Corinth Refineries SA 581,729 0.76

Retail-Toy Store 20,315 JUMBO SA 335,745 0.44

HONG KONG 1.61% (30 September 2016: 2.19%) Auto/Truck Parts & Equipment-Replica 245,552 Xinyi Glass Holdings Ltd 242,699 0.32 Containers-Paper/Plastic

277,000 Lee & Man Paper Manufacturing Ltd 354,640 0.47

Electric Products-Miscellaneous 86,491 Johnson Electric Holdings Ltd 330,539 0.43 Retail-Home Furnishings 327,834 Man Wah Holdings Ltd 293,805 0.39

INDONESIA 1.29% (30 September 2016: 0.00%) Coal 223,144 Indo Tambangraya Megah Tbk PT 335,486 0.44

406,600 Tambang Batubara Bukit Asam Persero Tbk PT 315,463 0.41

Commercial Banks Non-US

1,429,200 Bank Tabungan Negara Persero Tbk PT 334,248 0.44

IRELAND 1.12% (30 September 2016: 0.44%) Consulting Services 46,306 Keywords Studios Plc 853,409 1.12

ISLE OF MAN 0.00% (30 September 2016: 0.52%)

ISRAEL 1.12% (30 September 2016: 0.65%) Consumer Products-Miscellaneous 7,699 SodaStream International Ltd 504,516 0.67 Electronic Measuring Instruments 8,182 Orbotech Ltd 343,971 0.45

ITALY 2.67% (30 September 2016: 2.71%) Auto/Truck Parts & Equipment-Original 28,230 Brembo SpA 476,227 0.63 Commercial Services 34,173 Cerved Information Solutions SpA 403,094 0.53 E-Services/Consulting 1,460 Reply SpA 350,126 0.46 Investment Management/Advisory Service 12,524 Azimut Holding SpA 270,603 0.36



73



% Net Assets

ITALY 2.67% (30 September 2016: 2.71%) (continued) Retail-Miscellaneous/Diversified 34,254 Amplifon SpA 528,481 0.69

JAPAN 9.72% (30 September 2016: 11.70%) Auto/Truck Parts & Equipment-Original 9,800 TS Tech Co Ltd 329,456 0.43 Building-Residential/Commercial 26,649 Haseko Corp 355,510 0.47 Building & Construction Production-Miscellaneous 9,900 Totetsu Kogyo Co Ltd 326,214 0.43 Building-Maintenace & Service 8,800 Aeon Delight Co Ltd 330,665 0.43 Computers-Integrated Systems 11,135 DTS Corp 305,509 0.40 7,800 Itochu Techno-Solutions Corp 291,355 0.38 19,661 NS Solutions Corp 433,997 0.57 4,900 Obic Co Ltd 308,538 0.41 Distribution/Wholesale 11,700 Canon Marketing Japan Inc 279,805 0.37 E-Commerce/Services 9,100 en-japan Inc 333,845 0.44 Electronic Measuring Instruments 11,550 Tokyo Seimitsu Co Ltd 409,345 0.54 E-Marketing/Information 31,300 F@N Communications Inc 350,747 0.46 Engineering/Research & Development Services 16,500 Kyowa Exeo Corp 327,975 0.43 7,600 Kyudenko Corp 294,699 0.39 Enterprise Software/Services 10,600 TIS Inc 312,985 0.41 Human Resources 17,500 JAC Recruitment Co Ltd 272,990 0.36 Internet Content-Information/News 6,528 Mixi Inc 315,253 0.41 Machinery-Electrical 2,543 Disco Corp 517,692 0.68 Real Estate Management/Services 10,883 Open House Co Ltd 380,382 0.50 Real Estate Operation/Development 10,700 Starts Corp Inc 275,303 0.36 Semiconductor Equipment 31,300 Lasertec Corp 643,315 0.85

JERSEY 0.00% (30 September 2016: 0.38%)


MALAYSIA 0.45% (30 September 2016: 0.96%) Retail-Apparel/Shoe 319,700 Padini Holdings Bhd 344,499 0.45

NETHERLANDS 1.12% (30 September 2016: 0.54%) Multi-Line Insurance 14,610 ASR Nederland NV 581,296 0.77 Semiconductor Equipment 4,273 ASM International NV 268,547 0.35

NEW ZEALAND 1.06% (30 September 2016: 0.00%) Food-Dairy Products 173,130 a2 Milk Co Ltd 804,026 1.06

NORWAY 0.81% (30 September 2016: 0.73%) Commercial Banks Non-US 30,586 SpareBank 1 SMN 314,107 0.41 Fisheries 47,056 Leroy Seafood Group ASA 299,111 0.40

PHILIPPINES 0.80% (30 September 2016: 0.00%) Building-Heavy Construction 1,009,772 DMCI Holdings Inc 310,090 0.41 Coal 323,080 Semirara Mining & Power Corp 297,008 0.39



% Net Assets

SINGAPORE 1.42% (30 September 2016: 0.00%) Electronic Component-Miscellaneous 28,000 Venture Corp Ltd 363,891 0.48 Entertainment Software 230,000 IGG Inc 308,012 0.41 Semiconductor Equipment 18,807 Kulicke & Soffa Industries Inc 405,855 0.53

SOUTH AFRICA 0.52% (30 September 2016: 0.65%) Metal-Iron 24,400 Kumba Iron Ore Ltd 398,168 0.52

SOUTH KOREA 6.53% (30 September 2016: 5.89%) Advanced Materials/Prd 33,855 POSCO Chemtech Co Ltd 876,414 1.15 Chemicals-Diversified 1,237 Korea Petrochemical Ind Co Ltd 267,845 0.35 Chemicals-Plastics 15,311 SKCKOLONPI Inc 453,174 0.60 Chemicals-Specialty 4,127 Wonik Materials Co Ltd 268,083 0.35 Diversified Operations 4,466 GS Holdings Corp 255,790 0.34 E-Marketing/Information 6,236 Nasmedia Co Ltd 303,266 0.40 Finance-Investment Banker/Broker 65,692 Meritz Securities Co Ltd 252,364 0.33 Industrial Automat/Robot 6,510 SFA Engineering Corp 235,027 0.31 Medical-Biomedical/Genetics 606 Hugel Inc 278,728 0.37 Property/Casualty Insurance

7,511 Hyundai Marine & Fire Insurance Co Ltd 297,069 0.39

Retail-Miscellaneous/Diversified

2,548 Hyundai Home Shopping Network Corp 269,182 0.35

Semiconductor Equipment 13,794 KC Tech Co Ltd 290,248 0.38 15,005 PSK Inc 311,144 0.41 10,280 TES Co Ltd/Korea 285,867 0.37 10,966 WONIK IPS Co Ltd 326,486 0.43

SWEDEN 0.95% (30 September 2016: 0.00%) Building & Construction Production-Miscellaneous 12,445 JM AB 385,659 0.51 Diversified Manufacturing Operations 12,792 Indutrade AB 338,347 0.44

SWITZERLAND 1.34% (30 September 2016: 1.54%) Auto/Truck Parts & Equipment-Original 268 Georg Fischer AG 330,270 0.43 Metal-Iron 177,037 Ferrexpo Plc 690,935 0.91

TAIWAN 11.00% (30 September 2016: 10.18%) Chemicals-Diversified 408,953 Grand Pacific Petrochemical 306,809 0.40 Chemicals-Plastics 270,000 China General Plastics Corp 268,451 0.35 Circuit Boards 70,000 FLEXium Interconnect Inc 267,775 0.35 Computers-Integrated Systems 219,981 Primax Electronics Ltd 544,076 0.72 Computers-Other

29,000 General Interface Solution Holding Ltd 288,336 0.38

Electronic Component-Miscellaneous 255,000 E Ink Holdings Inc 357,390 0.47 136,809 Elite Material Co Ltd 649,667 0.86 31,529 Phison Electronics Corp 374,305 0.49 123,000 Radiant Opto-Electronics Corp 287,990 0.38



74



% Net Assets

TAIWAN 11.00% (30 September 2016: 10.18%) (continued) Electronic Component-Semiconductor 114,632 Win Semiconductors Corp 733,366 0.96 Electronic Connectors 54,000 Lotes Co Ltd 329,442 0.43 Electronic Parts Distribution 118,851 Sinbon Electronics Co Ltd 314,333 0.41 Finance-Leasing Companies 99,000 Chailease Holding Co Ltd 238,653 0.31 Audio/Video Products 83,047 Merry Electronics Co Ltd 523,083 0.69 Miscellaneous Manufacturing 23,000 Airtac International Group 317,043 0.42 Networking Products 207,922 Accton Technology Corp 668,526 0.88 Retail-Computer Equip 181,347 Chicony Power Technology Co Ltd 339,084 0.45 Retail-Restaurants 45,035 Gourmet Master Co Ltd 478,953 0.63 Semicon Component-Integrated Circuits 181,000 Elan Microelectronics Corp 250,096 0.33 26,423 Parade Technologies Ltd 419,993 0.55 Vitamins & Nutrition Production 65,590 TCI Co Ltd 413,128 0.54

THAILAND 2.08% (30 September 2016: 1.85%) Commercial Banks Non-US 204,063 Kiatnakin Bank PCL 426,788 0.56 197,800 Kiatnakin Bank PCL - For 413,690 0.55 Diversified Financial Services 122,400 Tisco Financial Group PCL 282,602 0.37 Electronic Component-Miscellaneous 174,741 Delta Electronics Thailand PCL 457,156 0.60

TURKEY 0.00% (30 September 2016: 0.49%)

UKRAINE 0.00% (30 September 2016: 0.35%)

UNITED KINGDOM 8.05% (30 September 2016: 5.68%) Beverages-Non-Alcoholic 30,225 Fevertree Drinks Plc 884,103 1.16 Building-Residential/Commercial 6,887 Bellway Plc 301,507 0.40 31,988 Crest Nicholson Holdings plc 232,152 0.30 41,221 Redrow Plc 326,806 0.43 Computer Services 52,336 GB Group Plc 251,642 0.33 Consulting Services 66,040 Ascential Plc 308,032 0.41 126,151 RPS Group Plc 479,085 0.63 Distribution/Wholesale 29,970 Diploma Plc 427,592 0.56 Drug Delivery Systems 23,333 Clinigen Group Plc 333,524 0.44 Finance-Consumer Loans 80,395 Aldermore Group Plc 244,792 0.32 Human Resources 117,360 Hays Plc 299,855 0.39 Internet Gambling 71,784 888 Holdings Plc 246,338 0.32 Investment Management/Advisory Service 41,898 Jupiter Fund Management Plc 306,737 0.40 144,840 Man Group Plc 323,155 0.43 Medical-Drugs 58,144 Indivior Plc 263,989 0.35 Retail-Apparel/Shoe 82,495 JD Sports Fashion Plc 415,699 0.55 Veterinary Diagnostics 25,432 CVS Group Plc 480,619 0.63

UNITED STATES 23.52% (30 September 2016: 29.62%) Aerospace/Defense 3,551 HEICO Corp 318,312 0.42



% Net Assets

UNITED STATES 23.52% (30 September 2016: 29.62%) (continued) Applications Software 4,064 Paycom Software Inc 303,784 0.40 Auto/Truck Parts & Equipment-Original 5,900 Tenneco Inc 358,838 0.47 3,521 Visteon Corp 435,477 0.57 Auto-Truck Trailers 21,941 Wabash National Corp 507,495 0.67 Bicycle Manufacturing 14,006 Fox Factory Holding Corp 603,659 0.79 Building Production-Cement/Aggregate 4,419 US Concrete Inc 334,076 0.44 Building-Residential/Commercial 10,398 Installed Building Products Inc 664,432 0.87 2,950 Thor Industries Inc 363,057 0.48 Chemicals-Diversified 5,273 Innospec Inc 323,499 0.43 Commercial Service-Finance 7,194 Green Dot Corp 357,973 0.47 Commercial Services 5,516 Nutrisystem Inc 301,449 0.40 Diversified Manufacturing Operations 5,983 Barnes Group Inc 420,725 0.55 E-Commerce/Products 2,586 Stamps.com Inc 517,588 0.68 Electric Products-Miscellaneous 1,750 Littelfuse Inc 345,555 0.46 Electronic Parts Distribution 2,222 Tech Data Corp 199,002 0.26 Enterprise Software/Services 2,668 SYNNEX Corp 338,542 0.45 Finance-Investment Banker/Broker 3,988 Evercore Inc 320,037 0.42 Financial Guarantee Insurance 26,632 MGIC Investment Corp 334,232 0.44 Instruments-Controls 25,760 Control4 Corp 740,600 0.97 Lasers-Systems/Components 4,184 Applied Optoelectronics Inc 268,655 0.35 Life/Health Insurance

11,020 American Equity Investment Life Holding Co 322,776 0.43

Machinery-Farm 4,609 Alamo Group Inc 493,301 0.65 Machinery-General Industry 3,690 Kadant Inc 360,144 0.47 Medical-Biomedical/Genetics 5,593 Cambrex Corp 306,776 0.40 Medical-Drugs 5,780 PRA Health Sciences Inc 438,644 0.58 Medical-Outpatient/Home Med 8,274 Addus HomeCare Corp 294,141 0.39 Mortgage Banks 8,749 Walker & Dunlop Inc 458,448 0.60 Networking Products 65,471 Extreme Networks Inc 775,177 1.02 Optical Recognition Equip 6,800 Lumentum Holdings Inc 375,360 0.49 Patient Monitoring Equipment 6,306 Masimo Corp 535,442 0.70 Poultry 2,246 Sanderson Farms Inc 357,384 0.47 Power Conversion/Supply Equipment 3,439 Advanced Energy Industries Inc 269,342 0.35 Recreational Vehicles 6,441 Brunswick Corp/DE 357,153 0.47 4,291 LCI Industries 489,174 0.64 Reinsurance 8,077 Essent Group Ltd 327,280 0.43 Research & Development 5,533 INC Research Holdings Inc 291,036 0.38



75



% Net Assets

UNITED STATES 23.52% (30 September 2016: 29.62%) (continued) Schools 3,751 Grand Canyon Education Inc 334,027 0.44 Semicon Component-Integrated Circuits 7,830 Cirrus Logic Inc 418,435 0.55 Semiconductor Equipment 18,262 Entegris Inc 518,641 0.68 3,286 MKS Instruments Inc 309,048 0.40 8,564 Teradyne Inc 317,382 0.42 29,316 Ultra Clean Holdings Inc 888,861 1.17 Television 5,145 AMC Networks Inc 301,857 0.40



FRANCE 0.00% (30 September 2016: 0.00%) Energy

67,824 Maurel et Prom Entitlement Share Rights 31/12/2100 – 0.00

SPAIN 0.00% (30 September 2016: 0.00%) Telecom Services 7,149 Let's GOWEX SA – 0.00

Total Value of Unlisted at Mid Market Prices – 0.00



02/10/2017 USD 6,584 JPY (744,940) (41) (0.00) 03/10/2017 USD 10,306 HKD (80,500) (1) (0.00) 03/10/2017 USD 1,595 GBP (1,189) 4 0.00 Unrealised Gain on Open Spot Currency Contracts 4 0.00 Unrealised Loss on Open Spot Currency Contracts (42) (0.00)


Cash at Bank 1,137,226 1.49 Net Current Liabilities (124,243) (0.16)






Other Assets 1.60

Total Assets 100.00



CLARITAS LATIN AMERICAN EQUITY FUND


% Net Assets


BRAZIL 54.60% (30 September 2016: 54.75%) Airlines 8,900 Azul SA 79,002 0.53 Building Production-Wood 25,900 Duratex SA 77,314 0.52 Brewery 70,000 Ambev SA 463,222 3.13 Commercial Banks Non-US 95,695 Banco Bradesco SA 1,039,192 7.02 18,800 Banco do Brasil SA 203,980 1.38 71,586 Itau Unibanco Holding SA 966,779 6.54 Diversified Operations 173,594 Itausa - Investimentos Itau SA 590,194 3.99 Electric-Integrated 12,300 Centrais Eletricas Brasileiras SA 75,559 0.51 11,400 Cia Paranaense de Energia 83,463 0.57 Finance-Other Services 61,000 B3 SA - Brasil Bolsa Balcao 449,091 3.04 Food-Meat Products 23,300 BRF SA 333,779 2.26 14,900 JBS SA 38,625 0.26 23,200 Minerva SA/Brazil 79,970 0.54 Food-Retail 3,400 Cia Brasileira de Distribuicao 79,998 0.54 Investment Companies 4,000 Bradespar SA 29,826 0.20 Metal-Iron 50,911 Vale SA 507,912 3.43 Multi-Line Insurance 8,400 BB Seguridade Participacoes SA 75,303 0.51 Oil Company-Integrated 87,300 Petroleo Brasileiro SA 436,432 2.95 136,300 Petroleo Brasileiro SA PFD 656,983 4.44 Petrochemicals 14,100 Braskem SA 186,657 1.26 Real Estate Management/Services 29,300 BR Malls Participacoes SA 127,972 0.87 Real Estate Operation/Development

19,800 Ez Tec Empreendimentos e Participacoes SA 137,496 0.93

Rental Auto/Equipment 106,900 Movida Participacoes SA 283,836 1.92 Retail-Appliances 11,900 Via Varejo SA 81,477 0.55 Retail-Hypermarkets

18,300 Atacadao Distribuicao Comercio e Industria Ltda 90,566 0.61

Schools 6,900 Estacio Participacoes SA 66,670 0.45 12,800 Kroton Educacional SA 76,820 0.52 Steel-Producers

14,900 Usinas Siderurgicas de Minas Gerais SA 35,535 0.24

Transport-Rail 25,900 Rumo SA 95,218 0.64 Travel Services

20,900 CVC Brasil Operadora e Agencia de Viagens SA 264,001 1.78

Water

16,100 Cia de Saneamento Basico do Estado de Sao Paulo 165,073 1.11

60,300 Cia de Saneamento do Parana 200,842 1.36

CHILE 10.15% (30 September 2016: 8.21%) Airlines 6,965 Latam Airlines Group SA 92,556 0.63 Apparel Manufacturers 14,853 Empresas Tricot SA 18,920 0.13 Beverages-Non-Alcoholic 6,108 Embotelladora Andina SA 28,837 0.19



76

CLARITAS LATIN AMERICAN EQUITY FUND (continued)


% Net Assets

CHILE 10.15% (30 September 2016: 8.21%) (continued) Brewery 2,561 Cia Cervecerias Unidas SA 34,391 0.23 Chemicals-Diversified

2,929 Sociedad Quimica y Minera de Chile SA 162,125 1.10

Commercial Banks Non-US 633,895 Banco de Chile 97,265 0.66 1,032 Banco de Credito e Inversiones 65,879 0.44 1,772,791 Banco Santander Chile 132,092 0.89 5,299,862 Itau CorpBanca 50,283 0.34 Diversified Operations 12,245 Empresas COPEC SA 160,825 1.09 Electric-Integrated 63,900 AES Gener SA 21,816 0.15 113,396 Colbun SA 27,466 0.18 66,277 Enel Generacion Chile SA 57,486 0.39 729,293 Enel Americas SA 149,155 1.01 307,510 Enel Chile SA 37,237 0.25 Food-Retail 35,808 Cencosud SA 108,233 0.73 Paper & Related Products 25,588 Empresas CMPC SA 67,072 0.45 Retail-Major Deptment Store 15,480 SACI Falabella 152,124 1.03 Water 61,119 Aguas Andinas SA 38,529 0.26

COLOMBIA 2.99% (30 September 2016: 3.21%) Building Production-Cement/Aggregate 8,675 Cementos Argos SA 35,074 0.23 4,523 Grupo Argos SA/Colombia 32,272 0.22 Commercial Banks Non-US 4,557 Banco Davivienda SA 51,652 0.35 10,419 Bancolombia SA 119,510 0.81 Food-Miscellaneous/Diversified 3,532 Grupo Nutresa SA 32,161 0.22 Investment Companies

7,670 Grupo de Inversiones Suramericana SA 107,054 0.72

2,791 Grupo de Inversiones Suramericana SA PFD 37,912 0.26

Oil Company-Integrated 55,322 Ecopetrol SA 26,221 0.18

MEXICO 25.77% (30 September 2016: 27.46%) Airlines

48,700 Controladora Vuela Cia de Aviacion SAB de CV 57,849 0.39

Airport Development/Maintenance

12,700 Grupo Aeroportuario del Pacifico SAB de CV 130,446 0.88

6,600 Grupo Aeroportuario del Sureste SAB de CV 126,344 0.86

Beverages-Non-Alcoholic 8,100 Arca Continental SAB de CV 55,786 0.38 6,100 Coca-Cola Femsa SAB de CV 46,693 0.31

32,634 Fomento Economico Mexicano SAB de CV 313,909 2.12

Building Production-Cement/Aggregate 278,263 Cemex SAB de CV 250,585 1.69

18,500 Grupo Cementos de Chihuahua SAB de CV 96,191 0.65

Broadcast Service/Program 14,100 Grupo Televisa SAB 68,765 0.47 Building-Heavy Construction

9,481 Promotora y Operadora de Infraestructura SAB de CV 100,451 0.68

Cellular Telecom 605,942 America Movil SAB de CV 538,667 3.64 Commercial Banks Non-US 20,000 Gentera SAB de CV 32,212 0.22



% Net Assets

MEXICO 25.77% (30 September 2016: 27.46%) (continued) Commercial Banks Non-US


45,330 Grupo Financiero Inbursa SAB de CV 82,266 0.55

78,690 Grupo Financiero Santander Mexico SAB de CV 158,056 1.07

Diversified Financial Services

4,400 Unifin Financiera SAB de CV SOFOM ENR 14,854 0.10

Diversified Operations 74,335 Alfa SAB de CV 93,251 0.63 2,500 Grupo Carso SAB de CV 9,804 0.07 Electric-Distribution

15,600 Infraestructura Energetica Nova SAB de CV 86,059 0.58

Finance-Consumer Loans

2,700 Credito Real SAB de CV SOFOM ER 4,561 0.03

Food-Baking 52,500 Grupo Bimbo SAB de CV 127,125 0.86 Food-Dairy Products 13,500 Grupo Lala SAB de CV 22,865 0.15 Food-Flour Grain 2,700 Gruma SAB de CV 39,013 0.26 Food-Retail

15,100 Organizacion Soriana SAB de CV 35,192 0.24

Non-Ferrous Metals 90,613 Grupo Mexico SAB de CV 279,316 1.89 3,188 Industrias Penoles SAB de CV 79,318 0.53 Petrochemicals 12,000 Alpek SAB de CV 12,062 0.08 35,441 Mexichem SAB de CV 93,211 0.63 Reits-Diversified

60,058 Fibra Uno Administracion SA de CV 101,127 0.68

10,600 PLA Administradora Industrial S de RL de CV 17,784 0.12

Retail-Hypermarkets 115,508 Wal-Mart de Mexico SAB de CV 264,243 1.79 Retail-Major Deptment Store

12,400 El Puerto de Liverpool SAB de CV 100,554 0.68

Retail-Restaurants 12,314 Alsea SAB de CV 45,360 0.31 Steel-Producers 8,100 Grupo Simec SAB de CV 27,916 0.19

PERU 3.71% (30 September 2016: 3.30%) Commercial Banks Non-US 1,990 Credicorp Ltd 405,880 2.74 Gold Mining 4,341 Cia de Minas Buenaventura SAA 56,824 0.39 Metal-Copper 2,180 Southern Copper Corp 86,372 0.58






77




Other Assets 4.84

Total Assets 100.00




78

FINISTERRE EMERGING MARKET DEBT FUND


Maturity Date

Value USD

% Net Assets


BRAZIL 0.00% (30 September 2016: 5.45%)

CROATIA 0.00% (30 September 2016: 4.77%)

GHANA 0.00% (30 September 2016: 0.62%)

HUNGARY 42.90% (30 September 2016: 6.80%) Government Bond

1,200,000 Hungary Government International Bond 4.125% 19/02/2018 1,211,340 42.90

INDONESIA 0.00% (30 September 2016: 2.02%)


OMAN 0.00% (30 September 2016: 2.87%)

RUSSIA 38.02% (30 September 2016: 7.14%) Government Bond

1,000,000 Russian Foreign Bond - Eurobond 11.000% 24/07/2018 1,073,625 38.02

SERBIA 40.46% (30 September 2016: 0.00%) Government Bond

1,100,000 Serbia International Bond 5.875% 03/12/2018 1,142,510 40.46

SINGAPORE 0.00% (30 September 2016: 5.82%)

SLOVENIA 0.00% (30 September 2016: 6.74%)

SOUTH AFRICA 0.00% (30 September 2016: 7.98%)

TURKEY 39.81% (30 September 2016: 3.31%) Government Bond

1,100,000 Turkey Government International Bond 6.750% 03/04/2018 1,123,952 39.81

UNITED STATES 47.68% (30 September 2016: 1.45%) Government Bond

350,000 United States Cash Management Bill 0.000% 02/01/2018 349,036 12.36 250,000 United States Treasury Bill 0.000% 26/10/2017 249,823 8.85 750,000 United States Treasury Bill 0.000% 25/01/2018 747,487 26.47

VENEZUELA 0.00% (30 September 2016: 0.54%)


Interest Receivable on Transferable Securities 83,313 2.95


Open Forward Foreign Currency Exchange Contracts (4.55%) (30 September 2016: 0.76%) Settlement Date

Buy Amount Bought

Sell Amount Sold


% Net Assets

16/10/2017 EUR 12,309,598 USD (14,758,593) (206,872) (7 .32)

16/10/2017 EUR 641,254 USD (768,831) (10,777) (0 .38)

16/10/2017 EUR 465,837 USD (558,516) (7,829) (0 .28)

16/10/2017 EUR 540,501 USD (643,283) (4,333) (0 .15)

16/10/2017 EUR 208,500 USD (249,981) (3,504) (0 .12)

16/10/2017 EUR 10,861 USD (13,022) (182) (0 .01)

16/10/2017 EUR 7,891 USD (9,461) (133) (0 .00)

16/10/2017 EUR 610 USD (730) (9) (0 .00)

16/10/2017 EUR 38 USD (45) (0) (0 .00)

16/10/2017 EUR 4,924 USD (5,804) 18 0 .00

16/10/2017 USD 633,455 EUR (537,505) (1,954) (0 .07)

16/10/2017 USD 6,816 EUR (5,762) 4 0 .00

16/10/2017 USD 85,138 EUR (71,176) 998 0 .03

16/10/2017 USD 136,808 EUR (114,382) 1,592 0 .05

16/10/2017 USD 181,418 EUR (151,679) 2,111 0 .07

16/10/2017 USD 571,160 EUR (479,863) 3,892 0 .14

16/10/2017 USD 14,887,348 EUR (12,507,560) 101,609 3 .60

09/11/2017 CZK 1,000,000 USD (45,341) 191 0 .00

09/11/2017 CZK 1,000,000 USD (45,341) 191 0 .01

09/11/2017 USD 43,816 CZK (1,000,000) (1,716) (0 .06)

09/11/2017 USD 46,305 CZK (1,000,000) 773 0 .03



79

FINISTERRE EMERGING MARKET DEBT FUND (continued)

Open Forward Foreign Currency Exchange Contracts (4.55%) (30 September 2016: 0.76%) (continued) Settlement Date

Buy Amount Bought

Sell Amount Sold


% Net Assets

21/12/2017 TRY 163,525,000 USD (50,000,000) (5,119,880) (181 .32)

21/12/2017 TRY 275,220 USD (77,244) (1,709) (0 .06)

21/12/2017 USD 74,737 TRY (275,220) (798) (0 .03)

21/12/2017 USD 50,000,000 TRY (163,525,000) 5,119,880 181 .32

10/05/2018 CZK 1,347,500,000 EUR (50,000,000) 2,279,825 80 .74

10/05/2018 CZK 2,693,090,000 EUR (100,000,000) 4,471,599 158 .36

10/05/2018 EUR 100,000,000 CZK (2,693,090,000) (4,471,599) (158 .36)

10/05/2018 EUR 50,000,000 CZK (1,347,500,000) (2,279,825) (80 .74)

06/09/2018 ILS 36,800,000 USD (10,000,000) 579,985 20 .54

06/09/2018 ILS 165,600,000 USD (45,000,000) 2,609,932 92 .43

06/09/2018 ILS 202,372,500 USD (55,000,000) 3,182,011 112 .69

06/09/2018 USD 55,000,000 ILS (202,372,500) (3,182,011) (112 .69)

06/09/2018 USD 45,000,000 ILS (165,600,000) (2,609,932) (92 .43)

06/09/2018 USD 10,000,000 ILS (36,800,000) (579,985) (20 .54)

21/09/2018 CNH 349,700,000 USD (50,000,000) 1,473,351 52 .18

21/09/2018 USD 50,000,000 CNH (349,700,000) (1,473,351) (52 .18)




Open Spot Currency Contracts (17.41%) (30 September 2016: 0.05%) Settlement Date Buy

Amount Bought Sell

Amount Sold


% Net Assets

03/10/2017 BRL 15,002,297 USD (4,759,612) (18,441) (0.65) 03/10/2017 BRL 15,002,297 USD (4,735,574) 5,597 0.20 03/10/2017 BRL 65,000,000 USD (20,517,677) 24,252 0.86 03/10/2017 BRL 65,000,000 USD (20,396,636) 145,293 5.14 03/10/2017 EUR 537,505 USD (633,020) 1,936 0.07 03/10/2017 USD 20,120,724 BRL (65,000,000) (421,204) (14.92) 03/10/2017 USD 4,542,021 BRL (15,002,296) (199,150) (7.05) 03/10/2017 USD 20,517,677 BRL (65,000,000) (24,252) (0.86) 03/10/2017 USD 4,735,574 BRL (15,002,297) (5,597) (0.20) 03/10/2017 USD 5,799 EUR (4,924) (18) (0.00)

Unrealised Gain on Open Spot Currency Contracts 177,078 6.27 Unrealised Loss on Open Spot Currency Contracts (668,662) (23.68)


Open Future Contracts 0.00% (30 September 2016: 0.04%)

Options 0.00% (30 September 2016: (0.15%))

Credit Default Swaps 0.00% (30 September 2016: (2.43%))

Interest Rate Swaps 0.00% (30 September 2016: 0.53%)

Cross Currency Swaps 0.00% (30 September 2016: (0.05%))

Forward Rate Agreements 0.00% (30 September 2016: (0.09%))

Bank Overdraft (603,418) (21.37) Net Current Liabilities (1,933,938) (68.49)





Other Assets 3.29

Total Assets 100.00




80

FINISTERRE EMERGING MARKET DEBT FUND (continued)

The counterparties for the forward foreign currency exchange contracts are Citigroup, Societe Generale and State Street Global Markets.

The counterparties for the open spot currency contracts are Citigroup and State Street Global Markets.



81

SPECTRUM GLOBAL CAPITAL SECURITIES FUND


Maturity Date

Value USD

% Net Assets



700,000 Australia & New Zealand Banking Group Ltd/United Kingdom 6.750% Perpetual 791,875 9.47

DENMARK 0.00% (30 September 2016: 4.73%)


500,000 Credit Agricole SA 6.625% Perpetual 516,935 6.18 700,000 Societe Generale SA 8.250% Perpetual 744,625 8.90


NORWAY 0.00% (30 September 2016: 2.01%)


600,000 Banco Bilbao Vizcaya Argentaria SA 9.000% Perpetual 621,884 7.44


300,000 Nordea Bank AB 5.500% Perpetual 309,585 3.70 600,000 Swedbank AB 5.500% Perpetual 620,970 7.43


700,000 Credit Suisse Group AG 7.500% Perpetual 791,808 9.47 700,000 UBS Group AG 7.125% Perpetual 743,282 8.88


700,000 Barclays Plc 8.250% Perpetual 740,583 8.85 700,000 Lloyds Banking Group Plc 7.500% Perpetual 785,610 9.39





Buy Amount Bought

Sell Amount Sold


% Net Assets

16/10/2017 EUR 280,408 USD (335,912) (5,010) (0 .06)

16/10/2017 EUR 5,094 USD (6,102) (91) (0 .00)

16/10/2017 USD 83,542 GBP (62,907) (637) (0 .01)

16/10/2017 USD 83,428 EUR (69,678) 1,202 0 .02

16/10/2017 USD 120,628 EUR (100,522) 2,005 0 .02




Open Future Contracts 0.00% (30 September 2016: 0.02%)

Options 0.00% (30 September 2016: 0.21%)

Cash at Bank 1,598,951 19.12 Net Current Assets 21,580 0.25




82

SPECTRUM GLOBAL CAPITAL SECURITIES FUND (continued)




Other Assets 21.04

Total Assets 100.00





83

GLOBAL CAPITAL STRUCTURE OPPORTUNITIES FUND


Maturity Date

Value USD

% Net Assets



840,000 Westpac Banking Corp/New Zealand 5.000% Perpetual 842,278 7.42


315,000 XLIT Ltd 4.450% 31/03/2025 323,431 2.85 180,000 XLIT Ltd 5.500% 31/03/2045 189,985 1.68


470,000 BNP Paribas SA 6.750% Perpetual 502,900 4.43



800,000 Intesa Sanpaolo SpA 5.710% 15/01/2026 844,671 7.44 400,000 UniCredit SpA 5.861% 19/06/2032 419,207 3.69



400,000 Banco Santander SA 6.375% Perpetual 407,876 3.60


425,000 Skandinaviska Enskilda Banken AB 5.750% Perpetual 439,890 3.88 300,000 Svenska Handelsbanken AB 5.250% Perpetual 307,506 2.71


575,000 Credit Suisse Group AG 7.125% Perpetual 623,015 5.49 600,000 UBS Group AG 6.875% Perpetual 658,058 5.80


440,000 HSBC Holdings Plc 6.000% Perpetual 460,900 4.06 650,000 Lloyds Banking Group Plc 4.650% 24/03/2026 686,674 6.05 250,000 Royal Bank of Scotland Group Plc 3.875% 12/09/2023 256,402 2.26 475,000 Royal Bank of Scotland Group Plc 7.500% Perpetual 500,056 4.41


135,000 American International Group Inc 3.875% 15/01/2035 132,422 1.17 200,000 Bank of America Corp 4.250% 22/10/2026 209,918 1.85 215,000 Bank of America Corp 5.125% Perpetual 219,031 1.93 525,000 Bank of New York Mellon Corp/The 4.625% Perpetual 536,917 4.73 225,000 Chubb Corp/The 3.554% 15/04/2037 224,573 1.98 250,000 First Republic Bank/CA 4.375% 01/08/2046 249,013 2.19 186,000 Goldman Sachs Group Inc/The 5.950% 15/01/2027 217,460 1.92 415,000 JPMorgan Chase & Co 4.125% 15/12/2026 432,800 3.81 430,000 Morgan Stanley 5.000% 24/11/2025 470,433 4.15 135,000 PNC Financial Services Group Inc/The 5.000% Perpetual 141,750 1.25 440,000 Southern Co/The 5.500% 15/03/2057 465,682 4.11 160,000 Wells Fargo & Co 4.400% 14/06/2046 166,000 1.46




Open Forward Foreign Currency Exchange Contracts (0.00%) (30 September 2016: 0.00%) Settlement Date

Buy Amount Bought

Sell Amount Sold


% Net Assets

16/10/2017 USD 559 EUR (476) (3) (0 .00)

Unrealised Loss on Forward Foreign Currency Exchange Contracts (3) (0 .00)



84

GLOBAL CAPITAL STRUCTURE OPPORTUNITIES FUND (continued)

Open Forward Foreign Currency Exchange Contracts (0.00%) (30 September 2016: 0.00%) (continued)


% Net Assets

Net Unrealised Loss on Forward Foreign Currency Exchange Contracts (3) (0 .00)

Open Future Contracts 0.08% (30 September 2016: (0.01%))

No. of Contracts Cost Price Description

Maturity Date

Unrealised Gain/(Loss)

% Net Assets

(4) (507,876) US 10 Year Note (CBT) 19/12/2017 5,876 0.05 (1) (155,656) US Long Bond (CBT) 19/12/2017 2,969 0.03

Unrealised Gain on Future Contracts 8,845 0.08

Total Unrealised Gain on Future Contracts 8,845 0.08






Other Assets 4.25

Total Assets 100.00



The counterparty for the future contracts is Barclays.



85

REAL ESTATE DEBT FUND


Maturity Date

Value USD

% Net Assets


UNITED STATES 97.05% (30 September 2016: 99.58%) Mortgage Related

400,000 CFCRE Commercial Mortgage Trust 2011-C2 5.945% 15/12/2047 440,308 4.11 425,000 Citigroup Commercial Mortgage Trust 2016-GC37 3.576% 10/04/2049 428,713 4.00 570,000 COMM 2012-CCRE2 Mortgage Trust 5.002% 15/08/2045 563,179 5.26 5,096,029 COMM 2012-CCRE5 Mortgage Trust 1.854% 10/12/2045 295,076 2.75 375,000 COMM 2016-DC2 Mortgage Trust 3.765% 10/02/2049 393,993 3.68 500,000 COMM 2017-COR2 Mortgage Trust 4.563% 10/09/2050 502,382 4.69 500,000 CSAIL 2017-C8 Commercial Mortgage Trust 3.918% 15/06/2050 512,256 4.78 425,000 GE Commercial Mortgage Corp Series 2007-C1 Trust 5.606% 10/12/2049 432,475 4.04 425,000 GS Mortgage Securities Corp II 4.149% 10/05/2050 421,526 3.94 450,000 GS Mortgage Securities Trust 2013-GC16 5.505% 10/11/2046 441,137 4.12 665,000 GS Mortgage Securities Trust 2014-GC22 4.391% 10/06/2047 697,884 6.52 410,000 JP Morgan Chase Commercial Mortgage Securities Trust 2014-C20 4.724% 15/07/2047 412,374 3.85 425,000 JPMBB Commercial Mortgage Securities Trust 2014-C19 4.820% 15/04/2047 442,969 4.14 3,603,423 JPMBB Commercial Mortgage Securities Trust 2015-C31 1.146% 15/08/2048 193,104 1.80 500,000 JPMDB Commercial Mortgage Securities Trust 2016-C2 3.484% 15/06/2049 504,727 4.71 545,000 Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13 5.053% 15/11/2046 575,839 5.38 5,501,040 Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7 1.619% 15/02/2046 297,744 2.78 425,000 Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29 3.325% 15/05/2049 433,650 4.05 425,000 Morgan Stanley Capital I Trust 2015-MS1 4.164% 15/05/2048 446,264 4.17 400,000 UBS-Barclays Commercial Mortgage Trust 2012-C3 3.814% 10/08/2049 418,528 3.91 370,000 UBS-Barclays Commercial Mortgage Trust 2013-C5 4.219% 10/03/2046 375,103 3.50 256,782 Wachovia Bank Commercial Mortgage Trust Series 2007-C30 5.413% 15/12/2043 261,276 2.44 172,462 Wachovia Bank Commercial Mortgage Trust Series 2007-C34 6.274% 15/05/2046 175,377 1.64 425,000 Wells Fargo Commercial Mortgage Trust 2014-LC18 4.193% 15/12/2047 425,264 3.97 6,149,550 WFRBS Commercial Mortgage Trust 2013-C17 1.658% 15/12/2046 301,851 2.82








Other Assets 3.98

Total Assets 100.00




86

GLOBAL INCOME FUND*


Maturity Date

Value USD

% Net Assets

TRANSFERABLE SECURITIES 88.71%

ARGENTINA 1.21% Corporate Bond

100,000 YPF SA 8.500% 28/07/2025 115,250 0.41 Government Bond

200,000 Argentine Republic Government International Bond 5.625% 26/01/2022 209,500 0.75 15,000 Argentine Republic Government International Bond 7.125% 28/06/2117 14,835 0.05

AUSTRALIA 0.75% Common Stock

34,630 Fortescue Metals Group Ltd 139,544 0.50 470 Macquarie Group Ltd 33,501 0.12 19,815 Mirvac Group 35,573 0.13

BRAZIL 1.88% Corporate Bond

250,000 JBS USA LUX SA / JBS USA Finance Inc 5.750% 15/06/2025 248,750 0.89 100,000 Petrobras Global Finance BV 5.299% 27/01/2025 99,725 0.36 110,000 Petrobras Global Finance BV 7.375% 17/01/2027 120,945 0.43 50,000 Vale Overseas Ltd 6.250% 10/08/2026 56,187 0.20

CANADA 4.33% Common Stock

11,700 Algonquin Power & Utilities Corp 123,411 0.44 444 Bank of Montreal 33,569 0.12 15,500 Dream Global Real Estate Investment Trust 138,302 0.50 24,700 Pure Industrial Real Estate Trust 126,789 0.45 442 Royal Bank of Canada 34,114 0.12

Corporate Bond 250,000 Bombardier Inc 6.000% 15/10/2022 240,000 0.86 250,000 Teck Resources Ltd 5.200% 01/03/2042 248,125 0.89 250,000 Transcanada Trust 5.625% 20/05/2075 265,750 0.95

CHILE 0.10% Common Stock

193,162 Banco Santander Chile 14,393 0.05 52,968 Colbun SA 12,829 0.05

CHINA 0.97% Common Stock

22,000 Air China Ltd 18,280 0.07 102,000 China Power International Development Ltd 33,562 0.12 24,000 China Telecom Corp Ltd 12,291 0.04 77,000 Chongqing Rural Commercial Bank Co Ltd 48,798 0.17 8,000 CITIC Ltd 11,819 0.04 12,000 Dongfeng Motor Group Co Ltd 15,855 0.06 2,500 Hengan International Group Co Ltd 23,141 0.08 14,000 Huaneng Power International Inc 8,657 0.03 6,500 Longfor Properties Co Ltd 16,394 0.06 24,000 Sinopec Shanghai Petrochemical Co Ltd 14,288 0.05 41,700 Yangzijiang Shipbuilding Holdings Ltd 43,748 0.16 20,000 Zhejiang Expressway Co Ltd 24,863 0.09

DENMARK 0.15% Common Stock

1,052 Danske Bank A/S 41,855 0.15

EGYPT 0.37% Government Bond

100,000 Egypt Government International Bond 5.750% 29/04/2020 103,813 0.37

FINLAND 0.22% Common Stock

1,362 Orion Oyj 62,028 0.22

FRANCE 4.88% Common Stock

1,579 AXA SA 47,174 0.17 2,442 Credit Agricole SA 43,973 0.16 3,876 Eutelsat Communications SA 114,267 0.41



87

GLOBAL INCOME FUND* (continued)


Maturity Date

Value USD

% Net Assets

FRANCE 4.88% (continued) Common Stock (continued)

1,066 Natixis SA 8,413 0.03 1,319 SCOR SE 54,633 0.19 787 Societe Generale SA 45,215 0.16

Corporate Bond 200,000 BNP Paribas SA 6.125% Perpetual 267,241 0.95 300,000 Credit Agricole SA 6.500% Perpetual 394,187 1.41 300,000 Societe Generale SA 6.750% Perpetual 390,971 1.40

GERMANY 0.43% Common Stock

41 Allianz SE 9,101 0.03 1,318 Deutsche Telekom AG 24,417 0.09 350 Hannover Rueck SE 41,768 0.15 211 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 44,887 0.16

GUATEMALA 0.28% Corporate Bond

75,000 Central American Bottling Corp 5.750% 31/01/2027 79,388 0.28

HONG KONG 1.37% Common Stock

12,000 CK Asset Holdings Ltd 99,324 0.36 9,000 CLP Holdings Ltd 92,238 0.33 181,000 PCCW Ltd 98,022 0.35 3,000 Sun Hung Kai Properties Ltd 48,741 0.17 43,000 WH Group Ltd 45,693 0.16

HUNGARY 0.36% Government Bond

90,000 Hungary Government International Bond 5.375% 21/02/2023 101,639 0.36

IRELAND 1.88% Corporate Bond

200,000 Allied Irish Banks Plc 7.375% Perpetual 262,968 0.94 200,000 Bank of Ireland 7.375% Perpetual 262,938 0.94

ITALY 0.40% Common Stock

7,294 ACEA SpA 113,107 0.40

JAPAN 2.09% Common Stock

3,600 Bridgestone Corp 163,327 0.58 300 Daito Trust Construction Co Ltd 54,645 0.20 6,300 ITOCHU Corp 103,167 0.37 6,100 Marubeni Corp 41,653 0.15 2,900 NTT DOCOMO Inc 66,235 0.24 775 ORIX Corp 12,495 0.04 4,000 Showa Shell Sekiyu KK 46,026 0.16 2,700 Subaru Corp 97,401 0.35

LUXEMBOURG 0.85% Corporate Bond

250,000 Intelsat Jackson Holdings SA 7.500% 01/04/2021 238,750 0.85

MALAYSIA 0.45% Common Stock

53,500 AirAsia Bhd 43,707 0.16 43,700 Astro Malaysia Holdings Bhd 29,182 0.10 165,900 YTL Corp Bhd 53,428 0.19

MEXICO 1.11% Common Stock

14,300 America Movil SAB de CV 12,712 0.04 10,500 Wal-Mart de Mexico SAB de CV 24,021 0.09

Corporate Bond 125,000 Petroleos Mexicanos 6.500% 13/03/2027 137,494 0.49

Government Bond 2,500,000 Mexican Bonos 6.500% 10/06/2021 136,881 0.49



88



Maturity Date

Value USD

% Net Assets

NETHERLANDS 1.13% Common Stock

332 ASR Nederland NV 13,123 0.05 2,669 ING Groep NV 48,579 0.17

Corporate Bond 200,000 Cooperatieve Rabobank UA 5.500% Perpetual 252,971 0.91

NEW ZEALAND 0.12% Common Stock

12,681 Spark New Zealand Ltd 33,379 0.12

NORWAY 0.21% Common Stock

2,924 Marine Harvest ASA 57,573 0.21

PERU 0.35% Government Bond

300,000 Peru Government Bond 6.150% 12/08/2032 97,386 0.35

PHILIPPINES 0.08% Common Stock

25,000 Aboitiz Power Corp 21,088 0.08

POLAND 0.45% Government Bond

500,000 Republic of Poland Government Bond 2.500% 25/07/2027 127,139 0.45

RUSSIA 0.15% Government Bond

2,459,000 Russian Federal Bond - OFZ 7.500% 18/08/2021 42,511 0.15

SINGAPORE 0.34% Common Stock

36,100 CapitaLand Ltd 95,148 0.34

SOUTH AFRICA 0.14% Common Stock

23,070 Life Healthcare Group Holdings Ltd 40,453 0.14

SOUTH KOREA 0.09% Common Stock

202 Dongbu Insurance Co Ltd 12,875 0.05 964 Industrial Bank of Korea 12,120 0.04

SPAIN 1.69% Common Stock

3,691 ACS Actividades de Construccion y Servicios SA 135,233 0.48 6,154 Mapfre SA 19,877 0.07 6,353 Telefonica SA 68,391 0.25

Corporate Bond 200,000 Banco Bilbao Vizcaya Argentaria SA 6.750% Perpetual 248,228 0.89

SUPRANATIONAL 0.73% Corporate Bond

200,000 Banque Ouest Africaine de Developpement 5.000% 27/07/2027 205,535 0.73

SWEDEN 0.51% Common Stock

519 Industrivarden AB 13,036 0.05 710 Investor AB 34,802 0.12 3,565 Nordea Bank AB 48,168 0.17 1,321 Swedish Match AB 46,285 0.17

