PRINCIPAL GLOBAL INVESTORS FUNDS

An umbrella trust governed by the laws of Ireland

Annual Report and Audited Financial Statements

For the year ended 30 September 2012 PRINCIPAL GLOBAL INVESTORS FUNDS

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2012 CONTENTS General Information ...... 3 Investment Adviser’s Report ...... 5 Independent Auditor’s Report ...... 12 Trustee’s Report ...... 14 Statement of Manager’s and Trustee’s Responsibilities ...... 15

Portfolio of Investments Global Equity Fund ...... 16 Asian Equity Fund ...... 18 European Equity Fund ...... 21 Emerging Markets Equity Fund ...... 24 Japanese Equity Fund ...... 27 Preferred Securities Fund ...... 30 US Equity Fund ...... 36 High Yield Fund ...... 38 Global Property Securities Fund ...... 43 Global Equity (ex-Japan) Fund ...... 46 Post Global Limited Term High Yield Fund ...... 50 Multi Strategy Currency Fund ...... 54 EDGE Equity Income Fund ...... 56 Statement of Total Return for the year ended 30 September 2012 ...... 58 Statement of Total Return for the period ended 30 September 2011 ...... 59 Statement of Movement in Net Assets attributable to redeemable participating unitholders for the year ended 30 September 2012 ...... 60 Statement of Movement in Net Assets attributable to redeemable participating unitholders for the period ended 30 September 2011 ...... 61 Balance Sheet as at 30 September 2012 ...... 62 Balance Sheet as at 30 September 2011 ...... 65 Notes to the Annual Report and Financial Statements ...... 68

Unaudited Information Fund Performance ...... 137 Portfolio Turnover Ratios ...... 145 Total Expense Ratios ...... 145

Statement of Portfolio Changes Global Equity Fund ...... 146 Asian Equity Fund ...... 146 European Equity Fund ...... 147 Emerging Markets Equity Fund ...... 147 Japanese Equity Fund ...... 148 Preferred Securities Fund ...... 148 US Equity Fund ...... 149 High Yield Fund ...... 149 Global Property Securities Fund ...... 150 Global Equity (ex-Japan) Fund ...... 150 Post Global Limited Term High Yield Fund ...... 151 Multi Strategy Currency Fund ...... 151 EDGE Equity Income Fund ...... 152

Directory ...... 153 Information for Investors in Switzerland ...... 154 Enquiries ...... 155 PRINCIPAL GLOBAL INVESTORS FUNDS

GENERAL INFORMATION

The following information is derived from and should be read in conjunction with the full text and definitions section of the Prospectus. The Principal Global Investors Funds (the “Trust”), was constituted on 13 October 1992 as an open-ended umbrella unit trust established as a UCITS under the laws of Ireland. Units of certain classes of the Trust are listed on the Irish Stock Exchange. The Trust has been authorised by the Central Bank of Ireland (the “Central Bank”) pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011(as amended) (the “UCITS Regulations”).

At 30 September 2012, the Trust comprised the following separate investment portfolios (“Funds”):

FUND TYPE OF UNITS • Global Equity Fund (GEF) Investor: Income Investor: Accumulation Institutional: Accumulation • Asian Equity Fund (AEF) Investor: Income Investor: Accumulation Institutional: Accumulation • European Equity Fund (EEF) Investor: Income Investor: Accumulation Institutional: Accumulation Institutional: Accumulation (Euro Hedged) • Emerging Markets Equity Fund (EMEF) Investor: Accumulation Institutional: Accumulation • Japanese Equity Fund (JEF) Investor: Accumulation Institutional: Accumulation Institutional: Accumulation (JPY) • Preferred Securities Fund (PSF) Investor: Accumulation (Euro Hedged) Institutional: Accumulation Investor: Income Investor : D Class Accumulation Investor : F Class Accumulation Institutional: Accumulation (Euro Hedged) Institutional: Accumulation (JPY Hedged) Institutional: Income (Euro Hedged) Institutional: Income (JPY Hedged) Investor : D Class Income Investor : F Class Income Investor : Accumulation Institutional : Income (GBP Hedged) • US Equity Fund (USEF) Investor: Accumulation Institutional: Accumulation Institutional Accumulation (GBP Hedged) • High Yield Fund (HYF) Institutional: Accumulation Investor: Accumulation • Global Property Securities Fund (GPSF) Institutional: Accumulation (Euro Hedged) Institutional Accumulation (USD Hedged) Institutional: Accumulation (GBP Hedged) Institutional: Accumulation • Global Equity (ex-Japan) Fund (GEJF) Institutional: Accumulation (JPY) Institutional: Accumulation • Post Global Limited Term High Yield Fund (GLTHY) Institutional: Accumulation Institutional: Accumulation (JPY Hedged) Institutional: Accumulation (Euro Hedged) Institutional: Accumulation (GBP Hedged) Investor: Income (GBP Hedged) • Multi Strategy Currency Fund (MSCF ) Institutional: Accumulation • EDGE Equity Income Fund (EEIF ) Investor: Income Institutional: Accumulation

All units are unhedged, except where otherwise noted.

Principal Global Investors (Ireland) Limited (the “Manager”) may, with the prior consent of the Central Bank and approval of the Trustee, add additional Funds.

3 PRINCIPAL GLOBAL INVESTORS FUNDS

GENERAL INFORMATION (continued)

PRICES There will be a single price for buying, selling and switching units in each of the Funds. This will be represented by the Net Asset Value per Unit rounded to the nearest cent (less/plus duties and charges where applicable).

DEALING The dealing deadline (being the time by which subscription and redemption requests for units must be received in Dublin in order for such requests to be dealt with in normal circumstances on a particular dealing day) is 10.00a.m. (Dublin time) on that dealing day. The dealing deadline for requests from Hong Kong investors is 5.00p.m. (Hong Kong time) on that dealing day. All dealing requests should be addressed to:

Hong Kong-based investors: European-based investors: Principal Global Investors (Asia) Limited BNY Mellon Fund Services (Ireland) Limited 27/F, Hopewell Centre Guild House, Guild Street 183 Queen’s Road East International Financial Services Centre Hong Kong Dublin 1 Tel : 852-2117 8383 Ireland Fax : 852-2918 1461 Tel : 353-1-900 8081 Fax : 44 207 964 2667

MINIMUM SUBSCRIPTION The minimum subscription amounts in the two Unit Classes are as follows:

Investor US$10,000* Institutional US$2,000,000

*The minimum initial investment amount for Hong Kong -based investors is US$2,000.

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. Quarterly distributions will be payable in respect of the Institutional and Investor Class Income Units in the Preferred Securities Fund.

SIGNIFICANT EVENTS DURING THE YEAR The following events took place during the year:

Launches during the year: • On 3 January 2012 the Post Global Limited Term High Yield Fund (GLTHY) launched the - Institutional: Accumulation (GBP Hedged) unit class . • On 16 February 2012 the Multi Strategy Currency Fund (MSCF ) launched the - Institutional: Accumulation unit class. • On 28 March 2012 the Preferred Securities Fund (PSF) launched the - Institutional: Accumulation unit class. • On 28 March 2012 the Preferred Securities Fund (PSF) launched the - Institutional: Income (GBP Hedged) unit class . • On 5 June 2012 the Post Global Limited Term High Yield Fund (GLTHY) launched the - Investor: Income (GBP Hedged) unit class . • On 10 August 2012 the EDGE Equity Income Fund (EEIF ) launched the - Investor: Income and Institutional: Accumulation unit classes.

SIGNIFICANT EVENTS AFTER THE YEAR The appointment of Mr Chris Henderson as director on 12 December 2012.

4 INVESTMENT ADVISER’S REPORT for the year ended 30 September 2012

Global Equity Fund The Global Equity Fund outperformed the MSCI World Index over the 12 month period to 30 September 2012, returning 23.46% vs 21.59% for the Index.

Market Review In the fourth quarter of 2011, global equity markets capped a volatile and disappointing year with highly divergent results. The major global benchmarks posted gains, led by strong advances in the U.S., UK, and Latin America. In contrast, risk aversion remained apparent in Southern and Eastern Europe, the Middle East, and in parts of Asia. Double-digit declines were seen in India and the local China A-share markets. Losses were also seen in Japan, as export outlook dimmed amid expectations of slower global growth and the competitive burdens of a strong Yen.

First quarter 2012 saw strong and broad-based gains. The S&P 500 rose 12.6%, it's best first quarter rally since 1998. International markets represented by the MSCI EAFE and MSCI Emerging Markets indices posted 11.0% and 14.1% advances in US dollar terms, respectively. For Emerging Markets, it was the strongest first quarter gain since 1992.

Risk aversion dominated investor sentiment throughout much of the second quarter of 2012. By early June, most major equity markets had suffered double digit declines from their March highs, essentially reversing the prior quarter's gains in most areas. June saw a slight reprieve, especially the final trading session of the month, reflecting positive surprise from the latest Euro Sum - mit. For the broad market, as measured by the MSCI All Country World Index, the total return for the quarter was -5.4%, amid a 5.0% advance in June, 3.0% of which came on the final day of the month.

In the final quarter of the period under review, global equity investors enjoyed solid gains across a majority of countries and economic sectors, in a reversal of the general risk aversion seen in the prior quarter. For the quarter, the total return on the S&P 500 index was 6.4%, bringing its year to date advance to 16.4%. Developed markets excluding North America, represented by the MSCI EAFE index, posted a 7% gain for the quarter and 10.6% for the year to date. Interestingly, this includes a 12% advance for Europe. The troubled markets of Italy, Spain, and Portugal all saw double digit rallies, and even Greece posted a slight gain. The MSCI Emerging Markets Index recouped some of its prior underperformance versus developed markets, with a 7.9% gain in the quarter, and 12.3% for the year to date. China and Latin America were relative laggards in the period, but very strong results were seen in most EEMEA markets and for Asia ex China.

Strategy Review For the period under review, the portfolio saw an absolute return of 24.62%. Specifically, the telecommunication services and con - sumer discretionary sectors contributed the most to overall performance. Within the telecommunication services sector, Telstra Corp. Ltd., 41.81%, saw strong performance relative to its peers. Comcast Corp. was one of the top performers within the consumer discretionary sector returning 74.29%. Overall, Apple Inc. had the top total return within the period at 75.09%

On the other hand, the portfolio was negatively impacted by holdings within the industrials sector, specifically General Dynamics Corp. and KBR Inc. as they returned -10.88% and -9.96% respectively. Coinstar Inc. had one of the worst returns in the portfolio during the period at -30.34%.

Asian Equity Fund The Asian Equity Fund outperformed the MSCI AC Far East ex-Japan Index over the 12 month period to 30 September, returning 25.69% vs. 20.98 for the index.

The Fund outperformed the MSCI AC Far East ex-Japan Index for the 12 month period ending 30 September 2012. During the period the Fund returned 27.61% compared to the Index which gained 20.98%.

During the period stocks in the consumer discretionary, industrials and information technology sectors contributed the most to the Fund's relative performance. Stocks in the utilities sector lagged during the period. From a country perspective stocks in South Korea, Hong Kong and Taiwan contributed the most, while stocks in China detracted from the Fund during the period.

5 INVESTMENT ADVISER’S REPORT for the year ended 30 September 2012 (continued)

Asian Equity Fund (continued) Stocks that positively impacted the Fund include overweight positions in Paradise Co., Ezion Holdings and Sembcorp Industries; these stocks returned 130.17%, 124.67% and 81.97% respectively. Stocks that detracted during the period include an underweight position in Tencent Holdings along with overweight positions in China Petrochemical Development Corp. and E Ink Holdings. These returned 5.76%, -49.31% and -35.77% respectively for the Fund during the 12-month period.

European Equity Fund The European Equity Fund outperformed the MSCI Europe Index over the 12 month period to 30 September 2012, returning 21.02% vs. 17.31% for the index.

The main driver of outperformance was stock selection. Selection was strongly positive, and was largely responsible for the outperformance. The Technology and telecom sectors were especially positive. Selection in the financial sector was also positive, as we underweighted those groups most exposed to the Sovereign crisis, though it was interesting to note the sector in aggregate outperformed the broader market in spite of the problems.

The British house builder Barratt Development was a strong contributor to performance as it has experienced better trading than the market had expected and the company has been able to pay down debt and therefore reduce their interest charges faster than the market had anticipated. The shares have now more than doubled over the previous year. Danish healthcare group NovoNordisk has also been a strong contributor for us over the year, as we have seen consensus forecasts for the company rise during the course of the year reflecting growing enthusiasm about their drug portfolio, and increasing likelihood of approval for their new drugs. Rapid growth in the diagnosis of diabetes, especially in the emerging markets is leading to strong growth for many of their key products.

Selection in the staples sector was slightly negative, especially in the beverage sector. We saw negative contributions from our ex - posure to the Belgian brewer Anheuser Busch, and lack of exposure to the British spirits company Diageo, and the German healthcare and chemicals company Bayer.

Emerging Markets Equity Fund The Emerging Markets Equity Fund outperformed the MSCI Emerging Markets Index over the 12 month period to 30 September 2012, returning 17.53% vs the index return of 16.93%.

Market Review Emerging markets rallied in the 12 months ending September 30th. In aggregate (USD terms), Emerging Markets generated an impressive 16.9% for the period.

From a regional perspective Eastern Europe, Middle East, Africa (EEMEA) led the rally, returning 18.9% during the period. Egypt led the way gaining 45.3%, followed by Hungary, which gained 21.7%. on the downside Morocco lagged as it declined 21.3% for the 12-month period.

Asia rallied along with EEMEA gaining 18.2%. Thailand and the Philippines led the pack as they both gained over 40% for the period. Latin America trailed, producing a return of 13.6%.

Elsewhere, , Mexico and Peru showed good returns with +33.5%, and +25.8% respectively. Brazil lagged as it only gained 5.5% during the period.

Strategy Review EEMEA

Our investment process delivered strong results that were ahead of the market. Stock selection in South Africa and Poland resulted in positive performance, but stock positioning in Hungary and Turkey was negative. From a sector perspective, consumer staples proved to be a source of headwinds within EEMEA.

Solid stock selection in the materials and consumer discretionary sectors resulted in the largest positive contribution within EEMEA. Notably, our overweight positions in Severstal and Imperial Holdings contributed significantly.

6 INVESTMENT ADVISER’S REPORT for the year ended 30 September 2012 (continued)

Emerging Markets Equity Fund (continued) Strategy Review (continued)

Latin America

Stock selection in consumer discretionary contributed negatively to performance. Positions in MRV and Desarrolladora Homex contributed negatively and were the primary drivers behind the lagging performance after a strong rally. Stock selection in Brazil and Mexico contributed positively overall. Stock selection in the industrials sector, along with our underweight exposure to Latin American utilities, also proved beneficial during the period.

Asia Our investment process in South Korea and India was successful during the period, while our China positions negatively impacted the Fund. Within China, positions Tencent Holdings and Air China were two primary detractors to our relative outperformance.

From a sector perspective, the utilities sector presented the biggest challenge, as an overweight position in ENN Energy was the primary detractor from performance. Consumer discretionary and consumer staples sectors provided the Fund with positive performance for the period.

Japanese Equity Fund The Japanese Equity Fund underperformed the MCSI Japan Index over the 12 month period to 30 September 2012, returning -2.24% vs. -1.68% for the Index.

The Japanese equity market was down in the past year with the MSCI Japan Index returning -1.68% in U.S. dollar terms. During the period, the telecommunication services and health care sectors performed the best, while utilities and materials sectors lagged the most.

The Japanese market started off the period with a strong rebound as concerns over financial crisis eased and Bank of Japan surprised the market with an additional easing in February. The move has triggered a selling of yen thus benefiting exporters. However, after its March high, early gains were gradually lost in following quarters and the yen climbed back. The market remained volatile in general as a sluggish U.S. economy and concerns over a hard-landing of the Chinese economy capped brief rebounds during summer. Defensive and domestically geared names were gradually bought, whereas exporters were sold in gen - eral. In the last quarter, global equity investors enjoyed solid gains across major markets in a reversal of the general risk aversion seen in the prior quarter. In the case of the Japanese market, the rebound was short-lived as bad news from China such as signs of rapid economic slowdown and boycotts of Japanese products following the territorial dispute dominated the market. This has triggered a sell-off of names with substantial exposure to China. Economic indicators released in the last quarter showed signs of domestic economy heading into a moderate slowdown.

An overweight position in GMO Internet, Inc., who provides Internet services, contributed to performance in the year as the stock was up 45.13% in U.S. dollar terms. The company reported strong first half of fiscal year 2012 results as sales came in at JPY36 billion led by its Web infrastructure and electronic commerce (EC) and Internet media segments. GMO has begun to pursue monetization of its social and smartphone business which could add to profit depending upon the progression of it.

An overweight position in Mitsubishi Chemical Holdings Corp. had a negative impact on the portfolio in the period as it was down 42.20% in U.S. dollar terms. The company reported poor quarterly results as well as having lowered fiscal year 2012 operating profit guidance which led underperformance. However, there were signs that petrochemical margins had troughed earlier in the year and valuation remains attractive trading 10.9x P/E, a 6.2% discount relative to its historical average.

At the end of September, the portfolio's overweight positions included Avex Group Holdings, Inc., Keyence Corp., Namco Bandai Holdings, Inc., and Resona Holdings, Inc.

Preferred Securities Fund The Preferred Securities Fund outperformed the Merrill Lynch Preferred Stock blended Index over the 12 month period to 30 September 2012, returning 19.87% vs 17.36% for the Index.

7 INVESTMENT ADVISER’S REPORT for the year ended 30 September 2012 (continued)

Preferred Securities Fund (continued) The top 5 issues contributing positively were Nationwide Financial 6.75%, Merrill Lynch 6.45%, Royal Bank of Scotland 7.648%, QBE Insurance 7.25% and Société Générale 8.75% which together contributed 264 basis points to portfolio performance during the period. On an industry sector basis, Banking was the top contributor with a total of 900 basis points. The Non-US sector of Banking outperformed the US Banking sector by 11.6% due to the technical strength of step-up capital securities which are subject to the phase-out requirements of the Basel-III rules that are to be implemented sometime next year. Other top performing industry sectors were Insurance (402 basis points), Reinsurance (181 basis points) and Utilities (140 basis points).

The detracting sector over the period was primarily the floating rate capital securities sector given the continued efforts of central policy makers to hold short rates extraordinarily low for a prolonged period. Specific floating rate holdings that detracted from performance were Deutsche Bank 3mL+297, Dominion Resources 3mL+230, HSBC 3mL+25, Den Norske 3mL+25 and Oil Insurance 3mL+298. This sector will do better when rates begin to rise or the yield curve flattens (or some combination of both). Consequently, these holding offer some long run price benefit once interest rates begin to rise. Company tenders for discount floaters is a thematic benefit that is beginning to draw more attention to the floating rate sector especially due to the relative underperformance compared to fixed rate coupons.

US Equity Fund The U.S. Equity Fund outperformed the S&P 500 Index over the 12 month period to 30 September 2012, returning 30.75% vs 30.21% for the Index.

During the period, stock selection in the consumer discretionary, materials, and consumer staples delivered the most performance while stock selections in health care and telecommunication services were less effective.

At the end of September, the Fund's main overweight positions were Discover Financial Services, U.S. Bancorp, and Comcast Corp. The Fund's main underweight positions included Exxon Mobil Corp, IBM, and AT&T. All three stocks continue to disappoint investors and have either deteriorating business fundamentals or have expensive valuations relative to their peers.

Overweight positions in Home Depot, Discover Financial Services and Apple contributed positively to performance. Home Depot beat consensus second quarter EPS estimates by 4% on better than expected gross margins, Discover Financial Services saw continued fundamental improvement across all key categories of the business and Apple continues to benefit from strong product innovation, including the recent release of the iPhone 5, increased distribution channels, and strong growth in international markets.

An overweight position in Humana Inc. detracted from performance as the company lowered its full-year guidance based on mispricing of their Medicare Advantage business along with higher membership gains. We no longer hold this stock. Overweight positions in Helmerich & Payne Inc and Symantec Corp also detracted from performance over the 12 month period.

High Yield Fund The High Yield Fund underperformed the Merrill Lynch Global High Yield index over the period to 30 September 2012, returning 19.33% versus 20.17% for the Index.

Sector allocation was the biggest contributor to the underperformance, while security selection was strong and positively impacted returns. Currency movements had no impact on performance during the period.

An underweight to the Banking sector negatively impacted performance, as the Banking sector Index weighting increased substantially in the third quarter of 2012 with the Index rule changes. The Portfolios' underweight position in Home Construction and Building Materials, negatively impacted performance. Home Construction performance was led by the strong performance from Chinese home builders, which are not held in our Portfolio. Finally an overweight in Media Cable, a defensive sector within high yield, underperformed during the past year where returns were driven by higher beta sectors. Sectors that helped performance during the past 12 months were underweights to Supermarkets and Refining, and an overweight to Wireless Communication.

8 INVESTMENT ADVISER’S REPORT for the year ended 30 September 2012 (continued)

High Yield Fund (continued) Once again security selection was very good for the Portfolio for the year ended 30 September 2012. Positive contributing issuers were Norcell Sweden, the largest cable operator in Sweden with 1.8m households, and Polkomtel, a wireline and wireless operator in Poland. Finally, Lloyds PLC, the UK based commercial bank continues to perform well and is benefiting from the strong performance of the banking sector. The biggest negative contributing issuer was the Portfolio's lack of exposure to Petroleos de Venezuela ("PDVSA"), a Venezuela state owed petroleum and petrochemical company. PDVSA bonds entered the Index during the last year and have been one of the best performing bonds over this time period. Other negative contributors were Sprint, Motor City and Arch Coal. Motor City bonds were refinanced recently, therefore limiting the bonds upside; while Arch Coal has struggled with the entire Coal sector which has been under pressure as low natural gas prices have led to several coals fired generating plants being shut down.

The Portfolio's disciplined investment process, focused on bottom-up security selection has not changed in spite of the strong rally in high yield bonds. We continue to underwrite each and every security held in the Portfolio and will not take risks that are unwarranted.

Global Property Securities Fund The Global Property Securities Fund outperformed the FTSE EPRA/NAREIT Developed Index over the 12 month period, returning 32.77% versus 30.59% for the Index. Stock selection within Hong Kong was the top contributor for the twelve months to 30 September 2012.

The portfolio benefited from overweight positions to China Resources Land and Glorious Property Holdings, both of which strongly outperformed the Index during the period.

The second largest contributor to performance this quarter was stock selection within the UK, in part due to the continued strong appetite for the London office market. The overweight tilts to the student housing group Unite Group and London office plays in Great Portland and Workspace contributed to this. The third largest contributor to relative performance was stock selection within owners of US shopping center properties. In particular, the portfolio benefited from participating in the IPO of Retail Properties of America (RPAI) as well as adding to our position post-IPO as the stock returned over 42% since our investment.

The main detractor over the quarter was the overweight to US apartments, such as Equity Residential, which suffered from selling pressure amidst the rotation away from popular defensive safe havens towards general equities post Quantitative Easing III (QE3).

A second detractor during the period was the portfolios small overweight to ex-benchmark stock Renhe Commercial Holdings in Hong Kong. The stock of this Hong Kong based developer lost 40% of its value in the first quarter of 2011 after reporting disappointing earnings and reducing their dividend.

Given the strength in the market over the period, the modest cash levels in the portfolio provided a moderate detractor.

Global Equity (ex-Japan) Fund The Global Equity (ex-Japan) Fund outperformed the MSCI Kokusai (World ex-Japan) Index over the 12 month period, returning 26.69 versus 24.23 for the Index.

Market Review During the past year, the MSCI Kokusai Index gained 28.38%. During the period, consumer discretionary, information technology, and health care sectors performed the best while the utilities, materials, and telecommunication services sectors lagged. From a country perspective, Denmark, Belgium, and the United States were the best performers. Asia Pacific Ex-Japan and Canada were the biggest outperformers relative to other regions.

In the United States, small-cap stocks outperformed large-cap stocks; the S&P 500 Index returned 30.21% with the consumer discretionary sector performing the best. The European region was up 18.00% with small-cap stocks outperforming large-cap stocks during this time. The Asia Pacific Ex-Japan region returned 24.68% during the period and health care leading its outperformance the most.

9 INVESTMENT ADVISER’S REPORT for the year ended 30 September 2012 (continued)

Global Equity (ex-Japan) Fund (continued) Strategy Review The portfolio outperformed the MSCI Kokusai Index for the period. Stock selection in the financials, materials, and consumer staples sectors positively contributed to performance during the period, while stock selection in the health care, industrials, and information technology sectors contributed negatively to performance. From a country perspective, stock selection contributed most positively to performance in the United States, Spain, and Canada. Negative performance during the period came from Australia, the Netherlands, and Hong Kong.An overweight position in Discover Financial Services contributed posi - tively to the portfolio's performance during the period as it was up 75.38%.

An overweight position in Shire Plc. detracted from performance for the period as it was down 6.19%.

Post Global Limited Term High Yield Fund The Post Global Limited Term High Yield Fund significantly outperformed the Barclays Capital US Government Index over the 12-month period to 30 September 2012, returning 10.82% vs. 0.44 % against the Index.

The Fund was launched in May 2011. In August and September 2011, it had negative returns in conjunction with high yield and equity market weakness in response to Eurozone problems and slowing economic growth in the BRIC economies. This weakness, which was unwarranted by high yield fundamentals, set the stage for a big rebound over the October 2011 - September 2012 fiscal year.

During the past summer, Post Advisory Group hit its target for maximum assets under management in the Limited Term sector and the Global Limited Term High Yield Fund was closed to new investors.

Edge Equity Income Fund The Edge Equity Income Fund launched in August 2012, and underperformed the Russell 100 Index during the 1-month period to end September, returning 1.75% vs 3.17% for the Index.

Stock selection within the information technology sector hindered results as Intel underperformed. Security selection within industrials also detracted during the period, as an underweight to General Electric constrained results. The Fund's underweight to utilities aided results as the sector lagged more cyclical companies. An overweight to the consumer discretionary sector also contributed to performance.

Equity markets reversed course in the third quarter as the announcement of a third round of quantitative easing (QE3) helped U.S. equities extend their rally. A positive but week U.S. economic growth is anticipated foreseeable future coupled with a low level of interest rates. We continue to focus the portfolio on companies we believe can grow cash flows in an anemic global economy.

Commodity costs remain a topic of interest. We believe QE combined with unrest in the Middle East has potential to drive large swings in oil and precious metals prices. In addition, the drought in the U.S. and subsequent increase in the price of grains has raised concerns about food prices. While we believe commodity cost volatility will continue and food costs will hit companies next year, most diversified food manufacturers, retailers, and restaurants are only expecting modest food inflation as deflation in other areas should provide an offset.

Multi-Strategy Currency Fund March: The differentiation and discrimination within markets provided a good backdrop for currency positioning and we ran six themes in the Fund during the course of the month. Two strategic themes (Japan Macro & Euro Diversification) were closed out during March, leaving four themes in the Fund characterised by long USD positions expressed against cyclical and commodity currencies and against shorts in emerging funding currencies.

10 INVESTMENT ADVISER’S REPORT for the year ended 30 September 2012 (continued)

Multi-Strategy Currency Fund (continued) April: The Fund again featured six themes during the course of the month; of these, two contributed positively, three were negative with one neutral. Themes during the course of the month positioned the Fund to reflect our views of sub- par global growth, particularly in economies tied to the mining sector or are reliant upon investment for growth, diminished liquidity accentuating shocks, with an emphasis on policy driven shocks and a negative Japanese macro view.

May: Performance was strong for the month of May with 2 negatively performing themes and 6 positive themes. We took profits in the Global Growth Rotation theme and Japan Macro theme both of which were unsuited to an environment of volatility and little differentiation. Our European Diversification Theme was the primary contributor to performance and our USD Structural Theme was also profitable with NZD, ZAR and NOK shorts.

June: The Fund was not well positioned for a rebound in sentiment and the outperformance of EM currencies. Throughout the course of the month we actively rotated positioning across a number of our themes.

July: Discretionary Fund performance was negative on the month as the positive returns to the EUR diversification theme were outweighed by losses in the USD structural theme. Our EM asset class theme showed small losses driven entirely by the sharp, Draghi-inspired, risk rally in the final days of the month.

August: Performance was negative for the month, gains in three of our themes outweighed by losses centered around our short EUR position. We opened a number of new themes during the course of the month focused on a negative view of some EM currencies and declining global capex.

September: The performance of financial markets in September was largely dominated by policy action with economic data playing a secondary role. Against this backdrop, Fund performance was poor as economic deterioration failed to be reflected in market moves. As a result of the adverse environment, we reduced risk across the portfolio. We also reintroduced our Japan Macro theme.The SCP Investment Strategy is longer term in nature, with positions set once per calendar year. The weights for 2012 are long AUD, NZD, NOK, BRL, TRY and IDR vs. CHF, JPY and USD on Forward Bias considerations, and long GBP, EUR, NZD, INR, PLN and TRY vs. CHF, AUD, NOK, BRL and JPY on PPP considerations.

All performance numbers mentioned in the investment advisors report reflect the position of the I (Institutional) Class units of the fund, annualised.

Principal Global Investors, LLC

10 December 2012

11 INDEPENDENT AUDITORS’ REPORT TO THE UNITHOLDERS OF PRINCIPAL GLOBAL INVESTORS FUNDS ( the “Trust ”)

We have audited the Trust’s financial statements for the year ended 30 September 2012 which comprise the Statement of Total Return, the Statement of Movements in Net Assets Attributable to Redeemable Participating Unitholders, the Balance Sheet, the Portfolio of Investments and the related notes. These financial statements have been prepared under the accounting policies set out therein.

Respective responsibilities of Manager and the auditors The Manager’s responsibilities for preparing the Annual Report and the financial statements in accordance with applicable Irish law and the accounting standards issued by the Accounting Standards Board and published by the Institute of Chartered Accountants in Ireland (Generally Accepted Accounting Practice in Ireland) are set out in the Statement of Manager’s Responsibilities.

Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland). This report, including the opinion, has been prepared for and only for the Trust’s unitholders as a body 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.

We report to you our opinion as to whether the financial statements give a true and fair view in accordance with Generally Accepted Accounting Practice in Ireland, and are properly prepared in accordance with the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended), the Trust Deed and the HongKong Securities and Futures Commission’s Code on Unit Trusts and Mutual Funds. We state whether we have obtained all the information and explanations we consider necessary for the purposes of our audit, and whether the financial statements are in agreement with the books of account. We also report to you our opinion as to whether proper books of account have been kept by the Manager for the Trust.

We read the other information contained in the Annual Report, and consider whether it is consistent with the audited financial statements. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Our responsibilities do not extend to any other information.

Basis of audit opinion We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the Manager in the preparation of the financial statements, and of whether the accounting policies are appropriate to the Trust's circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.

Opinion In our opinion the financial statements

– give a true and fair view in accordance with Generally Accepted Accounting Practice in Ireland, of the state of the Trust's affairs at 30 September 2012 and of its results for the year then ended; and – have been properly prepared in accordance with the requirements of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended), the Trust Deed and the Hong Kong Securities and Futures Commission’s Code on Unit Trusts and Mutual Funds.

12

PRINCIPAL GLOBAL INVESTORS FUNDS STATEMENT OF MANAGER’S & TRUSTEE’S RESPONSIBILITIES

1. Manager The Manager of the Trust is required by the UCITS Regulations to prepare Financial Statements for each accounting period which gives a true and fair view of the financial position of the Trust at the end of that period, the results of its operations and the movement in net assets for the period then ended. In preparing these Financial Statements the Manager is required to:

• select suitable accounting policies and then apply them consistently;

• make judgments and estimates that are prudent and reasonable; and

• prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation.

The Manager is responsible for keeping proper books of account which disclose with reasonable accuracy at any time the financial position of the Trust and to enable it to ensure that the Financial Statements are prepared in accordance with accounting standards generally accepted in Ireland and comply with the provisions of the Trust Deed, the UCITS Regulations and the Hong Kong Securities and Futures Commission's Code on Unit Trusts and Mutual Funds. The Manager is also responsible with respect to its duties under the UCITS Regulations to take reasonable steps for the prevention and detection of fraud and other irregularities.

Principal Global Investors (Ireland) Limited

2. Trustee The Trustee is required by the UCITS Regulations, to:

• maintain the assets of a unit trust in safekeeping;

• report to the Unitholders for each accounting period on the conduct of the Manager in the management of a unit trust.

BNY Mellon Trust Company (Ireland) Limited

15 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012

GLOBAL EQUITY FUND GLOBAL EQUITY FUND (continued) Nominal Security Value %Net Nominal Security Value %Net US$ Asset US$ Asset

TRANSFERABLE SECURITIES 99.45% (30 September 2011: 97.48%) GERMANY 2.99% (30 September 2011: 3.09%) AUSTRALIA 1.76% (30 September 2011: 3.26%) Chemicals-Diversified Metal-Diversified 5,553 BASF SE 481,622 1.64 7,848 Rio Tinto Ltd 437,918 1.49 Electric-Integrated Steel-Producers 3,234 RWE AG 148,828 0.50 142,954 Arrium Ltd 81,472 0.27 Sugar 6,930 Suedzucker AG 249,168 0.85 BERMUDA 0.81% (30 September 2011: 0.00%) Property/Casualty Insurance HONG KONG 1.39% (30 September 2011: 1.63%) 17,645 Lancashire Holdings Ltd 238,208 0.81 Diversified Operations 410,000 Guangdong Investment Ltd 324,126 1.10 BRAZIL 1.13% (30 September 2011: 0.91%) Steel-Specialty Diversified Minerals 72,000 Citic Pacific Ltd 86,447 0.29 18,340 Vale SA 333,054 1.13 IRELAND 2.30% (30 September 2011: 1.61%) CANADA 6.51% (30 September 2011: 5.34%) Computer Services Agricultural Chemicals 7,388 Accenture Plc 483,028 1.64 4,000 Agrium IncCad 412,352 1.40 Computers-Memory Devices Diversified Minerals 6,122 Seagate Technology Plc 195,475 0.66 7,600 Teck Resources Ltd 225,745 0.77 Gold Mining ITALY 2.61% (30 September 2011: 1.03%) 32,600 Nevsun Resources Ltd 153,894 0.52 Electric-Integrated 8,500 Yamana Gold Inc 162,848 0.55 36,759 Enel SpA 135,521 0.46 Oil Companies-Exploration & Production Oil Company-Integrated 3,500 Crescent Point Energy Corp 156,604 0.53 28,016 Eni SpA 633,583 2.15 Pipelines JAPAN 6.58% (30 September 2011: 15.10%) 5,600 Enbridge Inc 221,385 0.75 Airlines Real Estate Operations/Development 2,100 Japan Airlines Co Ltd 98,776 0.33 8,100 Brookfield Asset Management Inc 284,297 0.97 Auto/Truck Parts & Equipment-Original Retail-Discount 15,700 JTEKT Corp 124,831 0.42 4,700 Dollarama Inc 300,967 1.02 11,700 Toyoda Gosei Co Ltd 235,658 0.80 Building Production-Doors & Windows CAYMAN ISLANDS 0.00% (30 September 2011: 1.27%) 38,000 Central Glass Co Ltd 113,608 0.39 Building-Residential/Commercial CHINA 3.09% (30 September 2011: 0.00%) 11,000 Daiwa House Industry Co Ltd 160,606 0.55 Building & Construction Production-Miscellaneous Chemicals-Diversified 292,000 China Communications Construction Co Ltd 51,500 Mitsubishi Chemical Holdings Corp 198,434 0.67 236,113 0.80 Finance-Leasing Companies Electric-Generation 1,930 ORIX Corp 194,990 0.66 792,000 Datang International Power Generation Co Ltd Import/Export 266,584 0.90 14,000 Mitsubishi Corp 256,004 0.87 Oil Company-Integrated Machinery-General Industry 312,000 PetroChina Co Ltd 408,806 1.39 37,000 Sumitomo Heavy Industries Ltd 127,307 0.43 Steel-Producers DENMARK 3.18% (30 September 2011: 1.07%) 92,000 Nisshin Steel Co Ltd 99,588 0.34 Medical-Drugs Tobacco 3,570 Novo Nordisk A/S 570,971 1.94 10,900 Japan Tobacco Inc 328,967 1.12 Telephone-Integrated 49,841 TDC A/S 364,293 1.24 JERSEY 0.96% (30 September 2011:0.00%) Medical-Drugs FRANCE 2.04% (30 September 2011: 3.14%) 9,692 Shire Plc 283,230 0.96 Building Production-Cement/Aggregate 2,186 Lafarge SA 121,823 0.41 KOREA, REPUBLIC OF (SOUTH KOREA) 2.45% Food-Retail (30 September 2011:0.00%) 3,658 Casino Guichard Perrachon SA 331,708 1.12 Electronic Components-Semiconductor Telecom Services 316 Samsung Electronics Co Ltd 382,695 1.30 7,420 Vivendi SA 151,619 0.51 Telephone-Integrated 10,700 KT Corp 338,880 1.15

16 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

GLOBAL EQUITY FUND (continued) GLOBAL EQUITY FUND (continued) Nominal Security Value %Net Nominal Security Value %Net US$ Asset US$ Asset

MALAYSIA 1.42% (30 September 2011:0.00%) UNITED STATES 52.34% (30 September 2011: 43.10%) (continued) Auto-Cars/Light Trucks Finance-Credit Card 127,700 UMW Holdings Bhd 417,523 1.42 4,725 Discover Financial Services 187,630 0.64 Food-Meat Products MEXICO 0.00% (30 September 2011: 0.71%) 17,396 Tyson Foods Inc 284,599 0.97 Food-Miscellaneous/Diversified NEW ZEALAND 0.00% (30 September 2011: 1.15%) 17,448 ConAgra Foods Inc 481,216 1.63 Medical-Biomedical/Genetics NORWAY 0.54% (30 September 2011:0.00%) 4,584 Amgen Inc 386,271 1.31 Building-Heavy Construction Medical-Drugs 8,174 Aker Solutions ASA 159,630 0.54 6,591 Eli Lilly & Co 313,995 1.07 15,323 Endo Health Solutions Inc 481,602 1.64 RUSSIA 1.03% (30 September 2011: 0.89%) Medical-Generic Drugs Oil Companies-Exploration & Production 5,458 Watson Pharmaceuticals Inc 456,889 1.55 29,650 Gazprom OAO 302,430 1.03 Medical-Health Maintenance Organization 10,051 UnitedHealth Group Inc 565,267 1.92 SINGAPORE 0.37% (30 September 2011: 0.71%) Medical-Hospitals Food-Miscellaneous/Diversified 6,203 Community Health Systems Inc 179,081 0.61 164,000 China Minzhong Food Corp Ltd 108,454 0.37 Medical-Wholesale Drug Distribution 12,846 AmerisourceBergen Corp 501,251 1.70 SPAIN 0.00% (30 September 2011: 1.50%) 4,684 McKesson Corp 408,211 1.39 Metal-Aluminum SWEDEN 0.00% (30 September 2011: 0.71%) 9,279 Alcoa Inc 83,325 0.28 Metal-Copper SWITZERLAND 1.34% (30 September 2011: 3.96%) 6,223 Freeport-McMoRan Copper & Gold Inc 249,604 0.85 Medical-Drugs Metal-Iron 2,082 Roche Holding AG 395,633 1.34 4,084 Cliffs Natural Resources Inc 162,666 0.55 Networking Products THAILAND 0.00% (30 September 2.00%) 29,233 Cisco Systems Inc 549,580 1.87 Oil Companies-Integrated UNITED KINGDOM 4.61% (30 September 2011: 5.30%) 5,340 Chevron Corp 625,848 2.13 Building-Residential/Commercial 11,102 Marathon Oil Corp 333,282 1.13 63,773 Barratt Developments Plc 175,602 0.60 Real Estate Management/Services Diversified Minerals 8,629 CBRE Group Inc 160,672 0.55 14,527 BHP Billiton Plc 460,705 1.56 Reinsurance 10,192 Xstrata Plc 161,522 0.55 3,428 Berkshire Hathaway Inc 302,555 1.03 Finance-Other Services Reits-Diversified 8,540 London Stock Exchange Group Plc 131,988 0.45 4,969 American Tower Corp 353,097 1.20 Gas-Distribution Retail-Building Products 38,060 National Grid Plc 426,570 1.45 18,839 Lowe's Cos Inc 570,068 1.94 Retail-Discount UNITED STATES 52.34% (30 September 2011: 43.10%) 8,305 Wal-Mart Stores Inc 614,403 2.09 Agricultural Chemicals Retail-Drug Store 672 CF Industries Holdings Inc 147,921 0.50 6,340 CVS Caremark Corp 305,842 1.04 Applications Software Retail-Video Rental 19,060 Microsoft Corp 575,612 1.95 3,356 Coinstar Inc 151,121 0.51 Cable TV Super-Regional Banks-US 19,779 Comcast Corp 707,693 2.40 21,467 Huntington Bancshares Inc 148,122 0.50 Computer Services 17,633 Wells Fargo & Co 612,924 2.08 1,495 International Business Machines Corp 307,835 1.05 Tobacco Computers 4,197 Lorillard Inc 497,596 1.69 1,532 Apple Inc 1,043,921 3.55 3,687 Philip Morris International Inc 334,263 1.14 Computers-Memory Devices Web Portals/Internet Service Provider 22,329 EMC Corp/Massachusetts 614,494 2.09 545 Google Inc 412,293 1.40 Diversified Banking Institutions 9,700 JPMorgan Chase & Co 394,596 1.34 Total Value of Transferable E-Commerce/Services Securities at Mid Market Prices 29,285,672 99.45 11,311 IAC/InterActiveCorp 588,511 2.00 Electronic Design Automation 9,346 Synopsys Inc 309,726 1.05

17 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

GLOBAL EQUITY FUND (continued) ASIAN EQUITY FUND Nominal Security Value %Net Nominal Security Value %Net US$ Asset US$ Asset

Total Value of Transferable TRANSFERABLE SECURITIES 99.05% (30 September 2011: 99.97%) Securities at Mid Market Prices 29,285,672 99.45 BERMUDA 1.69% (30 September 2011: 2.63%) Appliances UNLISTED SECURITIES 0.34% (30 September 2011: 0.00%) 48,000 Haier Electronics Group Co Ltd 55,650 0.42 Distribution/Wholesale CANADA 0.34% (30 September 2011:0) 32,000 Digital China Holdings Ltd 51,008 0.39 Silver Mining Miscellaneous Manufacturing 4,600 Pan American Silver Corp Npv 100,397 0.34 266,000 Peace Mark Holdings Ltd – 0.00 Real Estate Operation/Development Total Value of Unlisted 23,500 Kerry Properties Ltd 118,802 0.90 Securities at Mid Market Prices 100,397 0.34 CAYMAN ISLANDS 5.04% (30 September 2011: 5.62%) Adjustment from Mid Market Prices to Bid Market Prices (153,236) (0.52) Casino Hotels 162,000 NagaCorp Ltd 90,881 0.69 Total Value of Transferable Securities at Cellular Telecom Bid Market Prices (Cost: US$25,948,099) 29,232,833 99.27 130,000 Hutchison Telecommunications Hong Kong Holdings Ltd 57,505 0.44 Open Forward Foreign Exchange Contracts (0.00%) Electronic Component- Miscellaneous (30 September 2011: 0.00%) 32,500 AAC Technologies Holdings Inc 117,358 0.89 Gas-Distribution Settlement Buy Amount Sell Amount Unrealised % Net 12,000 ENN Energy Holdings Ltd 50,528 0.38 Date Bought Sold Gain/Loss Assets Internet Application Software 01/10/2012 USD 89,942 EUR (69,922) (574) (0.00) 2,200 Tencent Holdings Ltd 74,959 0.57 01/10/2012 USD 15,540 EUR (12,103) (127) (0.00) Medical-Drugs 02/10/2012 GBP 30,843 USD (50,101) (55) (0.00) 172,000 Sino Biopharmaceutical 63,440 0.48 02/10/2012 USD 4,063 GBP (2,513) (14) (0.00) Photo Equipment & Supplies 02/10/2012 USD 285,401 JPY (22,175,537) (366) (0.00) 87,000 Sunny Optical Technology Group Co Ltd 48,245 0.37 03/10/2012 HKD 703,438 USD (90,717) 1 0.00 Real Estate Operation/Development 03/10/2012 USD 86,448 HKD (670,336) (1) (0.00) 50,000 Agile Property Holdings Ltd 56,357 0.43 Total Gains on Forward Foreign Exchange Contracts 1 0.00 66,000 Shimao Property Holdings Ltd 113,545 0.86 Total Loss on Forward Foreign Exchange Contracts (1,137) (0.00) CHINA 17.19% (30 September 2011: 13.85%) Total Foreign Currency Exchange Contracts (1,136) (0.00) Agricultural Chemicals 64,000 China BlueChemical Ltd 37,884 0.29 Cash 769,300 2.61 Airlines Net Current Liabilities (554,539) (1.88) 154,000 Air China Ltd 96,919 0.74 Auto-Cars/Light Trucks Net Assets Attributable to Holders 40,500 Great Wall Motor Co Ltd 106,811 0.81 of Redeemable Participating Units Building Production-Cement/Aggregate at Bid Market Prices 29,446,458 100.00% 17,500 Anhui Conch Cement Co Ltd 54,503 0.41 Building & Construction Production-Miscellaneous Analysis of Total Assets % of Total Assets 143,000 China Communications Construction Co Ltd 115,631 0.88 Transferable Securities and Money Market Instruments Building-Heavy Construction admitted to an official stock exchange listing or traded 134,325 China Railway Construction Corp Ltd 120,223 0.92 on a regulated market 95.69 Coal Transferable Securities and Money Market Instruments 102,000 China Coal Energy Co Ltd 93,133 0.71 other than those admitted to an official stock exchange Commercial Banks Non-US listing or traded on a regulated market 0.33 519,200 Bank of China Ltd 197,527 1.50 256,137 China Construction Bank Corp 177,715 1.35 Financial Derivative instruments dealt in or on a 486,785 Industrial & Commercial Bank of China Ltd 287,521 2.19 regulated market - Electric-Generation Other Assets 3.98 152,000 Datang International Power Generation Co Ltd 51,163 0.39 Life/Health Insurance Total Assets 100.00 31,600 China Pacific Insurance Group Co Ltd 95,565 0.73 The counterparty for the foreign currency contract is State Street Global Metal-Copper Markets. 36,000 Jiangxi Copper Co Ltd 91,183 0.69 Oil Company-Integrated Except where stated above all securities are transferable securities admitted 160,000 China Petroleum & Chemical Corp 149,392 1.14 to an official stock exchange listing. 219,266 PetroChina Co Ltd 287,298 2.19

18 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

ASIAN EQUITY FUND (continued) ASIAN EQUITY FUND (continued) Nominal Security Value %Net Nominal Security Value %Net US$ Asset US$ Asset

CHINA 17.19% (30 September 2011: 13.85%) (continued) HONG KONG 13.37% (30 September 2011: 16.12%) (continued) Power Conversion/Supply Equipment Oil Company - Exploration & Production 66,000 Harbin Electric Co Ltd 50,729 0.39 79,996 CNOOC Ltd 164,034 1.25 Property/Casualty Insurance Real Estate Operation/Development 110,200 PICC Property & Casualty Co Ltd 135,297 1.03 13,744 Cheung Kong Holdings Ltd 201,530 1.53 Telecom Services 99,000 New World Development Co Ltd 153,465 1.17 246,000 China Telecom Corp Ltd 142,129 1.08 34,000 Wheelock & Co Ltd 146,671 1.12

CHINA, REPUBLIC OF (TAIWAN) 15.34% INDONESIA 4.00% (30 September 2011: 2.84%) (30 September 2011: 16.61%) Building Production-Cement/Aggregates Bicycle Manufacturing 42,500 Semen Gresik Persero Tbk PT 64,171 0.49 15,000 Giant Manufacturing Co Ltd 79,571 0.61 Building-Heavy Construction Cellular Telecom 1,156,500 Alam Sutera Realty Tbk PT 59,215 0.45 65,000 Far EasTone Telecommunications Co Ltd 160,762 1.22 Coal Chemicals-Plastics 88,000 Harum Energy Tbk PT 53,793 0.41 12,000 Formosa Plastics Corp 34,305 0.26 Commercial Banks Non-US Circuit Boards 267,000 Bank Negara Indonesia Persero Tbk PT 108,809 0.83 22,875 FLEXium Interconnect Inc 91,302 0.70 Food-Miscellaneous/Diversified Diversified Financial Services 167,500 Indofood Sukses Makmur Tbk PT 98,015 0.75 171,077 Mega Financial Holding Co Ltd 131,896 1.00 Gas-Distribution 312,489 SinoPac Financial Holdings Co Ltd 131,654 1.00 119,000 Perusahaan Gas Negara Persero Tbk PT 50,982 0.39 Diversified Financial Services Telecom Services 5,370 Fubon Financial Holding Co Ltd 5,844 0.04 99,000 Telekomunikasi Indonesia Persero Tbk PT 97,759 0.74 Electronic Component- Miscellaneous 85,494 Hon Hai Precision Industry Co Ltd 268,321 2.04 KOREA, REPUBLIC OF (SOUTH KOREA) 23.49% Food-Miscellaneous/Diversified (30 September 2011: 23.16%) 3,010 Uni-President Enterprises Corp 5,340 0.04 Auto/Truck Parts & Equipment-Original Hazardous Waste Disposal 712 Hyundai Mobis 198,912 1.51 6,000 Cleanaway Co Ltd 44,007 0.34 Auto-Cars/Light Trucks Networking Products 963 Hyundai Motor Co 218,348 1.66 50,000 Sercomm Corp 76,245 0.58 2,749 Kia Motors Corp 171,654 1.31 Power Conversion/Supply Equipment Building-Heavy Construction 34,000 Delta Electronics Inc 131,646 1.00 1,280 Daelim Industrial Co Ltd 109,293 0.83 Real Estate Operation/Development Casino Services 44,000 Hung Poo Real Estate Development Corp 44,280 0.34 5,728 Paradise Co Ltd 93,025 0.71 Rubber-Tires Cosmetics & Toiletries 33,260 Cheng Shin Rubber Industry Co Ltd 87,366 0.67 796 Able C&C Co Ltd 64,601 0.49 Semiconductor Components-Integrated Circuits Diversified Financial Services 76,000 Chipbond Technology Corp 120,559 0.92 3,980 Hana Financial Group Inc 121,933 0.93 70,000 Elan Microelectronics Corp 123,697 0.94 3,920 KB Financial Group Inc 140,022 1.07 97,000 King Yuan Electronics Co Ltd 53,441 0.41 Electronic Components-Miscellaneous 147,670 Taiwan Semiconductor Manufacturing Co Ltd 2,580 LG Display Co Ltd 65,810 0.50 452,377 3.44 Electronic Components-Semiconductor 729 Samsung Electronics Co Ltd 882,861 6.72 HONG KONG 13.37% (30 September 2011: 16.12%) Import/Export Casino Hotels 2,270 LG International Corp 95,483 0.73 24,000 Galaxy Entertainment Group Ltd 80,474 0.61 Internet Content-Entertainment Cellular Telecom 835 Com2uSCorp 49,435 0.38 26,024 China Mobile Ltd 288,462 2.20 Non-Ferrous Metals Commercial Banks Non-US 305 Korea Zinc Co Ltd 134,055 1.02 55,000 BOC Hong Kong Holdings Ltd 174,843 1.33 Oil Refining & Marketing Computers 788 SK Holdings Co Ltd 110,249 0.84 176,000 Lenovo Group Ltd 145,719 1.11 Petrochemicals Diversified Financial Services 265 LG Chem Ltd 79,040 0.60 66,000 China Everbright Ltd 82,818 0.63 Property/Casualty Insurance Diversified Operations 4,990 LIG Insurance Co Ltd 116,733 0.89 138,000 Guangdong Investment Ltd 109,096 0.83 Retail-Regional Department Store 8,000 Hutchison Whampoa Ltd 77,585 0.59 105 Lotte Shopping Co Ltd 30,231 0.23 Machinery Tools & Related Products Shipbuilding 88,000 Techtronic Industries Co 160,473 1.22 3,160 Samsung Heavy Industries Co Ltd 107,189 0.82

19 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

ASIAN EQUITY FUND (continued) ASIAN EQUITY FUND (continued) Nominal Security Value %Net Nominal Security Value %Net US$ Asset US$ Asset

KOREA, REPUBLIC OF (SOUTH KOREA) 23.49% THAILAND 5.80% (30 September 2011: 4.96%) (continued) (30 September 2011: 23.16%) (continued) Oil Refining & Marketing Steel Pipe & Tube 28,500 Thai Oil PCL 60,668 0.46 1,170 Hyundai Hysco Co Ltd 49,688 0.38 Public Thoroughfares Steel-Producers 20,100 Bangkok Expressway PCL 19,107 0.15 490 POSCO 161,141 1.23 Real Estate Operation/Development Telephone-Integrated 100,300 Supalai PCL 65,193 0.50 2,970 KT Corp 94,063 0.72 Retail-Restaurants Tobacco 170,700 Minor International PCL 85,433 0.65 495 KT&G Corp 37,723 0.29 Total Value of Transferable MALAYSIA 2.98% (30 September 2011: 4.79%) Securities at Mid Market Prices 13,207,479 100.56 Auto-Cars/Light Trucks 56,800 DRB-Hicom Bhd 43,271 0.33 Adjustment from Mid Market Prices Building Production-Wood to Bid Market Prices (26,996) (0.21) 66,300 WTK Holdings BHD 22,544 0.17 Commercial Banks Non-US Total Value of Transferable Securities at 34,300 Malayan Banking Bhd 101,043 0.77 Bid Market Prices (Cost: US$11,703,934) 13,180,483 100.35 Electric-Integrated 70,400 Tenaga Nasional Bhd 156,981 1.20 Open Forward Foreign Exchange Contracts (0.00%) Telecom Services (30 September 2011: 0.00%) 36,000 Telekom Malaysia Bhd 72,859 0.55 Settlement Buy Amount Sell Amount Unrealised % Net MAURITIUS 1.25% (30 September 2011: 0.88%) Date Bought Sold Gain/Loss Assets Agricultural Operations 30/10/2012 USD 6,181 HKD (47,925) – 0.00 309,000 Golden Agri-Resources Ltd 166,501 1.27 04/10/2012 USD 4,933 HKD (38,247) – 0.00 04/10/2012 USD 831 HKD (6,446) – 0.00 PHILIPPINES 1.96% (30 September 2011: 2.26%) 04/10/2012 USD 1,096 HKD (8,500) – 0.00 Diversified Operations 04/10/2012 USD 2,461 HKD (19,084) – 0.00 251,600 Alliance Global Group Inc 88,662 0.68 Investment Companies Total Foreign Currency Exchange Contracts - 0.00 2,220 GT Capital Holdings Inc 29,004 0.22 Real Estate Operations/Development Cash 89,895 0.68 2,953,000 Filinvest Land Inc 96,274 0.73 Net Current Liabilities (136,394) (1.04) 904,000 Megaworld Corp 48,326 0.37 Net Assets Attributable to Holders SINGAPORE 6.94% (30 September 2011: 6.25%) of Redeemable Participating Units Commercial Banks Non-US at Bid Market Prices 13,334,984 100.00% 23,000 DBS Group Holdings Ltd 270,211 2.06 6,000 United Overseas Bank Ltd 96,501 0.73 Analysis of Total Assets % of Total Assets Engineering/Research & Development Services Transferable Securities and Money Market Instruments 39,000 SembCorp Industries Ltd 182,128 1.39 admitted to an official stock exchange listing or traded Marine Services on a regulated market 98.60 150,000 Ezion Holdings Ltd 164,101 1.25 Real Estate Operations/Development Financial Derivative instruments dealt in or on a 27,000 UOL Group Ltd 125,648 0.96 regulated market - Transport-Services Other Assets 1.40 62,000 ComfortDelGro Corp Ltd 86,304 0.66 Total Assets 100.00 THAILAND 5.80% (30 September 2011: 4.96%) The counterparty for the foreign currency contract is State Street Global Brewery Markets. 164,000 Thai Beverage PCL 54,896 0.42 Chemicals-Diversified All securities are transferable securities admitted to an official stock 47,900 PTT Global Chemical PCL 97,684 0.74 exchange listing. Commercial Banks Non-US 26,000 Bangkok Bank PCL 169,841 1.29 18,500 Kasikornbank PCL 110,928 0.84 Food-Canned 47,400 Thai Union Frozen Products PCL 112,454 0.86

20 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

EUROPEAN EQUITY FUND EUROPEAN EQUITY FUND (continued) Nominal Security Value %Net Nominal Security Value %Net US$ Asset US$ Asset

