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Openworld Plc an Umbrella Fund with Segregated Liability Between Sub-Funds

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Openworld Plc an Umbrella Fund with Segregated Liability Between Sub-Funds 2011 ANNUAL REPORT OpenWorld plc an umbrella fund with segregated liability between sub-funds 30 June 2011 (Audited) Euro Credit Europe Focus Equity Global Climate Change Global Dynamic Bond Global Focus Equity Global High Dividend Equity Global Listed Infrastructure Global Opportunistic Listed Property India Focus Equity Japan Focus Equity US Credit OpenWorld plc Contents Administration of the Company .............................................................................................................................. 2 Background to the Company .................................................................................................................................. 4 Directors’ Report ..................................................................................................................................................... 5 Custodian and Trustee’s Report ............................................................................................................................. 7 Independent Auditors’ Report ................................................................................................................................. 8 Combined Statements ............................................................................................................................................. 10 Euro Credit .............................................................................................................................................................. 13 Europe Focus Equity .............................................................................................................................................. 24 Global Climate Change ........................................................................................................................................... 33 Global Dynamic Bond ............................................................................................................................................. 42 Global Focus Equity ............................................................................................................................................... 55 Global High Dividend Equity ................................................................................................................................... 65 Global Listed Infrastructure .................................................................................................................................... 74 Global Opportunistic Listed Property ....................................................................................................................... 82 India Focus Equity .................................................................................................................................................. 90 Japan Focus Equity ................................................................................................................................................ 97 US Credit ................................................................................................................................................................ 104 Notes to the Financial Statements ......................................................................................................................... 116 Appendix I - Total Expense Ratio (Unaudited) ....................................................................................................... 165 Appendix II - Portfolio Turnover Rates (Unaudited) ............................................................................................... 167 Appendix III - Publication of Performance Data (Unaudited) ................................................................................. 168 Contents OpenWorld plc Administration of the Company Board of Directors of the Company Company Secretary Mr. James Firn (Chairman) Bradwell Limited Mr. James Beveridge Arthur Cox Building Mr. Peter Gunning Earlsfort Centre, Earlsfort Terrace Mr. Michael Hunt Dublin 2 Mr. Paul McNaughton Ireland Mr. William Roberts Mr. Alan Schoenheimer Advisor, Distributor and U.K. Facilities Agent Mr. David Shubotham Russell Investments Limited Mr. Kenneth Willman Rex House Mr. Neil Jenkins* 10 Regent Street London SW1Y 4PE Audit Committee Members United Kingdom Mr. David Shubotham (Chairman) Mr. Paul McNaughton Money Manager for Euro Credit Mr. William Roberts Kempen Capital Management (UK) Ltd. 41 Melville Street Registered Office Edinburgh E113 3YF 78 Sir John Rogerson’s Quay Scotland Dublin 2 Ireland Money Manager for Europe Focus Equity Hermes Sourcecap Limited Manager Lloyds