Threadneedle (Lux) SICAV

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1 Annual Report and Audited Financial Statements March 31, 21 Threadneedle (Lux) SICAV Société d Investissement à Capital Variable (Formerly World Express Funds I SICAV) SICAV A Luxembourg Undertaking For Collective In Transferable Securities Under Part I of the Law of 2 December 22 R.C.S. Luxembourg B5.216

2 Directory Board of Directors 2 Organisation 3 Report of the Board of Directors 8 Performance 9 Report of the approved statutory auditor 1 Statement of Net Assets as at March 31, Statement of Net Asset Values per Share as at March 31, Statement of Operations and Changes in Net Assets for the year ended March 31, Statistics 37 Schedule of investments US$ ShortTerm Bonds 53 Global Bonds (Euro) 55 Global Bonds (US$) 58 European ShortTerm Bonds 61 European Bonds 63 Emerging Corporate Bonds 67 Emerging Debt 69 Global Emerging ShortTerm Bonds 73 US$ High Income Bonds 76 Global High Yield and Emerging (Euro) 82 Global Asset Allocation 88 World Equities 94 Global Emerging Equities 98 US Equities 13 US Mid & Small Cap Equities 15 American Select 19 Pan European Equities 111 Pan European Smaller Companies 114 European Quantitative Equities 117 Italian Equities 121 Japanese Equities 123 Asia 125 Greater China Equities 129 Global Energy Equities 132 Global Innovation 134 Global Technology 137 US Communications and Information 14 Global EquitiesWalter Scott & Partners 142 Mondrian PartnersFocused Emerging s Equity ( Mondrian IPFEME ) 145 Target Return (US$) 148 Notes to the Financial Statements 152 Shareholders Information 176 Information for Investors in Switzerland 181 Share Class Performance 182 Page

3 Board of Directors Chairman of the Board Bryan Henning (resigned on May 29, 29) Global Product Head, Wealth Management Standard Chartered Bank Singapore Crispin Henderson (appointed on an interim basis on May 29, 29 and confirmed on July 31, 29) Chief Executive Officer Threadneedle Asset Management, London, United Kingdom Directors John Banks (resigned on May 29, 29) Chairman and Proprietor of Bridgewater (IOM) Limited Douglas, Isle of Man Joseph Hardiman (resigned on May 29, 29) Managing Director Standard Chartered s (Luxembourg) S.A. New York, United States of America Robert M. Friedman (resigned on May 29, 29) Retired, Executive Director and Global Head of Portfolio Management Group Standard Chartered Bank New York, United States of America Paul Stephen Jebson (resigned on May 29, 29) Retired, formerly Global Head of Fund Management Standard Chartered Bank Kent, United Kingdom Simon Davies (appointed on an interim basis on May 29, 29 and confirmed on July 31, 29) Executive Chairman Threadneedle Asset Management, London, United Kingdom William Lowndes (appointed on an interim basis on May 29, 29 and confirmed on July 31, 29) Director Head of US & Asia Distribution Threadneedle Asset Management, London, United Kingdom Tom Challenor (appointed on an interim basis on May 29, 29 and confirmed on July 31, 29) Independent Director London, United Kingdom MarieJeanne ChèvremontLorenzini (appointed on September 1, 29) Independent Director Luxembourg, Grand Duchy of Luxembourg 2

4 Organisation Registered Office: 69, Route d Esch, L147 Luxembourg Grand Duchy of Luxembourg Management Company: Threadneedle Management Luxembourg S.A. (formerly Standard Chartered s (Luxembourg) S.A.) 74, Mühlenweg, L2155 Luxembourg Grand Duchy of Luxembourg Advisor: Threadneedle Management Luxembourg S.A. Delegated to*: SubAdvisor Portfolio Date of change of appointment, if applicable Aperta SGR S.p.A. Italian Equities Piazzale Marengo, Milan Italy MC Gestioni S.G.R. S.p.A. Via della Chiusa n Milan Italy European Quantitative Equities Mondrian Partners Limited, 5th Floor, 1 Gresham Street, London EC2V 7JD United Kingdom Global Emerging Equities Asia (formerly New AsiaPacific) Greater China Equities Japanese Equities Mondrian PartnersFocused Emerging s Equity (formerly Concentrated Large Cap Global Emerging s EquityMondrian Partners) until September 22, 29 until September 15, 29 until September 22, 29 * Subject to the responsibility and oversight of Threadneedle Management Luxembourg S.A. 3