TRANSFERABLE SECURITIES 99.69% (30 September 2011: 99.30%) FRANCE 12.41% (30 September 2011: 11.52%) (continued) AUSTRIA 0.65% (30 September 2011: 0.24%) Computer Aided Design Electronic Component-Semiconductor 3,124 Dassault Systemes SA 331,611 0.39 3,204 AMS AG 326,532 0.38 Computer Services Real Estate Management/Services 7,087 AtoS 499,534 0.59 61,527 Immofinanz AG 228,508 0.27 Computers-Integrated Systems 7,487 Ingenico 384,674 0.45 BELGIUM 2.00% (30 September 2011: 1.16%) Diversified Banking Institutions Brewery 10,234 BNP Paribas SA 508,789 0.60 15,040 Anheuser-Busch InBev NV 1,304,838 1.53 Diversified Operations Precious Metals 1,599 Wendel SA 137,132 0.16 7,499 Umicore SA 400,823 0.47 Electric Products-Miscellaneous 31 Legrand SA 1,189 0.00 BERMUDA 0.74% (30 September 2011: 0.66%) Food-Miscellaneous/Diversified Oil & Gas Drilling 5,001 Danone SA 316,150 0.37 15,898 Seadrill Ltd 632,410 0.74 Food-Retail 6,208 Casino Guichard Perrachon SA 562,943 0.66 DENMARK 2.87% (30 September 2011: 2.61%) Medical-Drugs Food- Miscellaneous /Diversified 21,996 Sanofi 1,948,475 2.29 8,781 Chr Hansen Holding A/S 261,666 0.31 Medical Products Multi-Line Insurance 2,319 Coloplast A/S 485,661 0.57 9,800 AXA SA 152,044 0.18 Medical-Drugs Office Supplies & Forms 9,247 Novo Nordisk A/S 1,478,926 1.74 3,664 Societe BIC SA 441,485 0.52 Retail-Jewelry Oil Company-Integrated 9,220 Pandora A/S 129,208 0.15 20,267 Total SA 1,043,265 1.23 Transport-Marine Oil-Field Services 12 AP Moeller - Maersk A/S 87,188 0.10 4,001 Technip SA 449,462 0.53 Reits-Diversified FINLAND 2.99% (30 September 2011: 3.40%) 1,975 Unibail-Rodamco SE 406,252 0.48 Containers-Paper/Plastic Retail-Major Deptment Store 15,694 Huhtamaki OYJ 251,918 0.30 2,047 PPR 318,380 0.37 Diversified Manufacturing Operations Telecom Services 7,641 Wartsila OYJ Abp 269,638 0.32 33,259 Vivendi SA 679,608 0.80 Machinery-General Industrial 4,674 Kone OYJ 327,938 0.38 GERMANY 11.57% (30 September 2011: 10.95%) Multi-Line Insurance Auto-Cars/Light Trucks 22,673 Sampo OYJ 709,985 0.83 4,545 Volkswagen AG 842,522 0.99 Paper & Related Products Building Production-Cement/Aggregates 31,007 UPM-Kymmene OYJ 362,052 0.42 6,306 HeidelbergCement AG 342,445 0.40 Rubber-Tires Cable TV 7,661 Nokian Renkaat OYJ 318,442 0.37 4,606 Kabel Deutschland Holding AG 331,932 0.39 Telephone-Integrated Chemicals-Diversified 13,865 Elisa OYJ 315,532 0.37 17,896 BASF SE 1,552,156 1.82 5,183 Lanxess AG 442,755 0.52 FRANCE 12.41% (30 September 2011: 11.52%) Diversified Banking Institutions Auto/Truck Parts & Equipment-Original 8,311 Deutsche Bank AG 337,875 0.40 8,927 Plastic Omnium SA 231,930 0.27 Diversified Manufacturing Operations Auto-Cars/Light Trucks 4,347 Siemens AG 441,906 0.52 5,926 Renault SA 287,097 0.34 Engineering/Research & Development Services Beverages-Wine/Spirits 5,151 Bilfinger SE 464,160 0.54 2,458 Remy Cointreau SA 286,944 0.34 Enterprise Software/Services 4,997 Remy Cointreau SA - 0.00 17,749 SAP AG 1,282,532 1.51 Building Production-Cement/Aggregates Machinery-General Industrial 7,458 Lafarge SA 415,623 0.49 3,877 Duerr AG 262,483 0.31 Building & Construction Production-Miscellaneous Medical Products 8,724 Cie de St-Gobain 320,842 0.38 4,423 Fresenius SE & Co KGaA 518,683 0.61 Building-Heavy Construction Real Estate Management/Services 4,957 Vinci SA 220,131 0.26 14,883 Deutsche Wohnen AG 264,428 0.31 Chemicals-Diversified Reinsurance 6,345 Arkema SA 605,592 0.71 9,789 Hannover Rueckversicherung AG 630,936 0.74

21 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

EUROPEAN EQUITY FUND (continued) EUROPEAN EQUITY FUND (continued) Nominal Security Value %Net Nominal Security Value %Net US$ Asset US$ Asset

GERMANY 11.57% (30 September 2011: 10.95%) (continued) NORWAY 3.27% (30 September 2011: 3.06%) (continued) Rubber-Tires Oil Company-Integrated 5,284 Continental AG 526,694 0.62 36,561 Statoil ASA 954,569 1.12 Soap & Cleaning Preparation Oil-Field Services 9,458 Henkel AG & Co KGaA 760,317 0.89 5,873 Fred Olsen Energy ASA 264,312 0.31 Sugar 18,603 Suedzucker AG 668,870 0.79 PORTUGAL 0.00% (30 September 2011: 0.69%) Wire & Cable Products 4,593 Leoni AG 175,932 0.21 SPAIN 2.23% (30 September 2011: 2.71%) Building-Heavy Construction GUERNSEY 0.00% (30 September 2011: 0.42%) 1,990 Acciona SA 120,007 0.14 2,699 ACS Actividades de Construccion IRELAND 0.82% (30 September 2011: 0.83%) y Servicios SA 56,216 0.07 Airlines Commercial Banks Non-US 62,163 Ryanair Holdings Plc 357,127 0.42 36,577 Banco Santander SA 283,385 0.33 Gambling (Non-Hotel) Gas-Distribution 4,500 Paddy Power Plc 336,993 0.40 28,190 Gas Natural SDG SA 408,895 0.48 Oil Company-Integrated ITALY 2.93% (30 September 2011: 1.16%) 8,746 Repsol SA 174,242 0.20 Commercial Banks Non-US Retail-Apparel/Shoe 274,616 Banca Monte dei Paschi di Siena SpA 83,150 0.10 4,929 Inditex SA 617,899 0.73 Electric-Integrated Telephone-Integrated 65,524 Enel SpA 241,571 0.28 16,998 Telefonica SA 236,103 0.28 Oil Company-Integrated 53,234 Eni SpA 1,203,889 1.41 SWEDEN 6.77% (30 September 2011: 7.34%) Oil-Field Services Auto-Medium & Heavy Duty Trucks 9,739 Saipem SpA 481,469 0.56 45,787 Volvo AB 665,195 0.78 Rubber-Tires Building-Heavy Construction 45,437 Pirelli & C SpA 497,605 0.58 18,416 Skanska AB 303,466 0.36 Commercial Banks Non-US JERSEY 1.60% (30 September 2011: 1.15%) 62,392 Nordea Bank AB 628,083 0.74 Distribution/Wholesale 87,993 Skandinaviska Enskilda Banken AB 754,046 0.89 10,200 Wolseley Plc 441,071 0.52 20,724 Svenska Handelsbanken AB 789,614 0.93 Medical-Drugs 40,570 Swedbank AB 775,693 0.91 22,893 Shire Plc 669,003 0.79 Internet Gambling Publishing-Periodicals 7,603 Betsson AB 197,327 0.23 22,117 UBM Plc 251,748 0.29 Investment Companies 15,274 Investment AB Kinnevik 323,703 0.38 NETHERLANDS 3.64% (30 September 2011: 4.26%) Machinery-Construction & Mining Building & Construction Production-Miscellaneous 20,287 Atlas Copco AB 484,466 0.57 5,970 Koninklijke Boskalis Westminster NV 221,606 0.26 Medical Instruments Chemicals-Diversified 30,496 Elekta AB 408,624 0.48 10,258 Koninklijke DSM NV 524,788 0.62 Oil Company-Exploration & Production Computer Data Security 14,135 Lundin Petroleum AB 350,360 0.41 5,697 Gemalto NV 505,027 0.59 Steel-Producers Food-Miscellaneous/Diversified 9,934 SSAB AB 72,756 0.09 5,455 Nutreco NV 410,275 0.48 5,153 Unilever NV 186,443 0.22 SWITZERLAND 10.73% (30 September 2011: 12.64%) Food-Retail Auto/Truck Parts & Equipment-Original 38,511 Koninklijke Ahold NV 495,537 0.58 581 Georg Fischer AG 208,097 0.24 Semiconductor Equipment Building & Construction Production-Miscellaneous 8,981 ASML Holding NV 488,814 0.57 1,781 Geberit AG 390,268 0.46 Telecom Services Diversified Banking Institutions 7,883 Ziggo NV 272,973 0.32 26,880 UBS AG 335,349 0.39 Food-Miscellaneous/Diversified NORWAY 3.27% (30 September 2011: 3.06%) 34,020 Nestle SA 2,178,550 2.56 Agricultural Chemicals Medical-Drugs 16,977 Yara International ASA 857,531 1.01 28,414 Novartis AG 1,754,192 2.06 Building-Heavy Construction 12,127 Roche Holding AG 2,304,440 2.71 20,083 Aker Solutions ASA 392,200 0.46 Multi-Line Insurance Fisheries 3,686 Zurich Insurance Group AG 931,940 1.10 380,366 Marine Harvest ASA 313,722 0.37

22 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

EUROPEAN EQUITY FUND (continued) EUROPEAN EQUITY FUND (continued) Nominal Security Value %Net Nominal Security Value %Net US$ Asset US$ Asset

SWITZERLAND 10.73% (30 September 2011: 12.64%) (continued) UNITED KINGDOM 34.47% Retail-Jewelry (30 September 2011: 34.50%) (continued) 11,133 Cie Financiere Richemont SA 683,744 0.80 Oil Company-Integrated (continued) 866 Swatch Group AG/The 347,563 0.41 155,311 BP Plc 1,117,276 1.31 67,053 Royal Dutch Shell Plc 2,387,432 2.81 UNITED KINGDOM 34.47% (30 September 2011: 34.50%) Paper & Related Products Aerospace/Defense 132,720 DS Smith Plc 398,616 0.47 104,081 BAE Systems Plc 552,075 0.65 30,985 Mondi Plc 312,970 0.37 53,097 Rolls-Royce Holdings Plc 730,164 0.86 Sugar Airlines 42,065 Tate & Lyle Plc 457,306 0.54 26,871 easyJet Plc 254,411 0.30 Telephone-Integrated Audio/Video Products 204,485 BT Group Plc 776,074 0.91 76,132 Pace Plc 196,045 0.23 Television Beverages-Wine/Spirits 259,790 ITV Plc 371,162 0.44 8,749 Diageo Plc 249,426 0.29 Tobacco Building-Residential/Commercial 26,826 British American Tobacco Plc 1,394,633 1.64 194,225 Barratt Developments Plc 534,808 0.63 Water 31,816 Persimmon Plc 388,992 0.46 35,594 United Utilities Group Plc 416,412 0.49 387,841 Taylor Wimpey Plc 343,717 0.40 Brewery Total Value of Transferable 17,023 SABMiller Plc 755,172 0.89 Securities at Mid Market Prices 84,829,448 99.69 Cellular Telecom 713,494 Vodafone Group Plc 2,047,419 2.41 Adjustment from Mid Market Prices Chemicals-Diversified to Bid Market Prices (956,606) (1.12) 10,963 Johnson Matthey Plc 434,397 0.51 Commercial Banks Non-US Total Value of Transferable Securities at 47,834 Standard Chartered Plc 1,104,080 1.30 Bid Market Prices (Cost: US$72,146,965) 83,872,842 98.57 Commercial Services 7,736 Aggreko Plc 290,212 0.34 Open Forward Foreign Exchange Contracts (0.00%) Consulting Services (30 September 2011: 0.00%) 118,183 QinetiQ Group Plc 361,475 0.42 Containers-Metal/Glass Settlement Buy Amount Sell Amount Unrealised % Net 61,057 Rexam Plc 431,554 0.51 Date Bought Sold Gain/Loss Assets Diversified Banking Institutions 01/10/2012 USD 29,529 EUR (22,996) (241) (0.00) 127,797 Barclays Plc 459,690 0.54 01/10/2012 USD 10,383 EUR (8,087) (85) (0.00) 245,183 HSBC Holdings Plc 2,307,437 2.71 01/10/2012 USD 11,361 GBP (7,039) (61) (0.00) Diversified Minerals 02/10/2012 USD 18,855 GBP (11,661) (65) (0.00) 21,312 Anglo American Plc 639,054 0.75 32,659 BHP Billiton Plc 1,035,738 1.22 Total Gains on Forward Foreign Exchange Contracts – 0.00 25,885 Xstrata Plc 410,224 0.48 Total Loss on Forward Foreign Exchange Contracts (452) (0.00) Electronic Components-Miscellaneous 9,645 Spectris Plc 266,676 0.31 Total Foreign Currency Exchange Contracts (452) (0.00) Electronic Components-Semiconductor Cash 304,154 0.36 33,515 ARM Holdings Plc 313,237 0.37 Net Current Liabilities 915,400 1.08 25,393 Imagination Technologies Group Plc 197,732 0.23 Finance-Other Services Net Assets Attributable to Holders 63,982 Intermediate Capital Group Plc 316,850 0.37 of Redeemable Participating Units 14,805 London Stock Exchange Group Plc 228,815 0.27 at Bid Market Prices 85,091,944 100.00% Gas-Distribution 49,934 Centrica Plc 268,348 0.32 Analysis of Total Assets % of Total Assets 64,362 National Grid Plc 721,358 0.85 Transferable Securities and Money Market Instruments Invest Management/Advisory Services admitted to an official stock exchange listing or traded 139,019 Aberdeen Asset Management Plc 704,011 0.83 on a regulated market 100.69 Life/Health Insurance 350,465 Legal & General Group Plc 754,618 0.89 Financial Derivative instruments dealt in or on a 77,448 Prudential Plc 1,018,532 1.20 regulated market - Medical-Drugs Other Liabilities (0.69) 3,068 AstraZeneca Plc 147,476 0.17 36,810 BTG Plc 191,906 0.23 Total Assets 100.00 36,873 GlaxoSmithKline Plc 859,206 1.01 Metal-Copper The counterparty for the foreign currency contracts is State Street Global 14,173 Kazakhmys Plc 163,624 0.19 Metal-Diversified Markets. 20,551 Rio Tinto Plc 979,207 1.15 All securities are transferable securities admitted to an official stock Oil Company-Integrated exchange listing. 49,635 BG Group Plc 1,017,192 1.20

23 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

EMERGING MARKETS EQUITY FUND EMERGING MARKETS EQUITY FUND (continued) Nominal Security Value %Net Nominal Security Value %Net US$ Asset US$ Asset

TRANSFERABLE SECURITIES 99.01% (30 September 2011: 98.67%) CHILE 0.77% (30 September 2011: 0.84%) Chemicals-Diversified BERMUDA 1.68% (30 September 2011: 0.97%) 17,903 Sociedad Quimica y Minera de Chile SA 1,106,584 0.51 Agricultural Operations Steel-Producers 17,993 Bunge Ltd 1,210,929 0.55 16,285 CAP SA 578,158 0.26 Appliances 522,000 Haier Electronics Group Co Ltd 605,200 0.28 CHINA 11.67% (30 September 2011: 9.33%) Commercial Banks Non-US Airlines 10,985 Credicorp Ltd 1,378,178 0.63 2,442,000 Air China Ltd 1,536,859 0.70 Telecom Services 40,026 VimpelCom Ltd 471,506 0.22 Auto-Cars/Light Trucks 439,500 Great Wall Motor Co Ltd 1,159,100 0.53 BRAZIL 10.78% (30 September 2011: 16.64%) Building Production-Cement/Aggregates Agricultural Operations 227,000 Anhui Conch Cement Co Ltd 706,987 0.32 29,100 SLC Agricola SA 314,913 0.14 Building & Construction Production-Miscellaneous Auto/Truck Parts & Equipment-Original 1,936,000 China Communications Construction Co Ltd 86,200 Marcopolo SA 484,684 0.22 1,565,459 0.72 Brewery Building-Heavy Construction 76,605 Cia de Bebidas das Americas 2,957,720 1.35 2,150,027 China Railway Construction Corp Ltd 1,924,297 0.88 Building-Residential/Commercial Coal 331,400 Even Construtora e Incorporadora SA 1,298,331 0.59 1,492,000 China Coal Energy Co Ltd 1,362,294 0.62 Commercial Banks Non-US Commercial Banks Non-US 106,800 Banco Bradesco SA 1,744,700 0.80 1,071,000 Bank of China Ltd 407,456 0.19 204,400 Itau Unibanco Holding SA 3,172,907 1.45 1,476,269 China Construction Bank Corp 1,024,275 0.47 Commercial Service-Finance 5,507,390 Industrial & Commercial Bank of China Ltd 30,512 Cielo SA 820,974 0.38 3,252,969 1.49 Diversified Minerals Life/Health Insurance 185,166 Vale SA 3,271,270 1.49 417,800 China Pacific Insurance Group Co Ltd 1,263,514 0.58 Enterprise Software/Service Metal-Copper 31,800 Totvs SA 650,498 0.30 511,000 Jiangxi Copper Co Ltd 1,294,288 0.59 Food-Dairy Products Oil Company-Integrated 8,930 Vigor Alimentos SA 31,201 0.01 Food-Meat Products 2,484,000 China Petroleum & Chemical Corp 2,319,310 1.06 306,839 JBS SA 1,025,194 0.47 2,804,382 PetroChina Co Ltd 3,674,512 1.68 Food-Retail Power Conversion/Supply Equipment 12,136 Cia Brasileira de Distribuicao Grupo Pao de Acucar 456,000 Harbin Electric Co Ltd 350,493 0.16 541,508 0.25 Property/Casualty Insurance Oil Company-Integrated 1,312,200 PICC Property & Casualty Co Ltd 1,611,038 0.74 174,122 Petroleo Brasileiro SA 4,053,560 1.85 Telecom Services Printing-Commercial 3,548,000 China Telecom Corp Ltd 2,049,889 0.94 6,137 Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A CHINA, REPUBLIC OF (TAIWAN) 10.36% (30 September 2011:10.70%) 108,723 0.05 Athletic Footwear Public Thoroughfares 432,000 Pou Chen Corp 442,117 0.20 46,900 Obrascon Huarte Lain Brasil SA 418,328 0.19 Bicycle Manufacturing Real Estate Management/Services 155,250 Merida Industry Co Ltd 571,989 0.26 35,319 Brasil Brokers Participacoes SA 125,838 0.06 Cellular Telecom Steel-Producers 1,041,000 Far EasTone Telecommunications Co Ltd 2,574,666 1.18 111,800 Gerdau SA 1,075,443 0.49 Chemicals-Plastics Sugar 141,000 Formosa Plastics Corp 403,084 0.18 81,900 Cosan SA Industria e Comercio 1,499,369 0.69 Circuit Boards 372,857 FLEXium Interconnect Inc 1,488,197 0.68 BRITISH VIRGIN ISLANDS 0.00% (30 September 2011: 0.36%) Diversified Financial Services CAYMAN ISLANDS 1.85% (30 September 2011: 1.35%) 1,829,000 Mega Financial Holding Co Ltd 1,410,114 0.64 Electronic Components-Miscellaneous 5,222,990 SinoPac Financial Holdings Co Ltd 2,200,485 1.01 360,500 AAC Technologies Holdings Inc 1,301,763 0.59 Diversified Financial Services Internet Application Software 57,607 Fubon Financial Holding Co Ltd 62,690 0.03 30,400 Tencent Holdings Ltd 1,035,798 0.47 Electronic Components-Miscellaneous Real Estate Operator/Development 913,861 Hon Hai Precision Industry Co Ltd 2,868,139 1.31 998,500 Shimao Property Holdings Ltd 1,717,800 0.79 Food-Miscellaneous/Diversified 330,840 Uni-President Enterprises Corp 586,886 0.27

24 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

EMERGING MARKETS EQUITY FUND (continued) EMERGING MARKETS EQUITY FUND (continued) Nominal Security Value %Net Nominal Security Value %Net US$ Asset US$ Asset

CHINA, REPUBLIC OF (TAIWAN) 10.36% INDONESIA 2.61% (30 September 2011: 1.80%) (30 September 2011:10.70%) (continued) Building Production-Cement/Aggregates Power Conversion/Supply Equipment 348,000 Semen Gresik Persero Tbk PT 525,455 0.24 471,000 Delta Electronics Inc 1,823,681 0.83 Coal Rubber-Tires 864,500 Harum Energy Tbk PT 528,456 0.24 248,460 Cheng Shin Rubber Industry Co Ltd 652,648 0.30 Commercial Banks Non-US Semiconductor Components-Integrated Circuits 3,160,500 Bank Negara Indonesia Persero Tbk PT 1,287,978 0.59 1,072,000 Chipbond Technology Corp 1,700,513 0.78 Food-Miscellaneous/Diversified 705,000 Elan Microelectronics Corp 1,245,808 0.57 1,885,000 Indofood Sukses Makmur Tbk PT 1,103,030 0.50 1,514,244 Taiwan Semiconductor Manufacturing Co Ltd Gas-Distribution 4,638,786 2.12 1,577,500 Perusahaan Gas Negara Persero Tbk PT 675,836 0.31 Telecom Services COLOMBIA 0.70% (30 September 2011: 0.00%) 1,609,500 Telekomunikasi Indonesia Persero Tbk PT 1,589,318 0.73 Oil Company-Integrated 26,188 Ecopetrol SA 1,532,784 0.70 KOREA, REPUBLIC OF (SOUTH KOREA) 16.66% (30 September 2011:16.00%) CYPRUS 0.00% (30 September 2011: 0.15%) Auto/Truck Parts & Equipment-Original 10,564 Hyundai Mobis 2,951,277 1.35 EGYPT 0.31% (30 September 2011: 0.00%) Auto-Cars/Light Trucks Telecom Services 10,016 Hyundai Motor Co 2,270,987 1.04 214,721 Orascom Telecom Holding SAE 667,782 0.31 39,275 Kia Motors Corp 2,452,424 1.12 Building-Heavy Construction GUERNSEY 0.20% (30 September 2011:0.00%) 21,842 Daelim Industrial Co Ltd 1,864,998 0.85 Real Estate Opeations/Development Diversified Financial Services 70,448 Etalon Group Ltd 443,470 0.20 33,710 Hana Financial Group Inc 1,032,751 0.47 62,740 KB Financial Group Inc 2,241,067 1.02 HONG KONG 3.85% (30 September 2011: 4.75%) Electronic Components-Miscellaneous Cellular Telecom 29,370 LG Display Co Ltd 749,164 0.34 219,989 China Mobile Ltd 2,438,459 1.11 Electronic Components-Semiconductor Commercial Banks Non-Us 9,065 Samsung Electronics Co Ltd 10,978,240 5.02 4,973,318 Bank Of China Ltd-H Hkd 1.0000 1,892,069 0.87 Import/Export Computers 21,601 LG International Corp 908,605 0.42 1,516,000 Lenovo Group Ltd 1,255,171 0.57 Internet Content-Entertainment Diversified Financial Services 9,254 Com2uSCorp 547,867 0.25 830,000 China Everbright Ltd 1,041,501 0.48 Non-Ferrous Metals Oil Companies-Exploration & Production 3,113 Korea Zinc Co Ltd 1,368,244 0.63 879,566 CNOOC Ltd 1,803,575 0.82 Oil Refining & Marketing 13,616 SK Holdings Co Ltd 1,905,021 0.87 HUNGARY 0.00% (30 September 2011: 0.27%) Petrochemicals 4,780 LG Chem Ltd 1,425,710 0.65 INDIA 5.95% (30 September 2011: 6.07%) Retail-Regional Deptment Store Auto-Cars/Light Trucks 1,040 Lotte Shopping Co Ltd 299,435 0.14 305,652 Tata Motors Ltd 1,560,379 0.71 Shipbuilding Auto-Medium & Heavy Duty Trucks 44,390 Samsung Heavy Industries Co Ltd 1,505,727 0.69 48,475 Mahindra & Mahindra Ltd 797,498 0.36 Steel Pipe & Tube Building Production-Cement/Aggregates 15,920 Hyundai Hysco Co Ltd 676,091 0.31 7,725 Grasim Industries Ltd 488,375 0.22 Steel-Producers Commercial Banks Non-US 21,346 POSCO 1,766,809 0.81 93,618 ICICI Bank Ltd 3,734,421 1.71 Telephone-Integrated 129,956 Yes Bank Ltd 944,854 0.43 24,210 KT Corp 766,756 0.35 Communications Software Tobacco 14,628 Tech Mahindra Ltd 270,148 0.12 9,516 KT&G Corp 725,200 0.33 Computer Services 26,997 Tata Consultancy Services Ltd 666,389 0.30 LUXEMBOURG 0.06% (30 September 2011: 0.26%) Diversified Financial Services Steel-Producers 612,638 IDFC Ltd 1,813,735 0.83 6,353 Ternium SA 126,996 0.06 201,551 Indiabulls Financial Services Ltd 818,471 0.37 Metal-Copper MALAYSIA 1.84% (30 September 2011: 2.50%) 68,880 Sterlite Industries India Ltd 520,733 0.24 Auto-Cars/Light Trucks Tobacco 340,700 UMW Holdings Bhd 1,113,938 0.51 279,309 ITC Ltd 1,446,085 0.66 Commercial Banks Non-US 204,000 Malayan Banking Bhd 600,958 0.27

25 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

EMERGING MARKETS EQUITY FUND (continued) EMERGING MARKETS EQUITY FUND (continued) Nominal Security Value %Net Nominal Security Value %Net US$ Asset US$ Asset

MALAYSIA 1.84% (30 September 2011: 2.50%) (continued) RUSSIA 7.04% (30 September 2011: 6.06%) (continued) Electric-Integrated Oil Company-Exploration & Production 659,800 Tenaga Nasional Bhd 1,471,248 0.67 368,588 Gazprom OAO 3,759,598 1.72 Telecom Services Oil Company-Integrated 418,400 Telekom Malaysia Bhd 846,782 0.39 78,925 Lukoil OAO 4,913,080 2.25 15,393 Tatneft OAO 638,040 0.29 MAURITIUS 0.48% (30 September 2011: 0.46%) Steel-Producers Agricultural Operations 52,881 Severstal OAO 683,223 0.31 1,964,000 Golden Agri-Resources Ltd 1,058,280 0.48 Telecom Services 48,654 Sistema JSFC 1,005,192 0.46 MEXICO 6.70% (30 September 2011: 4.66%) Airport Development/Maintenance SOUTH AFRICA 6.05% (30 September 2011: 7.98%) 10,518 Grupo Aeroportuario del Sureste SAB de CV Cellular Telecom 924,637 0.42 104,023 Vodacom Group Ltd 1,302,584 0.60 Beverages-Non-Alcoholic Commercial Banks Non-US 23,616 Fomento Economico Mexicano SAB de CV 42,146 Nedbank Group Ltd 929,106 0.42 2,168,657 0.99 667,957 FirstRand Ltd 2,216,922 1.01 Broadcast Service/Program Diversified Operations 90,450 Grupo Televisa SAB 2,108,389 0.96 65,162 Imperial Holdings Ltd 1,501,532 0.69 Cellular Telecom Gold Mining 78,378 America Movil SAB de CV 2,023,720 0.92 138,084 Gold Fields Ltd 1,772,746 0.81 Commercial Banks Non-US Life/Health Insurance 411,300 Grupo Financiero Banorte SAB de CV 2,289,324 1.05 484,515 Sanlam Ltd 2,196,538 1.00 Diversified Operations Oil Company-Integrated 672,918 Alfa SAB de CV 1,218,918 0.56 53,905 Sasol Ltd 2,417,886 1.10 Food-Flour & Grain Retail-Miscellaneous/Diversified 273,059 Gruma SAB de CV 769,096 0.35 125,151 Woolworths Holdings Ltd/South Africa Non-Ferrous Metals 914,881 0.42 409,500 Grupo Mexico SAB de CV 1,352,818 0.62 9,770 Industrias Penoles SAB de CV 473,008 0.22 THAILAND 3.63% (30 September 2011: 3.48%) Petrochemicals Chemicals-Diversified 205,700 Mexichem SAB de CV 990,505 0.45 691,800 PTT Global Chemical PCL 1,410,804 0.64 Retail-Hypermarkets Commercial Banks Non-US 128,200 Controladora Comercial Mexicana SAB de CV 305,300 Bangkok Bank PCL 1,994,322 0.91 339,476 0.16 243,400 Kasikornbank PCL 1,459,451 0.67 Food-Canned PERU 0.60% (30 September 2011: 0.70%) 516,100 Thai Union Frozen Products PCL 1,224,417 0.56 Gold Mining Oil Refining & Marketing 20,633 Cia de Minas Buenaventura SA 804,687 0.37 453,800 Thai Oil PCL 966,003 0.44 Machinery-Construction & Mining Real Estate Operations/Development 553,549 Ferreycorp SAA 503,540 0.23 1,383,500 Supalai PCL 899,253 0.41

PHILIPPINES 0.74% (30 September 2011: 0.24%) TURKEY 2.32% (30 September 2011: 1.55%) Diversified Operations Airlines 2,734,600 Alliance Global Group Inc 963,649 0.44 295,525 Turk Hava Yollari 617,586 0.28 Investment Companies Auto-Cars/Light Trucks 49,850 GT Capital Holdings Inc 651,283 0.30 97,102 Tofas Turk Otomobil Fabrikasi AS 491,345 0.22 Commercial Banks Non-US POLAND 0.93% (30 September 2011: 0.64%) 72,208 Turkiye Halk Bankasi AS 561,348 0.26 Metal-Diversified 618,223 Turkiye Vakiflar Bankasi Tao 1,360,863 0.62 18,585 KGHM Polska Miedz SA 889,410 0.41 Diversified Operations Oil Refining & Marketing 514,160 KOC Holding AS 2,057,289 0.94 78,995 Polski Koncern Naftowy Orlen S.A. 1,130,892 0.52 UNITED KINGDOM 0.64% (30 September 2011: 0.75%) RUSSIA 7.04% (30 September 2011: 6.06%) Metal-Copper Commercial Banks Non-US 33,777 Antofagasta Plc 700,976 0.32 22,880 Sberbank of Russia 268,840 0.12 Paper & Related Products 257,297 Sberbank of Russia 3,030,959 1.39 68,265 Mondi Plc 689,523 0.32 Metal-Diversified 67,791 MMC Norilsk Nickel OJSC 1,096,858 0.50

26 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

EMERGING MARKETS EQUITY FUND (continued) JAPANESE EQUITY FUND Nominal Security Value %Net Nominal Security Value %Net US$ Asset US$ Asset

UNITED STATES 0.59% (30 September 2011: 0.00%) TRANSFERABLE SECURITIES 97.18% (31 January 2012: 98.75%) Metal-Copper 37,414 Southern Copper Corp 1,286,667 0.59 JAPAN 97.18% (31 January 2012: 98.75%) Applications Software Total Value of Transferable 11,700 Nihon Unisys Ltd 84,735 0.52 Securities at Mid Market Prices 216,644,008 99.01 Auto/Truck Parts & Equipment-Original 4,600 Aisin Seiki Co Ltd 131,598 0.81 Adjustment from Mid Market Prices 5,200 NHK Spring Co Ltd 44,897 0.28 to Bid Market Prices (752,435) (0.34) 11,000 Riken Corp 40,683 0.25 5,800 Tokai Rika Co Ltd 81,992 0.51 Total Value of Transferable Securities at 3,200 Toyoda Gosei Co Ltd 64,454 0.40 Bid Market Prices (Cost: US$198,323,891) 215,891,573 98.66 6,000 TS Tech Co Ltd 96,959 0.60 Auto-Cars/Light Trucks Open Forward Foreign Exchange Contracts (0.00%) 6,000 Daihatsu Motor Co Ltd 100,670 0.62 (30 September 2011: 0.00%) 18,000 Fuji Heavy Industries Ltd 150,309 0.93 8,100 Honda Motor Co Ltd 250,202 1.55 Settlement Buy Amount Sell Amount Unrealised % Net 145,000 Mitsubishi Motors Corp 134,536 0.83 Date Bought Sold Gain/Loss Assets 15,100 Nissan Motor Co Ltd 129,401 0.80 01/10/2012 MXN 1,101,516 USD (85,544) 422 0.00 9,000 Suzuki Motor Corp 175,709 1.09 01/10/2012 PLN 25,828 USD (8,005) 122 0.00 14,390 Toyota Motor Corp 563,731 3.49 01/10/2012 PLN 87,452 USD (27,082) 434 0.00 Auto-Medium & Heavy Duty Trucks 01/10/2012 PLN 175,351 USD (54,345) 827 0.00 19,000 Hino Motors Ltd 125,116 0.77 01/10/2012 USD 74,707 ZAR (617,675) (386) (0.00) Building Production-Doors & Windows 01/10/2012 ZAR 817,812 USD (98,913) 511 0.00 25,000 Asahi Glass Co Ltd 167,526 1.04 01/10/2012 ZAR 1,031,519 USD (124,760) 645 0.00 12,000 Central Glass Co Ltd 35,876 0.22 02/10/2012 PLN 407,412 USD (127,730) 457 0.00 Building-Residential/Commercial 02/10/2012 ZAR 848,172 USD (103,470) (355) (0.00) 12,000 Daiwa House Industry Co Ltd 175,206 1.08 03/10/2012 USD 262,054 ZAR (2,159,181) (408) (0.00) 18,000 PanaHome Corp 105,541 0.65 03/10/2012 USD 166,992 ZAR (1,375,925) (260) (0.00) 10,000 Sekisui House Ltd 99,871 0.62 03/10/2012 ZAR 937,145 USD (113,739) 177 0.00 Cellular Telecom 04/10/2012 USD 49,088 HKD (380,636) 0 0.00 151 NTT DOCOMO Inc 246,348 1.52 04/10/2012 ZAR 531,652 USD (64,626) (9) (0.00) Chemicals-Diversified 73,000 DIC Corp 119,472 0.74 Total Gains on Forward Foreign Exchange Contracts 3,595 0.00 27,500 Mitsubishi Chemical Holdings Corp 105,960 0.66 Total Losses on Forward Foreign Exchange Contracts (1,418) 0.00 700 Shin-Etsu Chemical Co Ltd 39,601 0.25 38,000 Sumitomo Chemical Co Ltd 97,448 0.60 Total Foreign Currency Exchange Contracts 2,177 0.00 47,000 Tosoh Corp 89,639 0.55 Chemicals-Other Cash 2,892,742 1.32 24,000 Nippon Carbon Co Ltd 44,227 0.27 Net Current Liabilities 31,923 0.01 Chemicals-Specialty 19,000 Daicel Corp 114,588 0.71 Net Assets Attributable to Holders Commercial Banks Non-US of Redeemable Participating Units 5,800 Bank of the Ryukyus Ltd 76,013 0.47 at Bid Market Prices 218,818,415 100.00% 30,000 Bank of Yokohama Ltd/The 143,428 0.89 23,800 Chiba Bank Ltd/The 139,242 0.86 Analysis of Total Assets % of Total Assets 24,500 Gunma Bank Ltd/The 125,342 0.78 Transferable Securities and Money Market Instruments 11,000 Hachijuni Bank Ltd/The 61,379 0.38 admitted to an official stock exchange listing or traded 17,000 Hiroshima Bank Ltd/The 57,397 0.35 on a regulated market 98.15 173,100 Mizuho Financial Group Inc 283,295 1.75 Financial Derivative instruments dealt in or on a 42,800 Resona Holdings Inc 176,495 1.09 regulated market - 10,000 Sumitomo Mitsui Financial Group Inc 314,433 1.95 Other Assets 1.85 60,310 Sumitomo Mitsui Trust Holdings Inc 180,308 1.12 Computers Total Assets 100.00 54 Wacom Co Ltd/Japan 131,799 0.82 Computers-Memory Devices The counterparty for the foreign currency contract is State Street Global 3,000 TDK Corp 112,345 0.70 Markets. Distribution/Wholesale 8,800 Canon Marketing Japan Inc 122,247 0.76 All securities are transferable securities admitted to an official stock Diversified Banking Institutions exchange listing. 96,900 Mitsubishi UFJ Financial Group Inc 457,028 2.83

27 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

JAPANESE EQUITY FUND (continued) JAPANESE EQUITY FUND (continued) Nominal Security Value %Net Nominal Security Value %Net US$ Asset US$ Asset

JAPAN 97.18% (31 January 2012: 98.75%) (continued) JAPAN 97.18% (31 January 2012: 98.75%) (continued) Diversified Finanancial Services Music 3,000 Hitachi Capital Corp 54,665 0.34 7,200 Avex Group Holdings Inc 149,010 0.92 Electric Products-Miscellaneous Office Automation & Equipment 45,700 Hitachi Ltd 255,590 1.58 8,800 Canon Inc 282,938 1.75 Electric-Generation Oil Company-Integrated 5,000 Electric Power Development Co Ltd 132,345 0.82 1,200 Idemitsu Kosan Co Ltd 98,969 0.61 Electronic Components-Miscellaneous Oil Refining & Marketing 9,000 Anritsu Corp 117,371 0.73 32,100 JX Holdings Inc 176,633 1.09 6,500 Hosiden Corp 36,521 0.23 Paper & Related Products Electronic Measuring Instruments 29,000 Chuetsu Pulp & Paper Co Ltd 51,198 0.32 8,900 Advantest Corp 116,411 0.72 3,800 Nippon Paper Group Inc 45,101 0.28 800 Keyence Corp 206,186 1.28 40,000 Oji Holdings Corp 122,680 0.76 Engineering/Research & Development Services Photo Equipment & Supplies 15,000 Yurtec Corp 49,871 0.31 2,800 FUJIFILM Holdings Corp 47,196 0.29 Enterprise Software/Service 15,500 Konica Minolta Holdings Inc 119,845 0.74 5,100 IT Holdings Corp 66,642 0.41 6,700 Nikon Corp 185,459 1.15 Finance-Leasing Companies Printing-Commercial 1,920 ORIX Corp 193,979 1.20 14,000 Dai Nippon Printing Co Ltd 98,144 0.61 Fisheries 13,000 Toppan Printing Co Ltd 75,889 0.47 5,000 Toyo Suisan Kaisha Ltd 125,773 0.78 Real Estate Management/Services Forestry 3,000 Mitsubishi Estate Co Ltd 57,758 0.36 14,000 Sumitomo Forestry Co Ltd 125,206 0.78 Real Estate Operations/Development Gas-Distribution 5,000 Sumitomo Realty & Development Co Ltd 133,505 0.83 17,000 Osaka Gas Co Ltd 75,361 0.47 Rental Auto/Equipment 27,000 Tokyo Gas Co Ltd 149,614 0.93 5,000 Kanamoto Co Ltd 58,570 0.36 Import/Export Retail-Apparel/Shoe 20,000 ITOCHU Corp 203,866 1.26 4,200 Aoyama Trading Co Ltd 80,753 0.50 27,000 Marubeni Corp 173,273 1.07 2,100 Chiyoda Co Ltd 58,021 0.36 9,000 Mitsubishi Corp 164,575 1.02 Retail-Convenience Store 14,300 Mitsui & Co Ltd 202,338 1.25 2,400 FamilyMart Co Ltd 118,763 0.74 77,500 Sojitz Corp 100,870 0.62 2,000 Lawson Inc 154,639 0.96 14,900 Sumitomo Corp 202,187 1.25 7,300 Ministop Co Ltd 122,294 0.76 Industrial Automat/Robot Retail-Miscellaneous/Diversified 500 FANUC Corp 81,057 0.50 5,300 Arcs Co Ltd 123,485 0.76 Industrial Gases 8,200 Seven & I Holdings Co Ltd 253,290 1.57 19,000 Taiyo Nippon Sanso Corp 100,631 0.62 Rubber-Tires Machinery-General Industrial 6,700 Bridgestone Corp 156,276 0.97 58,000 IHI Corp 130,052 0.81 Security Services 8,800 Obara Group Inc 107,959 0.67 8,600 Sohgo Security Services Co Ltd 121,353 0.75 Machinery-Material Handling Semiconductor Equipment 19,500 Daifuku Co Ltd 98,254 0.61 2,500 Tokyo Electron Ltd 107,120 0.66 Medical Instruments Shipbuilding 2,500 Fukuda Denshi Co Ltd 80,541 0.50 40,000 Sasebo Heavy Industries Co Ltd 36,082 0.22 Medical Products Steel-Producers 1,200 Hogy Medical Co Ltd 64,794 0.40 3,600 JFE Holdings Inc 47,784 0.30 16,600 Nipro Corp 107,173 0.66 Storage/Warehousing Medical-Drugs 14,000 Sumitomo Warehouse Co Ltd/The 64,768 0.40 900 Astellas Pharma Inc 45,986 0.28 Telephone-Integrated 7,100 CMIC Holdings Co Ltd 117,937 0.73 2,900 KDDI Corp 226,469 1.40 5,800 Daiichi Sankyo Co Ltd 96,418 0.60 5,097 Nippon Telegraph & Telephone Corp 244,341 1.51 3,500 Eisai Co Ltd 158,763 0.98 5,500 Softbank Corp 223,969 1.39 6,000 Otsuka Holdings Co Ltd 187,112 1.16 Tobacco 1,850 Takeda Pharmaceutical Co Ltd 85,706 0.53 2,077 Japan Tobacco Inc 62,685 0.39 Medical-Generic Drugs Toys 800 Sawai Pharmaceutical Co Ltd 93,505 0.58 9,000 Namco Bandai Holdings Inc 153,325 0.95 Medical-Wholesale Drug Distribution Transport-Marine 2,400 Alfresa Holdings Corp 119,227 0.74 50,000 Nippon Yusen KK 88,918 0.55 Motion Pictures & Services 6,700 Toho Co Ltd/Tokyo 123,898 0.77

28 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

JAPANESE EQUITY FUND (continued) Nominal Security Value %Net US$ Asset

JAPAN 97.18% (31 January 2012: 98.75%) (continued) Transport-Rail 2,500 Central Japan Railway Co 221,005 1.37 3,900 East Japan Railway Co 259,831 1.61 3,600 West Japan Railway Co 154,717 0.96 Transport-Truck 35,000 Nippon Express Co Ltd 133,505 0.83 Web Portals/Internet Service Provider 19,400 GMO internet Inc 132,500 0.82 259 Yahoo Japan Corp 99,228 0.61

Total Value of Transferable Securities at Mid Market Prices 15,696,719 97.18

Adjustment from Mid Market Prices to Bid Market Prices (41,474) (0.26)

Total Value of Transferable Securities at Bid Market Prices (Cost: US$15,988,940) 15,655,245 96.92

Open Forward Foreign Exchange Contracts (0.00%) (31 January 2012: 0.00%)

Settlement Buy Amount Sell Amount Unrealised % Net Date Bought Sold Gain/Loss Assets 02/10/2012 USD 1,723 JPY (133,920) (3) (0.00)

Total Loss on Forward Foreign Exchange Contracts (3) (0.00)

Total Foreign Currency Exchange Contracts (3) (0.00)

Cash 302,010 1.87 Net Current Liabilities 195,492 1.21

Net Assets Attributable to Holders of Redeemable Participating Units at Bid Market Prices 16,152,745 100.00%

Analysis of Total Assets % of Total Assets Transferable Securities and Money Market Instruments admitted to an official stock exchange listing or traded on a regulated market 97.19

Financial Derivative instruments dealt in or on a regulated market - Other Assets 2.81

Total Assets 100.00

The counterparty for the foreign currency contracts is State Street Global Markets. All securities are transferable securities admitted to an official stock exchange listing.

29 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

PREFERRED SECURITIES FUND Nominal Security Coupon Rate Maturity Value % Net Date US$ Asset

TRANSFERABLE SECURITIES 100.17% (30 SEPTEMBER 2011: 97.61%) AUSTRALIA 2.44% (30 SEPTEMBER 2011: 1.19%) Corporate Bond 11,500,000 Macquarie Bank Ltd 10.250% 20/06/2049 12,098,000 1.67 2,000,000 Macquarie PMI LLC 8.375% 29/12/2049 2,051,500 0.28 3,200,000 National Australia Bank Ltd/New York 8.000% Perpetual 3,517,856 0.49

BERMUDA 7.99% (30 SEPTEMBER 2011: 6.44%) Corporate Bond 10,725,000 Catlin Insurance Co Ltd 7.249% Perpetual 10,550,719 1.46 2,000,000 Oil Insurance Ltd 3.342% Perpetual 1,800,000 0.25 Preferred Security 620,752 Arch Capital Group Ltd 6.750% Perpetual 16,592,343 2.29 605,572 Aspen Insurance Holdings Ltd 7.250% Perpetual 16,415,329 2.27 181,600 Axis Capital Holdings Ltd 6.875% Perpetual 5,039,400 0.70 1,728 PartnerRe Ltd 6.500% Perpetual 43,563 0.01 150,013 RenaissanceRe Holdings Ltd 6.080% Perpetual 3,769,827 0.52 138,357 RenaissanceRe Holdings Ltd 6.600% Perpetual 3,512,884 0.49

CANADA 1.36% (30 SEPTEMBER 2011: 1.49%) Corporate Bond 9,200,000 TransCanada PipeLines Ltd 6.350% 15/05/2067 9,844,842 1.36

CAYMAN ISLANDS 0.54% (30 SEPTEMBER 2011: 0.26%) Preferred Security 2,000 Centaur Funding Corp 0.000% 21/04/2020 1,340,000 0.19 2,000 Centaur Funding Corp 9.080% 21/04/2020 2,540,625 0.35

DENMARK 0.42% (30 SEPTEMBER 2011: 0.00%) Corporate Bond 3,000,000 Danske Bank A/S 7.125% 21/09/2037 3,054,900 0.42

FRANCE 3.67% (30 SEPTEMBER 2012: 4.32%) Corporate Bond 8,641,000 AXA SA 1.680% 29/08/2049 4,363,705 0.60 2,700,000 AXA SA 6.379% Perpetual 2,457,000 0.34 1,800,000 BNP Paribas SA 7.195% Perpetual 1,719,402 0.24 6,950,000 BPCE SA 2.510% Perpetual 3,461,795 0.48 1,200,000 BPCE SA 12.500% Perpetual 1,377,360 0.19 2,800,000 Natixis 10.000% Perpetual 2,801,680 0.39 800,000 Societe Generale SA 1.104% Perpetual 437,504 0.06 3,700,000 Societe Generale SA 5.922% Perpetual 3,018,329 0.42 6,750,000 Societe Generale SA 8.750% Perpetual 6,861,375 0.95

GERMANY 2.69% (30 SEPTEMBER 2011: 1.54%) Corporate Bond 12,250,000 RWE AG 7.000% 10/12/2072 12,793,778 1.77 Preferred Security 256,451 Allianz SE 8.375% Perpetual 6,651,698 0.92

GREAT BRITIAN 1.37% (30 SEPTEMBER 2011: 0.00%) Corporate Bond 10,000,000 Prudential Plc 6.500% 29/06/2049 9,925,000 1.37

GUERNSEY 1.06% (30 SEPTEMBER 2011: 1.56%) Corporate Bond 7,500,000 Credit Suisse Group Guernsey I Ltd 7.875% 24/02/2041 7,666,875 1.0 6

HONG KONG 0.43% ( 31 January 2012:0) Corporate Bond 3,000,000 Hutchison Whampoa International 12 Ltd 6.000% 29/05/2049 3,112,500 0.43

30 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

PREFERRED SECURITIES FUND (continued) Nominal Security Coupon Rate Maturity Value % Net Date US$ Asset

IRELAND 0.42% (30 SEPTEMBER 2011: 0.61%) Corporate Bond 3,300,000 XL Group Plc 6.500% Perpetual 3,052,500 0.42

JAPAN 1.29% (30 SEPTEMBER 2011: 1.37%) Corporate Bond 8,400,000 Mitsui Sumitomo Insurance Co Ltd 7.000% 15/03/2072 9,343,268 1.29

JERSEY 4.35% (30 SEPTEMBER 2011: 5.60%) Corporate Bond 2,120,000 Claudius Ltd for Credit Suisse 8.250% Perpetual 2,213,280 0.31 3,000,000 HBOS Capital Funding No2 LP 6.071% Perpetual 2,347,500 0.32 5,100,000 QBE Capital Funding II LP 6.797% Perpetual 4,862,758 0.67 16,200,000 QBE Capital Funding III Ltd 7.250% 24/05/2041 16,388,065 2.27 5,500,000 Swiss Re Capital I LP 6.854% Perpetual 5,667,750 0.78

LUXEMBOURG 0.58% (30 SEPTEMBER 2011: 0.73%) Corporate Bond 4,300,000 Ageas Hybrid Financing SA 8.250% Perpetual 4,188,200 0.58

NETHERLANDS 6.24% (30 SEPTEMBER 2011: 4.11%) Corporate Bond 6,700,000 Aegon NV 1.709% Perpetual 3,383,500 0.47 17,335,000 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/ Netherlands 11.000% 29/12/2049 22,842,182 3.16 5,000,000 ING Groep NV 5.775% Perpetual 4,575,000 0.63 5,000,000 Rabobank Capital Funding Trust III 5.254% 29/12/2049 4,898,720 0.68 Preferred Security 171,369 Aegon NV 6.375% Perpetual 4,321,100 0.60 13,293 Aegon NV 6.500% Perpetual 330,996 0.05 60,799 Aegon NV 6.875% Perpetual 1,524,839 0.21 7,350 Aegon NV 8.000% 15/02/2042 198,377 0.03 6,600 ING Groep NV 7.050% Perpetual 164,670 0.02 54,561 ING Groep NV 7.200% Perpetual 1,365,662 0.19 17,800 ING Groep NV 7.375% Perpetual 444,466 0.06 39,865 ING Groep NV 8.500% Perpetual 1,043,267 0.14

NORWAY 0.14% (30 September 2011: 0.25%) Corporate Bond 2,000,000 Den Norske Creditbank 0.750% Perpetual 1,020,000 0.14

SPAIN 0.35% (30 September 2011: 0.95%) Corporate Bond 3,277,000 BBVA International Preferred SAU 5.919% Perpetual 2,506,905 0.35

SWEDEN 1.87% (30 September 2011: 0.90%) Corporate Bond 12,518,000 Nordea Bank AB 8.375% Perpetual 13,541,347 1.87

SWITZERLAND 0.52% (30 September 2011: 1.27%) Corporate Bond 3,600,000 Claudius Ltd For Credit Suisse 7.875% 29/06/2049 3,793,500 0.512

UNITED KINGDOM 12.05% (30 September 2011: 10.35%) Corporate Bond 1,900,000 Barclays Bank Plc 6.278% Perpetual 1,764,625 0.24 6,600,000 Barclays Bank Plc 6.860% Perpetual 6,531,000 0.90 3,600,000 Barclays Bank Plc 7.434% 29/09/2049 3,758,992 0.52 1,000,000 HSBC Bank Plc 0.850% Perpetual 483,000 0.07 3,000,000 HSBC Bank Plc 0.893% Perpetual 1,440,000 0.20

31 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

PREFERRED SECURITIES FUND (continued) Nominal Security Coupon Rate Maturity Value % Net Date US$ Asset

UNITED KINGDOM 12.05% (30 September 2011: 10.35%) (continued) Corporate Bond (continued) 2,000,000 HSBC Bank Plc 1.000% Perpetual 950,000 0.13 6,000,000 LBG Capital No.1 Plc 8.000% 29/12/2049 5,783,424 0.80 10,100,000 Prudential Plc 7.750% Perpetual 10,882,750 1.51 5,050,000 Prudential Plc 11.750% 29/12/2049 5,857,041 0.81 6,600,000 Royal Bank of Scotland Group Plc 7.648% Perpetual 6,468,000 0.90 1,000,000 Royal Bank of Scotland Plc/The 9.500% 16/03/2022 1,117,857 0.15 10,000,000 SSE Plc 5.625% Perpetual 10,000,400 1.38 2,200,000 Standard Chartered Plc 6.409% Perpetual 2,173,888 0.30 3,350,000 Standard Chartered Plc 6.409% Perpetual 3,310,239 0.46 5,900,000 Standard Chartered Plc 7.014% Perpetual 6,077,000 0.84 Preferred Security 10,000 Barclays Bank Plc 6.625% Perpetual 249,500 0.03 50,500 Barclays Bank Plc 7.100% Perpetual 1,266,540 0.18 31,970 Barclays Bank Plc 7.750% Perpetual 820,031 0.11 11,000 Barclays Bank Plc 8.125% Perpetual 284,790 0.04 91,700 HSBC Holdings Plc 6.200% Perpetual 2,309,006 0.32 88,400 HSBC Holdings Plc 8.000% Perpetual 2,496,416 0.35 387,195 Lloyds Banking Group Plc 7.750% 15/07/2050 10,597,526 1.47 2,300 National Westminster Bank Plc 7.763% Perpetual 57,385 0.01 106,560 Royal Bank of Scotland Group Plc 5.750% Perpetual 2,374,157 0.33

UNITED STATES 54.54% (30 September 2011: 54.67%) Corporate Bond 8,810,000 Abbey National Capital Trust I 8.963% Perpetual 9,470,750 1.31 1,437,000 ACE Capital Trust II 9.700% 04/01/2030 2,069,280 0.29 13,770,000 Allstate Corp/The 6.125% 15/05/2037 14,234,737 1.97 5,700,000 Allstate Corp/The 6.500% 15/05/2057 6,070,500 0.84 940,000 American Express Co 6.800% 09/01/2066 1,014,025 0.14 3,600,000 BankAmerica Institutional Capital B 7.700% 31/12/2026 3,681,000 0.51 5,500,000 BNSF Funding Trust I 6.613% 15/12/2055 6,133,201 0.85 12,259,000 Capital One Capital III 7.686% 15/08/2036 12,427,561 1.72 2,660,000 Capital One Capital IV 6.745% 17/02/2037 2,689,925 0.37 1,200,000 Chubb Corp/The 6.375% 29/03/2067 1,284,000 0.18 9,880,000 Countrywide Capital III 8.050% 15/06/2027 11,423,750 1.58 8,500,000 Deutsche Bank Capital Funding Trust I 3.330% Perpetual 5,607,025 0.78 2,400,000 Deutsche Bank Capital Funding Trust I 3.330% Perpetual 1,583,160 0.22 6,600,000 Deutsche Bank Capital Trust 4.901% 31/12/2049 5,379,000 0.74 5,000,000 Dominion Resources Inc/VA 2.669% 30/09/2066 4,578,375 0.63 1,900,000 Dominion Resources Inc/VA 7.500% 30/06/2066 2,063,189 0.29 4,000,000 Dresdner Funding Trust I 8.151% 30/06/2031 3,640,000 0.50 5,900,000 Everest Reinsurance Holdings Inc 6.600% 15/05/2037 6,032,750 0.83 4,033,000 Fifth Third Capital Trust IV 6.500% 15/04/2037 4,043,083 0.56 1,300,000 First Hawaiian Capital I 8.343% 07/01/2027 1,311,727 0.18 500,000 First Union Capital II 7.950% 15/11/2029 564,083 0.08 10,542,000 GE Capital Trust I 6.375% 15/11/2067 11,149,365 1.54 900,000 Goldman Sachs Capital I 6.345% 15/02/2034 907,946 0.13 5,000,000 Great-West Life & Annuity Insurance Capital LP 6.625% 15/11/2034 4,895,900 0.68 200,000 HSBC Finance Capital Trust IX 5.911% 30/11/2035 197,500 0.03 10,647,000 Integrys Energy Group Inc 6.110% 12/01/2066 11,216,253 1.55 2,000,000 Liberty Mutual Group Inc 7.000% 15/03/2037 1,910,000 0.26 1,590,000 Liberty Mutual Group Inc 7.800% 15/03/2037 1,733,100 0.24 5,670,000 Lincoln National Corp 6.050% 20/04/2067 5,577,863 0.77 4,400,000 Lincoln National Corp 7.000% 17/05/2066 4,444,000 0.61 2,800,000 M&T Capital Trust III 9.250% 02/01/2027 2,859,405 0.40 1,800,000 MetLife Capital Trust IV 7.875% 15/12/2037 2,133,000 0.29 4,100,000 MetLife Capital Trust X 9.250% 04/08/2038 5,289,000 0.73 15,500,000 Nationwide Financial Services Inc 6.750% 15/05/2037 15,887,499 2.20 1,083,000 NB Capital Trust II 7.830% 15/12/2026 1,104,389 0.15 3,500,000 NBP Capital Trust III 7.375% Perpetual 2,642,500 0.37

32 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

PREFERRED SECURITIES FUND (continued) Nominal Security Coupon Rate Maturity Value % Net Date US$ Asset