Chambers Russell Investments Ireland Limited 1 Portsoken Street 78 Sir John Rogerson’s Quay London E1 8HZ Dublin 2 United Kingdom Ireland Money Manager for Global Climate Change Independent Auditors Impax Asset Management Group plc PricewaterhouseCoopers Mezzanine Floor One Spencer Dock Pegasus House North Wall Quay 37-43 Sackville Street Dublin 1 London W1S 3EH Ireland United Kingdom Legal Advisers Money Manager for Global Dynamic Bond Arthur Cox Strategic Fixed Income, LLC Earlsfort Centre 1001 19th Street North Earlsfort Terrace Suite 1400 Dublin 2 Arlington, VA 22209 Ireland United States of America Administrator Money Manager for Global Focus Equity State Street Fund Services (Ireland) Limited Thornburg Investment Management Inc. 78 Sir John Rogerson’s Quay 2300 North Ridgetop Road Dublin 2 Santa Fe, NM 87506 Ireland United States of America Custodian and Trustee Money Manager for Global High Dividend Equity State Street Custodial Services (Ireland) Limited Thornburg Investment Management Inc. 78 Sir John Rogerson’s Quay 2300 North Ridgetop Road Dublin 2 Santa Fe, NM 87506 Ireland United States of America Promoter Money Manager for Global Listed Infrastructure Frank Russell Company RARE Infrastructure Limited 1301 Second Avenue, 18th Floor Level 18, 1 York Street Seattle, WA 98101 Sydney NSW 2000 United States of America Australia * Mr. Neil Jenkins was appointed as Director on 22 September 2011. Prior to his appointment he acted as a permanent alternate Director for Mr. Peter Gunning. 2 Administration of the Company OpenWorld plc Administration of the Company - continued Money Manager for Global Opportunistic Listed Property Paying and Information Agent in Germany* CB Richard Ellis Global Real Estate Marcard, Stein & Co. AG 666 Third Avenue, 15th Floor Ballindamm 36 New York, NY 10017 20095 Hamburg United States of America Germany Money Manager for India Focus Equity Paying Agent in Italy Quantum Advisors Inc. Banca Monte dei Paschi di Siena S.p.A. 2520 Douglas Blvd Piazza Salimbeni 3 Roseville, CA 95661-3992 53100 Sienna United States of America Italy Money Manager for Japan Focus Equity Paying Agent in Italy Lindsell Train Limited Societe Generale Securities Services - SGSS S.p.A. 2 Queen Anne’s Gate Bldgs Via Benigno Crespi 19/A London SW1H 9BP 20159 Milano United Kingdom Italy Money Manager for US Credit Representative in Italy Logan Circle Partners, L.P. BNP Paribas Securities Services, Succursale di Milano 1717 Arch Street, Suite 1500 Via Ansperto 5 Philadelphia, PA 19103 20123 Milano United States of America Italy Paying Agent in Austria Paying Agent in Sweden UniCredit Bank Austria AG Nordea Bank AB Lassallestrasse Smalandsgarten 17 1020 Vienna 10571 Stockholm Austria Sweden Paying Agent and Centralising Agent in France Paying Agent and Representative in Switzerland** Société Générale BNP Paribas Securities Services, Paris 29, boulevard Haussmann succursale de Zurich 75009 Paris Selnaustrasse 16 France 8002 Zürich Switzerland * The Company’s Memorandum and Articles of Association, the prospectus and the simplified prospectuses, the unaudited semi-annual reports, as well as the audited annual reports can be obtained free of charge from the office of the paying and information agent. The net asset value of each of the Funds and the subscription and redemption prices of the shares of the Funds are published jointly and daily in the “Börsen-Zeitung” for information purposes only and do not constitute an invitation to subscribe for or repurchase the Company’s shares at those prices. ** The Company’s Memorandum and Articles of Association, the prospectus, the simplified prospectus, the unaudited semi-annual reports, as well as the audited annual reports can be obtained free of charge from the representative in Switzerland. Subscription and redemption prices of the shares of each Fund of the Company are published jointly and daily in Switzerland on fundinfo (www.fundinfo.com) for information purposes only and do not constitute an invitation to subscribe for or repurchase the Company’s shares at those prices. Administration of the Company 3 OpenWorld plc Background to the Company OpenWorld plc (the “Company”) was incorporated on 12 June 2008 under registration number 458665 and operates in Ireland as a public limited company under the Companies Acts, 1963 to 2009. It is authorised by the Central bank of Ireland (the “Central Bank”) and it was first authorised on 19 November 2008. The Company is an open-ended investment company with variable capital and is authorised by the Central Bank under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (the “Regulations”). The Company is organised in the form of an umbrella fund with segregated liability between sub-funds. The umbrella comprises of twenty-nine sub-funds (each a “Fund”, collectively the “Funds”), all of which were approved
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