5 Organisation (continued) Delegated to (continued): SubAdvisor Portfolio Date of change of appointment, if applicable Montanaro Managers Limited 53 Threadneedle Street, London, EC2R 8AR United Kingdom Munder Capital Management 48 Pierce Street, Suite 3, Birmingham, Michigan 4812, United States Navellier and Associates, Inc., 1 E. Liberty, 3rd Floor, Reno, Nevada 8951, United States Pan European Smaller Companies (formerly European Small Cap Equities) US Mid & Small Cap Equities American Select (formerly Focused US Growth Equities) until September 8, 29 until September 15, 29 New Castle Funds LLC 7 Times Square, 43rd Floor, New York, New York 136 United States US Dynamic Equities until November 5, 29 Standard Bank Plc. Cannon Bridge House, 25 Dowgate Hill, London EC4R 2SB United Kingdom Emerging Corporate Bonds (formerly Emerging s Low Duration) Global High Yield and Emerging (Euro) (formerly Global High Yield Euro) until September 8, 29 until April 15, 29 Stone Harbor Partners LP 31 West 52nd Street, 16th Floor, New York, New York 119 United States Emerging Debt until September 8, 29 RiverSource s LLC 565 Ameriprise Financial Center, Minneapolis, Minnesota United States US$ ShortTerm Bonds Global Bonds (US$) US$ High Income Bonds Global Energy Equities Global Technology US Communications and Information Global Bonds (Euro) European ShortTerm Bonds European Bonds Global Asset Allocation (bond portion) since its inception on March 12, 21 since its inception on March 12, 21 until September 15, 29 until September 22, 29 until September 22, 29 until September 22, 29 4 Please refer to Note 1 General for a table which summarises changes to SubAdvisors during the year.

6 Organisation (continued) Delegated to (continued): SubAdvisor Portfolio Date of change of appointment, if applicable Threadneedle Asset Management Limited 6 St. Mary Axe, London, EC3A 8JQ United Kingdom Walter Scott & Partners Limited, 1 Charlotte Square, Edinburgh EH2 4DZ Scotland Custodian: Global Emerging ShortTerm Bonds Global Asset Allocation (equity portion) Global Asset Allocation (bond portion) Global High Yield and Emerging (Euro) (formerly Global High Yield Euro) World Equities Global Innovation Target Return (US$) Emerging Debt Emerging Corporate Bonds (formerly Emerging s Low Duration) Pan European Smaller Companies (formerly European Small Cap Equities) Pan European Equities (formerly European Equities) Asia (formerly New AsiaPacific) Global Bonds (Euro) American Select (formerly Focused US Growth Equities) European Bonds European ShortTerm Bonds Global Emerging Equities Greater China Equities US Equities Global EquitiesWalter Scott & Partners Pan European Equities (formerly European Equities) effective September 23, 29 effective April 16, 29 since its inception on August 31, 29 effective September 9, 29 effective September 9, 29 effective September 9, 29 effective September 16, 29 effective September 16, 29 effective September 16, 29 effective September 16, 29 effective September 23, 29 effective September 23, 29 effective September 23, 29 effective September 23, 29 until September 15, 29 RBC Dexia Investor Services Bank S.A. 14, Porte de France, L436 EschsurAlzette Grand Duchy of Luxembourg Domiciliary and Administrative Agent: Threadneedle Management Luxembourg S.A. Delegated to*: RBC Dexia Investor Services Bank S.A. 14, Porte de France, L436 EschsurAlzette Grand Duchy of Luxembourg Registrar and Transfer Agent: Threadneedle Management Luxembourg S.A. Delegated to*: The Bank of New York Mellon (Luxembourg) S.A. 1A, Hoehenhof, L1736 Senningerberg Grand Duchy of Luxembourg Distributor: Threadneedle Management Luxembourg S.A. 74, Mühlenweg, L252 Luxembourg Grand Duchy of Luxembourg * Subject to the responsibility and oversight of Threadneedle Management Luxembourg S.A. 5