UNITED STATES 54.54% (30 September 2011: 54.67%) (continued) Corporate Bond (continued) 5,200,000 NextEra Energy Capital Holdings Inc 6.350% 10/01/2066 5,523,367 0.76 3,726,000 NextEra Energy Capital Holdings Inc 6.650% 15/06/2067 3,992,716 0.55 5,700,000 North Fork Capital Trust II 8.000% 15/12/2027 5,771,250 0.80 6,900,000 PPL Capital Funding Inc 6.700% 30/03/2067 7,182,928 0.99 1,700,000 Progressive Corp/The 6.700% 15/06/2037 1,844,500 0.26 3,000,000 Prudential Financial Inc 5.875% 15/09/2042 3,086,250 0.43 12,100,000 Reinsurance Group of America Inc 6.750% 15/12/2065 11,812,232 1.63 4,000,000 UBS Preferred Funding Trust V 6.243% Perpetual 3,980,000 0.55 5,000,000 Westpac Capital Trust IV 5.256% Perpetual 4,925,000 0.68 2,691,000 Wisconsin Energy Corp 6.250% 15/05/2067 2,875,527 0.40 4,600,000 ZFS Finance USA Trust II 6.450% 15/12/2065 4,899,000 0.68 11,930,000 ZFS Finance USA Trust V 6.500% 05/09/2037 12,675,625 1.75 Preferred Security 51,663 Affiliated Managers Group Inc 6.375% 15/08/2042 1,327,817 0.18 172,300 Aflac Inc 5.500% 15/09/2052 4,291,132 0.59 123,032 American Financial Group Inc/OH 5.750% 25/08/2042 3,087,340 0.43 3,380 American Financial Group Inc/OH 6.375% 06/12/2042 88,218 0.01 39,774 Ameriprise Financial Inc 7.750% 15/06/2039 1,106,115 0.15 11,550 Citigroup Capital IX 6.000% 14/02/2033 288,750 0.04 42,200 Citigroup Capital X 6.100% 30/09/2033 1,048,670 0.15 226,735 Citigroup Capital XI 6.000% 27/09/2034 5,750,000 0.80 54,271 Citigroup Capital XIII 7.875% 30/10/2040 1,508,734 0.21 4,300 Citigroup Capital XV 6.500% 15/09/2066 107,930 0.02 4,900 Citigroup Capital XVII 6.350% 15/03/2067 122,647 0.02 2,400 Citigroup Capital XX 7.875% 15/12/2067 60,648 0.01 42,500 CommonWealth REIT 5.750% 08/01/2042 1,042,164 0.14 94,779 CommonWealth REIT 7.500% 15/11/2019 2,075,660 0.29 64,630 Corporate-Backed Trust Certificates 6.000% 15/02/2034 1,593,510 0.22 3,780 Corporate-Backed Trust Certificates 6.300% 15/02/2034 94,576 0.01 82,539 Delphi Financial Group Inc 7.376% 15/05/2037 2,074,411 0.29 13,500 Deutsche Bank Capital Funding Trust X 7.350% Perpetual 341,550 0.05 630,600 Deutsche Bank Contingent Capital Trust II 6.550% Perpetual 15,966,792 2.21 84,600 Deutsche Bank Contingent Capital Trust III 7.600% Perpetual 2,254,590 0.31 15,500 Deutsche Bank Contingent Capital Trust V 8.050% Perpetual 423,460 0.06 108,305 DTE Energy Co 6.500% 12/01/2061 3,056,530 0.42 99,897 Entergy Arkansas Inc 5.750% 11/01/2040 2,755,159 0.38 2,429 Entergy Louisiana LLC 5.875% 15/06/2041 67,696 0.01 59,928 Entergy Louisiana LLC 6.000% 15/03/2040 1,718,735 0.24 196,472 Entergy Mississippi Inc 6.000% 05/01/2051 5,505,441 0.76 639 Entergy Texas Inc 7.875% 06/01/2039 18,352 0.00 189,832 Everest Re Capital Trust II 6.200% 29/03/2034 4,795,156 0.66 178,257 Goldman Sachs Group Inc/The 6.125% 11/01/2060 4,688,158 0.65 165,200 Hartford Financial Services Group Inc 7.875% 15/04/2042 4,651,421 0.64 82,334 JP Morgan Chase Capital XI 5.875% 15/06/2033 2,078,110 0.29 68,111 JPMorgan Chase Capital XXIX 6.700% 04/02/2040 1,788,595 0.25 332,065 Merrill Lynch Capital Trust I 6.450% 15/12/2066 8,275,059 1.14 66,834 Merrill Lynch Capital Trust II 6.450% 15/06/2062 1,664,835 0.23 10,004 Morgan Stanley Capital Trust III 6.250% 03/01/2033 249,500 0.03 35,900 Morgan Stanley Capital Trust IV 6.250% 04/01/2033 895,346 0.12 7,000 Morgan Stanley Capital Trust V 5.750% 15/07/2033 172,900 0.02 4,000 Morgan Stanley Capital Trust VII 6.600% 15/10/2066 99,680 0.01 35,010 Morgan Stanley Capital Trust VIII 6.450% 15/04/2067 865,797 0.12 51,930 NextEra Energy Capital Holdings Inc 5.625% 15/06/2072 1,370,952 0.19 370,704 NextEra Energy Capital Holdings Inc 5.700% 03/01/2072 9,943,208 1.37 4,845 Plc Capital Trust V 6.125% 27/01/2034 121,319 0.02 8,300 PreferredPlus TR 5.750% 15/02/2033 206,587 0.03 12,046 PreferredPlus TR 6.000% 15/02/2033 303,077 0.04

33 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

PREFERRED SECURITIES FUND (continued) Nominal Security Coupon Rate Maturity Value % Net Date US$ Asset

UNITED STATES 54.54% (30 September 2011: 54.67%) (continued) Preferred Security (continued) 36,696 Protective Life Corp 6.000% 09/01/2042 935,748 0.13 163,000 Protective Life Corp 6.250% 15/05/2042 4,217,625 0.58 6,608 Prudential Financial Inc 9.000% 15/06/2038 173,394 0.02 36,700 Qwest Corp 7.000% 07/01/2052 972,550 0.13 203,773 Qwest Corp 7.000% 04/01/2052 5,440,739 0.75 173,437 Qwest Corp 7.375% 06/01/2051 4,776,455 0.66 139,223 Qwest Corp 7.500% 15/09/2051 3,765,982 0.52 1,300 Raymond James Financial Inc 6.900% 15/03/2042 35,791 0.00 17,158 SCANA Corp 7.700% 30/01/2065 486,429 0.07 87,150 Senior Housing Properties Trust 5.625% 08/01/2042 2,157,834 0.30 266,702 Stanley Black & Decker Inc 5.750% 25/07/2052 7,038,666 0.97 397 Telephone & Data Systems Inc 6.875% 15/11/2059 10,965 0.00 224,113 Telephone & Data Systems Inc 7.000% 15/03/2060 6,178,796 0.85 64,400 Torchmark Corp 5.875% 15/12/2052 1,637,048 0.23 114,294 United States Cellular Corp 6.950% 15/05/2060 3,155,657 0.44 220,131 Vornado Realty LP 7.875% 10/01/2039 6,073,414 0.84 43,317 Weingarten Realty Investors 8.100% 15/09/2019 1,008,853 0.14 10,200 Wells Fargo Capital XII 7.875% 15/03/2068 263,364 0.04 15,931 WR Berkley Capital Trust II 6.750% 26/07/2045 407,515 0.06

Total Value of Transferable Securities at Mid Market Prices 754,391,596 104.32

Adjustment from mid market prices to bid market prices (6,405,392) (0.89)

Total Value of Transferable Securities at Bid Market Prices (Cost: US$718,075,762) 747,986,204 103.43

Interest Receivable on Transferable Securities 10,291,620 1.43

Total Value of Transferable Securities 758,277,824 104.86

34 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

PREFERRED SECURITIES FUND (continued) Nominal Security Coupon Rate Maturity Value % Net Date US$ Asset

Open Forward Foreign Exchange Contracts (0.17%) (30 September 2011: (0.15%))

Settlement Buy Amount Sell Amount Unrealised % Net Assets Date Bought Sold Gain/Loss 01/10/2012 EUR 14,571,807 USD (18,812,202) 51,106 0.01 02/10/2012 EUR 27,032,653 USD (34,782,915) 211,048 0.03 03/10/2012 EUR 333,126 USD (428,916) 2,322 0.00 03/10/2012 EUR 17,718,664 USD (22,813,666) 123,490 0.02 15/10/2012 EUR 79,377,647 USD (103,504,482) (736,860) (0.10) 15/10/2012 EUR 40,916,480 USD (53,353,044) (379,826) (0.05) 15/10/2012 EUR 23,966,473 USD (31,251,082) (222,480) (0.03) 15/10/2012 EUR 4,808,443 USD (6,269,874) (44,540) (0.01) 15/10/2012 EUR 2,496,087 USD (3,254,723) (23,121) 0.00 15/10/2012 EUR 1,397,898 USD (1,822,761) (12,949) 0.00 15/10/2012 EUR 915,381 USD (1,193,940) (8,827) 0.00 15/10/2012 EUR 520,710 USD (679,167) (5,021) 0.00 15/10/2012 EUR 389,200 USD (507,490) (3,605) 0.00 15/10/2012 EUR 196,698 USD (256,557) (1,899) 0.00 15/10/2012 EUR 14,893 USD (19,517) (235) 0.00 15/10/2012 EUR 56,765 USD (73,612) (120) 0.00 15/10/2012 EUR 91,939 USD (118,666) 364 0.00 15/10/2012 EUR 1,241,559 USD (1,601,151) 6,254 0.00 15/10/2012 GBP 77,683 USD (125,757) 284 0.00 15/10/2012 GBP 2,143,546 USD (3,470,102) 7,845 0.00 15/10/2012 JPY 10,084,684 USD (129,717) 254 0.00 15/10/2012 JPY 22,189,653 USD (285,409) 571 0.00 15/10/2012 JPY 50,381,458 USD (648,046) 1,269 0.00 15/10/2012 JPY 1,068,899,029 USD (13,749,489) 26,450 0.00 15/10/2012 JPY 5,439,923,402 USD (69,974,960) 134,611 0.02 15/10/2012 USD 34,787,375 EUR (27,032,653) (210,910) (0.03) 15/10/2012 USD 22,816,058 EUR (17,718,664) (123,712) (0.02) 15/10/2012 USD 18,814,534 EUR (14,571,807) (51,104) (0.01) 15/10/2012 USD 428,961 EUR (333,126) (2,326) 0.00 15/10/2012 USD 20,532 EUR (15,746) 146 0.00 15/10/2012 USD 289,733 EUR (223,425) 472 0.00 15/10/2012 USD 199,541 EUR (153,148) 1,265 0.00 15/10/2012 USD 182,266 EUR (139,321) 1,891 0.00 15/10/2012 USD 244,133 EUR (185,654) 3,773 0.00

Total Gains on Forward Foreign Exchange Contracts 573,415 0.08 Total Loss on Forward Foreign Exchange Contracts (1,827,535) (0.25)

Total Open Forward Foreign Exchange Contracts (1,254,120) (0.17)

Cash 51,804,582 7.16 Net Current Liabilities (85,675,172) (11.85)

Net Assets Attributable to holders of redeemable participating units at bid prices 723,153,114 100%

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

Analysis of Total Assets % of Total Assets

Transferable Securities and Money Market Instruments other than those admitted to an official stock exchange listing or traded on a regulated market 90.75 Financial Derivative Instruments dealt in or on a regulated market (0.15) Other Assets 9.40

Total Assets 100.00

35 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

US EQUITY FUND US EQUITY FUND (continued) Nominal Security Value %Net Nominal Security Value %Net US$ Asset US$ Asset

TRANSFERABLE SECURITIES 100.36% (30 September 2011: 98.91%) UNITED STATES 96.72% (30 September 2011: 94.74%) (continued) E-Commerce/Services BERMUDA 0.00% (30 September 2011: 0.62%) 11,597 Expedia Inc 675,525 0.62 E-Commerce/Services (continued) CAYMAN ISLANDS 0.46% (30 September 2011: 0.00%) 36,708 I AC/InterActiveCorp 1,909,917 1.75 Vitamins & Nutrition Production Electric-Integrated 10,669 Herbalife Ltd 501,550 0.46 19,476 DTE Energy Co 1,163,885 1.07 19,101 Pinnacle West Capital Corp 1,005,477 0.92 IRELAND 1.28% (30 September 2011: 1.18%) Electronic Component-Semiconductor Computer Services 13,727 Broadcom Corp 483,259 0.44 21,403 Accenture Plc 1,399,328 1.28 17,992 NVIDIA Corp 238,574 0.22 Electronic Design Automation NETHERLANDS 0.00% (30 September 2011: 0.36%) 39,467 Synopsys Inc 1,307,936 1.20 Enterprise Software/Services SWITZERLAND 1.90% (30 September 2011: 2.01%) 17,229 BMC Software Inc 718,105 0.66 Electronic Security Devices Finance-Credit Card 17,356 Tyco International Ltd 972,804 0.89 70,682 Discover Financial Services 2,806,782 2.57 Oil & Gas Drilling Food- Miscellaneous /Diversified 31,044 Noble Corp 1,105,166 1.01 38,251 ConAgra Foods Inc 1,054,963 0.97 Investment Managemennt/Advisory Service UNITED STATES 96.72% (30 September 2011: 94.74%) 5,870 Ameriprise Financial Inc 334,238 0.31 Aerospace/Defense Life/Health Insurance 17,948 Boeing Co 1,258,155 1.15 14,184 Prudential Financial Inc 777,567 0.71 15,053 Northrop Grumman Corp 1,000,573 0.92 Medical-Biomedical/Genetics Aerospace/Defense-Equipment 16,928 Amgen Inc 1,426,438 1.31 21,280 United Technologies Corp 1,667,288 1.53 9,807 United Therapeutics Corp 552,526 0.51 Agricultural Chemicals Medical-Drugs 8,367 CF Industries Holdings Inc 1,841,744 1.69 41,742 Eli Lilly & Co 1,988,589 1.82 6,161 Monsanto Co 562,869 0.52 75,257 Pfizer Inc 1,878,415 1.72 9,047 Mosaic Co 521,560 0.48 Medical-Generic Drugs Appliances 9,158 Watson Pharmaceuticals Inc 766,616 0.70 5,758 Whirlpool Corp 480,678 0.44 Medical-Health Maintenance Organisation Applications Software 16,234 Cigna Corp 763,323 0.70 113,466 Microsoft Corp 3,426,673 3.14 34,121 UnitedHealth Group Inc 1,918,965 1.76 Beverages-Wine/Spirits Medical-Hospitals 23,346 Constellation Brands Inc 761,080 0.70 12,954 HCA Holdings Inc 428,130 0.39 Building-Residential/Commercial Medical-Wholesale Drug Distribution 67,984 PulteGroup Inc 1,063,270 0.97 16,863 McKesson Corp 1,469,610 1.35 Cable TV Metal-Copper 77,085 Comcast Corp 2,758,101 2.53 13,240 Freeport-McMoRan Copper & Gold Inc 531,056 0.49 Chemicals-Diversified Multi-Line Insurance 7,941 PPG Industries Inc 915,041 0.84 41,174 Allstate Corp 1,637,490 1.50 Chemicals-Specialty Multimedia 12,435 Eastman Chemical Co 700,961 0.64 25,824 Walt Disney Co 1,357,826 1.24 Commercial Service-Finance Networking Products 8,270 Equifax Inc 384,142 0.35 103,897 Cisco Systems Inc 1,953,264 1.79 18,908 Lender Processing Services Inc 527,344 0.48 Oil Company-Exploration & Production 39,794 Total System Services Inc 953,066 0.87 22,587 QEP Resources Inc 715,104 0.65 Computers Oil Company-Integrated 10,309 Apple Inc 7,024,656 6.43 30,120 Chevron Corp 3,530,063 3.23 Computers-Memory Devices 18,311 Exxon Mobil Corp 1,680,950 1.54 68,868 EMC Corp/Massachusetts 1,895,247 1.74 11,828 Hess Corp 635,992 0.58 20,595 Western Digital Corp 815,562 0.75 24,953 Marathon Petroleum Corp 1,360,687 1.25 Consulting Services 44,277 Phillips 66 2,060,209 1.89 30,651 CoreLogic Inc 817,156 0.75 Oil Refining & Marketing Diversified Banking Institutions 32,661 Tesoro Corp 1,367,843 1.25 9,958 Citigroup Inc 328,315 0.30 23,831 Valero Energy Corp 749,247 0.69 71,501 JPMorgan Chase & Co 2,908,661 2.66 Oil-Field Services Diversified Manufacturing Operations 14,221 Oil States International Inc 1,142,942 1.05 29,989 General Electric Co 681,650 0.62 Reits-Diversified 25,618 Honeywell International Inc 1,543,228 1.41 12,024 American Tower Corp 854,425 0.78 14,571 Parker Hannifin Corp 1,219,301 1.12

36 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

US EQUITY FUND (continued) US EQUITY FUND (continued) Nominal Security Value %Net Nominal Security Value %Net US$ Asset US$ Asset

UNITED STATES 96.72% (30 September 2011: 94.74%) (continued) Analysis of Total Assets % of Total Assets Reits-Regional Malls Transferable Securities and Money Market Instruments 13,232 Simon Property Group Inc 2,010,470 1.84 admitted to an official stock exchange listing or traded 10,140 Taubman Centers Inc 778,042 0.71 on a regulated market 100.41 Retail-Apparel/Shoe 15,997 Foot Locker Inc 576,532 0.53 Financial Derivative instruments dealt in or on a 27,619 Gap Inc 977,160 0.90 regulated market - Retail-Building Products Other Liabilities (0.41) 41,432 Home Depot Inc 2,480,948 2.27 Retail-Discount Total Assets 100.00 25,778 Wal-Mart Stores Inc 1,907,056 1.75 Retail-Drug Store The counterparty for the foreign currency contract is State Street Global 40,437 CVS Caremark Corp 1,950,681 1.79 Markets. 23,531 Walgreen Co 861,235 0.79 Retail-Major Department Store All securities are transferable securities admitted to an official stock 33,665 TJX Cos Inc 1,516,608 1.39 exchange listing. Retail-Regional Department Store 36,578 Macy's Inc 1,372,041 1.26 Super-Regional Banks-US 56,918 Fifth Third Bancorp 881,091 0.81 77,699 US Bancorp 2,654,198 2.43 86,818 Wells Fargo & Co 3,017,794 2.76 Telephone-Integrated 57,069 Verizon Communications Inc 2,611,477 2.39 Tobacco 22,080 Philip Morris International Inc 2,001,772 1.83 Web Portals/Internet Service Provider 885 Google Inc 669,503 0.61

Total Value of Transferable Securities at Mid Market Prices 109,547,715 100.36

Adjustment from Mid Market Prices to Bid Market Prices (318,530) (0.29)

Fair value adjustment (480,688) (0.44)

Total Value of Transferable Securities at Bid Market Prices (Cost: US$93,123,835) 108,748,497 99.63

Open Forward Foreign Exchange Contracts 0.00% (30 September 2011: 0.00%)

Settlement Buy Amount Sell Amount Unrealised % Net Date Bought Sold Gain/Loss Assets 03/10/2012 GBP 92,658 USD (150,327) 19 0.00

Total Gains on Forward Foreign Exchange Contracts 19 0.00

Total Foreign Currency Exchange Contracts 19 0.00

Cash 118,247 0.11 Net Current Assets 289,607 0.27

Net Assets Attributable to Holders of Redeemable Participating Units at Bid Market Prices 109,156,370 100.00%

37 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

HIGH YIELD FUND Nominal Security Coupon Rate Maturity Value % Net Date US$ Asset

TRANSFERABLE SECURITIES 96.85% (30 SEPTEMBER 2011: 94.58%) AUSTRALIA 0.68% (30 September 2011 0.00%) Corporate Bond 220,000 FMG Resources August 2006 Pty Ltd 8.250% 11/01/2019 213,400 0.68

AUSTRIA 1.01% (30 September 2011 0.20%) Corporate Bond 120,000 Sappi Papier Holding GmbH 7.500% 15/06/2032 104,400 0.33 200,000 Sappi Papier Holding GmbH 8.375% 15/06/2019 214,750 0.68

BERMUDA 2.64% (30 September 2011: 1.53%) Corporate Bond 15,000 Aircastle Ltd 7.625% 15/04/2020 16,688 0.05 310,000 Aircastle Ltd 9.750% 08/01/2018 355,725 1.13 200,000 Digicel Group Ltd 8.250% 30/09/2020 211,000 0.67 100,000 Digicel Ltd 12.000% 04/01/2014 112,000 0.36 135,000 Ship Finance International Ltd 8.500% 15/12/2013 135,675 0.43

CANADA 1.58% (30 September 2011: 1.50%) Corporate Bond 18,000 Angiotech Pharmaceuticals Inc 5.000% 12/01/2013 17,978 0.06 134,000 Angiotech Pharmaceuticals Inc 9.000% 12/01/2016 135,005 0.43 140,000 Kodiak Oil & Gas Corp 8.125% 12/01/2019 148,575 0.47 85,000 NOVA Chemicals Corp 8.625% 11/01/2019 96,900 0.31 40,000 Precision Drilling Corp 6.500% 15/12/2021 42,900 0.14 50,000 Precision Drilling Corp 6.625% 15/11/2020 53,625 0.17

CAYMAN ISLANDS 2.16% (30 September 2011: 2.32%) Corporate Bond 560,000 Seagate HDD Cayman 6.875% 05/01/2020 599,200 1.91 70,000 Seagate HDD Cayman 7.750% 15/12/2018 77,700 0.25

FRANCE 0.17% (30 September 2011: 0.20%) Corporate Bond 50,000 Cie Generale de Geophysique - Veritas 9.500% 15/05/2016 54,375 0.17

GERMANY 4.87% (30 September 2011: 1.70%) Corporate Bond 150,000 Continental Rubber Of America 4.500% 15/09/2019 153,600 0.49 250,000 Kabel Deutschland Holding AG 6.500% 31/07/2017 345,744 1.10 250,000 Techem Energy Metering Service 7.875% 10/01/2020 336,572 1.07 100,000 Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH 5.500% 15/09/2022 127,185 0.41 150,000 Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH 7.500% 15/03/2019 165,375 0.53 100,000 Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH 8.125% 12/01/2017 108,000 0.34 200,000 Unitymedia KabelBW GmbH 9.500% 15/03/2021 291,264 0.93

IRELAND 1.81% (30 September 2011: 4.02%) Corporate Bond 150,000 Ardagh Packaging Finance Plc 7.375% 15/10/2017 207,768 0.66 50,000 Nara Cable Funding Ltd 8.875% 12/01/2018 58,993 0.19 200,000 Ono Finance II Plc 11.125% 15/07/2019 221,361 0.71 85,000 XL Group Plc 6.500% Perpetual 78,625 0.25

JERSEY 0.13% (30 September 2011: 0.53%) Corporate Bond 50,000 HBOS Capital Funding No2 LP 6.071% Perpetual 39,125 0.13

LUXEMBOURG 5.97% (30 Septmber 2011: 5.42%) Corporate Bond 223,716 ARD Finance SA 11.125% 06/01/2018 223,716 0.71

38 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

HIGH YIELD FUND (continued) Nominal Security Coupon Rate Maturity Value % Net Date US$ Asset

LUXEMBOURG 5.97% (30 September 2011: 5.42%) (continued) Corporate Bond (continued) 105,000 Codere Finance Luxembourg SA 8.250% 15/06/2015 119,273 0.38 200,000 Evraz Group SA 7.400% 24/04/2017 208,050 0.66 205,000 Intelsat Jackson Holdings SA 7.250% 15/10/2020 220,431 0.70 251,090 Intelsat Luxembourg SA 11.500% 02/04/2017 267,097 0.85 150,000 Spie Bondco 3 Sca 11.000% 15/08/2019 204,856 0.65 100,000 Telenet Finance V Luxembourg SCA 6.250% 15/08/2022 130,907 0.42 100,000 Telenet Finance V Luxembourg SCA 6.750% 15/08/2024 130,907 0.42 145,000 Wind Acquisition Finance SA 11.750% 15/07/2017 172,687 0.55 248,928 Wind Acquisition Holdings Finance SA 12.250% 15/07/2017 196,653 0.63

MARSHALL ISLANDS 0.69% (30 September 2011: 0.74%) Corporate Bond 110,000 Navios Maritime Acquisition Corp / Navios Acquisition Finance US Inc 8.625% 11/01/2017 105,325 0.34 105,000 Navios Maritime Holdings Inc / Navios Maritime Finance US Inc 8.875% 11/01/2017 108,675 0.35

MEXICO 0.97% (30 September 2011: 0.79%) Corporate Bond 270,000 Kansas City Southern de Mexico SA de CV 6.125% 15/06/2021 304,425 0.97

NETHERLANDS 6.07% (30 September 2011: 2.84%) Corporate Bond 420,000 LyondellBasell Industries NV 5.750% 15/04/2024 480,900 1.53 200,000 LyondellBasell Industries NV 6.000% 15/11/2021 229,000 0.73 135,000 Polish Television Holding BV 11.250% 15/05/2017 182,623 0.58 200,000 Schaeffler Finance BV 7.750% 15/02/2017 222,000 0.71 150,000 UPC Holding BV 6.375% 15/09/2022 187,137 0.60 200,000 UPC Holding BV 8.375% 15/08/2020 280,913 0.90 225,000 Ziggo Bond Co BV 8.000% 15/05/2018 318,983 1.02

PERU 0.45% (30 September 2011: 0.00%) Corporate Bond 125,000 Corp Lindley SA 6.750% 23/11/2021 140,938 0.45

SPAIN 0.41% (30 September 2011: 0.00%) Corporate Bond 100,000 Obrascon Huarte Lain SA 7.625% 15/03/2020 128,104 0.41

SWEDEN 3.04% (30 September 2011: 1.21%) Corporate Bond 235,000 Eileme 2 AB 11.750% 31/01/2020 337,678 1.08 450,000 Norcell Sweden Holding 2 AB 10.750% 29/09/2019 616,024 1.96

SWITZERLAND 0.83% (30 September 2011: 0.00%) Corporate Bond 250,000 UBS AG/Stamford CT 7.625% 17/08/2022 261,757 0.83

UNITED KINGDOM 3.40% (30 Septmeber 2011: 4.70%) Corporate Bond 140,000 Ineos Finance Plc 7.500% 05/01/2020 142,800 0.46 250,000 Jaguar Land Rover Plc 8.250% 15/03/2020 437,591 1.39 300,000 LBG Capital No.1 Plc 8.000% Perpetual 289,171 0.92 100,000 Thames Water Kemble Finance Pl 7.750% 04/01/2019 173,062 0.55 24,000 Virgin Media Finance Plc 5.250% 15/02/2022 25,320 0.08

39 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

HIGH YIELD FUND (continued) Nominal Security Coupon Rate Maturity Value % Net Date US$ Asset

UNITED STATES 59.97% (30 September 2011: 66.88%) Corporate Bond 33,000 Access Midstream Partners LP / ACMP Finance Corp 5.875% 15/04/2021 34,568 0.11 125,000 ADS Waste Holdings Inc 8.250% 10/01/2020 127,188 0.41 120,000 AK Steel Corp 8.375% 04/01/2022 102,000 0.33 115,000 Ally Financial Inc 5.500% 15/02/2017 120,579 0.38 110,000 Ally Financial Inc 8.000% 15/03/2020 129,525 0.41 170,000 AmeriGas Finance LLC / AmeriGas Finance Corp 7.000% 20/05/2022 183,175 0.58 105,000 Antero Resources Finance Corp 7.250% 08/01/2019 114,450 0.37 235,000 Arch Coal Inc 7.000% 15/06/2019 198,574 0.63 85,000 Ashland Inc 4.750% 15/08/2022 87,338 0.28 55,000 BakerCorp International Inc 8.250% 06/01/2019 55,963 0.18 145,000 Bank of America Corp 8.000% Perpetual 157,936 0.50 135,000 Boyd Acquisition Sub LLC/Boyd Acquisition Finance Corp 8.375% 15/02/2018 140,231 0.45 140,000 Cablevision Systems Corp 8.000% 15/04/2020 156,800 0.50 260,000 Caesars Entertainment Operating Co Inc 11.250% 06/01/2017 280,800 0.89 65,000 Carrizo Oil & Gas Inc 7.500% 15/09/2020 66,788 0.21 140,000 Carrizo Oil & Gas Inc 8.625% 15/10/2018 150,100 0.48 120,000 CCM Merger Inc 9.125% 05/01/2019 122,100 0.39 170,000 Centene Corp 5.750% 06/01/2017 182,750 0.58 35,000 Chaparral Energy Inc 7.625% 15/11/2022 36,925 0.12 35,000 Chaparral Energy Inc 9.875% 10/01/2020 39,550 0.13 145,000 Chesapeake Energy Corp 6.125% 15/02/2021 146,813 0.47 84,000 Choctaw Resort Development Enterprise 7.250% 15/11/2019 74,130 0.24 400,000 Chrysler Group LLC / CG Co-Issuer Inc 8.250% 15/06/2021 429,999 1.37 300,000 CIT Group Inc 5.000% 15/08/2022 318,868 1.02 100,000 Claire's Stores Inc 9.000% 15/03/2019 104,250 0.33 90,000 Clear Channel Worldwide Holdings Inc 7.625% 15/03/2020 88,088 0.28 260,000 Clearwire Communications LLC / Clearwire Finance Inc 12.000% 12/01/2015 258,700 0.82 70,000 CNO Financial Group Inc 9.000% 15/01/2018 82,075 0.26 220,000 CONSOL Energy Inc 8.000% 04/01/2017 230,999 0.74 95,000 Constellation Brands Inc 4.625% 03/01/2023 97,375 0.31 275,000 Credit Acceptance Corp 9.125% 02/01/2017 304,563 0.97 84,000 Crown Cork & Seal Co Inc 7.375% 15/12/2026 92,610 0.30 40,000 CSC Holdings LLC 6.750% 15/11/2021 44,300 0.14 220,000 Cumulus Media Holdings Inc 7.750% 05/01/2019 215,050 0.68 170,000 DISH DBS Corp 5.875% 15/07/2022 172,975 0.55 390,000 DISH DBS Corp 6.750% 06/01/2021 426,074 1.36 240,000 DISH DBS Corp 7.875% 09/01/2019 279,599 0.89 65,000 DuPont Fabros Technology LP 8.500% 15/12/2017 71,988 0.23 135,000 Edison Mission Energy 7.000% 15/05/2017 69,863 0.22 120,000 El Paso LLC 7.750% 15/01/2032 145,075 0.46 156,045 Elwood Energy LLC 8.159% 07/05/2026 157,605 0.50 71,000 Emergency Medical Services Corp 8.125% 06/01/2019 75,615 0.24 55,000 Endo Health Solutions Inc 7.250% 15/01/2022 59,675 0.19 203,000 Energy Future Holdings Corp 9.750% 15/10/2019 218,225 0.69 90,000 Energy Future Holdings Corp 10.000% 15/01/2020 99,675 0.32 70,000 Energy Transfer Equity LP 7.500% 15/10/2020 80,150 0.26 540,000 Enterprise Products Operating LLC 8.375% 08/01/2066 609,354 1.94 200,000 EP Energy LLC / EP Energy Finance Inc 6.875% 05/01/2019 214,249 0.68 95,000 EP Energy LLC / EP Energy Finance Inc 9.375% 05/01/2020 103,669 0.33 35,000 EP Energy LLC / Everest Acquisition Finance Inc 7.750% 09/01/2022 35,963 0.11 200,000 Exopack Holding Corp 10.000% 06/01/2018 193,000 0.61 75,000 Fifth Third Capital Trust IV 6.500% 15/04/2037 75,188 0.24 65,000 Fresenius Medical Care US Finance II Inc 5.875% 31/01/2022 69,388 0.22 40,000 Fresenius Medical Care US Finance Inc 6.500% 15/09/2018 45,200 0.14 50,000 Goodman Networks Inc 12.125% 07/01/2018 53,688 0.17 110,000 HCA Inc 7.250% 15/09/2020 124,025 0.39 360,000 HCA Inc 8.500% 15/04/2019 407,699 1.30

40 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

HIGH YIELD FUND (continued) Nominal Security Coupon Rate Maturity Value % Net Date US$ Asset

UNITED STATES 59.97% (30 September 2011: 66.88%) (continued) Corporate Bond 175,000 Hilcorp Energy I LP / Hilcorp Finance Co 8.000% 15/02/2020 195,562 0.62 140,000 Icahn Enterprises LP / Icahn Enterprises Finance Corp 8.000% 15/01/2018 150,850 0.48 84,104 Indiantown Cogeneration LP 9.770% 15/12/2020 88,825 0.28 125,000 Infor US Inc 10.000% 04/01/2019 175,972 0.56 125,000 International Lease Finance Corp 6.250% 15/05/2019 134,688 0.43 78,145 Jazz Technologies Inc 8.000% 30/06/2015 59,390 0.19 70,000 Kinetic Concepts Inc / KCI USA Inc 10.500% 11/01/2018 74,375 0.24 65,000 Level 3 Communications Inc 11.875% 02/01/2019 74,100 0.24 175,000 Level 3 Financing Inc 8.125% 07/01/2019 186,813 0.59 30,000 Level 3 Financing Inc 10.000% 02/01/2018 33,525 0.11 35,000 Liberty Mutual Group Inc 7.000% 15/03/2037 33,425 0.11 100,000 Linn Energy LLC / Linn Energy Finance Corp 7.750% 02/01/2021 106,500 0.34 125,000 Lions Gate Entertainment Inc 10.250% 11/01/2016 139,688 0.44 30,000 MarkWest Energy Partners LP / MarkWest Energy Finance Corp 5.500% 15/02/2023 31,500 0.10 130,000 MarkWest Energy Partners LP / MarkWest Energy Finance Corp 6.250% 15/06/2022 139,750 0.44 145,000 MarkWest Energy Partners LP / MarkWest Energy Finance Corp 6.500% 15/08/2021 156,238 0.50 80,000 MGM Resorts International 8.625% 02/01/2019 87,600 0.28 140,000 MGM Resorts International 10.000% 11/01/2016 161,700 0.51 311,774 Mirant Mid Atlantic Pass Through Trust C 10.060% 30/12/2028 347,628 1.11 260,000 MultiPlan Inc 9.875% 09/01/2018 288,600 0.92 170,000 NII Capital Corp 7.625% 04/01/2021 135,150 0.43 45,000 NRG Energy Inc 6.625% 15/03/2023 46,125 0.15 180,000 NRG Energy Inc 8.250% 09/01/2020 198,000 0.63 75,000 Open Solutions Inc 9.750% 02/01/2015 64,125 0.20 170,000 PDC Energy Inc 12.000% 15/02/2018 186,150 0.59 110,000 Peabody Energy Corp 6.250% 15/11/2021 110,000 0.35 60,000 Peninsula Gaming LLC / Peninsula Gaming Corp 8.375% 15/08/2015 63,000 0.20 210,000 Peninsula Gaming LLC / Peninsula Gaming Corp 10.750% 15/08/2017 238,350 0.76 35,000 Penske Automotive Group Inc 5.750% 10/01/2022 35,875 0.11 40,000 PH Glatfelter Co 5.375% 15/10/2020 40,600 0.13 82,000 Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp 9.250% 04/01/2015 84,255 0.27 105,000 Radnet Management Inc 10.375% 04/01/2018 106,575 0.34 395,000 RBS Capital Trust I 4.709% Perpetual 248,850 0.79 115,000 Regal Entertainment Group 9.125% 15/08/2018 129,088 0.41 55,000 Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 5.750% 15/10/2020 55,206 0.18 125,000 Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 9.000% 15/04/2019 129,375 0.41 509,000 Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 9.875% 15/08/2019 542,084 1.73 90,000 Rite Aid Corp 9.750% 06/12/2016 98,888 0.31 65,000 Rockwood Specialties Group Inc 4.625% 15/10/2020 66,138 0.21 145,000 Sally Holdings LLC / Sally Capital Inc 5.750% 06/01/2022 155,150 0.49 80,000 SandRidge Energy Inc 7.500% 15/02/2023 82,400 0.26 435,000 ServiceMaster Co/TN 7.000% 15/08/2020 451,031 1.44 45,000 Sky Growth Acquisition Corp 7.375% 15/10/2020 45,394 0.14 225,000 Spansion LLC 7.875% 15/11/2017 228,938 0.73 160,000 Springleaf Finance Corp 6.900% 15/12/2017 135,600 0.43 275,000 Sprint Nextel Corp 9.000% 15/11/2018 330,687 1.05 210,000 Sprint Nextel Corp 9.125% 03/01/2017 238,875 0.76 100,000 SquareTwo Financial Corp 11.625% 04/01/2017 89,000 0.28 80,000 Suburban Propane Partners LP/ Suburban Energy Finance Corp 7.375% 15/03/2020 86,000 0.27 275,000 Swift Services Holdings Inc 10.000% 15/11/2018 298,374 0.95 290,000 Taminco Global Chemical Corp 9.750% 31/03/2020 314,649 1.00

41 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

HIGH YIELD FUND (continued) Nominal Security Coupon Rate Maturity Value % Net Date US$ Asset

UNITED STATES 59.97% (30 September 2011: 66.88%) (continued) Corporate Bond 17,449 Tower Semiconductor 0.000% 31/12/2010 1,134 0.00 175,000 Universal Hospital Services Inc 7.625% 15/08/2020 183,750 0.59 115,000 Univision Communications Inc 7.875% 11/01/2020 123,625 0.39 235,000 Univision Communications Inc 8.500% 15/05/2021 240,288 0.77 95,000 UR Merger Sub Corp 7.625% 15/04/2022 104,263 0.33 205,000 UR Merger Sub Corp 8.250% 02/01/2021 226,781 0.72 43,274 US Airways 2001-1G Pass Through Trust 7.076% 20/03/2021 44,248 0.14 55,000 USG Corp 7.875% 30/03/2020 59,744 0.19 50,000 Venoco Inc 11.500% 10/01/2017 52,000 0.17 155,000 Verso Paper Holdings LLC / Verso Paper Inc 11.750% 15/01/2019 163,138 0.52 125,000 Viasystems Inc 7.875% 05/01/2019 124,688 0.40 210,000 WideOpenWest Finance LLC / WideOpenWest Capital Corp 13.375% 15/10/2019 216,300 0.69 150,000 WMG Acquisition Corp 9.500% 15/06/2016 164,125 0.52 165,000 WMG Acquisition Corp 11.500% 10/01/2018 186,450 0.59 165,000 WMG Holdings Corp 13.750% 10/01/2019 182,325 0.58 70,000 Zayo Group LLC / Zayo Capital Inc 8.125% 01/01/2020 76,825 0.24 210,000 Zayo Group LLC / Zayo Capital Inc 10.125% 07/01/2020 233,100 0.74

Total Value of Transferable Securities at Mid Market Prices 30,417,058 96.85

Adjustment from mid market prices to bid market prices (153,561) (0.49)

Total Value of Transferable Securities at Bid Market Prices (Cost: US$29,315,254) 30,263,497 96.36

Interest Receivable on Transferable Securities 648,383 2.06

Total Value of Transferable Securities 30,911,880 98.42

Cash 575,475 1.83 Net Current Liabilities (79,656) (0.25)

Net Assets Attributable to Holders of Redeemable Participating Units at Bid Market Prices 31,407,699 100.00%

Analysis of Total Assets % of Total Assets Transferable Securities and Money Market Instruments other than those admitted to an official stock exchange listing or traded on a regulated market 96.27 Other Assets 3.73

Total Assets 100.00

42 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

GLOBAL PROPERTY SECURITIES FUND GLOBAL PROPERTY SECURITIES FUND (continued) Nominal Security Value %Net Nominal Security Value %Net US$ Asset US$ Asset

TRANSFERABLE SECURITIES 97.43% (30 September 2011: 98.41%) HONG KONG 7.55% (30 September 2011: 7.35%) (continued) Real Estate Operations/Development AUSTRALIA 11.03% (30 September 2011: 10.38%) 22,000 Henderson Land Development Co Ltd 158,316 1.40 Real Estate Operations/Development 56,000 Sino Land Co Ltd 104,719 0.93 253,688 FKP Property Group 66,322 0.59 18,544 Sun Hung Kai Properties Ltd 271,675 2.41 Reits-Diversified 28,800 Swire Properties Ltd 89,140 0.79 35,110 Aspen Group 6,242 0.06 35,110 Aspen Group Aud Npv 6,242 0.06 JAPAN 8.31% (30 September 2011: 8.82%) 20,443 Astro Japan Property Group 61,140 0.54 Real Estate Management/Services 18,968 Australand Property Group 58,514 0.52 4,780 Goldcrest Co Ltd 74,410 0.66 26,629 Challenger Diversified Property Group 63,769 0.57 15,200 Mitsubishi Estate Co Ltd 292,640 2.60 100,624 Mirvac Group 150,472 1.33 Real Estate Operations/Development 47,504 Stockland 165,917 1.47 13,355 Mitsui Fudosan Co Ltd 268,993 2.39 Reits-Shopping Centers Reits-Apartments 65,931 Centro Retail Australia 144,097 1.28 38 Advance Residence Investment Corp 80,407 0.71 20,032 Charter Hall Retail REIT 71,852 0.64 Reits-Diversified 42,145 Westfield Group 447,772 3.97 26 Top REIT Inc 130,168 1.15 Reits-Office Property AUSTRIA 0.00% (30 September 2011: 0.43%) 10 Mori Trust Sogo Reit Inc 90,077 0.80

BERMUDA 0.53% (30 September 2011: 2.32%) JERSEY 0.57% (30 September 2011: 0.22%) Real Estate Operations/Development Real Estate Management/Services 9,947 Hongkong Land Holdings Ltd 59,682 0.53 12,203 Atrium European Real Estate Ltd 63,977 0.57

BRAZIL 0.84% (30 September 2011: 0.00%) NETHERLANDS 0.81% (30 September 2011: 0.82%) Building & Construction-Miscellaneous Reits-Shopping Centers 3,200 Multiplan Empreendimentos Imobiliarios SA 94,695 0.84 2,102 Vastned Retail NV 91,114 0.81

CANADA 4.45% (30 September 2011: 5.38%) PHILIPPINES 0.00% (30 September 2011: 0.39%) Real Estate Operations/Development SINGAPORE 3.60% (30 September 2011: 2.54%) 3,200 Brookfield Office Properties Inc 53,787 0.48 Hotels & Motels Reits-Apartments 14,000 City Developments Ltd 133,387 1.18 1,850 Boardwalk Real Estate Investment Trust 123,116 1.09 Real Estate Operations/Development 2,650 Northern Property Real Estate Investment Trust 8,000 Fraser and Neave Ltd 58,064 0.51 85,889 0.76 Reits-Diversified Reits-Diversified 119,873 Cambridge Industrial Trust 63,124 0.56 3,125 Canadian Real Estate Investment Trust 133,631 1.18 76,000 Suntec Real Estate Investment Trust 92,452 0.82 2,300 Dundee Real Estate Investment Trust 88,364 0.78 Reits-Shopping Centers Reits-Shopping Centers 96,000 Starhill Global REIT 60,350 0.53 649 RioCan Real Estate Investment Trust 18,356 0.16 SOUTH AFRICA 0.92% (30 September 2011: 0.36%) CAYMAN ISLANDS 1.66% (30 September 2011: 1.95%) Real Estate Management/Services Real Estate Operations/Development 12,027 Hyprop Investments Ltd 103,156 0.92 82,000 Agile Property Holdings Ltd 92,426 0.82 243,000 Country Garden Holdings Co Ltd 94,642 0.84 SWEDEN 1.92% (30 September 2011: 1.52%) Real Estate Management/Services FINLAND 0.56% (30 September 2011: 0.39%) 12,959 Fabege AB 124,583 1.11 Real Estate Management/Services 7,268 Hufvudstaden AB 91,024 0.81 20,200 Citycon OYJ 61,188 0.54 Rights SWITZERLAND 0.00% (30 September 2011: 0.92%) 20,200 Citycon OYJ Rights 02/10/2012 2,542 0.02 THAILAND 0.00% (30 September 2011: 0.53%) FRANCE 2.57% (30 September 2011: 3.57%) Reits-Diversified UNITED KINGDOM 6.46% (30 September 2011: 5.27%) 1,411 Unibail-Rodamco SE 290,239 2.57 Real Estate Operations/Development 18,162 Unite Group Plc 74,971 0.67 GERMANY 0.00% (30 September 2011: 0.65%) Reits-Diversified 23,688 Hammerson Plc 175,961 1.56 HONG KONG 7.55% (30 September 2011: 7.35%) 15,320 Land Securities Group Plc 190,787 1.69 Diversified Operations Reits-Office Property 32,784 Wharf Holdings Ltd 227,676 2.02 27,344 Great Portland Estates Plc 203,784 1.81 18,900 Workspace Group Plc 81,881 0.73

43 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

GLOBAL PROPERTY SECURITIES FUND (continued) GLOBAL PROPERTY SECURITIES FUND (continued) Nominal Security Value %Net Nominal Security Value %Net US$ Asset US$ Asset

UNITED STATES 45.65% (30 September 2011: 44.60%) UNLISTED SECURITIES 0.00% (30 September 2011:0.00%) Real Estate Management/Services 932 Jones Lang LaSalle Inc 72,137 0.64 AUSTRALIA 0.00% (30 September 2011:0) Reits-Apartments Reits-Diversified 5,017 Apartment Investment & Management Co 35,110 Aspen Group Rights 11/10/2012 0 0.00 130,843 1.16 1,561 AvalonBay Communities Inc 213,248 1.89 Total Value of Unlisted 3,034 Camden Property Trust 196,452 1.74 Securities at Mid Market Prices 0 0.00 3,284 Campus Crest Communities Inc 36,025 0.32 5,947 Colonial Properties Trust 126,433 1.12 Adjustment from Mid Market Prices 6,021 Equity Residential 347,654 3.08 to Bid Market Prices (41,027) (0.36) 909 Essex Property Trust Inc 135,341 1.20 Reits-Diversified Total Value of Transferable Securities at 423 Digital Realty Trust Inc 29,039 0.26 Bid Market Prices (Cost: US$9,653,750) 10,941,831 97.07 1,844 DuPont Fabros Technology Inc 46,413 0.41 2,474 Entertainment Properties Trust 110,241 0.98 Open Forward Foreign Exchange Contracts (0.05%) 6,807 Retail Properties of America Inc 78,349 0.70 (30 September 2011:0.59%) Reits-Health Care 1,157 HCP Inc 51,463 0.46 Settlement Buy Amount Sell Amount Unrealised % Net 658 Health Care REIT Inc 37,960 0.34 Date Bought Sold Gain/Loss Assets 5,735 Senior Housing Properties Trust 124,564 1.11 01/10/2012 USD 13,382 JPY (1,041,761) (43) (0.00) 1,547 Ventas Inc 95,821 0.85 01/10/2012 USD 4,995 JPY (388,840) (16) (0.00) Reits-Hotels 02/10/2012 CAD 6,504 USD (6,633) 12 0.00 10,786 Hersha Hospitality Trust 53,606 0.48 02/10/2012 EUR 2,956 USD (3,819) 7 0.00 11,002 Host Hotels & Resorts Inc 177,352 1.57 02/10/2012 EUR 5,441 USD (7,030) 14 0.00 1,549 LaSalle Hotel Properties 41,420 0.37 02/10/2012 GBP 5,725 USD (9,299) (10) (0.00) 12,436 Strategic Hotels & Resorts Inc 76,730 0.68 02/10/2012 GBP 2,809 USD (4,563) (5) (0.00) 5,799 Sunstone Hotel Investors Inc 63,789 0.57 02/10/2012 GBP 2,099 USD (3,409) (4) (0.00) Reits-Mortgage 02/10/2012 GBP 2,490 USD (4,044) (4) (0.00) 4,004 CYS Investments Inc 56,296 0.50 02/10/2012 GBP 1,851 USD (3,006) (3) (0.00) Reits-Office Property 02/10/2012 SEK 11,339 USD (1,738) 3 0.00 3,027 Boston Properties Inc 337,179 2.99 02/10/2012 USD 612 EUR (477) (5) (0.00) 3,089 SL Green Realty Corp 248,541 2.20 02/10/2012 USD 5,032 JPY (390,959) (6) (0.00) Reits-Regional Malls 04/10/2012 USD 1,845 HKD (14,303) – 0.00 3,003 General Growth Properties Inc 58,468 0.52 09/10/2012 AUD 5,969 USD (6,175) 62 0.00 9,425 Glimcher Realty Trust 99,057 0.88 15/10/2012 AUD 1,952 USD (2,059) (21) (0.00) 3,669 Pennsylvania Real Estate Investment Trust 58,851 0.52 15/10/2012 AUD 12,672 USD (13,244) (10) (0.00) 4,474 Simon Property Group Inc 679,781 6.03 15/10/2012 AUD 21,775 USD (22,654) 88 0.00 1,757 Taubman Centers Inc 134,815 1.20 15/10/2012 CAD 139,510 USD (143,965) (1,455) (0.01) Reits-Shopping Centers 15/10/2012 CHF 120,940 USD (130,769) (1,340) (0.01) 10,045 DDR Corp 154,191 1.37 15/10/2012 CHF 9,570 USD (10,348) (106) (0.00) 3,031 Equity One Inc 63,590 0.56 15/10/2012 CHF 4,271 USD (4,581) (10) (0.00) 1,505 Federal Realty Investment Trust 158,025 1.40 15/10/2012 CHF 4,516 USD (4,808) 25 0.00 8,332 Ramco-Gershenson Properties Trust 106,066 0.94 15/10/2012 EUR 2,077,323 USD (2,708,706) (19,262) (0.18) 1,861 Saul Centers Inc 83,578 0.74 15/10/2012 EUR 146,342 USD (192,443) (2,978) (0.03) Reits-Storage 15/10/2012 EUR 124,197 USD (161,944) (1,150) (0.01) 9,320 CubeSmart 120,321 1.07 15/10/2012 EUR 10,022 USD (13,089) (114) (0.00) 3,900 Extra Space Storage Inc 130,104 1.15 15/10/2012 EUR 10,118 USD (13,145) (45) (0.00) 487 Public Storage 67,693 0.60 15/10/2012 EUR 14,344 USD (18,451) 120 0.00 Reits-Warehouse/Industrial 15/10/2012 GBP 4,218 USD (6,856) (12) (0.00) 9,393 First Industrial Realty Trust Inc 122,860 1.09 15/10/2012 GBP 2,563 USD (4,166) (7) (0.00) 6,353 Prologis Inc 220,830 1.96 15/10/2012 GBP 5,346 USD (8,672) 2 0.00 15/10/2012 GBP 7,299 USD (11,818) 25 0.00 Total Value of Transferable 15/10/2012 GBP 27,340 USD (44,260) 100 0.00 Securities at Mid Market Prices 10,982,858 97.43 15/10/2012 GBP 734,446 USD (1,188,958) 2,695 0.02 15/10/2012 HKD 1,131,868 USD (146,019) (49) (0.00) 15/10/2012 HKD 385,449 USD (49,721) (13) (0.00) 15/10/2012 HKD 89,064 USD (11,487) (1) (0.00)

44 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

GLOBAL PROPERTY SECURITIES FUND (continued) GLOBAL PROPERTY SECURITIES FUND (continued) Nominal Security Value %Net Nominal Security Value %Net US$ Asset US$ Asset

Open Forward Foreign Exchange Contracts (0.05%) Open Forward Foreign Exchange Contracts (0.05%) (30 September 2011:0.59%) (continued) (30 September 2011:0.59%) (continued)

Settlement Buy Amount Sell Amount Unrealised % Net Settlement Buy Amount Sell Amount Unrealised % Net Date Bought Sold Gain/Loss Assets Date Bought Sold Gain/Loss Assets 15/10/2012 HKD 18,472 USD (2,383) (1) (0.00) 15/10/2012 USD 43,501 JPY (3,427,806) (677) (0.01) 15/10/2012 HKD 264,674 USD (34,134) 0 0.00 15/10/2012 USD 27,200 JPY (2,125,637) (195) (0.00) 15/10/2012 ILS 32,720 USD (8,398) (22) (0.00) 15/10/2012 USD 42,671 JPY (3,318,463) (97) (0.00) 15/10/2012 JPY 175,094 USD (2,236) 21 0.00 15/10/2012 USD 10,814 JPY (845,979) (89) (0.00) 15/10/2012 JPY 998,566 USD (12,840) 29 0.00 15/10/2012 USD 19,519 JPY (1,519,760) (68) (0.00) 15/10/2012 JPY 3,362,565 USD (43,284) 53 0.00 15/10/2012 USD 5,977 NOK (33,925) 11 0.00 15/10/2012 JPY 1,232,476 USD (15,828) 56 0.00 15/10/2012 USD 7,146 NZD (8,614) (32) (0.00) 15/10/2012 JPY 716,170 USD (9,145) 85 0.00 15/10/2012 USD 24,344 SEK (161,284) (415) (0.00) 15/10/2012 JPY 1,201,276 USD (15,351) 131 0.00 15/10/2012 USD 80,030 SEK (524,001) (411) (0.00) 15/10/2012 JPY 4,133,487 USD (52,893) 379 0.00 15/10/2012 USD 78,743 SEK (515,576) (404) (0.00) 15/10/2012 NOK 45,729 USD (8,056) (15) (0.00) 15/10/2012 USD 11,031 SEK (72,564) (109) (0.00) 15/10/2012 NOK 3,822 USD (673) (1) (0.00) 15/10/2012 USD 30,110 SGD (36,982) (82) (0.00) 15/10/2012 NZD 29 USD (24) 0 0.00 15/10/2012 USD 37,050 SGD (45,389) (5) (0.00) 15/10/2012 NZD 10,233 USD (8,489) 38 0.00 15/10/2012 USD 60,137 SGD (73,609) 42 0.00 15/10/2012 SEK 58,084 USD (8,871) 46 0.00 15/10/2012 USD 441,605 SGD (538,545) 1,934 0.02 15/10/2012 SGD 159,221 USD (130,561) (572) (0.01) 15/10/2012 USD 471 THB (14,499) 0 0.00 15/10/2012 SGD 73,514 USD (60,092) (75) (0.00) 15/10/2012 USD 105,440 ZAR (869,117) (26) (0.00) 15/10/2012 SGD 1,309 USD (1,073) (5) (0.00) 15/10/2012 SGD 53,094 USD (43,338) 8 0.00 Total Gains on Forward Foreign Exchange Contracts 33,432 0.29 15/10/2012 SGD 12,523 USD (10,196) 28 0.00 Total Loss on Forward Foreign Exchange Contracts (38,722) (0.34) 15/10/2012 USD 26,673 AUD (25,829) (303) (0.00) 15/10/2012 USD 86,033 AUD (82,548) (180) (0.00) Total Foreign Currency Exchange Contracts (5,290) (0.05) 15/10/2012 USD 9,544 AUD (9,242) (108) (0.00) Open Spot Currency Contracts 0.00% (30 September 2011: 0.00%) 15/10/2012 USD 25,877 AUD (24,870) (97) (0.00) 15/10/2012 USD 225,506 AUD (213,768) 2,245 0.02 Settlement Buy Amount Sell Amount Unrealised % Net 15/10/2012 USD 784,685 AUD (743,840) 7,813 0.07 Date Bought Sold Gain/Loss Assets 15/10/2012 USD 87,657 BRL (176,672) 754 0.01 01/10/2012 EUR 6,593 USD (8,502) 33 0.00 15/10/2012 USD 31,740 CAD (31,284) (216) (0.00) 01/10/2012 EUR 6,593 USD (8,502) 33 0.00 15/10/2012 USD 13,314 CAD (12,902) 135 0.00 15/10/2012 USD 520,471 CAD (504,366) 5,261 0.05 Total Open Currency Contracts 66 0.00 15/10/2012 USD 24,975 CHF (23,459) (131) (0.00) 15/10/2012 USD 91,853 CHF (84,949) 941 0.01 Cash 73,617 0.65 15/10/2012 USD 3,994 EUR (3,092) (9) (0.00) Net Current Assets 262,208 2.33 15/10/2012 USD 21 EUR (16) 0 0.00 Net Assets Attributable to Holders 15/10/2012 USD 7,397 EUR (5,710) 5 0.00 of Redeemable Participating Units 15/10/2012 USD 4,158 EUR (3,207) 6 0.00 at Bid Market Prices 11,272,432 100.00% 15/10/2012 USD 16,631 EUR (12,828) 23 0.00 15/10/2012 USD 2,238 EUR (1,702) 35 0.00 Analysis of Total Assets % of Total Assets 15/10/2012 USD 3,836 EUR (2,919) 56 0.00 Transferable Securities and Money Market Instruments 15/10/2012 USD 25,497 EUR (19,626) 88 0.00 admitted to an official stock exchange listing or traded 15/10/2012 USD 582,718 EUR (443,125) 9,018 0.08 on a regulated market 95.78 15/10/2012 USD 29,910 GBP (18,525) (148) (0.00) 15/10/2012 USD 12,298 GBP (7,594) (23) (0.00) Financial Derivative instruments dealt in or on a 15/10/2012 USD 1,834 GBP (1,129) 2 0.00 regulated market (0.05) 15/10/2012 USD 130,031 GBP (80,049) 150 0.00 Other Assets 4.27 15/10/2012 USD 465,492 GBP (286,564) 537 0.00 15/10/2012 USD 32,536 HKD (252,283) 0 0.00 Total Assets 100.00 15/10/2012 USD 40,206 HKD (311,721) 5 0.00 15/10/2012 USD 28,869 HKD (223,809) 6 0.00 The counterparty for the foreign currency contracts is State Street Global 15/10/2012 USD 29,011 HKD (224,914) 6 0.00 Markets. 15/10/2012 USD 47,945 HKD (371,720) 7 0.00 The counterparty for the spot currency contracts is State Street Global 15/10/2012 USD 31,993 HKD (248,014) 8 0.00 Markets. 15/10/2012 USD 905,991 HKD (7,022,842) 299 0.00 15/10/2012 USD 7,049 ILS (27,465) 18 0.00 Except where stated above all securities are transferable securities 15/10/2012 USD 815,679 JPY (63,874,713) (7,537) (0.08) admitted to an official stock exchange listing.