SWITZERLAND 1.15% Common Stock

67 Baloise Holding AG 10,486 0.04 606 Kuehne + Nagel International AG 111,943 0.40 19 Partners Group Holding AG 12,707 0.05 577 Roche Holding AG 146,748 0.52 114 Swiss Life Holding AG 39,687 0.14



89



Maturity Date

Value USD

% Net Assets

TAIWAN 0.37% Common Stock

7,785 Hon Hai Precision Industry Co Ltd 53,872 0.19 3,805 Pegatron Corp 49,370 0.18

THAILAND 0.21% Common Stock

6,200 Glow Energy PCL 16,682 0.06 2,500 Siam Commercial Bank PCL/The 11,542 0.04 4,200 Thai Oil PCL 11,616 0.04 29,800 Thai Union Group PCL 17,778 0.07

TURKEY 0.46% Government Bond

450,000 Turkey Government Bond 11.000% 02/03/2022 127,391 0.46

UKRAINE 0.76% Government Bond

200,000 Ukraine Government International Bond 7.750% 01/09/2021 212,526 0.76

UNITED ARAB EMIRATES 0.08% Common Stock

33,358 Aldar Properties PJSC 21,161 0.08

UNITED KINGDOM 9.02% Common Stock

3,613 3i Group Plc 44,296 0.16 17,860 Barratt Developments Plc 146,682 0.52 2,526 British American Tobacco Plc 158,617 0.57 4,862 HSBC Holdings Plc 47,685 0.17 6,268 Legal & General Group Plc 21,866 0.08 1,718 Persimmon Plc 59,127 0.21 4,774 Tate & Lyle Plc 41,252 0.15 8,995 Vodafone Group Plc 24,857 0.09

Corporate Bond 250,000 Anglo American Capital Plc 4.875% 14/05/2025 265,312 0.94 200,000 Barclays Plc 7.875% Perpetual 293,595 1.05 200,000 Lloyds Banking Group Plc 7.875% Perpetual 321,112 1.15 200,000 Nationwide Building Society 6.875% Perpetual 277,999 0.99 300,000 Royal Bank of Scotland Group Plc 7.500% Perpetual 315,825 1.13 200,000 Santander UK Group Holdings Plc 7.375% Perpetual 290,489 1.04 200,000 Standard Chartered Plc 7.750% Perpetual 217,550 0.77

UNITED STATES 46.59% Common Stock

2,143 AbbVie Inc 190,641 0.68 298 Boeing Co/The 75,772 0.27 372 Camden Property Trust 34,049 0.12 4,668 CenterPoint Energy Inc 136,072 0.49 4,263 Cisco Systems Inc 142,171 0.51 392 Costco Wholesale Corp 64,249 0.23 1,555 EPR Properties 108,477 0.39 4,744 Gap Inc/The 140,043 0.50 7,121 Host Hotels & Resorts Inc 131,667 0.47 6,209 InfraREIT Inc 140,199 0.50 250 Invesco Ltd 8,570 0.03 550 Kimberly-Clark Corp 64,328 0.23 227 Lockheed Martin Corp 70,173 0.25 1,550 LyondellBasell Industries NV 154,659 0.55 1,616 ONE Gas Inc 120,651 0.43 812 ONEOK Inc 45,001 0.16 431 Procter & Gamble Co/The 39,174 0.14 1,709 Prologis Inc 108,607 0.39 279 Prudential Financial Inc 29,574 0.11 2,124 Valero Energy Corp 162,996 0.58 1,070 Xcel Energy Inc 50,686 0.18 1,711 Xerox Corp 57,934 0.21

Corporate Bond 250,000 Advanced Disposal Services Inc 5.625% 15/11/2024 261,875 0.94 250,000 Allegheny Technologies Inc 7.875% 15/08/2023 269,687 0.97



90



Maturity Date

Value USD

% Net Assets

UNITED STATES 46.59% (continued) Corporate Bond (continued)

250,000 AMC Entertainment Holdings Inc 6.125% 15/05/2027 246,562 0.88 250,000 Archrock Partners LP / Archrock Partners Finance Corp 6.000% 01/10/2022 244,375 0.87 250,000 CCO Holdings LLC / CCO Holdings Capital Corp 5.125% 01/05/2027 254,450 0.91 350,000 Covanta Holding Corp 5.875% 01/03/2024 348,250 1.25 250,000 Dell International LLC / EMC Corp 7.125% 15/06/2024 276,602 0.99 250,000 DISH DBS Corp 5.875% 15/11/2024 262,813 0.94 250,000 DPL Inc 7.250% 15/10/2021 274,687 0.98 250,000 Engility Corp 8.875% 01/09/2024 275,000 0.98 250,000 Equinix Inc 5.875% 15/01/2026 275,312 0.98 250,000 First Data Corp 7.000% 01/12/2023 268,437 0.96 250,000 Freeport-McMoRan Inc 3.875% 15/03/2023 247,187 0.88 250,000 HealthSouth Corp 5.750% 15/09/2025 262,500 0.94 250,000 JC Penney Corp Inc 5.650% 01/06/2020 247,188 0.88 250,000 KB Home 7.500% 15/09/2022 286,900 1.03 250,000 Kraton Polymers LLC / Kraton Polymers Capital Corp 7.000% 15/04/2025 270,000 0.96 250,000 Mobile Mini Inc 5.875% 01/07/2024 262,500 0.94 250,000 Nabors Industries Inc 5.500% 15/01/2023 246,875 0.88 250,000 ONEOK Inc 6.000% 15/06/2035 279,379 1.00 250,000 Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp 5.875% 15/01/2024 266,250 0.95 250,000 Post Holdings Inc 5.000% 15/08/2026 250,312 0.89 250,000 PPL Capital Funding Inc 3.998% 30/03/2067 246,875 0.89 250,000 PulteGroup Inc 6.375% 15/05/2033 272,500 0.97 350,000 Rowan Cos Inc 4.750% 15/01/2024 305,375 1.09 250,000 SBA Communications Corp 4.875% 01/09/2024 259,063 0.93 230,000 Sirius XM Radio Inc 5.375% 15/04/2025 242,650 0.87 250,000 SP Finco LLC 6.750% 01/07/2025 236,562 0.85 250,000 Sprint Corp 7.875% 15/09/2023 290,625 1.04 250,000 Tenet Healthcare Corp 8.125% 01/04/2022 252,969 0.91 250,000 United Continental Holdings Inc 5.000% 01/02/2024 256,250 0.92 250,000 Viacom Inc 6.250% 28/02/2057 252,215 0.90 250,000 Weatherford International Ltd 4.500% 15/04/2022 233,048 0.83 250,000 Whiting Petroleum Corp 5.750% 15/03/2021 247,188 0.88 250,000 XPO Logistics Inc 6.500% 15/06/2022 262,813 0.94

Government Bond 290,000 United States Treasury Note/Bond 0.875% 15/10/2017 289,981 1.04

Preferred Security 12,000 Digital Realty Trust Inc 7.375% Perpetual 322,440 1.15 3,500 Entergy Mississippi Inc 4.900% 01/10/2066 86,949 0.31 500 PS Business Parks Inc 5.200% Perpetual 12,505 0.04 12,000 PS Business Parks Inc 6.000% Perpetual 301,800 1.08 10,000 Public Storage 4.900% Perpetual 247,700 0.88 3,000 Public Storage 6.375% Perpetual 80,520 0.29 3,000 Ventas Realty LP / Ventas Capital Corp 5.450% 15/03/2043 76,200 0.27 12,000 Vornado Realty Trust 6.625% Perpetual 304,440 1.09


UNLISTED 9.15%

UNITED STATES 9.15% Mortgage Related

500,000 Citigroup Commercial Mortgage Trust 2016-GC36 4.916% 10/02/2049 521,839 1.86 6,034,236 Fannie Mae REMICS 1.678% 25/04/2045 385,729 1.38 2,849,198 Freddie Mac REMICS 2.500% 15/12/2027 226,067 0.81 1,918,105 Government National Mortgage Association 4.000% 20/11/2046 425,888 1.52 500,000 Wells Fargo Commercial Mortgage Trust 2014-LC16 4.458% 15/08/2050 502,703 1.80 500,000 Wells Fargo Commercial Mortgage Trust 2016-LC25 4.584% 15/12/2059 498,189 1.78







91


Open Spot Currency Contracts 0.00% Settlement Date Buy

Amount Bought Sell

Amount Sold


% Net Assets

02/10/2017 USD 2,131 GBP (1,593) 1 0.00 04/10/2017 USD 113 HKD (880) (0) (0.00)

Unrealised Gain on Open Spot Currency Contracts 1 0.00 Unrealised Loss on Open Spot Currency Contracts (0) (0.00)








Other Assets 2.39

Total Assets 100.00



*Global Income Fund launched on 29 March 2017.



92

FINISTERRE UNCONSTRAINED EMERGING MARKETS FIXED INCOME FUND*


Maturity Date

Value USD

% Net Assets

TRANSFERABLE SECURITIES 79.16%

ARGENTINA 6.40% Government Bond

12,900,000 Argentina POM Politica Monetaria 26.250% 21/06/2020 778,961 2.98 900,000 Argentine Republic Government International Bond 7.125% 28/06/2117 896,647 3.42

BAHRAIN 4.20% Government Bond

200,000 Bahrain Government International Bond 6.750% 20/09/2029 199,024 0.76 400,000 Bahrain Government International Bond 7.000% 12/10/2028 409,048 1.56 500,000 Bahrain Government International Bond 7.500% 20/09/2047 490,483 1.88

BRAZIL 6.12% Corporate Bond

400,000 ESAL GmbH 6.250% 05/02/2023 388,246 1.48 143,000 Odebrecht Drilling Norbe VIII/IX Ltd 6.350% 30/06/2021 93,373 0.36 248,070 Odebrecht Offshore Drilling Finance Ltd 6.750% 01/10/2022 90,270 0.35 700,000 Petrobras Global Finance BV 6.850% 05/06/2115 669,148 2.56 310,000 Petrobras Global Finance BV 8.375% 23/05/2021 359,017 1.37

CHILE 1.18% Corporate Bond

300,000 Nova Austral SA 8.250% 26/05/2021 309,896 1.18

CHINA 2.36% Corporate Bond

400,000 China Evergrande Group 8.250% 23/03/2022 415,198 1.59 200,000 China Evergrande Group 8.750% 28/06/2025 203,125 0.77

CONGO, THE DRC 2.02% Corporate Bond

500,000 HTA Group Ltd/Mauritius 9.125% 08/03/2022 527,350 2.02

GABON 0.76% Government Bond

200,000 Gabon Government International Bond 6.950% 16/06/2025 199,869 0.76

INDONESIA 5.41% Corporate Bond

400,000 Minejesa Capital BV 4.625% 10/08/2030 407,988 1.56 Government Bond

6,600,000,000 Indonesia Treasury Bond 7.000% 15/05/2022 508,034 1.94 6,500,000,000 Indonesia Treasury Bond 7.500% 15/05/2038 499,956 1.91

IRAQ 1.79% Government Bond

500,000 Iraq International Bond 5.800% 15/01/2028 468,360 1.79

IRELAND 2.02% Corporate Bond

510,000 Oilflow SPV 1 DAC 12.000% 13/01/2022 528,488 2.02

KAZAKHSTAN 1.52% Corporate Bond

400,000 KazTransGas JSC 4.375% 26/09/2027 397,672 1.52

MEXICO 0.78% Corporate Bond

200,000 Unifin Financiera SAB de CV SOFOM ENR 7.000% 15/01/2025 202,897 0.78

NETHERLANDS 2.65% Corporate Bond

675,000 VimpelCom Holdings BV 4.950% 16/06/2024 692,459 2.65


500,000 Peru Government Bond 6.150% 12/08/2032 161,185 0.62

POLAND 4.87% Government Bond

5,000,000 Republic of Poland Government Bond 2.500% 25/07/2027 1,272,894 4.87



93

FINISTERRE UNCONSTRAINED EMERGING MARKETS FIXED INCOME FUND* (continued)


Maturity Date

Value USD

% Net Assets

RUSSIA 6.35% Corporate Bond

575,000 Sberbank of Russia Via SB Capital SA 5.500% 26/02/2024 588,328 2.25 Government Bond

59,000,000 Russian Federal Bond - OFZ 8.150% 03/02/2027 1,072,800 4.10

SOUTH AFRICA 4.69% Corporate Bond

500,000 Eskom Holdings SOC Ltd 5.750% 26/01/2021 509,015 1.95 200,000 MTN Mauritius Investment Ltd 4.755% 11/11/2024 199,529 0.76 500,000 MTN Mauritius Investment Ltd 5.373% 13/02/2022 518,457 1.98

SRI LANKA 2.45% Government Bond

400,000 Sri Lanka Government International Bond 5.875% 25/07/2022 426,234 1.63 200,000 Sri Lanka Government International Bond 6.250% 27/07/2021 215,855 0.82

SUPRANATIONAL 1.57% Corporate Bond

400,000 Banque Ouest Africaine de Developpement 5.000% 27/07/2027 411,600 1.57

TURKEY 7.20% Corporate Bond

400,000 Finansbank AS/Turkey 4.875% 19/05/2022 399,936 1.53 375,000 TC Ziraat Bankasi AS 5.125% 03/05/2022 381,936 1.46 400,000 Turkiye Vakiflar Bankasi TAO 5.625% 30/05/2022 407,340 1.56

Government Bond 300,000 Export Credit Bank of Turkey 4.250% 18/09/2022 296,398 1.13 400,000 Turkey Government International Bond 4.875% 09/10/2026 398,138 1.52

UKRAINE 4.18% Government Bond

150,000 Ukraine Government International Bond 7.750% 01/09/2022 159,390 0.61 900,000 Ukraine Government International Bond 7.750% 01/09/2025 933,152 3.57

UNITED ARAB EMIRATES 3.96% Corporate Bond

600,000 Aabar Investments PJSC 0.500% 27/03/2020 635,064 2.43 400,000 Aabar Investments PJSC 1.000% 27/03/2022 400,241 1.53

UNITED STATES 4.96% Government Bond

1,300,000 United States Treasury Bill 0.000% 21/12/2017 1,297,085 4.96

ZAMBIA 1.10% Government Bond

300,000 Zambia Government International Bond 5.375% 20/09/2022 286,783 1.10


UNLISTED 4.21%

MALAYSIA 1.66% Government Bond

1,800,000 Malaysia Government Bond 4.181% 15/07/2024 434,495 1.66


2,000,000 Peruvian Government International Bond 6.350% 12/08/2028 668,299 2.55





Open Forward Foreign Currency Exchange Contracts 0.27% (30 September 2016: 0.00%) Settlement Date

Buy Amount Bought

Sell Amount Sold


% Net Assets

16/10/2017 GBP 842 USD (1,128) (0) (0 .00)

16/10/2017 GBP 27,337 USD (36,338) 308 0 .00

16/10/2017 GBP 1,212,083 USD (1,611,174) 13,666 0 .05

19/10/2017 USD 403,044 EGP (7,150,000) (429) (0 .00)



94


Open Forward Foreign Currency Exchange Contracts 0.27% (continued) Settlement Date

Buy Amount Bought

Sell Amount Sold


% Net Assets

20/10/2017 PLN 1,900,000 USD (519,387) 1,421 0 .01

20/10/2017 RUB 31,000,000 USD (532,646) 3,940 0 .02

20/10/2017 TRY 1,200,000 USD (340,556) (5,146) (0 .02)

20/10/2017 USD 530,232 RUB (31,000,000) (6,355) (0 .02)

20/10/2017 USD 520,656 PLN (1,900,000) (151) (0 .00)

20/10/2017 USD 335,758 TRY (1,200,000) 348 0 .00

20/10/2017 USD 1,460,184 CNH (9,700,000) 2,364 0 .01

20/10/2017 USD 635,818 PLN (2,300,000) 5,367 0 .02

20/10/2017 USD 417,328 CLP (263,000,000) 6,005 0 .02

20/10/2017 USD 671,516 PLN (2,400,000) 13,654 0 .05

20/10/2017 USD 776,324 MXN (13,850,000) 15,495 0 .06

26/10/2017 USD 1,058,601 EUR (881,570) 15,886 0 .06

14/12/2017 USD 642,201 EGP (11,495,400) 3,624 0 .01



Net Unrealised Gain on Forward Foreign Currency Exchange Contracts 69,997 0 .27

Open Future Contracts 0.09%

No. of Contracts Cost Price Description

Maturity Date

Unrealised Gain/(Loss)

% Net Assets

(7) (1,136,940) Euro-Bund Future 07/12/2017 11,163 0.04 (24) (3,017,812) US 10 Year Note (CBT) 19/12/2017 8,438 0.03 (2) (310,063) US Long Bond (CBT) 19/12/2017 4,625 0.02

Unrealised Gain on Future Contracts 24,226 0.09

Total Unrealised Gain on Future Contracts 24,226 0.09

Credit Default Swaps 0.21%

Description Maturity Date Notional Amount

Fair Value USD

% Net Assets

Over 5 years HSBC 20/12/2022 1,325,000 53,957 0.21

Market Value Gain on Credit Default Swaps 53,957 0.21

Total Value of Credit Default Swaps 53,957 0.21

Total Return Swaps 0.23%


Fair Value USD

% Net Assets

Less than 1 Month HSBC 17/10/2017 124,294 7,511 0.03 HSBC 17/10/2017 800,446 40,792 0.16

Up to 1 year HSBC 07/11/2017 204,743 6,687 0.02 HSBC 12/12/2017 653,422 4,943 0.02 HSBC 26/12/2017 316,344 – –

Market Value Gain on Total Return Swaps 59,933 0.23

Total Value of Total Return Swaps 59,933 0.23

Interest Rate Swaps 0.38%


Fair Value USD

% Net Assets

1 to 5 Years Citigroup 28/06/2022 30,500,000 14,084 0.05 HSBC 02/01/2020 7,023,063 76,197 0.29 Citigroup 02/01/2020 4,842,527 17,711 0.07



95


Interest Rate Swaps 0.38% (continued)


Fair Value USD

% Net Assets

Over 5 years HSBC 15/06/2027 21,000,000 (2,255) (0.01) Citigroup 28/06/2027 18,350,000 (7,395) (0.02)

Market Value Gain on Interest Rate Swaps 107,992 0.41 Market Value Loss on Interest Rate Swaps (9,650) (0.03)

Total Value of Interest Rate Swaps 98,342 0.38

Cash at Bank 3,393,852 12.97 Net Current Assets 430,759 1.64






Other Assets 17.94

Total Assets 100.00


The counterparties for the forward foreign currency exchange contracts are Citigroup, HSBC and State Street Global Markets.

The counterparty for the future contracts is Citigroup.

The counterparty for the credit default swaps is HSBC.

The counterparty for the total return swaps is HSBC.

The counterparties for the interest rate swaps are Citigroup and HSBC.

*Finisterre Unconstrained Emerging Markets Fixed Income Fund launched on 2 May 2017.

PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF FINANCIAL POSITION as at 30 September 2017

96

kin

GEF AEF EEF EMEF JEF PSF USEF HYF GPSF Current Assets: Note USD USD USD USD USD USD USD USD USD

Cash at Bank 4 253,040 66,834 114,203 94,812 86,171 157,056,507 177,103 10,478,395 7,089,984 Sale of Securities Receivable 26,175 10,880 291,496 19,452 – – 683,825 – 1,308,289 Investments in Securities at Fair Value (Mid Prices) 9,580,812 5,856,525 82,433,996 5,857,215 18,114,464 4,452,004,162 57,992,689 162,885,783 204,563,361 Dividends Receivable 7,594 5,382 42,915 5,303 148,881 675,713 34,516 – 441,892 Due from Unitholders – – – – – 52,692,366 – 728,666 637,358 Unrealised Gain on Open Spot Currency Contracts 4 – 98 – 117 3,428 – 101 385 Unrealised Gain on Open Forward Foreign Currency Exchange Contracts – – – – – 1,446,752 – 392,468 103,955 Other Assets 83,845 75,911 1,360 274,278 51,916 25,333 3,377 3,702 6,984

Total Current Assets 9,951,470 6,015,532 82,884,068 6,251,060 18,401,549 4,663,904,261 58,891,510 174,489,115 214,152,208

Current Liabilities: Management Fees Payable 7 (11,383) (6,138) (60,619) (4,582) (11,701) (2,735,159) (34,564) (102,600) (117,574) Administration Fees Payable 7 (1,034) (499) (1,855) (180) (38) (306,039) (50) (4,965) (48) Trustee and Depositary Fees Payable 7 – – (6,225) (1,099) (214) (233,049) (2,483) (8,611) (9,823) Sub-Custoday Fees Payable 7 (13,227) (25,412) (31,789) (102,267) (75,046) (42,416) (18,513) (4,703) (58,689) Audit Fees Payable (1,089) (1,087) (751) (10,871) (4,143) (7,009) (4,143) (8,970) (1,765) Due to Unitholders (199,094) – – – – (8,491,938) (264) (988,723) (10,478) Purchase of Securities Payable (152,477) (7,354) – (26,066) – – (790,766) (1,126,750) (4,042,960) Capital Gains Tax Payable – – – (23,973) – – – – –

Unrealised Loss on Open Spot Currency Contracts (80) – – (14) (4) (8,546) – – (2,724) Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – – – – – (23,612,574) – (261,945) (334,726) Other Payables (42,049) (26,148) (66,798) (65,704) (27,449) (41,049) (27,985) (8,593) (28,550)

Total Current Liabilities (420,433) (66,638) (168,037) (234,756) (118,595) (35,477,779) (878,768) (2,515,860) (4,607,337)

Net Assets Attributable to Redeemable Participating Unitholders at Mid Market Prices 9,531,037 5,948,894 82,716,031 6,016,304 18,282,954 4,628,426,482 58,012,742 171,973,255 209,544,871

PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF FINANCIAL POSITION as at 30 September 2017 (continued)

97

Ddirtion an

GEJF* GLTHY GTDARF GSCEF OGEMF OGEF** OGSCF LSGOF*** CLAF Current Assets: Note USD USD USD USD USD USD USD USD USD

Cash at Bank 4 82,394 44,272,528 269,275 118,256 3,045,899 64 1,137,226 45,729 667,850 Sale of Securities Receivable – 1,515,000 2,197 107,622 – – – – –

Investments in Securities at Fair Value (Mid Prices) – 968,820,772 2,145,753 11,475,820 115,309,704 – 75,072,511 – 14,385,829 Securities Pledged as Collateral – – 214,673 – – – – – –

Dividends Receivable 1,453 – – 13,362 105,442 – 78,368 – 16,922 Unrealised Gain on Open Spot Currency Contracts – – – – 15 – 4 – –

Unrealised Gain on Open Forward Foreign Currency Exchange Contracts – 1,598,111 124,580 – – – – – –

Market Value Gain on Option Contracts – – 33,401 – – – – – –

Other Assets 5,886 – 59,871 58,662 7,496 1,915 4,993 2,217 47,427

Total Current Assets 89,733 1,016,206,411 2,849,750 11,773,722 118,468,556 1,979 76,293,102 47,946 15,118,028

Current Liabilities: Management Fees Payable 7 (1,665) (481,306) (2,194) (8,584) (83,347) (133) (50,746) – (11,994) Administration Fees Payable 7 – (2,547) – (363) (263) – – – –

Trustee and Depositary Fees Payable 7 (1,333) (54,892) – – (22,328) – (2,482) (11,366) (837) Sub-Custoday Fees Payable 7 (21,752) (13,773) (3,204) (2,100) (32,140) – (1,815) – (1,007) Audit Fees Payable (11,083) (2,208) (9,275) (4,143) (4,142) (149) (5,495) (221) (4,146) Due to Unitholders – – – – – – – – –

Purchase of Securities Payable – (29,145,661) (8,058) (9,520) (293,340) – – – –

Capital Gains Tax Payable – – – – (182,532) – (100,928) – (258,207) Unrealised Loss on Open Spot Currency Contracts – – – (10) (326) – (42) – –

Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – (12,378,357) (169,533) – – – – – –

Market Value Loss on Option Contracts – – (1,994) – – – – – –

Other Payables (53,900) (24,400) (43,144) (44,455) (42,478) (1,697) (46,138) (36,359) (44,731)

Total Current Liabilities (89,733) (42,103,144) (237,402) (69,175) (660,896) (1,979) (207,646) (47,946) (320,922)

Net Assets Attributable to Redeemable Participating Unitholders at Mid Market Prices – 974,103,267 2,612,348 11,704,547 117,807,660 – 76,085,456 – 14,797,106

*Global Equity (ex- Japan) Fund terminated on 15 September 2017. **Origin Global Equity Fund terminated on 24 February 2017. ***Long/Short Global Opportunities Equity Fund terminated on 1 March 2017.


98

FEMDF GCSF CSOF GCAF**** REDF GIF***** FUEMF****** Total Current Assets: Note USD USD USD USD USD USD USD USD

Cash at Bank 4 – 1,598,951 293,745 53,564 245,414 319,057 3,393,852 230,960,853 Cash Collateral 4 765,000 – – – – – 500,000 1,265,000 Margin Cash Receivable 4 97 – – – – – 117,935 118,032 Sale of Securities Receivable – – – – – – 550,104 4,515,040 Investments in Securities at Fair Value (Mid Prices) 5,981,086 6,746,218 11,037,253 – 10,449,502 27,641,377 22,029,000 6,270,383,832 Securities Pledged as Collateral – – – – – – – 214,673 Dividends Receivable – – – – – 27,602 – 1,605,345 Due from Unitholders – – – – – – – 54,058,390 Unrealised Gain on Open Spot Currency Contracts 177,078 – – – – 1 – 181,231 Unrealised Gain on Open Forward Foreign Currency Exchange Contracts 19,827,962 3,207 – – – – 82,078 23,579,113 Unrealised Gain on Open Future Contracts – – 8,845 – – – 24,226 33,071 Market Value Gain on Swap Contracts – – – – – – 221,882 221,882 Market Value Gain on Option Contracts – – – – – – – 33,401 Other Assets 34,107 99,445 83,265 1,606 128,926 62,091 60,617 1,185,230

Total Current Assets 26,785,330 8,447,821 11,423,108 55,170 10,823,842 28,050,128 26,979,694 6,588,355,093

Current Liabilities: Bank Overdraft 4 (603,418) – – – – – – (603,418) Margin Cash Payable 4 (2) – (964) – – – (1,915) (2,881) Management Fees Payable 7 (12,991) (4,710) (5,861) – (4,706) (16,746) (13,152) (3,782,455) Administration Fees Payable 7 (275) (1) – – – (2) – (318,159) Performance Fees Payable 7 (12,397) – – – – – – (12,397) Trustee and Depositary Fees Payable 7 (25,769) – – (2,074) – (1,315) (1,248) (385,148) Sub-Custoday Fees Payable 7 (81,374) (9,894) (5,874) (4,860) (2,765) (6,537) (14,806) (573,963) Audit Fees Payable (29,412) (17,062) (5,226) (15,316) (6,231) (13,925) (12,651) (180,513) Due to Unitholders (2,464,378) – – – – (15,000) – (12,169,875) Purchase of Securities Payable – – – – – – (738,669) (36,341,621) Capital Gains Tax Payable (53,516) – – – – – – (619,156) Unrealised Loss on Open Spot Currency Contracts (668,662) – – – – – – (680,408) Unrealised Loss on Open Forward Foreign Currency Exchange Contracts (19,956,399) (5,738) (3) – – – (12,081) (56,731,356) Market Value Loss on Swap Contracts – – – – – – (9,650) (9,650) Market Value Loss on Option Contracts – – – – – – – (1,994) Other Payables (53,028) (46,198) (59,321) (32,920) (100,896) (18,244) (15,456) (997,690)

Total Current Liabilities (23,961,621) (83,603) (77,249) (55,170) (114,598) (71,769) (819,628) (113,410,684)

Net Assets Attributable to Redeemable Participating Unitholders at Mid Market Prices 2,823,709 8,364,218 11,345,859 – 10,709,244 27,978,359 26,160,066 6,474,944,409

****Global Credit Alpha Fund terminated on 30 June 2017. *****Global Income Fund launched on 29 March 2017. ******Finisterre Unconstrained Emerging Markets Fixed Income Fund launched on 2 May 2017. Signed on behalf of Principal Global Investors (Ireland) Limited on 24 January 2018. Director:______________________________ Director:_______________________________


99

GEF AEF EEF EMEF JEF PSF USEF HYF GPSF

Number of redeemable participating Units in issue A Class Income units in issue at end of year 97,099 40,785 51,955 – – 82,901,915 – 469,036 –

A Class Income (AUD hedged) units in issue at end of year – – – – – 36,280 – 37,264 –

A Class Income (EUR hedged) units in issue at end of year – – – – – 10,403,036 – – –

A Class Income (GBP hedged) units in issue at end of year – – – – – 4,530,983 – – –

A Class Income (SGD hedged) units in issue at end of year – – – – – 2,900,250 – – –

A Class Accumulation units in issue at end of year 61,524 53,566 142,696 28,773 8,077 26,962,413 15,813 1,514,220 –

A Class Accumulation (CHF hedged) units in issue at end of year – – – – – 1,431,235 – – –

A Class Accumulation (EUR hedged) units in issue at end of year – – – – – 12,145,199 – – –

A Class Accumulation (JPY hedged) units in issue at end of year – – – – – 233,930 – – –

A Class Accumulation (SGD hedged) units in issue at end of year – – – – – 198,240 – – –

I Class Income units in issue at end of year – – – – – 21,380,977 – – –

I Class Income (AUD hedged) units in issue at end of year – – – – – 15,447 – – –

I Class Income (CHF hedged) units in issue at end of year – – – – – 313,581 – – –

I Class Income (EUR hedged) units in issue at end of year – – – – – 7,589,240 – – –

I Class Income (GBP hedged) units in issue at end of year – – – – – 12,159,996 – – –

I Class Income (JPY hedged) units in issue at end of year – – – – – 5,053,140 – – 1,131,693 I Class Income (SGD hedged) units in issue at end of year – – – – – 1,336,054 – – –

I Class Accumulation units in issue at end of year 44,630 25,806 1,515,433 74,669 798,621 31,568,997 1,966,264 2,745,886 5,548,277 I Class Accumulation (AUD hedged) units in issue at end of year – – – – – 500 – – –

I Class Accumulation (BRL hedged) units in issue at end of year – – – – – – – 3,832,628 –

I Class Accumulation (CHF hedged) units in issue at end of year – – – – – 2,267,849 – – –

I Class Accumulation (EUR) units in issue at end of year – – 1,169,098 – – – – – –

I Class Accumulation (EUR hedged) units in issue at end of year – – – – – 44,491,220 – 978,097 –

I Class Accumulation (JPY) units in issue at end of year – – – – 597,350 – – – –

I Class Accumulation (JPY hedged) units in issue at end of year – – – – – 15,630,246 – – –

I Class Accumulation (SGD hedged) units in issue at end of year – – – – – 53,427 – – –

I Class Accumulation (USD hedged) units in issue at end of year – – – – – – – – 221,485 I2 Class Income units in issue at end of year – – – – – – – – 4,057,408 D Class Income units in issue at end of year – – – – – 31,922,529 – – –

D Class Accumulation units in issue at end of year – – – – – 15,267,330 – 412,236 –

D2 Class Income units in issue at end of year – – – – – 3,258,409 – – –

F Class Income units in issue at end of year – – – – – 6,642,546 – – –

F Class Accumulation units in issue at end of year – – – – – 3,136,154 – 345,663 38,935 F2 Class Accumulation units in issue at end of year 46,624 – – – 19,799 288,075 – – –

N Class Income units in issue at end of year – – – – – 8,979 – – –

N Class Accumulation (EUR hedged) units in issue at end of year – – – – – 20,605 – – –

N Class Accumulation (GBP hedged) units in issue at end of year – – – – – 9,032 – – –

P Class Income units in issue at end of year – – – – – 3,805,979 – – –

P Class Accumulation units in issue at end of year – – – – – 2,198,021 – – –


100

GEJF* GLTHY GTDARF GSCEF OGEMF OGEF** OGSCF LSGOF*** CLAF

Number of redeemable participating Units in issue A Class Income units in issue at end of year – 1,905,998 – – – – – – –

A Class Accumulation units in issue at end of year – 164,348 – 170,736 – – – – –

I Class Income units in issue at end of year – 150,053 – – – – – – –

I Class Income (EUR hedged) units in issue at end of year – 3,791,529 – – – – – – –

I Class Income (GBP hedged) units in issue at end of year – 2,178,016 – – – – – – –

I Class Accumulation units in issue at end of year – 9,373,546 284,078 453,209 8,229,583 – 2,628,374 – 1,621,607 I Class Accumulation (CHF hedged) units in issue at end of year – 44,329 – – – – – – –

I Class Accumulation (EUR hedged) units in issue at end of year – 15,653,514 – – – – – – –

I Class Accumulation (GBP) units in issue at end of year – – – – 431,322 – 1,837,375 – –

I Class Accumulation (GBP hedged) units in issue at end of year – 1,447,172 – – – – – – –

I Class Accumulation (JPY hedged) units in issue at end of year – 34,007,176 – – – – – – –

I Class Accumulation (SGD hedged) units in issue at end of year – 115,680 – – – – – – –

I2 Class Accumulation units in issue at end of year – 5,803,171 – – – – – – –

I2 Class Accumulation (EUR hedged) units in issue at end of year – 4,975,981 – – – – – – –

I2 Class Accumulation (GBP hedged) units in issue at end of year – 16,851,395 – – – – – – –

F2 Class Accumulation units in issue at end of year – – – – 170,741 – – – –

*Global Equity (ex-Japan) Fund terminated on 15 September 2017. **Origin Global Equity Fund terminated on 24 February 2017. ***Long/Short Global Opportunities Equity Fund terminated on 1 March 2017.


101

ba

FEMDF GCSF CSOF GCAF**** REDF GIF***** FUEMF******

Number of redeemable participating Units in issue A Class Income units in issue at end of year 50,000 – – – – – –

A Class Accumulation units in issue at end of year 43,185 1,000 – – – 1,000 –

I Class Income units in issue at end of year – – – – 584,476 – –

I Class Accumulation units in issue at end of year 133,105 669,967 1,000,000 – 459,249 2,627,131 365,376 I Class Accumulation (EUR hedged) units in issue at end of year 35,000 18,289 – – – – –

I Class Accumulation (GBP hedged) units in issue at end of year – – – – – – 155,870 I2 Class Accumulation units in issue at end of year – – – – – – 2,000,000 D Class Income units in issue at end of year – – – – – 1,000 –


PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF FINANCIAL POSITION as at 30 September 2016

102

GEF AEF EEF EMEF JEF PSF USEF HYF GPSF Current Assets: Note USD USD USD USD USD USD USD USD USD

Cash at Bank 4 1,588,637 162,816 21,765 216,523 256,631 135,154,790 1,118,720 6,139,310 2,724,238 Sale of Securities Receivable – 5,263 812,715 44,304 – 4,593,780 925,649 – 72,394 Investments in Securities at Fair Value (Mid Prices) 46,883,996 7,923,003 99,847,516 7,143,329 30,847,380 2,320,621,231 115,953,843 133,097,876 162,351,791 Dividends Receivable 55,895 8,380 66,861 2,510 251,369 538,783 56,107 – 483,526 Due from Unitholders – – 988 – 789,566 13,417,831 123 217 210,568 Unrealised Gain on Open Spot Currency Contracts – 13 1,419 211 – 6,906 – – 130 Unrealised Gain on Open Forward Foreign Currency Exchange Contracts – – – – – 3,393,824 – 617,621 195,817 Other Assets 5,982 66,712 – 93,707 15,206 – 2,955 13,013 11,493

Total Current Assets 48,534,510 8,166,187 100,751,264 7,500,584 32,160,152 2,477,727,145 118,057,397 139,868,037 166,049,957

Current Liabilities: Management Fees Payable 7 (43,274) (9,103) (90,505) (6,786) (25,871) (1,494,589) (98,159) (98,496) (118,603) Administration Fees Payable 7 (1,016) (778) (2,019) (262) (45) (151,165) (87) (5,600) (30) Trustee and Depositary

1 Fees Payable 7 (3,234) (673) (9,286) (2,186) (2,217) (130,075) (8,103) (9,047) (10,570)

Sub-Custoday Fees Payable 7 (8,322) (75,951) (25,491) (48,285) (44,134) (42,805) (11,578) (9,533) (33,538) Audit Fees Payable (6,932) (6,932) (6,932) (6,932) (6,932) (15,349) (6,932) (15,539) (7,997) Due to Unitholders (15,641) (33,262) (42,000) (96) (1,019,829) (11,887,839) (720,150) (68,240) –

Purchase of Securities Payable (134,224) (72,253) – (67,144) (640,566) (47,694,610) – (810,000) (2,587) Unrealised Loss on Open Spot Currency Contracts (3) (1) (178) (19) (22) (5,073) (463) – (293) Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – – – – – (5,627,972) – (36,840) (78,648) Other Payables (40,212) (31,296) (50,824) (28,479) (28,697) (93,714) (29,074) (22,386) (39,680)

Total Current Liabilities (252,858) (230,249) (227,235) (160,189) (1,768,313) (67,143,191) (874,546) (1,075,681) (291,946)

Net Assets Attributable to Redeemable Participating Unitholders at Mid Market Prices 48,281,652 7,935,938 100,524,029 7,340,395 30,391,839 2,410,583,954 117,182,851 138,792,356 165,758,011

1Custodian (until 17 March 2016) and Depositary (from 18 March 2016).


103

GEJF GLTHY GTDARF EEIF* GSCEF OGEMF OGEF OGSCF LSGOF Current Assets: Note USD USD USD USD USD USD USD USD USD

Cash at Bank 4 876,615 9,067,269 684,268 70,395 166,683 895,602 426,511 1,976,657 472,367 Margin Cash Receivable 4 – – – – – – – – 21,142 Sale of Securities Receivable – 11,419,424 – – 87,672 5,044 – 4,612,265 225 Investments in Securities at Fair Value (Mid Prices) 63,391,044 857,595,659 3,996,788 – 17,498,134 95,026,728 15,719,084 56,355,700 6,300,584 Securities Pledged as Collateral – – – – – – – – 350,147 Dividends Receivable 52,907 – – – 21,895 72,797 12,585 91,990 8,158 Unrealised Gain on Open Spot Currency Contracts – – – – 425 – – 6 –

Unrealised Gain on Open Forward Foreign Currency Exchange Contracts – 2,878,929 149,658 – – – – – –

Unrealised Gain on Open Future Contracts – – – – – – – – 45,940 Market Value Gain on Option Contracts – – 8,822 – – – – – –

Other Assets – – 28,127 – 25,661 2,640 10,241 3,066 50,092

Total Current Assets 64,320,566 880,961,281 4,867,663 70,395 17,800,470 96,002,811 16,168,421 63,039,684 7,248,655

Current Liabilities: Management Fees Payable 7 (52,778) (460,339) (5,734) – (16,551) (78,340) (77,450) (46,824) (5,869) Administration Fees Payable 7 – (2,862) – – (472) (1) – – –

Performance Fees Payable 7 – – (7,236) – – – – – –

Trustee and Depositary1 Fees Payable 7 (3,929) (50,918) – (3,890) – (23,297) (376) (3,906) (3,410)

Sub-Custoday Fees Payable 7 (16,536) (9,275) (6,224) (4,902) (14,527) (21,798) (7,798) (26,410) (17,070) Audit Fees Payable (11,744) (10,505) (11,632) (6,927) (6,932) (6,932) (6,932) (7,996) (6,932) Due to Unitholders – – – – – – – – –

Purchase of Securities Payable – (19,396,043) (1,473) – – – – (5,228,724) (17,808) Unrealised Loss on Open Spot Currency Contracts (1) – – – (1) (3) – (968) –

Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – (6,973,130) (161,396) – – – – – –

Unrealised Loss on Open Future Contracts – – – – – – – – (2,040) Other Payables (32,059) (32,309) (32,452) (54,676) (34,792) (33,322) (34,250) (40,278) (47,374)

Total Current Liabilities (117,047) (26,935,381) (226,147) (70,395) (73,275) (163,693) (126,806) (5,355,106) (100,503)

Net Assets Attributable to Redeemable Participating Unitholders at Mid Market Prices 64,203,519 854,025,900 4,641,516 – 17,727,195 95,839,118 16,041,615 57,684,578 7,148,152

*EDGE Small/Mid-Cap Equity Income Fund terminated on 31 May 2016.



104

CLAF FEMDF GCSF SDHY** CSOF GCAF REDF*** Total Current Assets: Note USD USD USD USD USD USD USD USD

Cash at Bank 4 357,029 13,804,394 604,526 63,262 242,270 915,245 17,838 178,024,361 Cash Collateral 4 – 45,980,000 – – – – – 45,980,000 Margin Cash Receivable 4 – 10,648,939 38,303 – 16,723 80,490 – 10,805,597 Sale of Securities Receivable 151,774 48,501,555 – – – 30,600 – 71,262,664 Investments in Securities at Fair Value (Mid Prices) 11,979,391 241,092,666 24,043,018 – 10,447,489 7,954,557 9,559,670 4,345,630,477 Securities Pledged as Collateral – – – – – – – 350,147 Dividends Receivable 12,483 – – – – – – 1,736,246 Due from Unitholders – 30,808,709 – – – – – 45,228,002 Unrealised Gain on Open Spot Currency Contracts – 215,799 – – – – – 224,909 Unrealised Gain on Open Forward Foreign Currency Exchange Contracts – 28,350,134 27,611 – 4 508 – 35,614,106 Unrealised Gain on Open Future Contracts – 463,841 4,474 – 1,406 547 – 516,208 Market Value Gain on Swap Contracts – 10,940,259 – – – – – 10,940,259 Market Value Gain on Option Contracts – 5,856,095 131,016 – – – – 5,995,933 Other Assets 52,932 20,973 47,528 – 43,132 30,159 45,031 568,650

Total Current Assets 12,553,609 436,683,364 24,896,476 63,262 10,751,024 9,012,106 9,622,539 4,752,877,559

Current Liabilities: Bank Overdraft 4 – (522,908) – – – – – (522,908) Management Fees Payable 7 (10,189) (243,498) (14,245) – (5,722) (4,458) (4,279) (3,011,662) Administration Fees Payable 7 – (286) (1) – – – – (164,624) Performance Fees Payable 7 – (109,023) – – – – – (116,259) Trustee and Depositary

1 Fees Payable 7 (3,319) (37,003) – – – – (651) (306,090)

Sub-Custoday Fees Payable 7 (45,386) (13,982) (3,191) (1,807) (5,000) (5,355) – (498,898) Audit Fees Payable (6,934) (19,464) (14,231) (10,459) (10,503) (10,481) (11,254) (240,335) Due to Unitholders – – – – – – – (13,787,057) Purchase of Securities Payable (93,249) (71,147,056) – – – (528,767) – (145,834,504) Unrealised Loss on Open Spot Currency Contracts – (70,937) – – – – – (77,962) Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – (25,964,400) (116,995) – (1) (1) – (38,959,383) Unrealised Loss on Forward Rate Agreements – (278,642) – – – – – (278,642) Unrealised Loss on Open Future Contracts – (347,280) – – (2,570) (2,857) – (354,747) Market Value Loss on Swap Contracts – (17,031,300) – – – (37,416) – (17,068,716) Market Value Loss on Option Contracts – (6,312,659) (79,219) – – – – (6,391,878) Other Payables (36,018) (119,891) (39,175) (50,996) (31,970) (26,955) (63,617) (1,074,496)

Total Current Liabilities (195,095) (122,218,329) (267,057) (63,262) (55,766) (616,290) (79,801) (228,688,161)

Net Assets Attributable to Redeemable Participating Unitholders at Mid Market Prices 12,358,514 314,465,035 24,629,419 – 10,695,258 8,395,816 9,542,738 4,524,189,398

**Global Short Duration High Yield Fund terminated on 1 July 2016. ***Real Estate Debt Fund launched on 21 March 2016.



105


Number of redeemable participating Units in issue A Class Income units in issue at end of year 105,017 79,657 76,837 – – 29,110,096 – 223,900 –

A Class Income (AUD hedged) units in issue at end of year – – – – – – – 42,816 –

A Class Income (EUR hedged) units in issue at end of year – – – – – 607,697 – – –

A Class Income (GBP hedged) units in issue at end of year – – – – – 836,374 – – –

A Class Accumulation units in issue at end of year 81,326 102,980 172,357 55,359 104,357 10,178,468 31,510 1,721,874 –

A Class Accumulation (CHF hedged) units in issue at end of year – – – – – 239,899 – – –

A Class Accumulation (EUR hedged) units in issue at end of year – – – – – 5,353,421 – – –

A Class Accumulation (JPY hedged) units in issue at end of year – – – – – 17,422 – – –

I Class Income units in issue at end of year – – – – – 10,051,034 – – –

I Class Income (EUR hedged) units in issue at end of year – – – – – 3,381,441 – – –

I Class Income (GBP hedged) units in issue at end of year – – – – – 8,081,961 – – –

I Class Income (JPY hedged) units in issue at end of year – – – – – 4,627,637 – – 1,131,693 I Class Accumulation units in issue at end of year 1,929,944 27,801 2,041,436 104,992 1,134,032 19,325,092 3,214,442 2,646,725 3,552,892 I Class Accumulation (BRL hedged) units in issue at end of year – – – – – – – 2,434,372 –

I Class Accumulation (CHF hedged) units in issue at end of year – – – – – 132,834 – – –

I Class Accumulation (EUR) units in issue at end of year – – 2,307,774 – – – – – –

I Class Accumulation (EUR hedged) units in issue at end of year – – – – – 25,646,596 – 559,185 –

I Class Accumulation (GBP) units in issue at end of year – – – – – – 1,521,666 – –

I Class Accumulation (JPY) units in issue at end of year – – – – 1,354,059 – – – –

I Class Accumulation (JPY hedged) units in issue at end of year – – – – – 15,052,976 – – –

I Class Accumulation (USD hedged) units in issue at end of year – – – – – – – – 1,235,006 I2 Class Income units in issue at end of year – – – – – – – – 3,983,759 D Class Income units in issue at end of year – – – – – 26,300,866 – – –

D Class Accumulation units in issue at end of year – – – – – 9,970,842 – 1,200,095 –

D2 Class Income units in issue at end of year – – – – – 103,581 – – –

F Class Income units in issue at end of year – – – – – 6,286,733 – – –

F Class Accumulation units in issue at end of year – – – – – 3,017,617 – 124,119 36,352 F2 Class Accumulation units in issue at end of year 6,670 – – – 5,245 151,016 – – –

N Class Income units in issue at end of year – – – – – 4,185 – – –

P Class Income units in issue at end of year – – – – – 3,156,274 – – –

P Class Accumulation units in issue at end of year – – – – – 1,782,525 – – –


106

GEJF GLTHY GTDARF EEIF* GSCEF OGEMF OGEF OGSCF LSGOF

Number of redeemable participating Units in issue A Class Income units in issue at end of year – 1,884,248 – – – – – – –

A Class Accumulation units in issue at end of year – 291,181 – – 250,125 – – – –

I Class Income (EUR hedged) units in issue at end of year – 2,126,984 – – – – – – –

I Class Income (GBP hedged) units in issue at end of year – 2,541,090 – – – – – – –

I Class Accumulation units in issue at end of year 3,321,494 1,330,196 464,015 – 874,622 9,123,108 – 2,592,605 750,000 I Class Accumulation (CHF hedged) units in issue at end of year – 66,744 – – – – – – –

I Class Accumulation (EUR hedged) units in issue at end of year – 24,307,639 – – – – – – –

I Class Accumulation (GBP) units in issue at end of year – – – – – 69,262 1,237,633 1,600,148 –

I Class Accumulation (GBP hedged) units in issue at end of year – 1,235,572 – – – – – – –

I Class Accumulation (JPY) units in issue at end of year 369,891 – – – – – – – –

I Class Accumulation (JPY hedged) units in issue at end of year – 28,992,090 – – – – – – –

I Class Accumulation (SGD hedged) units in issue at end of year – 111,541 – – – – – – –

I2 Class Accumulation units in issue at end of year – 5,645,369 – – – – – – –

I2 Class Accumulation (EUR hedged) units in issue at end of year – 4,076,817 – – – – – – –

I2 Class Accumulation (GBP hedged) units in issue at end of year – 14,521,902 – – – – – – –

F2 Class Accumulation units in issue at end of year – – – – – 2,185 – – –



107

CLAF FEMDF GCSF SDHY** CSOF GCAF REDF***

Number of redeemable participating Units in issue A Class Income units in issue at end of year – 50,000 – – – – –

A Class Accumulation units in issue at end of year – 151,785 1,000 – – – –

A Class Accumulation (CHF hedged) units in issue at end of year – 1,040 – – – – –

A Class Accumulation (EUR hedged) units in issue at end of year – 88,892 – – – – –

A Class Accumulation (GBP hedged) units in issue at end of year – 1,487 – – – – –

A Class Accumulation (SGD hedged) units in issue at end of year – 731 – – – – –

I Class Income units in issue at end of year – – – – – – 454,808 I Class Accumulation units in issue at end of year 1,621,607 4,561,882 1,000,000 – 1,001,473 745,725 447,917 I Class Accumulation (EUR hedged) units in issue at end of year – – 1,295,409 – – – –

I Class Accumulation (GBP hedged) units in issue at end of year – 1,487 – – – – –

I2 Class Income (EUR hedged) units in issue at end of year – 31,508,853 – – – – –


PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF COMPREHENSIVE INCOME


108

GEF AEF EEF EMEF JEF PSF USEF HYF GPSF Notes USD USD USD USD USD USD USD USD USD Income 0 Dividend Income 2 337,020 157,266 2,406,275 159,656 475,168 19,742,933 1,583,720 807 5,711,161 Deposit Interest 0 371 – 25 760 – 16,273 1,147 84,687 13,336 Other Income 0 726 188 2,046 88 675 7,421 2,212 3,080 1,955 Net Gain/(Loss) on investment activities 2 1,052,724 1,329,990 16,721,067 1,449,217 2,479,652 284,332,421 11,850,080 19,620,497 426,967

Total investment income and Net gain/(loss) 0 1,390,841 1,487,444 19,129,413 1,609,721 2,955,495 304,099,048 13,437,159 19,709,071 6,153,419

0 Expenses 0 Management Fees 7 (198,838) (86,511) (806,639) (65,008) (172,081) (24,183,005) (576,556) (1,245,274) (1,234,338) Administration Fees 7 (12,232) (7,305) (23,476) (2,613) (517) (2,543,283) (656) (69,804) (630) Trustee and Depositary Fees 7 (3,521) (1,447) (19,231) (1,463) (4,603) (699,501) (15,533) (34,424) (37,170) Sub-Custody Fees 7 (53,430) (32,911) (93,418) (33,269) (99,706) (153,658) (32,760) (28,239) (127,065) Audit Fees 0 (10,499) (10,497) (10,498) (17,227) (10,499) (18,254) (10,499) (16,896) (11,796) Other Expenses 0 (71,111) (69,224) (74,092) (113,535) (60,429) (146,910) (54,550) (68,251) (77,005) Rebate to the Fund due to capping 7 56,837 69,659 – 117,511 38,845 – – – –

Total operating expenses 0 (292,794) (138,236) (1,027,354) (115,604) (308,990) (27,744,611) (690,554) (1,462,888) (1,488,004)

0 Net Income and Net gain/(loss) 0 1,098,047 1,349,208 18,102,059 1,494,117 2,646,505 276,354,437 12,746,605 18,246,183 4,665,415 0 Finance Costs Bank Interest 0 (104) (12) (49) (20) (78) (2,577) – (10,625) (35) Distributions 6 – – (55,169) – – (48,809,409) – (167,234) (1,090,682)

Gain/(Loss) for the period before taxation 0 1,097,943 1,349,196 18,046,841 1,494,097 2,646,427 227,542,451 12,746,605 18,068,324 3,574,698

0 Withholding Tax on dividends 2, 3 (71,296) (17,765) (397,790) (21,473) (71,655) (27,779) (436,687) (242) (1,296,605) Withholding Tax on coupon income 2, 3 – – – – – (1,389,167) – (25,089) –

0 Increase/(Decrease) in Net Assets Attributable to Redeemable

Participating Unitholders at Mid Market Prices 0 1,026,647 1,331,431 17,649,051 1,472,624 2,574,772 226,125,505 12,309,918 18,042,993 2,278,093

0

Except for the Global Equity (ex-Japan) Fund, Origin Global Equity Fund, Long/Short Global Opportunities Equity Fund and the Global Credit Alpha Fund which have terminated, gains and losses arose solely from continuing investment activities. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income.