7 Organisation (continued) Paying Agent: RBC Dexia Investor Services Bank S.A. 14, Porte de France, L436 EschsurAlzette Grand Duchy of Luxembourg Delegated to*: In Austria: Erste Bank Der Oesterreichischen Sparkassen AG Graben 21, A11 Vienna Austria In France: CACEIS Bank 1/3 Place Valhubert F7513 Paris France In Germany: Standard Chartered Bank (Germany) GmbH (until October 29, 29) Franklinstrasse 46a, D6486 Frankfurt am Main Germany J.P. Morgan AG (effective October 3, 29) Junghofstrasse 14, D6311 Frankfurt am Main Germany In Hong Kong: Standard Chartered Bank (Hong Kong) Limited (until January 8, 21) 17th Floor One Pacific Place 88 Queensway Central, Hong Kong HSBC Institutional Trust Services (Asia) Limited (effective January 9, 21) 1, Queen s Road Central Hong Kong In Luxembourg: RBC Dexia Investor Services Bank S.A. 14, Porte de France, L436 EschsurAlzette, Grand Duchy of Luxembourg Representative and Paying Agent in Switzerland: Standard Chartered Bank (Switzerland) S.A. 5 Rue du Rhône, CH124 Geneva, Switzerland Independent Auditors: Ernst & Young S.A. 7, Parc d Activité Syrdall, L5365 Munsbach Grand Duchy of Luxembourg 6 * Subject to the responsibility and oversight of Threadneedle Management Luxembourg S.A.

8 Organisation (continued) Legal Advisors: In Luxembourg: Arendt & Medernach (until May 29, 29) 14, Rue Erasme L21 Luxembourg Grand Duchy of Luxembourg Linklaters LLP (effective May 29, 29) 35, Avenue John F. Kennedy B.P. 117 L111 Luxembourg Grand Duchy of Luxembourg In Germany: Hengeler Mueller Bockheimer Landstrasse 24, D6323 Frankfurt am Main Germany Securities Lending Agent: Brown Brothers Harriman & Co. 4 Water Street, Boston, MA 219, USA 7