45 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

GLOBAL EQUITY (EX JAPAN) FUND GLOBAL EQUITY (EX JAPAN) FUND (continued) Nominal Security Value %Net Nominal Security Value %Net US$ Asset US$ Asset

TRANSFERABLE SECURITIES 99.64% (30 September 2011: 99.17%) CAYMAN ISLANDS 0.46% (30 September 2011: 0.00%) Vitamins & Nutrition Production AUSTRALIA 2.33% (30 September 2011: 4.20%) 5,436 Herbalife Ltd 255,546 0.46 Agricultural Operations 18,724 GrainCorp Ltd 175,438 0.31 DENMARK 1.99% (30 September 2011: 1.06%) Building-Heavy Construction Medical Products 1,335 Coloplast A/S 279,585 0.50 26,375 NRW Holdings Ltd 56,541 0.10 Medical-Drugs Commercial Banks Non-US 3,017 Novo Nordisk A/S 482,526 0.86 13,130 National Australia Bank Ltd 349,988 0.63 Power Conversion/Supply Equipment Diversified Minerals 14,216 Vestas Wind Systems A/S 106,647 0.19 13,049 BHP Billiton Ltd 450,853 0.81 Telephone-Integrated Reits-Shopping Centers 33,483 TDC A/S 244,731 0.44 88,686 Westfield Retail Trust 268,022 0.48 FINLAND 0.00% (30 September 2011: 0.85%) AUSTRIA 0.75% (30 September 2011: 0.21%) Electronic Components-Semiconductor FRANCE 4.30% (30 September 2011: 1.90%) 1,838 AMS AG 187,318 0.33 Auto-Cars/Light Trucks Real Estate Management/Services 3,663 Renault SA 177,461 0.32 61,618 Immofinanz AG 228,846 0.41 Building Production-Cement/Aggregates 4,178 Lafarge SA 232,834 0.42 BELGIUM 0.71% (30 September 2011: 0.00%) Building-Heavy Construction Brewery 6,095 Vinci SA 270,667 0.48 4,585 Anheuser-Busch InBev NV 397,785 0.71 Food-Retail 2,520 Casino Guichard Perrachon SA 228,514 0.41 BERMUDA 0.67% (30 September 2011: 1.17%) Medical-Drugs Diversified Operations 7,002 Sanofi 620,259 1.11 130,000 Noble Group Ltd 140,629 0.25 Oil Company-Integrated Property/Casualty Insurance 4,213 Total SA 216,869 0.39 17,278 Lancashire Holdings Ltd 233,253 0.42 Rubber-Tires 3,808 Cie Generale des Etablissements Michelin 304,987 0.55 CANADA 6.38% (30 September 2011: 4.08%) Telecom Services Agricultural Chemicals 17,091 Vivendi SA 349,234 0.62 3,700 Agrium IncCad 381,427 0.68 Commercial Banks Non-US GERMANY 4.82% (30 September 2011: 5.05%) 4,300 National Bank of Canada 325,529 0.58 Auto-Cars/Light Trucks 6,800 Royal Bank of Canada 393,891 0.70 1,513 Volkswagen AG 280,470 0.50 Diversified Minerals Building Production-Cement/Aggregates 8,900 Teck Resources Ltd 264,360 0.47 3,139 HeidelbergCement AG 170,462 0.31 Diversified Operations Chemicals-Diversified 25,800 Sherritt International Corp 129,438 0.23 5,371 BASF SE 465,837 0.83 Gold Mining Chemicals-Specialty 21,800 Nevsun Resources Ltd 102,910 0.18 1,415 Brenntag AG 181,817 0.32 17,600 Yamana Gold Inc 337,190 0.60 Electric-Integrated Metal-Copper 3,643 RWE AG 167,650 0.30 926 Inmet Mining Corp 44,887 0.08 Reinsurance Oil Company-Exploration & Production 3,819 Hannover Rueckversicherung AG 246,148 0.44 6,600 Crescent Point Energy Corp 295,311 0.53 Rubber-Tires Pipelines 2,787 Continental AG 277,800 0.50 7,900 Enbridge Inc 312,311 0.56 Soap & Cleaning Preparation Real Estate Operations/Development 3,481 Henkel AG & Co KGaA 279,834 0.50 4,900 Brookfield Asset Management Inc 171,982 0.31 Sugar Retail-Convenience Store 7,793 Suedzucker AG 280,197 0.50 3,683 Alimentation Couche Tard Inc 170,851 0.31 Transport-Services Retail-Discount 17,344 Deutsche Post AG 344,637 0.62 3,843 Dollarama Inc 246,089 0.44 Transport-Rail HONG KONG 1.13% (30 September 2011: 0.79%) 4,441 Canadian National Railway Co 397,009 0.71 Real Estate Operations/Development 28,000 Cheung Kong Holdings Ltd 410,570 0.73 Reits-Shopping Centers 47,500 Link REIT 225,123 0.40

46 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

GLOBAL EQUITY (EX JAPAN) FUND (continued) GLOBAL EQUITY (EX JAPAN) FUND (continued) Nominal Security Value %Net Nominal Security Value %Net US$ Asset US$ Asset

IRELAND 1.29% (30 September 2011: 0.47%) UNITED KINGDOM 9.57% (30 September 2011: 10.73%) Computer Services Aerospace/Defense 5,881 Accenture Plc 384,500 0.69 57,385 BAE Systems Plc 304,386 0.54 Computers-Memory Devices Airlines 10,567 Seagate Technology Plc 337,404 0.60 20,809 easyJet Plc 197,017 0.35 Beverages-Wine/Spirits ITALY 1.15% (30 September 2011: 0.69%) 6,178 Diageo Plc 176,129 0.31 Electric-Integrated Building-Residential/Commercial 51,296 Enel SpA 189,116 0.34 68,805 Barratt Developments Plc 189,458 0.34 Oil Company-Integrated 18,902 Persimmon Plc 231,101 0.41 19,929 Eni SpA 450,695 0.81 Building-Maintenace & Service 19,092 Babcock International Group Plc 286,863 0.51 JERSEY 0.90% (30 September 2011: 0.80%) Cellular Telecom Distribution/Wholesale 186,824 Vodafone Group Plc 536,104 0.96 6,170 Wolseley Plc 266,805 0.48 Commercial Banks Non-US Medical-Drugs 15,832 Standard Chartered Plc 365,427 0.65 8,079 Shire Plc 236,093 0.42 Diversified Banking Institutions 59,093 Barclays Plc 212,559 0.38 NETHERLANDS 1.28% (30 September 2011: 1.13%) 56,277 HSBC Holdings Plc 529,628 0.95 Aerospace/Defense-Equipment Diversified Minerals 9,281 European Aeronautic Defence and Space Co NV 7,397 Xstrata Plc 117,227 0.21 296,574 0.53 Finance-Other Services Chemicals-Diversified 47,153 Intermediate Capital Group Plc 233,510 0.42 5,972 LyondellBasell Industries NV 309,827 0.55 20,802 London Stock Exchange Group Plc 321,500 0.57 Electronic Components- Miscellaneous 4,471 Koninklijke Philips Electronics NV 109,186 0.20 Gas-Distribution 31,134 National Grid Plc 348,944 0.62 NEW ZEALAND 0.00% (30 September 2011: 0.38%) Invest Management/Advisory Services 49,577 Aberdeen Asset Management Plc 251,065 0.45 NORWAY 1.50% (30 September 2011: 0.96%) Metal-Diversified Agricultural Chemicals 15,294 Eurasian Natural Resources Corp Plc 79,163 0.14 4,862 Yara International ASA 245,586 0.44 6,912 Rio Tinto Plc 329,340 0.59 Building-Heavy Consruction Paper & Related Products 9,311 Aker Solutions ASA 181,834 0.33 24,458 Mondi Plc 247,043 0.44 Oil Company-Integrated Telephone-Integrated 15,593 Statoil ASA 407,117 0.73 108,016 BT Group Plc 409,949 0.73

PORTUGAL 0.00% (30 September 2011: 0.32%) UNITED STATES 56.23% (30 September 2011: 57.16%) Aerospace/Defense SINGAPORE 0.46% (30 September 2011: 0.39%) 6,087 Boeing Co 426,700 0.76 Commercial Banks Non-US 4,390 General Dynamics Corp 291,759 0.52 22,000 DBS Group Holdings Ltd 258,463 0.46 Aerospace/Defense-Equipment 5,323 United Technologies Corp 417,057 0.74 SPAIN 0.36% (30 September 2011: 0.55%) Agricultural Chemicals Building & Construction- Miscellaneous 1,678 CF Industries Holdings Inc 369,362 0.66 6,725 Ferrovial SA 88,274 0.16 Appliances Telephone-Integrated 3,063 Whirlpool Corp 255,699 0.46 7,932 Telefonica SA 110,176 0.20 Applications Software 29,066 Microsoft Corp 877,793 1.57 SWEDEN 0.55% (30 September 2011: 1.64%) Batteries/Battery System Commercial Banks Non-US 2,626 Energizer Holdings Inc 196,924 0.35 35,944 Skandinaviska Enskilda Banken AB 308,018 0.55 Cable TV 15,412 Comcast Corp 551,441 0.98 SWITZERLAND 2.81% (30 September 2011: 4.64%) 4,392 Time Warner Cable Inc 417,196 0.74 Electronic Security Devices Coal 6,284 Tyco International Ltd 352,219 0.63 5,699 Peabody Energy Corp 128,968 0.23 Machinery-General Industrial Commercial Service-Finance 16,925 OC Oerlikon Corp AG 163,344 0.29 783 Mastercard Inc 354,049 0.63 Medical-Drugs Computer Services 3,548 Roche Holding AG 674,210 1.20 2,889 International Business Machines Corp 594,874 1.06 Multi-Line Insurance 1,527 Zurich Insurance Group AG 386,075 0.69 Computers 2,682 Apple Inc 1,827,542 3.26

47 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

GLOBAL EQUITY (EX JAPAN) FUND (continued) GLOBAL EQUITY (EX JAPAN) FUND (continued) Nominal Security Value %Net Nominal Security Value %Net US$ Asset US$ Asset

UNITED STATES 56.23% (30 September 2011: 57.16%) (continued) UNITED STATES 56.23% (30 September 2011: 57.16%) (continued) Computers-Memory Devices Metal-Iron 16,359 EMC Corp/Massachusetts 450,200 0.80 5,746 Cliffs Natural Resources Inc 228,863 0.41 Distribution/Wholesale Multilevel Direct Selling 4,601 WESCO International Inc 258,944 0.46 4,616 Nu Skin Enterprises Inc 174,716 0.31 Diversified Banking Institutions Multi-Line Insurance 4,133 Citigroup Inc 136,265 0.24 5,674 Allstate Corp 225,655 0.40 14,646 JPMorgan Chase & Co 595,799 1.06 3,273 American International Group Inc 108,664 0.19 Diversified Manufacturing Operations 5,654 MetLife Inc 195,006 0.35 4,909 Crane Co 197,047 0.35 Networking Products 4,719 Dover Corp 281,724 0.50 28,612 Cisco Systems Inc 537,906 0.96 11,740 General Electric Co 266,850 0.48 Oil Company-Exploration & Production 3,350 Parker Hannifin Corp 280,328 0.50 6,376 QEP Resources Inc 201,864 0.36 E-Commerce/Services Oil Company-Integrated 6,695 IAC/InterActiveCorp 348,341 0.62 8,254 Chevron Corp 967,369 1.73 14,737 Liberty Interactive Corp 271,898 0.49 6,151 Exxon Mobil Corp 564,662 1.01 Electric Products- Miscellaneous 6,031 Hess Corp 324,287 0.58 3,375 Emerson Electric Co 163,181 0.29 10,142 Marathon Oil Corp 304,463 0.54 Electric-Integrated Oil Refining & Marketing 3,875 DTE Energy Co 231,570 0.41 5,407 HollyFrontier Corp 223,363 0.40 Electronic Design Automation Oil & Gas Drilling 8,153 Synopsys Inc 270,190 0.48 6,149 Helmerich & Payne Inc 294,783 0.53 E-Marketing/Information 14,826 Patterson-UTI Energy Inc 236,623 0.42 4,212 Liquidity Services Inc 210,600 0.38 Oil-Field Services Enterprise Software/Service 3,045 Oil States International Inc 244,727 0.44 8,499 CA Inc 220,209 0.39 Real Estate Management/Services Finance-Credit Card 15,278 CBRE Group Inc 284,476 0.51 12,317 Discover Financial Services 489,108 0.87 Reinsurance 2,088 Visa Inc 279,604 0.50 4,184 Berkshire Hathaway Inc 369,280 0.66 Food-Meat Products Reits-Apartments 16,429 Tyson Foods Inc 268,778 0.48 4,820 Post Properties Inc 231,167 0.41 Food- Miscellaneous /Diversified Reits-Diversified 10,912 ConAgra Foods Inc 300,953 0.54 5,169 American Tower Corp 367,309 0.66 Human Resources Reits-Regional Malls 3,596 Manpower Inc 134,706 0.24 2,640 Simon Property Group Inc 401,122 0.72 Life/Health Insurance Retail-Apparel/Shoe 9,437 Protective Life Corp 250,269 0.45 7,283 Foot Locker Inc 262,479 0.47 6,838 Prudential Financial Inc 374,859 0.67 8,429 Gap Inc 298,218 0.53 Medical-Biomedical/Genetics Retail-Building Products 6,237 Amgen Inc 525,562 0.94 8,036 Home Depot Inc 481,196 0.86 Medical-Drugs 12,777 Lowe's Cos Inc 386,632 0.69 6,002 Abbott Laboratories 416,059 0.74 Retail-Discount 10,437 Eli Lilly & Co 497,219 0.89 7,300 Wal-Mart Stores Inc 540,053 0.96 8,352 Endo Health Solutions Inc 262,503 0.47 Retail-Drug Store 9,621 Pfizer Inc 240,140 0.43 10,198 CVS Caremark Corp 491,951 0.88 Medical-Generic Drugs 10,303 Walgreen Co 377,090 0.67 3,178 Watson Pharmaceuticals Inc 266,030 0.47 Retail-Major Department Store Medical-Health Maintenance Organisation 6,475 TJX Cos Inc 291,699 0.52 2,462 Humana Inc 173,325 0.31 Retail-Regional Department Store 9,216 UnitedHealth Group Inc 518,308 0.93 3,215 Dillard's Inc 233,345 0.42 Medical-Hospitals 8,084 Macy's Inc 303,231 0.54 7,519 HCA Holdings Inc 248,503 0.44 Retail-Video Rental Medical-Wholesale Drug Distribution 3,352 Coinstar Inc 150,941 0.27 8,167 AmerisourceBergen Corp 318,676 0.57 Super-Regional Banks-US 4,707 Cardinal Health Inc 186,538 0.33 25,398 Fifth Third Bancorp 393,161 0.70 4,209 McKesson Corp 366,814 0.65 36,881 Huntington Bancshares Inc 254,479 0.45 Metal-Aluminum 12,995 US Bancorp 443,909 0.79 7,532 Alcoa Inc 67,637 0.12 19,934 Wells Fargo & Co 692,906 1.24 Metal-Copper Telephone-Integrated 7,811 Freeport-McMoRan Copper & Gold Inc 313,299 0.56 4,515 AT&T Inc 171,525 0.31 6,962 Verizon Communications Inc 318,581 0.57

48 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

GLOBAL EQUITY (EX JAPAN) FUND (continued) GLOBAL EQUITY (EX JAPAN) FUND (continued) Nominal Security Value %Net Nominal Security Value %Net US$ Asset US$ Asset

UNITED STATES 56.23% (30 September 2011: 57.16%) (continued) Open Forward Foreign Exchange Contracts 0.00% (30 September 2011:0.00%) Tobacco 2,932 Lorillard Inc 347,618 0.62 Settlement Buy Amount Sell Amount Unrealised % Net 4,098 Philip Morris International Inc 371,525 0.66 Date Bought Sold Gain/Loss Assets Web Portals/Internet Service Provider 01/10/2012 USD 11,054 EUR (8,609) (90) (0.00) 787 Google Inc 595,365 1.06 01/10/2012 USD 2,158 EUR (1,681) (18) (0.00) X-Ray Equipment 01/10/2012 USD 2,292 GBP (1,420) (12) (0.00) 11,679 Hologic Inc 237,668 0.42 02/10/2012 CAD 27,208 USD (27,750) 51 0.00 02/10/2012 CAD 80,592 USD (82,196) 152 0.00 Total Value of Transferable 02/10/2012 SEK 523,364 USD (80,225) 149 0.00 Securities at Mid Market Prices 55,805,469 99.64 02/10/2012 SEK 1,481,862 USD (227,152) 421 0.00 02/10/2012 USD 4,518 AUD (4,348) (29) (0.00) UNLISTED SECURITIES 0.20% (30 September 2011:0.00%) 02/10/2012 USD 97,347 EUR (75,345) (188) (0.00) CANADA 0.20% (30 September 2011:0) 02/10/2012 USD 47,403 EUR (36,689) (91) (0.00) Silver Mining 5,200 Pan American Silver Corp Npv 113,492 0.20 Total Gains on Forward Foreign Exchange Contracts 773 0.00 Total Losses on Forward Foreign Exchange Contracts (428) 0.00 Total Value of Unlisted Securities at Mid Market Prices 113,492 0.20 Total Foreign Currency Exchange Contracts 345 0.00

Adjustment from Mid Market Prices Open Spot Currency Contracts (0.00%) (30 September 2011: 0.00%) to Bid Market Prices (347,541) (0.62) Settlement Buy Amount Sell Amount Unrealised % Net Total Value of Transferable Securities at Date Bought Sold Gain/Loss Assets Bid Market Prices (Cost: US$49,087,613) 55,571,420 99.22 01/10/2012 USD 370 CAD (365) (2) (0.00)

Total Open Currency Contracts (2) (0.00)

Cash 416,335 0.74 Net Current Assets 21,633 0.04

Net Assets Attributable to Holders of Redeemable Participating Units at Bid Market Prices 56,009,731 100.00%

Analysis of Total Assets % of Total Assets Transferable Securities and Money Market Instruments admitted to an official stock exchange listing or traded on a regulated market 98.56

Transferable Securities and Money Market Instruments other than those admitted to an official stock exchange listing or traded on a regulated market 0.20

Financial Derivative instruments dealt in or on a regulated market 0.00 Other Assets 1.24

Total Assets 100.00

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

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

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

49 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

POST GLOBAL LIMITED TERM HIGH YIELD FUND Nominal Security Coupon Rate Maturity Value % Net Date US$ Asset

TRANSFERABLE SECURITIES 93.32% (30 SEPTEMBER 2011: 96.35%) AUSTRALIA 1.07% (30 September 2011: 0.00%) Corporate Bond 4,000,000 FMG Resources August 2006 Pty Ltd 6.375% 02/01/2016 3,925,000 0.71 2,000,000 FMG Resources August 2006 Pty Ltd 7.000% 11/01/2015 2,000,000 0.36

BERMUDA 0.48% (30 September 2011: 4.28%) Corporate Bond 870,000 Digicel Group Ltd 8.875% 15/01/2015 891,750 0.16 500,000 Digicel Group Ltd 9.125% 15/01/2015 514,000 0.09 1,125,000 Digicel Ltd 12.000% 04/01/2014 1,260,000 0.23

CANADA 6.76% (30 September 2011: 0.99%) Corporate Bond 1,800,000 Angiotech Pharmaceuticals Inc 5.000% 12/01/2013 1,797,750 0.33 2,020,000 Angiotech Pharmaceuticals Inc 9.000% 12/01/2016 2,035,150 0.37 5,878,000 National Money Mart Co 10.375% 15/12/2016 6,583,360 1.19 12,175,000 Quebecor Media Inc 7.750% 15/03/2016 12,570,687 2.28 9,350,000 Telesat Canada / Telesat LLC 12.500% 11/01/2017 10,471,999 1.90 3,709,000 Videotron Ltd 6.375% 15/12/2015 3,792,453 0.69

FRANCE 0.73% (30 September 2011: 0.00%) Corporate Bond 3,700,000 Cie Generale de Geophysique - Veritas 9.500% 15/05/2016 4,023,750 0.73

IRELAND 1.54% (30 September 2011: 3.47%) Corporate Bond 7,750,000 Elan Finance Plc / Elan Finance Corp 8.750% 15/10/2016 8,505,625 1.54

LUXEMBOURG 2.96% (30 September 2011: 5.54%) Corporate Bond 2,100,000 ArcelorMittal 4.000% 03/01/2016 2,077,833 0.38 7,747,000 Intelsat Jackson Holdings SA 11.250% 15/06/2016 8,095,615 1.47 2,205,000 Mark IV Europe Lux SCA / Mark IV USA SCA 8.875% 15/12/2017 3,025,652 0.55 3,300,000 Wind Acquisition Finance SA 11.750% 15/07/2017 3,102,000 0.56

MARSHALL ISLANDS 0.72% (30 September 2011: 0.00%) Corporate Bond 4,000,000 Drill Rigs Holdings Inc 6.500% 10/01/2017 3,995,000 0.72

NETHERLANDS 0.74% (30 September 2011: 0.00%) Corporate Bond 3,500,000 Royal Bank of Scotland NV 1.016% 06/08/2015 4,111,678 0.74

SPAIN 0.37% (30 September 2011: 0.00%) Corporate Bond 1,500,000 Abengoa SA 9.625% 25/02/2015 2,036,422 0.37

UNITED KINGDOM 0.30% (30 September 2011: 0.00%) Corporate Bond 1,450,000 HBOS Plc 4.375% 30/10/2019 1,633,021 0.30

UNITED STATES 77.65% (30 September 2011: 82.07%) Bank Loan 2,000,000 Chesapeake Energy 0.000% 12/02/2017 2,008,650 0.36 3,750,000 Residential Capital 0.000% 14/11/2013 3,796,448 0.69 3,500,000 Samson Invest Co 0.900% 13/09/2018 3,520,405 0.64 2,500,000 Vodafone Americas Finance 6.040% 07/11/2016 2,587,500 0.47

50 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

POST GLOBAL LIMITED TERM HIGH YIELD FUND (continued) Nominal Security Coupon Rate Maturity Value % Net Date US$ Asset

UNITED STATES 77.65% (30 September 2011: 82.07%) (continued) Corporate Bond 10,000,000 Affinia Group Inc 9.000% 30/11/2014 10,100,000 1.83 4,050,000 Affinion Group Inc 11.500% 15/10/2015 3,361,500 0.61 7,000,000 Air Lease Corp 5.625% 04/01/2017 7,175,000 1.30 8,150,000 Ally Financial Inc 4.625% 26/06/2015 8,400,519 1.52 1,015,000 Ally Financial Inc 6.850% 15/04/2016 1,007,442 0.18 1,500,000 Alpha Appalachia Holdings Inc 3.250% 08/01/2015 1,387,500 0.25 2,685,000 AMC Entertainment Inc 8.000% 03/01/2014 2,688,893 0.49 3,000,000 American Petroleum Tankers Parent LLC / AP Tankers Co 10.250% 05/01/2015 3,157,500 0.57 6,940,000 American Railcar Industries Inc 7.500% 03/01/2014 7,087,475 1.28 10,075,000 Apria Healthcare Group Inc 11.250% 11/01/2014 10,364,656 1.88 12,814,000 ARAMARK Corp 8.500% 02/01/2015 13,150,368 2.38 1,170,000 ARAMARK Holdings Corp 8.625% 05/01/2016 1,199,367 0.22 9,232,000 Bankrate Inc 11.750% 15/07/2015 10,397,540 1.88 2,000,000 Berry Petroleum Co 10.250% 06/01/2014 2,240,000 0.41 10,434,000 Berry Plastics Corp 5.205% 15/02/2015 10,465,302 1.89 7,750,000 Biomet Inc 10.000% 15/10/2017 8,185,938 1.48 18,190,000 Biomet Inc 11.625% 15/10/2017 19,395,087 3.51 3,000,000 Blyth Inc 5.500% 11/01/2013 3,060,000 0.55 4,550,000 Catalent Pharma Solutions Inc 7.875% 15/10/2018 4,629,625 0.84 11,059,498 Catalent Pharma Solutions Inc 9.500% 15/04/2015 11,322,161 2.05 1,300,000 Catalina Marketing Corp 10.500% 10/01/2015 1,313,000 0.24 2,250,000 Chesapeake Energy Corp 2.750% 15/11/2035 2,155,781 0.39 4,600,000 Chesapeake Energy Corp 9.500% 15/02/2015 5,094,500 0.92 2,929,000 Chiquita Brands International Inc 7.500% 11/01/2014 2,929,000 0.53 12,598,000 Clear Channel Worldwide Holdings Inc 9.250% 15/12/2017 13,625,830 2.47 3,100,000 Collective Brands Inc 8.250% 08/01/2013 3,115,810 0.56 4,210,000 Delta Air Lines Inc 12.250% 15/03/2015 4,588,900 0.83 5,500,000 DISH DBS Corp 7.125% 02/01/2016 6,098,125 1.10 12,000,000 E*TRADE Financial Corp 12.500% 30/11/2017 13,694,999 2.48 3,000,000 Equinox Holdings Inc 9.500% 02/01/2016 3,202,500 0.58 3,160,000 Fox Acquisition Sub LLC 13.375% 15/07/2016 3,398,580 0.62 4,825,000 Greektown Superholdings Inc 13.000% 07/01/2015 5,235,125 0.95 10,500,000 Harbinger Group Inc 10.625% 15/11/2015 11,313,750 2.05 1,972,000 Host Hotels & Resorts LP 6.750% 06/01/2016 2,036,090 0.37 9,269,000 Icahn Enterprises LP 4.000% 15/08/2013 9,409,518 1.70 1,500,000 Icahn Enterprises LP / Icahn Enterprises Finance Corp 7.750% 15/01/2016 1,571,250 0.28 4,500,000 International Lease Finance Corp 4.875% 04/01/2015 4,668,750 0.85 4,124,000 International Lease Finance Corp 5.875% 05/01/2013 4,237,410 0.77 3,841,000 International Lease Finance Corp 6.375% 25/03/2013 3,932,224 0.71 1,500,000 International Lease Finance Corp 8.625% 15/09/2015 1,713,750 0.31 3,000,000 iPCS Inc 2.570% 05/01/2013 3,000,000 0.54 6,250,000 iStar Financial Inc 0.961% 10/01/2012 6,203,125 1.12 3,000,000 ITC Deltacom Inc 10.500% 04/01/2016 3,221,250 0.58 1,000,000 Knowledge Universe Education LLC 7.750% 02/01/2015 835,000 0.15 7,500,000 Lender Processing Services Inc 8.125% 07/01/2016 7,865,625 1.42 5,250,000 Level 3 Financing Inc 4.469% 15/02/2015 5,250,000 0.95 9,563,000 McMoRan Exploration Co 11.875% 15/11/2014 10,112,872 1.83 8,250,000 Metals USA Inc 11.125% 12/01/2015 8,523,281 1.54 8,660,000 Michaels Stores Inc 11.375% 11/01/2016 9,093,866 1.65 3,400,000 Michaels Stores Inc 13.000% 11/01/2016 3,578,840 0.65 6,000,000 Momentive Performance Materials Inc 12.500% 15/06/2014 6,225,000 1.13 8,200,000 Nationstar Mortgage LLC / Nationstar Capital Corp 10.875% 04/01/2015 8,938,000 1.62 6,325,000 New Albertsons Inc 6.350% 25/02/2013 6,411,969 1.16 6,815,000 Nextel Communications Inc 5.950% 15/03/2014 6,849,075 1.24 2,000,000 Petrohawk Energy Corp 10.500% 08/01/2014 2,175,912 0.39 6,238,000 Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp 9.250% 04/01/2015 6,409,545 1.16 1,500,000 RadioShack Corp 2.500% 08/01/2013 1,387,500 0.25

51 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

POST GLOBAL LIMITED TERM HIGH YIELD FUND (continued) Nominal Security Coupon Rate Maturity Value % Net Date US$ Asset

UNITED STATES 77.65% (30 September 2011: 82.07%) (continued) Corporate Bond (continued) 7,000,000 Sabine Pass LNG LP 7.250% 30/11/2013 7,455,000 1.35 2,930,000 Select Medical Holdings Corp 6.429% 15/09/2015 2,930,000 0.53 3,574,000 SESI LLC 6.875% 06/01/2014 3,578,468 0.65 2,366,447 SGS International Inc 12.000% 15/12/2013 2,396,028 0.43 4,250,000 Stanadyne Corp 10.000% 15/08/2014 3,984,375 0.72 8,130,000 SunGard Data Systems Inc 10.250% 15/08/2015 8,333,250 1.51 5,500,000 SUPERVALU Inc 7.500% 15/11/2014 5,307,500 0.96 750,000 Tenet Healthcare Corp 9.875% 07/01/2014 828,750 0.15 6,600,000 Tesoro Corp 4.250% 10/01/2017 6,814,500 1.23 11,495,000 Tops Holding Corp / Tops Markets LLC 10.125% 15/10/2015 12,170,331 2.20 3,800,000 Toys R Us Property Co I LLC 10.750% 15/07/2017 4,161,000 0.75 3,500,000 TPC Group LLC 8.250% 10/01/2017 3,797,500 0.69 2,000,000 ViaSat Inc 8.875% 15/09/2016 2,155,000 0.39 9,461,000 WESCO Distribution Inc 7.500% 15/10/2017 9,650,220 1.75 Term Loans 2,750,000 Homeward Residential 0.000% 17/08/2017 2,794,688 0.51 2,500,000 Revlon Consumer Products Corp Tranche Loan 0.000% 10/08/2013 2,537,500 0.46

Total Value of Transferable Securities at Mid Market Prices 515,447,483 93.32

Adjustment from mid market prices to bid market prices (1,718,325) (0.31)

Total Value of Transferable Securities at Bid Market Prices (Cost: US$511,740,169) 513,729,158 93.01

Interest Receivable on Transferable Securities 12,202,400 2.21

Total Value of Transferable Securities 525,931,558 95.22

52 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

POST GLOBAL LIMITED TERM HIGH YIELD FUND (continued) Nominal Security Coupon Rate Maturity Value % Net Date US$ Asset

Open Forward Foreign Exchange Contracts (0.14%) (30 September 2011: (0.53%))

Settlement Buy Amount Sell Amount Unrealised % Net Assets Date Bought Sold Gain/Loss 15/10/2012 EUR 114,983,315 USD (149,932,493) (1,067,385) (0.19) 15/10/2012 EUR 6,725,058 USD (8,769,005) (62,294) (0.01) 15/10/2012 EUR 431,723 USD (565,760) (6,823) (0.00) 15/10/2012 EUR 1,606,333 USD (2,019,048) 60,618 0.01 15/10/2012 GBP 147,452 USD (238,705) 540 0.00 15/10/2012 GBP 1,832,805 USD (2,967,055) 6,708 0.00 15/10/2012 GBP 3,916,839 USD (6,340,814) 14,335 0.00 15/10/2012 GBP 50,341,520 USD (81,495,872) 184,242 0.03 15/10/2012 JPY 74,415,250 USD (957,187) 1,875 0.00 15/10/2012 JPY 168,702,649 USD (2,156,358) 17,877 0.00 15/10/2012 JPY 8,088,957,681 USD (104,050,085) 200,161 0.04 15/10/2012 USD 945,684 EUR (720,000) 13,524 0.00 15/10/2012 USD 1,282,652 EUR (975,000) 20,351 0.00 15/10/2012 USD 1,959,391 EUR (1,491,931) 27,836 0.01 15/10/2012 USD 258,424 GBP (159,267) 11 0.00 15/10/2012 USD 7,656 JPY (600,000) (77) (0.00) 15/11/2012 USD 3,458,530 EUR (2,672,372) (2,375) (0.00) 14/12/2012 USD 1,102,351 EUR (880,500) (38,345) (0.01) 14/12/2012 USD 1,380,910 EUR (1,070,000) (5,284) (0.00) 15/01/2013 USD 1,602,510 EUR (1,300,000) (82,307) (0.01) 15/01/2013 USD 620,155 EUR (505,000) (34,331) (0.01)

Total Gains on Forward Foreign Exchange Contracts 548,078 0.10 Total Loss on Forward Foreign Exchange Contracts (1,299,221) (0.23)

Total Foreign Currency Exchange Contracts (751,143) (0.13)

Cash 37,238,658 6.74 Net Current Liabilities (10,066,773) (1.83)

Net Assets Attributable to Holders of Redeemable Participating Units at Bid Market Prices 552,352,300 100.00%

Analysis of Total Assets % of Total Assets Transferable Securities and Money Market Instruments other than those admitted to an official stock exchange listing or traded on a regulated market 90.40 Financial Derivative Instruments dealt in or on a regulated market (0.13) OtherAssets 9.73

Total Assets 100.00

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

53 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

MULTI STRATEGY CURRENCY FUND Nominal Security Coupon Rate Maturity Value % Net Date US$ Asset

TRANSFERABLE SECURITIES 92.20% (30 SEPTEMBER 2011: 0.00%) UNITED STATES 92.20% (30 September 2011: 0.00%) Government Bond 600,000 United States Treasury Bill 0.000% 02/07/2013 599,798 11.52 600,000 United States Treasury Bill 0.000% 10/04/2012 599,999 11.53 600,000 United States Treasury Bill 0.000% 25/10/2012 599,980 11.53 600,000 United States Treasury Bill 0.000% 11/08/2012 599,982 11.53 600,000 United States Treasury Bill 0.000% 29/11/2012 599,959 11.53 600,000 United States Treasury Bill 0.000% 24/01/2013 599,853 11.52 600,000 United States Treasury Bill 0.000% 21/03/2013 599,645 11.52 600,000 United States Treasury Bill 0.000% 28/02/2013 599,700 11.52

Total Value of Transferable Securities at Mid Market Prices 4,798,916 92.20

Adjustment from mid market prices to bid market prices (218) 0.00

Total Value of Transferable Securities at Bid Market Prices (Cost: US$4,798,422) 4,798,698 92.20

Open Forward Foreign Exchange Contracts 1.43% (30 September 2011: 0.00%)

Settlement Buy Amount Sell Amount Unrealised % Net Assets Date Bought Sold Gain/Loss 17/10/2012 AUD 216,000 USD (228,320) (4,116) (0.08) 17/10/2012 AUD 79,000 USD (83,500) (1,500) (0.03) 17/10/2012 DKK 9,274,134 EUR (1,244,976) (905) (0.02) 17/10/2012 EUR 37,584 USD (48,103) 258 0.00 17/10/2012 GBP 666,117 EUR (830,000) 7,571 0.15 17/10/2012 JPY 23,818,028 AUD (294,000) 1,028 0.02 17/10/2012 JPY 23,529,295 AUD (290,000) 1,468 0.03 17/10/2012 JPY 24,163,072 AUD (296,000) 3,387 0.07 17/10/2012 JPY 23,367,570 USD (300,000) 403 0.01 17/10/2012 JPY 25,705,581 USD (330,000) 459 0.01 17/10/2012 JPY 97,958,375 USD (1,253,049) 6,258 0.12 17/10/2012 NOK 2,566,357 EUR (345,000) 4,034 0.08 17/10/2012 NOK 595,045 GBP (64,000) 526 0.01 17/10/2012 NOK 734,649 GBP (79,000) 674 0.01 17/10/2012 NOK 2,582,471 GBP (278,000) 1,890 0.04 17/10/2012 NOK 2,324,450 GBP (250,000) 2,064 0.04 17/10/2012 SGD 1,140,000 JPY (72,317,952) (381) (0.01) 17/10/2012 USD 1,001,040 AUD (970,000) (5,799) (0.11) 17/10/2012 USD 30,979 CHF (29,263) (169) (0.00) 17/10/2012 USD 615,000 JPY (48,673,867) (10,728) (0.21) 17/10/2012 USD 926,000 JPY (72,472,186) (5,669) (0.11) 17/10/2012 USD 88,000 JPY (6,838,674) 85 0.00 17/10/2012 USD 300,000 JPY (23,309,520) 344 0.01 17/10/2012 USD 870,000 JPY (67,583,340) 1,180 0.02 17/10/2012 USD 315,000 NOK (1,798,385) 1,086 0.02 17/10/2012 USD 248,000 ZAR (2,090,260) (4,642) (0.09) 17/10/2012 USD 79,000 ZAR (665,642) (1,454) (0.03) 17/10/2012 USD 643,772 ZAR (5,293,222) 3,999 0.08 22/10/2012 INR 50,198,460 USD (926,000) 20,913 0.40 22/10/2012 USD 286,000 INR (15,338,180) (3,330) (0.06) 22/10/2012 USD 267,000 INR (14,311,494) (2,963) (0.06) 22/10/2012 USD 308,000 INR (16,444,120) (2,192) (0.04) 22/10/2012 USD 78,000 INR (4,183,920) (923) (0.02)

54 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

MULTI STRATEGY CURRENCY FUND (continued) Nominal Security Coupon Rate Maturity Value % Net Date US$ Asset

Open Forward Foreign Exchange Contracts 1.43% (30 September 2011: 0.00%) (continued)

Settlement Buy Amount Sell Amount Unrealised % Net Assets Date Bought Sold Gain/Loss 14/12/2012 AUD 360,000 USD (369,648) 2,204 0.04 14/12/2012 BRL 716,365 USD (349,787) (309) (0.01) 14/12/2012 EUR 579,000 USD (741,815) 3,701 0.07 14/12/2012 GBP 788,000 USD (1,259,854) 12,327 0.24 14/12/2012 IDR 30,500,000 USD (3,146) 9 0.00 14/12/2012 IDR 6,239,399,679 USD (643,502) 1,744 0.03 14/12/2012 INR 48,039,294 USD (854,184) 45,914 0.88 14/12/2012 JPY 500,900 USD (6,402) 41 0.00 14/12/2012 NOK 1,960,000 USD (337,454) 3,915 0.08 14/12/2012 NZD 675,000 USD (545,940) 11,861 0.23 14/12/2012 PLN 1,100,407 USD (339,276) 1,168 0.02 14/12/2012 TRY 1,512,209 USD (827,203) 5,960 0.11 14/12/2012 USD 2,338,485 CHF (2,204,022) (10,071) (0.19) 14/12/2012 USD 1,126,115 CHF (1,061,363) (4,850) (0.09) 14/12/2012 USD 1,242,880 JPY (97,242,919) (8,003) (0.15) 14/12/2012 USD 608,486 JPY (47,607,960) (3,918) (0.08)

Total Gains on Forward Foreign Exchange Contracts 146,471 2.82 Total Losses on Forward Foreign Exchange Contracts (71,922) (1.39)

Total Foreign Currency Exchange Contracts 74,549 1.43

Options 0.05% (30 September 2011: 0.00%) No of contracts Value % Net US$ Assets

Call Currency Option Call Currency Option EUR CHF strike price 1.115 21/12/2012 (1,393,000) (821) (0.02) Call Currency Option Call Currency Option EUR CHF strike price 1.175 21/12/2012 1,393,000 3,278 0.07

Total Gains on Option Contracts 3,278 0.07 Total (Loss) on Option Contracts (821) (0.02

Total Option Contracts 2,457 0.05

Cash 308,856 5.93 Net Current Assets 20,103 0.39

Net Assets Attributable to Holders of Redeemable Participating Units at Bid Market Prices 5,204,663 100.00%

Analysis of Total Assets % of Total Assets Transferable Securities and Money Market Instruments other than those admitted to an official stock exchange listing or traded on a regulated market 90.33 Financial Derivative Instruments dealt in or on a regulated market 1.45 Other Assets 8.22

Total Assets 100.00

The counterparty for the foreign currency contracts is UBS AG.

The counterparty for the currency option contracts is Deutsche Bank.

55 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

EDGE EQUITY INCOME FUND EDGE EQUITY INCOME FUND (continued) Nominal Security Value %Net Nominal Security Value %Net US$ Asset US$ Asset

TRANSFERABLE SECURITIES 97.50% (30 September 2011: 0.00%) UNITED STATES 84.38% (30 September 2011: 0.00%) (continued) Chemicals-Diversified AUSTRALIA 0.73% (30 September 2011: 0.00%) 611 EI Du Pont de Nemours & Co 31,063 0.61 Diversified Minerals Commercial Banks Non-US 538 BHP Billiton Ltd-Spon 37,079 0.73 532 Aust & NZ Bnkg Group-Spon 13,752 0.27 4,741 Banco Santander S.A.-Spon 36,458 0.72 CANADA 3.28% (30 September 2011: 0.00%) 981 Bank Of NV Scotia Npv 54,799 1.08 Gold Mining 7 Grupo Fin Santander B Usd Npv 95 0.00 1,534 Barrick Gold Corp Com Npv 64,213 1.26 Commercial Banks-Eastern US Oil Company-Exploration & Production 562 M&T Bank Corp 53,070 1.04 2,344 EnCana Corp 50,232 0.99 Cruise Lines 3,594 Penn West Petroleum Ltd Npv 52,221 1.03 1,222 Carnival Corp 44,603 0.88 Distribution/Wholesale FRANCE 1.39% (30 September 2011: 0.00%) 1,447 Genuine Parts Co 88,252 1.74 Oil Company-Integrated Diversified Banking Institutions 1,369 Total SA 70,599 1.39 2,818 JP Morgan Chase & Co 114,635 2.26 Diversified Manufacturing Operations ISRAEL 0.52% (30 September 2011: 0.00%) 359 3M Co 33,322 0.66 Medical-Generic Drugs 507 Honeywell International Inc 30,542 0.60 647 Teva Pharmaceutical Industries Ltd 26,676 0.52 809 Parker Hannifin Corp 67,696 1.33 Electric Products- Miscellaneous SWEDEN 0.98% (30 September 2011: 0.00%) 950 Emerson Electric Co 45,933 0.90 Auto/Truck Parts & Equipment-Original Electric-Integrated 801 Autoliv Inc 49,862 0.98 903 Nextera Energy Inc 63,336 1.25 1,178 Northeast Utilities 44,670 0.88 SWITZERLAND 2.42% (30 September 2011: 0.00%) 1,081 Wisconsin Energy Corp 40,419 0.80 Medical-Drugs 2,068 Xcel Energy Inc 56,767 1.12 972 Novartis AG 59,788 1.18 Electronic Components-Semiconductor 1,319 Roche Holdings Ltd-Spons 63,087 1.24 4,010 Intel Corp 92,511 1.82 1,699 Microchip Technology Inc 55,940 1.10 TAIWAN 0.96% (30 September 2011: 0.00%) Finance-Other Services Semiconductor Components-Integrated Circuits 1,854 Nyse Euronext 45,924 0.90 3,112 Taiwan Semiconductor Manufacturing Ads Each Cnv In Food- Miscellaneous /Diversified 48,547 0.96 636 General Mills Inc 25,370 0.50 1,547 Kraft Foods Inc 63,767 1.25 UNITED KINGDOM 2.84% (30 September 2011: 0.00%) Food-Retail Cellular Telecom 2,122 Kroger Co 50,037 0.98 2,077 Vodafone Group Plc 60,067 1.18 Gas-Distribution Medical-Drugs 886 Sempra Energy 56,757 1.12 1,491 GlaxoSmithKline Plc 69,734 1.37 Industrial Gases Oil Company-Integrated 221 Air Products & Chemicals Inc 18,266 0.36 200 Royal Dutch Shell Plc 14,552 0.29 Investment Management/Advisory Service 465 BlackRock Inc 83,202 1.64 UNITED STATES 84.38% (30 September 2011: 0.00%) Machinery-Farm Aerospace/Defense 857 Deere & Co 70,359 1.38 560 Lockheed Martin Corp 51,778 1.02 Medical Instruments 1,089 Raytheon Co 62,661 1.23 1,151 Medtronic Inc 50,045 0.98 Apparel Manufacturers Medical Products 400 VF Corp 64,176 1.26 437 Becton Dickinson and Co 34,409 0.68 Applications Software 671 Johnson & Johnson 46,306 0.91 2,722 Microsoft Corp 82,204 1.62 Medical-Drugs Auto/Truck Parts & Equipment-Original 1,500 Abbott Laboratories 103,980 2.05 798 Johnson Controls Inc 22,041 0.43 2,424 Merck & Co Inc 109,637 2.16 Auto-Medium & Heavy Duty Trucks 3,974 Pfizer Inc 99,191 1.95 988 PACCAR Inc 39,678 0.78 Multi-Line Insurance Beverages-Non-Alcoholic 1,364 ACE Ltd 103,023 2.03 589 Coca-Cola Co 22,565 0.44 1,796 Allianz Se 21,624 0.42 939 Dr Pepper Snapple Gp Inc 41,692 0.82 1,493 Allstate Corp 59,377 1.17 2,160 MetLife Inc 74,498 1.47

56 PORTFOLIO OF INVESTMENTS AS AT 30 SEPTEMBER 2012 (continued)

EDGE EQUITY INCOME FUND (continued) EDGE EQUITY INCOME FUND (continued) Nominal Security Value %Net Nominal Security Value %Net US$ Asset US$ Asset

UNITED STATES 84.38% (30 September 2011: 0.00%) (continued) Total Value of Transferable Multimedia Securities at Mid Market Prices 4,954,495 97.50 470 Walt Disney Co 24,713 0.49 Oil Company-Exploration & Production Adjustment from Mid Market Prices 467 Occidental Petroleum Corp 40,283 0.79 to Bid Market Prices (20,649) (0.41) Oil Company-Integrated 746 Chevron Corp 87,432 1.72 Total Value of Transferable Securities at 1,005 Exxon Mobil Corp 92,259 1.82 Bid Market Prices (Cost: US$4,879,497) 4,933,846 97.09 1,913 Marathon Oil Corp 57,428 1.13 1,415 Marathon Petroleum Corp Usd 77,160 1.52 Cash 89,513 1.76 837 Royal Dutch Shell Plc 60,900 1.20 Net Current Assets 58,150 1.15 Oil & Gas Drilling 158 Diamond Offshore Drilling Inc 10,479 0.21 Net Assets Attributable to Holders Pipelines of Redeemable Participating Units 1,355 Enterprise Prods Partners L.P 72,533 1.43 at Bid Market Prices 5,081,509 100.00% 557 Kinder Morgan Energy Prtnrs Npv 45,635 0.90 1,824 Kinder Morgan Inc 65,044 1.28 Analysis of Total Assets % of Total Assets Property/Casualty Insurance Transferable Securities and Money Market Instruments 636 Chubb Corp 48,431 0.95 admitted to an official stock exchange listing or traded 2,670 Fidelity National Financial Inc 57,325 1.13 on a regulated market 97.30 Reinsurance 246 Swiss Re Ltd-Spn 16,064 0.32 Financial Derivative instruments dealt in or on a Reits-Diversified regulated market 0.00 1,508 Digital Realty Trust Inc 103,525 2.04 Other Assets 2.70 Reits-Mortgage 1,252 American Capital Agency Corp Usd0.01 43,019 0.85 Total Assets 100.00 5,571 Annaly Capital Management Inc 93,871 1.85 Retail-Discount All securities are transferable securities admitted to an official stock 244 Costco Wholesale Corp 24,483 0.48 exchange listing. Retail-Jewelry 745 Tiffany & Co 46,116 0.91 Retail-Restaurants 591 McDonald's Corp 55,123 1.08 Semiconductor Components-Integrated Circuits 1,822 Maxim Integrated Products 49,249 0.97 Semiconductor Equipment 4,538 Applied Materials Inc 51,143 1.01 Super-Regional Banks-US 1,252 PNC Financial Services Group Inc 79,915 1.57 2,135 US Bancorp 72,932 1.43 Telecom Services 1,354 BCE IncNpv 59,954 1.18 Telephone-Integrated 847 CenturyTel Inc 34,575 0.68 534 Verizon Communications Inc 24,436 0.48 Toys 2,017 Hasbro Inc 75,950 1.49 2,988 Mattel Inc 106,253 2.09 Transport-Rail 586 Norfolk Southern Corp 37,610 0.74 392 Union Pacific Corp 46,456 0.91 Transport-Services 793 United Parcel Service Inc 57,112 1.12

Total Value of Transferable Securities at Mid Market Prices 4,954,495 97.50

57

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( ( ( n r ) ) ) ) ) ) ) ) ) ) ) - u 9 6 4 1 9 8 7 5 6 7 7 1 4 4 4 0 0 2 5 7 2 2 6 5 $ F t 2 1 9 1 8 9 2 3 6 3 5 9 0 9 5 8 8 5 6 S 3 8 0 7 3 S e ( 0 4 4 6 9 7 5 2 2 0 0 8 0 8 5 2 2 5 9 1 3 0 P R , , , , , , , , , , , , , , , , , U , , , , , 1 l 8 9 9 0 0 2 7 9 0 2 6 1 2 7 9 7 6 1 8 1 7 2 a 1 4 2 7 5 3 6 2 1 7 7 2 4 4 8 1 7 0 5 2 4 8 9 t ( ( ( 6 5 3 5 6 8 2 o 3 4 5 6 9 N 0 , , , , , , , , , , , T 1 4 2 5 2 1 4 4 2 2 8 2 ( f R 3 3 3 3 3 2 o ( ( ( ( ( ( r t U ) ) ) ) ) ) ) ) ) n e - - - 5 4 8 5 6 3 0 5 4 1 1 6 1 1 6 6 4 8 2 3 2 6 $ e F T 4 7 5 4 4 6 1 0 2 9 2 5 6 8 7 1 9 S 6 7 1 3 8 b E m 6 4 8 6 1 6 1 6 3 7 5 8 6 5 5 2 3 J 9 8 6 0 9 e , , , , , , , , , , , , , , , U , , , , , ( E t 3 1 7 1 2 1 8 6 7 6 1 9 4 8 3 a 7 1 7 3 3 m t 2 2 1 0 1 3 2 1 3 2 5 4 5 7 R e S ( ( 5 7 1 3 5 5 5 1 3 t ( ( e ( ( ( ( h L p t e n A i ) ) ) ) ) ) ) ) ) ) S - - - T h 2 2 1 1 8 1 4 4 2 1 8 5 4 3 6 4 9 5 7 0 8 3 $ F t 3 2 5 0 0 9 4 0 5 9 7 2 5 8 0 0 4 i S 9 2 1 7 7 E 0 0 9 5 7 6 1 6 5 8 8 1 8 7 4 9 1 9 1 2 7 3 1 O w , , , , , , , , , , , , , , , , , U , , , , , M 3 t 6 4 4 4 1 6 9 4 9 6 6 2 1 4 5 2 4 4 0 4 0 4 l T ( E 3 6 2 2 4 1 1 3 4 2 2 0 2 4 a 7 1 1 6 0 ( e 6 4 4 5 7 1 1 d 4 1 2 7 7 , , , , ( ( , , , , , d F e 3 7 1 5 3 4 4 1 1 e 4 4 s 4 4 4 4 ( ( d O ( ( ( ( o h ) ) ) ) ) ) ) ) ) ) n t - - - 6 1 8 4 4 8 5 3 3 5 8 7 7 4 0 3 3 3 2 6 $ 9 3 F e T n 0 2 5 2 0 0 1 8 3 9 5 1 7 6 8 9 8 S 7 9 6 7 4 E a 1 9 6 2 1 8 9 6 2 8 6 7 4 5 1 0 7 7 1 8 3 E , , , , , , , , , , , , , , , h U , , , , ( , N d t 6 9 8 3 5 7 6 3 5 9 8 1 9 1 9 0 8 6 8 1 r o 4 7 1 2 4 1 9 2 5 1 2 1 E 8 4 2 7 3 e ( i 5 0 5 7 2 4 0 8 6 0 2 h , , , , ( , , , , r t 2 4 3 3 2 2 6 1 o M ( e 1 1 1 1 1 1 s ( ( ( ( ( ( e E p s ) ) ) ) ) ) ) ) ) ) s - - T 7 7 8 3 2 8 8 6 8 5 9 7 9 3 6 6 9 4 4 $ 1 7 2 6 o F e l 7 2 4 5 8 3 5 6 2 5 5 1 6 4 7 3 0 S 8 6 0 7 5 E r A h 2 0 3 4 0 1 2 0 3 6 0 6 3 5 5 6 3 2 5 1 4 5 , , , , , , , , , , , , , , , , A U o , , , , ( , t T 9 6 1 2 2 1 2 6 5 7 1 1 1 8 3 1 s 6 5 7 0 5 4 1 1 4 1 0 3 5 1 2 1 n 1 6 1 1 0 r S i ( ( ( . 5 7 1 4 5 5 6 2 3 a , , 1 , , , , o g 2 2 1 2 2 2 2 f ( ( ( ( ( ( o 0 n 2 ) ) ) ) ) ) ) ) ) ) e y - - - - r 6 4 5 3 4 6 4 0 9 9 7 9 7 0 5 7 0 $ 5 9 6 3 a F e 5 4 5 1 5 4 1 9 1 0 2 8 2 9 5 7 S 9 3 0 4 7 E w M 3 8 1 7 3 6 9 3 6 7 5 1 5 7 0 7 4 7 1 8 3 , , , , , , , , , , , , , , , U , , , , ( , G e 8 r 2 5 3 4 1 1 6 3 3 3 3 9 1 5 4 6 8 8 8 7 e 1 0 1 5 8 1 9 2 5 2 1 1 1 5 1 7 5 ( h 1 9 3 2 7 5 9 3 0 5 5 n , , ( ( , , , , T o 2 3 2 3 3 2 ( ( . ( ( ( ( s d e e i t h s i c e v i t n t 2 2 6 8 2 7 8 8 8 u o c a a l N t s e e n a l l e b b w s a a s m s t e e d s e m m c c n e i c i e e i r v u r e e r n P F P i d d P t e e t d g e t l e R R n e k e i k i r k r o o u a Y r t t a n a i h M e e t e M l l n g M n i d b b o g i m o d i a a d i c H n t o B t t i i s c a u u e p B M m x n s m t m b b i p i r t t a o i i d o a t r v e a a r r r f i n n c t t f T t e s s s e o t t y c r r r e t o l e d p d a A A t s i e e e o n e l u f v t t n m e s s d d e i o i e o l l t t e n o s u d c e e b s m o o e s c p m d t s s e e e i h h x s s n n n s s s d m c t t e i L d o i o o u t i i E n o A A e j r s r s t l e n i e n n e s a x x F e t t d g a r P n u t e p a a s o v e e e s m e s U U b n e A t x F n s e F s e e T T i e n o e L p e o s t s N N i t o r e t E n s g g l / t c e e n m s s i k g g s n e a i e e t e F l t n n n r n F h n o n n t o e n e r G n n s i i l e a t p a I t i i e a h o r i i t t e g o n p e r i m e t t x n C e n n e s I d d t t d a a s e o e e x v d n p t m a s F o l l e M s e o E e r t i s s i e e n s u t o i p p e i e c n n E n s o o i F e i i a a o a h c O s i d F o I b e g e g P d m n s n f s h h s e r n i c c e e i t i t m a s o l l n l e i I d L t n i i o r i r r e e e e l a k h h t s i i a s t t a a a v t n f o n t t c c s p t t t m d s h i h p M t t b b v s n r r i i g c a o u o n s t e e e i i e e a u e d u a x o i e a a r i o o r u T n o W N W E M I D M * D C D N A P O T F B A L D t P L R T T L P P G D 59