109

GEJF* GLTHY GTDARF GSCEF OGEMF OGEF** OGSCF LSGOF*** CLAF Notes USD USD USD USD USD USD USD USD USD Income 0 Dividend Income 2 1,344,312 – – 265,210 2,866,219 69,265 1,320,372 48,375 362,925 Deposit Interest 0 1,166 938,918 – 3 9 – 5 – –

Other Income 0 1,979 4,168 7,466 298 2,069 1,868 2,136 1,884 312 Net Gain/(Loss) on investment activities 2 8,519,586 17,606,610 (1,699,126) 2,228,894 22,975,829 1,281,599 14,180,509 22,844 2,318,433

Total investment income and Net gain/(loss) 0 9,867,043 18,549,696 (1,691,660) 2,494,405 25,844,126 1,352,732 15,503,022 73,103 2,681,670

0 Expenses 0 Management Fees 7 (456,758) (5,697,310) (213,886) (127,092) (848,190) (45,445) (553,083) (26,711) (132,939) Administration Fees 7 – (32,735) – (4,570) (647) – – – –

Trustee and Depositary Fees 7 (13,598) (194,317) (979) (2,894) (21,164) (3,910) (13,951) (645) (2,925) Sub-Custody Fees 7 (49,432) (43,072) (14,482) (44,792) (81,143) (13,598) (14,291) (14,691) (63,610) Audit Fees 0 (12,627) (12,448) (16,984) (10,499) (10,498) (6,505) (11,800) (6,576) (10,499) Other Expenses 0 (38,236) (109,932) (52,875) (59,081) (61,225) (13,637) (51,788) (52,908) (52,838) Rebate to the Fund due to capping 7 666 – 38,109 49,531 – 5,616 – 38,551 43,070

Total operating expenses 0 (569,985) (6,089,814) (261,097) (199,397) (1,022,867) (77,479) (644,913) (62,980) (219,741)

0 Net Income and Net gain/(loss) 0 9,297,058 12,459,882 (1,952,757) 2,295,008 24,821,259 1,275,253 14,858,109 10,123 2,461,929 0 Finance Costs Bank Interest 0 (1) (277) (851) (14) (28) (7) (3) (45) (44) Distributions 6 – (2,220,409) – – – – – – –

Gain/(Loss) for the period before taxation 0 9,297,057 10,239,196 (1,953,608) 2,294,994 24,821,231 1,275,246 14,858,106 10,078 2,461,885

0 Withholding Tax on dividends 2, 3 (298,305) – – (28,906) (341,635) (16,447) (241,701) (10,730) (58,611) Withholding Tax on coupon income 2, 3 – (90,051) – – – – (506) – –


Participating Unitholders at Mid Market Prices 0 8,998,752 10,149,145 (1,953,608) 2,266,088 24,479,596 1,258,799 14,615,899 (652) 2,403,274

0

*Global Equity (ex-Japan) Fund terminated on 15 September 2017. **Origin Global Equity Fund terminated on 24 February 2017. ***Long/Short Global Opportunities Equity Fund terminated on 1 March 2017. Except for the Global Equity (ex-Japan) Fund, Origin Global Equity Fund, Long/Short Global Opportunities Equity Fund and the Global Credit Alpha Fund which have terminated, gains and losses arose solely from continuing investment activities. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income.



110

FEMDF GCSF CSOF GCAF**** REDF GIF***** FUEMF****** Total Notes USD USD USD USD USD USD USD USD Income 0 Dividend Income 2 113,883 – – – – 178,629 – 37,143,196 Deposit Interest 0 43,566 – 11 2 1 4 67 1,100,351 Other Income 0 1,074 296 246 2,585 – 2,175 1,773 48,720 Net Gain/(Loss) on investment activities 2 17,169,512 2,238,390 799,219 373,495 144,341 1,653,277 1,060,082 430,136,109

Total investment income and Net gain/(loss) 0 17,328,035 2,238,686 799,476 376,082 144,342 1,834,085 1,061,922 468,428,376

0 Expenses 0 Management Fees 7 (3,017,609) (143,137) (70,524) (41,576) (53,473) (101,742) (63,822) (40,161,547) Administration Fees 7 (3,935) (15) – – – (15) – (2,702,433) Performance Fees 7 (1,900,526) – – – – – – (1,900,526) Trustee and Depositary Fees 7 (59,936) (4,496) (2,387) (3,481) (2,139) (2,983) (2,248) (1,148,946) Sub-Custody Fees 7 (218,514) (25,637) (17,631) (21,419) (16,324) (8,952) (18,072) (1,320,116) Audit Fees 0 (39,121) (21,524) (13,092) (23,529) (9,979) (13,925) (12,651) (348,922) Listing Expense 0 – – – – (30,525) (8,160) (6,652) (45,337) Other Expenses 0 (109,442) (60,937) (68,103) (24,684) (80,145) (23,946) (19,521) (1,614,405) Rebate to the Fund due to capping 7 26,309 91,695 73,778 91,611 106,056 23,530 21,725 893,099

Total operating expenses 0 (5,322,774) (164,051) (97,959) (23,078) (86,529) (136,193) (101,241) (48,349,133)

0 Net Income and Net gain/(loss) 0 12,005,261 2,074,635 701,517 353,004 57,813 1,697,892 960,681 420,079,243 0 Finance Costs Bank Interest 0 (70,006) (274) – (4) – (38) (10) (85,102) Distributions 6 (2,105,430) – – – (306,483) (238) – (54,755,054)

Gain/(Loss) for the period before taxation 0 9,829,825 2,074,361 701,517 353,000 (248,670) 1,697,616 960,671 365,239,087

0 Withholding Tax on dividends 2, 3 – – – – – (38,495) – (3,376,122) Withholding Tax on coupon income 2, 3 (37,989) 13,233 (34,330) (1,467) – (762) (12,552) (1,578,680) 0 Increase/(Decrease) in Net Assets Attributable to Redeemable

Participating Unitholders at Mid Market Prices 0 9,791,836 2,087,594 667,187 351,533 (248,670) 1,658,359 948,119 360,284,285

0

****Global Credit Alpha Fund terminated on 30 June 2017. *****Global Income Fund launched on 29 March 2017. ******Finisterre Unconstrained Emerging Markets Fixed Income Fund launched on 2 May 2017. Except for the Global Equity (ex-Japan) Fund, Origin Global Equity Fund, Long/Short Global Opportunities Equity Fund and the Global Credit Alpha Fund which have terminated, gains and losses arose solely from continuing investment activities. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income.

Signed on behalf of Principal Global Investors (Ireland) Limited on 24 January 2018.

Director: ______________________________ Director:_______________________________



111

GEF AEF EEF EMEF JEF PSF USEF HYF GPSF Notes USD USD USD USD USD USD USD USD USD Income 0 Dividend Income 2 1,318,495 193,636 3,693,087 190,106 770,444 21,732,168 3,006,891 – 5,220,324 Deposit Interest 0 79 – 2 – – – 3,736 31,889 –

Other Income 0 5,057 3,113 4,429 3,839 4,016 10,976 4,455 6,060 4,576 Net Gain/(Loss) on investment activities 2 2,478,139 969,376 477,122 716,506 2,704,121 160,948,932 8,382,077 20,286,948 14,204,716

Total investment income and Net gain/(loss) 0 3,801,770 1,166,125 4,174,640 910,451 3,478,581 182,692,076 11,397,159 20,324,897 19,429,616

0 Expenses 0 Management Fees 7 (586,222) (106,714) (1,175,582) (89,416) (296,571) (15,565,284) (1,364,901) (1,145,726) (1,187,427) Administration Fees 7 (14,214) (8,799) (20,437) (2,490) (562) (1,567,780) (864) (69,871) (152) Trustee and Depositary

1 Fees 7 (10,986) (1,571) (21,516) (1,553) (6,082) (272,937) (24,910) (24,668) (27,080)

Sub-Custody Fees 7 (65,106) (38,360) (64,506) (37,860) (98,952) (139,336) (25,505) (34,786) (126,458) Audit Fees 0 (12,322) (12,322) (12,322) (12,322) (12,322) (19,173) (12,322) (18,685) (13,081) Other Expenses 0 (71,675) (78,620) (50,006) (104,511) (67,367) (251,834) (83,057) (101,026) (104,672) Rebate to the Fund due to capping 7 4,331 76,321 – 101,586 31,203 – 2,955 4,415 6,011

Total operating expenses 0 (756,194) (170,065) (1,344,369) (146,566) (450,653) (17,816,344) (1,508,604) (1,390,347) (1,452,859)

0 Net Income and Net gain/(loss) 0 3,045,576 996,060 2,830,271 763,885 3,027,928 164,875,732 9,888,555 18,934,550 17,976,757 0 Finance Costs Bank Interest 0 (24) (6) (1,035) (18) (7) (1,201) – (3,575) (288) Distributions 6 (719) – (43,366) – – (37,586,083) – (113,370) (722,450)

Gain/(Loss) for the period before taxation 0 3,044,833 996,054 2,785,870 763,867 3,027,921 127,288,448 9,888,555 18,817,605 17,254,019

0 Withholding Tax on dividends 2, 3 (271,489) (21,834) (284,669) (25,529) (116,287) 30,332 (836,609) – (1,232,475) Withholding Tax on coupon income 2, 3 – – – – – (356,205) – (16,801) –


Participating Unitholders at Mid Market Prices 0 2,773,344 974,220 2,501,201 738,338 2,911,634 126,962,575 9,051,946 18,800,804 16,021,544

0


Except for the EDGE Small/Mid-Cap Equity Fund and the Global Short Duration High Yield Fund which have terminated, gains and losses arose solely from continuing investment activities. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income.



112

GEJF GLTHY GTDARF EEIF* GSCEF OGEMF OGEF OGSCF LSGOF Notes USD USD USD USD USD USD USD USD USD Income 0 Dividend Income 2 1,695,243 121,667 – 129,054 456,913 1,604,871 246,484 918,174 179,230 Deposit Interest 0 219 590,931 – – 1,373 4 – 1,017 –

Other Income 0 4,710 8,798 4,531 1,841 4,711 21,544 3,773 4,198 4,162 Net Gain/(Loss) on investment activities 2 3,271,571 63,767,937 577,688 627,406 2,080,694 9,854,994 300,786 4,182,152 (570,809)

Total investment income and Net gain/(loss) 0 4,971,743 64,489,333 582,219 758,301 2,543,691 11,481,413 551,043 5,105,541 (387,417)

0 Expenses 0 Management Fees 7 (631,174) (4,578,801) (59,938) (38,947) (230,230) (653,439) (99,660) (498,669) (75,184) Administration Fees 7 – (15,181) – (2,483) (5,417) (4) – – –

Performance Fees 7 – – (7,236) – – – – – –

Trustee and Depositary1 Fees 7 (12,902) (102,101) (15,416) (18,037) (14,184) (22,967) (10,558) (13,401) (9,306)

Sub-Custody Fees 7 (55,183) (35,912) (17,539) (14,936) (57,861) (66,980) (21,076) (49,963) (37,068) Audit Fees 0 (12,322) (15,214) (16,104) (12,317) (12,322) (12,322) (12,326) (13,182) (12,325) Other Expenses 0 (16,538) (133,395) (66,279) (70,979) (75,593) (82,075) (58,654) (70,842) (90,797) Rebate to the Fund due to capping 7 – – 83,687 105,614 52,182 4,310 44,741 6,348 87,692

Total operating expenses 0 (728,119) (4,880,604) (98,825) (52,085) (343,425) (833,477) (157,533) (639,709) (136,988)

0 Net Income and Net gain/(loss) 0 4,243,624 59,608,729 483,394 706,216 2,200,266 10,647,936 393,510 4,465,832 (524,405) 0 Finance Costs Bank Interest 0 (6) (301) (62) (2) (3) (11) (13) (4) (93) Distributions 6 – (411,437) – – – – – – –

Gain/(Loss) for the period before taxation 0 4,243,618 59,196,991 483,332 706,214 2,200,263 10,647,925 393,497 4,465,828 (524,498)

0 Withholding Tax on dividends 2, 3 (348,828) – – (28,820) (89,256) (196,389) (44,829) (133,695) (35,981) Withholding Tax on coupon income 2, 3 – (116,256) – – – – – – –


Participating Unitholders at Mid Market Prices 0 3,894,790 59,080,735 483,332 677,394 2,111,007 10,451,536 348,668 4,332,133 (560,479)

0






113

CLAF FEMDF GCSF SDHY** CSOF GCAF REDF*** Total Notes USD USD USD USD USD USD USD USD Income 0 Dividend Income 2 328,459 – – – – – – 41,805,246 Deposit Interest 0 4 2,860 – – – 2,595 – 634,709 Other Income 0 3,934 7,041 4,703 2,399 5,409 4,213 – 132,488 Net Gain/(Loss) on investment activities 2 3,111,666 16,545,131 1,651,203 349,956 563,253 545,692 581,745 318,609,002

Total investment income and Net gain/(loss) 0 3,444,063 16,555,032 1,655,906 352,355 568,662 552,500 581,745 361,181,445

0 Expenses 0 Management Fees 7 (116,931) (3,780,192) (159,876) (39,508) (67,598) (56,373) (25,894) (32,630,257) Administration Fees 7 – (3,103) (2) – – – – (1,711,359) Performance Fees 7 – (109,207) – – – – – (116,443) Trustee and Depositary

1 Fees 7 (9,188) (57,722) (4,688) (3,715) (2,133) (1,635) (989) (690,245)

Sub-Custody Fees 7 (58,692) (137,982) (16,286) (8,951) (16,635) (16,486) (1,000) (1,243,419) Audit Fees 0 (12,327) (22,487) (18,260) (15,169) (15,218) (15,277) (16,065) (358,108) Listing Expense 0 – – – – – – (16,185) (16,185) Other Expenses 0 (68,203) (152,177) (105,009) (105,661) (107,092) (68,552) (55,574) (2,240,188) Rebate to the Fund due to capping 7 58,988 – 116,760 141,132 110,068 86,915 76,741 1,202,000

Total operating expenses 0 (206,353) (4,262,870) (187,361) (31,872) (98,608) (71,408) (38,966) (37,804,204)

0 Net Income and Net gain/(loss) 0 3,237,710 12,292,162 1,468,545 320,483 470,054 481,092 542,779 323,377,241 0 Finance Costs Bank Interest 0 (61) (85,939) (2,609) (208) (14) – (41) (95,521) Distributions 6 – (457,579) – – – – (71,039) (39,406,043)

Gain/(Loss) for the period before taxation 0 3,237,649 11,748,644 1,465,936 320,275 470,040 481,092 471,699 283,875,677

0 Withholding Tax on dividends 2, 3 (25,023) – – – – – – (3,661,381) Withholding Tax on coupon income 2, 3 – (53,379) (11,206) 493 (21,543) (1,652) – (576,549) 0 Increase/(Decrease) in Net Assets Attributable to Redeemable

Participating Unitholders at Mid Market Prices 0 3,212,626 11,695,265 1,454,730 320,768 448,497 479,440 471,699 279,637,747

0




PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF MOVEMENT IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING UNITHOLDERS


114


USD USD USD USD USD USD USD USD USD

Net Assets Attributable to Redeemable Participating Unitholders at the start of the year 48,281,652 7,935,938 100,524,029 7,340,395 30,391,839 2,410,583,954 117,182,851 138,792,356 165,758,011

Movement due to sales and repurchases of units Add: Amounts received on creation of units 1,789,360 26,486 3,762,483 75,609 18,918,572 3,291,479,605 1,113,317 71,787,297 75,173,992 Less: Amounts paid on cancellation of units (41,566,622) (3,344,961) (39,219,532) (2,872,324) (33,602,229) (1,299,762,582) (72,593,344) (56,649,391) (33,665,225) Increase/(Decrease) in Net Assets Attributable to Redeemable Participating Unitholders resulting from operations 1,026,647 1,331,431 17,649,051 1,472,624 2,574,772 226,125,505 12,309,918 18,042,993 2,278,093 Net Assets Attributable to Redeemable 0

Participating Unitholders at the end of the year 0 9,531,037 5,948,894 82,716,031 6,016,304 18,282,954 4,628,426,482 58,012,742 171,973,255 209,544,871



115

GEJF* GLTHY GTDARF GSCEF OGEMF OGEF** OGSCF LSGOF*** CLAF


Net Assets Attributable to Redeemable Participating Unitholders at the start of the year 64,203,519 854,025,900 4,641,516 17,727,195 95,839,118 16,041,615 57,684,578 7,148,152 12,358,514

Movement due to sales and repurchases of units Add: Amounts received on creation of units 161,106 392,962,479 340,000 371,172 7,613,649 381,657 3,784,979 – 671,900 Less: Amounts paid on cancellation of units (73,363,377) (283,034,257) (415,560) (8,659,908) (10,124,703) (17,682,071) – (7,147,500) (636,582) Increase/(Decrease) in Net Assets Attributable to Redeemable Participating Unitholders resulting from operations 8,998,752 10,149,145 (1,953,608) 2,266,088 24,479,596 1,258,799 14,615,899 (652) 2,403,274 Net Assets Attributable to Redeemable 0

Participating Unitholders at the end of the year 0 – 974,103,267 2,612,348 11,704,547 117,807,660 – 76,085,456 – 14,797,106




116

FEMDF GCSF CSOF GCAF**** REDF GIF***** FUEMF****** Total

USD USD USD USD USD USD USD USD

Net Assets Attributable to Redeemable Participating Unitholders at the start of the year 314,465,035 24,629,419 10,695,258 8,395,816 9,542,738 – – 4,524,189,398

Movement due to sales and repurchases of units Add: Amounts received on creation of units 272,049,178 334,908 52,880 – 1,415,176 27,188,000 25,211,947 4,196,665,752 Less: Amounts paid on cancellation of units (593,482,340) (18,687,703) (69,466) (8,747,349) – (868,000) – (2,606,195,026) Increase/(Decrease) in Net Assets Attributable to Redeemable Participating Unitholders resulting from operations 9,791,836 2,087,594 667,187 351,533 (248,670) 1,658,359 948,119 360,284,285 Net Assets Attributable to Redeemable 0

Participating Unitholders at the end of the year 0 2,823,709 8,364,218 11,345,859 – 10,709,244 27,978,359 26,160,066 6,474,944,409




117



Net Assets Attributable to Redeemable Participating Unitholders at the start of the year 54,469,110 7,689,861 104,283,643 8,464,840 22,737,842 1,760,276,776 135,447,043 127,317,424 99,999,375

Movement due to sales and repurchases of units Add: Amounts received on creation of units 4,885,582 18,736 20,164,283 418,814 37,144,382 1,147,068,025 7,999,213 35,444,737 85,479,534 Less: Amounts paid on cancellation of units (13,846,384) (746,879) (26,425,098) (2,281,597) (32,402,019) (623,723,422) (35,315,351) (42,770,609) (35,742,442) Increase/(Decrease) in Net Assets Attributable to Redeemable Participating Unitholders resulting from operations 2,773,344 974,220 2,501,201 738,338 2,911,634 126,962,575 9,051,946 18,800,804 16,021,544 Net Assets Attributable to Redeemable 0

Participating Unitholders at the end of the year 0 48,281,652 7,935,938 100,524,029 7,340,395 30,391,839 2,410,583,954 117,182,851 138,792,356 165,758,011



118

GEJF GLTHY GTDARF EEIF* GSCEF OGEMF OGEF OGSCF LSGOF


Net Assets Attributable to Redeemable Participating Unitholders at the start of the year 60,247,344 555,382,502 4,058,191 4,641,990 21,096,242 53,274,246 15,453,227 35,371,264 7,708,631

Movement due to sales and repurchases of units Add: Amounts received on creation of units 5,236,329 467,485,348 385,426 556 1,201,705 32,301,122 250,627 22,914,208 –

Less: Amounts paid on cancellation of units (5,174,944) (227,922,685) (285,433) (5,319,940) (6,681,759) (187,786) (10,907) (4,933,027) –

Increase/(Decrease) in Net Assets Attributable to Redeemable Participating Unitholders resulting from operations 3,894,790 59,080,735 483,332 677,394 2,111,007 10,451,536 348,668 4,332,133 (560,479) Net Assets Attributable to Redeemable 0

Participating Unitholders at the end of the year 0 64,203,519 854,025,900 4,641,516 – 17,727,195 95,839,118 16,041,615 57,684,578 7,148,152




119

CLAF FEMDF GCSF SDHY** CSOF GCAF REDF*** Total

USD USD USD USD USD USD USD USD

Net Assets Attributable to Redeemable Participating Unitholders at the start of the year 11,495,853 463,144,668 21,246,644 8,620,593 10,234,529 7,916,376 – 3,600,578,214

Movement due to sales and repurchases of units Add: Amounts received on creation of units – 60,911,278 5,087,699 400,601 309,051 – 9,071,039 1,944,178,295 Less: Amounts paid on cancellation of units (2,349,965) (221,286,176) (3,159,654) (9,341,962) (296,819) – – (1,300,204,858) Increase/(Decrease) in Net Assets Attributable to Redeemable Participating Unitholders resulting from operations 3,212,626 11,695,265 1,454,730 320,768 448,497 479,440 471,699 279,637,747 Net Assets Attributable to Redeemable 0

Participating Unitholders at the end of the year 0 12,358,514 314,465,035 24,629,419 – 10,695,258 8,395,816 9,542,738 4,524,189,398



NOTES TO THE FINANCIAL STATEMENTS


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1. FORMATION

The Principal Global Investors Funds (“the Trust”) was constituted under the laws of Ireland by a Trust Deed dated 13 October 1992 as an open-ended umbrella Unit Trust established as an Undertaking for Collective Investment in Transferable Securities (“UCITS”). It is an umbrella Unit Trust in that different classes of units may be issued from time to time by the Manager. 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) and the Central Bank (Supervision and Enforcement Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015, (as amended) (the “UCITS Regulations”).

The financial statements have been prepared for the year ended 30 September 2017.

The investment portfolios (“Funds”) of the Trust are listed on pages 4 to 6. The Portfolios of Investments are listed on pages 28 to 93.

2. PRINCIPAL ACCOUNTING POLICIES

Accounting Convention and Basis of Accounting The annual audited financial statements are prepared in accordance with accounting standards generally accepted in Ireland (“Irish GAAP”) including Financial Reporting Standard (“FRS”) 102, “The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland” and the provisions of the UCITS Regulations and the Hong Kong Securities and Futures Commission’s Code on Unit Trusts and Mutual Funds. Irish GAAP used in preparing financial statements which present a true and fair view are those standards published by the Institute of Chartered Accountants in Ireland (the “Institute”) and issued by the Financial Reporting Council (“FRC”). The Trust has also applied the “Amendments to FRS 102 – Fair value hierarchy disclosures” which were issued in March 2016 and are applicable for accounting periods beginning on or after 1 January 2017 with early application permitted.

The Trust has availed of the exemption available to open ended investment funds that hold a substantial proportion of highly liquid and fair valued investments under Section 7 “Statement of Cash Flows” of FRS 102 and is not presenting cash flow statements.

The Directors have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the report has been prepared on a going concern basis for all Funds in the Trust under the historical cost convention, as modified by the revaluation of financial assets at fair value through profit or loss, except for the Global Equity (ex-Japan) Fund, Origin Global Equity Fund, Long/Short Global Opportunities Equity Fund and Global Credit Alpha Fund which have terminated - these have been prepared on a non-going concern basis. The report has been prepared in USD for all Funds’ on the platform. The functional and presentation currency of the Trust is the USD.

The format and certain wordings of the financial statements have been adapted from those contained in Irish statute so that, in the opinion of the Directors, they more appropriately reflect the nature of the Trusts business as an investment fund.

The information required by FRS 102, to be included in a single statement of comprehensive income for the reporting period displaying all items of income and expense recognised during the period including those items recognised in determining profit or loss and items of other comprehensive income and a Reconciliation of Movements in Shareholders' Funds are, in the opinion of the Directors, contained in the Statements of Comprehensive Income and the Statements of Movement in Net Assets Attributable to Redeemable Participating Unitholders. In arriving at the results for the year, all amounts in the Statements of Comprehensive Income relate to continuing activities except for the Global Equity (ex-Japan) Fund, Origin Global Equity Fund, Long/Short Global Opportunities Equity Fund and Global Credit Alpha Fund which have terminated. In the opinion of the Directors, the financial statements give, in all other respects, the information required by the UCITS Regulations and the Hong Kong Securities and Futures Commission's Code on Unit Trusts and Mutual Funds.

All gains or losses for the year are reflected in the Statements of Comprehensive Income.

The significant accounting policies adopted by the Trust are set out overleaf. These policies have been consistently applied to the financial periods presented unless otherwise stated.




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2. PRINCIPAL ACCOUNTING POLICIES (continued)

Financial Instruments at Fair Value through Profit or Loss Under FRS 102, in accounting for its financial instruments a reporting entity is required to apply either (a) the full provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102, (b) the recognition and measurement provisions of International Accounting Standards (“IAS”) 39 “Financial Instruments: Recognition and Measurement” (“IAS 39”) and only the disclosure requirements of Sections 11 and 12 of FRS 102; or c) the recognition and measurement provisions of International Financial Reporting Standards (“IFRS”) 9 “Financial Instruments” (“IFRS 9”) and the disclosure requirements of Sections 11 and 12. The Trust has elected to apply the recognition and measurement provisions of lAS 39 and the disclosure requirements of Sections 11 and 12.

This category has two sub-categories: financial assets and liabilities held for trading, and those designated by the Investment Adviser/Sub-Investment Adviser(s) 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 Comprehensive Income. 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 on the trade date at mid or last traded prices. Realised gains or losses on investment disposals are calculated using the average cost method. Realised gains or losses on investment transactions in debt instruments are calculated using the amortised cost method based on the effective interest rate.

Valuation of Investments The year end valuation date was 29 September 2017, 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 mid price at each valuation point on the stock exchange or market which constitutes the principal market for such securities. If trades are received after the dealing cut-off time they will be accounted for in the next valuation. If for specific assets the current mid 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 Investment Adviser, Sub-Investment Adviser(s), a stockbroker or other competent person appointed by the Investment Adviser and approved for the purpose by the Trustee, using valuation techniques.

Futures A futures 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 and the Trust Deed and subject to any other restrictions or regulations which may affect the portfolio management of the Funds or the Investment Adviser/Sub-Investment Adviser(s). 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 Statement of Financial Position date. Gains or losses on futures are included in the Unrealised Gain/(Loss) on Open Future Contracts on the Statement of Financial Position 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 Comprehensive Income 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 Exchange Contracts In a Forward Foreign Currency Exchange 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 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 Statement of Financial Position date. Gains or losses on Forward Foreign Currency Exchange Contracts are included in the Unrealised Gain/(Loss) on Forward Foreign Currency Exchange Contracts on the Statement of Financial Position and are shown in the Portfolio of Investments. Any realised gains or losses are recognised in the Statement of Comprehensive Income at trade date. The Funds may enter into these contracts to hedge against changes in currency exchange rates. The Forward Foreign Currency Exchange Contracts are used to hedge the currency exposure on individual positions taken by the Funds and to hedge non base currency investors.




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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 is typically within three business days of inception of the contract. The fair value of Open Spot Currency Contracts is calculated as the difference between the contracted rate and the current forward rate that would close out the contract on the Statement of Financial Position date. Gains or losses on Spot Currency Contracts are included in the Unrealised Gain/(Loss) on Open Spot Currency Contracts on the Statement of Financial Position and are shown in the Portfolio of Investments. Any realised gains or losses are recognised in the Statement of Comprehensive Income at trade date. The Funds may enter into these contracts to hedge against changes in currency exchange rates.

Forward Rate Agreements A Forward Rate Agreement (“FRA”) is a forward contract on a short-term interest rate, usually Libor, in which cash flow obligations at maturity are calculated on a notional amount and based on the difference between a predetermined forward rate and the market rate prevailing on that date. The settlement rate of an FRA is the date at which cash flow obligations are determined. Gains or losses on FRA’s are included in the Unrealised Gain/(Loss) on Forward Rate Agreements on the Statement of Financial Position and are shown in the Portfolio of Investments. Any realised gains or losses are recognised in the Statement of Comprehensive Income at trade date. The Funds may enter into these contracts to hedge against changes in currency exchange rates.

Credit Default Swaps A Credit Default Swap is a credit derivative transaction in which two parties enter into an agreement, whereby one party pays the other a fixed periodic coupon for the specified life of the agreement. The other party makes no payments unless a credit event, relating to a predetermined reference asset occurs. If such an event occurs, the party will then make a payment to the first party and the swap will terminate. When the swap terminates any realised gains or losses arising are reflected in the Statement of Comprehensive Income as part of the Net Gain/(Loss) on investment activities. A Credit Default Swap provides the Fund with an alternative to investing in assets themselves for a potentially higher return with the same risk or they may be used to obtain exposure to assets which the Fund could not otherwise acquire due to illiquidity in the relevant market. The Fund recognises the swap when it becomes party to the contract. The Credit Default Swaps are marked to market daily based upon quotations from market makers and recorded in the Statement of Financial Position as Market Value Gain/(Loss) on Swap Contracts. At 30 September 2017, there was Cash Collateral pledged by the Funds. This collateral is pledged with the counterparty to the contract.

Interest Rate Swaps An Interest Rate Swap is a bilateral agreement in which each of the parties agrees to exchange a series of interest payments for another series of payments (usually fixed/floating) based on a notional amount that serves as a computation basis and that is usually not exchanged. The Interest Rate Swaps are marked to market daily based upon quotations from market makers and recorded in the Statement of Financial Position as Market Value Gain/(Loss) on Swap Contracts. When the swap terminates any realised gains or losses arising are reflected in the Statement of Comprehensive Income as part of the Net Gain/(Loss) on investment activities. At 30 September 2017, there was Cash Collateral pledged by the Funds. This collateral is pledged with the counterparty to the contract.

Cross Currency Swaps A Cross Currency Swap is an interest rate swap in which the cash flows are in different currencies. Upon initiation of a Cross Currency Swap, the counterparties make an initial exchange of notional principles in the two currencies. During the life of the swap, each party pays interest (in the currency of the principle received) to the other at fixed dates and at the maturity of the swap, the parties make the final exchange of the initial principle amounts, reversing the initial exchange at the same spot rate. The Cross Currency Swaps are marked to market daily based upon quotations from market makers and recorded in the Statement of Financial Position as Market Value Gain/(Loss) on Swap Contracts. When the swap terminates any realised gains or losses arising are reflected in the Statement of Comprehensive Income as part of the Net Gain/(Loss) on investment activities. At 30 September 2017, there was Cash Collateral pledged by the Funds. This collateral is pledged with the counterparty to the contract.

Total Return Swaps A Total Return Swap is a financial contract whereby one party agrees to pay another party the total return of a defined asset in return for receiving a floating rate return. The Trust enters into unfunded swap agreements on behalf of the Fund. Total Return Swaps are marked to market using valuation sources/methods and the fair value is recorded in the Statement of Financial Position as Market Value Gain/(Loss) on Swap Contracts. The change in unrealised gains and losses or any realised gains or losses arising on termination are shown in Net Gain/(Loss) on investment activities in the Statement of Comprehensive Income.




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Total Return Swaps (continued) Total Return Swap positions are valued using models which utilise observable data to the extent practicable and contain assumptions on the application of this data. Changes in data inputs and assumptions about these factors could affect the reported fair value of the Total Return Swaps.

Option Contracts Options are Financial Derivative Instruments (“FDIs”) that give the buyer, in exchange for a premium payment, the right, but not the obligation, to either purchase (call option) or to 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 included in the Market Value Gain/(Loss) on Option Contracts in the Statement of Financial Position.

When options are closed, the difference between the premium and the amount paid or received, net of brokerage commissions, or the full amount of the premium if the option expires worthless, is treated as a realised gain or loss and is included in Net Gain/Loss on investment activities in the Statement of Comprehensive Income. The Funds may enter into these contracts to hedge against changes in currency exchange rates.

Swaptions A swaption (swap option) is the option to enter into an interest rate swap or some other type of swap. In exchange for an option premium, the buyer gains the right but not the obligation to enter into a specified swap agreement with the issuer on a specified future date. There are two different kinds of swaptions: a payer swaption and a receiver swaption. In a payer swaption, the purchaser has the right, but not the obligation, to enter into a swap contract where he pays the fixed-rate and receives the floating-rate. A receiver swaption is the opposite; the purchaser has the option to enter into a swap contract where he will receive the fixed rate and pay the floating rate. All open swaption positions are included in the Market Value Gain/(Loss) on Swaptions in the Statement of Financial Position. When swaptions are closed any realised gain or loss is included in Net Gain/Loss on investment activities in the Statement of Comprehensive Income.

Foreign Currency Transactions In accordance with Section 30 “Foreign Currency Translation” of FRS 102, 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 benchmark 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 102. The functional currency of each Fund of the Trust is USD.

For each Fund: (i) Currency gains or 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 Comprehensive Income;

(ii) Currency gains or losses realised on securities purchases and sales transactions are included in Net Gain/(Loss) on investment activities in the individual Fund’s Statement of Comprehensive Income;

(iii) Unrealised currency gains or losses on securities held at year end are included in Net Gain/(Loss) on investment activities in the individual Fund’s Statement of Comprehensive Income; 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 Statement of Financial Position date and exchange differences are included in Net Gain/(Loss) on investment activities in the individual Fund’s Statement of Comprehensive Income.

Income from Investments Dividends are credited to the Statement of Comprehensive Income 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 are disclosed separately in the Statement of Comprehensive Income, and net of any tax credits. Realised gains or losses on investment transactions in debt instruments are calculated using the amortised cost method based on the effective interest rate.




124


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 Comprehensive Income. Interest earned on fixed income securities such as bonds is included here also.

Expenses Operating expenses inclusive of Performance Fees, are recognised on an accruals basis in the Statement of Comprehensive Income.

Formation Costs

Formation costs, if any are incurred, will be written off over a five year period as per the dealing valuation.

Anti Dilution Levy The Manager may exercise its discretion to apply an anti dilution levy in relation to subscriptions and 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 acquiring or disposing of underlying assets to fund subscriptions or redemptions from the Fund, respectively. 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 at Bank Cash is valued at amortised cost, which approximates fair value. Cash is held with the Bank of New York Mellon Trust Company (Ireland) Limited.

Cash Collateral & Pledged Collateral Cash Collateral provided by the Fund is identified in the Statement of Financial Position as Cash Collateral and is not included as a component of Cash at Bank. For collateral other than cash, if the party to whom the collateral is provided has the right by contract or custom to sell or re-pledge the collateral, the Fund classifies that asset in its Statement of Financial Position separately from Other Assets and identifies the asset as pledged collateral. Where the party to whom the collateral is provided does not have the right to sell or re-pledge; a disclosure of the collateral provided is made in the notes to the financial statements.

Margin Cash Receivable/Payable Cash Collateral Receivable/Payable to the Trust in relation to the open Futures Contracts and open Swap Contracts is identified in the Statement of Financial Position as Margin Cash Receivable/Payable and is not included as a component of Cash at Bank. Margin Cash Receivable/Payable at 30 September 2017 is held with the brokers Barclays and Citigroup.

Distributions The A Income Unit Classes from the Global Equity Fund, Asian Equity Fund, European Equity Fund and Finisterre Emerging Market Debt Fund will declare and pay annual distributions to Unitholders.

The Preferred Securities Fund will declare and pay quarterly distributions to Unitholders holding the A, I, D, F, N and P Income Unit Classes.

The High Yield Fund will declare and pay quarterly distributions to Unitholders holding the A Income Unit Class.

The I and I2 Income Unit Classes from the Global Property Securities Fund and the I2 Income Unit Class from the Finisterre Emerging Market Debt Fund will also declare and pay annual distributions to Unitholders.

The Post Global Limited Term High Yield Fund will declare and pay quarterly distributions to Unitholders holding the A Income Unit Class and I Income Unit Class.

The Real Estate Debt Fund will declare and pay quarterly distribution to Unitholders holding the I Income Unit Class.

The Global Income Fund will declare and pay monthly distributions to Unitholders holding the D Income Unit Class.

The D2 Income Unit Classes from the Preferred Securities Fund, High Yield Fund, Global Property Securities Fund and Real Estate Debt Fund will declare and pay monthly distributions to Unitholders. There are no D2 Income Unit Classes in issue currently on the High Yield Fund, Global Property Securities Fund or Real Estate Debt Fund.

Distributions are recorded by each Fund on ex-dividend date in the Statement of Comprehensive Income once approved by the Board.




125


Offsetting Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position 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 minimise the assets and settle the liability simultaneously.

Participating Units All participating units issued by the Funds provide the investors the right to acquire redemptions 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 units at the traded Net Asset Value per unit which is calculated at each valuation point.

3. 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 units and any deemed disposals of units as described below for Irish tax purposes arising as a result of holding units in the Trust for a period of eight years or more. Where a chargeable event occurs, the Trust is required to account for the Irish tax thereon.

No Irish tax will arise on the Trust in respect of chargeable events in respect of: (i) 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

(ii) 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.




126

4. CASH AND BANK BALANCES

At 30 September 2017 GEF USD

AEF USD

EEF USD

EMEF USD

JEF USD

PSF USD

USEF USD

HYF USD

GPSF USD

GEJF* USD

GLTHY USD

GTDARF USD

Cash at Bank 253,040 66,834 114,203 94,812 86,171 157,056,507 177,103 10,478,395 7,089,984 82,394 44,272,528 269,275

253,040 66,834 114,203 94,812 86,171 157,056,507 177,103 10,478,395 7,089,984 82,394 44,272,528 269,275

At 30 September 2017 GSCEF USD

OGEMF USD

OGEF** USD

OGSCF USD

LSGOF*** USD

CLAF USD

FEMDF USD

GCSF USD

CSOF USD

GCAF**** USD

REDF USD

GIF***** USD

Cash at Bank 118,256 3,045,899 64 1,137,226 45,729 667,850 – 1,598,951 293,745 53,564 245,414 319,057 Cash Collateral – – – – – – 765,000 – – – – –

Margin Cash Receivable – – – – – – 97 – – – – –

Margin Cash Payable – – – – – – (2) – (964) – – –

Bank Overdraft – – – – – – (603,418) – – – – –

118,256 3,045,899 64 1,137,226 45,729 667,850 161,677 1,598,951 292,781 53,564 245,414 319,057

At 30 September 2017 FUEMF****** USD

Total USD

Cash at Bank 3,393,852 230,960,853 Cash Collateral 500,000 1,265,000 Margin Cash Receivable 117,935 118,032 Margin Cash Payable (1,915) (2,881) Bank Overdraft – (603,418)

4,009,872 231,737,586

*Global Equity (ex-Japan) Fund terminated on 15 September 2017. **Origin Global Equity Fund terminated on 24 February 2017. ***Long/Short Global Opportunities Equity Fund terminated on 1 March 2017. ****Global Credit Alpha Fund terminated on 30 June 2017. *****Global Income Fund launched on 29 March 2017. ******Finisterre Unconstrained Emerging Markets Fixed Income Fund launched on 2 May 2017. All Cash at Bank balances are held with BNY Mellon Trust Company (Ireland) Limited. Cash Collateral is held with the following counterparties: Citigroup, HSBC and JP Morgan Chase & Co. Margin Cash Receivable/Payable is held with Barclays and Citigroup.




127

4. CASH AND BANK BALANCES (continued)

At 30 September 2016 GEF USD

AEF USD

EEF USD

EMEF USD

JEF USD

PSF USD

USEF USD

HYF USD

GPSF USD

GEJF USD

GLTHY USD

GTDARF USD

Cash at Bank 1,588,637 162,816 21,765 216,523 256,631 135,154,790 1,118,720 6,139,310 2,724,238 876,615 9,067,269 684,268

1,588,637 162,816 21,765 216,523 256,631 135,154,790 1,118,720 6,139,310 2,724,238 876,615 9,067,269 684,268

At 30 September 2016 EEIF* USD

GSCEF USD

OGEMF USD

OGEF USD

OGSCF USD

LSGOF USD

CLAF USD

FEMDF USD

GCSF USD

SDHY** USD

CSOF USD

GCAF USD

Cash at Bank 70,395 166,683 895,602 426,511 1,976,657 472,367 357,029 13,804,394 604,526 63,262 242,270 915,245 Cash Collateral – – – – – – – 45,980,000 – – – –

Margin Cash Receivable – – – – – 21,142 – 10,648,939 38,303 – 16,723 80,490 Bank Overdraft – – – – – – – (522,908) – – – –

70,395 166,683 895,602 426,511 1,976,657 493,509 357,029 69,910,425 642,829 63,262 258,993 995,735

At 30 September 2016 REDF*** USD

Total USD

Cash at Bank 17,838 178,024,361 Cash Collateral – 45,980,000 Margin Cash Receivable – 10,805,597 Bank Overdraft – (522,908)

17,838 234,287,050

*EDGE Small/Mid-Cap Equity Income Fund terminated on 31 May 2016. **Global Short Duration High Yield Fund terminated on 1 July 2016. ***Real Estate Debt Fund launched on 21 March 2016. All Cash at Bank balances are held with BNY Mellon Trust Company (Ireland) Limited. Cash Collateral is held with the following counterparties: Barclays, BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan Chase & Co, Merrill Lynch, Morgan Stanley and Nomura. Margin Cash Receivable/Payable is held with Citigroup, JP Morgan Chase & Co and Morgan Stanley.