9 Report of the Board of Directors This is the annual report for the Threadneedle (Lux) SICAV for the 12 months ending March 31, 21. Financial markets generally enjoyed a strong year. The period under review saw a sharp improvement in equity markets across the globe. However, more recently they have slipped back from their highs amid the escalation of the Greek debt crisis and policy tightening in China. The Chinese authorities have sought to prevent the economy from overheating as well as dampening speculative activity in the property market. In Europe, the scale of the debt problems facing Greece triggered fears over other heavily indebted eurozone countries, such as Spain, Portugal and Italy which have also announced a series of austerity measures. In early May 21, the EU and IMF agreed a joint bailout package for Greece. Despite the recent setback, equity markets across the globe are still well above the lows reached in March 29, and for much of the reporting period emerging markets performed particularly well. Overall, sentiment was buoyed by the improving economic outlook with all of the major economies moving out of recession during the review period. While many emerging market countries experienced a slowdown during the global downturn, they successfully avoided recession as increasing domestic consumption helped to offset the impact of weaker exports. Many also received a boost from higher government spending on infrastructure projects. The growth in corporate earnings has generally exceeded analysts expectations. In response to the economic downturn of 28, companies rapidly cut their operating costs with the result that as demand for goods and services began to improve, there was a strong boost to profit margins. Many businesses have also benefited from lower borrowing costs on the back of historically low interest rates. Leading central banks have held official rates at record lows to support economic activity, although rates have now begun to creep up in more robust economies such as Canada and Australia. Merger and acquisition activity also increased over the period, a notable example being the highprofile takeover of Cadbury by US company Kraft. Elsewhere, BP recently made the headlines, with the share price falling sharply following the oil leak in the Gulf of Mexico and the associated costs of the cleanup operation. Lower risk investments such as government bonds, which performed much better during the downturn, have delivered more muted returns over the reporting period, underperforming equities and corporate bonds. The quantitative easing programmes that had been in place in the UK and US over the past year came to an end during the review period, removing an important buyer from government bond markets. However, higher yielding areas of fixed income, such as corporate and emerging market bonds, continued to perform well amid the improving economic background. Since Threadneedle Asset Management acquired the management company of the World Express Funds I SICAV (the SICAV ) on May 29, 29, some changes to the product range have occurred. The name of the fund range changed to Threadneedle (Lux) SICAV in July 29. We undertook a comprehensive review of the product offerings and both rationalised and identified investment opportunities. Our aim has been to ensure the product range offers investment strategies that meet our clients objectives. Threadneedle s investment process is designed with the aim of delivering consistently strong performance for our clients and this philosophy, together with our growth ambitions has driven our review of the fund range. We have developed a number of core proposals since the acquisition to further enhance the SICAV range including the launch of the Threadneedle (Lux) Target Return US$ Fund on August 31, 29 and the Threadneedle (Lux) American Absolute Alpha Fund in June 21. We have also changed a number of existing funds to better align them with market opportunities. The Threadneedle (Lux) Emerging Low Duration Fund has changed its focus to target Emerging Corporate debt. The name of the fund changed to reflect this focus and is now called the Threadneedle (Lux) Emerging Corporate Bond Fund. Additionally we added two highly successful technology focused equity portfolios to the Threadneedle (Lux) platform. Threadneedle also assumed management for a number of previously subadvised portfolios in sectors where we have proven expertise and strong performance track records. We are targeting several new fund launches this year. These developments are designed to target the investment opportunities that our fund managers are now finding across the global markets. We are pleased with the progress we have made over the past year and continue to seek opportunities that provide for our clients. You can find out more about how your investments have performed in this environment in the annual report and financial statements, and additional information on the funds is available on our website We hope that you find the annual report informative and thank you for investing with Threadneedle. Yours faithfully, Tom Challenor Director July 1, 21 8

10 Performance Threadneedle (Lux) Portfolio returns for the year ended March 31, 21. Portfolio 1 Year Return Class A W US$ ShortTerm Bonds AU 2.37% 2.63% Global Bonds (Euro) AE 5.71% 6.2% Global Bonds (US$) AU 7.17% 7.46% Emerging Corporate Bonds AEH 16.98% 17.98% European ShortTerm Bonds AE 2.2% n/a European Bonds AE 7.19% 7.46% Emerging Debt AU 39.28% 39.98% Global Emerging ShortTerm AU 6.35% 6.1% Bonds*** US$ High Income Bonds AU 35.32% 36.% Global High Yield and Emerging AE 28.71% 29.36% (Euro) Global Asset Allocation AU 28.47% 28.93% World Equities AU 5.3% 5.79% Global Emerging Equities AU 73.64% 74.21% US Equities AU 43.69% 44.19% US Mid & Small Cap Equities AU 43.76% 44.29% American Select AU 34.18% 34.77% US Dynamic Equities (in liquidation) AU n/a n/a Pan European Equities AE 46.14% 46.68% Pan European Smaller Companies AE 72.55% 73.18% European Quantitative Equities AE 41.1% 41.49% Japanese Equities**** AJ 27.27% 27.87% Asia AU 69.46% 7.2% Greater China Equities AU 73.69% 74.3% Global Energy Equities AU 36.98% 37.46% Global Innovation AU 5.49% 5.94% Global Technology** AU.53% n/a US Communications and Information** AU.52% n/a Target Return US$* AU.8% n/a Portfolio Class 1 Year Return Italian Equities DE 29.69% Global EquitiesWalter Scott & Partners WS 4.35% Mondrian PartnersFocused Emerging s Equity M 68.8% * Since Inception August 31, 29 ** Since Inception March 11, 21 *** The Global Emerging ShortTerm Bonds Portfolio was suspended between October 27, 28 and June 24, 29. The return shown above is from October 24, 28 to March 31, 21. **** Class W performance based on JPY per share. 9