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r D ) ) e 0 2 7 0 $ 1 F E 2 3 9 7 S 6 b E J 0 0 6 8 1 , , , , U R , 7 7 9 9 0 m 2 4 2 9 5 e 3 5 3 7 2 , O t , , ( , 1 3 9 7 ( p T 1 1 e E ) ) S 3 0 8 4 $ 9 F L 9 1 6 2 S 3 E 0 0 7 3 7 7 , , , , U , B M 3 2 4 7 8 8 E 0 1 6 7 A 9 7 2 6 0 d 8 , , , , , T 0 e 4 6 6 5 2 4 1 3 9 ( ( d U 2 1 ) ) n B 4 3 9 1 $ 3 F e I 8 4 4 2 S 1 E 3 3 4 6 2 E , , , , U , R d 3 8 5 3 3 9 o 7 9 3 T 5 i 2 0 7 6 0 , , , , , r T 0 6 8 1 7 e 2 1 2 7 A ( ( 1 p ) ) S 7 7 4 6 $ 2 F e 0 0 2 3 S 1 E T h 6 1 3 6 8 , A , , , U , t E 5 7 9 8 7 7 1 8 8 5 S r . 8 6 6 2 8 , , , 1 , S o 6 2 2 1 1 f ( ( 1 0 A 1 2 ) ) y T 7 3 3 6 $ 7 a F 1 7 1 6 S 9 E E M 3 3 9 6 6 , , , , U , G 8 6 8 3 3 7 N 1 6 7 9 4 3 2 5 7 7 6 , n , , , , 5 o 3 9 9 N 1 ( ( 3 I 3 d e h c e T t n o u N a N l g E s n g a i t n s w i e a M l t n p d a b o i E i s a n p c t t i i u i a t m c V r F n i r e e t s s a u e r d t p t O l i d i P f a o e e n o n i p e l u R u s Y m M e e b f d f l d o o s h a o r o o t b a o f i g i a F i h e r m n n r l g c e e o e o m H r b i n i e p i e O p t a t u d t t e a a e l p m l e e e u l d r e u h r h e r b e R e s t T t c i c r e T r f r d f o n t n t o o t N d n a o s t o r e a c t e A t e l d r E e i d s s l n a d b e n e t l t l o b m a e v e s i o a i t a s M s d e t e s h L e u i t c u h l o a i A b h E e t t i a t b r p n t i r t b e e t s t s r T U a o t t t t a u l N t n s n g d A A s a r G u r u n n t s e i i s e T o t o t t n t s d e d e a e l e l S m m o s s s p o s a o P i m s A A e h c e a A h : : r e i t t v s t i c t t d i h s r o e e e n d e n a T * N u P U M N A D L 61 ) ) ) ) ) ) ) ) ) ------6 6 6 9 4 7 1 5 3 3 6 0 1 0 9 0 9 9 $ F 4 5 4 4 8 7 9 0 1 5 5 1 9 3 S I 5 6 0 9 8 9 8 6 9 6 2 2 5 7 7 4 2 9 1 8 5 2 E , , , , , , , , , , , U , , , , ( ( ( 3 5 4 0 4 2 1 1 9 9 7 2 0 1 1 E ( ( ( ( 3 2 1 2 8 3 9 6 8 3 ( ( 9 0 0 0 , , , , 4 5 5 5 ) ) ) ) ) ) ) ) ------8 8 4 2 8 4 2 0 6 1 1 7 8 8 3 5 3 $ F 9 9 1 2 1 2 9 3 5 7 2 1 7 S 8 3 4 6 C 6 8 0 9 2 2 2 4 8 4 8 1 2 2 7 4 6 , , , , , , , , , , , U , , , , ( S 8 2 3 1 3 2 5 8 6 4 3 8 2 4 4 ( ( ( ( 9 2 7 5 0 4 0 1 0 0 M ( ( 7 3 1 1 3 2 2 , , , , ( 4 5 5 5 ) ) ) ) ) ) ) ------4 7 0 8 4 5 9 2 1 8 8 8 3 5 0 $ Y 1 3 0 5 3 2 5 7 2 7 5 S 7 5 7 0 0 7 4 5 3 3 7 3 2 0 6 H 0 0 9 3 , , , , , , , , , , , U , , , , 2 1 8 1 8 8 4 9 9 8 8 T 9 3 3 2 ( ( 1 9 1 3 1 5 9 4 3 L 3 7 3 5 ( 9 2 9 7 4 2 5 2 5 1 6 3 , , , , , , ( , , , , G 7 5 1 6 1 7 9 0 0 2 ( 1 2 3 1 7 5 5 ( 5 ( 5 5 5 ) ) ) ) ) ) ) ) ------1 6 0 7 5 7 7 4 6 8 5 2 3 0 0 1 0 $ F ( 4 0 2 1 9 9 4 3 7 2 3 7 S 1 9 3 2 J 5 9 4 9 3 9 2 5 2 4 3 7 7 1 7 5 E , , , , , , , , , , U , , , , ( 7 0 1 9 1 8 1 8 3 6 2 2 9 0 G ( ( 4 9 7 8 4 1 4 1 2 6 0 6 ( ( 3 5 5 8 4 6 6 0 9 , ( , , , ( 5 6 5 6 5 5 5 5 ) ) ) ) ) ) ) ------5 7 4 5 0 1 7 2 3 2 8 1 2 6 7 9 5 2 4 $ F 0 9 0 2 0 9 2 2 0 2 7 3 3 6 1 S 4 0 3 4 S 2 9 2 4 0 2 0 1 6 7 5 8 4 6 2 4 4 8 , , , , , , , , , , , , , U , , , , ( P 8 8 4 5 4 1 6 1 8 6 1 3 3 7 1 2 5 ( G 1 5 1 8 4 5 3 3 4 4 3 7 6 3 7 3 ( ( ( 1 2 9 4 2 2 2 , ( , , , ( 0 1 1 1 1 1 1 1 ) ) ) ) ) ) ) ) ------0 3 0 6 6 4 5 8 5 1 0 0 5 5 8 9 7 $ F 2 4 0 9 4 1 2 4 5 6 8 9 7 S 6 3 9 2 Y 5 2 0 5 2 0 9 1 4 5 8 8 4 7 1 6 6 , , , , , , , , , , , , , U , , , , H 7 1 2 0 8 2 6 5 7 3 1 8 5 5 4 7 1 ( ( ( 2 4 5 2 2 0 7 5 1 7 9 5 0 4 ( ( ( 2 1 9 5 5 2 4 3 , ( , , , 1 ( 0 1 1 1 3 0 3 3 3 2 r ) ) ) ) ) ) ) ------1 5 9 1 7 6 0 6 4 7 9 7 6 0 0 6 $ F e 8 7 9 1 6 4 3 3 1 9 1 4 S 6 4 7 2 E ( 6 8 2 0 9 3 5 3 4 2 0 8 3 2 b , , , , , , , , , , U , , , , S 2 3 8 1 2 0 8 4 8 8 4 7 6 6 ( U 8 1 1 6 5 1 7 4 1 0 3 5 6 ( ( ( m 1 3 1 7 1 1 8 1 2 , ( , , , ( 8 e 9 8 9 0 t 0 0 0 1 1 1 1 p e ) ) ) ) ) ) ) ) ------S 1 5 3 2 9 1 2 5 4 9 5 4 2 6 2 4 4 $ F 1 3 4 7 1 6 9 8 6 3 1 2 8 S 3 2 1 1 S 9 5 8 6 0 0 3 4 8 7 4 8 5 3 7 1 6 , , , , , , , , , , , , , U , , , , P 0 4 7 3 9 6 9 5 6 4 2 3 7 4 9 7 3 1 ( 2 2 4 3 5 0 2 2 2 7 7 0 3 4 5 9 3 ( ( ( 3 8 5 3 4 5 5 2 8 5 7 1 7 , , , , , , , ( , , , , 2 1 8 2 6 8 1 t 1 6 3 4 ( 1 1 5 5 3 1 2 1 a 1 7 8 7 7 1 ( ( s a ) ) ) ) ) ) ) ------8 6 6 6 7 4 7 3 3 5 0 6 1 5 5 $ F ( 2 6 9 4 3 7 3 7 4 1 S t 5 7 4 8 E ( 1 3 9 1 5 4 9 2 0 3 2 7 0 J , , , , , , , , U , , , , ( e 8 3 8 7 1 5 5 2 1 1 2 0 ( e 7 1 1 4 1 5 0 5 1 5 4 ( ( ( 1 6 3 1 1 1 , , , , h 5 6 6 6 1 1 1 1 S e c ) ) ) ) ) ) ) ) ) ------6 5 7 8 6 3 8 4 8 9 3 5 5 2 2 0 5 2 $ F n 7 6 5 5 5 1 4 5 1 4 7 3 9 4 S 4 8 1 6 E 1 9 7 6 8 6 9 5 4 0 5 4 5 7 9 9 4 9 a , , , , , , , , , , , , , U , , , , ( l 5 4 5 6 3 5 6 1 5 1 2 3 2 M 9 5 8 3 ( ( 7 6 5 5 7 2 2 9 5 9 1 6 1 5 E a ( ( 5 8 3 1 5 8 7 8 7 0 8 6 , , , , ( ( , , , , 1 1 5 2 0 8 8 2 B ( ( 1 2 1 1 2 2 2 2 ) ) ) ) ) ) ) ------9 8 6 6 4 6 5 2 2 4 2 8 4 4 $ F 3 9 0 3 2 9 8 5 4 5 S 3 3 4 9 E 9 7 6 8 7 7 7 4 8 1 8 3 9 4 , , , , , , , , , U , , , , ( E 6 4 6 3 2 9 0 2 4 0 5 1 5 ( ( ( 5 7 7 2 7 0 5 3 9 1 ( ( 9 8 3 2 1 0 1 , , , , ( 3 4 4 5 8 8 8 8 ) ) ) ) ) ) ) ) ------3 2 5 5 3 6 4 7 9 0 6 9 5 8 8 4 0 $ F 0 2 1 0 8 2 8 9 7 1 9 8 9 S 9 8 8 1 E 1 9 5 6 4 8 2 9 9 6 9 5 8 3 9 9 4 , , , , , , , , , , , U , , , , ( ( A 6 2 0 3 2 8 7 0 6 7 9 4 6 3 7 2 2 8 2 1 1 2 0 2 7 8 9 0 3 8 ( ( ( ( 1 2 3 1 1 2 , ( , , , ( 3 3 3 3 1 1 1 1 ) ) ) ) ) ) ) ) ) ------0 7 7 1 3 5 9 8 0 6 0 6 9 1 0 9 2 8 7 $ F 4 3 6 3 3 8 6 9 0 6 2 3 6 0 S 1 2 5 9 E 0 1 1 7 8 9 6 6 4 3 6 2 8 3 5 2 4 2 , , , , , , , , , , , , , U , , , , ( G 6 1 1 2 2 1 4 5 8 4 0 3 9 1 3 6 8 ( ( ( 6 3 4 0 2 1 1 5 5 6 1 9 4 1 ( ( 4 2 1 6 6 1 7 6 2 4 3 , ( ( , , , , 9 0 9 9 1 ( 2 3 2 2 e t 8 8 8 8 8 5 o ) s s s e N e e c c c i i s i r e e r t r l l s P p c P t b b t a c t d a a r e i a e t s k r B d k m m r n e t ( r r e e a d c o n a a e i r e e r o u a M C w d d l M P r a e e C w d y s s e o d i t r V t t c l i R R y e F c c e o r e n b c l B M i k a a l F o o e a a r r r n n b t t e t t r b s t t y l F a e e a a a r n a e a r e e n n b t y p i e s s v u r l l e a P a M i t a r r o o l s p i u b b e e e y C O s r P s l s s e b C C d e a a c a i d d l e e t : e C O i i a s t t e l l i e n n t s s P e l b e e b c d t e i y o o B r i u u l o o s e e i n n r a a R g g : b e e s a l r e i h h s r i l o b b v u s o o a s s e t t t n n F s P b i i i P d i i c u b t i m h e A L y l a a n n e s s r r a e l e t s c a s i i i n n t e a o s s t t n F i i o c t t h h y S t e e e a a e y r t t s P i o o o U U e c c l a b t f n h e n n k S a s i k r s n t x x A A a s b G G L L t P e e i r n t F R t g g i P n f i u U e a r r A a e a e E E s s s a s n n n n c s o s d d d d r r r e s t y L t t i i n e e e t t s t t e e e e e y y B d a m a e e F n m u u e U M s e t s s s s i a a S e c c s s e i e s n n i i i i t A P o m s s F e n l l l l s s C C p p d F a f n n g o e r t d a e n i i n n m e r r a a a a i e f t i s t e e a o l l l r o h t c c A A d t o o i e e r e e e e r r t i i s i h i i a s u r a a c n e e r r r r r t t r s r t t t t e m j d e s h h M t t r v g a l u r r t t i u u u v e e n n n n a p p u u u u d d u e r o o u a a a o n C t C C S I O D D U U O T C O M T C L P U U A D O T N p A N p C A 62 – – – – – – – – – – – 0 – – – – – – 0 – – – – – – – – – – – – – – F I 0 0 0 0 E , , E 0 0 5 5 2 2 – – – – – – – – – – – 9 – – – – – – – – – – – – – – – – – – – – – F 2 C 7 S , 4 M 2 5 – – – – – – – 1 – 2 3 4 – – – 1 – – – – – – – 7 – – 4 6 – – – – – Y 6 1 6 3 2 8 3 4 H 8 7 2 7 6 0 5 3 , , , , , , , , T 1 7 3 1 1 7 1 1 L 1 9 9 7 1 7 1 6 G 5 9 2 9 6 4 7 2 , , , , , , , 8 8 5 6 2 2 1 1 1 – – – – – – – – – – – 2 – – – – – – – – – – – – 0 – – 8 – – – – – F J 1 0 3 5 0 3 E , , , 8 0 5 G 2 0 0 3 5 5 , , 1 2 – – – – – – – – – – – 7 5 – – – – – – – – – – – – 4 3 3 5 – – – – F 3 2 3 3 7 7 S 8 7 7 5 8 2 P , , , , , 7 0 7 9 1 G 8 0 9 7 1 4 2 3 3 – – – – – – – – – – – 0 – – 6 – – – – – – – – – – – – 4 – – 8 – – F 5 1 0 9 Y 6 0 5 9 , , , , H 9 9 6 0 5 6 5 0 2 1 0 8 , 1 ) d e – – – – – – – – – 5 – – 2 – 8 – – – – – – – – – – 3 – 5 – – 6 – – F 9 0 3 8 9 0 E u 7 1 7 8 5 7 S , , , , , , n 9 6 5 2 0 2 U 0 3 2 8 4 1 i 2 2 5 4 8 t , , , 1 1 5 n o c ( 2 2 9 – 4 9 0 – 9 – 6 – 1 7 9 – 2 4 5 2 7 0 5 2 – – 2 6 – 5 – – 8 F 7 2 8 8 7 9 5 0 3 6 9 0 6 9 2 1 4 8 4 6 7 1 0 S 4 3 1 9 7 5 7 2 3 8 1 6 4 3 9 6 0 5 7 5 9 2 1 P , , , , , , , , , , , , , , , , , , , , , , , 2 6 8 7 9 7 4 2 6 9 9 4 8 4 3 3 6 4 7 5 5 7 6 8 5 9 8 9 3 2 1 3 3 6 4 4 5 8 0 5 5 8 3 4 3 1 8 1 5 8 1 3 3 4 9 8 4 8 2 4 1 1 1 7 2 9 8 4 4 0 2 , , , , , , , , , , , , , , , , , , , , 0 3 5 1 1 1 8 4 1 4 7 3 3 2 1 5 3 4 3 4 1 2 r – – – – – – – – 8 – – 6 – – 5 – – – – – – – – – 5 – – 8 – – 6 – – F 5 2 9 0 6 3 e E 8 1 6 8 9 5 J , , , , , b 7 3 2 0 1 8 3 0 4 2 0 , m 2 e t p – – – – – – – – – – – – 7 – 1 – – – – – – – – – – – – 0 – – 5 – – F 3 2 5 2 e E 3 2 4 4 , , , , M S 4 2 4 6 E 2 1 9 0 2 2 1 , 0 4 3 t – – – – – – – – – – 1 5 – – 3 – – – 7 – – – – – – – 3 8 – – 6 – 8 F a 9 7 1 6 3 1 7 4 E 7 1 1 5 2 0 4 8 E , , , , , , , , s 5 4 4 1 7 7 7 6 a 7 3 1 5 1 2 2 9 4 2 1 , t 3 e e – – – – – – – – – – – 8 – – 9 – – – 1 – – – – – – – – 4 – – 9 – 5 F h 1 5 1 1 4 9 E 5 4 5 1 8 3 S , , , , A 1 7 5 4 8 3 9 e 1 1 c n a l – – – – – – – – – – – 2 – – 3 – – 6 – – – – – – – – – 3 – – 8 – 3 F 4 6 6 7 4 8 E a 4 9 7 3 5 4 , , , , , G 6 7 1 1 4 B 6 3 0 9 6 1 2 3 1 , 1 r r r a r a a e e a e y e y y y f r f f r a o f o o a r e o e r a g y g g y r a e r r g n r f n n a e i y f r a a i i a n o e y e a e o i n f r e n n y i r e y i y i f a g y o n g a g y i r g g e o g n f g g e e n g a e g e i y i g n o r y r n g n b e e r b b i n n f i i r a a n n i y i r f a b n t r r g i t t o e a e i r e g n n r o a u r t a a r u u e g n y i y i a e y n a i g a d u a y i r r d g e d g e g n e r e r e b f g g e i n n r a a d e g e y u e a a y n i i u d u r g y o t d d n e a e n e e i s b b e e s s f g u i e i n a e d u s e n e y y f g s s b u s n y r y i r g i e i t t o i i u e y i u d u s s r o r e n g t a s a u u f g g b i n s s s i g g u a s n g i e a u g u s n s n i r s o d d d n n g i i e t e r e r e i i i i n s i i s n b n n r d e n i a u e a a s b i n i y i i u s s r r u g i n s s d s s d a r i i t e e t t u s s d r r u i g t t t t n t e s s u u e d e e i i n s s g a s u i i i i s n y y i a e t t i a i u i e s n y i s u d d u u s i i n n d n d e g n n n i n i f e i b t s s s n d g g u i e e e u u n n y i i s g s n s n u u u u s o r d d s s u e t i i i d i i n u u g s n b t t u u s ) ) n d e e n i a u ) ) ) ) g b e i i i i s s g i s e s s s s r e t d d ) ) u s u n s i r d r d d d d t t t t n u U n n t s s e i i i b n s s a u i i e e i i u i s a e e d d e e t t i a u s s u u s u r i i s n t g s g s d d e e e n i n i n n g g g g g e s n s i i n d t t a e u e ) ) i i n n y i d d g g s i i u u u u d d d d n s s u s s i d e e u d i u g d d t t u u s e e d d e e s s d e n n t t ) ) ) ) g e i i s t s s e e e t t i i e h e h e h h h h ) ) u s s n i i u i u d d d d d a n u n n g g i b i i s n n h h u i s e e d d e e e n n ) ) s p u u s o o r d d P P s n t u u s s D D e e i g g g g i u s n r r i i u u e e t t Y Y Y Y a u ) ) i i g g s c B S B S i i d d d d u u n n s s h h i s n P P P P d d d e e n n d d e e s s e t t i n n i t J J J J o o G E U G E U e e t t i i e e o o i i r h h h h o o u i i ( ( ( ( u ( ( ( ( ( u ( s s d i i g g t t r r n s n h h a t t t t e n n s a a i i o o d d P P n n n n n n n n u n n n n u u u i a a l l p u r r u u e e l l Y Y n n o o o o o o o o o o o o s B B E E u u e e u u i i i i i i i i i i i i e h h u u s n ( u ( u e e P P t t t t t t t t t t t t l i i J J G E G E m m m m a a a a a a a a a a a a P P b ( ( ( ( ( ( m m n n n n s s m m l l l l l l l l l l l l u u o o t t a u u o o o o o o B B u u u u u u u u u u u u i i e e e e e e c c c c i i i i c c c c c c t t t t n n n n m c c G G m m m m m m m m m m m m m m m m m m n n i a i a a a a a ( u ( u e i a i a l l l l u u u u u u u u u u u u o o o o o o s s s s e u u u u c c c c c c c c c c c c s s s s e e e e c c c c c c s s s s d s s s s c c c c c c c c c c c c a a a a n n n n n n a a a a l l l l e m m m m m m m m i i i a a a a a a i i i a a a a a a l l l l r u u u u o o o o l l l l l l l l l l l l l l l l l l C C C C c c c c f C C C C c c c c a a a a a a a a a a a a a a a a a a c c c c o n n n n n n n n n n n n n n n n n n n n n n F D F D a a i i F D F D a a i i o o o o o o o o o o o o o o o o o o r i i i i i i i i i i i i i i i i i i r r r r r r r r r r r r r r r r e t t t t t t t t t t t t t t t t t t o o o o o o o o o o o o o o o o b u u u u u u u u u u u u u u u u u u t t t t t t t t t t t t t t t t t t t t t t t t t t t t t t t t t t s s s s s s s s s s s s s s s s i i i i i i i i i i i i i i i i i i e e e e e e e e e e e e e e e e m t t t t t t t t t t t t t t t t t t v v v v s s s s s s s s s v v v v v v v v s s s s s s s s s v v v v u n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I N 63

) ) ) ) ) ) ------6 0 6 3 3 3 0 6 5 1 6 0 5 $ Y 6 2 9 7 8 9 0 4 0 S 7 5 6 1 H 2 1 8 3 2 5 1 0 3 4 8 9 6 , , , , , , , , , U , , , , T 9 5 1 4 7 0 3 4 9 8 3 1 4 L ( ( 5 3 1 2 3 5 9 8 6 5 2 ( ( ( 6 5 4 1 G 2 6 6 6 , , , , , ( 2 0 3 2 2 6 6 6 6 ) ) ) ) ) ) ) ) ------9 8 6 0 3 9 4 3 6 6 4 7 3 8 4 0 4 $ F ( J 5 8 9 5 4 1 4 3 7 6 4 8 S 5 0 0 5 E 0 1 7 3 6 6 5 1 9 2 1 6 3 1 3 , , , , , , , , , , U , , , , ( G 2 6 3 1 6 2 1 4 5 5 1 7 1 4 ( ( 5 7 2 2 9 9 4 2 4 7 7 ( ( ( 3 2 7 5 5 1 , , , , ( 0 0 0 0 3 3 3 3 ) ) ) ) ) ) ) ) ------0 4 7 1 9 4 1 7 5 8 1 3 9 9 1 1 8 0 $ F 8 9 9 5 4 1 5 1 1 2 6 7 3 0 S 9 0 9 9 S 5 2 1 3 8 6 7 1 0 3 4 9 3 3 3 8 9 5 P , , , , , , , , , , , , , U , , , , ( 1 2 0 8 7 5 5 3 1 2 8 2 4 3 2 2 0 G ( ( 1 2 1 2 4 2 8 9 1 8 3 7 9 0 8 ( ( ( ( 1 1 4 2 3 1 , , , , ( 6 6 6 6 ) ) ) ) ) ) ) ) ------8 3 9 4 5 3 0 7 0 1 4 0 3 2 1 0 8 $ F 9 7 3 6 9 4 0 2 5 5 2 0 3 S 0 4 8 7 Y 3 7 5 6 0 4 0 1 9 2 2 0 3 3 8 2 9 , , , , , , , , , , , , , U , , , , H 8 2 2 1 4 2 0 3 8 1 0 0 7 8 0 9 0 ( ( ( 3 0 3 3 3 1 2 9 8 2 8 2 1 3 ( ( 3 1 1 4 4 2 4 9 6 , , , , , ( ( ( 1 4 5 5 5 2 2 2 2 ) ) ) ) ) ) ) ) ) - - - - - 2 3 6 6 2 0 2 3 9 3 7 9 2 0 0 1 $ 5 2 7 F 5 5 8 4 2 5 8 8 7 8 7 5 3 7 6 S 9 6 5 5 E ( 5 7 7 6 5 2 0 1 2 4 3 8 3 7 8 6 6 S , , , , , , , , , , , , U , , , , ( 0 7 0 4 0 1 9 3 7 1 1 2 3 2 3 6 U ( 7 2 5 1 2 4 0 4 4 2 2 0 1 6 1 ( ( ( 1 3 8 7 2 1 1 3 3 4 , , , , , , ( ( 1 7 1 8 8 9 ( 9 9 9 9 ) ) ) ) ) ) ) ------8 7 8 1 7 5 7 5 4 0 1 3 3 3 0 6 $ F 1 2 5 3 7 0 9 3 1 2 1 9 S 0 5 8 5 S 1 8 0 6 8 5 1 8 8 4 2 6 1 1 9 2 P , , , , , , , , , , , , U , , , , 0 5 9 0 1 2 9 6 8 0 5 8 0 3 8 3 1 9 4 7 1 2 5 5 7 1 2 2 9 0 5 9 5 ( ( ( 1 9 3 6 7 4 4 1 1 0 7 0 7 , , , , , , , ( ( ( 5 2 4 0 2 8 1 0 ( 2 2 3 3 2 4 4 4 4 ) ) ) ) ) ) ) ) ) r ------7 2 7 0 8 2 9 5 3 4 9 5 5 1 3 $ 4 1 7 F e 4 8 1 6 9 0 1 6 1 1 4 4 9 6 S 5 4 6 9 E ( J 9 4 7 9 2 3 7 1 9 0 8 3 8 4 1 2 b , , , , , , , , , , U , , , , ( ( 7 0 7 4 3 1 2 7 8 2 3 2 0 6 ( 8 3 4 1 2 1 8 7 3 8 0 5 8 m ( ( ( ( ( 9 1 2 2 2 , e , , , 6 t 7 7 7 1 1 1 1 p e ) ) ) ) ) ) ) ) ) ) - - - 4 9 7 5 4 9 4 1 1 8 0 7 0 7 1 4 4 $ 8 2 9 0 F S 6 3 7 8 2 6 0 1 7 5 4 4 5 9 5 6 0 S 0 6 3 7 E 1 2 3 9 8 2 5 0 4 4 7 6 9 5 3 8 1 4 3 7 7 , , , , , , , , , , , , , , , U , , , , 0 M 6 6 9 8 1 1 0 1 6 1 9 2 4 5 2 0 9 8 9 ( ( ( ( E 3 3 5 7 5 3 2 4 8 0 4 4 6 1 9 7 ( ( 5 3 2 9 3 1 0 2 5 6 8 1 , , , , , , , t ( ( ( 1 2 3 1 5 5 7 a ( 9 9 9 9 1 1 1 1 s ) ) ) ) ) ) ) ) a ------9 6 3 2 6 7 8 7 7 8 5 7 1 3 $ 0 3 3 3 F 7 2 4 7 5 2 3 0 1 8 1 2 1 9 S 7 1 1 4 E t 6 1 4 7 2 9 9 5 2 3 0 2 1 7 2 5 7 E , , , , , , , , , , , , U , , , , e ( 5 6 6 6 8 9 1 9 8 4 0 1 6 3 9 2 e ( ( ( 5 5 3 2 0 7 7 2 1 5 2 1 ( 7 1 1 4 h 0 0 3 3 , , , , ( ( ( 6 S 7 7 7 7 7 7 7 e ) ) ) ) ) ) ) ) ) ) c - - - - - 9 1 0 8 5 9 6 3 4 7 4 8 4 2 6 $ 2 2 4 2 F n 5 3 4 2 4 9 1 0 2 3 7 9 4 3 6 S 7 1 1 4 E ( 9 2 5 8 0 9 7 2 2 1 9 7 1 4 2 8 5 2 a A , , , , , , , , , , , U , , , , ( ( l 9 9 6 0 2 5 2 2 7 6 5 1 7 2 1 ( ( 2 2 1 2 4 7 2 2 2 a 3 5 5 2 ( ( ( ( 8 8 8 9 1 , , , , ( B 1 1 1 1 1 1 1 1 ) ) ) ) ) ) ) ------6 6 2 0 3 7 8 3 6 0 9 1 $ 5 7 2 7 F 0 3 9 8 9 3 4 4 7 8 7 S 0 9 4 3 E 8 4 5 6 0 3 4 2 6 7 0 1 6 3 2 , , , , , , , , , , , U , , , , G 9 6 2 1 9 2 3 1 6 5 7 5 7 9 4 ( ( 8 6 5 1 3 6 8 7 1 8 3 6 8 ( ( ( 4 6 7 5 6 3 7 s , , , , , ( ( t s 1 0 1 1 2 c t 3 a 3 3 3 c r a t r n t e o n t o o C 5 5 8 8 8 C e N g e n g a n h a ) c h s x s c e s e c x E i e c r E i c y i r p c r y P n c P d e i t n r t s e e r B e t r k ( e e s u c r l l k r t a r e u a c b b C r a u a a a t s l C r d M n e a t r M m m d c o n a V e e d i r i d r e e o a C r i w i P d d r C w B M a y e e e o t r c l F t t y e F R R e o e n b a a c l t k l F e a r a n n o o b e s s r b y l t t a e e a r r r s s n a a r b e e y p e e e v e e u r e i P i a M i l l a d d l s p t t u l l e y C O i b b r P s i s e b d s c l a r o o l e e a a e C O i a i s t e i e n n : t t s P u l h h b c d t e y e b s B r i l o o t t e c i n n u u a R b s e s a i i l r e a e r e o s v o o a s s i i b b e F s P b i n n P d i i t u S m h e y : l n n e t L A s s i a e r r t s c s i i i t s f a l o s s n F U U t t i o c y t i e n e t t t e a a e r a t t P i o o i o e l a t f n h e e r k S b i g g k n n r s t A A s s b L L G G s t P r n t F R t a i d e e n f n n u U s t i e a a r e a e r r i i s s a s n n c s o d d d d r e s r r y n t t n e t t L A e e e t s e e e e B d a e m a a a F e e v m e u u U M s e s s s s t t i S s s i e s n i i i i t P A p p o m F e s s l l l l C C d m n n i i a f O g o e r t d a n e r r t a a a a i t f i s t c c e e a o l l o h A A d t s i i i e e e e e e r r k t i h s a a u c n t t e e e r r r r r r s t t e j m d s h h t t M r v n r r a l u v t t u i u e e n n n n a u u u d d u a o o r u a a a n o B C C M C A T N S t T T p p N C A P U U I A D O D D U U O 65 ------7 4 6 Y 8 3 4 0 5 3 , , , H 7 1 1 T 7 1 6 L 4 7 2 , , , 2 2 1 G ------6 0 2 F 4 0 9 J 0 0 2 , , , E 7 0 8 0 9 G 5 4 , 2 ------3 4 3 3 2 F 9 3 3 7 8 S 8 7 5 8 4 , , , , , P 7 0 7 9 1 5 0 9 7 2 G 2 3 3 ------4 6 4 5 F 2 7 3 8 Y 8 1 6 0 , , , , 1 1 1 2 H 6 5 1 9 3 3 1 4 , 1 ------5 6 9 7 5 6 F 4 2 0 8 1 1 E 1 3 5 1 3 4 , , , , , , S 5 9 4 8 4 0 0 8 1 7 7 1 U 1 2 0 4 6 , , , , 1 1 1 4 ) d e ------9 9 9 1 0 5 9 3 7 5 2 4 8 0 2 0 2 0 2 4 7 F u 8 2 2 8 0 8 0 1 1 0 0 8 2 4 8 4 1 6 0 0 1 S 3 8 9 0 2 5 2 6 8 7 6 3 7 3 2 8 4 6 2 6 5 , , , , , , , , , , , , , , , , , , , , , n P 8 0 0 3 3 7 1 3 4 1 4 3 2 8 7 0 7 3 5 4 9 i 1 6 9 9 5 8 5 9 8 4 3 7 7 6 7 0 1 6 1 0 7 t 1 3 3 9 9 8 8 7 9 8 3 3 1 2 2 5 0 6 5 7 , , , , , , , , , , , , , , , n 1 1 5 2 5 1 3 4 2 3 2 1 1 1 2 o c ( ------1 5 0 0 7 8 F 0 4 3 4 3 1 E 8 8 8 0 8 , , , , , J 2 7 5 7 3 0 3 8 4 1 6 2 9 4 2 , 1 r e b ------0 2 9 8 F m 2 2 1 6 E 3 2 5 6 , , , , e 6 4 6 4 t M 3 1 5 0 6 9 1 E p , 3 e S 0 ------9 9 1 4 3 7 7 F 3 3 3 0 9 3 1 3 E 1 9 4 0 7 0 4 , , , , , , , t E 6 1 3 1 9 4 8 a 9 2 6 1 5 2 8 8 2 1 , s 4 a t e ------e 2 0 0 2 3 5 F 7 6 0 4 1 2 E h 3 2 8 7 0 3 , , , , A 7 6 2 6 S 8 5 5 1 2 e c n a l ------1 1 5 5 9 7 F a 8 4 3 1 8 2 E 1 7 3 1 0 3 , , , , , B 4 7 6 4 4 G 4 8 6 1 9 2 1 5 2 1 , 1 d d d o d o o i i i o r r r i e e r e d p e d p p o p d d f o f f i i d r o o o f r o o i i e o e o d r r i g d g g p d d e r e o p g n i o d d n n e o o f i p p i f d i r i i i n o o r p o e r i r n f f o o i i n n e i d e r r e f d p o o n n g r n n g p e i e o p i o p i d o e f n i n g i g g n p p i d d g g i o r g i o p r g g g e i d d n n e g e o o e f n e d i g i r n n i i f n n n b e o o g b b i p o d i r i i r e o n p i i n n n o n d r b t i i r r n i e r r e t o t i p n i g g r n n i o a u r d g g e e t a a u u g g p i p i i d r e n f n n n e o a d u n r e p p i d e g d g n i e i o e e i i p o g g i b n e i d r e g e b r f u e r p i n u d u g r f d d n n e n p s e t g b u b s s o t d g u i u e i e n e d s e n o d g a s s b s n r p i f r a d n i e e i t t o i d i u e p i u g u s i o i r d n g t o a s a u u g e b i u s i s d e i g g u r d s n n n e o a u s d g s n s n r r s d d u n i i i e e t o e e i u g i i e i i n s d i e s n b e n s i d n i r s a u i e b i i p n i u s s u s n u i r s s d o s s d r s u n p e t t i t i s s i d s r u g t t t t i e n t e s s s e d e i i s g a s u n i i i i s r s n p i f e t t s n a i u i e i i p i u u u s i i n i n n e d n d g n n n n n o e i b s i s s n d g g u i i e s e e u u n n p i s s g s n s n u u u u s r d s u e t t s i g i i d i i n t s u u g s n b t u u i s ) ) d n i t i o a u ) ) ) ) g b e i i t i s s n i s e i s s s s i r e i t n d d ) ) s n s i i n d r d d d d t t t t n u r n t s s e i i i b n a u i i e e i i u i n s e e d d e e t t n e u a u U u s u r i i s n u t g g s s d d e e n n n n g g u g g e s n s i i n p d t t ) ) a e u e ) i i n n i d d g g s i g i u u u u d d d d u ) s s i d d d e e u d g u g d u u s e e d d e e s s d e n n n t t ) ) ) ) e d e e s s s e e t t i i i e h e h e n h h h h ) ) u s s n i e i u i u g g d d d d d t u i g i b i i s n n h h u s g r e e d d e e e a n n d d ) ) s s o o d P P s n t u u s s D D e e i g g g g d u e e u s n r r i i p u u e t t Y Y Y Y a i i i g g s B S B S e i i d d d d d h h u u n n s s h s n c P P P P e e n n d d e e s s e h t t n i n i i J J J J o o G E U G E U t t i i e e d t o o i i h h h h o u i i ( ( ( ( u ( ( ( ( ( u ( s s D D i i o e t t r r s n n h h t t t t n n r s S S a a i i a o o P P u n n n n n n n n n u n n n u u i a a l l r r u u u s l l Y Y n n p o o o o o o o o o o o o B B U E U s u u e e u u i i i i i i i i i i i i E u u n i ( ( u ( u e e P P t t t t t t t t t t t t e i ( J J G E G E l m m m m a a a a a a a a a a a a ( ( ( ( ( ( m m n n n n n n s s m m l l l l l l l l l l l l b u u o o t t u u o o o o o o o o u u u u u u u u u u u u i i a e e e e e e c c c c i i i i i i c c c c c c t t t t t t n n n n c c m m m m m m m m m m m m m m m m m m m n n i a i a a a a a a a u u i a i a l l l l l l e u u u u u u u u u u u u o o o o o o s s s s e u u u u u u c c c c c c c c c c c c s s s s e e c c c c c c s s s s s s s s c c c c c c c c c c c c d a a a a n n n n n n a a a a l l l l m m m m m m m m i i i a a a a a a i i i a a a a a a e l l l l r u u u u u u o o l l l l l l l l l l l l l l l l l l C C C C c c c c c c C C C C c c a a a a a a a a a a a a a a a a a a f c c c c c c n n n n n n n n n n n n n n n n n n n n o F D F D a a a i F D F D a a a i o o o o o o o o o o o o o o o o o o r i i i i i i i i i i i i i i i i i i r r r r r r r r r r r r r r r r e t t t t t t t t t t t t t t t t t t o o o o o o o o o o o o o o o o b u u u u u u u u u u u u u u u u u u t t t t t t t t t t t t t t t t t t t t t t t t t t t t t t t t t t s s s s s s s s s s s s s s s s i i i i i i i i i i i i i i i i i i e e e e e e e e e e e e e e e e m t t t t t t t t t t t t t t t t t t v v v v s s s s s s s s s v v v v v v v v s s s s s s s s s v v v v u n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I N 66 ------7 4 6 Y 8 3 4 0 5 3 , , , H 7 1 1 T 7 1 6 L 4 7 2 , , , 2 2 1 G ------0 8 F 0 3 J 0 3 , , E 0 5 0 0 G 5 5 , 2 ) ------4 3 3 5 0 F 3 3 7 7 0 S 7 5 8 2 1 , , , , , P 0 7 9 1 8 0 9 7 1 6 G ( 2 3 3 ) ) ------4 8 4 3 F 0 9 5 6 Y 5 9 9 2 , , , , 6 0 6 2 H 5 0 1 4 ( 0 8 4 , ( 1 ) ) ) ------3 5 6 9 6 9 F 8 9 0 4 4 1 E 8 5 7 4 0 2 , , , , , , S 2 0 2 0 3 2 8 4 1 0 2 1 U 4 8 1 1 0 , , , ( ( 1 5 1 ( ) d e ) ) ) ) ) ) ) ) ) ------2 5 2 7 0 5 2 2 6 5 8 1 2 7 6 9 1 3 4 1 F u 0 9 2 1 4 8 4 6 7 1 0 7 6 4 4 7 1 4 9 1 S 6 3 9 6 0 5 7 5 9 2 1 1 1 3 7 8 7 0 0 0 , , , , , , , , , , , , , , , , , , , , n P 8 3 3 6 4 7 5 5 7 6 8 3 0 5 3 2 1 2 0 6 i 4 8 0 5 5 8 3 4 3 1 8 4 5 5 1 3 1 6 3 2 t 4 1 1 7 2 9 8 4 4 0 2 0 5 4 5 5 5 9 4 3 , , , , , , , , , , , , , ( ( ( ( ( ( ( n 4 3 3 2 1 5 3 4 3 4 1 1 2 ( ( o c ( ) ) ------1 5 8 6 9 2 F 0 6 3 1 3 E 1 8 9 5 9 1 , , , , , J 2 0 1 3 8 0 3 0 4 0 6 ( 2 0 4 2 , ( 2 r e b ) ) ------0 5 9 5 F m 5 2 8 6 E 4 4 3 4 , , , , e 4 6 8 2 t M 9 0 9 1 ( 2 1 2 E p , ( 4 e S 0 ) ) ) ------3 8 6 8 4 2 9 F 3 3 1 7 4 5 4 8 E 2 0 4 8 6 9 5 , , , , , , , t E 7 7 7 6 4 9 1 ( a 5 1 2 2 2 2 ( 9 4 2 1 4 , , s 3 1 ( a t e ) ) 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d g s u u n n n r p e r p i r t e s e e e u n i r i r p s s p e o n e e e d e d n s a e i e e f m s e i r u u s s u d g i i s s s s e f i p t d p g t t s e s s r d d d u u o t t t t t e s s d n i i o s s e a s n d i i i i e s s e d f n i t t n o u a i i n i g m i e n r u s s i i i i n r n i r o d e n n n i n d o e i i e e s r d d i n r s e u u n n e s s u s n n n n i u u e m u u r s s u e t t u i n i i i r m t t r d u n n e t t u u e i s e d ) d ) i i d a ) ) ) ) e i i i i e p s d s s s s s e u e n e t p n d d ) ) n s i n n e d d d d t t t t n n t s s e d i r i e d a d g i i e e i i d f e e d d e e t t u u d a e m U u u u e i i n t g s g s e n e e n n n n g g g g e o e n e s i r d t t ) ) i a e ) ) i r n n d d g g s i g i u u m u u e d d d d r u e s s i d d m e e d u d d u u e s e e d d e e s s e n n n t t d ) ) u ) ) e e e s s e e t t i i i e e h e h n m e h h h h ) ) u s n i i u i u e g g d d d d d t g g i e i r e s n n d h h e e d d e e a n n d d ) d ) s e o o e d d P P n t u u s s d D D e e i g g g g e e e n r r i r p u u e e t t Y Y Y Y d a e i r i g g B S B S i i d d d d h h u u n n e s s h h n c P P P P e e n n d d e e s s e t t i n n r i m J J J J o o G E U G E U t t i i e e t o o i i h h h h o o u i i ( ( ( ( u ( ( ( ( ( u ( e s s D D i i t t r r r s n n h h t t e t t n n s S S a a i i a o o P P n n n n n n u n n n n n n u u u i a a l l d r r u u l l Y Y n n p o o o o o o o o o o o o e B B U E U E u u e e u u i i i i i i i i i i i i u u n r ( ( u ( ( u e e P P t t t t t t t t t t t t e i J J G E G E l m m m m a a a a a a a a a a a a ( ( ( ( ( ( m m n n n n n n s s m m l l l l l l l l l l l l b u u o o t t u u o o o o o o o o u u u u u u u u u u u u i i a e e e e e e c c c c i i i i i i c c c c c c t t t t t t n n n n c c m m m m m m m m m m m m m m m m m m m n n i a i a a a a a a a u u i a i a l l l l l l e u u u u u u u u u u u u o o o o o o s s s s e u u u u u u c c c c c c c c c c c c s s s s e e c c c c c c s s s s s s s s c c c c c c c c c c c c d a a a a n n n n n n a a a a l l l l m m m m m m m m i i i a a a a a a i i i a a a a a a e l l l l r u u u u u u o o l l l l l l l l l l l l l l l l l l C C C C c c c c c c C C C C c c a a a a a a a a a a a a a a a a a a f c c c c c c n n n n n n n n n n n n n n n n n n n n o F D F D a a a i F D F D a a a i o o o o o o o o o o o o o o o o o o r i i i i i i i i i i i i i i i i i i r r r r r r r r r r r r r r r r e t t t t t t t t t t t t t t t t t t o o o o o o o o o o o o o o o o b u u u u u u u u u u u u u u u u u u t t t t t t t t t t t t t t t t t t t t t t t t t t t t t t t t t t s s s s s s s s s s s s s s s s i i i i i i i i i i i i i i i i i i e e e e e e e e e e e e e e e e m t t t t t t t t t t t t t t t t t t v v v v s s s s s s s s s v v v v v v v v s s s s s s s s s v v v v u n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I N 67 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012

1. FORMATION The Financial Statements have been prepared for the year ended 30 September 2012. The Principal Global Investors Funds (the “Trust”) is authorised as an undertaking for collective investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended), hereafter referred to as ‘the regulations’. It is an Umbrella Fund in that different classes of units may be issued from time to time by the Manager. The Trust was constituted under the laws of Ireland by a Trust Deed dated 13 October 1992.

At 30 September 2012, the Trust comprised the following separate investment portfolios (“Funds”):

Fund Launched Type of Units • Global Equity Fund (GEF) 4 December 1992 Investor: Income 24 June 1996 Investor: Accumulation 1 April 1998 Institutional: Accumulation • Asian Equity Fund (AEF) 6 November 1992 Investor: Income 24 June 1996 Investor: Accumulation 16 November 1998 Institutional: Accumulation • European Equity Fund (EEF) 24 November 1992 Investor: Income 24 June 1996 Investor: Accumulation 1 April 1998 Institutional: Accumulation 19 February 2011 Institutional: Accumulation (Euro Hedged) • Emerging Markets Equity Fund (EMEF) 19 February 1998 Investor: Accumulation 13 August 1998 Institutional: Accumulation • Japanese Equity Fund (JEF) 1 August 2000 Investor: Accumulation 1 August 2000 Institutional: Accumulation 15 April 2011 Institutional: Accumulation (JPY) • Preferred Securities Fund (PSF) 22 April 2003 Investor: Accumulation (Euro Hedged) 22 April 2003 Institutional: Accumulation 3 February 2005 Investor: Income 12 January 2009 Investor : D Class Accumulation 7 January 2009 Investor : F Class Accumulation 22 April 2010 Institutional: Accumulation (Euro Hedged) 6 April 2010 Institutional: Accumulation (JPY Hedged) 8 June 2011 Institutional: Income (Euro Hedged) 21 January 2011 Institutional: Income (JPY Hedged) 6 October 2009 Investor : D Class Income 8 October 2009 Investor : F Class Income 28 March 2012 Investor : Accumulation 28 March 2012 Institutional : Income (GBP Hedged) • US Equity Fund (USEF) 1 December 2003 Investor: Accumulation 1 December 2003 Institutional: Accumulation 18 November 2008 Institutional Accumulation (GBP Hedged) • High Yield Fund (HYF) 15 March 2004 Institutional: Accumulation 26 November 2009 Investor: Accumulation • Global Property Securities Fund (GPSF) 18 April 2007 Institutional: Accumulation (Euro Hedged) 18 April 2007 Institutional Accumulation (USD Hedged) 18 April 2007 Institutional: Accumulation (GBP Hedged) 28 November 2008 Institutional: Accumulation • Global Equity (ex-Japan) Fund (GEJF) 1 August 2008 Institutional: Accumulation (JPY) 30 August 2010 Institutional: Accumulation • Post Global Limited Term High Yield Fund (GLTHY) 15 July 2011 Institutional: Accumulation 18 May 2011 Institutional: Accumulation (JPY Hedged) 1 July 2011 Institutional: Accumulation (Euro Hedged) 3 January 2012 Institutional: Accumulation (GBP Hedged) 5 June 2012 Investor: Income (GBP Hedged) • Multi Strategy Currency Fund (MSCF ) 16 February 2012 Institutional: Accumulation • EDGE Equity Income Fund (EEIF ) 10 August 2012 Investor: Income 10 August 2012 Institutional: Accumulation

68 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

2. PRINCIPAL ACCOUNTING POLICIES Basis of Accounting The Financial Statements have been prepared under the historical cost convention as modified by the revaluation of financial assets and financial liabilities held at fair value through profit or loss. The Financial Statements have been prepared in accordance with accounting standards generally accepted in Ireland, the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) being ‘The Regulations’ and the Hong Kong Securities and Futures Commission’s Code on Unit Trusts and Mutual Funds. Accounting Standards generally accepted in Ireland in preparing Financial Statements giving a true and fair view are those published by the Institute of Chartered Accountants in Ireland and issued by the Accounting Standards Board.

Financial Instruments at fair value through Profit or Loss This category has two sub-categories: financial assets and liabilities held for trading, and those designated by the Fund Manager at fair value through profit or loss at inception. All instruments on the Portfolio of Investments are classified as held at fair value through profit or loss. Subsequent to initial recognition, all instruments classified at fair value through profit or loss are measured at fair value with changes in their fair value recognised in the Statement of Total Return.

Accounting for Investments Investments are accounted for at the trade date. Realised gains and losses on investment disposals are calculated using the average cost method. Realised gains and losses on investment transactions in debt instruments are calculated using the amortised cost method based on the effective interest rate.

Valuation of Investments The period end valuation was 28 September 2012, the last business day of the year. Securities listed on a recognised stock exchange or traded on any other organised market, are valued at the current bid price at each valuation point on the stock exchange or market which constitutes the principal market for such securities. If trades are received after 10am they will be accounted for in the next valuation. If for specific assets the current bid prices do not, in the opinion of the Manager, reflect their fair value or are not available, the price of the most recent transaction provides evidence of the current fair value as long as there has not been a significant change in economic circumstances since the time of the transaction or the Manager may also apply a fair value adjustment where they deem appropriate in order to reflect fair value. In the case of any security not listed, quoted or dealt on a regulated market or for which no quotation or value is available which would provide a fair valuation, or in respect of which the price is unrepresentative, the fair value of such security is determined on the basis of the probable realisation value and is determined by the Manager, a stockbroker or other competent person appointed by the Manager and approved for the purpose by the Trustee, using valuation techniques.

Forward Foreign Currency Contracts The fair value of open forward foreign currency exchange contracts is calculated as the difference between the contracted rate and the current forward rate that would close out the contract on the Balance Sheet date. Gains or losses on open forward foreign currency exchange contracts are included in the unrealised gain/(loss) foreign currency exchange contracts on the Balance Sheet and are shown in the Portfolio of Investments.

Spot Currency Contracts The fair value of open currency contracts is calculated as the difference between the contracted rate and the current forward rate that would close out the contract on the Balance Sheet date. Gains or losses on open currency contracts are included in the unrealised gain/(loss) foreign currency exchange contracts on the Balance Sheet and are shown in the Portfolio of Investments.

Options Options are derivative financial instruments that give the buyer, in exchange for a premium payment, the right, but not the ob - ligation, to either purchase (call option) or sell to (put option) the writer a specified underlying instrument at a specified price on or before a specified date. The Funds enter into exchange-traded contracts to meet the requirements of its risk management and trading activities. All open option positions are included in financial assets or liabilities at fair value through profit or loss in the Balance Sheet.

When options are closed, the difference between the premium and the amount paid or received, net of brokerage commissions, or the full amount of premium if the option expires worthless, is treated as a realised gain or loss and is included in net gain/loss on financial assets at fair value through profit and loss in the Statement of Total Return.

69 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

2. PRINCIPAL ACCOUNTING POLICIES (continued) Foreign Currency Transactions In accordance with FRS 23, items included in the individual Fund’s financial statements are measured using the currency of the primary economic environment in which it operates (functional currency). The Fund’s selection of the functional currency is attributable to the functional currency being: a) the major component of the Fund’s benchmarks and b) the common proxy for most clients in the Fund’s varied client base. The functional currency assessment was completed at a Fund level. The Funds’ presentation currencies equated to their respective functional currencies when assessed under FRS 23. The functional currency of each fund of the Trust is United States Dollars.

For each Fund: (i) Currency gains and losses can arise where there is a difference between the amounts of foreign dividends and interest recorded on the Fund’s books and the Fund’s functional currency equivalent of the amounts actually received or paid. These gains or losses are included where appropriate in the dividend and interest income figure in the individual Fund’s Statement of Total Return on page 58; (ii) Currency gains and losses realised on securities purchase and sales transactions are included in net gain/(loss) on investment activities in the individual Fund’s Statement of Total Return on page 58; (iii) Unrealised currency gains and losses on securities held at period end are included in net gain/(loss) on investment activities in the individual Fund’s Statement of Total Return on page 58; and (iv) Monetary assets and liabilities denominated in currencies other than the Fund’s functional currency are translated at the rate of exchange ruling at the close of business on the Balance Sheet date and exchange differences are included in net gain/(loss) on investment activities in the individual Fund’s Statement of Total Return on page 58. Income from Investments Dividends are credited to the Statement of Total Return on the dates on which the relevant securities are listed as “ex-dividend”. Interest income is accounted for daily on an effective yield basis. Income is shown gross of any non-recoverable withholding taxes, which is disclosed separately in the Statement of Total Return, and net of any tax credits. Realised gains and losses on investment transactions in debt instruments are calculated using the amortised cost method based on the effective interest rate. Net gain / (loss) on Investment Activities In respect of each instrument type classified as financial instruments at fair value through profit or loss, the movement in unrealised gains/(losses) since the prior period end and realised gains/(losses) are included in net gain/(loss) on investment activities in the Statement of Total Return. Anti Dilution Levy The Manager may exercise its discretion to apply an anti dilution levy in relation to redemptions of Units. The levy is an allowance for fiscal and other charges (estimated by Citi Fund Services (Ireland) Limited up to 31 January 2011 and by BNY Mellon after that date) that may be deducted from the Net Asset Value per Unit of the relevant class to reflect the costs of disposing of underlying assets to fund redemptions from the Fund. The levy is intended to be used to ensure that all investors in the Trust are treated equitably by allocating transaction costs to the investors whose transactions give rise to those costs. Cash and Cash Equivalent Cash is valued at cost, which approximates fair value. Distributions The Preferred Securities Fund will declare and pay quarterly distributions to Unitholders holding: Investor Income Unit Class, DIncome Unit Class, F Income Unit Class, JPY Hedged Institutional Income Unit Class and EUR Hedged Institutional Income Unit Class.

The Post Global Limited Term High Yield Fund will declare and pay quarterly distributions to Unitholders holding GBP Hedged Income Unit Class.

The European Equity Fund, Asian Equity Fund and the Global Equity Fund will declare and pay annual distributions to Unitholders holding Investor Income Class Units. Distributions are recorded by each Fund on ex-dividend date.

70 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

2. PRINCIPAL ACCOUNTING POLICIES (continued) Offsetting Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to set-off the recognised amounts and there is an intention to settle on a net basis, or realise the assets and settle the liability simultaneously.

Participating Units All participating units issued by the Funds provide the investors the right to require redemption for cash at the value proportionate to the investor's share in the Fund's net assets at the redemption date. Such instruments give rise to a financial liability for the present value of the redemption amount. In accordance with the issued prospectus the Funds are contractually obliged to redeem shares at the traded Net Asset Value per unit which is calculated at 10am at each valuation point .

3. BASIS OF PRESENTATION OF FINANCIAL STATEMENTS

The format of the Financial Statements is based on the Statement of Recommended Practice – Financial Statements of Authorised Unit Trust Schemes issued by the IMA and updated in October 2010 as, in the opinion of the Manager, this represents best accounting practice and reflects the nature of the Trust’s investment business.

The information required by Financial Reporting Standard No.3, “Reporting Financial Performance”, to be included in a Statement of Total Recognised Gains and Losses and a Reconciliation of Movements in Unitholders’ Funds is, in the opinion of the Manager, contained in the Statement of Total Return and the Statement of Movement in Net Assets attributable to Redeemable Participating Unitholders’ on pages 60 and 61.

In arriving at the results for the year, all amounts in the Statement of Total Return on page 58 relate to continuing activities.

The Trust has availed of the exemption available to open-ended investment funds under FRS 1 not to prepare a cash flow statement.

4. TAXATION

Under current law and practice the Trust qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended. On that basis, it is not chargeable to Irish tax on its income or gains.

However, Irish tax may arise on the happening of a "chargeable event". A chargeable event includes any distribution payments to unitholders, any encashment, redemption, cancellation or transfer of shares and the holding of shares at the end of each eight year period beginning with the acquisition of such shares.

No Irish tax will arise on the Trust in respect of chargeable events in respect of: (a) a unitholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as amended, are held by the Trust or the Trust has been authorised by the Irish Revenue to make gross payments in the absence of appropriate declarations; and (b) certain exempted Irish tax resident unitholders who have provided the Trust with the necessary signed statutory declarations.

Dividends, interest and capital gains (if any) received on investments made by the Trust may be subject to taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Trust or its unitholders.

Redeeming Units When a redemption request has been submitted by a Unitholder who is or is deemed to be an Irish resident, or is acting on behalf of an Irish resident, the Manager shall deduct from the redemption proceeds an amount which is equal to the tax payable by the Unit Trust to the Revenue Commissioners in Ireland in respect of the relevant transaction.