128

5. MOVEMENT IN REDEEMABLE PARTICIPATING UNITS


Units in issue at beginning

of the year

Issued during

the year

Redeemed during

the year

Units in issue at end

of the year Global Equity Fund A Class Income units 105,017 – (7,918) 97,099 A Class Accumulation units 81,326 23,286 (43,088) 61,524 I Class Accumulation units 1,929,944 – (1,885,314) 44,630 F2 Class Accumulation units 6,670 66,365 (26,411) 46,624 Asian Equity Fund A Class Income units 79,657 – (38,872) 40,785 A Class Accumulation units 102,980 426 (49,840) 53,566 I Class Accumulation units 27,801 127 (2,122) 25,806 European Equity Fund A Class Income units 76,837 816 (25,698) 51,955 A Class Accumulation units 172,357 6,870 (36,531) 142,696 I Class Accumulation units 2,041,436 7,968 (533,971) 1,515,433 I Class Accumulation (EUR) units 2,307,774 175,255 (1,313,931) 1,169,098 Emerging Markets Equity Fund A Class Accumulation units 55,359 1,686 (28,272) 28,773 I Class Accumulation units 104,992 83 (30,406) 74,669 Japanese Equity Fund A Class Accumulation units 104,357 334,574 (430,854) 8,077 I Class Accumulation units 1,134,032 136,865 (472,276) 798,621 I Class Accumulation (JPY) units 1,354,059 1,006,409 (1,763,118) 597,350 F2 Class Accumulation units 5,245 28,305 (13,751) 19,799 Preferred Securities Fund A Class Income units 29,110,096 69,676,772 (15,884,953) 82,901,915 A Class Income (AUD hedged) units – 36,280 – 36,280 A Class Income (EUR hedged) units 607,697 10,263,223 (467,884) 10,403,036 A Class Income (GBP hedged) units 836,374 4,293,713 (599,104) 4,530,983 A Class Income (SGD hedged) units – 3,195,040 (294,790) 2,900,250 A Class Accumulation units 10,178,468 20,112,991 (3,329,046) 26,962,413 A Class Accumulation (CHF hedged) units 239,899 1,280,860 (89,524) 1,431,235 A Class Accumulation (EUR hedged) units 5,353,421 11,827,263 (5,035,485) 12,145,199 A Class Accumulation (JPY hedged) units 17,422 223,867 (7,359) 233,930 A Class Accumulation (SGD hedged) units – 198,739 (499) 198,240 I Class Income units 10,051,034 14,935,126 (3,605,183) 21,380,977 I Class Income (AUD hedged) units – 15,447 – 15,447 I Class Income (CHF hedged) units – 313,581 – 313,581 I Class Income (EUR hedged) units 3,381,441 4,674,118 (466,319) 7,589,240 I Class Income (GBP hedged) units 8,081,961 6,799,914 (2,721,879) 12,159,996 I Class Income (JPY hedged) units 4,627,637 685,511 (260,008) 5,053,140 I Class Income (SGD hedged) units – 1,336,054 – 1,336,054 I Class Accumulation units 19,325,092 25,285,295 (13,041,390) 31,568,997 I Class Accumulation (AUD hedged) units – 500 – 500 I Class Accumulation (CHF hedged) units 132,834 2,613,939 (478,924) 2,267,849 I Class Accumulation (EUR hedged) units 25,646,596 30,079,101 (11,234,477) 44,491,220 I Class Accumulation (JPY hedged) units 15,052,976 21,644,206 (21,066,936) 15,630,246 I Class Accumulation (SGD hedged) units – 53,926 (499) 53,427 D Class Income units 26,300,866 12,182,405 (6,560,742) 31,922,529 D Class Accumulation units 9,970,842 8,510,521 (3,214,033) 15,267,330 D2 Class Income units 103,581 4,976,957 (1,822,129) 3,258,409 F Class Income units 6,286,733 1,455,493 (1,099,680) 6,642,546 F Class Accumulation units 3,017,617 883,529 (764,992) 3,136,154 F2 Class Accumulation units 151,016 236,486 (99,427) 288,075 N Class Income units 4,185 4,794 – 8,979 N Class Accumulation (EUR hedged) units – 20,605 – 20,605 N Class Accumulation (GBP hedged) units – 9,032 – 9,032 P Class Income units 3,156,274 991,278 (341,573) 3,805,979 P Class Accumulation units 1,782,525 1,224,136 (808,640) 2,198,021




129

5. MOVEMENT IN REDEEMABLE PARTICIPATING UNITS (continued)

For the year ended 30 September 2017 (continued)


of the year

Issued during

the year

Redeemed during

the year


of the year

U.S. Equity Fund A Class Accumulation units 31,510 5,024 (20,721) 15,813 I Class Accumulation units 3,214,442 11,578 (1,259,756) 1,966,264 I Class Accumulation (GBP) units 1,521,666 26,855 (1,548,521) –

High Yield Fund A Class Income units 223,900 641,887 (396,751) 469,036 A Class Income (AUD hedged) units 42,816 16,276 (21,828) 37,264 A Class Accumulation units 1,721,874 420,127 (627,781) 1,514,220 I Class Accumulation units 2,646,725 693,625 (594,464) 2,745,886 I Class Accumulation (BRL hedged) units 2,434,372 2,262,906 (864,650) 3,832,628 I Class Accumulation (EUR hedged) units 559,185 771,970 (353,058) 978,097 D Class Accumulation units 1,200,095 290,725 (1,078,584) 412,236 F Class Accumulation units 124,119 292,698 (71,154) 345,663 Global Property Securities Fund I Class Income (JPY hedged) units 1,131,693 – – 1,131,693 I Class Accumulation units 3,552,892 2,764,262 (768,877) 5,548,277 I Class Accumulation (USD hedged) units 1,235,006 245,222 (1,258,743) 221,485 I2 Class Income units 3,983,759 73,649 – 4,057,408 F Class Accumulation units 36,352 44,945 (42,362) 38,935 Global Equity (ex-Japan) Fund* I Class Accumulation units 3,321,494 8,680 (3,330,174) –

I Class Accumulation (JPY) units 369,891 – (369,891) –

Post Global Limited Term High Yield Fund A Class Income units 1,884,248 567,109 (545,359) 1,905,998 A Class Accumulation units 291,181 97,182 (224,015) 164,348 I Class Income units – 150,053 – 150,053 I Class Income (EUR hedged) units 2,126,984 2,576,909 (912,364) 3,791,529 I Class Income (GBP hedged) units 2,541,090 283,159 (646,233) 2,178,016 I Class Accumulation units 1,330,196 9,137,130 (1,093,780) 9,373,546 I Class Accumulation (CHF hedged) units 66,744 26,566 (48,981) 44,329 I Class Accumulation (EUR hedged) units 24,307,639 3,370,782 (12,024,907) 15,653,514 I Class Accumulation (GBP hedged) units 1,235,572 213,800 (2,200) 1,447,172 I Class Accumulation (JPY hedged) units 28,992,090 5,083,135 (68,049) 34,007,176 I Class Accumulation (SGD hedged) units 111,541 6,050 (1,911) 115,680 I2 Class Accumulation units 5,645,369 4,992,414 (4,834,612) 5,803,171 I2 Class Accumulation (EUR hedged) units 4,076,817 2,808,484 (1,909,320) 4,975,981 I2 Class Accumulation (GBP hedged) units 14,521,902 8,735,396 (6,405,903) 16,851,395 Global Time Diversified Absolute Return Fund I Class Accumulation units 464,015 4,120 (184,057) 284,078 Global Small Cap Equity Fund A Class Accumulation units 250,125 71 (79,460) 170,736 I Class Accumulation units 874,622 20,213 (441,626) 453,209 Origin Global Emerging Markets Fund I Class Accumulation units 9,123,108 117,057 (1,010,582) 8,229,583 I Class Accumulation (GBP) units 69,262 362,178 (118) 431,322 F2 Class Accumulation units 2,185 184,506 (15,950) 170,741





130




of the year

Issued during

the year

Redeemed during

the year


of the year Origin Global Equity Fund** I Class Accumulation (GBP) units 1,237,633 30,014 (1,267,647) –

Origin Global Smaller Companies Fund I Class Accumulation units 2,592,605 35,769 – 2,628,374 I Class Accumulation (GBP) units 1,600,148 237,227 – 1,837,375 Long/Short Global Opportunities Equity Fund*** I Class Accumulation units 750,000 – (750,000) –

Claritas Latin American Equity Fund I Class Accumulation units 1,621,607 86,141 (86,141) 1,621,607 Finisterre Emerging Market Debt Fund A Class Income units 50,000 – – 50,000 A Class Accumulation units 151,785 – (108,600) 43,185 A Class Accumulation (CHF hedged) units 1,040 – (1,040) –

A Class Accumulation (EUR hedged) units 88,892 30,555 (119,447) –

A Class Accumulation (GBP hedged) units 1,487 – (1,487) –

A Class Accumulation (SGD hedged) units 731 – (731) –

I Class Accumulation units 4,561,882 9,096,896 (13,525,673) 133,105 I Class Accumulation (EUR hedged) units – 2,592,560 (2,557,560) 35,000 I Class Accumulation (GBP hedged) units 1,487 – (1,487) –

I2 Class Income (EUR hedged) units 31,508,853 126,830 (31,635,683) –

N Class Accumulation units – 11,649,528 (11,649,528) –

N Class Accumulation (EUR hedged) units – 2,518,310 (2,518,310) –

Spectrum Global Capital Securities Fund A Class Accumulation units 1,000 – – 1,000 I Class Accumulation units 1,000,000 – (330,033) 669,967 I Class Accumulation (EUR hedged) units 1,295,409 30,173 (1,307,293) 18,289 Global Capital Structure Opportunities Fund I Class Accumulation units 1,001,473 4,938 (6,411) 1,000,000 Global Credit Alpha Fund**** I Class Accumulation units 745,725 – (745,725) –

Real Estate Debt Fund I Class Income units 454,808 129,668 – 584,476 I Class Accumulation units 447,917 11,332 – 459,249 Global Income Fund***** A Class Accumulation units – 1,000 – 1,000 I Class Accumulation units – 2,709,259 (82,128) 2,627,131 D Class Income units – 1,000 – 1,000 Finisterre Unconstrained Emerging Markets Fixed Income Fund****** I Class Accumulation units – 365,376 – 365,376 I Class Accumulation (GBP hedged) units – 155,870 – 155,870 I2 Class Accumulation units – 2,000,000 – 2,000,000

**Origin Global Equity Fund terminated on 24 February 2017. ***Long/Short Global Opportunities Equity Fund terminated on 1 March 2017. ****Global Credit Alpha Fund terminated on 30 June 2017. *****Global Income Fund launched on 29 March 2017. ******Finisterre Unconstrained Emerging Markets Fixed Income Fund launched on 2 May 2017.




131




of the year

Issued during

the year

Redeemed during

the year


of the year Global Equity Fund A Class Income units 110,775 17 (5,775) 105,017 A Class Accumulation units 105,978 64,057 (88,709) 81,326 I Class Accumulation units 2,315,997 90,270 (476,323) 1,929,944 F2 Class Accumulation units – 7,688 (1,018) 6,670 Asian Equity Fund A Class Income units 84,117 – (4,460) 79,657 A Class Accumulation units 105,138 185 (2,343) 102,980 I Class Accumulation units 37,156 239 (9,594) 27,801 European Equity Fund A Class Income units 79,324 1,531 (4,018) 76,837 A Class Accumulation units 182,212 11,057 (20,912) 172,357 I Class Accumulation units 2,086,382 458,538 (503,484) 2,041,436 I Class Accumulation (EUR) units 2,574,057 538,445 (804,728) 2,307,774 Emerging Markets Equity Fund A Class Accumulation units 53,356 10,054 (8,051) 55,359 I Class Accumulation units 152,054 269 (47,331) 104,992 Japanese Equity Fund A Class Accumulation units 10,669 1,243,981 (1,150,293) 104,357 I Class Accumulation units 1,353,967 449,335 (669,270) 1,134,032 I Class Accumulation (JPY) units 858,510 1,762,101 (1,266,552) 1,354,059 F2 Class Accumulation units – 6,245 (1,000) 5,245 Preferred Securities Fund A Class Income units 23,003,029 13,601,241 (7,494,174) 29,110,096 A Class Income (EUR hedged) units 56,002 580,451 (28,756) 607,697 A Class Income (GBP hedged) units 639,878 585,427 (388,931) 836,374 A Class Accumulation units 5,050,052 7,688,131 (2,559,715) 10,178,468 A Class Accumulation (CHF hedged) units 107,690 186,299 (54,090) 239,899 A Class Accumulation (EUR hedged) units 1,443,572 4,931,850 (1,022,001) 5,353,421 A Class Accumulation (JPY hedged) units – 17,422 – 17,422 I Class Income units 11,282,990 5,133,521 (6,365,477) 10,051,034 I Class Income (EUR hedged) units 3,171,024 1,406,307 (1,195,890) 3,381,441 I Class Income (GBP hedged) units 856,345 7,655,665 (430,049) 8,081,961 I Class Income (JPY hedged) units 3,183,726 1,455,069 (11,158) 4,627,637 I Class Accumulation units 18,563,837 11,498,264 (10,737,009) 19,325,092 I Class Accumulation (CHF hedged) units 37,561 138,189 (42,916) 132,834 I Class Accumulation (EUR hedged) units 15,711,629 12,876,873 (2,941,906) 25,646,596 I Class Accumulation (JPY hedged) units 12,487,561 3,482,748 (917,333) 15,052,976 D Class Income units 24,000,663 8,734,781 (6,434,578) 26,300,866 D Class Accumulation units 7,040,069 5,596,549 (2,665,776) 9,970,842 D2 Class Income units – 114,340 (10,759) 103,581 F Class Income units 6,777,290 866,559 (1,357,116) 6,286,733 F Class Accumulation units 2,801,073 908,780 (692,236) 3,017,617 F2 Class Accumulation units – 162,031 (11,015) 151,016 N Class Income units – 4,185 – 4,185 P Class Income units 2,689,637 1,112,661 (646,024) 3,156,274 P Class Accumulation units 1,932,222 826,019 (975,716) 1,782,525




132




of the year

Issued during

the year

Redeemed during

the year


of the year U.S. Equity Fund A Class Accumulation units 27,204 10,583 (6,277) 31,510 I Class Accumulation units 4,244,823 237,998 (1,268,379) 3,214,442 I Class Accumulation (GBP) units 1,612,866 85,854 (177,054) 1,521,666 High Yield Fund A Class Income units 174,650 134,897 (85,647) 223,900 A Class Income (AUD hedged) units 51,778 2,127 (11,089) 42,816 A Class Accumulation units 2,292,413 201,144 (771,683) 1,721,874 I Class Accumulation units 2,648,810 830,360 (832,445) 2,646,725 I Class Accumulation (BRL hedged) units 2,070,296 446,886 (82,810) 2,434,372 I Class Accumulation (EUR hedged) units 499,573 545,821 (486,209) 559,185 D Class Accumulation units 1,552,608 320,593 (673,106) 1,200,095 F Class Accumulation units – 128,352 (4,233) 124,119 Global Property Securities Fund A Class Accumulation units – 18,472 (18,472) –

I Class Income (JPY hedged) units 1,132,282 – (589) 1,131,693 I Class Accumulation units 1,727,055 3,108,597 (1,282,760) 3,552,892 I Class Accumulation (USD hedged) units 849,860 608,793 (223,647) 1,235,006 I2 Class Income units 3,929,722 54,037 – 3,983,759 F Class Accumulation units – 38,864 (2,512) 36,352 Global Equity (ex-Japan) Fund I Class Accumulation units 3,305,939 15,555 – 3,321,494 I Class Accumulation (JPY) units 385,649 369,891 (385,649) 369,891 Post Global Limited Term High Yield Fund A Class Income units – 2,255,353 (371,105) 1,884,248 A Class Accumulation units – 591,181 (300,000) 291,181 I Class Income (EUR hedged) units – 2,126,984 – 2,126,984 I Class Income (GBP hedged) units – 2,541,090 – 2,541,090 I Class Accumulation units 7,276,147 2,140,367 (8,086,318) 1,330,196 I Class Accumulation (CHF hedged) units 10,000 68,789 (12,045) 66,744 I Class Accumulation (EUR hedged) units 17,455,502 9,780,150 (2,928,013) 24,307,639 I Class Accumulation (GBP hedged) units 5,907,659 53,010 (4,725,097) 1,235,572 I Class Accumulation (JPY hedged) units 29,742,069 422,275 (1,172,254) 28,992,090 I Class Accumulation (SGD hedged) units – 111,541 – 111,541 I2 Class Accumulation units – 6,590,415 (945,046) 5,645,369 I2 Class Accumulation (EUR hedged) units – 5,256,897 (1,180,080) 4,076,817 I2 Class Accumulation (GBP hedged) units – 15,421,414 (899,512) 14,521,902 Global Time Diversified Absolute Return Fund I Class Accumulation units 453,087 41,587 (30,659) 464,015 EDGE Small/Mid-Cap Equity Income Fund* A Class Accumulation units 200,509 – (200,509) –

I Class Accumulation units 198,257 – (198,257) –

Global Small Cap Equity Fund A Class Accumulation units 250,028 118 (21) 250,125 I Class Accumulation units 1,227,872 84,547 (437,797) 874,622





133




of the year

Issued during

the year

Redeemed during

the year


of the year Origin Global Emerging Markets Fund I Class Accumulation units 5,605,985 3,527,702 (10,579) 9,123,108 I Class Accumulation (GBP) units 67,619 9,952 (8,309) 69,262 F2 Class Accumulation units – 3,185 (1,000) 2,185 Origin Global Equity Fund I Class Accumulation (GBP) units 1,218,864 19,616 (847) 1,237,633 Origin Global Smaller Companies Fund I Class Accumulation units 928,227 1,664,378 – 2,592,605 I Class Accumulation (GBP) units 1,913,179 55,259 (368,290) 1,600,148 Long/Short Global Opportunities Equity Fund I Class Accumulation units 750,000 – – 750,000 Claritas Latin American Equity Fund I Class Accumulation units 2,002,532 – (380,925) 1,621,607 Finisterre Emerging Market Debt Fund A Class Income units 50,000 – – 50,000 A Class Accumulation units 215,841 113,819 (177,875) 151,785 A Class Accumulation (CHF hedged) units 1,040 – – 1,040 A Class Accumulation (EUR hedged) units 1,092 87,800 – 88,892 A Class Accumulation (GBP hedged) units 1,487 – – 1,487 A Class Accumulation (SGD hedged) units 731 – – 731 I Class Accumulation units 8,624,284 4,500,669 (8,563,071) 4,561,882 I Class Accumulation (EUR hedged) units 13,875,971 43,300 (13,919,271) –

I Class Accumulation (GBP hedged) units 2,933 – (1,446) 1,487 I2 Class Income (EUR hedged) units 32,681,701 1,223,127 (2,395,975) 31,508,853 Spectrum Global Capital Securities Fund A Class Accumulation units – 1,000 – 1,000 I Class Accumulation units 1,000,000 24,546 (24,546) 1,000,000 I Class Accumulation (EUR hedged) units 1,092,896 477,589 (275,076) 1,295,409 Global Short Duration High Yield Fund** I Class Accumulation units 849,260 38,526 (887,786) –

Global Capital Structure Opportunities Fund I Class Accumulation units 1,000,000 29,418 (27,945) 1,001,473 Global Credit Alpha Fund I Class Accumulation units 745,725 – – 745,725 Real Estate Debt Fund*** I Class Income units – 454,808 – 454,808 I Class Accumulation units – 447,917 – 447,917





134

6. DISTRIBUTIONS


Distributions reflect income earned on the Funds during the years to 30 September 2017 and 30 September 2016. Annual distributions were declared on 1 October 2017 and 1 October 2016 respectively. Distributions declared on 1 October 2017 or nearest business day have not been included in the Statement of Comprehensive Income for 30 September 2017. These will be included in the financial statements for 30 September 2018. The A Income Unit Classes from the Global Equity Fund, Asian Equity Fund and Finisterre Emerging Market Debt Fund did not declare and pay any annual distributions for the year ended 30 September 2017 or 30 September 2016.

Accumulation Classes The Accumulation Unit Classes did not declare Distributions on 30 September 2017 or 30 September 2016.

Quarterly and Annual Distributions

For the year ended 30 September 2017 For the year ended 30 September 2016 31 December 31 March 30 June 30 September 31 December 31 March 30 June 30 September

2016

USD/Unit 2017

USD/Unit 2017

USD/Unit 2017

USD/Unit 2015

USD/Unit 2016

USD/Unit 2016

USD/Unit 2016

USD/Unit European Equity Fund* A Class Income units - - - 0.26790 - - - 0.71800 Preferred Securities Fund** A Class Income units 0.10080 0.09920 0.09230 0.09740 0.10080 0.10350 0.10240 0.10120 A Class Income (AUD hedged) units - - - 0.03185 - - - - A Class Income (EUR hedged) units 0.09356 0.09012 0.08503 0.09530 0.09616 0.09949 0.10086 0.09838 A Class Income (GBP hedged) units 0.09585 0.09359 0.08771 0.09451 0.11634 0.11436 0.11023 0.10218 A Class Income (SGD hedged) units - - 0.03820 0.10663 - - - - I Class Income units 0.13020 0.12850 0.12110 0.12710 0.13030 0.13270 0.13160 0.13090 I Class Income (AUD hedged) units - - - 0.11284 - - - - I Class Income (CHF hedged) units - 0.04716 0.11681 0.12728 - - - - I Class Income (EUR hedged) units 0.09875 0.09545 0.09129 0.10175 0.10156 0.10415 0.10575 0.10388 I Class Income (GBP hedged) units 0.10552 0.10333 0.09845 0.10540 0.12838 0.12401 0.12098 0.11271 I Class Income (JPY hedged) units 0.10858 0.10016 0.09438 0.10014 0.09736 0.10235 0.10834 0.11294 I Class Income (SGD hedged) units - - 0.04464 0.12323 - - - - D Class Income units 0.12580 0.12340 0.11400 0.12070 0.12560 0.12950 0.12810 0.12610 F Class Income units 0.11020 0.10770 0.09810 0.10440 0.10990 0.11430 0.11300 0.11030 N Class Income units 0.12240 0.12060 0.11320 0.11900 - - - 0.01550 P Class Income units 0.11850 0.11670 0.10910 0.11490 0.11850 0.12130 0.11990 0.11900 High Yield Fund** A Class Income units 0.11000 0.10130 0.10480 0.09840 0.11000 0.11650 0.11440 0.11680 A Class Income (AUD hedged) units 0.11379 0.10404 0.10723 0.10369 0.10430 0.11155 0.11747 0.12119




135

6. DISTRIBUTIONS (continued)

Quarterly and Annual Distributions (continued) For the year ended 30 September 2017 For the year ended 30 September 2016 31 December 31 March 30 June 30 September 31 December 31 March 30 June 30 September

2016

USD/Unit 2017

USD/Unit 2017

USD/Unit 2017

USD/Unit 2015

USD/Unit 2016

USD/Unit 2016

USD/Unit 2016

USD/Unit Global Property Securities Fund* I Class Income (JPY hedged) units - - - 0.17157 - - - 0.16926 I2 Class Income units - - - 0.21400 - - - 0.22560 Post Global Limited Term High Yield

Fund** A Class Income units 0.07470 0.07680 0.07130 0.07360 - 0.02620 0.08030 0.07360 I Class Income units 0.02320 0.08760 0.08220 0.08450 - - - - I Class Income (EUR hedged) units 0.08027 0.08053 0.07651 0.08344 - - - 0.03455 I Class Income (GBP hedged) units 0.07528 0.07650 0.07232 0.07579 - 0.05108 0.09113 0.07946

Finisterre Emerging Market Debt Fund* I2 Class Income (EUR hedged) units - - - - - - - 0.06686 Real Estate Debt Fund

1**

I Class Income units 0.15290 0.14060 0.14500 0.13650 - - 0.15860 0.18960

Monthly Distributions

For the year ended 30 September 2017 31 October 30 November 31 December 31 January 28 February 31 March 30 April 31 May

Preferred Securities Fund***

2016 USD/Unit

2016 USD/Unit

2016 USD/Unit

2017 USD/Unit

2017 USD/Unit

2017 USD/Unit

2017 USD/Unit

2017 USD/Unit

D2 Class Income units2 0.03120 0.04200 0.03570 0.03370 0.03230 0.04090 0.02990 0.03880

For the year ended 30 September 2017 30 June 31 July 31 August 30 September

2017 USD/Unit

2017 USD/Unit

2017 USD/Unit

2017 USD/Unit

0.03020 0.03180 0.03740 0.03540

For the year ended 30 September 2016 31 March 30 April 31 May 30 June 31 July 31 August 30 September

Preferred Securities Fund***

2016 USD/Unit

2016 USD/Unit

2016 USD/Unit

2016 USD/Unit

2016 USD/Unit

2016 USD/Unit

2016 USD/Unit

D2 Class Income units2 0.00100 0.03320 0.03760 0.04030 0.03280 0.04120 0.03510




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6. DISTRIBUTIONS (continued)

Monthly Distributions (continued) For the year ended 30 September 2017 31 March 30 April 31 May 30 June 31 July 31 August 30 September

Global Income Fund3***

2017 USD/Unit

2017 USD/Unit

2017 USD/Unit

2017 USD/Unit

2017 USD/Unit

2017 USD/Unit

2017 USD/Unit

D Class Income units4 - 0.03410 0.05850 0.05540 0.04560 0.04400 0.05380

*These Funds offer annual distributions to investors. **These Funds offer quarterly distributions to investors except for D2 Class Income units which offer monthly distributions to investors. ***These Funds offer monthly distributions to investors. 1Real Estate Debt Fund

launched on 21 March 2016.

2This unit class offers monthly distributions and launched on 30 March 2016.

3Global Income Fund

launched on 29 March 2017.

4This unit class offers monthly distributions and launched on 29 March 2017.




137

7. SIGNIFICANT CONTRACTS AND TRANSACTIONS WITH RELATED PARTIES

Management Fee Pursuant to the Trust Deed dated 13 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 and is accrued every Business Day. These related party transactions have been entered into in the ordinary course of business. The Management Fee expense is shown in the Statement of Comprehensive Income and the accrued amount is shown in the Statement of Financial Position. Management Fee rates for each unit class are listed in the supplement for each Fund. These are available from the www.principalglobal.com website.

Management Fee Rebate I Class Investors in certain Funds in agreement with the Investment Adviser/Sub-Investment Adviser(s), 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 cash and/or additional units purchased on the investors behalf by the Manager of the Fund. The effective Management Fees paid/accrued by these investors are disclosed in the Statement of Comprehensive Income and Statement of Financial Position. Those Funds to which the rebate applies, the ranges and the amount of the rebate applicable to those ranges are disclosed in the supplements for each Fund.

Expense Cap The Manager, at its discretion, may absorb (directly by waiving a portion of its fees or by reimbursement to the account of each Fund), certain additional fees, costs or expenses for each Fund that may arise in respect of the management and operation of the Trust attributable to each Fund. This Expense Cap fee is shown as Rebate/Recharge to the Fund due to capping in the Statement of Comprehensive Income and the accrual/prepaid amount is shown as part of Other Assets or Other Payables in the Statement of Financial Position.

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, D, F and N Class units. This fee is calculated as a percentage of the Net Asset Value of each Fund attributable to A, D, F and N Class units and is accrued every Business Day. 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. Administration Fee expense is shown in the Statement of Comprehensive Income and the accrued amount is shown in the Statement of Financial Position.

Trustee and Depositary Fee 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 Depositary and Trustee of the assets of collective investment schemes (“CISs”). The Trustee may retain for its own use out of each Fund a fee of up to 0.022% per annum of the Net Asset Value of the units calculated on each Business Day during the month, accrued and deducted from the Fund the following month - subject to a minimum fee of US$15,000 per annum which may be waived. The fee currently charged by the Trustee per Fund is disclosed in the relevant supplement for each Fund. The Trustee Fee expense is shown in the Statement of Comprehensive Income and the accrued amount is shown in the Statement of Financial Position.

Directors’ Remuneration Mr. David Shubotham, Mr. John O’Connell, Ms. Bronwyn Wright and Mr. Jim Firn 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 €25,000 for their services rendered to the Trust. Mr. Nicholas Lyster (resigned 11 August 2017), Mr. Christopher Henderson, Mr. Mike Beer, Mr Greg Thornton (appointed 11 August 2017) are related parties to the Investment Adviser and receive no compensation from the Trust.

Sub-Custody Fee The Depositary 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 of the 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. Depositary Fee expense is shown in the Statement of Comprehensive Income and the accrued amount is shown in the Statement of Financial Position.





138

7. SIGNIFICANT CONTRACTS AND TRANSACTIONS WITH RELATED PARTIES (continued)

Performance Fees The Investment Adviser is entitled to receive out of the Net Asset Value of the Global Time Diversified Absolute Return Fund and the Finisterre Emerging Market Debt Fund a Performance Fee. The Performance Fee is accrued on each Business Day as an expense of the relevant Unit Class. It is calculated by the Administrator in respect of each period of one calendar year (a Performance Period) and paid by the Administrator annually in arrears. For each Performance Period, the Performance Fee in respect of each unit will be equal to 20% for the Global Time Diversified Absolute Return Fund and 15% on the Finisterre Emerging Market Debt Fund (20% for any A Class Units) of the appreciation in the Net Asset Value per Unit before the deduction of any accrued Performance Fee during the Performance Period above the Initial Issue Price of that Unit Class or, if higher, above the highest Net Asset Value per Unit Class achieved as of the end of any previous Performance Period where a Performance Fee was paid (the Peak Net Asset Value). The Peak Net Asset Value is recalculated at the end of each Performance Period.

Audit Fees The audit fee charged for the year ended 30 September 2017 was $305,508 excluding VAT (2016: $261,003 excluding VAT). Other than statutory audit fees disclosed in the Statement of Comprehensive Income the only other fees paid to PricewaterhouseCoopers in Dublin, Ireland as the Statutory Auditor of the Trust were in relation to tax services provided amounting to $79,410 (2016: $84,427).

8. COMPARATIVE NET ASSET VALUES AT DEALING PRICES

30 September 2017 Net Asset Value

and USD /unit


and USD /unit


and USD /unit

Global Equity Fund Total Income Class 4,574,095 4,304,046 4,314,950 A Class Income units 47.11 40.98 38.95 Total Accumulation Class 4,956,942 43,977,606 50,154,160 A Class Accumulation units 54.37 47.30 44.98 I Class Accumulation units 24.06 20.76 19.60 F2 Class Accumulation units 11.54 10.14 –

Asian Equity Fund Total Income Class 1,621,103 2,545,174 2,378,520 A Class Income units 39.75 31.95 28.28 Total Accumulation Class 4,327,791 5,390,764 5,311,341 A Class Accumulation units 45.52 36.59 32.38 I Class Accumulation units 73.21 58.35 51.33 European Equity Fund Total Income Class 3,468,379 4,236,896 4,345,627 A Class Income units 66.76 55.14 54.78 Total Accumulation Class 79,247,652 96,287,133 99,938,016 A Class Accumulation units 85.24 69.51 68.38 I Class Accumulation units 29.63 23.95 23.42 I Class Accumulation (EUR) units 18.98 15.34 15.00 Emerging Markets Equity Fund Total Accumulation Class 6,016,304 7,340,395 8,464,840 A Class Accumulation units 50.73 40.65 36.22 I Class Accumulation units 61.02 48.48 42.96 Japanese Equity Fund Total Accumulation Class 18,282,954 30,391,839 22,737,842 A Class Accumulation units 9.31 8.30 7.64 I Class Accumulation units 10.82 9.54 8.74 I Class Accumulation (JPY) units 15.61 13.77 12.61 F2 Class Accumulation units 12.50 11.23 –




139

8. COMPARATIVE NET ASSET VALUES AT DEALING PRICES (continued)


and USD /unit


and USD /unit


and USD /unit

Preferred Securities Fund Total Income Class 1,970,189,653 948,320,200 776,891,353 A Class Income units 9.39 9.09 8.92 A Class Income (AUD hedged) units 9.86 – – A Class Income (EUR hedged) units 9.38 8.79 8.74 A Class Income (GBP hedged) units 9.46 8.99 10.33 A Class Income (SGD hedged) units 10.38 – –

I Class Income units 10.61 10.27 10.08 I Class Income (AUD hedged) units 10.49 – –

I Class Income (CHF hedged) units 10.54 – –

I Class Income (EUR hedged) units 8.67 8.11 8.06 I Class Income (GBP hedged) units 9.13 8.66 9.98 I Class Income (JPY hedged) units 8.27 9.07 7.55 I Class Income (SGD hedged) units 10.39 – –

D Class Income units 12.53 12.13 11.90 D2 Class Income units 10.82 10.47 –

F Class Income units 12.44 12.04 11.81 N Class Income units 10.48 10.04 –

P Class Income units 10.57 10.24 10.04 Total Accumulation Class 2,658,236,829 1,462,263,754 983,385,423 A Class Accumulation units 14.65 13.58 12.72 A Class Accumulation (CHF hedged) units 11.73 11.15 10.54 A Class Accumulation (EUR hedged) units 19.96 17.89 16.98 A Class Accumulation (JPY hedged) units 10.37 10.89 –

A Class Accumulation (SGD hedged) units 10.40 – –

I Class Accumulation units 21.79 20.07 18.68 I Class Accumulation (AUD hedged) units 10.49 – –

I Class Accumulation (CHF hedged) units 12.19 11.52 10.83 I Class Accumulation (EUR hedged) units 13.45 11.98 11.29 I Class Accumulation (JPY hedged) units 14.26 14.87 11.76 I Class Accumulation (SGD hedged) units 10.42 – –

D Class Accumulation units 23.55 21.90 20.57 F Class Accumulation units 22.51 21.03 19.85 F2 Class Accumulation units 11.33 10.63 –

N Class Accumulation (EUR hedged) units 10.17 – –

N Class Accumulation (GBP hedged) units 10.48 – –

P Class Accumulation units 13.05 12.07 11.28 U.S. Equity Fund Total Accumulation Class 58,012,742 117,182,851 135,447,043 A Class Accumulation units 26.44 22.38 21.09 I Class Accumulation units 29.29 24.57 23.01 I Class Accumulation (GBP) units – 24.64 23.06 High Yield Fund Total Income Class 5,016,701 2,531,259 2,010,079 A Class Income units 9.85 9.43 8.99 A Class Income (AUD hedged) units 10.60 9.81 8.49 Total Accumulation Class 166,956,554 136,261,097 125,307,345 A Class Accumulation units 18.36 16.80 15.25 I Class Accumulation units 25.99 23.66 21.39 I Class Accumulation (BRL hedged) units 12.62 10.36 6.87 I Class Accumulation (EUR hedged) units 10.71 9.38 8.57 D Class Accumulation units 11.72 10.75 9.79 F Class Accumulation units 11.92 10.99 –




140



and USD /unit


and USD /unit


and USD /unit

Global Property Securities Fund Total Income Class 57,123,498 57,612,614 50,142,849 I Class Income (JPY hedged) units 10.75 12.01 9.30 I2 Class Income units 11.08 11.05 10.08 Total Accumulation Class 152,421,373 108,145,397 49,856,526 I Class Accumulation units 26.94 26.42 23.82 I Class Accumulation (USD hedged) units 11.56 11.27 10.25 F Class Accumulation units 10.32 10.24 –

Global Equity (ex-Japan) Fund

1

Total Accumulation Class – 64,203,519 60,247,344 I Class Accumulation units – 17.83 16.75 I Class Accumulation (JPY) units – 13.44 12.62 Post Global Limited Term High Yield Fund Total Income Class 80,855,421 63,877,919 –

A Class Income units 10.25 10.22 –

I Class Income units 10.19 – –

I Class Income (EUR hedged) units 10.30 9.88 –

I Class Income (GBP hedged) units 9.51 9.30 – Total Accumulation Class 893,247,846 790,147,981 555,382,502 A Class Accumulation units 10.60 10.27 –

I Class Accumulation units 13.05 12.58 11.91 I Class Accumulation (CHF hedged) units 10.46 10.35 9.91 I Class Accumulation (EUR hedged) units 10.50 9.77 9.39 I Class Accumulation (GBP hedged) units 11.17 10.54 11.69 I Class Accumulation (JPY hedged) units 9.02 9.84 7.92 I Class Accumulation (SGD hedged) units 10.60 10.20 –

I2 Class Accumulation units 10.96 10.54 –

I2 Class Accumulation (EUR hedged) units 11.21 10.42 –

I2 Class Accumulation (GBP hedged) units 9.55 9.00 –

Global Time Diversified Absolute Return Fund Total Accumulation Class 2,612,348 4,641,516 4,058,191 I Class Accumulation units 9.20 10.00 8.96 EDGE Small/Mid-Cap Equity Income Fund

2

Total Accumulation Class – – 4,641,990 A Class Accumulation units – – 11.61 I Class Accumulation units – – 11.87 Global Small Cap Equity Fund Total Accumulation Class 11,704,547 17,727,195 21,096,242 A Class Accumulation units 18.27 15.43 14.03 I Class Accumulation units 18.94 15.86 14.33 Origin Global Emerging Markets Fund Total Accumulation Class 117,807,660 95,839,118 53,274,246 I Class Accumulation units 13.31 10.42 9.39 I Class Accumulation (GBP) units 13.65 10.68 9.62 F2 Class Accumulation units 13.99 11.15 –

1Global Equity (ex-Japan) Fund terminated on 15 September 2017.

2EDGE Small/Mid-Cap Equity Income Fund terminated on 31 May 2016.




141



and USD /unit


and USD /unit


and USD /unit

Origin Global Equity Fund

3

Total Accumulation Class – 16,041,615 15,453,227 I Class Accumulation (GBP) units – 12.96 12.68 Origin Global Smaller Companies Fund Total Accumulation Class 76,085,456 57,684,578 35,371,264 I Class Accumulation units 17.01 13.74 12.42 I Class Accumulation (GBP) units 17.07 13.79 12.46 Long/Short Global Opportunities Equity Fund

4

Total Accumulation Class – 7,148,152 7,708,631 I Class Accumulation units – 9.53 10.28 Claritas Latin American Equity Fund Total Accumulation Class 14,797,106 12,358,514 11,495,853 I Class Accumulation units 9.12 7.62 5.74 Finisterre Emerging Market Debt Fund Total Income Class 502,093 262,133,618 259,785,965 A Class Income units 10.07 9.75 9.38 I2 Class Income (EUR hedged) units – 8.30 7.93 Total Accumulation Class 2,321,616 52,331,417 203,358,703 A Class Accumulation units 10.14 9.85 9.47 A Class Accumulation (CHF hedged) units – 9.53 9.25 A Class Accumulation (EUR hedged) units – 10.00 9.66 A Class Accumulation (GBP hedged) units – 8.63 9.63 A Class Accumulation (SGD hedged) units – 9.95 9.14 I Class Accumulation units 11.31 10.94 10.47 I Class Accumulation (EUR hedged) units 10.79 – 8.00 I Class Accumulation (GBP hedged) units – 8.71 9.67 Spectrum Global Capital Securities Fund Total Accumulation Class 8,364,218 24,629,419 21,246,644 A Class Accumulation units 10.96 10.00 –

I Class Accumulation units 12.14 10.94 10.28 I Class Accumulation (EUR hedged) units 12.13 10.57 10.03 Global Short Duration High Yield Fund

5

Total Accumulation Class – – 8,620,593 I Class Accumulation units – – 10.15 Global Capital Structure Opportunities Fund Total Accumulation Class 11,345,859 10,695,258 10,234,529 I Class Accumulation units 11.35 10.68 10.23 Global Credit Alpha Fund

6

Total Accumulation Class – 8,395,816 7,916,376 I Class Accumulation units – 11.26 10.62

3Origin Global Equity Fund terminated on 24 February 2017.

4Long/Short Global Opportunities Equity Fund terminated on 1 March 2017.

5Global Short Duration High Yield Fund terminated on 1 July 2016.

6Global Credit Alpha Fund terminated on 30 June 2017.




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and USD /unit


and USD /unit


and USD /unit


7

Total Income Class 5,790,384 4,770,969 –

A Class Income units – – –

I Class Income units 9.91 10.49 – Total Accumulation Class 4,918,860 4,771,769 –

A Class Accumulation units – – –

I Class Accumulation units 10.71 10.65 –

Global Income Fund

8

Total Income Class 10,358 – –

D Class Income units 10.36 – – Total Accumulation Class 27,968,001 – –

A Class Accumulation units 10.62 – –

I Class Accumulation units 10.64 – –

Finisterre Unconstrained Emerging Markets Fixed Income Fund

9

Total Accumulation Class 26,160,066 – –

I Class Accumulation units 10.33 – –

I Class Accumulation (GBP hedged) units 10.81 – –

I2 Class Accumulation units 10.35 – –

7Real Estate Debt Fund launched on 21 March 2016.

8Global Income Fund launched on 29 March 2017.

9Finisterre Unconstrained Emerging Markets Fixed Income Fund launched on 2 May 2017.

9. EFFICIENT PORTFOLIO MANAGEMENT

The Funds are denominated in USD 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, and except as otherwise stated in the investment objective and policies of a Fund, the Investment Adviser and/or Sub-Investment Adviser(s) may employ, for certain Funds, investment techniques and instruments such as futures, forward foreign currency exchange contracts, swaps, options and other derivatives for Efficient Portfolio Management (“EPM”) 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.

For UCITS which have engaged in EPM techniques, certain disclosures are required under Chapter 4 of the Central Bank UCITS Regulations. The Investment Advisers of the Funds have identified all FDIs which are used for EPM. A UCITS is required to disclose the revenues arising from EPM techniques for the entire reporting period together with the direct and indirect operational costs and fees incurred.

The Investment Adviser/Sub-Investment Adviser(s) considers only repurchase agreements, reverse repurchase agreements and securities lending to be EPM techniques. None of the Funds held repurchase agreements, reverse repurchase agreements or took part in securities lending as at year end date 30 September 2017 or at 30 September 2016.

Details of all open transactions at the year end are disclosed in the Portfolios of Investments.




143

10. DEALING COMMISSION ARRANGEMENTS

The Investment Adviser appointed in relation to each Fund is responsible for the selection of brokers with whom they deal. In relation to certain equity funds, the Investment Adviser/Sub-Investment Adviser(s) have entered into dealing commission arrangements with brokers whereby they obtain services or benefits from them, or from third parties – which are paid for out of commissions charged to the Funds. Such services or benef its relate primarily to research and portfolio management, and their purchase is compliant with relevant local regulation; including being a permitted service. The relevant Investment Adviser/Sub Investment Adviser(s) are satisfied that trades generating soft commissions comply with the relevant local regulations requiring best execution – which requires consideration of relevant factors, including price and execution quality.

11. 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 FDIs 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 Adviser/Sub-Investment Adviser(s) monitoring investment activity and exposure at the point of execution ensuring a Fund is managed according to its guidelines and objectives, the Depositary and the Trustee of the Funds also provide an independent analysis of financial instrument exposure by monitoring investment limits in accordance with the UCITS Regulations and the Funds’ prospectus.

The Funds’ overall market positions are monitored on a daily basis by the Investment Adviser/Sub-Investment Adviser(s) and compliance with the Funds’ investment guidelines are monitored on an ongoing basis by the Investment Adviser/Sub Investment Adviser(s) 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 Adviser/Sub-Investment Adviser(s) 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. The strategies as enumerated for the funds below and overleaf are summarised, please refer to the prospectus and supplements of the individual funds for greater detail. These are available on the www.principalglobal.com website.

Global Equity Fund

The Fund seeks to achieve capital growth 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 Fund seeks to achieve capital growth 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 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 Fund seeks to achieve capital growth 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 REITS and in other Funds of the Trust. No more than 15% of the net assets will be invested in Russia.





144

11. FINANCIAL RISK MANAGEMENT (continued)

Strategy in Using Financial Instruments (continued)


The Fund seeks to achieve capital growth 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 CISs. The Fund may also invest in REITS and in other Funds of the Trust. No more than 15% of the net assets will be invested in Russia.


The Fund seeks to achieve capital growth 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 REITS and in other Funds of the Trust.


The Fund will seek to provide a return consisting of income and capital preservation by investing primarily in a portfolio of USD denominated preferred securities and debt securities. Investments can also include ancillary liquid assets such as bank deposits. The Fund’s investment universe will include REITS.

U.S. Equity Fund The Fund seeks to achieve capital growth by investing principally in the equity securities of companies domiciled or with their core business in the United States, which the Investment Adviser believes are mispriced by the market and have the potential for significant growth. The Fund can invest in both listed and unlisted equity securities, with a level of 10% of the net assets of the Fund permitted in unlisted securities. The Fund may also invest in debt securities, as set out in the Prospectus, as well as REITS and other Funds of the Trust.

High Yield Fund

The Fund will seek to provide a return consisting of income and, over the long term, capital appreciation by investing primarily in a portfolio of USD 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 REITS and in other Funds of the Trust.

Global Property Securities Fund The 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 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 depositary receipts.

Global Equity (ex-Japan) Fund The Fund sought to achieve capital growth by investing in equity securities from investment markets around the world, with the exception of Japan. Investments could also include unlisted securities (limited to 10% of the net assets), bank deposits, debt securities, fixed interest and money market securities. The Fund could also invest in REITS and in other Funds of the Trust. The Fund terminated on 15 September 2017.

Post Global Limited Term High Yield Fund The Fund aims to provide a high rate of return with low volatility relative to typical high yield investments by investing primarily in a portfolio of global short-term, lower volatility high yield debt securities with an average duration of approximately 12-24 months. These securities will generally be rated below investment grade. The portfolio will be diversified, consisting from time to time of securities including fixed and floating rate global corporate bonds, debt issued in the leveraged loan market such as bank loan assignments and participations, convertible bonds, commercial paper, private placements, such as section 144A securities, preferred securities, hybrids and taxable municipal bonds. The Fund may also invest in other Funds of the Trust in order to obtain its objective.


The Global Time Diversified Absolute Return Fund will seek to provide a consistent stream of positive returns in excess of USD 3 month London Inter-Bank Offer Rate (“LIBOR”) over a 3-5 year horizon by investing primarily in FDIs to gain exposure to a portfolio of cross currency positions on a leveraged basis. The FDIs will gain exposure to an investible currency universe which will primarily comprise 12 currencies which the Investment Adviser/Sub-Investment Adviser(s) considers to be the most tradable currencies in the developed world at any given time.




145




The investment objective of the Fund is 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. The Fund can also invest in 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 Trust in order to seek to meet its objective.


The objective of the Fund is to 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 USD250 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 as well as depositary receipts for such securities, all of which are traded on securities exchanges or regulated markets.

Origin Global Equity Fund The objective of the Fund was to seek to achieve capital growth through investment in global equities. The Fund could 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 USD1 billion. The Fund was constructed with very limited regard to the characteristics of any market capitalisation weighted global equity indices. These securities could primarily be common stocks and other securities with equity characteristics, including but not limited to preferred stocks, warrants (only held where an existing holding was subject to an issuance of warrants and, in aggregate, normally not more than 5% of the Fund’s Net Asset Value) and rights as well as depositary receipts for such securities, all of which were traded on securities exchanges or regulated markets. The Fund terminated on 24 February 2017.


The objective of the Fund is to seek 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 USD5 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 as well as depositary receipts for such securities, all of which are traded on securities exchanges or regulated markets.

Long/Short Global Opportunities Equity Fund The investment objective of the Fund was to seek capital growth over the medium to long term with the secondary objective of seeking to limit volatility. The Fund sought to achieve its objective by investing principally in both long and short positions in equity securities and equity related securities (comprising American Depositary Receipts and Global Depositary Receipts) from investment markets around the world. The Fund could hold short positions synthetically through the use of FDIs. The Fund could also invest in eligible REITS or other REIT-like structures which would be the equivalent of REITS. It could also invest in other Funds of the Trust and eligible ETFs. The Fund terminated on 1 March 2017.

Claritas Latin American Equity Fund The investment objective of the Fund is 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.




146



Finisterre Emerging Market Debt Fund

The investment objective of the Fund is to generate medium to long term positive total returns from a combination of current income and capital appreciation by investing in global emerging market securities. The Fund seeks to achieve its objective by investing primarily in fixed income instruments of sovereign and quasi-sovereign issuers and corporate debt obligations in emerging markets. The types of fixed income instruments and corporate debt obligations that the Fund may invest in are bonds, asset-backed securities, convertible bonds, CoCos, credit and index linked securities, Rule 144A and/or Regulation S securities. The Fund may use FDIs for investment purposes as well as for hedging and/or EPM purposes. From time to time, the Fund may hold an unlimited amount of investments which are traded in Russia.