11 Report of the approved statutory auditor To the Shareholders of Threadneedle (Lux) Luxembourg We have audited the accompanying Financial Statements of Threadneedle (Lux) (the SICAV ) and of each of its Portfolios, which comprise the Statement of Net Assets and the Schedule of s as at March 31, 21 and the Statement of Operations and Changes in Net Assets for the year then ended, and a summary of significant accounting policies. Responsibility of the Board of Directors of the SICAV for the Financial Statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these Financial Statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the Financial Statements. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of Financial Statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies, and making accounting estimates that are reasonable in the circumstances. Responsibility of the réviseur d'entreprises agréé Our responsibility is to express an opinion on these Financial Statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the Financial Statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Financial Statements. The procedures selected depend on the judgement of the réviseur d'entreprises agréé, including the assessment of the risks of material misstatement of the Financial Statements, whether due to fraud or error. In making those risk assessments, the réviseur d'entreprises agréé considers internal control relevant to the entity's preparation and fair presentation of the Financial Statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the Financial Statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of Threadneedle (Lux) and of each of its Portfolios as at March 31, 21, and of the results of their operations and changes in their net assets for the year ended in accordance with the Luxembourg legal and regulatory requirements relating to the preparation and presentation of the Financial Statements. Other Matter Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the Standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the Financial Statements taken as a whole. Ernst & Young Société Anonyme Cabinet de révision agréé Réviseur d entreprises agréé M. Ferguson July 1, 21 1

12 Statement of Net Assets as at March 31, 21 US$ ShortTerm Bonds Global Bonds (Euro) Global Bonds (US$) European Short Term Bonds Note USD EUR USD EUR ASSETS Portfolio at market (2) 11,462,8 Options purchased at market (11) Cash at bank 85,421 Receivable for investments sold 438 Subscriptions receivable 7,585 Interest and dividends receivable, net 58,23 Net unrealised gain on forward foreign exchange contracts (8) Net unrealised profit on futures (1) Other assets Total Assets 12,334,447 15,362,766 81,73 56,478 42,56 217,813 7,455 17,55,775 8,294, , , ,54 9,952 2,165 9,122,726 4,191,77 41,463 59,32 4,292,22 LIABILITIES Options written at market (11) Bank overdrafts Payable for investments purchased Redemptions payable 57,17 Net unrealised loss on forward foreign exchange contracts (8) Net unrealised loss on futures (1) Asset management and service fees payable (4) 9,63 Dividends payable Other liabilities 18,82 Total Liabilities 85,593 TOTAL NET ASSETS 12,248,854 Number of shares outstanding Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE 22, , , , ,773 18,67 15,95 27, ,624 16,336, , , , , ,712 9,87 13,623 68,198 8,514,528 29, , , ,118 3,391 13,99 26,68 4,265,594 25, , , The accompanying notes form an integral part of these financial statements. 11