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T $ $ F F $ $ $ F F F 2 2 7 7 1 0 4 4 – – 2 4 p s a 1 4 S S E E S S S 4 3 3 5 4 9 6 8 E E E 4 6 a e 9 0 R U U 7 1 9 6 4 1 1 7 7 1 U U U M M , , , , , , , , , , 2 6 5 M M M r , , S E E 2 0 8 0 8 3 6 7 2 6 E E E 1 1 9 o 9 0 0 3 3 7 3 O 9 3 6 2 f 0 8 8 6 7 7 2 5 8 5 , , , , , , , 0 0 1 , , , P 2 ( 2 7 9 9 9 8 1 2 1 n 8 3 3 2 2 2 3 r ( r E e u ) ) - $ $ F F $ $ $ t F F F 4 2 8 9 3 5 9 4 – – 4 9 d b R 9 5 S S E E S S S 5 2 3 7 2 8 7 4 e E E E 5 7 e 9 8 E E U U 1 1 2 3 4 2 6 E E E 1 6 U U U . m , , , , , , , , , 6 1 R , , d L e 4 5 4 9 9 5 5 4 5 d l 5 5 t 0 6 8 8 8 8 5 0 5 ( e 7 a n 3 9 5 5 5 8 7 A t p 3 7 , , , , , t 3 i e e ( 3 3 3 3 4 o U 1 1 1 1 1 S m T r i 0 ) ) ) - f ) $ $ F F a $ $ $ F F F N 5 9 1 3 7 5 4 – – 5 L 2 6 9 S S 9 E E S S S 3 o 9 0 9 9 1 6 2 E E E 9 e 9 2 5 ) 5 A A U U 8 2 4 7 8 6 8 A A A U U U t , , , , , , N , 3 3 9 9 y d d , , , , 9 1 8 7 7 1 9 n e 3 9 9 9 8 1 4 5 5 1 n 8 A ( ( e ( 5 e d 8 7 7 7 8 a ( , , , , , l n 2 2 2 2 2 h m S e E e e t r E t I I ( d a ) - $ $ F F r $ $ $ H F F F 0 6 1 6 0 7 3 7 0 – – 0 6 t 6 S S o E E S S S 0 0 9 8 0 7 1 7 3 E E E 0 0 T y i 3 o S U U 3 8 7 5 8 1 5 3 2 G G I 3 8 T U U U G G G r , , , , , , , , , , , 1 f n , e e 9 9 5 7 0 4 4 3 8 9 9 a V 1 6 8 4 8 8 1 3 3 8 6 8 ( I p h p 7 4 8 1 1 0 0 2 O t 7 4 , , , , , , , e T 1 4 5 5 5 4 1 m T n h i C o t A S r d C e o t E f T s d e u u T N l r r p a c E T y e O r n t y i a n M e e y N r o y t h 2 l T a i t l e 1 r e S e g h y 0 u t E n i S c 2 r M e s r V e o e s E u r h s i f e Y t t d e r N i ) C y r s a I r b n d N e b l u h N i o o ) c i t s o S s f B m s i t e N s e A e e i v a s e s d s S s i i t t t h s s L e t i t e O c t c t s r r o c p s s i n e a r A ) a s u r e o e r L e e l r t c ( f w p t S o B S / / e e e m l n e t s n s t r E S o d d e s n n r 0 P l ( n t i K S e I / i C s e o a m 3 v d S e t a n d e N h n r s s G n e ) o i g g d e e i s a x O A n t e e t e n v i e i n s r d a g s n a L 2 1 F n B i d a o e s s s I a i ( e n i h c 1 1 e e g o t s / n a c e d i d c c s i 0 0 m n r x L e e h l D e e u n n o o 2 2 ( d s N c p x E a r i / a a c q i e s I x l r r l l f d s p N e s e a E F e e a a n n a r E n t e i o s A e i g f A b b b b a l i s r i n n n l d a a n r i i m a o e r e k k G s m m a g r e o e s G s s i L U e e e d n n H i t t c r o b / s e t t r / l p a a s s d r T S n n F n e a p p n b b d e I o n o e e e v h e e e s i E e A r u d s i t F L S S a r s l h m m s O / n & & a l i r a t t a t s C e N l u G 0 0 s s c a e e r k h h n w e e a t r r 3 3 e t t i s s h l n r t v v t e l e e a n a a o . . t t o a o n n n 5 A C A C B A 6 I G N O N R I I F T U F 72 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued) 6. NET GAIN/(LOSSES) ON INVESTMENT ACTIVITIES (continued)

For the period ended 30 September 2011

GEF AEF EEF EMEF JEF PSF USEF GPSF GEHJF YF GLTHY US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ I nterest Income from Fixed Interest Securities - - - - - 8,116,231 - 1,189,937 - - (315,800) Gains/(Losses) realised on investments sold during the period 1,677,755 1,559,238 6,778,012 11,235,098 387,613 (289,844) 3,038,978 447,765 409,546 1,841,825 3,014 Net unrealised appreciation / (depreciation) for the period (5,055,828) (4,250,901) (21,527,827) (58,410,323) (1,167,565) (42,070,916) (13,581,864) (2,683,970) (1,239,828) (6,592,383) (1,024,701) Other Foreign exchange gains/(losses) 26,719 (19,475) 224,707 (270,966) 68,289 (318,198) 765 3,192 (1,715) 27,647 (187,119)

Net Gains / (Losses) on investment activities (3,351,354) (2,711,138) (14,525,108) (47,446,191) (711,663) (34,562,727) (10,542,121) (1,043,076) (831,997) (4,722,911) (1,524,606) Realised/Unrealised gains/losses by security type for the period ended 30 September 2011 are as follows:

GEF AEF EEF EMEF JEF PSF USEF GPSF GEHJF YF GLTHY US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ Investment in Equities and Preferred Shares (3,378,082) (2,691,436) (14,749,319) (47,169,184) (779,887) (12,446,318) (10,542,703) - (749,662) (4,750,466) - Investments in Fixed Interest Securities - - - - - (28,266,101) - (2,236,205) - - (687,892) Forward Foreign Exchange Contracts 9 (227) (496) (6,041) (65) (1,648,341) (183) - (80,620) (92) (333,795) 73 (3,378,073) (2,691,663) (14,749,815) (47,175,225) (779,952) (42,360,760) (10,542,886) (2,236,205) (830,282) (4,750,558) (1,021,687)

Total unrealised gains or losses for the period included in the Statement of Total Return for assets held at 30 September 2011 are as follows:

GEF AEF EEF EMEF JEF PSF USEF GPSF GEHJF YF GLTHY US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$

Unrealised Gains /(Losses) (851,387) (1,308,323) (2,203,254) (19,951,330) 135,781 (27,991,260) (2,253,559) (1,822,224) (305,855) (1,466,349) (2,359,517) NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

7. DISTRIBUTIONS For the year ended 30 September 2012 Distributions reflect income earned in the Funds below during the year to 30 September 2012 and were declared on 1 October 2012. Accumulation Classes The Accumulation Unit Classes did not declare distributions on 30 September 2012. Income Classes The Preferred Securities Income Classes offer quarterly distributions to investors. The following distributions were declared for the Investor Income Class of the Preferred Securities Fund. 31 December 2011 US$0.11876/unit 31 March 2012 US$0.11628/unit 30 June 2012 US$0.12107/unit 30 September 2012 US$0.11168/unit The following distributions were declared for the D Income Unit Class of the Preferred Securities Fund. 31 December 2011 US$0.15073/unit 31 March 2012 US$0.14710/unit 30 June 2012 US$0.15341/unit 30 September 2012 US$0.14057/unit The following distributions were declared for the F Income Unit Class of the Preferred Securities Fund. 31 December 2011 US$0.13683/unit 31 March 2012 US$0.13625/unit 30 June 2012 US$0.13868/unit 30 September 2012 US$0.12551/unit The following distributions were declared for the JPY Hedged Institutional Income Unit Class of the Preferred Securities Fund. 31 December 2011 US$0.17136/unit 31 March 2012 US$0.16694/unit 30 June 2012 US$0.16849/unit 30 September 2012 US$0.15984/unit The following distributions were declared for the EUR Hedged Institutional Income Unit Class of the Preferred Securities Fund. 31 December 2011 US$0.14323/unit 31 March 2012 US$0.13594/unit 30 June 2012 US$0.13960/unit 30 September 2012 US$0.12414/unit The following distributions were declared for the GBP Hedged Institutional Income Unit Class of the Preferred Securities Fund. 31 March 2012 US$0.00451/unit 30 June 2012 US$0.14629/unit 30 September 2012 US$0.13176/unit The European Equity Income Unit Class offers annual distributions to investors. The following distributions were declared for the Investor Income Class of the European Equity Fund. 30 September 2012 US$0.52664/unit The Asian Equity Income Unit Class offers annual distributions to investors. The following distributions were declared for the Investor Income Class of the Asian Equity Fund. 30 September 2012 US$0.09534/unit The Global Equity Income Unit Class offers annual distributions to investors. The following distributions were declared for the Investor Income Class of the Global Equity Fund. 30 September 2012 US$0.11184/unit 74 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

7. DISTRIBUTIONS (continued) For the period ended 30 September 2012 (continued) Income Classes (continued) The Post Global Limited Term High Yield Fund Investor Income Class offers quarterly distributions to investors. The following distributions were declared for the GBP Hedged Income Unit Class of the Post Global Limited Term High Yield Fund. 30 June 2012 US$0.04414/unit 30 September 2012 US$0.13729/unit For the period ended 30 September 2011 Distributions reflect income earned in the Funds below during the period to 30 September 2011 and were declared on 1 October 2011. Accumulation Classes The Accumulation Unit Classes did not declare distributions on 30 September 2011. Income Classes The Preferred Securities Income Classes offer quarterly distributions to investors. The following distributions were declared for the Investor Income Class of the Preferred Securities Fund. 31 March 2011 US$0.08912/unit 30 June 2011 US$0.11612/unit 30 September 2011 US$0.12224/unit The following distributions were declared for the D Income Unit Class of the Preferred Securities Fund. 31 March 2011 US$0.14743/unit 30 June 2011 US$0.1464/unit 30 September 2011 US$0.15464/unit The following distributions were declared for the F Income Unit Class of the Preferred Securities Fund. 31 March 2011 US$0.12984/unit 30 June 2011 US$0.13127/unit 30 September 2011 US$0.14001/unit The following distributions were declared for the JPY Hedged Institutional Income Unit Class of the Preferred Securities Fund. 31 March 2011 US$0.15803/unit 30 June 2011 US$0.16321/unit 30 September 2011 US$0.17577/unit The following distributions were declared for the EUR Hedged Institutional Income Unit Class of the Preferred Securities Fund. 30 June 2011 US$0.4695/unit 30 September 2011 US$0.08407/unit The European Equity Income Unit Class offers annual distributions to investors. The following distributions were declared for the Investor Income Class of the European Equity Fund. 30 September 2011 US$0.57506/unit The Asian Equity Income Unit Class offers annual distributions to investors. The following distributions were declared for the Investor Income Class of the Asian Equity Fund. 30 September 2011 US$0.06644/unit The Global Equity Income Unit Class offers annual distributions to investors. The following distributions were declared for the Investor Income Class of the Global Equity Fund. 30 September 2011 US$0.12869/unit

75 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

8. SIGNIFICANT CONTRACTS AND TRANSACTIONS WITH RELATED PARTIES Management Fee Pursuant to the Trust Deed dated 29 October 1992, Principal Global Investors (Ireland) Limited (“the Manager”) acts as Manager to the Trust. and is responsible for its management and administration. For services rendered, the Trust will pay to the Manager an annual fee, accrued daily in the Unit price and payable monthly in arrears. The management fee is currently calculated as a percentage of the Net Asset Value of each Fund at the following rates attributable to “Investor” and “Institutional” Units. These related party transactions have been entered into in the ordinary course of business. The Manager’s fee expense is shown in the Statement of Total Return and the accrued amount is shown in the Balance Sheet. Principal Global Investors Funds Management fee Percentage of Net Asset Value attributable to Investor A Institutional I Class Units* Investor* Investor* Class units D Class Units F Class Units Global Equity Fund 1.50% 1.00% (US$0 to US$5 million) 0.50% (US$5 million to US$50 million) 0.40% (over US$50 million) Asian Equity Fund 1.50% 1.00% (US$0 to US$5 million) 0.70% (US$5 million to US$50 million) 0.60% (over US$50 million) European Equity Fund 1.50% 1.00% (US$0 to US$5 million) 0.50% (US$5 million to US$50 million) 0.40% (over US$50 million) Emerging Markets Equity Fund 1.50% 1.00% (US$0 to US$5 million) 0.90% (US$5 million to US$50 million) 0.80% (over US$50 million) Japanese Equity Fund 1.50% 1.00% (US$0 to US$5 million) 0.50% (US$5 million to US$50 million) 0.40% (over US$50 million) Preferred Securities Fund 0.90% 0.40% 0.60% 0.60% US Equity Fund 1.50% 1.00% (US$0 to US$5 million) 0.50% (US$5 million to US$50 million) 0.40% (over US$50 million) High Yield Fund 1.00% 0.75% 0.75% 0.75% Global Property Securities Fund 1.50% 1.00% (US$0 to US$5 million) 1.00% 1.00% 0.85% (US$5 million to US$50 million) 0.65% (over US$50 million) Global Equity (ex-Japan) Fund 1.50% 1.00% (US$0 to US$5 million) 0.50% (US$5 million to US$50 million) 0.40% (over US$50 million) Post Global Limited Term High Yield Fund 1.00% 0.70% Multi Strategy Currency Fund 1.50% 1.00% EDGE Equity Income Fund 1.50% 1.00% *Institutional Investors in certain Funds, with unitholdings over certain amounts, are entitled to a reduction in their effective Annual Management Fee. This fee reduction is effected by way of a Management Fee Rebate, paid as additional units purchased on the investor’s behalf by the Manager of the Fund.

Management Fee Rebate A holder of Institutional Units in a relevant Fund is eligible for a rebate if the value of its holdings of Institutional Units falls within the applicable ranges on the last Business Day of a month. The rebate for the month is then calculated on that part of the average investment balance for the month that falls within the applicable range. These are included in the Statement of Total Return.

The effective management fees paid by these investors are disclosed in the table above.

Expense Cap The Manager has capped the total annual fees and expenses excluding Management Fees for each Fund. The Manager may absorb (directly by waiving a portion of its fees or by reimbursement to the account of each Fund), any additional fees, costs or expenses over the applicable capped rate for each Fund that may arise in respect of the management and operation of the Trust attributable to each Fund. The expense cap excluding Management Fees for each fund during the period was based on 0.15% of the average daily net assets of each Fund.

76 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

8. SIGNIFICANT CONTRACTS AND TRANSACTIONS WITH RELATED PARTIES Administration Fee In addition to the management fee, the Trust Deed permits the Manager to charge an administration fee of up to 0.15% per annum of the Value of the Units in the Funds for administering the Trust. Currently the Manager only charges this fee on the Net Asset Value of the Funds attributable to A, F and D Class Units. This fee is calculated as a percentage of the Net Asset Value of each Fund attributable to A, F and D Class Units, and is accrued every Business Day, and the total accrued amount is paid monthly in arrears. All fees and expenses payable to the Administrator in respect of the administration services it provides to the Manager will be met by the Manager. Administrator’s fee expense is shown in the Statement of Total Return and the accrued amount is shown in the Balance Sheet.

Trustee The Manager appointed BNY Mellon Trust Company (Ireland) Limited to act as the Trustee to the Trust. The principal activity of the Trustee is to act as the custodian and trustee of the assets of collective investment schemes. The Trustee receives a fee for its services payable out of the assets of each Fund of up to 0.02% per annum of the Net Asset Value of the Units up to US$100 million, and thereafter, a fee of 0.01% calculated on each Business Day during the month, accrued and deducted from the Fund the following month - subject to a minimum fee of US$20,000 per annum which may be waived. The Trustee fee expense is shown in the Statement of Total Return and the accrued amount is shown in the Balance Sheet.

Directors Remuneration Mr. David Shubotham, Mr. David Kingston and Mr. Denis Murphy are independent non executive Directors of the manager and have no executive function with the Investment Adviser or its related party companies. The Trust pays each independent non executive Director an annual fee for their services as a Director of the Trust. Mr. Christopher J. Reddy and Mr. Nicholas Lyster are related parties to the Investment Adviser and receive no compensation from the Trust.

Related Party Transactions Principal Global Investors (Ireland) Limited, the Fund Manager is a related party to the Trust and details of transactions with this party are included in the note above. Management fees and rebates to the Funds due to capping by the Fund Manager are disclosed in the Statement of Total Return. Christoper J. Reddy and Nicholas Lyster are both employees of the Principal Finance Group. The Directors' of the Manager are not aware of any other related party transctions.

77 t s e r e ------$ i 5 7 6 s u o S n a l t m 9 2 5 l s a . . . o U U e C V c 0 0 1 v r t n e F n 1 1 1 I e I p s s A t e N t s e r e ------$ i 4 5 6 s u o S n a l t m 0 3 6 l s a . . . o U U e C V c 1 0 1 v r t n e n 1 1 1 I e D I p s s A t e N S T t s e r ------$ n i 6 5 4 s u o S o n a l t 0 4 1 i l N s a . . . t U U e C a V 5 4 7 l v r t E e F u n 1 1 1 e I p s m s u A M c t c e A E N T A ) t s e r ------$ n i 5 8 9 s u o S o n a T l t d 2 6 4 i l s a . . . t U U e e C a V S 5 4 7 l v r t e u u n 1 1 1 e D I p s m s L n u A i c t c t A e A I N n o C c ( t ) e r ------$ n N i d u o S o n l t e i s a 2 t g U U A e a V d l v r e 1 t e u n e I N p s H m 0 s I u A D c 2 S t c F e A U ( r N e D b t ) e r ------n $ i N 9 6 7 d u o S o n l t e i 1 5 5 m s a t . . . g U U A e a V e d 5 4 6 l v r e t e u t n 1 1 1 e I p s H m T s p u o A r c e t c R u e A E S ( N O 0 P 3 t e r - - n $ i 3 7 9 9 3 9 7 3 3 0 0 5 3 3 4 2 E u o S o n l t i 7 2 8 9 8 4 0 9 4 3 6 8 9 5 3 7 s a t ...... U U d e a V R 3 0 6 2 6 3 6 5 5 7 8 4 6 6 6 0 l v r t e e u n 3 3 3 3 2 3 5 4 5 4 3 4 1 e I p s m s d L u A c n t c A e A e N U r a N S t e r e ------$ i e 3 4 6 0 7 6 8 4 2 5 6 3 u o E S n l t m N 4 4 0 1 6 4 6 2 4 2 7 7 y s a ...... o U U e C V c 9 6 2 9 3 9 6 8 5 8 7 8 r v A I t n e e n 2 2 3 2 2 2 4 3 4 I e I p s R s h E A P t t e r H N G o T N f I l e r $ L 1 4 0 1 5 7 3 5 3 5 3 4 5 4 9 4 4 2 a u o S t O l t 1 1 3 7 5 3 5 1 8 0 9 0 0 6 7 5 7 7 o s a A U e 6 4 2 5 1 6 4 8 8 2 4 0 6 2 7 1 7 1 T V , , , , , , , , , , , , , , , , , , T v E t n 0 0 8 4 7 4 8 7 2 1 7 5 2 1 1 0 8 4 e I s 4 0 7 7 4 5 3 9 5 5 0 0 4 7 4 9 4 6 s S D 9 2 9 4 2 0 2 2 9 9 1 9 4 2 2 0 4 7 A , , , , , , , , , , , , , , , t E 2 6 6 2 8 9 0 5 6 4 4 3 4 2 9 T e 1 1 1 1 2 1 1 1 3 7 N A T 2 3 S O E d d 1 1 2 1 1 2 1 1 2 1 1 2 1 1 2 1 1 2 e o N U 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i d r 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 n e L E 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 P / / / / / / / / / / / / / / / / / / A 1 9 9 1 9 9 1 9 9 1 9 9 1 9 9 1 9 9 V 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 / / / / / / / / / / / / / / / / / / 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 T 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 E S S A T d E n u N F y E t d i V n u I d u q d n F T E n u d s u A s F d e n t i F n u t e y R i t u y F k r i t A r F i u u y a P t c u y q i e t q M E i u S M E u q g n d q e E n a O e s i E e l r e g r a p C r n n e b o e f a a d r o i e n p l s . m u r u a 9 F G A E E J P 78 t s e r e ------$ i s u o S n a l t m l s a o U U e C V c v r t n e F n I e I p s s A t e N t s e r e ------$ i s u o S n a l t m l s a o U U e C V c v r t n e n I e D I p s s A t e N t s e r ------$ n i s u o S o n a l t i l s a t U U e C a V l v r t e F u n e I p s m s u A c t c e A N S T t s e r ------$ n i s u o S o n a l t i l N s a t U U e C a V l v r t E e u n e D I p s m s u A M c t c e A E N T A ) t ) e r ------$ n i d u o S o n T l t d e i s a t g U U e e a V S d l v r e t e u u n e I p s H m s L n u A D i c S t c t A e A U I ( N n o C c ( t ) e r ------n $ N i d u o S o n l t e i s a 2 t g U U A e a V d l v r e 1 t e u n e I N p s H m 0 s I u o A r c 2 t c u F e A E ( r N e D b t e r ------n $ i N 6 8 7 5 5 0 2 u o S o n l t i 9 5 7 2 8 3 8 m s a t ...... U U A e a V e 5 2 3 1 1 3 0 l v r t e u t n 1 1 1 1 1 1 1 e I p s m T s p u A c e t c R e A S N O 0 P t 3 e ) r e ------$ i 6 E u o S n d l t m 1 s a . e o U U d e V c R 0 r v u t n e e n 1 I e n I p s i s d L t A n n t A e o e N c U ( r a N S l e r ------$ e 8 3 4 3 8 2 2 0 a u o E S t l t N 8 0 1 5 8 0 0 5 y o s a U e 0 9 4 9 0 0 5 6 T C V , , , , , , , , v A t I e n 2 9 3 1 1 2 4 9 e I s 9 5 4 1 3 0 5 3 R s h 1 1 1 0 8 3 4 5 E A , , , , , t P t 9 5 0 2 2 e r 1 9 H N G 1 o T N f I d d 2 1 1 1 1 2 1 1 2 1 1 2 1 2 2 2 L e o O 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i d r A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 n e T E 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 P E / / / / / / / / / / / / / / / / 9 9 9 9 1 9 1 9 1 9 9 1 9 9 9 9 S D 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 . / / / / / / / / / / / / / / / / E 2 T 0 0 0 0 1 0 1 0 1 0 0 1 0 0 0 0 1 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 T A 0 2 . S 2 O y r 1 E a 0 N u 2 U r t b L s e u A F g V u 6 d 1 A n T u n 0 o F E 1 S d n d l e o S e h i c d A e Y n h d u h T * c a d n l g * n d E i u n * u d n F u a d H n N l u F s n u F e d ) u m F i E n y r t n F y i c e u V a c r e F T n I p n u e a e e m c d r T r J e r e o r - m A t c S u x u i o e n c d R y C C d ( I m t n n i n I y r A y y y u g u L e t g t y P i F e i t e F l p t i t u u a a o d u y a M r q l r q b t t q r e i t P E o E S i E O l u S l l i Y e t E q a a i G l C g t h b b E u l t G d d g s o o u n i E S l l . M D o u * * 9 F U * H G G P M E 79 ) l t t ------$ n 6 3 i Y a e S o s n 4 2 P n i . . s J t o U U ( 0 0 i a A l t r 1 1 t u u e e t p i m t N e s u c u n l c I a A V ) l t t ------e d $ 7 0 1 i a e e S s n 1 2 3 m n g . . . s o o U U d 0 0 1 i A c t e r 1 1 1 t n u e I e H t p i t N Y e s P u n l J I a ( V ) l t t ------e d $ 3 i a e e S s n 7 m n g . s o o U U d 0 i A c t e r 1 t n u e I e H t p i t N P e s u B n l I a G ( V ) l t t ------e d $ 5 4 i a e e S s n 4 0 m n g . . s o o U U d 8 9 i A c t e r t n u e I e H S t p i t N o e s r T u n u l I a E N ( V ) E l t t ------d $ n 6 7 4 i a e e S o s n 3 7 1 n i g . . . s t o U M U d 2 2 5 i a A l t e r 1 1 1 t u u E e e H t p i m t N T Y e s u c P u n l J A c I ) a ( A V T d ) e l t t ------S d $ n i a e e S o s u n n i g s t o U U L d n i a A l t e r i t u u e t A e H t p i m I t N n e s u D o c u n S l C c I c a U A ( ( V N ) l t t ------d $ n i 2 a e A e S o s n n i g s 1 t o U U d i a A N l t e r 0 t u u I e e H t p 2 i m t F N P e s u r c u B n l c I a e G A D ( V b ) l t t ------d $ n N 2 1 1 5 i a e e S o s n 9 8 8 4 m n i g . . . . s t A o U U d e 1 9 9 9 i a A l t e r t 1 t u u e e H t T p i p m t N o e s u e r R c u n u l c I S a E A ( O V 0 l t t P $ n 7 5 3 3 4 1 3 6 6 4 8 7 0 0 8 4 5 6 i a e 3 S o s n 0 4 6 3 7 6 5 6 7 2 6 2 1 3 8 4 8 2 n i ) E ...... s t o U U 2 1 8 5 0 8 4 4 5 2 7 7 7 3 2 5 2 4 i d a A l t d r e 5 4 1 1 5 1 5 4 1 5 1 1 1 1 1 R t u u e e e t u p i m t N n d L e s u i c u n t l c I n A a n A e V o U c l l t ( r e $ 7 7 1 8 6 1 8 6 8 1 5 7 6 0 6 2 3 6 a a e u t S s 4 5 3 9 3 6 8 4 2 1 1 9 6 3 0 4 8 0 a l n N s S o a 3 6 9 3 0 0 8 2 2 4 4 8 9 3 2 9 2 7 o U e , , , , , , , , , , , , , , , , , , i A T V E t N 9 0 4 5 1 9 0 1 8 3 4 8 0 1 0 8 7 5 t y u e 7 1 5 5 0 3 5 9 6 1 8 7 1 1 5 8 3 2 t C i A 0 6 0 7 4 1 7 7 4 9 8 9 9 7 6 3 4 3 t I N e , , , , , , , , , , , , , , , , , , s 4 3 0 1 4 8 5 1 2 4 0 6 5 2 8 3 5 2 n R h I 0 6 6 1 9 1 1 1 1 1 3 9 4 1 2 E t P 1 2 1 2 2 1 3 r H G o T N f I L O A T E S D d d 2 1 1 1 1 2 1 1 2 2 1 1 2 1 1 2 1 1 e o 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 E i d r T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 n e 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 T A E P / / / / / / / / / / / / / / / / / / 9 9 1 9 1 9 1 9 9 9 1 9 9 1 9 9 9 1 S O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 / / / / / / / / / / / / / / / / / / E 0 0 1 0 1 0 1 0 0 0 1 0 0 1 0 0 0 1 N 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 U L A V T E S S A T d E n u N F y E t d i n V u d I u q d n F T E n u d s u s A F d e n t i F n u t e y R i t u y F k r i t r A F i u u y a P t c u y q i e t q M E i u S M E u q g n d q e E n a O e s i E e l r e g r a p C r n n e b d o e f a a r o i n e p l . s m u r u a E E A 9 F G J P 80 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the period ended 30 September 2012 (continued)

9. COMPARATIVE NET ASSET VALUES AT DEALING PRICES (continued)

Fund Period Total Institutional Institutional Institutional Institutional Institutional Institutional Institutional Institutional Institutional Ended Institutional Accumulation Accumulation Accumulation Accumulation Accumulation Income Income Income Accumulation Net Asset Net Asset (Euro Hedged) (GBP Hedged) (USD Hedged) (JPY Hedged) (Euro Hedged) (GBP Hedged) (JPY Hedged) (JPY) Value Value per Unit Net Asset Net Asset Net Asset Net Asset Net Asset Net Asset Net Asset Net Asset Value per Unit Value per Unit Value per Unit Value per Unit Value per Unit Value per Unit Value per Unit Value per Unit US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US Equity Fund 31/01/2011 90,013,838 14.62 - 14.66 ------30/09/2011 98,203,749 13.40 - 13.44 ------30/09/2012 108,964,282 17.07 - 17.12 ------

High Yield Fund 31/01/2011 18,135,086 16.31 ------30/09/2011 16,408,888 15.53 ------30/09/2012 21,105,697 18.43 ------

Global Property Securities Fund 31/01/2011 7,356,129 17.26 6.75 5.35 6.90 - - - - - 30/09/2011 6,302,998 15.03 5.83 4.58 5.99 - - - - - 30/09/2012 11,272,432 19.69 - 6.14 7.74 - - - - -

81 Global Equity (ex-Japan) Fund 31/01/2011 34,951,200 12.16 ------9.16 30/09/2011 30,571,100 10.61 ------7.99 30/09/2012 56,009,731 13.30 ------10.02

Post Global Limited Term High Yield Fund 30/09/2011 62,651,960 9.76 9.19 - - 10.26 - - - - 30/09/2012 353,249,571 - - 11.27 - 11.22 - - - -

Multi Strategy Currency Fund * 30/09/2012 5,204,663 9.92 ------

EDGE Equity Income Fund ** 30/09/2012 2,541,859 10.17 ------

*Multi Strategy Currency Fund launched on 16 February 2012. **Edge Equity Income Fund launched on 10 August 2012. NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

10. EFFICIENT PORTFOLIO MANAGEMENT The Global Equity, Asian Equity, European Equity, Emerging Markets Equity, Japanese Equity, Preferred Securities, US Equity, High Yield, Global Property Securities, Global Equity (Ex Japan), Post Global Limited Term High Yield, Multi Strategy Currency and EDGE Equity Income Funds are denominated in US Dollars but purchase assets denominated in a range of currencies. During the year, transactions were entered into which are economically appropriate to the reduction of relevant risks or costs to improve investment performance.

Foreign Currency Forward Exchange Contracts During the year, the Global Equity, Asian Equity, European Equity, Emerging Markets Equity, Japanese Equity, Preferred Securities, US Equity, Global Property Securities, Global Equity (Ex Japan), Post Global Limited Term High Yield and Multi Strategy Currency Funds entered into foreign currency forward exchange contracts to transform the currency exposure and protect the value of the Funds against adverse movements in the US Dollar against the currencies in which the Fund’s assets and liabilities are held. As the Trust uses a Multi Share Class structure, foreign exchange forward contracts are used for Currency hedging purposes to immunise the separate share classes from currency fluctuations.

Any unrealised gains are reported as an asset and any unrealised losses are reported as a liability in the Balance Sheet.

Contracts outstanding at 30 September 2012 are disclosed in the Portfolio of Investments of the Funds.

11. SOFT COMMISSIONS

The Investment Adviser appointed in relation to each Fund is responsible for the selection of brokers with whom they deal and, in some instances, have entered into soft commission arrangements with these brokers whereby the relevant investment advisers obtain services or benefits from third parties which are paid for by the brokers out of commissions they receive. Such services or benefits relate primarily to performance measurement, valuation and research services. The relevant investment advisers are satisfied that bargains generating soft commissions comply with the requirements for best execution both as to price and settlement.

12. FINANCIAL RISK MANAGEMENT

Strategy in Using Financial Instruments The activities of each Fund expose it to a variety of financial risks such as market risk (including currency risk, interest rate risk and price risk), credit risk and liquidity risk. The Funds’ overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Funds’ financial performance. The Funds make use of derivative financial instruments to moderate certain risk exposures. The general risk factors set out in the "Special Investment Considerations and Risks" section of the Prospectus apply to the Funds and risks specific to these Funds are set out below. These risk factors do not purport to be an exhaustive or complete explanation of all the risks associated with an investment in the Funds and persons considering purchasing Units should inform themselves as to (i) the legal requirements within their own countries for the purchase of Units, (ii) any foreign exchange restrictions which may be applicable and (iii) the income and other tax consequences of purchase and repurchase of Units. The risk management process operates at a number of levels. In addition to the Investment Manager monitoring investment activity and exposure at the point of execution ensuring a Fund is managed according to its guidelines and objectives, the Custodian and the Trustee of the Funds also provide an independent analysis of financial instrument exposure by monitoring investment limits in accordance with the Regulations and the Funds’ Prospectus.

82 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Strategy in Using Financial Instruments (continued) The Funds’ overall market positions are monitored on a daily basis and compliance with the Funds’ investment guidelines are monitored on an ongoing basis by the Investment Manager and Trustee. The Board of Directors of the Manager have oversight of the risk management process and receive monthly and quarterly reports from the Investment Manager and the Trustee. The Funds’ investments in securities are subject to normal market fluctuations and other risks inherent in investing in securities. The value of investments and the income from them, and therefore the value of the Units can go down as well as up and an investor may not get back the amount they invest.

Global Equity Fund The Global Equity Fund will seek to achieve capital appreciation by investing principally in equity securities from investment markets around the world. Investments can also include unlisted securities (limited to 10% of the net assets), bank deposits, debt securities, and fixed interest and money market securities. The Fund may also invest in real estate investment trusts (REITS) and in other Funds of the Trust. No more than 15% of the net assets will be invested in Russia.

Asian Equity Fund The Asian Equity Fund will seek to achieve capital appreciation by investing principally in the equity securities of companies domiciled or with their core business in the Asian region (excluding Japan). Investments can also include unlisted securities (limited to 10% of the net assets), bank deposits, debt securities, fixed interest and money market securities. The Fund may also invest in real estate investment trusts (REITS) and in other Funds of the Trust. No more than 30% of the net assets will be in - vested in Pakistan.

European Equity Fund The European Equity Fund will seek to achieve capital appreciation by investing principally in the equity securities of companies domiciled or with their core business in Europe (including Eastern Europe). Investments can also include unlisted securities (limited to 10% of the net assets), bank deposits, debt securities, and fixed interest and money market securities. The Fund may also invest in real estate investment trusts (REITS) and in other Funds of the Trust. No more than 15% of the net assets will be invested in Russia.

Emerging Markets Equity Fund The Emerging Markets Equity Fund will seek to achieve capital appreciation by investing principally in the equity securities of companies domiciled or with their core business in the world’s emerging investment markets as identified by the International Finance Corporation (a division of the World Bank). Investments can also include unlisted securities (limited to 10% of the net assets), bank deposits, debt securities, fixed interest, money market securities and other collective investment schemes. The Fund may also invest in real estate investment trusts (REITS) and in other Funds of the Trust. No more than 15% of the net assets will be invested in Russia.

Japanese Equity Fund The Japanese Equity Fund will seek to achieve capital appreciation by investing principally in the equity securities of companies domiciled or with their core business in Japan. Investments can also include unlisted securities (limited to 10% of the net assets), bank deposits, debt securities, fixed interest and money market securities. The Fund may also invest in real estate investment trusts (REITS) and in other Funds of the Trust.

Preferred Securities Fund The Preferred Securities Fund will seek to provide a return consisting of income and capital preservation by investing primarily in a portfolio of US Dollar denominated preferred securities and debt securities. Investments can also include ancillary liquid assets such as bank deposits. The Fund’s investment universe will include real estate investment trusts (REITs).

US Equity Fund The US Equity Fund will seek to achieve capital appreciation by investing principally in the equity securities of companies domiciled or with their core business in the United States. Investments can also include unlisted securities (limited to 10% of the net assets), bank deposits, debt securities, fixed interest and money market securities. The Fund may also invest in real estate investment trusts (REITS) and in other Funds of the Trust.

83 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Strategy in Using Financial Instruments (continued)

High Yield Fund The High Yield Fund will seek to provide a return consisting of income and, over the long term, capital appreciation by investing primarily in a portfolio of US dollar denominated public and private issued high-yield fixed income securities. The Fund may also hold ancillary liquid assets such as bank deposits as well as invest in real estate investment trusts (REITS) and in other Funds of the Trust.

Global Property Securities Fund The Global Property Securities Fund will seek to provide a total return primarily through investment in a global portfolio of publicly traded securities of companies engaged in the property industry or whose value is derived from property assets. The Fund’s investments will include no less than 80% of the net assets in real estate investment trusts (REITs) or real estate operating companies (REOCs). The Fund may also invest in common and preferred equity securities, debt securities, options, warrants (up to 5% of the Fund), convertible securities, exchange traded funds (ETFs) and depository receipts.

Global Equity (ex-Japan) Fund The Global Equity (ex-Japan) Fund will seek to achieve capital appreciation by investing in equity securities from investment markets around the world, with the exception of Japan. Investments can also include unlisted securities (limited to 10% of the net assets), bank deposits, debt securities, fixed interest and money market securities. The Fund may also invest in real estate investment trusts (REITS) and in other Funds of the Trust.

Post Global Limited Term High Yield Fund The Post Global Limited Term High Yield Fund will seek to provide a high rate of return with low volatility and low duration relative to typical high yield investments. The portfolio will be diversified, consisting from time to time of securities including, but not limited to, global corporate bonds, bank debt, convertible bonds, commercial paper, eligible private placements, preferred securities, Funds of the Trust. The Fund may also hold ancillary liquid assets such as bank deposits. However, no more than 1/3 of the assets of the Fund may be held in aggregate in ancillary liquid assets or non high yield fixed income securities or instruments.

Multi Strategy Currency Fund The Fund seeks to provide a consistent stream of positive returns in excess of USD 3 months LIBOR (London Inter-Bank Offer Rate) over a 3-5 year horizon by investing primarily in financial derivative instruments to gain exposure to a portfolio of cross - currency positions on a leveraged basis. The financial derivative instruments will gain exposure to an investible currency universe which will primarily comprise 30 currencies which the Sub-Investment Adviser considers to be the most tradable currencies in the world at any given time but may include all developed market currencies together with both Asian and emerging market currencies.

EDGE Equity Income Fund The Fund seeks to achieve its objective by investing primarily in dividend paying equity securities. It is anticipated that the majority of the portfolio will be invested in the equity securities of US listed companies, but the Fund may also invest in the equity securities of non-US listed companies. The Fund may hold securities throughout the capitalisation spectrum including large, mid and small cap securities. The Fund may also invest in real estate investment trusts and Master Limited Partnerships that are eligible for investment by the Fund. Master Limited Partnerships are limited partnerships that will be listed/traded on the exchanges and markets. The Fund may also hold ancillary liquid assets such as bank deposits, and a range of non-equity securities, including but not limited to; commercial paper, floating rate notes, certificates of deposit, freely transferable promissory notes, debentures, asset backed securities, government or corporate bonds and debt and preferred securities issued by companies. These non-equity securities may or may not be of investment grade as classified by a recognised rating agency such as Moody’s or Standard & Poor’s and may be fixed or floating rate.

The Funds’ market risk is affected by volatility in three main components: market prices, interest rate and foreign currency exchange rates. Interest rate and foreign currency movements are covered under interest rate risk and currency risk respectively.

84 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued)

Market Price Risk All securities and investments present a risk of loss of capital. The Investment Manager moderates this risk through diversification and a careful selection of securities and other financial instruments within the limits defined in the Prospectus. Except for derivatives, the maximum risk resulting from financial instruments is determined by the fair value of the financial instruments. Possible losses from written options can be unlimited and losses on forwards and futures can result from the movement in currency exchange rates in the time between the forward trade date and the settlement date depending on the volatility of the currencies. The Funds’ overall market positions are monitored on a daily basis by the Funds’ Investment Manager.

The Investment Manager reviews the portfolio characteristics of each Fund in its entirety. This review may include as appropriate a review of country allocations, country weights, capitalization, distribution, industry sector weights, price/book levels, currency exposure, portfolio maturity, portfolio duration, sector exposure, quality exposure and other key risk measures.

The Funds may employ investment techniques and financial derivative instruments for efficient portfolio management and/or investment purposes within the limits set out in the Prospectus as described in the sections ‘General Information’ and ‘Special Investment Considerations and Risks’. The Funds may hold a combination of financial derivatives instruments such as options, futures, options on futures, forward foreign exchange contracts, repurchase contracts, reverse repurchase agreements, sale and buyback agreements, stock lending agreements, credit default swaps, total return swaps and other over the counter derivative instruments may be used subject to the conditions and limits laid down by the Central Bank of Ireland and the Trust Deed and subject to any other restrictions or regulations which may affect the portfolio management of the Funds.

Sensitivity Analysis Sensitivity Analysis is an indication based on historical data showing what an impact of 5% in the Benchmark would do to the net asset of the Funds at the Balance Sheet date.

Limitations of Sensitivity Analysis: Some limitations of sensitivity analysis are; • the models are based on historical data and cannot take account of the fact that future market price movements, correlations between markets and levels of market liquidity in conditions of market stress may bear no relation to historical patterns; • the market price risk information is a relative estimate of risk rather than a precise and accurate number; • the market price information represents a hypothetical outcome and is not intended to be predictive; and future market conditions could vary significantly from those experienced in the past.

85 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Market Price Risk (continued) Change in Net Asset Value due to Increase or Decrease in Benchmark Return As at 30 September 2012 Net Asset Value as a result of 5% Increase/Decrease in Benchmark * Fund Name Benchmark Currency 5% Increase 5% Decrease Global Equity Fund MSCI World Index US$ 30,685,956 28,206,960 Asian Equity Fund MSCI AC Far East ex-Japan Index US$ 13,945,015 12,724,173 European Equity Fund MSCI Europe Index US$ 89,004,887 81,179,001 Emerging Markets Equity Fund MSCI Emerging Markets Index US$ 228,792,535 208,844,295 Japanese Equity Fund MSCI Japan Growth Index US$ 16,795,834 15,509,656 Preferred Securities Fund 65% Merrill Lynch Fixed Rate Preferred Securities Index 35% Barclays Capital CapSec US Dollar Tier 1 Index. US$ 785,530,526 720,733,532 US Equity Fund S&P 500 Index US$ 114,519,916 103,792,824 High Yield Fund BofA Merrill Lynch Global High Yield Index US$ 32,781,713 30,033,685 Global Property Securities Fund FTSE-EPRA-NAREIT Global Real Estate Index US$ 11,775,273 10,769,591 Global Equity (ex-Japan) Fund MSCI Kokusai (World ex-Japan) Index US$ 58,540,655 53,478,807 Post Global Limited Term High Yield Fund Barclays Capital Mutual Fund (1-2) U.S. Government Index US$ 583,880,683 520,823,917 Multi Strategy Currency Fund N/A Edge Equity Income Russell 1000 Value Index US$ 5,168,916 4,994,103

As at 30 September 2011

Net Asset Value as a result of 5% Increase/Decrease in Benchmark * Fund Name Benchmark Currency 5% Increase 5% Decrease

Global Equity Fund MSCI World Index US$ 32,814,192 30,461,202 Asian Equity Fund MSCI AC Far East ex-Japan Index US$ 12,431,344 11,284,280 European Equity Fund MSCI Europe Index US$ 80,847,339 73,259,087 Emerging Markets Equity Fund MSCI Emerging Markets Index US$ 205,142,358 186,655,120 Japanese Equity Fund MSCI Japan Growth Index US$ 17,659,963 16,840,359 Preferred Securities Fund 65% Merrill Lynch Fixed Rate Preferred Securities Index 35% Barclays Capital CapSec US Dollar Tier 1 Index. US$ 521,978,760 340,219,200 US Equity Fund S&P 500 Index US$ 102,301,527 94,425,777 High Yield Fund BofA Merrill Lynch Global High Yield Index US$ 26,640,426 24,201,256 Global Property Securities Fund FTSE-EPRA-NAREIT Global Real Estate Index US$ 6,592,071 6,013,925 Global Equity (ex-Japan) Fund MSCI Kokusai (World ex-Japan) Index US$ 32,564,901 28,577,299 Post Global Limited Term High Yield Fund Barclays Capital Mutual Fund (1-2) U.S. Government Index US$ 40,599,908 88,127,436

* The changes in Net Asset Value have been calculated by applying a beta calculation based on performance for the year multiplied by a 5% increase/(decrease) in the index. The Investment Manager considers this movement to be reasonable.

86 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Market Price Risk (continued)

The Funds’ market price risk is managed through investment selection and diversification in accordance with ‘The Regulations’ and the limits set out in the Prospectus. The Investment Manager uses their global research platform as a selection tool and makes use of tracking error to monitor deviation with the benchmark. Monthly performance reports are reviewed by the Investment Manager and quarterly by the Board of Directors of the Manager. Each Fund’s overall market exposures were as follows:

As at 30 September 2012 GEF AEF EEF US$ Fund % US$ Fund % US$ Fund % Securities held at fair value through Profit or Loss 29,232,833 99.27 13,180,483 100.35 83,872,842 98.57 Derivative assets held at fair value through Profit or Loss 1 - - - - - 29,232,834 99.27 13,180,483 100.35 83,872,842 99.25 Net Asset Value 29,446,458 13,133,984 85,091,944

EMEF JEF PSF US$ Fund % US$ Fund % US$ Fund % Securities held at fair value through Profit or Loss 215,891,573 98.66 15,655,245 96.92 758,277,824 104.86 Derivative assets held at fair value through Profit or Loss 3,595 - - - 573,415 0.08 215,895,168 98.66 15,655,245 96.92 758,851,239 100.19 Net Asset Value 218,818,415 16,152,745 723,153,114

USEF HYF GPSF US$ Fund % US$ Fund % US$ Fund % Securities held at fair value through Profit or Loss 108,748,497 99.63 30,911,880 98.42 10,941,831 97.07 Derivative assets held at fair value through Profit or Loss 19 - -- 33,432 0.29 108,748,516 99.63 30,911,880 98.42 10,975,263 97.36 Net Asset Value 109,156,370 31,407,699 11,272,432

GEJF GLTHY MSCF US$ Fund % US$ Fund % US$ Fund % Securities held at fair value through Profit or Loss 55,571,420 99.22 525,931,558 95.22 4,798,698 92.20 Derivative assets held at fair value through Profit or Loss 773 - 548,078 0.10 149,749 2.89 55,572,193 99.12 526,479,636 95.32 4,948,447 95.05 Net Asset Value 56,009,731 552,352,300 5,204,663

87 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Market Price Risk (continued) As at 30 September 2012 (continued)

EEIF US$ Fund % Securities held at fair value through Profit or Loss 4,933,846 97.09 Derivative assets held at fair value through Profit or Loss - - 4,933,846 97.09 Net Asset Value 5,081,509

As at 30 September 2011 GEF AEF EEF US$ Fund % US$ Fund % US$ Fund % Securities held at fair value through Profit or Loss 30,786,676 97.31 11,827,998 99.75 76,474,015 99.25 Derivative assets held at fair value through Profit or Loss - - - - 11 - 30,786,676 97.31 11,827,998 99.75 76,474,026 99.25 Net Asset Value 31,637,697 11,857,812 77,053,213

EMEF JEF PSF US$ Fund % US$ Fund % US$ Fund % Securities held at fair value through Profit or Loss 193,004,950 98.52 16,987,049 98.47 424,418,814 98.46 Derivative assets held at fair value through Profit or Loss 864 - - - 125,211 0.03 193,005,814 98.52 16,987,049 98.47 424,544,025 98.49 Net Asset Value 195,898,739 17,250,161 431,098,980

USEF HYF GPSF US$ Fund % US$ Fund % US$ Fund % Securities held at fair value through Profit or Loss 97,241,359 98.86 24,490,224 96.34 6,192,461 98.25 Derivative assets held at fair value through Profit or Loss - - -- 82,339 1.31 97,241,359 98.86 24,490,224 96.34 6,274,800 99.56 Net Asset Value 98,363,651 25,420,841 6,302,998

GEJF GLTHY US$ Fund % US$ US$ Securities held at fair value through Profit or Loss 30,294,976 99.10 60,454,046 96.49 Derivative assets held at fair value through Profit or Loss 47 - 199,305 0.32 30,295,023 99.10 60,653,351 96.81 Net Asset Value 30,571,100 62,651,960

88 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Fair Value Estimation of Financial Assets and Liabilities

The Trust adopted the amendment to FRS 29, effective 1 October 2009. This requires the Trust to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

• Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).

• Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).

• Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.

The Global Equity Fund and the Global Equity (Ex-Japan) Fund hold financial assets and liabilities in level 3 for the year ended 30 September 2012 (2011: None). The High Yield Fund held financial assets and liabilities in level 3 for the year ended 30 September 2011.

As at 30 September 2012

Level 1 Level 2 Level 3 Quoted prices in Other observable Unobservable active markets inputs inputs Global Equity Fund USD USD USD

Assets Financial Assets at fair value through profit or loss 29,132,436 1 100,397 Total Assets 29,132,436 1 100,397

Liabilities Financial Liabilities at fair value through profit or loss - (1,137) - Total Liabilities - (1,137) -

Level 1 Level 2 Level 3 Quoted prices in Other observable Unobservable active markets inputs inputs Asian Equity Fund USD USD USD

Assets Financial Assets at fair value through profit or loss 13,180,483 - - Total Assets 13,180,483

Liabilities Financial Liabilities at fair value through profit or loss - - - Total Liabilities - - -

89 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Fair Value Estimation of Financial Assets and Liabilities (continued) As at 30 September 2012 (continued)

Level 1 Level 2 Level 3 Quoted prices in Other observable Unobservable active markets inputs inputs European Equity Fund USD USD USD

Assets Financial Assets at fair value through profit or loss 82,279,435 1,593,407 - Total Assets 82,279,435 1,593,407 -

Liabilities Financial Liabilities at fair value through profit or loss - (452) - Total Liabilities - (452) -

Level 1 Level 2 Level 3 Quoted prices in Other observable Unobservable active markets inputs inputs Emerging Markets Equity Fund USD USD USD

Assets Financial Assets at fair value through profit or loss 206,330,795 9,564,373 - Total Assets 206,330,795 9,564,373 -

Liabilities Financial Liabilities at fair value through profit or loss - (1,418) - Total Liabilities - (1,418) -

Level 1 Level 2 Level 3 Quoted prices in Other observable Unobservable active markets inputs inputs Japanese Equity Fund USD USD USD

Assets Financial Assets at fair value through profit or loss 15,655,245 - - Total Assets 15,655,245 - -

Liabilities Financial Liabilities at fair value through profit or loss - (3) - Total Liabilities - (3) -

90 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Fair Value Estimation of Financial Assets and Liabilities (continued) As at 30 September 2012 (continued) Level 1 Level 2 Level 3 Quoted prices in Other observable Unobservable active markets inputs inputs Preferred Securities Fund USD USD USD

Assets Financial Assets at fair value through profit or loss - 748,559,619 - Total Assets - 748,559,619 -

Liabilities Financial Liabilities at fair value through profit or loss - (1,827,535) - Total Liabilities - (1,827,535) -

Level 1 Level 2 Level 3 Quoted prices in Other observable Unobservable active markets inputs inputs US Equity Fund USD USD USD

Assets Financial Assets at fair value through profit or loss 108,748,497 19 - Total Assets 108,748,497 19 -

Liabilities Financial Liabilities at fair value through profit or loss - - - Total Liabilities ---

Level 1 Level 2 Level 3 Quoted prices in Other observable Unobservable active markets inputs inputs High Yield Fund USD USD USD

Assets Financial Assets at fair value through profit or loss - 30,263,497 - Total Assets - 30,263,497 -

Liabilities Financial Liabilities at fair value through profit or loss - - - Total Liabilities - - -

Level 1 Level 2 Level 3 Quoted prices in Other observable Unobservable active markets inputs inputs Global Property Securities Fund USD USD USD

Assets Financial Assets at fair value through profit or loss 10,939,530 35,799 - Total Assets 10,939,530 35,799 -

Liabilities Financial Liabilities at fair value through profit or loss - (38,722) - Total Liabilities - (38,722) -

91 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Fair Value Estimation of Financial Assets and Liabilities (continued) As at 30 September 2012 (continued) Level 1 Level 2 Level 3 Quoted prices in Other observable Unobservable active markets inputs inputs Global Equity (ex-Japan) Fund USD USD USD

Assets Financial Assets at fair value through profit or loss 54,900,889 557,812 113,492 Total Assets 54,900,889 557,812 113,492

Liabilities Financial Liabilities at fair value through profit or loss - (430) - Total Liabilities - (430) -

Level 1 Level 2 Level 3 Quoted prices in Other observable Unobservable active markets inputs inputs Post Global Limited Term High Yield Fund USD USD USD

Assets Financial Assets at fair value through profit or loss - 514,277,236 - Total Assets - 514,277,236 -

Liabilities Financial Liabilities at fair value through profit or loss - (1,299,221) - Total Liabilities - (1,299,221) -

Level 1 Level 2 Level 3 Quoted prices in Other observable Unobservable active markets inputs inputs Multi Strategy Currency Fund* USD USD USD

Assets Financial Assets at fair value through profit or loss 4,798,698 149,749 - Total Assets 4,798,698 149,749 -

Liabilities Financial Liabilities at fair value through profit or loss - (72,743) - Total Liabilities - (72,743) -

Level 1 Level 2 Level 3 Quoted prices in Other observable Unobservable active markets inputs inputs EDGE Equity Income Fund** USD USD USD

Assets Financial Assets at fair value through profit or loss 4,933,846 -- Total Assets 4,933,846 --

*Multi Strategy Currency Fund launched on 16 February 2012. **Edge Equity Income Fund launched on 10 August 2012.

92 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Fair Value Estimation of Financial Assets and Liabilities (continued)

As at 30 September 2011

Level 1 Level 2 Level 3 Quoted prices in Other observable Unobservable active markets inputs inputs Global Equity Fund USD USD USD

Assets Financial Assets at fair value through profit or loss 30,786,676 -- Total Assets 30,786,676 - -

Liabilities Financial Liabilities at fair value through profit or loss - - - Total Liabilities - - -

Level 1 Level 2 Level 3 Quoted prices in Other observable Unobservable active markets inputs inputs Asian Equity Fund USD USD USD

Assets Financial Assets at fair value through profit or loss 11,827,998 - - Total Assets 11,827,998 - -

Liabilities Financial Liabilities at fair value through profit or loss - (24) - Total Liabilities - (24) -

Level 1 Level 2 Level 3 Quoted prices in Other observable Unobservable active markets inputs inputs European Equity Fund USD USD USD

Assets Financial Assets at fair value through profit or loss 75,608,551 865,475 - Total Assets 75,608,551 865,475 -

Liabilities Financial Liabilities at fair value through profit or loss - (507) - Total Liabilities - (507) -

93 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Fair Value Estimation of Financial Assets and Liabilities (continued) As at 30 September 2011 (continued)

Level 1 Level 2 Level 3 Quoted prices in Other observable Unobservable active markets inputs inputs Emerging Markets Equity Fund USD USD USD

Assets Financial Assets at fair value through profit or loss 181,503,857 11,501,957 - Total Assets 181,503,857 11,501,957 -

Liabilities Financial Liabilities at fair value through profit or loss - (6,471) - Total Liabilities - (6,471) -

Level 1 Level 2 Level 3 Quoted prices in Other observable Unobservable active markets inputs inputs Japanese Equity Fund USD USD USD

Assets Financial Assets at fair value through profit or loss 16,987,049 - - Total Assets 16,987,049 - -

Liabilities Financial Liabilities at fair value through profit or loss - (65) - Total Liabilities - (65) -

Level 1 Level 2 Level 3 Quoted prices in Other observable Unobservable active markets inputs inputs Preferred Securities Fund USD USD USD

Assets Financial Assets at fair value through profit or loss 641,627 418,540,419 - Total Assets 641,627 418,540,419 -

Liabilities Financial Liabilities at fair value through profit or loss - (752,505) - Total Liabilities - (752,505) -

94 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Fair Value Estimation of Financial Assets and Liabilities (continued) As at 30 September 2011 (continued) Level 1 Level 2 Level 3 Quoted prices in Other observable Unobservable active markets inputs inputs US Equity Fund USD USD USD

Assets Financial Assets at fair value through profit or loss 97,241,359 - - Total Assets 97,241,359 - -

Liabilities Financial Liabilities at fair value through profit or loss - (183) - Total Liabilities - (183) -

Level 1 Level 2 Level 3 Quoted prices in Other observable Unobservable active markets inputs inputs High Yield Fund USD USD USD

Assets Financial Assets at fair value through profit or loss - 23,909,554 872 Total Assets - 23,909,554 872

Liabilities Financial Liabilities at fair value through profit or loss - - - Total Liabilities - - -

Level 1 Level 2 Level 3 Quoted prices in Other observable Unobservable active markets inputs inputs Global Property Securities Fund USD USD USD

Assets Financial Assets at fair value through profit or loss 6,192,461 82,339 - Total Assets 6,192,461 82,339 -

Liabilities Financial Liabilities at fair value through profit or loss - (45,117) - Total Liabilities - (45,117) -

95 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Fair Value Estimation of Financial Assets and Liabilities (continued) As at 30 September 2011 (continued) Level 1 Level 2 Level 3 Quoted prices in Other observable Unobservable active markets inputs inputs Global Equity (ex-Japan) Fund USD USD USD

Assets Financial Assets at fair value through profit or loss 30,294,976 47 - Total Assets 30,294,976 47 -

Liabilities Financial Liabilities at fair value through profit or loss - (6) - Total Liabilities - (6) -

Level 1 Level 2 Level 3 Quoted prices in Other observable Unobservable active markets inputs inputs Post Global Limited Term High Yield Fund USD USD USD

Assets Financial Assets at fair value through profit or loss - 60,454,046 - Total Assets - 60,454,046 -

Liabilities Financial Liabilities at fair value through profit or loss - (533,100) - Total Liabilities - (533,100) -

96 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Fair Value Estimation of Financial Assets and Liabilities (continued) As at 30 September 2011 (continued)

The transfer into or out of Level 3 for the year ended 30 September 2012 and period ended 30 September 2011 are detailed in the tables below.

Financial Assets measured at fair value based on Level 3 Global Equity Fund As at 30 September 2012 Total gains Total gains or or losses losses in the in the period period included recognised in for those assets Balance at 31 Transfer out Transfer out Statement of Closing held at 30 September 2011 Purchases Issues Settlements of level 3 of level 3 Total Return Balance September 2012 US$ US$ US$ US$ US$ US$ US$ US$ US$ Financial Assets at fair value through profit or loss Common Stocks - 100,397 - - - - 100,397 -

Financial Assets measured at fair value based on Level 3 High Yield Fund As at 30 September 2012 Total gains Total gains or or losses losses in the in the period period included recognised in for those assets Balance at 31 Transfer out Transfer out Statement of Closing held at 30 January 2011 Purchases Issues Settlements of level 3 of level 3 Total Return Balance September 2011 US$ US$ US$ US$ US$ US$ US$ US$ US$ Financial Assets at fair value through profit or loss Corporate bonds 872 -----(872) - (872)

Financial Assets measured at fair value based on Level 3 Global Equity (ex-Japan) Fund As at 30 September 2012 Total gains Total gains or or losses losses in the in the period period included recognised in for those assets Balance at 31 Transfer out Transfer out Statement of Closing held at 30 January 2011 Purchases Issues Settlements of level 3 of level 3 Total Return Balance September 2011 US$ US$ US$ US$ US$ US$ US$ US$ US$ Financial Assets at fair value through profit or loss Common Stocks - 113,492 - - - - 113,492 -

97 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Fair Value Estimation of Financial Assets and Liabilities (continued) As at 30 September 2011 (continued)

Financial Assets measured at fair value based on Level 3 Asian Equity Fund As at 30 September 2011 Total gains Total gains or or losses losses in the in the period period included recognised in for those assets Balance at 31 Transfer out Transfer out Statement of Closing held at 30 January 2011 Purchases Issues Settlements of level 3 of level 3 Total Return Balance September 2011 US$ US$ US$ US$ US$ US$ US$ US$ US$ Financial Assets at fair value through profit or loss Common stock - 312,981 ----(312,981) - (312,981)

Financial Assets measured at fair value based on Level 3 High Yield Fund As at 30 September 2011 Total gains Total gains or or losses losses in the in the period period included recognised in for those assets Balance at 31 Transfer out Transfer out Statement of Closing held at 30 January 2011 Purchases Issues Settlements of level 3 of level 3 Total Return Balance September 2011 US$ US$ US$ US$ US$ US$ US$ US$ US$ Financial Assets at fair value through profit or loss Corporate Bonds - 5,068 - - - - (4,196) 872 (4,196)

98 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Interest Rate Risk

Funds which hold interest bearing financial assets and liabilities are exposed to interest rate risk, where the value of the securities may fluctuate as a result of a change in interest rate.

This risk is managed by the setting of limits on the level of cash holdings in the Funds and such limits are set out in the Funds’ Prospectus. With the fixed income Funds, the Investment Manager has set limits of exposure and uses an internal process to monitor macroeconomic factors affecting interest rate risk.

The Global Equity Fund, Asian Equity Fund, European Equity Fund, Emerging Markets Equity Fund, Japanese Equity Fund, US Equity Fund, Global Property Securities Fund, Global Equity (ex-Japan) Fund and EDGE Equity Income Fund are not included in the below chart as the majority of the financial assets and liabilities of those Funds are non-interest bearing or have a very short time to maturity. As a result, those Funds are not subject to significant amounts of risk due to fluctuations in the market interest rates.

The tables below summarize the exposure to interest rate risk for Preferred Securities Fund, High Yield Fund and Post Global Limited Term High Yield Fund . They include each Fund’s assets and trading liabilities at fair values, categorized by the earlier of contractual re-pricing or maturity dates.

As at 30 September 2012

Preferred Securities Fund Up to 1 - 5 years Over Non-interest Total 1 year 5 years bearing US$ US$ US$ US$ US$ Assets Cash and cash equivalents ---51,804,582 51,804,582 Transferable securities 90,064,261 13,541,347 650,785,988 - 754,391,596 Financial Derivative Instruments - --573,415 573,415 Other assets --- 31,175,135 31,175,135 Total assets 90,064,261 13,541,347 650,785,988 83,553,132 837,944,728

Liabilities Financial Derivative Instruments ---1,827,535 1,827,535 Creditors - --112,964,079 112,964,079 Total Liabilities ---114,791,614 114,791,614

Total interest sensitivity gap 90,064,261 13,541,347 650,785,988

High Yield Fund Up to 1 - 5 years Over Non-interest Total 1 year 5 years bearing US$ US$ US$ US$ US$ Assets Cash and cash equivalents ---575,475 575,475 Transferable securities 1,134 5,018,810 25,397,114 - 30,417,058 Other assets ---756,793 756,793 Total assets 1,134 5,018,810 25,397,114 1,332,268 31,749,326

Liabilities Creditors ---341,627 341,627 Total Liabilities ---341,627 341,627

Total interest sensitivity gap 1,134 5,018,810 25,397,114

99 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Interest Rate Risk (continued) Post Global Limited Term High Yield Fund Up to 1 - 5 years Over Non-interest Total 1 year 5 years bearing US$ US$ US$ US$ US$ Assets Cash and cash equivalents ---37,238,658 37,238,658 Transferable securities 37,697,556 371,145,719 106,604,208 - 515,447,483 Financial Derivative Instruments - --548,078 548,078 Other assets --- 18,657,159 18,657,159 Total assets 37,697,556 371,145,719 106,604,208 56,443,895 571,891,378 Liabilities Financial Derivative Instruments ---1,299,221 1,299,221 Creditors - --18,239,857 18,239,857 Total Liabilities ---19,539,078 19,539,078 Total interest sensitivity gap 37,697,556 371,145,719 106,604,208

Multi Strategy Currency Fund * Up to 1 - 5 years Over Non-interest Total 1 year 5 years bearing US$ US$ US$ US$ US$ Assets Cash and cash equivalents ---308,856 308,856 Transferable securities 4,798,916 ---4,798,916 Financial Derivative Instruments - --149,749 149,749 Other assets ---55,430 55,430 Total assets 4,798,916 --514,035 5,312,951

Liabilities Financial Derivative Instruments ---72,743 72,743 Creditors ---35,545 35,545 Total Liabilities ---108,288 108,288

Total interest sensitivity gap 4,798,916 --

*Multi Strategy Currency Fund launched on 16 February 2012.