Spectrum Global Capital Securities Fund The investment objective of the Fund is to generate positive total return over the medium to long term including capital preservation. The Fund seeks to achieve its objective by investing the majority of its assets in below investment grade CoCos from around the world, together with volatility mitigation strategies to mitigate the credit and interest rate volatility associated with CoCos. The Fund may also invest in UCITS eligible ETFs.

Global Capital Structure Opportunities Fund The Fund aims to provide high single digit returns over any given market cycle while minimising drawdown risk. The Fund seeks to achieve its objective primarily by investing across the capital structure of companies around the world which, together with investment in FDI’s, will seek to minimise certain risks associated with such investments. In certain market conditions the Fund may also invest in government debt. The Fund may also invest in UCITS eligible CISs and ETFs.

Global Credit Alpha Fund The investment objective of the Fund was to seek a high rate of total return over the medium to long term. The Fund sought to achieve its objective by investing the majority of its assets in high yield corporate bonds, securitised debt, emerging markets bonds as well as government bonds and investment grade corporate bonds from markets around the world. The Fund could also invest in UCITS eligible CISs, including other Funds of the Unit Trust and ETFs. The Fund terminated on 30 June 2017.

Real Estate Debt Fund The objective of the Fund is to provide attractive long term risk adjusted returns. The Fund seeks to achieve the investment objective by investing the majority of its assets in a diversified portfolio of U.S. commercial mortgage-backed securities (“CMBS”). CMBS are structured debt securities, typically secured by diversified pools of mortgages on commercial real estate properties located across the U.S. While the Fund will primarily invest in CMBS, it may also invest in unsecured bonds issued by companies primarily engaged in a real estate or real estate related business. The CMBS and unsecured bonds may include Rule 144A securities. The Fund may also use certain FDI’s for investment purposes and the Fund may also hold ancillary liquid assets such as bank deposits and U.S. Treasury Securities.

Global Income Fund The investment objective of the Fund is to provide high current income, with reasonable long-term capital appreciation. The Fund seeks to achieve the investment objective by investing the majority of its assets in income-producing equity, debt and hybrid securities. Hybrid securities are securities with features of both debt and equity securities. The Fund will consistently employ a global asset allocation investment process, which is based upon fundamental research driven, long-term focused security selection. The types of debt securities the Fund may invest in include, but are not limited to, corporate, sovereign and quasi-sovereign bonds, commercial and residential mortgage backed securities and other asset backed securities. Investment in commercial and residential mortgage backed securities and other asset backed securities will not exceed 15% of the Fund’s NAV in aggregate. The types of hybrid securities the Fund may invest in are preferred stock and convertible securities, including CoCo securities. The Fund may also invest in UCITS or CISs, the constituents of which would typically include the instruments described above.

Finisterre Unconstrained Emerging Markets Fixed Income Fund The investment objective of the Fund is to seek to generate total returns through income and capital appreciation, while limiting volatility and potential capital losses. The Fund seeks to achieve its objective by actively investing in a diversified range of fixed-income and FDI, a majority (not less than 51%) issued by or referencing emerging markets. These include corporate, sovereign and quasi-sovereign entities. The Fund seeks to extract value from investments in both investment grade and high yield fixed income instruments, and can include both stressed and distressed securities. A proportion of the net assets of the Fund may be invested in UCITS eligible CISs, including exchange traded funds and the Fund may hold equities as a result of the conversion of a convertible bond or as the result of a debt restructuring.




147


Market Price Risk

All securities and investments present a risk of loss of capital. The Investment Adviser/Sub-Investment Adviser(s) 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 maximum risk of the Interest Rate Swaps, Credit Default Swaps, Cross Currency Swaps and Total Return Swaps is determined by the fair value of the swaps. The Funds’ overall market positions are monitored on a daily basis by the Funds’ Investment Adviser/Sub-Investment Adviser(s).

The Investment Adviser/Sub-Investment Adviser(s) 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 FDIs for EPM 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 FDIs such as options, futures, options on futures, forward foreign currency exchange contracts, repurchase contracts, reverse repurchase agreements, sale and buyback agreements, stock lending agreements, credit default swaps, interest rate swaps and other over the counter derivative instruments which may be used subject to the conditions and limits laid down by the Central Bank 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 Statement of Financial Position 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.




148


Market Price Risk (continued)

NAV following a 5% Increase/Decrease in Benchmark Return

As at 30 September 2017

Change in Net Asset Value*

Fund Name Benchmark Currency 5% Increase 5% Decrease

Global Equity Fund MSCI AC World Index USD 510,900 (510,900)

Asian Equity Fund MSCI AC Asia ex-Japan Index USD 345,914 (345,914)

European Equity Fund MSCI Europe Index USD 4,249,375 (4,249,375)

Emerging Markets Equity Fund MSCI Emerging Markets Index USD 284,490 (284,490)

Japanese Equity Fund MSCI Japan Index USD 865,198 (865,198)

Preferred Securities Fund 50% BofA Merrill Lynch Fixed Rate

USD

Preferred Securities Index;

50% BofA Merrill Lynch US

Capital Securities Index 162,473,881 (162,473,881)

U.S. Equity Fund S&P 500 Index USD 3,276,721 (3,276,721)

High Yield Fund BofA Merrill Lynch Global High Yield Hedged Index USD 7,398,568 (7,398,568)

Global Property Securities Fund FTSE-EPRA/NAREIT Developed NTR Index USD 11,381,189 (11,381,189)

Global Equity (ex-Japan) Fund1 MSCI Kokusai (World ex-Japan) Index USD N/A N/A

Post Global Limited Term Barclays Capital US Government High Yield Fund 1-2 Year Index USD 75,367,442 (75,367,442)

Global Time Diversified Absolute

Return Fund7 N/A USD N/A N/A

Global Small Cap Equity Fund MSCI ACWI Small Cap Index USD 582,873 (582,873)

Origin Global Emerging Markets Fund MSCI Emerging Markets Index USD 6,663,362 (6,663,362)

Origin Global Equity Fund2 MSCI World Index USD N/A N/A

Origin Global Smaller Companies Fund MSCI ACWI Small Cap Index USD 2,922,673 (2,922,673)

Long/Short Global Opportunities

Equity Fund3/7

N/A USD N/A N/A

Claritas Latin American Equity Fund MSCI Emerging Markets Index USD 945,463 (945,463)

Finisterre Emerging

Market Debt Fund7 N/A USD N/A N/A


BofA Merrill Lynch Global

USD

Non-Sovereign Index 109,164 (109,164)

Global Capital Structure Opportunities Fund 3 Month US LIBOR USD 820,145 (820,145)

Global Credit Alpha Fund4 3 Month US LIBOR USD N/A N/A

Real Estate Debt Fund Bloomberg Barclays CMBS Investment Grade Index USD 500,526 (500,526)

Global Income Fund5 25% MSCI ACWI High Dividend Yield NR

Index; 75% Barclays Global High Yield Index USD 1,513,289 (1,513,289)


6/7 N/A USD N/A N/A

*The changes in Net Asset Value have been calculated by applying a beta calculation based on performance for the period multiplied by a 5% increase/(decrease) in the index. The Manager considers this movement to be reasonable. 1Global Equity (ex-Japan) Fund terminated on 15 September 2017.






7The Global Time Diversified Absolute Return Fund, Long/Short Global Opportunities Equity Fund, Finisterre Emerging Market Debt Fund and Finisterre Unconstrained Emerging Markets Fixed Income Fund do not have applicable benchmark indices, and as a result there is no sensitivity analysis prepared for these Funds.




149



NAV following a 5% Increase/Decrease in Benchmark Return


Change in Net Asset Value*

Fund Name Benchmark Currency 5% Increase 5% Decrease

Global Equity Fund MSCI AC World Index USD 1,984,948 (1,984,948)

Asian Equity Fund MSCI AC Asia ex-Japan Index USD 382,757 (382,757)

European Equity Fund MSCI Europe Index USD 4,842,698 (4,842,698)

Emerging Markets Equity Fund MSCI Emerging Markets Index USD 349,490 (349,490)

Japanese Equity Fund MSCI Japan Index USD 1,480,652 (1,480,652)

Preferred Securities Fund 50% BofA Merrill Lynch Fixed Rate

USD

Preferred Securities Index;

50% BofA Merrill Lynch US

Capital Securities Index 142,873,757 (142,873,757)

U.S. Equity Fund S&P 500 Index USD 5,597,037 (5,597,037)

High Yield Fund BofA Merrill Lynch Global High Yield Hedged Index USD 5,956,049 (5,956,049)

Global Property Securities Fund FTSE-EPRA/NAREIT Developed NTR Index USD 8,658,413 (8,658,413)

Global Equity (ex-Japan) Fund MSCI Kokusai (World ex-Japan) Index USD 2,995,865 (2,995,865)

Post Global Limited Term Barclays Capital US Government High Yield Fund 1-2 Year Index USD 14,087,047 (14,087,047)

Global Time Diversified Absolute

Return Fund4 N/A USD N/A N/A

EDGE Small/Mid-Cap Equity Income Fund

1 Russell 2500 Value Index USD N/A N/A

Global Small Cap Equity Fund MSCI ACWI Small Cap Index USD 843,409 (843,409)

Origin Global Emerging Markets Fund MSCI Emerging Markets Index USD 3,960,369 (3,960,369)

Origin Global Equity Fund MSCI World Index USD 795,367 (795,367)

Origin Global Smaller Companies Fund MSCI ACWI Small Cap Index USD 2,481,050 (2,481,050)

Long/Short Global Opportunities

Equity Fund4 N/A USD N/A N/A

Claritas Latin American

Equity Fund5 N/A USD N/A N/A

Finisterre Emerging

Market Debt Fund4 N/A USD N/A N/A


BofA Merrill Lynch Global

USD

Non-Sovereign Index 358,732 (358,732)

Global Short Duration High Yield Fund

2

Barclays Capital Mutual Fund (1-2)

US Government Index USD N/A N/A

Global Capital Structure Opportunities Fund 3 Month US LIBOR USD 14,078,885 (14,078,885)

Global Credit Alpha Fund 3 Month US LIBOR USD 21,313,651 (21,313,651)

Real Estate Debt Fund3 Bloomberg Barclays CMBS Investment Grade

Index USD 457,128 (457,128) *The changes in Net Asset Value have been calculated by applying a beta calculation based on performance for the period multiplied by a 5% increase/(decrease) in the index. The Manager considers this movement to be reasonable. 1EDGE Small/Mid-Cap Equity Income Fund terminated on 31 May 2016.



4The Finisterre Emerging Market Debt Fund, Long/Short Global Opportunities Equity Fund and Global Time Diversified Absolute Return Fund do not have applicable benchmark indices, and as a result there is no sensitivity analysis prepared for these Funds.

5For the Claritas Latin American Equity Fund there is currently no license for the benchmark index and as a result there is no sensitivity prepared for this Fund.




150



The Funds’ market price risk is managed through investment selection and diversification in accordance with The UCITS Regulations and the limits set out in the Prospectus. The Investment Adviser uses their portfolio management selection tool and makes use of tracking errors to monitor deviation with the benchmark. Monthly performance reports are reviewed by the Investment Adviser/Sub-Investment Adviser(s) and quarterly by the Board of Directors of the Manager. Each Fund’s overall market exposures and notional exposures for derivatives are disclosed in the Portfolio of Investments.

Global Time Diversified Absolute Return Fund, Finisterre Emerging Market Debt Fund, Global Capital Structure Opportunities Fund, Global Credit Alpha Fund and Finisterre Unconstrained Emerging Markets Fixed Income Fund use an Absolute Value at Risk ("VaR") model to assess the Fund's market risk. The Global Time Diversified Absolute Return Fund's proprietary model uses a non-parametric approach based on a one-tailed confidence level of 99% for a daily horizon and considering no less than three years of historical data. The Finisterre Emerging Market Debt Fund uses a third-party independent VaR provider, from September 2016 to March 2017, a parametric approach with two year historical data based on a confidence level of 99% with a daily horizon was used. After March 2017 a non-parametric approach based on a confidence level of 99% for a daily horizon and considering no less than two years of historical data was used. The Global Capital Structure Opportunities Fund and Global Credit Alpha Fund (which terminated on the 30 June 2017) calculate VaR using an historical parametric approach with a one-tailed 99% confidence level for a daily holding period and with an effective observation period considering at least one year of historical data. The Finisterre Unconstrained Emerging Markets Fixed Income Fund's proprietary model uses a non-parametric approach based on a one-tailed confidence level of 99% for a daily horizon and considering no less than two years of historical data. It is noted that the use of VaR models to assess risk has limitations; these models use historical market data as a basis for their estimates, and assume that future conditions will be like those in the past. The estimates may be unreliable, especially under new or extreme market conditions. As there are frequent changes in a Fund’s holdings, the sensitivity analysis should not be relied upon as a measure of future performance.

The VaR as of 30 September 2017 and 30 September 2016 based on a confidence level of 99% is included in the table below:

30 September 2017 30 September 2016

% %

Global Time Diversified Absolute Return Fund 2.0 1.8

Finisterre Emerging Market Debt Fund 0.1 1.2

Global Capital Structure Opportunities Fund 0.7 0.6

Global Credit Alpha Fund* N/A 0.3

Finisterre Unconstrained Emerging Markets Fixed Income Fund** 0.7 N/A

*Global Credit Alpha Fund terminated on 30 June 2017. **Finisterre Unconstrained Emerging Markets Fixed Income Fund launched on 2 May 2017.

The lowest, highest and average utilisation of the VaR limit, using an Absolute VaR approach based on the above inputs are included in the tables below:

During the year ended 30 September 2017 Lowest Highest Average

Fund % % %

Global Time Diversified Absolute Return Fund 1.1 2.8 1.9 Finisterre Emerging Market Debt Fund 0.0 1.6 0.6

Global Capital Structure Opportunities Fund 0.6 0.9 0.7 Global Credit Alpha Fund* 0.0 0.6 0.5 Finisterre Unconstrained Emerging Markets Fixed Income Fund** 0.5 1.0 0.7

*Global Credit Alpha Fund terminated on 30 June 2017. **Finisterre Unconstrained Emerging Markets Fixed Income Fund launched on 2 May 2017.




151



During the year ended 30 September 2016 Lowest Highest Average

Fund % % %

Global Time Diversified Absolute Return Fund 1.2 2.7 1.8

Finisterre Emerging Market Debt Fund 0.5 1.2 0.6

Global Capital Structure Opportunities Fund 0.5 2.1 1.2

Global Credit Alpha Fund 0.3 1.5 0.8

Financial Assets at Fair Value through Profit or Loss

Under FRS 102, the Trust is required to classify fair value measurement 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:

Level 1: The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date.

Level 2: Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly.

Level 3: Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability. 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.

The FRC issued "Amendments to FRS 102 - Fair value hierarchy disclosures", effective for accounting periods beginning on or after 1 January 2017, with early adoption permitted. FRED 62 proposed to amend paragraphs 34.22 and 34.42 of FRS 102 to require disclosure of financial instruments held at fair value on the basis of a fair value hierarchy consistent with EU-adopted IFRS based on Level 1, 2 and 3 classifications. The Trust has availed of early adoption thus the financial statements and comparatives have been prepared in accordance with these amendments and fair value measurement is categorised based on Levels 1, 2 and 3. The only securities held in Level 3 for the year ended 30 September 2017 or 30 September 2016 were nil valued securities which have been indicated by an asterisk on any relevant funds in the following tables.




152



Financial Assets at Fair Value through Profit or Loss (continued)

The following tables analyse the financial assets of each Fund against the fair value hierarchy and measures them at fair value for 30 September 2017 and 30 September 2016 in accordance with FRS 102.


Global Equity Fund Level 1 Level 2 Level 3

Quoted prices in Other

observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value 9,580,812 – –

Unrealised Gain on Open Spot Currency Contracts – 4 –

Total Assets 9,580,812 4 –

Liabilities Unrealised Loss on Open Spot Currency Contracts – (80) –

Total Liabilities – (80) –

Asian Equity Fund Level 1 Level 2 Level 3


observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value* 5,856,525 – –

Total Assets 5,856,525 – –

European Equity Fund Level 1 Level 2 Level 3




Total Assets 82,433,996 98 –

Emerging Markets Equity Fund Level 1 Level 2 Level 3






*Contains Level 3 security at nil market value.




153




As at 30 September 2017 (continued)

Japanese Equity Fund Level 1 Level 2 Level 3




Total Assets 18,114,464 117 –



Preferred Securities Fund Level 1 Level 2 Level 3


observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value 333,179,035 4,059,673,318 –

Unrealised Gain on Open Spot Currency Contracts – 3,428 –

Unrealised Gain on Open Forward Foreign Currency Exchange Contracts – 1,446,752 –

Total Assets 333,179,035 4,061,123,498 –

Liabilities Unrealised Loss on Open Spot Currency Contracts – (8,546) –

Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – (23,612,574) –

Total Liabilities – (23,621,120) –

U.S. Equity Fund Level 1 Level 2 Level 3




High Yield Fund Level 1 Level 2 Level 3


observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value* 1,204,441 159,188,151 –


Unrealised Gain on Open Forward Foreign Currency Exchange Contracts – 392,468 –

Total Assets 1,204,441 159,580,720 –

Liabilities Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – (261,945) –

Total Liabilities – (261,945) –





154





Global Property Securities Fund Level 1 Level 2 Level 3





Total Assets 204,563,361 104,340 –


Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – (334,726) –


Post Global Limited Term High Yield Fund Level 1 Level 2 Level 3


observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value – 955,640,071 –


Total Assets – 957,238,182 –

Liabilities Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – (12,378,357) –


Global Time Diversified Absolute Return Fund Level 1 Level 2 Level 3




Market Value Gain on Option Contracts 33,401 – –

Total Assets 2,393,827 124,580 –


Market Value Loss on Option Contracts (1,994) – –

Total Liabilities (1,994) (169,533) –




155





Global Small Cap Equity Fund Level 1 Level 2 Level 3






Origin Global Emerging Markets Fund Level 1 Level 2 Level 3




Total Assets 115,309,704 15 –



Origin Global Smaller Companies Fund Level 1 Level 2 Level 3







Claritas Latin American Equity Fund Level 1 Level 2 Level 3








156





Finisterre Emerging Market Debt Fund Level 1 Level 2 Level 3


observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value 1,346,346 4,551,427 –



Total Assets 1,346,346 24,556,467 –




Spectrum Global Capital Securities Fund Level 1 Level 2 Level 3




Total Assets – 6,670,364 –



Global Capital Structure Opportunities Fund Level 1 Level 2 Level 3



Unrealised Gain on Open Futures Contracts 8,845 – –

Total Assets 8,845 10,928,848 –

Liabilities Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – (3) –





157





Real Estate Debt Fund Level 1 Level 2 Level 3




Global Income Fund** Level 1 Level 2 Level 3




Total Assets 8,002,927 19,376,577 –

Finisterre Unconstrained Emerging Markets Fixed Income Fund*** Level 1 Level 2 Level 3





Market Value Gain on Swap Contracts – 221,882 –

Total Assets 1,321,311 20,816,538 –


Market Value Loss on Swap Contracts – (9,650) –


**Global Income Fund launched on 29 March 2017. ***Finisterre Unconstrained Emerging Markets Fixed Income Fund launched on 2 May 2017.




158





Global Equity Fund Level 1 Level 2 Level 3






Asian Equity Fund Level 1 Level 2 Level 3







European Equity Fund Level 1 Level 2 Level 3




Total Assets 99,847,516 1,419 –



Emerging Markets Equity Fund Level 1 Level 2 Level 3




Total Assets 7,143,329 211 –







159





Japanese Equity Fund Level 1 Level 2 Level 3






Preferred Securities Fund Level 1 Level 2 Level 3


observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value 334,676,926 1,958,228,663 –



Total Assets 334,676,926 1,961,629,393 –




U.S. Equity Fund Level 1 Level 2 Level 3



Total Assets 115,953,843 – –



High Yield Fund Level 1 Level 2 Level 3


observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value* 216,902 130,684,238 –


Total Assets 216,902 131,301,859 –







160





Global Property Securities Fund Level 1 Level 2 Level 3





Total Assets 162,351,791 195,947 –


Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – (78,648) –


Global Equity (ex-Japan) Fund Level 1 Level 2 Level 3






Post Global Limited Term High Yield Fund Level 1 Level 2 Level 3




Total Assets – 850,045,759 –

Liabilities Unrealised Loss on Open Forward Foreign Currency Exchange Contracts – (6,973,130) –


Global Time Diversified Absolute Return Fund Level 1 Level 2 Level 3





Total Assets 4,005,610 149,658 –






161





Global Small Cap Equity Fund Level 1 Level 2 Level 3




Total Assets 17,498,134 425 –



Origin Global Emerging Markets Fund Level 1 Level 2 Level 3






Origin Global Equity Fund Level 1 Level 2 Level 3




Origin Global Smaller Companies Fund Level 1 Level 2 Level 3











162





Long/Short Global Opportunities Equity Fund Level 1 Level 2 Level 3





Liabilities Unrealised Loss on Open Futures Contracts (2,040) – –

Total Liabilities (2,040) – –

Claritas Latin American Equity Fund Level 1 Level 2 Level 3




Finisterre Emerging Market Debt Fund Level 1 Level 2 Level 3






Market Value Gain on Swap Contracts – 10,940,259 –

Market Value Gain on Option Contracts 5,856,095 – –

Total Assets 6,319,936 278,192,859 –



Unrealised Loss on Forward Rate Agreements – (278,642) –

Unrealised Loss on Open Futures Contracts (347,280) – –

Market Value Loss on Swap Contracts – (17,031,300) –

Market Value Loss on Option Contracts (6,312,659) – –

Total Liabilities (6,659,939) (43,345,279) –




163





Spectrum Global Capital Securities Fund Level 1 Level 2 Level 3






Total Assets 135,490 23,742,013 –


Market Value Loss on Option Contracts (79,219) – –


Global Capital Structure Opportunities Fund Level 1 Level 2 Level 3



Unrealised Gain on Open Forward Foreign Currency Exchange Contracts – 4 –


Total Assets 1,406 10,316,750 –



Total Liabilities (2,570) (1) –

Global Credit Alpha Fund Level 1 Level 2 Level 3


observable Unobservable active markets inputs inputs USD USD USD Assets Investments in Securities at Fair Value 704,561 7,158,274 –

Unrealised Gain on Open Forward Foreign Currency Exchange Contracts – 508 –

Unrealised Gain on Open Futures Contracts 547 – –

Total Assets 705,108 7,158,782 –



Market Value Loss on Swap Contracts – (37,416) –


Real Estate Debt Fund** Level 1 Level 2 Level 3




**Real Estate Debt Fund launched on 21 March 2016.




164


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. Such limits are set out in the Funds’ Prospectus. With the fixed income Funds, the Investment Adviser/Sub-Investment Adviser(s) 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, U.S. Equity Fund, Global Property Securities Fund, Global Equity (ex-Japan) Fund (Terminated 15 September 2017), Global Small Cap Equity Fund, Origin Global Emerging Markets Fund, Origin Global Equity Fund (Terminated 24 February 2017), Origin Global Smaller Companies Fund, Long/Short Global Opportunities Equity Fund (Terminated 1 March 2017) 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 following tables summarise the exposure to interest rate risk for the Preferred Securities Fund, High Yield Fund, Post Global Limited Term High Yield Fund, Global Time Diversified Absolute Return Fund, Finisterre Emerging Market Debt Fund, Spectrum Global Capital Securities Fund, Global Capital Structure Opportunities Fund, Real Estate Debt Fund, Global Income Fund and Finisterre Unconstrained Emerging Markets Fixed Income Fund. They include each Fund's assets and trading liabilities at fair values, categorised by the earlier of contractual re-pricing or maturity dates. Global Credit Alpha Fund terminated on 30 June 2017.


Preferred Securities Fund Up to 1-5 years Over Non-interest Total 1 year 5 years bearing USD USD USD USD USD Assets Cash and cash equivalents – – – 157,056,507 157,056,507 Transferable securities 17,133,035 83,924,316 4,291,795,002 – 4,392,852,353 Financial Derivative Instruments – – – 1,450,180 1,450,180 Other Assets – – – 112,545,221 112,545,221

Total Assets 17,133,035 83,924,316 4,291,795,002 271,051,908 4,663,904,261

Liabilities Financial Derivative Instruments – – – (23,621,120) (23,621,120) Creditors – – – (11,856,659) (11,856,659)

Total Liabilities – – – (35,477,779) (35,477,779)

Total interest sensitivity gap 17,133,035 83,924,316 4,291,795,002




165


Interest Rate Risk (continued)


High Yield Fund Up to 1-5 years Over Non-interest Total 1 year 5 years bearing USD USD USD USD USD Assets Cash and cash equivalents – – – 10,478,395 10,478,395 Transferable securities 197,161 44,996,566 113,994,424 1,204,441 160,392,592 Financial Derivative Instruments – – – 392,569 392,569 Other Assets – – – 3,225,559 3,225,559

Total Assets 197,161 44,996,566 113,994,424 15,300,964 174,489,115

Liabilities Financial Derivative Instruments – – – (261,945) (261,945) Creditors – – – (2,253,915) (2,253,915)


Total interest sensitivity gap 197,161 44,996,566 113,994,424

Post Global Limited Term High Yield Fund Up to 1-5 years Over Non-interest Total 1 year 5 years bearing USD USD USD USD USD Assets Cash and cash equivalents – – – 44,272,528 44,272,528 Transferable securities 37,600,656 854,260,580 63,778,835 – 955,640,071 Financial Derivative Instruments – – – 1,598,111 1,598,111 Other Assets – – – 14,695,701 14,695,701

Total Assets 37,600,656 854,260,580 63,778,835 60,566,340 1,016,206,411



Total interest sensitivity gap 37,600,656 854,260,580 63,778,835


Up to 1-5 years Over Non-interest Total

1 year 5 years bearing USD USD USD USD USD Assets Cash and cash equivalents – – – 269,275 269,275 Transferable securities 2,360,426 – – – 2,360,426 Financial Derivative Instruments – – – 157,981 157,981 Other Assets – – – 62,068 62,068

Total Assets 2,360,426 – – 489,324 2,849,750

Liabilities Financial Derivative Instruments – – – (171,527) (171,527) Creditors – – – (65,875) (65,875)

Total Liabilities – – – (237,402) (237,402)

Total interest sensitivity gap 2,360,426 – –




166




Finisterre Emerging Market Debt Fund Up to 1-5 years Over Non-interest Total 1 year 5 years bearing USD USD USD USD USD Assets Cash and cash equivalents – – – 765,097 765,097 Transferable securities 4,755,263 1,142,510 – – 5,897,773 Financial Derivative Instruments – – – 20,005,040 20,005,040 Other Assets – – – 117,420 117,420

Total Assets 4,755,263 1,142,510 – 20,887,557 26,785,330

Liabilities Bank Overdraft – – – (603,420) (603,420) Financial Derivative Instruments – – – (20,625,061) (20,625,061) Creditors – – – (2,733,140) (2,733,140)


Total interest sensitivity gap 4,755,263 1,142,510 –

Spectrum Global Capital Securities Fund Up to 1-5 years Over Non-interest Total 1 year 5 years bearing USD USD USD USD USD Assets Cash and cash equivalents – – – 1,598,951 1,598,951 Transferable securities – – 6,667,157 – 6,667,157 Financial Derivative Instruments – – – 3,207 3,207 Other Assets – – – 178,506 178,506

Total Assets – – 6,667,157 1,780,664 8,447,821



Total interest sensitivity gap – – 6,667,157



1 year 5 years bearing USD USD USD USD USD Assets Cash and cash equivalents – – – 293,745 293,745 Transferable securities – – 10,928,848 – 10,928,848 Financial Derivative Instruments – – – 8,845 8,845 Other Assets – – – 191,670 191,670

Total Assets – – 10,928,848 494,260 11,423,108

Liabilities Bank Overdraft – – – (964) (964) Financial Derivative Instruments – – – (3) (3) Creditors – – – (76,282) (76,282)






167




Real Estate Debt Fund Up to 1-5 years Over Non-interest Total 1 year 5 years bearing USD USD USD USD USD Assets Cash and cash equivalents – – – 245,414 245,414 Transferable securities – – 10,392,999 – 10,392,999 Other Assets – – – 185,429 185,429

Total Assets – – 10,392,999 430,843 10,823,842

Liabilities Creditors – – – (114,598) (114,598)



Global Income Fund* Up to 1-5 years Over Non-interest Total 1 year 5 years bearing USD USD USD USD USD Assets Cash and cash equivalents – – – 319,057 319,057 Transferable securities 1,559,386 2,876,165 16,373,579 6,570,373 27,379,503 Financial Derivative Instruments – – – 1 1 Other Assets – – – 351,567 351,567

Total Assets 1,559,386 2,876,165 16,373,579 7,240,998 28,050,128




Finisterre Unconstrained Emerging Markets Fixed Income Fund**


1 year 5 years bearing USD USD USD USD USD Assets Cash and cash equivalents – – – 4,011,787 4,011,787 Transferable securities 1,297,085 8,156,966 12,355,612 – 21,809,663 Financial Derivative Instruments – – – 328,186 328,186 Other Assets – – – 830,058 830,058

Total Assets 1,297,085 8,156,966 12,355,612 5,170,031 26,979,694

Liabilities Bank Overdraft – – – (1,915) (1,915) Financial Derivative Instruments – – – (21,731) (21,731) Creditors – – – (795,982) (795,982)



*Global Income Fund launched on 29 March 2017. **Finisterre Unconstrained Emerging Markets Fixed Income Fund launched on 2 May 2017.




168




Preferred Securities Fund Up to 1-5 years Over Non-interest Total 1 year 5 years bearing USD USD USD USD USD Assets Cash and cash equivalents – – – 135,154,790 135,154,790 Transferable securities – 83,808,785 2,209,096,804 – 2,292,905,589 Financial Derivative Instruments – – – 3,400,730 3,400,730 Other Assets – – – 46,266,036 46,266,036

Total Assets – 83,808,785 2,209,096,804 184,821,556 2,477,727,145



Total interest sensitivity gap – 83,808,785 2,209,096,804

High Yield Fund Up to 1-5 years Over Non-interest Total 1 year 5 years bearing USD USD USD USD USD Assets Cash and cash equivalents – – – 6,139,310 6,139,310 Transferable securities 1,098,488 47,507,844 82,077,906 216,902 130,901,140 Financial Derivative Instruments – – – 617,621 617,621 Other Assets – – – 2,209,966 2,209,966

Total Assets 1,098,488 47,507,844 82,077,906 9,183,799 139,868,037

Liabilities Financial Derivative Instruments – – – (36,840) (36,840) Creditors – – – (1,038,841) (1,038,841)



Post Global Limited Term High Yield Fund Up to 1-5 years Over Non-interest Total 1 year 5 years bearing USD USD USD USD USD Assets Cash and cash equivalents – – – 9,067,269 9,067,269 Transferable securities 71,217,038 693,769,512 82,180,280 – 847,166,830 Financial Derivative Instruments – – – 2,878,929 2,878,929 Other Assets – – – 21,848,253 21,848,253

Total Assets 71,217,038 693,769,512 82,180,280 33,794,451 880,961,281







169






1 year 5 years bearing USD USD USD USD USD Assets Cash and cash equivalents – – – 684,268 684,268 Transferable securities 3,996,788 – – – 3,996,788 Financial Derivative Instruments – – – 158,480 158,480 Other Assets – – – 28,127 28,127

Total Assets 3,996,788 – – 870,875 4,867,663



Total interest sensitivity gap 3,996,788 – –

Finisterre Emerging Market Debt Fund Up to 1-5 years Over Non-interest Total 1 year 5 years bearing USD USD USD USD USD Assets Cash and cash equivalents – – – 70,433,333 70,433,333 Transferable securities 24,207,920 51,910,895 162,567,852 – 238,686,667 Financial Derivative Instruments – – – 45,826,128 45,826,128 Other Assets – – – 81,737,236 81,737,236

Total Assets 24,207,920 51,910,895 162,567,852 197,996,697 436,683,364

Liabilities Bank Overdraft – – – (522,908) (522,908) Financial Derivative Instruments – – – (50,005,218) (50,005,218) Creditors – – – (71,690,203) (71,690,203)



Spectrum Global Capital Securities Fund Up to 1-5 years Over Non-interest Total 1 year 5 years bearing USD USD USD USD USD Assets Cash and cash equivalents – – – 642,829 642,829 Transferable securities – – 23,714,402 – 23,714,402 Financial Derivative Instruments – – – 163,101 163,101 Other Assets – – – 376,144 376,144

Total Assets – – 23,714,402 1,182,074 24,896,476







170






1 year 5 years bearing USD USD USD USD USD Assets Cash and cash equivalents – – – 258,993 258,993 Transferable securities – 1,025,028 9,291,718 – 10,316,746 Financial Derivative Instruments – – – 1,410 1,410 Other Assets – – – 173,875 173,875

Total Assets – 1,025,028 9,291,718 434,278 10,751,024



Total interest sensitivity gap – 1,025,028 9,291,718

Global Credit Alpha Fund Up to 1-5 years Over Non-interest Total 1 year 5 years bearing USD USD USD USD USD Assets Cash and cash equivalents – – – 995,735 995,735 Transferable securities 699,997 2,562,822 4,595,452 4,564 7,862,835 Financial Derivative Instruments – – – 1,055 1,055 Other Assets – – – 152,481 152,481

Total Assets 699,997 2,562,822 4,595,452 1,153,835 9,012,106



Total interest sensitivity gap 699,997 2,562,822 4,595,452

Real Estate Debt Fund* Up to 1-5 years Over Non-interest Total 1 year 5 years bearing USD USD USD USD USD Assets Cash and cash equivalents – – – 17,838 17,838 Transferable securities – – 9,502,885 – 9,502,885 Other Assets – – – 101,816 101,816

Total Assets – – 9,502,885 119,654 9,622,539




*Real Estate Debt Fund launched on 21 March 2016.




171



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

Change in Net Asset Value

Fund Name Currency As at 30 September 2017 As at 30 September 2016

Preferred Securities Fund USD 43,928,524 22,929,056

High Yield Fund USD 1,591,882 1,306,842

Post Global Limited Term High Yield Fund USD 9,556,401 8,471,668

Global Time Diversified Absolute Return Fund1 USD N/A N/A

Finisterre Emerging Market Debt Fund1 USD N/A N/A

Spectrum Global Capital Securities Fund USD 66,672 237,144

Global Capital Structure Opportunities Fund1 USD N/A N/A

Global Credit Alpha Fund1/2

USD N/A N/A

Real Estate Debt Fund3 USD 103,930 95,029

Global Income Fund4 USD 208,091 N/A

Finisterre Unconstrained Emerging Markets Fixed

Income Fund1/5

USD N/A N/A

The Investment Adviser considers a 1% movement to be reasonable.

1The Global Time Diversified Absolute Return Fund, Finisterre Emerging Market Debt Fund, Global Capital Structure Opportunities Fund, Global Credit Alpha Fund and Finisterre Unconstrained Emerging Markets Fixed Income Fund use an Absolute VaR model for sensitivity risk, and as a result there is no sensitivity analysis prepared for these funds.








172


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 utilise financial instruments to hedge against fluctuations in the relative values of their portfolio positions.

The Investment Adviser/Sub-Investment Adviser(s) monitors the currency positions on a daily basis utilising quantitative and fundamental models.

The following tables detail the material monetary currency exposures.


Global Equity Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Brazilian Real 343 44,925 – 45,268 Canadian Dollar 390 135,014 – 135,404 Chinese Renminbi 779 – – 779 Danish Krone – 209,449 – 209,449 Euro – 1,294,725 – 1,294,725 Hong Kong Dollar 18,515 290,488 (17,885) 291,118 Indian Rupee 1,397 323,491 – 324,888 Japanese Yen 1,699 464,222 – 465,921 Mexican Peso – 87,712 – 87,712 Pound Sterling 3,149 449,286 (3,149) 449,286 South African Rand 1 – – 1 South Korean Won – 129,840 – 129,840 Swedish Krona (54,343) 113,989 54,343 113,989 Swiss Franc – 269,009 – 269,009 U.S. Dollar (21,629) 5,768,662 (33,385) 5,713,648

(49,699) 9,580,812 (76) 9,531,037

Asian Equity Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Chinese Renminbi 2,520 – – 2,520 Hong Kong Dollar 6,224 2,056,124 (5,336) 2,057,012 Indian Rupee 1,676 823,584 – 825,260 Indonesian Rupiah – 121,616 – 121,616 Malaysian Ringgit – 63,479 – 63,479 Singapore Dollar – 243,151 – 243,151 South Korean Won 3,714 1,023,084 – 1,026,798 Taiwan Dollar – 691,747 – 691,747 Thailand Baht – 186,204 – 186,204 U.S. Dollar 78,235 647,536 5,336 731,107

92,369 5,856,525 0 5,948,894




173


Currency Risk (continued)


European Equity Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Danish Krone – 5,609,331 – 5,609,331 Euro 155,420 40,598,472 (126,189) 40,627,703 Norwegian Krone – 1,057,352 – 1,057,352 Pound Sterling 39,526 23,511,121 (5,939) 23,544,708 Swedish Krona – 2,580,036 – 2,580,036 Swiss Franc 165,307 9,077,684 (165,307) 9,077,684 U.S. Dollar (78,316) – 297,533 219,217

281,937 82,433,996 98 82,716,031

Emerging Markets Equity Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Brazilian Real (5,687) 591,884 16,103 602,300 Chilean Peso – 77,650 – 77,650 Chinese Renminbi 1,429 – – 1,429 Hong Kong Dollar 13,943 1,173,355 (14,041) 1,173,257 Hungarian Forint – 20,245 – 20,245 Indian Rupee 9,380 797,324 – 806,704 Indonesian Rupiah – 174,212 – 174,212 Malaysian Ringgit – 65,769 – 65,769 Mexican Peso 11 151,610 – 151,621 Polish Zloty 1,540 59,215 – 60,755 South African Rand – 199,915 – 199,915 South Korean Won 3,468 867,523 – 870,991 Taiwan Dollar – 496,156 – 496,156 Thailand Baht (4,170) 88,467 2,089 86,386 Turkish Yeni – 37,442 – 37,442 U.S. Dollar 139,189 1,056,448 (4,165) 1,191,472

159,103 5,857,215 (14) 6,016,304

Japanese Equity Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Japanese Yen 44,898 18,114,464 103,984 18,263,346 U.S. Dollar 123,479 – (103,871) 19,608

168,377 18,114,464 113 18,282,954




174




Preferred Securities Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Australian Dollar – – 289,542 289,542 Euro 713,546 23,629,401 969,791,968 994,134,915 Japanese Yen 33 – 265,585,286 265,585,319 Pound Sterling 939,908 27,140,664 121,320,624 149,401,196 Singapore Dollar – – 46,133,811 46,133,811 Swiss Franc – – 47,361,781 47,361,781 U.S. Dollar 256,091,582 4,342,082,288 (1,472,653,952) 3,125,519,918

257,745,069 4,392,852,353 (22,170,940) 4,628,426,482

U.S. Equity Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

U.S. Dollar 20,053 57,992,689 – 58,012,742

20,053 57,992,689 – 58,012,742

High Yield Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Australian Dollar 16 – 391,694 391,710 Brazilian Real – – 48,166,498 48,166,498 Euro 2,261,944 32,550,914 (22,255,386) 12,557,472 Pound Sterling 190,527 8,797,126 (8,910,474) 77,179 U.S. Dollar 8,997,552 119,044,552 (17,261,708) 110,780,396

11,450,039 160,392,592 130,624 171,973,255

Global Property Securities Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Australian Dollar 727,129 11,092,656 (1,569,871) 10,249,914 Canadian Dollar (80,428) 1,555,533 (11,045) 1,464,060 Euro (447,592) 25,631,701 (1,363,535) 23,820,574 Hong Kong Dollar (485,547) 11,366,598 (218,255) 10,662,796 Japanese Yen 467,817 21,923,365 10,456,059 32,847,241 Mexican Peso (53,636) 1,399,192 (42,004) 1,303,552 Norwegian Krone – 1,301,358 (93,265) 1,208,093 Pound Sterling (51,260) 9,623,506 (618,306) 8,953,940 Singapore Dollar (217,671) 4,206,269 (57,104) 3,931,494 Swedish Krona (61,931) 4,702,600 (265,430) 4,375,239 U.S. Dollar 5,417,739 111,760,583 (6,450,354) 110,727,968

5,214,620 204,563,361 (233,110) 209,544,871




175




Global Equity (ex-Japan) Fund* Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Canadian Dollar 94 – – 94 Japanese Yen (17,156) – – (17,156) Pound Sterling 4,157 – – 4,157 U.S. Dollar 12,905 – – 12,905

– – – –

Post Global Limited Term High Yield Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Euro 1,179 – 258,428,587 258,429,766 Japanese Yen – – 305,791,206 305,791,206 Pound Sterling 1,061 – 197,254,395 197,255,456 Singapore Dollar – – 1,222,290 1,222,290 Swiss Franc – – 462,479 462,479 U.S. Dollar 29,241,202 955,640,071 (773,939,203) 210,942,070

29,243,442 955,640,071 (10,780,246) 974,103,267

Global Time Diversified Absolute Return Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Australian Dollar (414) 1,325 33,236 34,147 Canadian Dollar – – (33,673) (33,673) Euro – 5,748 (538,091) (532,343) Japanese Yen – – 942,680 942,680 New Zealand Dollar – – 4,419 4,419 Norwegian Krone – – (887,817) (887,817) Pound Sterling – 3,316 215,146 218,462 Swedish Krona – – (828,827) (828,827) Swiss Franc – – (446,037) (446,037) U.S. Dollar 263,889 2,383,437 1,494,011 4,141,337

263,475 2,393,826 (44,953) 2,612,348





176




Global Small Cap Equity Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Australian Dollar 1,037 68,800 – 69,837 Brazilian Real 207 115,193 – 115,400 Canadian Dollar 1,374 516,004 (699) 516,679 Euro 565 1,444,557 – 1,445,122 Hong Kong Dollar 1,277 526,082 – 527,359 Israeli Shekel – 90,320 – 90,320 Japanese Yen 5,573 1,315,752 – 1,321,325 Mexican Peso – 52,763 – 52,763 Norwegian Krone – 85,564 – 85,564 Pound Sterling 1,434 600,555 – 601,989 Singapore Dollar – 69,517 – 69,517 South African Rand – 76,999 – 76,999 South Korean Won – 177,763 – 177,763 Swedish Krona 1,416 268,624 (1,416) 268,624 Swiss Franc – 80,157 – 80,157 Taiwan Dollar – 286,973 – 286,973 U.S. Dollar 215,854 5,700,197 2,105 5,918,156

228,737 11,475,820 (10) 11,704,547

Origin Global Emerging Markets Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Brazilian Real 38,985 4,514,054 – 4,553,039 Chinese Renminbi 23,351 – – 23,351 Hong Kong Dollar 47,258 40,972,471 (43,133) 40,976,596 Hungarian Forint – 1,724,956 – 1,724,956 Mexican Peso – 1,154,308 – 1,154,308 Polish Zloty 13,689 1,244,878 – 1,258,567 Pound Sterling – 1,692,316 – 1,692,316 South African Rand 7 1,134,112 – 1,134,119 South Korean Won – 19,612,773 – 19,612,773 Taiwan Dollar 39,572 10,160,128 – 10,199,700 Thailand Baht (293,341) 5,835,685 293,340 5,835,684 Turkish Yeni – 2,070,959 – 2,070,959 U.S. Dollar 2,628,746 25,193,064 (250,518) 27,571,292

2,498,267 115,309,704 (311) 117,807,660




177




Origin Global Smaller Companies Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Australian Dollar 3,908 947,175 – 951,083 Brazilian Real 39,995 2,020,191 – 2,060,186 Canadian Dollar 1,545 2,934,711 – 2,936,256 Danish Krone – 521,987 – 521,987 Euro – 8,166,121 – 8,166,121 Hong Kong Dollar 10,306 4,881,281 (10,306) 4,881,281 Indonesian Rupiah – 985,197 – 985,197 Japanese Yen 46,499 7,395,580 (6,625) 7,435,454 Malaysian Ringgit 1,893 344,499 – 346,392 New Zealand Dollar – 804,026 – 804,026 Norwegian Krone – 613,218 – 613,218 Philippines Peso – 607,098 – 607,098 Pound Sterling 20,559 7,669,971 (1,591) 7,688,939 Singapore Dollar – 672,578 – 672,578 South African Rand 7 398,168 – 398,175 South Korean Won – 4,970,687 – 4,970,687 Swedish Krona – 724,006 – 724,006 Swiss Franc – 330,270 – 330,270 Taiwan Dollar 13,421 8,878,066 – 8,891,487 Thailand Baht – 1,580,236 – 1,580,236 U.S. Dollar 874,850 19,627,445 18,484 20,520,779

1,012,983 75,072,511 (38) 76,085,456

Claritas Latin American Equity Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Brazilian Real 141,687 8,078,787 – 8,220,474 Chilean Peso 104 1,502,291 – 1,502,395 Colombian Peso 631 441,856 – 442,487 Mexican Peso 41,407 3,813,819 – 3,855,226 U.S. Dollar 227,448 549,076 – 776,524

411,277 14,385,829 – 14,797,106

Finisterre Emerging Market Debt Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Australian Dollar (1) 2 – 1 Brazilian Real 53,947 – – 53,947 Czech Krone 8 – – 8 Euro (28,308) – 1,009,892 981,584 Polish Zloty – 8 – 8 Pound Sterling 1 – – 1 Singapore Dollar 2,348 – – 2,348 South African Rand (4,613) 33 – (4,580) South Korean Won 162 – – 162 U.S. Dollar (3,242,640) 6,662,783 (1,629,913) 1,790,230

(3,219,096) 6,662,826 (620,021) 2,823,709




178




Spectrum Global Capital Securities Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Euro 82,166 – 136,064 218,230 Pound Sterling 84,144 – (84,179) (35) U.S. Dollar 1,533,282 6,667,157 (54,416) 8,146,023

1,699,592 6,667,157 (2,531) 8,364,218

Global Capital Structure Opportunities Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Euro – – (562) (562) U.S. Dollar 417,014 10,928,848 559 11,346,421

417,014 10,928,848 (3) 11,345,859

Real Estate Debt Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

U.S. Dollar 316,245 10,392,999 – 10,709,244

316,245 10,392,999 – 10,709,244

Global Income Fund** Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Australian Dollar 6,326 208,618 – 214,944 Canadian Dollar 2,056 456,185 – 458,241 Chilean Peso – 27,222 – 27,222 Chinese Renminbi 162 – – 162 Danish Krone – 41,855 – 41,855 Euro 93,113 2,973,691 – 3,066,804 Hong Kong Dollar 2,917 611,966 (113) 614,770 Japanese Yen 5,452 584,949 – 590,401 Malaysian Ringgit 1,831 126,317 – 128,148 Mexican Peso 2,659 173,614 – 176,273 New Zealand Dollar 1,138 33,379 – 34,517 Norwegian Krone – 57,573 – 57,573 Peruvian New Sol 1,114 97,386 – 98,500 Philippines Peso – 21,088 – 21,088 Polish Zloty 565 127,139 – 127,704 Pound Sterling 48,754 1,727,577 (2,130) 1,774,201 Russian Ruble 340 42,511 – 42,851 Singapore Dollar – 138,895 – 138,895 South African Rand – 40,453 – 40,453 South Korean Won – 24,995 – 24,995 Swedish Krona – 142,291 – 142,291 Swiss Franc – 321,571 – 321,571 Thailand Baht – 57,618 – 57,618 Turkish Yeni 1,117 127,391 – 128,508 UAE Dirham – 21,161 – 21,161 U.S. Dollar 431,311 19,194,058 2,244 19,627,613

598,855 27,379,503 1 27,978,359

**Global Income Fund launched on 29 March 2017.




179




Finisterre Unconstrained Emerging Markets Fixed Income Fund*** Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Argentine Peso 54,034 778,961 – 832,995 Brazilian Real 14,653 93,908 – 108,561 Chilean Peso – – (411,323) (411,323) Chinese Renminbi – – (1,457,819) (1,457,819) Egyptian Pound – – (1,042,051) (1,042,051) Euro 7,826 1,035,305 (1,042,715) 416 Indonesian Rupiah 21,149 1,007,990 – 1,029,139 Malaysian Ringgit 3,729 434,495 – 438,224 Mexican Peso (744) (2,255) (760,828) (763,827) Peruvian New Sol 7,148 829,484 – 836,632 Polish Zloty 10,729 1,272,894 (1,288,314) (4,691) Pound Sterling (3) – 1,662,615 1,662,612 Russian Ruble 10,521 1,072,800 – 1,083,321 South African Rand (1,938) 6,689 – 4,751 Turkish Yeni 971 – – 971 U.S. Dollar 3,428,190 16,003,533 4,410,432 23,842,155

3,556,265 22,533,804 69,997 26,160,066

***Finisterre Unconstrained Emerging Markets Fixed Income Fund launched on 2 May 2017.

The Origin Global Equity Fund, Long/Short Global Opportunities Equity Fund and Global Credit Alpha Fund terminated during the year and had no material monetary currency exposures at the year ended 30 September 2017.