13 Statement of Net Assets as at March 31, 21 (continued) Note European Bonds EUR Emerging Corporate Bonds** USD Emerging Debt USD Global Emerging ShortTerm Bonds USD ASSETS Portfolio at market (2) 18,12,341 Options purchased at market (11) Cash at bank 916,225 Receivable for investments sold 3,65,968 Subscriptions receivable 26,14 Interest and dividends receivable, net 297,65 Net unrealised gain on forward foreign exchange contracts (8) 3,191 Net unrealised profit on futures (1) Other assets Total Assets 22,429,515 43,584,13 4,491,448 15,937,219 7,25 821, ,841,825 57,3,928 3,466, ,94 834,795 11,165,579 3, ,26,95 23,983,16 15,426,85 1,253,385 3,498, ,163,261 LIABILITIES Options written at market (11) Bank overdrafts 29,382 Payable for investments purchased 724,985 Redemptions payable 3,276,319 Net unrealised loss on forward foreign exchange contracts (8) Net unrealised loss on futures (1) 2,4 Asset management and service fees payable (4) 12,666 Dividends payable Other liabilities 13,56 Total Liabilities 4,59,312 TOTAL NET ASSETS 18,37,23 Number of shares outstanding Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE 81, , , , ,395,45 35, ,751 6, ,49 86,632 16,11,134 48,83, , ,667, , , , , ,242,488 2,881,894 1,856,483 72,961 2,817, ,774 1,141,754 62,884, , ,718, , ,554, , , ,625, , ,173, , ,,1 2,211, ,2 257,743 1,488, ,618 8,355,5 215,88, , , , ,659, ,331, , , , ** See note The accompanying notes form an integral part of these financial statements.

14 Statement of Net Assets as at March 31, 21 (continued) Note US$ High Income Bonds USD Global High Yield and Emerging (Euro)** EUR Global Asset Allocation USD World Equities USD ASSETS Portfolio at market (2) 9,123,67 Options purchased at market (11) Cash at bank 22,428 Receivable for investments sold 132,275 Subscriptions receivable 14,996 Interest and dividends receivable, net 188,712 Net unrealised gain on forward foreign exchange contracts (8) Net unrealised profit on futures (1) Other assets Total Assets 9,769,478 63,45,29 665,27 835,83 348,133 1,419, ,675, ,445,199 8,25,56 3,42, ,92 71,36 66,118 29,989,531 49,56, , ,344 2,96 61, ,5,424 LIABILITIES Options written at market (11) Bank overdrafts Payable for investments purchased 16,91 Redemptions payable 52,225 Net unrealised loss on forward foreign exchange contracts (8) 7,31 Net unrealised loss on futures (1) Asset management and service fees payable (4) 14,613 Dividends payable 8,411 Other liabilities 11,163 Total Liabilities 2,344 TOTAL NET ASSETS 9,569,134 Number of shares outstanding Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE 6, , , , , , ,576 1,52,212 95,851 98,56 224,89 86,572 2,482,356 64,192,775 1,12, ,434, , , , , , ,38, ,58 672,26 31,98 554,64 254,374 9,884,615 2,14, , ,766, , ,862, , , , , ,722 39,425 7, , ,81 49,184,614 1,248, , , , , ** See note 1. The accompanying notes form an integral part of these financial statements. 13

15 Statement of Net Assets as at March 31, 21 (continued) Global Emerging Equities US Equities US Mid & Small Cap Equities American Select** Note USD USD USD USD ASSETS Portfolio at market (2) 5,981,196 Options purchased at market (11) Cash at bank 57,877 Receivable for investments sold 6,831 Subscriptions receivable Interest and dividends receivable, net 7,873 Net unrealised gain on forward foreign exchange contracts (8) Net unrealised profit on futures (1) Other assets 46 Total Assets 6,17,823 32,56,22 7,913,2 2,433,844 2,838,64 193,474 3, ,438,697 6,813,75 442, , ,936 7,434,675 8,297, ,661 15,3 1,91 7, ,45,135 LIABILITIES Options written at market (11) Bank overdrafts Payable for investments purchased 98,931 Redemptions payable 5,244 Net unrealised loss on forward foreign exchange contracts (8) 24,163 Net unrealised loss on futures (1) Asset management and service fees payable (4) 1,547 Dividends payable Other liabilities 11,28 Total Liabilities 149,913 TOTAL NET ASSETS 5,957,91 Number of shares outstanding Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE 15, , , , , ,788,641 1,37,18 28, ,956 7,459,32 325,979,395 83, ,757, , ,212, ,46, ,579, , ,736 33,246 3,463 11,3 14,654 18,12 7,254,573 5, , , , , ,534 24,41 68,79 12,741 13, ,152 8,284, , , , , , ** See note The accompanying notes form an integral part of these financial statements.