As at 30 September 2011 Preferred Securities Fund Up to 1 - 5 years Over Non-interest Total 1 year 5 years bearing US$ US$ US$ US$ US$ Assets Cash and cash equivalents ---5,990,118 5,990,118 Transferable securities 27,204,103 4,642,702 388,928,521 - 420,775,326 Financial Derivative Instruments - --125,211 125,211 Other assets --- 6,208,428 6,208,428 Total assets 27,204,103 4,642,702 388,928,521 12,323,757 433,099,083

Liabilities Financial Derivative Instruments ---752,505 752,505 Creditors - --1,247,598 1,247,598 Total Liabilities ---2,000,103 2,000,103

Total interest sensitivity gap 27,204,103 4,642,702 388,928,521

100 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Interest Rate Risk (continued) As at 30 September 2011 (continued)

High Yield Fund Up to 1 - 5 years Over Non-interest Total 1 year 5 years bearing US$ US$ US$ US$ US$ Assets Cash and cash equivalents ---1,302,773 1,302,773 Transferable securities 872 3,199,166 20,842,927 - 24,042,965 Other assets ---706,081 706,081 Total assets 872 3,199,166 20,842,927 2,008,854 26,051,819

Liabilities Creditors ---630,978 630,978 Total Liabilities ---630,978 630,978

Total interest sensitivity gap 872 3,199,166 20,842,927

Post Global Limited Term High Yield Fund Up to 1 - 5 years Over Non-interest Total 1 year 5 years bearing US$ US$ US$ US$ US$ Assets Cash and cash equivalents ---2,635,120 2,635,120 Transferable securities - 52,755,087 7,612,644 - 60,367,731 Financial Derivative Instruments - --199,305 199,305 Other assets --- 1,346,080 1,346,080 Total assets - 52,755,087 7,612,644 4,180,505 64,548,236 Liabilities Financial Derivative Instruments ---533,100 533,100 Creditors - --1,363,176 1,363,176 Total Liabilities ---1,896,276 1,896,276 Total interest sensitivity gap - 52,755,087 7,612,644

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 2012 As at 30 September 2011 Preferred Securities Fund US$ 7,304,335 4,207,753 High Yield Fund US$ 314,071 240,430 Post Global Limited Term High Yield Fund US$ 5,506,712 603,677 Multi Strategy Currency Fund* US$ 51,896 -

*Multi Strategy Currency Fund launched on 16 February 2012.

The Investment Manager considers a 1% movement to be reasonable.

101 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Currency Risk

The Funds may hold assets denominated in currencies other than the functional currency of a Fund. They are therefore exposed to currency risk, as the value of the securities denominated in other currencies will fluctuate due to changes in exchange rates. A Fund may utilize financial instruments to hedge against fluctuations in the relative values of their portfolio positions.

The following tables detail the material monetary currency exposures.

As at 30 September 2012

Global Equity Fund

Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets US$ US$ US$ US$

Australian Dollar – 519,390 – 519,390 Canadian Dollar 6,144 2,018,490 – 2,024,634 Chinese Renminbi 4,499 ––4,499 Danish Krone 5,305 935,264 – 940,569 Euro 115,479 2,253,872 (106,182) 2,263,169 Hong Kong Dollar (568) 1,322,075 4,269 1,325,776 Japanese Yen 311,684 1,938,769 (285,767) 1,964,686 Malaysian Ringgit 4,175 417,523 – 421,698 New Zealand Dollar 3,599 ––3,599 Norweigan Krone – 159,630 – 159,630 Pound Sterling (49,504) 1,877,825 45,968 1,874,289 Singapore Dollar – 108,454 – 108,454 South Korean Won – 721,574 – 721,574 Swiss Franc – 395,633 – 395,633 US Dollar (339,288) 16,717,570 340,576 16,718,858 61,525 29,386,069 (1,136) 29,446,458

102 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Currency Risk (continued)

As at 30 September 2012 (continued)

Asian Equity Fund

Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets US$ US$ US$ US$

Chinese Renminbi 8,463 ––8,463 Hong Kong Dollar 18,157 4,773,461 (15,502) 4,776,116 Indonesian Rupiah (16,971) 532,744 – 515,773 Malaysian Ringgit 5,635 396,698 – 402,333 Philippines Peso 15,678 262,266 – 277,944 Singapore Dollar 5,029 1,146,291 – 1,151,320 South Korean Won 5,416 3,131,489 – 3,136,905 Taiwan Dollar 32,542 2,042,613 – 2,075,155 Thailand Baht 361 721,307 – 721,668 US Dollar 52,805 – 15,502 68,307 127,115 13,006,869 - 13,133,984

European Equity Fund

Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets US$ US$ US$ US$ Danish Krone – 2,442,649 – 2,442,649 Euro 90,853 33,089,466 (40,238) 33,140,081 Norweigan Krone – 3,414,744 – 3,414,744 Pound Sterling 54,653 30,668,580 (30,342) 30,692,891 Swedish Krona – 5,753,333 – 5,753,333 Swiss Franc – 9,460,676 – 9,460,676 US Dollar 117,442 – 70,128 187,570 262,948 84,829,448 (452) 85,091,944

103 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Currency Risk (continued)

As at 30 September 2012 (continued)

Emerging Markets Equity Fund

Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets US$ US$ US$ US$ Brazilian Real (192,028) 16,042,373 – 15,850,345 Chilean Peso – 578,158 – 578,158 Chinese Renminbi 100,703 ––100,703 Colombian Peso 436,904 ––436,904 Euro 6,847 ––6,847 Hong Kong Dollar 93,094 38,594,076 (49,088) 38,638,082 Indian Rupee (331,227) 8,317,559 – 7,986,332 Indonesian Rupiah – 5,710,073 – 5,710,073 Malaysian Ringgit 45,889 4,032,925 – 4,078,814 Mexican Peso (185,070) 7,433,144 85,966 7,334,040 Peruvian New Sol – 503,540 – 503,540 Philippines Peso 2,652 1,614,932 – 1,617,584 Polish Zloty (134,520) 2,020,302 219,001 2,104,783 Pound Sterling 4,812 1,390,499 – 1,395,311 Singapore Dollar – 1,058,280 – 1,058,280 South African Rand 29,955 13,252,195 1,670 13,283,820 South Korean Won 14,888 34,669,564 – 34,684,452 Taiwan Dollar 346,491 22,669,803 – 23,016,294 Thailand Baht – 7,954,250 – 7,954,250 Turkish Yeni 7,861 5,088,431 – 5,096,292 US Dollar 1,924,979 45,713,904 (255,372) 47,383,511 2,172,230 216,644,008 2,177 218,818,415

Japanese Equity Fund

Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets US$ US$ US$ US$ Japanese Yen 179,854 15,696,720 (1,726) 15,874,848 US Dollar 276,174 – 1,723 277,897 456,028 15,696,720 (3) 16,152,745

Preferred Securities Fund

Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets US$ US$ US$ US$ Euro 319,125 – 201,535,227 201,854,352 Japanese Yen ––84,950,776 84,950,776 Pound Sterling 329 – 3,603,988 3,604,317 US Dollar (324,901) 724,412,681 (291,344,111) 432,743,669 (5,447) 724,412,681 (1,254,120) 723,153,114

104 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Currency Risk (continued)

As at 30 September 2012 (continued)

U.S. Equity Fund

Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets US$ US$ US$ US$ Pound Sterling ––150,346 150,346 US Dollar 89,323 109,067,028 (150,327) 109,006,024 89,323 109,067,028 19 109,156,370

High Yield Fund

Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets US$ US$ US$ US$ Euro 69,196 4,574,952 – 4,644,148 Pound Sterling 98,692 610,653 – 709,345 US Dollar 822,752 25,231,454 – 26,054,206 990,640 30,417,059 – 31,407,699

Global Property Securities Fund

Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets US$ US$ US$ US$ Australian Dollar (6,241) 1,242,339 (1,104,696) 131,402 Brazilian Real – 94,695 (86,903) 7,792 Canadian Dollar (9,794) 503,143 (411,191) 82,158 Euro (10,253) 509,061 2,474,402 2,973,210 Hong Kong Dollar 3,988 1,038,594 (874,384) 168,198 Israeli Shekel ––1,345 1,345 Japanese Yen 31,723 936,695 (839,188) 129,230 New Zealand Dollar ––1,373 1,373 Norweigan Krone ––2,748 2,748 Pound Sterling (20,385) 727,384 652,780 1,359,779 Singapore Dollar – 407,377 (322,369) 85,008 South African Rand – 103,156 (105,466) (2,310) Swedish Krona (1,741) 215,607 (184,829) 29,037 Swiss Franc ––33,057 33,057 Thailand Baht ––(471) (471) US Dollar 307,501 5,204,807 758,568 6,270,876 294,798 10,982,858 (5,224) 11,272,432

105 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Currency Risk (continued) As at 30 September 2012 (continued)

Global Equity (ex-Japan) Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets US$ US$ US$ US$

Australian Dollar (605) 1,300,842 (4,547) 1,295,690 Canadian Dollar (147,672) 3,686,676 109,776 3,648,780 Danish Krone 4,613 1,113,488 – 1,118,101 Euro 159,046 6,966,329 (158,349) 6,967,026 Hong Kong Dollar – 635,693 – 635,693 Norweigan Krone – 834,537 – 834,537 Pound Sterling 9,386 6,102,564 (2,304) 6,109,646 Singapore Dollar 5,029 399,092 – 404,121 Swedish Krona (305,658) 308,018 307,949 310,309 Swiss Franc – 1,410,948 – 1,410,948 US Dollar 366,287 33,160,773 (252,180) 33,274,880 90,426 55,918,960 345 56,009,731

Post Global Limited Term High Yield Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets US$ US$ US$ US$

Euro 227,204 10,806,773 147,757,311 158,791,288 Japanese Yen ––107,375,810 107,375,810 Pound Sterling ––90,989,856 90,989,856 US Dollar 37,428,755 504,640,711 (346,874,120) 195,195,346 37,655,959 515,447,484 (751,143) 552,352,300

Multi Strategy Currency Fund* Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets US$ US$ US$ US$ Australian Dollar ––(1,242,205) (1,242,205) Brazilian Real ––349,479 349,479 Danish Krone ––1,601,078 1,601,078 Euro (821) 3,278 (2,320,049) (2,317,592) Indian Rupee ––898,603 898,603 Indonesian Rupiah ––648,401 648,401 Japanese Yen ––(2,790,845) (2,790,845) New Zealand Dollar ––557,801 557,801 Norweigan Krone ––1,564,042 1,564,042 Polish Zloty ––340,443 340,443 Pound Sterling ––1,264,296 1,264,296 Singapore Dollar ––929,305 929,305 South African Rand ––(972,869) (972,869) Swiss Franc ––(3,510,668) (3,510,668) Turkish Yeni ––833,163 833,163 US Dollar 328,742 4,798,915 1,924,574 7,052,231 327,921 4,802,193 74,549 5,204,663

106 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Currency Risk (continued)

As at 30 September 2012 (continued)

EDGE Equity Income Fund*

Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets US$ US$ US$ US$

Canadian Dollar 504 87 – 591 US Dollar 126,510 4,954,408 – 5,080,918 127,014 4,954,495 – 5,081,509

*Multi Strategy Currency Fund launched on 16 February 2012. *Edge Equity Income Fund launched on 10 August 2012.

As at 30 September 2011

Global Equity Fund

Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets US$ US$ US$ US$

Australian Dollar - 1,033,557 - 1,033,557 Canadian Dollar 5,242 1,690,924 (1,325) 1,694,841 Danish Krone 5,560 339,279 - 344,839 Euro - 2,771,580 - 2,771,580 Hong Kong Dollar 5,858 915,729 - 921,587 Japanese Yen 46,211 4,780,155 - 4,826,366 Mexican Peso - 225,665 - 225,665 New Zealand Dollar 3,298 364,948 - 368,246 Pound Sterling 2 1,672,439 - 1,672,441 Singapore Dollar - 223,879 - 223,879 Swedish Krona - 224,903 - 224,903 Swiss Franc - 1,252,279 - 1,252,279 Thailand Baht - 633,100 - 633,100 US Dollar 732,249 14,710,831 1,334 15,444,414 798,420 30,839,268 9 31,637,697

107 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Currency Risk (continued)

As at 30 September 2011 (continued)

Asian Equity Fund

Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets US$ US$ US$ US$

Chinese Renminbi 10,807 --10,807 Hong Kong Dollar 22,967 4,470,989 (13,101) 4,480,855 Indonesian Rupiah 691 334,689 - 335,380 Malaysian Ringgit (27,215) 569,117 28,292 570,194 Philippines Peso (17,425) 268,623 - 251,198 Singapore Dollar 5,360 845,417 (4,319) 846,458 South Korean Won 11,120 2,750,090 - 2,761,210 Taiwan Dollar 142,505 1,932,018 - 2,074,523 Thailand Baht 34,444 586,967 (8,816) 612,595 US Dollar (179,754) 96,629 (2,283) (85,408) 3,500 11,854,539 (227) 11,857,812

European Equity Fund

Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets US$ US$ US$ US$ Danish Krone - 2,013,864 - 2,013,864 Euro 21,880 28,441,220 101,938 28,565,038 Norweigan Krone - 2,862,979 - 2,862,979 Pound Sterling 76,851 27,798,497 (28,056) 27,847,292 Swedish Krona - 5,656,047 - 5,656,047 Swiss Franc - 9,737,851 - 9,737,851 US Dollar 444,520 - (74,378) 370,142 543,251 76,510,458 (496) 77,053,213

108 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Currency Risk (continued)

As at 30 September 2011 (continued)

Emerging Markets Equity Fund

Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets US$ US$ US$ US$ Brazilian Real 603,264 24,605,203 - 25,208,467 Chilean Peso - 875,237 - 875,237 Chinese Renminbi 102,314 --102,314 Hong Kong Dollar 104,660 30,656,731 (111,944) 30,649,447 Hungarian Forint - 94,428 436,649 531,077 Indian Rupee 269,533 9,159,228 - 9,428,761 Indonesian Rupiah 9,408 3,549,682 - 3,559,090 Malaysian Ringgit 6,322 4,923,643 - 4,929,965 Mexican Peso - 5,237,298 - 5,237,298 Philippines Peso - 463,726 - 463,726 Polish Zloty 5,559 1,251,421 (5,297) 1,251,683 Pound Sterling 11,366 1,460,343 - 1,471,709 Singapore Dollar - 911,406 - 911,406 South African Rand 86,455 15,642,638 (86,355) 15,642,738 South Korean Won 80,851 30,442,033 - 30,522,884 Taiwan Dollar 624,812 20,516,003 - 21,140,815 Thailand Baht 602,021 6,826,666 (158,680) 7,270,007 Turkish Yeni 95,240 3,030,075 (87,774) 3,037,541 US Dollar 455,875 33,201,917 6,782 33,664,574 3,057,680 192,847,678 (6,619) 195,898,739

Japanese Equity Fund

Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets US$ US$ US$ US$ Japanese Yen 167,126 17,034,766 11,719 17,213,611 US Dollar 48,334 - (11,784) 36,550 215,460 17,034,766 (65) 17,250,161

Preferred Securities Fund

Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets US$ US$ US$ US$ Euro 251,426 - 150,758,919 151,010,345 Japanese Yen --61,539,679 61,539,679 US Dollar 10,699,522 420,775,326 (212,925,892) 218,548,956 10,950,948 420,775,326 (627,294) 431,098,980

109 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Currency Risk (continued)

As at 30 September 2011 (continued)

U.S. Equity Fund

Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets US$ US$ US$ US$ Pound Sterling --47,477 47,477 US Dollar 1,071,689 97,292,146 (47,660) 98,316,175 1,071,689 97,292,146 (183) 98,363,652

High Yield Fund

Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets US$ US$ US$ US$ Euro 393,599 3,203,025 - 3,596,624 Pound Sterling 39,483 644,467 - 683,950 US Dollar 948,271 20,191,996 - 21,140,267 1,381,353 24,039,488 - 25,420,841

Global Property Securities Fund

Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets US$ US$ US$ US$ Australian Dollar 14,506 654,383 (580,539) 88,350 Canadian Dollar 4,283 339,138 (270,938) 72,483 Euro (8,114) 383,144 2,056,982 2,432,012 Hong Kong Dollar 1,376 586,733 (466,748) 121,361 Israeli Shekel --1,436 1,436 Japanese Yen 3,921 555,676 (430,829) 128,768 New Zealand Dollar --2,028 2,028 Norweigan Krone --(1,885) (1,885) Philippines Peso 7,465 24,352 (23,896) 7,921 Pound Sterling 3,747 332,084 666,723 1,002,554 Singapore Dollar 8,515 203,150 (180,485) 31,180 South African Rand 1 22,504 (23,542) (1,037) Swedish Krona - 95,751 (91,929) 3,822 Swiss Franc - 58,097 (52,981) 5,116 Thailand Baht - 33,936 (31,058) 2,878 US Dollar 27,417 2,913,711 (535,117) 2,406,011 63,117 6,202,659 37,222 6,302,998

110 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Currency Risk (continued)

As at 30 September 2011 (continued)

Global Equity (ex-Japan) Fund

Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets US$ US$ US$ US$

Australian Dollar (3,971) 1,284,465 (3,971) 1,276,523 Canadian Dollar 1,093 1,247,420 - 1,248,513 Danish Krone 4,835 321,717 - 326,552 Euro (36,663) 3,271,605 36,663 3,271,605 Hong Kong Dollar 5,862 352,032 - 357,894 New Zealand Dollar - 116,306 - 116,306 Norweigan Krone - 293,070 - 293,070 Pound Sterling 11,925 3,524,392 - 3,536,317 Singapore Dollar 2,807 118,210 (2,807) 118,210 Swedish Krona - 501,190 - 501,190 Swiss Franc - 1,080,922 - 1,080,922 US Dollar 266,531 18,207,444 (29,977) 18,443,998 252,419 30,318,773 (92) 30,571,100

Post Global Limited Term High Yield Fund

Foreign Currency Exposure Monetary Non-Monetary Forward FX Net Financial Assets Assets Contracts Assets US$ US$ US$ US$

Euro 129,436 4,314,957 20,767,894 25,212,287 Japanese Yen --25,993,917 25,993,917 US Dollar 3,760,249 54,781,113 (47,095,606) 11,445,756 3,889,685 59,096,070 (333,795) 62,651,960

111 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Currency Risk (continued)

The tables below detail the approximate increase or decrease in net assets attributable to redeemable participating unitholders had the exchange rate between the base currency of the relevant Fund and the relevant foreign currency increased by 5% (or 10% for emerging market currencies identified with an asterisk), for forward exchange contracts the 5% (or 10% for emerging market currencies identified with an asterisk) has been applied to the contract price. The Investment Manager considers this movement to be reasonable.

Emerging market countries are those that have low or middle per capita income as determined by the World Bank for at least two consecutive years based on data lagging one year, or those countries that either had restructured external/local debt during the past 10 years or currently have restructured external/local debt outstanding. Investments denominated in emerging market currencies may experience more volatility, can be subject to significant depreciation and may not be freely convertible. Emerging market currencies are identified by an asterix in the table below.

The Investment Manager monitors the currency positions on a daily basis utilizing quantitative and fundamental models.

As at 30 September 2012

Global Equity Fund

Currency Sensitivity Analysis

Foreign Currency Exposure Monetary Non-Monetary Forward FX Assets Assets Contracts US$ US$ US$

Australian Dollar - 25,970 - Chinese Renminbi* 450 -- Canadian Dollar 307 100,925 - Danish Krone 265 46,763 - Euro 5,774 112,694 427 Hong Kong Dollar * (57) 132,208 - Japanese Yen 31,168 193,877 (28,577) Malaysian Ringgit* 418 41,752 - New Zealand Dollar 180 -- Norweigan Krone - 7,982 - Pound Sterling (2,475) 93,891 2,298 Singapore Dollar *-10,845 - South Korean Won* - 72,157 - Swiss Franc - 19,782 - 36,030 858,846 (25,852)

112 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Currency Risk (continued)

As at 30 September 2012 (continued)

Asian Equity Fund

Currency Sensitivity Analysis Monetary Non-Monetary Forward FX Assets Assets Contracts US$ US$ US$ Chinese Renminbi* 846 -- Hong Kong Dollar* 1,816 497,407 (1,550) Indonesian Rupiah* (1,697) 53,274 - Malaysian Ringgit* 564 39,670 - Philippines Peso* 1,568 26,227 - Singapore Dollar* 530 114,629 - South Korean Won* 542 313,149 - Taiwan Dollar* 3,254 204,261 - Thailand Baht* 36 72,131 - 7,459 1,320,748 (1,550)

European Equity Fund

Currency Sensitivity Analysis Monetary Non-Monetary Forward FX Assets Assets Contracts US$ US$ US$ Danish Krone - 122,132 - Euro 4,543 1,654,473 (2,012) Norweigan Krone - 170,737 - Pound Sterling 2,733 1,533,429 (1,517) Swedish Krona - 287,667 - Swiss Franc - 473,034 -

7,276 4,241,472 (3,529)

113 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Currency Risk (continued)

As at 30 September 2012 (continued)

Emerging Markets Equity Fund

Currency Sensitivity Analysis Monetary Non-Monetary Forward FX Assets Assets Contracts US$ US$ US$ Brazilian Real* (19,203) 1,604,237 - Chilean Peso* - 57,816 - Chinese Renminbi* 10,070 -- Euro 342 -- Hong Kong Dollar* 9,309 3,859,408 (4,909) Indian Rupee* (33,123) 831,756 - Indonesian Rupiah* - 571,007 - Malaysian Ringgit* 4,589 403,293 - Mexican Peso* (18,507) 743,314 8,597 Peruvian New Sol - 25,177 - Philippines Peso* 265 161,493 - Polish Zloty* (13,452) 202,030 21,900 Pound Sterling 241 69,525 - Singapore Dollar* - 105,828 - South African Rand* 2,996 1,325,220 167 South Korean Won* 1,489 3,466,956 - Taiwan Dollar* 34,649 2,266,980 - Thailand Baht* - 795,425 - Turkish Yeni* 786 508,843 - (19,549) 16,998,308 25,755

Japanese Equity Fund

Currency Sensitivity Analysis Monetary Non-Monetary Forward FX Assets Assets Contracts US$ US$ US$ Japanese Yen* 17,985 1,569,672 (173) 17,985 1,569,672 (173)

Preferred Securities Fund

Currency Sensitivity Analysis Monetary Non-Monetary Forward FX Assets Assets Contracts US$ US$ US$ Euro 15,956 - 10,076,761

Japanese Yen --8,495,078 US Dollar 16 - 180,199 15,972 - 18,752,038

114 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Currency Risk (continued) As at 30 September 2012 (continued) U.S. Equity Fund Currency Sensitivity Analysis Monetary Non-Monetary Forward FX Assets Assets Contracts US$ US$ US$ Pound Sterling --7,517 --7,517

High Yield Fund Foreign Currency Exposure Monetary Non-Monetary Forward FX Assets Assets Contracts US$ US$ US$ Euro 3,460 228,748 - Pound Sterling 4,935 30,533 - 8,395 259,281 -

Global Property Securities Fund

Currency Sensitivity Analysis Monetary Non-Monetary Forward FX Assets Assets Contracts US$ US$ US$ Australian Dollar (312) 62,117 (55,235) Brazilian Real* - 9,470 (8,690) Canadian Dollar (490) 25,157 (20,560) Euro (513) 25,453 123,720 Hong Kong Dollar* 399 103,859 (87,438) Israeli Shekel* --135 Japanese Yen* 3,172 93,670 (83,919) New Zealand Dollar --69 Norweigan Krone --137 Pound Sterling (1,019) 36,369 32,639 Singapore Dollar* - 40,738 (32,237) South African Rand* - 10,316 (10,547) Swedish Krona (87) 10,780 (9,241) Swiss Franc --1,653 Thailand Baht* --(47) 1,150 417,929 (149,561)

Global Equity (ex-Japan) Fund Currency Sensitivity Analysis Monetary Non-Monetary Forward FX Assets Assets Contracts US$ US$ US$ Australian Dollar (30) 64,042 (227) Canadian Dollar (7,384) 184,334 5,489 Danish Krone 231 55,674 - Euro 7,952 348,316 (7,918) Hong Kong Dollar* - 63,569 - Norweigan Krone - 41,727 - Pound Sterling 469 305,128 (115) Singapore Dollar* 503 39,909 - Swedish Krona (15,283) 15,401 15,397 Swiss Franc - 70,547 - (13,542) 1,188,647 12,626

115 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Currency Risk (continued)

As at 30 September 2012 (continued)

Post Global Limited Term High Yield Fund

Currency Sensitivity Analysis Monetary Non-Monetary Forward FX Assets Assets Contracts US$ US$ US$

Euro 11,360 540,339 7,387,866 Japanese Yen* --10,737,581 Pound Sterling --4,549,493 11,360 540,339 22,674,940

Multi Strategy Currency Fund*

Currency Sensitivity Analysis Monetary Non-Monetary Forward FX Assets Assets Contracts US$ US$ US$ Australian Dollar ––(62,110) Brazilian Real* ––34,948 Danish Krone ––80,054 Euro (41) 164 (116,002) Indian Rupee* ––89,860 Indonesian Rupiah* ––64,840 Japanese Yen* ––(279,085) New Zealand Dollar ––27,890 Norweigan Krone ––78,202 Polish Zloty* ––34,044 Pound Sterling ––63,215 Singapore Dollar* ––92,931 South African Rand* ––(97,287) Swiss Franc ––(175,533) Turkish Yeni* ––83,316 (41) 164 (80,717)

EDGE Equity Income Fund*

Currency Sensitivity Analysis Monetary Non-Monetary Forward FX Assets Assets Contracts US$ US$ US$

Canadian Dollar 25 4 - 25 4 -

*Multi Strategy Currency Fund launched on 16 February 2012. *Edge Equity Income Fund launched on 10 August 2012.

116 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Currency Risk (continued)

As at 30 September 2011

Global Equity Fund

Currency Sensitivity Analysis Monetary Non-Monetary Forward FX Assets Assets Contracts US$ US$ US$

Australian Dollar - 51,678 - Canadian Dollar 262 84,546 (66) Danish Krone 278 16,964 - Euro - 138,579 - Hong Kong Dollar* 586 91,573 - Japanese Yen* 2,311 239,008 - Mexican Peso* - 22,567 - New Zealand Dollar 165 18,247 - Pound Sterling - 83,622 - Singapore Dollar* - 22,388 - Swedish Krona - 11,245 - Swiss Franc - 62,614 - Thailand Baht* - 63,310 - 3,602 906,341 (66)

Asian Equity Fund

Currency Sensitivity Analysis Monetary Non-Monetary Forward FX Assets Assets Contracts US$ US$ US$

Chinese Renminbi* 1,081 -- Hong Kong Dollar* 2,297 447,099 (1,301) Indonesian Rupiah* 69 33,469 - Malaysian Ringgit* (2,722) 56,912 2,829 Philippines Peso* (1,743) 26,862 - Singapore Dollar* 536 84,542 (432) South Korean Won* 1,112 275,009 - Taiwan Dollar* 14,251 193,202 - Thailand Baht* 3,444 58,697 (882) 18,325 1,175,792 214

European Equity Fund

Currency Sensitivity Analysis Monetary Non-Monetary Forward FX Assets Assets Contracts US$ US$ US$

Danish Krone - 100,693 - Euro 1,094 1,422,061 5,097 Norweigan Krone - 143,149 - Pound Sterling 3,843 1,389,925 (1,402) Swedish Krona - 282,802 - Swiss Franc - 486,893 - 4,937 3,825,523 3,695

117 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Currency Risk (continued)

As at 30 September 2011 (continued)

Emerging Markets Equity Fund

Currency Sensitivity Analysis Monetary Non-Monetary Forward FX Assets Assets Contracts US$ US$ US$

Brazilian Real* 60,326 2,460,520 - Chilean Peso* - 87,524 - Chinese Renminbi* 10,231 -- Hong Kong Dollar* 10,466 3,065,673 (11,194) Hungarian Forint* - 53,108 - Indian Rupee* 26,953 915,923 - Indonesian Rupiah* 941 354,968 - Malaysian Ringgit* 632 492,364 - Mexican Peso* - 523,730 - Philippines Peso* - 46,373 - Polish Zloty* 556 125,142 (530) Pound Sterling 568 73,017 - Singapore Dollar - 91,141 - South African Rand* 8,646 1,564,264 (8,635) South Korean Won* 8,085 3,044,203 - Taiwan Dollar* 62,481 2,051,600 - Thailand Baht* 60,202 682,667 (15,868) Turkish Yeni* 9,524 303,008 (8,777) 259,611 15,935,225 (45,004)

Japanese Equity Fund

Currency Sensitivity Analysis Monetary Non-Monetary Forward FX Assets Assets Contracts US$ US$ US$

Japanese Yen 8,356 851,738 586 8,356 851,738 586

Preferred Securities Fund

Currency Sensitivity Analysis Monetary Non-Monetary Forward FX Assets Assets Contracts US$ US$ US$

Euro 12,571 - - Japanese Yen - - 3,076,984 12,571 - 3,076,984

U.S. Equity Fund

Currency Sensitivity Analysis Monetary Non-Monetary Forward FX Assets Assets Contracts US$ US$ US$

Pound Sterling --2,374 - - 2,374

118 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Currency Risk (continued)

As at 30 September 2011 (continued)

High Yield Fund

Currency Sensitivity Analysis Monetary Non-Monetary Forward FX Assets Assets Contracts US$ US$ US$

Euro 19,680 160,151 - Pound Sterling 1,974 32,223 - 21,654 192,374 -

Global Property Securities Fund

Currency Sensitivity Analysis Monetary Non-Monetary Forward FX Assets Assets Contracts US$ US$ US$

Australian Dollar 725 32,719 (29,027) Canadian Dollar 214 16,957 (13,547) Euro (406) 19,157 102,849 Hong Kong Dollar* 138 58,673 (46,675) Israeli Shekel* --144 Japanese Yen 196 27,784 (21,541) New Zealand Dollar --100 Norweigan Krone --(94) Philippines Peso* 747 2,435 (2,390) Pound Sterling 187 16,604 33,336 Singapore Dollar* 852 20,315 (18,048) South African Rand* - 2,250 (2,354) Swedish Krona - 4,788 (4,596) Swiss Franc - 2,905 (2,649) Thailand Baht* - 3,394 (3,106) 2,653 207,981 (7,598)

119 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Currency Risk (continued)

As at 30 September 2011 (continued)

Global Equity (ex-Japan) Fund

Currency Sensitivity Analysis Monetary Non-Monetary Forward FX Assets Assets Contracts US$ US$ US$

Australian Dollar (199) 64,223 (199) Canadian Dollar 55 62,371 - Danish Krone 242 16,086 - Euro (1,833) 163,580 1,833 Hong Kong Dollar* 586 35,203 - New Zealand Dollar - 5,815 - Norweigan Krone - 14,654 - Pound Sterling 596 176,220 - Singapore Dollar* 281 11,821 (280) Swedish Krona - 25,060 - Swiss Franc - 54,046 - (272) 629,079 1,354

Post Global Limited Term High Yield Fund

Currency Sensitivity Analysis Monetary Non-Monetary Forward FX Assets Assets Contracts US$ US$ US$

Euro 6,472 215,748 - Japanese Yen --1,296,696 6,472 215,748 1,296,696

120 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued)

Custodian Risk The Trust’s custodian is Bank of New York Mellon Trust Company (Ireland) Limited (the Custodian). Substantially all of the cash, certificates of deposit and investments in debt securities of the Trust are held by the Custodian. The Trust is exposed to credit risk through the use of the custodian for their cash and investments. Bankruptcy or insolvency of the custodian may cause the Trust’s rights with respect to its cash and investments in debt securities held by the Custodian to be delayed or limited. The maximum exposure to this risk at 30 September 2012 and 30 September 2011 is the amount of cash disclosed in note 5 and the investments in securities, liquidity instruments and forwards disclosed in relevant Funds’ Portfolio of Investments. To mitigate the risks the Trust is exposed to from the use of the custodian, the Investment Manager employs appropriate procedures to ensure that the counterparties are reputable institutions and that the credit risk is acceptable to the Trust. The Trust only transacts with custodians that are regulated entities subject to prudential supervision, or with high credit-ratings assigned by international credit-rating agencies. In addition, the Trust’s non cash assets are maintained by the Custodian in segregated accounts. Thus in the event of insolvency or bankruptcy of the Custodian the Trust’s non cash assets are segregated and protected and this further reduces counterparty risk. The Trust will, however, be exposed to the credit risk of the custodian or counterparty used by the custodian, in relation to the Trust's cash held by the custodian. In the event of the insolvency or bankruptcy of the custodian, the Trust will be treated as a general creditor of the custodian in relation to cash holdings of the Trust. To mitigate risks the Investment Adviser ensures that the Trust transacts only with custodians that are regulated entities subject to prudential supervision or with high credit-ratings assigned by international credit-rating agencies. Credit Risk The Funds will be exposed to credit risk, which is the risk that a counterparty or issuer will be unable to pay amounts in full when due. Impairment provisions are provided for losses that have been incurred by the balance sheet date, if any. The carrying amount of financial assets best represents its maximum exposure to credit risk at the reporting date. The Funds’ main credit risk concentrations arise from trading equity and debt securities and financial derivative instruments in addition to cash balances held at the Custodian and Trustee. The Funds’ Prospectus lists various investment restrictions with regard to issuer and counterparty concentration limits. All transactions in listed securities are settled/paid for upon delivery using approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made once the broker has received payment. Payment is made on a purchase once the securities have been received by the broker. The trade will fail if either party fails to meet their obligation. The Funds minimize concentration of credit risk by undertaking transactions with several counterparties. The Investment Manager maintains an approved list of counterparties that have been through a due diligence process, been subjected to in-depth credit research and who are recognized on a reputable exchange. The counterparty list is regularly monitored by the Investment Manager. The Funds restrict their exposure to credit losses on the trading of derivative instruments held by entering into master netting arrangements with counterparties. Netting arrangements do not result in an offset of Balance Sheet assets and liabilities, as transactions are usually settled on a gross basis. However, the credit risk associated with favorable contracts is reduced by a netting arrangement to the extent that if an event of default occurs, all amounts with the counterparty are terminated and settled on a net basis. The Investment Manager may utilise over-the-counter and exchange traded derivatives. Derivatives traded on exchanges will usually be supported by daily margin calls and therefore not carry the same degree of counterparty risk. The Investment Manager may use futures and options as part of its investment strategy. The Funds’ ability to use these strategies may be limited by market conditions, regulatory requirements and tax considerations. There were no assets held by the Funds with counterparties that were past due or impaired at year end. The Funds reduce issuer risk by having investment restrictions in place and subjecting issuers to a selection process that includes a review of their rating. The Funds’ exposure and the credit quality of financial assets invested in are continuously monitored by the Investment Manager.

121 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued)

Credit Risk (continued) The Preferred Securities Fund, High Yield Fund, the Post Global Limited Term High Yield Fund and the Multi Strategy Currency Fund has the following exposure to counterparty and issuer credit risk for 30 September 2012: PSF HYF GLTHY MSCF* Credit Rating Rating % Credit Rating Rating % Credit Rating Rating % Credit Rating Rating % A 18.71% B 37.88% B 50.85% A 92.20% AA 1.54% BB 38.79% BB 15.97% BB 16.47% BBB 1.98% BBB 3.95% BBB 66.68% CCC 16.75% CC 1.12% CCC 0.50% NR 0.96% CCC 12.26% NR 0.42% NR 8.86% Total Portfolio 104.32% Total Portfolio 96.36% Total Portfolio 93.01% Total Portfolio 92.20%

*Multi Strategy Currency Fund launched on 16 February 2012.

The Preferred Securities Fund, High Yield Fund and the Post Global Limited Term High Yield Fund has the following exposure to counterparty and issuer credit risk for 30 September 2011:

PSF HYF GLTHY Credit Rating Rating % Credit Rating Rating % Credit Rating Rating % A 19.42% A 0.10% A 2.33% AA 0.20% B 33.97% B 47.59% BB 11.45% BB 40.21% BB 20.64% BBB 58.38% BBB 4.81% BBB 3.89% CCC 1.11% C 0.72% CCC 17.01% NR 6.51% CCC 12.33% NR 4.91% NR 1.92% Total Portfolio 97.07% Total Portfolio 94.06% Total Portfolio 96.37%

These ratings are based on Standard & Poors, Moodys and Fitch bond rating service.

Liquidity Risk Liquidity risk is the risk that the Funds will experience difficulty in either realizing assets or otherwise raising sufficient funds to satisfy commitments associated with financial instruments. This arises when trading volume, lack of a market maker or legal restrictions impair the Funds’ ability to sell particular securities at an advantageous time or price. The Funds, with the exception of the Post Global Limited Term High Yield Fund which is exposed to bi-monthly cash redemptions, are exposed to daily cash redemptions by unitholders. Therefore, the Funds invest the majority of their assets in investments that are traded in an active market and can be readily disposed of; only a limited proportion of the assets are invested in assets not actively traded on a stock exchange. In addition, the Funds may restrict redemptions and have the ability to borrow in the short term to ensure settlement. The Investment Manager monitors the Funds’ liquidity positions on a daily basis. The table below analyses the Funds’ financial liabilities and net settled derivative financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the earliest possible contractual maturity date.

122 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Liquidity Risk (continued) As at 30 Septembe r 2012

Global Equity Fund Less than Less than 3 months 1 month 3 months to a year Total US$ US$ US$ US$ Creditors (1,318,297) --(1,318,297) Redeemable participating units (29,446,458) --(29,446,458) Total liabilities ( 30,764,755) --(30,764,755)

Asian Equity Fund Less than 3 months 1 year 3 months to a year to 5 years Total US$ US$ US$ US$ Creditors (86,800) --(86,800) Redeemable participating units (13,133,984) --(13,133,984) Total liabilities (13,220,784) --(13,220,784)

European Equity Fund Less than Less than 3 months 1 month 3 months to a year Total US$ US$ US$ US$ Creditors (115,494) --(115,494) Redeemable participating units (85,091,944) --(85,091,944) Total liabilities (85,207,438) --(85,207,438)

Emerging Markets Equity Fund Less than Less than 3 months 1 month 3 months to a year Total US$ US$ US$ US$ Creditors (2,653,962) --(2,653,962) Redeemable participating units (218,818,415) --(218,818,415) Total liabilities (221,472,377) --(221,472,377)

Japanese Equity Fund Less than Less than 3 months 1 month 3 months to a year Total US$ US$ US$ US$ Creditors (40,085) --(40,085) Redeemable participating units (16,152,745) --(16,152,745) Total liabilities (16,192,830) --(16,192,8300

Preferred Securities Fund Less than 3 months 1 year 3 months to a year to 5 years Total US$ US$ US$ US$ Creditors (114,791,614) --(114,791,614) Redeemable participating units (723,153,114) --(723,153,114) Total liabilities (837,944,728) --(837,944,728)

U.S. Equity Fund Less than Less than 3 months 1 month 3 months to a year Total US$ US$ US$ US$ Creditors (266,226) --(266,226) Redeemable participating units (109,156,370) --(109,156,370) Total liabilities (109,422,596) --(109,422,596)

123 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Liquidity Risk (continued)

As at 30 Septembe r 2012 (continued)

High Yield Fund Less than Less than 3 months 1 month 3 months to a year Total US$ US$ US$ US$ Creditors (341,627) --(341,627) Redeemable participating units (31,407,699) --(31,407,699) Total liabilities (31,749,326) --(31,749,326)

Global Property Securities Fund Less than Less than 3 months 1 month 3 months to a year Total US$ US$ US$ US$ Creditors (235,844) --(235,844) Redeemable participating units (11,272,432) --(11,272,432) Total liabilities (11,508,276) --(11,508,276)

Global Equity (ex-Japan) Fund Less than Less than 3 months 1 month 3 months to a year Total US$ US$ US$ US$ Creditors (960,520) --(960,520) Redeemable participating units (56,009,731) --(56,009,731) Total liabilities (56,970,251) --(56,970,251)

Post Global Limited Term High Yield Fund Less than Less than 3 months 1 month 3 months to a year Total US$ US$ US$ US$ Creditors (19,539,078) --(19,539,078) Redeemable participating units (552,352,300) --(552,352,300) Total liabilities (571,891,3780 --(571,891,378)

Multi Strategy Currency Fund* Less than Less than 3 months 1 month 3 months to a year Total US$ US$ US$ US$ Creditors (108,288) --(108,288) Redeemable participating units (5,204,663) --(5,204,663) Total liabilities (5,312,951) --(5,312,951)

EDGE Equity Income Fund* Less than 3 months 1 year 3 months to a year to 5 years Total US$ US$ US$ US$ Creditors (31,299) --(31,299) Redeemable participating units (5,081,509) --(5,081,509) Total liabilities (5,112,808) --(5,112,808)

*Multi Strategy Currency Fund launched on 16 February 2012. *Edge Equity Income Fund launched on 10 August 2012.

124 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Liquidity Risk (continued) As at 30 Septembe r 2011 Global Equity Fund Less than Less than 3 months 1 month 3 months to a year Total US$ US$ US$ US$ Creditors (784,237) --(784,237) Redeemable participating units (31,637,697) --(31,637,697) Total liabilities (32,421,934) --(32,421,934)

Asian Equity Fund Less than 3 months 1 year 3 months to a year to 5 years Total US$ US$ US$ US$ Creditors (121,242) --(121,242) Redeemable participating units 11,857,812) --(11,857,812) Total liabilities (11,979,054) --(11,979,054)

European Equity Fund Less than Less than 3 months 1 month 3 months to a year Total US$ US$ US$ US$ Creditors (312,743) --(312,743) Redeemable participating units (77,053,213) --(77,053,213) Total liabilities (77,365,956) --(77,365,956)

Emerging Markets Equity Fund Less than Less than 3 months 1 month 3 months to a year Total US$ US$ US$ US$ Creditors (1,560,408) --(1,560,408) Redeemable participating units (195,898,739) --(195,898,739) Total liabilities (197,459,147) --(197,459,147)

Japanese Equity Fund Less than Less than 3 months 1 month 3 months to a year Total US$ US$ US$ US$ Creditors (83,853) --(83,853) Redeemable participating units (17,250,161) --(17,250,161) Total liabilities (17,334,014) --(17,334,014)

Preferred Securities Fund Less than 3 months 1 year 3 months to a year to 5 years Total US$ US$ US$ US$ Creditors (2,000,103) --(2,000,103) Redeemable participating units (431,098,980) --(431,098,980) Total liabilities (433,084,792) --(433,084,792)

U.S. Equity Fund Less than Less than 3 months 1 month 3 months to a year Total US$ US$ US$ US$ Creditors (1,103,791) --(1,103,791) Redeemable participating units (98,363,651) --(98,363,651) Total liabilities (99,467,442) --(99,467,442)

125 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Liquidity Risk (continued) As at 30 Septembe r 2011 (continued) High Yield Fund Less than Less than 3 months 1 month 3 months to a year Total US$ US$ US$ US$ Creditors (630,978) --(630,978) Redeemable participating units (25,420,841) --(25,420,841) Total liabilities (26,051,819) --(26,051,819) Global Property Securities Fund Less than Less than 3 months 1 month 3 months to a year Total US$ US$ US$ US$ Creditors (178,313) --(178,313) Redeemable participating units (6,302,998) --(6,302,998) Total liabilities (6,481,311) --(6,481,311)

Global Equity (ex-Japan) Fund Less than Less than 3 months 1 month 3 months to a year Total US$ US$ US$ US$ Creditors (174,354) --(174,354) Redeemable participating units (30,571,100) --(30,571,100) Total liabilities (30,745,454) --(30,745,454)

Post Global Limited Term High Yield Fund Less than Less than 3 months 1 month 3 months to a year Total US$ US$ US$ US$ Creditors (624,615) --(624,615) Redeemable participating units (62,651,960) --(62,651,960) Total liabilities (63,276,575) --(63,276,575)

The tables below analyse where held each Funds’ financial derivative instruments that will be settled on a gross basis into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date.

Global Equity Fund 30-Sept-12 30-Sept-12 30-Sept-11 30-Sept-11 Less than 1 - 3 Less than 1 - 3 1 month months 1 month months US$ US$ US$ US$ Forwards - Inflow 1 --- Forwards - Outflow (1,137) --- Net (1,136) - - -

Asian Equity Fund 30-Sept-12 30-Sept-12 30-Sept-11 30-Sept-11 Less than 1 - 3 Less than 1 - 3 1 month months 1 month months US$ US$ US$ US$ Forwards - Inflow - --- Forwards - Outflow --(24) - Net - - (24) -

European Equity Fund 30-Sept-12 30-Sept-12 30-Sept-11 30-Sept-11 Less than 1 - 3 Less than 1 - 3 1 month months 1 month months US$ US$ US$ US$ Forwards - Inflow - - 11 - Forwards - Outflow (452) - (507) - Net (452) - (496) -

126 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Liquidity Risk (continued)

Emerging Markets Equity Fund 30-Sept-12 30-Sept-12 30-Sept-11 30-Sept-11 Less than 1 - 3 Less than 1 - 3 1 month months 1 month months US$ US$ US$ US$ Forwards - Inflow 3,595 - 864 - Forwards - Outflow (1,418) - (6,471) - Net 2,177 - (5,607) -

Japanese Equity Fund 30-Sept-12 30-Sept-12 30-Sept-11 30-Sept-11 Less than 1 - 3 Less than 1 - 3 1 month months 1 month months US$ US$ US$ US$ Forwards - Inflow ---- Forwards - Outflow (3) - (65) - Net (3) - (65) -

Preferred Securities Fund 30-Sept-12 30-Sept-12 30-Sept-11 30-Sept-11 Less than 1 - 3 Less than 1 - 3 1 month months 1 month months US$ US$ US$ US$ Forwards - Inflow 573,415 - 125,211 - Forwards - Outflow (1,827,535) - (752,505) - Net (1,254,120) - (627,294) -

U.S. Equity Fund 30-Sept-12 30-Sept-12 30-Sept-11 30-Sept-11 Less than 1 - 3 Less than 1 - 3 1 month months 1 month months US$ US$ US$ US$ Forwards - Inflow 19 --- Forwards - Outflow --(183) - Net 19 - (183) -

Global Property Securities Fund 30-Sept-12 30-Sept-12 30-Sept-11 30-Sept-11 Less than 1 - 3 Less than 1 - 3 1 month months 1 month months US$ US$ US$ US$ Forwards - Inflow 33,432 - 82,339 - Forwards - Outflow (38,722) - (45,117) - Net (5,290) - 37,222 -

Global Equity ex-Japan Fund 30-Sept-12 30-Sept-12 30-Sept-11 30-Sept-11 Less than 1 - 3 Less than 1 - 3 1 month months 1 month months US$ US$ US$ US$ Forwards - Inflow 773 - 47 - Forwards - Outflow (428) - (6) - Net 345 - 41 -

127 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Liquidity Risk (continued)

Post Global Limited Term High Yield Fund 30-Sept-12 30-Sept-12 30-Sept-11 30-Sept-11 Less than 1 - 3 Less than 1 - 3 1 month months 1 month months US$ US$ US$ US$ Forwards - Inflow 548,078 - 102,624 96,681 Forwards - Outflow (1,299,221) - (533,100) - Net (751,143) - (430,476) 96,681

Multi Strategy Currency Fund* 30-Sept-12 30-Sept-12 30-Sept-11 30-Sept-11 Less than 1 - 3 Less than 1 - 3 1 month months 1 month months US$ US$ US$ US$ Forwards - Inflow ---- Forwards - Outflow (71,922) - -- Net (71,922) ---

*Multi Strategy Currency Fund launched on 16 February 2012.

128 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Liquidity Risk (continued)

The following tables set forth details of unitholders with holdings greater than 10% of the units of each class of each Fund:

Global Equity Fund Investor 30-Sept-12 Investor 30-Sept-12 Institutional 30-Sept-12 Income Accumulation Accumulation Unitholder 1 25.09% Unitholder 1 42.69% Unitholder 1 1 27.24% Unitholder 2 17.99% Unitholder 2 38.96% Unitholder 2 1 23.70% Unitholder 3 13.26% Other Unitholders 18.35% Unitholder 3 15.64% Other Unitholders 43.66% Unitholder 4 14.34% Unitholder 5 1 10.44% Other Unitholders 8.64% Total 100.00% 100.00% 100.00%

Asian Equity Fund Investor 30-Sept-12 Investor 30-Sept-12 Institutional 30-Sept-12 Income Accumulation Accumulation Unitholder 1 31.74% Unitholder 1 19.47% Unitholder 1 61.21% Other Unitholders 68.26% Other Unitholders 80.53% Unitholder 2 29.96% Other Unitholders 8.83%

Total 100.00% 100.00% 100.00%

European Equity Fund Investor 30-Sept-12 Investor 30-Sept-12 Institutional 30-Sept-12 Income Accumulation Accumulation Unitholder 1 19.15% Unitholder 1 64.68% Unitholder 1 47.58% Unitholder 2 17.60% Other Unitholders 35.32% Unitholder 2 30.00% Unitholder 3 16.34% Other Unitholders 22.42% Unitholder 4 12.84% Other Unitholders 34.07% Total 100.00% 100.00% 100.00%

Institutional 30-Sept-12 Accumulation (Euro hedged) Unitholder 1 100.00% Total 100.00%

Emerging Markets Equity Fund Investor 30-Sept-12 Institutional 30-Sept-12 Accumulation Accumulation Unitholder 1 14.56% Unitholder 1 40.10% Unitholder 2 1 12.04% Unitholder 2 18.94% Unitholder 3 11.95% Other Unitholders 40.96% Unitholder 4 11.86% Other Unitholders 49.59% Total 100.00% 100.00%

129 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Liquidity Risk (continued)

Japanese Equity Fund Investor 30-Sept-12 Institutional 30-Sept-12 Institutional 30-Sept-12 Accumulation Accumulation Accumulation (JPY) Unitholder 1 33.03% Unitholder 1 60.19% Unitholder 1 100.00% Unitholder 2 15.34% Unitholder 2 20.97% Unitholder 3 13.91% Other Unitholders 18.84% Other Unitholders 37.72% Total 100.00% 100.00% 100.00%

Preferred Securities Fund Investor 30-Sept-12 Investor 30-Sept-12 Institutional 30-Sept-12 Income Accumulation Accumulation (Euro hedged) Unitholder 1 55.83% Unitholder 1 89.34% Unitholder 1 37.39% Unitholder 2 33.95% Other Unitholders 10.66% Unitholder 2 35.89% Other Unitholders 10.22% Unitholder 3 20.97% Other Unitholders 5.75% Total 100.00% 100.00% 100.00%

Institutional 30-Sept-12 Institutional 30-Sept-12 Institutional 30-Sept-12 Accumulation Accumulation Income (Euro hedged) (JPY hedged) (Euro hedged) Unitholder 1 43.28% Unitholder 1 80.78% Unitholder 1 31.72% Unitholder 2 19.32% Unitholder 2 19.22% Unitholder 2 25.00% Unitholder 3 18.33% Unitholder 3 12.87% Unitholder 4 10.35% Unitholder 4 11.04% Other Unitholders 8.72% Unitholder 5 10.69% Other Unitholders 8.68% Total 100.00% 100.00% 100.00%

Institutional 30-Sept-12 Investor 30-Sept-12 Investor 30-Sept-12 Income D Class F Class (JPY hedged) Accumulation Accumulation Unitholder 1 100.00% Unitholder 1 83.74% Unitholder 1 88.69% Other Unitholders 16.26% Other Unitholder 11.31% Total 100.00% 100.00% 100.00%

Investor 30-Sept-12 Investor 30-Sept-12 Investor 30-Sept-12 D Class F Class Income Income Income (GBP hedged) Unitholder 1 58.92% Unitholder 1 82.89% Unitholder 1 69.04% Other Unitholders 41.08% Other Unitholders 17.11% Other Unitholders 30.96% Total 100.00% 100.00% 100.00%

Institutional 30-Sept-12 Accumulation (GBP hedged) Unitholder 1 100.00% Total 100.00%

130 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Liquidity Risk (continued)

US Equity Fund Investor 30-Sept-12 Institutional 30-Sept-12 Institutional 30-Sept-12 Accumulation Accumulation Accumulation (GBP Hedged) Unitholder 1 36.50% Unitholder 1 61.16% Unitholder 1 100.00% Unitholder 2 34.95% Unitholder 2 10.84% Unitholder 3 12.76% Other Unitholders 28.00% Other Unitholders 15.79% Total 100.00% 100.00% 100.00%

High Yield Fund Investor 30-Sept-12 Investor 30-Sept-12 Accumulation Accumulation Unitholder 1 82.99% Unitholder 1 60.01% Other Unitholders 17.01% Unitholder 2 1 20.53% Other Unitholders 19.46% Total 100.00% 100.00%

Global Property Securities Fund Institutional 30-Sept-12 Institutional 30-Sept-12 Institutional 30-Sept-12 Accumulation Accumulation Accumulation (USD Hedged) (Euro hedged) Unitholder 1 1 48.53% Unitholder 1 1 98.96% Unitholder 1 1 100.00% Unitholder 2 1 29.28% Other Unitholders 1.04% Unitholder 3 1 15.91% Other Unitholders 6.28% Total 100.00% 100.00% 100.00%

Institutional 30-Sept-12 Accumulation (GBP Hedged) Unitholder 1 1 100.00% Total 100.00%

Global Equity (ex-Japan) Fund Institutional 30-Sept-12 Institutional 30-Sept-12 Accumulation Accumulation (JPY) Unitholder 1 100.00% Unitholder 1 1 100.00% Total 100.00% 100.00%

131 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Liquidity Risk (continued)

Post Global Limited Term High Yield Fund Fund Institutional 30-Sept-12 Institutional 30-Sept-12 Institutional 30-Sept-12 Accumulation Accumulation Accumulation (Euro Hedged) (JPY Hedged) Unitholder 1 26.70% Unitholder 1 34.05% Unitholder 1 75.30% Unitholder 2 19.67% Unitholder 2 28.53% Other Unitholders 24.70% Unitholder 3 12.67% Other Unitholders 37.42% Unitholder 10.26% Other Unitholders 30.70% Total 100.00% 100.00% 100.00%

Institutional 30-Sept-12 Investor 30-Sept-12 Accumulation Income (GBP Hedged) (GBP Hedged) Unitholder 1 100.00% Unitholder 1 26.70% Unitholder 2 19.67% Unitholder 3 12.67% Unitholder 4 10.26% Other Unitholders 30.70% Total 100.00% 100.00%

Multi Strategy Currency Fund* Institutional 30-Sept-12 Accumulation Unitholder 1 1 95.29% Other Unitholders 4.71% Total 100.00%

Edge Equity Income Fund** Institutional 30-Sept-12 Investor 30-Sept-12 Accumulation Income Unitholder 1 1 100.00% Unitholder 1 1 100.00% Total 100.00% 100.00%

1 Unitholder is a related party fund.

*Multi Strategy Currency Fund launched on 16 February 2012. **Edge Equity Income Fund launched on 10 August 2012.