180




Global Equity Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Brazilian Real (117,214) 603,487 – 486,273 Canadian Dollar 3,091 2,355,396 (1,513) 2,356,974 Danish Krone – 224,463 – 224,463 Euro (2,116) 6,977,166 – 6,975,050 Hong Kong Dollar – 1,194,401 – 1,194,401 Indonesian Rupiah – 380,245 – 380,245 Japanese Yen 36,728 3,212,665 – 3,249,393 Malaysian Ringgit – 243,088 – 243,088 Mexican Peso – 224,099 – 224,099 Pound Sterling 10,206 4,172,752 (3,617) 4,179,341 South African Rand 1 – – 1 South Korean Won – 1,379,456 – 1,379,456 Swiss Franc – 1,077,397 – 1,077,397 Taiwan Dollar – 279,466 – 279,466 U.S. Dollar 1,466,963 24,559,915 5,127 26,032,005

1,397,659 46,883,996 (3) 48,281,652

Asian Equity Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Chinese Renminbi 1,933 – – 1,933 Euro (1,253) – – (1,253) Hong Kong Dollar (10,162) 3,133,421 15,131 3,138,390 Indian Rupee 86,979 920,780 – 1,007,759 Indonesian Rupiah – 237,437 – 237,437 Singapore Dollar 2,066 145,916 (2,066) 145,916 South Korean Won (29,159) 1,390,614 – 1,361,455 Taiwan Dollar – 1,202,416 – 1,202,416 Thailand Baht – 348,186 – 348,186 U.S. Dollar (37,481) 544,233 (13,053) 493,699

12,923 7,923,003 12 7,935,938

European Equity Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Danish Krone – 7,875,264 – 7,875,264 Euro 499,219 45,400,003 (472,980) 45,426,242 Hong Kong Dollar 9,216 – – 9,216 Norwegian Krone – 1,406,021 – 1,406,021 Pound Sterling 209,965 28,296,722 (171,250) 28,335,437 Swedish Krona – 4,572,932 – 4,572,932 Swiss Franc 176,786 12,296,574 (176,786) 12,296,574 U.S. Dollar (219,914) – 822,257 602,343

675,272 99,847,516 1,241 100,524,029




181




Emerging Markets Equity Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Brazilian Real 526 534,367 – 534,893 Chilean Peso – 84,467 – 84,467 Chinese Renminbi 1,779 – – 1,779 Euro (130) – – (130) Hong Kong Dollar 6,431 1,537,117 (6,747) 1,536,801 Hungarian Forint – 76,422 – 76,422 Indian Rupee 64,789 682,605 – 747,394 Indonesian Rupiah – 189,636 – 189,636 Malaysian Ringgit – 110,892 – 110,892 Mexican Peso 10 240,955 – 240,965 South African Rand 4,392 469,243 (4,392) 469,243 South Korean Won (23,167) 1,039,595 – 1,016,428 Taiwan Dollar – 991,552 – 991,552 Thailand Baht – 197,090 – 197,090 U.S. Dollar 142,244 989,388 11,331 1,142,963

196,874 7,143,329 192 7,340,395

Japanese Equity Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Euro (2,133) – – (2,133) Japanese Yen 254,627 30,209,860 (3,257) 30,461,230 U.S. Dollar (708,013) 637,520 3,235 (67,258)

(455,519) 30,847,380 (22) 30,391,839

Preferred Securities Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Euro 805,812 20,949,123 410,267,422 432,022,357 Japanese Yen – – 263,837,046 263,837,046 Pound Sterling 909,762 27,809,275 47,410,450 76,129,487 Swiss Franc – – 3,580,837 3,580,837 U.S. Dollar 118,195,106 2,244,147,191 (727,328,070) 1,635,014,227

119,910,680 2,292,905,589 (2,232,315) 2,410,583,954

U.S. Equity Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Euro (2,545) – – (2,545) Pound Sterling (77,995) – 114,965 36,970 U.S. Dollar 1,310,011 115,953,843 (115,428) 117,148,426

1,229,471 115,953,843 (463) 117,182,851




182




High Yield Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Australian Dollar 19 – 412,783 412,802 Brazilian Real – – 25,232,336 25,232,336 Euro 1,162,787 28,245,002 (23,587,970) 5,819,819 Pound Sterling 113,791 4,579,548 (4,698,961) (5,622) Swiss Franc – – (82) (82) U.S. Dollar 6,033,838 98,076,590 3,222,675 107,333,103

7,310,435 130,901,140 580,781 138,792,356

Global Property Securities Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Australian Dollar – 11,186,744 (1,826,706) 9,360,038 Euro 972 16,889,412 (2,880,495) 14,009,889 Hong Kong Dollar 3,868 10,283,529 (1,735,523) 8,551,874 Japanese Yen 256,751 20,999,365 10,133,879 31,389,995 Mexican Peso (2,587) 1,201,387 (194,917) 1,003,883 Pound Sterling 42,963 6,940,547 (1,193,110) 5,790,400 Singapore Dollar – 859,401 (142,741) 716,660 Swedish Krona – 4,366,501 (742,678) 3,623,823 Swiss Franc – – (13) (13) U.S. Dollar 2,987,247 89,624,905 (1,300,690) 91,311,462

3,289,214 162,351,791 117,006 165,758,011

Global Equity (ex-Japan) Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Australian Dollar 9,821 520,698 – 530,519 Canadian Dollar 5,053 3,634,034 – 3,639,087 Danish Krone – 692,031 – 692,031 Euro 1,102 8,458,386 – 8,459,488 Hong Kong Dollar 2,075 935,689 – 937,764 Norwegian Krone – 295,291 – 295,291 Pound Sterling 14,999 5,635,366 (3,217) 5,647,148 Swedish Krona – 384,301 – 384,301 Swiss Franc – 1,970,619 – 1,970,619 U.S. Dollar 779,426 40,864,629 3,216 41,647,271

812,476 63,391,044 (1) 64,203,519

Post Global Limited Term High Yield Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Euro (5,107) – 301,055,265 301,050,158 Japanese Yen – – 285,048,822 285,048,822 Pound Sterling 1,044 – 167,223,594 167,224,638 Singapore Dollar – – 1,138,073 1,138,073 Swiss Franc – – 690,196 690,196 U.S. Dollar 10,957,334 847,166,830 (759,250,151) 98,874,013

10,953,271 847,166,830 (4,094,201) 854,025,900




183




Global Time Diversified Absolute Return Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Australian Dollar 1,831 – (1,853,874) (1,852,043) Canadian Dollar – – 379,269 379,269 Euro 83 – (1,690,628) (1,690,545) Japanese Yen – – 2,514,255 2,514,255 New Zealand Dollar 674 – 863,395 864,069 Norwegian Krone – – 166,725 166,725 Pound Sterling – – 702,626 702,626 Swedish Krona – – (513,100) (513,100) Swiss Franc 200 – (2,473,780) (2,473,580) U.S. Dollar 647,644 4,002,822 1,893,374 6,543,840

650,432 4,002,822 (11,738) 4,641,516

EDGE Small/Mid-Cap Equity Income Fund* Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Canadian Dollar 214 – – 214 Euro 411 – – 411 Pound Sterling 1 – – 1 U.S. Dollar (626) – – (626)

– – – –

Global Small Cap Equity Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Australian Dollar 28,071 381,621 (24,025) 385,667 Canadian Dollar 2,086 819,054 (998) 820,142 Euro (730) 1,681,615 – 1,680,885 Hong Kong Dollar 1,233 306,349 – 307,582 Indian Rupee – 74,739 – 74,739 Japanese Yen 71,414 1,860,398 (63,647) 1,868,165 Mexican Peso – 283,033 – 283,033 New Zealand Dollar – 155,671 – 155,671 Norwegian Krone – 90,047 – 90,047 Pound Sterling – 1,156,123 – 1,156,123 South African Rand – 119,788 – 119,788 South Korean Won – 422,748 – 422,748 Swedish Krona – 297,779 – 297,779 Swiss Franc – 180,739 – 180,739 Taiwan Dollar – 578,220 – 578,220 U.S. Dollar 126,563 9,090,210 89,094 9,305,867

228,637 17,498,134 424 17,727,195





184




Origin Global Emerging Markets Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Brazilian Real 9,974 4,271,849 – 4,281,823 Euro (2,186) – – (2,186) Hong Kong Dollar 46,125 31,451,367 (25,441) 31,472,051 Hungarian Forint – 1,013,042 – 1,013,042 Mexican Peso – 1,002,704 – 1,002,704 Pound Sterling 82,379 973,028 – 1,055,407 South African Rand 3 3,373,257 – 3,373,260 South Korean Won – 21,060,053 – 21,060,053 Taiwan Dollar 68,604 8,902,471 – 8,971,075 Thailand Baht – 3,377,296 – 3,377,296 Turkish Yeni – 709,843 – 709,843 U.S. Dollar 607,494 18,891,818 25,438 19,524,750

812,393 95,026,728 (3) 95,839,118

Origin Global Equity Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Australian Dollar – 219,326 – 219,326 Brazilian Real 381 – – 381 Canadian Dollar – 168,606 – 168,606 Danish Krone – 95,538 – 95,538 Euro (1,814) 802,297 – 800,483 Hong Kong Dollar – 1,000,947 – 1,000,947 Hungarian Forint – 80,720 – 80,720 Japanese Yen 11,724 1,615,384 – 1,627,108 Pound Sterling 13,649 431,159 – 444,808 South Korean Won – 798,506 – 798,506 Swedish Krona – 76,087 – 76,087 Swiss Franc – 305,000 – 305,000 Taiwan Dollar – 709,409 – 709,409 U.S. Dollar 298,591 9,416,105 – 9,714,696

322,531 15,719,084 – 16,041,615




185




Origin Global Smaller Companies Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Australian Dollar 9,292 2,679,825 – 2,689,117 Brazilian Real (623,766) 1,517,508 – 893,742 Canadian Dollar (204,026) 1,866,656 (948) 1,661,682 Euro (137,346) 4,922,346 135,399 4,920,399 Hong Kong Dollar 7,455 3,039,652 – 3,047,107 Japanese Yen 31,245 6,747,252 – 6,778,497 Malaysian Ringgit 1,933 550,780 (1,932) 550,781 Norwegian Krone – 422,036 – 422,036 Polish Zloty – 201,636 – 201,636 Pound Sterling 18,133 4,052,589 – 4,070,722 South African Rand 5 376,302 – 376,307 South Korean Won – 3,398,458 – 3,398,458 Swiss Franc – 889,147 – 889,147 Taiwan Dollar 41,754 6,197,515 – 6,239,269 Thailand Baht – 585,115 – 585,115 Turkish Yeni – 284,234 – 284,234 U.S. Dollar 2,185,161 18,624,649 (133,481) 20,676,329

1,329,840 56,355,700 (962) 57,684,578

Long/Short Global Opportunities Equity Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Brazilian Real (17,583) 95,494 – 77,911 Canadian Dollar (4,321) 333,350 (225) 328,804 Danish Krone – 33,024 – 33,024 Euro (1,798) 954,867 – 953,069 Hong Kong Dollar – 172,795 – 172,795 Indonesian Rupiah – 53,206 – 53,206 Japanese Yen 5,532 492,000 – 497,532 Malaysian Ringgit – 35,962 – 35,962 Mexican Peso – 30,901 – 30,901 Pound Sterling 1,477 589,413 (506) 590,384 South Korean Won – 189,603 – 189,603 Swiss Franc – 163,421 – 163,421 Taiwan Dollar – 40,755 – 40,755 U.S. Dollar 514,114 3,465,940 731 3,980,785

497,421 6,650,731 – 7,148,152




186




Claritas Latin American Equity Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Brazilian Real 73,921 6,766,242 – 6,840,163 Chilean Peso – 1,014,440 – 1,014,440 Colombian Peso 1,024 396,875 – 397,899 Euro (2,037) – – (2,037) Mexican Peso 39,150 3,393,217 – 3,432,367 U.S. Dollar 267,065 408,617 – 675,682

379,123 11,979,391 – 12,358,514

Finisterre Emerging Market Debt Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Brazilian Real 309,871 – 162,897 472,768 Chinese Renminbi 44,274 – 43,373,518 43,417,792 Czech Krone (218,016) – 35,575,593 35,357,577 Euro 156,211 27,110,806 205,937,899 233,204,916 Hong Kong Dollar (3) – (50,181,664) (50,181,667) Hungarian Forint 326,258 21,160,527 (22,697,422) (1,210,637) Indian Rupee (121,696) – 34,110,614 33,988,918 Indonesian Rupiah – – 3,916,593 3,916,593 Israeli Shekel 96,251 64,117,468 (63,614,648) 599,071 Japanese Yen – – 10,186,958 10,186,958 Malaysian Ringgit (321,684) – (15,727) (337,411) Mexican Peso 20,473,357 – (40,255,484) (19,782,127) Omani Rial – – (10,073,953) (10,073,953) Polish Zloty 1,839 – – 1,839 Pound Sterling (168,479) – 25,668 (142,811) Russian Ruble – – 14,749 14,749 Saudi Riyal – – (19,841,094) (19,841,094) Singapore Dollar (5,234,758) 18,288,197 (11,437,971) 1,615,468 South African Rand (278,641) – – (278,641) South Korean Won 742,102 – (6,424,240) (5,682,138) Swiss Franc – – 9,825 9,825 Taiwan Dollar (100,894) – – (100,894) Thailand Baht (11,774) – – (11,774) Turkish Yeni – – (6,728,190) (6,728,190) UAE Dirham 102,096 – (30,130,947) (30,028,851) U.S. Dollar (7,993,319) 173,454,446 (69,382,378) 96,078,749

7,802,995 304,131,444 2,530,596 314,465,035




187




Spectrum Global Capital Securities Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Euro 213,928 2,423,798 10,979,581 13,617,307 Pound Sterling 82,019 731,728 (830,867) (17,120) Swiss Franc – – (83) (83) U.S. Dollar 577,438 20,689,892 (10,238,015) 11,029,315

873,385 23,845,418 (89,384) 24,629,419

Global Capital Structure Opportunities Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Euro (2,434) – (3,650) (6,084) Swiss Franc – – (83) (83) U.S. Dollar 380,943 10,316,746 3,736 10,701,425

378,509 10,316,746 3 10,695,258

Global Credit Alpha Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

Euro (2,155) – (3,734) (5,889) Pound Sterling 21,439 – (21,990) (551) Swiss Franc – – (83) (83) U.S. Dollar 493,921 7,882,104 26,314 8,402,339

513,205 7,882,104 507 8,395,816

Real Estate Debt Fund** Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets USD USD USD USD

U.S. Dollar 39,853 9,502,885 – 9,542,738

39,853 9,502,885 – 9,542,738

**Real Estate Debt Fund launched on 21 March 2016. Global Short Duration High Yield Fund terminated during the year and had no material monetary currency exposures at the year ended 30 September 2016.




188


Currency Sensitivity Analysis

The table below details 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) for the monetary assets and non-monetary assets. For forward foreign currency exchange contracts the 5% (or 10% for emerging market currencies) has been applied to the contract price. The Investment Adviser/Sub-Investment Adviser(s) 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. In accordance with the prospectus the universe of emerging markets includes any country exluding the G10, Australia, Denmark, Finland, New Zealand, Norway, Portugal and Spain.

As at 30 September 2017 As at 30 September 2016

Funds Monetary Non-

Monetary Forward FX Monetary Non-

Monetary Forward FX Assets Assets Contracts Assets Assets Contracts USD USD USD USD USD USD

Global Equity Fund (351) 234,429 771 (9,326) 1,331,418 (257) Asian Equity Fund 1,413 520,898 (534) 5,103 737,878 1,306 European Equity Fund 18,012 4,121,701 (14,871) 45,220 4,992,376 (41,051) Emerging Markets Equity Fund 1,991 480,078 415 5,469 615,396 (1,114) Japanese Equity Fund 2,245 905,723 5,199 12,624 1,510,493 (163) Preferred Securities Fund 82,674 2,538,503 74,830,840 85,779 2,437,920 36,254,788 U.S. Equity Fund – – – (4,027) – 5,748 High Yield Fund 122,624 2,067,402 3,277,942 63,830 1,641,227 1,129,522 Global Property Securities Fund (48,000) 5,488,742 294,994 15,163 4,253,560 (32,775) Global Equity (ex-Japan) Fund

1 (645) – – 1,757 1,173,106 (161)

Post Global Limited Term High Yield Fund 112 – 38,219,062 (203) – 37,814,701 Global Time Diversified Absolute Return Fund (21) 519 (76,949) 140 – (95,256) EDGE Small/Mid-Cap Equity Income Fund

2 – – – 32 – –

Global Small Cap Equity Fund 720 358,561 (106) 5,165 509,641 (4,433) Origin Global Emerging Markets Fund (13,047) 8,927,049 25,021 16,480 7,564,839 (2,544) Origin Global Equity Fund

3 – – – 1,215 444,628 –

Origin Global Smaller Companies Fund 10,188 4,039,156 (1,442) (71,396) 2,694,113 6,530 Long/Short Global Opportunities Equity Fund

4 – – – (1,713) 190,176 (36)

Claritas Latin American Equity Fund 18,383 1,383,676 – 11,307 1,157,078 –

Finisterre Emerging Market Debt Fund 3,771 4 50,495 1,580,245 11,712,160 (3,616,720) Spectrum Global Capital Securities Fund 8,315 – 2,594 14,797 157,776 507,432 Global Short Duration High Yield Fund

5 – – – – – –

Global Capital Structure Opportunities Fund – – (28) (122) – (187) Global Credit Alpha Fund

6 – – – 964 – (1,291)

Real Estate Debt Fund7 – – – – – –

Global Income Fund8 8,914 491,163 (118) – – –


9 12,416 601,261 (465,038) – – –













189


Depositary Risk

The Trust’s Depositary is the Bank of New York Mellon Trust Company (Ireland) Limited (“the Depositary”). Substantially all of the Cash at Bank and investments in debt securities of the Trust are held by the Depositary. The Trust is exposed to credit risk through the use of the Depositary for their cash and investments. Bankruptcy or insolvency of the Depositary may cause the Trust’s rights with respect to its cash and investments in debt securities held by the Depositary to be delayed or limited. The maximum exposure to this risk at 30 September 2017 and 30 September 2016 is the amount of Cash at Bank disclosed in Note 4 and the investments in securities, liquidity instruments and forward foreign currency exchange contracts disclosed in the relevant Funds’ Portfolio of Investments.

To mitigate the risks the Trust is exposed to from the use of the Depositary, the 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 Depositary’s 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 Depositary in segregated accounts. Thus in the event of insolvency or bankruptcy of the Depositary 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 Depositary or counterparty/Sub-Custodian used by the Depositary, in relation to the Trust's Cash at Bank held by the Depositary. In the event of the insolvency or bankruptcy of the Depositary, the Trust will be treated as a general creditor of the Depositary in relation to cash holdings of the Trust. To mitigate these risks the Investment Adviser ensures that the Trust transacts only with Depositary’s 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 Statement of Financial Position 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 FDIs in addition to Cash at Bank balances held at the Depositary, Trustee and other counterparties. 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.

Interest Rate Swaps may be traded bilaterally between a Fund and a counterparty or centrally cleared through a central counterparty clearing house ("CCP"). The Funds that engage in swaps trading bilaterally 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 Statement of Financial Position assets and liabilities, as transactions are usually disclosed on a gross basis and settled on a net basis. However, the credit risk associated with favourable 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 Funds that engage in swaps trading through a CCP restrict their exposure to credit losses on the trading of derivative instruments held by entering into master netting arrangements with the CCP. The CCPs at the 30 September 2017 are Citigroup and HSBC.

The Investment Adviser/Sub-Investment Adviser(s) 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 Adviser/Sub-Investment Adviser(s) may also 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.

As part of its investing in derivatives the Funds may pledge or receive collateral. This collateral can be pledged or received either in the form of cash and cash equivalents or securities. There is a risk that the value of such collateral may fall below the value of the underlying derivatives. In addition, as the Funds may invest in Cash Collateral received, subject to conditions, the Funds may be exposed to the risk associated with such investments, such as failure or default of the issuer of the relevant security.




190


Credit Risk (continued)

The prices of all derivative instruments, including Forward Foreign Currency Exchange Contracts, Spot Currency Contracts, Futures, Options, Interest Rate Swaps, Credit Default Swaps and Total Return Swaps are highly volatile. The Fund is also subject to the risk of the failure of any of the exchanges on which the open exchange traded Futures Contracts are traded and backed by the exchange. Margin Cash Receivable/Payable consists primarily of cash receivable/payable from the Trust’s clearing broker. Derivative instruments held with counterparties are held on an unsecured basis.

The counterparties for the various investments held by the Funds are listed below along with their credit rating at 30 September 2017:

Financial Instrument Type

Forward Foreign Currency

Exchange Contracts

Counterparty Barclays Citigroup Goldman Sachs HSBC JP Morgan Chase & Co Royal Bank of Canada Societe Generale Standard Chartered State Street Bank London State Street Global Markets The Australia and New Zealand Banking Group The Bank of New York Mellon UBS

Credit Rating at 30 September 2017

BBB BBB+ BBB+

A A-

AA- A

A- AA-

A AA-

A A-

Spot Currency Contracts State Street Global Markets The Bank of New York Mellon

A A

Futures Contracts Barclays Citigroup

BBB BBB+

Option Contracts Barclays Goldman Sachs JP Morgan Royal Bank of Canada SEB Standard Chartered

BBB BBB+

A- AA- A+ A-

Swap Contracts Citigroup HSBC

BBB+ A

There were no assets held by the Funds with counterparties that were past due or impaired at 30 September 2017 or 30 September 2016.

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 Adviser/Sub-Investment Adviser(s).




191



The Preferred Securities Fund, High Yield Fund, Post Global Limited Term High Yield Fund, Global Time Diversified Absolute Return Fund, Finisterre Emerging Market Debt Fund, Spectrum Global Capital Securities Fund, Global Capital Structure Opportunities Fund, Real Estate Debt Fund, Global Income Fund and Finisterre Unconstrained Emerging Markets Fixed Income Fund had the following exposure to counterparty and issuer credit risk at 30 September 2017. The Global Credit Alpha Fund terminated on 30 June 2017.

Preferred Securities Fund Credit Rating Rating %

A 11.65% AA 0.56% B 3.13% BB 18.76% BBB 59.42% NR 1.39%

Total Portfolio 94.91%

High Yield Fund Credit Rating Rating %

A 0.01% B 36.55% BB 39.41% BBB 4.57% CC 0.04% CCC 7.86% NR 4.13%


Post Global Limited Term High Yield Fund Credit Rating Rating %

B 31.06% BB 53.84% BBB 9.20% CCC 1.46% NR 2.54%


Global Time Diversified Absolute Return Fund Credit Rating Rating %

NR 90.36%


Finisterre Emerging Market Debt Fund Credit Rating Rating %

BB 78.48% BBB 42.90% NR 87.49%


Spectrum Global Capital Securities Fund Credit Rating Rating %

A 7.44% B 8.85% BB 52.29% BBB 11.13%


Global Capital Structure Opportunities Fund Credit Rating Rating %

A 5.34% B 4.41% BB 31.77% BBB 47.14% NR 7.66%


Real Estate Debt Fund Credit Rating Rating %

A 4.14% B 6.48% BB 1.64% NR 84.79%


Global Income Fund* Credit Rating Rating %

A 1.25% B 24.26% BB 19.50% BBB 10.31% CCC 2.61% NR 16.43%


Finisterre Unconstrained Emerging Markets Fixed Income Fund** Credit Rating Rating %

A 4.87% AAA 1.66% B 17.37% BB 11.66% BBB 4.10% CC 0.35% NR 43.36%


*Global Income Fund launched on 29 March 2017. **Finisterre Unconstrained Emerging Markets Fixed Income Fund launched on 2 May 2017. These ratings are based on the Standard & Poors, Moodys and Fitch bond rating services.




192



The Preferred Securities Fund, High Yield Fund, Post Global Limited Term High Yield Fund, Global Time Diversified Absolute Return Fund, Finisterre Emerging Market Debt Fund, Spectrum Global Capital Securities Fund, Global Capital Structure Opportunities Fund, Global Credit Alpha Fund and Real Estate Debt Fund had the following exposure to counterparty and issuer credit risk at 30 September 2016. The Global Short Duration High Yield Fund terminated on 1 July 2016.

Preferred Securities Fund Credit Rating Rating %

A 9.76% AA 1.25% B 3.94% BB 19.60% BBB 60.27% NR 0.30%


High Yield Fund Credit Rating Rating %

A 0.01% B 41.02% BB 34.87% BBB 6.20% CC 0.51% CCC 8.22% D 0.13% NR 3.19%


Post Global Limited Term High Yield Fund Credit Rating Rating %

B 26.82% BB 49.98% BBB 11.58% CCC 8.00% NR 2.82%


Global Time Diversified Absolute Return Fund Credit Rating Rating %

NR 86.11%


Finisterre Emerging Market Debt Fund Credit Rating Rating %

A 6.74% B 4.10% BB 12.10% BBB 17.65% CC 0.54% CCC 0.51% NR 34.26%


Spectrum Global Capital Securities Fund Credit Rating Rating %

A 12.21% B 16.04% BB 36.08% BBB 30.24% NR 1.71%


Global Capital Structure Opportunities Fund Credit Rating Rating %

A 13.45% B 4.83% BB 10.01% BBB 64.75% NR 3.42%


Global Credit Alpha Fund Credit Rating Rating %

A 4.17% AA 1.89% B 31.57% BB 13.48% BBB 17.26% CCC 7.34% NR 17.89%


Real Estate Debt Fund* Credit Rating Rating %

A 4.70% B 6.23% D 4.46% NR 84.19%


*Real Estate Debt Fund launched on 21 March 2016. These ratings are based on the Standard & Poors, Moodys and Fitch bond rating services.




193


Liquidity Risk

Liquidity risk is the risk that the Funds will experience difficulty in either realising 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 Post Global Limited Term High Yield Fund and Finisterre Emerging Market Debt Fund which are exposed to weekly 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 Adviser/Sub-Investment Adviser(s) monitors the Funds’ liquidity positions on a daily basis.

As at 30 September 2017 and 30 September 2016, all of the Funds’ financial liabilities and all of the Funds’ FDIs were due or settled within 1 month of the Statement of Financial Position date with the exception of the following;

Audit Fees Payable which will be due or settled within 3 months to 1 year of the Statement of Financial Position date. These fees payable are detailed on each individual Fund’s Statement of Financial Position as at 30 September 2017 and as at 30 September 2016.

Derivatives contracts held by some of the Funds where the maturity dates are detailed in the Portfolios of Investments.




194


Liquidity Risk (continued)

The following table shows the individual percentage holding, of each registered Unitholder, owning greater than 20% of the units of each class of each Fund.

30 September 2017 30 September 2016 Unitholder Unitholder Unitholder Unitholder Unitholder Unitholder

% % % % % % Global Equity Fund A Class Income units 40.25 – – 37.21 – – A Class Accumulation units – – – – – – I Class Accumulation units 96.55

1 – – 33.601 31.29

1 26.641

F2 Class Accumulation units 100.00 – – 100.00 – –

Asian Equity Fund A Class Income units 23.64 20.22 – 22.97 – – A Class Accumulation units – – – 43.37 – – I Class Accumulation units 88.75 – – 81.99 – –

European Equity Fund A Class Income units 28.97 – – 28.92 – – A Class Accumulation units 64.77 – – 64.59 – – I Class Accumulation units 47.65 43.74 – 52.65 35.20 – I Class Accumulation (EUR) units 58.29 40.47

1 – 66.861 32.51 –

Emerging Markets Equity Fund A Class Accumulation units – – – 31.18

1 – – I Class Accumulation units 54.18

1 45.541 – 47.83

1 32.371 –

Japanese Equity Fund A Class Accumulation units 30.83 – – 48.89 41.52 – I Class Accumulation units 85.18 – – 59.70 24.23 – I Class Accumulation (JPY) units 100.00

1 – – 82.541 – –

F2 Class Accumulation units 100.00 – – 100.00 – –

Preferred Securities Fund A Class Income units 62.33 26.22 – 25.71 – – A Class Income (AUD hedged) units 98.62 – – – – – A Class Income (EUR hedged) units 77.56 – – 53.64 25.83 – A Class Income (GBP hedged) units 65.23 23.30 – 56.08 39.47 – A Class Income (SGD hedged) units 78.82 21.18 – – – – A Class Accumulation units 45.64 42.08 – 32.24 29.26 25.95 A Class Accumulation (CHF hedged) units 91.09 – – 33.35 33.26 31.78 A Class Accumulation (EUR hedged) units unitsunits

– – – 43.20 20.00 – A Class Accumulation (JPY hedged) units 100.00

1 – – 100.001 – –

A Class Accumulation (SGD hedged) units 61.43 38.57 – – – – I Class Income units 37.73 33.22 – 30.47 21.70 – I Class Income (AUD hedged) units – – – – – – I Class Income (CHF hedged) units 81.17 – – – – – I Class Income (EUR hedged) units 65.91 24.08 – 53.92 29.70 – I Class Income (GBP hedged) units 82.76 – – 84.29 – – I Class Income (JPY hedged) units 65.25 34.75 – 64.29 35.71 – I Class Income (SGD hedged) units 90.16 – – – – – I Class Accumulation units 32.33 31.28 – 31.34 21.86 – I Class Accumulation (AUD hedged) units 100.00

1 – – – – –

I Class Accumulation (CHF hedged) units 73.94 – – 84.69 – – I Class Accumulation (EUR hedged) units 28.26 – – 31.63 – – I Class Accumulation (JPY hedged) units 62.08 37.07 – 61.49 38.51 – I Class Accumulation (SGD hedged) units 100.00 – – – – – D Class Income units 41.27 – – 43.67 – – D Class Accumulation units – – – 20.77 – – D2 Class Income units 72.33

1 – – 84.66 – – 1Unitholder is a related party fund.




195



30 September 2017 30 September 2016 Unitholder Unitholder Unitholder Unitholder Unitholder Unitholder % % % % % %

Preferred Securities Fund (continued) F Class Income units 33.18 – – 34.38 – – F Class Accumulation units 33.43 – – 39.59 – – F2 Class Accumulation units 100.00 – – 100.00 – – N Class Income units 100.00 – – 100.00 – – N Class Accumulation (EUR hedged) units 56.56 27.91 – – – – N Class Accumulation (GBP hedged) units 100.00 – – – – – P Class Income units 98.61 – – 99.55 – – P Class Accumulation units 83.12 – – 82.90 – – U.S. Equity Fund A Class Accumulation units 65.75 – – 79.23 – – I Class Accumulation units 87.77 – – 53.59 32.07 – I Class Accumulation (GBP) units – – – 100.00 – – High Yield Fund A Class Income units 33.74 58.15 – 63.55 – – A Class Income (AUD hedged) units 98.81 – – 85.09 – – A Class Accumulation units – – – – – – I Class Accumulation units 65.80 – – 60.32

1 – – I Class Accumulation (BRL hedged) units 100.00

1 – – 100.001 – –

I Class Accumulation (EUR hedged) units – – – 67.47 27.51 – D Class Accumulation units – – – 56.89 – – F Class Accumulation units 98.10 – – 93.54 – –

Global Property Securities Fund I Class Income (JPY hedged) units 100.00 – – 100.00 – – I Class Accumulation units 80.77 – – 35.44 24.28 – I Class Accumulation (USD hedged) units 34.04 23.94

1 – 60.661 – –

I2 Class Income units 100.00 – – 100.00 – – F Class Accumulation units 100.00 – – 100.00 – –

Global Equity (ex-Japan) Fund

2

I Class Accumulation units – – – 100.00 – – I Class Accumulation (JPY) units – – – 100.00

1 – –

Post Global Limited Term High Yield Fund A Class Income units 92.10 – – 100.00 – – A Class Accumulation units 100.00 – – 100.00 – – I Class Income units 52.67 47.33 – – – – – – I Class Income (EUR hedged) units 100.00 – – 100.00 – – I Class Income (GBP hedged) units 100.00 – – 74.61 25.39 – I Class Accumulation units 61.39 21.73 – 43.49 24.16 21.07 I Class Accumulation (CHF hedged) units 74.87 25.13 – 53.62 46.38 – I Class Accumulation (EUR hedged) units 59.55 – – 43.09 25.70 – I Class Accumulation (GBP hedged) units 95.64 – – 95.47 – – I Class Accumulation (JPY hedged) units 38.87 36.69 24.44 45.81 41.32 – I Class Accumulation (SGD hedged) units 69.16 30.84 – 75.05 24.95 – I2 Class Accumulation units 46.56 – – 33.48 24.17 – I2 Class Accumulation (EUR hedged) units 67.73 25.50 – 57.61 26.05 – I2 Class Accumulation (GBP hedged) units 44.75 24.18 – 34.62 27.25 –

1Unitholder is a related party fund.




196



30 September 2017 30 September 2016 Unitholder Unitholder Unitholder Unitholder Unitholder Unitholder % % % % % %

Global Time Diversified Absolute Return Fund I Class Accumulation units 73.97

1 – – 82.14 – – Global Small Cap Equity Fund A Class Accumulation units 100.00

1 – – 99.951 – –

I Class Accumulation units 56.271 38.16

1 – 67.881 28.58

1 – Origin Global Emerging Markets Fund I Class Accumulation units 97.89 – – 87.66 – – I Class Accumulation (GBP) units 64.22 – – 38.49 22.96 22.51 F2 Class Accumulation units 100.00 – – 100.00 – – Origin Global Equity Fund

3

I Class Accumulation (GBP) units – – – 79.44 – – Origin Global Smaller Companies Fund I Class Accumulation units 63.21 34.66

1 – 63.67 34.76

1 – I Class Accumulation (GBP) units 47.90 31.03 – 54.41 35.25 –

Long/Short Global Opportunities Equity Fund

4

I Class Accumulation units – – – 100.001 – –

Claritas Latin American Equity Fund I Class Accumulation units 63.44

1 – – 63.441 – –

Finisterre Emerging Market Debt Fund A Class Income units –

100.00 – – 100.00 – – A Class Accumulation units –

100.00 – – 54.98 40.94 – A Class Accumulation (CHF hedged) units – – – 100.00

1 – –

A Class Accumulation (EUR hedged) units – – – 98.77 – – A Class Accumulation (GBP hedged) units – – – 100.00

1 – –

A Class Accumulation (SGD hedged) units – – – 100.001

– – I Class Accumulation units 63.84 25.46 – 60.12 33.07 – I Class Accumulation (EUR hedged) units 100.00 – – – – – I Class Accumulation (GBP hedged) units – – – 100.00

1 – –

I2 Class Income (EUR hedged) units – – – 24.51 – – N Class Accumulation units – – – – – – N Class Accumulation (EUR hedged) units – – – – – –

Spectrum Global Capital Securities UFund*

Fund A Class Accumulation units –

100.00 – – 100.00 – – I Class Accumulation units 100.00

1 – – 100.001 – –

I Class Accumulation (EUR hedged) units 100.00 – – 33.87 29.56 –


I Class Accumulation units 100.001 – – 99.85

1 – – 1Unitholder is a related party fund.




197



30 September 2017 30 September 2016 Unitholder Unitholder Unitholder Unitholder Unitholder Unitholder % % % % % % Global Credit Alpha Fund

5

I Class Accumulation units – – – 100.001 – –


6

I Class Income units 82.831 – – 100.00

1 – – I Class Accumulation units 97.53

1 – – 100.001 – –

Global Income Fund

7

A Class Accumulation units 100.001 – – – – –

I Class Accumulation units 95.081 – – – – –

D Class Income units 100.001 – – – – –

– – – Finisterre Unconstrained Emerging Markets

Markets Fixed Income Fund

8

I Class Accumulation units 41.051 27.44 27.44 – – –

I Class Accumulation (GBP hedged) units 100.001 – – – – –

I2 Class Accumulation units 100.001 – – – – –

1Unitholder is a related party fund.








Cybersecurity Risk

Cybersecurity breaches may occur allowing an unauthorised party to gain access to assets of the Funds, Unitholder data, or proprietary information, or may cause the Trust, the Investment Adviser, the Sub-Investment Adviser(s), the Distributor, the Administrator or the Depositary to suffer data corruption or lose operational functionality.

The Funds may be affected by intentional cybersecurity breaches which include unauthorised access to systems, networks, or devices (such as through “hacking” activity); infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow or otherwise disrupt operations, business processes or website access or functionality. In addition, unintentional incidents can occur, such as the inadvertent release of confidential information (possibly resulting in the violation of applicable privacy laws). A cybersecurity breach could result in the loss or theft of Unitholder data or funds, the inability to access electronic systems, loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs. Such incidents could cause the Trust, the Investment Adviser, the Sub-Investment Adviser(s), the Distributor, the Administrator, the Depositary or other service providers to incur regulatory penalties, reputational damage, additional compliance costs or financial loss. Consequently, Unitholders may lose some or all of their invested capital. In addition, such incidents could affect issuers in which a Fund invests and thereby cause a Fund’s investments to lose value, as a result of which investors, including the relevant Fund and its Unitholders, could potentially lose all or a portion of their investment with that issuer.




198

12. TRANSACTIONS COSTS

Each Fund’s transaction costs incurred during the year ended 30 September 2017 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.

The transaction costs incurred are as follows:

30 September 2017 30 September 2016 USD USD Global Equity Fund 71,896 188,503 Asian Equity Fund 38,171 49,187 European Equity Fund 130,929 208,533 Emerging Markets Equity Fund 37,657 53,306 Japanese Equity Fund 47,217 72,079 Preferred Securities Fund1 73,500 44,949 U.S. Equity Fund 51,148 76,380 High Yield Fund1 – – Global Property Securities Fund 234,055 371,128 Global Equity (ex-Japan) Fund2 139,789 159,812 Post Global Limited Term High Yield1 – –

Global Time Diversified Absolute Return Fund1 – –

EDGE Small/Mid-Cap Equity Income Fund3 – 6,884

Global Small Cap Equity Fund 28,745 48,432 Origin Global Emerging Markets Fund 149,849 129,232 Origin Global Equity Fund4 19,985 15,686 Origin Global Smaller Companies Fund 107,568 55,327 Long/Short Global Opportunities Equity Fund5 12,434 25,953 Claritas Latin American Equity Fund 22,962 19,961 Finisterre Emerging Market Debt Fund1 29,045 –

Spectrum Global Capital Securities Fund1 – –

Global Short Duration High Yield Fund1/6 – –

Global Capital Structure Opportunities Fund – –

Global Credit Alpha Fund1/7 14 –

Real Estate Debt Fund1/8 – –

Global Income Fund1/9 12,779 –

Finisterre Unconstrained Emerging Markets Fixed Income Fund1/10 – –

1The transaction costs for these Funds may be embedded within the purchase and sale prices and cannot be separately identified.










13. GLOBAL EXPOSURE

The Investment Adviser/Sub-Investment Adviser(s) employs a documented Risk Management Process in relation to the use of FDls, which ensures the risk associated with the positions is measured, monitored and managed. In respect of the Global Time Diversified Absolute Return Fund, Finisterre Emerging Market Debt Fund, Global Capital Structure Opportunities Fund, Global Credit Alpha Fund (Terminated 30 June 2017) and Finisterre Unconstrained Emerging Markets Fixed Income Fund, an Absolute VaR Approach, based on a confidence level of 99% for a daily horizon and considering no less than one years of historical data is used to manage risk (refer to note 11 for more details on VaR). In relation to the remaining Funds, the Commitment approach is used; which entails monitoring global exposure and counterparty exposure associated with the positions.




199

14. EXCHANGE RATES

The foreign exchange rates used in the Financial Statements as at 30 September 2017 expressed as USD are as follows:

AED 3.672898 GBP 0.746297 PEN 3.267025 ARS 17.353819 HKD 7.811187 PHP 50.799507 AUD 1.275607 HUF 263.599463 PLN 3.648084 BRL 3.164260 IDR 13,469.001119 RON 3.891488 CAD 1.251017 ILS 3.532483 RUB 57.598716 CHF 0.968805 INR 65.320012 SAR 3.750177 CLP 639.185044 JPY 112.654987 SEK 8.155864 CNH 6.646703 KRW 1,145.350050 SGD 1.357476 CNY 6.642822 KZT 340.300049 THB 33.350013 COP 2,936.900183 MXN 18.151013 TRY 3.559387 CZK 22.005858 MYR 4.222508 TWD 30.324005 DKK 6.299489 NOK 7.965820 UYU 29.182022 EGP 17.649987 NZD 1.384380 ZAR 13.512482 EUR 0.846524 OMR 0.384977

The foreign exchange rates used in the Financial Statements as at 30 September 2016 expressed as USD are as follows:

ARS 15.256005 EUR 0.889838 NZD 1.375135 AUD 1.306774 GBP 0.769823 PHP 48.494996 BRL 3.248845 HKD 7.755966 PLN 3.827367 CAD 1.314280 HUF 275.017821 RUB 63.021286 CHF 0.969400 IDR 13,051.000616 SEK 8.567360 CLP 658.910008 ILS 3.752079 SGD 1.363433 CNH 6.673480 INR 66.579985 THB 34.650000 CNY 6.670015 JPY 101.265012 TRY 3.000693 COP 2,880.000154 KRW 1,101.350038 TWD 31.345497 CZK 24.045227 MXN 19.353503 ZAR 13.751270 DKK 6.625982 MYR 4.135489 EGP 8.879946 NOK 7.992302

15. SIGNIFICANT EVENTS DURING THE YEAR

There have been no other significant events affecting the Funds during the year other than those disclosed in the General Information section.

16. POST STATEMENT OF FINANCIAL POSITION EVENTS

There have been no significant events affecting the Funds since the year end other than those disclosed in the General Information section.

17. APPROVAL OF FINANCIAL STATEMENTS

The Financial Statements were approved by the Board of Directors of the Manager on 24 January 2018.