16 Statement of Net Assets as at March 31, 21 (continued) Note Pan European Equities** EUR Pan European Smaller Companies** EUR European Quantitative Equities EUR Italian Equities EUR ASSETS Portfolio at market (2) 27,781,29 Options purchased at market (11) Cash at bank 483,142 Receivable for investments sold 4,73 Subscriptions receivable 2,513 Interest and dividends receivable, net 97,866 Net unrealised gain on forward foreign exchange contracts (8) Net unrealised profit on futures (1) Other assets 3,158 Total Assets 28,768,672 2,298,692 14,5 32,3 2, 2,925 2,367,625 28,84, ,341 1,696,468 53,95 6,812 9,815 3,867,127 1,272, ,125 11,841 1,581,453 LIABILITIES Options written at market (11) Bank overdrafts Payable for investments purchased 169,858 Redemptions payable 226,166 Net unrealised loss on forward foreign exchange contracts (8) Net unrealised loss on futures (1) Asset management and service fees payable (4) 4,97 Dividends payable Other liabilities 41,273 Total Liabilities 477,394 TOTAL NET ASSETS 28,291,278 Number of shares outstanding Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE 438, , , , ,819 3,683 3,73 1,981 47,186 2,32,439 72, , , ,321,648 2,19 52,181 33,137 28,479 1,437,554 29,429,573 1,4, , ,295, , ,76 8,648 25,314 39,668 1,541,785 1, , ** See note 1. The accompanying notes form an integral part of these financial statements. 15

17 Statement of Net Assets as at March 31, 21 (continued) Japanese Equities Asia** Greater China Equities Global Energy Equities Note JPY USD USD USD ASSETS Portfolio at market (2) 834,235,35 Options purchased at market (11) Cash at bank 6,196,812 Receivable for investments sold 42,981,723 Subscriptions receivable 197,37 Interest and dividends receivable, net 8,972,237 Net unrealised gain on forward foreign exchange contracts (8) 3,66,73 Net unrealised profit on futures (1) Other assets 52,874 Total Assets 896,171,69 19,181, , ,721 41,371 2,47,682 1,77,438 18,578 8, ,897,52 47,215,476 9, ,13 21,51 48,628,782 LIABILITIES Options written at market (11) Bank overdrafts Payable for investments purchased Redemptions payable 42,28,164 Net unrealised loss on forward foreign exchange contracts (8) Net unrealised loss on futures (1) Asset management and service fees payable (4) 1,385,389 Dividends payable Other liabilities 1,522,58 Total Liabilities 45,116,61 TOTAL NET ASSETS 851,55,8 Number of shares outstanding Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE 43, , , , , , , ,234 11,435 36,566 3,989 4, ,686 19,132,996 56, , , , , ,792 22,254 26,984 19,898 22, ,411 1,728,19 2, , , , , , ,88 72,399 72, ,279 47,741,53 232, , , , , , ** See note The accompanying notes form an integral part of these financial statements.