The following tables set forth details of unitholders with holdings greater than 10% of the units of each class of each Fund:

Global Equity Fund Investor 30-Sept-11 Investor 30-Sept-11 Institutional 30-Sept-11 Income Accumulation Accumulation Unitholder 1 24.17% Unitholder 1 45.04% Unitholder 1 33.30% Unitholder 2 19.31% Unitholder 2 31.12% Unitholder 2 18.92% Other Unitholders 56.52% Other Unitholders 23.84% Unitholder 3 17.10% Unitholder 4 10.30% Other Unitholders 20.38% Total 100.00% 100.00% 100.00%

132 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Liquidity Risk (continued)

Asian Equity Fund Investor 30-Sept-11 Investor 30-Sept-11 Institutional 30-Sept-11 Income Accumulation Accumulation Unitholder 1 30.03% Unitholder 1 20.39% Unitholder 1 62.05% Other Unitholders 69.97% Unitholder 2 10.60% Unitholder 2 26.79% Unitholder 3 10.07% Other Unitholders 11.16% Other Unitholders 58.94% Total 100.00% 100.00% 100.00%

European Equity Fund Investor 30-Sept-11 Investor 30-Sept-11 Institutional 30-Sept-11 Income Accumulation Accumulation Unitholder 1 18.20% Unitholder 1 61.92% Unitholder 1 47.35% Unitholder 2 17.36% Other Unitholders 38.08% Unitholder 2 26.22% Unitholder 3 16.72% Unitholder 3 10.78% Unitholder 4 13.27% Other Unitholders 15.65% Other Unitholders 34.45% Total 100.00% 100.00% 100.00%

Institutional 30-Sept-11 Accumulation (Euro hedged) Unitholder 1 100.00% Total 100.00%

Emerging Markets Equity Fund Investor 30-Sept-11 Institutional 30-Sept-11 Accumulation Accumulation Unitholder 1 16.66% Unitholder 1 38.42% Unitholder 2 10.63% Unitholder 2 24.79% Unitholder 3 10.16% Other Unitholders 36.79% Other Unitholders 62.55% Total 100.00% 100.00%

Japanese Equity Fund Investor 30-Sept-11 Institutional 30-Sept-11 Institutional 30-Sept-11 Accumulation Accumulation Accumulation (JPY) Unitholder 1 30.33% Unitholder 1 65.11% Unitholder 1 100.00% Unitholder 2 13.40% Unitholder 2 19.83% Unitholder 3 13.29% Other Unitholders 15.06% Other Unitholders 42.98% Total 100.00% 100.00% 100.00%

133 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Liquidity Risk (continued)

Preferred Securities Fund Investor 30-Sept-11 Investor 30-Sept-11 Institutional 30-Sept-11 Income Accumulation Accumulation (Euro hedged) Unitholder 1 64.57% Unitholder 1 61.34% Unitholder 1 65.21% Other Unitholders 35.43% Unitholder 2 19.39% Unitholder 2 15.41% Other Unitholders 19.27% Other Unitholders 19.38% Total 100.00% 100.00% 100.00%

Institutional 30-Sept-11 Institutional 30-Sept-11 Institutional 30-Sept-11 Accumulation Accumulation Income (Euro hedged) (JPY hedged) (Euro hedged) Unitholder 1 76.24% Unitholder 1 100.00% Unitholder 1 33.97% Other Unitholders 23.76% Unitholder 2 26.78% Unitholder 3 13.79% Unitholder 4 11.45% Other Unitholders 14.01% Total 100.00% 100.00% 100.00%

Institutional 30-Sept-11 Investor 30-Sept-11 Investor 30-Sept-11 Income D Class F Class (JPY hedged) Accumulation Accumulation Unitholder 1 100.00% Unitholder 1 93.12% Unitholder 1 99.02% Other Unitholders 6.88% Other Unitholder 0.98% Total 100.00% 100.00% 100.00%

Investor 30-Sept-11 Investor 30-Sept-11 D Class F Class Income Income Unitholder 1 74.17 Unitholder 1 74.17% Other Unitholders 25.83 Other Unitholders 25.83% Total 100.00% 100.00%

US Equity Fund Investor 30-Sept-11 Institutional 30-Sept-11 Institutional 30-Sept-11 Accumulation Accumulation Accumulation (GBP Hedged) Unitholder 1 41.51% Unitholder 1 57.75% Unitholder 1 100.00% Unitholder 2 13.21% Unitholder 2 11.58% Unitholder 3 13.07% Other Unitholders 30.67% Unitholder 4 12.09% Other Unitholders 20.12% Total 100.00% 100.00% 100.00%

High Yield Fund Investor 30-Sept-11 Investor 30-Sept-11 Accumulation Accumulation Unitholder 1 99.58% Unitholder 1 62.44% Other Unitholders 0.42% Unitholder 2 11.41% Unitholder 3 11.07% Other Unitholders 15.08% Total 100.00% 100.00%

134 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

12. FINANCIAL RISK MANAGEMENT (continued) Liquidity Risk (continued)

Global Property Securities Fund Institutional 30-Sept-11 Institutional 30-Sept-11 Institutional 30-Sept-11 Accumulation Accumulation Accumulation (USD Hedged) (Euro hedged) Unitholder 1 1 68.21% Unitholder 1 1 100.00% Unitholder 1 1 100.00% Unitholder 2 14.64% Unitholder 3 12.32% Other Unitholders 4.83% Total 100.00% 100.00% 100.00%

Institutional 30-Sept-11 Accumulation (GBP Hedged) Unitholder 1 1 100.00% Total 100.00%

Global Equity (ex-Japan) Fund Institutional 30-Sept-11 Institutional 30-Sept-11 Accumulation Accumulation (JPY) Unitholder 1 100.00% Unitholder 1 100.00% Total 100.00% 100.00%

Post Global Limited Term High Yield Fund Fund Institutional 30-Sept-11 Institutional 30-Sept-11 Institutional 30-Sept-11 Accumulation Accumulation Accumulation (Euro Hedged) (JPY Hedged) Unitholder 1 88.11% Unitholder 1 1 52.61% Unitholder 1 100.00% Other Unitholders 11.89% Unitholder 2 47.39% Total 100.00% 100.00% 100.00%

1 Unitholder is a related party fund.

13. TRANSACTIONS COSTS

Each Fund’s transaction costs incurred during the year ended 30 September 2012 relate to the purchase or sale of transferable securities, derivatives or other eligible assets. Transaction costs include commission costs, settlement fees, broker fees and custody transaction fees and are included within gain and losses in the Statement of Total Return.

The transaction costs incurred are as follows: US$ Global Equity Fund 113,681 Asian Equity Fund 82,997 European Equity Fund 135,212 Emerging Markets Equity Fund 1,322,019 Japanese Equity Fund 21,282 Preferred Securities Fund 89,348 US Equity Fund 195,557 High Yield Fund - Global Property Securities Fund 34,190 Global Equity (ex-Japan) Fund 178,203 Post Global Limited Term High Yield Fund - Multi Strategy Currency Fund - EDGE Equity Income Fund 3,927

135 NOTES TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 September 2012 (continued)

14. GLOBAL EXPOSURE

The Funds and the Investment Adviser employ a risk-management process which enables them to monitor and measure at any time the risk of the positions and their contribution to the overall risk profile of each Fund. The Funds and the Investment Adviser employ, if applicable, a process for accurate and independent assessment of the value of any over the counter derivative instrument.

The Investment Adviser will apply the commitment approach with respect to the determination of the global exposure of the Fund.

15. EXCHANGE RATES

The foreign exchange rates used in the Financial Statements as at 30 September 2012 expressed as US Dollars are as follows:

ARS 4.691621 HKD 7.753251 PHP 41.715011 AUD 0.961636 HUF 221.585738 PLN 3.203586 BRL 2.028796 IDR 9570.000619 PKR 94.854998 CAD 0.983961 INR 52.745015 RUB 31.201232 CHF 0.939776 ILS 3.922994 SEK 6.556601 CNY 6.284896 JPY 77.800006 SGD 1.226684 COP 1800.900050 KRW 1111.425037 THB 30.780004 CZK 19.587255 MAD 8.618683 TRY 1.795609 DKK 5.794588 MXN 12.857258 TWD 29.313506 EGP 6.096761 MYR 3.056509 ZAR 8.251177 EUR 0.777279 NOK 5.724796 GBP 0.619272 NZD 1.203802

The foreign exchange rates used in the Financial Statements as at 30 September 2011 expressed as US Dollars are as follows:

ARS 4.203750 HKD 7.784750 PHP 43.725000 AUD 1.028912 HUF 218.677800 PLN 3.290750 BRL 1.856250 IDR 8790.000000 PKR 87.425000 CAD 1.042050 INR 48.975000 RUB 32.238000 CHF 0.908300 ILS 3.754500 SEK 6.868200 CNY 6.385900 JPY 77.080000 SGD 1.303100 COP 1929.400000 KRW 1178.050000 THB 31.085000 CZK 18.420650 MAD 8.341700 TRY 1.859450 DKK 5.546100 MXN 13.829750 TWD 30.47500 EGP 5.965250 MYR 3.192500 ZAR 8.039100 EUR 0.745323 NOK 5.871000 GBP 0.641931 NZD 1.308216

16. SIGNIFICANT EVENTS DURING THE YEAR

There have been no significant events affecting the Funds during the year other than those disclosed on page 4.

17. POST BALANCE SHEET EVENTS

There have been no significant events affecting the Funds since the year end other than those disclosed on page 4.

18. APPROVAL OF FINANCIAL STATEMENTS

The Financial Statements were approved by the Board of Directors of the Manager on 22 January 2013.

136 UNAUDITED INFORMATION for the year ended 30 September 2012

FUND PERFORMANCE (UNAUDITED) ASIAN EQUITY FUND GLOBAL EQUITY FUND Period Ended High US$ Low US$ Period Ended High US$ Low US$ Investor – income & accumulation Investor – income & accumulation 30/09/94 16.5719 12.8048 30/09/95 16.8236 13.6140 30/09/95 14.5308 11.8527 Investor – accumulation Investor – accumulation 30/09/96 18.3976 18.5774 30/09/96 13.4588 12.0464 30/09/97 25.0650 18.3812 30/09/97 14.0794 11.6001 30/09/98 29.0465 21.8818 30/09/98 11.7456 4.9606 30/09/99 32.7757 20.4698 30/09/99 12.5900 5.5604 30/09/00 42.2047 32.7825 30/09/00 17.7082 11.4800 30/09/01 36.3311 21.7937 30/09/01 11.6712 7.2388 30/09/02 25.7546 18.2796 30/09/02 11.9377 7.5685 30/09/03 22.2820 17.2253 30/09/03 12.3657 8.2734 30/09/04 26.1700 21.5977 30/09/04 15.3800 11.8300 30/09/05 32.8200 25.6200 30/09/05 17.9500 13.5600 30/09/06 39.2600 30.9100 30/09/06 23.8700 16.5700 30/09/07 59.4400 37.2519 30/09/07 33.6900 22.0281 30/09/08 47.2600 31.4300 30/09/08 40.2700 21.4600 30/09/09 32.4900 18.6700 30/09/09 26.5600 14.1800 31/01/11 34.3100 28.8400 31/01/11 34.0700 23.9900 30/09/11 34.4502 29.4456 30/09/11 35.3241 25.6075 30/09/12 37.3021 28.8299 30/09/12 33.4933 25.0041

Investor – income Investor – income 30/09/96 13.8729 11.0800 30/09/96 18.5819 15.6275 30/09/97 12.7869 10.5352 30/09/97 21.9225 16.0767 30/09/98 10.6673 4.5052 30/09/98 25.4048 19.1384 30/09/99 12.3225 5.0499 30/09/99 27.6050 17.9034 30/09/00 16.0807 10.4200 30/09/00 36.7395 27.9700 30/09/01 10.6002 6.5734 30/09/01 31.7913 19.0736 30/09/02 10.8424 6.8744 30/09/02 22.5405 16.0012 30/09/03 11.2253 7.5128 30/09/03 19.5032 15.0768 30/09/04 13.9200 10.7100 30/09/04 22.9100 18.9042 30/09/05 16.2400 12.2700 30/09/05 28.7300 22.4300 30/09/06 21.5300 14.9400 30/09/06 24.3700 27.0600 30/09/07 33.0100 19.8745 30/09/07 52.0300 32.6091 30/09/08 36.0800 19.2300 30/09/08 41.3700 25.5100 30/09/09 23.7300 12.6700 30/09/09 28.4400 16.3500 31/01/11 30.0500 21.2000 31/01/11 29.9400 25.2100 30/09/11 31.1640 22.5918 30/09/11 30.9598 25.7157 30/09/12 29.4625 21.9952 30/09/12 32.4142 25.0525 Institutional – accumulation Institutional – accumulation 30/09/98 N/A N/A 30/09/98 10.7867 8.2889 30/09/99 17.4536 10.0000 30/09/99 11.8438 7.6253 30/09/00 23.4889 15.3800 30/09/00 15.1764 12.0031 30/09/01 16.4669 10.2891 30/09/01 13.8485 8.4067 30/09/02 17.0987 10.7658 30/09/02 9.9948 7.1383 30/09/03 18.0044 11.9146 30/09/03 8.8083 6.7651 30/09/04 22.5600 17.3700 30/09/04 10.4200 8.5412 30/09/05 26.8100 20.0200 30/09/05 13.3500 10.2600 30/09/06 33.3600 25.0800 30/09/06 16.0400 12.5400 30/09/07 55.0500 32.9506 30/09/07 24.4900 15.2954 30/09/08 60.6300 32.5100 30/09/08 19.5500 13.0700 30/09/09 40.4800 21.5000 30/09/09 13.5200 7.7900 31/01/11 52.3800 36.7300 31/01/11 14.5000 12.0800 30/09/11 54.4998 39.5520 30/09/11 15.0083 12.4988 30/09/12 52.0711 38.6263 30/09/12 15.9350 12.2392

137 UNAUDITED INFORMATION for the year ended 30 September 2012 (continued)

FUND PERFORMANCE (UNAUDITED) (continued) EUROPEAN EQUITY FUND (continued) EUROPEAN EQUITY FUND Period Ended High US$ Low US$ Period Ended High US$ Low US$ Institutional – accumulation Investor – income & accumulation 30/09/98 11.5275 8.9394 30/09/94 17.1257 13.6403 30/09/99 11.7133 8.4018 30/09/95 17.9821 14.4685 30/09/00 15.6811 11.7507 30/09/01 12.6226 7.7438 Investor – accumulation 30/09/02 9.8587 7.0814 30/09/96 19.9113 18.5349 30/09/03 9.6358 7.0455 30/09/97 28.4976 20.1078 30/09/04 12.0645 9.4149 30/09/98 39.5585 24.9648 30/09/05 15.3600 11.8600 30/09/99 40.2675 28.7698 30/09/06 19.7700 14.2100 30/09/00 55.2798 41.6692 30/09/07 25.2000 18.9300 30/09/01 42.0912 25.5232 30/09/08 25.8900 16.8500 30/09/02 32.2329 23.0526 30/09/09 17.0900 9.7900 30/09/03 30.9905 22.8111 31/01/11 19.0400 13.3800 30/09/04 38.6010 30.2673 30/09/11 20.8542 14.7620 30/09/05 48.2300 34.2600 30/09/12 18.9802 14.3257 30/09/06 61.5600 44.5500 30/09/07 77.6200 58.6099 Institutional Accumulation (EUR Hedged) 30/09/08 79.6100 51.5000 30/09/11 13.3479 9.4472 30/09/09 52.2100 29.8300 30/09/12 12.1515 9.1679 31/01/11 57.3300 40.4700 30/09/11 62.6694 44.2458 30/09/12 56.5221 42.9296

Investor –income 30/09/96 19.8374 15.3934 30/09/97 24.8492 17.5335 30/09/98 34.4941 21.7650 30/09/99 34.7325 25.0865 30/09/00 48.3840 34.7650 30/09/01 36.8285 22.3147 30/09/02 28.1867 20.1579 30/09/03 27.1032 19.9472 30/09/04 33.3301 26.1353 30/09/05 41.6300 32.5000 30/09/06 53.1100 38.4300 30/09/07 67.0000 50.5968 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

138 UNAUDITED INFORMATION for the year ended 30 September 2012 (continued)

FUND PERFORMANCE (UNAUDITED) (continued) JAPANESE EQUITY FUND EMERGING MARKETS EQUITY FUND Period Ended High US$ Low US$ Period Ended High US$ Low US$ Investor – accumulation Investor – income & accumulation 30/09/00 11.6400 10.0000 30/09/98 10.7570 9.4588 30/09/01 10.6275 5.6308 30/09/99 16.1900 9.3706 30/09/02 6.4523 4.6168 30/09/00 23.2050 14.8300 30/09/03 5.6844 4.0554 30/09/01 14.8441 9.3479 30/09/04 7.2900 5.4685 30/09/02 13.8757 9.4992 30/09/05 8.9100 6.4600 30/09/03 14.6646 9.7674 30/09/06 11.2300 8.3900 30/09/04 18.9600 14.5235 30/09/07 10.5400 9.0379 30/09/05 26.4200 17.7500 30/09/08 10.4100 6.6000 30/09/06 37.0400 24.1200 30/09/09 6.6100 4.3700 30/09/07 52.0500 32.2339 31/01/11 7.1100 5.6100 30/09/11 7.4027 5.8799 Investor – accumulation 30/09/12 6.8592 6.0022 30/09/08 58.5900 32.2900 30/09/09 38.4600 20.0100 Institutional – accumulation 31/01/11 49.3500 35.6400 30/09/00 10.5200 10.5200 30/09/11 51.4657 37.1612 30/09/01 10.6331 5.6902 30/09/12 47.0355 36.3329 30/09/02 6.5661 4.6878 30/09/03 5.8798 4.1734 Investor – income 30/09/04 7.6000 5.6672 30/09/00 23.2023 14.8875 30/09/05 9.4500 6.7900 30/09/01 14.8484 12.3767 30/09/06 12.0200 8.9100 30/09/12 0.0000 0.0000 30/09/07 11.4100 9.7312 30/09/08 11.2800 7.2000 Institutional – accumulation 30/09/09 7.2100 4.7800 30/09/98 10.8505 9.5217 31/01/11 7.8800 6.1700 30/09/99 16.8538 9.4814 30/09/11 8.2053 6.5192 30/09/00 23.1637 15.0000 30/09/12 7.6586 6.7157 30/09/01 15.6620 9.9509 30/09/02 14.8179 9.9844 Institutional - accumulation (JPY) 30/09/03 15.8849 10.4816 30/09/11 11.5669 9.9698 30/09/04 20.6600 15.7407 30/09/12 11.0263 9.6688 30/09/05 29.2800 19.4500 30/09/06 41.3200 26.7600 30/09/07 58.7000 36.1172 30/09/08 66.1200 36.6700 30/09/09 43.9400 22.7300 31/01/11 55.4700 42.6000 30/09/11 59.3884 42.9981 30/09/12 54.5744 42.0465

139 UNAUDITED INFORMATION for the year ended 30 September 2012 (continued)

FUND PERFORMANCE (UNAUDITED) (continued) PREFERRED SECURITIES FUND US EQUITY FUND Period Ended High US$ Low US$ Period Ended High US$ Low US$ Investor – accumulation (Euro hedged) Investor – accumulation 30/09/03 11.3196 9.7893 30/09/04 11.0200 6.6984 30/09/04 12.4155 10.6104 30/09/05 13.3600 10.7000 30/09/05 12.2636 11.8499 30/09/06 14.3200 13.3600 30/09/06 9.8900 9.4500 30/09/07 16.9500 14.2225 30/09/07 13.7500 12.3692 30/09/08 17.4600 12.3200 30/09/08 14.8000 10.3300 30/09/09 12.9800 7.9600 30/09/09 13.7600 5.8100 31/01/11 14.0600 11.0100 31/01/11 15.2800 13.6700 30/09/11 14.8473 12.0846 30/09/11 17.2854 14.4541 30/09/12 16.2110 11.9309 30/09/12 17.2854 14.4541

Institutional - accumulation Investor – income 30/09/04 11.0900 6.7228 30/09/05 10.0200 9.7400 30/09/05 13.6300 10.8100 30/09/06 9.6900 9.1000 30/09/06 15.0100 12.8700 30/09/07 13.4500 8.6300 30/09/07 17.6000 14.6721 30/09/08 9.0000 6.3100 30/09/08 18.1300 12.8800 30/09/09 7.6000 3.8500 30/09/09 13.5700 8.3400 31/01/11 8.3500 7.4100 31/01/11 14.9300 11.6400 30/09/11 8.5998 7.7352 30/09/11 15.7819 12.8629 30/09/12 17.2854 14.4541 30/09/12 17.3386 12.7061 Institutional – accumulation Institutional Accumulation (GBP Hedged) 30/09/03 10.4543 9.6298 30/09/09 12.5800 8.3700 30/09/04 10.8096 9.9300 31/01/11 14.9700 11.6800 30/09/05 11.1500 10.6500 30/09/11 15.8258 12.8986 30/09/06 11.4100 10.8500 30/09/12 17.3863 12.7425 30/09/07 12.1400 10.9400 30/09/08 11.5600 8.4600 30/09/09 11.1500 5.3900 31/01/11 13.3300 11.0600 30/09/11 14.0466 12.8371 30/09/12 17.2854 14.4541

Institutional - accumulation (Euro hedged) 30/09/04 10.5146 9.3856 30/09/05 11.1482 10.6561 30/09/06 8.9000 8.5100 30/09/07 12.4100 11.1253 30/09/08 13.4200 9.3900 30/09/09 9.5500 9.2600 31/01/11 10.2300 7.5800 30/09/11 11.1817 9.3789 30/09/12 17.2854 14.4541

Investor D Class Accumulation 30/09/09 12.9500 6.3000 31/01/11 15.3100 12.8300 30/09/11 16.0549 14.6259 30/09/12 17.2854 14.4541

Investor F Class Accumulation 30/09/09 12.8800 6.2800 31/01/11 15.1400 12.7500 30/09/11 15.8385 14.4045 30/09/12 17.2854 14.4541

140 UNAUDITED INFORMATION for the year ended 30 September 2012 (continued)

FUND PERFORMANCE (UNAUDITED) (continued) HIGH YIELD FUND PREFERRED SECURITIES FUND (continued) Period Ended High US$ Low US$ Period Ended High US$ Low US$ Investor – accumulation (Euro hedged) Investor – accumulation (Euro hedged) 30/09/04 10.4841 9.7656 Investor D Class Income 30/09/05 10.8016 10.6587 31/01/11 11.2300 9.9500 30/09/06 9.0100 8.7000 30/09/11 11.4707 10.3149 30/09/07 11.0912 10.5679 30/09/12 17.2854 14.4541 30/09/08 11.1702 10.4006 30/09/09 11.3513 8.0747 Investor F Class Income 31/01/11 11.1400 9.8800 Investor – accumulation 30/09/11 11.3850 10.2334 30/09/07 13.3260 12.3000 30/09/12 17.2854 14.4541 30/09/08 15.1034 12.5574 30/09/09 12.8190 8.6134 Institutional - accumulation (JPY hedged) 31/01/11 11.8517 9.9868 31/01/11 12.6100 9.6300 30/09/11 12.3484 11.2509 30/09/11 13.7718 12.2321 30/09/12 13.4333 10.8980 30/09/12 17.2854 14.4541 Institutional – accumulation Institutional - income (JPY hedged) 30/09/04 10.4900 9.8700 31/01/11 10.5300 9.9200 30/09/05 11.0700 10.4400 30/09/11 11.0024 9.9326 30/09/06 11.6200 10.8900 30/09/12 17.2854 14.4541 30/09/07 12.5000 11.9173 30/09/08 12.6372 11.7839 Institutional – income (Euro hedged) 30/09/09 13.4163 9.1563 30/09/11 9.9857 8.3824 31/01/11 16.3159 13.3501 30/09/12 17.2854 14.4541 30/09/11 17.0341 15.5313 30/09/12 18.6159 15.0452 Investor – accumulation 30/09/12 10.7317 9.9265 Institutional - accumulation (Euro hedged) 30/09/06 7.9100 7.9000 Institutional - income (GBP hedged) 30/09/07 11.6994 10.7978 30/09/12 10.7776 9.5226 30/09/08 13.3370 11.4431 30/09/09 11.6607 7.8647

Institutional - income (Euro hedged) 30/09/07 10.9700 10.3900 30/09/08 12.0221 10.1322 30/09/09 9.6881 6.7883

Institutional - income (GBP hedged) 30/09/07 10.0983 9.5078 30/09/08 10.3507 8.1556 30/09/09 7.7904 4.8234

141 UNAUDITED INFORMATION for the year ended 30 September 2012 (continued)

FUND PERFORMANCE (UNAUDITED) (continued) GLOBAL EQUITY (EX JAPAN) FUND GLOBAL PROPERTY SECURITIES FUND Period Ended High US$ Low US$ Period Ended High US$ Low US$ Institutional - accumulation (JPY) Investor – accumulation (USD hedged) 30/09/08 8.3500 10.1900 30/09/07 10.0700 8.3500 30/09/09 8.6700 4.9200 30/09/08 9.7400 6.0800 31/01/11 9.3300 7.1800 30/09/09 6.3000 3.0900 30/09/11 9.9499 7.7805 30/09/12 10.2145 7.5481 Investor - accumulation 30/09/09 12.9600 7.0900 Institutional - accumulation 31/01/11 12.3900 9.9300 Investor – accumulation 30/09/11 13.2037 10.3249 30/09/09 14.1000 7.1000 30/09/12 13.5542 10.0165 31/01/11 17.6000 13.0300 30/09/11 18.8075 14.7481 30/09/12 20.0921 14.0862

Institutional – accumulation (USD hedged) 30/09/07 10.0700 8.3700 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

Investor – accumulation (Euro hedged) 30/09/07 10.0800 8.2800 30/09/08 10.1700 6.4700 30/09/09 6.5800 2.8600

Institutional- accumulation (Euro hedged) 30/09/07 10.0800 8.3000 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

Institutional- accumulation (GBP hedged) 30/09/07 10.0200 8.2400 30/09/08 9.9400 5.6500 30/09/09 6.3600 3.1300 31/01/11 5.5200 3.9600 30/09/11 5.9170 4.4596 30/09/12 6.2583 4.2561

142 UNAUDITED INFORMATION for the year ended 30 September 2012 (continued)

FUND PERFORMANCE (UNAUDITED) (continued) POST GLOBAL LIMITED TERM HIGH YIELD FUND Period Ended High US$ Low US$ Investor - accumulation 30/09/12 10.8391 9.7556

Institutional - accumulation (GBP hedged) 30/09/12 10.9363 10.0011

Institutional – accumulation 30/09/11 10.0723 9.8764

Institutional- accumulation (Euro Hedged) 30/09/11 10.2355 9.6207 30/09/12 10.0258 9.1293

Institutional - accumulation (JPY Hedged) 30/09/11 10.5306 10.0332 30/09/12 11.2300 10.0432

Institutional- accumulation (GBP Hedged) 30/09/12 11.3355 10.0432

MULTI STRATEGY CURRENCY FUND Institutional - accumulation 30/09/12 10.2720 0.7948

EDGE EQUITY INCOME FUND Investor - income 30/09/12 10.3388 9.9018

Institutional - accumulation 30/09/12 10.3457 9.9066

143 UNAUDITED INFORMATION for the year ended 30 September 2012 (continued)

FUND PERFORMANCE As at 30 September 2012

Calculated In US$ One Year Three Years Five Years Asian Equity Fund 25.69 30.84 -5.92 MSCI AC Far East ex-Japan Index 20.98 24.46 -4.02

Emerging Markets Equity Fund 17.53 19.72 -11.77 MSCI Emerging Markets Index 16.93 17.87 -6.25

European Equity Fund 21.02 12.51 -25.03 MSCI Europe Index 17.31 6.18 -25.50

Global Equity Fund 23.46 25.58 -17.17 MSCI World Index 21.59 24.17 -10.28

Global Equity ex-Japan Fund 26.69 25.04 N/A MSCI Kokusai (World ex-Japan) Index 24.23 27.16 N/A

Global Property Securities Fund 32.77 42.68 N/A FTSE EPRA/NAREIT Developed Index 30.59 43.99

High Yield Fund 19.33 37.28 48.39 BofA Merrill Lynch Global High Yield Index 20.17 40.89 54.23

Japanese Equity Fund -2.24 5.06 -35.93 MSCI Japan Growth Index -1.68 -1.66 -28.55

Preferred Securities Fund 19.87 38.29 35.21 65% Merrill Lynch Fixed Rate Preferred Securities Index 35% Barclays Capital CapSec US Dollar Tier 1 Index. 16.65 40.50 20.93

US Equity Fund 30.75 38.42 -2.81 S&P 500 Index 30.21 45.08 5.38

Post Global Limited Term High Yield Fund 10.82 N/A N/A Barclays 1-2 Year Government TR Index 0.44 N/A N/A

*Blended index: 65%Merrill Lynch Fixed Rate Preferred Securities Index and 35%Barclays Capital Capsec US DollarTier 1 Index

The data is based on the US Dollar institutional class of each Fund showing the total return over each time period.

Past performance is not indicative of future results.

The information above has been derived from sources believed to be accurate as of 30 September 2012. 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.

144 UNAUDITED INFORMATION for the year ended 30 September 2012 (continued)

PORTFOLIO TURNOVER RATIOS Outlined below are portfolio turnover rates for the period ended 30 September 2012 on a fund by fund basis. This disclosure is a requirement for funds regulated in Switzerland.

Global Equity Fund 185.87 % Asian Equity Fund 199.24 % European Equity Fund 81.35 % Emerging Markets Equity Fund 196.72 % Japanese Equity Fund 186.17 % Preferred Securities Fund 12.86 % US Equity Fund 266.63 % High Yield Fund 167.53 % Global Property Securities Fund 171.08 % Global Equity (ex-Japan) Fund 253.20 % Post Global Limited Term High Yield Fund 256.79 % Multi Strategy Currency Fund 150.62 % EDGE Equity Income Fund 91.92 %

TOTAL EXPENSE RATIOS Outlined below are total expense ratios for the period ended 30 September 2012 on a fund by fund basis. This disclosure is a requirement for funds regulated in Switzerland.

Total Expense Ratio % Average Monthly Investor Institutional Investor Investor NAV (US$) Class Class ‘D’ Class ‘F’ Class Global Equity Fund 28,088,294 1.81 % 1.16 % Asian Equity Fund 12,674,249 2.24 % 1.56 % European Equity Fund 81,211,664 1.82 % 1.17 % Emerging Markets Equity Fund 214,817,724 1.91 % 1.26 % Japanese Equity Fund 16,519,459 1.88 % 1.24 % Preferred Securities Fund 596,811,389 1.12 % 0.48 % 1.43% 1.93% US Equity Fund 102,404,761 1.74 % 1.16 % High Yield Fund 29,473,490 1.38 % 0.98 % Global Property Securities Fund 8,143,044 - 1.21 % Global Equity (ex-Japan) Fund 50,283,950 - 1.17 % Post Global Limited Term High Yield Fund 275,240,368 - 0.83 % Multi Strategy Currency Fund 5,195,516 - 2.91 % EDGE Equity Income Fund 5,018,750 3.57 % 2.89 %

145 STATEMENT OF PORTFOLIO CHANGES UNAUDITED INFORMATION for the year ended 30 September 2012

GLOBAL EQUITY FUND

MAJOR PURCHASES MAJOR SALES Cost US$ Proceeds US$ Chorus Ltd 701,874 Total SA 1,129,368 Shire Plc 613,737 General Electric Co 882,194 Lowe's Cos Inc 601,223 Advanced Info Service PCL 778,583 Eni SpA 554,123 Chorus Ltd 754,295 Lorillard Inc 527,840 Toyota Motor Corp 721,763 Japan Tobacco Inc 518,328 Repsol YPF SA 720,895 Siemens AG 501,951 Telstra Corp Ltd 680,392 BHP Billiton Plc 462,084 Pfizer Inc 673,494 Hewlett-Packard Co 439,916 Mitsubishi Heavy Indu 637,367 ConAgra Foods Inc 421,056 Royal Dutch Shell 590,017 McKesson Corp 401,450 Exxon Mobil Corp 574,091 Pacific Rubiales Ener 401,238 Firstenergy Corp 567,979 PetroChina Co Ltd 401,201 Humana Inc 567,499 Agrium Inc 393,141 ITOCHU Corp 564,531 Datang International Power Generation Co Ltd 391,660 Capstead Mortgage 560,707 JPMorgan Chase & Co 391,269 Honda Motor Co Ltd 546,815 Dongyue Group 384,538 Philip Morris International Inc 523,802 Watson Pharmaceuticals Inc 383,587 Google Inc 520,916 Marubeni Corp 382,744 Mitsubishi UFJ Financial Group Inc 496,861 National Grid Plc 381,985 Microsoft Corp 481,621

ASIAN EQUITY FUND

MAJOR PURCHASES MAJOR SALES Cost US$ Proceeds US$ Bank of China Ltd 210,712 China Mobile Ltd 295,510 China Citic Bank Corp Ltd 202,243 KB Financial Group Inc 213,435 China Petroleum & Chemical Corp 185,590 Catcher Technology Co Ltd 191,026 Hyundai Mobis 170,157 China Citic Bank Corp Ltd 184,478 Techtronic Industries Co 162,518 Sands China Ltd 181,241 Jiangxi Copper Co Ltd 160,445 Asustek Computer Inc 169,561 Tenaga Nasional Bhd 157,800 Taiwan Semiconductor Manufacturing Co Ltd 168,827 Cheung Kong Holdings Ltd 142,679 Career Technology MFG. Co Ltd 168,743 Far EasTone Telecommunications Co Ltd 142,393 Radiant Opto-Electronics 166,905 China Telecom Corp Ltd 142,089 Swire Pacific Ltd 164,489 Samsung Heavy Industries Co Ltd 140,287 United Overseas Bank Ltd 161,046 Galaxy Entertainment Group Ltd 138,835 Samsung Electronics Co Ltd 157,519 LG International Corp 138,472 Ping An Insurance Group Co 157,294 China Minsheng Banking Corp Ltd 137,982 China Construction Bank Corp 154,952 Wheelock & Co Ltd 137,242 China Unicom Hong Kong Ltd 150,955 Telekomunikasi Indonesia Persero Tbk PT 136,277 Bank of China Ltd 150,764 Sime Darby Bhd 133,519 Hutchison Telecommunications Hong Kong Holdings Ltd 148,733 Thai Oil PCL 132,414 AIA Group Ltd 146,960 Genting Malaysia BHD 130,574 China Shenhua Energy Co Ltd 145,755 KB Financial Group Inc 129,251 Hyundai Motor Co 145,351

Note: Copies of all portfolio changes are available, free of charge, from the Administrator and the national representatives outlined on pages 153 and 154 of the report.

146 STATEMENT OF PORTFOLIO CHANGES UNAUDITED INFORMATION for the year ended 30 September 2012 (continued)

EUROPEAN EQUITY FUND

MAJOR PURCHASES MAJOR SALES Cost US$ Proceeds US$ Siemens AG 1,208,981 Royal Dutch Shell Plc 1,653,564 SAP AG 1,116,330 Unilever NV 1,376,993 Sanofi 1,107,238 Nestle SA 1,001,955 Anheuser-Busch InBev NV 1,036,923 Astrazeneca Plc 844,705 Eni SpA 1,031,736 Total SA 843,199 Standard Chartered Plc 902,428 Siemens AG 813,448 BP Plc 863,007 BP Plc 804,612 Deutsche Bank AG 859,227 Daimler AG 786,548 HSBC Holdings Plc 853,420 Barclays Plc 737,217 BNP Paribas 775,584 Bayerische Motoren Werke AG 725,528 Royal Dutch Shell Plc 767,444 WM Morrison Supermarkets Plc 647,955 Henkel AG & Co KGaA 687,819 Repsol SA 632,203 Barclays Plc 676,051 Telenor ASA 620,905 Danone 664,730 Linde AG 615,129 Vivendi SA 636,888 Allianz SE 610,030 Volkswagen AG 618,498 Novartis AG 602,462 Rolls-Royce Holdings Plc 616,679 BNP Paribas SA 584,442 Casino Guichard Perrachon SA 602,355 DNB ASA 572,107 Bayerische Motoren Werke AG 586,345 Jeronimo Martins SGPS SA 557,852 Continental AG 574,202 Schneider Electric 544,862

EMERGING MARKETS EQUITY FUND

MAJOR PURCHASES MAJOR SALES Cost US$ Proceeds US$ Vale SA 3,747,332 Vale SA 6,189,778 China Petroleum & Chemical Corp 3,450,167 China Mobile Ltd 5,025,304 ICICI Bank Ltd 3,200,759 KB Financial Group Inc 3,250,166 Hon Hai Precision Industry Co Ltd 2,958,148 Ping An Insurance Group Co 3,234,988 Cia de Bebidas das Americas 2,601,823 MTN Group Ltd 2,876,298 Hyundai Mobis 2,518,209 Cia de Bebidas das Americas 2,770,917 KB Financial Group Inc 2,492,505 Lenovo Group Ltd 2,573,712 China Minsheng Banking Corp Ltd 2,403,351 Samsung Electronics Co Ltd 2,353,339 China Mobile Ltd 2,366,219 Souza Cruz SA 2,351,445 Tatneft OAO 2,358,428 Sasol Ltd 2,335,651 Samsung Heavy Industries Co Ltd 2,342,864 China Petroleum & Chemical Corp 2,312,559 Gerdau SA 2,262,635 China Construction Bank Corp 2,295,682 Thai Oil PCL 2,185,590 China Minsheng Banking Corp Ltd 2,256,682 Sasol Ltd 2,165,099 Banco Bradesco SA 2,226,374 China Citic Bank Corp Ltd 2,161,848 Cielo SA 2,221,699 Petroleo Brasileiro SA 2,159,733 ICICI Bank Ltd 2,212,590 Itau Unibanco Holding SA 2,076,282 Taiwan Semiconductor Manufacturing Co Ltd 2,170,034 LG Display Co Ltd 2,058,909 Petroleo Brasileiro SA 2,115,351 China Telecom Corp Ltd 2,033,925 ABSA Group Ltd 2,062,714 KOC Holding AS 2,024,518 Hon Hai Precision Industry Co Ltd 2,046,058

Note: Copies of all portfolio changes are available, free of charge, from the Administrator and the national representatives outlined on pages 153 and 154 of the report.

147 STATEMENT OF PORTFOLIO CHANGES UNAUDITED INFORMATION for the year ended 30 September 2012 (continued)

JAPANESE EQUITY FUND

MAJOR PURCHASES MAJOR SALES Cost US$ Proceeds US$ JFE Holdings Inc 363,804 Takeda Pharmaceutical Co Ltd 337,234 Keyence Corp 328,355 JFE Holdings Inc 277,354 Mitsubishi Motors Corp 294,304 Osaka Gas Co Ltd 264,577 Tokyo Gas Co Ltd 284,632 FUJIFILM Holdings Corp 254,865 Japan Tobacco Inc 279,427 Japan Tobacco Inc 250,829 Nikon Corp 264,655 Canon Inc 248,135 Central Japan Railway Co 225,946 Nissan Motor Co Ltd 245,909 Tosoh Corp 218,932 Eisai Co Ltd 242,997 Nippon Steel Sumitomo 204,638 Kyocera Corp 237,781 Resona Holdings Inc 204,488 Nippon Steel Sumitomo 217,645 Avex Group Holdings Inc 203,712 Tokio Marine Holdings Inc 201,420 TDK Corp 201,964 Mitsubishi Heavy Industries Ltd 200,560 Canon Inc 196,255 Kao Corp 200,371 Otsuka Holdings Co Ltd 195,871 Fujitsu Ltd 198,987 Suzuki Motor Corp 193,689 Mitsubishi Electric Corp 195,492 Tokyo Electron Ltd 193,364 Suzuki Motor Corp 177,167 Eisai Co Ltd 190,766 Kobe Steel Ltd 175,661 Osaka Gas Co Ltd 182,743 Shionogi & Co Ltd 172,274 Oji Holdings Corp 178,126 Asahi Kasei Corp 168,711 Nissan Motor Co Ltd 176,943 IT Holdings Corp 168,549

PREFERRED SECURITIES FUND

MAJOR PURCHASES MAJOR SALES Cost US$ Proceeds US$ Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 19,393,365 Old Mutual Capital Funding LP 13,000,000 Macquarie Bank Ltd 13,523,750 CVS Caremark Corp 11,400,000 Allstate Corp/The 12,795,400 SunTrust Capital VIII 10,521,000 Rwe Ag 12,385,828 Axis Capital Holdings Ltd 6,671,058 Arch Capital Group Ltd 12,348,957 Huntington Capital III 6,623,000 Capital One Capital III 12,314,725 BB&T Capital Trust IV 5,925,000 Countrywide Capital III 11,084,175 Cooperatieve Centrale Deutsche Bank Contingent Capital Trust II 10,855,113 Raiffeisen-Boerenleenbank BA/Netherlands 5,890,000 NextEra Energy Capital Holdings Inc 10,532,382 BBVA International Preferred SAU 4,762,500 SunTrust Capital VIII 10,463,750 JPMorgan Chase Capital XXVII 4,495,696 SSE Plc 10,054,970 AXA SA 4,237,500 Prudential Plc 9,925,000 Dominion Resources Inc/VA 4,068,000 Reinsurance Group of America Inc 9,443,000 Dai-ichi Life Insurance Co Ltd/The 3,960,000 Nordea Bank AB 9,241,080 JPMorgan Chase Capital XXVII 3,495,000 Mitsui Sumitomo Insurance Co Ltd 8,461,500 National City Capital Trust II 3,371,817 Qwest Corp 7,183,117 Fleet Capital Trust II 3,303,310 QBE Capital Funding III Ltd 6,782,500 Dresdner Funding Trust I 3,126,500 Stanley Black & Decke 6,730,082 Allstate Corp/The 3,120,000 ZFS Finance USA Trust V 6,594,600 JPMorgan Chase Capital XXVII 3,000,000 Lloyds Banking Group Plc 6,592,733 Oil Insurance Ltd 2,670,000 Capital One Capital VI 2,448,000

Note: Copies of all portfolio changes are available, free of charge, from the Administrator and the national representatives outlined on pages 153 and 154 of the report.

148 STATEMENT OF PORTFOLIO CHANGES UNAUDITED INFORMATION for the year ended 30 September 2012 (continued)

US EQUITY FUND

MAJOR PURCHASES MAJOR SALES Cost US$ Proceeds US$ JPMorgan Chase & Co 5,157,113 iShares S&P 500 Index Fund/US 4,280,372 iShares S&P 500 Index Fund/US 4,292,913 General Electric Co 4,212,647 Microsoft Corp 3,951,038 JPMorgan Chase & Co 3,622,226 Wells Fargo & Co 3,405,448 Citigroup Inc 3,216,823 Citigroup Inc 3,393,472 Chevron Corp 3,203,526 US Bancorp 2,907,077 Wal-Mart Stores Inc 3,160,252 Chevron Corp 2,466,555 Philip Morris International Inc 2,788,977 ConocoPhillips 2,461,511 Pfizer Inc 2,625,841 Cisco Systems Inc 2,283,041 Exxon Mobil Corp 2,607,891 Fifth Third Bancorp 2,224,476 Google Inc 2,595,415 Honeywell International Inc 2,162,157 National Oilwell Varco Inc 2,503,371 Western Digital Corp 2,097,710 FirstEnergy Corp 2,405,746 CVS Caremark Corp 2,083,957 Coca-Cola Co/The 2,314,341 General Electric Co 2,041,762 Tyco International Ltd 2,259,982 Lorillard Inc 2,013,258 CBS Corp 2,222,154 Watson Pharmaceuticals Inc 2,000,704 US Bancorp 2,188,931 Verizon Communications Inc 1,925,788 Freeport-McMoRan Copper & Gold Inc 2,182,286 Eli Lilly & Co 1,821,556 Verizon Communications Inc 2,134,208 Wal-Mart Stores Inc 1,804,647 Duke Energy Corp 2,125,090 Google Inc 1,768,680 Wells Fargo & Co 2,079,876

HIGH YIELD FUND

MAJOR PURCHASES MAJOR SALES Cost US$ Proceeds US$ LyondellBasell Industries NV 840,000 Lyondell Chemical Co 721,500 Lyondell Chemical Co 609,235 CF Industries Holdings Inc 606,250 Norcell Sweden Holding 2 AB 582,925 CIT Group Inc 588,790 Eileme 2 AB 568,620 CCM Merger Inc 496,238 Carrizo Oil & Gas Inc 533,211 Carrizo Oil & Gas Inc 442,573 Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 512,235 Nara Cable Funding Ltd 424,624 CF Industries Holdings Inc 505,869 LyondellBasell Industries NV 420,000 Chrysler Group LLC / CG Co-Issuer Inc 401,000 Odeon & UCI Finco Plc 389,640 Spie BondCo 3 SCA 400,432 DISH DBS Corp 378,969 Jaguar Land Rover Plc 394,617 Seagate Technology Plc 378,941 DISH DBS Corp 394,194 XL Group Plc 369,113 Polish Television Holding BV 345,280 Arch Coal Inc 367,116 Eco-Bat Finance Plc 331,291 Cincinnati Bell Inc 365,450 Gategroup Finance Luxembourg SA 331,291 Nalco Co 363,575 Matterhorn Mobile Holdings SA 329,155 Denbury Resources Inc 351,075 Techem Energy Metering Service GmbH & Co KG 326,990 Del Monte Corp 350,244 Kabel Deutschland Holding AG 318,572 Matterhorn Mobile Holdings SA 348,114 CIT Group Inc 300,244 Cyfrowy Polsat Finance AB 339,553 Taminco Global Chemical Corp 297,269 Gategroup Finance Luxembourg SA 330,437 Seagate Technology Plc 296,391 Eco-Bat Finance Plc 329,119

Note: Copies of all portfolio changes are available, free of charge, from the Administrator and the national representatives outlined on pages 153 and 154 of the report.

149 STATEMENT OF PORTFOLIO CHANGES UNAUDITED INFORMATION for the year ended 30 September 2012 (continued)

GLOBAL PROPERTY SECURITIES FUND

MAJOR PURCHASES MAJOR SALES Cost US$ Proceeds US$ Simon Property Group Inc 245,613 CapitaLand Ltd 303,394 Westfield Group 217,674 Public Storage 222,615 Sun Hung Kai Properties Ltd 203,959 Hongkong Land Holdings Ltd 217,010 Stockland 202,522 Link REIT/The 209,146 Camden Property Trust 197,964 Sun Hung Kai Properties Ltd 206,783 Equity Residential 192,946 General Growth Properties Inc 202,708 CapitaLand Ltd 186,632 Nippon Building Fund Inc 190,868 Prologis Inc 182,587 Vornado Realty Trust 187,119 Swire Properties Ltd 176,471 Westfield Retail Trust 161,308 Nippon Building Fund Inc 172,871 New World Development Co Ltd 151,743 Fraser and Neave Ltd 169,549 United Urban Investment Corp 142,591 FKP Property Group 167,381 FKP Property Group 128,018 Country Garden Holdings Co Ltd 167,127 Fraser and Neave Ltd 123,845 Link REIT/The 161,738 Japan Prime Realty 122,873 Henderson Land Development Co Ltd 161,221 American Assets Trust Inc 118,311 Federal Realty Investment Trust 152,499 Digital Realty Trust Inc 116,286 General Growth Properties Inc 146,317 Goodman Networks Inc 114,913 DDR Corp 144,680 PS Business Parks Inc 109,199 Apartment Investment & Management Co 144,224 GSW Immobilien AG 108,540 SL Green Realty Corp 142,797 Swire Properties Ltd 106,768

GLOBAL EQUITY (EX JAPAN) FUND

MAJOR PURCHASES MAJOR SALES Cost US$ Proceeds US$ Abbott Laboratories 877,365 Royal Dutch Shell Plc 618,208 Royal Bank of Canada 756,213 British American Tobacco Plc 611,931 Anheuser-Busch InBev NV 714,582 General Electric Co 595,434 Microsoft Corp 632,603 Volvo AB 594,875 CVS Caremark Corp 584,122 Novartis AG 564,688 BHP Billiton Ltd 552,296 Exxon Mobil Corp 556,146 Vodafone Group Plc 541,336 Oracle Corp 543,895 Helmerich & Payne Inc 540,085 Abbott Laboratories 531,463 Sanofi 516,169 Repsol YPF SA 519,146 Citigroup Inc 514,585 Koninklijke Ahold NV 508,523 Barclays Plc 496,982 AT&T Inc 490,837 Koninklijke Ahold NV 496,617 Prudential Plc 481,306 Home Depot Inc/The 492,790 Pfizer Inc 475,926 International Business Machines Corp 477,656 Intel Corp 470,824 Cheung Kong Holdings Ltd 466,069 Questcor Pharmaceutic 470,671 National Australia Bank Ltd 462,933 CVS Caremark Corp 469,604 JPMorgan Chase & Co 451,996 National Oilwell Varco Inc 468,179 Hess Corp 446,214 AstraZeneca Plc 438,488 Boeing Co/The 443,207 Siemens AG 436,234 Volvo AB 439,237 Kingfisher Plc 431,557

Note: Copies of all portfolio changes are available, free of charge, from the Administrator and the national representatives outlined on pages 153 and 154 of the report.

150 STATEMENT OF PORTFOLIO CHANGES UNAUDITED INFORMATION for the year ended 30 September 2012 (continued)

POST GLOBAL LIMITED TERM HIGH YIELD FUND

MAJOR PURCHASES MAJOR SALES Cost US$ Proceeds US$ Biomet Inc 19,407,178 Intelsat Jackson Holdings SA 10,770,290 Clear Channel Worldwide Holdings Inc 13,782,742 Skilled Healthcare Group Inc 10,368,000 E*TRADE Financial Corp 13,350,600 Aptalis Pharma Inc 9,041,875 ARAMARK Corp 13,151,046 American Capital Ltd 8,950,000 Quebecor Media Inc 12,537,316 Wendy's Co/The 8,868,750 Tops Holding Corp / Tops Markets LLC 12,157,636 CIT Group Inc 8,628,307 Catalent Pharma Solutions Inc 11,394,873 Arch Western Finance LLC 8,214,485 Harbinger Group Inc 11,196,569 CHS/Community Health Systems Inc 8,143,952 Intelsat Jackson Holdings SA 11,039,125 Telesat Canada / Telesat LLC 7,437,750 Berry Plastics Corp 10,476,217 Rite Aid Corp 7,350,346 Telesat Canada / Telesat LLC 10,448,625 Sprint Nextel Corp 7,297,500 Skilled Healthcare Group Inc 10,405,676 Tube City IMS Corp 7,273,098 Apria Healthcare Group Inc 10,376,417 Royal Bank of Scotland Plc/The 6,364,105 Lender Processing Services Inc 9,655,000 Amscan Holdings Inc 5,636,000 WESCO Distribution Inc 9,626,568 Select Medical Corp 5,373,399 Intelsat Jackson Holdings SA 9,561,163 Mastros Rest 5,127,500 Ally Financial Inc 9,225,736 General Electric Co 4,783,125 Icahn Enterprises LP 9,209,114 Belden Inc 4,536,781 Michaels Stores Inc 9,192,469 Zayo Group LLC/Zayo Capital Inc 4,450,960 Aptalis Pharma Inc 9,104,131 H&E Equip 4,278,203

MULTI STRATEGY CURRENCY FUND

MAJOR PURCHASES MAJOR SALES Cost US$ Proceeds US$ United States Treasury Bill 599,845 Mexico Cetes 1,002,139 United States Treasury Bill 599,790 United States Treasury Bill 600,000 United States Treasury Bill 599,778 United States Treasury Bill 600,000 United States Treasury Bill 599,679 United States Treasury Bill 600,000 United States Treasury Bill 599,665 United States Treasury Bill 600,000 United States Treasury Bill 599,621 United States Treasury Bill 600,000 United States Treasury Bill 599,621 United States Treasury Bill 600,000 United States Treasury Bill 599,606 United States Treasury Bill 600,000 United States Treasury Bill 599,592 United States Treasury Bill 600,000 United States Treasury Bill 599,592 United States Treasury Bill 600,000 United States Treasury Bill 599,467 United States Treasury Bill 600,000

Note: Copies of all portfolio changes are available, free of charge, from the Administrator and the national representatives outlined on pages 153 and 154 of the report.

151 STATEMENT OF PORTFOLIO CHANGES UNAUDITED INFORMATION for the year ended 30 September 2012 (continued)

EDGE EQUITY INCOME FUND

MAJOR PURCHASES MAJOR SALES Cost US$ Proceeds US$ Digital Realty Trust Inc 114,529 Siemens AG 28,874 Mattel Inc 110,481 Bristol-Myers Squi 27,219 Merck & Co Inc 108,626 Automatic Data Pro 19,058 Intel Corp 107,251 Carnival Corp 12,280 JPMorgan Chase & Co 105,064 Banco Santander SA 11,206 Abbott Laboratories 101,624 McDonald's Corp 10,863 ACE Ltd 100,435 Kraft Foods Inc 7,783 Pfizer Inc 96,219 Mattel Inc 4,119 Annaly Capital Management Inc 95,748 Autoliv Inc 3,619 Genuine Parts Co 93,833 Vodafone Group Plc 2,843 Exxon Mobil Corp 88,707 Emerson Electric Co 2,734 Chevron Corp 84,510 Abbott Laboratories 2,683 Microsoft Corp 83,353 Hasbro Inc 2,646 BlackRock Inc 81,897 Walt Disney Co/The 2,348 Hasbro Inc 77,849 American Capital Agency Corp 2,234 PNC Financial Services Group Inc 76,568 Taiwan Semiconductor Manufacturing Co Ltd 2,128 Royal Dutch Shell Plc 76,454 Annaly Capital Management Inc 1,853 MetLife Inc 75,547 Applied Materials Inc 1,837 Enterprise Products Partners LP 71,623 Union Pacific Corp 1,709 US Bancorp 71,562 3M Co 1,688

Note: Copies of all portfolio changes are available, free of charge, from the Administrator and the national representatives outlined on pages 153 and 154 of the report.

152 DIRECTORY

Fund Manager Principal Global Investors (Japan) Limited Principal Global Investors (Ireland) Limited Japanese Equity Fund, Global Equity Fund Registered Office: 25-28 North Wall Quay Imperial Tower 18th Floor Dublin 1 1-1-1 Uchisaiwai-cho Ireland Chiyoda-ku , Tokyo 100-0011 Japan Head Office: Guild House Guild Street Post Advisory Group, LLC International Financial Services Centre Post Global Limited Term High Yield Fund Dublin 1 1620 26th Street Ireland Suite 6500N Santa Monica, California Investment Adviser CA 90404 Principal Global Investors, LLC USA 801 Grand Avenue Des Moines Directors of the Manager Iowa 50392 Nicholas Lyster (British) USA David Shubotham* David Kingston* Sub-Investment Advisers Denis P. Murphy* Principal Global Investors (Europe) Limited Christopher J. Reddy (American) Asian Equity Fund, European Equity Fund, Emerging Markets Fund, Global Property Securities Fund, MCSF 10 Gresham Street Administrator London EC2V 7JD BNY Mellon Fund Services (Ireland) Limited United Kingdom Guild House, Guild Street IFSC, Dublin 1 Principal Global Investors (Australia) Limited Ireland Global Property Securities Fund Level 43, 50 Bridge Street Trustee GPO Box 4169 Sydney BNY Mellon Trust Company (Ireland) Limited NSW 2000 Guild House, Guild Street Australia IFSC, Dublin 1 Ireland Spectrum Asset Management, Inc Preferred Securities Fund, Legal Advisers to the Manager as to Irish Law 4 High Ridge Park A&L Goodbody Stamford, CT 0695 International Financial Services Centre USA North Wall Quay Dublin 1 Principal Real Estate Investors, LLC Ireland Global Property Securities Fund 801 Grand Avenue Legal Advisers to the Manager as to Hong Kong Law Des Moines Baker & McKenzie Iowa 50392 14th Floor, Hutchison House USA 10 Harcourt Road Hong Kong

* Denotes independent non-executive directors

153 DIRECTORY (continued)

The prospectus, the trust deed, the annual and semi annual reports may be obtained free of charge during normal business hours from the following national representatives:

Sponsoring Broker Italian Representative A&L Listing Limited BNP Paribas Securities Services – Milan Branch International Financial Services Centre Via Ansperto 5, Milan North Wall Quay Italy Dublin 1 Ireland Swiss Representative ACOLIN Fund Services AG French Representative Stadelhoferstrasse 18 Société Générale CH-8001 Zürich 29 Boulevard Hausmann Switzerland 75009 Paris France Hong Kong Representative Principal Global Investors (Asia) Limited UK Representative 27/F, Hopewell Centre Principal Global Investors (Europe) Limited 183 Queen’s Road East 10 Gresham Street Hong Kong London EC2V 7JD United Kingdom Swedish Representative SEB Merchant Banking German Representative Rissneleden 110 BHF – Bank Aktiengesellschaft SE-106 40 Stockholm Bockenheimer Landstrasse 10 Sweden 60323 Frankfurt am Main Germany Independent Auditors PricewaterhouseCoopers Spanish Representative Chartered Accountants and Registered Auditors Selección e Inversion de Capital Global A.V , S.A One Spencer Dock (“Selinca”) North Wall Quay Paseo de la Castellano 77 Dublin 1 Edificio Urbagasa Ireland Madrid 28046 Spain

Belgian Representative BNP Paribas Securities Services- Brussels Branch Avenue Louise 489 1050 Brussels Belgium

Information for investors in Switzerland Principal Global Investors Funds is an investment fund set up under the laws of the Republic of Ireland. The Swiss Representative and Paying Agent is ACOLIN Fund Services AG, Zurich, Switzerland. The Fund related activities of the Representative and Paying Agent are Stadelhoferstrasse 18, CH-8001, Zurich, Switzerland. Communications to the Swiss Representative are to be made to the Zurich branch. Payments to the Swiss Paying Agent are also to be addressed to the Zurich branch. The Trust Deed, the prospectus, the annual and semi-annual reports as well as a list of purchases and sales made on behalf of Principal Global Investors Funds can be obtained free of charge at the Zurich branch of the Representative and Paying Agent during ordinary business hours.

154 ENQUIRIES

Requests for subscriptions, conversion or redemption of Units, dealing and administration enquiries:-

European-Based Investors Hong Kong -Based Investors The Administrator Hong Kong Representative BNY Mellon Fund Services (Ireland) Limited Principal Global Investors (Asia) Limited Guild House, Guild Street 27/F, Hopewell Centre International Financial Services Centre 183 Queen’s Road East Dublin 1 Hong Kong Ireland Tel: 852 2117 8383 Tel: + 353-1-900 8081 Fax: 852 2918 1461 (dealing) Fax:+ 353-1-829 0833 Fax: 852 2801 5690 (general enquiries)

Sales and other enquiries

European-Based Investors Hong Kong -Based Investors UK Representative Hong Kong Representative Principal Global Investors (Europe) Limited Principal Global Investors (Asia) Limited 10 Gresham Street 27/F, Hopewell Centre London EC2V 7JD 183 Queen’s Road East United Kingdom Hong Kong Tel: 44 207 710 0220 Tel: 852 2117 8383 Fax: 44 207 710 0221 Fax: 852 2918 1461 (dealing) Email: [email protected] Fax: 852 2801 5690 (general enquiries) Email: [email protected]

155