FUND PERFORMANCE & LEVERAGE (UNAUDITED)


200

Global Equity Fund Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD

A Class Income units 30/09/08 41.3700 25.5100 30/09/09 28.4400 16.3500 31/01/11 29.9400 25.2100 30/09/11 30.9598 25.7157 30/09/12 32.4142 25.0525 30/09/13 37.6150 30.0371 30/09/14 42.6771 36.5926 30/09/15 44.1125 38.6605 30/09/16 42.2319 36.7872 30/09/17 47.4568 39.3517

A Class Accumulation units 30/09/08 47.2600 31.4300 30/09/09 32.4900 18.6700 31/01/11 34.3100 28.8400 30/09/11 34.4502 29.4456 30/09/12 37.3021 28.8299 30/09/13 43.4380 35.0714 30/09/14 49.2827 42.2575 30/09/15 50.9351 44.6408 30/09/16 48.7700 42.4826 30/09/17 54.7724 45.4175

I Class Accumulation units 30/09/08 19.5500 13.0700 30/09/09 13.5200 7.7900 31/01/11 14.5000 12.0800 30/09/11 15.0083 12.4988 30/09/12 15.9350 12.2392 30/09/13 18.6764 14.9969 30/09/14 21.3220 18.1753 30/09/15 22.1414 19.3300 30/09/16 21.2641 18.5557 30/09/17 24.2322 19.9446

F2 Class Accumulation units 30/09/16 10.3716 9.5493 30/09/17 11.6310 9.7220

Asian Equity Fund Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD


A Class Accumulation units 30/09/08 40.2700 21.4600 30/09/09 26.5600 14.1800 31/01/11 34.0700 23.9900 30/09/11 35.3241 25.6075 30/09/12 33.4933 25.0041 30/09/13 37.6606 31.9300 30/09/14 39.4987 33.2824

Asian Equity Fund (continued) Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD

A Class Accumulation units (continued) 30/09/15 41.2619 30.9827 30/09/16 37.2441 28.5208 30/09/17 47.1977 33.3541


European Equity Fund Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD

A Class Income units

30/09/08 68.4600 44.2900 30/09/09 44.4000 25.3700 31/01/11 47.7300 33.9500 30/09/11 52.1720 36.8345 30/09/12 46.3178 35.1792 30/09/13 55.5073 43.2032 30/09/14 62.6333 53.0940 30/09/15 62.1594 51.7888 30/09/16 57.9715 49.6667 30/09/17 67.2972 51.0591



I Class Accumulation (EUR) units

30/09/11 13.3479 9.4472 30/09/12 12.1515 9.1679 30/09/13 14.8469 11.4805 30/09/14 16.9207 14.2913 30/09/15 16.9785 14.0920 30/09/16 16.0527 13.7697




201

European Equity Fund (continued) Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD

I Class Accumulation (EUR) units (continued) 30/09/17 19.1259 14.4053

Emerging Markets Equity Fund Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD



Japanese Equity Fund Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD

A Class Accumulation units

30/09/08 10.4100 6.6000 30/09/09 6.6100 4.3700 31/01/11 7.1100 5.6100 30/09/11 7.4027 5.8799 30/09/12 6.8592 6.0022 30/09/13 8.1676 6.0733 30/09/14 8.3227 7.3328 30/09/15 8.9650 7.2032 30/09/16 8.5556 6.7934 30/09/17 9.3246 8.0220


I Class Accumulation (JPY) units 30/09/11 11.5669 9.9698 30/09/12 11.0263 9.6688 30/09/13 13.2639 9.8028

Japanese Equity Fund (continued) Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD

I Class Accumulation (JPY) units (continued) 30/09/14 13.5759 11.9591 30/09/15 14.7464 11.7972 30/09/16 14.1284 11.2331 30/09/17 15.6279 13.3379


Preferred Securities Fund Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD


A Class Income (AUD hedged) units

30/09/17 10.1672 9.8440

A Class Income (EUR hedged) units 30/09/13 10.4611 9.6696 30/09/14 11.0625 10.0862 30/09/15 10.1238 8.4627 30/09/16 8.8930 8.0775 30/09/17 9.5903 7.8743

A Class Income (GBP hedged) units 30/09/13 10.3203 9.3483 30/09/14 11.5291 9.9358 30/09/15 11.1365 10.2011 30/09/16 10.5295 8.6120 30/09/17 9.6070 8.1567

A Class Income (SGD hedged) units 30/09/17 10.5215 10.0056

A Class Accumulation units 30/09/12 10.7317 9.9265 30/09/13 11.5922 10.7199 30/09/14 12.4959 11.1334 30/09/15 12.9394 12.4116 30/09/16 13.6223 12.3412 30/09/17 14.6642 13.3591

A Class Accumulation (CHF hedged) units 30/09/13 10.0567 9.9671 30/09/14 11.3870 9.9973 30/09/15 11.9932 10.0475 30/09/16 11.2364 10.0002 30/09/17 12.0479 10.3088

A Class Accumulation (EUR hedged) units

30/09/08 14.8000 10.3300 30/09/09 13.7600 5.8100 31/01/11 15.2800 13.6700




202

Preferred Securities Fund (continued) Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD

A Class Accumulation (EUR hedged) units (continued) 30/09/11 17.2854 14.4541 30/09/12 16.7447 14.6901 30/09/13 18.1792 16.4962 30/09/14 20.2261 17.9465 30/09/15 18.9622 16.0915 30/09/16 18.1141 16.0572 30/09/17 20.4036 16.3477

A Class Accumulation (JPY hedged) units 30/09/16 10.9587 10.1092 30/09/17 10.8341 9.1408

A Class Accumulation (SGD hedged) units

30/09/17 10.5377 9.9858

I Class Income units 30/09/13 10.2546 9.6267 30/09/14 10.4085 9.5878 30/09/15 10.4352 10.0495 30/09/16 10.3048 9.5549 30/09/17 10.6245 9.9477

I Class Income (AUD hedged) units

30/09/17 10.8049 10.0358

I Class Income (CHF hedged) units 30/09/17 10.8244 9.7816

I Class Income (EUR hedged) units

30/09/11 9.9857 8.3824 30/09/12 9.1318 8.1286 30/09/13 9.7762 8.8735 30/09/14 10.2125 9.2929 30/09/15 9.3385 7.7983 30/09/16 8.2073 7.4487 30/09/17 8.8581 7.2667

I Class Income (GBP hedged) units 30/09/12 10.7776 9.5226 30/09/13 10.9087 9.6985 30/09/14 11.9328 10.3022 30/09/15 10.7487 9.8379 30/09/16 10.1567 8.2991 30/09/17 9.2611 7.8553

I Class Income (JPY hedged) units 31/01/11 10.5300 9.9200 30/09/11 11.0024 9.9326 30/09/12 11.3161 10.0475 30/09/13 11.1480 8.6820 30/09/14 9.2954 8.3061 30/09/15 8.6868 7.3326 30/09/16 9.1295 7.3270 30/09/17 8.9142 7.4662

I Class Income (SGD hedged) units 30/09/17 10.5317 10.0077

I Class Accumulation units 30/09/08 11.5600 8.4600 30/09/09 15.4545 14.2619 31/01/11 13.3300 11.0600 30/09/11 14.0466 12.8371 30/09/12 15.4545 14.2619 30/09/13 16.7636 15.4389


USD USD

I Class Accumulation units (continued) 30/09/14 18.2219 16.1386 30/09/15 18.9476 18.1144 30/09/16 20.1300 18.1707 30/09/17 21.8168 19.7712

I Class Accumulation (AUD hedged) units 30/09/17 10.8049 10.0358

I Class Accumulation (CHF hedged) units

30/09/13 10.2732 9.5180 30/09/14 11.6347 10.1555 30/09/15 12.2599 10.2931 30/09/16 11.6029 10.3053 30/09/17 12.5151 10.6654

I Class Accumulation (EUR hedged) units 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 10.9406 9.5765 30/09/13 11.9183 10.7842 30/09/14 13.3495 11.8047 30/09/15 12.5538 10.6669 30/09/16 12.1195 10.7074 30/09/17 13.7405 10.9654

I Class Accumulation (JPY hedged) units 31/01/11 12.6100 9.6300 30/09/11 13.7718 12.2321 30/09/12 15.1465 13.2389 30/09/13 15.1396 12.0823 30/09/14 13.5687 11.9043 30/09/15 12.9986 11.3433 30/09/16 14.9687 11.5640 30/09/17 14.8770 12.5245

I Class Accumulation (SGD hedged) units 30/09/17 10.5586 9.9859

D Class Income units 31/01/11 11.2300 9.9500 30/09/11 11.4707 10.3149 30/09/12 11.6659 10.9491 30/09/13 12.1311 11.3844 30/09/14 12.2954 11.3528 30/09/15 12.3212 11.8921 30/09/16 12.1736 11.2942 30/09/17 12.5453 11.7718

D Class Accumulation units

30/09/09 12.9500 6.3000 31/01/11 15.3100 12.8300 30/09/11 16.0549 14.6259 30/09/12 17.5076 16.2104 30/09/13 18.8856 17.4876 30/09/14 20.2809 18.1180 30/09/15 20.9608 20.1362 30/09/16 21.9747 19.9426 30/09/17 23.5799 21.5356

D2 Class Income units 30/09/16 10.5133 9.9933 30/09/17 10.8497 10.1862




203


USD USD

F Class Income units 31/01/11 11.1400 9.8800 30/09/11 11.3850 10.2334 30/09/12 11.5712 10.8698 30/09/13 12.0440 11.3055 30/09/14 12.2041 11.2822 30/09/15 12.2300 11.8142 30/09/16 12.0871 11.2175 30/09/17 12.4525 11.6986

F Class Accumulation units 30/09/09 12.8800 6.2800 31/01/11 15.1400 12.7500 30/09/11 15.8385 14.4045 30/09/12 17.1555 15.9119 30/09/13 18.4482 17.1348 30/09/14 19.6814 17.6628 30/09/15 20.2776 19.5278 30/09/16 21.1099 19.2115 30/09/17 22.5336 20.6639

F2 Class Accumulation units

30/09/16 10.6740 9.9838 30/09/17 11.3430 10.4386

N Class Income units 30/09/16 10.0589 10.0047 30/09/17 10.4961 9.8306

N Class Accumulation (EUR hedged) units 30/09/17 10.3931 9.9828

N Class Accumulation (GBP hedged) units 30/09/17 10.6387 9.9630

P Class Income units 30/09/13 10.2171 9.6008 30/09/14 10.3762 9.5669 30/09/15 10.3956 10.0210 30/09/16 10.2683 9.5229 30/09/17 10.5848 9.9205

P Class Accumulation units 30/09/13 10.2180 9.6954 30/09/14 11.0586 9.8262 30/09/15 11.4692 10.9889 30/09/16 12.1087 10.9577 30/09/17 13.0620 11.8805

U.S. Equity Fund Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD


U.S. Equity Fund (continued) Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD


I Class Accumulation (GBP) units

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 30/09/14 24.2327 19.6175 30/09/15 25.9887 21.8771 30/09/16 25.1994 21.3997 30/09/17 25.5615 23.8042

High Yield Fund Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD

A Class Income units 30/09/14 10.0035 9.6400 30/09/15 9.6179 8.9926 30/09/16 9.4442 8.3408 30/09/17 9.8539 9.2520

A Class Income (AUD hedged) units 30/09/15 10.3624 8.4830 30/09/16 9.8952 7.8787 30/09/17 10.8581 9.3092


A Class Accumulation (EUR hedged) units 30/09/08 11.1702 10.4006 30/09/09 11.3513 8.0747

I Class Income (EUR hedged) units

30/09/08 12.0221 10.1322 30/09/09 9.6881 6.7883

I Class Income (GBP hedged) units 30/09/08 10.3507 8.1556 30/09/09 7.7904 4.8234

I Class Accumulation units 30/09/08 12.6372 11.7839 30/09/09 13.4163 9.1563




204

High Yield Fund (continued) Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD

I Class Accumulation units (continued) 31/01/11 16.3159 13.3501 30/09/11 17.0341 15.5313 30/09/12 18.6159 15.0452 30/09/13 20.4948 18.4341 30/09/14 22.5981 20.4059 30/09/15 22.5618 20.9232 30/09/16 23.6879 20.3412 30/09/17 25.9873 23.5119

I Class Accumulation (BRL hedged) units 30/09/13 10.3186 8.4000 30/09/14 10.2342 9.4043 30/09/15 10.6546 6.6445 30/09/16 10.4569 6.5907 30/09/17 12.8575 9.8217

I Class Accumulation (EUR hedged) units

30/09/08 13.3370 11.4431 30/09/09 11.6607 7.8647 30/09/14 11.1959 9.8539 30/09/15 10.0559 8.3747 30/09/16 9.5081 7.9321 30/09/17 10.8486 8.8701

D Class Accumulation units 30/09/15 10.3548 9.7915 30/09/16 10.7703 9.2867 30/09/17 11.7186 10.6753

F Class Accumulation units 30/09/16 11.0072 9.9792 30/09/17 11.9204 10.9032

Global Property Securities Fund Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD

A Class Accumulation units 30/09/09 12.9600 7.0900 30/09/16 11.3781 9.6578

A Class Accumulation (EUR hedged) units

30/09/08 10.1700 6.4700 30/09/09 6.5800 2.8600

A Class Accumulation (USD hedged) units 30/09/08 9.7400 6.0800 30/09/09 6.3000 3.0900

I Class Income (JPY hedged) units 30/09/15 9.9619 9.0018 30/09/16 12.3569 9.0139 30/09/17 11.7781 9.5348

I Class Accumulation units 30/09/09 14.1000 7.1000 31/01/11 17.6000 13.0300 30/09/11 18.8075 14.7481 30/09/12 20.0921 14.0862 30/09/13 23.6266 19.1917 30/09/14 24.3106 20.9195 30/09/15 26.5148 22.5036 30/09/16 27.3327 22.0264 30/09/17 27.4956 23.5853

Global Property Securities Fund (continued) Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD

I Class Accumulation (EUR hedged) units 30/09/08 10.2000 6.5300 30/09/09 6.6500 2.8900 31/01/11 7.0800 4.8700 30/09/11 7.7396 5.6882 30/09/12 7.3729 5.3467 30/09/13 8.8367 6.9042 30/09/14 9.4480 8.2823 30/09/15 9.2448 8.1263

I Class Accumulation (GBP hedged) units 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 30/09/14 8.2188 6.8055 30/09/15 8.5315 7.3467

I Class Accumulation (JPY hedged) units 30/09/13 10.6003 9.7822 30/09/14 11.2671 9.6159 30/09/15 11.2566 9.9832

I Class Accumulation (USD hedged) units 30/09/08 9.7700 6.1400 30/09/09 5.7500 2.1800 31/01/11 7.0300 5.3900 30/09/11 7.3675 5.8787 30/09/12 7.8894 5.6513 30/09/13 9.5905 7.6050 30/09/14 9.9467 8.5425 30/09/15 11.3814 9.3048 30/09/16 11.6151 9.4306 30/09/17 11.7188 10.2714

I2 Class Income units 30/09/14 10.2710 9.6324 30/09/15 11.1847 9.4680 30/09/16 11.4287 9.1801 30/09/17 11.3089 9.6708

F Class Accumulation units 30/09/16 10.6454 9.6854 30/09/17 10.5401 9.1322




205

Global Equity (ex-Japan) Fund1

Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD

I Class Accumulation units 31/01/11 12.3900 9.9300 30/09/11 13.2037 10.3249 30/09/12 13.5542 10.0165 30/09/13 15.9845 12.6645 30/09/14 18.4787 15.5073 30/09/15 19.1420 16.5766 30/09/16 18.2820 15.7675 30/09/17 20.5456 17.1359

I Class Accumulation (JPY) units 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 30/09/14 13.9253 11.6863 30/09/15 14.4254 12.4919 30/09/16 13.7771 11.8822 30/09/17 15.4780 12.9102

Post Global Limited Term High Yield Fund Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD

A Class Income units 30/09/16 10.2248 10.0274 30/09/17 10.2614 10.0584


30/09/16 10.2742 9.9439 30/09/17 10.6045 10.1817

I Class Income units 30/09/17 10.1970 10.0148

I Class Income (EUR hedged) units 30/09/16 9.9675 9.8262 30/09/17 10.5114 9.0816

I Class Income (GBP hedged) units

30/09/13 10.9442 9.8062 30/09/14 11.5692 10.6287 30/09/15 10.6472 9.5874 30/09/16 10.5625 9.1573 30/09/17 9.6388 8.5480

I Class Accumulation units 30/09/11 10.0723 9.8764 30/09/12 10.8391 9.7556 30/09/13 11.4202 10.8305 30/09/14 11.8921 11.4000 30/09/15 12.1027 11.5901 30/09/16 12.5783 11.8593 30/09/17 13.0477 12.4727

I Class Accumulation (CHF hedged) units 30/09/15 10.1883 9.8824 30/09/16 10.4712 9.4109 30/09/17 10.7436 9.7182

I Class Accumulation (EUR hedged) units 30/09/11 10.2355 9.6207 30/09/12 10.0258 9.1293

Post Global Limited Term High Yield Fund (continued) Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD

I Class Accumulation (EUR hedged) units (continued) 30/09/13 10.8850 9.7655 30/09/14 11.5811 10.4446 30/09/15 10.6291 8.8766 30/09/16 10.0073 8.9114 30/09/17 10.7112 9.0718

I Class Accumulation (GBP hedged) units 30/09/12 10.9363 10.0011 30/09/13 11.8649 10.6384 30/09/14 13.1522 10.6287 30/09/15 12.3863 11.3227 30/09/16 12.1073 10.3942 30/09/17 11.3164 9.8749

I Class Accumulation (JPY hedged) units 30/09/11 10.5306 10.0332 30/09/12 11.2300 10.0432 30/09/13 11.1905 8.8011 30/09/14 9.5128 8.5930 30/09/15 8.8711 7.7108 30/09/16 9.9210 7.7624 30/09/17 9.8064 8.4035

I Class Accumulation (SGD hedged) units 30/09/16 10.3781 9.8965 30/09/17 10.7216 9.6139

I2 Class Accumulation units 30/09/16 10.5431 9.9264 30/09/17 10.9577 10.4576

I2 Class Accumulation (EUR hedged) units 30/09/16 10.6532 9.4809 30/09/17 11.4375 9.6727

I2 Class Accumulation (GBP hedged) units 30/09/16 10.3251 8.8651 30/09/17 9.6774 8.4326

Global Time Diversified Absolute Return Fund Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD

I Class Accumulation units 30/09/12 10.2720 9.8056 30/09/13 10.2537 8.7169 30/09/14 9.3654 8.3907 30/09/15 10.0121 8.3446 30/09/16 10.2238 8.7709 30/09/17 10.1219 9.1072





206

EDGE Small/Mid-Cap Equity Income Fund2


USD USD

A Class Accumulation units 30/09/12 10.3388 9.9018 30/09/13 11.7757 9.5700 30/09/14 13.6892 11.3529 30/09/15 13.5970 11.6074

I Class Accumulation units 30/09/12 10.3457 9.9066 30/09/13 11.8608 9.5867 30/09/14 13.8593 11.4390 30/09/15 13.8398 11.8727

Global Small Cap Equity Fund Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD


30/09/13 13.1734 9.6244 30/09/14 15.4289 12.9942 30/09/15 16.0445 12.8613 30/09/16 15.6074 12.3971 30/09/17 18.2745 14.7393

I Class Accumulation units 30/09/13 13.2533 9.6287 30/09/14 15.5998 13.0761 30/09/15 16.3509 13.0337 30/09/16 16.0323 12.6937 30/09/17 18.9415 15.1558

Origin Global Emerging Markets Fund Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD



30/09/13 10.6758 9.0414 30/09/14 11.9326 10.1071 30/09/15 12.3678 9.2502 30/09/16 10.8910 8.1891 30/09/17 14.0640 9.5310


Origin Global Equity Fund3


USD USD

I Class Accumulation (GBP) units 30/09/13 11.0200 9.7758 30/09/14 13.3334 10.8108 30/09/15 15.0618 11.8150 30/09/16 13.6213 11.0046 30/09/17 13.9577 12.3410

Origin Global Smaller Companies Fund Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD



30/09/13 11.2084 9.7440 30/09/14 13.3599 11.0774 30/09/15 14.4458 11.6828 30/09/16 13.9670 11.3273 30/09/17 17.0742 12.9485

Long/Short Global Opportunities Equity Fund4


USD USD


Claritas Latin American Equity Fund Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD








207

Finisterre Emerging Market Debt Fund Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD

A Class Income units 30/09/15 10.0240 9.3765 30/09/16 9.8288 9.1521 30/09/17 10.2297 9.5854

A Class Accumulation units 30/09/15 10.1036 9.4697 30/09/16 9.9240 9.2430 30/09/17 10.3090 9.6782

A Class Accumulation (CHF hedged) units 30/09/15 10.5696 9.2477 30/09/16 9.7129 8.6891 30/09/17 9.4940 8.8634

A Class Accumulation (EUR hedged) units 30/09/15 10.4850 9.6575 30/09/16 10.1495 9.0814 30/09/17 11.0738 9.1465

A Class Accumulation (GBP hedged) units 30/09/15 10.6338 9.6344 30/09/16 9.8428 8.5325 30/09/17 8.5196 7.9662

A Class Accumulation (SGD hedged) units 30/09/15 10.4915 9.1048 30/09/16 10.2112 8.8283 30/09/17 9.9410 9.2739


I Class Accumulation (EUR hedged) units 30/09/14 10.0504 9.4417 30/09/15 9.5255 7.9115 30/09/16 8.4321 7.5328 30/09/17 11.1615 9.2401

I Class Accumulation (GBP hedged) units 30/09/15 10.6439 9.6699 30/09/16 9.8845 8.6051 30/09/17 8.6009 8.0467

I2 Class Income (EUR hedged) units 30/09/14 10.0668 9.3220 30/09/15 9.4058 7.8215 30/09/16 8.4074 7.4711 30/09/17 9.1595 7.5519

N Class Accumulation units

30/09/17 10.0086 9.9932

N Class Accumulation (EUR hedged) units 30/09/17 10.4079 9.9993

Spectrum Global Capital Securities Fund Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD

A Class Accumulation units 30/09/16 10.1298 9.9584 30/09/17 11.0128 9.7716

Spectrum Global Capital Securities Fund (continued) Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD

I Class Accumulation units 30/09/15 10.6473 9.8576 30/09/16 11.0747 9.5185 30/09/17 12.1557 10.7066

I Class Accumulation (EUR hedged) units 30/09/15 10.4912 10.0313 30/09/16 10.7888 9.2749 30/09/17 12.3739 9.7751

Global Short Duration High Yield Fund5


USD USD

I Class Accumulation units 30/09/15 10.3847 9.9542

Global Capital Structure Opportunities Fund Year Ended Highest Price Lowest Price Per Unit Per Unit

USD USD


Global Credit Alpha Fund6


USD USD


Real Estate Debt Fund7


USD USD

I Class Income units 30/09/16 10.4901 9.9568 30/09/17 10.2787 9.7789

I Class Accumulation units 30/09/16 10.6532 9.9568 30/09/17 10.8461 10.2327







208

Global Income Fund8


USD USD

A Class Accumulation units 30/09/17 10.6448 9.9472

I Class Accumulation units

30/09/17 10.6701 9.9475

D Class Income units 30/09/17 10.3879 9.9471


9


USD USD

I Class Accumulation units 30/09/17 10.3669 9.9338

I Class Accumulation (GBP hedged) units 30/09/17 10.9782 10.0110

I2 Class Accumulation units 30/09/17 10.3815 9.9408


9Finisterre Unconstrained Emerging Markets Fixed Income Fund launched

on 2 May 2017.




209

FUND PERFORMANCE


Calculated In USD One Year Three Years Five Years

%

% %

Global Equity Fund

15.90 16.12 52.66

Asian Equity Fund 25.47 25.79 40.60

European Equity Fund 23.72 23.00 59.22

Emerging Markets Equity Fund 25.87 17.48 16.81

Japanese Equity Fund 13.42 20.62 52.39

Preferred Securities Fund 8.57 20.25 41.13

U.S. Equity Fund 19.21 23.80 71.59

High Yield Fund 9.85 19.44 41.02

Global Property Securities Fund 1.97 17.90 36.82

Post Global Limited Term High Yield Fund 3.72 11.33 20.59

Global Time Diversified Absolute Return Fund (8.00) N/A N/A

Global Small Cap Equity Fund 19.42 34.33 N/A

Origin Global Emerging Markets Fund 27.74 26.04 N/A

Origin Global Smaller Companies Fund 23.80 35.75 N/A

Claritas Latin American Equity Fund 19.69 (4.10) N/A

Finisterre Emerging Market Debt Fund 3.43 4.09 N/A

Spectrum Global Capital Securities Fund 10.97 N/A N/A

Global Capital Structure Opportunities Fund 6.27 N/A N/A

Real Estate Debt Fund 0.56 N/A N/A

Global Income Fund1 6.40 N/A N/A

Finisterre Unconstrained Emerging Markets Fixed Income Fund2 3.33 N/A N/A






210

FUND PERFORMANCE (continued)

Global Equity (ex-Japan) Fund, Origin Global Equity Fund, Long/Short Global Opportunities Equity Fund and Global Credit Alpha Fund terminated during the year ended 30 September 2017 therefore no fund performance has been disclosed in respect of these Funds.

Notes: Fund performance calculated using 10 a.m. NAVs.

The data is based on the USD I class of each Fund showing the total return over each time period.

Past performance is not indicative of future results.

The information on the previous page has been derived from sources believed to be accurate as of 30 September 2017. 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.

Leverage

The use of derivatives adds leverage to the funds and can increase volatility. Leverage is calculated using the sum of the derivatives used by the funds. The levels of leverage are as follows:


Global Time Diversified Absolute Return Fund 1,304% Finisterre Emerging Market Debt Fund 44,569% Global Capital Structure Opportunities Fund 5% Global Credit Alpha Fund* N/A Finisterre Unconstrained Emerging Markets Fixed Income Fund** 96%

*Global Credit Alpha Fund terminated on 30 June 2017.

** Finisterre Unconstrained Emerging Markets Fixed Income Fund launched on 2 May 2017.


TOTAL EXPENSE RATIOS (UNAUDITED)


211

TOTAL EXPENSE RATIOS Outlined below and overleaf are total expense ratios for the year ended 30 September 2017 on a fund by fund basis. This disclosure is a requirement for funds regulated in Switzerland.

Total Expense Ratio %

Average

NAV (USD) A Class I Class I2 Class D Class D2 Class F Class F2 Class N Class P Class

Global Equity Fund 16,056,976 2.26% 1.33% - - - - 3.26% - -

Asian Equity Fund 6,598,597 2.32% 1.46% - - - - - - -

European Equity Fund 87,707,925 1.88% 1.02% - - - - - - -

Emerging Markets Equity Fund 6,670,341 2.37% 1.51% - - - - - - -

Japanese Equity Fund 20,988,825 2.26% 1.45% - - - - 3.21% - -

Preferred Securities Fund 3,212,335,514 1.30% 0.50% - 1.38% 1.38% 1.88% 2.33% 0.68% 0.88%

U.S. Equity Fund 64,036,606 1.81% 0.96% - - - - - - -

High Yield Fund 157,050,363 1.24% 0.75% - 1.51% - 1.99% - - -

Global Property Securities Fund 169,640,003 - 1.01% 0.58% - - 2.20% - - -

Global Equity (ex-Japan) Fund* 5,061,755 - 1.01% - - - - - - -

Post Global Limited Term High Yield Fund 886,726,484 1.19% 0.74% 0.54% - - - - - -

Global Time Diversified Absolute Return Fund 21,020,109 - 1.24% - - - - - -

Global Small Cap Equity Fund 13,199,634 2.16% 1.32% - - - - - - -

Origin Global Emerging Markets Fund 96,586,402 - 1.04% - - - - 2.85% - -

Origin Global Equity Fund** 15,440,639 - 1.07% - - - - - - -

Origin Global Smaller Companies Fund 63,663,319 - 1.01% - - - - - - -

Long/Short Global Opportunities Equity Fund*** 7,244,325 - 1.79% - - - - - -

Claritas Latin American Equity Fund 13,342,968 - 1.65% - - - - - - -

Finisterre Emerging Market Debt Fund 271,791,345 2.35% 1.65% 1.13% - - - - 0.46% -

Spectrum Global Capital Securities Fund 20,477,124 2.01% 0.80% - - - - - - -



TOTAL EXPENSE RATIOS (UNAUDITED)

for the year ended 30 September 2017(continued)

212

TOTAL EXPENSE RATIOS (continued)

Total Expense Ratio %

Average

NAV (USD) A Class I Class I2 Class D Class D2 Class F Class F2 Class N Class P Class

Global Capital Structure Opportunities Fund 10,888,148 - 0.90% - - - - - - -

Global Credit Alpha Fund**** 8,494,270 - 0.80% - - - - - - -

Real Estate Debt Fund 9,757,977 - 0.89% - - - - - - -

Global Income Fund***** 26,902,856 1.48% 0.99% - 1.73% - - -

Finisterre Unconstrained Emerging Markets Fixed Income Fund****** 25,471,799 - 1.29% 0.90% - - - - - -

****Global Credit Alpha Fund terminated on 30 June 2017. *****Global Income Fund launched on 29 March 2017. ******Finisterre Unconstrained Emerging Markets Fixed Income Fund launched on 2 May 2017.


UCITS V Remuneration Policy (UNAUDITED)


213

UCITS V Remuneration Policy (Unaudited)

Regulation 89(3A) of the UCITS Regulations: UCITS V Remuneration Requirements; Regulation 89(3A) of the UCITS Regulations (as introduced pursuant to the UCITS V Regulations on 21 March 2016) requires that the annual report of Principal Global Investors Funds contains certain disclosures on remuneration paid by the Manager to its staff during the financial year and details of any material changes to the Manager’s remuneration policy made during the year. In this regard, the following points are to be noted:

The Manager has prepared a remuneration policy outlining how it adheres to the remuneration requirements set out in the UCITS Regulations. This policy was adopted with effect from 18 March 2016.

No annual reviews have as yet been undertaken and no material changes have been made to the remuneration policy since 18 March 2016.

Changes were subsequently made to the remuneration policy during the financial year to align it with ESMA's Guidelines on sound remuneration policies under the UCITS Directive (ESMA/2016/575) (the "Guidelines) which applied from 1 January 2017.

The first annual performance period in which the Manager has to comply with the remuneration requirements set out in the UCITS Regulations is the year ending 30 September 2017.

The Manager has no employees or staff that it employs and pays directly. The Manager has a Board of Directors, three of whom are employees of the Principal Group and receive no remuneration from the Manager. The remaining four directors, each of whom is independent, receive a fixed fee only (for the year ended 30 September 2017; €25,000 in aggregate) and do not receive variable remuneration. These fees are set at a level that reflects the qualifications and contribution required taking into account the Manager’s size, internal organisation and the nature, scope and complexity of its activities.


STATEMENT OF MATERIAL PORTFOLIO CHANGES (UNAUDITED)


214

Global Equity Fund

Major Purchases Major Sales

Cost USD Proceeds USD

Amazon.com Inc 628,784 Gilead Sciences Inc 1,598,292

Merck & Co Inc 623,452 JPMorgan Chase & Co 1,362,569

Wal-Mart Stores Inc 537,839 Amgen Inc 1,272,658

Morgan Stanley 519,050 Cisco Systems Inc 985,058

CSX Corp 473,573 Microsoft Corp 922,321

Chevron Corp 431,351 Alphabet Inc 913,306

Suzuki Motor Corp 398,917 Pfizer Inc 892,917

Bank of America Corp 388,379 British American Tobacco Plc 867,891

Entergy Corp 374,788 Siemens AG 864,919

EOG Resources Inc 369,559 SunTrust Banks Inc 787,670

ICICI Bank Ltd 364,299 BNP Paribas SA 757,523

JBS SA 352,568 Philip Morris International Inc 742,805

Ashtead Group Plc 336,061 Centene Corp 669,554

Actelion Ltd 330,426 AbbVie Inc 661,206

BAE Systems Plc 316,542 Vinci SA 644,589

Cummins Inc 309,347 Prudential Financial Inc 637,924

Toyota Motor Corp 291,634 Unum Group 632,374

State Street Corporation 289,270 Anthem Inc 625,051

Swiss Life Holding AG 288,357 Shire Plc 594,543

Subaru Corp 288,048 Mitsubishi Heavy Industries Ltd 590,276

Fifth Third Bankcorp 276,519

Toronto-Dominion Bank/The 267,253

Prologis Inc 252,401

Adient Plc 251,950

Iida Group Holdings Co Ltd 250,733

SunTrust Banks Inc 240,891

Technip SA 228,738

The Material Portfolio Changes reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases for the year and aggregate disposals greater than one per cent of the total value of the sales.




215

Asian Equity Fund



Bank of China Ltd 216,110 Tencent Holdings Ltd 336,337

SK Hynix Inc 142,230 Samsung Electronics Co Ltd 254,950

Hon Hai Precision Industry Co Ltd 126,931 Taiwan Semiconductor Manufacturing Co

China Construction Bank Corp 117,316 Ltd 246,642

POSCO 114,553 Bank of China Ltd 240,317

CNOOC Ltd 109,151 AIA Group Ltd 210,538

Galaxy Entertainment Group Ltd 106,325 Alibaba Group Holding Ltd 188,775

Housing Development Finance Corp Ltd 102,247 China Mobile Ltd 156,912

SK Telecom Co Ltd 91,320 Galaxy Entertainment Group Ltd 129,458

ICICI Bank Ltd 89,159 Shinhan Financial Group Co Ltd 126,768

Mando Corp 86,170 SK Hynix Inc 126,040

AIA Group Ltd 84,403 BOC Hong Kong Holdings Ltd 120,216

CIMB Group Holdings Bhd 83,595 Hon Hai Precision Industry Co Ltd 111,393

BOC Hong Kong Holdings Ltd 81,260 China Construction Bank Corp 111,251

Oversea-Chinese Banking Corp Ltd 77,974 Fubon Financial Holding Co Ltd 104,327

LG Chem Ltd 71,670 Woori Bank 102,130

China Communications Construction Co Ltd 71,300 CNOOC Ltd 96,434

PTT Global Chemical PCL 70,640 KT&G Corp 94,760

Maruti Suzuki India Ltd 70,164 Tata Motors Ltd 94,752

NetEase Inc 69,414 NAVER Corp 94,112

Alibaba Group Holding Ltd 68,755 Vedanta Ltd 92,137

Power Grid Corp of India Ltd 64,631 Indiabulls Housing Finance Ltd 90,052

Tenaga Nasional Bhd 63,674 Korea Electric Power Corp 89,780

Aluminum Corp of China Ltd 63,386 ICICI Bank Ltd 89,693

Hindalco Industries Ltd 62,023 Chunghwa Telecom Co Ltd 89,525

Adani Ports & Special Economic Zone Ltd 60,308 Larsen & Toubro Ltd 88,998

Hana Financial Group Inc 59,476 Hong Kong Exchanges & Clearing Ltd 88,716

China Shenhua Energy Co Ltd 57,083

Hyundai Marine & Fire Insurance Co Ltd 56,826

Manappuram Finance Ltd 56,555

China Resources Beer Holdings Co Ltd 56,103

Tencent Holdings Ltd 54,842

DBS Group Holdings Ltd 54,742

China Life Insurance Co Ltd/Taiwan 54,693

Far East Horizon Ltd 54,478





216

European Equity Fund



HSBC Holdings Plc 1,519,766 Nestle SA 1,891,871

LVMH Moet Hennessy Louis Vuitton SE 1,231,316 Siemens AG 1,546,365

Rio Tinto Plc 1,072,656 HSBC Holdings Plc 1,546,063

AXA SA 1,028,787 British American Tobacco Plc 1,378,811

Lloyds Banking Group Plc 1,014,739 Actelion Ltd 1,376,955

Nestle SA 952,477 BNP Paribas SA 1,331,470

Bayer AG 901,987 Koninklijke Ahold Delhaize NV 1,248,885

Unilever NV 895,157 Deutsche Telekom AG 1,150,724

Societe Generale SA 880,194 Roche Holding AG 1,133,957

Unilever Plc 680,222 TOTAL SA 1,088,625

BAE Systems Plc 614,194 Societe Generale SA 988,151

CaixaBank SA 606,302 Fresenius SE & Co KGaA 891,396

DNB ASA 590,469 CRH Plc 871,015

Kering 587,325 National Grid Plc 862,171

Mapfre SA 584,077 Royal Dutch Shell Plc 'A' 850,144

Burberry Group Plc 556,355 Heineken NV 793,794

Ferguson Plc 551,365 BT Group Plc 773,501

Credit Agricole SA 531,817 Skanska AB 762,280

Associated British Foods Plc 518,532 Swiss Re AG 732,995

Logitech International SA 507,656 WPP Plc 725,901

STMicroelectronics NV 498,008 Capgemini SA 724,208

Legal & General Group Plc 475,084 Continental AG 719,738

Coca-Cola HBC AG 474,058 Diageo Plc 708,639

Adecco Group AG 468,525 UPM-Kymmene OYJ 683,228

Smiths Group Plc 465,390 Anglo American Plc 679,365

GKN Plc 460,342 Barratt Developments Plc 668,425

Repsol SA 431,966

Spectris Plc 431,709

Jenoptik AG 427,980

Redrow Plc 421,791

KBC Group NV 421,688

BHP Billiton Plc 413,782

Electrocomponents Plc 400,152

Ferrari NV 375,845

Vesuvius Plc 352,714

Leoni AG 352,267

Straumann Holding AG 348,176

Ipsen SA 337,717

ING Groep NV 330,096

Philips Lighting NV 327,957

JD Sports Fashion Plc 322,429

H Lundbeck A/S 321,402





217




Hon Hai Precision Industry Co Ltd 147,853 Tencent Holdings Ltd 245,695

Bank of China Ltd 144,287 Bank of China Ltd 215,403

POSCO 139,139 Samsung Electronics Co Ltd 200,471

Industrial & Commercial Bank of China Ltd 136,568 Taiwan Semiconductor Manufacturing Co Ltd 179,487

SK Hynix Inc 136,561 Sunny Optical Technology Group Co Ltd 150,333

Galaxy Entertainment Group Ltd 128,039 Hon Hai Precision Industry Co Ltd 149,866

Banco do Brasil SA 108,418 Alibaba Group Holding Ltd 146,501

SK Telecom Co Ltd 99,809 SK Hynix Inc 140,100

KB Financial Group Inc 99,743 Vale SA PFD 139,512

LG Chem Ltd 92,744 NetEase Inc 136,683

Weibo Corp 91,228 China Petroleum & Chemical Corp 135,727

Grupo Financiero Banorte SAB de CV 90,962 Itau Unibanco Holding SA 130,090

TAL Education Group 90,866 Weibo Corp 123,243

Housing Development Finance Corp Ltd 90,657 LUKOIL PJSC 122,431

Hana Financial Group Inc 86,404 China Construction Bank Corp 122,240

HDFC Bank Ltd 85,253 AIA Group Ltd 121,353

Maruti Suzuki India Ltd 82,513 China Mobile Ltd 121,101

Sunny Optical Technology Group Co Ltd 82,422 Barclays Africa Group Ltd 114,009

ICICI Bank Ltd 82,055 Largan Precision Co Ltd 112,662

LG Uplus Corp 81,851 Galaxy Entertainment Group Ltd 105,339

Credicorp Ltd 77,366 Fubon Financial Holding Co Ltd 105,155

China Shenhua Energy Co Ltd 76,551 Kroton Educacional SA 101,974

Anglo American Plc 76,274 NAVER Corp 95,296

Power Grid Corp of India Ltd 75,280 Mega Financial Holding Co Ltd 94,768

Powszechny Zaklad Ubezpieczen SA 74,358 Shinhan Financial Group Co Ltd 92,565

JD.com Inc 70,901 Chunghwa Telecom Co Ltd 92,324

New Oriental Education & Technology Group New Oriental Education & Technology Group

Inc 70,703 Inc 91,470

Alibaba Group Holding Ltd 70,192 Sberbank of Russia PJSC 90,281

Vale SA 67,269

Ping An Insurance Group Co of China Ltd 65,694





218




iShares Inc MSCI Japan ETF 7,537,963 iShares Inc MSCI Japan ETF 7,537,973

iShares MSCI Japan ETF 2,371,108 iShares MSCI Japan ETF 3,007,348

Toyota Motor Corp 624,430 Toyota Motor Corp 1,807,001

Sumitomo Dainippon Pharma Co Ltd 514,465 Sumitomo Mitsui Financial Group Inc 923,135

Honda Motor Co Ltd 475,082 Mitsubishi Electric Corp 923,134

Denso Corp 466,206 SoftBank Group Corp 875,293

Kirin Holdings Co Ltd 465,269 Nissan Motor Co Ltd 816,084

KDDI Corp 453,205 Panasonic Corp 758,392

Nichirei Corp 428,332 Mitsubishi UFJ Financial Group Inc 740,787

Takeda Pharmaceutical Co Ltd 422,485 KDDI Corp 725,470

MS&AD Insurance Group Holdings Inc 414,268 Tokyo Electron Ltd 631,349

Hitachi Ltd 397,009 NTT DOCOMO Inc 601,064

Otsuka Holdings Co Ltd 392,163 Nippon Telegraph & Telephone Corp 582,535

Hitachi High-Technologies Corp 384,768 Subaru Corp 580,517

Nippon Telegraph & Telephone Corp 370,158 Mitsui & Co Ltd 572,350

Brother Industries Ltd 367,885 Koito Manufacturing Co Ltd 565,780

Canon Inc 365,961 Lion Corp 554,699

Sony Corp 352,678 Hankyu Hanshin Holdings Inc 553,362

SoftBank Group Corp 335,570 ORIX Corp 552,056

K's Holdings Corp 331,681 ITOCHU Corp 546,816

Subaru Corp 331,065 Central Japan Railway Co 545,537

Mitsubishi Corp 321,852 Hoya Corp 542,560

Bridgestone Corp 539,450

Mizuho Financial Group Inc 528,040

NTT Data Corp 515,899

Brother Industries Ltd 494,460

East Japan Railway Co 482,731

Otsuka Holdings Co Ltd 477,182

Hikari Tsushin Inc 469,246





219




Lloyds Bank Plc 160,885,001 MetLife Capital Trust X 44,937,011

Cooperatieve Rabobank UA Series REGS 96,162,831 Chubb Corp/The 22,597,000

MetLife Inc* 69,615,096 Credit Suisse Group AG Series REGS 20,737,500

AXA SA 66,582,178 Chase Capital II 18,954,390

Demeter Investments BV for Swiss Re Ltd* 64,411,719 First Chicago NBD Institutional Capital I 17,290,000

Legal & General Group Plc 62,620,375 Barclays Plc 16,284,156

Emera Inc 59,933,059 MetLife Inc 13,271,825

Sumitomo Life Insurance Co 53,977,500 Dresdner Funding Trust Series REGS 13,230,563

MetLife Inc* 49,107,011 ABN AMRO Bank NV 13,155,000

Enterprise Products Operating LLC 48,489,500 Lloyds Banking Group Plc 12,600,000

Capital One Financial Corp 45,468,582 Macquarie Bank Ltd/London 11,500,000

Standard Chartered Plc 44,129,150 Chase Capital VI 11,344,500

Demeter Investments BV for Swiss Re Ltd* 42,935,922 BNP Paribas SA** 10,039,500

Enbridge Inc 39,640,825 Nordea Bank AB 9,843,750

Danske Bank A/S 38,141,375 Integrys Holding Inc 9,554,650

Cloverie Plc for Zurich Insurance Co Ltd* 37,565,260 Societe Generale SA** 9,523,750

UBS Group AG 32,536,670 Chase Capital III 9,100,000

Citigroup Inc 32,391,452 Arch Capital Group Ltd 8,799,575

Swedbank AB 32,089,300 Deutsche Bank Contingent Capital Trust II 7,984,834

HSBC Holdings Plc* 31,206,375 Prudential Financial Inc 7,788,500

Dai-ichi Life Insurance Co Ltd/The 30,637,534 BPCE SA 7,427,500

HSBC Holdings Plc* 28,875,368 Societe Generale SA** 7,175,000

Dai-ichi Life Insurance Co Ltd/The Series 28,212,942 BNP Paribas SA** 6,390,000

REGS BNP Paribas SA** 6,254,250

Southern Co/The 26,692,388 Aspen Insurance Holdings Ltd 5,849,606

Royal Bank of Scotland Group Plc 25,793,750 Dresdner Funding Trust Series 144A 5,527,714

Nippon Life Insurance Co 25,758,625 Entergy Mississippi Inc 5,291,025

Prudential Financial Inc 25,703,473 Royal Bank of Scotland Group Plc 5,196,615

Transcanada Trust 25,282,260 Axis Capital Holdings Ltd 4,938,275

Credit Suisse Group AG 25,206,259 Swedbank AB 4,758,000

Cloverie Plc for Zurich Insurance Co Ltd* 24,391,750 Protective Life Corp 4,119,950

*Maturity date is different for these securities.

**Coupon rate is different for these securities.





220

U.S. Equity Fund



Chevron Corp 2,282,311 JPMorgan Chase & Co 3,980,376

Prologis Inc 1,794,619 Exxon Mobil Corp 2,948,943

CVS Health Corp 1,787,677 Pfizer Inc 2,792,665

Microsoft Corp 1,619,762 Aflac Inc 2,788,885

Morgan Stanley 1,523,137 Johnson & Johnson 2,764,036

Home Depot Inc/The 1,443,200 Cisco Systems Inc 2,668,817

American Tower Corp 1,219,961 SunTrust Banks Inc 2,612,801

Philip Morris International Inc 1,210,462 Apple Inc 2,563,184

Boeing Co/The 1,192,462 NVIDIA Corp 2,398,109

ONEOK Inc 1,150,843 Accenture Plc 2,296,101

Helmerich & Payne Inc 1,121,302 Wal-Mart Stores Inc 2,244,335

Facebook Inc 1,080,621 Microsoft Corp 2,231,911

Berkshire Hathaway Inc 1,076,211 Prudential Financial Inc 2,220,266

Cummins Inc 1,048,633 UnitedHealth Group Inc 2,140,795

Prudential Financial Inc 1,016,029 Amazon.com Inc 2,136,274

Comcast Corp 959,783 Comcast Corp 2,114,828

Aflac Inc 938,784 Illinois Tool Works Inc 2,069,022

Franklin Resources Inc 935,119 Alphabet Inc 2,007,192

PPL Corp 915,869 Lowe's Cos Inc 1,985,239

Parker-Hannifin Corp 900,265 Darden Restaurants Inc 1,967,732

Colgate-Palmolive Co 894,012 CVS Health Corp 1,961,509

AbbVie Inc 887,011 Altria Group Inc 1,957,581

Tesoro Corp 858,483 Amgen Inc 1,856,075

Valero Energy Corp 846,591 Facebook Inc 1,833,069

Assured Guaranty Ltd 832,303 CA Inc 1,824,706

Ross Stores Inc 808,674 Nucor Corp 1,811,891

Merck & Co Inc 795,834 Northrop Grumman Corp 1,748,835

DXC Technology Co 748,821 CenterPoint Energy Inc 1,681,453

DR Horton Inc 743,621 Berkshire Hathaway Inc 1,626,263

HP Inc 743,001 Scripps Networks Interactive Inc 1,618,235

Gap Inc/The 740,759 Morgan Stanley 1,585,619

Lam Research Corp 738,342 Equifax Inc 1,573,471

HCA Holdings Inc 723,690 Chevron Corp 1,571,837

Extended Stay America Inc 718,289 Waste Management Inc 1,481,406

Cigna Corp 698,802 Dr Pepper Snapple Group Inc 1,474,705

Oracle Corp 677,678 Aetna Inc 1,448,474

Wal-Mart Stores Inc 672,319 Exelon Corp 1,431,408

Baker Hughes Inc 668,786 Bank of America Corp 1,412,873

LyondellBasell Industries NV 665,726 Simon Property Group Inc 1,392,345

State Street Corp 648,256 Tesoro Corp 1,354,804





221

High Yield Fund



Mclaren Finance Plc 2,588,800 Sabine Pass Liquefaction LLC 1,878,212

Ardagh Packaging Finance Plc / Ardagh UPCB Finance IV Ltd 1,768,226

Holdings USA Inc 2,576,200 Oberthur Technologies Holding SAS 1,714,800

Petrobras Global Finance BV 2,199,080 Arqiva Broadcast Finance Plc 1,573,238

Aston Martin Capital Holdings Ltd 2,114,823 Dell International LLC / EMC Corp 1,367,588

Mercury Bondco Plc 1,797,087 Petrobras Global Finance BV 1,365,000

Dell International LLC / EMC Corp REGS 1,642,881 CCO Holdings LLC / CCO Holdings

Netflix Inc 1,633,196 Capital Corp 1,356,731

Quintiles IMS Inc 1,586,925 Play Topco SA* 1,352,273

TalkTalk Telecom Group Plc 1,583,977 Wagamama Finance Plc 1,338,514

Altice Luxembourg SA 1,531,800 Matterhorn Telecom SA 1,338,470

UPCB Finance IV Ltd 1,526,843 eircom Finance DAC 1,317,388

Viridian Power & Energy Ltd 1,496,414 Mclaren Finance Plc 1,313,909

Ally Financial Inc 1,481,569 Ardagh Packaging Finance Plc / Ardagh

Dell International LLC / EMC Corp 1,367,588 Holdings USA Inc 1,304,201

CCO Holdings LLC / CCO Holdings Capital WideOpenWest Finance LLC /

Corp 1,356,731 WideOpenWest Capital Corp 1,268,856

Wind Acquisition Finance SA 1,354,813 TalkTalk Telecom Group Plc 1,268,447

Matterhorn Telecom Holding SA 1,344,737 Cable Communications Systems NV 1,256,574

Telecom Italia Finance SA 1,335,681 Cooperativa Muratori & Cementisti-CMC

CPUK Finance Ltd 1,286,800 di Ravenna SC 1,238,695

Wagamama Finance Plc 1,283,150 JH-Holding Finance SA 1,208,937

Senvion 1,091,193

Play Topco SA* 1,091,039

*Maturity date is different for these securities. The Material Portfolio Changes reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases for the year and aggregate disposals greater than one per cent of the total value of the sales.