18 Statement of Net Assets as at March 31, 21 (continued) Note Global Innovation USD Global Technology** USD US Communications and Information** USD Global Equities Walter Scott & Partners EUR ASSETS Portfolio at market (2) 17,344,93 Options purchased at market (11) Cash at bank 387,65 Receivable for investments sold Subscriptions receivable 89,27 Interest and dividends receivable, net 24,123 Net unrealised gain on forward foreign exchange contracts (8) Net unrealised profit on futures (1) Other assets 35 Total Assets 17,845,423 3,139,579 1,693, ,38 17, ,27,765 14,173, ,6 559, ,127,49 8,142,127 1,227, ,933 2,852 81,619,559 LIABILITIES Options written at market (11) Bank overdrafts Payable for investments purchased 2,725 Redemptions payable 134,632 Net unrealised loss on forward foreign exchange contracts (8) 1,84 Net unrealised loss on futures (1) Asset management and service fees payable (4) 3,31 Dividends payable Other liabilities 24,881 Total Liabilities 221,73 TOTAL NET ASSETS 17,624,35 Number of shares outstanding Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE 27, ,389, , , , , ,2 317,624 32,689 11, ,72 31,574, , ,8, , ,42,89 244,946 18,116 4,868 1,31,82 13,816, , , ,459 66,573 31, ,457 81,452,12 2,581, ** See note 1. The accompanying notes form an integral part of these financial statements. 17

19 Statement of Net Assets as at March 31, 21 (continued) Mondrian IP FEME** Target Return (US$)** Combined Note USD USD USD ASSETS Portfolio at market (2) 325,395,152 Options purchased at market (11) Cash at bank 6,134,676 Receivable for investments sold 3,726,135 Subscriptions receivable Interest and dividends receivable, net 1,112,29 Net unrealised gain on forward foreign exchange contracts (8) 19,291 Net unrealised profit on futures (1) Other assets Total Assets 336,387,283 LIABILITIES Options written at market (11) Bank overdrafts Payable for investments purchased 4,575,84 Redemptions payable Net unrealised loss on forward foreign exchange contracts (8) Net unrealised loss on futures (1) Asset management and service fees payable (4) 256,89 Dividends payable Other liabilities 163,265 Total Liabilities 4,995,995 TOTAL NET ASSETS 331,391,288 Number of shares outstanding Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE 9,723, ,34,81 74,11 1,553, ,17 2,713, ,324 2,537 68,49,588 1,1 281,61 42,811 44,655 26,467 45,544 68,85,44 871, , ,655, ,38,871,948 74,11 86,811,332 38,284,817 9,838,621 21,98, ,714 2,537 16,11 2,466,59,94 1,1 1,1,824 39,992,472 2,331,833 4,886,58 3,247 2,662,157 5,448,556 2,488,492 76,924,162 2,389,135,778 ** See note The accompanying notes form an integral part of these financial statements.

20 Statement of Net Asset Values per Share as at March 31, 21 US$ ShortTerm Bonds Global Bonds (Euro) Global Bonds (US$) Net asset per share Class AE Net asset per share Class AE Net asset per share Class AEC Net asset per share Class AEC Net asset per share Class AEH Net asset per share Class AEH Net asset per share Class AEP Net asset per share Class AEP Net asset per share Class AJ Net asset per share Class AJ Net asset per share Class AU Net asset per share Class AU Net asset per share Class AUH Net asset per share Class AUH Net asset per share Class AUP Net asset per share Class AUP Net asset per share Class BU Net asset per share Class BU Net asset per share Class DE Net asset per share Class DE Net asset per share Class DEH Net asset per share Class DEH Net asset per share Class DJ Net asset per share Class DJ Net asset per share Class DU Net asset per share Class DU Net asset per share Class IE Net asset per share Class IE Net asset per share Class IEH Net asset per share Class IEH Net asset per share Class IJ Net asset per share Class IJ Net asset per share Class IU Net asset per share Class IU Net asset per share Class M Net asset per share Class M Net asset per share Class P Net asset per share Class P Net asset per share Class SEP Net asset per share Class SEP Net asset per share Class SU Net asset per share Class SU Net asset per share Class SUP Net asset per share Class SUP Net asset per share Class W Net asset per share Class W Net asset per share Class WS Net asset per share Class WS Net asset per share Class YE Net asset per share Class YE (JPY) (JPY) (JPY) * * * * 24.32* * * * * * * * For information purpose only Converted from the accounting currency using exchange rates as at March 31, 21 provided by the SICAV's Administrator. ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 19

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