222

Global Property Securities Fund



Essex Property Trust Inc 6,116,162 Sun Hung Kai Properties Ltd 5,188,744

Mitsubishi Estate Co Ltd 5,193,997 Essex Property Trust Inc 4,923,399

Link REIT 3,487,845 Sumitomo Realty & Development Co Ltd 3,817,825

Mitsui Fudosan Co Ltd 3,270,062 Mitsubishi Estate Co Ltd 3,469,383

New World Development Co Ltd 3,224,245 Land Securities Group Plc 3,258,439

Deutsche Wohnen SE 2,677,527 Mirvac Group 3,003,376

Starwood Waypoint Homes 2,587,636 Welltower Inc 2,082,908

Goodman Group 2,581,296 Klepierre SA 2,080,515

Simon Property Group Inc 2,503,635 Aeon Mall Co Ltd 1,782,913

Segro Plc 2,379,177 Boston Properties Inc 1,754,107

Hongkong Land Holdings Ltd 2,374,776 Dexus 1,727,376

Dexus 2,247,886 Link REIT 1,661,917

Hudson Pacific Properties Inc 2,108,500 Nomura Real Estate Master Fund Inc 1,653,687

Invitation Homes Inc 2,092,433 Simon Property Group Inc 1,509,711

Sun Hung Kai Properties Ltd 2,082,879 Sponda OYJ 1,454,026

LEG Immobilien AG 1,964,107 Leopalace21 Corp 1,433,194

CapitaLand Ltd 1,954,296 Mitsui Fudosan Co Ltd 1,418,984

Kilroy Realty Corp 1,846,101 GGP Inc 1,385,981

STORE Capital Corp 1,843,452 Education Realty Trust Inc 1,258,310

United Urban Investment Corp 1,823,778 Scentre Group 1,242,047

Alexandria Real Estate Equities Inc 1,809,427 SL Green Realty Corp 1,238,140

Inmobiliaria Colonial Socimi SA 1,584,122 Duke Realty Corp 1,215,158

Apartment Investment & Management Co 1,581,903 American Campus Communities Inc 1,084,046

Japan Retail Fund Investment Corp 1,580,932 New World Development Co Ltd 1,025,831

Great Portland Estates Plc 1,580,128 Prologis Inc 991,513

Rexford Industrial Realty Inc 1,577,891 China Resources Land Ltd 976,221

CapitaLand Commercial Trust 1,552,820 Ascendas Real Estate Investment Trust 958,176

Prologis Inc 1,530,857 Equity Residential 954,277

HCP Inc 1,477,999 Vonovia SE 937,358

Entra ASA 1,433,065 Public Storage 918,312

Scentre Group 1,421,401 Orix JREIT Inc 908,610

Japan Hotel REIT Investment Corp 1,412,258 CBRE Group Inc 906,774

Extra Space Storage Inc 1,403,380 Cheung Kong Property Holdings Ltd 888,139

Regency Centers Corp 1,392,979

AvalonBay Communities Inc 1,387,183

Leopalace21 Corp 1,364,931

Nomura Real Estate Holdings Inc 1,362,023

Crown Castle International Corp 1,342,963

Healthcare Trust of America Inc 1,339,224

Gecina SA 1,278,804

Daiwa Office Investment Corp 1,259,485





223

Global Equity (ex-Japan) Fund*



Bank of America Corp 653,930 Apple Inc 2,102,397

Mediobanca SpA 579,263 Microsoft Corp 1,729,329

Suncor Energy Inc 575,047 JPMorgan Chase & Co 1,598,653

Wal-Mart Stores Inc 560,831 Amazon.com Inc 1,284,922

Macquarie Group Ltd 553,817 Alphabet Inc 1,258,300

Northrop Grumman Corp 553,781 Philip Morris International Inc 1,199,576

Philip Morris International Inc 542,377 Bank of America Corp 1,117,567

Anglo American Plc 542,137 Facebook Inc 1,072,270

CSX Corp 534,625 UnitedHealth Group Inc 941,082

Travelers Cos Inc/The 533,239 Amgen Inc 933,098

Australia & New Zealand Banking Group Ltd 494,496 Wal-Mart Stores Inc 904,086

Prologis Inc 490,358 Travelers Cos Inc/The 871,650

Norfolk Southern Corp 485,527 Fifth Third Bancorp 864,078

Colgate-Palmolive Co 480,219 Johnson & Johnson 850,647

Lowe's Cos Inc 470,625 Cisco Systems Inc 841,888

Morgan Stanley 466,098 Merck & Co Inc 827,355

Lloyds Banking Group Plc 462,672 British American Tobacco Plc 819,561

Apple Inc 459,828 Siemens AG 809,707

EOG Resources Inc 452,782 Exxon Mobil Corp 799,752

Verizon Communications Inc 450,537 Pfizer Inc 798,974

*Global Equity (ex- Japan) Fund terminated on 15 September 2017. The Material Portfolio Changes reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases for the year and aggregate disposals greater than one per cent of the total value of the sales.




224




Ally Financial Inc 30,291,250 Yum! Brands Inc 30,661,600

DaVita Inc 27,676,934 ViaSat Inc 25,178,284

Nielsen Finance LLC / Nielsen Finance Co 25,821,974 T-Mobile USA Inc 22,489,900

Sprint Corp 22,228,750 CSC Holdings LLC 19,957,938

B&G Foods Inc 21,517,543 AerCap Ireland Capital DAC / AerCap

DAE Funding LLC 20,520,688 Global Aviation Trust 19,674,319

Envision Healthcare Corp 20,120,740 Level 3 Financing Inc 19,076,916

MGM Resorts International 16,835,788 CHS/Community Health Systems Inc 18,116,000

LifePoint Health Inc 15,800,077 Aircastle Ltd 18,039,769

Prestige Brands Inc 15,422,031 Station Casinos LLC 16,310,777

Antero Resources Corp 15,288,375 DISH DBS Corp 15,764,965

Centene Corp 15,158,676 Tenet Healthcare Corp 14,360,075

ADT Corp/The 15,041,370 Grifols Worldwide Operations Ltd 13,576,940

Churchill Downs Inc 14,595,125 Icahn Enterprises LP / Icahn

SFR Group SA 13,932,911 Enterprises Finance Corp 13,533,453

Tribune Media Co 13,685,000 Constellation Brands Inc 13,435,584

Alere Inc 13,622,438 Cablevision Systems Corp 13,341,921

Grifols Worldwide Operations Ltd 13,515,000 L3 Technologies Inc 12,413,007

Asurion LLC 13,325,000 Hilton Worldwide Finance LLC / Hilton

Pinnacle Foods Finance LLC / Pinnacle Foods Worldwide Finance Corp 12,337,560

Finance Corp 13,183,969 Fresenius Medical Care US Finance II Inc 10,983,800

AMC Entertainment Holdings Inc 12,754,441 Frontier Communications Corp 10,596,188

Caesars Entertainment Resort Properties LLC / General Motors Financial Co Inc* 10,115,100

Caesars Entertainment Resort Prope 12,525,000 International Game Technology 9,956,250

Sirius XM Radio Inc 12,071,875 Change Healthcare Holdings Inc 9,757,140

Symantec Corp 11,919,363 Starz LLC / Starz Finance Corp 8,894,684

Regal Entertainment Group 11,541,391 CIT Group Inc 8,847,776

CIT Group Inc 10,791,250 WellCare Health Plans Inc 8,380,459

AMC Networks Inc 10,312,500 Ardagh Packaging Finance PLC /

Alliance Data Systems Corp 10,175,625 Ardagh Holdings USA Inc 8,294,875

Starwood Property Trust Inc 10,110,250 Becton Dickinson and Co 8,285,297

General Motors Financial Co Inc 10,075,000 GLP Capital LP / GLP Financing II Inc 8,281,338

International Game Technology 10,046,250 HRG Group Inc 7,958,701

United Continental Holdings Inc 10,000,000 Alere Inc 7,915,676

Park Aerospace Holdings Ltd 9,713,100 Health Net Inc 7,784,212

CenturyLink Inc 9,652,500 U.S. Renal Care Inc 7,722,680

AECOM Global II LLC / URS Fox US LP 9,049,943 CNH Industrial Capital LLC 7,663,135

Equinix Inc 8,984,850 General Motors Financial Co Inc* 7,626,225

Arconic Inc 8,680,000 Shire Acquisitions Investments Ireland

Tenet Healthcare Corp 8,631,000 DAC 30,661,600





225

Global Time Diversified Absolute Return Fund*



United States Treasury Bill 6,723,712 United States Treasury Bill 6,742,984











United States Treasury Bill 398,285 United States Treasury Bill 700,000

United States Treasury Bill 199,783 United States Treasury Bill 600,000

United States Treasury Bill 600,000




*Maturity date is different for all securities. The Global Time Diversified Absolute Return Fund has less than 20 significant purchases and sales during the year ended 30 September 2017. All purchases and sales pertaining to the fund for the year have been listed above.





226




Cembra Money Bank AG 156,958 Insteel Industries Inc 219,540

Phoenix Group Holdings 141,349 3i Group Plc 216,347

Tosoh Corp 134,012 EMCOR Group Inc 211,668

Oriflame Holding AG 132,385 IBERIABANK Corp 210,712

BUWOG AG 130,363 Unipres Corp 203,771

American Homes 4 Rent 129,401 Great Western Bancorp Inc 200,076

BE Semiconductor Industries NV 127,934 ICU Medical Inc 198,913

MRC Global Inc 122,586 Cooper Tire & Rubber Co 191,384

Hitachi High-Technologies Corp 120,570 Cembra Money Bank AG 185,701

Gigamon Inc 120,041 Argo Group International Holdings Ltd 175,079

Summit Hotel Properties Inc 119,071 Navigant Consulting Inc 173,922

Union Bankshares Corp 115,750 ABM Industries Inc 171,801

Coca-Cola Bottlers Japan Inc 114,761 Highwoods Properties Inc 169,808

Wix.com Ltd 114,390 Teleperformance 169,792

Nichirei Corp 113,729 Sankyu Inc 169,249

MedEquities Realty Trust Inc 113,520 MasTec Inc 169,216

Argan Inc 112,338 Chemical Financial Corp 166,324

boohoo.com plc 109,902 Lion Corp 166,240

Nexans SA 109,693 Mack-Cali Realty Corp 164,930

Mebuki Financial Group Inc 109,028 Universal Forest Products Inc 163,542

Texhong Textile Group Ltd 108,479

Qualicorp SA 108,261

Hudson Pacific Properties Inc 108,235

ASR Nederland NV 107,966

Kingboard Chemical Holdings Ltd 106,272

Heartland Financial USA Inc 106,229

Tong Yang Industry Co Ltd 105,406

ICF International Inc 104,357

First Merchants Corp 104,068

First Busey Corp 103,960

Mizrahi Tefahot Bank Ltd 103,823

Nevro Corp 101,823

Vedanta Resources Plc 101,613

SCOR SE 99,886

Toyo Tire & Rubber Co Ltd 97,716

Rheinmetall AG 97,686

Xinyi Glass Holdings Ltd 97,493

Hitachi Zosen Corp 96,810

Indivior Plc 95,358





227




Sberbank of Russia PJSC 3,458,272 Geely Automobile Holdings Ltd 2,921,545

China Shenhua Energy Co Ltd 2,478,302 Tencent Holdings Ltd 2,453,107

Ping An Insurance Group Co of China Ltd 2,453,423 Chunghwa Telecom Co Ltd 2,389,866

NCSoft Corp 2,363,695 Korea Electric Power Corp 2,298,746

Hon Hai Precision Industry Co Ltd 2,011,466 NetEase Inc 2,088,273

LG Chem Ltd 1,918,515 Guangdong Investment Ltd 2,034,866

Alibaba Group Holding Ltd 1,774,793 NAVER Corp 1,884,292

Industrial & Commercial Bank of China Ltd 1,772,933 KT&G Corp 1,862,309

China Construction Bank Corp 1,758,695 Steinhoff International Holdings Ltd 1,840,166

Largan Precision Co Ltd 1,608,462 Sinopharm Group Co Ltd 1,735,090

Catcher Technology Co Ltd 1,563,914 Taiwan Semiconductor Manufacturing

YY Inc 1,559,885 Co Ltd 1,514,732

China Merchants Bank Co Ltd 1,519,855 Silicon Motion Technology Corp 1,345,281

Weibo Corp 1,406,061 LG Chem Ltd 1,279,854

Anhui Conch Cement Co Ltd 1,383,304 China Overseas Land & Investment Ltd 1,216,699

Siam Cement PCL/The 1,301,922 Zhuzhou CRRC Times Electric Co Ltd 1,197,994

KB Financial Group Inc 1,187,692 New Oriental Education & Technology

Foxconn Technology Co Ltd 1,135,247 Group Inc 1,176,224

Vipshop Holdings Ltd ADR 1,001,277 Foxconn Technology Co Ltd 1,103,000

Taiwan Semiconductor Manufacturing Co Ltd 976,666 Sberbank of Russia PJSC 1,090,405

CJ E&M Corp 957,121 SPAR Group Ltd/The 913,268

AAC Technologies Holdings Inc 945,800 Alibaba Group Holding Ltd 896,674

Novatek PJSC 891,566 Kangwon Land Inc 896,661

LUKOIL PJSC 859,033 PICC Property & Casualty Co Ltd 894,416

Fubon Financial Holding Co Ltd 788,732 LG Household & Health Care Ltd 892,382

Micro-Star International Co Ltd 748,577 Raia Drogasil SA 849,392

Kumba Iron Ore Ltd 719,530 China Mobile Ltd 848,827

Kroton Educacional SA 695,990 Tata Motors Ltd 809,785

China Minsheng Banking Corp Ltd 678,594 Sunny Optical Technology Group Co Ltd 801,745

Polski Koncern Naftowy ORLEN SA 637,946 Hon Hai Precision Industry Co Ltd 789,164

Lotte Chemical Corp 626,628 LUKOIL PJSC 753,972

Sino Biopharmaceutical Ltd 608,771 Vipshop Holdings Ltd 739,543

Star Petroleum Refining PCL 607,110 Fubon Financial Holding Co Ltd 733,570

E.Sun Financial Holding Co Ltd 732,109

China Life Insurance Co Ltd/Taiwan 729,224

Micro-Star International Co Ltd 642,490

AAC Technologies Holdings Inc 637,226

Credit Suisse AG/Nassau - P Note

08/04/2020 636,198





228

Origin Global Equity Fund*



Valeo SA 297,471 NetEase Inc 396,146

Lam Research Corp 254,466 General Dynamics Corp 368,918

Intel Corp 236,335 Actelion Ltd 359,175

F5 Networks Inc 183,693 Broadcom Ltd 346,955

Copart IncNpv 179,041 Samsung Electronics Co Ltd 341,393

JPMorgan Chase & Co 173,407 Facebook Inc 335,189

Sberbank of Russia PJSC 168,353 Valeo SA 323,508

Subaru Corp 167,072 Lear Corp 320,629

Lotte Chemical Corp 159,268 Atos SE 318,435

Amphenol Corp 'A' 132,520 UnitedHealth Group Inc 305,231

Arista Networks Inc 128,186 Lam Research Corp 300,817

Littelfuse Inc 127,030 Arista Networks Inc 295,703

Tenneco Inc 120,815 Tencent Holdings Ltd 289,010

SYNNEX Corp 119,710 Taiwan Semiconductor Manufacturing Co Ltd

287,686

Atos SE 102,759 Thor Industries Inc 281,294

Evercore Partners Inc 95,504 Amazon.com Inc 273,478

Fortescue Metals Group Ltd 94,666 AAC Technologies Holdings Inc 260,871

Kyowa Exeo Corp 94,013 Aetna Inc 253,888

VMware Inc 93,727 CDW Corp/DE 250,809

Hankook Tire Co Ltd 89,844 Cirrus Logic Inc 249,872

Takeuchi Manufacturing Co Ltd 89,017 Citrix Systems Inc 243,124

Boliden AB 88,757 KDDI Corp 241,297

Largan Precision Co Ltd 87,512 Johnson & Johnson 230,574

Orbotech Ltd 86,415 Safran SA 229,933

Gentex Corp 85,605 Intel Corp 226,977

Ashtead Group Plc 85,296 Aflac Inc 221,861

LUKOIL PJSC 84,131

PRA Health Sciences Inc 83,321

Reinsurance Group of America Inc 82,179

j2 Global Inc 81,929

Haseko Corp 81,897

CommScope Holding Co Inc 81,441

CSR Ltd 81,154

Fabrinet 80,679

Temenos Group AG 79,462

AAC Technologies Holdings Inc 79,290

Align Technology Inc 78,665

Micro-Star International Co Ltd 77,794

Teleperformance 77,552

Bakkafrost P/F 75,940

United Therapeutics Corp 75,437

Cirrus Logic Inc 51,712

*Origin Global Equity Fund terminated on 24 February 2017. The Material Portfolio Changes reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases for the year and aggregate disposals greater than one per cent of the total value of the sales.




229




Kyowa Exeo Corp 621,826 Sunny Optical Technology Group Co Ltd 901,464

Air Canada 599,497 Aselsan Elektronik Sanayi Ve Ticaret AS 703,966

Accton Technology Corp 410,728 Yaskawa Electric Corp 616,711

Motor Oil Hellas Corinth Refineries SA 399,959 ePlus Inc 486,623

Northgate Plc 398,990 iRobot Corp 454,439

Leroy Seafood Group ASA 398,771 u-blox Holding AG 448,532

Jenoptik AG 398,463 Mayne Pharma Group Ltd 437,900

Fufeng Group Ltd 397,833 Nemetschek SE 416,307

Sao Martinho SA 397,775 Relo Group Inc 407,245

RPS Group Plc 395,934 Ixia 403,984

ASR Nederland NV 395,234 Chilisin Electronics Corp 403,703

NS Solutions Corp 395,190 ON Semiconductor Corp 398,898

Diploma Plc 394,000 Fufeng Group Ltd 395,698

Moneysupermarket.com Group Plc 393,514 Moneysupermarket.com Group Plc 387,913

Chilisin Electronics Corp 393,380 Rudolph Technologies Inc 385,871

JM AB 393,118 Orbotech Ltd 385,371

Control4 Corp 392,972 CJ E&M Corp 382,731

Lasertec Corp 392,544 On-Bright Electronics Inc 379,125

Intrum Justitia AB 392,107 Fabrinet 379,103

Sercomm Corp 391,325 Chroma ATE Inc 377,629





230

Long/Short Global Opportunities Equity Fund*



CSX Corp 102,369 JPMorgan Chase & Co 251,577

Morgan Stanley 100,181 Microsoft Corp 220,703

Amazon.com Inc 91,251 Gilead Sciences Inc 211,465

Merck & Co Inc 88,134 Amgen Inc 196,749

Wal-Mart Stores Inc 87,017 Cisco Systems Inc 189,328

EOG Resources Inc 85,461 Alphabet Inc 'A' 177,002

Swiss Life Holding AG 80,929 AbbVie Inc 159,131

Celgene Corp 80,854 British American Tobacco Plc 150,263

Suzuki Motor Corp 77,622 CSX Corp 144,720

Bank of America Corp 72,756 Unum Group 133,076

Microsoft Corp 70,468 Siemens AG 128,685

KB Financial Group Inc 66,292 SunTrust Banks Inc 125,777

Chevron Corp 65,247 Pfizer Inc 122,193

Union Pacific Corp 64,661 Anthem Inc 120,143

Atos SE 62,888 Morgan Stanley 118,743

Cummins Inc 62,841 Prudential Financial Inc 108,741

UnitedHealth Group Inc 58,522 Synopsys Inc 107,525

JBS SA 56,517 Philip Morris International Inc 106,595

Actelion Ltd 56,212 Kroger Co/The 104,149

Burberry Group PLC 55,102 BNP Paribas SA 103,777

Technip SA 55,057

Entergy Corp 54,820

BAE Systems PLC 53,918

Ashtead Group PLC 53,898

LPL Financial Holdings Inc 53,037

Unum Group 52,499

ICICI Bank Ltd 51,759

CenterPoint Energy Inc 50,763

Adient PLC 50,250

Wolseley PLC 49,698

Societe Generale SA 49,450

L-3 Communications Holdings Inc 49,191

AbbVie Inc 47,930

Summit Hotel Properties Inc 47,808

Fifth Third Bancorp 47,078

Leidos Holdings Inc 46,803

Toyota Motor Corp 46,656

Helmerich & Payne Inc 46,655

Subaru Corp 46,088

Toronto-Dominion Bank/The 46,078

Guangzhou Automobile Group Co Ltd 45,322

Tate & Lyle PLC 45,282

Rice Energy Inc 44,590

Bank of China Ltd 44,528

PVH Corp 43,390

Fresenius SE & Co KGaA 43,169

Prologis Inc 43,139

Iida Group Holdings Co Ltd 43,100

Royal Dutch Shell PLC 43,091

State Street Corporation 43,034

AMN Healthcare Services Inc 40,974 *Long/Short Global Opportunities Equity Fund terminated on 1 March 2017. The Material Portfolio Changes reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases for the year and aggregate disposals greater than one per cent of the total value of the sales.




231

Claritas Latin American Equity Fund



Vale SA PFD 774,484 Petroleo Brasileiro SA PFD 908,717

Petroleo Brasileiro SA PFD 745,672 Vale SA 596,512

Petroleo Brasileiro SA 653,633 Itausa - Investimentos Itau SA 571,177

Vale SA 496,474 Vale SA PFD 546,240

Movida Participacoes SA 431,771 Itau Unibanco Holding SA 473,851

B3 SA - Brasil Bolsa Balcao 430,045 Cia de Saneamento do Parana 442,426

BRF SA 427,089 Minerva SA/Brazil 400,773

Itau Unibanco Holding SA 393,961 Telefonica Brasil SA 396,493

Telefonica Brasil SA 377,990 Petroleo Brasileiro SA 392,170

Minerva SA/Brazil 371,098 Ambev SA 386,427

Banco Bradesco SA 366,973 Klabin SA 383,163

Itausa - Investimentos Itau SA 351,992 Cia de Saneamento Basico do Estado de

Cia de Saneamento Basico do Estado de Sao Sao Paulo 377,439

Paulo 320,780 Cia Energetica de Sao Paulo 361,824

Cia de Saneamento do Parana 310,285 Cielo SA 310,547

Ambev SA 266,860 Kroton Educacional SA 294,631

Braskem SA 254,079 Cosan SA Industria e Comercio 283,025

Klabin SA 252,654 Sao Martinho SA 234,959

America Movil SAB de CV 238,079 Braskem SA 234,183

Infraestructura Energetica Nova SAB de CV 210,947 Direcional Engenharia SA 213,443

Cia Energetica de Sao Paulo 179,453 Banco do Brasil SA 199,246

BR Malls Participacoes SA 164,750 B3 SA - Brasil Bolsa Balcao 186,923

Direcional Engenharia SA 143,666 BRF SA 184,012

Grupo Aeroportuario del Sureste SAB de CV 139,048 America Movil SAB de CV 183,766

Cosan SA Industria e Comercio 136,727 Grupo Aeroportuario del Centro Norte

Grupo Financiero Santander Mexico SAB de SAB de CV 159,372

CV 133,659 Movida Participacoes SA 156,801

Grupo Bimbo SAB de CV 127,666 Infraestructura Energetica Nova SAB de

Grupo Mexico SAB de CV 125,092 CV 155,910

JBS SA 124,132 CVC Brasil Operadora e Agencia de

Cia Energetica de Minas Gerais 122,072 Viagens SA 155,043

Alsea SAB de CV 134,637

JBS SA 131,431

Cia Paranaense de Energia 130,284

Usinas Siderurgicas de Minas Gerais SA 129,915

Cia Energetica de Minas Gerais 129,668

Banco Bradesco SA 124,322





232

Finisterre Emerging Market Debt Fund*



Republic of Austria 134,388,089 Republic of Austria 135,038,024

Republic of Austria 98,281,631 Republic of Austria 96,696,473

Republic of Poland Government Bond 97,220,297 Republic of Poland Government Bond 95,614,947


United States Treasury Bill 55,085,954 Israel Government Bond - Fixed 60,642,696

Hungary Government International Bond 45,191,514 United States Treasury Bill 55,096,502

Israel Government Bond - Fixed 43,598,420 Petrobras Global Finance BV 52,273,500

Czech Republic Ministry of Finance Bill 43,218,941 Hungary Government International Bond 45,146,803

Petrobras Global Finance BV 41,072,750 Czech Republic Ministry of Finance Bill 44,344,848

United States Treasury Bill 39,938,142 Israel Government Bond - Fixed 42,718,798

Czech Republic Ministry of Finance Bill 35,812,393 United States Treasury Bill 39,941,116

United States Treasury Bill 29,989,313 Czech Republic Ministry of Finance Bill 36,182,972


AK Transneft OJSC Via TransCapitalInvest United States Treasury Bill 28,980,823

Ltd 26,942,500 AK Transneft OJSC Via

iShares J.P. Morgan USD EM Bond UCITS TransCapitalInvest Ltd 26,842,500

ETF 26,434,400 iShares J.P. Morgan USD EM Bond

Israel Government International Bond 25,804,741 UCITS ETF 26,291,006

Mexico Cetes 25,111,530 Israel Government International Bond 26,153,817

United States Treasury Bill 24,942,743 Mexico Cetes 25,316,647

Brazil Letras Do Tesouro Nacional 24,859,682 Brazil Letras Do Tesouro Nacional 25,306,963

Argentine Republic Government International United States Treasury Bill 24,948,781

Bond 22,751,308 Argentine Republic Government

Turkey Government International Bond 21,105,238 International Bond 24,446,784

Mexico Cetes 18,825,405 Russian Foreign Bond - Eurobond 23,938,500

Croatia Government International Bond 21,308,100

Turkey Government International Bond 21,088,100

Slovenia Government Bond 20,837,216

Hungary Government Bond 19,648,988 *Maturity date is different for all securities. The Material Portfolio Changes reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases for the year and aggregate disposals greater than one per cent of the total value of the sales.




233




Lloyds Banking Group Plc 1,214,950 UBS Group AG** 2,136,000

Societe Generale SA 1,171,225 HSBC Holdings Plc 2,063,875

UBS Group AG 1,169,905 Banco Bilbao Vizcaya Argentaria SA* 1,460,700

Credit Suisse Group AG* 1,126,250 Barclays Plc** 1,274,550

Australia & New Zealand Banking Group Royal Bank of Scotland Group Plc** 1,256,688

Ltd/United Kingdom 1,113,750 Credit Suisse Group AG* 1,208,300

Barclays Plc 1,062,900 Danske Bank A/S 1,134,596

Banco Bilbao Vizcaya Argentaria SA 1,047,500 BNP Paribas SA** 1,094,000

Swedbank AB** 1,020,000 Societe Generale SA 1,079,000

Credit Suisse Group AG* 1,007,500 Credit Suisse Group AG* 1,077,700

Swedbank AB** 800,800 Societe Generale SA* 1,051,175

Credit Agricole SA 517,190 Banco Bilbao Vizcaya Argentaria SA* 1,029,062

Nordea Bank AB 510,625 Skandinaviska Enskilda Banken AB 1,028,250

BNP Paribas SA 443,813 Credit Agricole SA** 1,020,044

Svenska Handelsbanken AB 1,016,500

Credit Suisse Group AG Series REGS 990,000

Nordea Bank AB 943,200

Swedbank AB** 845,200

Swedbank AB** 805,500

Lloyds Banking Group Plc* 775,203

Royal Bank of Scotland Group Plc** 543,850

Royal Bank of Scotland Group Plc** 543,125

Barclays Plc** 540,750

Credit Agricole SA** 523,350

DNB Bank ASA 514,000

Standard Chartered Plc 510,250

QBE Insurance Group Ltd 484,875

BNP Paribas SA** 452,813

Lloyds Banking Group Plc* 445,200

Aquarius & Investments Plc for Swiss

Reinsurance Co Ltd 426,000

UBS Group AG** 423,000

Societe Generale SA* 421,500

Barclays Plc** 412,875

Banco Santander SA 348,567

Australia & New Zealand Banking Group

Ltd/United Kingdom 334,125

ING Groep NV 315,450

*Maturity date is different for these securities. **Coupon Rate is different for these securities. The Spectrum Global Capital Securities Fund had less than 20 significant purchases during the year ended 30 September 2017. All purchases pertaining to the fund for the period have been listed above. The Material Portfolio Changes reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases for the year and aggregate disposals greater than one per cent of the total value of the sales.




234




Intesa Sanpaolo SpA 842,769 Goldman Sachs Group Inc/The* 573,375

Westpac Banking Corp/New Zealand 840,000 Citigroup Inc 523,750

UBS Group AG 633,750 Royal Bank of Scotland Group Plc* 493,518

Credit Suisse Group AG 614,938 JPMorgan Chase & Co* 469,688

Goldman Sachs Group Inc/The 547,606 Morgan Stanley 438,504

Bank of New York Mellon Corp/The 537,625 American International Group Inc 431,523

Citigroup Inc 501,250 Credit Suisse AG/Guernsey 400,000

BNP Paribas SA* 483,163 Cooperatieve Rabobank UA 366,044

Royal Bank of Scotland Group Plc* 470,700 UBS AG/Jersey 353,150

Southern Co/The 440,000 XLIT Ltd 342,536

HSBC Holdings Plc 440,000 First Horizon National Corp 337,888

UniCredit SpA 400,000 Nationwide Building Society 320,905

Lloyds Banking Group Plc 316,299 Associated Banc-Corp 319,081

Standard Chartered Plc 305,070 Standard Chartered PLC 318,000

Macquarie Bank Ltd/London 300,000 Macquarie Bank Ltd/London 302,400

Royal Bank of Scotland Group Plc 248,818 First Republic Bank/CA 285,906

XLIT Ltd* 245,706 Ventas Realty LP / Ventas Capital Corp 269,683

Royal Bank of Scotland Group Plc* 244,378 HCP Inc 259,993

Chubb Corp/The 218,925 Royal Bank of Scotland Group Plc* 259,325

Bank of America Corp* 208,921 Welltower Inc 258,725

UBS Group Funding Switzerland AG 200,000 BPCE SA 256,130

Barclays Plc 200,000 Bank of America Corp* 237,938

BNP Paribas SA* 199,810 BNP Paribas SA 208,252

Prudential Financial Inc* 175,800 Barclays Plc 201,610

Prudential Financial Inc* 174,000 UBS Group Funding Switzerland AG 200,988

PNC Financial Services Group Inc/The 135,000 Healthcare Trust of America Holdings LP 199,286

XLIT Ltd* 130,136 Goldman Sachs Group Inc/The* 194,712

Bank of America Corp* 122,500 Prudential Financial Inc* 178,200

Wells Fargo & Co 108,622 Prudential Financial Inc* 174,000

Prudential Financial Inc* 161,813

VEREIT Operating Partnership LP 143,325

Wells Fargo & Co 107,106

Bank of America Corp* 106,109

JPMorgan Chase & Co* 104,553

Bank of America Corp* 101,792





235

Global Credit Alpha Fund*



United States Treasury Note/Bond 1,399,188 United States Treasury Note/Bond 1,397,359

United States Treasury Note/Bond 859,227 United States Treasury Note/Bond 859,630

Morgan Stanley 805,566 Morgan Stanley 811,586

United States Treasury Note/Bond 569,087 United States Treasury Bill 700,000


JPMorgan Chase & Co 503,423 United States Treasury Note/Bond 537,419

United States Treasury Note/Bond 415,336 JPMorgan Chase & Co 508,798

Anheuser-Busch InBev Finance Inc 404,660 United States Treasury Note/Bond 417,359


UBS-Barclays Commercial Mortgage Trust Anheuser-Busch InBev Finance Inc 404,129

2012- C4 393,138 Shire Acquisitions Investments Ireland

Ford Motor Co 353,354 DAC 387,973

ING Groep NV 300,000 UBS-Barclays Commercial Mortgage

United States Treasury Note/Bond 299,813 Trust 2012-C4 385,831

Saudi Government International Bond 297,021 Ford Motor Co 355,764

Government National Mortgage Association 295,746 ING Groep NV 302,877


Morgan Stanley 252,780 Saudi Government International Bond 293,400

Goldman Sachs Group Inc/The 250,805 United States Treasury Note/Bond 283,237

Wells Fargo & Co 250,743 AT&T Inc 266,448

AT&T Inc 250,413 Royal Bank of Scotland Group Plc 258,500

Viacom Inc 250,219 Goldman Sachs Group Inc/The 255,262

Bank of America Corp 250,000

Charles Schwab Corp/The 250,000

Morgan Stanley 250,000

Capital One NA/Mclean VA 250,000

Australia & New Zealand Banking Group Ltd 250,000

Morgan Stanley 250,000

Bank of New York Mellon Corp/The 249,967

Wells Fargo & Co 249,769

Goldman Sachs Group Inc/The 249,661

Lloyds Banking Group Plc 248,270

Abbott Laboratories 248,140

Royal Bank of Scotland Group Plc 248,125

Government National Mortgage Association 246,986

Bank of America Corp 234,413

*Global Credit Alpha Fund terminated on 30 June 2017 and maturity date is different for all securities.





236




CSAIL 2017-C8 Commercial Mortgage Trust 515,000 Wachovia Bank Commercial Mortgage

JPMDB Commercial Mortgage Securities Trust Trust Series 2007-C30 168,217

2016-C2 511,016

COMM 2017-COR2 Mortgage Trust 503,527

COMM 2016-DC2 Mortgage Trust 63,075

The Global Real Estate Debt Fund had less than 20 significant sales and purchases during the year ended 30 September 2017. All purchases and sales pertaining to the fund for the year have been listed above. The Material Portfolio Changes reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases for the year and aggregate disposals greater than one per cent of the total value of the sales.




237

Global Income Fund* Major Purchases Major Sales


Citigroup Commercial Mortgage Trust 2016- Argentine Republic Government

GC36 519,570 International Bond** 268,850

Wells Fargo Commercial Mortgage Trust 2014- CDW LLC / CDW Finance Corp 260,675

LC16 511,563 Intelsat Jackson Holdings SA 250,000

Wells Fargo Commercial Mortgage Trust 2016- Petrobras Global Finance BV 230,350

LC25 493,984 VimpelCom Holdings BV 226,900

Fannie Mae REMICS 488,461 Cencosud SA 216,500

Government National Mortgage Association 428,357 United States Treasury Note/Bond** 210,000

Covanta Holding Corp 351,855 Myriad International Holdings BV 206,140

Societe Generale SA 338,115 Egypt Government International Bond 205,760

Credit Agricole SA 336,505 MHP SE 205,000

Digital Realty Trust Inc 327,469 Russian Federal Bond - OFZ 203,239

Rowan Cos Inc 310,169 Latam Finance Ltd 202,500

Vornado Realty Trust 308,487 Argentine Republic Government

PS Business Parks Inc 302,749 International Bond** 201,847

Royal Bank of Scotland Group Plc 296,250 Senegal Government International Bond 201,800

United States Treasury Note/Bond 289,977 Cencosud SA 201,110

Lloyds Banking Group Plc 277,402 Banco General SA 198,600

Dell International LLC / EMC Corp 276,863 Empresa Nacional del Petroleo 195,260

KB Home 276,250 Skanska AB 177,484

Sprint Corp 274,210 Brazilian Government International Bond 169,625

Freddie Mac REMICS 268,849 United States Treasury Note/Bond** 160,000

First Data Corp 268,673 Sumitomo Corp 159,333

United States Treasury Note/Bond** 145,000

Altria Group Inc 142,547

Dominican Republic International Bond** 110,200

Dominican Republic International Bond** 108,625

Petroleos Mexicanos 101,500

United States Treasury Note/Bond** 100,000

ACS Actividades de Construccion y

Servicios SA 75,248

Barratt Developments Plc 74,782 *Global Income Fund launched on 29 March 2017. **Maturity date is different for these securities. The Material Portfolio Changes reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases for the year and aggregate disposals greater than one per cent of the total value of the sales.




238

Finisterre Unconstrained Emerging Markets Fixed Income Fund*



1MDB Global Investments Ltd 5,102,710 1MDB Global Investments Ltd 5,100,550

Russian Federal Bond – OFZ** 1,614,873 Lebanon Government International Bond 1,197,516

United States Treasury Bill 1,297,123 Petrobras Global Finance BV** 1,053,550

Republic of Poland Government Bond 1,294,887 Brazil Notas do Tesouro Nacional Serie

Argentine Republic Government International F 982,621

Bond 1,254,663 Petrobras Global Finance BV** 971,850

Lebanon Government International Bond 1,223,400 Russian Federal Bond – OFZ** 955,855

Iraq International Bond 1,094,781 MAF Global Securities Ltd 887,550

Petrobras Global Finance BV** 1,078,525 Turkey Government Bond 859,641

Turkey Government International Bond 1,070,200 Malaysia Government Bond 828,790

VimpelCom Holdings BV 1,003,700 Ukraine Government International Bond** 779,100

Petrobras Global Finance BV 973,275 Mexican Bonos 773,630

Russian Federal Bond – OFZ** 948,437 Pertamina Persero PT 766,375

Ukraine Government International Bond** 927,513 Petroleos Mexicanos 765,360

Brazil Notas do Tesouro Nacional Serie F 912,416 Egypt Government International Bond 726,250

Ukraine Government International Bond** 902,825 Sinopec Group Overseas Development

MAF Global Securities Ltd 896,325 2017 Ltd 689,899

Indonesia Treasury Bond 892,883 Petrobras Global Finance BV** 657,750

Peruvian Government International Bond 869,380 Turkey Government International Bond 656,250

Turkey Government Bond 860,757 Argentine Republic Government

Malaysia Government Bond 830,842 International Bond 654,150

Petrobras Global Finance BV** 823,335 Iraq International Bond 649,438

Argentina POM Politica Monetaria 809,420 Southern Gas Corridor CJSC 619,350

Pertamina Persero PT 763,594 Banque Ouest Africaine de

Oilflow SPV 1 DAC 753,825 Developpement 612,031

Petroleos Mexicanos 749,385 Zambia Government International Bond 605,188

Mexican Bonos 745,126 Banque Centrale de Tunisie International

ESAL GmbH 723,000 Bond 585,494

Egypt Government International Bond 718,820 Russian Federal Bond – OFZ** 544,772

Sinopec Group Overseas Development 2017 State Oil Co of the Azerbaijan Republic 531,788

Ltd 700,000 St Marys Cement Inc Canada 525,438

Petrobras Global Finance BV** 665,733 Ukraine Government International Bond** 492,000

Southern Gas Corridor CJSC 632,650 Credit Bank of Moscow Via CBOM

Finance Plc 480,938

State Savings Bank of Ukraine Via SSB

#1 Plc 456,875

Bharti Airtel International Netherlands

BV 425,152

Ivory Coast Government International

Bond 424,879

Ecuador Government International Bond 420,763

* Finisterre Unconstrained Emerging Markets Fixed Income Fund launched on 2 May 2017.

**Maturity date is different for these securities. The Material Portfolio Changes reflect the aggregate purchases of a security exceeding one per cent of the total value of purchases for the year and aggregate disposals greater than one per cent of the total value of the sales.


Securities Financing Transactions Regulation (UNAUDITED)


239

Securities Financing Transactions on Total Return Swaps

The following table details the gross aggregate fair value for total return swaps held on Finisterre Unconstrained Emerging Markets Fixed Income Fund, analysed by counterparty, as at the Statement of Financial Position date.

Counterparty Counterparty’s country of incorporation

Total return swaps

USD

HSBC United States 59,933

The gross aggregate fair value of total return swap as a proportion of the Fund’s NAV, as at the Statement of Financial Position date, is 0.23%.

The following table provides an analysis of the maturity tenor of open Securities Financing Transactions (“SFTs”) on Total Return Swaps (“TRS”) and associated collateral received/provided, as at the Statement of Financial Position date.

Maturity tenor

OTC derivative transactions

(net exposure)

USD

Cash

collateral

received/ (provided)

USD

Non-cash

collateral

received/ (provided)

USD

1 day - - -

2 to 7 days - - -

Open 59,933 - -

Total 59,933 - -

The above maturity tenor analysis has been based on the contractual maturity date of the relevant SFTs on TRS and, in case of non-cash collateral, the contractual maturity date of the security received/provided as collateral.

SFTs on TRS are entered into by the Fund/s under an International Swaps and Derivatives Associations, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement. An ISDA Master Agreement is a bilateral agreement between the Fund/s and a counterparty that governs SFTs (including TRS) entered into by the parties. All SFTs on TRS entered under an ISDA Master agreement are netted together for collateral purposes.

TRS are marked to market using valuation sources/methods and the fair value is recorded in the Statement of Financial Position as Unrealised Gain on Swap Contracts. The change in unrealised gains and losses is shown in Net gain/(loss) on investment activities in the Statement of Comprehensive Income and is not subject to any returns sharing arrangements with the Fund’s Investment Adviser or any other third parties.


DIRECTORY

240

Manager Principal Global Investors (Ireland) Limited Registered Office: 32 Molesworth Street Dublin 2 Ireland

Investment Adviser Principal Global Investors, LLC 801 Grand Avenue Des Moines Iowa 50392 United States of America

Sub-Investment Advisers Principal Global Investors (Europe) Limited Global Equity Fund, Asian Equity Fund, European Equity Fund, Emerging Markets Equity Fund, Global Property Securities Fund, Global Equity (ex-Japan) Fund, Global Time Diversified Absolute Return Fund 1 Wood Street London EC2V 7JB United Kingdom

Principal Global Investors (Australia) Limited Global Property Securities Fund Level 43 AMP Centre 50 Bridge Street GPO Box 4169 Sydney NSW 2000 Australia

Spectrum Asset Management, Inc Preferred Securities Fund, Spectrum Global Capital Securities Fund, Global Income Fund 2 High Ridge Park #2 Stamford CT 06905 United States of America

Principal Real Estate Investors, LLC Global Property Securities Fund, Real Estate Debt Fund 801 Grand Avenue Iowa 50392 United States of America

Principal Global Investors (Japan) Limited Japanese Equity Fund Imperial Tower 18th Floor 1-1-1 Uchisaiwai-cho Chiyoda-ku Tokyo 100-0011 Japan

Post Advisory Group, LLC Post Global Limited Term High Yield Fund 2049 Century Park East Suite 3050 Los Angeles CA 90067 United States of America

Origin Asset Management LLP Origin Global Emerging Markets Fund, Origin Global Equity Fund, Origin Global Smaller Companies Fund One Carey Lane London EC2V 8AE United Kingdom

* Denotes independent non-executive directors

Claritas Administraceo De Recursos Ltda Claritas Latin American Equity Fund Avenida Brigadeiro Faria Lima 4221 - 4º andar - Itaim Bibi CEP 04538-133 São Paulo - SP Brasil Finisterre Malta Limited Finisterre Emerging Market Debt Fund, Finisterre Unconstrained Emerging Markets Fixed Income Fund Level 5, Marina Business Centre Abate Rigord Street Ta' Xbiex XBX 1127 Malta

Finisterre Capital LLP Finisterre Emerging Market Debt Fund, Finisterre Unconstrained Emerging Markets Fixed Income Fund 10 New Burlington Street London W1S 3BE United Kingdom

Board of Directors of the Manager Bronwyn Wright* (Irish) Christopher Henderson (American) David Shubotham* (Irish) Jim Firn* (British & American) John O’Connell* (Irish) Mike Beer (Chairman) (American) Nicholas Lyster (British) (resigned 11 August 2017) Greg Thornton (British) (appointed 11 August 2017) Administrator BNY Mellon Fund Services (Ireland) Designated Activity Company One Dockland Central Guild Street International Financial Services Centre Dublin 1 Ireland

Depositary BNY Mellon Trust Company (Ireland) Limited One Dockland Central Guild Street International Financial Services Centre Dublin 1 Ireland

Legal Advisers to the Manager as to Irish Law A&L Goodbody (until 16 April 2017) International Financial Services Centre North Wall Quay Dublin 1 Ireland Maples and Calder (from 17 April 2017)

75 St Stephen's Green Dublin 2 Ireland

241


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:

Company Secretary A&L Goodbody Secretarial Limited (until 16 April 2017) International Financial Services Centre North Wall Quay Dublin 1 Ireland MFD Secretaries Limited (from 17 April 2017) 32 Molesworth Street Dublin 2 Ireland Sponsoring Broker Maples and Calder 75 St Stephen's Green Dublin 2 Ireland France Representative Société Générale 29 Boulevard Hausmann 75009 Paris France

United Kingdom Representative Principal Global Investors (Europe) Limited Level 1 1 Wood Street London EC2V 7JB United Kingdom

Germany Representative BHF – Bank Aktiengesellschaft Bockenheimer Landstrasse 10 60323 Frankfurt am Main Germany

Spain Representative Selección E Inversion de Capital Global A.V. S.A. (“Selinca”) Calle María Francisca 9 28002 Madrid Spain

Belgium Representative BNP Paribas Securities Services – Brussels Branch Rue de Loxum 25 1000 Brussels Belgium Switzerland Representative ACOLIN Fund Services AG Affolternstrasse 56 CH-8050 Zurich Switzerland Hong Kong Representative Principal Investment & Retirement Services Limited 27

th Floor Hopewell Centre

183 Queen’s Road East Hong Kong

Sweden Representative SEB Merchant Banking Kungsträdgårdsg 8 SE-106 40 Stockholm Sweden

Independent Auditor PricewaterhouseCoopers Chartered Accountants and Registered Auditors One Spencer Dock North Wall Quay Dublin 1 Ireland Austria Representative Erste Bank der oesterreichischen Sparkassen AG Am Graben 21 A-1010 Wien Austria Luxembourg Representative CACEIS Bank Luxembourg 5 Allée Scheffer L-2520 Luxembourg Luxembourg

Information for investors in Switzerland Principal Global Investors Funds are investment funds set up under the laws of the Republic of Ireland. The Swiss Representative is ACOLIN Fund Services AG, Affolternstrasse 56, CH-8050, Zürich. The Swiss Paying Agent is Banque Cantonale de Genève, Case Postale 2251, Quai de l’lle 17 - CP 2251, 1211 Genève 2. The Fund related activities of the Representative and Paying Agent are Affolternstrasse 56, CH-8050, 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 Genève 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.


ENQUIRIES

242

Requests for subscriptions, conversion or redemption of Units, dealing and administration enquiries:-

Hong Kong-based Investors

Hong Kong Representative

Principal Investment & Retirement Services Limited

27th Floor Hopewell Centre

183 Queen’s Road East

Hong Kong

Tel: 852 2117 8383 (General enquiries)

Fax: 852 2918 1461 (Dealing)

Email: [email protected]

All Investors (except Hong Kong-based investors)

The Administrator

BNY Mellon Fund Services (Ireland) Designated Activity

Company

One Dockland Central Guild Street

International Financial Services Centre

Dublin 1

Ireland

Tel: 353 1 900 8081

Fax: 353 1 829 0833

Sales and other enquiries

Hong Kong-based Investors

Hong Kong Representative

Principal Investment & Retirement Services Limited

27th Floor Hopewell Centre

183 Queen’s Road East

Hong Kong

Tel: 852 2117 8383 (General enquiries)

Fax: 852 2918 1461 (Dealing)

Fax: 852 2801 5690 (General enquiries)


European-based Investors

European Representative

Principal Global Investors (Europe) Limited

1 Wood Street

London

EC2V 7JB

United Kingdom

Tel: 44 20 7710 0220 (London)

Tel: 49 89 2421 8155 (Munich)

Tel: 31 20 700 5522 (Amsterdam)


Middle-East and Africa Investors

Principal Global Investors LLC

Dubai Office 109 Level 1 Gate Village 7

Dubai International Financial Centre

P.O. Box 482006

Dubai United Arab Emirates

Tel: 971 4346 4555

Singaporean Investors

Principal Global Investors (Singapore) Limited

50 Raffles Place

Singapore Land Tower

Singapore 048583

Tel: 65 6332 0683

Internet Further information about the Unit Trust and about Principal Global Investors can be found on the following website: www.principalglobal.com

mailto:[email protected]




Principalglobal.com/funds

principal global investors funds...finisterre unconstrained emerging markets fixed income fund...

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